August 24

Events - Economy & Industry

1690day.year

Job Charnock of the East India Company establishes a factory in Calcutta, an event formerly considered the founding of the city (in 2003 the Calcutta High Court ruled that the city's foundation date is unknown).

In 1690, Job Charnock of the East India Company established a trading post in Calcutta, an act long considered the city’s founding. Modern scholarship, however, recognizes the city’s origins as a gradual development of several villages.
In August 1690, Job Charnock secured land along the Hooghly River and established an East India Company factory at the site later known as Calcutta. This settlement served as a trading hub for cotton, silk, and saltpeter bound for Europe. For centuries, Charnock’s landing was celebrated as Calcutta’s official founding date. However, a 2003 Calcutta High Court ruling determined that the city evolved from several villages, making its exact foundation date uncertain. Under Company rule, the settlement expanded rapidly, eventually becoming the capital of British India. Calcutta grew into a cosmopolitan metropolis, blending Bengali, British, and other cultural influences.
1690 Job Charnock East India Company factory Calcutta Calcutta High Court
1857day.year

The Panic of 1857 begins, setting off one of the most severe economic crises in United States history.

On August 24, 1857, the Panic of 1857 commenced, triggering bank failures and widespread unemployment across the United States.
On August 24, 1857, financial markets in New York and beyond collapsed following the failure of the Ohio Life Insurance and Trust Company. The crisis was fueled by declining international commodity prices and over-speculation in land and railroad ventures. Within days, banks suspended specie payments, credit dried up, and prices plunged, causing widespread panic. Unemployment soared, and economic activity contracted sharply, affecting both urban centers and frontier states. Although the downturn eased by 1859, the Panic of 1857 highlighted vulnerabilities in the U.S. banking system and foreshadowed future financial reforms.
1857 Panic of 1857
1967day.year

Led by Abbie Hoffman, the Youth International Party temporarily disrupts trading at the New York Stock Exchange by throwing dollar bills from the viewing gallery, causing trading to cease as brokers scramble to grab them.

Abbie Hoffman and the Yippies halted trading at the New York Stock Exchange by showering the floor with dollar bills.
On August 24, 1967, Abbie Hoffman led five Youth International Party members into the NYSE gallery. At precisely 2:10 pm, they began tossing singles onto the trading floor below. Brokers and specialists abandoned their posts, scrambling to collect the money. Trading ground to a halt for several minutes as chaos reigned on the exchange floor. The stunt mocked capitalist greed and drew national media attention to anti-war and counterculture movements. It cemented Hoffman’s reputation as a master of theatrical protest.
1967 Abbie Hoffman Youth International Party New York Stock Exchange