Friday, July 19, 2013

Jul 19 (1905) Summer Doldrums:"The market became listless and dull"

Illustration shows a fashionably dressed young woman sitting on the edge of a pool, fishing. 1904

Sometimes, it's just too darn hot to work, a phenomenon in the finance industry known as the "summer doldrums." Such was the case on July 19, 1905, when the Los Angeles Herald ran the headline "Dies Like Flies in Eastern Heat."

"Early in the day the heat wave invaded the stock exchange and its effect was quickly apparent on the traders. Many of the leading operators deserted the floor and the market became listless and dull."

Banker's Notes could not find a significant financial event that occurred on July 19. Is it the summer doldrums? Have I become listless and dull? Alas, let's cool off with some Shakespeare.

Sonnet LVI

Sweet love, renew thy force; be it not said
Thy edge should blunter be than appetite,
Which but to-day by feeding is allayed,
To-morrow sharpened in his former might:
So, love, be thou, although to-day thou fill
Thy hungry eyes, even till they wink with fulness,
To-morrow see again, and do not kill
The spirit of love, with a perpetual dulness.
Let this sad interim like the ocean be
Which parts the shore, where two contracted new
Come daily to the banks, that when they see
Return of love, more blest may be the view;
 As call it winter, which being full of care,
 Makes summer's welcome, thrice more wished, more rare.
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Flannery O'Connor

You shall know the truth and the truth shall make you odd.