Just wanted to give everyone a quick note that I did not trade today because of Columbus day. As part of my rules, I tend to stay out of the markets on bank holidays because of the low trading volume. At any rate, I thought I would take this time to share some info on Columbus day if you didn’t know what it was all about.
The first Columbus Day celebration was held in 1792, when New York City celebrated the 300th anniversary of his landing in the New World. In 1892, President Benjamin Harrison called upon the people of the United States to celebrate Columbus Day on the 300th anniversary of the event.
Some Italian-Americans observe Columbus Day as a celebration of their heritage, the first occasion being in New York City on October 12, 1866. Columbus Day was popularized as a holiday in the United States by a lawyer, a son of Genoese immigrants who came to California. During the 1850s, Genoese immigrants settled and built ranches along the Sierra Nevada foothills. As the gold ran out, these skilled “Cal-Italians”, from the Apennines, were able to prosper as self-sufficient farmers in the Mediterranean climate of Northern California. San Francisco has the second oldest Columbus Day celebration, with Italians having commemorated it there since 1869.
This lawyer then moved to Colorado, which had a population of Genoese miners, and where, in 1907, the first state-wide celebration was held. In 1934, at the behest of the Knights of Columbus (a Catholic fraternal service organization named for the voyager), Congress and President Franklin Delano Roosevelt set aside Columbus Day, October 12, as a Federal holiday (36 USC 107, ch. 184, 48 Stat. 657).
Since 1971, the holiday has been commemorated in the U.S. on the second Monday in October, the same day as Thanksgiving in neighboring Canada. It is generally observed today by banks, the bond market, the U.S. Postal Service and other federal agencies, most state government offices, and many school districts; however, most businesses and stock exchanges remain open.
Cowabunga dudes and dudettes!