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Stories of Lucky blows and Millionaires There are manybut they almost always have a common denominator: We speak in singular. Therefore, what happened in a small town in Florida whose families were going through serious difficulties to get ahead is so special. Even today, the enclave continues to look like a bland and inhospitable town. But do not deceive you, there is still a large number of millionaires among people. And all Thanks to Coca-Cola.
Quincy and the banker. This is the name of the people of one of the most fascinating stories of the United States economy. There, in the midst of the great depression of the 20s and 30s and with part of the census in serious difficulties, a figure appears that was going to change everyone’s life. His name: Pat munroea cunning banker, a businessman who noticed a key detail to convince all citizens.
It didn’t matter how impoverished they were in Quincy or how serious the financial situation of families was, the man observed that almost religiously, people spent until the last penny in a good glass of icy coca-cool. What if that devotion made it a blow of luck?
Coca-Cola in the stock market. The sugary giant began to quote in stock market in 1919 to $ 40 the actionbut a conflict with the sugar industry and its bottlers caused a 50% drop soon, when it reached 19 dollars per share. In other words, there was a time in the story in which Coca-Cola quoted for less than the cash in the bank and its actions were extremely cheap. And among others, Munroe was at the right time.
The bargain of the century. What did he do? Invest. The man He began acquiring Coca-Cola actions As if there were no tomorrow. However, he did not do it alone. He encouraged all his acquaintances and friends of acquaintances in the town to buy a participation in the company.
Focusing on the final profits and the power of the brand, Pat Munroe continued and continued buying. And while doing it, he kept telling everyone who were willing to listen to him in Quincy who also bought. He took advantage of the confidence and respect that the community had towards him and undertook a crusade to get anyone who could go up to the Coca-Cola train.
Loans for shares. The man was so sure of his success that every time a person went to his bank to ask for a loan, I encouraged him to accept another in exchange for actions. Farmers, shopkeepers, teachers: absolutely anyone who could spend money was tempted by Munroe.
For the banker, that Coca-Cola’s action was at $ 19 each was an opportunity that no one in the city should escape. That is why he did not get tired of buying and, almost equally important, to stand firm in the decision regardless of the market fluctuations that occurred in the short term.
The ball. Finally, the banker’s observations were a historical success. Quincy, an eminently agricultural city, not only remained afloat in difficult times thanks to Coca-Cola dividends, brought a wealth that is still studied in universities. In fact, the enclave became the richest city per capita in the United States for a while, and dozens of its inhabitants were nicknamed “the millionaire secrets of Coca-Cola”.
People who trusted the good eye of Munroe and invested all their money (and the one they did not have), and who kneaded huge fortunes with those first actions, which then transmitted from generation to generation, making them the millionaire eponyms of Coca-Cola, some who, effectively, established whole dynasties of financial prosperity that transcended generations.
How much we are talking. It is difficult to speak in total terms, but for us to get an idea of money, in 2013 it was made An assessment study of what happened in Quincy. The results found that a single action with reinvested dividends were worth 10,000,000 dollars. $ 270,000 in cash dividends would be sent before taxes to the owner by sending a check worth $ 67,500 in March, June, September and November of each year.
In this way, if the great -grandmother and great -grandfather on duty had acquired a round lot of 100 shares for between $ 1,900 and $ 4,000, depending on the purchase price, they would now have more than one billion dollars, excluding the effects of taxes on assets.
Money for crisis. That investment has meant a lifeguard every time a hard time is approaching. When the local economy was supported by coca and the crisis arrived, tail dividends. In fact, these assets have supported the city in all recessions since then.
When the crops failed, it was the money of the Coca-Cola that kept the people used. When the national economy collapsed, it was Coca-Cola’s cash that allowed people to remain in their homes. When the times were good and Coca-Cola was cheap, they bought more actions.
Quincy today. It is a unique story, by unusual. All families that kneaded a fortune then passed it to their children and grandchildren, in some cases through direct donations and in others through the use of fiduciary funds. Even the bank where everything started has a Coca-Cola on exhibition And, until a few years ago, an amazing 65% of the fiduciary assets under administration were still invested in Coca-Cola shares.
Quincy’s appearance today does not differ much from the era of great depression. It is still a quiet and eminently agricultural city with a population of less than 10,000 inhabitants. But do not fool your sight, some of the grandchildren whose families raised an empire, that of the secret millionaires of Coca-Cola.
Image | Pxhere, Ebyabe, Pxhere
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*An earlier version of this article was published in July 2024
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