Lee Gaulden (1907 - 1970)

Refresh this page to see various historical events that occurred during Lee's lifetime.

In 1907, in the year that Lee Gaulden was born, in October, over a 3 week period, the New York stock exchange fell almost 50% from the previous year's high mark. Public panic ensued and there were runs on banks since the U.S. was in the middle of a recession. J.P. Morgan offered his own fortune to back the banks and he was followed by other financiers. This temporarily shored up the banking system, stopping the immediate panic. All of this led to the creation of the Federal Reserve.

In 1920, by the time he was just 13 years old, the Volstead Act became law. Formally called the National Prohibition Act, the Volstead Act enabled law enforcement agencies to carry out the 18th Amendment. It said that "no person shall manufacture, sell, barter, transport, import, export, deliver, or furnish any intoxicating liquor except as authorized by this act" and defined intoxicating liquor as any beverage containing more than 0.5% alcohol by volume.

In 1934, at the age of 27 years old, Lee was alive when on June 6th, the U.S. Securities and Exchange Commission was formed as a response to the stock market crash of 1929 and the continuing Great Depression. Previously, the states regulated the offering and sales of stocks - called "blue sky" laws. They were largely ineffective. Roosevelt created a group (one member was Joseph Kennedy, father of the future President Kennedy) who knew Wall Street well and they defined the mission and operating mode for the SEC. The new organization had broad and stringent rules and oversight and restored public confidence in the stock market in the United States.

In 1943, when he was 36 years old, on March 31st, the Broadway musical Oklahoma! opened. Written by Richard Rodgers and Oscar Hammerstein II (the first of their string of successful collaborations), audiences loved it. The musical ran for 2,212 performances originally and was made into a movie in 1954.

In 1970, in the year of Lee Gaulden's passing, on May 4th, four students at Kent State University in Ohio were shot and killed by National Guardsmen. The students were at a peaceful demonstration protesting the invasion of Cambodia by US forces. There had been precedent for the killing of American college students. The previous year, on May 15th, Alameda County Sheriffs used shotguns against U.C. Berkeley students at a protest for People's Park. One student died, one was blinded, 128 were injured.