On This Day in Tech History

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FORTRAN: First High-level Programming Language Created

FORTRAN: First High-level Programming Language Created

1954

On September 20, 1954, the first FORTRAN (FORmula TRANslation) program was successfully executed by IBM scientists on an IBM 704 mainframe computer. FORTRAN, developed by a team of IBM scientists led by John Backus, was the first high-level programming language designed for scientific and engineering applications. It allowed programmers to write complex mathematical calculations in a more intuitive and efficient way, using formulas that resembled standard mathematical notation. FORTRAN quickly became a popular language for scientific computing and is still used today, albeit in updated forms. Its development paved the way for the development of other high-level programming languages, which have since become essential tools in computer science and software engineering.

NYSE Closes for First Time in History

NYSE Closes for First Time in History

1873

The financial Panic of 1873 was a major economic crisis that led to the closure of the New York Stock Exchange for the first time in its history. The panic began when a major investment bank, Jay Cooke & Company, went bankrupt due to a failed investment in a transcontinental railroad project. This triggered a wave of bank failures and a sharp contraction in credit, leading to a severe economic downturn that lasted for several years. The closure of the NYSE was a dramatic moment that underscored the severity of the crisis and the need for urgent action to stabilize the economy. It was also a significant milestone in the history of the world's largest stock exchange, which has since weathered many other financial storms and crises

De Klerk Ushers in era of Reform

De Klerk Ushers in era of Reform

1989

F.W. de Klerk's election as President of South Africa in 1989 marked a significant turning point in the country's history. De Klerk, who had previously served as a minister in the apartheid government, initiated a series of reforms aimed at dismantling the system of racial segregation and inequality that had long defined South African society. He legalized previously banned political parties, released Nelson Mandela from prison, and began negotiations with the African National Congress (ANC) aimed at ending apartheid and establishing a multi-racial democracy. De Klerk and Mandela were jointly awarded the Nobel Peace Prize in 1993 for their efforts to bring an end to apartheid and promote reconciliation between South Africa's different racial and ethnic groups.

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