The Town of Coca-Cola Millionaires — Business d’Or
Imagine being able to travel back in time to 1919 and do one thing to secure your own prosperous future. what could have been Your mind may race through complicated schemes, but one amazingly simple act of buying a portion of Coca-Cola stock will make you a future millionaire. That meager $40 would invest 9,200 shares worth over $10 million today!
Most people in America at the beginning of the 20th century missed the opportunity to make this investment remotely.
But a banker in Quincy, Florida, has capitalized on his passion for brown soda and turned himself and many of his neighbors into Coca-Cola millionaires. In the process, he also raised enough money to bequeath $1,000,000 each to his 18 children.
Learn about the man behind millions and how he helped cities prosper and thrive during the Great Depression.
The Banker Who Loved Coca-Cola:
During the Great Depression of the 1930s, a brilliant banker named Mark Welch “Mr. Pat” Munro had an epiphany. He noticed that people buy a bottle of Coca-Cola with their last penny.
It didn’t make sense, especially when even the most pressing needs weren’t covered. But he realized he had stumbled upon a trend that he could use to generate income.
Munro trusted his gut and raised the money to buy his stock. But he didn’t stop at his personal gain. Instead, he encouraged other Quincy residents to do the same.
According to his son-in-law and former State Representative Bob Woodward Jr., Munroe didn’t just tell people about Coca-Cola stock.
The clever banker didn’t hide the money. For example, Woodward’s father applied for a $2,000 farm loan, and Munro raised up to $4,000 on one condition: he invested in Coca-Cola stock. Woodward accepted Munro’s offer, and the money from his investment helped the family survive and prosper during the Great Depression of the 1930s.
Coca-Cola kept Quincy afloat.
Munro knew he had something planned, but he didn’t know how successful his investment advice would ultimately be.
Investing in Coca-Cola stock not only helped Quincy weather the worst of the 1930s, but it also helped it emerge from every recession that followed. The same goes for natural disasters such as crop failure.
Ultimately, investing in soda water turned the humble Florida Panhandle into one of the wealthiest cities in America! As a result, 67 millionaires have passed on their wealth through generations.
And even today you can see hints of great wealth in Quincy. In a quirky city of less than 7,000 people, many of Coca-Cola’s millionaires still have family in the area. You can also visit Pat Monroe’s old bank, where about 65% of the trust’s assets are still invested in Coca-Cola stock.
Coca-Cola’s obsession has paid huge dividends.
Perhaps the most surprising part of this story is Munro’s continued obsession with Coca-Cola stock. Instead of sticking to what’s tried and true, he chooses to defy conventional wisdom, just like the villagers who followed his advice.
Their actions went against the conventional wisdom of the stock market at the time, but they succeeded by focusing on the single most important metric profits.
The story also suggests that you can get rich with just one great idea, and once you’ve reached that pinnacle you’ll never have to be rich again.
Of course, when Pat Monroe became a Coca-Cola millionaire as head of Quincy Bank, it gave residents a distinct advantage.
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Source: The Town of Coca-Cola Millionaires
Originally published at https://businessdor.com on February 9, 2023.