Quincy, Florida, once became the most affluent city in the United States of America as it once housed more than 60 Coca-Cola millionaires. As income from the Coca-Cola dividends came pouring in, Quincy remained resilient despite the Great Depression during the 1930s and the recessions that followed.
Mark Welch Munroe, commonly called Mr. Pat or Daddy Pat by residents in Quincy, Florida, urged people to buy Coca-Cola shares when their worth dropped to $19 per share. Soon, Quincy became the city that made the highest per capita income.
An Introduction to The Town Filled With Millionaires
Located in North Central Florida, 20 miles West-Northwest of Tallahassee, with a 7,000 population, Quincy, Florida, once became the most wealthy city in the United States as it produced the highest per capita income.
Although most locals might know it as a city with a refreshing downtown area with historic buildings, shops, and restaurants, some might not be aware of the fact that the town they’re visiting or residing in once housed numerous Coca-Cola millionaires.
The money Quincy’s Coca-Cola millionaires produced went to the production of the town cultural center and allowed multiple children to pursue higher education. Even as of the 21st century, Quincy still has an advantage that most small Florida towns fail to have. (Source: Florida Back Roads Travel)
It all started with Mark Welch “Mr. Pat” Munroe in 1919. Commonly called Mr. Pat or Daddy Pat, Mark Welch was the town banker, and when the Great Depression came, he saw that many individuals spent the last of their money or their remaining nickels to purchase a Coca-Cola bottle. A business opportunity emerged from his observation, and soon, Mark Welch made Quincy, Florida, brim with money. (Source: Chonday)
Mark Welch’s Business Booming Influence
Coca-Cola’s share dropped to $40 per share in 1919, but their share’s worth was further reduced to $19 per share when Coca-Cola had a conflict with the sugar industry, with their bottlers crashing shortly after.
Mark Welch firmly believed that purchasing Coca-Cola stock was a sound investment, and with that, he bought numerous Coca-Cola shares for himself. Not long after, he urged the people around him in Quincy to do the same, and it reached the point that he’d lend money to depositors, enabling them to buy their share of the iconic drink. He did this from the 1920s to the 1930s, advising people to avoid selling the shares they purchased.
The Dow Jones Industrial Average lost almost 90% of its value to the Great Depression in 1929. And although the unemployment rates reached new heights, nearing 20% in 1931, Coca-Cola sales only reduced a small amount of 2.3%.
The share of Coca-Cola they bought is currently worth millions today. The money from Coca-Cola dividends prevented Quincy, Florida, from suffering in the Great Depression during the 1930s and every recession. The small farmer town of Quincy housed at least 67 people that eventually became millionaires from their Coca-Cola share.
Many residents from Quincy, Florida, remain grateful to Mark Welch. His house located at 204 East Jefferson Street in Quincy, Florida, now serves as the Quincy Garden center where various social and civil functions occur. (Source: Chonday)