Today marks the feast of the Archangel Michael, otherwise known as the feast of St. Michael and all the Angels. It is also an Anglo-Saxon derived quarter day, a day for settling accounts, hiring servants, and the annual election for the local reeve, or manor overseer. As overseer the Reeve was responsible for ensuring production quotas, tithes, and man hours were met. If work slacked, the reeve personally made up the difference. It was an unwelcomed job. The Shire Reeve (sheriff), was the overseer of the local constables, essentially a neighborhood watch.
In the UK, the summer harvest was complete and farms that have been sold traditionally change hands on this day.
Although observed more in the breech several Michaelmas traditions live on. Brit lit fans will know that in reference to British academic life, the Michaelmas term is the fall term, as the university term traditionally begins around this time.
The Supreme Court of the United States fall term begins October 1,(close enough) in keeping with the old English/Welsh legal tradition which begins the Court year on Michaelmas.