Month: January 2015

The nation’s telephone service options changed forever on this date 33 years ago when AT&T complied with a Justice Department mandate to give up its local Bell System companies. The action came as the result of what has been termed the most significant antitrust suit since the breakup of Standard Oil in 1911. From the late 19th century, the virtual monopoly of what had come to be known as “Ma Bell” controlled America’s telephone equipment and lines. After the breakup, …

During the Revolutionary War, the rebelling colonies and the Continental Congress were anything but too big to fail. To the contrary, finances were very spotty and precarious. To help put affairs in order and make credit available, the first commercial bank in the U.S. opened on this date in 1782, just a week after being chartered by Congress. Called the Bank of North America, it was capitalized at $400,000, which roughly would be around $5.5 billion today. The names of …

Today, when a home is damaged or destroyed by fire, there usually is no question that it was insured against such a common danger. The first fire insurance company in Colonial America was the Friendly Society for the Mutual Insurance of Houses Against Fire. Organized in 1734 in Charleston, South Carolina, it began receiving subscriptions in January 1735. The company was apparently bankrupted by claims after a disastrous citywide fire in 1740. The first full-time, professional firefighting company was formed …

The business world was confronted with a new idea on this date in 1914, when Henry Ford announced that he would reduce the workday from nine to eight hours and pay his factory assembly line workers a minimum wage of $5 a day, which is nearly $119 in current dollars. The idea eventually gained general acceptance, and in 1938, President Franklin D. Roosevelt signed into law a federally mandated minimum wage of 25 cents an hour. Currently, the hourly minimum …

When Prohibition ended in 1933, the sale of alcoholic beverages resumed in the U.S. but was subject to a patchwork of differing regulations. Local options mean that some counties remain dry. Some states regulate the alcoholic content of beer sold at supermarkets and gas stations. In a few states, beer, wine and liquor may be sold practically anywhere. And in 18 states, liquor is sold exclusively in facilities run by the government. These are usually called ABC stores, for alcoholic …

The place where many of our ancestors first stepped ashore when they came to America seeking a new life opened on this date in 1892 — Ellis Island in New York Harbor. The very first immigrant processed at the new facility was a 15-year-old Irish girl named Annie Moore. Over the course of more than 60 years, some 12 million people flowed through the center. Some sources say the number is considerably higher. The peak year was 1907, when just …