1909 Economy & Business Events — Verified Historical Highlights
1909 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 20 Jan General Motors Acquires Oakland Motor Car Company: On January 20, 1909, General Motors purchased a one-half interest in the Oakland Motor Company of Pontiac, Michigan. GM later acquired full control after the death of Oakland's founder, Edward Murphy, and discontinued the Oakland Motor division in 1932. source: en.wikipedia.org
- 05 Mar Mutual of Omaha Insurance Company Founded: Mutual of Omaha Insurance Company was founded on March 5, 1909, in Omaha, Nebraska. The company has since grown into a major provider of health and life insurance products.
- 09 Apr Payne-Aldrich Tariff Act passed: The Payne-Aldrich Tariff Act was passed on April 9, 1909, aimed at raising certain tariffs on goods imported into the United States. The act faced criticism for not significantly lowering tariffs as initially promised by President Taft. source: archives.gov
- 13 Apr Death of Sir Donald Currie: Sir Donald Currie, a prominent British shipping magnate and founder of the Union Castle Steamship Company, passed away at the age of 83 in Dartmouth, England. His contributions significantly shaped maritime trade in the late 19th and early 20th centuries.
- 14 Apr Formation of Anglo-Persian Oil Company: On April 14, 1909, Burmah Oil Company established the Anglo-Persian Oil Company (APOC) as a subsidiary, marking the beginning of British oil exploration in Persia. APOC was incorporated to exploit the significant oil reserves discovered in Masjed-e Soleymān, southwestern Persia, in 1908. The British government later acquired a controlling stake in the company, leading to its renaming as the Anglo-Iranian Oil Company in 1935 and subsequently as British Petroleum (BP) in 1954. source: en.wikipedia.org
- 19 Apr Anglo-Persian Oil Company Incorporation: On April 19, 1909, the Anglo-Persian Oil Company (APOC) was incorporated as a subsidiary of Burmah Oil Company, following the discovery of significant oil reserves in Persia. The British government later acquired a controlling stake in the company, leading to its renaming as the Anglo-Iranian Oil Company in 1935 and subsequently as British Petroleum (BP) in 1954. source: en.wikipedia.org
- 10 Jun First Lincoln Penny Introduced in United States: On June 10, 1909, the first Lincoln penny was introduced in the United States, featuring a portrait of Abraham Lincoln.
- 22 Jun Cape Cod Canal construction begins: Construction of the Cape Cod Canal began on June 22, 1909. This canal was designed to provide a direct maritime route between Cape Cod Bay and Buzzards Bay, enhancing navigation and trade in the region. source: mass.gov
- 24 Jun Hope Diamond auctioned on June 24, 1909: On June 24, 1909, the Hope Diamond was auctioned in Paris as part of Selim Habib's collection to settle his debts. The diamond was withdrawn from the sale and later sold to jeweler C. N. Rosenau for 400,000 francs. source: naturalhistory.si.edu
- 05 Jul Sixteenth Amendment income tax proposal advances: On July 5, 1909, the U.S. Senate approved the Sixteenth Amendment, granting Congress the power to levy income taxes without apportionment among the states. source: visitthecapitol.gov
- 16 Jul Founding of Horch Automobile Works: On July 16, 1909, August Horch founded Horch Automobile Works, which later became Audi, marking a significant development in the automotive industry. source: en.wikipedia.org
- 25 Jul First Lincoln penny issued: On July 25, 1909, the United States Mint issued the first Lincoln penny, featuring a portrait of Abraham Lincoln on the obverse and the Union Shield on the reverse.
- 28 Jul Ford Motor Company Expands Beyond Michigan: On July 28, 1909, the Ford Motor Company announced its expansion beyond Michigan, marking a significant milestone in the company's growth and its impact on the automotive industry. source: livingwarbirds.com
- 05 Aug Payne–Aldrich Tariff Act signed into law: The Payne–Aldrich Tariff Act was signed into law by President William Howard Taft on August 5, 1909. This legislation aimed to revise the existing tariff rates, resulting in a modest reduction of approximately 5% on most goods, while increasing rates on certain items like iron ore and coal. The act also introduced a corporate tax and established a commission to study future tariff modifications. source: britannica.com
- 30 Aug Maikop Oil Field Gusher: On August 30, 1909, a significant oil gusher was struck in the Maikop oil field in Russia, leading to a surge in oil production and contributing to the region's economic development. source: en.wikipedia.org
- 16 Nov AT&T Acquires Significant Stake in Western Union: In 1909, AT&T acquired a 30% stake in Western Union, gaining control of the company. source: businessabc.net
- 20 Nov Standard Oil antitrust dissolution: The U.S. District Court for the Eastern District of Missouri ordered the dissolution of Standard Oil Company of New Jersey, ruling it violated the Sherman Antitrust Act by restraining trade. source: justice.gov
- 01 Dec First Christmas Club Payment Made: The Carlisle Trust Company in Pennsylvania initiated the first Christmas Club payment, a savings program designed to help people set aside money for holiday expenses.
- 31 Dec Manhattan Bridge Opens to Traffic: On December 31, 1909, the Manhattan Bridge in New York City opened to vehicular traffic, providing a new route between Manhattan and Brooklyn.
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