1917 Economy & Business Events — Verified Historical Highlights
1917 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 11 Jan Kingsland Munitions Factory Explosion: On January 11, 1917, a fire erupted in Building 30 of the Canadian Car and Foundry Company in Kingsland, New Jersey. The fire led to explosions that destroyed the plant and surrounding homes. Remarkably, no one was killed during the event, and that miracle is credited to Theresa Louise "Tessie" McNamara, who operated the company switchboard. She stayed at her board while shells and powder were going off to notify workers in all the other buildings to "get out or go up". source: en.wikipedia.org
- 16 Jan United States acquires Danish West Indies: On January 16, 1917, the United States purchased the Danish West Indies from Denmark for $25 million, renaming them the Virgin Islands. source: en.wikipedia.org
- 17 Jan United States purchases Virgin Islands from Denmark: On January 17, 1917, the United States purchased the Virgin Islands from Denmark for $25 million, renaming them the United States Virgin Islands. source: en.wikipedia.org
- 22 Jan Danish West Indies sold to United States: On January 22, 1917, the United States completed the purchase of the Danish West Indies (now U.S. Virgin Islands) for $25 million. This strategic territorial acquisition expanded U.S. maritime and geopolitical influence in the Caribbean region. source: firstworldwar.com
- 25 Jan Danish West Indies sold to United States: On January 25, 1917, the United States and Denmark exchanged ratifications of the Treaty of the Danish West Indies, transferring sovereignty of the Danish West Indies to the U.S. for $25 million in gold. source: history.com
- 03 Mar US Excess Profits Tax Implemented: The United States Congress passes the first excess profits tax on corporations, a wartime fiscal measure designed to generate additional revenue and address economic challenges during World War I. This tax represented a significant shift in U.S. taxation policy.
- 14 Jun Two Millionth Ford Model T Produced: The Ford Motor Company celebrated a milestone with the production of its two millionth Model T automobile, symbolizing the growing automotive industry and mass production techniques of the early 20th century.
- 23 Jul Cleveland Metroparks Board of Commissioners established: On July 23, 1917, the first Board of the Cleveland Metropolitan Park District was formed, marking the establishment of the oldest park district in Ohio. This initiative aimed to create a chain of parks connected by boulevards, enhancing the region's recreational and conservation efforts. source: clevelandmetroparks.com
- 25 Jul Canada introduces first income tax: On July 25, 1917, Canadian Finance Minister Sir Thomas White introduced the "Income War Tax Act" in Parliament to fund World War I expenses. The act imposed a 4% tax on incomes above $1,500, exempting the first $1,500 for single individuals and $3,000 for married individuals. Initially intended as a temporary measure, the tax has remained a permanent fixture in Canada's taxation system. source: rcinet.ca
- 04 Sep Birth of Henry Ford II: Henry Ford II, American auto executive and CEO of the Ford Motor Company from 1945 to 1979, was born on September 4, 1917, in Detroit, United States. He was the son of Edsel Ford and grandson of Henry Ford. source: en.wikipedia.org
What happened in 1917?
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