1957 Economy & Business Events — Verified Historical Highlights
1957 Economy & Business Events — Verified Historical Highlights | TakeMeBack.to
- 02 Jan Pacific Coast Stock Exchange formation: The Pacific Coast Stock Exchange (PCSE) was established on January 2, 1957, in San Francisco, California. It aimed to provide a platform for trading securities on the West Coast, contributing to the growth of regional financial markets. The exchange played a significant role in the development of the financial landscape in the United States. source: sec.gov
- 17 Jan Bay Area Rapid Transit (BART) System Recommendation: In 1957, the San Francisco Bay Area Rapid Transit Commission recommended the formation of a five-county rapid transit district to build and operate a high-speed rapid rail network, leading to the creation of BART. source: bart.gov
- 02 Feb Guddu Barrage Foundation Stone Laying: President Iskander Mirza of Pakistan officially lays the foundation stone for the Guddu Barrage, a significant infrastructure project across the Indus River near Sukkur, aimed at improving water management and irrigation capabilities.
- 21 Feb Minor League Baseball franchise trade between Dodgers and Cubs: On February 21, 1957, Brooklyn Dodgers owner Walter O'Malley and Chicago Cubs owner Philip K. Wrigley agreed to a significant minor league franchise swap. The Dodgers acquired the Los Angeles Angels of the Pacific Coast League and their ballpark, Wrigley Field, in exchange for the Fort Worth Cats farm club in the Texas League and $3 million. This move paved the way for the Dodgers' eventual relocation to Los Angeles. source: bleedcubbieblue.com
- 04 Mar S&P 500 stock market index launched: The S&P 500 stock market index was launched on March 4, 1957, providing a new benchmark for the U.S. stock market. It included 500 of the largest companies and has since become one of the most widely followed equity indices in the world. The index is used to gauge the performance of the U.S. economy. source: spglobal.com
- 08 Jul Baseball Commissioner Re-election: On July 8, 1957, Major League Baseball owners re-elected Ford Frick to another seven-year term as Commissioner, extending his tenure until 1965. source: thisdayinbaseball.com
- 10 Oct 200,000th Vessel Through Panama Canal: The Santa Mercedes, a Grace Line freighter, became the 200,000th vessel to pass through the Panama Canal, marking a significant milestone in international maritime transportation and trade.
- 31 Oct Toyota establishes U.S. headquarters in Hollywood, California: On October 31, 1957, Toyota established its U.S. headquarters in a former Rambler dealership in Hollywood, California. This marked the company's entry into the American market, where it began selling the Toyopet Crown sedan in 1958. However, the vehicle faced challenges due to its underpowered performance and was discontinued in 1961. source: pressroom.toyota.com
- 01 Nov Mackinac Bridge opens, connecting Michigan's peninsulas: The Mackinac Bridge, spanning the Straits of Mackinac, opened on November 1, 1957. This 5-mile suspension bridge connects Michigan's Upper and Lower Peninsulas, significantly improving transportation between the two regions. source: en.wikipedia.org
- 15 Nov Yugoslavia ends economic boycott of Spain: On November 15, 1957, Yugoslavia announced the end of its economic boycott of Francoist Spain, signaling a potential resumption of trade relations. However, diplomatic ties were not immediately reinstated. source: en.wikipedia.org
- 28 Nov British Naval Dockyard Closure in Hong Kong: On November 28, 1957, the UK government announced the closure of the naval dockyard in Hong Kong, with operations expected to cease by November 30, 1959. This decision was part of a broader reorganization of naval forces and their shore support worldwide. source: api.parliament.uk
- 01 Dec Indonesia nationalizes Dutch businesses: On December 1, 1957, Indonesian President Sukarno, with support from the Indonesian Communist Party (PKI), nationalized 246 Dutch companies, including major trading corporations and banks. This action aimed to reduce Dutch economic control over Indonesia and was a response to the Dutch government's failure to negotiate the status of Netherlands New Guinea. Additionally, approximately 40,000 Dutch citizens were expelled from the country, and their properties were confiscated. source: en.wikipedia.org
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