Felma H Hutton (1904 - 1992)

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William Bruce Hutton

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1904 - In the year that Felma H Hutton was born, the Russo-Japanese war began. The Russian Empire and the Japanese Empire began fighting over the territories of Manchuria and Korea. Russia wanted a warm water port on the Pacific Ocean while Japan feared growing encroachment from Russia into Asia. So the Japan fleet launched a surprise attack on the Russian Navy and a one year war began. President Roosevelt of the United States brokered peace between the two nations. It was the first time in the modern era that an Asian power showed its dominance over a European power.

1913 - When this person was only 9 years old, ratified in February the 16th Amendment, establishing a Federal income tax, became law. Previously, customs duties (tariffs) and excise taxes were the primary sources of federal revenue. With the passage of the 16th Amendment, incomes of couples exceeding $4,000, as well as those of single persons earning $3,000 or more, were subject to a 1% Federal tax (that would be about $98,000 and $74,000 now). Rates rose to 7% for incomes over half a million dollars. Less than 1% of the population was subject to income tax.

1934 - By the time this person was 30 years old, on June 6th, the U.S. Securities and Exchange Commission was formed as a response to the stock market crash of 1929 and the continuing Great Depression. Previously, the states regulated the offering and sales of stocks - called "blue sky" laws. They were largely ineffective. Roosevelt created a group (one member was Joseph Kennedy, father of the future President Kennedy) who knew Wall Street well and they defined the mission and operating mode for the SEC. The new organization had broad and stringent rules and oversight and restored public confidence in the stock market in the United States.

1962 - Felma was 58 years old when lasting from October 16th - 28th, the Cuban Missile Crisis was the closest that the United States and the Soviet Union came to nuclear war. The Soviet Union had been installing a nuclear missile base in Cuba. The United States established a blockade to stop the base from being completed. Through secret negotiations, war was averted: the Soviet Union agreed to dismantle their weapons in Cuba and the United States agreed to never invade Cuba and to dismantle weapons in Turkey and Italy.

1992 - In the year of Felma H Hutton's passing, on February 1st, US President George Bush and President Boris Yeltsin of Russia jointly announced an end to the Cold War, proclaiming a new era of "friendship and partnership". At Camp David in Maryland, they reviewed ways to jointly reduce nuclear arms and support reforms in Russia but no agreement was reached at that meeting.

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