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In 1862, in the year that James H. Lusk was born, on July 1st, the Bureau of Internal Revenue was created. Established to raise funds for the Civil War, income tax was supposed to be temporary and was allowed to expire 10 years later. The Internal Revenue Service was created in the early 20th century.
In 1885, on February 16th, the first Dow Jones Industrial Average was published by Charles Dow, who also founded the Wall Street Journal. The index was 62.76. It represented 12 stocks - American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, Distilling & Cattle Feeding, General Electric, Laclede Gas, National Lead, North American, Tennessee Coal and Iron, U.S. Leather pfd. and U.S. Rubber.
In 1898, magnate and philanthropist John D. Rockefeller's Standard Oil Company controlled 84% of the oil and pipelines in the United States. Rockefeller grew Standard Oil through the merger of several other small oil companies throughout the U.S., creating a monopoly.
In 1908, a mysterious Siberian explosion leveled over 770 square miles of forest. There were no human casualties. Explanations of the explosion have included a comet, meteorite, natural atomic explosion, or a crashed UFO. Although it is called an impact event - the largest one in recorded earth history - there is no crater and it is widely thought that the explosion was caused by a meteor exploding 3 to 6 miles above the earth.
In 1992, 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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