ASSET APPRECIATION

In the U.S., in Montgomery, Alabama, seamstress Rosa Parks refuses to give her bus seat to a white man and is arrested for violating the city’s racial segregation laws, an incident which leads to the Montgomery Bus Boycott. The boycott resulted in a crippling financial deficit for the Montgomery public transit system, because the city’s African-American population were the bulk of the system’s ridership.

In London, the landmark structure Crystal Palace, a 900,000 square foot glass and steel exhibition hall erected in 1851, is destroyed by fire. The Palace had been moved once and fallen into disrepair, and at the time of the fire was not in use. Two water towers survived the blaze, but these were later demolished, leaving no remnants of the original structure.

U.S. President Lyndon B. Johnson establishes the Warren Commission to investigate the assassination of President John F. Kennedy. However the long report that is finally issued does little to settle questions about the assassination, and today surveys show that only a small minority of Americans agree with the Commission’s conclusions.

In Boston, Massachusetts, a fire in the fashionable Cocoanut Grove nightclub kills 492 people. Patrons were unable to escape when the fire began because the exits immediately became blocked with panicked people, and other possible exits were welded shut or boarded up. The fire led to a reform of fire codes and safety standards across the country, and the club’s owner, Barney Welansky, who had boasted of his ties to the Mafia and to Boston Mayor Maurice J. Tobin, was eventually found guilty of involuntary manslaughter.