Today in history—December 31

1879: Thomas Edison gives the first public demonstration of his incandescent lighting in Menlo Park, New Jersey.  His Edison Electric Light Co. will later, after mergers, become the General Electric Corp.  At left, an original notice to hotel guests unfamiliar with how to use the newfangled Edison lights (click).

1929: The Hotel Roosevelt Grill in New York starts a tradition, hiring Guy Lombardo and his Royal Canadians to usher in the New Year.

1940: The five year music licensing contract between ASCAP (American Society of Composers, Authors, and Performers) and the lapses and the parties reach impasse. ASCAP, which has been getting 5 percent of radio revenues, wants 10 percent.  For 11 months no ASCAP songs can be played on the air—giving a huge boost to the “race” and “hillbilly” music of rival Broadcast Music, Inc., that will later evolve into R&B and country/western music.

1945: Fashion tycoon Diane von Fürstenberg is born in Brussels, Belgium.  She will marry her prince and then hit the big time in 1975, selling 6 million of her “wrap” dresses (left) that year.  Motto: “Life is a risk.”

1955: General Motors becomes the first American company to earn $1 billion in a year.  Honda and Toyota notice.

1958: The California Supreme Court rewrites the economics of subcontracting with its decision in Drennan v. Star Paving

1975: Elvis Presley earns a then-record $800,000 for a single performance at the Pontiac Silverdome in Michigan.

1997: Microsoft, trying to strengthen its E-mail presence, buys Hotmail.