Today in Chicago History: First Dairy Queen opens in Joliet

Here's a look back at what happened in the Chicago area on June 22, according to the Tribune's archives.
Is an important event missing from this date? Email us.
Weather records (from the National Weather Service, Chicago)
Vintage Chicago Tribune: How Chicago became the go-to city for political conventions1912: President William H. Taft's renomination as Republican candidate at the party's convention in Chicago was met with stormy opposition from former President Theodore Roosevelt, who then broke away to form the Progressive, or Bull Moose Party, which also had its convention in Chicago. Both candidates lost to Democrat Woodrow Wilson.
1937: Joe Louis became heavyweight boxing champion of the world by dethroning James Braddock in front of 41,675 paying customers in Comiskey Park. It was the first heavyweight title fight in Chicago in 10 years.
1940: The original Dairy Queen opened at 501 N. Chicago St. in Joliet.
Sherwood Noble (known as Sherb) started selling soft-serve ice cream — which had been created by his friend J.F. McCullough — at his Kankakee ice cream store in 1938. He chose the name of the new shop to reflect his belief, 'the cow was the queen on the dairy industry.'
Noble died in 1991, and Warren Buffett's Berkshire Hathaway acquired Dairy Queen in 1997.
O'Hare International Airport: From farm to global terminal1949: The Douglas airport became O'Hare Field and Northerly Island airport became Merrill C. Meigs Field with approval by the Chicago City Council.
1987: The Chicago Bulls acquired Central Arkansas forward and first-round pick Scottie Pippen in a trade with Seattle for Olden Polynice and added Clemson forward Horace Grant in the first round.
2016: The Bulls traded Derrick Rose to the New York Knicks.
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Newsweek

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And while several presidents have verbally pressured the Fed to keep rates low since 1951, none has made a formal move to limit its legal authority over monetary policy. 'Based on most concepts of 'independent' monetary policy, the central bank shouldn't be monetizing the debt. That is, it shouldn't be taking the administration's financing needs into account when it aims to meet its mandates,' Binder said. 'Those mandates are price stability and strong labor markets,' she added. 'Congress has not given the Fed an additional mandate to make it easier for the Treasury to finance its debt.' But Trump could be laying the groundwork for a shift toward a 'fiscal dominance' regime, Beckworth warned, in which the Fed would be forced to clean up the government's fiscal mess and abandon the bank's legal obligation to keep prices stable and unemployment low. 'Maybe we're not there yet, but we're getting close,' Beckworth said. 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