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On this day: December 31

Published On: Dec 29 2012 04:25:41 AM CST   Updated On: Dec 31 2013 01:00:00 AM CST

Times Square holds its first New Year's Eve celebration, the board game Monopoly is patented, "Calvin and Hobbes" say goodbye, and the U.S. relinquishes control of the Panama Canal, all on this day.

OTD December 31 - Yippies
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Public domain

1967: The Youth International Party, a radically youth-oriented and countercultural revolutionary offshoot of the free speech and anti-war movements of the 1960s, popularly known as the "Yippies," is founded. Pictured is a poster advertising the 1968 Festival of Life in Chicago.

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