1.
Carmel, New York
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Carmel is a town in Putnam County, New York, United States. As of the 2010 census, the town had a population of 34,305, the Town of Carmel is on the southern border of Putnam County, abutting Westchester County. There are no incorporated villages in the town, although the hamlets of Carmel, the town was settled around 1740 by George Hughson. A statue memorializing the female Paul Revere sits alongside Lake Gleneida Carmel was established by splitting from the town of Frederickstown in 1795, patterson also split from Frederickstown the same year, and the remnant of Frederickstown became known as Kent. Carmel was designated the county seat in 1812, in 1861, a small part of Carmel was taken to be added to the town of Putnam Valley. The Putnam County Courthouse was built in 1814 and it is the second oldest working courthouse in New York State. A landmark on Gleneida Avenue in Carmel, the building has a front facade. There was one hanging there in 1844, a jail was added in 1855. A new Putnam County Courthouse was completed in early 2008, located nearby on Gleneida Avenue, december 4,1965 – Two passenger planes collided in mid-air killing four people. July 29,1971 – A category 2 tornado 1.9 miles away from the city center caused between $50,000 and $500,000 in damages. September 1982 – June 1983 – Carmel High School Boys Track star Mike Stahr is ranked first in the USA for the mile run and he set state records and was the Millrose mile winner two years in a row. The town has a memorial dedicated at Spain-Cornerstone Park on the corner of Fair Street,2002 – A scene for the Adam Sandler movie Mr. Deeds was filmed at the Wendys in the Putnam Plaza. Although most of the scene was edited from the film, they do show the helicopter sitting in the lot in the movie. April 27–28,2007 – The Town of Carmel hosted a two-day militia encampment along Lake Gleneida, the event celebrated the 230th anniversary of the heroism of Sybil Ludington. Carmel is governed by a Town Supervisor and the Town Board, the Carmel Town Hall is located at 60 McAlpin Avenue in Mahopac. Primary law enforcement services in Carmel are provided by the Carmel Police Department, George Fischer Middle School is Carmels primary Middle School. Built in 1963, it was named after a school board member. It contains a number of students, and contains grades 5–8
2.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange
3.
Henry Clews
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Henry Clews was an American financier and author. He was born in August 14,1834 in Staffordshire, England and his first job was at an import business, working as a junior clerk. In 1859 he co-founded Livermore, Clews, and Company, what was then the second largest marketer of federal bonds during the United States Civil War and he split away and started Clews and Company in 1877. Henry Clews organized the Committee of 70, which deposed the corrupt ring associated with William M. Tweed in New York City, towards the end of his life he wrote one of the most famous classics about life on Wall Street entitled Fifty Years in Wall Street. He died of bronchitis in New York City, New York on January 31,1923, hoboken, N. J. J. Wiley & Sons,2006
4.
War of 1812
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Historians in the United States and Canada see it as a war in its own right, but the British often see it as a minor theatre of the Napoleonic Wars. By the wars end in early 1815, the key issues had been resolved, the view was shared in much of New England and for that reason the war was widely referred to there as Mr. Madison’s War. As a result, the primary British war goal was to defend their North American colonies, the war was fought in three theatres. Second, land and naval battles were fought on the U. S. –Canadian frontier, Third, large-scale battles were fought in the Southern United States and Gulf Coast. With the majority of its land and naval forces tied down in Europe fighting the Napoleonic Wars, early victories over poorly-led U. S. armies demonstrated that the conquest of the Canadas would prove more difficult than anticipated. Despite this, the U. S. was able to inflict serious defeats on Britains Native American allies, both governments were eager for a return to normality and peace negotiations began in Ghent in August 1814. This brought an Era of Good Feelings in which partisan animosity nearly vanished in the face of strengthened American nationalism, the war was also a major turning point in the development of the U. S. military, with militia being increasingly replaced by a more professional force. The U. S. also acquired permanent ownership of Spains Mobile District, the government of Canada declared a three-year commemoration of the War of 1812 in 2012, intended to offer historical lessons and celebrate 200 years of peace across the border. At the conclusion of the commemorations in 2014, a new national War of 1812 Monument was unveiled in Ottawa. The war is remembered in Britain primarily as a footnote in the much larger Napoleonic Wars occurring in Europe, historians have long debated the relative weight of the multiple reasons underlying the origins of the War of 1812. This section summarizes several contributing factors which resulted in the declaration of war by the United States, as Risjord notes, a powerful motivation for the Americans was the desire to uphold national honour in the face of what they considered to be British insults such as the Chesapeake–Leopard Affair. The approaching conflict was about violations of American rights, but it was also vindication of American identity. Americans at the time and historians since often called it the United States Second War of Independence, in 1807, Britain introduced a series of trade restrictions via a series of Orders in Council to impede neutral trade with France, with which Britain was at war. The United States contested these restrictions as illegal under international law, the American merchant marine had come close to doubling between 1802 and 1810, making it by far the largest neutral fleet. Britain was the largest trading partner, receiving 80% of U. S. cotton, the British public and press were resentful of the growing mercantile and commercial competition. The United States view was that Britains restrictions violated its right to trade with others, during the Napoleonic Wars, the Royal Navy expanded to 176 ships of the line and 600 ships overall, requiring 140,000 sailors to man. The United States believed that British deserters had a right to become U. S. citizens and this meant that in addition to recovering naval deserters, it considered any United States citizens who were born British liable for impressment. Aggravating the situation was the reluctance of the United States to issue formal naturalization papers and it was estimated by the Admiralty that there were 11,000 naturalized sailors on United States ships in 1805
5.
Bull's Head Tavern
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Bulls Head Tavern was an establishment located on Bowery, a street in Manhattan, New York City. It was initially used as a recuriment center for Loyalists fighting against the rebellion and it was also famous for being the place where George Washington established his temporary headquarters in November 1783. The tavern was owned by local butcher Henry Astor, the patriarch of the notable Astor family. In 1813, the tavern relocated uptown to Third Avenue and East 24th Street, a modern tavern of the same name operated at this location from 1996 to April 2015. Using the same bull’s head logo as the original establishment
6.
Steamboat
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A steamboat is a boat that is propelled primarily by steam power, typically driving propellers or paddlewheels. Steamboats sometimes use the prefix designation SS, S. S. or S/S or PS, the term steamboat is used to refer to smaller, insular, steam-powered boats working on lakes and rivers, particularly riverboats. As using steam became more reliable, steam power became applied to larger, Early attempts at powering a boat by steam were made by the French inventor Denis Papin and the English inventor Thomas Newcomen. Papin invented the steam digester and experimented with closed cylinders and pistons pushed in by atmospheric pressure, Papin proposed applying this steam pump to the operation of a paddlewheel boat and tried to market his idea in Britain. He was unable to convert the piston motion into rotary motion. Newcomens design did solve the first problem, but remained shackled to the inherent limitations of the engines of the time, a steamboat was described and patented by English physician John Allen in 1729. In 1736, Jonathan Hulls was granted a patent in England for a Newcomen engine-powered steamboat, William Henry of Lancaster, Pennsylvania, having learned of Watts engine on a visit to England, made his own engine. In 1763 he put it in a boat, the boat sank, and while Henry made an improved model, he did not appear to have much success, though he may have inspired others. At its first demonstration on 15 July 1783, Pyroscaphe travelled upstream on the river Saône for some fifteen minutes before the engine failed, presumably this was easily repaired as the boat is said to have made several such journeys. Following this, De Jouffroy attempted to get the government interested in his work, De Jouffroy did not have the funds for this, and, following the events of the French revolution, work on the project was discontinued after he left the country. Similar boats were made in 1785 by John Fitch in Philadelphia and William Symington in Dumfries and this boat could typically make 7 to 8 miles per hour and traveled more than 2,000 miles during its short length of service. The Fitch steamboat was not a success, as this travel route was adequately covered by relatively good wagon roads. The following year, a boat made 30-mile excursions, and in 1790. Miller sent King Gustav III of Sweden an actual version,100 feet long. Miller then engaged engineer William Symington to build his patent steam engine drove a stern-mounted paddle wheel in a boat in 1785. The boat was successfully tried out on Dalswinton Loch in 1788 and was followed by a steamboat the next year. The boat was built by Alexander Hart at Grangemouth to Symingtons design with a cylinder engine. Trials on the River Carron in June 1801 were successful and included towing sloops from the river Forth up the Carron and thence along the Forth, in 1801, Symington patented a horizontal steam engine directly linked to a crank
7.
Hudson River
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The Hudson River is a 315-mile river that flows from north to south primarily through eastern New York in the United States. The river originates in the Adirondack Mountains of Upstate New York, flows through the Hudson Valley, the river serves as a political boundary between the states of New Jersey and New York, and further north between New York counties. The lower half of the river is a tidal estuary occupying the Hudson Fjord, tidal waters influence the Hudsons flow from as far north as Troy. The river is named after Henry Hudson, an Englishman sailing for the Dutch East India Company, who explored it in 1609, and after whom Canadas Hudson Bay is also named. The Dutch called the river the North River – with the Delaware River called the South River –, during the eighteenth century, the river valley and its inhabitants were the subject and inspiration of Washington Irving, the first internationally acclaimed American author. In the nineteenth century, the area inspired the Hudson River School of landscape painting, the Hudson was also the eastern outlet for the Erie Canal, which, when completed in 1825, became an important transportation artery for the early-19th-century United States. The source of the Hudson River is Lake Tear of the Clouds in the Adirondack Park at an altitude of 4,322 feet, the river is not cartographically called the Hudson River until miles downstream. From that point on, the stream is known as the Hudson River. Popular culture and convention, however, more often cite the photogenic Lake Tear of the Clouds as the source, South of the confluence of Indian Pass Brook and Calamity Brook, the Hudson River flows south into Sanford Lake. South of the outlet of the lake, the Opalescent River flows into the Hudson, the Hudson then flows south, taking in Beaver Brook and the outlet of Lake Harris. After its confluence with the Indian River, the Hudson forms the boundary between Essex and Hamilton counties, in the hamlet of North River, the Hudson flows entirely in Warren County and takes in the Schroon River. Further south, the forms the boundary between Warren and Saratoga Counties. The river then takes in the Sacandaga River from the Great Sacandaga Lake, shortly thereafter, the river leaves the Adirondack Park, flows under Interstate 87, and through Glens Falls, just south of Lake George although receiving no streamflow from the lake. It next goes through Hudson Falls, at this point the river forms the boundary between Washington and Saratoga Counties. At this point the river has an altitude of 200 feet, further south the Hudson takes in water from the Batten Kill River and Fish Creek near Schuylerville. The river then forms the boundary between Saratoga and Rensselaer counties, the river then enters the heart of the Capital District. It takes in water from the Hoosic River, which extends into Massachusetts, shortly thereafter the river has its confluence with the Mohawk River, the largest tributary of the Hudson River, in Waterford. Shortly thereafter, the river reaches the Federal Dam in Troy, at an elevation of 2 feet, the bottom of the dam marks the beginning of the tidal influence in the Hudson as well as the beginning of the lower Hudson River
8.
Cornelius Vanderbilt
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Cornelius Vanderbilt, also known informally as Commodore Vanderbilt, was an American business magnate and philanthropist who built his wealth in railroads and shipping. He is best known for building the New York Central Railroad, as one of the richest Americans in history and wealthiest figures overall, Vanderbilt was the patriarch of a wealthy, influential family. He provided the gift to found Vanderbilt University in Nashville. According to historian H. Roger Grant, Contemporaries, too, while Vanderbilt could be a rascal, combative and cunning, he was much more a builder than a wrecker. The Dutch van der was eventually added to Aertsons village name to van der Bilt. This was eventually condensed to Vanderbilt, Cornelius Vanderbilt was born in Staten Island, New York on May 27,1794 to Cornelius van Derbilt and Phebe Hand. He began working on his fathers ferry in New York Harbor as a boy, at the age of 16, Vanderbilt decided to start his own ferry service. According to one version of events, he borrowed $100 from his mother to purchase a periauger, however, according to the first account of his life, published in 1853, the periauger belonged to his father and the younger Vanderbilt received half the profit. He began his business by ferrying freight and passengers between Staten Island and Manhattan, such was his energy and eagerness in his trade that other captains nearby took to calling him The Commodore in jest - a nickname that stuck with him all his life. While many Vanderbilt family members had joined the Episcopal Church, Cornelius Vanderbilt remained a member of the Moravian Church to his death, in fact, he, along with other members of the Vanderbilt family, helped erect a local Moravian parish church in his city. On December 19,1813, at age 19 Vanderbilt married his first cousin, Sophia Johnson, daughter of Nathaniel Johnson and they moved into a boarding house on Broad Street in Manhattan. But on November 24,1817, an entrepreneur named Thomas Gibbons asked Vanderbilt to captain his steamboat between New Jersey and New York. Although Vanderbilt kept his own businesses running, he became Gibbonss business manager, though both Livingston and Fulton had died by the time Vanderbilt started working for Gibbons, the monopoly was held by Livingstons heirs. They had granted a license to Aaron Ogden to run a ferry between New York and New Jersey, Gibbons launched his steamboat venture because of a personal dispute with Ogden, whom he hoped to drive into bankruptcy. To accomplish this, he undercut prices and also brought a legal case – Gibbons v. Ogden – to the United States Supreme Court to overturn the monopoly. Working for Gibbons, Vanderbilt learned to operate a large and complicated business and he moved with his family to New Brunswick, New Jersey, a stop on Gibbons line between New York and Philadelphia. There his wife Sophia operated a very profitable inn, using the proceeds to feed, clothe, Vanderbilt also proved a quick study in legal matters, representing Gibbons in meetings with lawyers. He also went to Washington, D. C. to hire Daniel Webster to argue the case before the Supreme Court, Vanderbilt appealed his own case against the monopoly to the Supreme Court, which was next on the docket after Gibbons v. Ogden
9.
Erie Railroad
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It expanded west to Chicago with its 1941 merger with the former Atlantic and Great Western Railroad, also known as the New York, Pennsylvania and Ohio Railroad. Its mainline route proved influential in the development and economic growth of the Southern Tier, including such as Binghamton, Elmira. The Erie Railroad repair shops were located in Hornell, and were Hornells largest employer, Hornell was also where Eries main line split into two routes, one north to Buffalo and the other west to Cleveland. On October 17,1960, the Erie merged with the former rival Delaware, the Hornell repair shops were closed, and repair operations moved to the Lackawannas Scranton facility, this had a devastating effect on Hornell from which it has never recovered. Most of the former Erie line between Hornell and Binghamton was destroyed in 1972 by the floods of Hurricane Agnes, what was left of the Erie Lackawanna became part of Conrail in 1976. In 1983, Erie remnants became part of New Jersey Transit rail operations, today, most of the surviving Erie Railroad routes are operated by the Norfolk Southern Railway. The New York and Erie Rail Road was chartered April 24,1832 by Governor of New York, Enos T. Throop to connect the Hudson River at Piermont, north of New York City, west to Lake Erie at Dunkirk. On February 16,1841 the railroad was authorized to cross into the northeast corner of Pennsylvania on the west side of the Delaware River, construction began in 1836, and it opened from Piermont to Goshen on September 23,1841. After some financial problems, construction resumed in August 1846, further extensions opened to Binghamton December 27,1848, Owego January 1,1849, and the full length to Dunkirk May 19,1851. At Dunkirk steamboats continued across Lake Erie to Detroit, Michigan, the line was built as 6 ft wide gauge, this was believed to be a superior technology to standard gauge, providing more stability. In 1848 the railroad built the Starrucca Viaduct, a railroad bridge over Starrucca Creek in Lanesboro. The viaduct is 1,040 feet long,100 feet high and 25 feet wide at the top and it is the oldest stone rail bridge in Pennsylvania still in use. The Eries charter was amended April 8,1845 to allow the building of the Newburgh Branch, running from the line near Harriman north-northeast to Newburgh. The branch opened January 8,1850 and it was later used as a connection to the New York and New England Railroad via a car float operation across the river to Beacon, New York. Through ticketing began in 1851, with a change of cars at Ramapo due to the gauge break. In 1852 the Buffalo and Rochester Railroad, part of the New York Central Railroad system, the alignment from Buffalo to Attica was sold to the Eries Buffalo and New York City Railroad, a reorganization of the Attica and Hornellsville Railroad, and converted to the Eries wide gauge. The extension from Attica southeast to Hornellsville opened on November 17,1852, giving the Erie access to Buffalo, the Erie began operating the Chemung Railroad in 1850, this provided a branch from Horseheads north to Watkins. The Canandaigua and Elmira Railroad opened in 1851 as an extension from Watkins to Canandaigua and was operated by the Erie until 1853
10.
New York and Harlem Railroad
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The New York and Harlem Railroad was one of the first railroads in the United States, and was the worlds first street railway. Designed by John Stephenson, it was opened in stages between 1832 and 1852 between Lower Manhattan to and beyond Harlem, initially using horses, the line was partially converted to use steam engines and then electricity, using a battery-powered Julien electric traction car. In 1907 the then leaseholders of line, New York City Railway went into receivership, following a further receivership in 1932 the New York Railways Corporation converted the line to bus operation. The Murray Hill Tunnel now carries a lane of road traffic, the line became part of the New York Central Railroad system with trackage rights granted to the New York, New Haven and Hartford Railroad into Manhattan. It is now part of the Metro-North Railroad system, and the only Manhattan trackage of that system, the company was incorporated on April 25,1831 as the New York and Harlem Railroad, to link New York City with suburban Harlem. Among the companys founders was John Mason, a wealthy banker and they decided to build their railroad on the eastern side of Manhattan Island, convinced that their railroad would never be able to compete with steamboat traffic on the Hudson River. The first section, along Bowery from Prince Street north to 14th Street, between 1847 and 1856, a track was built in Grand Street between Centre Street and Bowery for northbound trains. Southbound trains continued to use the old route, in 1864 or 1865, a branch was added for trains between downtown and the East 34th Street Ferry Landing, running along 32nd Street, Lexington Avenue and 34th Street. This was the start of separate horse car service, running between Astor House and the ferry, Grand Central Depot opened just north of 42nd Street in October 1871, and intercity passenger trains from the north were ended there. Freight trains continued to operate along the south of Grand Central. As of 2016, Metro-North operates commuter service from Grand Central Terminal, via Southeast. The trackless right-of-way from Wassaic to Chatham is being converted to the Harlem Valley Rail Trail, as in other early railroads, the dominant propulsion in the railroads early years was horse power. In 1837, steam engines were introduced, but their use was limited to areas outside of the settled parts of the city - then. Before that, the locomotives had run to 32nd Street. When the ordinance took effect, the NY&H had not done anything, after much debate, including an injunction issued preventing the city from enforcing the ordinance, the courts struck down the injunction on July 30,1858. On July 2,1870, horsecars started to run not only to the 34th Street Ferry and these trains ran through the Murray Hill Tunnel and turned west on 42nd before going north on Madison. The line was extended to 86th Street and then to Harlem. On April 1,1873, the NY&H leased its lines to the New York Central and Hudson River Railroad
11.
Short (finance)
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In finance, short selling is the practice of selling securities or other financial instruments that are not currently owned, and subsequently repurchasing them. In the event of a price decline, the short seller profits. Conversely, the short position closes out at a if the price of a shorted instrument rises prior to repurchase. Potential loss on a sale is theoretically unlimited, as there is no theoretical limit to a rise in the price of the instrument. In the securities markets, the seller generally must borrow the securities to effect delivery in the short sale. In practical terms, going short can be considered the opposite of the practice of going long. Mathematically, the return from a position is equivalent to that of owning a negative amount of the instrument. A short sale may have a variety of objectives, traders or fund managers may hedge a long position or a portfolio through one or more short positions. In contrast to a merchant who starts out to buy low, sell high. Although some feel that short selling is morally wrong, research indicates that banning short selling is ineffective and has effects on markets. The following example describes the sale of a security. To profit from a decrease in the price of a security, when the seller decides that the time is right, the seller buys equivalent securities and returns them to the lender. In most market conditions there is a supply of securities to be borrowed, held by pension funds, mutual funds. The act of buying back the securities that were sold short is called covering the short or covering the position, a short position can be covered at any time before the securities are due to be returned. Once the position is covered, the seller is not affected by subsequent rises or falls in the price of the securities. Short selling refers broadly to any used by an investor to profit from the decline in price of a borrowed asset or financial instrument. Derivatives contracts include futures, options, and swaps, shares in ACME Inc. currently trade at $10 per share. A short seller investor borrows from a lender 100 shares of ACME Inc. subsequently, the price of the shares falls to $8 per share
12.
Erie War
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The Erie War was a 19th-century conflict between American financiers for control of the Erie Railway Company, which owned and operated the Erie Railroad. Built with public funds raised by taxation and on land donated by public officials and private developers, by the middle of the 1850s the railroad was mismanaged and heavily in debt. A cattle drover turned Wall Street banker and broker Daniel Drew at first loaned $2 million to the railroad and he amassed fortune by skilfully manipulating the Erie railroad shares on the New York Stock Exchange. After succeeding, Vanderbilt permitted Drew to stay on the board of directors in his capacity as a treasurer. Vanderbilt lost more than $7 million in his attempt to control over Erie Railway Company, although Gould. As a result, Vanderbilt conceded control of the railroad to the trio and they were involved with the corrupt Tammany Hall political party machine, and made Boss Tweed a director of the Erie Railroad. Tweed, in return arranged favorable state legislation in Albany for them, gustavus Myers, an American historian and muckraker, wrote in his survey of railroad fortunes in the U. S. The year 1868 proved a busy one for Vanderbilt. He was engaged in a desperately devious struggle with Gould, in vain did his agents and lobbyists pour out stacks of money to buy legislative votes enough to defeat the bill legalizing Goulds fraudulent issue of stock. Members of the Legislature impassively took money from both parties, Gould personally appeared at Albany with a satchel containing $500,000 in greenbacks which were rapidly distributed. One Senator, as was disclosed by a committee, accepted $75,000 from Vanderbilt and then $100,000 from Gould. But in 1870, Fisk and Gould betrayed Drew, again manipulating the Erie Railroad stock price, the Panic of 1873 cost him still more, and by 1876, Drew filed for bankruptcy, with debts exceeding a million dollars and no viable assets. He died in 1879, dependent on his son for support, public opinion was also hostile to Gould because of his involvement in the 1869 Black Friday stock market crash. In 1878, after all financial swindles and due to continuing mismanagement the Erie Railway Company declared bankruptcy and was reconstituted as the New York, Lake Erie, a New War Begins episode of The Men Who Built America Gordon, John Steele. The Scarlet Woman of Wall Street, Jay Gould, Jim Fisk, Cornelius Vanderbilt, the Erie Railway Wars, New York, Weidenfeld & Nicolson,1988. Hicks, Frederick C. and Charles Francis Adams, high Finance in the Sixties, Chapters from the Early History of the Erie Railway. History of the Great American Fortunes
13.
James Fisk (financier)
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James Fisk, Jr. – known variously as Big Jim, Diamond Jim, and Jubilee Jim – was an American stockbroker and corporate executive who has been referred to as one of the robber barons of the Gilded Age. Grant in an attempt to use the Presidents good name in a scheme to corner the market in New York City. Several years later Fisk was murdered by a business associate. Fisk was born in the hamlet of Pownal, Vermont, in Bennington County in 1835, after a brief period in school, he ran away in 1850 and joined Van Ambergs Mammoth Circus & Menagerie. Later, he became a waiter, and finally adopted the business of his father. He applied what he learned in the circus to his peddling and he then became a salesman for Jordan Marsh, a Boston dry goods firm. A failure as a salesman, he was sent to Washington, in 1864 Fisk became a stockbroker in New York City, and was employed by Daniel Drew as a buyer. He aided Drew in the Erie War against Cornelius Vanderbilt for control of the Erie Railroad and this resulted in Fisk and Jay Gould becoming members of the Erie directorate, and subsequently, a well-planned raid netted Fisk and Gould control of the railroad. The association with Gould continued until Fisks death and their attempt to corner the gold market culminated in the fateful Black Friday of September 24,1869. Though many investors were ruined, Fisk and Gould escaped significant financial harm, Fisk married Lucy Moore in 1854, when he was 19 and she was 15. Lucy was an orphan, raised by an uncle from Springfield and she tolerated Fisks many extramarital affairs, perhaps because she was happy living with her own love, Fanny Harrod, in Boston. Regardless, they remained close, with Fisk visiting her every few weeks and spending summers, in New York, Fisk had a relationship with Josie Mansfield. Mansfield was considered a beauty by Victorian standards of female desirability. Fisks relationship with Mansfield scandalized New York society, Mansfield eventually fell in love with Fisks business associate Edward Stiles Stokes, a man noted for his good looks. Stokes left his wife and family, and Mansfield left Fisk, in a bid for money, Mansfield and Stokes tried to extort Fisk by threatening the publication of letters written by Fisk to Mansfield that allegedly proved Fisks legal wrongdoings. A legal and public relations battle followed, but Fisk refused to pay Mansfield anything, increasingly frustrated and flirting with bankruptcy, Stokes confronted Fisk in New York City on January 6,1872 in the Grand Central Hotel and shot him twice, in the arm and abdomen. A relatively young man of 37, Fisk died of the wound the next morning after giving a dying declaration identifying Stokes as the killer. Stokes pleaded self-defense, using a wildly incongruent set of mitigating circumstances and he claimed to have been suffering from emotional turmoil at the time he committed the act
14.
Jay Gould
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Jason Jay Gould was a leading American railroad developer and speculator. He has been referred to as one of the robber barons of the Gilded Age. He was hated and reviled, but some historians like Walter R. Borneman and Maury Klein. Jason Gould was born in Roxbury, New York to Mary More and his maternal grandfather, Alexander T. More, was a businessman, and his great-grandfather John More was a Scottish immigrant who founded the town of Moresville, New York. Jay Gould studied at schools and the Hobart Academy in Hobart, Delaware County. As a young boy, Gould decided he wanted nothing to do with farming which was what his father did, and so his father dropped him off at a school with 50 cents. His principal was credited with getting him a job working as a bookkeeper for a blacksmith, a year later the blacksmith offered him half interest in the blacksmith shop, which he sold to his father during the early part of 1854. Gould devoted himself to study, emphasizing surveying and mathematics. In 1854, Gould surveyed and created maps of the Ulster County, in 1856 he published History of Delaware County, and Border Wars of New York, which he had spent several years writing. In 1856, Gould entered a partnership with Zadock Pratt to create a business in Pennsylvania in what would become Gouldsboro. Eventually, he bought out Pratt, who retired, in 1856, Gould entered another partnership with Charles Mortimer Leupp, a son-in-law of Gideon Lee, and one of the leading leather merchants in the United States at the time. Leupp and Gould was a partnership until the Panic of 1857. Leupp lost all his money, while Gould took advantage of the opportunity of the depreciation of property value, after the death of Charles Leupp, the Gouldsboro Tannery became a disputed property. Leupps brother-in-law, David W. Lee, who was also a partner in Leupp and Gould and he believed that Gould had cheated the Leupp and Lee families in the collapse of the business. Eventually, Gould took physical possession, but was forced to sell his shares in the company to Lees brother. In 1859 Gould began speculative investing by buying stock in small railways, Gould purchased stock for 10 cents on the dollar, which left him in control of the company. Through the Civil War era, he did more speculation on railroad stocks in New York City, in 1863 he was appointed manager of the Rensselaer and Saratoga Railroad. The Erie Railroad encountered financial troubles in the 1850s, despite receiving loans from financiers Cornelius Vanderbilt, the Erie entered receivership in 1859 and was reorganized as the Erie Railway
15.
Panic of 1873
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The Panic of 1873 was a financial crisis that triggered a depression in Europe and North America that lasted from 1873 until 1879, and even longer in some countries. In Britain, for example, it started two decades of stagnation known as the Long Depression that weakened the economic leadership. The Panic was known as the Great Depression until the events in the early 1930s set a new standard, the Panic of 1873 and the subsequent depression had several underlying causes, of which economic historians debate the relative importance. The first symptoms of the crisis were financial failures in the Austro-Hungarian capital, Vienna, the American Civil War was followed by a boom in railroad construction. 33,000 miles of new track were laid across the country between 1868 and 1873, much of the craze in railroad investment was driven by government land grants and subsidies to the railroads. At that time, the industry was the nations largest employer outside of agriculture. A large infusion of cash from speculators caused abnormal growth in the industry as well as overbuilding of docks, factories, at the same time, too much capital was involved in projects offering no immediate or early returns. As a result, the United States Congress passed the Coinage Act of 1873, before the Act, the United States had backed its currency with both gold and silver, and it minted both types of coins. The Act moved the United States to a de facto gold standard, the Act had the immediate effect of depressing silver prices. This hurt Western mining interests, who labeled the Act The Crime of 73, but the coinage law also reduced the domestic money supply, which raised interest rates, thereby hurting farmers and anyone else who normally carried heavy debt loads. The resulting outcry raised serious questions about how long the new policy would last and this perception of instability in United States monetary policy caused investors to shy away from long-term obligations, particularly long-term bonds. The problem was compounded by the boom, which was in its later stages at the time. In September 1873, the U. S. economy entered a crisis and this followed a period of post-Civil War economic over-expansion that arose from the Northern railroad boom. It came at the end of a series of setbacks, the Black Friday panic of 1869, the Chicago fire of 1871, the outbreak of equine influenza in 1872. In September 1873, Jay Cooke & Company, a component of the United States banking establishment. Cookes firm, like others, had invested heavily in the railroads. At a time when investment banks were anxious for more capital for their enterprises, while businesses were expanding, the money they needed to finance that growth was becoming scarcer. Cooke and other entrepreneurs had planned to build the second transcontinental railroad, cookes firm provided the financing, and ground was broken near Duluth, Minnesota, for the line on 15 February 1870
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Bankruptcy
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Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, in the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, in Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into debt slavery, until the creditor recouped losses through their physical labour. Many city-states in ancient Greece limited debt slavery to a period of five years, debt slaves had protection of life and limb, which regular slaves did not enjoy. However, servants of the debtor could be retained beyond that deadline by the creditor and were forced to serve their new lord for a lifetime. An exception to rule was Athens, which by the laws of Solon forbade enslavement for debt, as a consequence. The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency, Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times, a failure of a nation to meet bond repayments has been seen on many occasions. Philip II of Spain had to declare four state bankruptcies in 1557,1560,1575 and 1596, at the edge of Europe, Egypt, Russia, and Turkey have histories of chronic default as well. For private households, it is argued to be insufficient to merely dismiss debts after a certain period and it is important to assess the underlying problems and to minimize the risk of financial distress to re-occur. In most EU Member States, debt discharge is conditioned by a partial payment obligation, in the United States, discharge is conditioned to a lesser extent. The spectrum is broad in the EU, with the UK coming closest to the US system, the Other Member States do not provide the option of a debt discharge. It is almost impossible to discharge student loan debt by filing bankruptcy, unlike most other debtors, the individual with student debt must give a series of reasons and tests to prove that the debtor could not pay the debt. If the person were to file bankruptcy, he or she is encouraged to do so under Chapter 13. In order to avoid bankruptcy, one could negotiate with the lender to lower monthly payments, student loan bankruptcy is considered a last resort. However, some find themselves being forced to file bankruptcy, as the lender refused to lower payments
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Methodism
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Methodism, or the Methodist movement, is a group of historically related denominations of Protestant Christianity which derive their inspiration from the life and teachings of John Wesley. George Whitefield and Johns brother Charles Wesley were also significant leaders in the movement and it originated as a revival within the 18th century Church of England and became a separate Church after Wesleys death. Because of vigorous missionary work, the movement spread throughout the British Empire, Wesleys theology focused on sanctification and the effect of faith on the character of a Christian. Distinguishing Methodist doctrines include an assurance of salvation, imparted righteousness, the possibility of perfection in love, the works of piety and the primacy of Scripture. Most Methodists teach that Jesus Christ, the Son of God, died for all of humanity and that salvation is available for all, in theology and this teaching rejects the Calvinist position that God has pre-ordained the salvation of a select group of people. However, Whitefield and several others were considered Calvinistic Methodists and held to the latter position, Methodism emphasises charity and support for the sick, the poor and the afflicted through the works of mercy. These ideals are put into practice by the establishment of hospitals, orphanages, soup kitchens and schools to follow Christs command to spread the gospel, the movement has a wide variety of forms of worship, ranging from high church to low church in liturgical usage. Denominations that descend from the British Methodist tradition are generally less ritualistic, Methodism is known for its rich musical tradition and Charles Wesley was instrumental in writing much of the hymnody of the Methodist Church. In Britain, the Methodist Church had an effect in the early decades of the making of the working class. In the United States, it became the religion of many slaves who later formed black churches in the Methodist tradition. The Methodist revival began with a group of men, including John Wesley and his younger brother Charles, the Wesley brothers founded the Holy Club at the University of Oxford, where John was a fellow and later a lecturer at Lincoln College. The club met weekly and they set about living a holy life. They were accustomed to receiving Communion every week, fasting regularly, abstaining from most forms of amusement and luxury and frequently visited the sick, the fellowship were branded as Methodist by their fellow students because of the way they used rule and method to go about their religious affairs. John, who was leader of the club, took the attempted mockery, unsuccessful in their work, the brothers returned to England conscious of their lack of genuine Christian faith. They looked for help to Peter Boehler and other members of the Moravian Church, at a Moravian service in Aldersgate on 24 May 1738, John experienced what has come to be called his evangelical conversion, when he felt his heart strangely warmed. Charles had reported an experience an few days previously. Considered a pivotal moment, Daniel L. John Wesley came under the influence of the Dutch theologian Jacobus Arminius, Arminius had rejected the Calvinist teaching that God had pre-ordained an elect number of people to eternal bliss while others perished eternally. Conversely, George Whitefield, Howell Harris, and Selina Hastings, George Whitefield, returning from his own mission in Georgia, joined the Wesley brothers in what was rapidly to become a national crusade
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Port Jervis, New York
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Port Jervis is a city located at the confluence of the Neversink and the Delaware rivers in western Orange County, New York, north of the Delaware Water Gap. Its population was 8,828 at the 2010 census, the communities of Deerpark, Huguenot, Sparrowbush, and Greenville are adjacent to Port Jervis. Matamoras, Pennsylvania is across the river and connected by bridge, the towns of Montague, New Jersey borders here. It was part of industrial history, a point for shipping coal to major markets to the southeast by canal. Its residents had long-distance passenger service by railroad until 1970, the restructuring of railroads resulted in a decline in the citys business and economy. Port Jervis is part of the Poughkeepsie–Newburgh–Middletown metropolitan area as well as the larger New York metropolitan area, in August 2008, Port Jervis was named one of Ten Coolest Small Towns by Budget Travel magazine. The first fully developed European settlement in the area was established by Dutch and English colonists c.1690, the settlement was originally known as Mahackamack, after a Lenape word. It was raided and burned in 1779 during the American Revolutionary War, by British, over the next two decades, residents rebuilt the settlement. They developed more roadways to better connect Mahackamack with the parts of Orange County. A village was incorporated in 1853 and it was renamed as Port Jervis in the mid-19th century, after John Bloomfield Jervis, chief engineer of the D&H Canal. Port Jervis grew steadily into the 1900s, and on July 26,1907, it became a city. The first rail line to run through Port Jervis was the New York & Erie Railroad, ground was broken in 1835, but construction was delayed by a nationwide financial panic, and did not start again until 1838. The line was completed in 1851, and the first passenger train – with President Millard Fillmore, the railroad went through a number of name changes, becoming the Erie Railroad in 1897. Like the D&H Canal, the railroads brought new prosperity to Port Jervis in the form of increased trade, however, the competition by the railroad, which could deliver products faster, hastened the decline of the canal, which ceased operation in 1898. The railroads were the basis of the economy for the coming decades. Port Jervis became Eries division center between Jersey City, New Jersey and Susquehanna, Pennsylvania, and by 1922, twenty passenger trains went through the city every day, more than 2,500 Erie RR employees made their homes there. The railroads began to decline after the Great Depression, a shift in transportation accelerated after World War II with the federal subsidy of the Interstate Highway System and increased competition from trucking companies. One of the first Class I railroads to shut down was the O&W, in 1957, a few years later, in 1960, the Erie, also on a shaky financial footing, merged with Delaware, Lackawanna and Western Railroad to become the Erie Lackawanna
19.
Brewster, New York
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Brewster is a village within the town of Southeast in Putnam County, New York, United States. Its population was 2,390 at the 2010 census, the village is the most densely populated portion of the county. The village is named for two early farmer landowners, Walter and James Brewster, the village of Brewster derives its name from the landowner, Walter Brewster, who invited New York and Harlem Railroad to build a depot on his property. Brewsters Station, New York, appeared on maps, on postcards, although referred to as a village since it formed in 1849, it officially incorporated as the Village of Brewster, New York, in 1894. In 1886, historian William Smith Pelletreau published The History of Putnam County, a portion of it afterward passed into the possession of Bailey Howes, his grandson, who sold 98 acres to Gilbert Bailey, April 1st 1833. Two other tracts containing 39 acres were sold to Gilbert Bailey, by William P. Downs and Frederick Parks in 1838. On the 17th of February,1848, Gilbert Bailey sold the tracts, estimated at 134 acres, to James and Walter F. Brewster. At the time of the purchase, the New York and Harlem Railroad was finished and trains were running as far as Croton Falls. The road was surveyed as far as Pawling, and the prospect of its being continued to that point seemed certain, previous to this the firm of Crosby and DeForest had run a line of four horse stages to Croton Falls, from Danbury. The first new house in the place was built by Walter F. Brewster, in 1850 and that house, now listed as the Walter Brewster House on the New York State and national historic registers, is owned by the Landmark Preservation Society of Southeast. The Harlem Railroads extension of its mileage in 1849 proved advantageous to Mr. Brewster, large shipments were billed simply to Brewsters Station for lack of better designation. This is the apparent origin of the name, which many years ago was shortened to Brewster. Frost was the first Postmaster of the Brewsters Station post office, during this period in American history, post offices were frequently located in the stores or businesses owned by the individuals who served as postmasters. This held true in the village of Brewster for the next century, in 1863 the Brewster Station post office relocated to the A. F. Lobdell General Store, across from the railroad station, the present location of the Avery Building at 12-18 Main Street. The Brewster post office began operation on April 28,1883, removing the word Station in its identity, in 1887, the post office relocated to the Brewster Standard building, the present location of the Sprague Building at 31 Main Street. In 1886, Emerson W. Addis, publisher of the Brewster Standard weekly newspaper, became the postmaster and held that position until 1916. In 1916, the post office moved to new quarters on Park Street, in 1923, Ralph Diehl, proprietor of the Brewster Bakery, became postmaster, and the post office was moved to his baking plant on Progress Street in 1927. Howard Tuttle later became the postmaster, holding the position until 1934 when Seth Howes was appointed, in 1936, the post office relocated to the building now occupied by the Eagle Eye Thrift Shop at 65 Main Street
20.
Madison, New Jersey
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Madison is a borough in Morris County, New Jersey, United States. It is known as The Rose City and was named in honor of President James Madison, Native Americans occupied the areas that would become New Jersey and Madison following the retreat of the Wisconsin Glacier for many thousands of years. Settlements of the Lenape were agriculturally based following matrilineal lines. The protected lands nearby, occupation changed with the seasons, the variable nature of the climate, and to preserve the fertility of the rich soil. Their fishing and hunting territories were wide-ranging and similarly divided among the three clans of the culture in this Eastern Woodland environment. Trade with these peoples for food and furs was conducted by the Dutch during the period of colonization of New Netherland. During the British colonial period, the earliest settlers of European descent arrived in this portion of the colony of New Jersey, traditional native trails and pathways were followed as settlement began. Pressures upon the Lenape constantly drove them westward, about 1715 the village of Bottle Hill was established at the crossing of Ridgedale Avenue and Kings Road. Village governance principles followed the British model, the Luke Miller house at 105 Ridgedale Avenue is thought to be the oldest remaining home, having been built around 1730. During British colonial rule, Kings Road was a road that assessed fees levied by the government appointed by the English king. Farther south was the Shunpike, a road with a path that was used deliberately by colonists to avoid the fees. Morris County, created in 1739, was divided into three townships, the portion of the village north of Kings Road was put under the governance of Hanover Township and the portion to the south, under the governance of Morris Township. With the Treaty of Easton in 1758, the Lenape were required to vacate their lands in colonial New Jersey, later, their leaders allied with the colonists during the American Revolutionary War in hopes of regaining former lands, but that was never realized. Following the revolution, changes to governing methods in the former colonies occurred eventually as the new nation organized herself, the state of New Jersey formed its government and debated best policies. In 1834, the name of the settlement was changed to Madison, as a tribute to the name every year there is a fair that is called Bottle Hill Day. Madison annexed additional portions of Chatham Township in 1891, and again each year from 1894 to 1898, the Morris and Essex Railroad connected the town with Newark and Hoboken in 1838 and provided good transportation for farm produce grown at Madison. Later, the railroad made possible the establishment of a rose growing industry, still commemorated in Madisons nickname. The rail service connected the commerce to the markets of Manhattan, talented horticulturalists were attracted to the area for employment at the many wealthy estates in the immediate area and to establish related businesses. One of the first grand houses to be built on Millionaires Row was the Ross Estate, Madisons historic railroad station was funded by the community which passed an ordinance authorizing $159,000 for railroad improvement bonds
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Drew University
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Drew University is a coeducational private university located in Madison, New Jersey, in the United States. Drew has been nicknamed the University in the Forest because of the serenity of its wooded 186-acre campus when compared to the suburban area surrounding the school. As of 2015,2,113 students are pursuing degrees at the three schools. Undergraduate tuition for the 2015–2016 academic year was US$59,661, in 1867, financier and railroad tycoon Daniel Drew purchased an estate in Madison to establish a theological seminary to train candidates for Christian ministry. The seminary later expanded to offer a liberal arts curriculum in 1928. The Caspersen School of Graduate Studies, enrolling 351 graduate students, offers masters and doctoral degrees in a variety of specialized, while affiliated with the Methodist faith, Drew University makes no religious demands of its students. While many of the Theological Schools students and faculty are United Methodist, the United Methodist Churchs General Commission on Archives and History is located on campus and maintains an archive of Methodist records and artifacts from the nineteenth century to the present. Drew University is located in Madison, New Jersey, a borough approximately 25 miles west of New York City, known as the Rose City because of its rose-cultivating industry in the nineteenth century, Madison is an affluent commuter town in New Jerseys Morris County. It is connected with the section of the state and midtown Manhattan through the New Jersey Transits Morris & Essex Lines. He named his holdings The Forest, which gives Drew its nickname of the University in the Forest, the following year, Gibbons commissioned the design and construction of a Greek revival antebellum-style residence that was completed in 1836. In 1867, financier and railroad tycoon Daniel Drew purchased Gibbons estate from his descendants for $140,000, Drew, a devout Methodist, donated the estate to the church to establish a Methodist theological seminary. The estates mansion would be renamed Mead Hall in honor of Drews wife, several motion pictures, TV productions, and music videos have used Drew University as a filming location. The preserve and arboretum both provide a laboratory for the instruction of students in the study of biology and life sciences and for research. In 1866, Daniel Drew approached church leaders during the Methodist Centenary Celebration with an offer to build, equip, Drew asked that his pastor, John McClintock, be appointed lead the seminary as its first president. Instruction began under the direction of McClintock as both president and professor of theology after the first students were admitted in 1867. Drew is the third-oldest of thirteen Methodist seminaries affiliated with the United Methodist Church, Drew offered professional training for candidates to the ministry augmented by an opportunity for a broad culture through the study of the humanities. Writings on early church theology and Christian practice were translated into Chinese for use by foreign missions, throughout the nineteenth and early twentieth centuries, Drew Theological Seminary educated and trained hundreds of Methodist ministers. It began to expand its role with the addition of a course of study for women in 1920 when it established a College of Missions and this course would be renamed the College of Religious Education and Missions in 1929 but was short-lived
22.
Baltimore
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Baltimore is the largest city in the U. S. state of Maryland, and the 29th-most populous city in the country. It was established by the Constitution of Maryland and is not part of any county, thus, it is the largest independent city in the United States, with a population of 621,849 as of 2015. As of 2010, the population of the Baltimore Metropolitan Area was 2.7 million, founded in 1729, Baltimore is the second largest seaport in the Mid-Atlantic. Baltimores Inner Harbor was once the leading port of entry for immigrants to the United States. With hundreds of identified districts, Baltimore has been dubbed a city of neighborhoods, in the War of 1812, Francis Scott Key wrote The Star-Spangled Banner, later the American national anthem, in Baltimore. More than 65,000 properties, or roughly one in three buildings in the city, are listed on the National Register, more than any city in the nation. The city has 289 properties listed on the National Register of Historic Places, the historical records of the government of Baltimore are located at the Baltimore City Archives. The city is named after Cecil Calvert, second Lord Baltimore, of the Irish House of Lords, Baltimore Manor was the name of the estate in County Longford on which the Calvert family lived in Ireland. Baltimore is an anglicization of the Irish name Baile an Tí Mhóir, in 1608, Captain John Smith traveled 210 miles from Jamestown to the uppermost Chesapeake Bay, leading the first European expedition to the Patapsco River. The name Patapsco is derived from pota-psk-ut, which translates to backwater or tide covered with froth in Algonquian dialect, a quarter century after John Smiths voyage, English colonists began to settle in Maryland. The area constituting the modern City of Baltimore and its area was first settled by David Jones in 1661. He claimed the area today as Harbor East on the east bank of the Jones Falls stream. In the early 1600s, the immediate Baltimore vicinity was populated, if at all. The Baltimore area had been inhabited by Native Americans since at least the 10th millennium BC, one Paleo-Indian site and several Archaic period and Woodland period archaeological sites have been identified in Baltimore, including four from the Late Woodland period. During the Late Woodland period, the culture that is called the Potomac Creek complex resided in the area from Baltimore to the Rappahannock River in Virginia. It was located on the Bush River on land that in 1773 became part of Harford County, in 1674, the General Assembly passed An Act for erecting a Court-house and Prison in each County within this Province. The site of the house and jail for Baltimore County was evidently Old Baltimore near the Bush River. In 1683, the General Assembly passed An Act for Advancement of Trade to establish towns, ports, one of the towns established by the act in Baltimore County was on Bush River, on Town Land, near the Court-House
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Watered stock
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Watered stock is an asset with an artificially-inflated value. The term is most commonly used to refer to a form of securities fraud common under older laws that placed a heavy emphasis upon the par value of stock. Stock watering was originally a method used to increase the weight of livestock before sale and it entailed tricking cattle to bloat itself with water before it was weighed during a sale transaction. Its introduction to the New York financial district is credited to Daniel Drew. American stock promoters in the late 1800s could inflate their claims about a companys assets and profitability, to do so, they would contribute property to a new corporation in return for stock at an inflated par value. On the balance sheet, the property would be the only capital, and because legal capital was fixed to aggregate par value. While the promoter had $10,000 in stock, the corporation might only have $5,000 worth of assets, holders of watered stock could be personally liable if creditors foreclosed on the corporations assets. Thanks in large part to a proliferation of low par and no par stock, the last major American court case dealing with watered stock was in 1956. In 1873, the Railway Commissioners of Illinois reported that the stock of the companies in the state was inflated to $75,000,000 bringing $6,000,000 in yearly profits. In particular, the investigation uncovered that 75% of the Central Pacific Companys assumed capital was fictitious
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New York Stock Exchange
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The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation. The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since. The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, presently, the chairman is Jeffrey Sprecher
25.
Share (finance)
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In financial markets, share is a unit of account for various investments. It often means the stock of a corporation, but is used for collective investments such as mutual funds, limited partnerships. Corporations issue shares which are offered for sale to raise share capital, the owner of shares in the corporation is a shareholder of the corporation. A share is a unit of capital, expressing the ownership relationship between the company and the shareholder. The denominated value of a share is its value, and the total of the face value of issued shares represent the capital of a company. The income received from the ownership of shares is a dividend, the process of purchasing and selling shares often involves going through a stockbroker as a middle man. The liquidity of markets is a consideration as to whether a share is able to be sold at any given time. An actual sale transaction of shares between buyer and seller is usually considered to provide the best prima facie market indicator as to the value of shares at that particular time. Shares outstanding are those that are authorized by the government, issued by the company, the number of shares outstanding times the share price gives the market capitalization of the company, which if the trading price held constant would be sufficient to purchase the company. Treasury shares are authorized, issued, and held by the company itself, issued shares is the sum of shares outstanding and treasury shares. Shares authorized include both issued and unissued but authorized by the constitutional documents. Tax treatment of dividends varies between tax jurisdictions, for instance, in India, dividends are tax free in the hands of the shareholder, but the company paying the dividend has to pay dividend distribution tax at 12. 5%. There is also the concept of a dividend, which is not tax free. Further, Indian tax laws include provisions to stop dividend stripping, historically, investors were given share certificates as evidence of their ownership of shares. In modern times, certificates are not always given and ownership may be recorded electronically by a system such as CREST, a securities depository
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Stock certificate
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In corporate law, a stock certificate is a legal document that certifies ownership of a specific number of shares or stock in a corporation. Over time, these functions have been rendered redundant by statutory schemes to streamline the administrative burden on corporations, most jurisdictions now require corporations to maintain records of ownership or transfers of shareholdings, and do not permit share certificates to be issued to bearer. Ruben Schalk, history student at the Universiteit Utrecht, discovered the so far oldest share certificate in the world in the Westfries Archief in Hoorn, the certificate dates from 9 September 1606 and was issued by the VOC-chamber Enkhuizen. It was sold to Pieter Hermanszoon Boode, the second page records the payments of dividend. In the United States and other countries, electronic registration is supplanting the stock certificate, in the United States over 420 of the 7, 000-plus publicly traded securities do not issue paper certificates. The United States Central Securities Depository, the DTC, has continued to promote efforts to eliminate paper stock certificates. Countries around the world have adopted similar initiatives with many countries setting deadlines for statutory dematerialization, another alternative to both paper and electronic registration is the use of paper-equivalent electronic stock certificates. Forty-seven states have enacted legislation equivalent to the Uniform Electronic Transactions Act, in Sweden, share certificates have been largely abolished, people using electronic shares instead. Sometimes a shareholder with a certificate can give a proxy to another person to allow them to vote the shares in question. Similarly, a shareholder without a certificate may often give a proxy to another person to allow them to vote the shares in question. Voting rights are defined by the charter and corporate law. Stock certificates are generally divided into two forms, registered stock certificates and bearer stock certificates, a registered stock certificate is normally only evidence of title, and a record of the true holders of the shares will appear in the stockholders register of the corporation. A bearer stock certificate, as its name implies is a bearer instrument, a stock certificate represents a legal proprietary interest in the common stock or assets of the issuer corporation. Registration of transfer is a type of novation, there are old company research websites that can determine, for a fee, whether or not an old stock certificate or bond certificate has collectible or redeemable value. Bearer bond Bearer instrument Scripophily Stock certificates franked with revenue tax stamps Dematerialization Direct holding system
27.
Livestock
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Livestock are domesticated animals raised in an agricultural setting to produce commodities such as food, fiber, and labor. The term is used to refer solely to those raised for food. In recent years, some organizations have also raised livestock to promote the survival of rare breeds, animal husbandry practices have varied widely across cultures and time periods. Originally, livestock were not confined by fences or enclosures, but these practices have largely shifted to intensive animal farming and these practices increase yield of the various commercial outputs, but have led to increased concerns about animal welfare and environmental impact. Livestock production continues to play an economic and cultural role in numerous rural communities. Livestock as a word was first used between 1650 and 1660, as a merger between the live and stock. Older English sources, such as the King James Version of the Bible, the word cattle is derived from Old North French catel, which meant all kinds of movable personal property, including livestock, which was differentiated from immovable real estate. In later English, sometimes smaller livestock such as chickens and pigs were referred to as small cattle, today, the modern meaning of cattle, without a modifier, usually refers to domesticated bovines, but sometimes livestock refers only to this subgroup. Legal definition United States federal legislation sometimes more narrowly defines the term to make specified agricultural commodities either eligible or ineligible for a program or activity, for example, the Livestock Mandatory Reporting Act of 1999 defines livestock only as cattle, swine, and sheep. Animal-rearing originated during the transition to settled farming communities from hunter-gatherer lifestyles. Animals are domesticated when their breeding and living conditions are controlled by humans, over time, the collective behaviour, lifecycle and physiology of livestock have changed radically. Many modern farm animals are unsuited to life in the wild, dogs were domesticated in East Asia about 15,000 years ago. Goats and sheep were domesticated around 8000 BC in Asia, swine or pigs were domesticated by 7000 BC in the Middle East and China. The earliest evidence of horse domestication dates to around 4000 BC, the term livestock is nebulous and may be defined narrowly or broadly. Broadly, livestock refers to any breed or population of animal kept by humans for a useful and this can mean domestic animals, semidomestic animals, or captive wild animals. Semidomesticated refers to animals which are only lightly domesticated or of disputed status and these populations may also be in the process of domestication. Some people may use the term livestock to refer to only used for red meat. Livestock are used by humans for a variety of purposes, many of which have an economic value, Livestock products include, Meat A useful form of dietary protein and energy, meat is the edible tissue of the animal carcass
28.
International Standard Book Number
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The International Standard Book Number is a unique numeric commercial book identifier. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. The initial ISBN configuration of recognition was generated in 1967 based upon the 9-digit Standard Book Numbering created in 1966, the 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, however, this can be rectified later. Another identifier, the International Standard Serial Number, identifies periodical publications such as magazines, the ISBN configuration of recognition was generated in 1967 in the United Kingdom by David Whitaker and in 1968 in the US by Emery Koltay. The 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108, the United Kingdom continued to use the 9-digit SBN code until 1974. The ISO on-line facility only refers back to 1978, an SBN may be converted to an ISBN by prefixing the digit 0. For example, the edition of Mr. J. G. Reeder Returns, published by Hodder in 1965, has SBN340013818 -340 indicating the publisher,01381 their serial number. This can be converted to ISBN 0-340-01381-8, the check digit does not need to be re-calculated, since 1 January 2007, ISBNs have contained 13 digits, a format that is compatible with Bookland European Article Number EAN-13s. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, a 13-digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces. Separating the parts of a 10-digit ISBN is also done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. ISBN issuance is country-specific, in that ISBNs are issued by the ISBN registration agency that is responsible for country or territory regardless of the publication language. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded. In Canada, ISBNs are issued at no cost with the purpose of encouraging Canadian culture. In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Australia, ISBNs are issued by the library services agency Thorpe-Bowker
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Virtual International Authority File
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The Virtual International Authority File is an international authority file. It is a joint project of national libraries and operated by the Online Computer Library Center. The project was initiated by the US Library of Congress, the German National Library, the National Library of France joined the project on October 5,2007. The project transitions to a service of the OCLC on April 4,2012, the aim is to link the national authority files to a single virtual authority file. In this file, identical records from the different data sets are linked together, a VIAF record receives a standard data number, contains the primary see and see also records from the original records, and refers to the original authority records. The data are available online and are available for research and data exchange. Reciprocal updating uses the Open Archives Initiative Protocol for Metadata Harvesting protocol, the file numbers are also being added to Wikipedia biographical articles and are incorporated into Wikidata. VIAFs clustering algorithm is run every month, as more data are added from participating libraries, clusters of authority records may coalesce or split, leading to some fluctuation in the VIAF identifier of certain authority records
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Integrated Authority File
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The Integrated Authority File or GND is an international authority file for the organisation of personal names, subject headings and corporate bodies from catalogues. It is used mainly for documentation in libraries and increasingly also by archives, the GND is managed by the German National Library in cooperation with various regional library networks in German-speaking Europe and other partners. The GND falls under the Creative Commons Zero license, the GND specification provides a hierarchy of high-level entities and sub-classes, useful in library classification, and an approach to unambiguous identification of single elements. It also comprises an ontology intended for knowledge representation in the semantic web, available in the RDF format
