A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either indirectly through capital markets. Due to their importance in the financial stability of a country, banks are regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords. Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs, the Rothschilds – have played a central role over many centuries.
The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank. The concept of banking may have begun in ancient Assyria and Babylonia, with merchants offering loans of grain as collateral within a barter system. Lenders in ancient Greece and during the Roman Empire added two important innovations: they accepted deposits and changed money. Archaeology from this period in ancient China and India shows evidence of money lending. More modern banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence, Siena and Genoa; the Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397; the earliest known state deposit bank, Banco di San Giorgio, was founded in 1407 at Italy. Modern banking practices, including fractional reserve banking and the issue of banknotes, emerged in the 17th and 18th centuries.
Merchants started to store their gold with the goldsmiths of London, who possessed private vaults, charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee; the goldsmiths began to lend the money out on behalf of the depositor, which led to the development of modern banking practices. The goldsmith paid interest on these deposits. Since the promissory notes were payable on demand, the advances to the goldsmith's customers were repayable over a longer time period, this was an early form of fractional reserve banking; the promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default. Thus, the goldsmiths of London became the forerunners of banking by creating new money based on credit; the Bank of England was the first to begin the permanent issue of banknotes, in 1695.
The Royal Bank of Scotland established the first overdraft facility in 1728. By the beginning of the 19th century a bankers' clearing house was established in London to allow multiple banks to clear transactions; the Rothschilds pioneered international finance on a large scale, financing the purchase of the Suez canal for the British government. The word bank was taken Middle English from Middle French banque, from Old Italian banco, meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during the Renaissance by Jewish Florentine bankers, who used to make their transactions atop desks covered by green tablecloths; the definition of a bank varies from country to country. See the relevant country pages under for more information. Under English common law, a banker is defined as a person who carries on the business of banking by conducting current accounts for his customers, paying cheques drawn on him/her and collecting cheques for his/her customers.
In most common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instruments, including cheques, this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking'. Although this definition seems circular, it is functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated; the business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business; when looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, not in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking.
However, in many cases the statutory definition mirrors the common law one. Examples of statutory definitions: "banking business" means the business of receiving money on current or deposit account and collecting cheques drawn by or paid in by customers, the making
KPMG is a professional service company and one of the Big Four auditors, along with Deloitte, Ernst & Young, PricewaterhouseCoopers. Seated in Amstelveen, the Netherlands, KPMG employs 207,050 people and has three lines of services: financial audit and advisory, its tax and advisory services are further divided into various service groups. The name "KPMG" stands for "Klynveld Peat Marwick Goerdeler." It was chosen when KMG merged with Peat Marwick in 1987. The organization's history has spanned three centuries. In 1818 John Moxham opened a company in Bristol. James Grace and James Grace Jr. bought John Moxham & Co. and renamed it James Grace & Son in 1857. In 1861 Henry Grace joined the company was renamed James & Henry Grace. William Barclay Peat joined Robert Fletcher & Co. in London at 17 and became head of the firm in 1891, renamed William Barclay Peat & Co. by then. In 1877 Thomson McLintock founded Thomson Co in Glasgow. In 1897 Marwick Mitchell & Co. was founded by Roger Mitchell in New York City.
In 1899 Ferdinand William LaFrentz founded the American Audit Co. in New York. In 1923 The American Audit Company was renamed FW Co.. In about 1913, Frank Wilber Main founded Co. in Pittsburgh. In March 1917 Piet Klijnveld and Jaap Kraayenhof opened an accounting firm called Klynveld Kraayenhof & Co. in Amsterdam. In 1925 William Barclay Peat & Co. and Marwick Mitchell & Co. merged to form Peat Marwick Mitchell. In 1963 Main LaFrentz & Co was formed by the merger of FW LaFrentz & Co.. In 1969 Thomson McLintock and Main LaFrentz merged forming McLintock Main LaFrentz International and McLintock Main LaFrentz International absorbed the general practice of Grace, Ryland & Co. In 1979 Klynveld Kraayenhof & Co. McLintock Main LaFrentz and Deutsche Treuhandgesellschaft formed KMG as a grouping of independent national practices to create a strong European-based international firm. Deutsche Treuhandgesellschaft CEO Reinhard Goerdeler became the first CEO of KMG. In the United States, Main Lafrentz & Co. merged with Hurdman and Cranstoun to form Main Hurdman & Cranstoun.
In 1987 KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed a firm called KPMG in the US, most of the rest of the world, Peat Marwick McLintock in the UK. In the Netherlands, as a consequence of the merger between PMI and KMG in 1988, PMI tax advisors joined Meijburg & Co.. Today, the Netherlands is the only country with two members of KPMG International: KPMG Audit and Meijburg & Co. In 1991 the firm was renamed KPMG Peat Marwick, in 1999 the name was reduced again to KPMG. In October 1997, KPMG and Ernst & Young announced. However, while the merger to form PricewaterhouseCoopers was granted regulatory approval, the KPMG/Ernst & Young tie-up was abandoned. In 2001 KPMG divested its U. S. consulting firm through an initial public offering of KPMG Consulting Inc, now called BearingPoint, Inc. In early 2009, BearingPoint filed for Chapter 11 bankruptcy protection; the UK and Dutch consulting arms were sold to Atos Origin in 2002. In 2003 KPMG divested itself of its legal arm, Klegal and KPMG LLP sold its Dispute Advisory Services to FTI Consulting.
KPMG's member firms in the United Kingdom, Germany and Liechtenstein merged to form KPMG Europe LLP in October 2007. These member firms were followed by Spain, the Netherlands, Luxembourg, CIS, Turkey and Saudi Arabia, they appointed John Griffith-Jones and Ralf Nonnenmacher. Each national KPMG firm is an independent legal entity and is a member of KPMG International Cooperative, a Swiss entity registered in the Swiss Canton of Zug. KPMG International changed its legal structure from a Swiss Verein to a co-operative under Swiss law in 2003; this structure in which the Cooperative provides support services only to the member firms is similar to other professional services networks. The member firms provide the services to client; the purpose is to limit the liability of each independent member. Bill Thomas is KPMG's Global Chairman, he was Senior Partner and CEO of KPMG LLP, the KPMG member firm in Canada. Some KPMG member firms are registered as multidisciplinary entities which provide legal services in certain jurisdictions.
In India, regulations do not permit foreign auditing firms to operate. Hence KPMG carries out audits in India under the name of BSR & Co, an auditing firm that it bought off. B. S. R & Co was an auditing firm founded by B. S. Raut in Mumbai. In 1992, after India was forced to liberalise as one of the conditions of the world bank and IMF bail out, KPMG was granted a license to operate in India as an investment bank, it subsequently purchased B. S. R & Co and conducts audits in India under the name of this firm. KPMG is organised into the following three service lines: Audit Advisory Tax Tax arrangements relating to tax avoidance and multinational corporations and Luxembourg which were negotiated by KPMG became public in 2014 in the so-called Luxembourg Leaks. In March 2017 KPMG launched a campaign designed to encourage more women to pursue careers in technology-based professions; the US branch of KPMG was rated one of the top 10 companies for working mothers. It was also
Alma mater is an allegorical Latin phrase for a university, school, or college that one attended. In US usage it can mean the school from which one graduated; the phrase is variously translated as "nourishing mother", "nursing mother", or "fostering mother", suggesting that a school provides intellectual nourishment to its students. Fine arts will depict educational institutions using a robed woman as a visual metaphor. Before its current usage, alma mater was an honorific title for various Latin mother goddesses Ceres or Cybele, in Catholicism for the Virgin Mary, it entered academic usage when the University of Bologna adopted the motto Alma Mater Studiorum, which describes its heritage as the oldest operating university in the Western world. It is related to alumnus, a term used for a university graduate that means a "nursling" or "one, nourished". Although alma was a common epithet for Ceres, Cybele and other mother goddesses, it was not used in conjunction with mater in classical Latin. In the Oxford Latin Dictionary, the phrase is attributed to Lucretius' De rerum natura, where it is used as an epithet to describe an earth goddess: After the fall of Rome, the term came into Christian liturgical usage in association with the Virgin Mary.
"Alma Redemptoris Mater" is a well-known 11th century antiphon devoted to Mary. The earliest documented use of the term to refer to a university in an English-speaking country is in 1600, when the University of Cambridge printer, John Legate, began using an emblem for the university's press; the device's first-known appearance is on the title-page of William Perkins' A Golden Chain, where the Latin phrase Alma Mater Cantabrigia is inscribed on a pedestal bearing a nude, lactating woman wearing a mural crown. In English etymological reference works, the first university-related usage is cited in 1710, when an academic mother figure is mentioned in a remembrance of Henry More by Richard Ward. Many historic European universities have adopted Alma Mater as part of the Latin translation of their official name; the University of Bologna Latin name, Alma Mater Studiorum, refers to its status as the oldest continuously operating university in the world. Other European universities, such as the Alma Mater Lipsiensis in Leipzig, Germany, or Alma Mater Jagiellonica, have used the expression in conjunction with geographical or foundational characteristics.
At least one, the Alma Mater Europaea in Salzburg, Austria, an international university founded by the European Academy of Sciences and Arts in 2010, uses the term as its official name. In the United States, the College of William & Mary in Williamsburg, has been called the "Alma Mater of the Nation" because of its ties to the country's founding. At Queen's University in Kingston and the University of British Columbia in Vancouver, British Columbia, the main student government is known as the Alma Mater Society; the ancient Roman world had many statues of the Alma Mater, some still extant. Modern sculptures are found in prominent locations on several American university campuses. For example, in the United States: there is a well-known bronze statue of Alma Mater by Daniel Chester French situated on the steps of Columbia University's Low Library. An altarpiece mural in Yale University's Sterling Memorial Library, painted in 1932 by Eugene Savage, depicts the Alma Mater as a bearer of light and truth, standing in the midst of the personified arts and sciences.
Outside the United States, there is an Alma Mater sculpture on the steps of the monumental entrance to the Universidad de La Habana, in Havana, Cuba. The statue was cast in 1919 by Mario Korbel, with Feliciana Villalón Wilson as the inspiration for Alma Mater, it was installed in its current location in 1927, at the direction of architect Raul Otero. Media related to Alma mater at Wikimedia Commons The dictionary definition of alma mater at Wiktionary Alma Mater Europaea website
John D. Hawke Jr.
John D. Hawke Jr. served as the United States Under Secretary of the Treasury for Domestic Finance from 1995 to 1998, was United States Comptroller of the Currency from 1998 to 2004. John D. Hawke Jr. was born in New York City on June 26, 1933. He was graduated from Yale University in 1954 with a B. A. in English. From 1955 to 1957 he served on active duty with the U. S. Air Force. After graduating in 1960 from Columbia University School of Law, Hawke was a law clerk for Judge E. Barrett Prettyman on the United States Court of Appeals for the District of Columbia Circuit. From 1961 to 1962 he served as counsel to the Select Subcommittee on Education in the U. S. House of Representatives. Hawke joined the Washington, D. C. law firm of Arnold & Porter as an associate in 1962 and became a senior partner. In 1975 he left the firm to serve as general counsel to the Board of Governors of the Federal Reserve System, returning in 1978. From 1987 to 1995 he served as chairman of the firm. From 1970 to 1987 Hawke taught courses on federal regulation of banking at the Georgetown University Law Center.
He has taught courses on bank acquisitions and financial regulation and serves as the chairman of the Board of Advisors of the Morin Center for Banking Law Studies. In 1987 Hawke served as a member of a committee of inquiry appointed by the Chicago Mercantile Exchange to study the role of futures markets in connection with the stock market crash in October of that year, he was a founding member of the Shadow Financial Regulatory Committee and served on the committee until joining the Treasury Department in April 1995. Hawke served for 3½ years as Under Secretary of the Treasury for Domestic Finance. In that capacity he oversaw the development of policy and legislation in the areas of financial institutions, debt management, capital markets. After serving as Comptroller of the Currency, 1998–2004, Hawke returned to private practice with the well-connected Washington, D. C. law firm of Arnold & Porter. Hawke resides in Washington, D. C, he has four adult children. Hawke was sworn in as the 28th Comptroller of the Currency on December 8, 1998.
After serving for 10 months under a recess appointment, he was sworn in for a full five-year term as Comptroller on October 13, 1999. During his term as Comptroller, Hawke has stressed the importance of the safety and soundness of national banks through such supervisory initiatives as Project Canary and the "Supervision in the Future", which makes extensive use of technology, he has introduced management and budget reforms in the internal operations of the Office of the Comptroller of the Currency as well as programs designed to increase workplace diversity. The disparity between the supervisory fees that state and national banks pay has been a priority during Hawke's tenure, he has emphasized relief from regulatory burden for national banks, his community bank initiative stresses increased outreach. Hawke has written extensively on matters relating to the regulation of financial institutions and is the author of Commentaries on Banking Regulation, published in 1985. John D. Hawke, Jr. Comptroller of the Currency 1998 – 2004
Citigroup Inc. or Citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Citigroup owns Citicorp, the holding company for Citibank, as well as several international subsidiaries. Citigroup is ranked 3rd on the list of largest banks in the United States and, alongside JPMorgan Chase, Bank of America, Wells Fargo, it is one of the Big Four banks of the United States, it is a systemically important financial institution and is on the list of systemically important banks that are too big to fail. It is one of the nine global investment banks in the Bulge Bracket. Citigroup is ranked 32nd on the Fortune 500 as of 2018. Citigroup does business in more than 160 countries, it has 214,000 employees, although it had 357,000 employees before the financial crisis of 2007-2008, when it was rescued via a massive stimulus package by the U.
S. government. Citigroup is the holding company for the following divisions: Inc.. Citigroup Global Markets Limited, Citigroup Global Markets Japan - broker dealers, including one of 24 primary dealers in United States Treasury securities. Citi's Institutional Clients Group offers investment and corporate banking services and products for companies, governments and ultra high-net-worth investors. ICG consists of the following five main divisions:Capital Markets Origination is focused on the capital-raising needs such as public offerings, private placements, special purpose acquisition companies. Corporate & Investment Banking provides strategic and financing products and advisory services to multinational and local corporations, financial institutions and held businesses in more than 160 countries, it provides client services such as mergers & acquisitions advice and underwriting of initial public offerings. Markets & Securities Services includes investor services and direct custody and clearing, hedge fund and private equity servicing, issuer businesses.
It provides financial products through underwriting, sales & trading of a range of investment assets. Products offered include servicing of equities, credit, foreign exchange, emerging markets, G10 rates, prime finance/brokerage services, securitized markets, such as collateralized debt obligations and mortgage-backed securities, its Citi Research team provides equity and fixed income research, sector and geographic market analysis, product-specific analysis for Citi's individual and institutional clients. Its flagship research reports include the following: Portfolio Strategist, Bond Market Roundup, U. S. Economics Weekly, International Market Roundup, Global Economic Outlook & Strategy and the Global Equity Strategist. Citi Private Bank advises professional investors, ultra high-net-worth individuals and families, lawyers throughout the world, it uses an open architecture network of more than 800 private bankers and investment professionals across 46 countries and jurisdictions to provide clients access to global investment opportunities.
It has over $250 billion in assets under management. The minimum net worth requirement is $25 million in liquid assets and is waived for only law firm groups and other clients under special circumstances. Treasury and Trade Solutions provides cash management and securities services to companies and other institutions in the U. S. and more than 140 countries. TTS intermediates more than $3 trillion in global transactions daily, it has over $13 trillion assets under custody, about $377 billion in average liability balances, serves 99% of world's Fortune 100 companies and ~85% of the world's Fortune 500 companies, has 10 regional processing centers worldwide using global processes. Institutions use TTS to support their treasury operations with global solutions for payments, collections and investments by working in partnership with export credit agencies and development banks, it sells supply chain financing products as well as medium- and long-term global financing programs across multiple industries.
Clients doing business with Citi in 10 or more countries generate more than 60% of Transaction Services' total revenues. Grupo Financiero Banamex - the second largest bank in Mexico, it serves about 20 million clients. Citicorp - the holding company for Citibank as well as several international banks. Citicorp contains Global Consumer Banking and Institutional Clients Group. Citibank Retail banking encompasses Citi's global branch network, branded Citibank. Citibank holds more than $300 billion in deposits. Citibank is the 4th largest retail bank in the United States based on deposits, it has Citibank branded branches in countries throughout the world, with the exception of Mexico, under a separate subsidiary called Banamex. Citibank offers checking and savings accounts, small business and commercial banking and personal wealth management among its services. Citibank offers Citigold services worldwide to mass affluent clients with at least US$200,000 in liquid assets. In certain markets, Citigold Select is available for clients with at least US$500,000 in liquid assets.
Its highest level of service, Citigold Private Client, is for high-net-worth individuals with at least $1–$3 million in liquid assets and offers access to investments and ideas from Citi Private Bank. Citi Branded Cards is the world's largest credit card issuer. Citi Retail Services is one of the largest prov
Harvard College is the undergraduate liberal arts college of Harvard University. Founded in 1636 in Cambridge, Massachusetts, it is the oldest institution of higher learning in the United States and one of the most prestigious in the world; the school came into existence in 1636 by vote of the Great and General Court of the Massachusetts Bay Colony—though without a single building, instructor, or student. In 1638, the college became home for North America's first known printing press, carried by the ship John of London. Three years the college was renamed in honor of deceased Charlestown minister John Harvard who had bequeathed to the school his entire library and half of his monetary estate. Harvard's first instructor was schoolmaster Nathaniel Eaton; the school's first students were graduated in 1642. In 1665, Caleb Cheeshahteaumuck "from the Wampanoag … did graduate from Harvard, the first Indian to do so in the colonial period."The colleges of England's Oxford and Cambridge Universities are communities within the larger university, each an association of scholars sharing room and board.
Harvard's founders may have envisioned it as the first in a series of sibling colleges on the English model which would constitute a university—though no further colleges materialized in colonial times. The Indian College was active from 1640 to no than 1693, but it was a minor addition not operated in federation with Harvard according to the English model. Harvard began granting higher degrees in the late eighteenth century, it was styled Harvard University as Harvard College was thought of as the university's undergraduate division in particular. Today Harvard College is responsible for undergraduate admissions, housing, student life, athletics – all undergraduate matters except instruction, the purview of Harvard University's Faculty of Arts and Sciences; the body known as The President and Fellows of Harvard College retains its traditional name despite having governance of the entire University. Radcliffe College paid Harvard faculty to repeat their lectures for women students. Since the 1970s, Harvard has been responsible for undergraduate governance matters for women.
About 2,000 students are admitted each year, representing between five and ten percent of those applying. Few transfers are accepted. Midway through the second year, most undergraduates join one of fifty standard fields of concentration. Joint concentrations and special concentrations are possible. Most Harvard College concentrations lead to the Artium Baccalaureus completed in four years, though students leaving high school with substantial college-level coursework may finish in three. A smaller number receive the Scientiarum Baccalaureus. There are special degree programs, such as a five-year program leading to both a Harvard undergraduate degree and a Master of Arts from the New England Conservatory of Music. Undergraduates must fulfill the general education requirement of coursework in eight designated fields: Aesthetic and Interpretive Understanding Culture and Belief Empirical and Mathematical Reasoning Ethical Reasoning Science of Living Systems Science of the Physical Universe Societies of the World United States in the WorldEach student's exposure to a range of intellectual areas, while pursuing a chosen concentration in depth, fulfills the injunction of Harvard past-president Abbott Lawrence Lowell that liberal education should produce "men who know a little of everything and something well."In 2012, dozens of students were disciplined for cheating on a take-home exam in one course.
The university instituted an honor code beginning in the fall of 2015. The total annual cost of attendance, including tuition and room and board, for 2018–2019 was $67,580. Under financial aid guidelines adopted in 2012, families with incomes below $65,000 no longer pay anything for their children to attend, including room and board. Families with incomes between $65,000 to $150,000 pay no more than 10 percent of their annual income. In 2009, Harvard offered grants totaling $414 million across all eleven divisions. Grants total 88 percent of Harvard's aid for undergraduate students, with aid provided by loans and work-study. Nearly all undergraduates live on campus, for the first year in dormitories in or near Harvard Yard and in the upperclass houses—administrative subdivisions of the college as well as living quarters, providing a sense of community in what might otherwise be a incohesive and administratively daunting university environment; each house is presided over by a senior-faculty dean, while its Allston Burr Resident Dean—usually a junior faculty member—supervises undergraduates' day-to-day academic and disciplinary well-being.
The faculty dean and resident dean are assisted by other members of the Senior Common Room—select graduate students and university officials brought into voluntary association with each house. Many tutors reside in the house, as do the faculty resident dean. Terms like tutor, Senior Common Room, Junior Common Room reflect
Quincy is the largest city in Norfolk County, United States. It is one of Boston's immediate southern suburbs, its population in 2014 was 93,397. Known as the "City of Presidents," Quincy is the birthplace of two U. S. presidents—John Adams and his son John Quincy Adams—as well as John Hancock, a President of the Continental Congress and the first signer of the Declaration of Independence. First settled in 1625, Quincy was part of Dorchester and Boston before becoming the north precinct of Braintree in 1640. In 1792, Quincy was split off from Braintree. Quincy became a city in 1888. For more than a century, Quincy was home to a thriving granite industry. Shipbuilding at the Fore River Shipyard was another key part of the city's economy. In the 20th century, both Howard Johnson's and Dunkin' Donuts were founded in the city. Massachusett sachem Chickatawbut had his seat on a hill called Moswetuset Hummock prior to the settlement of the area by English colonists, situated east of the mouth of the Neponset River near what is now called Squantum.
It was visited in 1621 by a native guide. Four years a party led by Captain Wollaston established a post on a low hill near the south shore of Quincy Bay east of present-day Black's Creek; the settlers found the area suitable for farming, as Chickatawbut and his group had cleared much of the land of trees. This settlement was named Mount Wollaston in honor of the leader, who left the area soon after 1625, bound for Virginia; the Wollaston neighborhood in Quincy still retains Captain Wollaston's name. Upon the departure of Wollaston, Thomas Morton took over leadership of the post, the settlement proceeded to gain a reputation for debauchery with Indian women and drunkenness. Morton renamed the settlement Ma-re-Mount and wrote that the conservative separatists of Plymouth Colony to the south were "threatening to make it a woefull mount and not a merry mount", in reference to the fact that they disapproved of his libertine practices. In 1627, Morton was arrested by Standish for violating the code of conduct in a way harmful to the colony.
He was sent back to England, only to be arrested by Puritans the next year. The area of Quincy now called Merrymount is located on the site of the original English settlement of 1625 and takes its name from the punning name given by Morton; the area was first incorporated as part of Dorchester in 1630 and was annexed by Boston in 1634. The area became Braintree in 1640, bordered along the coast of Massachusetts Bay by Dorchester to the north and Weymouth to the east. Beginning in 1708, the modern border of Quincy first took shape as the North Precinct of Braintree. Following the American Revolution, Quincy was incorporated as a separate town named for Col. John Quincy in 1792, was made a city in 1888. In 1845 the Old Colony Railroad opened. Quincy became as accessible to Boston; the first suburban land company, Bellevue Land Co. had been organized in northern Quincy in 1870. Quincy's population grew by over 50 percent during the 1920s. Among the city's several firsts was the Granite Railway, the first commercial railroad in the United States.
It was constructed in 1826 to carry granite from a Quincy quarry to the Neponset River in Milton so that the stone could be taken by boat to erect the Bunker Hill Monument in Charlestown. Quincy granite became famous throughout the nation, stonecutting became the city's principal economic activity. Quincy was home to the first iron furnace in the United States, the John Winthrop Jr. Iron Furnace Site, from 1644 to 1653. In the 1870s, the city gave its name to the Quincy Method, an influential approach to education developed by Francis W. Parker while he served as Quincy's superintendent of schools. Parker, an early proponent of progressive education, put his ideas into practice in the city's underperforming schools. Quincy was additionally important as a shipbuilding center. Sailing ships were built in Quincy for many years, including the only seven-masted schooner built, Thomas W. Lawson; the Fore River area became a shipbuilding center in the 1880s. Amongst these were the aircraft carrier USS Lexington.
John J. Kilroy, reputed originator of the famous Kilroy was here graffiti, was a rivet inspector at Fore River. Quincy was an aviation pioneer thanks to Dennison Field. Located in the Squantum section of town it was one of the world's first airports and was developed by Amelia Earhart. In 1910, it was the site of the Harvard Aero Meet, the second air show in America, it was leased to the Navy for an airfield, served as a reserve Squantum Naval Air Station into the 1950s. T