Venture capital is a type of private equity, a form of financing, provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth. Venture capital firms or funds invest in these early-stage companies in exchange for equity, or an ownership stake, in the companies they invest in. Venture capitalists take on the risk of financing risky start-ups in the hopes that some of the firms they support will become successful; because startups face high uncertainty, VC investments do have high rates of failure. The start-ups are based on an innovative technology or business model and they are from the high technology industries, such as information technology, clean technology or biotechnology; the typical venture capital investment occurs. The first round of institutional venture capital to fund growth is called the Series A round. Venture capitalists provide this financing in the interest of generating a return through an eventual "exit" event, such as the company selling shares to the public for the first time in an initial public offering or doing a merger and acquisition of the company.
In addition to Angel investing, equity crowdfunding and other seed funding options, venture capital is attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering. In exchange for the high risk that venture capitalists assume by investing in smaller and early-stage companies, venture capitalists get significant control over company decisions, in addition to a significant portion of the companies' ownership. Start-ups like Uber, Flipkart, Xiaomi & Didi Chuxing are valued startups known as unicorns, where venture capitalists contribute more than financing to these early-stage firms. Venture capital is a way in which the private and public sectors can construct an institution that systematically creates business networks for the new firms and industries, so that they can progress and develop; this institution helps identify promising new firms and provide them with finance, technical expertise, marketing "know-how", business models.
Once integrated into the business network, these firms are more to succeed, as they become "nodes" in the search networks for designing and building products in their domain. However, venture capitalists' decisions are biased, exhibiting for instance overconfidence and illusion of control, much like entrepreneurial decisions in general. A startup may be defined as a project prospective converted into a process with an adequate assumed risk and investment. With few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families; the Wallenbergs, Whitneys and Warburgs were notable investors in private companies in the first half of the century. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft, the Rockefeller family had vast holdings in a variety of companies. Eric M. Warburg founded E. M. Warburg & Co. in 1938, which would become Warburg Pincus, with investments in both leveraged buyouts and venture capital.
The Wallenberg family started Investor AB in 1916 in Sweden and were early investors in several Swedish companies such as ABB, Atlas Copco, etc. in the first half of the 20th century. Before World War II, money orders remained the domain of wealthy individuals and families. Only after 1945 did "true" private equity investments begin to emerge, notably with the founding of the first two venture capital firms in 1946: American Research and Development Corporation and J. H. Whitney & Company. Georges Doriot, the "father of venture capitalism", founded the graduate business school INSEAD in 1957. Along with Ralph Flanders and Karl Compton, Doriot founded ARDC in 1946 to encourage private-sector investment in businesses run by soldiers returning from World War II. ARDC became the first institutional private-equity investment firm to raise capital from sources other than wealthy families, although it had several notable investment successes as well. ARDC is credited with the first trick when its 1957 investment of $70,000 in Digital Equipment Corporation would be valued at over $355 million after the company's initial public offering in 1968.
Former employees of ARDC went on to establish several prominent venture-capital firms including Greylock Partners and Morgan, Holland Ventures, the predecessor of Flagship Ventures. ARDC continued investing until 1971. In 1972 Doriot merged ARDC with Textron after having invested in over 150 companies. John Hay Whitney and his partner Benno Schmidt founded J. H. Whitney & Company in 1946. Whitney had been investing since the 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney. Florida Foods Corporation proved Whitney's most famous investment; the company developed an innovativ
Retail banking known as consumer banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are described as wholesale banking. Banking services which are regarded as retail include provision of savings and transactional accounts, personal loans, debit cards, credit cards. Retail banking is distinguished from investment banking or commercial banking, it may refer to a division or department of a bank which deals with individual customers. In the U. S. the term commercial bank is used for a normal bank to distinguish it from an investment bank. After the Great Depression, the Glass–Steagall Act restricted normal banks to banking activities, investment banks were limited to engaging capital market activities; that distinction was repealed in the 1990s. Commercial bank can refer to a bank or a division of a bank that deals with deposits and loans from corporations or large businesses, as opposed to individual members of the public.
Typical retail banking services offered by banks include: Transactional accounts Checking accounts Current accounts Savings accounts Debit cards ATM cards Credit cards Traveler's cheques Mortgages Home equity loans Personal loans Certificates of deposit/Term depositsIn some countries, such as the U. S. retail bank services include more specialised accounts, such as: Sweep accounts Money market accounts Individual Retirement Accounts Community development bank are regulated banks that provide financial services and credit to underserved markets or populations. Private banks manage the assets of high-net-worth individuals. Offshore banks are banks located in jurisdictions with low regulation. Many offshore banks are private banks. Savings banks accept savings deposits. Postal savings banks are savings banks associated with national postal systems. Banking institution Bank
An institutional investor is an entity which pools money to purchase securities, real property, other investment assets or originate loans. Institutional investors include banks, insurance companies, hedge funds, REITs, investment advisors and mutual funds. Operating companies which invest excess capital in these types of assets may be included in the term. Activist institutional investors may influence corporate governance by exercising voting rights in their investments. Although institutional investors appear to be more sophisticated than retail investors, it remains unclear if professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Lending credence to doubts about active investors' ability to'beat the market', passive index funds have gained traction with the rise of passive investors: the three biggest US asset managers together owned an average of 18% in the S&P 500 Index and together constituted the largest shareholder in 88% of the S&P 500 by 2015.
The potential of institutional investors in infrastructure markets is noted after financial crises in the early twenty-first century. Roman law ignored the concept of juristic person, yet at the time the practice of private evergetism sometimes led to the creation of revenues-producing capital which may be interpreted as an early form of charitable institution. In some African colonies in particular, part of the city's entertainment was financed by the revenue generated by shops and baking-ovens offered by a wealthy benefactor. In the South of Gaul, aqueducts were sometimes financed in a similar fashion; the legal principle of juristic person might have appeared with the rise of monasteries in the early centuries of Christianity. The concept might have been adopted by the emerging Islamic law; the waqf became a cornerstone of the financing of education, waterworks and the construction of monuments. Alongside some Christian monasteries the waqfs created in the 10th century AD are amongst the longest standing charities in the world.
Following the spread of monasteries and other hospitals, donating sometimes large sums of money to institutions became a common practice in medieval Western Europe. In the process, over the centuries those institutions acquired sizable estates and large fortunes in bullion. Following the collapse of the agrarian revenues, many of these institution moved away from rural real estate to concentrate on bonds emitted by the local sovereign; the importance of lay and religious institutional ownership in the pre-industrial European economy cannot be overstated, they possessed 10 to 30% of a given region arable land. In the 18th century, private investors pool their resources to pursue lottery tickets and tontine shares allowing them to spread risk and become some of the earliest speculative institutions known in the West. Following several waves of dissolution the weight of the traditional charities in the economy collapsed. New types of institutions emerged, yet despite some success stories, they failed to attract a large share of the public's savings and, for instance, by 1950, they owned 48% of US equities and even less in other countries.
Because of their sophistication, institutional investors may be exempt from certain securities laws. For example, in the United States, institutional investors are eligible to purchase private placements under Rule 506 of Regulation D as "accredited investors". Further, large US institutional investors may qualify to purchase certain securities restricted from retail investment under Rule 144A. In Canada, companies selling to accredited investors are waived from needing to file with the security exchange commission; as intermediaries between individual investors and companies, institutional investors are important sources of capital in financial markets. By pooling constituents' investments, institutional investors arguably reduce the cost of capital for entrepreneurs while diversifying constituents' portfolios, their greater ability to influence corporate behaviour as well to select investors profiles may help diminish agency costs. Institutional investors investment horizons' differ, but do not share the same life cycle as human beings.
Unlike individuals, they do not have a phase of accumulation followed by one of consumption, they do not die. Here insurance companies differ from the rest of the institutional investors. Therefore, they need liquid assets which reduces their investment opportunities. Others like pension funds can predict long ahead when they will have to repay their investors allowing them to invest in less liquid assets such as private equities, hedge funds or commodities. Other institutions have an extended investment horizon, allowing them to invest in illiquid assets as they are unlikely to be forced to sell them before term. In various countries different types of institutional investors may be more important. In oil-exporting countries sovereign wealth funds are important, while in developed countries, pension funds may be more important. Japan is home to the world's largest pension fund and is home to 63 of the top 300 pension funds worldwide; these include: Government Pension
Jane Meredith Mayer is an American investigative journalist, a staff writer for The New Yorker since 1995. In recent years, she has written for that publication regarding: money in politics. In 2016, Mayer's book Dark Money—in which she investigated the history of the right-wing billionaire network centered on the Koch brothers—was published to critical acclaim. Mayer was born in New York City, her mother, Meredith, is a painter, print-maker and former president of the Manhattan Graphics Center. Her father, William Mayer, was a composer, her paternal great-great-grandfather was one of the founders of Lehman Brothers. Her maternal grandparents were Mary Fleming and Allan Nevins, a historian and John D. Rockefeller, Jr.'s authorized biographer, who wrote that, despite the Ludlow Massacre and his fellow industrialists "...did nothing criminal."Mayer attended two non-denominational secondary schools: Fieldston, in the northwest area of the Bronx borough of New York City. A 1977 magna cum laude graduate of Yale University, she was elected to Phi Beta Kappa and served as senior editor of the Yale Daily News Magazine and as campus stringer for Time magazine.
She continued her studies at Oxford University. Mayer began her journalistic career in Vermont writing for two small weekly papers, The Weathersfield Weekly and The Black River Tribune, before moving to the daily Rutland Herald, she worked as a metropolitan reporter for the now-defunct Washington Star, in 1982 joined The Wall Street Journal, where she worked for 12 years. She was the first woman at the WSJ to be named White House correspondent, subsequently, senior writer and front page editor, she served as a war correspondent and foreign correspondent for the Journal, where she reported on the bombing of the American barracks in Beirut, the Persian Gulf War, the fall of the Berlin Wall, the last days of Communism in the former Soviet Union. Mayer contributes to the New York Review of Books, The Washington Post, the Los Angeles Times, the American Prospect, she has co-authored two books: Strange Justice: The Selling of Clarence Thomas, a study of the nomination and appointment of Clarence Thomas to the U.
S. Supreme Court. Strange Justice was adapted as a 1999 Showtime television movie of the same name, starring Delroy Lindo, Mandy Patinkin, Regina Taylor. Strange Justice was a finalist for the 1994 National Book Award for Nonfiction, both books were finalists for the National Book Critics Circle Award. Time magazine said of Strange Justice: "Its portrait of Thomas as an id suffering in the role of a Republican superego is more detailed and convincing than anything that has appeared so far." Of Landslide, The New York Times Washington correspondent Steven V. Roberts said, "This is a reporter's book, full of rich anecdote and telling detail.... I am impressed with the amount of inside information collected here."In an Elle magazine interview, Mayer said about her next article, “I’m focusing broadly on stories about abuses of power, threats to democracy, corruption.” Mayer's third nonfiction book, The Dark Side: The Inside Story of How the War on Terror Turned into a War on American Ideals, addresses the origins, legal justifications, possible war crimes liability of the use of enhanced interrogation techniques on detainees and the subsequent deaths of detainees, sometimes victims of mistaken identity, under such interrogation by the CIA and DOD.
The roles of Dick Cheney and attorneys David Addington and John Yoo in providing cover for the grisly procedures were prominent. The book was a finalist for the National Book Awards. In its review of The Dark Side, The New York Times noted that the book is "the most vivid and comprehensive account we have so far of how a government founded on checks and balances and respect for individual rights could have been turned against those ideals." The Times subsequently named The Dark Side one of its ten most notable books of the year. Military and diplomatic historian, Colonel Andrew J. Bacevich, reviewing the book in The Washington Post, wrote: " achievement lies less in bringing new revelations to light than in weaving into a comprehensive narrative a story revealed elsewhere in bits and pieces." Post reporter Joby Warrick reported that Mayer's book revealed that a Central Intelligence Agency analyst warned the Bush administration that "up to a third of the detainees at Guantanamo Bay may have been imprisoned by mistake."
The administration insisted that all were enemy combatants. In a story appearing the same day in The New York Times, reporter Scott Shane revealed that Mayer's book disclosed that International Committee of the Red Cross officials had concluded in a secret report in 2007, that "the Central Intelligence Agency's interrogation methods for high-level Qaeda prisoners constituted torture and could make the Bush administration officials who approved them guilty of war crimes."Mayer said of her book: "I see myself more as a reporter than as an advocate." Mayer covered the Obama administration's prosecution of whistleblowers with an article about former National Security Agency official Thomas Drake. Despite Obama's campaign promises of transparency, Mayer wrote, his administration "has pursued leak prosecutions with a surprising relentl
Bechtel Corporation ) is an engineering, procurement and project management company headquartered in Reston, Virginia. It is the largest construction company in the United States and the 11th-largest owned American company in 2018. Bechtel's business activities began in 1898 when cattle farmer Warren A. Bechtel moved from Peabody, Kansas, to the Oklahoma Territory to construct railroads with his team of mules. Bechtel moved his family between construction sites around the western United States for the next several years moving to Oakland, California in 1904, where he worked as the superintendent on the Western Pacific Railroad. In 1906, W. A. Bechtel won his first subcontract to build part of the Oroville-to-Oakland section of the Western Pacific Railroad; that same year, he bought steam shovel. He painted "W. A. Bechtel Co." on the side of the steam shovel establishing Bechtel as a company, though it was not yet incorporated. Bechtel completed work on a series of railroad contracts during the early 1900s, culminating in an extension of the Northwestern Pacific Railroad finished in 1914.
Starting with the construction of Klamath River Highway in California in 1919, Bechtel ventured into jobs outside of building railroads. The company built roads and highways throughout the western United States; the company worked on its first hydroelectric projects in the 1920s for Pacific Gas and Electric Company in California. In 1925, his sons Warren Jr, Stephen and his brother Arthur joined him to incorporate as W. A. Bechtel Company, which by this time was the leading construction company in the western United States. In 1929, Warren's son, urged his father to take on the company's first pipeline project. Bechtel began working with California Standard Oil Company to build refineries. In January 1931, Bechtel joined other contractors in the west to form Six Companies, Inc. a consortium created to bid for a contract from the US government to construct the Hoover Dam. Six Companies won the bid in March and construction on the dam began in the summer of 1931. Warren Bechtel died unexpectedly in 1933 while in Moscow on business.
He was succeeded by his son, Stephen Bechtel, Sr. who became both the head of Bechtel and chief executive of the Hoover Dam project. Under his leadership, the Hoover Dam was finished in 1935; the project was the largest of its kind in US history at Bechtel's first megaproject. During World War II, the United States Maritime Commission invited the company to bid for a contract to build half of their order of 60 cargo ships; the company bid for the entire 60 ships. Between 1941 and 1945, Bechtel's wartime shipyards, including Marinship and Calship, built 560 vessels. Bechtel worked on a pipeline from the Yukon to Alaska called Canol for the United States Department of War during this period. Under Stephen Bechtel, Sr. the company diversified its projects and expanded its work into other countries. The company focused on turnkey projects, a concept Stephen Bechtel, Sr. pioneered, in which Bechtel handled a project from planning and design through construction. Bechtel’s first job outside the US was building the Mene Grande pipeline in Venezuela in 1940.
In 1947, Bechtel began construction on what was the world's longest oil pipeline, the Trans-Arabian Pipeline, which began in Saudi Arabia, ran across Jordan and Syria, ended in Lebanon. The company continued to expand globally throughout the 1940s in the Middle East. In 1949, Bechtel began working with nuclear power after being contracted to build the Experimental Breeder Reactor I in Idaho; the company built the United States' first financed commercial nuclear power plant, the Dresden Generating Station, for Commonwealth Edison in Illinois in 1957. Other major projects in the 1950s included the Trans Mountain Pipeline in 1952, an oil pipeline in Canada, a preliminary study for the English Channel in 1959. Bechtel began engineering work on the Bay Area Rapid Transit system in 1959. Stephen D. Bechtel, Jr. took over for his father as president of the company as Stephen Bechtel, Sr. retired in 1960. During the 1960s and 1970s, Bechtel was involved in constructing 40 percent of the nuclear plants in the United States.
In 1968, the company completed the largest nuclear plant in the US at the time, the San Onofre Nuclear Generating Station, in California. In 1972, Bechtel was involved in 20 percent of all of the United States' new power-generating capacity. By the end of the decade, the company had moved from nuclear power construction toward nuclear cleanup projects, including Three Mile Island in 1979. Bechtel completed work on other megaprojects during the 1970s, including major airports in Saudi Arabia and the metro rail in Washington, D. C. In 1976, the company began work on the industrial city of Jubail in Saudi Arabia; the company's multiple construction contracts helped to transform the area from a small village to a city with a population of over a quarter of a million people. In the 1980s, Bechtel handled the project management of the 1984 Los Angeles Summer Olympics; the company built the Ankara-Gerede Motorway in Turkey as part of the network of roadways linking Europe and Asia in 1986. In 1987, Bechtel was awarded a contract for project management services of an undersea tunnel linking the UK and France called the Channel Tunnel or "Chunnel."
The tunnel was completed in 1994. The recession of the 1980s turned the company’s focus toward new areas of growth including environmental cleanup and alternative energy projects. In 1989 Riley P. Bechtel was named president of the company. In 1991, Bechtel, in a joint venture with Parsons Bri
Real estate is "property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water. Also: the business of real estate, it is a legal term used in jurisdictions whose legal system is derived from English common law, such as India, Wales, Northern Ireland, United States, Pakistan and New Zealand. Residential real estate may contain either a single family or multifamily structure, available for occupation or for non-business purposes. Residences can be classified by. Different types of housing tenure can be used for the same physical type. For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns. Major categoriesAttached / multi-unit dwellings Apartment or Flat – An individual unit in a multi-unit building; the boundaries of the apartment are defined by a perimeter of locked or lockable doors. Seen in multi-story apartment buildings.
Multi-family house – Often seen in multi-story detached buildings, where each floor is a separate apartment or unit. Terraced house – A number of single or multi-unit buildings in a continuous row with shared walls and no intervening space. Condominium – A building or complex, similar to apartments, owned by individuals. Common grounds and common areas within the complex are shared jointly. In North America, there are rowhouse style condominiums as well; the British equivalent is a block of flats. Cooperative – A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. Semi-detached dwellings Duplex – Two units with one shared wall. Detached dwellings Detached house or single-family detached house Portable dwellings Mobile homes or residential caravans – A full-time residence that can be movable on wheels. Houseboats – A floating home Tents – Usually temporary, with roof and walls consisting only of fabric-like material.
The size of an apartment or house can be described in square meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces; the "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and non-living spaces, which makes it important to inquire what kind of surface area definition has been used. It can be described more by the number of rooms. A studio apartment has a single bedroom with no living room. A one-bedroom apartment has a dining room separate from the bedroom. Two bedroom, three bedroom, larger units are common. Other categoriesChawls Villas HavelisThe size of these is measured in Gaz, Marla and acre. See List of house types for a complete listing of housing types and layouts, real estate trends for shifts in the market, house or home for more general information, it is common practice for an intermediary to provide real estate owners with dedicated sales and marketing support in exchange for commission.
In North America, this intermediary is referred to as a real estate broker, or a real estate agent in everyday conversation, whilst in the United Kingdom, the intermediary would be referred to as an estate agent. In Australia the intermediary is referred to as a real estate agent or real estate representative or the agent
San Francisco the City and County of San Francisco, is the cultural and financial center of Northern California. San Francisco is the 13th-most populous city in the United States, the fourth-most populous in California, with 884,363 residents as of 2017, it covers an area of about 46.89 square miles at the north end of the San Francisco Peninsula in the San Francisco Bay Area, making it the second-most densely populated large US city, the fifth-most densely populated U. S. county, behind only four of the five New York City boroughs. San Francisco is part of the fifth-most populous primary statistical area in the United States, the San Jose–San Francisco–Oakland, CA Combined Statistical Area; as of 2017, it was the seventh-highest income county in the United States, with a per capita personal income of $119,868. As of 2015, San Francisco proper had a GDP of $154.2 billion, a GDP per capita of $177,968. The San Francisco CSA was the country's third-largest urban economy as of 2017, with a GDP of $907 billion.
Of the 500+ primary statistical areas in the US, the San Francisco CSA had among the highest GDP per capita in 2017, at $93,938. San Francisco was ranked 14th in the world and third in the United States on the Global Financial Centres Index as of September 2018. San Francisco was founded on June 29, 1776, when colonists from Spain established Presidio of San Francisco at the Golden Gate and Mission San Francisco de Asís a few miles away, all named for St. Francis of Assisi; the California Gold Rush of 1849 brought rapid growth, making it the largest city on the West Coast at the time. San Francisco became a consolidated city-county in 1856. San Francisco's status as the West Coast's largest city peaked between 1870 and 1900, when around 25% of California's population resided in the city proper. After three-quarters of the city was destroyed by the 1906 earthquake and fire, San Francisco was rebuilt, hosting the Panama-Pacific International Exposition nine years later. In World War II, San Francisco was a major port of embarkation for service members shipping out to the Pacific Theater.
It became the birthplace of the United Nations in 1945. After the war, the confluence of returning servicemen, significant immigration, liberalizing attitudes, along with the rise of the "hippie" counterculture, the Sexual Revolution, the Peace Movement growing from opposition to United States involvement in the Vietnam War, other factors led to the Summer of Love and the gay rights movement, cementing San Francisco as a center of liberal activism in the United States. Politically, the city votes along liberal Democratic Party lines. A popular tourist destination, San Francisco is known for its cool summers, steep rolling hills, eclectic mix of architecture, landmarks, including the Golden Gate Bridge, cable cars, the former Alcatraz Federal Penitentiary, Fisherman's Wharf, its Chinatown district. San Francisco is the headquarters of five major banking institutions and various other companies such as Levi Strauss & Co. Gap Inc. Fitbit, Salesforce.com, Reddit, Inc. Dolby, Weebly, Pacific Gas and Electric Company, Pinterest, Uber, Mozilla, Wikimedia Foundation and Weather Underground.
It is home to a number of educational and cultural institutions, such as the University of San Francisco, University of California, San Francisco, San Francisco State University, the De Young Museum, the San Francisco Museum of Modern Art, the California Academy of Sciences. As of 2019, San Francisco is the highest rated American city on world liveability rankings; the earliest archaeological evidence of human habitation of the territory of the city of San Francisco dates to 3000 BC. The Yelamu group of the Ohlone people resided in a few small villages when an overland Spanish exploration party, led by Don Gaspar de Portolà, arrived on November 2, 1769, the first documented European visit to San Francisco Bay. Seven years on March 28, 1776, the Spanish established the Presidio of San Francisco, followed by a mission, Mission San Francisco de Asís, established by the Spanish explorer Juan Bautista de Anza. Upon independence from Spain in 1821, the area became part of Mexico. Under Mexican rule, the mission system ended, its lands became privatized.
In 1835, Englishman William Richardson erected the first independent homestead, near a boat anchorage around what is today Portsmouth Square. Together with Alcalde Francisco de Haro, he laid out a street plan for the expanded settlement, the town, named Yerba Buena, began to attract American settlers. Commodore John D. Sloat claimed California for the United States on July 7, 1846, during the Mexican–American War, Captain John B. Montgomery arrived to claim Yerba Buena two days later. Yerba Buena was renamed San Francisco on January 30 of the next year, Mexico ceded the territory to the United States at the end of the war. Despite its attractive location as a port and naval base, San Francisco was still a small settlement with inhospitable geography; the California Gold Rush brought a flood of treasure seekers. With their sourdough bread in tow, prospectors accumulated in San Francisco over rival Benicia, raising the population from 1,000 in 1848 to 25,000 by December 1849; the promise of great wealth was so strong that crews on arriving vessels deserted and rushed off to the gold fields, leaving behind a forest of masts in San Francisco harbor.
Some of these 500 abandoned ships were used at times as storeships and hotels.