1.
Frank Leslie's Illustrated Newspaper
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Frank Leslies Illustrated Newspaper, later renamed Leslies Weekly, was an American illustrated literary and news magazine founded in 1852 and published until 1922. It was one of several magazines started by publisher and illustrator Frank Leslie, the Illustrated Newspaper was founded in 1852. John Y. Foster was the first editor of the weekly, there were 30 copies of the first edition printed. By 1897, its circulation had grown to an estimated 65,000 copies, after Leslies death in 1880, the magazine was continued by his widow, the womens suffrage campaigner Miriam Florence Leslie. The name, by then a well-established trademark, remained also after 1902 and it often took a strongly patriotic stance and frequently featured cover pictures of soldiers and heroic battle stories. It also gave extensive coverage to less martial events such as the Klondike gold rush of 1897, among the writers publishing their stories in the weekly were Louisa May Alcott, H. Irving Hancock, Helen R. Martin, Eleanor Franklin Egan, and Ellis Parker Butler. Several notable illustrators worked for the publication, including Albert Berghaus and Norman Rockwell, who created covers for the magazine in its latter years, and Fernando Mirando y Casellas. Surviving copies of the magazine at present fetch handsome prices as collectors items and are considered to give a picture of American life during the decades of its publication
2.
Depression (economics)
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In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle. A depression is an unusual and extreme form of recession, price deflation, financial crises and bank failures are also common elements of a depression that do not normally occur during a recession. In the United States the National Bureau of Economic Research determines contractions and expansions in the business cycle, another proposed definition of depression includes two general rules, a decline in real GDP exceeding 10%, or a recession lasting 2 or more years. There are also differences in the duration of depression across definitions, some economists refer only to the period when economic activity is declining. The more common use, however, also encompasses the time economic activity has returned close to normal levels. A recession is briefly defined as a period of declining economic activity spread across the economy, under the first definition, each depression will always coincide with a recession, since the difference between a depression and a recession is the severity of the fall in economic activity. In other words, each depression is always a recession, sharing the starting and ending dates. Under the second definition, depressions and recessions will always be distinct events however and this definition of depression implies that a recession and a depression will have different ending dates and thus distinct durations. Under this definition, the length of a depression will always be longer than that of the starting the same date. A useful example is the difference in the chronology of the Great Depression in the U. S. under the view of alternative definitions, using the second definition of depression, most economists refer to the Great Depression, as the period between 1929 and 1941. On the other hand, using the first definition, the depression that started in August 1929 lasted until March 1933, note that NBER, which publishes the recession dates for the U. S. economy, has identified two recessions during that period. The first between August 1929 and March 1933 and the second starting in May 1937 and ending in June 1938, today the term depression is most often associated with the Great Depression of the 1930s, but the term had been in use long before then. At the time of the Great Depression, the phrase The Great Depression had already used to refer to the period 1873–96, or more narrowly 1873–79. Due to the lack of a definition and the strong negative associations. The only two eras commonly referred to at the current time as depressions are the 1870s and 1930s, there have been many periods of prolonged economic underperformance in particular countries/regions since 1945, detailed below, but terming these as depressions is controversial. The best-known depression was the Great Depression, which affected most national economies in the world throughout the 1930s and this depression is generally considered to have begun with the Wall Street Crash of 1929, and the crisis quickly spread to other national economies. Between 1929 and 1933, the national product of the United States decreased by 33% while the rate of unemployment increased to 25%
3.
United States
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Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
4.
United States presidential election, 1896
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The United States presidential election of 1896 was the 28th quadrennial presidential election, held on Tuesday, November 3,1896. The 1896 campaign was an election that ended the old Third Party System. McKinley forged a coalition in which businessmen, professionals, skilled factory workers. He was strongest in cities and in the Northeast, Upper Midwest, Bryan was the nominee of the Democrats, the Populist Party, and the Silver Republicans. He presented his campaign as a crusade of the man against the rich, who impoverished America by limiting the money supply. Silver, he said, was in ample supply and if coined into money would restore prosperity while undermining the power of the money trust. Bryan was strongest in the South, rural Midwest, and Rocky Mountain states, Bryans moralistic rhetoric and crusade for inflation alienated conservatives. Turnout was very high, passing 90% of the voters in many places. Since the Panic of 1893, the nation had been mired in an economic depression, marked by low prices, low profits, high unemployment. Economic issues, especially tariff policy and the question of whether the standard should be preserved for the money supply, were central issues. Republican campaign manager Mark Hanna pioneered many modern techniques, facilitated by a $3.5 million budget. He outspent Bryan by a factor of five, at their convention in St. Louis, Missouri, held between June 16 and 18,1896, the Republicans nominated William McKinley for president and New Jerseys Garret Hobart for vice-president. McKinley had just vacated the office of Governor of Ohio, both candidates were easily nominated on first ballots. Given that many businessmen and bankers were terrified of Bryans populist rhetoric and demand for the end of the gold standard, in the end, Hanna raised a staggering $3.5 million for the campaign and outspent the Democrats by an estimated 5-to-1 margin. This sum would be equivalent to approximately $85 million, according to the calculator of the Bureau of Labor Statistics. Major McKinley was the last veteran of the American Civil War to be nominated for president by either major party, one month after McKinleys nomination, supporters of silver-backed currency took control of the Democratic convention held in Chicago on July 7–11. Most of the Southern and Western delegates were committed to implementing the free silver ideas of the Populist Party, the convention repudiated President Clevelands gold standard policies and then repudiated Cleveland himself. This, however, left the convention wide open, there was no successor to Cleveland
5.
Presidency of William McKinley
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McKinley, a Republican, was succeeded by Vice President Theodore Roosevelt. He defeated Bryan again in the 1900 presidential election, in a focused on imperialism, protectionism. McKinleys presidency marked the beginning of an era in American political history from the mid–1890s to 1932 that was dominated by the Republican Party. Rapid economic growth marked his presidency and he promoted the 1897 Dingley Tariff to protect manufacturers and factory workers from foreign competition, and in 1900, he secured the passage of the Gold Standard Act. The United States annexed the independent Republic of Hawaii in 1898, as an innovator of American interventionism and pro-business sentiment, McKinleys presidency is generally ranked above average. On these achievements rest is substantial claims as an important figure in history of the United States, McKinley was sworn in as president on March 4,1897, as his wife and mother looked on. The new President gave an inaugural address, he urged tariff reform. He warned against foreign interventions, We want no wars of conquest and we must avoid the temptation of territorial aggression. McKinleys most controversial Cabinet appointment was that of John Sherman as Secretary of State, Sherman was not McKinleys first choice for the position, he initially offered it to Senator William B. One consideration in Senator Shermans appointment was to provide a place in the Senate for Mark Hanna, as Sherman had served as Secretary of the Treasury under Hayes, only the State position, the leading Cabinet post, was likely to entice him from the Senate. Shermans mental faculties were decaying even in 1896, this was spoken of in political circles. Nevertheless, McKinley sent his cousin, William McKinley Osborne, to have dinner with the 73-year-old senator, McKinley wrote once the appointment was announced, the stories regarding Senator Shermans mental decay are without foundation. When I saw him last I was convinced both of his health, physically and mentally, and that the prospects of life were remarkably good. Ohio Governor Asa Bushnell appointed Hanna to the Senate, once in Cabinet office, Shermans mental incapacity became increasingly apparent. He was often bypassed by his first assistant, McKinleys Canton crony Judge William Day, Day, an Ohio lawyer unfamiliar with diplomacy, was often reticent in meetings, Adee was somewhat deaf. One diplomat characterized the arrangement, the head of the department knew nothing, the first assistant said nothing, charles Dawes, who had been Hannas lieutenant in Chicago during the campaign, was considered for the Treasury post but by some accounts Dawes considered himself too young. The Navy Department was offered to former Massachusetts Congressman John Davis Long, McKinley was reluctant, stating to one Roosevelt booster, I want peace and I am told that your friend Theodore is always getting into rows with everybody. In addition to Sherman, McKinley made one other ill-advised Cabinet appointment, that of Secretary of War, competent enough in peacetime, Alger proved inadequate once the conflict with Spain began
6.
Argentina
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Argentina, officially the Argentine Republic, is a federal republic in the southern half of South America. With a mainland area of 2,780,400 km2, Argentina is the eighth-largest country in the world, the second largest in Latin America, and the largest Spanish-speaking one. The country is subdivided into provinces and one autonomous city, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a federal system, Argentina claims sovereignty over part of Antarctica, the Falkland Islands, and South Georgia and the South Sandwich Islands. The earliest recorded presence in the area of modern-day Argentina dates back to the Paleolithic period. The country has its roots in Spanish colonization of the region during the 16th century, Argentina rose as the successor state of the Viceroyalty of the Río de la Plata, a Spanish overseas viceroyalty founded in 1776. The country thereafter enjoyed relative peace and stability, with waves of European immigration radically reshaping its cultural. The almost-unparalleled increase in prosperity led to Argentina becoming the seventh wealthiest developed nation in the world by the early 20th century, Argentina retains its historic status as a middle power in international affairs, and is a prominent regional power in the Southern Cone and Latin America. Argentina has the second largest economy in South America, the third-largest in Latin America and is a member of the G-15 and it is the country with the second highest Human Development Index in Latin America with a rating of very high. Because of its stability, market size and growing high-tech sector, the description of the country by the word Argentina has to be found on a Venice map in 1536. In English the name Argentina probably comes from the Spanish language, however the naming itself is not Spanish, Argentina means in Italian of silver, silver coloured, probably borrowed from the Old French adjective argentine of silver > silver coloured already mentioned in the 12th century. The French word argentine is the form of argentin and derives of argent silver with the suffix -in. The Italian naming Argentina for the country implies Argentina Terra land of silver or Argentina costa coast of silver, in Italian, the adjective or the proper noun is often used in an autonomous way as a substantive and replaces it and it is said lArgentina. The name Argentina was probably first given by the Venitian and Genoese navigators, in Spanish and Portuguese, the words for silver are respectively plata and prata and of silver is said plateado and prateado. Argentina was first associated with the silver mountains legend, widespread among the first European explorers of the La Plata Basin. The first written use of the name in Spanish can be traced to La Argentina, a 1602 poem by Martín del Barco Centenera describing the region, the 1826 constitution included the first use of the name Argentine Republic in legal documents. The name Argentine Confederation was also used and was formalized in the Argentine Constitution of 1853. In 1860 a presidential decree settled the name as Argentine Republic
7.
Barings Bank
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Barings Bank was a British merchant bank based in London, and the worlds second oldest merchant bank. It was founded in 1762 and was owned by the German-originated Baring family of merchants, Barings Bank was founded in 1762 as the John and Francis Baring Company by Francis Baring, with his older brother John Baring as a mostly silent partner. They were sons of John Baring, wool trader of Exeter, born in Bremen, the company began in offices off Cheapside and within a few years moved to larger quarters in Mincing Lane. Barings gradually diversified from wool into many other commodities, providing financial services necessary for the growth of international trade. In 1774, Barings started business in the U. S, by 1790, Barings had greatly expanded its resources, both through Francis efforts in London and by association with leading Amsterdam bankers Hope & Co. In 1793, the increased business necessitated a move to larger quarters in Devonshire Square, Francis and his family lived upstairs, above the offices. In 1796, the Bank helped to finance the purchase of about 1 million acres of land that would become part of the state of Maine. In 1800, John retired and the company was reorganized as Francis Baring and Co. Francis new partners were his eldest son Thomas and son-in-law Charles Wall. Then, in 1802, Barings and Hope were called on to facilitate the largest land purchase in history - the Louisiana Purchase and it is regarded as one of the most historically significant trades of all time. This was accomplished despite the fact that Britain was at war with France, technically, the United States purchased Louisiana from Barings and Hope, not from Napoleon. In other words, American slavery would ensure Barings profits in Britain. After a $3 million down payment in gold, the remainder of the purchase was made in U. S. bonds, Francis second son Alexander, working for Hope & Co. made the arrangements in Paris with François Barbé-Marbois, Director of the Public Treasury. Alexander then sailed to the United States and back to pick up the bonds, in 1803, Francis began to withdraw from active management, bringing in Thomas younger brothers Alexander and Henry to become partners in 1804. The new partnership was called Baring Brothers & Co. which it remained until 1890, the offspring of these three brothers became the future generations of Barings leadership. Barings helped to finance the United States government during the War of 1812, by 1818, Barings was called “the sixth great European power” after England, France, Prussia, Austria and Russia. A fall off in business and a lack of leadership in 1820s caused Barings to cede its dominance in the City of London to the rival firm of N M Rothschild & Sons. Bates advocated a shift in Barings efforts from Europe to the Americas, in 1832, a Barings office was established in Liverpool specifically to capitalize on new North American opportunities. In 1843, Barings became exclusive agent to the U. S. government, the company declined to act beyond 1846 when the government instructed them to restrict purchases to within the United Kingdom
8.
Argentine Revolution of 1893
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The Argentine Revolution was a violent uprising by the Radical Civic Union against the Government of Argentina. Initially, the UCR leadership attempted to power by legal means. The Revolution was prepared from Hipólito Yrigoyen and Aristóbulo del Valle unbeknownst to Alem, the July 28 revolution started in San Luis Province directed by Teófilo Saa. The revolutionaries quickly took all official dealings and forced the governor to resign as interim governor settled Saa, the July 30 revolution broke out in Santa Fe. After several days of fighting, finally defeat the provincial government, headed by the governor at the time, Dr. Juan Manuel Cafferata. Among the revolutionary leaders was also Lisandro de la Torre, the revolution in the Buenos Aires by Hipólito Yrigoyen was the best organized and the most powerful. It began at dawn on 30 July simultaneously in 82 cities, the radical army ended up with 8,000 well-armed men, under the direct command of Marcelo T. de Alvear Martin Yrigoyen first and after. Their headquarters was in Temperley, in the vicinity of the city of Buenos Aires, the revolution triumphed everywhere in the province. The August 8 took the capital and installed as interim governor Juan Carlos Belgrano, when the triumph of the revolution and held, their leaders commit blunders that led to defeat. Del Valle refused to violate the Constitution and prepared a legal plan, the Senate approved the interventions, but the Chamber of Deputies, and thus defeated the plan of Aristobulo del Valle. The second blunder came when Hipolito Yrigoyen freed Carlos Pellegrini, one of the key leaders of the autonomismo official, once released, Pellegrini went to the capital and the ruling forces reorganized. When he learned radicalism of the intervention, the alternative was that Aristóbulo del Valle gave a coup, ignorant of the law of Congress. But then dominated the legal principles of Aristóbulo del Valle and resigned from the cabinet on August 12, the August 25 the State Committee of the Radical Civic Union decided to surrender their weapons. The revolution had been defeated, apparently, on August 14,1893, two days after the resignation of Aristóbulo del Valle there was an uprising in Corrientes Province that ousted governor, and was immediately operated on, but lifting persisted. Leandro Alem then considered the far from being defeated, was expecting a massive uprising. However, Hipólito Yrigoyen felt that the movement was purely emotional, remainder of radicalism considered this position Yrigoyen as a betrayal. The second uprising led by Alem was poorly organized and lacked plan, the 7 September radical commander Bello revolted troops in Tucumán Province and imposed a revolutionary government commanded by Eugenio Mendez. The national government decided to respond firmly and sent an army under Carlos Pellegrini who obtained the surrender of the revolutionary on September 25
9.
United States Department of the Treasury
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The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue, the Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. On February 13,2017, the Senate confirmed Steven Mnuchin as Secretary of the Treasury, the first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11,1789. Hamilton was asked by President George Washington to serve after first having asked Robert Morris, Hamilton almost single-handedly worked out the nations early financial system, and for several years was a major presence in Washingtons administration as well. His portrait is on the obverse of the U. S. ten-dollar bill while the Treasury Department building is shown on the reverse. Besides the Secretary, one of the best-known Treasury officials is the Treasurer of the United States whose signature, along with the Treasury Secretarys, the Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, the Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit, the Congress stipulated that each of the colonies contribute to the Continental governments funds. With the signing of the Declaration of Independence on July 4,1776, despite the infusion of foreign and domestic loans to pay for a war of independence, the United Colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas was first called Treasurer of the United States on May 14,1777, the Treasury Office was reorganized three times between 1778 and 1781. The $241.5 million of paper Continental Dollars devalued rapidly, by May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency. Protests against the worthless money swept the colonies and angry Americans coined the expression not worth a Continental, Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nations finances. Morris, a colonial merchant, was nicknamed the Financier because of his reputation for procuring funds or goods on a moments notice. His staff included a Comptroller, a Treasurer, a Register, and auditors, who managed the finances through 1784. The Treasury Board of three Commissioners continued to oversee the finances of the confederation of former colonies until September 1789, the First Congress of the United States was called to convene in New York on March 4,1789, marking the beginning of government under the Constitution. Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11,1789, Hamilton had served as George Washingtons aide-de-camp during the Revolution, and was of great importance in the ratification of the Constitution. Because of his financial and managerial acumen, Hamilton was a choice for solving the problem of the new nations heavy war debt. Hamiltons first official act was to submit a report to Congress in which he laid the foundation for the financial health
10.
Gilded Age
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The Gilded Age in United States history is the late 19th century, from the 1870s to about 1900. The early half of the Gilded Age roughly coincided with the portion of the Victorian era in Britain. It began as the US Reconstruction Era ended in 1877, the Gilded Age was an era of rapid economic growth, especially in the North and West. As American wages were higher than those in Europe, especially for skilled workers. The rapid expansion of industrialization led to real wage growth of 60% between 1860 and 1890, spread across the ever-increasing labor force, the average annual wage per industrial worker rose from $380 in 1880 to $564 in 1890, a gain of 48%. Railroads were the growth industry, with the factory system, mining. Immigration from Europe and the eastern states led to the growth of the West. Labor unions became important in the rapidly growing industrial cities. Two major nationwide depressions—the Panic of 1873 and the Panic of 1893—interrupted growth, the South after the Civil War remained economically devastated, its economy became increasingly tied to cotton and tobacco production, which suffered from low prices. With the end of the Reconstruction era in 1877, African-American people in the South were stripped of political power, the political landscape was notable in that despite some corruption, turnout was very high and national elections saw two evenly matched parties. The dominant issues were cultural, and economic, with the rapid growth of cities, political machines increasingly took control of urban politics. In business, massive, powerful and wealthy trusts formed, unions crusaded for the 8-hour working day and the abolition of child labor, middle class reformers demanded civil service reform, prohibition, and womens suffrage. Local governments across the North and West built public schools chiefly at the elementary level, the numerous religious denominations were growing in membership and wealth, the Catholics moving to the largest totals. They all expanded their missionary activity to the world arena, Catholics and Lutherans set up parochial schools and the larger denominations set up numerous colleges, hospitals and charities. Many of the problems faced by society, especially the poor, the term Gilded age was applied to the era by historians in the 1920s, who took the term from one of Mark Twains lesser known novels, The Gilded Age, A Tale of Today. The book satirized the promised golden age after the American Civil War, in the 1920s and 30s Gilded Age became a designated period in American history, with the term applied to the post Civil War period up to 1900. For them, Gilded Age was a term used to describe a time of materialistic excesses combined with extreme poverty. The early half of the Gilded Age roughly coincided with the portion of the Victorian era in Britain
11.
Grover Cleveland
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Stephen Grover Cleveland was an American politician and lawyer who was the 22nd and 24th President of the United States. He was also the first and to date only President in American history to serve two terms in office. Cleveland was the leader of the pro-business Bourbon Democrats who opposed high tariffs, Free Silver, inflation, imperialism and his crusade for political reform and fiscal conservatism made him an icon for American conservatives of the era. Cleveland won praise for his honesty, self-reliance, integrity, and he fought political corruption, patronage, and bossism. As a reformer Cleveland had such prestige that the wing of the Republican Party, called Mugwumps, largely bolted the GOP presidential ticket. As his second administration began, disaster hit the nation when the Panic of 1893 produced a national depression. It ruined his Democratic Party, opening the way for a Republican landslide in 1894 and for the agrarian, the result was a political realignment that ended the Third Party System and launched the Fourth Party System and the Progressive Era. Cleveland was a formidable policymaker, and he also drew corresponding criticism, critics complained that Cleveland had little imagination and seemed overwhelmed by the nations economic disasters—depressions and strikes—in his second term. Even so, his reputation for probity and good character survived the troubles of his second term, biographer Allan Nevins wrote, n Grover Cleveland, the greatness lies in typical rather than unusual qualities. He had no endowments that thousands of men do not have and he possessed honesty, courage, firmness, independence, and common sense. But he possessed them to a degree other men do not, today, Cleveland is considered by most historians to have been a successful leader, generally ranked among the second tier of American presidents. Stephen Grover Cleveland was born on March 18,1837, in Caldwell, New Jersey to Richard Falley Cleveland, Clevelands father was a Presbyterian minister who was originally from Connecticut. His mother was from Baltimore and was the daughter of a bookseller, on his fathers side, Cleveland was descended from English ancestors, the first of the family having emigrated to Massachusetts from Cleveland, England in 1635. On his mothers side, he was descended from Anglo-Irish Protestants and he was distantly related to General Moses Cleaveland, after whom the city of Cleveland, Ohio, was named. Cleveland, the fifth of nine children, was named Stephen Grover in honor of the first pastor of the First Presbyterian Church of Caldwell and he became known as Grover in his adult life. In 1841, the Cleveland family moved to Fayetteville, New York, neighbors later described him as full of fun and inclined to play pranks, and fond of outdoor sports. In 1850, Clevelands father took a pastorate in Clinton, Oneida County, New York, despite his fathers dedication to his missionary work, the income was insufficient for the large family. Financial conditions forced him to remove Grover from school into a mercantile apprenticeship in Fayetteville
12.
Reading Company
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The Reading Company operated an important railroad in southeast Pennsylvania and neighboring states from 1924-1976. Commonly called the Reading Railroad, it was a successor to the Philadelphia, until the decline in anthracite loadings in the Coal Region after World War II, it was one of the most prosperous corporations in the United States. Competition with the highway system and short hauls compounded the companys problems. Its railroad operations were merged into Conrail in 1976, but the corporation lasted into 2000, the Philadelphia and Reading Railroad was one of the first railroads in the United States. Along with the Little Schuylkill, a railroad in the Schuylkill River Valley. Primarily, the P&R was constructed to haul coal from the mines in northeastern Pennsylvanias Coal Region to Philadelphia. The P&R mainline had the distinction of being, upon its 1843 completion, the P&R became profitable almost immediately. In 1871, the Reading established a subsidiary called the Philadelphia and Reading Coal and Iron Company, the heavy investment in coal paid off quickly. By 1871, the Reading was the largest company in the world, with $170,000,000 in gross value, in 1879, the Reading gained control of the North Pennsylvania Railroad and gained access to the burgeoning steel industry in the Lehigh Valley. Instead of broadening its rail network, the Reading invested its vast wealth in anthracite and this led to financial trouble in the 1870s. In 1890, Reading president Archibald A. McLeod saw that more riches could be earned by expanding its rail network, McLeod went about trying to control neighboring railroads in 1891. He was able to control of the Lehigh Valley Railroad, Central Railroad of New Jersey. The Reading almost achieved its goal of becoming a road, but the deal was scuttled by J. P. Morgan and other rail barons. The Reading was relegated to a railroad for the rest of its history. The Philadelphia and Reading Rail Road was chartered April 4,1833, the portion from Reading to Norristown opened July 16,1838, the full line December 9,1839. An extension northwest from Reading to Mount Carbon, also on the Schuylkill River, opened on January 13,1842, at Mount Carbon, it connected with the earlier Mount Carbon Railroad, continuing through Pottsville to several mines, and would eventually be extended to Williamsport. On May 17 of 1842, a branch from West Falls to Port Richmond on the Delaware River north of downtown Philadelphia opened. Port Richmond later became a large coal terminal
13.
Bank run
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When they transfer funds to another institution it may be characterised as a capital flight. As a bank run progresses, it generates its own momentum, as more people withdraw cash and this can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. A systemic banking crisis is one where all or almost all of the capital in a country is wiped out. The resulting chain of bankruptcies can cause an economic recession as domestic businesses. According to former U. S. Federal Reserve chairman Ben Bernanke, the Great Depression was caused by the Federal Reserve System, and much of the economic damage was caused directly by bank runs. The cost of cleaning up a banking crisis can be huge, with fiscal costs averaging 13% of GDP. Several techniques have been used to try to prevent bank runs or mitigate their effects. S, Federal Deposit Insurance Corporation, and after a run has started, a temporary suspension of withdrawals. These techniques do not always work, for example, even with deposit insurance, Bank runs first appeared as part of cycles of credit expansion and its subsequent contraction. In the 16th century onwards, English goldsmiths issuing promissory notes suffered severe failures due to bad harvests, plummeting parts of the country into famine and unrest. Other examples are the Dutch Tulip manias, the British South Sea Bubble, the French Mississippi Company, the post-Napoleonic depression, Bank runs have also been used to blackmail individuals or governments. In 1832, for example, the British government under the Duke of Wellington overturned a majority government on the orders of the king, William IV, to prevent reform. Wellesleys actions angered reformers, and they threatened a run on the banks under the rallying cry Stop the Duke, many of the recessions in the United States were caused by banking panics. The Great Depression contained several banking crises consisting of runs on multiple banks from 1929 to 1933, in December, New York City experienced massive bank runs that were contained to the many branches of a single bank. Philadelphia was hit a week later by bank runs that affected several banks, but were contained by quick action by the leading city banks. Withdrawals became worse after financial conglomerates in New York and Los Angeles failed in prominently-covered scandals, much of the US Depressions economic damage was caused directly by bank runs, though Canada had no bank runs during this same era due to different banking regulations. Bank runs continued to plague the United States for the several years. City-wide runs hit Boston, Chicago, Toledo, and St. Louis, among others. Institutions put into place during the Depression have prevented runs on U. S. commercial banks since the 1930s, even under such as the U. S. savings
14.
Credit crunch
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A credit crunch is a sudden reduction in the general availability of loans or a sudden tightening of the conditions required to obtain a loan from banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates, many times, a credit crunch is accompanied by a flight to quality by lenders and investors, as they seek less risky investments. There are a number of reasons why banks might suddenly stop or slow lending activity, easy credit conditions are characterized by low interest rates for borrowers and relaxed lending practices by bankers, making it easy to get inexpensive loans. A credit crunch is the opposite, in which interest rates rise, in a credit bubble, lending standards become less stringent. Easy credit drives up prices within a class of assets, usually real estate or equities and these increased asset values then become the collateral for further borrowing. During the upward phase in the cycle, asset prices may experience bouts of frenzied competitive. This can then cause a price bubble to develop. As this upswing in new debt creation also increases the supply and stimulates economic activity. Economist Hyman Minsky described the types of borrowing and lending that contribute to a bubble, the hedge borrower can make debt payments from current cash flows from investments. This borrower is not taking significant risk, often it is only in retrospect that participants in an economic bubble realize that the point of collapse was obvious. In this respect, economic bubbles can have dynamic characteristics not unlike Ponzi schemes or Pyramid schemes, several psychological factors contribute to bubbles and related busts. Social herding refers to following the behavior of others, assuming they understand what is happening, people may assume that unusually favorable trends will continue indefinitely. Incentives may also encourage risky behavior, particularly where the consequences if a bet goes sour are shared collectively. The tendency of government to bail out financial institutions that get into trouble and these and other cognitive biases that impair judgment can contribute to credit bubbles and crunches. The crunch is generally caused by a reduction in the prices of previously overinflated assets. This can result in widespread foreclosure or bankruptcy for those who came in late to the market, in this case, accessing additional credit lines and trading through the crisis can allow the business to navigate its way through the problem and ensure its continued solvency and viability. It is often difficult to know, in the midst of a crisis, in the case of a liquidity crisis on the other hand, it may be preferable to attempt to access additional lines of credit, as opportunities for growth may exist once the liquidity crisis is overcome. Financial institutions facing losses may then reduce the availability of credit, in some cases lenders may be unable to lend further, even if they wish, as a result of earlier losses
15.
People's Party (United States)
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The Peoples Party, also known as the Populist Party or the Populists, was an agrarian-populist political party in the United States. For a few years, 1892–96, it played a role as a left-wing force in American politics. It was merged into the Democratic Party in 1896, a small independent remnant survived until 1908 and it drew support from angry farmers in the West and South and operated on the left-wing of American politics. It was highly critical of capitalism, especially banks and railroads, the party sometimes allied with labor unions in the North and Republicans in the South. In the 1896 presidential elections the Populists endorsed the Democratic presidential nominee, William Jennings Bryan, by joining with the Democrats, the Peoples Party lost its independent identity and rapidly withered away. The Farmers Alliance, formed in Lampasas, Texas, in 1876, promoted collective economic action by farmers and achieved popularity in the South. In 1886, an entirely different Peoples Party elected 6 assemblymen to the Wisconsin State Assembly and 1 senator to the Wisconsin State Senate, however this was a labor party, and by the 1888 elections it was using the Union Labor Party label. In December 1888 the National Agricultural Wheel and the Southern Farmer’s Alliance met at Meridian, Mississippi, in that meeting they decided to consolidate the two parties pending ratification. The merger eventually united white Southern Alliance and Wheel members, during their move towards consolidation in 1889, the leaders of both Southern Farmers’ Alliance and the Agricultural Wheel organizations contacted Terence V. Powderly, leader of the Knights of Labor. The movement reached its peak in 1892 when the party held a convention chaired by Frances Willard in Omaha, Nebraska, in the 1892 Presidential election, James B. Weaver received 1,027,329 votes. Weaver carried four states and received votes from Oregon and North Dakota as well. Quite separate from the Populists were the Silverites in the western mining states and this idea led to former Greenback Party members to join the Populist Party. The Populists followed the Prohibition Party in actively including women in their affairs, regardless of these rhetoric appeals, however, racism did not evade the Peoples Party. After 1900 Watson himself became a white supremacist and became the partys presidential nominee in 1904 and 1908. By 1896, the Democratic Party took up many of the Peoples Partys causes at the level. In that years election, the Democrats nominated William Jennings Bryan, who focused on the free silver issue as a solution to the economic depression. The Populists had the choice of endorsing Bryan or running their own candidate, after great infighting at their St. Louis convention they decided to endorse Bryan but with their own vice presidential nominee, Thomas E. Watson of Georgia. Watson was cautiously open to cooperation, but after the election would recant any hope he had in the possibility of cooperation as a viable tool
16.
Populism
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Populism is a political doctrine that proposes that the common people are exploited by a privileged elite, and which seeks to resolve this. The underlying ideology of populists can be left, right, or center and its goal is uniting the uncorrupt and the unsophisticated little man against the corrupt dominant elites and their camp of followers. It is guided by the belief that political and social goals are best achieved by the actions of the masses. Political parties and politicians often use the terms populist and populism as pejoratives against their opponents, such a view sees populism as demagogy, merely appearing to empathize with the public through rhetoric or unrealistic proposals in order to increase appeal across the political spectrum. Populism is most common in democratic nations, historically, academic definitions of populism vary, and people have often used the term in loose and inconsistent ways to reference appeals to the people, demagogy, and catch-all politics. The term has also used as a label for new parties whose classifications are unclear. In recent years, academic scholars have produced definitions that facilitate populist identification and comparison, in the United States and Latin America, populism has generally been associated with the left, whereas in European countries, populism is more associated with the right. In both, the tenet of populism—that democracy should reflect the pure and undiluted will of the people—means it can sit easily with ideologies of both right and left. Cas Mudde says, Many observers have noted that populism is inherent to representative democracy, after all, most recently, many observers have categorized the rise of Donald Trump in the U. S. and Rodrigo Duterte in the Philippines as populist in nature. Populism has taken left-wing, right-wing, and even centrist forms, as well as forms of politics that bring together groups and individuals of diverse partisan views. The use of populist rhetoric in the United States has recently included references such as the trial lawyer lobby. Subsistence peasant movements, such as the Eastern European Green Rising militias, intellectuals who romanticize hard-working farmers and peasants and build radical agrarian movements like the Russian narodniki. Populist democracy, including calls for political participation through reforms such as the use of popular referenda. Politicians populism marked by non-ideological appeals for the people to build a unified coalition, reactionary populism, such as the white backlash harvested by George Wallace. Populist dictatorship, such as established by Getúlio Vargas in Brazil. Scholars have argued that populist elements have appeared in authoritarian movements. Conspiracist scapegoating employed by various populist movements can create a seedbed for fascism, National Socialist populism interacted with and facilitated fascism in interwar Germany. In this case, distressed middle–class populists mobilized their anger against the government, the Nazis parasitized the forms and themes of the populists and moved their constituencies far to the right through ideological appeals involving demagoguery, scapegoating, and conspiracism
17.
United States presidential election, 1892
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The United States presidential election of 1892 was the 27th quadrennial presidential election, held on Tuesday, November 8,1892. It witnessed a re-match of the contested presidential election in 1888. Former Democratic President Grover Cleveland and incumbent Republican President Benjamin Harrison both ran for election to a second term, in 1888, Cleveland won the popular vote over Harrison, but lost in the electoral college. In a re-match, Cleveland won both the popular and electoral vote, thus becoming the first and to only person in American history to be elected to a second. The campaign centered mainly on issues, especially the concept of a sound currency. Cleveland was a proponent of the standard, while the Republicans. Cleveland also ran on a platform of lowering tariffs and opposed the Republicans 1890 voting rights proposal, as of 1892, Cleveland was one of only two people to win the popular vote in three U. S. presidential elections. In the 20th century Franklin D. Roosevelt eventually exceeded this distinction by winning the vote in four consecutive elections. Cleveland also became the first Democrat to be nominated by his party three times, a distinction matched later only by William Jennings Bryan and exceeded by Franklin D. Roosevelt, Blaine had been the Republican nominee in 1884 when he was beaten by Democrat Grover Cleveland. Blaine, however, did not want another fight for the nomination and his health had begun to fail, and three of his children had recently died. Blaine refused to run actively, but the nature of his responses to a draft effort fueled speculation that he was not averse to such a movement. A boom began to build around the draft Blaine effort with supporters hoping to cause a break towards their candidate, like Blaine, however, he was averse to another bitter battle for the nomination and like the rebels down South, want to be let alone. This inevitably turned attention to Ohios Governor William McKinley, who was indecisive as to his intentions in spite his ill feelings toward Harrison and he was not averse to receiving the nomination, but did not expect to win it either. However, should Blaine and Harrison fail to attain the nomination after a number of ballots, in any case, the presidents forces had the nomination locked up by the time delegates met in Minneapolis, Minnesota, on June 7–10,1892. Richard Thomas from Indiana delivered Harrisons nominating speech, Harrison was nominated on the first ballot with 535.17 votes to 182.83 for Blaine,182 for McKinley, and the rest scattered. With the ballots counted, many observers were surprised at the strength of the McKinley vote, whitelaw Reid from New York, editor of the New York Tribune and recent United States Ambassador to France, was nominated for vice-president. The incumbent Vice President, Levi Morton, was supported by many at the convention, including Reid himself, Harrison also did not want to have Morton on the ticket. By the beginning of 1892, many Americans were ready to return to Clevelands political policies, though he had remained relatively quiet on the issue of silver versus gold, often deferring to bi-metallism, Senate Democrats in January 1891 voted for free coinage of silver
18.
James B. Weaver
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James Baird Weaver was a member of the United States House of Representatives and two-time candidate for President of the United States. Born in Ohio, he moved to Iowa as a boy when his claimed a homestead on the frontier. He became politically active as a man and was an advocate for farmers and laborers. He joined and quit several political parties in the furtherance of the causes in which he believed. After serving in the Union Army in the American Civil War, Weaver returned to Iowa, as a Greenbacker with Democratic support, Weaver won election to the House in 1878. The Greenbackers nominated Weaver for president in 1880, but he received only 3.3 percent of the popular vote, after several more attempts at elected office, he was again elected to the House in 1884 and 1886. In Congress, he worked for expansion of the money supply, as the Greenback Party fell apart, a new anti-big business third party, the Peoples Party, arose. Weaver helped to organize the party and was their nominee for president in 1892 and this time he was more successful and gained 8.5 percent of the popular vote and won five states, but still fell far short of victory. The Populists merged with the Democrats by the end of the 19th century, and Weaver went with them, promoting the candidacy of William Jennings Bryan for president in 1896,1900, and 1908. After serving as mayor of his town, Colfax, Iowa. Most of Weavers political goals remained unfulfilled at his death, James Baird Weaver was born in Dayton, Ohio, on June 12,1833, the fifth of thirteen children of Abram Weaver and Susan Imlay Weaver. Weavers father was a farmer, also born in Ohio, and he married Weavers mother, who was from New Jersey, in 1824. Shortly after Weavers birth, in 1835, the moved to a farm nine miles north of Cassopolis. In 1842, the family moved again to the Iowa Territory to await the opening of former Sac and they claimed a homestead along the Chequest Creek in Davis County. Abram Weaver built a house and farmed his new land until 1848, when the family moved to Bloomfield, Abram Weaver, a Democrat involved in local politics, was elected clerk of the district court in 1848, he often vied for election to other offices, usually unsuccessfully. Weavers brother-in-law, Hosea Horn, a Whig, was appointed postmaster the following year, in 1851, Weaver quit the mail route to read law with Samuel G. McAchran, a local lawyer. Two years later, Weaver interrupted his career to accompany another brother-in-law, Dr. Calvin Phelps, on a cattle drive overland from Bloomfield to Sacramento. Weaver initially intended to stay and prospect for gold, but instead booked passage on a ship for Panama and he crossed the isthmus, boarded another ship to New York, and returned home to Iowa
19.
James G. Field
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James Gaven Field was an Attorney General of Virginia and the Peoples Party candidate for Vice President of the United States in 1892. James Gaven Field was born at Walnut, Culpeper County, Virginia, the son of Judge Lewis Yancy and Maria Field, after attending a classical school, he engaged in mercantile pursuits at Fairfax, Virginia, and subsequently taught school. In 1848 he accompanied Maj. Hill, paymaster in the U. S. Army, to California as clerk, Field, and was admitted to the bar in 1852. He was the Commonwealth’s attorney of his county during 1859-61. In the civil war he served on the staff of General A. P. Hill, with the rank of major, was wounded at the Battle of Cold Harbor and lost a leg at the Battle of Cedar Creek. He became Attorney General of Virginia in 1877, and after serving five years in this capacity retired to a farm in Albemarle County, in 1892 he was the Peoples Party candidate for Vice President of the United States on the ticket with James B. Weaver for president. The ticket also received 1,041,028 popular votes and he was married, first in 1854, to a Miss Cowherd, and, second, in 1882, to Miss Logwood. His last years were spent in Gordonsville, Virginia, and he died there, October 12,1901
20.
Free silver
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Free silver was a major policy issue in late 19th-century American politics. Its advocates were in favor of a monetary policy using the free coinage of silver as opposed to the deflationary gold standard. The Silverites promoted bimetallism, the use of silver and gold as currency at the ratio of 16 to 1. Because the actual ratio was about 32 to 1 at the time. Everyone agreed that free silver would raise prices, the question was whether or not this inflationary measure would be beneficial, Free silver was especially popular among farmers in the wheat belt and the cotton belts, as well as silver miners in the West. It had little support among farmers in the Northeast and the Corn Belt, the Populists also endorsed Bryan and free silver in 1896, which marked the effective end of their independence. In major elections free silver was consistently defeated, and after 1896 the nation moved to the gold standard. S, under the gold specie standard, anyone in possession of gold bullion could deposit it at a mint where it would be processed into gold coins. Less a nominal seigniorage to cover processing costs, the coins would then be paid to the depositor, from that time until the early 1960s the silver content in United States dimes, quarters, half dollars and silver dollars was worth only a fraction of their face values. Free coinage of silver would have amounted to an increase in the money supply and they argued that inflation meant guaranteed higher prices for everyone, and real gains chiefly for the silver interests. In 1896 Senator Henry M. Teller of Colorado led many western Republicans to bolt and form a party that supported William Jennings Bryan. The Sherman Silver Purchase Act of 1890, while falling short of free silvers goals, however, the U. S. government paid for that silver bullion in gold notes—and actually reduced their coinage of silver. The result was a run on the Treasurys gold reserves which was one of the reasons for the Panic of 1893. Once he regained power, and after the Panic of 1893 had begun, Grover Cleveland engineered the repeal of the Act, the Populist Party had a strong free-silver element. Bryans 1896 candidacy was supported by Populists and silver Republicans as well as by most Democrats, the issue was over what would back the US currency. The two options were, gold and silver, unbacked paper represented a third option. Three fraternal organizations rose to prominence during the mid-1890s and supported the campaign in 1896. They all disappeared after the failure of the campaign, freemens Protective Silver Federation - Founded in 1894 in Spokane, Washington. It adopted a constitution, bye-laws and ritual at Pullman, Washington late that year and their stated goal was to unite the friends of silver under one banner to battle for the white metal and to wage war against the gold monopoly
21.
Silver certificate (United States)
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Silver certificates are a type of representative money issued between 1878 and 1964 in the United States as part of its circulation of paper currency. They were produced in response to silver agitation by citizens who were angered by the Fourth Coinage Act, the certificates were initially redeemable for their face value of silver dollar coins and later in raw silver bullion. Since 1968 they have been only in Federal Reserve Notes and are thus obsolete. Large-size silver certificates were issued initially in denominations from $10 to $1,000 and in 1886 the $1, $2, in 1928, all United States bank notes were re-designed and the size reduced. The small-size silver certificate was issued in denominations of $1, $5. The complete type set below is part of the National Numismatic Collection at the Smithsonians National Museum of American History, the Coinage Act of 1873 intentionally omitted language authorizing the coinage of “standard” silver dollars and ended the bimetallic standard that had been created by Alexander Hamilton. By 1875 business interests invested in silver wanted the bimetallic standard restored, people began to refer to the passage of the Act as the Crime of 73. Further public agitation for silver use was driven by fear that there was not enough money in the community. Members of Congress claimed ignorance that the 1873 law would lead to the demonetization of silver, some blamed the passage of the Act on a number of external factors including a conspiracy involving foreign investors and government conspirators. In response, the Bland–Allison Act, as it came to be known, was passed by Congress on 28 February 1878, the first silver certificates were issued in denominations of $10 through $1,000. Reception by financial institutions was cautious, while more convenient and less bulky than dollar coins, the silver certificate was not accepted for all transactions. Congress used the National Banking Act of 12 July 1882 to clarify the legal status of silver certificates by clearly authorizing them to be included in the lawful reserves of national banks. A general appropriations act of 4 August 1886 authorized the issue of $1, $2, the introduction of low-denomination currency greatly increased circulation. Over the 12-year lifespan of the Bland–Allison Act, the United States government would receive a seigniorage amounting to roughly $68 million, Treasury Secretary Franklin MacVeagh appointed a committee to investigate possible advantages to issuing smaller sized United States banknotes. Due in part to the outbreak of World War I and the end of his appointed term, any recommendations may have stalled. On 20 August 1925, Treasury Secretary Andrew W. Mellon appointed a committee and in May 1927 accepted their recommendations for the size reduction. On 10 July 1929 the new currency was issued. This required that the Treasury maintain stocks of dollars to back
22.
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
23.
Northern Pacific Railway
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The Northern Pacific Railway was a transcontinental railroad that operated across the northern tier of the western United States from Minnesota to the Pacific Coast. It was approved by Congress in 1864 and given nearly 40 million acres of land grants, which it used to raise money in Europe for construction. The railroad had about 6800 miles of track and served an area, including extensive trackage in the states of Idaho, Minnesota, Montana, North Dakota, Oregon, Washington. In addition the company had a branch to Winnipeg, Manitoba. The main activities were shipping wheat and other products, cattle, timber and minerals, bringing in consumer goods, transporting passengers. The company was headquartered first in Brainerd, Minnesota, then in Saint Paul and it had a tumultuous financial history, and in 1970 it merged with other lines to form the Burlington Northern Railroad. Congress granted the railroad a potential 60 million acres of land in exchange for building rail transportation to an undeveloped territory, Josiah Perham was elected its first president on December 7,1864. It could not use all the land and in the end took just under 40 million acres, for the next six years, backers of the road struggled to find financing. Though John Gregory Smith succeeded Perham as president on January 5,1865, groundbreaking did not take place until February 15,1870, at Carlton, Minnesota,25 miles west of Duluth, Minnesota. The backing and promotions of famed financier Jay Cooke in the summer of 1870 brought the first real momentum to the company, over the course of 1871, the Northern Pacific pushed westward from Minnesota into present-day North Dakota. Surveyors and construction crews had to maneuver through swamps, bogs, the difficult terrain and insufficient funding delayed by six months the construction phase in Minnesota. The NP also began building its line north from Kalama, Washington Territory, on the Columbia River outside of Portland, Oregon, towards Puget Sound. Four small construction engines were purchased, the Minnetonka, Itaska, Ottertail and St. Cloud, in Minnesota, the Lake Superior and Mississippi Railroad completed construction of its 155-mile line stretching from Saint Paul to Lake Superior at Duluth in 1875. It was leased to the Northern Pacific the following year, and was absorbed by the Northern Pacific. The Northern Pacific Railroad reached Fargo, Dakota Territory, early in June 1872, the following year, in June 1873, the N. P. reached the shores of the Missouri River, at Edwinton D. T. In the west, the track extended 25 miles north from Kalama, surveys were carried out in North Dakota protected by 600 troops under General Winfield Scott Hancock. Headquarters and shops were established in Brainerd, Minnesota, a named for the President John Gregory Smiths wife Anna Elizabeth Brainerd. A severe stock market crash and financial collapse after 1873, led by the Credit Mobilier Scandal, in 1886, the company put down 164 miles of main line across North Dakota, with an additional 45 miles in Washington
24.
Union Pacific Railroad
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The Union Pacific Railroad is a freight hauling railroad that operates 8,500 locomotives over 32,100 route-miles in 23 states west of Chicago, Illinois and New Orleans, Louisiana. The Union Pacific Railroad network is the largest in the United States and it is also one of the worlds largest transportation companies. Union Pacific Railroad is the operating company of Union Pacific Corporation. Union Pacific Corporations main competitor is the BNSF Railway, the second largest freight railroad. Together, the two railroads have a duopoly on all freight rail lines in the U. S. The original company was incorporated on July 1,1862, under an act of Congress entitled Pacific Railroad Act of 1862. The act was approved by President Abraham Lincoln, and it provided for the construction of railroads from the Missouri River to the Pacific as a war measure for the preservation of the Union. It was constructed westward from Council Bluffs, Iowa to meet the Central Pacific Railroad line, the line was constructed primarily by Irish labor who had learned their craft during the recent Civil War. The two lines were joined together at Promontory Summit, Utah,53 miles west of Ogden on May 10,1869, hence creating the first transcontinental railroad in North America. Under the guidance of its dominant stockholder Dr. Thomas Clark Durant, the namesake of the city of Durant, Iowa, the first rails were laid in Omaha. It built or purchased local lines that gave it access to Denver, Colorado, to Portland, Oregon and it also owned narrow gauge trackage into the heart of the Colorado Rockies and a standard gauge line south from Denver across New Mexico into Texas. UP was entangled in the Crédit Mobilier scandal, exposed in 1872 and its independent construction company the Crédit Mobilier had bribed congressmen. The UP itself was not guilty but it did get bad publicity, the financial crisis of 1873 led to financial troubles but not bankruptcy. The company was reorganized as the Union Pacific Railway on January 24,1880, the new company declared bankruptcy during the Panic of 1893. When it emerged in 1897 it reverted to the original name, the corporate headquarters of the Union Pacific Corporation were located in New York City from its initial founding in the 1860s until Drew Lewis became CEO in the mid-1980s. He relocated it to Bethlehem, Pennsylvania, later the headquarters was shifted to Dallas, Texas, before relocating to Omaha to join the operating headquarters. From the ICC annual reports, except 1979 is from Moodys, on December 31,1925 UP-OSL-OWRN-LA&SL-StJ&GI operated 9,834 route-miles and 15,265 track-miles. At the end of 1980, Union Pacific operated 9,266 route-miles and 15,647 miles of track, Moodys shows 220,697 million revenue ton-miles in 1993 on the expanded system
25.
Atchison, Topeka and Santa Fe Railway
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The Atchison, Topeka and Santa Fe Railway, often abbreviated as Santa Fe or AT&SF, was one of the larger railroads in the United States. Chartered in February 1859, the reached the Kansas-Colorado border in 1873 and Pueblo, Colorado. To create a demand for its services, the set up real estate offices. Despite the name, its main line never served Santa Fe, New Mexico, as the terrain was too difficult, the Santa Fe was a pioneer in intermodal freight transport, an enterprise that included a tugboat fleet and an airline. Its bus line extended passenger transportation to areas not accessible by rail, the AT&SF was the subject of a popular song, Harry Warren & Johnny Mercers On the Atchison, Topeka and the Santa Fe, written for the film, The Harvey Girls. The railroad officially ceased operations on December 31,1996, when it merged with the Burlington Northern Railroad to form the Burlington Northern & Santa Fe Railway. The Atchison, Topeka & Santa Fe Railway was chartered on February 11,1859, to join Atchison and Topeka, Kansas, with Santa Fe, in its early years, the railroad opened Kansas to settlement. Much of its revenue came from wheat grown there and from cattle driven north from Texas to Wichita, rather than turn its survey southward at Dodge City, AT&SF headed southwest over Raton Pass because of coal deposits near Trinidad, Colorado and Raton, New Mexico. D&RG paid an estimated $1.4 million to Santa Fe for its work within the Gorge and agreed not to extend its line to Santa Fe, while Santa Fe agreed to forego its planned routes to Denver and Leadville. Building across Kansas and eastern Colorado was simple, with few natural obstacles and it set up real estate offices in the area and promoted settlement across Kansas on the land that was granted to it by Congress in 1863. It offered discounted fares to anyone who traveled west to land, if the land was purchased. AT&SF reached Albuquerque in 1880, Santa Fe, the destination of the railroad, found itself on a short branch from Lamy. In March 1881 AT&SF connected with the Southern Pacific at Deming, New Mexico, the railroad then built southwest from Benson, Arizona, to Nogales on the Mexican border where it connected with the Sonora Railway, which the AT&SF had built north from the Mexican port of Guaymas. The Atlantic & Pacific Railroad was chartered in 1866 to build west from Springfield, Missouri, the infant A&P had no rail connections. The line that was to become the St. Louis–San Francisco Railway would not reach Springfield for another four years, A&P started construction in 1868, built southwest into what would become Oklahoma, and promptly entered receivership. In 1879 A&P struck a deal with the Santa Fe and Frisco railroads to construct a line for each. The railroads would jointly build and own the A&P railroad west of Albuquerque, in 1883 A&P reached Needles, California, where it connected with an SP line. A&P also built a line between Tulsa, Oklahoma and St. Louis, Missouri for the Frisco, but the Tulsa-Albuquerque portion remained unbuilt, by January 1890, the entire system consisted of some 7,500 miles of track
26.
Soup kitchen
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A soup kitchen, meal center, or food kitchen is a place where food is offered to the hungry for free or at a below market price. Frequently located in neighborhoods, they are often staffed by volunteer organizations. Many historical and some modern soup kitchens serve only soup with perhaps some bread, while societies have been using various methods to share food with the hungry for millennia, the first soup kitchens in the modern sense may have emerged in the late 18th century. By the late 19th century, they were to be found in several American and European cities, in the United States and elsewhere, they became more prominent in the 20th century during the Great Depression. With the improved economic conditions that followed World War II, soup kitchens became less widely used, in the United States there was a resurgence in the use of soup kitchens following the cutbacks in welfare that were implemented in the early 1980s. In the 21st century, the use of soup kitchens expanded in both the United States and Europe, following the lasting global inflation in the price of food began in late 2006. Demand for their services grew as the Great Recession began to worsen economic conditions for those on low income, in much of Europe, demand further increased after the introduction of austerity-based economic policies from 2010. The earliest occurrences of soup kitchens are difficult to identify, throughout history, societies have invariably recognized a moral obligation to feed the hungry. The philosopher Simone Weil wrote that feeding the hungry when one has resources to do so is the most obvious obligation of all. She also said that as far back as Ancient Egypt, it was believed that people needed to show they had helped the hungry in order to themselves in the afterlife. Soup has long been one of the most economical and simple ways to supply food to large numbers of people. As markets began to replace the older forms of resource allocation such as Redistribution, Reciprocity, but food insecurity could become worse for the poorest section of society, and the need arose for more formal methods for providing them with food. Christian churches traditionally provided food for the hungry since Late antiquity, the earliest modern soup kitchens were established by the inventor Sir Benjamin Thompson, who was employed as an aide-de-camp to the Elector of Bavaria in the 1790s. Thompson was an American loyalist refugee from New England an inventor who was ennobled by Bavaria as Count Rumford, the count was a prominent advocate of hunger relief, writing pamphlets that were widely read across Europe. His message was well received in Great Britain, where he had previously held a senior government position for several years and was known as the Colonel. An urgent need had arisen in Britain for food relief. While technological development and economic reforms were rapidly increasingly overall prosperity, conditions for the poorest were often made worse, as traditional ways of life were disrupted. While soup kitchens were generally regarded, they did attract criticism from some, for encouraging dependency
27.
Hazen S. Pingree
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Hazen Stuart Pingree was a four-term Republican mayor of Detroit and the 24th Governor of the U. S. State of Michigan. A Yankee who migrated from New England, he was a Georgist social reformer who battled corporations and was a leader of the Progressive Movement. A businessman with no experience, Pingree was elected mayor in 1889 after a colorful campaign in which Pingree revealed his tolerance by making a circuit of saloons. Pingree added to the old stock Yankee Republican base by making large inroads into the German and Canadian elements and he was reelected in 1891,1893 and 1895. Warning repeatedly against the dangers of government by corporations, he launched nationally visible crusades against Detroits streetcar, gas, electric and he successfully forced rate reductions that won him widespread popularity. He won public approval for an electric light plant, and became a national spokesman for municipal ownership and close regulation of utilities. When the nationwide Panic of 1893 caused a depression, Pingree gained support by opening empty lots to garden farming – people called him Potato Patch Pingree. Pingree was a Republican, and had nothing to do with the Populist Party that had considerable support among union members. He supported the standard in 1896, and worked to carry Michigan for William McKinley over silverite William Jennings Bryan in the intensely competitive 1896 U. S. presidential election. Pingree was on the ballot, too, and was elected governor of Michigan and this led to a rational basis for railroad regulation and taxation, emulated by Progressive reformers in other states and nationwide. A survey of scholars in 1999 ranked Pingree as the fourth best mayor in all of American history, Pingree was born in Denmark, Maine, to Jasper Pingree and Adeline Pingree and attended the common schools in Maine. At the age of fourteen, he moved to Saco, Maine, two years later, he moved to Hopkinton, Massachusetts, and worked several years as a cutter in a shoe factory. In 1862, Pingree enlisted in the Union Army to serve in the Civil War with the 1st Massachusetts Heavy Artillery Regiment and he fought on the front line during General Pope’s Northern Virginia Campaign and the Second Battle of Bull Run. The regiment he fought with was ordered to defend Washington, D. C. until May 15,1864. He fought with the Second Brigade of Tyler’s Division, Second Corps, which participated in battles at Fredericksburg Road, Harris Farm, Pingree was confined in Confederate prisons at Gordonsville and Lynchburg, Virginia, and at Salisbury, North Carolina. Pingree rejoined his regiment, fought in more battles, and was present at Appomattox Court House when Robert E. Lee surrendered on April 9,1865. A few months later, on August 15, his regiment was mustered out, Pingree was a cobbler by trade and, following the war, moved to Detroit and briefly worked for H. P. Baldwins shoe company. In 1866, Pingree and his accountant, Charles H. Smith, purchased Baldwins shoe-making machinery and formed the Pingree, in 1883, Smith retired from the firm and J. B
28.
J. P. Morgan
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John Pierpont J. P. Morgan was an American financier and banker who dominated corporate finance and industrial consolidation in late 19th and early 20th Century United States. In 1892, Morgan arranged the merger of Edison General Electric and he was instrumental in the creation of the United States Steel Corporation, International Harvester and AT&T. He directed the banking coalition that stopped the Panic of 1907 and he was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business. Morgan has been described as America’s greatest banker, Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan, Jr. His fortune was estimated at only US$80 million, prompting John D. Rockefeller to say, Morgan was born into the influential Morgan family in Hartford, Connecticut, and was raised there. He was the son of Junius Spencer Morgan and Juliet Pierpont, Pierpont, as he preferred to be known, had a varied education due in part to the plans of his father. In the fall of 1848, Pierpont transferred to the Hartford Public School and then to the Episcopal Academy in Cheshire, Connecticut, boarding with the principal. In September 1851, Morgan passed the exam for The English High School of Boston. In the spring of 1852, an illness struck which was to more common as his life progressed. Rheumatic fever left him in so much pain that he could not walk and he convalesced there for almost a year, then returned to the English High School in Boston to resume his studies. After he graduated, his father sent him to Bellerive, a school near the Swiss village of Vevey and his father then sent him to the University of Göttingen in order to improve his German. He attained a level of German within six months and also a degree in art history, then traveled back to London via Wiesbaden. Morgan went into banking in 1857 at the London branch of merchant banking firm Peabody, in 1858, he moved to New York City to join the banking house of Duncan, Sherman & Company, the American representatives of George Peabody and Company. Morgan had avoided serving during the war by paying a substitute $300 to take his place, from 1860 to 1864, as J. Pierpont Morgan & Company, he acted as agent in New York for his fathers firm, renamed J. S. Morgan & Co. upon Peabodys retirement in 1864, from 1864–72, he was a member of the firm of Dabney, Morgan, and Company. In 1871, he partnered with the Drexels of Philadelphia to form the New York firm of Drexel, at that time, Anthony J. Drexel became Pierponts mentor at the request of Junius Morgan. After the death of Anthony Drexel, the firm was rechristened J. P. Morgan & Company in 1895, retaining close ties with Drexel & Company of Philadelphia, Morgan, Harjes & Company of Paris, and J. S. By 1900, it was one of the most powerful banking houses of the world, Morgan had many partners over the years, such as George W. Perkins, but always remained firmly in charge
29.
Black Friday (1869)
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The Black Friday, September 24,1869, gold panic was caused by the efforts of two speculators, Jay Gould and his partner James Fisk, to corner the gold market on the New York Gold Exchange. The scandal took place during the Presidency of Ulysses S. Grant whose policy was to sell weekly Treasury gold to pay off the debt, stabilize the dollar. The country had gone through tremendous upheaval during the Civil War and was not yet fully restored and this period, known as the Gilded Age, was a time of great industrial growth which invited much investment and speculation. Gould and Fisk used their personal appearances with Grant to gain clout on Wall Street, at the same time, Gould and Fisk began buying gold at Goulds New York Gold Room raising the price of gold. A panic on Wall Street ensued and the country went through a few months of economic turmoil, thanks to the efforts of Grant, members of his administration and others a national depression was averted. Gould and Fisk, having hired the best defense, and favored by Tweed Ring judges, an 1870 government investigation, headed by James A. Garfield, exonerated Grant of any illicit involvement in the conspiracy. It was generally believed that the U. S. Government would ultimately redeem the greenbacks with gold, Grant believed that putting sound money back into circulation was the best approach to restoring the economy. Grant put in charge of the U. S. Treasury the talented George S. Boutwell whose primary task was to reduce the national debt, to accomplish this Boutwell, in April, ordered his assistant treasurer to sell gold from the Treasury and buy up wartime bonds. He also initiated reforms in the Treasury Department by improving methods of tax collecting and attacking the problem of counterfeiting, by the end of May the national debt had been reduced by $12 million. Boutwells treasury policy of reducing the national debt kept the supply level. The purpose of Grants fiscal policy was to reduce the amount of greenbacks in the economy, Gould bribed Butterfield with a $10,000 check, more than Butterfields annual salary of $8,000. Butterfield agreed to tip the men off when the government intended to sell gold, Gould and Fisk then recruited Grants brother-in-law, a financier named Abel Corbin who had married Grants younger sister Jennie. Corbin was considered a smooth talker and had made money speculating in real estate and they used Corbins relationship to get close to Grant in social situations, where they would argue against government sale of gold, and Corbin would support their arguments. Not accustomed to having such offers turned down, Gould went ahead and made the purchase, when Porter was informed of Goulds unauthorized transaction he refused the offer in writing. In similar fashion Corbin approached Grants wife Julia and attempted to entice her into accepting half interest in $250,000 in bonds, but she turned that offer down. Gould secured owning interest in the federally audited New Yorks Tenth National Bank, in addition to meeting at Corbins mansion home, Fisk and Gould also talked with Grant on their Erie Canal railroad car and in Fisks box seats at New Yorks Fifth Avenue Theatre. When Gould planted an idea in Grant that if gold prices increased, it would lower the dollar, both Grant and Boutwell strongly felt that the nations war time debt had to be paid to assure the credibility of the United States in the eyes of the European banks. To accomplish this Boutwell began selling gold from the Treasurys reserve of $100 million specie, without the Presidents consent, Boutwells controversial approach was endorsed by Grant, giving Boutwell all the latitude he needed
30.
Second-term curse
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The second-term curse is the perceived tendency of second terms of U. S. presidents to be less successful than their first terms. According to the curse, the terms of U. S. presidents have usually been plagued by a major scandal, policy inertia, some sort of catastrophe. There have been twenty-one U. S. presidents who have served a second term and this legend notwithstanding, several presidents who served prior to Roosevelt, including Washington himself, allegedly succumbed to the curse
31.
Pullman Strike
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The Pullman Strike was a nationwide railroad strike in the United States on May 11,1894 and a turning point for US labor law. It pitted the American Railway Union against the Pullman Company, the railroads. The strike and boycott shut down much of the freight and passenger traffic west of Detroit. The conflict began in Pullman, Chicago, on May 11 when nearly 4,000 factory employees of the Pullman Company began a strike in response to recent reductions in wages. Most factory workers who built Pullman cars lived in the town of Pullman on the Southside of Chicago. The industrialist George Pullman had designed it ostensibly as a model community, George Pullman had a diverse work force. He wanted to hire African-Americans for certain jobs at the company, Pullman used ads and other campaigns to help bring workers into his company. When his company laid off workers and lowered wages, it did not reduce rents, and they had not yet formed a union. Founded in 1893 by Eugene V. Debs, the ARU was an organization of unskilled railroad workers, Debs brought in ARU organizers to Pullman and signed up many of the disgruntled factory workers. When the Pullman Company refused recognition of the ARU or any negotiations, ARU called a strike against the factory, to win the strike, Debs decided to stop the movement of Pullman cars on railroads. The over-the-rail Pullman employees did not go on strike, Debs and the ARU called a massive boycott against all trains that carried a Pullman car. It affected most rail lines west of Detroit and at its peak involved some 250,000 workers in 27 states, the Railroad brotherhoods and the American Federation of Labor opposed the boycott, and the General Managers Association of the railroads coordinated the opposition. Thirty people were killed in response to riots and sabotage that caused $80 million in damages, the federal government obtained an injunction against the union, Debs, and other boycott leaders, ordering them to stop interfering with trains that carried mail cars. After the strikers refused, President Grover Cleveland ordered in the Army to stop the strikers from obstructing the trains, violence broke out in many cities, and the strike collapsed. Defended by a team including Clarence Darrow, Debs was convicted of violating an order and sentenced to prison. During a severe depression, the Pullman Palace Car Company cut wages as demand for new passenger cars plummeted, a delegation of workers complained that wages had been cut but not rents at their company housing or other costs in the company town. The company owner, George Pullman, refused to lower rents or go to arbitration, the plan was to force the railroads to bring Pullman to compromise. Debs began the boycott on June 26,1894, within four days,125,000 workers on twenty-nine railroads had walked off the job rather than handle Pullman cars
32.
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
33.
Wayback Machine
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The Internet Archive launched the Wayback Machine in October 2001. It was set up by Brewster Kahle and Bruce Gilliat, and is maintained with content from Alexa Internet, the service enables users to see archived versions of web pages across time, which the archive calls a three dimensional index. Since 1996, the Wayback Machine has been archiving cached pages of websites onto its large cluster of Linux nodes and it revisits sites every few weeks or months and archives a new version. Sites can also be captured on the fly by visitors who enter the sites URL into a search box, the intent is to capture and archive content that otherwise would be lost whenever a site is changed or closed down. The overall vision of the machines creators is to archive the entire Internet, the name Wayback Machine was chosen as a reference to the WABAC machine, a time-traveling device used by the characters Mr. Peabody and Sherman in The Rocky and Bullwinkle Show, an animated cartoon. These crawlers also respect the robots exclusion standard for websites whose owners opt for them not to appear in search results or be cached, to overcome inconsistencies in partially cached websites, Archive-It. Information had been kept on digital tape for five years, with Kahle occasionally allowing researchers, when the archive reached its fifth anniversary, it was unveiled and opened to the public in a ceremony at the University of California, Berkeley. Snapshots usually become more than six months after they are archived or, in some cases, even later. The frequency of snapshots is variable, so not all tracked website updates are recorded, Sometimes there are intervals of several weeks or years between snapshots. After August 2008 sites had to be listed on the Open Directory in order to be included. As of 2009, the Wayback Machine contained approximately three petabytes of data and was growing at a rate of 100 terabytes each month, the growth rate reported in 2003 was 12 terabytes/month, the data is stored on PetaBox rack systems manufactured by Capricorn Technologies. In 2009, the Internet Archive migrated its customized storage architecture to Sun Open Storage, in 2011 a new, improved version of the Wayback Machine, with an updated interface and fresher index of archived content, was made available for public testing. The index driving the classic Wayback Machine only has a bit of material past 2008. In January 2013, the company announced a ground-breaking milestone of 240 billion URLs, in October 2013, the company announced the Save a Page feature which allows any Internet user to archive the contents of a URL. This became a threat of abuse by the service for hosting malicious binaries, as of December 2014, the Wayback Machine contained almost nine petabytes of data and was growing at a rate of about 20 terabytes each week. Between October 2013 and March 2015 the websites global Alexa rank changed from 162 to 208, in a 2009 case, Netbula, LLC v. Chordiant Software Inc. defendant Chordiant filed a motion to compel Netbula to disable the robots. Netbula objected to the motion on the ground that defendants were asking to alter Netbulas website, in an October 2004 case, Telewizja Polska USA, Inc. v. Echostar Satellite, No.02 C3293,65 Fed. 673, a litigant attempted to use the Wayback Machine archives as a source of admissible evidence, Telewizja Polska is the provider of TVP Polonia and EchoStar operates the Dish Network
34.
The Wonderful Wizard of Oz
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The story chronicles the adventures of a young farm girl named Dorothy in the magical Land of Oz, after she and her pet dog Toto are swept away from their Kansas home by a cyclone. The novel is one of the stories in American literature and has been widely translated. The Library of Congress has declared it Americas greatest and best-loved homegrown fairytale and its groundbreaking success and the success of the Broadway musical adapted from the novel led Baum to write thirteen additional Oz books that serve as official sequels to the first story. Baum dedicated the book to my good friend & comrade, My Wife, in January 1901, George M. Hill Company completed printing the first edition, a total of 10,000 copies, which quickly sold out. The Wonderful Wizard of Oz sold three million copies by the time it entered the domain in 1956. The book was published by George M. Hill Company and its first edition had a printing of 10,000 copies and was sold in advance of the publication date of September 1,1900. On May 17,1900, the first copy of the book came off the press, Baum assembled it by hand, the public saw the book for the first time at a book fair at the Palmer House in Chicago, July 5–20. The books copyright was registered on August 1, full distribution followed in September, by October 1900, the first edition had already sold out and the second edition of 15,000 copies was nearly depleted. In a letter to his brother Harry, Baum wrote that the books publisher George M. Hill predicted a sale of about 250,000 copies, in spite of this favorable conjecture, Hill did not initially predict that the book would be phenomenally successful. He agreed to publish the book only when the manager of the Chicago Grand Opera House Fred R. Hamlin committed to making The Wonderful Wizard of Oz into a stage play to publicize the novel. The play The Wizard of Oz debuted on June 16,1902 and it was revised to suit adult preferences and was crafted as a musical extravaganza, with the costumes modeled after Denslows drawings. Hills publishing company became bankrupt in 1901, so Baum and Denslow agreed to have the Indianapolis-based Bobbs-Merrill Company resume publishing the novel, Baums son Harry Neal told the Chicago Tribune in 1944 that L. Frank told his children whimsical stories before they became material for his books. Harry called his father the swellest man I knew, a man who was able to give a decent reason as to why black birds cooked in a pie could afterwards get out, by 1938, more than one million copies of the book had been printed. Less than two decades later in 1956, the sales of his novel had grown to three million copies in print, Dorothy is a young girl who lives with her Aunt Em and Uncle Henry and her little dog Toto on a Kansas farm. One day, Dorothy and Toto are caught up in a cyclone that deposits her farmhouse into Munchkin Country in the magical Land of Oz, the falling house has killed the Wicked Witch of the East, the evil ruler of the Munchkins. The Good Witch of the North arrives with the grateful Munchkins, the Good Witch tells Dorothy that the only way she can return home is to go to the Emerald City and ask the great and powerful Wizard of Oz to help her. As Dorothy embarks on her journey, the Good Witch of the North kisses her on the forehead, on her way down the yellow brick road, Dorothy attends a banquet held by a Munchkin man named Boq. The next day, Dorothy frees the Scarecrow from the pole on which he is hanging, applies oil from a can to the connections of the Tin Woodman
35.
Review of Reviews
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The Review of Reviews was a noted family of monthly journals founded in 1890-1893 by British reform journalist William Thomas Stead. As a result, the Criminal Law Amendment Act 1885 raised the consent age for girls from thirteen to sixteen, as editor of the London Pall Mall Gazette, Stead caused newspapers to appear the way they are today. He introduced cross-heads and signed articles, popularized interviews, and started illustrations, an advanced feminist, he was the first London editor to pay women equally with men. He authored many books, including The Truth about Russia, If Christ Came to Chicago, and The Americanization of the World. His essay How the Mail Steamer Went Down in Mid Atlantic is considered his first prediction of the sinking of the RMS Titanic, Stead himself died in the sinking of the Titanic in 1912. The Review of Reviews was started in January 1890 by W. T, Stead and Tit-Bits proprietor Sir George Newnes. It was originally to be called the Six Penny Monthly and Review of Reviews, according to Stead, it was the maddest thing he had yet done, on account that the venture had been decided on only a month before. The Review mirrored Steads own over-active imagination and was written almost exclusively by him, the first issue was an instant success, and opened with numerous facsimiled welcome messages which Stead had courted from various dignitaries of the time. However, Steads relationship with Newnes came under strain when the latter objected to Steads scathing character sketch of The Times newspaper. Perhaps seeing this discord as a sign of things to come, Newnes severed ties, after buying out Newness share, Stead shaped the Review after his own image. With article titles such as Baby-killing as an Investment and Ought Mrs. Maybrick to be Tortured to Death, Stead showed he had lost none of the sledge hammer force of his journalistic days. He also involved the Review in social work, setting up the Association of Helpers, Stead was an early supporter and speaker of the language Esperanto and devoted one page to its promulgation in every issue. This was particularly the case during the Boer War, when his stance caused sales to slump to critical levels. Steads attempt to recoup his losses, with the launch of the ill-fated The Daily Paper, was a failure and, almost bankrupt. The Review somehow limped on, buoyed up by a narrow, but, following the loss of Stead in the Titanic disaster, it lost much of its force and, in c. 1917, was sold for just £25,000 and it was eventually merged with World magazine and renamed the World Review in 1940. One of its editors was Lovat Dickson. The American Review of Reviews was edited by the American academic, journalist, published from New York, The American Review of Reviews ran simultaneously alongside its British counterpart
36.
JSTOR
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JSTOR is a digital library founded in 1995. Originally containing digitized back issues of journals, it now also includes books and primary sources. It provides full-text searches of almost 2,000 journals, more than 8,000 institutions in more than 160 countries have access to JSTOR, most access is by subscription, but some older public domain content is freely available to anyone. William G. Bowen, president of Princeton University from 1972 to 1988, JSTOR originally was conceived as a solution to one of the problems faced by libraries, especially research and university libraries, due to the increasing number of academic journals in existence. Most libraries found it prohibitively expensive in terms of cost and space to maintain a collection of journals. By digitizing many journal titles, JSTOR allowed libraries to outsource the storage of journals with the confidence that they would remain available long-term, online access and full-text search ability improved access dramatically. Bowen initially considered using CD-ROMs for distribution, JSTOR was initiated in 1995 at seven different library sites, and originally encompassed ten economics and history journals. JSTOR access improved based on feedback from its sites. Special software was put in place to make pictures and graphs clear, with the success of this limited project, Bowen and Kevin Guthrie, then-president of JSTOR, wanted to expand the number of participating journals. They met with representatives of the Royal Society of London and an agreement was made to digitize the Philosophical Transactions of the Royal Society dating from its beginning in 1665, the work of adding these volumes to JSTOR was completed by December 2000. The Andrew W. Mellon Foundation funded JSTOR initially, until January 2009 JSTOR operated as an independent, self-sustaining nonprofit organization with offices in New York City and in Ann Arbor, Michigan. JSTOR content is provided by more than 900 publishers, the database contains more than 1,900 journal titles, in more than 50 disciplines. Each object is identified by an integer value, starting at 1. In addition to the site, the JSTOR labs group operates an open service that allows access to the contents of the archives for the purposes of corpus analysis at its Data for Research service. This site offers a facility with graphical indication of the article coverage. Users may create focused sets of articles and then request a dataset containing word and n-gram frequencies and they are notified when the dataset is ready and may download it in either XML or CSV formats. The service does not offer full-text, although academics may request that from JSTOR, JSTOR Plant Science is available in addition to the main site. The materials on JSTOR Plant Science are contributed through the Global Plants Initiative and are only to JSTOR
37.
Milton Friedman
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Friedmans challenges to what he later called naive Keynesian theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and he theorized that there existed a natural rate of unemployment, and argued that employment above this rate would cause inflation to accelerate. He argued that the Phillips curve was, in the run, vertical at the natural rate. Friedman promoted an alternative macroeconomic viewpoint known as monetarism, and argued that a steady and his ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserves response to the financial crisis of 2007–08. Friedman was an advisor to Republican U. S. President Ronald Reagan and his political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U. S. conscription was his proudest accomplishment and his support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice. His books and essays have had influence, including in former communist states. Friedman was born in Brooklyn, New York on July 31,1912 and his parents, Sára Ethel and Jenő Saul Friedman, were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary. They both worked as dry goods merchants, shortly after Miltons birth, the family relocated to Rahway, New Jersey. In his early teens, Friedman was injured in a car accident, a talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday. In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics, during his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression. After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago, Friedman chose the latter, thus earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and it was at Chicago that Friedman met his future wife, economist Rose Director. During the 1933–1934 academic year he had a fellowship at Columbia University and he was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler, foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. During 1935, he work for the National Resources Committee. Ideas from this later became a part of his Theory of the Consumption Function
