Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at New York, New York, it is responsible for the Second District of the Federal Reserve System, which encompasses New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico, the U. S. Virgin Islands. Working within the Federal Reserve System, the Federal Reserve Bank of New York implements monetary policy and regulates financial institutions and helps maintain the nation's payment systems. Among the other regional banks, Federal Reserve Bank of New York and its president are considered first among equals, its current president is John C. Williams, it is by far the largest, most influential of the 12 regional Federal Reserve Banks. The Federal Reserve Bank of New York opened for business on November 16, 1914, under the leadership of Benjamin Strong Jr., president of the Bankers Trust Company. He led the Bank until his death in 1928. Strong became the executive officer.
As the leader of the Federal Reserve's largest and most powerful district bank, Strong became a dominant force in U. S. monetary and banking affairs. One biographer has termed him the "de facto leader of the entire Federal Reserve System"; this was not only because of Strong's abilities, but because the central board's powers were ambiguous and, for the most part, limited to supervisory and regulatory functions under the 1913 Federal Reserve Act because many Americans were antagonistic to centralized control. When the United States entered World War I, Strong was a major force behind the campaigns to fund the war effort via bonds owned by U. S. citizens. This enabled the United States to avoid many of the post-war financial problems of the European belligerents. Strong recognized the importance of open market operation, or purchases and sales of government securities, as a means of managing the quantity of money in the U. S. economy and thus affecting interest rates. This was important at the time because gold had flooded into the United States during and after World War I.
Thus, its gold-backed currency was well-protected, but prices had been pushed up by the currency expansion due to the gold standard-imposed expansion of currency. In 1922, Strong unofficially scrapped the gold standard and instead began aggressively pursuing open market operations as a means of stabilizing domestic prices and thus internal economic stability. Thus, he began the Federal Reserve's practice of buying and selling government securities as monetary policy. John Maynard Keynes, a prominent British economist who had not questioned the gold standard, used Strong's activities as an example of how a central bank could manage a nation's economy without the gold standard in his book "A Tract on Monetary Reform". To quote one authority: It was Strong more than anyone else who invented the modern central banker; when we watch... describe how they are seeking to strike the right balance between economic growth and price stability, it is the ghost of Benjamin Strong who hovers above him. It all sounds quite prosaically obvious now, but in 1922 it was a radical departure from more than two hundred years of central banking history.
Strong's policy of maintaining price levels during the 1920s through open market operation and his willingness to maintain the liquidity of banks during panics have been praised by monetarists and harshly criticized by Austrian economists. With the European economic turmoil of the 1920s, Strong's influence became worldwide, he was a strong supporter of European efforts to return to economic stability. Strong's new monetary policies not only stabilized U. S. prices, they encouraged both U. S. and world trade by helping to stabilize European finances. However, with no inflation, interest rates were low and the U. S. economy and corporate profits surged. This worried him, but he felt he had no choice because the low interest rates were helping Europeans in their effort to return to the gold standard. Economic historian Charles P. Kindleberger states that Strong was one of the few U. S. policymakers interested in the troubled financial affairs of Europe in the 1920s, that had he not died in 1928, just a year before the Great Depression, he might have been able to maintain stability in the international financial system.
A public competition for the design of the building was held and the architectural firm of York and Sawyer submitted the winning design. The bank moved to the new Federal Reserve Bank of New York Building in 1924; the Federal Reserve Bank of New York maintains a vault that lies 80 feet below street level and 50 feet below sea level, resting on Manhattan bedrock. By 1927, the vault contained 10% of the world's official gold reserves. On October 17, 2012, Quazi Mohammad Rezwanul Ahsan Nafis, 21, was arrested while attempting to detonate what he believed to be an 800-pound bomb. A joint FBI/NYPD operation flagged the suspect on the Internet and set up the sting with fake explosives. In 2013, Nafis was sentenced to 30 years in federal prison; the Federal Reserve Bank of New York publishes a monthly recession probability prediction derived from the yield curve and based on the work by Dr. Arturo Estrella & Dr. Tobias Adrian, their models show that, when the difference between short-term interest rates and long-term interest rates at the end of a Federal Reserve tightening cycle
Virtual International Authority File
The Virtual International Authority File is an international authority file. It is a joint project of several national libraries and operated by the Online Computer Library Center. Discussion about having a common international authority started in the late 1990s. After a series of failed attempts to come up with a unique common authority file, the new idea was to link existing national authorities; this would present all the benefits of a common file without requiring a large investment of time and expense in the process. The project was initiated by the US Library of Congress, the German National Library and the OCLC on August 6, 2003; the Bibliothèque nationale de France joined the project on October 5, 2007. The project transitioned to being a service of the OCLC on April 4, 2012; the aim is to link the national authority files to a single virtual authority file. In this file, identical records from the different data sets are linked together. A VIAF record receives a standard data number, contains the primary "see" and "see also" records from the original records, refers to the original authority records.
The data are available for research and data exchange and sharing. Reciprocal updating uses the Open Archives Initiative Protocol for Metadata Harvesting protocol; the file numbers are being added to Wikipedia biographical articles and are incorporated into Wikidata. VIAF's clustering algorithm is run every month; as more data are added from participating libraries, clusters of authority records may coalesce or split, leading to some fluctuation in the VIAF identifier of certain authority records. Authority control Faceted Application of Subject Terminology Integrated Authority File International Standard Authority Data Number International Standard Name Identifier Wikipedia's authority control template for articles Official website VIAF at OCLC
Massachusetts the Commonwealth of Massachusetts, is the most populous state in the New England region of the northeastern United States. It borders on the Atlantic Ocean to the east, the states of Connecticut and Rhode Island to the south, New Hampshire and Vermont to the north, New York to the west; the state is named after the Massachusett tribe, which once inhabited the east side of the area, is one of the original thirteen states. The capital of Massachusetts is Boston, the most populous city in New England. Over 80% of Massachusetts's population lives in the Greater Boston metropolitan area, a region influential upon American history and industry. Dependent on agriculture and trade, Massachusetts was transformed into a manufacturing center during the Industrial Revolution. During the 20th century, Massachusetts's economy shifted from manufacturing to services. Modern Massachusetts is a global leader in biotechnology, higher education and maritime trade. Plymouth was the site of the second colony in New England after Popham Colony in 1607 in what is now Maine.
Plymouth was founded in 1620 by passengers of the Mayflower. In 1692, the town of Salem and surrounding areas experienced one of America's most infamous cases of mass hysteria, the Salem witch trials. In 1777, General Henry Knox founded the Springfield Armory, which during the Industrial Revolution catalyzed numerous important technological advances, including interchangeable parts. In 1786, Shays' Rebellion, a populist revolt led by disaffected American Revolutionary War veterans, influenced the United States Constitutional Convention. In the 18th century, the Protestant First Great Awakening, which swept the Atlantic World, originated from the pulpit of Northampton preacher Jonathan Edwards. In the late 18th century, Boston became known as the "Cradle of Liberty" for the agitation there that led to the American Revolution; the entire Commonwealth of Massachusetts has played a powerful commercial and cultural role in the history of the United States. Before the American Civil War, Massachusetts was a center for the abolitionist and transcendentalist movements.
In the late 19th century, the sports of basketball and volleyball were invented in the western Massachusetts cities of Springfield and Holyoke, respectively. In 2004, Massachusetts became the first U. S. state to recognize same-sex marriage as a result of the decision in Goodridge v. Department of Public Health by the Massachusetts Supreme Judicial Court. Many prominent American political dynasties have hailed from the state, including the Adams and Kennedy families. Harvard University in Cambridge is the oldest institution of higher learning in the United States, with the largest financial endowment of any university, Harvard Law School has educated a contemporaneous majority of Justices of the Supreme Court of the United States. Kendall Square in Cambridge has been called "the most innovative square mile on the planet", in reference to the high concentration of entrepreneurial start-ups and quality of innovation which have emerged in the vicinity of the square since 2010. Both Harvard University and the Massachusetts Institute of Technology in Cambridge, have been ranked among the most regarded academic institutions in the world.
Massachusetts' public-school students place among the top tier in the world in academic performance, the state has been ranked as one of the top states in the United States for citizens to live in, as well as one of the most expensive. The Massachusetts Bay Colony was named after the indigenous population, the Massachusett derived from a Wôpanâak word muswach8sut, segmented as mus "big" + wach8 "mountain" + -s "diminutive" + -ut "locative", it has been translated as "near the great hill", "by the blue hills", "at the little big hill", or "at the range of hills", referring to the Blue Hills, or in particular the Great Blue Hill, located on the boundary of Milton and Canton. Alternatively, Massachusett has been represented as Moswetuset—from the name of the Moswetuset Hummock in Quincy, where Plymouth Colony commander Myles Standish, hired English military officer, Squanto, part of the now disappeared Patuxet band of the Wampanoag peoples, met Chief Chickatawbut in 1621; the official name of the state is the "Commonwealth of Massachusetts".
While this designation is part of the state's official name, it has no practical implications. Massachusetts has powers within the United States as other states, it may have been chosen by John Adams for the second draft of the Massachusetts Constitution because unlike the word "state", "commonwealth" at the time had the connotation of a republic, in contrast to the monarchy the former American colonies were fighting against. Massachusetts was inhabited by tribes of the Algonquian language family such as the Wampanoag, Nipmuc, Pocomtuc and Massachusett. While cultivation of crops like squash and corn supplemented their diets, these tribes were dependent on hunting and fishing for most of their food. Villages consisted of lodges called wigwams as well as longhouses, tribes were led by male or female elders known as sachems. In the early 1600s, after contact had been made with Europeans, large numbers of the indigenous peoples in the northeast of what is now the United States were killed by virgin soil epidemics such as smallpox, measles and leptospirosis.
Between 1617 and 1619, smallpox killed ap
Rye, New York
Rye is a city in Westchester County, New York, United States. It is separate from the town of Rye. Rye city the village of Rye, was part of the town until it received its charter as a city in 1942; the population was 15,720 at the 2010 census. Rye is the youngest city in New York state. No other city has been chartered anywhere in New York state since 1942. Located in the city are two National Historic Landmarks: the Boston Post Road Historic District was designated a National Historic Landmark by the National Park Service in 1993. Playland, a historic amusement park designated a National Historic Landmark in 1987, is located in Rye. Playland features one of the oldest wooden roller coasters in the Dragon Coaster. Of note are two 200-plus-year-old milestones labeled 24 and 25 on the Boston Post Road, oldest thoroughfare in the United States; the concept of mile markers to measure the distance from New York City was originated in 1763 by Benjamin Franklin during his term as Postmaster General. These sandstone markers date from 1802 when the Westchester Turnpike was configured.
Rye is home to a rare 1938 WPA mural by realist Guy Pene du Bois, located within the city's Post Office lobby and titled "John Jay at His Home." Rye was at one time a part of Fairfield County, a belonging of the Sachem Ponus, of the Ponus Wekuwuhm, Canaan Parish, and, named for that chieftain, "Peningoe Neck". The oldest house in the city, the Timothy Knapp House, is owned by the Rye Historical Society and dates in its original version to around 1667, it was added to the National Register of Historic Places in 1982. The Historical Society owns a former inn/tavern built in 1730, known today as the Square House, which it operates as a museum. George Washington stayed at the inn on two separate occasions, remarking favorably on his experience in his diaries. Rye is where American Founding Father John Jay grew up and where he is buried; the Jay Estate at 210 Boston Post Road is now the home of the not-for-profit organization the Jay Heritage Center. The Center's mission is to restore and preserve the entire 23-acre property—buildings and landscape—together with the 1838 Peter Augustus Jay House, which occupies the original site of the Jay family farm, "The Locusts."
Restoration of the Jay mansion overlooking Long Island Sound is an official project of the Save America's Treasures Program. With its ornate composite Egyptian and Corinthian columns, pedimented facade, the house is a textbook example of American Greek Revival architecture popularized before the Civil War and is noted for its many design elements influenced by Minard Lafever; the Jay Mansion is the oldest National Historic Landmark structure in New York State with a geothermal heating and cooling system and the first in Westchester County to have such an energy efficient system. The Jay Heritage Center was designated a member site of the Hudson River Valley National Heritage Area, it is listed on Westchester County's African American Heritage Trail. John Jay was well known for advocating emancipation, serving as President of the New York Manumission Society and establishing the first African Free School. Listed on the National Register of Historic Places are The Square House known as Widow Haviland's Tavern, listed in 1974, the United States Post Office - Rye, listed in 1989, the Rye Town Park-Bathing Complex and Oakland Beach, listed in 2003, the African Cemetery, listed in 2003, the Bird Homestead, listed in 2010, The Rye Meeting House, listed in 2011.
Rye is known for Rye Playland. This 279-acre theme park is owned and operated by Westchester County and includes rides, games, an indoor skating rink or Ice Casino, beach, a boardwalk, concession stands, it is one of only two amusement parks in the country with National Historic Landmark status, the other one being Kennywood in Pennsylvania. It has been a popular destination since it first opened in 1928, its wooden roller coaster, the Dragon Coaster, built in 1929, is one of the last roller coaster rides built by engineer Frederick Church, still operating. The Derby Racer built by Church, is one of only three rides of its kind remaining in the world. Glenn Close's and Ellen Latzen's characters ride the roller coaster in the 1980s thriller film, Fatal Attraction. Airplane Coaster, Church's most acclaimed coaster, was removed in 1957. Playland is the setting for several key scenes in the 1988 comedy film Big, starring Tom Hanks; as of the 2010 United States Census, there were 15,720 people residing in the city.
The racial makeup of the city was 84.8% White, 1.3% Black, <0.1% Native American, 5.9% Asian, <0.1% Pacific Islander, 0.2% from some other race and 1.3% from two or more races. 6.5 % were Latino of any race. According to The Washington Post, Rye is among the top 1% of Super Zips based on percentage of residents with college degrees and average household income. According to the United States Census Bureau, the city has a total area of 20.0 square miles, of which 5.9 sq mi is land and 14.2 sq mi is water. Rye is home to one Fortune Jarden, it is home to The American Yacht Club, Westchester Country Club, Rye Golf Club, Rye Playland, The Apawamis Country Club, Manursing Island Club, Shenorock Shore Club, the Coveleigh Club. GAMCO Investors, Inc. is based in Rye. In 2010, Coldwell Banker reported that Rye was the third-most expensive city in the country in which to buy a home; the city of Rye was ranked ninth in the list of the top 10
Philanthropy means the love of humanity. A conventional modern definition is "private initiatives, for the public good, focusing on quality of life", which combines an original humanistic tradition with a social scientific aspect developed in the 20th century; the definition serves to contrast philanthropy with business endeavors, which are private initiatives for private good, e.g. focusing on material gain, with government endeavors, which are public initiatives for public good, e.g. focusing on provision of public services. A person who practices philanthropy is called a philanthropist. Philanthropy has distinguishing characteristics separate from charity. A difference cited is that charity aims to relieve the pain of a particular social problem, whereas philanthropy attempts to address the root cause of the problem—the difference between the proverbial gift of a fish to a hungry person, versus teaching them how to fish. In the second century CE, Plutarch used the Greek concept of philanthrôpía to describe superior human beings.
During the Roman Catholic Middle Ages, philanthrôpía was superseded by Caritas charity, selfless love, valued for salvation and escape from purgatory. Philanthropy was modernized by Sir Francis Bacon in the 1600s, credited with preventing the word from being owned by horticulture. Bacon considered philanthrôpía to be synonymous with "goodness", correlated with the Aristotelian conception of virtue, as consciously instilled habits of good behaviour. Samuel Johnson defined philanthropy as "love of mankind; this definition still survives today and is cited more gender-neutrally as the "love of humanity." In London prior to the 18th century and civic charities were established by bequests and operated by local church parishes or guilds. During the 18th century, however, "a more activist and explicitly Protestant tradition of direct charitable engagement during life" took hold, exemplified by the creation of the Society for the Promotion of Christian Knowledge and Societies for the Reformation of Manners.
In 1739, Thomas Coram, appalled by the number of abandoned children living on the streets of London, received a royal charter to establish the Foundling Hospital to look after these unwanted orphans in Lamb's Conduit Fields, Bloomsbury. This was "the first children's charity in the country, one that'set the pattern for incorporated associational charities' in general." The hospital "marked the first great milestone in the creation of these new-style charities."Jonas Hanway, another notable philanthropist of the era, established The Marine Society in 1756 as the first seafarer's charity, in a bid to aid the recruitment of men to the navy. By 1763, the society had recruited over 10,000 men and it was incorporated in 1772. Hanway was instrumental in establishing the Magdalen Hospital to rehabilitate prostitutes; these organizations were run as voluntary associations. They raised public awareness of their activities through the emerging popular press and were held in high social regard—some charities received state recognition in the form of the Royal Charter.
Philanthropists, such as anti-slavery campaigner William Wilberforce, began to adopt active campaigning roles, where they would champion a cause and lobby the government for legislative change. This included organized campaigns against the ill treatment of animals and children and the campaign that succeeded in ending the slave trade throughout the Empire starting in 1807. Although there were no slaves allowed in Britain itself, many rich men owned sugar plantations in the West Indies, resisted the movement to buy them out until it succeeded in 1833. Financial donations to organized charities became fashionable among the middle-class in the 19th century. By 1869 there were over 200 London charities with an annual income, all together, of about £2 million. By 1885, rapid growth had produced with an income of about £ 4.5 million. They included a wide range of religious and secular goals, with the American import, the YMCA as one of the largest, many small ones such as the Metropolitan Drinking Fountain Association.
In addition to making annual donations wealthy industrialists and financiers left generous sums in their wills. A sample of 466 wills in the 1890s revealed a total wealth of £76 million, of which £20 million was bequeathed to charities. By 1900 London charities enjoyed an annual income of about £8.5 million. Led by the energetic Lord Shaftesbury, philanthropists organized themselves. In 1869 they set up the Charity Organisation Society, it was a federation of one in each of the 42 Poor Law divisions. Its central office had experts in coordination and guidance, thereby maximizing the impact of charitable giving to the poor. Many of the charities were designed to alleviate the harsh living conditions in the slums; such as the Labourer's Friend Society founded in 1830. This included the promotion of allotment of land to labourers for "cottage husbandry" that became the allotment movement, in 1844 it became the first Model Dwellings Company—an organization that sought to improve the housing conditions of the working classes by building new homes for them, while at the same time receiving a competitive rate of return on any investment.
This was one of the first housing associations, a philanthropic endeavor that flourished in the second half of the nineteenth century, brought about by the growth of the middle class. Associations included the Peabody Trust, t