United States Treasury securities are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Treasury securities are referred to as Treasurys. Since 2012, U. S. government debt has been managed by the Bureau of the Fiscal Service, succeeding the Bureau of the Public Debt. There are four types of marketable treasury securities: Treasury bills, Treasury notes, Treasury bonds, Treasury Inflation Protected Securities; the government sells these securities in auctions conducted by the Federal Reserve Bank of New York, after which they can be traded in secondary markets. Non-marketable securities include savings bonds, issued to the public and transferable only as gifts. Treasury securities are backed by the full faith and credit of the United States, meaning that the government promises to raise money by any available means to repay them. Although the United States is a sovereign power and may default without recourse, its strong record of repayment has given Treasury securities a reputation as one of the world's lowest-risk investments.
To finance the costs of World War I, the U. S. Government issued government debt, called war bonds. Traditionally, the government borrowed from other countries, but there were no other countries from which to borrow in 1917; the Treasury raised funding throughout the war by selling $21.5 billion in'Liberty bonds.' These bonds were sold at subscription where officials created coupon price and sold it at par value. At this price, subscriptions could be filled in as little as one day, but remained open for several weeks, depending on demand for the bond. After the war, the Liberty bonds were reaching maturity, but the Treasury was unable to pay each down with only limited budget surpluses. To solve this problem, the Treasury refinanced the debt with variable short and medium-term maturities. Again the Treasury issued debt through fixed-price subscription, where both the coupon and the price of the debt were dictated by the Treasury; the problems with debt issuance became apparent in the late 1920s.
The system suffered from chronic over-subscription, where interest rates were so attractive that there were more purchasers of debt than required by the government. This indicated; as government debt was undervalued, debt purchasers could buy from the government and sell to another market participant at a higher price. In 1929, the US Treasury shifted from the fixed-price subscription system to a system of auctioning where'Treasury Bills' would be sold to the highest bidder. Securities were issued on a pro rata system where securities would be allocated to the highest bidder until their demand was full. If more treasuries were supplied by the government, they would be allocated to the next highest bidder; this system allowed the market, rather than the government. On December 10, 1929, the Treasury issued its first auction; the result was the issuing of $224 million three-month bills. The highest bid was at 99.310 with the lowest bid accepted at 99.152. "Treasury bill" redirects here. Note that the Bank of England issues these in the United Kingdom.
Treasury bills are zero-coupon bonds that pay no interest. Instead they are bought at a discount of the par value and sold at that par value to create a positive yield to maturity. Regular weekly T-bills are issued with maturity dates of 4 weeks, 8 weeks, 13 weeks, 26 weeks, 52 weeks. Treasury bills are sold by single-price auctions held weekly. Offering amounts for 13-week and 26-week bills are announced each Thursday for auction on the following Monday and settlement, or issuance, on Thursday. Offering amounts for 4-week and 8-week bills are announced on Monday for auction the next day and issuance on Thursday. Offering amounts for 52-week bills are announced every fourth Thursday for auction the next Tuesday, issuance on the following Thursday; the minimum purchase is $100. Mature T-bills are redeemed on each Thursday. Banks and financial institutions primary dealers, are the largest purchasers of T-bills. Like other securities, individual issues of T-bills are identified with a unique CUSIP number.
The 13-week bill issued three months after a 26-week bill is considered a re-opening of the 26-week bill and is given the same CUSIP number. The 4-week bill issued two months after that and maturing on the same day is considered a re-opening of the 26-week bill and shares the same CUSIP number. For example, the 26-week bill issued on March 22, 2007, maturing on September 20, 2007, has the same CUSIP number as the 13-week bill issued on June 21, 2007, maturing on September 20, 2007, as the 4-week bill issued on August 23, 2007 that matures on September 20, 2007. During periods when Treasury cash balances are low, the Treasury may sell cash management bills; these are sold at a discount and by auction like regular Treasury bills, but differ in that they are irregular in amounts sold, term of maturity, day of the week for auction and maturity. When CMBs mature on the same day as a regular T-bill, they are said to be on-cycle, the CMB is considered another reopening of the bill and has the same CUSIP.
When CMBs mature on any other day, they have a different CUSIP number. Treasury bills are quoted for purchase an
Marie Maynard Daly was an American biochemist. She was the first Black American woman in the United States to earn a Ph. D. in chemistry. Daly made important contributions in four areas of research: the chemistry of histones, protein synthesis, the relationships between cholesterol and hypertension, creatine's uptake by muscle cells. Daly's father, Ivan C. Daly, had immigrated from the British West Indies, found work as a postal clerk and married Helen Page of Washington, D. C, they lived in New York City, Marie was born and raised in Corona, Queens. She visited her maternal grandparents in Washington, where she was able to read about scientists and their achievements in her grandfather's extensive library, she was impressed by Paul de Kruif’s The Microbe Hunters, a work which influenced her decision to become a scientist. Daly's interest in science was influenced by her father, who had attended Cornell University with intentions of becoming a chemist, but had been unable to complete his education due to a lack of funds.
His daughter continued her father's legacy by majoring in chemistry. Many years she started a Queens College scholarship fund in his honor to assist minority students majoring in chemistry or physics. Daly attended Hunter College High School, a laboratory high school for girls run by Hunter College faculty, where she was encouraged to pursue chemistry, she enrolled in Queens College, a small new school in Flushing, New York. She lived at home to save money and graduated magna cum laude from Queens College with her bachelor's degree in chemistry in 1942. Upon graduation, she was named a Queens College Scholar, an honor, given to the top 2.5% of the graduating class. Labor shortages and the need for scientists to support the war effort enabled Daly to garner fellowships to study at New York University and Columbia University for her master's and Ph. D. degrees, respectively. Daly worked as a laboratory assistant at Queens College while studying at New York University for her master's degree in chemistry, which she completed in 1943.
She became a chemistry tutor at Queens College and enrolled in the doctoral program at Columbia University, where she was supervised by Dr. Mary L. Caldwell. Caldwell, who had a doctorate in nutrition, helped Daly discover how chemicals produced in the body contribute to food digestion. Daly completed a thesis entitled A Study of the Products Formed By the Action of Pancreatic Amylase on Corn Starch to earn her Ph. D. in chemistry in 1947. Became first African American to receive PHD from Columbia university. Daly worked as a physical science instructor at Howard University, from 1947 to 1948 while conducting research under the direction of Herman Branson. After being awarded an American Cancer Society grant to support her postdoctoral research, she joined Dr. A. E. Mirsky at the Rockefeller Institute, where they studied the cell nucleus and its constituents. At the time, the structure and function of DNA were not yet understood. Daly began working in the College of Physicians and Surgeons at Columbia University in 1955.
In collaboration with Dr. Quentin B. Deming, she studied arterial metabolism, she continued this work as an assistant professor of biochemistry and of medicine at the Albert Einstein College of Medicine at Yeshiva University, where she and Deming moved in 1960. From 1958 to 1963, Daly served as an investigator for the American Heart Association. Daly enjoyed teaching medical students and was dedicated to increasing the number of minority students enrolled in medical schools. In 1971 she was promoted to associate professor. In 1975, Daly was one of 30 minority women scientists to attend a conference examining the challenges facing minority women in STEM fields; the conference was held by the American Association for the Advancement of Science. This resulted in the publication of the report, The Double Bind: The Price of Being a Minority Woman in Science. Which made recommendations for retaining minority women scientists. Daly was a member of the prestigious board of governors of the New York Academy of Sciences for two years.
Additional fellowships that Daly received throughout her career include the American Cancer Society, American Association for the Advancement of Science, New York Academy of Sciences, Council on Arteriosclerosis of the American Heart Association. Daly was designated as a career scientist by the Health Research Council of the City of New York. Daly retired in 1986 from the Albert Einstein College of Medicine, in 1988 established a scholarship for African American chemistry and physics majors at Queens College in memory of her father. In 1999, she was recognized by the National Technical Association as one of the top 50 women in Science and Technology. Marie Maynard Daly Clark died on October 28, 2003. On February 26, 2016, the Founding Principal of the new elementary school P. S.360Q, Mr. R. Emmanuel-Cooke, announced that the school would be named "The Dr. Marie M. Daly Academy of Excellence" in honor of the Queens resident. Daly was interested in nuclear proteins, she developed methods for the fractionation of nuclear material and the determination of its composition.
It was essential to separate cellular material into all of its components, without destroying or losing any of them. She studied histones, proteins found in cell nuclei, was able to show the amino acid composition of various histone fractions, she suggested that histones were a mixture of basic components such as arginine. Histones have since been shown to be important in gene expression. Daly's work on histones is now considered fundamental. Daly developed methods for separating out the nuclei of tiss
Gerry Murphy is an Irish entrepreneur and activist. He is best known as a social entrepreneur and for founding Great Gas Petroleum in 2005 and subsequently writing the book The Accidental Entrepreneur: How We Turned €3,749 into a €100 million business in Three Years published by Orpen Press in 2014. In 2001, Murphy was awarded the Cork Person of the Year for his contribution to the renewal of his local community of Churchtown. Murphy was born in Churchtown, County Cork in 1954, he attended Churchtown Primary School from 1958 to 1967. His secondary education was completed at St Augustine's College, County Waterford from 1967 to 1972, he holds a Bachelor of Financial Service from University College Dublin and a Master in Business Administration from Fordham University, New York, which he studied for at the Irish Management Institute. Murphy joined Bank of Ireland in October 1972 as a bank assistant and became manager of the bank's advertising function at its head office in Dublin. In 1989, after 17 years, he resigned from Bank of Ireland and joined First National Building Society where he became an executive director.
In 1998, he became a Fellow of the Institute of Bankers in Ireland. He held directorships in Guaranteed Irish, Sherry FitzGerald and the state-owned fertiliser company Nitrigin Eireann Teo. In 1997 Murphy left his job in banking to concentrate on the redevelopment and renewal of his home parish of Churchtown in North County Cork, where he bought a derelict premises, which he restored and opened as a holiday hostel and bar, calling it'Boss Murphy's'; the restored pub was named after his great grandfather, William'Boss' Murphy who had founded Churchtown Creamery with other farmers in the parish in 1889. He sold Boss Murphy's in 2004. In 2005 he founded Great Gas Petroleum with seed capital of €3,749 to improve petrol wholesale prices as he felt that the Irish forecourts were paying too much to existing wholesalers; the business grew to earning €100 million in revenues by its third year. With a business partner, Maurice Gilbert, he founded Ballyhoura Apple Farm in 2006. Murphy sold Great Gas in 2009 to DCC Energy.
He was the Executive Producer of Bloom - a feature film released in 2004 based on the novel Ulysses by James Joyce. Murphy contributed to the 2005 book The Annals of Churchtown; the book is an encyclopedia of Churchtown. He was the chairman of the publication committee of A Century of Banking: the life and times of the Institute of Bankers in Ireland, 1898-1998 and wrote the foreword for The Boss Murphy Musical Legacy published in 2003 After selling Great Gas Petroleum, Murphy wrote The Accidental Entrepreneur: How We Turned €3,749 into a €100 million business in Three Years; the book, published in 2014, tells the story of how Murphy moved from a bank job to become an entrepreneur. The first half deals with Murphy's background and his journey to the establishment of Great Gas Petroleum; the second half of the book is a how–to guide for budding entrepreneurs, featuring case studies and checklists. The profit from the sale of the book were donated to Heritage Society. On 4 July 1997 Murphy set up the not-for-profit Churchtown Village Renewal Trust with an objective to support the social, economic and environmental infrastructure of the parish of Churchtown.
For his work in the community, he was awarded the Cork Person of the Year award in 2001. The Accidental Entrepreneur: How We Turned €3,749 into a €100 million business in Three Years. ISBN 978-1-909895-59-1
The Farnborough Air Sciences Trust museum holds a collection of aircraft, simulators, wind tunnel and Royal Aircraft Establishment-related material. It is based in Farnborough, Hampshire adjacent to Farnborough Airfield on the A325 Farnborough Road. Part of the collection is housed in Trenchard House, which includes a library, an archive, a store. There are aircraft on display, some of which have had significant design and/or development contribution from Farnborough. A collection of wind tunnel models is held in storage, along with documentation and historical records of engineering and technical development. There is a large collection of plans and drawings relating to the Farnborough and Pyestock sites; the museum is open on Saturdays and Sundays from 10:00 to 16:00. It is managed by the trustees of FAST while day-to-day running is carried out by volunteers of the FAST Association; the museum has received praise from the press. In 2009, it featured in both The Times"List of the Top 10 Geeky Holiday Spots on the Planet' and The Sun's Kid's Go Free Top 10 Educational Visitor Attractions.
Trenchard House was built on the Farnborough site in 1907 as the headquarters of No 1 Company of the Air Battalion of the Royal Engineers. Known as G1 Building, it is the oldest building on the site. In 1914 it became the temporary headquarters of Lord Trenchard when he was appointed Officer Commanding the Military Wing of the Royal Flying Corps; the RFC's first operational squadrons were based in the hangars in front of the building. The Grade II* listed building has since become the administrative headquarters of FAST. List of aerospace museums Official FAST website
Nicholas Payton is an American trumpet player and multi-instrumentalist. A Grammy Award winner, he is from Louisiana, he is a prolific and provocative writer who comments on a multitude of subjects, including music, race and life in America. The son of bassist and sousaphonist Walter Payton, he took up the trumpet at the age of four and by age nine was sitting in with the Young Tuxedo Brass Band alongside his father, he began his professional career at ten years old as a member of James Andrews' All-Star Brass and was given his first steady gig by guitarist Danny Barker at The Famous Door on Bourbon Street. He enrolled at the New Orleans Center for Creative Arts and at the University of New Orleans. After touring with Marcus Roberts and Elvin Jones in the early'90s, Payton signed a contract with Verve Records. In 1996 he performed on the soundtrack of the movie Kansas City, in 1997 received a Grammy Award for his playing on the album Doc Cheatham & Nicholas Payton. After seven albums on Verve, Payton signed with Warner Bros.
Records, releasing Sonic Trance, his first album on the new label, in 2003. Besides his recordings under his own name, other significant collaborations include Trey Anastasio, Ray Brown, Ray Charles, Daniel Lanois, Dr. John, Stanley Jordan, Herbie Hancock, Roy Haynes, Zigaboo Modeliste, Marcus Roberts, Jill Scott, Clark Terry, Allen Toussaint, Nancy Wilson, Dr. Michael White, Joe Henderson. In 2004, he became a founding member of the SFJAZZ Collective. In 2008, he joined The Blue Note 7, a septet formed in honor of the 70th anniversary of Blue Note Records. In 2011, he formed. In 2011, he recorded and released Bitches, a love narrative on which he played every instrument and wrote all of the music. In 2012 the Czech National Symphony Orchestra commissioned and debuted his first full orchestral work, The Black American Symphony, and in 2013, he formed his own record label, BMF Records, the same year released two albums, #BAM Live at Bohemian Caverns, where he plays both trumpet and Fender Rhodes at once, Sketches of Spain, which he recorded with the Basel Symphony Orchestra in Switzerland.
Payton's writings are provocative. One of his most notable pieces to date, "On Why Jazz isn't Cool Anymore" describes the effects of cultural colonization on music; the article earned his website 150,000 page views and sparked international press attention and debate. 1995 – From This Moment 1995 – Gumbo Nouveau 1997 – Fingerpainting: The Music of Herbie Hancock with Christian McBride and Mark Whitfield 1997 – Doc Cheatham & Nicholas Payton 1998 – Payton's Place 1999 – Nick@Night 2001 – Dear Louis 2003 – Sonic Trance 2008 – Into the Blue 2011 – Bitches 2013 – #BAM: Live at Bohemian Caverns 2013 – Sketches of Spain 2014 – Numbers 2015 – Letters 2016 – The Egyptian Second Line 2017 – Afro-Caribbean Mixtape 2019 – Relaxin' with Nick With Eric Alexander Summit Meeting With Joanne Brackeen Pink Elephant Magic With Joe Henderson Big Band With Elvin Jones Youngblood Going Home It Don't Mean a Thing With Jimmy Smith Damn! Angel Eyes: Ballads & Slow Jams With Allen Toussaint The Bright Mississippi Official website The Complete Nicholas Payton: #BAM, Barack Obama, more Biography from JazzTrumpetSolos.com Interview with Nicholas Payton for jazzInternet.com "In Conversation with Nicholas Payton" by Ted Panken, Nicholas Payton: Live At The Village Vanguard – slideshow by NPR DTM interview
In the structural engineering beam theory term, plastic hinge, is used to describe the deformation of a section of a beam where plastic bending occurs. In earthquake engineering plastic hinge is a type of energy damping device allowing plastic rotation of an otherwise rigid column connection. In plastic limit analysis of structural members subjected to bending, it is assumed that an abrupt transition from elastic to ideally plastic behaviour occurs at a certain value of moment, known as plastic moment. Member behaviour between Myp and Mp is considered to be elastic; when Mp is reached, a plastic hinge is formed in the member. In contrast to a frictionless hinge permitting free rotation, it is postulated that the plastic hinge allows large rotations to occur at constant plastic moment Mp. Plastic hinges extend along short lengths of beams. Actual values of these lengths depend on cross-sections and load distributions, but detailed analyses have shown that it is sufficiently accurate to consider beams rigid-plastic, with plasticity confined to plastic hinges at points.
While this assumption is sufficient for limit state analysis, finite element formulations are available to account for the spread of plasticity along plastic hinge lengths. By inserting a plastic hinge at a plastic limit load into a statically determinate beam, a kinematic mechanism permitting an unbounded displacement of the system can be formed, it is known as the collapse mechanism. For each degree of static indeterminacy of the beam, an additional plastic hinge must be added to form a collapse mechanism Sufficient number of plastic hinges required to make a collapse mechanism: N=Degree of static indeterminacy + 1