Florida is the southernmost contiguous state in the United States. The state is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Atlantic Ocean, to the south by the Straits of Florida. Florida is the 22nd-most extensive, the 3rd-most populous, the 8th-most densely populated of the U. S. states. Jacksonville is the most populous municipality in the state and the largest city by area in the contiguous United States; the Miami metropolitan area is Florida's most populous urban area. Tallahassee is the state's capital. Florida's $1.0 trillion economy is the fourth largest in the United States. If it were a country, Florida would be the 16th largest economy in the world, the 58th most populous as of 2018. In 2017, Florida's per capita personal income was ranking 26th in the nation; the unemployment rate in September 2018 was 3.5% and ranked as the 18th in the United States. Florida exports nearly $55 billion in goods made in the 8th highest among all states.
The Miami Metropolitan Area is by far the largest urban economy in Florida and the 12th largest in the United States with a GDP of $344.9 billion as of 2017. This is more than twice the number of the next metro area, the Tampa Bay Area, which has a GDP of $145.3 billion. Florida is home to 51 of the world's billionaires with most of them residing in South Florida; the first European contact was made in 1513 by Spanish explorer Juan Ponce de León, who called it la Florida upon landing there in the Easter season, known in Spanish as Pascua Florida. Florida was a challenge for the European colonial powers before it gained statehood in the United States in 1845, it was a principal location of the Seminole Wars against the Native Americans, racial segregation after the American Civil War. Today, Florida is distinctive for its large Cuban expatriate community and high population growth, as well as for its increasing environmental issues; the state's economy relies on tourism and transportation, which developed in the late 19th century.
Florida is renowned for amusement parks, orange crops, winter vegetables, the Kennedy Space Center, as a popular destination for retirees. Florida is the flattest state in the United States. Lake Okeechobee is the largest freshwater lake in the U. S. state of Florida. Florida's close proximity to the ocean influences many aspects of daily life. Florida is a reflection of multiple inheritance. Florida has attracted many writers such as Marjorie Kinnan Rawlings, Ernest Hemingway and Tennessee Williams, continues to attract celebrities and athletes, it is internationally known for golf, auto racing, water sports. Several beaches in Florida have emerald-colored coastal waters. About two-thirds of Florida occupies a peninsula between the Gulf of the Atlantic Ocean. Florida has the longest coastline in the contiguous United States 1,350 miles, not including the contribution of the many barrier islands. Florida has a total of 4,510 islands; this is the second-highest number of islands of any state of the United States.
It is the only state that borders both the Gulf of the Atlantic Ocean. Much of the state is characterized by sedimentary soil. Florida has the lowest high point of any U. S. state. The climate varies from subtropical in the north to tropical in the south; the American alligator, American crocodile, American flamingo, Roseate spoonbill, Florida panther, bottlenose dolphin, manatee can be found in Everglades National Park in the southern part of the state. Along with Hawaii, Florida is one of only two states that has a tropical climate, is the only continental state with either a tropical climate or a coral reef; the Florida Reef is the only living coral barrier reef in the continental United States, the third-largest coral barrier reef system in the world. By the 16th century, the earliest time for which there is a historical record, major Native American groups included the Apalachee of the Florida Panhandle, the Timucua of northern and central Florida, the Ais of the central Atlantic coast, the Tocobaga of the Tampa Bay area, the Calusa of southwest Florida and the Tequesta of the southeastern coast.
Florida was the first region of the continental United States to be visited and settled by Europeans. The earliest known European explorers came with the Spanish conquistador Juan Ponce de León. Ponce de León spotted and landed on the peninsula on April 2, 1513, he named the region Florida. The story that he was searching for the Fountain of Youth is mythical and only appeared long after his death. In May 1539, Conquistador Hernando de Soto skirted the coast of Florida, searching for a deep harbor to land, he described seeing a thick wall of red mangroves spread mile after mile, some reaching as high as 70 feet, with intertwined and elevated roots making landing difficult. The Spanish introduced Christianity, horses, the Castilian language, more to Florida. Spain established several settlements with varying degrees of success. In 1559, Don Tristán de Luna y Arellano established a settlement at present-day Pensacola, making it the first attempted settlement in Florida, but it was abandoned by 1561.
In 1565, the settlement of St. Augustine was established under the leadership of admiral and
Gulf Coast of the United States
The Gulf Coast of the United States is the coastline along the Southern United States where they meet the Gulf of Mexico. The coastal states that have a shoreline on the Gulf of Mexico are Texas, Mississippi and Florida, these are known as the Gulf States; the economy of the Gulf Coast area is dominated by industries related to energy, fishing, aerospace and tourism. The large cities of the region are McAllen, Corpus Christi, Galveston, Lafayette, Baton Rouge, New Orleans, Mobile, Pensacola, St. Petersburg and Sarasota. All contain large ports; the Gulf Coast is made of many inlets and lagoons. The coast is intersected by numerous rivers, the largest of, the Mississippi River. Much of the land along the Gulf Coast is, or marshland. Ringing the Gulf Coast is the Gulf Coastal Plain which reaches from Southern Texas to the western Florida Panhandle while the western portions of the Gulf Coast are made up of many barrier islands and peninsulas, including the 130 miles Padre Island and Galveston Island located in the U.
S. State of Texas; these landforms protect numerous inlets providing as a barrier to oncoming waves. The central part of the Gulf Coast, from eastern Texas through Louisiana, consists of marshland; the eastern part of the Gulf Coast, predominantly Florida, is dotted with many inlets. The Gulf Coast climate is humid subtropical, although the southwestern tip of Florida, such as Everglades City, features a tropical climate. Much of the year is warm to hot along the Gulf Coast, while the 3 winter months bring periods of cool weather mixed with mild temperatures; the area is vulnerable to severe thunderstorms. Much of the Gulf Coast has a summer precipitation maximum, with July or August the wettest month due to the combination of frequent summer thunderstorms produced by relentless heat and humidity, tropical weather systems, while winter and early spring rainfall can be heavy; this pattern is evident at Houston, New Orleans, Mobile and Pensacola, Florida. However, the central and southern Florida peninsula has a pronounced winter dry season, as at Tampa and Fort Myers, Florida.
On the central and southern Texas coast, early spring and mid-summer are markedly drier, September is the wettest month on average. Tornadoes do occur. Over most of the Gulf Coast from Houston, Texas eastward, extreme rainfall events are a significant threat from tropical weather systems, which can bring 4 to 10 or more inches of rain in a single day. In August 2017, Hurricane Harvey made landfall along the central Texas coast migrated to and stalled over the greater Houston area for several days, producing extreme, unprecedented rainfall totals of over 40 inches in many areas, unleashing widespread flooding. Earthquakes are rare to the area, but a surprising 6.0 earthquake in the Gulf of Mexico on September 10, 2006, could be felt from the cities of New Orleans to Tampa. The Gulf Coast is a major center of economic activity; the marshlands along the Louisiana and Texas coasts provide breeding grounds and nurseries for ocean life that drive the fishing and shrimping industries. The Port of South Louisiana and the Port of Houston are two of the ten busiest ports in the world by cargo volume.
As of 2004, seven of the top ten busiest ports in the U. S. are on the Gulf Coast. The discovery of oil and gas deposits along the coast and offshore, combined with easy access to shipping, have made the Gulf Coast the heart of the U. S. petrochemical industry. The coast contains nearly 4,000 oil platforms. Besides the above, the region features other important industries including aerospace and biomedical research, as well as older industries such as agriculture and — since the development of the Gulf Coast beginning in the 1920s and the increase in wealth throughout the United States — tourism. Before Europeans arrived in the region, the region was home to several pre-Columbian kingdoms that had extensive trade networks with empires such as the Aztecs and the Mississippi Mound Builders. Shark and alligator teeth and shells from the Gulf have been found as far north as Ohio, in the mounds of the Hopewell culture; the first Europeans to settle the Gulf Coast were the French and the Spanish. The Louisiana Purchase, Adams–Onís Treaty and the Texas Revolution made the Gulf Coast a part of the United States during the first half of the 19th century.
As the U. S. population continued to expand its frontiers westward, the Gulf Coast was a natural magnet in the South providing access to shipping lanes and both national and international commerce. The development of sugar and cotton production allowed the South to prosper. By the mid 19th century the city of New Orleans, being situated as a key to commerce on the Mississippi River and in the Gulf, had become the largest U. S. city not on the Atlantic seaboard and the fourth largest in the U. S. overall. Two major events were turning points in the earlier history of the Gulf Coast region; the first was the American Civil War, which caused severe damage to some economic sectors in the South, including the Gulf Coast. The second event was the Galveston Hurricane of 1900. At the end of
Corpus Christi, Texas
Corpus Christi, colloquially Corpus, is a coastal city in the South Texas region of the U. S. state of Texas. The county seat of Nueces County, it extends into Aransas and San Patricio Counties, it is 130 miles southeast of San Antonio. Its political boundaries encompass Corpus Christi Bay, its zoned boundaries include small land parcels or water inlets of three neighboring counties. The city's population was estimated to be 320,434 in 2014, making it the eighth-most populous city in Texas; the Corpus Christi metropolitan area had an estimated population of 442,600. It is the hub of the six-county Corpus Christi-Kingsville-Alice Combined Statistical Area, with a 2013 estimated population of 516,793; the Port of Corpus Christi is the fifth-largest in the United States. The region is served by the Corpus Christi International Airport; the city's name means Body of Christ in Latin. The name was given to the settlement and surrounding bay by Spanish explorer Alonso Álvarez de Pineda in 1519, as he discovered the lush semitropical bay on the Catholic feast day of Corpus Christi.
The nickname of the city is "Sparkling City by the Sea" featured in tourist literature. Karankawans inhabited the Corpus Christi region in pre-Columbian times. Spaniard Alonso Alvarez de Pineda traveled in 1519 to this bay on the day of the religious “Feast of Corpus Christi,” thus naming the semi-tropical bay Corpus Christi. Cabeza de Vaca may have passed through Corpus Christi in the 1500s, but the first European to study the Nueces River and Corpus Christi Bay was Joaquín de Orobio y Basterra in 1747. A few years José de Escandón organized a colony of about 50 families to settle the head of the bay, though this was short-lived. In 1839, the first known permanent settlement of Corpus Christi was established by Colonel Henry Lawrence Kinney and William P. Aubrey as Kinney's Trading Post, or Kinney's Ranch, it was a small trading post that sold supplies to a Mexican revolutionary army camped about 25 mi west. In July 1845, U. S. troops commanded by General Zachary Taylor set up camp there in preparation for war with Mexico, where they remained until March 1846.
About a year the settlement was named Corpus Christi and was incorporated on September 9, 1852. The Battle of Corpus Christi was fought between August 12 and August 18, 1862, during the American Civil War. United States Navy forces blockading Texas fought a small land and sea engagement with Confederate forces in and around Corpus Christi Bay and bombarded the city. Union forces defeated Confederate States Navy ships operating in the area, but were repulsed when they landed on the coast; the Port of Corpus Christi was opened in 1926, the Corpus Christi Naval Air Station was commissioned in 1941. The 1919 Storm devastated the city, killing hundreds on September 14. Only three structures survived the storm on North Beach. To protect the city, the seawall was built; the city suffered damage from Hurricane Celia in 1970 and Hurricane Allen in 1980, but little damage from Hurricane Ike in 2008. The city was affected in 2017 by Hurricane Harvey. In November 1873, seven Mexican shepherds were lynched by a mob near the city.
The crime was never solved. In February 1929, the League of United Latin American Citizens was founded in Corpus Christi; this organization was created to battle racial discrimination against Hispanic people in the United States. Since its founding, LULAC has grown and now has a national headquarters in Washington, DC. In March 1949, the American GI Forum was founded in Corpus Christi. AGIF focuses on veteran's issues and civil-rights issues; this organization was founded after concerns over the segregation of Mexican-American veterans from other veterans groups and the denial of medical services based on race by the United States Department of Veterans Affairs. Cisneros v. Corpus Christi Independent School District was the first case to extend the U. S. Supreme Court's Brown v. the Board of Education of Kansas decision to Mexican Americans. It recognized them as a minority group that could be and was discriminated against; such segregation and discrimination was ruled unconstitutional. Judge Woodrow Seals found that the school board consciously fostered a system that perpetuated traditional segregation.
This included a system that bused Anglo students to schools out of their neighborhoods, renovated old schools in black and Mexican-American neighborhoods rather than building new ones, assigned black and Hispanic teachers to segregated schools, limited hiring of such teachers at other schools. Corpus Christi is situated on fluvial deposits -- Pleistocene age. Although no solidified rock occurs at the surface, the Deweyville Formation of sand, silt and gravel, is locally indurated with calcium carbonate deposits. In 2017, Hurricane Harvey's storm surge eroded down to shale bedrock at a depth of 40' in Packery Channel, an artificial pass cut between North Padre and Mustang Islands; this feature has become a gathering place for game fish, can be identified from the surface by its whirlpool-like current. The large, shallow bay makes Corpus Christi an ideal feeding place for birds, this is one reason why Corpus Christi is known as the "Bird Capital" of North America; the San Diego Audubon Society has designated Corpus Christi as "America's birdiest place."
According to the United States Census Bureau, Corpus Christi has a total area of 460.2 square miles, of which 154.6 mi2 are land and 305.6 mi2 are covered by water. Drinking water for the city is supplied by three reservoirs
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
A wind farm or wind park is a group of wind turbines in the same location used to produce electricity. A large wind farm may consist of several hundred individual wind turbines and cover an extended area of hundreds of square miles, but the land between the turbines may be used for agricultural or other purposes. A wind farm can be located offshore. Many of the largest operational onshore wind farms are located in China and the United States. For example, the largest wind farm in the world, Gansu Wind Farm in China had a capacity of over 6,000 MW by 2012, with a goal of 20,000 MW by 2020; as of September 2018, the 659 MW Walney Wind Farm in the UK is the largest offshore wind farm in the world. Individual wind turbine designs continue to increase in power, resulting in fewer turbines being needed for the same total output. See list of most powerful wind turbines; the location is critical to the success of a wind farm. Conditions contributing to a successful wind farm location include: wind conditions, access to electric transmission, physical access, local electric prices.
The faster the average windspeed, the more electricity the wind turbine will generate, so faster winds are economically better for wind farm developers. The balancing factor is that strong gusts and high turbulence require stronger more expensive turbines, otherwise they risk damage; the ideal wind conditions would be strong steady winds with low turbulence coming from a single direction. Sites are screened on the basis of a wind atlas, validated with wind measurements. Meteorological wind data alone is not sufficient for accurate siting of a large wind power project. Collection of site specific data for wind speed and direction is crucial to determining site potential in order to finance the project. Local winds are monitored for a year or more, detailed wind maps are constructed before wind generators are installed; the wind blows faster at higher altitudes because of the reduced influence of drag. The increase in velocity with altitude is most dramatic near the surface and is affected by topography, surface roughness, upwind obstacles such as trees or buildings.
How to space the turbines together is a major factor in wind farm design. The closer the turbines are together the more the upwind turbines block wind from their neighbors; however spacing turbines far apart increases the costs of roads and cables, raises the amount of land needed to install a specific capacity of turbines. As a result of these factors, turbine spacing varies by site. Speaking manufacturers require 3.5 times the rotor diameter of the turbine between turbines as a minimum. Closer spacing is possible depending on the turbine model, the conditions at the site, how the site will be operated; the world's first wind farm was 0.6 MW, consisting of 20 wind turbines rated at 30 kilowatts each, installed on the shoulder of Crotched Mountain in southern New Hampshire in December 1980. Onshore turbine installations in hilly or mountainous regions tend to be on ridges three kilometres or more inland from the nearest shoreline; this is done to exploit the topographic acceleration. The additional wind speeds gained in this way can increase energy produced because more wind goes through the turbines.
The exact position of each turbine matters, because a difference of 30m could double output. This careful placement is referred to as'micro-siting'. Europe is the leader in offshore wind energy, with the first offshore wind farm being installed in Denmark in 1991; as of 2010, there are 39 offshore wind farms in waters off Belgium, Finland, Ireland, the Netherlands, Norway and the United Kingdom, with a combined operating capacity of 2,396 MW. More than 100 GW of offshore projects are under development in Europe; the European Wind Energy Association has set a target of 40 GW installed by 2020 and 150 GW by 2030. As of 2017, The Walney Wind Farm in the United Kingdom is the largest offshore wind farm in the world at 659 MW, followed by the London Array in the UK. Offshore wind turbines are less obtrusive than turbines on land, as their apparent size and noise is mitigated by distance; because water has less surface roughness than land, the average wind speed is considerably higher over open water.
Capacity factors are higher than for onshore locations. The province of Ontario in Canada is pursuing several proposed locations in the Great Lakes, including the suspended Trillium Power Wind 1 20 km from shore and over 400 MW in size. Other Canadian projects include one on the Pacific west coast. In 2010, there were no offshore wind farms in the United States, but projects were under development in wind-rich areas of the East Coast, Great Lakes, Pacific coast. Installation and service / maintenance of off-shore wind farms are a specific challenge for technology and economic operation of a wind farm; as of 2015, there are 20 jackup vessels for lifting components, but few can lift sizes above 5MW. Service vessels have to be operated nearly 24/7 to get sufficient amortisation from the wind turbines. Therefore, special fast service vehicles for installation as well as for maintenance are required. So-called inertial and optical based Ship Stabilization and Motion Control systems are used for that.
Experimental wind farms consisting of a single wind turbine for testing purposes have been bu
Asphalt known as bitumen, is a sticky and viscous liquid or semi-solid form of petroleum. It may be found in natural deposits or may be a refined product, is classed as a pitch. Before the 20th century, the term asphaltum was used; the word is derived from the Ancient Greek ἄσφαλτος ásphaltos. The primary use of asphalt is in road construction, where it is used as the glue or binder mixed with aggregate particles to create asphalt concrete, its other main uses are for bituminous waterproofing products, including production of roofing felt and for sealing flat roofs. The terms "asphalt" and "bitumen" are used interchangeably to mean both natural and manufactured forms of the substance. In American English, "asphalt" is used for a refined residue from the distillation process of selected crude oils. Outside the United States, the product is called "bitumen", geologists worldwide prefer the term for the occurring variety. Common colloquial usage refers to various forms of asphalt as "tar", as in the name of the La Brea Tar Pits.
Occurring asphalt is sometimes specified by the term "crude bitumen". Its viscosity is similar to that of cold molasses while the material obtained from the fractional distillation of crude oil boiling at 525 °C is sometimes referred to as "refined bitumen"; the Canadian province of Alberta has most of the world's reserves of natural asphalt in the Athabasca oil sands, which cover 142,000 square kilometres, an area larger than England. The word "asphalt" is derived from the late Middle English, in turn from French asphalte, based on Late Latin asphalton, the latinisation of the Greek ἄσφαλτος, a word meaning "asphalt/bitumen/pitch", which derives from ἀ-, "without" and σφάλλω, "make fall"; the first use of asphalt by the ancients was in the nature of a cement for securing or joining together various objects, it thus seems that the name itself was expressive of this application. Herodotus mentioned that bitumen was brought to Babylon to build its gigantic fortification wall. From the Greek, the word passed into late Latin, thence into French and English.
In French, the term asphalte is used for occurring asphalt-soaked limestone deposits, for specialised manufactured products with fewer voids or greater bitumen content than the "asphaltic concrete" used to pave roads. The expression "bitumen" originated in the Sanskrit words jatu, meaning "pitch", jatu-krit, meaning "pitch creating" or "pitch producing"; the Latin equivalent is claimed by some to be gwitu-men, by others, subsequently shortened to bitumen, thence passing via French into English. From the same root is derived the Anglo-Saxon word cwidu, the German word Kitt and the old Norse word kvada. In British English, "bitumen" is used instead of "asphalt"; the word "asphalt" is instead used to refer to asphalt concrete, a mixture of construction aggregate and asphalt itself. Bitumen mixed with clay was called "asphaltum", but the term is less used today. In Australian English, the word "asphalt" is used to describe a mix of construction aggregate. "Bitumen" refers to the liquid derived from the heavy-residues from crude oil distillation.
In American English, "asphalt" is equivalent to the British "bitumen". However, "asphalt" is commonly used as a shortened form of "asphalt concrete". In Canadian English, the word "bitumen" is used to refer to the vast Canadian deposits of heavy crude oil, while "asphalt" is used for the oil refinery product. Diluted bitumen is known as "dilbit" in the Canadian petroleum industry, while bitumen "upgraded" to synthetic crude oil is known as "syncrude", syncrude blended with bitumen is called "synbit"."Bitumen" is still the preferred geological term for occurring deposits of the solid or semi-solid form of petroleum. "Bituminous rock" is a form of sandstone impregnated with bitumen. The oil sands of Alberta, Canada are a similar material. Neither of the terms "asphalt" or "bitumen" should be confused with coal tars. Tar is the thick liquid product of the dry distillation and pyrolysis of organic hydrocarbons sourced from vegetation masses, whether fossilized as with coal, or freshly harvested; the majority of bitumen, on the other hand, was formed when vast quantities of organic animal materials were deposited by water and buried hundreds of metres deep at the diagenetic point, where the disorganized fatty hydrocarbon molecules joined together in long chains in the absence of oxygen.
Bitumen occurs as a solid or viscous liquid. It may be mixed in with coal deposits. Bitumen, coal using the Bergius process, can be refined into petrols such as gasoline, bitumen may be distilled into tar, not the other way around; the components of asphalt include four main classes of compounds: Naphthene aromatics, consisting of hydrogenated polycyclic aromatic compounds Polar aromatics, consisting of high molecular weight phenols and carboxylic acids produced by partial oxidation of the material Saturated hydrocarbons. Most natural bitumens a
New York Stock Exchange
The New York Stock Exchange is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was US$169 billion in 2013; the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007; the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it lists, it was part of NYSE Euronext, formed by the NYSE's 2007 merger with Euronext. The NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation; the earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement.
Securities exchange had been intermediated by the auctioneers who conducted more mundane auctions of commodities such as wheat and tobacco. On May 17, 1792 twenty four brokers signed the Buttonwood Agreement which set a floor commission rate charged to clients and bound the signers to give preference to the other signers in securities sales; the earliest securities traded were governmental securities such as War Bonds from the Revolutionary War and First Bank of the United States stock, although Bank of New York stock was a non-governmental security traded in the early days. The Bank of North America along with the First Bank of the United States and the Bank of New York were the first shares traded on the New York Stock Exchange. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms and reorganized. After sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance.
After re-forming as the New York Stock and Exchange Board the broker organization began renting out space for securities trading, taking place at the Tontine Coffee House. Several locations were used between 1865, when the present location was adopted; the invention of the electrical telegraph consolidated markets, New York's market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Open Board of Stock Brokers was established in 1864 as a competitor to the NYSE. With 354 members, the Open Board of Stock Brokers rivaled the NYSE in membership "because it used a more modern, continuous trading system superior to the NYSE’s twice-daily call sessions." The Open Board of Stock Brokers merged with the NYSE in 1869. Robert Wright of Bloomberg writes that the merger increased the NYSE's members as well as trading volume, as "several dozen regional exchanges were competing with the NYSE for customers. Buyers and dealers all wanted to complete transactions as and cheaply as technologically possible and that meant finding the markets with the most trading, or the greatest liquidity in today’s parlance.
Minimizing competition was essential to keep a large number of orders flowing, the merger helped the NYSE to maintain its reputation for providing superior liquidity." The Civil War stimulated speculative securities trading in New York. By 1869 membership had to be capped, has been sporadically increased since; the latter half of the nineteenth century saw rapid growth in securities trading. Securities trade in the latter nineteenth and early twentieth centuries was prone to panics and crashes. Government regulation of securities trading was seen as necessary, with arguably the most dramatic changes occurring in the 1930s after a major stock market crash precipitated the Great Depression; the Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building; the NYSE announced its plans to merge with Archipelago on April 21, 2005, in a deal intended to reorganize the NYSE as a publicly traded company.
NYSE's governing board voted to merge with rival Archipelago on December 6, 2005, became a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. A little over one year on April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming NYSE Euronext, the first transatlantic stock exchange. Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. "It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, financial industry firms". The principal sectors are securities industry, commercial banking, asset management, insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE and the CEO was Duncan Niederauer. Presently, the chairman is Jeffrey Sprecher. In 2016, NYSE owner Intercontinental Exchange Inc. earned $419 million in listings-related revenues.
The exchange was closed shortly after the beginning of World War I, but it re-opened on November 28 of that year in order to help the war effort by trading bonds, reopened for stock tradin