Painesdale is an unincorporated community in Houghton County, United States. Painesdale is located in Adams Township along 2.5 miles southwest of South Range. Painesdale has a post office with ZIP code 49955. Painesdale was built by the Champion Mining Company between 1899 and 1917, named after the Boston businessman William A. Paine, associated with many mines as well as the Paine Webber brokerage. Painesdale was located near the copper load, the company designed the town following theories of efficient planning. In 1993, the town was added to the National Register of Historic Places; the designation applies to the area encompassing the Champion Mine. Painesdale contains rows of identical saltbox workers' houses as well as managers' houses that were more individualized. A single shaft house from the Champion Mine is still in the lower part of town, surrounded by other substantial mine buildings. Seeberville Murders
Freda is an unincorporated community fifteen miles west of Houghton, United States in the Stanton Township. Freda appears on the Beacon Hill U. S. Geological Survey Map. Freda was a key part of the copper industry in the Upper Peninsula of Michigan, on the western edge of the Keweenaw Peninsula; the large mill located in the town received copper ore from the surrounding region. The town was named after William A. Paine's daughter. Freda and its companion, Beacon Hill, were owned and maintained by the Champion Mining Company, a subsidiary of Copper Range Consolidated; the town existed to serve the large Champion Copper Mill, which processed copper-bearing rock from the nearby Champion Mines. The mill was served by the Copper Range Railroad, which provided passenger service to the area. A post office operated from July 12, 1907, until March 12, 1964; as a result of its location on a major railroad line, Freda became a holiday vacation spot. The Freda Park was opened in 1908, funded by the Copper Range Railroad.
It best maintained park in the Copper Country. With the decline of peoples' reliance on the railroad system, the park was shut down on Labor Day in 1918, thus handicapping the Freda community. In a 1966 article in the Daily Mining Gazette, a reporter stated, “...only the files of newspapers and periodicals will be mute evidence to days enjoyed of yesteryear.” The closing of Freda Park was only the beginning. The closing of the Champion mines and the arrival of the automobile led to the demise of Freda. Based on the railroad system and owned by mining companies, the town lost population. Freda continued to boom after 1918, but its limited market prevented any other growth away from the copper industry; the Champion Mill processed copper-bearing rock from the nearby Champion mines. The design of the mill was based upon dumping copper-filled rocks from a locomotive into an area where one of five large stamps would break the minerals into pieces. Water from Lake Superior was added; the result was a sludge, forty percent copper or more.
This was sent by locomotive to Michigan Smelter, near Houghton, from which the copper was made into ingots and shipped to the world. Much of Freda’s fundamental character and identity were lost with the closing of the mill; the last whistle blew on November 4, 1967. With its closing, a two-year salvage operation began, involving the removal of all valuable materials. All machinery and pipe systems were gutted, lumber was salvaged; the steel rails for the train system were taken, due to their value, since the Beacon Hill bridge alone contained 310 tons of iron. In the wake of the mill's closing, the post office closed, was converted into the Superior View Restaurant, which remained open for 33 years until, in 2006, it was closed; the town maintains a low population. Guilbault, Frieda Durocher. Growing Up in Michigan’s Copper Country 1908-1925. 2003
Michigan is a state in the Great Lakes and Midwestern regions of the United States. The state's name, originates from the Ojibwe word mishigamaa, meaning "large water" or "large lake". With a population of about 10 million, Michigan is the tenth most populous of the 50 United States, with the 11th most extensive total area, is the largest state by total area east of the Mississippi River, its capital is Lansing, its largest city is Detroit. Metro Detroit is among the nation's largest metropolitan economies. Michigan is the only state to consist of two peninsulas; the Lower Peninsula is noted as shaped like a mitten. The Upper Peninsula is separated from the Lower Peninsula by the Straits of Mackinac, a five-mile channel that joins Lake Huron to Lake Michigan; the Mackinac Bridge connects the peninsulas. The state has the longest freshwater coastline of any political subdivision in the world, being bounded by four of the five Great Lakes, plus Lake Saint Clair; as a result, it is one of the leading U.
S. states for recreational boating. Michigan has 64,980 inland lakes and ponds. A person in the state is never more than six miles from a natural water source or more than 85 miles from a Great Lakes shoreline; the area was first occupied by a succession of Native American tribes over thousands of years. Inhabited by Natives, Métis, French explorers in the 17th century, it was claimed as part of New France colony. After France's defeat in the French and Indian War in 1762, the region came under British rule. Britain ceded this territory to the newly independent United States after Britain's defeat in the American Revolutionary War; the area was part of the larger Northwest Territory until 1800, when western Michigan became part of the Indiana Territory. Michigan Territory was formed in 1805, but some of the northern border with Canada was not agreed upon until after the War of 1812. Michigan was admitted into the Union in 1837 as a free one, it soon became an important center of industry and trade in the Great Lakes region and a popular immigrant destination in the late 19th and early 20th centuries.
Although Michigan developed a diverse economy, it is known as the center of the U. S. automotive industry, which developed as a major economic force in the early 20th century. It is home to the country's three major automobile companies. While sparsely populated, the Upper Peninsula is important for tourism thanks to its abundance of natural resources, while the Lower Peninsula is a center of manufacturing, agriculture and high-tech industry; when the first European explorers arrived, the most populous tribes were Algonquian peoples, which include the Anishinaabe groups of Ojibwe, Odaawaa/Odawa, the Boodewaadamii/Bodéwadmi. The three nations co-existed peacefully as part of a loose confederation called the Council of Three Fires; the Ojibwe, whose numbers are estimated to have been between 25,000 and 35,000, were the largest. The Ojibwe were established in Michigan's Upper Peninsula and northern and central Michigan, inhabited Ontario and southern Manitoba, Canada; the Ottawa lived south of the Straits of Mackinac in northern and southern Michigan, but in southern Ontario, northern Ohio and eastern Wisconsin.
The Potawatomi were in southern and western Michigan, in addition to northern and central Indiana, northern Illinois, southern Wisconsin, southern Ontario. Other Algonquian tribes in Michigan, in the south and east, were the Mascouten, the Menominee, the Miami, the Sac, the Fox; the Wyandot were an Iroquoian-speaking people in this area. French voyageurs and coureurs des bois settled in Michigan in the 17th century; the first Europeans to reach what became Michigan were those of Étienne Brûlé's expedition in 1622. The first permanent European settlement was founded in 1668 on the site where Père Jacques Marquette established Sault Ste. Marie, Michigan as a base for Catholic missions. Missionaries in 1671–75 founded outlying stations at Saint Ignace and Marquette. Jesuit missionaries were well received by the area's Indian populations, with few difficulties or hostilities. In 1679, Robert Cavelier, Sieur de la Salle built Fort Miami at present-day St. Joseph. In 1691, the French established a trading post and Fort St. Joseph along the St. Joseph River at the present-day city of Niles.
In 1701, French explorer and army officer Antoine de la Mothe Cadillac founded Fort Pontchartrain du Détroit or "Fort Pontchartrain on-the-Strait" on the strait, known as the Detroit River, between lakes Saint Clair and Erie. Cadillac had convinced King Louis XIV's chief minister, Louis Phélypeaux, Comte de Pontchartrain, that a permanent community there would strengthen French control over the upper Great Lakes and discourage British aspirations; the hundred soldiers and workers who accompanied Cadillac built a fort enclosing one arpent and named it Fort Pontchartrain. Cadillac's wife, Marie Thérèse Guyon, soon moved to Detroit, becoming one of the first European women to settle in what was considered the wilderness of Michigan; the town became a major fur-trading and shipping post. The Église de Saint-Anne was founded the same year. While the original building does not survive, the congregation remains active. Cadillac departed to serve as the French governor of Louisiana from 1710 to 1716.
French attempts to consol
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
An investment bank is a financial services company or corporate division that engages in advisory-based financial transactions on behalf of individuals and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of securities. An investment bank may assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses; as an industry, it is broken up into the Bulge Bracket, Middle Market, boutique market. Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, the United States maintained a separation between investment banking and commercial banks.
Other industrialized countries, including G7 countries, have not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity is classed as either "sell side" or "buy side"; the "sell side" involves trading securities for cash or for other securities, or the promotion of securities. The "buy side" involves the provision of advice to institutions. Private equity funds, mutual funds, life insurance companies, unit trusts, hedge funds are the most common types of buy-side entities. An investment bank can be split into private and public functions with a Chinese wall separating the two to prevent information from crossing; the private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.
S. Securities and Exchange Commission and Financial Industry Regulatory Authority regulation; the Dutch East India Company was the first company to issue bonds and shares of stock to the general public. It was the first publicly traded company, being the first company to be listed on an official stock exchange; the Dutch helped lay the foundations of the modern practice of investment banking. Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings and secondary market offerings and mergers and acquisitions, evolving into a "full-service" range including securities research, proprietary trading, investment management. In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: investment banking, asset management, trading and principal investments. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, repealed in 1999.
The repeal led to more "universal banks" offering an greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays. After the financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010, regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading; the traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of Merrill Lynch's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a "retail-focused" firm with a large brokerage network. Investment banking is split into front office, middle office, back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side investment firms such as boutique investment banks and small broker-dealers focus on investment banking and sales/trading/research, respectively.
Inns issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, an activity important to an investment bank's reputation. Therefore, investment bankers play a important role in issuing new security offerings. Front office is described as a revenue-generating role. There are two main areas within front office: investment banking and markets Investment banking involves advising organizations on mergers and acquisitions, as well as a wide array of capital raising strategies. Markets is divided into "sales and trading", "research". Corporate finance is the aspect of investment banks, which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions
A stockbroker, share broker, registered representative, trading representative, or more broadly, an investment broker, investment adviser, financial adviser, wealth manager, or investment professional is a regulated broker, broker-dealer, or Registered Investment Adviser who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks and other investments to financial market participants in return for a commission, markup, or fee, which could be based on a flat rate, percentage of assets, or hourly rate. Examples of professional designations held by individuals in this field, which affects the types of investments they are permitted to sell and the services they provide include Chartered Financial Consultants, Certified Financial Planners or Chartered Financial Analysts, Chartered Strategic Wealth Professionals, Chartered Financial Planners, Master of Business Administration; the Financial Industry Regulatory Authority provides an online tool designed to help understand professional designations in the United States.
The first recorded buying and selling of shares occurred in Rome in the 2nd century BC. After the Fall of the Western Roman Empire, stockbroking did not become a profession until after the Renaissance, when government bonds were traded in Italian city-states such as Genoa and Venice. In 1602, the Amsterdam Stock Exchange became the first official stock market with trading in shares of the Dutch East India Company, the first company to issue stock. In 1698, the London Stock Exchange, opened at a coffeehouse. On May 17, 1792, the New York Stock Exchange opened under a platanus occidentalis in New York City, as 24 stockbrokers signed the Buttonwood Agreement, agreeing to trade five securities under that buttonwood tree. Investment professionals that offer financial advice in Australia must pass training pursuant to RG146 and hold a license, overseen by the Australian Securities and Investments Commission, they are subject to fiduciary obligations. In Canada, to be licensed as a "Registered Representative" or an "Investment Advisor" and thus be qualified to offer investment advice and trade all instruments with the exception of derivatives, an individual employed by an investment firm must have completed the Canadian Securities Course, the Conduct & Practices Handbook, the 90-day Investment Advisor Training Program.
Within 30 months of obtaining designation as a "Registered Representative", the registrant is further required to meet the post-licensing proficiency requirement to complete the Wealth Management Essentials course. A Registered Representative is required to complete 30 hours of professional development and 12 hours of compliance training every three year continuing education cycle as set out by the Investment Industry Regulatory Organization of Canada. To trade options and/or futures, a Registered Representative must pass the Derivatives Fundamentals Course in addition to the Options Licensing Course and/or the Futures Licensing Course, or alternatively, the Derivatives Fundamentals Options Licensing Course for options. In Hong Kong, to become a representative one has to work for a licensed firm and pass 3 exams to prove competency. Passing a fourth exam results in obtaining a'specialist' license. All tests can be taken with the Hong Kong Securities Institute. After passing all tests, approval must be received by the Futures Commission.
Share brokers in India are governed by the Securities and Exchange Board of India Act, 1992 and brokers must register with the Securities and Exchange Board of India. The National Stock Exchange of India and the Bombay Stock Exchange offer certification courses; the recognized benchmark designation for investment professionals in Ireland is the QFA designation, awarded to those who pass the Professional Diploma in Financial Advice and agree to comply with the ongoing "continuous professional development" requirements. The qualification, attaching CPD program, meets the "minimum competency requirements" specified by the Financial Regulator, for advising on and selling five categories of retail financial products: Stock shares and other investment instruments Savings and pensions Mortgage loans Consumer credit Life insurance In New Zealand, the New Zealand Qualifications Authority oversees qualifications; the New Zealand Certificate in Financial Services is the minimum level of qualification necessary to offer investment advice.
In Singapore, becoming a trading representative requires passing 4 exams, Modules 1A, 5, 6 and 6A, from the Institute of Banking and Finance and applying for the license through MAS and SGX. In South Korea, the Korea Financial Investment Association oversees the licensing of investment professionals. Stockbroking is a regulated profession in the United Kingdom and brokers must achieve a recognised qualification from the Appropriate Qualifications list of the Financial Conduct Authority; the Chartered Institute for Securities & Investment is the largest UK professional body for investment professionals. It evolved from the London Stock Exchange, has around 40,000 members in over 100 countries and delivers more than 37,000 exams each year. CFA UK offers qualifications, it represents the interests of around 11,000 investment professionals and is part of the worldwide network of members of the CFA Institute. Qualifications include: the CISI Level 4 Diploma in Investment Advice and the CISI Level 7 Diploma in Wealth Management The Financial Industry Reg
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