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New York Gold Exchange
The New York Gold Exchange was an exchange formed shortly after the beginning of the American Civil War for the purpose of creating an open market for transactions involving gold and the government-created paper currency, the greenback. Established in 1862, it closed in 1897. History During Civil War The exchange was established in 1862 in a basement on New Street.George Winslow, "New York Gold Market" in '' The Encyclopedia of New York City'' (2d ed.: eds. Kenneth T. Jackson, Lisa Keller & Nancy Flood). The exchange was created during the American Civil War, when the Union issued paper money to fund the war effort. Gold trading was initially banned at the New York Stock Exchange, which viewed the practice as unpatriotic speculation in wartime.Edwin G. Burrows & Mike Wallace, ''Gotham: A History of New York City to 1898'' (Oxford University Press, pp. 900–01. This was because Confederate victories resulted in an increase in the price of gold relative to the greenback dollar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange (organized Market)
An exchange, bourse (), trading exchange or trading venue is an organized market where (especially) tradable securities, commodities, foreign exchange, futures, and options contracts are bought and sold. History 12th century: Brokers on the Grand Bridge, France In the twelfth century, foreign exchange dealers in France were responsible for controlling and regulating the debts of agricultural communities on behalf of banks. These were actually the first brokers. They met on the Grand Bridge in Paris, the current Pont au Change. It takes its name from the forex brokers. 13th century: ''Huis ter Beurze'', Belgium The term ''bourse'') which was later used as bursa in Medieval Latin to refer to the "purse". is related to the 13th-century inn named "'' Huis ter Beurze''" owned by family in Bruges, Belgium, where traders and foreign merchants from across Europe, especially the Italian Republics of Genoa, Florence and Venice, conducted business in the late medieval period. The b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District itself. Anchored by Wall Street, New York has been described as the world's principal financial center. Wall Street was originally known in Dutch as "de Waalstraat" when it was part of New Amsterdam in the 17th century, though the origins of the name vary. An actual wall existed on the street from 1685 to 1699. During the 17th century, Wall Street was a slave trading marketplace and a securities trading site, and from the early eighteenth century (1703) the location of Federal Hall, New York's first city hall. In the early 19th century, both residences and businesses occupied th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cashier's Check
A cashier's check (or cashier's cheque, cashier's order) is a check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier. Cashier's checks are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount. They are commonly required for real estate and brokerage transactions. Genuine cashier's checks deposited into a bank account are usually cleared the next day. The customer can request "next-day availability" when depositing a cashier's check in person. Forged cashier's checks may bounce 2 weeks after being deposited. When cashier’s checks took weeks to clear the banks, they were often forged in fraud schemes. The recipient of the check would deposit it in their account and withdraw funds under next-day availability, assuming it was legitimate. The bank might not be informed the check was fraudulent until, perhaps, weeks after the customer had withdrawn funds made available by the fraudulent deposit, by wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Sobel
Robert Sobel (February 19, 1931 – June 2, 1999) was an American professor of history at Hofstra University and a well-known and prolific writer of business histories. Biography Sobel was born in the Bronx, in New York City, New York. He completed his B.S.S. (1951) and M.A. (1952) at City College of New York, and after serving in the U.S. Army, obtained a Ph.D. from New York University in 1957. He started teaching at Hofstra in 1956. Sobel eventually became Lawrence Stessin Distinguished Professor of Business History at Hofstra. After his death, the university established the ''Robert Sobel Endowed Scholarship for Excellence in Business History & Finance.'' Books Sobel's first business history, published in 1965, was ''The Big Board: A History of the New York Stock Market''. It was the first history of the stock market written in over a generation. The book was met with favorable reviews and solid sales, and Sobel's writing career was launched. Several of his subsequent b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hedge (finance)
A hedge is an investment position intended to offset potential losses or gains that may be incurred by a companion investment. A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance, forward contracts, swaps, options, gambles, many types of over-the-counter and derivative products, and futures contracts. Public futures markets were established in the 19th century to allow transparent, standardized, and efficient hedging of agricultural commodity prices; they have since expanded to include futures contracts for hedging the values of energy, precious metals, foreign currency, and interest rate fluctuations. Etymology Hedging is the practice of taking a position in one market to offset and balance against the risk adopted by assuming a position in a contrary or opposing market or investment. The word hedge is from Old English ''hecg'', originally any fence, living or artificial. The first known use of the wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ticker Tape Machine
Ticker tape was the earliest electrical dedicated financial communications medium, transmitting stock price information over telegraph lines, in use from around 1870 through 1970. It consisted of a paper strip that ran through a machine called a stock ticker, which printed abbreviated company names as alphabetic symbols followed by numeric stock transaction price and volume information. The term "ticker" came from the sound made by the machine as it printed. The ticker tape revolutionized financial markets, as it relayed information from trading floors continuously and simultaneously across geographical distances. Paper ticker tape became obsolete in the 1960s, as television and computers were increasingly used to transmit financial information. The concept of the stock ticker lives on, however, in the scrolling electronic tickers seen on brokerage walls and on news and financial television channels. Ticker tape stock price telegraphs were invented in 1867 by Edward A. Calahan, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samuel Spahr Laws
Samuel Spahr Laws (March 23, 1824 – January 9, 1921) was an American minister, professor, physician, college president, businessman and inventor best known today as the inventor of the Laws Gold Indicator, a predecessor of the ticker tape machine. He was an 1848 graduate and class valedictorian of Miami University in Oxford, Ohio and a member of the Alpha chapter of Beta Theta Pi, founded nine years before his graduation in 1839. Life and career Westminster College Samuel Spahr Laws became a professor at Westminster College in 1854. At the college's first commencement in June 1855, the Board of Trustees elected Laws to the position of president of the college. Laws was officially confirmed to the position in October of that year. His term as president of Westminster was highly successful. He raised funds to establish an endowment that compared favorably with the more established east coast schools, and enrollment ranked fourth among all colleges of the Presbyterian Church ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Levi P
Levi (; ) was, according to the Book of Genesis, the third of the six sons of Jacob and Leah (Jacob's third son), and the founder of the Israelite Tribe of Levi (the Levites, including the Kohanim) and the great-grandfather of Aaron, Moses and Miriam. Certain religious and political functions were reserved for the Levites. Origins The Torah suggests that the name ''Levi'' refers to Leah's hope for Jacob to '' join'' with her, implying a derivation from ''yillaweh'', meaning ''he will join'', but scholars suspect that it may simply mean ''priest'', either as a loan word from the Minaean ''lawi'u'', meaning ''priest'', or by referring to those people who were ''joined'' to the Ark of the Covenant. Another possibility is that the Levites originated as migrants and that the name Levites indicates their ''joining'' with either the Israelites in general or the earlier Israelite priesthood in particular. See also * Levite * Miscegenation * Tribe of Levi * Lévai Lévai, Levai, Lev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gilded Age
In United States history, the Gilded Age was an era extending roughly from 1877 to 1900, which was sandwiched between the Reconstruction era and the Progressive Era. It was a time of rapid economic growth, especially in the Northern and Western United States. As American wages grew much higher than those in Europe, especially for skilled workers, and industrialization demanded an ever-increasing unskilled labor force, the period saw an influx of millions of European immigrants. The rapid expansion of industrialization led to real wage growth of 60% between 1860 and 1890, and spread across the ever-increasing labor force. The average annual wage per industrial worker (including men, women, and children) rose from $380 in 1880, to $564 in 1890, a gain of 48%. Conversely, the Gilded Age was also an era of abject poverty and inequality, as millions of immigrants—many from impoverished regions—poured into the United States, and the high concentration of wealth became more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange Place (Manhattan)
Exchange Place is a street in the Financial District of Lower Manhattan, New York City. The street runs five blocks between Trinity Place in the west and Hanover Street in the east. Exchange Place was created by 1657 as part of the street plan for the Dutch colony of New Amsterdam (modern-day Lower Manhattan), as recorded in the Castello Plan. It is composed of parts of two colonial Dutch roads and survives largely as it existed in 1660, although it has been renamed multiple times and was extended in 1836. The current name, which dates from 1827, was derived from the New York Stock Exchange's presence near Exchange Place. Several points of interest are located along Exchange Place, including the New York Stock Exchange Building, 20 Exchange Place, and 55 Wall Street. History Exchange Place was created by 1657, as outlined in the Castello Plan, a street map for the Dutch colony of New Amsterdam (modern-day Lower Manhattan); the street still survives largely as it existed in 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Congress
An Act of Congress is a statute enacted by the United States Congress. Acts may apply only to individual entities (called private laws), or to the general public ( public laws). For a bill to become an act, the text must pass through both houses with a majority, then be either signed into law by the president of the United States, be left unsigned for ten days (excluding Sundays) while Congress remains in session, or, if vetoed by the president, receive a congressional override from of both houses. Public law, private law, designation In the United States, Acts of Congress are designated as either public laws, relating to the general public, or private laws, relating to specific institutions or individuals. Since 1957, all Acts of Congress have been designated as "Public Law X–Y" or "Private Law X–Y", where X is the number of the Congress and Y refers to the sequential order of the bill (when it was enacted). For example, P. L. 111–5 ( American Recovery and Reinvestme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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