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Alexander Brown (banker)
Alexander Brown (17 November 1764 – 4 April 1834), was an Irish merchant and banker. Beginning as a merchant trader, first of linen in Belfast, then of cotton and tobacco after migrating to Baltimore, Maryland, he later shifted his focus to financial services. He founded Alex. Brown & Sons, the oldest investment banking firm in the US, in 1800, and with his sons operated a network of banks in the US and England. He made his fortune from the transatlantic cotton trade, and was one of the first millionaires in the United States. Early life and emigration Alexander Brown was born 17 November 1764 in Ballymena in County Antrim (now in Northern Ireland), one of four surviving children of William Brown and Margaret Brown (née Davison). As a young man, Brown achieved some success as a linen dealer and auctioneer in Belfast. In 1783 he married Grace Davison, possibly his cousin, from Drumnasole, County Antrim, and they had four surviving children, William (b. 30 May 1784), George (b. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Brown
Alexander Brown may refer to: Sports *Alexander Brown (cricketer) (born 1967), English cricketer * Sandy Brown (footballer, born 1877) (Alexander Brown, 1877–1944), Scottish footballer * Sandy Brown (footballer, born 1939) (Alexander Dewar Brown, 1939–2014), Scottish footballer * Music *Alexander Brown (director) (born 1985), English music video director and designer * Alexander Brown (musician) (born 1982), Danish DJ, part of Morten Hampenberg & Alexander Brown Politics *Sir Alexander Brown, 1st Baronet (1844–1922), British Member of Parliament who is remembered for many decades of service * Alexander Brown (Australian politician) (1851–1926), Australian member of New South Wales Legislative Assembly/Legislative Council * Alexander Laing Brown (1851–1936), British Member of Parliament for Hawick Burghs, 1886–1892 * Alexander Garnet Brown (1930–2010), Canadian businessman and politician in the Nova Scotia House of Assembly Sciences *Alexander Brown (engineer) (183 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Brown & Sons
Alex. Brown & Sons was the first investment bank in the United States, founded by Alexander Brown in 1800 in Baltimore, Maryland. The firm was acquired by Bankers Trust in 1997 to form BT Alex. Brown, and then integrated into Deutsche Bank in 1999 following Deutsche's acquisition of BT. In 2016, Raymond James acquired Deutsche's U.S. private client services unit, operating under the Alex. Brown brand. History Founding and early history Alexander Brown (1764–1834), an Irish linen merchant, emigrated in 1800 from Broughshane, near Ballymena, in Ulster to the United States, settling in Baltimore, Maryland, where he established the first investment banking firm in the U.S. In 1808, the company organized the first initial public offering in the U.S., that of the Baltimore Water Company. In 1810, Alexander Brown was joined in business by his sons, William, George, John, and James, and the firm was named Alex. Brown and Sons, Inc. By the 1820s, Alexander Brown had expanded hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lothbury
Lothbury is a short street in the City of London. It runs east–west with traffic flow in both directions, from Gresham Street's junction with Moorgate to the west, and Bartholomew Lane's junction with Throgmorton Street to the east. History The area was populated with coppersmiths in the Middle Ages before later becoming home to a number of merchants and bankers. According to Stow, the street was "possessed for the most part by founders that cast candlesticks, chafing dishes, spice mortars, and such-like copper or laton works, and do afterwards turn them with the foot and not with the wheel, to make them smooth and bright with turning and scratching (as some do term it), making a loathsome noise to the by-passers that have not been used to the like, and therefore by them disdainfully called Lothberie". Lothbury was the location of the Whalebone, a meeting place for the radical Leveller movement in the mid seventeenth-century. At the beginning of the twentieth century ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Letter Of Credit
A letter of credit (LC), also known as a documentary credit or bankers commercial credit, or letter of undertaking (LoU), is a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods. Letters of credit are used extensively in the financing of international trade, when the reliability of contracting parties cannot be readily and easily determined. Its economic effect is to introduce a bank as an underwriter that assumes the counterparty risk of the buyer paying the seller for goods. History The letter of credit has been used in Europe since ancient times. Letters of credit were traditionally governed by internationally recognized rules and procedures rather than by national law. The International Chamber of Commerce oversaw the preparation of the first Uniform Customs and Practice for Documentary Credits (UCP) in 1933, creating a voluntary framework for commercial banks to apply to transactions wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bill Of Exchange
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand or at a future date. The term has different meanings depending on the use of the term as it is used in the application of different laws, and depending in which country and context it is used. Concept of negotiability William Searle Holdsworth defines the concept of negotiability as follows: #Negotiable instruments are transferable under the following circumstances: they are transferable by delivery where they are made payable to the bearer, they are transferable by delivery and endorsement where they are made payable to order. #Consideration is presumed. #The transferee acquires a good title, even though the transferor had a defective or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit (finance)
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Etymology The term "credit" was first used in English in the 1520s. The term came "from Middle French crédit (15c.) "belief, trust," from Italian credito, from Latin creditum "a loan, thing entrusted to another," ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Exchange
A bureau de change (plural bureaux de change, both ) (British English) or currency exchange (American English) is a business where people can exchange one currency for another. Nomenclature Although originally French, the term "bureau de change" is widely used throughout Europe and French-speaking Canada, where it is common to find a sign saying "exchange" or "change". Since the adoption of the euro, many exchange offices have started incorporating its logotype prominently on their signage. In the United States and English-speaking Canada the business is described as "currency exchange" and sometimes "money exchange", sometimes with various additions such as "foreign", "desk", "office", "counter", "service", etc.; for example, "foreign currency exchange office". Location A bureau de change is often located at a bank, at a travel agent, airport, main railway station or large stores—namely, anywhere there is likely to be a market for people needing to convert currency. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO 4217, ISO code: GBP) is the currency of the United Kingdom and nine of #Crown Dependencies and British Overseas Territories, its associated territories. The Pound (currency), pound (pound sign, sign: £) is the main unit of account, unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception. It is currently the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and Renminbi, it forms the basket of currencies which special drawing rights#Value definition, calculate the value of International Monetary Fund, IMF special drawing rights. As of mid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises. History The term "financial services" became more prevalent in the United States partly as a result of the GrammLeachBliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g. Japan), non-fina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
War Of 1812
The War of 1812 (18 June 1812 – 17 February 1815) was fought by the United States of America and its indigenous allies against the United Kingdom and its allies in British North America, with limited participation by Spain in Florida. It began when the United States declared war on 18 June 1812 and, although peace terms were agreed upon in the December 1814 Treaty of Ghent, did not officially end until the peace treaty was ratified by Congress on 17 February 1815. Tensions originated in long-standing differences over territorial expansion in North America and British support for Native American tribes who opposed US colonial settlement in the Northwest Territory. These escalated in 1807 after the Royal Navy began enforcing tighter restrictions on American trade with France and press-ganged men they claimed as British subjects, even those with American citizenship certificates. Opinion in the US was split on how to respond, and although majorities in both the House an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has devolved responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1837
The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down, westward expansion was stalled, unemployment went up, and pessimism abounded. The panic had both domestic and foreign origins. Speculative lending practices in the West, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Britain were all factors. The lack of a central bank to regulate fiscal matters, which President Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. This ailing economy of early 1837 led investors to panic – a bank run ensued – giving the crisis its name. The run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They suspended specie payments and would no longer redeem commercial paper in specie at full face value. A si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
