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Liquidity in the Street: a 1914 Innovation
What Happened to Liquidity When World War I Shut the NYSE? William L. Silber Revised November 2003 The author is the Marcus Nadler Professor of Finance and Economics, Stern School of Business, New York University. He wishes to thank Yakov Amihud, Amit Arora, Menachem Brenner, Kenneth Garbade, William Greene, Joel Hasbrouck, Jane Hsu, Yang Lu, Anthony Saunders, Gideon Saar, Mitchell Stephens, Richard Sylla, Paul Wachtel, Ingo Walter, Steven Wheeler and Robert Whitelaw for helpful comments and assistance. Contact information: NYU, Stern School of Business, 44 West 4th Street, New York, N. Y. 10012. Telephone: 212- 998-0714. Email: [email protected] JEL Classifications: G1, N0, N2 Keywords: Liquidity, NYSE, World War I 1 Abstract What Happened to Liquidity When World War I Shut the NYSE? The suspension of trading on the New York Stock Exchange for more than four months following the outbreak of World War I fostered a substitute market on New Street as a source of liquidity. The New Street market suffered from impaired price transparency because its transactions were not disseminated on the NYSE ticker and its quotations were blacklisted at the leading newspapers. This paper shows that despite the incomplete information flow and the somewhat wider bid-ask spreads compared with the New York Stock Exchange, New Street offered economically meaningful liquidity services. The interference with price transparency turned an individual stock’s reputation for liquidity into an important added variable in explaining the structure of bid-ask spreads on New Street. 2 I. Introduction It is not so surprising that the outbreak of World War I forced the New York Stock Exchange (NYSE) to close. -
A History of Maryland's Electoral College Meetings 1789-2016
A History of Maryland’s Electoral College Meetings 1789-2016 A History of Maryland’s Electoral College Meetings 1789-2016 Published by: Maryland State Board of Elections Linda H. Lamone, Administrator Project Coordinator: Jared DeMarinis, Director Division of Candidacy and Campaign Finance Published: October 2016 Table of Contents Preface 5 The Electoral College – Introduction 7 Meeting of February 4, 1789 19 Meeting of December 5, 1792 22 Meeting of December 7, 1796 24 Meeting of December 3, 1800 27 Meeting of December 5, 1804 30 Meeting of December 7, 1808 31 Meeting of December 2, 1812 33 Meeting of December 4, 1816 35 Meeting of December 6, 1820 36 Meeting of December 1, 1824 39 Meeting of December 3, 1828 41 Meeting of December 5, 1832 43 Meeting of December 7, 1836 46 Meeting of December 2, 1840 49 Meeting of December 4, 1844 52 Meeting of December 6, 1848 53 Meeting of December 1, 1852 55 Meeting of December 3, 1856 57 Meeting of December 5, 1860 60 Meeting of December 7, 1864 62 Meeting of December 2, 1868 65 Meeting of December 4, 1872 66 Meeting of December 6, 1876 68 Meeting of December 1, 1880 70 Meeting of December 3, 1884 71 Page | 2 Meeting of January 14, 1889 74 Meeting of January 9, 1893 75 Meeting of January 11, 1897 77 Meeting of January 14, 1901 79 Meeting of January 9, 1905 80 Meeting of January 11, 1909 83 Meeting of January 13, 1913 85 Meeting of January 8, 1917 87 Meeting of January 10, 1921 88 Meeting of January 12, 1925 90 Meeting of January 2, 1929 91 Meeting of January 4, 1933 93 Meeting of December 14, 1936 -
Report of the Maryland Heritage Committee to the Governor and General Assembly of Maryland
Report of the Maryland Heritage Committee to the Governor and General Assembly of Maryland Maryland celebrates 350 years MARYLAND HERITAGE COMMITTEE March, 1985 On the Occasion of Maryland’s 350th Birthday from the Ark of refuge, from the Dove of peace, we have become. we celebrate three hundred fifty years of learning. turning watermen and women, hill folk and city, into citizens. safe now and at peace in this proud state named for a woman we blend our brown and yellow, red and black and white into a greater We. Maryland, heiress to refuge and to peace. We celebrate. We praise. by Lucille Clifton Poet Laureate of Maryland This book was composed in Caslon 540 text and display type by Brushwood Graphics Studio from a design by Carleton ‘B’ Hayek. It was printed by the Collins Lithographing & Printing Company, Inc. 20C71453 Report of The MARYLAND HERITAGE COMMITTEE Annapolis March 29, 1985 Report of the Maryland Heritage Committee to the Governor and General Assembly of Maryland Peoples and nations pause occasionally to celebrate their gods, their heroes and victories, their origins and successes. Maryland first celebrated its founding in 1834 and has continued to do so in 50 year intervals. The pattern for celebrating thus established, Maryland was ready as 1984 approached to look back with pride on 350 years of political, social and cultural achievement. As in previous an- niversaries, the celebration of the past became an affirmation of the future. To prepare the state for its 1984 celebration, the 1982 General Assembly of Maryland passed a resolution (Appendix i) creating the 350 Coordinating Com- mittee which subsequently became the Maryland Heritage Committee. -
[List of Stocks Registered on National Securities Exchanges]
F e d e r a l R e s e r v e Ba n k O F D A LLA S Dallas, Texas, July 29, 1953 To All Banking Institutions in the Eleventh Federal Reserve District: On June 9, 1953 we sent you a copy of Amendment No. 12 to Regulation U which is to become effective August 1, 1953. A principal provision of the amendment is that a bank loan for the purpose of purchas ing or carrying a “redeemable security” issued by an “ open-end company” as defined in the Investment Company Act of 1940, whose assets customarily include stocks registered on a national securities exchange, shall be deemed under the regulation to be a loan for the purpose of purchasing or carrying a stock so registered. The amendment also provides that in determining whether or not a security is a “ redeemable security,” a bank may rely upon any reasonably current record of such securities that is published or specified in a publication of the Board of Governors. This, of course, adopts the same procedure as that specified in the regulation for determining whether or not a security is a “ stock registered on a national securities exchange,” and in the past the Board has published a “ List of Stocks Registered on National Securities Exchanges.” This list has now been revised and expanded to include also a list of “redeem able securities” of the type covered under the regulation by Amendment No. 12 thereto. A copy of this list dated June, 1953 and listing such stocks and securities as of March 31, 1953 is enclosed. -
Guide to the War of 1812 Sources
Source Guide to the War of 1812 Table of Contents I. Military Journals, Letters and Personal Accounts 2 Service Records 5 Maritime 6 Histories 10 II. Civilian Personal and Family Papers 12 Political Affairs 14 Business Papers 15 Histories 16 III. Other Broadsides 17 Maps 18 Newspapers 18 Periodicals 19 Photos and Illustrations 19 Genealogy 21 Histories of the War of 1812 23 Maryland in the War of 1812 25 This document serves as a guide to the Maryland Center for History and Culture’s library items and archival collections related to the War of 1812. It includes manuscript collections (MS), vertical files (VF), published works, maps, prints, and photographs that may support research on the military, political, civilian, social, and economic dimensions of the war, including the United States’ relations with France and Great Britain in the decade preceding the conflict. The bulk of the manuscript material relates to military operations in the Chesapeake Bay region, Maryland politics, Baltimore- based privateers, and the impact of economic sanctions and the British blockade of the Bay (1813-1814) on Maryland merchants. Many manuscript collections, however, may support research on other theaters of the war and include correspondence between Marylanders and military and political leaders from other regions. Although this inventory includes the most significant manuscript collections and published works related to the War of 1812, it is not comprehensive. Library and archival staff are continually identifying relevant sources in MCHC’s holdings and acquiring new sources that will be added to this inventory. Accordingly, researchers should use this guide as a starting point in their research and a supplement to thorough searches in MCHC’s online library catalog. -
Federalist Politics and William Marbury's Appointment As Justice of the Peace
Catholic University Law Review Volume 45 Issue 2 Winter 1996 Article 2 1996 Marbury's Travail: Federalist Politics and William Marbury's Appointment as Justice of the Peace. David F. Forte Follow this and additional works at: https://scholarship.law.edu/lawreview Recommended Citation David F. Forte, Marbury's Travail: Federalist Politics and William Marbury's Appointment as Justice of the Peace., 45 Cath. U. L. Rev. 349 (1996). Available at: https://scholarship.law.edu/lawreview/vol45/iss2/2 This Article is brought to you for free and open access by CUA Law Scholarship Repository. It has been accepted for inclusion in Catholic University Law Review by an authorized editor of CUA Law Scholarship Repository. For more information, please contact [email protected]. ARTICLES MARBURY'S TRAVAIL: FEDERALIST POLITICS AND WILLIAM MARBURY'S APPOINTMENT AS JUSTICE OF THE PEACE* David F. Forte** * The author certifies that, to the best of his ability and belief, each citation to unpublished manuscript sources accurately reflects the information or proposition asserted in the text. ** Professor of Law, Cleveland State University. A.B., Harvard University; M.A., Manchester University; Ph.D., University of Toronto; J.D., Columbia University. After four years of research in research libraries throughout the northeast and middle Atlantic states, it is difficult for me to thank the dozens of people who personally took an interest in this work and gave so much of their expertise to its completion. I apologize for the inevita- ble omissions that follow. My thanks to those who reviewed the text and gave me the benefits of their comments and advice: the late George Haskins, Forrest McDonald, Victor Rosenblum, William van Alstyne, Richard Aynes, Ronald Rotunda, James O'Fallon, Deborah Klein, Patricia Mc- Coy, and Steven Gottlieb. -
Century Economy for Baltimore 4
Banking for a Baltimore Undivided Confronting Race and Class to Increase Opportunity and Equity for People and Neighborhoods For too long, Baltimore’s people and communities have had little or no say in the direction of the government or how tax dollars are spent. They do not determine how their communities are developed, and so they have watched as government has gone into debt to fund the development of downtown areas - while neglecting the very real needs of neighborhoods throughout the rest of the city. The Baltimore uprising of 2015 brought long festering problems to the forefront and showed that Baltimore needs transformational change - not tinkering with the status quo. The investment strategies and policies for the past 60 years are no longer relevant or feasible. A Joshua Harris Administration is ready to enact enabling legislation to fund investment strategies that make sense in 21st century Baltimore. This plan, based upon successful urban policies from throughout the United States and the world, will empower the residents of Baltimore to decide the future direction of their city. I recognize the community economic challenges facing Baltimore will not be fixed by the next Mayor alone, but by a Mayor who authentically involves community in every strata of a community economic development vision. It will be fixed by the people, first at the neighborhood level and then as a united city, working together for a better future. As Mayor, we will work to ensure the full participation of our residents in creating a united 21st century city. The plan will shift power from City Hall, big developers and Wall Street to people, neighborhoods and communities - because the people who are most affected by Baltimore’s problems are the ones who have the solutions. -
Engineering Inc., Rep
MARCH/APRIL 2019 INC. www.acec.org ENGINEERINGAWARD-WINNING BUSINESS MAGAZINE ● PUBLISHED BY AMERICAN COUNCIL OF ENGINEERING COMPANIES Prospects/Perils of Underwater Engineering Innovations in Smart Transportation Getting “Lean” for Bottom-Line Success EA Employees New House Take Public Transportation Benefi t Corp. and Infrastructure Title to Heart Committee Chairman PETER DEFAZIO A tough advocate for infrastructure investment ACEC BUSINESS INSURANCE TRUST It’s just good business sense A full suite of business insurance products offered through an exclusive agreement with The Hartford WHY THE ACEC BIT? With business insurance coverage features specifically designed for ACEC members and engineering firms, insuring Enhanced Coverages with the ACEC BIT is an important next step for your firm. Visit acecbit.org or contact The Hartford at 888-871-8191 and let Exclusive Benefits including them know you want to take full advantage of your membership. Royalty Sharing and Deductible Assistance Professional Liability Insurance is available too! Built for Engineering Greyling, the BIT Program Administrator, individually brokers professional liability coverage for each engineering firm. With Loss Prevention and Greyling, you’ll get an optimal balance of: Contract Advice ■ Coverage terms ■ Insurance limits ■ Deductible options ■ Premium to fit your budget ■ Risk Management advice and resources. GET A FREE QUOTE WITH GREYLING/EPIC TODAY. Visit acecbit.org, call Greyling at 833.223.2248, or email [email protected]. ACEC Business Insurance Trust - Engineered for Peace of Mind ©2019 EDGEWOOD PARTNERS INSURANCE CENTER | CA LICENSE 0B29370 Visit acecbit.org CONTENTSMarch/April 2019 “We have to bite the bullet and pay for the long-term, sustainable revenue we need—it is one of the most important things we can do in an infrastructure proposal.” Rep. -
Scollege of Maryland
1 *£ f^TS** • .1, ,," &• "• •* ST. MARY'S COLLEGE OF MARYLAND GONE"GOOSE" The Mulberry Tree Papers he familiar "Blue Goose" that has ferried St. Vol. XII, No. 2 Mary's athletes, musicians, and other assorted Fall 1985 Saints and Seahawks since 1973 has lurched to a final stop. St. Mary's College of Maryland TThe old International bus was retired to State surplus in August, its odometer reading a respectable 176,000 miles. Word at press time was that Historic St. Mary's City might Contents acquire the vehicle for use on short runs around the mu College newsfront, 1 seum grounds. In its younger days, the "Goose" ranged afar. Bus driver MTP Album, 8 "Kelly" Cutchember recently recalled two trips to Florida, one with the College jazz ensemble to Disneyworld, an The Sotweed Legacy, 10 other with the lacrosse team. On the latter expedition, the two-speed axle acted up and the "Goose" crawled into a The Legacy of Southern Maryland, 18 truck stop in low gear for needed repairs. Other trips took the jazz group to Kansas City and the 1983 wind ensemble Students in the Workplace, 22 to Boston. Contributions Reach All-Time High, 24 "We had very little trouble with her, really," said Kelly. "A lot of little things, then she'd run fine for a long time. The Man Who Made a Difference, 32 The engine was rebuilt at 90,000 miles, and since then we've got almost another 90,000 out of her." That Old Debbil Deficit, 36 The College plans to use vans rather than buy another bus, renting busses should that become necessary. -
Studies in Applied Economics
SAE./No.74/February 2017 Studies in Applied Economics AN ANALYSIS OF THE BALANCE SHEET OF THE FIRST BANK OF THE UNITED STATES Adil Javat Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise An Analysis of the Balance Sheet of the First Bank of the United States By Adil Javat Copyright 2017 by Adil Javat. This work may be reproduced provided that no fee is charged and the original source is properly cited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Co-Director of the Institute for Applied Economics, Global Health and Study of Business Enterprise ([email protected]). The authors are mainly students at The Johns Hopkins University in Baltimore. Some performed their work as summer research assistants at the Institute. About the Author Adil Javat is a sophomore at The Johns Hopkins University in Baltimore, Maryland pursuing a double major in Economics and Psychology. He wrote this paper while serving as an undergraduate researcher at the Institute for Applied Economics, Global Health, and Study of Business Enterprise during Fall 2016. He will graduate in May 2019. Abstract The First Bank of the United States was established in 1791 and was chartered for 20 years. Analysis of its balance sheet (digitized for the first time in an accompanying spreadsheet workbook) allows us to paint a picture of the landscape of the economy and significant financial events that occurred during its existence. This paper shows how the composition of the bank's assets and liabilities changed over time and how their geographical distribution changed. -
The Maryland Board of Public Works
The Maryland Board of Public Works The Maryland Board of Public Works A History Alan M. Wilner Hall of Records Commission, Department of General Services, Annapolis, MD 21404 Contents FOREWORD Vll PREFACE ix CHAPTER 1. An Overview of Early Policies: To 1825 CHAPTER 2. The First Board of Public Works and the Mania 1 for Internal Improvements, 1825-1850 CHAPTER 3. The Constitutional Convention of 1850-1851 11 CHAPTER 4. The Reign of the Commissioners: 1851-1864 25 CHAPTER 5. The Constitutional Convention of 1864 35 CHAPTER 6. The New Board: 1864-1920 51 CHAPTER 7. The Modern Board: 1920-1960 59 CHAPTER 8. The Overburdened Board: 1960-1983 79 CHAPTER 9. Epilogue 99 APPENDIX A. Commissioners of Public Works and Members of 123 the Board of Public Works, 1851-1983 125 APPENDIX B. Guide to the Records of the Board of Public Works, 1851-1983 127 BIBLIOGRAPHY 185 INDEX 189 The Maryland Board of Public Works, A History, is available from the Maryland Hall of Records, P.O. Box 828, Annapolis, MD 21404. Copyright © 1984 by Alan M. Wilner. Foreword Alan M. Wilner's authorship of the history of the Board of Public Works continues a fine Maryland tradition of jurist-historians that includes Judge Carroll Bond's His- tory of the Court of Appeals and Judge Edward Delaplaine's biography of Governor Thomas Johnson. When I first read Judge Wilner's manuscript in the summer of 1981, it was im- mediately clear that it would provide an excellent introduction to the significant col- lection of archival materials at the Hall of Records relating to the history and work of the Board. -
Annual Report 1938
Fourth Annual Report of the Securities and Exchange Commission Fiscal Year Ended June 30, 1938 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1938 For lIII1eby the Superintendent of Documents. Washington. D. C. - - - - - - - - Price III ceJlts SECURITms AND EXCHANGE COMMISSION omoe: 1778 P8lUlSYlvllllla A.venue NW. Washlngton, D. O. COMMISSIONERS WILLIAM O. DOUGLAS, Chairman GEORGE C. MATHEWS ROBERT E. HEALY JEROME N. FRANK JOHN W. HANES 1 FRANCIS P. BRASSOR, Secretary Address All Communications SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. I Resigned June 30, 1938. LETTER OF TRANSMITTAL SECURITIES AND EXCHANGE COMMISSION, Washington, January 3, 1939. SIR: I have the honor to transmit to you the Fourth Annual Report of the Securities and Exchange Commission, in compliance with the provisions of Section 23 (b) of the Securities Exchange Act of 1934, approved June 6, 1934, and Section 23 of the Public Utility Holding Company Act of 1935, approved August 26, 1935. Respectfully, WILLIAM O. DOUGLAS, Ohairman. The PRESIDENT OF THE SENATE, The SPEAKER OF THE HOUSE OF REPRESENTATIVES, Washington, D. O. m CONTENTS Introduction _ P... 1 Registration of Public Utility Holding Companies .. _ 6 Orders Granting Exemptions from Registration under the Public Utility Holding Company Act of 1935 _ 8 Reorganization, Simplification, and Integration of Registered Public Util- ity Holding Companies and Subsidiaries _ 9 Rules, Regulations, and Forms under the Public Utility Holding Company Act of 1935 _ 13 Issuance of Securities by Registered Holding