96-734: The Fadettes of Boston (1888-ca.1920) was an all-women orchestra based in Boston , Massachusetts , and directed by Caroline B. Nichols . "The original group of six expanded to twenty by 1898" with "a first violin and director, four additional first violins, four second violins, two violas, two violincellos, two contrabassos, kettle-drums and a bass, two flutes and piccolo, two clarinets, two cornets, two French horns, three trombones, snare-drum and 'traps,' and piano-forte." The group incorporated in 1895 as "the Fadettes of Boston." In 1898 "vaudeville manager B.F. Keith booked them into his theatres all over
192-490: A cannon barrage for two hours, but their shot could not reach the colonists' cannons at such a height. The British gave up, boarded their ships, and sailed away. This has become known as " Evacuation Day ", which Boston still celebrates each year on March 17. After this, Washington was so impressed that he made Rufus Putnam his chief engineer. After the Revolution, Boston's long seafaring tradition helped make it one of
288-469: A centre for finance in the Middle East , including for Islamic finance . The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen
384-538: A financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources". New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists. These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands,
480-553: A leading international financial centre since the 19th century , acting as a centre of lending and investment around the world. English contract law was adopted widely for international finance , with legal services provided in London. Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping. During
576-538: A major financial centre in the 1980s as the Japanese economy became one of the largest in the world. Hong Kong and Singapore developed soon after leveraging their links with London and Britain. In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and Astana . Astana International Financial Centre has become the fastest growing financial hub in Central Asia. Dubai has become
672-593: A million residents, and the most densely populated state capital. Some 1.2 million persons may be within Boston's boundaries during work hours, and as many as 2 million during special events. This fluctuation of people is caused by hundreds of thousands of suburban residents who travel to the city for work, education, health care, and special events. Financial center A financial centre ( financial center in American English ) or financial hub
768-475: A pair of bombs near the finish line of the Boston Marathon , killing three people and injuring roughly 264. The subsequent search for the bombers led to a lock-down of Boston and surrounding municipalities. The region showed solidarity during this time as symbolized by the slogan Boston Strong . In 2016, Boston briefly shouldered a bid as the U.S. applicant for the 2024 Summer Olympics . The bid
864-610: A population of 4.9 million as of 2023, making it the largest in New England and the eleventh-largest in the country . Boston was founded on the Shawmut Peninsula in 1630 by Puritan settlers. The city was named after Boston, Lincolnshire , England. During the American Revolution , Boston was home to several events that proved central to the revolution and subsequent Revolutionary War , including
960-565: A project to improve the historic West End neighborhood. Extensive demolition was met with strong public opposition, and thousands of families were displaced. The BRA continued implementing eminent domain projects, including the clearance of the vibrant Scollay Square area for construction of the modernist style Government Center . In 1965, the Columbia Point Health Center opened in the Dorchester neighborhood,
1056-478: A state of defence, that I could promise myself little success in attacking them under all the disadvantages I had to encounter. William Howe, 5th Viscount Howe , in a letter to William Legge, 2nd Earl of Dartmouth , about the British army's decision to leave Boston, dated March 21, 1776. Many crucial events of the American Revolution occurred in or near Boston. The then-town's mob presence, along with
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#17327901980031152-401: A violent tornado , the city itself has experienced many tornado warnings . Damaging storms are more common to areas north, west, and northwest of the city. See or edit raw graph data . In 2020, Boston was estimated to have 691,531 residents living in 266,724 households —a 12% population increase over 2010. The city is the third-most densely populated large U.S. city of over half
1248-420: A wide range of financial services , for example relating to mergers and acquisitions , public offerings , or corporate actions ; or which participate in other areas of finance , such as private equity , hedge funds , and reinsurance . Ancillary financial services include rating agencies , as well as provision of related professional services , particularly legal advice and accounting services. As of
1344-1212: A working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted): The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited). International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities . Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools , tax–neutral vehicles, and shadow banking / securitisation , and can include smaller locations (e.g. Luxembourg ), or city-states (e.g. Singapore). Since 2010, academics consider Offshore Financial Centres synonymous with tax havens . The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what
1440-505: Is 2 °F (−17 °C) on December 30, 1917, while the record warm daily minimum is 83 °F (28 °C) on both August 2, 1975 and July 21, 2019. Boston averages 43.6 in (1,110 mm) of precipitation a year, with 49.2 in (125 cm) of snowfall per season. Most snowfall occurs from mid-November through early April, and snow is rare in May and October. There is also high year-to-year variability in snowfall; for instance,
1536-508: Is July, with a mean temperature of 74.1 °F (23.4 °C). The coldest month is January, with a mean temperature of 29.9 °F (−1.2 °C). Periods exceeding 90 °F (32 °C) in summer and below freezing in winter are not uncommon but tend to be fairly short, with about 13 and 25 days per year seeing each, respectively. Sub- 0 °F (−18 °C) readings usually occur every 3 to 5 years. The most recent sub- 0 °F (−18 °C) reading occurred on February 4, 2023, when
1632-458: Is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in
1728-686: Is a location with a significant concentration of participants in banking asset management , insurance , and financial markets , with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds , insurers, and hedge funds ), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses , although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer
1824-547: Is an intellectual, technological, and political center. However, it has lost some important regional institutions, including the loss to mergers and acquisitions of local financial institutions such as FleetBoston Financial , which was acquired by Charlotte -based Bank of America in 2004. Boston-based department stores Jordan Marsh and Filene's have both merged into the New York City –based Macy's . The 1993 acquisition of The Boston Globe by The New York Times
1920-588: Is in Roxbury . Due north of the center we find the South End. This is not to be confused with South Boston which lies directly east from the South End. North of South Boston is East Boston and southwest of East Boston is the North End Unknown, A local colloquialism Boston has an area of 89.63 sq mi (232.1 km ). Of this area, 48.4 sq mi (125.4 km ), or 54%, of it
2016-410: Is land and 41.2 sq mi (106.7 km ), or 46%, of it is water. The city's elevation, as measured at Logan International Airport , is 19 ft (5.8 m) above sea level . The highest point in Boston is Bellevue Hill at 330 ft (100 m) above sea level, and the lowest point is at sea level. The city is adjacent to Boston Harbor , an arm of Massachusetts Bay , and by extension,
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#17327901980032112-585: The Boston Garden opening in 1928. Logan International Airport opened on September 8, 1923. Boston went into decline by the early to mid-20th century, as factories became old and obsolete and businesses moved out of the region for cheaper labor elsewhere. Boston responded by initiating various urban renewal projects, under the direction of the Boston Redevelopment Authority (BRA) established in 1957. In 1958, BRA initiated
2208-724: The Boston Massacre (1770), the Boston Tea Party (1773), Paul Revere's Midnight Ride (1775), the Battle of Bunker Hill (1775), and the Siege of Boston (1775–1776). Following American independence from Great Britain , the city continued to play an important role as a port, manufacturing hub, and center for education and culture. The city also expanded significantly beyond the original peninsula by filling in land and annexing neighboring towns. Boston's many firsts include
2304-625: The Boston Public Library , Trinity Church, single-family homes and wooden/brick multi-family row houses. The South End Historic District is the largest surviving contiguous Victorian-era neighborhood in the US. The geography of downtown and South Boston was particularly affected by the Central Artery/Tunnel Project (which ran from 1991 to 2007, and was known unofficially as the " Big Dig "). That project removed
2400-890: The Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index . The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London -based think tank Z/Yen in conjunction with the Shenzhen -based think tank China Development Institute . The 36th edition of the GFCI was published in September 2024. Old finance centres such as Amsterdam, London, Paris, and New York have long histories . Today there
2496-584: The Italian city-states (such as Venice and Genoa ) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli . In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to
2592-534: The Los Angeles Orpheum . The performers "wore shimmery gowns." Among the musicians were Annie Andros Hawley, Mildred Rogers, and Lillian Thain (violin). Nichols "conducted the orchestra for thirty years and trained over six hundred women for professional careers as orchestral musicians." Boston Boston is the capital and most populous city in the Commonwealth of Massachusetts in
2688-464: The Low Countries , first to Bruges , and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment. By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. London and Paris were the world's only prominent financial centres throughout most of
2784-537: The North End , and the Seaport . Boston is sometimes called a "city of neighborhoods" because of the profusion of diverse subsections. The city government's Office of Neighborhood Services has officially designated 23 neighborhoods: More than two-thirds of inner Boston's modern land area did not exist when the city was founded. Instead, it was created via the gradual filling in of the surrounding tidal areas over
2880-652: The South End , the West End , the Financial District , and Chinatown . After the Great Boston fire of 1872 , workers used building rubble as landfill along the downtown waterfront. During the mid-to-late 19th century, workers filled almost 600 acres (240 ha) of brackish Charles River marshlands west of Boston Common with gravel brought by rail from the hills of Needham Heights. The city annexed
2976-662: The United States . The city serves as the cultural and financial center of the New England region of the Northeastern United States . It has an area of 48.4 sq mi (125 km ) and a population of 675,647 as of the 2020 census , making it the third-largest city in the Northeast after New York City and Philadelphia . The larger Greater Boston metropolitan statistical area has
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3072-606: The 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs. The first real international financial centre was the city state of Venice which slowly emerged from the 9th century to its peak in the 14th century. Tradable bonds as a commonly used type of security, were invented by
3168-412: The 1970s, the city's economy had begun to recover after 30 years of economic downturn. A large number of high-rises were constructed in the Financial District and in Boston's Back Bay during this period. This boom continued into the mid-1980s and resumed after a few pauses. Hospitals such as Massachusetts General Hospital , Beth Israel Deaconess Medical Center , and Brigham and Women's Hospital lead
3264-457: The 19th century, Boston's core neighborhoods had become enclaves of ethnically distinct immigrants with their residence yielding lasting cultural change. Italians became the largest inhabitants of the North End , Irish dominated South Boston and Charlestown , and Russian Jews lived in the West End . Irish and Italian immigrants brought with them Roman Catholicism. Currently, Catholics make up Boston's largest religious community, and
3360-595: The 19th century. After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found market niches , such as Amsterdam, Brussels , Zurich , and Geneva . London was the leading international financial centre in the four decades before World War I . Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo , Hong Kong , Singapore and Shanghai . London has been
3456-604: The 2024 edition of the Global Financial Centres Index , New York City , London and Hong Kong ranked top 3 globally, while other well known financial centres include Singapore , Shanghai , Frankfurt and Tokyo , amongst others. In April 2000, the Financial Stability Forum ("FSF"), concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the International Monetary Fund (IMF) published
3552-483: The 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s. London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around
3648-643: The 20th century: Horticultural Hall , the Tennis and Racquet Club , Isabella Stewart Gardner Museum , Fenway Studios , Jordan Hall , and the Boston Opera House . The Longfellow Bridge , built in 1906, was mentioned by Robert McCloskey in Make Way for Ducklings , describing its "salt and pepper shakers" feature. Fenway Park , home of the Boston Red Sox , opened in 1912, with
3744-477: The 21st century. Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of 2007–08 . Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three factors for success as
3840-598: The Atlantic Ocean. Boston is surrounded by the Greater Boston metropolitan region. It is bordered to the east by the town of Winthrop and the Boston Harbor Islands , to the northeast by the cities of Revere , Chelsea and Everett , to the north by the cities of Somerville and Cambridge , to the northwest by Watertown , to the west by the city of Newton and town of Brookline , to
3936-549: The British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens , and on lists of the largest Conduit and Sink OFCs in the world. In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs. Primitive financial centres started in
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4032-474: The Conduit OFC's extensive networks of global bilateral tax treaties . Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations. Prior to the 1960s, there was little data available to rank financial centres. In recent years many rankings have been developed and published. Two of the most relevant are
4128-577: The English town ultimately derives from its patron saint, St. Botolph , in whose church John Cotton served as the rector until his emigration with Johnson. In early sources, Lincolnshire's Boston was known as "St. Botolph's town", later contracted to "Boston". Before this renaming, the settlement on the peninsula had been known as "Shawmut" by William Blaxton and "Tremontaine" by the Puritan settlers he had invited. Prior to European colonization ,
4224-500: The IMF called dubious purposes , citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy . The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with
4320-512: The Irish have played a major role in Boston politics since the early 20th century; prominent figures include the Kennedys , Tip O'Neill , and John F. Fitzgerald . Between 1631 and 1890, the city tripled its area through land reclamation by filling in marshes, mud flats, and gaps between wharves along the waterfront. Reclamation projects in the middle of the century created significant parts of
4416-579: The John Hancock Tower is the old John Hancock Building with its prominent illuminated beacon , the color of which forecasts the weather. Downtown and its immediate surroundings (including the Financial District, Government Center, and South Boston ) consist largely of low-rise masonry buildings – often federal style and Greek revival – interspersed with modern high-rises. Back Bay includes many prominent landmarks, such as
4512-735: The Renew Boston Whole Building Incentive which reduces the cost of living in buildings that are deemed energy efficient. Under the Köppen climate classification , Boston has either a hot-summer humid continental climate (Köppen Dfa ) under the 0 °C (32.0 °F) isotherm or a humid subtropical climate (Köppen Cfa ) under the −3 °C (26.6 °F) isotherm. Summers are warm to hot and humid, while winters are cold and stormy, with occasional periods of heavy snow. Spring and fall are usually cool and mild, with varying conditions dependent on wind direction and
4608-561: The United States' first public park ( Boston Common , 1634), the first public school ( Boston Latin School , 1635), and the first subway system ( Tremont Street subway , 1897). Boston has emerged as a global leader in higher education and research and the largest biotechnology hub in the world. The city is also a national leader in scientific research, law, medicine, engineering, and business. With nearly 5,000 startup companies,
4704-474: The United States. According to Nichols, between 1890 and 1920 the Fadettes gave over 6,000 concerts, half of them as headliners in first-class vaudeville theatres." At a concert in Pittsburgh in 1902, for instance, the Fadettes played marches, waltzes, songs and arias by Frederic Field Bullard, Daniel Auber , Karl Michael Ziehrer , George M. Rosey, Victor G. Boehnlein and others. The group also performed at
4800-471: The Western Hemisphere. The first European to live in what would become Boston was a Cambridge -educated Anglican cleric named William Blaxton . He was the person most directly responsible for the foundation of Boston by Puritan colonists in 1630. This occurred after Blaxton invited one of their leaders, Isaac Johnson , to cross Back Bay from the failing colony of Charlestown and share
4896-517: The academic lists of tax havens include all the FSF–IMF OFCs). In July 2017, a study by the University of Amsterdam 's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs : Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in
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#17327901980034992-615: The act as an attempt to force them to accept the taxes established by the Townshend Acts . The act prompted the Boston Tea Party , where a group of angered Bostonians threw an entire shipment of tea sent by the East India Company into Boston Harbor . The Boston Tea Party was a key event leading up to the revolution, as the British government responded furiously with the Coercive Acts , demanding compensation for
5088-535: The adjacent towns of South Boston (1804), East Boston (1836), Roxbury (1868), Dorchester (including present-day Mattapan and a portion of South Boston ) (1870), Brighton (including present-day Allston ) (1874), West Roxbury (including present-day Jamaica Plain and Roslindale ) (1874), Charlestown (1874), and Hyde Park (1912). Other proposals were unsuccessful for the annexation of Brookline , Cambridge, and Chelsea . Many architecturally significant buildings were built during these early years of
5184-508: The angry colonists. This did not sit well with the colonists, however. In 1770, during the Boston Massacre , British troops shot into a crowd that had started to violently harass them. The colonists compelled the British to withdraw their troops. The event was widely publicized and fueled a revolutionary movement in America. In 1773, Parliament passed the Tea Act . Many of the colonists saw
5280-426: The area. Nevertheless, the city experienced conflict starting in 1974 over desegregation busing , which resulted in unrest and violence around public schools throughout the mid-1970s. Boston has also experienced gentrification in the latter half of the 20th century, with housing prices increasing sharply since the 1990s when the city's rent control regime was struck down by statewide ballot proposition . Boston
5376-605: The centuries. This was accomplished using earth from the leveling or lowering of Boston's three original hills (the "Trimountain", after which Tremont Street is named), as well as with gravel brought by train from Needham to fill the Back Bay . Christian Science Center , Copley Square , Newbury Street , and New England's two tallest buildings: the John Hancock Tower and the Prudential Center . Near
5472-460: The city government. A climate action plan from 2019 anticipates 2 ft (1 m) to more than 7 ft (2 m) of sea-level rise in Boston by the end of the 21st century. Many older buildings in certain areas of Boston are supported by wooden piles driven into the area's fill; these piles remain sound if submerged in water, but are subject to dry rot if exposed to air for long periods. Groundwater levels have been dropping in many areas of
5568-403: The city is considered a global pioneer in innovation and entrepreneurship , and more recently in artificial intelligence . Boston's economy also includes finance , professional and business services, information technology , and government activities. Boston households provide the highest average rate of philanthropy in the nation, and the city's businesses and institutions rank among
5664-464: The city often receives sea breezes , especially in the late spring, when water temperatures are still quite cold and temperatures at the coast can be more than 20 °F (11 °C) colder than a few miles inland, sometimes dropping by that amount near midday. Thunderstorms typically occur from May to September; occasionally, they can become severe, with large hail , damaging winds, and heavy downpours. Although downtown Boston has never been struck by
5760-443: The city's economy, and the city's industrial manufacturing overtook international trade in economic importance by the mid-19th century. The small rivers bordering the city and connecting it to the surrounding region facilitated shipment of goods and led to a proliferation of mills and factories. Later, a dense network of railroads furthered the region's industry and commerce. During this period, Boston flourished culturally as well. It
5856-414: The city, due in part to an increase in the amount of rainwater discharged directly into sewers rather than absorbed by the ground. The Boston Groundwater Trust coordinates monitoring groundwater levels throughout the city via a network of public and private monitoring wells. The city developed a climate action plan covering carbon reduction in buildings, transportation, and energy use. The first such plan
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#17327901980035952-594: The colonists' growing lack of faith in either Britain or its Parliament , fostered a revolutionary spirit there. When the British parliament passed the Stamp Act in 1765, a Boston mob ravaged the homes of Andrew Oliver , the official tasked with enforcing the Act, and Thomas Hutchinson , then the Lieutenant Governor of Massachusetts. The British sent two regiments to Boston in 1768 in an attempt to quell
6048-474: The commander-in-chief of the British forces in North America, led the British army in the siege. On June 17, the British captured Charlestown (now part of Boston) during the Battle of Bunker Hill . The British army outnumbered the militia stationed there, but it was a pyrrhic victory for the British because their army suffered irreplaceable casualties. It was also a testament to the skill and training of
6144-475: The creation of Boston baked beans . Boston's economy stagnated in the decades prior to the Revolution. By the mid-18th century, New York City and Philadelphia had surpassed Boston in wealth. During this period, Boston encountered financial difficulties even as other cities in New England grew rapidly. The weather continuing boisterous the next day and night, giving the enemy time to improve their works, to bring up their cannon, and to put themselves in such
6240-664: The destroyed tea from the Bostonians. This angered the colonists further and led to the American Revolutionary War . The war began in the area surrounding Boston with the Battles of Lexington and Concord . Boston itself was besieged for almost a year during the siege of Boston , which began on April 19, 1775. The New England militia impeded the movement of the British Army . Sir William Howe , then
6336-405: The elevated Central Artery and incorporated new green spaces and open areas. Boston is located within the Boston Basin ecoregion , which is characterized by low and rolling hills with a number of ponds, lakes, and reservoirs. Forests are mainly transition hardwoods such as oak - hickory mixed with white pine . As a coastal city built largely on fill , sea-level rise is of major concern to
6432-446: The first Community Health Center in the United States. It mostly served the massive Columbia Point public housing complex adjoining it, which was built in 1953. The health center is still in operation and was rededicated in 1990 as the Geiger-Gibson Community Health Center. The Columbia Point complex itself was redeveloped and revitalized from 1984 to 1990 into a mixed-income residential development called Harbor Point Apartments. By
6528-401: The first wave of European immigrants . Irish immigrants dominated the first wave of newcomers during this period, especially following the Great Famine ; by 1850, about 35,000 Irish lived in Boston . In the latter half of the 19th century, the city saw increasing numbers of Irish, Germans , Lebanese , Syrians, French Canadians , and Russian and Polish Jews settling there. By the end of
6624-416: The focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters , the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre. New York City remains
6720-404: The fortifications and dozens of cannons on Dorchester Heights that Henry Knox had laboriously brought through the snow from Fort Ticonderoga . The astonished British awoke the next morning to see a large array of cannons bearing down on them. General Howe is believed to have said that the Americans had done more in one night than his army could have done in six months. The British Army attempted
6816-536: The largest centre for trading in public equity and debt capital markets , driven in part by the size and financial development of the U.S. economy . The NYSE and NASDAQ are the two largest stock exchanges in the world. New York also leads in hedge fund management; private equity ; and the monetary volume of mergers and acquisitions . Several investment banks and investment managers headquartered in New York City are important participants in other financial centres. The New York Federal Reserve Bank ,
6912-419: The largest financial centres relative to their domestic economies. Progress from 2000 onwards from IMF – OECD – FATF initiatives on common standards, regulatory compliance , and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with tax havens , and use the term OFC and tax haven interchangeably (e.g.
7008-554: The largest within the Federal Reserve System , regulates financial institutions and implements U.S. monetary policy , which in turn influences the world's economy. The three major global credit rating agencies – Standard and Poor's , Moody's Ratings , and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London. In Asia , Tokyo emerged as
7104-536: The militia, as their stubborn defense made it difficult for the British to capture Charlestown without suffering further irreplaceable casualties. Several weeks later, George Washington took over the militia after the Continental Congress established the Continental Army to unify the revolutionary effort. Both sides faced difficulties and supply shortages in the siege, and the fighting
7200-634: The nation in medical innovation and patient care. Schools such as the Boston Architectural College , Boston College , Boston University , the Harvard Medical School , Tufts University School of Medicine , Northeastern University , Massachusetts College of Art and Design , Wentworth Institute of Technology , Berklee College of Music , the Boston Conservatory , and many others attract students to
7296-572: The nation's busiest ports for both domestic and international trade. Boston's harbor activity was significantly curtailed by the Embargo Act of 1807 (adopted during the Napoleonic Wars ) and the War of 1812 . Foreign trade returned after these hostilities, but Boston's merchants had found alternatives for their capital investments in the meantime. Manufacturing became an important component of
7392-419: The official name from the "Town of Boston" to the "City of Boston", and on March 19, 1822, the people of Boston accepted the charter incorporating the city. At the time Boston was chartered as a city, the population was about 46,226, while the area of the city was only 4.8 sq mi (12 km ). In the 1820s, Boston's population grew rapidly, and the city's ethnic composition changed dramatically with
7488-507: The peninsula. The Puritans made the crossing in September 1630. Puritan influence on Boston began even before the settlement was founded with the 1629 Cambridge Agreement . This document created the Massachusetts Bay Colony and was signed by its first governor John Winthrop . Puritan ethics and their focus on education also influenced the early history of the city. America's first public school, Boston Latin School ,
7584-461: The position of the jet stream . Prevailing wind patterns that blow offshore minimize the influence of the Atlantic Ocean. However, in winter, areas near the immediate coast often see more rain than snow, as warm air is sometimes drawn off the Atlantic. The city lies at the border between USDA plant hardiness zones 6b (away from the coastline) and 7a (close to the coastline). The hottest month
7680-630: The region surrounding present-day Boston was inhabited by the Massachusett people who had small, seasonal communities. When a group of settlers led by John Winthrop arrived in 1630, the Shawmut Peninsula was nearly empty of the Native people, as many had died of European diseases brought by early settlers and traders. Archaeological excavations unearthed one of the oldest fishweirs in New England on Boylston Street , which Native people constructed as early as 7,000 years before European arrival in
7776-551: The rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major Sink OFC for South Asia, especially India, and Africa, and the 9th largest global Sink OFC). The private nationwide financial system in China was first developed by the Shanxi merchants , with the creation of so-called "draft banks". The first draft bank Rishengchang
7872-829: The second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the European Union , although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange , the Bank of England ,
7968-679: The second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District , has been described as a leading financial centre. Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism , numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be
8064-606: The southwest by the town of Dedham and small portions of Needham and Canton , and to the southeast by the town of Milton , and the city of Quincy . The Charles River separates Boston's Allston-Brighton , Fenway-Kenmore and Back Bay neighborhoods from Watertown and Cambridge, and most of Boston from its own Charlestown neighborhood. The Neponset River forms the boundary between Boston's southern neighborhoods and Quincy and Milton . The Mystic River separates Charlestown from Chelsea and Everett, and Chelsea Creek and Boston Harbor separate East Boston from Downtown ,
8160-509: The temperature dipped down to −10 °F (−23 °C); this was the lowest temperature reading in the city since 1957. In addition, several decades may pass between 100 °F (38 °C) readings; the last such reading occurred on July 24, 2022. The city's average window for freezing temperatures is November 9 through April 5. Official temperature records have ranged from −18 °F (−28 °C) on February 9, 1934, up to 104 °F (40 °C) on July 4, 1911. The record cold daily maximum
8256-612: The top in the nation for environmental sustainability and new investment. Isaac Johnson , in one of his last official acts as the leader of the Charlestown community before he died on September 30, 1630, named the then-new settlement across the river "Boston". The settlement's name came from Johnson's hometown of Boston, Lincolnshire , from which he, his wife (namesake of the Arbella ) and John Cotton (grandfather of Cotton Mather ) had emigrated to New England . The name of
8352-467: The winter of 2011–12 saw only 9.3 in (23.6 cm) of accumulating snow, but the previous winter, the corresponding figure was 81.0 in (2.06 m). The city's coastal location on the North Atlantic makes the city very prone to nor'easters , which can produce large amounts of snow and rain. Fog is fairly common, particularly in spring and early summer. Due to its coastal location,
8448-475: The world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets , foreign exchange markets , money markets , issuance of international debt securities , international insurance , trading in gold, silver and base metals through the London bullion market and London Metal Exchange , and international bank lending . London has
8544-736: Was admired for its rarefied literary life and generous artistic patronage . Members of old Boston families—eventually dubbed the Boston Brahmins —came to be regarded as the nation's social and cultural elites. They are often associated with the American upper class , Harvard University , and the Episcopal Church . Boston was a prominent port of the Atlantic slave trade in the New England Colonies , but
8640-549: Was commissioned in 2007, with updates released in 2011, 2014, and 2019. This plan includes the Building Energy Reporting and Disclosure Ordinance, which requires the city's larger buildings to disclose their yearly energy and water use statistics and to partake in an energy assessment every five years. A separate initiative, Resilient Boston Harbor, lays out neighborhood-specific recommendations for coastal resilience . In 2013, Mayor Thomas Menino introduced
8736-592: Was created in 1823 in Pingyao . Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to Shanghai , mainly due to its geographical location at the estuary of the Yangtze River and to
8832-468: Was founded in Boston in 1635. Boston was the largest town in the Thirteen Colonies until Philadelphia outgrew it in the mid-18th century. Boston's oceanfront location made it a lively port , and the then-town primarily engaged in shipping and fishing during its colonial days. Boston was a primary stop on a Caribbean trade route and imported large amounts of molasses, which led to
8928-433: Was limited to small-scale raids and skirmishes. The narrow Boston Neck, which at that time was only about a hundred feet wide, impeded Washington's ability to invade Boston, and a long stalemate ensued. A young officer, Rufus Putnam , came up with a plan to make portable fortifications out of wood that could be erected on the frozen ground under cover of darkness. Putnam supervised this effort, which successfully installed both
9024-614: Was reversed in 2013 when it was resold to Boston businessman John W. Henry . In 2016, it was announced General Electric would be moving its corporate headquarters from Connecticut to the Seaport District in Boston, joining many other companies in this rapidly developing neighborhood. The city also saw the completion of the Central Artery/Tunnel Project, known as the Big Dig , in 2007 after many delays and cost overruns. On April 15, 2013, two Chechen Islamist brothers detonated
9120-535: Was soon overtaken by Salem, Massachusetts and Newport, Rhode Island . Boston eventually became a center of the American abolitionist movement . The city reacted largely negatively to the Fugitive Slave Act of 1850 , contributing to President Franklin Pierce 's attempt to make an example of Boston after Anthony Burns 's attempt to escape to freedom. In 1822, the citizens of Boston voted to change
9216-543: Was supported by the mayor and a coalition of business leaders and local philanthropists, but was eventually dropped due to public opposition. The USOC then selected Los Angeles to be the American candidate with Los Angeles ultimately securing the right to host the 2028 Summer Olympics . Nevertheless, Boston is one of eleven U.S. cities which will host matches during the 2026 FIFA World Cup , with games taking place at Gillette Stadium . The geographical center of Boston
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