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80-612: The former Syracuse Lines of New York State Railways were reorganized on November 22, 1939, as the Syracuse Transit Corporation (STC). This privately owned transit company inherited 27 transit routes serving the city and suburbs of Syracuse , seven of which were streetcar lines. By 1941, all lines had been converted to bus operation. All STC transit franchises were purchased by the public Central New York Regional Transportation Authority in 1972, continuing their operation as CNY Centro . New York State Railways

160-553: A company stock's current earnings. Intellectual capital contributes to a stock's return growth. The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information at the current time. The 'hard' efficient-market hypothesis does not explain the cause of events such as the crash in 1987 , when the Dow Jones Industrial Average plummeted 22.6 percent—the largest-ever one-day fall in

240-431: A country as "socialist" or not. At that time, I wasn't sure that any definite criterion existed to make that sort of clear-cut judgment. And so I was pleasantly surprised at the clarity and decisiveness of Mises's answer. "A stock market," he answered promptly. "A stock market is crucial to the existence of capitalism and private property . For it means that there is a functioning market in the exchange of private titles to

320-564: A function of fixed costs associated with investing. Her research concludes that a fixed cost of $ 200 per year is sufficient to explain why nearly half of all U.S. households do not participate in the market. Participation rates have been shown to strongly correlate with education levels, promoting the hypothesis that information and transaction costs of market participation are better absorbed by more educated households. Behavioral economists Harrison Hong, Jeffrey Kubik and Jeremy Stein suggest that sociability and participation rates of communities have

400-473: A guarantor of settlement. These and other stocks may also be traded " over the counter " (OTC), that is, through a dealer. Some large companies will have their stock listed on more than one exchange in different countries, so as to attract international investors. Stock exchanges may also cover other types of securities, such as fixed-interest securities (bonds) or (less frequently) derivatives, which are more likely to be traded OTC. Trade in stock markets means

480-510: A mutual fund or an exchange traded fund. Direct investment involves direct ownership of shares. Direct ownership of stock by individuals rose slightly from 17.8% in 1992 to 17.9% in 2007, with the median value of these holdings rising from $ 14,778 to $ 17,000. Indirect participation in the form of retirement accounts rose from 39.3% in 1992 to 52.6% in 2007, with the median value of these accounts more than doubling from $ 22,000 to $ 45,000 in that time. Rydqvist, Spizman, and Strebulaev attribute

560-454: A pattern in what is, in fact, just noise , e.g. seeing familiar shapes in clouds or ink blots. In the present context, this means that a succession of good news items about a company may lead investors to overreact positively, driving the price up. A period of good returns also boosts the investors' self-confidence, reducing their (psychological) risk threshold. Another phenomenon—also from psychology—that works against an objective assessment

640-585: A single-car shuttle meeting all interurban trains. In 1911, an extension of the city streetcar was built to serve the New York, Ontario and Western Railway station at Oneida. In 1912, the Oneida operations were acquired by New York State Railways. Declining ridership through the 1920s forced the Sherrill-Kenwood shuttle to suspend operations on August 29, 1927. The shuttle was formally abandoned nearly

720-498: A statistically significant impact on an individual's decision to participate in the market. Their research indicates that social individuals living in states with higher than average participation rates are 5% more likely to participate than individuals that do not share those characteristics. This phenomenon also explained in cost terms. Knowledge of market functioning diffuses through communities and consequently lowers transaction costs associated with investing. In 12th-century France,

800-411: A stock exchange trader . Some exchanges are physical locations where transactions are carried out on a trading floor, by a method known as open outcry . This method is used in some stock exchanges and commodities exchanges , and involves traders shouting bid and offer prices. The other type of stock exchange has a network of computers where trades are made electronically. An example of such an exchange

880-493: A study of the fifty largest one-day share price movements in the United States in the post-war period seems to confirm this. A 'soft' EMH has emerged which does not require that prices remain at or near equilibrium, but only that market participants cannot systematically profit from any momentary ' market anomaly '. Moreover, while EMH predicts that all price movement (in the absence of change in fundamental information)

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960-668: A year later on July 31, 1928. Ridership on the Oneida Railway declined through the 1920s and the company entered receivership. The last day of service was December 31, 1930. The electrification was removed and control of the line reverted to the West Shore Railroad. Local service on the Oneida street railway ended the same day. There was no immediate successor to the transit franchises of the Oneida Lines once all streetcar and interurban railway operations ceased at

1040-402: Is group thinking . As social animals, it is not easy to stick to an opinion that differs markedly from that of a majority of the group. An example with which one may be familiar is the reluctance to enter a restaurant that is empty; people generally prefer to have their opinion validated by those of others in the group. In one paper the authors draw an analogy with gambling . In normal times

1120-579: Is bank-based or market-based. Events such as the 2007–2008 financial crisis have prompted a heightened degree of scrutiny of the impact of the structure of stock markets (called market microstructure ), in particular to the stability of the financial system and the transmission of systemic risk . A transformation is the move to electronic trading to replace human trading of listed securities . Changes in stock prices are mostly caused by external factors such as socioeconomic conditions, inflation, exchange rates. Intellectual capital does not affect

1200-464: Is random (i.e. non-trending) , many studies have shown a marked tendency for the stock market to trend over time periods of weeks or longer. Various explanations for such large and apparently non-random price movements have been promulgated. For instance, some research has shown that changes in estimated risk, and the use of certain strategies, such as stop-loss limits and value at risk limits, theoretically could cause financial markets to overreact. But

1280-488: Is similar to the New York Stock Exchange. One or more NASDAQ market makers will always provide a bid and ask the price at which they will always purchase or sell 'their' stock. The Paris Bourse , now part of Euronext , is an order-driven, electronic stock exchange. It was automated in the late 1980s. Prior to the 1980s, it consisted of an open outcry exchange. Stockbrokers met on the trading floor of

1360-519: Is the NASDAQ . A potential buyer bids a specific price for a stock, and a potential seller asks a specific price for the same stock. Buying or selling at the Market means you will accept any ask price or bid price for the stock. When the bid and ask prices match, a sale takes place, on a first-come, first-served basis if there are multiple bidders at a given price. The purpose of a stock exchange

1440-547: Is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include securities listed on a public stock exchange as well as stock that is only traded privately, such as shares of private companies that are sold to investors through equity crowdfunding platforms. Investments are usually made with an investment strategy in mind. The total market capitalization of all publicly traded stocks worldwide rose from US$ 2.5 trillion in 1980 to US$ 111 trillion by

1520-405: Is to facilitate the exchange of securities between buyers and sellers, thus providing a marketplace . The exchanges provide real-time trading information on the listed securities, facilitating price discovery . The New York Stock Exchange (NYSE) is a physical exchange, with a hybrid market for placing orders electronically from any location as well as on the trading floor . Orders executed on

1600-556: The Netherlands . Even in the days before perestroika , socialism was never a monolith. Within the Communist countries , the spectrum of socialism ranged from the quasi-market , quasi- syndicalist system of Yugoslavia to the centralized totalitarianism of neighboring Albania . One time I asked Professor von Mises , the great expert on the economics of socialism, at what point on this spectrum of statism would he designate

1680-541: The Rochester and Eastern Rapid Railway , and the Rochester and Sodus Bay Railway that were consolidated into New York State Railways in 1909. In 1927, the city-owned Rochester Subway was placed under the operation of New York State Railways on a contract basis with the city of Rochester. Trackless trolleys were briefly operated in Rochester between 1923 and 1932. The first streetcar lines were closed in 1929, including

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1760-409: The counterparty could default on the transaction. The smooth functioning of all these activities facilitates economic growth in that lower costs and enterprise risks promote the production of goods and services as well as possibly employment. In this way the financial system is assumed to contribute to increased prosperity, although some controversy exists as to whether the optimal financial system

1840-425: The income distribution have lessened their participation rate both directly and indirectly from 53.2% in 2007 to 48.8% in 2013, while over the same period households in the top decile of the income distribution slightly increased participation 91.7% to 92.1%. The mean value of direct and indirect holdings at the bottom half of the income distribution moved slightly downward from $ 53,800 in 2007 to $ 53,600 in 2013. In

1920-476: The means of production . There can be no genuine private ownership of capital without a stock market: there can be no true socialism if such a market is allowed to exist." The stock market is one of the most important ways for companies to raise money, along with debt markets which are generally more imposing but do not trade publicly. This allows businesses to be publicly traded, and raise additional financial capital for expansion by selling shares of ownership of

2000-566: The "Brugse Beurse", institutionalizing what had been, until then, an informal meeting. The idea quickly spread around Flanders and neighboring countries and "Beurzen" soon opened in Ghent and Rotterdam . International traders, and specially the Italian bankers, present in Bruges since the early 13th-century, took back the word in their countries to define the place for stock market exchange: first

2080-538: The Burnet line. Additional line closures followed even as New York State Railways emerged from receivership in 1934. The Syracuse Lines were reorganized as the privately owned Syracuse Transit Corporation on November 22, 1939, with Benjamin E. Tilton as president (Tilton has been previously appointed as a trustee of the New York State Railways while it was in bankruptcy proceedings). One month before

2160-467: The DMM may use their own resources (money or stock) to close the difference. Once a trade has been made, the details are reported on the "tape" and sent back to the brokerage firm, which then notifies the investor who placed the order. Computers play an important role, especially for program trading . The NASDAQ is an electronic exchange, where all of the trading is done over a computer network . The process

2240-749: The Exchange, Plymouth, Emerson, and Driving Park routes. Service on the Rochester and Sodus Bay interurban to Sodus Bay was also abandoned the same year, local service to Glen Haven ended in 1933. The Rochester and Eastern Rapid Railway shut down its interurban line to Geneva in 1930, the same day local service ended in Canandaigua. The largest streetcar line conversion came in August 1936, when eleven routes (Durand-Eastman Park, Allen, Jefferson, South Clinton, Webster, Clifford, Central Park, Goodman North, Sea Breeze, Hudson, and Joseph) were closed. The following year

2320-695: The Italians (Borsa), but soon also the French (Bourse), the Germans (börse), Russians (birža), Czechs (burza), Swedes (börs), Danes and Norwegians (børs). In most languages, the word coincides with that for money bag, dating back to the Latin bursa, from which obviously also derives the name of the Van der Beurse family. In the middle of the 13th century , Venetian bankers began to trade in government securities. In 1351

2400-564: The Low Countries followed in the 16th century. Around this time, a joint stock company —one whose stock is owned jointly by the shareholders—emerged and became important for the colonization of what Europeans called the " New World ". There are now stock markets in virtually every developed and most developing economies, with the world's largest markets being in the United States, United Kingdom, Japan, India , China, Canada , Germany ( Frankfurt Stock Exchange ), France, South Korea and

2480-467: The New York State Railways system to what became the Associated Gas & Electric Co. Shortly after the transaction, the stock market crashed, and on December 30, 1929, the company was put into receivership . Increased competition from private automobile ownership and the construction of better highways forced the closure of the electric interurban railways. An application was made to abandon

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2560-586: The North Utica line was closed, and the Eagle Street (6) line followed in 1932. The Lenox (15), Lincoln (10), and Blandina (9) routes closed in 1933, with South Street and Mohawk street following the year after. In 1934 the South Street and Mohawk Street lines were closed, the same year New York State Railways emerged from receivership. The James Street and Clinton lines were shut down in 1936, while

2640-567: The Palais Brongniart. In 1986, the CATS trading system was introduced, and the order matching system was fully automated. People trading stock will prefer to trade on the most popular exchange since this gives the largest number of potential counter parties (buyers for a seller, sellers for a buyer) and probably the best price. However, there have always been alternatives such as brokers trying to bring parties together to trade outside

2720-605: The Park, West, and University lines were closed. The Rochester Lines were reorganized as Rochester Transit Corporation on August 2, 1938, to operate the remaining bus and streetcar transit lines. Streetcar operation ended in 1941, and the Rochester Subway shut down in 1956. All transit franchises succeeded by Rochester Transit Corporation in 1938 were later transferred to Rochester-Genesee Regional Transportation Authority in 1969. The Syracuse Lines consisted mainly of

2800-612: The Rochester and Eastern Rapid Railway in November 1929, but the court process was delayed until the following summer when an order was approved to end all service to Geneva on July 31, 1930. New York State Railways emerged from receivership in 1934, and gradually the remaining core city lines were sold as separate operations. The Rochester Lines were reorganized as the Rochester Transit Corporation on August 2, 1938. The Syracuse Transit Corporation took over

2880-732: The Sherrill-Kenwood shuttle. The earliest portion of the Oneida Lines was incorporated in 1885 as the Oneida Railway Company of Oneida, New York (later simplified to Onedia Railway Company in 1903). Opened on July 4, 1885, as a horsecar transit operation, the line stretched 1.5 miles along Main Street from the New York Central Railroad station to the West Shore Railroad station at Oneida Castle . The horsecar operation ended on July 30, 1902, and

2960-445: The United States of America (about 59.9%), followed by Japan (about 6.2%) and United Kingdom (about 3.9%). A stock exchange is an exchange (or bourse) where stockbrokers and traders can buy and sell shares (equity stock ), bonds , and other securities . Many large companies have their stocks listed on a stock exchange. This makes the stock more liquid and thus more attractive to many investors. The exchange may also act as

3040-507: The United States. This event demonstrated that share prices can fall dramatically even though no generally agreed upon definite cause has been found: a thorough search failed to detect any 'reasonable' development that might have accounted for the crash. (Such events are predicted to occur strictly by randomness , although very rarely.) It seems also to be true more generally that many price movements (beyond those which are predicted to occur 'randomly') are not occasioned by new information;

3120-526: The Utica street railways was made at Genesee Street, and with the Syracuse street railways near Burnet Avenue. Service began on June 16, 1907. Cars were powered by a third rail, except when running on the street railways of Syracuse, Oneida, or Utica, where the overhead trolley wire was used instead. A 1.5 mile spur was constructed from the Oneida Railway station at Sherrill to Kenwood in 1909, and operated as

3200-585: The Venetian government outlawed spreading rumors intended to lower the price of government funds. Bankers in Pisa , Verona , Genoa and Florence also began trading in government securities during the 14th century. This was only possible because these were independent city-states not ruled by a duke but a council of influential citizens. Italian companies were also the first to issue shares. Companies in England and

3280-582: The Whitesboro (11) and New York Mills (12) lines were closed in the summer of 1938. The Capron (5) line hung on until April 8, 1941. The last day for streetcar operation in Utica was May 12, 1941, when the New Hartford and Forest Park (16) lines closed. The mayor of Utica was at the controls of Car 310, the last car to roll into the Forest Park carbarn. The transit franchises formerly operated by

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3360-485: The best explanation seems to be that the distribution of stock market prices is non-Gaussian (in which case EMH, in any of its current forms, would not be strictly applicable). Other research has shown that psychological factors may result in exaggerated (statistically anomalous) stock price movements (contrary to EMH which assumes such behaviors 'cancel out'). Psychological research has demonstrated that people are predisposed to 'seeing' patterns, and often will perceive

3440-646: The city and suburban operations serving Syracuse . Several smaller streetcar and interurban lines serving the city and suburbs of Syracuse were consolidated into the Syracuse Rapid Transit Railway on May 21, 1896. Additional lines were acquired and extended throughout the 1890s. The Syracuse Rapid Transit Railway was merged with New York State Railways in 1912. At its peak, the Syracuse Lines operated more than 200 cars on 100 miles of track over 27 routes. The first streetcar line closure

3520-484: The company in a public market. The liquidity that an exchange affords the investors enables their holders to quickly and easily sell securities. This is an attractive feature of investing in stocks, compared to other less liquid investments such as property and other immoveable assets. History has shown that the price of stocks and other assets is an important part of the dynamics of economic activity, and can influence or be an indicator of social mood. An economy where

3600-408: The control and behavior of the stock market and, in general, on the smooth operation of financial system functions. Financial stability is the raison d'être of central banks. Exchanges also act as the clearinghouse for each transaction, meaning that they collect and deliver the shares, and guarantee payment to the seller of a security. This eliminates the risk to an individual buyer or seller that

3680-445: The courtiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. Because these men also traded with debts, they could be called the first brokers . The Italian historian Lodovico Guicciardini described how, in late 13th-century Bruges , commodity traders gathered outdoors at a market square containing an inn owned by a family called Van der Beurze , and in 1409 they became

3760-406: The differential growth in direct and indirect holdings to differences in the way each are taxed in the United States. Investments in pension funds and 401ks, the two most common vehicles of indirect participation, are taxed only when funds are withdrawn from the accounts. Conversely, the money used to directly purchase stock is subject to taxation as are any dividends or capital gains they generate for

3840-1221: The economy through transferring available funds from units that have excess funds (savings) to those who are suffering from funds deficit (borrowings) (Padhi and Naik, 2012). In other words, capital markets facilitate funds movement between the above-mentioned units. This process leads to the enhancement of available financial resources which in turn affects the economic growth positively. Economic and financial theories argue that stock prices are affected by macroeconomic trends. Macroeconomic trends include such as changes in GDP, unemployment rates, national income, price indices, output, consumption, unemployment, inflation, saving, investment, energy, international trade, immigration, productivity, aging populations, innovations, international finance. increasing corporate profit, increasing profit margins, higher concentration of business, lower company income, less vigorous activity, less progress, lower investment rates, lower productivity growth, less employee share of corporate revenues, decreasing Worker to Beneficiary ratio (year 1960 5:1, year 2009 3:1, year 2030 2.2:1), increasing female to male ratio college graduates. Sometimes,

3920-484: The end of 1930. The Central New York Regional Transportation Authority is now responsible for bus transportation in the region formerly served by the Oneida Lines. The Utica Lines of New York State Railways was composed mainly of the city and suburban lines serving both Utica and Rome . The various streetcar lines serving Utica were consolidated into the Utica and Mohawk Valley Railway in 1901. The Mohawk Valley Line

4000-553: The end of 2023. As of 2016 , there are 60 stock exchanges in the world. Of these, there are 16 exchanges with a market capitalization of $ 1 trillion or more, and they account for 87% of global market capitalization. Apart from the Australian Securities Exchange , these 16 exchanges are all in North America , Europe , or Asia . By country, the largest stock markets as of January 2022 are in

4080-850: The exchange. Some third markets that were popular are Instinet , and later Island and Archipelago (the latter two have since been acquired by Nasdaq and NYSE, respectively). One advantage is that this avoids the commissions of the exchange. However, it also has problems such as adverse selection . Financial regulators have probed dark pools . Market participants include individual retail investors, institutional investors (e.g., pension funds , insurance companies , mutual funds , index funds , exchange-traded funds , hedge funds , investor groups, banks and various other financial institutions ), and also publicly traded corporations trading in their own shares. Robo-advisors , which automate investment for individuals are also major participants. Indirect investment involves owning shares indirectly, such as via

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4160-445: The final train operated for the benefit of transit officials and local politicians. Bus transportation continued to be offered through the 1950s and 1960s, and new fleets of diesel buses were purchased as routes were expanded to serve the growing suburbs. The Central New York Regional Transportation Authority was created by an act of legislature in 1970 to develop, improve, and coordinate mass transit in central New York. The first member

4240-470: The form of retirement accounts of 89.6%. The median value of directly owned stock in the bottom quintile of income is $ 4,000 and is $ 78,600 in the top decile of income as of 2007. The median value of indirectly held stock in the form of retirement accounts for the same two groups in the same year is $ 6,300 and $ 214,800 respectively. Since the Great Recession of 2008 households in the bottom half of

4320-542: The former Syracuse Lines on November 22, 1939. The last streetcars operated on the Utica Lines on May 12, 1941, but it wasn't until May 1, 1948 that the transit system was reorganized as the Utica Transit Corporation . The Rochester Lines were made up of the city and suburban lines operated by Rochester Railway Company , the Canandaigua local service (the former Canandaigua Street Railroad ),

4400-436: The holder. In this way, the current tax code incentivizes individuals to invest indirectly. Rates of participation and the value of holdings differ significantly across strata of income. In the bottom quintile of income, 5.5% of households directly own stock and 10.7% hold stocks indirectly in the form of retirement accounts. The top decile of income has a direct participation rate of 47.5% and an indirect participation rate in

4480-633: The last day of 1933. The Oakwood and Summit lines were closed on May 27, 1935, and the Solvay line was the only closure in 1936. The Elmwood, East Syracuse, and Midler lines were shut down on September 15, 1937, with the Minoa route following on October 11. The Court and Midland lines closed on July 31, 1938. The final route closure under New York State Railways would be the University Line on September 30, 1939. The former Syracuse Lines were reorganized as

4560-499: The loss of billions of dollars and wealth destruction on a massive scale. An increasing number of people are involved in the stock market, especially since the social security and retirement plans are being increasingly privatized and linked to stocks and bonds and other elements of the market. There have been a number of famous stock market crashes like the Wall Street Crash of 1929 , the stock market crash of 1973–4 ,

4640-462: The market behaves like a game of roulette ; the probabilities are known and largely independent of the investment decisions of the different players. In times of market stress, however, the game becomes more like poker (herding behavior takes over). The players now must give heavy weight to the psychology of other investors and how they are likely to react psychologically. Stock markets play an essential role in growing industries that ultimately affect

4720-476: The market seems to react irrationally to economic or financial news, even if that news is likely to have no real effect on the fundamental value of securities itself. However, this market behaviour may be more apparent than real, since often such news was anticipated, and a counter reaction may occur if the news is better (or worse) than expected. Therefore, the stock market may be swayed in either direction by press releases, rumors, euphoria and mass panic . Over

4800-465: The national averages with 25.6% participating directly and 53.4% participating indirectly through a retirement account. 14.7% of households headed by men participated in the market directly and 33.4% owned stock through a retirement account. 12.6% of female-headed households directly owned stock and 28.7% owned stock indirectly. In a 2003 paper by Vissing-Jørgensen attempts to explain disproportionate rates of participation along wealth and income groups as

4880-469: The national rate of direct participation was 19.6%, for white households the participation rate was 24.5%, for black households it was 6.4% and for Hispanic households it was 4.3%. Indirect participation in the form of 401k ownership shows a similar pattern with a national participation rate of 42.1%, a rate of 46.4% for white households, 31.7% for black households, and 25.8% for Hispanic households. Households headed by married couples participated at rates above

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4960-639: The newest equipment on the entire New York State Railways system. The cars were transferred to Rochester Lines in 1936 to upgrade the Rochester Subway , and entered service in 1938 under new operator Rochester Transit Corporation . The Rome city lines were never successful, and the first service suspensions came to the James Street line in 1927 and the Madison Street line in 1928. All streetcar service came in Rome to an end on December 7, 1930. In 1931,

5040-577: The privately owned Syracuse Transit Corporation on November 22, 1939. All remaining streetcar lines were converted to bus by 1941. In 1972, all transit franchises were succeeded by the Central New York Regional Transportation Authority . The Oneida Lines consisted of the city streetcar lines, the Oneida Railway interurban line between Syracuse and Utica (known as the "Third Rail Line"), and

5120-740: The railroad began buying controlling interests in the Rochester Railway Company , the Rochester and Sodus Bay Railway, and the Rochester and Eastern Rapid Railway . The Mohawk Valley Company was formed in 1905 to manage these properties. The company also controlled the Canandaigua Gas Light Company, the Despatch Heat, Light and Power Company, and the Eastern Monroe Electric Light and Power Company. New York State Railways

5200-401: The railway was shut down while the system was electrified and expanded. When it reopened on December 14, the operation was now 4.4 miles and included an extension to Wampsville . In 1905, the Oneida Railway leased a section of the West Shore Railroad from the New York Central Railroad for the purpose of electrifying the line for interurban service between Syracuse and Utica. A connection with

5280-577: The reorganization, the University line was closed on September 30. Only seven streetcar lines remained, with the rest of the routes previously converted to bus operation. The South Salina and Nedrow lines were closed on June 29, 1940. The Elm Street line followed on November 11, 1940. The last day of streetcar operation in Syracuse was January 4, 1941, when the Walnut, Westcott, Butternut, and Wolf lines were closed. Cars 1074 and 1078 were coupled together as

5360-556: The short-term, stocks and other securities can be battered or bought by any number of fast market-changing events, making the stock market behavior difficult to predict. Emotions can drive prices up and down, people are generally not as rational as they think, and the reasons for buying and selling are generally accepted. Behaviorists argue that investors often behave irrationally when making investment decisions thereby incorrectly pricing securities, which causes market inefficiencies, which, in turn, are opportunities to make money. However,

5440-420: The stock market is on the rise is considered to be an up-and-coming economy. The stock market is often considered the primary indicator of a country's economic strength and development. Rising share prices, for instance, tend to be associated with increased business investment and vice versa. Share prices also affect the wealth of households and their consumption. Therefore, central banks tend to keep an eye on

5520-872: The streetcars were continued by the Copper City Bus Line and the Rome City Bus Line. It wasn't until 1948 that many parts of the former Utica Lines were reorganized as the Utica Transit Corporation . The city-owned Utica Transit Commission took over operations in 1965, which was succeeded by the Utica Transit Authority in 1974. In 2005, the transit operations transferred to the Central New York Regional Transportation Authority and its subsidiaries Centro Rome and Centro Utica . Stock market A stock market , equity market , or share market

5600-422: The top decile, mean value of all holdings fell from $ 982,000 to $ 969,300 in the same time. The mean value of all stock holdings across the entire income distribution is valued at $ 269,900 as of 2013. The racial composition of stock market ownership shows households headed by whites are nearly four and six times as likely to directly own stocks than households headed by blacks and Hispanics respectively. As of 2011

5680-706: The total value of the New York State Railway Corporation franchise in Syracuse as determined by the New York State Tax Commission was $ 2,320,000 down from $ 2,407,000 in 1919. Patronage on the streetcar and interurban lines declined in the 1920s, thanks to autos, buses, and paved roads — but the electric utilities owned by the company grew. As a result, in 1928 the New York Central sold its control of

5760-498: The trading floor enter by way of exchange members and flow down to a floor broker , who submits the order electronically to the floor trading post for the Designated market maker ("DMM") for that stock to trade the order. The DMM's job is to maintain a two-sided market, making orders to buy and sell the security when there are no other buyers or sellers. If a bid–ask spread exists, no trade immediately takes place – in this case,

5840-507: The transfer (in exchange for money) of a stock or security from a seller to a buyer. This requires these two parties to agree on a price. Equities (stocks or shares) confer an ownership interest in a particular company. Participants in the stock market range from small individual stock investors to larger investors, who can be based anywhere in the world, and may include banks , insurance companies, pension funds and hedge funds . Their buy or sell orders may be executed on their behalf by

5920-527: The whole notion of EMH is that these non-rational reactions to information cancel out, leaving the prices of stocks rationally determined. A stock market crash is often defined as a sharp dip in share prices of stocks listed on the stock exchanges. In parallel with various economic factors, a reason for stock market crashes is also due to panic and investing public's loss of confidence. Often, stock market crashes end speculative economic bubbles . There have been famous stock market crashes that have ended in

6000-402: Was Onondaga County, and CNY Centro was created to take over the transit franchises of the bankrupt Syracuse Transit Corporation in 1972. New York State Railways The New York Central Railroad took notice to the potential competition arising from the streetcar and electric interurban railways being built in its territory across upstate New York. In an effort to control the competition,

6080-520: Was an interurban connecting Rome, Utica, and Little Falls, constructed between 1902 and 1903. This became the busiest route, with half-hourly service on its double-track main line. The Rome City Street Railroad was merged into the Utica and Mohawk Valley Railway in 1907. The U&MV was merged into New York State Railways in 1912. The first lines to be closed were the Auburn Avenue and Oneida Street routes in 1925. That same year an amusement park

6160-577: Was built near the main carban and shops called Forest Park, which was an immediate success, yet first to feel the effects of the Great Depression , which forced it to close in 1929. The South Woods shuttle also ended service in 1929. The Mohawk Valley Line began to show significant losses starting in 1926, and shut down on June 30, 1933. The steel interurban cars that served on the Mohawk Valley Line were purchased new in 1916, and were

6240-576: Was created by the New York Central Railroad in 1909 to control several streetcar and interurban railway systems across upstate New York. The Syracuse Lines consisted of the city and suburban railways that had been previously consolidated under the Syracuse Rapid Transit Railway and came under control of New York State Railways in 1912. New York Central sold the company in 1928 and it entered receivership in 1929. The process to convert streetcar lines to bus operation began in 1933 with

6320-569: Was incorporated on March 22, 1909, to take over the three railways and consolidate them into a single entity. A second wave of expansion followed when the Utica and Mohawk Valley Railway , the Oneida Railway , the Syracuse Rapid Transit Railway , and the Rochester and Suburban Railway were merged into New York State Railways on October 31, 1912. The East Side Traction Company was added on August 28, 1919. At its peak, New York State Railways operated 338 miles across Rochester, Syracuse, Utica, Oneida, Sodus Bay, Canandaigua, and Geneva. In June 1920,

6400-677: Was the Green Street route in September 1927, with no replacement bus service. On May 31, 1930, the Valley via Elmwood and Valley via Salina routes were closed and not replaced with buses. The Burnet line was converted to bus operation On January 22, 1933. The West Genesee and West Solvay lines were closed on June 30, 1933. Additional closures followed on October 31 when the Dudley, Oak, and Park lines were shut down. The Liverpool line succumbed on

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