New York Stock Exchange

New York Stock Exchange (NYSE), one of the largest markets in the world for trading stocks and bonds, based in New York City. In 2001 the NYSE listed—that is, traded—the stocks of about 3,000 companies, valued at about $17 trillion. Non-U.S. stocks play an increasingly important role on the NYSE. More than 400 non-U.S. companies were listed on the NYSE in 2001, more than triple the number five years ago. Trading at the NYSE is initiated by stockbrokers acting on behalf of their clients. These brokers place orders with certain members of the exchange called specialists, who concentrate on trading specific stocks. The broker and the specialist negotiate to arrive at a price for the stock.

The NYSE began in 1792, when a group of stock and bond brokers gathered in a park in downtown New York City and agreed to meet daily at that location to trade financial instruments, such as stocks and bonds. By 1794 the exchange had moved indoors to the Tontine Coffee House, on the corner of Wall and Water Streets. In 1817 the exchange moved closer to its present Wall Street location, drew up a formal constitution, and named itself the New York Stock and Exchange Board. As New York City became the financial center of the United States during the 19th century, the New York Stock and Exchange Board became one of the most important financial trading centers. By 1863, when it changed its name to the New York Stock Exchange, the exchange was trading the stocks and bonds of the major industrial and railroad corporations of the day. Today, the NYSE is often referred to as the big board because it lists more major corporations than any other exchange in the United States.

American Stock Exchange

American Stock Exchange (AMEX), market for trading stocks, bonds, and other financial instruments, based in New York City. AMEX is one of the largest markets for financial trading in the United States. In 2001 about 700 companies were listed on the exchange and the market value of their stocks totaled about $100 billion. AMEX is the third largest stock exchange in the United States, behind the New York Stock Exchange and The Nasdaq Stock Market.


Trading on AMEX is initiated by stock brokers acting on behalf of their clients. These brokers place orders with members of the exchange called specialists, who concentrate on trading specific stocks. The broker and the specialist negotiate to arrive at a price for the stock.

In addition to trading stocks and bonds, AMEX pioneered trading in derivatives, a type of investment based on the performance of an underlying asset or financial index. For example, AMEX trades Standard & Poor’s Depository Receipts (SPDRs), which are derivatives tied to the Standard & Poor’s 500 Index. This index records the ups and downs of the stock market in the United States by measuring the performance of 500 selected stocks. The SPDRs are traded like stocks, but their price fluctuates according to the value of the Standard & Poor’s 500 Index. See also Standard & Poor’s Indexes.

The American Stock Exchange originated in the 19th century in the streets of the financial district of New York City where brokers would meet to trade stocks and bonds. In 1908 these brokers formed an organization known as the New York Curb Agency. In 1911 the organization changed their name to the New York Curb Market Association. The association, also known simply as the Curb, moved to offices at Trinity Place in downtown New York City in 1921. In 1953 the name was changed to the American Stock Exchange. AMEX was traditionally known as the home of oil and mining companies’ stock, but over time it began listing the stock of many different kinds of companies.

In 1998 AMEX merged operations with the National Association of Securities Dealers, Inc., the organization that manages The Nasdaq Stock Market, to form the Nasdaq-AMEX Market group. The combined company oversees operations of both exchanges but maintains AMEX and Nasdaq as separate stock exchanges.

Japanese Art

Japanese Art and Architecture, works of art produced in Japan from the beginnings of human habitation there, sometime in the 10th millennium bc, to the present.
Historically, Japan has been subject to sudden invasions of new and alien ideas followed by long periods of minimal contact with the outside world. Over time the Japanese developed the ability to absorb, imitate, and finally assimilate those elements of foreign culture that complemented their aesthetic preferences.

The earliest complex art in Japan was produced in the 7th and 8th centuries ad in connection with Buddhism. In the 9th century, as the Japanese began to turn away from China and develop indigenous forms of expression, the secular arts became increasingly important; until the late 15th century, both religious and secular arts flourished. After the Ōnin War (1467-1477) Japan entered a period of political, social, and economic disruption that lasted for nearly a century. In the state that emerged under the leadership of the Tokugawa clan, organized religion played a much less important role in people's lives, and the arts that survived were primarily secular.

Japanese art is characterized by unique polarities. In the ceramics of the prehistoric periods, for example, exuberance was followed by disciplined and refined artistry. Another instance is provided by two 17th-century structures that are poles apart: Katsura Detached Palace is an exercise in simplicity, with an emphasis on natural materials, rough and untrimmed, and an affinity for beauty achieved by accident; Tōshōgu Mausoleum is a rigidly symmetrical structure replete with brightly colored relief carvings covering every visible surface. Japanese art, valued not only for its simplicity but also for its colorful exuberance, has considerably influenced 19th-century Western painting and 20th-century Western architecture.

JŌMON AND YAYOI ART
KOFUN ART: HANIWA
ASUKA AND NARA ART
HEIAN ART
KAMAKURA ART
MUROMACHI ART
MOMOYAMA ART
ART OF THE EDO PERIOD
ART SINCE 1867

White House

White House, official residence of the president of the U.S., built in its original form between 1792 and 1800, and situated at 1600 Pennsylvania Ave. in Washington, D.C. Known variously through its history as the President's Palace, the President's House, and the Executive Mansion, the building has always been most popularly known as the White House. This designation became official in 1901, when Theodore Roosevelt had the name engraved on his stationery. It has been the home of every president in American history with the exception of George Washington, who approved the act that led to its construction. Although the White House has been subject to numerous renovations and additions, it has retained its classically simple character.

The site and the surrounding landscaped lawns and gardens of the White House occupy 7.31 hectares (18.07 acres) and include numerous trees of historical interest. Constructed of Virginia sandstone, the main building is a stately, white edifice, 52 by 26 m (170 by 85 ft), built in the classical style associated with the 16th-century Italian architect Andrea Palladio. An Ionic portico (1829) on the north side faces Lafayette Square. On the south side is a semicircular portico (1824) with a private entrance on the ground floor.

Additions to the original building include the low-lying terraces or pavilions, which were constructed (1807) during the administrations of Thomas Jefferson and reconstructed on those designs in 1902. The West Terrace (50 by 11 m/165 by 35 ft) connects with the three-story Executive Wing (1902) containing the president's office; the East Terrace (66 by 11 m/215 by 35 ft) joins the three-story East Wing (1942).

Solar Energy

Solar Energy, radiation produced by nuclear fusion reactions deep in the Sun’s core. The Sun provides almost all the heat and light Earth receives and therefore sustains every living being.


Solar energy travels to Earth through space in discrete packets of energy called photons (Electromagnetic Radiation). On the side of Earth facing the Sun, a square kilometer at the outer edge of our atmosphere receives 1,400 megawatts of solar power every minute, which is about the capacity of the largest electric-generating plant in Nevada. Only half of that amount, however, reaches Earth’s surface. The atmosphere and clouds absorb or scatter the other half of the incoming sunlight. The amount of light that reaches any particular point on the ground depends on the time of day, the day of the year, the amount of cloud cover, and the latitude at that point. The solar intensity varies with the time of day, peaking at solar noon and declining to a minimum at sunset. The total radiation power (1.4 kilowatts per square meter, called the solar constant) varies only slightly, about 0.2 percent every 30 years. Any substantial change would alter or end life on Earth.

SOLAR ENERGY STORAGE DEVICES
Because of the intermittent nature of solar radiation as an energy source, excess solar energy produced during sunny periods must be stored. Insulated tanks commonly store this energy in hot water. Batteries often store excess electric energy produced from wind or photovoltaic devices. One possibility for the future is the use of excess solar-generated electric energy as a supplemental source for existing power networks. Uncertain economics and reliability, however, make this plan difficult to implement.

Mountain Climbing

Mountain Climbing, ascending mountains, most commonly as a recreational activity. Mountain climbing is popular worldwide, wherever hills rise high enough to provide challenge. The activity’s rewards include the physical exertion it requires, the satisfaction of overcoming difficulties by working with others, the thrill of reaching a summit, and the unobstructed view from a mountaintop. Exploration and research are other reasons that people climb mountains.

Ascents can be either non technical (a hike up a path or a scramble over rocks, not requiring the safety of a rope), or technical (a climb up more difficult terrain that requires the use of rope and other specialized equipment). This article focuses on technical climbs, which involve all the elements of simple hikes but also require advanced knowledge and equipment. Making technical climbs is also known as mountaineering.

Since ancient times, people have viewed mountain peaks as towering objects of myth, spiritual inspiration, and romantic beauty. Early peoples made ascents only to hunt game, to rescue lost or strayed animals, or to gain a military advantage over an enemy. Eventually, the unknown and inaccessible ceased to be something to be feared and avoided, and the conquest of the major mountain peaks and ranges of the world began. Mountaineering as a sport was born on August 8, 1786, with the first ascent of Mont Blanc (4807 m/15,771 ft), one of Europe’s tallest peaks. Since that ascent, mountain climbing has evolved into three related sports: alpine climbing, ice climbing, and rock climbing. These sports require the same fundamental techniques.

Rock Climbing Equipment

Rock climbing shoes resemble toughened ballet slippers, made of supple leather or synthetic materials. They have sticky rubber soles, and toes and heel-liners made of rubber. All climbing shoes and slippers should be fitted snugly around the foot. Climbers use gymnastic chalk (magnesium carbonate) to dry sweat from their hands and fingers while climbing. The white powder is carried in a small pouch called a chalk bag that is attached to the climber’s harness.

Because rock climbing requires plenty of innovative, supple movements, clothing should be lightweight, comfortable, and nonrestricting. T-shirts, shorts, and tights made of cotton, Lycra-cotton blends, and other synthetic materials are popular. Rock climbers also use athletic tape to protect fingers, knuckles, and wrists during difficult climbs.

History of Mountaineering

People have long climbed mountains for necessary daily activities such as retrieving lost animals and hunting, but technical climbing as a sport has a much shorter history. The sport’s history is often described in terms of first ascents, the conquering of previously unscaled mountains or, on mountains that have already been climbed, the accomplishment of previously untried and unclimbed routes.

After the ascent of Mont Blanc in 1786, people began to organize expeditions to make first ascents. Some of the most challenging mountains were found in the Himalayas of Central Asia, which contain many of the world’s highest peaks. In 1953 New Zealand climber Sir Edmund Hillary and Sherpa Tenzing Norgay made the first ascent of the world’s highest mountain, the Himalayan peak Mount Everest (8848 m/29,028 ft). A year later Italian mountaineers Achille Compagnoni and Lino Lacedelli ascended the world’s second highest mountain, K2 (8611 m/28,250 ft).

As more of the world’s mountains were climbed for the first time, mountaineers sought to challenge themselves by using more difficult routes and by climbing with less assistance from climbing partners. Italian mountaineer Reinhold Messner and Austrian climber Peter Habeler became the first to scale Everest without bottled oxygen in 1978. Two years later Messner returned to climb Everest completely alone and without oxygen.

During the 1980s and 1990s ascents became even more daring, and some climbers attempted to ascend different series of related summits. In 1985 American climber Dick Bass became the first mountaineer to climb the highest mountain on each of the seven continents, collectively referred to as the Seven Summits. In 1986 Messner finally completed his goal of climbing the 14 highest mountains in the world—a feat that took him 17 years to accomplish. All are higher than 8000 m (26,247 ft) and located in Nepal, Pakistan, China, and Tibet.

United States Air Force

United States Air Force, the branch of the United States armed forces responsible for conducting military operations in air and space. The United States Air Force was formed from the Army Air Corps in 1947. The Air Force plays a critical role in the defense of the United States through control of air and space. The Air Force deploys aircraft to fight enemy aircraft, bomb enemy targets, provide reconnaissance, and transport soldiers for the other armed services. The Air Force also maintains most of the country’s nuclear forces, including a fleet of strategic bombers that carry nuclear weapons and land-based nuclear missiles. In addition, the Air Force launches and maintains a wide variety of military satellites.

In 2003 there were approximately 368,000 airmen (the term for both men and women soldiers) in the U.S. Air Force, including about 4,000 cadets at the United States Air Force Academy near Colorado Springs, Colorado. About one of every five members of the Air Force is an officer. In 2003 there were more than 150,000 civilians working for the Department of the Air Force, with another 181,000 Air Reserve and Air National Guard personnel.

THE LIFE OF AN AIRMAN

United States Air Force airmen include commissioned officers and enlisted members. In 2003 there were about 76,000 officers (including cadets at the Air Force Academy) and 292,000 enlisted members. Roughly one-fifth of all Air Force personnel were female. African Americans made up about 15 percent of the total Air Force, Hispanic Americans about 4 percent, and Native Americans, Pacific Islanders, and other minority groups about 4 percent of the total force. Homosexuals can serve in the Air Force, but they must conform to the U.S. military’s “don’t ask, don’t tell” policy. Under this policy, homosexuals will not be sought out for expulsion from the Air Force, but they may be forced to leave the service if their sexual orientation becomes known.

Stock Car Racing

Although stock cars race in several countries, the class is most associated with the United States because of the powerful public presence of the National Association for Stock Car Auto Racing (NASCAR), the sport's governing body. Stock car racing was once associated primarily with the southern United States, but now enjoys a national audience. Stock cars were similar to conventional cars when this type of racing began, just prior to World War II (1939-1945). But since NASCAR was founded in the late 1940s there has been a trend away from street cars. Despite relatively normal outward appearances, today’s stock cars are pure racing machines that can reach speeds of up to 200 mph (322 km/h). Originally run on beaches and dirt tracks, NASCAR races are now held on paved ovals and, in major events, on high-banked super speedways. The major stock car racing events are the Daytona 500, run in Daytona Beach, Florida, and the World 600, in Charlotte, North Carolina. NASCAR’s marquee racing series is the Winston Cup.


Stock car racing’s fan base grew rapidly in the 1990s. One factor is that stock car drivers are generally more accessible to fans than F1 or sports car drivers. In addition, stock car drivers and their cars—familiar names such as Dodge, Ford, Chevrolet, and Pontiac—usually receive better American media coverage than other forms of racing. While some of the most successful stock car drivers retired in the 1990s, such as Richard Petty and Bobby Allison, younger drivers, such as Jeff Gordon, Ricky Rudd, Tony Stewart, Dale Earnhardt, Jr., and Kevin Harvick have replaced them as stars of the sport. Stock car racing below the NASCAR level is a thriving sport in the United States, bolstered by a well-established fan base. These stock cars run on many of the same tracks that are used for other racing series.