Speech of Com. Jesse Duncan Elliott, U.S.N. delivered in Hagerstown, Md. on 14th November, 1843.-

Published by the Committee of Arrangement of Washington County, Maryland.

Profitable opportunities around macroeconomic announcements in the U.S. Treasury market

This thesis studies the impact of macroeconomic announcements on the U.S. Treasury market and investigates profitable opportunities around macroeconomic announcements using data from the eSpeed electronic trading platform. We investigate how macroeconomic announcements affect the return predictability of trade imbalance for the 2-year, 5-year, IO-year U.S. Treasury notes and 30-year U.S. Treasury bonds. The goal of this thesis is to develop a methodology to identify informed trades and estimate the trade imbalance based on informed trades. We use the daily order book slope as a proxy for dispersion of beliefs among investors. Regression results in this thesis indicate that, on announcement days with a high dispersion of beliefs, daily trade imbalance estimated by informed trades significantly predicts returns on the following day. In addition, we develop a trade-imbalance based trading strategy conditional on dispersion of beliefs, informed trades, and announcement days. The trading strategy yields significantly positive net returns for the 2-year T-notes.

Speech of Com. Jesse Duncan Elliott, U.S.N. delivered in Hagerstown, Md. on 14th November, 1843

Published by the Committee of Arrangement of Washington County, Maryland Printed by G.B. Zeiber and Co.

Orderly book, Second Regiment of U.S. Dragoons, New York, 1812-1813

The Second U.S. Regiment of Light Dragoons was formed in January 1812. In March of 1814, it merged with the First U.S. Regiment of Light Dragoons to form the Regiment of Light Dragoons.

Orderly book, Second Regiment of U.S. Dragoons, New York, 1812-1813

An orderly book of the Second Regiment of U.S. Dragoons, New York, dated August 14, 1812-July 29, 1813. The book contains orders pertaining to day-to-day military matters, such as punishments for disobedience, court-martial proceedings, camp rules and regulations, and guidelines for interacting with civilians in the vicinity of the camp. The Regiment was stationed at various locations in upstate New York and Canada, including Greenbush, Albany, Sackets Harbor, Utica, Geneva, Fort Niagara and Fort George. General Henry Dearborn originally commanded the Regiment at Greenbush. Names noted in this book include:E. Beebe, Deputy Adjt. General; William King, Capt. 15th; John Chandler, General ;W. Gamewood, Major ;James Burns, Colonel;John Woodford, Major; Andrew McDowell, Capt.; Abm. Gustis, Major; C.W. Hunter, Brigade Major; Selden, Captain; Holland, Captain; Harris, Captain; Clarkson, Lieutenant; Johnson, Lieutenant; Robert Craig, Adjt.; R.G. Hith, A.A. General. Also included with the orderly book are a monthly return form, a contract for medical services, and a bonus pay voucher for Thomas Blunt. The monthly return form is partially completed and dated January 1813 at Greenbush, New York. It is signed by Captain Jonas Holland. The contract is dated May 20, 1812, between John Dodge, physician and surgeon, and Jonas Holland. The contract describes the services required of the physician and the salary to be paid. The bonus pay voucher is dated April 25, 1813, for $8.00 paid to Thomas Blunt by Captain Jonas Holland for 'enlisting into the army of the United States for five years'.

American and Luna Falls, and River, from Goat Island, Niagara, U.S.A.

The image is described as "(9) Marble whiteness of the seething Waters-American and Luna Falls, and River from Goat Island, Niagara, U.S.A."

Niagara Guide looking into Cave of the Winds - Niagara Falls, U.S.A.

The description reads "(10) An old Niagara Guide - looking into the awe-inspiring Cave of the Winds - Niagara Falls, U.S.A.".

Niagara Falls, U.S.A.

The image is described as "(8) Nature's Everlasting Smile, Niagara Falls, U.S.A."

Niagara from the distant Tower, U.S.A.

The image is described as "(7) Niagara and its great cloud of rising Spray - from the distant tower, U.S.A.".

Maid of the Mist, Niagara, U.S.A.

The description of the image is "(6) Majestically Grand - the Falls from the 'Maid of the Mist,' Niagara, U.S.A.". The reverse of the image reads "You are on the deck of the small but sturdy little steamer that runs along near the foot of the falls. At this moment you are pretty nearly mid-stream, looking south. The American shore are up over your left shoulder. That tall, dark cliff at the extreme left of what you see is Goat Island. The people up there outlined against the sky look like dolls and no wonder; they are more than 160 feet above your head. Some of them are looking off over the unspeakable grandeurs of the Horseshoe Fall there at the right; some are without doubt looking down at the very boat and remarking that the passengers look like dolls. It is an awesome experience to go so near that never-ceasing downpour of waters from the sky. The air is full of the roar and iridescent spray, and it seems as if the boat must be drawn in under the overwhelming floods never to rise again. Yet, curiously enough, the river right around the boat is not so madly excited as you might expect. It seems more like some great creature, dazed, bewildered, stunned by some incredible experience and not yet quite aware of what has happened. (When it gets down into the Whirlpool Rapids, two miles below here, it is dramatically alive to its situation!) The gigantic curve of the cliffs, reaching in up-stream straight ahead, makes a contour line of over 3000 feet before it comes up against the Canadian banks on the west (right). Geologists say that the Falls ages ago must have been at least seven miles farther down the river (behind you) and have gradually won their way back. Even now the curve of the Horseshoe is worn away from two to four feet in a year. No wonder; 12, 000, 000 cubic feet of water (about 375, 000 tons) sweep over the rocks in one minute, and the same the next minute and the next and the next. See Niagara through the Stereoscope, with special maps locating all the landmarks about the Falls.

American Falls, U.S.A.

The description of the image is "(4) Majestic Niagara, rolling in ceaseless roar - American Falls from below - U.S.A.". The reverse of the image reads "Majestically Grand - the Falls, from the "Maid of the Mist," Niagara, U.S.A."

Maid of the Mist, Niagara Falls, U.S.A.

The image is described as "(5) 'Maid of the Mist' - Nymph of the mighty cataract, Niagara Falls, U.S.A.".

Prospect Point, Niagara, U.S.A.

The description of the image reads "(3) Looking down over the high preciptous Bluff at Prospect Point, Niagara, U.S.A."