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New York Stock Exchange
NYSE Euronext LogoNYSE Euronext Logo NYSE Logo
Type	Stock exchange
Location	New York City, New York, United States
Founded	March 8, 1817 (1817-03-08)
Owner	NYSE Euronext
Key people	Duncan L. Niederauer (CEO)
Currency	United States dollar
No. of listings	2,308
MarketCap	US$ 14.242 trillion (Dec 2011)[1]
Volume	US$ 20.161 trillion (Dec 2011)
Indexes	Dow Jones Industrial Average S&P 500 NYSE Composite
Website	NYSE.com
New York Stock Exchange
U.S. National Register of Historic Places
U.S. National Historic Landmark
Front Elevation of New York Stock Exchange
Coordinates:	40°42′24.6″N 74°0′39.7″W / 40.706833°N 74.011028°W / 40.706833; -74.011028Coordinates: 40°42′24.6″N 74°0′39.7″W / 40.706833°N 74.011028°W / 40.706833; -74.011028
Built:	1903
Architect:	Trowbridge & Livingston; George B. Post
Architectural style:	Classical Revival
Governing body:	Private
NRHP Reference#:	78001877
Significant dates
Added to NRHP:	June 2, 1978[2]
Designated NHL:	June 2, 1978[3]

The New York Stock Exchange, commonly referred to as NYSE is a stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York, United States. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$14.242 trillion as of Dec 2011.^[4] Average daily trading value was approximately US$153 billion in 2008.

The NYSE is operated by NYSE Euronext (NYSE: NYX), which was formed by the NYSE's 2007 merger with the fully electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978,^[5] as was the 11 Wall Street building.^[3][6][7]

History[link]

The Stock Exchange at 10–12 Broad Street, in 1882

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stockbrokers outside of 68 Wall Street in New York under a buttonwood tree on Wall Street.^[8] On March 8, 1817, the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board." Anthony Stockholm was elected the Exchange's first president.

The first central location of the Exchange was a room, rented in 1792 for $200 a month, located at 40 Wall Street. After that location was destroyed in the Great Fire of New York in 1835, the Exchange moved to a temporary headquarters. In 1863, the New York Stock & Exchange Board changed to its current name, the New York Stock Exchange. In 1865, the Exchange moved to 10–12 Broad Street.

The New York Stock Exchange was closed for ten days starting September 20, 1873, because of the Panic of 1873.^[9]

The volume of stocks traded increased sixfold in the years between 1896 and 1901, and a larger space was required to conduct business in the expanding marketplace.^[10] Eight New York City architects were invited to participate in a design competition for a new building; ultimately, the Exchange selected the neoclassic design submitted by architect George B. Post. Demolition of the Exchange building at 10 Broad Street, and adjacent buildings, started on May 10, 1901.

The new building, located at 18 Broad Street, cost $4 million and opened on April 22, 1903. The trading floor, at 109 × 140 feet (33 × 42.5 m), was one of the largest volumes of space in the city at the time, and had a skylight set into a 72-foot (22 m)-high ceiling. The main façade of the building features six tall columns with Corinthian capitals, topped by a marble pediment containing high-relief sculptures by John Quincy Adams Ward with the collaboration of Paul Wayland Bartlett, carved by the Piccirilli Brothers, representing Integrity Protecting the Works of Man. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.^[11]

In 1922, a building for offices, designed by Trowbridge & Livingston, was added at 11 Wall Street, as well as a new trading floor called the Garage. Additional trading floor space was added in 1969 the Blue Room, and in 1988 the EBR or Extended Blue Room, with the latest technology for information display and communication. Yet another trading floor was opened at 30 Broad Street called the Bond Room in 2000. As the NYSE introduced its hybrid market, a greater proportion of trading came to be executed electronically, and due to the resulting reduction in demand for trading floor space, the NYSE decided to close the 30 Broad Street trading room in early 2006. As the adoption of electronic trading continued to reduce the number of traders and employees on the floor, in late 2007, the NYSE closed the rooms created by the 1969 and 1988 expansions.

The Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006.^[12]

The floor of the New York Stock Exchange in 1908

The NYSE announced its plans to merge with Archipelago on April 21, 2005, in a deal intended to reorganize the NYSE as a publicly traded company. NYSE's governing board voted to merge with rival Archipelago on December 6, 2005, and become a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. A little over one year later, on April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming the NYSE Euronext, the first transatlantic stock exchange.

Presently, Marsh Carter is Chairman of the New York Stock Exchange, having succeeded John S. Reed and the CEO is Duncan Niederauer, having succeeded John Thain.

Notable events[link]

The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading bonds, and completely reopened for stock trading in mid-December.

On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. The NYSE building and some buildings nearby, such as the JP Morgan building, still have marks on their façades caused by the bombing.

The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.

On October 1, 1934, the exchange was registered as a national securities exchange with the U.S. Securities and Exchange Commission, with a president and a thirty-three member board. On February 18, 1971 the non-profit corporation was formed, and the number of board members was reduced to twenty-five.

One of Abbie Hoffman's well-known publicity stunts took place in 1967, when he led members of the Yippie movement to the Exchange's gallery. The provocateurs hurled fistfuls of real dollars mixed with fake dollars toward the trading floor below. Some traders booed, and some collected the apparent bounty.^{[citation needed]} The press was quick to respond and, by evening, the event had been reported around the world.^{[citation needed]} (The stock exchange later spent $20,000 to enclose the gallery with bulletproof glass.)^{[citation needed]} Hoffman wrote a decade later, "We didn’t call the press; at that time we really had no notion of anything called a media event."^[13]

NYSE's stock exchange traders floor before the introduction of electronic readouts and computer screens.

On October 19, 1987, the Dow Jones Industrial Average (DJIA) dropped 508 points, a 22.6% loss in a single day, the second-biggest one-day drop the exchange had experienced, prompting officials at the exchange to invoke for the first time the "circuit breaker" rule to halt all trading. This was a very controversial move and led to a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. Black Monday was followed by Terrible Tuesday, a day in which the Exchange's systems did not perform well and some people had difficulty completing their trades.

Consequently,^[vague] there was another major drop for the Dow on October 13, 1989; the Mini-Crash of 1989. The crash was apparently caused by a reaction to a news story of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of United Airlines, which broke down. When the UAL deal fell through, it helped trigger the collapse of the junk bond market causing the Dow to fall 190.58 points, or 6.91 percent.

Similarly, there was a panic in the financial world during the year of 1997; the Asian Financial Crisis. Like the fall of many foreign markets, the Dow suffered a 7.18% drop in value (554.26 points) on October 27, 1997, in what later became known as the 1997 Mini-Crash but from which the DJIA recovered quickly.

On January 26, 2000, an altercation during filming of the music video for "Sleep Now in the Fire", which was directed by Michael Moore, caused the doors of the exchange to be closed and the band, Rage Against the Machine, to be escorted from the site by security,^[14] after band members attempted to gain entry into the exchange.^[15] Trading on the exchange floor, however, continued uninterrupted.^[16]

On May 6, 2010, the Dow Jones Industrial Average posted its largest intraday percentage drop since the October 19, 1987 crash, with a 998 point loss later being called the Flash Crash (As the drop occurred in minutes before rebounding). The SEC and CFTC published a report on the event, although it did not come to a conclusion as to the cause. The regulators found no evidence that the fall was caused by erroneous ("fat finger") orders.^[17]

Trading[link]

U.S. Secretary of Commerce Donald L. Evans rings the opening bell at the NYSE on April 23, 2003. Former chairman Jack Womack is also in this picture.

NASA astronauts Scott Altman and Mike Massimino ring 'The Closing Bell'.

The NYSE trading floor in August 2008.

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am – 4:00 pm ET, with the exception of holidays declared by the Exchange in advance.

On the trading floor, the NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1995 through the use of wireless hand held computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper transactions and ushering in an era of automated trading.

As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid Market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.^[18] NYSE works with US regulators like the SEC and CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.^[19]

Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), Richard W.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 in cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange. Licences for floor trading are available for $40,000 and a licence for bond trading is available for as little as $1,000 as of 2010.^[20] Neither are resell-able, but may be transferable in during the change of ownership of a cooperation holding a trading licence.

NYSE Composite Index[link]

In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close.^[21] This was done to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. To raise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 points equal to the 2002 yearly close.

Timeline[link]

The NYSE at Christmas time (December 2008)

In 1792, The NYSE acquires its first traded securities.^[22][23] In 1817, The constitution of the New York Stock and Exchange Board is adopted.^[24] In 1867, The First Stock Ticker.^[25] In 1896, Dow Jones Industrial Average first published in The Wall Street Journal.^[25] In 1903, NYSE moves into new quarters at 18 Broad Street. In 1906, Dow exceeds 100 on January 12. In 1907, Panic of 1907. In 1914, World War I causes the longest exchange shutdown: four months, two weeks; re-opening December 12 brings the largest one-day percentage drop in the DJIA (24.4%). In 1915, Market price is given in dollars. In 1929, Central quote system established; Black Thursday, October 24 and Black Tuesday, October 29 signal the end of the Roaring Twenties bull market. In 1943, Trading floor is opened to women.^[26] In 1949, Longest (eight-year) bull market begins.^[27]

In 1954, Dow surpasses its 1929 peak in inflation-adjusted dollars. In 1956, Dow closes above 500 for the first time on March 12. In 1966, the NYSE begins a composite index of all listed common stocks. This is referred to as the "Common Stock Index" and is transmitted daily. The starting point of the index is 50. It is later renamed the NYSE Composite Index.^[28] In 1967, Protesters led by Abbie Hoffman throw mostly fake dollar bills at traders from gallery, leading to the installation of bullet-proof glass. In 1970, Securities Investor Protection Corporation established. In 1971, NYSE recognized as Not-for-Profit organization.^[28] In 1972, Dow closes above 1,000 for the first time on November 14. In 1977, Foreign brokers are admitted to NYSE. In 1980, New York Futures Exchange established. In 1982, Longest bull market in DJIA history begins. In 1987, Black Monday, October 19, sees the second-largest one-day DJIA percentage drop (22.6%) in history. In 1991, Dow exceeds 3,000. In 1995, Dow exceeds 5,000. In 1996, Real-time ticker introduced.^[29] In 1999, Dow exceeds 10,000 on March 29. In 2000, Dow peaks at 11,722.98 on January 14; first NYSE global index is launched under the ticker NYIID.

Security after the September 11 attacks

In 2001, Trading in fractions (n/16) ends, replaced by decimals (increments of $.01, see Decimalization). When the September 11, 2001 attacks occur, the NYSE was closed for 4 sessions. In 2003, NYSE Composite Index relaunched and value set equal to 5,000 points. In 2006, NYSE and ArcaEx merge, creating NYSE Arca and forming the publicly owned, for-profit NYSE Group, Inc.; in turn, NYSE Group merges with Euronext, creating the first trans-Atlantic stock exchange group; DJIA tops 12,000 on October 19. In 2007, US President George W. Bush shows up unannounced to the Floor about an hour and a half before a Federal Open Market Committee interest-rate decision on January 31.^[30] NYSE announces its merger with the American Stock Exchange; NYSE Composite closes above 10,000 on June 1; DJIA exceeds 14,000 on July 19 and closes at an all time peak of 14,164.53 on October 9. This was the peak before the 2008–2009 bust.

On September 15, 2008, the DJIA loses more than 500 points amid fears of bank failures, resulting in a permanent prohibition of naked short selling and a three-week temporary ban on all short selling of financial stocks; in spite of this, record volatility continues for the next two months, culminating at 5½-year market lows. In 2009, Dow closes at 6547.05 on March 9 reaching a 12 year low. Returns to 10,015.86 on October 14.

Derailed planned merger with Deutsche Börse[link]

On February 15, 2011 NYSE and Deutsche Börse announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders will have 60% ownership of the new entity, and NYSE Euronext shareholders will have 40%.

On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquin Almunia stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide".^[31] Instead, Deutsche Börse and NYSE will have to sell either their Eurex derivatives or LIFFE shares in order to not create a monopoly.

On February 2, 2012, NYSE Euronext and Deutsche Börse agreed with strong opposition by the EU for the planned merger, to scrap the merger.^[32]

Trading schedule[link]

Regular trading hours are from 9:30 am to 4:00 pm.

See also[link]

New York City portal

• Economy of New York City
• List of American stock exchanges
• List of presidents of the New York Stock Exchange
• U.S. Securities and Exchange Commission
• List of market opening times

Notes[link]

References[link]

• Buck, James E. (1992). The New York Stock Exchange: The First 200 Years. Greenwich Pub. Group. ISBN 0-944641-02-4. 
• Geisst, Charles R. (2004). Wall Street: A History – From its Beginnings to the Fall of Enron. Oxford University Press. ISBN 0-19-517060-1. 
• Kent, Zachary (1990). The Story of the New York Stock Exchange. Scholastic Library Pub.. ISBN 0-516-04748-5. 
• Sloane, Leonard (1980). The Anatomy of the Floor. Doubleday. ISBN 0-385-12249-7. 
• Sobel, Robert (1975). N.Y.S.E.: A History of the New York Stock Exchange, 1935–1975. Weybright and Talley. ISBN 0-679-40124-5. 

External links[link]

Wikimedia Commons has media related to: New York Stock Exchange

• Official website
• List of planned and unplanned historical closings
• Price of membership and a seat
• New York Stock Exchange collected news and commentary at The New York Times
• The New York Stock Exchange Began in a Coffe Shop

v t e NYSE Euronext, Inc. A member of the World Federation of Exchanges. Securities New York Stock Exchange · American Stock Exchange · NYSE Arca Euronext Futures Euronext.liffe Other Alternext · BlueNext · Qatar Exchange (20% holding) Locations United States: New York City (NYSE · AMEX), Chicago (Arca) France: Paris Belgium: Brussels Netherlands: Amsterdam Portugal: Lisbon United Kingdom: London Indexes New York: NYSE Composite · Dow Jones Industrial Average · S&P 500 Euronext: Euronext 100 · AEX index · CAC 40 · Euro Stoxx 50 · BEL20 Miscellaneous NYSE Technologies · Financial Industry Regulatory Authority Annual revenue USD 4.425 billion (2010) Employees 2,970 Stock symbol NYSE: NYX, Euronext: NYX Website NYSE Euronext Portal

v t e U.S. National Register of Historic Places in New York Lists by county Albany Allegany Bronx Broome Cattaraugus Cayuga Chautauqua Chemung Chenango Clinton Columbia Cortland Delaware Dutchess Erie Essex Franklin Fulton Genesee Greene Hamilton Herkimer Jefferson Kings (Brooklyn) Lewis Livingston Madison Monroe Montgomery Nassau New York (Manhattan) Niagara Oneida Onondaga Ontario Orange Orleans Oswego Otsego Putnam Queens Rensselaer Richmond (Staten Island) Rockland Saratoga Schenectady Schoharie Schuyler Seneca St. Lawrence Steuben Suffolk Sullivan Tioga Tompkins Ulster Warren Washington Wayne Westchester Wyoming Yates Lists by city Albany Buffalo New Rochelle New York City (Bronx Brooklyn Queens Staten Island Manhattan: Below 14th St. 14th–59th St. 59th–110th St. Above 110th St. Minor islands) Peekskill Poughkeepsie Rhinebeck Rochester Syracuse Yonkers Other lists Bridges National Historic Landmarks Keeper of the Register History of the National Register of Historic Places Property types Historic district Contributing property

State of New York
Flag Seal
Nickname(s): The Empire State
Motto(s): Excelsior (Latin)[1] Ever upward
Demonym	New Yorker
Capital	Albany
Largest city	New York City
Largest metro area	New York City Metropolitan Area
Area	Ranked 27th in the U.S.
- Total	54,556[2] sq mi (141,300 km2)
- Width	285 miles (455 km)
- Length	330 miles (530 km)
- % water	13.5
- Latitude	40° 30′ N to 45° 1′ N
- Longitude	71° 51′ W to 79° 46′ W
Population	Ranked 3rd in the U.S.
- Total	19,465,197 (2011 est)[3]
- Density	412/sq mi  (159/km2) Ranked 7th in the U.S.
Elevation
- Highest point	Mount Marcy[4][5][6] 5,343 ft (1628.57 m)
- Mean	1,000 ft  (300 m)
- Lowest point	Atlantic Ocean[5][6] sea level
Admission to Union	July 26, 1788 (11th)
Governor	Andrew Cuomo (D)
Lieutenant Governor	Robert Duffy (D)
Legislature	New York Legislature
- Upper house	State Senate
- Lower house	State Assembly
U.S. Senators	Charles Schumer (D) Kirsten Gillibrand (D)
U.S. House delegation	21 Democrats, 8 Republicans (list)
Time zone	Eastern: UTC-5/-4
Abbreviations	NY US-NY
Website	www.ny.gov

New York (/njuː ˈjɔrk/; locally IPA: [nɪu ˈjɔək] or [nuː ˈjɔɹk] ( listen)) is a state in the Northeastern region of the United States. New York is the 27th most extensive, the 3rd most populous, and the 7th most densely populated of the 50 United States. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east. The state has a maritime border with Rhode Island east of Long Island, as well as an international border with the Canadian provinces of Ontario to the west and north, and Quebec to the north. The state of New York is often referred to as New York State to distinguish it from New York City.

New York City, with a population of over 8.1 million, is the most populous city in the United States. Alone, it makes up over 40 percent of the population of New York state. It is known for its status as a center for finance and culture and for its status as the largest gateway for immigration to the United States. According to the U.S. Department of Commerce, New York City is also a destination of choice for many foreign visitors. Both the state and city were named for the 17th century Duke of York, James Stuart, future James II and VII of England and Scotland.

New York was inhabited by various tribes of Algonquian and Iroquoian speaking Native American tribes at the time Dutch settlers moved into the region in the early 17th century. In 1609, the region was first claimed by Henry Hudson for the Dutch. Fort Nassau was built near the site of the present-day capital of Albany in 1614. The Dutch soon also settled New Amsterdam and parts of the Hudson River Valley, establishing the colony of New Netherland. The British took over the colony by annexation in 1664.

The borders of the British colony, the Province of New York, were roughly similar to those of the present-day state. About one third of all the battles of the Revolutionary War took place in New York. The state constitution was enacted in 1777. New York became the 11th state to ratify the United States Constitution, on July 26, 1788.

History[link]

17th century[link]

Henry Hudson's 1609 voyage marked the beginning of the European involvement with that area. Sailing for the Dutch East India Company and looking for a passage to Asia, he entered the Upper New York Bay on September 11 of that year. After his return word of his findings quickly spread and Dutch merchants began to explore the coast in search for profitable fur trade. During the 17th century, Dutch trading posts established for the trade of pelts from the Lenape, Iroquois and other indigenous peoples expanded into the colony of New Netherland. The first of these trading posts were Fort Nassau (1614, near present-day Albany); Fort Orange (1624, on the Hudson River just south of the current city of Albany and created to replace Fort Nassau), developing into settlement Beverwijck (1647), and into what became Albany; Fort Amsterdam (1625, to develop into the town New Amsterdam which is present-day New York City); and Esopus, (1653, now Kingston). The success of the patroonship of Rensselaerswyck (1630), which surrounded Albany and lasted until the mid 19th century, was also a key factor in the early success of the colony. The English captured the colony during the Second Anglo-Dutch War and governed it as the Province of New York. The city of New York was recaptured by the Dutch once again in 1673 during the Third Anglo-Dutch War (1672–1674) and renamed New Orange, but returned to the English under the terms of the Treaty of Westminster a year later.^[7]

American Revolution[link]

New York in 1777

The Sons of Liberty were organized in New York City during the 1760s, largely in response to the oppressive Stamp Act passed by the British Parliament in 1765. The Stamp Act Congress met in the city on October 19 of that year: a gathering of representatives from across the Thirteen Colonies that set the stage for the Continental Congress to follow. The Stamp Act Congress resulted in the Declaration of Rights and Grievances, which was the first written expression by representatives of the Americans of many of the rights and complaints later expressed in the United States Declaration of Independence, including the right to representative government.

The Capture of Fort Ticonderoga provided the cannon and gunpowder necessary to force a British withdrawal from the Siege of Boston in 1775.

New York endorsed the Declaration of Independence on July 9, 1776.^[8] The New York state constitution was framed by a convention which assembled at White Plains, New York on July 10, 1776, and after repeated adjournments and changes of location, terminated its labors at Kingston, New York on Sunday evening, April 20, 1777, when the new constitution drafted by John Jay was adopted with but one dissenting vote. It was not submitted to the people for ratification. On July 30, 1777, George Clinton was inaugurated as the first Governor of New York at Kingston.

The first major battle of the American Revolutionary War after independence was declared—and the largest battle of the entire war—was fought in New York at the Battle of Long Island (a.k.a. Battle of Brooklyn) in August 1776. British victory made New York City their military and political base of operations in North America for the duration of the conflict, and consequently the center of attention for General George Washington's intelligence network.

The notorious British prison ships of Wallabout Bay saw more American combatants die of intentional neglect than were killed in combat in every battle of the war, combined.

The first of two major British armies were captured by the Continental Army at the Battle of Saratoga in 1777, influencing France to ally with the revolutionaries.

In an attempt to retain their sovereignty and remain an independent nation positioned between the new United States and British North America, four of the Iroquois nations fought on the side of the British; only the Oneidas and their dependents the Tuscaroras allied themselves to the Americans.^[9] The Sullivan Expedition of 1778 and 1779 destroyed nearly 50 Iroquois villages and adjacent croplands, forcing many refugees to British-held Niagara.^[10] As allies of the British, the Iroquois were resettled in Canada after the war. In the treaty settlement, the British ceded most Indian lands to the new United States. Because New York made treaty with the Iroquois without getting Congressional approval, some of the land purchases are the subject of modern-day claims by the individual tribes. More than 5 million acres (20,000 km²) of former Iroquois territory was put up for sale in the years after the Revolutionary War, leading to rapid development in upstate New York.^[11] As per the Treaty of Paris, the last vestige of British authority in the former Thirteen Colonies—their troops in New York City—departed in 1783, which was long afterwards celebrated as Evacuation Day.^[12]

Following heated debate, which included the publication of the now quintessential constitutional interpretation—the Federalist Papers—as a series of installments in New York City newspapers, New York was the 11th state to ratify the United States Constitution, on July 26, 1788.^[13]

19th century[link]

The creation of the Erie Canal led to rapid industrialization in New York.

Transportation in western New York was difficult before canals were built in the early part of the 19th century. The Hudson and Mohawk Rivers could be navigated only as far as Central New York. While the St. Lawrence River could be navigated to Lake Ontario, the way westward to the other Great Lakes was blocked by Niagara Falls, and so the only route to western New York was over land.

Governor DeWitt Clinton strongly advocated building a canal to connect the Hudson River with Lake Erie, and thus all the Great Lakes. Work commenced in 1817, and the Erie Canal was finished in 1825. It was considered an engineering marvel. Packet boats traveled up and down the canal with sightseers and visitors on board.^[14] The canal opened up vast areas of New York to commerce and settlement. It enabled Great Lakes port cities such as Buffalo and Rochester to grow and prosper. It also connected the burgeoning agricultural production of the Midwest and shipping on the Great Lakes, with the port of New York City. Improving transportation, it enabled additional population migration to territories west of New York.

Ellis Island[link]

Scenes at the Immigration Depot and a nearby dock on Ellis Island

Ellis Island in 1905

Ellis Island was the main facility for immigrants, entering the United States in the late 19th century to the mid 20th century. It was opened when the federal government took over the responsibility for processing immigrants, prior to that it was the responsibility of the states. It replaced the prior New York State immigration center located at Castle Clinton, a War of 1812 era fort located in what is today Battery Park, through which at least 8 million immigrants such as Harry Houdini, passed through from 1855–1890.^[15]

Ellis Island operated as an immigration center from January 1, 1892, until November 12, 1954. It is owned by the Federal government and is now part of the Statue of Liberty National Monument, under the jurisdiction of the National Park Service. It is situated in New York Harbor, between two states and cities, Jersey City, New Jersey and New York City, New York.

More than 12 million immigrants passed through Ellis Island, between 1892 and 1954. After 1924, when the National Origins Act was passed, the only immigrants to pass through there were displaced persons or war refugees.^[16] Today, over 100 million Americans can trace their ancestry to the immigrants, who first arrived in America through Castle Clinton and Ellis Island, before dispersing to points all over the country. Ellis Island was the subject of a border dispute between New York State and New Jersey. The issue was settled in 1998 by the U.S. Supreme Court which ruled that the original 3.3 acre island was New York State territory and that the balance of the 27.5 acres (11 ha) added after 1834 by landfill was in New Jersey.

Statue of Liberty[link]

Statue of Liberty

The Statue of Liberty, designed by Frédéric Bartholdi, was a gift from France to the United States to mark the Centennial of the American Declaration of Independence. The idea of giving a colossal representation of republican virtues to a "sister" republic, across the sea, served as a focus for the republican cause against other politicians. The Statue of Liberty was dedicated in New York Harbor on October 28, 1886.

Liberty Island closed on September 11, 2001; the island reopened in December, the monument reopened on August 3, 2004, but the statue remained closed until the summer of 2009. The National Park Service claims that the statue is not shut because of a terrorist threat, but principally because of a long list of fire regulation contraventions, including inadequate evacuation procedures. The museum and ten-story pedestal are open for visitors, but are only accessible if visitors have a "Monument Access Pass", which is a reservation that visitors must make in advance of their visit and pick up before boarding the ferry. There are a maximum of 3000 passes available each day, with a total of 15,000 visitors to the island daily. The interior of the statue remains closed, although a glass ceiling in the pedestal allows for views of Gustave Eiffel's iron framework of Lady Liberty.

Geography[link]

New York terrain.

Map of the Hudson and Mohawk rivers.

New York covers 54,556 square miles (141,300 km²) and ranks as the 27th largest state by size.^[2] The Great Appalachian Valley dominates eastern New York, while Lake Champlain is the chief northern feature of the valley, which also includes the Hudson River flowing southward to the Atlantic Ocean. The rugged Adirondack Mountains, with vast tracts of wilderness, lie west of the valley.

Most of the southern part of the state is on the Allegheny Plateau, which rises from the southeast to the Catskill Mountains. The western section of the state is drained by the Allegheny River and rivers of the Susquehanna and Delaware systems. The Delaware River Basin Compact, signed in 1961 by New York, New Jersey, Pennsylvania, Delaware, and the federal government, regulates the utilization of water of the Delaware system. The highest elevation in New York is Mount Marcy in the Adirondacks.^[17]

New York's borders touch (clockwise from the west) two Great Lakes (Erie and Ontario, which are connected by the Niagara River); the provinces of Ontario and Quebec in Canada; Lake Champlain; three New England states (Vermont, Massachusetts, and Connecticut); the Atlantic Ocean, and two Mid-Atlantic States, New Jersey and Pennsylvania. In addition, Rhode Island shares a water border with New York. New York is the only state that touches both the Great Lakes and the Atlantic Ocean, and is the second-largest of the original Thirteen Colonies.

In contrast with New York City's urban atmosphere, the vast majority of the state is dominated by farms, forests, rivers, mountains, and lakes. New York's Adirondack Park is the largest state park in the United States. It is larger than the Yellowstone, Yosemite, Grand Canyon, Glacier and Olympic National Parks combined.^[18] New York established the first state park in the United States at Niagara Falls in 1885. Niagara Falls, on the Niagara River as it flows from Lake Erie to Lake Ontario, is a popular attraction.

The Hudson River begins at Lake Tear of the Clouds and flows south through the eastern part of the state without draining Lakes George or Champlain. Lake George empties at its north end into Lake Champlain, whose northern end extends into Canada, where it drains into the Richelieu and then the St. Lawrence Rivers. Four of New York City's five boroughs are on three islands at the mouth of the Hudson River: Manhattan Island; Staten Island; and Long Island, which contains Brooklyn and Queens on its western end.

Upstate and downstate are often used informally to distinguish New York City or its greater metropolitan area from the rest of New York State. The placement of a boundary between the two is a matter of great contention.^[19] Unofficial and loosely defined regions of Upstate New York include the Southern Tier, which often includes the counties along the border with Pennsylvania,^[20] and the North Country, which can mean anything from the strip along the Canadian border to everything north of the Mohawk River.^[21]

Climate[link]

Lake-effect snow is a major contributor to snowfall totals in western New York.

In general, New York has a humid continental climate, though under the Köppen climate classification, New York City has a humid subtropical climate.^[22] Weather in New York is heavily influenced by two continental air masses: a warm, humid one from the southwest and a cold, dry one from the northwest.

The winters are long and cold in the Plateau Divisions of the state. In the majority of winter seasons, a temperature of −13 °F (−25 °C) or lower can be expected in the northern highlands (Northern Plateau) and 5 °F (−15 °C) or colder in the southwestern and east-central highlands (Southern Plateau). The summer climate is cool in the Adirondacks, Catskills and higher elevations of the Southern Plateau.

The New York City/Long Island area and lower portions of the Hudson Valley have rather warm summers by comparison, with some periods of high, uncomfortable humidity. The remainder of New York State enjoys pleasantly warm summers, marred by only occasional, brief intervals of sultry conditions. Summer daytime temperatures usually range from the upper 70s to mid 80s °F (25 to 30 °C), over much of the state.

New York ranks 46th among the 50 states in the amount of greenhouse gases generated per person. This relative efficiency is primarily due to the state's higher rate of mass transit use.^[23]

Monthly Normal High and Low Temperatures For Various New York Cities^[24]

(Fahrenheit)

City		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Albany	max min	31 13	34 16	44 25	57 36	70 46	78 55	82 60	80 58	71 50	60 39	48 31	36 20
Binghamton	max min	28 15	31 17	41 25	53 35	66 46	73 54	78 59	76 57	68 50	57 40	44 31	33 21
Buffalo	max min	31 18	33 19	42 26	54 36	66 48	75 57	80 62	78 60	70 53	59 43	47 34	36 24
Lake Placid	max min	27 5	32 8	40 16	54 29	66 39	74 48	78 53	76 51	69 44	56 34	44 25	32 12
Long Beach	max min	39 23	40 24	48 31	58 40	69 49	77 60	83 66	82 64	75 57	64 45	54 36	44 28
New York City	max min	38 26	41 28	50 35	61 44	71 54	79 63	84 69	82 68	75 60	64 50	53 41	43 32
Rochester	max min	31 17	33 17	43 25	55 35	68 46	77 55	81 60	79 59	71 51	60 41	47 33	36 23
Syracuse	max min	31 14	34 16	43 24	56 35	68 46	77 55	82 60	80 59	71 51	60 40	47 32	36 21

Monthly Normal High and Low Temperatures For Various New York Cities

(Celsius)

City		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
Albany	max min	−1 −11	1 −9	7 −4	14 2	21 8	26 13	28 16	27 14	22 10	16 4	9 −1	2 −7
Binghamton	max min	−2 −9	−1 −8	5 −4	12 2	19 8	23 12	26 15	24 14	20 10	14 4	7 −1	1 −6
Buffalo	max min	−1 −8	1 −7	6 −3	12 2	19 9	24 14	27 17	26 16	21 12	15 6	8 1	2 −4
Lake Placid	max min	−3 −15	0 −13	4 −9	12 −2	19 4	23 9	26 12	24 11	21 7	13 1	7 −4	0 −11
Long Beach	max min	4 −5	4 −4	9 −1	14 4	21 9	25 16	28 19	28 18	24 14	18 7	12 2	7 −2
New York City	max min	3 −3	5 −2	10 2	16 7	22 12	26 17	29 21	28 20	24 16	18 10	12 5	6 0
Rochester	max min	−1 −8	1 −8	6 −4	13 2	20 8	25 13	27 16	26 15	22 11	16 5	8 1	2 −5
Syracuse	max min	−1 −10	1 −9	6 −4	13 2	20 8	25 13	28 16	27 15	22 11	16 4	8 0	2 −6
Converted from Fahrenheit data (above)