London, Metropolis of the Slave Trade Review

London, Metropolis of the Slave Trade
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London was the major port involved in the early development of the English Transatlantic slave trade, but it is often discounted in favor of Bristol and Liverpool, which overshadowed London in terms of participation as the 18th century wore on. As Rawley points out, the London trade did not actually end in the 1720s, as many have suggested, but persisted until the British abolished their participation in the trade in 1807.
What makes this book important to those who want to know more about how the trade got started and accepted is that it is is the late 17th and early 18th centuries, that you can see the entrepreneurial and ethical development of the trade most clearly. At this point the trade was not the well-oiled machine that it later became and people were able to make choices. Those who chose to participate set the tone and developed the methodology of what was to come.
This excellent book traces the lives of some of London's foremost traders of the period, putting a human face on people we now find hard to understand. It is an extraordinary effort of research that is surprisingly readable, considering the wealth of information and the nature of the subject. James Rawley has spent a life time specializing in this area, and this is an important collection of recent essays.

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In London, Metropolis of the Slave Trade, James A. Rawley collects some of his best works from the past three decades. Also included in this volume are three new pieces: an essay on a South Carolina slave trader, Henry Laurens; an analysis of the slave trade at the beginning of the eighteenth century; and a portrait of John Newton, a slave trader who became a priest in the Church of England and composer of the hymn "Amazing Grace," as well as an outspoken opponent of the trade.

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American Ecclesiastes: The Stories of James Pattie Review

American Ecclesiastes: The Stories of James Pattie
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Note: This book was later published in a paperback edition by the University of Oklahoma Press under the title JAMES PATTIE'S WEST: The Dream & the Reality. Why the title was changed is unclear.
James Pattie is remembered solely for a book he published in 1831 entitled THE PERSONAL NARRATIVE OF JAMES O. PATTIE. The book recounted his experiences as a trapper and wanderer in the Far West between 1825 and 1830, experiences he shared with his traveling companion, his father Sylvester. After trapping throughout New Mexico and Arizona, the men journeyed to California where Sylvester died in [1828]. After continuing on to San Francisco, James boarded a ship for Mexico, across which he walked by way of Mexico City, and then boarded another ship on the Gulf for New Orleans. Destitute, he was able to borrow $40 from Senator Josiah Johnston, a family friend, to pay for passage aboard a steamboat to Cincinnati. It was there that he met publisher Timothy Flint, who published Pattie's narrative.
Since the book was first published it has held the attention of historians and others interested in first-hand accounts of the early West. Often it has been disparaged as a work filled with inaccuracies, half-truths, and tall tales; it was even claimed that Pattie, with Flint's help, made the whole thing up. Richard Batman has taken a fine-toothed comb to the Narrative with the purpose of separating fact from fiction wherever possible. He is able to show that quite a bit of what Pattie wrote is indeed based in fact. His descriptions of the geography he traveled over are often remarkably accurate. Batman wonders if Pattie kept a diary of some kind, since certain details (a rainstorm, for example, that can be verified from other journals that cite the event) are too specifically drawn to be recalled years later from memory. Where he errs the most is in his depictions of his own actions and responses. Zelig-like, Pattie blended in with the background scenery, rarely if ever making an impression on those he encountered (one trapper who spent time with him remembered his horse but not him). Yet in the Narrative he puts himself in the forefront and gives himself all kinds of heroic (at least "manly") qualities. Many of these incidents occurred in California where Pattie felt he was treated with great indignities; Batman is quick to point out where they might have been figments of his imagination. He also fills out Pattie's life, making the book a biography of the man. Unfortunately, but typically it seems, Pattie vanishes from the scene shortly after his book was published, never heard from again. Batman has done a great service with this book, not only helping to clarify a major historical record, but through his own researches adding much information about Pattie and life in the Far West at the end of the 1820s. Highly recommended for anyone interested in this period in American history.


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The Mapmaker's Eye: David Thompson on the Columbia Plateau Review

The Mapmaker's Eye: David Thompson on the Columbia Plateau
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David Thompson was a fur trader, explorer, and meticulous geographic surveyor. He was, and is, the English and Canadian counterpart of Lewis and Clark. He visited the Mandan villages on the Missouri River in 1798. He crossed the Continental Divide in 1807 and spent five winters on the west side of the divide trading with the Indians. He explored the Columbia River from its origin to the Pacific Ocean. He kept complete journals. He was a better writer than Meriwether Lewis, although not Lewis' equal as a naturalist. He took astronomical readings and did his own computations of both latitude and longitude. Because of this, his maps were much more accurate than those of William Clark. Later in his life, Thompson helped survey the boundary between Canada and the United States. Thompson's story is also the story of Charlotte, his half-Indian wife of 57 years who bore him 13 children. She and the first few children traveled with him in his explorations, including his first crossing of the Continental Divide. Jack Nisbet is also the author of "Sources of the River," another book about David Thompson. "The Mapmaker's Eye" is a bit more readable and is better illustrated

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Play Money Review

Play Money
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I am working my way backward through the Pedersen oeuvre, having just read LAST CALL, BEGINNER'S LUCK, and GOING AWAY PARTY. I thought this was going to be another novel, but SURPRISE, it is an account of Pedersen's adventures going to Wall Street back in 1983, the start of boom times. She was only 18 and coming from a small town in upstate New York, a self-admitted hick, unable to find the stock exchange on her third day of work because it was raining and the flag wasn't flying. The supervisor had never heard THAT excuse before. Anyway, Pedersen is as light-hearted and charming in her nonfiction as in the novels. She doesn't come off as being a child whiz kid, though I imagine you must be pretty smart to do what she did, but credits her phenomenal success more to being in the right place at the right time, getting up early, and loving the work, action, excitement. Her coworkers are unbelievable and highly entertaining in their practical jokes and bizarre priorities. For someone who has lived in Indiana her entire life (me), it was fun to read about leaving home for a big city right after high school graduation, something probably many of us dreamed of doing, but for whatever reason didn't. This book reminded me why American is such a great country -- not so much because a teenage girl of divorced working class parents from a former steel town can strike it rich in just a few years, but because the young woman was able to make the opportunity for herself, no matter what happened after that. Though I'm glad she took her money and ran, and am looking forward to the next novel, HEART'S DESIRE. HOWEVER, if she wants to write another nonfiction book, I'd be happy to go along for the ride. Pedersen has the great comic/storytelling gift of making getting up in the morning into something funny and interesting. I read an essay she wrote about growing up with her mother (a nurse) on the Internet and it is laugh-out-loud funny.

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When Genius Failed: The Rise and Fall of Long-Term Capital Management Review

When Genius Failed: The Rise and Fall of Long-Term Capital Management
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A somewhat didactic narrative history of the hedge fund Long Term Capital Management. Nicholas Dunbar covers the same subject in his book "Inventing Money." Both books present a blizzard of details about who did what and when. Too much detail. The general reader would better served by a medium sized article. Nevertheless if you're a finance buff interested in the nitty-gritty then read both books. Dunbar has a physics background and his book is more technical, while Lowenstein comes from journalism and his narrative flows better.
LCTM began operating in 1994, set up by John Meriwether formally head of the bond-arbitrage group at Solomon Brothers. He put together a star-studded cast that included three (1997) Nobel prize winners in economics. Their basic strategy was something called convergence arbitrage. In essence this strategy says buy two bonds that you think will track one another. Go long on the cheap one and short on the other; you make money if the spread narrows. In theory you are protected from changing prices as long as the two vary in the same way. To make the big bucks LCTM was after they took a gigantic number of highly leveraged arbitrage positions all over the world. To get high leverage you borrow for the position, like buying a stock on margin. LCTM got really high leverage by avoiding something called the "haircut," which is an extra margin of collateral banks usually demand, but forgave LCTM. Why would banks they do such a thing? Because they were blinded by the glitter of the cast, and in some cases the banks themselves were investors in LCTM. By 1997 convergence arbitrage opportunities in bonds began to dry up, everyone was doing it. So LCTM applied their strategy to stocks. Find two stocks that will track on another and go long and short with borrowed money. This is not easy. Stocks are less amenable to mathematical analysis than bonds, and after all these were the bond guys from Solomon, they were out of their depth. You might ask how can you borrow most of your stock position when the Federal Reserve requires 50% margin (Regulation T). Answer: don't really buy the stocks, instead buy derivative contracts that simulate stocks, an end run around Regulation T. Even with all this leverage LCTM would claim that the fund was no more risky than the stock market, meaning a stock index. In 1998 the markets went against LCTM, with the "flight to quality" (US government bonds) as investors panicked. The fund suffered from what reliability engineers call "common mode error." Spreads got wider not narrower across the board, and LCTM's capital base began to shrink as their positions lost money. At a certain point they would have to start liquidating positions, and the market impact of such large scale selling would cascade across their portfolio. The fund would "blow up."
The above gives a flavor of the material Lowenstein provides, only in much greater detail. If that's what you want, buy the book. Is this a tale of human folly or just plain bad luck? Answering that question is not easy, one needs to grasp a large amount of technical finance theory, and understand what happened in the particular case of LCTM. This book will help.

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Henry Hastings Sibley: Divided Heart Review

Henry Hastings Sibley: Divided Heart
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Rhoda Gilman has written an authoritative and interesting account of Henry Hasting Sibley's life. Although Sibley's entire life and career centered around the upper midwest, he was involved in a number of different activities, from the fur trade to representing Minnesota as its first state governor. He had many dealings with the Sioux (and other) Indians in Minnesota and the Dakota Territory, producing the "Divided Heart" of Gilman's subtitle.
Sibley was born in Detroit in 1811, a town known for its cultural diversity at the time, and he knew French and French ways. He first worked for the American Fur Company on Mackinac Island, but then was put in charge of the company's operations on the upper Mississippi. This is when he built his famous stone house at Mendota, across the river from Fort Snelling. He went to Washington in 1848 to help secure recognition of Minnesota as a territory. He was able to cede lands from the Sioux in 1851 and was elected first state governor in 1857. He opposed the harsh policies against the Indians popular with the federal government at the time, but to no avail. In 1862, as the head of the state militia, he was instrumental in subduing the Sioux at Wood Lake during the Minnesota Uprising. The following year he led an expedition into Dakota Territory to reduce the remaining Sioux. After this successful campaign he retired to St. Paul, where among other things, he was president of the Minnesota Historical Society for a number of years.
Sibley left all his papers to the Society and Gilman makes excellent use of them. She writes in a very forceful style and her book should remain the definitive biography of Sibley for years to come. Highly recommended.

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Congressman, governor, military leader, and senior statesman--no person played a longer, more influential, or more varied role in the shaping of Minnesota than Henry Hastings Sibley (1811-91). Yet Sibley's history reveals universal tensions about the duality of the nineteenth century frontiersman who is at once an accommodating trade partner of the Indian/European/Metis worlds and the conquering government official of the ever-expanding West. Rhoda Gilman has spent over thirty years examining Sibley--through hints and fragments of stories that Sibley himself left in articles, an unfinished autobiography, and scores of family letters--and uncovers in this perceptive and balanced biography the complexities of a man who embodied these clashing extremes. As Gilman writes in her preface, On the broader stage of national history Sibley's life spanned nineteenth-century America. Rooted in the political and social establishment of the old Northwest Territory, he witnessed the colonizing of a continent and its people, the closing of the frontier, the agony of civil war, and the explosive birth of an urban, industrial society. He was keenly conscious of what he conceived to be the nation?s destiny, and he identified closely with it. An heir to the Indian policy of Lewis Cass, who had managed to dispossess the Great Lakes tribes without war, Sibley belonged to the generation that was left to pay the price of that betrayal in blood and shame. And unlike Cass, he had personal ties to the Dakota people that placed him in a deeply ambiguous position. Gilman sets the controversial but altogether human Sibley against the tapestry of trade, politics, frontier expansion, and intercultural relations in the Upper Mississippi valley, and reminds us that throughout his life Sibley was poised to become a national figure but always chose to remain in the place he loved and had helped to name "Minnesota."

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Getting Started in Online Day Trading Review

Getting Started in Online Day Trading
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As the title indicates, this book is for the total beginner. The author takes the reader by the hand and guides him / her through the complex world of online day trading. All of the major areas of concern are covered: Everything from what is day trading and opening your online account to strategies and techniques used to gain profits. This book provides a great bird's-eye-view, kind of a road map for the long journey ahead. This book is not intended to cover every area of day trading with an exhaustive explanation, but rather, introduce each subject and point the reader in the right direction for further study. I strongly recommend this book. Happy trading.

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EXPERT ADVICE FOR EVERYDAY SUCCESS!The coauthor of the bestselling Getting Started in Online Investing now brings her winning expertise to the increasingly popular day trading arena-along with the methods of today's most consistently successful trading practitioners. From a solid overview of the functional basics to a frank assessment of the pros and cons of day trading, Getting Started in Online Day Trading provides you with the know-how to begin, the information to speculate on the future of the medium-and the knowledge to decide if day trading is right for you. In this indispensable book, Bentley:* Approaches day trading by examining the basics from the perspective of the novice trader* Shares her years of experience and industry connections in online finance, and introduces you to some of today's top traders* Offers an in-depth analysis of the challenges and realistic rewards of online day tradingGet the solid, accessible, and practical guidance you've come to expect from the Getting Started In series with this outstanding and timely resource for today's hottest investment vehicle.

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