advocates of the commercial exploitation of historic shipwrecks contend that exploitation will pr... more advocates of the commercial exploitation of historic shipwrecks contend that exploitation will produce a substantial economic surplus that can be used to fund archaeological research. This depends, however, on the assumption that commercially exploiting historic shipwrecks is a profitable endeavor. several observers have already noted that the commercial salvage of historic shipwrecks is a generally unprofitable investment, but promoters of commercial salvage ventures still have little difficulty enticing investors. a financial analysis of six shipwrecks (Atocha, Concepcion, Whydah, De Braak, Central America, and Brother Jonathan) shows that most of these commercial salvage recoveries lost money. The dollar amounts of the profits or losses are enumerated. given that most commercial salvage ventures do not make money, the question then arises as to why people continue to invest in these ventures.
This thesis uses the history of the Disconto-Gesellschaft to argue that the role of universal b... more This thesis uses the history of the Disconto-Gesellschaft to argue that the role of universal banks in fostering German industrialization was less than has previously been assumed. The archive of the Disconto-Gesellschaft is not currently accessible, so the thesis will use industrial archives to examine the bank's relations with industrial companies. After a discussion of the literature, a summary of other Disconto-Gesellschaft ventures shows that the Dortmunder Union was not an isolated disaster, but one among many. The thesis discusses the boom of 1867-1873 and. suggests it was engendered by a spate of railway building which fed into heavy industry. The next section recounts how the collapse of universal banks during financial crises led most countries outside Germany to separate commercial from investment banking either by law or by custom. The first chapter concludes with a discussion of how German industry raised capital. The second chapter discusses the origins of the Disconto- Gesellschaft; David Hansemann's introduction of a new corporate form, the Kommanditgesellschaft auf Aktien ; the Disconto- Gesellschaft' s rise during the crisis of 1859, relations with competitors, internal structure and the character of its management and supervisory board. The third chapter treats the history of the Dortmunder Union, and the reasons for its failure. The fourth chapter discusses Krupp's difficulties in raising funds; how the Disconto-Gesellschaft coped with the problem of lending to two competing firms, Krupp and the Union; and management of this conflict through the rail cartel. The fifth chapter uses the correspondence of Kirdorf and Russell to discuss the coal industry's plight in the 1870's, and the reasons for the success of the Gelsenkirchener Bergwerks-Actien-Gesellschaft. The conclusion suggests that private banks were more successful in financing industry than universal banks like the Disconto-Gesellschaft because their great number meant that even a Krupp could find a private banker who believed in him, and because their narrow capital bases prevented them from keeping lame ducks alive.
The profitability of six commercial salvage ventures - Atocha, Concepcion, Whydah, De Braak, Cent... more The profitability of six commercial salvage ventures - Atocha, Concepcion, Whydah, De Braak, Central America, and Brother Jonathan - is examined, and the conclusion reached that at least five of them, and quite probably all six, resulted in losses for their investors.
An enumeration of the numismatic and monetary references in "A Christmas Carol," including a comp... more An enumeration of the numismatic and monetary references in "A Christmas Carol," including a comparison of how Bob Cratchit's salary compares to what is actually known of Victorian clerks, the cost of Fezziwig's holiday party, Dickens' references to bankrupt American securities, and also the 1951 movie version, explaining the apparently anachronistic use of the word "guinea."
The colloquial term "penny" for the United States cent derives from the New York money of account... more The colloquial term "penny" for the United States cent derives from the New York money of account, under which the dollar was worth 8 New York shillings or 96 New York pence.
advocates of the commercial exploitation of historic shipwrecks contend that exploitation will pr... more advocates of the commercial exploitation of historic shipwrecks contend that exploitation will produce a substantial economic surplus that can be used to fund archaeological research. This depends, however, on the assumption that commercially exploiting historic shipwrecks is a profitable endeavor. several observers have already noted that the commercial salvage of historic shipwrecks is a generally unprofitable investment, but promoters of commercial salvage ventures still have little difficulty enticing investors. a financial analysis of six shipwrecks (Atocha, Concepcion, Whydah, De Braak, Central America, and Brother Jonathan) shows that most of these commercial salvage recoveries lost money. The dollar amounts of the profits or losses are enumerated. given that most commercial salvage ventures do not make money, the question then arises as to why people continue to invest in these ventures.
This thesis uses the history of the Disconto-Gesellschaft to argue that the role of universal b... more This thesis uses the history of the Disconto-Gesellschaft to argue that the role of universal banks in fostering German industrialization was less than has previously been assumed. The archive of the Disconto-Gesellschaft is not currently accessible, so the thesis will use industrial archives to examine the bank's relations with industrial companies. After a discussion of the literature, a summary of other Disconto-Gesellschaft ventures shows that the Dortmunder Union was not an isolated disaster, but one among many. The thesis discusses the boom of 1867-1873 and. suggests it was engendered by a spate of railway building which fed into heavy industry. The next section recounts how the collapse of universal banks during financial crises led most countries outside Germany to separate commercial from investment banking either by law or by custom. The first chapter concludes with a discussion of how German industry raised capital. The second chapter discusses the origins of the Disconto- Gesellschaft; David Hansemann's introduction of a new corporate form, the Kommanditgesellschaft auf Aktien ; the Disconto- Gesellschaft' s rise during the crisis of 1859, relations with competitors, internal structure and the character of its management and supervisory board. The third chapter treats the history of the Dortmunder Union, and the reasons for its failure. The fourth chapter discusses Krupp's difficulties in raising funds; how the Disconto-Gesellschaft coped with the problem of lending to two competing firms, Krupp and the Union; and management of this conflict through the rail cartel. The fifth chapter uses the correspondence of Kirdorf and Russell to discuss the coal industry's plight in the 1870's, and the reasons for the success of the Gelsenkirchener Bergwerks-Actien-Gesellschaft. The conclusion suggests that private banks were more successful in financing industry than universal banks like the Disconto-Gesellschaft because their great number meant that even a Krupp could find a private banker who believed in him, and because their narrow capital bases prevented them from keeping lame ducks alive.
The profitability of six commercial salvage ventures - Atocha, Concepcion, Whydah, De Braak, Cent... more The profitability of six commercial salvage ventures - Atocha, Concepcion, Whydah, De Braak, Central America, and Brother Jonathan - is examined, and the conclusion reached that at least five of them, and quite probably all six, resulted in losses for their investors.
An enumeration of the numismatic and monetary references in "A Christmas Carol," including a comp... more An enumeration of the numismatic and monetary references in "A Christmas Carol," including a comparison of how Bob Cratchit's salary compares to what is actually known of Victorian clerks, the cost of Fezziwig's holiday party, Dickens' references to bankrupt American securities, and also the 1951 movie version, explaining the apparently anachronistic use of the word "guinea."
The colloquial term "penny" for the United States cent derives from the New York money of account... more The colloquial term "penny" for the United States cent derives from the New York money of account, under which the dollar was worth 8 New York shillings or 96 New York pence.
XV International Numismatic Congress Taormina 2015 Proceedings, 2017
From the 1950s onward, John Ford, Jr. and Paul Franklin produced fake gold bars that ostensibly w... more From the 1950s onward, John Ford, Jr. and Paul Franklin produced fake gold bars that ostensibly were made during the frontier days of the American West. This paper examines the various reasons that the bars are forgeries: The skewed pattern of finds, the skewed weight pattern, repeated finenesses with consecutive serial numbers, incorrect application of the Internal Revenue tax stamp, a Kohler bar with incorrect math and the fantasy gold bar of Meyers & Co., who were actually weight and scale manufacturers in Philadelphia.
The Scythians have fascinated investigators since the time of Herodotus. This study examines the ... more The Scythians have fascinated investigators since the time of Herodotus. This study examines the bronze and silver coinage of the kingdom of Scythia Minor in Dobruja at the mouth of the Danube River, a Scythian successor state that emerged in the second century BCE after the breakup of Scythia Magna. It is based on a corpus of over 1,500 coins, more than ever before, and draws upon scholarship in nine languages, including hard-to-find sources from Bulgaria, Romania, USSR, Ukraine, and Russia.
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Papers by John Kleeberg