❤️ Normal backwardation 🎄

"The graph depicts how the price of a single forward contract will behave through time in relation to the expected future price at any point time. A contract in backwardation will increase in value until it equals the spot price of the underlying at maturity. Note that this graph does not show the forward curve (which plots against maturities on the horizontal). Normal backwardation, also sometimes called backwardation, is the market condition wherein the price of a commodities' forward or futures contract is trading below the expected spot price at contract maturity.Contango Vs. Normal Backwardation , Investopedia The resulting futures or forward curve would typically be downward sloping (i.e. "inverted"), since contracts for further dates would typically trade at even lower prices.The curves in question plot market prices for various contracts at different maturities—cf. yield curve In practice, the expected future spot price is unknown, and the term "backwardation" may refer to "positive basis", which occurs when the current spot price exceeds the price of the future. The opposite market condition to normal backwardation is known as contango. Similarly, in practice the term may refer to "negative basis" where the future price is trading above the expected spot price. Note: In industry parlance backwardation may refer to the situation that futures prices are below the current spot price. A backwardation starts when the difference between the forward price and the spot price is less than the cost of carry (when the forward price is less than the spot plus carry), or when there can be no delivery arbitrage because the asset is not currently available for purchase. In a state of backwardation, futures contract prices include compensation for the risk transferred from the underlying asset holder to the purchaser of the futures contract. This means the expected spot price on expiry is higher than the price of the futures contract. Backwardation very seldom arises in money commodities like gold or silver. In the early 1980s, there was a one-day backwardation in silver while some metal was physically moved from COMEX to CBOT warehouses. Gold has historically been positive with exception for momentary backwardations (hours) since gold futures started trading on the Winnipeg Commodity Exchange in 1972. The term is sometimes applied to forward prices other than those of futures contracts, when analogous price patterns arise. For example, if it costs more to lease silver for 30 days than for 60 days, it might be said that the silver lease rates are "in backwardation". Negative lease rates for silver may indicate bullion banks require a risk premium for selling silver futures into the market. Occurrence This is the case of a convenience yield that is greater than the risk free rate and the carrying costs. It is argued that backwardation is abnormal, and suggests supply insufficiencies in the corresponding (physical) spot market. However, many commodities markets are frequently in backwardation, especially when the seasonal aspect is taken into consideration, e.g., perishable and/or soft commodities. In Treatise on Money (1930, chapter 29), economist John Maynard Keynes argued that in commodity markets, backwardation is not an abnormal market situation, but rather arises naturally as "normal backwardation" from the fact that producers of commodities are more prone to hedge their price risk than consumers. The academic dispute on the subject continues to this day.Zvi Bodie & Victor Rosansky, "Risk and Return in Commodity Futures", FINANCIAL ANALYSTS' JOURNAL (May/June 1980) Examples Notable examples of backwardation include: * Copper circa 1990, apparently arising from market manipulation by Yasuo Hamanaka of Sumitomo Corporation in what has come to be called the "Sumitomo copper affair". * A more recent example of market backwardation – In 2013, the wholesale commercial gas market entered backwardation during the month of March. The 2-year contract prices fell below the price of 1-year contracts. Origin of term: London Stock Exchange Like contango, the term originated in mid-19th century England, originating from "backward". In that era on the London Stock Exchange, backwardation was a fee paid by a seller wishing to defer delivering stock they had sold. This fee was paid either to the buyer, or to a third party who lent stock to the seller. The purpose was normally speculative, allowing short selling. Settlement days were on a fixed schedule (such as fortnightly) and a short seller did not have to deliver stock until the following settlement day, and on that day could "carry over" their position to the next by paying a backwardation fee. This practice was common before 1930, but came to be used less and less, particularly since options were reintroduced in 1958. The fee here did not indicate a near-term shortage of stock the way backwardation means today, it was more like a "lease rate", the cost of borrowing a stock or commodity for a period of time. Normal backwardation vs. backwardation The term backwardation, when used without the qualifier "normal", can be somewhat ambiguous. Although sometimes used as a synonym for normal backwardation (where a futures contract price is lower than the expected spot price at contract maturity), it may also refer to the situation where a futures contract price is merely lower than the current spot price. See also * Contango References * Encyclopædia Britannica, eleventh edition (1911), articles Backwardation, Contango and Stock Exchange, and fifteenth edition (1974), articles Contango and Backwardation and Stock Market. *Modern Market Manipulation, Mike Riess, 2003, paper at the International Precious Metals Institute 27th Annual Conference *LME launches and investigation in primary aluminium trading, London Metal Exchange advice to members 15 January 1999, reproduced at aluNET International * New Orleans – Temporary Suspension of Warrants, London Metal Exchange press release 6 September 2005. * investopedia Website, Articles on Contango and Backwardation and Stock Market. Derivatives (finance) Arbitrage "

❤️ John Bacon (sculptor, born 1740) 🎄

"Bacon's sculpture of Father Thames in Coade stone, in the grounds of Ham House John Bacon (24 November 1740 – 7 August 1799) was a British sculptor who worked in the late 18th century. Life John Bacon was born in Southwark on 24 November 1740, the son of Thomas Bacon, a clothworker whose family had formerly held a considerable estate in Somersetshire. At the age of fourteen, John was apprenticed to Mr Crispe's porcelain manufactory at Lambeth, where he was at first employed in painting the small ornamental pieces of china. His great skill at moulding led to his swift promotion to modeller. He devoted the additional income to the support of his parents, {then in straitened} circumstances. Observing the models sent by different eminent sculptors to be fired at the adjoining pottery kiln determined the direction of his genius: he began imitating them with such proficiency that a small figure of Peace sent by him to the Society for the Encouragement of the Arts won a prize. Subsequently, its highest awards were given to him nine times between 1763 and 1776. During his apprenticeship, he also improved the method of working statues in stoneware, an art which he afterwards carried to perfection. Bacon first attempted working in marble around 1763, when he resided in George Yard on Oxford Rd. near Soho Square. He exhibited a medallion of George III and a group of Bacchanalians that year and a bas relief of the Good Samaritan the next. During the course of his early efforts in this art, he was led to improve the method of transferring the form of the model to the marble ("getting out the points") by the invention of a more perfect instrument for the purpose. This instrument possessed many advantages: it was more exact, took a correct measurement in every direction, was contained in a small compass, and could be used on either the model or the marble. By 1769, he was working for Ms Coade's Artificial Stone Manufactory and in that year he was awarded the first gold medal for sculpture awarded by the Royal Academy for a bas-relief representing the escape of Aeneas and Anchises from Troy. In 1770, he exhibited a figure of Mars, redone in marble the next year for Mr Pelhalm, which gained him the gold medal from the Society of Arts and his election as an associate of the Royal Academy (ARA). In 1771, Ms Coade appointed him works supervisor at her manufactory: he directed both model-making and design there until his death. In 1774, he was gifted with a new establishment at 17 Newman St. by a Mr Johnson who was a great admirer of his work. He executed a bush of George III for Christ Church, Oxford, and retained that king's favour throughout his life. Jealous competitors criticised him for ignorance of classic style, a charge he refuted with a bust of Jupiter Tonans. In 1795, he completed a statue of Samuel Johnson for St Paul's Cathedral. On 4 August 1799 he was suddenly attacked with an affliction described as "inflammation"; he died a little more than two days later on the 7th and was buried in Whitefield's Tabernacle in London. His estate was valued at £60,000, which was divided equally among his children.The National Cyclopaedia of Useful Knowledge, Vol II, (1847) Charles Knight, London, p.646 His widow was his second wife; he left a family fully composed of six sons and three daughters. His sons Thomas Bacon and John Bacon Jr. continued his work, and one of his daughters married the artist Mr Thornton. His memoirs were edited by Rev. Cecil and published in 1801. Legacy Bacon has been reckoned the founder of the British School of sculpture, although he himself considered Roubiliac's statue of Eloquence for Waterloo Bridge to be such a fine piece of sculpture that he was sure he could never equal it. He won numerous awards, held the esteem of George III, and continued to be praised in the 19th and 20th centuries. His works adorn St Paul's Cathedral and Westminster Abbey in London; Christ Church and Pembroke College in Oxford; Bath Abbey; and Bristol Cathedral. Works Atlas on the Radcliffe Observatory, Oxford Monument to Charles Roe in Christ Church, Macclesfield Bacon's principal works include: *Bust of George III in Christ Church, Oxford (1770) *Bust of John Guise in Christ Church, Oxford (1770) *Monument to the George Montagu-Dunk, 2nd Earl of Halifax in Westminster Abbey (1771) *Monument to Thomas Gray in Westminster Abbey (1771) *Bust of George III for Windsor Castle (1775) *Figurative sculpture for the front of Guy's Hospital (1776) *Chimneypiece for the Duke of Richmond at Goodwood House (1777) *Figurative sculpture for Somerset House (1778) *Monument to 1st Earl of Chatham in Westminster Abbey (1778) *Bust of Samuel Foote exhibited at Royal Academy (1778) *Monument to Thomas Guy in Guy's Hospital Chapel (1779) *Monument to Jacob Harris in Salisbury Cathedral (1780) *Bust of Sir Francis Dashwood for his mausoleum at West Wycombe, Buckinghamshire (1780) *Bust of Inigo Jones for the Carpenters Hall, London (1780) *Monument to Charles Roe in Christ Church, Macclesfield (1781) *Monument to Lord Tracton in Cork, Ireland (1781) *Statue of the 1st Earl of Chatham for the Guildhall, London (1782) *Statue of Henry VI for Eton College sited in the Upper Chapel (1786) *Memorial to Admiral Samuel Graves in Dunkeswell, Devon (1787) *Monument to Sir Waldon Hanmar at Simpson, Buckinghamshire (1789) *Ornate chimney-piece at Fonthill Abbey (1790) *Ornate chimney-piece for Warren Hastings at Daylesford House (1793) *Monument to John Milton in St Giles Cripplegate, London (1793) *Bust of the Duke of Portland for the mausoleum at Wentworth Woodhouse (1793) *Bust of John Howard for Shrewsbury Prison (1793) *Bust of John Thomas, Bishop of Rochester in Westminster Abbey (1793) *Statue of Atlas on the Radcliffe Observatory, Oxford (by 1795) *Statue of John Howard in St Paul's Cathedral (1795) *Monument to Sir George Pocock in Westminster Abbey (1796) *Statue of Dr Samuel Johnson in St Paul's Cathedral (1796) *Pediment for the offices of the East India Company (1797–99) *Statue of Sir William Jones in St Paul's Cathedral (1799) *Equestrian statue of William III in St James's Square, London (1799) *Monument to Samuel Whitbread at Cardington, Bedfordshire (1799) See also *Other John Bacons *Marble sculpture Notes References Attribution: * External links * Profile on Royal Academy of Arts Collections 1740 births 1799 deaths 18th-century Methodists English Methodists English sculptors English male sculptors Royal Academicians "

❤️ Leonard Bacon 🎄

"Reverend Leonard Bacon (February 19, 1802 – December 24, 1881) was an American Congregational preacher and writer. He held the pulpit of the First Church New Haven and was later professor of church history and polity at Yale College. Biography Leonard Bacon, D. D. Leonard Bacon was born in Detroit, Michigan. He was the son of David Bacon (1771–1817), a missionary among the Indians in Michigan and founder of the town of Tallmadge, Ohio. There his sister Delia Bacon, later a major Shakespeare scholar, was born in 1811. Leonard Bacon prepared for college at grammar school in Hartford, Connecticut; he graduated from Yale College in 1820 and from the Andover Theological Seminary in 1823. From 1825 until his death he was pastor of the First Church (Congregational) in New Haven, Connecticut, occupying a pulpit which was one of the most conspicuous in New England, and which had been rendered famous by his predecessors, Moses Stuart and Nathaniel W. Taylor. In 1866, however, though never dismissed by a council from his connection with that church, he gave up the active pastorate; still, in 1868 he was president of the American Congregational Union. From 1826 to 1838, he was an editor of the Christian Spectator (New Haven). In 1843 he was one of the founders of the New Englander (later the Yale Review), and in 1848, with Richard Salter Storrs, Joshua Leavitt, Joseph Parrish Thompson, and Henry C. Bowen, he founded The Independent, a magazine designed primarily to combat slavery extension; he was an editor of the Independent until 1863. From 1866 until his death he taught at Yale: first, until 1871, as acting professor of didactic theology in the Theological Department; and from 1871 as lecturer on church polity and American church history. He has traveled to the Middle East (then "Greater Syria") in the middle 1800s to visit holy sites, and gave lectures on his experiences, at least one of which was published in the New York Times.https://timesmachine.nytimes.com/timesmachine/1852/03/20/87830998.pdf Bacon was buried at Grove Street Cemetery, as was his sister Delia Bacon. Four of his six sons became Congregational pastors: Edward Woolsey Bacon (in New London, Connecticut), Leonard Woolsey Bacon, George B. Bacon (in Orange, New Jersey), and Thomas Rutherford Bacon (in New Haven, Connecticut). Convictions and influence In his own theological views, Bacon was broad- minded and an advocate of liberal orthodoxy. In all matters concerning the welfare of his community or the nation, moreover, he took a deep and constant interest, and was particularly identified with the temperance and anti-slavery movements, his services to the latter constituting perhaps the most important work of his life. In this, as in most other controversies, he took a moderate course, condemning the apologists and defenders of slavery on the one hand and the Garrisonian extremists on the other. His Slavery Discussed in Occasional Essays from 1833 to 1846 (1846) exercised considerable influence upon Abraham Lincoln, and in this book appears the sentence, which, as rephrased by Lincoln, was widely quoted: "If that form of government, that system of social order is not wrong -- if those laws of the Southern States, by virtue of which slavery exists there, and is what it is, are not wrong -- nothing is wrong." He was early attracted to the study of the ecclesiastical history of New England and was frequently called upon to deliver commemorative addresses, some of which were published in book and pamphlet form. Of these, his Thirteen Historical Discourses (1839), dealing with the history of New Haven, and his Four Commemorative Discourses (1866) may be especially mentioned. The most important of his historical works, however, is his Genesis of the New England Churches (1874). He published A Manual for Young Church Members (1833); edited, with a biography, the Select Practical Writings of Richard Baxter (1831); and was the author of a number of hymns, the best-known of which is the one beginning, "O God, beneath Thy guiding hand Our exiled fathers crossed the sea." Gradually, after taking up his pastorate, he gained greater and greater influence in his denomination, until he came to be regarded as perhaps the most prominent Congregationalist of his time, and was sometimes popularly referred to as "The Congregational Pope of New England." In all the heated theological controversies of the day, particularly the long and bitter one concerning the views put forward by Dr Horace Bushnell, he was conspicuous, using his influence to bring about harmony, and in the councils of the Congregational churches, over two of which, the Brooklyn councils of 1874 and 1876. he presided as moderator, he manifested great ability both as a debater and as a parliamentarian. His congregation published a commemorative volume in his honor, Leonard Bacon, Pastor of the First Church in New Haven (New Haven, 1882), and his biography is also found in Williston Walker's Ten New England Leaders (New York, 1901). References * External links 1802 births 1881 deaths Writers from Detroit American Congregationalist ministers 19th-century Congregationalist ministers Burials at Grove Street Cemetery St. George's School, Newport alumni Yale Divinity School faculty Yale College alumni "