title: Papyrus

text: Papyrus was made in several qualities and prices. Pliny the Elder and Isidore of Seville described six variations of papyrus which were sold in the Roman market of the day. These were graded by quality based on how fine, firm, white, and smooth the writing surface was. Grades ranged from the superfine Augustan, which was produced in sheets of 13 digits (10 inches) wide, to the least expensive and most coarse, measuring six digits (four inches) wide. Materials deemed unusable for writing or less than six digits were considered commercial quality and were pasted edge to edge to be used only for wrapping.


title: Papyrus

text: Until the middle of the 19th century, only some isolated documents written on papyrus were known, and museums simply showed them as curiosities. They did not contain literary works. The first modern discovery of papyri rolls was made at Herculaneum in 1752. Until then, the only papyri known had been a few surviving from medieval times. Scholarly investigations began with the Dutch historian Caspar Jacob Christiaan Reuvens (1793–1835). He wrote about the content of the Leyden papyrus, published in 1830. The first publication has been credited to the British scholar Charles Wycliffe Goodwin (1817–1878), who published for the Cambridge Antiquarian Society, one of the Papyri Graecae Magicae V, translated into English with commentary in 1853.


title: Papyrus

text: The English word "papyrus" derives, via Latin, from Greek πάπυρος ("papyros"), a loanword of unknown (perhaps Pre-Greek) origin. Greek has a second word for it, βύβλος ("byblos"), said to derive from the name of the Phoenician city of Byblos. The Greek writer Theophrastus, who flourished during the 4th century BCE, uses "papyros" when referring to the plant used as a foodstuff and "byblos" for the same plant when used for nonfood products, such as cordage, basketry, or writing surfaces. The more specific term βίβλος "biblos", which finds its way into English in such words as 'bibliography', 'bibliophile', and 'bible', refers to the inner bark of the papyrus plant. "Papyrus" is also the etymon of 'paper', a similar substance.


title: Papyrus

text: The word for the material papyrus is also used to designate documents written on sheets of it, often rolled up into scrolls. The plural for such documents is papyri. Historical papyri are given identifying names – generally the name of the discoverer, first owner or institution where they are kept – and numbered, such as "Papyrus Harris I". Often an abbreviated form is used, such as "pHarris I". These documents provide important information on ancient writings; they give us the only extant copy of Menander, the Egyptian Book of the Dead, Egyptian treatises on medicine (the Ebers Papyrus) and on surgery (the Edwin Smith papyrus), Egyptian mathematical treatises (the Rhind papyrus), and Egyptian folk tales (the Westcar Papyrus). When, in the 18th century, a library of ancient papyri was found in Herculaneum, ripples of expectation spread among the learned men of the time. However, since these papyri were badly charred, their unscrolling and deciphering is still going on today.


title: Papyrus

text: Papyrus is made from the stem of the papyrus plant, "Cyperus papyrus". The outer rind is first removed, and the sticky fibrous inner pith is cut lengthwise into thin strips of about long. The strips are then placed side by side on a hard surface with their edges slightly overlapping, and then another layer of strips is laid on top at right angles. The strips may have been soaked in water long enough for decomposition to begin, perhaps increasing adhesion, but this is not certain. The two layers possibly were glued together. While still moist, the two layers are hammered together, mashing the layers into a single sheet. The sheet is then dried under pressure. After drying, the sheet is polished with a rounded object, possibly a stone, seashell, or round hardwood.


title: Papyrus

text: Sheets, or Mollema, could be cut to fit the obligatory size or glued together to create a longer roll. The point where the Mollema are joined with glue is called the kollesis. A wooden stick would be attached to the last sheet in a roll, making it easier to handle. To form the long strip scrolls required, a number of such sheets were united, placed so all the horizontal fibres parallel with the roll's length were on one side and all the vertical fibres on the other. Normally, texts were first written on the "recto", the lines following the fibres, parallel to the long edges of the scroll. Secondarily, papyrus was often reused, writing across the fibres on the "verso". Pliny the Elder describes the methods of preparing papyrus in his "Naturalis Historia".


title: Papyrus

text: In a dry climate, like that of Egypt, papyrus is stable, formed as it is of highly rot-resistant cellulose, but storage in humid conditions can result in molds attacking and destroying the material. Library papyrus rolls were stored in wooden boxes and chests made in the form of statues. Papyrus scrolls were organized according to subject or author and identified with clay labels that specified their contents without having to unroll the scroll. In European conditions, papyrus seems to have lasted only a matter of decades; a 200-year-old papyrus was considered extraordinary. Imported papyrus once commonplace in Greece and Italy has since deteriorated beyond repair, but papyri are still being found in Egypt; extraordinary examples include the Elephantine papyri and the famous finds at Oxyrhynchus and Nag Hammadi. The Villa of the Papyri at Herculaneum, containing the library of Lucius Calpurnius Piso Caesoninus, Julius Caesar's father-in-law, was preserved by the eruption of Mount Vesuvius, but has only been partially excavated.


title: Papyrus

text: Sporadic attempts to revive the manufacture of papyrus have been made since the mid-18th century. Scottish explorer James Bruce experimented in the late 18th century with papyrus plants from the Sudan, for papyrus had become extinct in Egypt. Also in the 18th century, Sicilian Saverio Landolina manufactured papyrus at Syracuse, where papyrus plants had continued to grow in the wild. During the 1920s, when Egyptologist Battiscombe Gunn lived in Maadi, outside Cairo, he experimented with the manufacture of papyrus, growing the plant in his garden. He beat the sliced papyrus stalks between two layers of linen, and produced successful examples of papyrus, one of which was exhibited in the Egyptian Museum in Cairo. The modern technique of papyrus production used in Egypt for the tourist trade was developed in 1962 by the Egyptian engineer Hassan Ragab using plants that had been reintroduced into Egypt in 1872 from France. Both Sicily and Egypt have centres of limited papyrus production.


title: Papyrus

text: Papyrus is still used by communities living in the vicinity of swamps, to the extent that rural householders derive up to 75% of their income from swamp goods. Particularly in East and Central Africa, people harvest papyrus, which is used to manufacture items that are sold or used locally. Examples include baskets, hats, fish traps, trays or winnowing mats, and floor mats. Papyrus is also used to make roofs, ceilings, rope, and fences. Although alternatives, such as eucalyptus, are increasingly available, papyrus is still used as fuel.


title: Telephone numbers in India

text: Telephone numbers in India are administered under the "National Numbering Plan of 2003" by the Department of Telecommunications of the Government of India. The numbering plan was last updated in 2015. The country code "91" was assigned to India by the International Telecommunication Union in the 1960s.


title: Telephone numbers in India

text: Subscriber trunk dialling (STD) codes are assigned to each city, town and village. These codes can be between 2 and 8 digits long, with the largest metropolitan areas and cities having the shortest (two-digit) codes:


title: Telephone numbers in India

text: Second-tier cities and metropolitan areas, as well as large or particularly significant towns have three-digit area codes:


title: Telephone numbers in India

text: The first-ever long-distance subscriber trunk dialing (STD) call in India was made between the cities of Kanpur and Lucknow in 1960.


title: Telephone numbers in India

text: The total length of all phone numbers (area code and the phone number) is constant at 10 digits. For example, the number 7513200000 signifies the area code 751 (the area code for Gwalior) followed by the phone number.


title: Telephone numbers in India

text: Due to the availability of multiple operators offering fixed-line (landline) services (either wired or wireless), there is an operator code for each telephone number, which is the first digit in the phone number.


title: Telephone numbers in India

text: For example, a number formatted in the style (020) 3xxx-xxxx represents a fixed-line number in Pune operated by Reliance Communications, while (011) 2xxx-xxxx is a fixed-line number in Delhi operated by MTNL, and (07582) 2xx-xxx is a fixed-line number in Sagar, Madhya Pradesh operated by BSNL.


title: Telephone numbers in India

text: No prefix is required to call from one landline to another within the same area code, as variable-length dialling rules apply. A prefix of the number zero + the area code is required to dial from a landline phone in one STD code area to another. The same prefix of the number zero + the area code is required to dial any fixed-line number in India from a mobile phone, irrespective of the area code.


title: Telephone numbers in India

text: Before 10 March 2009, as per Department of Telecommunications memorandum dated 9 February 2009. there were some exceptions to this general rule for STD areas falling close to each other (within a radius of 200 kilometre), where "0" can be replaced with "95" e.g. to dial Delhi from Gurgaon, one dials 9511+landline number.


title: Telephone numbers in India

text: A typical mobile number in India is "+91 xxxx-nnnnnn". The first four digits initially indicated an operator's code, while the remaining six digits are unique to the subscriber. However, with mobile number portability in place, the first four digits no longer indicate a particular operator.


title: Telephone numbers in India

text: There are many businesses in the Indian market who rent keywords on a monthly basis, whose characters on a typical mobile phone keypad represent short codes. Short codes are five digits in length and have to start with the digit '5' like 58888 as of 2007. Previously, they were four-digit in number and could be of any combination, like 8888 or 7827. The current five digits can be extended by three digits further representing 3 additional characters. Messages sent to these short codes are commonly referred to as Premium Rate SMS Messages and have a cost per message depending on the operator as well as the service and the company.


title: Telephone numbers in India

text: Telemarketers have been issued 10-digit telephone numbers starting with 140 (140XXXXXXX) by the Department of Telecommunications on TRAI's request.


title: Trigeminal neuralgia

text: Trigeminal neuralgia (TN or TGN), also called Fothergill disease, tic douloureux, or trifacial neuralgia is a long-term pain disorder that affects the trigeminal nerve, the nerve responsible for sensation in the face and motor functions such as biting and chewing. It is a form of neuropathic pain. There are two main types: typical and atypical trigeminal neuralgia. The typical form results in episodes of severe, sudden, shock-like pain in one side of the face that lasts for seconds to a few minutes. Groups of these episodes can occur over a few hours. The atypical form results in a constant burning pain that is less severe. Episodes may be triggered by any touch to the face. Both forms may occur in the same person. It is regarded as one of the most painful disorders known to medicine, and often results in depression.


title: Trigeminal neuralgia

text: The exact cause is unknown, but believed to involve loss of the myelin of the trigeminal nerve. This might occur due to compression from a blood vessel as the nerve exits the brain stem, multiple sclerosis, stroke, or trauma. Less common causes include a tumor or arteriovenous malformation. It is a type of nerve pain. Diagnosis is typically based on the symptoms, after ruling out other possible causes such as postherpetic neuralgia.


title: Trigeminal neuralgia

text: Treatment includes medication or surgery. The anticonvulsant carbamazepine or oxcarbazepine is usually the initial treatment, and is effective in about 90% of people. Side effects are frequently experienced that necessitate drug withdrawal in as many as 23% of patients. Other options include lamotrigine, baclofen, gabapentin, amitriptyline and pimozide. Opioids are not usually effective in the typical form. In those who do not improve or become resistant to other measures, a number of types of surgery may be tried.


title: Trigeminal neuralgia

text: It is estimated that 1 in 8,000 people per year develop trigeminal neuralgia. It usually begins in people over 50 years old, but can occur at any age. Women are more commonly affected than men. The condition was first described in detail in 1773 by John Fothergill.


title: Trigeminal neuralgia

text: This disorder is characterized by episodes of severe facial pain along the trigeminal nerve divisions. The trigeminal nerve is a paired cranial nerve that has three major branches: the ophthalmic nerve (V), the maxillary nerve (V), and the mandibular nerve (V). One, two, or all three branches of the nerve may be affected. Trigeminal neuralgia most commonly involves the middle branch (the maxillary nerve or V) and lower branch (mandibular nerve or V) of the trigeminal nerve.


title: Trigeminal neuralgia

text: An individual attack usually lasts from a few seconds to several minutes or hours, but these can repeat for hours with very short intervals between attacks. In other instances, only 4–10 attacks are experienced daily. The episodes of intense pain may occur paroxysmally. To describe the pain sensation, people often describe a trigger area on the face so sensitive that touching or even air currents can trigger an episode; however, in many people, the pain is generated spontaneously without any apparent stimulation. It affects lifestyle as it can be triggered by common activities such as eating, talking, shaving and brushing teeth. The wind, chewing, and talking can aggravate the condition in many patients. The attacks are said, by those affected, to feel like stabbing electric shocks, burning, sharp, pressing, crushing, exploding or shooting pain that becomes intractable.


title: Trigeminal neuralgia

text: The pain also tends to occur in cycles with remissions lasting months or even years. Pain attacks are known to worsen in frequency or severity over time, in some people. Pain may migrate to other branches over time but in some people remains very stable.


title: Trigeminal neuralgia

text: Bilateral (occurring on both sides) trigeminal neuralgia is very rare except for trigeminal neuralgia caused by multiple sclerosis (MS). This normally indicates problems with both trigeminal nerves, since one nerve serves the left side of the face and the other serves the right side. Occasional reports of bilateral trigeminal neuralgia reflect successive episodes of unilateral (only one side) pain switching the side of the face rather than pain occurring simultaneously on both sides.


title: Trigeminal neuralgia

text: Rapid spreading of the pain, bilateral involvement or simultaneous participation with other major nerve trunks (such as Painful Tic Convulsif of nerves V & VII or occurrence of symptoms in the V and IX nerves) may suggest a systemic cause. Systemic causes could include multiple sclerosis or expanding cranial tumors.


title: Trigeminal neuralgia

text: The severity of the pain makes it difficult to wash the face, shave, and perform good oral hygiene. The pain has a significant impact on activities of daily living especially as those affected live in fear of when they are going to get their next attack of pain and how severe it will be. It can lead to severe depression and anxiety.


title: Trigeminal neuralgia

text: However, not all people will have the symptoms described above; there are variants of TN, one of which is atypical trigeminal neuralgia ("trigeminal neuralgia, type 2" or trigeminal neuralgia with concomitant pain), based on a recent classification of facial pain. In these instances there is also a more prolonged lower severity background pain that can be present for over 50% of the time and is described more as a burning or prickling, rather than a shock.


title: Trigeminal neuralgia

text: Trigeminal pain can also occur after an attack of herpes zoster. Post-herpetic neuralgia has the same manifestations as in other parts of the body. Herpes zoster oticus typically presents with inability to move many facial muscles, pain in the ear, taste loss on the front of the tongue, dry eyes and mouth, and a vesicular rash. Less than 1% of varicella zoster infections involve the facial nerve and result in this occurring.


title: Trigeminal neuralgia

text: Trigeminal deafferentation pain (TDP), also termed anesthesia dolorosa, or colloquially as phantom face pain, is from intentional damage to a trigeminal nerve following attempts to surgically fix a nerve problem. This pain is usually constant with a burning sensation and numbness. TDP is very difficult to treat as further surgeries are usually ineffective and possibly detrimental to the person.


title: Trigeminal neuralgia

text: The trigeminal nerve is a mixed cranial nerve responsible for sensory data such as tactition (pressure), thermoception (temperature), and nociception (pain) originating from the face above the jawline; it is also responsible for the motor function of the muscles of mastication, the muscles involved in chewing but not facial expression.


title: Trigeminal neuralgia

text: Several theories exist to explain the possible causes of this pain syndrome. It was once believed that the nerve was compressed in the opening from the inside to the outside of the skull; but leading research indicates that it is an enlarged or lengthened blood vessel – most commonly the superior cerebellar artery – compressing or throbbing against the microvasculature of the trigeminal nerve near its connection with the pons. Such a compression can injure the nerve's protective myelin sheath and cause erratic and hyperactive functioning of the nerve. This can lead to pain attacks at the slightest stimulation of any area served by the nerve as well as hinder the nerve's ability to shut off the pain signals after the stimulation ends. This type of injury may rarely be caused by an aneurysm (an outpouching of a blood vessel); by an AVM (arteriovenous malformation); by a tumor; such as an arachnoid cyst or meningioma in the cerebellopontine angle; or by a traumatic event, such as a car accident.


title: Trigeminal neuralgia

text: Short-term peripheral compression is often painless. Persistent compression results in local demyelination with no loss of axon potential continuity. Chronic nerve entrapment results in demyelination primarily, with progressive axonal degeneration subsequently. It is, "therefore widely accepted that trigeminal neuralgia is associated with demyelination of axons in the Gasserian ganglion, the dorsal root, or both." It has been suggested that this compression may be related to an aberrant branch of the superior cerebellar artery that lies on the trigeminal nerve. Further causes, besides an aneurysm, multiple sclerosis or cerebellopontine angle tumor, include: a posterior fossa tumor, any other expanding lesion or even brainstem diseases from strokes.


title: Trigeminal neuralgia

text: Trigeminal neuralgia is found in 3–4% of people with multiple sclerosis, according to data from seven studies. It has been theorized that this is due to damage to the spinal trigeminal complex. Trigeminal pain has a similar presentation in patients with and without MS.


title: Trigeminal neuralgia

text: Postherpetic neuralgia, which occurs after shingles, may cause similar symptoms if the trigeminal nerve is damaged, called Ramsay Hunt syndrome type 2.


title: Trigeminal neuralgia

text: Trigeminal neuralgia is diagnosed via the result of neurological and physical tests, as well as the individual's medical history.


title: Trigeminal neuralgia

text: As with many conditions without clear physical or laboratory diagnosis, TN is sometimes misdiagnosed. A person with TN will sometimes seek the help of numerous clinicians before a firm diagnosis is made.


title: Trigeminal neuralgia

text: There is evidence that points towards the need to quickly treat and diagnose TN. It is thought that the longer a patient has TN, the harder it may be to reverse the neural pathways associated with the pain.


title: Trigeminal neuralgia

text: The differential diagnosis includes temporomandibular disorder. Since triggering may be caused by movements of the tongue or facial muscles, TN must be differentiated from masticatory pain that has the clinical characteristics of deep somatic rather than neuropathic pain. Masticatory pain will not be arrested by a conventional mandibular local anesthetic block. One quick test a dentist might perform is a conventional inferior dental local anaesthetic block, if the pain is in this branch, as it will not arrest masticatory pain but will TN.


title: Trigeminal neuralgia

text: Microvascular decompression provides freedom from pain in about 75% of patients presenting with drug-resistant trigeminal neuralgia. While there may be pain relief after surgery, there is also a risk of adverse effects, such as facial numbness. Percutaneous radiofrequency thermorhizotomy may also be effective as may stereotactic radiosurgery; however the effectiveness decreases with time.


title: Trigeminal neuralgia

text: Psychological and social support has found to play a key role in the management of chronic illnesses and chronic pain conditions, such as trigeminal neuralgia. Chronic pain can cause constant frustration to an individual as well as to those around them.


title: Trigeminal neuralgia

text: Trigeminal neuralgia was first described by physician John Fothergill and treated surgically by John Murray Carnochan, both of whom were graduates of the University of Edinburgh Medical School. Historically TN has been called "suicide disease" due to studies by the pioneering forefather in neurosurgery Harvey Cushing involving 123 cases of TN during 1896 and 1912. Often called the "suicide disease" because of the intense pain, higher rates of suicidal ideation in patients with severe migraines, and links to higher rates of depression, anxiety, and sleep disorders, trigeminal neuralgia is pain that spreads over the face and down the neck, triggered by even the slightest breath of wind across the face.


title: Prohibition

text: Prohibition is the act or practice of forbidding something by law; more particularly the term refers to the banning of the manufacture, storage (whether in barrels or in bottles), transportation, sale, possession, and consumption of alcoholic beverages. The word is also used to refer to a period of time during which such bans are enforced.


title: Prohibition

text: Some kind of limitation on the trade in alcohol can be seen in the Code of Hammurabi (c. 1772 BCE) specifically banning the selling of beer for money. It could only be bartered for barley: "If a beer seller do not receive barley as the price for beer, but if she receive money or make the beer a measure smaller than the barley measure received, they shall throw her into the water."


title: Prohibition

text: In the early twentieth century, much of the impetus for the prohibition movement in the Nordic countries and North America came from moralistic convictions of pietistic Protestants. Prohibition movements in the West coincided with the advent of women's suffrage, with newly empowered women as part of the political process strongly supporting policies that curbed alcohol consumption.


title: Prohibition

text: The first half of the 20th century saw periods of prohibition of alcoholic beverages in several countries:


title: Prohibition

text: After several years, prohibition failed in North America and elsewhere. Rum-running or bootlegging became widespread, and organized crime took control of the distribution of alcohol. Distilleries and breweries in Canada, Mexico and the Caribbean flourished as their products were either consumed by visiting Americans or illegally exported to the United States. Detroit and Chicago became notorious as havens for prohibition dodgers during the time known as the Roaring Twenties - 75% of all alcohol smuggled into the United States crossed the Detroit-Windsor border. Prohibition generally came to an end in the late 1920s or early 1930s in most of North America and Europe, although a few locations continued prohibition for many more years.


title: Prohibition

text: In some countries where the dominant religion forbids the use of alcohol, the production, sale, and consumption of alcoholic beverages is prohibited or restricted today. For example, in Saudi Arabia and Libya alcohol is banned; in Pakistan and Iran it is illegal with exceptions.


title: Prohibition

text: Generally, prohibition is not completely effective, and tends to drive the market underground instead.


title: Prohibition

text: In the British colony of Nigeria, missionary forces demanded prohibition of liquor, which proved highly unpopular. Both Africans and British found illegal supplies such as secret stills, obtaining colonial liquor permits, and smuggling. The experiment began in 1890 and was repealed in 1939.


title: Prohibition

text: During the coronavirus outbreak of 2020, alcohol sales, and even the transportation of alcohol outside of one's home, was made illegal. This order came into effect during the nationwide lockdown on 27 March 2020. The purpose of the ban was intended to prevent drunken fights, reduce domestic violence, stop drunk driving, and eliminate the weekend binge-drinking so prevalent across South Africa.


title: Prohibition

text: Police, medics, and analysts estimate—conservatively—that alcohol is involved in, or responsible for, at least 40% of all emergency hospital admissions. By reducing the number of people within hospitals, and of course within social gatherings, the goal of prohibition was to reduce the rate of transmission, and thus slow the spread of the virus.


title: Prohibition

text: A 2022 study found that the alcohol prohibition reduced injury-induced mortality by at least 14% (a conservative estimate) and sharply reduced violent crime.


title: Prohibition

text: In Bangladesh, alcohol is somewhat prohibited due to its proscription in the Islamic faith. The purchase and consumption is still allowed in the country. The Garo tribe consume a type of rice beer, and Christians in this country drink and purchase wine for their holy communion.


title: Prohibition

text: In India alcohol is a state subject and individual states can legislate prohibition, but currently most states do not have prohibition and sale/consumption is freely available in 25 out of 29 states. Prohibition is in force in the states of Gujarat, Bihar and Nagaland, parts of Manipur, and the union territory of Lakshadweep. All other States and union territories of India permit the sale of alcohol.


title: Prohibition

text: Election days and certain national holidays such as "Independence Day" are meant to be "dry days" when liquor sale is not permitted but consumption is allowed. Some Indian states observe dry days on major religious festivals/occasions depending on the popularity of the festival in that region.


title: Prohibition

text: The Maldives ban the import of alcohol, x-raying all baggage on arrival. Alcoholic beverages are available only to foreign tourists on resort islands and may not be taken off the resort.


title: Prohibition

text: Pakistan allowed the free sale and consumption of alcohol for three decades from 1947, but restrictions were introduced by Zulfikar Ali Bhutto just weeks before he was removed as prime minister in 1977. Since then, only members of non-Muslim minorities such as Hindus, Christians and Zoroastrians are allowed to apply for alcohol permits. The monthly quota is dependent upon one's income, but is actually about five bottles of liquor or 100 bottles of beer. In a country of 180 million, only about 60 outlets are allowed to sell alcohol. The Murree Brewery in Rawalpindi was once the only legal brewery, but today there are more. The ban officially is enforced by the country's Islamic Ideology Council, but it is not strictly policed. Members of religious minorities, however, often sell their liquor permits to Muslims as part of a continuing black market trade in alcohol.


title: Prohibition

text: In 1955 Sri Lanka passed a law prohibiting adult women from buying alcohol. In January 2018, Finance Minister Mangala Samaraweera announced that the law would be amended, allowing women to legally consume alcohol and work in venues that sell alcohol. The legalization was overruled by President Maithripala Sirisena several days later.


title: Prohibition

text: Since the 1979 Islamic Revolution, the sale and consumption of alcohol is banned in Iran. All people are banned from drinking alcohol but some people trade and sell it illegally.


title: Prohibition

text: The sale, consumption, importation and brewing of, and trafficking in liquor is strictly against the law.


title: Prohibition

text: In Brunei, alcohol consumption and sale is banned in public. Non-Muslims are allowed to purchase a limited amount of alcohol from their point of embarcation overseas for their own private consumption, and non-Muslims who are at least the age of 18 are allowed to bring in not more than two bottles of liquor (about two litres) and twelve cans of beer per person into the country.


title: Prohibition

text: Alcohol is banned only for Muslims in Malaysia due to its Islamic faith and sharia law. Nevertheless, alcoholic products can easily be found in supermarkets, specialty shops, and convenience stores all over the country. Non-halal restaurants also typically sell alcohol.


title: Prohibition

text: There are only restrictions during elections in the Philippines. Alcohol is prohibited to be sold, furnished, offered, bought, or took two days prior to an election. Hotels and restaurants may secure a prior exemption but even then they are only allowed to serve alcohol to non-Filipino citizens. Private consumption of alcohol hoarded prior to the ban period is tolerated. The Philippine Commission on Elections may opt to extend the liquor ban. In the 2013 elections, there was a proposal that it be extended to five days. This was overturned by the Supreme Court.


title: Prohibition

text: Other than election-related prohibition, alcohol is freely sold to anyone above the legal drinking age.


title: Prohibition

text: Alcohol sales are prohibited during elections from 18:00 the day prior to voting, until the end of the day of voting itself. Alcohol is also prohibited on major Buddhist holy days, and sometimes on royal commemoration days, such as birthdays.


title: Prohibition

text: Thailand also enforces time-limited bans on alcohol on a daily basis. Alcohol can only be legally purchased in stores or restaurants between 11:00–14:00 and 17:00–midnight. The law is enforced by all major retailers (most notably 7-Eleven) and restaurants, but is frequently ignored by the smaller "mom and pop" stores. Hotels and resorts are exempt from the rules.


title: Prohibition

text: The consumption of alcohol is also banned at any time within 200 meters of a filling station (where sale of alcohol is also illegal), schools, temples or hospitals as well as on board any type of road vehicle regardless of whether it is being consumed by the driver or passenger.


title: Prohibition

text: At certain times of the year—Thai New Year (Songkran) is an example—the government may also enforce arbitrary bans on the sale and consumption of alcohol in specific public areas where large scale festivities are due to take place and large crowds are expected.


title: Prohibition

text: Thailand strictly regulates alcohol advertising, as specified in the Alcoholic Beverage Control Act, B.E. 2551 (2008) (ABCA). Sales of alcohol via "electronic channels" (internet) are prohibited.


title: Prohibition

text: On 14 September 2012, the Government of the Czech Republic banned all sales of alcoholic drinks with more than 20% alcohol. From this date, it was illegal to sell such alcoholic beverages in shops, supermarkets, bars, restaurants, filling stations, e-shops etc. This measure was taken in response to the wave of methanol poisoning cases resulting in the deaths of 18 people in the Czech Republic. Since the beginning of the "methanol affair" the total number of deaths has increased to 25. The ban was to be valid until further notice, though restrictions were eased towards the end of September. The last bans on Czech alcohol with regard to the poisoning cases were lifted on 10 October 2012, when neighbouring Slovakia and Poland allowed its import once again.


title: Prohibition

text: The Nordic countries, with the exception of Denmark, have had a strong temperance movement since the late-1800s, closely linked to the Christian revival movement of the late-nineteenth century, but also to several worker organisations. As an example, in 1910 the temperance organisations in Sweden had some 330,000 members, which was about 6% of a population of 5.5 million. This heavily influenced the decisions of Nordic politicians in the early 20th century.


title: Prohibition

text: In 1907, the Faroe Islands passed a law prohibiting all sale of alcohol, which was in force until 1992. Very restricted private importation from Denmark was allowed from 1928 onwards.


title: Prohibition

text: In 1914, Sweden put in place a rationing system, the Bratt System, in force until 1955. A referendum in 1922 rejected an attempt to enforce total prohibition.


title: Prohibition

text: In 1915, Iceland instituted total prohibition. The ban for wine was lifted in 1922 and spirits in 1935, but beer remained prohibited until 1989 (circumvented by mixing light beer and spirits).


title: Prohibition

text: In 1916, Norway prohibited distilled beverages, and in 1917 the prohibition was extended to also include fortified wine and beer. The wine and beer ban was lifted in 1923, and in 1927 the ban of distilled beverages was also lifted.


title: Prohibition

text: In 1919, Finland enacted prohibition, as one of the first acts after independence from the Russian Empire. Four previous attempts to institute prohibition in the early twentieth century had failed due to opposition from the tsar. After a development similar to the one in the United States during its prohibition, with large-scale smuggling and increasing violence and crime rates, public opinion turned against the prohibition, and after a national referendum where 70% voted for a repeal of the law, prohibition was abolished in early 1932.


title: Prohibition

text: Today, all Nordic countries except Denmark continue to have strict controls on the sale of alcohol, which is highly taxed (dutied) to the public. There are government monopolies in place for selling spirits, wine, and stronger beers in Norway (Vinmonopolet), Finland (Alko), Sweden (Systembolaget), Iceland (Vínbúðin), and the Faroe Islands (Rúsdrekkasøla Landsins). Bars and restaurants may, however, import alcoholic beverages directly or through other companies.


title: Prohibition

text: Greenland, which is part of the Kingdom of Denmark, does not share its easier controls on the sale of alcohol. Greenland has (like Denmark) sales in food shops, but prices are typically high. Private import when travelling from Denmark is only allowed in small quantities.


title: Prohibition

text: In the Russian Empire, a limited version of a Dry Law was introduced in 1914. It continued through the turmoil of the Russian Revolution of 1917 and the Russian Civil War into the period of Soviet Russia and the Soviet Union until 1925.


title: Prohibition

text: Although the sale or consumption of commercial alcohol has never been prohibited by law in the United Kingdom, various groups in the UK have campaigned for the prohibition of alcohol; including the Society of Friends (Quakers), The Methodist Church and other non-conformists, as well as temperance movements such as Band of Hope and temperance Chartist movements of the nineteenth century.


title: Prohibition

text: Formed in 1853 and inspired by the Maine law in the United States, the United Kingdom Alliance aimed at promoting a similar law prohibiting the sale of alcohol in the UK. This hard-line group of prohibitionists was opposed by other temperance organisations who preferred moral persuasion to a legal ban. This division in the ranks limited the effectiveness of the temperance movement as a whole. The impotence of legislation in this field was demonstrated when the Sale of Beer Act 1854, which restricted Sunday opening hours, had to be repealed, following widespread rioting. In 1859, a prototype prohibition bill was overwhelmingly defeated in the House of Commons.


title: Prohibition

text: On 22 March 1917, during the First World War at a crowded meeting in the Queen's Hall in London (chaired by Alfred Booth) many influential people including Agnes Weston spoke, or letters from them were read out, against alcohol consumption, calling for prohibition; General Sir Reginald Hart wrote to the meeting that "Every experienced officer knew that practically all unhappiness and crime in the Army is due to drink". At the meeting, Lord Channing said that it was a pity that the whole Cabinet did not follow the example of King George V and Lord Kitchener when in 1914 those two spoke calling for complete prohibition for the duration of the war.


title: Prohibition

text: Edwin Scrymgeour served as Member of Parliament for Dundee between 15 November 1922 and 8 October 1931. He remains the only person to have ever been elected to the House of Commons on a prohibitionist ticket. In 1922, he defeated incumbent Liberal member Winston Churchill; winning the seat for the


title: Prohibition

text: Scottish Prohibition Party, which he had founded in 1901, and for which he had stood for election successfully as a Dundee Burgh Councillor in 1905 and unsuccessfully as a parliamentary candidate between 1908 and 1922.


title: Prohibition

text: Indigenous peoples in Canada were subject to prohibitory alcohol laws under the "Indian Act" of 1876. Sections of the "Indian Act" regarding liquor were not repealed for over a hundred years, until 1985.


title: Prohibition

text: An official, but non-binding, federal referendum on prohibition was held in 1898. Prime Minister Wilfrid Laurier's government chose not to introduce a federal bill on prohibition, mindful of the strong antipathy in Quebec. As a result, Canadian prohibition was instead enacted through laws passed by the provinces during the first twenty years of the 20th century, especially during the 1910s. Canada did, however, enact a national prohibition from 1918 to 1920 as a temporary wartime measure. Much of the rum-running during prohibition took place in Windsor, Ontario. The provinces later repealed their prohibition laws, mostly during the 1920s, although some local municipalities remain dry.


title: Prohibition

text: Some communities in the Chiapas state of southern Mexico are under the control of the libertarian socialist Zapatista Army of National Liberation, and often ban alcohol as part of what was described as "a collective decision". This prohibition has been used by many villages as a way to decrease domestic violence and has generally been favored by women. This prohibition, however, is not recognized by federal Mexican law as the Zapatista movement is strongly opposed by the federal government.


title: Prohibition

text: The sale and purchase of alcohol is prohibited on and the night before certain national holidays, such as "Natalicio de Benito Juárez" (birthdate of Benito Juárez) and "Día de la Revolución", which are meant to be dry nationally. The same "dry law" applies to the days before presidential elections every six years.


title: Prohibition

text: Prohibition in the United States focused on the manufacture, transportation, and sale of alcoholic beverages; exceptions were made for medicinal and religious uses. Alcohol consumption was never illegal under federal law. Nationwide Prohibition did not begin in the United States until January 1920, when the Eighteenth Amendment to the U.S. Constitution went into effect. The 18th amendment was ratified in 1919, and was repealed in December 1933 with the ratification of the Twenty-first Amendment.


title: Prohibition

text: Concern over excessive alcohol consumption began during the American colonial era, when fines were imposed for drunken behavior and for selling liquor without a license. In the mid-19th century evangelical Protestants denounced drinking as sinful and demanded the prohibition of the sale of beer, wine and liquor. Apart from Maine, they had limited success until the early 20th century. By the 1840s the temperance movement was actively encouraging individuals to immediately stop drinking. However, the issue of slavery, and then the Civil War, overshadowed the temperance movement until the 1870s.


title: Prohibition

text: Prohibition was a major reform movement from the 1870s until the 1920s, when nationwide prohibition went into effect. It was supported by evangelical Protestant churches, especially the Methodists, Baptists, Presbyterians, Disciples of Christ, Congregationalists, Quakers, and Scandinavian Lutherans. Opposition came from Catholics, Episcopalians, and German Lutherans. The Women's Crusade of 1873 and the Woman's Christian Temperance Union (WCTU), founded in 1874, were means through which certain women organized and demanded political action, well before they were granted the vote. The WCTU and the Prohibition Party were major players until the 20th century, when the Anti-Saloon League emerged as the movement's leader. By 1913, 9 states had statewide prohibition and 31 others had local option laws in effect. The League then turned their efforts toward attaining a constitutional amendment and grassroots support for nationwide prohibition. The German American community was the base of the beer industry and became a pariah when the U.S. declared war on Germany in 1917. A new constitutional amendment passed Congress in December 1917 and was ratified by the states in 1919. It prohibited "the manufacture, sale, or transportation of intoxicating liquors within, the importation thereof into, or the exportation thereof." On October 28, 1919, Congress passed the National Prohibition Act, known as the Volstead Act, to implement the new 18th Amendment. After a year's required delay, national prohibition began on January 16, 1920.


title: Prohibition

text: Initially, alcohol consumption nosedived to about 30% of its pre-Prohibition levels, but within a few years, the illicit market grew to roughly two-thirds. Illegal stills flourished in remote rural areas as well as city slums, and large quantities were smuggled from Canada. Bootlegging became a major business activity for organized crime groups, under leaders such as Al Capone in Chicago and Lucky Luciano in New York City.


title: Prohibition

text: Prohibition lost support during the Great Depression, from 1929. The repeal movement was initiated and financed by the Association Against the Prohibition Amendment, and Pauline Sabin, a wealthy Republican, founded the Women's Organization for National Prohibition Reform (WONPR). Repeal of Prohibition in the United States was accomplished with the ratification of the Twenty-first Amendment on December 5, 1933. Under its terms, states were allowed to set their own laws for the control of alcohol.


title: Prohibition

text: Between 1832 and 1953, federal legislation prohibited the sale of alcohol to Native Americans, with very limited success. After 1953, Native American communities and reservations were permitted to pass their own local ordinances governing the sale of alcoholic beverages.


title: Prohibition

text: In the 21st century, there are still counties and parishes within the United States known as "dry," where the sale of alcohol is prohibited or restricted.


title: Prohibition

text: In Venezuela, twenty-four hours before every election, the government prohibits the sale and distribution of alcoholic beverages throughout the national territory, including the restriction to all dealers, liquor stores, supermarkets, restaurants, wineries, pubs, bars, public entertainment, clubs and any establishment that markets alcoholic beverages.


title: Prohibition

text: The same is done during Holy Week as a measure to reduce the alarming rate of road traffic accidents during these holidays.


title: Prohibition

text: The Australian Capital Territory (then the Federal Capital Territory) was the first jurisdiction in Australia to have prohibition laws. In 1911, King O'Malley, then Minister of Home Affairs, shepherded laws through Parliament preventing new issue or transfer of licences to sell alcohol, to address unruly behaviour among workers building the new capital city. Prohibition was partial, since possession of alcohol purchased outside of the Territory remained legal and the few pubs that had existing licences could continue to operate. The Federal Parliament repealed the laws after residents of the Federal Capital Territory voted for the end of them in a 1928 plebiscite.


title: Prohibition

text: Since then, some state governments and local councils have enacted dry areas. This is where the purchase or consumption of alcohol is only permitted in licensed areas such as liquor stores, clubs, cafes, bars, hotels, restaurants, and also private homes. In public places such as streets, parks, and squares, consumption is not permitted, but carrying bottles that were purchased at licensed venues is allowed. Almost all dry areas are small defined districts within larger urban or rural communities.


title: Prohibition

text: More recently, alcohol has been prohibited in many remote Indigenous communities. Penalties for transporting alcohol into these "dry" communities are severe and can result in confiscation of any vehicles involved; in dry areas within the Northern Territory, all vehicles used to transport alcohol are seized.


title: Prohibition

text: In New Zealand, prohibition was a moralistic reform movement begun in the mid-1880s by the Protestant evangelical and Nonconformist churches and the Woman's Christian Temperance Union and after 1890 by the Prohibition League. It assumed that individual virtue was all that was needed to carry the colony forward from a pioneering society to a more mature one, but it never achieved its goal of national prohibition. Both the Church of England and the largely Irish Catholic Church rejected prohibition as an intrusion of government into the church's domain, while the growing labor movement saw capitalism rather than alcohol as the enemy.


title: Prohibition

text: Reformers hoped that the women's vote, in which New Zealand was a pioneer, would swing the balance, but the women were not as well organized as in other countries. Prohibition had a majority in a national referendum in 1911, but needed a 60% vote to pass. The movement kept trying in the 1920s, losing three more referendums by close votes; it managed to keep in place a 6 pm closing hour for pubs and Sunday closing. The Depression and war years effectively ended the movement, but their 6 p.m. closing hour remained until October 1967 when it was extended to 10 pm.


title: Prohibition

text: For many years, referendums were held for individual towns or electorates, often coincident with general elections. The ballots determined whether these individual areas would be "dry" – that is, alcohol could not be purchased or consumed in public in these areas. One notable example was the southern city of Invercargill, which was dry from 1907 to 1943. People wanting alcohol usually travelled to places outside the city (such as the nearby township of Lorneville or the town of Winton) to drink in the local pubs or purchase alcohol to take back home. The last bastion of this 'dry' area remains in force in the form of a licensing trust that still to this day governs the sale of liquor in Invercargill. The city does not allow the sale of alcohol (beer and wine included) in supermarkets unlike the remainder of New Zealand, and all form of alcohol regardless of the sort can only be sold in bars and liquor stores.


title: Prohibition

text: Prohibition was of limited success in New Zealand as—like in other countries—it led to organised bootlegging. The most famous bootlegged alcohol in New Zealand was that produced in the Hokonui Hills close to the town of Gore (not coincidentally, the nearest large town to Invercargill). Even today, the term "Hokonui" conjures up images of illicit whisky to many New Zealanders.


title: Prohibition

text: In many countries in Latin America, the Philippines, Thailand, Turkey, India, and several US states, the sale but not the consumption of alcohol is prohibited before and during elections.


title: Short (finance)

text: In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the asset rises.


title: Short (finance)

text: There are a number of ways of achieving a short position. The most fundamental method is "physical" selling short or short-selling, which involves borrowing assets (often securities such as shares or bonds) and selling them. The investor will later purchase the same number of the same type of securities in order to return them to the lender. If the price has fallen in the meantime, the investor will have made a profit equal to the difference. Conversely, if the price has risen then the investor will bear a loss. The short seller must usually pay a fee to borrow the securities (charged at a particular rate over time, similar to an interest payment), and reimburse the lender for any cash returns such as dividends that were due during the period of lease.


title: Short (finance)

text: Short positions can also be achieved through futures, forwards or options, where the investor can assume an obligation or a right to sell an asset at a future date at a price that is fixed at the time the contract is created. If the price of the asset falls below the agreed price, then the asset can be bought at the lower price before immediately being sold at the higher price specified in the forward or option contract. A short position can also be achieved through certain types of swap, such as contracts for differences. These are agreements between two parties to pay each other the difference if the price of an asset rises or falls, under which the party that will benefit if the price falls will have a short position.


title: Short (finance)

text: Because a short seller can incur a liability to the lender if the price rises, and because a short sale is normally done through a broker, a short seller is typically required to post margin to its broker as collateral to ensure that any such liabilities can be met, and to post additional margin if losses begin to accrue. For analogous reasons, short positions in derivatives also usually involve the posting of margin with the counterparty. Any failure to post margin promptly would prompt the broker or counterparty to close the position.


title: Short (finance)

text: Short selling is an especially systematic and common practice in public securities, futures or currency markets that are fungible and reasonably liquid.


title: Short (finance)

text: A short sale may have a variety of objectives. Speculators may sell short hoping to realize a profit on an instrument that appears overvalued, just as long investors or speculators hope to profit from a rise in the price of an instrument that appears undervalued. Alternatively, traders or fund managers may use offsetting short positions to hedge certain risks that exist in a long position or a portfolio.


title: Short (finance)

text: Research indicates that banning short selling is ineffective and has negative effects on markets. Nevertheless, short selling is subject to criticism and periodically faces hostility from society and policymakers.


title: Short (finance)

text: To profit from a decrease in the price of a security, a short seller can borrow the security and sell it, expecting that it will be cheaper to repurchase in the future. When the seller decides that the time is right (or when the lender recalls the securities), the seller buys the same number of equivalent securities and returns them to the lender. The act of buying back the securities that were sold short is called covering the short, covering the position or simply covering. A short position can be covered at any time before the securities are due to be returned. Once the position is covered, the short seller is not affected by subsequent rises or falls in the price of the securities, for it already holds the securities that it will return to the lender.


title: Short (finance)

text: The process relies on the fact that the securities (or the other assets being sold short) are fungible. An investor therefore "borrows" securities in the same sense as one borrows cash, where the borrowed cash can be freely disposed of and different bank notes or coins can be returned to the lender. This can be contrasted with the sense in which one borrows a bicycle, where the same bicycle must be returned, not merely one that is the same model.


title: Short (finance)

text: Because the price of a share is theoretically unlimited, the potential losses of a short-seller are also theoretically unlimited.


title: Short (finance)

text: "Shorting" or "going short" (and sometimes also "short selling") also refer more broadly to any transaction used by an investor to profit from the decline in price of a borrowed asset or financial instrument. Derivatives contracts that can be used in this way include futures, options, and swaps. These contracts are typically cash-settled, meaning that no buying or selling of the asset in question is actually involved in the contract, although typically one side of the contract will be a broker that will effect a back-to-back sale of the asset in question in order to hedge their position.


title: Short (finance)

text: The practice of short selling was likely invented in 1609 by Dutch businessman Isaac Le Maire, a sizeable shareholder of the Dutch East India Company (Vereenigde Oostindische Compagnie or VOC in Dutch). Edward Stringham has written extensively on the development of sophisticated contracts on the Amsterdam Stock Exchange in the seventeenth century, including short sale contracts. Short selling can exert downward pressure on the underlying stock, driving down the price of shares of that security. This, combined with the seemingly complex and hard-to-follow tactics of the practice, has made short selling a historical target for criticism. At various times in history, governments have restricted or banned short selling.


title: Short (finance)

text: The London banking house of Neal, James, Fordyce and Down collapsed in June 1772, precipitating a major crisis that included the collapse of almost every private bank in Scotland, and a liquidity crisis in the two major banking centres of the world, London and Amsterdam. The bank had been speculating by shorting East India Company stock on a massive scale, and apparently using customer deposits to cover losses. It was perceived as having a magnifying effect in the violent downturn in the Dutch tulip market in the eighteenth century. In another well-referenced example, George Soros became notorious for "breaking the Bank of England" on Black Wednesday of 1992, when he sold short more than $10 billion worth of pounds sterling.


title: Short (finance)

text: The term "short" was in use from at least the mid-nineteenth century. It is commonly understood that the word "short" (i.e. 'lacking') is used because the short seller is in a deficit position with his brokerage house. Jacob Little, known as "The Great Bear of Wall Street", began shorting stocks in the United States in 1822.


title: Short (finance)

text: Short sellers were blamed for the Wall Street Crash of 1929. Regulations governing short selling were implemented in the United States in 1929 and in 1940. Political fallout from the 1929 crash led Congress to enact a law banning short sellers from selling shares during a downtick; this was known as the uptick rule and was in effect until 3 July 2007, when it was removed by the Securities and Exchange Commission (SEC Release No. 34-55970). President Herbert Hoover condemned short sellers and even J. Edgar Hoover said he would investigate short sellers for their role in prolonging the Depression. A few years later, in 1949, Alfred Winslow Jones founded a fund (that was unregulated) that bought stocks while selling other stocks short, hence hedging some of the market risk, and the hedge fund was born.


title: Short (finance)

text: Negative news, such as litigation against a company, may also entice professional traders to sell the stock short in hope of the stock price going down.


title: Short (finance)

text: During the dot-com bubble, shorting a start-up company could backfire since it could be taken over at a price higher than the price at which speculators shorted. Short-sellers were forced to cover their positions at acquisition prices, while in many cases the firm often overpaid for the start-up.


title: Short (finance)

text: During the 2008 financial crisis, critics argued that investors taking large short positions in struggling financial firms like Lehman Brothers, HBOS and Morgan Stanley created instability in the stock market and placed additional downward pressure on prices. In response, a number of countries introduced restrictive regulations on short-selling in 2008 and 2009. Naked short selling is the practice of short-selling a tradable asset without first borrowing the security or ensuring that the security can be borrowed – it was this practice that was commonly restricted. Investors argued that it was the weakness of financial institutions, not short-selling, that drove stocks to fall. In September 2008, the Securities Exchange Commission in the United States abruptly banned short sales, primarily in financial stocks, to protect companies under siege in the stock market. That ban expired several weeks later as regulators determined the ban was not stabilizing the price of stocks.


title: Short (finance)

text: Temporary short-selling bans were also introduced in the United Kingdom, Germany, France, Italy and other European countries in 2008 to minimal effect. Australia moved to ban naked short selling entirely in September 2008. Germany placed a ban on naked short selling of certain euro zone securities in 2010. Spain, Portugal and Italy introduced short selling bans in 2011 and again in 2012.


title: Short (finance)

text: During the COVID-19 pandemic, shorting was severely restricted or temporarily banned, with European market watchdogs tightening the rules on short selling "in an effort to stem the historic losses arising from the coronavirus pandemic".


title: Short (finance)

text: Worldwide, economic regulators seem inclined to restrict short selling to decrease potential downward price cascades. Investors continue to argue this only contributes to market inefficiency.


title: Short (finance)

text: A short seller typically borrows through a broker, who is usually holding the securities for another investor who owns the securities; the broker himself seldom purchases the securities to lend to the short seller. The lender does not lose the right to sell the securities while they have been lent, as the broker usually holds a large pool of such securities for a number of investors which, as such securities are fungible, can instead be transferred to any buyer. In most market conditions there is a ready supply of securities to be borrowed, held by pension funds, mutual funds and other investors.


title: Short (finance)

text: To sell stocks short in the U.S., the seller must arrange for a broker-dealer to confirm that it can deliver the shorted securities. This is referred to as a "locate". Brokers have a variety of means to borrow stocks to facilitate locates and make good on delivery of the shorted security.


title: Short (finance)

text: The vast majority of stocks borrowed by U.S. brokers come from loans made by the leading custody banks and fund management companies (see list below). Institutions often lend out their shares to earn extra money on their investments. These institutional loans are usually arranged by the custodian who holds the securities for the institution. In an institutional stock loan, the borrower puts up cash collateral, typically 102% of the value of the stock. The cash collateral is then invested by the lender, who often rebates part of the interest to the borrower. The interest that is kept by the lender is the compensation to the lender for the stock loan.


title: Short (finance)

text: Brokerage firms can also borrow stocks from the accounts of their own customers. Typical margin account agreements give brokerage firms the right to borrow customer shares without notifying the customer. In general, brokerage accounts are only allowed to lend shares from accounts for which customers have "debit balances", meaning they have borrowed from the account. SEC Rule 15c3-3 imposes such severe restrictions on the lending of shares from cash accounts or excess margin (fully paid for) shares from margin accounts that most brokerage firms do not bother except in rare circumstances. (These restrictions include that the broker must have the express permission of the customer and provide collateral or a letter of credit.)


title: Short (finance)

text: Most brokers allow retail customers to borrow shares to short a stock only if one of their own customers has purchased the stock on margin. Brokers go through the "locate" process outside their own firm to obtain borrowed shares from other brokers only for their large institutional customers.


title: Short (finance)

text: Stock exchanges such as the NYSE or the NASDAQ typically report the "short interest" of a stock, which gives the number of shares that have been "legally" sold short as a percent of the total float. Alternatively, these can also be expressed as the short interest ratio, which is the number of shares "legally" sold short as a multiple of the average daily volume. These can be useful tools to spot trends in stock price movements but for them to be reliable, investors must also ascertain the number of shares brought into existence by naked shorters. Speculators are cautioned to remember that for every share that has been shorted (owned by a new owner), a 'shadow owner' exists (i.e., the original owner) who also is part of the universe of owners of that stock, i.e., despite having no voting rights, he has not relinquished his interest and some rights in that stock.


title: Short (finance)

text: When a security is sold, the seller is contractually obliged to deliver it to the buyer. If a seller sells a security short without owning it first, the seller must borrow the security from a third party to fulfill its obligation. Otherwise, the seller "fails to deliver," the transaction does not settle, and the seller may be subject to a claim from its counterparty. Certain large holders of securities, such as a custodian or investment management firm, often lend out these securities to gain extra income, a process known as securities lending. The lender receives a fee for this service. Similarly, retail investors can sometimes make an extra fee when their broker wants to borrow their securities. This is only possible when the investor has full title of the security, so it cannot be used as collateral for margin buying.


title: Short (finance)

text: Time delayed short interest data (for "legally" shorted shares) is available in a number of countries, including the US, the UK, Hong Kong, and Spain. The number of stocks being shorted on a global basis has increased in recent years for various structural reasons (e.g., the growth of 130/30 type strategies, short or bear ETFs). The data is typically delayed; for example, the NASDAQ requires its broker-dealer member firms to report data on the 15th of each month, and then publishes a compilation eight days later.


title: Short (finance)

text: Some market data providers (like Data Explorers and SunGard Financial Systems) believe that stock lending data provides a good proxy for short interest levels (excluding any naked short interest). SunGard provides daily data on short interest by tracking the proxy variables based on borrowing and lending data it collects.


title: Short (finance)

text: Days to Cover (DTC) is the relationship between the number of shares in a given equity that has been "legally" short-sold and the number of days of typical trading that it would require to 'cover' all legal short positions outstanding. For example, if there are ten million shares of XYZ Inc. that are currently legally short-sold and the average daily volume of XYZ shares traded each day is one million, it would require ten days of average trading for all legal short positions to be covered (10 million / 1 million).


title: Short (finance)

text: Short Interest relates the number of shares in a given equity that have been legally shorted divided by the total shares outstanding for the company, usually expressed as a percent. For example, if there are ten million shares of XYZ Inc. that are currently legally short-sold, and the total number of shares issued by the company is one hundred million, the Short Interest is 10% (10 million / 100 million). If, however, shares are being created through naked short selling, "fails" data must be accessed to assess accurately the true level of short interest.


title: Short (finance)

text: Borrow cost is the fee paid to a securities lender for borrowing the stock or other security. The cost of borrowing the stock is usually negligible compared to fees paid and interest accrued on the margin account – in 2002, 91% of stocks could be shorted for less than a 1% fee per annum, generally lower than interest rates earned on the margin account. However, certain stocks become "hard to borrow" as stockholders willing to lend their stock become more difficult to locate. The cost of borrowing these stocks can become significant – in February 2001, the cost to borrow (short) Krispy Kreme stock reached an annualized 55%, indicating that a short seller would need to pay the lender more than half the price of the stock over the course of the year, essentially as interest for borrowing a stock in limited supply. This has important implications for derivatives pricing and strategy, for the borrow cost itself can become a significant convenience yield for holding the stock (similar to additional dividend) – for instance, put–call parity relationships are broken and the early exercise feature of American call options on non-dividend paying stocks can become rational to exercise early, which otherwise would not be economical.


title: Short (finance)

text: A naked short sale occurs when a security is sold short without borrowing the security within a set time (for example, three days in the US.) This means that the buyer of such a short is buying the short-seller's promise to deliver a share, rather than buying the share itself. The short-seller's promise is known as a hypothecated share.


title: Short (finance)

text: When the holder of the underlying stock receives a dividend, the holder of the hypothecated share would receive an equal dividend from the short seller.


title: Short (finance)

text: Naked shorting has been made illegal except where allowed under limited circumstances by market makers. It is detected by the Depository Trust & Clearing Corporation (in the US) as a "failure to deliver" or simply "fail." While many fails are settled in a short time, some have been allowed to linger in the system.


title: Short (finance)

text: In the US, arranging to borrow a security before a short sale is called a "locate". In 2005, to prevent widespread failure to deliver securities, the U.S. Securities and Exchange Commission (SEC) put in place Regulation SHO, intended to prevent speculators from selling some stocks short before doing a locate. More stringent rules were put in place in September 2008, ostensibly to prevent the practice from exacerbating market declines. These rules were made permanent in 2009.


title: Short (finance)

text: When a broker facilitates the delivery of a client's short sale, the client is charged a fee for this service, usually a standard commission similar to that of purchasing a similar security.


title: Short (finance)

text: If the short position begins to move against the holder of the short position (i.e., the price of the security begins to rise), money is removed from the holder's cash balance and moved to their margin balance. If short shares continue to rise in price, and the holder does not have sufficient funds in the cash account to cover the position, the holder begins to borrow on margin for this purpose, thereby accruing margin interest charges. These are computed and charged just as for any other margin debit. Therefore, only margin accounts can be used to open a short position.


title: Short (finance)

text: When a security's ex-dividend date passes, the dividend is deducted from the shortholder's account and paid to the person from whom the stock is borrowed.


title: Short (finance)

text: For some brokers, the short seller may not earn interest on the proceeds of the short sale or use it to reduce outstanding margin debt. These brokers may not pass this benefit on to the retail client unless the client is very large. The interest is often split with the lender of the security.


title: Short (finance)

text: Where shares have been shorted and the company that issues the shares distributes a dividend, the question arises as to who receives the dividend. The new buyer of the shares, who is the "holder of record" and holds the shares outright, receives the dividend from the company. However, the lender, who may hold its shares in a margin account with a prime broker and is unlikely to be aware that these particular shares are being lent out for shorting, also expects to receive a dividend. The short seller therefore pays the lender an amount equal to the dividend to compensate—though technically, as this payment does not come from the company, it is not a dividend. The short seller is therefore said to be "short the dividend".


title: Short (finance)

text: A similar issue comes up with the voting rights attached to the shorted shares. Unlike a dividend, voting rights cannot legally be synthesized and so the buyer of the shorted share, as the holder of record, controls the voting rights. The owner of a margin account from which the shares were lent agreed in advance to relinquish voting rights to shares during the period of any short sale.


title: Short (finance)

text: As noted earlier, victims of naked shorting sometimes report that the number of votes cast is greater than the number of shares issued by the company.


title: Short (finance)

text: Transactions in financial derivatives such as options and futures have the same name but have different overlaps, one notable overlap is having an equal "negative" amount in the position. However, the practice of a short position in derivatives is completely different. Derivatives are contracts between two parties, a buyer and seller. Each trade results in a "long" (buyer's position) and a "short" (seller's position).


title: Short (finance)

text: When trading futures contracts, being 'short' means having the legal obligation to deliver something at the expiration of the contract, although the holder of the short position may alternately buy back the contract prior to expiration instead of making delivery. Short futures transactions are often used by producers of a commodity to fix the future price of goods they have not yet produced. Shorting a futures contract is sometimes also used by those holding the underlying asset (i.e. those with a long position) as a temporary hedge against price declines. Shorting futures may also be used for speculative trades, in which case the investor is looking to profit from any decline in the price of the futures contract prior to expiration.


title: Short (finance)

text: An investor can also purchase a put option, giving that investor the right (but not the obligation) to sell the underlying asset (such as shares of stock) at a fixed price. In the event of a market decline, the option holder may exercise these put options, obliging the counterparty to buy the underlying asset at the agreed upon (or "strike") price, which would then be higher than the current quoted spot price of the asset.


title: Short (finance)

text: Selling short on the currency markets is different from selling short on the stock markets. Currencies are traded in pairs, each currency being priced in terms of another. In this way, selling short on the currency markets is identical to going long on stocks.


title: Short (finance)

text: Novice traders or stock traders can be confused by the failure to recognize and understand this point: a contract is always long in terms of one medium and short another.


title: Short (finance)

text: When the exchange rate has changed, the trader buys the first currency again; this time he gets more of it, and pays back the loan. Since he got more money than he had borrowed initially, he makes money. The reverse can also occur.


title: Short (finance)

text: An example of this is as follows: Let us say a trader wants to trade with the US dollar and the Indian rupee currencies. Assume that the current market rate is US$1 to Rs. 50 and the trader borrows Rs. 100. With this, he buys US$2. If the next day, the conversion rate becomes US$1 to Rs. 51, then the trader sells his US$2 and gets Rs. 102. He returns Rs. 100 and keeps the Rs. 2 profit (minus fees).


title: Short (finance)

text: One may also take a short position in a currency using futures or options; the preceding method is used to bet on the spot price, which is more directly analogous to selling a stock short.


title: Short (finance)

text: Short selling is sometimes referred to as a "negative income investment strategy" because there is no potential for dividend income or interest income. Stock is held only long enough to be sold pursuant to the contract, and one's return is therefore limited to short term capital gains, which are taxed as ordinary income. For this reason, buying shares (called "going long") has a very different risk profile from selling short. Furthermore, a "long's" losses are limited because the price can only go down to zero, but gains are not, as there is no limit, in theory, on how high the price can go. On the other hand, the short seller's possible gains are limited to the original price of the stock, which can only go down to zero, whereas the loss potential, again in theory, has no limit. For this reason, short selling probably is most often used as a hedge strategy to manage the risks of long investments.


title: Short (finance)

text: Many short sellers place a "stop order" with their stockbroker after selling a stock short—an order to the brokerage to cover the position if the price of the stock should rise to a certain level. This is to limit the loss and avoid the problem of unlimited liability described above. In some cases, if the stock's price skyrockets, the stockbroker may decide to cover the short seller's position immediately and without his consent to guarantee that the short seller can make good on his debt of shares.


title: Short (finance)

text: Short sellers must be aware of the potential for a short squeeze. When the price of a stock rises significantly, some people who are shorting the stock cover their positions to limit their losses (this may occur in an automated way if the short sellers had stop-loss orders in place with their brokers); others may be forced to close their position to meet a margin call; others may be forced to cover, subject to the terms under which they borrowed the stock, if the person who lent the stock wishes to sell and take a profit. Since covering their positions involves buying shares, the short squeeze causes an ever further rise in the stock's price, which in turn may trigger additional covering. Because of this, most short sellers restrict their activities to heavily traded stocks, and they keep an eye on the "short interest" levels of their short investments. Short interest is defined as the total number of shares that have been "legally" sold short, but not covered. A short squeeze can be deliberately induced. This can happen when large investors (such as companies or wealthy individuals) notice significant short positions, and buy many shares, with the intent of selling the position at a profit to the short sellers, who may be panicked by the initial uptick or who are forced to cover their short positions to avoid margin calls.


title: Short (finance)

text: Another risk is that a given stock may become "hard to borrow". As defined by the SEC and based on lack of availability, a broker may charge a hard to borrow fee daily, without notice, for any day that the SEC declares a share is hard to borrow. Additionally, a broker may be required to cover a short seller's position at any time ("buy in"). The short seller receives a warning from the broker that he is "failing to deliver" stock, which leads to the buy-in.


title: Short (finance)

text: Because short sellers must eventually deliver the shorted securities to their broker, and need money to buy them, there is a credit risk for the broker. The penalties for failure to deliver on a short selling contract inspired financier Daniel Drew to warn: "He who sells what isn't his'n, Must buy it back or go to pris'n." To manage its own risk, the broker requires the short seller to keep a margin account, and charges interest of between 2% and 8% depending on the amounts involved.


title: Short (finance)

text: In 2011, the eruption of the massive China stock frauds on North American equity markets brought a related risk to light for the short seller. The efforts of research-oriented short sellers to expose these frauds eventually prompted NASDAQ, NYSE and other exchanges to impose sudden, lengthy trading halts that froze the values of shorted stocks at artificially high values. Reportedly in some instances, brokers charged short sellers excessively large amounts of interest based on these high values as the shorts were forced to continue their borrowings at least until the halts were lifted.


title: Short (finance)

text: Short sellers tend to temper overvaluation by selling into exuberance. Likewise, short sellers are said to provide price support by buying when negative sentiment is exacerbated after a significant price decline. Short selling can have negative implications if it causes a premature or unjustified share price collapse when the fear of cancellation due to bankruptcy becomes contagious.


title: Short (finance)

text: A short seller may be trying to benefit from market inefficiencies arising from the mispricing of certain products. Examples of this are


title: Short (finance)

text: One variant of selling short involves a long position. "Selling short against the box" consists of holding a long position on which the shares have already risen, whereupon one then enters a short sell order for an equal number of shares. The term "box" alludes to the days when a safe deposit box was used to store (long) shares. The purpose of this technique is to lock in paper profits on the long position without having to sell that position (and possibly incur taxes if said position has appreciated). Once the short position has been entered, it serves to balance the long position taken earlier. Thus, from that point in time, the profit is locked in (less brokerage fees and short financing costs), regardless of further fluctuations in the underlying share price. For example, one can ensure a profit in this way, while delaying sale until the subsequent tax year.


title: Short (finance)

text: U.S. investors considering entering into a "short against the box" transaction should be aware of the tax consequences of this transaction. Unless certain conditions are met, the IRS deems a "short against the box" position to be a "constructive sale" of the long position, which is a taxable event. These conditions include a requirement that the short position be closed out within 30 days of the end of the year and that the investor must hold their long position, without entering into any hedging strategies, for a minimum of 60 days after the short position has been closed.


title: Short (finance)

text: The Securities Exchange Act of 1934 gave the Securities and Exchange Commission the power to regulate short sales. The first official restriction on short selling came in 1938, when the SEC adopted a rule (known as the uptick rule) that a short sale could only be made when the price of a particular stock was higher than the previous trade price. The uptick rule aimed to prevent short sales from causing or exacerbating market price declines. In January 2005, The Securities and Exchange Commission enacted Regulation SHO to target abusive naked short selling. Regulation SHO was the SEC's first update to short selling restrictions since the uptick rule in 1938.


title: Short (finance)

text: The regulation contains two key components: the "locate" and the "close-out". The locate component attempts to reduce failure to deliver securities by requiring a broker possess or have arranged to possess borrowed shares. The close out component requires that a broker be able to deliver the shares that are to be shorted. In the US, initial public offers (IPOs) cannot be sold short for a month after they start trading. This mechanism is in place to ensure a degree of price stability during a company's initial trading period. However, some brokerage firms that specialize in penny stocks (referred to colloquially as bucket shops) have used the lack of short selling during this month to pump and dump thinly traded IPOs. Canada and other countries do allow selling IPOs (including U.S. IPOs) short.


title: Short (finance)

text: The Securities and Exchange Commission initiated a temporary ban on short selling of 799 financial stocks from 19 September 2008 until 2 October 2008. Greater penalties for naked shorting, by mandating delivery of stocks at clearing time, were also introduced. Some state governors have been urging state pension bodies to refrain from lending stock for shorting purposes. An assessment of the effect of the temporary ban on short-selling in the United States and other countries in the wake of the financial crisis showed that it had only "little impact" on the movements of stocks, with stock prices moving in the same way as they would have moved anyhow, but the ban reduced volume and liquidity.


title: Short (finance)

text: In the UK, the Financial Services Authority had a moratorium on short selling of 29 leading financial stocks, effective from 2300 GMT on 19 September 2008 until 16 January 2009. After the ban was lifted, John McFall, chairman of the Treasury Select Committee, House of Commons, made clear in public statements and a letter to the FSA that he believed it ought to be extended. Between 19 and 21 September 2008, Australia temporarily banned short selling, and later placed an indefinite ban on naked short selling. Australia's ban on short selling was further extended for another 28 days on 21 October 2008. Also during September 2008, Germany, Ireland, Switzerland and Canada banned short selling of leading financial stocks, and France, the Netherlands and Belgium banned naked short selling of leading financial stocks. By contrast with the approach taken by other countries, Chinese regulators responded by allowing short selling, along with a package of other market reforms. Short selling was completely allowed on 31 March 2010, limited to " for large blue chip stocks with good earnings performance and little price volatility." However, in 2015, short selling was effectively banned due to legislative restrictions on borrowing stocks following the stock market crash the same year.


title: Short (finance)

text: Advocates of short selling argue that the practice is an essential part of the price discovery mechanism. Financial researchers at Duke University said in a study that short interest is an indicator of poor future stock performance (the self-fulfilling aspect) and that short sellers exploit market mistakes about firms' fundamentals.


title: Short (finance)

text: Such noted investors as Seth Klarman and Warren Buffett have said that short sellers help the market. Klarman argued that short sellers are a useful counterweight to the widespread bullishness on Wall Street, while Buffett believes that short sellers are useful in uncovering fraudulent accounting and other problems at companies.


title: Short (finance)

text: Shortseller James Chanos received widespread publicity when he was an early critic of the accounting practices of Enron. Chanos responds to critics of short-selling by pointing to the critical role they played in identifying problems at Enron, Boston Market and other "financial disasters" over the years. In 2011, research oriented short sellers were widely acknowledged for exposing the China stock frauds.


title: Short (finance)

text: Commentator Jim Cramer has expressed concern about short selling and started a petition calling for the reintroduction of the uptick rule. Books like "Don't Blame the Shorts" by Robert Sloan and "Fubarnomics" by Robert E. Wright suggest Cramer exaggerated the costs of short selling and underestimated the benefits, which may include the ex ante identification of asset bubbles.


title: Short (finance)

text: Individual short sellers have been subject to criticism and even litigation. Manuel P. Asensio, for example, engaged in a lengthy legal battle with the pharmaceutical manufacturer Hemispherx Biopharma.


title: Short (finance)

text: Several studies of the effectiveness of short selling bans indicate that short selling bans do not contribute to more moderate market dynamics.


title: Tractor

text: A tractor is an engineering vehicle specifically designed to deliver a high tractive effort (or torque) at slow speeds, for the purposes of hauling a trailer or machinery such as that used in agriculture, mining or construction. Most commonly, the term is used to describe a farm vehicle that provides the power and traction to mechanize agricultural tasks, especially (and originally) tillage, and now many more. Agricultural implements may be towed behind or mounted on the tractor, and the tractor may also provide a source of power if the implement is mechanised.


title: Tractor

text: The word "tractor" was taken from Latin, being the agent noun of "trahere" "to pull". The first recorded use of the word meaning "an engine or vehicle for pulling wagons or plows" occurred in 1896, from the earlier term "traction motor" (1859).


title: Tractor

text: In the UK, Ireland, Australia, India, Spain, Argentina, Slovenia, Serbia, Croatia, the Netherlands, and Germany, the word "tractor" usually means "farm tractor", and the use of the word "tractor" to mean other types of vehicles is familiar to the vehicle trade, but unfamiliar to much of the general public. In Canada and the US, the word may also refer to the road tractor portion of a tractor trailer truck, but also usually refers to the piece of farm equipment.


title: Tractor

text: The first powered farm implements in the early 19th century were portable engines – steam engines on wheels that could be used to drive mechanical farm machinery by way of a flexible belt. Richard Trevithick designed the first 'semi-portable' stationary steam engine for agricultural use, known as a "barn engine" in 1812, and it was used to drive a corn threshing machine. The truly portable engine was invented in 1893 by William Tuxford of Boston, Lincolnshire who started manufacture of an engine built around a locomotive-style boiler with horizontal smoke tubes. A large flywheel was mounted on the crankshaft, and a stout leather belt was used to transfer the drive to the equipment being driven. In the 1850s, John Fowler used a Clayton & Shuttleworth portable engine to drive apparatus in the first public demonstrations of the application of cable haulage to cultivation.


title: Tractor

text: In parallel with the early portable engine development, many engineers attempted to make them self-propelled – the fore-runners of the traction engine. In most cases this was achieved by fitting a sprocket on the end of the crankshaft, and running a chain from this to a larger sprocket on the rear axle. These experiments met with mixed success. The first proper traction engine, in the form recognisable today, was developed in 1859 when British engineer Thomas Aveling modified a Clayton & Shuttleworth portable engine, which had to be hauled from job to job by horses, into a self-propelled one. The alteration was made by fitting a long driving chain between the crankshaft and the rear axle.


title: Tractor

text: The first half of the 1860s was a period of great experimentation but by the end of the decade the standard form of the traction engine had evolved and changed little over the next sixty years. It was widely adopted for agricultural use. The first tractors were steam-powered plowing engines. They were used in pairs, placed on either side of a field to haul a plow back and forth between them using a wire cable. In Britain Mann's and Garrett developed steam tractors for direct ploughing, but the heavy, wet soil of England meant that these designs were less economical than a team of horses. In the United States, where soil conditions permitted, steam tractors were used to direct-haul plows. Steam-powered agricultural engines remained in use well into the 20th century until reliable internal combustion engines had been developed.


title: Tractor

text: The first gasoline powered tractors were built in Illinois, by John Charter combining single cylinder Otto engines with a Rumley Steam engine chasis, in 1889. In 1892, John Froelich built a gasoline-powered tractor in Clayton County, Iowa, US. A Van Duzen single-cylinder gasoline engine was mounted on a Robinson engine chassis, which could be controlled and propelled by Froelich's gear box. After receiving a patent, Froelich started up the Waterloo Gasoline Engine Company and invested all of his assets. The venture was very unsuccessful, and by 1895 all was lost and he went out of business.


title: Tractor

text: Richard Hornsby & Sons are credited with producing and selling the first oil-engined tractor in Britain, invented by Herbert Akroyd Stuart. The Hornsby-Akroyd Patent Safety Oil Traction Engine was made in 1896 with a engine. In 1897, it was bought by Mr. Locke-King, the first recorded British tractor sale. That year, it won a Silver Medal from the Royal Agricultural Society of England. It later returned to the factory for a caterpillar track fitting.


title: Tractor

text: The first commercially successful light-weight petrol-powered general purpose tractor was built by Dan Albone, a British inventor in 1901. He filed for a patent on 15 February 1902 for his tractor design and then formed Ivel Agricultural Motors Limited. The other directors were Selwyn Edge, Charles Jarrott, John Hewitt and Lord Willoughby. He called his machine the Ivel Agricultural Motor; the word "tractor" came into common use after Hart-Parr created it. The Ivel Agricultural Motor was light, powerful and compact. It had one front wheel, with a solid rubber tyre, and two large rear wheels like a modern tractor. The engine used water cooling, utilizing the thermo-syphon effect. It had one forward and one reverse gear. A pulley wheel on the left hand side allowed it to be used as a stationary engine, driving a wide range of agricultural machinery. The 1903 sale price was £300. His tractor won a medal at the Royal Agricultural Show, in 1903 and 1904. About 500 were built, and many were exported all over the world. The original engine was made by Payne & Co. of Coventry. After 1906, French Aster engines were used.


title: Tractor

text: The first successful American tractor was built by Charles W. Hart and Charles H. Parr. They developed a two-cylinder gasoline engine and set up their business in Charles City, Iowa. In 1903, the firm built 15 tractors. Their #3 is the oldest surviving internal combustion engine tractor in the United States, and is on display at the Smithsonian National Museum of American History in Washington, D.C. The two-cylinder engine has a unique hit-and-miss firing cycle that produced at the belt and at the drawbar.


title: Tractor

text: In 1908, the Saunderson Tractor and Implement Co. of Bedford introduced a four-wheel design, and became the largest tractor manufacturer in Britain at the time. While the earlier, heavier tractors were initially very successful, it became increasingly apparent at this time that the weight of a large supporting frame was less efficient than lighter designs. Henry Ford introduced a light-weight, mass-produced design which largely displaced the heavier designs. Some companies halfheartedly followed suit with mediocre designs, as if to disprove the concept, but they were largely unsuccessful in that endeavor.


title: Tractor

text: While unpopular at first, these gasoline-powered machines began to catch on in the 1910s, when they became smaller and more affordable. Henry Ford introduced the Fordson, a wildly popular mass-produced tractor, in 1917. They were built in the U.S., Ireland, England and Russia, and by 1923, Fordson had 77% of the U.S. market. The Fordson dispensed with a frame, using the strength of the engine block to hold the machine together. By the 1920s, tractors with gasoline-powered internal combustion engines had become the norm.


title: Tractor

text: The first three-point hitches were experimented with in 1917. After Harry Ferguson applied for a British patent for his three-point hitch in 1926, they became popular. A three-point attachment of the implement to the tractor and the simplest and the only statically determinate way of joining two bodies in engineering. The Ferguson-Brown Company produced the Model A Ferguson-Brown tractor with a Ferguson-designed hydraulic hitch. In 1938 Ferguson entered into a collaboration with Henry Ford to produce the Ford-Ferguson 9N tractor. The three-point hitch soon became the favorite hitch attachment system among farmers around the world. This tractor model also included a rear Power Take Off (PTO) shaft that could be used to power three point hitch mounted implements such as sickle-bar mowers.


title: Tractor

text: Tractors can be generally classified by number of axles or wheels, with main categories of two-wheel tractors (single-axle tractors) and four-wheel tractors (two-axle tractors); more axles are possible but uncommon. Among four-wheel tractors (two-axle tractors), most are two-wheel drive (usually at the rear); but many are two-wheel drive with front wheel assist, four-wheel drive (often with articulated steering), or track crawler (with steel or rubber tracks).


title: Tractor

text: The classic farm tractor is a simple open vehicle, with two very large driving wheels on an axle below a single seat (the seat and steering wheel consequently are in the center), and the engine in front of the driver, with two steerable wheels below the engine compartment. This basic design has remained unchanged for a number of years after being pioneered by Wallis, but enclosed cabs are fitted on almost all modern models, for operator safety and comfort.


title: Tractor

text: In some localities with heavy or wet soils, notably in the Central Valley of California, the "Caterpillar" or "crawler" type of tracked tractor became popular due to superior traction and flotation. These were usually maneuvered through the use of turning brake pedals and separate track clutches operated by levers rather than a steering wheel.


title: Tractor

text: Four-wheel drive tractors began to appear in the 1960s. Some four-wheel drive tractors have the standard "two large, two small" configuration typical of smaller tractors, while some have four large, powered wheels. The larger tractors are typically an articulated, center-hinged design steered by hydraulic cylinders that move the forward power unit while the trailing unit is not steered separately.


title: Tractor

text: In the early 21st century, articulated or non-articulated, steerable multitrack tractors have largely supplanted the Caterpillar type for farm use. Larger types of modern farm tractors include articulated four-wheel or eight-wheel drive units with one or two power units which are hinged in the middle and steered by hydraulic clutches or pumps. A relatively recent development is the replacement of wheels or steel crawler-type tracks with flexible, steel-reinforced rubber tracks, usually powered by hydrostatic or completely hydraulic driving mechanisms. The configuration of these tractors bears little resemblance to the classic farm tractor design.


title: Tractor

text: Since the turn of the 20th century, internal combustion engines have been the power source of choice. Between 1900 and 1960, gasoline was the predominant fuel, with kerosene (the Rumely Oil Pull was the most notable of this kind)being a common alternative. Generally, one engine could burn any of those, although cold starting was easiest on gasoline. Often, a small auxiliary fuel tank was available to hold gasoline for cold starting and warm-up, while the main fuel tank held whatever fuel was most convenient or least expensive for the particular farmer. In the United Kingdom, a gasoline-kerosene engine is known as a petrol-paraffin engine.


title: Tractor

text: Dieselisation gained momentum starting in the 1960s, and modern farm tractors usually employ diesel engines, which range in power output from 18 to 575 horsepower (15 to 480 kW). Size and output are dependent on application, with smaller tractors used for lawn mowing, landscaping, orchard work, and truck farming, and larger tractors for vast fields of wheat, corn, soy, and other bulk crops.