User:Edward Vielmetti/notes

a place to try some stuff out, including links to things that don't exist ; think of it more like an organized watchlist than anything else.

charles j kershaw page

The Charles J. Kershaw was a 223 foot wooden steamer owned by xxx that carried cargoes of iron ore (did it carry coal back?) on the Great Lakes, serving ports in Michigan and Ohio (see http://books.google.com/books?id=f75iQOmSuEUC&pg=PA50&lpg=PA50&dq=%22charles+j.+kershaw%22&source=web&ots=5JGxm9WBDc&sig=8FXfwmjDy6Esv44C6HFcawfewYE&hl=en&sa=X&oi=book_result&resnum=2&ct=result railroading in conneaut ohio). It was the first ship to unload at the new Pittsburgh, Shenango, and Lake Erie docks in Conneaut, Ohio on November 6, 1892, carrying a cargo of more than 1100 tons of red Mesabi iron ore.

United States Life-Saving Service

The Charles J. Kershaw was a 223-foot wooden steamer which grounded on a rocky reef two miles south of Marquette on September 29, 1895 when a steam pipe burst. The steamer was towing the schooners Moonlight and Henry A. Kent. Both schooners were blown onto the beach and later salvaged, but the Kershaw went to pieces on the reef. The steamer's massive boiler lies just inside the western end of the reef, providing excellent photo opportunities. A short distance to the south lies a large section of the Kershaw's starboard stern quarter and part of her iron boiler house. Outside the reef, another section of hull can be found, along with one of her bilge pumps. Small artifacts can be found all around the reef. Diver's guide to the Charles J. Kershaw wreck site

The broken wreckage of a wooden steamer scattered around the Chocolay reef are the only remaining reminders of a triple shipwreck and a heroic rescue. In the early morning hours of September 29, 1895, the Charles J. Kershaw was steaming through a northeast gale with the schooners Moonlight and Henry A. Kent in tow. Just as they neared the refuge of Marquette Harbor, the main steam pipe in the Kershaw's engine room burst, leaving the three vessels at the mercy of the storm. The schooners came to rest high and dry on shore, where their crews were able to jump to safety on the beach, but the Charles J. Kershaw was blown onto the reef a half mile off shore near the Chocolay River. The 14 crew members on the steamer were saved by the U.S. Lifesavers in a dramatic rescue as the Kershaw went to pieces around them.

The Dive Site

The remains of the Charles J. Kershaw surround the rock reef which caused her demise. A mooring buoy placed by the Marquette Underwater Preserve marks the location of the wreck's gigantic boiler, just inside the western end of the reef. Engine room debris is scattered all around the boiler and up onto the reef. A large section of hull comprising the starboard stern side of the vessel lies a short distance south of the boiler. A large sheet iron structure, probably the Kershaw's boiler house, lies nearby. On the offshore side of the reef, shifting sand and gravel occasionally reveal pieces of wreckage, including a hull section and one of the vessel's bilge pumps.

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credit default swap first paragraph to be deweaseled
A credit default swap (CDS) is a credit derivative contract between two counterparties, whereby the "buyer" or "fixed rate payer" pays periodic payments to the "seller" or "floating rate payer" in exchange for the right to a payoff if there is a default or "credit event" in respect of a third party or "reference entity".

If a credit event occurs, the typical contract either settles by delivery by the buyer to the seller of a (usually defaulted) debt obligation of the reference entity against a payment by the seller of the par value ("physical settlement") or the seller pays the buyer the difference between the par value and the market price of a specified debt obligation, typically determined in an auction ("cash settlement").

A credit default swap resembles an insurance policy, as it can be used by a debt holder to hedge, or insure against a default under the debt instrument. However, because there is no requirement to actually hold any asset or suffer a loss, a credit default swap can also be used for speculative purposes and it is not generally considered insurance for regulatory purposes.