Capstone Portfolio

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Evolution of Trade Culture Jenna Wandishin ARCH 4332: Architectural Design VI Spring 2015 Temple University : Tyler School of Art Architecture Department


Contents

Research: Position 4-5. Abstract 6-7. Timeline of Trade 8. Mapping of Trade 9. Identity of Chicago within Trade

Analysis: Proposal 10. Site Choice 11. Site Analysis 12-13. Form Studies 13. Case Studies 14-15. Programmatic Information

Process: Design 16. Form and Elevation Studies 17. Final Model 18-19. Resolution 20. Realization 21. Final Reflection

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The open-outcry method of trading native to stock exchange “pits” of various financial cities in 20th Century America have been phased out due to the invention of digital trading. The public’s knowledge of the outcry culture is of brash men in different colored jackets shouting about cattle and corn while using hand symbols for sales. What was once a culture not only of competition but equally of comradery amongst brokers is ceasing to exist as these men, and some women, now sit behind as many as twelve computer screens. This method of trading carved the identity of Chicago as a major trading hub within America and gave opportunities to many middle-class workers; as a city that houses the Chicago Board of Trade, the Chicago Stock Exchange, and the Chicago Mercantile Exchange. However, the outcry is just one form of trade. Trading across the globe and within the United States has been in practice for centuries: the exchange of goods and bartering of prices. As the history of technology has influenced the way in which people perform a trade or in how goods are transported between cities and countries, the act of trading itself has only been slightly altered, if at all. The history of trade has proven to be universal in its necessity amongst all people. Tracing oceanic ship routes between countries and cattle routes across states, information unraveled into the spaces necessary, or by circumstance of location, in which each trade took place. Understanding the architectural context of informal shipping docks and taverns, to the formalization of space needed for the pits and now endless computers, this archive leads to the documentation of the evolution of trade whilst honoring the cultures and personal interactions that trade technology is leaving behind.

JENNA WANDISHIN Evolution and Understanding of Trade Culture

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The open-outcry method of trading native to stock exchange “pits” of various financial cities in 20th Century America have been phased out due to the invention of digital trading. The public’s knowledge of the outcry culture is of brash men in different colored jackets shouting about cattle and corn while using hand symbols for sales. What was once a culture not only of competition but equally of comradery amongst brokers is ceasing to exist as these men, and some women, now sit behind as many as twelve computer screens. This method of trading carved the identity of Chicago as a major trading hub within America and gave opportunities to many middle-class workers; as a city that houses the Chicago Board of Trade, the Chicago Stock Exchange, and the Chicago Mercantile Exchange. However, the outcry is just one form of trade. Trading across the globe and within the United States

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Exchange Regulations Exchange Regulations Advancements Advancements in Technology in Technology Women’s RightsWomen’s Rights Market ClosuresMarket Closures

2007 FINRA 2000 created Dot.com Crash 2008 Finanical Crisis

2000 Dot.com Crash

Market Trends Market Trends Development ofDevelopment Trade in Chicago of Trade in Chicago

2002 Sarbanes Oxley Act 1994 CBOT launches after-hours electronic system

1969 CBOT trades first non-grain: silver

1865 1865 Armour and Co. Armour and Co. 1855 1855 began, increasingbegan, increasing 1848 1848 First European Trade First European Trade meat packing meat packing CBOT created CBOT out created of Chicago out of Chicago S&P begins 1653

1698 1653

1698

1769

1817 1769

1835 1817

1835

1857

1685

Planning of Wall Street

1685

First Mechanical First Mechanical Computer Computer

1804

Locomotive Invented

1650

1650

1750

1750

18041849

1849

1850

1850

18721869 1869 1872 “Watering First woman “Watering First woman Stocks” presidential Stocks” presidential prohibited nomination prohibited nomination

Panic

Constitution Constitution 1798 17981835 1835 Vaccination Vaccination Great Fire Great Fire 1822 Invented 1822 Invented

Planning of Wall Street

S&P begins

1857

Dutch Stockade Dutch Steam Piston Steam Engine Conduct Panic of Morse Stockade Steam Piston Steam Engine Conduct of Morse in Manhattan in Engine Invented Engine Invented Invented Manhattan InventedCode Invented Business Business Code Invented

1865 Lincoln Assassination

Women allowedWomen to allowed to Locomotive pratice medicinepratice legallymedicine legally Invented 1860

1860

1865 Lincoln 1870 1873 1870 1873 Assassination Stock Ticker Panic Stock Ticker Panic Invented Invented 1872 1872 Broker “specialist”Broker “specialist” created created 1870 1880 1870

1883 1892 1883 First Skyscraper First Skyscraper Clearing House Built established Built

1880

1890

1892 Clearing House established

1890

1920 1929 1915 1903 1920 1907 1903 1915 1907 gain Women NYC Woman’s march Panic Airplane Panic Powered Airplane Powered NYC Woman’s march Women gain Crash right to vote 1908 for voting rights for Invented right to vote 1908 voting rights Invented Model T Model T 1922 1922 Mass-Produced Mass-Produced 1914 1914 First woman swornFirst woman sworn WWI WWI into Senate into Senate 1915 1915 Market price Market price listed in dollars listed in dollars

1900

1900

1910

1910

1920

1920

1930

1935 1929 Restored CrashMarket Strength 1934 Securities Exchange Act

1930

1943 1935 Woman enter Restored Market Strength

1934 Securities Exchange Act

1940

1943 Woman enter

1945 End of WWII

1945 End of WWII

1945 Atomic Bomb

1945 Atomic Bomb

1940

1950

1958 Highest Averages since Crash

1969 CBOT trades first non-grain: silver

1984 CBOT launches soybean futures

1950

1960

1984 CBOT launches 1990 soybean futures World Wide Web

1963 Equal Pay Act 1960

1970

1970

1997 “Circuit Breaker”

1990 World Wide Web

1981 1981 1977 1977 1968 First woman 1972 1968 First woman 1972 Foreign Equal Foreign Supreme Court NYSE gets a Equal NYSE gets a Supreme Court 1958 Brokers Justice Brokers Justice Highest AveragesEmployment Board ofEmployment Board of since Crash Opportunity DirectorsOpportunity Directors 1973 Commission 1973 Commission Personal Personal Computer Computer 1963 1985 1963 1985 Invented Invented Kennedy Hurricane Gloria Kennedy Hurricane Gloria Assassination Assassination 1963 Equal Pay Act

2002 Sarbanes Oxley Act

1986 1986 CBOT trade volume sets CBOT trade volume sets world record: 100M world record: 100M

1967 1967 Electronic wall Electronic wall displays replace chalkdisplays replace chalk

1878 1890 1900 1878 1885 1885 1890 1900 Patent for the Patent New of building long forCBOT the building NewEnd CBOT End of long Sanitary and Ship Sanitary and Ship octagonal “Pit” design in Chicago tallest cattle-drive era cattle-drive era Canal opens octagonaltallest “Pit” design in Chicago Canal opens

2008 Finanical Crisis

1994 CBOT launches after-hours electronic system

1997 “Circuit Breaker”

1848 1848 Illinois and Michigan Illinois and Michigan Canal completedCanal completed

2007 FINRA created

1980

1980

1990

1990

2001 9/11 Attacks

2001 9/11 Attacks

2001 Digital Satellite Radio

2001 Digital Satellite Radio

2000

2000

2012 Hurricane Sandy

2010

2012 Hurricane Sandy

2010

In beginning to understand the history of trade and the evolution leading to the Floor Pit culture, research began by studying the closing values of the S&P, Standard and Poor’s, since its establishment in 1860. The S & P provides a more general understanding of market swings than the other known indices as it represents 500 companies and was therefore chosen to graph. In marking historic moments within this timeframe to graph a correlation between events and the stock market responses, the following categories of Exchange Regulation, Advancements in Technology, Women’s Rights, Market Trends, and the Development of Trade in Chicago are noted. This correlation of response is especially evident during the closing of the S&P, a rare occurrence that is marked by the red lines interrupting the market timeline and often caused by natural disasters or presidential assassinations.

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Indian American Railroad Routes 17th Century Major Cattle-drive routes 1866-1890

Following the understanding of the history of the S & P index, research continued into the transoceanic routes of empires since the 16th Century including: Portuguese, Spanish, Dutch, and British. In tracing what goods were trading on these routes between continents and countries, information unfolded about the roots of goods to their indigenous regions. Zooming in to North America to begin tracing these goods throughout the United States, a similar study was done in discovering the types of goods traded within the country. Seeing the difference between Exchanges specific to farm production, precious metals, and later others, the question arose of how these goods were moved for hundreds of miles. As trade became a more formalized system evolving from taverns and shipping docks to actual exchange floors, the transportation infrastructure of the United States was influenced by this need to transport goods. As cattle drives and railroutes from the 17th century were mapped, an attention to Chicago was brought forth. Chicago clearly became a hub for trade and stopping point for voyages traveling from coast to coast.

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As the mapping of routes lead to the discovery of Chicago as an important location for trade in America, the history of Chicago’s identity was influenced as its pioneer status for the culture. As trade evolved through centuries as depicted in the abstract photo on page 5, a pivotal moment for the formalization of this occupation began with stockyards in Chicago. A place to house livestock, this area allowed for the trading of animals and the destination for cattle drives. In coming into the late 20th and 21st century, the culture of trade had shifted dramatically. The culture of men on the trading floor greatly shaped the identity of trade in Chicago. In seeing this richness of the history of trade as an occupation, this led to Chicago being chosen for the site of the Archive. In looking closer into the city of Chicago for a specific site for the Archive and Public Space, a mapping of the Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Stock Exchange was completed to understand their proximity to each other and the necessary distance to the final location. The site for the Archive was chosen at 109 Franklin Street. Chosing a site amidst skyscrapers and tall commercial buildings, the placement and form of the archive on the site had to hold a significance despite its miniscule size in proportion to its surroundings.

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1/32� Form Models

The form of the archive transpired from the idea of bartering: the interaction between two entities over an exchange. In using this to push the formal design, an exercise of form was done to exhaust the possible interactions between two forms arising from the same land; either moving below or above the other. These two forms were understood programmatically to become the Archive and Public Space. In referencing buildings and forms from the Fold movement within architecture, case studies were chosen that also illustrated a design between two formal entities.

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Case Studies

Institute of Contemporary Art: Diller Scofidio

Educatorium: Rem Koolhaas

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Archive: 15,140 square feet 500 sq ft

600 sq ft

75 sq ft

1000 sq ft

9500 sq ft

1000 sq ft

700 sq ft

730 sq ft

Reading Room The reading room is to be used by the people visiting the archive for their own research. It is to hold 12-15 people and desks for computers.

Loading Dock Adjacent to the processing room in the archive, the loading dock is for the transfer of collection materials.

Visitor Storage This small storage room is for the visitors of the archive doing research. Its purpose is for them to leave the documents or objects they are using out of the general collection until they have completed their research.

Classroom The classroom will be used by local visiting classes from the Chicago area including: Muchin College Prep, Linc Alternative High School, Jones College Prep, South Elementary School.

Collection Storage Collection space is used for the storage of objects and papers to either rotate through the exhibit or be used by those visiting the archive. Collection includes documents from trading in the 16-18th Century. It also includes collections of files from Chicago and New York e x c h a n g e s . Additionally, now that exchanging happens digitally, this archive can hold the log of closing values and other information once it can be public.

Supply Storage The supply storage is for all of the office supplies and other items needed by the archivist for the documentation of the collections in the archive.

Equipment The equipment room is for all devices and technolgy needed to convert document and convert media into digital mediums. It is also housing any other equipment needed for preservation of objects.

Staff Space The staff space is areas for their 8 offices, a small lunchroom, and a meeting room in a conference layout for all archivists and visiting potential donors. The meeting room has a capacity of 10 people.

Exhibit: 6,000 square feet 1500 sq ft

3000 sq ft

2035 sq ft

Exhibit 01 The first exhibition room is to showcase the development of World Trade.

Exhibit 02 The second exhibition room is to display the evolution and culture of Trade within America. There is an emphasis on trade during the colonial era.

Exhibit 03 The third exhibition room is specifically for the design of the Stock Exchange floor culture. This includes the pit, jacket apparel worn by the brokers, and the display of the different hand signals used. This room will also educate about the new, digitalized method of exchanging.

Lobby Lobby is for an entrance to the exhibit that contains general information about the three different exhibit spaces. It also holds the public restrooms, a cafe bar with kitchen in the back, as well as a store and backroom.

Information desk

Level -1

Store

Circulation

Reading Room

Collection

Lockers

Store

Security

Exhibit 1

Reading Room

Cafe

Computer Room Level 0.5

Visitor Storage

Classroom

Exhibit 2

Level 0 Dock

Collection

340 sq ft Circulation Elevators and stairs within building.

Level -0.5

Restrooms

Auxiliary: 2,375 square feet

1500 sq ft

Processing Room The processing room is for the immediate acceptance of material from the loading dock. It is also a space for the archivist to sift through new objects to categorize them into the proper collection.

Lobby

Lobby Lobby is for an entrance to the archive that creates a threshold from the general lobby and exhibition space. This lobby allows for people visiting the archive to store their belongings , store them in the lockers, and check in at the security desk. Total square footage includes restrooms for the archive and staff.

Cafe Restrooms

Private 700 sq ft

Lobby

Public 335 sq ft

fire the

Processing Room

Processing / Sorting

Supply Room

Equipment

Exhibit 3

Exhibit

Staff Offices

Classroom Equipment

Lunchroom Meeting Room

Loading Dock

Level 1 Supply Storage

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Continuing through the design process, an establishment of program had to be finalized for the size allotments of the archive and public space. After visiting Temple University’s Urban Archives, a clear understanding of the necessary sizes and adjancies of program was found. The above graph was an intial program description and their accompanying square footages. When a resolution of form was finalized later in the process, the square footages of these programs were adjusted. The diagram on the facing page was a study to understand adjacenies within the archive and also user analysis. This led to seeing the different user groups that would be visiting this archive on trade: those coming to the archive for their pesonal research, those coming to the archive for work, and those people visiting the archive exhibits to learn about this culture regardless of their familiarity with the subject.

Collection Conference

20 ft N

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1/16” Form Models_Iteration 1 & 2 1/8” Final Model_Front The formal studies increased in scale from 1/32” to 1/16” and therefore were able to become more accurate in their dimensions because of the program establishment. The models shown above began to understand materiality and which surfaces would be opaque, transparent, or semi-transparent. While the form was beginning to come into a final resolution with floor plans as shown on page 15, facade studies had to be completed to understand the elevation and its relation to the interior program. Understanding that the two interacting forms created a crucial moment in vertical circulation where they clashed, questions arose in how the facade can rectify this and create a “deal” between them. These completed studies illustrated the necessary design of the exterior space that was 7’ below ground level as well. This plaza became the place of entry and as the archive and public space both shifted down to create this void at ground level, this allowed those passing by on the Chicago street to see into the exhibits and archive at eye level. This influenced where panels were placed for the closure of private spaces as well as how archived articles would be on display on the partitions within the exhibit. The form of the final model derived from a curvilinear facade that only appeared to be separate planes when viewed in plan or upon entry. As the space for the archive moved farther back into the site than at the proximity of the sidewalk, a more formal entry was established and a break from the city grid and scale. As the second form became a part of the landscape rising up into the archive, a hierarchy was placed on the archive form and an outdoor public space could be used by those occupying the roof of the exhibit.

1/16” Facade Study

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Exterior_Front Left

Interior_Back Left

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Exhibition Space

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Longitudinal Section 5 ft N

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As seen in the image on the left, the final form was designed for those walking through the city of Chicago either through or around this archive and public space. Creating outdoor public spaces both on the roof of the exhibit and in the plaza below, people can curate the public space to how they wish to inhabit. The archive form that is much more strict in its initial cubed form transposes the importance of the archived materials to the public; it is much more static and is there for permanence despite the lost culture of floor trading. With the interaction of these two forms designed for different purposes, hierarchy is placed on the archive as it becomes a location for the neighboring Chicago Mercantile Exchange, the Chicago Board of Trade, and the Chicago Stock Exchange as a place of education and remembrance.

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Exterior View facing NW

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Image Bibliography

Text Bibliography

Front Cover_www.wgbhnews.org/post/chicago-pits-quieter-traders-outcries-linger

Berkel, Ben Van. Ben Van Berkel & Caroline Bos: UN Studio UN Fold. Rotterdam: NAi Publishers, 2002.

P.2_ Article 1: www.reuters.com/article/2013/08/05/us-cme-grain-pits-insight-idUSBRE9740EC20130805 Article 2: http://www.wsj.com/articles/end-of-an-era-as-cme-to-close-almost-all-floor-trading-for-futures-1423100335 Article 3: http://www.chicagobusiness.com/article/20141129/ISSUE01/311299948/will-this-be-the-end-of-trading-pits-at-cme

Fridson, Martin S. It Was a Very Good Year: Extraordinary Moments in Stock Market History. New York: John Wiley, 1998.

P.5_Collage (from left ro right) 1: www.everypainting.com/voc-schilderij [Willem van de Velde II - Het Kanonscot] 2: en.wikipedia.org/wiki/East_India_Company [Nathaniel Currier - The destruction of Tea at Boston Harbor, 1773] 3: www.artvalue.com [Andreas Schelfhout - Netherlands. 1787-1870] 4: en.wikipedia.og/wiki/Tavern [David Teniers - Tavern Scene 1658] 5: www.equitours.com/views-from-the-saddle/article/cattle-drives-and-roundsups-then-and-now/ 6: www.pinterest.com/mark9149/stock-yard [Union Stockyard, Chicago - Unloading Hogs] 7: www.investazy.com/blog/518.php 8: https://www.youtube.com/watch?v=tCcxr-fyF4Q [Floored: Into the Pit] 9: www.londonlovesbusiness.com/insights-and-advice/investment/the-trader-the-psychology-of-rogue-traders/1993.article 10: www.corbisimages.com/stock-photo/rights-managed/J5006539/flurry-of-activity-on-futures-trading-floor Photographed by Joseph Sohm 11: www.carlucci.blogautore.espresso.repubblica.it/2010/04/21/le-porte-girevoli-della-goldman-sachs

Merewether, Charles. The Archive. London: Whitechapel, 2006.

P.10_Trading Floor1905: themanonfive.com/post/74235387003/board-of-trade-directly-after-sessions-c-1905

“Chicago Board of Trade.” Wikipedia. Accessed May 2, 2015. http://en.wikipedia.org/wiki/Chicago_Board_of_Trade.

P.11_Map 01: themanonfive.com/post/113310256133/map-of-the-environs-of-chicago-1888 Map 02: themanonfive.com/post/111663576080/location-of-depots-and-hotels-in-rand-mcnally Images 4-7: Google Earth

“Goodnight–Loving Trail.” Wikipedia. Accessed May 2, 2015. http://en.wikipedia.org/wiki/Goodnight–Loving_Trail.

P.13_Case Studies 1 & 2: www.laith.huqul.com/educatorium.html 3: www.galleryhip.com/diller-scofidio-+-renfro-ica.html 4: www.dezeen.com/tag/diller-scofidio-renfro/

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Graves, Charles P., and David Grahame Shane. The Genealogy of Cities. Kent, Ohio: Kent State University Press, 2009.

Schwager, Jack D. Stock Market Wizards: Interviews with America’s Top Stock Traders. New York: HarperBusiness, 2001.

Film Floored. Typecast Releasing, 2010. Film.

Website

“Timeline.” NYSE, New York Stock Exchange About Us History 2005 Regulation National Market System (Reg NMS). Accessed May 2, 2015. http://www1.nyse.com/ about/history/timeline_regulation.html. “Timeline of CME Achievements.” Timeline of CME Achievements. Accessed May 2, 2015. http://www.cmegroup.com/company/history/timeline-of-achievements.html. “Women’s Rights Timeline.” Leonore Annenberg Institute for Civics. Accessed May 2, 2015. http://www.annenbergclassroom.org/Files/Documents/Timelines/WomensRightstimeline.pdf.

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