Dutch auction the bid, and pays $10,000 for the car. Dutch auctions are a competitive alternative to a traditional auction, in which customers make bids of increasing value until nobody is willing to bid higher. Some financial commentators and some third-party auction sites use "Dutch auction" to refer to second-price auctions, which work differently from Dutch auctions. The United States Department of the Treasury, through the Federal Reserve Bank of New York (FRBNY), raises funds for the U.S. Government using a Dutch auction. The FRBNY interacts with primary dealers, including large banks and broker-dealers who submit bids on behalf of themselves and
Uncle Sam a co-worker jokingly said, "Elbert Anderson [the contractor] and Uncle Sam," referring to Wilson, though the "US" actually stood for United States. Doubts have been raised as to the authenticity of this story, as the claim did not appear in print until 1842. Additionally, the earliest known mention definitely referring to the metaphorical Uncle Sam is from 1810, predating Wilson's contract with the government. As early as 1835, Brother Jonathan made a reference to Uncle Sam, implying that they symbolized different things: Brother Jonathan was the country itself, while Uncle Sam was the government and its power. By the 1850s,