ura STEPHEN BIRMINGHAM Juthor of the Bestselling THE ALERBACH WILL. ‘OUR ROWE ST fescinaing aud absorbing chapter of New Yat weil cued fine isiors= iis fel to ander- stand thy es never ten aenten befae? AGES AECHINELOSS ‘(OUR ROWD New York's great Jewish banking families alo, mysterious, lannish, even arrogant. Considering themseles an elite, for generations the ales arid ony citi ‘ured Tay the ranches ofthe family ices intertace endless. ‘WR CHINKDY pride fasiuatng. insie's view of one of the rghit chit Jesh per sass ifn New Yar rilmant. exc, emai spoil. ity within ai here say sat down fr diner ateed hy ax any fatten: chateaus ow ang Ilan. cases in Westhestex: private ratewy rar, rast ort callertons pret culture and te deternation never to invade, son euncerned to invade the gentile Bsn ‘Remarkable individuals, resplendent dyastes- nl of te punt Sabres of thes ices Stephen Birmingha has fashioned a superb soca history. Aso by Stephen Brningham in Fura ‘THE AUBRBACH WILL FUTURA PUBLICATIONS. NON ction on ISBN 0-7088-2835-3 AMLA Riba Book Coppin © 1867 by Stephen Beinghast ist ysbehed in Gt Bits a 1568 by Lengnens, Gren Fir: Foun eon 1995 Allok reserved [No pat of his poblcaian maybe zearedoeed, stored in x ete Stes or taney Favor by ary means witeat te prior ernie ef the pubbchar oe be ‘kere eral nny fe oF bing over ale than Ga hao pablahed ae vsthou a sla eon incladne tis cuicon being inpered em the subret purchase ISBN 0 7eMR 2285 3 Printed in Grea Britain by ‘um Baccara Pring Ly Ales, Sucks, Furs Pabicone 2A Distien cf Macdorat & Co rabishor) Lag ‘Maxell Meare 74 Woven Sree Landoa EC2 ZEN 9002 pepe For the caiérem ‘Mark, Harriet, CareyIn extremely simplified ne Great Jewish Famflies Ft eae ‘OUR CROWD) “Gwin ‘Sewap Bache Deva Selignar™ mcwscentin's cons eae ee Poon we ay ee ry ar seid] ia (eR espoiin’s Ss ez lade eel mieten =P nats mariner Memb eh mr redOmMNAUAWN 19 Contents Phe diet PREFACE, PART ONE A PARTICULAR PRINCIPALITY “People We Visit Paxr TWO OUT OF THE WILDERNESS (1837-1663) “Mount Seligman” “Mount Beautiful” On the Roed Mrs. Rankin's Galoshes On to the City Matters of States Matiers of Style To the Gold Fields “This Unholy Rebellion” xvii ” 25 36 40 45 st 63 n" @ 8 " 8 7 p 8 i SESBRUREERAS Corer INTO THRE MAINSTREAM (1006-15009 Peddlers in Top Hats The “Que Dear Babente” Syndrome “Getting Our Feet Wer” “The D—d Raitroaist" “ty Bank” The Assimilationists “The Hasghey and Purse-Proud Rothschilds” The Seligmamittton Affair ‘THE AGE OF SCHIFF “A Complex Oriental Nature” "Your Loving Kuhn, Loeb & Company’ The Emerging Giants Mr. Schiff vs. Mfr. Leb Porirais of a Father The Mitselwes Warburg Marriage, Skit Sole “Tee Battle of the Giavita" “Der Reiche Lewisohn The Pact Man's Metal Further Adventeres Underground Tuilighs of a Banker The Ladies ‘Sons, Daughters, Rebets 33 wor 107 09 130 m1 183 88 im 18 a8 195 199 an 29 25 ae ua 282 259 zm as & eeeseee aa Contents EBberon, and Points North aad South ‘The Guggenhein-t ewisohn Battie Monsieur Journer's Nightgown ‘The Gre Bate of LOD Fifth Avenue “Wiy and Interesting Personalities” The Equitable Life Affe “1 Brclose My Check for 52,000,060 The “Sinister Fransmautatfon™ Colamisies and Sotutions The Rise of @ House of Issue “Pifiche Und Arbeit NEW YORK 21, N.Y. ‘The End of a Line The Fall, onl Afier The End of c Dreain Where Ave They Now’ “FamtienseRtht” ... and No Bare Feet at Dinner ILLUSTRATIONS ROLLOW HAGE 2 303 32 3x0 By 339 as 357 370 3% 38 24it Preface ¢ rhe ns It was my intention, when | undertook to write this book, not 19 vite & book that would be simply “about rich people." To be sure, none of the families here portrayed is needy Far fromit. But—to me, af least—their accomplishments ‘and theit contributions to the special spirit and éan, 2s ‘well as to the physical appearance, of New York City imake the fact of their wealth seem secondary. It was my feeling, when { considered this book, that such names as Lehman, Lewisohn, Schiff, Laeb, Warburg, Guggen- heim, Seligman, Kahn, Straus, Goldman, and Sachs are nationally, and’ in most cases internationally, known. ‘They stand for banking and industrial efficiency, govern- ment service, philanthropy, and vast patronage af the arts, science. and education. And yet, due fo @ persistent Teticence and unwillingness 10 boast—which in them- felves are noble aftributes—the men and women who made these names celebrated are little understood as human beings. It was my hunch that behind the marble facades lived people with as much capacity far folly, and grandeur, as human beings everywhere. It should come ‘a8 No surprise that this turned out to be the case.Pacrace, Asa nove, my fleet has says bec fhe ro mane ct peopl, pad I eopose Lar alvays a Gt ste ‘acemud with shal peone ae than eh ley. And Se one question may Call fo a5 answer: What i pries Uy spseont dost thas Gero Jewoh beakeg Ustates? As o reader, aman bead pecterahead eaings, ana so Catal pew the beck arts Re aes Hough ac the one eoee kt Ince Gere eet ‘unis are move thn coletve Aetican stecess ony. Al the pot in tne wen they wee Secheaes Kt on veccqotzaly dine part of hes ork sete they mere ao the cloves thing to anectacy. ao THE) Inthe bea seme-that ihe Cond pips ‘ea nde iby A ws no posse so Gke up each af the hundreds cf peop who Cormosed, snd compass sor eros." have ted oni 0 are aot thats mn aed Semen who me seemed ter ihe nest ance remo portale of alo tha mumbec of peop no have Deen patty lb th erates aiden, eet Eestions in the preperation of ls book, ‘Cam decd te Gatey 7. {tla for permiasion a uote fom his pabieted alta to supine ih docamens, enue tts poser oe Peronal rammiecooes of his my, the Seighaaa ae elas Cor ugly tearing ti unpushehet ne Slogaphy of Alpe Lewisohn, which nether he ace Ssoln'sciien or sandeblder knew ext: ars Bale tobe eseph Sega of ew York fou ae ther matral on her hasbands vss Mee Catt abr Ren or sity ed an pa sistance with memories anf family rapes etaning ite Waring "ol Lott ad Sa gg B95 acess ihe mesa het moter te te ‘SM Watbura 1 deo thank Me: Dovey Uchnas Rect har, end Nor sons Robert A. aad Wala Remo fer itigs othe Leh cla: Mrs. Ppl Coot Goon, da nesting te Coda and Was fr Fal Lawson and Ms Joan Lewes shar ep with Lewisobnvecolecrane Preface am indebted to Profesor Monee Riscin of an Fane ciao Sate Calleg, one hook The Promacd is was Source ox ate describ the “Crmon verson Raw Seu sation n New Ver, Lum deeply gael be bnnpit Pips (Emanie Ain) for permson fo ore fom her nove, Red Darah which soe wrote unr he tame Erie Sachs, fr ber spied recaistons the days when the her ena a port ofthe cro And {ore ethos teres in project. To Mr Water 1, Seah, {aun lndbie fr Sache ud Golimon fly id bute emimaceneta yell ator acees 0s ‘on unplshedastobgrapy. 1 would ket thank eum tas Kingenstht of Lehman Bros, Call Whisotl-&W. Seignon Co. Benji Sennen, Jomes P. Egan, Novman Recs, Dav. Michell SG, Warburg & Company. tid ond Profesor Oscar Hissin of tat erd forte coggecons end povters it ing varus sages of tebvok, snd Bevercy Geer, ho teid the book fest aft wth an expeeay icy oye. “hse momen: too. tay rope werd of hanes to Mrs: Mivelle Gerad, who took theo of are Tesenrcher for toe book with cheer vigor, deste the thet tht er research lk hes thr pecs of Dank ing nivory when record itkept tM, weve kom most oe “tof the people above ha buted “Though esc ofthe gople shove Ras contrite 19 the Book alone meat held eespomsbis ore short comings, would also ike 19 thank my friend and agent, Cesol Brun, for her coclheaded auidatce of the projet fro the begining, and 10 449 a spesial wocd of praise to my friend and wife, Janet Tilson Birminghase, voose (ping eniveance Is sipreise and whose editorial hgnches an Stagerions are unerringly ight. Al Harpee & Row. for thelr enthosiaasn and moral support. am grateful to Cass Canfield and tho Mises Genevieve ‘Young and Judit, ‘Sklar ard, last bat tardly least 10 my calilor, Roger H, Klein, who wae ee to propose that this sas abock worth ‘uring, and whose Intaligence and esiehave. in ihe pre cess affected nearly every page.sag raRT ONE fe A PARTICULAR PRINCIPALITY “People We Visit” By the late 1930's the world of Mrs, Php J. Goodhart nd become one of clearly defined. fixed, and unmateble values ‘There were suo Kinds of peopl, These were "people we vis arc "people we wouldn‘tvist. "She was at interestedin"peo- ple we wouldh's visi.” When # new name cums into the eon Terstion, Mrs, Gocdhar: would wan! Io know, "Is & somecne wwe would visi? Would visil™ She had an ofa fle habit oF repeating abraces, If ome cf her granddanghiers brought a young stor tome, she Would inguie, “There are some Cohens it Baltimore. We vst them, Ae you ane of thers? One of them” ‘Granny Guodharts rules were simple apd Sow. Cue's silva shoul! ben the very heaviest, yolit shows! never "Took tees ‘One's clothes auld be ofthe vey best fabries and make, Dut shou never be highly styled. of bight olrs, or rew-looing, Mink coats were for women over fer. Good jewels should be ‘warn sparingly. One hura good pangs on ore's walls, of Saurse, até that anyone outside the fly and lve “pcople we isl should ever zee thers was walkable, (Howse and art tours for charity. wer one's collection could be viewed by the _garal potfic, had aot yet come into feshion in New York; if they had, Mis: Goodbart sroud have eoasdered is dannens tnene,) Ske betieved that Hite gins should wees rownd sar bats fad white slaves, ad that beys should eoreerteae on Harvard 54 A Pannicutan Buscwsuire ‘or Conair! Princeton, Frnceton bad graduated a many ape se Si a beieve that good upoltenyiprovad ke zood pers, grin wearing, She did wot cae for Democrats because she ha rund sms of hem "aot gerviemen "Teva bard to reconcile ‘his with fhe Tac sha her owe roe, Hester Lehman, was Derecratic Governor of New York Sate and was escociting ‘sh "poople ie Rootevel,” She had peve> vse the Roos fro ane woulda tf she hd boom askod. Asa Lena, she Felongod to one of New York's Gost secerable Jews families ther husband's fal. the Goodhars, were otto be snezed either ad ae as eles (ober views. And, since most ithe pecple she vested. ad Who vised her, ved mc as ‘he didand fas she cid about most rates, she wasabi 16 ‘ove through Fer dowager years in an aocpere of perpetual reassoronce. ‘She wasconcered with ha Hors healt a ganerl and with hor hsb parton She woed abou ns edency 0 ‘sesoeig “Now {ttk, Philip. you WH no ave the id) Soul te sonT” she wocld aye himastbecsh wet resid fo bin. (Hut her mai Praees, was on ME. Goodhan's ie; the alvays managed 1 sips ide oe Ms pice) Hec hacen (enue he Wal Ser Journe ac. serena the dane abe ard te beh i "There we fw rigs i dhe aterm of Der life. Once es 00k trae [er fg. ard Granny Goode took trang he por worn, who was wo in years zl pad been in the family forever Each ht arate, Goothon wood fiver a report oa the broken es proatess. One night he as band sid sharty, "Demi, Hae! Vou mas sympathize smth hero she! mover leat” Kale Gacdhart wert right cu ‘omnia, cf couse, ct stopped taking abot "Thee were aesesonal other eesecting experiences, She aa ter fies idm hee fn "making a ie of berg es, Srof ben seyhing an sometimes hs tl (0 sasion, One Gf her Lozmn, sinersidat a pomirentJewess He ers Sas turned eway fom a hot! i the Aor becuse, of {Tethngstbe hotel politely salt had apie nid not sent ent! Then there nas he vs fr the vouna Calor’ py Ctoaits He sax cuanected wih the Tasiute of Batavia! People We Vial” 3 ‘Balcaces, and nas been conducting Rorschach tess wi college sfiaends to deter threatens 0 AdaM ler salem {Et pole i Swope. Granny Goodhert et the young man ‘New York atthe bome of be dete, Mes. Frank ARshul Evorrone there wos alli abou. what the young ta ts king, and, eter ier, e eed 0 pectarm a ew of is 28 ba the group. Granby (och se Rovschach vest, aan the 36 Honshrsn of everyzody—it cd ov th Granny Wasa Bemiet ‘Sil, ss owe af the grandes dome: of German Jewich scien. ano’ was alived ard muct wved Dy her Weds. To her Eel sare eprint fa Fars fo graced tema th doors octstrethed tems and pernermin cards chuhed in och hans aad gle fred the fa. Se ay fave a Rar ways, ba 2 east she was Iu ther “A, watching this doughy live fay waking slow through the rooms of er house. i wes fomible—cimest posiie—i0 tele tha Granay Goothar way wee eer] wats. anc ethers esa en is aun Ben ad wel wee ‘Most of the people Graney Gocdhar vise lived thin 2 deat) defined wea—thoxe Hes of prime Marat eal fate berveen Kas: Sntith and East Eighth streets, bardted ‘by Fill Avena, known i preaZip Cone days as Ne York 21 N/V. —in heases sera, nthe days bfore ail dang, by ‘Manat seat" telephone exchanges: TExpleton 8. RE ‘ert? Kiielaer 4 res 3 ori of quity wekina oes, Sli kod of pate elevatrs, of sipped serene of ‘res ei behind pape fons, of sols covered in sie sa fe drat sci of pray aml duty (sch isttrions os Temp ‘Emano-bl a ht nore dy than devtion, some mig soy. hat ftronghod of Relor Jovi, Dr Gast Ce ‘ad dito sach canes us Mosteioe art Moun Sina hce- lak he Heay Steet Sete, an te New York 4550- ‘inn for he Bind, whose nrastbuisone othe rea foes {Ge fe cf Oe Jewoh upper class. For he chldren, 1 938 "Merk of cine ad ras'—soeial as muchas relious—of Tile Dove i dar be sults ard fresh white gloves. le gs fn dreses of face Stn, acing tg bow from ine was and‘ A Pagncuuak Passorancy sp aay sey te he Baars Maen fees eet petoe eercaspe aca SG tebe Soettbenl dns Seen SL rags Nena ste tc es a BGs ae ihee penis ee ssi ie Ns ars ee Seaside natn oes emcee acim Tee anon cea ate caine Eva Scere or ee BPcccn eee ye tetas ct cae pee geeeseaa Si css Ieee Te sis Sn Neots kh tea Teen ieee Am ear mabe ales torrets Sebebslcheinnreatenca Sieber aad asta acs Hactelanrese ree eh ct vie radi ty htt re cea Res econ aan et Seabed ae Se iS eccr tecgte ee tahini decid oreciengeiersmcre cre Wr gen aa nen re athens eer se SRA aencetantnee "People We Visi 7 0 tha, to ep his eaters supe wih the beat woe and pnt, he ren up an sverage hit of $1000 a noth. And fet, the sane te, be ad Cece ‘seen pron eer. ‘When nt ying diver pares for send, Reoukbe eure a Sing Sig, Cua ith vs oF hat contend man in Death Rov He geve the sian ht bear hs nee (0 Cy Colege Deca, a be pt i Thoyaskce me fo. “, Levisoti's ten anc neigtor, Kix Wesbrg, bad a ‘amen cour nhs ey horse. moter nhl counry hse SeHGh eo ada pia feld—a ya,» fl Soave sang ‘ual, anda st of back fartess tenes Mest matted ‘ith wile sins on tht frcheats. When ir Wartrg as deposed ees garner bl hina parm higuine tse, {rvs there. Weg would consider te psey of ces sncter of is zoos "its Tem te srromding ocd Ye ie wes so ordately domes, pon sneig naa ete som fr cy te eg og he re tee cute psi “conversatoral aun” He lked io ghe enaya ion Cleraatxclptoa We 0 cre Sy seven diesen eka nl el wh chien shed ther fic AoW me money ete. he wold ake «ev Fs thumb and forefinger wes a word i te words, sve equal weg wo moses and gy a8 om, conse thd saerdor Job Sei, fr whom one pate ulna as ‘eldcm ample, cul therelae gerd hi soe Fore fom pay bec he rat wa sy ‘Wile Walter, ose dauter wes marid 1 Cane Gouda’ on. outed a castorbuit Bence Arow hich Re sept ensanyreplen shed Wh aw Packed egies AN we toting ce of oacency. ws tl sai fr tan To standin Me Waller sffered fren ease, ad Bebe hat Jt vaste reso srhirg hs Bead one sit of alo ex There vas: theta a paccal recon forthe aes Jmposrg proportions Tie ale carn New York was vers Sven wits widow shoes Gown, So oh sea o, fg decor wos verted: evere bi oF shoe vs Ore so ‘ac would nave ne, tof conan for Mr Walter sense eyen: Teoh in Pes Aros aU be soe cm fiom boct aay, shen ih abv the hea a othr, Mi ‘Waler ate bahesed hat tre dow he car tsming nae@ A Paxnicuua Provceauite I:tess “conspicuous.” (After Wille Wal'sdeath, hse 20k ‘the Bierce Arrow io ues Maton, acesiceay casas Ble ton palsed i, polished i added 2 sors of ciry naige'ry. sad oid ito Witwop Rockellr, win abled even mere. You Souk! ste it 208.) "To the city octcde, his world seemed exotic and remote. It was emieg, misvodestond,sesented, but move oer. than not ‘vas simply iced, which was exactly what meets of te Jewreh apper cass preter. Overocked he group Nowrshe ‘aac gree Ie doveloped an outer shell hat was opae ei Dervis 1 pring. Wiha, a tesiary exved as inicately de Hgadand comoicedasachanberednavtius, cortiedsc pra fmpalysloeteredlasde the word ofthe very ic. To those ‘Wha led there was all thee wos. Iwas Rew York's ogker Sacieiy -aciacel of privilege, power, rhilantopy, and Tarly mde. Whal nos nat so apparea: was that it was aso a citadel ff nceramy and fee. Under cic seemless there was biter ress Jeeonsy, Waraze no mute and wo Tess than in any soc 15, Ore kaa to be Grough up ithe castle o realize that. For ‘even murder, hen fk agcured, was poly kept Swathi the fay. ‘ama the people Gray onda vised wee she Lasts, Sachees, Guameneins, Schis, Sefignans, Speyrs, Sraces, ‘Warborgs, Lewisahas, spd of course ater Lehmars 28d Goce- ‘nuts, There were igo the Baches, che Altsciuls the Beene ters, Halatrtens, Heidtbacks, ketenes, Kabns, Kann, ‘Thamatns, Lacenturgs, Nerickas, Cals, Bembards. She (els, Munters, Sten, Newtais, Buleawiesers. Jose htiele, Melimans, Hammersougls. Cifenas, Morgemhaus. Roconcles, Waker, and Wotls. Wire the exception of the Gnagenfeims-—who eae fom German-speaking Switzer lapel these families arace thei origins to Geers fa. sr Pasig number to Bavaria) They have referved to chemsch "the One Hundred," a6 opposed co "ike Four Hundred “They have been caled se "lewish eae Dukes.” Bat most ‘flo they he simply cad termahses "cur croot "The men of ob etd sade ther fortunes as mercanks oc beakers OF it the no. somewtar anique phrase—es “mer hae baakers.” The business monurea's ackde R. Ht Masy "People We Very ’ & Company (Skased. aban & Sis sAbraaa, Sranses nd Sots ts sootiia ave ofc be feput Rotuchis- and zumber et eracé snes tanlinghonesin Wise bang simon Deter, Ha see & Company, Speyer & Compaty: tte, Loch d Com any Gekdnon, Sats Companys &W clgnan & Cay FaayiJ.S Tac & Corgan ard CIM. bok Bhces Corany. Faas such She Lesh wo geal ee rote onan ae aly ast sed nhnng me aca ase mained atking Houses dowatown, ‘Some families, suche asthe Werims noved rem anne tegurd so ‘ng Wentein & Comrany Tanne ceria ake long ine yu sie bass to “orcs” you dk. os Svea wenerton he rod way elena Ie fl ten tcanc teat, magne ons hei tow one it-sam fo coer ad tigen foe Beretie. Te "perk we vist bean the ope we tar ee i Ane pron mie of ung takes saree, ine Saran fe mere at evs an in geen neds Bote canes mated Toss tees Sn, Neyer Gs etic ace hs stp ane Lewivafw ae as Miece—anstou 90 Buopetn dai snce sucha al ttn. ops he aa be Ure Stes aad el tf ths tc Beeane & emake hs cee sal te those senntan. Tee Seis breiers ariel eee {erred Lov ceva oer Sess mned Wales cad several maid Bees, The Sega aia foloed the eush Tote o flecg tows ol the ot weed eb whch roses sever vemesbecane cS pa, Doct comps abana, Solemn eve als mare ele ‘ais, Lies, Leno Licata, Gps. ead Loc urs lions, wh fee ward frst oc chan, hee Ur addon nied Levins, Butlers sel La ner Ietlnets eve mae Schema fed Naval, Nels hve marred Sets Ses have {Mared Loss asd Warr: Harr bate marvel Lacs, ‘i the car tea othe cae wi he Sond present ein i intesiegemeles. Cw envlone ety cwcbin te1” A Paxnicanan Paneonere aly poring on a patah of sess. Hach drop of dew represents gest povace barking bows; the radi tha fan ou are sors nd Goughies.waadon and prancdauphtes, anc te ey Mamiets that te the whole together ae marTages. Kahn, Loeb & Corn ‘ey as crginel) competed cfs paral ght neTwork af Tove—site Kuhe and Loeb oie were brothers ate both = lated to Abraham Sift. another K-. partner whose daughter rnonieé ye acter sorter. Co Kaha. 8 Loch son mared a Kulm divehter, and ancthec Loch caaghier aerricd anoihar parter, Paul Warburg. while Docc Schis danghicr Eneda. Fruvod Paul Warburg's broter Felix Ia parnet too) ‘This (med a0 aut and ir wire ine salersvnde, nad mde Patl Fis brothers ence '4: Goldman, Sacks. wo Sacks boys married Goblin ils, snd anociet Gotan al ased Ludvig Devi Ga O'S pa fer, whe wag related by marriage to the ahove-menicaed Loekc, and 2 Socks donghter maried ¢ Macy's Siaut, while anothe? Sachs Gaugber married a Hurmessoagh whose sist ‘ves marded toa Rosenwald of Seas, Roabock & Company. (or sumprsingy, wher Sears pus a vew stock Ksue on the market si is done by Goldman, Sachs & Cumpars.) “The to founding athersot.$. Bache & Company. Leopok: (Cahn ond Semon ftche wore hekoe in mariage 2s wall es bas sess, with Leopold marred to Semon's wife's sister, Semor 2 Son, Jules, mariedFioece Shfe, the ster of another Bache porioer At Hallpaten & Compeay leur prieipal rertrers— ‘Ghaces Haaren, Bernd Mainzet Casi Stoke, ard Sig rund Neastatisweresnilasy intertwined liane rene to Mainger's sister, aod Swale marind to Newstatt's caugh- ters. Heldelbac ckelheiner& Company was Founded, in 136, as Ge result of a manizge, wien Ise Iokeleiner seid Philp Heideloacr's dauper. At a Westchester pany recently, a Kilgentiein, tekted io Lehinags and Kemper ted fo Losbs, were ackod if they wore tats rated wy each aber." sigpose so" waste reply, or tacy Yeers Wall Seti such a these obeyed ind of Sle, wih parerstips descending om te sonsand sons ince, Thi Gisouraged outsiders and encooteged ‘ntermar- fae. “Inthe fd days onthe iret.” says one stockbroker, “your relaives were the oly poopie you sould trast.” There ‘People We vist u as anotir reason. Inthe of days, i ou were a Jah i. imran, sh only person you could tun to you needed money was a rebtive. Far fotyfour year alter ie foarding in 86? Kab, Loeb & Company had no partes who wee a! eles by blo or marrage to ie Leeb- Kuh. WWollf uly eon, For nearly ily years afer Goldiuan, Sachs vas founded, ll pavtyrs neve members ofthe inermared Goldman ad Sich famlies, The Lohans badly sewed ¢9 reed inirmarage at all: until 1522. nearly severiyive years after the fia Sat founded, othe gartoers weve qaned Lehman “Two Ter one mig suppase had sprang from te sae for bears—Kuvh, Loeb ard Cast M. Lect, Rivades—cK0 ne, The Lochs of Kita. Lecbar= ao kato he Loebs of Loc, Rhoades. ‘ako ae ao kit to Hasoal Los and eo Vin io Gerald Loeb. te firancial writer who works for E. F. Huon & Common, nor 4 Ledpoid and Loch. who were a hilkilig eu om Cat cago. The tao New Verk beating fails are alvays geting aiked up. cven by tne New York Times, hich Ssay ral areel shout such matter, bol tae descents of Sokomer (uh. Leet) Loeb, an sate immigrant founds of the ‘more venerable hone, are known fa De ctawd a ihe reat LLoebs.” Presumably, the descendants of Cal M, (Loeb, Rhoades} Loch ate real Leeks. The Rhoades name cate Sa 5 a result ofa sonal merger. Neboey knows quite shy ‘he name is tained (ere are ro Rhgadeses inthe fo), alas {oritscvertones of Scholars an the Colossus mote sae name. Bot by taking a ontous route thou Th ans ad Se figs. is pssiie tage hese two Loeb fois elated (9 ‘each other, by marge ‘The pattem of mtesmarrage has no lays eon sity a ered fo, Whenever sorcone martes “outside the cioxd™ ‘someon bound to corament that German Jewish wocie'y ‘2b! thang any more, tat 'e Shvelre is allng apart. Bikes mariages, ant-Semilim. and comession. are ther licked {themes thet reappear offen inthe Tague of German Jewish ie nNew York. The Contents, for example, veo aly of Dutch, ‘ewisk orgn who wee i New Youk long before the Gs Get tens amves. A numberof Germen flies rave married Con tents. and 28 25 Mrs Jam D. Govan shoe Bry “Wher oon arige ia ined ne,n (8 Paseutae Prmactatir ‘Mawr tstee-—a grnddaugbr of Granny Gocabart—fll heir Tomo handsome Confer fly por. Painted 183, bey bie of Simon Corte and his tat, Angeline, ard cach contains ‘Ameerions deta By Simon's hand rst the Hebrew prayer ‘ook: by Asgslin's ish Bock of Coron Projer. Wile Wak ter, Hes, Gordee's grander, used to Frown atthe piisres teen he entered the room and matter, "I mas sot 2 ised marrage. IL a 4017" By sect erowe stnderds, one does nol have to marry att of the uittgenter wo a meiclane. Years ag, Samcel Sachs s daughter, Ee, marved@ em aumed Harry Flt who wes Pol ‘Shy and there was forte Rss. 1k was m0 hit young Potz ‘ke Soctlin, bt be talked Soci so foudiy, At stunt the Same time, Nhe Alva Betbeimer, who was deftly jo the ‘Moved, narod the late Berard Ciel, who wis aot, #2 Comulered an unfortaae match. The crowed consered the (Gincels" sorckepers " Someoae said, “One derarment store fealy fx epoch” meaning the Suances, Needles to sa, with (Gander nd Macy's the eat Herald Sqaare rival, no Ginbel ver marted a Stans, "Wher Gerad Weacharg married Natca Nasi, the dangles of Conde Nast, the cone was Jost as startled, For a long sine iia. athgughaCathoie was refered toas alitde Huguenot Bi ands by her motierilaw, a8 a gil of French exra Fea Ths cowed tl seemed unprepared, a generation aes im 485, fr Felicia Warbuie’s naciage to Robert W. Samet Uinoa one enter of te erowed explloed was the 507 a that Russanradioman,” Brgader Genera Dav Samo, cheimman Ofthe board of RCA. People hed aco srifled in the 19209 when {fet eanonceed thet loa. Lach, snof Cart M., was enarged fovmary the Arhur Leh’ youngest daurwsr, Braces. At the Seignans’ Fihrock Camp i he Adirondacks Someone sd, "Mur those Leebs aren’ she Lacks” ‘Butrhon , Pete Sirens mttied Elew Solzberger, the ous ‘was pleased fo note tet some peaele, atleast, were doing te Paliegebosinestasng are Dg Oy marrying hin he row.” SNe hoppers it ony sea group, the German Jewish crowd in ew Yor has become sated, and a catia pecking order ies evoted besed gn seni. There fan On Gnsré—famies “People We Vis B ‘who mised America berween 157 ad 16h no seagate are eta and "prtace the Guggstheins. The Cujueneine are 3 po> Terence, hough theyarnvedin Amenes reatwey er bat notsoearyesthe Seligman end Lehman) ey int bear ‘Soeesoly sch vl reat ely lay ed horace on the ‘New Verk sene oll 188, a! whch poit the oer Gera ‘ew anes ed ateady ccenced i a ted ron] ook tte ered a wile wo gat sed (0 te expose rence of he SGagzense, 4s Posey Guapeatein vote moter wae 3 Se Nan} aye of her to wanes, pssod Mr Segoe onasog on eroranis tae and bo)- Fre op rst af the copper ames ih the wor, tt he ever taecended in aang Me. Sega's sei dsincon In {act he Selignans ere upset whee Peapys wolhet soca (omar Ne. Gogentin They dspsteie x co wre Bars ‘eluiet saving, lore ecsaged co Begunin Cugenhe, smote” Eversong chested a he rol vay the messaze be ame gle cross te tonic ad. "Frets emu Benjamin Gnggenheim smelt her. Alo Oi Guerre he des czars of Soloman Lach fof Kan, Loc) hewgh he Was Somes yourger wan tin the pope Scignans nd Leh tans adddot nove fom Civil to New York on 16S “Avothel mente of Uis fist generation of Gear emis leisigzats—thouch he ves never par of the Ol Guard “crowd —vasAagus Belmont, AsGeraanfevish ie Bera fue, we ene pide tn ot tig cure ei sc ume wih, Sn Ths og oncget So wigated to New York soon afer re {Ge Wats The Warbores and Oso Kaba belong oad younge guy who cane i the 19s, Kahn, Sei, and he ‘arbors Wroters became imposing in, andl ie ems became poartzad around Keke. Love & Coopaay, Tere feat hve uit del wt ave tow ae So Rar or het moncy ast OM Gael SMA salt {Bec wen nw sera ere ye ey 0 “new gous" and the sled, established, ntesortech older grup. He wasnt ool a diference i ars, but a d= ference ia How the two moupe “OK his.” Though they allHW A Paencunan Prisceauiry saw each other and entertained cach other, there were—to Sicwally, teast=-two crowds ‘The Warburg lite to port ost thatthe Warbarg family wore ‘wellfodo bankers Germany long before any ofthe Sefigacans, corLehesas, who were poor, even Greamed of earungte Amet- joa. The Lehman Saigman camp is apt to say, “Tae Warbares ‘weren't anytody nal they marie into the Schifs, and Schst west envtody until ie warried ic he Loeb, 50 there you are” The Warbargs ca lot, “We came to Ameriza and showed al the cthers how todo." To:his, ne ofthe Leknans has relied sharply, "They aie tol everybody how 1 dot, is what they mea Car fay never ad rel todo with toa Schidh Warburg group. We considered them tery bossy. Of Course there were some peuple who tried to play tei game. It ‘wascalled "Keeping up with the Schiff" Htmast be teil,” Lord Lionel Rathschil is suppose to have sad, "Wo be a Jew and por be named Rothschid. Cleary he was unaware of what ‘ras going across the Aletic in New York. “Today in New York, when members cf the crowd ge ogetber, Jewrah flies isthe greatest, or andes ‘he moa, o conisbutad the most. Which families Cleveland Amory has labeled “The Jewish Grant Dukes? Sevral hin the Schifs and the Warburgs, on the baal of el pulautrepis alone, shouldreceive the ais, Otte ‘rs charplon te Staves, win, hough Thai npaey was ake "rade (ome Serauses branched ow ato Pankig), have not bees ile as philrtvoriss ether, and have els eontsibuted ota Figtreso the worlds of American dplomecr, publishing, ‘nnd pubbe service, Crhers argue that. fone is going alk aboat public service and government, one mst give ist place 10 the Lehman. who have contributed a New Yors Goverrorend US. Senator (ere. prominent jurist vm, amor American art collector (Robert, snd a promising young poiion ie the fourth generation (Cin. But there are always the Seijgnsas, With thei “soca de tintin,” they et the sone of Germ Jesh sociery in New ‘York for giany years. They occupy an anchoring poston i the crowd. Without them iis posible that there mig fave beer to crowd at al. { PARTTWO f.- OUT OF THE WILDERNESS (1837-1865)“Mount Seligman’* 1 the late seramer of 1964 2 sna item i the obituary rage oF the New York Times cares the nes that “James Selignst, Stockbroker” had cied at the age of seventy four in his Parc Axeruc apartwent, flowing a tat allck, A few perfunctory details allowed. Mr. Scligman bad beer born in New York City, had grataaied fom Princeton, aiiained an office downtown ig Broad Sweet, and wat survived by his vite and an elderly ‘iter, No mention was made ofthe once great eminence of his {amily infinancit circles, nor ofthe Seigmans’ still considerable ‘prestige. No nose was taken ihat Mr Seligman's grandfather, ‘the first James Seligman, ae heen one of eight remarkable broth- ‘ers who had corapoted J. & W, Seligman de Corspaay, once an international barking house of vest isportance and power. Nor ‘as it noted that Mr. Seligman's grealaucle, Joseph Selignar. the fira’s fowler, aa hee 2 aerserifiatton of the Awerican seoess story ln sighily more than twenty years time, Ne ad owt from an imasigrant foot peddler la Gnaneial adviser to ‘the President of the United Staes, “The news tere, however. consined one note dar may Lave ssavck reatlers who knew the Seligman story as ironic. The Se- Sigrouns had once beea knows as the leaieg Jewish family in America. They hud been called “the Americen Rotusehiés.” ‘The deceased's granciater for many years had been presideat 718 Cuero re Wane ORETO SSE cf he boar af trusts of New York's Temple Finan. Che Egy eeredio ht a neo bi va ae Temes Sepa ot fore eet anne, "Nominalions fo ice Dresher are now in order,") Yet the chituary advised hat rel serves wool he held at Ct Chueh, Methodist “The Seipras may act have tated everything, exact. but they certainly stacted something. Thay abo sare ethy— prove bball an suspicions Se. Few gest Aceon fortunes, fe {eror2 ato few Gackng houses sated fro sch om rpc The seta Sela maha Baieror ste small at Joss os apex on most maps of Germany. Ht es om the bans of the Regn River some Twenty lonetersegth of Niraberg, aezr the edge of the Bor ‘orien Foes. Old Das Seligman. vas the vilge weaver. He sev aotechescaly old” hota entyae he seessed 50, A Thal, ooped dour man, be ws pen fo comeing aboot bis ot. “Tere had been Segmans in Blesdor for over a cerry, “Theirs hudba ean ongbetore Napoteo had decreed ‘hot Germanys Jews no longer needed fo be known ss "sons" their fathers eames—Moses ben Isat, and oo on, Sever teenth and eighteems edly soe Joseph ofthese dereooments, but Joseph mrt ‘vas not pleased Meee in ony aracher problem 03 top ofl his lies. Probl, ina fy the ize fhe Slam ‘ane several ea ime, What would became of te thee Leopeld, Abrabam, fase, and baby Sah? fear ‘= hs consent Only when The gis agred fo sp te ont ‘umair chide between hem, Bul when Babetes wadding, the fs of the ino to vecus, drew er, Josepn wold send on ope bother, Jas, noth 0 ote and he geve Jes ot adalat assgnmenonto et ups New Yank store. ues ound ‘cy lratonwrown Mbt and or Joseph Seligman & Brothers, Merchants” opesed for bexinons at No. $ Willa Stren 18 Als the Seligman wore Cty folk, and rg around the conor fom Wall Steet ‘Now York, al itis tine, was a town thal sil locked and sounded «apo. Wha is othe Oral dsl was long way trom the maze of narw, ates earyons between lowers fear end gaan steel al wi as. Intend 2 Fre sal bresze blew across Bowing Green ftom the bey ad 3h Alli beyond, aed the horizon was hectic wh the tts af stig vet from foreign pct, and he sie were olsy swith hosts end wags and nen unledng tro. ‘Te spn of sceangung commer was exery here, Aro ma woud be ¢ tay todoy—ome cou ean ee nl sel he rede tat ‘neering tay ito the pre: the Beles of ies aa cece {nd sks of whe ard flr the opening Wet cont om ‘he South; bro copper cm the Gre Lakes crses of pontey ‘hom upstate and New Englanst rests, vegetables, cag, fh, ‘inbert fr riroas Ges, Very soon bats of gold woul be ut Joaced onthe secs rom Calfotda, Everything wat inthe sven ai, Sloeks were rede on set comers stg with ae [cre Merce Wan on, cee, eat tn emai every keds a ‘Conga. Ths weetebepee el lla onan tek gown of enc eie tea oe) sos heal neh esate Uahnan theBh urezmeWnnernew (87-1865) ‘mons and foreign eareney, Neo Verk was ade there was culty no other tsnes. (a thie zesty atmosphere it a re ons fora young wa tot smelt oney 10 be made, ‘Bubete's marrage gave Joseph his first broberivlen, ad Jose put him prolly to use. Atong vith Witiom, Max Set ‘einer as sont to Saint Los, bere W. Seligman & Compars ‘as opened a 166 Nacth Main Stet. With stores in New York sl Soni Louis, nation to Gacensbore, Clinton, nd Eula, things were ooking up again. Max Stotbelmer's eter, cab, ‘as akon in, plead in he New York sore, amd ina shir space ‘of tine Abtatoos Sctgman—ow filoen andrea f9 work*—— ‘as shipped oS, Loui avast liam: Max Stet shld beck to New York t help bs futher, where tbe im tame was changed io Sellnan & Stetheimer, Dey Goods Et Dorr: Jee and Hocry were shifted oe! of Alsbunaowps.te New York, sire, in Watetoun, der new tm sas cad ‘& B. Seligman, Dry Gears, este tke to vay the." 100d Tr Jesse, but anyone who knew Jveph kre that ately ‘stood for Josep.) In Woterowm the Seligman cn thir Acs ‘veriserieat in the Watertown Jeffeeontan, which canonnced: SHAWLS! SHAWLS! 280 ALL WOOL. LONG SHAWLS of the Richest Colors ad Latest Site, just atrived ard Will be sold et grees ahich eaot fo Sita pie eaers. Brevi, Cashier, 384 SIE Sines we eer sow at aver mts ha ever 21a achily Ocaber nmin, an the cies eae in ove. In Watertown the Sehpmrs nade other va end He wet Fst Vewlerara Ulysce Sion Grate the hf fea, no ea Std a on deen, cen me ay tn we dened atte Selangor ihn ss IS ec fr RS new be. esr ats oh ese cad «Were wet Le, wo leo Abin? Leopte wn jolene Siena tor pone be somung fo Jes he er wey. Bats cd aaa bap ys On tothe City 6 young Liewenmt and, as esse welt ster, “On our acquaint ‘nce we Lamedtely brea reads.” ‘robabiy Grart wes boing for ew male tien his ow age st thet pie. Moa of fas fends pricy to that year had een sre In averns and aeay Ws common fier bad begat ‘warning ie sot bis inking babs. is new wie was colng fer best tr seee him foward other forms of soca. At her ‘ng, he fad heed form Rising Sun Divison No, 210 ofthe ‘Sons of Temperance Lodges ir Waterton, ba beoome presi ing offcerof the lodge, and eflen ached rainy in lal Temperance parades. ta Rt ofa), nowtemperance-mectiad hows. Grant began siting around With pleatant. sober Jesse Seligman. The nto played checkers, whist, and poke, chewed (obseco and smoke cigars. Gran hare to tik plies, ‘Rosle was the seatimente Seligman sister. She dete on het Iustand and on married if ia eter) loving to perfor such ‘utelytneks ae polishing his shoes, brishing his hair, svtbing Wis back when he was weary, and nursing ira when he wos indspased, Se quckty became pregoant, bore isa auger, ‘sept tha it wasn't the con he'd hored fr, and longed to De Dregne gsi, Hy the sping of 148 Babette was preqt, a Rosales word ha becruearoxy Bur of sovking use era ‘ngs mediines, motherhood, and obstetrics, She began to Worry stout er brothers! unnarie lale—paricalnty lores, who ‘was eporoaching tiny. Joseph, mean, was busy making plans for Hs Fis ip bee to Gerrnany 1 by more gos for Bik ores. oule bean a sere correspondence with x Bulersdenf gl mod Babe Steintarst, who, Rosalie Fad docided, world be the peice! mat for lascph. Baber was afr eresinmshe was FFanhy Selignan's brother's ctildwhich wade i seem allie ‘over and aratch anny would ceralaly have anpeoved. RO. ae Md er feters to Corsin Babet wih raptors details of Josnhso leoks gee ral, ad mons at Josenh Rosalie began droping references to Bobet’ Beauiy. modesty. stu housekecting sls. She smgesed thal be combine hisbuse ress up 1 Garwany with a Breach (ride such), acd tinted that. m view of his api ennunding operators. a time would corre when he cou no get count on balers ad broeren aw to help hoa be would nead sons Joseph got50 Ocruprite Winpenens 11832-1865) he Bae was anya Rosie ; Rose sma Bae's sles s ry ane seemed he oF em TS mates brokers ocwmsion, "ef cect hen 10 Geren howe. nde po Bie dort Wo ft tees ha spre dete aa ao ‘taming cm tron sa 8 ee is He ea ste et a fem an edo lg sae ‘ned igs He wil hs noir pve ad Bust irl, She wast wen ade cops seqhtoundreraie mic Ho ncdher nari qibee crema ao fn Novem, 1 satel oe ah {eet Seale earch 17 Matters of Status ‘void bone aqteton of sone ingest, later ona New York sen te German Joust sro tad erste atc ‘ch Ges sth Sel gras, Lens, Cogent, Gol ian Sah an Lav, wher rg wc Sede ws ago aud i were ‘hegh ete 88 impr es bow fr bck m2 cole aes Jae ar ir n Deny. Wich eae uf “sag mspracn was ately e ter wend become &deoiable pi On he 38 bras Sing on (ot showed serine phyoeal seman. SEG WD & ‘gon on tie oe: bu, a ate superior bse ren Nou Lebar fe suonss hat the Lahmans arte wh Sango. One thing crt. By 184, en Herr) Laban Inve ia able, te wagon ad Eecome te shone eaes peeling With Ms wegen tow, he sexed art alg the ‘Aare River aod with a yeah wered HB Wey es {uty te Monomers. ‘The eapil of Alabama, however, io ose days was a town sek much gr an Rip eva, ver Hey bad come Teacibe toad popustion. te wach Mntgmey ed ‘wo toieand dates but ws consi ably eu tractive. Montgomery was epracced by paked ‘ovr wake dante fue at ree aeeved see te cana of te, The sr$2 ror ne Wuweaness (1897-1855) St umd ie rie of diy er, an he trains wer asi erect eas tied td sath ira gna wat fry tales he Ire ‘ll oer an the sco ef hoped Mase {ey ad stv te ans pen ee dees [Peter end om rhein ne ese Keer wes nde Has aa far age ck che of heels a igh. Leon ign of ay coma Monterey ee ‘ee petri hee Encare Ho te Matson Hitt te Desa Hane {oti wine nNomeone'y' ue ctone iad teen sanene the tn of Hens Echos aoe ese dash Jer read aed ses mo ine eral fis iaoptn stycacnes sr uhty ciate, ‘Movgomey ws progenies on he Dak {Hibs Alsat toe prs a bos Moen eo ‘dems aac saad vesioseadnatiggceoe Hint cot Hy Cay Seats sn bude: Commie Sen pce sk At merch nosy hector. area ols ey ety tang es Wha ad ped se al AEE ahh ne ed ent cn enter: ey fess one ei top, ‘eta ae ath over Ws toscnt Gonks he Ks Sule far, Ug wat ss Segre el dre oe ap veo noe ge oy ‘sence Mongemery Hey bse Eican bre ioukand ne ai hows fe oan fer rhs os teith “The se) tbe ae Rite wore Oe sony, ihe Taser doe gen "Wg oe fee Be ‘hui o sendin a es 3urger ther, Pee Sod 1H Br the Younes al ram He ff te fi, need Levan Bes osm Cour Ser he hear fice, drei eppste Nowocerys nat ers Iie: ios we ed nu ie "oven bal her aes heats Ag i Sti of Leg Shen Dunesisa’ Ton whol shod sot bree hatte Lean sa se be eye Selly prospoois enapt 9 by aan “bomen Monnens of Ste. % Ihe cotton besten fer "snubs. sheeting sigs, So coton ope and Salad" They were wae Moe, Eetion brokers rma yt hy wrk citimser menmeaem sowie ure manish Sepcara tine Wott Saute ara ite et ioe Rage eaccm ‘ort ods oo wither etre orm ad Ww ioe biee ec eters acs Wanita terete Leah eneumeeatr came aamaulaanrs ies cata terie se is Gar eeeer a aoe Si i emia 8 Tirana ctaau setae Sukommnsiacrachons "i stared with vst o Langa by a your Sis dice cna ta ee ebhocmnemar oes Senos uncieatea cotitutcietincocnerted Gramineae ett ow ibeoa rare ere a orate arse Sie dic hekactecmaett Sep aeathan iment ems Saute emcee atten SRRoe seme contetes SER54 Quror rue Wapemwese(187—1865) sen boca appar stor Un ners the Jews was in converting Ihe, Unc rade wo hendvay oth Jakob Guagendeim, whe took the posors peoseyising efforts with good mur, but Ulkck ote ht eRe nore ineret eer ba om fo, Pose Joseph was bilan, sensive, and highstrung, He kad been edtcates at Teimodic academy, and loved thetogisl debate, Unch knew tht in onde: te work ca Joseph be oud hove 4 se him away rom his fee, and so be persed laob—end the Suis authori et Heseph cova ane ive lls hi fo ‘ivi, a ciy thal wns open to eos aly uring coi Hots ofthe day, Why di te pomeas let Wis sm pe? Resta he wns Aner yh ater et Say edi mt tb sn as suscertibe vo conversion. in Zuneh,Uirich flooded the boy wth romphlts from Hai, ‘eepued by, Caroline Sell Per. THe hed chosen her ag catefuly and osically as ie chose fis wines. bis dueling opponents, the slocks for his corto, Wi "ame, an his religion. The Peirys were aot imposing rick, ta they hed all the social eachet tht Belmoni wasted and needed, ‘more thane needed money. Caroline kas the dog Mer of Com Toodote Malthew Calbraith Perry, hereof he Me ican War nt the offeet later credited wih having "opened Japan “0 the ‘West and her uocle was anther nevalcommanter, OMe Hazard Pony, hero of the War of 1812 and the Bale of Lake68 Our ce rie Watzeniess (1897-1865) Farther, ns wan, pas, and dreamy bea. tl, an exquisite creatore who wept bterly when she was tole (ha! Tams of wretched poor” lived south of Canal Sree, which was why her couctunan woul not drive her ther. 8646 the edar fol Jacb Astor ded Teanga fortune of wert ral lion cola, sand was accorded a arcat Onarlcordasted by Episcocal clergymen.” The Belmont Perry gupta of tt same year tad only bee clegyamn oMettng, bu they were of ealrse Bpiscocal. The wedi was ot Grace Clureh and ws even more altering scl event than the Ast: finer, Tere ‘Were atta rception--in addition oa complement cf Martie, ‘Vanderbilt, Coster, Gove (90 Ven Rensselcrs, Webi, ad ‘Winthrops—sven 9 few Actors, come out of moaning, Even ‘ore important, fares August Belmar vas concerned, was he fat that afew weeks before Fis wedding he a insted to io the Union Cab Lows Fith Avenae and Wasinglon Square were abscly sprouting places browastone and marble. Though here was Millan Central Parkto give Fil Aveaue agerden view foreweh, of is length thal wile Choroughace rung up the spine of ‘anhalian was assy becoming the e's host esdenal ac ‘ess. Boo alter tear aariage, the young Bziont established Uhenslves infer Fi Avenue Nous? hat as grander then ‘ann hal eilstec in New York. was, among eller tins, the fire xiate Rowse inte ety fo have is cw balloon oom designed for nabiog bot the annul Helmon: oall and ‘hich, a5 Eth Wharton commerie later, “was It fr thee ‘nusvedand sinay-fou days ofthe veat to ebiterd darknas, with is gk chair stacked ia ¢ erner and fs exandalie in 9 ‘bag The Belionts wore also the frst Lo own their own ted atpet, to be rolled Cowa te marbie font sere ad aeons the sidewalFior parties, insendofeling one. akg with he chairs, ome caterer. “The Bolt hous awed Now York weiety. IL was meh ‘ore mseiicent then the Astors' olf house it Lafaycite Pace, ‘ad mace everybndy fa ha they bal beem cing every eng ‘ery ptovincaly wt August elon came song home—sel ‘whete nas he from echuly? people sked. The Belnoat mare sion nes ove that Now Yorke's poised out ta visi etd iow other cates. Whea the visitrs expessad cuosty about Matrers of Ste a che ete Malia ria aren ate Meiji cewetmercnces eins bik eee anaes wanes Sasa afta sce a ete aac as ole nar Etats hae Sooners ieece mace scab alight ees sectarian Eat eee te amet eat ae eee matnacts Ear eeatars te lag try ero prensa tea tesa i bet caatgatsar Re Eccl setae icouls72 Gurr roe Wicnensess (1857-1855) down ata able set wth the Belmon gold service. They were waited on bya equ abe of foolicn, who prevented ch Wilh sush deccees es aapi® de sanosback ana ruled ice ‘teas, Ofcourse i wasnimored thal he had wot ony supervised the dosgn an interioe decoration of is browtone palace, so= lected al she paitiugs, porcelains, statuary. and obets ai, ‘but aso neriewe an iraned al the serves, dd the order: ing, tld his gardaners wha! hothouse fowers to Brow for he timer see, oversaw the Paver arangerenis, scetiod de sues, planed the mets checked he lace cat, and taught his chef now dishes. He vas once ovetheardsayieg that the secre of pid de fle gras de canard de Taiouse Was: Never lithe id of te casserole while 1's seeing. ‘was ah std thet he deed the notes ht wife mace, pt sonal'y picked out all het gens and jewelry. and ould some mex be found going over the mate table taps wl dustelh, ‘Tasse details scemes odd ails outa keeping, aed not ull mate fi Jeu. Bat shen everyone Ned {0 ara that Crating erty Belmont wasn't exact eever, Andteact eas gua. ‘He shunys eave er credit As his guess onered his deni cn 1 be ceatved by bi dim, pale confection of ie, he ‘would mor, "n'y wife a marvel? Who but she Would have the courage to wear pink this season?” ‘To immigrants who were bs eonemporais, such asthe Se- brothers, August Belmoet became a kind of sjenbo! oF hot pce Gian Je conde, an ik a athe 49} To the Gold Fields 1 13024 Seman emernss were seater oe othe Bast, tdi ota ens nee ho sora ee tude Though thc boys were sprig, ie Was Spe Trig Joseph essed om ths. Joseph mand bs raters tobe abe ‘o cack apa! ove cra moment's ole, whenever & ‘ev siness Opperniy presenued. wl The bors Wed in nue os 8 Tay mand batho veecuped uate fet Were equal Us prepowrsing, a twovcom Mt dwn, nbn of Brean He was very ch ehage a the am sth ‘pezatins ard made freuen tp 9 Watertown aS. Lave {Seber tng. Wi the des Jesh ted the as, Fowated Ine ese enon, and there dene tha the favre ofa se Sines othe aiiy—NEx only faa ocr but sever brothers who needa jb ba Inga prober, ‘stipe stn ne, the gencal ior afin Ania ba teen correctly diegnourd gl fever” and nC Seligman AGeuiconb W Ge row dhease was went yenro Je fn Wun, A fs, Jase toyed with he Hea of Dying is (pick a shovel aw pong rect the Calor ils to {ig Joseph. hoc, copa hs. Segmans, be peed Sine othing cher digging, Wha ey id Karwan as ”n Our or mus Waoseness (1837-1865) sores, He suggested tha: Sesse consider opening « Seaman sre somewhere nthe viciily of where gold ws berg épent, ‘est agecd, and asked permission go. ‘Toseph ws rehetank to baye Jesse leave the proiablefust- ‘essin Weterown, buted lsc been worred about “atic” Leopold, the dreamy-2yed brother wo hd reached the ad vanced age of nine:eanwithows corlbutng anything Yo the $e- ligman focuses beyond panel sketches, Joseph desided chat Jesse shoal ike Leopold rth him to Sar Francisco ad teach hin stesckecping, lenry would be ef in charge of Wate‘own, and coud, In addon, Lake over Jesse's cht duies f plying ‘ands aad checkers witha ootslaling Lieuesant Grant. ‘Jesse end Leopold had orginally planned to tevelovesand ‘to San Francisco, bt Josep s wife, Babel, made sich Fass watieg, "Bu! the Indians! The erie indians! =o plans ‘were changed andthe boys booked stnmer passage. i ar 4 ‘te that would fake them: throug the Caribbean t3 Cold anata, ever he Lh on muleback, and then upward alo the Mexican and Caltaris cone. Onto be ship ith them nent 4 Stagetring mouse of small merchandise -S2R 010 worts— wih tak near all he pial te Si!igman raters a band tthe bo, But. the boys gute, Calta prices spared by the ani rush, mere Sound tobe ile, ‘ebacking at Coln, the two loaded thelr stock. of goods on Imai and slated actos the sth, Soon otters am the Boat ‘were il end dying rom Pacaara fever, Sut the to Boye with Their important cargo pasted on Pwough the eagle, Midwey sro, at Cirgana, the supply of mules con shot there were ol enough ts cary the Seligman goods, and the baye were forced to op. exe, young Lenpoll cume down With eke. THO ‘necks baer mules ative, ard Leooold had io Be lashed tc the bck of Jesse's mule. Waen they reached Panama Giy and the rei, they lad mised ie steamer 1 See Francisco, cop. eins, was cared aboard the Woeden side wheeler North ferner ona stetcher It was ol unl the Bost reached Acai. that be was out of danger {.ocking ver San Frareicen in 1880, Jesse wrote in his ge: “Very bigh winds prevail at times—there isa sarc of water the houses are frame sutures, afew ofron." And ke sae "Great anger of@ contrac” Fire was a major thea: 102 To the Cold Fietis n ‘dy-gceds etchant and Jesse krew th from sory experience ‘Avyeur before, a fre iv bi Wateriona DUK had desio¥sd ‘56,500 wth of merchandise, of which ony B00 was nar Praemly uring dows several irae streturys” Jesse mat ‘aged te seal one of the few Eich blige in San Francis, ‘hich stogd nex 0 "the gay ui fushionable Tebars House. ‘Leptbya Captain lones"at th corner Clforaa ad Sao Seat Jesse was ght about gol eruzy cvtes, Sun Francisco boot ‘dey, To Inder a dozen shit cost ten dolar. Coins smal than bal dliars were con- sidered worblss and were no! accepled by ‘radesmen. fn hi. sew store Jsee' maskup was wa the marke would bear. a ‘iva soon epeoret that vould bear quite abc Tin cup ee ‘ans for which he hd paid panies isthe East were sold for five and en dolars apiece. He cold five dolar lens fr forty dtlers. and win anc whiskey for tven!ytothirydolars 2 quart ‘Whoagh Seligmans today dort lie "o emerer tha they were ‘once i,t tquor business]. Through it all he ried te teach top erent of ackerpog Gu Lenya ba recovered ftom Peaane fever, now succumbed (© agonias homesick ad was @ slow star ‘Sen Francixco sas a widepen, tpsoaing gemibling toon. Men were shotciowa athe stges oh slighest provouaten ‘one day a stay bullet ou of mowers rete Besse § Hal — ‘aude enforcement vas casal fcirat bet deste Wat cate to svi the danptaions of San Francie, ard as even mote ‘areal (o see that Leopold avoided ther, This mase’t Mivays ‘easy, since some oF the wos Leming sings on ers nex dace Ja Cain Jones's Team House Hove. Iba eet home, Jee ‘observed that one ofthe bes-pald professions in Sem Frencs08 was prbubly the worl soles,” an aes af Fehama House ‘aualiy charge. three oF four hunted ies for an evenmne's ‘wteralament. Ines fashionable pars of town the sires ‘cemed with American, German, Mexican, Chinese. hi Kamae ‘women fom, the Sandvach fiznds who were witing fo oblige {br ess pey. “We ate” Jesse assured a worrying lose, "care fltoeschen sich peasires, voi may he sine "iB cnce pong LLegocld wistaly ace ile list of some ofthe meat popu Ics nares: “Maceo SL Armand, Hele, Angele, Ean Dev oF ri Winseavess (1837~ 1848) 1s .2°) To while nny ts Sn Farcico evenings, ese bled his He end Leap woted st i sketch iin {olarrs he saved ara pert ad ocesral busts tom the Tehama Howe. tvew ee pce cheb ae Aresand booths he boxset whee iered iow fhe tat shire tha stos In aoe punt move, ese ‘Rined Hoard Eagne Conny No.3 of San Frans Fe Bepermre ening of May ES fr brke out, Win ours she buses sen ofthe ws aes, Elysees trver ine plaked streets besane sre blomppe fsa he freiom bck Hoch. Jere hdped Se Oe enh ener ofthe cy ni care ot cote tan hued bak tes sie Met dor eo Ctl ops ante la 9 waiters, bellboys. croupiers, and “actresses on the roof of the ‘atuna ois inching watershed boukes os te esate srtig sy wih ck ed rome "You've gaat king Jesse sled oth Cap “edo ie ne vet ty gn te ar of my hug ad yo ike ete cl yous,” ‘said the Capiat meanest ven “BCD 98 so?” ad Jesse, Tbe few ach my bait et [Reso stem trick alla ne San ane Sours al "The Cast sued “8y God, Seligman, | hin you're ht" immesialy be gated alte belboys er tower sess, wif ther Saks and he base's Ui off esses ore Then ese shed Howard age, {Gamay No.3 vo semen hs ack. Som Nes ae oF Selgran lesmartiptoproreso profi Ufa eta des inthe arta ely oo were comply soared -lese soe oad the Tema Hose. Aer he ese found Mel tee {tees of te ony goer sto let sang Sen France Francaly he mt an lush or move menhuati, In ter yews ewe mot say peal ht, aught ar certs nao a he reer ok avamagect ne dott Ketatng ay offs yaces ty somech an sjeony enon sorbet at he dn owertem, sider Aher a, aes ‘es, by ndings chewkee nthe sry. wereareedy ‘Beds, As Soa Franco's ely pote eho, al Ta the Gold Pelds 18 hal cen only be deserted as a bande, Soon pro's fom San Francisco nets scooonting for such e argc share of 2 Sig rman income thot the Wateriown store Was closed and Henry breed (9 San Francisco to hep Jesse, avo had been getting precious lil lp from Leonel. (Concidowally, Geant's 41 Unfonkry was crdered out of Madison Larracis thal seme veer sd wos disgashed to the Pcie Coast.) ‘The Selgmane smportng-reehing ds ware almost ver. ln ‘New York th ost prefiable import had become gol from CCatfornia From New Yor, gold thal was not waded of the amarkotievaled on to Europe te prznase new supple forthe ‘Solgar stores. The Seligman sl dealt in dry goods conan, bres, boo, shoes, pots, pans, cists, wadurshit, and whi key, but as buyers ad sellers af bulionihey found themselves, slot before they knew wha! hx happened o them. inthe basking business. By 1857 over $800 win worth of gold fax made is way eastward [rom Se Calforata bls, goo deal of At passing thiough the has of te Sefigrans Tobbecome aasker in those waive deys was lost as simple ‘a maller 39 saying, "U ara a benkcr." A National Barking Act ‘id ot exis um after the Civil War, and barks—petiewar'y Dvate baaks--were organized with starting nfrmality. Ey trybody in New York, i seemed, was mvolved sn one wey of svother woth the money trade, ordi was sei, in Fact, that 10 bbs abunker all one neaded wa to dress ike one. Joseph Sele ‘man and his brothers hac slready leemat many Ranking fun Senting these oer Seame ply apart Wr 8 eer to Sarma Wsaigon. ct mone he Sehr Ts contrat Soseh wrote ‘Yom ote us cece, inoiming we hea triton forthe eating a be Are seated, fer. ting anda lung emsourement to efor te Lined Sates are nceta o my ty ono dar! Under the severe ress vs bcsen we nth ys make an rangercnt oe te payne of 2,00 is Sie’ year Tessry 250 Bons 1 ora task "This Unkoly Rebeca” a lnnon vushers for hc anca 1 td ceded to Beis in New York or #5000 (6 wich um we re ot heks payee gest woeks eT a) eable to reabze ths Sun very prom 0 to atematv uth usps, Teer novice wich wil rg dwn 2 les Rooses ard Aho Aid opeinives om of rio) ‘Dam cena for Gov’ sake ace you cannot make some senpeten bse Serer Oy wil ins ead icatenogre ma be wore "Yn oy cuaan of ifeea dat wth pe mt tg yur caesar ation -Avoarery, Joseph wot his mney. forthe veers show isbn) pod he Selgmacs oy the govcrmet ino Iwetve-nth perl filling Aus 181 Tete aso cet that Jeph hel fo wrk To ey pean of. AS pao Fayed e had ber free e acta, qe gu ett Jere turd sof thosandsof dolar ortthe™ yet ‘Rrssuy 720 Bond "Jongh, ins passionate boot and, tifa pot nes gay then ged ot (0s {hese tarde, bu the Uri amis bd suet eos oes tn poke thin he Noni sabiiy 2 yaa the wa ws ing, ProScath ant aria demoostatons ere cain pla New York, and there were repos of "wealthy inde Forth weaving Rebel cocks.” Liner ods were usslib Jpiesperaton uteph brie » spf Fron, ere ound hat eof Unions ens had preceded since ow wae ene 73 peor Get peyble arama In Exrope sia ih ae ie Teese taken sy. tam of pic Washington of ied {iss Dovph wate lo digaxe ef wares tod, Bt Las 2 low and pil proms, Meanie po fer sos, the Treasury vas umsing wore an ute fs tons Wo H- {rs anuting fends Jowep fund insel in the aeoiting spoon of arg sai Union tres, stat the Uni cok Supplied wit money, $0 thatthe Uno cou pay bit own isobh ae senes Sc, te 0 wal aus ve seme hinpool of wuppaced eet In er years Joseph Slim's toudeing er’ in Ear rope ding speed Pee oe fh es bh dae4 Ovror snr Wurpeness(1857=1849) pots inthe Selgmns' career. Acconting to Linton Wells, tn Maren, 1862, Joseph went to Washington and corslied Pres dent Liocoln and Secretary of tae Treseary Chase egeding at ‘lacing of [Union bon in Frat and Amsterdan.”* Then, ‘ays Me. Wells oven lll for Estope with a clic of Union bonds and “aoteved sucess far beyond his Creams, Net ony ide dissoge of substantial quai f gorernmert bons oad ‘Texan notes, bute was abe fo arouve console sympathy forthe Union cause, and Ud mare han anyone else on “eord {0 etalish an rnin is eect brand. He = paced normots quantities of bonds i: Frankrt, amie, Bei, and Antierdam «4 smell ancont in Pars. afar marke, PoC them in Bngnc.” Wels winds ws sa9g that o the $310 talion \worh of tondsplicod berween Febroary, 862, an June. 1608, “nor than 280 008.60) mere laced abo, andthe Scien disposed of moce than kaif this amu, contboling fo Ue ale yma pet of he ler uly ances pss in fivorof tke Union cxase.” This secount hs become Center tiated by another historian. W, E. Deal. who nas called Jo. Seph'sbor-eling “cama perhaps tothe service ofthe petal who stopped Lee at Getyshir, Linton Wels hs also wll that Soseah Seligman, daring a iwi Presifent Lincotn,persusded™ Ligcol te pl Grant ‘a charge of the Union forces, which Linoin ofcourse did ‘These consitueszzbe cans, and subsequent Seligman ger= ‘rations have coopersed with Messrs, Wels and Dowd in Ste ‘ying on the legend tha Joseph Sefignen son the Chil Wr by ‘eying for, Unfortunatly, ne resands exist which quit Bet ‘ot these clams, Tteesuy recnrd forthe Cit Was period ane lncompete, and Seligman records on iis score ae now fot Joseph dd vist Lincoln and Chase [962, bore abet and ‘ttoome of hei comsersation were aot record. los ph sty ‘ery Wal have gare o beg thes io stapnaying Wie ws Une bonds loserh was in Burope coring the moat fedowing, but if he sas achieving suzeess “beyond his dreams” his fers ome don’ show i, He hay rentons Union bots a a He fo 8 Weds» oer Sefgran sf member, competed see sanraee wana "Te Siar of Ihe cae of Sebgan’* Never PA. rene ae a ark Mitral Sch heey “Tiss Unholy Rebellion” as tages mah mo hcl nn ie at i er og Bhsan_o stupapiionuiond Sagat Laks hose, ‘tue dete tes of he Hee of Rab A howe whos se wat resorted Ameria cl Dy AUD Telont otis Jseph wack fe (ova x! war Tan 83, ee Soot te amelie teow Bask ingyen Eros doing srr ed ot esc cops hog te bh Boing bcs Thee ht hve dae deo ling i ee no pect tig nay edt! some bt neo Elen tein nha dr wa ne" "Up {S's ccf courte, nese ne Joseph prot adil Union Sons the hndods ion et Bose scems nolo, ss! free ato having done “ial naling" " Po pet propagate Use esse, ops eters carne Se ent ar yus ae oy ova au pstinie SSeutine Un’ ehove faa, 8 he condo fend Wot Coothrt tae it ren cae ich side onthe wo: he amd 9b ove oh cou Sub iia hme, Rea eater of Ameen abe, be teh in altro ter Minne" As aves Silt we ect hae dct ad ate ooh engine only, Cathe nl excepion TE ie, Guo tow ng ian even hee™" Co toute Ms eutan ile Wifam Seigran roe turiely Sacks Te Ea capita swell lo 90." ‘Aono pr doseph bus sone Uc bose for ‘ison pra, en gly bean ngs bout fBospes und wide aratos fenlt ele US Seek wth | bug and Kegel fhe pe Segara Arctkansace 9s ole bares vee sa hope fufan pete tae ta he ney 4.00 wrth Cl Union ees fr he ova ceva, Joseph omed thon: Dencl besa. he ancwered "atthe Covert site eee ee an ie Sah Shoal face en want so fay 0 le to mate Beco il wed adeds et roan of wars 7 tap eg fal denna fre pps oar cipting te eg"Our oe, Wav oenaens (1857-1859) Fron money ops Ch Warts tuto homey aly anaes: "Hope Bro, Win da has entsy recovered fam et inlsonion.- Hone bo, Abtm asst veched td He Pes sabe atch po ath hon drench in Gatnary have 0 fos the prope are yet Of Grenehemskesiosteomerten Toe Gretastee's so Hears end ote than he oe lose sia len on ese oe tht rl hve race Ii fom Arerex=Gr' fue Over Nor which ere gel evan Seid te Urn lesan cath es ee Seer sift exzand. nS, owever, wien one Re abun vere openg Uncle's eles sa were oe Grater asta, iso cotmenc perl ieee Sl Heed noms Gro T's probly done cane 2 pi tenen Linco and Ora hs och, oweve, of Jxeh’s Uti bond cling knows sty inns econ adit 18, Witla Fessenier, wh nesrded Che x Secrary of in easy, ampere sf lien seen goverment nol ose Sega heated «cep of Geran antrs in New Yok mo ihe nerve 48 rin wor of te ocx Bue Scertry won nt accep. he term of Te sas, Toe rhe Selman brs ok aha pt lig hee Federal sears tenses ard proce a hy SO er 80 ron rr Botti four, Wes inact at ths ie Warf: the Heo the war had sony ted ast the Sou the Unie’ fron stone fa ighened Bah te Non ta in Europe adit ern onde, For Maver, the Monigomery-bised Lehman, the war menat hat his cote business would have to be modiGed ii wat 19 survive. Some collon could lil be shipped North, Chin athe lackade apceared periodically, and small shipments cou be ‘otoeked thnoigh. Coton cole also be salto New York, ek Descely, via England. Bur the pi need Was fOr warehouses ‘where Southern coton couls be sre for he dralion af the ‘war, Mayer apptouched » mechs ramed fon Wesky Dut, ‘2 puinerin afi which ovned ie Alsbama Warehouse. Mayer “This Unholy Rebston' a” and Dar ford a pari cilthrar, Dur & Com , ardnoubt te Aissna Warehouse. Rfong Maye Lee scoe ecw er seh Corte cles as Shona il Wate natin vero of An fuera ine, atorey Gere unr Pree Jerse Tvs (al cet aver Lary te Bet Sibert ri"), Ale ced wes the Confederate oil eo Tilnty Hessen (ater whom Mayer ead ae Ms youngest sin Hvar H, Lahn. As seh Seignan bal donee Ninth, Mayor oie Nseries othe Coaedeecy toast inevery way ponte 86k de South nas agit’ by pnt tat cxpared ao dirsyere eng curved and bolaed nie case Sere a Confedersteatty nee iran up in Not Sete Alsiimn epee ehaeed Govemors (6 Sen ol emi is fora eel of Alaina cepts, ‘pan as devned Ashomert of ctor wold ese: rough tnumg ire to Now York, asamp 98s Mex ‘oath ctlon wos Beslan ne get Ar esting hs Tomlin, novi uy and Jee Makes mee Srovion othe pezoner fiom ue pruceeds. Mayer Lekcee, iho wx egerio ce bon hs brie nthe Noah ae, eed to 6 i ge eae the “eee ead of Spetsion, Wats ape, ad woe President Dav sig SF Maya: "ie et frie, ba bs been ere Ges Years Sndis cog eaten wu, Ride nxessary orm ‘ezine nes ae Hl may fe rid h pipe esos adinianed by yous he Age! of be Sate 3 Redo’ etason Devs commie dew wpe reauesed td sme fioen hina ras Felon Were a7 {Mig Mebie toca Unie persion for nt a seratuns dong wa Bayer, ok he ce “Tha ha pane day se eave een cones inorder inmctnce osk hve eles 0 sup. in anon 125 0 od Maye Lehn mae et to te Conner ofthe Un arate Gove Ot Questing cont toes tet ie ng saving" Sri whit 2 gat soler mt fx fv hone brave mes, Tho ye fren af nor hel renee ep oe ‘aoe taht foubsh ev we note slomet seve is88 Oren ris Warnes (1897-1858) af wi ese yn pian cea lena ton ie oat.” Deter oe nt ase been sored Tome. Grant out hae tough he whl em sir cers fy, Wy edd Majer Lekman om ths Seals ade coco merits be cenctned wih nie enone and Nora wea! Aur a Grae ele, eta wate todowassecoton nthe Norra nat, Hasyn Gn tamer Mae iro els re Mayet ance aan enclosing ep fhe gil cae ssl ett ewe ee gon The ani, Mayer ado my of ‘swing fad enbased un ough pb aan op the Son, desea to wear eens Ua tnd ed ne tick. Ardl cae Lee sender an bore te Fede Xoops moneda yore SD escfeonanwere ‘ello tc, iclods Se cie vena he Assam, Warhome Corman ‘Sn! Lhmo oh Nort es hs Hw of Le col’ Neches scons Oana ho be ‘nando eae catty iar te eid on Maat tm cay wav efi, wt hee vel Conte {nda imehee me cor Scat iets Now Yoel thee comestbs wih era Wand ete ene mh hs w an Sef hee Cntr tee ‘eed i Stora ait Scheuer gc eny Sapa ar assoc ‘tt tor Northera ones, ve in Caney Emu Und Jug Setar ener sro smite, wih nape ade ae fro nrg poet, Ta ae Sch oc Ci eee Poa tnt Se pe Ses ata ule yoo ‘yale asestl ghia. Th etic ofa Upto the outveak ofthe war, August lon ha ben fe rancid svat ithe Mesdent ofthe ried Sates Dg “Tht abode Rebelton ~ ss fe months. Fenn eet on Belnant fr Rotkschid Imoney a Feu a¢ Corman nod the Quereeasier Cops Femueé onthe Slgmans for vor. This laced Belmar fr fn anton pion Heetog Ine general rome of ad [Borope, the Roche hed qrvve dole tow he Nar ‘arcs of winning, a@ pave Belt and he Und States ‘Teasry ony lucewarn and best soper.Lieae' fon ‘tier were orn oooh for ew sgucesof ply ane cad {hein thebon sing ert ssh ens Seep Seigan. “Asin var progress, ea for Hoenn Washo d= (ned and este to elim gre By he wae evs Frsney ac hve actly wom te a.” Josaph Sega was ‘ey doar to Washingte's bea. ‘Ooviowsy, Ms vs the meonent fr South to et his great pant mone Win ots of Less urease a an none is bothers other to organ ze the ieratonl Dank: {te House @ Seligman. The hotse woud span the ATi ‘oninent ard weep are the face of Europe. Each bahar ‘rot be given a sient seal to hs eerarent od {SIMs Wala Sigman, oa bol he prtemtous lh incon ad Who ves good fod ad we, wold be ie ‘nchayz of Pus etsy, weak ened eva ages stat newt gce Mat n e S to cet a Presa, won asa on ad 8 oo ery hing ps Be owe the Roses Josep Jes and Sexwhowe old fend Grant as te Aseria ea of Ue ‘hj weds remeinia New York. asian Lecoesl, hoe Sosephny now tree obese ae epee O¢ Hs Ie, vere asc a San Francis. a ey. 12 the te eet pd steve wes sbstig hat hl biceme ots impure, Te ‘eae of Selgean satan eopy eft Houser RtbscAl, one adits Alter wha ott hoe bere eta "LA, Sega & Company, Wert Sarr, was ei tor, Uucan ten mote reanigl nome accords et dys Inter when Joveshras woking owe Nassau Sect Con Hom opie Greco, wi te gai mp fo Ue ok hcg wound Vat ha beer bi acer, pce ter than the ste man Bimel, Angst Benen. As Bernt 2 ‘ouched he looked at ese, seule gH ete hs le0 (Our or rin Waenraess (1807-165), ‘at, sal. Hullo, Seligman,” aad leped on. Joser knew thal he ead arved,| “The evening Soserh bought his wife a presns, 1 mut be ‘emorbored that the 1I0"c were not ape of Rat ste, ‘wat Ihe ee ofthe w itn. tbe Mourne, ue animeeaste, the tbe past. and the piano 60lerngheealha Spvishshawl, dsp’ gi to Bobet was consiieree one ofthe descative "musts" ofthe day—a goles rg pin, desaned to show thal ovner as fonger made her ow read bat as fine ‘aly able to onde che tain of purchase rea} re loaves lake gover’ The sar es over. Th boom nas on. Ie te Soa he ton ‘muriet was reviving. and scon the Seigmans opened another fice im Mew Ortesns. It wes there thar Iovenh Salina, schieved a remarkate feat of coutvar éiplomacy. He mvited General Ulysses 8. Grant, forree Commander of he Northen Forces, ard Urgader General Pierre Gusnve Beaunegan, fc ‘met Commander ofthe Sohesn Army af he tote, the maa ‘who directed the fring on For Sumter o dinner. ‘Cesta i wes one ofthe great tragdige in Civil Wacistory ‘hel the dianertatleeooversation cher Ssligmin Was not se corded, Bu' its Known ta dinner sated with shots tie Brawns from the gut” and that the two generals sated ami ably. Grantcrank the to of Alsatian we ardent po ane io sng. ter inner ie iwo gta oye sneaker ‘he billiard ron, Grant st tea Te tw a eenes wen TOF abr ssl, an fn am rough she act garden while seo Seligman smiled bemeriy on fear THREE } INTO THE MAINSTREAM (1866-1899){11 Fe Peddlers in Top Hats aes Tease Adams eile yer faliosing re C1 War “Se age of he Doxa” Ty fret wold amass fn ‘Amtcuen a eae never befor iusise. Tveriy vers eaier ‘Bote fr nl bee ve men fo ne Unsted Sates woth 2 uch ue ign dts, and there weve fess neat wart ‘nemlan Spana New Yrkreepape wll eprt tha! thre se sven nce a sn he cy of Now Yk slo who ‘Wore woah atleast lion, ondsame wha ware worth mote hantwcrt ion. Te fortunes, termore. were bets made reams seer before ead ffm steel al, star eres. Endo conte eon oe ail. Tepraghies were ‘yawns the counny. the Cale Kirgdom was oper ing in ths West eteonse mee olga frously and reel — fa lc each othe: eedatexess-prposeswiieach her ete {ho sures ot wel fogster ode preacar ar ves ihnevca were descending ot New York wp he money ME en “Fo a Guard New York he sscon wos laraing: Genre ‘Templeton Stong. 8 dnt of te pero, benaned Ihe"o Eao Ineo THe Mansracan (1865-1890) sich sok from out of tw wh invaded the oy.* a0 ‘wrote: ow Neve Yor ha lew of ding he as forty yeas fs inlet ans etre ave Dee dled and sxarnped by Angra Toodie of matenal wait. ren whose hank aeecunis are ul ey rely on fe soci postion wr in ‘ests As or ei dies, rota Few who were dFVER in the fos sented turnout ivered servants, looked as TFthey rah heveevenccoks or chambers few years 60. “The ales intr rappy tc athe en with ke cecrdiy bark seca oped to ea nig aot he ‘theta mates a pope te Ms Sone They seme ome) "yekgroul vnesetary suchas cakes Mes $Ttay in pty Fashion, x ier mse a a Tract alcomented Foret notre he ee, {e834 tenons tha we av of te npper en eam Genel Pus bo case cto te rd of ashen inkl tread nr eter ene, here eobably would hive bean wo part oy the ind wee fave become too reve. Hse he w ning os teh the Fark tecone sventes where les pea ali every ae hos forte word tarry and aur Theprks bests Rade eine abide toh 4 iss King compat al Spe reedved “approing atta the oy ano fe Union Cibshenahe doves cxbind hecowalie pony phe for Men etch as Rosscra Roost aaa Doane Kae weed Thea tosbow el he eating fourrtard cones Site ved el tlhe pr, mer Ph Aa sed Meet MeAlate ed seoures ht be rey cold wo tether raw sosey ror of Fh Suet the perk Sgn 2 Pity along fowsr BM, Deve, the mansiows ct ‘Adar epee Webts Sys Roeseves, Marzans, Mer fis, Nesbols and Rhodes ee antl aio ‘Sf eped tare aed, nd ee ees mses Br 1 ae Strong tl however owned en hasan sor! of Ken Pelee Pedalene in Top Heats 3s row trom every ise et period tanh lade or to'"New York eshte Set dra str. I New Yor rmvng rors Enlae ferae wi vei. devi wat bing elon by Venetion Det, Sy dene ‘ive toches aed eabonte vies led wiht, ese Cy aod maior sue of ae, Bnbrery wae fk ional, ard heavy eared “iow ete apd larga teese vet eis ere sos. nv de ub — ‘Weathewer Cont Ton eho wa ih oF he cto tamer, hee an the Sat Berar dog beg {he berets moa vers cna oa When Alay of wea was cone vee ‘ect properA‘asiov ote was the "peshaboo" aie at. ‘eis wir aewed the wea ay oly aio beset ibn with her conly ches. 4 ren eeu af rma, even sites, chartered soa tcessoon Sockly fet Swed ior der even when dg doce: Foul wae bea, Dene, bat veimcieaive—Auqat Belmonts mes were a ‘xcepon —andelgn course famty Amer ere no surgi. Seven we ee ites rgb nk a is for dimer on he wong evemg, were eae the ‘ferment et aded cle ers, sod weve SY ster toe cotomarycgh-ooree. The celfngsad a became so eaborte it one poo con remember $f res and mont women ho oe he ie manuel hee fetes wo ok up wfc srr of whe car Suk be Inve down Tar which occasion e820 oS of he Heavier of he period wes hermomen athe Ea given fr the stn nce of Wales in 860 when Ue loro ated {ecolareftom he weih ot hewstbongan ad bea Shore ip fom bea vas ocely aie ht scape enya to desi athe wat wh, ha naire nwa did There My Ward Meister sued iste ala prety —be my ten hve vents fe MeAliver hd edd that hee were {ha emf iporaoe In New Yor "no. He Ste ten. oc he ce farses who bed ae pasion tan iney. ante “Swelsa rence eon wh had 28: tea ad be sat aod fo Me er con A Meme ‘Van Rete, in the words, nat amo. A Vander6 Ino rk Mamcreaa (1668-1899) 4 swell. McAlister decided that colton sooety should be formed oat of these (90 aroups. a onder to foc "aed Unear lsat weld resist the ivasions of * rotces, hoor sh Teople, people with ony money.” McAlister id nt sy thal as incnded peep ke the Seigmrs, butte rpiaon as ‘clear McAlister’ formula was as goods amy an, since society needed Topmulas 10 seassuce (hel of ay agence, Hat ‘opie. Thre were no Jews ot alls MeAlistor's ebrbined _Hoip," andthe unspoken sentiment began tobe elt tal, thong Jewish tankers would be erate 29 the Faia commun) ‘oral Sueet, hey wld rot be weleomad ot Fh Avows ‘New York's patrician Sephanllc rues auskly noticed dat ‘heir anes were wo nck ded in Me lis eoleton either, Sore Sephardin expressed rele a ts, Buc thers zene ‘They bleed the pes exclusuy onthe Bakasicr ofthe", ‘garessie,newerich Germs" Talne Sephardi, the Germans had become the ‘opetiy, atogen "Mrs Tien ‘Society might be ate to Svedak the Gorm Jes, bt the ‘busines eommuniy no longer coud. Te Sehgwans were a Tat ‘of Wall Stree! He, and no he Lohinans began emg. De- ite the setbacks of te war, he Letians td quickly 90 their ection business, Ematielreesubished mse ia Feillen ‘Sirel and Mayer—ith his Souther porte, Me, Dirr—reat= ‘sembled Lehinan, Duer 4 Company ia Mosigamery, ands ‘ltancously opened Lehman, Newgass & Company in New ‘Onesns (with Bis Weotherlaw, enjoin Nevgass. once ‘agiin eran the comer fer the Seliwans, Montgomery wt the center ofthe Alshana-Gooraa-Pieton cvitrade, hie "New Orlane served thee Missi oustans sea To (865 ‘early nit ofthe vtton shipped fam Areican ports passed ‘hugh Deport of New Dries, am ig he ifn posta? ‘peviod cotcn sega @ he unctecedaned price of Fity ents & ‘ound, But New York was il! he money capil! of enon, 1 1868 Mayer Lebras deeded soi fis brotber,lesviag ‘Newgis amd Durrig hand eats ine South. Let man Belt * Une, of are,» pee bt of gcse om ll tr in Now Yor sett ne Ars hemiin were Moh. Thee {rato alie bardafoldNev Yorclruie who me Nesemesnieree shone vans Peddlers in Ton Mots ” 8 tok now oiees in Pear Street, jest off Hanover Sour, ‘exter fe eaten trade ‘One shiny was noticed that sd ne ben: apparent bafors the {to brothetsFocked almost exactly alte ith taht ej, ‘pours, and high foreheads. Th effect of twinhip crete the Iinpreston of ne Lehman being severalpaces a oc, cater asiudes of bounce, eblience, and goad salar soo earn the the qusintrkknane of "the Cheryl Brothers thei porte wien hang tthe partes coore a Lehman Brothers, ‘hey do nol look very Cheersble; they tak propery banksy and scr, but doves: being togeTicr ar long seperation ‘uae tom Cresrybe'9 188, Ai Lenn Bratt the heared aes in the purines" toow axe call "the Srl Brot,” ‘ve there isa ceils seseblance fo te eoteh drop ga.) But apoearanass can be decepive, Teaperamertaly, the brothers ve ile 4, Ermmuel the "isi" none ina, Maye the augoing contac-naker. Smart Was conserva ie and cation, Mayer speculative and ball. Members of 2 f= Aly hay s.d hal Emel wool toy te sarc] pie and sy, 7 a good tie lo sel.” Mayer woul Took athe sme fade and sy, I's a goad ime fa bay" Once, ae Veg ‘oft pai on the Cotlon Fxchange, Mager was aces strding out ‘of his ofc i sie ht, ck cnt, 404 sip Uouser, MIA Niskeavy gold atch fb suigiog al ie wai, waking go} fanded sick and wearing a slot his face and ge nen se feonrMdense. A young sancti an esto him ad sad,“ Me ‘Lehunan, are you waned?” Mayer wpe" My dea" Your rman, [see joa lave kad mo experince With oing market.” snd soc on, Other in the fam summced ap the ern, Saying, "Mayer moics the money and Enel cortorves (On the por, one aoc that Emanuel ears dot ond Ser eral: optimise Mayer wears aauty. ChecryBe bt ie ‘Nor were the Seligrans and Lchrwis he oily imitans in New York whe sere mating the rea arson ‘rom ps ing nd siotekeepig Io the provinces Uo Borkng inthe big iy. Now ir 185. thedawntonn tse cinistnoicel a ft ‘ald Kel, Loch & Company, and is tp hated ite prop ‘lor, Selanioa Loe, At Bi e's nnistence, Les ha rel ftom Crciowai—the “Porkopaia” she hataoehad Soughe 398 leno ra Manvsresane (1866-13991 ‘brownstone jn East Thty-igh Stee (hough he was warned {ha as “Woo far uptown and Was sure ¢0 be a be ‘vestment),a1d bad opened his arvate bank effets Nas. sau Suet. The fr bad a staring capital of 300.000, ae the (rigaal Kuso, Looe partners were lcd a8""A, Kwan. ete, . Kuh, S. Loeb, 8. WolT"—allrektives. (Loeb's orginal borne inthe Cinna clthing buses. valuta Kuh, 08 ‘ued fo the fam and reir petmnareat 0 Germans) ‘Marcus Golden. nother cloak-and-ster, so yielded (ols te and removed te fromthe city she disliked so rach, wich vias Phiaceipha, In New York, Golden hung ot shingle n Pine Street eanouncing that he was now “Mateus Galoraa, Banker and Broker." The Galdaans entered the brownstone ‘word of Masry Hl, ang oined the group of ‘anes whose Spirtual carer was Teatple Emany-H, and whose ackaow! ‘ged social leaders were named Seman, Marcus Goldman's cowntown “oles,” bi thore ef most Nedglng barkars of the day. ea in sherp contrast 9 the Wa) be fred otawe laroud the comer from te Astor) ad the vay be dresses. Surptonds downey lfces were til org vay of, and Marcus was cellar oom next to @ cea hate ‘hase cir quacers he install stoc,@ desk, and x wizened tie bookteee whe worked at ernorors irr f. In what was te standart banker's unfores—tal sik hat nd Prince Alber! Sock coot—Marces Goldman. ited off eh morning to visit is Mierds and acqaairtenees among the WHO ‘ule jewelers in Malden Lane, and inthe "Swamp, where tae ‘ide'end leather merchants ware located, Mote camieg Ws tbusness in hichas. He knew arerchant chief need cas, Sine ‘ales af loans fem cormmerciah banks were high, ape mene New York's sma merchants had of obtaining eash was se) heir promissory notes or commercial paper" me Hike Marae * One way su a ice of “comma paver” 40 poste deck edo. yu ew achez or Sdn fan no taradon fds sou eapested tc Hey Me jot wok nd ferent: nfo wn reno SHAG ot i apt at Yeumipn and tomense wn p you $%, and ht son th, tin lore fet sue ing Yo rn ne 8 ‘deal ate pesca! chock he bt cael quit ‘nga cern, Peddlers ia Top Heats v9 aa discount, Commercial paper was then beng dccocered at 10 9 percent, and Mavcus purchased these mols i ANAS targing om $2.00 to $5,000 and tucked the valuabe bts of apet inside the inner kod of Hs hat for safekeeping. As Ne ‘mornicg progressed, his hat sat higher and higher abcve Ni forehead, ‘Then inthe afternoon, be would hed plow tothe com ‘mercial banks, Hle would coll onthe Commestal Bank in Char bere Street, the liponcrs de Traders fo Warren Street, or the National Fark Bank in Joao Stace, He would soe the csi, ‘or athaps the presen deterrdally weave bis a, ae tne ‘would Begin to diaker, Marcus was doing What Solomoe Loeb tas doing, what the Lebrans were doing with thee cotton bls, and what te Sel ary ung orev’ pen ake wih he Rd (hich i essence cre simply poverament. oF indisty, cram nes to pay). Mereus, however, dd" seen to nec pariners Eon ‘he very bopnriag, Ne vas abe to sel as inch 2s five milion alas" worth of cormmereil paper a yen, - ‘Bertha Gotdman was able off 1850, one of the Maing: ‘uo ernouts wth Bverad servants” deserted hy Mr. Strong 4o ake her on her moming rourdsofshoppieg aa errands, But Mareus chose to walk. So dkd Solomon Leb. Soci tae Lghe ‘mas and the Selanans. “Trading om the Steet” meant jus thal. As the pedestrian bonkers mt ech othe. they bowed 10 cach other solemaly. On their cally tours they arprased the aitdes af each oes hat ‘Walling was becoming &tradton agong the Jew sh bankers. ‘They aad wives whobelevedin fedingthe rhusbands hearty brenkfests, enormous midtay meals, and Laculln diane. Walking countered soir of ho effects of thes2. There wns 8 i of digrity. 10. Cariages wage for Taz) sen and mor of ide consequence. The splanor of Ihe conveyance could éim the spend of the passenger Toldes up itn, Welking ough: ‘nea the physical and moral ber, buf wie soe forts ‘of bcomotion. Walking, a man could mect he trends. Abot. he coud Keep breast of wrt the competition Was doing, O22 dig business while one walked, ai one walked even wich one sulle. Ina few years" tie, Jacob Sehit—uno would tower above every francal igure in War Stcot—would be ae (3100 Pedalers in Top Hats shat ede in clr i fis mig ‘cesta et eo the Beeger (The a0 (CEE se sertle sno eee cetyl Shan ey sie poeple sce he iis chon vce ide eager eter Theat our emesis ste) ‘se amy mbar bone iin Teco prae Sean Gon, amon at ste Selgmanswat mechan” Bu seers ey Saye pees coverne Woe "485 Sa cow iy wee plies. 112 } The “Our Dear Babette” Syndrome ‘iy the wacs ond SosephSsipmen's wife ha presente hic wih ‘Ato of sine children, fve boys aud fou gis. Joseph's eit ‘25am sles, andthe wives ami shards, were following Joseph's poli cramp, and having seven. ih, nes, exes {irteen hile apiece Pom the orginal coven mininn Sl- femans, the combines Scligean fanily—hasbande, wives, and ehildrh-—fed swellen co number (Oh ore Joseph ord Ins brothers 9 prof ip eagle of $45 percent Dynautsoserh mother femredall he reanareesinthe fm Dysarich wasqpite oh ice here were ten severance [Naluraly ne prefered mck erento female. and he eee ‘ory neatly wo ave gotten is way, Delchiyu0 Seligman eh ran, fony.feur were boys. The Seligman chide aso fed ‘ofum-mentaity sees of the peed, OF the fur scare dhs WA ‘composed the sacond generat, culy two dino ive 10 a tunity This healthy and nmeous tise world one might hin, Provide personel (salen operation of snwst my sz. wor102 Ivo-rHe Mansrnean (1866-1809) ‘There was oaly oe woubie, ace which affects alt dyrastes, and ove wich New York German Jewish Fares, who cre! fn equtiontetmece the for en the Busnes, out ll en- ‘counter Joseph encountered eal ova before ew ce- ‘autrod 19 tackle the fo of fun sons, sone, nope, and nephews i the kts he nad ordained for hem, No sooner ha he gt his asec and wanseentrera abe of ‘organization setup, wilh exch brcher-ortw and rote in is sppoiated ole, ihon he discovered he had mew ho were Ux ihppy a, o° Unoqual to, thelr dies, There was Max Stik ‘mer, or nance, Joseph's ster Babete's husband “The position of a Sel gman sister was & ical one wo begin ‘with She was ally dependent or her br hets or money, and ‘though they were aanerous, i was na Wigtanded wey Which Fete gin the dark a to how wealthy te fam really Monetary matters were consiered damaging to a woman's ‘bran, bo sp che Soiame brovers spied their womeafslk Minancil details thet They beloved were beyond ther erp, ‘Whenever basiness wert badly, he women's allowances would ecu, but never with an explatalon. The women eseniel is, but there wae uothing ney could Jo, The mea were making the ‘money. ond were tei benetaclors. ‘Bebette's postion was particulary unhappy. Max Sethesmer was lol but coloass man, moody ene uneommanicaie, and such Beas they bad together was possed in skied of up boiteret sence, Mos, sparen wasfond ofeting, I etere atthe time, wherever reference is made ip Maza here ae very fern fe withthe comment, "Max st theres" There isa ossbiy that he was not wey rit. Max and bis ater were inporers by Waning and tractor. Buying and sting goods tensa yecess Max understood, Bu he inticacies of ice factoring, bond selieg, mane eacing—euded La, Balin ie mariage 10 Babel, Joseph had placed Maxi the Sl. Louis Sore, where be hed worked with Wiis Bt now, cealy Liecty yeas biter, when Joseph vas cendy to abandon soe Yeepingalogetier and go ito lerntonal barking, Max xg InhishelsFosop splor. was to send Mex Pars vat Wiliam, ‘But Mex cid wot wart to go 0 Fars, cinta banirg, orto won with Willa, ‘Takicg Man's ie wes Ma’ her, Sach Steerer, who The “Ow Deor Bobese” Syndrome 103 tad joined the Seligmen enferses when his son mie ito fhe can. as aling er sapoor to th Steerer eto wes Jacob Steiheime's wie, The tn or Ms Sethehner was ele ‘0s ofthe Seigmans, and disaperoved of the way Babette Wes rising er children, And so Joven ed to move rw wih his grand esi, whl all he Stethelmers Bed pagans ll the Scianars ‘The suation evew sicher daly. AI howe Mx corptinad {0 Babee that hee brother was “against” hm, was trying to “oct i” over him, and "wants 0 push ene ard” Bsete Wed to iteroede oh losph on her sands teh, nd fo Sept painedo Babette thas bad any evel ner fbi ‘He Wold get Mazar Man's flier—tod9 as they Neve ta Afterall, we have made Maa ith mar.” Fe roinded his Unvisely. Raette carve dis message heck to Mex. who thereupon pee cened Joseph with an iatumy, {7 Me aid is Father were no allowed io core hi inert gb ness ur Feanpered by Joseph they ould Ieave Joven ongaizason sllogetner Max then tol Babee ha fe ab the Sel great Darled cons ie woul never Permit RE 1 see ary of het trothors and iters—who Were ner whole Kt—aain In des Detain, Josep turned le Wil for Fep, ssid Max isis that we ay io enporiag tain, And if we lo no ener ito a tangy a5 of old he wil get ctor burners, Nothing wovié ease re mts, were Hn for ‘ur Gat Fhe who say aoc 4s MEX ceases Dts ‘connections wthus,ske wl fae wife more propportable than htberto and bes of te toy lo Keep hi IF oy forker sae | dezm i wy duty rovded Leanmat place him in Pane or Fraakiut a3] wand prafoy, to eormnent im owing nein. Willian had a pectical suggestion. "The dlp, he bined, fright be Sele an soine ole are spec uy the ae) area, Sue enough, Max hag hs pric, an med lac, A set ras given 10 Jacob--eaoneh Io esaclsh him fy porting business af hisci. Another m,n sho fom fa ra hare ofthe business went lo Mak what Caton tN Hey104 sro vie Mamsovnuan (3806-1859) tn Frankfart, As aroiher concession to Max, ar to pease Bax ‘bet, sepa apr t change the tame ef the Frankfurt honse to Seligman fe Steeler and to let Max engage in importing land expoding or the sda, Ic woud not be tue, of eoutse, to Say that tis ae everybody happy. [twas a makes a eagemen’, costly to Jateph and ove hich Max had accepted only arunbiraly. "At toe sare Gr, Joseph was tying to cape with a giereat Samy probles in San Francisco. He ba long realized that a- fate Locpold needed fa hand to pide hi. He bad asssmoed tharin te West Coas,offce Alesha would provide thi, Bat {feoon urned out het this was not tobe te cea, Nether Abri- fam not Leopold seamed te Know what he was doing, While Leopold daydreanns! over his sketch pad, Abrchwn—nho a ast undertook every project with reat emhusixsm— embarked ‘por aloe series ok bungling, lightheaded, ard expensive as- (hes. An icoragetent brotheriaw Wat Bad eRcuA, DU to fave tno blow brofiers wno were no good a banking as ‘congevabi, "To Josenh eveything was question ofleaming ie esl tua learn pa so, allersy, he Dea trying to each Abra ‘Barking By mo, "You are, of couree,acen yet in the barking ‘ines. as ne were few years ao.” Joseph wrote from New York. "aed i only though eatsordinsty cation, gusting ro ne, excapt we Kaew from cur hnowisdge tha he was sae be. rand a doa, that We BO chong wou Ha vg heavy loses rt Abiaham end Leopold apgaresy cvsct everybody. end osegh kept hein eee ings out or ten: The msn thing. ina banker is safesy, with ably to reach Ws money at a mo tment eal» » The sujet o€ faking depos is rahe sky ‘ne, inoamch as depositors exe (and wl, it Eis of oats) al for alee Geposls, which is enough to break any Dut the Nery seongest bunks, You wll fis no akc depots on cll, Fram anor.” He eutined hic cred, which w2s fo sin, stall fines os anol git os possible; "Never led aroney with ‘out seutiy whic you can sll at anytime. Never endorse [po secariy fora living man," (By ts, of couree,doeach dd Soc enean that bie botlers sould endorse dend man: Pe weal That they shovld back bustuesses. set peepe, ce human The “One Dear Baber’ Sprirome TOS brings are seldom nepotasle.} On andor Josegh went. explain ing the rudiments of Dorking, ‘crag 9 cul the obvious 1 the ‘leaner pointes, LUC tne Wo Better never seemed gute to graze what Josepn was taking abcut. They were nt elpe<. citer, by being arsed ta the scaly amBsigus Levi sites, ‘ho coecred ghee he husan eds ured toner faster than EMBs, "When Abrahurn Scligrean sbould fave bean buying he sol. ‘When he shontd have sold. he bough. Finally a deszating Jo- seo wrote to tm: am ail, dear Abe, you ae ve amar eoogh forte Clr nko ae trot, Toe hence gd ze: Up Sovnpsarioge ssh wheuey. aed whenever doumjon“exsaet get mich" You mist be wie ae fu fog cr ge rvs sialon ay ho here IN fscoph vou daly whenever change dacs sini iy wg a eo sanmct TT lose decided toa th Sen ent op Sf en lhe rere 2 eter el iegs armen eae a Aen NL GH oe Seer renee mild ee te Brother Abe wiljoie Brother Leopol in endeavoring 9 collet upall hat dhs. eting everyting which cannot be collected in gol she. a expect ou to ara oe secessary indulgence, sothal we dt rot nse mock iterst, as ne alracdy ioe encugh on seling te stock... 500.009, ‘ortho? goods salen fxs oF 1,00, Thorefore, List there Wale Ho neres os ab dis and every cok leetd up close, Joseph then sagpod abraham to Frakfin tojoin Keney and Max, An6 Leopoldo London to join Isaac. Ke as hardly the Brrngrtenfoseph wae, He ‘rk had fn Inlet op fates, Abrakim and Max, in is Frankiut ofc, Wie 10 Ine Seligman ars in nc Avnericun West weld be 2 com306 rots Massa (1866-1899) tinting ptoblem, Ard the whole Absaban-Lecpold adventre in ‘San Franegco had been far mare espersive thaa molifviag Ma. and "a dest Boketts,” Furthermore He “eur deat Babee ‘jodrome—Josepi Felng that vas his ty io psovive pl ‘es for elves fa is bisinest no matter how meager thelr tt {nfs Were--would go on ploguing bla foryeare wo come, Banke 5, soem, ate Bora not mae 113 F “Getting Our Feet Wet” Dian were geting ich, bit the Amorcaa Government’ financial slate recmined precarious daring the cary Reconstruction pe fied. Ln 146 there was less then. a hundred milion collin the U.S. Treasury, yet the publi debt vas edging reply toxard the three-thousand-milfion mark. Hugh McCaoch, Secretary of the Treasury under both Linoote and Jordon, was an exper: enced finance! (he hal served as Comptcollr of Curreney dar- Ing the wan who understood bankers, and bankers understood. thon. His postwar plans ‘or the economy Included payment of shorten government chligations by issuing and seling long: term bonds, pavable inten fo fory Sear The Seligmane, or thet bondslling Tris during the ar, weve offered a lxge share of McCulloch’ 2ow bonds to sel, "Patio directs that ‘we accept itis assignment," Josep azote his brothers, There ‘was tke a commission 4 be eared fron: sling bands, hough itsvas a smal oe. Joseph took the essigarert, and the bonds sold well, but in the weanine be looked aroun Tor more exciing ways tome money. One pcos of business oetng eround New Yorkin 186? ‘was $450,00 work of 0th in he New York Mutua Gas Light nr102 vores Marssrmens (1866-1698) Cormaay, an eaty ancesir of the Censclicated Reson Com- pany. Nobody tough much of hiss, which sod for beanies 2 shar, Saree were waded for dint at eal stlons, But 0 ‘mer thouphl the stock hod promise. One was Comelus Vane ail, Se Theather was Sopa Seligman Joseph began buying ‘op New York Matual shaves fou: bartende 9s be tad lee totaling ound abour hot. Proeriy the eompany waving twenty fourinch es mains under te ey strets. The value of the tock clined five milion ders ad was eg or S100 dae, The Selgnat ad "OW Vandetba es Jooth eer lionstely coed hi, made 2 dy milion dollars eth, ‘vast ary special ebrewrress” that fade Joseph invest, fp isoes Fike this twas more Tike beginner's eck. laced, i 5 one of the phenomena ofthe Siosk Market ha some men Seem larly to be icy ini we others simply are not ‘cseph ‘shir and aig today wince a meatica of Be fa nee ‘Wcrtive opportune turned dowa, Dust ior to the New ‘York Manual Gas berunzs, Soph was aged ha alle land ror of SixtethStroe and west of Broatway—up to 2a Stee, where Cras Tob et stars, an inchading west of whats new West Eed Aveese and Riverse Drews far sale, The orice for this uct wes $450,00--more than three Square miles of Manhattan fra fraction of what a single ciy block would cost nat. Iwas pethare the fest bargain since eter Miu’ orga purchase of te island fom he Indians, Jecenh bad the money, but said no, “Ita bag snvestment ad ne fe others, he Seligman today would ens be the FichestFarly inthe Wonk. Again he wos showing his dslate fex tying up mney in anyshing th could uo be soli quiicy snd fl distustof el estat. (ln losing hs Soa Pesce lores he bad simpy sven the land tothe ty valor than go fo the Utouate of trying to sell From te beginning, the German fewish bankers backed the isk ses, Bul 1g wus aot because they prefered them (2 ‘ates wah les isk, Heh ee hak cam int tel ends had 4 Bite ext rak Mil. The oléorestablshed, more sense ‘alive New Enalandred tankers had Old Sebo es i he bideresiabahed, more conservtiv, less rick) companies, “Tuey shiedaway cm never and more pocualive vente fer reasons of prestige vee lleva stocks, "Le the Few “Geusing Our Fee Wes 109 tov oc wa igh St Ta wa a Senin etn. O14 Vani oghbe nae ah aren spent nthe NOs and pe thoes BiheleetItwcr scythe er ee Sone aed hots ee ever bakers ved phe tenes He Eas ots hun eb nya el ES {cr fet we ep San rented nb aes Mes Now wet nga ped ewe Te Her Orcas goto an baler ze ox Hl wan wo Jo ay ol orks ts eng fata ade "he foto fps a oe ec Seton the ahem acon ea on say kerr tote Sega trun" Joseph bad eh HSB the eee assay ee Hn sem ed css mar ka aes meme nl hey eons He tol ecn brn Namek Mer Ione Hei Sams oe eva someone‘ slr ce sayr amzing) inated One psp anor hs eb iano fat wii heh Stn hen. Th weal Steet Ms a a buses ona figoungcolonsicargbi tat loxch wich ‘Sfevoull aa vtntbeaceaal roy! lor he hie eso inn ta xy et ake as Pl my Migscnn' urcag ik es Ores Baton mae ce Ga bar wei gina fm Cats t he Sse ort ey New Yor on tte ye, eae oa esa. Te ep ee thon tsa Worse yo sen Big se so st 0B wi ard Ghee Ds Sumy cnt bss pre nt yee Fd ey woo ee hen sh shout len Sa Bech tenep Wert yermabeconace anton, tote had ty eh New or ado 90s Usa artes toe ium Robe Dee each ws tee + Potato fhe Browns of Dvn tio er Bro Broth es Hartam0 Iso rue Manes (1866-1855) | the fall of thal year, Jone dceided that Max nesded o change of it He ransfemed Maxto Faris o work with Witla. ‘and specifically asked Max to keep an eye on Wiliam, WhO Wa being es than caret in the rendesing of his nesounts. ‘The ewish practice of making wpa moti pra French datghler inthe fumly when she became engage! bad been insiied by oseph, wbu imposed a levy on each Lvotier based on Ie sie ‘offs mos recent prof sateen. Josephs dest dauabir, Pelee, bed become engaged tat yearn New York, and Wi liam had sibmitted 2 partculory maresive slalemtet fom ars. lescph orcte hin thet ie share-ol-prse woul there beconsierble. William, elaced, 2s forced oreply Ul Fe fad Ved about bs profs on that sstement "to save you, dear Joe, oan worry in New York." OF course Wlam new ine Imedinely sy Joseph was sanding Maz 10 Pais, and wat aus, “Toveslace takin Now Ovéeans, loser picks Mas’s younger brother, Theodore Hellman (no later married Jose s cat ter Francs, thereby becoming 9 Selagman brothers are sorvinda, and caving the Seligmar-Helincn feiss into an ‘eve hier web; bul whem he wat fo New Orleans be was & beeheler of twenly-our), Theodore was tal ard slenter ard hardsome, with eury dark sideburns anda Grevi pro. If Southern society bed Mat'a mans, i liked Theodore’ seven tore. His od iooks helped ouzwefgh the oct hat Re 88 6 tllsnerts ana purpose, ist another Northern earpetbages he ther resemble Clark Gable Rel Bile), and he Wa soo Tinture in the New Orcans party eit ‘Theodore vas nteliewe in ies, and wes responsible for some Seligman miracles—eves though, a worker, bis itates tad a way’ of bck superaious. A blak crossing his pa nthe moraing would keep him awey ram the Colon Exchange all dry, ad he hd a phobia aboot he number 13.3 would nt sit down a ase here there were thirteen for dinner, and woul no buy roles i wach the ramber IS appeared. Hie had a mystical belt in 3c mater 24—perheps bcaese was inl stwent-fouth year at he as Tt ven a positon of responsibilty wl te Se- amvans, But, in buying only bis which contained the number ‘Wand posing chose that canta the ruber 13, he COL “Gening Our Feet Wei" a ‘ht the point ofall was to ty bls in the Sout, at discount, ‘hot coud be scl fr the Novth arin Engin st 2 profi. Pass ticularly cical of Theedore's methods was quik femoered Fane Seligman, vo had the us. of ying Wo ball Theodors's ‘ll n London. tseae wrote to foveah: daresay the difteley Ta: New Orleanal to obtain proper bils fs very area. ut the diculty here to get dot ther. til eater... S¢ To ote casnot Seed us oly A-One bills, 0u mus find sone cher ccapavion fer hin!” (Theadre’s behnvie atmos deve Same toa nervous treaidowa, and Ieae wrote tat he ha "to ve Up walking home of an evening org the Thames Embankrnert for Tear of aking sudden plunge ite te iver, thus erdingay creer.) One oh ins dream, Theodore sav to numbers recut fe- penledly, Waking, he wrote them down, fm the ime of he ‘tal Caria lovers and, sscoming tat these numbers ef ‘ended @ message from the Beyond, ora eet Tow the West Coase he went fit thing inte morn Co ihe letery agency and bough she uxo eunbers. Boch wero fn le for the tres: izes, and cost hio twenty dollars afece. Later in the day 0 {gencemnn care 10 522 Theotors on huinees snd, tod of tbe rear, erenuded Theodore to sl him ons of the rarmbers-— fo twenty dolts, That uber wow a $15,006 prize, Bul the ‘ntber Theodore kee fr himself, 1407 (is cigs ded up 1074), woo Ihe Iuges! prize cf all-$100 00. Theodore inne istey Sent this sum North for th Sebigmans 19 invest. The Seligmars were beginning to dip thelr tes ito ce rioad ventures, end Theodore's morey was used io BY bonds nr roads thu ether quickly ent into rece'versip. Theodore ‘bonds vere acd fra mers $8,000 As fa a s knoe, the Se- lignans never apologized to poor Theodore for lasing hi tle ‘wna so raga), ed instead went ight on scoulng Bi for bis "lack of sound business meres, ‘cially, Novibern aney was s0 much fe demand in te South tot it was hard for fur suet ae Seligman, Melman & (Company to loge mecney during the Resonsinicion er Wut u- timate, In 881, Theodors, whose ral prociem was perhaps he Was too sager Tobe liked tae Yoo Uc fo SAY Ye, di involve the lem ina loss when a borrower he sastd fed f0 ‘repay 826001. He had. broken one of Jowegh's cardinal rcs