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Junius S. Morgan
Junius Spencer Morgan I (April 14, 1813 – April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. In 1864, he established J. S. Morgan & Co. in London as the successor to George Peabody & Co., of which he was junior partner. With his son's aid, Morgan grew his banking house into a trans-Atlantic financial empire that included firms in London, New York City, Philadelphia, and Paris. By the time of his death in 1890, the Morgan banks were dominant forces in government and railroad finance, and his was the pre-eminent American banking house. Early life Morgan was born on April 14, 1813, in Holyoke, Massachusetts to Joseph and Sarah Morgan. At the age of 13, he was enrolled at the American Literary, Scientific, and Military Academy (now Norwich University) in Middletown, Connecticut near the home of his mother's parents. After a year, he transferred to a private academy in East Windso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holyoke, Massachusetts
Holyoke is a city in Hampden County, Massachusetts, United States, that lies between the western bank of the Connecticut River and the Mount Tom Range. As of the 2020 census, the city had a population of 38,238. Located north of Springfield, Holyoke is part of the Springfield Metropolitan Area, one of the two distinct metropolitan areas in Massachusetts. Holyoke is among the early planned industrial cities in the United States. Built in tandem with the Holyoke Dam to utilize the water power of Hadley Falls, it is one of a handful of cities in New England built on the grid plan. During the late 19th century the city produced an estimated 80% of the writing paper used in the United States and was home to the largest paper mill architectural firm in the country, as well as the largest paper, silk, and alpaca wool mills in the world. Although a considerably smaller number of businesses in Holyoke work in the paper industry today, it is still commonly referred to as "The Paper ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- most populous city in the country. The city boundaries encompass an area of about and a population of 675,647 as of 2020. It is the seat of Suffolk County (although the county government was disbanded on July 1, 1999). The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest MSA in the country. A broader combined statistical area (CSA), generally corresponding to the commuting area and including Providence, Rhode Island, is home to approximately 8.2 million people, making it the sixth most populous in the United States. Boston is one of the oldest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barings Bank
Barings Bank was a British merchant bank based in London, and one of England's List of oldest banks in continuous operation, oldest merchant banks after Berenberg Bank, Barings' close collaborator and German representative. It was founded in 1762 by Sir Francis Baring, 1st Baronet, Francis Baring, a British-born member of the German-British Baring family of merchants and bankers. The bank collapsed in 1995 after suffering losses of £827 million (£ billion in ) resulting from fraudulent investments, primarily in futures contracts, conducted by its employee Nick Leeson, working at its office in Singapore. History 1762–1889 Barings Bank was founded in 1762 as the John and Francis Baring Company by Sir Francis Baring, 1st Baronet, with his older brother John Baring (1730–1816), John Baring as a mostly silent partner. They were sons of Johann Baring, John (né Johann) Baring, wool trader of Exeter, born in Bremen, Germany. The company started business in offices off Cheapsid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1857
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the invention of the telegraph by Samuel F. Morse in 1844, the Panic of 1857 was the first financial crisis to spread rapidly throughout the United States. The world economy was also more interconnected by the 1850s, which also made the Panic of 1857 the first worldwide economic crisis. In Britain, the Palmerston government circumvented the requirements of the Bank Charter Act 1844, which required gold and silver reserves to back up the amount of money in circulation. Surfacing news of this circumvention set off the Panic in Britain. Beginning in September 1857, the financial downturn did not last long, but a proper recovery was not seen until the onset of the American Civil War in 1861. The sinking of contributed to the panic of 1857, as New York banks were awaiting a much-needed shipment of gold. American banks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ohio And Mississippi Railway
The Ohio and Mississippi Railway (earlier the Ohio and Mississippi Rail Road), abbreviated O&M, was a railroad operating between Cincinnati, Ohio, and East St. Louis, Illinois, from 1857 to 1893. The railroad started in 1854 and paralleled the Cincinnati and Whitewater Canal. Its East St. Louis terminal near the Mississippi River was completed in 1857. It was a founding rail line of the Terminal Railroad Association of St. Louis. General Ormsby M. Mitchel (d. 1862) was a civil engineer on this project. On September 17, 1861, during the American Civil War a train carrying union troops fell through a sabotaged bridge at Huron, Indiana, injuring or killing 100. On October 6, 1866, the Adams Express Company car was robbed by the Reno Gang just east of Seymour, Indiana, becoming the first train robbery Train robbery is a type of robbery, in which the goal is to steal money or other valuables being carried aboard trains. History Train robberies were more common in the past w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crimean War
The Crimean War, , was fought from October 1853 to February 1856 between Russia and an ultimately victorious alliance of the Ottoman Empire, France, the United Kingdom and Piedmont-Sardinia. Geopolitical causes of the war included the decline of the Ottoman Empire, the expansion of the Russian Empire in the preceding Russo-Turkish Wars, and the British and French preference to preserve the Ottoman Empire to maintain the balance of power in the Concert of Europe. The flashpoint was a disagreement over the rights of Christian minorities in Palestine, then part of the Ottoman Empire, with the French promoting the rights of Roman Catholics, and Russia promoting those of the Eastern Orthodox Church. The churches worked out their differences with the Ottomans and came to an agreement, but both the French Emperor Napoleon III and the Russian Tsar Nicholas I refused to back down. Nicholas issued an ultimatum that demanded the Orthodox subjects of the Ottoman Empire be placed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duncan, Sherman & Company
Duncan, Sherman & Company was a New York City banking firm, founded in 1852, that went bankrupt in 1875. History Duncan, Sherman & Company was established in 1852 by Scottish immigrant Alexander Duncan, Watts Sherman (the former cashier and general manager of the Albany City Bank) and William Butler Duncan Sr. (Alexander Duncan's son). After incorporating, the firm purchased a lot at 11 Pine Street, on the corner of Nassau Street, and hired New York City architect Alexander Saeltzer to design the Duncan, Sherman Company building. In 1866, the firm's office suffered a fire which destroyed "some old books and duplicate letters" but did not do much damage otherwise. When the original partnership expired on July 1, 1862, Alexander Duncan withdrew from the firm but left his capital in the firm which he assigned to his two sons, W. Butler Duncan and David Duncan. Upon the death of Watts Sherman in 1865, Francis H. Green and William Watts Sherman, Watts Sherman's son who had trained ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Peabody
George Peabody ( ; February 18, 1795 – November 4, 1869) was an American financier and philanthropist. He is widely regarded as the father of modern philanthropy. Born into a poor family in Massachusetts, Peabody went into business in dry goods and later into banking. In 1837 he moved to London (which was then the capital of world finance) where he became the most noted American banker and helped to establish the young country's international credit. Having no son of his own to whom he could pass on his business, Peabody took on Junius Spencer Morgan as a partner in 1854 and their joint business would go on to become the global financial services firm J.P. Morgan & Co. after Peabody's 1864 retirement. In his old age, Peabody won worldwide acclaim for his philanthropy. He founded the Peabody Trust in Britain and the Peabody Institute and George Peabody Library in Baltimore, and was responsible for many other charitable initiatives. For his generosity, he was awarded the Congr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pemberton Square
Pemberton Square (est. 1835) in the Government Center area of Boston, Massachusetts, was developed by P.T. Jackson in the 1830s as an architecturally uniform mixed-use enclave surrounding a small park. In the mid-19th century both private residences and businesses dwelt there. The construction in 1885 of the massive John Adams Courthouse changed the scale and character of the square, as did the Center Plaza building in the 1960s. History 1835–1885 In the mid-1830s land on Cotton Hill (also called Pemberton Hill) between Tremont Street and Somerset Street was developed as Phillips Place, "laid out on the estates late of the heirs of Messrs. onathanPhillips, ardinerGreene, and amesLloyd." "After Greene's death in 1832, Patrick Tracy Jackson ... purchased the property. Jackson ... cut down the top of Pemberton Hill in order to create a desirable residential area halfway down the slope, at the point where the mansion had stood. This massive grading operation took only 5 months a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Levi P
Levi (; ) was, according to the Book of Genesis, the third of the six sons of Jacob and Leah (Jacob's third son), and the founder of the Israelite Tribe of Levi (the Levites, including the Kohanim) and the great-grandfather of Aaron, Moses and Miriam. Certain religious and political functions were reserved for the Levites. Origins The Torah suggests that the name ''Levi'' refers to Leah's hope for Jacob to ''join'' with her, implying a derivation from ''yillaweh'', meaning ''he will join'', but scholars suspect that it may simply mean ''priest'', either as a loan word from the Minaean ''lawi'u'', meaning ''priest'', or by referring to those people who were ''joined'' to the Ark of the Covenant. Another possibility is that the Levites originated as migrants and that the name Levites indicates their ''joining'' with either the Israelites in general or the earlier Israelite priesthood in particular. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Panic Of 1837
The Panic of 1837 was a financial crisis in the United States that touched off a major depression, which lasted until the mid-1840s. Profits, prices, and wages went down, westward expansion was stalled, unemployment went up, and pessimism abounded. The panic had both domestic and foreign origins. Speculative lending practices in the West, a sharp decline in cotton prices, a collapsing land bubble, international specie flows, and restrictive lending policies in Britain were all factors. The lack of a central bank to regulate fiscal matters, which President Andrew Jackson had ensured by not extending the charter of the Second Bank of the United States, was also key. This ailing economy of early 1837 led investors to panic – a bank run ensued – giving the crisis its name. The run came to a head on May 10, 1837, when banks in New York City ran out of gold and silver. They suspended specie payments and would no longer redeem commercial paper in specie at full face value. A signi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Fire Of New York
The 1835 Great Fire of New York was one of three fires that rendered extensive damage to New York City in the 18th and 19th centuries. The fire occurred in the middle of an economic boom, covering 17 city blocks, killing two people, and destroying hundreds of buildings, with an estimated $20 million of property damage (equivalent to $ million in ). Background By 1835, New York City was the premier American city, and its financial prowess surpassed that of Philadelphia or Boston. The opening of the Erie Canal ten years earlier connected New York to raw materials and commercial interests in the Midwest and allowed the city to rise to prominence as a market hub. Over half of the country's exports left through New York Harbor, while more than a third of American imports arrived there. Insurance companies, investment firms, real estate companies and others made New York their home. As the city expanded northward and its economic significance increased, fire was a major concer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
