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The Seligmans - from
clothes manufacturers to government financiers
Page entitled : Seligman
cloth manufacturing and Union government financing
Content of this page is about :
How William Seligman engaged the family into cloth manufacturing and through
war orders the Seligmans became government financiers and bond salesmen
Extract :
...
After the panic of 1857,
Joseph Seligman rented his first mansion on Murray Hill as well as his first
summer residence, a place which belonged to Abiel Abbott Low on Staten
Island. In time the Seligmans would own their city houses and their summer
residences as well, mostly at Elberon, New Jersey. At forty, Joseph Seligman
was at the head of a thriving family business, which spanned the United
States of America and had commercial and financial, if not yet personal ties
to Europe. He recognized the superior profitability of banking against
trade, because as he put it, "money works for you even while you sleep", and
he was doubtlessly ready to venture further into high finance. ...
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