A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors


 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
 Part 3 : America in the Twentieth Century  Encyclopedia of American Wealth

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  Part II-Chapter 10 : Bankers of the Gilded Age  >  Kuhn, Loeb & Co  :               Previous   1 - 2 - 3 - 4 - 5 - 6 - 7
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   Jacob Henry Schiff joins Kuhn, Loeb & Company

Page entitled : Jacob Henry Schiff joins Kuhn-Loeb

Content of this page is about :
How Abraham Kuhn sent Jacob Schiff to Solomon Loeb and how Schiff entered Kuhn, Loeb & Company and launched the firm into railroad financing


Extract :
...
Jacob Henry Schiff joined Kuhn, Loeb & Company in 1873 at age twenty-six. Solomon Loeb, the senior partner was forty-four and both Abraham Wolff and Louis Heinesheimer were older than Schiff. America was stricken by the crisis of 1873, which essentially resulted from overextension of the nation's leading financiers in transcontinental railroad schemes. The Credit Mobilier scandal related to the Union Pacific construction still crippled morale and the failure of Jay Cooke & Company, caused by its involvement in the Northern Pacific triggered the panic.   ...

 

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