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The Seligmans and the
Panama Canal
Page entitled : J. & W.
Seligman and the Panama canal
Content of this page is about :
How Seligman Freres were enrolled to finance the Panama Canal, how Jesse
Seligman took the lead and the competition from the Nicaragua project
Extract :
... The Seligmans, both in Paris and New York flew on the project and drew
all their prestige behind it, to underwrite its stock and sell its bonds.
They were not alone
though. In France they were joined by the Banque de Paris and in New York,
by none less than Drexel, Morgan & Co and Winslow, Lanier & Co. With
Ferdinand De Lesseps' prestige and such a strong banking syndicate in place,
the securities sold without a problem and the issues were oversubscribed.
The digging of the Panama canal could begin. ...
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