Sunday, January 22, 2012

New York Stock Brokers: Charles M. Schott Jr.


cancel by:
CHAS. M. SCHOTT JR. & CO.
New York

Langlois scan
Scott R170p -- 40 cent documentary with hyphen hole perforations




Charles M. Schott Jr. joined the NYSE in 1869 and was one of its most senior members by the 1898 tax-period.  Note the clean shaven face, uncommon in the late 1890s when waxed moustaches and beards were in vogue.


Charles M. Schott Jr's New York-Philadelphia business partnership in the 1880s suffered distress as reported by The New York Times of August 22, 1883:

A FAILURE IN WALL-STREET.

SCHOTT & KNIGHT, BROKERS, SUSPEND FOR A SMALL AMOUNT.

Schott & Knight, brokers, at No. 6 Wall Street, who also have an office Philadelphia, sent a notice to the Stock Exchange yesterday, in which they said:  "Owing to complications growing out of our transactions between New York and Philadelphia, we find it necessary to announce our suspension."  The firm is composed of Charles M. Schott Jr., who has been a member of the Stock Exchange for 15 years, and Thomas C. Knight, of Philadelphia.  He was in New York yesterday and said the house traded on the market between the two cities.  Some customers failed to put up margins and embarrassed the firm.  All contract were, however, carried out.  Everything was all right in Philadelphia, and not a dollar was owed there.  The trouble was here, but the obligations were not large, and the house expected to resume in a short time.  The complications spoke of were in the accounts between the two cities, and it was thought best to suspend until the firm could find out how it stood.  In the Street it was said the New York house was long of the market and Philadelphia house was short.  The liabilities were supposed to be only about $25,000...

No comments:

Post a Comment