Sunday, May 28, 2023

Bill of Exchange Fragments: Lazard Freres

 Reverse side of Lazard Freres bill of exchange:

39 cents in US battsleship stamps to pay the US tax on the currency exchange.  Stamps have L. F. handstamp and LF perfin initials on the 25 cent stamps.

Front side of bill of exchange with Lazard Freres logo
and British tax stamp:

Lazard Freres history, credit to Wikipedia:

On July 12, 1848, three brothers, Alexandre Lazard, Lazare Lazard, and Simon Lazard, founded Lazard Frères & Co. as a dry goods merchant store in New Orleans, Louisiana. By 1851, Simon and two more brothers, Maurice and Elie, had all moved to San Francisco, California, while Alexandre moved to New York. Lazard Frères began to serve miners engaged in the California Gold Rush, and soon expanded into banking and foreign exchange.

In 1854, Alexandre Lazard moved to Paris, France, where he opened an office to complement the U.S. business. The firm began advising the French government on gold buying. In 1870, the firm continued to expand its international operations, opening an office in London as well.

The name "Lazard Freres" means "Lazard Brothers" or "the Brothers Lazard" in French. It refers to associations of the Lazard brothers to form various financial services institutions with world-wide offices and investments.

In the late 1800s and early 1900s, the firm evolved into three “Houses of Lazard” in the United States, France, and England, separately managed but allied. The Lazard partners advised clients on financial matters and built a cross-border network of high-level relationships in business and government. Noted financial advisor George Blumenthal rose to prominence as the head of the U.S. branch of Lazard Frères and was a partner of Lazard Frères in France.

Thursday, May 25, 2023

New York Stock Brokers in Caricature: Charles M. Schott


Charles M. Schott Jr. appears to have used an undated circular cancel throughout the 1898 tax period.

Mr. Schott must have been a sportsman.  His page in The Stock Exchange in Caricature features an angler, though it not clear if it is Mr. Schott.

A gudgeon is a small fish commonly used for bait.

Sunday, May 21, 2023

Arrow Collars and Shirts: Cluett, Peabody & Company



Cluett Peabody & Company, Inc. was once headquartered in Troy, New York.  The company was a longtime manufacturer of shirts, detachable shirt cuffs and collars.  Cluett, Peabody & Company is best known for its Arrow brand collars and shirts and Arrow Collar Man advertisements (1905–1931). It dates, with a different name, from the mid-19th century and was absorbed by Westpoint Pepperell in the 1980s. The Arrow name is still licensed to brand men's shirts and ties.

Advert in the Saturday Evening Post

Cluett, Peabody factory in Troy, New York

Thursday, May 18, 2023

The Coffee Exchange of New York



The Coffee Exchange of the City of New York was established so importers could protect themselves against changes in the price of Brazilian Arabica coffee. Its establishment in 1882 followed the so-called "coffee crash" of 1881, in which several companies tried unsuccessfully to corner the market on coffee.

Home of the Coffee Exchange, 113-117 Pearl Street, New York
Photo c.1900

From The Coffee Market,  by G. G. Huebner, PhD:

The Coffee Exchange of the City of New York. In the fall of 1880 there was a period of two months during which the coffee trade was almost at a complete standstill. There was a large accumulation of coffee in the port warehouses and the traders of the interior were fully supplied. Prices varied between sales as much as three cents per pound or $4.25 per bag. The first coffee exchange was then organized at Havre in 1881, and in the same year the New York Coffee Exchange was incorporated. It operated until 1885, when its property was by resolution of the governing committee transferred to the present Coffee Exchange of the City of New York. As stated in its charter its purposes shall be to provide, regulate and maintain a suitable building, room or rooms for the purchase  and sale of coffees and other similar grocery articles in the city of New York, to adjust controversies between members, to inculcate and establish just and equitable principles in the trade, to establish and maintain uniformity in its rules, regulations, and usages, to adopt standards of classification, to acquire, preserve, and disseminate useful and valuable business information, and generally to promote the above mentioned trade in the city of New York, increase its amount, and augment the facilities with which it may be conducted.

Sunday, May 14, 2023

New York Stock Brokers in Caricature: Frederick T. Adams



Frederick T. Adams ran his own firm as a member of the New York Stock Exchange.  Like many other wealthy brokers, he seemed to pass much of his free time at his yacht club and on his own yachts.  Adams' yacht club, The Atlantic Yacht Club, was so significant that it had write-up in The New York Times in 1898, with a brief bio of Adams and his involvement:

The Commodore of the club this year is Frederick T. Adams, and the flagship is the famous schooner Sachem.  Commodore Adams has been a member of the club for several years, and has worked hard to make it successful.  For three years he was Vice Commodore, and for two out of those three years was Acting Commodore while George J. Gould was in Europe.  When the new clubhouse was proposed, Commodore Adams entered heart and soul in the new undertaking, and it was largely through his efforts that the scheme was carried out so successfully.  Commodore Adams is a member of the Stock Exchange, a Governor of the New York Club, a member of the Chamber of Commerce, of the Metropolitan Museum of Art, of the New York Athletic Club, and of several other yacht clubs.

Adams is the gentleman with the cap at the center left of the page

Thursday, May 11, 2023

Pittsburgh & Castle Shannon Railroad



Castle Shannon, PA, a part of metro Pittsburgh

The Pittsburgh and Castle Shannon Railroad was a 3 ft 4 in narrow-gauge railroad in Allegheny County, Pennsylvania. Originally built in 1871, it was likely America's first common-carrier narrow-gauge railroad. It purchased a rail line called the Coal Hill Coal Railroad from the Pittsburgh Coal Company, and used a coal mine under Mt. Washington as a tunnel to transport coal from Castle Shannon, Pennsylvania to Pittsburgh. Passenger traffic was added soon afterwards, and the train carried passengers during the day and coal at night.  The right of way continued as the Pittsburgh, Castle Shannon and Washington Railroad, later to become part of the Pittsburgh Southern Railroad and eventually the Pittsburgh Light Rail transportation system today.


View from Castle Shannon commuter train platform in 2018

Sunday, May 7, 2023

Bill of Exchange Fragments: Park, Son & Company

Park, Son & Company were in the import-export business and did much of their business between the US, U.K. and Jamaica.

Reverse side of document fragment:


Front side of document fragment:

Park, Son & Company's principles included James Park, William C. C. Park, and James McFadyen.  McFadyen was UK based and ran the partner office of Park, McFadyen & Company in London.  Henry B. Marion of the firm held membership #1450 on the New York Produce Exchange.

James Park
from New York, The Metropolis, 1902

Thursday, May 4, 2023

Drama in West Superior, Wisconsin

Tennis & Greeley,
W. Superior, Wis.

W. Superior

There is nothing in the world that is as interesting as squabbles between insurance agents and insurers.  When the insurance agents Tennis and Greeley failed, a dustup developed over a $73.83 premium in West Superior, Wisconsin.  Read the story below in The Western Underwriter

Thanks to Dave Thompson for finding this article, and reminding me of an old post on this site on Tennis & Greeley.

from The Western Underwriter, 
March 19, 1903