Moses Taylor holds an interest in the …
Years: 1866 - 1866
Moses Taylor holds an interest in the New York, Newfoundland, and London Telegraph Company founded by Cyrus West Field in 1854.
Although its attempts to lay a cable across the Atlantic were initially unsuccessful, it eventually succeeds and in 1866 becomes the first transatlantic telegraph company.
After the Civil War, during which he had assisted the Union with financing the war debt, he continues to invest in iron, railroads, and real estate.
His real estate holdings in New York bring him into close association with Boss Tweed of New York's Tammany Hall.
Moses Taylor’s parents were Jacob B. Taylor and Martha (Brant) Taylor.
His father had been a close associate of John Jacob Astor and had acted as his agent by purchasing New York real estate while concealing Astor's interest.
Astor's relationship with the Taylor family had provided Moses with an early advantage.
Moses had begun his career at age fifteen at J. D. Brown shippers, but had soon moved to a clerk's position in the firm of G. G. & S. Howland Company of New York, a shipping and import firm that traded with South America.
By 1832, at age twenty-six, Moses had accumulated sufficient wealth to marry, leave the Howland company, and start his own business as a sugar broker.
As a sugar broker, Moses dealt with Cuban sugar growers, found buyers for their product, exchanged currency, and advised and assisted them with their investments.
Although he never visited Cuba, Taylor's friendship with Henry Augustus Coit, a prominent trader who was fluent in Spanish, had allowed him to trade with the Cuban growers.
Taylor had soon discovered that loans and investments provided returns that were as good as, or better than, those from the sugar business.
By the 1840s, his income was largely from interest and investments.
By 1847, Moses Taylor was listed as one of New York City's 25 millionaires.
When the Panic of 1837 allowed Astor to take over what was then City Bank of New York (Citibank), he had named Moses Taylor as director.
Taylor himself had doubled his fortune during the panic, and brought his growing financial connections to the bank.
He had acquired equity in the bank and in 1855 had become its president, operating it largely in support of his and his associates' businesses and investments.
In the 1850s, Taylor had invested in iron and coal, and had begun purchasing interest in the Delaware, Lackawanna & Western railroad.
When the Panic of 1857 brought the railroad to the brink of bankruptcy, Moses had obtained control by purchasing its outstanding shares for five dollars a share.
Within seven years, the shares had become worth two hundred and forty collars, and the D. L. & W had become one of the premier railroads of the country.
By 1865, Taylor was holding twenty thousand shares worth almost fifty million dollars.
Although its attempts to lay a cable across the Atlantic were initially unsuccessful, it eventually succeeds and in 1866 becomes the first transatlantic telegraph company.
After the Civil War, during which he had assisted the Union with financing the war debt, he continues to invest in iron, railroads, and real estate.
His real estate holdings in New York bring him into close association with Boss Tweed of New York's Tammany Hall.
Moses Taylor’s parents were Jacob B. Taylor and Martha (Brant) Taylor.
His father had been a close associate of John Jacob Astor and had acted as his agent by purchasing New York real estate while concealing Astor's interest.
Astor's relationship with the Taylor family had provided Moses with an early advantage.
Moses had begun his career at age fifteen at J. D. Brown shippers, but had soon moved to a clerk's position in the firm of G. G. & S. Howland Company of New York, a shipping and import firm that traded with South America.
By 1832, at age twenty-six, Moses had accumulated sufficient wealth to marry, leave the Howland company, and start his own business as a sugar broker.
As a sugar broker, Moses dealt with Cuban sugar growers, found buyers for their product, exchanged currency, and advised and assisted them with their investments.
Although he never visited Cuba, Taylor's friendship with Henry Augustus Coit, a prominent trader who was fluent in Spanish, had allowed him to trade with the Cuban growers.
Taylor had soon discovered that loans and investments provided returns that were as good as, or better than, those from the sugar business.
By the 1840s, his income was largely from interest and investments.
By 1847, Moses Taylor was listed as one of New York City's 25 millionaires.
When the Panic of 1837 allowed Astor to take over what was then City Bank of New York (Citibank), he had named Moses Taylor as director.
Taylor himself had doubled his fortune during the panic, and brought his growing financial connections to the bank.
He had acquired equity in the bank and in 1855 had become its president, operating it largely in support of his and his associates' businesses and investments.
In the 1850s, Taylor had invested in iron and coal, and had begun purchasing interest in the Delaware, Lackawanna & Western railroad.
When the Panic of 1857 brought the railroad to the brink of bankruptcy, Moses had obtained control by purchasing its outstanding shares for five dollars a share.
Within seven years, the shares had become worth two hundred and forty collars, and the D. L. & W had become one of the premier railroads of the country.
By 1865, Taylor was holding twenty thousand shares worth almost fifty million dollars.
Locations
People
Groups
- Tammany Hall
- New York State (U.S.A.)
- United States of America (US, USA) (Washington DC)
- City Bank of New York
Topics
Commodoties
Subjects
Regions
Subregions
Related Events
Showing 10 events out of 13367 total
Years: 1866 - 1866
Locations
People
Groups
- Tammany Hall
- New York State (U.S.A.)
- United States of America (US, USA) (Washington DC)
- City Bank of New York
Topics
Commodoties
Subjects
Regions
Subregions