Financial History

Ben Brotherson’s Bank Scheme

February 1, 2023 by Dave Waite Leave a Comment

Around 1800, Philip and Catharine Brotherson arrived in Blue Corners on the western edge of Charlton in Saratoga County. Over the next 40 years, their five children grew to maturity, the last being Benjamin Kissam Brotherson, born in 1819.

At the age of sixteen, Benjamin was hired as a clerk for the dry goods merchant James Winne in Albany, New York. During his time in Albany, he was known as an upstanding young man of good moral character. Three years later, in 1838, he moved to the city of New York and took a job at Union Bank, where he would work for the next twenty years. [Read more…] about Ben Brotherson’s Bank Scheme

NYS Public Authorities Debt Has Ballooned to $329 Billion

December 26, 2022 by Editorial Staff Leave a Comment

State and local public authorities reported debt outstanding totaling more than $329 billion in their most recently reported fiscal years, an increase of 23% ($61.5 billion) since 2017, according to a report released today by State Comptroller Thomas P. DiNapoli. [Read more…] about NYS Public Authorities Debt Has Ballooned to $329 Billion

The First Slave Traders in New York

September 28, 2022 by Guest Contributor Leave a Comment

The first direct shipment of enslaved Africans arrived in New Amsterdam (now New York City) in 1655. The voyage of the White Horse came in the wake of significant changes in the Dutch Atlantic. In this eessay, American historian Dennis Maika outlines how family and business connections shaped the development of a slave-trading center in Manhattan.

New Amsterdam’s residents would have immediately noticed something different about the arrival of the Witte Paert (White Horse) in the early summer of 1655. The stench of human excrement and illness emanating from the newly arrived “scheepgen” (small ship), left little doubt that a slaver had arrived after a long voyage. [Read more…] about The First Slave Traders in New York

Early America’s Trade With China

September 7, 2022 by Liz Covart Leave a Comment

In this episode of Ben Franklin’s World, Dael Norwood, an Assistant Professor of History at the University of Delaware, joins Liz Covart to explore the lure of trade with China with details from his book, Trading Freedom: How Trade with China Defined Early America (Univ. of Chicago Press, 2022).

Swiss Americans, Neuchâtel and the Slave Trade

September 1, 2022 by Jaap Harskamp Leave a Comment

The earliest Swiss immigrants to North America were religious refugees. This group consisted predominantly of German speaking Anabaptists who began settling in eastern Pennsylvania from the mid-seventeenth century onward following a schism among the Brethren in 1693 which led to a division between Mennonites (named after Menno Simons of Friesland) and Amish (named after their leader Jakob Ammann who was born in the canton of Bern). [Read more…] about Swiss Americans, Neuchâtel and the Slave Trade

The Jewish World of Alexander Hamilton

August 10, 2022 by Liz Covart Leave a Comment

In this episode of Ben Franklin’s World, Andrew Porwancher, the Wick Cary Associate Professor of History at the University of Oklahoma and the Ernest May Fellow at Harvard University’s Belfer Center, joins Liz Covart to investigate the Jewish world and upbringing of Alexander Hamilton using details from his book, The Jewish World of Alexander Hamilton (Princeton, 2021). [Read more…] about The Jewish World of Alexander Hamilton

Bankers and Brush Makers: What’s in a Name?

July 17, 2022 by Jaap Harskamp 1 Comment

Banker and philanthropist Felix Moritz Warburg was born in January 1871 in Hamburg. In 1895 he married Frieda Schiff, the only daughter of the New York financier Jacob Schiff. In 1908 the couple had a six-story mansion built in a French Gothic Revival style on Fifth Avenue. Felix died in October 1937 and was buried in Salem Fields Cemetery, Brooklyn. Seven years later his widow donated their estate as a permanent home for New York’s Jewish Museum.

The source and context of the topographic Warburg surname throws light on complex historical patterns of migration. [Read more…] about Bankers and Brush Makers: What’s in a Name?

The Founding Document of the NY Stock Exchange

June 10, 2022 by Bob Cudmore Leave a Comment

This week on The Historians Podcast, regular New York Almanack contributor Jim Kaplan has the story of the Buttonwood Agreement, the founding document of the New York Stock Exchange. [Read more…] about The Founding Document of the NY Stock Exchange

Wall Street History: The Great Depression & A New Deal For Working People

March 14, 2022 by James S. Kaplan 1 Comment

In 1933, during Franklin D. Roosevelt‘s first year as President, the Democrats launched a number of New Deal social welfare and economic recovery efforts to combat the Great Depression.

Among the more popular and successful of these was the creation of the Public Works Administration (PWA) and the Civilian Conservation Corps (CCC), jobs programs which were modeled on similar programs in New York State. [Read more…] about Wall Street History: The Great Depression & A New Deal For Working People

The First Great Reset: Wall St, the Great Depression & the Pecora Commission

March 9, 2022 by James S. Kaplan 4 Comments

Initially many thought the severe Wall Street crash of October 1929 was a temporary phenomenon and like many subsequent crashes (i.e. 1987, 2008) the stock market would recover in a few months or years.

Unfortunately, this did not prove to be the case. After some upward spurts, stocks on the New York Stock Exchange continued to fall for the next three years and economic conditions throughout the country continued to worsen, so that by 1932 the market closed at 41, a drop of 89% over its 1929 high of 381. Employment in Wall Street firms plummeted, as the once heady activity evaporated and the Great Depression took hold.

The response would require a great reset between Wall Street and working Americans. [Read more…] about The First Great Reset: Wall St, the Great Depression & the Pecora Commission