File:The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York (1913) (14784480395).jpg

Identifier: progressofempire01cona_0 (find matches)
Title: The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York
Year: 1913 (1910s)
Authors: Conant, Charles A. (Charles Arthur), 1861-1915
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Publisher: New York : The Progress of the Empire State Company
Contributing Library: Columbia University Libraries
Digitizing Sponsor: The Durst Organization

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supply ofcommercial credit, as when it had a Federal charter, andthe fabulous profits which Biddle appeared to have withinhis grasp stimulated the creation of local banks all throughthe cotton belt, which made advances to the planters andundertook to sell cotton on their own account in Europe.The rise of the discount rate at the Bank of England cutoff these profits and compelled the Bank of the UnitedStates to go to the rescue of the smaller banks in order tomaintain the price of cotton. The task was too great,even for Biddles resources. Reserve stocks of cotton cameupon the market, stocks in the hands of manufacturers wereallowed to run down, mills reduced their output, the houseof Hottinguer of Paris protested Biddles paper, the Hopesof Amsterdam broke off relations with him, and the priceof cotton collapsed. All these incidents, while they affected keenly the marketfor foreign exchange which had been developed in New York,still bore the impress of Philadelphia speculation; but the
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AUGUST BELMONT Financier; born in Alzey, Hesse-Darmstadt, in (816; was edu-cated in Frankfort and spent several years in the employ of theRothschilds there and in Naples. Came to New York in 18^7 asthe Rothschild agent. Was Austria Consul-General toYork from ,H44 to 1850, but resigned because of dissatisfaction atthe treatment accorded by Austria to Hungary. Was UnitedStates Charge- d Affaires at The Hague in ,853 and becameMinister in 1854. Resigning in ,858, he returned to the UnitedStates and engaged in banking. He took an active interest inpublic affairs, was a delegate to the Democratic National Con-vention of i860, and from that year until ,872 chairman of theDemocratic National Committee. He married a daughter ofCommodore Matthew C. Perry, for whom his eldest son Perrywas named. He was instrumental in erecting a bronze statue ofCommodore Perry at Newport, and was an active patron of thearts and of American sports, being for twenty years president ofthe Amencan Jockey Club. Died

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