Show Summary Details

Page of

Printed from American National Biography. Under the terms of the licence agreement, an individual user may print out a single article for personal use (for details see Privacy Policy and Legal Notice).

date: 22 October 2019

Belmont, Augustlocked

(08 December 1813–24 November 1890)
  • Irving Katz

Extract

Belmont, August (08 December 1813–24 November 1890), financier, politician, and sportsman, was born in Alzey, a German Rhineland village, the son of Simon Belmont, a moneylender and landowner, and Frederika Elsass. He attended a Jewish school, the Philanthropin, in Frankfurt and in 1828 began work as an office boy for the local branch of the Rothschild banking family, to which he was distantly related through marriage. He was soon promoted to confidential clerk and in 1837 was sent to Cuba to investigate that Spanish colony’s stability. A stopover in New York changed the course of his life. The panic of 1837 had just struck, and the Rothschilds’ New York agent had declared bankruptcy. Belmont decided to stay and established August Belmont and Company, a private banking firm that would maintain a close, long-term working relationship with the Rothschilds. Belmont’s rise on Wall Street was rapid. He profited from foreign exchange transactions; commercial and private loans; corporate, real estate, and railroad investments; and as a U.S. government fiscal agent during the Mexican War. In 1849 he married Caroline Slidell Perry, with whom he had six children....

You do not currently have access to this article

Login

Please login to access the full content.

Subscribe

Access to the full content requires a subscription