Joseph Seligman
American banker and founder of J. & W. Seligman & Co.
Joseph Seligman, born November 22, 1819, in Baiersdorf, Bavaria, was a Jewish American banker and businessman who established J. & W. Seligman & Co. He became the head of the prominent Seligman family in the U.S. and was connected to the Guggenheims through Florette, mother of Peggy Guggenheim. As a child, he helped in his mother’s dry goods shop, where he made small profits by exchanging different German state coins for travelers. His father hoped he would join the family wool business, but rural migration reduced the customer base in Baiersdorf. At fourteen, Seligman left school to work, and at seventeen, he sailed from Bremen to America.
Arriving in the U.S. at eighteen, Seligman first worked as a cashier and clerk for future congressman Asa Packer in Mauch Chunk, Pennsylvania, earning $400 a year. With savings, he peddled jewelry, knives, and small goods door-to-door to rural farmers. After saving $500, he brought his brothers William and James from Germany to join him. Though they faced some anti-Semitic abuse, they persisted. The brothers ran stores in Alabama but grew uncomfortable with slavery, so they moved to New York City and formed J. Seligman and Brothers. Jesse Seligman managed the San Francisco branch, while Joseph ran the New York store, which stayed profitable through the economic swings of the 1850s and 1860s.
During the Civil War, Seligman served as president of Temple Emanu-El in New York and later became the first president of the Society for Ethical Culture. He helped the Union by disposing of $200 million in bonds—a feat historian W. E. Dodd called nearly as important as the Battle of Gettysburg. However, later historians, including Stephen Birmingham, argue his role was overstated; Seligman had to accept “7.30 bonds” as payment for uniforms his factory supplied, and Union losses plus high interest rates made them hard to sell. In August 1870, he co-founded the Continental Bank of New York with Jacob H. Schiff, H. B. Claflin, Marcellus Hartley, and Robert L. Cutting.
After the war, J. & W. Seligman & Co. focused on railroad finance, often brokering deals for Jay Gould. The firm underwrote securities for railroads, steel, wire, shipping, bridges, bicycles, mining, and other industries, as well as investments in Russia, Peru, and the formation of Standard Oil. In 1876, the Seligmans partnered with the Vanderbilt family
- born
- November 22, 1819, Baiersdorf, Kingdom of Bavaria
- died
- April 25, 1880
- field
- Banking, business
- nationality
- American (born Bavarian)
- known_for
- Founding J. & W. Seligman & Co.; financing Union war bonds; Seligman–Hilton affair
Quick Facts
- Birth Date
- 1819-11-22
- Birth Place
- Baiersdorf, Bavaria, German Confederation
- Death Date
- 1880-04-25
- Death Place
- New Orleans, Louisiana, U.S.
- Party
- Republican
- Spouse
- Babet Steinhardt
- Children
- 9, including Edwin and Isaac
- Education
- University of Erlangen
Facts from the source article.
Lore & Background
Joseph Seligman was born in Baiersdorf, Kingdom of Bavaria, of Jewish ancestry. As a child he worked in his mother's dry goods shop and profited by changing money for travelers. At fourteen he left school to work, and at seventeen he sailed to America. Arriving at age 18, he settled in Mauch Chunk, Pennsylvania, working as a cashier and clerk for Asa Packer at $400 a year. Using savings, he sold goods door to door in rural Pennsylvania, then sent for his brothers William and James. The Seligmans operated stores in Alabama but moved north due to discomfort with slavery, establishing J. Seligman and Brothers in New York City. During the Civil War, Seligman was president of Temple Emanu-El and later first President of the Society for Ethical Culture. He aided the Union by disposing of $200 million in bonds—a feat historian W. E. Dodd called nearly as important as the Battle of Gettysburg. However, later historians, including Stephen Birmingham, argue his role was overstated; Seligman had to accept “7.30 bonds” as payment for uniforms his factory supplied, and Union losses plus high interest rates made them hard to sell. In August 1870, he co-founded the Continental Bank of New York with Jacob H. Schiff, H. B. Claflin, Marcellus Hartley, and Robert L. Cutting.
After the war, J. & W. Seligman & Co. focused on railroad finance, often brokering deals for Jay Gould. The firm underwrote securities for railroads, steel, wire, shipping, bridges, bicycles, mining, and other industries, as well as investments in Russia, Peru, and the formation of Standard Oil. In 1876, the Seligmans partnered with the Vanderbilt family
Reader's Guide
Joseph Seligman's significance lies in his role as a leading financier in post-Civil War America and as a central figure in one of the first widely publicized antisemitic incidents in the United States. His firm, J. & W. Seligman & Co., was instrumental in financing Union war bonds, a feat some contemporaries compared to a major battle, though later scholarship has tempered that claim. The Seligmans were key players in railroad finance during the Gilded Age, underwriting securities for numerous industries and helping create public utilities with the Vanderbilt family. Seligman's refusal of the Treasury secretary post and his subsequent clash with Henry Hilton at the Grand Union Hotel highlighted the social discrimination faced by Jewish Americans in the late 19th century. His legacy includes the town of Seligman, Arizona, named after a failed railroad venture, and his family's enduring prominence in American finance and philanthropy.
Did You Know?
- Joseph Seligman attended the University of Erlangen at age fourteen.
- He declined President Ulysses S. Grant's offer to become U.S. Secretary of the Treasury.
- The town of Seligman, Arizona, is named after a failed cattle-grazing venture on the Atlantic and Pacific Railroad.
- Seligman was the first President of the Society for Ethical Culture.
More in Wealthy Misfortunes 1-24
Spotted an error? Know more?
This is a living reference — every entry is fact-audited, and reader corrections feed straight into our audit queue. Suggest an edit · See this site's audit record