Moses Taylor

Banker, born in New York City, New York , USA. He began as a clerk at an importing house in the City, and by 1832, with $15 000, opened his own business handling the Cuban sugar trade. In 1855 he became president of City Bank in New York, where his policy was to hold large cash reserves. He dabbled in railroads and public utilities, and helped the Lincoln administration to finance the Civil War. He also joined with Cyrus W Field in the first Atlantic cable venture, and supported the project until it saw success.

Moses Taylor (January 11, 1806 - May 23, 1882) was a 19th century New York merchant and banker and one of the wealthiest men of that century. Western railroad, the Moses Taylor & Astor's relationship with the Taylor family provided Moses with an early advantage.

Early Career

Moses began his career at age 15 as a clerk in the firm of G. By 1832, at age 26, Moses had 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. By 1847, Moses Taylor was listed as one of New York City's 25 millionaries.

Banking and Investments

When the Panic of 1837 allowed Astor to take over what was then City Bank of New York, he named Moses Taylor as director. Moses himself had doubled his fortune during the panic, and brought his growing financial connections to the bank.

In the 1850's Moses invested in iron and coal, and began purchasing interest in the Delaware, Lackawanna & When the Panic of 1857 brought the railroad to the brink of bankruptcy, Moses obtained control by purchasing its outstanding shares for $5 a share.

Moses also held an interest in the New York, Newfoundland, and London Telegraph Company company that Cyrus Field had founded in 1854.

Tammany Hall

After the Civil War, during which he assisted the Union with financing the war debt, he continued to invest in iron, railroads, and real estate. His real estate holdings in New York brought him into close association with Boss Tweed of New York's Tammany Hall, and in 1871, Moses sat on a committee made up of New York's most influential and successful businessmen and signed his name to a report that commended Tweed's controller for his honesty and integrity, a report that was a notorious whitewash.

Legacy

In 1882, Moses Taylor donated $250,000 to build a hospital in Scranton, Pennsylvania to benefit his iron and coal workers, and workers of the D. The Moses Taylor hospital continues in operation today.

Moses died in 1882, leaving his fortune to his son, Henry Augustus Coit Taylor, and to his daughter and son-in-law, Albertina and Percy Rivington Pyne. Percy Pyne, an assistant to Moses, had married Moses' daughter in 1855 and became president of City Bank upon his father-in-law's death. Percy's son Moses Taylor Pyne was a benefactor of Princeton University, and left an estate worth $100 million at his death in 1921.