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Emile Erlanger & Co. facts for kids
Emile Erlanger & Co. was an important French company that helped manage money and investments. It was started by a banker named Baron Frédéric Émile d'Erlanger in Paris, France. The company was active during and after the Reconstruction period in the United States, which happened after the American Civil War. Baron d'Erlanger was married to Matilde Slidell, whose father was John Slidell, a well-known politician from Louisiana.
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How the Company Started
The company was founded by Baron Frédéric Émile d'Erlanger, a German-born banker who lived in Paris. He had connections in the United States through his wife, Matilde Slidell. Her father, John Slidell, was a merchant, lawyer, and politician from Louisiana. These connections helped the company work with businesses and governments in the United States.
Supporting the Confederacy with Cotton Bonds
Emile Erlanger & Co. became well-known for helping the Confederacy during the American Civil War. In 1863, the company helped the Confederacy get a large loan by selling special "cotton bonds." These bonds were like promises to pay back money, and they were linked to the value of cotton.
The total amount raised was about £3 million pounds, which was around $14.5 million US dollars at the time. However, the relationship between the company and the Confederacy became difficult, and no more big loans were made after that.
Investing in the American South After the War
After the American Civil War ended in 1865, Emile Erlanger & Co. focused on a new type of business. They specialized in bringing money from France to the Southern United States. This money was used to build railroads and develop land. A notable project they helped with was the railroads of the Queen and Crescent Route, which connected different cities in the South.
Changes and Mergers Over Time
The company's name changed over the years. In 1928, it became known as Erlanger Ltd..
Later, in 1958, the bank joined with another company called Philip Hill Higginson. At this time, Leo d'Erlanger was in charge. The new company was named Philip Hill Higginson Erlanger Ltd.
In 1965, this bank merged again with a private bank called M Samuel. The new company was named Hill Samuel & Co. This company was later bought by TSB Group Plc. in 1987. TSB Group Plc. then merged with Lloyds Bank in 1995, forming Lloyds TSB.