John Valentin Steger, for whom a well-known piano is named, came to the United States from Germany at the age of 17 in the steerageand died in Chicago, June 14, 1916, aged 62, founder of the town of Steger and president of the J. V. Steger & Sons Mfg. Co., and of the Singer Piano Mfg. Co., the Reed & Sons Mfg. Co., the Thompson Piano Mfg. Co., and of the Bank of Steger; also vice-president of the Flanner Land & Lumber Co. In his will he left a large sum for a hospital and library for his employees.
From the earliest period of New York’s financial district, Germans and men of German blood have occupied a predominant part in the financial life of this country, firstly because fundamental banking principles are taught in Germany as nowhere else, and secondly for the reason that subjects, such as foreign exchange, necessitate such deep technical knowledge that it would appear only German minds can thoroughly grasp them. It is an actual fact that even today, the foreign exchange business of Wall Street, even that part of the business handled and controlled by Morgan & Company and the National City Bank, is in the hands of Germans.
Among the greatest of Wall Street operators of the end of the last century, the days of Jay Gould, Russell Sage, Addison Cammack, etc., Germans predominated and were triumphant victors in most of the great Wall Street speculative battles. Henry Villard, who came to this country from Germany, was the chief center of American railroad finance in the historic period from 1879 to 1884. He it was who captured the Northern Pacific Railroad from the Wall Street banking groups.
Another figure of this time was the great bear operator, probably the most powerful and successful bear operator that Wall Street has ever seen, Charles Frederick Woerishoffer, who died in 1886. He was born in Gelnshausen, Germany, and coming to this country, founded the firm of Woerishoffer & Company. He was connected with the famous campaigns in Wall Street conducted by James R. Keene, Jay Gould, Russell Sage, Addison Cammack, etc., for the control of the Kansas Pacific Railroad in 1879. Henry Clews, the English stockbroker, says of him in his reminiscences of Wall Street: “Woerishoffer had the German idea of fighting in the open, as against the secret operations of Commodore Vanderbilt and the others. He lost some battles but won most of those in which he engaged and made millions out of the conflicts.”
Joseph Drexel came to this country from Germany in 1787. He is the real founder of the house of Morgan & Company. Drexel founded the banking house of Drexel and Company in Philadelphia and Drexel, Morgan & Company, New York. He built up a successful banking business, in which his sons became interested, and at his death they inherited his fortune.
August Belmont, the elder, was born in Alzey, Prussia, in 1816, and died in 1890, leaving his son to manage the banking house he founded.He had been a clerk in the Rothschild banking house in Frankfort-on-the-Main, Germany, and when he came to this country, he was the American representative of that world historic firm, which position his son of the same name occupies today. The elder Belmont was the founder of the Manhattan Club in New York.
Henry Bischoff, founder of the banking house of Bischoff & Company, was born in Baden, Germany. Lazarus Hallgarten, of Mayence, Germany, was the founder of the banking house of Hallgarten & Company. Isaac Ickelheimer, a native of Frankfort, Germany, was the founder of the banking firm of Heidelbach, Ickelheimer & Company. Frederick Kuehne, who was born in Magdeburg, Germany, established the banking house of Knauth, Nachod & Kuehne. Jacob Schiff, one of the foremost bankers of Wall Street at the present time, was also born in Frankfort. He is the head of Kuhn, Loeb and Company. Ernst Thalmann, who died recently, was one of the founders of Ladenburg, Thalmann & Company. He was also of German birth. James Speyer, head of Speyer & Company, is a member of the old Frankfort family of that name, and obtained his financial education in Germany. In fact, the majority of banking houses in Wall Street as they exist today were founded by Germans.
Adolphus Busch, the great brewer and philanthropist, was born at Mayence-on-the-Rhine, July 10, 1839; education at gymnasium, Mayence, and academy, Darmstadt, and high school, Brussels. Came to United States, 1857. Served in the Union army under Gen. Lyon and became associated with his father-in-law, E. Anheuser, in the Anheuser Brewing Co., and later became president of the famous Anheuser-Busch Brewing Assn. of St. Louis, largest brewing concern in the world. At the time of his death was president of five large concerns, including a local bank and Diesel Engine Co., and director St. Louis Union Trust Co., Third National Bank, Kinloch Telephone Co., Equitable Surety Co., and several other strong organizations. Mr. Busch was a high type of the self-made German-American. He gave a large sum (twice) to the Harvard German Museum, the Germanistic Society of Columbia University, and to other public institutions of science and learning, and his death, Oct. 10, 1913, was universally regretted.
John D. Rockefeller and John Wanamaker are both descendants of German immigrants.The forefather of the Standard Oil King, Johann Peter Roggenfelder, came over in 1735 from Bonnefeld, Rhenish Prussia, and is buried at Larrison Corners, N. J., while Mr. Wannamaker, former Postmaster General and the father of the department store, is descended from a Pennsylvania German family named Wannenmacher.