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[Circular Concerning the Panic of 1857] "Mobile, 16 Octobre, 1857. Depuis ma circulaire de 1er, il s'est passé de grans changemens sur notre marché..."
Mobile, [AL], 1857. First edition. Broadside. Very good, folded, minor soiling, some ink bleed-though.. 1 sheet, printed recto only. "The financial crisis of which I spoke in my last [circular], had not been the last word, the numerous bankruptcies that took place undoubtedly had to lead to other houses following them, that is what happened, and every day the telegraph tells us of still new disasters in all parts of the Union. Yesterday we heard of the suspension of 14 banks in New York, many of which were generally believed to be solid, and all this resembled a repetition of the debacle of 1837, and today we must expect anything. Where this crisis will end no one knows..." Ships sailing for Le Havre have been delayed, the price of cotton has fallen from 16 cents to 9 in 15 days, but if paid in gold, would be 6. Thus reports the Swiss born French Vice-Consul at Mobile, Charles Henri Pillichody (1822 -1892) who came to Mobile in 1850, and entered the cotton firm of Volts & DeKahm. He next became a member of the firm of Belloc & Pillichody, cotton brokers, on whose stationary this circular was issued, primarily aimed at European buyers. Pillichody goes on to discuss the size of the cotton crop, the effect of the turmoil on Europe, and that in "New Orleans we learn that a few factors and a few banks have been forced to suspend [but for] many others, so far there has been no bankruptcy." Addressed to Messrs. J & C Leydecker, New York, and postmarked 16 October, Mobile. Rare. We could locate no copies of this nor similar circulars in OCLC nor other library databases.
      [Bookseller: Kaaterskill Books, ABAA/ILAB]
Last Found On: 2017-12-17           Check availability:      Biblio    

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