Tuesday, July 29, 2008

Commerce

Paterson, New Jersey, children employed at the local silk mills go on strike July 3 to demand an 11-hour day and 6-day work week.

Massachusetts-born Baltimore merchant George Peabody, 40, visits London on business and negotiates a loan of $8 million for Maryland, saving the state from bankruptcy. He refuses a commission and receives a vote of thanks from the state legislature, but Peabody will settle permanently at London in 1837, becoming a dealer in foreign exchange and U.S. securities in competition with Baring Brothers and the Rothschilds (see Great Exhibition, 1851).

Insurance company president Eliphalet Terry of The Hartford travels 100 miles by sleigh to New York in December and personally settles fire-insurance claims against his 25-year-old company. He pledges his own fortune to guarantee payment to all policyholders, building a reputation that will serve the company in good stead. The Hartford will expand into other financial services and survive into the 21st century as the oldest continuously operated U.S. insurance company (see 1861).

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