|Title:||Thos. W. Coskery, U.S.A. to W. J. C. Allen, Belfast.|
|Collection||Irish Emigration Database|
|File||Coskery, Thomas W/8|
|Sender||Coskery, Thomas W.|
|Origin||Augusta, Georgia, USA|
|Recipient||Campbell Allen, William J.|
|Source||D 1558/1/1/487: Papers of William John Campbell Allen Deposited by F. D. Campbell Allen.|
|Archive||The Public Record Office, N. Ireland.|
|Log||Document added by LT, 04:02:98.|
|Transcript||Augusta 17 April 1873|
W. J. C. Allen Esq
I duly received your much esteemed favor
of the 29th Ulto & note all its contents. While I thought
you would feel somewhat interested in our Manufg
[manufacturing?] interest and that the proposed financial
operation would be a safe & profitable one for a large
monied Institution like yours I felt at the same time that
you would naturally shrink from an operation at so great
a distance when all were comparative strangers to you, at
least in a financial point & that it was more than
probable your Charter or Copartnership agreement would debar
the operation even if you were otherwise inclined all of
which I suggested to our Mayor & financial committee when we
were conversing on the subject of a loan instead of placing
the Bonds on the market. A loan could be procured in N. York
[New York?] but only at such a high rate of interest as
would be nearly if not quite equally detrimental to the sale
just at this time when money commands such enormous rates
here it is at present worth 15 to 18% on first class
paper, hence you will see it is only wonderful that 7%
Bonds will readily command 85c. under the circumstances
and if the credit of our City was not better than many
larger cities our Bonds would not be so eagerly sought after.
I am inclined to think our own citizens will take up
all that will be necessary to issue as it will be a
safe investment for them, though not so good for the city
to be minus 15% on $250,000. You will please accept my
sincere thanks for your prompt kind letter & excuse the
present & former lengthy unprofitable epistles.
I delivered your message to Mr Campbell and Mrs Giltenan
yesterday and spent an hour conversing with them about
Ireland and the Irish. Mr C. is still able to walk and
ride out and seems as cheerful as he did ten years ago.
I sent you a newspaper a few weeks ago which will
give you some idea of how our 'Langley Mills' has progressed
thus far, we expect to come up to 20% by & by and erect
another mill if successful.
I will send you a pamphlet in a few days intended for
foreign capitalists who are not satisfied with 4 or 5% at
home. Of course we dont expect to pay larger dividends
that the "Ulster Bank" but you won't let any of us come in
under that schedule. We are more liberal for we invite
you and your colleagues and all mankind to come in with us
and take all the stock you want.
With kind regards to friend Blackwood , I remain
Yours very truly
Thos. [Thomas?] W. Coskery.
P.S. The loss of the "Atlantic" was a melancholy affair,
the details of which you are now familiar. The agents in
Liverpool & officers on board have been greatly censured
on this side and the Compy [Company?] has recd [received?]
a severe blow from which I am very sorry as I felt a sort
of national pride in the "White Star" line. But on
returning in the "Baltic" I and all others could readily
perceive that they had fallen off from the previous trips
and were evidently disposed to to pursue a niggardly
policy, so prominent did it appear to the Saloon passengers
that many of us resolved to try some other line next time.
The steerage passengers complained bitterly, whether
justly or not I can't say. Some friends on that side
should give the owners a hint. They are noble vessels but
all things must be equal if they expect patronage long.
J. W. C.