THE LAST PARTNERSHIPS Inside the Great Wall Street Money Dynasties phần 1 pps

[...]... intentionally left blank TIMELINE 18 18 18 32 18 36 18 36 18 37 18 38 18 48 18 58 18 61 1864 18 64 18 67 18 69 18 71 1873 18 73 18 94 19 03 19 05 19 10 19 14 19 20 19 30 John A Brown & Co founded Vermilye & Co founded S & M Allen & Co (founded 18 08) fails Enoch Clark founds Clark Dodge & Co August Belmont & Co founded (dissolved in 19 24) Drexel & Co founded Lazard Freres founded (continues today) Lehman Brothers founded Jay Cooke... William Read & Co Salomon Brothers founded Merrill Lynch founded William Read & Co becomes Dillon Read Brown Brothers merges with Harriman family interests to become Brown Brothers Harriman (continues today) xi Copyright 20 01 The McGraw-Hill Companies, Inc Click Here for Terms of Use Timeline 19 34 19 34 19 37 19 66 19 70 19 71 1974 19 76 19 81 1984 19 87 19 90 19 94 19 97 19 97 19 97 19 97 19 97 19 99 Drexel, Morgan & Co... true celebrities in the country They were, of course, the famous names behind the great Wall Street partnerships Some became extremely well known, while others preferred to remain behind the scenes and tend to business without attracting much attention Their heyday was from the War of 18 12 to the end of World War II, when most Wall Street securities firms were still organized as partnerships A roll... once the smoke cleared from their investments Much of the allure of the famous family names and their highly regarded reputations was seriously damaged by the Crash, and many never survived the turmoil of the 19 30s The excesses of the 19 20s brought 7 THE LAST PARTNERSHIPS down August Belmont & Co as well as Lee Higginson & Co., Boston’s best-known investment bank in the nineteenth century and one of the. .. claims in paper money only, rather than rely on money backed by gold Wall Street banks claimed that the 17 THE LAST PARTNERSHIPS original order from Jackson helped cause the Panic of 18 37 after the charter of the second Bank of the United States was not renewed Specie-only orders tended to deprive private businesses of the cash needed to operate, causing a cash and credit crunch in the process All... necessary As a result, they won their confidence quickly and demand for their services quickly increased They opened the office on Wall Street in New York to be close to the center of the financial world Continuing success required that their main office be relocated, and on August 11 they put a notice in the New York newspapers announcing that the Boston and Philadelphia houses had formed the New York firm... before World War II The rise of the famous Wall Street banking dynasties is a testimony to the rags-to-riches stories of the nineteenth century A young immigrant came to the United States from Northern Europe and set up his own humble business, usually peddling sundries door-to-door around 1 Copyright 20 01 The McGraw-Hill Companies, Inc Click Here for Terms of Use THE LAST PARTNERSHIPS the South or Midwest... York, in 18 08 The two came from a very humble and obscure background; their father was an itinerant preacher who roamed New York in search of converts The War of 18 12 proved to be a watershed for them, as it would for many other aspiring bankers of the time The finances of the United States were strained as a result of the war, and selling lottery tickets became a good way of raising money The populace... good that they began to erect a large granite headquarters at the corner of Wall and Hanover Streets, at the very southern tip of Manhattan But then the roof fell in, literally The new building was a portent for the stock market In March 18 37, as it was nearing completion, the entire building collapsed under its own weight due to shoddy workmanship Three days later, the market collapsed The 18 30s binge... capital-intensive world The relationship between Wall Street and Washington also comes to light through the partnerships Almost since the beginning of the Industrial Revolution, Washington has relied on Wall Street Less clear is Wall Street s reliance on Washington While the former is an institutional relationship, the latter is more personal The Seligmans relied heavily upon their relationship with . class="bi x0 y0 w0 h0" alt="" THE LAST PARTNERSHIPS This page intentionally left blank. Charles R. Geisst THE L AST PARTNERSHIPS Inside the Great Wall Street Money Dynasties McGraw-Hill New York. celebrities in the country. They were, of course, the famous names behind the great Wall Street partnerships. Some became extremely well known, while others preferred to remain behind the scenes. founded 19 05 Vermilye & Co. becomes William Read & Co. 19 10 Salomon Brothers founded 19 14 Merrill Lynch founded 19 20 William Read & Co. becomes Dillon Read 19 30 Brown Brothers merges