The company also opened offices in London, Paris, and Geneva. Underwriters of corporate securities and eighth in sales of new municipal bond issues. In 1963 Smith, Barney ranked 16th among major By the early 1950s private placements accounted for nearly half of all its debt and preferred-stock issues. In the ensuing years the firm was active in developing financing for emerging companies and mergers and acquisitions as well as for municipalities. Swan as senior partner of Smith, Barney in 1944. One of Barney ’s grandsons, Charles Barney Harding, succeeded Joseph R. It closed several branches to concentrate on large institutional and individual investors rather than the general public. The merged firm had 27 general partners, four limited partners, and a staff of 730. Each brought to the consolidated business distinct strengths: Smith in underwriting and investment banking Barney in brokering stocks and bonds. Smith ran short of cash during a 1937 Wall Street slump and, in order to remain in the underwriting business, merged with Barney at the end of the year to form Smith, Barney & Co. Most of Guaranty ’s officers, employees, and clientele then joined Smith, which also added Guaranty ’s offices in Chicago, Pittsburgh, and London. to divest itself of its securities affiliate. Smith benefited from a New Deal act that forced the Guaranty Trust Co. in 1932 led Barney to open branch offices in Chicago, Milwaukee, Minneapolis, and St. The failure of the Wall Street firm of Farnum, Winter & Co. By the 1930s Smith had been doing an extensive commission business for many years on the New York, Philadelphia, and Boston stock exchanges and had been engaged in the underwriting of new issues as well as in the financing of municipal and other issues.įor both Barney and Smith, the Great Depression proved an opportunity as well as a challenge. During this decade the number of its employees grew from 114 to 671. quickly bought a seat on the New York Stock Exchange, it did not move the center of its activities to New York City until the 1920s. Harding believed the company should maintain close ties with its corporate clients accordingly, he served as director of almost 40 companies.Īlthough Edward B. Horace Harding, who was married to one of Barney ’s six daughters. Barney retired in 1907 and was succeeded as senior partner of the firm by J. Harriman, Henry Frick, and William Rockefeller. Responding to the shifting of the nation ’s financial center from Philadelphia to New York City, Barney ’s firm purchased a seat on the New York Stock Exchange in 1898 and later opened a New York office. Smith, founded an investment banking firm bearing his name in 1892. Barney & Co., in Philadelphia in December 1873. He started his own brokerage and banking house, Charles D. Barney was a son-in-law of Jay Cooke, a banker who sold Treasury bonds to finance the Union cause during the Civil War but who later went bankrupt, precipitating the panic of 1873. was a subsidiary of the Investment Services division of Travelers Group Inc.Ĭharles D. It also embarked on an effort to become a world-class investment bank. The acquisition in 1993 of Shearson Lehman Brothers Holdings ’ retail brokerage and asset management businesses made the amalgamated firm, with an army of 11,000 financial consultants (brokers) and 495 branch offices, second only in the brokerage field to mighty Merrill Lynch. Sales: $5.53 billion (1994) Employees: 28,000 SICs: 6211 Security Brokers, Dealers and Flotation Companies 6221 Commodity Contracts Brokers and Dealers 6282 Investment Adviceįrom its unprepossessing beginnings in Philadelphia more than a century ago, Smith Barney has grown into a financial powerhouse. Incorporated: 1964 as Smith, Barney & Co., Inc. Wholly Owned Subsidiary of Travelers Group Inc. 388 Greenwich Street New York, New York 10013 U.S.A.
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