Word: first
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Dates: during 1920-1929
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Development of group banking in the U. S. has been rapid. Long a leader of the movement is the Transamerica Corp., holding company for the Giannini institutions. Of many similar organizations formed this year, largest until last week were the First Bank Stock Corp. (TIME, Sept. 2), now controlling 43 banks in the Minnesota-Montana region, with resources of $341,000,000 and the $370,000,000 Northern Bancorporation in the same region. But greatest of all will be Banker Rand's Marine Midland Corp...
...National Bank of Troy; Cortlant Trust Co., Cortlant; Lackawanna National Bank, Lackawanna; Niagara Falls Trust Co., Niagara Falls; Niagara County National Bank and Trust Co., Lockport; State Trust Co., North Tonawanda; Workers Trust Co., Johnson City; The Bank of East Aurora, East Aurora; Bank of La Salle, Niagara Falls; First Trust Co., Tonawanda; Peoples Trust Co., Binghamton; Union Trust Co., Jamestown; Orleans County Trust Co., Albion; Bank of Snyder, Snyder...
During the first eight months of it required something more than $17,600,000 per day to finance the birth and the growth of U. S. industry. Total new financing up to Aug. 31 reached the figure of $4,231,847,000-money raised at the rate of a half billion a month or six billion a year. This figure included stocks, bonds and notes, but did not include real estate or municipal securities either in this country or Canada. Except for a comparatively small amount of financing by Canadian corporations and by foreign corporations, cities and governments, it represented...
...financing house takes part in new financing in one of two ways-it either assumes the responsibility of floating the new issue or it participates in floating an issue which some other house has sponsored. In the second case, it is a participant in a syndicate, in the first case it is the syndicate head, except when it does not invite any participants but handles the entire job itself, Most houses are syndicate heads in some issues, participants in many others. The lordly House of Morgan, however, is never a participant. During the present year Goldman, Sachs...
Harris, Forbes & Co. began in 1882 as N. W. Harris & Co. At that time Founder Norman Wait Harris had an office on Chicago's Clark St., three employes and $30,000. But he also had two ideas. First idea was to send salesmen out to sell bonds. In 1882 such procedure was regarded as undignified; Mr. Harris and his men were termed doorbell ringers. But Mr. Harris knew that he, small, new, obscure, would never prosper by waiting for investors to call upon him, so he rang the doorbells, sold the bonds, became ancestor of all bond salesmen since...