Word: goldmans
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Dates: during 1930-1939
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While J. P. Morgan & Co. and Kuhn, Loeb & Co. skimmed the cream of railroad financing, Goldman Sachs concentrated on industrials, which to a large extent meant selling stock, not bonds. Its clients include Woolworth, Goodrich, General Foods, Continental Can, The Lambert Co., Pillsbury Flour, United Biscuit, Phoenix Hosiery, Endicott Johnson, National Dairy Products...
...fame and fortune Goldman Sachs reached an unenviable peak in 1929 under the domination of Waddill Catchings, leading apologist of the New Era, co-author of The Road to Plenty. It was the imperious Mr. Catchings who led the conservative old house into the investment trust fireworks of Goldman Sachs Trading Corp., Shenandoah Corp. and Blue Ridge Corp. When his road to plenty ran up a tree, Mr. Catchings got out, joining his old friend, Utilitarian Harrison Williams...
...wreckage Mr. Catchings left behind him in Goldman Sachs was appalling. Market value of Goldman Sachs Trading shriveled from $500,000,000 to less than $10,000,000. Funnyman Eddie Cantor, who lost a sizable fortune in the stock, made the name of Goldman Sachs a sure-fire gag from coast to coast. Law suits received so much publicity that Wall Street pranksters used to call up Goldman Sachs, ask for the "litigation" department...
Sitting on the boards of 31 corporations, restless little Sidney Weinberg started in Goldman Sachs as a porter in 1907 after a short Manhattan career as a newsboy and Western Union messenger. It was years before the partners even knew him by name. By his own account he got ahead by being "such a fresh kid." During the War he was cook on a submarine chaser, until yanked into the Navy's Intelligence Department. Brilliant, blunt, energetic, he takes vast interest in the affairs of any company in which he is a director. Occasionally at board meetings he pulls...
...Sidney Weinberg's ability as a director belongs most of the credit for preserving Goldman Sachs's invaluable corporate connections, not the least of which was Sears, Roebuck. When financing revived, corporations turned to Goldman Sachs as they had done before Depression. Last Spring National Dairy Products came in for a $62,000,000 refunding deal...