Brown Brothers Harriman & Co.
BOOK REVIEW Kouwenhoven, John A., Partners in Banking, An Historical Portrait of a Great Private Bank, Brown Brothers Harriman & Co., 1818-1968 (New York: Doubleday and Co., Inc., 1968), $14.95,...
...international monetary hegemony...
...e Lo a.e o .atio -as essential...
...to deep water where seagoing cssels picked up the cargo...
...Both pictures from Brown Brothers Harriman & Co...
...and E.R...
...Co., 1930-31....director of Air Reduction Co., American Sumatra Tobacco Co., Southern Railway Co., National Sugar Refining Co....trustee, Boys Club of N.Y...
...After a long talk with Trotsky [then the chairman of the Government's concessions committee], I made up my mind that a change had taken place in the thinking of the Soviet leaders though they hadn't yet announced it...
...Unfortunately, Partners in anrking devotes little space to the Harriman background, for which the reader must look elsewhere...
...Also the Russians had opened a competing manganese mine in the Ukraine (Newsweek...
...45, shown above in 1954 hauling sixty 35-ton cars of sugar cane to the company's Central Florida mill in Ca;magucy...
...One of the useful features to the researcher is a list of all the partners in the firm's history with a short biographical sketch of each...
...efforts to reverse the flow of dollars out of the country and to stabilize U.S...
...found itself (as did many other banking institutions) with a large number of "undigested securities" on hand -- that is, new issues of the stocks or bonds of various corporations, governments or municipalities which the firm had underwritten in the expectation of selling them at a profit but which, after the crash, could not be sold without taking considerable losses...
...Robert V. Roosa - Partner since 1965....taught economics at University of ichigan, Harvard and IvIIT, 1939-43....staff of N.Y...
...Most private banks (including Alexander Brown & Sons...
...As part of their 150th anniversary celebration this year, Brown Brothers sponsored a Sesquicentennial Symposium for leading foreign bankers and 4 American industrialists at the Sun Valley, Idaho ski resort developed by W.A...
...Rhodes Scholar....author of Monetary Reform for the World Economy and The Dollar and World Liquidity....lives in arrison, N.Y...
...Other James irown non-profit involvrements: James ro-mn helped lo .R...
...William, at the request of the British Government, organized (and was chairman of) a project to build an Honduras Interoceanic Railway, thougn nothing came of it...
...Harriman, whose sons subsequently merged the family fortune with that of the Browns...
...Ambassador-at-Large, 1965-69...
...It took about a year, and because it was during the period when it was to the advantage of Soviet officials to get foreigners out, we made quite a good deal...
...Ambassador to Russia (194346) and Great Britain (1946...
...Two, L. Tighe (later Treasurer of Yale) and C.D...
...Morgan & Co., Kuhn, Loeb & Co...
...In the field of shipping, William was one of the largest original Cunard stockholders...
...Harriman has served longer in higher and more diverse posts than any other American official of his time" (Partners in Banking, p. 202...
...6, 1968, W.A.H...
...J.W...
...being businessmen, we began to do business with there...
...Iwo owmn -rothers partners sit on Union's current i2oard, one of which is James' .- reat grandson, i'oreau L...
...i taouh.t the oilsoian oli suncorti...
...a j. t was a ooid, hard-shei.Iec...
...Through main offices in New York, Boston and Philadelphia and its branch offices in St...
...James and R.A...
...trustee of Atlantic Mutual Insurance Co...
...itemblican until 192...
...Dickey III (whose father and grandfather were Brown Brothers partners) graduated one year ahead of Roland...
...industrialists and financiers to recognize the growing strategic importance to the American economy of foreign markets and sources of 10...
...9 though the plan failed to materialize, the younger Harriman went on to negotiate several lucrative investments in Russia and astern Europe and became one of the key diplomatic advisors on ussian affairs and the Cold War to several U.S...
...By 1869, Pacific Mail had 23 first class ships operating between New York and Aspinwall (now Colon, Panama), between Panama and San Francisco and across the Pacific to Japan and China...
...One of his earliest trips abroad was in 1905 when, at the age of 14, he accompanied his father on a business trip to Japan...
...ovys Clubs: E.I...
...A Eiowraphy, ew York, 1922, Vol...
...A 'down DLrothers artner is e-ir-ently vice-chairman of the oard of its successor, the Community Service QLianization...
...Chairman, National Red Cross and Boys Club of N.Y....honorary trustee, American Museum of Natural History....corporation member, Presbyterian Hospital of N.Y...
...He served from 1933 to 1955 when he was succeeded by FREDERICK H. KINGSBURY, who had been a partner in the bank since 1949...
...Harriman's general counsel and administrator of Harriman's estate after his death -- he also assumed the presidency of the Union Pacific and other Harriman railroads...
...The merger itself would make an interesting case study of the role of family and school relationships in the business and financial world...
...Through their partnership bank, the Harriman others & Co...
...Stalin and others thought they should not ask for outside assistance - that it was too dangerous to their fundamental principles...
...ih iw York ines .ac z:izine, i:arch 5, 1967.-9(Both pictures above courtesy of the Bangor Punota Corporation) The two pictures reproduced above...
...and, as will be shown later, the Harriman interests) were instrumental in developing mechanisms to stabilize European currencies...
...At the, time, thee e-ubl!.cin Irt.q oCf jr.cl he .as W mTber, icccdl its current liberal ir.ternationalist -ins and -s controlled rir:arilv .Lar :, ineus - - 'ists .ncd financiers who haod...
...Just why the State Department and the American Minister in Managua should have been, as Villard asserted, "agents for these bankers, using American Marines when necessary to impose their will," the editorial did not make clear...
...8snlny an;i L'e, incrRsinz: financial i.nteo;p,-.:ni c,,, of' t'e c conomis of' T rise iducstria]_izct nat-ions...
...hat year voted " or' . r.l t' against Hoover for several reasons...
...The Browns were major backers of the transatlantic cable which vastly accelerated foreign exchange transactions...
...The extant records in the firm's Historical File (including the private diary of James Brown and an unpublished account of the whole affair by Thatcher M. Brown-the two partners who handled the negotiations) suggest that it was quite the other way around...
...and Lee Higginson & Co...
...Attacking the "new imperialism" of the United States in Central America and the Caribbean, specifically in the form of the "Dollar Diplomacy" developed by Secretary of State Philander C. Knox during President Taft's administration, the editorial pointed to Nicaragua as an example of how the American government in the past dozen years had reduced Haiti, Santo Domingo, and Nicaragua "to the status of colonies with at most a degree of rather fictitious self-government...
...member of New York investment committee of Royal Globe Insurance Group...
...6 Four of the twelve Brown Brothers partners at the time of the merger had been friends of E. Roland Harriman at Yale...
...Of particular interest is the story of W.A...
...Roland, his son, s currently chairman of the oard and three other Br-own Erothers partners are active trustees...
...arriman, father of two 3rown rothors artners, founded the first Boys Club...
...presidents...
...PARTNERS Prescott S. Bush - Partner since 1931....took leave of absence from the firm 19521963 to serve in U.S...
...Under Secretary of State for Political Affairs, 19 6 3- 6 5...
...Harriman did a profitable business in bankers acceptances and foreign exchange, had a seat on the New York Stock Exchange and carried out an extensive brokerage business...
...in association wih . & W. Seligman & Co...
...2 Domestically, the firm invested in various railroads and urban transportation systems (e.g., Bangor and Aroostook Railroad and the St...
...was a 90-ton Baldwin steam locomotive that Puntal Alegre bought in 1915 from the Panama Canal Co...
...limited partner since 1946 (according to The New York Times, Feb...
...Early History, 1818-1931 The original Brown Brothers merchant bank was established in Philadelphia in 1818 by the sons of Alexander Brown, a successful Belfast linen merchant who immigrated to Baltimore in 1800...
...They invested in the insurance of cargoes and vessels, shipping and trans-oceanic communication...
...who had used it during construction of the canal...
...Two others, E.S...
...8 BRIEFS ON FOUR PROMINENT ROWN BROS...
...Louis, Chicago and Zurich, Switzerland, Brown Brothers Harriman offers a package of services that can be matched by only one other firm (Laidlaw & Co...
...But Brown Brothers Harriman, with 65 percent of its recent business in financing exports and imports by letters of credit, receiving deposits, making loans and buying and selling foreign exchange, and with a large majority of the partners more interested in banking than the issue business, chose to remain a commercial banking house...
...ears...
...Historical File) The original of this photograph of the head office of the Bank of Nicaragua, in Managua, is framed with specimen bills and coins issued by the bank, and hangs in a private hallway at 59 Wall Street.-4This permitted French banks to buy in the United States without having to export to get foreign exchange...
...I sw thinr.s were oin...
...Harrimants financial backers, uhn, Loeb & Co., who had floated Japanese war bonds, had assured him that this was the time to act.they repaid punctually....With a small group I took an interest in a concession for the exploitation of manganese deposits in Georgia...
...They did so in 1911, at the request of the Department of State which, in order to restore order in the turbulent republic, "was anxious," as Thatcher Brown related, "to have a small one-year loan made to Nicaragua, with the terms subject to the approval of the State Department, for the purpose of currency reform in that country and the formation of a bank, which would be headed by Americans, to manage the currency...
...It was Lovett who introduced Roland to the woman he eventually married...
...11 Union Theologcal Seminaryl: James o.n set UI'2S on is feet financially by edowin: professorshios in the 70's with a ift of 300,000...
...has $5.7 million in the firm, "but no voice in its management")....Board Chairman, Union Pacific Railroad, 1932-46......Board Chairman, Mercantile Shipbuilding Co., 1917-25...
...In the field of cargo and vessel insurance, William, the Liverpool-based brother, was one of the first trustees of Liverpool Fire and Life Insurance Company, oldest unit in the present Royal Globe Insurance Companies, Ltd...
...Engine No...
...Louis Street Railways) and long distance transmission of hydroelectric power (Westinghouse's Niagra generating plants...
...and would enable the United States not only to take a commanding position in the Orient, but to supply the wants and direct in some measure the commercial activities of hundreds of millions of people in the least developed arts of Europe and Asia...
...As President Kennedy's Under Secretary of the Treasury for Monetary Affairs (1961-64), he was in charge of U.S...
...7 4. The New York Times, May 2, 1968...
...13 Oil and Missionaries in Ecuador...
...and Southampton ospital....member of Council on Foreign Relations and Links Club....Ropublican, Presbyterian...
...The difficulties with the Russians referred to arose from the following: the contract provided a flat royalty to the government on each ton of ore mined...
...not rachnE this roin-t of v...
...Cross: Roland Harrima.n was appointed President of the Ancrican ,?r Cross in 1950 by resident lTruman and is still president, having -' o '-e successively reappoi.nted by isenhower, Kemnedy and Jo'hnson...
...A battle between Che (ievara and the Batista forces was fought near Boca grandee during the Castro rcsoltition...
...A PM7.V4_"i Rn - '1 1-6The Harrimans and International Diplomacy Domestically, the Harriman sons had retained their inherited financial interest in railroads and had expanded into other areas of the transportation field...
...Deputy Secretary of Defense, 1950-51, Secretary of Defense, 1951-53...
...The railroad from the company's Central Baragua mill is shown at lower right...
...Brown Brothers & Co...
...W. Averell Harriman - Partner from 1931-46...
...ver' r bac.l n _ :urc...
...The New York Times, February 6, 1968...
...It was the largest producing area of manganese at that time in the world...
...rowm...
...The Harrinans also expanded heavily overseas...
...He is shown here at Punta Alegre's Central Macareno mill in February 1958, with Arthur Gianelloni, manager of the Central Macareno division...
...In 1834, James Brown moved the main offices to New York, through whose port, at that time, passed almost onethird of the nation's exports and over one-half of its imports...
...director of Union Pacific Railroad (and member of executive committee), CBS (member of finance committee), New York Life Insurance Co...
...With the advent of the First World War, as the United States took its first steps towards becoming the world's dominant creditor and military power, Brown Bros...
...such as the one at Boca Grande, photographed in October 1955 by Giles S. Gianelloni...
...of America, American Express Co., Anaconda Co., National Bureau of Economic Research....past president, American Finance Association....trustee of Rockefeller Foundation...
...member of Council on Foreign Relations...
...I tou'ht .pubulcan isolationis-:i a isatrous...
...the latter two being private banking and investment houses) to form the present day Brown Brothers Harriman & Co...
...and U.S...
...and Mutual Life Insurance Co...
...s son), willim . Adams, -was a mnbor of the Union faculty for 42...
...James, son of a wealthy New York lawyer, had been one of a group of friends Roland took along in 1915 when his mother let him have the family yacht, The Sultana, to go out to San Francisco via the recently opened Panama Canal...
...Finally, was concornec over theo stoclzarl;et...but r-,hen restraints wore proposed, the Repu'rlicans dorld;ce . it...
...Conn...
...a corporation), was able to retain its New York Stock Exchange seat and act as brokers and investment counselors for its clients, buying and selling stock on a commercial basis...
...16 -2York, one in Baltimore (todayts Baltimore brokerage firm Alexander Brown and Sons is a descendent) and one in Liverpool, plus many "agents" throughout the South, the family firm was one of the leading financiers of the cotton trade between the South and Liverpool...
...railroad systems he already controlled and connect the termini by establishing a transatlantic steamship line from the United States to Russia...
...12 Under the Bank Act, the firm could continue to underwrite federal, state and municipal bond issues (as could other commercial banks) and, being a partnership (vs...
...British Atlas Assurance Co., Ltd...
...Courtesy of Giles S. Gianelloni) After reorganization of Punta Alegre in 1931-32, Ray Morris of Brown Brothers Harriman & Co...
...showing aspects of the Punta Alegre Sugar Corporation's operations in Cuba during the 1950s, were selected from a group that were fortunately saved when the company's property was confiscated by the Castro regime after the 1959 revolution...
...The Now York Times Lagazine, March 5, 1967...
...Little wonder that "r...
...His description of his "first experience with Soviet policy" is worth uoting in some detail for it gives an insight into the way an international investment banker looks at and tries to shape diplomacy: At the end of :Iorld :.ar , I recognized that the 'united States would be more active in international finance, so I establishoc a rather small international banking business...
...iilliarA's brother, Thatcher i ro,,wm, -as a UTS B-oard number for 46 years, o3ard reasurer from 1923-36, and oard President from 1916-47...
...With approximately two-thirds of the company's engagements arising out of exports of British manufactures, the Brown brothers naturally had a heavy interest in facilitating and cheapening trade...
...The four partners who preferred investment banking joined with several others to form Harriman, Ripley & Co...
...13 Partners in Banking is illustrated with over 350 photographs, maps and color plates...
...When Kingsbury went on an inspection trip over the railroad's system in July 1965, he was, therefore, renewing an old association as well as inaugurating a new one...
...In another demonstration of the firm's international monetary expertise (and closeness to the highest government offices), Brown Brothers' Auditing Department, during the Second World War, handled all reports and license applications for the U.S...
...Republican, Episcopal....member of Links Club....lives on the Harriman estate in Arden, N.Y...
...5. Brown Brothers was one of the main underwriters of Latin American municipal bonds (especially for Argentina, Chile and Peru...
...Lovett, had been friends of the Harriman brothers since boyhood...
...Upon these three countries the United States was said to have "forced ruinous loans, making 'free and sovereign' republics the creatures of New York banks...
...pound sterling) ever issued by a syndicate 2. Much later Pacific Mail was bought out by E.H...
...of N.Y...
...The bank's deposits are not large by New York standards [$360 million at the end of 1968] but its sophistication and expertise are eagerly sought by many major corporations...
...Merger with the Harriman Banks In the wake of the 1929 financial market crash, Brown Brothers and Co...
...James was the principal owner of the first U.S...
...lives in Locust Valley, Long Island, N.Y...
...member of finance committee), Freeport Sulphur Co., North American Aviation...
...Minimum contribution for 1-yr...
...Harriman's sister, the closest ties were the result of school and boyhood friendships: "Friendships made or reinforced at college...
...iTney er oinZ , very-, b'adly in Gerany i-i-r...
...At least eleven of the twenty-one current Brown Brothers Harriman partners attended Yale...
...By 1838, Brown Brothers was out of the risky and speculative dry goods operations entirely and had expanded heavily into financial operations linked with trade...
...Golf Association (president, 1935)....Republican, Episcopalian...
...In a separate development, Brown Brothers and William H. Aspinwall gained control of both the Pacific Mail Steamship Company and the Panama Railway...
...Like Morris, Kingsbury kept in active touch with the company's operations...
...But the 1933 Banking Act, following the "bank holiday" crisis in the first days of Franklin Roosevelt's first term, stipulated that commercial and investment banking must be divorced from each other...
...15 Nixon's Man for Latin America...
...e ave some export credits to the Soviets and found that 9. George Kennan, .H...
...Julv 2. 196)[ The Harriman Brothers E. Roland Harriman - Partner since 1931....Board Chairman, Union Pacific Railroad ,,..member finance committee of Albany Insurance Company and U.S...
...5 The firm's lack of capital was further aggravated by the fact that several of the elder and wealthier partners had recently died or resigned and the firm had been unable to accumulate profits sufficient to offset the withdrawal of their funds...
...Lovett married Adele Brown, daughter of a Brown Brothers senior partner and was admitted as a partner to the firm in 1926...
...Soon after the outbreak of the War in 1914, James Brown was appointed to a committee of three leading bankers to formulate a report and to make recommendations to the Federal Reserve Board on ways of regulating the international exchange situation...
...o }. e t. 2...
...and Harriman Brothers and Co...
...Robert Lovett was the son of "Judge" Lovett, E.H...
...and British) transportation to the Western frontier...
...these made up a sizeable portion of the "undigested securities...
...Seligman and Lazard Freres) chose to give up deposit banking...
...in the Deri.o...
...1 also believed that the Russian Revolution would have a most important effect on the world and I wanted to understand it...
...transatlantic steamship line, the Collins Line (which folded in 1858 after Congress cut off its $385,000 annual mail subsidy...
...Lovett was able to bring to the merger negotiations a long and intimate association with the Harrimans and a thorough knowledge of and devotion to the Brown Brothers tradition in banking...
...With one brother in New 1. His research assistant, Sarah B. Brown, is the granddaughter of one partner and is married to the grandson and namesake of another partner...
...Robert Abercrombie Lovett - Partner since 1926 (3 leaves of absence since then for government service)....Assistant Secretary of War for Air, 1941-45...
...James' Frandson ( . C.3...
...The NACLL NEWSLETT2ER is publishedten times a year by the North American The NACLA NEWSLETTER is published ten times a year by the North merioan Congress on Latin America...
...When James' Yale classmates, Knight Woolley and Prescott Bush (both now Brown Brothers partners) went to work in the mid-twenties with the two Harriman banking houses, his Park Avenue duplex apartment was the "old nest" where Woolley and Bush often stayed when they were in town...
...Chairman, executive committee, Illinois Central Railroad, 1931-42 and Director, 1915-46....with the National Recovery Administration, 193 4 -45....F.D.R.'s special representative in Great Britain and USSR, 1941....U.S...
...BOOK REVIEW Kouwenhoven, John A., Partners in Banking, An Historical Portrait of a Great Private Bank, Brown Brothers Harriman & Co., 1818-1968 (New York: Doubleday and Co., Inc., 1968), $14.95, 248 pp...
...Harriman and Co., Inc...
...The arrimans drafted Roland's Yale classmate, Mnight Wioolley, from the foreign department of the American Exchange ational ank to be general manager of this operation...
...Lenin didn't think that the Soviet Union could possibly develop its own industries and resources without outside help, and so he thought it would be a good idea to employ foreign firms to develop the resources on the basis of 20-year concessions...
...Though the author, a Barnard College (Columbia University) English professor and former editor of Harper's, is obviously no radical, the study is valuable for the wealth of data assembled from the firm's historical files (of which he was made director) and from numerous interviews with members of the Brown family...
...or inlet...
...10 Harrimants extensive overseas financial and diplomatic experience evidently contributed to his being one of the first large U.S...
...o l f ;:t-%.i_'i nts m-l.t.or., a 2r;ti : coulidnt he p but believe we would suffer as a consouec...
...3. The other two bankers on the committee were Ben Strong, Jr., president of Bankers Trust Co., and Albert H. Wiggin, president of Chase National Bank.-3Look carefully at the signature of the "Presidente" of Banco Nacional de Nicaragua on this example of Nicaragua's paper currency in 1912...
...He is shown above discussing mechanized track-maintenance equipment with P. H. Swales (left), chief engineer, and W. Jerome Strout (right), president of the railroad.-10The 1933 Banking Act In 1931, Brown Brothers Harriman not only accepted deposits and carried on a commercial banking business, it was also one of the "Big Four" houses engaged in investment banking and underwriting and distributing securities (the others were J.P...
...Therefore, it was to the Russian's advantage to have as much ore mined as possible but it was to the company's advantage to keep production down and prices up...
...6. Partners in Banking, p. 6. 7. ILid., p. ll...
...The firm's emphasis on international finance is further demonstrated by the fact that since 1965, it has had as a general partner Robert V. Roosa, who is considered one of the nation's top authorities on the international monetary system...
...I felt this thinking would get the upper hand...
...at left...
...seem, in retrospect, to have made the merger all but inevitable...
...William was the president of Cyrus Field's Atlantic Telegraph Company of Great Britain...
...So when I got home I recommended that we negotiate a release of the concessions, which we did...
...Undersecretary of State, 19 4 7-49...
...Paul's, Hill, Hotchkiss, Andover, Exeter and Groton.-5E.S...
...After processing at the company's mills, raw sugar was shipped from various ports...
...Through a branch office in Berlin opened in 1922, .A...
...trustee Carnegie Institution....life member, MIT Corp....member, Links Club...
...Kingsbury continued to serve on Punta Alegre's board after the Cuban expropriation, when it began investing its remaining assets in a variety of industries in this country...
...1 The Golconda Statement by Colombian Priests...
...Private banking houses were required to choose between the underwriting business and banking...
...lives in Groenwich...
...James was also involved in shipbuilding as principal owner of the Novelty Iron Works which, in the early 1850's, employed over 1,000 men, turning out the largest and most powerful marine engines yet built...
...1 From this skeleton of information, it is possible to begin to "flesh out" the story of the nation's largest and oldest private bank...
...After 20 years, the Soviets could take them over...
...James Brown (in New York) was one of the largest early stockholders in Atlantic Mutual Insurance Company and, from 1886 to the present, a Brown Brothers partner has always been a trustee...
...II, p. 2. Harriman's plan was to et control of the South anchuria Railway (won by Japan from Russia), buy the Chinese astern, acquire transportation and trackage rights over the trans-Siberian and Russian Government railroads, connect these with the Pacific ail Steamship Co...
...John Crosby rown, was married to the daughter of v. ji.i]klir Adas, President of tht Fscu.ty .irom 1733.O30...
...He was also a founder and the first president of the -iu YorkI Association for Laprovring the Condition of the -oor...
...Partners in Banking, commissioned and underwritten by Brown Brothers Harriman & Co...
...became one of the first American investment houses to assist in rebuilding European industry after orld IWar I, granting short-term credits to a wide variety of German industries, helping finance zinc mines in Polish Silesia and offering in the American market the securities of a number of European countries...
...The Browns also worked to further U.S...
...Senate (from Connecticut)....former director of CBS and Prudential Insurance Company of America....Chairman, National War Fund Campaign, 1943-44....Chairman, Republican Finance Committee, 1948.....Delegateat-large to Republican National Convention.....member, U.S...
...Then, in October 1964, came the merger with the Bangor & Aroostook...
...of London....Director of Delaware and Hudson Railroad, American Book Note Co., Anaconda Co...
...Their prep schools include St...
...but beyond this...was a plan for a round-the-world transportation line, under unified American control, by way of Japan, anchuria, Siberia, European Russia, and the Atlantic Ocean...
...James' son, John Crosby Sro7n, -was a. member of Union's tioard of Lirectors for h3 years, the last ten of lhich he was also oard resident...
...kiight Woolley - Partner since 1931....previously with Guaranty Trust Co., 1919-20, American Exchange National Bank, 1920-27 and Harriman Bros...
...Treasury Department's Foreign Funds Control Program, blocking the assets in the United States of nationals of countries occupied by the Germans...
...Secretary of Commerce, 1946-68....Director of Marshall Plan, 19 4 8 -50o....Director, Mutual Security Agency, 1951-53....Governor of New York, 1955-5 8...
...That same year, he was also elected a director and member of the executive committee of the Harrimans' Union Pacific - both Harriman brothers were also Union Pacific directors...
...According to the older Harriman's biographer, George Kennan: The clearly defined objective [of the trip] that he ['.n.H.] had in view...was the extension of American influence and the promotion of American commerce in the Far East...
...subscription: $5 In This Issue: Brown Brothers Harriman & Co...
...backed a number of steamship companies and took an early lead in air transportation in 1928, heavily financing the Aviation Corporation of America, the progenitor of Pan American Airways and American Airlines...
...Federal Reserve Board, 19 4 6-60....Under Secretary of the Treasury for Monetary Affairs, 19 6 1-64....director of Prudential Insurance Co...
...Such a railroad and steamship line...would unite for commercial purposes four of the most populous countries on the globe...
...Commercial banks (such as National City and Chase National) were required to divest their securitiesdealing affiliates...
...Then when we began to have some difficulties I went to ussia...and in December, 1926, I saw the Soviet leaders, with the exception of Stalin...
...lives in New York City...
...A:erican ed...
...Courtesy of the Bangor & Aroostook Railroad Co...
...for its 150th anniversary, is justly advertised as "probably the only illustrated history of its kind ever published...
...3 Brown Brothers, as managers of a syndicate of American banks and the Credit Lyonnais (Paris), as managers of French banks, arranged a $20 million credit in 1915 - the first financing by any American bank for France during the War and the first commercial export credit in dollars (vs...
...Among the photos is a portfolio of 55 specially-commissioned prints of current partners and employees at work in their offices...
...Both the Harriman firms were relative newcomers to the financial world (founded in 1919 and 1927 respectively) but had behind them the millions (estimated to be from $75 to $100 million) inherited by the two sons, W. Averell and E. Roland, of the Illinois Central and Union Pacific railroad baron, E.H...
...Unfortunately, only a few pages of the book are devoted to describing Brown Brothers Harriman operations since the merger in 1931...
...By June of 1963 it had acquired a grain elevator, a metal foundry, and a textile converting firm...
...While the record of cooperation and links between the firms dates from the marriage of Charles Simon, Manager of Brown Brothers Foreign Exchange Department with E,H...
...It is the signature of James Brown, senior partner of Brown Brothers & Co., and it is there because of developments which led Oswald Garrison Villard, E. L. Godkin's successor as editor of The Nation (see p. 132 for Brown Brothers' part in founding the weekly), to publish in his June 7, 1922, issue a caustic editorial entitled "The Republic of Brown Brothers...
...begun with $4 million), W.A...
...Assistant Secretary of State for Far Eastern Affairs, 1961-63...
...see p. 195) was elected to the board of directors...
...The National Association of the Partners of the Alliance...
...Harriman's introduction to foreign diplomacy...
...7 also 1F tLt we coui r,: ' sntinue to lend money abroad and expect to be repaid unless w cnanrred our tariff policies...
...His aggressive business practices won him a monopoly of the Baltimore linen trade and, by 1821, he was one of America's first millionaires...
...This search for new capital led to the eventual merger in January 1931 of Brown Brothers and Co., W.A...
...From the warehouse at the port, sugar was loaded on barges and towed by the company's tugboats down the "lstero...
...and Centennial Insurance Co...
...hrough the acquisition in 1928 of a controlling interest in American Trustee Share Corporation which sold over $60 million of "Diversified Trustee Shares" it pioneered in the development of "Fixed Investment Trusts...
...had, indeed, loaned money to Nicaragua...
...Godkin found T'ihl, nationn and :.as a caiman of the "Committee of 70" ihiicr fought the '.lTted 'Rin' in lew York...
...t'It was these young members of the firm who were largely responsible for affecting the merger...
Vol. 2 • December 1968 • No. 8
