Sunday, March 25, 2012

New York Stock Brokers: Sternberger, Fuld & Sinn


Langlois scan

From the corporate history of Gruntal & Company:

The company was founded as Sternberger & Fuld in 1880 by Maurice Sternberger, who entered a partnership with Ludwig Fuld.  Sternberger bought a seat on the New York Stock Exchange in 1881 for $20,000.  They were joined in 1884 by a third partner, Samuel Sinn, and the firm became Sternberger, Fuld & Sinn, with an office at 52 Broadway in lower Manhattan.  There is little documentation to tell the exact nature of the firm's business, but Wall Street men of the time were known as merchant bankers.  They would visit the city's merchants and businessmen in the morning to purchase IOUs, which they would stick under their hats. About noon they would walk uptown to the large banks to sell them. Hundreds, perhaps thousands, of similar small partnerships were formed, each specializing in certain kinds of investments.

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