Stock Brokers Reorganize: McIntyre & Wardwell becomes McIntyre & Marshall and Wardwell & Adams

McI. & W. and McI. & M.

WARDWELL & ADAMS

Over the course of the 1898 tax period (July 1, 1898 - June 30, 1902), many brokerage firms in New York closed up shop, opened for business, or reorganized under new names.  The changes meant new and different cancels over the 4 year period.  The stamps above represent one such case.  

As we've observed on this site before, the majority of dollar value 1898 stamps were used in New York, mostly at the New York Stock Exchange.  For the stamp on the upper left, the cancel indicates that McI. & W. was located in New York, making it almost certain that the firm represented by those initials traded at the NYSE.  A quick look at the list of members from 1898 of the NYSE shows a firm called McIntyre & Wardwell, and it does so because in the list of 1100 members with seats on the exchange, a Mr. Edward L. Adams, and partner of McIntyre & Wardwell, comes first alphabetically.  Henry Wardwell is also listed as having a seat, though there is no Thomas McIntyre among the members.

It appears that this arrangement, with the three gentlemen in partnership, operated in 1898 through sometime in late 1900 or early 1901 when a change was made.  Thus, the McI. & W. cancel can be found on stamps canceled in 98, 99, 00 and possibly 01.

Thomas A. McIntyre, the senior partner of McIntyre & Wardwell, would reorganize himself and his firms many times over his career.  When he broke up McIntyre & Wardwell, he found a new partner in James Marshall, who in 1898 was not listed as having a seat on the exchange.  Meanwhile, the two members of the old firm created a new self-named firm.  So through 1901 to the end of the tax period in 1902 we can find cancels for the firms McIntyre & Marshall and Wardwell & Adams.

McIntyre came to be known as "the great organizer" of Wall Street, but business troubles led to the bankrupty of his firm and subsequent indictment for larceny.