Finance History | Goldman Sachs — A One-Room Note Desk at 30 Pine Street
· 1869
Unreviewed contributionBy kevin · · Report an issue
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Finance History | Goldman Sachs — A One-Room Note Desk at 30 Pine Street
kevin
People treat Goldman Sachs as the glass tower at 200 West Street that always ran a trading book and an IPO from an S and P 500 listing.
The first book was a one-room promissory-note desk.
In 1869 Marcus Goldman, a Bavarian immigrant who had sold dry goods in Philadelphia, hung a sign at 30 Pine Street that read M. Goldman, Broker and Banker.
He bought short-term notes from jewelers on Maiden Lane and leather merchants on Beekman Street and sold them on to banks.
Samuel Sachs, his son-in-law, joined in 1882. The partnership took the name Goldman Sachs and Co. in 1885 and joined the New York Stock Exchange in 1896.
The firm listed itself in May 1999 after 130 years as a private partnership.
The mechanism is still the first one.
A merchant who needed cash before a shipment cleared could sell a note if a broker who knew the shop stood between the shop and the bank.
A visitor on Pine Street still walks the block between Nassau and William. The one-room office is gone. The note desk is how the book started.
Walk the sidewalk. This is an active financial district. Do not photograph trading floors or security desks.
Photo: Financial District streetscape, Wikimedia Commons contributors, via Wikimedia Commons.
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