Finance History | Goldman Sachs — Five Million Dollars of Paper from a Pine Street Room
· 1869-1
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Finance History | Goldman Sachs — Five Million Dollars of Paper from a Pine Street Room
kevin
People treat Goldman Sachs as the glass house at 200 West Street that always underwrote and traded for sovereigns.
The first book was a one-room promissory-note shop.
In 1869 Marcus Goldman, a Bavarian immigrant who had sold clothing in Philadelphia, hung a sign as broker and banker at 30 Pine Street.
The firm later said the office stood on the same lot it would rebuild as a headquarters in 1929.
He bought short-term notes from wholesale jewelers on Maiden Lane and from leather merchants on Beekman Street, then resold the paper to banks.
In the first year he handled more than $5 million of commercial paper, in 1869 dollars, working the street with the notes in his hat.
In 1882 his son-in-law Samuel Sachs joined and the name became M. Goldman and Sachs.
By 1890 the partnership was turning over about $30 million of paper a year.
The firm took its present name in 1885 and joined the New York Stock Exchange in 1896.
The first mechanism was not a trading floor.
It was a credit judgment on a merchant note that a downtown bank would not take unendorsed.
Photo: public-domain street view of the Financial District, via Wikimedia Commons
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