Finance History | Eighth and Broad, Richmond — Nine Fifteen on a Friday and a Name Nobody Explained
· 1887-2
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Finance History | Eighth and Broad, Richmond — Nine Fifteen on a Friday and a Name Nobody Explained
kevin
People treat Albemarle as a Charlotte lithium house and a ticker in the S and P 500.
The name was chosen in a Richmond hotel that is no longer there.
At 9:15 on the evening of Friday, 11 February 1887, five men met at Murphy's Hotel, at Eighth and Broad Streets, to form a paper company.
They were J. F. Chalmers, G. A. Cunningham, Thomas S. Flournoy Jr., W. E. Dibrell, and E. B. Thaw.
Dibrell, editor of the Southern Tobacconist, proposed the name Albemarle Paper Manufacturing Company.
The firm's published history, drawing on Joseph C. Robert's book on Ethyl, records that no convincing reason for the word Albemarle has ever been given.
The company made kraft and blotting paper in Richmond with a workforce of fewer than ten at the start.
In 1962 Albemarle acquired Ethyl Corporation and took that name. In 1994 Ethyl spun the specialty chemicals book back out as a listed Albemarle Corporation.
Headquarters later left Richmond for Baton Rouge in 2008 and for Charlotte in 2015.
Murphy's Hotel was rebuilt as an eleven-story house in 1913, sold to the Commonwealth of Virginia, and demolished in 2006 and 2007. The corner is now open ground across from the Library of Virginia.
The pin is the historic address at Eighth and Broad. The hotel itself is gone.
The mechanism is a paper charter that bought a larger chemicals company, then was listed again under its first name as a specialty-chemicals equity.
Photo: period postcard of Murphy's Hotel, Richmond, via VCU Libraries Commons and Wikimedia Commons. No known copyright restrictions.
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