Francis I. duPont & Co. Genealogy: Part V

A.C. Allyn & Co., Continued F.I. duPont & Co. (1963)
F.I. du Pont, A.C. Allyn, Inc. (subsidiary, founded 1963, New York) In 1963, while Allyn Jr. was still head of the White Sox and three years after Allyn Sr. died, the Allyn brothers decided to merge A.C. Allyn & Co. with the firm of Francis I. du Pont & Co. (founded 1931, New York), whose senior partner, Edmond du Pont, was the son of the founder. The newly merged firm became the second largest brokerage firm in the United States, second only to Merrill Lynch, Pierce, Fenner & Smith, Inc. with "assets of more than 300 million dollars and a net worth in excess of 35 million dollars." The new firm had more than 110 offices and almost 3,000 employees. It retained the F.I. duPont name, but an affiliate named F.I. du Pont, A.C. Allyn, Inc. (founded 1963, New York) was created as a corporate underwriting division. The Allyn brother joined the duPont firm as partners.
Given Francis I. duPont's early belief…

Francis I. duPont & Co. Genealogy: Part IV

A.C. Allyn & Co., Continued A.C. Allyn & Co., Inc. (founded 1912, Chicago)
A.C. Allyn & Co. (founded 1948, Chicago) In 1928, Arthur Allyn made the fortuitous decision to liquidate much of the firm's debt, and A.C. Allyn & Co. survived the crash that followed. That year, in 1929, Allyn created Artnell, an investment company named after him and his wife, Nelle Musick. (They married in 1913.) The Allyns had two sons, A.C. Allyn, Jr. and John W. Allyn, who both joined the family firm.
Arthur C. Allyn Jr. (1913-1985) studied at Dartmouth College and did not initially go to work for the family firm. He worked as "a biologist for the California Packing Company in San Francisco from 1938 to 1945," and served as president of the Pacific Vinegar Company until 1949, when he moved back to Chicago to become a partner in A.C. Allyn & Co. and president of Artnell Co., then a holding company. John W. Allyn (1917-1979) was a graduate of Lafayette University (1939). Unl…

Francis I. duPont & Co. Genealogy: Part III

A.C. Allyn & Co.
Ford Motor Company Syndicate #32
Founded 1921, Chicago Origins Born in Hopkins, MO, Arthur Cecil Allyn (1887-1960) was the son of Frank Egbert Allyn (1855-1919) and the former Mary Hettie David. Allyn traced his lineage back to a Thomas Allyn from Connecticut, who fought in the American Revolution. His father was a commercial trader in the hardware business. Allyn grew up in Nebraska, Illinois, Kansas and Missouri, and he studied at the University of Chicago. In 1906, he had to leave school when his father became ill. After working as a buyer for sporting goods in a hardware company, Allyn moved from St. Louis to Chicago in 1908. He said, "I decided if I could make money in sporting goods I could make money in a business that handled money."
Allyn was introduced to Harold L. Stuart, a member of the bond firm N.W. Halsey & Co., by the cousin of General Charles G. Dawes (1865-1951), William R. Dawes, who was an acquaintance of his father. Allyn started …

Francis I. duPont & Co. Genealogy: Part II

Francis I. du Pont & Co.
Ford Foundation Syndicate #36
Founded 1931, New York According to The Evening Journal, Francis I. du Pont & Co. instituted innovative business practices for the securities business, translating F.I.'s practice for doing research from E.I. du Pont de Nemours & Co. to his new firm and also introducing marketing and advertising in "mass circulation magazines and newspapers." F.I. said, "We felt that the future of the stock market lay in broadening its base by bringing in the small investor."
Several of F.I. du Pont's earliest partners were his sons and his sons' associates. His son, Edmond (1906-1996), was born in Delaware and educated at Princeton and Oxford. Edmond joined the firm in 1932 and by the early 1940s, was directing "the firm's record-keeping toward automation." Through these efforts, the firm became a pioneer "in the use of automated equipment to cope with the involved figuring on customer…

Francis I. duPont & Co. Genealogy: Part I

In 1974, DuPont Walston was liquidated. At that time, the histories of Francis I. duPont & Co., Glore Forgan & Co., Wm. R. Staats, Inc., Hirsch & Co., A.C. Allyn & Co. and Walston & Co., six members of the Ford Motor Company Syndicate, came to an end. Over the next several posts, we will take a closer look into the histories of each of these firms and how they all eventually became a part of DuPont Walston.

OriginsEleuthére Irénée du Pont (1771-1834) founded his namesake firm, E.I. du Pont de Nemours & Co., a chemical manufacturer, in 1802. A French immigrant and the son of a watchmaker, E.I. du Pont demonstrated an interest in the study of gunpowder from a young age. His mentor was Antoine Lavoisier, the French chemist. In 1799, in the aftermath of the French Revolution, du Pont's family immigrated to the United States. Though he returned briefly to France in 1801, du Pont settled in Delaware, where he founded the first of many gunpowder mills.
By 1812, E.…

Joseph Louis Searles III: The First African American Member of the New York Stock Exchange

“The New York Stock Exchange is not a cold, heartless organization. It isn’t eighths and quarters on decimal points—it’s people.”  - Robert Lester Newburger
Born in Germany, Morris Newburger (1834-1917) immigrated to the United States in 1854. His father was a teacher and descended from a family of rabbis. In Germany, Morris worked in the dry goods business. In the United States, he lived in New York, in the South, in Cedar Rapids, Iowa, and Rock Island, Illinois, before settling in Philadelphia in 1963. In 1862, he married the former Betty Hochstadter, and he entered into a partnership with his brothers-in-law, Adolph, Albert, and David Hochstadter, creating the firm of Newburger & Hochstadter, wholesale clothing traders. Morris became the president of the Mechanics National Bank in Philadelphia and founded the clothing manufacturer, Morris Newburger & Sons with his sons. He and his wife had seven children: five sons, Samuel M. Newburger, Alfred H. Newburger, Frank. L. Newbur…

Josephine Holt Perfect Bay: The First Woman to Head a NYSE Member Firm

Josephine Holt Perfect Bay was the first woman to the head a member firm of the New York Stock Exchange and is the only female executive in the Ford Motor Company Syndicate.

In 1940, Charles U. Bay became senior partner of A.M. Kidder & Co. In 1946, however, he became Ambassador to Norway under President Harry Truman and took a leave of absence from the firm until 1953. In 1955, when Bay died, he owned about 71% of the firm’s stock. After his death, in 1956, Charles’s wife, Josephine Perfect Bay, assumed his position as the president and chairman of A.M. Kidder & Co., Inc. because the New York Stock Exchange rules required any stockholder who owned “more than 45% of a member company’s shares” to either sell or “take an active part in the firm.”
Born in Iowa, Josephine Holt Perfect Bay (1900-1962) was raised in Brooklyn. The daughter of Otis Lincoln Perfect (1860-1919), a real estate broker, she was a graduate of the Brooklyn Heights Seminary (1916) and studied at Colorado Colle…