Brown Bros. & Co. was an

investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is ...

from 1818 until its merger with

Harriman Brothers & Company Harriman or Hariman (variant Herriman (disambiguation), Herriman) is a surname derived from the given name Herman (name), Herman, and in turn occurs as a placename derived from the surname in the United States. Buildings * Dr. O.B. Harriman House, ...

in 1931, to form Brown Brothers Harriman & Co. According to

Zachary Karabell Zachary Karabell (born July 6, 1967) is the founder of the Progress Network at New America, president of River Twice Capital, an author, and a columnist. In 2003, the World Economic Forum designated him a "Global Leader for Tomorrow." Career Ka ...

In its first hundred years, the firm helped to make paper currency standard in the U.S., underwrote the earliest railroad and trans-Atlantic steamship companies and almost unilaterally created the first foreign exchange system between the American dollar and the British pound. In the 20th century, it became a cornerstone of what came to be known as “the Establishment,” as its partners entered the halls of government to shape the global economic and security system that remains the world’s institutional architecture.

History

Brown Brothers, an investment bank and trading company, was founded in 1818 in

Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...

Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...

, by

George Brown George Brown may refer to: Arts and entertainment * George Loring Brown (1814–1889), American landscape painter * George Douglas Brown (1869–1902), Scottish novelist * George Williams Brown (1894–1963), Canadian historian and editor * G ...

and John Brown, sons of former

Ulster Ulster (; ga, Ulaidh or ''Cúige Uladh'' ; sco, label= Ulster Scots, Ulstèr or ''Ulster'') is one of the four traditional Irish provinces. It is made up of nine counties: six of these constitute Northern Ireland (a part of the United King ...

linen trader

Alexander Brown Alexander Brown may refer to: Sports * Alexander Brown (cricketer) (born 1967), English cricketer *Sandy Brown (footballer, born 1877) (Alexander Brown, 1877–1944), Scottish footballer *Sandy Brown (footballer, born 1939) (Alexander Dewar Brown ...

(1764–1834) who had established a firm in

Baltimore Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...

. In 1825, the third son, James Brown (1791–1877), opened an affiliate in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

under the name Brown Brothers and another in

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England ...

, in 1845. These firms were later merged under the name. James Brown's son,

John Crosby Brown John Crosby Brown (May 22, 1838 – June 25, 1909) was a senior partner in the investment bank Brown Bros. & Co., founded by his family. Early life Brown was born on May 22, 1838 in New York City. He was the son of banker James Brown (1791–18 ...

(1838–1909), would be a driving force for growth, making

Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...

in New York the center for operations and seeing the bank become major lenders to the

textile Textile is an umbrella term that includes various fiber-based materials, including fibers, yarns, filaments, threads, different fabric types, etc. At first, the word "textiles" only referred to woven fabrics. However, weaving is not the ...

, commodities, and transportation industries. In 1931, the firm merged with

, another Wall Street firm owned by W. Averell Harriman and

E. Roland Harriman Edward Roland Noel "Bunny" Harriman (December 24, 1895 – February 16, 1978) was an American financier and philanthropist. Early life Harriman was born on December 24, 1895, in New York City.Kenneth T. Jackson, Lisa Keller, Nancy Flood, ''The En ...

, to form Brown Brothers Harriman & Co. In 1964, John A. Kouwenhoven, professor of English at

Barnard College Barnard College of Columbia University is a private women's liberal arts college in the borough of Manhattan in New York City. It was founded in 1889 by a group of women led by young student activist Annie Nathan Meyer, who petitioned Columbia ...

and the author of ''The Columbia Historical Portrait of New York'', among other works, was hired by Brown Brothers Harriman to identify and amass records of historical value to the firm. His title was Director of the Historical Files, which were to serve, among other purposes, as the research materials for the writing of ''Partners in Banking'', commissioned by the publishers Doubleday & Co. to celebrate the firm's 150th anniversary in 1968. These files are held at the

New-York Historical Society The New-York Historical Society is an American history museum and library in New York City, along Central Park West between 76th and 77th Streets, on the Upper West Side of Manhattan. The society was founded in 1804 as New York's first museum. ...

. The business records of Brown Brothers & Co. in New York City, including 176 volumes dated 1826–1880, were deposited at

The New York Public Library The New York Public Library (NYPL) is a public library system in New York City. With nearly 53 million items and 92 locations, the New York Public Library is the second largest public library in the United States (behind the Library of Congress) ...

and are almost entirely from the business career of James Brown.

References

External links

* * {{DEFAULTSORT:Brown Bros. and Co. History of Philadelphia American companies established in 1818 Banks established in 1818 Former investment banks of the United States 1818 establishments in Pennsylvania 1931 disestablishments in Pennsylvania American companies disestablished in 1931 1931 mergers and acquisitions *Brown Bros. & Co.

History

See also

References

Further reading

External links