Edmund C. Lynch
Edmund C. Lynch | |
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Merrill Lynch on October 15, 1915.
Early yearsOf Irish descent, Edmund Lynch was born on May 19, 1885, in Baltimore, Maryland, to Richard H. Lynch and Jennie Vernon Smith Lynch. Edmund Calvert Lynch attended the Boys' Latin School of Maryland in Baltimore and graduated from Johns Hopkins University in 1907.[1]
Merrill and LynchEdmund Lynch met Merrill Lynch.[2]
Lynch was especially known for helping create, finance, and broker many large chain-stores in the United States, including Safeway Inc.[3]
Lynch also purchased the pioneering French movie company Pathé Exchange in 1921, and later rebranded it to Keith-Orpheum (RKO Pictures).[2] Predicting the 1929 Stock Market CrashEdmund C. Lynch gained special notoriety when he foresaw the impending Merrill Lynch's clients to sell many of their stock holdings in 1928.[3] As many Americans were enjoying the soaring stock market in 1928, Lynch was convinced a disaster was near. His famous letter to all of Merrill Lynch's clients warned: a partner of his firm, but the President turned down his offer.
Lynch's concern for the bullish stock market was so strong that he went to the White House in 1928 and warned President Calvin Coolidge of his intuition. During his meeting with the President, Lynch famously even offered to make President Coolidge When later asked of his incredible foresight in 1933, Lynch told the New York Times, "The lesson that I had learned--when stocks are too high they come down--stood me in good stead in 1928-29."[5] It is estimated that Lynch's intuition saved his clients over $83 million (approx. $1.3B adjusted for inflation). Personal lifeEdmund Lynch married Signa Janney Fornaris in 1923 with whom he had three children: Vernon, Edmund Calvert Jr. (who later joined his father's firm[6]), and Signa Janney. Vernon married Robert G. Merrill, whose father was Joseph Merrill. Vernon and Robert had six children: Lynn Gray, Gail Merrill, Edmund Merrill, Douglas Merrill, Signa Hermann, and Nina Merrill.[7] They also have nine grandchildren: Kelli Merrill, Austen (Baron) Gray, Dustin Merrill, Lily Gray, Nick Merrill, Merrill Hermann, Taylor Ogan, Robert Hermann III, and Chase Merrill.[7] Death and legacyHe died in London, England while on business, on May 12, 1938.[8] Upon his death, he bequeathed $59,000 to Johns Hopkins medical school in the name of his brother.[9] References
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