Marcus Goldman
Marcus Goldman | |
---|---|
Bavaria, Germany | |
Died | July 20, 1904 Elberon, New Jersey, United States | (aged 82)
Nationality | American |
Occupation(s) | Investment banker, businessman, financier |
Spouse(s) | Bertha (née Goldman; m. 185?) |
Children | Julius Goldman Rebecca Dreyfuss (married to Ludwig Dreyfuss) Rosa Sachs (married to Julius Sachs) Louisa Sachs (married to Samuel Sachs) Henry Goldman (1857–1937) |
Marcus Goldman (born Marcus Goldmann; December 9, 1821 – July 20, 1904) was an American
Early life
Mark Goldman was born on December 9, 1821, in
Goldman immigrated to the United States from
Career
Goldman worked as a peddler with a horse-drawn cart and later as a shopkeeper in
From his earliest days of his business, Goldman was able to single-handedly transact as much as $5 million worth of commercial paper a year. Successful though he was, Goldman's business was insignificant compared to that of the other Jewish-German bankers of the day. Concerns like J. & W. Seligman & Co., with working capital of $6 million in 1869 (equivalent of $137 million in 2023), were already modern-day investment bankers immersed in underwriting and trading railroad bonds.
In 1882, Goldman invited his son-in-law Samuel Sachs to join him in the business and changed the firm's name to M. Goldman and Sachs.[8] Business boomed—soon the new firm was turning over $30 million worth of paper a year—and the firm's capital was now $100,000 (equivalent of $3.2 million in 2023).
For almost fifty years after its inception, all of Goldman Sachs's partners were members of intermarried families. In 1885, Goldman took his own son Henry and his son-in-law Ludwig Dreyfuss into the business as junior partners and the firm adopted its present name, Goldman Sachs & Co. In 1894, Henry Sachs entered the firm, and in 1896, the firm joined the New York Stock Exchange.
When Goldman retired, he left the firm in the hands of his son Henry Goldman and his son-in-law Samuel Sachs. In 1904, two of Sachs' sons, Arthur and Paul, joined the firm immediately after graduating from Harvard University.
Personal life and death
Goldman married eighteen-year-old Bertha Goldman, who had also immigrated from Germany. They had five children. Goldman's youngest daughter, Louisa, married Samuel Sachs, the son of close friends and fellow Lower Franconia, Bavaria immigrants.[1] Louisa's older sister and Sam's older brother had already married. His older son, Julius Goldman, married Sarah Adler, daughter of Samuel Adler.[9]
Goldman died in Elberon, New Jersey, in the summer of 1904.[10]
See also
References
- ^ a b Kappner, Cordula (March 12, 2008). "Marcus Goldmann und der amerikanische Traum". Mainpost (in German).
- ^ Andrew Beattie (May 21, 2010). "The Evolution Of Goldman Sachs". Forbes.
- ^ OCLC 562769185.
- ^ Marcus Goldmann und der amerikanische Traum, by Cordula Kappner, 12. März 2008 , mainpost.de (in German)
- ^ Caplan, Sheri J. "Marcus Goldman." In Immigrant Entrepreneurship: German-American Business Biographies, 1720 to the Present, vol. 2, edited by William J. Hausman. German Historical Institute. Last modified May 7, 2015.
- ^ ISBN 0-684-86968-3.
- ^ OCLC 562769185.
- ^ ISBN 978-0-470-76814-3.
- ISBN 0472031740.
Further reading
- Birmingham, Stephen (1996). ISBN 0815604114.
- Supple, Barry E. (1957). "A Business Elite: German-Jewish Financiers in Nineteenth-Century New York". Business History Review. 31 (2): 143–178. JSTOR 3111848.