Royal Bank of Canada
The Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank has 80,000 employees worldwide; the bank was founded in 1864 in Halifax, Nova Scotia, while its corporate headquarters are located in Toronto, in Montreal, Quebec. RBC's Institution Number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks. In Canada, the bank's personal and commercial banking operations are branded as RBC Royal Bank in English and RBC Banque Royale in French and serves ten million clients through its network of 1,209 branches. RBC Bank is the U. S. banking subsidiary which operated 439 branches across six states in the Southeastern United States, but now only offers cross-border banking services to Canadian travellers and expats. RBC has 127 branches across seventeen countries in the Caribbean, which serve more than 16 million clients. RBC Capital Markets is RBC's worldwide investment and corporate banking subsidiary, while the investment brokerage firm is known as RBC Dominion Securities.
Investment banking services are provided through RBC Bank and the focus is on middle market clients. In 2011, RBC was the largest Canadian company by market capitalization, and was ranked at No. 50 in the 2013 Forbes Global 2000 listing, The company has operations in Canada, 40 other countries and had US$673.2 billion of assets under management in 2014. In 1864, the Merchants Bank of Halifax was founded in Halifax, Nova Scotia, as a commercial bank that financed the fishing and timber industries and the European and Caribbean import/export businesses. By 1869 the Merchants' Bank was incorporated and received its federal charter in the same year. During the 1870s and 1880s, the bank expanded into the other Maritime Provinces; when both the Newfoundland Commercial Bank and Union Bank of Newfoundland collapsed on 10 December 1894, the Merchants Bank expanded to Newfoundland on 31 January 1895. As the bank grew, executives changed its name to reflect its growth and western expansion. In 1901, the Merchants Bank of Halifax changed its name to the Royal Bank of Canada.
The centre of the Canadian financial industry had moved from Halifax to Montreal, so the Merchants Bank relocated its head office there. In 1910, RBC merged with the Union Bank of Halifax. In the same year it built a bank branch in Winnipeg, Manitoba—designed by Carrère and Hastings, in beaux-arts classicism proclaiming the financial dominance of Winnipeg in the prairies. To improve its position in Ontario, RBC merged with Traders Bank of Canada in 1912 and in 1917 RBC merged with Quebec Bank, founded in 1818 and chartered in 1822 in Quebec City. RBC's presence in Manitoba and Saskatchewan was strengthened through a 1918 merger with Northern Crown Bank, the result of the merger in 1908 between Northern Bank and Crown Bank of Canada, based in Ontario. RBC's presence in the Prairie Provinces grew again with the 1925 merger with the Union Bank of Canada, which had begun in Quebec City in 1865 as the Union Bank of Lower Canada, but changed its name in 1886; the Union Bank of Canada had moved its headquarters to Winnipeg in 1912, had built a strong presence in the Prairies and opened the first bank in the Northwest Territories at Fort Smith in 1921.
In 1935, RBC merged with Crown Savings and Loan Co. merged with Industrial Trust Co.. RBC installed its first computer in the first in Canadian banking. In the 1960s, RBC Insurance was created. In 1968, it merged with Debenture Company. In 1993, RBC merged with Royal Trust. In 1998, RBC acquired Security First Network Bank in Atlanta—the first pure Internet bank. In 2000, RBC merged merchant credit/debit card acquiring business with BMO Bank of Montreal's to form Moneris Solutions. In 2013, RBC completed the acquisition of the Canadian subsidiary of Ally Financial. RBC Insurance is the largest Canadian bank-owned insurance organization, with services to over five million people, it provides life, travel and auto and reinsurance products as well as creditor and business insurance services. 1882 – Merchants Bank of Halifax opened an office in Bermuda. 1899 – RBC opened an agency in New York City and a branch in Havana. 1903 – RBC bought Banco de Oriente de Santiago de Cuba. By the mid-1920s, RBC is the largest bank in the country.
1904 – RBC bought Banco del Commercio de Havana. 1907 – RBC opened a branch in San Juan, Puerto Rico. 1909 – RBC established a branch in Nassau, Bahamas. 1910 – RBC opened a branch in London and acquired branches in Puerto Rico and Port of Spain, Trinidad as a result of its acquisition of Union Bank of Halifax. 1911 – RBC opened an agency in New York City, branches in Bridgetown and Kingston, Jamaica. 1912 – RBC bought Bank of British Honduras in British Honduras, which it converted to a branch. RBC opened a branch in the Dominican Republic. 1914 – RBC bought out Bank of British Guiana, in British Guiana, converted it to a branch. 1915 – RBC opened branches in Costa Rica, Dominica, St. Kitts. 1916 – RBC opened a branch in Venezuela. 1917 – RBC opened branches in Antigua, Dominica, St. Kitts, Montserrat and Tobago. 1918 – RBC opened a branch in Barcelona, another in Vladivostok that lasted less than a year. 1919 – RBC opened branches in Brazil, Uruguay, Martinique and Port-au-Prince, Haiti. 1920
Kells, County Meath
Kells is a town in County Meath, Ireland. The town lies off 16 km from Navan and 65 km from Dublin, it is best known as the site of Kells Abbey. The settlement was known by the Irish name Ceannanas or Ceannanus, it is suggested that the name'Kells' developed from this. From the 12th century onward, the settlement was referred to in English and Anglo-Norman as Kenenus, Kenles, Kenlis and Kells, it has been suggested that Kenlis and Kells come from an alternative Irish name, Ceann Lios, meaning " head fort". Kells and Headfort all feature in the titles taken by the Taylor family. In 1929, Ceannanus Mór was made the town's official name in both English. Following the creation of the Irish Free State, a number of towns were renamed likewise. Ceanannas has been the official Irish-language form of the place name since 1969. In 1993, Kells was re-adopted as the town's official name in English. Before Kells was a monastery, it was the site of a royal site inhabited by the High King Cormac mac Airt who moved his residence from the Hill of Tara, for reasons scholars are not yet sure about.
Kells was an important place on one of the five ancient roads that came out of Tara - this road being named Slí nan nAssail and which ran from Tara to Rathcrogan, another royal site, in County Roscommon. About 560 AD, Colmcille – a prince of the royal house of the Northern Uí Néill family – acquired Kells in recompense of a fault acted against him by his cousin the High King Diarmuid MacCarroll, who granted him the Dún of Ceannanus to establish a Monastery; the present monastery at Kells is thought to have been founded around 804 AD by monks from St Colmcille's monastery in Iona who were fleeing Viking invasions. In 1152, the Synod of Kells completed the transition of the Colmcille's establishment from a monastic church to a diocesan church. A synod reduced the status of Kells to that of a parish. Following the Norman invasion of Ireland, Hugh de Lacy was granted the Lordship of Meath in 1182; the religious establishments at Kells continued to flourish under their Anglo-Norman overlords. Kells became a border town garrison of the Pale and was the scene of many battles between the Kingdom of Breifne and the Hiberno-Normans.
From 1561 to 1800, Kells returned two MPs to the Parliament of Ireland. During the Irish rebellion of 1641, Kells was burned by the O'Reilly clan during their attacks on the Pale; the period of the Great Famine saw the population of Kells drop by 38% as measured by the census records of 1841 and 1851. The Workhouse and the Fever Hospital were described as full to overflowing; the Kells Monastic Site, with its round tower, is associated with St Colmcille, the Book of Kells, now kept at Trinity College Dublin and the Kells Crozier, exhibited at the British Museum. The round tower and five large Celtic crosses can still be viewed today. Four of the crosses are in the churchyard of St Columba's church; the other Celtic cross was positioned in the middle of a busy crossroads until an accident involving a school bus. It now stands in front of a former courthouse. A roof protects the cross from the elements. Curiously, a replica is safe from the elements inside the museum. Close by the graveyard of St. Columba's church stands.
This dates from the 11th century. Access to the monks' sleeping accommodation aloft is by ladder; this small rectangular building is positioned at one of the highest points in the town. The Oratory is kept locked. Just outside the town of Kells on the road to Oldcastle is the hill of Lloyd, named after Thomas Lloyd of Enniskillen, who camped a large Williamite army here during the wars of 1688-91 against the Jacobites. Here stands a 30m high building called the Tower of Lloyd, an 18th-century lighthouse folly, the area around the tower has been developed as a community park, includes the Paupers' Grave; this cemetery was a necessity in the times of great poverty in the country. Mass is still celebrated there annually and the cemetery is a reminder of the Workhouse and extreme poverty engendered by changes in farming practice in the 19th century and during the Famine; the population of Kells town was 6,135. This represents a slight increase in population over the 2011 Census. There was a 22% increase in total population between 1996 and 2002.
Until the opening of the new motorway in June 2010, Kells stood as a busy junction town on the old N3 road with over 18,000 vehicles passing through the town each day. Kells was a renowned traffic bottleneck from both the N3 national primary route and N52 national secondary route passing through the town centre; the new M3 motorway reduces the journey time to Dublin, as well as the numbers of vehicles in the town. Kells is served by a regular bus service run by Bus Éireann, the 109, 109A and 109X, which take about 1.5 hours to Busáras in Dublin. The original Kells railway station, serving a line between Oldcastle and Drogheda via Navan, opened on 11 July 1853, it was closed for passenger traffic on 14 April 1958 and for all traffic on 1 April 1963."Meath on Track" are seeking reinstatement of the Navan railway link, on to Dublin. It is estimated that a Kells to Dublin City Centre rail service would take 60 minutes depending on stops; the Butcher Boy was filmed at Headfort House The Secret of Kells is an Oscar-nominated animated film set in Kells The late Hol
Barclays plc is a British multinational investment bank and financial services company, headquartered in London. Apart from investment banking, Barclays is organised into four core businesses: personal banking, corporate banking, wealth management, investment management. Barclays traces its origins to a goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736. In 1896, several banks in London and the English provinces, including Backhouse's Bank and Gurney's Bank, united as a joint-stock bank under the name Barclays and Co. Over the following decades, Barclays expanded to become a nationwide bank. In 1967, Barclays deployed the world's first cash dispenser. Barclays has made numerous corporate acquisitions, including of London and South Western Bank in 1918, British Linen Bank in 1919, Mercantile Credit in 1975, the Woolwich in 2000 and the North American operations of Lehman Brothers in 2008. Barclays has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index.
It has a secondary listing on the New York Stock Exchange. Qatar Holdings, an investment vehicle of the State of Qatar, is the largest shareholder of the company. According to a 2011 paper by Vitali et al. Barclays was the most powerful transnational corporation in terms of ownership and thus corporate control over global financial stability and market competition, with AXA and State Street Corporation taking the 2nd and 3rd positions, respectively. Barclays traces its origins back to 1690 when John Freame, a Quaker, Thomas Gould started trading as goldsmith bankers in Lombard Street, London; the name "Barclays" became associated with the business in 1736, when Freame's son-in-law James Barclay became a partner. In 1728 the bank moved to 54 Lombard Street, identified by the'Sign of the Black Spread Eagle', which in subsequent years would become a core part of the bank's visual identity; the Barclay family were connected both as proponents and opponents. David and Alexander Barclay were engaged in the slave trade in 1756.
David Barclay of Youngsbury, on the other hand, was a noted abolitionist, Verene Shepherd, the Jamaican historian of diaspora studies, singles out the case of how he chose to free his slaves in that colony. In 1776 the firm was styled "Barclay and Bening" and so remained until 1785, when another partner, John Tritton, who had married a Barclay, was admitted, the business became "Barclay, Bevan and Tritton". In 1896 several banks in London and the English provinces, notably Backhouse's Bank of Darlington and Gurney's Bank of Norwich, united under the banner of Barclays and Co. a joint-stock bank. Between 1905 and 1916 Barclays extended its branch network by making acquisitions of small English banks. Further expansion followed in 1918 when Barclays amalgamated with the London and South Western Bank and in 1919 when the British Linen Bank was acquired by Barclays Bank, although the British Linen Bank retained a separate board of directors and continued to issue its own bank notes. In 1925 the Colonial Bank, National Bank of South Africa and the Anglo-Egyptian Bank were amalgamated and Barclays operated its overseas operations under the name Barclays Bank – Barclays DCO.
In 1938 Barclays acquired the first Indian exchange bank, the Central Exchange Bank of India, which had opened in London in 1936 with the sponsorship of Central Bank of India. In 1941 during the Nazi Occupation of France, a branch of Barclays in Paris headed by Marcel Cheradame worked directly with the invading force. Senior officials at the bank volunteered the names of Jewish employees as well as ceding an estimated 100 Jewish bank accounts to the Nazi occupiers; the Paris branch used its funds to increase the operational power of a large quarry that helped produce steel for the Nazis. There was no evidence of contact between the head office in London and the branch in Paris during the occupation. Marcel Cheradame was kept as the branch manager. In May 1958, Barclays was the first UK bank to appoint a female bank manager. Hilda Harding managed Barclays' Hanover Square branch in London until her retirement in 1970. In 1965, Barclays established Barclays Bank of California in San Francisco. Barclays launched the first credit card in the UK, Barclaycard, in 1966.
On 27 June 1967, Barclays deployed the world's first cash machine, in Enfield. The British actor Reg Varney was the first person to use the machine. In 1969, a planned merger with Martins Bank and Lloyds Bank was blocked by the Monopolies and Mergers Commission, but the acquisition of Martins Bank on its own was permitted; that year, the British Linen Bank subsidiary was sold to the Bank of Scotland in exchange for a 25% stake, a transaction that became effective from 1971. Barclays DCO changed its name to Barclays Bank International in 1971. In August 1975, following the secondary banking crash, Barclays acquired Mercantile Credit Company. In 1980, Barclays Bank International expanded its business to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation; the following year Barclays Bank and Barclays Bank International merged, as part of the corporate reorganisation the former Barclays Bank plc became a group holding company, renamed Barclays plc, UK retail banking was integrated under the former BBI, renamed Barclays Bank PLC from Barclays Bank Limited.
In 1986 Barclays sold its South African business operating under the Barclays National Bank name after protests against Barclays' involvement in South Africa and its apartheid government. That year Barclay
Kuhn, Loeb & Co.
Kuhn, Loeb & Co. was an American multinational investment bank founded in 1867 by Abraham Kuhn and his brother-in-law Solomon Loeb. Under the leadership of Jacob H. Schiff, Loeb's son-in-law, it grew to be one of the most influential investment banks in the late 19th and early 20th centuries, financing America's expanding railways and growth companies, including Western Union and Westinghouse, thereby becoming the principal rival of J. P. Morgan & Co. In the years following Schiff's death in 1920, the firm was led by Otto Kahn and Felix Warburg, men who had solidified their roles as Schiff's able successors. However, the firm's fortunes began to fade following World War II, when it failed to keep pace with a changing investment banking industry, in which Kuhn, Loeb's old-world, genteel ways, did not seem to fit; the firm lost its independence from the Bulge Bracket in 1977 when it merged with Lehman Brothers, creating Lehman Brothers, Loeb Inc. The combined firm was itself acquired in 1984 by American Express, forming Shearson Lehman/American Express and with that, the Kuhn, Loeb name was discarded.
Kuhn, Loeb & Co. was an investment bank located in New York City. It was founded by Abraham Kuhn and Solomon Loeb. Kuhn and Loeb had created a successful merchandising business in Cincinnati, when they decided to move east, to New York, to take advantage of the country's burgeoning economic expansion. Company records indicate that by the time Kuhn and Loeb established their partnership, they were able to capitalize it at $500,000. On January 1, 1875, Jacob Schiff, Solomon Loeb's son-in-law, joined the firm, he became its leader and grew the firm into the second most prestigious investment bank in the United States behind J. Pierpont Morgan's J. P. Morgan & Co; the firm grew to prominence during the railroad era in the United States. Americans saw great promise in railroads and investors saw great opportunities to profit. Kuhn, like all investment banks, brought capital together with commercial opportunity, its first meaningful entry into railroad financing was in 1877 when it raised funds for the Chicago and North Western Railroad, several years in 1881, for the Pennsylvania Railroad and the Chicago, Milwaukee & St. Paul Railroad.
Schiff was instrumental in the reorganization of the Union Pacific in 1897, helping to place the firm on sound financial footing. In 1901, with Kuhn, Loeb's financial support, E. H. Harriman famously battled James Jerome Hill and J. P. Morgan to acquire control of the Northern Pacific Railroad; the firm was long associated with many of America's emerging industrial giants, providing financial backing for Westinghouse and Western Union, as well as innovative consumer giants like the Polaroid Corporation. The firm enjoyed respect as a trusted adviser overseas, providing services to numerous foreign governments, including the governments of Austria, Finland and Venezuela, it acted as the leading investment house for John D. Rockefeller, through the guidance of his investment adviser, Frederick T. Gates. Rockefeller invested in many syndicates with the bank, including major stakes in the prominent railroad companies, as well as contributing to its consolidation of the Chicago meatpackers, which resulted in the formation of a leading trust.
Overseas ventures that Rockefeller got involved with included the bank's loans to the Chinese and Imperial Japanese governments. The firm joined a partnership with Rockefeller in 1911 to gain control of the Equitable Trust Company, to merge and become the Chase Bank. Famous partners of the firm included Otto Kahn, Paul Warburg, Felix Warburg, Mortimer Schiff, Benjamin Buttenwieser, Lewis Strauss, Sigmund Warburg, founder of S. G. Warburg. In its early years, intermarriage among the German-Jewish elite was common; the partners of Kuhn, Loeb were related by blood and marriage to the partners of J & W Seligman, Speyer & Co. Goldman, Sachs & Co. Lehman Brothers and other prominent German-Jewish firms. Prior to the Second World War, a close relationship existed between the partners of Kuhn, Loeb and M. M. Warburg & Co. of Hamburg, through Paul and Felix, who were Kuhn, Loeb partners. On, following World War II, their cousin Sigmund Warburg would continue this relationship as a partner and Executive Director of the firm.
The firm's fortunes began to fade in the years following World War II. Wall Street was shifting away from relationship banking. Kuhn, Loeb's world of gentlemen bankers was being replaced by a more aggressive, transaction-oriented Wall Street, with underwriters entering the trenches and selling securities directly to the public—territory Kuhn, Loeb stubbornly refused to enter; when asked how many people worked at Kuhn, one partner famously quipped, "about half". Such was life at Kuhn, resting on its laurels, while Wall Street passed it by. In 1977, facing a capital crisis, the firm succumbed and merged with Lehman Brothers, to form Lehman Brothers, Loeb Inc. Internationally, the merged firms were known as Kuhn Loeb Lehman Brothers Inc. in recognition of the fact that Kuhn Loeb's international reputation was superior to that of Lehman's. The merger did not, prove to be the panacea to what ailed Kuhn, Loeb. Indeed, as detailed more in the Lehman Brothers history, a period of bitter internal strife ended in 1984 when the firm sold itself to Shearson/American Express, itself the product of a recent merger between American Express and Sandy Weill's, Shearson Loeb Rhoades.
The combined firms dropped the Kuhn, Loeb name and became known as Shearson Lehman/American Express
Bank of Montreal
The Bank of Montreal, doing business as BMO Financial Group, is a Canadian multinational investment bank and financial services company headquartered in Toronto, Canada. One of the Big Five banks in Canada, it is the fourth-largest bank in Canada by market capitalization and assets, as well as one of the ten largest banks in North America, it is known by its acronym BMO, its stock symbol on both the Toronto Stock Exchange and the New York Stock Exchange. On June 23, 1817, John Richardson and eight merchants signed the Articles of Association to establish the Bank of Montreal in a rented house in Montreal, Quebec; the bank began conducting business on November 3, 1817, making it Canada's oldest bank. BMO's Institution Number is 001. In Canada, the bank operates as BMO Bank of Montreal and has more than 900 branches, serving over seven million customers; the company has substantial operations in the Chicago area and elsewhere in the United States, where it operates as BMO Harris Bank. BMO Capital Markets is BMO's investment and corporate banking division, while the wealth management division is branded as BMO Nesbitt Burns.
The company is ranked at number 131 on the Forbes Global 2000 list. The company has not missed a dividend payment since 1829, paying dividends through major world crises such as World War I, the Great Depression, World War II, the 2008 financial crisis; the Bank of Montreal was founded in 1817 as the first bank in Canada. The Bank of Montreal established branches in Newfoundland on January 31, 1895, following the collapse of the Newfoundland Commercial Bank and Union Bank of Newfoundland on December 10, 1894. In 1925, Bank of Montreal merged with the Molson Bank. BMO's operational head office moved to First Canadian Place on Bay Street in Toronto in 1977, while its legal headquarters remains at the historic Montreal structure it has occupied since 1847. Bank of Montreal, like the other Canadian chartered banks, issued its own paper money from 1817 until 1942. Though the last notes were issued during that year, they may have circulated for some time after. In 1944, the Bank of Canada became the sole issuer of currency in Canada, notes from private banks were withdrawn.
Today, the Bank of Montreal goes by the brand name BMO. It is a major international bank with subsidiaries operating in the United States and other countries around the world. BMO and Simplii Financial were the targets of hackers in May 2018, who claimed to have compromised the systems of both banks and stolen information on a combined 90,000 customers. An email sent from a Russian address and attributed to the hackers demanded a ransom of US$1 million from each company paid via Ripple by 11:59 pm on May 28, 2018 or the information would be released on "fraud forum and fraud community." A number of buildings in which Bank of Montreal operates branches are designated by various levels of government as being of historic importance. These include: The Bank of Montreal, 4896 Delta Street, British Columbia The Bank of Montreal, 511 Columbia Street, New Westminster, British Columbia The Bank of Montreal, 322 Curling Street, Corner Brook and Labrador The Bank of Montreal, 426 Portage Avenue, Manitoba The "Old Bank of Montreal", 100 Victoria Street East known as the "Heritage Court", Nova Scotia The Bank of Montreal, 1 Main Street West, Ontario The Bank of Montreal, 144 Wellington Street, Ontario built by Ernest Barott of Barott and Blackader, architects, of Montreal The Bank of Montreal, 3 King Street, Ontario known as the Molson's Bank, by architect Andrew Taylor A number of branches were designed by Andrew Taylor including: The Bank of Montreal in West End, Ste.
Catherine Street West at Mansfield Street, Montreal The Bank of Montreal in Notre Dame Street West Seigneurs Street, Montreal The Bank of Montreal in Point St. Charles Branch, Wellington Street at Magdalen Street, Montreal The Bank of Montreal, St. Catherine Street West at Papineau Street, Montreal The Bank of Montreal, Ontario The Bank of Montreal, Alberta, Stephen Avenue at Scarth Street Manager's residence for the Bank of Montreal, Quebec City, Grande Allee The Bank of Montreal in Sydney, Nova Scotia; the building was modelled after a Georgian townhouse with a small portico of Corinthian columns supporting a classical pediment and remains the bank's legal headquarters. The Bank of Montreal's operational head office is located at First Canadian Place in Toronto, designed by Edward Durrell Stone; the Bank of Montreal, Front & Yonge Streets, Ontario. The 1885 Beaux-Arts styled building designed by the Toronto firm of Darling & Curry has been the site of the Hockey Hall of Fame since 1993. During its history, Bank of Montreal has merged with or acquired several other Canadian banks: Commercial Bank of Canada of Kingston, Ontario – acquired through Merchants Bank Exchange Bank of Yarmouth People's Bank of Halifax People's Bank of New Brunswick Bank of British North America Merchants Bank of Canada, as well as several investment banking firms.
Molson Bank Nesbitt and Company - stock brokers Standard Chartered Bank of Canada 2 retail branches (1990
Lehman Brothers Holdings Inc. was a global financial services firm. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, doing business in investment banking and fixed-income sales and trading, investment management, private equity, private banking. Lehman was operational for 158 years from its founding in 1850 until 2008. On September 15, 2008, the firm filed for Chapter 11 bankruptcy protection following the massive exodus of most of its clients, drastic losses in its stock, devaluation of assets by credit rating agencies sparked by Lehman's involvement in the subprime mortgage crisis, its exposure to less liquid assets. Lehman's bankruptcy filing is the largest in US history, is thought to have played a major role in the unfolding of the financial crisis of 2007-08; the market collapse gave support to the "Too Big To Fail" doctrine. After Lehman Brothers filed for bankruptcy, global markets plummeted; the following day, Barclays announced its agreement to purchase, subject to regulatory approval, Lehman's North American investment-banking and trading divisions along with its New York headquarters building.
On September 20, 2008, a revised version of that agreement was approved by U. S. Bankruptcy Judge James M. Peck; the next week, Nomura Holdings announced that it would acquire Lehman Brothers' franchise in the Asia-Pacific region, including Japan, Hong Kong and Australia, as well as Lehman Brothers' investment banking and equities businesses in Europe and the Middle East. The deal became effective on October 13, 2008. In 1844, 23-year-old Henry Lehman, the son of a Jewish cattle merchant, immigrated to the United States from Rimpar, Bavaria, he settled in Montgomery, where he opened a dry-goods store, "H. Lehman". In 1847, following the arrival of his brother Emanuel Lehman, the firm became "H. Lehman and Bro." With the arrival of their youngest brother, Mayer Lehman, in 1850, the firm changed its name again and "Lehman Brothers" was founded. During the 1850s, cotton was one of the most important crops in the United States. Capitalizing on cotton's high market value, the three brothers began to accept raw cotton from customers as payment for merchandise beginning a second business trading in cotton.
Within a few years this business grew to become the most significant part of their operation. Following Henry's death from yellow fever in 1855, the remaining brothers continued to focus on their commodities-trading/brokerage operations. In 2002, the City of Chicago passed an ordinance requiring all vendors contracting with the city to disclose any ties to slavery they had had in their history. In response, the city received over 2,000 disclosures, including one from Lehman which admitted that in 1854, it had purchased a slave named Martha and had owned other slaves. By 1858, the center of cotton trading had shifted from the South to New York City, where factors and commission houses were based. Lehman opened its first branch office at 119 Liberty Street, 32-year-old Emanuel relocated there to run the office. In 1862, facing difficulties as a result of the Civil War, the firm teamed up with a cotton merchant named John Durr to form Lehman, Durr & Co. Following the war the company helped finance Alabama's reconstruction.
The firm's headquarters were moved to New York City, where it helped found the New York Cotton Exchange in 1870. The firm dealt in the emerging market for railroad bonds and entered the financial-advisory business. Lehman became a member of the Coffee Exchange as early as 1883 and the New York Stock Exchange in 1887. In 1899, it underwrote its first public offering, the preferred and common stock of the International Steam Pump Company. Despite the offering of International Steam, the firm's real shift from being a commodities house to a house of issue did not begin until 1906. In that year, under Emanuel's son Philip Lehman, the firm partnered with Goldman, Sachs & Co. to bring the General Cigar Co. to market, followed by Sears and Company. During the following two decades one hundred new issues were underwritten by Lehman, many times in conjunction with Goldman, Sachs. Among these were F. W. Woolworth Company, May Department Stores Company, Gimbel Brothers, Inc. R. H. Macy & Company, The Studebaker Corporation, the B.
F. Goodrich Co. and Endicott Johnson Corporation. Following Philip Lehman's retirement in 1925, his son Robert "Bobbie" Lehman took over as head of the firm. During Bobbie's tenure, the company weathered the capital crisis of the Great Depression by focusing on venture capital while the equities market recovered. Traditionally a family-only partnership, in 1924, John M. Hancock became the first non-family member to join the firm, followed by Monroe C. Gutman and Paul Mazur in 1927. By 1928, the firm moved to its now famous One William Street location. In the 1930s, Lehman underwrote the initial public offering of the first television manufacturer, DuMont Laboratories, helped fund the Radio Corporation of America, it helped finance the growing oil industry, including the companies Halliburton and Kerr-McGee. In the 1950s, Lehman underwrote the IPO of Digital Equipment Corporation, it arranged the acquisition of Digital by Compaq. Robert Lehman died in 1969 after 44 years as the patriarch of the firm, leaving no member of the Lehman family involved with the partnership.
Robert's death, coupled with a lack of a clear successor from within the Lehman family, left a void in the company. At the same time, Lehman was facing strong headwinds amidst the difficult economi
Order of Canada
The Order of Canada is a Canadian national order and the second highest honour for merit in the system of orders and medals of Canada. It comes second only to membership in the Order of Merit, the personal gift of Canada's monarch. To coincide with the centennial of Canadian Confederation, the three-tiered order was established in 1967 as a fellowship that recognizes the outstanding merit or distinguished service of Canadians who make a major difference to Canada through lifelong contributions in every field of endeavour, as well as the efforts by non-Canadians who have made the world better by their actions. Membership is accorded to those who exemplify the order's Latin motto, desiderantes meliorem patriam, meaning "they desire a better country", a phrase taken from Hebrews 11:16; the three tiers of the order are Companion and Member. The Canadian monarch, Queen Elizabeth II, is Sovereign of the order and the serving governor general Julie Payette, is its Chancellor and Principal Companion and administers the order on behalf of the Sovereign.
Appointees to the order are recommended by an advisory board and formally inducted by the governor general or the sovereign. As of August 2017, 6,898 people have been appointed to the Order of Canada, including scientists, politicians, athletes, business people, film stars and others; some have resigned or have been removed from the order, while other appointments have been controversial. Appointees receive the right to armorial bearings; the process of founding the Order of Canada began in early 1966 and came to a conclusion on 17 April 1967, when the organization was instituted by Queen Elizabeth II, on the advice of the Canadian prime minister, Lester B. Pearson, assisted with the establishment of the order by John Matheson; the association was launched on 1 July 1967, the 100th anniversary of Canadian Confederation, with Governor General Roland Michener being the first inductee to the order, to the level of Companion, on 7 July of the same year, 90 more people were appointed, including Vincent Massey, Louis St. Laurent, Hugh MacLennan, David Bauer, Gabrielle Roy, Donald Creighton, Thérèse Casgrain, Wilder Penfield, Arthur Lismer, Brock Chisholm, M. J. Coldwell, Edwin Baker, Alex Colville, Maurice Richard.
During a visit to London, United Kingdom in 1970, Michener presented the Queen with her Sovereign's badge for the Order of Canada, which she first wore during a banquet in Yellowknife in July 1970. From the Order of Canada grew a Canadian honours system, thereby reducing the use of British honours. Among the civilian awards of the Canadian honours system, the Order of Canada comes third, after the Cross of Valour and membership in the Order of Merit, within the personal gift of Canada's monarch. By the 1980s, Canada's provinces decorations; the Canadian monarch, seen as the fount of honour, is at the apex of the Order of Canada as its Sovereign, followed by the governor general, who serves as the fellowship's Chancellor. Thereafter follow three grades, which are, in order of precedence: Companion and Member, each having accordant post-nominal letters that members are entitled to use; each incumbent governor general is installed as the Principal Companion for the duration of his or her time in the viceregal post and continues as an extraordinary Companion thereafter.
Additionally, any governor general, viceregal consort, former governor general, former viceregal consort, or member of the Canadian Royal Family may be appointed as an extraordinary Companion, Officer, or Member. Promotions in grade are possible, though this is ordinarily not done within five years of the initial appointment, a maximum of five honorary appointments into any of the three grades may be made by the governor general each year; as of March 2016, there have been 21 honorary appointments. There were in effect, only two ranks to the Order of Canada: Companion and the Medal of Service. There was, however a third award, the Medal of Courage, meant to recognize acts of gallantry; this latter decoration fell in rank between the other two levels, but was anomalous within the Order of Canada, being a separate award of a different nature rather than a middle grade of the order. Without having been awarded, the Medal of Courage was on 1 July 1972 replaced by the autonomous Cross of Valour and, at the same time, the levels of Officer and Member were introduced, with all existing holders of the Medal of Service created as Officers.
Lester Pearson's vision of a three-tiered structure to the order was thus fulfilled. Companions of the Order of Canada have demonstrated the highest degree of merit to Canada and humanity, on either the national or international scene. Up to 15 Companions are appointed annually, with an imposed limit of 165 living Companions at any given time, not including those appointed as extraordinary Companions or in an honorary capacity; as of August 2017, there are 146 living Companions. Since 1994, substantive members are the only regular citizens who are empowered to administer the Canadian Oath of Citizenship. Officers of the Order of Canada have demonstrated an outstanding level of talent and service to Canadians, up to 64 may be appointed each year, not including those inducted as extraordinary Officers or in an ho