Financial History Issue 128 (Winter 2019) | Page 37

Newburger & Company’s trading room in Philadelphia, 1931. business and territories. In 1942, the New York Newburger, Loeb & Co. partners formed a new partnership that continued under the same name. At the same time, the Philadelphia partners merged with Content, Hano & Co. to form the firm of Newburger & Hano. Content, Hano & Co. was itself the result of a merger between firms Hano & Co. and Content- Zuckerman in 1941 following the death of Henry Content, the senior partner of the firm Content-Zuckerman in 1940. The Hano firm’s senior partner, Lester R. Hano, was the son of a Philadelphia mer- chant and a graduate of the University of Pennsylvania. In the immediate post-war period, Newburger & Hano went through a series of personal and institutional changes including the death of Frank Sr. in 1946, two years after that of his brother, Samuel. The union with Content, Hano & Co. lasted only about five years. In December 1947, Newburger & Hano was dissolved and succeeded by Newburger & Co. In 1949, Richard L. Newburger married Eliz- abeth Allman Hano, the former wife of his former partner. (Lester Hano and Allman Hano had married in 1928. They divorced in 1931 and remarried again in 1932. They divorced in 1948 for a second time). Dur- ing this time, Irvin L. Stone, a Philadelphia native who had been with the firm since 1923, was the senior partner of Newburger & Co. When he died unexpectedly in 1950, he was succeeded as senior partner by Frank Jr. and Richard Newburger. In New York, Newburger, Loeb & Co. continued to be led by Newburger family members, Lester and his sons, Robert and Andrew, as well as Alfred’s son, Morris. In 1960, Lester became a limited partner. He died in 1965. Soon after his death, the firm encountered a series of difficulties starting with a grand larceny of $2 mil- lion in securities in 1966. Two years later, Morris died. The following year, in 1969, the firm ran into trouble for selling unreg- istered stock. The Securities and Exchange Commission (SEC) suspended the firm’s over-the-counter activities for 10 days and suspended Andrew for five days. The firm restructured and became a corporation in 1971, selling its seat on the NYSE. In 1973, the firm announced it was going to sell its retail sales operations and customer accounts to W.E. Hutton & Co. That deal www.MoAF.org  |  Winter 2019  |  FINANCIAL HISTORY  35