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