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line of stocks & bonds, Blue Ridge also had some 1,800,000 shares
of Central States Electric, which in turn had an interest in Mr.
Williams' North American Co. As Mr. Williams was one of the members of
last week's purchasing group, he will presumably get back his Central
States shares and Mr. Odium will be pretty well out of North American.
But chief reason for sale of Blue Ridge was the large profit returned
on the investment. Lehman Bros. The banking house of Lehman Bros, dates
from 1850, when Brothers Mayer and Emanuel Lehman, emigrating from
Germany, started a cotton commission business in Montgomery, Ala. The
Civil War ruined the cotton business; in 1867 the brothers moved to New
York. They helped form the Cotton Exchange, floated bonds for traction
and ferry companies, backed early issues of Sears, Roebuck and
Woolworth preferred. Mayer died in 1897, Emanuel in 1912. The present
partnership includes four Lehmans, five non-Lehmans. Philip Lehman,
74, son of Emanuel, is patriarch and senior partner, presides at
meetings in the partners' room on the third floor of Lehman Bros,
eleven-story building at No. 1 William St. Senior Partner Lehman has a
collection of Madonnas which is probably worth even more than his
interest in the firm.
