Financial History 136 (Winter 2021) | Page 39

Collection of the Museum of American Finance
Bank of America specimen travelers cheque , San Francisco , CA .
bought The First California Co ., which became a “ wholly owned subsidiary .” The San Francisco Examiner reported that acquisition “ was in line with the management ’ s anticipation of an active capital market and steady flow of capital to industry for modernization and enlargement of productive facilities for national defense .” That year , Birr , as president of the First California Co ., and Evans , as chairman of the First California Co ., joined the board of Blair Holdings Corporation . Though First California Co . kept its name , the Blair Holdings acquisition marked the end of First California ’ s history as an independent firm .
Postscript
In 1951 , Birr became the chairman of the board of Blair , Rollins & Co ., Inc . By 1953 , First California Company had 26 offices in California and Nevada . Birr also became president of the firm in 1956 when Evans left the firm to rejoin Eastman Dillon , which decided to expand to the West
Coast . Birr retained his position as chairman of the board .
In 1958 , however , Birr left to join Walston & Co . as vice president . By 1960 , he left Walston & Co . and became the president of Birr & Co ., Inc ., a San Francisco investment securities firm . Walston & Co ., also one the original 1956 Ford Motor Company syndicate firms , left the securities business in 1974 .
In 1962 , First California Co . sued Eastman Dillon , Union Securities “ charging the latter ‘ pirated ’ the California company ’ s personnel and records .” Evans , who was the head of the California division of Eastman Dillon by the late 1950s , was named as a defendant . The heated competition reflected the growth of investment development at this time in California .
According to the Los Angeles Times , “ The tremendous industrial expansion that [ was ] taking place in Southern California plus the substantial influx of investors were prime factors in the decision of Eastman , Dillon , Union Securities & Co . to locate a branch office ” there in 1956 .
Susie J . Pak is an Associate Professor in the Department of History at St . John ’ s University ( New York ). A graduate of Dartmouth College and Cornell University , she is the author of Gentlemen Bankers : The World of J . P . Morgan ( Harvard University Press ), a Trustee of the Business History Conference , co-chair of the Columbia University Economic History Seminar and a member of the editorial advisory board of the Business History Review . She is also a member of the Financial History editorial board .
About Where Are They Now ? The “ Where Are They Now ?” Series traces the origins and histories of 207 of the underwriters of the 1956 Ford Motor Company IPO . The research for this series has been generously funded by Charles Royce of The Royce Funds . The Museum ’ s “ Where Are They Now ?” blog can be found at : wherearetheynowblog . blogspot . com .
www . MoAF . org | Winter 2021 | FINANCIAL HISTORY 37