Forgotten facts about the great brokerage titans
How he made it: In 1890, 17-year-old Benedict Gruntal joined the brokerage firm/merchant bank of Sternberger, Fuld & Sinn, which was located in lower Manhattan. Gruntal started out as a clerk, but worked his way up to cashier. He was named partner in 1900. The promotion came shortly after obtaining a seat on the New York Stock Exchange (pictured left, circa 1900), Gruntal later struck up a friendship with a young stockbroker named Albert Lilienthal. After Sternberger & Sinn closed in 1918, the firm reopened as Gruntal, Lilienthal & Co. The brokerage acquired the bond-trading firm Speyer, Alexander & Co. in 1933.
Forgotten facts: Although his net worth was only $5,000 at the time, young Gruntal managed to purchase a seat on the New York stock exchange, which went for $40,000. How'd he swing it? He married one of the boss's daughter and received the seat as a wedding gift. His father-in-law's investment paid off in the long run: Benedict Gruntal remained a general partner of the firm until his death in 1968. He was 95.