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[Identification of item], John B. McFerrin Collection of Caldwell and Company Records, David M. Rubenstein Rare Book & Manuscript Library
The John B. McFerrin Collection of Caldwell and Company Records were received by the David M. Rubenstein Rare Book & Manuscript Library as a purchase in 2010.
Processed by Meghan Lyon and Rose Filler, September 2010
Encoded by Meghan Lyon, September 2010
This collection is minimally processed: materials may not have been ordered and described beyond their original condition.
Accession(s) described in this finding aid: 2010-0158
Descriptive sources and standards used to create this inventory:
This finding aid is NCEAD compliant.
John B. McFerrin was a professor of finance at the University of Florida, as well as a past president of the Southern Economic Association. His Ph.D. was from the University of North Carolina at Chapel Hill, with his dissertation on Caldwell and Company. McFerrin's book,
Caldwell and Company was founded in Nashville in 1917 by Rogers C. Caldwell. Originally a municipal bonds distributor, the company grew rapidly--first selling real estate bonds and industrial securities, and later acquiring ownership and interests in banks (including the Bank of Tennessee), newspapers, and other ventures, including Nashville's professional baseball team. By 1929, it was the largest investment banking house in the south.
All was not well with the company's finances, however. Rogers Caldwell charged his personal expenses to the company, securities were substituted unethically, and the business had inadequate cash reserves to legally cover its investments. Caldwell and Company also became involved in state politics, financially backing Colonel Luke Lea and his interests. (Lea was also from Nashville, a former United States Senator, and a newspaper publisher.) Lea's influence with the state government, including Governor Henry Horton, led to significant deposits of Tennessee money into Caldwell banks, bypassing competitive bidding for state-funded projects. In September 1930, bank examiners discovered the low cash reserves, and on November 7 the Bank of Tennessee was declared insolvent. The collapse of Caldwell and Company immediately followed, including runs on other company-owned banks across the South. On November 14, 1930, the company went into receivership.
Includes two copies of John B. McFerrin's book,
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A booklet that gives a well organized presentation of recommended sales bites, sample letters to solicit investors, pictures of the office building and its directors, history of the company, and company information and statistics.