John B. McFerrin Collection of Caldwell and Company records, 1896-1980

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Summary

Creator:
McFerrin, John B. (collector)
Abstract:
John B. McFerrin was a professor of finance at the University of Florida, as well as a past president of the Southern Economic Association. He received his Ph.D. from the University of North Carolina at Chapel Hill, writing his dissertation on Caldwell and Company. McFerrin's book, Caldwell and Company: A Southern Financial Empire, was first published in 1939 and updated in 1969. Includes documents (the majority dating from the 1920s-1930s) gathered by McFerrin during the research and writing of his book Caldwell and Company: A Southern Financial Empire, and two copies of the book.
Extent:
2.1 Linear Feet
1000 Items
Language:
Material in English
Collection ID:
RL.00873

Background

Scope and content:

Includes two copies of John B. McFerrin's book, Caldwell and Company: A Southern Financial Empire, as well as supporting documents (the majority dating from the 1920s-1930s) gathered by McFerrin during the research and writing of his book. The materials represent a sampling of material from Caldwell and Company. Pre-financial collapse material consists largely of sales support, including information and literature meant for distribution by the Caldwell and Company salesmen. Topics range from municipal bonds, mortgage real estate bonds, securities and investment pamphlets, life insurance, and informational newsletters about Caldwell products. Post-1930 materials relate largely to the fallout from the financial collapse of Caldwell, including various court case briefs, indentures, a report from Lee Douglas and Rutledge Smith, Caldwell and Company Receivers, and a consolidated schedule with the financial records of the company and the Bank of Tennessee. Also included are newspaper clippings, dated 1896-1980; an article by McFerrin about the Kentucky Rock Asphalt Company; and other miscellaneous materials.

Biographical / historical:

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: A Southern Financial Empire, was first published in 1939 and updated in 1969.

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.

Acquisition information:
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.
Processing information:

Processed by Meghan Lyon and Rose Filler, September 2010

Encoded by Meghan Lyon, September 2010

Materials may not have been ordered and described beyond their original condition.

Accession(s) described in this finding aid: 2010-0158

Physical location:
For current information on the location of these materials, please consult the Library's online catalog.
Rules or conventions:
Describing Archives: A Content Standard

Subjects

Click on terms below to find related finding aids on this site. For other related materials in the Duke University Libraries, search for these terms in the Catalog.

Subjects:
Bank failures
Banks and banking -- United States -- History
Consolidation and merger of corporations -- History
Depressions -- 1929 -- United States
Names:
J.E. Caldwell & Co
Caldwell and Company
McFerrin, John B.
McFerrin, John B. (collector)
Caldwell, Rogers C.
Places:
Tennessee -- History

Contents

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Restrictions:

Collection is open for research.

Researchers must register and agree to copyright and privacy laws before using this collection.

All or portions of this collection may be housed off-site in Duke University's Library Service Center. The library may require up to 48 hours to retrieve these materials for research use.

Please contact Research Services staff before visiting the David M. Rubenstein Rare Book & Manuscript Library to use this collection.

Terms of access:

The copyright interests in this collection have not been transferred to Duke University. For more information, consult the copyright section of the Regulations and Procedures of the David M. Rubenstein Rare Book & Manuscript Library.

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Preferred citation:

[Identification of item], John B. McFerrin Collection of Caldwell and Company Records, David M. Rubenstein Rare Book & Manuscript Library, Duke University