Second Generation

Boeing, William Edward

William E. Boeing, the founder of one of the United States’ most high-profile corporations, was active in several different economic sectors both before and after establishing the aircraft manufacturing company that bears his name. The son of a wealthy Michigan lumber magnate, Boeing inherited a fortune from his father as a child and went on to an elite education at a Swiss boarding school and at Yale. Leaving college before graduating, he moved to Washington state and used his inheritance to begin investing in the timber industry. He soon became fascinated by the early airplane industry and organized one of the first major airplane manufacturers.

Cone, Moses Herman

A second-generation German-American, Moses Cone began his career as a travelling salesman, or “drummer,” for his father’s Baltimore dry goods business. His customers included Southern mill owners who taught him much about the textile industry. Moses Cone eventually used this knowledge to break into the industry himself, first by securing ownerships stakes in various Southern mills, then by founding Cone Export & Commission Co., and finally by building his own mills in Greensboro, North Carolina. By 1908, the year of his death, Moses Cone and his brother Ceasar led the world in denim production.

Filene, Edward Albert

Edward Albert Filene was a renowned department store magnate, civic reformer, and one of the earliest and most zealous champions of the credit union movement in the United States. Along with his younger brother Lincoln, Edward operated the famous Boston-based department store Filene’s, which they took over from their father, William, in 1891. During the first half of the twentieth century, Filene’s became one of the largest and most successful retail stores in the country, rivaling several of the premier retailers of the period, including Macy’s and Sears & Roebuck.

Goldman, Henry

Today, second generation German-Jewish immigrant Henry Goldman is primarily remembered for his role as an early partner in Goldman Sachs, the international investment bank that still bears his family’s name. His accomplishments stretched well beyond his own firm, however. In addition to revolutionizing Goldman Sachs, he helped change the American economy by shifting investment banking away from railroads and heavy industry and toward mass-retail establishments. He also pioneered an approach to capital valuation that focused not on physical assets, but on future earnings.

Herrmann, August

Between the end of the Gilded Age and the beginning of the Progressive Era, the name August “Garry” Herrmann was known throughout the United States. Herrmann was a man who had a humble beginning; he made millions of dollars during his lifetime through his political involvement and partial ownership of the Cincinnati Reds. As a local politician he served as the right-hand man to one of the most powerful political bosses of his era, George B. Cox of Cincinnati. As president of the Cincinnati Reds and chairman of baseball’s National Commission, he helped to usher in the modern World Series and is one of the most important early major league baseball executives.

Hollerith, Herman

Herman Hollerith was the inventor of the first patented mechanized punched-card system, the technological foundation for the computing industry. He established a company to pursue the innovation based on census processing in the United States and several foreign countries, including Russia, Norway, and France. He licensed the technology to other firms in Austria-Hungary, Great Britain, and Germany. Hollerith revolutionized the technology used for general statistics and accounts processing by private businesses as well. He eventually sold his company to a conglomerate in 1911 which eventually renamed itself the International Business Machines Corporation (IBM) in 1924. Hollerith’s inventions and innovations provided the business foundation for IBM’s prosperity throughout its early years.