View of the Woolworth Building, ca. 1913

Description

In 1912, Henry Goldman decided to underwrite Woolworth. Despite Woolworth’s measly assets, Goldman managed to raise $15 million dollars of preferred stock and fifty million dollars of common stock by emphasizing the company’s future earnings potential. Common stock was offered at $55 dollars at the start of the day on which Woolworth went public; by the end of the day, it stood at $80. Woolworth used the influx of capital to build the iconic Woolworth Building a year later. Designed by Cass Gilbert, the Woolworth Building on Broadway was one of the earliest New York skyscrapers.

Source and Copyright

Medium Black and White Photograph
Source Library of Congress
Number LC-USZ62-127214
Copyright Public Domain
Disclaimer Courtesy of the Library of Congress