American General Insurance Company Stocks & Bonds - Ghosts of Wall Street

American General Insurance Company

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    The story of American General began in 1925 when the Texas Commission of Appeals made a historic ruling that enabled insurance companies to underwrite both property and casualty insurance. Founder Gus S. Wortham, had a vision for such a company.

    With financing in hand - provided by investment banker J.W. Link, Sr., Judge James A. Elkins, and entrepreneur Jesse H. Jones - Wortham began the task of naming his new company. Early suggestions - such as Lone Star, Trinity, and Magnolia Insurance Company - were too regional and didn't include the words "general insurance" to indicate the company would sell both property and casualty insurance.

    Then one day, Wortham's friend and associate Carl Aderman stopped by with the answer. Taking off his hat and pointing to the George Washington insignia on the label, Aderman said, "Here's a general for you, Mr. Wortham, the first American general." The search for a name - and a symbol - were over.

    On May 7, 1926, Wortham and Elkins braved a torrential storm on a train ride to Austin. There, they filed a charter for the new company. The next day, a yellow envelope was delivered to Wortham's associates in Houston. Signed by Judge Elkins, four words said it all: "The baby is born."

    The company operated independently until the early 2000's when it was acquired by AIG.
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    American General Insurance Company Stock Certificate
    American General Insurance Company Stock Certificate
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    American General Insurance Company
    $8.00
    American General Insurance Company Stock Certificate
    American General Insurance Company Stock Certificate
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    American General Insurance Company
    $5.00
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