General American Investors Company

The General American Investors investment trust was launched in 1927 under the sponsorship of Lazard Frères and Lehman Brothers.[2] In its first year of operation, it earned $1.1 million.[2] In September 1928, Lazard Frères and Lehman Brothers launched a second fund, named the Second General American Investors Company.[2] In August 1928, the two funds merged, to form the current General American Investors Company, with Lazard Frères and Lehman Brothers underwriting the $40 million deal.[2]

The early years of the Great Depression were difficult for the fund, but the fund recovered as the 1930s progressed.[2] The fund had assets valued at $15 million in 1932; at $23.1 million in 1933; and $30.1 million in 1935.[2] Assets dropped to $24.7 million in 1937; $30 million in 1939; then dropped to $25.5 million in 1943; dropping slightly to $25.3 million in 1945.[2]