[3] Following an increase in regulatory requirements, in October 1935 control of the investment bank was transferred from the Niagara Share Corporation of Maryland,[a] to the holders of the Class B common stock.
[4] The new firm reported $113,376 of income in the final quarter of 1935, the first statement issued since the company's recapitalization and divorce from Niagara Share.
[6] This report followed "sharp words" exchanged when a lawyer for the Securities and Exchange Commission questioned a $9,700,000 "good-will" entry in the accounting records of the firm related to a loss while the firm was a subsidiary of Niagara Share.
[7] In 1942, following the death of Jacob F. Schoellkopf Jr., Walter J. Munro was elected president of the firm.
[10] The Schoellkopf family and the Knox family had previously worked together on the Transcontinental Television Corporation (owner and operator of WGR-TV, AM and FM in Buffalo and other broadcasting outlets) and the Niagara Share Corporation, a Buffalo investment company with $60,000,000 of assets.