Meeting

Our History

1860s

Rising From the Ashes

  • Isaac Davenport Jr. and Charles E. Wortham form Davenport & Co. as an insurance agency
  • Davenport & Co. extends its business lines and specializes in “southern” investments: railroads, banks and insurance agencies
  • Isaac and Charles record their first securities transaction in September 1863
  • In 1865, Isaac Davenport Sr. passes away and the Davenport office is destroyed in the Evacuation Fire
  • Davenport moves to 1113 East Main Street, one of the first buildings to be rebuilt during Richmond’s reconstruction efforts

In other news:

  • The Civil War divides the country
  • The Civil Rights Act is passed
  • The Transcontinental Railroad is completed
  • Financial Black Friday (9/24/1869) occurs in an attempt to corner the gold market

1870s

Upward Trends

  • In June 1873, Davenport & Co. becomes a founding member of the Richmond Stock Exchange
  • Davenport provides startup capital for investments including sweet cigars, patent medicines, candy and chemicals
  • Virginius Newton, Isaac Davenport Jr.’s son-in-law, joins the firm 

In other news:

  • The New York Cotton Exchange is established in 1870
  • The Panic of 1873, financial crisis, hits Europe and North America
  • Standard Oil Company is incorporated by John D. Rockefeller
  • 15th Amendment to the Constitution is ratified

1880s

The Arrival of Lady Liberty

  • Thomas Edison and Alexander Graham Bell form the Oriental Telephone Company
  • U.S. Civil Service is established
  • AT&T is incorporated as a subsidiary of American Bell Telephone Company
  • The Statue of Liberty arrives

1890s

Ushering in the Next Generation

  • Isaac Davenport Jr. and Charles Wortham pass away
  • Virginius Newton becomes head of Davenport & Co.
  • Coleman Wortham Sr., great-nephew of Charles Wortham, joins the firm as partner

In other news:

  • The Wrigley Company is founded
  • The General Electric Company is formed
  • Edison patents the radio
  • The New York Stock Exchange collapses, causing a four-year depression
  • The first U.S. patent for the automobile is granted

1900s

Weathering More Change

  • Coleman Wortham Sr. becomes senior partner of Davenport & Co.
  • Virginius Newton passes away and is buried in Hollywood Cemetery in Richmond

In other news:

  • The panic of 1907, also known as the Bankers’ Panic or Knickerbocker Crisis, ensues
  • U.S. currency is placed on the gold standard
  • Wilbur and Orville Wright complete the first sustained and manned plane flight
  • Oklahoma is admitted into the Union as the 46th state

1910s

A Period of Influence

  • The 16th Amendment is ratified, permitting a tax on income
  • The Federal Reserve System is authorized by Congress
  • U.S. joins World War I
  • Time zones are officially established in the U.S.

1920s

The Sale and The Crash

  • Future Davenport president Alexander P. Armour  joins the firm at the age of 14 as a “Board Boy”
  • Davenport sells its insurance business to Marsh & McLennan

In other news:

  • 1929 Stock Market Crash occurs and begins the Great Depression
  • The 19th Amendment is passed, giving women the right to vote
  • The first issue of Time magazine is published
  • IBM is founded

1930s

A New Deal to End the Depression

  • In 1936 Coleman Wortham Sr., Davenport partner and chairman, passes away
  • Willliam R. Trigg Jr. is nominated as a member of the board of governors of the NYSE, the first time a Southern city had been represented on the Exchange
  • Davenport is considered among the oldest firms in Virginia

In other news:

  • The New Deal is passed and the Gold Standard dropped
  • The U.S. Securities and Exchange Commission is established
  • Social Security Act is passed
  • The Empire State Building, the Golden Gate Bridge and the Appalachian Trail are completed

1940s

A World At War

  • Davenport regularly trades in local department stores Miller & Rhoads and Thalhimer’s
  • Some of Davenport’s members are called into military service, including Coleman Wortham, Jr.
  • Despite the war, Davenport stays in business amidst the closing of many other financial firms

In other news:

  • The attack on Pearl Harbor launches U.S. involvement in World War II
  • The first atomic bomb is exploded in a test, the Trinity Test
  • The United Nations is formed
  • The first non-stop around-the-world flight is completed
  • NATO is formed

1950s

Davenport & Company Welcomes Valentine & Munford

  • Future chairman  Henry Valentine II joins the firm
  • Future vice chairman Beverley B. Munford III joins the firm
  • The firm grows from a handful of associates to 17 people ​

In other news:

  • The Korean War is fought
  • The first color television goes on sale
  • Racial segregation in public schools is declared unconstitutional
  • Alaska and Hawaii are admitted as states

1960s

New Generation New Location

  • After more than 100 years, Davenport relocates to the Ross Building at 8th and Main, the most modern and desirable location in Richmond at the time
  • Robert Giles joins Davenport at age 21
  • Future president Coleman Wortham III joins the firm, becoming the fourth generation of his family to do so

In other news:

  • The Cuban Missile Crisis comes to a head
  • The Civil Rights march on D.C. occurs with Martin Luther King Jr.
  • John F. Kennedy is assassinated
  • Legislation on civil rights is passed banning discrimination in jobs, voting and accommodations
  • The Vietnam War is fought
  • Martin Luther King Jr. is assassinated
  • The U.S. puts the first human on the moon
  • The Internet is invented

1970s

From Co. to Inc. New Name, Big Change

  • Davenport & Co. becomes Davenport & Co. of Virginia, Inc.
  • With the new corporation, the firm’s NYSE seat is now in a corporation’s name rather than an individual partner’s
  • Henry Valentine II becomes president and CEO of the new corporation
  • Davenport’s Employee Profit Sharing Plan is started
  • Davenport joins with Branch and Co.

In other news:

  • The U.S. Securities and Exchange Commission deregulates brokerage commissions
  • The Watergate scandal causes Richard Nixon to resign as U.S. president
  • Secretariat wins the Triple Crown
  • The Arab Oil Embargo is enforced, creating an energy crisis
  • Viking I lands on Mars
  • The name Microsoft is trademarked

1980s

Expansion Begins

  • Davenport makes its Profit Sharing Plan available to investors, when Joe L. Antrim III starts Davenport Asset Management
  • Davenport builds its team by adding Michael S. Beall
  • Lucy W. Hooper joins the firm as the first female professional employee and registered representative
  • In the late 1980s, Coleman “Coley” Wortham III is elected president
  • The firm has its largest expansion in the firm’s history
  • Three new branches are established: Virginia Beach (1982), Charlottesville (1987), Williamsburg (1989)

In other news:

  • The Space Shuttle is launched for the first time
  • The largest tax cut in U.S. history is passed
  • IBM introduces the personal computer
  • The Challenger Space Shuttle explodes after liftoff
  • The Berlin Wall comes down

1990s

Crossing a Milestone

  • Davenport Asset Management crosses $1 billion and offers its Core strategy in mutual fund form
  • Davenport's Richmond office moves to One James Center, where the headquarters remains
  • Davenport's business structure is reorganized from a corporation to an LLC
  • The Public Finance division of Davenport is formed with the addition of David P. Rose and James M. Traudt

IN OTHER NEWS:

  • Iraq invades Kuwait, starting the Gulf War
  • The 27th Amendment is passed, prohibiting Congress from giving itself a midterm or retroactive pay raise
  • NAFTA goes into effect, creating a free trade zone between Canada, the U.S. and Mexico
  • The World Trade Organization is created
  • Alan Greenspan describes the runup of stock prices as “Irrational Exuberance”
  • The Dow Jones crosses 10,000 for the first time
  • The Euro currency is introduced

2000s

Heading into the Modern Era

  • Davenport creates FundAdvisor as well as the Value & Income and Equity Opportunities separately managed account strategies
  • Davenport employees on the NYSE floor are safe but shocked after the events of September 11, 2001

In other news:

  • Retailer Montgomery Ward closes its doors after 128 years in business
  • Islamic terrorists hijack four U.S. planes and crash them into the Pentagon and World Trade Center; War on Terrorism begins
  • U.S. Congress passes a $700 billion bailout package for Wall Street and banking businesses
  • Barack Obama becomes the first African American president
  • Unemployment reaches 10.2% even as a $780 billion stimulus package is passed

2010s

Building Wealth And Earning Trust

for more than 150 years

  • Lee Chapman becomes president and CEO of the firm
  • Davenport Asset Management crosses $5 billion in assets under management
  • Davenport starts the Value & Income and Equity Opportunities no-load mutual funds
  • The Small Cap Focus Fund, the fourth Davenport Asset Management equity strategy and no-load mutual fund, is created
  • Davenport Shares is established in 2011 to formalize associates' volunteer and charitable firm initiatives

In other news:

  • The Affordable Care legislation is passed and goes into effect
  • The BP deep water oil rig explodes in the Gulf of Mexico
  • Osama Bin Laden is killed by U.S. Navy SEALS
  • The first licenses for driverless cars are granted to Google
  • Scientists at Cornell University grow a living ear using a 3-D printer and cell culture

Mutual Fund investing involves risk, principal loss is possible. Investors should consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. The Fund’s prospectus contains this and other important information, should be read carefully before investing or sending money, and may be obtained from your Investment Executive, www.investdavenport. com, or by calling (888) 285-1863.
Distributed by Ultimus Fund Distributors, LLC