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founded in New York in 1879. Cahn's nephew, Jules Semon Bache, began working there as a cashier in 1880. In 1892, when Bache became head of the company, the firm's name was changed to J.S. Bache & Co. By 1905, the firm was trading both stocks and commodities, and had seven offices, including in Montreal and Liverpool. Prior to October 1929, Jules Bache became conservative with the firm's credit and avoided investing the firm's own capital in the stock market;

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