Senator Couzens: Did Goldman, Sachs and Company organize the Goldman Sachs Trading Corporation?
Mr. Sachs: Yes, sir.
Senator Couzens: And it sold its stock to the public?
Mr. Sachs: A portion of it. The firm invested originally in 10 percent of the entire issue for the sum of $10,000,000.
Senator Couzens: And the other 90 percent was sold to the public?
Mr. Sachs: Yes, sir.
Senator Couzens: At what price?
Mr. Sachs: At 104. That is the old stock ... the stock was split two for one.
Senator Couzens: And what is the price of the stock now?
Mr. Sachs: Approximately one and three-quarters.

— 1932 Senate Hearings on Stock Exchange Practices, quoted in John Kenneth Galbraith's The Great Crash, 1929.