owners to receive shares of the Bank of the Manhattan Company "in an amount that will make it one of the most important factors in that organization." In March 1929, the shareholders of the Bank of the Manhattan Company approved its plan to increase capital from $16,000,000 to $22,500,000 to acquire all of stock of the International Acceptance Bank, Inc. After completion, J. Stewart Baker remained president of the Bank of the Manhattan Company and became vice chairman of the board of International Acceptance. Warburg became associate chairman of the board of the Bank of Manhattan and F. Abott Goodhue remained as president of International Acceptance and became a member of the board of the Bank of the Manhattan Company. The business of the International Acceptance Trust Company was taken over by the Bank of the Manhattan Company. At the same time, the two banks created the International Manhattan Company, Inc. with Warburg's son, James Warburg, as president of the new company which succeeded to the foreign securities business of the International Acceptance Bank, Inc. All of the stock of the new corporation was held by International Acceptance and the Bank of the Manhattan Company. In December 1929, the name Bank of the Manhattan Company was abandoned and the firm was transformed into a holding corporation under the name Manhattan Company while also increasing its capital to $40,000,000 to allow for further acquisitions. The new holding company owned the entire capital stock of the Bank of Manhattan Trust Company, the International Acceptance Bank and the International Manhattan Company. At that time, Baker also became president of the Bank of Manhattan Trust Company, which he later relinquished to Goodhue on December 10, 1931, to enable Baker to devote more time to the affairs of the Manhattan Company. In February 1932, following the death of Paul Warburg on January 24, 1932, J. Stewart Baker was elected successor chairman of the board of the Manhattan Company, Warburg's son James succeeded to Baker's vice chairman role (after recently becoming president of the International Acceptance Bank) and Goodhue was elected successor chairman of the International Acceptance Bank. In October 1932, the directors of the Manhattan Company restored the company to its old status as a bank, absorbing or distributing to shareholders the various banking institutions which it controlled. The New York Title and Mortgage Company was distributed to shareholders, through a holding company, and the