Similarly, Travelers Group has the resources to expand into the banking industry.
The Lawrence family sold the hotel to the Travelers Group after his death in 1996.
Shares of the Travelers Group also rose 75 cents, to $63.625.
The firm was weakened by the scandal, which led to its acquisition by Travelers Group.
Citigroup bought the Travelers Group, a big insurer, in 1998.
The red umbrella was the longtime logo of the Travelers Group insurance company.
He left the firm four years and began to piece together another financial powerhouse, the company now known as the Travelers Group.
Smith Barney, a unit of Travelers Group, did the same last month.
Earnings reports are expected from International Paper and Travelers Group.
He said the acquisition was a joint venture with Travelers Group, the insurance company.
