A. Barton Hepburn
Alonzo Barton Hepburn | |
|---|---|
| Born | Error: Invalid birth date for calculating age Colton, St. Lawrence County, New York, U.S. |
| Died | 25 January 1922 (aged 75) New York City, U.S. |
| Occupation(s) | Financier, politician, author |
| Years active | 1871–1922 |
| Known for | Leading the Hepburn Committee inquiry (1879); Comptroller of the Currency (1892–1893); president of Chase National Bank |
Alonzo Barton Hepburn (July 24, 1846 – January 25, 1922) was a prominent American financier and political figure from New York. He is notably recognized for leading the New York State Legislature's Hepburn Committee in 1879, which conducted an inquiry into the Railroad Trust. Hepburn also held the position of Comptroller of the Currency between 1892 and 1893.
Early life
Born on July 24, 1846, on a farm in Colton, St. Lawrence County, New York, Hepburn was the youngest son among four brothers to parents Zina Earl Hepburn and Beulah (née Gray) Hepburn. His maternal uncle was a co-founder of the Cleveland Plain-Dealer newspaper.
He pursued his education at St. Lawrence Academy and Fuller Academy located in Oswego before earning his degree from Middlebury College in 1871, where he later served as a trustee. In recognition of his achievements, he was awarded an honorary degree by St. Lawrence University in 1906.
Career
Following his graduation in 1871, Hepburn returned to St. Lawrence Academy (now known as St. Lawrence University) to teach Mathematics. Subsequently, he became Principal at the Ogdensburg Educational Institute and was elected as a school commissioner while concurrently studying law.
New York State Assembly
Hepburn served as a Republican representative in the New York State Assembly for St. Lawrence County’s 2nd District from 1875 through 1879. In 1879, the legislature assigned him to lead an investigation into railroad companies’ rebate practices within New York State.[1] These hearings were supported by merchants who were not affiliated with the oil industry.
Prior to this investigation, Standard Oil’s extensive dominance over ostensibly independent refineries and pipelines remained largely concealed outside a select inner circle. Under the committee’s counsel, Simon Sterne, representatives from Erie and New York Central Railroads were interrogated, revealing that rebates were granted on at least half of their long-distance shipments—much of which benefited Standard Oil. The probe then concentrated on Standard Oil’s operations specifically. John Dustin Archbold, president of Acme Oil Company, initially denied any association with Standard Oil but later acknowledged serving as one of its directors. The committee’s final report condemned railroad rebate policies and highlighted Standard Oil as a key example. Despite this censure, the impact on Standard Oil was minimal since it increasingly relied on long-haul pipelines instead of rail transport.[2]
Later career
On April 13, 1880, Hepburn was named Superintendent of the New York State Banking Department, a role he held until 1883 when succeeded by Willis S. Paine. He then spent three years working as a National Bank Examiner for New York City and Brooklyn before being appointed Comptroller of the Currency by President Benjamin Harrison. Recognized globally as an expert on finance and economics, Hepburn returned to banking during President Grover Cleveland’s administration. He eventually took over from Henry W. Cannon as president of the Chase National Bank and also served as a Director for the Studebaker Corporation.
Following his tenure as Comptroller, Hepburn assumed the presidency of the Third National Bank of New York, then became Vice-President of the National City Bank in 1897 after its consolidation with Third National Bank. Later, he advanced to become President of the Chase National Bank.
An accomplished author on financial matters, Hepburn wrote History of Coinage and Currency in the United States: Perennial Contest for Sound Money (1903), A History of Currency in the United States (1915), and Artificial Waterways and Commercial Development. He was also a frequent contributor to various financial journals and periodicals.
Personal life
In 1873, Hepburn wed Harriet A. Fisher from St. Albans, Vermont. She passed away in 1881, leaving behind two sons:
- Harold Barton Hepburn (deceased 1892)
- Charles Fisher Hepburn (1878–1923), who later married Alice Smith (1881–1914), daughter of Horatio Alden Smith
Hepburn remarried in 1887 to suffragist Emily L. Eaton (1865–1956) of Montpelier, Vermont, the niece of attorney Dorman Bridgman Eaton, a prominent figure in federal Civil Service reform. The couple resided at 471 Park Avenue and had two daughters:
- Beulah Eaton Hepburn (1890–1978), founder of the High Mowing School in New Hampshire; she married Rear Admiral Robert R. M. Emmet
- Cordelia Susan Hepburn (1894–1960), who became the wife of Harvard alumnus and stockbroker Paul Cushman in 1923
Hepburn passed away in New York City on January 25, 1922, due to injuries sustained in a motor bus accident on Fifth Avenue. His estate was valued at nearly $10 million at the time of his death. Following his passing, his widow was involved in the development of the Beekman Tower located at First Avenue and East 49th Street. Hepburn’s legacy continued through his son Charles, as he was the grandfather of actor Barton Hepburn.
Philanthropy and legacy
Hepburn played a significant role in supporting educational facilities by providing funds for libraries within schools under his supervision as District Superintendent in St. Lawrence County, New York. Notably, three such libraries—the Hepburn Library at Norfolk, the Hepburn Library of Colton, and the Hepburn Library of Lisbon—are recognized on the National Register of Historic Places.
At Middlebury College, he sponsored the construction of Hepburn Hall, a dormitory named to honor him. Initially painted a bright yellow at his request to enhance campus appearance, it was repainted gray after his death to match surrounding structures. Within Hepburn Hall is the Hepburn Zoo, a black box theater created by converting a former dining room space and originally adorned with Hepburn’s hunting trophies.
Published works
- History of coinage and currency in the United States and the perennial contest for sound money, The Macmillan Co., New York (1903)
- Artificial waterways and commercial development (with a history of the Erie canal), The Macmillan Co., New York (1909)
- The story of an outing, Harper & Brothers, New York and London (1913)
- A History of Currency in the United States, with a Brief Description of the Currency Systems of All Commercial Nations, The Macmillan Co., New York (1915)
- Financing the war, lecture delivered at Princeton University (January 11, 1918)