Carl Pforzheimer
Carl Howard Pforzheimer | |
|---|---|
| Born | 1879 New York City, U.S. |
| Died | April 4, 1957 (aged 77–78) New York City, U.S. |
| Occupation(s) | Financier, curbstone broker, rare book collector |
| Known for | Establishing the American Stock Exchange, Carl H. Pforzheimer Collection of Shelley and His Circle |
Carl Howard Pforzheimer (1879 – April 4, 1957) was a prominent American financier and curbstone broker operating out of New York City. He played a key role in establishing the American Stock Exchange and accrued considerable wealth on Wall Street through his expertise in trading Standard Oil shares.
In addition to his financial pursuits, Pforzheimer was an avid collector of rare literature, notably curating the Carl H. Pforzheimer Collection of Shelley and His Circle, which is now preserved at the New York Public Library.
Early life and education
Born in 1879 in New York City to Isaac and Mina Heyman Pforzheimer, Carl H. Pforzheimer came from a Jewish background. He pursued his studies at City College. His siblings, Arthur and Walter, initially entered the Wall Street arena, with Arthur eventually launching a rare book business in 1933.
Establishment of his firm
Beginning his career as a clerk earning $4 weekly on Wall Street, Pforzheimer founded Carl H. Pforzheimer & Co. at the age of 23 in 1901. After the 1911 dissolution of Standard Oil, he became a trailblazer in trading shares from the successor companies and underwriting their securities. His company concentrated on oil and gas sectors, significantly contributing to underwriting oil firm securities during a period when Wall Street showed limited enthusiasm for petroleum investments. He also held the position of president at the Petroleum and Trading Corporation.
Involvement with the Curb Association
As an original member of the New York Curb Exchange, Pforzheimer's firm also maintained membership with the New York Stock Exchange. In 1911, he secured election to the inaugural Board of Representatives of the Curb Association, tasked with overseeing regulation of the outside market. Although he stepped down from this board in 1914 due to internal disagreements, he continued his membership. By 1922, Carl H. Pforzheimer & Co., specializing in Standard Oil-related securities, was headquartered at 25 Broad Street within the Broad Exchange Building, with Walter and Arthur actively participating in the business.
Subsequent roles
In February 1951, Pforzheimer joined the 25-member board of trustees at the New York Public Library, having contributed to its library committee since 1949 and serving on its finance committee. He was also vice chairman and trustee of the Institute of Public Administration. Furthermore, he was instrumental in founding Purchase Community, Inc., acting as its inaugural treasurer for 25 years. He served as founding chairman of the Town of Harrison Finance and Advisory Committee.
His public service extended to advisory roles on welfare and assistance committees, directorship at the Westchester County Association, chairmanship and treasurership of Westchester County Social Agencies, Inc., as well as involvement with health organizations such as the Westchester Cancer Committee and Tuberculosis and Public Health Association.
Between 1931 and 1935, he chaired Westchester County’s Emergency Work Bureau before leading its Commission on Government. From 1939 to 1942, he headed the Westchester County Planning Commission. Additionally, he was a governor at White Plains Hospital and trustee for United Hospital of Port Chester.
Philanthropy
Pforzheimer presided over the Carl and Lily Pforzheimer Foundation Inc., a charitable entity that continues its mission today. His name is commemorated on several buildings: Pforzheimer Hall at Horace Mann School, named in 1956 after three decades as board chairman; and the National Municipal League building, designated in 1955 following 35 years serving as treasurer.
Book collection
A passionate collector of rare books, Pforzheimer gathered an extensive array of manuscripts and volumes, which were stored in Manhattan as the Pforzheimer Library, a resource reserved exclusively for expert researchers. In 1923, he acquired a Gutenberg Bible for approximately $60,000. His holdings also featured notable editions by Percy Bysshe Shelley. In 1940, he issued a comprehensive three-volume catalogue entitled "The Carl H. Pforzheimer Library of English Literature 1475-1700," which quickly became an essential tool for both collectors and academics.
By the year 1951, his library was esteemed as one of the most outstanding private collections in existence. Roger Stoddard, curator at Harvard College Library, described it as "the finest collection in private ownership," containing rare items such as the first complete English Bible and a 1535 Coverdale Bible, alongside various Shakespearean plays. In 1987, his son and grandson contributed the Pforzheimer Collection of Shelly and His Circle—comprising roughly 25,000 pieces—to the New York Public Library.
A significant segment of the Pforzheimer library was sold in 1986 to the University of Texas in what was hailed by dealers as the largest rare book transaction ever recorded. This acquisition encompassed more than 1,100 books and 250 manuscripts dating from 1475 to 1700, including the earliest printed English book from 1475.
Personal life
On January 16, 1906, Pforzheimer wed Lily Oppenheimer. The couple had two children: a daughter named Jane Pforzheimer Long and a son, Carl Howard Pforzheimer Jr. He held honorary membership in the Elizabethan Club at Yale University and was affiliated with prestigious organizations such as the Grolier Club, the Metropolitan Opera Club, and the Bankers Club.
In 1915, Carl and his brother Walter—both active brokers in New York—acquired the former Dillingham mansion located on Purchase Street. Unfortunately, this residence was destroyed by fire in March 1916, resulting in losses estimated at $20,000. By 1922, a rift had developed between Carl and Walter that fractured their families; Carl did not reconnect with his nephew until after Walter’s passing in 1955.
Pforzheimer’s English-style estate in Purchase spanned 400 acres adjacent to Governor Lehman’s property and contained twenty rooms. He lived there with his family by 1936. That year, lightning struck the mansion causing damages amounting to $100,000 and injuring several firefighters. In response to this event, Pforzheimer played a role in establishing a local fire department.
Lily passed away in Nantucket in 1956 at age 71. By 1957, Carl had moved to Hidden Brook Farm in Purchase and died that April at his Park Avenue residence at age 78. His grandson, Carl H. Pforzheimer III, continued managing Carl H. Pforzheimer & Co and The Carl and Lily Pforzheimer Foundation as of 2017.
See also
- Carl H. Pforzheimer University Professor
- Board of Regents of the University of the State of New York
Further reading
External links
- The Carl H. Pforzheimer digital archive at the Harry Ransom Center, University of Texas at Austin, showcasing nearly 2,000 English manuscripts spanning from 1485 to 1844.