Daniel Ludlow (banker)
Daniel Ludlow | |
|---|---|
| Born | Template:Birth date New York City, U.S. |
| Died | September 26, 1814 (aged 64) Skaneateles, New York, U.S. |
| Occupation(s) | Merchant, banker |
| Known for | First president of the Manhattan Company |
Daniel Ludlow (August 2, 1750 – September 26, 1814) was a notable American merchant and banker, recognized as the inaugural president of the Manhattan Company, an institution that ultimately evolved through multiple mergers into JPMorgan Chase.
Early life
Born on August 2, 1750, in New York City, Ludlow hailed from a distinguished New York mercantile family. He was the son of Gabriel Ludlow (1704–1773), a merchant, and Elizabeth (née Crommelin) Ludlow (1715–1760). His sister Elizabeth became the wife of Francis Lewis Jr., sibling to Governor Morgan Lewis. From his father’s first marriage, Daniel had older half-brothers, including George Duncan Ludlow, who served as the first Chief Justice of New Brunswick, and Gabriel George Ludlow, recognized as the inaugural mayor of Saint John, New Brunswick.
The family's prominence in America originated with his grandfather Gabriel Ludlow (1663–1736), who emigrated from England around 1694 and settled in New Amsterdam. He established himself as a prominent merchant, shipowner, landholder, and clerk to the New York General Assembly. Gabriel secured a royal grant from King George II for 4,000 acres situated along the Hudson River in what became Orange County, New York. The Ludlow lineage also featured influential relatives such as Thomas Ludlow’s brothers: Gabriel Ludlow, Receiver of the Duchy of Lancaster, and Roger Ludlow, Deputy Governor of the Massachusetts Bay Colony.
On his maternal side, through aunt Mary (née Crommelin) Verplanck, Daniel was first cousin to Gulian Verplanck, who served as Speaker of the New York State Assembly and president of the Bank of New York. Verplanck was instrumental in founding the Tontine Association, an early precursor to the New York Stock Exchange.
The substantial wealth and social standing of the Ludlow family provided Daniel and his siblings with private education and business opportunities that facilitated their success in commerce and finance.
Career
In 1765, Daniel Ludlow was dispatched to Amsterdam to work at the counting house of Crommelin & Zoon, managed by his grandfather Charles Crommelin. During five years abroad, he acquired proficiency in French, German, Dutch, and banking principles. Upon returning to New York around 1770, he joined his father’s mercantile enterprise and assumed control following his father’s death in 1773.
Throughout the American Revolution, Ludlow remained loyal to the British Crown. Unlike some of his brothers who departed New York after the war, he stayed and prospered as a businessman. In 1783, he became a member of the Chamber of Commerce.
On January 1, 1784, he entered into partnership with Edward Goold. Their firm presumably dealt with imports and marine insurance. In 1790, this partnership ended when Ludlow joined forces with his nephew Gulian Ludlow to form Daniel Ludlow & Company. This enterprise operated as a marine insurer and major importer of goods from East India for fifteen years. Although it suffered underwriting losses during the 1798 Quasi-War with France, it rebounded with assistance from the bank of the Manhattan Company.
In 1799, Ludlow was appointed as the first president of the newly established Manhattan Company, founded by Aaron Burr. Early investors included prominent individuals such as John Jacob Astor, Stephen Van Rensselaer, and Vice President George Clinton. By July 1800, dividends were being distributed; in 1808, the company sold its waterworks assets to the city for $1.9 million and transitioned exclusively into banking operations. That same year, leadership passed to Henry Remsen.
In 1810, Ludlow moved to Skaneateles, acquiring a substantial estate later known as the Anson Lapham place.
Personal life
On October 4, 1773, Ludlow united in marriage with Arabella Duncan, the daughter of Thomas and Mary (née Ketcham) Duncan. In 1757, the Duncan family residence on Pearl Street (formerly Queen Street) was destroyed by fire, resulting in the tragic loss of Arabella's mother and seven siblings; only Arabella, her father, and her sister Frances survived the catastrophe. The following year, Frances wed their cousin and Daniel’s older half-brother, George Duncan Ludlow. Their daughter, Frances Duncan Ludlow, became the second spouse of Richard Harison, who was a legal partner of Alexander Hamilton and served as the inaugural U.S. Attorney for the District of New York.
Daniel and Arabella were parents to eleven children, with five surviving into adulthood, including:
- Harriet Ludlow (born 1774), who became the wife of New York merchant Grove Wright.
- Daniel Ludlow Jr. (1779–1827), a partner in Daniel Ludlow & Co., who remained unmarried.
- Robert Crommelin Ludlow (born 1789), who married Mary Peters from Charleston, South Carolina.
- Ferdinand Ludlow (born 1790), a Lieutenant in the U.S. Navy who died single in Florence, Italy.
- Edward Greenleaf Ludlow (1793–1877), a physician who married his cousin Mary Kennedy Lewis—descended from Declaration signer Francis Lewis—in 1828; after her passing, he remarried Mrs. Van Horne.
Arabella passed away on December 7, 1803. Daniel Ludlow died at his rural residence in Skaneateles, New York, on September 26, 1814.
Descendants
From his eldest daughter Harriet came Henry Allen Wright, who married Louisa Ludlow Auchmuty (1805–1896), a cousin and longtime resident of Newport, Rhode Island.
Through his son Edward descended Arabella Duncan Ludlow (1844–1926), who wed Edward Sherman Gould (1837–1905), son of the author Edward Sherman Gould.