David Leavitt (banker)
David Leavitt | |
|---|---|
| Born | Template:Birth date Bethlehem, Connecticut, U.S. |
| Died | December 30, 1879 (aged 88) Manhattan, New York City, U.S. |
| Occupation(s) | Banker, financier, art collector |
| Known for | President of American Exchange Bank; role in Illinois and Michigan Canal completion; Brooklyn White Lead Company founder |
David Leavitt (August 29, 1791 – December 30, 1879) was a pioneering banker and financier based in New York City. As the president of the American Exchange Bank during the Panic of 1837, he played a crucial role representing the bondholders of the Illinois and Michigan Canal, ensuring the canal’s completion which connected the Midwest to the East Coast. In recognition of his contributions, Chicago named Leavitt Street in his honor. Additionally, Leavitt was an avid art collector, notably possessing pieces by Emanuel Leutze, including Washington at Valley Forge, which was displayed at his estate in Great Barrington.
Biography
Born in Bethlehem, Connecticut to merchant and legislator David Leavitt Sr. and Lucy (Clark) Leavitt, David Leavitt embarked on his career after leaving rural Connecticut in 1813. He started as a clerk in a New York produce firm and, following an inheritance from his father’s estate in 1816, established himself as a merchant and financier in New York City.
By 1815, he had entered into a grocery partnership with David Lee but soon shifted focus toward finance. Early in his career, Leavitt demonstrated sharp business insight by acquiring an entire shipment of tea from John Jacob Astor and successfully managing the construction of a government-commissioned warship for Colombia. He profited significantly through currency exchange operations and bank drafts.
In 1825, Leavitt took over a white lead manufacturing business in Brooklyn, founding the Brooklyn White Lead Company (which later evolved into Dutch Boy Paint), a major contributor to his wealth accumulation. He also invested heavily in Brooklyn real estate and served as trustee for Brooklyn Heights. Furthermore, he owned the Fulton Street Ferry but lost control after public opposition ended his monopoly.
Leavitt expanded into banking, becoming president of Fulton Bank and then serving as president of the American Exchange Bank for sixteen years starting in 1838. During this period marked by financial turmoil, he personally guaranteed credit to reassure European bondholders holding Illinois canal bonds, thereby preventing foreclosure and facilitating the canal’s completion—a vital infrastructure project that supported Chicago’s development.
He was appointed Receiver of the North American Trust and Banking Company and successfully mitigated a bank run during the Panic of 1857 by publicly reassuring depositors. By 1861, his portrait was featured alongside other leading financiers in The Merchants' and Bankers' Almanac.
Leavitt constructed a sprawling 300-acre estate named Brookside in Great Barrington, Massachusetts, where he displayed his art collection including commissioned works by Emanuel Leutze. He also held leadership roles as president of the Housatonic Railroad and chaired Great Barrington’s Civil War committee.
Among his estate’s notable features was a three-story Gothic revival 'cascade barn', renowned for its innovative mechanical design until it was destroyed by fire in 1885.
David Leavitt passed away at his son Edward’s residence in Manhattan on December 30, 1879. His wife Maria Clarissa had died earlier in 1867. The couple had four children: one daughter, Elizabeth Leavitt Howe—whose descendants became prominent bankers in New Jersey—and three sons: Edward, Henry, and David Jr.
David Leavitt Jr. lived in Dresden, Germany; his daughters married into European aristocracy. Additionally, his nephew David Leavitt Hough served as legal counsel for the Illinois and Michigan Canal Trustees based in LaSalle, Illinois.
See also
Further reading
- My Early and Later Days: Their Story for My Children and Grandchildren, unpublished manuscript, 1898, Elizabeth Leavitt Howe, Fisher-Howe Family Papers, The New York Historical Society
- The Illinois and Michigan Canal, 1827-1911, Illinois State Archives
External links
- Obituary of David Leavitt, The New York Times, December 31, 1879
- "On March 16, 1853, David Leavitt, Treasurer, provided Twenty Five dollars through William Gooding, Secretary of the Board of Trustees of the Illinois & Michigan Canal, opposing Mr. Haven’s Bill aimed at stopping water diversion from the Des Plains river at Joliet. A. Lincoln certified the accuracy of this record", Illinois and Michigan Canal Receipts, Northern Illinois University
- Correspondence from William Gooding to David Leavitt regarding various canal affairs, Illinois State Archives
- Letter from Robert Stuart to David Leavitt about a forthcoming land sale, Illinois State Archives
- Communication from Robert Stuart to David Leavitt concerning accounts and the canal’s inauguration, Illinois State Archives
- Letter from D. L. Hough to David Leavitt addressing his responsibilities as timber land agent, Illinois State Archives
- Correspondence from Jeremiah Crotty to David Leavitt about pending loan subscription payments, Illinois State Archives
- Letter from William Gooding to David Leavitt discussing canal expenditures and harsh winter conditions, Illinois State Archives
- Robert Stuart’s letter to David Leavitt regarding an upcoming land sale, Northern Illinois University Archives
- Selected papers of Edward Leavitt Howe at Princeton University Library
- Maria Clarissa Leavitt, spouse of David Leavitt, Brooklyn Museum
- Portrait of David Leavitt, Brooklyn Museum
- Digital image of Leavitt Howe in Princeton, N. J., New York Public Library Digital Library
- 1791 births
- 1879 deaths
- People from Bethlehem, Connecticut
- Leavitt family
- People from Brooklyn Heights
- People from Great Barrington, Massachusetts
- American Civil War industrialists
- Philanthropists from New York (state)
- American art collectors
- American bankers
- American Congregationalists
- 19th-century American railroad executives
- American railway entrepreneurs
- American financiers
- People of Massachusetts in the American Civil War
- American Presbyterians