Edmund C. Converse
Edmund Cogswell Converse | |
|---|---|
| Born | Template:Birth date Boston, Massachusetts, U.S. |
| Died | April 4, 1921 (aged 71) |
| Occupation(s) | Steel industry executive, banker, baseball team president |
| Known for | First president of Bankers Trust; mergers in U.S. steel industry; president of Pittsburgh Alleghenys (now Pittsburgh Pirates) |
Edmund Cogswell Converse (November 7, 1849 – April 4, 1921) was a prominent figure in the American steel sector, finance, and baseball management. He was instrumental in orchestrating mergers that unified much of the U.S. steel industry. Subsequently, in collaboration with J. P. Morgan, he became the inaugural president of Bankers Trust. Toward the end of his life, he merged 20 farms into what became known as Conyers Farm in Greenwich, Connecticut, which remained unused for fifteen years following his passing.
Early life and career
Converse was born in Boston and completed his education at Boston Latin School in 1869. He then started an apprenticeship at National Tube Works located in McKeesport, Pennsylvania. Holding multiple patents related to tubing enhancements, he generated substantial revenue and advanced to general manager by 1889. In the late 1890s, he acquired a New York City property from railroad executive Henry H. Cook and commissioned C. P. H. Gilbert to design his home at 3 East 78th Street.
Later relocating to Greenwich, Connecticut, Converse consolidated twenty farms into the expansive Conyers Farm, a name derived from an Old English version of his surname. The estate specialized in dairy and poultry farming and cultivated orchards including apples, pears, and peaches. After Converse's death in 1921, Conyers Farm remained unoccupied until 1936. Since the 1980s, it has been transformed into an upscale residential community that has attracted celebrities such as Tom Cruise, Ron Howard, and Jessica Biel.
In 1899, Converse collaborated with William Nelson Cromwell to facilitate a merger supported by J. P. Morgan that combined National Tube Works with twenty additional companies to form the National Tube Company. This consolidation was followed by another Morgan-backed merger establishing U.S. Steel. Converse served on the board of U.S. Steel until 1916.
In the financial sector, Converse assumed the presidency of Liberty National Bank and Bankers Trust in 1903, directing Liberty National until 1907 and Bankers Trust until 1913. Additionally, he led the Astor Trust Company from 1907 until its integration with Bankers Trust in 1917.
From 1916 until his death in 1921, Converse held the position of Chairman at the International Nickel Company.
Baseball
Following a disappointing season for the Pittsburgh Alleghenys in the American Association during 1883, Converse—who was a significant shareholder—was appointed as team president. Despite continued struggles in 1884, Converse took advantage of the dissolution of the Columbus Buckeyes by dispatching manager Horace Phillips to acquire their players, which substantially enhanced the Alleghenys' competitiveness. Converse's tenure as president lasted only one season before he was succeeded by William A. Nimick.
Personal life
Converse was engaged in philanthropic efforts, notably endowing the first chair at the Harvard Business School in 1912. In 1916, he contributed $250,000 to establish the Converse Library at Amherst College, where his brother had studied; this facility was dedicated in 1917.
In 1879, he married Jessie MacDonough Green, who passed away following surgery in 1912. Two years later, he remarried Mary Edith Dunshee, who was the sister of his brother’s widow.
His son Edmund Jr. owned the Rancho Santa Paula y Saticoy estate in California. His daughter Antoinette married Baron von Romberg, who was killed during World War I. Another daughter, Katherine, wed Benjamin Strong, Jr., a notable banker who served both as president of Bankers Trust and governor of the Federal Reserve Bank of New York.
Death
Converse passed away due to cardiac complications at the Huntington Hotel in 1921. Although local newspapers speculated about possible foul play, no evidence supported claims of murder. At the time of his passing, his estate was appraised at approximately US$21 million, which would be equivalent to more than $210 million today. The majority of his wealth was distributed among educational institutions, philanthropic organizations, and relatives. Among his bequests was a portrait of Benjamin Thompson, appraised at $75,000 in 1912, which he donated to Harvard University.