Edward Prime
Edward Prime | |
|---|---|
| Born | Template:Birth date New York City, U.S. |
| Died | August 21, 1883 (aged 81) Riverdale-on-Hudson, New York, U.S. |
| Occupation | Banker |
| Known for | President of the New York Stock Exchange (1835–1836) |
Edward Prime (December 10, 1801 – August 21, 1883) was a prominent American banker who held the position of president at the New York Stock Exchange.
Early life
Born on December 10, 1801, at 54 Wall Street in New York City, Prime was the eldest child of Nathaniel Prime (1768–1840) and Cornelia (née Sands) Prime (1773–1852). His family connections were distinguished, including his sister Emily Prime, who married U.S. Navy Capt. William Seton, son of Elizabeth Ann Seton, as well as Laura Prime, wed to John Clarkson Jay, a grandson of John Jay.
On his mother's side, his grandfather was Comfort Sands, a merchant, banker, and member of the Continental Congress. Following family custom, Prime received his education at McCulluck's boarding school located in Morristown, New Jersey.
Career
In 1796, Prime’s father founded "Nathaniel Prime, Stock and Commission Broker", initially concentrating on bank stock transactions before expanding into private banking services such as deposits and loans. The firm evolved to include Samuel Ward III in 1808, becoming Prime & Ward. Joseph Sands joined as partner in 1816, leading to the formation of Prime, Ward & Sands. With James Gore King's addition in 1824, it was renamed Prime, Ward, Sands & King, later shortened to Prime, Ward & King after Sands passed away in 1826.
Edward Prime entered the business in 1826 and assumed partnership following his father’s retirement in 1832. After Nathaniel Prime died in 1840, the firm dissolved in 1847. Subsequently, Edward established Prime & Co., collaborating with his four sons until their retirement in 1867.
Throughout his tenure, Edward Prime remained a significant figure within New York’s financial community and served as president of the New York Stock Exchange between 1835 and 1836.
Philanthropy
Prime played a key role in founding the New York Eye and Ear Dispensary and held positions as vestryman at St. Philip's Church in Manhattan and warden at Christ Church in Riverdale.
Personal life
On September 18, 1827, Edward married Anne Bard (1804–1834), daughter of William Bard, who established the New York Life Insurance and Trust Company. Anne’s sister Susan was married to Ferdinand Sands, Edward’s cousin. The couple had four children before Anne’s passing in 1834:
- Cornelia Prime (1829–1869), who wed German-born August Ahrens in 1850.
- Nathaniel Prime (1830–1885), a Brevet Lieutenant Colonel who died unmarried.
- William Bard Prime (1832–1836), who died in infancy.
- Edward Prime (born 1833), who married Annie Rhodes Gilbert—the widow of his younger half-brother—in 1889.
In 1836, Edward remarried Charlotte Wilkins Hoffman (1808–1892). Their offspring included:
- William Hoffman Prime (1837–1881), who married Anne Rhodes Gilbert in 1879.
- Charlotte Prime (1838–1923), who married Leonard J. Wyeth in 1858.
- Mary Catherine Prime (born 1841), who wed James A. Scrimper in 1868.
- Henry Prime (1847–1914).
Known for his enthusiasm for sportsmanship, Prime is credited with introducing foxhounds to America and engaged in fox hunting on Long Island.
Edward Prime passed away on August 21, 1883, at Riverdale-on-Hudson, New York. Following a service at Christ Church, he was interred at Green-Wood Cemetery located in Brooklyn.