Edward T. Stotesbury
Edward T. Stotesbury | |
|---|---|
| Born | Template:Birth date Philadelphia, Pennsylvania, U.S. |
| Died | May 16, 1938 (aged 89) Wyndmoor, Pennsylvania, U.S. |
| Occupation | Investment banker |
| Known for | Partner at Drexel & Co. and J. P. Morgan & Co.; financing railroad enterprises; namesake of Stotesbury, West Virginia and Stotesbury Club House |
Edward Townsend "Ned" Stotesbury (February 26, 1849 – May 16, 1938) was a distinguished investment banker who served as a partner at Philadelphia's Drexel & Co. and its New York counterpart, J. P. Morgan & Co., for more than fifty-five years. He was instrumental in the financing of various railroad enterprises. The coal mining community of Stotesbury, West Virginia in Raleigh County bears his name, as does his equestrian estate known as the Stotesbury Club House. Several expansive estates constructed with his second wife have since been torn down.
Early life and first marriage
Stotesbury was born in Philadelphia, Pennsylvania, into a Quaker family and pursued studies at Union Business College (presently Peirce College). His first marriage was to Frances Berman Butcher. Their initial daughter, Helen Lewis Stotesbury (1874), passed away during infancy. They had a second daughter in 1877, but Frances died at age 31 in 1881 while giving birth to their third child.
Career
Stotesbury launched his professional journey at Drexel & Co., the Philadelphia banking firm established by Francis Martin Drexel and later managed by Anthony Joseph Drexel. Renowned for his punctuality and detailed record maintenance, he became a partner in 1882 following Drexel’s collaboration with J.P. Morgan. He attributed his accomplishments to the maxim: "Keep your mouth shut and your ears open."
Among his significant contributions was his involvement in the International Chinese Loan of 1909. He held board positions at the Reading Railroad, Lehigh Valley Railroad, Philadelphia Fidelity Bank, Girard Trust Company, Cambria Iron Company, Pennsylvania Steel Company, Latrobe Steel Company, Penn Mutual Life Insurance Company, Keystone Watch Company, and Jessup and Moore Paper Company. Additionally, Stotesbury served as President of Philadelphia's Art Jury and the Fairmount Park Art Association (currently the Association for Public Art) and was affiliated with the Five O'Clock Club of Philadelphia.
Second marriage and later career
After over three decades as a widower, on January 18, 1912, Stotesbury wed widow Lucretia Bishop "Eva" Roberts, becoming stepfather to her children: Oliver Eaton Cromwell Jr., James H. R. Cromwell, and Louise Cromwell. James subsequently joined Drexel and Company following his service in World War I.
Their initial collaboration involved refurbishing Stotesbury's Philadelphia townhouses located at 1923–25 Walnut Street.[1] They later commissioned three monumental residences:
- Whitemarsh Hall near Philadelphia, designed by architect Horace Trumbauer (1916–21, demolished in 1980)
- El Mirasol in Palm Beach, Florida, crafted by architect Addison Mizner (1919, demolished during the 1950s)
- Wingwood House in Bar Harbor, Maine, created by the firm Magaziner, Eberhard & Harris (1927, demolished in 1953)[2]
By 1927, Stotesbury's net worth was approximated at $100 million (equivalent to $ billion today). Although he withdrew $55 million from his J.P. Morgan account amid the Great Depression, the stock market collapse drastically diminished his assets to roughly $4 million ($ million today) by the time of his passing.
Stotesbury died at age eighty-nine on May 21, 1938, in Wyndmoor, Pennsylvania, and was interred at The Woodlands Cemetery in Philadelphia.
Legacy
Since its inception in 1927, the annual Stotesbury Cup Regatta held on Philadelphia's Schuylkill River has grown into one of the nation's largest high school rowing events. The regatta is named in honor of Stotesbury, who was both a member and a past president of the esteemed Philadelphia rowing organization, the Bachelors Barge Club.
The coal mining community of Stotesbury, West Virginia, situated in Raleigh County, carries his name. This town is also recognized as the hometown of Robert C. Byrd, who served eight terms as a U.S. Senator.
Located on his equestrian estate in Wyndmoor, Pennsylvania, the Stotesbury Club House earned a place on the National Register of Historic Places in 1985.
Edward and Eva Stotesbury are depicted as figures in Stephen Sondheim's 2008 musical Road Show.
The original grounds of Whitemarsh Hall have been transformed into a townhouse development that honors Stotesbury by bearing his name.
Family
Edith Lewis Stotesbury (1877–1935), Stotesbury’s second daughter, entered into marriage with Sydney Emlen Hutchinson in 1903. His third daughter, Frances Butcher Stotesbury (1881–1950), wed John Kearsley Mitchell in 1909.
His stepdaughter, Henrietta Louise Cromwell, married General of the Army Douglas MacArthur in 1922; their marriage ended in divorce in 1929.
James H.R. Cromwell, his stepson and notable New Dealer, recalled Stotesbury’s remark from 1936: "It's fortunate you married the wealthiest woman alive because you will receive very little from me. I earned my fortune and intend to spend it myself; not your friend Roosevelt."
External links
- ↑ The townhouses, situated at the northeast corner of 20th & Walnut Streets, were designed by architect Frank Furness in 1869.[1]
- ↑ Postcard of Wingwood House
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 1849 births
- 1938 deaths
- American bankers
- American financial businesspeople
- Drexel Burnham Lambert
- Businesspeople from Philadelphia
- Pierce College people
- 19th-century American businesspeople
- Burials at The Woodlands Cemetery
- People associated with the Philadelphia Museum of Art
- People associated with the Pennsylvania Academy of the Fine Arts