Emerson McMillin

Emerson McMillin
Emerson McMillin
Born	Error: Invalid birth date for calculating age; Ewington, Ohio, U.S.
Died	30 May 1922 (aged 78); Mahwah, New Jersey, U.S.
Occupation(s)	Banker, financier
Known for	Founder and president of American Light and Traction; leader of Emerson McMillin banking firm

Emerson McMillin (April 16, 1844 – May 30, 1922) was a prominent American banker and financier. Leading the banking firm Emerson McMillin, he received a commission for his courageous actions during the American Civil War before shifting his focus to the iron and steel sectors of the Ohio Valley.^[1] In 1900, he established and took on the presidency of American Light and Traction.^[2]^[3]

Early life

McMillin was born on April 16, 1844, in Ewington, Ohio,^[1] descending from a family of Scottish heritage that initially settled in Virginia. He was the twelfth child among fourteen siblings and attended school irregularly until he was ten years old.^[3] His father operated an iron furnace, where Emerson began a four-year apprenticeship starting at age twelve.^[1] He dedicated himself to self-study, concentrating on scientific concepts relevant to the iron and gas industries.^[1]

Military service

Unlike his father, McMillin opposed slavery and enlisted at eighteen in the Union Army with the 18th Ohio Infantry Regiment.^[3] Throughout his military tenure, he participated in 38 engagements and sustained between three and five injuries.^[1] Alongside his brothers, known collectively as the "fighting McMillins,"^[3] three of whom perished during the conflict, he was awarded a commission for exemplary bravery under fire.^[1]

Business endeavors

For a decade, McMillin worked within the iron and steel mills of the Ohio Valley. In Ohio, he progressed to leadership positions such as manager or president in various companies before concentrating on consolidating and expanding gas properties. In 1891, he launched a commercial bank that specialized in facilitating mergers and acquisitions in the gas sector, pioneering a method focused on acquiring and merging gas enterprises. This strategy notably resulted in combining four St. Louis gas companies, which substantially increased their net earnings.

He also held the presidency of the Columbus Street Railway Company based in Columbus, Ohio. After moving to New York City, he stepped down from this position in 1898 due to his broadening business interests but maintained his gas holdings in Columbus. In 1900, he founded and assumed leadership of American Light and Traction, with the objective of uniting smaller local utility power providers. By 1901, this corporation managed over 40 gas plants as well as electric light and traction (streetcar) systems.

Although his health declined over two years prior to 1922, McMillin continued as head of Emerson McMillin Co. located in the Equitable Building, served as chairman of American Light and Traction Company, and presided over multiple lighting and traction enterprises across the country.

Philanthropy and civic engagement

McMillin supported various public initiatives including funding the Arbitration Society of the Americas, where he acted as president. In 1915, he participated in the founding meeting of the World's Court League and was appointed its vice president. Additionally, he provided initial financial backing in 1916 for establishing Columbia Business School in New York.^[4]^[5]

Personal life

McMillin was married to Isabel Morgan, who passed away in 1922, after his own death. Together, they had four children: Marion, Estelle Traverso, Maud, and Emerson II.

Following the death of George Crocker in 1909, McMillin acquired Crocker’s residence built in 1907—the Crocker Mansion, a sprawling 45,000-square-foot property located in Mahwah, New Jersey, crafted by architect James Brite. Known for his discerning taste in art, McMillin assembled a collection that Thomas E. Kirby regarded as one of the most exceptional American and international assortments ever auctioned in the United States. Notably, Corot’s Orpheus and Eurydice from his collection sold for $75,200 during a 1913 auction.

McMillin succumbed to pneumonia on May 30, 1922, at his Mahwah residence. In October 1924, the contents of the Crocker-McMillin estate were auctioned over three days, raising $185,000. The auction featured valuable paintings and rare rugs. His grandson, Emerson McMillin 3d, died in New York at age 41 in 1935; he was survived by his mother, Baroness Traverso of Florence, and his wife Olga Kohler McMillin of the Hotel St. Regis.