Frederick Ferris Thompson

Frederick Ferris Thompson
Frederick Ferris Thompson
Born	Template:Birth date; New York City, U.S.
Died	April 10, 1899 (aged 62)
Occupation(s)	Bank executive, railroad leader, philanthropist
Known for	Founding First National Bank (now Citibank), leadership in railroads, philanthropy

Frederick Ferris Thompson (June 14, 1836 – April 10, 1899) was a distinguished American bank executive and railroad leader who played a key role in founding the First National Bank and the institution now known as Citibank. In addition to his banking career, he was an early enthusiast of photography and a recognized philanthropist.

Early life

Born in New York City to Electa Ferris and John Thompson, a banker and publisher of Thompson's Bank Note Reporter, Thompson received his education at Peacham Academy in Vermont. He later enrolled at Columbia College, where he became a member of the Fraternity of Delta Psi (St. Anthony Hall).

Between 1852 and 1854, he attended Williams College, where he established the Lambda chapter of Delta Psi. At his father’s request, he departed following his sophomore year to pursue business opportunities in Europe, returning later without completing his degree. He referred to himself as "a quondam member" and was awarded a special certificate of graduation by President Mark Hopkins.

Career

In 1857, Thompson, together with his father and elder brother Samuel C. Thompson, founded their initial banking firm, Thompson Brothers. They subsequently launched the First National Bank of the City of New York in 1863, marking it as the first national bank under the new federal legislation. Thompson held the position of vice-president as the bank expanded to become New York City's second largest financial institution. This bank is currently known as Citibank.

Following John and Samuel Thompson’s departure from First National Bank in 1873 to establish Chase National Bank, named after Treasury Secretary Salmon P. Chase, Frederick Ferris Thompson assumed the presidency of First National Bank.

In May 1884, First National Bank became embroiled in a financial controversy linked to Grant, Ward & Co., which issued $210,000 in checks against a nonexistent account at First National. This resulted in a deficit equivalent to nearly $6.2 million today. The bank initiated legal proceedings, as these checks were processed on the same day that Marine National Bank collapsed.

Thompson also founded and led the National Currency Bank of New York and was instrumental in creating both the First National Bank of Detroit and Columbia Bank located in Chatham, New York.

On September 3, 1885, he established The Graphic Mining & Smelting Company in Chicago with capital amounting to $300,000. That same year, he served as a founding trustee for the American Electric Railway Company of New York, which had $1 million allocated for manufacturing locomotives and railcars.

In January 1888, Thompson joined a group of investors who rescued the struggling Montgomery & Florida Railway (also called the Alabama and Florida Railroad). Later that year, in August 1888, following the merger between the New York Elevated Railroad and the Manhattan Railway Company, he was appointed president of the combined enterprise.

In May 1894, Thompson became a board member of the Maritime Canal Company of Nicaragua, which was engaged in developing the Nicaragua Canal. That year, the company raised over $22 million through stock sales. He advanced to chairman in 1898. Despite being chartered by Congress, the company did not receive federal funding and ultimately defaulted on its project in 1899 due to financial difficulties coupled with political turmoil in Nicaragua.

Philanthropy

Thompson and his spouse generously supported numerous institutions such as the American Geographical Society, Metropolitan Museum of Art, Union League, and the Williams College Alumni Association. He was instrumental in the establishment of the Ontario Orphan Asylum and contributed to the construction of facilities at Teachers College, Columbia University.

At Williams College, Thompson gifted a clock tower to Lasell Gymnasium in 1886, followed by the donation of the forty-acre Tallmade Farm in 1887. He provided a $25,000 matching pledge toward the $100,000 Mark Hopkins Memorial building, which accommodated a library, art gallery, administrative offices, and lecture halls. In 1891, he pledged to finance a new library entirely at his own cost. His contributions included $175,000 for Thompson Laboratories in 1895 and an additional $5,000 for a new infirmary. Beyond capital projects, his philanthropy extended to scholarships, academic lectures, and annual social events, establishing him as the college’s most significant benefactor at the time of his passing.

The New York Times referred to him in 1898 as a "veritable fairy godfather" of Vassar College. His donations included $20,000 toward Vassar’s $200,000 endowment in 1887 and funding for a marble-lined heated swimming pool within the gymnasium built in 1894—then recognized as the largest collegiate pool nationwide. Thompson also contributed $200,000 for a library annex designed by Francis R. Allen that opened in 1893; this facility became known as the Frederick Ferris Thompson Annex Library or colloquially as "Uncle Fred's Nose."

Affectionately called "Uncle Fred," Thompson enriched student experiences with various gifts such as an emergency fund providing short-term loans (established in 1890), financing annual senior picnics, supplying rocking chairs for dormitories, equipping infirmary rooms, and underwriting an annual excursion to Lake Mohonk for freshmen and seniors—covering travel expenses, lodging, and meals. Graduates were presented with silver spoons symbolizing good luck.

Thompson held board positions at Williams College, Vassar College, Teachers College Columbia University, New York Dispensary, Ontario Orphan Asylum, and Women’s Hospital. Additionally, he served on the central council of New York’s Charity Organization Society, which managed over $22 million in distributions during 1887.

In response to Clara Barton’s call during the Spanish–American War in 1898, Thompson was among nine prompt contributors to the American National Red Cross, donating $500.

Honors

In 1883, Thompson was awarded an honorary Master of Arts degree by Williams College.
The junior class at Williams College honored him with their annual dinner in 1893.
Thompson Laboratories at Williams College bear his name.
That same year saw Vassar College dedicate its library expansion as the Frederick Ferris Thompson Annex Library.
Upon his death, Williams College suspended all classes and activities in his memory.
His widow, Mary Clark Thompson, established F. F. Thompson Hospital (currently known as Thompson Health) in Canandaigua, New York to commemorate him.
His likeness painted by John Harrison Littlefield is part of the collection at the National Portrait Gallery (United States).
Mary Clark Thompson gifted the Frederick Ferris Thompson Memorial Library to Vassar College.
A portrait of Thompson is preserved by the Williams College Museum of Art.
She also funded the Frederick Thompson Memorial Chapel at Williams College, which was dedicated with President Theodore Roosevelt present.
In 1904, Mary Clark Thompson financed the Frederick Ferris Thompson Memorial Building—a women’s gymnasium at Teachers College, Columbia University.
Following his passing, Mary Clark Thompson expanded the gardens surrounding Sonnenberg Mansion as a living tribute; today Sonnenberg and its gardens are designated as a New York State Historic Park.

Personal life

On June 17, 1857, Thompson wed Mary Lee Clark in Canandaigua, New York. She was the daughter of Myron H. Clark, who served as governor of New York. The couple did not have any children.

Their main home was located at 283 Madison Avenue in New York City, which was highlighted in the 1883 issue of Artistic Homes magazine. The residence featured a concealed staircase, a library spanning thirty square feet, eight stained glass windows illustrating scenes from The Pilgrim's Progress, and a drawing room adorned with red cherry woodwork alongside a grand piano. The dining area showcased ten-foot-high mahogany wainscoting and a barrel-vaulted ceiling. Additional luxuries included a billiard room, bowling alley, gas lighting equipped with electric starters, and a steam-powered elevator—ranking it among the distinguished New York City residences owned by notable figures such as J. P. Morgan and William Kissam Vanderbilt.

In 1863, the Thompsons purchased a 300-acre farm close to Canandaigua Lake to serve as their summer retreat, naming it Sonnenberg ("sunny hill"). Approximately in 1887, they erected the forty-room Sonnenberg Mansion designed in Queen Anne style, complemented by nine gardens, aviaries, the Palm House, and an extensive greenhouse complex measuring 13,000 square feet.

Between the early 1860s and the 1880s, Thompson engaged seriously in photography, a pursuit demanding considerable financial and technical commitment. He preferred the dry plate method for capturing landscapes and was instrumental in founding the Amateur Photographic Exchange Club in 1861, where he acted as secretary and newsletter editor until its dissolution during the Civil War. Additionally, he held the position of secretary for the American Photographical Society, served as a judge for the Anthony Prize Pitcher awards, and authored articles for photographic publications under the pen name “The Straggling Amateur.”

During the Civil War period, Thompson took charge of organizing and training members of the US Colored Troops, holding the rank of captain in the 37th New York Artillery; however, he did not participate in combat.

Thompson maintained active involvement in various academic and cultural institutions such as the American Institute, American Geographical Society, American Association for the Advancement of Science, Archaeological Institute of America, New York Historical Society, and served on the board of the New England Society of New York. He was also affiliated with prominent arts and social organizations including the American Fine Arts Society, Metropolitan Museum of Art, Grolier Club, and Union League Club.

In February 1888, he held the role of vice president for Citizens in Favor of High License and Restrictions of the Liquor Traffic.

Thompson passed away in 1899 at his residence in New York City. His funeral took place there prior to his interment at Woodlawn Cemetery in Canandaigua.

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