Harold Stanley

Harold Stanley
Harold Stanley
Born	Template:Birth date; Great Barrington, Massachusetts, U.S.
Died	May 14, 1963 (aged 77); Philadelphia, Pennsylvania, U.S.
Occupation(s)	Entrepreneur, investment banker
Known for	Co-founder of Morgan Stanley

Harold Stanley (October 2, 1885 – May 14, 1963) was a prominent American entrepreneur and one of the founders of Morgan Stanley in 1935. He directed the company for twenty years before stepping down in 1955.

Early life

Stanley was born in Great Barrington, Massachusetts, as the son of inventor William Stanley, Jr., associated with General Electric. He completed his education at the Hotchkiss School in 1904, followed by graduation from Yale University in 1908, where he was affiliated with the Skull and Bones secret society.

Career

In 1916, Stanley took on the role of vice-president in the bond division at the Guaranty Trust Company of New York, eventually founding the Guaranty Company as a securities subsidiary closely linked to J. P. Morgan, Jr.. By 1927, he became a partner at J.P. Morgan, succeeding Dwight Morrow. His efforts fortified Morgan's stature in investment banking and bond markets, especially after the enactment of the Glass–Steagall Act, which mandated separation between commercial and investment banking operations.

Together with Henry Sturgis Morgan, J.P. Morgan’s grandson, Stanley established Morgan Stanley in 1935 to carry forward the securities business that J.P. Morgan had to divest. When the firm transitioned into a partnership structure in 1941, Stanley assumed the position of senior partner. Throughout the 1940s, he was instrumental in protecting the investment banking sector from antitrust litigation initiated by the government.

Personal life

In 1914, Stanley married Edith Thurston, daughter of William Harris Thurston; she passed away in 1934. He remarried in 1939 to Louise Todd, who was previously married to Seymour Parker Gilbert. Although he had no children of his own, he gained stepchildren through his second marriage. His residence was located at 4 East 72nd Street on Manhattan's Upper East Side. Stanley died in Philadelphia in 1963.

Activities and interests

Stanley held memberships in several prestigious organizations including New York’s Links Club, the National Golf Club, the Racquet and Tennis Club, and the Yale Club. He also served on the boards of various corporations such as Shell Caribbean Petroleum Corporation.

During his time at Yale University from 1906 to 1908, he played ice hockey and later competed with the St. Nicholas Hockey Club within the American Amateur Hockey League.

Philanthropy

In 1940, Stanley spearheaded a fundraising initiative in New York that collected $1.5 million to support the United States Commission for the Care of European Children, providing assistance to young refugees affected by war.

References

External links