Herbert L. Griggs
Herbert Lebau Griggs | |
|---|---|
| Born | Error: Invalid birth date for calculating age Boston, Massachusetts, U.S. |
| Died | 19 September 1944 (aged 89) |
| Occupation | Banker |
| Known for | President of the Bank of New York |
Herbert Lebau Griggs (born March 28, 1855 – died September 19, 1944) was a prominent American banker who held the position of President at the Bank of New York.
Early life
Griggs entered the world on March 28, 1855, in Boston, Massachusetts; however, some records indicate Newton, Massachusetts as his birthplace. He was the offspring of Benjamin Franklin Griggs, a Boston-based dealer in hay and grain, and Catherine Frances (Gill) Griggs. His sister, Bertha Williams Griggs, was married to George Devereaux Silsbee, who was the grandson of Massachusetts legislator Nathaniel Silsbee Jr..
On his father's side, his grandparents were John Griggs and Sarah Davies (Williams), while on his mother's side they were Thomas Gill and Catherine (Lebeaux) Gill. Herbert was a direct descendant of Thomas Griggs, an English immigrant to Boston in 1638. His maternal uncle, William Fearing Gill—known for being among the first biographers of Edgar Allan Poe—was wed to Edith Olivia Gwynne, sister to Alice Claypoole Gwynne, who married industrial magnate Cornelius Vanderbilt II.
He completed his secondary education at The English High School in Boston in 1869.
Career
At the age of fifteen in 1869, Griggs began working as an apprentice with Kidder, Peabody & Company. This firm, established in 1865 by Henry P. Kidder, Francis H. Peabody, and Oliver W. Peabody, assigned him to their New York branch in 1877. By 1886, he had advanced to the role of partner. After spending fifteen years there, he transitioned to Baring, Magoun & Company—the successors of Kidder, Peabody’s New York office—founded by Tom Baring and George C. Magoun.
Upon the passing of Ebenezer S. Mason in 1900, Griggs was chosen as President of the Bank of New York in 1901. Over his 21-year leadership period, the bank witnessed a threefold increase in capital, profits, and deposits. He oversaw the consolidation with New York Life Insurance and Trust Company that resulted in the formation of the Bank of New York and Trust Company. Following this merger in 1922, he assumed the role of chairman of the board while Edwin G. Merrill succeeded him as president; Griggs retired three years later in 1925.
In addition to these roles, he held directorships at Eagle Fire Insurance Company of America, Phoenix Indemnity Company, Sun Indemnity Company and acted as trustee for the Atlantic Mutual Company.
Personal life
In 1889, Herbert Griggs married Emily F. Thompson (1864–1938), daughter of banker Joseph Thompson from New York. Their residences included 375 Park Avenue followed by a home at 1 East 86th Street. They had one son:
- Arthur Kingsland Griggs (1891–1934), who pursued a career as a translator and literary critic residing in France until his death.
During World War I, Emily dedicated herself to volunteer service in France and was honored with the Legion of Honour. She passed away in Paris in 1938. At the beginning of World War II, Herbert returned to the United States where he lived at the Savoy-Plaza Hotel in New York City and spent summers at Mountain View House located in New Hampshire’s White Mountains region. He died on September 19, 1944.