Isaac Newton Phelps
Isaac Newton Phelps | |
|---|---|
| Born | 1802-02-22 Windsor, Connecticut, U.S. |
| Died | 1888-08-01 Saratoga, New York, U.S. |
| Occupation(s) | Dry goods entrepreneur, banker, real estate investor |
| Known for | Founder of The Mercantile Bank; co-founder of the Second National Bank; director of Greenwich Saving Bank and Central Trust Company |
Isaac Newton Phelps (1802–1888) was a New York-based dry goods entrepreneur who, after retiring in 1853, shifted his focus to banking, brokerage, and real estate ventures. He established The Mercantile Bank, co-founded the Second National Bank, and held directorships at the Greenwich Saving Bank and Central Trust Company. His daughter’s husband, Anson Phelps Stokes, subsequently became involved in the family’s banking enterprises.
Early life
Born on February 22, 1802, in Windsor, Connecticut, Phelps was a descendant of George Phelps (1606–1687), one of the early English settlers. His parents, Joseph Phelps and Elizabeth Sadd, were farmers who lost their land after assuming responsibility for friends’ debts, which prematurely ended Isaac’s formal schooling at age thirteen. He then commenced work as an apprentice clerk in a general store and attained partnership status within eight years.
Career
After marrying Sarah Maria Lusk in 1828, Phelps relocated to New York City where he initiated several dry goods businesses, including partnerships such as Phelps & Pickering with William N. Pickering and Sheldon and Phelps alongside James Sheldon. By approximately 1850, he had entered the real estate market with John Jay Phelps under the firm I. N. & J. J. Phelps, headquartered at 45 Wall Street. Among their significant developments was the redevelopment of the former Park Theatre site in collaboration with William Backhouse Astor Sr. Simultaneously, Phelps served on boards of various banks and insurance companies.
In 1852, he purchased undeveloped property on Madison Avenue to construct a family residence—this building remains today as the only surviving home from that period at 231 Madison Avenue and is now part of the J. P. Morgan Library. His business association with John Jay Phelps concluded toward the end of 1857.
During the 1870s, he co-established Phelps Stokes & Co., a banking institution formed with his son-in-law Anson Phelps Stokes and James Boulter Stokes; however, the bank ceased operations following James Stokes’s death in 1881. Both Phelps and Anson Stokes were members of the Second National Bank’s board when a significant financial crisis unfolded in 1884: President John Chester Eno incurred massive losses through risky Wall Street speculation amid that year’s economic panic and subsequently fled to Canada. The board—including Phelps and Stokes—absorbed these losses to protect the bank’s stability until Amos R. Eno, John’s father and former business associate of John Jay Phelps, reimbursed most of the funds. This intervention prevented a depositor run and preserved the bank's solvency.
Personal life
On November 10, 1828, Phelps married Sarah Maria Lusk from Enfield, Connecticut. They had two children:
- Sarah Maria Phelps (1833–1859), who wed Henry Laverty King in 1859 but passed away shortly thereafter.
- Helen Louisa Phelps (1846–1915), who married Anson Phelps Stokes in 1865; Stokes was a distant relative also tracing lineage to George Phelps who emigrated to America in 1630.
In 1874, Phelps remarried Mrs. Anna Frances Maullin (née Swartwout) of Troy, New York.
Phelps passed away on August 1, 1888, at his summer residence in Saratoga. He bequeathed a considerable portion of his wealth to his daughter Helen, including their Madison Avenue home along with one million dollars.
Descendants
Phelps's eldest grandchild, Isaac Newton Phelps Stokes, arrived at the Madison Avenue residence on April 11, 1867, bearing the name of his grandfather. Following the passing of Phelps's first wife that same year, he extended an invitation for the newly married couple to share his home. When he remarried in 1874, his daughter's family moved to a neighboring property located at 230 Madison Avenue.