J. Edward Simmons
Joseph Edward Simmons | |
|---|---|
| Born | Error: Invalid birth date for calculating age Troy, Rensselaer County, New York, U.S. |
| Died | 5 August 1910 (aged 68) |
| Occupation(s) | Attorney, financier |
| Known for | President of the New York Stock Exchange, New York Clearing House, and New York Chamber of Commerce |
Joseph Edward Simmons (born September 9, 1841 – died August 5, 1910) was a prominent American attorney and financier who held the presidency of the New York Stock Exchange, the New York Clearing House, and the New York Chamber of Commerce during his career.
Early life
Born in Troy, Rensselaer County, New York, on September 9, 1841, Simmons was the firstborn child of Mary Sophia (née Gleason) Simmons (1819–1872), originally from New Hampshire, and Joseph Ferris Simmons (1818–1879), a successful merchant. His family included siblings such as Dr. Charles Ezra Simmons and Emma Kate Simmons, who married Charles Ranlett Flint, the founder of the Computing-Tabulating-Recording Company, which later became known as IBM.
On his father's side, his grandparents were Patience (née Safford) Simmons and Christian John Simmons from Rensselaerswyck. His maternal grandfather, Captain Samuel Gleason, served in the War of 1812, while his great-grandfather participated in the American Revolutionary War.
Simmons received his early education at Troy Academy and a boarding school located in Sand Lake, New York. He completed his studies at Williams College in 1862—later serving as a trustee there—and earned his law degree from Albany Law School in 1863.
Career
Initially practicing law in Troy until 1867, Simmons relocated to New York City to pursue a career in banking and brokerage. By 1868, he had formed a partnership with Benjamin L. DeForest and subsequently joined Grant & Co., a conservative Wall Street commission house, in 1870. Due to health concerns, he retired from this firm in 1872 but resumed activity on Wall Street after spending a year in Florida recuperating.
In 1884, Simmons was elected president of the New York Stock Exchange, taking over from Alfrederick Smith Hatch at a time when several firms, including Fisk & Hatch and Grant & Ward—a fraudulent scheme that led to bankruptcy for former President Grant—collapsed. Serving two terms until 1886, he championed efforts to modernize the Exchange and restore public confidence. In his farewell address, he highlighted the necessity for the Exchange to progress beyond merely collecting commissions to become a respected national institution trusted by the public.
Following his resignation, Simmons traveled through Europe accompanied by his children. He assumed the presidency of the Fourth National Bank of New York in January 1888 and maintained this role until his passing in 1910. During his tenure, the bank's market value doubled by 1897, coinciding with his appointment as president of the New York Clearing House.
In 1907, Simmons took on leadership roles as president of both the New York Chamber of Commerce and the Panama Railroad Company, positions he held until his death in August 1910. Upon his passing, A. Barton Hepburn of Chase National Bank succeeded him as Chamber president.
Public service
Appointed Commissioner of the New York City Board of Education by Mayor William Russell Grace in 1881 and reappointed by Mayor Franklin Edson in 1884, Simmons became president of the Board in 1886 following Stephen A. Walker. His tenure saw the introduction of the national flag into all classrooms to foster patriotism. He led the Board for four years and maintained a close friendship with former New York governor Samuel J. Tilden.
In 1893, Simmons endorsed Representative Ashbel P. Fitch for New York City Comptroller. By the time of the 1896 presidential election, identifying as a "sound-money Democrat," he supported Republican William McKinley, commending McKinley's triumph as one that prioritized principle over party allegiance and secured financial stability along with national unity.
Although nominated for treasurer of the Democratic National Committee in 1904, Simmons declined the position. The following year, he became inaugural president of the New York City Board of Water Supply, overseeing critical infrastructure developments such as the Catskill Aqueduct and the Hillview Reservoir located in Yonkers—a role he fulfilled until his death.
Personal life
On April 12, 1866, Simmons wed Julia Greer (1845–1917), the daughter of George Greer from New York. The couple lived at 28 West 52nd Street in Manhattan and were parents to five children, among them:
- Joseph Ferris Simmons (1868–1937), who in 1906 married Mabel Louisa Storm.
- Julia Greer Simmons (1874–1891), who passed away at the age of 17.
Simmons was connected with several distinguished institutions, including the Metropolitan Club, University Club, and St. Nicholas Society. In 1883, he held the position of grand master of the Grand Lodge of New York Masons. Additionally, he acted as a trustee for New York Hospital and fulfilled managerial duties at the New York Infant Asylum.
Following a year marked by deteriorating health, Simmons passed away on August 5, 1910, at Lake Mohonk. His final resting place is Woodlawn Cemetery located in the Bronx.
Legacy
In June 1885, the University of Vermont honored Simmons with an honorary LL.D. degree, acknowledging his notable achievements in education. After his passing, various groups, including the Chamber of Commerce in October 1910, organized commemorative events to recognize his influence on commerce and finance.