John Thompson (American banker)
John Thompson | |
|---|---|
| Born | Template:Birth date Peru, Massachusetts, U.S. |
| Died | April 19, 1891 (aged 88) New York City, U.S. |
| Occupation(s) | Banker, publisher, bank note dealer |
| Known for | Founder of First National Bank of the City of New York and Chase National Bank |
John Thompson (November 27, 1802 – April 19, 1891) was a prominent American banker, publisher specializing in financial matters, and dealer in bank notes.
Early life
Born in Peru, Massachusetts, close to Pittsfield, Thompson was the son of a farmer who also served as a soldier during the American Revolutionary War.
Career
At the age of twenty, Thompson initially pursued a career as an educator in Hampshire County. He later transitioned to working as a lottery-ticket agent in Poughkeepsie, New York with the firm Yates & McIntyre, which supported Union College. In 1832, he relocated to New York City to engage in the business of bank note trading.
In 1842, Thompson launched Thompson's Bank Note Reporter, which became the foremost and most reliable bank note publication throughout the free banking era. This periodical listed market prices for notes issued by numerous banks and highlighted counterfeit currency. Additionally, Thompson produced several related publications such as a comprehensive bank note directory, a guide to coins, and an "autographical counterfeit detector" featuring signatures of bank officials. He divested from the Bank Note Reporter during the 1860s; subsequently, it shifted its emphasis towards a bank directory but retained his name until the mid-1880s.
Together with his sons Samuel and Frederick, Thompson established the First National Bank of the City of New York in 1863—an institution that later evolved into present-day Citibank. The bank commenced operations on July 22 of that year. Control was transferred to Harris C. Fahnestock in 1877, after which George Fisher Baker assumed the presidency.
In 1877, Thompson also founded Chase National Bank of the City of New York, named in honor of his friend and then U.S. Treasury Secretary Salmon P. Chase. This bank ultimately developed into today’s JPMorgan Chase Bank.
Personal life
In 1828, Thompson wed Electa Ferris (1808–1902), daughter of Lydia Smith Ferris and Solomon Ferris. Their residence was located at 295 Madison Avenue in New York City, with summers spent at The Anchorage in Highland, New York. The couple had six children:
- Melvina Thompson (1829–1832), who passed away during childhood.
- Irving Ferris Thompson (1832–1833), who died as an infant.
- Eudora Thompson (1832–1899), who married Francis G. Adams (1825–1903) in 1851.
- Samuel C. Thompson (1835–1884), husband to Abigail E. Sherman (1841–1907).
- Frederick Ferris Thompson (1836–1899), who married Mary Lee Clark, daughter of Governor Myron Holley Clark, in 1857.
Following an illness lasting four months, John Thompson died at his home in New York on April 19, 1891. His wife Electa survived him until September 1902, passing away at age 95.