Marshall Ayres Jr.
Marshall Ayres Jr. | |
|---|---|
| Born | 1839-02-20 Griggsville, Illinois, U.S. |
| Died | 1906-08-12 Newbury, New Hampshire, U.S. |
| Occupation(s) | Industrial financier, banker, investor |
| Years active | 1863–1900 |
| Known for | Co-founder of Lombard, Ayres & Company; Vice President of Elwell Mercantile Company |
Marshall Ayres Jr. (1839–1906) was a prominent American industrial financier.
Personal life
Born on February 20, 1839, in Griggsville, Illinois, Marshall Ayres Jr. was the son of Marshall Ayres and Hannah (Lombard) Ayers, both tracing their lineage back to Mayflower settlers from Truro, Massachusetts. His father was among the early settlers of Griggsville since 1821. Ayres grew up in the local area and initially worked at a bank in Chicago. He attended William Brooks preparatory school in Boston before receiving private education from Yale alumnus Rev. Henry M. Tupper alongside his cousin and future business associate, Josiah Lombard. In 1860, he matriculated at Harvard University and graduated with distinction in 1863. Following graduation, he returned to Chicago for four years, where he met his future spouse.
On June 11, 1868, Ayres wed Louise Adelaide Sanderson (1845–1886), daughter of Levi Sanderson, one of the founders of Galesburg, Illinois. The couple moved to New York City to raise their family.
They had five children: four daughters—Mary, Winnifred, Marjorie, and Mildred—and a son named Charles who died during infancy. Louise died in 1886 at the age of 38, leaving Ayres to care for their children alone.
In 1889, he married Frances Hastings Nobel (1852–1915) from Provincetown, Massachusetts, daughter of Reverend Edward Wolcott Noble. Together they embarked on an extensive nine-month journey across Europe visiting France, Italy, Switzerland, Germany, England, and Scotland.
Ayres retired in 1900 to Lake Sunapee located in Newbury, New Hampshire, where he passed away from heart disease on August 12, 1906.
His daughter Winifred became the wife of noted New York attorney Theodore S. Hope.
Business
Following his university graduation, Ayres entered the oil finance industry in New York. In 1869, he joined forces with his cousin and Harvard classmate Josiah Lombard to establish Lombard, Stevens & Co., which later evolved into Lombard & Ayres and eventually Lombard, Ayres & Company. Their families had previously achieved success with the Ayres & Lombard Bank & Store and operated the steamboat ferry Prairie State in Illinois. This enterprise emerged as a significant competitor to the leading Standard Oil Company. Ultimately, Lombard, Ayres & Co. merged with the Tide Water Oil Company, a forerunner of ExxonMobil, generating substantial wealth for both partners.
In 1887, they constructed the corporate summer residence Villa Maria in Water Mill on Long Island intended as a seasonal retreat for their families; unfortunately, Louise passed away before she could enjoy the property.
By 1888, Lombard, Ayres & Co. played a key role in forming the Tide Water Oil Company, which consolidated three smaller oil firms. The company was sold to Tide Water Oil in 1889.
Between 1889 and 1895, Ayres held the position of Vice President and New York manager at the Elwell Mercantile Company, overseeing operations in Santiago de Cuba.
In 1891, Lombard & Ayres was valued at $1.25 million and owned the Seaboard Lumber Company. They were prominent oil exporters to Mexico with refinery operations located in Veracruz and San Luis Potosí.
By 1893, under Tide Water Oil's umbrella, Lombard & Ayres transitioned from a corporation into a partnership.
In 1894, the firm’s valuation stood at $1 million with much of its capital deposited at Phenix National Bank in London where Lombard served as Director. The company also owned assets including the New York, Mobile, and Mexican Steamship Company and Alabama’s Seaboard Railway Company.
An 1895 New York Times article reported that attorney Randolph Parmly was appointed receiver amid an amicable dispute between Josiah Lombard and Marshall Ayres concerning company management. At that time, the firm's assets were just below $1 million with liabilities around $200,000. The primary issue centered on ownership rights over the Seaboard Lumber Company stock valued near $500,000.
Later years
Ayres was laid to rest in Woodland Cemetery in Bronx, New York, next to his cousin and business associate Josiah Lombard Jr.
During their 50th reunion at Harvard on June 26, 1907, Lombard reflected: "He passed away as he lived—cherished and esteemed by everyone acquainted with him."