Mayer Lehman
Mayer Lehman | |
|---|---|
| Born | Error: Invalid birth date for calculating age Rimpar, Franconia, Germany |
| Died | 21 June 1897 (aged 67) |
| Occupation(s) | Entrepreneur, financier, benefactor |
| Known for | Co-founder of Lehman Brothers |
Mayer Lehman (January 9, 1830 – June 21, 1897) was a notable American entrepreneur, financier, slaveholder, and benefactor. He was among the trio of brothers who established the investment banking firm Lehman Brothers.
Early life
Born in 1830, Mayer Lehman hailed from a German Jewish background in the Franconian village of Rimpar, close to Würzburg. His parents were Eva (Rosenheim) and Abraham Löw Lehmann, a cattle trader.
Career and life in the United States
In 1850, Mayer moved to the United States to join his siblings, Henry Lehman and Emanuel Lehman, in Montgomery, Alabama. Henry had initiated a dry goods business called "H. Lehman" in 1844; Emanuel became part of it in 1847, renaming it "H. Lehman and Bro." With Mayer's arrival in 1850, the enterprise evolved into Lehman Brothers.
Leveraging the Southern cotton industry, the Lehman brothers gained prominence as cotton factors by accepting cotton bales as payment, making cotton trading their principal focus.
During the American Civil War, Mayer aligned with the Southern cause and was recorded as owning seven slaves according to the 1860 census. In 1864, Alabama Governor Thomas H. Watts appointed him Commissioner responsible for Confederate prisoners of war held in the North; however, Mayer declined other governmental roles.
Following Henry’s death from yellow fever in 1855, Mayer and Emanuel shifted their company’s base to New York City in 1867. They entrusted New Orleans cotton operations to their brother-in-law Benjamin Newgass. Under their leadership, Lehman Brothers expanded into a leading American investment bank, continuing until its collapse in 2008.
Mayer played a key role in founding the New York Cotton Exchange, where he served as director. His business interests extended into railroads, real estate, industry, and mining. He held board positions at The Hamilton Bank, The American Cotton Oil Company, Union Oil Company of Providence, Rhode Island, and The N.K. Fairbank Company of Chicago.
Philanthropy
An active philanthropist, Mayer Lehman served as a trustee for Temple Emanu-El and was a significant supporter of Mount Sinai Hospital in New York City. He was also affiliated with the Harmonie Club.
Personal life
In 1858, Mayer married Babetta Newgass, sister-in-law to banker Isaias W. Hellman. They had eight children, seven surviving infancy:
- Sigmund M. Lehmann (1859–1930) – Co-founder of Montefiore Hospital.
- Hattie Lehman Goodhart; married Philip Julius Goodhart; parents of Arthur Lehman Goodhart.
- Lisette "Settie" (1864–1936); married Morris Fatman; parents to Elinor Morgenthau, spouse of Henry Morgenthau Jr., and grandparents to Robert M. Morgenthau.
- Clara Lehman Limburg.
- Arthur Lehmann – Co-founder of the Federation of Jewish Philanthropies and the Museum of the City of New York, father to philanthropists Dorothy Lehman Bernhard and Helen Lehman Buttenwieser.
- Irving Lehman – Chief Judge of the New York Court of Appeals (1940–1945); long-term president of the 92nd Street Y and Temple Emanu-El.
- Herbert H. Lehman – Served as the 45th Governor of New York (1933–1942) and later as U.S. Senator (1949–1956).
The couple practiced Reform Judaism with an emphasis on education in language, history, and culture rather than strict religious observance. Mayer instilled the value of tsedaka—the happiness found in giving—by regularly taking his three youngest sons to Mount Sinai Hospital so they could observe charitable work firsthand.
Mayer Lehman passed away at his residence in New York on June 21, 1897.