Mortimer Wagar
Mortimer Hartwell Wagar | |
|---|---|
| Born | 1857 Toledo, Ohio, U.S. |
| Died | Error: Need valid birth date (second date): year, month, day New York City, U.S. |
| Occupation(s) | Financier, entrepreneur |
| Years active | 1871–1923 |
| Known for | President of the Consolidated Stock Exchange (1900–1903), vice president until 1923; director and vice president of Consolidated National Bank |
Mortimer Hartwell Wagar (1857 – December 23, 1926) was a prominent American financier and entrepreneur. He maintained membership in the Consolidated Exchange for over three decades, holding the presidency from 1900 until 1903 and concluding his tenure as vice president in June 1923. Additionally, Wagar played a key role in establishing and leading the Clearing House of the Consolidated Exchange.
Early life and career
Born in Toledo, Ohio in 1857, Wagar entered the workforce at fourteen within the grain and transportation sector. By eighteen, he had become a partner and joined the Toledo Board of Trade. After traveling through Europe in 1878, he relocated to New York City and became affiliated with the Produce Exchange. In 1885, he launched the grain brokerage firm Wagar, Martin & Co., which affiliated with the Consolidated Exchange by 1890. In January 1897, he dissolved his partnership in Wagar and Moore to concentrate on ventures within the Consolidated Stock Exchange. By the turn of the century, Wagar held memberships in the Consolidated Stock Exchange, Chicago Board of Trade, and New York Produce Exchange, retaining these connections until his passing.
Leadership at Consolidated Exchange
During the annual election held on June 11, 1900, for president of the Consolidated Stock and Petroleum Exchange, Wagar defeated Charles G. Wilson, who had served fifteen consecutive years in that position. As reported by The New York Times, this election represented "the most fiercely contested in the history of the Exchange," with a record-breaking turnout of 793 votes cast—surpassing the previous highest of 628. Wagar secured a commanding victory with 504 votes against Wilson’s 287, reflecting substantial member endorsement. One of his initial objectives was to eradicate bucket shops.
Wagar was reelected to the presidency in 1901 on both regular and independent tickets and again retained the position in 1902. Samuel Armstrong Nelson observed in 1909 that Wagar’s three-year leadership significantly advanced the Exchange’s interests across various domains. His presidency spanned from 1900 to 1903, during which he also organized and presided over the Clearing House of the Consolidated Exchange.
After stepping down as president in 1903 to join the Consolidated National Bank, Wagar continued serving as vice president at the request of Exchange members for an additional two years. By 1904, bucket shops had become a contentious topic among members; Wagar firmly opposed their operation, leading to disagreements with Exchange governors. In the election held on June 13, 1904, he was once again chosen as vice president. He ultimately retired from his roles at the Exchange in June 1923, with Laurence Tweedy succeeding him as vice president.
Banking positions
The Consolidated National Bank, established on July 1, 1902, included fourteen directors among whom were Wagar, George Crocker, John W. Griggs, Henry C. Brewster, and Perry Belmont. As of November 16, 1904, Wagar remained an early director and served as vice president.
On February 18, 1909, he was appointed director of the newly created National Reserve Bank of the City of New York.
Death and family
Mortimer Hartwell Wagar passed away unexpectedly on December 23, 1926, at his home located at 430 West 119th Street due to heart disease. He was sixty-nine years old at the time of his death.