Philo C. Calhoun

Philo Clark Calhoun
Born	Danbury, Connecticut, U.S.
Died	March 21, 1882(1882-03-21) (aged 71) New York City, New York, U.S.
Occupation(s)	Industrialist, banker, politician
Years active	1826–1882
Known for	President of Fourth National Bank of New York; Mayor of Bridgeport, Connecticut

Philo Clark Calhoun (December 4, 1810 – March 21, 1882) was a prominent American industrialist, banker, and political figure who held the presidency of the Fourth National Bank of New York.

Early life

Born in Danbury, Connecticut as the youngest among three siblings, Calhoun was the son of Philo Calhoun (1776–1850) and Sally J. McLean Calhoun (1778–1828). His grandfather on his father's side, Dr. John Calhoun of Washington, Connecticut, played an active role in both the Connecticut Legislature and local government affairs.

Career

Calhoun commenced his professional journey at the age of sixteen when he entered into an apprenticeship with Lyon, Wright & Co., a manufacturer specializing in saddles and harnesses based in Bridgeport, Connecticut. Upon completing this apprenticeship, he took charge of their branch in Charleston, South Carolina. Returning to Bridgeport in 1834, he acquired a minority stake in the company and managed factory operations. By 1838, the enterprise was renamed Lyon, Calhoun & Co., later becoming Harral, Calhoun & Co. following a change in partnership, with Calhoun effectively directing its activities. He further expanded the company's reach by opening branches in Charleston, St. Louis, Cincinnati, and New York.

After Hoover, Calhoun & Co. dissolved in 1875, he established Peters and Calhoun Manufacturing Company located in Newark, New Jersey, focusing on saddlery products where he retained controlling interest. He also maintained a New York office at 691 Broadway. Beyond manufacturing, Calhoun served as a director of Farragut Fire Insurance Co., acted as treasurer for Central Coal Co., and fulfilled trustee duties for mortgage holders of various railroad enterprises.

Political career

In 1845, Calhoun was elected to Bridgeport’s Common Council and served for five years. He advanced to Alderman in 1852 and was subsequently elected mayor of Bridgeport in 1855 by a significant margin. Representing the Democratic Party, he held the mayoralty until 1858. His administration was notable for developing Bridgeport’s gas and water infrastructure. Later on, he represented Bridgeport in both the Connecticut House of Representatives and Senate. At the onset of the Civil War, torn between his Democratic ties and Republican leanings, he chose to step back from public office to concentrate on his business ventures and did not return to political roles thereafter.

Banking career

Calhoun assumed the presidency of the Connecticut National Bank of Bridgeport in 1847 and remained at its helm until January 1864. That year marked the creation of the Fourth National Bank of New York where he became vice president. In the wake of Morris Ketchum & Son’s collapse in 1864 and an embezzlement scandal involving the son of the Fourth National Bank’s president, board members and principal shareholders persuaded Calhoun to take over as president. Despite personal costs, he accepted this responsibility and guided the bank through the financial turmoil of the Panic of 1873 until his passing in 1882. Under his stewardship, deposits increased fourfold, positioning it among the nation’s largest deposit banks.

Personal life

Calhoun was married to Sarah Caroline Sterling (1820–1894), daughter of Jesse Sterling. Together they had five children: Louise Caroline (who married George Woodside Latham), Edward Sterling (who married Alice Hersey), Julia Ellsworth (who married William Briggs Cragin), Charles Morrell (who married Julia Sanford), and Mary Sterling (who married James Stranaham Burke).

He counted among his affiliations New York’s Union League Club and Union Club. Calhoun died from pneumonia at his residence in New York City on March 21, 1882. His funeral service took place at St. Thomas' Protestant Episcopal Church in New York, followed by interment at Mountain Grove Cemetery in Bridgeport. His widow survived him until May 15, 1894.