Pierre Jay
Pierre Jay | |
|---|---|
| Born | Error: Invalid birth date for calculating age Warwick, New York, U.S. |
| Died | November 24, 1949 (aged 79) New York City, U.S. |
| Occupation(s) | Banker, corporate director |
| Years active | 1892–1945 |
| Known for | Inaugural chairman of the Federal Reserve Bank of New York |
Pierre Jay (May 4, 1870 – November 24, 1949) served as the inaugural chairman of the Federal Reserve Bank of New York.
Early life
Born in Warwick, New York, Jay was the son of Reverend Peter Augustus Jay and Julia (née Post) Jay. He was raised at the Jay Estate, the historic family residence originally owned by his great-great-grandfather, Founding Father John Jay. His sister, Mary Rutherfurd Jay, gained recognition as one of the pioneering landscape architects in the United States.
On his father’s side, his grandparents were John Clarkson Jay and Laura (née Prime) Jay, the latter being the daughter of notable financier Nathaniel Prime of Prime, Ward & King. His maternal lineage included Dr. Alfred Charles Post and Harriet (née Beers) Post.
Jay completed his education at Groton School in 1888 and graduated from Yale University in 1892, where he was inducted into the exclusive Skull and Bones society. In 1917, Yale awarded him an honorary A.M. degree.
Career
Following his graduation from Yale, Jay joined Post and Flagg, a New York banking firm. Between 1903 and 1906, he held the position of vice president at the Old Colony Trust Company in Boston.
He was appointed Bank Commissioner of Massachusetts from 1906 until 1909. During this period, in collaboration with Boston businessman and philanthropist Edward Filene, he played a key role in organizing public hearings that paved the way for the Massachusetts Credit Union Act of 1909—the first legislation to authorize credit unions in America. In 1913, Jay became the first chairman of the New York Federal Reserve Bank, a role he fulfilled until January 1, 1927. Subsequently, he was posted to Berlin as the American representative on the transfer committee established under the Dawes Plan.
Additionally, he was instrumental in founding Fiduciary Trust Company International—now integrated into Franklin Templeton—and chaired its board from 1930 to 1945 before assuming the title of honorary chairman.
Personal life
In 1897, Jay wed Louisa Shaw Barlow (died 1965), daughter of Major General Francis Channing Barlow and Ellen Shaw Barlow. Her father served as both New York Secretary of State and State Attorney General. The couple had four children:
- Ellen Jay (1898–1995), who became the spouse of Lloyd K. Garrison.
- Anna Maricka "Nancy" Jay (1900–1982), who married Alexander Duer Harvey, a great-grandson of John Van Buren.
- Frances Jay (1904–1979), who remained unmarried.
- Luiza Jay (1909–1980), who first married Imre de Vegh, son of a Hungarian Parliament member; she later married Lawrence W. Fox.
Pierre Jay passed away at his residence on East 64th Street in New York City on November 24, 1949.
External links
- Pierre Jay papers (MS 660). Manuscripts and Archives, Yale University Library. [1]
- Pages with script errors
- Articles with short description
- Age error
- Articles with hCards
- No local image but image on Wikidata
- 1870 births
- 1949 deaths
- Yale University alumni
- People from Rye, New York
- Jay family
- People from the Upper East Side
- People from Warwick, New York
- Groton School alumni
- American bankers
- Businesspeople from New York City
- American corporate directors
- Members of Skull and Bones