Roosevelt & Son
| Company type | Private |
|---|---|
| Industry | Investment banking, financial services |
| Founded | 1797 |
| Founder | James Jacobus Roosevelt |
| Defunct | 1973-08-22 |
| Fate | Division into three firms due to Glass–Steagall Act; closure in 1973 after staff and lease acquired by Clark, Dodge & Co. |
| Headquarters | New York City , United States |
Key people | James Jacobus Roosevelt, Cornelius Roosevelt, W. Emlen Roosevelt, George Emlen Roosevelt, Philip James Roosevelt, Archibald Roosevelt, Charles E. Weigold |
| Products | Investment management, private banking, municipal bond underwriting (via divisions) |
Roosevelt & Son was a distinguished American investment banking institution closely associated with the Roosevelt family for nearly 200 years, ranking among the longest-standing firms on Wall Street. Numerous members of the Roosevelt lineage played significant roles within the company.
History
The company originated in 1797 when James Jacobus Roosevelt established a hardware enterprise located at 97 Maiden Lane, Manhattan. Over time, it expanded into banking activities by discounting customers' notes. In 1818, James' son, Cornelius Roosevelt, became part of the business, prompting the name change to James I. Roosevelt & Son. By 1824, the Roosevelt family contributed to founding Chemical Bank. By mid-century, around 1850, the firm redirected its operations towards importing plate glass, leveraging New York’s booming construction industry.
Following Cornelius’ retirement in 1865, Roosevelt & Son fully embraced financial services with a focus on private banking and investment management. The company divested its plate glass interests in 1876 to dedicate itself entirely to financial operations. It earned recognition for delivering "impartial investment advice" to institutional clients, affluent individuals, trusts, and estates.
In 1928, W. Emlen Roosevelt, a cousin of President Theodore Roosevelt, celebrated his 50th year as a partner. By 1931, new general partners such as Van Santvoord Merle-Smith and Charles E. Weigold were appointed, reflecting ongoing leadership evolution within the firm’s governance.
Division of the firm
As a consequence of the Glass–Steagall Act enacted in 1934, Roosevelt & Son was divided into three separate firms:
- Roosevelt & Son continued under the leadership of George Emlen Roosevelt and Philip James Roosevelt, concentrating on investment management. In 1973, some staff and the lease were acquired by Clark, Dodge & Co., leading to the closure of Roosevelt & Son on August 22, 1973.
- Roosevelt & Weigold, headed by Archibald Roosevelt alongside Charles E. Weigold, specialized in underwriting municipal bonds. The company suspended operations during World War II due to Archibald Roosevelt’s military service. In 1946, he partnered with Edwin J. Cross to establish Roosevelt & Cross, which has continued municipal bond underwriting since.
- Dick & Merle Smith, managed by Fairman R. Dick, Van S. Merle-Smith, Charles B. Robinson, and John K. Roosevelt featured Julian Roosevelt as vice-president during the 1970s. This firm later reclaimed usage rights to the Roosevelt name.
This restructuring exemplifies how the organization adapted strategically to regulatory mandates while maintaining essential business sectors in investment management and municipal finance underwriting.
See also
References
- Notes
- Sources
- Business: Who Plants, Tends. Time Magazine, Feb. 17, 1947
- Articles with short description
- Defunct financial services companies of the United States
- Financial services companies established in 1797
- Banks established in 1797
- Financial services companies disestablished in 1934
- Banks disestablished in 1934
- Former investment banks of the United States
- Roosevelt family
- American companies established in 1797
- American companies disestablished in 1934
- 5
- Companies of the United States by year of establishment