William Boyce Thompson

William Boyce Thompson
William Boyce Thompson
Born	Error: Invalid birth date for calculating age; Virginia City, Montana, U.S.
Died	June 27, 1930 (aged 61)
Occupation(s)	Mining engineer, financier, philanthropist, political figure
Known for	Founder of Newmont Mining

Adapted from the English Wikipedia article William Boyce Thompson, available under CC BY-SA 4.0Updated 11 August 2025

William Boyce Thompson (May 13, 1869 – June 27, 1930) was an influential American mining engineer, financier, Republican political figure, philanthropist, and the founder of Newmont Mining. As an early 20th-century mining pioneer, he developed extensive copper deposits that revolutionized mining in the Western United States and amassed considerable wealth. The William Boyce Thompson School located in Yonkers, New York bears his name as a tribute.

History

Thompson was born in Virginia City, Montana and grew up in Butte, Montana. He received his education at Phillips Exeter Academy followed by studies at the Columbia School of Mines. During the 1890s, he initially engaged in his father’s mining and lumber enterprises before relocating eastward to pursue a career as a mine promoter and stockbroker. His breakthrough came with the Shannon Copper Company, where he developed mining operations, built a smelting facility, and established a railroad—now integrated into Arizona’s vast Morenci mine, recognized as the largest open-pit copper mine in the United States.

In the early 20th century, Thompson became affiliated with brokerage firm Hayden, Stone & Co. and broadened his mining promotion efforts to include Nevada’s Nevada Consolidated (which later merged into the multinational Kennecott Copper Company, where he held a directorship), Mason Valley (where he founded the smelter town of Thompson, Nevada), and Arizona’s Magma mine near Superior, which evolved into a significant copper producer. He also championed the rich Inspiration Copper Company close to Miami, Arizona—acquired by the "Anaconda crowd" in 1912 though Thompson maintained a 15% ownership interest. These ventures established him as a wealthy figure through the development of large porphyry copper deposits alongside high-grade mines such as Magma.

After retiring from the New York Stock Exchange in 1915, Thompson established Newmont Mining Corporation, transferring his mining assets to this new entity. By the time of his passing, Newmont had become a leading global copper producer; it remains today the largest gold producer in the United States, continuing Thompson’s legacy of exploration and resource development.

His investment portfolio extended from Canada to Peru and encompassed various sectors including Indian Motorcycle Co., lead, zinc and coal mining operations, street railways, and steel production. During World War I, he funded Midvale Steel; promoted Ontario’s Nipissing silver deposit for the Guggenheims; restructured American Woolen Co. and Tobacco Products Co.; initiated Cuba Cane Sugar Co.; acquired Pierce-Arrow Motor Car Co.; organized Submarine Boat Corp.; and Wright-Martin Aeroplane Co. Thompson also served on the boards of Metropolitan Life Insurance Company and Sinclair Oil and was involved in promoting Texas Gulf Sulphur Company but consistently prioritized copper mining ventures.

In 1925, while preparing to inspect mining properties in South Africa, Thompson fell ill and returned home. Renowned for his relentless work ethic and sharp business insight, he was equally recognized as a dedicated family man and avid gambler who maintained strict discipline within his enterprises.

Politically engaged behind the scenes within the Republican party, Thompson acted as a presidential elector, party chairman, board member of the Federal Reserve Bank of New York (1914–1919), and delegate to the Republican National Conventions in 1916 and 1920. He declined an offer for a cabinet position under President Warren G. Harding in 1921. From 1919 until his death, he led the Theodore Roosevelt Memorial Association.

In 1912, Thompson constructed the W. B. Thompson Mansion in Yonkers, New York; it was added to the National Register of Historic Places in 1982. In the 1920s near Superior, Arizona, he built his winter home—Picket Post House—and developed extensive gardens that are now part of the Boyce Thompson Arboretum.

In 1925, he commissioned a luxury private railroad car named Alder from Pullman Company; this car later served ASARCO and was owned by Mexico's National Railways by 1971.

Thompson passed away from pneumonia in 1930 and was interred at Sleepy Hollow Cemetery. His life story is chronicled in The Magnate (1935), authored by Theodore Roosevelt biographer Herman Hagedorn.

A portrait of Thompson painted by Swiss-American artist Adolfo Müller-Ury (circa 1920–25) was gifted to the New York Chamber of Commerce around 1948/49 by soprano Jessica Dragonette; it currently resides at the New York State Museum in Albany.

Russia

Thompson traveled to Russia soon after the 1917 February Revolution, during a period marked by severe crop failures and widespread hunger. Participating in an American Red Cross relief initiative, his objectives included expanding commercial prospects for himself and his Wall Street colleagues while promoting the establishment of a democratic regime. The American Red Cross honored him with the title of Colonel.

Observing the dire situation firsthand, Thompson noted the difficulties faced by the Provisional Government under Alexander Kerensky in managing famine and civil disorder. He financed a $1 million propaganda effort intended to enhance Kerensky’s public image and encourage continued military engagement against the Central Powers. This campaign was overseen by the Committee of Civic Education in Free Russia, headed by the pro-Kerensky revolutionary Catherine Breshkovsky, but it failed to stem growing anti-war feelings and Bolshevik ascendancy. The allocated funds were exhausted rapidly, and subsequent requests for assistance from U.S. President Woodrow Wilson were denied. Ultimately, the Provisional Government was toppled during the October Revolution, leading to Bolshevik control.

Although many American diplomats and business leaders distrusted the Bolsheviks and opposed engagement, Thompson and his associate Raymond Robins pursued dialogue with the new regime. Thompson viewed Bolshevik governance as unavoidable and believed that formal recognition by the Allies could preserve trade relations and encourage moderation in Bolshevik policies. He maintained that collaboration between capital and labor was essential for maintaining order and that opposition to Germany would continue under Bolshevik leadership.

These expectations proved incorrect when the Bolsheviks exited the conflict by signing the Treaty of Brest-Litovsk in 1918. While the Soviet government briefly permitted foreign investment during the New Economic Policy, this openness ceased with Joseph Stalin’s ascent and the introduction of centralized economic control via five-year plans.

Contrary to widespread assertions—especially those found in Antony Sutton's "Wall Street and the Bolshevik Revolution"—Thompson did not provide financial backing to the Bolsheviks. This confusion stemmed from his funding of Kerensky’s propaganda campaign, which was mistakenly reported by some media outlets as support for Bolshevik propaganda. Biographer Hermann Hagedorn explained that Thompson’s controversial opinions on Bolshevik involvement contributed to this misinterpretation.

Plant research

In 1920, Thompson founded the Boyce Thompson Institute with an endowment of $10 million, aiming to attract leading researchers and promote collaboration with industrial and governmental entities to advance plant science.

Other causes

He contributed funds for parks and libraries serving mining communities, including the Thompson-Hickman Memorial Library in Virginia City, which was transferred to municipal ownership in 1918. Additionally, he donated $50,000 toward establishing a park in Butte.

At his alma mater, Phillips Exeter Academy, Thompson provided $2 million throughout his lifetime to support facilities such as the science building, gymnasium, athletic amenities, and The Exeter Inn. He also left a further $1 million bequest to the institution.

Thompson donated an extensive collection of gems and minerals to New York’s American Museum of Natural History.

His wife Gertrude Hickman and daughter Margaret inherited his remaining estate. In 1941, his 265-foot motor yacht Alder was given to the U.S. Navy for use during wartime operations.

Boyce-Thompson family

William Boyce Thompson (1869–1930) (married to Gertrude Hickman)
- Margaret Thompson Biddle (1897–1956) (first married in 1916 to Theodore Schulze II; divorce date unknown) (second marriage in 1931 to Anthony Joseph Drexel Biddle, Jr.; divorced in 1936)
  - Theodore Schulze III (1920–1962) (spouse: Joyce Ward)
    - Joyce Schulze
    - Charles Schulze
    - Peter Schulze
  - Margaret "Peggy" Boyce Schulze (1921–1964) (initially wed in 1939 to Prince Alexander zu Hohenlohe-Waldenburg-Schillingsfürst) (later married Morton Downey)
    - Catherine Hohenlohe (born 1942)
    - Christian-Conrad Hohenlohe (born 1945)

Legacy

Boyce Thompson Arboretum State Park – a botanical garden specializing in Sonoran Desert flora
Boyce Thompson Institute for Plant Research
Thompson Park located in Butte, Montana

Prior to his passing, Thompson recorded his personal reflections; however, certain biographies—such as Hermann Hagedorn’s The Magnate—include some inaccuracies and overly favorable depictions. For example, the representation of George E. Gunn minimizes his educational background and professional achievements. Gunn was a skilled mine superintendent who collaborated closely with Thompson to establish significant porphyry copper mining operations before his death in 1913. Their partnership effectively merged Gunn’s technical mining knowledge with Thompson’s financial expertise. Similarly, individuals like Philip Wiseman and Walter Aldridge have been portrayed inaccurately in some narratives. For a more objective historical account, consult A. B. Parsons’ The Porphyry Coppers.

External links