Financial Literacy: Jekyll Island the Beginnings of the Federal Reserve

Historic Paper: Purpose of the Senate 
The Treason of the Senate: Aldrich, The Head of It All by David Graham Phillips - Cosmopolitan - March 1906

Class warfare

Gordon Gekko was based upon EducRAT Michael Milken, the junk bond king, who once received a $550M year-end bonus.

Class Warfare: The war between the wealthy elite and the working class.
The Fed is working hard, of course, to protect the wealthy elite. Over a trillion dollars of taxpayer money has already been earmarked to bail out the rich, elite bankers who lost other people's money in a series of idiotic bets on fictitious financial instruments.  And what are these bankers doing with this taxpayer money? According to an Associated Press report published yesterday, executives of the failed insurance company AIG were sent on a $440,000 retreat "to a posh California resort" less than one week after the U.S. government bailed them out. At the spa, AIG executives enjoyed spa treatments, massages, organic food buffets and bodywork therapy, all while the American taxpayers footing the bill were slaving away in real jobs, doing real work.  That's how this new class warfare is taking shape: YOU (the working class) get all the debt, all the losses, and all the financial burden. THEY (the wealthy elite) get all the profits, all the luxury spa treatments, all the tax breaks and billions of dollars in free money from the Federal Reserve.

THE ROOTS OF EDUCRATS' INITIATIVES IN THE VISION OF HISTORICAL POWER ELITES

Charlotte Iserbyt - Skull and Bones, The Order at Yale

Department Of Education INSIDER CHARLOTTE ISERBYT   
served as Senior Policy Advisor in the Office of Educational Research and Improvement (OERI), U.S. Department of Education, during the first Reagan Administration, where she first blew the whistle on a major technology initiative which would control curriculum in America's classrooms. 

Iserbyt explains the connection of her father and grandfather to the elite Skull & Bones secret society, including an exclusive look at the official members list the public was never meant to see. Iserbyt also explores the research of Anthony Sutton and others who've made the connection between Skull & Bones, the Illuminati and experimental psychology from Germany that has been injected into the American education system since the late 1800s. Also in play is the elite's control of the Left-Right political paradigm, infiltration of key policy groups and backing from globalist foundations that have threatened to undermine the American way for the better part of a century. ~ infowars.com prison planet

 

2013 Insiders

Congressmen and senators a hold onto a job that pays $174,000 a year so they get insider information and get rich!  Peter Schweizer: This is a venture opportunity. This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family.

See American History of Paper Money 

Crane & Company, a unique and heavily guarded printing plant. Winthrop Murray Crane 3rd was among the names listed in The Pilgrims (fiat paper money bankers mob in New York and London) leaked list dated 1969. Crane appeared on page 463 of the 1967 Who’s Who. He was one of the majority of members who did not include that data in his biographical listing. This is a very mysterious organization guiding our national destiny with Great Britain! Crane described himself as a “paper manufacturing company executive.” He did list the fact of his membership in the public front organization---the Council on Foreign Relations. He was also a member of the Union club in New York and the Metropolitan club in Washington D.C. Crane was a director of the Otis Elevator Company---whose devices were even then in use in skyscrapers around the world---and of Byron Weston Company, also located in Dalton, Massachusetts, home city of Crane & Company. Another Pilgrims member with Crane on the Otis Elevator board at that time was Philip D. Reed, who chaired the Federal Reserve Bank of New York, 1960-1965, and was also a director of Tiffany & Company, Silver Users Association members.

1753  Tumba paper-mill first began producing banknote paper

1764 Britain prohibits American colonies from issuing their own currency. First Continental Congress convened, Sept 5, 1774.

1775 Continental Congress authorizes respective states to issue paper currency in defiance of Britain. The British respond by printing counterfeit money and flooding the US with it.

1779 American recalls its currency to counteract the effect of undermining by Britain.

1770 Stephen Crane took over Massachusetts’ first paper mill

1781 American Congress meets for the first time. The Bank of North America founded, modeled after the Bank of England. Never recognized by the majority of states. Bank of North America folded in 1790.

1780 United States has two interest bearing banks.

1791 First Bank of the United States chartered. Creation of Hamilton and chartered for 20 years.

1800 United States has 200 interest bearing banks.

1811 Demise of the First National Bank.

1814 Suspension of Gold and Silver payments.

1817 Second National Bank established.

1832 Andrew Jackson re-elected. Vetos recharter of  Second National Bank. National debt of the US falls to zero.

1846 Independent US Treasury established.

1879 US currency paper, first produced by Crane. The Winthrops, in addition to marriages with the Cranes, are also intermarried with the Aldrich family---key founders of the Federal Reserve System. [ NETWORKS ]

1863 Prior to the 1863 creation of a national currency, banks throughout the United States distributed over 7000 different bills.

1864  21 November, President Abraham Lincoln ~ "I see in the near future a crisis approaching. It unnerves me and causes me to tremble for the safety of my country. The money power preys upon the nation in times of peace and conspires against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, more selfish than bureaucracy. It denounces, as public enemies, all who question its methods or throw light upon its crimes.  "I have two great enemies, the Southern Army in front of me and the financial institutions at the rear; the latter is my greatest foe. Corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavour to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed." 

1904 The New Imperialism

As this period of expansion came to be called, took further shape in 26th President Theodore Roosevelt’s Corollary to the Monroe Doctrine.

That year, when the government of the Dominican Republic went bankrupt, Roosevelt feared that European nations might intervene in the Hemisphere to collect their debts. Asserting the responsibilities implied by American Exceptionalism, Roosevelt declared it a moral imperative for America to police the Western Hemisphere. His Corollary to the Monroe Doctrine expanded America’s authority “in flagrant cases of such wrongdoing or impotence” to include “the exercise of an international police power” in the Western Hemisphere. In his speech to Congress on December 6, 1904, Roosevelt rejected any suspicion of imperialism. “It is not true,” he declared, “that the United States feels any land hunger or entertains any projects as regards the other nations of the Western Hemisphere.” Still, his Corollary stripped away the Monroe Doctrine’s requirement that American military action be a response to acts of aggression against either America or her neighbors in the Western Hemisphere.

It could now be based upon America’s own perception of any circumstance requiring police action.

‘Anti-imperialists’ were called Mugwumps.
The Mugwumps resisted an “empire of conquest,” but seemed more comfortable with an “empire of trade,” in which America could exert influence around the world through commerce rather than might.

1907  BANKS COLLAPSE
October several banking firms, starting with the Knickerbocker Trust Company of New York, collapsed as depositors withdrew funds for fear of unwise investments and misuse of money.

 

THE PILGRiM SOCIETY GETS
the fed  SET UP

 

 

Winthrop Williams Aldrich Vice president and exec. committee​ 1885-1974​

Source(s): Who's Who digital edition; Source(s): January 29, 1953, New York Times, 'Eisenhower named honorary Pilgrim': "The membership unanimously accepted the nominations of Winthrop W. Aldrich, Thomas K. Finletter, Walter S. Gifford, William Shields, John Mortimer Schiff and Harry F. Ward to the executive committee for the term expiring in 1956."

Winthrop W. Aldrich was the uncle of Nelson Aldrich Rockefeller. Member of the Council on Foreign Relations since the late 1920s.
The major stockholder in Equitable Trust Company (merged with Chase National Bank in 1930). President of Chase National Bank 1930-1934 and chairman from 1934 to 1953 (Chase National Bank eventually became Chase Manhattan and J.P. Morgan Chase; John J. McCloy took over as chair of Chase in 1953). 1959, Cornelius Vanderbilt, Jr., 'Man of the World', p. 154 (photocopy of November 13, 1936 report from Cornelius to FDR's private secretary): "I see that John D. Jr. [Rockefeller] has crawled back again upon the band wagon, which reminds me that Tuesday evening I took Mrs. Winthrop Aldrich in to dinner here at the house, and after dinner Winthrop spent the better part of one-half hour in discussing how men of affairs should teach the President [FDR] the lesson that the minority of 17 million who voted for Landon [Republican candidate defeated by FDR in 1936 who had stated that FDR's New Deal was hostile to business, wasteful and inefficient. He also also claimed that FDR was subverting the Constitution] was a strenuous minority [big business] and would oppose any of his progressive, radical [read: "communist"] plans... Last night I took Lady Granard in to dinner [Pilgrims]. She is Ogden Mills' sister, as you probably know, and her husband is Master of the Horse at the British Court. She was very abusive and extremely nasty in all of her many references to the Chief [FDR] and said that her brother and Mr. Mellon [Pilgrims] and others were formulating plans to tie his hands financially, very, very soon. I thought these things might be of interest to the President before he went south and am sending them to you in the strictest confidence." Ambassador to England from 1950 to 1953 and gave a speech to the English Pilgrims on March 19, 1953. Director of Westinghouse Electric, American Telephone & Telegraph (AT&T), International Paper, Discount Corporation of New York, Metropolitan Life Insurance, and the American Society for the Control of Cancer. Knight Grand Cross of Order British Empire, asso. knight justice Order of St. John of Jerusalem, King’s medal for Service in Cause of Freedom (Gt. Britain); comdr. Legion of Honor (France); comdr. Order of Leopold, grand officer Order of Crown (Belgium); grand officer Orange Nassau (Netherlands); grand officer Oak Crown (Luxembourgh); Knight comdr. Order of Pius IX (Vatican). Mem. Pilgrims U.S. (v.p., trustee). Clubs: White’s (London); Royal Yacht Squadron ( Cowes); Hope (R.I.); Racquet, Harvard, Knickerbocker, Brook, Century, Links, N.Y. Yacht (N.Y.C.).

Alfred L. Aiken related to Barbara Bush

Alfred Lawrence Aiken Exec. committee 1870-1946

Source(s): 1940, John T. Whiteford, 'Sir Uncle Sam, Knight of the British Empire' (considered reliable, as most names, or descendants of those names, can be found in other sources. This pamphlet was presented to the House of Representatives by Congressman Jacob Thorkolsen on August 19, 1940. This pamphlet was placed in the New York Public Library on February 27, 1906, by Pilgrim Joseph H. Choate); appears as a member of the executive committee on the 1942 Pilgrims of the United States officers list (as photocopied by Charles Savoie from the 1942 Pilgrims Society publication 'Pilgrim Partners - Forty Years of British-American Fellowship', of which only 100 copies were produced); December 14, 1946, New York Times, obituary of Alfred L. Aiken: "... he [Aitken] was for years a member of the board of The Pilgrims of the United States"; Who's Who digital edition

Came from a distinguished Colonial family. Grand-nephew of President Franklin Pierce. Graduated from Yale in 1891. 
Began his career as a clerk in Mutual Life Assurance Company of Worcester, Mass., in 1892, leaving two years later to become assistant manager of the New England department of the New York Life Insurance Company of New York. Assistant cashier of the State National Bank of Boston 1899-1904. Treasurer of the Worcester County Institution for Savings, of which he was president from 1908 to 1913. Trustee Worcester Art Museum 1909-1934. President Worcester National Bank 1913-1914. Advisor to Senator Nelson W. Aldrich, when this person was chairman of the National Monetary Commission, a Congressional body set up after the financial panic of 1907 (December 14, 1946, New York Times, obituary of Alfred L. Aiken). Played a role in setting up the Federal Reserve System and was president of the Federal Reserve Bank of Boston 1914-1917. President of the National Shawmut Bank of Boston 1918-1923, and chairman 1923-1924. Director New York Life Insurance Co 1924-1936. President of New York Life Insurance & Co. in 1936. Director Fifth Avenue Bank. Trustee Franklin Savings Bank. Member Council on Foreign Relations. President of the Massachusetts Bankers Association. Member of the First and Second Liberty Loan Committees of New England. Member of the Board of Visitors of the Harvard University School of Business Administration. Trustee of Clark University and Wellesley College. President of the New England Society of New York. Executive member of the Association for Life Insurance Presidents and the Pilgrims Society. Belonged to the Order of the Loyal Legion, the Sons of the Revolution, the Union Club of Boston, Union League, Yale, Metropolitan, University and Grolier. Vestryman of St. James Episcopal Church. December 14, 1946, New York Times, obituary of Alfred L. Aiken: "Aitken was a great admirer of Alexander Hamilton..." Hamilton (d. 1804) was a founding father of the United States, who also was behind the creation of the Bank of New York in 1784 and more importantly, the First Bank of the United States in 1791.  http://inormous.net/ISGP/organisations/Pilgrims_Society_members_list_AZ.htm 

Barbara¹¹ PIERCE 1925- m.1945 George Herbert Walker BUSH, President, USA 1924- 
George Walker BUSH 1946- m.1977 Laura WELCH 1946
merrill.org xxxxxxxxxxxxx

offers this narrative of the Jekyll conference. They mention, "How long the surreptitious meeting lasted is uncertain, although the group spent Thanksgiving on the island, where they dined on 'wild turkey with oyster stuffing.' They worked throughout the day and night, taking only sporadic time out to explore Jekyl and enjoy its delights. Aldrich and Davison were both so taken with...[Jekyll Island]... that they joined the club in 1912."

For years members of the Jekyll Island Club would recount the story of the secret meeting and by the 1930s the narrative was considered a club tradition. The conference's solution to America's banking problems called for the creation of a central bank. Although Congress did not pass the reform bill submitted by Senator Aldrich, it did approve a similar proposal in 1913 called the Federal Reserve Act. The Federal Reserve System of today mirrors in essence the plan developed on Jekyll Island in 1910.

Also see The development of the Aldrich Vreeland Act for the National Monetary Commission in 1908.
http://en.wikipedia.org/wiki/Jekyll_Island_Club
 

 

The Federal Reserve Act of December 23, 1913

The Federal Reserve Act of December 23, 1913 took effect in November, 1914 when the 12 regional banks opened for business. Ultimately the emergency currency issued under the Aldrich-Vreeland Law was entirely withdrawn.

Jekyll Island was the location of a meeting in November 1910 in which draft legislation was written to create the U.S.Federal Reserve. Following the Panic of 1907, banking reform became a major issue in the United States. Senator Nelson Aldrich (R-RI), chairman of the National Monetary Commission, went to Europe for almost two years to study that continent's banking systems. Upon his return, he brought together many of the country's leading financiers to Jekyll Island to discuss monetary policy and the banking system, an event which was the impetus for the creation of the Federal Reserve.

On the evening of November 22, 1910, Sen. Aldrich and A.P. Andrews (Assistant Secretary of the Treasury Department), Paul Warburg (a naturalized German representing Kuhn, Loeb & Co.), Frank A. Vanderlip (president of the National City Bank of New York), Henry P. Davison (senior partner of J. P. Morgan Company), "http://en.wikipedia.org/w/index.php?title=Charles_D._Norton&action=edit&redlink=1" Charles D. Norton (president of the Morgan-dominated First National Bank of New York), and Benjamin Strong (representing J. P. Morgan), together representing about one fourth the world's wealth at the time, left Hoboken, New Jersey on a train in complete secrecy, dropping their last names in favor of first names, or code names, so no one would discover who they all were. The excuse for such powerful representatives and wealth was to go on duck hunting trip on Jekyll Island.

Forbes magazine founder Bertie Charles Forbes wrote several years later:

Picture a party of the nation's greatest bankers stealing out of New York on a private railroad car under cover of darkness, stealthily riding hundreds of miles South, embarking on a mysterious launch, sneaking onto an island deserted by all but a few servants, living there a full week under such rigid secrecy that the names of not one of them was once mentioned, lest the servants learn the identity and disclose to the world this strangest, most secret expedition in the history of American finance. I am not romancing; I am giving to the world, for the first time, the real story of how the famous Aldrich currency report, the foundation of our new currency system, was written... The utmost secrecy was enjoined upon all. The public must not glean a hint of what was to be done. Senator Aldrich notified each one to go quietly into a private car of which the railroad had received orders to draw up on an unfrequented platform. Off the party set. New York's ubiquitous reporters had been foiled... Nelson (Aldrich) had confided to Henry, Frank, Paul and Piatt that he was to keep them locked up at Jekyll Island, out of the rest of the world, until they had evolved and compiled a scientific currency system for the United States, the real birth of the present Federal Reserve System, the plan done on Jekyll Island in the conference with Paul, Frank and Henry... Warburg is the link that binds the Aldrich system and the present system together. He more than any one man has made the system possible as a working reality.^[5]

The History of the Federal Reserve Bank - Secret Combinations

Financial Literacy and the Purpose of the Senate

Many years later, the Jekyll Island meeting was all but forgotten.
However,  author Eustace Mullins was talking to his friend,  known anti-semite and poet Ezra Pound, when Pound brought up the subject of some friends of his who had died in World War I. According to Mullins, Pound wanted to know why they died. He also said that he suspected that the Federal Reserve had something to do with it. After months of poring through the economics section of the Library of Congress, Mullins found an obscure article about the meeting and took it to Ezra Pound. Pound, according to Mullins, was thrilled. "You have uncovered the greatest detective story of the 20th century," said Pound.
" Eustace Mullins - Secrets of the Federal Reserve; The London Connection (1983)"

 

 

 

Purpose of the Senate Financia Literacy Purpose of the Senate 

Senator Nelson Wilmarth Aldrich (1841-1915) of Rhode Island, an architect of the Federal Reserve System and grandfather of

Nelson Aldrich Rockefeller (1908-1979) who became Vice President of the United States in 1974. Photo: US Senate.

Henry Havemeyer and Abiel Low
He married Blanca Havemeyer, the daughter of Theodore A. Havemeyer. (W. Butler Duncan Dead in 71st Year. New York Times, Mar. 31, 1933.)

​SEE THE FAMILY MARRIAGES AND UNDERSTAND THE INTERNATIONAL CORPORATION SUBSIDIARIES
The New York Guaranty & Indemnity Company

The Treason of the Senate,

 

a compilation of articles by journalist David Graham Phillips, which were published by newspaper owner William Randolph Hearst in 1906

"The Treason of the Senate" (1906), David Graham Phillips Rhode Island is the smallest of our states in area and thirty-fourth in population — twelve hundred and fifty square miles, less than half a million people, barely seventy thousand voters with the rolls padded by the Aldrich machine. But size and numbers are nothing; it contains as many sturdy Americans proportionately as any other state. Its bad distinction of supplying the enemy with a bold leader is due to its ancient and aristocratic constitution, changed once, away back before the middle of the last century, but still an archaic document for class rule. The apportionment of legislators is such that one-eleventh of the population, and they the most ignorant and most venal, elect a majority of the legislature—which means that they elect the two United States senators. Each city and township counts as a political unit; thus, the five cities that together have two-thirds of the population are in an overwhelming minority before twenty almost vacant rural townships—their total population is not thirty-seven thousand—where the ignorance is even illiterate, where the superstition is mediaeval, where tradition and custom have made the vote an article of legitimate merchandising. The combination of bribery and party prejudice is potent everywhere; but there come crises when these fail "the interests" for the moment. No storm of popular rage, however, could unseat the senators from Rhode Island. The people of Rhode Island might, as a people and voting almost unanimously, elect a governor; but not a legislature. Bribery is a weapon forbidden those who stand for right and justice—who "fights the devil with fire" gives him choice of weapons, and must lose to him, though seeming to win. A few thousand dollars put in the experienced hands of the heelers, and the senatorial general agent of "the interests" is secure for another six years. The Aldrich machine controls the legislature, the election boards, the courts—the entire machinery of the "republican form of government."

In 1904, when Aldrich needed a legislature to reelect him for his fifth consecutive term, it is estimated that carrying the state cost about two hundred thousand dollars — a small sum, easily to be got back by a few minutes of industrious pocket-picking in Wall Street. . . . And the leader, the boss of the Senate for the past twenty years has been—Aldrich! . . . The greatest single hold of "the interests" is the fact that they are the "campaign contributors"—the men who supply the money for "keeping the party together," and for "getting out the vote."

Did you ever think where the millions for watchers, spellbinders, halls, processions, posters, pamphlets, that are spent in national, state and local campaigns come from? Who pays the big election expenses of your congressman, of the men you send to the legislature to elect senators? Do you imagine those who foot those huge bills are fools? Don't you know that they make sure of getting their money back, with interest, compound upon compound? Your candidates get most of the money for their campaigns from the party committees; and the central party committee is the national committee with which congressional and state and local committees are affiliated. The bulk of the money for the "political trust" comes from "the interests." "The interests" will give only to the "political trust." And that means Aldrich and his Democratic (!) lieutenant, Gorman of Maryland, leader of the minority in the Senate. Aldrich, then, is the head of the "political trust" and Gorman is his right-hand man. When you speak of the Republican party, of the Democratic party, of the "good of the party," of the "best interests of the party;" of "wise party policy," you mean what Aldrich and Gorman, acting for their clients, deem wise and proper and "Republican" or "Democratic." . . . No railway legislation that was not either helpful to or harmless against "the interests"; no legislation on the subject of corporations that would interfere with "the interests," which use the corporate form to simplify and systematize their stealing; no legislation on the tariff question unless it secured to "the interests" full and free license to loot; no investigations of wholesale robbery or of any of the evils resulting from it—there you have in a few words the whole story of the Senate's treason under Aldrich's leadership, and of why property is concentrating in the hands of the few and the little children of the masses are being sent to toil in the darkness of mines, in the dreariness and unhealthfulness of factories instead of being sent to school; and why the great middle classÑthe old-fashioned Americans, the people with the incomes of from two thousand to fifteen thousand a year—is being swiftly crushed into dependence and the repulsive miseries of "genteel poverty."

 

Ida Tarbell's celebrated 19-issue magazine series on John D. Rockefeller's Standard Oil Trust, gave rise to the word muckraker and led to the break-up of the oil giant by the US Supreme Court in 1911, into 34 independent companies and the direct election of the US Senate in 1913, the year of the authorisation by Congress of the creation of the Federal Reserve. The text was obtained from the book The History of The Standard Oil Company by Ida M. Tarbell. Copyright, 1904, by McCLURE, PHILLIPS AND CO.

The book The Creature from Jekyll Island, by a business group that was the target of sophisticated fraudsters. The subject of the book was the creation of the Federal Reserve.

The American Tradition by renowned historian Richard Hofstadter, which was first published in 1948

 

The greatest single hold of "the interests" is the fact that they are the "campaign contributors" − the men who supply the money for "keeping the party together," and for "getting out the vote." Did you ever think where the millions for watchers, spellbinders, halls, processions, posters, pamphlets, that are spent in national, state and local campaigns come from? Who pays the big election expenses of your congressman, of the men you send to the legislature to elect senators? Do you imagine those who foot those huge bills are fools? Don't you know that they make sure of getting their money back, with interest, compound upon compound? Your candidates get most of the money for their campaigns from the party committees; and the central party committee is the national committee with which congressional and state and local committees are affiliated. The bulk of the money for the "political trust" comes from "the interests." "The interests" will give only to the "political trust.' And that means Aldrich and his Democratic (!) lieutenant, Gorman of Maryland, leader of the minority in the Senate Aldrich, then, is the head of the "political trust" and Gorman is his right-hand man. When you speak of the Republican party, of the Democratic party, of the "good of the party," of the "best interests of the party," of "wise party policy," you mean what Aldrich and Gorman, acting for their clients, deem wise and proper and "Republican" or "Democratic."

The National City Bank of New York, 1929-30; mergers with Farmers & Corn Exchange

In 1929, the National City Bank and its investment subsidiary, the National City Company, merged with the Farmers Loan and Trust Company. Farmers kept its state charter. Charles E. Mitchell, president of the National City Bank since 1921, became chairman of the bank, the investment company and the trust. Mitchell, the presidents of the three companies and five other men became the executive committee for the overall company. Gordon S. Rentschler became president of the National City Bank, and Hugh B. Baker, a vice president of the National City, became president of the investment company. ($2,000,000,000 Deal Links National City and Farmers' Loan. New York Times, Apr. 2, 1929.) Later that year, it merged with the Corn Exchange Bank. Charles E. Mitchell held a clerical position at Western Electric until he joined the Trust Company of America in 1906. He founded his own investment firm, C.E. Mitchell & Co., a few years later. He liquidated his firm to become a vice president of the National City Company. Directors of the Corn Exchange Bank: Clarence H. Kelsey, William R. Stewart, William H. Nichols, Charles W. McCutcheon, Andrew Mills, Philip Lehman, Robert A. Drysdale, Warren B. Nash, D. Schnakenberg, Dunham B. Sherer, A.R. Graustein, C.W. Nichols, Arthur A. Fowler, Robert Lehman, George Doubleday, Francis D. Bartow, Richard Whitney, Ethelbert Ide Low, Henry A. Patten, and Ralph Peters Jr. Directors of the National City Bank: Hugh B. Baker, Sosthenes Behn, Harry S. Black, Nicholas F. Brady, Guy Cary, Edward A. Deeds, Cleveland E. Dodge, Fred J. Fisher, Philip A.S. Franklin, John A. Garver, Joseph P. Grace, Cyrus H. McCormick, Gerrish H. Milliken, Charles E. Mitchell, Charles A. Peabody, James H. Perkins, James H. Post, Percy R. Pyne, Gordon S. Rentschler, Percy A. Rockefeller, John D. Ryan, William A. Simonson, Robert W. Stewart, James A. Stillman, Eric P. Swenson, and Beekman Winthrop. (National City Unites With Corn Exchange; Forms Largest Bank. New York Times, Sep. 20, 1929.) Retiring directors were all re-elected in 1930. (Annual Elections of Banks Are Held. New York Times, Jan. 19, 1930.)

The New York Guaranty & Indemnity Company

Bank History, Guaranty Trust Company of New York

1864 Established as New York Guaranty and Indemnity Company
12/01/1895 Name Change To Guaranty Trust Company of New York
01/26/1910 Acquire By Merger Morton Trust Company
10/16/1912 Acquire By Merger Standard Trust Company
05/04/1929 Acquire By Merger Bank of Commerce in New York
04/24/1959 Acquire By Merger J.P. Morgan & Co., Incorporated
04/24/1959 Name Change To Morgan Guaranty Trust Company of New York
06/26/1959 Acquire By Merger Morgan & CIE, Incorporated
12/27/1968 Acquire By Merger Morgan Guaranty Safe Deposit Company
06/01/1996 Acquire By Merger J.P. Morgan Delaware
New York Bank History G / Scripophily.com

 

N.Y. Guaranty and Indemnity Co., No. 14 Broad-st, 1865

Directors: Jonathan Thorne of Thorne, Watson & Co.; Joel Wolfe of No. 305 Fifth-av; James B. Johnston of J. Boorman, Johnston & Co.; David Dows of David Dows & Co.; A.A. Low of A.A. Low & Brothers; U.A. Murdock, President Continental National Bank; W. Butler Duncan of Duncan, Sherman & Co.; George D. Cragin of Cragin & Co.; Herman Marcuse of Marcuse & Baltzer; Richard Lathers, Pres. of G.W. Marine Ins. Co.; L. Von Hoffman of L. Von Hoffman & Co.; Martin Bates of M. Bates, Jr. & Co.; C.F. Dambmann of C.F. Dambmann & Co.; Noah L. Wilson, of Wilson, Gibson & Co.; Samuel D. Babcock, President pro. tem., of Babcock Bros. & Co.; James P. Wallace, Vice-President, of Wallace & Wickes; Samuel G. Ogden, Treasurer, late Auditor of Customs. (Classifed Ad 12. New York Times, Nov. 28, 1865 p. 6.)

Samuel D. Babcock, President pro. tem., of Babcock Bros. & Co.; also a Trustee of the Central Trust

Samuel Denison Babcock (1822-1902) began his career as a bank messenger in New York City at the age of 14. He was President of the International Bell Telephone Co.; Vice President of the Providence and Stonington Steamship Co.; a director of the New York Central and Hudson River Railroad, the New York and Harlem Railroad, the National Bank of Commerce, the American Exchange National Bank, the Continental Insurance Company, the Guaranty Trust, the United States Mortgage and Trust Company; and a trustee of the Central and Fifth Avenue Trust Companies and the Mutual Life Insurance Company, and a member of the Advisory Committee of United States Lloyds. "He was very regular in his habits and was at the Lenox Club nearly every day, where he met George G. Horne, John Sloane, William D. Sloane, Charles Lanier, Joseph W. Borden, and Morris K. Jesup." (Samuel D. Babcock Dead. New York Times, Sep. 15, 1902 p. 1; Samuel D. Babcock. New York Times, Sep. 18, 1902; Sep. 17, 1902 p. 9). He was a director of the Continental Insurance Company in 1861, along with fellow NYGIC directors John Caswell and A.A. Low, also Hiram Barney of the Butler law firm and George W. Lane of the Central Trust, and Robert H. McCurdy, the father of Richard A. McCurdy of the Guaranty Trust. (Ad 7. The Independent, Jan. 31, 1861;130(635):7.)

Samuel D. Babcock was a trustee and a director of the Queen Insurance Company of Liverpool & London, along with Martin Bates, Josiah M. Fiske, J. Boorman Johnston, and Henry F. Spaulding (Classified Ad 3. New York Times, Jan. 22, 1880 p. 6.) Samuel D. Babcock was on the board of managers of St. Luke's Hospital, along with Central Trustees George M. Miller and his son, Percy R. Pyne and his son, Gustav H. Schwab, and J.P. Morgan Jr.; also Cornelius Vanderbilt and Chauncey M. Depew, S&B 1856. (St. Luke's Hospital Managers. New York Times, Oct. 20, 1894.) Babcock was a director of International Bell Telephone Co. Ltd., along with Louis A. Von Hoffman. (Corporation Elections. New York Times, June 3, 1897.) Babcock was a longtime trustee of the Mutual Life Insurance Company of New York, from at least 1853, when he was part of a stockholders' group that installed Frederick S. Winston as President, until 1902. (Commercial and Money Affairs. New York Daily Times, Jun. 27, 1853.) Directors of the U.S. Mortgage & Trust Co. included Samuel D. Babcock, his son-in-law, William P. Dixon; William Babcock, a relative from San Francisco; and numerous other names from the Guaranty Trust and Mutual Life Insurance Company - Charles R. Henderson, Richard A. McCurdy, Edwin Packard, and Charles D. Dickey Jr. (Display Ad 17. New York Times, May 31, 1894 p. 10.)

He was a descendant of James Babcock (1612-1679), who settled in Rhode Island and was baptized a Seventh Day Adventist. There were unspecified "riotous actings" against Babcock and his associates by townspeople, and complaints of their dealings from the Pequot Indians. His grandfather, Henry Babcock, graduated from Yale in 1752, and moved to Stonington, Conn., where Samuel and a multitude of other Babcocks were born. (Ancestors of James Babcock. Tania Babcock Poirier website.)

7th Generation, Benjamin Franklin Babcock (1790-1829) / Tania Babcock Poirier

Samuel D. Babcock's half-aunt, Elizabeth Thompson Babcock, was the wife of Nathaniel Brown Palmer, the master of the clipper ships Houqua, Samuel Russell, Oriental, and Paul Jones in the 1840s China trade (opium), in which fellow director Abiel Abbott Low and the Low Brothers were jointly involved; also shipbuilder William H. Webb of the Central Trust. (In: The Era of the Clipper Ships, pp. 7-9. By Donald Gunn Ross III; Palmer-Loper Family Papers. Library of Congress, 2003.)

Page 7, Nathaniel Brown Palmer / Era of the Clipper Ships.com
Page 8, China Tea Trade / Era of the Clipper Ships.com
Palmer-Loper Family Papers / Library of Congress (pdf, 31pp)

Seafaring and merchant families. Correspondence, logbooks and journals, ships' papers, financial and business records, and printed matter documenting the voyages and business activities of Nathaniel Brown Palmer, Alexander Smith Palmer, Richard Fanning Loper, and other members of these maritime families of Stonington, Connecticut.

Samuel D. Babcock was the brother of Benjamin Franklin Babcock (1814-1869), of B.F. Babcock & Co., a branch reference company of the Great Western Insurance Company during the Civil War. Samuel Babcock and several other Great Western directors, including Richard Lathers, its President, W. Butler Duncan, J.B. Johnston, Henry F. Spaulding and J.P. Morgan, later formed the NYGIC and the Central Trust. James M. Brown of Brown Brothers & Co. and Brown, Shipley & Co.; and William M. Evarts were also directors of the Great Western. (Classified Ad 11. Financial. New York Times, Jan. 22, 1859 p. 7; Financial. New York Times, Jun. 7, 1864 p. 6.) He was a brother of Charles H.P. Babcock, Secretary of the Central Trust. They married sisters, Elizabeth Crary and Cornelia Franklin. (Franklin Family Researchers United, 1997 April, vol. 22 pp. 17-18; Richard L. Franklin. New York Times, Sep. 8, 1880 p. 5.)

Benjamin Franklin Babcock Jr. / J Crossley
FFRU April 1997 / Franklin Family Researchers United (pdf)

J. Pierpont Morgan, W. Butler Duncan, Samuel D. Babcock, and J. Boorman Johnston were on the Advisory Committee of Robinson & Cox, attorneys for United States Lloyds, whose losses were payable in London at the firm of J.S. Morgan & Co. [which had been formed in 1864 from Morgan, Peabody Co.] (Financial. New York Times, Dec. 24, 1866 p. 6.) The address of Babcock Brothers & Co. in the 1869 New York City Directory was at 37 William St. This was also the address of the publication office of United States Lloyds {aka "Record of American Shipping" of the American Shipmasters Association (or American Bureau of Shipping) in the 1880s through 1899.

37 William St. was also the business address of Samuel D. Babcock, banker; Courtlandt G. Babcock, clerk; Courtlandt P. Dixon, contractor, whose son married Samuel D. Babcock's daughter; and Edward Morgan, banker, of the firm of M. Morgan's Sons, whose partners Henry Morgan and Edward Morgan were directors of the New York, Providence and Boston Railroad Company and the Providence and Stonington Steamship Company, along with Nathan F. Dixon; C.G. Babcock; NYGIC director J. Boorman Johnston; George M. Miller of the Central Trust; Samuel D. Babcock himself, and his half-uncle, Capt. David S. Babcock. (General Railway Notes. New York Times, Dec. 9, 1880.) Courtlandt Guyet Babcock was a first cousin of Samuel D. Babcock; another first cousin was anti-smoker Dr. Robert Hall Babcock, who married a cousin of Daniel Coit Gilman. (Descendants of Joseph Miner - Seventh Generation. The Thomas Minor Society.)

Descendants of Joseph Miner- Seventh Generation / The Thomas Minor Society

 

Capt. David Sherman Babcock (1822-1885), who was president of the Stonington and Providence Steamship Company, and Vice-President and General Manager of the New-York, Providence and Boston Railroad, was accidentally killed by one of his own trains. (Warning Given Too Late. New York Times, Aug. 26, 1885.) He had six sons, David S. Jr., Irving, William, Joseph, Philip, and Raymond (Funeral of Capt. Babcock. New York Times, Aug. 29, 1885), at least two of whom went into banking.

 

Philip S. Babcock was Trust Officer of the Colonial Trust Company, whose directors included Henry O. Havemeyer, Roswell P. and Anson R. Flower, Gardiner G. Hubbard, and William T. Wardwell (Display Ad 18. New York Times, Oct. 14, 1897 p. 10, and Jan. 4, 1904 p. 13), and also John E. Borne, whose widow left $300,000 to Columbia University, with his brother Joseph as executor (Wills For Probate. New York Times, Jun. 9, 1926.) In 1905, Philip S. Babcock was a vice-president, and Joseph N. Babcock was Trust Officer, of the Colonial Trust Co. (Display Ad 9. New York Times, Mar. 27, 1905 p. 10). Joseph N. Babcock became a vice president of the Equitable Trust Company circa 1917, and later a vice president of the Chase National Bank, and a director of E.R. Squibb & Sons. (Joseph N. Babcock, Retired Banker, 76. New York Times, Jun. 9, 1942.) He was chairman of the New York Community Trust, headquartered at 120 Broadway, which was anonymously endowed with an unspecified amount of money (Community Trust Installs Directors. New York Times, Jul. 8, 1923; Unnamed Testator Leaves Philanthropic Trust Fund. New York Times, Oct. 2, 1923.) The two Babcock brothers attended Yale, and their classmates included George G. Haven Jr. and Oliver G. Jennings (S&B 1887). (Harrying the Freshmen. New York Times, May 24, 1885.) David S. Babcock's one surviving daughter, Ellen Watkins, married William Reynolds Brown, son of William Smith Brown, who had been on the Board of Trustees of the Mutual Life Insurance Company with Samuel D. Babcock between 1854 and 1872.

7th Generation, David Sherman Babcock / Tania Babcock Poirier
Descendants of Manassah Minor 7th Generation / Thomas Minor Society

Another of Samuel.Denison Babcock's half-uncles was Giles Babcock, whose wife, Ann, was the daughter of Samuel F. Denison, a director of the Providence & Stonington Railroad in 1833, and the New York, Providence and Boston Railroad. Charles H. Phelps was another director. (Died [Ann E. Babcock]. New York Times, Jun. 22, 1890 p. 5; When the Railroad Came to Westerly, by Herbert A. Babcock. Rhode Island Historical Society, 1922; History of Providence County, Rhode Island. Richard M. Bayles, ed. W.W. Preston & Co., 1891 /Rootsweb.) Giles Babcock spawned a hundred-year dynasty of U.S. Army Generals, including his son, Brig. Gen. John Breckenridge Babcock (1847-1909), born in New Orleans, who fought against the South in the Civil War, and after it against the Kiowas, Southern Cheyennes, Sioux, Apaches and Utes (Gen. John B. Babcock Dead. New York Times, Apr. 28, 1909); then his grandson, Brig. Gen. Conrad Stanton Babcock (1876-1950) (Deaths. New York Times, Jul. 12, 1950), whose wife, Marion L. Eells, was the sister of Mrs. Henry Sloane Coffin, S&B 1897 (Mrs. Conrad S. Babcock. New York Times, Aug. 22, 1962, pp. 33 & 34); and great-grandsons, Maj. Gen. C.[onrad] Stanton Babcock, who was one of John Foster Dulles's principal aides and an honorary pallbearer at his funeral (The Last Salute: Civil and Military Funerals 1921-1969, by B.C. Mossman and M.W. Stark. Department of the Army, 1991); and Col. Charles Parmalee Babcock..

Samuel D. Babcock's daughter, Evelina, married William Palmer Dixon, Skull & Bones 1868, in 1871.
He was the son of Courtlandt Palmer Dixon (1817-1883), who was the son of U.S. Sen. Nathan Fellows Dixon (1774-1842) of Rhode Island, and "a well-known contractor for the furnishing of material used in the erection of U.S. Government buildings." (Obituary. New York Times, Jun. 6, 1883, p. 4.) He was a trustee of the Mutual Life Insurance Company (and participated in the faux investigation in 1904), and a director of the American Exchange-Pacific National Bank, the Lawyers Title Insurance Company, the Fidelity and Casualty Company, the Mortgage Bond Company and the Lawyers' Westchester Title and Insurance Company. Evelina Babcock died in 1908. (William P. Dixon Dies; Lawyer and Club Man. New York Times, Jun. 26, 1926; Obituary Record of Yale Graduates 1925-1926, pp 39-40.) He was a partner of George Macculloch Miller in Miller, Peckham & Dixon. William Allen Butler and David B. Ogden were fellow directors of Lawyers Title Insurance Co. (Real Estate Buyers' Boon. New York Times, Apr. 15, 1894.) William Palmer Dixon's son, Courtlandt Palmer Dixon (1884-1943), Scroll & Key 1908, was a broker with Boissevain & Co. and a partner of Jacquelin & DeCoppet 1915-41. He died of tuberculosis in Broadmoor, Col. near the Webb-Waring Institute. (Bulletin of Yale University, Obituary Record of Graduates of Yale University Deceased during the Year 1942-1943, pp 99-100; Courtlandt P. Dixon. New York Times, Mar. 18, 1943.)

Obituary Record 1925-1926 / Yale University Library (pdf, 350 pp)
Obituary Record 1942-1943 / Yale University Library (pdf, 312 pp)

 

William Palmer Dixon's sister, Priscilla, married his Yale classmate, Thomas Chalmers Sloane, Skull & Bones 1868, the brother of Henry Thompson Sloane, S&B 1866, and Mrs. Edmund Coffin, S&B 1866. (A Day's Weddings. New York Times, Apr. 17, 1896; Sacrifice No Sacrifice. Boston Daily Globe, Apr. 17, 1896; Mrs. Priscilla Barclay. New York Times, May 18, 1924 p. S7.) His brother, Courtlandt P. Dixon Jr., married Maria Louisa Polhemus. (Society In Two Cities. New York Times, Feb. 24, 1881.) Their son, Theodore Polhemus Dixon, was Skull & Bones 1907. Ushers at his wedding included his Bones classmates G. Brett Glaenzer, Richard E. Danielson, and William McCormick Blair, the founder of William Blair & Co. of Chicago. Walbridge Taft, the nephew of William Howard Taft, S&B 1878, was his best man. (Theodore P. Dixon's Ushers. New York Times, Mar. 8, 1914.) He was an usher of William J. Sturgis at his marriage to Thomas B. Yuille's daughter Ellen. (Miss Ellen Yuille Weds W.J. Sturgis. New York Times, Nov. 18, 1915.) Theodore P. Dixon's wife's sister was Mrs. Howard B. Dean, an ancestor of presidential candidate Howard Dean. (Mrs. Henry F. Cook. New York Times, Dec. 27, 1936.) He was the vice president of William E. Pollock & Co., Inc., 20 Pine St., NYC, "a securities concern." (Theodore P. Dixon. New York Times, Jul. 30, 1959.)

 

Another daughter, Emily Babcock, married Fordyce Barker, the son of Dr. Fordyce Barker (New York Times, May 9, 1878). Fordyce Barker, M.D., L.L.D., was president of the New York Academy of Medicine. Their daughter, Elsie Fordyce Barker, married Murray Witherbee Dodge, Scroll & Key 1899, a vice president of Chase Securities and executive vice president of Chase Harris Forbes Corporation. (Obituary Record of Graduates of Yale University Deceased during the Year 1937-1938, pp. 96-97.) Their daughter, Lillian Lee Fordyce Barker, married Franklin Butler Lord, Jr., of the law firm of Lord, Day & Lord, the longtime outside counsel to The New York Times. (Weddings of a Day. New York Times, Oct. 31, 1905; Mrs. Franklin Lord, Wife of Lawyer, 75. New York Times, Sep. 9, 1958.) Another daughter, Maria, died in 1941 (Deaths. New York Times, Sep. 3, 1941 p. 23; Wills for Probate. New York Times, Sep. 10, 1941.)

Obituary Record of Graduates of Yale, 1937-1938 / Yale University Library (pdf, 305 pp)

 

Another daughter, Fannie Morris Babcock, married Henry Alexander Murray (Wedding in Calvary Church. New York Times, May 9, 1889.). "Mrs. Murray was born in this city, the daughter of Samuel Denison Babcock and Elizabeth Crary Franklin Babcock. Her father was the founder and first president of the Guaranty Trust Company of New York. He was a descendant of Colonel Henry Babcock of Connecticut, who served on General George Washington's staff during the Revolutionary War. Mrs. Murray's husband, who died in 1934, was a descendant of John Murray, who as fourth Earl of Dunmore was the last Royal Governor of Virginia." A son, Dr. Henry A. Murray, was director of the Harvard Psychological Clinic. Another son, Cecil D. Murray, was a lieutenant in the US Naval Aviation service in World War I. A daughter, Virginia Murray, was the wife of Rep. Robert Low Bacon of New York. His father, Robert Bacon, was a partner of J.P. Morgan & Co. (Mrs. H.A. Murray, 81, Daughter of Banker. New York Times, June 3, 1940.) Elizabeth Crary Franklin's great-grandfather, Walter Franklin, built the New York City mansion chosen for George Washington when he became the first U.S. President in 1789. In the dining room of DACOR Bacon House hangs a portrait of Samuel D. Babcock, maternal grandfather of Virginia Murray Bacon, one of an "elite fraternity of government officials known as 'The Family.'" ("The Family" Drinking Cups. DACOR Bacon House.)

 

He was a partner of his classmates Ethelbert Ide Low and Charles D. Miller from 1923 to 1928, and general counsel of the Home Life Insurance Company from 1928 to 1941. Their mother was Lois Robbins Curtis, daughter of Justice Benjamin Robbins Curtis. (Obituary Record of Graduates of Yale University Deceased during the Year 1940-1941, p. 103.) One of his mother's sisters married his cousin Seth Low 2d, and another was the wife of Dr. Frederick Prime.

Obituary Record of Graduates of Yale, 1940-1941 / Yale University Library (pdf, 290 pp)

 

 

Abiel Abbott Low's son, Abbott Augustus Low (~1843-1912) was with A.A. Low Brothers.
Four children survived him: J.C. Low of Albany, A.A. Low Jr. of Manhattan, Seth Low 2d of Brooklyn, and Mrs. William Raymond. (Abbott Augustus Low Dies. New York Times, Sep. 26, 1912.)
His wife, Marian W. Low, was the daughter of George Cabot Ward, a founder of S.G. and G.C. Ward, and Ward, Campbell & Co., the U.S. agents for Baring Brothers & Co., also a charter member of the Union League Club, and a longtime Governor of the New York Hospital. Mrs. Low's brother, Samuel Gray Ward Jr., was with Kidder, Peabody & Co., which became Baring's agent. (An Old Firm Retiring. New York Times, Dec. 1, 1885; Death of George Cabot Ward. New York Times, May 5, 1887.) Her uncle, Samuel Gray Ward Sr., was the auditor of Porto Rico.

Thomas Wren Ward Papers - Massachusetts Historical Society

 

 

The marriage of their daughter Marian Ward Low to William Raymond
was heralded as "the most important wedding of the Brooklyn social season." William Raymond was a younger brother of Mrs. Daniel Chauncey [Caroline Raymond] and a brother-in-law of Mrs. Samuel Sloan Chauncey, "for the past few years, one of the most striking figures in the American colony in London." (A Fashionable Wedding in an Unfashionable Church. Town & Country Life, Nov. 17, 1906.) Mr. and Mrs. Grant Watson of the British Embassy traveled from Washington to attend. (Social and Personal. Washington Post, Nov. 27, 1906.) But the event was announced in only six lines. (Married. New York Times, Nov. 28, 1906.) William Raymond was a broker, the son of James and Henrietta K. Raymond. (Obituary Notes. New York Times, Nov. 12, 1909.) William Raymond Jr. was a partner of the stock brokerage firm of Chauncey & Company, 120 Broadway. He graduated from Princeton in 1930. (William Raymond Jr. New York Times, Aug. 5, 1976.)

 

The Daniel Chaunceys' daughter Grace married Samuel D. Babcock's grandson, Woodward Babcock. (Married. New York Times, Apr. 22, 1903.) Henry D. Babcock was the best man at William Raymond Jr.'s wedding. (Miss Molly Shonk Becomes Bride. New York Times, Sep. 8, 1933.)

Abbott Augustus Low Jr. married Elizabeth Stewart Claflin. Her father, John Claflin, was head of the United Dry Goods Company. He was a member of Wolf's Head, 1911. (Miss Claflin to Wed A.A. Low, Jr. New York Times, Nov. 8, 1911; Miss E.S. Claflin's Wedding A Surprise. New York Times, Aug. 23, 1912.) They were divorced ten years later. (Mrs. A.A. Low Gets Divorce. New York Times, Feb. 12, 1922.)

George Cabot Ward Low married Dorothea Douglas, the daughter of ex-Sen. Curtis N. Douglas. Spencer Turner, S&B 1906, was an usher. (George C.W. Low Weds Miss Douglas. New York Times, Nov. 12, 1911.) They were divorced in 1926. Her sister married P.A.B. Widener. (Mrs. G.C.W. Low Divorced. New York Times, Nov. 16, 1926.)

Seth Low married Anna Curtis of Boston, a daughter of U.S. Supreme Court Judge Benjamin Robbins Curtis, who dissented in the Dred Scott case.
(Wife of Mayor-Elect Seth Low. Boston Daily Globe, Nov. 13, 1901.) One of his wife's sisters married his cousin William Gilman Low, and another was the wife of Dr. Frederick Prime.

Abiel Abbott Low's brother, Edward Allen Low (1817-1898) was born in Salem, Mass. and came to Brooklyn with his parents in 1829. He went to Mississippi when he was 18, and in the early 1840s he was in China with Russell & Co. Since about 1880, he was Secretary and Treasurer of the Low-Moore Iron Company of Virginia. He organized the Unitarian Church of the Saviors, and was its treasurer for 40 years. (Death List of a Day. New York Times, Nov. 21, 1898.)

 

U.A. Murdock, President of Continental National Bank
Uriel Atwood Murdock (1810-1901) was born in Carver, Mass., near Cape Cod, where he entered his father's business. "From the iron manufacturing business he drifted into the line of importing the metal, particularly in the form of iron rails. It was during this time that Mr. Murdoch made a considerable fortune, rails selling at a profit of 200 per cent., and George Peabody, the noted banker and philanthropist, and Sir Curtis Lamson, became his partners in the importing venture." He was president of the Continental Bank from 1859-69, when he retired. (Uriel Atwood Murdock. New York Times, Jul. 17, 1901 p. 5.) His father-in-law, Gabriel Ludlow Lewis, was a brother of Samuel G. Ogden's wife, and they were grandchildren of Francis Lewis, a signer of the Declaration of Independence. (Died. New York Daily Times, Feb. 12, 1852 p. 4.) He was a copartner of a general iron commission with T. Chouteau and John F.A. Sanford, who had been partners of Pierre Chouteau Jr., the son of the founder of St. Louis. (Copartnership. New York Daily Times, May 8, 1852 p. 3.) He and Charles F. Dambmann were directors of the Continental Bank in 1856. (Commercial Affairs. New York Daily Times, Feb. 6, 1856 p. 8.) He was a trustee of the Pacific Mutual Insurance Company, along with Martin Bates Jr. (Insurance. New York Daily Times, Jan. 23, 1855 p. 7; Financial. New York Daily Times, Jan. 20, 1857 p. 7.) He was a protesting stockholder of the Chicago, Rock Island and Pacific Railroad Company in 1868. (Financial. New York Times, May 30, 1868 p. 6.) He was a director of the Commercial Bank in 1874, along with Lorenzo Blackstone. (Business Interests. New York Times, Jan. 15, 1874.)

W. Butler Duncan of Duncan, Sherman & Co.
William Butler Duncan (1830-1912) was born in Edinburgh, Scotland to Alexander Duncan of Providence, Rhode Island. He was educated in Edinburgh and at Brown University. From 1874 to 1888, he was president of the Mobile & Ohio Railroad Co. and chairman of the board since 1888. He was also head of the Butler Exchange Co. of Providence, and a director of Southern & Atlantic Telegraph Co.

He was President of the Pilgrim Society. "Mr. Duncan had the distinction of being the only American member of London's exclusive club, the Travelers. He became a member of this club in 1868 when the relations of the United States and England were strained over the Alabama claims. (Wm. Butler Duncan Dies in 82nd Year. New York Times, Jun. 21, 1912.) "Mrs. Duncan was Miss Jane P. Sargent. Her father, the late George W. Sargent, came from Philadelphia, and her mother was a native of Natchez, Miss., where the Duncan family has large plantations and a homestead." (Mrs. W. Butler Duncan Dead. New York Times, Dec. 12, 1905.) His great-nephew of the same name, born in 1862 in Providence, R.I., served on the auxiliary cruiser "Yankee" during the Spanish-American War. [The ship was formerly the Morgan liner El Norte.] He married Blanca Havemeyer, the daughter of Theodore A. Havemeyer. (W. Butler Duncan Dead in 71st Year. New York Times, Mar. 31, 1933.)

Henry Osborne Havemeyer (1847-1907), sugar manufacturer

SUGAR - Williamsburg, Brooklyn New York City
In 1638 the Dutch West India Company first purchased the area's land from the local Native Americans. In 1661, the company chartered the Town of Boswijck, including land that would later become Williamsburg. After the English takeover of New Netherland in 1664, the town's name was anglicized to Bushwick. During colonial times, villagers called the area "Bushwick Shore." This name lasted for about 140 years.
Map of the Village of Williamsburg (1827) The deep drafts along the East River encouraged industrialists, many from Germany, to build shipyards around Williamsburg. Raw material was shipped in, and finished products were sent out of many factories straight to the docks. Several sugar barons built processing refineries. Now all are gone except the now-defunct Domino Sugar (formerly Havemeyer & Elder). Other important industries included shipbuilding and brewing.

Business monopolies are illegal. In the latter years of the 19th century, however, trusts were a fact of everyday life. There was a beef trust, an oil trust and even a whiskey trust. These were business arrangements under which a small number of capitalists manipulated markets, setting prices and wages for an industry. One of the greatest of these was the Sugar Trust, largely controlled by one man, H. O. Havemeyer. the greatest Havemeyer of them all, the peerless monopolist and robber baron. In 1891 H. O. Havemeyer succeeded to the title of “Sugar King,” forming the American Sugar Refining Company, maker of the famous Domino brand. Havemeyer also used his vast political influence to bring about tariffs on imported refined sugar, while exempting the raw sugar imports that fed his refinery. “The tariff is the mother of trusts,” he blandly explained. H.O. Havemeyer, who from his East River waterfront throne ruled a vast empire that exploited workers from the Caribbean to Asia; inflated sugar prices across the U.S.; and wielded enough political influence to instigate the Spanish-American War.

Teddy Roosevelt provided the antitrust laws.
A 1921 consent decree reduced American Sugar's effective control of the industry from 72 percent to 24 percent. H.O. Havemeyer convinced Congress to support the price of sugar in order to discourage foreign imports. Decades of price supports, which have kept the price of sugar in the United States as high as four or five times the international price, eventually led many soft drink and candy makers to switch from cane sugar to high fructose corn syrup, a sweetener that many health experts blame for today's American epidemic of obesity, diabetes and heart disease. Price supports have also devastated the economies of sugar-growing regions such as the Caribbean. This has had two further effects: to cause social and political disruption that has necessitated frequent visits by the U.S. military; and to provoke mass immigration, especially by Puerto Ricans, who as American citizens have found it easy to come to New York to find jobs to replace those lost by the willful destruction of the Caribbean sugar industry. The story of his wife Louisine Havemeyer ends with a staggering act of philanthropy and humility. When she died at 73 in 1929, she left more than 1,000 paintings and sculptures to the Metropolitan Museum of Art. The Havemeyer collection remains the biggest single part of the Met. Unlike most benefactors, however, Louisine gave her gift with no requirements that her name be attached or that the works be exhibited in a certain way.
Buried in the Green-Wood Cemetery "Brooklyn's Green-Wood Cemetery, New York's Buried Treasure", 1998, The Stinehour Press, Lunenburg, VT.

March 25, 1897 Theodore A Havemeyer sugar king
Havemeyer Hall is an historic academic building located in Columbia University in New York City.\

Warren Delano, Jr

 

 

One of Russell and Company's Chief of Operations in Canton was Warren Delano, Jr., grandfather of Franklin Roosevelt. Other Russell partners included John Cleve Green (who financed Princeton), Abiel Low (who financed construction of Columbia), Joseph Coolidge and the Perkins, Sturgis and Forbes families.
(Coolidge's son organized the United Fruit company, and his grandson, Archibald C. Coolidge, was a co-founder of the Council on Foreign Relations.)

Duncan, Sherman & Co. had mercantile credits for Europe, India and China on George Peabody & Co. (Financial. New York Daily Times, Jan. 20, 1857 p. 7.) J. Pierpont Morgan, W. Butler Duncan, Samuel D. Babcock, and J. Boorman Johnston were on the Advisory Committee of Robinson & Cox, attorneys for United States Lloyds.
Losses payable in London at the firm of J.S. Morgan & Co. [which had been formed in 1864 from Morgan, Peabody Co.] (Financial. New York Times, Dec. 24, 1866, p. 6.) After graduating from the University of Gottingen, John Pierpont Morgan (1837-1913) worked in the New York banking house of Duncan, Sherman & Co. from 1857-60, when he became the agent and attorney in New York for George Peabody & Co., 1860-64. (J.P. Morgan. Wikipedia). Morgan was a trustee of the Central Trust until his death.

William Butler Duncan was on the original advisory board of the Scottish American Investment Corporation Ltd., along with John A. Stewart and John S. Kennedy, later a trustee of the Central Trust. Duncan left when Duncan, Sherman & Co. failed in 1873, and J.S. Kennedy & Co. became the representative of Scottish American's interests. (The Man Who Found the Money. By Saul Engelberg and Leonard Bushkoff. Michigan State University Press, 1996.)

The Man Who Found the Money / CTRL Mail Archive

George D. Cragin of Cragin & Co.
George D. Cragin (~1816-1898) was born in Temple, New Hampshire. He was a produce dealer in New York City before establishing a packing business, Cragin & Co., in Chicago. He was one of the organizers of the exchanges which developed into the Produce Exchange in 1866, whose president he became. (George D. Cragin. New York Times, Mar. 3, 1898 p. 7; Trade and Commerce of Chicago. New York Daily Times, Jan. 22, 1855.) He was a vice-president of the New-York Warehousing Company, of which James P. Wallace and his partner, William W. Wickes, were the President and the Treasurer.

Herman Marcuse of Marcuse & Baltzer
"The death is announced by cable of Herman Marcuse of Niederwalluf, Germany. He was born at Hanover, and when a young man spent some time in this country. After a short apprenticeship in the house of Bliss Brothers, commission merchants, of Manchester, England, he established, in connection with the Bank for Handel und Industrie of Darmstadt and Gustav von Baur of Bonn, Germany, the banking house of G. von Baur & Co. Mr. von Baur retired after a few years, and Mr. Marcuse formed the firm of Marcuse & Baltzer, which soon became one of the leading foreign banking institutions of the country. After the civil war, Mr. Marcuse retired from active business and returned to Germany, where he lived at his country seat on the Rhine until the time of his death. While living abroad he was elected a member of the Board of Managers of the Deutsche Bank of Berlin and several other European banking establishments. Mr. Marcuse was in his seventy-sixth year. He leaves a wife." (Death List Of A Day. New York Times, Apr. 10, 1900.) He was a director of the Adriatic Fire Insurance Co. in 1858, and of the Germania Fire Insurance Co. with Charles F. Dambmann of the NYGIC, in 1859 (Insurance. New York Times, June 16, 1859 p. 7.)

Richard Lathers, President of G.W. Marine Insurance Co.
In his 1984 book, "Treason in America - From Aaron Burr to Averell Harriman," Anton Chaitkin says: 'In the late 1850s New York was, in fact, the center of the world's existing slave trade. Such trade was strictly illegal in New York. So how did Lamar get away with it?... In his 1941 book, 'Business and Slavery,' Philip S. Foner presents the historians' consensus that the trade began in 1857 and that 'from January 1859 to August 1860, it was conservatively estimated, close to one hundred vessels left the city for the slave trade.'" Chaitkin blames the Bank of the Republic, which handled the Southern states' business in New York, and had an interlocking directorate with the Great Western (Marine) Insurance Company, of which Richard D. Lathers was President. James T. Soutter, President of the Bank of the Republic, was director of the Great Western in 1859. Lathers and several other directors of the Great Western during 1859-64, including Samuel D. Babcock, W. Butler Duncan, J.B. Johnston, Henry F. Spaulding and J.P. Morgan, later formed the NYGIC and the Central Trust. James M. Brown of Brown Brothers & Co. and Brown, Shipley & Co.; and William M. Evarts were also directors of the Great Western. (Classified Ad 11. Financial. New York Times, Jan. 22, 1859 p. 7; Financial. New York Times, Jun. 7, 1864 p. 6.)

Treason In America / CTRL Mail Archive

The elections of the Bank of the Republic in 1854 included few of the "trans-Atlantic oligarchical syndicate backing the secessionist movement in the United States and providing financial depth for Lamar's operations." G.B. Lamar was vice president and a director; director James T. Soutter had replaced him as president. John J. Crane, the bank's president in the 1840s, was a director; he and Soutter were directors of the Great Western in 1865 and 1859, respectively. At least two of the directors, William H. Guion and Lucius Hopkins, were members of the New York Cotton Exchange; Guion was a director of the Great Western throughout the war. (Classified Ad 2. New York Daily Times, Feb. 27, 1854 p. 5.) Another director, Rufus R. Graves, left $100,000, "to be applied to the education of the colored people in the Southern States." It was the largest public bequest, with lesser amounts of $15,000 to the American Missionary Association, $10,000 each to the American Board of Foreign Missions, the Woman's Missionary Society Society of America, and the Home Missionary Society connected with the Congregational Church. (Will of the Late Rufus Graves. New York Times, Sep. 16, 1876.) His widow donated the missionary societies as well. (Mrs. Rufus R. Graves's Will. New York Times, Sep. 22, 1879.) Many of them were directors one of the multitude of little "insurance companies" that sprang up during the 1850s, most of which subsequently disappeared.

Directors of the Bank of the Republic, Feb. 20, 1863: George Collins, George G. Sampson, George B. Carhart, J.J. Crane, Francis Skiddy, J.B. Johnston, W.S. Tisdale, Henry A. Howe, W.H. Guion, W.L. Cogswell, Sumner R. Stone, and R.H. Lowry. Crane declined reelection as President, and Lowry was unanimously elected. Crane was unanimously elected vice-president, and Henry W. Ford appointed Cashier. (Classified Ad 9. New York Times, Feb. 23, 1863 p. 6.)

L. Von Hoffman of L. Von Hoffman & Co.
Louis A. Von Hoffman and Samuel D. Babcock were directors of International Bell Telephone Ltd. in 1897 (Corporation Elections. New York Times, June 3, 1897.)

Martin Bates of M. Bates, Jr., & Co.; also a Trustee of the Central Trust
Martin Bates (1814-1883) began in his father's fur trade business in Boston, and came to New York in the 1840s. He was a director of the American Exchange National Bank; a trustee of the Mutual Life Insurance Company for 25 years until his death; and a trustee and incorporator of the Central Trust Company. (Obituary 1. New York Times, Jan. 3, 1883 p. 5.) Bates was a trustee of the Pacific Mutual Insurance Company, along with U.A. Murdock. (Insurance. New York Daily Times, Jan. 23, 1855 p. 7; Financial. New York Times, Jan. 20, 1857.) He was a director of the Queen Insurance Company of Liverpool & London, along with NYGIC directors Samuel D. Babcock, Josiah M. Fiske, and J. Boorman Johnston, and Henry F. Spaulding of the Central Trust. (Classified Ad 3. New York Times, Jan. 22, 1880 p. 6.) Bates was a trustee of the Mutual Life Insurance Company from 1863 to 1882.

C.F. Dambmann of C.F. Dambmann & Co.
Dambmann and U.A. Murdoch were directors of the Continental Bank in 1856. (Commercial Affairs. New York Daily Times, Feb. 6, 1856 p. 8.) Dambmann and Herman Marcuse were directors of the Germania Fire Insurance Company in 1859 (Insurance. New York Times, Jun. 16, 1859 p. 7.) He died in 1868. (Died. New York Times, Jun. 29, 1868 p. 5.)Noah L. Wilson of Wilson, Gibson & Co.
Noah L. Wilson was President of the Hillsboro & Cincinnati Railroad Company (Financial. New York Daily Times, Jul. 1, 1856 p. 6.). Noah L. Wilson of Ohio was a Commissioner of the Union Pacific Railroad, along with John S. Kennedy (later a trustee of the Central Trust) and Thomas W. Olcott (the father of Frederick P. Olcott of the Central Trust) of New York, William B. Ogden of Illinois (brother-in-law of members of the Butler law firm which created the Central Trust), and C.P. Huntington (partner of Leland Stanford of the Central Pacific and Southern Pacific Railroads) and D.O. Mills of California, when it got its big subsidy from the US Congress (Public Notices. New York Times, July 14, 1862.) Wilson was President of the North American Petroleum Company, which had properties in Ohio and Virginia. William H. Guion was a director. (Financial. New York Times, Nov. 28, 1864 p. 6.) Wilson was President of the newly-created American National Bank (Display Ad 4. New York Times, Feb. 28, 1865 p. 8), and a director of the Harmony Mutual Coal Company (Financial. New York Times, Nov. 23, 1865 p. 6.)

N.Y. Guaranty and Indemnity Co., 1866
New York Guaranty and Indemnity Company Directors: A.A. Low, L. Von Hoffman, Jonathan Thorne, Joel Wolfe, James B. Johnston, David Dows, U.A. Murdock, W. Butler Duncan, George D. Cragin, Herman Marcuse, Richard Lathers, Martin Bates, C.F. Dambmann, Noah L. Wilson; Samuel D. Babcock, President pro tem; James P. Wallace, Vice-President; Samuel G. Ogden, Treasurer. (New York Times, Feb. 7, 1866, p.6.) In August, Joshua J. Henry was elected President, and Francis J. Ogden, Treasurer. (Financial. New York Times, Aug. 1, 1866.)

Joshua J. Henry
Henry was a director of the Atlantic Mutual Insurance Company (Insurance. New York Daily Times, Feb. 11, 1852 p. 4.), along with Benjamin F. Babcock (Insurance. New York Daily Times, Feb. 9, 1856 p. 6; Financial. New York Daily Times, Feb. 2, 1857 p. 7; Classified Ad 10. New York Times, Feb. 14, 1863 p. 7.), and with Babcock, A.A. Low, and James Low (Classified Ad 18. New York Times, Feb. 16, 1864 p. 6), with Babcock, James Low, and William H. Webb (Classified Ad 13. New York Times, Feb. 17, 1865 p. 6; Financial. New York Times, Feb. 20, 1866 p. 6; Financial. New York Times, Feb 22, 1867 p.6; Financial. New York Times, Feb. 29, 1868 p. 6); a trustee of the Phenix Bank (Dividends. New York Daily Times, Jan. 19, 1854 p. 7.); the North American Fire Insurance Company, along with Jonathan Thorne, Wyllis Blackstone, Moses H. Grinnell, and William S. Wetmore. (Insurance. New York Daily Times, Jun. 1, 1855 p. 6.) A.A. Low and Jonathan Thorne offered the Board of Directors Resolution upon his death. (Obituary. New York Times, Sep. 19, 1868 p. 5.)

 

N.Y. Guaranty and Indemnity Co., 1870

"At the annual election of the New-York Guaranty and Indemnity Company, the following gentlemen were made Directors: Messrs. Samuel D. Babcock, A.A. Low, James B. Johnston, David Dows, Jonathan Thorne, Martin Bates, W. Butler Duncan, Richard Lathers, Joel Wolfe, John Caswell, Adrian Iselin, Josiah M. Fiske, James P. Wallace, Charles H.P. Babcock and David Salomon." (Financial and Commercial. New York Times, May 6, 1870.)

Charles H.P. Babcock (also a Trustee of the Central Trust)

Charles Henry Phelps Babcock (1825-1897) was Secretary of the Central Trust Company from its organization until his death at age 73. "Mr. Babcock was born and received his education in Stonington, Conn., and when eighteen years of age became a clerk with Francis Skinner & Co., a leading firm of domestic commission merchants in Boston. He was one of two representatives of that house when its New York branch was established some years later. Subsequently, for about ten years, he was one of the firm of Babcock & Milnor, dry goods importers. After retiring from the dry goods business he became one of the Vice Presidents of the Guaranty and Indemnity Company, and on the winding up of the affairs of that corporation took the position which he occupied until the time of his death." (Death List of a Day. New York Times, Mar. 26, 1897 p. 7.) He and Samuel D. Babcock were brothers who married sisters Cornelia and Elizabeth Crary Franklin, respectively.

One of C.H.P. Babcock's sons, Franklin L. Babcock, was a Secretary of the Central Trust. Another, William Evelyn Babcock, headed an insurance brokerage firm of his name. (William Evelyn Babcock. New York Times, Mar. 4, 1933.) Another, Charles Percival Babcock, died in 1934. (Deaths. New York Times, Jun. 11, 1934 p. 17.)

John Caswell

Caswell was a director of the Manhattan Fire Insurance Company, No. 68 Wall-st, along with Peter Cooper and Elisha Riggs (Insurance. New York Daily Times, Sep. 9, 1852 p. 4), and Jonathan Thorne (Insurance. New York Daily Times, Dec. 30, 1854 p. 7; Insurance. New York Daily Times, Dec. 1, 1855 p. 6.) (Classified Ad 22. New York Times, Apr. 7, 1864 p. 9.). He was a director of the Continental Insurance Company in 1861, along with fellow NYGIC directors Samuel D. Babcock and A.A. Low, also Hiram Barney of the Butler law firm and George W. Lane of the Central Trust, and Robert H. McCurdy, the father of Richard A. McCurdy of the Guaranty Trust. (Ad 7. The Independent, Jan. 31, 1861;130(635):7.) His business partners in John Caswell & Co. were William H. Caswell, Benjamin Bryer, and Edmund W. Corlies (Classified Ad 4. New York Times, Jul. 20, 1871 p. 6.). Bryer and William H. Caswell continued under the old firm name with John H. Caswell. (Legal Notice 2. New York Times, Jan. 5, 1872 p. 7.) John H. Caswell was a graduate of Columbia, and died at age 63. (Obituary Notes. New York Times, Oct. 19, 1909.) Corlies became a trustee of the Central Trust.

Josiah M. Fiske (also a Trustee of the Central Trust)

Josiah M. Fiske, of Smith, Fiske & Co., flour merchants, died in 1892. He was a director of the American Exchange Bank, New York Guaranty and Trust Company, and the New York Guaranty and Indemnity Company. He was born in Cambridge, Mass. and came to New York in 1850. He left several million dollars and no children. (Josiah M. Fiske Dies Suddenly; Prostrated As He Was Entering the American Exchange Bank. New York Times, Dec. 24, 1892.) He was a director of the Queen Insurance Company of London and Liverpool, along with NYGIC directors Samuel D. Babcock, Martin Bates, and J. Boorman Johnston, and Henry F. Spaulding of the Central Trust. Classified Ad 3. New York Times, Jan.. 22, 1880 p. 6.)

Adrian Iselin

"Although Mr. Iselin was one of the leading bankers of the country, very little has been published about him, and he never permitted a likeness of himself to appear in print. His father was a Swiss capitalist, who came to this country from Basel, Switzerland, early in the last century as a representative of the silk and glove industries of Lyons. His mother was of Swiss-French parentage. Mr. Iselin was born in Scotland while his parents were making a tour of the British Isles. He was educated abroad, and came to New York while a young man. For more than a quarter of a century he was the assistant to the Swiss Consul at this port." His wife, Eleanora, the daughter of Columbus O'Donnell of Baltimore, and several members of his family were Catholics, although he was not. His wealth was estimated at $20 to $50 million. They had six children - C. Oliver Iselin, William E. Iselin, Adrian Iselin Jr., Columbus O'Donnell Iselin, Mrs. De Lancey Astor Kane, Mrs. John G. Beresford, and Miss Georgiana Iselin. (Adrian Iselin Dead At His City Home. New York Times, Mar. 29, 1905.) Adrian Iselin Jr. married Miss Caylus; C. Oliver Iselin Jr. married Miss Fanny Garner, and after her death, Miss Hope Goddard of Providence, R.I.; Columbus O'Donnell Iselin married Miss Edith Jones; Mrs. Delancey Kane was formerly Eleanora Iselin, and Mrs. Beresford was Emilie Iselin. (Mrs. Adrian Iselin Dead. New York Times, Nov. 28, 1897.) Adrian Iselin was executor of the estate of James Gallatin, which amounted top $398,421.78. Martin J. Keogh of Temple Court and New Rochelle appeared with him. Gallatin's grandson, James F. Gallatin, who lived in Paris and was known as Count Gallatin, inherited the bulk of it. The balance was deposited in the New York Life Insurance and Trust Company. (A Fortune for "Countt" Gallatin. New York Times, Jan. 31, 1886.) His son, Adrian Iselin Jr., was a director of the Guaranty Trust from 1892 to at least 1906, then a trustee of the Central Trust from at least 1908 to 1929, when he was replaced by Ernest Iselin.

David Salomon

David Salomon was Vice President and a director of the German-American Bank, at 120 Broadway. (Classified Ad 4. New York Times, Jan. 15, 1872 p. 6; The German-American Bank. New York Times, Apr. 19, 1874.)

In 1873, directors of the New York Guaranty & Indemnity Company and members of the Butler law firm formed the Central Trust.

http://www.smokershistory.com/Central.htm

In 1891, the company was reorganized under the auspices of the Mutual Life Insurance Company, and its name was later changed to the Guaranty Trust Company of New York. Samuel D. Babcock and Josiah M. Fiske were the only directors from the old company.

http://www.smokershistory.com/guaranty.htm