NationMaster - Encyclopedia: Edward T. Stotesbury

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Edward Townsend Stotesbury (1849-1938) was a prominent partner at J.P. Morgan & Co. and its Philadelphia affiliate Drexel & Co. for over fifty-five years. Stotesbury was born in Philadelphia on February 26, 1849 of Quaker parentage. J.P. Morgan Chase & Co. ... Drexel & Company was a Philadelphia based banking company started by Francis Martin Drexel. ...

Mr. Stotesbury was married twice, his first wife, the former, Miss Frances Berman Butcher. There were two daughters born of that marriage. One, Mrs. John Kearsley Mitchell, the other, Mrs. Sydney Emlen Hutchinson.

Stotesbury got his start going to work for Drexel & Co., the well-known Philadelphia banking house of which A. J. Drexel was founder and directing head. He was always punctual, never absent. He kept meticulous records of every penny he spent. When Drexel went into partnership with J.P. Morgan, Stotesbury received a lucrative post. Proof of the fashion in which he made himself a valued junior employee of the firm was instanced in 1882, when he was made a partner. Years later he often told the simple story of his success, which, boiled down to: "Keep your mouth shut and your ears open." John Pierpont Morgan (April 17, 1837 – March 31, 1913), American financier and banker, was born in Hartford, Connecticut, a son of Junius Spencer Morgan (1813–1890), who was a partner of George Peabody and the founder of the house of J. S. Morgan & Co. ...

One of the significant services which he preformed in the course of his business career was that of assisting in the floating of the International Chinese Loan of 1909.

On January 18, 1912 Edward Stotesbury married Eva Roberts Cromwell (Mrs. Oliver Eaton Cromwell) of Chicago. He had been a widower for thirty some years. Stotesbury and his second wife Eva built three palatial estates: Whitemarsh Hall outside of Philadelphia; El Mirasol in Palm Beach, Florida; and Wingwood House in Bar Harbor, Maine. Nickname: The Windy City, The Second City, Chi Town, The City of Big Shoulders, The 312, The City that Works Motto: Urbs In Horto (Latin: City in a Garden), I Will Location in Chicagoland and Illinois Coordinates: Country United States State Illinois County Cook & DuPage Incorporated March 4, 1837 - Mayor... Whitemarsh Hall was an estate located in Wyndmoor, Pennsylvania and owned by banking executive Edward T. Stotesbury and his wife, Eva. ... Nickname: City of Brotherly Love, Philly, the Cradle of Liberty, the City That Loves You Back, the Quaker City, The Birthplace of America Motto: Philadelphia maneto - Let brotherly love continue Location in Pennsylvania Coordinates: Country United States State Pennsylvania County Philadelphia Founded October 27, 1682 Incorporated October 25, 1701 Mayor... Palm Beachs skyline, as seen from Flagler Drive in West Palm Beach. ... Bar Harbor, Maine, it the name of two places in Maine Bar Harbor, census-designated place Bar Harbor a larger town This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ...

In 1927, Stotesbury's fortune was estimated at $100 million. At the time of his death in 1938, it was down to an estimated $4 million. The stock market did crash in the years of the decline of his fortune. In the last five years of his life (a rate of withdrawal of more than $10,000,000 a year), while the Depression raged, the banker withdrew $55 million out of his account at J.P. Morgan.

He was also a director of the Reading Railroad, the Lehigh Valley Railroad, the Philadelphia Fidelity Bank, the Girard Trust Company, the Cambria Iron Company, Pennsylvania Steel Company, Latrobe Steel Company, Penn Mutual Life Insurance Company, Keystone Watch Company, and the Jesup and Moore Paper Company. Philadelphia and Reading Railroad Categories: Rail stubs | Philadelphia and Reading Railroad ... 1884 map of the Pennsylvania, Reading and Lehigh Valley Railroads The Delaware, Lehigh, Schuylkill and Susquehanna Railroad Company (AAR reporting mark LV) was incorporated April 21, 1846 in Pennsylvania. ... Cambria Iron Company is a National Historic Landmark located in Johnstown, Pennsylvania. ...

His stepdaughter, Henrietta Louise Cromwell, married Douglas MacArthur, on February 14, 1922. She had two children from a previous marriage. They were divorced in 1929. Douglas MacArthur (January 26, 1880 - April 5, 1964), was a famous American general who played a prominent role in the Pacific theater of World War II. He was poised to command the invasion of Japan in November 1945 but was instead instructed to accept their surrender on September 2, 1945. ...

His stepson, James H.R. Cromwell, who was then married to Doris Duke, had become a devoted New Dealer. One day in 1936 Stotesbury told him, "It’s a good thing you married the richest girl in the world because you will get very little from me. I made my fortune and I am going to squander it myself; not your friend Roosevelt." Doris Duke, (November 22, 1912 â€“ October 28, 1993) was an American heiress and philanthropist. ...

William Manchester, American Caesar: Douglas MacArthur 1880-1964, Little, Brown & Company (1978) http://en.wikipedia.org/wiki/American_Caesar