Seymour L. Cromwell
From Wikipedia, the free encyclopedia
Seymour L. Cromwell | |
|---|---|
| President of the New York Stock Exchange | |
| In office May 1921 – May 1924 | |
| Preceded by | William H. Remick |
| Succeeded by | Edward H. H. Simmons |
| Personal details | |
| Born | Seymour LeGrand Cromwell April 24, 1871 |
| Died | September 16, 1925 (aged 54) Morristown, New Jersey, U.S. |
| Spouse |
Agnes Mabel Whitney
(m. 1899) |
| Relations | Seymour Cromwell (grandson) |
| Children | 4 |
| Parent(s) | Frederic Cromwell Esther Whitmore Husted Cromwell |
| Education | Harvard College University of Berlin |
Seymour LeGrand Cromwell (April 24, 1871 – September 16, 1925)[1] was an American banker who served as president of the New York Stock Exchange.
Cromwell was born in Brooklyn, New York on April 24, 1871. He was the eldest son of Esther Whitmore (née Husted) Cromwell (1846–1909) and Frederic Cromwell (1843–1914),[2] a trustee of the Mutual Life Insurance Company.[3] His younger brother was Ellis Bowman Cromwell, who died aged 17 in 1892, and his younger twin sisters, Dorothea Katharine Cromwell and Gladys Louise Husted Cromwell. Another sister, Mary Cromwell lived at 46 Rue Spontini in Paris. During World War I, twins Dorothea and Gladys volunteered with the Red Cross and, reportedly due to the strain of the hospital work, the 22 year-olds committed suicide in January 1919 by jumping from the deck of the French passenger ship La Lorraine as the steamer was in the Garonne river and they were on their way home to New York.[3] Three months later they were buried in France with military honors and the French Government awarded them the Croix de Guerre and the Médaille de la Reconnaissance française."[4]
His paternal grandparents were Mary Jane (née Kendall) Husted and Seymour Legrand Husted, one of the wealthiest men in Brooklyn who served as president of the Brooklyn City Railroad and of the Dime Saving Bank.[5]
Cromwell received his education at Harvard College and the University of Berlin.[1]
Career
After college, Cromwell worked for railroad, banking and industrial corporations in clerical capacities. In 1896, he began his career on the Stock Exchange as a partner in the firm of Strong, Sturgis & Co., remaining with them until January 1, 1925.[1] During Spanish–American War, Cromwell fought with Troop A (Squadron A). In recognition of his work with French orphans after World War I, he was made an Officer of the Legion of Honor by the French Government.[1]
In April 1921, he was selected to succeed William H. Remick as president the New York Stock Exchange.[6] Cromwell, a member of the Exchange since 1896, had previously been on the Board of Governors of the Exchange since May 1914.[1] He served three terms as president and was succeeded by Edward H. H. Simmons in May 1924.[7] While president of the Exchange, he was focused on ways to end stock swindles,[8] and was noted "for his campaign against bucket shops."[9] Through his efforts, he caused the Better Business Bureau of New York to be formed.[1] In 1925, Cromwell advanced the idea that Wall Street was "making 'vital efforts to realize in fact many of the aims so much talked about during the war, and the economic and social ideals urged by the liberals.'"[10]
Later career
After his retirement from the presidency of the Exchange,[11] he focused on his own business as a partner in the firm of Strong, Sturgis & Co., with offices as 11 Wall Street.[7] On January 1, 1925, he became a member of the odd lot brokerage firm of Carlisle, Mellick & Co., with offices at 41 Exchange Place.[1]