Seymour L. Cromwell

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Seymour L. Cromwell
President of the New York Stock Exchange
In office
May 1921 – May 1924
Preceded byWilliam H. Remick
Succeeded byEdward H. H. Simmons
Personal details
Born
Seymour LeGrand Cromwell

(1871-04-24)April 24, 1871
Brooklyn, New York, U.S.
DiedSeptember 16, 1925(1925-09-16) (aged 54)
Morristown, New Jersey, U.S.
Spouse
Agnes Mabel Whitney
​
​
(m. 1899)​
RelationsSeymour Cromwell (grandson)
Children4
Parent(s)Frederic Cromwell
Esther Whitmore Husted Cromwell
EducationHarvard 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.

Early life[edit]

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[edit]

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[edit]

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]

Personal life[edit]

On November 29, 1899, Cromwell married Agnes Mabel Whitney (1874–1959), a suffragist who later became a poet and author.[12] A descendant of prominent merchant Stephen Whitney, she was a daughter of Stephen Suydam Whitney and Josephine (née Thomson) Whitney.[13] She was a niece of Mary Stuart Whitney Kernochan (wife of J. Frederic Kernochan) and among her siblings was sister, Mary Stuart Whitney (wife of Robert Livingston Stevens; son of Edwin Augustus Stevens and Martha Bayard Stevens) and brothers, New Jersey Senator Arthur Whitney and Stephen Suydam Whitney Jr. (husband of Louise Mott Bell; niece of Isaac Bell Jr. and great-granddaughter of Dr. Valentine Mott).[13] Together, they were the parents of four sons:

  • Frederic Cromwell (1900–1973), who married Caroline Cooper Prentice (1901–1957) in 1923.[14] They divorced in 1925 and he remarried Cornelia Livingston (1903–1975), a daughter of Goodhue Livingston, in 1927.[15][16] In 1947, they too divorced,[17] and in 1948 he married Iris Barnett Lyon.[18]
  • Seymour Legrand Cromwell Jr. (1902–1965),[19] who married Leta Clews (1912–1991), a grandniece of Henry Clews, in 1936.[9][a] They divorced and he remarried to Olivia (née Morgan) Knight (1916–1972), the widow of Harry Hall Knight, in 1951.[23]
  • Whitney Cromwell (1904–1930), who died of pneumonia while on vacation in Tunisia at the age of 25. A graduate of Harvard, he was studying at the École des Beaux-Arts in Paris before his death.[24]
  • John Cromwell (1914–1979),[25] an actor and playwright who made his Broadway debut in 1935 in the play The Old Maid.[26]

In New York City, they resided at 169 East 74th Street (previously at 8 East 53rd Street),[27] and had a country estate in Mendham, New Jersey that was gifted to Cromwell in 1892 by his father. The 112-acre estate featured a forty-seven room Georgian-style mansion in Somerset Hills, New Jersey.[28] In 1927, his widow sold their New Jersey estate to the Sisters of Christian Charity (as a retreat and guest house)[28] for $50,000,[29] and later moved to 993 Park Avenue.[30]

Cromwell died at the Morristown Hospital on September 16, 1925,[1] at the age of 54, after he was thrown from a horse while riding near Bernardsville.[31] The Exchange closed so members could attend his services at St. Bartholomew's Church, followed by burial at Green-Wood Cemetery in Brooklyn.[32] His wife inherited his whole estate.[33] After his death, his widow "maintained her civic commitments, supporting women's issues as well as national and local unemployment relief efforts"[34] before her death on May 15, 1959.[30] She was the first woman to serve on the New Jersey State Board of Education and the first on the New Jersey State Hospital Board.[35]

Descendants[edit]

Through his eldest son, he was a grandfather of champion oarsman Seymour Legrand Cromwell II (1934–1977), a Princeton graduate and naval architect who helped the United States win a silver medal in the 1964 Olympics in Tokyo.[36]

References[edit]

Notes
  1. ^ Leta Clews (1912–1991) was the daughter of James Blanchard Clews and Leta Nichols Livingston Clews.[20] Her father's second wife was Mary Ann Payne (1890–1973) of Baltimore. After Leta's father died in 1934, Mary Ann married George Blumenthal in December 1935. After Blumenthal, a banker and one‐time president of the Metropolitan Museum of Art, died in 1941, she married Gen. Ralph K. Robertson.[21] After Robertson died in 1964, she married Russian Baron Charles P. von Wrangell-Rokassowsky in 1968.[22]
Sources
  1. ^ a b c d e f g h "SEYMOUR CROMWELL DEAD AFTER FALL; Ex-President of the Stock Exchange, Thrown From Horse, Succumbs in Morristown. EXCHANGE PAYS TRIBUTE Noted for Hie Campaign Against Bucket Shops -- A Leader in Civic Affairs and Charities" (PDF). The New York Times. September 17, 1925. Retrieved December 13, 2019.
  2. ^ "Frederic Cromwell" (PDF). The New York Times. June 23, 1914. Retrieved December 13, 2019.
  3. ^ a b "CROMWELL TWINS END THEIR LIVES BY LEAP FROM SHIP; Daughters of Late Frederick Cromwell Reported Suicides from French Liner. ON WAY HOME FROM FRANCE Were in Red Cross Work at Front and Suffered from Long Strain Under Fire. BROTHER HERE DOUBTS IT Seymour L. Cromwell Cables to Paris, Refusing to Believe the Report. Brother Doubts the Report. CROMWELL TWINS END LIVES AT SEA" (PDF). The New York Times. January 25, 1919. Retrieved December 13, 2019.
  4. ^ Richman, Jeff (January 23, 2017). "A Twin Tragedy". The Green-Wood Cemetery — The Green-Wood Historic Fund. Retrieved June 26, 2021.
  5. ^ "Seymour L. Husted's Will" (PDF). The New York Times. June 26, 1887. Retrieved December 13, 2019.
  6. ^ "EXCHANGE NAMES TICKET.; Seymour L. Cromwell Nominated for President to Succeed Remick" (PDF). The New York Times. April 12, 1921. Retrieved December 13, 2019.
  7. ^ a b "Cromwell to Retire as Exchange Head; Simmons, Vice President, to Succeed Him" (PDF). The New York Times. January 11, 1924. Retrieved December 13, 2019.
  8. ^ "DISCUSS WAY TO END STOCK SWINDLES; Twenty Investment Leaders Are Luncheon Guests of Seymour L. Cromwell" (PDF). The New York Times. May 4, 1923. Retrieved December 13, 2019.
  9. ^ a b "LETA CLEWS WED TO S. L. CROMLL; Ceremony Peormed by Chief Justice F. L. Kernochan of Special Sessions. A SURPRISE TO SOCIETY Bride's Father the Late James B. Clews, Prominent Broker-Bridegroom Princeton Man" (PDF). The New York Times. May 2, 1936. Retrieved December 13, 2019.
  10. ^ "SEES WALL STREET AS LIBERAL FORCE; Seymour L. Cromwell Says It Is Achieving War Ideals That Others Talked About" (PDF). The New York Times. January 16, 1925. Retrieved December 13, 2019.
  11. ^ "CROMWELL PRAISED BY STOCK EXCHANGE; Governors Adopt Resolution Extolling Retiring President's Work in Three Years" (PDF). The New York Times. May 1, 1924. Retrieved December 13, 2019.
  12. ^ Cromwell, Agnes Whitney (October 15, 1949). "Poetry to the General". Vogue. Retrieved December 13, 2019.
  13. ^ a b Duyckinck, Whitehead Cornell; Cornell, John (1908). The Duyckinck and Allied Families: Being A Record of the Descendants of Evert Duyckink Who Settled in New Amsterdam, now New York, in 1638. Tobias A. Wright. pp. 61, 84–85, 88h. Retrieved December 13, 2019.
  14. ^ "MISS PRENTICE WEDS FREDERIC CROMWELL; Bride of Son of President of! New York Stock Exchange in St. Bartholomew's Church" (PDF). The New York Times. April 19, 1923. Retrieved December 13, 2019.
  15. ^ "MISS C. LIVINGSTON ENGAGED TO MARRY; To Wed Frederick Cromwell, Son of Late President of New York Stock Exchange". The New York Times. August 18, 1927. Retrieved December 13, 2019.
  16. ^ "MISS LIVINGSTON WEDS F. CROMWELL; Ceremony Performed by Dr. Land at Home of the Bride's Parents in Southampton". The New York Times. August 21, 1927. Retrieved January 9, 2018.
  17. ^ "Frederic Cromwells Divorced" (PDF). The New York Times. August 17, 1947. Retrieved December 13, 2019.
  18. ^ "MRS. IRIS B. LYON BRIDE; Married on Coast to Frederic Cromwell, WPB Ex-Aide" (PDF). The New York Times. March 18, 1948. Retrieved December 13, 2019.
  19. ^ Times, Special to The New York (February 23, 1965). "Retired Banker, 62, Found Slain on L.i." (PDF). The New York Times. Retrieved December 13, 2019.
  20. ^ Men and Women of America: A Biographical Dictionary of Contemporaries. L.R. Hamersly. 1909. p. 363. Retrieved December 13, 2019.
  21. ^ "Maj. Gen. Ralph K. Robertson, Lawyer and Soldier, Dies at 81". The New York Times. October 6, 1964. Retrieved December 13, 2019.
  22. ^ "Baroness, 84, Benefactor Of St. Vincent's Hospital" (PDF). The New York Times. September 19, 1973. Retrieved December 13, 2019.
  23. ^ TIMES, Special to THE NEW YORK (December 6, 1951). "Mrs. O.M. Knight Married in Boston" (PDF). The New York Times. Retrieved December 13, 2019.
  24. ^ "WHITNEY CROMWELL DIES.; Son of Late Ex-President of Stock Exchange Was in Tunis" (PDF). The New York Times. January 4, 1930. Retrieved December 13, 2019.
  25. ^ Blau, Eleanor (September 5, 1979). "John Cromwell, Actor In Broadway Theater" (PDF). The New York Times. Retrieved December 13, 2019.
  26. ^ "NEWS OF THE STAGE; The Soviet's Comedy Tonight -- 'Porgy and Bess' Postponed a Day -- A Fanchon and Marco Revue" (PDF). The New York Times. October 3, 1935. Retrieved December 13, 2019.
  27. ^ Brooklyn Blue Book and Long Island Society Register. Brooklyn Life Publishing Company. 1903. p. 61. Retrieved December 13, 2019.
  28. ^ a b Schleicher, William A.; Winter, Susan (1997). In the Somerset Hills: The Landed Gentry. Arcadia Publishing. p. 49. ISBN 978-0-7524-0899-6. Retrieved December 13, 2019.
  29. ^ "History". scceast.org. Sisters of Christian Charity. Retrieved December 13, 2019.
  30. ^ a b "MRS. S. L. CROMWELL, JERSEY CIVIC LEADER" (PDF). The New York Times. May 16, 1959. Retrieved December 13, 2019.
  31. ^ "HORSE THROWS RIDER; LAWYER IS KILLED; Joseph McNaier Fatally Injured on an Outing -- Seymour L. Cromwell Hurt in Similar Accident" (PDF). The New York Times. September 9, 1925. Retrieved December 13, 2019.
  32. ^ "EXCHANGE IS CLOSED FOR CROMWELL RITES; Curb Market Also Shuts Early So Members Can Attend Services at St. Bartholomew's" (PDF). The New York Times. September 19, 1925. Retrieved December 13, 2019.
  33. ^ "Cromwell Left Estate to Widow" (PDF). The New York Times. October 22, 1925. Retrieved December 13, 2019.
  34. ^ Rex, Katrina. "Biographical Sketch of Agnes M. Cromwell". alexanderstreet.com. Alexander Street. Retrieved December 13, 2019.
  35. ^ Brayer, Elizabeth (2006). George Eastman: A Biography. University of Rochester Press. p. 479. ISBN 978-1-58046-247-1. Retrieved December 13, 2019.
  36. ^ "Seymour L. Cromwell, Oarsman, Won Silver Medal at '64 Olympics" (PDF). The New York Times. May 4, 1977. Retrieved December 13, 2019.

External links[edit]

Business positions
Preceded by President of the
New York Stock Exchange
1921 – 1924 		Succeeded by
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