Albert M. Greenfield
Encyclopedia
Albert M. Greenfield was a Philadelphia, Pennsylvania
-based real estate, banking, retailing, hotel, and transportation industry leader. Over time, he became increasingly influential in the civic and philanthropic arenas, and in local and national politics.
By the early 1920s he controlled twenty seven building and loan associations. In 1924, Greenfield and his father-in-law Sol C. Kraus formed Bankers Bond & Mortgage Company to handle first mortgages on real estate in Philadelphia. After expanding to the New York City market, the firm was renamed Bankers Bond & Mortgage Company of America. From 1925, until its closing on December 22, 1930, as a result of the crash of 1929, he ran the Bankers Trust Company (Philadelphia). In 1927, Greenfield formed the Bankers Securities Corporation
(B.S.C.) for general investment banking and trading in securities and served as its chairman until March 1959. It eventually became the parent company for virtually all of Greenfield's financial interests, including City Stores Company.
; the Philadelphia Chamber of Commerce; Urban Land Institute
; National Conference of Christians and Jews; American Jewish Tercentenary Committee; Sesquicentennial Exposition
; Albert Einstein Medical Center; and the Federation of Jewish Charities.
Greenfield was also very involved in educational endeavors with his time and money. He served as a trustee of Lincoln University
, Temple University
, Delaware Valley College of Science and Agriculture, Pennsylvania Military College, American Heritage Foundation and the Kennedy and Truman Presidential Libraries.
for development of a human relations center. The center was named in his honor; The Albert M. Greenfield Center for Human Relations. It was established to offer graduate and undergraduate instruction on intergroup relations; to advance knowledge in the field of group relations by fostering both basic and applied research; and to provide community service. The Center existed through the late 1960’s.
In 1953, he established the Albert M. Greenfield Foundation to provide grants to a variety of local Philadelphia institutions. The Foundation supports the Albert Monroe Greenfield Memorial Lecture in Human Relations, an annual event at the University of Pennsylvania held under the terms of the endowment of the Greenfield Professorship of Human Relations. The professorship was established in 1972. In 2006, the Foundation sold its Chestnut Hill
headquarters, the Sugar Loaf estate, to Chestnut Hill College
for $11 million. In 1992, the foundation endowed the Albert M. Greenfield Student Competition, The Philadelphia Orchestra
, to recognize extraordinary young musical talent in the Greater Delaware Valley region. The Foundation has also funded the Albert M. Greenfield Digital Imaging Center at The Academy of Natural Sciences
, Philadelphia.
His philanthropic endeavors transcended religious and racial lines. He was praised for his work by such organizations as the National Conference of Christians and Jews, World Brotherhood Organization, Urban League, and the Catholic Interracial Council. For his philanthropic work, he was bestowed with the rank of Commander of the Order of Pius IX
by the Pope. He was the first Jew in America to receive such an honor.
A public elementary school located at 22nd and Chestnut Streets, Philadelphia, is named in his honor.
in 1956 as Chairman of the City Planning Commission. In order to accept the position, Greenfield had to retire from his real estate business and stepped down as head of the Albert M. Greenfield & Co. on January 1, 1956, after fifty years. He became a strong advocate of urban renewal
. Although on the commission for a little over a year, his work laid the foundation for the development of Penn Center, Society Hill
, Independence Square
, and Veterans Stadium
. Also because of his political activism, in 1948 Philadelphia hosted both party conventions.
Philadelphia, Pennsylvania
Philadelphia is the largest city in the Commonwealth of Pennsylvania and the county seat of Philadelphia County, with which it is coterminous. The city is located in the Northeastern United States along the Delaware and Schuylkill rivers. It is the fifth-most-populous city in the United States,...
-based real estate, banking, retailing, hotel, and transportation industry leader. Over time, he became increasingly influential in the civic and philanthropic arenas, and in local and national politics.
Business Activities
The Albert M. Greenfield & Co. real estate firm opened its doors at 218 South 4th Street in May 1905, with $500.00 that his mother borrowed for him from her brother. The alliances created through his growing real estate business led to investments in motion picture theaters, building and loan associations, and mortgage financing. The company remains in operationBy the early 1920s he controlled twenty seven building and loan associations. In 1924, Greenfield and his father-in-law Sol C. Kraus formed Bankers Bond & Mortgage Company to handle first mortgages on real estate in Philadelphia. After expanding to the New York City market, the firm was renamed Bankers Bond & Mortgage Company of America. From 1925, until its closing on December 22, 1930, as a result of the crash of 1929, he ran the Bankers Trust Company (Philadelphia). In 1927, Greenfield formed the Bankers Securities Corporation
Bankers Securities Corporation
Bankers Securities Corporation was a Philadelphia, Pennsylvania-based investment company formed in 1927, by Albert M. Greenfield for general investment banking and trading in securities. It eventually became the parent company for virtually all of Greenfield's financial interests. B.S.C...
(B.S.C.) for general investment banking and trading in securities and served as its chairman until March 1959. It eventually became the parent company for virtually all of Greenfield's financial interests, including City Stores Company.
Board Memberships
Greenfield's reputation for producing results placed him in high demand. He was involved or interested in almost everything. At one point in the 1940s, he sat on forty-three boards. A few significant ones include: the Philadelphia Transportation Company; Girard CollegeGirard College
Girard College is an independent boarding school on a 43-acre campus in Philadelphia, Pennsylvania, in the United States.Girard is for academically capable students, grades one through 12, and awards a full scholarship with a yearly value of approximately $42,000 to every child admitted to the...
; the Philadelphia Chamber of Commerce; Urban Land Institute
Urban Land Institute
The Urban Land Institute, or ULI, is a non-profit research and education organization with offices in Washington, D.C., Hong Kong, and London...
; National Conference of Christians and Jews; American Jewish Tercentenary Committee; Sesquicentennial Exposition
Sesquicentennial Exposition
The Sesqui-Centennial International Exposition of 1926 was a world's fair hosted in Philadelphia, Pennsylvania to celebrate the 150th anniversary of the signing of the United States Declaration of Independence, and the 50th anniversary of the 1876 Centennial Exposition-History:The honor of hosting...
; Albert Einstein Medical Center; and the Federation of Jewish Charities.
Greenfield was also very involved in educational endeavors with his time and money. He served as a trustee of Lincoln University
Lincoln University (Pennsylvania)
Lincoln University is the United States' first degree-granting historically black university. It is located near the town of Oxford in southern Chester County, Pennsylvania. The university also hosts a Center for Graduate Studies in the City of Philadelphia. Lincoln University provides...
, Temple University
Temple University
Temple University is a comprehensive public research university in Philadelphia, Pennsylvania, United States. Originally founded in 1884 by Dr. Russell Conwell, Temple University is among the nation's largest providers of professional education and prepares the largest body of professional...
, Delaware Valley College of Science and Agriculture, Pennsylvania Military College, American Heritage Foundation and the Kennedy and Truman Presidential Libraries.
Philanthropic Endeavors
In the early 1950’s, he donated $1 million dollars to the University of PennsylvaniaUniversity of Pennsylvania
The University of Pennsylvania is a private, Ivy League university located in Philadelphia, Pennsylvania, United States. Penn is the fourth-oldest institution of higher education in the United States,Penn is the fourth-oldest using the founding dates claimed by each institution...
for development of a human relations center. The center was named in his honor; The Albert M. Greenfield Center for Human Relations. It was established to offer graduate and undergraduate instruction on intergroup relations; to advance knowledge in the field of group relations by fostering both basic and applied research; and to provide community service. The Center existed through the late 1960’s.
In 1953, he established the Albert M. Greenfield Foundation to provide grants to a variety of local Philadelphia institutions. The Foundation supports the Albert Monroe Greenfield Memorial Lecture in Human Relations, an annual event at the University of Pennsylvania held under the terms of the endowment of the Greenfield Professorship of Human Relations. The professorship was established in 1972. In 2006, the Foundation sold its Chestnut Hill
Chestnut Hill, Philadelphia, Pennsylvania
Chestnut Hill is a neighborhood in the Northwest Philadelphia section of the United States city of Philadelphia, Pennsylvania.-Boundaries:Chestnut Hill is bounded as follows:...
headquarters, the Sugar Loaf estate, to Chestnut Hill College
Chestnut Hill College
Chestnut Hill College is a coeducational Roman Catholic college in the Chestnut Hill section of Philadelphia, Pennsylvania, USA. It was founded in 1924 as a women's college by the Sisters of St. Joseph. It was originally called Mount Saint Joseph College and assumed its current name in 1938. In...
for $11 million. In 1992, the foundation endowed the Albert M. Greenfield Student Competition, The Philadelphia Orchestra
Philadelphia Orchestra
The Philadelphia Orchestra is a symphony orchestra based in Philadelphia, Pennsylvania, in the United States. One of the "Big Five" American orchestras, it was founded in 1900...
, to recognize extraordinary young musical talent in the Greater Delaware Valley region. The Foundation has also funded the Albert M. Greenfield Digital Imaging Center at The Academy of Natural Sciences
Academy of Natural Sciences
The Academy of Natural Sciences of Drexel University, formerly Academy of Natural Sciences of Philadelphia, is the oldest natural science research institution and museum in the New World...
, Philadelphia.
His philanthropic endeavors transcended religious and racial lines. He was praised for his work by such organizations as the National Conference of Christians and Jews, World Brotherhood Organization, Urban League, and the Catholic Interracial Council. For his philanthropic work, he was bestowed with the rank of Commander of the Order of Pius IX
Order of Pius IX
The Order of Pius IX , also referred as the Pian Order , is a Papal order of knighthood founded on 17 June 1847 by Pope Pius IX.-Classes:The Order comprises five classes:...
by the Pope. He was the first Jew in America to receive such an honor.
A public elementary school located at 22nd and Chestnut Streets, Philadelphia, is named in his honor.
Politics
In politics, in 1917, Greenfield was elected to a Philadelphia Common Council seat and served until 1920. Originally a Republican, he switched parties with the advent of the New Deal and remained a strong Democratic supporter until his death. He enjoyed a close relationship with many Presidents from Herbert Hoover to Lyndon Johnson. Greenfield served as a delegate to the Republican National Convention in 1928 and to the Democratic National Conventions from 1948-1964. He was also a presidential elector in 1956 and 1960. Through his political connections he received appointments to various committees and commissions. These included appointment by Philadelphia Mayor Richardson DilworthRichardson Dilworth
Richardson K. Dilworth was an American Democratic Party politician, born in the Pittsburgh area, who served as the 91st Mayor of Philadelphia from 1956 to 1962.-Education and early career:...
in 1956 as Chairman of the City Planning Commission. In order to accept the position, Greenfield had to retire from his real estate business and stepped down as head of the Albert M. Greenfield & Co. on January 1, 1956, after fifty years. He became a strong advocate of urban renewal
Urban renewal
Urban renewal is a program of land redevelopment in areas of moderate to high density urban land use. Renewal has had both successes and failures. Its modern incarnation began in the late 19th century in developed nations and experienced an intense phase in the late 1940s – under the rubric of...
. Although on the commission for a little over a year, his work laid the foundation for the development of Penn Center, Society Hill
Society Hill
Society Hill may refer to:* Society Hill, Philadelphia, Pennsylvania, a neighborhood in Philadelphia* Society Hill, South Carolina* Society Hill, Middlesex County, New Jersey, an unincorporated community in Middlesex County, New Jersey...
, Independence Square
Independence Square
There are many squares in the world named Independence Square, such as:*Harry S. Truman, in the center of the Independence Square, Independence, MO US* Malta's capital, Valletta contains such a square, outside St...
, and Veterans Stadium
Veterans Stadium
Philadelphia Veterans Stadium was a professional-sports, multi-purpose stadium, located at the northeast corner of Broad Street and Pattison Avenue, in Philadelphia, Pennsylvania, as part of the South Philadelphia Sports Complex...
. Also because of his political activism, in 1948 Philadelphia hosted both party conventions.
External Links
- The Albert M. Greenfield Papers, including correspondence, news clippings and office files, are available for research use at the Historical Society of Pennsylvania.