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Robert Winthrop (1833-1892)
Encyclopedia
Robert Winthrop was a wealthy bank
er and Capitalist in New York City.
, John Winthrop, Jr., and Fitz-John Winthrop.
Robert Winthrop was married to Kate Wilson Taylor (1839–1925) on June 23, 1859. She was the daughter of Moses Taylor
who was one of the greatest railroad, iron, and coal company financiers and was president of National City Bank
for 27 years.
They had six children who lived to adulthood: Robert Dudley Winthrop (1861–1912), Grenville Lindall Winthrop (1864–1943), Katharine Taylor Winthrop (1866–1943), Frederic Bayard Winthrop (1868–1932), Albertina Taylor Winthrop (1871–1934), and Beekman Winthrop
(1874–1940). Katharine married United States Senator Hamilton Fish Kean
(1862–1941) and Albertina married Dutch Diplomat Jan Herman van Roijen (1870–1933).
in 1862. In 1863, he became a one-third owner in the firm of Drexel, Winthrop & Company.
Drexel, Winthrop was a very successful firm during the 1860s. During most of this time, this New York branch, combined with the Drexel’s Philadelphia branch, was profiting between $300,000 and $350,000 per year. The Drexel brothers had a desire to do more European investing, as Winthrop did not agree, Drexel, Winthrop was dissolved in 1871 and Robert Winthrop & Company was established.
Over the next twenty years, this company would grow into an important family banking enterprise; Robert Winthrop multiplied his family’s fortune many times over. The Company would remain in the Winthrop family’s hands for over one hundred years. In 1977, Wood, Struthers, & Winthrop, the successor firm of Robert Winthrop & Company, was be sold to Donaldson, Lufkin & Jenrette
for one-million shares of DLJ stock.
Robert Winthrop was considered a close associate of his father-in-law, Moses Taylor
. By the late 1860s, Mr. and Mrs. Robert Winthrop were large holders of the Manhattan Gas Light Company with 240 shares. In 1873, they held 1,320 shares of the Delaware, Lackawanna and Western Railroad
. In 1870, Winthrop was a director of The Manhattan Coal Company. The extent of the Robert Winthrop family wealth would be further revealed during the Pujo Committee investigations. In 1913, a report issued by the Taft administration showed that Mrs. Robert Winthrop was the third largest shareholder of National City Bank of New York while Robert Winthrop & Company was the sixth largest shareholder in the National Bank of Commerce of New York. These were the nation’s two largest banks at the time.
In 1883, Robert Winthrop was an original shareholder of the Real Estate Exchange and Auction Room in New York when he purchased $10,000 of the original $115,000 subscribed. Other original shareholders included John Jacob Astor
, William Astor, and Lloyd Aspinwall. Winthrop served as a trustee of the New York Life Insurance and Trust Company and the Orthopedic Hospital.
Socially, Robert Winthrop belonged to the Union
, Knickerbocker
, Riding, and Metropolitan Club
s. Winthrop was a friend, neighbor, and business associate of Theodore Roosevelt, Sr., father of United States President Theodore Roosevelt
. The Winthrop and Roosevelt families would remain close through the next generation as Robert Winthrop’s son, Beekman Winthrop, would serve as President Roosevelt’s Governor of Puerto Rico and Assistant Secretary of the Treasury.
. It was the Winthrop-Taylor fortune that kept the Kean family afloat in tough economic times. Winthrop-Taylor monies were lent to the Kean’s during the panic of 1907, during the Great Depression to recapitalize Kean, Taylor and National State Bank of Elizabeth, and once again upon the death of Hamilton Fish Kean in 1941 to keep Kean, Taylor in existence.
Robert Winthrop’s son, Grenville Lindall Winthrop accumulated one of the largest and most valuable private art collections in the United States. The collection was bequeathed to the Fogg Art Museum at Harvard University upon his death in 1943.
Robert Winthrop’s son Beekman Winthrop
served in the Taft Administration as well. From 1909 to 1913, he was Assistant Secretary of the Navy. Beekman Winthrop headed Robert Winthrop and Company from 1913 until 1939 and served as a director of National City Bank.
Most modern day Winthrop’s descend from Robert Winthrop’s third son Frederic Winthrop. Robert Winthrop (1904–1999) headed Robert Winthrop & Company and Wood, Struthers, and Winthrop from 1939 until 1969 and was the majority partner upon its sale in 1977. Frederic Winthrop (1906–1979) was a gentleman farmer who presided over his 600 acres (2.4 km²) estate in Hamilton and Ipswich, Massachusetts. Frederic Winthrop was the father of five Winthrop sons including Grant Forbes Winthrop who is a partner at Milbank, Winthrop, a private investment firm in New York City. Through his marriage, Frederic Winthrop was the uncle of U.S. Senator John F. Kerry. The Winthrop cousins also own a 23000 acres (93.1 km²) plantation in Allendale County, South Carolina.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
er and Capitalist in New York City.
Family
He was the son of Thomas Charles Winthrop (1797–1873) and Georgianna (Kane) Winthrop and the brother of Civil War General Frederic Winthrop. He was a direct descendant of colonial governors John WinthropJohn Winthrop
John Winthrop was a wealthy English Puritan lawyer, and one of the leading figures in the founding of the Massachusetts Bay Colony, the first major settlement in New England after Plymouth Colony. Winthrop led the first large wave of migrants from England in 1630, and served as governor for 12 of...
, John Winthrop, Jr., and Fitz-John Winthrop.
Robert Winthrop was married to Kate Wilson Taylor (1839–1925) on June 23, 1859. She was the daughter of Moses Taylor
Moses Taylor
Moses Taylor was a 19th century New York merchant and banker and one of the wealthiest men of that century. At his death, his estate was reported to be worth $70 million, or about $ billion in today's dollars. He controlled the National City Bank of New York , the Delaware, Lackawanna & Western...
who was one of the greatest railroad, iron, and coal company financiers and was president of National City Bank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
for 27 years.
They had six children who lived to adulthood: Robert Dudley Winthrop (1861–1912), Grenville Lindall Winthrop (1864–1943), Katharine Taylor Winthrop (1866–1943), Frederic Bayard Winthrop (1868–1932), Albertina Taylor Winthrop (1871–1934), and Beekman Winthrop
Beekman Winthrop
Beekman Winthrop was a New York lawyer and Governor of Puerto Rico from 1904 to 1907. He was later an Assistant Secretary of the Treasury....
(1874–1940). Katharine married United States Senator Hamilton Fish Kean
Hamilton Fish Kean
Hamilton Fish Kean was a U.S. senator from New Jersey.Kean was the son of Lucy and John Kean. He was related to several prominent American politicians including his great-grandfather John Kean , his brother John Kean , and his son Robert Kean...
(1862–1941) and Albertina married Dutch Diplomat Jan Herman van Roijen (1870–1933).
Career
Robert Winthrop commenced his business career in the cotton and sugar business with J.&A. Dennistoun Wood. In 1859, he turned to banking with the firm of Read, Drexel. He was admitted to the New York Stock ExchangeNew York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
in 1862. In 1863, he became a one-third owner in the firm of Drexel, Winthrop & Company.
Drexel, Winthrop was a very successful firm during the 1860s. During most of this time, this New York branch, combined with the Drexel’s Philadelphia branch, was profiting between $300,000 and $350,000 per year. The Drexel brothers had a desire to do more European investing, as Winthrop did not agree, Drexel, Winthrop was dissolved in 1871 and Robert Winthrop & Company was established.
Over the next twenty years, this company would grow into an important family banking enterprise; Robert Winthrop multiplied his family’s fortune many times over. The Company would remain in the Winthrop family’s hands for over one hundred years. In 1977, Wood, Struthers, & Winthrop, the successor firm of Robert Winthrop & Company, was be sold to Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...
for one-million shares of DLJ stock.
Robert Winthrop was considered a close associate of his father-in-law, Moses Taylor
Moses Taylor
Moses Taylor was a 19th century New York merchant and banker and one of the wealthiest men of that century. At his death, his estate was reported to be worth $70 million, or about $ billion in today's dollars. He controlled the National City Bank of New York , the Delaware, Lackawanna & Western...
. By the late 1860s, Mr. and Mrs. Robert Winthrop were large holders of the Manhattan Gas Light Company with 240 shares. In 1873, they held 1,320 shares of the Delaware, Lackawanna and Western Railroad
Delaware, Lackawanna and Western Railroad
The Delaware, Lackawanna and Western Railroad Company was a railroad connecting Pennsylvania's Lackawanna Valley, rich in anthracite coal, to Hoboken, New Jersey, , Buffalo and Oswego, New York...
. In 1870, Winthrop was a director of The Manhattan Coal Company. The extent of the Robert Winthrop family wealth would be further revealed during the Pujo Committee investigations. In 1913, a report issued by the Taft administration showed that Mrs. Robert Winthrop was the third largest shareholder of National City Bank of New York while Robert Winthrop & Company was the sixth largest shareholder in the National Bank of Commerce of New York. These were the nation’s two largest banks at the time.
In 1883, Robert Winthrop was an original shareholder of the Real Estate Exchange and Auction Room in New York when he purchased $10,000 of the original $115,000 subscribed. Other original shareholders included John Jacob Astor
John Jacob Astor
John Jacob Astor , born Johann Jakob Astor, was a German-American business magnate and investor who was the first prominent member of the Astor family and the first multi-millionaire in the United States...
, William Astor, and Lloyd Aspinwall. Winthrop served as a trustee of the New York Life Insurance and Trust Company and the Orthopedic Hospital.
Socially, Robert Winthrop belonged to the Union
Union Club
Union Club may refer to:* Union Club of Boston* Union Club of the City of New York* Pacific-Union Club* Union Club , a London gentlemen's club based in Trafalgar Square, between 1827 and 1923, in what is now Canada House.* Union Club, Cleveland, Ohio...
, Knickerbocker
Knickerbocker Club
The Knickerbocker Club , is a gentlemen's club in New York City founded in 1871. Its current location, a neo-Georgian structure at 2 East 62nd Street, was commissioned in 1913. It was designed by William Adams Delano and Chester Holmes Aldrich...
, Riding, and Metropolitan Club
Metropolitan Club
The Metropolitan Club is a private social club in New York City. It was formed in 1891 by J.P. Morgan, who served as its first president. Other original members included William K. Vanderbilt and James Roosevelt. Its 1912 clubhouse, designed by Stanford White, stands at 1-11 East 60th Street, on...
s. Winthrop was a friend, neighbor, and business associate of Theodore Roosevelt, Sr., father of United States President Theodore Roosevelt
Theodore Roosevelt
Theodore "Teddy" Roosevelt was the 26th President of the United States . He is noted for his exuberant personality, range of interests and achievements, and his leadership of the Progressive Movement, as well as his "cowboy" persona and robust masculinity...
. The Winthrop and Roosevelt families would remain close through the next generation as Robert Winthrop’s son, Beekman Winthrop, would serve as President Roosevelt’s Governor of Puerto Rico and Assistant Secretary of the Treasury.
Descendants
Robert Winthrop was the grandfather of United States Congressman Robert Winthrop Kean and great-grandfather of New Jersey Governor and 911 Commission Chairman Thomas KeanThomas Kean
Thomas Howard Kean is an American Republican Party politician, who served as the 48th Governor of New Jersey from 1982 to 1990. Kean is best known globally, however, for his 2002 appointment as Chairman of the National Commission on Terrorist Attacks Upon the United States, widely known as the...
. It was the Winthrop-Taylor fortune that kept the Kean family afloat in tough economic times. Winthrop-Taylor monies were lent to the Kean’s during the panic of 1907, during the Great Depression to recapitalize Kean, Taylor and National State Bank of Elizabeth, and once again upon the death of Hamilton Fish Kean in 1941 to keep Kean, Taylor in existence.
Robert Winthrop’s son, Grenville Lindall Winthrop accumulated one of the largest and most valuable private art collections in the United States. The collection was bequeathed to the Fogg Art Museum at Harvard University upon his death in 1943.
Robert Winthrop’s son Beekman Winthrop
Beekman Winthrop
Beekman Winthrop was a New York lawyer and Governor of Puerto Rico from 1904 to 1907. He was later an Assistant Secretary of the Treasury....
served in the Taft Administration as well. From 1909 to 1913, he was Assistant Secretary of the Navy. Beekman Winthrop headed Robert Winthrop and Company from 1913 until 1939 and served as a director of National City Bank.
Most modern day Winthrop’s descend from Robert Winthrop’s third son Frederic Winthrop. Robert Winthrop (1904–1999) headed Robert Winthrop & Company and Wood, Struthers, and Winthrop from 1939 until 1969 and was the majority partner upon its sale in 1977. Frederic Winthrop (1906–1979) was a gentleman farmer who presided over his 600 acres (2.4 km²) estate in Hamilton and Ipswich, Massachusetts. Frederic Winthrop was the father of five Winthrop sons including Grant Forbes Winthrop who is a partner at Milbank, Winthrop, a private investment firm in New York City. Through his marriage, Frederic Winthrop was the uncle of U.S. Senator John F. Kerry. The Winthrop cousins also own a 23000 acres (93.1 km²) plantation in Allendale County, South Carolina.
Sources
- "The Business Career of Moses Taylor" by Daniel Hodas, New York: New York University Press (1976).
- "An Old Merchant's Death", obituary of Moses Taylor in the New York Times, May 24, 1882.
- “Reared in a Greenhouse” by Dorothy B. Wexler, New York and London, Garland Publishing (1998).
- “Governor Tom Kean” by Alvin S. Felzenberg: RutgersUniversity Press (2006).
- “Fourscore Years” by Robert W. Kean, Privately Published (1974)
- “The New York Times.” Articles from the following dates: June 25, 1859; October 16, 1977; January 23, 1913; December 4, 1883;
- HTTP:WWW.investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot.asp