Roosevelt & Son
Encyclopedia
Roosevelt & Son was an investment banking
firm connected with the Roosevelt Family
for nearly two centuries. The firm was among the oldest banking houses on Wall Street
.
Many of the male members of the Roosevelt family
worked for the firm in some capacity.
in Manhattan. James' son Cornelius Roosevelt
would join the business in 1818 as a partner and the firm would be renamed James I. Roosevelt & Son. Roosevelt & Son entered banking in the early decades of the 19th century by discounting the notes of various customers of the hardware business and later other merchants in New York City. In 1824, the Roosevelts were involved in the formation of Chemical Bank. By 1850, Roosevelt had transitioned from the hardware trade to the importation of plate glass which was an important component of the construction boom going on at that time in New York.
In 1865, Cornelius Roosevelt retired from the company and by that time, in the mid-1860s, Roosevelt & Son had begun the transition toward becoming a full-fledged banking house, primarily focused on private banking
and investments. In 1876, the company sold its plate glass business to an English company and from that point forward was focused exclusively on financial services. The firm was known primarily for its "unbiased investment counsel" which the firm provided to a client base that included institutional investor
s, high net worth individual
s and various trusts and estates.
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
firm connected with the Roosevelt Family
Roosevelt family
In heraldry, canting arms are a visual or pictorial play on a surname, and were and still are a popular practice. It would be common to find roses, then, in arms of many Roosevelt families, even unrelated ones...
for nearly two centuries. The firm was among the oldest banking houses on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
.
Many of the male members of the Roosevelt family
Roosevelt family
In heraldry, canting arms are a visual or pictorial play on a surname, and were and still are a popular practice. It would be common to find roses, then, in arms of many Roosevelt families, even unrelated ones...
worked for the firm in some capacity.
History
Roosevelt & Son traces its history back to 1797. The firm was founded originally as a hardware business by Jacobus James Roosevelt at 97 Maiden LaneMaiden Lane
Maiden Lane may refer to:* Maiden Lane , a street in Covent Garden, London* Maiden Lane , a street in Manhattan* Maiden Lane , a street in San Francisco...
in Manhattan. James' son Cornelius Roosevelt
Cornelius Roosevelt
Cornelius Van Schaack Roosevelt was an American businessman from New York City and a member of the Roosevelt family.-Biography:...
would join the business in 1818 as a partner and the firm would be renamed James I. Roosevelt & Son. Roosevelt & Son entered banking in the early decades of the 19th century by discounting the notes of various customers of the hardware business and later other merchants in New York City. In 1824, the Roosevelts were involved in the formation of Chemical Bank. By 1850, Roosevelt had transitioned from the hardware trade to the importation of plate glass which was an important component of the construction boom going on at that time in New York.
In 1865, Cornelius Roosevelt retired from the company and by that time, in the mid-1860s, Roosevelt & Son had begun the transition toward becoming a full-fledged banking house, primarily focused on private banking
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
and investments. In 1876, the company sold its plate glass business to an English company and from that point forward was focused exclusively on financial services. The firm was known primarily for its "unbiased investment counsel" which the firm provided to a client base that included institutional investor
Institutional investor
Institutional investors are organizations which pool large sums of money and invest those sums in securities, real property and other investment assets...
s, high net worth individual
High net worth individual
A high-net-worth individual is a person with a high net worth. In the private banking business, these individuals typically are defined as having investable assets in excess of US$1 million. As explained below, the U.S...
s and various trusts and estates.
Break-up of the firm
In 1934, in response to the passage of the Glass–Steagall Act Roosevelt & Son separated into three firms:- Roosevelt & Son continued under its original name under the direction of George Emlen RooseveltGeorge Emlen RooseveltGeorge Emlen Roosevelt a banker and philanthropist, was a first cousin once-removed of U.S. President Theodore Roosevelt and one of the most prominent railroad financiers of his day, involved in no fewer than 14 railroad reorganizations...
and his brother Philip James RooseveltPhilip Roosevelt (investment counselor)Philip James Roosevelt was a cousin of President Theodore Roosevelt, a Roosevelt family historian, and an investment counselor.Roosevelt attended St...
. Roosevelt & Son operated principally as an investment managementInvestment managementInvestment management is the professional management of various securities and assets in order to meet specified investment goals for the benefit of the investors...
firm.
- Roosevelt & Weigold was headed by Archibald RooseveltArchibald RooseveltArchibald Bulloch "Archie" Roosevelt , the fifth child of U.S. President Theodore Roosevelt, was a distinguished U.S. Army officer and commander of U.S. forces in both World War I and II. In both conflicts he was wounded. He earned the Croix de guerre and Silver Star with Oak Leaf Cluster,...
and Charles E. Weigold, and operated primarily as an underwriter of municipal bondMunicipal bondA municipal bond is a bond issued by a city or other local government, or their agencies. Potential issuers of municipal bonds includes cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any...
s. The firm was suspended during World War II, when Roosevelt volunteered to serve in the U.S. Army. In 1946, Roosevelt founded Roosevelt & Cross with Edwin J. Cross. The firm continues to focus on municipal bond underwriting.
- Dick & Merle Smith was headed by Fairman R. Dick and Van S. Merle-Smith as well as Charles B. Robinson and John K. Roosevelt.