Edward Townsend Stotesbury (1849 - 1938) MP

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Nicknames: "Ned Stotesbury"
Birthplace: Philadelphia, Philadelphia County, Pennsylvania, United States
Death: Died in Wyndmoor, Montgomery County, Pennsylvania, United States
Managed by: David Andersson
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About Edward Townsend Stotesbury

Stotesbury got his start working for Drexel & Co., the well-known Philadelphia banking house founded and directed by Anthony Joseph Drexel. He was always punctual, never absent. He kept meticulous records of every penny he spent. When Drexel went into partnership with J.P. Morgan, Stotesbury received a lucrative post. In 1882, he was made a partner. Years later he often told the simple story of his success: "Keep your mouth shut and your ears open."

One of the significant services which he performed in the course of his business career was assisting in the floating of the International Chinese Loan of 1909. He was also a director of the Reading Railroad, the Lehigh Valley Railroad, the Philadelphia Fidelity Bank, the Girard Trust Company, the Cambria Iron Company, Pennsylvania Steel Company, Latrobe Steel Company, Penn Mutual Life Insurance Company, Keystone Watch Company, and the Jesup and Moore Paper Company.

In 1927, Stotesbury's fortune was estimated at $100 million. At the time of his death in 1938, it was down to an estimated $4 million. The Stock Market did crash in the years of the decline of his fortune. But in the last five years of his life, while the Great Depression raged, the banker withdrew $55 million out of his account at J.P. Morgan (a rate of withdrawal of more than $10,000,000 a year).

Stotesbury died at eighty-nine on May 21, 1938 and was buried in The Woodlands Cemetery in Philadelphia.

[edit] LegacyEvery year since 1927, the Stotesbury Cup Regatta has been held on the Schuylkill River in Philadelphia. It is one of the oldest and largest high school rowing regattas in the United States. Stotesbury himself was a member and one-time president of the Bachelors Barge Club, one of the rowing clubs in Philadelphia.

Stotesbury, West Virginia, a coal mining town in Raleigh County, was named for Stotesbury. The town was the former home of eight-term U.S. Senator Robert C. Byrd.

Edward and Eva Stotesbury are characters in the Stephen Sondheim musical Road Show (2008).

[edit] ReferencesBiography of Edward T. Stotesbury Article about Stotesbury in 2000 William Manchester, American Caesar: Douglas MacArthur 1880-1964, Little, Brown & Company (1978) ^ The townhouses, at the NE corner of 20th & Walnut Sts., were designed by architect Frank Furness for client Thomas McKean and his son in 1869.[1] ^ Postcard of Wingwood House

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Edward Townsend Stotesbury's Timeline

1849
February 26, 1849
Philadelphia, Philadelphia County, Pennsylvania, United States
1874
August 21, 1874
Age 25
1877
April 3, 1877
Age 28
1881
November 7, 1881
Age 32
1912
January 18, 1912
Age 62
1938
May 16, 1938
Age 89
Wyndmoor, Montgomery County, Pennsylvania, United States
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