Showing posts with label A. Barton Hepburn. Show all posts
Showing posts with label A. Barton Hepburn. Show all posts

Saturday, September 21, 2019


Evelyn Wisner: 
A Hero At 7,000 Feet
War heroes always seem to be men. Not so with Evelyn Schretenthaler Wisner.
The World War II flight nurse landed in war zones, located seriously wounded Marines, loaded them on an airplane, and treated them while flying high over the Pacific Ocean. How many lives she may have saved or help save will never be known.
“Those young Marines were so glad to get on that plane — all they wanted was a drink of water,” Wisner told Kate Czaplinski of The Ridgefield Press in 2010.
Near the war’s end, she recalled, many of the wounded soldiers looked so young she wanted to hold them on her lap like children. “They were beat-up kids,” she said. 
Evelyn Schretenthaler was born in 1920 and grew in a small North Dakota town.  She graduated from nursing school and, as a 22-year-old RN, decided to help the war effort by becoming
a Navy nurse. She underwent training at Great Lakes Naval Station where she was the only member of 200 in her class who met the tough requirements for becoming a flight nurse, including being in top physical condition and having the ability to swim.
Lt. Schretenthaler then wound up being one of only a dozen nurses, based in Guam, who flew into combat zones in the Pacific to rescue the seriously wounded.
Flights would take off at midnight and land at dawn on islands such as Iwo Jima. There she spent only enough time on the ground needed to screen the patients who required the most urgent care and get them loaded onto the aircraft.
It was dangerous work. “There was shelling,” she told James Brady for his book, Why Marines Fight. “We could see it and hear it. I was young and frightened.”
She flew on C-47 cargo planes that were converted into flying hospitals — except that there were no doctors on board. “We were on our own over all that water,”  Wisner said. “Me, the pilots and a medical corpsman,” treating 18 to 20 soldiers, mostly Marines from the fighting on Iwo Jima and later, Okinawa. The patients were headed for treatment at hospitals in Guam, Hawaii or in the States.
Treating wounded patients at 7,000 feet had special hazards. The cabins were not pressurized and at high altitudes bleeding was exacerbated. On her very first flight, “I almost lost a patient because, at 7,000 feet, he started to bleed, and I got the pilot to drop down to 3,000, even though it was bumpy.” The soldier survived.
The flights also carried food and supplies to combat zones. “We had our hands full,” she said.
In her interview with Czaplinski, Wisner recalled being asked to take a soldier home on the plane, even though he seemed uninjured.
“I looked at him and said, ‘Well, what’s wrong?’ I was told, ‘Nothing, he’s 16 — take him home.’ 
“A lot of young men lied then [about their age] but it was rare for them to make it that far,” she said. “Usually they got caught in boot camp.”
Wisner missed the announcement that the war was over. “When the war ended, I didn't know — I was up in the air,” she said with a smile.
Back in the U.S. she continued to treat soldiers including former prisoners of war. She also met
her future husband, a Navy dentist named Edwin J. Wisner. He died in 1985.
After her discharge in 1946, Wisner continued her nursing career, working for years as a  neonatal special care nurse at a Michigan hospital. In 1990, she moved to Ridgefield to be closer to her daughter.
In 2012, she was named a “Hero of Western Connecticut” by the American Red Cross.
She died in 2018 at the age of 98. She was survived by three brothers who all fought in World War II and all came home. 
 Although she and her siblings all survived the conflict, she did not look back fondly on her war experiences and disagreed with those who might call World War II a “good war.”  
“Wars are pretty nasty stuff,” she said. “I always said if a woman ran the country, there wouldn’t be as many wars because women have children and women have sons.”
But Wisner was also not without a sense of humor about the experience. “No one goes through a war without feeling it somehow,” the 89-year-old said. “I tell my daughter that I wouldn’t look so old if I hadn’t been in a war.”

Monday, September 16, 2019


Alonzo Barton Hepburn:
Farm-boy Financier of Altnacraig 
Barton Hepburn apparently had a lot on his mind as he rushed along 23rd Street in New York City that cold Friday afternoon in January 1922. He was on his way to the Fourth Street branch of the Chase National Bank — an institution he once headed. As he reached the intersection with Fifth Avenue, he did not stop and strode into the traffic. He was promptly hit by a Fifth Avenue bus.
Hepburn suffered a double fracture of his right leg. Doctors that Friday didn’t think the injuries were serious, but by Monday “they saw that the aged financier’s nervous system was not rallying from the shock,” The New York Times reported. Two days later,  Hepburn was dead. He was 75 years old.
A man many considered a genius at banking and at finance in general, Hepburn had risen from being a farm boy and small-town teacher to become the United States controller of the currency, heading the agency that charters and regulates all national banks. He was later president of Chase National Bank, one of the country’s largest financial institutions. 
He and his wife Emily also built the legendary High Ridge mansion called Altnacraig.
Alonzo Barton Hepburn was born in 1846 on a farm in Colton, N.Y., one of the most northern and remote parts of New York State.  
Alonzo, as he was called as a boy, had no interest in farming, much to the distress of his father. He had instead come under the influence of his three uncles, one of whom founded the famous Cleveland Plain Dealer newspaper.  The others were also “in occupations that seemed to Alonzo more interesting, if not more profitable, than farming,” The Times said.
He attended nearby St. Lawrence Academy, then a teacher training school and now SUNY at Potsdam. To continue his studies he borrowed $1,000 to take courses at Middlebury College in Vermont. He taught in local schoolhouses in winter and labored in the summer on farms to work his way through Middlebury, graduating in 1871.
Hepburn then became a professor of mathematics at St. Lawrence Academy, by then called Potsdam Normal School. He was soon named principal of the Ogdensburg Educational Institute, the high school in Ogdensburg.
Meanwhile, he was also studying law on the side. After he was admitted to the New York
Bar. he opened a law office in Colton. There he had some clients who owned huge tracts of forest land in the northern Adirondacks. He saw an opportunity and began buying timberland — 30,000 acres at 50 cents an acre (equal to $10 an acre in 2019 dollars) — and soon left the law for lumber.
He was elected a state representative yearly from 1875 to 1879, and in 1880 was appointed superintendent of the State Banking Department, where he was a leader in efforts to reform the way New York State banks did business. As his interests turned more toward banks, he sold his lumber business for $200,000 (about $5,250,000 today) and devoted the rest of his life to banking.
He became a national bank examiner in New York City around 1890, gaining such a reputation as a conscientious reformer that, in 1892, President Benjamin Harrison appointed him the U.S. controller of the currency. A year later, he resigned to become president of the Third National Bank in New York City.  By 1899, he was president of Chase National Bank, a post he held until 1911 when he became chairman of the Board of Directors.
 He was also a director of such companies as New York Life Insurance, Sears, Roebuck & Company, Studebaker Corporation, the Woolworth Company, and the Great Northern Railway Company.
Hepburn was a writer, producing both books and many magazine articles on banking and finance as well as money itself — he wrote History of Coinage and Currency in the United States: Perennial Contest for Sound Money (1903) and  A History of Currency in the United States (1915). 
One of his more unusual books was published in 1913 by Harper & Brothers. The Story of An Outing is a light-hearted, 100-page account of a hunting safari that year to Africa with four friends. It contains many pictures of the hunters, the native people they met and the places they went, along with the usual  shots of dead animals.
 Hepburn was also a philanthropist, particularly when it came to education. He left   bequests of some $3 million — about $45 million today — of which $2 million went to colleges and libraries, including Middlebury, Princeton, Columbia, Williams, NYU, and one school in the South: The historically black Tuskegee Institute. He also gave $500,000 to libraries in his native St. Lawrence County, N.Y. (the Hepburn Library in Norfolk and Hepburn Library in Colton are on the National Register of Historic Places), and $600,000 to the A. Barton Hepburn Hospital in Ogdensburg, N.Y., now the Claxton Hepburn Medical Center.
In 1873, Hepburn married Harriet A. Fisher of Vermont. She died in 1881, leaving him with two young sons. Around 1885, he met Emily Eaton, who was 19 years younger than he was.
“It seemed unbelievable that he should be interested in me,” Emily said 60 years later. But Hepburn immediately began wooing Emily in a rather unusual way: He founded a cribbage club, named her president, sent her a cribbage board, and scheduled meetings — at which he was the only other member present. He would write letters that would include messages like “Can’t we have a meeting of the Cribbage Club the first night after I get back?”
She was soon beating him at the game, but he had won the prize. They were engaged in 1886 and married a year later. She became, with her husband’s support, an active suffragist and after Barton’s death, a Manhattan activist  for women and business leader who built the landmark Beekman Tower hotel near the United Nations in New York City (her profile has been posted on Old Ridgefield).
While Barton was Chase president, the Hepburns decided they wanted a country retreat. 
They opted for a lot on High Ridge in Ridgefield with a spectacular view to the west but from which one could also see Long Island Sound to the south.  The Ridgefield Press reported in May 1908 that “Mr. A.B. Hepburn, one of the most prominent financiers of the country, former comptroller of the currency and now president of the Chase National Bank of New York, is building one of the most handsome homes to be seen in this town of beautiful homes.”
The magnificent mansion was called Altnacraig, a Gaelic name that they translated, “high crag”  (Hepburn traced his ancestry to Scotland. However, Philip Palmer, operator of Allt-Na-Craig House, a B&B  in Scotland, reports the term means “water from the hill.”)  The building later became a well-known nursing home, also called Altnacraig. The mansion burned to the ground in a suspicious 1994 blaze, and was replaced with a house of similar size, but entirely different design.
The Hepburns counted many people in the arts among their friends, including artist Frederic Remington, novelist Irving Bacheller (both born in St. Lawrence County) and writer/humorist Mark Twain. 
Bacheller introduced the Hepburns to Twain, who lived in Redding. When the Hepburns arrived at Twain’s house, called Stormfield, for their first visit,  they were greeted by the yapping of  Twain’s dog. Before even introductions took place,  Twain told them, “This is my dog; whatever he does is law in this house.”
Soon after, the dog got a hold of Barton Hepburn’s brand new hat and took off with it, prompting Twain to point to a motto hung over his mantlepiece: “Life is just one damned thing after another.”

Monday, February 04, 2019


Albert H.Wiggin: 
Chase’s Controversial Chief 
Throughout his long career, Albert H. Wiggin of Peaceable Street did wonderful things for his company, the Chase National Bank in New York City. He helped make Chase one of the biggest and most influential banks in the country, if not the world, and aided European countries recovering from World War I. But his reputation was tarnished  after the Crash of 1929, during which he pulled off maneuvers that made millions for himself in ways that wound up being investigated by the U.S. Senate.
Once listed among America’s richest people, Albert Henry Wiggin was born a minister’s son in 1868 in Medford, Mass. He never attended college and instead went to work in Boston straight out of high school, soon becoming a bookkeeper for a local bank. By the age of 23, he was an assistant for a national bank examiner. 
He continued to rise in the Boston banking world and in 1899, moved to New York where he became at the beginning of the 20th Century one of the founders of Bankers Trust (which, at the end of the century, was acquired by Deutsche Bank).
It was around this time that Wiggin caught the eye of Alonzo Barton Hepburn, CEO of Chase National Bank. Hepburn liked the young man’s ideas, hired him, and in 1904 Wiggin was named the
youngest ever vice president of Chase National Bank. He also became the youngest member of the bank’s board of directors, a situation that irked many veteran Chase executives.
Hepburn liked Wiggin so much, he encouraged him to establish a summer place in Ridgefield, and sold him some of the backland of his own estate on High Ridge, called Alnacraig. Wiggin built a many-roomed mansion at 47 Peaceable Street, calling it Peaceable Acres. The estate overlooked the Ridgefield Golf Club, later Ward Acres horse farm.
Locally Wiggin was known for his beautiful daughters, Marjorie and Muriel, and for being among the first owners of an automobile.
In 1911 Wiggin became Chase’s president. Under his leadership the bank’s deposits rose from $91 million in 1910 to more than $2 billion in 1930. He was CEO from 1917 until 1930. Time Magazine, which put him on the cover in 1931, called Chase “the biggest bank in the world” at that time.
In 1926, Chase merged with Mechanics and Metals National Bank to become the nation’s second largest bank, with Wiggin at its helm. At the time, The New York Times said Wiggin was
known as “a man of a million friends,” adding that “intimate associates in [the bank’s] various fields of activity describe him as a great organizer and an inspiring leader, quick in decision and unerring in judgment.”
Despite this acclaim, some authorities were soon labeling Wiggin a scoundrel after it was revealed that, during the period of the 1929 stock market crash, he had been selling short some 42,000 of his personal shares in Chase National Bank at the same time he was committing Chase’s money to buying. He put his earnings in a Canadian holding company to avoid taxes, and made millions that the bank itself did not discover until a later U.S. Senate investigation.
“This is like a boxer betting on his opponent — a serious conflict of interest,” said financial reporter Andrew Beattie.
And yet, he did nothing illegal.
Ferdinand Pecora, chief counsel to the Senate Banking Committee, said of Wiggin, “In the entire investigation, it is doubtful if there was another instance of a corporate executive who so
thoroughly and successfully used his official and fiduciary position for private profit.”  
Economics professor and market historian Charles Geisst said what Wiggins did “gave banking and the stock market a bad name for at least two generations after the Crash.” 
Wiggin was forced to retire, but was never prosecuted for any legal wrongdoing. He was given a $100,000-a-year pension from the bank ($1.7 million in 2016 dollars), but later turned it down after a public outcry.
As a result of the case, Congress added what some called the “Wiggin Provision” to federal Securities Exchange Act to prevent company directors from selling short on their own stocks and making a profit from their own company’s bad times.
Despite this episode, Wiggin received praise for his efforts to curb the crash of 1929. Said The Times in 1951, “Mr. Wiggin was one of the banking leaders who made large sums available to boster the slipping market. The confidence that he and other leading bankers showed in the country was credited with having done much to prevent the complete collapse of the nation’s financial structure.”
Wiggin had sold his Ridgefield home in 1921, long before the crash, and eventually had a retreat on the shore in Greenwich where he died in 1951 at the age of 83.
He was a benefactor of many organizations. When he was a young man, he began collecting art prints, drawings, and watercolors, as well as antique books. He donated his huge collections of
these works to the Boston Public Library, the New York Public Library and the Baltimore Museum of Art. He contributed to the MIT library, endowed a scholarship at Middlebury College, and created a foundation that contributed to many organizations.
In 1949, Dodd, Mead and Company published Marjorie Wiggin Prescott’s biography of her father, New England Son. According to the dust jacket, “This is the life of Albert Henry Wiggin, a parson’s son who struggled his way out of Cousin Walter’s hand-me-downs to the eventual presidency of the largest bank in the world. It is a story of hard work, close friendships and salty New England humor — a uniquely American success story. It is a portrait of a remarkable man, the man who built the Chase Bank; but it is, more than that, the portrait of a golden era of American growth and optimism. You will share Mrs. Prescott’s amusement at the recollection of her father’s first job in Boston, when one of his daily duties was to make sure that a certain elderly party on Louisburg Square was likely to live long enough to pay off his bank debt. You will smile with her at the ironic Wiggin reply to a ceremonious cable from a banking group in London.”
The book, according to Ridgefield historian Richard E. Venus, also “presented a stirring defense of her father.”
He added, “One cannot read this warm portrayal of a father by his admiring daughter without gaining a large amount of respect for one of the most famous bankers that this nation ever produced.”

Saturday, March 24, 2018


Emily Eaton Hepburn: 
Landmark’s Builder
Ridgefield had many notable “summer residents,” New Yorkers who built weekend and vacation retreats that, more often than not, qualified as mansions. Emily Eaton Hepburn was among the more remarkable of these part-time Ridgefielders, but her accomplishments have been largely overlooked locally. 
A prominent figure in New York City’s intellectual, civic, and business scene over a half century, Emily Hepburn at the age of 61 built one of New York’s landmark hotels. The New York Times once called her “a real estate novice who created one of New York’s most distinctive skyscrapers.” 
The Vermont native was an 1886 graduate of Saint Lawrence University in Canton, N.Y. where she met her husband, Alonzo Barton Hepburn, then a lawyer and state banking official. He became a leading New York City banker and was named United States comptroller of the currency by President Benjamin Harrison. 
   The Ridgefield Press took note of their impending arrival in May 1908. “Mr. A.B. Hepburn,
one of the most prominent financiers of the country, former comptroller of the currency and now president of the Chase National Bank of New York, is building one of the most handsome homes to be seen in this town of beautiful homes,” the newspaper said.   The report was a bit misleading. Emily, not Barton, was actually overseeing the design and construction of “Altnacraig,” a magnificent mansion on High Ridge whose name could be translated, “high rock.”  The building later became a well-known nursing home, also called Altnacraig, whose residents included suffragist Alice Paul. Altnacraig burned to the ground in a suspicious 1994 blaze, and was replaced with a house of similar size. (Pictures of Altnacraig are in the Old Ridgefield photos collection.)
   Barton also met an unlucky end: He was run over by a bus while crossing a city street in 1922. “He was benefactor to Hepburn Hospital in Ogdensburg, N.Y., and six libraries in St. Lawrence County, N.Y., all of which are named for him,” reports St. Lawrence University, where his and Emily’s family papers now reside.
   Emily Hepburn had long been active in civic and charitable organizations including the New York Botanical Garden, City History Club for children, Inwood House girls reformatory, and the New York Infirmary for Women and Children. Here, she was a member of the Ridgefield Garden Club, a group that both beautified and promoted the town. 
She was also active in the suffrage movement and, after women had won the right to vote, she addressed a new need in New York: Housing for young, working women. After the war, many recent college-graduate women were coming to New York to seek careers. In 1924 Mrs. Hepburn and several others built the American Woman’s Association, a high-rise residence for working women, at 353 West 57th Street.
Hepburn was dissatisfied with the result, however, and on her own, planned a better building, with a more modern architect. “The boxy, unornamented American Woman’s Association clubhouse
had been simple to the point of drab, the ‘International Style’ with a migraine, designed by the otherwise traditionalist Benjamin Wistar Morris,” wrote Christopher Gray in The Times. “Mrs. Hepburn went to John Mead Howells, son of American author William Dean Howells, and a graduate of the École des Beaux-Arts.” 
   Hepburn almost single-handedly set about gaining support for the project, including selling stock (one of the stock purchasers was Sara Roosevelt, mother of Franklin Delano Roosevelt).  The
result was the 380-room Panhellenic House at First Avenue and East 49th Street, completed in 1928, described in early promotional brochures as “a club-hotel for women.”  The 28-story, orange-brick building is considered one of the great Art Deco skyscrapers in New York.
   “I wanted to prove that women could do big business,” Hepburn once said about her late-blooming career. The quotation appears “Daughter of Vermont,” a biography of her published in 1952, four years before her death.
   The hotel was not just a residence, but also a place where women could, in today’s parlance, “network,” and learn from each other. One supporter of the project called it “a training school for leadership, a mental exchange” for women.
    Hepburn, who also built and lived in an apartment building at nearby 2 Beekman Place, found occupancy rates at the Panhellenic House declining during the Depression, and opened the building to men as well as women, renaming it the Beekman Tower Hotel. The hotel continued in business until 2013 when it was converted to long-term residential suites.
 The Beekman, incidentally, is a block from the United Nations. The Times once reported that, “according to legend,” Hepburn “persuaded the Rockefellers to buy the East River land for the United Nations.” 
How’s that for good business sense? 

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