Charles T. Barney
Charles T. Barney | |
---|---|
Cleveland, Ohio | |
Died | November 14, 1907 | (aged 56)
Cause of death | Suicide |
Nationality | American |
Spouse | Laurinda Collins Whitney |
Parent(s) | Ashbel H. Barney Susan Tracey Barney |
Charles Tracy Barney (January 27, 1851 – November 14, 1907) was an American banker who was the president of the Knickerbocker Trust Company, the collapse of which shortly before Barney's death sparked the Panic of 1907.[1]
Early life
Charles T. Barney was born on January 27, 1851, in
In 1857, the family moved to
Barney attended Williams College in Williamstown, Massachusetts, where he was a member of The Kappa Alpha Society, graduating in 1870. Following graduation he moved to New York and entered banking.[4] With his mustache and beard and slightly thinning hair, Barney somewhat resembled his late, well-regarded father in appearance.
Banking career
His ties to the Whitney family helped him achieve great success in banking, real estate investment.
In his real estate operations, Barney joined
Besides serving as president and a director of the Knickerbocker Trust Company, Barney was president and a director of the New York Loan and Improvement Company; a trustee of the Bank for Savings; a director of the Brooklyn Life Insurance Company, Lawyers' Mortgage Insurance Company, United States Realty and Improvement Company, Title Insurance Company of New York, New York Mortgage and Security Company, Century Realty Company, Hudson Mortgage Company and Chelsea Realty Company; and a shareholder of the Santa Cecilia Sugar Company, Cuba Hardwood Company, Cuba Northeastern Railroad, American Ice Company, Ice Securities Company,
Panic of 1907
In 1907, the Knickerbocker entered into a deal organized by speculators
On October 21, Monday of the week after the bid collapsed, the board of the Knickerbocker Trust Company asked Barney to resign after he admitted involvement in the Morse speculations. That afternoon, the National Bank of Commerce announced it would no longer clear checks for the Knickerbocker.[12][13] The next day, a massive bank run forced the Knickerbocker to suspend operations. George L. Rives, Henry C. Ide and Ernst Thalmann were named receivers. The failure of the Knickerbocker was the keystone of the Panic of 1907.[14][15]
Barney's successor as president of Knickerbocker, A. Foster Higgins of Greenwich, Connecticut, was an unfortunate choice. He was 77 years old and quite garrulous.[16] Foster made public statements, including one following the death of Barney, that greatly embarrassed the Rehabilitation Committee under F.G. Bourne and William A. Tucker that was trying to get the trust company on its feet again.[17][18]
Suicide
Barney himself was not ruined financially. Despite his resignation he still had an estimated $2.5 million in assets over and above liabilities.[19] But personally he was disgraced.[20] On the morning of November 14, Barney was in his bedroom on the second floor of the house, with two windows facing 38th Street. He was accustomed to eating breakfast here and then conducting business by telephone before dressing in late morning. On this particular morning, Lily Barney and Mrs. Susan Abbott Mead, a guest who had arrived from Europe two weeks before, were in Lily's adjoining bedroom. Shortly before 10:00 a.m. they heard a shot fired in Barney's room. Mrs. Mead ran into the room and saw Mr. Barney standing. Mrs. Mead called to Lily Barney, who ran into the room. As she approached her husband, he fell to the floor and she cradled his head in her lap. Ashbel H. Barney II, who had heard the shot on the first floor, thereupon entered the room. Barney told his son, "Don't move me."
Barney had shot himself in the abdomen with a .32 caliber revolver. Lily Barney later told Coroner Harburger that pistols were kept on every floor of the house for protection. Medical assistance was summoned, and in the meantime Barney made and signed arrangements for the disposal of his affairs in addition to his existing will. Then, still in his home, he underwent exploratory surgery at the hands of Dr. Joseph A. Blake and the family's physician, Dr. George A. Dixon. Barney died at 2:30 p.m. while still under anesthesia.[21]
Barney's funeral was conducted at the residence on November 16, 1907, by the Rev. Dr.
Personal life
Barney married Laurinda Collins "Lily" Whitney, daughter of Brigadier General
- Ashbel Hinman Barney II (1876–1945), who was in charge of the holdings of his family through the Barney Estate Company.[24]
- James Whitney Barney (1878–1948)
- Gardiner Tracy Barney (1880–1887)
- Helen Tracy Barney (1882–1922), who married Archibald Stevens Alexander. After his death, she married Frederick N. Watriss.
- Katharine Lansing Barney (1885–1958), who married Courtlandt Dixon Barnes
- Marie Barney, who married Harry Newell Reynolds (d. 1917).[25]
Barney and his family resided at 101 East 38th Street, corner of Park Avenue, in his father's old home. At the Metropolitan Opera he was the holder of box 9.
Of his sons, the elder, James W. Barney, was graduated from Yale University in 1900 and, an architect by profession, took up residence in Paris. The younger, Ashbel H. Barney II, joined the Wall Street firm of Rogers & Gould, in which Barney was still a special member.
William C. Whitney gave a debutante ball for Barney's daughter Helen at the Whitney mansion, 871 Fifth Avenue, on January 5, 1901.[28]
Through his daughter Helen, Barney was the grandfather of Archibald S. Alexander (1906-1979), Under Secretary of the Army in the Truman Administration.
References
- ISBN 978-0-470-15263-8
- ^ Who Was Who in America, Vol. I, p. 59. Chicago: The A.N. Marquis Company, 1943.
- ^ Noel M. Loomis, Wells Fargo, pp. 145, 197, 205, 212, 215, 254. New York: Clarkson N. Potter, Inc., 1968.
- ^ Who Was Who in America, op. cit.
- ^ "Mr. Bar4ney's Real Estate. For 20 Years He Was a Prominent Operator--Still Had Large Holdings", The New York Times, November 15, 1907.
- ^ "Mr. Barney's Career. Prominent All His Life in Finance, Art and Realty Operations", The New York Times, November 15, 1907.
- ^ Bruner and Carr, p. 45
- ^ "Mr. Barney's Career. Prominent All His Life in Finance, Art, and Realty Operations", The New York Times, November 15, 1907.
- ^ "Mr. Barney's Real Estate. For 20 Years He Was a Prominent Operator--Still Had Large Holdings", The New York Times, November 15, 1907.
- ^ Walter Lord, The Good Years. From 1900 to the First World War, pp. 182-183. New York: Harper & Brothers, 1960.
- ^ Bruner and Carr, p. 48–49
- ^ "Barney and the Trust Company. No Irregularities--His Own Story of Why He Quit", The New York Times, November 15, 1907.
- ^ Lord, p. 186.
- ^ Mark Sullivan, Our Times, 1900-1925, Vol. III, pp. 502-504. New York: Charles Scribner's Sons, 1930.
- ^ Lord, pp. 188-189.
- ^ Some 20 years before, he had been a committee chairman in the Connecticut State Assembly. Roscoe Conkling Fitch, History of the Fitch Family, Vol. II, pp. 265-266. Detroit: Privately published, 1930.
- ^ "Higgins Denies Interview. Says He Did Not Make Statements Criticizing Morse and Barney", The New York Times, November 17, 1907.
- ^ Lord, pp. 189-190.
- ^ a b "Charles T. Barney Buried in Woodlawn. Simple Services For ex-President of Trust Company Who Shot Himself". The New York Times. November 17, 1907. Retrieved 2010-11-16.
The body of Charles T. Barney, ex-President of the Knickerbocker Trust Company, who shot himself in his home last Thursday morning, was buried yesterday afternoon in Woodlawn Cemetery.
- ^ "Say Grief Caused His Act. Mr. Barney's Friends Declare He Couldn't Stand Loss of Prestige", The New York Times, November 15, 1907.
- ^ "C.T. Barney Dies, a Suicide. Ex-President of the Knickerbocker Trust Co. Shoots Himself in His Home". The New York Times. November 15, 1907. Retrieved 2010-11-16.
Charles Tracy Barney, who was recently forced to retire from the Presidency of the suspended Knickerbocker Trust Company and was interested in thirty-three other corporations, many of them financial, died at his home, 101 East Thirty-eighth Street, at 2:30 o'clock yesterday afternoon of a pistol wound, self-inflicted some four hours previously in his bedroom there. ...
- ^ Bruner and Carr, p. x
- ^ Family mentioned in "Mr. Barney's Career. Prominent All His Life in Finance, Art and Realty Operations", The New York Times, November 15, 1907.
- ^ "DIED". The New York Times. 29 September 1945. Retrieved 28 July 2020.
- ^ "HARRY N. REYNOLDS SHOOTS HIMSELF; Son-in-Law of Charles T. Barney, Who Was Also a Suicide, Had Been in Ill Health". The New York Times. 18 April 1917. Retrieved 28 July 2020.
- ^ Eric Homberger, Mrs. Astor's New York. Money and Social Power in a Gilded Age, pp. 233-234. New Haven: Yale University Press, 2002.
- ^ "Mourned by Zoologists. Mr. Barney Was Head of Their Executive Committee--Gave Liberally", The New York Times, November 15, 1907.
- ^ Cleveland Amory, Who Killed Society?, pp. 502-503. New York: Harper & Brothers, 1960.