Clarence Dillon
Encyclopedia
Clarence Dillon, was an American
financier
, and namesake of Dillon, Read & Co.
, an investment bank.
in 1848. His paternal grandparents were Joshua Lapowski and Paulina Dylion, daughter of a Frenchman
, Michel Dylion. Samuel Lapowski eventually emigrated to the United States
.
In 1878, his father went to San Antonio, Texas
and married Bertha Stenbock one year later. Stenbock was born 1862 in Denver, Colorado
, the daughter of Gustav Stenbock, a Swedish immigrant, who was prospecting
for lead
and silver
in the Colorado Western Slope
.
In 1884, the family moved to Abilene, Texas
. They became naturalized citizens in the Abilene District Court, on September 25 1891, legally changing the family name to Dillon on September 17, 1901.
Samuel Dillon died in San Francisco, California
, on June 23, 1912. His wife died in New York City
, on January 1, 1951.
- d. November 8 1961, Far Hills, New Jersey
) in Milwaukee, Wisconsin
. Anne was the daughter of George Douglass (Chillicothe, Ohio
, July 19 1843 - Milwaukee, September 29 1919) and his wife and second cousin (m. near Lafayette, Ohio
, October 6 1867) Susan Virginia Dun (near Lafayette,August 21 1846 – Richmond, Virginia
, January 8 1937).
Their son, C. Douglas Dillon
(later Secretary of the Treasury, 1961-65) was born in Geneva, Switzerland in 1909.
Their daughter, Dorothy, was born in 1913 and died on June 8, 2005 in Far Hills, New Jersey. She was predeceased by her husbands, Philip Allen, Sydney Shepherd Spivack and Eric Eweson.
Clarence purchased show dog
Fontclair Festoon from Dody Jenkins. This dog would go on to win best-in-show at the Westminster Kennel Club in 1959. The dog was handled by Anne Rogers Clark
.
bond broker William A. Read & Company, through an introduction by his Harvard classmate, William A. Phillips
, in 1912. Dillon joined Read's Chicago office in that year and moved to its New York office in 1914. Following Read's death in 1916, Dillon bought a majority interest in the firm. In 1921, company's name was changed to Dillon, Read & Co.
A number of Dillon, Read partners served in senior roles in government, including Dillon and his right hand man, James Forrestal
, who served as Secretary of the Navy, and later, Secretary of Defense.
During World War I
, Bernard Baruch
, Chairman of the War Industries Board
, (known as the Czar of American Industry) asked Dillon to be Assistant Chairman of the War Industries Board.
Dillon was a Francophile
both because his mother was of French origin and for his own personal tastes. In 1929, he purchased an apartment in Paris
where he stayed a part of each year until he was well into his 80s.
An oenophile as well, Dillon negotiated for months with André Gibert, to purchase Château Haut-Brion
and ultimately did so on May 13, 1935 for 2,300,000 franc
s. Dillon is said to have purchased Château Haut-Brion, merely because it was his favorite wine
. But Haut-Brion
is near Bordeaux
, and good riding
and hunting
land surrounds the estate.
In 1957, Fortune Magazine listed Dillon as one of the richest men in the United States, with a fortune then estimated to be from $150 to $200 million.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
, and namesake of Dillon, Read & Co.
Dillon, Read & Co.
Dillon, Read & Co. was a prominent American investment bank from the 1920s into the 1960s.-Origins:Dillon Read traces its roots to 1832 with the founding of the Wall Street brokerage firm Carpenter & Vermilye. This firm was succeeded by Read & Company in which chief principal was William A. Read. ...
, an investment bank.
Background
Clarence Dillon was born Clarence Lapowski. His parents were Samuel Lapowski and Bertha Stenbock. Dillon's father was a Polish-Jewish immigrant, likely born in Łomża, PolandPoland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
in 1848. His paternal grandparents were Joshua Lapowski and Paulina Dylion, daughter of a Frenchman
French people
The French are a nation that share a common French culture and speak the French language as a mother tongue. Historically, the French population are descended from peoples of Celtic, Latin and Germanic origin, and are today a mixture of several ethnic groups...
, Michel Dylion. Samuel Lapowski eventually emigrated to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
In 1878, his father went to San Antonio, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
and married Bertha Stenbock one year later. Stenbock was born 1862 in Denver, Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
, the daughter of Gustav Stenbock, a Swedish immigrant, who was prospecting
Prospecting
Prospecting is the physical search for minerals, fossils, precious metals or mineral specimens, and is also known as fossicking.Prospecting is a small-scale form of mineral exploration which is an organised, large scale effort undertaken by mineral resource companies to find commercially viable ore...
for lead
Lead
Lead is a main-group element in the carbon group with the symbol Pb and atomic number 82. Lead is a soft, malleable poor metal. It is also counted as one of the heavy metals. Metallic lead has a bluish-white color after being freshly cut, but it soon tarnishes to a dull grayish color when exposed...
and silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
in the Colorado Western Slope
Colorado Western Slope
The Western Slope of Colorado refers to a region of the U.S. state of Colorado incorporating everything in the state west of the Continental Divide. The Colorado River and its tributaries divide the region into north and south at Grand Junction, Colorado...
.
In 1884, the family moved to Abilene, Texas
Abilene, Texas
Abilene is a city in Taylor and Jones counties in west central Texas. The population was 117,063 at the 2010 census. It is the principal city of the Abilene Metropolitan Statistical Area, which had a 2006 estimated population of 158,063. It is the county seat of Taylor County...
. They became naturalized citizens in the Abilene District Court, on September 25 1891, legally changing the family name to Dillon on September 17, 1901.
Samuel Dillon died in San Francisco, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, on June 23, 1912. His wife died in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, on January 1, 1951.
Marriage and issue
On February 4, 1908, Dillon married Anne McEldin Douglass (b. September 26 1881, Peoria, IllinoisPeoria, Illinois
Peoria is the largest city on the Illinois River and the county seat of Peoria County, Illinois, in the United States. It is named after the Peoria tribe. As of the 2010 census, the city was the seventh-most populated in Illinois, with a population of 115,007, and is the third-most populated...
- d. November 8 1961, Far Hills, New Jersey
Far Hills, New Jersey
Far Hills is a borough in Somerset County, New Jersey, United States. As of the United States 2010 Census, the population was 919.Far Hills was incorporated as a borough based on an Act of the New Jersey Legislature passed on April 7, 1921, from portions of Bernards Township, subject to the results...
) in Milwaukee, Wisconsin
Wisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...
. Anne was the daughter of George Douglass (Chillicothe, Ohio
Chillicothe, Ohio
Chillicothe is a city in and the county seat of Ross County, Ohio, United States.Chillicothe was the first and third capital of Ohio and is located in southern Ohio along the Scioto River. The name comes from the Shawnee name Chalahgawtha, meaning "principal town", as it was a major settlement of...
, July 19 1843 - Milwaukee, September 29 1919) and his wife and second cousin (m. near Lafayette, Ohio
Lafayette, Ohio
Lafayette is a village in Allen County, Ohio, United States with a population of 304 as of the 2000 U.S. census. It is included in the Lima, Ohio Metropolitan Statistical Area.-Geography:Lafayette is located at ....
, October 6 1867) Susan Virginia Dun (near Lafayette,August 21 1846 – Richmond, Virginia
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
, January 8 1937).
Their son, C. Douglas Dillon
C. Douglas Dillon
Clarence Douglas Dillon was an American diplomat and politician, who served as U.S. Ambassador to France and as the 57th Secretary of the Treasury...
(later Secretary of the Treasury, 1961-65) was born in Geneva, Switzerland in 1909.
Their daughter, Dorothy, was born in 1913 and died on June 8, 2005 in Far Hills, New Jersey. She was predeceased by her husbands, Philip Allen, Sydney Shepherd Spivack and Eric Eweson.
Clarence purchased show dog
Conformation show
Conformation shows, also referred to as breed shows, are a kind of dog show in which a judge familiar with a specific dog breed evaluates individual purebred dogs for how well the dogs conform to the established breed type for their breed, as described in a breed's individual breed standard.A...
Fontclair Festoon from Dody Jenkins. This dog would go on to win best-in-show at the Westminster Kennel Club in 1959. The dog was handled by Anne Rogers Clark
Anne Rogers Clark
Anne Rogers Clark was an American dog breeder and trainer and one of the few people licensed to judge all 165 breeds and varieties recognized by the American Kennel Club.She was the first woman to win best in show at Westminster as a professional handler, and she tied for second there among all...
.
Career
Dillon met William A. Read, founder of the Wall StreetWall 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...
bond broker William A. Read & Company, through an introduction by his Harvard classmate, William A. Phillips
William A. Phillips
William Addison Phillips was a U.S. Representative from Kansas.Born in Paisley, Scotland, Phillips attended the common schools of Paisley....
, in 1912. Dillon joined Read's Chicago office in that year and moved to its New York office in 1914. Following Read's death in 1916, Dillon bought a majority interest in the firm. In 1921, company's name was changed to Dillon, Read & Co.
Dillon, Read & Co.
Dillon, Read & Co. was a prominent American investment bank from the 1920s into the 1960s.-Origins:Dillon Read traces its roots to 1832 with the founding of the Wall Street brokerage firm Carpenter & Vermilye. This firm was succeeded by Read & Company in which chief principal was William A. Read. ...
A number of Dillon, Read partners served in senior roles in government, including Dillon and his right hand man, James Forrestal
James Forrestal
James Vincent Forrestal was the last Cabinet-level United States Secretary of the Navy and the first United States Secretary of Defense....
, who served as Secretary of the Navy, and later, Secretary of Defense.
During World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, Bernard Baruch
Bernard Baruch
Bernard Mannes Baruch was an American financier, stock-market speculator, statesman, and political consultant. After his success in business, he devoted his time toward advising U.S. Presidents Woodrow Wilson and Franklin D. Roosevelt on economic matters and became a philanthropist.-Early life...
, Chairman of the War Industries Board
War Industries Board
The War Industries Board was a United States government agency established on July 28, 1917, during World War I, to coordinate the purchase of war supplies. The organization encouraged companies to use mass-production techniques to increase efficiency and urged them to eliminate waste by...
, (known as the Czar of American Industry) asked Dillon to be Assistant Chairman of the War Industries Board.
Francophile
Is a person with a positive predisposition or interest toward the government, culture, history, or people of France. This could include France itself and its history, the French language, French cuisine, literature, etc...
both because his mother was of French origin and for his own personal tastes. In 1929, he purchased an apartment in Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
where he stayed a part of each year until he was well into his 80s.
An oenophile as well, Dillon negotiated for months with André Gibert, to purchase Château Haut-Brion
Château Haut-Brion
Château Haut-Brion is a French wine, rated a Premier Cru Classé , produced in the Gironde region. It differs from the other wines on the list in its geographic location in the north of the wine-growing region of Graves...
and ultimately did so on May 13, 1935 for 2,300,000 franc
French franc
The franc was a currency of France. Along with the Spanish peseta, it was also a de facto currency used in Andorra . Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amount of money...
s. Dillon is said to have purchased Château Haut-Brion, merely because it was his favorite wine
Wine
Wine is an alcoholic beverage, made of fermented fruit juice, usually from grapes. The natural chemical balance of grapes lets them ferment without the addition of sugars, acids, enzymes, or other nutrients. Grape wine is produced by fermenting crushed grapes using various types of yeast. Yeast...
. But Haut-Brion
Haut-Brion
Haut-Brion is a name found in several Bordeaux wine producers in the Graves district, including:* Château Haut-Brion, a premier cru selection of the 1855 classification then named simply Haut-Brion...
is near Bordeaux
Bordeaux
Bordeaux is a port city on the Garonne River in the Gironde department in southwestern France.The Bordeaux-Arcachon-Libourne metropolitan area, has a population of 1,010,000 and constitutes the sixth-largest urban area in France. It is the capital of the Aquitaine region, as well as the prefecture...
, and good riding
Equestrianism
Equestrianism more often known as riding, horseback riding or horse riding refers to the skill of riding, driving, or vaulting with horses...
and hunting
Hunting
Hunting is the practice of pursuing any living thing, usually wildlife, for food, recreation, or trade. In present-day use, the term refers to lawful hunting, as distinguished from poaching, which is the killing, trapping or capture of the hunted species contrary to applicable law...
land surrounds the estate.
In 1957, Fortune Magazine listed Dillon as one of the richest men in the United States, with a fortune then estimated to be from $150 to $200 million.
Further Reference
- Robert C. Perez and Edward F. Willett, Clarence Dillon, a Wall Street enigma (Lanham: Madison, 1975)