Frederic P. Olcott
Encyclopedia
Frederic Pepoon Olcott was an American banker and politician.
, and then worked at his father's bank. In 1866, he removed to New York City
and became a stock broker
in Wall Street
. He married Mary Esmay. They had two children: a son, Dudley Olcott, 2nd, and a daughter, Edith, who married Barend van Gerbig.
On January 1, 1877, he was appointed New York State Comptroller
to serve for the remainder of the unexpired term of Lucius Robinson
who had been elected Governor. In November 1877
, he was re-elected on the Democratic, German-American Independent and Bread-Winners' League tickets, and remained in office until the end of 1879. He was defeated for re-election in 1879
.
From 1884 to 1905, he was President of the Central Trust Company of New York, which after mergers and acquisitions found its way into the JPMorgan Chase company. In this capacity he was involved in the re-organization of many railroads in financial trouble, like the Philadelphia and Reading Railroad, the Brooklyn Elevated Railroad
, the Third Avenue Railroad, and the Toledo, St. Louis and Kansas City Railroad. He also was a director of the Delaware, Lackawanna and Western Railroad
.
In 1896, because of his opposition to William Jennings Bryan
whom he accused of trying to destroy the American economy, he became a Republican and was a delegate from New Jersey
to the 1900 Republican National Convention
.
After suffering from heart trouble and chronic Bright's disease
, he died at his farm in Bernardsville, N.J., and was buried in Albany, N.Y.
Life
He was the eleventh and last child of Thomas Worth Olcott, President of the Mechanics and Farmers Bank and the Mechanics and Farmers Savings Bank of Albany, New York. He was educated at The Albany AcademyThe Albany Academy
The Albany Academy is an independent college preparatory day school for boys in Albany, New York, USA, enrolling students from Preschool to Grade 12. It was established in 1813 by a charter signed by Mayor Philip Schuyler Van Rensselaer and the city council of Albany...
, and then worked at his father's bank. In 1866, he removed to 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...
and became a stock broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
in 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...
. He married Mary Esmay. They had two children: a son, Dudley Olcott, 2nd, and a daughter, Edith, who married Barend van Gerbig.
On January 1, 1877, he was appointed New York State Comptroller
New York State Comptroller
The New York State Comptroller is a state cabinet officer of the U.S. state of New York. The duties of the comptroller include auditing government operations and operating the state's retirement system.-History:...
to serve for the remainder of the unexpired term of Lucius Robinson
Lucius Robinson
Lucius Robinson was an American lawyer and politician. He was the 26th Governor of New York from 1877 to 1879.-Life:...
who had been elected Governor. In November 1877
New York state election, 1877
The 1877 New York state election was held on November 6, 1877, to elect the Secretary of State, the State Comptroller, the Attorney General, the State Treasurer and the State Engineer, as well as all members of the New York State Assembly and the New York State Senate.-History:The Republican state...
, he was re-elected on the Democratic, German-American Independent and Bread-Winners' League tickets, and remained in office until the end of 1879. He was defeated for re-election in 1879
New York state election, 1879
The 1879 New York state election was held on November 4, 1879, to elect the Governor, the Lieutenant Governor, the Secretary of State, the State Comptroller, the Attorney General, the State Treasurer and the State Engineer, as well as all members of the New York State Assembly and the New York...
.
From 1884 to 1905, he was President of the Central Trust Company of New York, which after mergers and acquisitions found its way into the JPMorgan Chase company. In this capacity he was involved in the re-organization of many railroads in financial trouble, like the Philadelphia and Reading Railroad, the Brooklyn Elevated Railroad
Brooklyn Elevated Railroad
The Brooklyn Elevated Railroad was an elevated railroad company in Brooklyn, New York City, United States, operated from 1885 until 1899, when it was merged into the Brooklyn Rapid Transit Company-controlled Brooklyn Union Elevated Railroad.-Lines:...
, the Third Avenue Railroad, and the Toledo, St. Louis and Kansas City Railroad. He also was a director of the Delaware, Lackawanna and Western Railroad
Delaware, Lackawanna and Western Railroad
The Delaware, Lackawanna and Western Railroad Company was a railroad connecting Pennsylvania's Lackawanna Valley, rich in anthracite coal, to Hoboken, New Jersey, , Buffalo and Oswego, New York...
.
In 1896, because of his opposition to William Jennings Bryan
William Jennings Bryan
William Jennings Bryan was an American politician in the late-19th and early-20th centuries. He was a dominant force in the liberal wing of the Democratic Party, standing three times as its candidate for President of the United States...
whom he accused of trying to destroy the American economy, he became a Republican and was a delegate from New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
to the 1900 Republican National Convention
1900 Republican National Convention
The 1900 National Convention of the Republican Party of the United States was held June 19 to June 21 in the Exposition Auditorium, Philadelphia, Pennsylvania. The Exposition Auditorium was located south of the University of Pennsylvania, and the later Convention Hall was constructed along the...
.
After suffering from heart trouble and chronic Bright's disease
Bright's disease
Bright's disease is a historical classification of kidney diseases that would be described in modern medicine as acute or chronic nephritis. The term is no longer used, as diseases are now classified according to their more fully understood causes....
, he died at his farm in Bernardsville, N.J., and was buried in Albany, N.Y.
Sources
- http://query.nytimes.com/mem/archive-free/pdf?_r=1&res=9801E5D81131E733A25755C1A9629C946897D6CF Obit in NYT on April 16, 1909
- The Political Graveyard: Index to Politicians: Olcott at politicalgraveyard.com Political Graveyard (double entry)
- The Central Trust at www.smokershistory.com The Central Trust, Banking history
- http://query.nytimes.com/mem/archive-free/pdf?res=9F03E6D8103FE63BBC4151DFB667838C669FDE Tickets for state election, in NYT on October 29, 1877
- http://query.nytimes.com/mem/archive-free/pdf?res=9801E7DF163FE433A25755C1A9609C946197D6CF His opinion of Bryan, in NYT on June 16, 1900