John Knowles Fitch
Encyclopedia
John Knowles Fitch was the founder of the Fitch Publishing Company, and developed a financial securities rating system from AAA to D. Fitch ratings are used as a tool in the business of credit rating
, usually behind Moody's
ratings and Standard & Poor ratings.
Fitch's father was Francis Emory Fitch (September 15, 1850 – 1910), his mother was Cornelia Knowles (graduated Vassar College
1873). He was born in Bridgeport, Connecticut
and while he was still a child, his parents moved to Brooklyn, New York, where they remained until 1891. They moved at that time to Passaic, New Jersey
. He attended the Friends School in Brooklyn, and later the public school of Passaic. Following his graduation from Columbia University
, which he entered in June 1902, he married Lillian L. Whitehead on June 15, 1905. She was the daughter of Reverend M. J. H. Whitehead, pastor of the North Reformed Church of Passaic, New Jersey. They resided in Passaic for several years, and then took up residence in Upper Montclair, New Jersey
.
Shortly after his graduation from Columbia University, Fitch bought a well-known florist shop located on Broadway and 22nd Street in New York City
. He took correspondence courses in a variety of subjects, including advertising
.
Following the death of Mallory Knowles Fitch, his elder brother, John Fitch sold his florist business and worked with his father in the printing business at 47 Broad Street, New York City. After the death of his father in 1910, the business was incorporated under the name of Francis Emory Smith Inc., and was located in the Fitch Building at 138 Pearl Street, near the corner of Wall Street
in New York City. Upon the incorporation of this company, John Knowles Fitch became its president. On December 24, 1913, Fitch founded a new corporation named The Fitch Publishing Company, Inc. of which he was president. The main offices of this company were also located in the Fitch Building.
Among the Fitch Publishing Company's publications were the Fitch Bond Book, the Fitch Stock and Bond Manual, and other services furnishing daily and weekly statistics on the New York Stock Exchange
and the American and Canadian corporate security
field.
Fitch was president of the Alumni Federation of Columbia University, and during World War I
aroused interest among his classmates to raise funds to purchase and equip and ambulance to be sent to France for the soldiers. His hobbies included yacht
ing and golf
ing. He sailed his yacht Bavois to the coast of Labrador
to visit scenes made famous by Sir Wilfred Grenfell.
John Knowles Fitch and his wife, Lillian Whitehead, had three children: John Knowles, Jr. (born April 17, 1906, died January 21, 1998); and twins Marjorie and Muriel (born 1907).
Credit rating
A credit rating evaluates the credit worthiness of an issuer of specific types of debt, specifically, debt issued by a business enterprise such as a corporation or a government. It is an evaluation made by a credit rating agency of the debt issuers likelihood of default. Credit ratings are...
, usually behind Moody's
Moody's
Moody's Corporation is the holding company for Moody's Analytics and Moody's Investors Service, a credit rating agency which performs international financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized...
ratings and Standard & Poor ratings.
Fitch's father was Francis Emory Fitch (September 15, 1850 – 1910), his mother was Cornelia Knowles (graduated Vassar College
Vassar College
Vassar College is a private, coeducational liberal arts college in the town of Poughkeepsie, New York, in the United States. The Vassar campus comprises over and more than 100 buildings, including four National Historic Landmarks, ranging in style from Collegiate Gothic to International,...
1873). He was born in Bridgeport, Connecticut
Bridgeport, Connecticut
Bridgeport is the most populous city in the U.S. state of Connecticut. Located in Fairfield County, the city had an estimated population of 144,229 at the 2010 United States Census and is the core of the Greater Bridgeport area...
and while he was still a child, his parents moved to Brooklyn, New York, where they remained until 1891. They moved at that time to Passaic, New Jersey
Passaic, New Jersey
Passaic is a city in Passaic County, New Jersey, United States. As of the 2010 United States Census, the city had a total population of 69,781, maintaining its status as the 15th largest municipality in New Jersey with an increase of 1,920 residents from the 2000 Census population of 67,861...
. He attended the Friends School in Brooklyn, and later the public school of Passaic. Following his graduation from Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
, which he entered in June 1902, he married Lillian L. Whitehead on June 15, 1905. She was the daughter of Reverend M. J. H. Whitehead, pastor of the North Reformed Church of Passaic, New Jersey. They resided in Passaic for several years, and then took up residence in Upper Montclair, New Jersey
Upper Montclair, New Jersey
Upper Montclair is northern Montclair, which is usually reckoned as everything north of Watchung Avenue. Upper Montclair takes up approximately one third of Montclair, New Jersey-Education:...
.
Shortly after his graduation from Columbia University, Fitch bought a well-known florist shop located on Broadway and 22nd Street 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...
. He took correspondence courses in a variety of subjects, including advertising
Advertising
Advertising is a form of communication used to persuade an audience to take some action with respect to products, ideas, or services. Most commonly, the desired result is to drive consumer behavior with respect to a commercial offering, although political and ideological advertising is also common...
.
Following the death of Mallory Knowles Fitch, his elder brother, John Fitch sold his florist business and worked with his father in the printing business at 47 Broad Street, New York City. After the death of his father in 1910, the business was incorporated under the name of Francis Emory Smith Inc., and was located in the Fitch Building at 138 Pearl Street, near the corner of 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...
in New York City. Upon the incorporation of this company, John Knowles Fitch became its president. On December 24, 1913, Fitch founded a new corporation named The Fitch Publishing Company, Inc. of which he was president. The main offices of this company were also located in the Fitch Building.
Among the Fitch Publishing Company's publications were the Fitch Bond Book, the Fitch Stock and Bond Manual, and other services furnishing daily and weekly statistics on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and the American and Canadian corporate security
Corporate Security
Corporate security identifies and effectively mitigates or manages, at an early stage, any developments that may threaten the resilience and continued survival of a corporation...
field.
Fitch was president of the Alumni Federation of Columbia University, and 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...
aroused interest among his classmates to raise funds to purchase and equip and ambulance to be sent to France for the soldiers. His hobbies included yacht
Yacht
A yacht is a recreational boat or ship. The term originated from the Dutch Jacht meaning "hunt". It was originally defined as a light fast sailing vessel used by the Dutch navy to pursue pirates and other transgressors around and into the shallow waters of the Low Countries...
ing and golf
Golf
Golf is a precision club and ball sport, in which competing players use many types of clubs to hit balls into a series of holes on a golf course using the fewest number of strokes....
ing. He sailed his yacht Bavois to the coast of Labrador
Labrador
Labrador is the distinct, northerly region of the Canadian province of Newfoundland and Labrador. It comprises the mainland portion of the province, separated from the island of Newfoundland by the Strait of Belle Isle...
to visit scenes made famous by Sir Wilfred Grenfell.
John Knowles Fitch and his wife, Lillian Whitehead, had three children: John Knowles, Jr. (born April 17, 1906, died January 21, 1998); and twins Marjorie and Muriel (born 1907).
Sources
- Fitch, Roscoe Conkling. History of the Fitch family A.D. 1400-1930: a record of the Fitches in England and America, including "pedigree of Fitch" certified by the College of Arms, London, England. Haverhill, Massachusetts: Record Pub. Co., 1930.
- The History of Fitch Ratings 2006.