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Henry Clews

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Henry Clews
Clews in 1913
Born(1834-08-14)August 14, 1834
Staffordshire, England
DiedJanuary 31, 1923(1923-01-31) (aged 88)
New York City, US
OccupationFinancier
Spouse
Lucy Madison Worthington
​
​
(m. 1874)​
ChildrenElsie, Henry, Jr., Robert
RelativesJames Blanchard Clews (nephew)

Henry Clews (August 14, 1834 – January 31, 1923) was a British-American financier and author. He was an economic advisor to President Ulysses S. Grant, and a friend of Abraham Lincoln. His son, Henry Clews Jr., lived at Château de la Napoule, France.

Early life

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Clews was born on August 14, 1834, in Staffordshire, England.[1] He was the youngest of four sons born to Elizabeth "Bessie" (née Kendrick) Clews and James Clews, a prosperous manufacturer of Staffordshire ware.[2]

At age 14, while in training for the Anglican Church, Clews traveled to New York City, where he "began to perceive the possibilities that presented themselves to a young man."[3]

Career

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After emigrating to the United States, Clews organized the firm of Stout, Clews & Mason and eventually brought his brother James Clews over from England to help him manage a branch of the brokerage firm.[3] In 1877, he split away from Livermore, Clews, and Company and started Henry Clews & Company, a member of the New York Stock Exchange,[4][5] which made him enormously wealthy.[6] In an 1886 article in The New York Times, his firm was referred to thusly:

They have called together a staff of assistants who for ability and character are unsurpassed, and from the senior member down to the lowest clerk they are one and all actuated by the same idea, and are untiring in their efforts to further the interest of the patrons and also that of the firm itself. The value of this co-operation on the part of employes will be readily understood when it is taken into consideration that the present business of this firm aggregates thousands of millions of dollars annually, including a general banking business and the execution of orders on the New-York Stock Exchange, New-York Produce Exchange, New-York Petroleum Exchange, and the Chicago Board of Trade, with all of which concerns this house is connected by membership, but which also necessitates the employment of a large number of brokers to aid them in their large commission business.[6]

In politics, Clews was a Republican and organized the "Committee of 70", which deposed the corrupt ring associated with William M. Tweed in New York City. He was a friend of President Abraham Lincoln and served as an economic consultant to President Ulysses Grant.[3] Clews, in regards to Grant & Ward, Grant's brokerage firm with Ferdinand Ward, was quoted as saying "It is marvelous how the idea of large profits when presented to the mind in a plausible light has the effect of stifling suspicion."[7]

Towards the end of his life he wrote one of the most famous classics about life on Wall Street entitled "Fifty Years in Wall Street".[8] His nephew, James Blanchard Clews (son of John Clews), succeeded as senior member of Henry Clews & Co. after the death of Clews in 1923.[9]

Personal life

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Clews' villa "The Rocks" in Newport, Rhode Island

In 1874, Clews was married to Lexington, Kentucky born heiress Lucy Madison Worthington (1851–1945).[10] Lucy, a daughter of William Hord Worthington and Anna (née Tomlinson) Worthington, was a second cousin of U.S. President James Madison[11] and American Revolutionary War brigadier general Andrew Lewis. Together, they were the parents of three children, two of whom lived to adulthood:

Clews died of bronchitis in New York City, New York on January 31, 1923.[1][17] He was buried at Woodlawn Cemetery in the Bronx. His widow died, at the age of 93, at her home, 15 East 69th Street in New York on May 19, 1945.[10]

Descendants

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Through his son Henry, he was the grandfather of Henry Clews III (1903–1983); Louise Hollingsworth Morris Clews (1904–1970), who married Ian Campbell, 11th Duke of Argyll and became the Duchess of Argyll;[18] and Mancha Madison Clews (1915–2006), an electrical engineer.[19]

Published works

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References

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  1. ^ a b Ingham, John N. "Clews, Henry." Biographical Dictionary of American Business Leaders, Volume 1. Greenwood Publishing Group, 1983. p. 172. Digital Scans, Google Books (Web). July 7, 2015.
  2. ^ Hare, Peter H. (1985). A Woman's Quest for Science: Portrait of Anthropologist Elsie Clews Parsons. Prometheus Books. p. 23. ISBN 9780879752743. Retrieved February 6, 2019.
  3. ^ a b c d e Zumwalt, Rosemary Lévy; Abrahams, Roger D. (1992). Wealth and Rebellion: Elsie Clews Parsons, Anthropologist and Folklorist. University of Illinois Press. p. 17. ISBN 9780252019098. Retrieved February 6, 2019.
  4. ^ "The Arrest of Henry Clews" (PDF). The New York Times. March 20, 1877. p. 8. Retrieved July 17, 2024.
  5. ^ "Marks His Half Century With Henry Clews & Co" (PDF). The New York Times. April 1, 1947. p. 41. Retrieved February 6, 2019.
  6. ^ a b "The Great Banking House of Henry Clews & Co. | Its Magnitude and Success" (PDF). The New York Times. January 1, 1886. p. 4. Retrieved July 17, 2024.
  7. ^ Maslin, Janet (May 13, 2012). "'A Disposition to Be Rich' by Geoffrey C. Ward". The New York Times. Retrieved July 17, 2024.
  8. ^ Clews, Henry. Fifty Years in Wall Street "Twenty-Eight Years in Wall Street," Revised and Enlarged by a Resume of the Past Twenty-Two Years, Making a Record of Fifty Years in Wall Street. New York: Irving Pub. Co, 1908.
  9. ^ Men and Women of America: A Biographical Dictionary of Contemporaries. L.R. Hamersly. 1909. p. 363. Retrieved December 13, 2019.
  10. ^ a b "Mrs. Henry Clews is Dead Here at 93; Widow of Noted Broker Was a Founder of Colony Club-- Grandniece of Madison" (PDF). The New York Times. May 20, 1945. p. 31. Retrieved February 6, 2019.
  11. ^ Clews, Marie (2007). Once upon a Time at La Napoule: The Memoirs of Marie Clews (3rd ed.). Editions La Mancha. p. 22. ISBN 9782912900074. Retrieved July 17, 2024 – via Internet Archive.
  12. ^ "Miss Clews is Married". The New York Times. Newport, Massachusetts (published September 2, 1900). September 1, 1900. p. 5. Retrieved July 17, 2024 – via Newspapers.com.
  13. ^ "Henry Clews Jr. Marries Mrs Louise M. Gebhard" (PDF). The New York Times. November 29, 1901. p. 1. Retrieved July 17, 2024.
  14. ^ "Goelet Divorce Up To-Day. Petitions of Mrs. Robert Goelet and Mrs. Amos T. French Similar" (PDF). The New York Times. Newport, Rhode Island (published March 3, 1914). March 2, 1914. p. 6. Retrieved July 17, 2024.
  15. ^ "Mrs. Henry Clews of Art Memorial; Sculptor's Widow, Who Created Foundation to Aid U.S.-French Ties, Dead '" (PDF). The New York Times. April 16, 1959. p. 33. Retrieved September 10, 2018.
  16. ^ "Mrs. Robert Goelet Weds H. Clews, Jr. Divorcees Are Married in Her Home a Few Hours After Obtaining License. A Surprise for Friends; Bridegroom, Son of Banker, Is an Artist, and Bride Studied Painting in His Newport Studio" (PDF). The New York Times. December 20, 1914. p. 3. Retrieved July 17, 2024.
  17. ^ "Henry Clews Dies in His 89th Year. Notable Wall Street Figure for More Than Sixty Years Succumbs to Bronchitis". The New York Times. February 1, 1923. p. 1. Retrieved July 17, 2024 – via Internet Archive. Henry Clews, the banker, died at his home, 27 West Fifty-first Street, yesterday after a long Illness. He had been in failing health for several months, and the direct cause of his death was chronic bronchitis. He was in his eighty-ninth year. ...
  18. ^ "Mrs. Louise C. Timpson Dead; Former Duchess of Argyll, 65". The New York Times. February 11, 1970. p. 47. Retrieved July 17, 2024.
  19. ^ Downey, Sally A. (August 23, 2010). "Margaret Strawbridge Clews, 91, artist and businesswoman". The Philadelphia Inquirer. Retrieved February 6, 2019.
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