John Stevens

January 22, 1795 (age 78)

New York City, New York, United States

Five years later after his graduation from the Yale College John became a partner in his father's importing house, and he achieved business success. One of their sons was John Austin Stevens, 1827-1910. When, in the efforts to regain financial stability after the depression of 1837, a new state banking law was enacted, a group of New York capitalists and lawyers organized the Bank of Commerce in 1839. They installed Stevens as its first president and issued capital stock to the amount of $5, 000, 000, divided among 624 stockholders, and in 1856 increased the capital to $10, 000, 000. In the second year of its existence the bank took $1, 000, 000 of federal bonds at par and was made agent for government moneys collected in New York, and, having weathered the crisis of 1857, it was recognized at the outbreak of the Civil War as perhaps the strongest financial institution in the country. In the summer of 1861 he joined the other New York bankers in taking the federal government's loan of $50, 000, 000 and thereafter until the end of hostilities gave the Lincoln administration unwavering support. His advice was more than once sought by the treasury department. In 1866 he resigned the bank presidency and passed the remaining eight years of his life in retirement. He died on October 19, 1874 in New York City.

John Austin Stevens

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banker

Background

John was born on January 22, 1795 in New York City, New York, United States, the son of Lucretia (Ledyard) Sands Stevens and Ebenezer Stevens, of Boston, an officer of the Continental Army and later a prosperous importer in New York.

Education

He graduated from Yale College in 1813.

Career

Five years later after his graduation from the Yale College John became a partner in his father's importing house, and he achieved business success.

One of their sons was John Austin Stevens, 1827-1910. When, in the efforts to regain financial stability after the depression of 1837, a new state banking law was enacted, a group of New York capitalists and lawyers organized the Bank of Commerce in 1839. They installed Stevens as its first president and issued capital stock to the amount of $5, 000, 000, divided among 624 stockholders, and in 1856 increased the capital to $10, 000, 000.

In the second year of its existence the bank took $1, 000, 000 of federal bonds at par and was made agent for government moneys collected in New York, and, having weathered the crisis of 1857, it was recognized at the outbreak of the Civil War as perhaps the strongest financial institution in the country. In the summer of 1861 he joined the other New York bankers in taking the federal government's loan of $50, 000, 000 and thereafter until the end of hostilities gave the Lincoln administration unwavering support.

His advice was more than once sought by the treasury department. In 1866 he resigned the bank presidency and passed the remaining eight years of his life in retirement.

He died on October 19, 1874 in New York City.

Achievements

John Austin Stevens was president of the Associated Banks of New York, Philadelphia, and Boston. He even led a group of bankers in advocating the Legal Tender Bill in 1861. For half a century he had been an important figure in the life of the metropolis, as president of the Merchants' Exchange, as secretary of the Chamber of Commerce, and as excellent public speaker, devoted to literature.

Connections

In 1824 he was married to Abby, the daughter of Benjamin Weld of Brunswick, Maine, and Boston.

Father:: Ebenezer Stevens
Mother:: Lucretia (Ledyard) Sands Stevens
Wife:: Abby Weld

References

Appleton's Cyclopedia of American Biography

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John Austin Stevens

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