Edward T. Stotesbury

Edward Townsend "Ned" Stotesbury (February 26, 1849 – May 16, 1938) was a prominent investment banker, a partner in Philadelphia's Drexel & Co. and its New York affiliate J. P. Morgan & Co. for over fifty-five years. He was involved in the financing of many railroads. Stotesbury, West Virginia, a coal mining town in Raleigh County, is named for him, as well as his equestrian estate, the Stotesbury Club House. Several of the palatial estates he built with his second wife have been demolished in the years since his death.

Stotesbury was born in Philadelphia, Pennsylvania of Quaker parentage, and attended Union Business College (now Peirce College). His first wife was Frances Berman Butcher. Their first daughter, Helen Lewis Stotesbury (August 21, 1874 – September 9, 1874), died an infant. They had another daughter in 1877 and Frances died giving birth to a third on November 7, 1881 at the age of 31.

Stotesbury got his start working for Drexel & Co., the well-known Philadelphia banking house founded and directed by Anthony Joseph Drexel. He was always punctual, never absent. He kept meticulous records of every penny he spent. When Drexel went into partnership with J.P. Morgan, Stotesbury received a lucrative post. In 1882, he was made a partner. Years later he often told the simple story of his success: "Keep your mouth shut and your ears open."

One of the significant services which he performed in the course of his business career was assisting in the floating of the International Chinese Loan of 1909. He was a director of the Reading Railroad, the Lehigh Valley Railroad, the Philadelphia Fidelity Bank, the Girard Trust Company, the Cambria Iron Company, Pennsylvania Steel Company, Latrobe Steel Company, Penn Mutual Life Insurance Company, Keystone Watch Company, and the Jessup and Moore Paper Company. He also served as the President of Philadelphia's Art Jury and Fairmount Park Art Association (now the Association for Public Art).

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