Theodore B. Basselin
| Theodore B. Basselin | |
|---|---|
 |
|
| Born |
March 24, 1851 Grostenchen, Germany |
| Died | April 21, 1914 (aged 63) Croghan, New York, United States |
| Nationality | American |
| Occupation | Businessman |
| Known for | Philanthropy |
Theodore B. Basselin (1851–1914) was an American lumber magnate, best remembered for an endowed scholarship he created at the Theological College of the Catholic University of America. The Basselin scholarship has funded the philosophical education of many notable American churchmen.
Basselin was born on March 24, 1851 in Grostenchen, now Grostenquin, a village in Lorraine. He emigrated to the United States at the age of three with his parents, Dominique Basselin and his mother, Anna Basselin (née Pierson). His father died when he was ten years old, and his mother raised him in the principles of business as he ran the family's general store. Basselin attended Niagara University, graduating at the age of twenty-two before returning to his home town of Croghan, New York, and becoming involved in the timber trade.
He quickly accumulated a fortune in the lumber trade, owning several thousands of acres of timberland and employing hundreds of people at the time of his death. An innovation which contributed to his success was his practice of allowing felled hemlock logs to rot before stripping them of their bark for use in leather production. This allowed him to turn a waste product into a source of income. He diversified his business interests later in life, becoming involved in furniture production, the Lowville and Beaver River Railroad Company, a paper company, an electric power company, and banking.
Basselin died at his home in Croghan on April 21, 1914 from Bright's disease.
Basselin died a millionaire, and left a generous will. He gave each of his two cousins, his only living relatives, $100,000 each. He left money to support his nurse, housekeeper, and barn man for the rest of their lives. He was especially generous to the Roman Catholic Church, leaving $100,000 to the Order of Friars Minor in Croghan for the creation of a college in the town.
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