Edward Francis Hutton

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Edward Francis Hutton (September 7, 1875 – July 11, 1962) was an American financier and co-founder of E. F. Hutton & Co., once one of the largest financial firms in the United States.[1]

Edward Francis Hutton
Born(1875-09-07)September 7, 1875
DiedJuly 11, 1962(1962-07-11) (aged 86)
Resting placeLocust Valley Cemetery, Locust Valley, New York, U.S.
EducationNew York Latin School
Blanch Horton
(m. 1900; died 1918)
(m. 1920; div. 1935)
Dorothy Dear Metzger
(m. 1936)
ChildrenHalcourt Horton Hutton
Dina Merrill
RelativesBarbara Hutton (niece)

Early life edit

Hutton was born in Manhattan, New York City, the son of James Laws Hutton (1847–1885), who left an Ohio farm to work there. James died on December 14, 1885, at the age of 37 when Hutton was only ten years old, leaving Edward and his two siblings, Grace Hutton (b. 1873) and Franklyn Laws Hutton (1877–1940) to be raised by their mother, Frances Elouise Hulse Hutton (1851–1930). Hutton's younger brother, Franklyn, married Edna Woolworth, the dime store heiress and was the father of Barbara Hutton.

As a schoolboy, Hutton attended the New York Latin School before transferring to P.S. 69. During his adolescence, he worked in a gear factory at age fifteen and then two years later in the mailroom of a securities firm. He completed his studies at Trinity Chapel High School and Packer's Business College.

Career edit

In 1904, Hutton and his brother Franklyn Laws Hutton founded the American stock brokerage firm E. F. Hutton & Co.[1] Under their leadership, it became one of the most respected financial firms in the United States and for several decades was the second largest brokerage firm in the United States. E.F. Hutton merged in 1988 with Shearson Lehman/American Express.

Personal life edit

He married his first wife Blanch Horton (December 6, 1878 – December 18, 1917) on October 9, 1900. She was the daughter of investment banker Henry Lawrence Horton. She died in the early days of the 1918 Spanish flu pandemic. Blanch and Edward had one son:

  • Halcourt Horton Hutton (1902–1920), who was killed in a horse riding accident on Long Island on September 25, 1920.

He married his second wife, General Foods heiress, Marjorie Merriweather Post, in 1920. She was actively involved in identifying companies for acquisition which complemented General Foods. Edward was active in arranging the financing for the acquisitions. During their marriage (1920–1935) they built Mar-a-Lago in Palm Beach, Florida, and also commissioned the largest privately owned seagoing yacht of the era, the Hussar V, which is best known as the Sea Cloud. The Huttons divorced in 1935 after evidence of Edward's affairs with other women became known to Marjorie. Together they had one child:

In February 1936, at age 60, he married 28-year-old Dorothy Dear Metzger, who had divorced her husband, Homer, the previous October. Edward met Dorothy through Marjorie's daughter Adelaide, who had invited Dorothy and her husband to spend a weekend with her and other friends at Hillwood. Dorothy and Homer P. Metzger had one daughter, who became Edward's stepdaughter upon the marriage:

  • Nancy Joan Metzger, who inherited a portion of her stepfather's estate when he died.

Hutton died on July 11, 1962, in Old Westbury, New York. He is buried in Locust Valley Cemetery, Locust Valley, New York.[1][2]

Notable residences edit

  • Hillwood, Long Island: Built in 1922 in Brookville, NY after purchasing and demolishing the former Warburton Hall Estate, it was designed in the Tudor style by architect Charles Mansfield Hart. Post would keep it in the divorce and sold it in 1951 to Long Island University which later become LIU Post.
  • Hogarcito, Palm Beach, Florida: Built in 1921 for Hutton and his second wife, and designed by noted society architect Marion Sims Wyeth. It is noted for its Spanish-style bell tower that rises some three stories above the main house. Post thought the house was too small so commissioned the building of Mar-a-Lago. After Mar-a-Lago was completed it became the home of E.F. Hutton's brother and business partner Franklyn L. Hutton, whose daughter was Woolworth heiress Barbara Hutton.[3]
  • Mar-a-Lago, Palm Beach, Florida: Built in 1927 with his second wife Marjorie Merriweather Post as a winter residence. Post would end up keeping the house after the divorce.
  • Hutfield, Old Westbury, New York: Lived in with his third wife Dorothy Metzger. 1963 Dorothy Metzger Hutton sold their Old Westbury estate to Long Island University. Today Hutfield is the Fine Arts Center at LIU Post.

Yachts edit

E.F. Hutton had a passion for yachting and sport fishing[4] and had numerous private yachts built throughout his lifetime. With the exception of Lady Baltimore, he would always name them Hussar.[5]

Name Year built/purchased Specifications Designer Shipyard Notes Affiliate yacht club
Lady Baltimore   1916 77 ft motor yacht, cruising speed 21 knots[6] Bowes and Mower Mathias Yacht building Company Purchased by E.F. Hutton in 1916[7] New York Yacht Club
Hussar 1910 (approx) 63 ft auxiliary sloop[8] Willard F. Downs, Bay Shore, NY[8] Built for E.F. Hutton[9]
Hussar II
Hussar III   1921 (approx) 145 ft long, 20 ft beam, twin screw diesel motor yacht[10] Henry J. Gielow of New York Kyle & Purdy, City Island, NY.[10][11] Built for E.F. Hutton New York Yacht Club
Hussar IV   1923 163 ft, 33 ft beam, 3 masted schooner Cox & Stevens Burmeister & Wain in Copenhagen, Denmark Built for E.F. Hutton and his wife Marjorie Merriweather Post New York Yacht Club[12]
Hussar V (Sea Cloud)   1931 316 ft long, 49 ft beam, 4 masted barque Cox & Stevens Krupp Germaniawerft shipyard, Kiel, Germany[13] Built for E.F. Hutton and his wife Marjorie Merriweather Post, renamed Sea Cloud after their divorce New York Yacht Club[12]

References edit

  1. ^ a b c "Edward F. Hutton, Financier, 86, Dies". The New York Times. July 12, 1962. Retrieved 2015-01-07. Edward Francis Hutton, founder of the New York Stock Exchange firm of E.F. Hutton Co. and former chairman of the General Foods Corporation, died yesterday at his home, Hutfield, on Wheatly Road, Westbury, L. I. He was 86 years old.
  2. ^ "E. F. Hutton, 86, Dies; Broker and Financier". Chicago Tribune. July 12, 1962. Retrieved 2015-01-07.
  3. ^ Hofheinz, Darrell. "UPDATED: Marjorie Merriweather Post's first PB home brings $9 million". Palm Beach Daily News. Archived from the original on 2020-08-12. Retrieved 2020-05-03.
  4. ^ Rubin, Nancy (2004-01-04). American Empress: The Life and Times of Marjorie Merriweather Post. iUniverse. ISBN 978-0-595-75202-7.
  5. ^ Grobecker, Kurt (1998). Sea Cloud: A Living Legend. Edition Die Barque. ISBN 3884122541.
  6. ^ Day, Thomas Fleming (1920). The Rudder. Fawcett Publications.
  7. ^ Power Boating. Penton Publishing Company. 1916.
  8. ^ a b Prial, Francis P. (1909). The Motor Boat: Devoted to All Types of Power Craft. Motor boat publishing Company.
  9. ^ Prial, Francis P. (1909). The Motor Boat: Devoted to All Types of Power Craft. Motor boat publishing Company.
  10. ^ a b MotorBoating. December 1922.
  11. ^ Power Boating. Penton Publishing Company. 1921.
  12. ^ a b MacKay, Robert B. (2014-06-09). Great Yachts of Long Island's North Shore. Arcadia Publishing. ISBN 978-1-4396-4566-6.
  13. ^ "A Windjammer Writes History". Sea Cloud Cruises. 2007. Archived from the original on 18 April 2009. Retrieved 11 May 2009.

External links edit