Henry Baldwin Hyde

Henry Baldwin Hyde, (February 15, 1834–May 2, 1899)[1] was an American businessman. He is notable for having founded The Equitable Life Assurance Society of the United States in 1859. By the time of Hyde's death, The Equitable was the largest life insurance company in the world.

Henry Baldwin Hyde
Born(1834-02-15)February 15, 1834
Catskill, New York
DiedMay 2, 1899(1899-05-02) (aged 65)
New York City, New York
Resting placeWoodlawn Cemetery, Bronx, New York
OccupationInsurance executive
Known for
  • 1859 founded Equitable Life Assurance Society of the United States
  • 1868 introduced Tontine plan for life insurance
Spouse(s)
Annie Fitch
​
(
m. after 1864)
ChildrenJames Hazen Hyde
Parent(s)Lucy Baldwin Beach
Henry Hazen Hyde
RelativesHenry Baldwin Hyde (grandson)

Early life

Hyde was born in Catskill, New York on February 15, 1834, the son of Henry Hazen Hyde (1805–1873), a successful merchant, and Lucy Baldwin (née Beach) Hyde (1807–1846). He attended the public schools of Catskill, and when he was 16 his teacher decided to move to New York City to join the growing life insurance industry. The teacher persuaded both Hydes to join him, and all three became agents for the Mutual Life Insurance Company of New York.

Career

The younger Hyde worked for several months in Honesdale, Pennsylvania before deciding to return to New York City, where he became a clerk for Merritt, Ely & Company, a dry goods import and wholesale company. He remained there for two years, and then returned to Mutual Life, where his father had recently been appointed to the executive ranks and a place on the board of directors. Hyde rose through the home office staff to become the company's cashier.

Equitable Life

In March 1859, Hyde left Mutual Life and established his own company, Equitable Life Assurance Society of the United States. William C. Alexander initially served as president, and Hyde was vice president and general manager. Hyde succeeded to the presidency after Alexander's death in 1874, and remained in the position until his death.

He led the company to construct the Equitable Life Assurance Building for its headquarters, completed on May 1, 1870, and pushed to have the first passenger elevators installed in what was then the tallest office building in the United States.[2]

Personal life

In 1864, he was married to Annie Fitch (1845–1922), a daughter of Capt. Martin Halenbeck Truesdell and Jane Maria (née Reed) Fitch.[3] Together, they were the parents of:

  • Anna Baldwin Hyde (1865–1865), who died in infancy.
  • Mary Baldwin Hyde (1866–1938), who married Sidney Dillon Ripley in 1886. After his death in 1905, she married banker Charles R. Scott in 1912.[4]
  • Henry Baldwin Hyde (1872–1880), who died in childhood.
  • James Hazen Hyde (1876—1959),[5] who married Marthe Leishman (1882–1944), a daughter of John George Alexander Leishman and the widow of Count Louis de Gontaut-Biron.[6]

He was a founding member of the Jekyll Island Club aka The Millionaires Club.

Hyde died at his home in New York City on May 2, 1899.[1] He was buried at Woodlawn Cemetery in the Bronx.[7] His widow died in 1922.[8][9]

Legacy

Hyde sought to guarantee that his son James Hazen Hyde would continue the family’s control of the company after his death. The younger Hyde was appointed a vice president of the company at 22, and was 23 when he inherited a majority interest in the company. By the terms of his father's will, he was scheduled to assume the company presidency in 1906, but a concerted effort against him by the current president and several members of the board of directors led James H. Hyde to leave the company and move to France.

Through his son, he was a grandfather of Henry Baldwin Hyde (1915–1997), who married Marie de La Grange, a daughter of Baron Amaury De La Grange[10] and Emily Eleanor, Baroness De La Grange (daughter of Henry T. Sloane),[11] in 1941.[12] Marie's brother was Henry-Louis de La Grange, a musicologist and biographer of Gustav Mahler.[13]

gollark: I did triangle grids once. Never again.
gollark: I didn't, this is a separate true* thing.
gollark: Weirdly, these are all real numbers.
gollark: Observe:x = i^iln x = i ln ie^i(π * (2n + 0.5)) = i forall natural Nln i = i(π * (2n + 0.5))ln x = i i(π * (2n + 0.5))ln x = -1(π * (2n + 0.5))x = e^(-1(π * (2n + 0.5)))
gollark: There are many possible values.

References
  1. "DEATH OF HENRY B. HYDE; Equitable Life's President Succumbs to Heart Disease. HAD BEEN ILL FOR ONE YEAR Career of the Man Who Organized the Assurance Society and Brought It to Its Present Position". The New York Times. 3 May 1899. Retrieved 19 May 2020.
  2. Henry Baldwin Hyde: a biographical sketch. New York: Equitable Life Assurance Society of the United States. 1901. pp. 118–120. Retrieved January 23, 2012.
  3. Beard, Patricia (2009). After the Ball. Xlibris Corporation. p. 286. ISBN 978-1-5245-2637-5. Retrieved 19 May 2020.
  4. "MRS. CHARLES SCOTT DEAD IN PARIS AT 72; Daughter of Henry B. Hyde, Founder of Equitable Life". The New York Times. 4 September 1938. Retrieved 19 May 2020.
  5. Times, Special to The New York (27 July 1959). "James Hazen Hyde Dies at 83; Son of Founder of Equitable Life; Former Insurance Official Gave Lavish Party That Led to State Inquiry". The New York Times. Retrieved 19 May 2020.
  6. "MRS. MARTHE L. HYDE; Daughter of Late Diplomat Had Been Wife of James Hazen Hyde". The New York Times. 28 July 1944. Retrieved 19 May 2020.
  7. Henry Baldwin Hyde at Find a Grave
  8. "HOSPITALS TO GET $100,000.; Will of Mrs. Henry B. Hyde Divides This Sum Among Four". The New York Times. 29 June 1922. Retrieved 19 May 2020.
  9. Times, Special to The New York (13 April 1923). "Henry B. Hyde, Founder of Equitable Life, Left an Estate Valued at Only $1,771,762". The New York Times. Retrieved 19 May 2020.
  10. "Deaths" (PDF). The New York Times. 11 June 1953. Retrieved 25 June 2019.
  11. "Baroness A. de la Grange, 93; Related to Sloane's Founder". The New York Times. 2 October 1981. Retrieved 25 June 2019.
  12. "Miss de la Grange Becomes Bride Of Henry Hyde; Granddaughter of Late Henry T. Sloane Wed Here to Son Of James Hazen Hyde" (PDF). The New York Times. 20 April 1941. Retrieved 25 June 2019.
  13. "Henry-Louis de La Grange, Mahler Authority, Is Dead at 92". The New York Times. Retrieved 9 February 2018.

Further reading
  • Henry Baldwin Hyde, prepared under supervision of J. W. Alexander, J. H. Hyde, and Wm. Alexander (1901)
  • The Proc. at the Convention to Commemorate the Fortieth Anniversary of the Equitable Life Assurance Soc. (1899?)
  • The First Fifty Years of the Equitable Life Assurance Soc. (1909)
  • Mark Sullivan, Our Times, III (1930)
  • Investigations of 1877 in Docs. of the Assembly of the State of N. Y., 1877 (1877), nos. 93, 103
  • Report of the committee in 1905-06, Ibid., 1906 (1906), no. 41, pp. 90–150
  • Testimony : taken before the Joint Committee of the Senate and Assembly of the State of New York to Investigate and Examine into the Business and Affairs of Life Insurance Companies Doing Business in the State of New York (10 vols. and index, 1905–06)
  • R. H. Walworth, Hyde Geneal. (1864), vol. I
  • World (N. Y.), May 3, 1899.
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