Herbert A. Allen Sr.

Herbert A. Allen Sr.
Herbert A. Allen Sr.
Born	February 13, 1908
Died	January 18, 1997 (age 88); Manhattan, New York
Education	High School dropout
Occupation	Stockbroker/Investor/Racehorse owner
Board member of	Allen & Company, Benguet Consolidated Mining Co., Ogden Corp., Irvine Company
Spouse(s)	Ethel Strong
Children	2 including Herbert Allen Jr.

Herbert Allen Sr. (February 13, 1908 – January 18, 1997) was an American stockbroker.

Biography

A partner in Allen & Company with his older brother, Charles Robert Allen Jr., for more than fifty-five years. They were one of the first in the industry to specialize in corporate takeovers.[1] One of the wealthiest figures on Wall Street,[2] in 1956 he was appointed chairman of Benguet Consolidated Mining Co. which had chrome and gold mining operations in the Philippines. Among his other investments, the Allen brothers' company held an eighty percent share position in Ogden Corporation as well as a substantial holding in pharmaceutical manufacturer, Syntex Corporation. He also controlled the Irvine Ranch in California, which was converted into a substantial real estate development company.[3]

He was a major benefactor to Columbia-Presbyterian Medical Center, which named a community hospital in honor of the family.[1] Herbert Allen became a major participant in Thoroughbred horse racing.[1]

Personal life

He was married to Ethel Strong,[4] an Irish Catholic. Allen was a non-practicing Unitarian.[5] They had two children, Herbert Allen Jr. and Susan Allen.[1]

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References

Eaton, Leslie (January 23, 1997). "Herbert Allen Sr., 88, an Early Specialist in Corporate Takeovers". The New York Times.
"World's Top 12 Bankers All Billionaires". The Phoenix. June 23, 1983.
New York Times January 23, 1997
USA Today: "Monet fetches $43M for NY school" by Greg Shillinglaw November 12, 2012
New Yorker Magazine: "THE CONSIGLIERE - There are big decisions yet to be made in the MCA-Seagram deal, and they may all involve Herbert Allen" BY KEN AULETTA MAY 22, 1995 |"Herbert spent a good part of his childhood in the leafy Westchester suburb of Irvington. His father's mother "was Jewish--we think," Allen says. His father became a nonpracticing Unitarian--an agnostic, that is. Herbert's mother was an Irish Catholic,and she had her daughter and her son baptized in the church, but, like his father, Herbert abhorred the structure and the discipline of formal religion. "It's like digging potatoes," he says. "You can do it one day and then you get the idea."

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[NYTObit-1] Eaton, Leslie (January 23, 1997). "Herbert Allen Sr., 88, an Early Specialist in Corporate Takeovers". The New York Times.

[2] "World's Top 12 Bankers All Billionaires". The Phoenix. June 23, 1983.

[3] New York Times January 23, 1997

[4] USA Today: "Monet fetches $43M for NY school" by Greg Shillinglaw November 12, 2012

[Auletta-5] New Yorker Magazine: "THE CONSIGLIERE - There are big decisions yet to be made in the MCA-Seagram deal, and they may all involve Herbert Allen" BY KEN AULETTA MAY 22, 1995 |"Herbert spent a good part of his childhood in the leafy Westchester suburb of Irvington. His father's mother "was Jewish--we think," Allen says. His father became a nonpracticing Unitarian--an agnostic, that is. Herbert's mother was an Irish Catholic,and she had her daughter and her son baptized in the church, but, like his father, Herbert abhorred the structure and the discipline of formal religion. "It's like digging potatoes," he says. "You can do it one day and then you get the idea."