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Edward B. Greene
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Edward B. Greene
Edward Belden Greene (July 26, 1878 — October 20, 1957) was an American banking, mining, and steel company executive. He joined the Cleveland Trust Company in 1900, and by 1914 was a vice president. He later was a director and chairman of its executive committee, and served on state and federal emergency credit and banking organizations during the Great Depression. He left in 1933 to become chairman of the board of directors of the Cleveland-Cliffs Iron Mining Company. He oversaw the purchase of Corrigan, McKinney Steel, and later its sale.
Edward Greene was born in Cleveland, Ohio, on July 26, 1878, to Jon Eliot and Mary (née Seymour) Greene. Jon Greene rose from clerk at the William Bingham Company (a large local hardware and metals concern) to partner, and succeeded founder William Bingham as president when Bingham died in April 1904. Edward had a brother, William, and three sisters, Mary, Lucy, and Helen.
Greene graduated from Cleveland High School. He enrolled at Yale University, where he graduated with a bachelor's degree in 1900. While in college, Greene joined the fraternity Alpha Delta Phi and was a member of the exclusive Wolf's Head Society.
Greene began working part-time in 1898 at the Cleveland Trust Company as a general messenger, clerk, and teller. He was made an assistant treasurer in January 1906.
After being elected to Cleveland Trust's board of directors in January 1907, the board elected Green chairman of its executive committee and made him an ex-officio member of all of the bank's other committees. Greene was appointed the company's secretary in March 1911.
Greene was appointed a vice president of Cleveland Trust in January 1914. His extensive outside business interests led him to resign as vice president in 1926, although he remained a director and member of the board. Greene was one of the bank's leaders who helped it grow from a single room in the basement of an office building into a 53-branch regional financial powerhouse. Alexander C. Brown, chairman of Cleveland Trust at the time of Greene's death in 1957, said Greene's "wisdom and financial genius" helped Cleveland Trust survive the Great Depression.
On March 25, 1926, Greene was elected to the board of directors of the Cleveland Cliffs Iron Co.
There was rapid consolidation in the steel industry in the 1920s, much of it led by Canadian American investor Cyrus S. Eaton. Eaton entered the utilities field in Canada in 1907, obtaining bank loans and purchasing natural gas and electric utilities, merging them, and achieving large profits through economies of scale. In 1912, Eaton settled in Cleveland, Ohio, and joined the investment banking firm of Otis & Co. He became a partner in the firm in 1916. At the urging of a friend, shipping magnate Harry Coulby, Eaton (through Otis & Co.) began acquiring troubled steel companies. He purchased a controlling interest in the financially troubled Trumbull Steel Co. in 1925.
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Edward B. Greene
Edward Belden Greene (July 26, 1878 — October 20, 1957) was an American banking, mining, and steel company executive. He joined the Cleveland Trust Company in 1900, and by 1914 was a vice president. He later was a director and chairman of its executive committee, and served on state and federal emergency credit and banking organizations during the Great Depression. He left in 1933 to become chairman of the board of directors of the Cleveland-Cliffs Iron Mining Company. He oversaw the purchase of Corrigan, McKinney Steel, and later its sale.
Edward Greene was born in Cleveland, Ohio, on July 26, 1878, to Jon Eliot and Mary (née Seymour) Greene. Jon Greene rose from clerk at the William Bingham Company (a large local hardware and metals concern) to partner, and succeeded founder William Bingham as president when Bingham died in April 1904. Edward had a brother, William, and three sisters, Mary, Lucy, and Helen.
Greene graduated from Cleveland High School. He enrolled at Yale University, where he graduated with a bachelor's degree in 1900. While in college, Greene joined the fraternity Alpha Delta Phi and was a member of the exclusive Wolf's Head Society.
Greene began working part-time in 1898 at the Cleveland Trust Company as a general messenger, clerk, and teller. He was made an assistant treasurer in January 1906.
After being elected to Cleveland Trust's board of directors in January 1907, the board elected Green chairman of its executive committee and made him an ex-officio member of all of the bank's other committees. Greene was appointed the company's secretary in March 1911.
Greene was appointed a vice president of Cleveland Trust in January 1914. His extensive outside business interests led him to resign as vice president in 1926, although he remained a director and member of the board. Greene was one of the bank's leaders who helped it grow from a single room in the basement of an office building into a 53-branch regional financial powerhouse. Alexander C. Brown, chairman of Cleveland Trust at the time of Greene's death in 1957, said Greene's "wisdom and financial genius" helped Cleveland Trust survive the Great Depression.
On March 25, 1926, Greene was elected to the board of directors of the Cleveland Cliffs Iron Co.
There was rapid consolidation in the steel industry in the 1920s, much of it led by Canadian American investor Cyrus S. Eaton. Eaton entered the utilities field in Canada in 1907, obtaining bank loans and purchasing natural gas and electric utilities, merging them, and achieving large profits through economies of scale. In 1912, Eaton settled in Cleveland, Ohio, and joined the investment banking firm of Otis & Co. He became a partner in the firm in 1916. At the urging of a friend, shipping magnate Harry Coulby, Eaton (through Otis & Co.) began acquiring troubled steel companies. He purchased a controlling interest in the financially troubled Trumbull Steel Co. in 1925.
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