Edmund Calvert Lynch (May 19, 1885 – May 12, 1938) was an American investment banker, stockbroker and businessman who is best known for being a co-founder of Merrill Lynch in 1914, together with Charles E. Merrill.

Early years

Of Irish descent, Edmund Lynch was born on May 19, 1885, in Baltimore, Maryland, to Richard H. Lynch and Jennie Vernon Smith Lynch. Edmund Calvert Lynch attended the Boys' Latin School of Maryland in Baltimore and graduated from Johns Hopkins University in 1907.

Merrill and Lynch

Edmund Lynch met Charles E. Merrill when Lynch was a stockbroker on Wall Street. In 1907, Merrill moved into Lynch's room at the YMCA's boarding house while trying to find a place to live in New York City. The two men shared their ideas of starting a brokerage, and became great friends. On October 15, 1914, Charles E. Merrill and Lynch started Merrill Lynch.

Lynch was especially known for helping create, finance, and broker many large chain-stores in the United States, including S.S. Kresge Corporation (now Kmart), J. C. Penney, and Safeway Inc.

Lynch also purchased the pioneering French movie company Pathé Exchange in 1921, and later rebranded it to Keith-Orpheum (RKO Pictures).</blockquote>Lynch's concern for the bullish stock market was so strong that he went to the White House in 1928 and warned President Calvin Coolidge of his intuition. During his meeting with the President, Lynch famously even offered to make President Coolidge a partner of his firm, but the President turned down his offer.

When later asked of his incredible foresight in 1933, Lynch told the New York Times, "The lesson that I had learned--when stocks are too high they come down--stood me in good stead in 1928-29."

It is estimated that Lynch's intuition saved his clients over $83 million (approx. $1.3B adjusted for inflation).

Personal life

Edmund Lynch married Signa Janney Fornaris in 1923 with whom he had three children: Vernon, Edmund Calvert Jr. (who later joined his father's firm), and Signa Janney. Vernon married Robert G. Merrill, whose father was Joseph Merrill. Vernon and Robert had six children: Lynn Gray, Gail Merrill, Edmund Merrill, Douglas Merrill, Signa Hermann, and Nina Merrill. They also have nine grandchildren: Kelli Merrill, Austen (Baron) Gray, Dustin Merrill, Lily Gray, Nick Merrill, Merrill Hermann, Taylor Ogan, Robert Hermann III, and Chase Merrill.

Upon his death, he bequeathed $59,000 to Johns Hopkins medical school in the name of his brother.

References

  • Merrill Lynch Timeline