H. B. Hollins - Life and Business

Life and Business

He was born to Francis Hollins and Elizabeth Coles Morris. Hollins, a native New Yorker educated in private schools, was married to socialite Evelina Merseole Knapp on January 25, 1877. The couple had four sons, Harry B. Jr,McKim (Kim), John K. (Jack), Gerald Vanderbilt, and a daughter, Marion. Colloquially known as HBH or HB. He was notable in New York society life. Members of the Hollins family were such prominent figures and were regularly mentioned in the New York Times social diary.

Hollins resided between Manhattan at his multiple town residences and at his 600-acre (2.4 km2) country estate, Meadow Farm in East Islip, Long Island. Hollins entertained family and friends at Meadow Farm each summer and early autumn; these renowned guests to summer at the estate included Hollins' friend, the future King Edward VIII. Meadow Farm is also believed to be the birthplace of his children. His family's residences, mainly the East Islip mansion were said to contain many valuable paintings and rare objects of art.

Hollins began business as a marine insurance broker, and became a banker in 1888. At one time he was a partner of Fernando Iznaga, whose sister Maria Consuelo Iznaga Clement was the Dowager Duchess of Manchester. In fact, he was along with close friend William K. Vanderbilt, the executors of Iznaga's will. Along with Eugene Zimmerman of Cincinnati, Ohio, the father of the Duchess of Manchester, had owned an interest in a number of properties in the Midwest. These properties included Superior Colliery Company and Superior Development Company.

J. P. Morgan and H. B. Hollins were also business partners and the closest of friends until the former's death. In fact Morgan's offices were located across the street from H. B. Hollins & Co.'s exclusive banking offices, at the southwest corner of Wall and Broad Streets. On November 13, 1913, H.B. Hollins & Co., one of Wall Street's most highly regarded houses failed in debt of $5,000,000. The failure of the house was related to a number of issues including the Company letting their Stock Exchange business go adrift, paying more attention to floatation of new companies and to banking operations in addition to their expenses boring them down. After the news of the firm failure had spread through the financial district, Hollin's attorney's Beekman, Menken & Griscom released a press statement downplaying the collapse:

The failure was due to withdrawal of large deposits, thus greatly reducing the firm's working capital, which is largely invested in securities which cannot be readily sold in the present market.

A large portion of the securities was understood on the Street to represent a number of companies in Mexico that were adversely impacted by political turmoil south of the border at the time. These enterprises were thought to include Mexican Crude Oil, Asphaltic Products Company, and United States Asphalt Company. Harry B. Hollins belonged to the Union Metropolitan, South Side Sportsmen's, Knickerbocker, New York Yacht, Meadow Brook, Racquet and Tennis, Riding, and Garden City Golf Clubs, also the Automobile Club of America.

Hollins' great-great-grandson, through his son Gerald Vanderbilt Hollins, is actor Justin Theroux.