George Brown (Financier)
George Brown (1787-1859) was an Irish-American investment banker and railroad entrepreneur. He emigrated from
Ulster toBaltimore, Maryland , at the age of 15 in 1802.cite book | last = Dilts | first = James D. | title = The Great Road | publisher =Stanford University Press | year = 1993 | isbn = 0-8047-2235-8 ]He eventually joined his father, Alexander Brown (1764–1834), in the family business,
Alex. Brown & Sons , which became one of the leading investment banks of the U.S. in the nineteenth century. In 1818, George partnered with his brother John in starting the firm ofBrown Bros. & Co. inPhiladelphia, Pennsylvania .George Brown had a prominent role in the founding of the Baltimore and Ohio Railroad (B&O), the first
common carrier railroad in the U.S."Among ourselves", "B&O Magazine", October, 1961, p. 18] OnFebruary 12 ,1827 , he hosted a meeting at his Baltimore home for 24 leading merchants, wherePhilip E. Thomas joined Brown in advocating the formation of a railroad to make Baltimore competitive with other eastern seaboard ports. Concerned at the potential effect ofcanal s, particularly the successfulErie Canal (completed in 1825) and others being planned, such as the C&O Canal toWashington, D.C. , he served on the committee which studied the development of railroads inGreat Britain . At a subsequent meeting in Brown's house (near where Baltimore's City Hall now stands), the committee concluded that the then-unproven technology of a long-haul railroad was feasible and that considerable trade "would flow into the State of Maryland, upon the proposed Rail Road," the committee's report concluded.The state agreed, approving a charter for the B&O Railroad onMarch 13 ,1827 . Thereafter, the Mechanics Bank of Baltimore, where George Brown and Philip E. Thomas were officers, had a leading role in the financing and sale of B&O stock for construction of the first railroad in the U.S. [John F. Stover, "History of the Baltimore and Ohio Railroad". W. Lafayette, Ind.:Purdue University Press, 1987. (ISBN 0-911198-81-4)] George Brown was subsequently elected as the B&O's first treasurer. He later succeeded his father in 1834 as head of Alex. Brown & Sons.The
Brown Memorial Presbyterian Church ofBaltimore, Maryland was built in 1870 in his memory, funded by Brown's wife, Isabella McLanahan Brown. His brothers were William, John, and James.References
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