John Knowles Fitch

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John Knowles Fitch (born February 15, 1880 in Bridgeport, Connecticut) founded the Fitch Publishing Company on December 24, 1913. Along with Moody ratings [1] (first published in 1909) Standard & Poor's ratings [2] (first published in 1916), Fitch developed in 1924 a financial securities rating system from AAA to D. Currently, Fitch ratings are ranked third in the business of credit rating.

His father was Francis Emory Fitch (born September 15, 1850, died 1910), his mother was Cornelia Knowles (graduated Vassar College [3], 1873). While still a child, his parents moved to Brooklyn, New York, where they remained until 1891. They moved at that time to Passaic, New Jersey [4]. He attended the Friends School in Brooklyn [5], and later the public school of Passaic. Following his graduation from Columbia University [6], which he entered in June 1902, he married Lillian L. Whitehead on June 15, 1905, the daughter of Reverend M. J. H. Whitehead, pastor of the North Reformed Church of Passaic, New Jersey [7] . They resided in Passaic for several years, and then took up residence in Upper Montclair, New Jersey.

Shortly after his graduation from Columbia University, he bought a well-known florist shop located on Broadway and 22nd Street in New York City. "Not satisfied with mere commercial occupation, he continued to improve his keen mind by taking up various correspondence courses - the first of these being the art of advertising. This has proven to be very useful in his business life, now that he holds directorship in a number of large corporations engaged in diversified enterprises. This was followed by a variety of studies, all becoming most valuable in later life.

"The leading credit agency of the financial district had the following to say regarding Mr. Fitch, 'Beside being well known, Mr. Fitch is the guiding genius of one of Wall Street's most successful firms.'

"Following the death of his elder brother, Mallory Knowles Fitch, Mr. Fitch sold his florist business and associated himself with his father in the printing business of Francis E. Fitch at 47 Broad Street, New York City." After the death of his father in 1910, the business was incorporated under the name of Francis Emory Smith, Inc., was located in the Fitch Building (located in 1929 at 138 Pearl Street, near the corner of Wall Street in New York City). Upon the incorporation of this company, John Knowles Fitch became its president. "Some years after his father's death [specifically December 24, 1913], while still directing the extensive business of Francis Emory Fitch, Inc., Mr. Fitch organized a distinct and separate corporation named The Fitch Publishing Company, Inc. of which he was president. The main offices of this company, which had branches in all of the larger cities of the United States, were also located in the Fitch Building."

"The Fitch Publishing Company, Inc., is engaged in publishing the internationally known Fitch Financial Services prepared by the Fitch staff of expert financial statisticians for banks, brokers, and investors. Among the many well known publications which are universally recognized under the trade name "It's Dependable" are the "Fitch Bond Book" the "Fitch Stock and Bond Manual," also several other services furnishing daily and weekly statistics on the New York Stock Exchange and the American and Canadian corporation security field."

"He is also a director and treasurer of the C. R. C. Law List Company, a director of the Westchester Bond and Mortgage company, as well as serving as a director of several other large American corporations. Mr. Fitch was elected national president of the Alumni Federation of Columbia University [8]. His first interest in Columbia affairs was during the World War [9], when he was the prime mover in arousing interest among his classmates in raising the necessary funds to purchase and equip and ambulance to be sent to France for the soldiers, as a gift of the Class of 1902 of Columbia University."

"From that time on, he has been active in a variety of alumni groups. He has held the office of President of the New Jersey State Alumni Association of Columbia University several times. He has been chairman of committees planning various celebrations and occasions, all evidences of his executive ability and popularity. This latest honor, which has been conferred upon him, was tendered to him as a testimonial of appreciation of his services to Columbia and the Alumni Federation."

"True to the traditions of the Fitch family, his is a generous supporter of Christian and educational causes, giving freely of both his substance and his time. Mr. Fitch's hobbies are yachting and golfing. His first experience with the sea was when, with his late brother, Mallory, he built a canvas canoe in the cellar of his home in Passaic, New Jersey. There was as much excitement and interest aroused when that little craft was launched in the Passaic river [10] as when the great Leviathan slid into the water. The boat proved seaworthy."

"His ambitions as a yachtsman were realized when in the summer of 1927 he sailed on his yacht "Bavois" with a party of guests to the coast of Labrador to visit the scenes made famous by the services rendered the fishermen and natives by Sir Wilfred Grenfell [11]. He and his party were the guests of Sir Wilfred at the Grenfell Missions in Labrador. Mr. Fitch at present (1929) is the owner of the schooner-rigged pleasure yacht "Rhodos." Mr. Fitch delights in sharing the pleasure of his yacht with his friends in many cruises along the Atlantic seaboard."

"Mr. Fitch is a member of the following clubs: Rock Springs Country Club, Essex County, New Jersey; Larchmont Yacht Club [12], Larchmont [13], New York; Columbia University Club [14], New York, New York; Upper Montclair Country Club [15], Montclair [16], New Jersey. He is a member of the Society of Colonial Governors by descent from Governor William Bradford [17] of the "Mayflower" [18] and is eligible to the Society of Mayflower Descendants [19], Founders and Patriots [20], Society of Colonial Wars [21], Sons of the Revolution [22], and Sons of the War of 1812."

John Knowles Fitch and his wife, Lillian Whitehead, had three children: John Knowles, Jr. (born April 17, 1906, died January 21, 1998; graduated from Wheaton College, 1928; resided in Bath, Pennsylvania); Marjorie and Muriel (twins born 1907).

Sources: Fitch, Roscoe Conkling. History of the Fitch family A.D. 1400-1930: a record of the Fitches in England and America, including "pedigree of Fitch" certified by the College of Arms, London, England. Haverhill, Massachusetts: Record Pub. Co., 1930.

The History of Fitch Ratings. 2006. http://www.fitchratings.com/corporate/aboutFitch.cfm?detail=3

Pollock, Alex J. (22 December 2004) American Enterprise Institute for Public Policy Research. http://www.aei.org/publications/pubID.21743/pub_detail.asp.