Mr. Spencer Trask
We strive to live up to Mr. Trask’s legacy.
He financed Edison, led the electrification of the world, established The New York Times, backed the launch of both the music and the wireless industries, ran a preeminent investment banking firm, and was a devoted patron of the arts.
Lighting up the World
Trask was among the earliest backers of Thomas Edison, providing the capital that turned the incandescent light bulb from laboratory experiment into commercial reality. Edison went on to name Trask president of the world’s first electricity company. The impact of this is hard to overstate as electrification laid the foundation for modern civilization.
Thomas Edison holding his carbon-filament electric lamp, the first practical, long-lasting electric light that could be commercially produced.
Spencer Trask paved the way for Adolph Ochs to forge the world’s most influential voice in journalism.
Taking Control of The New York Times
In 1896, Trask bought 100% of The New York Times: to make it the most respected news publisher with “All the News That’s Fit to Print”
“The sale took place on August 13 at noon in the New York Real Estate Exchange across from Trinity Church and went off quietly. As a legal formality, Spencer Trask, as head of the reorganization committee, made a $75,000 bid for the old Times, and it was knocked down to him. There were no other bidders.”
Trask, as chairman, hired Adolph S. Ochs as publisher who turned The New York Times into arguably the most influential publication in the world.
Rating the Financial Markets
Trask recognized the need for reliable financial information during an era of rapid industrial expansion and speculative investment. To address this, he enlisted John Moody, a young analyst, to create a systematic approach for evaluating the performance and stability of corporations. This initiative led to the development of Moody’s statistical analysis service, the foundation of what became Moody’s Investors Service. The firm introduced transparency and consistency to the financial markets, offering investors data-driven evaluations rather than conjecture. Through Trask’s foresight and Moody’s analytical rigor, the modern credit rating system was born—one that continues to influence global markets by assessing the creditworthiness of both companies and nations.
Spencer Trask helped found the global leader for rating corporations and nations.
The Marconi Wireless Telegraph Company stock offering advertisement in the The Enquirer of Cincinnati, November 1, 1908
Launching Wireless Communication
The discovery of radio transmission by Guglielmo Marconi kicked off a century of wireless broadcast innovation. At its nascent stage, Spencer Trask & Co. underwrote the Marconi Wireless Telegraph Company, where Trask served on the Board, listed in the prospectus next to Edison, and directly under Marconi himself.
The Beginning of the Music Industry
Trask also supported the music industry at the outset. The prospectus for the Edison Phonograph Company offered investors the “opportunity to see the potential working of the Phonograph” by visiting the Manhattan office of Spencer Trask & Co.
Thomas Edison at the close of a five days and nights of continued work in perfecting the early wax-cylinder phonograph (June 16, 1888)
Supporting Creative Minds
Not only did Trask back inventors and entrepreneurs, he and his wife, Katrina, were significant supporters of the arts. He served as the first treasurer of the National Arts Club, and was a patron and member of the Metropolitan Museum of Art. In addition, the Trasks turned their 400-acre Saratoga Springs, New York estate into a community for artists and writers called Yaddo. Its thousands of artists have collectively amassed 61 Pulitzer Prizes, 56 National Book Awards, 22 National Book Critics Circle Award and a Nobel Prize, among countless other honors. Such notables include: Philip Roth, Alice Walker, Leonard Bernstein, Sylvia Plath, Mario Puzo and Saul Bellow.
Spencer Trask Today
More than a century later, the ripple effect of Mr. Spencer Trask’s endeavors and belief in entrepreneurs continue to light up the world and touch lives everywhere. His legacy inspires the modern Spencer Trask & Co. to back the Edisons of today — visionaries whose breakthrough innovations represent tomorrow’s breakout investments.
Our edge is our brand. It was built by iconic figures who are instantly recognized and universally respected. This unparalleled brand attracts bright ideas, inspires brilliant founders and entrepreneurs, investors, and corporate partners. Our sustainable advantage ensures that, far into the future, we will continue to be — first to see the light.