'''George Peters Rea''' (1894 – 1978) was a banker, president of the Drexel Institute of Technology, and the first paid president of what is now the American Stock Exchange.<ref name="time" />
==Early life== Born in Buffalo, New York Rea attended Cornell University and graduated in 1915.<ref name="curb exchange">{{cite news|date=April 21, 1939 |title=G. P. Rea New Head of Curb Exchange|url=https://www.nytimes.com/1939/04/21/archives/gp-rea-new-head-of-curb-exchange-honolulu-banker-formerly-of.html |work=The New York Times |accessdate=2008-04-08}}</ref><ref>{{cite web|url=https://books.google.com/books?id=A4A0AQAAMAAJ&q=George+Peters+Rea+Cornell&pg=PA16-IA4 |title=Cornell Commencement between 1884 and 1917|year=1884}}</ref> After graduating, Rea served as a bond salesman for the Guaranty Trust Company before the war. In 1917, Rea entered the army during World War I and served one year overseas until was discharged as Captain in the 308th Machine Gun Battalion with the A.E.F.<ref name="KBook">{{cite book|last=Kotzin |first= Miriam N. |title =A History of Drexel University 1941–1963 | publisher = Drexel University |year=1983 |pages = 35–61 |oclc=10011943}}</ref> It was while in service in the trenches in World War I that he was exposed to mustard gas, contributing to breathing difficulties throughout his later life.
==Banking== Starting in 1925, Rea worked for Fidelity Trust Co. for four years as chief for its underwriting department,<ref name="time" /> and then as vice president.<ref name="curb exchange" /> During that time, he acted as the first president of the Buffalo Stock Exchange in 1928. In 1929, Rea left Colorado to join Goldman Sachs in New York.<ref name="time" /> When the trust department declined Rea left and became an independent bank consultant. In 1931, Rea was offered the presidency of the Bishop National Bank of Honolulu. During his time, the bank's assets rose from $30 to $50 million.<ref name="time">{{cite magazine|date=May 1, 1939 |title=Palm Tree to Curb |url=http://www.time.com/time/magazine/article/0,9171,761182,00.html?promoid=googlep |archive-url=https://web.archive.org/web/20121023155844/http://www.time.com/time/magazine/article/0,9171,761182,00.html?promoid=googlep |url-status=dead |archive-date=October 23, 2012 |magazine=Time |accessdate=2008-04-08}}</ref> He was also responsible for taking an unstable bank and making it "one of the strongest institutions in the country."<ref name="curb exchange" /> Rea retired in December 1938.
After an extended vacation abroad with his wife, Rea returned to the United States and was approached about the position of president of the New York Curb Exchange in 1939.<ref name="curb exchange" /> A week after his arrival back in the states, he was unanimously elected<ref name="curb exchange" /> as the first paid president in the history of the Curb Exchange. He was paid $25,000 per year and held the position for 3 years before offering his resignation in 1942.<ref>{{cite news|date=April 8, 1942 |title=Rea Quits as Curb Exchange Head Effective June 30, After 3 Years |url=https://www.nytimes.com/1942/04/08/archives/rea-quits-as-curb-exchange-head-effective-june-30-after-3-years.html?sq=George+Rea&scp=10&st=p |work=The New York Times |accessdate=2008-04-08}}</ref> He left the position having "done such a good job that there is virtually no need for a full-time successor."<ref>{{cite magazine|date=July 13, 1942 |title=First Is Last |url=http://www.time.com/time/magazine/article/0,9171,884565,00.html |archive-url=https://web.archive.org/web/20101014145837/http://www.time.com/time/magazine/article/0,9171,884565,00.html |url-status=dead |archive-date=October 14, 2010 |magazine=Time |accessdate=2008-04-08}}</ref>
==Drexel Institute== In July 1942, after the death of Parke Kolbe, Rea was offered the presidency of the Drexel Institute of Technology. At the time he assumed office, August 1, 1942,<ref name="resignation">{{cite news|date=April 18, 1944 |title=Dr. Rea To Leave Drexel |url=https://www.nytimes.com/1944/04/18/archives/dr-rea-to-leave-drexel-former-head-of-curb-said-to-wish-to-reenter.html |work=The New York Times |accessdate=2008-04-08}}</ref> it was said that he was "one of the youngest college president in the country."<ref>{{cite book|last=Kotzin |first= Miriam N. |title =A History of Drexel University 1941–1963 | publisher = Drexel University |year=1983 |page = 36 |oclc=10011943}}</ref> When Rea assumed presidency the Institute was undergoing financial and enrollment hardships due to World War II. Rea had a laid back style when dealing with students and staff, however, his methods in running the school were controversial, bringing forceful negative and positive responses.<ref name="KBook" /> His bold decisions were often made without the agreement of the faculty senate or without regard to popular opinion, and his personal style of handling matters was laid back and informal. This casual atmosphere failed to address the problems that the hardships of the war had brought the Institution.<ref name="KBook" /> After 2 years with the Institute, Rea resigned in 1944 citing a "wish to return to private business."<ref name="resignation" />
==Later life== At the age of 62 Rea was appointed the governor of the State Bank of Ethiopia.<ref>{{cite news|date=February 26, 1957 |title=Ethiopia Hires U.S. Aid |url=https://www.nytimes.com/1957/02/26/archives/ethiopia-hires-us-aide-george-peters-rea-appointed-governor-of.html?sq=George+Rea&scp=6&st=p |work=New York Times |accessdate=2008-04-08}}</ref> He served in that position until 1959 when he returned to New York at the age of 65.<ref>{{cite news|date=November 5, 1961 |title=American Left Mark on Ethiopian Currency |url=https://www.nytimes.com/1961/11/05/archives/american-left-mark-on-ethiopian-currency.html |work=The New York Times |accessdate=2008-04-08}}</ref> Rea died in 1978.<ref>{{cite web|year=2008 |title=Office of the President records |url=http://www.library.drexel.edu/archives/collections/ur01005.html |archive-url=https://web.archive.org/web/20090424034105/http://www.library.drexel.edu/archives/collections/ur01005.html |url-status=dead |archive-date=April 24, 2009 |publisher=Drexel University Archives |accessdate=2009-10-14 }}</ref>
==References== {{Reflist}}
{{Drexel University presidents}}
{{DEFAULTSORT:Rea, George}} Category:1894 births Category:1978 deaths Category:Cornell University alumni Category:Businesspeople from Buffalo, New York Category:Governors of National Bank of Ethiopia Category:Date of death unknown Category:American bankers Category:20th-century American businesspeople Category:20th-century American academics Category:Goldman Sachs people