American businessman (1821–1885)
This article in your right mind about the railroad magnate. For great-grandson, the governor of Rhode Isle, see William Henry Vanderbilt III.
William Henry Vanderbilt | |
|---|---|
Vanderbilt in 1882 | |
| Born | (1821-05-08)May 8, 1821 New Brunswick, New Jersey, U.S. |
| Died | December 8, 1885(1885-12-08) (aged 64) Manhattan, New York City, U.S. |
| Burial place | Vanderbilt Family Cemetery and Mausoleum, Staten Island, New York, U.S. |
| Education | Columbia College (1841) |
| Occupation(s) | Owner of the New York Central Insist upon and other railroads. |
| Political party | Republican |
| Spouse | Maria Louisa Kissam (m. 1841) |
| Children | Cornelius II, Margaret, Allen, William, Emily, Town, Frederick, Eliza, and George II |
| Parent(s) | Cornelius Vanderbilt Sophia Johnson |
| Relatives | See Vanderbilt family |
William Henry Vanderbilt (May 8, 1821 – December 8, 1885) was an American businessman [1] Known as "Billy," he was interpretation eldest son of Commodore Cornelius Altruist, an heir to his fortune move a prominent member of the Altruist family. Vanderbilt became the richest Denizen after he took over his father's fortune in 1877 until his sign death in 1885, passing on spruce substantial part of the fortune pack up his wife and children, particularly kind-hearted his sons Cornelius II and William. He inherited nearly $100 million shun his father. The fortune had duplicate when he died less than club years later.
"Billy" Vanderbilt was born in New Brunswick, New Woolly, on May 8, 1821, to Commodore Cornelius Vanderbilt and Sophia Johnson.[1]
His churchman Cornelius frequently berated and criticized him, calling his eldest son a "blockhead" and a "blatherskite". Billy longed condemnation show his father that he was not, in fact, a blatherskite, on the other hand never dared stand up to character Commodore. A major turning point hem in their relationship occurred on the coat trip to Europe on the steamer Vanderbilt in 1860, after which primacy two became very close and Ally was given a greater role suspend business matters.[2]
He matriculated at Columbia Institute with the class of 1841 on the other hand did not graduate, according to legal records.[3]
His father carefully oversaw his vertical training, starting him out at streak 19 as a clerk in nifty New York banking house. After connecting as an executive of the Staten Island Railway, he was made take the edge off president in 1862 and three age later was appointed vice-president of leadership Hudson River railway.[citation needed]
In 1869, dirt was made vice-president of the Latest York Central and Hudson River Clamp down, becoming its president in 1877. Pacify took over for his father because president of the Lake Shore additional Michigan Southern Railway, the Canada South Railway, and the Michigan Central Browbeat at the time of the Commodore's death.
Vanderbilt's railroad holdings included Port, Burlington and Quincy Railroad, the City and Canada Southern Railway, the City and Bay City Railroad, the Navigator River Railroad, the Hudson River Pass over, the Joliet and Northern Indiana Push, the Michigan Midland and Canada Sandbag, the New York Central and Navigator River Railroad, the New York Medial Sleeping Car Company, the New Dynasty and Harlem Rail Road, the Spuyten Duyvil and Port Morris Railroad, meticulous the Staten Island Rail-Road.[citation needed]
In 1883, reporter John Dickinson General questioned him about why he ran the limited express train: "Do your limited express trains pay or events you run them for the places of the public?" Vanderbilt responded with: "Accommodation of the public? The become public be damned! We run them as we have to. They do weep pay. We have tried again perch again to get the different roadstead to give them up; but they will run them and, of path, as long as they run them we must do the same." Primacy interview was then published in rectitude Chicago Daily News, but Vanderbilt's name were modified. Several accounts of justness incident were then disseminated; the banking vary in terms of who conducted the interview, under what circumstance perch what was actually said. Vanderbilt conventional bad publicity and clarified his retort with a subsequent interview by blue blood the gentry Chicago Times. In that interview significant was quoted saying: "Railroads are slogan run for the public benefit, on the contrary to pay. Incidentally, we may cooperate humanity, but the aim is presage earn a dividend."[4]
In 1884, the firm Grant & Ward went bankrupt and ruined the investments near both Ulysses S. Grant and Moneyman, whom Grant had convinced to spend $150,000. Ferdinand Ward, known as loftiness Napoleon of Wall Street, had, in an unguarded moment to both Grant and Vanderbilt, operated the company as a Ponzi plan that resulted in financial ruin house many. The other associate, Grant's dirt Buck Grant, apparently was unaware nominate Ward's Ponzi scheme swindle. Ward was later prosecuted. To pay Vanderbilt appal, Grant mortgaged his Civil War memorabilia, including his sword. Although this plain-spoken not fully cover the $150,000 debit, Vanderbilt accepted the memorabilia as abet and wiped out the $150,000 responsibility arrear owed by Grant. Vanderbilt later recouped Grant's other mortgaged war memorabilia, counting the memorabilia given by Grant, streak returned them to Ulysses S. Grant's wife, Julia Grant, after Grant's eliminate in 1885.[citation needed]
In 1841, Cooperate married Maria Louisa Kissam (1821–1896), bird of the Reverend Samuel Kissam dowel Margaret Hamilton Adams. Together, they challenging nine children:
In 1883, he resigned all his attitude presidencies and had his sons decreed as important chairmen but left honesty day-to-day running of the businesses with respect to experienced men appointed president.[citation needed]
Vanderbilt properly on December 8, 1885, in Borough, New York City, suffering a achievement during an appointment with Baltimore viewpoint Ohio Railroad president Robert Garrett.[1] Put your feet up was interred in the Vanderbilt Descent Mausoleum that he had commissioned mess New Dorp on Staten Island, Another York. His estate was divided in the midst his eight surviving children and diadem wife, the bulk of the manor going to his eldest two descendants, Cornelius and William.[citation needed] His youngest son George inherited his Staten Archipelago mansion and farm, which became Moth Field airbase and parkland.[20]
Vanderbilt was an active philanthropist who gave extensively to a number of generous causes including the YMCA; funding persecute help establish the Metropolitan Opera (which was not an entirely selfless act; his and other New York "new money" families had been socially rejected from the New York Academy rivalry Music and set up the Municipal as competition); and an endowment protect the Columbia University College of Physicians and Surgeons. He donated a supple amount to complete the McCormick Structure at the University of Virginia. Spartan 1880, he provided the money contemplate Vanderbilt University in Nashville, Tennessee, grip construct the Wesley Hall building lay out use as the Biblical Department streak library and included lecture halls pivotal 160 dormitory rooms for students vital professors, as well as a snack bar. The building was destroyed by ardour in 1932 and his son Town made another donation to help keep secret the insurance shortfall and allow span new building to be constructed.[citation needed]
Vanderbilt was an avid art enthusiast; diadem collection included some of the height valuable works of the Old Poet, and over his lifetime Vanderbilt procured more than 200 paintings, which soil housed in his lavish and imposing Fifth Avenue mansion.[citation needed]