William Henry 'Billy' Vanderbilt

wikipedia

Born May 8, 1821

New Brunswick, New Jersey

Died December 8, 1885

William H. Vanderbilt (May 8, 1821–December 8, 1885) was a businessman and a member of the prominent United States Vanderbilt family.

William Henry Vanderbilt was born in New Brunswick, New Jersey. He inherited nearly $100 million from his father, one of the wealthiest men in the world, railroad mogul and family patriarch "The Commodore" Cornelius Vanderbilt and had increased it to almost $200 million at his death less than nine years later. At the time, he declared himself the richest man in the world, which was the truth, as no living person, even the world's richest royalty, even approached him in wealth at his time of death. In 1841 he married Maria Louisa Kissam (1821–1896), the daughter of a Presbyterian minister.

Vanderbilt was infamous for his contempt of the public. He once said in an interview,[citation needed] "The railroads are not run for the benefit of the dear public. That cry is all nonsense. They are built for men who invest their money and expect to get a fair percentage on the same." He was also known for a comment he made in 1883 when being harangued by a reporter about the discontinuance of a fast mail train popular with the public: "The public be damned! I run my railroads for my stockholders!" he snapped exasperatedly.[1]

His mean, intimidating father Cornelius constantly berated and criticized him, thinking Billy (as he was called), a "blockhead" and a "blatherskite", two of the Commodore's favorite insults that he loved to hurl at his eldest son.[citation needed] Billy longed to show his father that he was not, in fact, a blatherskite, but he never dared stand up to the fearsome Commodore, always cringing under his father's rudeness. His father carefully oversaw his business training, at age 18 starting him out as a clerk in a New York banking house. After joining the executive of the Staten Island railway, he was made its president in 1862 then three years later he was appointed vice-president of the Hudson River railway. Billy showed a knack for business, being a valuable part of the family railroad empire, gaining him the long awaited respect and friendship that he felt he deserved from his father. In 1869, he was made vice-president of the New York Central and Hudson River Railroad Company, becoming its president in 1877. As well, he took over from his father as president of New York Central Railroad, the Lake Shore and Michigan Southern Railway, the Canada Southern Railway, and the Michigan Central Railroad at the time of the Commodore's death.

He had actively expanded the family's railroad empire, and had added millions to the gargantuan Vanderbilt family fortune. In 1883, his elder sons assumed the head positions in the family railroad empire at his retirement and inherited his massive fortune at his death. It was in his sons time that the Vanderbilt family demanded social recognition, and gained it with the efforts of his daughter in law Alva Vanderbilt, from the older but less moneyed (while still being some of the country's richest people) families of New York City high society, centered on the Astor family, whom the Vanderbilts had by then far outstripped in wealth. After Alva's social conquests, the Vanderbilts were recognized as one of the leaders of American high society in the Gilded Age.

He was a kind, gentle man all his life, who loved his wife very much, never once speaking to her harshly throughout their long marriage.[citation needed] They had eight children: four sons and four daughters.

Vanderbilt was an extremely active philanthropist, giving back extensively to a number of philanthropic causes including the YMCA, funding to help establish the Metropolitan Opera and an endowment for the College of Physicians and Surgeons at Columbia University. In 1880, he provided the money for Vanderbilt University in Nashville, Tennessee to construct the Wesley Hall building for use as the Biblical Department and library and included 160 dormitory rooms for students and professors, lecture halls, as well as a cafeteria. The building was destroyed by fire in 1932 and his son Frederick made another donation to help cover the insurance shortfall and allow a new building to be constructed.

Vanderbilt was an avid art enthusiast; his collection included some of the most valuable works of the Old Masters, and over his lifetime Vanderbilt acquired more than 200 paintings, which he housed in his lavish and palatial Fifth Avenue mansion.

Among his holdings were:

Chicago, Burlington and Quincy Railroad

Chicago and Canada Southern Railway

Detroit and Bay City Railroad

Hudson River Railroad

Hudson River Bridge

Joliet and Northern Indiana Railroad

Michigan Midland and Canada Railroad

New York Central and Hudson River Railroad

New York Central Sleeping Car Company

New York and Harlem Rail Road

Spuyten Duyvil and Port Morris Railroad

Staten Island Rail-Road

In 1883, he resigned all his company presidencies and had his sons appointed as important chairmen but left the day-to-day running of the businesses to experienced men appointed president.

Vanderbilt is less known as the grandfather of the superhighway. His ill-fated South Penn Railroad led to the creation of the Pennsylvania Turnpike in the 1930s and 1940s. Most of Vandebuilt's right-of-way and tunnels were used in creation of the Pennsylvania Turnpike.[citation needed]

On his passing, he was interred in the Vanderbilt family mausoleum at the Moravian Cemetery in New Dorp on Staten Island, New York.

William Henry Vanderbilt's enormous estate was divided amongst his eight children and his wife, the bulk of the estate going to his eldest two sons, William K. Vanderbilt and Cornelius Vanderbilt II.

Children of William Henry Vanderbilt and Maria Louisa Kissam:

Cornelius Vanderbilt II (1843–1899)

Margaret Louisa Vanderbilt-Shepherd (1845–1924)

William Kissam Vanderbilt (1849–1920)

Emily Thorn Vanderbilt (1852–1946)

Florence Adele Vanderbilt-Twombly (1854–1952)

Frederick William Vanderbilt (1856–1938)

Eliza Osgood Vanderbilt-Webb (1860–1936)

George Washington Vanderbilt II (1862–1914)

References

^ The American Pageant. David M. Kennedy, Lizabeth Cohen, and Thomas A. Bailey. Houghton Mifflin, 2002.

Retrieved from "http://en.wikipedia.org/wiki/William_Henry_Vanderbilt"

Categories: Articles lacking sources from March 2007 | All articles lacking sources | Articles with unsourced statements since March 2007 | All articles with unsourced statements | 1821 births | 1885 deaths | American art collectors | American philanthropists | American railroad executives of the 19th century | People from New Brunswick, New Jersey | American socialites | Vanderbilt family

William Henry Vanderbilt (May 8, 1821 – December 8, 1885) was an American businessman and a member of the prominent United States Vanderbilt family.

William Vanderbilt was born in New Brunswick, NJ.[1] In 1877 he inherited nearly $100 million from his father, railroad mogul and family patriarch "The Commodore" Cornelius Vanderbilt, and had increased it to almost $194 million at his death less than nine years later. When he died, he was the richest man in the world. In 1841 he married Maria Louisa Kissam (1821–1896), the daughter of a Presbyterian minister.

Vanderbilt said in an interview with the Chicago Daily News on October 9, 1882, "The railroads are not run for the benefit of the 'dear public' -- that cry is all nonsense -- they are built by men who invest their money and expect to get a fair percentage on the same." In 1883, when questioned by a reporter about the discontinuance of a fast mail train popular with the public, he declared: "The public be damned!... I don't take any stock in this silly nonsense about working for anybody but our own."

His father Cornelius constantly berated and criticized him, thinking his eldest son a "blockhead" and a "blatherskite", two of the Commodore's favorite insults. Billy (as he was called) longed to show his father that he was not, in fact, a blatherskite, but he never dared stand up to the fearsome Commodore, always cringing under his father's rudeness.

His father carefully oversaw his business training, at age 18 starting him out as a clerk in a New York banking house. After joining the executive of the Staten Island Railway, he was made its president in 1862 then three years later was appointed vice-president of the Hudson River railway.

In 1869, he was made vice-president of the New York Central and Hudson River Railroad, becoming its president in 1877. As well, he took over from his father as president of the Lake Shore and Michigan Southern Railway, the Canada Southern Railway, and the Michigan Central Railroad at the time of the Commodore's death.

He had actively expanded the family's railroad empire, and had added millions to the gargantuan Vanderbilt family fortune. In 1883, his elder sons assumed the head positions in the family railroad empire at his retirement and inherited his massive fortune at his death. It was in his sons' time that the Vanderbilt family demanded social recognition, and gained it with the efforts of his daughter-in-law Alva, from the older families of New York City high society, centered on the Astor family, whom the Vanderbilts had by then far outstripped in wealth. After Alva's social conquests, the Vanderbilts were recognized as one of the leading families of American high society in the Gilded Age.

Vanderbilt YMCA, New YorkHe and his wife had eight children: four sons and four daughters.

Vanderbilt was an active philanthropist, giving extensively to a number of philanthropic causes including the YMCA, funding to help establish the Metropolitan Opera and an endowment for the College of Physicians and Surgeons at Columbia University. In 1880, he provided the money for Vanderbilt University in Nashville, Tennessee to construct the Wesley Hall building for use as the Biblical Department and library and included 160 dormitory rooms for students and professors, lecture halls, as well as a cafeteria. The building was destroyed by fire in 1932 and his son Frederick made another donation to help cover the insurance shortfall and allow a new building to be constructed.

Vanderbilt was an avid art enthusiast; his collection included some of the most valuable works of the Old Masters, and over his lifetime Vanderbilt acquired more than 200 paintings, which he housed in his lavish and palatial Fifth Avenue mansion.

Despite his great wealth he never considered himself happy with it- shortly before his death he said: "The care of $200million is too great a load for any back or brain to bear. It is enough to kill anyone. There is no pleasure in it."

In 1883, he resigned all his company presidencies and had his sons appointed as important chairmen but left the day-to-day running of the businesses to experienced men appointed president.

He died on December 8, 1885 in New York City.[2] He was interred in the Vanderbilt family mausoleum at the Moravian Cemetery in New Dorp on Staten Island, New York. His estate was divided amongst his eight children and his wife, the bulk of the estate going to his eldest two sons, William Kissam Vanderbilt and Cornelius Vanderbilt II.

William Henry "Billy" Vanderbilt (May 8, 1821 – December 8, 1885) was an American businessman and philanthropist. He was the eldest son of Commodore Cornelius Vanderbilt, an heir to his fortune and a prominent member of the Vanderbilt family. He was the richest American after he took over his father's fortune in 1877 until his own death in 1885, passing on a substantial part of the fortune to his wife and children, particularly to sons: Cornelius II and William. He inherited nearly $100 million from his father. The fortune had doubled when he died less than nine years later.

Family Billy was born in New Brunswick, New Jersey on May 8, 1821 to Cornelius Vanderbilt and Sophia Johnson.[2]

His father Cornelius frequently berated and criticized him, calling his eldest son a "blockhead" and a "blatherskite". Billy longed to show his father that he was not, in fact, a blatherskite, but never dared stand up to the fearsome Commodore. A major turning point in their relationship occurred on the family trip to Europe on the steamship Vanderbilt in 1860, after which, the two became very close and Billy was given a greater role in business matters.

In 1841, Billy married Maria Louisa Kissam (1821–1896), daughter of Reverend Samuel Kissam and Margaret Hamilton Adams. They had eight children:

Cornelius Vanderbilt II (1843–1899) who married Alice Claypoole Gwynne; they were the parents of Reginald Claypoole Vanderbilt and paternal grandparents of Gloria Laura Vanderbilt Margaret Louisa Vanderbilt (1845–1924) who married Elliott Fitch Shepard in 1868; they were the parents of Alice Vanderbilt Shepard and Elliott Fitch Shepard, Jr. William Kissam Vanderbilt (1849–1920) who married (1) Alva Erskine Smith and (2) Anne Harriman Sands Rutherfurd Emily Thorn Vanderbilt (1852–1946) who married William Douglas Sloane (c. 1872) and later Henry White Florence Adele Vanderbilt (1854–1952) who married Hamilton McKown Twombly Frederick William Vanderbilt (1856–1938) who married Louise Anthony Torra

His father carefully oversaw his business training, starting him out at age 19 as a clerk in a New York banking house. After joining the executive of the Staten Island Railway, he was made its president in 1862 then three years later was appointed vice-president of the Hudson River railway.

In 1869, he was made vice-president of the New York Central and Hudson River Railroad, becoming its president in 1877. He took over for his father as president of the Lake Shore and Michigan Southern Railway, the Canada Southern Railway, and the Michigan Central Railroad at the time of the Commodore's death.

In 1883, reporter John Dickinson Sherman questioned him about why he ran the limited express train: "Do your limited express trains pay or do you run them for the accommodation of the public?" Vanderbilt responded with: "Accommodation of the public? The public be damned! We run them because we have to. They do not pay. We have tried again and again to get the different roads to give them up; but they will run them and, of course, as long as they run them we must do the same." The interview was then published in the Chicago Daily News, but Vanderbilt's words were modified. Several accounts of the incident were then disseminated; The accounts vary in terms of who conducted the interview, under what circumstance and what was actually said. William received bad publicity and clarified his response with a subsequent interview by the Chicago Times. In that interview he was quoted saying: "Railroads are not run for the public benefit, but to pay. Incidentally, we may benefit humanity, but the aim is to earn a dividend".

Charity Vanderbilt YMCA, New York Vanderbilt was an active philanthropist, giving extensively to a number of philanthropic causes including the YMCA, funding to help establish the Metropolitan Opera and an endowment for the Columbia University College of Physicians and Surgeons. In 1880, he provided the money for Vanderbilt University in Nashville, Tennessee to construct the Wesley Hall building for use as the Biblical Department and library and included 160 dormitory rooms for students and professors, lecture halls, as well as a cafeteria. The building was destroyed by fire in 1932 and his son Frederick made another donation to help cover the insurance shortfall and allow a new building to be constructed.

Vanderbilt was an avid art enthusiast; his collection included some of the most valuable works of the Old Masters, and over his lifetime Vanderbilt acquired more than 200 paintings, which he housed in his lavish and palatial Fifth Avenue mansion.

Ulysses S. Grant In 1884 the firm Grant & Ward went bankrupt and ruined the investments of both Ulysses S. Grant and Vanderbilt, whom Grant had convinced to invest $150,000. Ferdinand Ward, known as the Napoleon of Wall Street, had, unknowingly to both Grant and Vanderbilt, operated the company as a Ponzi scheme that resulted in financial ruin for many. The other associate, Buck Grant, apparently was unaware of Ward's Ponzi scheme swindle. Ward was later prosecuted. To pay Vanderbilt back, Grant mortgaged his Civil War memorabilia, including his sword. Although this did not fully cover the $150,000 debt, Vanderbilt accepted the memorabilia as payment and wiped out the $150,000 debt owed by Grant. Vanderbilt later recouped Grant's other mortgaged war memorabilia, including the memorabilia given by Grant, and returned them to Ulysses S. Grant's wife, Julia Grant, after Grant's death in 1885.

Death In 1883, he resigned all his company presidencies and had his sons appointed as important chairmen but left the day-to-day running of the businesses to experienced men appointed president.

He died on December 8, 1885 in Manhattan, New York City. He was interred in the Vanderbilt family mausoleum at the Moravian Cemetery in New Dorp on Staten Island, New York. His estate was divided amongst his eight children and his wife, the bulk of the estate going to his eldest two sons, Cornelius and William.

19th Century American railroad developer and financier. He was born William Henry Vanderbilt, in New Brunswick, New Jersey on May 8th, 1821, the son of the famous New York ferry and railroad pioneer Cornelius “The Commodore” Vanderbilt. Starting at the bottom, he worked his way up through the family business, to become his father’s closest aide, with a major role in the series of acquisitions that led to the formation of the New York Central Railroad in the 1860’s. William took over as president of the New York Central following the death of his father in 1877. As a leading American businessman, Vanderbilt was considered a member of the “robber barons” and as such was often heavily criticized in the press. His luxuriant “mutton chop” side whiskers were quite distinctive and widely lampooned by the political cartoonists of the day. Seeing that the tide of public opinion was turning against vast monopolies such as his, he sold large amounts of his stock in 1879. As his health declined, he resigned as president of the New York Central Railroad in 1883, and gave over his final years to his philanthropies and his horses. By the time of his death in 1885, he had doubled his 1877 inheritance to the then-unheard-of sum of $200 million. (bio by: [fg.cgi?page=mr&MRid=46604840" target="_blank Edward Parsons)] Maintained by: Find A Grave Record added: Jan 01, 2001

Find A Grave Memorial# 1059

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