William Henry Vanderbilt | |
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 Vanderbilt in 1882 | |
| Born | (1821-05-08)May 8, 1821 |
| 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) |
| Occupations | Owner of theNew York Central Railroad and other railroads. |
| Political party | Republican |
| Spouse | |
| Children | Cornelius Vanderbilt II Margaret Louisa Vanderbilt Shepard Allen Vanderbilt William Kissam Vanderbilt Emily Thorn Vanderbilt Florence Adele Vanderbilt Twombly Frederick William Vanderbilt Eliza Osgood Vanderbilt Webb George Washington Vanderbilt II |
| Parent(s) | Cornelius Vanderbilt Sophia Johnson |
| Relatives | SeeVanderbilt family |
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William Henry Vanderbilt (May 8, 1821 – December 8, 1885) was an American businessman and railroad magnate.[1] Known as"Billy", he was the eldest son of CommodoreCornelius Vanderbilt, an heir to his fortune and a prominent member of theVanderbilt family. Vanderbilt becamethe 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 his sons Cornelius II and William. He inherited nearly $100 million from his father. The fortune had doubled when he died fewer than nine years later.
"Billy" Vanderbilt was born inNew Brunswick, New Jersey, on May 8, 1821, to CommodoreCornelius Vanderbilt and Sophia Johnson.[1]
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 Commodore. A major turning point in their relationship occurred on the family trip to Europe on the steamshipVanderbilt in 1860, after which the two became very close and Billy was given a greater role in business matters.[2]
He matriculated atColumbia College with the class of 1841 but did not graduate, according to official records.[3]
His father carefully oversaw his business training, starting him out at age 19 as a clerk in a New York banking house. After joining as an executive of theStaten Island Railway, he was made its president in 1862 and three years later was appointed vice-president of the Hudson River railway.[citation needed]
In 1869, he was made vice-president of theNew York Central and Hudson River Railroad, becoming its president in 1877. He took over for his father as president of theLake Shore and Michigan Southern Railway, theCanada Southern Railway, and theMichigan Central Railroad at the time of the Commodore's death.
Vanderbilt's railroad holdings includedChicago, Burlington and Quincy Railroad, theChicago and Canada Southern Railway, the Detroit and Bay City Railroad, theHudson River Railroad, theHudson River Bridge, the Joliet and Northern Indiana Railroad, the Michigan Midland and Canada Railroad, theNew York Central and Hudson River Railroad, the New York Central Sleeping Car Company, theNew York and Harlem Rail Road, the Spuyten Duyvil and Port Morris Railroad, and theStaten Island Rail-Road.[citation needed]
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 theChicago 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. Vanderbilt received bad publicity and clarified his response with a subsequent interview by theChicago 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."[4]
In 1884, the firmGrant & Ward went bankrupt and ruined the investments of bothUlysses S. Grant and Vanderbilt, whom Grant had convinced to invest $150,000.Ferdinand Ward, known as theNapoleon of Wall Street, had, unknowingly to both Grant and Vanderbilt, operated the company as aPonzi scheme that resulted in financial ruin for many. The other associate, Grant's sonBuck Grant, apparently was unaware of Ward's Ponzi scheme swindle. Ward was later prosecuted. To pay Vanderbilt back, Grant mortgaged hisCivil 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.[citation needed]
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In 1841, Billy married Maria Louisa Kissam (1821–1896), daughter of the Reverend Samuel Kissam and Margaret Hamilton Adams. Together, they had nine children:
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.[citation needed]
Vanderbilt died on December 8, 1885, inManhattan, New York City, suffering astroke during an appointment withBaltimore and Ohio Railroad president Robert Garrett.[1] He was interred in theVanderbilt Family Mausoleum that he had commissioned inNew Dorp onStaten Island, New York. His estate was divided among his eight surviving children and his wife, the bulk of the estate going to his eldest two sons, Cornelius and William.[citation needed] His youngest son George inherited his Staten Island mansion and farm, which becameMiller Field airbase and parkland.[20]
Vanderbilt was an active philanthropist who gave extensively to a number of philanthropic causes including theYMCA; funding to help establish theMetropolitan Opera (which was not an entirely selfless act; his and other New York "new money" families had been socially excluded from the New YorkAcademy of Music and set up the Metropolitan as competition); and an endowment for theColumbia University College of Physicians and Surgeons. He donated a large amount to complete the McCormick Observatory at the University of Virginia. In 1880, he provided the money forVanderbilt University in Nashville, Tennessee, to construct the Wesley Hall building for use as the Biblical Department and library and included lecture halls and 160 dormitory rooms for students and professors, 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.[citation needed]
Vanderbilt was an avid art enthusiast; his collection included some of the most valuable works of theOld Masters, and over his lifetime Vanderbilt acquired more than 200 paintings, which he housed in his lavish and palatialFifth Avenue mansion.[citation needed]
William H. Vanderbilt died at his residence in this city, of paralysis, at half-past two o'clock this afternoon. He arose this morning at his usual hour, and at breakfast served to the members of the family, most of whom were present, he appeared to be in his usual health and in a more than usually happy frame of mind.
George Washington Vanderbilt of New York died suddenly this afternoon at his Washington residence, 1,612 K Street. With him at the time were Mrs. Vanderbilt and their thirteen-year-old daughter, Miss Cornelia S. Vanderbilt.
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