Stephen Whitney
Encyclopedia
Stephen Whitney was one of the wealthiest merchants in New York City
in the first half of the 19th century. His fortune was considered second only to that of John Jacob Astor
. As a prominent citizen of the rapidly growing city, he helped to build some of its institutions, including the Merchants' Exchange Building, the first permanent home of the New York stock exchange.
, on September 4, 1776. He was a descendant of Henry Whitney (1615-1673), who immigrated to southern Connecticut in the mid-seventeenth century. Whitney moved to New York City in his early twenties, taking a job in his brother Henry's business firm Lawrence & Whitney. By 1800 Whitney had accumulated enough capital to go into business as a grocer and an importer of wine and spirits on his own, at first in partnership with a Scotsman named John Currie. He married Harriet Suydam, the sister of his brother's wife, in 1803,when he was 26 years old.
in northern Florida, at the time still part of neutral Spain. When the war ended in 1815, he owned warehouses full of cotton. He is also reported to have purchased all the cotton bales used to build fortifications by Andrew Jackson
's army during the Battle of New Orleans
. When the embargo was lifted, the price of cotton shot up, and he became a wealthy man. By 1818—at age 42—he was able to retire from commerce.
of packets. One of the Kermit Line vessels was named for him (the ship Stephen Whitney
). Other interests were insurance, canals, and the new railroads (he was a director of the New Jersey Rail Road).
In 1827, he joined William Backhouse Astor
, son of John Jacob Astor, in building a Merchants' Exchange Building at the corner of Wall and William Streets. The New York Stock and Exchange Board moved their operations from the Tontine Coffee House
to the new building, adopting it as their first permanent home. In the 1840s he was involved in the founding of Green-Wood Cemetery
in Brooklyn.
Much of lower Manhattan was destroyed in a disastrous fire in December of 1835
. The Merchants Stock and Exchange Building was one of the losses (a new building, the second building of that name, was built on the site and still stands today). Stephen Whitney was one of the many prominent citizens who served on the committee to help the city rebuild.
Two years later, he managed to make a huge profit from the Panic of 1837
. He bought up commercial paper during the panic, and held it until it had rebounded. This greatly increased his wealth, making him a millionaire.
Politically, Whitney was an "Old-Line Whig", and like many New Yorkers he was a supporter of Henry Clay. In 1852 Whitney was one of the leaders in organizing the City Reform League, which spearheaded a movement to wrest some of the power away from corrupt city aldermen.
In 1825, Whitney had a town house built at Number 7 Bowling Green, at the corner of State Street and Broadway—the current site of the old Custom House
that is now home to the Heye Indian Museum. The seven houses in the block, which faced across Bowling Green and straight up Broadway, were among the most fashionable in the city when they were built. However, as the city quickly evolved, wealthy residents began to move "uptown" to Washington Square and Fifth Avenue. Stephen Whitney, who was famous for refusing to bend to fashion, was still living at 7 Bowling Green when he died at home on February 16, 1860, even though the neighborhood had become somewhat run down and all of his peers had moved away. An elaborate funeral was held at Trinity Church, after which he was buried at Green-Wood Cemetery. The executors of his estate later had a marble chapel built at his burial site. Harriet Suydam Whitney died four months later, in May 1860.
The contents of the Whitney living room at 7 Bowling Green have been on permanent display at the Museum of the City of New York
since 1936.
Whitney was among the first multi-millionaires in the city. Many accounts refer to his fortune as second only to that of John Jacob Astor
, who died in 1848 with an estate of $20 million. Whitney's wealth was estimated at his death to be at least $8 million, although some thought it was $10 or even $15 million. Unlike the Astors, he was not given to public philanthropy, and the result is that the Whitney name is not remembered in the city the way that the Astor name is.
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in the first half of the 19th century. His fortune was considered second only to that of John Jacob Astor
John Jacob Astor
John Jacob Astor , born Johann Jakob Astor, was a German-American business magnate and investor who was the first prominent member of the Astor family and the first multi-millionaire in the United States...
. As a prominent citizen of the rapidly growing city, he helped to build some of its institutions, including the Merchants' Exchange Building, the first permanent home of the New York stock exchange.
Early life
Stephen Whitney was born in humble circumstances in Derby, ConnecticutDerby, Connecticut
Derby is a city in New Haven County, Connecticut, United States. The population was 12,391 at the 2000 census. With of land area, Derby is Connecticut's smallest municipality.The city has a Metro-North railroad station called Derby – Shelton.-History:...
, on September 4, 1776. He was a descendant of Henry Whitney (1615-1673), who immigrated to southern Connecticut in the mid-seventeenth century. Whitney moved to New York City in his early twenties, taking a job in his brother Henry's business firm Lawrence & Whitney. By 1800 Whitney had accumulated enough capital to go into business as a grocer and an importer of wine and spirits on his own, at first in partnership with a Scotsman named John Currie. He married Harriet Suydam, the sister of his brother's wife, in 1803,when he was 26 years old.
War of 1812
During the War of 1812, American cotton had become almost worthless due to an embargo on exports. Whitney arranged through agents to accept cotton as payment for debts owed him in the South. He was able to export some of that cotton during the war through Amelia IslandAmelia Island
Amelia Island is one of the southernmost of the Sea Islands, a chain of barrier islands that stretches along the east coast of the United States from South Carolina to Florida. It is long and approximately 4 miles wide at its widest point. Amelia Island is situated off the coast in Nassau County,...
in northern Florida, at the time still part of neutral Spain. When the war ended in 1815, he owned warehouses full of cotton. He is also reported to have purchased all the cotton bales used to build fortifications by Andrew Jackson
Andrew Jackson
Andrew Jackson was the seventh President of the United States . Based in frontier Tennessee, Jackson was a politician and army general who defeated the Creek Indians at the Battle of Horseshoe Bend , and the British at the Battle of New Orleans...
's army during the Battle of New Orleans
Battle of New Orleans
The Battle of New Orleans took place on January 8, 1815 and was the final major battle of the War of 1812. American forces, commanded by Major General Andrew Jackson, defeated an invading British Army intent on seizing New Orleans and the vast territory the United States had acquired with the...
. When the embargo was lifted, the price of cotton shot up, and he became a wealthy man. By 1818—at age 42—he was able to retire from commerce.
Later life
Whitney turned his attention to investing his fortune. He bought up real estate in the city, especially in the area around Pearl Street and lower Manhattan. He was a director of both the National Bank of Commerce in New York, of which he was a founder in 1839, and the Bank of America. He invested in shipping, including the China trade and the Robert Kermit Red Star LineRobert Kermit Red Star Line
In 1818 the Red Star Line was founded by Byrnes, Trimble & Co. from New York....
of packets. One of the Kermit Line vessels was named for him (the ship Stephen Whitney
Stephen Whitney (ship)
The Stephen Whitney was a passenger carrying sailing ship which was wrecked on West Calf Island off the southern coast of Ireland on 10 November 1847 with the loss of 92 of the 110 passengers and crew aboard. She was a packet ship in Robert Kermit's Red Star Line...
). Other interests were insurance, canals, and the new railroads (he was a director of the New Jersey Rail Road).
In 1827, he joined William Backhouse Astor
William Backhouse Astor
William Backhouse Astor may refer to:* William Backhouse Astor, Sr. , businessman and member of the Astor family* William Backhouse Astor, Jr. , businessman and son of the above...
, son of John Jacob Astor, in building a Merchants' Exchange Building at the corner of Wall and William Streets. The New York Stock and Exchange Board moved their operations from the Tontine Coffee House
Tontine Coffee House
The Tontine Coffee House was a New York City coffee house established in early 1793. Situated on the north-west corner of Wall and Water Street, it was built by a group of brokers to serve as a meeting place for trade and correspondence...
to the new building, adopting it as their first permanent home. In the 1840s he was involved in the founding of Green-Wood Cemetery
Green-Wood Cemetery
Green-Wood Cemetery was founded in 1838 as a rural cemetery in Brooklyn, Kings County , New York. It was granted National Historic Landmark status in 2006 by the U.S. Department of the Interior.-History:...
in Brooklyn.
Much of lower Manhattan was destroyed in a disastrous fire in December of 1835
Great Fire of New York
The Great New York Fire was a conflagration that destroyed the New York Stock Exchange and most of the buildings on the southeast tip of Manhattan around Wall Street on December 16–17, 1835....
. The Merchants Stock and Exchange Building was one of the losses (a new building, the second building of that name, was built on the site and still stands today). Stephen Whitney was one of the many prominent citizens who served on the committee to help the city rebuild.
Two years later, he managed to make a huge profit from the Panic of 1837
Panic of 1837
The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie ,...
. He bought up commercial paper during the panic, and held it until it had rebounded. This greatly increased his wealth, making him a millionaire.
Politically, Whitney was an "Old-Line Whig", and like many New Yorkers he was a supporter of Henry Clay. In 1852 Whitney was one of the leaders in organizing the City Reform League, which spearheaded a movement to wrest some of the power away from corrupt city aldermen.
In 1825, Whitney had a town house built at Number 7 Bowling Green, at the corner of State Street and Broadway—the current site of the old Custom House
Alexander Hamilton U.S. Custom House
The Alexander Hamilton U.S. Custom House is a building in New York City, built 1902–1907 by the federal government to house the duty collection operations for the port of New York. It is located near the southern tip of Manhattan, next to Battery Park, at 1 Bowling Green...
that is now home to the Heye Indian Museum. The seven houses in the block, which faced across Bowling Green and straight up Broadway, were among the most fashionable in the city when they were built. However, as the city quickly evolved, wealthy residents began to move "uptown" to Washington Square and Fifth Avenue. Stephen Whitney, who was famous for refusing to bend to fashion, was still living at 7 Bowling Green when he died at home on February 16, 1860, even though the neighborhood had become somewhat run down and all of his peers had moved away. An elaborate funeral was held at Trinity Church, after which he was buried at Green-Wood Cemetery. The executors of his estate later had a marble chapel built at his burial site. Harriet Suydam Whitney died four months later, in May 1860.
The contents of the Whitney living room at 7 Bowling Green have been on permanent display at the Museum of the City of New York
Museum of the City of New York
The Museum of the City of New York is an art gallery and history museum founded in 1923 to present the history of New York City, USA and its people...
since 1936.
Whitney was among the first multi-millionaires in the city. Many accounts refer to his fortune as second only to that of John Jacob Astor
John Jacob Astor
John Jacob Astor , born Johann Jakob Astor, was a German-American business magnate and investor who was the first prominent member of the Astor family and the first multi-millionaire in the United States...
, who died in 1848 with an estate of $20 million. Whitney's wealth was estimated at his death to be at least $8 million, although some thought it was $10 or even $15 million. Unlike the Astors, he was not given to public philanthropy, and the result is that the Whitney name is not remembered in the city the way that the Astor name is.