Thomas Fortune Ryan
Encyclopedia
Thomas Fortune Ryan was a U.S. tobacco and transport magnate. Part of his fortune paid for the construction of the Cathedral of the Sacred Heart in Richmond, Virginia
.
, the county seat of Nelson County
, south of Charlottesville
in Virginia's Piedmont
. Despite certain myths regarding his background, Ryan was neither orphaned nor penniless as a youth and he traced his ancestry to Protestant Anglo-Irish settlers who came to North America in the seventeenth century, not during the Potato Famine
emigration. Ryan's father was a tailor and manager of a small hotel.
Ryan's mother, Lucinda Fortune Ryan, died in 1856 when he was five years old. His father remarried and moved to Tennessee two years later. He was reared by his mother's extended family in Lovingston, who were Protestants
.
Ryan did not attend college. He obtained a solid education through the services of local Baptist ministers.
Virginia and so moved across the border to the city of Baltimore. En route to Maryland
, Ryan converted to Catholicism
after long discussions with a fellow passenger on the train.
In Baltimore, John S. Barry, a prosperous dry goods merchant, hired him. By 1872, Barry helped Ryan secure a brokerage
assistant position on Wall Street
where he would be tutored by William Collins Whitney.
In 1873 he married his former boss's daughter, Ida Mary Barry, whose family were devout Roman Catholics. With her he had seven children. The eldest was financier and writer John Barry Ryan
(1874–1942). In 1874, his firm purchased Ryan a seat on the New York Stock Exchange
, making him the youngest member in Exchange history. At the same time, Ryan became active in politics, especially the Tammany Hall
machine that controlled much of the city's operations, giving him political and industrial contacts across the city.
Ryan's fortune began in public transit. In 1883, he founded the New York Cable Railroad and bid on the proposed route from lower Manhattan
to Midtown
. After numerous legal and financial problems, in 1886 Ryan reorganized his cable railroad as the Metropolitan Traction Company. By 1893, construction of Ryan's rail system was underway on Broadway
. Metropolitan continually acquired additional lines so that by 1900 it controlled 3,000 cars and 300 miles of track the majority of New York’s streetcar operations.
Ryan's most profitable investment was tobacco. Having invested in its stocks throughout the 1890s, Ryan joined tobacco assets in 1898, forming The Union Tobacco Company. Shortly thereafter, he merged Union Tobacco with his greatest competitor, James Duke
of North Carolina
, forming the American Tobacco Company
. Together Ryan and Duke developed the British-American Tobacco Company to protect American tobacco trade in Europe. Upon his death, Ryan also had major holdings in R. J. Reynolds and Liggett & Myers.
In 1905, amid public outcry, Ryan purchased the $400 million strong Equitable Life Assurance Society, a major factor in the insurance industry. Although Ryan strove to make Equitable more responsive to its policy holders, public reaction to his purchase was overwhelmingly negative. His reputation for cutthroat business dealings in the streetcar and subway businesses made the public distrustful and, in 1909, he sold his Equitable stock. Also in 1905, Ryan's Metropolitan street car system was threatened by a major competitive development, New York’s increasingly popular subway system. He merged Metropolitan with August Belmont, Jr.
’s Interborough Rapid Transit Company
. But the joint company’s finances were shaky, and Ryan pulled out. Meanwhile, some $35 million that Ryan had raised in a bond issue were misappropriated. Ryan was investigated for corruption in 1908, but the grand jury brought no charges.
Meanwhile, Ryan was making fortunes with coal mines, banks, public utilities and railroads. He owned Royal Typewriter
and backed the maker of the Thompson submachine gun
. At one time Ryan had controlling interest in 30 corporations.
. In Washington, D.C.
, they paid for a gymnasium and dormitory at the Jesuit-founded Georgetown University
.
In 1901, the Ryans funded the construction of Sacred Heart Church and Sacred Heart School on Perry Street in Manchester, Virginia
(now part of Richmond). In the same year, the Ryans made their most enduring act of generosity, donating $250,000 to build a new cathedral in Richmond. Soon thereafter, they donated an additional $250,000 to ensure that the interior would be of the highest workmanship. The Cathedral of the Sacred Heart, dedicated in 1906, remains one of the finest architectural landmarks in the city. Other gifts in Virginia included the Cathedral High and the Cathedral Primary schools in Richmond, as well as Catholic churches in Harrisonburg
and Newport News, Virginia
. The couple's lifetime contributions to Catholic charities around the country totaled $20 million. The Ryans' philanthropy also extended to cultural interests, including Southern history, the fine arts and exploration. Ryan financed and selected Charles Hoffbauer to create a series of paintings, "The Four Seasons of the Confederacy", commissioned for a major gallery in what is now the Virginia Historical Society
. For Jamestown's
300th anniversary in 1907, Ryan donated a collection of portraits of key players in Virginia's settlement. Thomas Ryan helped finance Richard E. Byrd's flight to the South Pole
.
The Ryan's maintained a summer estate near Suffern, New York called "Montebello". During their time there Ida Barry Ryan founded and funded the establishment of Good Samaritan Hospital and funded the construction of the Catholic Church of the Sacred Heart of Jesus.
to the Democratic National Convention
.
On October 17, 1917, on his 66th birthday, he was widowered when his wife Ida died from heart disease. Despite a place for her in the crypt of Richmond's Sacred Heart Cathedral, she was ultimately interred in the cemetery at St. Andrews-on-Hudson Seminary in Hyde Park, New York
(now The Culinary Institute of America). Twelve days later Ryan married Mary Townsend Lord Cuyler, a widow.
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
.
Early days
Thomas Fortune Ryan was born on October 17, 1851 near LovingstonLovingston, Virginia
Lovingston is a census-designated place in and the county seat of Nelson County, Virginia, United States. The population as of the 2010 Census was 520. Its ZIP Code is 22949...
, the county seat of Nelson County
Nelson County, Virginia
As of the census of 2000, there were 14,445 people, 5,887 households, and 4,144 families residing in the county. The population density was 31 people per square mile . There were 8,554 housing units at an average density of 18 per square mile...
, south of Charlottesville
Charlottesville, Virginia
Charlottesville is an independent city geographically surrounded by but separate from Albemarle County in the Commonwealth of Virginia, United States, and named after Charlotte of Mecklenburg-Strelitz, the queen consort of King George III of the United Kingdom.The official population estimate for...
in Virginia's Piedmont
Piedmont (United States)
The Piedmont is a plateau region located in the eastern United States between the Atlantic Coastal Plain and the main Appalachian Mountains, stretching from New Jersey in the north to central Alabama in the south. The Piedmont province is a physiographic province of the larger Appalachian division...
. Despite certain myths regarding his background, Ryan was neither orphaned nor penniless as a youth and he traced his ancestry to Protestant Anglo-Irish settlers who came to North America in the seventeenth century, not during the Potato Famine
Irish Potato Famine (1845–1849)
In Ireland, the Great Famine was a period of mass starvation, disease and emigration between 1845 and 1852. It is also known, mostly outside Ireland, as the Irish Potato Famine...
emigration. Ryan's father was a tailor and manager of a small hotel.
Ryan's mother, Lucinda Fortune Ryan, died in 1856 when he was five years old. His father remarried and moved to Tennessee two years later. He was reared by his mother's extended family in Lovingston, who were Protestants
Protestantism
Protestantism is one of the three major groupings within Christianity. It is a movement that began in Germany in the early 16th century as a reaction against medieval Roman Catholic doctrines and practices, especially in regards to salvation, justification, and ecclesiology.The doctrines of the...
.
Ryan did not attend college. He obtained a solid education through the services of local Baptist ministers.
Conversion
Aged 17, Ryan perceived a lack of economic opportunity in post-warAmerican Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
Virginia and so moved across the border to the city of Baltimore. En route to Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, Ryan converted to Catholicism
Roman Catholic Church
The Catholic Church, also known as the Roman Catholic Church, is the world's largest Christian church, with over a billion members. Led by the Pope, it defines its mission as spreading the gospel of Jesus Christ, administering the sacraments and exercising charity...
after long discussions with a fellow passenger on the train.
In Baltimore, John S. Barry, a prosperous dry goods merchant, hired him. By 1872, Barry helped Ryan secure a brokerage
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
assistant position on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
where he would be tutored by William Collins Whitney.
Fortune building
Ryan opened a brokerage firm with two partners, Lee, Ryan & Warren, the following year.In 1873 he married his former boss's daughter, Ida Mary Barry, whose family were devout Roman Catholics. With her he had seven children. The eldest was financier and writer John Barry Ryan
John Barry Ryan
John Barry Ryan, Sr. was an American author and financier.-Life:He was born to Thomas Fortune Ryan and Ida Mary Barry and married Nina Murphy in 1896. The couple had ten children, one of them the late John Barry Ryan II who married Margaret Dorothy Wolff Kahn, daughter of the financier Otto...
(1874–1942). In 1874, his firm purchased Ryan a seat on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, making him the youngest member in Exchange history. At the same time, Ryan became active in politics, especially the Tammany Hall
Tammany Hall
Tammany Hall, also known as the Society of St. Tammany, the Sons of St. Tammany, or the Columbian Order, was a New York political organization founded in 1786 and incorporated on May 12, 1789 as the Tammany Society...
machine that controlled much of the city's operations, giving him political and industrial contacts across the city.
Ryan's fortune began in public transit. In 1883, he founded the New York Cable Railroad and bid on the proposed route from lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...
to Midtown
Midtown Manhattan
Midtown Manhattan, or simply Midtown, is an area of Manhattan, New York City home to world-famous commercial zones such as Rockefeller Center, Broadway, and Times Square...
. After numerous legal and financial problems, in 1886 Ryan reorganized his cable railroad as the Metropolitan Traction Company. By 1893, construction of Ryan's rail system was underway on Broadway
Broadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...
. Metropolitan continually acquired additional lines so that by 1900 it controlled 3,000 cars and 300 miles of track the majority of New York’s streetcar operations.
Ryan's most profitable investment was tobacco. Having invested in its stocks throughout the 1890s, Ryan joined tobacco assets in 1898, forming The Union Tobacco Company. Shortly thereafter, he merged Union Tobacco with his greatest competitor, James Duke
James Buchanan Duke
James Buchanan Duke was a U.S. tobacco and electric power industrialist best known for his involvement with Duke University.-Personal life:...
of North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, forming the American Tobacco Company
American Tobacco Company
The American Tobacco Company was a tobacco company founded in 1890 by J. B. Duke through a merger between a number of U.S. tobacco manufacturers including Allen and Ginter and Goodwin & Company...
. Together Ryan and Duke developed the British-American Tobacco Company to protect American tobacco trade in Europe. Upon his death, Ryan also had major holdings in R. J. Reynolds and Liggett & Myers.
In 1905, amid public outcry, Ryan purchased the $400 million strong Equitable Life Assurance Society, a major factor in the insurance industry. Although Ryan strove to make Equitable more responsive to its policy holders, public reaction to his purchase was overwhelmingly negative. His reputation for cutthroat business dealings in the streetcar and subway businesses made the public distrustful and, in 1909, he sold his Equitable stock. Also in 1905, Ryan's Metropolitan street car system was threatened by a major competitive development, New York’s increasingly popular subway system. He merged Metropolitan with August Belmont, Jr.
August Belmont, Jr.
August Belmont, Jr. was an American financier, the builder of New York's Belmont Park racetrack, and a major owner/breeder of thoroughbred racehorses.-Early life:...
’s Interborough Rapid Transit Company
Interborough Rapid Transit Company
The Interborough Rapid Transit Company was the private operator of the original underground New York City Subway line that opened in 1904, as well as earlier elevated railways and additional rapid transit lines in New York City. The IRT was purchased by the City in June 1940...
. But the joint company’s finances were shaky, and Ryan pulled out. Meanwhile, some $35 million that Ryan had raised in a bond issue were misappropriated. Ryan was investigated for corruption in 1908, but the grand jury brought no charges.
Meanwhile, Ryan was making fortunes with coal mines, banks, public utilities and railroads. He owned Royal Typewriter
Royal Typewriter Company
The Royal Typewriter Company was a manufacturer of typewriters headquartered in New York City with its factory in Hartford, Connecticut.-History:...
and backed the maker of the Thompson submachine gun
Thompson submachine gun
The Thompson is an American submachine gun, invented by John T. Thompson in 1919, that became infamous during the Prohibition era. It was a common sight in the media of the time, being used by both law enforcement officers and criminals...
. At one time Ryan had controlling interest in 30 corporations.
Philanthropy
As her husband's wealth grew exponentially, Ida Barry Ryan began making large benefactions to Catholic charitable organizations in New York, Virginia, and across the country. The Ryans funded churches, convents and hospitals in Manhattan, including the architecturally important St. Jean Baptiste Catholic Church on the Upper East SideUpper East Side
The Upper East Side is a neighborhood in the borough of Manhattan in New York City, between Central Park and the East River. The Upper East Side lies within an area bounded by 59th Street to 96th Street, and the East River to Fifth Avenue-Central Park...
. In Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, they paid for a gymnasium and dormitory at the Jesuit-founded Georgetown University
Georgetown University
Georgetown University is a private, Jesuit, research university whose main campus is in the Georgetown neighborhood of Washington, D.C. Founded in 1789, it is the oldest Catholic university in the United States...
.
In 1901, the Ryans funded the construction of Sacred Heart Church and Sacred Heart School on Perry Street in Manchester, Virginia
Manchester, Virginia
Manchester, Virginia is a former independent city in Virginia in the United States. Prior to receiving independent status, it served as the county seat of Chesterfield County, between 1870 and 1876...
(now part of Richmond). In the same year, the Ryans made their most enduring act of generosity, donating $250,000 to build a new cathedral in Richmond. Soon thereafter, they donated an additional $250,000 to ensure that the interior would be of the highest workmanship. The Cathedral of the Sacred Heart, dedicated in 1906, remains one of the finest architectural landmarks in the city. Other gifts in Virginia included the Cathedral High and the Cathedral Primary schools in Richmond, as well as Catholic churches in Harrisonburg
Harrisonburg, Virginia
Harrisonburg is an independent city in the Shenandoah Valley region of Virginia in the United States. Its population as of 2010 is 48,914, and at the 2000 census, 40,468. Harrisonburg is the county seat of Rockingham County and the core city of the Harrisonburg, Virginia Metropolitan Statistical...
and Newport News, Virginia
Newport News, Virginia
Newport News is an independent city located in the Hampton Roads metropolitan area of Virginia. It is at the southeastern end of the Virginia Peninsula, on the north shore of the James River extending southeast from Skiffe's Creek along many miles of waterfront to the river's mouth at Newport News...
. The couple's lifetime contributions to Catholic charities around the country totaled $20 million. The Ryans' philanthropy also extended to cultural interests, including Southern history, the fine arts and exploration. Ryan financed and selected Charles Hoffbauer to create a series of paintings, "The Four Seasons of the Confederacy", commissioned for a major gallery in what is now the Virginia Historical Society
Virginia Historical Society
The Virginia Historical Society , founded in 1831 as the Virginia Historical and Philosophical Society and headquartered in Richmond, Virginia, is a major repository, research, and teaching center for Virginia history...
. For Jamestown's
Jamestown, Virginia
Jamestown was a settlement in the Colony of Virginia. Established by the Virginia Company of London as "James Fort" on May 14, 1607 , it was the first permanent English settlement in what is now the United States, following several earlier failed attempts, including the Lost Colony of Roanoke...
300th anniversary in 1907, Ryan donated a collection of portraits of key players in Virginia's settlement. Thomas Ryan helped finance Richard E. Byrd's flight to the South Pole
South Pole
The South Pole, also known as the Geographic South Pole or Terrestrial South Pole, is one of the two points where the Earth's axis of rotation intersects its surface. It is the southernmost point on the surface of the Earth and lies on the opposite side of the Earth from the North Pole...
.
The Ryan's maintained a summer estate near Suffern, New York called "Montebello". During their time there Ida Barry Ryan founded and funded the establishment of Good Samaritan Hospital and funded the construction of the Catholic Church of the Sacred Heart of Jesus.
Later years
Ryan announced his intention to retire in 1912. Re-establishing his roots in his native state of Virginia, he served as a Virginia delegateDelegate
A delegate is a person who speaks or acts on behalf of an organization at a meeting or conference between organizations of the same level A delegate is a person who speaks or acts on behalf of an organization (e.g., a government, a charity, an NGO, or a trade union) at a meeting or conference...
to the Democratic National Convention
Democratic National Convention
The Democratic National Convention is a series of presidential nominating conventions held every four years since 1832 by the United States Democratic Party. They have been administered by the Democratic National Committee since the 1852 national convention...
.
On October 17, 1917, on his 66th birthday, he was widowered when his wife Ida died from heart disease. Despite a place for her in the crypt of Richmond's Sacred Heart Cathedral, she was ultimately interred in the cemetery at St. Andrews-on-Hudson Seminary in Hyde Park, New York
Hyde Park, New York
Hyde Park is a town located in the northwest part of Dutchess County, New York, United States, just north of the city of Poughkeepsie. The town is most famous for being the hometown of U.S. President Franklin D. Roosevelt....
(now The Culinary Institute of America). Twelve days later Ryan married Mary Townsend Lord Cuyler, a widow.