William Grigsby McCormick
Encyclopedia
William Grigsby McCormick (1851–1941) was an American
businessman of the influential McCormick family
in Chicago
.
He was a co-founder of a college fraternity
.
.
His father was William Sanderson McCormick
(1815–1865) and mother was Mary Ann Grigsby (1828–1878) of the Hickory Hill
estate in Virginia
.
His father managed finances for the family agricultural machinery business which became International Harvester
until he died in an insane asylum in 1865. His mother then moved the family back to Baltimore, Maryland near her Virginia family estate.
He attended the University of Virginia
in 1868 and 1869, where he founded the Kappa Sigma Fraternity with four other friends on December 10, 1869.
A plaque was later affixed to his 1869 room, which was numbered 46 East Lawn
, where the first Kappa Sigma meeting was held.
When she was widowed, his mother had sold her share of the family business to his better-known uncle Cyrus McCormick
, but he acquired a fortune of his own.
First, he left the university of Virginia in May 1870 and traveled with brother Robert to Europe, returning to Baltimore in November.
He worked for two years as a banker for John S. Gittings, and then married Eleanor Brooks on October 23, 1873 at the Brown Memorial Presbyterian Church
in Baltimore.
His wife was daughter of former railroad executive Walter Booth Brooks. After the couple took another year of travel and a few months in Baltimore, they moved to Chicago in February 1875.
He first worked for McCormick Brothers & Findlay, and then started his own business selling insurance and real estate, with offices in Chicago and New York
. He was elected to the Chicago City Council
as alderman representing the 18th ward in 1880 for one term.
In 1884 he formed the partnership Smith, McCormick & Company to trade commodities on the Chicago Board of Trade
.
He became a member of the New York Stock Exchange
in 1885. The business became part of the Schwartz, Dupee & Company stock trading firm (with partners Gustavus Schwartz and John Dupee, Jr.). He worked for them until the panic of 1893
. He then formed a partnership of Price, McCormick & Company with Theodore Hazeltine Price on March 18, 1895. After some initial success, the firm ran into trouble in a failed attempt to take over Hanover Insurance
in 1899.
He retired after that firm failed on May 24, 1900, due to a steep drop in the prices of cotton futures contract
s.
Besides losing his own money, it was reported another backer was George Crocker, son of San Francisco banker Charles Crocker
.
He was a guest at the fraternity house named for the family in 1916.
The area is now a complex known as the McCormick Road Residence Area
.
He died on November 29, 1941 at the family estate known as St. James Farm near Wheaton, Illinois
.
At the time Kappa Sigma was the fourth largest fraternity in the country.
He and his wife had seven children:
The Stone family had founded the Chicago Daily News
.
McCormick's brother Robert Sanderson McCormick
(1849–1919) married the daughter of the founder of the Chicago Tribune
.
Their son Chauncey Brooks McCormick with their nephew Robert R. McCormick
purchased the Hickory Hill estate of Reuben Grigsby in 1929.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman of the influential McCormick family
McCormick family
The McCormick family is a family of business people and politicians from the United States.They descend from Robert McCormick and Mary Ann Hall.Below is a list of members:...
in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
.
He was a co-founder of a college fraternity
Fraternities and sororities
Fraternities and sororities are fraternal social organizations for undergraduate students. In Latin, the term refers mainly to such organizations at colleges and universities in the United States, although it is also applied to analogous European groups also known as corporations...
.
Life
William Grigsby McCormick was born June 3, 1851 in ChicagoChicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
.
His father was William Sanderson McCormick
William Sanderson McCormick
William Sanderson McCormick was an American businessman who developed the company that became the major producer of agricultural equipment in the 19th century...
(1815–1865) and mother was Mary Ann Grigsby (1828–1878) of the Hickory Hill
Hickory Hill (Glasgow, Virginia)
Hickory Hill is a historic estate in Rockbridge County, Virginia.The main house at Hickory Hill was built from 1823 to 1824 for Reuben Grigsby who was born June 6, 1780.He was one of many children, cousin to educator Hugh Blair Grigsby ....
estate in Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
.
His father managed finances for the family agricultural machinery business which became International Harvester
International Harvester
International Harvester Company was a United States agricultural machinery, construction equipment, vehicle, commercial truck, and household and commercial products manufacturer. In 1902, J.P...
until he died in an insane asylum in 1865. His mother then moved the family back to Baltimore, Maryland near her Virginia family estate.
He attended the University of Virginia
University of Virginia
The University of Virginia is a public research university located in Charlottesville, Virginia, United States, founded by Thomas Jefferson...
in 1868 and 1869, where he founded the Kappa Sigma Fraternity with four other friends on December 10, 1869.
A plaque was later affixed to his 1869 room, which was numbered 46 East Lawn
The Lawn
The Lawn is a large, terraced grassy court at the historic center of Jefferson's academic community at the University of Virginia. The design shows Jefferson's mastery of Palladian architecture...
, where the first Kappa Sigma meeting was held.
When she was widowed, his mother had sold her share of the family business to his better-known uncle Cyrus McCormick
Cyrus McCormick
Cyrus Hall McCormick, Sr. was an American inventor and founder of the McCormick Harvesting Machine Company, which became part of International Harvester Company in 1902.He and many members of the McCormick family became prominent Chicagoans....
, but he acquired a fortune of his own.
First, he left the university of Virginia in May 1870 and traveled with brother Robert to Europe, returning to Baltimore in November.
He worked for two years as a banker for John S. Gittings, and then married Eleanor Brooks on October 23, 1873 at the Brown Memorial Presbyterian Church
Brown Memorial Presbyterian Church
Brown Memorial Park Avenue Presbyterian Church of Baltimore, Maryland, U.S., is a large, Gothic Revival-style church built in 1870 and located at Park and Lafayette Avenues in the city's Bolton Hill section...
in Baltimore.
His wife was daughter of former railroad executive Walter Booth Brooks. After the couple took another year of travel and a few months in Baltimore, they moved to Chicago in February 1875.
He first worked for McCormick Brothers & Findlay, and then started his own business selling insurance and real estate, with offices in Chicago and New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. He was elected to the Chicago City Council
Chicago City Council
The Chicago City Council is the legislative branch of the government of the City of Chicago in Illinois. It consists of 50 aldermen elected from 50 wards to serve four-year terms...
as alderman representing the 18th ward in 1880 for one term.
In 1884 he formed the partnership Smith, McCormick & Company to trade commodities on the Chicago Board of Trade
Chicago Board of Trade
The Chicago Board of Trade , established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million...
.
He became a member of 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...
in 1885. The business became part of the Schwartz, Dupee & Company stock trading firm (with partners Gustavus Schwartz and John Dupee, Jr.). He worked for them until the panic of 1893
Panic of 1893
The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures...
. He then formed a partnership of Price, McCormick & Company with Theodore Hazeltine Price on March 18, 1895. After some initial success, the firm ran into trouble in a failed attempt to take over Hanover Insurance
Hanover Insurance
The Hanover Insurance Group, Inc. , based in Worcester, Massachusetts, is one of the oldest continuous businesses in the United States, still operating within its original industry...
in 1899.
He retired after that firm failed on May 24, 1900, due to a steep drop in the prices of cotton futures contract
Futures contract
In finance, a futures contract is a standardized contract between two parties to exchange a specified asset of standardized quantity and quality for a price agreed today with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange...
s.
Besides losing his own money, it was reported another backer was George Crocker, son of San Francisco banker Charles Crocker
Charles Crocker
Charles Crocker was an American railroad executive.-Early years:Crocker was born in Troy, New York, to a modest family and moved to an Indiana farm at age 14. He soon became independent, working on several farms, a sawmill, and at an iron forge. In 1845 he founded a small, independent iron...
.
He was a guest at the fraternity house named for the family in 1916.
The area is now a complex known as the McCormick Road Residence Area
McCormick Road Dormitories
The McCormick Road Dormitories are first-year living dormitories at the University of Virginia.Ten houses make up the residence area located on McCormick Road. The dormitory area was constructed in 1950 and can hold nearly 1300 students...
.
He died on November 29, 1941 at the family estate known as St. James Farm near Wheaton, Illinois
Wheaton, Illinois
Wheaton is an affluent community located in DuPage County, Illinois, approximately west of Chicago and Lake Michigan. Wheaton is the county seat of DuPage County...
.
At the time Kappa Sigma was the fourth largest fraternity in the country.
He and his wife had seven children:
- Carrie McCormick was born July 24, 1874
- William S. McCormick was born November 22, 1875 and died as a child on January 1, 1881.
- Mary Grigsby McCormick was born July 18, 1878, married Herbert Stuart Stone (son of Melville Elijah Stone), in 1900 and died June 10, 1955.
- Walter Brooks McCormick was born September 10, 1880.
- Eleanor Harryman McCormick was born November 7, 1882.
- Chauncey Brooks McCormickChauncey McCormickChauncey Brooks McCormick was an American businessman and art collector in the McCormick family.-Life:His mother was Eleanor Brooks, daughter of Walter Brooks of Baltimore....
(1884–1954) was the father of Brooks McCormickBrooks McCormickBrooks McCormick was a member of the American family that ran International Harvester and a noted philanthropist and equestrian. He was the chief executive officer of International Harvester in the 1970s, and was the final member of the McCormick family to lead the company that they had founded.-...
(1917–2006) who was the last McCormick to lead the family firm, then called International Harvester. - Reubenia ("Ruby") McCormick was born December 9, 1891.
The Stone family had founded the Chicago Daily News
Chicago Daily News
The Chicago Daily News was an afternoon daily newspaper published between 1876 and 1978 in Chicago, Illinois.-History:The Daily News was founded by Melville E. Stone, Percy Meggy, and William Dougherty in 1875 and began publishing early the next year...
.
McCormick's brother Robert Sanderson McCormick
Robert Sanderson McCormick
Robert Sanderson McCormick was a United States diplomat. Born in rural Virginia, his extended McCormick family became influential in Chicago.-Life:...
(1849–1919) married the daughter of the founder of the Chicago Tribune
Chicago Tribune
The Chicago Tribune is a major daily newspaper based in Chicago, Illinois, and the flagship publication of the Tribune Company. Formerly self-styled as the "World's Greatest Newspaper" , it remains the most read daily newspaper of the Chicago metropolitan area and the Great Lakes region and is...
.
Their son Chauncey Brooks McCormick with their nephew Robert R. McCormick
Robert R. McCormick
Robert Rutherford "Colonel" McCormick was a member of the McCormick family of Chicago who became owner and publisher of the Chicago Tribune newspaper...
purchased the Hickory Hill estate of Reuben Grigsby in 1929.