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William Henry Vanderbiltwas an American railroad magnate and philanthropist who nearly doubled the Vanderbilt family fortune established and in large part bequeathed to him by his father, Cornelius.
A frail and seemingly unambitious youth, William was dismissed by his strong and dynamic father as incompetent to run the family business. The two split on Williamâs decision to marry at age 19, and Cornelius sent his son off to farm on Staten Island. To his fatherâs surprise, William made the farm a profitable operation.
While Cornelius was still concentrating on steamship lines, William became interested in railroads. In 1857 he convinced his father to make him receiver of the bankrupt Staten Island Railroad and a few years later startled his father by putting the line back on a sound financial footing. In 1864 William became vice president of the New York and Harlem Railroad and assumed the same position with the Hudson River Railroad in 1865; both lines were owned by his father.
It was not until after the Commodoreâs death in 1877 that William was fully able to demonstrate his financial and managerial genius. He greatly expanded the New York Central network and acquired the Chicago and North Western; the Nickel Plate (New York, Chicago, & St. Louis); Cleveland, Columbus, Cincinnati, and Indianapolis; and other railroads. He fought regulation of the railroads as he engaged in rate wars and gave special rates to favoured shippers. By the time poor health forced him to resign his railroad presidencies in 1883, William Henry had nearly doubled the Vanderbilt family fortune.
In addition, he established the Vanderbilt family name in philanthropy. He gave substantial gifts to Vanderbilt University, Columbiaâs College of Physicians and Surgeons, and other recipients. He built a block-long mansion on Fifth Avenue and filled it with what was claimed to be the finest private collection of paintings and sculpture in the world. In his will he divided his fortune more equitably than had his father, and he left substantial bequests to the Metropolitan Museum of Art, the YMCA, and various churches and hospitals.
