Stephen Whitney
| Stephen Whitney | |
|---|---|
Stephen Whitney
|
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| Born |
September 4, 1776 Derby, Connecticut |
| Died | February 16, 1860 (aged 83) New York, New York |
| Residence | 7 Bowling Green |
| Nationality | American |
| Occupation | Merchant |
| Known for | Wealthy merchant and prominent citizen |
| Spouse(s) | Harriet Suydam |
Stephen Whitney (1776–1860) 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.
Stephen Whitney was born in humble circumstances in Derby, Connecticut, 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.
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 Island 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.
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 Line 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).
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