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Astor, William Waldorf (1848-1919), businessman and philanthropist  

Bonnie Marie Sykes

Astor, William Waldorf (31 March 1848–18 October 1919), businessman and philanthropist, was born in New York City, the son of John Jacob Astor, a businessman, and Charlotte Gibbes. Astor received his education at home under private tutors and studied law at Columbia University. He worked at law for a short while but found his first real calling in Republican politics. He served a term as a New York State assemblyman beginning in 1877, and two years later he was elected to the state senate. Twice he ran for the U.S. House of Representatives, but he was defeated each time. The press and his political enemies found Astor’s inherited wealth an easy target for excoriation, and the public humiliation he suffered at their hands was the first step on the path toward his alienation from everything American. By all accounts Astor was extremely sensitive and simply could not endure criticism. Nor did he find satisfaction in his 1878 marriage to Mary Dahlgren Paul, although the union produced four children. The marriage suffered as shy Mary Astor was forced into a contest with her husband’s Aunt Caroline for the position of most important society matron in New York’s upper crust—the famous “Four Hundred Families.” In addition, the Astors were concerned for the safety of their children, whom they feared might become victims of a kidnapping for ransom....


Corcoran, William Wilson (1798-1888), banker, investor, and philanthropist  

Janet L. Coryell

Corcoran, William Wilson (27 December 1798–24 February 1888), banker, investor, and philanthropist, was born in Georgetown, District of Columbia, the son of Thomas Corcoran, an Irish-born merchant, real estate seller, and local politician, and Hannah Lemmon. Corcoran, who is usually referred to as “W. W.” rather than William, was educated in local Georgetown schools and spent one year at Georgetown College (now Georgetown University). In 1815 he left college to go into the business of operating a dry goods store with his two older brothers, James and Thomas, Jr. In 1817 Corcoran opened a branch store, and by 1820, the three brothers expanded their interests to include an auction and commission house. After the company went bankrupt in a financial panic in 1823, Corcoran worked until 1847 to pay off all their creditors in full, an act that demonstrated his views regarding honor....


Eastman, George (1854-1932), inventor, businessman, and philanthropist  

Elizabeth Brayer

Eastman, George (12 July 1854–14 March 1932), inventor, businessman, and philanthropist, was born in Waterville, New York, the son of George Washington Eastman, a nurseryman and educator, and Maria Kilbourn. His father’s pioneering work in establishing Eastman Mercantile (or Commercial) College in Rochester in 1842, a prototype for later business schools, perhaps inspired Eastman to be a trailblazer in another field. His father died when George was seven, two years after the family moved to Rochester, and his mother took in boarders. Eastman attended public and private schools until age thirteen, when he became an office boy in a real estate firm to help support his mother and two older sisters. A year later Eastman transferred to an insurance office and in 1874 he became a bookkeeper for the Rochester Savings Bank....


Field, Marshall, III (1893-1956), investor, newspaper publisher, and philanthropist  

Robert L. Gale

Field, Marshall, III (28 September 1893–08 November 1956), investor, newspaper publisher, and philanthropist, was born in Chicago, Illinois, the son of Marshall Field II and Albertine Huck. Being the grandson of the first Marshall Field, the Chicago multimillionaire merchant and real-estate developer, meant that Field would be heir to fabulous wealth—all the sooner when his father, unhappy and passive in his active father’s shadow, committed suicide in 1905 and then when his beloved grandfather died of pneumonia two months later. Field’s mother, who had lived in England with her husband and their children and who disliked Chicago, returned to England. The grandfather’s will provided well for Albertine and gave Field and his younger brother a $75 million trust together. Field attended Eton (1907–1912) and then Trinity College, Cambridge (1912–1914), studying mostly history and vacationing with the horsy set. He returned to the United States in 1914 and married Evelyn Marshall the following year; the couple had three children, including Marshall Field IV. He also studied high finance and played polo. In April 1917 he volunteered as a private, despite his earlier rheumatic fever, in the First Illinois Cavalry (quickly converted to artillery service). He was soon commissioned and promoted, saw action in France as a captain with the Thirty-third Division, and was decorated for gallantry at Saint-Mihiel and Meuse-Argonne....


Hammer, Armand (1898-1990), entrepreneur and philanthropist  

Stephen J. Randall

Hammer, Armand (21 May 1898–10 December 1990), entrepreneur and philanthropist, was born on the Lower East Side of New York City, the son of Russian-born Julius Hammer, a pharmacist and physician, and Rose Robinson. Hammer’s childhood economic circumstances were better than those of many of his immigrant contemporaries. When he was still a child, his family moved to the Bronx, where his father balanced a quest for a medical degree with the demands of his drugstores. Hammer attended Morris High School and in 1917 registered at Columbia Heights Premedical School. Two years later he enrolled at Columbia College of Physicians and Surgeons, from which he graduated in June 1921....


Peabody, George (1795-1869), merchant, investment banker, and philanthropist  

William Weisberger

Peabody, George (18 February 1795–04 November 1869), merchant, investment banker, and philanthropist, was born in South Danvers (now Peabody), Massachusetts, the son of Thomas Peabody, a leather worker and a farmer, and Judith Dodge. His parents, though not wealthy, managed to provide their son with a basic education. As a boy George came to know the value of work. At age eleven he worked in Sylvester Proctor’s grocery in Danvers, and for a short time in 1811 he served as a clerk in the dry-goods store of his brother David....


Rosenwald, Julius (1862-1932), executive and philanthropist  

Milton Goldin

Rosenwald, Julius (12 August 1862–06 January 1932), executive and philanthropist, was born in Springfield, Illinois, the son of Samuel Rosenwald, a clothing merchant, and Augusta Hammerslough. Julius Rosenwald attended high school in Springfield for only two years. At age seventeen he left for New York to serve a clothing business apprenticeship with Hammerslough uncles. Indefatigable, Rosenwald also obtained part-time employment at other clothing establishments and managed to sample the metropolis’s amusements with friends such as Henry Goldman, later a founder of the investment banking firm of Goldman, Sachs and Co....


Warburg, Felix (1871-1937), financier and philanthropist  

Elisabeth Glaser-Schmidt

Warburg, Felix (14 January 1871–20 October 1937), financier and philanthropist, was born in Hamburg, Germany, the son of Moritz Warburg, a partner in M. M. Warburg & Co., the banking house founded by his grandfather, and Charlotte Esther Oppenheim. Warburg grew up in a family where secular Judaism, a sense of community duty, and high standards for achievement reigned. He attended a classical Gymnasium in Hamburg and, like his father, developed a strong interest in music, studying violin, and singing. At the age of sixteen Warburg moved to Frankfurt to learn the sale of precious stones in his grandfather’s business. Under the apprenticeship of his grandfather he studied English, French, and Italian and traveled widely in Central Europe....


Whitney, John Hay (17 August 1904–08 February 1982), financier, philanthropist, and sportsman  

Susan Hamburger

Whitney, John Hay (17 August 1904–08 February 1982), financier, philanthropist, and sportsman, was born in Ellsworth, Maine, the son of Payne Whitney, a capitalist and philanthropist, and Helen Hay Whitney, at the time a poet. “Jock” Whitney graduated from Yale in 1926 and studied history and literature at Oxford for one year. His father’s death in 1927 brought him home to assume control over the Whitney business interests in oil, tobacco, street railways, and real estate, worth cumulatively almost $179 million....