Stephen Whitney (1776 - 1860)

Obituary Mr. Stephen Whitney, the octogenarian and millionaire. We have to record this morning the death of one of the oldest and one of the most wealthy citizens of the city Mr. Stephen Whitney. He died at his residence, opposite the Bowling Green, where he had recited for the last 30 or 40 years. He had been in ill health for sometime, going to his years, and yesterday he died at the advanced age of 84. He leaves four children, three daughters and one son, together with a large number of other relatives. He was for a long time connected with the shipping interest of the city, and acquired a portion of his immense wealth in that business. The foundation of it, however, was said to have been obtained in the following manner: during the war of 1812 he was largely engaged in trade, and had large amounts due him from parties in the south. The southern merchants being unable to pay him, owing to the stoppage of all foreign businesses, as a last resort, offered to meet their liabilities by giving him so much cotton, which was then, the quotation being merely nominal, very low. This year excepted, and storing it away, waited till peace was proclaimed, and price is Ros. He then sold it, receiving in return large prices, giving him enormous profits, which at once made him a wealthy man. In the great panic of 1887, having immense amounts of cash at his command, he speculated in paper and real estate downtown. These, of course, he purchased a panic prices, and when things were restored to their original state found himself a millionaire. In 1857 he was taxed for $1,000,000. According to the assessments on Mr. Astor, Commodore Vanderbilt, and other wealthy man, they are in proportion of one dollar assessment to $10 of actual property. Estimating Mr. Whitney’s wealth on this perfectly safe basis, he died worth from $10 million-$15 million. That he was a millionaire, one of the few real millionaires in the city. At the time that all the fashion and wealth of the metropolis were moving uptown,I’m leaving all the lower portions of the city to be devoted to business purposes, he refused to leave his home, and they’re all around him where stores and offices, he remained in the old spot. He connected himself with no political party as a politician but lead a quiet and unobtrusive life. His funeral will take place on the 20th, at 1 PM, at Trinity Church.

Possible photo here: http://www.loc.gov/pictures/collection/dag/item/2004663926/