LeGrand Lockwood facts for kids
LeGrand Lockwood (born 1820 – died February 24, 1872) was a very successful businessman and financier in New York City during the late 1800s. He is famous for building the beautiful Lockwood–Mathews Mansion in Norwalk, Connecticut.
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LeGrand Lockwood's Story
Early Life and Career
LeGrand Lockwood was born in Norwalk, Connecticut. He started his career on Wall Street as a clerk. Wall Street is a famous street in New York City where many important financial businesses are located. He worked for a company called Shipman, Coming & Co., and later for T. Ketchum & Co.
In 1843, he became a junior partner at Genin & Lockwood. After that, he started his own company, Lockwood & Company. This became one of the most important brokerage houses on Wall Street. A brokerage house helps people buy and sell stocks and other investments. Lockwood was also a longtime business rival of Cornelius Vanderbilt, another very powerful businessman.
Big Roles in Business
LeGrand Lockwood held important positions in the business world. He was a director of the New York Central Railroad. This meant he helped make big decisions for one of the country's major train companies. He was also the treasurer of the New York Stock Exchange. The New York Stock Exchange is where people buy and sell shares of companies.
Rivalry with Business Giants
In the summer of 1869, another powerful businessman named Jay Gould wanted to create a huge railroad network. He wanted to connect New York City all the way to the Pacific coast. Gould talked with Lockwood, who was a key figure at the Lake Shore and Michigan Southern Railway.
After a long discussion over dinner, Gould and Lockwood made a deal. Gould's railroad would build a new line into New York City. In return, Lockwood's company would get connections to the west. Lockwood agreed to this deal even though Cornelius Vanderbilt was against it. Vanderbilt was trying to take control of Lockwood's company at the same time.
When Vanderbilt found out about the deal, he started buying up many shares of Lake Shore stock. This made the price of the shares drop very quickly. Lockwood was in danger of losing all his money. To save himself, Lockwood decided to sell his shares in Lake Shore to Vanderbilt for $10 million. This gave Vanderbilt control of the company.
A Love for Art
LeGrand Lockwood also loved art. In 1867, he paid a famous painter named Albert Bierstadt $25,000 for a huge painting called The Domes of the Yosemite. This was one of Bierstadt's largest paintings. Lockwood hung this impressive artwork in a special round room in his mansion in Norwalk, Connecticut. After Lockwood passed away, the painting was sold for $5,100. Lockwood also bought paintings by other well-known artists like Frederic Church, William Bradford, and Asher B. Durand.
Later Life and Legacy
LeGrand Lockwood passed away in his home in New York City on February 24, 1872. At the time of his death, he was still a director of the Pacific Mail Steamship Company. He was also the main owner of the Danbury and Norwalk Railroad. His mansion, the Lockwood-Mathews Mansion, remains a historic landmark today.
