A Gatling gun was the tool Leonard Jerome used to defend the New York Times office building during the New York Draft Riots. A prominent financier and stock speculator, he rose to prominence as a central figure in American industry throughout the mid-nineteenth century, eventually becoming known to the public as the King of Wall Street.
Early Development and Education
Born in Pompey, New York, in 1817, Jerome was the son of Isaac and Aurora Jerome. His early academic career included enrollment at Princeton University, then known as the College of New Jersey, before he transferred to Union College. Following his studies in law under his uncle, he established a legal practice in Rochester. His move to New York City shifted his professional focus toward speculative finance.
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Operating in the volatile markets of New York City, Jerome became a frequent partner of Cornelius Vanderbilt in various railroad ventures. His wealth facilitated the construction of a private mansion located at the corner of Madison Avenue and 26th Street. This residence included a six-hundred-seat theater and a white and gold ballroom featuring fountains that dispensed cologne and champagne. The structure remained a local landmark until its demolition in 1967.
Contributions to Thoroughbred Racing
Jerome pursued a deep interest in horse racing and yachting, often collaborating with William K. Vanderbilt. In 1866, he acquired the Bathgate estate in what is now the Bronx to establish the Jerome Park Racetrack. The facility hosted the inaugural Belmont Stakes in 1867. Later, he assisted in the founding of the Coney Island Jockey Club, which developed the Sheepshead Bay Race Track in 1884.
Family and Final Years
In 1849, Jerome married Clarissa Hall. They had four daughters: Jeanette, Clarita, Leonie, and Camille. His children integrated into the European aristocratic elite, with Jeanette eventually becoming the mother of Winston Churchill. Jerome spent his final years in England and died in Brighton in 1891. His remains were eventually interred at the Green-Wood Cemetery in Brooklyn.
Fast facts
- Born: 1817, Pompey, New York
- Died: 1891, Brighton, England
- Education: Union College and Princeton University
- Known as: The King of Wall Street
- Notable association: Maternal grandfather of Winston Churchill
- Key achievement: Founded the American Jockey Club
- Burial site: Green-Wood Cemetery, Brooklyn
- Posthumous honor: Inducted into the National Museum of Racing and Hall of Fame in 2023
Questions readers ask
How did Jerome secure the name Jerome Avenue in the Bronx?
After city authorities attempted to name a boulevard 'Murphy Avenue', Jerome's wife ordered bronze plaques reading 'Jerome Avenue' to be bolted into place, compelling the city to accept the designation.
Was Leonard Jerome the majority shareholder of the New York Times?
No. Although he held significant interests in the publication and defended its offices during the New York Draft Riots, he was not the majority shareholder.
Achievements
- Holdings: Jerome Mansion
- Educated at Union College and Princeton University
