Businessman Financier merchant politician
Corning was born on December 14, 1794 in Norwich, Connecticut, the son of Bliss Corning. Corning moved to Troy, New York at the age of 13 to clerk in the hardware store of an uncle; six years later he moved to Albany, New York, where he joined the mercantile business under James Spencer. After some time at Spencer's firm, Corning became a partner and eventually the senior partner upon Spencer's death in 1824.
Corning combined the Spencer firm with holdings he inherited from his uncle to form Erastus Corning & Co. John Van Lansing Pruyn was married to Harriet Corning Turner, who was Erastus Corning's niece. As a result of this family connection, Corning and Pruyn were often partners in Corning's businesses and investments.
Erastus Corning & Co. was much more than what modern readers think of as a hardware store. Corning bought and sold all manner of iron products, not merely tools and nails as one would expect but also stoves, farming equipment, and, eventually, rails and railroad iron parts and products. The company had a wharf and warehouse on the Hudson River in Albany, and the store itself served not only Albany and the surrounding towns, but hundreds of large customers from the west who visited Albany only two or three times a year to buy and sell products, restock their own supplies, and see what new was for sale. Corning's hardware store soon became one of the most significant businesses in Albany.
Corning was not content to run a hardware store, however, no matter how big the store might be. About the time he was consolidating his holdings into Erastus Corning & Co. , he was also investing in banks and insurance companies. He purchased the Albany Rolling and Slitting Mill, renamed it the Albany Nail Factory, and used it to corner the market on numerous of the iron products he sold at his store. The Albany Nail Factory eventually became the Rensselaer Iron Works, which, under Corning's guidance, installed the first Bessemer converter in the United States.
By the time he was 40, Corning had helped found the Albany State Bank (he would serve as president until his death), been named to the board of the University of the State of New York, begun speculating on land in western New York (including the townsite that bears his name), and had been elected mayor of Albany. Corning served a single term as mayor, from 1834 until 1837, having been elected as a Democrat.
The relation between Corning and the New York Central, similar to that he had enjoyed with the Utica and Schenectady, finally resulted in an investigation by a stockholders' committee.
Even though the committee was composed of his friends, the report criticized Corning.
Although the report noted that buying from stockholders was not recommended, the Central continued to buy from Corning.
In 1863 the New York newspapers criticized Corning's conflict of interest.
Corning had a reasonably distinguished political life.
He supported Andrew Jackson and was elected mayor of Albany, state senator, and member of the House of Representatives as part of the Democratic Albany Regency.
Corning's manifold business activities made him a millionaire.
He made early use of the Bessemer steel process, introducing it in 1865.
Entrusting his associates with routine matters, he left himself free to expand in the entrepreneurial role.
By 1871, Corning had passed control of his business interests on to his sons and close associates, and at one point passed up the opportunity to buy a share in a new land deal in Nebraska, saying that "I find that my health is such that it will not do for me to take hold of any new undertaking. " He remained on the board of the Albany State Bank, and also continued as vice chancellor of the board of regents of the University of the State of New York, positions he had held by that time for over 30 years. He died at home in Albany on April 8, 1872. He was buried at Albany Rural Cemetery.
Erastus Corning's most lasting contribution to history may have been his dealings with railroads. Corning amassed a significant fortune, and used it to invest in land schemes as far west as Wisconsin and Iowa. He bought large shares in the Chicago, Burlington and Quincy Railroad and the Michigan Central Railroad, and was the largest shareholder in and president of the St. Mary's Falls Ship Canal Company, which constructed the canal and locks on the St. Mary's River at Sault Ste. Marie, Michigan, connecting Lake Superior with Lake Huron.
Erastus Corning was prominent in politics as a Democrat, and, after serving as mayor of Albany from 1834 to 1837, and as state senator from 1842 to 1845, he was a representative in Congress in 1857-1859 and in 1861-1863, being re-elected for a third term in 1862, but resigning before the opening of the session.
Erastus Corning was married to Harriet Weld. The couple had 5 children.
