William H. Webb - Later Career

Later Career

Though Webb's shipbuilding career had come to an end, he was still only 53 years of age and had accumulated a large fortune. He now began to try his hand as a financier, helping to organize a successful South American guano company, and attempting less successfully to profit from a shipping line to Nicaragua, the Central American Transit Company. He also made considerable investments in real estate, one result of which was the construction of a Hotel, the Bristol, at 42nd Street and Fifth Avenue.

Increasingly however he turned his hand to philanthropy. He took an interest in public affairs in his home city of New York, but eschewed the role of politician, turning down an offer of the Mayoralty on no less than three occasions. Instead, he accepted the role of Chairman of the New York City Council on Political Reform, an organization formed to combat political corruption. One of his most important achievements in this regard concerned his opposition to the Aqueduct Commission, by which he helped secure a safe and reliable water system for New Yorkers, which is still in operation today.

In 1894 he built the Webb Academy and Home for Shipbuilders, and provided an endowment for its running estimated at $2,000,000. The main purpose of the Academy was in the words of its charter to "furnish gratuitous education in the art, science and profession of shipbuilding". Tuition for the students, who were carefully selected on the basis of aptitude and lack of means, was free. The facility also provided a free home to old shipbuilders, including a number of Webb's own former employees. By 1899 the Academy was providing facilities to about 400 students and retirees. The Academy is known today as the Webb Institute.

Webb was also a founding member of the Society of Naval Architects and Marine Engineers, and was the first to sign his name on its charter. The organization today has branches worldwide. In addition, Webb was a member of the New York Chamber of Commerce, the Union League, the Republican Club, National Academy of Design, Metropolitan Museum of Art, American Museum of Natural History, American Geographical Society, and the New England Society.

William H. Webb died suddenly at his home, 415 Fifth Avenue, on 30 October 1899. He was survived by a son, William E. Webb. Another son, Marshall, had died the previous year.