Walter L. Newberry was an American entrepreneur and philanthropist. One of his surviving bequests led to the opening of the Newberry Library located in Chicago, Illinois. After declining his appointment to the US Military Academy because of health reasons, Walter and his brother Oliver moved to Detroit, Michigan to establish a dry goods company in 1826.
After the success of his dry goods business, Walter became a part of the syndicate along with William Astor and Lewis Cass. They invested in real estate in Chicago, Green Bay and Milwaukee. Walter became very successful that he has to move to Chicago in 1833. He was the president of the first railroad in Chicago, the Galena and Chicago Union Railroad.
In his will, Walter stated that his estate will be left to his wife and daughters Julia Rosa and Mary Louisa. If his daughters die without issues, half of his estate would be used to establish a library in Chicago. His daughters died without getting married and without children. Walter’s estate was used to create the Newberry Library.
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