During the Federal occupation of Richmond, the U.S. government had confiscated the Tredegar Iron Company's property, but Anderson regained control in 1867 and remained a prominent Virginia businessman as its president. His son, Archer Anderson, became involved in the business, and became president of the Tredegar Iron Works after his father's death. Another son Joseph Reid Anderson, went to the Virginia Military Institute after the Civil War and later taught there; and is considered to be the "Second Founder" of the Alpha Tau Omega fraternity.