Cornelius Vanderbilt – Biography of Cornelius Vanderbilt

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Cornelius vanderbilt He became the richest man in America in the mid-1800s, dominating the transportation business in a growing country. Starting with a small ship plying the waters of New York Harbor, VanderbiltEventually he created a vast empire.

When he died in 1877, his fortune was estimated at more than $ 100 million. Although he never served in the military, his beginnings operating ships in the waters around New York City earned him the nickname “The Commodore“.
He was a legendary figure in the 19th century, and his success in business is often attributed to his ability to work harder – and more ruthlessly – than any of his competitors. His expanding businesses were essentially prototypes of modern corporations, and his wealth surpassed even that of John Jacob Astor, who held the title of richest man in America.

Cornelius vanderbilt He was born May 27, 1794, on Staten Island, New York. He was descended from the Dutch settlers of the island (the family name had originally been Van der Bilt). His parents had a small farm, and his father also worked as a boatman. At that time, Staten Island farmers needed to transport their produce to the Manhattan markets across New York Harbor. Vanderbilt’s father owned a boat that he used to transport cargo through the harbor, and from a young age, Cornelius he worked alongside his father.

An indifferent student, he learned to read and write, and had an aptitude for arithmetic, but his education was limited. What he really enjoyed was working on the water, and when he was 16 he wanted to buy his own boat so he could go into business on his own.

An obituary published in the New York Tribune on January 6, 1877 recounted the anecdote of how his mother offered to lend him $ 100 to buy his own boat if he cleared a very rocky field so that it could be cultivated. Cornelius He started the job, but realized that he needed help, so he made a deal with other young people in the town to help him with the promise that he would give them rides on his new boat. Vanderbilt He successfully finished the job, borrowed the money, and bought the boat. He soon had a thriving business moving people and goods through the port of Manhattan, and was able to return the money to his mother.

Vanderbilt He married a distant cousin when he was 19, and he and his wife would eventually have 13 children.

When the war of 1812 began, the forts were garrisoned in New York Harbor, in anticipation of an attack by the British. The island forts needed supplies, and VanderbiltAlready known as a hard worker, he secured a government contract. It thrived during the war, delivering supplies and also transporting soldiers.

By investing money in his business, he bought more sailboats. In a few years Vanderbilt He recognized the value of steamboats and in 1818 began working for another businessman, Thomas Gibbons, who operated a steam ferry between New York City and New Brunswick, New Jersey.

Thanks to your fanatical devotion to work, Vanderbilt turned the ferry service into a very profitable business. He even combined the ferry line with a passenger hotel in New Jersey. Vanderbilt’s wife ran the hotel.

At the time, Robert Fulton and his partner Robert Livingston had a monopoly on steamboats on the Hudson River, thanks to a New York state law. Vanderbilt fought against that law, and eventually the United States Supreme Court, led by Chief Justice John Marshall, ruled that it was invalid in a landmark decision. Vanderbilt was thus able to further expand its business.

In 1829 he separated from Gibbons and began operating his own fleet of ships. Their steamboats plowed the Hudson River; Vanderbilt it lowered rates to the point that its competitors had to leave the market.

Diversifying the business, he started a steamer service between New York and different cities in New England and Long Island. Vanderbilt It had dozens of steamships, and its ships were known to be reliable and safe at a time when steamship travel could be rough or dangerous. His business grew.

By the time he was 40 he was already on his way to becoming a millionaire.

When the California gold rush hit in 1849, Vanderbilt began an offshore service, taking people bound for the west coast of Central America. After disembarking in Nicaragua, the travelers crossed to the Pacific and continued their journey by sea.

In the 1850s the businessman began to perceive that the railroads were more profitable than shipping, so he began to diminish his nautical interests while buying shares in the railroad. By the late 1860s it was already a force in the railroad business. He had bought several railroads in the New York area, joining them to form the New York Central and Hudson River Railroad, one of the first large corporations.

When Vanderbilt He tried to gain control of the Erie Railroad, came into conflict with other businessmen, in what became known as the Erie Railroad War. Vanderbilt, whose son William H. Vanderbilt now worked with him, eventually came to control much of the railroad business in the United States.

When he was about 70 years old, his wife died, and Cornelius remarried a younger woman who encouraged him to make some philanthropic contributions. He then provided the funds to start Vanderbilt University.

After a long series of illnesses, Cornelius vanderbilt He died on January 4, 1877, at the age of 82. The journalists crowded in front of his home in New York City, and the news of the death of “The Commodore“He filled the papers for several days. Respecting his wishes, his funeral was a fairly low-key affair; he was buried in a cemetery not far from where he grew up on Staten Island.