Cornelius Vanderbilt
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| Cornelius Vanderbilt | |
|---|---|
| Birthday | |
| Birthplace | Staten Island, New York, U.S. |
| Died | |
| Occupation | Entrepreneur |
Vanderbilt, Cornelius
(1843–99) businessman, philanthropist; born near New Dorp, N.Y. The eldest son of William H. Vanderbilt, he was a favorite of the "Commodore" and became an assistant treasurer of the New York & Harlem Railroad in 1867, serving as its president from 1886–99. Patriarch of the Vanderbilts from 1885, he directed the family investments with the aid of his brother William Vanderbilt, and he served on the boards of many corporations. Among his benefactions was the New York College of Physicians and Surgeons (Columbia University), the New York General Theological Seminary, and Yale University.Vanderbilt, Cornelius (“Commodore”)
(1794–1877) steamship and railroad developer, financier; born in Port Richmond, N.Y. He began as a ferryman between Staten Island and New York City (1810), then worked for Thomas Gibbons (1818–29) and assisted him in his fight against the steamboat monopoly before establishing his own steamboat business. By 1846 he was one of the richest men in America. In 1849 he started a steamship line to California that involved traveling overland through Nicaragua; when his employees tried to cheat him out of his business with the aid of American filibuster William Walker, Vanderbilt helped eject Walker from Nicaragua (1857) and regained control of his line; he then sold it to the Pacific Mail Steamship Company. Shifting his interest to railroads, by 1862 he was buying stock in the New York & Harlem Railroad; soon he was extending its service and became president; he then acquired the Hudson River Railroad and the New York Central and by 1872 had consolidated them as the New York Central. In the next few years he acquired even more lines and extended his railroad empire into Michigan and Canada. Although his success definitely rested in part on his insistence on providing the best service and on using the best equipment, he could be a ruthless competitor. His most famous business battles were fought against Daniel Drew, first over steamships, then railroads. In 1868, Drew, along with Jay Gould and James Fisk, defeated Vanderbilt's attempt to add the Erie Railroad to his well-run rail system by their fraudulent stock manipulations known as the "Erie Wars." Never one for giving to charity, he made an exception near the end of his life with gifts totaling $1 million to Central University in Nashville, Tenn.; it renamed itself Vanderbilt University (1873). When he died with an estate of some $100 million, he was the wealthiest man in America.The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.