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Cornelius Vanderbilt began a passenger ferry business in New York harbor with one boat, then started his own steamship company, eventually controlling Hudson River traffic. He also provided the first rail service between New York and Chicago. When he died in , Vanderbilt had amassed the largest fortune accumulated in the U. Vanderbilt is deemed one of America's leading businessmen, and is credited for helping to shape the present-day United States.
His father instilled in him a blunt, straightforward demeanor, and his mother, frugality and hard work. At age 11, young Vanderbilt quit school to work with his father, ferrying cargo and passengers between Staten Island and Manhattan. Legend has it that at age 16, Vanderbilt ran a two-mast sailing vessel, known as a periauger; the enterprise came with the understanding that he would have to share profits with his parents, who had supplied a loan. At age 18, Vanderbilt contracted with the U.
He learned the art of shipbuilding and navigation in open water. On December 19, , much to the dismay of his parents, Vanderbilt married his first cousin, Sophia Johnson. The couple would eventually have 13 children, with 11 surviving to adulthood. As successful as he would be in business, he was a terrible father and husband. A lifelong misogynist who had wanted more than three sons, Vanderbilt paid little attention to his daughters and is believed to have cheated on his wife with prostitutes.
Vanderbilt reportedly had his son Cornelius Jeremiah twice committed to a lunatic asylum. He undertook the same course of action for Sophia at one point as well, after Vanderbilt showed amorous interest in the family's young governess. In , seeing the potential in a new technology, Vanderbilt partnered with Thomas Gibbons in a steamship business, the Union Line. During his tenure with Gibbons, Vanderbilt learned how to manage a large commercial operation and Steamboat Robert Fulton 500 became a quick study in legal matters.
Gibbons was ferrying customers between New York and New Jersey, a clear violation of an state-sanctioned monopoly given to Robert Fulton and Robert Livingston. Vanderbilt and Gibbons hired Daniel Webster to defend their position. In Gibbons v. Ogden , the U. Thus, it was unconstitutional for the New York legislature to give Ogden exclusive shipping rights.
Vanderbilt soon became known for his sharp business acumen. Competitors struggled and finally paid him to take his business elsewhere. He then shifted his operations to the Hudson River, going head to head against the Hudson River Steamboat Association, another monopoly.
Implementing this business model several times made Vanderbilt a millionaire. In the s, he constructed a large but modest family home at 10 Washington Place, in present-day Greenwich Village. His handwriting was nearly illegible, his grammar atrocious and laced with profanity. He despised ostentation, living a relatively simple and disciplined life. Again, his timing was perfect.
Though offering a treacherous ride for its users, the Transit Company was a success. Nearing 60 years old, Vanderbilt was ready for something else. He purchased a large yacht, christened the North Star , and took his extended family on a Robert Fulton North River Steamboat grand tour of Europe at the cost of half a million dollars. Forced to capitulate, the Central Railroad sold Vanderbilt controlling interest, and he eventually consolidated his hold on rail traffic from New York City to Chicago. This new conglomerate revolutionized rail operations by standardizing procedures and timetables, increasing efficiency and decreasing travel and shipment times.
During the 19th century, as rapid developments in technology and innovation enveloped society, many Americans sought meaningful forms of spiritual expression. Some gravitated to more traditional religions while others became fascinated with the occult.
His family however was not impressed and feared their father would fall victim to charlatans. They introduced him to a distant female cousin, Frank Armstrong so named due to a promise her parents made to name their first child after a family friend , his junior by decades, who became his second wife.
In , Vanderbilt financed a monument to his empire: the Grand Central Depot. The terminal for the New York Central Railroad was constructed with features like elevated platforms, a glass balloon roof spanning all of the tracks and boarding areas only accessible to the passengers. Towards the end of his life, Vanderbilt had no plans to pass along his fortune to charity.
He had lived most of his life in relative modesty considering his stratospheric wealth. His sole extravagance seemed to be buying racehorses. In , Vanderbilt became ill and began an eight-month death march. He died on January 4, , presumably of exhaustion, brought on by complications associated with intestinal, stomach and heart disorders, which may have also been connected to syphilis. This would make him the second wealthiest person in American history after Standard Oil co-founder John D.
Publisher Edward J. Renehan Jr. We strive for accuracy and fairness. If you see something that doesn't look right, contact us! Subscribe to the Biography newsletter to receive stories about the people who shaped our world and the stories that shaped their lives. Known for her fashion design and tumultuous personal life, actress, writer and artist Gloria Vanderbilt became an iconic figure in American popular culture during the 20th century.
Conrad Hilton founded the Hilton Hotel empire and grew it into one of the largest private companies in the U. Fur trader and real estate investor John Jacob Astor was one of the leading businessmen of his day and the founder of an American fur trade dynasty.
George Westinghouse is best known for inventing an air brake system that made railroads safer and promoting alternating current technology, which revolutionized the world's light and power industries. John D. Rockefeller was the head of the Standard Oil Company and one of the world's richest men. He used his fortune to fund ongoing philanthropic causes.
American manufacturer and philanthropist who founded the Hershey Chocolate Corporation and popularized chocolate candy throughout much of the world. The son of John D. Rockefeller Jr. He was later appointed vice president under President Gerald Ford. Andrew Carnegie was a self-made steel tycoon and one of the wealthiest businessmen of the 19th century. He later dedicated his life to philanthropic endeavors.
Helena Rubinstein was a Polish entrepreneur best known for her global cosmetics empire. WWE Legends. Cornelius Vanderbilt was a famous industrialist who worked in railroads and shipping. He had accumulated the largest fortune in the U.
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