Cornelius Vanderbilt (1794-1877)

Cornelius Vanderbilt (1794-1877), American industrialist, born on Staten Island, New York. He entered the transportation business at the age of 16 when he established a freight-and-passenger ferry service between Staten Island and Manhattan. He owned a fleet of schooners during the War of 1812, entered the steamer business in 1818, and bought his first steamship in 1829. Rapidly expanding his operations, he became a vigorous competitor, reducing his rates and simultaneously improving his ships. Vanderbilt soon controlled much of the Hudson River trade; when his rivals paid him to take his traffic elsewhere, he set up routes from Long Island Sound to Providence, Rhode Island, and Boston. By 1846 he was a wealthy man, widely known as Commodore Vanderbilt. In 1851, during the height of the California gold rush, he opened a land-and-sea line that ran from New York State to San Francisco, providing Forty-Niners with quick transport and low fares. In 1855 he effected passenger and cargo service between New York City and Le Havre, France.

Vanderbilt sold his steamboats in 1862 and began to buy railroad stock; within five years he controlled the New York Central Railroad. He continued his policy of improving service and greatly expanded his railroad holdings. Although in 1868 he failed to gain control of the Erie Railroad, he established a direct rail route between New York City and Chicago in 1873.

Late in life Vanderbilt became an important figure in financial circles and a philanthropist; his endowments included $1 million to Vanderbilt University. At the time of his death his wealth was estimated to exceed $100 million.