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Cornelius Vanderbilt was born on May 27, 1794, on Staten Island in New York. His parents were farmers and his father made his money by ferrying produce and merchandise between Staten Island and Manhattan in his two-masted sailing vessel, called a periauger. When he was young, he worked with his father on the water briefly went to school. When Vanderbilt was a teen he transported cargo around the New York harbor in his own periauger. Eventually, he acquired a fleet of small boats and learned about ship design.

link - https://www.history.com/topics/19th-century/cornelius-vanderbilt

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Cornelius Vanderbilt initially made his money in the steamships business before investing in railroads. In 1817, he was able to work as a ferry captain for a wealthy businessman named Thomas Gibbons, who owned a commercial steamboat service that operated between New Jersey and New York. The job allowed Vanderbilt to learn about the rapidly growing steamship industry. In the late 1820s, Vanderbilt went into business on his own, building steamships and operating ferry lines all around the New York region.

link - https://www.history.com/topics/19th-century/cornelius-vanderbilt

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Robber Barron and Captain of industry (AS)

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Robber Barron and Captain of industry (AS)

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Cornelius Vanderbilt was robber baron. Robber barons were charged with being monopolists who raised prices after purposefully limiting the production of commodities in order to profit. But he was also a captain of his industry (Investopedia). In the late 1820s, he went into business on his own, building steamships and operating ferry lines around the New York region (History).

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His only act of being a philanthropist was the $1 million that he gave to endow and build the university was Vanderbilt's only major philanthropy (Vanderbilt). During the last years of his life, Vanderbilt ordered the construction of Grand Central Depot (the forerunner of Grand Central Terminal) in New York City, a project that gave jobs to thousands who had become unemployed during the Panic of 1873 (Brittanica).

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How Did Vanderbilt become a business leader? (ES)

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How Did Vanderbilt become a business leader? (ES)

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During the early 1850 California Gold Rush, a time before transcontinental railroads, Vanderbilt launched a steamship service that transported prospectors from New York to San Francisco through a route across Nicaragua. His route was faster than any previously established route, and much speedier than the other alternative route around Cape Horn at the southern tip of South America, which could take travelers months to complete. Vanderbilt’s new route was instantly a success, earning him more than $1 million, or about $26 million in today’s money, a year. Additionally, Vanderbilt’s sharp and aggressive attitude quickly made him a dominant force in the industry. He was able to engage in fierce fare wars with his rivals, and in some cases, his competitors paid him hefty sums not to compete with them.

link - https://www.history.com/topics/19th-century/cornelius-vanderbilt

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What Business was Vanderbilt Involved in? (ES)

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What Business was Vanderbilt Involved in? (ES)

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Vanderbilt made his money in the railroads and shipping industries. He found his start in the ferry industry as a young boy with almost immediate success and a place as one of America’s great industrialists.

link -
https://steelmuseum.org/railroad_exhibit_2015/barons_vanderbilt.cfm#:~:text=Cornelius%20Vanderbilt%20(1794%2D1877),one%20of%20America's%20great%20industrialists.

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Is Vanderbilt's business still around today? (ES)

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Is Vanderbilt's business still around today? (ES)

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Today, Cornelius Vanderbilt's fourth and fifth generation descends work on many day-to-day operations to preserve the Biltmore home, estate and family business. Along with more than 2,000 employees, they continue Biltmore’s mission to preserve this national treasure.

link - https://www.biltmore.com/our-story/biltmore-history/the-vanderbilt-family/#:~:text=Today%2C%20Biltmore%20remains%20a%20family,to%20preserve%20this%20national%20treasure.

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He was accused of not treat his employees well. He would take advantage of there by giving them minimum wage and no benefits. He would also not allow vacations or pensions to his employees. (How Did Cornelius Vanderbilt Treat His Workers? [Deep Dive]) He also apparently put his workers in dangerous and unhealthy conditions. (Cornelius Vanderbilt: The Railroad Titan Turned Robber Baron)

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He was accused of using his wealth and power to influence politicians and manipulate markets. (How Did Cornelius Vanderbilt Treat His Workers? [Deep Dive]) He was misogynist, treating his ten daughters poorly while treating his three sons very highly. He left nine-tenths of his wealth to his son, William Henry Vanderbilt and split the remaining tenth to his wife and other children. (Vanderbilt, Cornelius) He was also accused of having many affairs. (Cornelius Vanderbilt)

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What is their legacy today? (AS) and (ES)

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What is their legacy today? (AS) and (ES)

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Today, Vanderbilt's legacy is remembered through Vanderbilt University in Nashville, Tennessee. This University is one of the most prestigious schools in the country and holds around 13,000 students. The impact of Vanderbilt on the US financial system was genuinely stabilizing. As per his regular practice, he distributed millions of dividends during the height of the 1873 panic. Additionally, he provided jobs for hundreds of men whose families would have otherwise been in the soup lines by creating the Grand Central Terminal in New York City. Known for his endless charitable endeavors, he also donated $1 million to Central University, which later changed its name to Vanderbilt University. He left his son William the majority of his $95 million fortune, making him the richest man in the United States at the time of his death. (Morgan).