Cornelius Vanderbilt by

Biography

gdeni007 — 2015-12-11 00:34:06 UTC

Although he is noted for being one of the most prominent giants in the railroad industry, he began his career in steamboats. In fact, in his youth he worked as a steamship captain, following in the footsteps of his poor, immigrant father who also worked on the ferries and steamships. Eventually he went into the steamship business and rose to being one of the most prominent steamship operators of his day. In the 1860s (when Vanderbilt himself was in his 60s) he went into the railroad business.

The Railroads

gdeni007 — 2015-12-11 00:34:16 UTC

Vanderbilt shifted his focus to railroads right at a massive period of expansion in the industry. Between the end of the Civil War and the end of the century the railroads in the United States was more than 5x larger. By the turn of the century that US had more railroad mileage than any other country in the world. The railroads spanned across the continent, fostering growth where they let off, and ultimately enabling and controlling the US economy. The industry was prone to corruption and responsible for scandals such as the Credit Mobilier problem.

Wealth

gdeni007 — 2015-12-11 00:34:25 UTC

In many ways Vanderbilt is credited as being a self-made millionaire. He rose from a poor immigrant family living in New York to being one of the wealthiest of the 19th century. He gained control of many rails, sponsored the building of Grand Central Station in NYC, and ultimately he left his fortune of approximately $100 million to his son.

Charity

gdeni007 — 2015-12-11 00:34:42 UTC

Being one of the earliest titans of the industry, Vanderbilt wasn't a major philanthropist. However, his major donations did go to the building of a university. Named after their founder, Vanderbilt received about $1 million from Cornelius Vanderbilt in 1873.

More Info

gdeni007 — 2015-12-11 00:34:59 UTC

Cornelius Vanderbilt died January, 4 1877.

He was nicknamed "Commodore Vanderbilt" for his tough business approach.

Adjusted for currency/inflation Vanderbilt was the 4th richest man in history. His fortune today would be approximately $185 billion.