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Cornelius Vanderbilt

Cornelius Vanderbilt. Renna Nouwairi. Early Years. C ornelius Vanderbilt was born on May 27, 1794 in Staten Island, NY. His parents were poor Americans; his ancestors came from the Netherlands. V anderbilt quit school to work in the boating industry with his father.

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Cornelius Vanderbilt

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  1. Cornelius Vanderbilt Renna Nouwairi

  2. Early Years • Cornelius Vanderbilt was born on May 27, 1794 in Staten Island, NY. • His parents were poor Americans; his ancestors came from the Netherlands. • Vanderbilt quit school to work in the boating industry with his father. • He married his 18 year old cousin when he was only 19. • At 16 his mother gave him $100 to buy a boat and start his own transport business between New York City and Staten Island.

  3. Business Beginnings: Steamship • After starting a transportation service, Vanderbilt soon controlled most of the water traffic. • He worked for 8 years before he sold his ships and began working for Thomas Gibbons’ steamboat line. Gibbons was in competition with Robert Fulton and Robert Livingston (which was illegal until the Supreme Court ruled otherwise in the Gibbons v. Ogden case). • Vanderbilt stayed with Gibbons for eleven years, learning as much as he could while saving enough money to start his own steamship line.

  4. Business Beginnings: Steamship • After starting his own transportation business, Vanderbilt competed with other steamboat companies and forced them out of the waters by cutting his prices. • In addition to his low prices, Vanderbilt is known for his competition in luxury, size, class, and speed. • By the 1840s, Vanderbilt was the largest employer in the United States. • During the gold rush Vanderbilt expanded and was doing so well (averaging $1 million a year) he decided to take a vacation. During his absence, the managers left in charge tried to take over the business and failed, costing Vanderbilt money. He eventually recovered, but decided to try a different occupation.

  5. Big Business: Railroad • Nearing the age of 70, Vanderbilt tried making money through the railroad business. • He bought the Hudson River Railroad and the New York and Harlem Railroad. Later he bought the Central Railroad and merged it with the others. • He made his money by focusing on improving the service and equipment of the railways while maintaining low rates. • Vanderbilt was in competition with Daniel Drew (who was forced out of the waters by Vanderbilt already) and his associates James Fisk and Jay Gould.

  6. Big Business: Railroad • Vanderbilt tried to gain control of the Erie Railroad in 1867. At the same time Vanderbilt was buying stocks, Drew was placing false stocks on the market. • Drew and associates fled to New Jersey while Vanderbilt lost $1-$2 million. • After his loss, Vanderbilt forgot about obtaining the Erie Railroad and connected New York to Chicago by rail. • The panic of 1873 hit and Vanderbilt decided to build the Grand Central Terminal in New York City, giving thousands of men employment.

  7. Later Years • In 1868, Vanderbilt’s wife, Sophia, died. • Vanderbilt donated $1 million to Nashville’s Central University which later became known as Vanderbilt University. • His son, William H. Vanderbilt followed in his father’s footsteps and became the senior manager of the business. • Cornelius Vanderbilt passed away in 1877, at the age of 83. • The bulk of his fortune was left to his son, the rest was divided between his other nine surviving children.

  8. Vanderbilt tells “Jim” to stop “jockeying”, meaning manipulate or to deal with in a fraudulent manner. “Jim” refers to Vanderbilt as Commodore, a popular nickname for him. • In the picture above, Vanderbilt is riding the two railroads he owns while competing with “Jim” (Daniel Drew and Associates) for the Erie Railroad.

  9. Works Cited • Cornelius Vanderbilt. Museum Planet. Web, 03 Jan. 2012 <http://www.museumplanet.com/tour.php/nyc/gpv/17> • Cornelius Vanderbilt: Pioneer American Industrialist. Web. 03 Feb., 2012. <http://www.u-s-history.com/pages/h845.html > • Pegels C. The New Netherland Institute. New Netherland Institute Cultural Education Center. Web. 03 Feb., 2012. <http://www.nnp.org/nni/Publications/Dutch- American/vanderbiltc.html> • The Great Race for the Western Stakes 1870. 1870. American Political Prints, 1766-1876, Web, 03 Feb., 2012. <http://loc.harpweek.com/LCPoliticalCartoons/IndexDisplay CartoonMedium.asp> • University of St. Francis. Business Biography. University of St. Francis. Web. 03 Feb. 2012. <http://www.stfrancis.edu/content/ba/ghkickul/stuwebs/bbio s/biography/vanderbi.htm>

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