Cornelius Vanderbilt
Born 1794 · Age 231
American business magnate who built his wealth in steamships and railroads; patriarch of the Vanderbilt family and benefactor of Vanderbilt University.
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Life & Career Timeline
Quit school; began working on father's ferry
Quit formal schooling at age 11 and worked on his father's ferry in New York Harbor.
Bought periauger and started own ferry business
Borrowed $100 from his mother to purchase a periauger (the Swiftsure) and began ferrying freight and passengers between Staten Island and Manhattan.
War of 1812 contracts expanded business
Expanded operations during the War of 1812, supplying government outposts and growing his fleet.
Married Sophia Johnson
Married his first cousin Sophia Johnson and moved to a boarding house on Broad Street in Manhattan.
Hired by Thomas Gibbons as steamboat captain/manager
Thomas Gibbons asked Vanderbilt to captain and manage a steamboat between New Jersey and New York; Vanderbilt became Gibbons's business manager while still running side businesses.
Birth of son William Henry Vanderbilt
Fourth child and eventual heir William Henry Vanderbilt was born.
Supreme Court rules in Gibbons v. Ogden
Supreme Court decision in Gibbons v. Ogden (March 2, 1824) curtailed steamboat monopolies and protected interstate commerce; Vanderbilt had learned legal and managerial skills working for Gibbons.
Thomas Gibbons died; Vanderbilt continues independent enterprises
After Gibbons's death Vanderbilt worked for Gibbons's son until 1829 and gradually expanded his own operations.
Began operating entirely on his own
After 1829 Vanderbilt left employment and worked entirely for himself, expanding steamboat lines around New York and regionally.
Birth of son Cornelius Jeremiah
Child Cornelius Jeremiah Vanderbilt was born.
Took over brother Jacob's Peekskill line; buyout and partnership with Daniel Drew
In 1831 Vanderbilt took over the Peekskill line and was forced to buy out Daniel Drew; impressed, he entered a secret partnership with Drew that lasted ~30 years.
Birth of son George (d. 1836)
Child George Vanderbilt was born; he later died in 1836.
Nearly killed in Hightstown rail accident
Vanderbilt was nearly killed in the Hightstown rail accident on the Camden and Amboy Railroad; President John Quincy Adams was also on the train.
Competed on Hudson River as 'The People's Line'
Challenged the Hudson River Steamboat Association using populist branding; was paid to stop competing and moved operations to Long Island Sound.
Acquired Staten Island Ferry
Purchased and took over the Staten Island Ferry operations.
Birth of son George (second)
Another son named George Washington Vanderbilt (later the youngest) was born in 1839 (this son died during the Civil War era).
Large real estate purchases in Manhattan and Staten Island
Purchased significant Manhattan and Staten Island real estate holdings while expanding transport operations.
Reached millionaire status
By 1846 Vanderbilt had become a millionaire through steamship and related enterprises.
Took presidency of New York, Providence and Boston Railroad (Stonington)
Used fare-cutting and stock tactics to depress competing stock and gained the presidency of the Stonington (NY, Providence & Boston) railroad—his first railroad presidency.
Switched to ocean-going steamships; founded Accessory Transit Company
With the California Gold Rush, Vanderbilt launched ocean steamship service to California via Nicaragua and founded the Accessory Transit Company to carry passengers across Nicaragua.
Acquired shipyard and Allaire Iron Works (mid-1850s)
Bought control of a major shipyard and the Allaire Iron Works, a leading manufacturer of marine steam engines, consolidating shipbuilding capacity (1850s acquisition).
Dispute with Joseph L. White; forced buyout
A dispute with partner Joseph L. White led Vanderbilt to force the Accessory Transit Company to buy his ships at inflated prices.
Grand tour of Europe aboard steam yacht North Star
Took his family on their first grand tour of Europe aboard his steam yacht, the North Star; while away managers attempted a takeover which he later thwarted.
Began buying control of Accessory Transit again
In November 1855 Vanderbilt began to buy control of Accessory Transit once more amid Central American political turmoil.
Developed Panama route monopoly to California
After Nicaraguan setbacks Vanderbilt developed a dominant steamship route via Panama, eventually building a monopoly on California steamship traffic.
Intervened in Nicaragua during William Walker episode
Following filibuster William Walker's seizure of Nicaragua, Vanderbilt's agents captured transit steamboats and helped disrupt Walker's plans, recovering his transit interests though governments refused to restore his original rights.
Approximate peak shipping scale (mid-19th century)
By the 1840s–1860s Vanderbilt had built a fleet (accounts cite ~100 steamships by the 1840s) and was among the largest employers in the U.S.; he later shifted focus fully to railroads.
Civil War: offered/leased/donated steamship Vanderbilt
At Civil War outbreak he attempted to donate his steamship Vanderbilt to the Union; after initial refusal he leased it and later donated it to the Navy, equipping it as a ram and arming it for operations.
Made William Henry Vanderbilt vice-president
Brought his eldest son William (Billy) into the enterprise as vice-president of the Harlem, later promoting him to operational manager of his railroad lines.
Awarded Congressional Gold Medal (for donating the Vanderbilt)
For donating and equipping his steamship to the Union Navy (and outfitting expeditions), Vanderbilt was awarded a Congressional Gold Medal.
Took control of New York and Harlem Railroad
Executed a stockmarket corner and gained control of the New York and Harlem Railroad; was elected its president.
Acquired Hudson River Railroad
Bought control of the Hudson River Railroad (1864), expanding his rail holdings into the critical Hudson corridor.
Sold his last ships to focus on railroads
In 1864 Vanderbilt divested his remaining shipping assets to concentrate on railroad investments and operations.
Acquired New York Central Railroad
Bought control of the New York Central Railroad (1867), a crucial acquisition in building a trans-state system.
Erie War with Jay Gould and James Fisk
Attempted to corner Erie stock (1868), clashed with Daniel Drew, Jay Gould and James Fisk Jr.; conflict included issuance of watered stock and bribery of legislature.
Death of first wife Sophia Johnson
Sophia Johnson Vanderbilt, his wife of more than 50 years, died in 1868.
Built Manhattan rail approaches and Park Avenue corridor improvements
Sank tracks on 4th Avenue (later Park Avenue) and developed approaches culminating in Grand Central Depot; these projects transformed Manhattan rail access.
Acquired Lake Shore and Michigan Southern (expansion to the West)
Expanded rail holdings by acquiring the Lake Shore and Michigan Southern Railway (listed in accounts as 1869 acquisition), strengthening New York–Chicago service.
Directed Harlem to begin Grand Central Depot construction
Directed the Harlem Railroad to begin construction of Grand Central Depot on 42nd Street (construction began 1869).
Married Frank Armstrong Crawford
Married Frank Armstrong Crawford in London, Ontario (often called Frank), who influenced his later philanthropy.
Paid $50,000 for Church of the Strangers
Donated $50,000 to build a church for his second wife's congregation, the Church of the Strangers (approximate timing after marriage).
Consolidated major lines into New York Central and Hudson River Railroad
Consolidated two key lines into the New York Central and Hudson River Railroad in 1870, forming one of the first giant U.S. corporations.
Grand Central Depot completed
Grand Central Depot finished in 1871 and served as the New York terminus for Vanderbilt's lines.
Canada Southern and other western rail acquisitions (approx.)
Expanded to include the Canada Southern and other lines (dates vary by source; Canada Southern commonly listed c.1873).
Donated $1,000,000 to found Vanderbilt University
At the urging of his second wife, Vanderbilt gave $1,000,000 to Bishop Holland N. McTyeire to found Central University in Nashville, renamed Vanderbilt University.
Donated land for Moravian Cemetery
Donated approximately 8.5 acres to the Moravian Church on Staten Island for a cemetery (site chosen for his burial).
Major specific bequests in will
Cornelius Vanderbilt II received $5,000,000; William Kissam Vanderbilt, Frederick William Vanderbilt, and George Washington Vanderbilt II each received $2,000,000. Wife received $500,000, the NYC home, and 2,000 NY Central shares. Daughters received $250k–$500k each. Cornelius Jeremiah received income from $200,000 trust.
Will contested and settled
Several children contested the will claiming incapacity; William negotiated settlements (e.g., Corneel, Mary and Ethelinda each received an extra $200,000 cash and a $400,000 trust fund).
Burial and later reburial
Buried in the family vault in the Moravian Cemetery; later reburied in a tomb constructed by his son William (date of reburial shortly after death).
Will: bulk left to son William Henry Vanderbilt
Will left roughly 95% of the $105M estate to son William (Billy) and four grandsons through him; various bequests to grandchildren, daughters and wife documented.
Estate valuation at death
Estate was estimated at $105,000,000 at time of death (contemporary estimate).
Death
Died at his residence No. 10 Washington Place in Manhattan after months of declining health; cause listed as exhaustion from chronic disorders.
Statue by Giuseppe Moretti at Vanderbilt University (posthumous)
An 1897 statue of Cornelius Vanderbilt by Giuseppe Moretti was placed near Kirkland Hall at Vanderbilt University in commemoration of his gift.
Bronze statue moved to Grand Central Terminal
An 8.5-foot bronze statue by Ernst Plassmann originally sited at the Hudson River Railroad depot was moved to Grand Central Terminal in 1929.
Alternative historical ranking (1998)
A 1998 calculation placed Vanderbilt among the top three richest Americans in history (third place in one ranking).
Inducted into North America Railway Hall of Fame (posthumous)
Cornelius Vanderbilt was inducted into the North America Railway Hall of Fame in the 'Railway Workers & Builders: North America' category.
Modern wealth-equivalence estimate (Klepper & Gunther)
A 2007 estimate applying Vanderbilt's share of GDP to 2007 dollars calculated an equivalent net worth of about $143 billion (comparative, not direct inflation adjustment).
Key Achievement Ages
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