History of Vanderbuilt

Vanderbilt

He has a University named after him as well as a library, railways, estates, and a cemetery. Cornelius Vanderbilt was one of America's richest men in the second half of the 19th century. Born on May 27, 1794 in Staten Island, New York; he started his first business when he was just 16 years old. After he was given a $100 by his mother to clear and plant an eight acre field; however he invested it in a small two-masted sailing boat used to carry people and freight between Manhattan and New York for just 18 cents a ride. He was known to be a tough honest working man and got his nickname "Commodore" being in charge of the largest schooner vessel on the Hudson River.

It was only two years later in 1812 when Vanderbilt hit his first big business contract with the United States Army to supply six military posts around the New York Bay, in addition to his regular business. He increased his business by bringing food to New York City from farms along the Hudson. Vanderbilt realized the economic opportunity that was available in the NYC area and never ceased expanding. Between going coastal trading oysters, fruits, whale oil, grain, and many other items from Chesapeake Bay to New York and maintaining a well productive ferry service "Commodore" had saved $10,000 by the age of 24.

Vanderbilt extended his business internationally by creating a steamship line from New York to Nicaragua to California during the Gold Rush in 1848. He was known for having the cheapest fares in whatever industry he entered in order to reduce competition and that is exactly what he did in his ventures in Nicaragua. With the development of the San Juan River Canal he was able to cut fares from 600 to 400 dollars. This business proved to be a huge success but Vanderbilt did not want to stop his big business profits anytime soon. He once stated to the newspaper The New York Daily Tribune in March 1878, "I have been insane on the subject of moneymaking all my life."

Vanderbilt once again expanded his production but in a new field, the railroads. With Vanderbilt fortune rising over $40,000,000 by 1863, he took notice in the Harlem and Hudson River railways and invested a few million in stock in order to become a majority shareholder. He combined the two railroads and stretched their tracks from Harlem to Albany. Political leaders in New York City realized Vanderbilt's entrepreneurship