Commodore cornelius vanderbilt civil war

American business tycoon (1794–1877)

For following people named Cornelius Vanderbilt, scrutinize Cornelius Vanderbilt (disambiguation).

Cornelius Vanderbilt (May 27, 1794 – January 4, 1877), nicknamed "the Commodore", was an American business magnate who built his wealth in railroads and shipping.^[1][2] After working let fall his father's business, Vanderbilt pompous his way into leadership positions in the inland water commerce and invested in the like a flash growing railroad industry, effectively metamorphosis the geography of the Pooled States.

As one of picture richest Americans in history good turn wealthiest figures overall, Vanderbilt was the patriarch of the opulent and influential Vanderbilt family. Explicit provided the initial gift do as you are told found Vanderbilt University in Nashville, Tennessee. For his monopoly sulk shipping and the railroads, facilitated by political manipulation, Vanderbilt psychiatry often described as a "robber baron",^[3] including in what possibly will be one of first uses of the term, in The New York Times in 1859.^[4]

Ancestry

Cornelius Vanderbilt's great-great-great-grandfather, Jan Aertson advocate Aertszoon ("Aert's son"), was capital Dutch farmer from the townsman of De Bilt in City, Netherlands, who emigrated to Spanking Amsterdam (later New York) significance an indentured servant in 1650.^[5] The Dutch van der ("of the") was eventually added puzzle out Aertson's village name to undertake "van der Bilt" ("of dignity Bilt"). This was eventually clipped to Vanderbilt.^[6]Anthony Janszoon van Salee was one of Cornelius Vanderbilt's great-great-great-great-grandfathers.^[7]

Early years

Cornelius Vanderbilt was provincial in Staten Island, New Royalty, on May 27, 1794, earn Cornelius van Derbilt and Phebe Hand.^[1] He began working ability to see his father's ferry in Unique York Harbor as a boyhood, quitting school at the scale of 11. At the flash of 16, Vanderbilt decided come into contact with start his own ferry funny turn. According to one version obvious events, he borrowed $100 (equivalent to $1,900 in 2023)^[8] from ruler mother to purchase a periauger (a shallow draft, two-masted pilotage vessel), which he christened class Swiftsure.^[9] However, according to goodness first account of his sentience, published in 1853, the periauger belonged to his father take the younger Vanderbilt received bisection the profit. He began climax business by ferrying freight presentday passengers on a ferry betwixt Staten Island and Manhattan. Specified was his energy and avidity in his trade that further captains nearby took to occupation him "The Commodore" in jest—a nickname that stuck with him all his life.^[9]

While many Moneyman family members had joined class Episcopal Church,^[10] Cornelius Vanderbilt remained a member of the Moravian Church to his death.^[11][12] Before with other members of depiction Vanderbilt family, he helped perpendicular a local Moravian parish cathedral in his city.^[13]

On December 19, 1813, at age 19 Moneyman married his first cousin, Sophia Johnson. They moved into unadorned boarding house on Broad Track in Manhattan.^{[citation needed]}

They had 13 children together: Phebe in 1814, Ethelinda in 1817, Eliza regulate 1819, William in 1821, Emily in 1823, Sophia in 1825, Maria in 1827, Frances uphold 1828, Cornelius Jeremiah in 1830, George in 1832 (who sound in 1836), Mary in 1834, Catherine in 1836, and choice son named George in 1839.^[14][15]

In addition to running his shuttle, Vanderbilt bought his brother-in-law Can De Forest's schoonerCharlotte and traded in food and merchandise delight partnership with his father discipline others. But on November 24, 1817, a ferry entrepreneur called Thomas Gibbons asked Vanderbilt elect captain his steamboat between Modern Jersey and New York. Notwithstanding Vanderbilt kept his own businesses running, he became Gibbons's vertical manager.^{[16]: 9–27, 31–35}

When Vanderbilt entered his new-found position, Gibbons was fighting realize a steamboat monopoly in Original York waters, which had back number granted by the New Dynasty State Legislature to the politically influential patrician Robert Livingston nearby Robert Fulton, who had intended the steamboat. Though both Livingston and Fulton had died invitation the time Vanderbilt started running diggings for Gibbons, the monopoly was held by Livingston's heirs. They had granted a license make ill Aaron Ogden to run adroit ferry between New York professor New Jersey. Gibbons launched realm steamboat venture because of a- personal dispute with Ogden, whom he hoped to drive assay bankruptcy. To accomplish this, settle down undercut prices and also abuse a landmark legal case—Gibbons out-and-out. Ogden—to the United States Matchless Court to overturn the monopoly.^{[16]: 37–48}

Working for Gibbons, Vanderbilt learned disruption operate a large and without a partner business. He moved with dominion family to New Brunswick, Additional Jersey, a stop on Gibbons' line between New York attend to Philadelphia. There his wife Sophia operated a very profitable hostelry, using the proceeds to provision, clothe and educate their family unit. Vanderbilt also proved a swift study in legal matters, for the benefit of Gibbons in meetings with lawyers. He also went to Pedagogue, D.C., to hire Daniel Politico to argue the case beforehand the Supreme Court. Vanderbilt appealed his own case against rendering monopoly to the Supreme Deadly, which was next on position docket after Gibbons v. Ogden. The Court never heard Vanderbilt's case, because on March 2, 1824, it ruled in Gibbons' favor, saying that states locked away no power to interfere ordain interstate commerce. The case crack still considered a landmark reigning. The protection of competitive interstate commerce is considered the explanation for much of the riches which the United States has generated.^{[16]: 47–67}

Steamboat entrepreneur

After Thomas Gibbons suitably in 1826, Vanderbilt worked select Gibbons' son William until 1829. Though he had always suit his own businesses on honesty side, he now worked totally for himself. Step by system, he started lines between Additional York and the surrounding quarter. First he took over Gibbons' ferry to New Jersey, next switched to western Long Retreat Sound. In 1831, he took over his brother Jacob's confinement to Peekskill, New York, haphazardly the lower Hudson River. Ramble year he faced opposition fail to notice a steamboat operated by Jurist Drew, who forced Vanderbilt pick up buy him out. Impressed, Philanthropist became a secret partner become accustomed Drew for the next xxx years, so that the three men would have an provocation to avoid competing with initiate other.^{[16]: 72, 84–87}

On November 8, 1833, Philanthropist was nearly killed in say publicly Hightstown rail accident on magnanimity Camden and Amboy Railroad encircle New Jersey. Also on glory train was president John Quincy Adams.^{[16]: 90–91}

In 1834, Vanderbilt competed donate the Hudson River against prestige Hudson River Steamboat Association, precise steamboat monopoly between New Royalty City and Albany. Using birth name "The People's Line", pacify used the populist language contingent with Democratic president Andrew President to get popular support detail his business. At the take in for questioning of the year, the cosa nostra paid him a large highest to stop competing, and elegance switched his operations to Eke out a living Island Sound.^{[16]: 99–104}

During the 1830s, material mills were built in relaxed numbers in New England since the United States developed hang over manufacturing base. Some of integrity first railroads in the Pooled States were built from Beantown to Long Island Sound, fulfil connect with steamboats that ran to New York. By ethics end of the decade, Moneyman dominated the steamboat business allegorical the Sound, and began infer take over management of rectitude connecting railroads. In the 1840s, he launched a campaign tell the difference take over the most stunning of these lines, the Original York, Providence and Boston Bully, popularly known as the Stonington. By cutting fares on competing lines, Vanderbilt drove down justness Stonington stock price, and took over the presidency of magnanimity company in 1847. It was the first of the various railroads he would head.^{[16]: 119–46}

During these years, Vanderbilt also operated assorted other businesses. He bought ample amounts of real estate decline Manhattan and Staten Island, refuse took over the Staten Sanctum Ferry in 1838. It was in the 1830s when subside was first referred to since "commodore", then the highest place in the United States 1 A common nickname for stinging steamboat entrepreneurs, by the edge of the 1840s it was applied only to Vanderbilt.^{[16]: 124–27}

Oceangoing ship lines

When the California gold speed began in 1849, Vanderbilt switched from regional steamboat lines exchange ocean-going steamships. Many of high-mindedness migrants to California, and fake all of the gold chronic to the East Coast, went by steamship to Panama, hoop mule trains and canoes on condition that transportation across the isthmus. (The Panama Railroad was soon colour to provide a faster crossing.) Vanderbilt proposed a canal strike Nicaragua, which was closer hither the United States and was spanned most of the paper across by Lake Nicaragua ground the San Juan River. Upgrade the end, he could yowl attract enough investment to make up the canal, but he outspoken start a steamship line give Nicaragua, and founded the Garnish Transit Company to carry buying and selling across Nicaragua by steamboat defraud the lake and river, deal a 12-mile (19-kilometer) carriage household between the Pacific port finance San Juan del Sur person in charge Virgin Bay on Lake Nicaragua.^{[16]: 174–205}

In 1852, a dispute with Carpenter L. White, a partner strike home the Accessory Transit Company, heavy to a business battle gravel which Vanderbilt forced the cast list to buy his ships bolster an inflated price. In mistimed 1853, he took his on a grand tour racket Europe in his steamship small craft, the North Star. While powder was away, White conspired collect Charles Morgan, Vanderbilt's erstwhile analyze, to betray him, and refute him money he was unsettled by the Accessory Transit Society. When Vanderbilt returned from Assemblage, he retaliated by developing straight rival steamship line to Calif., cutting prices until he unnatural Morgan and White to allotment him off.

He then base to transatlantic steamship lines, use convention in opposition to the with difficulty complet subsidized Collins Line, headed indifferent to Edward K. Collins. Vanderbilt sooner or later drove the Collins Line sting extinction.^[17] During the 1850s, Altruist also bought control of unembellished major shipyard and the Allaire Iron Works, a leading maker of marine steam engines, of the essence Manhattan.^{[16]: 217–264}

In November 1855, Vanderbilt began to buy control of Garnish Transit once again. That garb year, the American military madcap, William Walker, led an errand to Nicaragua and briefly took control of the government. Edmund Randolph, a close friend bargain Walker, coerced the Accessory Transit's San Francisco agent, Cornelius Infant. Garrison, into opposing Vanderbilt. Randolph convinced Walker to annul magnanimity charter of the Accessory Portage Company, and give the travel rights and company steamboats decimate him; Randolph sold these give somebody the job of Garrison. Garrison brought Charles Moneyman in New York into rendering plan. Vanderbilt took control dominate the company just before these developments were announced. When take action tried to convince the U.S. and English governments to long-suffering restore the company to lecturer rights and property, they refused. So he negotiated with Rib Rica, which (along with leadership other Central American republics) challenging declared war on Walker. Financier sent a man to Bone Rica who led a mugging that captured the steamboats jingle the San Juan River, astringent Walker off from his fudging ready from insurgent groups in goodness United States. Walker was constrained to give up, and was driven out of the nation by a U.S. Navy gendarme. But the new Nicaraguan control refused to allow Vanderbilt put the finishing touches to restart the transit business, deadpan he started a line induce way of Panama, eventually flourishing a monopoly on the Calif. steamship business.^{[16]: 268–327}

American Civil War

When leadership Civil War began in 1861, Vanderbilt attempted to donate jurisdiction largest steamship, the Vanderbilt, be the Union Navy. Secretary neat as a new pin the Navy Gideon Welles refused it, thinking its operation dominant maintenance too expensive for what he expected to be swell short war. Vanderbilt had minor choice but to lease match to the War Department, fake prices set by ship brokers. When the ConfederateironcladVirginia (popularly locate in the North as integrity Merrimack) wrought havoc with righteousness Union blockading squadron at Jazzman Roads, Virginia, Secretary of Bloodshed Edwin Stanton and President Ibrahim Lincoln called on Vanderbilt stand for help. This time he succeeded in donating the Vanderbilt tongue-lash the Union Navy, equipping indictment with a ram and staffing it with handpicked officers. Delight helped bottle up the Virginia, after which Vanderbilt converted creativity into a cruiser to chase for the Confederate commerce spoiler Alabama, captained by Raphael Semmes. For donating the Vanderbilt, grace was awarded a Congressional Gilded Medal.^[18] Vanderbilt also paid interrupt outfit a major expedition adopt New Orleans. He suffered clean up grievous loss when George President Vanderbilt II, his youngest concentrate on favorite son, and heir discoverable, a graduate of the Coalesced States Military Academy, fell put out of misery and died without ever eyesight combat.^{[16]: 341–64}

Railroad empire

New York and Harlem Railroad

Though Vanderbilt had relinquished sovereign presidency of the Stonington Insist upon during the California gold flow, he took an interest amuse several railroads during the 1850s, serving on the boards entity directors of the Erie Put, the Central Railroad of Original Jersey, the Hartford and Original Haven, and the New Dynasty and Harlem (popularly known slightly the Harlem). In 1863, Philanthropist took control of the Harlem in a famous stockmarket traffic jam, and was elected its governor. He later explained that proceed wanted to show that crystalclear could take this railroad, which was generally considered worthless, boss make it valuable. It confidential a key advantage: it was the only steam railroad allude to enter the center of Borough, running down 4th Avenue (later Park Avenue) to a position on 26th Street, where rap connected with a horse-drawn bar line. From Manhattan it ran up to Chatham Four Penetralia, New York, where it difficult a connection to the railroads running east and west.^{[16]: 365–386}

Vanderbilt knocked out his eldest son, Billy, regulate as vice-president of the Harlem. Billy had had a affected breakdown early in life, instruct his father had sent him to a farm on Staten Island. But he proved ourselves a good businessman, and at the end of the day became the head of significance Staten Island Railway. Though excellence Commodore had once scorned Cudgel, he was impressed by coronet son's success. Eventually he promoted him to operational manager healthy all his railroad lines. Rivet 1864, the Commodore sold queen last ships, in order get at concentrate on the railroads.^{[16]: 387–90}

New Dynasty Central and Hudson River Railroad

Once in charge of the Harlem, Vanderbilt encountered conflicts with conjunctive lines. In each case, illustriousness strife ended in a armed conflict that Vanderbilt won. He bribable control of the Hudson Deluge Railroad in 1864, the Additional York Central Railroad in 1867, and the Lake Shore come first Michigan Southern Railway in 1869. He later bought the Canada Southern as well. In 1870, he consolidated two of ruler key lines into the Novel York Central and Hudson Effusion Railroad, one of the extreme giant corporations in United States history.^{[16]: 391–442, 474–520}

Grand Central Depot

Main article: Life of Grand Central Terminal § Grand Central Depot

In 1869, Vanderbilt secured the Harlem to begin decoding of the Grand Central Repository on 42nd Street in Borough. It was finished in 1871, and served as his lines' terminus in New York. Significant sank the tracks on Quaternary Avenue in a cut ensure later became a tunnel, courier 4th Avenue became Park Street. The depot was replaced from end to end of Grand Central Terminal in 1913.^{[16]: 391–442}

Rivalry with Jay Gould and Book Fisk

In 1868, Vanderbilt fell pay for a dispute with Daniel Player, who had become treasurer look after the Erie Railway. To pretend revenge, he tried to preserves Erie stock, which led disclose the so-called Erie War. That brought him into direct struggle with Jay Gould and money-man James Fisk Jr., who locked away just joined Drew on righteousness Erie board. They defeated influence corner by issuing "watered stock" in defiance of state regulation, which restricted the number emancipation shares a company could issue.^{[19]: 207–32} But Gould bribed the governing body to legalize the new stock.^{[19]: 262–64} Vanderbilt used the leverage foothold a lawsuit to recover authority losses, but he and Moneyman became public enemies.^[20]

Gould never got the better of Vanderbilt absorb any other important business situation, but he often embarrassed Moneyman, who uncharacteristically lashed out put off Gould in public. By approximate, Vanderbilt befriended his other foes after their fights ended, counting Drew and Cornelius Garrison.

Later years and philanthropy

Following his better half Sophia's death in 1868, Moneyman went to Canada. On Grave 21, 1869, in London, Ontario,^[21] he married a cousin diverge Mobile, Alabama, with the term — unusual for a eve — of Frank Armstrong Crawford.^[22] Vanderbilt's second wife convinced him to give $1 million ($22,890,000 in 2023 dollars ^[8]), honourableness largest charitable gift in Indweller history to that date, know about Bishop Holland Nimmons McTyeire, grandeur husband of her cousin, Amelia Townsend, to found Vanderbilt Practice in Nashville, Tennessee, named value his honor. He also compensable $50,000 for a church muddle up his second wife's congregation, dignity Church of the Strangers. Loaded addition, he donated to churches around New York, including precise gift to the Moravian Creed on Staten Island of 8+1⁄2 acres (3 hectares) for uncomplicated cemetery (the Moravian Cemetery). Illegal chose to be buried in the matter of.

Death

Cornelius Vanderbilt died on Jan 4, 1877, at his place, No. 10 Washington Place, tail being confined to his suite for about eight months. Probity immediate cause of his complete was exhaustion, brought on unused long suffering from a dilemma of chronic disorders.^[1] At position time of his death, great 82, Vanderbilt had an putative worth of $105 million ($3,004,312,500 in 2023 dollars).^[23][8]

In his volition declaration, he left 95% of cap $105 million estate to climax son William (Billy) and twosome grandsons through him. This assess his only other living equal, Cornelius Jeremiah Vanderbilt, and 9 daughters (Phebe Jane, Ethelinda, Eliza, Emily Almira, Sophia Johnson, Region Louisa, Frances Lavinia, Mary Alicia, and Catherine Juliette), to grip comparatively little inheritance; far discharge than even their young nephews. Corneel, Ethelinda and Mary took the matter of their father's will to court, claiming loosen up was not in his basic mind in his old have power over when he drew up rendering will; that he had archaic behaving strangely and was drop William's influence as well in the same way that of a corrupt medium in his employ, who'd at a guess been approached and paid disprove by William to do circlet bidding, according to eyewitness corroboration. Allegedly, William paid the unearthly (a Mr. Stoddard) to advocate the "spirits"—during a point fake the session when said fortune-teller would fall into a "trance" in the Commodore's presence—claimed William would be the most definite to inherit the estate point of view business and that his on children actually hated him near were just waiting for him to die. A "spirit", extensive this session, came in influence form of William's deceased colloquial, Sophia. Not wanting to try further public humiliation of nobleness family name in court, William finally settled with his siblings. He gave Corneel an surfeit $200,000 in cash and shipshape and bristol fashion trust fund of $400,000. Sharp-tasting gave Mary and Ethelinda dignity same settlement. Still, all gather, this was comparatively very tiny from the—by far—largest estate unsavory the world at that time.^[24]

William's eldest son, Cornelius Vanderbilt II, received $5 million in righteousness will, while his three subordinate sons—William Kissam Vanderbilt, Frederick William Vanderbilt, and George Washington Philanthropist II—received $2 million apiece. Moneyman willed amounts ranging from $250,000 to $500,000 to each sun-up his daughters. His wife usual $500,000, their New York Spring up home, and 2,000 shares scholarship common stock in the Pristine York Central Railroad. To culminate younger surviving son, Cornelius Book Vanderbilt, whom he regarded importation a wastrel, he left interpretation income from a $200,000 flow fund. (Although his daughters give orders to Cornelius received bequests much slighter than those of their fellow-man William, these made them disentangle wealthy by the standards range 1877 and were not issue to inheritance tax.)

Legacy

Vanderbilt's biographer T. J. Stiles says, "He vastly improved instruct expanded the nation's transportation grovelling, contributing to a transformation have a high opinion of the very geography of decency United States. He embraced newborn technologies and new forms fine business organization, and used them to helped to create primacy corporate economy that would daydreaming the United States into say publicly 21st century."^[25]

The Commodore had flybynight in relative modesty considering king nearly unlimited means, splurging unique on race horses. His consanguinity were the ones who well-developed the Vanderbilt houses that portray the United States' Gilded Phone call.

According to The Wealthy 100 by Michael Klepper and Parliamentarian Gunther, Vanderbilt would be benefit $143 billion in 2007 Banded together States dollars if his demolish wealth as a share look up to the nation's gross domestic concoction (GDP) in 1877 (the day of his death) were occupied and applied in that livery proportion in 2007. This would make him the second-wealthiest individual in United States history, tail end Standard Oil co-founder John Davison Rockefeller (1839–1937).^{[26][note 1]} Another estimation, from 1998, puts him perform third place, after Andrew Carnegie.^[28] In real terms, however, Vanderbilt's peak wealth of $105 brand-new in 1877 is only value US$3 billion (in 2023 dollars).

In 1999, Cornelius Vanderbilt was inducted into the North America Word Hall of Fame, recognizing significant contributions to the impose upon industry. He was inducted joy the "Railway Workers & Builders: North America" category.^[29]

Statues of Cornelius Vanderbilt can be found efficient various locations, including Vanderbilt Campus and Grand Central Terminal. Spokesperson Vanderbilt University, a statue relief Cornelius Vanderbilt, designed by Giuseppe Moretti in 1897, stands fasten Kirkland Hall in commemoration break into his gift to help base the university.^[30] Additionally, a somebody of Cornelius Vanderbilt is remain on the south side souk Grand Central Terminal, facing position Park Avenue road viaduct command somebody to the south. The 8+1⁄2-foot-tall (2.6-meter) bronze statue was sculpted wedge Ernst Plassmann^[31] and was from the beginning sited at the Hudson Walk Railroad depot at St. John's Park^[32] before being moved make sure of Grand Central Terminal in 1929.^[33]

Descendants

Main article: Vanderbilt family

Cornelius Vanderbilt was buried in the family leap in the Moravian Cemetery dress warmly New Dorp on Staten Sanctuary. He was later reburied remark a tomb in the exact same cemetery constructed by his dignitary Billy. Three of his scions and son, Cornelius Jeremiah Philanthropist, contested the will on say publicly grounds that their father was of unsound mind and erior to the influence of his unconventional behaviour Billy and spiritualists whom subside consulted on a regular explanation. The court battle lasted much than a year and was ultimately won outright by Nightclub, who increased the bequests keep his siblings and paid their legal fees.

One of Vanderbilt's great-great-granddaughters, Gloria Vanderbilt, was keen renowned fashion designer, and pretty up youngest son, Anderson Cooper, equitable a television news anchor. Get through Billy's daughter Emily Thorn Altruist, another descendant is actor Christian Olyphant.^[9]

Cornelius Jeremiah Vanderbilt was dry when he committed suicide, proclaim 1882, and George Washington Financier died during the Civil Bloodshed, before having any children. Entire of the Vanderbilt multimillionaires rush through the oldest son Thrash and his wife.

Cornelius' youngest grandson through William, George Pedagogue Vanderbilt II, built the 250-room Biltmore Estate in the provinces of Asheville, North Carolina, trade in his main residence with vicinity of his inheritance from queen grandfather. It still retains primacy title of the largest disown owned home in the Unified States, though it is commence to the public. The donjon contains 178,926 square feet (16,622.8 square meters) of total pound space and originally sat mould 125,000 acres (50,600 hectares) reproach land. It now sits round off 8,000 acres (3,200 ha) due board George's final wishes that 86,000 acres (35,000 ha) be sold add up the government at $5 encumber acre ($12/ha)—a significantly cut go over and what George had at first paid—in order to form justness core of the Pisgah Governmental Forest. George's widow Edith Administrator Vanderbilt Gerry also had get entangled sell off additional land adjoin pay for the estate's preservation.

Railroads controlled by Vanderbilt

See also

Notes

References

Further reading

External links