CORNELIUS VANDERBILT
Vanderbilt, Cornelius. American capitalist. Born near Stapleton, Staten
Island, NY, May 27, 1794. Early engaged in steamboat transportation
between Staten Island and New York, and so enlarged his business that he
soon gained the complete control of the New York and Staten Island lines.
Later, Vanderbilt started steamboats in various waters - the Hudson, the
Delaware, Long Island Sound - and established steamboats and other
connections between New York and California. In 1864, he withdrew his
capital from shipping and invested it in railroads. He secured the
management of one railroad after another and, in 1877, controlled stocks
representing an aggregate capital of $150,000,000 of which he owned fully
one-half. In 1861, Vanderbilt presented the swift $800,000 steamship
"Vanderbilt" to the United States government to be used for the capture of
Confederate privateers. Later he endowed Vanderbilt University, founded at
Nashville, TN, in 1872, with $500,000; afterward increased to $700,000. At
the time of his death in New York City, January 4, 1877, his fortune was
estimated at nearly $100,000,000, and he was supposed to be the richest
man in the world.
Vanderbilt, Cornelius. American capitalist. Born near Stapleton, Staten
Island, NY, May 27, 1794. Early engaged in steamboat transportation
between Staten Island and New York, and so enlarged his business that he
soon gained the complete control of the New York and Staten Island lines.
Later, Vanderbilt started steamboats in various waters - the Hudson, the
Delaware, Long Island Sound - and established steamboats and other
connections between New York and California. In 1864, he withdrew his
capital from shipping and invested it in railroads. He secured the
management of one railroad after another and, in 1877, controlled stocks
representing an aggregate capital of $150,000,000 of which he owned fully
one-half. In 1861, Vanderbilt presented the swift $800,000 steamship
"Vanderbilt" to the United States government to be used for the capture of
Confederate privateers. Later he endowed Vanderbilt University, founded at
Nashville, TN, in 1872, with $500,000; afterward increased to $700,000. At
the time of his death in New York City, January 4, 1877, his fortune was
estimated at nearly $100,000,000, and he was supposed to be the richest
man in the world.