The New Student's Reference Work/Vanderbilt, Cornelius

Van′derbilt, Cornelius (commonly called Commodore Vanderbilt), was born on Staten Island, N. Y., May 27, 1794. At the early age of 16 he showed signs of his genius and enterprise by running a boat of his own between New York and the island, and at 23 had accumulated nearly $10,000. In the year 1817 he associated himself with Thomas Gibbons in running the first steamer between New York and New Brunswick, N. J., serving as captain for several years. In 1829 he withdrew from the management of Gibbons' steamers, and for more than 20 years afterward built and operated steamers of his own from New York to various points, all of which proved very profitable. In 1851 he established a line from New York to San Francisco, which he sold to a company of which he himself became president two years later. During the Civil War he presented the government with his finest steamship, The Vanderbilt, which cost nearly $1,000,000, and about the close of the war withdrew his capital—amounting to many millions—from steamships and invested it in the stock of various railroads. He soon had control of the New York Central, the Harlem, the Erie and other roads, all of which he conducted with consummate ability and made more and more profitable. In 1873 he gave $1,000,000 to the endowment of Vanderbilt University at Nashville, Tenn., for the education of southern youth. He died at his home in New York, Jan. 4, 1877, having bequeathed the bulk of his estate to his son, William H. Vanderbilt.