Online Encyclopedia

Search over 40,000 articles from the original, classic Encyclopedia Britannica, 11th Edition.

CORNELIUS VANDERBILT (1794–1877)

Online Encyclopedia
Originally appearing in Volume V27, Page 886 of the 1911 Encyclopedia Britannica.
Spread the word: del.icio.us del.icio.us it!

See also:

CORNELIUS See also:VANDERBILT (1794–1877)  , See also:American capitalist, was See also:born near Stapleton, Staten See also:Island, New See also:York, on the 27th of May 1794 . He was a descendant of See also:Jan Aersten See also:Van der Bilt, who emigrated from See also:Holland about 165o and settled near See also:Brooklyn . The See also:family removed to Staten Island in 1715 . At the See also:age of 16 he bought a sailboat, in which he carried See also:farm produce and passengers between Staten Island and New York . He was soon doing a profitable carrying business, and in 1813 carried supplies to fortifications in New York See also:Harbour and the adjacent See also:waters . Recognizing the superiority of See also:steam over sailing vessels, he sold his sloops and schooners, and in 1817–1829 was a See also:captain on a steam See also:ferry between New York and New See also:Brunswick . During the next twenty years he See also:developed an extensive carrying See also:trade along the See also:coast in a See also:fleet which became so large as to win for him the popular designation of " See also:Commodore." In 1849 he got from the Nicaraguan See also:government a See also:charter for a route from See also:Greytown on the See also:Atlantic by the See also:San Juan See also:river and See also:Lake See also:Nicaragua to San Juan del Sur, on the Pacific; and in 1851–1853 by means of this route he conducted a semi-monthly steamship See also:line between New York and San Francisco . In 1855–1861 he operated a See also:freight and passenger line between New York and See also:Havre, and by carrying the See also:United States mails See also:free drove out of business his only See also:rival, the See also:Collins line—the See also:Cunard boats being at that See also:time in use for the See also:Crimean See also:War . In 1857–1862 he sold his steamships and turned his See also:attention more and more to the development of See also:railways . In 1857 he became a director, and in 1863 See also:president, of the New York & Harlem railway See also:company, operating a line between New York and See also:Chatham Four Corners, in See also:Columbia See also:county, and he greatly improved this service . He then acquired a controlling See also:interest in the See also:Hudson River railway, of which he became president in 1865; and after a See also:sharp struggle in 1868 he became president of the New York Central (between See also:Albany and See also:Buffalo), which in 1869 he combined with the Hudson River road, under the name of the New York Central & Hudson River railroad, of which he became president . His acquisition of the Lake See also:Shore & See also:Michigan See also:Southern railway in 1873 established a through line (controlled by him) between New York and See also:Chicago .

At the time of his See also:

death (in New York See also:City on the 4th of See also:January 1877) he owned a See also:majority interest in the New York Central & Hudson River, the Lake Shore & Michigan Southern, the Harlem, and the See also:Canada Southern railways, and had holdings in many others, and his See also:fortune was variously estimated at from $90,000,000 to $See also:Ioo,000,000, about $8o,000,000 of which he See also:left to his son, See also:William See also:Henry . He made considerable benefactions to See also:Vanderbilt University, and gave $50,000 during his See also:life to the See also:Church of the Strangers in New York . His eldest son, WILLIAM HENRY VANDERBILT (1821–1885), was born in New Brunswick, New See also:Jersey, on the 8th of May 1821 . He was a clerk in a New York banking See also:house from 1839 to 1842, when his See also:father bought him a farm of 75 acres near New Dorp, Staten Island, New York . In 186o he was appointed See also:receiver of the Staten Island railway, of which he was elected president in 1862, and which he brought into connexion with New York by means of a line of ferry-boats . He became See also:vice-president of the Hudson River railway in 1865, vice-president of the New York Central & Hudson River railway in 186g, and president in See also:June 1877, succeeding his father as president of the Lake Shore & Michigan Southern, the Canada Southern, and the Michigan Central railways . He died in New York on the 8th of See also:December 1885 . His fortune at the time of his death was estimated at $200,000,000 . In 188o he paid all the expenses ($1oo,000) incident to the removal of the See also:obelisk (" See also:Cleopatra's See also:Needle ") from See also:Egypt to Central See also:Park, New York; in the same See also:year he gave $100,000 to found the Theo-logical School of Vanderbilt University, which his father had endowed . In 1884 he gave $500,000 to found a school of See also:medicine in connexion with the See also:College of Physicians and Surgeons in New York . By his will he left $200,000 to Vanderbilt University, $100,000 to the Domestic and See also:Foreign Missionary Society of the See also:Protestant Episcopal Church, $1oo,000 to St See also:Luke's See also:Hospital in New York, $Ioo,000 to the See also:Young Men's See also:Christian Association of New York, $1oo,000 to the See also:Metropolitan Museum of See also:Art in New York, $5e,000 to the American Museum of Natural See also:History, $1oo,000 to the Protestant Episcopal See also:Mission Society of New York, and $250,000 in all to various other religious and charitable organizations and institutions . William Henry's eldest son, See also:CORNELIUS (1843-1899), became assistant treasurer of the Harlem railway in 1865, and treasurer in 1867; in 1877, after the death of his grandfather, was elected first vice-president of the New York Central, and in 1878 be-came treasurer of the Michigan Central and vice-president and treasurer of the Canada Southern .

In 1883, under a reorganization of the New York Central and Michigan Central railways, he became chairman of the boards of See also:

directors of those two systemsand their responsible See also:head . His benefactions included $250,000 (1897) for an addition to St See also:Bartholomew's Hospital in New York; to Yale, $1,500,000, See also:part of which was used in See also:building Vanderbilt See also:Hall (a; See also:dormitory); and $100,000 to the fund for the building of the Episcopal See also:Cathedral of St See also:John the Divine in New York . To the Metropolitan Museum of Art in NeW York he presented See also:Rosa See also:Bonheur's " See also:Horse See also:Fair." See W . A . Croffut, The Vanderbilts and the See also:Story of their Fortune (Chicago, See also:Ill., 1886); D.W . See also:Cross, " The Railroad Men of See also:America," in See also:Magazine of Western History, vol. viii: (See also:Cleveland, See also:Ohio, 1888) ; and See also:Burton J . Hendrick, " The Vanderbilt Fortune," in McClure's Magazine, vol. xxxii . (New York, 1908-1909) .

End of Article: CORNELIUS VANDERBILT (1794–1877)
[back]
COUNT DOMINIQUE RENE VANDAMME (1770-1830)
[next]
JOHN VANDERLYN (1776–1852)

Additional information and Comments

There are no comments yet for this article.
» Add information or comments to this article.
Please link directly to this article:
Highlight the code below, right click and select "copy." Paste it into a website, email, or other HTML document.