Cornelius Vanderbilt was a railroad and shipping tycoon who made himself one of the most wealthy people of the 19th century. He lived in Staten Island, New York. In this article, we'll discuss his success in the railroad industry, his impact on the Civil War, and his personal life.
Founder of Vanderbilt University
Founded in 1836, Vanderbilt University has an impressive track record. It consistently ranks among the nation's top universities, with several of its programs ranking in the top 10. In 2015, the university was named the best public university in the Southeast by U.S. News & World Report, and the Princeton Review named it the best university for financial aid. In addition to its prestigious academics, Vanderbilt is also home to a top-notch medical center, the only Level I trauma center in Middle Tennessee. Vanderbilt's 330-acre campus is located just 1.5 miles from downtown Nashville.
As a child, Vanderbilt spent long hours on his father's farm. His father was overbearing, and he never showed any interest in formal education. He stopped attending school when he was eleven to devote himself to farming. This lack of education proved costly when he later began to climb the corporate ladder. In 1873, Vanderbilt met the Reverend Holland Nimmons McTyeire, who asked him to support the Methodist University in Tennessee. He promised the Reverend a gift of roughly $1 million.
Success in railroad industry
Cornelius Vanderbilt was a prominent railroad executive who seized the opportunity to consolidate several railroad companies. In 1864, he purchased the Hudson River Railroad and the New York Central Railroad. By 1870, he had purchased the Lake Shore & Michigan Southern Railway. With these companies, Vanderbilt formed the first giant railroad company in American history. As a result, his New York Central Railway reached Detroit, Pittsburgh, Wheeling, and the coalfields in southern West Virginia. His railroad network also connected New York to St. Louis, Chicago, and Montreal, and became the largest transportation system in the world.
As Vanderbilt's railroad involvement grew, his business style evolved. Instead of open hostility, he used diplomacy to negotiate with other railroad companies. The railroad industry of the 19th century was highly competitive, with Wall Street magnates constantly undercutting rivals and speculators. This forced the railroads to cooperate with one another in order to survive.
Influence in Civil War
The Civil War was a pivotal event in Cornelius Vanderbilt's life. In 1867, Vanderbilt began reaching out to the South, helping to bail out the notorious Confederate leader, Jefferson Davis. At the same time, he met an unrepentant Confederate named Frank Armstrong Crawford, who would later become his second wife and eventually double his family's fortune. They married on Aug. 21, 1869, and he was 75 years old.
After the War of 1812, Vanderbilt became involved in steamboats and monopolies. In the 1850s, he broke a monopoly on steam navigation on the Hudson River, and built the first steamship line between New York and California during the California Gold Rush. Later, he invested in street cars, railroads, and stocks on the New York Stock Exchange.
In 1864, Vanderbilt and Drew had fought over control of the Erie Railroad. This rivalry was so heated that the newspaper's of the time reveled in the fight between the two robber barons. In the end, Gould and Fisk obtained control of the railroad and forced Drew to retire.
Personal life
Cornelius Vanderbilt was a wealthy man who built his wealth through shipping and railroads. He earned this nickname as he became a leader in these fields. His personal life is filled with many stories of adversity and triumph. Read on to learn more about the man behind the nickname.
Vanderbilt married his first cousin Sophia Johnson in 1813 and they had thirteen children together. Unfortunately, only eleven lived to adulthood. Vanderbilt was a bad father and had many affairs with prostitutes. One of his sons, Cornelius Jeremiah, was committed twice to a lunatic asylum.
Despite his early beginnings as a boatman, Vanderbilt went on to build an empire with a huge investment portfolio. He also played a pivotal role in the California gold rush and the Civil War. He also invested heavily in real estate in Manhattan and Staten Island.
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