Cornelius Vanderbilt
Biography -
Cornelius Vanderbilt was born in New York in 1794. He began working at 11, helping with his father's ferry on the Hudson River. Vanderbilt came to own the ferry himself and became interested in trafficking along the Hudson River. He soon controlled most of the ferry traffic on the NY waters, then sold his fleet in 1818 to work for Thomas Gibbons' steamship line. Once he was bought out by competitors, Vanderbilt joined the railroad industry in 1857. He gained control of the NY & Harlem railroad. Through ups and downs with competitors such as Daniel Drew, Cornelius overcame the setbacks by gaining control of the NY Central in 1869 and successfully connected New York and Chicago by 1873 by railroad. His large sums of money strongly linked the US by railroad and made society understand the benefits of not having to travel by water. This idea would shape America as railroads sparked up across the nation.
Impacts -
- established cheap and reliable way for prospects to reach the gold fields of CA in 1849
- began construction of the Grand Central Terminal in NYC during the Panic of 1873 which provided many with jobs
- gave $1 million to Central University in TN, now known as Vanderbilt University
- well-connected the US by both boats and trains