His other son, the sickly Cornelius Jeremiah, received a $200,000 trust fund. In his will, he left $90 million, the bulk of his estate, to his son William Henry, who worked in his father's business, and $7.5 million to William’s four sons. Through aggressive marketing and low fees, Vanderbilt forced Gibbons’s son to buy him out. Vanderbilt bought several boats and established the Dispatch Line, running between New York City and Philadelphia. Thus, it was unconstitutional for the New York legislature to give Ogden exclusive shipping rights.Īfter Thomas Gibbons died in 1826, Vanderbilt wanted to buy the company, but Gibbons’s son didn’t want to sell. Supreme Court ruled in favor of Gibbons, stating the Constitution’s Commerce Clause gives Congress the exclusive authority to regulate interstate trade. Vanderbilt and Gibbons hired Daniel Webster to defend their position. Aaron Ogden, who was operating Fulton and Livingston’s business and worked with Gibbons, sued the latter boatman for violating the monopoly. Gibbons was ferrying customers between New York and New Jersey, a clear violation of an 1808 state-sanctioned monopoly given to Robert Fulton and Robert Livingston.
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During his tenure with Gibbons, Vanderbilt learned how to manage a large commercial operation and became a quick study in legal matters. In 1817, seeing the potential in a new technology, Vanderbilt partnered with Thomas Gibbons in a steamship business, the Union Line. He undertook the same course of action for Sophia at one point as well, after Vanderbilt showed amorous interest in the family's young governess. Vanderbilt reportedly had his son Cornelius Jeremiah twice committed to a lunatic asylum. A lifelong misogynist who had wanted more than three sons, Vanderbilt paid little attention to his daughters and is believed to have cheated on his wife with prostitutes.
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As successful as he would be in business, he was a terrible father and husband. The couple would eventually have 13 children, with 11 surviving to adulthood. On December 19, 1813, much to the dismay of his parents, Vanderbilt married his first cousin, Sophia Johnson. He would eventually be given the nickname “Commodore,” which he embraced. By the end of the war, he had amassed a small fleet of boats and working capital of $10,000 ferrying passengers and freight from Boston to Delaware Bay. He learned the art of shipbuilding and navigation in open water. government to supply neighboring outposts during the War of 1812. Through aggressive marketing, shrewd deals and undercutting the competition-traits that he would practice all his life-he earned more than $1,000 in his first year.Īt age 18, Vanderbilt contracted with the U.S.
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Legend has it that at age 16, Vanderbilt ran a two-mast sailing vessel, known as a periauger the enterprise came with the understanding that he would have to share profits with his parents, who had supplied a loan. At age 11, young Vanderbilt quit school to work with his father, ferrying cargo and passengers between Staten Island and Manhattan. His father instilled in him a blunt, straightforward demeanor, and his mother, frugality and hard work. Vanderbilt was born on May 27, 1794, on Staten Island, New York, the son of Cornelius and Phebe Hand Vanderbilt. Vanderbilt is deemed one of America's leading businessmen, and is credited for helping to shape the present-day United States. When he died in 1877, Vanderbilt had amassed the largest fortune accumulated in the U.S.
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He also provided the first rail service between New York and Chicago. Who Was Cornelius Vanderbilt?Ĭornelius Vanderbilt began a passenger ferry business in New York harbor with one boat, then started his own steamship company, eventually controlling Hudson River traffic. He had accumulated the largest fortune in the U.S. Cornelius Vanderbilt was a famous industrialist who worked in railroads and shipping.