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Vanderbilt (CORNELIUS an American)

CORNELIUS, an American capitalist; born near Stapleton, Staten Island, N. Y., May 27, 1794; early engaged in steamboat transportation between Staten Island and New York and so enlarged his business that he soon gained the complete control of the New York and Staten Island lines.

Later he started steamboats in various waters-the Hudson, the Delaware, Long Island Sound, etc.; established steamboat and other connections between New York and California; and by 1864 was the owner or controller of nearly the whole water transportation in and about New York. In that year, however, he withdrew his capital from shipping and invested it in railroads.

He secured the management of one railroad after another and in 1877 controlled stocks representing an aggregate capital of $150,000,000, of which he owned fully one-half. In 1861 he presented the swift $800,000 steamship "Vanderbilt" to the United States Government to be used for the capture of Confederate privateers and in 1873 founded the Vanderbilt University in Nashville, Tenn., with $500,000, afterward increased to $700,000. At the time of his death in New York City, Jan. 4, 1877, his fortune was estimated at nearly $100,000,000.