This day in 1794 marks the birth of rail baron and arch-capitalist, Cornelius Vanderbilt. Born to a poor family in Staten Island, Vanderbilt left school at age eleven and headed to New York's waterfront to begin what proved to be a long and fruitful career. In 1810, Vanderbilt began his first entrepreneurial venture with the launch of a small ferry business. Though Vanderbilt's ferry enterprise soon began to thrive, he sold his schooners in 1818, opting instead to learn the shipping business under the tutelage of captain Thomas Gibbons. Though still young, Vanderbilt was a savvy and fiercely competitive entrepreneur, and by 1829 he had purchased his first steamer. Thanks in large part to his aggressive fares and lavishly decorated steamers, Vanderbilt eventually came to rule the shipping industry. By 1862, the nation's burgeoning rail network beckoned and, utilizing his handsome capital resources, Vanderbilt built an empire that included the New York and Harlem Railroad, as well as the New York Central Railroad. Towards the end of his life, Vanderbilt tempered his competitive zeal with altruism -- he donated $1 million to Central University (later renamed Vanderbilt University) and masterminded the construction of New York's Grand Central Terminal. Cornelius Vanderbilt passed away in New York City during in early 1877.
source: www.history.com
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