Cornelius Vanderbilt Research Paper

Words: 606
Pages: 3

Cornelius Vanderbilt, also known as the Comodore, was born on May 27, 1794. He was one of nine children. Born and raised in New York, Vanderbilt started working with his father. They worked ferrying products and merchandise between Staten Island and Manhattan. Vanderbilt also attended school during this time when he wasn't needed by his father. At the age of 11, when the family faced hardship, Cornelius was forced to quit school to pursue a career in his father's business. Cornelius s family was known to be hard workers, but still remained poor for the majority of his childhood. At the age of 16, Cornelius convinced his parents to lend him $100. He then used this money to start his own ferry and freight business. The deal Vanderbilt made to his parents was they got part of his …show more content…
After Vanderbilt s ferry business took off, he became known as the captain of industry due to his great contributions to the transportation and shipping industries. As his ferry business grew he kept reinvesting his profits back into the business, he eventually had more ferries than any other company. Vanderbilt ultimately dominated the Hudson River trade route and was the only ferry company around. Vanderbilt s ferry business became popular so quickly because he offered things others didn't like: low fares, prices and reliable services, allowing him to outcompete his rivals and establish a monopoly in the business. However, Cornelius Vanderbilt is most known for his work in the railroad industry. He recognized the growing industry of the railroad and the importance of newly invented transportation. After this realization, Vanderbilt decided to partake in the industry to further his ferry business. Due to his prior wealth, he stepped into the industry further ahead than most. New to the industry, Vanderbilt was able to buy out many railroad companies and put them out of