USA HISTORY

Detailed explanation-1: -Cornelius Vanderbilt, byname Commodore Vanderbilt, (born May 27, 1794, Port Richmond, Staten Island, New York, U.S.-died January 4, 1877, New York, New York), American shipping and railroad magnate who acquired a personal fortune of more than $100 million.

Detailed explanation-2: -By 1864, he had retired from shipping, having amassed nearly $30 million in wealth. At age 70, Vanderbilt turned his attention more closely to railroads, acquiring the New York & Harlem and Hudson Line (which ran along the Erie Canal), and then going after the New York Central Railroad.

Detailed explanation-3: -Cornelius Vanderbilt offers lessons for today’s policymakers. While he is best-known for revolutionizing the railroad industry, he got his start in water transportation. As a young man, Vanderbilt worked for Thomas Gibbons as a ferry captain on the waters of New York.

Detailed explanation-4: -1862: Began to purchase controlling interest in railroad companies. 1870: Established a railroad line from New York City to Chicago. 1873: Built Grand Central Terminal in New York City. 1873: Donated $1 million to Central University, which is renamed Vanderbilt University in his honor.