Vanderbilt's Legacy: Lawbreaker Or Lawbender?

Cornelius Vanderbilt, also known as The Commodore, was a self-made multi-millionaire and one of the richest Americans in history. He built his wealth in railroads and shipping, starting with a single boat and eventually becoming one of the country's largest steamship operators. Vanderbilt was known for his fierce competitiveness and ruthless business tactics, which earned him numerous enemies. He also had a hand in the construction of Manhattan's Grand Central Depot. While he is often described as a robber baron, with a reputation for flouting the law, did he actually break any?

Did Cornelius Vanderbilt break the law with his steamship business?

Cornelius Vanderbilt, also known as "The Commodore", was an American business magnate who built his wealth in railroads and shipping. He was one of the richest Americans in history and is known for his monopolies on shipping and the railroads, facilitated by political manipulation.

Vanderbilt began working on his father's ferry business as a boy, quitting school at the age of 11. At 16, he started his own ferry service, ferrying freight and passengers between Staten Island and Manhattan. He then worked as a steamship captain for a wealthy businessman, Thomas Gibbons, who owned a commercial steamboat service between New Jersey and New York. In the late 1820s, Vanderbilt went into business for himself, eventually becoming one of the country's largest steamship operators.

Vanderbilt gained a reputation for being fiercely competitive and ruthless in his business dealings. He engaged in fierce fare wars with his rivals, and his competitors often paid him large sums not to compete with them.

In the 1840s, Vanderbilt constructed a large brick home for his family in Manhattan. Despite his growing wealth, the city's elite residents were slow to accept him, considering him rough and uncultured.

During the California Gold Rush, Vanderbilt launched a steamship service transporting prospectors from New York to San Francisco via a route across Nicaragua. This route was faster than the established route across Panama and was an instant success, earning over $1 million a year.

While Vanderbilt's business practices may have been aggressive and cutthroat, there is no clear indication that he broke the law with his steamship business. However, his tactics often involved flouting or manipulating the law to his advantage, as evidenced by his quote, "It is not according to my mode of doing things to bring a suit against a man that I have the power in my own hands to punish... I for one will never go to law when I have got the power in my own hands to see myself right."

Did Cornelius Vanderbilt break the law with his railroad monopoly?

Cornelius Vanderbilt, nicknamed "The Commodore", was an American business magnate who built his wealth in railroads and shipping. Vanderbilt is often described as a "robber baron" due to his monopoly on shipping and the railroads, which was facilitated by political manipulation.

Vanderbilt's foray into the railroad industry began in the 1860s, when he shifted his focus from steamship operations. He was involved in the Erie Railroad War of 1868, battling Wall Street traders Jim Fisk and Jay Gould for financial control of the Erie Railroad. Vanderbilt was a dominant force in the industry, engaging in fierce fare wars with his rivals. In some cases, his competitors paid him large sums not to compete with them.

Vanderbilt was also the driving force behind the construction of Manhattan's Grand Central Depot, which opened in 1871. The depot was replaced by Grand Central Terminal in 1913.

Vanderbilt died in 1877, leaving an estimated fortune of over $100 million to his son William. While he did not own grand homes, Vanderbilt's legacy includes the Vanderbilt University in Nashville, Tennessee, and Vanderbilt Avenue in New York's Manhattan and Brooklyn.

Although Vanderbilt's business tactics were ruthless and may have involved some manipulation, there is no clear indication that he broke the law with his railroad monopoly.

Did Cornelius Vanderbilt break the law with his business practices?

Cornelius Vanderbilt was a self-made multi-millionaire and one of the wealthiest Americans of the 19th century. He built his wealth in railroads and shipping, and was known for his fiercely competitive and ruthless business practices.

Vanderbilt's business practices were certainly aggressive, and he gained a reputation for being cut-throat in his pursuit of profit. He was involved in several high-profile business battles, including the Erie Railroad War of 1868, where he fought Wall Street traders Jim Fisk and Jay Gould for financial control of the Erie Railroad. Vanderbilt was also no stranger to the courts, and often took matters into his own hands rather than engage in lengthy legal battles.

Vanderbilt's business tactics, while not always strictly legal, do not appear to have been outright illegal. He was a strong believer in personal industry and took matters into his own hands, often choosing to cut his losses and move on rather than engage in protracted legal battles.

Vanderbilt's most famous quote, "Let them do what I have done", reflects his belief in hard work and personal initiative over reliance on the law. While his methods may have been questionable, he was ultimately successful in building a vast business empire that made him one of the richest Americans in history.

Did Cornelius Vanderbilt break the law with his political manipulation?

Cornelius Vanderbilt was an American business magnate who built his wealth in railroads and shipping. He was also known as "the Commodore". Vanderbilt was one of the richest Americans in history and has been described as a "robber baron" due to his use of political manipulation to gain a monopoly on shipping and railroads.

Vanderbilt's political manipulation was evident in his battle with Wall Street traders Jim Fisk and Jay Gould for financial control of the Erie Railroad. He conspired with Daniel Drew, who controlled the Erie Railroad, to buy up the majority of shares. In response, Gould and Fisk issued additional watered-down shares, which Vanderbilt continued to buy. This led to a bizarre close to the battle, with Gould and Fisk ultimately gaining control of the railroad and Vanderbilt being paid back for his watered-down stocks.

Vanderbilt also flouted the law by steaming in and out of New York Harbor under a flag that read, "New Jersey Must Be Free!" He hired attorney Daniel Webster to argue his case before the United States Supreme Court, and his victory established an early precedent for the nation's first laws of interstate commerce.

While Vanderbilt's political manipulation may have involved breaking the law, it is difficult to say with certainty. However, his ruthless business tactics, including fare wars and fierce competition with rivals, earned him numerous enemies throughout his career.

Did Cornelius Vanderbilt break the law with his will?

Cornelius Vanderbilt's will was contested by three of his children: Cornelius Jeremiah Vanderbilt, and two of his nine daughters, Ethelinda and Mary. They claimed that their father was of unsound mind when he drew up the will, and that he was unduly influenced by their brother William and a corrupt spiritualist in his employ.

The court battle lasted over a year and was ultimately won by William, who increased the bequests to his siblings and paid their legal fees. Vanderbilt's will left 95% of his $105 million estate to his son William and four grandsons through him. This left his only other living son, Cornelius Jeremiah, and his nine daughters to receive a comparatively small inheritance.

While the will was found to be legal, it is possible that Vanderbilt broke the law in his business dealings. He is often described as a robber baron, and was known for his ruthless approach to business, which earned him numerous enemies.

Frequently asked questions