Cornelius Vanderbilt

By organizing the fragmented transportation system in the United States, Cornelius Vanderbilt facilitated continental expansion and created the infrastructure necessary for an expanding economy. He began in the rough-and-tumble world of the New York City port, soon earning the nickname “the Commodore.” By 1829, he had parlayed several small shipping ventures into a stake in the lucrative Hudson River trade, then branched out to dominate the New England steamship service and seaborne travel to San Francisco. Vanderbilt next moved into railroads, gaining control of the industry from New York to western Canada.

A ruthless monopolist, Vanderbilt drove out his competitors through rate wars, political muscle, and hostile takeovers. He disdained philanthropy and made only one major gift, donating one million dollars to found Vanderbilt University in Nashville, Tennessee. Obsessively frugal, Vanderbilt died the country’s richest man, but within fifty years, his grandchildren’s Gilded Age extravagance had squandered the family fortune.