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Although Vanderbilt kept his own businesses running, he became Gibbons's business manager. Though both Livingston and Fulton had died by the time Vanderbilt started working for Gibbons, the monopoly was held by Livingston's heirs.
Gibbons launched his steamboat venture because of a personal dispute with Ogden, whom he hoped to drive into bankruptcy.
To accomplish this, he undercut prices and also brought a landmark legal case — Gibbons v. Ogden — to the United States Supreme Court to overturn the monopoly.
There his wife Sophia operated a very profitable inn, using the proceeds to feed, clothe and educate their children. Vanderbilt also proved a quick study in legal matters, representing Gibbons in meetings with lawyers.
He also went to Washington, D. Vanderbilt appealed his own case against the monopoly to the Supreme Court, which was next on the docket after Gibbons v. The Court never heard Vanderbilt's case, because on March 2,it ruled in Gibbons' favor, saying that states had no power to interfere with interstate commerce.
The case is still considered a landmark ruling. The protection of competitive interstate commerce is considered the basis for much of the prosperity which the United States has generated. Though he had always run his own businesses on the side, he now worked entirely for himself.
Step by step, he started lines between New York and the surrounding region. That year he faced opposition by a steamboat operated by Daniel Drewwho forced Vanderbilt to buy him out.
Impressed, Vanderbilt became a secret partner with Drew for the next thirty years, so that the two men would have an incentive to avoid competing with each other.
Also on the train was former president John Quincy Adams. Using the name "The People's Line," he used the populist language associated with Democratic president Andrew Jackson to get popular support for his business.
At the end of the year, the monopoly paid him a large amount to stop competing, and he switched his operations to Long Island Sound.
They processed cotton from the Deep South, so were directly tied to the slave societies. By the end of the decade, Vanderbilt dominated the steamboat business on the Sound, and began to take over management of the connecting railroads.
In the s, he launched a campaign to take over the most attractive of these lines, the New York, Providence and Boston Railroadpopularly known as the Stonington. By cutting fares on competing lines, Vanderbilt drove down the Stonington stock price, and took over the presidency of the company in It was the first of the many railroads he would head.
It was in the s when he was first referred to as "commodore," then the highest rank in the United States Navy. A common nickname for important steamboat entrepreneurs, by the end of the s, only Vanderbilt was referred to by this nickname.A gripping, groundbreaking biography of the combative man whose genius and force of will creaed modern capitalism.
Founder of a dynasty, builder of the original Grand Central, creator of an impossibly vast fortune, Cornelius “Commodore” Vanderbilt is an American icon.
Watch video · Cornelius Vanderbilt Biography Business Leader, Philanthropist (–) Cornelius Vanderbilt was a famous industrialist who worked in railroads and shipping. Cornelius Vanderbilt II was an American socialite, heir, businessman, and a member of the prominent United States Vanderbilt family.
He was the favorite grandson of Commodore Cornelius Vanderbilt, who left him $5 million, and the eldest son of William Henry "Billy" Vanderbilt (who left him close to $70 million) and Maria Louisa rutadeltambor.com: Nov 27, Cornelius Vanderbilt was an American business tycoon and philanthropist known for amassing his fortune in railroads and shipping.
One of the richest persons in the history of United States, Vanderbilt is most recognized for building the New York Central rutadeltambor.com Of Birth: Staten Island.
William Henry Vanderbilt I (May 8, – December 8, ) was an American businessman and a member of the prominent Vanderbilt family. William Vanderbilt was born in New Brunswick, New Jersey in He inherited nearly $ million from his father, railroad mogul and family patriarch "The.
Cornelius Vanderbilt (), American steamship and railroad builder, executive, and promoter, transferred his attention from boating to railroads in his later years. He .