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(* content corrected *) CGI's oldmaninthedesert: History of the Great American Fortunes...The Beginnings of the Vanderbilt Fortune...Onrush of Vanderbilt Fortune

Posted By: RumorMail
Date: Tuesday, 5-Feb-2019 20:41:56
www.rumormillnews.com

From CGI member oldmaninthedesert:

**************************************************
and here we have this scoundrel..and seed via Gustavus Myers..

THE BEGINNINGS OF THE
VANDERBILT FORTUNE

The first of the overshadowing fortunes to develop from the ownership and manipulation of railroads was that of Cornelius Vanderbilt. The Havemeyers and other factory owners, whose descendants are now enrolled among the conspicuous multimillionaires, were still in the embryonic stages when Vanderbilt towered aloft in a class by himself with a fortune of $105,000,000. In these times of enormous individual accumulations and centralization of wealth, the personal possession of $105,000,000 does not excite a fraction of the astonished comment that it did at Cornelius Vanderbiltís death in 1877. Accustomed as the present generation is to the sight of billionaires or semi-billionaires, it cannot be expected to show any wonderment at fortunes of lesser proportions.

NINETY MILLIONS IN FIFTEEN YEARS.

Yet to the people of thirty years ago, a round hundred million was something vast and unprecedented. In 1847 millionaires were so infrequent that the very word, as we have seen, was significantly italicised. But here was a man who, figuratively speaking, was a hundred millionaires rolled in one. Compared with his wealth the great fortunes of ten or fifteen years before dwindled into bagatelles. During the Civil War a fortune of $15,000,000 had been looked upon as monumental. Even the huge Astor fortune, so long far outranking all competitors, lost its exceptional distinction and ceased being the sole, unrivalled standard of immense wealth. Nearly a century of fraud was behind the Astor fortune. The greater part of Cornelius Vanderbiltís wealth was massed together in his last fifteen years.

This was the amazing, unparalleled feature to his generation. Within fifteen brief years he had possessed himself of more than $90,000,000. His wealth came rushing in at the rate of $6,000,000 a year. Such an accomplishment may not impress the people of these years, familiar as they are with the ease with which John D. Rockefeller and other multi millionaires have long swept in almost fabulous annual revenues. With his yearly income of fully $80,000,000 or $85,000,000 1 Rockefeller can look back and smile with superior disdain at the commotion raised by the contemplation of Cornelius Vanderbiltís $6,000,000.

https://exploringrealhistory.blogspot.com/2019/02/part-9-history-of-great-american.html






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