Table of Contents
What bad thing did Cornelius Vanderbilt do?
A lifelong misogynist who had wanted more than three sons, Vanderbilt paid little attention to his daughters and is believed to have cheated on his wife with prostitutes.
What are some challenges that Cornelius Vanderbilt faced?
In 1868 Vanderbilt faced two problems. First, he became convinced that he had to extend his system all the way to Chicago to be competitive with the other major lines – the PA, Erie, and B&O – who were also casting about for connections.
What did Vanderbilt do that was so ruthless?
He was infamously involved in the Erie Railroad War of 1868, when he battled Wall Street traders Jim Fisk and Jay Gould for financial control of the Erie Railroad. The Erie was controlled by Daniel Drew, who conspired with Vanderbilt to buy up the majority of shares in the railroad.
What was Vanderbilt criticized for?
His critics called him grasping and ruthless, an unelected king who never pretended to rule for his people.” But Mr. Stiles plainly gets a charge out of Vanderbilt’s raw nerve. Cornelius Vanderbilt grew up on Staten Island, the son of a modest farming family.
Was Cornelius Vanderbilt the first robber baron?
Cornelius Vanderbilt, the ‘Commodore’: the first of the robber barons. The Civil War broke his heart, but made his second fortune. Cornelius was born in 1794 on Staten Island among the harbours that would make his first fortune.
What did Cornelius Vanderbilt do to make him a robber baron?
He drove competing railroad companies out of business and bought up their railroad lines. Small railroads were swallowed up by Vanderbilt’s massive corporation.
Was Cornelius Vanderbilt a good person?
He was also considered a very good judge of character. He embraced individuals of high character and went to war with those who were dishonest or untrustworthy. Vanderbilt’s word was considered as good as gold. He never went back on his word.
What ways was Vanderbilt a robber baron?
Cornelius Vanderbilt was a Robber Baron because he fit many of the charateristics associated with robber barons:
- Poor working conditions/long hours/low wages for workers.
- Manipulative.
- Monopolized industry.
How did Cornelius Vanderbilt treat his workers badly?
The reports on Cornelius Vanderbilt suggest he did not treat his employees very well. The employees were hired to work long hours and often did not receive a high amount of compensation for the work. He did give many people jobs who were previously unemployed.
Who was the worst of the robber barons?
John D. Rockefeller controlled much of the American oil industry during the late 19th century and his business tactics made him one of the most notorious of the robber barons.
Was Cornelius Vanderbilt considered a robber baron?
A robber baron is a term used frequently in the 19th century during America’s Gilded Age to describe successful industrialists whose business practices were often considered ruthless or unethical. Included in the list of so-called robber barons are Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller.
Why was Cornelius a robber baron?
Included in the list of so-called robber barons are Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller. Robber barons were accused of being monopolists who earned profits by intentionally restricting the production of goods and then raising prices.
How did Vanderbilt mistreat his workers?
Vanderbilt’s reply blamed the low wages on the depressed economy, and called upon workers to make sacrifices until business improved. Unimpressed, the workers stayed out on the Lake Shore Line and on all other Cleveland lines except the Atlantic and Great Western (see ERIE-LACKAWANNA RAILROAD), which had not cut wages.
How did the Vanderbilt lose their money?
By the time Cornelius “Commodore” Vanderbilt’s grandchildren began inheriting the family’s money, the Vanderbilts’ economic dominance was declining. By the 1930s, the shipping industry was losing ground to other modes of transportation like cars, barges, and buses.
How did the Vanderbilt money disappear?
He brought this same mind-set into railways. After his death in 1877, Cornelius’ son William took over the portfolio. Rather incredibly, William doubled the value of the Vanderbilt fortune to US$200 million by the time he died in 1885. William’s family inherited the Vanderbilt fortune and proceeded to squander it.
What did Cornelius Vanderbilt do with his wealth?
Vanderbilt invested his profits in steamboats, he lent his money to other businessmen, he bought real estate, and he purchased stock in private corporations. He personally invested millions in building Grand Central Station, one of the largest train depots in the world.