What affect did closing the bridge have on the New York Central railroad and how did Vanderbilt profit from it? It drove their stock value into the ground. Vanderbilt bought the stock and gained control of the railroad.
What was the impact of closing the Albany bridge?
What effect did closing the Albany Bridge have on the New York Central Railroad, and how did Vanderbilt profit from it? it created a blockade for any transport, in or out of New York; thus, “bleeding” his competitors of their profits.
What impact did the close call of the train derailment which would have led to his death have on Rockefeller?
What impact did the close call of the train derailment, which would have led to his death, have on Rockefeller? To strengthen his religious views, and made him convinced that God kept him alive for a purpose.
Why did Vanderbilt want control of Erie rail line and how did he attempt to get it?
Why did Vanderbilt want control of the Erie Rail Line and how did he attempt to get it? The Erie Rail Line is the most used and profitable. He starts buying up all the stock. It’s the only railroad line available.
What does Vanderbilt do that shuts his competition down and shuts them out of New York?
When Vanderbilt’s competitors unite their railroads against him, he closes the Albany Bridge, which he owns, the only rail route to the ports of New York City. Unable to move goods and passengers, his competitors lose money, their stock falls, and Vanderbilt buys it up to take over their rail lines.
Why did Vanderbilt shut down the Albany bridge?
As a result, Vanderbilt fought back, looking for a key strategic control point to leverage against his rivals. Owning the only rail bridge in and out of New York City, the Hudson River Bridge, he owned the gateway to the country’s largest port. So, he decided to cut off the bridge to rival traffic.
How did Vanderbilt’s move affect the price of stock in the railroads?
It drove their stock value into the ground. Vanderbilt bought the stock and gained control of the railroad.
How did Vanderbilt help and hurt society?
Monopolized transcontinental railway raising prices for citizens. Manipulated stock prices to his benefit Causing economic hardship’s. Continuously betrayed business partners to eliminate competition. In January 1867 he cut off Manhattan from the rest of America to settle a business dispute.
What loss affected Vanderbilt so deeply?
In 1866 Vanderbilt was especially struggling. What recent loss affected him so deeply? The death of his favored son, George. Vanderbilt’s rivals stopped believing he was strong business adversary.
What role did Vanderbilt play in helping the country rebuild after the Civil War?
What role did Vanderbilt play in helping the country rebuild after the Civil War? Vanderbilt built 50,000 miles of railroad which made transportation more efficient. Standard Oil was one of the nation’s first monopolies.
How did Cornelius Vanderbilt treat his workers?
Cornelius Vanderbilt apparently treated his employees badly, offering them very low wages and poor working conditions. Vanderbilt was perceived by his contemporaries as a ruthless character who spent too little time worrying about people’s perception about him.
When the leaders of other railroads were trying to sell off their shares What did Vanderbilt do?
When the leaders of other railroads re trying to sell off their shares, what does Vanderbilt do? Buy as many of those shares as he can.
How did Vanderbilt make his money?
Cornelius Vanderbilt: Steamships
Cornelius Vanderbilt initially made his money in the steamships business before investing in railroads. In 1817, Vanderbilt went to work as a ferry captain for a wealthy businessman, Thomas Gibbons, who owned a commercial steamboat service that operated between New Jersey and New York.
What effect did Cornelius Vanderbilt have on transportation in the United States?
What effect did Cornelius Vanderbilt have on transportation in the United States? He built the nation’s first transcontinental railroad.
How did Vanderbilt manipulate the stock market?
He also carried out corners, which were massive purchases from short-sellers, until he sucked all the oxygen out of the market (taking total control of the floating supply of shares, depriving short sellers of the ability to obtain and deliver the shares they had contracted to sell).
Why was Cornelius Vanderbilt successful?
Vanderbilt made his millions by controlling two burgeoning industries: the steamboat industry and the railroad industry. When he died, Vanderbilt’s estate was estimated to be worth $100,000,000. That was back in 1877.
Why was the Erie Railroad line important to Vanderbilt?
Yet Vanderbilt believed that by adding the Erie to his network of other railroads, which included the New York Central, he could control much of the nation’s railroad network.
How did Cornelius Vanderbilt donate his money quizlet?
In Vanderbilt’s last years, who and what did he give his estate and money to, leaving his legacy? Vanderbilt gave the majority of his estate to his favorite child William and moderate sums to his 9 other children. He gave money to build Grand Central, He also founded Vanderbilt University.
What year did Vanderbilt close the Albany Bridge?
The Livingston Avenue Bridge is a railroad bridge over the Hudson River in New York connecting Albany and Rensselaer. The original structure was built in 1866 by the Hudson River Bridge Company but was replaced in 1901–02.
| Livingston Avenue Bridge | |
|---|---|
| Construction start | 1901 |
| Opened | 1902 |
| Location | |
| Wikimedia | © OpenStreetMap |
How did Vanderbilt ruin other transportation companies during the Gold Rush?
Vanderbilt Found Opportunity With the California Gold Rush
He remarked that suing them in court would take too long, so he would simply ruin them. Vanderbilt managed to undercut their prices and put the other company out of business within two years.
How does Vanderbilt acquire nearly half of all the railroads across America?
How does Vanderbilt acquire nearly half of all the railroads across America? By all the money he earns from selling his shipping company he invests in the railroads. What big project (the biggest urban project in America up to that time) does Vanderbilt create in New York City?
