In the Beginning:
In conclusion
- Cornelius was the son of a poor farmer and boatman.
- He quit school when he was 11 to help his father.
- When Cornelius was 16 he bought his first boat for $100, this money was a loan from his parents.
- Using this boat he opened a ferry service, the ferry ran to New York City.
- He then entered into the railroad business in 1857.
- Vanderbilt was a ruthless and cunning businessman who could not be stopped.
- He monopolized transport in America to make his massive fortune.
- Manipulated markets to benefit himself.
- Stabbed business partners in the back to gain more profit.
- Donated many things to keep a good public image.
- One of the key players in establishing a more industrial run America.
Cornelius the Robber Baron
Vanderbilt's Empire
- He crushed competitors
- Ruthless in his relationships
- Rigged markets
- Corrupted governments
- He was considered a monopolist
- Cornelius Vanderbilt’s transport empire made him one of the richest men in history.
- He started his empire by running a ferry across the new york harbor and building his empire in regional transport.
- In 1847 he expanded into the rail business by taking over presidency of the stonington rail line.
- He expanded into the realm of oceangoing steamships.
- After the civil war Vanderbilt sold all his steamships and bought up more rail companies and started one of the first corporations.
- His net worth was105 million at the time of his death (equivalent to approximately $2,325,421,875 in 2015 dollars)
How did Cornelius Vanderbilt impact the American people?
Positive effects
Negative effects
- 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.
- Donated 1 million dollars to vanderbilt university, largest donation to date.
- Donated many churches around New York.
- Donated his largest steamship to the union navy during the civil war.
- Disbanded a monopoly of steam ships in New York.
One of many railroads
owned by Vanderbilt
Cornelius Vanderbilt
http://www.gilderlehrman.org/history-by-era/gilded-age/essays/robber-barons-or-captains-industry