ipl-logo

Comparing The Competition Between Cornelius Vanderbilt And John D. Rockefeller

477 Words2 Pages

This episode is about the competition between Cornelius Vanderbilt and John D. Rockefeller. As the US is changing, Vanderbilt, who currently owns many ships for transportation, notices the need for change of transportation and decides he needs to get involved with railroads. He sells all of his ships and buys many railroad. Once Vanderbilt gets into the railroad business, he sees the competition and wants it all. In attempts to earn more money, he blocks off the the railroad in NY that leads to Albany so he can buy all the stock there. One of the main railroads he wanted was the Erie. Instead of selling it all to him, Gould and Fisk sold him only shares which made Vanderbilt lose millions. This made Vanderbilt angry, but caused him to realize that there are way too many railroads and he will not be able to make money off of them unless they are transporting something of value. …show more content…

Rockefeller, who owns an oil refinery. When they first made the deal, Rockefeller promise too much oil and he knew he had to get it or that would be the end of his career. Rockefeller then improved his kerosene, and with more money from doing this he could own more oil refineries which meant more oil. Later, it became too much oil for Vanderbilt to ship with trains, so there was a need for someone else to also ship the kerosene. This is when Carnegie and Scott came into play, they wanted in on the kerosene. Vanderbilt lost his competitive edge and decided to form an alliance with Scott. This made rates increase for Rockefeller, which called for war. Rockefeller them created a pipeline system that made railroads unnecessary. This upset railroad companies and one-third of the railroad companies went bankrupt. Many people lost their jobs and the first depression in the US

Show More
Related

How Did Jay Gould Industrialize The Transcontinental Railroad System

592 Words | 3 Pages

The transcontinental railroad system developed after the Civil War in 1869; this was at the time of the Gilded Age. The reason why the railroads were industrialized, was to revolutionize and expanded the economic growth throughout the United States. Thus, allowing commercial goods to be delivered for a lower rate, as well as, transporting people across the country from coast to coast. During this era, Jay Gould became a railroad mogul, by monopolizing the railroads. As stated in the textbook, 'He operated in the stock market like a shark".

Read More

Why Is Cornelius Vanderbilt Considered The First Robber Baron?

950 Words | 4 Pages

In 1868, Vanderbilt decided that he had to buy the New York & Erie Railroad in order to end competition in New York City railroads. He was unsuccessful in doing this, but he had more luck securing railroads that traveled all the way to Chicago. He bought Lake Shore & Michigan Southern and the Northern Indiana Railroads. By 1873, Vanderbilt had control over a system of railroads running from New York to Chicago.

Read More

Cornelius Vanderbilt's Impact On American Business

440 Words | 2 Pages

In the 19th century, individuals became incredibly wealthy due to the rapid expansion of railroads throughout the United States. These railroad tycoons amassed fortunes by investing in and controlling the transportation industry. The development of railroads allowed for faster and more efficient transportation of goods and people, ultimately leading to the growth of cities and industries across the country. There is no denying the significant impact these individuals had on American history and the economy. Cornelius Vanderbilt, also known as the "Commodore," was a prominent figure in American business during the 19th century.

Read More

The Rise Of Robber Barons Or Captains Of Industry

812 Words | 4 Pages

He bought out many railways to connecting routes with whom he had conflicts with which increased his range of transportation. He also incorporated lower rates with better service. With the advancement of connecting railways farmers were mad because they had to compete with a larger range of other farmers and deal with increasing transport prices. Next there is Rockefeller who used Vanderbilt’s tactics to dominate the oil industry. He bought out rival refineries and created the first American monopoly called Standard Oil Company, which he was the over seer.

Read More

Standard Oil Dbq

757 Words | 4 Pages

The US was under heavy control of a lot of trusts that were ran and were worth a lot of money. Standard Oil had a ton of products they were producing which made them have better control on the railroad, because they were the biggest lube manufacturer for the railroads. In the first presidential election of the 19th century the biggest issue in the election was trusts. The main reasons Standard Oil was broken up was because of the Sherman Antitrust Act and Standard Oil Co. of New Jersey v. United States.

Read More

International Trade Dbq Essay

1640 Words | 7 Pages

In the 1500’s the world was run on an Independent world, which meant that all countries were depending on their selves. Throughout the early to late 1500’s countries were trading with each other for goods either with money or other goods that other countries were unable to produce themselves. There were trade circles all over the world that trade runners would travel to unload their cargo and stock up products they receive from trade. These countries were trading materials such as gold, sugar, tobacco, and metals, and other raw materials that were valuable. By the 1700 the world was turning more interdependent.

Read More

How Is Cornelius Vanderbilt A Captain Of Industry

475 Words | 2 Pages

Cornelius Vanderbilt was well known for his intelligence in the business industry. Vanderbilt originally made his money off of steamships, but eventually changed his path to the railroad industry. Many people perceived Vanderbilt as a Captain of Industry; however, others perceived him as a Robber Baron. Nevertheless, Vanderbilt was one of the most well known business leaders of his time, which is still talked about today. In May of 1794 Cornelius Vanderbilt was born to Cornelius Vanderbilt and Phebe Hand Vanderbilt on Staten Island, New York.

Read More

How Did Caesar Vanderbilt Change America

589 Words | 3 Pages

He does this because he knows that the completion of the railroad will forever transform America. In the end, Vanderbilt’s decision to invest heavily in railroads paid off. The railroads allowed cheap and efficient transportation from one corner of America to another and became the big supplier of transportation in the oil industry, with over 50,000 miles of railroad tracks. Very soon, he became the richest man in America with a net worth of over $68 million, which today is $75 billion. Vanderbilt owned the only rail bridge into New York City, which was America’s busiest port.

Read More

How Did John D Rockefeller Affect America

606 Words | 3 Pages

After the trial Rockefeller was charged with many things and Standard Oil was broken down from a monopoly and Rockefeller was forced to step down was the

Read More

Vanderbilt's Accomplishments

138 Words | 1 Pages

Before the 1860s U.S. railroads were inefficient for big business to explode, and shipping goods wasn’t as easy before Cornelius Vanderbilt organized a steam ship company. He also controlled all lines of railroad linking New York to the Great Lakes. His strategy was to create a monopoly to gain wealth and power of all the effective railroad lines into one major company. He expressed competition and set unfair prices for the workers. The workers soon revolted and went on strike in 1877 due to the low pay and increase of work hours.

Read More

Industrialization Dbq

612 Words | 3 Pages

During the years of 1870-1916 the U.S. went through an industrial boom that manifested the country we live in today. At the time, the nation was rebuilding it’s connections back up once again making the south and the north together as one union. In between all of the changes happening nationally, there were major developments in booming cities like inventions including new forms of industrial idealization, transportation, and the uprising of electricity and along with these inventions came users who would take advantage. As for transportation, one of the major effects of industrialization in the U.S. was the creation of the steamboat.

Read More

Comparison And Contrast Cornelius Vanderbilt And Ted Waitt

55 Words | 1 Pages

Money. Everyone wants it but doesn’t want to work for it. It’s a common necessity in everyday life and it always will be. These two gentlemen took their passion for money and obtaining fine things and turned it into a profession. Cornelius Vanderbilt and Ted Waitt both had similarities and differences, both strong and weak.

Read More

How Did Cornelius Vanderbilt Contribute To The American Dream

911 Words | 4 Pages

He used his boat to ferry passengers and goods between Staten Island and Manhattan… Selling his ferry business, Vanderbilt went to work for Thomas Gibbons in 1817, running a steam ship line between New York and New Jersey. Over 12 years, Vanderbilt became an expert in the operation and design of steam ships. He 1829, he resigned to launch his own business… He sold his interest in steamers and turned to Wall Street, the financial heart of the nation in New York. In a short period of time, he quietly bought up a number of railroads to form the New York Central and Hudson River line, one of the largest businesses America had ever seen.

Read More

Cornelius Vanderbilt A Robber Baron

964 Words | 4 Pages

Was Cornelius Vanderbilt a Robber Baron or Captain of Industry? A cruel businessman or an industrious leader? Henry J. Raymond believed that Vanderbilt was “a monopolist that crushed other competitors”(T.J Stiles). While he is also deemed one of America’s leading businessmen, and is also credited for helping shape the United States. His fortunes were made unfairly in some cases but his million dollar contribution to the Navy was very generous.

Read More

John D. Rockefeller: The Captain Of Industry

459 Words | 2 Pages

Rockefeller: The Captain of Industry that has helped our country thrive “The best philanthropy” he wrote, is constantly in search of finalities- a search for a cause an attempt to cure evils at their source” - John D. Rockefeller John D. Rockefeller was the richest man of his time but, used his wealth to improve our country. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. In 1870 Rockefeller established the Standard Oil Company. With the establishment of the oil company Rockefeller controlled 90% of the oil business in America by 1880.

Read More

More about Comparing The Competition Between Cornelius Vanderbilt And John D. Rockefeller

Related Topics

Open Document