How did William H Vanderbilt treat his workers?

How did William H Vanderbilt treat 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 Cornelius Vanderbilt treat his competitors?

Shrewd and aggressive, he became a dominant force in the industry by engaging in fierce fare wars with his rivals. In some cases, his competitors paid him hefty sums not to compete with them. (Throughout his life, Vanderbilt’s ruthless approach to business would earn him numerous enemies.)

What good things did Cornelius Vanderbilt do?

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.

Are there still Vanderbilts alive today?

Branches of the family are found on the United States East Coast. Contemporary descendants include journalist Anderson Cooper, actor Timothy Olyphant, musician John P. Hammond and screenwriter James Vanderbilt.

Was Vanderbilt good or bad?

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. One of the key players in establishing a more industrial run America.

Did Vanderbilt donate his money?

Although never interested in philanthropy while acquiring the bulk of his huge fortune, later in his life he did give $1 million to Central University in Nashville, Tennessee (later Vanderbilt University).

What are bad things Cornelius Vanderbilt did?

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.

Are Vanderbilts still rich?

None of the descendants maintain the wealth in the end. Nobody from the Vanderbilt family made it into the wealthiest people in the United States. When 120 members of the Vanderbilt household gathered at Vanderbilt University for their first family reunion in 1973, none of them even had a million fortune left.

Is Timothy Olyphant a Vanderbilt?

Olyphant is a descendant of the Vanderbilt family of New York. His third great-grandfather, David Olyphant, and great-great-grandfather, Robert Morrison Olyphant, were both prominent businessmen.

What was Vanderbilt’s legacy?

Vanderbilt became a key figure in breaking the transatlantic steamboat monopoly granted to Robert Fulton and Robert Livingston in the waters around New York City. Well on his way to fame and fortune, Vanderbilt took on Daniel Drew for the service between New York and Peekskill.

What was bad about Cornelius Vanderbilt?

As successful as he would be in business, he was a terrible father and husband. 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.

How did Cornelius Vanderbilt treat his employees?

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.

What did William Vanderbilt do for a living?

Vanderbilt soon became known for his sharp business acumen. During the 1830s, he built profitable shipping lines in the New York region, undercutting competitors’ fares and offering top service. Competitors struggled and finally paid him to take his business elsewhere.

Why did the Vanderbilts lose the world’s greatest fortune?

10 Reasons the Vanderbilts Lost the World’s Greatest Fortune. 1 The Breakers. Cornelius Vanderbilt II was the eldest son of William Vanderbilt, and was said to be the Commodore’s favorite grandson. Cornelius 2 Marble House. 3 Buying Acceptance. 4 Frederick William Vanderbilt. 5 The Biltmore Estate.

Why did Vanderbilt send his son William away?

Vanderbilt’s rivals sensing this, swooped in. They wanted to take the old man out. Vanderbilt sent his other son, William, to carry out a trade negotiation; his rivals laughed him away and sent him back to his father.