WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Shut down the only bridge that railroad can pass to get to New York City.
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By having his son to negotiate the deal.
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Allowed his competitors to join his company.
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Charged lower price for tickets of railroads that he owned.
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Detailed explanation-1: -Vanderbilt’s rivals stopped believing he was a strong business adversary. What did Vanderbilt do to convince them he was still powerful? Vanderbilt, owned and closed the Albany bridge, cutting off New York, due to it being the only bridge in the state.
Detailed explanation-2: -Vanderbilt built another empire and also helped make railroad transportation more efficient. He changed his railroad’s name to the New York Central & Hudson River when he merged the original New York Central Railroad with his own Hudson River Railroad.
Detailed explanation-3: -By cutting fares on competing lines, Vanderbilt drove down the Stonington stock price, and took over the presidency of the company in 1847. It was the first of the many railroads he would head. During these years, Vanderbilt also operated many other businesses.
Detailed explanation-4: -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.)
Detailed explanation-5: -Since he owned the only rail bridge in and out of New York City (i.e., the Hudson River Bridge), he owned the gateway to the country’s largest port. Without access to the bridge, every other railroad would be effectively shut out of New York City.