After leaving Mr. Gibbons he built a small steamer, called the “Caroline,” which he commanded himself.  In a few years he was the owner of several other small steamers plying between New York and the neighboring towns.  He made slow progress at first, for he had strong opposition to overcome.  The steamboat interest was in the hands of powerful companies, backed by immense capital, and these companies were not disposed to tolerate the interference of any new-comer.  They met their match in all cases, however, for Vanderbilt inaugurated so sharp a business opposition that the best of them were forced to compromise with him.  These troubles were very annoying to him, and cost him nearly every dollar he was worth, but he persevered, and at length “carried his point.”

From that time he made his way gradually in his business, until he rose to the head of the steamboat interest of the United States.  He has owned or been interested in one hundred steam vessels, and has been instrumental in a greater degree than any other man in bringing down the tariff of steamboat fares.  He never builds a vessel without giving his personal superintendence to every detail, so that all his various craft have been models of their kind.  He selects his officers with the greatest care, pays them liberal salaries, and, as long as they do their duty, sustains them against all outside interference or intrigue.  In this way he inspires them with zeal, and the result is that he has never lost a vessel by fire, explosion, or wreck.

He built the famous steamer “North Star,” and made a triumphal cruise in her to the Old World.  It is said that he was at one time very anxious to divide the business of the ocean with the Collins Line of steamers.  When the “Arctic” was lost he applied to Mr. Collins to allow his steamer to run in her place.  He promised to make no claim for the mail subsidy which Collins received, and to take the vessel off as soon as Collins could build another to take her place.  Mr. Collins was afraid to let Mr. Vanderbilt get any hold on the foreign trade of the country, and not only refused his request, but did so in a manner which roused the anger of the veteran, who thereupon told Mr. Collins that he would run his line off the ocean if it took his whole life and entire fortune to do it.  He kept his word.  He at once offered the Government to carry the mails more promptly and regularly than had ever been done before, and to do this for a term of years without asking one single cent as subsidy.  It was well known that he was perfectly able to do what he promised, and he pressed the matter upon the Government so vigorously that he was successful.  The subsidy to Collins was withdrawn, and the magnificent line soon fell to pieces in consequence of the bankruptcy of its owner, who might have averted his fate by the exercise of a little liberality.

Of late years, Mr. Vanderbilt has been withdrawing his money from ships and steamers, and investing it in railroads and iron works.  Success has attended him in all his ventures, and he is to-day worth over thirty millions of dollars.  He controls the Hudson River, Harlem, and New York Central Roads, and is largely interested in many others.  He is all powerful in the stock market, and can move it as he will.