twenty-four years old, he had saved nine thousand dollars, and had built several small vessels.
In 1818, he suddenly abandoned his flourishing business, and accepted the command of a steamboat, with a salary of one thousand dollars. His friends were greatly astonished at this step, and remonstrated with him warmly, but without shaking his resolution. He had the sagacity to perceive that the steamboats were about to revolutionize the whole system of water transportation, and he meant to secure a foothold in the new order of affairs without delay. The result vindicated his wisdom.
The steamer which he commanded was one of a line plying between New York and New Brunswick—the old route to Philadelphia. This line was conducted by Mr. Thomas Gibbons, and was warmly opposed by the representatives of Fulton and Livingston, who claimed a monopoly of the right to navigate the waters of New York by steam. Gibbons was effectively supported by Vanderbilt, who ran his boat regularly in spite of all efforts made to stop him, until the courts sustained him in his rights. Then Vanderbilt was allowed to control the line in his own way, and conducted it with such success that it paid Gibbons an annual profit of forty thousand dollars.
In 1829, at the age of thirty-five, he left the service of Mr. Gibbons, and for the second time began life on his own account. He built a small steamer, called the “Caroline,” and commanded her himself. In a few years he was the owner of several small steamers plying between New York and the neighboring towns. Thus began his remarkable career as a steamboat owner, which was one unbroken round of prosperity. He eventually became the most important man in the steamboat interest of the country. He has owned or has had an interest in one hundred steam vessels—hence his title of Commodore—and has been instrumental in a greater degree than any other man, in bringing down the tariff of steamboat fares. He has never lost a vessel by fire, by explosion, or a wreck. His “North Star” and “Vanderbilt” were famous steamships in their day, and in the latter he made an extended tour to the various ports of Europe.
A year or two before the Civil War, Mr. Vanderbilt began to invest largely in railroad stocks and iron works. He at length secured the control of the Hudson River, Harlem and New York Central Roads, and their dependencies, which made him as important a personage in this branch of our industry as he had been in the steamboat interest. His control of these roads also gave him a commanding influence in the stock market of Wall street, and brought within his reach numerous opportunities for enriching himself by speculations, of which he was not slow to avail himself. Wall street is full of stories concerning him, and it is evident from many of these that he has dealt the dealers there too many hard blows to be popular amongst them.
Mr. Vanderbilt resides in a handsome old-fashioned brick mansion in East Washington Place. His business office is in Fourth street, near Broadway. His wealth is very great, and is generally estimated in the city at over forty millions of dollars. He is said to have a greater command of large sums of ready money than almost any other American capitalist.
Mr. Vanderbilt has been twice married, and is the father of thirteen children—nine daughters and four sons, all the children of his first wife. His grandchildren are numerous.