ity 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.

[Picture: CORNELIUS VANDERBILT.]

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 con