His progress
as a steamboat owner was not rapid for some years. The business was in
the hands of powerful companies and wealthy individuals, and he, the
new-comer, running a few small boats on short routes, labored under
serious disadvantages. Formidable attempts were made to run him off
the river; but, prompt to retaliate, he made vigorous inroads into the
enemy's domain, and kept up an opposition so keen as to compel a
compromise in every instance. There was a time, during his famous
contest with the Messrs. Stevens of Hoboken, when he had spent every
dollar he possessed, and when a few days more of opposition would have
compelled him to give up the strife. Nothing saved him but the belief,
on the part of his antagonists, that Gibbons was backing him. It was
not the case; he had no backer. But this error, in the very nick of
time, induced his opponents to treat for a compromise, and he was
saved.
Gradually he made his way to the control of the steamboat interest. He
has owned, in whole or in part, a hundred steam vessels. His various
opposition lines have permanently reduced fares one half.
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