Evening journal., 1910-09-24
NEW NEWS OF YESTERDAY
An Old Vanderbilt Rule That
is Being Discarded
N ssrr -
BY "HolIand."

After Commodore Vanderbilt had
become very prominent as railroad
organizer and financier. he, of
course was constantly sought after
for advice and counsel respecting in
vestments by those who felt on suf-
ficient terms Of friendship with him,
said Senator Chauncey NJ Depew,
whose business connections with the
Vanderbilt interests date back TO the
days OF the Commodore. but. no
matter how strongly he was impor-
tuned. the Commodore never gave any
specific advice as TO the investment
of sums of money. He was never
willing to take that responsibility !
think he felt that if he recommended |
certain investments and they turned !
out badly. he would be criticized /
Furthermore, he made ii an infex- |
ible rule. not even by so much as
hint TO advise any one to buy securi-
ties of the railroad properties which
he controlled. | mean by that he was
unwilling to influence any of his
friends in such manner as would
lead them TO invest their money in
| Vanderbilt stocks or bonds. II they
! chose TO do that of their own free
WIN and accord in the open market
| and without any urging on his part
that was another matter.
"Some Of the appeals that were
made to the Commodore for financial
counsel we're comical and greatly
amused him. Il was in reply to one
such appeal that he made the cpl
/ grammatic answer which has passed
] into tradition: The first thousand
/ dollars is the hardest 10 get And
/ it was another appeal which~brought
from him the terse statement that il
is easier to make a fortune than it is
to keep one after II has been made.
There was one persistent friend,
and good one, too, who was con-
stantly asking the Commodore for
general advice respecting the invest
ment of money. Even that the Com
modore did not like much to give;
but at last he said TO the tempter:
I will give you the best advice that
can il you will call upon me i'm the
course of a day or two. and 7 hope
you will heed it after I have given it
TO YOU.
"Of course. the man was greatly
pleased 10 think that he had at last
broken down the Commodore's re-
serve-that he was finally to be taken
into the confidence of an expert in
financial investment. You may be
sure he was in the seventh heaven of
delight during the interim, and with
shining expectancy he appeared be-
fore the Commodore at the appointed
time.
"'You want to know my advice
about investing money. do your the
Commodore drawled. Well. sonny, I
will give it to you in a few words, and
] hope you will heed it. In the first
place. never buy anything that you
can't sell right off and with a fair
chance Of selling at a profit. And in
the second place, never invest your
money in real estate, because you
can't tell whether you can sell right
off or not That's the best advice
can give you, and l wonder il you'll
follow it?'
1T was advice that the Commodore's
sons and his grandsons followed re-
1 ligiously." continued Senator Depew.
/ Indeed the Vanderbilt family, up 10
and including the third generation,
never bought real estate for invest
ment" And the Senator might have
added that to-day this Vanderbilt rule
is being strikingly broken in New
York by Alfred, Of the fourth genera
ton. who is investing several millions
Of dollars in a hotel enterprise
Copyright. 1910, by +. J. Edwards.
All rights reserved.)
On Monday Mr.. Edwards will tell of
~ Yankees Secret Visit TO the
Kaiser"