The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1911-04-12
new NEWS OF YESTERDAY
Old Vanderbilt Rule That Is Being
Discarded.
Commodore Advice Was Against tho
Investment Of Money In Real
Estate Because 9aie May
Be Slack.
BY E. j. EDWARDS.

Alter commodore vanderbilt had
become very prominent as q railroad
organizer and financier he, of
course. was constantly sought after
for advice and counsel respecting In
vestments by those who felt on sufl
cent 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 mat
ter how strongly he was importuned,
the commodore never gave any spe-
cific advice as to the investment o.
sums OF money. He was never willing
to take that responsibility. think
he felt that II he recommended Ger.
tain investments and they turned out
badly he would be criticized Further.
more, he made 1t an infiexible rule not
even by SO much as a hint to advise
any one to buy securities of the rail
road 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. If they chose to do
that OF their own free will 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 were cOmical and greatly
amused him. 1t was in reply to one
such appeal that he made the cpl
grammatic answer which has PASSED
into traditions The first thousand dol
lars is the hardest to get And 1t was
another appeal which brought from
him the terse statement that it is
easier to make a fortune than it is to
keep one after it has been made.
There was one persistent friend
and good one. too, who was CON
stant!y asking the commodore for gen
eral advice respecting the Investment
Of money. Even that the commodore
did not like much to give; but at la st
he said to the tempter: L will give
you the best advice that | can If you
will call upon me in the course of a
day or two. and hope you will heed
1t after have given 1t to you
"Of course the man was greatly
pleased to think that he had at last
broken down the commodore's reserve
that he was finally to be taken into
the confidence Of an expert In finan-
cial investment You may be sure he
was In the seventh heaven OF delight
during the interim. and with shining
expectancy he appeared before the
commodore at the appointed time.
You want to know my advice
about investing money. do you?' the
commodore drawled. Well, sonny. |
Will give 1t to you In a few words and
/ hope you will heed It, In the first
place. never buy anything that can't
sell right off and with fair chance
OF selling at a profit. And In the Sec
ond place, never invest your money in
real estate. because you can't tell
whether you can sell right OF or not
That's the best advice / can give you,
and wonder II you'll follow it?'
1T was advice that the commodore's
sons and his grandsons followed re-
ligiously," continued Senator Depew
Indeed, the Vanderbilt family, UP to
and including the third generation,
never bought real estate for invest
ment" And tho senator might have
added that today 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 hotel enterprise.
Copyright. l9o, by II. j. Edwards. All
Rights RcscrvchD