The Birmingham age-herald., 1915-05-14


 Depew his reasons, saying that he thought 1t to be the best plan to have his invest. ments where they could speedily be con verted into funds. He liked stocks anC bonds and he bought practically the en tire first issue which the New York Cen tral and Hudson River railroad made o1 bonds issued for improvement purposes The commodore's son. William A. Van derblt. adhered to this policy and so die the third generation. Not until after Al fred Vanderbilt began to assume tho management of his estate did any mem Der of the Vanderbilt family make i'm portant investment in real estate except ing such as was needed for domestic or for railroad purposes.
 Alfred Vanderbilt inherited his fondness for horses for that was a characteristic of the commodore and also of William Fl Vanderbilt. Horses furnished their only recreation.
 About the time when Alfred Vanderbilt was placed in charge of the great estate the New York Central management was required by law to abandon the use Of steam power upon its approaches within the boundaries of New York to the Grand Central station and to substitute therefor electric energy. When this identification was under way the New York Central management began to contemplate very great purchases of real ,estate adjoining it's sunSen electrified tracks with intent also to utilize for buildings the easements which the sinking of the tracks between each highway made possible.
 Vice President Wilgus. who was the engineer who planned and constructed the electrified system called the attention of the management to the fact that by the sinking of the tracks there would be a large available space over the tracks upon which buildings could be placed. This was an unlooked-for development of Che identification of the Central sys- tenn. Thereupon a great plan-probably taking it all and all the largest which involved real estate improvements which was ever undertaken either in New York or anywhere else by single corporation was perfected. This plan appealed great ly to Alfred Vanderbilt although not until he went down in the Lusitaflia dis 8 ster was there any knowledge that he was sharing in this colossal real estate venture. He seemed to have keen and reasonable understanding of the eco homie principle which real estate improve ment of that kind would represent. In order to facilitate this great real estate undertaking. company was organized which was called the New York Central Realty and Terminal company. It con- trolled blocks nearly half mile in length DetWeen f'Ofty-SecOnQ ana Fl1t1etn streets and the property, as unimproved real es- tate, is understood to be appraised al about s25.000, 000 Upon it, through the CO., operation of the New York Central Rail- road company, great business structures are to be erected and some have already been built and have found profitable ten. antry There are other real properties owned by companies with which Mir. Van. derbilt is associate and with which tho New York Central Is io cooperation. ant an estimate commonly made of the az gregate value of these pr Jerties is not faI from $l00.000,0 ,000
 Many have spoken of the extraordinar, coincidence that two men. one represent. ing the Astor family and the other tho Vanderbilt family. both of whom were in. terested in New York real estate. both o whom had constructed great hotels should have gone down fin two of the xreates1 ocean tragedies. Both left very large for. tunes. MT. Vanderbilt was not trained in real estate matters. as John Jacot Astor was. Nor did his investment fir real properties-excepting in the single case of the Vanderbilt hotel-resemble improvements which were undertaken by John Jacob Astor. Together the com bined estates of these two men. one. of whom was only in middle life and tho other still 8 young man. are estimated ct about $lto.ooo.Ooo