The Birmingham age-herald., 1915-05-14
Young Man Had Horses But Had Keen Eye for Real
 Estate Development
DEPARTURE FROM
 FAMILY TRADITIONS
Father and Grandfather Did Not Be- lieve in Putting Money in Real Estate for an
 Investment
By HOLLAND

New York, May al)-There IS highest authority for the statement made today that none of the estimates of the value of the estate of Alfred Vanderbilt can be accepted as correct Mir Wander bt probably did not know what was the value or his estate. Probably two or three years will be required for an ap- praisal, but some of them who are in close touch with MT. Nanderbilts affairs are inclined to the opinion that the estate will be found to be in excess of Sl0O'0Oo'ooo.
 When Alfred G. Vanderbilt came into his inheritance. about 15 years ago. he was presumed to have received approxi- mately s56.0oOo0o For reasons which seemed sufficient his father, the late Cor nelius Vanderbilt, bequeathed to this son much the greater part of his estate. Later upon the advice which was given In a kindly way by those who were in close touch with the Vanderbilt interests, Alfred turned over to his older brother, Cornell jus, a portion of his inheritance. Only six or seven years ago, Alfred Vanderbilt re- vealed what his distinguishing business qualification was His elder brother Cor nelius possessed great capabilities for sue cess in civil and mechanical engineering. Ii was presumed that he might pursue pro- fessional work of this kind and ultimately become the head Of the mechanical or en- gineering department of the New York Central system. Two of his inventions were adopted by the railroad company and have since then justified that action. For some reason Cornelius, however, ventured into other fields, having chosen to become associated with men of finance and hav- ing taken interest in the militia system of New York state.
 Alfred Vanderbilt. as the inheritor of much the greater part of his fathers es- tate, seemed likely to become his father S successor some day in the executive direc- tion of the New York Central system. But apparently he had no ambition of that Kind, and there are still many conjec- lures respecting the family representative who will succeed William K. Vanderbilt as the chief authority of the New York Central system. Because of Alfred Van derbilts devotion to horsemanship and his great fondness for speedy horses and his interest in breeding, he was somewhat su- perhcially judged to be a devotee of this kind Of sport Sometimes criticism was heard that he should occupy himself with tool1ng stagecoach which he drove from London to the seacoast of England one way every other day. But 1t was forgot-
 
 and who commanded respect were also fond Of this amusement as for instance, the late Col. William Jay and also Col Delancey Kane.
 Not until the great hotel which was built at the corner of Thirty-fourth street and Park avenue. New York. was finished and open to custom did there begin to be un- derstanding of what the real bent of AL fred Vanderbilts mind, so far as business was concerned. really was For it became known that it was a plan original with himself to buy land at that point and upon It to build one of the great hotels not only or New York. but of the world His reasoning was good and it was entirely -his own. At that point surface and sub way lines have stations. Close by the Pennsylvania railroad tunnel across Man nattan station will be established, and at the time MT. Vanderbilt ventured upon this project the belief was general that the New Haven Railroad company would pulld station for local traffic across the street Tn this venture, it is understood NIT vanderbilt had no associates It en- tailed expenditures of several million dol lars and was the first large investment or any portion of his possession of which the public had knowledge.
 Not Like the Vanderbilts
 inls venture cccasioned all the more comment especially among those who were familiar to Vanderbilt traditions because ', '. WAS complete departure from the Nanderbilt standard of investment Some years ago Chauncey M Depew when speaking of Commodore Vanderbilt said It was fundamental principle with him that there should be no investment by Linn in real estate excepting such as was necessary for his home and for his rail- road system He explained to Senator