The Birmingham age-herald., 1919-02-06

hP'ioi was that there would follow
 immediately quickening in the securi- ies market and all the evidence of an ap- preaching boom would be observed Moth ing of that kind took place. If there was any effect due to this action it seemed to be depressing. Some said that the report of this corpora tion have been looked upon as one of the best barometers of business and industrial conditions. The reply to this was tha, the able men who are directing the steel corporations affairs are not con- cerned about the situation and are in
 fact looking forward, as Judge Gary re- gently publicly states, to a period of great
 prosperity. Some seem to be of the opin-
 ion that the enormous burden of taxa
 ton which has been imposed by Congress
 in part explains the situation. Whatever
 the cause the situation does exist and
 it cannot be reported at this time that
 there are any indications of an earlF
 change.
 LOOKING FOR A LEADER
 Sometimes it is said i've are looking
 for leader Where are the leaders?
 Where are the men who, in other years
 took such action as inspired great &C.,
 tivity in the securities market? They
 have all apparently gone into seclusion. William Rockefeller, who seems to have
 recovered in part, his health, appears no;
 to be interested in the market. Bernard
 Baruch is occupied with industrial work in Europe on behalf of the government. The industrial leaders or some of them are now either in Europe or on their way to Europe for the purpose of gaining information upon which they can act when they return. this being especially true of the copper men. of course, until their return 1t Is not expected that there will be great activity at least in some of the industries.
 A TIME FOR READJUSTMENT The best opinion seems to be that this | country has already entered upon the first stage of readjustment and that 1t may require some months before the pathway to normal, business and industrial activi- ty can be discovered. Therefore, it is reasonable to expect that dullness will prevail in the securities market Some | say that not until the fifth loan to De | known as the Victory Loan is absorbed | can it be expected that normal conditions will return.
 A NEW VANDERBILT CAREER Brig.-G Cornelius Vanderbilt, pro- l bably soon to have a higher rank than
 that. is to be occupied with the reorgani-
 zation of the military forces of New York state. The responsibility which is upon | General ,anderbilt is great one and II l involves such mobilization or co-ordiniz- | ing of the military units in the state as will make the state forces the strong est in the union
 | Of all the Vanderbilts, Cornelius is the only one who has taken prominent and active part in other vacations than that of railroad management and direc- tion. His great grandfather. the old
 commodore and his grandfather, William
 H. Vanderbilt, would undoubtedly have
 regarded either with consternation or amazement the entrance of one of the
 heirs of the family into military service and his rapid promotion to important rank involving great responsibilities Cornelius Vanderbilt did not share to any great extent in his fathers fortune.
 The bulk of that fortune passed over to his brother Alfred, who was lost when 1 the Lusitania sank. Alfred Vanderbilt went astray from the Vanderbilt tra- ditions honorably astray, because he ig- nored the advice of the commodore and of William H. Vanderbilt, and yentured into real estate transactions upon a largo scale. The earlier Vanderbilt policy was to keep away from real estate excepting 1 such as was necessary for the railroad or for homes. The commodore and his son. William H.. preferred to have their
 wealth invested in securities which could | find ready market, and whose value l could be instantly determined. Alfred | was looked upon as having ventured l rashly when he invested some millions l in the construction of hotel below the | fashionable boundary line and upon the 1 east side of the city. But he appears to have been wiser than his advisers for 1 this hotel is one of the best assets of his
 estate.
 l Cornelius Vanderbilt. now Genera Vanderbilt, was, after his college days were ended, strongly disposed towards
 mechanics. He was occupied enthusias- 1 tically for two or three years in mechan- ical study and Ne invented one appara- 1 tus adaptable to railway locomotives which was highly praised and adopted That, too. was new turn in the Wander 1 bilt family, for none of the others had l ever revealed inventive capacity or was 1 of a scientific turn of mind. Later Corne- | Illus Vanderbilt became associated with | one or two financial institutions and he was one of the most faithful of the di- | rectors. and if he received any fees while attending directors meetings he Is re- l ported to have well earned them. He also turned his attention to military af-
 fairs being even willing to enlist as a i private in. state organization. He seems to have found most congenial em- ! ployment in a vocation of this kind. He i was rapidly promoted upon his merits | and when the war began he saw active
 service, never shirking any duty, reveal l ing considerable mastery of the science | of tactics and strategy so that at last he was promoted and became brigadier gen.
 eral. Now he is entrusted with the deli
 cate, highly important and very respon- sible work of bringing New York state 1 military units into well perfected co- ordination and when he has done this | the chances are that he will sooner O. 1 later become the ranking commander oi
 the military forces of New sYork state. I It is a far step from the creator of the
 Vanderbilt system of railroads to the off cer who will undoubtedly be chief in
 tba military orra nfzation of NAw York