Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-01-09

Representatives.
~ New York Times)
!! The founders of the great New York for.
tunes of the present century-John Jacot
Astor, Robert Lenox, Alexander T.. Stewart
and Cornelius Vanderbilt-have all passed
away.
John Jacob Aston arrived in this city at g
period of great depression, in 1884. During
the latter part of 1888 some $4,000 refugees
men, women and children, left New Y rk
Long Island and Staten Island for Nova
Scotia and st. John, among them many per-
sons of fortune and estate These estates
Astor began to buy whenever he could spare
the money as soon as he got little ahead in
the world. John Jacob Astor's first pur-
chase of city real estate-two lots on the
Bowery lane or road, near Elizabeth street.
was made in August, 1889, and from that
date to the time of his death, March, 1949,
he was a steady and constant buyer of real
estate. The last conveyance to John Jacob
Aston war made shortly before his death in
1847. The conveyance5 made 10 him during
the fifty nine years which elapsed between
his first and last purchases Of real estate in
this city form seven pages of closely printed
matter III the index of cou,+,. ances Oh file
in the registers Office. These wi&c invest
ments have with time swollen into enormous
wealth, and the Astor fortune to-day, as
represented by Mr.. John Jacob Astor and
Wr. William Astori (erandsons OF the first
Astor), is one of the greatest fortunes of the
world. At the time of john Jacob Astor's
death, in 1848, his fortune was estimated ct
from $3O,000,OOO to SAC, 100000, and he was
counted the fifth on the list of rich men,
Baron de Rothschild, Louis Philippe, the
Duke of Devonshire and Sir Robert Peel
only exceeding him.
The late Mr.. Robert Lenox. like Mr.. Astor,
was a self made man. He was, when he
first began, an entire stranger in this city,
where the name of Lenox is now so greatly
venerated because of the noble deeds of
charity and the lavish donations for religious
and literary purposes of his only son, James
Lenox. Mr.. Robert Lenox commenced
business in 1793-the year before John
Jacob Astor arrived-and remained here per-
manently until his death, which occurred in
December, 1879, in the 81st year of his age.
For many years his operations greatly ex-
ceeded those of any other merchant in the
country of that day. He became, eventually,
one of the most successful merchants in the
United States. Mr.. Lenox invested his &C
cumulations chiefly in city real estate. In
1917 and 1918 he bought, for less than
$4,000, about thirty acres of land, running
from Sixty eighth to Seventy fourth street,
between Fourth and Fifth avenues, known as
the "Lennox Farm much of which is now
covered with first class brown stone houses.
The enormous increase in the value of this
land, sold for the most part at top prices be-
tween 1861 and 1872, gives Mr.. James
Lenox high rank among New York mil
ionaiires. The Lenox farm to-day, without
brick on it, would be worth .$8,OOO,OOO.
While the Lenox fortune is modest indeed,
when compared with the colossal accumula-
tons of the Astors, Vanderbilts and Stew
arts, we venture to hazard the opinion that
Mr.. James Lenox has quietly given away
as much as the late Mr.. Peabody. His do
nations in land and money to charitable,
literary and religious institutions situated on
the Lennox farm alone, amount to over
$2,50O,0O0. This is a noble example to
those who WELD the great fortunes of New
York. It lis to be regretted that the name of
Lenox, SO far as the, founder or the family
in this city is concerned, dies with the pres
ent Mr.. James Lenox, a bachelor now adj
vanced in years. AS long as New York ex-
cherished.
LILO AOItuuo VI a. L. OGoWdTG-Ol uulChtE
growth than that of Astor-was accumulated
in one lifetime. At Mr.. Stewards death, in
1876, it was estimated at $4,000, 900, or
twice the amount of the highest estimate of
John Jacob Astor's fortune when he died
in 1S48: In 1875 Mr.. Stewards city real e.
tate-situated for the most part below Union
square-was assessed at 1922, 700; at that
time the assessed valuation represented only
IN nay oor7ft of tho hot h.
then actual value of the real estate was $780,
354 ,5OO, which forms but an eighth of his
estimated, wealth. MIR. Stewart, however,
owned real estate in nearly every city in which
he had dealings. He owned a number of
wooden and thread mills in. this country;
among them the Mohawk, and Elbeuf, at
Little. Falls; the New York mills, at Holyoke;
the Woodward mills, at Woodstock; the
ton milis. at New Hartford; the Catskill and
Waterville Wooden mills. There are also
large mills at Nottingham, England, and
house of A. T. Stewart & Co. is greatly scat
large cities here and abroad, and has con-
tinually in its employ, outside of New York,
over six thousand persons. There are branch
DA0AAOAN1 AAo1SACo1CAs DOAAooI,
Paris, Iy ons, Berlin, and Chemnitz in
Saxony. The transfer by Cornelia M. Stew
art, widow of the late A. r. Stewart, to
Henry Hilton of all her interest in the firm.
Of a; z, Stewart & Co, gives Mr.. Hilton a
conspicuous place among New York million
aires.
Probably Mr.. William II. Vanderbilt is to-
day the richest man In New York. He in
herited the bulk Of Commodore Wander
bits fortune, who, at the time of his death,
was accounted richer man than either of
the present Astors. With the single excep-
ion Of Mr.. VIM. n. Vanderbilt, OUT chief New
York millionaires draw their revenues from
the rents, income and profits Of real estate;
which has shrunk fully one-third Since
1873 II the Aston fortune was then $780,
O00, GOO it is to-day worth not over $50, 000,-
coo, and soon throughout the list. Since
1926 New York has grown with rapidity
hitherto unknown in any of the great centers
of population Of the world, and this growth
gave wealth to the fo,tunate few who bought