Daily globe., 1879-01-05
New York Times.

Astor, Robert Lenox, Alexander T. Stewart
and Cornelius Vanderbilt-have all passed
away.
John Jacob Astor arrived in this city at a
period of great depression, in 1884, During
the latter part of 1888 some $4,000 refugees.
men, women and children, left New York
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, lS4S.
he was steady and constant buyer of real
estate. The last conveyance to John Jacob
Astor was made shortly before his death il,
! lS47. The conveyances made to him during
the tifty-nine years which elapsed between
his first and last purchases of real estate in
this city form seven pages of closely printed
matter IN the index of conveyances on file
! IN the registers Office. These wise 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 Astora (grandsons of the first
Astor), is one of the greatest fortunes of the
world. At the time of John Jacob Astor's
death, in 1s4s, his fortune was estimated at
from $30,000,O00 to $4O,OOO,OOO 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.. Agtor.
was 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 1783-the year before John
Jacob Astor arrived-and remained here per
| nanently 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 ac-
cumulations chiefly in city real estate. In
1917 and 1918 he bought, for less than
$1,000, 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 browns stone houses.
lhe 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 SS,OO0,OO0
| While the Lenox fortune is modest indeed,
l lxrko IL,
tlons OF the Astors, Vanderbits 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
50, 100000 This is noble example to
those who WELD the great fortunes of New
York. 1t is to be regretted that the name of
Lenox, so far as the founder or the family
III this city is concerned, dies with the pres
ent Mr.. James Lenox, bachelor now ad-
vanced in years. AS long as New York ex-
lists his memory will be remembered and
cherished.
The fortune of A. T. Stewart-of quicker
growth than that of Astor-was accumulated
in one lifetime. At Mr.. Stewards death, in
| 1876, it was estimated at $SO,OOOOOO, or
twice the amount of the highest estimate of
John Jacob Astor's fortune when he died
in 1848. In 1876 Mr.. Stewards CITY real es-
tate-situated for the most part below Union
square-was assessed at $6,212, 700; at that
time the assessed valuation represented only
80 per cent. of the real value, SO that the
then actual value of the real estate was S1O.-
354,5O0, which forms but an eighth of his
estimated wealth. Mr.. Stewart, however,
owned real estate in nearly every city in which
he had dealings. He owned a number of
woolen and thread mills in this country;
among them the Mohawk and Elboeuf, at
Little Falls; the New York mills, at Holyoke;
the Woodward mills, at Woodstock; the
Yantico mills, in New Jersey; the Washing
ton mills. at New Hartford; the Catskill and
Waterville Woolen mills. There are also
large mills at Nottingham, England, and
Glasgow, Scotland. The property of the
house of A. T. Stewart & Co. is greatly scat
tered. 1t owns property in most of the
large cities here and abroad, and has con-
tinually in its employ, outside of New York,
over SIX thousand persons. There are branch
houses at Bradford, Manchester, Belfast.
Paris, Lyons, Berlin, and Chemnitz in
Saxony. The transfer by Cornela M. Stew
art, widow of the late A. T. Stewart, to
Henry Hilton of ali her interest in the firm
OF A. L. Stewart Il 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
herlted the bulk of Commodore Wander
bllt's fortune, who, at the time of his death.
was accounted a richer man than either of
the present Astors. With the single excep-
ton of Mr. VIM. II. Vanderbilt, our chief New
York m1lllonaires draw their revenues from
the rents, income and profits of real estate
which has shrunk fully one-third since
1873. If the Astor fortune was then $50
100000, it is to-day worth not over $50. 900.
GOO, and SO on throughout the list. Since
1928 New York has grown with a rapiditv
hitherto unknown in any of the great center:
OF population of the world and this growth
gave wealth to the 70. tunate few who bought
or Inherited city real estate. Their descend
ants are among our richest citizens
Chlef among real estate own
ers VINO rank as millionaires
are the Astors, the Rhinelanders, the Goe-
lets, Mrs. A. L. Stewart, the Lorillards, the
ochemerhorns, the Lenoxes, Robert j. Liv-
lngston and Frederic Stevens, who is the
youngest millionaire on the list, and who oc-
cupies, on the corner OF Fifty-seyenth street
and Fifth avenue, the finest private residence
IN the city. 1t is a singular fact that of all
the gentlemen we have named who, together
represent certainly between 800. .Ooo.-
0C0 and $15O,OoO,O0O of real estate.
not one concerns himself personally
about municipal affairs. This reflection
addresses itself with peculiar force, not only
to millonaires, but to our moderately well.
to-do classes, and to all those who own prom
erty IN the city. If sharp remedy is not