New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1879-01-15

John Jacob Astors fortuns5 whsn ha died
y 1913, In 1875 Mr.. Stewards city real es
Eate situated for the most part below Union
3quare-w1s assessed at $6,212, 7eO; atthat
limo the assessed valuation Represented only
SO per cent. Of ths reAl value, 90 ssthat. the
then actual value Of the real estate was 81O,-
S64, 500, which forms but IN eighth of his
estimated wealth. Mr.. Stewart, however,
owned real estate IN nearly every city in which
be had dealingA He owned number of
WOODEN and thread mills In this country;
among them the Mohawk and Ebeuf, ct
Little Falls; the New York mills, at Holyoke;
the Woodward mills, at Woodstock; the
Yantico mills, in New Jersey; the Washing
ton mills. ct New Hartford; the Catskiil and
Waterville Wooden mills There are also
largo mills Of Nottingham, England, and
Glasgow, Scotland. The property of the
house Of a. T. Stewart 6 Co. is greatly scat
tered. Il owns property in most Of the
large cities here and abroad, and has con-
tinually in it's employ, outside of New York,
over six thousand persons. There are branch
houses at Bradford, Manchester, Belfast,
Paris, Lyons, Berlin, and Chemnitz in
Sa1ony. The transfer BY Cornelia NJ. Stew
art, widow Of tho late "A. T. Stewart, to
Henry Hilton of all her interest in the firm
of A. 7. Stewart & Co, gives Mr.. Hilton
conspicuous place among New York million
aires. ~ ss9s5lf sI:
Probably Mr.. William a. 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. 81. Vanderbilt, our chief New
York millionaires 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 $780,
1000, it is to- day worth not over $780, OOO,-
600, and SO on 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 fortunate few who bought
or inherited city real estate. Their descend
ANTS are among our richest citizens
Chief among real estate own
ers who rank as millionaires
are the Astors, the Rhinelanders, the Goe-
let's, Mrs. A. Z. Stewart, the Lorillards, the
Schemerhorns, the Lenoxes, Robert J. Liv
iugston and Frederic Stevens, who is the
youngest millionaire on the list, and who &C.
cupies, on the corner of Fifty-seventh street
and Fifth avenue, the finest private residence
in the city. It is singular fact that of all
the gentlemen we have named who, together
represent certainly between 500, OOO,-
600 and $15O,OOO,OOO of real estate,
not one concerns himself personally
about municipal affairs. This reflection
addresses itself with peculiar force, not only
to milionaires, but to our moderately we'll
TODD classes, and to all those who own prop
erty in the city. If sharp remedy is not
quickly applied to the present uselessly and
criminally extravagant modes of municipal
government, the profession of millionaires
will soon become extinct, and the preserva-
ton of accumulated wealth at this centre
can be classed among the lost arts. 5s