Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1880-01-09
New York Millionaires.

New York MilliOnaires.
The founders of tho great New York
fortunes Of the present century
Jacob Astor, Robert Lenox, Alexander T,
Stewart, Cornelius Vanderbilt-have all
passed away.
John Jacob Aston arrived in this city
at a period ofgreat depression, in 1885
During the latter part Of 1883, some 49,
600 refugees, men, women and children,
left New York, Long Island, and Staten
Island for Nova Scotia and St. John,
among them many persons of fortune and
estate. These estates Astor began to buy
whenever he could spare the money, as
soon as lie got little ahead in the world.
John Jacob Astor's first purchase of city
real es,ate--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, 1S4S, he
was steady and constant buyer of real
estate. The last conveyance to John ia
cob Astor was made shortly before his
death, in 1848. The conveyances made
to him during the tifty-nine years which
| elapsed between bis first and last pur-
chase of real estate in this city, form sew
en- pages Of closely printed matter in the
index of conveyances on file in the regis
try office. These wise investments have
with time swollen into enormous wealth,
and the Astor fortune to-day, as repre-
| sented by.Mr John Jacob Astor and MIR
William Astor (grandsons of the frs
Astor,) is one of the great fortunes of the
world. At the time of John Jacob Astor's
death in 1848, his fortune was estimated
at from $50, 1000, 900 to $50,0OO 900, and
he was counted the fifth on the list OF
rich men, Baron dc Rothschild, Louis
Philippe, the Duke Of Devenshire, and
Sir Robert Peel only exceeding him.
The late Mr.. Robert Lenox, like Mr..
Astor, was asclf-made man.
He was, when he first began, an entire
stranger in the city, where the name of
Lenox is now 30 greatly vcnerated be-
cause of the noble deeds of charity and
the lavish donations for religious and lit
erary purposes OF his only son, James
Lenox. Mr.. Robert Lenox commenced
business in 1783-the year before John
Jacob Astor arrlved-and remained there
permanently until his death, which took
place in December, $780,. in the eighty
first year of his age. For many years his
operations greatly exceeded those of any
other merchant in the country at that day.
He became eventually one of the most
successful merchants in the United States.
Mr.. Lenox invested his wealth most
ly in city real estate. In 1917 and 1918
he bought for less than $1,000 about thir-
ty.six acres of land running from Sixty
eighth to Seventy fourth St., between
Fourth and Fifth avenues, known as the
'Lenox FARM much of which is now
covered with frst-class brown stone
houses. The enormous increase in the
value Of this land, sold for the most part
at top prices between 1864 and 1879,
gives Mr.. James Lenox high rank
among the New York millionaires. The
Lenox farm to-day, without brick on it.,
would lie worth IS, 100000. While the Le-
nox fortune is modest, indeed, compared
with the colossal accumulations OF the
Astors, Vandelbilts and Stewards, 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 situa-
ted on the Lenox farm alone amount to
over $2,500,O00. This is a noble exam
pie to those who WELD the great fortunes
of New York. 1t is to be regretted that
the name of Lenox, so far IS the founder
of the family is concerned, dies with the
present Mr.. Lenox, bachelor now ad-
vanced in years. AS long az New York
exists his memory shall be remembered
and cherished. !.
The fortune of A. T. Stewart-of quick
er growth than that of Astor-was accu-
mulated in one lifetime. At Mr.. Stew
arts death, in 1876, it was estimated at
80,000,0 900, or twice the amount of John
Jacob Astor's when he died in 1849. In
1875, Mr.. Stewards city real estate
situated for the most part below Union
Square was assessed at $6,212,7O9; at
that time the assessed valuation repre-
scented only 60 per cent. of real value, so
that the then actual value of the real estate
was $10,354 500, which forms but an
eight of his estimated wealth. Mr.. Stew
art, however, owned real estate in nearly
every city in which he had dealings. He
owned number of wooden and thread
mills in this country, among them the
Mohawk and Elpeul; at Little Falls: the
New York mills at Holyoke; the Wood
ward mills, at Woodstock; the Yamico
mills, in New Jersey; the Washington
mills at New Hartford; the Catskill and
Waterville mills. There are also large
mills at Nottingham, England, and Glas-
gov, Scotland. The property of the
house of A. T. Stewart s Co. is greatly
scattered. 1t owns property in most OF
! the large cities here and abroad, and has
continually in its employment outside of
New York over 5000 persens There
are branch houses at Bradford, Manches-
ter, Belfast, Paris, Lyons, Berlin, and
Chemnitz, in Saxony. The transfer OF
Cornelia NJ. Stewart, widow of the late
A. T. Stewart, to Henry Hilton of all her
interest in the firm of A. T. Stewart
& Co gives Mr.. Hilton a conspicuous
place among New York millionaires.
Probably Mr.. William H. Vanderbilt
Is to-day the richest man in New York
He inherited the bulk OF Commodore
Vanderbilt's fortune, who at the time Of
his death was accounted richer man
than either of the present Astols. With
the single exception of Mr.. William H
Vanderbilt, our other New York million.
aires draw their revenues from the rents
income, and profits of real estate, which
has shrunk fully third since 1878
If the Astor fortune was then $50, 100000
it is to-day worth not over $60,OOO,OOO
and so on throughout the list. Since
1895 New York has grown with rapid
ity 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 e.
tate. Their descendants are among rich
est citizens. Chief among city real cs
tate owners who rank as millionaire
are the Astors, the Rhinelanders, tn
Goelets, Mrs. A." T. Stewart, tn
Lorillards, the Schermerhorns, the Len
oxes, Robert J. Livingston, aud Frederick
Stevens, who IS the youngest millionair
on the list, and who occupies on the cor
ner OF Fifty seventh street and Fifth ave
nue., the finest private residence in til
city. 1t is a singular fact that all til
gentleman we have named, who, together
represent certainly between 800, OOO, 0O
aud $3.50, 600 of real estate, not on
concerns himselfpersonally about munic
Eipal affairs. This reflection addressc
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