The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1880-01-07

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I felt grateful enough when found my
self once more surrounded by friends.
New York Millionaires.
The founders of the great New York
fortunes of the present century-John
Jacob Astor, Robert Lenox, Alexander T.
Stewart, Cornelius Vanderbilt-have all
passed away. ..-
John Jacob Astor arrived in this city
at a period of 81 4 depression, in 1885.
During the latter part Of 1888, some 49,
900 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 he got little ahead in the world.
John Jacob Astor's first purchase 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, 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 fifty nine years which
elapsed between his 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 Aston fortune to-day, as repre-
| sented by Mr.. John Jacob Astor and Mr.
William Astor (grandsons of the first
Astor,) is one of the great fortunes of the
world. At the time of John Jacob Astor's
| death in 1S49, his fortune was estimated
at from $50, 100000 to $5O,OOO,OOO, and
he was counted the fifth on the list OF
rich men, Baron de Rothschild, Louis
Philippe, the Duke Of Devenshire, and
Sir Robert Peel only exceeding him.
The late Mr.. Robert Lenox. like Mr..
AstOr, was self-made man.
I He was, when he first began, an entire
stranger in the city, where the name OF
Lenox is now so greatly venerated 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 17s3-the year before John
Jacob Astor arrlved-and remained there
permanently until his death, which took
place in December, 1885,. 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.
MIR: 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 fprices between 1864 and 1872,
gives Mr.. James Lenox high rank
among the New York millionaires. The
LenoX farm to-day, without u brick on it,
would be worth IS 100000. While the Le-
nox fortune is modest, indeed, compared
with the colossal accumulations of the
Astors, Vanderbilts 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 $2,500,000. This is 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 as the founder
OF the family is concerned, dies with the
present Mr.. LeneX, bachelor now adj
vanced in years. As long as 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
$50, 900, or twice the amount of John
Jacob Astor's when he died in 1S4S. In
1875, Mr.. Stewards city real estate
situated for the most part below Union
Square was assessed at $6,212,7 09; at
that time the assessed valuation repre-
sented only 60 per cent. Of real value, so
| that the then actual value of the real estate
was $1O,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
I mills, in New Jersey; the Washington
mills at New Hartford; the Cat skill 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. It owns property in most of
the large cities here and abroad, and has
continually in its employment outside of
| New York over 5000 persons. There
are branch houses at Bradford, Manches-
ter, Belfast, Paris, Lyons, Berlin, and
Chemnitz, in Saxony. The transfer OF