The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-10-15
THE AST0R ESTATE.
trS FOUNDERS ANTICIPATION or
TIE GROWTH or NEW YORK.
The Policy Inaugursted by John Jacob
A-tor Closely Pursued by Ills Descend
ants = Tho Responsibility Of Immense
Weaith-The Astor House.


Although the founder OF the family, John
Jacob Aston, son Of a Badenese peasant,
laid, as Is well known. tho basis OF his great
wealth by the fur trade, the bulk Of il came
from realty, which he began buying early in
the century, and continued 10 buy until bis
death, period OF nearly fifty years He an
ticipated, in measure the remarkable
growth Of New Nork-he would be amazed,
no doubt, II he could learn its present popu-
lation-and had, it is said, unerring judg-
ment "a to commercial transactions The
city advanced so fast that the lots he ac-
qulred often increased fifty fold. sometimes
a hundred fold In value
The policy he originated has been closely
pursued 10y bis doscondants, who are con-
slant buycrs-thcy very seldom sell--of i'm
proved city property at the lowest rates,
and under the most favorable conditions.
Their manager, shrcwd, careful, thoroughly
trained, Is always on the watch for good in
vestmcnts. and never misses n chance They
are cternaliy adding 90 their possessions;
they have thousands Of buildings residences,
offices. stores. warchouses-and may in time
hold title 10 tine bulk Of the town. No one
outside Of the immediate family, and but
very few m 10, have any idea how this alb
sOrbing process goes on. month after month,
year after year, generation after generation.
Tho Astors keep their affairs as secret n
possible: they are reticent-men, women and
children rs a rock on that subject, though
only their head and their manager have any
definite information, They know that they
are suoerlativcly rich; that every day, every
mi mr. apta rio
and with this they are satisfied
What is the estate WORTH Who linowsl
It is doubtful il any one can tell but, as the
mass OF it is IN houses and lots, an estimate
might be made that could not be made were
IL in securities. liable 10 ceaseless variation
in the market John Jacob Astor counted
up two hundred and fifty thousand dollars
in 1S00-hc had then been in the Republic
seventeen years, and was 44-and at his
death. in 1913. bis wealth was believed TO
reach twenty million dollars. In forty-eight
years 1t had increased eighty-fod. Forty
years have passed since then, and millions of
surplus revenue have been annually rein
vested IN real estate, and real estate advances
here with astonishing rapidity
AN AWFUL RESPONSIBILITY.
like big balls Of snow, at overy turn. 1t
would seem as if the Astor estate must by
this time amount to $500, 900 But, making
all allowances and deductions, $500 900, 600 is
a rational estimate, and am confident it will
reach that What a stupendous sum for one
family, Of which there is alwaysa head, a
director. controller What gigantic power
it bestOws; what an awful responsibility it
inyolyesl What hospitals, libraries, colleges,
art galleries it might ctablish here without
serious diminution; and New York lacks
these more than any great capital dOesl John
Jacob Astor gave 500 600 to found the Astor
library, and his sons aud grandsons probably
think themstlve absolved, therefore, from
further hberality Of the kind. Because one
is worth few hundreds of millions, is that
any reason why one should devote a million
or two 20 the public good OF the city where
they have all been madel
The first John Jacob Astor felt the deepest
interest in the building Of the Astor house,
more than half a century old, and watched
Its progress day after day until its compile
ton This may account in part for the so
lidity Of the structure, which is hardly sur
passed by any building in New York. He
WAS ucttIhihtu thd0 Whatever was uViO AO'
him should be done thoroughly, and was so
vigorously economical that he often, it is
said, picked up nails that the carpenters had
dropped, and demonstrated with the me-
chanics when they showed the least tendency
10 waste Of time or material He was very
anxious 10 perpetuate the family name-an
anxiety that has been shared in a monetary
way, by his descendants and he enjoined
therefore upon his heirs that the Aston house
should always be used as hotel. The
Western Union company wanted TO buy it
before putting up their building at the corner
Of Dey street, but the Aston estate declined
TO sell for that reason, though offered a good
round price. Paul r. Cleveland in The Cos
mopolitan.