Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1888-10-23
THE ASTOR ESTATE.
ITS FOUNDERS ANTICIPATION OF
THE GFoWTH OF NEW YORK.

The Policy Inaugurated by John Jacob
Astor Closely Pursued by His Descend
ants - The Responsibility of Immense
Weaith-The Astor House.
Although the founder of the family, John
Jacob Astor son of a Badenese peasant,
laid, as is well known, the basis of his great
wealth by the fur trade, the bulk of it came
from realty, which he began buying early in
the century, and continued to buy until his
death, a period of nearly fifty years. He an
ticipated, in a measure, the remarkable
growth of New York-he would be amazed,
no doubt, if he could learn its present popu-
lation-and had, it is said, unerring judg
ment as to commercial transactions. The
city advanced so fast that the lots he ac-
quired often increased fifty fold, sometimes
hundred fold in value.
The policy he originated has been closely
pursued by his descendants, who are con-
stant buyers-they very seldom sell-of i'm
proved city property at the lowest rates,
and under the most favorable conditions.
Their manager, shrewd, careful, thoroughly
trained, is always on the watch for good in
vestments, and never misses chance They
are eternally adding to their possessions;
they have thousands of buildings-residences
offices, stores, warehouses-an may in time
hold title to the bulk of the town. No one
| outside of the immediate family, and but
very few in it, have any idea how this alb
sorbing process goes on, month after month,
| year after year, generation after generation
| The Astors keep their affairs as secret
possible; they are reticent-men, women and
| children-as a rock on that subject, though
only their head and their manager have any
| definite information They know that they
| are superlatively rich; that every day, every
hour, every minute, augments their riches;
and with this they are satisfied.
| What is the estate WORTH Who knowsl
1t is doubtful If 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
it in securities, liable to ceaseless variation
in the market John Jacob Astor counted
up two hundred and fifty thousand dollars
in lS00-he had then been in the Republic
| seventeen years, and was 4i-and at his
death, in lS4s, his wealth was believed tC
reach twenty million dollars. In forty eight
years it had increased eighty-fo!d Forty
years have passed since then, and millions oi
surplus revenue have been annually rein
vested in real estate, and real estate advance.
here with astonishing rapidity.
AN AWFUL RESPONSIBILITY.
We all know how great fortunes increase
like big balls of snow, at every turn
would seem as if the Astor estate must bl
this time amount 20 500, ,000, ,0G0 But, making
all allowances and deductions, $500, ,0O0, 900 i
a rational estimate, and | am confident it vii
reach that. What a stupendous sum for on
family, Of which there is always head,
director, controler What gigantic powe
it bestows: what an awful responsibility
lnvolveSl What hospitals libraries, colleges
art galleries it might establish here withou
serious diminution; and New York lack
these more than any great capital does JOIN
Jacob Astor gave 800, 900 TO found the Asto
library, and his sons and grandsons probabl,
think themselves ahsoIved therefore, from
further lIberaIiry of the kind. Because on
is worth few hundreds of millions is tina
any reason why one should devote millio
or two to the public good OF the city wher
they have all been madel
The first John Jacob Astor felt the deepes
Interest in the building of the Astor house
more thnn half century old, and watche
its progress day after day until its compile
ton This may account in part for the sc
ildity OF the structure, which is hardly SUI
passed by any building in New York. H
was determined that whatever was done fo
him should be done thoroughly, and was S
vigorously economical that he often, it
said, picked up nails that the carpenters ha
. dropped, and demonstrated with the IN,
chanics when they showed the least tendenc
to waste Of time or material He was yer
anxious to perpetuate the family name-a
anxiety that has been shared, in a monetar
way, by his descendants-an he enJoine
therefore upon his heirs that the Astor hous
\ should always be used as hotel. Tt
Western Union company wanted to buy
before putting up their building at the cornt
of Dey street, but the Astor estate decline
to sell for that reason, though offered goo
round priee.--Paul L. Cleveland in The Co
| mOnoIitan