Smyrna times., 1890-04-09
The Accumulation. of Fortunes

The fortune left by the late David
DOws is estimated at twenty millions.
and probably the guess is more nearly
correct than is usually the case with
such estimates. The amount is the
same as that left by John Jacob Astor,
the founder of the great AstOr estate,
who died in lS48.
FOrty two Years ago an estate of
twenty millions attracted attention
throughout the world because of its
magnitude, and MIR. Astor died by far
the richest man in America. But the
fortune of Mr.. Dows is now one among
many OF equal size, and, instead of
ranking among the greatest, it does
not mold even secondary place. Big
as II is, it is not big enough to give
much of u stir to the popular imagine
ton In these days. A fortune must be
at least live times as great to provoke
surprise at time when estates known
to the public are increasing at the rate
OF ten millions annually. Mr.. Pier
pont Morgan, associated with Mr..
Dows in the vestry of st. Georges. is
reputed to be worth more than twenty
millions; and there are more than a
dozen, If not a score, of fortunes in
New York reasonably estimated to be
OF that amount. Probably the Astor
estate is ten times as much Then
came the Vanderbilt estate. Mr.. jaw
Gould's, and Mr.. John D. Rockefeller's
each of one hundred millions or more.
In the third rank are such fortunes as
those of the Moses Taylor family, Mr..
Russell Sage, the GOelets, Mr.. II. NJ.
klagler, Mr.. d. 0. Mills, Mr.. G. P.
Huntington, and others, estimated at
from thirty millions to fifty millions.
The twenty million fortunes drop into
the fourth or fifth place only; and
there are many more Of them than
there were pOssessOrs of a single mil
lion in the days when the thought of
the first AstOr's wealth took mems
breath away, or at any time before the
civil war. The mere millionaire or
the owner of a single million only, has
become so common that the term is
now made to apply to none except a
ten millionaire.
len millions Is the amount fixed by
the late William H. Vanderbilt as a
reasonable competence for ANYBODY.
Ten millions is all man needs. he
used to say. What goes bevond is
mere surplusage. Yet, as we have
SAID, there are single estates in Ne W
York which are accumulating at the
rate OF ten millions a year, and their
pOssessors do not seem to be satisfied
yet. The AstOr estate must be increas
ing at something like that rate, and
Mr.. John d. Rockefeller, is reputed to
be laying by as much annually. The
average expenses of all the pOssessOrs
OF the great fortunes we have named
are very small part of their income.
80 that the accumulation goes on little
affected by them. Most of these men.
too, are comparatively young, and if
they live to the seventy-six wears of
Mr.. DOws, with the ratio of increase
undiminished, the fortunes of the next
century will make those of our day
seem as small as Mr.. AstOr's twenty
millions in l848 seem to us now. Mean
time the estates of five millions and
ten millions are also increasing rapidly.
very few Of their possessors expending
more than fifth or even a tenth part
of their incomes.
What is going to be the result to So
ciety of this vast accumulation of pri.
vate wealth. We do not believe that
it will be the calamity predicted by so
many gloomy philosophers of this day.
The public will benefit by the aggre-
CATION and competition of these enor.
nous estates lessening the rates for
money. Individuals will hold the
property, but for their own interest
they will have to administer it as a
trust for the general interest and ad-
vantage. 1t is possible, too, that for
tunes so great will come TO be regarded
as burden rather than q prize to be
sought for with zest. The average
comfort, too, is steadily increasing. In
1S48 Mr.. AstOr, with his wealth, could
not have bought aids to the enjoyment
of existence which invention and i'm.
provement since his day have brought
within the general reach until they
Eave come to be regarded as actual
necessities Y. Sun.