The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-01-09

THE AST0R MILLIONS.
REPRESENTED BY ACRES OF BUILD
INGS IN NEW YORK

They Have Nearly All Been Inherited.
The Policy of the Estate Is and Has
Been Never to Sell Land or Structures.
Something About the Astors.
The fortune Of William Waldorf Astor Is
wholly an inherited one. Il represents
more particularly than any other great
American fortune entailed wealth The
foundation OF it was made by the little
pack of musical instruments which the
first John Jacob Astor brought with him
from Germany to sell in what was once
New Amsterdam, but which in these latter
days is known as New York Mr. Astor's
wealth is almost wholly in real estate. 1t
is probably the most safely invested OF all
the larger fortunes. Only an earthquake
devastating Manhattan Island could wipe
il out.
The original John Jacob Aston bought
farms along the Kings Highway. the old
post road extending from the Battery in
New York TO Albany, the capital Of the
state. The Kings Highway now bears the
name Of Broadway. The descendants Of
John Jacob Astor followed his example in
acquiring lands. but Broadway soon proved
too restricted for their investments, and
they bought both 10 the right and TO the
left of the thoroughfare.
People who desired 70 put up residences
or business structures would obtain ground
leases of the Astors. and on corn fields pO-
tato patches and pastures buildings arose
which at the expiration of the lease revert
ed TO the Astors. AS a rule these leases
ran for twenty-one years. There are acres
and acres of buildings in the upper part Of
Manhattan Island belonging 10 William
Waldorf Astor. The rents from these
buildings turn a mighty stream of money
into his Golfers every month
THE Aston POLICY.
The Astor policy of the acquisition OF
real estate has always been kept up by
each successive heir, and it Is being per
petuated by the last one. The real estate
reports tell almost a daily story Of more
property added 20 the Aston domains Of
brick and mortar 1t has been 4 saying
that "Astor never sells piece of ground,
and this is almost literally true. Rarely,
indeed, does piece of property pass out Of
the Astor possessions. A popularity about
the Aston buildings is that the lessees have
to supply their own gas burners. While
is difficult 70 induce the owner TO make
alterations or improvements. II the ten
ant desires these he must make them him
self In this way many valuable additions
have been made, which have of course
gone TO the Astor accumulation.
There is scarcely bank in New York
which handles more money than William
Waldorf Astor's Office in West Twenty
sixth street, a few doors from Broadway.
Here the books of his great property are
kept and here the rents are paid in. IL is
becoming more and more difficult to buy
land on Manhattan Island, and the sur
plus wealth OF Mr. Astor Is, TO some extent
at least, seeking investment ia other direc-
tions. Considerable OF il has gone into
government bonds and other high grade
securities. Mr. Aston is 70 put mp a 8. OO0,
600 hotel in order to find au outlet for the
deluge of money which monthly encum-
bers his Twenty-sixth street office
Mrs. William Astor is tine leader of the
-Four Hundred, if a title conferred by Ward
McAllister is a rightful one William
Waldorf Astor, however, is, by reason Of
succession TO the great fortune, the head
of the house Of Astor. The question arose
between Mrs. William Aston and Mrs.
William Waldorf Astor as TO whom was
entitled to issue her cards bearing simply
the designation Mrs. Aston. The conten-
ton awakened considerable bitterness be-
tween the two families it resulted by
general consent Of society and by decision
of the postmaster at Newport in award
ing the distinction TO Mrs William Wal
dorf Astor.