The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-03-11
FORTUNES ON z
A Wall-Street Man Gives His Idea
of Wealthy New Workers.
Their Millions i'm Almost Every Case
Said 10 Be Extravagantly Over
estimated by the Public.
New York Press.

world" said a Wall-street banker the other
afternoon, as 1 sat in his private office
just after the close Of the Stock Exchange
Queer" he went on, how men and wom-
en- get a reputation for wealth that they
do not deserve. They make a few thou
sands, set up a fine establishment, and i'm
mediately are rated as worth from sl00.O
TO $4,000. In five years they are reputed
to be millionaires. and in five years more
their wealth is estimated from $5.OO,Oo0 to
100000 1t is all humbug. L tell you few
Of the rich men and women in New York
are worth half what they are reputed to
be-"
Such good authorities as Jay Gould and
j. D.. and William Rockefeller are on rec
ord as saying that after men actually be-
come millionaires they cannot tell the ex-
tent of their own fortunes.
1T is my opinion that after a man has
accumulated 100000 he does not know his
own wealth if he is engaged in any bust
ness in which there may be a shrinkage Of
values"
Thus spoke Jay Gould on one occasion,
when a congressional investigating COM
mittee was trying TO find out what his
wealth was and if his methods were fair.
John d. Rockefeller. who was a witness
before the same committee. said that he
did not know how wealthy he was.
During the recent money panic the un-
certainty Of the wealth of our richest men
was clearly proved. Those rich men whose
wealth lay in bonds and stocks. securities
and speculative enterprises generally found
it diminish immeasurably faster than IL
had been accumulated. Bonds and stocks
fell in value so rapidly that some very rich
men whose money was all invested in these
things found themselves poorer by millions
IN a few weeks, SO far as the face holdings
were concerned. There is but a bare hand
full of very rich men whose wealth does not
at times fall off.
OF these the foremost are the Astors
whose wealth is In a more solid and salts
factory shape than is that Of any other
family in this country. The Vanderbilts
follow the Astors. After these come the
Rhinelanders. also OF New York, the Goe-
Mackay ana a score, perhaps more. all
more or less wealthy. But nearly all of
these men are considered to be richer by
many millions than they really are, while
scores of modest millionaires are over
looked entirely.
"A very conservative calculator asserted
In my hearing the other day that in New
YORK city alone there were more than
twelve hundred millionaires, as against ten
thousand street beggars.
THE LANDED FAMILIES.
A very conservative estimate of the wealth
of the Astors puts it at $500, 000, 900, and this
makes the family the richest in the United
States. What is more, the wealth OF the
Astors is in such shape that it cannot but
Increase, for the reason that it is gilt
edged New York city real estate, some OF
which has within the past ten years in
creased in value several hundred per cent.
and is still appreciating.
AS a family the Vanderbilts stand next to
the Astors in the matter of wealth, and
their riches must be considered in the aggre-
gate and in common since their individual
fortunes are pooled, so TO speak. You will
often see Cornelius Vanderbilt, the present
mead OF the house, quoted as being worth
$ZUO.OOO,OO0. OF course, he is not worth any
such, amount. Cornelius has most OF the
Vanderbilt millions, but those who know
say that he is personally not worth above
$SO,0O,COO. If as much
Another family that WINS gerat wealth is
the Rhlnelander family, whose early men,
bers settled in New York more than a CEN
fury ago. The founder of this family owned
In his day a farm that ran along the Hud-
son river, in what is now the heart Of New
YORK. II extended from the Hudson TO near
F1fth avenue, and the ground on which the
nipS is now worth hundreds of dollars a
square yard in certain localities. The Rhine
sought to Increase their landed property,
ana have sold inferior land I'm order TO buy
better, There is no exaggeration in saving
that the holdings Of the family in New
York now amounts in value to $4,000 600.
The present Goelet family, of New York.
is another that holds the wealth in COM
mon. and. like the Rhinelanders. they owe
it to their hard-headed German ancestors.
who invested their money in New York real
estate and left clauses in their wills order
ing that their landed possessions be held
intact as far as possible. The result is
that the Goelet farms I'm New York. now
in the most desirable neighborhood OF New
York. are rated to represent SO, 100000.
The wealth Of the Gould family has al
ways been overestimated. just as the
wealth of Jay Gould was in his day. This
wealth is at times estimated at as much as
$200.00.000 or more. Gould was never worth
anything like such a sum. nor is the cn~--
bined wealth of the family more than half
that sum. being less than SEQ. 100000 when
he died-some judges say less than So. OOO.-
VD-although IL was in such a shape that
no one could rightly tell just how much il
lilies.
THE STANDARD OIL MAGNATE.
The wealthiest single individual in this
country is. no doubt, John ID. Rockefeller,
the Standard oil magnate. and strangely
enough his wealth is usually underesti-
mated. He is one Of the very few men who
enfoy his distinction. Ordinary judges
usually rate Mr.. Rockefeller as being worth
100000. Very good judges who know AIr.
Rockefeller and his numerous enterprises
say that he is worth not less than s125. OO.-
COO. He is at the head Of the Standard OH
company, and the biggest fish i'm the puddle,
too. He owns fleets OF ships. railroad lines
real estate and OF late years has gone mo
various businesses, all Of which have broI ed
hugely profitable. His brother. William ID
Rockefeller, is not so rich. but he is worth
Si5.OO0.Oc0. which is enough for him TO live
upon very comfortably.
Russell Sage. the famous side partner al
Jay Gould, is another man whose wealth Il
thought TO be less than IL really is. Sage Il
a money broker, pure and simple, IN.
pawnbroker of Wall street, who WAKES IN
by loaning money 10 spectators upon gilt
edged security and at big interest. Thes,
are all short call loans. and so the none
Is constantly going and coming I'm Sage's of
flee. The result is that ne can comman,
more money at short notice than any otheI
financler, simply by calling I'm his loan
that are out. This is why Russell Sage h
now considered to be worth at least SIS.
100000 in cash.
Henry Hilton. who inherited most Of tn
wealth of the great merchant. y. T. Stew
art, Is a constant victim of the wild caicu
lators. There are dozens Of estimates o
S+0,O0O.000. Some time before his death Mr.
Stewart gave the value OF his estate at SCI.
WQDo. Mr.. Hilton has most OF this estate
with the exception OF the wife's portion. IN
money paid to legatees and the fund
which built the cathedral I'm which \. r
stewart bones are supposed 10 be reStini
since their alleged recovery from the gam
that stole them several years ago.
Hetty Green Inherited wealth and ha
steadily aided to IL. She Is not worth $40.
100000 or 500. 100000, but in Wall street sh
Is rated as being worth 100000 He
taxes Indicate that she has In Chicago alon
$l2,OOO,OOO worth of real estate.
one never hears of the sons OF Angus
Rpln00nt In the licf Of trarr rich man -.