St. Paul daily globe., 1894-09-02

total taxes on real estate. valued at
1862. .5S2, 39S. those on property worth
s474, ,0s5.00t were paid by III private in
dividuals and estates. This number
does not include some estates whose
holdings are mainly of leasehold char
acter nor properties owned by corpora
tions.
From this it will be readily seen that
real estate in the city is largely con-
trolled by the landed gentry. This
condition has, of course, not been arrived
at suddenly, but by degrees. invest
ments having been constantly made by
earlier members of present families
until New York property has practically
come IS be owned by a few persons.
Having bought city property in earlier
days, the far-seeing members OF the
families into whose possession it has
since come perceived that there was
great future for the city, and that by
judicious investments and retaining
that which was bought there were
fortunes in store for their descendants,
if not for themselves.
Wisely enough, the members of those
antilles of the present day have not
only held on to that which was left to
them, but have added to it at every op-
portunity.
The profits which accrued, instead of
being expended in other ways, were
invested in still more real estate. This
form of investment was bound to bring
tremendous returns, and the fortunes
of many wealthy New York merchants
today were created in that way, and are
constantly being added to. The wealth
of many of these persons is enormous,
as will be seen by referring to the table
given elsewhere.
William Waldorf Astor and John
Jacob Astor are the largest individual
owners of real estate in New York city.
Like John Jacob Astor the elder, they
have always regarded real estate as the
best and safest investment. Old John
Jacob Astor first became a real estate
owner in New York in 1889. when he
bought for s25 lot of land in Bowery
lane, near Elizabeth street.
Twenty-one years later he was the
largest holder of real estate in New
York, and his descendants have ever
since kept the lead in this respect. In
1885 he sold the Astor house for 81.
William B. Astor had expressed de-
sire to own it. whereupon John Jacob
told him that he would sell 1t to him for
the amount named. The bargain was
concluded Oh the spot.
The greatest care has always been
taken to keep the exact value of the AS
tor estate from becoming public. When
John Jacob Astor first died he was said
to be worth s20,000,OO0. At William B.
Astor's death it was reputed that he
was worth $4,000. 900, but this estimate
has been declared to be too low.
The Astor family has been acquiring
real estate in New York ever since 1911,
no matter who has been at its head.
Rents which accrued were reinvested
with particular view to the location of
the property.
Give Long Leases.
John Jacob and William Waldorf AS.
tor have continued to make real estate
Investments, much land having been
bought in Harlem and the annexed dis
trict Within few years. One real
estate authority, In speaking about the
AStOr lanu nOlulngS, Salu tnaC south Uf
Eighty-SiXth street it included twenty
five acres of land solidly built up. Yet
this large amount OF property does not
amount to more than half of the Astor
estate, which owns land and buildings
around Jerome Park and along River
side Drive and the Boulevard.
1t is the business custom Of the
Astors to give leaseholds of twenty
one years, on which the lessess
build, the lease being subject to
tehewal at the end of twenty
one years on reappIaisement. The
ground rents for these properties 20 to
the estate, but on the assessment books
the property does not appear in the
name of the Astors.
One OF the largest blocks of property
owned by them is that which extends
solidy aemh AyenSe ta Seyontb % FIRST avenue