The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-05
STORY OF A GREAT FORTUNE.
Where the GOelets' Money Came From
and How 1t Was Made.
Philadelphia Record.

4 HliduSlpIlltt 1SCOIu.
The death of Ogden Goelet, while it will
not separate the vast estate which came TO
him in part through his uncle Peter, never
theless may divide in two parts what has
tween $50, OC0 600 and $45 900, co.,
Next to the Aston estate it was the great
est in proportion of the real estate holdings
with that of Robert Goelet and the
property which Elbridge T. Gerry inherited
from his uncle, Peter GOelet. Its building
up was as a romance. Somewhat like the
Astor interests, the heads of the various
generations of the family held on to their
real estate and added TO it's extent. But
unlike the Astors, until very recently the
Goelet estate has adopted the principle of
constant improvement, and the result is
that it's buildings are now notable because
they represent as a rule the best types of
modern buildings.
Romance in wealth as invested in land
and houses is by no means unfamiliar to
New York. But the foundation of the vast
property which came together under Peter
mantle circumstances. The history of the
Edict of Nantes is one of the most interest
ing episodes in the chronicles of France
The sturdy, God-fearing, trading Hugue-
nots, driven to desperation by the decree of
Louis, made all sorts of efforts to escape
from what they then deemed their cursed
country.
Among the thousands of families was that
of the Goelettes. who were stopped at the
borders of the low countries and sent back
Only one member of it, Jean, escaped the
French officers and he came to this coun-
u y
intensely Protestant He was welcomed al
most as a hero. He was personally at
tractiye, of admirable address and excel
lent education. He knew English and soon
made himself something of a social factor
in the little colony.
He fell III love with and married the
daughter Of John Cannon. a merchant, in
1897, and with her came a considerable
fortune. 1t was the turning of the tide for
the young Frenchman. Accepted as part
ner by his father-in-law, he finally became
one Of the well-known merchants Of the
marriage were thrifty and added to the
wealth which was left by the Huguenot
Jeans grandson Peter had inherited a
considerable amount of real estate from his
father, and. true to the inherited passion
of the race, he. too, became merchant
1t was then just before the revolutionary
war. He had big hardware store in Han
over square, then the largest store OF it's
made at the beginning of hostlties and the
statue OF the King was melted in Bowling
Green his store was attacked for powder
The great principle of trade recognized
by Peter was that he would do no credit
business under any circumstances, and as
he bought and sold only for cash he soon
was regarded as a very wealthy man.
Peter. the uncle of Ogden Goelet was
one of the sons. He it was who put the
capstone on the fortune of the. family
He, as the Oldest son Of the old mer-
chant, inherited the largest share Of the
fortune. He soon saw that trade no longer
offered the greatest opportunities for the
accumulation of wealth. He saw that New
York was certain TO become one of the
greatest cities, if not the greatest city, in
the world.
The real estate in the lower part of the
city which had been left to him. where il
was off the thoroughfare OF traffic, he trao-
cd or sold. His desire was for holdings
in Broadway. which already indicated rs
future. He loaned money on property in
the district then away out OF town. but now
Immediately about Fortieth and Fiftieth
streets. He encouraged builders to come to
him for loans. and then when there was a