The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-06-23
THOSE WHO HAVE
How the Wealth of the Country
is Distributed.
10000 People Own Over One
Half the Money.
SHEARMAN'S FIGURES
Concentration is Still Going on
Rapidly.
The Rich Growing Richer and
the Poor, Poorer.
SHEARMAN'S FIGURES

New York, June 29.-The World pub
fishes an article by Thomas G. Shearman
commenting on the statement recently
made by Senator Mills that 'less than
49, 900 out of our 10000, 900 people own 3d.
500, 600, 900, more than one-half of our
wealth.
The figures quoted by Senator Mills
were taken from an article by Mr.. Shear
man in the Forum in 1889. He concludes
his previous estimates were fully justified
and apply yet. Mr. Sherman with the
purpose of establishing the truth of his
figures, revises his tables and says:
1.-The utmost reduction which any in
telligent inquirer has been able plausi-
bly, to suggest is to the effect that posi-
bly, half the national wealth is owned by
100 600 persons, instead of 1000, and that
4 per cent, instead of per cent, of the
people own 70 per cent of the wealth.
"A New York paper. in the hope of dis
proving my inference, published a list of
1900 names of miIlionaires. My estimate
was that there We're from 1000 to 5000
millionaires, and the fact that 1900 names
could be given appears only to confirm
that estimate. Some of the estates in my
list have since been appraised. While
some were valued at less than stated,
others proved to be worth vastly more.
In the cases of reduction there had been
a heavy decline in the market values
since 1889, while estimate of real estate
values was given in any case. Taken as
a whole, my original figures were much
too low.
my estimate of the national wealth
was $65, COO 900. The official estimate
for the same year, made upon actual in
vestigation, but not printed until three
years later, was $50 O37. OOO 600.
ITO sum up I adhere to the opinion
that in 1889, more than half of all the
American wealth was owned by less than
1000 persons, and that the number of
these persons grows smaller every year.
The total estimate, both as to number
of persons and amount of wealth, has
been amply verified by later information.
With three omissions. the list published
in 1889 was as follows. The figures indi-
Gated the wealth believed to be possessed
on the average, by each of the persons
named:
$3.50. OOO,O 900.
800, 900, OOO
c. Vanderbilt. Leland Stanford,
w. K. Vanderbilt, J. D. Rockefeller,
Jay Gould
$7OOOO,OOO.
Estate of A. Packer.
$50. 900, OOO
John I. Blair, Est. Charles Croker.
$4,000. 900.
William .Astor, Est Moses Taylor.
w W. Aston, Est. Brown,
Russell Sage, Est. Ives,
Z. A. Stevens.
$4,000. OOO
P. D. Armour, H. w. Flagler,
F. L. Ames, Powers, Weightman,
William Rockefeller, Est. P Goelet.
$4,000. 900.
c. P. Huntington, Est T. A. Scott.
D. o. Mills, Est. J. W. Garrett.
$sOOOO.OOO
Charles Pratt, F. Weyerhauser,
Ross Winans, 'su!EdoH HIBTI SIM
f. B. Coke, Mrs. Hetty Green,
R. J. Livingston, Claus spreckels,
Est. r. w. Coleman, Est. I. NJ. Singer.
$25,OOO.OOO.
A. J. Drexel, J: S. Morgan.
David Bows, J. G. Fair
Est. A. T. Stewart, Est. schermerhorn''
So, 500. OOO
Est. Nv. Williamson Est. w. F. Weld.
$4,000, 900.
F, ". Vanderbilt Theo; Havemeyer,
w. P. Thompson, Mrs. Schenley.
J. B. Haggfn, H. A. Hutchins,
Est w. Sloane, Est. E. S. Higgins,
Est. c. Tower. Est W. Thaw
Est DR.. Hostetter, Est. william Sharon.
''Mr. w. w. Astor afterwards inherited
his fathers wealth, and is unquestion-
ably worth far more than $500, 600 900.
With these figures as a basis the follow
ing table was prepared:
70Tc,r,r9