The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-04-25
TWENTY GREAT ESTATES.

Alfred COrundy Clark estate - 5000 coo
James McCreery ACKNOWLEDGEMENTS. 1000 900
William. Rhinelander estate ...... 1900 900
Langdon estate NEUTRALITY-SUSPICIOUS.. 5000 0G0
lieorge Ehret Observation-Disclosures. 5000 600
Do Mills Observation-Disclosures. 600 0OO
solomon Loeb ...................... 6,0O0 600
Stokes estate Observation-Disclosures. 5000 900
Furnlss estate ......-............... $500 900
Roosevelt estate .................... 500, 900
Matthew Wilks ...... ....... 5000 900
~. Willis James ................... 5000 900
Total twenty holders ........... 1885,, 000 600
It will be borne In mind, Of course.
that the totals given above are en-
tirely exclusive OF all personal property
and of all real estate not included with
IN the boundaries of the present city OF
New York.
The element Of strength remarked in
real property on Manhattan Island in
the annexed districts during the recent
panic, when land values everywhere
else in the country were suffering a
great decline, is explained in a great
degree by the fact that property here is
distributed among very small number
of persons, all of whom are so wealthy
that a temporary stringency In the
money market. and even a prolonged
causes them no inconvenience.
Since the early part of 1898 there have
been many owners of "gilt edged
realty, whose necessities forced them
tosa sale.s but there has not been 50
much property thrown on the market
that the, great landed pfoprietors could
not easily absorb it all Their enormous
incomes have afforded a sort Of sinking
fund for the rescue Of real estate in this
city that warrants the praise frequent
ly bestowed upon it-that 1t is las good
as United States government bonds.'
BACKBONE OF NEW YORK.
Notwithstanding this sustaining
force, however, there have been sac
rifices from purchasing prices during
the hard times. This, strange as it
may seem, is a justification Of the
landed interests. They have steadily
refused to aid speculative movements,
and only holdings whose value rested
on a sound foundation have found pur-
chasers among the great milliOnnaires.
AS a result where oyerbuilding and
overspeculation have produced inf1a-
ton of prices, there has been a grad
ual shading to normal figures. The
great backbone Of New York-Broad-
sing and contiguous to it have held
their own, and even appreciated, de-
spite failures, falling prices and check
ed enterprise.
Along this line flows the stream OF
wealth and population, distributing it.
self on either side and the wanderer
too far afield will surely reach the
deserts in which there are but few
GASES.
That is the story which the great
estates tell.
They have been built up by close OBJ
Servation of the arteries Of the city and
they are great estates today because
their founders closely followed the
trend Of people and of money and left
us legacy to their successors an in
junction to go and do likewise
Legally, properties cannot be entail
ed in this country, but many of the
largest possessors of real estate in this
city have established a system which
practically amounts to the same thing.
Family holdings have been tied up in
trusts, have been encountered with
prohibitions not to sell during the life
of the longest living child of the long
est living heir and in other ways have
been kept intact that they might in
crease ten, a hundred fold.
THE AsTOR POLICY.
In still other cases there has been
a family policy of Capitalization that
almost pales in steadfastness the poll
cieS Of the strongest governments. No
passing sentiment has been allowed to
interfere with the determination to
hold to that in possession and to add
to 1t month by month, year by year,
generation by generation
The most striking example OF adj
herence to the doctrine which teaches
hof &c, hod 1oJr 70 iIxy
not individual, possessions is the house
Of Astor.
More than a hundred years ago, in
1889, John Jacob Astor the first started
the family on it's way to it's present
position as the greatest landed pro-
prietor on two continents. He bought
a lot in the Bowery, then known as
Bowery lane, near Elizabeth street.
From time to time he added to his
real estate holdings and twenty -one
years after his initial purchase he was
the largest owner of real estate on
Manhattan island. No one has yet
| arisen to take that proud place from
the Astors, and the ambition, If any
still cherish it, is almost hopeless. His
descendants, William Waldorf and
John Jacob Aston, together own nine
per cent Of the $4,000, 100000 Of real
estate in this city, and each year the
Increment added is sufficient to pro-
vide many men with large fortunes.
The first John Jacob Astor establish
ed the policy Of the family. He never
sold a lot or building, and when he
died he left his real estate in bulk to
his immediate family. His sons and
his grandsons have practically follow
ed his example. The few parcels they
have disposed Of were outlying and
for the purpose of the development Of
the family possessions, unavailable,
Aston real estate is unpurchasa BILE.
No statement Of the exact possessions
of the family have ever been made pub
lie, and they have now become So
great that 1t is doubtful If the mana
gers themselves could approach close
TO the exact figures. Upon the deaths
Of the heads of the house, estimates
have been given out-for the most part
pure guesswork. The totals arrived at
by the Herald, based on all obtainable
facts and revised by experts whose
position Is peculiarly favorable to an
accurate knowledge.a.a probably the
most accurate ever published, Admit
tedly, however, they are low
SOME ASTOR HOLDINGS.
The possessions Of the two branches
OF the family are SO vast that 1t would