The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-18

New York, Jan. 16.-Financial circles
are considerably disturbed over the
cabled reports that William Waldorf
Aston has become a naturalized citizen
Of Great Britain This means that
the real estate holdings of Mr.. Aston
in this city must change hands and
that involves something like $4,000, 600
MI Astcr. at the time Of his fathers
death, half a dozen years ago. inherited
all Of the Aston estate held by the Old
gentleman, who was John Jacob Aston
the second The annual income from
this estate amounted TO more than
s. O0O, 900, and it is generally believed
that William Waldorf Aston has spent
every penny of this vast sum during
his four years residence in England
How he spent it is another story
What concerns the financial people
of this city is the problem OF unload
ing the S125.000 GOO of real estate. This
comprises property of all kinds. from
the great Hotel Waldorf. worth, with
its furnishings and equipments, about
S. 100000, to tracts of unimprOVed land
along the northern boundaries of the
city There is the great grim AstOr
House on lower Broadway and innu-
merable office buildings in the neigh
bOrhCod of Wall street, each worth one
or two millions. On the west side of
town. in the older portions of the city
whole blocks Of residences are owned,
each house worth from $4,000 to 100000
Then in other sections there are in
Vulnerable leaseholds. the buildings be
ing owned by outside parties who pay
rent for use of the ground.
OWNS FOUR THOUSAND BUILD
INGS.
At the time John Jacob Astor died
it was estimated that he had be
Queathed about 1000 residences and
buildings TO his son. Since the time Of
his fathers death Villain Waldorf
Astor has not added to the real es-
tate holdings OF the family. He has
improved certain sections like the cree
ton of the Hotel Waldorf on the site
of the family mansion and the tearing
down of old Office buildings. replacing
them with structures of the Sky-Scrap-
ing variety. But the purchase of add
tiOnal property he has avoided.
Before old John Jacob Aston the first
died he laid down certain maxims of
wealth building kind, for the benefit of
future generations of his family. This
wonderful man. with rare judgment
that seemed almost inspiration, had
from the days when New York was
scarcely more than a village, fOreseen
its ultimate growth.
To his eldest son. William BackhOuse
Aston he said: Put all your spare
money in property just outside the city
limits. In time the city viii grow up
to it. Always buy corner property and
never sell corner property. Don't
bother with railroad or other stocks.
Keep away from mines and business
ventures. Just stick to New York City.
Don't buy land anywhere else"
These instructions were followed to
the letter by William B. Astor and his
two sons, John Jacob and William, the
result being that when John Jacob
died he left $l25. 600, 000 and when Will
lam died he left TO young John Jacob
$40, OO0, 600.
a FAMILY INSURANCE COMPANY.
There were other rules which the
first John Jacob formulated and which
were adhered to by the two following
generations. one of these was not to
premiums which the estate would have
to pay in a year would amount to a
tremendous sum, and 1t was found that
they could afford to have two or three
buildings destroyed in a year and still
save money. The AStors were prac-
tically their own insurance company.
But with the advent of immense build
ings and a consequent concentration
of property in a small space, like the
Hotel Waldorf. it was deemed advis-
able 10 insure such buildings.
For more than 80 years the Astors
made it rule not to expect more than
: Der cent net from their properties.
This rule is adhered to in the renting
OF residences with surprising vigor.
Recently a new tenant in one of their
houses. who had signed a lease for a