The Providence news. (Providence [R.I.]) 1891-1906, 1898-02-12
PAGES
9 to IL.


connected chiefly with valuable office
buildings. Two OF their largest prop
critics stand on either side OF Broad
street. at Wall. on sites that cost fabu-
lous figures. The Mills building is the
best known.
The big estates OF Arnold Constable.
Alfred Corning Clark. James McCree-
ry. George Ehretf and Solomon Loeb
were founded on money that was made
In trade and then put In land as the
safest OF all securities.
The Rhinelander. Wendell. Langdon,
Roosevelt. Furniss and Stokes estates
have reached big figures through gener-
ations OF heirs shrewd enough TO see
that the wisest policy OF management
was one which held on to New York
realty.
Again. there are dozen other es.
tates and individuals whose prominence
as landowners is almost as great az
those cited, but the score of names
given In the table shows what power
ful combination OF business interests
there can be IL all these people select
the new enterprises OF John Jacob Astor
as their mediums of exchange. deposit
and insurance.
The element of strength that was not
ed in the real property on Manhattan
Island and the annexed districts dur
ing the recent panic, when land values
everywhere else in the country were
greatly declined. is explained largely
by the fact that property there Is dis
tributed among a very small number Of
persons, all of whom are so wealthy
that temporary stringency in the
money market or even prolonged
period OF distress i'm mercantile circles
does not cause them any Inconvenience.
For the past five years there have
been many owners OF "gilt edged"
realty whose necessities forced them to
sell, but there has not been so much
property thrown on the market but
that the large landed proprietors have
easily absorbed il. Their enormous in
comes have afforded a sort of sinking
| fund for the rescue OF landed property.
This warrants the praise frequently be-
slowed on New York city reaf estate
that 1t is as good as United States
government bonds.
There have been overbuildng and over
speculation. and these have produced
imitation of prices. with the result OF a
gradual shading to normal figures. The
great backbone OF New York-Broad-
way-and the streets and avenues
crossing and contiguous to it have held
their own and even appreciated, despite
failures falling prices and interrupted
enterprise.
The great estates have been built IN
by close observation of the arteries OF
the city. Their founders followed the
trend of people and OF money and left
an Injunction TO their successors to do
likewise.
Property cannot legally be entailed in
this country. but many OF the possess
ors of real estate have established a
system which virtually and practically
amounts To the law of primogeniture
Family holdings have been tied up i'm
trusts, have been incumbered with pro-
hibitions not to sell during the life OF
the longest living child OF the longest
living heir, and in other ways have
been kept intact that they might in
crease ten. fifty or hundred fold.
! Colonel Astor is making rapid pro-.
gress I'm the extension OF his business
affairs. A short time ago he became
president of the Tidewater Building
company, which will in future do all the
building for the Astor estate. FTe also
controls the destinies of the Findlay,
Fort Wayne and Western railroad.
III is to be said of the Astors that
while they live well and in excellent
style in their homes they have always
conducted themselves with extreme
quietness and modesty in their inter-
course with the outside world. Their
accumulations of real estate are made
without flourish of trumpets, and they
will buiM dozen or more 10 or Is story
| edifices without ostentatious display or
hardly permitting themselves to be seen
giving more than a hasty glance at the
fine structures as they go towering
| heavenward.