Smyrna times., 1903-06-03
EVOLUTION OF THE MILLIONAIRE.
"he" Has Grown From Nothing 100 Years Ago
In New York City to I,32O To-day.

There are in New York City today
1920 millionaires as against 294 20
years ago and % in 1858. There were
no millionaires in the city 100 years
ago. The first person to reach that
distinction was John Jacob Astor, who
became millionaire about the year
1920. Six years before that the richest
man IN the city was Isaac Classon, who
swore that he was worth $780, 900.
In 1880 there were five millionaires
IN New York, as attested by Walter
Barrett, who published book on the
subject in 1862 and who was personally
acquainted with the five men about
whom he wrote. They were John
Jacob Astor, Robert Lenox, John G.
Coster, Stephen Whitney and Nathan
lei Prime. Cornelius Vanderbilt was
at that time struggling hard with his
terrybOat business, but had not reach
&c the dignity of a millionaire.
John Jacob Astor made his money
from furs and real estate, much of the
latter being still held by his descend
ants of the present day. Nathaniel
Prime was in his younger days a
coachman. Then he became broker
and banker. After amassing a fortune
he committed suicide because he feared
misfortune might overtake him and
that he might die in the almshouse
In those days the city limits ex-
tended no farther north than Chambers
street and fashionable residences were
to be found in lower Greenwich and
State streets. August Belmont began
his career as banker aud then sue
ceeded to the business that had been
carried on by J. L. & S. Josephs. This
put him in the list of millionaires cf
1858.
Among the other millionaires of half
a century ago were William B. Astor,
worth $5,O00,0O0; John Jacob Astor,
$25, 900, 600; John Haggerty, 81, 900, 900;
Peter Harmony, 81, $780, 600; Joseph
Kernochan, $1,000, 600; James Lenox,
S3,O00,0O0; Mrs. Jacob Lorillard,
1900, 900; Gouverneur Morris, 81, 800, =
900; Mrs. Thomas G. Pearsall, 81, 800, :
600, and Cornelius Vanderbilt, $4,000, =
900. The estate of Mr. Peck, consist
ing of Brooklyn realty, was worth
million, and that OFFS Van Rensselaer,,
$1,000,000. A. 7. Stewart was then
worth little more than a million.
Peter G. Stuyvesant was rated at
$4,000,0OO and Herman Thorne at
81, 500, 900.
These fortunes were, for the most
part, made in trading, banking and
the increase in value of real estate. In
1916 carefully prepared list of the
wealthy men of the city showed that
there were then 500 men worth 800, 900
or more, butonly eightee II reached the
million dollar mark
In 1898 there were eight men in New
York worth $50, 900, 600 or more. They
were W. W. Astor, Jay Gould, John
d. Rockefeller, W. H. Vanderbilt, H
NJ. Flagler, John l. Blair, Russell
/ OdSO anu " L lluullu2 lOus
At the present time Mr.. Rockefeller
is estimated to be worth well toward
81, 900, 100000 Famous among other
present-day millionaires are J. P.
Morgan, Andrew Carnegie, J. J. J.Astor,
W. K. Vanderbilt, Russell Sage, H.
NJ. Flagler, w. A. Clark, William
Rockefeller, W. G. Whitney, John D.
Archbold, D. o. Mills, Mrs. Hetty
Green, James Stillman and the mem
bers of the Gould family.
OF the 1920 millionaires in New
York, 356 are merchants, 113 bankers,
1874 real estate owners, SO railroad own
ers, 81 mine owners, and the rest are
manufacturers, ship owners, tanners,
brewers and professional men.
New York IS the richest city in the
world. It's aggregate wealth is more
than billion dollars greater than that
of London. It's per capita wealth is
more than twice as much as London's.
These facts are more notable when it
is considered that New York covers less
than one-half the area of London an
that the latter has been for hundreds
of years the greatest trade center on
earth. London exceeds New York in
population, but 1917, of its people
are paupers 1t exceeds New York in
the number of houses, but thousands
of them are holes more miserable than
the worst of New York's rear tene-
ments. Paris is the third city of the
3 world in wealth and population.