The labor world. [volume] (Duluth, Minn.) 1896-current, 1905-08-26
SOURCE OF THE WEALTH
OF THE AST0R FAMILY
Something of the Career of the
First American Astor the
Great Trader.
The First Astor Established a
Custom That is Still OBJ
served by Family.

Every permanent improvement Of
the soil, every railroad and road,
every lettering of the general con-
dition Of society, every facility given
for production, every stimulus sup
piled to consumption, raises rent.
The landowner sleeps, but thrives.
He alone. among all the recipients
in the distribution of products, owes
everything to the labor of others,
contributes nothing of his own. He
inherits part of the fruits of present
industry, and has appropriated the
lions share of accumulated INTEL
Hgence.-J. e. Thorold Rogers.
The American millionaire is gen
orally regarded, on this side Of the
Atlantic, at any rate, as a man who
has made his pile" in silver, or oil.
or pork, or dry goods, observes the
London Chronicle. Yet the United
States, of course, possesses landed
proprietors in profusion, as wealthy
as, If not Weather, than any in the
wide world, and the greatest Of all
are the Astors. AS the most prom
inent characteristic Of the family ia
that they never talk Of their wealth,
it is nearly impossible to say what
the value of the property may be.
But, according to the closest observ-
ers, it cannot be less than s2 100000
year, and may possibly be great
deal more. The present head of the
Astor family Is, as Is pretty we'll
known, William Waldorf, who for
good many years has made his home
In England and is now a naturalized
British subject. He is genially re-
ferred to in America as the greatest
absentee landlord In the world. His
ed country, it is said, and the one
touch OF sentiment in the New York
Astor office, Is little back room,
formerly the business headquarters
of William Waldorf's father, the
third John Jacob. The desk is pre-
cisely as he left it when he died in
1890, and every morning, by the
orders of his now British son, a
cluster of fresh roses is placed upon
it.
The founder of the great family,
established on purely aristocratic
lines, was the ragged son of an idle
German butcher, who landed from
the Storage at New York 100 years
ago. This was John Jacob, who be-
gan life in the new country as a.
bakers boy. But he soon became
trader on his own account and on
large scale, and by the time he
was thirty was living on the Broad
way site where the Astor House now
stands. Whether he really foresaw
that New York would attain its pre-
sent proportions, and that every acre
of swamp ground would be a gold
mine, is moot point. At any rate,
he acted as II he did know, and he
began those gigantic land purchases
which have continued uninterrupted
~ to- the present day. Because a
rule which succeeding Astors have
made for themselves is that most of
the income obtained from their hold
ings shall be reinvested in New York
real estate. Astor's transactions
were the sensation of the day; most
of the property he bought was marsh
and rock, and the sellers signed it
away with tongue in cheek. His
friends begged him not to fritter
away the fortune so industriously
acquired in legitimate trade. He
listened patiently to their advice,
and then bought more land. He
even disposed OF paying house prop
erty in Wall Street in order to in
vest it in farms >. The prices paid
seem ludicrous today. Thus, the
Bayards, whose, hay-ricks stood on
a great stretch of land now, covered
by the skyscrapers Of lower Broad
way, gladly sold dozens Of lots at
s40 and $50 which are now worth.
100000 and 100000. Thus one
John samler and his wife Catherine
who signed the deed with her
mark--parted with their east side
farm for $4,000. Had they held on,
their descendants would now have a
fortune OF over . million and q half
sterling. Astor the first died in
1848.s He had investeM about
100000 IN 4 New York real estate
at his death its value was e 1000
90 o. When liam 3. Astor. died.
In Il SIG It had Increased to sE 20, -#
900 50 90. g 80, comp tent au-s