The sun. [volume] (New York [N.Y.]) 1833-1916, 1912-05-07

cannot be less than q 900 900 year.
To handle his part Of the estate John
Jacob Aetor employed about twenty clerks.
The fortune which John Jacob Astor
that Of his cousin. William Waldorf
, Astor. Their fathers started out on an
equal footing on the death of their father.
William B.. Astor. but by profitable ac-
tivity on the part Of John Jacob Astor
! Astor their fortune has increased to-
much greater extent than that Of the
American branch Of the family. Prob
ably the reason for this lies IN the fact
that the present William Waldorf Astor
owns his properties outright. whereas
part outright His estate was managed
by three trustees. Of whom he was one:
| William Waldorf Astor was trustee OF
this estate until the two cousins quar-.
relied. when he was through. They still
| including the Waldorf astoria and tho
Astor House.
Among real estate people William Wal
, DORIS activities have been in recent
years fairly accurate guides In the actions
Of John Jacob Astor In other words.
improvement Of considerable moment
IL has been followed by another equally
great or even greater in the immediate
vicinity by John Jacob. SO William
Waldorf Astor built the Hotel Waldorf.
Astoria. Next William Waldorf built
the Hotel Astor and John Jacob followed
with the Knickerbocker.
| On Manhattan Island the John Jacob
Astor estate includes about 100 proper
ties. Out of all these not more than one
quarter are improved with buildings
which the estate owns. and Of this small
proportion less than half were erected
by the estate itself. In spite Of the sew
eral big improvements which the estate
has made the old policy Of the original
John Jacob Astor still is in force, with
less proportionately from their proper
ties than do other owners Of real estate.
| 1t is said that one real estate operator
some years ago had information that
Siegel 4 Cooper were to build a great
store on Sixth avenue just north OF an
Astor block. He went to the estate and
leased the property at the prevailing
| value.
When the big store was completed the
Astor lessee had no difficulty in obtaining
he agreed to pay for it. Also by putting
their properties out under long. term
leases the Astors lose much OF the benefit
Of constantly increasing values. In
stances are to be cited of properties which
they leased years ago under old yalua-
|
| ten and twenty times as much money as
| they ire getting. Their tenants. however,
sell and resell their leases. often at big
profits TO themselves
| "1n all countries there is no fortune
more securely established than that Of
the Astors. Their fortune" says one
writer, rests upon absolutely a secure
basis There is no accident. except con-
f1scation which can make them poor
The discovery of some new illuminant
| might make useless the source of the
Rockefeller wealth. The collapse of the
steel industry would endanger the Car
negie fortune \ successful airship might
depreciate enormously the riches founded
upon railroads. But whatever industrial
revolution there may be- the land itself
will be perennially useful II ia one of the
necessities of life. like air and food
One OF the most valuable of the Astor
holdings outside of New York city is
Ferncliff. John Jacob Astor's former
summer home. This estate extends for
| more than mile along the Hudson River
and runs back into the country twice
| the distance. In all FerncliH contains
nearly 800 acres. onc-third of which
| is in a state of cultivation. II was about
forty years ago that Mr.. Astor's father
purchased property known "a the Gar
| rettson farm M Rhinebeck and decided
! to make a summer home. As neighbor-
ing farms were put in the market he
bought them and added them to his pos
sessions until at the time of his death
and his country home was one Of the finest
Of the many beautiful homes along the
, Hudson River bank
As Col. Astor left it the Ferncliff estate
was Il composition of seven business
institutions. farm. dairy, hennery.
florist establishment and breeding