The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-05-10
BUSINESS HIS OWN
Col. Astor Did Not Like COrpOr-
alton Investment.
For Years 1t Has Been Family
Tradition to Work Alone.
DO NOT LIKE PARTNERS
Property Must Be Kept and
Added To.
Trustees Are Given Small Be-
quests by Astor.
Do NOT LIKE PARTNERS
Must Be Kept and
Added To.

New York May 10.-Were fortunes
expressed in terms of yearly income IN
the United States, as is the custom Ill
Great Britain, then it would be estinla-
ted that the fortune of John Jacob As
tor, the greater part of which passes
to his son in due time, is between .
million and 4 million dollars. A con-
siderable portion of the Astor estate
is in unimproved real property, al
though. the disposition of the great
grandsons of John Jacob Astor to IN
vest speculatively in unimproved real
property, expecting to reap great pro
fits through appreciation, was far less
than was the case with the original
Astor or with his son. The rapid
growth of New York city, and es
pecially its enlargement in 1897, has
made it less easy to purchase specu-
latively real property within the boun-
daries of New York than was the case
at a time when considerably more than
one-half of Manhattan island was
given TO agriculture.
Although the city tax assessors APP
praised the value of the real property
held by John Jacob Aston at 80 millions
I'yet that was the value only for taxa
ton purposes. Some of the Aston real
properties return net incomes at about
s per cent, although it has been the
understanding that John Jacob Astor
was content if his properties y1efded
him net income of from Az to per
cent. Upon the assumption that the
city assessments for taxation purposes
were some 20 millions below the mar
ket value of the properties, it is rea-
sonab1e to presume that Mr.. Aston re-
ceived a net income of about 4 million
dollars Il year from his estate. Both
he and his cousin, William Waldorf
Aston, have been persuaded for some
Is years to make large investment in
improved properties, especially hotels
and apartment houses. Their ventures
into this form of investment have
proved remunerative. For some time
it has been the rumor in real estate
circles that John Jacob Astor conten-
plated the building of the greatest and
the most beautiful architecturally of
New York hotels somewhere in the vi
cinity of Central Park.
The Small Requests.
1t did not escape observation when
some of the details of the will of John
Jacob Aston were made public that a
number of his personal friends receiv-
| ed legacies, one for so thousand, three
for 20; thousand and one for 10 thou
sand dollars. All of these are men of
wealth James Roosevelt, Mr.. Aston 5
brothers in-layY,a together with Douglas
Robinson and Nicholas Biddle, are ap-
pointed executors and also trustees of
the federal trust created by the will.
With these friends Mr.. Astors son,
William Vincent Astor, will be associ-
ated as soon as he becomes q years
of age.
Presumably these requests are to be
regarded in lieu of executors fees The
New York state law would permit the
executors to charge a fee vastly in ex-
cess of the sum bequeathed to these
executors. 1t has been, however, the
| custom with rich men to make specific
requests to those named in their wills
as executors or administrators, with
| the statement sometimes added that
these requests are in lieu of fees. Cor
| nelius Vanderbilt left legacies of 81
| thousand dollars to Chauncey NJ. De-
| pew and also to the late E. V. w. Ros-
sitter; both Mr.. Depew and Mr.. Ros-
sitter were in the, closest personal and
| business relations with Mr.. Vanderbilt.
1t would have been within their legal
rights had they refused the legacies
and having qualified as executors, ex-
| acted legal fees. These would have
amounted to several hundred thousand
dollars. But to qualify as executors
after having refused a legacy be-
queathed in lieu of executors fees
would be both to invite and to receive
very severe criticism.
/ The executors named by Mr.. Aston
are also to serve as trustees of the var
| ious trust funds. In all proba bility
they will call to their assistance one or
more of the larger trust institutions
of New York. Trustees are entitled
l
i commonly fixed or confirmed by the
courts. Whether the trustees named
| by Mr.. Aston will do that or not re-
mains to be disclosed. Yet as the adj
ministratiol of great trust funds en-
tails caution and considerable labor, it
is to be presumed that for services as
trustees some reasonable recompense
will be fixed by. the courts.
One of the trustees of the estate of
William Aston was chiefly occupied
professionally with the administration
of the trusts.
One of the responsibilities which will
much occupy the trustees, and especial
" the principal heir, William Vincent
Astor, will be such administration as
will keep the real properties intact and
will from time to time add to them
either by purchase of improved land
or by investing in large improvements.
like those made by both William Wal
dorf Aston and John Jacob Aston. in
some of the conspicuous hotels of New
York.
The Astor tradition. maintained
faithfully since the original. Aston es-
tablished the precedent, not only called
for the preservation intact OF real prop
critics and the adding to them. but for
another popularity of which the public
has had little knowledge The reason
why John Jacob Astor the first invested
in real property in New York was, 1t
has always been presumed, Because he
forecasted with unerring judgment the
growth of New York city. His vision of
the future was taken at a time when
Baltimore was perhaps the leading
commercial city of the United States,
closely pressed by Philadelphia and
Boston. Almost all the business men
of the country in the early years of the
oa.st century counted upon the great
commercial and financial development
of Baltimore and regarded Boston and
Philadelphia as likely to command
much of the commerce carried on with
other countries It was not until after
the Erie canal was built that the fore