The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-02-14

years ago a lawyer of New York city
said to his friends that his reasons were
excellent for saying that the wealth ac-
crmulated by John d. Rockefeller was,
measured by dollars, approximately one
billion. This lawyer whose practice was
large and who had in that practice
gained information respecting the prop
critics owned by men of vast wealth, dis
covered in the course of his practice GER
tain facts which referred to John ID.
Rockefeller's possessions upon which the
estimate was based which fixed one bill
lion dollars as the accumulation at that
time of Mr.. Rockefeller.
If a recent estimate which was made
by commissioner of ACCOUNTS of New
York city is correct, then Mr. Rockefel-
ler's wealth at the present time is at
least three billion dollars, and if to that
amount there be added the estimated
wealth of his brother, William Rookie
Teller. then the aggregate wealth of the
Rockefeller family is, according to this
estimate five billions. If the estimate be
not far out of the way, then the Rock
efeller brothers could. If they were SO
disposed make use of their fortune to
cancel the debt which Great Britain owes
the United States However. this could
not be done without demoralizing some
industries as well as seriously affecting
others and perhaps influencing to some
extent the money market. The wealth of
the Rockefellers, although measured by
dollars. nevertheless represents stupen-
6ous investments in industries and in the
development of some of the natural re-
sources Of the United States. John d..
Rockefelers income is undoubtedly so
large that the common suspicion that it
was he who paid last year the greatest
income tax received from any one ind-
j1yiI tho hxyt nj &c IVY 1ik civ
correct
Confidential as is the identity of those
who have paid income taxes both to the
federal government and to the state OF
New York, nevertheless a careful an
alysis Of the income tax returns and pay
ments makes it possible for a skillful
accountant who is also student of eco
nomic affairs to obtain fairly accurate
estimate of the money value of many OF
the larger estates which are now in the
ownership of individuals or families.
ABOVE $1OO,0O0,000
This estimate reports that the Rockefel-
Ter family possesses an estate Of approx
imately five billions. The Pratt family
and the Hardness family are assumed to
be In possession of four hundred millions
each. The Vanderbilts are estimated at
three hundred millions, as are also the
Astors. James j. Hills estate is listed
man estate at a like amount The ]. p.
Morgan estate is estimated at one hum
bred and fifty millions. The F'lagler es-
tate at one hundred millions and the
jay Gould estate at like amount
These estimates give perhaps exag-
gerated figures, as. for instance. Jay
Gould's estate was inventoried at eighty
six millions and E. n. Harriman's es-
tate at approximately the same squire
Both of these estates have presumably
accumulated increases since the deaths
of the two men who created these prop
critics. But however far out of the way
may be some of the estimates which have
just been made by skilIful accountant
who has had opportunity to make inves-
tigation of estates. nevertheless on the
whole the estimates are probably reason
ably accurate.
HOW THEY. ACCUMULATED
A careful scrutiny of the list which
contains the names of individuals or fam
lilies who are estimated to have possess
sions Of one hundred millions or more
reveals story of the manner in which
these great fortunes were accumulated.
OF course. those who have inherited
these great estates had with few excep-
tons no part in creating and building up
these stupendous fortunes. Almost all
of these fortunes as originally accumu-
lated. can be traced back to the develop
ment of the natural resources of the
United States by individuals and also
the vast increase in railroad construc-
ton and operation since the days of the
Civil war The Aston estate represents
chiefly investment in New York real es-
tate ard the appreciation in the value OF
that real estate. The Morgan estate rep
resents in great measure the vast financ-
ing which Mr.. Morgan and his successors
carried on to aid transportation and the
development of our natural resources.
The Rockefellers' estates can be traced
back in their origin and their growth to
the ski1lful and far-seeing methods
adopted by the Rockefellers to utilize the
Wonderful, but heretofore scarcely
touched resources in petroleum which
the United States possessed. The Van
derbilt. the Hartman and the James j.
Hin estates tell story Of individual
courage. patience, remarkable forecast,
which were visibly exemplified by the Gre
alton OF the Vanderbilt railroad systems,
the Union Pacific and the Great North
ern There might properly be added to
this list the four estates which the cree
alton and building of the Central and the
Southern Pacific railroads made possible.
These estates are identified by the names
OF Huntington. Croker, Stanford and
Hopkins.
Two or three years before his death
James Stillman, whose estate is esti-
mated at sixty millions. said when refer
ring to the building of colossal fortunes
whose accumulation began shortly after
the Civil war was ended that almost
every one Of them represented individual
effort which demanded courage, patience
and the highest constructive ability.