The New York herald., 1922-11-03
]. ]. .ASTOR'S RICHES
GOING TO ENGLAND
Younger Son of the Late
William Waldorf Tells
of Transfer.
BEGAN SOME YEARS AGO
Major AstOr, With John Wal
ter, Put $6,OOO,O0O Into
London 'Times.'
BEGAN SOME YEARS AGO
Special Dispatch to THE New YORK HERALD

Special Dispatch, to TIE NEW YORK HERALD.
New York Herald Bureau.
f- London. Nov. g.
Major John Jacob Astor told the
unemployed of Dover, where he is
contesting the Parliamentary seat, 81
am transferring my wealth from
America. 10 this country" when
heckled as to the source OF his income.
Asked over the telephone tonight
whether he meant he was selling out
his New York real estate holdings and
otherwise divesting himself of his
American interests, Major Astor de-
clared: II won't add to my state
ment to-day. 1t is nothing new. 1t
has been my policy for many years"
Asked if any changes might be ex-
pected in handling the Astor estate
he replied Its getting late, and I
fear I'll have to bid you good night"
Major Astor, the younger brother OF
Viscount Astor, with John Walter,
recently purchased Lord Northcliffe's
control in the London Times for
100000
There has been considerable gossip
in New York real estate circles of
contemplated changes in the owner
ship of certain parcels Of New York
property formerly part Of the William
Waldorf Astor estate, and now owned
by Major John Jacob Astor, the second
son of William Waldorf Astor One OF
the reports which has been in circula-
tion Is that after the first OF the year
leases in the Waldorf Astoria are not
likely to be renewed because Of con-
templated changes in the hotel struc-
ture. Another is that a large depart
ment store now down town may eveni
tually occupy the site Of the Waldorf
Astoria.
Real estate men believe that Major
Astor has been for some time making
changes in the ownership of certain
of his parcels of land. BY gift from
his father he received a number OF
the most valuable and best known
pieces of land in the city. among them
the northerly end of the old Astor
House at Barclay and Broadway. the
Real Estate Exchange on Vesey
street. the. Exchange Court Building
and the Astor Building at 10 Wall
street.
These were among the first i'm
portant parcels of real estate to pass
from the control of William Waldorf
Astor. 1t was estimated at the time
Of the gift. in 1885, that their value
was about 1920, 900. while the William
Waldorf Astor property was estimated
to be worth between $4,000, 900 and
800, 100000.
BY this gift Major Astor became the
third largest holder of real estate in
New York city, although IL Is thought
in realty circles that he may have dis
posed of some parcels within recent
months. The gift of the parcels. valued
at more than s7,000,000. in 1915 was
the second large transfer of land that
William Waldorf Astor made within n
few years. In 1911 he decided to the
Farmers Loan and Trust Company, In
trust for his eldest son, Waldorf. now
Viscount Astor. the Waldorf section OF
the Waldorf Astoria and several other
structures in that vicinity.
Some time later he decided to his Sec
ond son. John Jacob Astor. his interest
in certain holding. including his part Of
the old Astor House, and in 1919 he
filed deeds here conveying the balance
of his property In trust to his two sons.
The total assessed valuation of this
property at that time was more than
$50. 900. 900. Major J. j. Astor is said
to have sold some OF his parcels within
ing considerable to his personal fortune.