Democratic Sentinel, Volume 3, Number 50, Rensselaer, Jasper County, 23 January 1880 — RICH MEN OF NEW YORK. [ARTICLE]

RICH MEN OF NEW YORK.

The Last Generation— A ccumuluted and Inherited Fortunes. Fifty years ago, almost, as we can well remember, says Ihe Independent, there were probably not more than two millionaires in the city of New York, viz., John Jacob Astor and Stephen Whitney. The former was then estimated to b© worth f 5,000,000, and the latter $1,500,000. Mr. Astor was then, undoubtedly, the most wealthy man in America, and there were but few, probably not a hundred, in the world who were really worth more than he. Astor had accumulated his gpeat property in the fur business. Whitney had made a large proportion of bis money in the purchase and sale of cotton. He also inherited a considerable property. These two men at that time stood alone, as we have said, as “millionaires” in this city. Ten years later, or say in 1840, there were several others who could count their million. We refer to Peter G. Stuyvesant, Stephen Van Rensselaer, Jonathan Hunt, Peter Lonllarj, Jacob Lonllard, William B. Crosby (grand-nephew of the rich Henry Rutgers), James Lenox. Possibly there were a few other persons who should be included in this list.

We could give a very long list of men who were conspicuous in business circles in New York between the years 1810 and 1850, besides those above nan#ed, who were then classed among the rich men of the city, worth probably half a million each. Alexander T. Stewart and Cornelius Vanderbilt were not at that time rated as worth $500,000 each; but they undoubtedly were, and possibly should be classed among the few millionaires of those days. It would be almost impossible to give a correct list of the millionaires of New York at the present time. They doubtless number more than 1,000, while some might estimate the number at 2,000. There are now also a regiment of men in New York who are worth $2,000,000 oi more, up to $20,000,000. There is but one individual, probably, iu this city whose total properly would inventory above $75,000,000. We refer to Mr. William H. Vanderbilt, whose interest in the stock of the New York Central and Hudson River Railroad Company alone is said to amount to over $60,000,000. He is also the holder of a large amount of other securities, including those of Lake Shore, Canada Southern and Michgan Central railroads, besides several millions of governments and a consid erabie amount of real estate. The total value of Mr. Vanderbilt’s property, we think, is at least $90,000,000, and it may possibly (as some think) amount to the round sum of $100,000,000. The estate of Mr. William B. Astor, at the time of his death, was generally estimated at' over $50,000,600. Very few persons believed in much higher figures. Since the division oi the William B. Astor properly real estate, in which most of his money was invested, has fallen greatly, and the total property now left by him would not now, probably, bring his heirs over $40,000,000. ' Those who are supposed to have reliable sources of information estimated the total value of tho property of Mr. Alexander T. Stewart at the lime of his decease at $60,000,000. The depression since in real estate would probably bring the figures down to $50,000,000 or less; although there are those who affirm that the Stewart property, held by Mrs. Stewart and Judge Hilton, would inventory now at $60,000,000 or more. There are not now living in the world, probably, more than five or six persons who are worth as much money as Mr. Wm. H. Vanderbilt, and it is possible there is not onß. The firm of Rothschilds in Europe has a larger aggregate property than Mr. Vanderbilt, but it is doubtful whether either single member of this eminent banking firm is worth $100,000,000. There are three or four persons among the nobility of England who hold a vast amount of property handed down to them through many generations, and among these may be found, per Baps, one or more ptjsons who have the control of property which they cannot sell worth $109,000,000. When fifty years more shall roll round, there will doubtless be found hundreds of men who will be able to show far greater wealth than any of those now on the stage; but we will not attempt to make figures for that distant period.