Thank you for visiting SNEWPapers!

Sign up free
Page thumbnail for The Nevada Democrat
Story June 17, 1862

The Nevada Democrat

Nevada City, Nevada County, California

What is this article about?

Biographical sketch of William B. Astor, America's richest man, detailing his appearance, daily routine in his modest office managing a $25 million estate, family assistance, and the burdensome responsibilities of his wealth, illustrated by a witty retort on its management.

Clipping

OCR Quality

98% Excellent

Full Text

William B. Astor-the Richest Man In America.

Mr. Astor's office is in Prince street, near Broadway, where he may be found daily between the hours of 9 and 3. He is a large, stout-built man, with coarse features, stiff, rough, sandy-colored hair, and a cast of countenance of a very ordinary type. He dresses plainly but neatly, has a somewhat careworn look, and appears to be fifty to sixty years of age. His private office is of moderate size, and of plain furniture. On a table are a few books, and on opening that one which appears most thumbed, you perceive that it is a volume of maps of city property, carefully and elegantly executed and, as a whole, embracing the sundries of an enormous estate, estimated at over $25,000,000. Mr. Astor resides in Lafayette Place, in one of a row of dwellings which twenty-five years ago were the grandest in the city, though now they are distanced by the palaces of the Fifth Avenue. Near by is the magnificent library founded by his father, to which he has added a fund nearly equal to the original endowment. Here he spends a small part of his time, the remainder being occupied by his duties in the Prince street office, where, Sundays excepted, he does a full day's work every day in the week. Thus the whole routine of life of the richest man in America is to walk to and from home of a half mile and close attention to business. The care of Mr. Astor's estate is a vast burden. He has several hundred tenants of all grades, from the $300 cottage to the $30,000 store. To relieve himself of this vexatious duty he has committed it for years to an agent, who does the work well. He collects rents and makes quarterly returns, and thus pays over a sum which would be almost incredible, and which we may roughly estimate at $300,000 per annum. This man employs a small army of painters, carpenters, and other mechanics, in order to keep up repairs, and superintends the whole of this department. As a large part of Mr. Astor's property consists of vacant lots, which are in continued demand, and which he will not sell, he is much employed with architects and master-builders, and generally has one or two large blocks in course of erection at a time. This is a very serious burden. His son, John Jacob, is quite a business man, and bears his share of the load. Besides this, some fifteen years ago a talented and elegant young merchant, (Franklin Delano) married one of the daughters, and also affords assistance. In addition to the labors, the attention to the collection of interest, in bonds, dividends, etc., is a heavy item, since in that little brick office (which is of course fire-proof), there are seven millions of Government and State securities. His daily income is computed at $6,000! It is said that a certain person once felicitated Mr. Astor on his wealth. Pointing to his piles of bonds, maps, etc., the capitalist replied: "How would you like to manage all these matters for your board and clothes?" The man demurred to the idea. "Sir," said the other, "it is all I get!"

What sub-type of article is it?

Biography Curiosity

What themes does it cover?

Triumph Misfortune

What keywords are associated?

William Astor Richest Man New York Real Estate Wealth Management Family Business Daily Routine Estate Burden

What entities or persons were involved?

William B. Astor John Jacob Astor John Jacob Franklin Delano

Where did it happen?

Prince Street Near Broadway, Lafayette Place, Fifth Avenue, New York

Story Details

Key Persons

William B. Astor John Jacob Astor John Jacob Franklin Delano

Location

Prince Street Near Broadway, Lafayette Place, Fifth Avenue, New York

Story Details

Description of William B. Astor's modest lifestyle and heavy responsibilities managing his vast $25 million real estate empire, assisted by family and agents, with a daily income of $6,000 but viewing wealth as burdensome labor.

Are you sure?