ASTOR FAMILY FORTUNE

Press, Volume CII, Issue 30176, 6 July 1963, Page 8

ASTOR FAMILY FORTUNE

Founder Was John Jacob Astor

The founder of the Astor family fortune was John Jacob Astor. He was bom in Germany, near Heidelberg, in 1763. A peasant’s son, he helped on his father’s farm until in his sixteenth year he went to London and worked with his brother, a maker of musical instruments. In 1783 he sailed to America, and by the advice of a dealer in furs whom he met on the voyage, invested his small capital in furs. By economy and industry he so increased his means that after six years he had acquired a fortune of 250,000 dollars. He was the founder of the American Fur Company. Although the increasing influence of the English Fur Company in North America was unfavourable to his plans he now ventured to fit out two expeditions to the Oregon Territory—one by land and one by sea—the purpose of which was to open up a regular commercial intercourse with the natives. After many mishaps his object was achieved ,in 1811, and the fur-trading station of Astoria was established; but the war of 1812 stopped its prosperity for a time. From this period, John Jacob Astor’s commercial connection extended over the

entire globe, and his ships were found in almost every sea. On his death in New York, on March 29, 1848, he left property estimated at 20 million dollars, and a legacy of 350,000 dollars for a public library. John Jacob Astor's wealth was mainly inherited by his son William (1792-1875) who at his death left 50 million dollars. He was known as the “landlord of New York,” and added 200,000 dollars to his father’s library bequest. A great-grandson, William Waldorf, Viscount Astor (1848-1919) born in New York and trained for the bar, was minister to Italy (1882), and in 1892 settled in England, where he wrote novels, purchased or founded papers and magazines, and bought estates. Another great-grandson, John Jacob (1864-1912) built the Astoria Hotel as his cousin had done the Waldorf (later combined), and served as lieutenant-colonel in the Spanish-American war in Cuba. He perished in the Titanic disaster.

The present holder of the title, William Waldorf Astor, third Viscount (created 1917) was born in 1907, and succeeded his father, the second Viscount Astor.