Rockefeller Pressed.

Star (Christchurch), Volume XLIV, Issue 563, 17 September 1932, Page 8

Rockefeller Pressed.

Wilted Fortunes

America is No Longer a Land of Millionaires(Special to the “ Star.’*) NEW YORK, August 4. ERICA, land of millionaires. It was. Former men of wealth now spend their spare time counting up their losses and licking their wounds after an all-in fight with that tough customer, depression. It has been a hard time for all, from hoboes to high stakers. Charles M. Schwab, who ought to know, told his friends the other day that there were no more millionaires. Nicholas Murray Butler, at an intimate dinner, recently defined a present day millionaire as

“ any man who has five hundred dollars in cash.” The consensus leaves no doubt that the famous fortunes founded in the nineteenth century and inflated to fantastic totals in the boom days of 1929 are disintegrating. Some have almost vanished. The Rockefellers and Morgans of tomorrow, if the theories of certain economists are to be accepted at face value, will spring from the ranks of to-day’s racketeers. The decline of the historic American fortunes has been rapid Values have wilted overnight along the fronts of commerce. The most impregnable fortresses of wealth have been unable to withstand the assault of crumbling prices. John D. Rockefeller, jun., the most famous millionaire of them all, is reported to be hard pressed for ready cash and wearing his 250,000,000 dollar “ Radio City ” development around his neck like a financial millstone. Clarence Mackay has closed his 258-acre estate on Long Island and his 100 servants have been taken off the pay roll, although many are staying in their quarters on the estate with the Postal Telegraph head’s permission, living largely without cost on his garden truck. Some Selling Milk. Many of the Long Island millionaires are selling milk to their neighbours to keep their dairies going, and there is a sign on the gate of Ralph Pulitzer’s estate advising the world that “ fresh eggs are for sale.” A bantam automobile occupies a place of honour in the garage of Vincent Astor out on Sands Point and it rolls through the estate gates while the town cars and limousines stand idle. Only three oceangoing yachts ride at anchor in Long Island Sound, where a fleet used to float. There is no doubt that John D. Rockefeller’s investments have been badly depreciated and that he is deeply tangled in his ill-timed “ Radio City ” investment. But the fact remains that he can still carry on. Mr Rockefeller has been reported as having difficulty in marketing the “ Radio City ” bonds. Investigation revealed that the bonds are not on the public market and there has been no additional financing on this project since the initial mortgage loan of 65,000.000 dollars, the largest of its kind ever arranged, was obtained from the Metropolitan Life Insurance Company. Benefactions Cut. Mr Rockefeller’s fortune at its height was 4 ‘ considerably more than a billion dollars,” according to conservative estimates in the financial community. No one makes any pretence of knowing exactly. In 1931 Rockefeller personally gave away more than 6,000,000 dollars in addition to Rockefeller foundation gifts. His benefactions ran all the way from 2,000,000 dollars to the University of Paris, to 50,000 dollars to the Jews of New York. This year a check-up of publicly announced gifts reveals that Mr Rockefeller has drastically reduced his personal bequests. His largest gift was 600,000 dollars to the "Vale Divinity School. The total for the first six months of 1932 is approximately 1,009,000 dollars. Nevertheless, Mr Rockefeller continues to carry on. Now he is spending a million dollars on his Tarrytown home.