For other pages relating to Astor, see
John Jacob Astor (disambiguation)John Jacob Astor may refer to:*John Jacob Astor I , married Sarah Todd*John Jacob Astor III *John Jacob Astor IV *John Jacob Astor V *John Jacob Astor VI...
John Jacob Astor (July 17, 1763 – March 29, 1848), born
Johann Jakob or
Johann Jacob Astor, was the first prominent member of the
Astor familyThe Astor family is a significant American family of German descent notable for their prominence in business, society, and politics.-Founding Family Members:John Jacob Astor and his brother George, The Astor family is a significant American family of German descent notable for their prominence in...
and the first multi-
millionaireA millionaire is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account...
in the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
. He was the creator of the first
trustA special trust or business trust is a business entity formed with intent to monopolize business, to restrain trade, or to fix prices. Trusts gained economic power in the U.S. in the late 19th and early 20th centuries. Some but not all were organized as trusts in the legal sense...
in America, from which he made his fortune in
fur tradingThe fur trade is a worldwide industry dealing in the acquisition and sale of animal fur.-Russian fur trade:Before the colonization of the Americas, Russia was a major supplier of fur-pelts to Western Europe and parts of Asia. Fur was a major Russian export as trade developed in the early Middle...
,
real estateReal estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location.
"Real estate" The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin...
, and
opiumOpium is a narcotic formed from the latex released by lacerating the immature seed pods of opium poppies . It contains up to 12% morphine, an opiate alkaloid, which is most frequently processed chemically to produce heroin for the illegal drug trade...
.
From humble origins in
GermanyGermany , officially the Federal Republic of Germany , is a country in Central Europe. It is bordered to the north by the North Sea, Denmark, and the Baltic Sea; to the east by Poland and the Czech Republic; to the south by Austria and Switzerland; and to the west by France, Luxembourg, Belgium,...
as a flute maker with his brother George, they emigrated to
London[]London is the capital of England and the United Kingdom. It has been a major settlement for two millennia, and the history of London goes back to its founding by the Romans, when it was named Londinium. London's core, the ancient City of London, the 'square mile', retains its medieval boundaries...
and John Jacob then went to the
AmericaThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
following the
American Revolutionary WarThe American Revolutionary War , also sometimes known as the American War of Independence, began as a war between the Kingdom of Great Britain and thirteen united former British colonies in North America, and concluded in a global war between several European great powers...
.
For other pages relating to Astor, see
John Jacob Astor (disambiguation)John Jacob Astor may refer to:*John Jacob Astor I , married Sarah Todd*John Jacob Astor III *John Jacob Astor IV *John Jacob Astor V *John Jacob Astor VI...
John Jacob Astor (July 17, 1763 – March 29, 1848), born
Johann Jakob or
Johann Jacob Astor, was the first prominent member of the
Astor familyThe Astor family is a significant American family of German descent notable for their prominence in business, society, and politics.-Founding Family Members:John Jacob Astor and his brother George, The Astor family is a significant American family of German descent notable for their prominence in...
and the first multi-
millionaireA millionaire is an individual whose net worth or wealth exceeds one million units of currency. It can also be a person who owns one million units of currency in a bank account or savings account...
in the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
. He was the creator of the first
trustA special trust or business trust is a business entity formed with intent to monopolize business, to restrain trade, or to fix prices. Trusts gained economic power in the U.S. in the late 19th and early 20th centuries. Some but not all were organized as trusts in the legal sense...
in America, from which he made his fortune in
fur tradingThe fur trade is a worldwide industry dealing in the acquisition and sale of animal fur.-Russian fur trade:Before the colonization of the Americas, Russia was a major supplier of fur-pelts to Western Europe and parts of Asia. Fur was a major Russian export as trade developed in the early Middle...
,
real estateReal estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location.
"Real estate" The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin...
, and
opiumOpium is a narcotic formed from the latex released by lacerating the immature seed pods of opium poppies . It contains up to 12% morphine, an opiate alkaloid, which is most frequently processed chemically to produce heroin for the illegal drug trade...
.
From humble origins in
GermanyGermany , officially the Federal Republic of Germany , is a country in Central Europe. It is bordered to the north by the North Sea, Denmark, and the Baltic Sea; to the east by Poland and the Czech Republic; to the south by Austria and Switzerland; and to the west by France, Luxembourg, Belgium,...
as a flute maker with his brother George, they emigrated to
London[]London is the capital of England and the United Kingdom. It has been a major settlement for two millennia, and the history of London goes back to its founding by the Romans, when it was named Londinium. London's core, the ancient City of London, the 'square mile', retains its medieval boundaries...
and John Jacob then went to the
AmericaThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
following the
American Revolutionary WarThe American Revolutionary War , also sometimes known as the American War of Independence, began as a war between the Kingdom of Great Britain and thirteen united former British colonies in North America, and concluded in a global war between several European great powers...
. He built a fur-trading empire that extended to the
Great LakesThe Great Lakes are a collection of freshwater lakes located in eastern North America, on the Canada – United States border. Consisting of Lakes Superior, Michigan, Huron, Erie, and Ontario, they form the largest group of freshwater lakes on Earth. They are sometimes referred to as the "Third...
region and
CanadaCanada is a country occupying most of northern North America, extending from the Atlantic Ocean in the east to the Pacific Ocean in the west and northward into the Arctic Ocean...
, and later expanded into the American West and Pacific coast. In the early 1800s he diversified into
New York CityNew York is the most populous city in the United States, and the center of the New York metropolitan area, which is among the most populous urban areas in the world. A leading global city, New York exerts a powerful influence over worldwide commerce, finance, culture, fashion and entertainment...
real estate and later became a famed patron of the arts.
At the time of his death in 1848, Astor was the wealthiest person in the United States, leaving an estate estimated to be worth at least $20 million; according to the latest
ForbesForbes is an American publishing and media company. Its flagship publication, Forbes magazine, is published fortnightly. Its primary competitors in the national business magazine category are Fortune, which is also published fortnightly, and Business Week...
rankings, he would have had an estimated net worth of $110.1 billion in 2006
U.S. dollarThe United States dollar is the unit of currency of the United States. The U.S. dollar is normally abbreviated as the dollar sign, $, or as USD or US$ to distinguish it from other dollar-denominated currencies and from others that use the $ symbol. It is divided into 100 cents .The U.S...
s, making him the fourth wealthiest person in American history.
Early life
John Jacob Astor's ancestors were Waldensian refugees from
SavoySavoy is a region of Europe on the western flank of the Alps that emerged following the collapse of the Frankish Kingdom of Burgundy. The historical land of Savoy is shared between the modern republics of France and Italy.-Background:...
. He was born in
WalldorfWalldorf is a town in the Rhein-Neckar-Kreis of Baden-Württemberg in Germany.Walldorf is currently probably best known as the city that headquarters the world's third largest software company SAP, but it is also the birthplace of the millionaire John Jacob Astor, at the time of his death the...
, near
HeidelbergHeidelberg is a city in Baden-Württemberg, Germany. As of 2008, over 145,000 people live within the city's area. Heidelberg is a unitary authority...
in the old
PalatinateThe Palatinate of the Rhine , later the Electoral Palatinate , was a historical territory of the Holy Roman Empire, a palatinate administered by a count palatine...
which became part of
BadenBaden is a historical state on the east bank of the Rhine River in the southwest of Germany, now the western part of the Baden-Württemberg of Germany....
during the 19th century, Germany (currently in the
Rhein-Neckar districtRhein-Neckar-Kreis is a district in the northwest of Baden-Württemberg, Germany. Neighboring districts are Bergstraße, Odenwaldkreis, Neckar-Odenwald, Heilbronn, Karlsruhe, district-free Speyer, the Rhein-Pfalz-Kreis, and district-free Mannheim and Heidelberg.- History :The district was created in...
). His father (Johann Jacob Astor) was a butcher. The son John Jacob Astor learned English in
London[]London is the capital of England and the United Kingdom. It has been a major settlement for two millennia, and the history of London goes back to its founding by the Romans, when it was named Londinium. London's core, the ancient City of London, the 'square mile', retains its medieval boundaries...
while working for his brother, George Astor,
manufacturingManufacturing is the use of machines, tools and labor to make things for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
musical instruments.
Astor arrived in the United States in March 1784, just after the end of the
Revolutionary WarThe American Revolutionary War , also sometimes known as the American War of Independence, began as a war between the Kingdom of Great Britain and thirteen united former British colonies in North America, and concluded in a global war between several European great powers...
. He traded furs with Indians and then he started a fur goods shop in
New York CityNew York is the most populous city in the United States, and the center of the New York metropolitan area, which is among the most populous urban areas in the world. A leading global city, New York exerts a powerful influence over worldwide commerce, finance, culture, fashion and entertainment...
in the late 1780s.
He married Sarah Todd on September 19, 1785 and once said of her that she had the best business sense of anyone he knew.
Fortune from fur trade
Astor took advantage of the
Jay TreatyThe Jay Treaty, also known as Jay's Treaty and the Treaty of London of 1794, was a treaty between the United States and Great Britain which averted war, solved many issues left over from the American Revolution, and opened ten years of largely peaceful trade in the midst of the French Revolutionary...
between
Great BritainThe Kingdom of Great Britain, also known as the United Kingdom of Great Britain, was a sovereign state in northwest Europe, in existence from 1707 to 1801...
and the United States in 1794 which opened new markets in
CanadaCanada is a country occupying most of northern North America, extending from the Atlantic Ocean in the east to the Pacific Ocean in the west and northward into the Arctic Ocean...
and the Great Lakes region. By 1800 he had amassed almost a quarter of a million dollars, and had become one of the leading figures in the
fur tradeThe fur trade is a worldwide industry dealing in the acquisition and sale of animal fur.-Russian fur trade:Before the colonization of the Americas, Russia was a major supplier of fur-pelts to Western Europe and parts of Asia. Fur was a major Russian export as trade developed in the early Middle...
. In 1800, following the example of the Empress of China, the first American trading vessel to
ChinaChina is a cultural region, an ancient civilization, and, depending on perspective, a national or multinational entity extending over a large area in East Asia....
, Astor traded furs, teas and
sandalwoodSandalwood is the name of different fragrant woods. These woods are yielded by the tree Santalum and Santalaceae, which are often used for the essential oil it contains. These trees are heavy and yellow in color as well as fine-grained...
with
CantonGuangdong is a province on the southern coast of People's Republic of China. The province was previously often written with the alternative English name Kwangtung Province...
in China, and greatly benefited from it. The US
Embargo ActThe Embargo Act of 1807 was a bill that barred trade between the United States of America and other nations. It was created at the request of President Thomas Jefferson in an attempt to prevent American involvement in the Napoleonic Wars. The bill proved unpopular and unenforceable and was repealed...
in 1807, however, disrupted his import/export business. With the permission of
President JeffersonThomas Jefferson was the third President of the United States , the principal author of the Declaration of Independence , and one of the most influential Founding Fathers for his promotion of the ideals of republicanism in the United States...
, Astor established the
American Fur CompanyThe American Fur Company was founded by John Jacob Astor in 1808. The company grew to monopolize the fur trade in the United States by 1830, and became one of the largest businesses in the country. The company was one the first great trusts in American business...
on April 6, 1808. He later formed subsidiaries: the
Pacific Fur CompanyThe Pacific Fur Company was founded June 23, 1810, in New York City. Half of the stock of the company was held by the American Fur Company, owned exclusively by John Jacob Astor, and Astor provided all of the capital for the enterprise. The other half of the stock was ascribed to working partners...
, and the Southwest Fur Company (in which Canadians had a part), in order to control fur trading in the
Columbia RiverThe Columbia River is the largest river in the Pacific Northwest region of North America. The river rises in the Rocky Mountains in British Columbia, Canada, flows northwest and then south into the U.S. state of Washington, then turns west to form most of the border between Washington and the state...
and
Great LakesThe Great Lakes are a collection of freshwater lakes located in eastern North America, on the Canada – United States border. Consisting of Lakes Superior, Michigan, Huron, Erie, and Ontario, they form the largest group of freshwater lakes on Earth. They are sometimes referred to as the "Third...
areas.
His Columbia River trading post at
Fort AstoriaFort Astoria was the Pacific Fur Company's primary fur trading post in the Northwest, and was the first American-owned settlement on the Pacific coast. It was owned and operated by the British for 33 years after a short two-year period of initial United States ownership...
(established in April 1811) was the first United States community on the Pacific coast. He financed the overland
Astor ExpeditionThe Astor Expedition of 1810-1812 was the next overland expedition from St. Louis, Missouri to the mouth of the Columbia River after the Corps of Discovery, led by Lewis and Clark.-Overland Expedition:...
in 1810–12 to reach the outpost. Members of the expedition were to discover
South PassSouth Pass is a mountain pass on the Continental Divide in the Rocky Mountains in southwestern Wyoming. The pass is located in a broad valley between the Wind River Range to the north and the Antelope Hills to the south, in southwestern Fremont County, approximately 35 miles SSW of Lander...
, through which hundreds of thousands settlers on the
OregonThe Oregon Trail was one of the main overland migration routes on the North American continent, leading from locations on the Missouri River to the Oregon Territory. The eastern half of the trail was also used by travelers on the California Trail, Bozeman Trail, and Mormon Trail which used much of...
,
CaliforniaThe California Trail was a major overland emigrant trail of about across the western half of the North American continent from Missouri River towns to what is now the state of California. It was used primarily from 1841 to 1869...
and
MormonThe Mormon Trail or Mormon Pioneer Trail is the route that members of The Church of Jesus Christ of Latter-day Saints traveled from 1846 to 1868...
trails passed through the
Rocky MountainsThe Rocky Mountains are a major mountain range in western North America. The Rocky Mountains stretch more than from the northernmost part of British Columbia, in Canada, to New Mexico, in the United States. The range's highest peak is Mount Elbert in Colorado at above sea level...
.
Astor's fur trading ventures were disrupted when the British captured his trading posts during the
War of 1812The War of 1812, between the United States of America and the British Empire , lasted from 1812 to 1815. It was fought chiefly on the Atlantic Ocean and on the land, coasts and waterways of North America.There were several immediate stated causes for the U.S...
. His business rebounded in 1817 after the U.S. Congress passed a
protectionistProtectionism is the economic policy of restraining trade between states, through methods such as tariffs on imported goods, restrictive quotas, and a variety of other restrictive government regulations designed to discourage imports, and prevent foreign take-over of local markets and companies...
law that barred foreign traders from U.S. territories. The American Fur Company came to dominate trading in the area around the Great Lakes. In 1822, Astor established the
Astor HouseThe Astor House was a fine hotel in New York City, that opened in 1836 and soon became the most famous hotel in America.-History:The Astor House was originally built by John Jacob Astor, who assembled the building lots around his former house until he had purchased the full block in the heart of...
on
Mackinac IslandMackinac Island is an island covering in land area, part of the U.S. state of Michigan. It is located in Lake Huron, at the eastern end of the Straits of Mackinac, between the state's Upper and Lower Peninsulas. The island was home to a Native American settlement before European exploration began...
as headquarters for the reorganized American Fur Company, making the island a metropolis of the fur trade. A lengthy description based on documents, diaries etc. was given by
Washington IrvingWashington Irving was an American author, essayist, biographer and historian of the early 19th century. He was best known for his short stories "The Legend of Sleepy Hollow" and "Rip Van Winkle", both of which appear in his book The Sketch Book of Geoffrey Crayon, Gent. His historical works...
in his travelogue Astoria.
In 1804, Astor purchased from
Aaron BurrAaron Burr, Jr. was an American politician, Revolutionary War participant, and adventurer. He served as the third Vice President of the United States , under Thomas Jefferson....
what remained of a 99-year lease on property in Manhattan. At the time, Burr was serving as
vice presidentA vice president is an officer in government or business who is below a president in rank. The name comes from the Latin vice meaning 'in place of'. In some countries, the vice president is called the deputy president...
under
Thomas JeffersonThomas Jefferson was the third President of the United States , the principal author of the Declaration of Independence , and one of the most influential Founding Fathers for his promotion of the ideals of republicanism in the United States...
and desperately needed the purchase price of $62,500. The lease was to run until 1866. Astor began subdividing the land into nearly 250 lots and subleased them. His conditions were that the tenant could do whatever they wish with the lots for twenty-one years, after which they must renew the lease or Astor would take back the lot.
Real estate and retirement
In the 1830s, John Jacob Astor foresaw that the next big boom would be the build-up of New York, which would soon emerge as one of the world’s greatest cities. Astor withdrew from the American Fur Company, as well as all his other ventures, and used the money to buy and develop large tracts of Manhattan
real estateReal estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location.
"Real estate" The American Heritage Dictionary of the English Language, Fourth Edition. Houghton Mifflin...
. Predicting the rapid growth northward on Manhattan Island, Astor purchased more and more land beyond the current
city limitsThe term city limits refers to the defined boundary or border of a city. The terms town limits and village limits mean the same as city limits, but apply to towns and villages. Similarly, the term corporate limits is a legal name that refers to the boundaries of municipal corporations...
. Astor rarely built on his land, and instead let others pay rent to use it.
Post-fur trading
After retiring from his business, Astor spent the rest of his life as a patron of
cultureCulture is a term that has different meanings. For example, in 1952, Alfred Kroeber and Clyde Kluckhohn compiled a list of 164 definitions of "culture" in Culture: A Critical Review of Concepts and Definitions...
. He supported the ornithologist
John James AudubonJohn James Audubon was a French-American ornithologist, naturalist, hunter, and painter. He painted, catalogued, and described the birds of North America in a form far superior to what had gone before...
, the poet/writer
Edgar Allan PoeEdgar Allan Poe was an American writer, poet, editor and literary critic, considered part of the American Romantic Movement. Best known for his tales of mystery and the macabre, Poe was one of the earliest American practitioners of the short story and is considered the inventor of the...
, and the presidential campaign of
Henry ClayHenry Clay, Sr. was a nineteenth-century American statesman and orator who represented Kentucky in both the House of Representatives and Senate. He served as Secretary of State from 1825 to 1829....
.
At the time of his death in 1848, Astor was the wealthiest person in the United States, leaving an estate estimated to be worth at least $20 million; he has been estimated to be the third richest American of all time, based on the ratio of his fortune to contemporary GDP In his will, he left $400,000 to build the Astor Library for the New York public (later consolidated with other libraries to form
New York Public LibraryThe New York Public Library is one of the leading public libraries of the world and is one of the United States's most significant research libraries. It is composed of a very large circulating public library system combined with a very large non-lending research library system...
), as well as $50,000 for a poorhouse in his German hometown, Walldorf.
Astor left the bulk of his fortune to his second son,
William Backhouse Astor, Sr.William Backhouse Astor, Sr. was an American businessman and member of the prominent Astor family.-Biography:...
His eldest son, John Jacob II, had a mental disability and Astor left enough money to care for him for the rest of his life.
John Jacob Astor is buried in the Trinity Churchyard Cemetery in the
New York CityNew York is the most populous city in the United States, and the center of the New York metropolitan area, which is among the most populous urban areas in the world. A leading global city, New York exerts a powerful influence over worldwide commerce, finance, culture, fashion and entertainment...
boroughNew York City, one of the largest cities in the world, is segmented into five boroughs. A borough is a unique form of government that administers the five fundamental constituent parts of the consolidated city...
of
ManhattanManhattan is one of the five boroughs of New York City, located primarily on Manhattan Island at the mouth of the Hudson River.New York County, which has the same boundaries as the Borough of Manhattan , is the most densely populated county in the United States, with a 2008 population of 1,634,795...
.
Herman MelvilleHerman Melville was an American novelist, short story writer, essayist and poet who is often classified as part of dark romanticism...
used Astor as a symbol of the earliest fortunes in New York in his novella Bartleby, the Scrivener.
The pair of marble lions that sit by the entrance of the
New York Public LibraryThe New York Public Library is one of the leading public libraries of the world and is one of the United States's most significant research libraries. It is composed of a very large circulating public library system combined with a very large non-lending research library system...
at Fifth Avenue and 42nd Street were originally named Leo Astor and Leo Lenox, after Astor and
James LenoxJames Lenox was an American bibliophile and philanthropist, born in New York City. A graduate of Columbia College, Lenox was a founder of the Presbyterian Hospital in New York City. His collection of paintings and books eventually became known as the Lenox Library and later became part of the New...
, who founded the library. Then they were called Lord Astor and Lady Lenox (both lions are males). Mayor Fiorello LaGuardia renamed them "Patience" and "Fortitude" during the
Great DepressionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
.
Children
- Magdalene(1790–1791)
- John Jacob Astor II (1791–1879)
- William Backhouse Astor, Sr.
William Backhouse Astor, Sr. was an American businessman and member of the prominent Astor family.-Biography:...
(1792–1875)
- Dorothee (1795–1853)
- Henry (1797–1799)
- Eliza (1801–1838)
- Jacob Warndorf (1802)
See also
- Astor family
The Astor family is a significant American family of German descent notable for their prominence in business, society, and politics.-Founding Family Members:John Jacob Astor and his brother George, The Astor family is a significant American family of German descent notable for their prominence in...
- John Jacob Astor IV
John Jacob Astor IV was an American millionaire businessman, real estate builder, inventor, writer, a member of the prominent Astor family, and a lieutenant colonel in the Spanish-American War. He died in the sinking of the RMS Titanic on April 15, 1912.- Early life :John Jacob Astor IV was born...
- John Jacob Astor VI
John Jacob Astor VI was a member of the Astor family. He was born four months after the sinking of the Titanic...
- John Jacob Astor, 1st Baron Astor of Hever
Lieutenant-Colonel John Jacob Astor, 1st Baron Astor of Hever DL was a military officer, statesman, a newspaper proprietor, and a member of the prominent Astor family...
- Henry Astor
Three members of the Astor family were named Henry:1. Henry Astor was the brother of furrier and 18th century New York City real estate mogul John Jacob Astor....
- William Waldorf Astor
- Astoria, Oregon
The city of Astoria is the county seat of Clatsop County, Oregon, United States. Situated near the mouth of the Columbia River, the city was named after the American investor John Jacob Astor. His fur trading company founded Fort Astoria at the site in 1810...
- Astoria, Queens
Astoria is a neighborhood in the northwestern corner of the borough of Queens in New York City. Located in Community Board 1, Astoria is bounded by the East River and is adjacent to three other Queens neighborhoods: Long Island City, Sunnyside , and Woodside...
- Astor Place (Manhattan)
The single block of Astor Place that leads to Broadway predates Manhattan's grid plan.Astor Place is named for John Jacob Astor. Astor arrived in New York in 1783, and progressed to the point where he became the richest person in the United States at that time, and one of New York City's most...
- Astor Row
Astor Row is the name given to 130th Street between Fifth Avenue and Lenox Avenue in Harlem, in the New York City borough of Manhattan. More specifically, it refers to the semi-attached row houses on the south side of the street. These were among the first speculative townhouses built in Harlem,...
- List of most wealthy historical figures
External links