History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial TimesMyers, Gustavus
History
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times
Myers, Gustavus
United States -- Economic conditions; Wealth -- United States
It was by favor of these propitious conditions that many of the great
fortunes, based upon land, were founded. According to the successive
census returns of the United States, by far the greater part of the
wealth of the country as regards real estate was, and is, concentrated
in the North Atlantic Division and the North Central Division, the one
taking in such cities as New York, Philadelphia, and Boston, the other
Chicago, Cincinnati and other cities.[70] It is in the large cities that
the great land fortunes are to be found. The greatest of these fortunes
are the Astor, Goelet and Rhinelander estates in the East and, in the
West, the Longworth and Field estates are notable examples. To deal with
all the conspicuous fortunes based upon land would necessitate an
interminable narrative. Suffice it for the purposes of this work to take
up a few of the superlatively great fortunes as representatives of those
based upon land.
VAST FORTUNES FROM LAND.
The foremost of all American fortunes derived from land is the Astor
fortune. Its present bulk, embracing all the collateral family branches,
is estimated by some authorities at about $300,000,000. This, it is
generally believed, is an underestimate. As long ago as 1889, when the
population of New York City was much less than now, Thomas G. Shearman,
a keen student of land conditions, placed the collective wealth of the
Astors at $250,000,000.[71] The stupendous magnitude of this fortune
alone may at once be seen in its relation to the condition of the masses
of the people. An analysis of the United States census of 1900, compiled
by Lucien Sanial, shows that while the total wealth of the country was
estimated at about $95,000,000,000, the proletarian class, composed
chiefly of wage workers and a small proportion of those in professional
classes, and numbering 20,393,137 persons, owned only about
$4,000,000,000. It is by such a contrast, bringing out how one family
alone, the Astors, own more than many millions of workers, that we begin
to get an idea of the overreaching, colossal power of a single fortune.
The Goelet fortune is likewise vast; it is variously estimated at from
$200,000,000 to $225,000,000, although what its exact proportions are is
a matter of some obscurity.
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