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
The founder of the Astor fortune was John Jacob Astor, a butcher's son.
He was born in Waldorf, Germany, on July 17, 1763. At the age of
eighteen, according to traditional accounts, he went to London, where a
brother, George Peter, was in the business of selling musical
instruments. Two years later with "one good suit of Sunday clothes,
seven flutes and five pounds sterling of money"[72] he emigrated to
America. Landing at Baltimore he proceeded to New York City.
Here he became an apprentice to George Dieterich, a baker at No. 351
Pearl street, for whom he peddled cakes, as was the custom. Walter
Barrett insists that this was Astor's first occupation in New York.
Later, Astor went into business for himself. "For a long time," says
Barrett, "he peddled [fur] skins, and bought them where he could; and
bartered cheap jewelry, etc., from the pack he carried on his back."[73]
Another story is that he got a job beating furs for $2 a week and board
in the store of Robert Bowne, a New York merchant; that while in this
place he showed great zest in quizzing the trappers who came in to sell
furs, and that in this fashion he gained considerable knowledge of the
fur animals. The story proceeds that as Bowne grew older he entrusted to
Astor the task of making long and fatiguing journeys to the Indian
tribes in the Adirondacks and Canada and bargaining with them for furs.
ASTOR'S EARLY CAREER.
Astor got together enough money to start in the fur business for himself
in 1786 in a small store on Water street. It is not unreasonable to
suppose that at this time he, in common with all the fur dealers of the
time, participated in the current methods of defrauding the Indians. It
is certain that he contrived to get their most valuable furs for a jug
of rum or for a few toys or notions. Returning from these strokes of
trade, he would ship large quantities of the furs to London where they
were sold at great profit.
Public-domain text, read in full here on John Shaqi.
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