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
His marriage to Sarah Todd, a cousin of Henry Brevoort, brought him a
good wife, who had the shining quality of being economical, and an
accession of some means and considerable family connections. Remarkably
close-fisted, he weighed over every penny. As fast as his means
increased he used them in extending his business. By 1794 he was
somewhat of an expansive merchant. Scores of trappers and agents ravaged
the wilderness at his command. Periodically he shipped large quantities
of furs to Europe. His modest, even niggardly, ways of living in rooms
over his store were not calculated to create the impression that he was
a rich man. It was his invariable practice habitually to deceive others
as to his possessions and plans. But when, in 1800, he removed to No.
223 Broadway, at the corner of Vesey street, then a fashionable
neighborhood, he was rated, perforce, as a man of no inconsiderable
means. He was, in fact, as nearly as can be gathered, worth at this time
a quarter of a million dollars--a monumental fortune at a period when
a man who had $50,000 was thought rich; when a good house could be
rented for $350 a year and when $750 or $800 would fully defray the
annual expenses of the average well-living family.
[Illustration: JOHN JACOB ASTOR.
The Founder of the Colossal Astor Fortune.
(From an Engraving.)]
The great profits from the fur trade naturally led him into the business
of being his own shipowner and shipper, for he was a highly efficient
organizer and well understood the needlessness of middlemen. A beaver
skin bought for one dollar from the Indian or white trappers in Western
New York could be sold in London for six dollars and a quarter. On all
other furs there were the same large profits. But, in addition to these,
Astor saw that his profits could be still further increased by investing
the money that he received from the sale of his furs in England, in
English goods and importing them to the United States. By this process,
the profit from a single beaver skin could be made to reach ten dollars.
At that time the United States depended upon British manufactures for
many articles, especially certain grades of woolen goods and cutlery.
These were sold at exorbitant profit to the American people. This trade
Astor carried on in his own ships.
HIS METHODS IN BUSINESS.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account