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Gc 974.702 N422ar 1755209
M. C.
REYNOLDS HISTORICAL GENEALOGY COLLECTION
ALLEN COUNTY PUBLIC LIBRARY 3 1833 02210 3417
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840 THE ARISTOORAOY OD NDIY YORK:
WHO THEY ARE, AND WHAT THEY WERE;
BEING
A SOCIAL AND BUSINESS HISTORY OF THE CITY"
FOR MANY YEARS.
Um. Armstrong [BY AN OLD RESIDENT.
"Nothing extenuate, or set down aught in malice.'
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Part I
NEW YORK : NEW YORK PUBLISHING COMPANY. 80 1-2 Nassau Street. ESPIn the rear. 1848.
840
. .
1.55209
PREFACE.
In presenting the second number of the ",Wealth and Notabilia of America" to the public, the proprietor has simply to state that the material of which it is composed has been prepared with great care, and it is believed to be as correct as it is possible for such a work to be. The object has been to select such parties as are conspicuous in the community, and to point out, in a succinct manner, the method of their advancement to fame and fortune, and the merits with which they are endowed.
With few exceptions, which were given to the public a few months since, as specimens of the work, the biographics are all original and prepared from original sources of information.
It will, of course, be perceived that the present work is quite incomplete, containing but a small portion of the more eminent citizens of New York, but this deficiency will be supplied in future numbers, which it is the intention of the proprietor to issue.
New York, March, 1848.
IN PRESS, and will be published in a few days,
Stocks and Stock-Jobbing in Wall Street Exposed, .
- WITH SKETCHES OF THE LEADING BROKERS, AND AN ACCOUNT OF THE BUSINESS OF THE' STREET GENERALLY.
BY ONE WHO HAS HAD EXPERIENCE.
This work will contain a full and complete account of Wall Street Stock-Jobbing, written by one who has had many years experience as a Broker in Wall Street. It will unfold the whole arcana of stock operations, and will be full of facts of the most curious and startling charac- ter. It will be for sale by the publisher, and will be mailed for 12 1-2 cents, sent post free.
The peculiarities of Wall Street manœuvering. (whereby fortunes are lost and won with almost the same rapidity as at the gambling table,) a system hitherto but little dreamed of by the community at large, will here be found revealed in the simple and distinct coloring of truth, by one who knows how bitter it is to rise at morning a rich man and lie down at night pennyless.
To any one desirous of going into the street, as an operator, the work in question will be of essential service as a chart to point out the dangers, and conduct to the advantages before him. Address, New York Publishing Co., 80 1-2 Nassau Street.
The first number of the " Wealth and Notabilia of America," containing "The Aristocracy .of Boston, who they are and what they were, by one who knows them," is for sale at the office of the N. Y. Publishing Co., 80 1-2 Nassau Street, at 12 1-2 cents. It will be mailed for the same sum, and sent post free.
Entered according to Act of Congress in the year 1848, by
WILLIAM ARMSTRONG,
In the Clerks Office of the Southren District of New York.
THE
ARISTOCRACY OF NEW YORK:
. WHO THEY ARE, AND WHAT THEY WERE.
PART I.
ASTOR, JOHN JACOB, was born in the village of Waldorp, near Heidleburg, in: the Duchy of Baden, Germany, July, 18th, 1763, being now therefore in his 85th year. His parents, though respectable, were in humble walk in life. He had two brothers older than himself who left the parental roof before him, the one to settle in America, and the other in London as a Music seller. At the age of 18 Mr. Astor also went to London to join his brother, with whom he remained three years. At this time in compliance with the advice of his brother Henry, then in New York, he embarked for the United States, as a steerage passenger on board a ship com- manded by Capt. Stout ( whose son is now president of the Eagle Insurance Com- pany in Wall Street). The vessel being obstructed by ice, was three months on her passage. Young Astor having at one time during the voyage overstepped the limits assigned to steerage passengers, and appeared on the quarterdeck, was re- buked for his audacity in the most authoritative manner by the captain, whose man- ner to the friendless youth would doubtless have been softened had he dreamed he was addressing the future millionaire of New York. The ship bound for Baltimore, soon after entering Chesapeake Bay, encountered such masses of ice as to en- danger her being wrecked. With characteristic prudence the youthful wanderer attired himself in his best apparel and deposited what money he had in his pockets, thus preparing himself in the best possible manner to meet whatever emergency might await them.
It is said that on the voyage Mr. Astor became acquainted with a furrier, which drew hisattention to that branch of industry, at all events we find him soon after h. arrival in New York beating skins in Gold Street, and subsequently in the empio: of a Mr. Wilson at Old Slip, pursuing the same business. While thus engaged he made it his particular study to gather information respecting the nature of the fir trade, made himself acquainted with the different kinds of skins, and learned to ... timate their value, according to their quality. From the traders of whom Mr. Wilson purchased, he ascertained the kind of goods most in demand among the Is- dians in exchange for furs, and not long after he went to Albany procured a horse, and collected a load of articles, with which he set out for the frontier to tra dic& with the natives. This occupation he pursued for some time in connection with the fath . er of Gerrit Smith, the celebrated philanthropist.
We next find him engaged in the Fur establishment of Robert Bowne, conon the late Walter Bowne's father, and from this, aided by loans from his brother Henry, who had accumulated somewhat to spare by his industry as a butcher, be commenced business for himself as a furrier in partnership with the late Coruchus,
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Heyer. He appears soon after to have been in business by himself and to have dealt in musical instruments, as well as furs, as will appear from the following advertise- ment, found in the New York Daily Advertiser of January 2d, 1789 :--
JOHN JACOB ASTOR, at No. 81 Queen Street, next door but one to "The Friends' Meeting House," has for sale an assortment of Piano Fortes of the newest construction, made by the best makers in London, which he will sell on reasonable terms. He gives cash for all kind of Furs, and has for sale a lot of Canada Beaver and Beaver Coating, Racoon Skins, &c.
It may be interesting to the antiquarian to know that the house in Queen Street, is still standing, but with a modern front, and is known as number 362 Pearl street.
When the forts of Oswego, Niagara, and Detroit, which had been retained by the British at the close of the Revolution were relinquished in 1793 a serious obstacle to the prosecution of the fur trade was removed. The opening was improved with alacrity by Mr. Astor, and with what result will appear from the fact that in less than six years, he realised $250,000.
In the year 1809 he founded the American Fur Company, the better to enable him to carry out his designs of extending the trade into the interior, and competing with those powerful foreign associations, The British Northwest Fur Company, and Hudson Bay Fur Company. Henceforth though the trade was conducted under this name, yet Mr. Astor continued to be its principal manager and the chief re- cipient of its benefits.
Having now at the age of 46 acquired a fortune, sufficiently large to satisfy the ambition of most men, he conceived a bolder enterprise than any he had heretofore undertaken, which was no other than to monopolise the fur trade west of the Rocky Mountains. To this end he established a fort at the mouth of the Columbia River, as a general depot. Commodities for the supply of this settlement, were to be con- veyed in ships from New York, which were likewise to be freighted with various articles of merchandise which were to be exchanged for furs at the Russian settle- ments farther north. These were to be exported to Canton, at this time a favora- ble market for furs, and China goods, silks, teas, &c., to be received in exchange.
The first step to secure the accomplishment of his design, was to obtain the co- operation of the general government, which was readily procured. A company was then formed of persons who had been previously experienced in the trade at the northwest, trappers and others, to ensure whose faithfulness and zeal, a certain share of the profits of the expedition was alloted.
Meanwhile before these arrangements could be completed, the war with Great Britain had commenced, and when the ship which was to bear the adventurers on their voyage around Cape Horn was ready for departure, the Port of New York was blockaded by the English vessels. She was however escorted out to sea by Com- modore Bainbridge, and went on her way unmolested.
Dissensions among the members of the company soon arose, which continued during the whole voyage, and which had a decided tendency in thwarting the ob- jects of the expedition. They however arrived at the mouth of the Columbia, and established the fort which they named Astoria.
. At the same time another party was despatched by land across the Rocky Moun- tains, under the command of Mr. Wm. V. Hunt. Ramsay Crooks, Esq., of this city, whose office is now in Ann street, also accompanied the latter expedition on its te- dious and perilous route through a wild untravelled region.
But this stupendous project of Mr. Astor appears to have been attended with dis- asters throughout. Two of the ships bound for Astoria were lost, the fort was cap- tured by the British, and just at the close of the war, as it was about to have been restored, it was sold to the agents of the Northwest Fur Company through the treachery of one of his partners, a Scotchman, named M.Dougal. Astor had expect- ed the scheme to be a bill of' costs for the first two years, nor did he anticipate any considerable returns under a period of ten years, but in twenty years he had calculat- ed on a million dollars profit per annum.
The enterprise, however, was destined to prove a failure; yet it reflects no less credit on the srtrong and sagacious intellect which conceived it, and carried it for- ward so resolutely in the face of all obstacles. As an instance of his imperturbable tranquillity of mind, on the evening of the day which brought him tidings of the
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loss of the Tonquin, (one of his Astoria ships), he attended the Park Theatre, appa- rently enjoying the play as much as if nothing had happened.
Since the formation of the American Fur Company Mr. Astor has figured largely in the commercial world. His ships have spread their sails on every sea, and the furs of America been exchanged for the rich products of the Eastern continent. Mr. Astor has always been remarkable for a minute and accurate knowledge of the vari- ous markets in which he traded. His instructions to his captains were always clear and definite. He never neglected the inspection of the minute details of business, and conducted all his affairs with great method and exactness; yet, with all the im- mense machinery of money-making, subject to his sole direction, he is said to have devoted a smaller amount of time to the counting-room than is common with mer- chants on a smaller scale. An incident illustrative of Mr. Astor's tact occurred in the year 1813, during the last war : having at the time a cargo of furs in Canada, ready for market, he applied to the government for permission to bring them into New York and ship them for England free of duty, alleging as an inducement for them to grant the favor, that he intended bringing back a quantity of blankeis and materials for clothing, much needed by the soldiers, and adding also as a condition of the agreement, that he would loan them a sum of money. They suggested the danger of the ship being captured either in going out or on her return. He, however, replied " that was his concern," and his petition was granted. The celebrated Ge- neral Moreau, well known as the enemy of Napoleon, and who afterwards fell in so tragic a manner during the Emperor's last campaign in Germany, then resided in New York, corner of Exchange Street and Hanover Square. On the departure of Mr. Astor's ship it was found the French officer was on board, and it is unnecess .: 7 to add that a transport bearing so important a friend to the allied armies was permit- ted to pass unharmed.
At the time of the surrender of Detroit by General Hull, Astor had a large quantity of furs in that city ; to secure which, he despatched an agent and obtained their re- lease without difficulty.
But, notwithstanding the enormous wealth accruing to Mr. Astor from his suc- cessful commercial operations, he has derived still greater acquisitions from his speculations in real estate, and its extraordinary rise in value.
For the last twenty years he has relinquished commerce, and devoted vast sumas of his annual income to the accumulation of real estate. He invests in mortgagei on the best property, which he has often bought in at much less than its actual worth. In this manner his property, which is chiefly in this city, has accumulated with almost incredible rapidity, and the vast domains which he possesses in the new States of the West, Wisconsin, Iowa, Missouri, &c., are of great prospective value.
The keen and penetrating sagacity with which the millionaire always availed him- self of an opportunity for making a handsome addition to his gains, is illustrated in the manner by which he possessed himself of the Morris estate in Duchess County. This was an extensive tract of land, granted before the revolution by the British Go- vernment to one Morris, a nobleman of that country. A nephew of the original proprietor, who resided on the estate when the war broke out, being a Tery. fed from the country, and the property was confiscated and sold by the State, as belony- ing to him. Many years afterwards Mr. Astor went to Europe and bought ou: tie claim of the real beirs for an inconsiderable sum. Returning he brought an arden against the State of New York, and, notwithstanding the eloquence of Daniel W .!- ster, who was employed as its counsel, came off triumphant, having gained lits suit and a half million of dollars. To pay this amount the State was obliged to incur a debt, which isstill known as the Astor loan.
Yet, with all his shrewdness, we bear in mind one instance in which he was overreached by the foresight of Aaron Burr. At the time the latter individual was projecting his Mexican scheme, being in want of money. and holding a ninety-nine years lease of an estate in that part of the city surrounding what is now the Rich- mond Hill Theatre, corner of Varick and Charlton streets, then his private residence. He sold out the same to Astor. Drawing up the deed himself, he inserted a clause which escaped the purchasers notice, to this effect, " That should Burr hereafterre- claim the property, it should be restored to him on certain conditions ;" and when after a lapse of time, becoming a bankrupt in reputation and in fortune, he returned from Europe and demanded back his property. Astor was quite taken by surprise ; the
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clause was, however, not to be evaded, and the matter was adjusted only by his pay- ing Burr the sum of $50,000.
The reader will be reminded by this, of a similar instance of a point carried by stratagem by the same individual. In drafting a charter to the Manhattan Water Company, some fifty years ago, in addition to the ostensible object of the associa- tion, to supply the city with pure water, Burr introduced the clause, " and other purposes," which other purposes soon became manifest in the establishment of the Manhattan Bank.
With respect to Mr. Astor's family connections : he had a sister who married Mr. Wendell, a porter in her brother's employ. This marriage received not only the con- ·currence and approbation of Mr. Astor, but was actually induced at his suggestion .and instigation. Astor afterwards furnished Wendell with the means to set up business as a fur dealer, in Gold Street. He thus became wealthy, and has now a son, John D. Wendell, pursuing the same occupation at his father's old stand.
A nephew, son of a brother residing in Germany, who came to this city a few years since, was employed by his uncle in some menial occupation, the only pa- tronage he could succeed in obtaining from him, and was afterwards employed as a porter in various parts of the city.
It appears Mr. Astor does not indulge the weakness of permitting his sympathies to extend themselves on unworthy objects, however nearly allied to him by ties of kindred.
Mr. Astor married, at quite an early period, in this city, a countrywoman of his, who had for her dowry the sum of $500, which, it has been suggested, was an at- traction of some weight with the prudent lover. His family consists of two sons and several daughters ; of the former, William B. Astor will be mentioned hereafter ; his brother has been imbecile from his birth, but every attention, that wealth could command, to alleviate his unfortunate condition, has been always bestowed on him. He lived several years in Cambridge, Mass., in charge of a competent attendant, and subsequently at Chelsea, in this city, as the sole occupant of a large and commo- dious mansion. He was here under the care of Dr. O'Donnel, now of Brooklyn, who devoted his attention exclusively to him, and was liberally remunerated by Mr. Astor.
His youngest daughter, who was distinguished for her benevolence and piety, be- came the Countess Rumpff, and died a few years since at Paris ; she was the au- thor of a little work called " Transplanted Flowers," published not long ago in this city. Count Rumpff was the minister, resident from the Hanseatic cities to Paris, where he became acquainted with Miss Astor. He afterwards came to this country as minister from those places, and formed a commercial treaty with Mr. Clay, who was then secretary under Mr. Adams. Another daughter married Walter Langdon, of New Hampshire, and lives in that elegant house, corner of Lafayette Place, opposite the new Opera house. A third married as her first husband, the Danish Governor of one of the West India Islands ; her second husband was the Rev. Mr. Bristed, of Bristol, R.I., by whom she had one son, who has recently married a daughter of Henry Brevoort, of New York. This young man was educated in England, at Eton College, at the expense of his grandfather, Astor. Of the Rer. Mr. Bristed, it may be remarked that he was an Englishman, and studied the mh dieal profession in his native country, where he became quite an eminent practitioner. He then studied law with the celebrated Chitty, author of " Chitty's Pleadings, " came out to New York and commenced prac- tice in company with Beverly Robinson, brother of Morris Robinson, President of an Insurance Company in Wall Street. He afterwards turned his attention to the study of Theology, and prepared himself for the Episcopal Ministry. Some diffi- culty occurring between him and Bishop Hobart, he withdrew to Rhode Island, in order to be ordained by Bishop Griswold, and was there settled as pastor of a church in Bristol, where the bishop himself first preached, and where he has ever since resided.
Mr. Bristed is a man of strong and highly cultivated intellect, and author of a work on the resources of the British Empire, written at the time when it was anticipated that Bonaparte would invade England, and elicited by the prevailing belief then en- tertained here, that it would be subjected to the mighty conqueror.
: To return to Mr. Astor, he resided during the greater portion of his life in one of the
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houses comprising the block which then occupied the site where the Astor House now stands ; his store was in the rear of his dwelling, with the entrance in Vesey Street.
His style of living was in keeping with his wealth ; his house was furnished in the richest and most costly manner, and his rooms embelished with expensive works of art, among others, a Cupid, by Mignard, which was esteemed remarkably fine, was purchased at a munificent price. He had servants in attendance from divers foreign countries, among which were occasionally some from China.
On demolishing the block of buildings to make away for the Astor House the sub- ject of our sketch removed to his present residence in Broadway. The house on the upper corner of the block, was at that time, owned and occupied by the late Henry Coster, the wealthy broker. It of course became necessary in order to cary out his design that Astor should buy him out, but having once been worsted in a bargain with the shrewd money getter, Coster refused to sell, nor would he accept the of- fer of $10,000, in addition to what certain disinterested persons should agree was a fair compensation for the property . In short he was not to be removed, until he had extorted from Astor a most exorbitant sum. On the arrival of the first of May on which he was to leave the premises, being still in the house, at 12 o'clock, Astor ordered its demolition to be commenced by removing the steps from the door.
Though not a man of literary education, Mr. Astor is understood to possess a lib- eral mind and a good share of taste, as is evinced by the character of those with whom he associates. Washington Irving finds a home at his house whenever he is in the city; and Halleck, who is in his employ, frequently dines with him. Mr. Coggswell, late editor of the New York Review, resides with him as a friend and companion, This gentleman speaks the German remarkably well, a language to which Mr. Astor is much attached, as being his vernacular. Though having lived in our country, and spoken the English tongue for more than half a century, the lan- guage of his youth is still dear to him ; the force of habit cannot obliterate early as- sociations.
In personal appearance, Mr. Astor, when in his prime, was about five feet eight or ten inches high, and square built. He has a high square forehead, and his appear- ance and demeanor was always gentlemanly and in good taste. He is represented as being a pleasant man to do business with, seldom being ruffled in temper or intem- perate in speech. Although sufficiently close and parsimonous, he is at the same time occasionally liberal and forbearing. He is now bent with age and infirmity, rarely goes out, and is unable to walk unless supported by attendants. He is fast approaching the narrow house appointed for all living, and where the rich man and the beggar lie down alike at last.
As a blessing to coming generations and a lasting monument to his fame, Mr. Astor has made in his will, an appropriation of $350,000 for the purpose of estab- lishing in this city, a Free Library, to be called the Astor Library, of which his friend, Dr. Cogswell, is appointed Librarian, and is at present under receipt of a sal- ary from Mr. Astor. It is whispered that some of the immediate heirs of this vast estate, are opposed to the above named clause in the will, but it is doubtless a slan- der unworthy a moments credence.
The cost of the building is limited to $60,000, a judicious precaution which the prudent donor may have been led to take from witnessing the misappropriation made in that way by the Girard benifice.
Mr. Astor is understood to be the fifth on the list among the rich men now living ; Baron Rothschild, Louis Phillippe, the Duke of Devonshire, and Sir Robert Peel only exceeding him. It would be idle to attempt an exact estimation of his property, but those who have means of judging put it down at about $40,000.000. His annual income cannot be less than from $2000,000 to $3000,000, or about $5 for every moment of his existence.
ASTOR, WM. B., the well known son of John Jacob Astor. He has long held a power of attorney for the transaction of his father's business, and will undoubtedly inherit the chief portion of his estate, for it is said to be a darling ambition with the old man that his son shall be the richest man in America. Hemade him a present
As a blessing to coming generations, and a lasting monument to his fame, Mr. of the Astor House at the time it was completed, to serve, we suppose, as a corner stone to the structure. Mr. Astor is a well educated man, having been sent to Ger-
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many by his father when young to receive a professional education. He married a daughter of the late Gen. Armstrong, so celebrated in Revolutionary history as the author of the Newburgh letters, and subsequently as Secretary of War, under Mr. Madison, by whom he was dismissed.
Mr. Astor has a large family of children. One of his daughters married Mr. De- lano, of the firm of Grinnell, Minturn & Co., and another was the first wife of Samuel Ward, Esq., of the firm of Prime, Ward & Co.
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