John Jacob Astor (born Johann Jakob Astor; July 17, 1763 – March 29, 1848) was a German-American businessman, merchant, real estate mogul, and investor who made his fortune mainly in a fur trade

monopoly A monopoly (from Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situation where a speci ...

, by smuggling opium into China, and by investing in real estate in or around

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

. He was the first prominent member of the

Astor family The Astor family achieved prominence in business, society, and politics in the United States and the United Kingdom during the 19th and 20th centuries. With ancestral roots in the Italian Alps region of Italy by way of Germany, the Astors settled ...

and the first multi-

millionaire A millionaire is an individual whose net worth or wealth is equal to or exceeds one million units of currency. Depending on the currency, a certain level of prestige is associated with being a millionaire. In countries that use the short scal ...

in the United States. Born in

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...

, Astor emigrated to England as a teenager and worked as a musical instrument manufacturer. He moved to the United States after the

American Revolutionary War The American Revolutionary War (April 19, 1775 – September 3, 1783), also known as the Revolutionary War or American War of Independence, was a major war of the American Revolution. Widely considered as the war that secured the independence of t ...

. Seeing the expansion of population to the west, he entered the fur trade and built a monopoly, managing a business empire that extended to the

Great Lakes The Great Lakes, also called the Great Lakes of North America, are a series of large interconnected freshwater lakes in the mid-east region of North America that connect to the Atlantic Ocean via the Saint Lawrence River. There are five lak ...

region and

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

, and later expanded into the American West and Pacific coast. Seeing a decline in demand due to changing European tastes, he got out of the fur trade in 1830, diversifying by investing in New York City real estate. Astor was highly wealthy and became a prominent patron of the arts.Axel Madsen, ''John Jacob Astor: America's First Multimillionaire'' (2001) In proportion to GDP, he was one of the richest people in modern history.

Biography

Early life

Johann Jakob Astor was born in 1763 in

Walldorf Walldorf (South Franconian: ''Walldoaf'') is a town in the Rhein-Neckar-Kreis district in the state of Baden-Württemberg in Germany. In the eighteenth century, Walldorf was the birthplace of John Jacob Astor, who emigrated and became a promin ...

, a town near

Heidelberg Heidelberg (; Palatine German language, Palatine German: ''Heidlberg'') is a city in the States of Germany, German state of Baden-Württemberg, situated on the river Neckar in south-west Germany. As of the 2016 census, its population was 159,914 ...

in the

Electoral Palatinate The Electoral Palatinate (german: Kurpfalz) or the Palatinate (), officially the Electorate of the Palatinate (), was a state that was part of the Holy Roman Empire. The electorate had its origins under the rulership of the Counts Palatine of ...

, which is in the present-day German state of

Baden-Württemberg Baden-Württemberg (; ), commonly shortened to BW or BaWü, is a German state () in Southwest Germany, east of the Rhine, which forms the southern part of Germany's western border with France. With more than 11.07 million inhabitants across a ...

. He was the youngest son of Johann Jacob Astor and Maria Magdalena vom Berg. His three older brothers were George, Henry, and Melchior. In his childhood, Johann worked in his father's butcher shop and as a dairy salesman. In 1779, at the age of 16, he moved to

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

to join his brother George in working for an uncle's

piano The piano is a stringed keyboard instrument in which the strings are struck by wooden hammers that are coated with a softer material (modern hammers are covered with dense wool felt; some early pianos used leather). It is played using a keybo ...

and flute manufacturer, Astor & Broadwood. While there, he learned English and anglicized his name to John Jacob Astor.

Migration to the United States

In November of 1783, just after the end of the

, Astor boarded a ship for the United States, arriving in

Baltimore Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

around March of the following year. There, he rented a room from Sarah Cox Todd, a widow, and began a flirtation with his landlady's daughter, also named Sarah Cox Todd. The young couple married in 1785. His intent had been to join his brother Henry, who had established a butcher shop in New York City. However, a chance meeting with a fur trader on his voyage had inspired him to join the North American fur trade as well. After working at his brother's shop for a time, Astor began to purchase raw hides from Native Americans, prepare them himself, and resell them in London and elsewhere at great profit. He opened his own fur goods shop in New York in the late 1780s and also served as the New York agent of his uncle's musical instrument business. After gold was discovered, Astor looked for business throughout the United States.

Fortune from fur trade

Astor took advantage of the 1794

Jay Treaty The Treaty of Amity, Commerce, and Navigation, Between His Britannic Majesty and the United States of America, commonly known as the Jay Treaty, and also as Jay's Treaty, was a 1794 treaty between the United States and Great Britain that averted ...

between Great Britain and the United States, which opened new markets in Canada and the

region. In London, Astor at once made a contract with the North West Company, which from

Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple ...

rivaled the trade interests of the

Hudson's Bay Company The Hudson's Bay Company (HBC; french: Compagnie de la Baie d'Hudson) is a Canadian retail business group. A fur trading business for much of its existence, HBC now owns and operates retail stores in Canada. The company's namesake business di ...

, then based in London. Astor imported furs from Montreal to New York and shipped them to Europe. By 1800, he had amassed almost a quarter of a million dollars (the equivalent of six million dollars in 2020) and had become one of the leading figures in the fur trade. His agents worked throughout the western areas and were ruthless in competition. In 1800, following the example of the '' Empress of China'', the first American trading vessel to China, Astor traded furs, teas, and

sandalwood Sandalwood is a class of woods from trees in the genus ''Santalum''. The woods are heavy, yellow, and fine-grained, and, unlike many other aromatic woods, they retain their fragrance for decades. Sandalwood oil is extracted from the woods for us ...

with Canton in China, and greatly benefited from it.Madsen, ''John Jacob Astor'' (2001) The U.S.

Embargo Act The Embargo Act of 1807 was a general trade embargo on all foreign nations that was enacted by the United States Congress. As a successor or replacement law for the 1806 Non-importation Act and passed as the Napoleonic Wars continued, it repr ...

in 1807, however, disrupted Astor's import/export business because it closed off trade with Canada. With the permission of President

Thomas Jefferson Thomas Jefferson (April 13, 1743 – July 4, 1826) was an American statesman, diplomat, lawyer, architect, philosopher, and Founding Father who served as the third president of the United States from 1801 to 1809. He was previously the natio ...

, Astor established the American Fur Company on April 6, 1808. He later formed subsidiaries: the

Pacific Fur Company The Pacific Fur Company (PFC) was an American fur trade venture wholly owned and funded by John Jacob Astor that functioned from 1810 to 1813. It was based in the Pacific Northwest, an area contested over the decades between the United Kingdom o ...

, and the Southwest Fur Company (in which Canadians had a part), in order to control fur trading in the Great Lakes areas and Columbia River region. His Columbia River trading post at

Fort Astoria Fort Astoria (also named Fort George) was the primary fur trading post of John Jacob Astor's Pacific Fur Company (PFC). A maritime contingent of PFC staff was sent on board the ''Tonquin (1807 ship), Tonquin'', while another party traveled overl ...

(established in April 1811) was the first United States community on the Pacific coast. He financed the overland

Astor Expedition The Pacific Fur Company (PFC) was an American fur trade venture wholly owned and funded by John Jacob Astor that functioned from 1810 to 1813. It was based in the Pacific Northwest, an area contested over the decades between the United Kingdom o ...

in 1810–12 to reach the outpost. Members of the expedition were to discover South Pass, through which hundreds of thousands of settlers on the

Oregon Oregon () is a state in the Pacific Northwest region of the Western United States. The Columbia River delineates much of Oregon's northern boundary with Washington, while the Snake River delineates much of its eastern boundary with Idaho. T ...

Mormon Mormons are a religious and cultural group related to Mormonism, the principal branch of the Latter Day Saint movement started by Joseph Smith in upstate New York during the 1820s. After Smith's death in 1844, the movement split into severa ...

, and

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...

trails used to later pass through the

Rocky Mountains The Rocky Mountains, also known as the Rockies, are a major mountain range and the largest mountain system in North America. The Rocky Mountains stretch in straight-line distance from the northernmost part of western Canada, to New Mexico ...

. Astor's fur trading ventures were disrupted during the

War of 1812 The War of 1812 (18 June 1812 – 17 February 1815) was fought by the United States, United States of America and its Indigenous peoples of the Americas, indigenous allies against the United Kingdom of Great Britain and Ireland, United Kingdom ...

, when the British captured his trading posts. In 1816, he joined the opium-smuggling trade. His American Fur Company purchased ten tons of Ottoman-produced opium, and shipped the contraband to Canton onboard the packet ship ''Macedonian''. Astor later left the Chinese opium trade and sold opium solely in Britain. Astor's business rebounded in 1817 after the U.S. Congress passed a

protectionist Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. ...

law that barred foreign fur traders from U.S. territories. The American Fur Company came to dominate trading in the area around the Great Lakes, absorbing competitors in a monopoly. John Jacob Astor had a townhouse at 233 Broadway in Manhattan and a country estate, Hellgate, in Northern New York City. In 1822, Astor established the Robert Stuart House on Mackinac Island in Michigan as headquarters for the reorganized American Fur Company, making the island a metropolis of the fur trade.

Washington Irving Washington Irving (April 3, 1783 – November 28, 1859) was an American short-story writer, essayist, biographer, historian, and diplomat of the early 19th century. He is best known for his short stories "Rip Van Winkle" (1819) and " The Legen ...

described this at length, based on contemporary documents, diaries, etc., in his travelogue '' Astoria''. Astor's commercial connections extended over the entire globe, and his ships were found in every sea. He and Sarah moved to a townhouse on Prince Street in Manhattan, New York.

Real estate and retirement

Astor began buying land in New York City in 1799 and acquired sizable holdings along the waterfront. After the start of the 19th century, flush with China trade profits, he became more systematic, ambitious, and calculating by investing in New York real estate. In 1803, he bought a 70-acre farm on which he built the Astor Mansion at Hellgate. The property ran west of

Broadway Broadway may refer to: Theatre * Broadway Theatre (disambiguation) * Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S. ** Broadway (Manhattan), the street **Broadway Theatre (53rd Stree ...

to the Hudson River between 42nd and 46th streets. That same year, and the following year, he bought considerable holdings from the disgraced Aaron Burr. In the 1830s, 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 sold his interests in the American Fur Company, as well as all his other ventures, and used the money to buy and develop large tracts of

Manhattan Manhattan (), known regionally as the City, is the most densely populated and geographically smallest of the five boroughs of New York City. The borough is also coextensive with New York County, one of the original counties of the U.S. state ...

real estate. Astor correctly predicted the city's rapid growth northward on Manhattan Island, and he purchased more and more land beyond the then-existing city limits. Astor rarely built on his land, but leased it to others for rent and their use. After retiring from his business, Astor spent the rest of his life as a patron of culture. He supported the ornithologist John James Audubon in his studies, artwork, and travels, and the presidential campaign of Henry Clay.

Marriage and family

On September 19, 1785, Astor married Sarah Cox Todd (April 9, 1762 – August 3, 1842). Her parents were Scottish immigrants Adam Todd and Sarah Cox. Although she brought him a

dowry A dowry is a payment, such as property or money, paid by the bride's family to the groom or his family at the time of marriage. Dowry contrasts with the related concepts of bride price and dower. While bride price or bride service is a payment ...

of only $300, she possessed a frugal mind and a business judgment that he declared better than that of most merchants. She assisted him in the practical details of his business, and managed Astor's affairs when he was away from New York. They had eight children: * Magdalena Astor (1788–1832), who married first

Adrian Benjamin Bentzon Adrian Benjamin Bentzon (22 April 1777 – 15 January 1827) was Governor of the Danish West Indies from 1816 to 1820. Biography He was born in Tønsberg, Norway. He was the son of Hans Jacob Bentzon (1739–1810) and Sophia Hedvig Købke ( ...

in 1807, secondly John Bristed in 1820. She was the mother of Charles Astor Bristed. * Sarah Todd Astor (1790–1790), who was stillborn. * John Jacob Astor Jr. (1791–1869), sickly and mentally unstable. * William Backhouse Astor Sr. (1792–1875), who married Margaret Alida Rebecca Armstrong, daughter of Senator

John Armstrong Jr. John Armstrong Jr. (November 25, 1758April 1, 1843) was an American soldier, diplomat and statesman who was a delegate to the Continental Congress, U.S. Senator from New York, and United States Secretary of War under President James Madison. A me ...

, in 1818. * Dorothea Astor (1795–1874), who married Walter Langdon. They owned the Langdon Estate Gatehouse. * Henry Astor II (1797–1799), who died as a child. * Eliza Astor (1801–1838), married Vincent Rumpff * Unnamed son (1802–1802), who died within a few days of his birth.

Fraternal organizations

Astor belonged to the Freemasons, a fraternal order, and served as Master of Holland Lodge #8, New York City in 1788. Later he served as Grand Treasurer for the Grand Lodge of New York. He was president of the

German Society of the City of New York The German Society of the City of New York was established in 1784 to assist Germans, German immigrants in the United States. History The German Society of the City of New York was founded on October 4th, 1784, based on the model of the German ...

from 1837 to 1841.

Legacy

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, or 0.9% of estimated US GDP at the time, which is equivalent to $ million in 2020). By comparison, the fortune of Jeff Bezos was worth approximately $200 billion in 2020, similar to Astor at approximately 0.9% of US GDP. In his will, Astor bequeathed $400,000 to build the

Astor Library The Astor Library was a free public library in the East Village, Manhattan, developed primarily through the collaboration of New York City merchant John Jacob Astor and New England educator and bibliographer Joseph Cogswell. It was primarily ...

for the New York public, which was later consolidated with other libraries to form the New York Public Library. He also left $50,000 for a

poorhouse A poorhouse or workhouse is a government-run (usually by a county or municipality) facility to support and provide housing for the dependent or needy. Workhouses In England, Wales and Ireland (but not in Scotland), ‘workhouse’ has been the ...

and orphanage in his German hometown of

. The ''Astorhaus'' is now operated as a museum honoring Astor. It is a renowned and popular fest hall for marriages. Astor donated gifts totaling $20,000 to the German Society of the City of New York, during his term as president, from 1837 until 1841. Astor left the bulk of his fortune to his second son William, because his eldest son, John Jr., was sickly and mentally unstable. Astor left enough money to care for John Jr. for the rest of his life. William continued building the family fortune, and was an ancestor of

John Jacob Astor III John Jacob Astor III (June 10, 1822 – February 22, 1890) was an American financier, philanthropist and a soldier during the American Civil War. He was a prominent member of the Astor family, becoming the wealthiest member in his generation and ...

John Jacob Astor IV John Jacob Astor IV (July 13, 1864 – April 15, 1912) was an American business magnate, real estate developer, investor, writer, lieutenant colonel in the Spanish–American War, and a prominent member of the Astor family. He died in the sink ...

and

John Jacob Astor VI John Jacob Astor VI (August 14, 1912 – June 26, 1992) was an American socialite, shipping businessman, and member of the Astor family. He was dubbed the "''Titanic'' Baby" for his affiliation with the RMS ''Titanic''; Astor was born four month ...

. Astor is buried in

Trinity Church Cemetery The parish of Trinity Church has three separate burial grounds associated with it in New York City. The first, Trinity Churchyard, is located in Lower Manhattan at 74 Trinity Place, near Wall Street and Broadway. Alexander Hamilton, Albert Gal ...

in Manhattan. Many members of his family had joined its congregation, but Astor remained a member of the local German Reformed congregation to his death.James Parton (1865).
Life of John Jacob Astor: To which is appended a Copy of his last will
'. New York: The American News Comp. p. 81. In the short story '' Bartleby, the Scrivener,''

Herman Melville Herman Melville ( born Melvill; August 1, 1819 – September 28, 1891) was an American novelist, short story writer, and poet of the American Renaissance period. Among his best-known works are ''Moby-Dick'' (1851); ''Typee'' (1846), a rom ...

used Astor as a symbol of men who made the earliest fortunes in New York. The pair of marble lions that sit by the entrance of the

New York Public Library Main Branch The Stephen A. Schwarzman Building, commonly known as the Main Branch, 42nd Street Library or the New York Public Library, is the flagship building in the New York Public Library system in the Midtown Manhattan neighborhood of New York City. ...

at Fifth Avenue and 42nd Street were originally named Leo Astor and Leo Lenox, after Astor and

James Lenox James Lenox (August 19, 1800 – February 17, 1880) was an American bibliophile and philanthropist. His collection of paintings and books eventually became known as the Lenox Library and in 1895 became part of the New York Public Library. Early ...

, who founded the library from his own collection. Next, they were called Lord Astor and Lady Lenox (both lions are males). Mayor

Fiorello La Guardia Fiorello Henry LaGuardia (; born Fiorello Enrico LaGuardia, ; December 11, 1882September 20, 1947) was an American attorney and politician who represented New York in the House of Representatives and served as the 99th Mayor of New York City fro ...

renamed them "Patience" and "Fortitude" during the Great Depression. The neighborhood of Astoria in

Queens Queens is a borough of New York City, coextensive with Queens County, in the U.S. state of New York. Located on Long Island, it is the largest New York City borough by area. It is bordered by the borough of Brooklyn at the western tip of Long ...

, New York City, is named after Astor. The one-block

Astor Place Astor Place is a one-block street in NoHo/ East Village, in the lower part of the New York City borough of Manhattan. It runs from Broadway in the west (just below East 8th Street) to Lafayette Street. The street encompasses two plazas at ...

street in Manhattan, New York City, was named after Astor, soon after his death. The coastal town of Astoria, Oregon, is named after Astor, as well as an elementary school named in his honor. The background to the founding of this town is described in Washington Irving’s '' Astoria,'' a book whose writing was financed by Astor. The historic Astor Street in Green Bay, Wisconsin is named after Astor. In 1835, John Jacob Astor founded the Town of Astor in Wisconsin. After the Town of Astor was united with the Town of Navarino to form the Borough of Green Bay, one neighborhood was named after him. In 1908, when the

association football Association football, more commonly known as football or soccer, is a team sport played between two teams of 11 players who primarily use their feet to propel the ball around a rectangular field called a pitch. The objective of the game is ...

club

FC Astoria Walldorf FC Astoria Walldorf is a German association football club from the town of Walldorf, Baden-Württemberg. The club is named after John Jacob Astor, who was born in Walldorf in 1763 and later emigrated to the United States where he became a suc ...

was formed in Astor's birthplace in Germany, the group added "Astoria" to its name in his, and the family's, honor."Warum heißen die so? Heute: FC Astoria Walldorf"
. Fussball.de. December 8, 2011. Retrieved December 9, 2011.

Notes

References

* * *. *. * .

External links

*
Astor family papers, 1792–1916
at the New York Public Library
John Jacob Astor Business Records at Baker Library Historical Collections, Harvard Business SchoolThe Waldorf Astoria HotelThe "Astorhaus" in Germany, now a museum

National Portrait Gallery
* {{DEFAULTSORT:Astor, John Jacob 1763 births 1848 deaths 19th-century American businesspeople American fur traders American investors American real estate businesspeople John Jacob Businesspeople from New York City American merchants American Fur Company people German emigrants to the United States People from Walldorf (Baden) Pre-statehood history of Oregon Burials at Trinity Church Cemetery