John Jacob Astor: America’s First Millionaire (Titans of Fortune)

Description

Biographical profile of The usa’s first millionaire, John Jacob Astor, a German immigrant who arrived in Manhattan with five English pounds in his pocket and amassed ownership of large swaths of Manhattan en route to becoming the largest and wealthiest landholder in New York. Astor established an important fur trading firm that extended its operations around the nation, helping blaze the Oregon Trail. He founded Astoria in 1811, the first American settlement at the West Coast. His ships crossed the Pacific and engaged in trade with China–including opium–but he shifted to a more lucrative commodity–liquor–as a means of exchange with Indians for fur. Even though opposed to the War of 1812, when the U.S. faced a $17 million deficit, Astor advanced nearly $10 million to hide a part of it. He earned the gratitude of the nation, and a bundle from war bonds. “The one hard step in building up my fortune,” he said, “was once the first thousand dollars.” His biography, “Astoria,” was once written by his nephew–Washington Irving. Astor’s 100,000-volume library was once the progenitor of the New York Public Library. Award-winning creator and syndicated columnist Daniel Alef, who has written more than 300 biographical profiles of The usa’s greatest tycoons, brings out the story of Astor and his remarkable life of ups, downs and achievements. [1,354-word Titans of Fortune article]

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