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John Jacob Astor
Transcript of John Jacob Astor
He created the very first trust in the United States and he was a very big fur trader. He started out, however, as a musical instrument manufacturer in England.
His fur trade monopoly eventually extended all over the United States and some of Canada. He imported the furs from Canada to New York to sell and he shipped them overseas to Europe as well.
He is considered to be America’s first multimillionaire.
Why he was better than the other "Robber Barons"
John Jacob Astor was the pioneer for a large industry. Being the first multimillionaire, the man really knew what he was doing in terms of business ventures and investments.
He paved the way for all of the big economic leaders for decades to come and that is why he was better.
He was the first man to discover certain parts of the industry that made him the most successful man of his time. Without him, big economical advancements would not have been made for many, many years.
John Jacob Astor was one of the leading businessmen of his day and the founder of an American fur trade dynasty.
How he treated his workers
He treated his workers well. He referred to them as“privateers” rather than employees.
They were paid well due to the large success of his fur trading empire. They worked hard and they were all over the country and in some places overseas.
He was highly appreciative because, although he was the mastermind behind the whole thing, he definitely could not have done it alone.
John Jacob Astor (1763-1848)
Robber Baron or Captain of Industry?
He was absolutely, without a doubt a Captain of Industry.
He was the mastermind behind the American fur trade and he was the first man to become a multimillionaire in the United States. That title was open for anyone to do but he was the one that figured it out.
His advancements became the basis for many companies decades after his and even in today’s economy.
Robber Baron or Captain of Industry?
He taught people how to be smart with their money and how to be real business men and women.
His fortune and estate was the first of its kind that the United States had ever seen and people really took the reigns and followed suit shortly after.
Because of John Jacob Astor, we have a big industry and very powerful economic leaders.
$$How he spent his money$$
He realized that New York City was going to continue to grow so he began buying a lot of real estate in Manhattan.
He eventually became known as the “landlord of the city.”
He ended up selling the fur trade business eventually due to the fact that he knew how inconsistent it was and he spent a lot of time primarily on real estate because of his friendship with Aaron Burr.
How he donated his money
250 years after his debt, his work is still prevalent. His estate donates money to many different organizations every single year.
Perhaps the most important is the library built in New York City under his name that is now part of the public library system.
He donated to countless other New York City based organizations as well as to give back to the city that had given him so much.
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"America's First Multi-Millionaire, 250 Years Later." History.com. A&E Television Networks, 17 July 2013. Web. 12 Dec. 2014.