Astor, John Jacob

Astor, John Jacob (1763–1848), fur trader, real‐estate developer, financier.Born in Germany, Astor emigrated to the United States in 1783. A chance shipboard conversation with a fellow passenger familiar with the Pacific Northwest led to his decision to enter the fur trade. Organizing fur trading expeditions with the Indians of the Northwest, he founded several trading posts including Astoria, Oregon, at the mouth of the Columbia River, the first American settlement west of the Rocky Mountains. In 1808 he established the American Fur Company. The fur trade proved immensely profitable, encompassing China, the United States, and Europe. Known for exchanging liquor for furs, Astor gained an unsavory reputation in some quarters. He invested much of his large fortune in real estate in and around New York City. He also became a financier, joining with Stephen Girard, a Philadelphia banker, during the War of 1812 to raise sixteen million dollars for the U.S. Treasury, at a substantial profit to themselves. This episode would later be cited by politicians as an example of the business elite taking advantage of the Treasury in times of crisis.

In contrast to his earlier reputation for sharp dealings and cutthroat trade with the Indians, Astor in his later years became a well‐known philanthropist. He contributed $350,000 to found the Astor Library, forerunner of the New York Public Library. At his death he was the richest man in America, with a fortune estimated at $20 million. His wealth founded a family dynasty that would remain prominent through the nineteenth and early twentieth centuries.
See also Banking and Finance; Indian History and Culture: From 1800 to 1900; Libraries; Philanthropy and Philanthropic Foundations.

Bibliography

Washington Irving , Astoria, or Anecdotes of an Enterprise beyond the Rocky Mountains, ed. Richard Dilworth, 1976.
John D. Haeger , John Jacob Astor: Business and Finance in the Early Republic, 1991.

Charles Geisst