John Jacob Astor III New York investor

A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors

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John Jacob Astor III (1822-1890) : shrewd investor in railroads and securities

… John Jacob Astor III invested heavily into the first consolidated railroad system, the New York Central Railroad, which was created by a merger of several railroads that run upstate New York out of Albany. The consolidation was done in 1853, with the main promoters being Erastus Corning, Dean Richmond and an able lawyer John Pruyn, who drew up the consolidation agreement. Along with John Jacob Astor III, other heirs to merchant and shipping fortunes, Edward Cunard and John Stewart jr invested into New York Central stocks. They eventually wrested control from the original promoters and in 1867 surrendered to Cornelius Vanderbilt what then represented 13 million shares of the railroad. Other enterprises where John Jacob Astor III invested his inherited wealth were the Western Union Telegraph Company and the Illinois Central Railroad. Both companies …

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