John Jacob Astor III 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 family member in his generation and the founder of their English branch.
Background
John Jacob Astor was born on June 10, 1822 in New York City, New York, United States, the son of William Backhouse and Margaret (Armstrong) Astor.
Like his father and grandfather, he abstained as a rule from political activities, and his one deviation from the rule is not to his credit.
Education
After graduating from Columbia College in 1839 he studied at the University of Göttingen.
Later he entered the Harvard Law School, from which he graduated in 1842.
He is said to have been a devoted student of military affairs.
Career
At the beginning of the Civil War he enlisted and was made a colonel. His main service was on the staff of Gen. McClellan. In later life, when he made a practise of regularly attending the meetings of the Loyal Legion, he often spoke of his army days as the best period of his life. On leaving the army he resumed his employment in the office of the estate.
Of his career thereafter few outstanding events are recorded. In 1871, when the Tweed ring was at the height of its power, Astor and five other prominent business men were induced to make a perfunctory examination of Controller Connolly's books and to hand in a report highly commending Connolly for his honesty and faithfulness to duty. It is hardly credible that either Astor or any other of these men could have been unaware of the gigantic frauds then being committed; and the collapse of the Tweed ring three years later placed all of them in a somewhat sorry light.
The death of his father in 1875 brought Astor to the headship of the more important part of the estate, which required the greater administrative care. He continued the policy of buying urban real estate and always kept on deposit a large sum of money, so as to be able to take instant advantage of bargains offered. He never insured his houses, believing that he could better afford the occasional loss by fire of a whole block of buildings than the payment of the large sums required for insurance policies. He had a few business interests outside of his real estate; he became a director in the Western Union and in several banks, but it is unlikely that these affiliations engaged much of his time. He had few ambitions apart from business. It is said that President Hayes offered him the post of minister to Great Britain and that the offer did not interest him.
The fostering of the Astor Library was his chief public concern. For some years he served as its treasurer. In 1879 he deeded the institution three lots on Lafayette Place, on which he subsequently erected the extension known as the North Library Building at a cost of $250, 000.
The last ten years of his life were uneventful. He died at his home in New York City, of angina pectoris.
Achievements
Religion
Astor was a vestryman in Trinity Church for many years.
Views
He had few ambitions apart from business.
Personality
Astor was about six feet tall. His eyes were gray, and the complexion of his full and somewhat rounded face was ruddy.
His later portraits show a mustache and flowing side whiskers, worn in English style.
His manner, though reserved, was courteous. Like his father he was extremely methodical.
Connections
He married Charlotte Gibbes, of a prominent but somewhat impoverished South Carolina family. They had one son.