Before You Invest Your Money

Thanks to Lewis and Clark’s well-known expedition, the area west of the Mississippi became terra firma for the fur trade during the early nineteenth century. Looking to seize his piece of this potentially rich pie, budding fur maven John Jacob Astor incorporated the American Fur Company on this day in 1808. Astor installed himself as the lone stockholder of his New York City-based company and proceeded to make inroads into the fur business. Indeed, in a few small years, he was able to mount a serious challenge to industry leaders like the North West Company. Astor soon started expanding his fur concern: in 1810, he made the Pacific Fur Company; the following year, he established the South West Fur Company. Astor’s new companies boosted his ability to capitalize on America’s burgeoning regional markets and cemented his rise to the top of the fur trade. By 1828, Astor and his mighty fur empire stood as unrivaled kings of the fur industry.