John Jacob Astor forms the Pacific Fur Company.
The Pacific Fur Company (PFC) was an American fur trade venture wholly owned and funded by John Jacob Astor that functioned from 1810 to 1813. It was based in the Pacific Northwest, an area contested over the decades between the United Kingdom of Great Britain and Ireland, the Spanish Empire, the United States of America and the Russian Empire.
Management, clerks and fur trappers were sent both by land and by sea to the Pacific Coast in the Autumn of 1810. The base of operations was constructed at the mouth of the Columbia River in 1811, Fort Astoria (present-day Astoria, Oregon). The destruction of the company vessel the Tonquin later that year off the shore of Vancouver Island took with it the majority of the annual trading goods. Commercial competition with the British-Canadian North West Company began soon after the foundation of Fort Astoria. The Canadian competitors maintained several stations in the interior, primarily Spokane House, Kootanae House and Saleesh House. Fort Okanogan was also opened in 1811, the first of several PFC posts created to counter these locations. The Overland Expedition faced military hostilities from several Indigenous cultures and later had an acute provision crisis leading to starvation. Despite losing men crossing the Great Plains and later at the Snake River, they arrived in groups throughout January and February 1812 at Fort Astoria.
A beneficial agreement with the Russian-American Company was also planned through the regular supply of provisions for posts in Russian America. This was planned in part to prevent the rival Montreal based North West Company (NWC) to gain a presence along the Pacific Coast, a prospect neither Russian colonial authorities nor Astor favored.The lack of military protection during the War of 1812 forced the sale of PFC assets to the NWC. While the transactions were not finalized until 1814, due to the distance from Fort Astoria to Montreal and New York City, the company was functionally defunct by 1813. A party of Astorians returning overland to St. Louis in 1813 made the important discovery of the South Pass through the Rocky Mountains. This geographic feature would later be used by hundreds of thousands of settlers traveling over the Oregon, California, and Mormon routes, collectively called the Westward Expansion Trails. The emporium envisioned by Astor was a failure for a number of reasons, including the loss of two supply ships, the material difficulties of crossing the North American continent and competition from the North West Company. Historian Arthur S. Morton concluded that "The misfortunes which befell the Pacific Fur Company were great, but such as might be expected at the initiation of an enterprise in a distant land whose difficulties and whose problems lay beyond the experience of the traders."
John Jacob Astor (born Johann Jakob Astor; July 17, 1763 – March 29, 1848) was a German-American businessman, merchant, real estate mogul, and investor who made his fortune mainly in a fur trade monopoly, by smuggling opium into China, and by investing in real estate in or around New York City. He was the first prominent member of the Astor family and the first multi-millionaire in the United States.
Born in Germany, Astor emigrated to England as a teenager and worked as a musical instrument manufacturer. He moved to the United States after the American Revolutionary War. Seeing the expansion of population to the west, he entered the fur trade and built a monopoly, managing a business empire that extended to the Great Lakes region and Canada, and later expanded into the American West and Pacific coast. Seeing a decline in demand due to changing European tastes, he got out of the fur trade in 1830, diversifying by investing in New York City real estate. Astor was highly wealthy and became a famed patron of the arts. In proportion to GDP, he was one of the richest people in modern history.