OCR Interpretation


The day book. (Chicago, Ill.) 1911-1917, September 28, 1914, LAST EDITION, Image 11

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1914-09-28/ed-1/seq-11/

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MARSHALL FIELD III. IS NOW OF AGE AND
ASCENDS THE MIGHTY THRONE TODAY
Today Marshall Field in., grandson
of the original Marshall Field, founder
of the big store and the hundred mil
lion Field fortune, is 21 years of age.
He is in Chicago, and today will be
gin to obey the orders of his dead
grandfather by associatine himself
"with the trustees of the Field estate.
The grandfather died in January,
1906, and' his will was admitted to
court record Feb. 26, 1906.
The grandson today enters upon
his business career in Chicago under
that provision of the will which con
stituted the Merchants Loan & Trust
Co., Marshall Field IL and Chauncey
Keep as trustee; and which provided
that the two grandsons, Marshall
Field HI. and Henry Field, who were
12 and 10 years old, respectively,
when the old man died, should get in
the game at 21. The will says: "It is
my desire that my two grandsons,
Marshall and Henry Field, when 21,
be associated with the above-named j sjbly children are working with all
executors and trustees because I wish
them to receive the benefit of the
training and of the increased sense of
responsibility afforded thereby. Earn
estly hoping that they will each sea
sonably adopt some regular occupa
tion in life, inasmuch as such occu
pation will, in my judgment, great
ly promote their usefulness and hap
piness, I am disposed to think that
their service as executors and trus
tess may naturally influence them in
the right direction, etc."
So Marshall Field m., after having
been educated in England for years
so as tor make him a good American
citizen, will now plunge into an at
mosphere of interest, rent,, profit, ac
cumulation, investment and re-investment
and cent-per-cent
Because Marshall Field was two
years older than his brother Henry,
he is to get a three-fifths interest in
the Field fortune and Henry a two
fifths interest But he doesn't get it
now, even if be is a full-grown man
of 21, with a first-rate English edu
cation and training.
It was estimated at the time of old
Field's death that Marshall HI., as his
share of the estate, would get $72,
000,000 and Henry $48,000,000. But
that has grown some, of course; for
the will provided that Marshall should
only get a part of the income until
he was 25, when he was to get $450,
000 all at one crack, and the same
amount when he became 30, 35 and
40 years old.
In the meantime, all he was to
get was one-half of the net income of
his share, which was large enough,
however, to keep the wolf from the
door.
But every day the estate has gone
on piling up and nobody knows now
but the trustees how much this
young man is worth, although they
may have a faint idea of how thou
sands of men and women and pos-
their might to pile up millions for a
boy who never earned a cent in his
life.
He doesn't have to work now any
harder than he wants to. The Mer
chants' Loan & Trust Co. is working
for him and for Henry, too. And
Chauncey Keep is working for him.
Also John G. Shedd, Stanley Field,
Jimmy Simpson and every employe
in the big Field store and allied fac
tories and establishments.
Yes, and every telephone operator
and employe of the Chicago Tele
phone Co.; every employe of the
Commonwealth Edison, the Western
Electric Co., the elevated and sur
face street railways, the Pullman
company, many steam railroads, and
Lord only knows what else all
working for the young man who
never worked for himself and doesn't
have to work at all unless he feels i
like it.
All over the loop people are pay- I
tag rent to this boy and his brother,, r.
'rr-Tiiiff

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