Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1902-01-06
CARRIED BY r. n. PEAVEY, JUST
DEAD.
MILLION DOLLAR POLICY
And Only One or Two Premiums Had
Been Paid-Sudden Summons Of
the Elevator king-In Chicago on
Business He Is Stricken With Pneu-
monia.

months ago has this city been so grief
stricken as it is over the death OF F.
H. Peavey which occurred in Chicago
Yesterday. The event will occasion
prodigious commotion in life insur-
ance circles, the decedent carrying
over a million on his life. And the ex-
ceedingly sensational feature in con
nection with the case is that the vast
policy. which is in a New York com
pany, was taken out only year ago
last January. Not to exceed two prem
iums of 100000 each had been paid. 1t
is said, in fact, that only one premium
had been paid. Mr.. Peavey was one
of the very few men in this country
who carried such a life insurance.
1t was in reality the largest single
policy ever written save one for the
same amount written for w. H. Van
derbilt. The policy is in favor OF the
Peavey company. Mr.. Peavey also
carried some smaller policies.
He was we'll known in Minneapolis
for his charitable works and philan-
thropic spirit, as we'll as for his huge
business interests. A few years ago
he started a fund for newsboys and
for every dollar deposited by a news,
boy since then he added another dol
lar. This was only one of the many
charitable acts which made him re-
yered and cherished of all classes. He
vas active in social circles, and 1t is
believed he will leave considerable
money to charity.
Today the elevators, wheat and corn
owned by the Peavey estate have ca
pacity of 57O00,000 bushels-the larg-
est grain and milling system in the
world. Mr.. Peavey was the senior
partner in F. H. Peavey & Co. OF Min
neapolis and president Of the following
elevator companies: Interior Eleva-
tor company, Republic Elevator com
pany, Grove Elevator company, Belt
Line Elevator, Peavey Elevator com
pany and Duluth Terminal Elevator
company of Duluth; Midland Elevator
company of Kansas City, Omaha Ele
vator company, and president of the
Peavey Elevator Grain company,
board of trade building, Chicago.
Mr.. Peavey was a fine type of the
self-made American. He was born III
PASSPORT, Me, Jan. Is, 1850 At 10
years of age he went to Chicago where
he began life as a clerk. He re-
NAMED in that capacity only year,
however, when he left for Sioux City
to enter the grain business on his own
account, Before he was Fl years of
age he built his first grain elevator.
This structure was reared in Sioux
City, with capacity of about 1000
bushels-a miniature of some of the
5000, 00O-bushel elevators which he
controlled at the time Of his death.
He was the most extensive elevator
owner in the world.
With Mr.. Peavey at the time of his
death in the Auditorium Annex, Chi
cago, were Mrs. A. D. Peavey, his
widowed mother, who had lived with
him since his fathers death; his wife
and daughters, Mrs. F. B. Wells and
Mrs. f. T. Heffelfinger; his son Geo. ".
Peavey, and his sister. Mrs. ]. NJ. Nc
Cleland. The shock of the uneXpect
ed demise of her son may, it is feared
prove serious to the mother, who is
over 70 years Of age. She was taken
with a severe chill as soon as she re-
covered partially from the strain of
the first nervous shock, and physicians
attending her SIS fears for her re-
cOvery.
Mr.. Peavey went to Chicago a week
ago last Friday to attend to an extern
sive grain business operated by local
branch office there. He was suffering
from a slight cold at the time, but he
thought little of it, and it was several
days before he even consulted physi-
clan. When the cold seemed to grow
worse he called in Dr. J. D. Hammond
the hotel physician, who later called
in DR.. Frank Billings in consultation.
These physicians diagnosed the case
as grip, and at first were not alarmed
at the symptoms. Last Friday night,
however, Mr.. Peavey grew worse and
Saturday morning the cold developed
into pneumonia. His two daughters
and sons were sent for and reached
Chicago Sunday.
Sunday afternoon it was announced
that the patient was better and every
hope was given out for his recovery.
Toward midnight, however, the symp-
toms again changed for the worse
Trained nurses were at the bedside
and consulting physicians were called
in to do all in the power of medical
science to save his life. Soon after
midnight DR.. Hammond was called to
the bedside, the attending nurses be.
coming alarmed at the sick mans
rapid decline. Every effort was made
to keep up the fast ebbing life, but they
proved unavailing and Mr.. Peavey
| breathed his last at $3.50 o'clock Just
before the end the dying man rallied
for a few moments. He recognized
| the dear ones who were gathered about
him, but was too weak to speak With
n movo Of bic bopd bo indicated hic