The daily morning journal and courier., 1907-09-05
4 POSSIBLE BILLION
 FOR TWO BOYS Field Estate Likely to Reach This Huge Total Before
 ItIs Divided. IN TRUST FOR 38 YEARS Grandsons Will Inherit Prob ably Worlds Largest
 Fortune.
IN TRUST FOR 38 YEARS

| years of two somewhat fragile ladS hangs the ultimate disposition of a
 fortune, which at that time, is likely
 to amount to a round billion of dol-
 lars.
 | According to the best estimate that
 Is the approximate sum which should be available in the year 1945 for divis- ion between Marshall and Henry Field, the g. andsons of the late Marshall Field. As the residuary legatees of the estate, the major part of the mer- chants huge fortune is to be held in trust for them until the elder of the two boys, who is now 1S years old, shall have attained the age of 50. 1 Should both the lads live until then. Marshall IS to have three-ffths of the residuary estate and Henry, who Is two years younger than his brother, will inherit the remaining two-flfths.
 Already the two striplngs are prob ably the wealthiest minor brothers in
 the world Should both live to realize the partition of the estate under the terms of their grandfather's will, the share of each should be sufficient to rank him among the wealthiest men in the world. If, on the other hand, either Marshall or Henry should die without issue before the year 1945, the | survivor of the two, to whom under the will the deceased brothers share ] reyerts might easily become that vis- lionary much discussed phenomenon Americas first billionaire.
 When Marshall Field the elder died year ago last January estimates of hls fortune varied all the way from $10O,OOcOOO to $l5O,OoO,OOO. When the ex- ecutors filed their inventory in the probate court, in January, 1907, securi- ties all being listed at their par value, the figures totaled about SS0.0o0,0O0, and good financial authorities comput- ed the actual value at the then mar ket rates at about $93000,000. MT. Fields 34,000 shares of the stock of the corporation of Marshall Field
 & Co.,, the par value of which is SS,- 100000, for instapce, are well known to be worth far more. .,...
 Henry Clews in 1905 estimated the Field estate at $1O0,O0O00O, and it is argued that it must have increased since that time to $125,O0O000. An official of the Merchants Loan and Trust Company, which institution is one of the trustees of the residuary estate, has recently estimated the es
 tate at around $100 ,000000 at the time of the testators death Deducting from this the $25.Oo0,O0O devised by MT. 1 Field in specific bequests, the residue would amount to about $75. 100000, but this result is reached by computing securities at their par value, and much of the real estate at considerably less than its present actual value. The same official considered an estimate of | $15, ,000000 as the annual income from the residuary estate. much too high, and thought from $S,000,0 900 to $10,000,- 900 probably nearer the mark. Opposed to this estimate may be cited the big income receiver from the $30, 100000 worth of Chicago real estate and the $S,O0O, GOO of real estate in New York city, the annual increment from which is known only to the trustees of the estate, and they will not tell. It has been said that Marshall Field made $S,000,O00 year himself out of | his dry goods business. This Is a guess but it Is believed to be pretty close | to the truth. With this Income and the rental of real estate and other in- crements, an impartial outsider might think the annual Income of $15,000,- 900 none too high,
 l Without allowing for appreciation in real estate values or values of stocks, bonds and other securities during the thlrty-eight years trust period, ignor- | ing the fact that the immense down. town holdings of real estate in Chica- go and New York are bound to grow | tremendously in value and earning power in that period, and conserva- lively estimating the estate at present at $75,OOO0OO, allowing only an average rate of interest on all property of six | per cent, compounded semi-annually, the total at the end of thirty eight years for single dollar would be $9.- 4543, and for $75O0O,O00 would be $7Os,- O72,5Oo Young Marshall Fields three fifths share of this would, therefore, amount to $425, ,443,5O0, and Henry Fields two-fifths share would be $2SS,- 629, GOO.
 These figures do not allow for taxes, for possible losses or for administra- tive expenses, but with regard for the elder Marshall Fields generally ac- cepted conservatism in investment the percentage in loss, with the aggregate of payments for taxes and adminstra- tion, it Is believed would fall far short of offsetting the appreciation of the various holdings in real estate and SC. curities.
 If the present value of the estate be figured at any sum between the conservative $75,OO0,O0O and $1OO ,O0O, 900 and multiplied by $9.454 the sum which | $1 will equal if allowed only to rest and gather six per cent. semi-annually, l compounded for the thirty eight years of the trust period, the total residuary estate will become close to the billion mark
 Estimating it now at a round $10O,- 0OO,OOO and giving 1t only the benefit of an average of six per cent. and with out special regard for appreciation in the vast real estate holdings, the to- tai residuary estate in 1945 would be $943, ,4SO,00O.
 This is upon the per cent basis, whereas it is practically certain that the annual income of the estate even now is $S0OO,0OO, and it may be as high as $15,OoOOOO. It may and prob- ably will go to treble that amount an-