The Washington times., 1922-08-12
FINANCE
AND
BUSINESS
BY B, @. FORBES.


the West. ~
THE ablesf merchant In America. .
as the late Marshall Field called John
@. Shedd, is. heard In Chicago,
shortly to retire, after having been
the real head of the largest dry goods
business In the world for twenty-five
years, sixteen of them as president.
Mr.. Shedd> celebrated the compile
ton sof his half-century with the
house the other day by entertaining
at hIs Lake Forest home between
thirty and forty fellow employees
who had also been with the store for
fifty-one years or mora wonderful
record for any firm. 1t was Marshall
Field himself, who engaged the
youthful Shedd. Here Is the account
OF that interview as given me by Mr..
Shedd:
"Mr. Field. I would like to get a
job here In your store"
What can you dor" asked the
merchant prince.
II can sell any goods Of any kind
or character your store has for SALE
replied this self-rellant product Of a
New Hampshire backwoods farm.
who had had considerable store
keeping experience.
Then i can give you a job. You
can start at once at $40 per week"
Mr.. Shedd's successor as head or
the company will be James M. Simp-
son, the Scottish lad who started as
Marshall Fields-office boy and later
became secretary. Mr.. Simpson, who
Is still on the sunny side Of fifty,
has the reputation of being extraordi-
narily able, very diplomatic, and q
successful handler of employees.
William II. Mann, general man.
ager of the wholesale business. prob
ably will step Into Mr.. Simpsons 8
shoes. His rise in the firm has been
spectatcularly rapid. -
When Mr.. Shedd retires he will.
I'm told. have TO give up the very
large amount Of stock he owns in
the bushes, Mr.. Fiefd-having stipu.
lated in his will that no man can
continue to share in the firms large
profits after ceasing to help to earn
these profits.
As partners are admitted thev are
allotted a certain amount of stock,
which they can pay for out OF
profits. The concern, ] am informed,
pays no salary of more than $4,000 a
year. Everything above that sum
comes in the form Of a bonus or a
share of profits.
Marshall Field 4 Co. do a business
of 5000, 900 900 year. They are now
important manufacturers in such
lines as blankets. print goods, hos
iery. cottons. yarns, etc.
Mr.. Shedd Is a man of very great
wealth. He Is unusually dignified
In his demeanor. He was once show.
ing me over the store~and in the
basement stopped at a shirt counter
to show me that there was real quail
itv in even their cheapest goods. A
youthful salesman began to try to
convince the president OF the firm
that he would make no mistake In
buying some Of these 81 shirts!
was inclined TO laugh, but the un-
knowing salesman became so persua-
sive that Mr.. .Shedd finally became
a trifle annoyed. noticed that
some of the older employees were
watching the incident with more
alarm than amusement.
Two OF the biggest "comers" in
the railway world. one is assured
in this part OF the continent. are
II. E. Byram, now president OF the
Chicago. Milwaukee &. st. Paul, and
c. G. Burnham, the senior operating
executive of the Chlca go. Burling.
ton & Quincy.
After riding over a large part of
the st. Paul system. II would seem
to me that this company--and its
shares-should make a creditable
comeback.
J. Ogden Armour has aged notice.
ably sinc9 last saw him some five
or six years ago. And little won.
der. &. His interests probably are
vaster than those Of any other in.
dividual business man in. America.
Armour & Co.'S packing turnover
alone has totaled "a billion dollars
in one year. Then Mr. Armour has
a large leather company. 0 fertilizer
company, and a grain company .un-
der his control.
When the war boom burst, the
Armour companies naturally didn't
escape heavy losses. Indeed. his
activities were on such colossal
scale that the red ink figures were
correspondingly large. AS Mr.. Ar.
mour Is no mere. ngurehead, but Is
the active directing mind OF his
various enterprises-with the excep.
tion, perhaps, Of the grain company
he went through a severely trying
period.
However. ne pIIoted all his com.
panies through the storm success
fully and he told me the other day
that he looks forward confidently
to steady, though not sensational
improvement, not onIy In the pack.
ing industry, but in business as a
whole. or course. the packers We MT
enjoy full-flood prosperity until Eu-
ropean countries are again able to
make normal purchases.
Mr.. Armour is a shining example
OF wealthy son Of a wealthy
father who has more than filled his
fathers shoes. The business built
up by the original Phil ID. Armour
was lilliputian. in comparison with
the gigantic Armour enterprises of
today. My own analysis of J. Og-
den Armour is that he is one of
Americas hroadest-gauge business
upbuilders.