Evening star., 1943-09-19
Marshall Field III
Soon Will Become
Second Richest Man
BY the Associated Press.

"cdltll oI MdTSnall t1eld III, which
has come to him in hop-skip- and
jump installments from his grand.
fathers estate, is a personal for.
tune second only to Henry Ford s
1t probably could never be dupli.
Gated under existing tax laws.
The residuary estate, which Mr.
Field will receive on his 50th birth.
day September %, is valued between
100000 and $75,000,0 900. He al.
ready has drawn $93 3,000, 900 since
Marshal Field died in 1906, SC
that the entire inheritance will
reach sum close to SITE, 5,000, 900.
On his 25th birthday he received
one-half Of the net income accum-
ulated up to that time, amounting
to $46 900 900. From the remaining
half OF the net income, one-third
bounced along when he reached
80, two-thirds at IS and one-half
at 40. Between the ages of 40 and
so he continued to receive income
from the remaining one-half..
No Tax Problem.
Mr.. Field will not have to worry
about the Federal inheritance tax
because such levies were not on the
statute books when his grand
father died The s46,0OO,O00 he
drew in 1888 was subject only to
minor Illinois imposts.
As an example of how the Field
fortune would be depleted under
present Federal inheritance taxes, a
rough estimate Of the Research In
stitute Of America shows the grad
uated tax on 100000 900, for in
stance. would amount to more than
$60,000,0 900, the II per cent maxi
mum on all over 100000 being
reduced somewhat by other tax
credits.
Some estates in America 60 be-
yond Mr.. Fields, but they are not
personal fortunes. The Rockefeller
interests, for example, with their
indirect holdings, have been esti-
mated as high as $4,000, 900, 900.
Then there are the HARNESSES, with
$500, ,000, 900; the Whitneys, with
$750, ,000, 600, and the Bakers, with
$500, 900 900 estimated fortunes, to
mention only few.
Inherited Brothers Money.
Mr.. Fields main interests always
have centered in Chicago, where
most Of his money is invested. The
elder Field left a fortune valued at
$120, ,000, 900. Two trust funds were
set up, one for $4,000, 900, or three
f1fths Of the estate. for Marshall
and $48,000,000 or two-fifths, for
his brother, Henry. In 1917 Henry
died, and his share reverted to
Marshall.
Field no longer has control of the
Chicago department store-cradle
of the Field fortune. AL but a 10
per cent voting interest was sold
by the trustees Of the estate in 1917.
He is a director of Marshall Field
g. Co. but takes no part in the
management.
Years ago he paid $l500,O00 for
1000 acres at Lloyds Neck on Long
Island and built 56-room Georgian
house on it. He also built a 81 ,000, 900
mansion in Manhattan.
"Caumsett," with It's 10 miles OF
paved roads, is the largest estate on
Long Island and is said to be worth
$4,000 900 with its handicapped gar
dens, special AirRane and boat land
ings, pheasant shooting grounds
with speclaHySDr6d birds. indoor and
outdoor tennis courts and private
guest apartments. It is stated by
IS employees.
Bought Newspapers.
He invested heavily and continues
to pour money into the pro-New
Deal newspaper PM. The paper was
started with II associates but Field
later bought off the original stock
holders. He apparently is not dis
turbed by the fact that the paper
continues to operate at a loss and
he still retires the deficits. The
losses, however, are being "consid-
erably reduced" a spokesman says.
More recently he founded The
Chicago Sun, challenging the morn
Ing newspaper field in that city and
carrying on his support OF Presi-
dent Roosevelt which he started
on PM.
Continuing the interest in housing
which had its inception in Chicago
slum clearance, Mr.. Field set out
to study conditions of homeless chill
dren In New York and to do some
thing about them. The greater part
Of his philanthropy has been di-
rected toward making children
happy.
AS chairman of the United States
Committee for the Care Of European
Children. he was very active in
bringing young refugees to this
country and Canada and finding
foster homes for them.
He has begun to pass part Of his
fortune on his five children. The
Eton and Cambridge-educated Field,
who went into the World War as a
private and came out a captain,
once was quoted as saying that he
didn't give damn" what happened
to his money. but he later explained
that the quotation was fragmentary
and that he expected to make every
reasonable effort to protect" his
money.
AS to the future: I'VE have got
to make democracy work here" he
says.
But am not worried about
what is coming. I am willing to risk
my fortune IN new American
order" -