History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial TimesMyers, Gustavus
History
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times
Myers, Gustavus
United States -- Economic conditions; Wealth -- United States
[166] See Part III, "Great Fortunes From Railroads."
[167] "Kings of Fortune":172.
[168] Census of 1900.
[169] Eighth Annual Report, Illinois Labor Bureau:104-253.
[170] In those parts of this work relating to great fortunes from
railroads and from industries, this phase of commercial life is
specifically dealt with. The enormities brazenly committed during the
Spanish-American War of 1898 are sufficiently remembered. Napoleon had
the same experience with French contractors, and the testimony of all
wars is to the same effect.
[171] So valuable was a partnership in this firm that a writer says that
Field paid Leiter "an unknown number of millions" when he bought out
Leiter's interest.
CHAPTER IX
THE FIELD FORTUNE IN EXTENSO
In close similarity to the start of the Astors and many other founders
of great land fortunes, commerce was the original means by which
Marshall Field obtained the money which he invested in land.
Consecutively came a ramification of other revenue-producing properties.
Once in motion, the process worked in the same admixed, interconnected
way as it did in the amassing of contemporary large fortunes. It may be
literally compared to hundreds of golden streams flowing from as many
sources to one central point. From land, business, railroads, street
railways, public utility and industrial corporations--from these and
many other channels, prodigious profits kept, and still keep, pouring in
ceaselessly. In turn, these formed ever newer and widening distributing
radii of investments. The process, by its own resistless volition,
became one of continuous compound progression.
LAND FOR ALMOST NOTHING.
Long before the business of the firm of Marshall Field & Co. had
reached the annual total of $50,000,000, Field, Leiter and their
associates had begun buying land in Chicago. Little capital was
needed for the purpose: The material growth of Chicago explains
sufficiently how a few dollars put in land fifty or sixty years ago
became in time an automatically-increasing fund of millions. A century
or so ago the log cabin of John Kinzie was the only habitation on a
site now occupied by a swarming, conglomerate, rushing population of
1,700,000.[172] Where the prairie land once stretched in solitude, a
huge, roaring, choking city now stands, black with factories, the
habitat of nearly two millions of human beings, living in a whirlpool of
excitement and tumult, presenting extremes of wealth and poverty, the
many existing in dire straits, the few rolling in sovereign luxury. A
saying prevails in Chicago that the city now holds more millionaires
than it did voters in 1840.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account