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
He also owned an immense assortment of the stocks of a large number of
trusts. The affairs of these trusts have been shown in court, at some
time or other, as overflowing with fraud, the most glaring oppressions,
and violations of law. He had $450,000 in stock of the Corn Products
Company (the Glucose Trust); $370,000 of the stock of the notorious
Harvester Trust, which charges the farmer $75 for a machine that perhaps
costs $16 in all to make and market, and which holds a great part of the
farming population bound hand and foot; $350,000 of Biscuit Trust stock;
$200,000 of American Tin Can Company (Tin Can Trust) stock; and large
amounts of stock in other trusts. All of these stocks and bonds Field
owned outright; he made it a rule never to buy a share of stock on
margin or for speculative purposes. All told, he owned more than
$55,000,000 in stocks and bonds.
A very considerable part of these were securities of Chicago surface and
elevated railway, gas, electric light and telephone companies. In the
corruption attending the securing of the franchises of these
corporations he was a direct principal. The narrative of this part of
his fortune, however, more pertinently belongs to subsequent chapters of
this work.
FOOTNOTES:
[172] Census of 1900.
[173] Eighth Annual Report, Illinois Labor Bureau:370.
[174] See his work, "If Christ Came to Chicago." Much more specific and
reliable is the report of the U. S. Industrial Commission. After giving
the low wages paid to women in the different cities, it says: "It is
manifest from the figures given that the amount of earnings in many
cases is less than the actual cost of the necessities of life. The
existence of such a state of affairs must inevitably lead in many cases
to the adoption of a life of immorality and, in fact, there is no doubt
that the low rate of wages paid to women is one of the most frequent
causes of prostitution. The fact that the great mass of working women
maintain their virtue in spite of low wages and dangerous environment is
highly creditable to them."--Final Report of the Industrial Commission,
1902, xix:927.
[175] See an article on this point by the Rev. F. M. Goodchild in the
"Arena" Magazine for March, 1896.
[176] In the course of inquiries among the Chicago religious missions in
1909, the author was everywhere informed that the great majority of
native prostitutes were products of the department stores. Some of the
conditions in these department stores, and how their owners have fought
every effort to better these conditions, have been revealed in many
official reports. The appended description is from the Annual Report of
the Factory Inspectors of Illinois, 1903-04, pp. ix and x:
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