Marshall Field III
Marshall Field III | |
|---|---|
 Marshall Field in 1919 | |
| Born | September 28, 1893 Chicago,Illinois, US |
| Died | November 8, 1956(aged 63) |
| Education | Eton College& Cambridge University |
| Occupation(s) | Investment banker, Publisher: Newspaper, magazine, books Racehorse owner/breeder Philanthropist |
| Known for | Founder:Chicago Sun&Parade magazine |
| Political party | Republican |
| Spouses |
|
| Children | From Evelyn
From Ruth
|
| Parent(s) | Marshall Field II Albertine Huck |
| Relatives | Henry Field(brother) Gwendolyn Mary Field(sister) Marshall Field(grandfather) Ethel Field(aunt) Edgar Uihlein(cousin) |
Marshall Field III(September 28, 1893 – November 8, 1956) was an Americaninvestment banker,publisher, racehorse owner/breeder, philanthropist, grandson of businessmanMarshall Field,heir to theMarshall Fielddepartment storefortune, and a leading financial supporter and founding board member ofSaul Alinsky'scommunity organizingnetworkIndustrial Areas Foundation.[1][2]
Early life
[edit]Born inChicago,Cook County,Illinois,he was the son of Albertine Huck, daughter of German businessmanLouis Carl Huck,and Marshall Field II. He was raised primarily inEngland,where he was educated atEton Collegeand theUniversity of Cambridge.
In 1917, he joined the1st Illinois Cavalryand served with the 122nd Field Artillery inFranceduringWorld War I.He built an estate in 1925.
Early career
[edit]On his discharge after the war, Field returned to Chicago where he went to work as a bond salesman atLee, Higginson & Co.After learning the business, he left to open his own investment business. A director ofGuaranty Trust Co.ofNew York City,he eventually teamed up with Charles F. Glore and Pierce C. Ward to create the investment banking firm of Marshall Field, Glore, Ward & Co. In 1926, Field left the firm to pursue other interests.
Already a recipient of substantial money from the estate of his grandfatherMarshall Field,on his 50th birthday he inherited the bulk of the remainder of the family fortune.[3][4]His brother,Henry Field,who was to have shared in the fortune, had died in 1917.[5]
Publishing industry
[edit]He was primarily a publisher, and in late 1941 he founded theChicago Sun,which later became theChicago Sun-Times.The primary investor in the newspaperPM,he eventually bought out the other investors to become the publisher. He also createdParadeas a weekly magazine supplement for his own paper and for others in the United States. By 1946,Paradehad achieved a circulation of 3.5 million.
In 1944, Marshall Field III formed the private holding companyField Enterprises.[6]That same year, he purchasedSimon & SchusterandPocket Books.After his death, his heirs sold the company back to its founders,Richard L. SimonandM. Lincoln Schuster,whileLeon Shimkinand James M. Jacobson acquired Pocket Books.
Thoroughbred racing
[edit]
Apoloplayer, Field invested heavily inThoroughbredracehorsesin the United States and inGreat Britain.Among his successful British horses were three fillies, who won theIrish Oaks,Golden Corn,who won England'sMiddle Park StakesandChampagne Stakesin 1921 and theJuly Cupin 1923. In the United States,Nimbawas the 1927American Champion Three-Year-Old Filly,andTintagelwon the 1935Futurity Stakesand was votedAmerican Champion Two-Year-Old Colt.
In 1926, one year after his estate was built, Marshall Field partnered withRobert A. Fairbairn,William Woodward Sr.,andArthur B. Hancockto importSir Gallahad IIIfrom France to stand atstudin the United States. One of their horses, named Assignation, born in 1930, was the great-great grandfather ofSecretariat.[8]
TheMarshall Field III Estateis a mansion built in 1925 onLong Island Soundwhich was designed byarchitectJohn Russell Pope.It was built on the grounds of a 1,400-acre (5.7 km2) estate, now calledCaumsett State Historic Park Preserve,which he purchased in 1921.[9]It is a New York State Historic Site.[9]
Philanthropy
[edit]Field supported a number of charitable institutions and in 1940 created theField Foundation.He personally served as president of theChild Welfare League of America.He also donated substantial funds to support theNew York Philharmonicsymphonyorchestraand served as its president.[citation needed]In 1941 Field was the President or Chairman (sources differ) of theUnited States Committee for the Care of European Children.[10][11]
Death and family
[edit]
Field died in 1956 ofbrain cancer.His widow and third wife, Ruth Pruyn Field, who had previously been married to sportsmanOgden Phipps,died on January 25, 1994, at 86.[12]They had two daughters, Phyllis Field and Fiona Field.
By his first wife, Evelyn Marshall (the daughter ofCharles Henry Marshall), he had daughters Barbara Field and Bettina Field and sonMarshall Field IV.By his second wife, of whom he was the second husband, Audrey Evelyn James, whom he married on August 18, 1930, and divorced inReno,Washoe County,Nevada,in 1934, he left no issue.
References
[edit]- ^IAF: 50 Years Organizing for Change,p. 7.
- ^Horwitt,Let Them Call Me Rebel,pp. 102-103.
- ^"Business: Field from Glore".Time.8 July 1935.Retrieved23 January2016.
- ^"The Press: Marshall Field at Work".Time.27 September 1943.Retrieved23 January2016.
- ^"Henry Field Dies In Hospital Here. Grandson of the Late Marshall Field Suffers Relapse After an Operation. His Bride At Bedside. Had Been Active in Management of the Chicago Store Founded by His Grandfather"(PDF).New York Times.9 July 1917.Retrieved7 August2015.
Henry Field, grandson of the late Marshall Fleld of Chicago, died yesterday morning at the Presbyterian Hospital, following an operation. He had been ill for several weeks, and was operated upon an Thursday by Dr. Adrian Lambert. It
- ^"Owns The Chicago Sun: Field Enterprises, Inc., Organized By Marshall Field,"The New York Times,1 September 1944, page 22.
- ^"Horseracing History Online - Person Profile: Marshal Field".www.horseracinghistory.co.uk.Archived fromthe originalon 7 November 2007.
- ^"Secretariat Thoroughbred".www.allbreedpedigree.com.
- ^abKennedy, Karen Morey (5 January 1979)."National Register of Historic Places Inventory/Nomination: Marshall Field, III, Estate (Caumsett) / Caumsett State Park".Retrieved28 February2008.andAccompanying 16 photos, exterior and interior, from 1975 and 1976
- ^"132 child refugees due".The New York Times.21 June 1941. p. 9.Retrieved29 February2024– via Times Machine.
- ^"119 child refugees here from Lisbon".The New York Times.22 June 1941. p. 19.Retrieved29 February2024– via Times Machine.
- ^"Ruth Pruyn Field, 86; Promoted Civic Causes".The New York Times.28 January 1994.Retrieved23 January2016.
Further reading
[edit]
- Becker, Stephen.Marshall Field III; a biography(1964)Simon & Schuster
- Madsen, Axel.The Marshall Fields: The Evolution of an American Business Dynasty(2002)WileyISBN0-471-02493-7
- Marshall Field brief bio at the U.K. National Horseracing Museum
- University of Illinois, Department of English- May, 1917 International Socialist Review article byCarl Sandburgtitled "Will Marshall Field III. Enlist?"
- Illinois National Guard article on Marshal Field IIIs service in WWI
- Marshal Field III and the Caumsett State Historic Park
- Harvard Business School – 20th Century Great American Business Leaders
- The Field Foundation
- Simon & Schuster and Pocket Books are sold to Marshall Field III
| International | |
|---|---|
| National | |
| Artists | |
| Other | |
- 1893 births
- 1956 deaths
- People educated at Eton College
- United States Army personnel of World War I
- 20th-century American newspaper publishers (people)
- American racehorse owners and breeders
- British racehorse owners and breeders
- Deaths from brain cancer in New York (state)
- Marshall Field family
- Businesspeople from Chicago
- Illinois Republicans
- New York (state) Republicans
- Pruyn family