CHAPTER XXV.

MARSHALL FIELD.

MR. FIELD ON THE ELEMENTS OF SUCCESS AND FAILURE HIS RANK AMONG MERCHANTS AS AN INDIVIDUAL HIS WHOLESALE AND RETAIL

BUSINESS GENERAL ESTIMATE OF HIS WEALTH

TIONS RESTRICTED ΤΟ A

LIFE

-PUBLIC BENEFACTIONS

- HIS BUSINESS METHODS HOW HIS MERCANTILE BUSINESS

AND RETIRING

FEW -PRIVATE

DISPOSITION -HIS ASSOCIA

BENEFACTIONS

RELIGIOUS THE FIELD COLUMBIAN MUSEUM GIFTS

ΤΟ CHICAGO UNIVERSITY - - BIRTHPLACE AND BOYHOOD

THE YOUNG MAN IN MERCANTILE LIFE.

PRIVATE LIFE.

I would say first to a young man standing upon the threshold of a business career that he should carefully consider

what his natural bent or inclination is, be it business or profession; in other words, take stock of himself and ascertain, if possible, what he is best adapted for and endeavor to get into that vocation with as few changes as possible. Having entered upon it, then let him pursue the work in hand with diligence and determination to get it thoroughly, which can only be done by close and enthusiastic application of the powers at his command. He should strive to master the details and put into it an energy directed by strong common sense so as to make his services of value wherever he is; be alert and ready to seize opportunities when they present themselves. The trouble with most young men is that they don't learn anything thoroughly and are apt to do work committed to them in a careless manner; forgetting that what is worth doing at all is worth doing well. They become mere drones. and rely upon chance to bring them success. The business world is full of just such young men content in simply putting in their time somehow and drawing their salaries; making no effort whatever to increase their efficiency and thereby enhance their own as well as their employers' interests. There are others who want to do what they are not fitted for and

waste their lives in what may be called misfit occupations. Far better be a good carpenter or mechanic of any kind than a poor business or professional man.

Next to the selection of occupation is that of companions. Particularly is this important in the case of young men beginning their career in strange cities and away from home influences, as too often is it the case that young men of excellent abilities are ruined by evil associates; a young man therefore cannot too early guard himself against forming friendships with those whose tendency is to lead him on the downward path. To every young man I would say, seek at the start to cultivate the acquaintance of those only whose contact and influence will kindle high purposes, as I regard the building up of the sterling character one of the fundamental principles of true success. The young man possessing a conscience that cannot brook the slightest experience of wrongdoing and which insists on steadfast, undeviating truthfulness, sturdy honesty, and strict devotion to duty under all circumstances, has a fortune to begin with. The ability to restrain habit, passions, tongue, and temper, to be their master and not their slave, in a word, absolute self-control, is also of first importance. One who cannot govern himself is unfitted to govern others.

Economy is one of the most essential elements of success, yet most wretchedly disregarded. The old adage, “Willful waste makes woeful want," never was more fully exemplified than in these days when much of the want that now prevails would not exist had care been taken in time of prosperity to lay up something for a "rainy day." The average young man of to-day when he begins to earn is soon inclined to habits of extravagance and wastefulness; gets somehow imbued with the idea that irrespective of what he earns he must indulge in habits corresponding to those of some other young man simply because he indulges or imagines he cannot be manly without. The five, ten, or fifteen cents a day that is acquired, while a mere trifle apparently, if saved, would in a few years amount to thousands of dollars and go far toward establishing the foundations of a future career. One must realize that, in order to acquire the dollars he must take care of the nickels. Careful saving and careful spending invariably promote success. It has been well said that, "It is not

what a man earns but what he saves, that makes him rich." John Jacob Astor said that the saving of the first thousand dollars cost him the hardest struggle. As a rule people do not know how to save. I deem it of the highest importance, therefore, to impress upon every young man the duty of beginning to save from the moment he commences to earn, be it ever so little; a habit so formed in early life will prove of incalculable benefit to him in after years; not only in the amount acquired but through the exercise of economy in small affairs he will grow in knowledge and fitness for larger duties that may devolve upon him.

A young man should aim to be manly and self-reliant; to make good use of all the spare moments; to read only wholesome books; and study to advance his own interests as well as those of his employer in every possible way. As a rule a young man of high principles and fair ability who saves his money and keeps his habits good becomes valuable in any

concern.

I would not have young men believe, however, that success consists solely in acquisition of wealth; far from it, as that idea is much too prevalent already. The desire to become rich at the expense of character prevails to an alarming extent and cannot be too severely denounced. What is needed to-day more than anything else is to instill in the minds of our young the desire above all to build up a character that will win the respect of all with whom they come in contact, and which is vastly more important than a great fortune.

If the elements herein outlined promote success the logical conclusion would be that a disregard of them forebodes failure. The man who is characterized by want of forethought, idleness, carelessness, or general shiftlessness cannot expect. to succeed. These, coupled with other causes, such as extravagance in living or living beyond one's means; outside speculations and gambling; want of proper judgment, overestimating capacity and undertaking more than capital would warrant ; assuming too heavy liabilities; relying on chance to pull through; lack of progressiveness, all are prolific causes of failure.

ARSHALL FIELD is the Sphinx of the mercantile world colossal, awesome, and silent. In the long list of American multi-millionaires are a few names that have little or no significance to the average reader. Conspicuous among these is the name of Marshall Field. It is seldom heard outside of Chicago except in mercantile circles. Yet Marshall Field is the greatest merchant in the world, and, possibly, the third richest man in the United States.

As an individual, he exists only to a very limited number of business associates, friends, cronies, and relatives; to the masses of the people, even to those in his home city of Chicago, he is simply a gigantic business emporium.

To understand him better it is necessary to learn a few facts that have exerted the greatest influence upon his career. The supreme achievement of Marshall Field's life has been the accumulation of an immense fortune.

When the variety and magnitude of his business operations are considered, it is marvelous that one man in his waking moments can exercise even a general supervision of them.

His wholesale and retail dry goods business is in excess of $50,000,000 a year. He manufactures a large percentage of the goods he sells, and the rattle of his looms is heard in the manufacturing centers of both hemispheres. He has factories in England, Ireland, and Scotland, in France, Italy, Spain, Germany, Austria, and Russia, in China, Japan, and India. His woolen mills furnish a local market for the Australian wool-grower, and the revolutions of his spindles in South America run races with the government of that part of the world.

When J. Pierpont Morgan organized the United Steel Corporation, commonly known as the Steel Trust, there was no public mention of the name of Marshall Field, although he is one of the largest stockholders in that corporation.

The extent of his holdings in the great lines of railroads is not definitely known. It has been stated with some color of authority that he has $10,000,000 invested in Baltimore and Ohio, and his holdings in Milwaukee and St. Paul and the Northwestern are known to be large. In the Pullman Car Company he is the largest individual stockholder and has controlled the affairs of that great corporation for a number of years.

In real estate alone his wealth exceeds that of many multimillionaires who are more widely known than himself. A conservative estimate of the real estate owned by Marshall Field in Chicago alone, including land in the vicinity of the Calumet river peculiarly adapted for manufacturing purposes, places it at $30,000,000. In addition to this he has a great deal of valuable iron mining land in the northern peninsula of Michigan.

Although not known by the titles of banker or financier, his banking and purely financial interests are large.

Conservatively stated, Marshall Field's wealth exceeds a hundred millions of dollars; how much in excess can only be surmised, and it is doubtful whether he himself knows.

In this age of enormous individual fortunes, it is not so marvelous that one man should have acquired this great sum, as it is that it is all clean money made honestly, in a legitimate business. To credit it solely to the ability and business methods of its owner would be an error, though Mr. Field takes pride in the belief that the basis of his business success is cash. His entire business is conducted upon a cash basis. There is no evidence that he ever owed a dollar, and it is certain that he never borrowed one. He never gave a note or a mortgage, never bought or sold a dollar's worth of stock on margins. His nearest approach to speculation has been in mining investments.

Although a heavy investor in stocks, Wall street methods are as obnoxious to him as those of any other game of chance.

The intoxication of the wheat pit is as unknown to him as any other form of drunkenness. In an indirect way the Titanic struggles on the Board of Trade have been of profit to him, for he has supplied the victims of wheat, ribs, and lard corners with the cash to settle their losses by buying their inside gilt-edged down-town real estate and adding it to his lucrative permanent investments.

Another foundation stone of his success has been business integrity. The house of Marshall Field & Co. is as far above suspicion as Cæsar's wife. The great merchant has escaped the sobriquet of "Honest" Marshall Field, but the adjective is indelibly stamped upon his business reputation. Although much of his success must be credited to the inherited Yankee instinct for barter and trade, and to sterling mercantile methods, the element of chance had much to do with it.