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nydus/The History of the Great American FortunesPublic

This work examines the origins of large American fortunes by analyzing the social and industrial systems that facilitate their accumulation. The author seeks to move beyond both celebratory narratives and sensationalist critiques to provide a factual, systemic interpretation of how these vast concentrations of wealth are formed.

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Table of Contents

CHAPTER IX

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.

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