Marshall Field III (September 28, 1893 – November 8, 1956) was an American

investment bank Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...

er, publisher, racehorse owner/breeder, philanthropist, grandson of businessman

Marshall Field Marshall Field (August 18, 1834January 16, 1906) was an American entrepreneur and the founder of Marshall Field's, Marshall Field and Company, the Chicago-based department stores. His business was renowned for its then-exceptional level of qua ...

, heir to the

department store A department store is a retail establishment offering a wide range of consumer goods in different areas of the store under one roof, each area ("department") specializing in a product category. In modern major cities, the department store mad ...

fortune, and a leading financial supporter and founding board member of

Saul Alinsky Saul David Alinsky (January 30, 1909 – June 12, 1972) was an American community activist and political theorist. His work through the Chicago-based Industrial Areas Foundation helping poor communities organize to press demands upon landlord ...

community organizing Community organizing is a process where people who live in proximity to each other or share some common problem come together into an organization that acts in their shared self-interest. Unlike those who promote more-consensual community buil ...

network

Industrial Areas Foundation The Industrial Areas Foundation (IAF) is a national community organizing network established in 1940 by Saul Alinsky, Roman Catholic Bishop Bernard James Sheil and businessman and founder of the ''Chicago Sun-Times'' Marshall Field III. The IA ...

Early life

Born in

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

Cook County Cook County is the most populous county in the U.S. state of Illinois and the second-most-populous county in the United States, after Los Angeles County, California. More than 40 percent of all residents of Illinois live within Cook County. ...

Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...

, he was the son of Albertine Huck, daughter of German businessman Louis Carl Huck, and Marshall Field II. He was raised primarily in

England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...

, where he was educated at

Eton College Eton College ( ) is a Public school (United Kingdom), public school providing boarding school, boarding education for boys aged 13–18, in the small town of Eton, Berkshire, Eton, in Berkshire, in the United Kingdom. It has educated Prime Mini ...

and the

University of Cambridge The University of Cambridge is a Public university, public collegiate university, collegiate research university in Cambridge, England. Founded in 1209, the University of Cambridge is the List of oldest universities in continuous operation, wo ...

. During a westbound Atlantic crossing aboard the

RMS Lusitania RMS ''Lusitania'' was a United Kingdom, British ocean liner launched by the Cunard Line in 1906. The Royal Mail Ship, the world's largest passenger ship until the completion of her sister three months later, in 1907 regained for Britain the ...

in September 1914, Field became enamoured with fellow passenger Evelyn Marshall, and proposed to her before the liner's arrival in New York, less than a week after sailing from England. In 1917, he joined the 1st Illinois Cavalry and served with the 122nd Field Artillery in

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

during

World War I World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...

. He built an estate in 1925.

Early career

On his discharge after the war, Field returned to Chicago where he went to work as a bond salesman at Lee, Higginson & Co. After learning the business, he left to open his own investment business. A director of Guaranty Trust Co. of

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

, 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 grandfather

, on his 50th birthday he inherited the bulk of the remainder of the family fortune. His brother, Henry Field, who was to have shared in the fortune, had died in 1917.

Publishing industry

He was primarily a publisher, and in late 1941 he founded the ''

Chicago Sun The ''Chicago Sun-Times'' is a daily nonprofit newspaper published in Chicago, Illinois, United States. Since 2022, it is the flagship paper of Chicago Public Media, and has long held the second largest circulation among Chicago newspapers ...

'', which later became the ''Chicago Sun-Times''. The primary investor in the newspaper '' PM'', he eventually bought out the other investors to become the publisher. He also created ''

Parade A parade is a procession of people, usually organized along a street, often in costume, and often accompanied by marching bands, floats, or sometimes large balloons. Parades are held for a wide range of reasons, but are usually some variety ...

'' as a weekly magazine supplement for his own paper and for others in the United States. By 1946, ''Parade'' had achieved a circulation of 3.5 million. In 1944, Marshall Field III formed the private holding company

Field Enterprises Field Enterprises, Inc. was a private holding company that operated from the 1940s to the 1980s, founded by Marshall Field III and others, whose main assets were the '' Chicago Sun'' and '' Parade'' magazine. For various periods of time, Field En ...

. That same year, he purchased

Simon & Schuster Simon & Schuster LLC (, ) is an American publishing house owned by Kohlberg Kravis Roberts since 2023. It was founded in New York City in 1924, by Richard L. Simon and M. Lincoln Schuster. Along with Penguin Random House, Hachette Book Group US ...

and

Pocket Books Pocket Books is a division of Simon & Schuster that primarily publishes paperback books. History Pocket Books produced the first Paperback#Mass market paperback, mass-market, pocket-sized paperback books in the United States in early 1939 and ...

. After his death, his heirs sold the company back to its founders, Richard L. Simon and M. Lincoln Schuster, while Leon Shimkin and James M. Jacobson acquired Pocket Books.

Thoroughbred racing

polo Polo is a stick and ball game that is played on horseback as a traditional field sport. It is one of the world's oldest known team sports, having been adopted in the Western world from the game of Chovgan (), which originated in ancient ...

player, Field invested heavily in

Thoroughbred The Thoroughbred is a list of horse breeds, horse breed developed for Thoroughbred racing, horse racing. Although the word ''thoroughbred'' is sometimes used to refer to any breed of purebred horse, it technically refers only to the Thorough ...

racehorses Horse racing is an equestrian performance activity, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its bas ...

in the United States and in

Great Britain Great Britain is an island in the North Atlantic Ocean off the north-west coast of continental Europe, consisting of the countries England, Scotland, and Wales. With an area of , it is the largest of the British Isles, the List of European ...

. Among his successful British horses were three fillies, who won the

Irish Oaks The Irish Oaks is a Group 1 flat horse race in Ireland open to three-year-old thoroughbred fillies. It is run at the Curragh over a distance of 1 mile and 4 furlongs (2,414 metres), and it ...

, Golden Corn, who won England's

Middle Park Stakes The Middle Park Stakes is a Group 1 flat horse race in Great Britain open to two-year-old colts. It is run on the Rowley Mile at Newmarket over a distance of 6 furlongs (1,207 metres), and it i ...

and Champagne Stakes in 1921 and the

July Cup The July Cup is a Group 1 flat horse race in Great Britain open to horses aged three years or older. It is run on the July Course at Newmarket over a distance of 6 furlongs (1,207 me ...

in 1923. In the United States, Nimba was the 1927

American Champion Three-Year-Old Filly The American Champion Three-Year-Old Filly is an American Thoroughbred horse racing honor awarded annually to a female horse in Thoroughbred flat racing. It became part of the Eclipse Awards program in 1971. The award originated in 1936 when both ...

, and

Tintagel Tintagel () or Trevena (, meaning ''Village on a Mountain'') is a civil parishes in England, civil parish and village situated on the Atlantic Ocean, Atlantic coast of Cornwall, England, United Kingdom. The village and nearby Tintagel Castle ...

won the 1935 Futurity Stakes and was voted

American Champion Two-Year-Old Colt The American Champion Two-Year-Old Male Horse is an American Thoroughbred horse racing honor awarded annually in Thoroughbred flat racing. It became part of the Eclipse Awards program in 1971. The award originated in 1936 when the ''Daily Racing F ...

. In 1926, one year after his estate was built, Marshall Field partnered with Robert A. Fairbairn,

William Woodward Sr. William Woodward Sr. (April 7, 1876 – September 25, 1953) was an American banker and major owner and breeder in thoroughbred horse racing. __TOC__ Early life Woodward was born in New York City on April 7, 1876. He was a son of Sarah Abagail (n ...

, and Arthur B. Hancock to import

Sir Gallahad III Sir Gallahad (1920–1949) was a French Thoroughbred racehorse and an important sire in the United States. Racing career Racing at age two in France for his British breeder/owner, Jefferson Davis Cohn, Sir Gallahad earned victory in three of hi ...

from France to stand at

stud Stud may refer to: Animals * Stud (animal), an animal retained for breeding ** Stud farm, a property where livestock are bred Arts and entertainment * Stud (band), a British progressive rock group * The Stud (bar), a gay bar in San Francisco * ...

in the United States. One of their horses, named Assignation, born in 1930, was the great-great grandfather of

Secretariat Secretariat may refer to: * Secretariat (administrative office) * Secretariat (horse) Secretariat (March 30, 1970 – October 4, 1989), also known as Big Red, was a champion American thoroughbred horse racing, racehorse who was the ninth winn ...

. The Marshall Field III Estate is a mansion built in 1925 on

Long Island Sound Long Island Sound is a sound (geography), marine sound and tidal estuary of the Atlantic Ocean. It lies predominantly between the U.S. state of Connecticut to the north and Long Island in New York (state), New York to the south. From west to east, ...

which was designed by

architect An architect is a person who plans, designs, and oversees the construction of buildings. To practice architecture means to provide services in connection with the design of buildings and the space within the site surrounding the buildings that h ...

John Russell Pope John Russell Pope (April 24, 1874 – August 27, 1937) was an American architecture, architect whose firm is widely known for designing major public buildings, including the National Archives and Records Administration building (completed in 193 ...

. It was built on the grounds of a estate, now called Caumsett State Historic Park Preserve, which he purchased in 1921. an
''Accompanying 16 photos, exterior and interior, from 1975 and 1976''
/ref> It is a New York State Historic Site.

Philanthropy

Field supported a number of charitable institutions and in 1940 created the

Field Foundation The Field Foundation of New York was a charitable organization based in New York City. It was one of the two organizations that had split off from the original Field Foundation in 1960, the other being the Field Foundation of Illinois. The New Yor ...

. He personally served as president of the

Child Welfare League of America The Child Welfare League of America (CWLA) is a 501(c)(3) charitable organization that coordinates efforts for child welfare in the United States, and provides direct support to agencies that serve children and families. The organization's visio ...

. He also donated substantial funds to support the

New York Philharmonic The New York Philharmonic is an American symphony orchestra based in New York City. Known officially as the ''Philharmonic-Symphony Society of New York, Inc.'', and globally known as the ''New York Philharmonic Orchestra'' (NYPO) or the ''New Yo ...

and served as its president. In 1941 Field was the president (or the chairman—sources differ) of the

United States Committee for the Care of European Children The United States Committee for the Care of European Children (USCOM) was a quasi-governmental American body established in June 1940, with the intent to try to save mainly Jewish refugee children who came from Continental Europe, and to evacuate th ...

Death and family

Field died in 1956 of

brain cancer A brain tumor (sometimes referred to as brain cancer) occurs when a group of cells within the brain turn cancerous and grow out of control, creating a mass. There are two main types of tumors: malignant (cancerous) tumors and benign (non-cance ...

. His widow and third wife, Ruth Pruyn Field, who had previously been married to sportsman

Ogden Phipps Ogden Phipps (November 26, 1908 – April 21, 2002) was an American stockbroker, court tennis champion and Hall of Fame member, thoroughbred horse racing executive and owner/breeder, and an art collector and philanthropist. In 2001, he was induct ...

, died on January 25, 1994, at 86. They had two daughters, Phyllis Field and Fiona Field. By his first wife, Evelyn Marshall (the daughter of Charles Henry Marshall), he had daughters Barbara Field and Bettina Field and son

Marshall Field IV Marshall Field IV (June 15, 1916September 18, 1965) was the owner of the ''Chicago Daily News'' from 1956 to 1965. Early life and education Marshall Field IV was born in New York City on June 15, 1916, to Evelyn (née Marshall) Field and Marsha ...

. By his second wife, of whom he was the second husband, Audrey Evelyn James, whom he married on August 18, 1930, and divorced in

Reno Reno ( ) is a city in the northwest section of the U.S. state of Nevada, along the Nevada–California border. It is the county seat and most populous city of Washoe County, Nevada, Washoe County. Sitting in the High Eastern Sierra foothills, ...

Washoe County Washoe County () is a county in the U.S. state of Nevada. As of the 2020 census, the population was 486,492, making it Nevada's second-most populous county. Its county seat is Reno. Washoe County is included in the Reno, NV Metropolitan Statis ...

Nevada Nevada ( ; ) is a landlocked state in the Western United States. It borders Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the seventh-most extensive, th ...

, in 1934, he left no issue.