Chicago's Three-in-One

Chicago, as befitted the second city of the land, shared fully in the investment trust boom that filliped the tail-end of the Coolidge bull market. Leader in Chicago trust-booming was the rich young firm of Field, Glore & Co. That house and its friends were behind three trusts launched in quick succession, designed to invest chiefly in Chicago and Midwest securities. It was planned by Charles Foster Glore, ambitious, competent young head of the firm, that the three investment trusts (one of which was formed with Continental Illinois Co. which took a large interest for its own account) should eventually be combined into one big reservoir of Chicago capital. The two larger companies were merged in 1930 as Continental Chicago Corp. And last week Banker Glore finished his handiwork when it was announced that the third trust, Chicago Investors' Corp., would be merged with Continental Chicago. During the last three lean years, merger-born Continental Chicago's assets have shrunk from about $110,000,000 to $24,000,000, Chicago Investors' from $20,000,000 to $4,000,000. The new trust will be called simply Chicago Corp.

In the last decade Field, Glore & Co. and its smart senior partner in Chicago have been the spearhead of an advance to the forefront of Chicago finance by what Chicagoans call the "North Shore Crowd''--a group of able sons of able fathers whose fortunes were piled up in Chicago's more boisterous days.* Drawn from the old boards, they are well represented in new Chicago Corp.'s directorate--Edward Aloysius Cudahy Jr. of the packing family, William McCormick Blair of the famed and fecund family whose fortune was laid in the plumbing business, Vice President James B. Forgan Jr. of First National Bank, scion of the Scottish banking family.

Banker Glore has seen to it that his lines of communication with all that is potent in Chicago are well guarded, for his other directors include Sewell Lee Avery, president of U. S. Gypsum, Morgan-picked board chairman of Montgomery Ward & Co., director of Northern Trust; President David A. Crawford of Pullman Co.; Robert Douglas Stuart of Quaker Oats Co.; Donald Roderick McLennan, only Chicago director of Pennsylvania R. R. and head of Marsh & McLennan, reputedly largest U. S. insurance brokers. At Continental Illinois Bank & Trust Co., Banker Glore has Stanley Field, chairman of the executive committee.

The final step in Banker Glore's plans might not have been taken for some time had not Floyd Bostwick Odium, who has gobbled up 20 investment trusts in the last two years, tried to gobble up Chicago Investors'. Rufous, trust-gobbling Mr. Odium first dickered with Banker Glore for Continental Chicago, was turned down flat. He then set about quietly accumulating sizeable holdings in smaller Chicago Investors'. Chicago-conscious Banker Glore feared that control might pass to Manhattan. He called in Mr. Odium, told him in a polite way that Chicago trusts must stay in Chicago, and purchased part of Mr. Odium's stock. To forestall other trust-gobblers Banker Glore then hurried through the merger. Although Mr. Odium officially approved the merger, his large interest in Chicago Investors' will be converted into a relatively small interest in new Chicago Corp.

President of Old Continental Chicago, Banker Glore will also be president of Chicago Corp. Born in Eureka Springs, Ark. 43 years ago (his wife says 44), he grew up on Chicago's West Side. His father was a railroad operating man. At the University of Chicago he roomed in the same house as Harold Higgins Swift, became a fast friend. Harold Swift persuaded him to drop out of college at the end of his first year and enter Swift & Co.'s packing business. For two years he worked in the stockyards. Finding cattle & hogs not to his taste, he quit to enter the bond business with now defunct A. B. Leach & Co., rose rapidly to a vice-presidency. After the War he formed his own firm. He had been selling bonds to his North Shore friends but a short while when Marshall Field III, casting about for something to do with himself and his money, suggested that he be taken into partnership. Snapping up the offer, Glore reorganized his firm in 1921 as Marshall Field, Glore, Ward & Co. Swank, successful Banker Glore is still annoyed with the name which La Salle Street wags gave it: "Marshall Field, Tom, Dick & Harry."

He shot ahead and Bondman Glore became Banker Glore. In 1926 Partner Pierce C. Ward dropped out and the firm became Field, Glore & Co. Now regarded as one of the ablest young financiers in Chicago, Banker Glore lives in Lake Forest, takes business easily but not too easily, plays polo like his friends. Last spring Marshall Field asked Mrs. Glore how her husband's polo ponies were. Quipped Mrs. Glore: "Those we haven't eaten are fine, thanks."

*Another Chicago investment trust floated in 1929 was Manhattan-Dearborn Corp., backed by the "Loop Crowd"--men who made their own money. Directors include John Daniel Hertz whose fortune clicked up on Yellow Cab meters, Albert Davis Lasker of Lord & Thomas and Logan (advertising), Herbert (''Hub'') Stern of Paramount's Balaban & Katz, Chairman Charles A. McCulloch of Parmalee Co. whose trucks and busses lug trunks and travelers to & fro between Chicago's many railroad stations. Heavily interested in real estate. Manhattan-Dearborn's assets dropped from about $19,000,000 to $8,000,000, book value. The Manhattan end of this trust is represented by Director Herbert Bayard Swope.

This file is automatically generated by a robot program, so reader's discretion is required.