Rensselaer Semi-Weekly Republican, Volume 20, Number 97, Rensselaer, Jasper County, 11 August 1899 — THE RICH MAN’S BURDEN. [ARTICLE+ILLUSTRATION]

THE RICH MAN’S BURDEN.

Bom Chicago Millionaire* Hard Hit by the Tax Gatherer. The Cook County board of review has been inquiring after the heretofore undertaxed fortunes of some of Chicago’s

straggling millionaires, and the figures set opposite the names of some of the rich men have been tamed upside down. The reviewers did not stop with sweeping off the records values fixed by the Board of Aasess-

ors in cases where schedules were not filed. They proceeded to demonstrate that the assessors who had turned in sworn statements were equally deficient as guessers, and raises ranging all the way from 10 to 8,000 pgr cent tell the story in convincing figures. In point of aggregate of Increase the hardest blow was dealt to Marshall Field, who mast pay personal property taxes on a full valne of $2,500,000, instead of the $1,250,000 at which the assossors had rated him. This means that the dry goods merchant’s assessed valuation for 1889 ia $500,000, as against s2l/ 000 last year. After landing on Mr. Field, the reviewers developed reserve power by jumping

the return of Otto Young of , Otto Young &. Co. from $15,000 to $500,000. This constituted the greatest percentage of increase, though it was nearly equaled in the case of< Harlow N. Higinbotham of Marshall Field & Co., whose sworn schedule of $24,-

485 read $500,000 when the “O. K.“ stamp of the review board decorated it* face. Mr. Young’s new assessed valut’ tion is SIOO,OOO. It was $1,500 in 1898, Mi*' Higinbotham’s for 1899 amounts to SIOO,OOO also. When he paid taxes a year ago it was oh the basis of $2,000. Philip D. Armour was not so heavily punished as his fellow-millionaires. The reviewers only added $450,000 to the assessors’ estimate of $300,000 in his case, explaining afterward that they regarded $750,Q00 a fair valuation of the packerphilanthropist’s personal wealth, on the ground that the great bulk of his moneyed capital is invested in the firm- of Armour & Co. and its various allied interests. Nevertheless, Mr. Armour will

come to the support of Cook County on an assessable basis of $150,000 for s4,* 000 when he last contributed.

MARSHALL FIELD.

PHILIP D. ARMOUR.