Marshall Field III: A Legacy of Publishing and Thoroughbred Racing
Marshall Field III was a multifaceted figure of the early 20th century, transitioning from a successful career in investment banking to becoming a titan of the American publishing industry and a prominent figure in international horse racing. Inheriting a vast family fortune, he utilized his resources to build a diverse empire that left a lasting mark on media and sports.
Early Career and Financial Foundations
Following his discharge after the war, Field returned to Chicago to begin his professional life as a bond salesman at Lee, Higginson & Co. After gaining essential experience in the industry, he ventured out to establish his own investment business. His financial acumen led him to serve as a director of the Guaranty Trust Co. of New York City and eventually to co-found the investment banking firm Marshall Field, Glore, Ward & Co. alongside Charles F. Glore and Pierce C. Ward. Field remained with the firm until 1926, when he departed to pursue other interests.
His financial independence was further solidified by his family lineage. Having already received substantial funds from the estate of his grandfather, Marshall Field, he inherited the bulk of the remaining family fortune on his 50th birthday. This inheritance was significantly larger than originally planned, as his brother, Henry Field, had passed away in 1917.
Impact on the Publishing Industry
Field's most enduring legacy lies in his contributions to media. In late 1941, he founded the Chicago Sun, which later evolved into the Chicago Sun-Times. He also became the sole publisher of the newspaper PM after buying out the other primary investors.
Beyond newspapers, Field expanded into magazine publishing by creating Parade. Designed as a weekly magazine supplement for his own publications and other newspapers across the United States, Parade saw rapid growth, reaching a circulation of 3.5 million by 1946.
In 1944, he consolidated his business interests by forming Field Enterprises, a private holding company. Under this umbrella, he acquired two major publishing houses: Simon & Schuster and Pocket Books. Following his death, these assets were redistributed; his heirs sold Simon & Schuster back to its founders, Richard L. Simon and M. Lincoln Schuster, while Pocket Books was acquired by James M. Jacobson and Leon Shimkin.
Thoroughbred Racing and Equestrian Pursuits
An avid polo player, Field invested heavily in Thoroughbred racehorses in both the United States and Great Britain. His British ventures were highly successful, featuring three fillies who won the Irish Oaks and a horse named Golden Corn, who secured victories in the 1921 Middle Park Stakes and Champagne Stakes, as well as the 1923 July Cup.
![Golden Corn, a racehorse owned by Marshall Field III,[9] painted by Lynwood Palmer in 1922](/images/db/d1/dbd166d4c23735543bf20de70f7dcfc05c1c664043a53c195f5f3a9a8782a03b.png)
In the United States, Field's stable produced champions such as Nimba, the 1927 American Champion Three-Year-Old Filly, and Tintagel, the 1935 Futurity Stakes winner and American Champion Two-Year-Old Colt.
Field also played a pivotal role in improving American bloodlines. In 1926, he partnered with Arthur B. Hancock, William Woodward Sr., and Robert A. Fairbairn to import Sir Gallahad III from France to serve as a stud. This investment had a long-term impact on the sport; one of their horses, Assignation (born 1930), became the great-great grandfather of the legendary Secretariat.
The Marshall Field III Estate
In 1921, Field purchased a 1,400-acre estate on Long Island Sound. In 1925, he commissioned architect John Russell Pope to design a mansion on the grounds. Today, this site is known as the Caumsett State Historic Park Preserve and is recognized as a New York State Historic Site.
Key Facts
- Media Empire: Founded the Chicago Sun and created Parade magazine, which reached 3.5 million in circulation by 1946.
- Corporate Holdings: Established Field Enterprises in 1944 to acquire Simon & Schuster and Pocket Books.
- Racing Success: Owned champions including Nimba (1927) and Tintagel (1935).
- Bloodline Legacy: Co-imported Sir Gallahad III, leading to the lineage of Secretariat via Assignation.
- Historic Property: Built a mansion on a 1,400-acre estate now known as Caumsett State Historic Park Preserve.
| Sector | Key Entity/Achievement | Notable Detail |
|---|---|---|
| Finance | Marshall Field, Glore, Ward & Co. | Investment banking firm co-founded by Field. |
| Publishing | Chicago Sun-Times / Parade | Major newspaper and high-circulation supplement. |
| Corporate | Field Enterprises | Holding company for Simon & Schuster and Pocket Books. |
| Equine | Sir Gallahad III | Imported stud horse; ancestor of Secretariat. |
| Real Estate | Caumsett Estate | 1,400-acre New York State Historic Site. |
Frequently Asked Questions
What publishing companies did Marshall Field III own?
Through his holding company, Field Enterprises, he owned the Chicago Sun (later the Chicago Sun-Times), the newspaper PM, Parade magazine, Simon & Schuster, and Pocket Books.
How did Marshall Field III contribute to the lineage of Secretariat?
Field co-imported the French stud horse Sir Gallahad III to the United States in 1926. One of the resulting horses, Assignation, became the great-great grandfather of Secretariat.
What is the current status of the Marshall Field III Estate?
The 1,400-acre estate on Long Island Sound is now known as the Caumsett State Historic Park Preserve and is designated as a New York State Historic Site.
Which racehorses were among his most successful?
His notable winners included Golden Corn (Middle Park Stakes, Champagne Stakes, and July Cup), Nimba (1927 American Champion Three-Year-Old Filly), and Tintagel (1935 Futurity Stakes and American Champion Two-Year-Old Colt).
What was Field's early professional background?
Before entering publishing, Field worked as a bond salesman at Lee, Higginson & Co. and later co-founded the investment banking firm Marshall Field, Glore, Ward & Co.