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American Heritage MagazineNovember 1987    Volume 38, Issue 7
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Cover Story


The very rich are different from you and me, F. Scott Fitzgerald noted. It is not merely, as Ernest Hemingway wisecracked in response, that they have more money; the possession of a fortune sets them apart in other ways too. They are free to indulge their dreams; free from anxiety about bills; free from the basic burdens of a struggle for subsistence. On the other hand, they must worry constantly about exploiters, extortionists, cranks, frauds, beggars, blackmailers, kidnappers, and every form of hostility that envy can generate. Small wonder that the conflicting pressures often squeeze them into eccentricity. They may not resemble the rest of us, but they tend to look a lot like each other.

Yet there are exceptions and degrees. And the case can be made that the founders of Chicago’s first families—especially those who earned their money in the years between the Civil War and World War I—were distinguishable from their fellow moguls. For one thing, unlike their more notorious and overpublicized counterparts among the New York Four Hundred, most of them created their fortunes in their own front yard. Call the roll of Chicago wealth, and the most resonant names will belong to men who packed meat, made farm machinery and railroad cars, sawed lumber, rolled steel, and sold goods right there in the city—men like Armour, Swift, McCormick, Pullman, and Field, known to the country at large but remembered best as Chicagoans. Their names survive in the schools, institutes, museums, hospitals, orchestras, opera companies, parks, and auditoriums that they endowed there.

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Feature Stories 
 
HOW CAPITALISM SURVIVED THE TWENTIETH CENTURY
One hundred years ago many thoughtful people predicted the decline and disappearance of capitalism. What happened to make their prophecy wrong?
by Martin Mayer
THE STREET
A knowledgeable and passionate guide takes us for a walk down Wall Street, and we find the buildings there eloquent of the whole history of American finance.
by Marvin Gelfand
LANDSCAPES OF POWER
Charles Sheeler found his subject in the architecture of industry. To him, America’s factories were the cathedrals of the modern age.
THE DAWN OF SPEED
The Florida Speed Carnivals at Daytona lasted less than a decade, but they saw American motoring grow from rich man’s sport to a national obsession.
by Beverly Rae Kimes
RICH KIDS
For the children and grandchildren of Henry Phipps, Jr., a poor boy from Pennsylvania, childhood was magic in Westbury, Long Island. The story is told in extraordinary photographs drawn from the family’s albums. Here’s what it was like to grow up rich in America. The images evoke the exceptional rewards bestowed on an exceptional few.
 
 
 
Departments 
 
MATTERS OF FACT
History and the media.
by Geoffrey C. Ward
THE BUSINESS OF AMERICA
My Vanderbilt movie.
by Peter Baida
AMERICAN MADE
The kerosene lamp.
by Olivier Bernier
HISTORY HAPPENED HERE
Following the giants’ footprints in present-day Chicago.
by the editors
POSTSCRIPTS TO HISTORY
The Paris Tribune at one hundred.
by Richard Reeves
 
 
 
 
 

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