Levi Leiter
Encyclopedia
Levi Ziegler Leiter was a Chicago
businessman. He co-founded what became the Marshall Field & Company
retail empire.
, the Washington County
, Maryland
, town founded by his grandfather, Abraham Leiter.
As a boy, Leiter worked for a dry goods
business in Springfield, Ohio
. In 1853 he began working as a bookkeeper at Chicago's then-largest dry goods company, Cooley, Wadsworth & Co., where he worked alongside Marshall Field
and Potter Palmer
. Leiter and Field became partners in the firm, but in 1865, they sold their interest in the company to John V. Farwell and went into business, along with Palmer, as Field, Palmer, Leiter & Co.
In 1866, Leiter married Mary Theresa Carver (1844–1913) of Chicago.
In 1867, Palmer left his business to pursue real estate ventures, and the company was renamed Field, Leiter & Co. Field & Leiter built a six-story store on State Street in 1868. It was rebuilt after the Great Chicago Fire
in 1871. From 1874 to 1880, Leiter was a member of the Executive Committee of the Chicago Relief and Aid Society, which helped collect and distribute funds to rebuild Chicago after the fire. When Leiter sold his interest to Field and retired from the dry goods business in 1881, the name was changed to Marshall Field and Company.
As Leiter's wealth increased, he invested much of his savings in Chicago real estate. After retirement from Field, Leiter & Co., he devoted his attention to real estate and corporate interests. He later devoted time to travel and philanthropy. He was the first president of the Commercial Club of Chicago, the second president of the Chicago Art Institute, a president of the Chicago Historical Society, and a prominent figure in the Illinois Trust Company.
In 1891, Leiter had a mansion built adjacent to Dupont Circle in Washington, D.C.
. The home was designed by Theophilus Chandler
.
In 1895, his eldest daughter Mary Victoria
married the British Conservative statesman George Curzon
, later 1st Marquess Curzon of Kedleston
. His second daughter, Nancy, was the sponsor of USS Illinois (BB-7)
. His youngest daughter, Margaret Hyde Leiter, married Henry Molineux Howard
, the 19th Earl of Suffolk and 12th Earl of Berkshire.
Leiter's only son, Joseph (b. 4 December 1868), graduated from Harvard University
in 1891, and was Levi Leiter's agent from 1892 to 1898. Joseph attempted to corner the wheat market from 1897 to 1898, and was briefly the largest individual holder of wheat in the history of the grain trade. Concerted action by his competitors broke the corner. Levi paid millions of dollars to settle Joseph's debts after the market crashed in 1898.
Levi's losses were reputed to run to $10,000,000. Joseph was later president of the Zeigler Coal Company, Chicago, and of the Chicago, Zeigler and Gulf Railway Company; and a director of the American Security and Trust Company.
Leiter died of heart disease at the Vanderbilt family
cottage in Bar Harbor, Maine
on June 9, 1904. His estate became the subject of eight years of litigation.
After his death, his Washington, D.C. home was used for elaborate parties hosted by his wife. During WWII, the mansion was leased to the U.S. Government for office space. The property was sold and the structure demolished in 1947. The site is now the location of the Dupont Plaza Hotel.
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
businessman. He co-founded what became the Marshall Field & Company
Marshall Field's
Marshall Field & Company was a department store in Chicago, Illinois that grew to become a major chain before being acquired by Macy's Inc...
retail empire.
Biography
Leiter was born to Joseph Leiter and Anne Ziegler of LeitersburgLeitersburg, Maryland
Leitersburg is a census-designated place in Washington County, Maryland, United States. The population was 523 at the 2000 census.-Geography:Leitersburg is located at ....
, the Washington County
Washington County, Maryland
Washington County is a county located in the western part of the U.S. state of Maryland, bordering southern Pennsylvania to the north, northern Virginia to the south, and the Eastern Panhandle of West Virginia to the south and west. As of the 2010 Census, its population is 147,430...
, Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
, town founded by his grandfather, Abraham Leiter.
As a boy, Leiter worked for a dry goods
Dry goods
Dry goods are products such as textiles, ready-to-wear clothing, and sundries. In U.S. retailing, a dry goods store carries consumer goods that are distinct from those carried by hardware stores and grocery stores, though "dry goods" as a term for textiles has been dated back to 1742 in England or...
business in Springfield, Ohio
Springfield, Ohio
Springfield is a city in the U.S. state of Ohio and the county seat of Clark County. The municipality is located in southwestern Ohio and is situated on the Mad River, Buck Creek and Beaver Creek, approximately west of Columbus and northeast of Dayton. Springfield is home to Wittenberg...
. In 1853 he began working as a bookkeeper at Chicago's then-largest dry goods company, Cooley, Wadsworth & Co., where he worked alongside Marshall Field
Marshall Field
Marshall Field was founder of Marshall Field and Company, the Chicago-based department stores.-Life and career:...
and Potter Palmer
Potter Palmer
Potter Palmer was an American businessman who was responsible for much of the development of State Street in Chicago.-Retailing career:...
. Leiter and Field became partners in the firm, but in 1865, they sold their interest in the company to John V. Farwell and went into business, along with Palmer, as Field, Palmer, Leiter & Co.
In 1866, Leiter married Mary Theresa Carver (1844–1913) of Chicago.
In 1867, Palmer left his business to pursue real estate ventures, and the company was renamed Field, Leiter & Co. Field & Leiter built a six-story store on State Street in 1868. It was rebuilt after the Great Chicago Fire
Great Chicago Fire
The Great Chicago Fire was a conflagration that burned from Sunday, October 8, to early Tuesday, October 10, 1871, killing hundreds and destroying about in Chicago, Illinois. Though the fire was one of the largest U.S...
in 1871. From 1874 to 1880, Leiter was a member of the Executive Committee of the Chicago Relief and Aid Society, which helped collect and distribute funds to rebuild Chicago after the fire. When Leiter sold his interest to Field and retired from the dry goods business in 1881, the name was changed to Marshall Field and Company.
As Leiter's wealth increased, he invested much of his savings in Chicago real estate. After retirement from Field, Leiter & Co., he devoted his attention to real estate and corporate interests. He later devoted time to travel and philanthropy. He was the first president of the Commercial Club of Chicago, the second president of the Chicago Art Institute, a president of the Chicago Historical Society, and a prominent figure in the Illinois Trust Company.
In 1891, Leiter had a mansion built adjacent to Dupont Circle in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
. The home was designed by Theophilus Chandler
Theophilus Parsons Chandler, Jr.
Theophilus Parsons Chandler, Jr. was a Philadelphia architect best remembered for his churches and country houses. He founded the Department of Architecture at the University of Pennsylvania , and was its first head.-Career:...
.
In 1895, his eldest daughter Mary Victoria
Mary Curzon, Baroness Curzon of Kedleston
Mary Victoria Curzon, Baroness Curzon of Kedleston, CI was a British-American peeress who was Vicereine of India, as the wife of Lord Curzon of Kedleston, Viceroy of India.-In America:...
married the British Conservative statesman George Curzon
George Curzon, 1st Marquess Curzon of Kedleston
George Nathaniel Curzon, 1st Marquess Curzon of Kedleston, KG, GCSI, GCIE, PC , known as The Lord Curzon of Kedleston between 1898 and 1911 and as The Earl Curzon of Kedleston between 1911 and 1921, was a British Conservative statesman who was Viceroy of India and Foreign Secretary...
, later 1st Marquess Curzon of Kedleston
Marquess Curzon of Kedleston
The title Marquess Curzon of Kedleston was created in the Peerage of the United Kingdom in 1921 for the Foreign Secretary George Nathaniel Curzon, the then 1st Earl Curzon of Kedleston. The title became extinct upon his death four years later....
. His second daughter, Nancy, was the sponsor of USS Illinois (BB-7)
USS Illinois (BB-7)
USS Illinois , the second ship of the United States Navy to be named for the 21st state, was a battleship, the lead ship of her class....
. His youngest daughter, Margaret Hyde Leiter, married Henry Molineux Howard
Henry Howard, 19th Earl of Suffolk
Henry Molyneux Paget Howard, 19th Earl of Suffolk, 12th Earl of Berkshire was a British peer, styled Viscount Andover until 1898....
, the 19th Earl of Suffolk and 12th Earl of Berkshire.
Leiter's only son, Joseph (b. 4 December 1868), graduated from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in 1891, and was Levi Leiter's agent from 1892 to 1898. Joseph attempted to corner the wheat market from 1897 to 1898, and was briefly the largest individual holder of wheat in the history of the grain trade. Concerted action by his competitors broke the corner. Levi paid millions of dollars to settle Joseph's debts after the market crashed in 1898.
Levi's losses were reputed to run to $10,000,000. Joseph was later president of the Zeigler Coal Company, Chicago, and of the Chicago, Zeigler and Gulf Railway Company; and a director of the American Security and Trust Company.
Leiter died of heart disease at the Vanderbilt family
Vanderbilt family
The Vanderbilt family is an American family of Dutch origin prominent during the Gilded Age. It started off with the shipping and railroad empires of Cornelius Vanderbilt, and expanded into various other areas of industry and philanthropy...
cottage in Bar Harbor, Maine
Bar Harbor, Maine
Bar Harbor is a town on Mount Desert Island in Hancock County, Maine, United States. As of the 2010 census, its population is 5,235. Bar Harbor is a famous summer colony in the Down East region of Maine. It is home to the College of the Atlantic, Jackson Laboratory and Mount Desert Island...
on June 9, 1904. His estate became the subject of eight years of litigation.
After his death, his Washington, D.C. home was used for elaborate parties hosted by his wife. During WWII, the mansion was leased to the U.S. Government for office space. The property was sold and the structure demolished in 1947. The site is now the location of the Dupont Plaza Hotel.