STEEL TURNS TO GOLD

Evening Star, Issue 20658, 4 December 1930, Page 8

STEEL TURNS TO GOLD

FORTUNE OF £55,000,000 The Hon. Mrs F. E. Guest, wife of Captain the Hon. F. E. Guest —former British Air Minister, a brother of Lord Wimbourne, and cousin of Mr Winston Churchill—will, it is expected, inherit an immense fortune under the will of her father, Mr Henry Phipps, the American multi-millionaire, whose death was recently announced. More millions will bo distributed than any individual estate lias ever yielded before, says the ‘ Daily Express.’ A preliminary estimate puts the value of the Phipps estate at £55,000,000. Another heiress under the will is expected to bo _ Mrs Guest’s sister, Helen, who married Mr J. Bradley Martin, the New York banker. Mr Bradley Martin is a frequent visitor to Great Britain, and brother of the Countess Craven. The Bradley Mar-tin-Phipps wedding, a„ Beaufort Castle, _ Beauly, Inverness, was a famous social event of 1903. Two sons of Mr Henry Phipps are as well known in London social life as in New York. Mr John S. Phipps, the eldest son, married Miss Margarita Grace, whose father Mr Michael Grace, was born in Ireland, Avon a fortune in Peru, and for many years lived at Battle Abbey, Sussex. Mr John S. Phipps was married at Battle Abbey. Mrs John S. Phipps is'a sister of tho Countess Donougnmore, Avhoso husband, Earl Doiioughmore, is de-puty-chairman of tho House of Lords and chairman of its committees. Another son, Mr H. Carnegie Phipps, marrjed Miss Gladys Mills, avlio has marriage relationships Avith Caven-dish-Bentincks, the Duke of Portland’s family. He has spent much of his life in Scotland, Avhero he rented tho sporting estates of tho Duke of Richmond and Gordon. Mr Henry Phipps Avas the partner of tho late AndreAv Carnegie. Mr Carnegie devoted £70,000,000 to public purposes during his life, but died with tho bulk of his fortune intact. These two giants of tho American steel industry lived parallel lives. Carnegie was a poor Scots boy, and Phipps Avas tho , poor son of an English shoemaker, aa;lio settled in Philadelphia. Carnegie became an errand boy and Phipps an office boy. Both turned their thoughts to develop the steel industry, and both turned steel into gold. While Mr Carnegie in later life dispensed lavish hospitality at Skiho Castle, Mr Phipps lived like a prince in the neighbouring Beaufort Castle, Avhich lie rented from Lord LoA'at. Ho frequently stayed in London and at Knelnvorth, Avhich he rented from Lord Lytton. Tho nearest approach to an estate of £55,000,000 is the £38,000,000 estate of Mr 11. P. Whitney, Avho died tAvo years ago. Other enormous fortunes make a poor show in comparison; for example:— Mr Thomas F. Ryan ... £25,000,000 Sir David Yulo 20,000,000 Mr John Wanamaker ... 15,000,000 Lord Iveagh 11,000,000 Ten members of tho Coats cotton family left in all £25,000,000, and one estate in the Wills tobacco family approached £10,000,000.