Former Laundry Driver Parlays Insurance Idea to become Chicago's Wealthiest Man (PBP-Time) 11-3-59PALM BEACH POST--rtm�Curs1cal HAM Sc�PEWK
/�-•�i45�
3 — � 45R (955- 1465 M AC A -R -r+ up
-aft.
Launcir� r ays 'a'l Insurance
former laundry truck driver!
Who parlayed a. depression-rid.den 1
�insuranee idea into a muiti-millioril
-dollar cornpany, whose holdings in-
clude a large tract of homes-ite..
ireal estate in Pahm Beach Countyr,!
was nained by Fortune w.-agazinel
I t
t,Iast. week as the wealthiest n--lai.-il
=1.:
Un Chicago.
His naine: John D. MacArthur.,
H
L is formula f or - gelf emp" oyed I
sue'Cless., "Anonein, this great na-11
.y
1
tion can, do the same if you're will-
ing'. to', sta-t out working for less,
money than someone else will PZY 1
you, and live modestly."
F PoSitlon-' Sole owner and -1
Life president. of Bankers Life and C Cal s
tialty Co.. Chicago, a firm IvIdth
assets which MacArthur woulft'ti
I sell today for $150,000,000.
But, things --vvere not always thijs`
f cy"r the ' youngest son of a PreshY-
teria.n minister,. "stried
He grew up in the A,.us iun a'
lof Chicago and graduated from
Francis Scott. Key elerneriltary
school .— his highest Scholastic at-,
tainment.
His Pairn Beach County holdingin!
include most of Lake Park (Pukr
chased. from. the estate of the late,
for me
the r Winter
Harry Oakes), I I
I.Golf Club -now known as the lNortb.1
IPalm Beach' Country Club.., a sub -1
sLantial investment in the Village!,
-
of North Palm Beach develop-inent
and ownership of Layton's Park ha
Riviera Beach.
Yet only 21. years ago tie had to
borrow $2,500 to save the tottering
Bankers Life av,.)d Casualty Co.
`df ` It was at this
rom going uneler."
poillt J_ n 1.936 when MaeAi thur
Jc-me i1p with the idea which'�
CX
eventually -made him a multi' Id'
a I.'--
honaire and the only Chicago -n-i
listed in Fortune's compilation of;
the 76 Americans worth $75 millw().
-)r more.
"Nobody had anY Y�1011P-�z In- th()8('
days, MacArthur told. news.i.-ne'n.
dhiteview ing hirer 1�,Alt his franne-,sand-
'
I stone house near 'Libertyville,
so I tried to sell Insurance to a,
11-nan. for just 'what he had in hisIt
L pocket--adollar down and a dollarl,
a marith."
MacArthur and J114
;
.. wife, the fo- -
meCatherine -
Hyland, comprised
r
ifile entire sales and office staffs
the Mar-
knd-
of bo-th Ban %.ers Life a
quette Life Insurance Co.
"We both rangbells and took
I
door.
in $5 or $6 a day apiece. We were
going like crazy, "but we could see'
that -tile idea was soiiud:" Mae-
Arthur added.
I L "Cu d-4
i
W611
rcuffir" .111cit 1-0 U ...V Ud. 1
A
L iA. Idle .- little, Bankers Life'
by Ell
grew under the drive of Mr. and
Mrs. MaeArthur's faith hi histall-
i
went insurance premiums. Today
!the cornpany has 3,300 salesmen,
'five mi-lijon policy -holders and as-
sets which $150,0000.) couldn't
'4 Typical of 1[acArt'llitir's realistic
I I
I approach to company mana-gementi,
Us the modest $25,000 he draws as
L
Lea working cwmpany president
;Rs`
1.He pays his sales manager $75,01vi
a year. Although he owns all t"Alle;
stock in his company-, MacArthur
takes no dividends from. it. Other
!stock holdings give hirer annual di-
vidend. of another. $25,,000
,a year.,
M.thues any__ of the MacAr_raeigl w:
hors in Libertyville, Ancluding Ad-
' al StevensonI I t better'
I�: �A, -V . 1P t
han Chicago s wealthiest n). a 111
He rakes . all Che leaves, that need
iraking 9 -here- P.-,,.,operty,
JOHN D. MACARTHUR
;and except for a. wornall who helps
�with the heavy 6eaningf, Mrs,.
MaeArthair looks after The house
alone and. does all 1-h e coo �Idy
ig.
T--n'e MaeArthurs don't have a,
1butler and they don't have al
chatiffe-ur. His explanation of w1wi
they don't en:cpi.oy either is typical'
of the man: "I'd go crazy wateh-�
ing some guy, stand around waiting
for me all :tt
he time
MacArthur takes a' lot of pride;
ii
land a lot of perso-i-mal interest inl
1his Palm. Beach Countv., real es. -I
tate holdings.
On recent trips here be could bel
seem. constantly 11in. -the field,.* ex-'(
amining plats, looking over blue -1
prints, talking -AN,,-ith i bull -dozer op -11,
erators, an b oceaslonally closingI
his eyes to visualize what it Will J
all look like when streets, houses
apd lawns have replaced the noise,
I dust" and confusion of the clear.1119,
operations