National Affairs: Money Talk

Everyone knows that John F. Kennedy is rich—but almost no one, perhaps even including Jack himself, knows just how rich. Last week came some grist for the wealth-wonderers’ mill.

From Family Patriarch Joe Kennedy came the word that Jack had divested himself of all personally held stocks and bonds during the last two months. The proceeds (amount undisclosed) were then invested in state, municipal and Government bonds to avoid financial conflict of interest. The President-elect is also the beneficiary of three irrevocable trust funds set up for the Kennedy children in 1926, 1936 and 1949 by their father. The three trust funds produce a net income of about $100,000 after taxes for each of the seven living Kennedy children—from investments in corporate stocks and bonds, oil leases and real estate (including part ownership of Chicago’s huge Merchandise Mart, of which Joe Kennedy’s son-in-law Sargent Shriver is assistant general manager). Each of the seven children also gets a periodic share of the principal of the funds, but in no case does Jack, or any of his brothers or sisters, have a say in the management of them.