National Affairs: Money Talk

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

From Family Patriarch Joe Kennedy came the word that Jack had divestedhimself of all personally held stocks and bonds during the last twomonths. 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 trustfunds set up for the Kennedy children in 1926, 1936 and 1949 by theirfather. The three trust funds produce a net income of about $100,000after taxes for each of the seven living Kennedy children—frominvestments in corporate stocks and bonds, oil leases and real estate(including part ownership of Chicago’s huge Merchandise Mart, of whichJoe Kennedy’s son-in-law Sargent Shriver is assistant general manager).Each of the seven children also gets a periodic share of the principalof the funds, but in no case does Jack, or any of his brothers orsisters, have a say in the management of them.