A Millionaire at Age 21—The Story of George Madison Foote
Mar 03, 2023 09:42AM ● By Gary Fyke
What would you do if on the day you turned 21 you inherited cash and property worth more than a million dollars? A dream come true, or a burden to bear. Young George Madison Foote of Chillicothe was faced with that very challenge in 1908. George’s grandfather, George Mott Foote, was a successful farmer in Longhurst, Illinois died in 1891. When the grandfather’s estate was probated in 1894, the inheritance amount was $125,000. There are many scales to compare the value of a dollar over time, but one called “Real Value” that is based upon the Consumer Price Index (CPI) used today, equates the value today would be $3,800,000.
It is not clear whether George Madison had any idea of the size of his inheritance before the probate valuation was determined, but it probably was not totally “out of the blue,” since the grandpa passed away when George Madison was just three years old. Family members were probably aware of the details of the Will and Testament and would have speculated on its potential payout. The revelation of the amount was written up in the Chillicothe Bulletin on May 8, 1908, in an article captioned “Fortune’s Smiles.” The article noted that young George was “well known in town as a modest, unassuming young man and it is not likely that this sudden acquisition of wealth will prove his undoing.”
Just eleven days after the inheritance appeared in the Bulletin, George married Ethel Calvin. Following a short honeymoon in Chicago, the newlyweds returned to Chillicothe and went house hunting. On July 20, 1908, they purchased their first home from J.P. Matthews for $9,000 ($273,000 in 2022). The house can be seen on the southwest corner of Fourth and Chestnut. Foote joined the technological evolution from horses to horseless carriages. They didn’t stop there and bought the 102-acre Munk farm near Northampton for $14,000 ($425,000 in 2022).
The Lorance and Camp Livery Stable stood on the land where the current Post Office parking lot is today. A machinist had set up an automobile repair station in the building and Foote leased space there for his own business. Somewhat akin to Elon Musk of today, Foote was into the electrical side of the new-fangled automobile. He established the Corn Belt Battery Company and made batteries specifically for automobiles. He built a charging station in the shop and then expanded into building charging stations for other automobile dealers and mechanics in Chillicothe and Lacon. George would become even more involved in the automobile business in Chillicothe in the years ahead. In the words of radio storyteller, Paul Harvey, you can get “The rest of the story” at the Chillicothe Historical Society where there are many great stories waiting to be heard.