FOREARMED AGAINST PANIC.
“Why, Mr. Armour,” they said, “you must be mistaken. Things were never better. You have been ill, and are suddenly apprehensive.”
“Oh, no,” he said, “I’m not. There is going to be trouble;” and he gave as his reasons certain conditions which existed in nearly all countries, which none of those present had thought of. “Now,” said he to the first of his many lieutenants, “how much will you need to run your department until next year?”
The head man named his need. The others were asked, each in turn, the same question, and, when all were through, he counted up, and, turning to the company, said:
“Gentlemen, go back and borrow all you need in Chicago on my credit. Use my name for all it will bring in the way of loans.”
The lieutenants returned, and the name of Armour was strained to its utmost limit. When all had been borrowed, the financial flurry suddenly loomed up, but it did not worry the great packer. In his vaults were $8,000,000 in gold. All who had loaned him at interest then hurried to his doors, fearing that he also was imperiled. They found him supplied with ready money, and able to compel them to wait until the stipulated time of payment, or to force them to abandon their claims of interest for their money, and so tide him over the unhappy period. It was a master stroke, and made the name of the great packer a power in the world of finance.