Mr. Armour is a great believer in young men and young brains. He never discharges a man if he can possibly avoid it. If the man is not doing good work where he is, he puts him in some other department, but never discharges him if he can find him other work. He will not, however, tolerate intemperance, laziness or getting into debt. Some time ago a policeman entered his office. In answer to Mr. Armour’s question, “What do you want here?” he replied: “I want to garnishee one of your men’s wages for debt.” “Indeed,” said Mr. Armour, “and who is the man?” Asking the officer into his private room he sent for the debtor. “How long have you been in debt?” asked Mr. Armour. The clerk replied that he had been behind for twenty years and could not seem to catch up. “But you get a good salary, don’t you?” “Yes, but I can’t get out of debt.” “But you must get out, or you must leave here,” said Mr. Armour. “How much do you owe?” The clerk then gave the amount, which was less than a thousand-dollars. “Well,” said Mr. Armour, handing him a check, “there is enough to pay all your debts, and if I hear of you again getting into debt, you will have to leave.” The clerk paid his debts and remodeled his life on a cash basis.
PROMPT TO ACT
In illustration of Mr. Armour’s aptitude for doing business, and his energy, it is related that when, in 1893, local forces planned to defeat him in the grain market, and everyone was crying that at last the great Goliath had met his David, he was all energy. He had ordered immense quantities of wheat. The opposition had shrewdly secured every available place of storage, and rejoiced that the great packer, having no place to store his property, would suffer immense loss, and must capitulate. He foresaw the fray and its dangers, and, going over on Goose Island, bought property at any price, and began the construction of immense elevators. The town was placarded with the truth that anyone could get work at Armour’s elevators. No one believed they could be done in time, but three shifts of men working night and day, often under the direct supervision of the millionaire, gradually forced the work ahead, and when, on the appointed day, the great grain-ships began to arrive, the opposition realized failure. The vessels began to pour the contents of their immense holds into these granaries, and the fight was over.
FORESIGHT
The foresight that sent him to New York in 1864, to sell pork, brought him back from Europe in 1893, months before the impending panic was dreamed of by other merchants. It is told of him that he called all his head men to New York, and announced to them:—
“Gentlemen, there’s going to be financial trouble soon.”
“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.”