Mr. Drexel left behind him the memory of a modest, unassuming man; so able a financier that he was asked to accept the position of Secretary of the Treasury of the United States, but declined; so generous a giver, that he built his monument before his death in his elegant and helpful Institute, an honor to his native city, Philadelphia, and an honor to his family.
PHILIP D. ARMOUR AND HIS INSTITUTE.
Philip D. Armour was born in Stockbridge, Madison County, N.Y., and spent his early life on a farm. In 1852, when he was twenty years of age, he went to California, and finally settled in Chicago, where he has become very wealthy by dealing in packed meat, which is sent to almost every corner of the earth.
"He pays six or seven millions of dollars yearly in wages," writes Arthur Warren in an interesting article in McClure's Magazine, February, 1894, "owns four thousand railway cars, which are used in transporting his goods, and has seven or eight hundred horses to haul his wagons. Fifty or sixty thousand persons receive direct support from the wages paid in his meatpacking business alone, if we estimate families on the census basis. He is a larger owner of grain-elevators than any other individual in either hemisphere; he is the proprietor of a glue factory, which turns out a product of seven millions of tons a year; and he is actively interested in an important railway enterprise."
He manages his business with great system, and knows from his heads of departments, some of whom he pays a salary of $25,000 yearly, what takes place from day to day in his various works. He is a quiet, self-centred man, a good listener, has excellent judgment, and possesses untiring energy.
"All my life," he says, "I have been up with the sun. The habit is as easy at sixty-one as it was at sixteen; perhaps easier, because I am hardened to it. I have my breakfast at half-past five or six; I walk down town to my office, and am there by seven, and I know what is going on in the world without having to wait for others to come and tell me. At noon I have a simple luncheon of bread and milk, and after that, usually, a short nap, which freshens me again for the afternoon's work. I am in bed again at nine o'clock every night."
Mr. Armour thinks there are as great and as many opportunities for men to succeed in life as there ever have been. He said to Mr. Warren: "There was never a better time than the present, and the future will bring even greater opportunities than the past. Wealth, capital, can do nothing without brains to direct it. It will be as true in the future as it is in the present that brains make capital—capital does not make brains. The world does not stand still. Changes come quicker now than they ever did, and they will come quicker and quicker. New ideas, new inventions, new methods of manufacture, of transportation, new ways to do almost everything, will be found as the world grows older; and the men who anticipate them, and who are ready for them, will find advantages as great as any their fathers or grandfathers have had."