New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-07-01
ARM0UR on CHANGE IN CHICAGO.
HIS BUSINESS AND FINANCIAL CONDITIoN-Tm
THE MARKETs-M'GEocHs FAILURE.
IBY TELEGRAPH TO THE TRIBUsE.I

THE ACKNOWLEDGEMENTS FAILURE.
lBr TELEGRAPH TO THE rRrBUNEI
CHICAGO, June 3O.-"Tm back from my trip"
said Mr.. Armour today "Pve ridden q good many
thousand miles In the week that I've been away
but We took things eisurey all the same. The whole
party came back together"
People have been talking about you since you've
been away"
hear they have Some of them, at New.York and
elsewhere, understand had me burst. killed and
packed away my cellars $780, 900 worth of meats
today $250OOO yesterday and much the day before.
There not been day for months when at least that
amount OF has not been stored away. 1t takes
from sixty TO ninety days Of preparation before
that meat IL ready for sale. Figure on
1t. All that stuff is paid for the day
the cattle and hogs driven into my yards. All
through last winters packing season up to May Dor
rowed not a cent from anybody. paid for my cattle
and hogs out OF my capital We did our own bank.
ing. I've got S12OOOO00 capital in this business not
including real estate, packing-house eny other
such truck Armour & Co. have cash capital OK
sl2 600 900 In money and worth S20000o00. They
can pay SO for every 81 that they anybody has
any claim against us, it makes no matter whether It'll
due or not and feels uneasy over it, let him bring 1t In
I'll pay 1t.
1--WE got in this local Office" continued the
packer, "l07 clerks. Seventy OF them are employed
In making out bills Those bills for all kinds OF
product ranging from minute to considerable sumo.
There TO be impression In quarters thas
I'm speculator-a sort OF gambler. The impression
is not correct. My business is the preparation
and distribution of meats, and Pm prouder OF the
machinery of that business than of any speculation
INDUCED In. People say that have run deals
into by my surroundings for protection. III say this:
never was connected with any deal IN
money other consideration would induce to enter
into another never yet ran deal, that dii nos
Mr.. McGeoch and Mr.. Mitchell urged me to undertake
the management OF that lard corner lwould noe
Armour & Co were never so strong they to-day
They had so much money In hand, never owed 80
ness on such basis that it would make no difference
whether died tonight or lived I'm fifty years old IL
is summer but at our houses are killing LOCO cat
tie day 900 900 hogs Iexpect do that much
business every dav of life. aud 1t when
ances to-day. The Milwaukee house does not owe
penny; neither does the house at Kansas City People
think that I'm carrying big load. l own the pro,
visions here and am making carrying charges, ana
liberal ones 1t is the very best Investment could
make" A..
Have you any idea, Mr.. Armour. who started the
rumorsi" 49,
81 don't who started them. The rumors did not
injure u.s. They did njure the people who do business
with The only persons affected are tne poss sey
trading here who forced to suspend by suc stories
started by the wreckers. There are people mere
who don't hesitate TO lie, 10 ruin people, !"
do ANYTHING mean and contemplate to make little
money on the market I'm not the affected by sucn
wreckers would little rather that people w9sd pre-
dict nv failure while Pm on the spot 0Sag aim
or 60 away when there was likely to %
trouhe I promise TO be here right at hand when
Nrmonr a Co are in trouble. When I'm OUT ot to"n
let everybody cares be very sure that my mr."
having very easy sailing 49, =, @ >,,.,,,s g. ~,
today most extraordinary state OF AFFAIRS N M1
formed in May, 1877 with only $1,000
capital In the years was shown thai there were
earned IN commissions 1857 00o but that was more
Than Involved by the expenses and bal accounts
drawings by Mr. Nichols were shown TO DC
mouutin In the years toonly Sll6OOO Tue
fg,ired that the firm had at the loves esun Is
SI6i 700 with which to pay $3240OO the BOOKS o .uo
concern were handed over to committee 10 m1Ae ar
rangemeuts for an immediate settlement ~ wssea
pIained by the committee that the enormous earnings
bad been swallowed up through loose MANAGEMENT A..
ON 'Change the markets were all strong AT
mOur was on Change, and his presence, appeaao"
IN encourage the bulls" Wheat advanced 229S cenls
corn 10 cent pork so cents barrel ana aIS 20 csats
par hundred pounds. Lester Co. Crosby * ~
4 Dupee and Others who have been snort app @
az buyers OF wheat to-day The shipinen.s q. lu ~.
the week amounted $4,000 srces tne s'oeA
In here. .,.o.a.. r,.r,,sha,, a.
Co will be held on Monday and prouer OF se.ueohs
made IL Ia believed that McCeocns Muwahsse iten,s
especially Daniel Welsh, rwho u Is oec'eu va Iesy
n moi legally responsible as partner nave enuereo n
a largo amannt of money 10 effect settlements ~ ~
"ertain rhat surprise Of some sort rs IN store LOT sno
nornars of Mc(;eoch announce confidently mat tney
vail maze m offer which will be accepted It's Deieveo
that tne offer will be something like 90 cents cash.