New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1886-08-11
Peter Geddes.

Peter Geddes.
There was a tall and exceedingly
graceful looking man of about IS
years in the party of directors of the
St. Paul which recently went over that
road, says a writer in the Chicago
Mail. He was Peter Geddes, q direct
or in the St. Paul and Chicago, Bur-
hngton & Quincy railroads; a splen-
did man of business, the almost abso-
lutte controller of vast sum of mon
ey, clever as talker, elegant in man
ners, an all-round man Of the world,
but famous not in his own right, but
as the agent of George Smith. Peter
Geddes has $50, 100000 of his chiefs
money in two of the granger roads
the St. Paul and Chicago, Burlington
4 Quincy: He has $5O,OOO,OOO of
his, chiefs money invested on this side
the water. Whenever Peter Geddes
goes to the other side of
the water and meets old George Smith,
the two 'chuckle over thefact that not
a:penny for taxes is paid to the Unit
ed States or any other government on
all that $5Q, 100000 Smiths is one
of the big secreted fortunes of the
world. The public has had no knowl-
edge of it, yet his wealth is so great
that not;a hundred men in the world,
probably not fifty, rank in money
strength above him. He made his
fortune here in Chicago. How many
knew that? Who ever saw his name
in any of the popular lists of million
aires? Yet the books of the St. Paul
and Burlington railroads show that
he owns $50, 900 bonds and stock
of the former and SIG, 100000 bonds
and stock of the latter. Smith began
banking on Clark street in 1855 with
$4,000. He is now 70 years old and
aibachelor. It is said that he even
lives at London club instead of at a
house of his own, SO as to avoid taxes.
Peter Geddes was clerk in the Clark
street bank. Afterward he becameits
manager. He is not voter either.
Like his chief, he doesn't want any
citizenship. At New York now he has
aibig office and a score OF book-keep-
ers. They are all busy taking care of
George Smiths fortune. They have
plenty to do too.
Most men who were in Chicago in the
early war days know very we'll what
George Smiths bank notes were, and
remember how they were priced above
the other "stumptial." Fernando
Jones tells how he stood in Smiths
bank when appointment furniture man
of that,day came in with a note for
renewal. Old George Smith looked at
it, and refused to renew it. The
customer afterwards told MIR. Jones
that he skurred around 48 hours and
got the money and paid the note.
AS he was leaving the bank, George
Smith, as unconcerned as if he didn't
know that the fellow had been break
ing his back to raise money, said:
"By the by, Mr., could you not use
"a little money in your business?" Old
George Smith wanted the paper in his
bank paid them when it came due.
Each transaction with him was q new
one. He wanted no renewals, wouldn't
have anything to do with extensions.
Alexander Mitchell represented
George Smith at Milwaukee. The bust
ness finally grew very large. The bank
established by George Smith as the
wisconsin Fire and Marine Insurance
Company's Bank numbering title,
which became Smiths Bank in the
mouths OF everybody, is now Mitch.
ellis Bank" the richest in the West.
l suppose that every other institution
in this country might break and yet
Mitchell's bank be sound. tits Mitch
ellis and Mitchell is worth $2O,OOO,-
900. Smith and Mitchell, although
both were Scotch, although both made
their money together, although both
were partners, although both for
years lived and slept together over
their bank, were very unlike each
other Smith was a miser with
his money. Mitchell has al
ways been very liberal and broad.
When the younger man married his
handsome wife, and the elder decided
to leave business and 60 back to the
other side of the water, they had an
accounting. There were millions OF
dollars of stocks and bonds and bonds
and cash to divide. It was all done,
and there was such shaking of hands
and congratulations as naturally
would follow on such an occasion.
Smith stopped and said, thoughtful
ly: ''By the by, Aleck, there are the
bed clothes upstairs" So Mitchell,
who had never thought OF the old
quilts which they had both slept un;
der in the room above the bank, in
ventorled them at So, and put them
down and divided them. That was
characteristic of George Smith, who
to-day has $50,OOO,OOO in this coun-
try, $50, O00,O00in two great western
roads, and who does not pay a penny
taxes.
He Was a Buffer.