St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-11
RICH MEMS HAR,Ts.
BALANCES Carried by Men of Meanss'
Phil Arm0ur,s Vast Deposits.

Daiahces Carried by Men of Meanses
Phil Armour's Vast Deposits.
Chicago Mail.
Big cash balances are often controlled by
people whom one would not expect to keep
great amount of ready money on hand.
Around the board of trade it is the gossip
that one of the biggest balances is kept BY
young fellow who couple of years age
was working in Armour's office for $50
month. he saved enough to get a mem.
Dershlp, and began trading in the thousand.
DuSnel lot crowd. He took the selling side
and soon had enough to his credit to
transfer MS operations to the big
pit. f. II. Hill, called Familiarity
''Effie" in the pit, is now the
biggest scalper on the floor. He sells
LOCO. 600 bushels of wheat now as noncbal-
antly as he sold l, 900 bushels when he be-
gan. The gossip in the pit is that he has
made about 5000, 000 and that he keeps all
OF it in bank ready TO be drawn at a mo-
ment's notice. Leopold Bloom, on the
9th er hand, is man who does not believe
in big balances. When he gets $40. 600
together anywhere, whether at the Corn
Exchange bank or in the hands of broker
or anybody else. he gets the currency, buys
property and puts it in his wIfe's name.
Any sum under that can lie undisturhed.
but he no sooner gets his hand on that sum
or any multiple of it-S20 600. $50. 900 or
$40. 600 than he puts it safely away
When old s. FL. Thompson. the restau-
rateur, died, S134.000 in bills was found
packed away in his safety deposit vault at
the Illinois Trust and Safety Deposit COM
pany's building. Thompson could not
write, and it has always been supposed that
1T was the old gentleman's senStiveness on
this score that caused him to keep a great
fortune like this in greenbacks. He could
write check for 500 or $500, or any even
sum like that; but when it came to writing
out odd sums he was at loss. If old
Thompson had invested his money he
would have left probably $500 000 instead
of $50, 900. Andrew Cummings, who was
for so many years in his EN-
ploy. and who was only taken into
partnership few years before his death, is
supposed to be worth $500 600. Thomp-
sons restaurant has always had a charm for
ladies, and has always been the headquar-
tiers for cold-waler advocates. The old gen.
tleman did at one time serve English ale,
but not regularly. He never sold but one
case of wine in all his career as a restau-
rantkeeper. The very day that he put this
wine OH the bill Cummings, a gambler.
came in and ordered bottle. He drank
too much. got into a wrangle with the
darkey serving him, whipped out his gun
and shot the waiter. The wine came right
off Th0mpSOns list the very next day.
But to get back to the topic of big bal
ances again. Armour each morning has a
little ticket put on his desk which shows
the funds on deposit at Chicago, Kansas
City, New York and elsewhere. The
writer has seen these figures when the bal
ances exceeded 81, 000 000 Armour's cash
balances used to be larger than they are
now. He invested in St. Paul and became
a director there mainly because he had so
much funds that ne could not keep them
well employed. He is now using SIS, 900, 600
in carrying wheat Then there are the
millions he has in st. Paul and in
his business. Armour does not believe in
keeping balances unemployed. Hutch
inson bought and paid for 10000
shares OF Northwestern common about
year ago ant now said to own II, 600.
He PROBABLY has nearly $1,000, 900 ready
money all the time at his disposal. Eggles-
ton. one of the board of trade grain cal riers,
could probably raise great deal of cash in
thirty minutes. Ed Partridge must keep
very large cash balance. The amount KEEP
on deposit by Marshall, Field & Co. and j
V. Farwell IL Co. must be something like
81, 900, 900 for the former and $3.50. 900 fol
the latter In the winter the packers need
big balances. The pay roll of the big houses
out there run from $50, 900 to 800. 900 per
week. and Armour pays for cattle and hogs
about $3.50, 900 per week in the busy sea-
son. JUST think of the balances that
business like that requires.