The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1927-08-22
OGDEN ARMOUR
ONE OF WORLDS
HEAVY LOSERS
Once Wealthy Chicago Pack
or Dropped Untold Millions
in Postwar Crash

in Postwar Crash
Chicago. Aug. .22.-( NEA MANY
stories have been written telling how
to make Il million dollars.
Here's one that tells you how to
lose million.
Perhaps nobody wants to. Still
When the average American, to
whom $4,000 looks like all the money!
in tho world, reads Of some rich man
who has dissipatcd "A fortune of $lO,-
100000 or SO, he is apt tn lay his
paper down and say:
when man gets ahold of that
much money. why in thunder can't
he hold on to it -
It's Easy to Lose
Money is easy to lose
To learn how it's done, just study
the life history Of the late j. Ogden
Armour, Chicago meat packer, who
died in London the other day after
seeing one of the largest fortunes in
the world dwindlc to fraction of
its former size.
Armour's wealth was once stipend
Gus. lie had properties valued at no
one knows how much over 100000
GOO.
And it went. All but small frac
ton.
j. Ogden Armour entered the
financial world in 1881, leaving Yale
University to enter his fathers meat
packing business. A youngstcr fresh
from college, he applied himself to
the job of making the Armour for
tune one Of the largest on earth.
He succeeded admirably. The
great Armour packing house grew
larger and larger. 1t became an IN
tcnational institution. Annually it
did more than 100000, 900 worth Of
business.
Not Satisfied
Armour was not satisfied with ac.
tivties in one field In the late
nincties the Armour family had cs-
tablished brokerage concern to
deal in futures on the Chicago wheat
market. Armour became skilled
market manipulation. He became the
largest owner Of bank stocks in Chi
cago. His father had bequeathcd
him an interest in the Chicago, Mil
waukcc g. st. Paul railway; Armour
added to this. 1T one time owning
10000 shares of that roads stock
anu slit III COullIucu
He and +. H. Hartman formed a
$4,000, 900 stock company to finance
"a subway freight system for Chi
cago. The Kansas City Railway and
Light Co. passed to Armour's control
He became director of many banks
and other financial institutions.
Then came the outbreak of tho
World War
Europe had not been very good
market for American meat products
But under wartime conditions it did
an about-face and began to buy all
the American meat it could get
Armour profited enormously. His
packing company, still the mainstay
OF his far-flung financial kingdom
expanded and expanded. Ii was as il
fortune had gone out of her way tC
make things especially pleasant 70,
meat packers.
Prosperity Ends
The armistice came. Nothing hap.
pened - for while. Then Europe
began TO buy less American meat, as
Europc's purchasing power wen,
down and the disappearance Of sub
marines made Australian and Argen-
time beef cheaper once more. Prices
began 10 drop
In the United States business be-
gan 20 slacken. The unheard OF pros
persty that had caused so many bust
ness mea 20 think a .rifle TOO highly
OF themselves changed color and be-
came somewhat pallid. There were
even symptoms OF buyers strike"
is way OF describing what
&appens when people find the pre-
.ling prices too high for their
1rses-
ArmoEr, caugh, with tremendous
sores % mea: on hand, fought des-
nerately-so desperately that the
Federal Trade Commission began to
eyince cons iderable interest in the
way the price of meat refused to
come down. But sooner or later the
break had to come. 1t came, and the
good old days were over
Lost Million a Day
Just how much Armour lost prob
ably will never be known. At one
time, over a period of four months,
he lost 100000 day. He narrow
~ escaped complete smash.
A $20,0O0.000 loan tided him over
one bad period; then he had to sell
all Of his bank stocks to meet that
loan. The bankers reorganized his
packing company. The Kansas City
Railway and Light Company nearly
went bankrupt, and Armour suffered
heavily.
Prosperity had deserted the north
west completely-and the nOrthwes,
was the territory served by the Chi
cago, Milwaukee & St. Paul rail.
road. The road went into the hand.
of receiver, and Armour took M
one knows how big loss. His Chi
cago freight subway project col
lapsed utterly. Armour had to sci
his magnificent $5,00O.OOO countr,
estate on the lake shore north o.
Chicago.
Then, to top the climax, his $50,
100000 wheat trading organization
took dive. Early this year its com
plete withdrawal from the grain trad
was announced
Still Rich-But-
To be sure, as stated before
Armour did not die poor man-no
by any standard. Many a multi
millionaire would be glad to ex
change his own fortune for the cs
tate Armour left.
Yet, compared with what it wa
seven or eight years ago, the Arm gu
fortune has shrunk amazingly. It i
no longer one Of the great fortune
Of America. Ogden Armour made
great deal Of money, but he lost
great deal.
And, out of that fact, the grea
American citizen, saving money b
painful stages to make down pay
n.ent on a 10000 home, may &c
what comfort he can.
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