The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1880-11-19
THE FAT OF THE LAND.
How Armour 6 Co. CorneFed the Mar
ket OF the World


ket OF the World
They Closed 1t at a Handsome Profit of
About 100000.
From the Chicago Times, Nov. 5.
A gentleman who processes to know
all about the Armour pork deal which
has just closed, gave reporter for the
Times the benefit of his knowledge last
evening for the enlightenment of those
who might be interested, and there are
few in This quarter of the globe not in
terested in one way or another. This
corner" Of which frequent mention has
been made in the news columns of this
journal, has been on for about six months.
1t has been one of the most successful
deals of the kind ever attempted, as well
as the most extensive and far-reaching in
its operations, netting the "cornerers''
many millions of dollars profit. In Civ
ing history of the deal ii will be nee
essary to go back into the summer of
1879, for it was then that it started, the
corner of 1880 being simply continue
summer of 1879 Mr.. Phil Armour and
John Plankinton, his partner in Mil
waukee, went to Europe, and while there
they became
SATISFIED THAT PORK WAS GOOD THING
TO HAVE,
prices having declined sharply about that
time. They were abroad about two
months, and during their absence they
ordered the purchase of an enormous
amount of provisions, including 60,000,-
600 pounds of ribs, which were bought
at less than 1 II cents, and 100, 600 barrels
of pork at an average of only So per bar
rel. On their return to America in Sep
tember they found the market strength
ening. Prices went right up, and on
their deal they realized profit of $2,-
| 000, coo in the next two or three months.
Pork advanced to S14 and ribs in pro-
| portion. They had faith IN the market,
| and under the impression that the boom
| was going to continue they loaded up
again, after getting out with the profit
/ mentioned. Then came the reaction,
and the bottom dropped out of the mar
| ket, pork going from $14 to 1925 in
spite of all that could be done to bolster
| it up. The $2,O00,O00 went Pickering,
and another 81, 600, OG0 after it. Though
very neatly ''holed'' the members of the
| firm refused to stay in the hole, but at
| once set about retrieving the losses en-
countered by reason of q failure to appre-
| ciate the force of the maxim, elet well
| enough alone" They sent agents
| through this country and Europe, and
from the reports made satisfied them
| selves that the product of the hog would
| be in demand for the ensuing four
months. They saw, or thought they saw,
that the country was entering upon an
era of great prosperity, and that OF theiE
own volition values would advance
They accordingly determined 10 under.
| take the job of
coRSERINa THE PORK MARKET OF THE
/ WORLD.
eTfs,..x- horas1 in Anil m load ny T1ffx
chasing all the actual stock in market,
there being about 225, 600 barrels on
hand in this city at that time, and a
trifie over 100000 barrels 10 store at
other cities. This they bought at prices
ranging from $3.50 to 5000, the aver
age being about SO. In addition they
secured ssoptions'' on 1,250, 600 barrels
more, and then, having stocked the
cards, they sat quietly down on their
deal and awaited developments, taking
occasion to let everybody know that they
had all the pork In existence and q great
deal more. They set the machine go
ing in June and pork went sailing. The
manipulators of the deal had laid theiI
plans to force tie price up to $40, bui
they wanted il to 90 up gradually, 80 q:
to get as many tsbears" on the hooks a
possible, but when it became apparent u
the traders and spectators that RFea
bull movement was on foot, prices Werl
run up with such rapidity that II wa.
feared the effect would be TO brighten of
. the s1shortsn and induce them to settlt
! too early in the game. To prevent sucl
. move the Armoure threw nearly hal
million barrels on the mar
kept, and this served TO check the boon
! and kept il within their control. and 9
r the same time produce the impression
they desire, namely. that they could no
or dared not carry cut their publishes
progfxm of forcing quotations - -
/ Fresh fish caught on in great numbers
: not only here and in New York, but i
5 became very bold and greedy. Nan
g | who were frightened of at the beginnin