The Canton advocate. [volume] (Canton, D.T. [S.D.]) 1877-1897, 1880-11-25
CONTROLLING THE PORK MARKET
How Amour Brothers. OF Chicago
Made - .GOO.O by This Years OPP
erStions
. !. " nrl1.

The inside history of the great Ar
mour pork corner" in which the firm
made profit of 100000. was pub
lished there recently. The history OF
the operations goes back to the sum
mer of 1879, At which time Phil Ar,
mour and his Milwaukee partner,
John PlankingtCn, went to Europe
with the intention of cornering the
pork market of the world. They were
aboard about two months and during
their absence ordered the purchase OF
an enormous amount of provisions,
including 60,0oO,00O pounds of ribs,
bought at less than II cents per pound
and 10000 barrels of pork at any aver
age of only IS per barrel. On their re-
turn to America in September they
found the market Strengthening. Prices
went up and they realized a profit oil
100000 In the next two or three
months pork advance to S14 barrel
and ribs in proportion. Under the i'm
preston that the boom was going to
continue they made further purchases
Then came the reaction, pork going
from 2l4 to S925 in the spite of all that
could be done to bolster it. The So
DOC, 900 went and another $1,000 900
after it. The members of the firm at
once set about retrieving their losses,
and sent agents through this country and
Europe, and for the reports made satisti.
ed themselves that the product OF the
hog would be in demand for the ensuing
four months. They began in April to
purchase all the actual stock in market
about 225 600 barrels on hand here and
a tri1a over 100000 barrels in store
in other cities. This they bought at
ranging from $3.50 to 5000. the aver
age being about $40 In addition they
secured options on 1850 900 barrels
more and then awaited developments
They took occasion to let everybody
know that they had all the pork in es,
istence and great deal more The
manipulators had laid their plans to
force the price UP to $50, but they
wanted 1t to go up gradually. But
when 1t became apparent to the traders
and spectators that a great bull move
ment was on foot, prices were run Up
with such rapidity that it WAS feared
the effect would brighten off the
StoIts tlItl lilelttle luelil 10 settle lpC
early. To prevent such move the
Armours threw nearly half million
barrels on the market, and this served
to check the BOOM and kept it within
their control, and at the same time
produce the impression that they
could not or did not carry out their
published programme of forcing quota
tons TO so. Operations were not
alone confined to Am erica. but al of Erl,
rope was taken in, and wherever men
were found willing to- sell pork they did
not have, the Armours were gracious
" accommodating They knew that
they held all the pork and that those
who had sold them the article would
have to come to them for it or settle
the differences. The amount of money
that was placed against this game was
enormous. In striking this balance
the lucky owners Of the :'brace" find
| that they have made not less than s. :
600, 900. In other words, they got
back the s5,0O0,0OO lost when pork
went down last winter and $1,000, O0(
besides. The Wall street dealers fee
as hard as their western brethren in
misfortune, and a vast sum of New
York money is placed to the credit OF
| the Chica 90 -!bulls"