Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1880-11-19
CONTROLLING THE PORK MARKET.
How Amour brothers. OF Chicago
made Ss,ooo, osl0 ny rhis Wears 0p.
CREATIONS

ny, WorlL
The inside history OF the great Ar
mour pork corner IN which the firm
made u profit ot $1,oO0,O00, WAS pub.
lishcl there recently, The history of
the operations goes back IL the sum.
mcr vi 1879. ut which time phil4\e-
mour and his milwaukee, partner,
John PlNnkmgten, went to Europe
With the intention " cornering the
pork market OF the world They were
aboard about two months and during
their absence ordered the purchase Of
mn enormous amount of provisions,
including 6O,OO0,M0 pounds ot ribs.
bought nj leSS than 4 cents pcl, pound,
and lM,NM barrels OF pork NJ amy aver
ago of only - per barrel On their re-
turn to America III September they
found the market strengthening. Prices
went NY and they realized profit ot
Se,9NoV In the next two or three
months pork advance to Slt u barrel
and riCw III proportion, Under the i'm.
preston that the boom MAS going to
continue thAN made further purchases
Then came the reaction. pork gong
from Sill TO $40 IN the spite o( all that
could hc done ~ bolster il, Tho So.
VO, 200 went and another 81 .nOl, 900
alerit Thr members of tho firm at
once SGT about retrieving their losses
and sent agents through this country and
Europe,Nnd for the reports made satiSii-
cd themselves that the product o( the
hoy would he in demand lorthc ensuing
four months, They began in April Is
purchase all the actual stock IN market
about ~ 600 barrels un hand here and
\ tnlr over l0O.OO0 barrels IN store
IN other cities, This thcN bought 1t
ranging from $o.hO t0 $1,000 the aver.
age being about $40. IN addition they
secured options on 1880 600 barrels
more and then awaited Developments
They took occasion ~ let everybody
know that they had all the pork in cN-
lstvncc and u great deal more, The
manipulatorS had laid thcir plans to
force the price up 10 so, hut they
wanted il "a 50 up gradually but
when II became apparent tothe traders
and spectators that n great hull move
mont was on foot, prices were run up
with such rNpldity that II was feared
the effect would irighlcn OIL the
shorts and induce Thorn To settle too
early. TO prevent such movo the
ArmourS threw nearly n half million
barrels ON the market, and this served
to check The boom and kept il within
Their control, aud al the Same time
produce the impression TINT they
could not or did not carry olt their
published programme of forcing quota
tlons TO SO. Operations were not
alone confined TO America but all of Eau
rome was taken in, and wherever men
were found willing ~ sell pork they did
not have, the Armours were gracious
~ accommodating They knew that
they held all the pork and Tint those
who had sold them the article would
have to come to them for il or sctt liz
the differences The amount of money
that was placed against this game was
enormous, ~ striking this balance
the lucky owners of the "brnrc" ind
that they have made not less than "
0O0OO0. In other words, they got
bnck the S3,000OOO lost when pork
went down hast winter and $1,000, 0aO
besides The Wall street dealers iecl
as hard NJ their western brethren in
misfortune, and vast sum Of New
York money il placed ca the credit of
the Chicago bulls.