The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-07-11

An English View of Western Enterprise In
'Cornering" Lard.
st James Gazette.
A struggle of more than ordinary interest
has been carried on for the last two or three
weeks in Chicago, and only Just come to an
end, when a certain ring was broken up and
some dozen of provision houses were brought
to grief. 1t may interest your readers II l
give a brief account of this struggle.
Some months ago Mr.. So-and-So and his
partners tried to get a number of the provis-
ion merchants in Chicago and New York to
form a ring and buy up all the lard in the
market. They applied to the Anglo-Ameri-
can Packing and Provision Company, an
English firm largely engaged in the trade, to
join them. This firm declined to join. Mr..
So-and-So, however, got Others to join, and
they began operations by purchasing all the
lard that offered in the market, especially
future deliveries in May and June
The English firm, as extensive
curers and large holders of the article, sold
them largely. Then reports appeared IN the
English and American press to the effect that
Chicago lard was much aduiterated and that
the public ought TO be on its guard in buy
ing it. And when the Anglo-American Com
pany began to deliver their sales, the ring re-
jected the lard as adulterated. Now the
struggle began; the ring refusing the article,
the English company forcing it upon them.
The rule in such disputes is this: Each party
iONEOo ~ pei ICIts VI tAS dlA diAA AShNio
the matter to the City Board of Trade. whose
decision is final. When the board came to
decide the question extraordinary precau-
tons were taken. Policemen kept all re-
porters and friends at a distance, and the
proceedings were conducted in private; short
hand reporters for the board alone being
present. Mr.. So-and-So supported his
case by analysis of the lard, and by
testimony OF experts and of men who were
formerly in the employment of the English
firm; but on examination their evidence did
not support the case; the viva voce answers
contradicted the sworn affirmations. Tit
English firm denied the charges and de-
manded that the lard should be examined
by a competent and independent analyst.
The result was a vindication of the firm; the
board decided hat the lard was pure and un-
adulterated, and must be paid for.
But the ring was not vet defeated. They
then brought another charge-that the lard
was Spotted" To understand this term it
should be known that all lard is examined
by a public officer and a certificate of quality
given. When the inspector goes round he Sc
lects, or ought to select, on his own Judgment
a certain number Of cases OR casks to be exam
ined. Sometimes he is induced to 90 to a
certain spot where the best article is to
be tound, m it and gives a certificate
accordingly. But when this charge came TO
be investigated the English firm
challenged examination of every
pdChdSe, anu Tie DOdTu Oh 1Tuue dSdlu Qe-
cided in their favor. The ring was now
cornered. The English firm and their friends
had sold them 600, 900 tierces of lard; 800, 900
were ready for delivery, and Mr.. So-and-So
and his friends had not money TO pay for
them; so at last they gave III and tried to set
tie. Mr.. So-and-So's losses are very heavy.
He and his friends are said to have sunk
nearly a million sterling in this effort to
ball" or raise the price of lard, and their
opponents have gained a good share of their
losses in the effort to bear or bring down
the fictitious price. But is this Legitimate
trader Was the cotton ring that bought up
all the cotton in Liverpool, and forestalled all
the mills of Lancashire, engaged in fair trad
ing? These rings sometimes succeed. TIL
scare about trichiniasis was nothing but a
smart device of a Chicago trader. Prince
Bismarck little knows who set that rumor
afoat. There was just the same foundation
for it as for the recent rumor Of adulteration
Of lard.