The Wellington enterprise. [volume] (Wellington, Ohio) 1867-188?, 1884-10-01
AMOUR. THE PORK KING
RULING THE PROVISION MARKETS.
The Story of Transactions Which Brought
n Colossal Fortune Chicago's Royal
Spectator in Hog Prod
[Chieago Cor. N. z. sun.l

mour said to-day that the result gave him
peculiar satisfaction, because he had been
raided by the bears of New York and Chi
cago and had beaten them Off. He de-
clared most emphatically that he was not
a speculative trader In the sense that the
term is generally understood. He always
buys'pork when 1t is cheap; but he says
that he never buys It for the sake of sell.
ing again on the speculative market.
When he finds the market attacked he
always protects his property. Thus far
the bear attacks upon him have resulted
very favorably to him. He made $780,.
900 out Of one five years ago, and the ST.
000,0 Just pocketed as the result Of his
summers business makes him feel very
comfortable financially.
''If the bears had let me Alone" he said
to-day, ~ should not have made this
money. / am engaged in legitimate
business, buying and selling for consump-
tion. have over 10000 men in my em'
ploy, and my sole business is to distribute
the product In the markets Of the world"
When the raid was made on this market
In May, Armour had more than ST., 900
worth Of pork on hand, and, Of course, he
was vitality interested in maintaining
prices. He bought everything that the
short sellers threw on the market, and,
having almost unlimited capital, he found
no difficulty in carrying all the stuff.
Close observers Of the pork kings meth
DDS say that his great corners invariably
follow some great public calamity or wide
spread panic. He buys when other people
have lost confidence in values, and limits
his purchases only to the amount Of the
offerings. In 1879, when 1t was announced
that yellow fever had appeared at Men,
phis, panic occurred here in pork pro.
ducts, which are largely consumed at the
South. The market dropped $137 barrel
In two days. The collapse broke nearly
all of the Southern spectators, who were,
as rule, on the long side. The natural
result of overtrading on the short side
that the market was cornered In October,
the bears settling their pork with Armour
at $l3 barrel, he having bought for "
and s..
In 1880 the short side of pork again ap.
peared attractive to spectators, notwith'
standing repeated unpleasant experiences
with Armour. The stock ON hand was
large, and on the Goth of April pork sold
down to S9.25. 1t was then that Armour
took hold and laid the foundations for his
gigantic deals of the summer. Beginning
at this figure, he bought all the way up 70
S13 in July. During the next three months
he cornered the market for each month.
The shorts in August settled al. SIT, in Sop
tember at SIS, and in October at SO. The
total quantity of pork handled by Armour
was not less than 100000 barrels, and
the number of shorts out was large, cover
ing more than 100000 barrels. 1t was q
mammoth deal, and involved buying all
the pork in the world. In spite of his Inn
mense capital, he would have been ruined
had not the demand for pork boon heavy
and the public persistent in speculating
on the long side.
This same good fortune has followed this
successful trader in all his ventures. His
gigantic legitimate business makes II easy
for him to dispose of the product, and his
superabundant capital enables him ia
protect his enormous holdings whenever
ANYBODY raids him. The deal which has
Just closed up so satisfactory TO himself
resembles the greater one OF 1880, and the
money which he has taken out Of many
spectators is a clear gift
While strenuously insisting that no Is
not now speculator or gambler, Mr.. Ar
mour admits that he made his first great
fortune by speculation. Just before the
close OF the war, when Armour was Q
packer in Milwaukee and pork was sell
ing at forty dollars, he dreamed onC
night that there would be great tum
BILE in prices. On the way down tow
the next morning he stopped at his part
ner's house and told him that he though
pork was too high. "Thaps my opinion
too,n said Mr.. Plankinton. After lit
tie further conversation 1t was agree
that Armour should take the first trail
for New York and sell all he could. II
went, sold pork at forty dollars, and neve
took II in until 1t struck SIS, making owe
100000 by the operation. But he ha
great difficulty In carrying out his plan
The New York agents Of Plankinton
Armour were Wallace & Wicks, at tina
time one Of the heaviest firms In th
trade. The big packers all over tn
country were bulls on provisions. Clevt
land, Cincinnati, indianapolis, and 81
Louis packers being persistent buyers
Wallace & Wicks did business for o.
Of them, and were bulls themselves
They endeavored by every means in thei
power 10 dlssuade Armour from sellin
pork, but he steadfastly adhered to th
object Of his visit, refused to 90 to the
meetings, and would have nothing to d
with the pool. For about three month
Armour was the terror Of the provisio
market, and when he got ready to Z
home prices had como down 50. Just a
he was leaving Kingan, q prominent bul
operator, said he wanted to make Just on
more trade. N - Ntt
"I'Il sell you 1000 barrels,n said Al
mour.
sT,ll take it,n said the other. "whe
pork sells at 500 barrel you viii want
bacl.p
"I'll deliver you that pork, !" replied A
mour, 'when 1t sells at Sl8."
The packers, with few exceptions, wei
ruined by the break, and Armour becam
the richest packer In the world. He at
mlts that the operation was nothing but
huge gamble. II tho closing struggles
the rebellion had been delayed fe
months longer he would have been RUNE,
As IL was, he was favored by circun
stances over which he could have no POI