The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-08-04
ARMoUR's WRATH.
The Thunderbo1t of Financial Jove Pros
trates an Ambitious Upstart.
IN. Y. Herald

Chicago, ILL.,, Augusta, 1893.-Specula-
tors who have been trying to CORNER"
the provision market were to-day pushed
to the wall. Among them is John Cud-
ahy,a pupil and protege of p D. Armour,
who thought he knew more than his old
master and believed he could give points
to the great packer. A rumor is still
aioat and Cudahy is now very much IN
the dumps"
Cudahy tried to corner wheat last
spring and it cost him fully So, 500, 900.
Some say his losses were IS, 500, 900, and
as this was in cash he felt it greatly.
Cudahy went into this corner against
the advice of Armour, but he had been SO
successful before that he would not take
anybody's advice Then he went into
pork corner The elimination of the
deal was announced to-day. In thirty
per barrel, and lard went from SO. Is to
Sc in less than sixty seconds. 1t was just
as if one of Cudahy's large elevators had
fallen on his head Along with Cudahy
the North American Company, OF which
Cudahy was one of the main props;
Wright & Haughey, A. Hemlbolz & Co.,
J. G.. Stever & G. and E.W Bailey &
Co. went to tine wall with Liabilities
running up into The millions.
n.-What, Cudahy's losses are no one knows
He doesn't know himself Those who
thought they knew what his wealth was
put it month ago at SIS, 100000. The
same men say tonight that Cudahy
would not have that many cents il he
paid all his debts. The pork "deaf'
has been a big one, and the power that t
forced pork to 81 per barrel and kept it
there for time was mighty one. Cud-
ahy is interested in packing houses in
Chicago. Wisconsin, Iowa, Nebraska and
Kansas, and had to use vast sums of
money in the legitimate branches OF
business-packing and distri bution. His
great resources were drained to support
his speculative ventures. He organized q
bull pool in pork last fall and made ST.
500, 600 or so out of it, most of this money
coming out of the pockets of T. ID: Ar
mour. the man who really gave all the
Cudahy boys a start.
Armour, just before going to Europe,
had sold provisions short, and as he
never did anything on small scale his
shortage was big one. Cudahy knew
this and he and his associates soon had
Armour Gin the hole" to the extent of
81, ZOO, 600 or more Some put Armour S
loss at $2, 500, 900, but it was not SO much
AS soon as Armour heard of the bushes
he came back, Strengthened things out
and pocketed his loss without saying a
word. Cudahy had boosted that he would
yet have Armour working for him, and
| it was this more than anything else that
made the pork king determined to teach
his former subordinate sharp lesson. :,
The time came. When Cudahy and
his associates began buying pork Armour
began selling Cudahy and his friends
had lot of money, but Armour could
control more than all of them put togeth-
er. Money got tighter and tighter and
Cudahy found that he was being
squeezed" He went among his friends,
but when they had given him all they
could spare he did not have enough.
Armour's only remark to-day when / ne 8
heard of Cudahy's failure was: J,
work for jack Cudahy." Cudahy could
not be found. He kept out of the way.