Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-10-08
VPION'S DEAL N PDRK|
Corner Of the Hog Product tho Cen
ter Of Interest Ia speculat-
i've Cirolea
Wheat and Corn Operations Seem
Tame In Comparison With Pro.
vision Trading.
History Of LiptoI's Big Deal and
Speculation as to Its
Future


Chicago, Oct. sThe provision pit has
suddenly become the center Of speculat-
i've interest, thescorn and wheat opera
tions seeming tame compared with those
which have developed of late in hog
product.
Pork for October has advanced IS a
barrel in week; lard for that delivery
issup 1sc pound in a month; short ribs
for the same future are up cent q
pound since September. There are ru-
mored deals in all three, and, az for the
pork, the rumor stage has been passed,
as the October shorts now know to their.
cost. 1t s not possible to recall pro-.
vision situation more uncertain than the
present one There have been great pork
deals before; corners in lard are easily
enough recalled. and shorts have been
caught and punished in ribs many q
time. But at the present time there are
three great bull interests in the pit. The
iCudahys are supposed to control the lard;
the Armours own the short ribs Up to
within a few days II was supposed the
pork was without special guardianship.
Now 1t suddenly turns out that Upton,
the great English provision dealer, with
400 retail stores in England, Ireland and
Scotland, and with packing house at
Chicago, has cleverly gathered In the
small stock of pork and has secured in
addition enough of a line for October
delivery to throw the bears in panic.
The October pork advanced 81 a barrel
on Friday and another 50 on Saturday.
Sept. I 1T was as low as $11, and II closed
Saturday at SIT, with every prospect of
further exciting experiences this week.
HOW DEAL STARTED.
Pork was knocking about under $11 for
October in August and September, with
no enc disposed TO treat 1t respectfully,
altho it Was at q good deal lower price
than the cost of manufacture and much
Icheaper relatively than anything else on
the provision list. There was good
deal of it for sale. The outside provision
bear considered 1t the safest product, to
short; the provision manufacturer, Who
cings to the old delusion he must have
some sort of hedge, could think of noth-
ing else to sell. He knew Armour con-
trolled the short ribs. and he had sus-
picion the Cudahys meditated bull
campaign in lard. He knew pork had
no friends, and SO the hedgers sold 1t in
August, and sold IL even freer in Sep
ltember, altho the delivery day was not
then 50 very far off. More hcgs was
the talk, and larger stocks. The trade
did not notice that certain commission
firms. notably Gregg & Wolff, kept TAX
ling the offerings OF October pork. Such
waa the experience IN august and thru
4 September. Prices of everything on the
Eprovision list moved up last month, but
jpurks did not go qu!tesas fast as the short
ribs, and the pork shorts comsorted
themselves by declaring it matter
merely of sympathy. There was not a
circumstance thru September TO disturb
1.-The equanimity of the October pork sell
FER.
But the situation has certainly
changed greatly the first few days OF
IOctober In /. week the price is up 81
a barrel. Shorts find the offerings sud.
denly all Withdrawn. II develops thai
sIpork, instead of being without guardian
Iship, hast powerful protection Of the
lrich Sir Thomas Upton, whose bank ac-
4 count is as big az the biggest and Whose
machinery for distribution is certainl,
/ not TO be underestimated. 1t Is beyond
doubt nov the buying Of pork thru Aug
lust and September was for Upton ant
tina, he has the market in his power.
WHAT DOES Upton. MEDITATE?
Is it to be a great squeeze or a littl
one, is the short line of huge or of mod
crate size? Will there be a wild time ii
[ lOctober pork or will the excitement b
short lived? Lipton's commission mel
know, but the rest Of the world can onl,
guess. The stock OF pork available 70
4 delivery on October contracts is' onl.
$4,000 barrels. and 1t is assume,
], that this can not be Increase
Iappreciably by manufacture. On
der the rules of the boar
: of trade pork must be fully cured TO
5 delivery, and provision people generall
assume that it could not be fully cure
5 within the three weeks remaining
: October. Quite certainly there is som
Z lpork at outside points, but not larg
], quantity. Perhaps the stock here Nigh
I be increased 10000 barrels by shipment
: from other packing centers. The futur
! lof the October pork market will Deepen
!, on the extent of the short interest.
!. Upton hasan October line of $1,000 baI
). Irels he can exact very high prices If h
X chooses. Such holding would be abol
double the actual stock of cash porl
. 1t would not be big line compare
= with the holdings in the famous deal
:. but it is big holding in view OF ii
:, small stocks. of the near approach
the final delivery day and OF the impo.
ability of filling contracts by manufas
9 ture. In the great pork deals of 9th.
>, days the holdings have run into II
n hundred thousand barrels. Armour ha
y at one time 100000 barrels purchase
e McGloch held 100000 barrels in su,
s cessful deal engineered by him TWEEN,
u years ago. But those were long can
n paigns, with ample warnings. Appa
e entity the present operation by Upton
: a brilliant little exploit, depending {
e its celebrity and surprises for success
1t The Englishman has swooped dow
y upon his shortsand probably VIII viii
>. draw with just az much celebrity.
will dumfound the wiseacres IL
: lengthens out into a contest OF nut
!. duration.
! WANT MORE ARMY POSTS.
n a -.np. ~ .p