Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1900-11-02
l|PI0NPUIS'PORKUPI0 S2O'|
That Price Paid al Close fors Small
lot Of October. VI n
THE PROFIT |. IS 100000,
Makes Many Prlvate settlements iat SIS
before HUGE Upton Bought $4,000
barrels at the Beginning Of the Deal
at SlI to SIC,

Chicago, Nov. 2. Sir Thomas john
son Lipton's little deal In October pork
closed amid blaze Of glory. This
was the way Samuel II. Dunham, Lip
toms agent here, described the end
yesterday. The profit Is about $780,
900. The price was $40, q Jump OF
50, but only one trade Of $50 barrels
was made at the top figure, and 1t
looked like a prearranged affair. It
had been intimated for several days
that tho price would be put to $40 at
the last of October, and Lipton's in
5structions have been carried out to
the letter. There was one trade in
the morning at SIT. and number
were made privately later at SIS in
settlement, and there was more pork
settled out Of the pit at SIS than in
1t. 4.
Upton Paid the Top Price.
The buying at the start was $50 bar
rels at SIT by Weare. The next jump
was to $18, a few trades being made
in the pit, Jackson Bros. selling 500
barrels Dare 3 Leland paid that
figure to Upton on the quiet, Samuel
Durham at the same time assuring
them that the price would be put to
$40 at the close, and he made good
his word, as Sam Wolf, his hacker,
paid that figure for $50 barrels to-
George p. Gooch, trader for Coun-
selman & Day. In all, during the
day $500 barrels were traded in, and
tho pork was all delivered in the aft
ernoon, all contracts being closed, and
the pork taken in and paid for by
LiptOn's brokers. There have been
many private settlements within the
past two weeks that the traders have
not been notified Of. The short inter
est at no time has been large, but the
English yachtsman did not like to
have it appear that he was unable to
carry his. deal through, and he held
out until the last. The deal at no
time assumed large proportions and
Lipton's men have tried to keep it as
quiet as possible.
= Bought Originally 10000 Barrels.
1t has been estimated that Upton
bought $4,000 barrels from s11 to s12
at the beginning Of the deal, but those
in a position to know say that $4,000
barrels would be nearer correct. A
profit Of 81 barrel on this quantity
would make 100000. The deal has
been run without any great risk, as
Upton took the precaution to sell TO-
900 barrels November about two
months ago at $112O, which insured
him against loss on that quantity had
he been unable to control the October.
At the opening Of the month, when 1t |
became known that Upton had con-
troll Of pork, there was an advance
from $12 to ST.. For the last three
weeks prices moved between $14 and |
SIG, with few open transactions.
About 5000 barrels have been brought
in from outside packing points, as the
price here made it profitable. lip
ton has stripped about 10000 barrels
and sold the strips from SIC to SIC.
Deal Has Been Satisfactory.
Samuel H. Durham, when seen last
night, said: "All the pork was set
tied. We sized up the shorts and made
the price to suit their ability to pay.
We did not want to be hard on any
of them, and they are satisfied with
the figures made in settlement"
will there be any November pork
delivered today on your sales p II
do not know, but there might be.
Cash pork is selling at $11.25 and No
vember is $1,000, so that there is no
profit in delivering, while the cash is
ut premium. It's the same way in
ribs. Cash ribs are $685. and Novem-
at premium. It Is the same way In
satisfactory to U.S."