DUKE & DUKE
Commodity Brokers  |  Philadelphia, PA  |  Est. 1983 _
--:--:-- EST TERMINAL v2.1 // SECURE LINE // DEC 1983 SESSION: ACTIVE

FROZEN CONCENTRATED OJ FUTURES  

Look, I'm gonna tell you something, and you better listen. Everybody's sitting on OJ right now waiting for it to bottom out so they can go long cheap. But I'm telling you -- the crop report is clean. Nobody got hit by a freeze. Prices are about to run. You buy at sixty-four, you clear out the suckers, and then you ride it up. That's not a tip. That's street intelligence. And it doesn't cost you a dollar.

The herd is scared. The herd is always scared. While they're running, you're buying. Pay attention to what people aren't saying on the floor.

VALENTINE RATING: STRONG BUY  ▲▲▲
COMMODITYLASTCHGSTATUS
COMMODITY1983TODAY×BILLY RAY SAYS
FCOJ
Your morning OJ
140¢/lb~210¢/lb1.5× Still the one that matters.
PORK BELLIES
That's bacon
60¢/lb~142¢/lb2.4× People loved bacon then. People love bacon now.
GOLD
The thing Mortimer hoards
$381/oz~$3,300/oz8.7× Should've bought more. A lot more.
CRUDE OIL
Every gallon you've pumped
$29/bbl~$63/bbl2.2× The world runs on it. Always did.
COFFEE
Your morning coffee
$1.23/lb~$3.80/lb3.1× Nobody ever stopped drinking it.
SUGAR
Everything sweet you've eaten
7¢/lb~19¢/lb2.7× Sweet deal. Then and now.
WHEAT
Your bread, your pasta
$3.55/bu~$5.30/bu1.5× Boring. Reliable. Buy it.
SILVER
The other metal
$8.50/oz~$33/oz3.9× Underrated. Always underrated.
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$394,000,000
ESTIMATED DUKE & DUKE NET WORTH — PEAK DEC 1983
1983 VALUE
$394M
In 1983 dollars. Untouchable. Ungodly. All Philadelphia.
2024 EQUIVALENT
~$1.26B
Inflation-adjusted. Billionaire class by modern standards.
EXCHANGE SEATS
2
NYSE & CBOT. Inherited. Never questioned.
THE WAGER
$1.00
What Randolph and Mortimer bet on a human life.
"We are going to be filthy rich, Mortimer."
-- Randolph Duke, December 1983
PHILADELPHIA INQUIRER
DECEMBER 19, 1983
INTOXICATED SANTA DISRUPTS DUKE & DUKE HOLIDAY GALA
Former managing director Louis Winthorpe III, 32, was removed from the Duke & Duke annual Christmas party Friday evening after arriving at the firm's Rittenhouse Square offices in a Santa Claus costume in an apparent state of severe intoxication. Winthorpe, who was terminated from the firm under undisclosed circumstances earlier this month, caused a significant disturbance near the shrimp cocktail table before knocking over a decorative display and attempting to address senior staff. He was escorted from the premises by two security personnel and a doorman identified only as Coleman. Randolph Duke, reached briefly by telephone, called the incident "most unseemly and entirely without precedent in this firm's history." Mortimer Duke declined to comment. No charges were filed. Several guests described the scene as "deeply uncomfortable." Winthorpe could not be reached for comment.
SOCIETY
ASSOCIATED PRESS
DECEMBER 31, 1983
COMMODITIES CONSULTANT CLARENCE BEEKS REPORTED MISSING FOLLOWING AMTRAK INCIDENT
Clarence Beeks, 44, a private security consultant contracted by the Philadelphia commodities firm Duke & Duke, was reported missing late Monday following an unspecified incident aboard Amtrak Northeast Regional train No. 174 traveling between New York Penn Station and Philadelphia 30th Street Station. Beeks, described by associates as a former military intelligence operative, was last seen in the dining car shortly after the train departed New York. Fellow passengers reported hearing an altercation in the cargo area, though Amtrak staff have not confirmed details. Philadelphia police and Amtrak security officials have opened a joint inquiry. Duke & Duke, which retained Beeks for what sources describe as "sensitive research assignments," issued no statement. A spokesperson said the firm was "cooperating fully with authorities." Beeks' current whereabouts remain unknown.
METRO
PHILADELPHIA DAILY NEWS
JANUARY 1, 1984
RARE GORILLA MISSING FROM AMTRAK CARGO; BEEKS STILL UNACCOUNTED FOR
Cha-Ka, a 340-pound rare western lowland gorilla on loan from the Philadelphia Zoo and being transported via Amtrak cargo hold to a research facility in Washington, D.C., was reported missing early Tuesday morning from train No. 174 -- the same service on which private consultant Clarence Beeks was last seen Monday evening. Zoo director Harold Phipps called the animal's disappearance "deeply concerning," noting that Cha-Ka is considered a gentle temperament but should not be approached by the public. Amtrak officials confirmed that the cargo car was found unlocked upon arrival in Philadelphia, though they declined to specify how. Investigators stated they are pursuing "all possible explanations" for both disappearances. When asked directly whether the two incidents were connected, a Philadelphia police spokesperson paused for an unusually long moment before responding, "We are not ruling anything out."
BREAKING
WALL STREET JOURNAL
JANUARY 2, 1984
DUKE & DUKE REPORTS "TEMPORARY LIQUIDITY EVENT"; EXCHANGE SEATS LISTED FOR SALE
Duke & Duke Commodity Brokers of Philadelphia, one of the exchange's oldest and most storied member firms, disclosed Tuesday that it is experiencing what a spokesman described only as a "temporary liquidity event" following highly unusual trading activity in frozen concentrated orange juice futures contracts on New Year's Eve. Sources on the trading floor described the firm's position as catastrophic, with losses estimated by multiple traders at upward of $394 million -- a figure the firm has neither confirmed nor denied. The firm's two exchange seats, held by the Duke family for multiple generations and considered among the most prestigious in the industry, have been listed for immediate sale. Randolph and Mortimer Duke, who collectively built the firm into a Philadelphia institution over four decades, were unavailable for comment Tuesday. A filing with the exchange commission is expected by end of week. Industry observers called the reversal "stunning" and "without modern precedent."
MARKETS
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CFTC RULE 180.1

The events dramatized in Trading Places (1983, dir. John Landis) proved so accurate a depiction of commodity market manipulation that the Dodd-Frank Act of 2010 included a provision informally known as the "Eddie Murphy Rule" -- CFTC Rule 180.1 -- which broadly prohibits manipulative and deceptive practices in commodity markets, including trading on nonpublic government information.

The Duke brothers' orange juice scheme went from Hollywood plot device to federal regulatory precedent. A fictional heist in a 1983 comedy is now cited law. Not bad for a one-dollar bet.

"Turn those machines back on!"
-- Mortimer Duke, NYSE trading floor, New Year's Day 1984

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