, 1872-11-05
PORK .CORNERED.
william Young & Co.'s Operations
Since June Last.
They Have Had Monopoly Of the Pork
Business Since July.
Cincinnati, Milwaukee, St. Louis, Etc,
Send $4,000 Barrels to this City.
Effect Of the Corner on Trade.-.The
Packers Demoralized,

Effect Of the Corner on Trade.-.The
Packers Demoralized.
Most Of our readers are familiar with the fact
that the Board Of Trade Of this city, sometime
since, took rather stringent action in regard to
"corners" on produce. The persistent recur-
renee Of corners in wheat and other grains, since
the fire, caused considerable reyulaion Of feel
ing on the part Of many Of the prominent mem-
bers, and, after much cositation, they met and
induced the Board to pass resolutions which it
vas thought would be an efficient bar on corners
in the future. Subsequent events have shown
that the Board Of Trade of the City OF Chicago Is
not entitled to greater credit than the Parliament
Of Great Britain, about which Lord Brougham is
currently reported to have said that they never
yet passed an act through which he could not
| drive coach and six horses at full speed. We
have at the present time, and have had for three
| months past, 3 corner in pork OF the most gi-
| gantic proportions. :.
Sometime in the month Of June last, the firm
Of William Young l. Co., OF this city, recently
arrived from Milwaukee, commenced buying up
all the pork that WAS offered in the market, os-
tensibly for Canadian parties. During the month
Of July, it became apparent that 3 corner Was in
progress, as their purchases were all made for
August delivery, and long before the end Of July
they had d practical monopoly OF all the pork in
the city. When those who had sold short to
tben became satisfied that there was no chance
OF buying pork here, they sent letters to other
cities, asking the price OF pork there, and, as
result. there were soon visitors here from Gin
cinnati, Milwaukee, st. Louis, Covington, and
other smaller po1k.packing points, wanting to
|
delivered here; and aoon the different railroads
leading to this city from those points we're
| weighted down with pork to be delivered to
William Young l. Co. 1t is calculated that not
less than $4,000 BARRELS in the aggregate 9, came
here from other points, which at 9l2.25 barrel,
| would give q total Of nearly $3.50, 600 worth Of
| pork thrown upon this market, in addition to
The greater portion Of 147, 900 barrels that were
manufactured here last winter. This reversal
OF the ordinary movement OF trade was natu-
| rally attended with considerable excitement,
| and our readers will remember one OF the prom
| inent incidents-tha expulsion from the Board
Of Trade Of the we1l-known ]. Brooks johnson,
| for alleged improper conduct in connection with
lot OF 1880 barrels Of pork sent here fro N
Cincinnati. But Messrg. Young l. Co. took all
the pork that was offered, and paid for it, which,
to say the least, was something unusual in
are entitled to The eredit 81
| having paid for all they agreed to receive thus
far, and. in this respect have set an example
which might be emulated by others wbose names
are familiar to the public. It may be added that
most Of the money is believed to have come di-
rect from Canada, though there are many people
| in the trade who do not believe the statement
that the pork has been bought for Canadian par
| ties.
The result has been, as is usual in corners, to
demoralize the trade. Instead OF having m &C.
| tive trade in provisions for three months past.
there has been scarcely transaction, and the
1xr1ra h4l
ing il they we're not living upon the proceeds Of
their past earnings. The fifty OF more provision
brokers in this city, though they have not lost
much money on their own account by trades
made with William Young 4; Co., are really the
most vexed class OF men, because it has taken
away from them what they expected would be
profitable trade, and, more than that, it has
demoraized the packing business OF the season
thus far, and may do so FOR many months in the
future: Thoae who have made a careful can
Of the situation, conclude that there are not
less than sc, 900 barrels OF pork now in this city
and the number may be nearer 100000 barrels,
points instead Of being absorbed by the con-
| sumptiye demand which naturally flows to those
places. We ought. at this season Of the year,
to have not more than 10000 or Il, 600 barrels at
| times as much. As 3, consequence Of
| this immense stock, our local speculators
are afraid to trade, and parties outside who
have hitherto employed brokers to buy aud sell
have anything to do with it, while the packers
| have not yet made up their minds whether or
not to pack mess pork the coming season to any
considerable extent. IN the meanwhile, it is
.arangements to ship out tlis pork to Canada,
being afraid to offer it on the New
York market, for fear Of it's reae1 action
on prices hero, They arc reported to
q, 900 barrels, having bought that much Which
! has not yet been delivered !; and for that reason
| they haye recently put up the price to SIS per
barrel, being an advance OF SO cents on tho
rate heh aE qea .re for a, two EsoosS 90nbs so
have bought some 1000 OF 5000 barrels Of pork
for December delivery, at $12, so and 512.75 per
| barrel, for the purpose of enabling them to got
| nd Of their old pork st 8 profit; it is UNDER
stood to have averaged them s12.1o q barrel,
and they think they will be able to prevent tho
manufacture Of mess pork to any considerable
extent before the close OF the year, Ed that they
can realize handsomely upon their December
The most awkward phase: in the business is
the check which it will give to the packing oper-
ations during the coming winter. It is well
known that, for several years past, mess pork
has gradually become more speculative
and in our numbering regions, and even down
South, prefer meats to mess pork, 80 that pork
is scarcely salable at any Paying price to the
consume nothing in the shape Of hog meat but
pork. With go much old pork staring them in
the face it is no wonder that our packers should
be afraid to arrange for packing mess pork on Q
large scale this winter, especially as the demand
for Consumption is steadily Eliminating: And
this brings an item Of insecurity in regard to
the price Of meats, which is equally detrimental
to trade. Of course, il the live hogs coming to
this CITY SHOULD be turned into cut meats
and lard, the amount Of production
Of cut meats would be 30 largely in
excess Of that of any former year as to material
buyers, and they are very tardy in taking hold,
as they have done in former years, when they
bought 3 large proportion Of the seasons pack
ing before Christmas. For this reaRou parties
who are canvassing the packing situation look
OF profit in it this winter as they are afraid that