Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-23

they came in this market and bought all tie
stuff offered, spot or future, at a sharp adj
vance, and put the whole market up several
points. Onthe ether hand. they have shown
more weakness than Before, and have
allowed both this and the Chicago market
to fall back more than they have done since
the speculation commenced. But yet the
decline has not edualled the advance by
considerable, although at one time it looked
like general break and Generalization,
which has deem confidently looked for here
all the season. Had this occurred, the So
lutionof the situation would seem apparent;
but it did not, and although there has been
little or no recovery since, the market re-
fuses to go lower to any material extent,
although it is dull and rather weak of the
two, and the actual decline has not been
1tiore than &c On Bacon, T5c oil pork and &
Gsc OH lard from the highest point of the
week before.
Now, what the true position Of the mar
ket is and how much it has been changed,
if any, in the past week, we do not pretend
to say, but this much does appear, that I'M
til a further decline is Experienced there is
no safety in saying that the situation is
radically changed, much less in acting
upon any such belief. And the indications
are that the Chicago operators have control
of the market still, and are permitting it to
drag along in this apparently weak and in
animate condition for a purpose, because
they have not thrown over enough stock at
the decline to relieve them of any pressure
for money, even if that was the object, and
we have no intimation that it was, and, so
far as we are able to learn, the stuff sold on
the decline was mostly bought as before by
the Chicago operators and packers; so that
this does not have the essential features for
a weak set of holders. True, these purclla-
ses were to some considerable extent to
''cover" "shorts," but this disposition to
"coyer' on the first decline argues for ANY,
thing but permanently weak market.
We have, then, this situation at the close
of the week: a dull and apparently weak
market after quite a decline from last
weeks prices. The shippers are not buy
ers of future, but are still selling their old
contracts, as they give them larger profit
than to ship. The Western packers are
still buying them, and though apparently
weak the market refuses to go much lower,
and little stock is offered. No one dare
''go Short" and there is also less DISPOSE
ton to 'tgo long, of the market than last
week. 1t does not yet appear that the sales
at the decline were so much to realize
money as for some other purpose. What
that purpose is is undevelOped. Upon its
answer depends the immediate, if not the
near future of the market. We have offer
ed the suggestion before, that it was an at
tempt to get large ''short interest" here
and West at these high and, as
some regard them, fictitiously high
prices; and although this may not be
true, the whole trade here, by implication,
admit it by refusing to sell ''short" to any
general extent, preferring to remain mac
tive to taking risk which good judgment
would say was small were not the markets
of the country under control of a "bull'
combination; for there never were more
flattering prospects of a fortune in going
''short," if this is ''wild speculation" as
most consider it to be here. On the other
hand the arguments of the ''bull' side are,
that notwithstanding the November pack
ing is larger than ever before, the hog crop
is smaller than last year, and some even 90
so far as to say that the winter packing will
be virtually over the 1st Of January. The
facts, however, are these: The reports of
the Agricultural Bureau place the number
Of hogs, of all sizes, about 100000 more
than last year at the same time Of making
up reports. Surprising they are of smaller
average weight than last years, before the
year is out they will have reached that
average, and will come on the market next
summer to compete with the winter pack
ing, and go just as fast to supply the years
demand as ifpacked now. Since the LIST of
November the packing of the principal
points has equalled over 80 per cent Of the
packing Of last winter, but the weights
have averaged 10a12 pounds less. This de
ticiency is mostly lard, and would make a
total of some 10000 tierces, allowing it all
for lard. This might Counterbalance, so
far as lard is concerned, the increase in
numbers at present. How it will prove
later in the season, actual results alone can
tell; but if corn continues to advance to a
point that will pay better to ship than to
feed, as seems likely now, then they may
average still lighter. We find that the
complaint of a short crop of hogs comes
more from smaller packing points, where
they will not pay the high prices that Chi
cago is paying, and hence no hogs, compar-
atively, are coming to these places, and
some are already closing their packing
houses, while all the hogs are going to Chi
cage, which continues to be plentifully
supplied. We cannot therefore count upon
a smaller total crop for the whole year, and
are likely to have more, not only in num-
bers, but in amount. While export demand
is mostly shut off at the moment, it is, no
doubt, safe to calculate upon the usual an
nual increase i'll foreign consumption upon
the former basis of prices; but how much
the present prices here will check consump-
tiOn abroad remains to be seen.
The situation is, therefore, as problemat-
ic as ever, and the solution as distant, appa-
rently.