New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-08
A CORNER IN LARD.
ADVANCE or TWO CENTS IN ONE M0NTH-TIF
SHORTS IN TRoUBLE-rAILUaEs TO KEEP vi

ADVANCE or TWO CENTS IN ON. MONTH-THE
SHORTS" IN TRoUBLE-FAILUREs TO KEEP UP
MARGINS
The excitement in the Produce Exchange
arising from the rapid advance pork and lard during
the past month eliminated yesterday with the reported
failure of several large packers and brokers to
keep UP their margins ON sales for future
delivery The rumOrs In reference to somo
of the houses implicated proved investigation to be
groundess but inquiry into the business developed the
fact that the oonfessedy loose In which specu
laton in PROVISIONS has been carried on. has
brought about crisis IN the pork trade from
which many VIII undoubtedly suffer; though the
interests all engaged in the trade nterlocked
that they help sustain rather than TO push down one
another-n this respect differing from operators In
stocks The facts are substantially follows.
planned yesterday by a broker IN lard who said that
though he did no business on his own account he was
liable at any moment become sufferer through the
failure OF his principals.
A large proportion OF the transactions 10 pork ana
lard are delivery, the parties TO the contract
being compelled to keep up the margins during INC
period intervening between the date Of the sale ana na
OF the delivery.
Both pork and lard have advanced Ia price curing the
past month. Sales were made few weeks ago Tor
January delivery az "a cents per pound; they were
made yesterday for immediate delivery at " eents-an
advance OF cents on a pounu' OF vi % ~ Oh
terce There have been large number OF short"
salss a. the lard and hogs had not yet come forward
from rho West Sales for January delivery have there
u anYo,Ied many losses, and those dealers selling
.por, FOR FEBRUARY and March have been compelled
"a Keen An enormous percentage OF margin, whatever
~.r ha the Anal results OF the transactions There
a2s NO REPORTS at Produce Exchange failures to
meet demands for delivery or OF protest Of notes OF
anv failure which indicates arrangement OF actual
trade houses were unable to keep up their
gins and the general impression seemed 10 be that
Say or would develop the weakness OF others one
dealer said that none who had sold short" to any
great extent would be able TO make good their Margins
aud that the whole matter would have To be arranged
by general settlement, 1t being for the equal
interest Of all to prevent any injury 10
the trade About one-nIth Of the contracts
made In pork ana lard simply speculative, and are
practically gambling operatons the rest are bona dd
and for actual delivery The houses who were reported
Yesterday to have failed on their margins were Geo
McGrath OF No. II Moorest., Knapp Co OF No II VIII
lamst and Charles II. smith Of No. ll6 Broadst The
two first named pork packers; the last Is broker
and representa- only his clients IN his transactions
The advano in pork and lard hss been based on an
alleged OF the Western CROP but packers say
that hogs are coming forward nearly rapidly as usual
at this season. snd that by tho close OF the packing sea
son there wall be found to DO good
Average supply. They also say that large
quantities arc stored away for the purpose OF
'oornerng" the market. or In anticipation OF
further ThaS that With tallov two cents lower