, 1876-01-01

IA l. OIkDiA VhlNt}fa1t
N well IL 10 pack during tho summon; brt the
work of pacsiug Ia also tending to seSfc9atc in.
10 a few weeks OF tho winter. In 1913 a1hi 1871
1 iarKh part Ut tho packing was forced into the
months Of November and uecc,nbor, wlli!c this
winter tic work l1aA becn retarded ty light
supply of hogs, aud lhe principal voI'lme wiil
full In JANUARY aai February. Our comparison
BY calen!ar ycars ~. therefore, Hotnowfa. ieHs
flrorabto 10 1876 .i,an would be tic casa IL tho
work of lila winter wclo compared with tha: Of
thn 0fo plcccIlng 1t.
epEccLAr1rE TRADING
has taken ttlo lead, ar1 controlled The marks.
fur consumption, kcopins pticos up to = much
higher point than would l,aye r,.ci otherwise,
and enabling fnimers 10 n h1izo great deal moro
for their hoEa than coHfI haSo bccn obtained II
packers lad not bccn abe to Fall ahcni to parties
who did not rant 10 thfp tho property. Tah
n,nrKcs wat titus Sustained through what would
p.obably tiaro becn duI aud dcptossed year.
In t179 stocks had been xnElscd tlown to Il Inv
point hy midsummer, mud apccnin.iTe buyers
made money rapidly, stocks lclng c'oacd ont OIL
IN advancing ,nAskot. That fact with tho cry
Of s!lors crop Of hogs for This winter, with sono
fears OF hog cholera to sti further diminish tho
sNprlr. induced buyers to take hold last year,
Tur flturo dcltvorr. aud tho trading In options
.as lalgc nn'l continuons-tho dcnnnd keeping
usices mp - roI"t wl,ie!. mas high ~ cou,rastd
nil, tl'ouc ruling i; grain. Hogs wero not usa,-
lctetl nh freely IN tile sl'n1tr IN III past HeaeonH,
and prices wero we'll nuatntuctl In consequence.
w1nlu tie lesser supply Of a1mner-otlrc. product
loiped holdets Of rathor }aeEo htoclB OF winter
cl,rcd 70 carrs them at i,lEh figures. Tho fcars
III fa.furn OF tito corr, crup 1iato farmers cnte-
fnl in fceaIug tho nd out to hogs. alld tho new
corn NAB thts in mntnrine, 20 that hogs could
not he fatsencd o. early NJ 1lslal-earettal'y Rs
racHcrH warned by previous experiences In
thrinllng, dltcrimitlatcd rather heartily against
the present bcaton opoucd taFdilv. md
nil TIC Mrc Va ts hog dealers had
como to tho conc1uston That It was good policy
70 rcl them in spariug:y =. first, arguing that
packers would to ~ IN past voals.-hld up
against ono another la preference TO sllovius
tbcir houEcs 10 remain idle. That policy lad
been profitable 0uo laat winter. but lad made
taektng hazardous. A good speculative demand
vance through tho aeaxon. no That packers maie
money by tho appreciation, whcre thev would
hhvo lost had they Hold the product tho aamo
day TINT they bought the hugs tao curscus mar
k's being steadily :yo4's sgs'nss as nra4. stst4'
ut the beginning Of wtnteE stocks Of hog prod
uct had bcon vol cleared ap all over the CON
snming world: and osders for ahipmeuta from
voro largo enough to take army tho product as
fast aa made, and keep tho market bare during
November. Meanwhile tho future Was heavily
discounted. on ali kinas Of product short neiers
netting on tie theory that prices Of hogs must
decline IN Decoubcr, and their free of1crings
put product down TO pricea at which it could not
be made. But tho hog supply continued small,
In proportion to tho number Of houeeh to bo
kept at work, aud tho prico Of hogs was kept up
to whnt tho packers te!t to be nn upnAte point
10 that most of ti,o1n retasod to operate, rxcopt
10 MI direct ortleta, aud some bought product
freely for future, because It Wa cheaper than
they could mako it. Towards tho cloBe Of tho
ycsr tho receipts OF hogs Increased, aud prices
eaecd down somewhat, bat wero still too higd to
make 1t Bsfo to uccumulato HtockH. It ID cun-
niaesed psoaabla that tho ncxt tao mouths will
be unusually active ia tho pacAiuz hoaHos, to
rntD:so IN MEATH
cutting was active. Tuo outward nioys1lout Was
hhcra. oil through tho ycar, nut much larger hro-
portion than over before we're put up on direct
offered ou Change. Not ieaA than eight firms
s.o now engasoi ii WORKING lii this way for Eu-
gllsl houses. aud tuv5 cut up tho extraordinary
humber Of QUO, 900 hogs during tho summer,
w},ict. u1ed to 10 season Of Inactivity In the
paci;ing.houFo l,ut thcro was little buying
ahoad. At tho beginning OF November, 1874.
nearly 75,103 hoxes had been sold to 60 to
EUROPE. while twelya months afterwards only
about 1U,b30 bOX1a hnI GGEl Htiu hHthtt.
! TAis waa chiefly bccanAo pac1ess would
not dieco,,it current flces go extensively
as was desuandcl by buyers. Int tho
shipments Of meats s,nes then were limited
only by Tho supply, They hayo hecn ordered
direct from interior :owns in thu south. wn'io n
largo businepa ia ioue by ihe a.scnls OF tbs dif-
fcront through liucs bv rail to tho eoaboasd, aud
tAsnca by atcamer t. Europe.
IUp iDarAtt fpg short 3ilH Averaged Vic TcE
IT., aud Bllouldora Glkc 1uring January nud Feb
ruary, With little variation. Short rlbs grad.
unlly advanced 10 12u by tho elld Of April. fell
back to liz b. tho middle OF Juue. touched loi
in tue middle OF August. won't back 10 ~ 10 .:
tho c}oss Of that month, and aasAnced 10 l4e In
0rtoIer, shoutlera touching o. 9c. at WHICH pricea
the last lots Of old wcro ctcared oil. Nov shUsl
! rpH, lonso, sull at 9S+c early In NnVonbcr, and
! LaYe elnco ranged 1t 9;3S@l0c, closlng 1T 9s.c
Short ccars averaged ~ aborc. aud shoulders
81 he3ow, tho rs;cea for short riba.
MEss lunK.
| Tlloro waH heavy speculative movement in
| PORK last winter, which carried ps1ccs up ant
largely stimulated lis production. The article
| waa bought chlotlg BY country doalors In hogs.
| who got out ot tlle doal soun after tho close oi
| tho packing Hoaso,. Tie market then weakened,
| aul ruled worry dull TIL prominent packer took
| hold and worhod on rather largo stock iuto the
| hauds OF connuntta whilo running all operation