Daily globe., 1883-07-08
NO. 189

Al4IhS SHd41 oruerS ana quotabIy at $15.25
@15.75.
The demand for lard was quite brisk
and the offerings liberal The market was
somewhat unsettled and pr ices weak dur
ing the greater portion of the day, declin-
ing 15@20c per 100 pounds and closing
steady at the reduction. Shipping de-
mand moderate. Cash in fair demand
and quotable at $9@9.O5.
Prices of pork to-day are 1925 per bar
rel lower than year ago. Lard is &c low
er per pound. Short ribs 515c per pound
lower.
For the first four months of the summer
this year receipts for hogs fell off 54O,247
head, over 80 per cent. The average gross
weight for the four months this year was
2,O26 pounds greater than for last year,
and the product yield also shows a marked
increase, the shrinkage from
live to dead weight being
the smallest known in many years
az this season. The increased weight is
equal to $4,000 hogs of last years average.
The shipments of live hogs this year show
q falling off of 3S5,541 head, or we're a
little less than half what they were in 1882,
so that our packing Ito date) is $4,000
head below last year. If we count the in
creased weight and production the falling
off would be over 1000 head, and perhaps
less, the increased production being an
unknown quantity. The elasticity of the
average speculator's mind is something
wonderful. Prior to the panic OF three
weeks ago the trade, with few exceptions,
were bullish, and fully believed prices
would average we'll up to
year ago. They saw the re-
ceipts of hogs were less, the
stock on hand but very little larger,
and the outlook was favorable for good
prices. But the consumer held aloof and
purchased sparlngly and then there were
several large failures OF men who were
loaded with product. Prices broke off
very severely, as we all know. With the
falling off in consumption, however, we
lind our stocks to day are only 25,OOO,OOO
pounds more than year ago (Which is
really but one good weeks shipment) and
the summer receipts of hogs promise to
fall considerably Below last season, though
our packing will be about the same owing
to falling off of shipments East of live
hogs. If our shipments from this time
forward average as we'll as last
year, we shall enter the new packing season
with small stocks. With these possibili-
ties it is remarkable that there those who
prefer to believe that prices have yet hard
ly begun to go down. Some predict $14
0rl- On oV.1 IN
these same men were four weeks ago, ar
guing $24 for pork, 14c for lard and 13c
for ribs. There may be some grounds on
which to base such radical changes of opin-
ion, but the chances are that those who
believe the product is going down to prac-
tically nothing may find themselves mis-
taken. 1t is policy for those who own the
stocks to keep prices at point that Will
almost guarantee liberal outgo, the OBJ
ject being to get prices reduced to point
where they can be handled easily.
1t is true, moreover, that the bulls have
suffered severe losses which the last thirty
days and their backbone is sadly rent, but
the situation Supply and demand present
and prospective) does not seem to warrant
a very low range. If the stuff was all
wanted last year at the prices then current
(which we're twenty-five to thirty
three per cent. above those now pre-
vailing) it all ought to be taken this year
at the prices now asked. Product was
either very dear last year or else is very
cheap just now. The bears may continue
successful, but the outlook would seem to
argue that prices are already low. There.
are some fears of yellow fever, and this.
may break values, but this is something
that cannot be counted upon.
NJ. S. Nichols & Co.'S failure involved
many parties at Watertown, N. Y, some of
whom were ruined in the break in wheat.
Nichols came from that place, and seems
to have drawn the whole town into specu-
lation. To-day his attorneys there sued
twenty three of his customers for whom
he had advanced margins.
II gave my attorneys at Watertown in
structions a week or ten days ago to col
lect my accounts there if it could be done,'
said Mr.. M. S. Nichols. II did not know
that suits had been instituted, but consid-
cred it likely. Parties there owe me
$4,000 margins on deals. If they had
paid up might not have been where l am
to-day. 1 cannot give you names Or any
further particulars"