The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-23
HOGS AND PROVISIONS.
A LETTER CONTAINING A LARGE
AMOUNT OF INFORMATION.
The Wheat and Corn Crops and the Hog
Products OF the West and Other Re.
spective Portions-Present and Pros
pective Market Predictions,

Mr.. Ogden Fontaine, broker OF this city,
received the following circular letter from
JAS d. Stephens of Chicago. and who is one
- the Oldest and best provision dealers in
the United States. 1t will be read with
interest by our merchants and country
patrons
CHICAGO, Ill, Dec 10, 1883
Ogden Fontain" Esq, Memphis Tenn.
Dear Sir-That our corn crop this year was
n large one is fact that has passed into his
tory, and has been speculated on until values
have declined heavily under its influence.
Prices are now at the lowest point touched
so far, and IL seems as II II were time to look
at the other side. The crop, though large, is
OF fine quality and was harvested in excellent
condition, while the weather has permitted
an extremely free movement. The demand
has been good and heavy inroads have been
made into the new crop
Manufacturers stock and all other re-
serves were reduced 10 a very low point and
are yet light Feeding stock has seldom ever
been more profitable. The export demand
has been and will continue good, while the
home demand will also be larger than usual
owing 10 the low price Of corn and high price
of wheat. The wastage ola large and low priced
crop also cuts material figure these facts
coupled with the additional fact that corn
bought and carried in cribs west of the Mis-
souri, rivcr)at 10 20 20ccnts per bushcl does not
cost fortune carry on on o per cent money,
even for three or four years and the quality
of the corn is good enough TO make Il safe.
All this the trade fully realize and are adj
yancing money literally for this purpose
So far We have had no weather TO cheek the
free movement, but we can reasonably ex-
pect IL NJ any moment. and when the move
ment Is checked the shorts are likely 10 COM
monce TO think more seriously OF the situa-
ton.
Rather than tail on behind procession
that has about reached the end OF Its road. IL
would seem wise 10 lead of new aud indie
pendent procession that looks TO improved
values.
The position Of hog products Is Just the
reverse Of that In corn. The stock Of fall
and winter hogs is light, but owing TO the
big corn crop, every hog sent To the market
--..S.t, and feeders are stuling hogs all they
can, aud holding back young and partially
.atted hogs With the first unfayomble
weather for feeding a great many hogs will
be sent TO market yet the winter packing
viii likely be short OF former years. but
the winter stocks are only made To nccumu-
late Tor summer use, and the prospect l. for
very large supply Of fat hogs next spring
aud summer. With hog products nj or near
present values, aud corn ~ low, a large run
Of hog, IN the next six months will follow
rs surely a. the night follows day. Corn ut
or below 20 cents per bushcl In the country,
and bushel of corn will make twelve
pounds Of live pork; this presents the posi-
bility Of extremely low prices for Lard ribs
and pork during next summer.
Feeders arr making every effort 20 that
end aud every hog In the West Is being
highly fed, aud Il would seem that any sales
made far enough ahead TO keep out OF the
way Of corners. would pay literally.
A. regards wheat, like nearly all short
crops, We see the best prices before the har-
vest h complete. There are still manipu-
aiors and enthusiasts who look for extreme