Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-15
PORK SPECULATION.
The Strong Bull Movement in Pro-
visions Is Arrested.
GERMAN EMBARGO AND HIGH CORN
Seem 10 Have Been Worked For ALI and
More Than Was in Them.
BACKWARD SEASON FOR HARDWARE
BACKWARD SEASON FOR HARDWARE
OFFICE OF PITTsBURG DISPATCH,l
TUESDAY, April Il, 1891 !

TUESDAY, April Il, 1891
There has been cf late hard tussie be-
tween bulls and bears concerning the future
yalue of pork products. On the strength of
birh-pyiced corn strong bull movement
was inaugurated in the latter part of March.
Since that time the upward movement OF
prices received a new impetus by reason of the
announcement that the German embargo on
American pork would, in all probability, be
lifted at an early day. On the strength of these
influences both hogs and hog products were
advanced sharply within the past ten days. A
second advance in provisions was looked for
last Saturday, but failed to materialize.
Moreover, the upward movement of hogs has
been arrested and prices were 2Oc per owt.
lower at Chicago and East Liberty this week
Than last The bull movement has evidently
come 10 a StanGstill, and Spectators who were
very eager to join in this bull movement nave
Suddenly grown more cautious III their deals
The strong factor of the upward movement
has been the high price Of corn. the h'ghest or
many years. With corn ranging up to The 81
line, hogs snd hog products in the view OF the
bulls. must 60 up higher.
Another Bull Argument.
Another argument which has been success
fully employed by bulls is the advance of cattle
and beef. 1t is claimed that pork and bacon
are the cheapest articles in the meat line now
going, and that they must inevitably join in the
upward movement of meats.
From the standpoint of bears the provision
speculation of late has been largely sentlmen-
tal Professional spectators and pork PACK
ers are taking little stock in the bull move
lnent They argue that there is a larger visible
supply Of pork products in the country than
fhere has been for many years.
TIE product for May will soon have to be
taken in and paid for by the speculator or
changed over 70 july which will require an
outlay Of IS TO y per cent, and the market, on
the most favorable outcome. can hardly bear
this rate of interest. The professional specu-
laIor takes the view that with the excessive
stocks on hand it will be safer to take the risk
OF paying more for pork products later on, with
a good prospect of paying considerably less.
Moreover the prObabl5 removal of the Ger
man embargo was worked for much more than
was in it, When the news was sent out
that the embargo would probably be
removed the Reichst<g had already adjourned,
so that any prospects from thai source were
moved TO the future.
Still an Obstacle
Besides, if the embargo were removed there
is not pound of American pork products in
process of curing that would be admitted to
Germany under the stringent laws of inspec-
tiOn adopted by that country. Even live hogs
are admitted under careful inspection and the
laws concerning hog products are much more
stringent.
The only legitimate basis for the late bull
movement is the high price of corn. This will
be fully offset by the large stocks Of provisiois
in the country and the serious labor troubles
all over the land. which will have the effec. of
lesseninC demand.
Time VIII soon tell whether bulls or bears
will gain most in the tussle which is now fully
on. A settlement of labor troubles and Ger
many'S action Will have an important bearing
on the final issue. At present however. il
looks as though the bull movement had spent
its force.
In Hardware Lines
The trade in this line is backward and cannot
truly be reported as up to what it was year
ago Wretched country roads and labor trou-
bles have no doubt had much to do in keeping
trade back. The movement of hardware must,
however. soon start, and as prices are down to
bed rock. there is little doubt of an advance In
the coming few weeks Wire and cut nails are
now as low they have been In the history of
the trade. Price ofthe former is now 81 25 and
Of the latter 81 rs to 81 so, price that cannot
more than cover the cost of production under
the most favorable circumstances
As last season was a very poor one for re-
frigerators, on account of high-priced ice, the
coming season promises TO be extra good for
the opposite reason. Already orders are CON-
ing IN much more freely from retailers for re-
frigerators than at this time year ago.