Chicago Daily Tribune Newspaper, January 1, 1876, Page 11

' | o 4 te mere ITAA am MDIDIING. THIS CHICAGO 'TRIBUN SATURNDAV TANUARYV SATURDAY, JANUARY 1, 1876—-TWIELV 187TH : \ S PAGES, 1875 REVIEWED. Trade and Commerce of Chi- cago for the Past Year, A Satisfactory Exhibit, Notwith- standing the Dull Times. Tho Produce Trade Shows a Slight Decrease, Seventeen Per Cent Decrease in the Volume of Bread- siufis. An Inerease of Seven and a {Half Por Cont in the Wholesale Trade. Our Manufactures Foot Up $177,000,000 of Annual Product. This Is a Gain of Seven Per Cent. The Total Trade of tho City Meas- ured by $657,000,000, Which Is an Increase of Two and Eight-Tenths Por Oent Over 1874, Ete. , Tho history ‘of the trade and commorco of Chicago in tho year 1875 is scarcely leas singu- Jar than that of {ts prodocomtor, though that, following on tho heels of the fast panic, had not even a partial parallel since 1958. And its sin- gulnrity ties chiefly in tho fact that tho record presents comparatively few new foaturea to La doscribed. That is, Indeou, eingutar for Chica 9, a8 our city Las heretofore boon marked for tho malig of bistory xo rapidly that it was dif- cult fo record at fast onowgh,—to got one fact down before another was duc. Aftor tho excita- ment of the panic had subsided, tho business of tho elty lapsed into a quict state, from which it lias ouly pastlally recoverod na yot; and tho completo recovery may uot bo accomplished for somo timetocome. The differont departments of activity have gradnally worked round towards what has seemed hithorto to bo tho normal cond!- tion hore, thongh tho oxception in tho caso of older cittes. But the rato of olango las beon go slow, especially for- yvick-moving Chicago, tuat nota fow havo asked the question if tre have not at last entered upon tho adult pbaso of civia axistenco, and ceased to grow ag of yoro, ‘That queation must bo answered iu the noga- tive. Wo lave ccaved to bustio as much as wo used to ,do, and onr well-known modesty has at waya forbidden ua to boast as other people do, ‘Tho produce movement les fallen off somewhat, itis true; butthat was because the Woet was more clovoly drained of hor surplus than uaua at tho beginning of tho year, Chicago hss done her fullehare ta baudting the praduco of tho country around hor, If suo has dono Joag, it 13 because thero has been loss to bo done. In the other groat departments,—in commerco and mauufaciures,-—our city bay mado satiafactory progress though nota fo Lavo compiainod that uginesd Was uever Bo dull Loforo, Tne fact is that our merchants bayo got into the habit of rolling up tho volume of thoir businoss like 4 Batheriug snow-ball, eo that anything lees than an anvual iucreago of 20 por cout iu profits ts un satisfactory. Thidcau nalouger bo expectad. ‘Tho rapid increase of tho past haw iuvitod ao much business onoryy loro that the inoreasod competition lessens tha profite of individuals oud firms, and tho incroago ju tha number of tracers pravents go rapid a awelling of salea’as formorly. ‘{bon, too, theto {ss roa pinch iu tho growing rato of taxation, which, suporposod upon the paymont of dobts Incurred four years BRO, after {ho tire, utraitons tho circumutancos of many who would otherwiso be flourishing in enay ciroumstancos, Thoso facts reproas tho real estate movomont, which hos hitherto beon foo muck rogarded a8 au index to tho prospority oftho city, Thar branch of the busincey waa . overdone in the past, aud tho recovery to nor- { mal couditions is necessarily slow, Yot, avon ‘boro, convalescence is woll in progroga,—tho % teatate markot being much mora healthy “avatany time in the two precoding years, §o;oople in tho world outside are apt to think ityat the Chicago folke talk too much about the Pffeat flre—that wo ought to havo forgotton it at gals tata day, They forgot that t burued a hole Qa our rosourees which hag. not yot boon Horde good. ‘fho vaut sums necessarily NYorrowed to rebuild and rofurnish have Jecarcely been recoverad from tho pratits f subsequent business,—capecially as the hurry: ot rabuildiug mado a great deal of the work cost ‘nuch moro thun it would have cost in ordinary Kimes. Mut for (he panio of 1873, for wulch Chicugo was tu no way responsible, we should ave beou all rigut ore thia. Tho Intter catny- trophe, coming on the beols of the flret, way, in ‘Btoo many instances, like tho second breaking of +, limb that wag not thoroughly hoaled after the rilrst accident. bo cects of both have, howw- sbyor, nearly divapposred withis the Inst fow monthy. The dulluons which onsuod nee roto. '* tion from overoxertion hay noarly pasued away, {f Mho wurplueago of bultdingy haa gradually allod up and permitted tho erection of many other, ‘The yaoant stores are now occapted, exvopt a few on ono ayonue, in a now channel which businove baw poraletently rofused to follow, Tho manu- facturing fntereate, which, stimulated to up- wonted activity 1m 1873, folt tho stroke of tho panto with doublo force, now show a watlafactory rate of improvoment, though aomoa catabliuh- mente are not working to thelr fnil capaclty,— priuelpally those dopoudent on the iron Intercete of tho country. Our hotols Lavo filled up, Our Merchants have ucrosued their councctions on ‘every band, sud rolled up a greater voluma of pusinoss than ever known before tu the bistory of tho olty, Tho carrying interest has suffored ; but oven that bay not beon an unmixod avil; It Mas cheapouod tha cout of nearly everything to the conwumer, and thus added to the wealth of tho dwellers in that vest eectlon of country the welfare of which is idvntical with that of Chi- cago. Wo close tho afd your, aud ontor on tho naw, with bright prospects, Thero is vo prounve of that infation which haa brought disevter ia the past, Qn tho contrary, tha foundation of our prosperity aa a city are broadomug graduvivand surely; and not tho least proof of that is found fo tho focitity which ia extibitea by our poopie in adapting themselves to tho evor-altering cou. ditions of trade which ara doveloped lu our com swercial Listosy. PRODUCE, "Tho produce trado of the past twelve moutha alanda ont fn marked contrant to that of proced~ ing years—oxbibiting su actual decrease in vol- ws as compared with J874, as woll su in the one sera nig ntansitnitennitenretnmnttinnetaenn ett a atoenn enrroncy value theroof in thia market. Tho courgo of trado hag, howover, Leon satinfactory ontho whole and very oven, Fair prices have hoon realized for most descriptions of produco, and fluotuationa tera loss rapid and severe than provioualy—whilo yory fow falluros of impor- tanco Lave ocenrred in thia trade, and corners, in the formor sccoptation of tho word, wero things unknown, oxcopt as mattora of history. Chicago bar done hor full share it baudling tho producta of (ho great Woat being her, and han gained on hor cotnpatitors in somo respecte } moro confidenco being manifested in the charac- ter of her wares than over before, There aro other cqutces for tho apparent retrogres- ston above teted, Tho cropa of Europe woro unusially good iu 197, with a fair yield in 1875, eo that tho people on tho otbor wide of tho Atlantic needed tess of or bread- stuffathan informerseacs. ‘Then, too, the absence of corner excitemeuta on the scale proviously Witnosuqd did not invito to a rapid slipment hither, oud especially did not create high pressuro diversions from other interior markets. ‘Tho reverso of thia was the cago in 1874, capeci- ally in corn, which, combined with what were then abnormally low lato freighta to tho Kast, made it impossible for Heoris and other points fo operate a8 they had pithorte done, Tho Enstern States have takon rather Jiborally of our produce, aud tho Sontt: has taken copiously of provlufons, but }cva of ourlreadstuffs, os sovoral Gf tho Southern Stater, which uucd to draw largely from tho Northiwost, naw taisa all the corn they requiro, and at Jocst one hag a surplua of grain, ‘Tho inost gratifying feature in the prodace trade of Chicazo daring tha payt year, 1 the stoady but rapid ineroisa of orte order trade from dintant pointe. It fs truo that Now England bas taken lore corn—beeausa she hos wantod less, tue dopression of her manufacturing intereata having mada that section « comparatively peor customer, But bott Europe and the Southern States now wend a lacgo percentage of thelr of- dere hero, direct, and tho Inst few month of tho year witneased a gront increago in the volutne of our ditect oxports, Chicago long sinco took tho cuutom of Now Eugland away from New York, and now that of Europo ts following sult. No small proportion of this business flons through Now York City. but more than ovor bas been di- verted from that point to other cities on tho Bea- board, and Now York is awakening to tho fact, and trying to romedy it. In 1874 sho accom- plished a most important reform ia the mansgo- ment of tho Erio Canale, the latoral ditchea boing practically divorced from tho main trunk, Now sho bas her own systom of grain inepcotion, and Uida fair to abolish the iniquitous practice of re- Packing pork—all in nueworto the imperative domatds of the cousuming world, which always tries to buy Iu tho bost and cheapest market, hgwover much a part of it may theorlzo about protection. ‘tho altitude of our city in this respoct is 9 grand ong, Situated at tho focus of tho great notvork of railroads along which the produce of the Wot finds its outlet, Chicago gathera it in, and maraoa it in roadiness to forward iv bulk to the conanmer. Sho offers it at the low- cat possible origiaal cost, and iu yuch quautitios that large ordera can bo filled without cousing moro than a maro ripplo on the surface of tho atream of current quotations, Monce tho buyer docy not put up prices on hiimeolf. Lhen sho offers to the European purchasor tho choico of five great routes to the seaboard, and enables hin to lake that which for tha moment offara tho best terms of transportation, And, botter than alt this, ho knows that lio cam get the origi+ nal article in Chicago, If he buys pork hero ho can conidently count upon having tho total availsof 190 ths of green moat, and doca not Josa 6@10 tbs ont of each barrol un tho scaboard. If ha purchase No. 2 wheat horo lo knows that ho wiltrecolve what ho haa pald for; whorosa in Now York ho has patd for Culicago No. 2 spring, and recoives wheat that nover graded above No.8 inthis city, Ho also avoids tho high charges levied py New York commtesion mon on produce purchasod at that port to order, ag well as sovernl intermodiato chargos which aro unnecessary, thonuh thoy be not oxtortionate. ‘Tho tremendous growth of spoculative trading in produce, noted {n our last annual raviow, bos beou continuous, With tho exgepttén of one or two lalla, that class of trading was vory activo all through the year. So groat has been tho rush of trangactions for futuro delivery, in mony of which eases the sollor does not care to deiiver the property, nor tho buyer to rocoive It (though tho actual delivery is always to bo mado unloss tuo transaction vo sottled bofore tho maturity of tho contract), that it has beon found necossary tocall into cxistenco a now order of beluga to moot the oxigoncics of tho over-increasing yol- ume of businews, Wo allude to tho “Ring Clorks,” who meet ovory morning at a kind of clearing-houso gathering in the exchange room to sottie up, aud transfor tho difforauces on, tho trados made by thoir principals on the previous day. By moana of this arrangomout the mom- bore of tho Board of ‘Irate nro able to tranuact 8 much largor volumo of business, aud with tho uso of loss capital than beforo, a8 the new ordor of things obyiatos tho necossity of actual trans fur of the property iu tho great majority of eases. Anis woll known in commercial circles, only 0 smal porcentago of those trades aro mada by mowbore on thelrown acconut, Some are made for parties in the city, but by fer the greater nimbor aro to tho orderof people in other cities, or seattorod all through the conutry dia- trieta. ‘he continued deprosslon of the manu- facturing {utorests all over tho United States, aud the geveral prostration of tho roal estate bualness, Las kept froo large sume of monoy, for which thero was little or no demand in tho losn market, and formed a powerful incentive to use itin speculation, A fow years ogo this eurplus cash, then comparatively email in amount, found ita way into Wall etroot, New York, But a groat many who sant thelr monoy thither found to thelr cost that tho cash thoy had owned wau usod to fight thoir intorests, and that about the only cbancoan outsider atood thoro was to got equeezed by tho: powerful combinatioua which controlle2 every movement of the markets for gold aud stocks, And for that reavon they havo sinco then gont thoir sparacash to Chicago to bo ine Yosted ay miarging ov wheat, pork, cor, or lard, making this city tho grand centra of speculative activity for tho entire continent. ‘he click of tho telograpbio apparatus daily brings nuqierouy orders to buy or goll from ucarly avory town of noto In the United States and Caundas, and from huudreds of milnor places, where paoplo ure oach day ausioualy awaiting avery puteation of tho wires that tolls of tue variation of 24 or a centin the Chicago markets, Not raln-cloud forme ovor avy spot on the coutinent bat it sends its ozdera to buy, and avery blush of flue woatherat any polutivsuro to bring out ordors to sell,— though the coutrary offecta aro not seldom wit- “SVessing by tho argomente. for th of this odor sradiug Cinuels could teat ee iss favor), wo merely fetiark that, while 2 has boen built up around the groatest real busines in produco in the world, 1 does tauch to build up and consosve that busiheds, And thinan bo- cause it inwurow the existence of w market for easly produco undor any abd all circumstances, ‘The country dealer can wand in his grain in cone fidence that it will bo eold when be wishes it to. be sold, and the proceeds promptly remitted, without having to wait from Luteo Fo thirty daya, agiatha caus im Naw York. Ie kuowa that, if tho grain id not wauted for elupmevt ou avy particular day, thero 1s always a ‘+ uoble army" of whorts who will po glad to ill in ata decline of Xf cont Gar. Lusbel, In like mauver tho buyer for shipment kuows that an advance of Jy cent fa wuthcient to bring Gut a ecore of tell- ‘are for future delivery, And thus tho balsuco i progerved. ‘Cho option departinont 1 like the Hy-wheal of the Hosneone0}, i takes power to movo it, aud occavionslly it yets ‘ou the rampage,” but in the greab majority of in- wtaucey tt is a wonderful equatizer, and keepa tho machine going at all times, when otherwiaa it would often como to astop “ou tho dead cqutra.” a ‘The year hay boen singularly froe trom disag- trous coruera in produce, though tho elementa of thoue corners have wavural tintes exiated, wud ouly lacked permission ta duvalop inte full- Hedged atfaird, equal to any of those onginesred to the dayaof yore, And this fact ia due entirely to the oar! of Trade, which effected by simplo monna what tho State’ eotld not accomplish by pontorons enactmont enforced by hoavy pone alty, Tho record of 1974 bristied with corners, capeciatly the tant six month, during which tho Kiate law axalout {hem was tu forco (?), and tho oar paeuod out of oftico in tho ars of a corner incor, ‘The Board of Trato amended ite rulon xo that nn momber pliontd bo discanlined because Kinco he refused to pay fictitious damages, thon thoro hava been a fow httle nqn but no corner, in tho ancient x tho word. Tho new rulos aso based upon tho common law of tha civilized world, and aro a great tmprovemont upou tho old, thong it hay bean objected tu them that they favor whort Kelling os ogainet tho capitalist buyer, If the Board should cnact a three mouths euspension from tho privieges of the Board in overy caro of faituro to provide for the Ming of a contract, and anes’ ou proof what auch provision had baen actually mado fr casa+ where the failure of ono weuner was alleged as ® reagon for tho failure of another, the rules woul need little further amendinant, 1¢ is not luprobable, howaver, that a feature of tho French oursa will bo introduced here befure jong. Arpocificatton in tha written contract to the effect that either party may close it at ploas- itro by paying 10 por cant of the named prico to the other party befuro the oxpiration of the fimo named jo the euntract, would givo an equal elinuee to buvor and setter, and obviate soma of tho features in ths trade that are now strongly objected to hy niiny oporatara, Tho rates of Inke frolght in 1874 wero Ho nn preeedentudly low, beng uesrly 30 por cent loss than the sversyo uf the preceding tlyo yoara, that it was thuuglt they could go no lower, That wea mistake, ‘hey havo ruled even lowor in 1875, af appoars froin tho followin tablo, giv- ing tho average freight ou wheat from Chicaro to Butfalo by lake, from Dultala to New York | by tho Erie Canal, aud for tho whole distanca from Chicago tu tha seaboard by trator, for six weagons of navigation, Average, lake. Do, canal, Do, fa%o antl Conta Cente,” cual, Cette, Tn 1875 the average freight on corn to Baffato hee 3.2¢ nearly ; maxing tuo rate on wheat about Bato. ‘Tho lowest rate to Bulfalo tho past season by water, Wau 13gcon corn, which was oquivalont to nut more than 1340 on whoxt ; tho hivhest on whoat Ly sail wus U!ye, paid uoar the closoof the woanoD, 5 Theso low rates woro diroctly dno to tho lack of compatition for freight-room, there not boing onough dolug to keep all tha yossols employed, yon at tho currout ratos, which wero so low that thoy acarcoly patd running oxponyes, “hora was lewd grain to co forward, owig to the lib- oral rail movement of the precoding winter, aud loss wan wauted Enst for tha rame reacon, Asn consequence of thoso law ratcs, tho prices of noarly all kinds of produce wore well sustained all through tho sunsou. ‘ ‘i Tho lowest through rato of tho year to Now York was 180 “pee ‘bu on wheat from store horo to fren on board thore, At the close of Ostobor tho rate was 19@20e, Tho lowest ocean freight was Gd; tho lighoat, 10:¢@1ld, Tho sory large rail movement of nintor was a logitimate consequonco of a spirited com- Frutien, on tho part of tha Baltimore &% Ohio tailroad, which invited businosa by low rntes, ond obliged tho companics controlling other linea to out down in self-defense, Their rates necessarily ruled low through tha auimmor un- der tho competition of lake craft, Towards tho closo of tho #oason of navigation tho railroad companies combined to put np rates, and namod 60a por 100 the ag tho figarca on grain from Chicago to Now York. ‘Taey, however, con- tented themsoives with die, ar 270 per bushel on wheat, othor fourth ctags being advaueed_ to b0c just before tho holidays. ‘I'v natural effect of this wos a decline in the prico of grain tn this market; but the conacquuncsa to Chicago were inteusitied by the unjuet discriminations lu favor of ivtcrior pointy, which wore ablo to send their produco through this city aud around it st a largo: Feduetion from tho rates chargod to eluppors from this polnt. ‘Tho practice of andorbilling on produce nent from conutry stations wade the matter much worse for oir dealers in grain, Tho ov became wo flaprant in the latter part of Do- eomber that the Directors of the Buard of Trado were appealed to to appoint a committee of in- vestigation. ‘fhoro i reauon to hope that tho papoenre will bo the menus of werkiug o radical reform in this direction, ‘Tho movement to in- veutigato has already caused the clique te order that no moro shall bo charged frum Chicago than from Milwaukeo to the Eust. ‘“ha intenga compotition of othor points for tho produva trade of Chicago senders it abso- lutoly necessary that doalers hero ehould unite ju tn effort to offect s reduction in the charges, for handling grala. Our elovator rates could prabably bo reduced with protit to the warrhouso- man, and che charges for tiimming grain into cars and switchiug cara to tue cluvaters suould bo abolished altogether, as thero 18 bo good reayou for their existenco. That alono would mako a dforence of noaily le per bu in favor of Chicago ay a shippiug-poiut for produce. And this ig » matter ot vital intercat to tho whole of our mercantile constumity, for where thy giaie goox tho other trade will follow. Money will accumulate wherever tho prod- uco ‘ig tuken to be amarketed, sul tho cavh received by tho producer will bo paid out for dry goods and grocorics, clothing, drugs, and luxirios, a8 nearly au posible to the plsce Whore hv finds @ market for wlint ho has to soll. If, thorofore, our presont powition a4 dintrioutor of goods to tho Norte west be maiutuined, we must retain that of 1u- ceiver and buyor for what tho people of that wido ares tins tu dinpoao of. ‘Ihe two conditions: are cooxistant, a4 tho two poled of tho galvanic’ battery, + : ‘Tho Yolumo of produce pouring through our city if onoimous. ‘Tho total weight of tho broadstuits, iyo stock, provisions, lumbor, coal, seats, oto. rosoives in Uhiwago during the yenr was not far from 7,000,000 tone, or 700,000 car Joada, if al} had come in by rail, ‘Lbia is au ov. erago stream of 23)4 tos por minuto all through tho year, fucluding uights, Sundays, and olher holidays, No swall portion of thie was couauwed in the city; but by far tho largest part wow gont out again iu o vast commorcial stream, directed tawurd all points of tho compass, For the baudliug of tho grain in Cureago, wo now havo sixteon *rogutur” clovators (not ius cluding tho Danvillo and Nectey's) wiich bavo an aggrogato etorsge capacity of 14,050,000 bushels. No now one had boon built during tha paut year, those alroady in oxletenco boing wuficlont sor the present tredo, ‘Tuoro are also {mmenso pubiio storehouses for flour, pro- visiony, wool, woods, Balt, otc, In addition to a vast aggregate of storage room of tho clase known os private, About 420 pairs of hands are omployed in tho grain olovators, bemides the in- Byectord Aud tho wen who move tho cars on track, ote. ‘Lhe conduct of tho warehousing business in 1875 bag been uuexceptionable. ‘There has been ne surreptitious lending of grain, uo over-tsyuo Of wareuouse receipts, aud no uufeir tixing oF sorting, #0 far ay known, on the part of auy waro- hous: probriniors ‘Yhoro was a hitlo troubio about the mixing and cleamny of grain outside, but that was promptly protbitod from entering the reguiar alavaiors, wuich bave also boan kopt froo from tho taint of ductorod barley, though tho latter haw been frucly offered by sampio oa ur Inurkot ; no onu was in dangor of taxing it au the regular course of rude, "Lhe inspoction of gras bay not been go sntis- factory to tho trade ax ju past years, tiradualy tore ‘and moru of the political clomuut has worked ita way tuto what should bo a purely ‘business matter. lu consequence many of our secolvers havy boou much alanatiiiod, aud tur fused to alluw their giain ta go ato toro as graded by the luspectors, ‘The Alar pee affair ia hut yet forzutten, Tho great mischiot of thy pee ayatem ia that thoruia wo direct reaponsi- Mity of & business nature, by which denwrs iy gram can gely redress when aggrieved, ‘There ia growing feeling of divotistuction with tie prevent eyatem, avd itis biguly provable tust a very strong effort will bo made ere long to pro- cure ite abolition, and ollow the inspection of gtain to tevert do the only partiza who should eontrol it—thove dirostly cujayes in the trade, ee ea ae Ses PROVISIONS. INE MANKET Fou PROVISIONS das boon very active durirg the grestor purtion of tho year; even (ho summer mouths, iu which hog products aro uaually quiet, having beon marked by consideravlo excitement. Ava cous sequence high prices have Lecu tho rulu; but tho fluctuations were not ao woyero as iu weveral past seasons, ‘Cho trada has been well controlled by cenitaliste during tho greater part of the year, and thoy have made money, whilo tho gartice who operated on the other aldo were geuerally the losers, The chicf exception to thin rulo was iu tho caso of lard, The bueiuces of {ho yoar fg usually considered ae dividing Ou tho summer aod autuuin, instead of tho wivter, Jor the reavon that the winter is tha timo of greatest activity in packing, which Inyites activity iu trade. It ts often dificult, therefore, to comparo tho buviness of giro calen- Gar years, Bub tho difloulty 14 not vo'ftoat now as formorly, Thoro is m yrowing tendency to pread the trading ovor the whole twelve months, answell an to pack during tho summor: but the | comparatively a drug in tho markets of the work of packing [a also tending to segregate in- toafew wooks of tho winter, In 1873 aut 187% elargh pact of tho packing wan forced into the months of Novembar aud Decombor, white thia winter tho work haa been retarded by a light supply of hogs, and the principal volums sill fallin January aul Pobriary, Our comparison ‘by calendar years is, therefore, wotnowhat lens favorable to 1375 than would be tho casa if tho work of thia winter woo compared with tha: of tha ono pleceing It, #HPECULATIVE TRADING han taken the lead, and controled the marke! fur consumption, keeping pricas up to a much higher pomt than would faye rntea otherwise, and onabling farrasra lo renlizo a great deal moro for their boga than could hayo been obtained if packers had not been abo to rail ahead to parties who did not want to rhip tha property, The marict was thus wustained turough what would probably lave been aduil aud depressed year. In 1879 stocks had been worked down to a low point by midwummer, nud specniative buyers made monor rapidly, stocks Leing cloned ont on an advancing markot. ‘That fact, with tho cry. of a short crop of hoge for this winter, with aomo fears of hog cholera to still further dinsintal tho supply, indneed buyers to take hold Jast year, for futuro delivors, and tho trading in options waa Intge and continnowsi—the demand keeping prlees np te & polnt which was bigh ss comparcd with those ruling in grain, Hogs wero not mar- koted nv freely in the summer aa Wn pant seaeone, und prices wera well sustained in cunroquonee, while the lesser bupply of wummor-cured product Uolped holders of ratuor Jarzo ntocks of winter cured to carrs them av high figures. ‘Tho feara of a fastaro of the corn crup mado fariners cato- ful in feeding tho ald out to hogs, aud the uew corn was ints in matoring, eo that hogs could not he fateoned as early a4 tiyual—oapeeially Rs packers, warned by Previous experiences in thinking, direriminated rather heavily against hogs ted with new corn, For this reason tho present seston oponed tardily, and ail tue wore wa es bog dealers’ had come to the conclueion that it waa good policy torond them in spariug'y at first, arguing that packors would do as im past voain,—bld op against ono another Ip proference to allowing their houxes toremain idle. ‘That policy had been a profitable oue isst winter, but had made paeking bazardons, A good speculative demand ad, bomayer, kept pricen of product on the ad- vance throng tho seavon, so that packers maie money by tho appreciation, whero they would havo lost had they sold the product the samo day that they bought tho hogs, the curreut mar- ket being utoadily against thom, “OUT OF MEAT.” At tho bepinning of winter stocks of hoz prod- uct bad beon woll cleared up allover the con- enming world, aud orders for abipments from the Enstern States, tho South, and Europo wore largo enough to take siay the product as fagt aa mado, and keep the market bare during November, Moanwhtle tho future was heavily diecounted, on all kinda of product, short wellers acting on the theory that prices of hogy must decline in Decombor, and thoir free offerings fue product down to prices at which it could not amado. But tho hog supely continued small, in proportion to tho number of hoveca to bo kept at work, and tho prico of hogs was kept up to what the packers felt to be an unnafe point, #0 that most of thom rofased to operate, excopt to fill direct orders, aud some bought product freely for futuce, because it was cheaper than they could maloit. Lowards tho close of tho gent the receipts of haga increased, atid prices eseed down somewhat, but wero still too high to make iteafo to uccumulate etocks. It ia con- sidered probable that the next taxa mouths will be wnuanally active in the packing Lotses, to make up for Jost time. TRADING IN NRATA bas been slow throuchout, though the work of cutting was active. ‘Tue outward niovemaent wau Iiberat all through tho year, put a much larger pro- ortion than over before wero put up on direct or- ders sent to tho packing-houses, sud wore not offered on ‘Change. Not lesa than eight firms ato now ongagod jn working in this way for Eu- glish houses, and thus cut up the extraordiuary number of 500,000 bogs during the sumer, which used to bo a genson of inactivity In the packing-Lonre, But there was little buying ahead, At tho beginning of Novomber, 1374, nearly 75,000 boxes bad boon wold to. go to Europe, winlo twelve months afterwards Ged about 10,00 boxoy bad been sold ashen. "This waa chiefly becanee packers would not divcount current prices Bo extensively as waa dewanded by buyers. But tho shipments of monts since then were limited only by tho supply, ‘Choy lave been ordered direct from interior towns in tho Houth, woile a largo buvinesa ig douo by tle agents of the dif foront through lines by rail to tho ecaboard, aud thence by eteamer te Europe. ‘Yho iarket for short sibs aversgod 9! th, aud ehouldors Give during January wn ruary, With little variation, Buort ribs grad- ually advanced to 220 by tho ond of April, felt baci to 11v by tho middie of Jue, touched 123 in the middle of August, wont back to life ur tho close of that month, and advanced to Hie in October, shoullera touching 9} gc, at which prices the last lots of old wero cleared off. Now short rive, loose, sold at 93{0 early in Novonber, aud have eines ranged at 9°Z@10e, closing at 93;c, Short clears averaged 3fe above, aud shoulders Be below, the prices for short ribs, MEWS TPULK. Thoro wasn heavy speculative movomont in pos Tost winter, which carried prices up and largely stimulated ite production. ‘vo article DLouglit chiofly by country deslors In hoge, who got out of the deal suon after tho clove of tho packing soagon. The market thon woakenod, aud ruled vory dull til a promiuont packer took hold and workod off o rather largo stock into tho hauas of connumers whilo running sn operation here which looked very much like & corner, though ha stoutly protested it was nothing of tho kind. ‘Tuo market opened at 619.00, do- elined to #17,70 in tho latter part of January, touchod 818,524¢ tho first week In February, do- clinod to $18.60 at tho ond of the month, rose to fn little over $22.00 at the ond of April, then Droko down to $18.85in June, It rallied from that point up to #2310 in July, foll back to 620,00 in August, aod advanced to the naighbor- hood of €23.50 on settlomonte at tho clove of Hoptembor. ‘Tho new pork oponod at about $21.00, and declined to #18,95 forthe month in Docembor, then adraucad to $19,10 at the close, LAD has ruled rauch steadior than tho previous yoar, though tho subjoct of much speculation, En- couraged by tho oxperience of 1874, when thoro big domand from European cousumers for home uae, aprotninont operator undor~ took to cuvtrol tho market, but was unable to do go, a8 theZuropeay market was well wupplied, and it was imposiblo to real.zo ot high prices, and tha operation tnyolved considerable loss, Hince then the maruot has been uteadv, It opened at 818,151.20 por 100 Ibs, advanced to $13.60 tha middle of January, foll to 613.15 0 weuk later, and advanced tu $19.75 tho first week Iu Fobrunry, recoding to 219.1217 at tho clovo of the packing season. It thon wtronathencd to 15,75 the last hatf of April, fell to #128734 at tha beginning of dune, reacted ta $13.75, aud settiod bavi to $12.00 the middle of Juue. Yor auother month it ranged at F13.00@13.25, then roo to £14.00 tho laut half of July, sottled to 312.95 iv September, and advanced to 913.75 at the clowo of Octubur, falling of then to 812.10 the firet wouk iu December, and cloved at $12.15, RECEMTS. Tho following were tho receipts of provisious and dressed hogs during threw years: 18 1811, y Beek, WEB, see seee st "Th corresponding Reel, tri Yors, tr aust WwT1T FLOUR, aa 411d MARKET WAS DEEN DELL and generally deprossod ull through the yosr, aud prices havo tended downward with tempo- rary exceptions, ‘Tho volume of trade was lowe than heretofore, and the proiits of deslors rev duced tos minimum. So unsatlafactory bas the business Leen to the majority of dealers that not few have bcen strongly tempted to go aut of she traue. ‘Lhis dificulty is not, however, pecu- liar to Chicago. Tuo wholesale sour trado of the wholo country has wuffercd, au bas always Leow tha cage when thero was s surplus of wheat on ‘the market over aud above what wae wanted for shipment. Ithap Jong been thu rulo that ox porters will not (ake four When they cas obtain wheat st satisfectory prices,—partly bocauso dhere Ia more speculation In the graiv, and par- tially for tho readdu that Kuropeau williora aro gouerally milling te pay moro for our whoat, to mulx with thelr home growth, than the consumer thero 1s content to psy for our tour, Wheat bas baon abundaut, and therofore our flour bas beon world, both homo and foreign. A RADICAL CuANOR aa been gradually crooping over the flour trade for two or threu years past, Formerly the East+ orn Biates and Europo took their eupplies, al- most exclusively, from the sholerale dealora on tho ecaboard, Gradually that trade left tho At- juntic cuast an’ coutred in Chicagy, oxcopt that St. Lonis retained a prominent position as a yonder of flour made from winter whent, ‘Tho pumber of country mills, and their capne:ty for production, hos latterly increased #9 much tbat Chicago wan uvatlo to sell all that they pros ducod, and tho tmiliers then vent out agents to arrsaga for diectly enjylying the wantn of Eante ern retaifers abd bakers, Tuo wurplaa they nent here aud it4 volume wad greater tha required to moot the demand, whict bad been dituiushed by the custom they Lad taki fromus, Mean while tho dealers of tida efty hiwt reached out pant New York and Boston, and built up a direct trade wich Cusope. Latterly wotne of the coun. try milters havo catered tor that trade too; aud Nimots wills now ebip their four direct through shu Galy: tu consumers in Glasgow aud Liver- psol. : ‘Sho Laetern shotesnle trade has really auffered more than ours der this change im tue Miiuae tiomt, 80 that Chicago hes fully heid ber own ag compared with other points, though tho greatest part of the New Englund trade, o considerablo portion of that of New York state, and vom of tho Eurupean, is now supplied directiy from the Wertern mille. For tueue reasons, in addition to a diminishod crop of waeat in 1875, ‘THe MOVEMENT OF FLOUH through this city shows a gradual fatling off. It Uag decresued for threa yeara past, Lut tho da creave iu that time secms greater than i¢ would he tf a longer pet were taken for campatison, 8 1873 was a bonner year in that trade, Our table of the mouvement for tho past thros sears fails, however, to show the full extent of decline in the trade, Uecause a larger pateentage of the recolts aud abtpmeuta wero billed through this efty im $475 than ever bafate. ‘Thia fe partlally componeated by a larger yolumo of local trada j and by this wo tnean, not only tho sales to ety consumers, but to tho adjacent country, including elghborog Btates whose prueipel whoat crop isof tho winter variety. Tho winter whest crop of 1875 was s compara- tive sailure, and thousands of heretofure con- wumers of winter wheat flours, ero and clso- sshord, bive novessarity falion back on thatinado from the epring wheat of the Northwest, PALONT FLOUR. Tho change in this direction has been haston- ed by the pest luaprovements rocoutly made iu the manufacture of flours from spring wheat. Not much lors than 20 per cent of uil tho flou \ ground in Minnesota aro mado by tho " patent procoss, which gives a quality that is generally acknowledged to bo equal to the tloar mado from the best of moter wheat, and by many is con- cedod to bo superior tu it. Tho “ pacenia” aro now in first-claes demand, both for hemp uke and for shipment. ‘A good many Michipan winters havo been gold in this ety rich the past twolye mouths, io place of tho wiutera ordinarily grown to the south of Chicago, ‘Tho character of tho wheat crop lias militsted agsinat the flour trode of the Weet, especially wince the time of harveut. ‘The winter wheat wes fey erae su damp a8 to givo o decided “ground smell" to tho tlour. Lt was soon found that this smell bakes out, ond then thero was a moderato domand for tinmediato use, but buyons were suspicious that wuch tour canuot be do- pended ups to keep into tho warm weathor, or eat shipment tu Southern points, A sinular suspicion bas existed with regard to the spring wheat, Dealois know thata large part of that crop ‘was wecured in bad order, aud bare peon afraid lest there should bo 80 mich of an admisture of Jow grades by tho miller ay to make the flour unsafe to store. Tor tnia reason tho purchasing of the past few months has been of a © hand-to-mouth ” chars acter. It promises to improve now tunt tho low. ed Wheat has beon mosis moved out of the Weat. COURSE or THE MARKET, During the past four months of tho year tho trade was very dull, the demand being limued ta the focal dealers. air to good whipping extras ranged casiy at 84.00@1.40, nod gradually 1m- proved to $41.50@5,00 by the opening of naviga- eu, A good export demand then sprang up, and prives advauced to €4.50@5.50 iu May, then fell off to 24.25@4,85 carly in Juno, with a tem- porary lull the demand, ‘Tho outward movo- nent was sgain stimulated ip July by untavorn- Gla weather, wud prices advaucel to 25.76 G@O75 iu "August, with sapidly-dimunish- ing stocke. Continued reports of crup dis- asters in Europo brought out transatlantic busers in force. ‘Thon it was ascertained that those report Wero wxuggorations of tho facts, aud the tarket foll off tu 4,254 4.75 tu Sepreme Lor, the decline betug followed by a fair wpring- livg of foroign orders, chiedy tur winters aud patonts, Tho moract theu fcll off rlowly to 24.50@5,25 towards tha close of uavigation, Which brought out a short but briek tuquiry for Eurone, ebieily tor erdiuary spring extras; aud our stove were so well drawn upon, 1D couse. quence of wruull receipts, thus sowie orders could uot bo Mled on the moment, and the tlonr was purchased in Montreal for fear fraighte should advanco intmedlately, With theso oxeeptions tho trade was exceediigly duit durlug the lunt few monthy of tho yeur, tho clowimg quotauous heing $4.00@4.50." ‘The average of 1875 was $19434, againat €5.01 10 1871. YARIONTS AND COMMIEBIONS, ‘The saving of a amail commuenion on salcs is,. in email caves, the ouly saving to the coustmer who buys direct trou tho milis, and not always that, au the compeution aieng vellere in the open maritet has not infrequently led to cone cousiona in price which excoeded the selling chargos. Somo Eastern buyers havo found thia out already, and recently resumed the scuding of their orders to thia market, Uur sytem of ingpoction iv a valuable feature, and commends Chicago a8 » market wherover the system is uu- derstood. It is more Inghly valued tn the East, than any Eastern ivspection. ‘he article ty in- spectod just as it fe, without grading, the cer- titicate tating that it ia sound (if {t be x0), of full weight, aud oqual to sample. Our maiket was vot so mich diserimivated agaist, ip tho matter of freight, si! towards winter, a8 iu somo formor years, Iu tho aututun tho railroada leading East charged 00 moro on flour than for ite equivalent weight in wheat, Their oxcose waa that thoy were forced to carry grain at non-paying rates by the compotition of water soutes, ‘ho position was soou abandoned, but not before o considerable check had boon wuifered by the flour trade. A fow wooksago it bevamoe known that the rail- roads woro actually carrying Hour from Milwan- koo aud other pointy, turough Chicago, to tho East at lows rates than thou charged from this city, Watiave referred to this mattor im ane other column, =. WHEAT, THE MOVEMENT OF WHEAT through (his clty was lose than iw 1874, though tho uadiog was larger in 2873 than iu auy pro- viows year in the history of thetrade, The mar- ket hay taken nearly the gatuo rauge, No, 2 vary- ing from 83c@E1.31, being a diiTerencu of 48¢ Lotweon tho highest and lowest pricowof the yoar, ou the speculative grado. In 1874 the rango was BILfe@SLISG, the dierance of tho ox- tromes being 7c. In 1873 tho tluctuation was 5c, the wider tuctuationy being chioily duo to the pauie of Soptember in that year. ‘Tho avor. ago price was #117! 7 i 1579, and @1,033/ in (Bid. ‘The average price of straight Na, 2 last year way €1,02}7, but the depression in tha soll- dug price of tho entiro recoipty was Imuch great- or than iidicated by comparing thove figures with $1,033. A much larger percentago of the new crop inspected into the lower grados shau in any provious year wince the dav of ntumptail, During tho firet month of re- ceipts on the new crop, the aggregate of Now. 1 aud 3 spring was baroly moro than 39 per cent of tho whole; by she close of October it had slow- ty improved to a little more than GU por cout. TUE NELATIVELY LOW Fnice waa partially due to an absonce of corners, and partly 6o.u loasoned demaud for export, It is true that thoro was acornor oxcitement in Octo- Lor, but the existence of tho rule for tho proven- tion of thst class of commorcial phenomena uid not periit prices torun up more than about 4c per bu above the quotations for Novembor delivory. At tho sate timo therois no reayon to doubt that the markot bas averaged fully 2@e per bu, and moro than thus during tho lattor past of summer, and sutumn, higher ¢hau it would havo ruled without an activo specuia- tive demand, ‘Tho facta that prices were relativoly low, aud that the backbone noc. ed to have boon tukon out of frelghts, caused a great many poople to think that wheat must be ‘worth a great dos! miore monoy thau it was gell- jug for, aud they buught, A stoadily active de- and thus existed, pearly ali through tho year, iudapendently of that dua $o woathor oxcite- outs, Which were long, If uot numerous, The demaud was, however, pocullar in ite character, Foreign dealers hold of poruistently from speculative trading, and bought vory slow ly for actuat shipment, Heavy losses in t! ysat bad mado them very caroful; and mnch of thom sa did opetate carly in tho season failed to mske money and withdrew. The for- cign market was beored by hoavy offerings » pa of tho year, aud for the roast of tho time buyers purchased from hand to mouth only, ao that there wasan undue accumulation of atocks xt the leading centres, making the apna- rent enpply jarger than -tho reality. ‘no previous year liad bean, tq European buyers, one of the most digastrona {n the history of the trade, the dealine In pricey having beori almost steady throughout i874. Henco thoy siopted the “let atone" policy, But WESTERN CAPITALISTS havo taken their place. The prominent oporatora in our Huard of Trado havo stuck to It por- sixtantly, hipped rather freoly, and done thoir bost to manipniate the market within tho narrow: ratge permitted by tho rules of the Board. Thoy, too, have boon lorers, oxcept thoso of them who contined their attention to tho lower grades, tho shipmant of which haa paid woll. Bosdes these tho market lias beon patronized by thousands of men (and women) who ato ‘nat fn tho business,” but often try their hands in rpeculation ; aud many of whom bavetrausferred Uhele affections from stocks in Wall atreet to wheat In Chicago, ‘Tho aggrogato of trading in wheat for these parties, who aro scatterod all over tho couutry, ta aimnly enormous, The usual volame of this trafic was largely aag- mented Jast aummor by tho fear that thoro would bo a failuro of tho growing crop, ‘Tho wwoathor bulletins, and the aepoct of local skion, wero scanned oagerly aud constantly for tho purpose of obtaluing sn indication whether 1b Wora wito to buy or soll, Some of these people jained largely, white ‘othera lost as heavily. ‘be buying orders chicfly came from Ohio and Indians, in wulch States the wtorms wera mont aovero on the winter whont, aud many of thoae people loat a great deal of muuey in tho subse «quent decline, iu addition to that outaited by tho partial failure of their local crop. . DIKECT ORDELS FAOM EUROPE ow have beon nnusually small, aa alrendy stated, though the shortage thoro was acknowledged to Loa large one. Dealers on tho othor side of tho Atlantic waited to have tho grain offored to them, and the supply was xo liberal that their markets woro generally weak. till towards tho cloro of inland navigation, ‘Tho Grevious crop was an abundant one, aud tho granaties of tho Old World wero full, to that wheu tho surplus of tho Wost began to move in upon thont prices went dows, California winter wheat selling as iow a8 4 sbulings per quarter in Londov, In tho summer & good demand sprung up. Euro. pean buyers took little stuck in the ree ports from the United States, asx they argued that thia country ia too large to suffer in the aggregate from focal bad weather. Isut sov= eral starts swept over the Britisu Jélea just bo- fore tho time of hervest, laying many of their wheat flelds sovoral feet under water, snd tothin was addod tho ramor that Ruveis was aluo afllict- ed in tho sano way, A few importers bought up alt the wheat offered in Epgisnd and on oursea- board, aud several ordera catne to Chicago ; but tue alarm was goon over. tu tho latter part of tho year, when it became kuown that England was whort fully 100,000,000 busbols, there was more divposition to take our wheat, but it way causiderably chacked by the puor coudition of the crop and tho unusually wide difference in prices of the upyor aud lower grades, Buyers did not care to take the fow-priced wheat, fearing it waa un- sound, aud held off from takiug the bottor qualities, hoping that thora would be 8 spoody slrinxage in the promiumdemauded. Danubian ‘wheat wold rery low in London, im Novembor, nocwithstanding the renowgl of the outers that Whoat wat o partial failure in Northern Europe. ‘TE MOVEMENT THL wanexcepuiounily lizst. A good crop of whoat was raised in the Dominion; bat the proutration of tho lumbor interests mado the people poor, and past luwsas tu the business rendered it diti- cult to obtaiu the uxe of money with which to aevist in moving the grain of the Wostera States toa uropoau market. Honce, with tho beat of facilitios, in tho whavo of stcanor lines, the Canodian deolera have besn almost tnactivo—a result which 1s partially die, also, to a #harpor competition on the part of purty on tho United States sesboard, t COURSE OF THE MARKET. The market for No, 2 spring opaved in Janit- ary a 90%c, aud declined ¢o 834y¢ in the middlo of Fobrusry, Just oa neatly every one was expecting a further drop to 75e it took an up- ward taro, and touched $1.063/ in April, being cluody futluenced by fear for tho condition of tho winter wheat. “It fell back to oO that month, und rebounded to #1,053{c. then fell back to te’ by the close of May. ‘The market was. very irregular during June, at 90!Ze@31.0214, and thou rose to $1.31 tho first week in August, with prices Auctoating up and down bo in ono day, amid tho most iteneo excitement, cause by ‘reperty of great damago to the crons by storms iy Europe. The market dropped to $1.05!¢ during the pest vix weeks, From tho middio of Boptember to the end of October ‘it was steadied by the small receipts of tho spec lative grado, which resulted ip a + squeeze” that way ended at €1.19@1.12!7, Tne murkot roveded to $1.03, and ruled steady during tho Hirst throo weoks of Nuvambor, the lowest poiut bei #1.06, ‘then the report of 31,001,000 bu insight in Europe, with nearly 19,000,000 ba in the United States (not inciuding the Pacitic Coast of the Southern States), caused ao bi to We the first week in December, then to 95 J and cloued tirmar at 96%;c, LOW OUADEA, Vader an Inordinate percentage of supply, the price ot No. J seceded in Uctober aud Novomnbor to Yc per bu bolow No, 2, and rojectod to about Le below No. 8, Aw the percentaco docreased thesa differences dimivishod to t7c and lic ro- spectively near tho olosg of tho yoar. ‘Tho fact that m larga percontayo of tho Inst crop inapected ito the lower vrades did much damage to the general murket for wheat. Samo European buyers entertained the incorrect idea, which was carofully foxterod by doalers in othor cities, that our No. 2 was poor in quality, and souk their orders clsowhere, ‘Tho truth is that tho integrity of our No, 2 apring wheat was never moro carofully guarded than duriug tho paut year. ‘The foar wug algo exprovacd by womo Capitalists that there would bo a lottiug down in the erade, ‘That way equally unfounded, but tt had ita effect novertheleas; and capital was lout vory unwillingly ou our whoat, OVR MINNESOTA GRADES, ‘Tho market for Minnevota wheat bas oxhibited estoady growth, over dince tuo Fulton Hlovator ii thia city wae #of apart for the recoption of that kind of grain, Wheat from Minavsuta now couetitites about one-third of our wheat ro- coipty, half of which comes by rail direct from that Slate, aud the rest comes from Valton ou tho Mississippl River, to whict polnt it 1s car- nied by water, ‘ho demand for it hero is con- taut, aud would bo greator if tho supply wero latye enough to meat tt. Harty in the yuae No, 3 gold roadily at w pretminm of $o, which widened to 7.80 in Juno aud July under a beavy buyivg proxsure, ebiely on -European account. ‘Tho premium then doclinod to bo, aud afterwards to Jo, ag abippors wero unwilling to bid up for it, tho atraight No. 2 boing alrawly very high oa compared with the lower graded. ‘ho No, 1 Minnesota commanded a premium of 220 above stpaight No, 2° at ono timo, which wae afterwards retluced to 12'¢@I3e, but it wideuod later to about 192, ‘he No.1 has always boon first. claus Whoat, but some of the No, 3 (Minn) of the Jast crop haa run rather poorin placos, in OUctobor, Still, the charactor of tho grade haa boou well presorvod as a whole, CIICAGA AND MILWAUKES, While wa liave rocoivod a groat doal of wheat from soveral sections ju Minnesota, which formerly out ell thar whoat to AMilwaukoo. that eity had wucaceded in drawing away a good deal of wheat from places which used to slip ex- elusively to Chicago. It hae peobubly (got ouae hal€ tha trade of lows, atd nusrly oue-quartor that of Neuraske, ‘flo wey tho thing is worked tw sawn by Che fact that aot a fow car-loade of wheat which wore inspoctad hero aa rejocted wore sent up to Slilwaukes and (hore pagaed into store aa No, 3 It ia notorious that shippers {rota “competing pointa™ cau now obtain what is called # ‘batter inupection" in Milwaukee than in (ui city—the grain boiug placed in a higher grado thore tuan hore, AN of which proves ono ‘of two things: = Eithor tho wheat which Milwau- keo haa to sell ia iutrinsically worth leas than ours, of tho same nominal grades, or the equal preserved by unjustly gradiug down thu witout from those woctions which sre obliged to seok Miiwaukeo a8 § market. Tho luttor fa freely charged by thoge who ought to know, Unrreadora ara at hberty to mentally pluco Milwankeo on whieh hora of the dilomma they may choose, “3 OUR WHEAT IN NEW YOUR, Tt iswell known thay "Chicago No. 2" whoat uoted In Now York wlmnowt uvitoricl, yours past at a price at which it coul not possibly bo wuld tuere, if the cous here apd travsportation charges to tho seaboard were paid. Woe bave sesoral times called attention to the fave which oxplaing thiy guowuly, Our No. 3 wheat iv supt to udialo, passed through the blowers thera, which takes aut the dirt, abd thon shipped to Nuw York, whero it bay bithorto been wuld ay Chicago Nu. 2, wily our No, 2 way called Mil- waukvo No. 2. Owitlg to this vicious bys: tom our shippers bava mado heaps of nonoy ” sometines, when the warket woumod to bo fcartully agetost them, and not a low European buyers have boca daterrod from woud- ing their ordors direct to Curcagy by the iiurep- Tosentapion, Bur they ary uow fluding out the ruth, aod what whout they waut la now oftoa (ey ordered from thin city, much of it avoldt York City altopathor. It in probable nat ioe systom of grading in forcoin Now Yark since tho tat of December will bo faand to ba a romo+ dy for thia nbuac, and Chicago whent be hencos ‘Torth rated at its trite vale on tho seaboard, . ‘Thr. chor. The Arricuitural Burcau estimaton tho falling off in yiold at 62,009,000 bn, in addition to a dos preciation of 14 per contin quality, Tho tain; Of is ohiefly in wintor wuons, though tho siotd of Minis ts inferior, that of Wisconsin hardiy up to tho average, whilo STinnesata ia avove the Average in spite of graashoppera and soma Snroutiog Inphock. Tha following f! an aps Proxmation to the total yiold of tho United Btatea for a sories of youre, Toshels, 1908 » CORN. TUE COURRE OF THE CONN MAUKET during tho paat year lias been a disappointment to ovorybudy in tho trade. ‘Tho crop of 1874 waa only a fair one, not xo large aathatof tho scar Proceding, and at tho close of 1874 tho old cory had boon woll cleaned aut of the country by tha extraordinary stimulus of high pricoa, Tho Sturges deal through a great part of tho aum- mor, and tho Canadian corner which colminalod In December at 80@85 cents per buahiel, had kept the price unuccossarily bigh in this city, and drawn bithor évory bushel of corn that could bo sent to market, For eoveral yoars preced+ ing there had generality been s connldcrable stock of old corn in tho hands of growers whon tho now corn commenced tomove, That reserva ad been exhausted at the close of 1874. Uenca thoro was.an Inavitablo talling off in the yolumo of busin during the past twolye monthe. And there was another congequenee, Tho cons sumptivo demand Lad seemed to Incronso more rapidly thau the area of corn culture, from whlch itwas argued that corn was good speculative Property, aud large amounts of capital wero ine vested init carly in the yoar. Tho corn of the ‘West wan gonerally hold back for better pricce than were then ruling, and tho forward moye- ment was very light during tho fast months of winter; the demand from New England aud New York being supplied by tho surplus in tho Btatea sonth of Now Jorsoy. TUE SYLCULATIVE MOVEMENT Tecetved an additioual impetus whon the Sate cold sping destroyed the hopes of many farm- ors; and tho following eummor was voted any+ thing but favorable to a goud corn crop, It waa known that the ares or culltire was very large, having Leen materiaily Increased by Into planting of curn on fields whero wheat had fallod to come. up. Butit was generally expected that this would be moro than compenented by a falling otf in tho yiold ou account of excessive molsiure and low temperature, especially tn the bottom laude, which had Intherte been the most tortils nections. Expecting that tho old curn would bo oxhausted pefare tho now waa ready to move, nud that the latter would be got, in ita turin, capitalists invested heaniy, unly to find the market go persistently waist ther. Ag last aa one wot grew tired of losing, snd dropped back, others took bold, beiug satisfied that the end of tho crop must ba uearly reduced by that tune, Shox, to0, were dienppoipted, and shill others fullawod tuemi—with the same result. ‘Che coru kept coming, from no ono knew whero ; aud, al- though the volume of reesipts was wnuch lows than tho precadings year, the supply was greater than the demand, Now England, jutherto our reat customer, Was poor. Many of hor manu- facturers were ulle, and others running on sbort time, while tho grany crop there was ab abut dant ove. Aud so New England buyers neither wanted nor coulit afford to take bold vo liberally aa in former yeats—their ordors falling off fully 4 por cont.” Thero was a fair export demas for Europo, the root crop in Great Bri Trelaud having suifered ecvurals, which caused our corn to bo consumed iu mat it had searcely been known proviously. Late fu the veasun of uavigation this demand waa iu- creayed tomporarily by the fact that the Biitieh markets were ot supplied vo frecly from the Danubian provinces as had been expected. THE CONDITION of the old corn was yory-mnch ogainst tho man kot bore, ‘Tha weather i thia city was 80 coul that the corn did not kezome heated in wore autticiently to need * posting,” but larvo quanti- ties that were perfectly cold whon luaded inte yousel, was worm on its arrival at tho East, and hod to be sold atop beavy diveount. Owing to this and the catwen stated above, cae oporutor along lost fuily half a million dollarg 1 about two month. and otherd followed sug in large ts. The losses ou sorwarding corn, Wita> firence to corner combjnatiouy, wero tho hhoaviest known {0 many past years, IN THE AUTUSIN it was reaaonod that tho old corm must be nearly exhausted, and that the tardiness of the wagon would suroly rouder it impoudible to market the now corn buforo next serine, hen another sot of buyers took up old corn, only to be disap. roluted. Tho old continued to como forward fully ue rapidly as wanted, and tho nos, tuonyts coufevsudiy late iv many ‘wectious, aud» come parative falluro in soino others, was in first. class order on the highlands, aud tho Eastora States were tho recipients of a fair supply by rail from Southern sections towarda the close of tho year, The rise in rail freights, and tho alackonod domand here, induced furiber wosk- nous; and not oven tho fact of a largo shortage in tho sales for futuro dullvery could produce « reaction, Tho avidity with which sales of vew wore made for tho different months of 1870, completely took the stiffening out of the markot for old corn, though cash lots continued to rule at atatler largo premium so long os through shipment by water was possible, Aftor that evusod, they ruled dull aud beary, slmout with- out cagsation, till tho cloxo, ‘Tie MARKET FOR No, 2 avorngod 3Bij0 nd bu_in 1372; 1b was S70 In 1973, with an acknowledged whort crop; 65u iu 1874; and 03970 in 1875, the average being 65.8¢ up te the end of Octaber. Tho warkot opened iu January at G6c; declined to Glo the first half of February; rose to 76}jo at tho ond of ‘April, old down tu 6D!je at tio close of May, up to 70% Ins tho middio of Juno, back to 67176 as fortnight afterwards; advauced to 763jo the ast half of duly, aud tuon doclucd almoat atoadily to 460 oarly in Docombor, advanced to ‘50y, foll back to 463{c, nud clowod irregularly at WESIYe, Thera wad no “squeeze” during the your, though ono was often expected, Tinh KEW CROP isn large one in quantity, though the Saptember auumates of tho Agricoltural Bureau at Wash- ingtun indicated a falling olf to tho oxtentof 2.48 nurcent. Tho quality ts good in tho Southarsa tuted, in Kaueas, and tho wouth part of Illinois, and thet corn in in talr domand on the seaboard. In the northorn avcttons, those which are usual- Iy tributary to Chicago, the corn matured late, and a good deal of it was soft, wo that it was vot nttocnb at as carly a dato au usual. lowa iv (ull of corn and ‘bare of live stock, so that a great deal must bo marketed from that Btato, and much of it will bo in poor condition. ‘The ciroummmtauces warrant tho fear that hot coru wit] bo more plentiful noxt summer than usual ; and the soason may prove to be vory disastrous to the trade if muggy weather comes on big stocks in wtoro hore, ‘Lise corn must be kope moving noxt summer If itis to bo proworvod in good urder, CHOPS OF THE UNITED BTATES, ‘Tho following are round numbers, giving, ap~ roxlmately, the corn yiold of tha United Status {iwoverul past years," ‘Thoy are taken from the estimates of the Unitod Btates Agricultural Buroau, omitting the thouvsuds, which aso the rogulte of wangcasuary reachings after Impousl- vie uxsctucus ¢ 0 States Maported, ay bu, NEW" COBN. peculation in corn througls the vear attracts a great dval of comm from the houds of ue wrower eoveral months bofore i6 14 ruady to market in # condition that warrauta transportation for long divtanves, or wtorage ita large quantities. Cora that iw cribbod properly through the winter, and sholled ia May, cau geueratly ba denuuded upon tu give satisfaction to the bayor, while corn that is forwarded duriog the winter js not a uafe ariicle excopt for imme~ diate uve. Webave hot cora in the vprouug . ‘peavon vimply bocuuse it ls warketwd before 1 $6