Chicago Daily Tribune Newspaper, January 1, 1881, Page 9

THE CHICAGO TRIBU? SATURDAY, JANUARY 1, 1881—TWENTY PAGES, Dreadstuffs have ruled nearly 13 percent high- er, and of live stock about 11 per cent higher, ‘Tho prices on manufactured gooils do not average so inueh above those of 187, 13 other material and Jabor have not advanced ko much as farm produce, The same ts trugof tho wholesale trade, which largely depends on manufactures for fta range of quotations, Hefico the bigger figures, In dollars and cents, of the current re- view actually represent n marked sur: nent in the quantity of stuff handled, as woll as in the prices per yard, pound, or bushel reeelyed therefor. ‘Tho actual {n- erenso in quantity was probably not less than 15 per cent all round; that of produce, reduced to weight, was nearly 28 per cent, ItIs thls feature of our connerctat growth that fs repregented and measured by the faets ant figures In the following columns. ‘The Increnso of 17.8 per cent in the first selling yaluo of all the property handted {fs much Jess thn the 87/4 per cent Increnso in the re- turns of the Clearing-Iouse, ns that total of one and three-quarters billlon of dollars far exceeds the sum named by us as mensuring the voluing of the city trade, The excess Is partly dueto the more than once turning over ofthe property from one hand to THE YEAR 1880, Trade, Commerce, and Man- ufactures of Chicago for the Past Year. sai Tho Largest Business Record, and the Most Prosporons, in tho listory of the City. Four Months of Decline; with Fears that the Season of ‘ Prosperity Was Over; Followed by Increased Activ- ity, and a General Ad- vance in Prices. Our Receipts of Breadstuffs Foot another, ‘The difference between — the Up the Enormous Total of two percentages is clenrly traceable 7 ‘ to the greater speculative activity 163,326,267 Bushels, in produce clretea «onnd) dn. tho market for real estate, ‘There has also been more doing in stocks and bonds, though most of this business is transacted at the East, our Mining Board not having proved to ben pronotinced success thus far, Wo note Unt the incrense In the averages of prices ngrees, ag closely ng could be expected, with the ad- ditlon of about $100,000,000 to tho volume of money In clrenlution. ‘There has been 40 much more money to be invested, and tho correspondingly inerensed competition among buyers of property has gauged pretty aceu- rately the rise In prices pnid for what they bought. The plentitude of money lins oper- ated also to greatly reduce its value for Jendl- ing purposes as wellns for spending. The’ rates of interest havo declined so fearfully asto serlously embarrass those whose In- come was derlyed from the lonn of capital, The census of 1880 shows that the populn- Uon of the city is only an insignitiennt: frac- tion nbove 1 per eentof thnt of the United States, The proprietary and Industrial sta- tistles of that censns are not yet colinted. i] hero isno room to doubt that, when they do appear, thoy will nssign to this city a for greater relative Smportance than that indi- ented by population, ‘The enterprise and tact that cluster in this ever-humming hive of Industry near tho head of Lake Mtehigan has achieved a relative prominence which may be roughly estimated as being at least two and aatarter ties that duc to the count of noses, One may also estimate that durlug the past year Ohicago has gained nt least 14 per cent over andabova her share of the inereased proaperity of the country, taking The Total Trade of the Year Measured | tho number of souls os tho basis of com pari- by $900,000,000—A Gain son, : of 17.8 Per Cent. Our figtres showing the recolpts‘and ship ; ments of produce are those compited by the Board of ‘Trade froin the daily returns made by ratirond and Custom-House officials, with soma minor items collated by Cowles & Dunkley, The records of the Grain’ Inspec- tlon Department of the Union Stgck-Yaras, those kept by the Flour «Inspector, end tho Registrars of Grain and Provitonshive been drawn upon for appropriate matdial, Tho statistics of wholesale trade aro thd results of Interviaws with prominent. parties’ in each Ino of business noted. For manufactures Tho record of tho trade, commerce, and | We have taken the oMlelal census report as a mantfacturesof Chicngo for tho year 1880 | Btilde, because It1s the onc adopted by tho shows a marked increase inpnanrly all de- | Governmentns correct. Wo may noto that partinents over that of its predecessor, Wa its chief totals ngrea quite wall with have taken another big stride forward in tho | ttoso given in our Inst Annual Review, development of our varied Industries. ‘Tho though the newspaper compilation is neces: following statistics show that we haya gatned | tlly made ona much less thorough can- 253¢ per cent In the cash value of the produce | V48s than that made for tho consus, - Wo marketed In this city, nearly 16 per cent in | May sey here that the aim of Tur Trmuse themoney received for gootls sold at whole- | 4 past years has only been to present an enle, and 15 por cent in the value of the ma- approximation to the truth In ench de ferial turned out from our manufactories, | Pattment, in mensuring tho tmdo of the Tho average increase of 17.8 por cent in tha elly by dollars, It is noteworthy in this grund total of the year’s work is all the more connection that our figures for the manu- surprising as it was widely supposed that | facturing facts of 1870 were In-ench cnso « bustnogs was overdone”? In 1870, ‘Tho tro- | Much less than those of the census for tho mendous spasm of commercial aetlvity and twelve months ending with May Inst, which speculative excitement’ which sot in some shows that we have not been piling up dig- twenty months ago carted prices up to an | Wes year after year merely for the snke of unusually high point, and stimulated specu- | aking a big show. It ts pleasant to know “ Jntfon to such an extent thnt both appeared | that Our estimates for past yenrs havo been tobostraited to m lilgher pitch than thoy | Nt only necopted ns true (errors and all), would bear, % but quoted ns authority by others, ‘Tho prognosts was but partially justified. | being freoly appropriated by trade journals, ‘Thoro was asharp renetion in tho prices of | commercial ngoneles, ote. as thelr own In farm produces, which earrlod them down far | NOt A fow enses. ‘Tho fact that our contem- towards the lowest polnt.of. the -previons | Porarlos take our annual statistics as their year, It was supposed by many that our | OW isthe best possible testimonial to tho fron production would substde In like man- | Y4luo of tho bird'soyo viow given at tho ner, and that hundreds of thousands of tons close of each year by Tun Tnmunn of tho of oro that had beon bought wontd bown- | business progress mado by Clilengo, wanted, and the carrying. contracts an- . Dulled, It was thought, that lumber and PRODUCE. conl, as woll a8 grain, nnd pork, and iron, |. st year has been a very netlvo ono would bo found too plontiful to be sold at n sete aineles, much mora ag than the noe profit, and that, thorofore, prices would go | fmmoediately preecding It, Tho volume of down to o povorty-stricken point, for the | receipts and shipmonts fs much larger fn the producer; also that tho’ renction {n real Bqarbenles There sue ae crease in nearly very department; but tho The event aD eave iat rake ae ms most maried stride forward is inthe caso of corn, The receipts of that cereal alone are little overspeculation, and that the increased | nearly equal tothose of nll kinds of grain for atrength was unequally distributed, a3 the biggest yenr preceding 1878 Reducing might have beon expected, Lenco tho re- flour to Its equivalent in wheat, the total re- action carried tho farthest back tho lincs | celpts of breadstuffa for tha entendar yenr which had advanced most, But the spring 1873 were Cpe buy ice Py the ngere- to wns 07,735,453 bu; and for 1877 it} was Tull was suceceded by 8 buret of confidence rie 410,800 bu, ‘Lhose were tho Inrgeat eae which again carrind the pennon to the top of | and It was feared by many that 100,000,000 the mast. ‘Tho conditions favored a big mw ot Drenulattita was the dor herent alee augment In the rate of consumption, Tho | Chicago could not pass, But in 1873 ‘wo . overleaped that barrler with a bound, scor- farmors had acen good times; and had moro ing n total of 134,086,505 bu, and this was money than usual, as a result of abun- again exceeded in 1879 with a totul of. 187,- dant .crops marketed at goo prices; | 701,571 bu, ‘I'hese two years were widely re- while the foreign | domand for | garded ns phenomenal outbursts of activity thelr products continued active dur- jn the grain trado of Chicago. But we have ing the greater partof list year, Hones they | ognin shot fur shead, with a grand totat/ot were ablo to buy more from the elty than 163,820,207 bu, or nearly two-thirds as much more than the figure which up to threo years heretofore, ‘Tho continued growth of min- | ago was supposed to be ‘tho Hmit of our en- ing Industry in the Wost atimulated trado | pacity In the grain trade, As alreadysindl- and manufactures here. All this permitted | cated, ts dnoreasels staal duo to a hig sum tion of augment in the Ine ol 16 corn’ more aii Se A eaaah adnaeltGe vy wolt | Hunt Onts also show a respectable Inereaso; as ninotig those outsido the city. We have and rye and barley show a decrease, H ‘There has been a big falling off In the case of thus enjoyed a season of unusual prosperity | wheat, but ovon that fs much Tess ii Boing a Gain of 181-2 Per Cent Over 1879; the Biggest Year In Our Previous History. An Astounding Ineveaso in the Movement of Corn and Flaxseed—Smaller Receipts of Wheat, The Hogs Brought to This City Num- bered 7,059,194; and 6,700,000 Wore Slaughtered Here, We Received 1,382,397 Head of Cattle—Total Value of Live Stock Handled, $139,« 900,000. The Produco Trade Amounts to $312,000,000 and Whole- sale Sales to $304, 500,000. Our Manufactures Foot Up $285,- 000,000 ; Being an Increase ~ of $37,000,000, How This Compares with an In- crease of37 1-2 Por Cont in the Bank Clearings.. Our Figures Include Only the First Sales of Personal Prop erty. which has ramificd down into the most marke ore tae eH aillwaulee, This a} minute features of elty Ife, giving to retailer | pears to bo chiefly duo to the greater activity: as wall as wholesale dealer, 10 the worker as | 0f flouring-millis in the interlor, which each year absorbs more and moro of the 4 ie as os capitallet, the full benefit of pros- caret TEho ibata of sets joomg uy wheat rous times, Grand! in the aggregate movement of producg, 1 ‘The general ayerago of prices haa been | chiefly beeause of an ‘inmense Increase In Digher-than in 1879, though In many dopart- | the production of flax. Thalive-stock traf ments the top quotations of that "year have | too, overtops all former records of . nctlyl not been repeated, But the stimulus of speo- with a steady Increase in the. percontaga 4 sorbed In Jocal manufactures, which are ulative’exeltement operated about twlce as | {rtited all over. tho clvilized’ world, ‘Th long in this case as in that,—say elxht | ggures for lumber and coal. mount higher iu months as against four,—which mades blg | the inililons than ever before,” The same difference In the avorages, ‘The prices of { mark holds true of tho lesger itents‘in gen: : a ern}, tho exceptions to the rule of nesatisfac- fory-inerease beltg few In number. ‘The tendency of prices bas pn, ou the whole, In favor of the producer. ‘They have propany averaged higher than In any provions twelve months, I€ reckoned on n speci bast. It Istrae thatthe constitutional preaisposition of mary men to sell short pre- yalled fora tle both in gralaantt provisions. ‘The knowledge of the Inet that capitalists hind recently Inst money by tho effort to con- trol brendstuifs aud hog products led to the Dellef that the: effort would not soon be re- peated; and many thought: Inst spring that the “business boom” was over. ‘Then fol- lowed widespreal assurances of a marked improvement In the crop yield of Europe, with reports tint our own would very farex- eced that of the hitherté banner year,—1870, It was stimmarily concluded by many that wo wore ntoitt te have more wheat and corn, ryo and pork on our hands than we would know what to do with; and 1t was freely predicted that the surplus could only bo worked off by necepting lower prices tian had ever been known since the South tried to set up. in Dusiness by Itself. A ald one prices followed; but it was checked long before quotations had receded to anything like. the low pointunamed by the benrs, In faet, while they wero most confident, thelr offerings were being aulelly taken by men whohad lenrned to look nt both sides of a questions tind the markets turned ns the truth was at first suspected and then known, ‘The re- yulston in grain was not so severe ns fn some previous years; but tho out-turn in pork products was probably the sharpest and most deatly-bought surprise ever known fn the trade, ‘The most salient features of the re~ spective deals are noted under thelr appro priate headings in the following colunins, A very strongly marked feature of tho produce business of tho past year fs tho nus. ment Inthe amount of eapltal commanded by the trade. ‘There had proviously been an abundance of money at the service of those who wero responsible, but ft hag now in- creased ton plethora, Wo do not here refer to the money owned: by people who are will ing to risk It In a speculative way on the ups and downs of the market, but to that which is offered for usc in the long the sense o the term. * ‘Tho partles supposed to be engl- necring tho deal in wheat early In tle year, ‘and in pork later, hind offered to them at about Sper cent per nnnum, more than ten tines the amount thoy used in thelr operations. Others, fess promtnent, have had offers at about 5 per cent of far more monvy than they could handle; and the nuniber of these anxtous to employ their capital in carrying produce from one month to another has been great enough to reduce the premiums to a point where the profit was nbout an cvanes- cent quantity, And money to bring the stuit here was- about equally abundant as to handte {t when In this elty. ‘The result has been achenpening of the cost of handling, which gives to the proditcer a greater ver- centage of what remains from tho selling price after payIng costs of transportation and storage. ‘There hns not been any Important chenpentng in tho former and none in the latter, ‘There was generally a premium on carrying both grain and provisions the Inst half of the year. Sometiues as high as 8 per cent was paid for the use of money in the trade: the uvernge was probably 5@bper cent, Of course this Incrensed: pressure of money {nto the produce business 1s largely due to the difieulty of investing it in other direc- tlons so thut it will pay, A ‘blg prominin on United States 4 por cont bonds, undoubtedly indicates n confidence In the stability of our Instituttons,—Inconsistent with tho adtmls- slon of a probability that the Nation would ever vote to tux, Itself for tho payment of Southern War claims,. But it’ also shows that other stocks and bonds’ do not offer a muuels larger prot which ean be counted on fig seettre, and this helps to swell tho volume ofensh at the commun of men in the prad-, tee trade, Outside of all this, however, there Is 0 growls aonse of the bona fide fmportanes ot ‘a’ branch” of business which, up to oo. short | time | ago, wns regarded ag mostly speculative fn tts alins, if not in its ends, One important re- sult ot this change tsa smaller variation ip prives than formerly on recount of a chin hh tha quantity of produce arriving or in sight. here f enpital to holt it. ‘Tho ar- ument that iirices should be Jower beens thore Is n largo stock of fru on, hand used tobeapotent one. It fs now little more forelble than would be the appeal of a coun- try buyer of dry gous, who, purchasing 2 “line? from one ‘of our merchant princes, should say: “Your store is full; you havea big lot of: goods for mo to. choose from; therefors you must Bell to me below cost, Othorwiso you will ‘never get rid of your stock.” The appeal. niet possibly be mot. with, the auestion: “Who Js bossing this + ‘ {his Inereasa of capital Js elevating our market more and more In importance ago prinary mart for produce. We used to be entirely dependent on the seaboard for European orders, and largely. no for those in- volving shipments to the Eastern States. Now we haye changed all that, Now York City Jong since lost the distributive trade with New England, which is now supplied exclusively and directly from the West, By dint of ‘having reduced “mixing”! selence, the merchants of New York still partly control the export of wheat to Europe, as they lower the grades to a point 5@6 cents In valuo below those of Chicago or Mil- waukee; and are thus able to undersell us whon the buyer ts content to recelve what has not inapily been termed “a commercial erade" of No.2 wheat, Enstern men hava also sold during Inst year a erent deal of grain “short” to Europe. Thoy did this very oxtonsively in wheat Jast summer, when tho: beur feellug prevailed, and some of them were hard. pressed to gut, the graln with which to fll thefrsntes,. Thoy were not, however, quite so much at a dis- adynntage 13 twolye months proviously, This short selling at tho senbourd for export ig really the bane of the trade, Not a fow of the parties who indulge in It do go beenuso they know that-it Is diticnit for the forelgn buyer to obtain redress in engo they find tt convenient to “lla down.” We aye had some of that kind of men In Chicago in for- mer duys, but thoy linve mostly dropped out, ‘This offering to sell short, by cable, is.often. the chief cnuse of the weakiess in British markels reported tous; and the men who have thus beared the foreign market move heaven and earth to bear thosy of the United States fn order to innke a profit on the trans- action. Outside of this the export trade of tho seaboard —citles in grain is belug rapidly reduced -to the filling up of steamer room in cases where cargoes have not been already seetred from Western consignments, In regard to provisions, even, the Intter seldom occurs, the silpments boing almost entirely made up of packages sent directly from the West to tho merchants on the othor side of tho Atlantic, And this constantly outpouring stream of precious material from the American horn o plenty, United States, fathered from all parts of the sin largo part sont forward in response to orders ommnating from Chicago, ‘They really dictate: the movement of the wheat from Mienigan and Indiana, which moves directly —cuatward when ft leaves the = farm; tho corm, and wheat of Contral and Southern Ilttnals which seeks the cut-off lines; somo of tha grain tat hns gone down the Misslssipp!, and to Europe through the Gulf; a very con- aldorable part of tho wheat shipped from Milwaukeo; and the great bulk of the hor product that fas beun packed in Cineijnnatl, St. Louis, Milwaukee, Indianapolis, Kansas City, and the other minor polnts, too numer ous to mention, Fully 05 per cent of all tho pork and hog moat inthe United States was owned {y Chicago during half the year just passed, with a large proportion of the Inrds aud not « pound of the remalndor moyed without reference to the course of prices here, We have held big stocks of grain and provisions, and recelved and shipped im- menso quantities of both, Lut in- neither caso has the fact beon more than an index to the magnitude of our produce trade, Another marked change has occurred within the past two or three years in our re- lations with Europe, We not only consh; our produce direct across the Atlantic wilh out help from the seaboard cities, exeuyt tho Jabor of transfer, but we now distribute to port on the Contisentoft Europe without help frow the Engllsh merchant. Formerly the British inporter took the: surplus food of the United States and resold to the Conti. nent all that was not wanted by consumers in the Unite dom.. He now buys com paratively little Fon Ue beyond. what is wanted in tho British Isles. Qur corn, lard, mmeats, and alcohol ary now slilpped on through frelaht rates to ports in Halland, France, Spain, Portugal, Ialy, ete. 04 well as to Great Dritein and? Tretand, Our exporters send only it Hittle wheat to the eon dnent, beeauss Enetand sour elles cise tomer for pyirli wheat; notimneh of It goes jo the continent except to, Marzellles, Mare than half the lard, two-thirds of the spirits, nnd a large percentage of the corn expel od from Chicago during the past year have gone to the Continent of Europe; to say nothing of our canned inents, whieh are. sprend brondenst over the northern half of the cly Mized world, and are even consiined in large iiities {i the southern hemisphere, ie greater abundance of capital ling fn creased the percentage of material that ts shipped to fined a market, Instead of waiting tobssent forward in response to foreisn orders, A jong fine of financial wreeks mays’ he supposed to polit out this ag a dangerous course, espeela yurrnin, Probably any one thousand eon: Ive grain cargoes sulpped ng acoummercial venture previous to last year ywould show a loss on two-thirds of tte nit ber. But tho trecord hins not heen so disastrois,—certainiy not in corn. In the inrity of cases, however, the profit would ween rather to have come from speculative manipulation of the market, with a risk takenon the process, of “getting the stil outof the way.” [tis still axiomatic, with some of the best men in the produce trade, that the man who ships ou hig own account jy sure to Jose money; anid they hold that ihe true policy ts to nigke people cone here to buy the property. That Hany be the safest course for the Lndividual, but the volume of our trade would probably be very much sinaller than itis wern it not for the enter. rise of the men who follow the advice of Grant to “ push things.” : New York has contributed a great deal more to our produce trade during the past year than ever before. The merehant-pritices of that city are now represented here by two: or three houses, besides the flrs “whieh for n long tlhe past have operated for and through houses nt the seaboard engaged in and bie operators would notagree to it for (bat reason, "She man who decides to bay or sell 10,000,000 bof wheat, or 50,000 bris of pork, cas now accomplish: It almost with conta ripple, and nobady need now ta tte about it until the fet ts covered by finding. ng the fox did li the table, that all the tracks Jead te the ian’s den, and none from it. ‘he tion Is mate that the ordinary elearing- honse plan would 1 1 these things too 4 "The present method Is, however, tno raky to be contiined forever. Some day or other the commercial world wil be started into a recounition of the necessity of keeplng the stuf off thestreet, nnd taking a. K far the receipt when the Intter Is defly it would geen that this ean be done by proe viding a room in the new building In whieh every firm ean be represented at na desk, where he ean receive and pay for property, and deliver dt to another ifuecessary. This might atso have the tivantage of stopping the mean practlee of delivering sogs to nake the other unit pits: e There nro few who would not Ike to see this fenture of the trade extin- wished forever, those who now re- sort to §t most have no better plea dn Justitl- entlon than the claim, “Other folks serve me In that way’? "The Bourd of ‘Trade ts to be congratulated on linaving, at Inst, practically done away with trading out. ot regular hottrs, and ma- ferintly Jessened the nuinber of those hours, ‘The practice seas a big nitisance in 1819 It ceased im 1880, thanks to the firmness of President Dwight in fining all known of- fenters. It way soon found that outside parties did not care to send orders to trade when they knew that the orders would. not be filled, and the Board was able to adopt the “new fenture” of no trading after the to’elock call, 0 1 whieh had preyfously been the rale only tn hot weather. ‘The result Is that operators are nbia to give more thine to their corres. pondence and to thelr faruifies than they used todo, ‘The change las also tiade the trade: healthier i other respects. ‘There ts now less temptation, to culate by those theexport movenent, Some of our export buyers now. hinve ollives fu, New York City, and since our iast annual review about lint nidozen Chicago firms estab- lished offices there for tha receipt of orders to rade in this market. Mast(of the lutter are entirely speculativeand their agerexate fs shuply enormous, During the business part of theday W Vall street fy oni continions qui vive for Chicago quotations: and the almost numberless “tickers? ure the centres of anxious groups of men, who disregrad. the quota- tions of thelr own Produce Exchange, only wanting to know what is going on here, "The wires ave laden with orders to buy and sell, while baling quietness relgns on the New York Board; and it not infrequently happens that the market thore is quoted dul and nominal atthe very moment when the inost Istense excitement prevalis here, as a dlrect consequence of New York orders to buy or sell millions of bushels of grain, or tens of thousands of pork or lard, We may add that these orders ore not always the re- sult of Intelllent reasoning about the proba- ble future of prices,andnre often sent for men who scarcely know a grain of outs from a ker- nel of corn, Mr. C hears that some one has bought halfa million of wheat in Chicago, anil he decides to do the same. ‘The best rea- son elther of them enn gl r the netlon is thot some one else hag inde money by pure chasing wheat In Chicago, and the inference is that they will do Iikewise, ‘The business Ig not without tts drawbacks, however. ‘Tho competition between these New York repre- sentatives of Chicago firms ts already so In- tense that thay sre acceptingsorders on very small conmilssions, and sume of them with- out adeyuatl security In the shape of mare ins. ‘The business would seem to have hven. somewhat overdone there and elsc- where, ‘The failure of four ninent firms here during the bear movement of Inst month was largely due to the fact that sui ficient money security was not recelyed from parties outside who were trading through heso tirms. It 1s possible that the experience: gained a couple of weeks ago will Induce inany to {ngist upon tradi on a safer basis, ornotatall, Tho desire, thera and elsewhere, to trade in Chienyo, hay been nt thes so dntense ag almost to amount ton erase, “Everybody feltnsif he imust deal In something, and the only question was, What shall lt he? As a result the course of prices here 1s reflected all over the world. ‘Till within a few.months the merehiunts of London und Yaris affected indifference about Chicazo quotations, while acunning those of New York, . Now tho ease iT) partially reversed ou the other side of the Atlanfie. “People there chave learned that New York follows Ghicagé np and.tiown tn the barometric senle of prices, except | certain cases understood to be a temporarily local pressure. ‘This is mostly the result of intense speculation. A few months ago ‘Toledo called attention to the fact tat she was (then) reevlying more grain than Chicago, and demanded that hor “market” be quoted in New York, ‘The reply was that, iy Toledo would, at its own expense, furnish quotations, they would probably be posted in the New York Produce Exehnnge as amatter of courtesy, Tha fact that so mnuch wheat was passiig through ‘Toledo did not make Itamarkel, “There wre but two market eltfes between the Rocky Mountains and the Atlantic,—they are Chicago and New York City. ‘rhese ‘outside ardera have brought out mammoth trading. A few years ago three or four of the leading men made 2 pool to sell 10,000 bris of pork for the sakeot de- pressing tho murket, and only three years sinco the same parties combined ono 500,000- bu deal in wheat. ‘Then the silo of 250 bris of pork and 6,000 bu of whent was tho rule, and the man who Insisted on biying or seil- ing tice that quantlty, or none at all, was open tothe suspicion of trying to bhitl some- body, Now the offer to buy or sell 10,000 brls of pork or 100,000 bu of wheat in ono limp Js sueh an ordinary aifair as not to excite comment. ata Some of the New York men have recent- ly announced thelr futention to make a grand effort to call back the speculative trady in produee, which formerly centered there, It does not appear probable that they will suceced. A. big speculative mur- ket must bo near the basu ofsupplies, New York 1s the king city forstobk transuctions, beeanse transfers are made on books Kept there, and iuterest on stocks and bonds Is generally made payable in that elty, Forn similar ‘reason Chicago Is the qentre tor speculative transactions In graintnnd pro- visions. ‘The stocks of those articles lis at our back, and arecontralled here, Chica; is only three or tour days away from the farm, and the ups and downs of prices here are responded to with oleatric celer! changes in the volume of produce ‘that pours in, upon us dally, ‘Tho movement can be hastened or retarded to suit the ever: yarying needs of the hour, Tf more be want- ed, the daily receipts are doubled within the courae of a week; If less, they atirini: speed Ny. New York, on the contrary, is practl- cally thirty or forty days away from the fans of the great West and so mitch tins inust elnpse before any appreciable change in the wa gute of arrivals can result from a shane i tho murket conditions; while it not seldom happens that her avenues of supe he arg parthally closed, while the Brinreus: Ike Chicngo has tha whole West always within easy reach, und always ready to rer spond to her call, New York mugt content hersolf with the Stoel Bonrd supremacy; to Chieago belongs the position of food empo- rium for the whole Continent, Jt is noteworthy that the activity of tho roduce trade here Is largely due to the {net nat it is transacted in: open: market. This. plan of trading enables the outside world to know wit 1s going on, and gives them moro confidence by furnishing an tine portant cheek upon the reports made by conniision men to thely principals, either in tho elty or outside, It ix for this reason that the commercial reports of the dnily newspapers and the clreulars: aro persed With so much Interest; and Jt ts this which enables thom to make up reports that uro worthy of the interest taken in them, One ought not to forbear tecognition of the tm: portant part which the numerous Nues of wlegraph take in the immediate dlsseml- nation of news of the moment, as well as bearing orders to transact now busi ness, ‘The establishment of an open market means business, unless other coniditions In- terfers to prevent, ‘This is a polnt which parties enguged.In the flour trade woulil do well to note and act Upon, An open four market appears to be the one thing needful to restore that branch of our produce trade from Ita Inte pleayuntsh condition to the glory of formor days. ‘ os ‘Tho Inconyenlence and risk attending de- liverles on contructs, a8 at present con- ducted, have often been complained of, ‘The attempt was made several months azo to change the rules so as to perme the delivery of memoranda Instead of .the recelpts thenie selves, When the partles so desired. ‘Tho plan was excellent in all respects nave the yery Important one: It would have loft open to dispute the legality of the delivery, and thus invite Huigution by parties tanwilg bo pay losses If thoy could ayold it For this reason the reform was not adopled, Probie bly a better plun would be the formation of a cloaring-house for grain dellverlos. ‘This hag been favored by some, but others object toiton the groun ¢ would prevent tho sccresy necessary to ‘largo operations, who have nothing else to do, and less desire on the part of many for stumants, Some defaults ¥ nade during the past year on May contracts for wheat and August and October contracts for he On eneh occasion a committee was called to fis a priee at which the contracts should be settled; and in ench ense the decision was an indorsement of the thne-honored rife on the Board of Trade that, contracts must be enforcedl except In cases of munifest hardship. There Js no yeason to doubt that these committees represented the alnost unanimous sentiment of the Board. A very large majority of Its members are In favor of making vman live tp to his bare gain, though some of them may protest when tha shoe pinches thom Individually. It is only falr to the parties who defaulted In the enses above noted to say that they acted une der instruetions fron prinelpals outside the ‘Board, not on theirown judgment, In the wheat ease, tho defaulting finn afterwards insisted on paying the full amount claimed, whieh was Ye per bu more than was award- ed by the Committee. ‘Vie enpuelty of our grain-warchouses was incrensed 0 little more than twelve months ago by the erection of the Armour, Dole & Co, elevator D, making the nominal capaelty about 17,000,000 bu. The houses were, how- ever, (lite ten with a ttle aver 16,000,000 bn, and contained nearly so much ducky Janne ary, February, and Alas. Jan. 10 the Inipe- rlal Mills were teased for grain storage, but the building collapsed Feb, 120 with 27,00 bu No. 3 wheat in store, and much of the contents as could be recovered was taken to the older cle- yators. ‘The pressure for roont was so great that the Directors of the Board of ‘Trade de 1, dan. 8, to make sheds regular, but the warehouse proprictors did not tuke kindly to the suggestion, Probably a great deal niore grain would have been received here Jast winter but for the lack of storage-room, People did not like to send wheat here to be sold on track at 6@6e per bu less than the price In store, though the injustice wns more apparent than real, the’ track price being about tho value of the grain to ship to other markets, As much 1s de per bu was offered by sume parties Inst winter for storage room in thy ¢levators, and refused. Liberal re- bates were offered to shippers during the first. five mouths .of the year, As much as 2c per bu was allowed in some eases to parties who would take the grain ont of store; and It 1s believed thit smaller rebates were allowed through the greater part of the stunmer, at least to some pariic t soon becune evident that the recent pressure for room was not a mere spasm of activity, and that more storage room would be wanted than hind hitherto sutisticd the wants of the trade, Messrs. Munger, Wheeler & Co, decided to'build two" more vleyators. ‘They are now finished. ‘Tho “Towa” Elevator, on the weat bank of tha rivor nt Fourteenth street, lins n caunelty of 1,009,000 Dus and the “St. Paul,” just south ofthe Fulton Eleyator, linsa capaelty of 1,009,+ 000 bu. ‘These finerense the — mumber of our public warchou to twenty-three, with a nominal eapnelty of 19,400,000 bu, and an actual working do of about 18,500,000 bi, it now upperrs probable that all this room will be In use before the opening of naviga- flon next spring, ‘Tho actual quantity that ean be stored depends Inrgely upon the rela- tive quantities of the different grates of grain. A year ago the grain in elevator was mostly No. 2 wheat and corn, The Fi atest qunntity of grain afloat inour harbor last winter was 2,745,094 bit on Mareh go, The grain-carrying capacity now in tiny bor Js about 33,080,000 bu, so that our possible stocks of grain ashore aud attoat Just sbout. exceeds the netual quantity n year ago by: the 2,500,000 bu roum added by the two new efevators. ‘There Is, or WH be in the future, oppor- tunity for a great deal more storage-room than we now have for grain, Weought how to bu able to furnish accommodation for at Jenst 10,000,000 bu of gral, The farmer eould then sell so much more of his sur Plus fy the fall and winter. having the money to pay his debts, without rushing it on the constimer Itt stich voltune asto depress prices aud put up railtreighia., ‘Tho more storage room here, the grenier tha power In the bal- ance-whieel of trade, and the greater the re- straint upon the rapnelty of raitrondman- agers, Who always pile up charges during the months In whieh there is no open wuter- way to the ocean, Wo ought niso to have cheaper storage, as well ng more of It. Our charges are too high, Now York charges 9f6 for the first ten days and 2ye fer each ten days after- wards, while speelal contracts have recently been made there to hindiy grain for 34e, hie eluding thirty days’ storage,” It is worthy of note that Chicago and Milwaukeo are tho only Western cliles where sels terms are not free on board.” ‘There should be no charge on gtaln here, except for trans- portation, tit ft fins been in store (auy) tive days. The railroad compantes should charge nothing for early delivery of griln, any more - Um they now do for other merehatidise, ‘They should stund the expense of holding Ita) reasonable tine, and then let the warchouseman clurge a reuson- nble sum for holding it longer, At present: at least ona-nill of the first storage charge Ina direct diserlnination agninst Chicage, in ade dition to the not seldom practiced witness ot Hphoding rates front this elty to the sen- board, white cutting freely on transnortn tion from country polnts, SUI there 3 some satisfaction in knowlng that rates of storaga cannot be arbitrarily advanced here, as is peel elsewhere, “The owner of grain in Bultinure, who was notified five weeks ago. that he must pay 83{ cents per bushel for each five days that “lis grain remained In store after Dee. 1, may have been excused Af he regarded as much supurior the iron- bound rule In this city of half «cent fur vach ton days after tho first ten, except attor four cents has recumulated, in winter, ‘Tho’ business of grat warehousing as beon a very profitable one durhiye the past year, notwithstanding the loss by the burst- hyg of the Emplre Milla, sbove referred to, We eathnate that tha recelpls from storage havo been yury nearly $2,000, besides the very liberal rebates to shippers which were made by some warehousemen right up to the opening of navigation and beyond that date, Vhe rebates wer not ull loss, as the gradi moved out owlng to this inducement made room for other grain, ‘There was no draw. back in protit on necount of hrenting. which requires the grain tu be turned over in store, and involves some loss In weight as well a3 costof labor, There has not only -been no hot grain but no suspicion of it, whieh Is very wnusual, ‘This Is partly attributable to tho superior condition uf the crops of 1879, and ting snail part to the gradual ratalug of thy Inspection, much more attention belig paid to the condition thin a few years ago. ‘he coniplaints made have been uniformly in the other direction. ‘There has ulsa been an absence of outcry syaltist oleaned grat, though some elevators have been seri}. nated nyuinst to the oxtont of d@ie pur bushel, partly for this renson, ‘The business of grain cleaning is carried on hereabout as largely ay ever, but a considerable propor- fon of this araln Is sold by sunle on its merits, the Inspectors belng vigilant in this UIC UIT, ‘Phe coniuct of the grain Inspoction has gehorally givou satistuctlon during: the past year, oxcopt a litte On wheat in May, and ‘dats In October; and It is by no Means proven that the Department was entirely wrong in tho former ense; while inthe Intter tho nus merous changes made by the Committes of Appeals tend to show that the complaints hada reasonable foundation, ‘The aim of the Departiaent ins evidently been to keep up the standard of the different grades to the high pliteh of the previous years and the generally coud con: dition of tho grain hag enabled this to be done with MHtte trouble. ‘The ditenttios tiet with were In dealing with header whent frond ths Southwest and musty onts from the crop of #880. A rather large mixture of seeds was observable Ina goo denl of the wheat coming from the Northwest, and this nade the Inspection from that. section lower than tists ‘he condition of the wheat on the belt tne, often spoken of ng disputed territory between Chicago and Mitwaukee, wos such as to adinit of Httle doubt. Henea there has pruetleally: been no wheat cone from this elty to inspect higher In Milwan- kee, as was rather largely the ease {n 1879s and this source of dissatisfaction has nearly is The ditienlty, If any, has been the other | \ AS Hone Wheat cargoes whieh enine here [ast May to fill short sales were objected to, ‘The conditton of the corn crop of 18i9 was such that only the Inck of ordl- nary care breribbing or shelling prevented it from jiearly all Inspecting as No, 2 or bet- ter. We note that gee hunny contracts for corn to be delivered in. May were male Inst October and since, on the tinnsual terms “regardless of hapection.” We noted n year ago that whoat ent with “headers” Is peculiarly linble to spotl i the stack for want of straw enough to xive yonee ventilation. ‘The Feria has been n ustified by the facts not hove, No complaint of conseanence hag been heard during the year in regard to the fie spection of provislons, though efreumstan- eos have favored complaints Jf xu reason able ground existed, An finportant linproves ment has been effected during the past twelve months by the consent of packers and warchouseinen to innke sworn statements o€ quantities of proytsions on hand in the mids de ofeach month. ‘There hias been ho sing in the reglstration of grain, though for two or three weeks the Board of ‘Trade figures indicated that the stocks of oats In store were very inueh Jess than nothing. ‘The plat of registration In both departments works welland smoothly; and each year's experience only tends to eive to nll parties Inthe trade an Increased estimate of its value In preventing irregularities or fraud, ‘There was a considerable Inerease last spring in the storage enpaelty for provisions, whielt will probably obviate the hitherto sip. posed necessity of rolling pork and lard out on the prairie in midwinter, Our packers and storekeepers could comfortably accom modate abort $90,000 bris pork, 510,002 tes Tard and hintns, and 90,000,000 Ibs met, or 125,000 tons of meat and lard, without inelud- ing the weight of brine or packages, and all under cover. They had nearly nas much as that on hand in the middle of Iast Mareh, She rules of the Board do not now recognize as regulac”? any stu in packages which are not properly under cover, ‘This is a great Inprovement over the old-fashioned way of dloing things, which favored the spoiling of park when we held big stocks in warn wenther, sometimes experienced in Mare} and April. ‘The above noted eapacty for nearly %,- 00),000 bit of grain and 125,000 tons of pork Product does not Include some outside houses used for grain storage, the packing- house capacity for beef product, or the room In whieh $s stored) Timmense quantities of flour, seeds, wool, hides, and mumerous other articles of produce. ‘This is “private? stor- age rooms that ts, not subject to obligation to report eapacity or stocks, except ta’ indi- vidual owners, and it fs therefore diMeult to esthnate its extent, For the lake marine the past year was the Most prosperous one since 1st, The navigation extended aver near q ‘he Straits opened about the Istot Lthe last steamers passed through els stopped TH aie on corn to Slfe, against 4.220 In 187, shest rite on corn was ie, pall In November; and the lowest S3fc in April, Charters for a nither Jurge quantity ot grain were made Inst wiiter at. fe for corn, Ineliding storage; and Just before the Strafts opened’ at Ge for corn. ‘The de- elfnein April was due to thy arrival of.a Jarge fleet here, the iron-ore vessels inaking: thefr first (rips for grain, After April rates advanced, ruling at 33¢¢ for three weel August, falling off In September, and rising 10 Ze In November, closing atte. Rates aver- aged highest for June and November, bath averaglig 1 y653 oncom. ‘The mishaps to vessels were comparatively fow fll the fall, On Oct. 16 occurred ane of the tost destrugtive storms ever experienced by luke navignturssnThestoss- of lifo-and--proper was farge. Vessel property. appreciated hit value siice the close of the season of 1870 GH) per cent, aud the good times for ug ueted us a stimulus to yessel- The following shows the ayerage rates on com by sull from Chicago to, Bultalo, and by eanat from Bultulo to New York, for several Sensons: ‘The average canal rate on wheat on corn about 3f@¢le less. ‘rhe Erle Canal took nearly one-third mare grain than in tho previous year, but the average rate was Jess than tn most former seasons. ‘Chis appears to have been due in part to thastrife among canalboat-men them: selves, ‘Tho failure of ennnbout-owners and shippers to agree on rates carly in November ig sald to have back a gaud deal of grain that would otherwise have reached tiie water before the carly freezing up of the New York canals, ‘The following statement shows the roiling tes of freight on coal per ton, free, Dy silt fs from Butfalo to Chicazo during the Benson of 1880; March 27.4. ‘Tho dates given are the days on which the changes were made. Rall frelalits fram But- falo to Chieage wre’ $1.35, which was the fig- ure throughout the season, ‘The following table shows the changes in the rall rates on grain and monts tu New York during the past year. In Masel eleven classes were adopted, and all: special classes were abolished. ‘Phe old fourth class became the seventh, or the sume as boxed meats Hored 4 Grain, mets, meata, - 40 4h BO 45 w a6 40 40 45, 40. 4S atendy, de- freights wore unuaially ay ie of the water Ral clining In the spring on recount! competition, ‘The published tarlit was shaded, but not extensively, It was under- stoad that grain was taken through In March at 80}<e, und the August tart was eut by some Ines, the lowest named rate belug S50 on grain to Now York, « ‘ ‘the following figures show the nomtant position of the whunt exporter during tho past rent. We give for the 10th of each month (or the 17th when the 1th was Sin. day) the cost por bu to put No, 2 spring (ree on board and Insure it; tha “oflieial” through frelght per 100 tba to Liverpool; the cost per eental jn Liverpool; and the re- ported narketin thatelty, *dellyerad terme af the snine dates. ‘The cost of dellvery in Jiverpoo} was about fd por cental additional. We note that tho outside quotation trom Liv- orpool, iver in tho rhaht-haud column, agrees substantially with the price for No, J speting as given in the * special” to the Call uarid ; $ 7 ITN LIVERPOOL. Atonth, : if Cost, | * Quoted. danuary../@L.20%) 5d [ils id RADIOS Foprunty, rr) Ba lite on | ba iain ba Murch 183 | Gig] tia Ad five 1OdGel le dab Babe} lus sab oes 4d 424 |10s Sct 4d@ ts Hd 4856] Ba Od | ales fal ATsa| Hs Wd | 5a BiG Oe Bd 45° | Bs Gd | Ta dap Os 1 B3 | Bs Od | Ta Bag Be Gu el PBR) Bha| ms Ga | da: ades oa vem .f "4 iy Decumbor] 1.044 bil te Ud | Be ito oe id In April, May, and June Himited quantities of wheat wero takon via Montreal ut 3@5e wir 100 tbs below the above rates, Corn wis niken Fob, 20 at se per bn through to Laver- ool, . pete expenses of shipment to Europe are enormous... We publishea a fow mouths ago the following schedole of English charges which it wos oxpocted would be incurred on $0 boxus of scala if consigncil to Hnaland for eald on account o: part jes her ‘eturn the pound Into English shillings; Quay porterare, 22083 entry ‘dues, 80s; dock du b0s; town dues, 8033 tft rent, lis; carting, 2 houge rent, 72a; R083 lnhavalng reeelying samples, ing, 01, housing, ete., 2003; ware Insurance, 8% 3 in 10s; carting samples, 1033 10s; opsning, 8!48; show- $444; rent on samples, fa; uvornging, 3 coopering, 60s; delivering, 60s: se commission, 303; interest on charged, Btfa, . ‘These font upa total of £67 198 on a-kellin value of nbout £3,750, and 3 per cent on th sum is charged for brokerage in addition to the above charges, It ts understood smaller items for rent, bank cominission, and master ‘portnazo aro‘often, If not always, charged, twill be noted that all of the above is Inde- pendent of the cost of transportation from this port to the harbor at Liverpool, aud docs not Include the cost of transportation to in- terlor cities. N The following schedule shows the charges ontside of actual Sarringe, Incurred in ship- ping a round lot of say 55,000 bi corn to Liv erpool, We alive the figures in oven pounds sterling, that being near enough for the pur- pose: Dock and town dues, 3 Dorterage, yelghiu, and delivering, £115; auay rent, 203 foreign Insurance, £3; telegrams,£1; Inter- harges, £45; brokerage and commissions, 00; other chargvs, including incidental: and three months’ interest, £35. Total or sterlitin, ornbonut 82,550, or over die per bu. ‘This is all irrespective of handling on the cis-Atlantle seabourd, Jn 1870 groin was taken to the seaboard by roll at very low rates; some contracts to Now York were made at 7@i¢fe per 100 Ibs in May and June. ‘The result was a latge inavenient by rail, ‘The greater strength of rail rates enst_of Buifalo In 1880 enused 9 great falling off in this respect. ‘The bulic of tie ons were shipped by rall, becnuse they were chiefly distributed to interlor points In the Enstern States, But our export grain went East by the water route, and the voluinie moved Enst over the cut-off lines yas reduced also, ‘Chis invalved less connection silt Baltimore and Philadelphia, while our shipments \ inerensed largely to New York and some to Boston, ‘The alipments frowt Montreal fn 1880 were some 4,000,000 bu more than in 1870, but this was largely die to inerensed wheat consignments from Toledo, with some from Detroft, and not to, sbi ments from Chieago, We note that Buffalo did a largely-Inereased business Inst year, reeeiving inore than 100,000,000 ba of grain during te season of navigation, ond, fora nder, all the elevators of the city were in operation, The business of the Eria Canal Increased, but 1 good deal of our gral was taken nt low rates from Butlalo by the New York railroads. Oswego has received. very Httle of our Hraln, except some §00,000 bu ofcorn which have gone to the starch {nctory In thatelty, It seems to be regarded by ourshippers as a ‘slow coach,” and they Jet It severely nlone—perhaps unjustly. Complaints of tardiness hn furnishing tate road cars to bring prod to this elty have been heard during the past year a little more loudly than ever before. It seems to be a growing evil. ‘The fact is that the railroad eompanles have Increased thelr inileage of track more rapidly than their rolling stock, wherens the rude ought really te be the other way, ‘The extensions have chiefly been iade so as to inerense the average distance through whielt the produce must be trans- ported, and this lengthens the nyerage tine that near Is in transit, besides adding ta to yolwne to be moved. ‘There hns not been so mueh pressure in the Eastward direetion tilt Inte inthe year, as rail rates were main- tained at npolnt which makes the water route preferable, even if It had to be walted, for, except Int! se Where shipments by ral ere made direct to Interior Eastern points, "The carrying enpaclty of our raitronds, of the lake marine, and of ocean vessels have all been fully oceupled during the past year, the former belug found Inadequate to tha task. ‘These conditions have favored the Mississippi route tothe senbonrd, St. Louis, however, has been unable to take adyantn, of this fact, except tan very limited extents for one thing, her barges ara about twice as hig ns they ought to be, and ean only ran dure, faiza few weeks in the yearfor want of water enough to float in, Hence the experience of notlongzage, when dd pounds perday was pald for demurrage on steamers Iylng nt New Urleans while. the 50,000 bushel-barges wero waiting at St. Louls for more water, Tt now looks a8 if Catro will beat St. Louls hollow in the contest for the grain trade of Europe, and prove to be 2 -sharp competitor. with Chicago for the, grain of Kansas, Missouri, Southern Iiinols, aud parts of Towa and Indiana, Calro neither suifers from low water in summer nor ice in whuter, atl will probably be able to find eim- ployment for her new efevator all the year rownd.. A direct canal communication be- $ ¥ etween: Chieago and. the -Miesiealppi above Rock Istand may yot. be found to be of vital importance to the arain trade of this clty. * The entargentent of the Welland Canal, which will be finished about midsiunimer, will matorially reduce tha cost of transportae tion. It will enable vessels of the right build to carry. through some 3,000 bu of grain without lightering; the present avernzo Ing not amtiel more Cran 18,000 bu. The draté perinitted willbe twelve feet, against ten. feet hitherto. ‘The members of the Board of Trade have + bg 3; Holating : 3 broke - longslehed for Increased necommodations. .~ A cominittee appointed Inst summer to con sider the subject, reported n week ago, with fa recommendation to renoye te the long talked-of Scott property, Inmedintely north of the Michienn Southern ane Depot. Last Thursday the Board adopted the recoutmendation by n large majority, PROVISIONS, THE MARKET Fon Loa PRoDUcTS has heen exceedingly Irregular; at tines dull’ and heavy, at others active and excited, The first half of the year was marked by depres- ston; the Inst half by the longest sustained 1 Rock Island. and most successful corner ever known 10 *; the history of the trade, There was very ttle of the old-fashioned Intermission , on account of hot weather; indeed, some of the most nctlve trading of the year was done with the thermometer In the neighborhood - of degrees. ‘The market was fiat ayearago. Witha suspension of packing operations during a- part of January, reducing tha production.of last winter, we yet had such blir stocks of everything on hand that it was necessary on the approach of spring to erect buildings over lirge quantities of stuff that had been |, rolled outon the prairie, ‘The boom of the latter part of 1879 was widely regarded with suspicion by consumers, and thoy held off as” much as possible, belleving: that an extra large run of summer hogs would bring pricei down to nearly tho figures of the previous * August, whon pork sold nt $780, lard nt $5.40, nnd short ribs at $4.10 (thoy had sold below de per th in July). Even prominent packers took the short side, as they saw stocks accumutating, especially pork, which had been manufactured very freely, In the - nbsence of demand for meats, Tho March statement showed 280,000 bris on hand, and the stock was only 9,000 bris less n month Inter, On the 20th of April thero was almogt n pane, ports selling down to $0.25, At thla polut prominent shorts stepped in and coy- ered; and Mr. Armour, who had Jost rather heavily by being “long” on the down turn, now took hold, laying the foundations for’ ‘TI GUEAT PORK CORNER which developed later, Io‘ bought all the: way up to $15.00, In July, in company with ono or two others, ‘Thon the Intter sold out; © and there {s reason to believe that Mfrv As’: wanted to close up, but concluded that he could not do it without loss, and bought aboutoverything that wasoffared, up to $14.00. By this tine It became evident that the mare Ket was cornered for August, and the wiser : ones filled {at $15,00@10,00, with a rather ” Mberal shipping movement to the South for- consumption. n 4 OI ed to pn: months, Srommviite 17,00 nt the close of the the losers sought to gut whole by. selling short for September, at what then appeared to be'good prices. 3 the thne they had sold all they wanted to, [6 was found that Armour had bonght it, the shorts had to walk up to the captain's oliice and settle, at tho rife-of about 818,00 per bri, This little bit of history waa again (ot Eepeated for October, with an advance $10.00 at the end of that month, the stock old) belng then worked dow: to about 0°, ou bris, “This was suld seller the year, nbout $10.00, bought back, nnd put ont agal! for November at about $t1.75, with a tair: profit on euch operation. is ‘Tho best Information wo have been ablo to obtaln places the total quantity of porky Handled by Mr, Armour iy the whole trane- petlan nt about 1,600,000 pele Pought, aud aa: much sald. The nominal pro! ‘. rection was In the neighborhood of $4,800,000" pense of condi “heal. ‘The commis: Mons mid 10 Wet the de ‘were enough ' to. sions pa! roke! t inako moro than one man rich; bug thls w.. ‘Phe others held aut, only to: