COMMERCE (INTERNAL) OF THE UNITED STATES. 



low $1 in the latter part of June, but rallying 

 somewhat in July, in consequence of reports 

 of rains in the Northwest, the unwillingness 

 of holders to take the low prices, and various 

 speculations and combinations. In August and 

 September there was a recovery of 8 or 10 cts. 

 from the lowest midsummer quotations, and 

 large speculative transactions took place, caus- 

 ing considerable irregularities of price. As the 

 stock of spring wheat became depleted, win- 

 ter wheat stood relatively considerably lower. 

 The foreign demand fell off in September, and 

 again depressed prices. In the beginning of 

 October the price had again fallen to 96 and 

 97 cts., and in the middle of the month to 90 

 cts. In November there was a slight upward 

 tendency, and by the beginning of December 

 the price had returned to $1. 



The price of Indian, corn was subject to the 

 same influences which governed the price of 

 wheat, except that it was not so disturbed by 

 speculative operations. The market was dull, 

 and prices were irregular at the beginning of 

 the year, ranging from 50 cts. to over 60 cts., 

 with a downward tendency, which showed 

 signs of improvement in February. The mar- 

 ket was moderately active and firm until in 

 April large shipments filled the market and 

 broke down prices for a few days ; but they 

 recovered and slowly advanced, until in May 

 they began to recede, ranging from 45 to 50 

 cts., with a very active market and extraordi- 

 narily large transactions, under a demand for 

 shipment abroad. Large supplies poured in, 

 and the price sank, 40 cts. being taken in the 

 middle of June. In July and August there 

 was an active demand and an upward ten- 

 dency, which culminated in the latter part of 

 September at about 50 cts. The demand fell 

 off in the latter part of the season ; and, as 

 favorable reports were returned of the new 

 crop, there was a steady decline in prices and 

 a great falling off in operations toward the 

 end of the year, excepting a temporary activi- 

 ty in the lower grades in November. 



In none of the staple exports of the United 

 States except breadstuff's has the increase been 

 so great in the ten years from 1868 to 1878 as 

 in the class of provisions; and in no class has 

 the percentage of increase been so large, it be- 

 ing over 300 per cent., or from $30,278,253 to 

 $123,549,986. Of the exports of provisions 

 in 1877-'78, amounting to the above-mentioned 

 sum, bacon and hams formed the largest item, 

 582 million pounds, of the value of $51,750,- 

 205; lard was the next largest, 343 million 

 pounds, valued at $30,014,023 ; and after cheese, 

 and beef, salt and fresh, salted pork came next, 

 71 million pounds, valued at $4,913,646. The 

 business of raising hogs and that of preparing 

 them for the market have increased, to satisfy 

 this great foreign demand and the augmented 

 home consumption, to immense proportions; 

 and in this last year they overstepped all bounds, 

 and so exceeded the natural demands of the 

 market that in the twelve months ending No- 



vember 1, 1878,4,593,000 swine were slaugh- 

 tered in the Western packing and curing houses 

 that is, 30 per cent, more than in the foregoing 

 year and the price of hogs sank during the year 

 50 per cent., or from $4 or $5 to half as much. 

 The price of mess pork declined steadily, in the 

 New York market, from $18.25 per barrel in 

 January, 1877, to $13.12| in December of that 

 year; no other article, except petroleum, exhib- 

 ited such a marked and rapid decline in value. 

 Other hog products went down in price in the 

 same ratio. The prices continued to fall in the 

 beginning of 1878; in the winter and spring 

 months the lowest prices were paid that had 

 been known for generations, mess pork going 

 down several times below $10 per barrel in 

 New York, lard selling at $7 to $7.50 per cwt., 

 and bacon much of the time at 6 cts. per 

 pound. In the month of May the lowest ebb 

 was reached, pork going below $9.50, lard 

 down to $6.70, and bacon selling at 4f cts. 

 There was a recovery during the summer 

 months from this extreme prostration, pork 

 fluctuating above $10 and lard from $7 to 

 $7.50 ; bacon was almost a drug in the market 

 much of the time. September saw another 

 sinking of prices, pork at $9, lard below $7, 

 and bacon quoted at 5 cts. and under ; in Oc- 

 tober they declined to a still lower range. In 

 the beginning of December old mess pork was 

 selling at $7.40 and new mess at $8.75, lard at 

 $6.02|, and bacon at 4 cts. per pound. The 

 price for mess pork, which was $7.40 on the 

 1st of December, 1878, was $13.50 at the same 

 date in 1877, $16.75 in 1876, and $21.25 to 

 $22.25 in 1875. 



The exports of dairy products, butter and 

 cheese, which amounted to less than, $1,250,- 

 000 in 1850, and less than $2,750,000 in 1860, 

 in 1870 amounted to nearly $9,500,000, and in 

 1877 to $17,125,243. The development of the 

 factory system of dairying, both for butter and 

 cheese, and the employment of refrigerator 

 compartments in railroad trains and trans- 

 oceanic steamships, have cheapened and im- 

 proved the average product, and brought the 

 American producer as near the European con- 

 sumer, as regards the time, facility, and cost of 

 transportation, as he formerly was to the con- 

 sumer in the nearest great city. Owing to this, 

 the area devoted to dairy productions has been 

 and is still being immensely extended ; a large 

 portion of the northwestern regions is being 

 occupied by this industry. The dairy business, 

 now so well systematized, and capable of in- 

 definite further extension in proportion as the 

 demands of the European market are met, has 

 undergone considerable changes owing to these 

 causes. Winter dairying in the Western facto- 

 ries has done away with the necessity of carry- 

 ing heavy stocks over winter, and has created 

 a demand for a fresh-made article all the year 

 round. As the European market is conquered 

 by the cheapness rather than the quality of the 

 American products, the prices, which have 

 fallen considerably already since the export 



