The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-01-02
Outlook OF the Provision Murke.,

OUTLOOK OF the Provision MuFket.
New York Bulletin.
The past week has witnessed further
heavy depreciation in the values OF all hog
products, notwithstanding prices had be-
fore reached a point at which so many had
looked for reaction to begin. This has
been in the face, also, OF quite general
snow blockade at the West, causing light
receipts Of hogs, which, ordinarily, would
have set the shorts to covering and have
caused at least a temporary reduction. Not
so, however, to any extent, although the
large packers and holders OF stock attempt
ed at the close to make use OF it for that
purpose, and to fix as high price as pos
sible for settling up December deals, both
here and West.
The result was the same as usual the
few shorts covered on the first signs of a
recovery, feeling unsafe to stand on a
large short interest at all, and to 60 over
night on small one when the market
shows any strength. The other usual
part OF all their attempted bull move.
ments was that the bulls begin to unload
on each other so soon rs prices advance.
Hence the whole position may be summed
up in tho statement that We have q "long"
market without any largo or bold "shortn
interest TO sustain It, while no one has any
confidence to go in on the bull side, al.
though prices are so low that they think
they can go no lower; yet this has been
their opinion for year past, and they
nave been woIullywrong and have wofullv
paid for their opinion, until they have
no longer any pluck to back it with the
money they have left There is, there.
fore, no sustaining power but in the
packers, who are forced to hold prices
as steadily as possible, yet dare not bull
them for any time, because OF getting over.
loaded with product not their own, and
also because Of advancing the price OF hogs
before the bulk OF the winter crop is mar.
keted, 10 point that would place their
holdings at q still mere unsafe cost. Tho
already enormous stocks at all points are
piling up, the shippers are not taxing far.
Their than Tor current wants, and still the
prospects are that with the enormous in.
crease in packing to date, there will be a
greater one for January, II not for Febru.
AIRY. The packers arc, therefore, between
the upper milestone OF an almost inex.
haustable supply Of hogs, not only for the
balance OF the winter packing, but also for
the whole year, and the neither milestone
oil such stocks as the world never saw nj
this season, in the face Of the most limited
export demand In years, with no specula.
tive assistance to carry the tremendous
load OF actual stock and short sales
which are all that spcculatoS are making.
For the coming week and month there.
fore, larger receipts OF hogs are looked for
by so much as they have been DELAYED by
the snow storms, and held back for the
purpose Of feeding corn beyond the Mis-.
sissippi River, where prices OF the latter
are ruling so low that feeding II Is more
profitable than selling 1t. Hence the turn.
ing point, so long predicted and SO hone.
fully and anxiously looked for, seems lis.
tant, II not as distant as ever, with dark
prospects OF recovery, and constant
downward tendency, except when bulled.
under an increasing pressure OF stock,
Prices are low, but no one knows II they
are cheap. Though they may think 50,
no one dare act 40,