Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-10-23

ence of weaker hog market, the offerings
of hog products on speculative account
were largely increased, and a. severe de-
cline in prices submitted to. Demand
fairly active at the decline, but chiefly to
provide for outstanding contracts. The
shipping demand was only fair, foreign
advices less favorable to holders, and lard
quoted Cd lower. Eastern markets are in
clined to weakness. and prices favor buy
ers.
The receipts of products were moder-
ate, and shipments fair. The offerings of
mess pork were free, and the market ruled
weak during the greater portion of the ses-
sion, accompanied with decline in prices
of 4o@ SOC on the whole range, and closed
easy. The demand for lard was active.
Prices declined 2O9 Csc per 100 pounds.
and closed steady. Cash quiet.
The packers are still hammering away at
November pork and the more distant
options, trying to give the people the
idea that they have more for sale than any
body in the world wants.
There. is one thing in the situation that
promises to cut an important figure. and
that is that packers are generally strongly
opposed to paying current prices for hogs.
and are decidedly anxious to break the
market. They know from experience that
1t is much the safer policy to start in a
new season at low prices and come out on
an advancing scale rather than the
reverse, and cut hogs freely. are
purchasing rather sparingly, III hopes that
they can, by this means, secure lower priced
hogs. This is perfectly legitimate, but if
hogs should break in price it is hardly
reasonable to expect but that provisions
will also decline, SO that if buyers of hogs
succeed in their efforts to buy hogs cheap.
they can afford to sell the product cheaper
1t is evident that there is large short in
terest in November pork and lard. and
this again may initiate against any serious
break IN values for product to be delivered
in the coming forty days,
though it is inferred that
the larger class of operators are the ones
short. and have plenty of capital behind
them, which is certainly in their favor.
Still, unless all legitimate indications are
misleading, low prices for some time yet
seem out of the question, though the pos
sibilities of concerted manipulation on the
part of large operators should not be lost
sight of.
Packing operations at this point show
some increase. some additional houses be-
ing started up, and il arrivals
of hogs warrant others will begin
operations the coming week. All seem
anxious to commence cutting, though there
are some who look upon present prices of
hogs as rather risky, and are inclined to
move cautiously. 1t is generally supposed
that packers have sold considerable pro-
duct for November delivery, and for this
reason will be obliged to cut rather freely
in order to meet their contracts, as we are
going into the new season with extremely
light stocks. The manufacture is largely
of side meats. The lard yield is
fair for the season. At other
points in the west there is some
increase noticeable in the arrival of hogs.
and our advices are that there is general
disposition to begin operations all around
just as rapidly as the arrivals of the raw
material will warrant. 1t is estimated that
the packing in the west will fall fully
1,60O, 900 head short of last summer, weights
considered. This is much larger than the
majority contemplated early in the season.
but carries out rather fully our early sug-
gestions as to the possibilities of the sea-
son.