Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-26

the part of prominent operators, and con-
siderable product was forced to sale by
virtue Of absorption of margins. Alto
gether it has been week full of profit to
the bear element, and consequently loss to
those who were on the opposite side.
The very large shrinkage in values
within the last six weeks in the face of
short supplies Of product on hand and re-
duced supplies of hogs as compared with
former years at this season has developed
quite fully the fact that the law of
supply and demand does not always gov
ern values. In the aggregate there has
been good consumptive demand for
many weeks past, and while our shipments
show falling off as compared with two
or three years previous, this is due in a
great measure to two facts, which are that
there has been little or none of fully cure
meats obtainable, and the weather has av-
eraged too warm to ship part cured.
That the country is bare of old stocks is
too apparent, and as to date the West is
behind nearly 20 per cent. in her hog
slaughter since Nov. 1, and it must be ap-
parent that we are not
gaining in stocks nearly as
rapidly as usual and are not, conse-
quently. troubled with an excess.
Every one knows that the shrinkage in
values the last six weeks was largely
brought about by the concerted action of
prominent operators. And this indicates
the power of capital. The great mass of
operators are not wealthy, and conserva-
tism does not enter largely into their COM
position. Hence it is that sharp turn in
the market wipes them out, and this as
sists those who are manipulating values.
If those who are forced out are sho-t, tie
offerings are increased, and if long the de-
mand is enhanced, so that capital general
supply and demand law of legitimate
character. If prices are relatively low
now, manufacturers have a splendid op
portunity to place in their warehouses a
moderate amount of cheap product, and
thereby secure storage charges. There is
certainly an incentive to do this, and if the
hog supply continues to show shortage,
perhaps some may yet believe that there is
reason in all things, and that iumped-at
conclusions are Of no value. The future
will demonstrate whether we are to have
high or low prices; and it may be re-
marked that there is nothing in the anima al
food line much cheaper than the product
of the hog.
There are some mutterings of financial
troubles East. stocks are falling in value,
and there is q railroad war in the West, ali
unfayorable features in connec-
ton with the business outlook.
What may be the outcome of
these remains to be seen, but if unfavora-
able, provisions will undoubtedly be ad-
versely affected, still this is beyond pres
ent anticipations.
The following confidential letter to a
customer of one OF the best posted firms
on change comes pretty near depicting
the condition of the market. It says:
''The trading yesterday was very large
in all of the puts, especially in corn and
provisions. The market was irregular and
disappointing to traders. The fuctua-
tions were not large, but quick. Some of
the gossips on change say that Armour
and the Chicago Packing company are
bulling pork. AS far as the former is
concerned, he bought pork and lard
on each of the provision calls yesterday,
but this is done so often by him for blind,
and brokers are used in his manipulations
so freely that it is hard work to get at his
real designs. The Chicago Packing COM
pany is holder in its operations and does
most of its own trading. A prominent
commission firm offered 10000 barrels of
January pork at $17.1O just before the p.
m. closing, which was quickly taken by the
Chicago Packing company. They then Of
fered 5000 more at the same price, and it
was taken by another firm. A prominent
German packer made bets yesterday that
January pork will sell as low as SIS. A
heavy grain dealer from Cairo, ILL.,, now in
the city, is making bets that No. 2 COIN
will sell in Chicago before Dec. 81, at 55c.
He says the farmers in southern Illinois
will shell corn by torchlight nights to get it
to Chicago in time for present high prices,
knowing decline is sure. This shows
you the way the markets stand.''