g the ends of the lines
indicating the monthly supply of live hogs at the top of the chart. The
average price of the year is easily seen to be low when the supply for the
year is high, and high when the supply is low, though in some instances
the effect of an increased supply is evidently anticipated in the prices.
Thus, an increase of 2,000,000 of hogs in 1889-90 over the supply in
1888-9 is anticipated by falling prices during the early part of 1889. In
a similar way, the effect of a diminished supply in the summer of 1895 is
not so marked upon the prices as might have been the case had not the
prospect been strong for a large supply in the fall of 1895. Whatever
influence the local manipulation of the market may have had, it is
perfectly evident that conditions of supply and demand have overwhelming
influence.

_Prices of green hams and mess pork._--No. 2, giving the range of prices
per barrel of green hams, shows fluctuations in some respects
corresponding to the prices of live hogs, but with variations due in a
measure, undoubtedly, to speculative interests in these products. The
range is from $6.60 in December, 1897, to $13.80 in May, 1893,
corresponding with the range in the prices of live hogs. Were there room
upon the chart, it would be easy to show an almost exactly corresponding
fluctuation in the prices of mess pork, which article is one affected
largely by speculation, though even that speculation is dependent upon
prospective supply and demand. The prices of mess pork at the New York
Produce Exchange during the same period ranged from $9 a barrel in 1885-6
to $15.80 and $15.60 in 1887-8, $14.20 in 1889-90, $11.75 in 1891, $14.20
in 1892, $22.60 in 1893, and gradually down to $7.25 in 1896-7.

CHART NO. 10

[Chart.]

Chart X. Prices of hogs and pork at Chicago, 1892-3 and 1896-7, highest
and lowest year. Page 98.

_Prices of hogs and pork products at Chicago Board of Trade for 1892-3 and
1896-7, the highest year and the lowest year_

_Annual fluctuation, 1892-3._--This chart presents a comparison between the
prices of live hogs, fresh hams and mess pork in the year of highest
range, with the prices of the same in the year of lowest range. The
figures on the left indicate the prices per cwt. of live hogs and per bbl.
of green hams and mess pork. No. 1 gives, in the dotted line above the
date figures, the highest price of mess pork in each mont