PRINCIPLES OF VALUE AND PRICE 449 



Forty thousand bushels of onions were destroyed in a fire in the 

 onion warehouse at Rensselaer, Indiana, on the night of March 19. 

 The destruction of this large quantity of onions has made a material 

 difference in the onion market, as it has wiped out over 80 carloads 

 which were in fact the largest individual holdings in the state at the 

 time. News of the fire had been out but a very short time when the 

 leading operators were out buying up all the unsold stock they could 

 get hold of, and the market has firmed up considerably, with quota- 

 tions ranging from 5 cents to 10 cents per 100 pounds higher than a 

 week ago. 



Owing to the flood conditions which have prevailed in California 

 during the past ten days or so, there has been a marked shortage in 

 butter receipts on the Los Angeles market. The storage stock being 

 practically cleaned up, there was little to depend upon except the 

 fresh stock arriving in small quantities. As a result the market price 

 reached a higher figure than at any time this season or last. Strange 

 to say, the unfavorable conditions existing recently have had a tend- 

 ency to lower the market on potatoes, as stock intended for eastern 

 shipment could not be moved on account of railroad conditions, and 

 a goodly amount has been diverted to this market. As a result there 

 has been a temporary oversupply. 



The car-lot potato situation at Minneapolis has been quiet, with 

 receipts at loading stations practically nil and the movement out of 

 the warehouses less than normal. Late last week a cold wave accom- 

 panied by heavy fall of snow was general throughout this and neigh- 

 boring states, thus largely cutting off receipts from the growers. 

 Prior to this cold spell, receipts had been liberal, which resulted in the 

 market easing off 5 @ 10 cents from the high marks previously 

 recorded. Operators are optimistic, however, declaring that the 

 amount of stocks yet held and unsold warrant a firmer figure. This 

 spirit of optimism has been augmented by reports coming in from 

 stations and by the government's recent report of holdings in the 

 northern states. 



The rapid rise in the cabbage market has been the cause of con- 

 siderable comment here (Chicago, April, 1915). Operators suddenly 

 discovered that there was only a nominal amount of cabbage left in 

 New York state, and, with the southern crop coming along slowly, the 



