Evening Star Newspaper, February 24, 1931, Page 12

'A-12 LIVE STOCK PRICES REMAIN IRREGULAR Drop in Hog Values Laid to Excessive Feeding. Steers Cheaper. By the Associated Press The wide price spread between lean and fat hogs, now about $1.15 per 100 pounds in faver of the former, raises a question whether farmers might fare better by turning less feed into pork. C. B. D:nman, Farm Board member representing live stock, says it would appear advisable for the Western corn belt feeder who has surplus stocks of cheap grain on hand either to feed such grain to Fall pigs and market them at lighter weights this Spring and early Summer or to save such grain to force early Spring pigs for early Fall markets. Low-priced grain has caused many farmers to overfeed their hogs, not- withstanding the average housewife re- fuses to buy overfat pork cuts. The New York City wholesale price of heavy loins dropped $8 per 100 pounds be- tween December and February, while bacon and light-weight hams dropped only $1.50 to $3. Prices of light hogs have remained around $8 per hundred- weight at Chicago, while heavies fell as low as $6.50. Average Weight. The average weight of hogs received at Chicago has been runnicg from 2 to 7 pounds heavier than a year ago. These overfed, fat hogs make lard—and the foreign demand for pork and lard is far below normal. from a year previous. Domestic stor- holdings, which on October 1 were the equivalent of 1,600,000 hogs smaller than a year earlier, were completely re- versed by February 1 and showed an | increase equivalent to 31,000 hogs above & year ago. February slaughter of hogs has been about 5 per cent smaller than last year and still prices are going down. Re- celpts at 11 principal market were al- most 70,000 fewer this week than last, but the price of all weights sank to the Jowest level since 1924. The Lenten season undoubtedly had its influence on pork as on other meats. Dealers bought cautiously, the reduced demand resulting in a lower and slower | set of markets. However, there is a deeper factor. Market, supplics of hogs during the last three months cf 1930 were 9.5 per cent Jower than for the same period in 1929. They had been expected to be heavier then and lighter in Jinuary. But Jan- | uary slaughter was 7 per cent greater than a year earlier. This caused many gltker! ‘who had bought heavily early in he season to cheapen their purchases, driving live prices down at & time when & seasonal advance reasonably might have been expected. Light Hogs Fewer. Right' now the number of light hogs in the country is relatively small. There are not enough, it is believed, to cause an extraordinary run if farmers were to: liquidate and save their feed for Spring and Fall pigs. Smaller market- ings are in prospect for the Summer and, theoretically, better prices. While strictly and choice ‘weighty steers held their own last week, lower grade heavies and about all light steers and yearlings took & 25 to 50 cent cut under the previous week. The bulk of fat steers sold at the lowest point since 1924. A slow retail business forced steer meat $1.50 lower on New York wholesale markets and 50 cents to 81 lower at Chicago. There is direct and almost simultaneous relationship be- tween the strength of consumer demand for beef and the price of cattle. The consumption of meat and lard has been declining. Last year the es- timated average per capita consumption was: Beef, 50 pounds; veal, 7 pounds; mrk, 70 pounds; lamb, 6% pounds, and , 13 pounds. It has been higher than that in other years, but, from current purchases, seems likely to go even lower in 1031 unless the con- sumer’s purchasing power increases soon. Strength still prevalls in the sheep and lamb market. Lamb was off only B0 cents at Chicago and was mostly steady to $1 lower at New York this week, while other meats were tumbling before curtailed Lenten demand. The live price of fat lambs was steady, and sheep were strong to 25 cents up. Explanation seems to lie in the fact that while sheep and lamb numbers Exports in Janu- | ary indicated a 27 per cent decrease | Special Dispatch to The Star. NEW YORK, February 24 —Develop- ments of recent weeks have not entire- ly borne out the optimistic hopes that iwere aroused by the industrial revival |of early January, states the Guaranty Trust_Co. of New York in the Guar- | anty Survey, its monthly review of busi- |ness and financial conditions in the | United States and abroad, published today. “In the light of the more accurate | output and the gains in employment in the first weeks of the year seem to have beon almost wholly seasonal in charac- ter,” the Survey continues. “The pre- liminary index of business activity of the Guaranty Trust Co. stands at 63.9 for January, as against 64.1 for De- | cember, remaining practically unchang- | ed for the third successive month. Since the beginning of February, there has | been & good deal of irregularity, with | further seasonal advances in some di- | rections and apparent setbacks in others. The most that can be defi- nitely stated at present, therefore, is that the decline in business activity has been checked, for the tiree being at least. At the moment no clear | trend is visible. The rate of industrial | operations, aside from seasonal move- | ments, appears to be virtually station- | lary at about the lowest level reached thus far during the current depres- sion. Further Readjustment Probable. “The indications seem to be that | the immediate future will witness a | continuance of the processes of read- | justment laying the foundation for defi- nit> advance later. | “Disturbed conditions abroad, un- | economic legislation at home, unstable | commodity prices, slow liquidation of | bank loans and continued malajust- have been exceptionally high, the per- centage on feed has been relatively small. Figures for February 14 showed only 1,450,000 lambs left on feed in Northern Colorado and Western Ne- braska, now the chief source of supply, and that natives are about all gone, as compared to almost 2,000,000 on feed a year ago. 7 ‘The markets received almost 100 car- | Joads less this week than the week be- fore, and loadings since January 1 have | been nearly 1,000 cars less than for | the same period last year. IO GO or not to go! That's the question— when the bell rings fran- tically whileyousnuggle beneath warm bed- clothes and debate the importance of the call. An 725 Thirteenth Street N. W. THE EVENING STAR, WASH LAST PHASE OF DEPRESSION PERIOD SEEN IN BANK SURVEY 'Guaranty Trust Co. Finds Processes of Re-| adjustment Are Laying Foundation for Advance in Trade. ments in both agriculture and indus- try must all be reckoned with as de- terrent factors, but seem to mark the last_phase of the depression period. “The movement of commodity prices has been rather disappointing. Al- though advances have occurred in some important commcdities, notably cotton and copper, the general trend of values continues gradually downward. The wholesale price index of the Guaranty Trust Co. for Februayy 16 stands at |data now avallable, the expansion of } tle, hogs, rubber, lead and silk have declined since the middle of January. The general level of farm prices on January 15 was the lowest in exactly 19 years. “The money situation continues to be characterized by extreme ease in all classes of short-term credit at the principal centers. In many rural dis- tricts a very different condition exists, and bank faflures are still reported in large numbers, although the state of affairs is apparently less acute than it was in the closing month of 1930. Near-Term Business. “On the whole, present conditions seem to justify the expectaticn of a few months of business activity at, or about, present levels (with allowance, of course, for the expansion that is usually seen in the Spring), followed by e gradual upward trend. While some slight further recessions mayv be witnessed in the meantime, thére is ground for the belief that the decline has nearly run its course and that the present rate of operations represents approximately the low point of the current cycle, “Although ~industrial employment continued to decrease last month, the movement is regarded as seasonal, and the general situation is characterized as better than it was a month earlier. Possible Political Obstacles. “Any optimistic view of the outlook for business necessarily rests on the assumption that events will be per- mitted to take their natural course unhampered by ill-advised legislation. Unfortunately, there is no assurance that this will be the case. 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With an estimated budget deficit of $500,000,000 already before them, and with large maturing obligations to meet in the near future, the officials of the Treasury Depart- ment have all they can handle as matters stand. “The additional flotation of an enormous bond issue to meet bonus payments would impose & staggering burden on the Treasury. It would, moreover, have a disastrous effect on the slowly reviving security markets and retard business recovery. Any stimulation to trade that might result from its inflationary effects would be purely temporary. It would mark a striking failure “of democracy if an organized minority, through political power alone, could work ruch injustice upon_the general public—and, If they but had the wisdom to see it, upon themselves as well; for, in the long run, they can be prosperous only in so far as the country as a whole prospers. “The compromise measure providing for loans up to 50 per cent of the face amount of the bonus certificates has been passed by the House of Represent- atives and approved by the Finance Committee of the Senate. It is esti- mated that this bill, if it becomes law, will necessitate additional security flo- tations by the Treasury 'of at least $750,000,000 and possibly as much as $1,500,000,000, the exact amount de- pending on how many veterans avail themselves of the opportunity to bor- oW, Outcome Depends on President. “At present the general opinion seems to be that the fate of the bill will depend on the action taken by President Hoover. While the Senate is believed to be favorably disposed toward the measure, the attitude of the ad- ministration is uncertain. The Presi- dent is known to be opposed to cash bonus payments of any kind at pres- ent, but the danger of a forced extra session of Congress and the possibility that a veto of the bill might invite even more extravagant bonus legislation in | the next Congress may, in the opinion of some observers, induce him to sy the measure in case it is passed by the Senate.” Western Maryland Railway. BALTIMORE, February 24 (Special) —The Western Maryland Railway re- corded another decline in gross income figures for the week ended February 14, revealing only $313,707.85, as com- pared with $370,158.95 in the same week a year ago, & decrease of $56451, or 15 per cent. For the two weeks of February the d.-rease totaled $124,162, or 17 per cent, and for the year to date gross in- come is off $326,811, or 14 per cent. Total earnings for the current fiscal year to February 14 amounted to $1,- 976.433.44, a decrease of $326,811.62. when Ample power on hills. ... and EXTRA ower when SUPPLY OF WHEAT CONTINUES LARGE Further Advance in Price Expected to Bring Out "Heavy Offerings. BY FRANK I WELLER, Associated Press Parm Editor. Although there is little pressure at the moment and both domestic and forelgn markets have strengthened, there is 50 much wheat in the world that any big price advance would be hard to maintain. There seems to be small doubt that low prices for wheat for the season are [ now a matter of history. Both wheat and corn have advanced against lack of constructive news. almost paralleling the swing to the builish side in securi- ties despite many unfavorable factors. This is the time of year for crop scares, Europe soon will be called upon to buy foreign wheat. Advance Is General. Winnipeg led the advance which was reflected in almost all parts of the world. Reports said the market was filled with bids for cash wheat and the offices fllled with traders. Sentiment was distinctly bullish, with no snow cover over the entire Western grain belt and with dust blowing everywhere. ,There was good buying of wheat by exporters and commission houses. Heavy Southern Hemisphere ship- ments were ignored as were the fore- casts for beneficial rain or snow in parts of Nebraska and Kansas where needed, and Chicago new crop futures followed Winnipeg. Buenos Aires prices rose, influenced largely by an increase of 73 cent in the exchange rate, and good demand for all grades of wheat in- creased speculative buying in Liverpool. However, indication that no impor- tant gain in prices may be maintained immediately is seen in the fact that after responding to general absorption and stop-loss orders, lost much of their early upturn and made a disappointing close—consider- ing former strength. Too, there has been another increase in world stocks afloat, and while the total clearance of North American wheat from July 1 up to date has been 45,000,000 bushels larger than last year, the combined crops of Canada and the 70% Chicago prices | 3 3TON, D. C, TUESDAY, FEBRUARY 24, 1931 United States were 150,000,000 bushels ll?:r than a year ago. e rate of export—about 500,000 bushels a week from the United States and somewhat less than 5,000,000 bush- els from Canada—is not sufficient to clear out surplus stocks before the new crop. The United States carryover will be at least 200,000,000 bushels, or more than this country ever exported in the best year. ‘Argentine Crop. ‘There has been a material reduction in the estimate of the Argentine crop, but the visible supply in Australia now is placed at 97,000,000 bushels, as com- pared with 62,000,000 bushels last year. Australian farmers are expected to sow & smaller acreage next time, owing to financial stringency. . Opinion is much confused in wheat and whether the ultimate trend is up or down, there likely will be only a trading market for the present. Now that corn has made some ad- vance, it is expected to go a little higher. Improvement in Eastern ship- ping demand or a little better price for hogs would cause a better tore in feed grains. Canadian barley and rye prices have been a femture of the riarket, supported largely by demand from the United States. Essentially, corn prices now are in- fluenced by the developments in cash corn. Country offerings are small and it looks as if the movement mey b~ over the time b2ing. The market still has an oversold appearance and if any kind of ordinary buying develops higher prices easily. could follow. Important Chicago firms have been | buying old May corn. When buying | orders appear in corn it is a good in- | dication that the pit is bare of offerin, and hard to fill. It is indicated that the new Winter wheat crop is in very favorab!: c-n- dition, that Winter kili is negligible and that root growth is strong. The con- dition of the Kansas crop is estimated at 90 per cent of normal. Washington Produce Butter—One-pound prints, 33%,a24 tub, 32a33. | ”Enl—l-lennery‘ 18; current receipts Poultry, alive—Turkeys, young, 30a32; old, 25a27; Winter chickens, 32; Spring broilers, 38as 3 21; Leghorns, 1 keats, large 0. Dressed—Turkeys, young, old, 30a32;: Winter chickens, 38a40: Spring brollers, 45; hens, heavy, 24a25: small, 22a23; capons, large, 37378 small, 32a33; ducks, 24a25; roosters, 16; keats, young, 70a80; old, 40a45. | Meats—Beef, 14a22; lamb, 20a22; veal 18a21; pork loins, 17a19; fresh hams, | 17%4; smoked hams, 21a23; smoked | shoulders, 12%: strip bacon, 19; lard, | you need it The AMERICAN OIL COMPANY Affliated with Pan American Petroleum & Transport Company Washington Office: South Washington, Va. 90a1.00. Vegetables—Potatoes, new, 1 sacks, 2.15a2.50: new, crates, 3.00; ?;Iaenu‘loo-b;zund sacks, 2.75; e, 1.25; carrots, dews, Chile, 3.0043.50; oranges, Florida, | bests, per crate, 3.00; cabba G-t 3.50a4.00; California, 3.5024.00: lemons, | hamper, 1.25; old, 3.505.00; tangerines, 1.75a2.25; grapes. | 125, parsnips 150 tomatoes. '3-pan Emperors, kegs, 5.00; apples, bushel |containers, 1.50a3.50; caulifiower, 3. baskets, 1.0082.00; box stock, 2.00a3.00; | broccol, i pears, box stock, 3.50a3.75; cranberries, 3 25-pound box, 3.50; pineapples, 4.00a | per bunch, 1.25: 00; peas, 4.50; limes, per 100, 2.00; grapes, Bel- |4.50: cucumbers, hot house, per dosen, glum, hot house, per pound, 1.25; grape- | 1.00a1.25; eggplant, 4.50. ves, THROAT SORE ? Heed this Warning: Any inflammation of the throat can spread very fast. Don’t go to bed with “just a sore throat.” It may be tonsilitis by morning! It takes five minutes or less to gargle with Bayer Aspirin. 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