Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1914-06-23

hange in the makeup Of the goods.
The proportion Of light and low dress
ng steers has Increased, while any
hing eligible to bids above 50 is now
strictly in the specially class. Prime
heavy bullocks have advanced to 1885,
but 1925 has stopped practically every
thing. A spread Of $S@S.75 has gather
ed in the bulk Of the steer crop this
week, and there has been a lengthy
string Of s7.5o@s sales.
Liquidation, so conspicuously In EVIL
dence last week, has subsidized, cool
weather and local showers having been
effective in checking loading Of half
fat steers in the dry area. Moisture
has, however, been unevenly distribut-
ed, and revival Of grass has not been as
general or effective as desired. While
the market is not on such q pronounced
weather basis as week ago, there is
a decided shortage Of grass In many
localities and rain Is badly needed. So
scarce has grass been in many locali-
ties that the cost Of putting on gains
has been materially enhanced. Total
receipts for the week were 1889
against $4,000 estimated and compared
with 53,056 for the corresponding per-
ied year ago.
Bear Campaign Halted.
Packers have abandoned their bear
hog campaign commenced in May UNI
der the Illusion that receipts of that
month and June at western markets
would be heavy. A strong undertone
pervades the trade and putting tho
common price below cents is now re-
garded as chimerical. The juno run
warrants assumption that the crop has
nlOColy mn rlxata1 riuht alnr0
logical policy on the part Of the grower
who has been constantly impressed by
the commission interest with the idea
that this is no time to be BULL
Dissemination of bearish prophecy
has been discontinued as the trade be-
lieves hogs are worth every cent they
are costing. Making allowance for
double counting. due to packers prac-
tice of sending hogs from other mar
kets to Chicago by the trainload, the
May and June run has been diminutive.
Since January l the six western
points, Chicago, Kansas City, Omaha.
ST. Louis. st. Joseph and Sioux City,
have received In round figures but 81
100000 hogs, against 100000 last year
and 100000 in 1912, which was 4
period Of normal supply. the deficiency
at Chicago and Kansas City being $780,
900.
But for Industrial depression and
consequent curtailment OF consumption
current receipts would warrant a 50
market. The grower has been letting
hogs go owing to high cost of corn and
constant assurance from packers that
prices could not be maintained. The
bear campaign is dream.
Cellar Stocks Large.
Hogs look as though they are worth
current cost. The fact is not to be con-
cealed that packers are carrying a big
load In the shape OF stocks In cellars
cumulation cannot be considered OPP
pressive, neither the distributor nor the
speculator Is disposed to shoulder even
part of the load. Last fall it will be
remembered packers invited the specu-
lators to sell; now they are making
strenuous efforts to induce him to buy,
but he cannot forget that the hogs
are-too- high" theory has been advance
ed by packers all winter and is stand
ing aloof. The bad Industrial situation
is at the bottom Of the trouble. Carry
but everybody realizes that even slight
revival Of industrial activity would re-
suit in prompt inroads into stocks. Re-
Gently it has been the fall habit Of dis
tributors to clean out packers cellars
long before the next winter period Of
accumulation and toting the load
through spring and early summer is
the serious problem During the last
winter packers stored away tons Of
product yielded by hogs costing s11c or
better, and they can only get out from
under by maintaing prices.
Lard trade Is not encouraging. Con-
ditions considered, worlds stocks are
heavy and Europe is buying sparingly
utilizing substitutes to exc out. The
lard kettle never did overflow on a
short corn crop, however, and It is not
probable that it will do so this year
A movement is under way in Argen
tina to promote the raising Of swine
and the exporting of bacon. Heretofore
cattle and sheep have claimed the at
tention Of stock raisers almost to the
exclusion Of swine. but the growing
scarcity Of bacon and pig products in
Europe have directed these articles Of
food in Argentina. The carrying OF
bacon In cold storage to the United
Kingdom Is said to be practical BILE,
while the immense quantities Of corn
and alfalfa raised in Argentina provide
an abundance of the best of foods for
swine. 1t Is said that one or moro bacon
factories will be built Immediately in
ed that before long exports Of bacon on
a considerable scale will commence.
The top this week at $S.45 is soc
under A year ago ard total arrivals for
the week at 144,912 Is $4,000 more than
estimated for the six days and COM
pared with 125,879 for the same period
a year ago.
Present Prices High.
Deducting the direct stock Of sheep,
the packers have not secured normal
supply any day this week, and still the
prices have not firmed up to any extent
and after every gain q reaction invari-
ably turns up. The reason given by
packers for the lack Of advance 10 tina