The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-10-16
MINIMUM PRICE FOR
HOGS TO Be FIXED
Packers Will Meet Soon and
/, Adopt Rate for the No
vember Sales. &
U. s. ORDERS IN MARKET
Government Will Need 1885,
600 Tons More Of Meats and
Fats Than Last Year.

- oVS huh I<uot Outs
A report was current yesterday that
a meeting OF packing interests would
take place toward the close OF the month
to fx minimum price OF hogs for No
vember. and in connection with that II
was stated there were reports Of large
Government orders in the market. which
before July next would mean that pur-
ehases aggregating 100000 tons OF
meats and fats. or 1.o5o.ooo tons more
than last year. would have to be made
IN order to meet the requirements OF
the army. navy. Allies and neutrals.
Fork made an advance OF the maximum
amount for the day and has gained So
a barrel from the recent low level.
Hogs have improved. and while a little
below the 10 cent level at one time have
with the prospect Of improved demand
shown n gaining tendency.
The price of Is cents minimum was
not guarantee by the Food Admins
tration. but price which It was hoped
would be made a minimum for the
month Of October The heavy decline
Ia corn. which sympathetically had
caused a marked decline In other feed
stuffs and was affecting live hogs and
product prices. made the maintenance
OF the Is cent level difficult The sharp
recovery In corn. making n gain from
the low price OF 15% cents, naturally
mad eteadying influence on the entire
list The advance in corn would be
directly reflected back into a higher
price at country stations in the eight
leading corn and hog States and this
would be reflected again In the price to
be paid for the November hogs.
Packing operations continue on a large
scale and there has been very large
production of meats and fats, and in
view Of the declining price for corn and
prospects for declining price for hogs
there has been nothing In the situation
to encourage buyers even for the short
storage time that was left for specula-
tive operations. With corn apparently
staoilized by the export demand, ac-
cording to the developments the last two
days there Is possibility that the low
price has been reached for a basis for
the hog prices. although an average of
current corn prices would mean consid-
erably lower hogs than the October
levels. and this in turn would be def
nitely reflected into the price for product.
The Government and export buying will,
however, II Is claimed, take more than
half Of the total possible product the
coming season.
CHICAGO, Oct l5.-Sharp advances In
the corn market to-day resulted largely
from President Wilson's note to Ger
many. Latest quotations, although un-
settled. were 2% to 4xc net higher
with November si.24k a1.24% and De.
cember $1.2l X d1.aia. Oats gained
y q &c. and provisions l5c to 81. Corn
traders appeared to be nearly unanimous
In drawing bullish conclusions as to the
effect Of tho Presidents stand. In ad-
dition the definite understanding that the
Federal Government might quickly come
into the market an a liberal buyer tended
further to discourage speculative selling,
Accordingly offerings were light and
there was a lively demand throughout
the day from shorts and commission
houses. Pit operations. however, did no,
possess anything like the magnitude thai
has been the rule OF late. Reactions
which took place from the top levels
| reached seemed TO be due altogether &c
| the collection OF profits. At the highes,
| point of the session the November option
| showed an advance Of nearly Ice. q
bushel. compared with the inside figure.
OF twenty-four hours before.
Oats went up grade with corn Do
nestle shipping demand was good.
CORN-Market again felt tho inauenc.
of Mondays announcement that the FooC
! Administration was In the market for corr
for export The export buyers were APP
| parently unwilling to advance their idcai
in regard to values. but 1t was said tina
they were willing to buy corn on tn,
basis Of No. at sl.l7 in Chicago snC
| Slso at the seaboard. This was consid
erably below a parity with the market a
large and sellers were not inclined to MAX
offers at such a low level: AZ the sam,
| time the fact that a stabiiizing inhuenc c,
has developed in the market ieemed I,
give holders more courage and quite a no
| tieeable change has taken place IN sentl
ment. The local cash market W Arm
| No. yellow quoted at si6sk No. 8 vel
low, 1l.54E. cost and freight New YORK
OATS--Market showed little individual
feature and while prices were sc. to y c
higher in sympathy with corn. values ad
vanced rather reluctantly. The local casi
market was steady; standard quoted r
&c; No white: 5shc; no. white
! white. soc, all elevator.
WHEAT--Receipts mt primary point
continue liberal and the already hug
stocks are being steadily enlarged. Ex
ports are being maintained on 4 fair basis
| although IL II the general opinion tina
| shipments are not keeping up with the ex
port programme on account of the ire
mendous demand abroad for military sup
plies which require n large percentage o
the tonnage available. News ON the for
eiRn crops Indicates quite good yields Il
both France and Italy despite the d!sad
| vantage under which the crops wer,
raised. but large importations will be nee
essary.
RyE-Market firm. No. Western
t1.77 elevator export.
tlis; milling. ulG. cost and freight New
| York.
HiY-Market steady. No. /. s2?od
...S: No. ;, '2,iO@:l5; No. 3. ,:a..OS.