The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-01-16
HEAVY LIVESTOCK
RECEIPTS, PRICES ARE
LOWER ON CATTLE

If we have any doubt as to supply /
and demand having more effect upon |
the livestock markets, than any effort
put forth by the packers to regulate
prices, let us consider the receipts and
action of the market at the Chicago
yards last week
Looking back to Saturday Jan. z,
we find that selected light hogs made
a top of sS.75, also that choice pigs
made top of $S.S5. On Saturday,
the 14th, few light bacon hogs and
best pigs sold early as high as $50,
but quickly dropped to $40 to $3.50.
Again while the bulk of sales went at
$3.50 to $3.50 on the 7th, the range
dropped to $40 and $3.50 on Satur-
day. Jan. IA.
To begin with. Chicago received
more hogs on last Saturday than on
any Saturday in more than a year
The weeks receipts were over ESQ.,
0o0 or about the same as in the third
week of last January. This was ST.
600 over the 11year average for last
week. Livestock began piling in last
Monday, when 10000 head of all
kinds came in, in a total of 2,254 cars.
The net result of the heavy shipments
FOR the week was an excess of "a
600 cattle and 100000 hogs, compared
with the week ending Jan. T. Hogs
finished the week on the days aver
age price of $40, while that on cattle
taking all classes, was but $715.
Effect of Liberal Receipts
The effect of such liberal receipts
would have told still heavier on price
of hogs but for the demand from spec
ulators, order buyers and shippers.
The one bright spot was an advance
in the price of lambs and sheep. de-
spite receipts of $4,000 head against
$4,000 for the previous week. Sheep
ruled IS cents and lambs $1.15 higher
than In the same week in 1921.
The indianapolis Range
Receipts of live stock were fairly
liberal at Indianapolis last week and
the drop in hogs was full half dol
lar on the average run. The top of
SO Saturday, Jan. Z, gave place to a
top of $3.50 on Saturday, the 18th. On
the same date in 1921 hogs made a
top of SO. The only points on the
hog map where a price of 50 was
made last Saturday was in the east,
both Pittsburgh and East Buffalo
touching that figure on Workers.
The Grain Markets
So far as the grain markets are
concerned there is no pronounced
leadership at any point. There is lit
tie speculation, and almost none for
the long pull. as in the palmy days
of the old cliques and rings organized
TO carry the load and fight it to fin
ish.
Europe is buying sparingly for lack
of cash, and Argentine is offering new
crop wheat at lower than American
seaboard figures Commenting on the
situation, Charles d. Michaels, of Chi
cago, says:
What the trade the world over
needs is restoration of confidence
and a reduction in taxation. The grain
trade is being taxed to death from a
speculative standpoint"
We believe Mr.. Michaels, who is
a market authority, is correct in this.
For that matter the whole country
form or other.
But the Chicago Board of Trade is
fixing to protest at Washington and
a committee will presently arrive in
the capital to fight for reduction in
taxation. with slow markets the
speculator cannot continue to pay tax
and exist, ard he thinks it only fair
that he should be granted some relief,
said an Official.
Then and Now
1t is of interest to note that while
May wheat made a high and low last
week of S1.OS5s to $1.131s, the range
was S16424 to s1.75R on the same
date in 1921. May corn does not show
so wide a spread, being 52Ac to
$3.50 last week, against high and
low of 7O1ac to 755sc last year. Oats
are less than 10 cents under the May
range in 1921, at the same date.