Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-27
BEEF RECEIPTS Off
YET PRICES DROP
Reversal of Supply and De-
mand Law Causes Big Stir
in Live Stock Markets.
BY FRANK 1. WELLER.
Associated Press Farm Editor.

The frying pans Of the Nation have
cooked up one Of the biggest economic
surprises in the history Of live stock
marketing
In the usual scheme Of things, when
the supply of staple article dinin-
ishes, the price for 1t improves. This
week, on five markets, cattle receipts
were $4,000 head less than last week
and 10000 less than for the same week
year ago The net result was the
lowest cattle prices Of the season and
the lowest dressed beef prices in many
years.
Market specialists find many fac
tors contributing to the irreverent
fouting OF an honored law in price
making, but none approximate the in
fluence of the almost inexplainable
lack of meat consumption. Wholesale
coolers in Washington are full of meat
and retailers in Chicago, carrying over
large quantities, were out of the mar
ket for the greater part Of the week.
Observers believe similar conditions
obtained in other sections of the coun-
try
There is no way to check accurately
on meat consumption except as sup
plies back up in the warehouses This
country Is not importing beef and stor-
age stocks are low. Consequently, there
10 hO CARldDdLlOIt 1Ol bAtC 4AhlO III CuA-
rent output except that people simply
are not eating as much meat as usual.
Reason for Slow Market.
Some seek to blame It on the num-
Der of persons out of work. 1t Is not
reasonable to assume that all Of that
number have quit eating meat, and
even If they did consumption would be
cut only slightly more than 100000
de he
per capita consumption of beef is about
so pounds year.
Others are inclined to believe the
general trend toward lighter cuts Of
meat. stimulated by the high prices
of 1923 and 1929, has reached a grand
climax and that old fashioned appe-
titles for beef will not be brought back
until the buying power of the tndi-
vidual is increased or prices meet its
level
Their argument is supported at
least by the fact that under normal
conditions current livestock receipts
would not justify the almost perpen-
dicular drop in live weight prices right
at a time when usually they are veer-
ing up. On II markets they totaled
only 144,c00 head of cattle this week
compared to 10000 last week; 231, 400
hogs compared with 492,612 and 284,-
700 sheep compared with 253,885.
Nevertheless, fat steers and yearlings
worked SO to rs cents lower with
grassers sharing in the downturn. Hog
prices receded and lambs were 81 of.
Choice steers averaged $10.62 compared
with $1608 for the same period In
1929; the top on hogs was SO COM
pared to $3.50, and choice lambs were
SOFA compared with STATS.
Cheaner In New York.
In New York, wholesalers offered
choice dressed beef for $1,000 a 100
pounds less than they sold it year
ago. Compared with last week, the
wholesale price of steer beef fell 2
to 2i2 cents a pound. COW beef l TO
2i2, veal to 4. lamb to 6 and pork
loins 4 to cents Mutton rose l to 2
cents due to an almost absence OF
supplies.
All bearish influences in the cattle
market are traced not so much to abb
normal supplies as to an unusually
sluggish narrow and sharply lower
dressed beef market. The immediate
future rests primarily upon the con-
sumner. There is little the cattleman
can do. If he has feed and pasture
he can carry his stock little longer,
but a great many of them apparently
are of the opinion they would have to
let go anyway before prices can I'M
prove. The drought will have much to
do with this decision. If pastures are
shortened and corn damaged, even the
corn belt, which because 'of diversified
ton never has had crop failure, may
be forced to liquidate.
Some farmers and Stockmen are IN
clined to take their loss now and try 10
make it up later by taking low priced
stockers and feeders. Good and choice
stock of that class is selling for $500,
compared with $12.78 last year. while
common and medium is selling for
S675 compared with $l078, Those
who expect reaction to come later,
when remaining cattle are in strong
hands, believe that reduced cattle num-
bers and improvement in the con-
sumers' buying power will insure rea-
sonable upturn in live prices.