OCR Text |
Show Livestcclc'l .gSituatioiiJ 1 ApX KAu&Hrcw - r j Los Angeles, November 22, llJ32 The Los Angeles Branch of the Agricultural Agri-cultural Credit Curpoiation is under way with ample fund? for all worthy purposes. A large number of applications appli-cations have been received, including applications for loans on Real Estate1 which are entirely foreign to the purpose pur-pose of the organization. j The men who have bepn drafted in- j to this service may be relied upon 'o do their best to serve Agriculture and needed relief. It looks like about the only safe rule that can be followed with respect re-spect to stocker and feeder loans is to base them upon present values, meaning that prospective feeders should figure on fattening their cattle cat-tle an marketing them at present fat prices. The local cattle market has reacted a quarter to fifty cents higher high-er than a week ago, and the undertone under-tone seems stronger, although hog values which showed a constant rise for several successive day are again showing weakness with a tendency to slip back ,thus confirming what we have said right along, that there can be no permanent appreciation in values val-ues without sustained buying power which must come from labor employment. employ-ment. Local feed lot supplies are plentiful plenti-ful but not alarming. There are about 20,000 cattle on feed in Lo; Angeles County which means 20 days supply for only the Los Angeles trade. These cattle will be topped out unj p.uiike'.ed fi r.i time to limj as they ;tie ieady. This supply es-! pecially at feed lots clcse to the mar- ket is always a hazard because it is ' a visible supply and unc upon which ' the packers may draw at will. j Local meat conditions are relative-' ly good. Up to this time Southern j California has shown an increase! consumption of meat food supplies, j This situation has bee?' helped some t j by the big licet in th-: Pacific waters j drawing their suppiie -. from the West , Coast and assisting in the absorption 1 j of what otherwise mignt have beer, a surplus, but now the volume is just ' about holding its own with last year, with the price of beef ranging from 20 per cent to 25 per cent lower than a year ago. The exception is Babv Beef which has held its own as compared com-pared to last year's prices. A recent compilation of figures in connection with the unemployment j situation in this locality indicated that the meat packing institutions are employing a considerably larger number of men than they did in 1929, due to increased volume and spreading spread-ing the employment and wages among the greatest number. It should be recognized that the packing business is highly specialized, specializ-ed, requiring a large percentage of skilled labor. Nevertheless, the attitude atti-tude of the packers has been to cooperate coop-erate to the utmost in absorbing a portion of our surplus labor. |