The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-29
DEALERS IN BUTTER
FACE HUGE LOSSES
Price Drops q Cents and Few
Bidders for Big Stocks
in Storage.
CONSUMER PAYS THE SAME
Large ImpOrtatiOns Blamed for
Panic Condition in
the Market.

Following the near panic in the whole
sale butter market Of Tuesday butter yes
terday took another drop OF We, leaving
the best grades at 2shc, with little trad
ing. Heavy arrivals Of foreign butter and
lack Of confidence In the future are
causing the present disturbance.
No such panicky times have been felt In
the butter market for number of years.
Several Of the big chain stores have
bought large amounts OF imported butter
and are using " for table butter. This.
In connection with the accumulation Of
fresh butter, added TO the enormous hold
ings in storage, which are likely to cause
enormous losses before the butter season
is over. causes the panicky feeling.
High grade butter at wholesale 10
cheaper than II has been since June Is,
when the flush OF the make was on. Many
fresh mich cows In producing sections have
increased the supply of fancy fresh stock.
There has been drop in butter since
January Of cents pound. This
means $40 tub. One hundred and
twenty-five tubs OF creamery butter sold
yesterday at 2Sia cents Up to jan
uary fancy butter brought the toy
price. 31ig cents and there was barely
enough to meet demands. Every re-
ceiver yesterday seemed anxious TO un-
load and large offerings were made. with
few bidders. Transactions were few
because the buyers believe that the butter
market is on the wane and will drop
cent or more before the end OF this week
One of the largest operators who
, handles the fanciest grades offered &c
sell 1000 tubs at % cents and no one
would buy. on January l there was ar
excess of held butter in the forty-s N
associated warehouses Of 1888. 10,
pounds. compared with the same date last
year. In other words there were in
these warehouses ss.4ss.s00 pounds OF
butter. These enormous holdings mus
he used before May. and for severa
days owners OF held stock have beer
| trying to get from under the market.
| Many sales have been made at 2
| sacrifice and many thousands Of pounds
Of butter held In New York that cost 81
cents could not now be sold under
forced sale above IS cents. loss Of
cents a pound. or $40 tub.
1t looks much like repetition of the
butter season OF 1901. At that time
the holdings in storage were far in exces,
of what they are now and much OF The
butter cost Sic. BEFORE the season CLOSED
this 3lc. butter was forced to sale as low
as Ice During that season the tota
butter losses were figured at over 310
OO0.0
This sudden drop In the market IL no
yet felt by the consumer. The retailer,
have not reduced their prices. although
the drop has been "a &C a day for the las
few days. The best fresh butter can b.
bought by the stores at csc. and should
not retail for over 35c.. while In a ma
| 1ority OF cases retailers are charging @0M
45c Good table butter. that In butte
which has been In storage since last June
can he had for &c. Wholesale.
One thing which has demoralixed tn,
butter market Is the heavy imports. Sine
November I. just after the new tarin wen
| into effect, l6,2s+ packages have been i'm
ported As most o: the foreign butte
| comes in casks II IL fair to figure l0
pounds to the package making an i'm
portation of l,62S,+00 pounds since No
vember !. Large cargoes are on the wa.
from Siberia. Argentina. Australia ant
Denmark. and this importation promise
to keep up. Foreign invoices show 1900
packages for the Pacific coast, 5000 70
Chicago all from Australia. and due 4
arrive by February 10. For New Yorl
large quantities are under purchase TO
delivery at a price showing a loss Tn
recent break has checked foreign buying