The Washington herald., 1919-01-30
OLD HICoST NEAR
RAPID TUMBLE
Food Spectators in Way
ofLosing Millions on
Drop in Prices.

z New York. Jan 9.-Food speculators
In. the United States hold the greatest
stock of edibles ever gathered to-
gether in storage warehouses of this
country. Prices are higher than ever
in the history of America, but cannot
maintain the level at which they are
now placed. Production of meats rs
cheaper and, as consequence, the
governments price of sl7.50 for hogs
rs bound to come down. A. market
panic of importance is impending.
These are statements made todan
by P. Q. Foy, market expert. 'sr -
South American. New Zealand. Aus
tralian and Siberian goods are begin
ming to appear on the market, Foy lsao
said. and the effect is being felt.
Prices must fall more than they have
recently and speculators stand to lose
millions in the t2rnble.
Butter Spectators Hit.
Already, Foy stated. speculatois in
New York have felt million slip
out OF their pockets through importa-
ton and sale of 600 900 900 pounds of
Siberian butter. AS much more. ne
said, will be thrown on the market
Australian and New Zealand dairy
nt uttAdl ORC otl Sticsi ~dy
TO this country to help smash food
speculators.
Foy quoted figures to prove that
production has reached its highest
point He declared II has climbed 10
such a figure that Cutting of the mar
ket is certain to follow. People. he
pointed out. have been living on re-
duced rations during the war. while
hn has
production. The result has been a
staggering accumulation of foodstufrs
in warehouses.
Recent government reports, he said,
show there are s00,0oO,00O pounds OF
frozen pork in warehouses: $4,000. coo
pounds of frozen beef and lO.OO0. 900
pounds of frozen poultry held in the
hope that prices will go higher. Hold
ings Of mutton and lamb are s. per
cent greater than in 1914-the year the
war started. Pork holdings have in
creased 65 per cent in that period. salt
pork Al per cent and picked pork Il
per cent.
Great Increase In Beef.
Today, Foy said, there are $50, ,SS4, AL
pounds of frozen beef in storage,
whereas a year ago there were 234.-
UoJ,0SZ POUNDS.
Beef produced in 1918. his figures
showed, amounted to $500, 900, 900
pounds. against SOS, ,0o0. 600 pounds in
1914. an increase of 400 100000 pounds
Pork production, he showed,
reached s.769, 10000 pounds in 1914 and
10, 500, 900. 900 pounds in 1918. Mutton
and lamb production increased from
4sJ, ,oOO. 900 pounds in 1914 to 73s. .0oo. 900
in 1918.
a week for a farmer with two hired
men to prepare fifty acres OF land
for food production. Today, he said.
machinery has made 1t possible for
that land to be put into shape for
production within a day. The differ
ence, he said, will make itself shown
in days to come by reduced prices.
Butter Drops u Cents.
Butter in New York, Foy declared,
has declined @ cents during the last
seven days as a result of butter i'm
portations, and SPECTATORS, he sail,
have lost about s1,0O0.0O0
Wisconsin cheese, Foy said, dropped
9 cents yesterday. with an immediate
effect here. Milk products will slump
at once everywhere. he predicted.
Constant piling of products. with
speeded production. due to increased
number of workers, will cause a con-
dition, he thought, that may result
in catastrophe for spectators unless
they begin getting ready for it by
making sales.