The daily banner., 1919-08-28
FOOD PRICES AT The TOP
Herbert C. Marshall Asserts That De
clining Tendency is Now Apparent
Governments Crusade is Begin
ming to Show Results.

Washington, Aug. 27-The high
cost of living has reached its top
most mark, food prices will go little
if any higher, according to Herbert
iC. Marshall, assistant chief of the
Bureau of Markets, Department OF
Agriculture.
Marshall pointed out tnat there
are two reasons for present high
prices: Cheap money and deple-
tion of the worlds stocks. High
prices always accompany imitation of
the currency, but the imitation has
now reached point of saturation
and can go no further, therefore
prices can go no further. The great
increase in the worlds production
he gives as another reason why the
cost of living must begin to come
down
| Marshall, who testified before the
Agriculture Committee of the House
of Representatives on the same sub
| ject this week, is noted market ex-
pert. He argues that the only thing
that can keep prices on the upgrade
is for Germany, France and other
! European countries to release their
gold reserve, which would place the
gold in general circulation and low
er it's value still further. Germany,
he points out, has already reduced
her gold reserve since the armistice
from $637,000,000 to $277 100000.
aside from instances of proflteer
ing" said Marshall, (which are be-
lieved to be widespread both in
wholesale and retail trade, econom-
lists generally agree that the chief
cause of high prices is the inflated
currency of the world. AS the cur
rency remains inflated we nave high
prices, just as we did after the Civil
War. 1t can be cured in one of two
ways; either by the various coun-
tries calling in their paper money
and getting back to gold basis,
thus forcing money back to its for
mer value, or by leaving it in circu-
lation and gradually getting up to
it through a course of years"
Prices for food reached tue high
est point in the country's history On
July 18th Officials of the Statistics
Bureau of the Department of Labor
say that while the prices for August
18th have not yet been tabulated, a
slight downward tendency is notice
able. 1t is likely, therefore, that
July 18th saw the peak in prices
reached and passed. At that time
prices were 13 per cent. higher than
a year ago and per cent. higher
than the month before. In the six
years from July, 1913, to July, 1919.
the retail price of % food articles
combined increased 90 per cent.
Prices have already declined as a
result of the Governments attacks
on profiteering. The weekly report
On fruits and vegetables of the Bu-
reau of Markets for last week says:
values tended moderately down.
ward under heavy supplies. Furth-
er irregular declines occurred in po-
tatoes, onions, cabbage, melons and
cantaloupes. Decreases compared
with last week were in peaches, or
anges and cantaloupes, increases in
pears, grapes and apples"
In 1872 comparisons made by the
Bureau of Markets of quotations on
meats for August IL and July %,
price reductions were found in 107.
In vegetables and fruits cuts num-
bered % and increases only three.
The bureaus quotations on cattle
at Chicago for July Is and August
18 show that beef and lamb went
down during the month, while pork
was higher and mutton the same.
Bradstreet's index number for
last week shows a downward trend,
it being $517 against $5.25 and
$3.50 for the two preceding weeks.
This, says Bradstreet's, is still 1874
per cent. above the price level of a
year ago, but it shows that exasper-
alton at the high cost of living, cul-
minating in action by State and ma
tional authorities has undoubtedly
had its effect in forcing prices down
ward