Evening journal., 1919-01-29
Sees IMPENDING
PANIC IN FOODS
Spectators Due to Lose
Millions. New York Mar
ket Expert Says
BUTTER ALREADY
DOWN TO q CENTS

NEW YORK, Jan. 29-Food specula-
tors in the United States hold the
greatest stock OF edibles ever gathered
together in storage warehouses OF this
country. Prices are higher than ever
in the history Of America. Prices can
not maintain the high level at which
they are now placed. Production Of
meats is cheaper and as a consequence
the governments price Of $3.50 for
hogs Is bound 10 come down.
A market panic OF Importance is
pending.
These are statements made today by
P. Q. Foy, market expert to the United
Press.
Foy is editor Of The Market Report
and Is reported to be one OF the best
infol med men on market conditions in
the country. All the prices he refers to
are wholesale.
South American, New Zealand. Aus
tralian and Sibe. ian goods are begin
ming to appear on the market. Foy also
said and heseffect Is being felt. Prices
must fall more than they have recent
ly and spectators stand 10 lose mi
lions in the tumble.
Already. Foy stated, speculato-s in
New York have felt a million slip out
OF their pockets through the imDorta-
tion and sale OF 5O0,0O0OOO pounds of
siberian butter. As much more, he
said, viii be thrown on the market.
Australian and New Zealand dairy pro
ducts, he declared, are on their way
TO this country to help in the smashing
OF the food spectators.
Foy quoted figures 10 prove that pro-
duction has reached its highest point
He declared IL has climbed TO such a
figure that glutting OF the market is
certain to follow People. he pointed
out, have been living on reduced ra-
tlons during the war, while the govern
ment has urged greater production. The
result has been a staggering accumu-
lation Of foodstuffs in warehouses.
Recent government reports. he said.
show there are 9000OOOO0 pounds OF
frozen pork in warehouses; S50,OOOOOO !
pounds OF frozen beef and 100000
pounds OF poultry held in the hope that
prices will go higher Holdings OF NUT !
ton and lamb are IS per cent. create.
than in i9i4-the year the war started. |
Pork holdings have increased 65 per
cent. In that period, salt pork Al per
cent. and picked pork 70 per cent.
Today Foy said there are 3508S4 44t |
pounds OF frozen beef in storage where !
a year ago there were 23iO55,592 |
pounds.
Beef. produced in 1918, his figures
amounted to e.5O0.OOOOOO |
pounds against 6O7e OO0OO0 pounds in !
1914, an increase Of .. .4O2 5000 pounds.
Pork production he showed reached
s.T60O0.OO0 pounds in 1914 and ie,500.-
100000 pounds in 1918. Mutton and
lamb production increased from 495,.
OO0 pounds IN i9ii TO 739,0oO,OOO in
1918.
Five years ago. he said. It required
a week for a farmer with two Nirsd
men, TO prepare so acres OF land for
food production. Today. he said, ma
chnery has made II possible for that
land to be put into shape for produc- |
ton within a day. The difference. he |
said, will make itself shown in days
10 come by reduced prices.
Butter in New York, Foy declared. |
has declined % cents during the last |
seven days as a result Of butter impor-
tations. Spectators. he stated have |
lost about 100000 on the decline.
Wisconsin cheese, Foy said. dropped |
nine cents yesterday with an immed- |
late effect here. Milk products will |
slump at once everywhere, he pre-
iicted
Constant piling Of products, with |
speeded production due to increased |
number Of workers. viii cause a con-
dition. he thought, that may result in
for spectators unless they
begin getting ready for 1t by making
sales.