The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1920-08-21
SUGAR TO DROP
TO 10 OR II CTS.
IN SHORT TIME
Spectators Caught With
Huge Stocks are Forced
To Unload.

OASo6O' mug. l1.7ouS8f Will
drop to 10 or II cents pound re-
tail before the first Of the year, Sec
retary Russell J. Poole of the city
counsePs high cost Of living COM
mittee reported yesterday to Chair
man Max Adamowski.
A few weeks ago sugar retailed
for 81 and 80 cents, while a chain
of tea stores is selling it for Is
cents now.
Sugar hogs are being forced to
eat their own fat" he added. Mr..
Pooles' report says:
Due to the fact that the foreign
market has not been buying in any
large quantities recently, sugar in
this country is plentiful.
The present beet crop will be
from 80 to 40 per cent larger than
any crop ever produced in this
country. The Cuban crop, which is
estimated at 100000 tons ami
which will be harvested in Decem-
ber, is three times as large as the
islands 1914 output.
Sees 10.Cent Sugar.
California Is now grinding beet
sugar, while Colorado, Utah, Michi-
gan, Wisconsin, Illinois and Ohio
will start grinding in October. The
refined product arrives on the
market six weeks after it begins
the process.
"Ohio, Wisconsin and Michigan
farmers are contracting their beets
at $11 to $l2 ton. This will make
10-cent sugar"
The present decline is primarily
being forced by the federal reserve
banks, the report asserts, adding:
THE spectators from all
trades and lines of business, being
able to borrow all tha money they
wanted sfrom the-bAlIlEpNn-Aagar;
pyramided the price to 3fRH 81
cents. Upon reaching this hei1aht
the banks began to call in all loans
on sugar. This caused the fly bv
night spectators to Immediately
throw the goods upon the market.
In doing this they broke the market.
Blames Congress.
III the government had passed
the proper legislation forbidding
speculators to hop into the food,
clothing and shoe markets as vel;
as the other necessities of life AMI
also placed a limited embargo on
the expectation Of foods. as We re-
Quested Of congress last winter. the
American public would not have
had to carry the heavy burden OF
prohteering and high prices
He said 13 brokers in Chicago
had combined to boost the retail
price 13 cents q pound by selling
cars to each other at q resale OF
one additional cent profit per pound
He advocated a law to curb this
prSctice..
He cautioned housekeepers to buy
as little sugar as necessary In view
OF the outlook.
SpecplatoFB Deny II
From New York, however, came
q dispatch last. night in which
John B. Floyd, special agent of tht
department Of justice flying squad
ron" of profiteer hunters said tn
lprice would not drop before Jan. j
and that it may increase. Mr.
Floyd made bis prediction aftes
conferring with officials Of thre'
large refining companies and repre-
jsentatives OF wholesale grocer'
who hold large sugar future con
tracts.
THE fellows loaded with sugal
know what's going to happen 81
they got hold of a. federal man ant
filled him with lot of lies that h,
fell for" replied Mr.. Poole. 'Thos
fellows know they are going to ge
caught with 6 surplus stock o
high priced sugar and they ar
trying to get out from under whil
they hava a chance"