Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1920-08-21
PREDICT BOTTOM IS
ABOUT TO FALL OUT
Of SUGAR MARKET.
CHICAGO OFFICIAL FORECASTS II
CENT PRICE BEFORE JAN. L.
SAYS THERE NEVER WAS a
REASON FOR HIGH CHARGES
BLAMEs PRoFITEERs.


Chicago, Aug q Z Sugar will droI
to 10 or cents pound retail before
the first of the year, Secretary Russell
j. Poole Of the Chicago city councils
high cost of living cammit.ee reported
yesterday to Chairman MAX Adamow
ski.
Few weeks ago sugar retaiIed tor
81 ami 50 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. poolos
report says:
Due To the fact ttat 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 10 per cent larger than any
crop ever produced in this country.
The Cuban crop. which is estimated
at 100000 tons and which will ho
harvested in December, is three times
as large as the islands 1914 output.
"tallOrnia is now grinding beet
sugar, while Colorado, Utah, Michigan,
Wisconsin, Illinois and OHIO viii start
grinding in OCt0beI- The refined prod
net arrives ON, the hmarket six weeks
alter 1t begins the process.
Ohio, Wisconsin and Michigan
farmers are contracting their beets at
SIT to sig "A ton. Yhis VIII make 10
cent sugar
The present decline is primarily DO
ing forced By he federal reserve
hl n he ha a..
The SPECTATORS from all trades an
lines Of business, being able to borrow
all the money they wanted from the
banks on sugar, pyramided the price
to 81 and 81 cents. Upon reaching
this height the banks began TO call in
all loans on sugar. This caused the
lily by night spectators to imme-
dia.ely throw the goods upon the mar
ket. In doing this they broke the
market.
IF the government had passed theI
proper legislation forbddng specula.
tors to hop into the food. clothing AMI
shoe markets as We'll as the Otnert
necessities of lifU and also placed Il |
limited embargo. on the expectation |
OF foods, as We Requested OF congress |
last winter, the American public I!
would noa have had to carry the
heavy burden OF, profteering ana high |
prices
He said thirteeen brokers in Chill
cago had combined to boost the retail |
price Is cents a pound ~ selling cars
to each other at a resale CT one addi- |
tional cent profit per lound. He al |
yocated law to curb this practices.
He cautioned housekeepers to buy
as little sugar as necessary in view Of
the outlook
From New York, however. came "A
dispatch last night in which John =. |
floyd. special agent of the department
of juctice flying squadron of protteer
hunters, said the price would not drop
before Jan. ! and that it may increase.
Mr., Floyd made his prediction after
comforting with officials of three large
refining companies and representa-
tivcs of Wholesale grocers who hold
large sugar future contracts.
"The fellows loaded with sugar
know What's going to happen. so they
got hold OF federal man and filed
him with Il lot OF lies that he fell for"
replied Mr,Poole, Those fellows know
they are sOingato get caught with a
surplus stock of high-priced sugar and |
they are trying, to get out from under
while they have a chance