Evening star., 1946-07-01
Prices Hold Line
lin Most Of U. ).
'AsCei|ings End
Bigger Stores Bar
Immediate Boosts;
Commodities Up
BY the A:soeio.ed Press

BY the A:soeo.ed Press
The first hours of no-ceiling
shopping produced few surprises
for the American buying public,
a Nation wide survey showed to-
day.
The price of milk rose 2 cents a
quart in Connecticut and some Sec
tions OF Massachusetts.
Little f1uctuation was reported in
other food prices, even meat, for
which 10 per cent price increase
had been forecast by some experts.
The Nations larger food stores
and department stores with few ex-
ceptions operated under OPA CELL
ings and in few instances inde-
pendent merchants announced price
reductions.
Stocks and Commodities Up.
In the stock and commodities mar
kets prices bolted upward. although
many early gains were lost.
The New York stock market ran
into profit cashing and top gains Of
81 to 81 a share were reduced or con-
verted into declines at the close.
Late selling was attributed to the
thought that Congress might enact
new price law.
Steels, motors, coppers, mail orders
and assorted industrials led the FORE
noon swing, although some OF these
backed down at the finish. Com
mcdities rose sharply and the ma
lority held their advances, some at
the days permissible limit. Bonds
improved selectively Stock trans
fers ran to around 100000 shares,
largest since May %.
Opening prices in futures on the
Chicago Board of Trade, the New
York and New Orleans cotton mar
kets and the Chicago Mercantile Ex-
change were sharply higher, but
selling soon appeared,
50 Wheat Is Back.
Cash markets also were up
sharply. Two-dollar wheat returned
to the country for the first time
since 1925 when bids above that
figure were made at Chicago. A new
all-time high was made for cattle
and hogs reached their best levels
since 1919
At Chicago the butter market vas
reported as too confused for a
quotable basis"
! Cattle prices scared as much as
$500 a hundred pounds on the
/ Chicago Livestock. Market with two
loads of choice offerings bringing
$1,000 hundred pounds The previ-
Gus high for best grade cattle was
$3.50 in 1919. The OPA ceiling in
effect last week was $500.
! Advances in the hog market
ranged from $500 to S365 hundred
pounds. Top price was $3.50, which
compared with an OPA ceiling last
week of sl4.85. Hogs reached an
au-time peak of $3.50 in 1919.
Retail Merchants Wait.
| A firm d-the-line attitude was
evident among retail merchants,
however. in New York City, Balti-
more, Philadelphia, Newark, Boston
and elsewhere-at least until Con-
gress has a chance to restore some
system of price control.
| One Baltimore shoe store adver-
tised per cent slash in all prices
on the belief that under free con-
ditions more leather will be avail
able for shoe manufacturers"
! A New York delicatessen owner
advertised since there is no more
OPA, our prices will be greatly re-
duced to meet competition.
! A Milwaukee mems store proprle-
tor announced he was revising all
prices-5 per cent lower
Porter Sees Early Action.
Another deterrent to an imitation
airy spiral in food markets was an
announcement by the Agriculture
Department that it would pay no
more than yesterdays ceiling prices
to obtain wheat and meat for fam
inc relief.
! OPA Administrator Paul Porter
predicted Congress would restore
price and rent control within a
short time, and said he did not look
for any sweeping upward price
movement" in the interim.
He echoed President Truman's S
broadcast appeal to businessmen,
producers and landlords to hold
prices at present levels voluntarily
until statutory controls can be re-
esta blished.
Many sources predicted the full
force of inflationary tendencies
would not be felt until the effect on
Congress of the Presidents veto
message, which killed the OPA ex-
{ lSee PRICES, Page A-3.p