Evening star. [volume] (Washington, D.C.) 1854-1972, 1947-09-21
Wholesale Price Drop
Spurs Hopes Of Fall
In Cost Of Livinq


living. were raised by new drops
IN wholesale prices for wheat,
corn, butter and some other
foods yesterday.
There was no assurance, however,
that the wholesale prices might not
bounce back up again before they
can be reflected in neighborhood
stores. 1t usually takes several days
for wholesale declines to affect re-
tail price tags.
The United States Chamber of
Commerce, meanwhile, called for
stability between income and cost
OF living" and pledged drive to re-
turn the American economy to
peacetime conditions" with emphasis
on much lower taxes"
Anderson Returns.
Secretary of Agriculture Ander-
son, returning yesterday from New
Mexico vacation, made no secret of
his pleasure over the grain market
declines. He called them long over
due" and said he hoped the drops
will continue" He would give no
indication. however, of his recon-
mendation to the Cabinet Food
Committee which meets early this
week with President Truman.
Democrats and Republicans con-
ttnued to blame each other for cur
rent high prices. A statement by
Senator Taft, Republican, Of Ohio
on his Western tour that President
Truman removed controls too rap
Idly and therefore was to blame,
drew a hot reply from Democratic
Senators Lucas of Illinois and
O'Mahoney of wyoming. They called
Senator Taft foreman of the crew
which wrecked price control"
Harold e. StaSsen, candidate for
the COP nomination, called for a
nationwide voluntary food conserva-
ton program with organized re-
sistance to excessive prices" in a
speech at Springfield, Mass.
Federal Control Hinted.
J. NJ Mel1l, head of the Agricul-
ture Departments Commodity Elk
change Authority, limited broadly
that unless the exchanges them
selves curb speculation more string
ent Federal control is likely. He al
ready has called for increased mar
gins, and yesterday declared 1T is
within the power of the markets to
mitigate some of the ravages of the
speculative fever, and the chills
and shakes that follow
The tumble In grain prices-flfth
IN the last six days on the world S
largest exchange at Chicago-was
accompanied by declines during the
last fewsdays in livestock prices and
o long list of commodities.
After soaring to an all time peak
on Tuesday, the Associated Press
wholesale price index of IS cornmo-
dities .went into a steady slump for
the remainder of the week.
The weeks decline in the index,
the first in four weeks, was the larg-
est since April.
Cotton Futures Drop.
Heavy selling swept cotton futures
downward more than 50 a bale in
New York.
Corn headed the grain price COL
lapse. dropping the full eight-cent
limit in Chicago for the third sue
cessive day. At Kansas City, the
cereal also dropped the eight-cent
limit permitted under exchange
rules. Chicago reported untitled
selling orders in all corn contracts
when trading cloeed for the week.
September corn at Chicago closed
Mt s2.3s a bushel, with the cereal
az to 80. cents lower than the peaks
set last week.
Wheat, which at one time fell the
full 10 cent limit at Chicago, closed
34-7b lower with September
$2.57A. Since last weeks peak,
wheat has fallen from n SO cents.
Oats. closed 3s4 to SIS lower with
September s1.08, for a decline of 46
to 20 cents since last week.
Livestock Prices Down.
The week-long drop in livestock
prices ranged from few cents to
several dollars hundredweight at
the Nations IL principal markets.
Wholesale prices for eggs, coffee.
butter and -four slumped somewhat
during the week.
In contrast with grains, lard was
firm and closed 80 to 10 cents
hundred pounds higher. The re.a-
tive firmness of lard prices based
on higher export ALLEGATIONS of Eats
and oils, plus the belief these ex-
ports may be still further raised to
compensate for an anticipated cut
In grain shipments.
The Chamber OF Commerce
charted three main detectives for
the 1947-4S business year for the
1.2U0, 900 individual citizens and g.
TOO firms 1t represents:
/. Reimbursement of the American
economy to peacetime conditions.
2. Development and support OF
American international relations.
8. Cultivation of the human val
ues of the American enterprise sys-
tenn.
Stability is Urged.
Stability between income and
cost of living will be major con-
Germ of the chamber in the year
ahead, the organization said. Par
ticular attention will be given to
what needs to be done to straighten
out the distortions in the price
structure to the end that what one
man produces will enable him to
buy what another produces.
Besides further reductions in
Federal expenditures and regular
payments on the national debt. the
chamber said it will work for much
lower taxes as an all-important
means to stimulate investment,
production and stable employment" "
Part Of its program to return the
economy TO q normal footing, the
chamber said. is to encourage bet
ter labor relations, increased pro-
ductivity in industry, and mass
production techniques" in building
construction.
The chamber said it will support
80 "a