Evening star. [volume] (Washington, D.C.) 1854-1972, 1947-09-13
Foods Near Top,
Level Off After
Two-DayDrop
Wild Speculation May
Force Congress to Act,
Senator Ives Warns

SSnu(Of ives warns
Principal food items on the
housewives shopping list were
near the all-time peak reached
after the First World War today
and gloomy predictions came
from some quarters on the out
look.
Butter. hogs, wheat, corn, oats
and lard dropped on the Nations
primary markets Thursday and yes
terday, but the lower trend was
checked in most of these commod-
tiles today.
Eggs were ST a dozen in some
cities, choice steaks were ST a
pound and higher and butter was
near or above 81 a pound in some
places.
Senator Ives, Republican, of New
York, said today that unless wild
speculation in grains" and other
foods is curbed Congress will be
forced to take some action"
Senator Ives said he fears con-
tinued increases in all prices and
living costs might cause the bot
tom to drop out as it did in 1929
and 1920-21."
Hopes for Solution to Problem.
I'VE do not have all the features
of general depression as yet," the
Senator said, adding that he hopes
business, the public and the Gov
eminent can find a solution to the
price problem.
The Senator said he thought the
current investigation into prices
by joint Senate House committee
may prove helpful.
He saw no need for a special ses-
sion of Congress at this time, how
ever, in relation to prices or other
problems.
He said his criticism was not
aimed at legitimate trading but at
people who have gone into the
market to try and make a killing"
At present the Federal Govern.
ment has no authority to control
margin requirements, but Senator
Ives said some way must be found
to put a damper on wild specu-
lation."
Grain Market Steadier.
The Chicago grain market today
reported a small amount of timid
buying attracted into the market
by the declines of the past two ses-
sions. Prices generally opened
mixed, some up, some down. Wheat
started a to 2 cents higher but corn
and oats dropped fractionally. The
New Orleans cotton market, also
open today, reported futures were
steady and 40 to 80 cents lower.
Traders in Chicago were reported
by the Associated Press as believing
the price trend is still upward de-
spite the last two day setback. They
cited as a new factor tending the
boost prices the Canadian crop esti.
mate which showed a decline of g.
100000 bushels from the August IS
estimate. The new figure is $751;
100000 bushels. Last year Canada
produced 420,725 900 bushels.
After yesterdays decline of whole
sale prices, the first in eight DAYS,
the Associated Press average of IS
commodities dropped to 194.35 from
l9499 on Thursday. The base year
is 1925, which equals 100. Eggs went
down cents, butter 4 to az cents
and grains also declined, but it
usually takes several days before
wholesale prices affect retail market
tags.
Porter Fears Bust" for Nation.
Paul Porter, last Federal price
chief under OPA, said in an inter-
view at Atlanta, Ga, that the Nation
would be lucky if it escaped bust"
He said there wasn't much the Con-
gress could do about the price situa-
ton at this late" date.
In Minneapolis, John H. Mac
MILAN, jr., president Zargill, Inc,
one of the Nation's4 .gest grain
merchandising firms, / the over
all production of whe.--, corn, oats,
barley, rye and grain sorghum in
the United States was expected to
be 100000 long tons below the
amounts produced last year-a figure
greater than the country's total
grain exports in 1887.
Mr.. Macmillan said Government
officials should review the crop situa-
ton with view Of revising its grain
export program.
A Federal grand jury in Chicago
has called several of the Nations
major meat packing company off,
Gals in connection with its investiga-
ton of food, clothing and housing
costs. A spokesman for the packing
industry, however, said ut is recog-
nized by everybody familiar with the
meat industry, including the United
States Department of Agriculture.
that prices are determined by the
demand of consumers for the avail
able supply of meat"
Hartman Cites Prosperity.
Secretary of Commerce Hartman
blamed the high food prices on
Americans bidding against each
other, rather than on exports
abroad In radio talk Mr.. Harri-
man said the high level is due pri-
marily to the fact this Nation is