Evening star., 1948-02-16
Rally Continues
In Commodities;
StocksCreepU Up
One Chain Store Here
Cuts Steok Prices
6 to II Cents
ETIN
BULLETIN

limit, today led renewed ad-
vances in grains. Shortly be-
fore l pm. wheat was 54 to s
cents higher than Saturdays
close. Oats were up a few
cents. Hog prices scared 81 to
$3.50 in active trading at Kan
sas City.
Chicago grain prices climbed a
little today in. continuation OF
Saturdays rally, but midway
through the days trading they
began falling slightly from open
ing highs. The trend in the New
York Stock Exchange was up
ward.
Retail prices in Washington stores
featured the lower price tags of Sat-
urday with one chain adding a new
lower price for steaks, down 6 and
IL cents pound.
The general trend was strong in
commodities other than grains.
Wheat opened to 4 cents BUSH
ell higher but at mid-day dropped
as much as 2 cents from the earlier
prices. Corn was down about 2
cents from the days best price and
oats fell less than a cent from the
morning top.
Cotton, which opened between 81
and So bale higher in New York
and New Orleans, ranged from $1.29
higher to 10 cents bale lower In
the New York market at noon.
Soybeans Advance &c Limit.
Soybeans, which have dropped
hardest since the price break began
l3 days ago, were up the Scent limit
today.
Cottonseed oil and hides were
slightly higher, but rubber was
down a little.
Wholesale butter prices at New
York were up as much as az cents
pound and advanced as much as
3 cents at Chicago.
Retail foods stores all over the
Nation continued to feature lower
meat prices, but Government and
livestock experts warned that short
ages due later this year may pull
the prices up a bit.
Hogs were about so cents to rs
cents hundred pounds higher at
Chicago in Unexpectedly light trad
ing. In Baltimore, livestock prices
advanced slightly with steers SELL
ing as high as S28.75, up as cents.
Stock Prices Grow Firm.
The New York Stock Exchange,
got of to hesitant start but prices
soon firmed and selected leaders
began to advance a point or better.
Economists were watching this
markets for clue to the outcome
of the commodity market declines
The Great Atlantic g. Pacific
chain said grade A porterhouse
steaks cost 73 cents a pound to-
day. They were IS cents Satur-
day. Sirloin steaks were down from
rs to SO cents. One brand of ba-
con also dropped in price from SO
to 65 cents pound The A. g. P
chain announced general meat
price cut in its stores in the New
York area, but the price drops here
were confined to the steak and ba-
con items.
Business Watches Markets.
Once again, wholesalers. retailers
and business in general we're watch
ing to see what the commodity and
stock markets would do today. The
food markets rallied Saturday after
a general decline since the big break
in prices on February 4.
The Agriculture Department con-
tinued to warn that meat will be in
short supply this spring, probably
beginning next month. due to the
normal seasonal decline in slaugh-
tering The short supply normally
would force prices back up again.
One Washington retailer said to-
day that ''it all depends on wha;
the markets do" and he added he
personally believes the food price
drop has gone about as far as its
going" He made an exception for
meat prices. however, because they
are SIill tOO IlISH.
In connection with the meat price
outlook. an Agriculture Department
meat expert said that there cam
not be any change in the existing
supply of livestock for the next 8
to 10 months" despite the decline In
grain prices. The department is'
sticking to its previous estimates o.
a major meat supply shortage this
year, certainly in the third quarter
and quite possibly by midsummer.
This expert pointed that ther.
was an unusually heavy slaughter
of hogs in January-partly due to
farmers who had waited until after
December 81 because of income
taxes.