Evening star., 1948-02-08

here, but that he had seen mo break
in the market whatsoever" He
said prices are going to remain high
just as long as the supply is not
sufficient to meet the demand, de-
spite the slight drop from the higher
prices of January.
Stock Market Bolstered.
The stock market, meanwhile, was
bolstered in New York by mild short
coverings and other buying but
leaders were more or less neglected
in quiet dealings. Cotton prices
closed strong with advances OF 81
to $210 a bale.
Despite the sitter showing in grain
prices, A. w. Zelomek of New York,
economic counselor and president OF
the International Statistical Bureau,
predicted commodity prices would
fall 20 to Is per cent within nine
months.
Back of Imitation Broken"
"The back of imitation has been
broken" he said in Cincinatti, "but
it will take people a few months to
realize it." He saw the sharp COM
modify price break as the forerunner
of a general downward trend.
Belief that the major long term
trend will be downward" also was
expressed BY Mark Pickell, secre-
tary of the Corn Belt. Livestock
Feeders Association. However, he
added that prices now are getting
down to a point where they have
intrinsic merit and should tend to
stabilize"
Retail price cuts were announced
by chain stores and other grocers
in the East, Midwest and South, al
though most of the announced de-
creases applied only to one food
item.
The .Kroger Co. cut the cost of its
20-ounce loaf of bread from Is to
IA cents. Cuts in flour prices rang
ing UP to II cents for 25-pound sacks
were announced by several chains
serving the East and Midwest. Re
auctions OF cents pound for lard
were announced in the East and
Midwest. Bacon prices were cut
from 2 to 8 cents a pound in Chi
cago and Memphis, Tenn. One CHI
cago chain said average pork prices
have been declining slowly for four
weeks.
Many See Turning Point.
Many business experts have ex-
pressed the belief that last week
will mark the turning point in the
infationary spiral. Most OF them
do not think it Is the start Of a
business slump, but rather "heal-
thy correction" of prices that were
too high. = 4s:t4 x.,.
Few Industry sources look for
much of a tumble in meat prices,
because of scarce supplies. A. q.
Baker, president of the American
Stock Yards Association, said meat
prices are not likely to follow last
weeks path of grains.
Mr.. Pickell said he was convinced
that with the limited supplies of
hogs which will be available this
spring hog prices will continue to
range above $25 hundred pounds. y
The Associated Press wholesale
price index of IS basic commod-
tiles slumped another 129 points
to 1883. after suffering
the sharpest week. -to-week drop
since compilations were started in
1885. The Friday week-to-Week de-
cline was 1852 points. A year ago
the index was 1894. The index
uses 1926 prices as 100.
Examples of Price Cuts.
Following are some samples Of
price slashes in various areas:
Northern New Jersey-A spokes-
man for Kings Supermarkets an
nounced that in their IA stores
tomorrow, bacon would be down 10
cents pound, steaks would be cut
from 83 down to 73 cents, smoked
ham from ST down to SO cents and
beef liver from SO down to 40 cents.
Detroit-A. & P. spokesmen pre-
dicted some cuts this week on flour
eggs, butter anoA some meats. Morris
markets, a smaller chain, cut lard
six cents, 10-pound bags of flour
four cents and bacon 10 cents a
pound.
INDIANAPOLIS.-One independ-
ent cut bacon 10 cents down to 79
cents a pound and one chain re-