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Show NO, U. S. WON'T I Iii KEEPING SUM UP Speculators and Profiteers Are Bumped by Sudden Drop By GEORGE B WATERS ST. E. A. Staff Correspondent WASHINGTON. Aug- 31. "The do-j Ipartment of Justice will do nothing to keep the price of sugar up. It would be a violation of the Sherman act and the Lever law ior it to do so. Fur- j thcrmore, 11. N. B. Floyd, who stated! in New York that tho government would help the wholesalers and refiners refin-ers prevent a further tumble in prices, will be called upon the COFpel Ho was unauthorized to make such all assertion " This statement was made by Robert T. Scott, private secretary to Atty. Gen.' Palmer, it was in regard to state-j ment of Floyd, a special agent of the department's New York 'flying squadron," squad-ron," Which is supposed to be running down profiteers. After attending a meeting of refiners and wholesalers In New York, Floyd stated that the government would assist the sugar dealers in preventing a further great 11 I I ip 111 1 1 I K. e 1HTT(I DROPS OUT The bottom h is fallen out of sugar prices and a further decline seems ccr-i ccr-i tain. A few days ago sugar was selling : wholesale at 24 cents a pound, and one eastern refiner, who has ceased to, operate on account of high prices, got an unexpected supply from Cuba and immediately dropped the price to 20, cents Three western refiners follow-, ed suit and now sugar is retailing in many cities for 15 cents a pound. Spec-! Ulatore and profiteers got humped The sudden drop caused a panic i among the big sugar dealers and they I hurriedly called a meeting. Floyd's statement followed "It's this department's business to loer prices, not help increase them." stated Scott. The sharp decline in sugar prices is caused, principally, by large shipments ship-ments ot sugar received from Argen-' Una, Kzcrho-Slovakla and other countries coun-tries High prices in America caused sugar to flow here. Also, up to July 15 the people had ih-orbed r-uRir at the rate of 100.02 pounds per year, as against the pre- mm vious high record for 1 1 y of 80.43 J. G. 'eatherly, Department of Jus-.tlce Jus-.tlce sugar expert, said this Indicated ; the peo.;.- had suirar stocks .il. .nn wW I poumi.- per family for the nation. LfifH PEOPLE QUIT ni 1N. The people quit buying and now the wm I supply is much greater than the de- wm jmand. Hoarders of sugar may lose mil-I mil-I lions as a result of the decline. Many wholesalers ami retailers and unload-ling unload-ling sugar below cost in anticipation of ti further decline. HH "It has been called to the depart-ment depart-ment s attention," said Scott, "that WmWrn some refiners are holding customers to HJ contracts made at high prices. If it is HBl found that this is a violation of the HB Lever law thy will be prosecuted." JBl Another thing that broke the price HB was the fact that many canners and JBl housewives refused to make preserves HBl und jams at high prices. |