HCof L

During the post-War inflation people used to talk a lot about the High Cost of Living. The HC of L was belabored in song and skit. Socialites protested the HCL by sporting overalls. As prices continued to mount, a nation-wide buyers' strike developed that was not broken until Wanamaker's department stores in Manhattan and Philadelphia suddenly slashed prices one morning in May, 1920--thus dating the beginning of the post-War depression.

Last week people were again grumbling about the High Cost of Living. But this time it was not so much about the price of shelter and clothing as the soaring cost of food. Headlines proclaimed the farmer's joy that hogs, cattle, butter, eggs were at the highest levels in four and five years. Actually the farmer was not benefiting to any large extent because last summer's Drought had either depleted his livestock or boosted the cost of his feed. Nevertheless, U. S. housewives were mad clear through, and AAA officials even admitted that any further rise in food prices might have a serious political reaction on their plans for crop control.

Average retail price of beef is 17% above a year ago; pork chops 34%; lard 70%; poultry 16%; eggs 23%; canned peas 22%. Hotels and restaurants reported butchers' bills up 37%. Dun & Bradstreet's wholesale food index covering 31 different items has climbed 7% since the year end, now standing 30% above February 1934, 83% above February 1933. Only a few staples like potatoes, cabbages, onions, bananas are selling lower than a year ago.

Meat prices jumped on the first Drought scare last summer but housewives brought the rise to a quick halt in September by stubbornly refusing to buy. Now that the beef and hog shortage is really a market factor meat prices are again climbing. The supply of fresh butter has dwindled so rapidly that dealers are drawing from storage 1,000,000 Ib. daily to meet demand, and stocks on hand at the beginning of February were only 18,000,000 Ib. as against 76,000,000 Ib. at the same time last year. Retail prices have jumped from 35-c- per lb. in November to as high as 51-c-. In December sale of butter substitutes doubled.

With the next crop and forage season still months away there was little indication that the HCL would soon cease to be a bitter household debate.

-Last week the Department of Agriculture reported that total value of U. S. farm livestock at the year end was $3,100,000,000 as against $2,876,000,000 the year before. Yet total number of cattle dropped 7,600,000 during the year to 60,000,000; swine dropped 20,000,000 to 37,000,000; sheep and lambs dropped 42,000,000 to 49,000,000.

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