COMMODITIES: What Price Foresight?

Is pepper necessary to the national defense? Manhattan pepper importers went to court last week to challenge the seizure by the War Food Administration of 6½ million pounds of their pepper.

Manhattan warehouses bulge with a three-year supply of pepper, whereas normally U.S. pepper stocks were never larger than a three-month supply. But the shrewd Manhattan pepper importers, foreseeing that a war with Japan would shut off imports, and taking advantage of low pepper prices, bought and bought, before Pearl Harbor. By December 1941 they had 60,000,000 Ib. in storage.

In the last...

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