198 MARKETS 



decreased the sale of domestic goods and caused the holdings of 

 condensed milk to accumulate in large quantities. Condensed 

 milk prices depreciated rapidly throughout 1914 and reached 

 the bottom in the fall of that year when financial limitations 

 compelled many concerns to move their goods at any price. At 

 that time the bottom prices of condensed milk were approxi- 

 mately as follows : 



Sweetened condensed milk per case. $2.50 



Evaporated milk per case 1.90 



The losses suffered by this slump in the condensed milk 

 market, caused by the influx of cheap foreign goods in the 

 absence of a protective tariff, were enormous and caused bank- 

 ruptcy of numerous of the financially limited concerns. The 

 outlook for the future of the industry looked very uninviting 

 at best, but the situation was saved and market conditions 

 reversed by the urgent food requirements of the Allied nations 

 in the European war, and after the entrance of the United States 

 into the war, by large orders for the American army and navy. 



The extraordinary and very urgent demand for condensed 

 milk by the U. S. Government and by its allies during the war 

 and the enormous demand for exports to Europe after the 

 armistice, boosted the prices of this product to a level not 

 attained since the Civil War. While Government regulations 

 tended to hold price advances within reasonable bounds and 

 while lack of shipping facilities and other factors caused tem- 

 porary fluctuations downward, the price advance in general con- 

 -tinued until the spring of 1919, and reached the following maxi- 

 mum figures per case: 



Sweetened condensed milk per case $9.25 



Evaporated milk, per case. 6.50 



Exports and Imports. Canned condensed milk only need 

 be considered here. 



The United States Bureau of Statistics reports the following 

 imports and exports of condensed miilk for the years 1911 to 

 1919, inclusive: 



