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stamp of the clumsiest exaggeration, and was naturally opposed by all 
consumers of peppermint oil. As a consequence business in this article 
came completely to a standstill. The consumption was restricted to 
the utmost limits, or else attention was directed to the stocks which 
were brought to the light at all the principal markets, and which the 
speculators had not taken into consideration. Moreover France, Italy 
and Russia placed important quantities on the market and filled many 
a gap. But the movement received the death-blow when it was found 
that the bulk of the goods sold by the speculators lacked the pro- 
perties which good American oil usually possesses. The enormous 
profit of the corner was not considered sufficient, and it was attempted , 
also to play tricks with the quality. In particular, adulteration with - 
Japanese oil was aimed at; of this oil (as will be found by referring ; 
to the statistics on page 6i of this Report) larger quantities than usually 
were shipped direct from Japan to New York, Philadelphia, San Fran- . 
Cisco, Tacoma and Seattle, and heavy purchases were also made in i 
London and Hamburg, with the object of depriving the European | 
market of cheap material. These adulterations were first observed on t 
the English market, but they were also proved by us in quite a large 
number of samples, and that in oils received from one of the principal 
speculatois who boasts particularly of the ''absolute" purity of his oil. 
Further down we return to this subject. It is only natural that the 
belief in a continuation of the high prices was greatly shaken by such 
proceedings. In addition to Japanese oil, erigeron oil is also said to 
have been used for the adulteration. 
Thanks to such preposterous methods, and in the absence of all 
sympathetic feeling on the part of the European firms chiefly connected 
with the trade in peppermint oil, the speculators did not succeed in 
driving the prices up to $ 6, — , as was the intention. Already in 
January want of money caused a certain weakness, and offers were 
made under hand at $ 4,50. 
At present the price is nominally $ 4, — . Large parcels of the 
brand H. G. Hotchkiss were recently realised at $ 3,75 to $ 3j50. 
In London the speculation in peppermint oil has already claimed 
a victim. A Mincing Lane firm, heavily engaged in this article, has 
early in March suspended payment. 
In the present conditions it is in the highest interest of every con- 
sumer to cover only the most necessary requirements. We have reduced 
the prices of our two brands FB and FS & Co. by 4/- per lb. 
' As already mentioned, the rise in the prices of American pepper- 
mint oil has amongst others also led to extensive adulteration. In 
our laboratory numerous samples were examined which showed pro- 
nounced differences in specific gravity and optical properties from the 
