Excerpt from Sixty-First Annual of the Corporation of the Chamber of Commerce, of the State of New York, Vol. 1 of 3: For the Year 1918-1919

Operators generally calculated on lower markets with the open ing days of May, but the government requirements were so heavy that any possible surplus was taken up in that way, which gave us a very strong market. Army and Navy orders for lbs. To lbs. Were called for constantly, and it soon became known that the Navy was about to close contracts for approximately lbs. Of specially made creamery butter from sweet cream, the larger part to be packed in 5 1b. Tins. Under these conditions the spring declines came more gradually than usual and it was nearly the close of the month before finest creamery got down to 43c. Some butter went into storage during May and according to the government report the holdings on June 1 were lbs., as compared with lbs. The previous year. As soon as the stock was full grass and buyers were satisfied that values would not be materially lower during the storage period speculative trading became quite heavy. Arguing that the war was on, and that the United States would have to furnish a large quantity of butter to the European countries. Operators here thought pretty well of the deal regardless of the high prices prevailing. So that the month recorded unusually heavy trading in all directions. Receipts for June totaled packages, about packages of which went into local cold storages. The average price for the standard grade of extra creamery was 43.-9se, the fancier qualities ranging about 1c higher. It was the period of finest production. And while the top grades naturally sold best, other sorts found a good place and at relatively full rates. At times there was a difference of only 2c between extras and seconds. State dairy was not much of a fac tor during the summer season, farmers sending most of their milk to the creameries, cheese factories and condenseries. Some of the cars of renovated were put away for the fall and winter trade and best marks held up to 38613390 The large packers of the country purchased the bulk of the western farmers' butter, known commer cially as packing stock, and it brought 32@33%c. The speculative movement continued fine during most of July, and considerable quantities were called for by the Army and Navy and a rather bull ish market was reported most of the time. Any little lull in the trading was generally followed by marked activity, and the changes in values for the various kinds were comparatively slight. This was evidenced by the fact that the entire range of creamery extras for the month was 44@45}4c, and the average of 44.81c was only.

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