Evening Republican, Volume 23, Number 124, Rensselaer, Jasper County, 22 May 1920 — SLASHING OF FOODSTUFF PRICES HAS BEGUN [ARTICLE]

SLASHING OF FOODSTUFF PRICES HAS BEGUN

New York, May 21.-—lnfluenced by the nationwide price cutting agitation that is steadily gaining ground, the principal commodity markets of the country today continued to “mark down” quoted values. Cotton, sugar and corn options broke violently here and in Chicago, and cereal provisions, including pork, also suffered sharp reactions. Significance was attached to the drop in the pork prices as marking the first pronounced break in high prided foodstuffs. — The stock exchange showed improvement on a sharp recovery of Liberty bonds and Victory notes., Banka Assisting. A large part of today’s liquidation in cotton and grains was attributed to the further scaling down of credits by banking institutions here and in other reserve centers, evidently in conformity with the request of the federal reserve board. In 1 the local cotton market May contracts broke almost' 400 points, with equally sharp reactions in New Orleans. The Liverpool market also reported substantial reactions. Domestic and foreign metal markets opened at lower quotations for spot and future deliveries, silver proving the only exception at a~ slight in London. Little business was done here in copper for immediate delivery. ' Retailers Cutting. Banks in the uptown ox wholesale dry goods district reported additional loan contraction and most of the retail shops advertised “cuts” of 25 to 40 per cent in women’s wearing apparel. Dealings in Liberty bonds and Victory notes failed to reach the huge. totals of > Hie two preceding days, but most of the day’s business was on an ascending scale. Virtually all the Liberty issues closed at the day’s maximum quotations, gains extending from 1 per cent to 3.04 per cent, the fourth 4%s scoring the greatest advance.