The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1920-05-21

go below 60 degrees. Saturday after
noon it will be around 80 degrees. A
temperature of so degrees also was
tContinped on Page Two.)
merchants to get on the band wagon
Of falling prices; the market has
broken and lot of people saw indict-
ments for profiteering coming"
The action of the federal reserve
board toward iquidating long term
loans used to carry surplus merchan-
disc stocks, Mr.. Garvan said he be-
lieved also had been very beneficial.
England Is Pessimistic.
London, May 21.-Cabled reports of
a slump in prices in the United States
are featured in newspapers here and
are being read with enormous interest,
as they excite the hope that conditions
across the Atlantic may be reflected
in Great Britain.
Some writer's on ECONOMICS. however,
hold out little hope that this will be
the result maintaining the new con-
ditions in America are more likely to
have contrary effect here.
High Prices Due to Speculation.
New York, May 21.-Decrease in
the price of clothes and other such
commodities is bound to eventually
affect the price of food, according to
the opinions expressed by leading
wholesale grocerymen here today.
Altho no immediate drop in prices
moral influence" of the reduction in
other commodities will be felt in food,
probably when the freight car con-
gestton is relieved.
Proper distribution Of food products
is now impossible because of the
freight tieup, Peter ] Smith, head Of
the purchasing department of one OF
the largest foodstuff jobbers in the
world, stated.
Actions of the National Preservers
and Fruit Products association in de-
Gliding to close down their factories
rather than to purchase sugar at the
present prices, was expected to have
some effect on the sugar market.
Action of the preservers followed
an investigation of the sugar market
conducted by Marcus Blakemore, pres
ident of the association. in conjunction
with the department of justice.
! Blakemore said that the present su-
gar prices were due entirely to spec
ulation.
! Texas Lumber in Drop.
Dallas, Tex, May 21.-First break
in retail clothing prices came today
when Hurst Brothers company, one
| of the most exclusive mems furnish
| ing stores in Dallas, also dealing in
women's apparel in a limited way, an
tion.
Prices in other Texas cities were
also on the decline, it was reported.
In San Antonio the first southwestern
city tC follow the lead of Wanamak-
ers, merchants had sliced their prices
on mems and women's goods as much
as one-third. Three department stores
at Temple cut 20 per cent. Leading
Austin stores announced this morning
a 90 to rs per cent reduction in mems
I l.
A brighter building prospect for this
summer was seen here in announce
ments from several Texas cities that
lumber had been reduced in price.
Waco reported reductions of from $40
to $50 a thousand feet. The initial cut
was made by wholesalers" dealers
said.
Must Continue Fl. C. L. Strike.
Oklahoma City, May 21.-Unless the
public continues to wear old clothes
and refuse to buy expensive suits, the
present drop in prices will be only TO"
a short time. D. L. Rogers. of the state
fair price commission, stated today.
Present reductions are being made
! by retailers to get rid of garments of
extreme styles for which there is little
demand, he declared. The basic
clothing market has not been ma
terially affected. Rogers said.
No Break in Bread Prices.
Minneapolis, Mimi, May 21-Bread
prices are not likely to decrease soon,
according, to big flour millers here to-
day, who say that drops in flour prices
| can be of little immediate benefit to
the consumer or baker. because of
lack of transportation to move the
flour from the mills.
| Wheat and flour continued the de-
cline here today. Wheat was off from
10 to Is cents on the local market.
Flour prices were down to from
$3.50 to $3.50 a barrel for family
patents.
Mills have contracted orders to
keep them going for sixty days. Bread
was selling at from IL to Il cents a
! loaf here and in st. Paul today.
Wool Takes Big Drop.
| Boston. May 21.-The price of wool
slumped yesterday. a break of from
| 10 to 20 per cent occurring at the
auction sales conducted here under
the auspices of the British govern
ment. Only seven mills took part in
the bidding and only so per cent OF
the wool offered for sale was dis
posed of.
Buyers were agreed that the peak
of high prices for woods has passed.
According to the Commercial Bulletin,
an authoritative organ of the wool
industry in this country, the drop in
prices reflected cancellations of orders
for goods, delays in transportation and
declines in the Liverpool and London
markets for raw wool.