The Birmingham age-herald., 1920-05-20
PRICE SLASH|NG WAVE cONTINl|ES' TOSWEEP NATION
Price Cuts Declared Result of Market Break, Back
 ward Season and Large Stocks on Hand
By Associated Press

Chicago, May l9.--The wave of price cutting in wearing apparel continued today to sweep the country, merchants reductions in mems and women's clothing, shoes. hats and other articles. While some merchants said the reduc- tions could not be maintained after present stocks were exhausted, others declared the pr@te cuts were the logical outcome of breaks in the western mar ket, a backward season and large stocks on hand.
 While the movement, which assumed nationwide proportions yesterday, con- tinued to spread, banking interests in New York today extended their cam paign of deflation of credits and high commodity prices. carrying out tnelr pledge to the federal reserve board Pressure exerted by the banks in the wholesale dry goods and general mer- chandise districts was said to be re- sponsible for the wave of price cut ting in the retail trade. Banks were reported to have notified importers and dealers in luxuries, articles of ap- parel and manufacturers of so-cailed non essentials that only moderate H. nancial accommodations could be ex- pected now.
 DENTISTS REDUCE PRICES
 The price cuts largely were con fined to wearing apparel. but spread of the movement to other lines was indicated by the action of Omaha den- tists in reducing the price of dental work.
 In a newspaper advertisement today a Newark clothing concern denounced price cutting as Ian economic mis- take" asserting it is economically un- sound to sell merchandise today for A price which is Hess than we can buy il for from the makers anywhere. What the world needs is greater pro- duction, not the drastic sacrifice of re- tail prices" Several Milwaukee mer- chants characterized the movement as a "circus stunt"
 Tn St. Paul, where marked price re- auctions were announced, the largest wholesale millinery concern In the northwest stated 1t would open It's doors to retail trade and dispose or a s1. 100000 stock at prices 50 per cent below those now prevailing. One men's furnishings establishment which oper- ates stores in several cities announced a general reduction of 15 per cent.
 Price reductions ranging from l9 to 50 per cent were advertised by nun : Der of Boston retail stores. Whhe most reductions were In clothing, one
  lion Of 25 per cent in cottons, blankets, linens and similar materials. some women's stores marked prices dowh one half
 SIP SHOES FOR s4.s5 At St. Louis three department stores cut clothing prices 15 to 20 per cent, while several mems stores annouhcso 331-3 per cent reductions in men suits. A Texarkana. Ark, shoe store announced a sale of SIP shoes for s4s5. Other stores advertised larger reductions.
 Virtually all leading stores in Chaf r. tanooga. Tenn, advertised 70 per cent discounts on all goods except contract commodities One Columbus, ono store reduced women's clothing one- third and another conducted nail price" sale on spring suits.
 Price cutting in the sale, of textile materials. hats and furnishings, put into effect In many San Francisco es- l establishments yesterday, was followeu | today by the announcement or one shoe firm that it's stock was being uis | posed of at reduction of from " ,o 1 40 per cent. n, 1 From Hannibal Mo oi.aWa; ili, Rock Island, H.. Sioux City, Iowa ana many other middle western ciues and towns came reports of reductions l in clothing Dealers at Sioux City said ! mems wearing apparel was down pc, ' cause of a backward season, compineo with large stocks, which must DC moved to meet financial obligations ] A break in the eastern market, raihs spring and large stocks on hand Were responsible for reduction Tn women clothing they said
 Clothing manufacturers at Clevelane said many dealers throughout thf country were disposing of wearing ap' parel at discounts because Of the pack ward season.