The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1920-05-21
EXTEND FEDERAL
PROBE OF PRICES
Garvan Says Government
Is Fast Pushing
Campaign.
DENIES PATRIOTISM
"Purest Buncombe' He SAYS
in Discussing Motive Be
hind Curtailmcnt.

coNrfNt Gu ON rAGE oNE
.,rity h. reflected In their sales 20
ortraHE1ut rousuWcr7
Meanwhile thc wave OF price 'u'-
ting Uv department stores ana Wh'iH
continued 10 spread here. Tho lT'p.
cipAt reductions nrc IN clothing ana
shoes. with cuts from 10 per cent ~
10 af high as 20 uct cent In on" ul-
stance.
Tho bankera' war on high prices.
declared at the hehost of the federal
reserve board today brought another
waVc Of liquidation lu the securities
market
Primarily Induced by the country
wide RtrinEcnt crcdt conditions this
wave caused many stocks and bonds
20 fan ~ sim lower quotations FOR
tho current movement
SuppCIt of substantial character
was forthcoming however. ana bar
gain hunters were active In tho more
popular Issues As result prices
rallied before tho Clogc, Liberty
bonds and Victories not sharing
argolv In tho recovery
Prominent bankers and brokers
Inclined 10 refer 10 the price cutting
movement as 20 form ~ hystcri1,
nevertheless declared values OF many
standard railroads and mdustrials
have In no degree been impaired by
The higher rates Tor money They
asserted on tho contrary. that rep
resentntivc securities were placed on
sounder foundation by the action
of the fedora reserve board and
hanks acting In conjunction with
that body
From every responsible authority
came assurances that basic ftnan-
cial conditions ull over tho country
offer no occasion for apprehension
In the words Of lending flnancier
the present movement In largely in
the nature OF n necessary adjust
mont 81 values including CONNER
cial and Industrial inventories"
WASHINGTON, May 2O--Regard-
lefs OF the spreading wave OF prlce
reductions, Assistant Attorney Gen
eral farvnn pnnourcod tonleht fhat
the governments efforts at hunting
down proflteering orchanta
through Investigation Of profits made
py individual aiores had been ex-
tended 10 more than SCORE OF cities
Tactics employed by the Giving
sguadron' OF tho department In New
YORK were being employed he said,
In the larger cities from coast TO
coast.
While Mr. Garvan declared he was
gratified at the price drop reported
IN ntarly every community he did
not bellcNo the department de
served too much Of the credit" and
ne would not endorse claims OF some
. mercahnts that they were actuatod
ny ratriotic motives
That stuff IN the purest bun
come, Mr., Garvan said III they
hro patriotic, where was their pn
ulotism year ago whom prices
were going up and up and Incl
tu.n.aiy, 'nose fellows were making
more and more money"
There nre three thingR rosno,si.
bic for this clamor OF merchnnts "a
get on tho band wagon of fallins
prices; the women of the oountrv
nave stopped buying articles nj ex.
pIpi'hht prices the market has
broken something which could nnt
ne avoided, and lot OF peonIo aaw
indictments for profitecrInR coming
say that few, 10 any, Of tho mo,.
nantS were sure the departmont's
asents were not NJ the momont gath
T.ng eVld ,nce In their stores. Thry
iney SIMPLY saw tho light"
Mr GsrVan said the woman nm,
uno press OF tho country had forn,cd
o"hnplhation' To break tho novo,
,he pfotiteer and he believed Tho,
nhd succeeded, While the downwar
uehu may not continue az rapIlv n,
u now appears, Mr.. Garvnn snii IA,
peleVed the peak had beon nasso,
ana that "a general rccessIon ia
scr IN which might 20 a long wn,
toWard re-establishing a normal con
But he explained "normaI" nus
price levels. f'''"a'
MIR Garvan said there was , "yo,.,
general campaign" on now IA. go
era national trade assooiotiops
Whlch. he said. were attemn,iny :,
INJURY efforts to bring down nricss
lhe National suit, Cloak ana Skir
Mhnufacturers' association. Mr. oar
van said, had dCcrocd that "stiy,
Snd coats must be longer for fall n n,
winter" and he had telepronhc,
state ohalrmon of women nctiyitic
IN the price re iuction campaign urp
lng them 10 stick together To dcfea
such a plan,
department agents are working q,
DOCKS % numerous largo maufnc
turlng plants, seeking evidence as I,
proiits' according 10 Mr. Garvnn, wh,
saId me investigation would be eN
lines
The action OF the bankers VIII,
pledged themselves ~ conferenc,
hore TUESDAY To restrict loans an,
.oinpel hPCidation Of frozen cred
US was certain tu have a most heno
nclnl cffect Mr. Garvan hellved.
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