The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-05-25
PRICE CUTTING
GAINING GROUND
Marks First Pronounced Drop IN
High Price of Foodstuffs.

New York. May 21.-Iniiuenced 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 option broke violent here
and in Chicago and cereals and pro,
visions, including pork, also suffered
sharp reactions. Significance was
attached to the drop in the pork
prices as marking the firsc pronounced
break in high priced food stu1fs.
The stock exchange showed I'M.
provement on a sharp recovery OF
Liberty bonds and Victory notes.
A large part of today's liquidation
in cotton and grains was attributed
to the further scaling down OF creo,
its by banking institutions mere ana
in other reserve centers, ev1aenIly
in conformity with the request OF the
federal reserve board.
In the local cotton market May
contracts broke almost 400 points,
with equally sharp reactions in New
Orleans. The Liverpool market al
so reported substantial reactions.
Domestic and foreign metal mar
kets quoted lower prices for spot and
further deliveries, silver proving the
only exception &C slight rise IN Lon
don. Little business was done here
in copper for immediate delivery.
Banks in the uptown or wholesale
drv goods district, reported addition
al loan contraction and most OF the
retail shops advertised "cuts" OF 70
to 40 per cent in women's wearing
apparel. W..
Dealing in Liberty bonds and Vic
tory notes failed to reach the huge
totals O. the two preceding days, but
most of the business was on an as
cending scale. Practically all the
Liberty issues closed at the days
maximum quotations, gain extending
from / per cent. to per cent.
Washington, May 21.-Continued
outcries in the senate against prom
teers brought matters to a head
there today when Republican leaders
promised that the resolution of Sen
ator Harris, Democratic, Georgia.
calling for corporation income and
excess profit tax returns, will be tax
en- up tomorrow for action. With GER
tain amendments, Senator Lodge,
majority leader, said he saw no rea-
son why it should not pass.
Senator Harris widened the scope
of his proposal, which would bring
the records into the senate, to In
clude 1918 and 1919 results as well
as those of 1917.
members of the senate" he said,
"stand on the floor denouncing profit
eers. Here's a simple resolution that
only seeks to name them, which has
been waiting six months.
The senator forced the issue by
moving to discharge the finance COM
mittee from consideration of the
resolution, but withdrew his motion
on the promise of immediate action.
The house also saw legislation
trained on the profteers. Represen-
tative King, Republican, Illinois, in
troduced a bill to prohibit federal
reserve bankers lending funds or re-
discounting commodity notes, drafts
or bills, which, he said, would force
boarded commodities on the market.
Senator Calder, Republican, New
York, joined in the senate discussion
during the day, urging steps to
strengthen depleted plant facilities
as a means of increasing produc-
ton and striking at high prices. He
referred to Unsuccessful expert
ments in price fixing" and the ''hand
to mouth policy" practiced during the
war.
"Plant development in the United
States today is not adequate for do
mestic needs" he said: ''the United
States can not meet world competi-
ton until it has corrected this situa-
tion and has facilities for the pro-
duction Of necessities in excess of
those required at home.
"People have been lulled into a
false sense of we'll being and pros
perity by initiation of currency and
credits. Meanwhile the depletion Of
the national plant has been so gradu-