| Show LOWER KR PRICE PRIC I ij MOVE NOW ON Food Alone at High Level Money Rates Easy WASHINGTON July An 12 12 An Important of ot business bu by de- de decreases d creu creases In Industrial and trade trad ac- ac ac activity th Ity and lower prices price was wa de do declared dared by tho the federal reserve board to be under way throughout th United States State The bo board rd called attention to re- re reduced re reduced earnings by Industrial work work- workers workers ers with a curtailment In buying power and sharp decreases In ID production Tho The low low- lowered lowered low lowered ered price i have hav carried to every commodity except food tood which re- re remains re remains mains almost unchanged E STOCKS KS The considerable expansion ot of production durIng the early months of 1924 1 24 the th board said ld seas ae wa fol- fol followed fol followed lowed bowed by Important curtailment In I certain Industries In to a lessened volume of current pur- pur purchases chafe pur-chafe chases and ancl a 0 hesitancy on the tho part of manufacturers In placing tor- tor for forward ward orders in fact dot there his h ts been In recent months a large do- do dc crease In production of certain commodities have hav been boen b n reduced The The Th relon In business achy achy- activIty activity it ity has ha hll been ben accompanied since BincO April by it a a decreased demand for credit fOr tor commercial and this together with the tho contin Contin- continued tied Inflow of o told gold old imports Import has hll ha brought about an Unusual case ease In Inthe Inthe Inthe the money market The Tho decrease In the volume of commercial bor- bor borrowing bor bor rowing ho however ever has been Ie less than tho the additional I of Inv Investments of o commercial banks so 0 o that tho total of or member bank credits In lies us ue Is not only larger tho then n at the th beginning of the but luger than In la any prevIous period Lo LOW DA BANK nA K In connection with the tho credit sit sit- lt the tho board said Mid Aid that the tho earning assets ti of the tho 12 federal re- re servo ervo banks banke bank as KB as lower bower at the be- be beginning beginning be ginning of this thin month than thon at lit any time anytime for six week They WOI e op ap proximately tol below the figure ot of the tho same sarno date data last lait year yeat The Tha declines In earning assets ts have havo been general In all 1111 banks but hll hae 0 been beon particularly largo large larg In the th New NewYork NewYork NewYork York bank all Important Indus Indus- IndustrIes Industries Industries tries ho showed shoved ed decreased d ment mentIn mentIn In tho last la t two months as com corn compared compared pared a 0 ear ago aro The largest reductions In pay pay- payrolls roll pay rolls were reported In the automo automo- automobile automobile bile Iron an and stet and v omens omen business EARNINGS REDUCED The educed I i earnings of factory and other worker ork were wera reflected In mailer sm lIer department stores store tore Hales Ble Mill Mall order houses house also showed smaller movements movement flom shelves during May and early arly June Jun Prices of commodities commodities-at At hole n a hole hole- sale hole Sale dropped more nOlO more than a full one ona per cent InI In I May and a grett re-it re drop appeared In prospect for June complete figures for art are not let Ht et available The general level with Ith the exception of food prices for fOl May MIlY the tho board re- re reported reported re reported ported was waa I 6 per tent cent below the tho thel leel 10 i el of 1 May fay 1923 1123 Compared with a II sear lear ago the report added tho the sharpest price decreases wio welo In building mate mate- material materials rials rial house furnishings and met met- metals ala als Price prices of o farm tarm commodities and foods which did not noL advance In early arly 1923 when most moot other groups allowed cd suffered much smaller declines |
