Ogden Standard-Examiner | 1920-07-31 | Page 2 | Credit Slow-up Held a Benefit

CREDIT SLOW-UP HELD A BENEFIT Depriving Non-Essentials and Luxury Industries of Loans May Lower Prices. WASHINGTON. July 31 Asserting! that while the application by the fed-! era! reserve bank of brakes on credit haj had a Jarring effect "on some ner-i vous systems." Jehn S W 1 1 la ma. ! comptroller of the currency. In a statement said general business con-Action con-Action of th federal reserve banks in lagely depriving non -essentials and 1 usuries from the use of credit was said by Mr Williams to have had a beneflcUl effect Report Co him show a markrd tendency toward liquidation, he said, adding he be-1 lleed the credit restriction were responsible re-sponsible for declines in price. Mr Williams said there wu a warranted in the fact that the hanks' crease In loans by banks In only two! .erMons. the eastern and CleTelaad district He attacked New Torsi I