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Show DEPRESSION IN BUSINESS HOTTO LAST LONG, II Federai Reserve Board Says Price of Luxuries and Non-Essentials Non-Essentials Is Cut WASHINGTON, July 1. Business Is passing through a period of read-Jubiment read-Jubiment and, lu many instances, of i depression the federal reserve board declared in its June tevleiy of general I business and financial conditions ol I the enuntry , TFi"ri Is, however, every . indlwa tlon that fbis transition period will not last loiii; indeed, thai the turn 1 toward new condition : has already I been taken, " declared the board s 'summary ot reports of its agents vvh , taken the country as a whole, touiel , ronslderaole variation in business 1 ondiuunv deduction in retail prices, begun In May, became univeisU duiing June, it was said In explanation of Hie continued con-tinued iaigi volume of retail linde. me pi ii e cutting moyenrent, the hoard said, bad been aided by i ne reft re-ft gal pi the public to pa: lug i prices, although the tendency of Wholesale prices to maintain current levels was declared to have been a counteracting Influence t ui- in Luxuries. Except for lothlng and shoes, all essential commodities, including tood-Htufis. tood-Htufis. snow Httie indication or reduction, reduc-tion, bui luxuries ami non -essentials In many lines have been ilistlnctl;. cut." Quite gerierallythei e is a tendency to syiiie uovvn to a readjustment basis and to proceed Wltb business upon ft new level ot prices ami demand, ' the board asserted. "Control of ere, lit and discrimination between essential and speculative bori ov. ing are pro-iui pro-iui inc -miie i?yults, although inese nre reported as developing slowly. The pre3eni price situation is unsettled and in being closely watched While some price reporting agencies snow a re-uucilo:;, re-uucilo:;, others show increases. ' ongestlon Pi c vails, Although some improvement in transportation was noted, "great congestion con-gestion uf kooUs" was reported still to cms: Frequent complaints ot c t shortage were reflected by the agentB' reports, sonic Indicating a menacing si.ortage of coal which, unless remedied, reme-died, win seriously Interfere with manufacturing." 'i he reports on manufacturing man-ufacturing for the Qiontl ranged fio:u i extreme optimism to equally ext. erne I pcsslm ism l-'ossibly the most encouraging tor for tile month was the, nop. e-meiit e-meiit of agricultural prospeei. 'crops except cotton shoving imp. .e-: .e-: meni with the seasonable ivetuner, I good distribution of rainfall and replanting re-planting I usf.nct Improvement In tiie money I situation was noted, although It was Cud that conditions in tho financial icenters showed little change, oo |