Prices Still Decline

The swift decline in stock prices has tended to distract public attention from the more gradual but continuous fall in the prices of commodities.

The Bradstreet index number for wholesale commodities reached its recent peak in March, 1923, with the figure of 151.2, and has been falling steadily ever since, as follows: April, 151.1; May, 148.1; June, 145.0; July, 141.9, and August, 139.0.

As usual, this decline since March, 1923, has varied in extent among the different groups of commodities composing the total index figure. Between March 1 and Aug. 1, the total index has fallen 12.2 points; the decline in breadstuffs was 19 points, in livestock 4 points, in provisions 8 points, in fruits 14 points, in hides and leather 13 points, in textiles 13 points, in metals 12 points, in coal and coke 27 points, in oils 6 points, in naval stores 110 points, in chemicals and drugs 5 points, and in miscellanies 20 points. Only building materials registered an advance in price, amounting to 3 points. Yet the latter are 2 points less than on June 1, 1923.

From these figures it is obvious that a period of business liquidation is well under way, and the current movement of stock prices has substantial causes.