The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
3 M JTNot to be released for publication before the afternoon o f May 2 5 9 1 9 20 F E D E R A L O F R E S E R V E S A N B A N K F R A N C IS C O J O H N PE R R IN C h a ir m a n o f t h e B o a r d and F ed er a l R eserve a g e n t G E N E R A L B U S IN E S S A N D A G R I C U L T U R A L C O N D I T I O N S IN T H E T W E L F T H F E D E R A L R E S E R V E D I S T R I C T May 15, 1920. P R O SP E C T S D is t r ic t a r e fo r good n ow th e s e a s o n is f r o m crop s b e tte r th r o u g h o u t th e T w e lfth th a n at any oth er t h r e e to f o u r w e e k s la t e . In tim e F ed era l R eserve th is year, a lth o u g h C a lifo r n ia , la c k o f r a in , c o l d n ig h ts , a n d n o r t h w in d s d u r in g th e p a s t m o n t h , h a v e s e r io u s ly in t e r fe r e d w it h g r o w t h o f fie ld c r o p s ; b u t in th e P a c ific N o r th w e s t a n d m o u n ta in m o is tu r e s e c tio n s fo r heavy s u m m e r fie ld is s o m e w h a t b e t t e r t h a n c ip a l w heat sta tes in r a in s crop s. and sn ow s A lth o u g h have c o n d itio n th e d is tr ic t w ill be a p p r o x im a t e ly th e fo llo w in g PRODUCTION 1920 (E stim ated) 1919 C a l i f o r n i a .. 10, 0 2 1 , 0 0 0 Id ah o 7,248,000 1 4 .500.000 15.737.000 16 .334.000 6,1 05,0 00 16 .010.000 19.800.000 47,506,000 58 ,249 ,00 0 O regon .......... T otal 20 w heat th e p r in per ta b le : c o n d it io n (Bushels) W a s h in g t o n in In ter abundant o f w in te r a t t h is t im e la s t m o n t h , p r o d u c t i o n s h o r t o f th e 1 9 1 9 c r o p , a s in d ic a t e d in ............. assu red (% o f norm al) May 1, A p ril 1, May 1, 1920 1920 1919 80 90 93 78 85 100 91 73 85 87 99 99 cen t In s o m e p a r ts o f th e P a c ific N o r th w e s t fu lly 50 p e r c e n t o f th e fa ll-s o w n w h e a t h a d to b e r e s e e d e d , b u t a c r e a g e a n d y ie ld is e to be w h e a t. s u ffic ie n tly C o n d itio n h ig h o f to hay c o u n te r b a la n c e has im p r o v e d o f s p r in g w h e a t p r o m th e sh orta g e m a te r ia lly in d u r in g w in te r th e past m o n t h , b u t is in f e r i o r to th a t o f a y e a r a g o , a s in d ic a t e d b y th e f o l l o w i n g e s tim a te s o f th e U n ite d S ta te s B u r e a u o f C rop E s tim a te s : CONDITION (% o f norm al) May 1,1920 May 1, 1919 A r i z o n a .............................................8 9 94 C a l i f o r n i a ..................................... 8 5 92 I d a h o ............................................... .. 9 1 99 N e v a d a .............................................9 0 Utah 99 ............................................... ...9 2 97 W a s h in g t o n C o tto n are p ro sp e cts o n ly fa ir at 1 4 5 ,0 0 0 a c r e s i n in th e th is o f w h ic h is in in fo r fu tu r e is r e p o r t e d have p r ic e o f 75 ce n ts p e r p o u n d . th is y e a r ’s c r o p at o n ly A lth o u g h th e p ro sp e cts d e c id u o u s p roved fr u it b e in g o n e -h a lf o ffe r e d crop s in not cen t per pou n d fe w fr o m th e c r o p , c e n t o f n o r m a l. b e in g th e p la n te d ago. b a s is to A o f a T he co tto n fe w con m in im u m th a t th e a v e r a g e p r ic e C a lifo r n ia e n tir e ly T h e a p r ic o t c r o p r e m a in fo r p ack ers 1919 at an p r ic e s . is n o w advan ce T he u n fa v o r a b le , s a tis fa c to r y , o f o u tp u t has e s tim a te d a t 75 p e r c e n t o f th a t o f 1919. over M e x ic o , 85 a n d 90 cen ts p e r p o u n d . w h ile a on and in c r e a s e d dam aged 8 7 ,0 0 0 a y e a r fo r fie ld by 80 p e r It is a n t ic ip a t e d d u r in g th e p a st m o n th . been have acres m ade s itu a tio n , p e r ce n t a n d th e p ru n e c r o p are w ith been w ill b e b e tw e e n C a lifo r n ia , has 1920, w in d s f a i r c o n d i t i o n , 2 1 0 ,0 0 0 d e liv e r y o f acreage th is s t a t e th is y e a r , a s c o m p a r e d tra cts 99 V a lle y W h ile 1 9 1 9 , t o 2 2 5 ,0 0 0 i n th e c o n d itio n crop ............................. .. 8 9 I m p e r ia l tim e . A r iz o n a 101 ............................................. 9 3 O regon N ew im at 70 p ru n es a p p r o x im a t e ly o f grapes and r a is in s p r o m is e s to e q u a l o r e x c e e d th a t o f a y e a r a g o , a n d w h ile o u tp u t o f o th e r fr u its w ill p r o b a b ly n o t e q u a l th e r e c o r d d ic t e d th a t it w ill e x c e e d th a t o f 1 9 1 8 . fr u it c r o p p r ic e s regard w o u ld dem anded to th e n ow by a b ilit y b e u n d er con tra ct fo r b u yers, o f th e h ig h cost m ark et crop o f 1 9 1 9 , it is p r e N o r m a lly , m u c h o f th e C a lifo r n ia to o f c a n n in g , b u t, o w in g su ga r, ab sorb and to h ig h u n c e r ta in ty can n ed fr u its at w ith even h ig h e r p r ic e s , m ade. T h e c a n te lo u p e c r o p 1 0 ,5 0 0 c a r s . o f c o ld p r a c tic a lly M ovem ent w ea th er and no to con tra cts fo r m a r k e t w ill b e w in d s th e 1920 o f th e Im p e r ia l V a lle y d u r in g about crop is n o w ten have been e s tim a te d days at la te , b e c a u s e th e la tte r h a lf o f A p r il. T h e 1 9 2 0 V a le n c ia o r a n g e c r o p , w h ic h is m o v in g to m a r k e t , is e s t im a t e d a t 4 ,7 0 0 ,0 0 0 b o x e s , 7 5 p e r c e n t o f n o r m a l ; a n d t h e l e m o n c r o p boxes, 86 per cen t o f n o r m a l. B ecau se o f car o r a n g e s f o r th e fir s t f o u r m o n t h s o f 1 9 1 9 w e r e b e lo w sh orta g e, dam age fr o m fr e e z in g d u r in g th e w in te r is g re a te r p r e s e n t a n tic ip a te d , th e p r u n e , c h e r r y , a n d a p r ic o t c r o p s N orth w e st th e w ill 100 p e r P each s h ip m e n ts be a p p r o x im a t e ly ce n t o f n o r m a l; trees w e r e b a d ly a s a r e s u lt, p r a c t ic a lly and n o r m a l; fr o z e n , p a r tic u la r ly n o p each le n t r a n g e fo r th e c o m in g berry th e p e a r c r o p crop in 50 b etw een cen t th e Y a k im a lo s s e s V a lle y , a n d , season , b u t C a lifo r n ia , h a v e a s s u r e d have re ta rd e d th e A lth o u g h sh orn s h e a r in g h a s b e e n w o o ls s h r in k a g e . becau se rep orted , o f are s h o w in g B u yers th is a n d have p a r tic u la r ly d e la y e d fr o m good not and o f in o n ly abn orm al W a s h in g to n . th r e e to s ix w e e k s , th e e a r ly - c o n d itio n , yet O regon en tered average th e g ro w th , m ark et c a r s h o r t a g e , w o o l m o v e m e n t is as a re b e in g m a d e a v e r a g e fr o m C o m p a r a tiv e in e x c e l m ovem ent L a m b in g w a s g e n e r a lly s a tis fa c to r y , b u t s o m e w ere 80 o f n o r m a l. liv e s t o c k to th e r a n g e s , w it h th e r e s u lt th a t m a n y c a ttle a r e n o w fa ir c o n d itio n . at o f th e P a c ific crop per th a n is e x p e c t e d . L a te r a in s a n d h e a v y s n o w s , e x c e p t in la m b of a p p r o x i m a t e l y 1 ,5 0 0 c a r s n o r m a l, a n d o f le m o n s 300 to 40 0 ca rs s h o rt o f n o r m a l. U n le s s and a t 2 ,7 3 0 ,0 0 0 and a c tiv e ly , s m a ll. S u ch lig h t and s a le s 60 to 70 ce n ts p e r p o u n d . s ta te m e n t o f r e c e ip ts o f liv e s to c k in th e p u b lic y a rd s at P o r t la n d , S a lt L a k e C ity , S e a ttle , S p o k a n e , a n d T a c o m a , is g iv e n b e l o w : RECEIPTS OF LIVESTOCK Cattle and C a lv e s ............... S h e e p ........................................ H orses and M u les............. T otal .............................. A p ril, 1920 March, 1920 A p ril, 1919 24,065 32,449 36,456 645 23,529 37,083 24,768 763 26,213 47,575 66,729 548 93,615 86,143 141,065 C ar sh orta g e N orth w est. rep orted to r e s tr ic t lu m b e r o p e r a tio n s a c u t o f 4 3 8 ,4 9 0 ,0 0 0 f e e t , 3 .7 p e r c e n t b e l o w 3 1 7 .7 7 1 .0 0 0 fe e t. c o n tin u e s in th e P a c ific D u r in g th e fiv e w e e k s e n d in g M a y 8, a n a v e r a g e o f 1 2 4 m ills f e e t , 2 7 .5 U n fille d per orders ce n t b e lo w on 2 7 4 .0 5 0 .0 0 0 f e e t w e r e M ay 8 cu t; and a g g re g a te d r a i l o r d e r s , 5 3 ,2 0 7 ,0 0 0 a n d 8 3 ,9 7 0 ,0 0 0 f e e t e x p o r t o r d e r s . D u r in g n o r m a l; s h ip m e n ts fe e t fe e t; as co m p a re d fe e t, and orders orders a c u t o f 2 6 ,3 5 9 ,0 0 0 a ccep ted o f 2 4 ,6 9 9 ,0 0 0 o f cargo w h ic h orders, th e fo u r w e e k s e n d in g M a y 8, o f 2 4 ,4 2 1 ,0 0 0 f e e t , a n d w ith o f 3 4 9 ,9 1 4 ,0 0 0 fe e t, d o m e s tic a n a v e r a g e o f tw e lv e C a lifo r n ia r e d w o o d m ills r e p o r t e d 0 0 0 fe e t, s h ip m e n ts o f 4 1 1 ,2 2 7 ,0 0 0 orders a c u t o f 2 6 ,4 4 7 ,- a ccep ted o f 2 2 ,3 9 8 ,0 0 0 fe e t, s h ip m e n ts o f 2 3 ,3 8 6 ,0 0 0 fe e t d u r in g th e p r e c e d in g fo u r w eek s. B u ild in g w a s le s s 1920. a c tiv e d u r in g A p r il th a n in any p r e v io u s m on th in L o s A n g e le s , C a lifo r n ia ; P o r t la n d , O r e g o n ; a n d P h o e n ix , A r iz o n a , in th e o r d e r n a m e d , s h o w e d la r g e in c r e a s e s in b u ild in g p e r m it s in as com p a red w it h M a r c h , b u t w ith fe w th e d is tr ic t, b u ild in g p r in c ip a l c itie s a c tiv itie s w e r e o f th e d is tr ic t on e x c e p t io n s , in a s m a ll s c a le , p e r m it s in a g g r e g a tin g $ 1 5 ,6 2 2 ,9 8 5 A p r il, th e o t h e r c itie s in A p r il, o f tw en ty as c o m p a r e d w i t h $ 1 4 ,6 0 7 ,6 7 3 i n M a r c h , a n i n c r e a s e o f $ 1 ,0 1 5 ,3 1 2 , o r 7 p e r c e n t . T he in c r e a s e s in $ 2 ,7 0 6 ,9 3 8 , t h e per cen t. c itie s o f A s th e C o m p a r a tiv e L os A n g e le s , d ecrease com p ared in w ith d is tr ic t s h o w e d sta tem en t o f P o r tla n d , o t h e r c itie s A p r il, an p e r m i t s i n e x c e s s o f $ 5 0 0 ,0 0 0 i n 1919, in c r e a s e b u ild in g P h o e n ix to p e r m its w ere, in in tw en ty th ose 9 1 .4 c itie s A p r il, 1 9 2 0 , is g iv e n b e l o w : 1920 L os A n g e l e s ...................... $3,874,472 2,285,800 P o r t l a n d ........................... S a n F r a n c i s c o ................. 2,0 00,672 1,187,376 T a c o m a .............................. S e a t t l e .............................. 1,155,320 P h o e n i x .............................. 894,128 L o n g B e a c h ....................... 773,145 O a k l a n d ............................ 765,777 F r e s n o ................................ 59 8,288 ......................... $ 1 3,534,978 March, 1920 $3 ,0 7 6 ,7 6 3 84 6,105 2,7 5 9 ,0 8 7 1,1 98,2 82 1,3 90,2 75 424,594 844,290 68 7,17 3 58 3,29 0 $ 1 1,80 9,8 59 h ow ever, $ 1 ,6 9 1 ,6 1 6 , o f $ 7 ,4 6 0 ,8 4 4 , o r p e r m its A pril, T otal and a m o u n tin g A p ril, 1919 $1,610 ,25 5 989,970 1,092,706 268,61 2 1,341,415 132,027 458,929 573,387 401,430 $6 ,868,731 or 1 6 .4 p r in c ip a l per cen t. r e p o r tin g T he h ig h p r ic e of s ilv e r c o n tin u e s to s tim u la te p r o d u c tio n o f s ilv e r a n d le a d , b u t la c k o f la b o r s u p p ly , e q u a lin g o n ly a b o u t 60 to 85 p e r c e n t o f d e m a n d , is d e v e lo p m e n t r e ta r d in g w ork . h ig h w a g e s a n d h ig h p r o d u c tio n , m o s t e x tr a c tio n T he o f p resen t o f ores lo w and p r ic e o f r e s u ltin g copp er, c o s t o f p r o d u c t i o n , is m a t e r i a l l y th e copp er m in e s in th e in n e g le c t c o m b in e d c u r ta ilin g d is tr ic t n ow of w ith copp er o p e r a tin g at o n ly 50 p e r c e n t o f c a p a c ity . D a ily p r o d u c tio n o f p e tr o le u m 2 7 4 ,8 7 7 b a r r e l s , a s c o m p a r e d averaged 2 9 0 ,4 2 3 4 6 6 ,3 8 0 b a r r e l s . o f 5 ,5 1 0 A p r il. b a r r e ls per b a r r e ls , stock s day, w ere in C a lifo r n ia th ereb y T h ir ty -s e v e n n e w opened, A t th e p re s e n t ra te stored in A p r il M arch . d e c r e a s in g averaged S h ip m e n ts stored stock s by w e lls , w ith a n in it ia l d a ily p r o d u c t io n and fiv e w e lls o f p r o d u c tio n C a lifo r n ia d u r in g w i t h 2 7 6 ,0 0 1 b a r r e l s i n u s a b le fo r w ere and c o m m e r c ia l a b ly b e e x h a u s te d b e fo r e th e c lo s e o f 1921. A abandoned d u r in g c o n s u m p t io n , s u p p lie s pu rposes c o m p a r is o n w ill of p rob o f fig u r e s f o r A p r il , 1 9 2 0 , 1 9 1 9 , 1 9 1 8 , a n d 1 9 1 7 , is g iv e n b e l o w : Average Daily Production A p ril, A p ril, A p ril, A p ril, S a le s 1920 1919 1918 1917 o f r e ta il s to re s in A p r il, 1920, th a n a p p r o x im a t e ly M arch , 1919. but In w h ere 42 per cen t s a le s A p r il s a le s d u r in g (Bbls.) 27 ,111 ,98 4 32,543 ,14 5 30,502 ,44 7 39 ,976,386 A p r il 7 m on th , a lth o u g h fr o m 15 m on th in W h ile averaged, b y 1919. s m a lle r g re a te r fr o m 28 7,423 309,001 d is tr ic t by 18 p e r to th e 40 th o se cen t per p r ic e by cen t boot and sh oe C o lle c tio n s fir m s w ere report fa ir to in a th a n per M arch g re a te r by d u r in g th a n fir m s th a n cen t o f 1 1 .2 th e d u r in g c o n tin u e s w ere d u r in g d u r in g e x c e p tio n th a n ten d en cy A p r il, g r o c e r ie s , per d u r in g th e u pw ard, d e c lin e , a n d ten d en cy A p r il, fo r cen t, p r e c e d in g sam e r e ta il c o m m o d it ie s , w h o le s a le n o tic e a b le good A p r il 1920, g o o d s s to r e s r e p o r t a t e n d e n c y f o r p r ic e s o f s ilk s to d e c lin e . 1 .3 w h o le s a le th e le s s s to r e s r e p o r t a s o ft e n in g in p r ic e s o f a fe w s a le v a lu e , d u r in g A p r il, lin e s , w it h exceeded to S a le s v a lu e , d u r in g w h o le s a le w ere 1919. (Bbls.) 29 0,423 27 7,244 A p r il, cen t a ll r e p o r t in g (Bbls.) d u r in g M a r ch , b u t 2 5 p e r c e n t g r e a te r d u r in g d u r in g 1 per Stored Stocks April 3 0 274,877 279,154 276,471 269,085 t h is s m a lle r d u r in g A p r il th a n Average Daily Shipments d ry w h o le p r ic e s as co m p a re d to w ith g o o d d u r in g M a rch . o f r e p o r tin g S ta te m e n t o f in c r e a s e s in r e ta il a n d w h o le s a le t r a d e fir m s in th e p r in c ip a l c it ie s o f th is d is t r ic t f o r A p r il, 1920, a s c o m p a r e d w it h A p r il, 1 9 1 9 , is g iv e n b e l o w : INCREASES IN SALES IN APR IL, 1 9 2 0 , O V E R APR IL, 1 9 1 9 R]e t a i l Los A n g e l e s W H O I .ESALE TRADE trade Department Stores Hardware Dry Goods Groceries Total* Per Cent Per Cent Per Cent Per Cent Per Cent 24.0 56.1 36.7 56.2 80.4 19.6 11.5 31.5 49.7 35.5 48.6 52 .5 19.6 33.3 38.5 28.4 G ood G ood G ood G ood F a ir to goo d F a ir F a ir to goo d F a ir to g ood G ood 48.1 42.5 F a ir to goo d . 43.6 14.9 S a c r a m e n t o . . . . 33.9 S a n F r a n c is c o . . 2 8 5 . . 61.0 . ........... Oak lan d P ortland 38.1 35.4 31.8 .... Sa l t L a k e 7.1 4.3 17.0 Cit y . S e a t t l e .............. . . S p o k a n e ........... . . . . T a c o m a .............. D is t r ic t . .. 29.3 12.4 36.9 103.5 37.0 54 .2 60.9 45.0 31.8 25.6 Collections NOTE 1.— D istrict percentage fo r reporting drug firm s: PORTLAND, 20 .7% ; DISTRICT, 22.5%. NOTE 2.— Percentages fo r reporting boot and shoe firm s: SAN FRANCISCO, 6 9 .6% ; DISTRICT, 55.7% * In clu d in g reporting drug, and b oot and shoe firm s. B ank c le a r in g s in $ 1 ,7 1 3 ,4 0 6 ,0 0 0 M arch , a an n in e te e n d u r in g A p r il, p r in c ip a l c itie s as com p ared d e c r e a s e o f 5 .2 p e r c e n t , a n d in c r e a s e o f 4 5 .3 p e r c e n t . in F e d e r a l r e s e r v e b a n k F r a n c i s c o .......... Los A n g e l e s ............... S e a t t l e ......................... P ortland .................... Sa l t L a k e C i t y . .. . Spokane ....................... $ 6 54 ,4 30 ,000 328,816,000 197,952,000 17 1,09 9,0 00 73 ,396 ,00 0 57 ,121 ,00 0 T o t a l ....................$1 ,482,814,000 d is tr ic t a g g r e g a te d $ 1 ,8 0 8 ,2 0 3 ,0 0 0 d u r in g sta tem en t o f b a n k c le a r in g s c it ie s is g iv e n b e l o w : A p ril, 1920 San t h is $ 1 ,1 7 9 ,0 9 2 ,0 0 0 d u r i n g A p r i l , 1 9 1 9 , C o m p a r a tiv e an d b ran ch o f w ith M arch, 1920 A p ril, 1919 $7 21 ,3 6 9 ,0 0 0 332,862,000 212,47 2,0 00 1 7 3,17 3,0 00 6 9 ,462 ,00 0 61 ,387,000 $ 4 91 ,1 27 ,000 169,363,000 15 5,434,000 12 9,55 6,0 00 6 0 ,738 ,00 0 38,171 ,00 0 $1,570 ,72 5,00 0 $1,044 ,38 9,00 0 D u r in g A p r i l t h e r e w e r e 1 0 4 fa ilu r e s in t h is d is t r ic t , a s c o m p a r e d 88 d u r in g $ 1 ,3 0 2 ,1 5 9 , $ 1 ,5 5 5 ,9 3 2 , M arch , and and and a ss e ts a ss e ts 43 to o f d u r in g A p r il, $ 7 1 2 ,4 3 7 , $ 1 ,0 4 5 ,3 9 9 , as 1919. L ia b ilitie s com p ared d u r in g th e w ith p r e c e d in g w ith a m o u n te d to lia b ilitie s o f m on th ; and l i a b i l i t i e s o f $ 4 2 9 ,3 9 8 , a n d a s s e t s o f $ 2 2 9 ,8 7 5 , d u r i n g A p r il, 1919. C om p a r a t iv e s ta te m e n t o f fa ilu r e s , b y sta te s, a s fu r n is h e d b y R . G . D u n and C o m p a n y , is g iv e n b e l o w : — LIABILITIES- ,--------------- NUMBER-----------------k A p ril, March, A pril, A p ril, M arch, 1920 1920 1919 1920 1920 A r i z o n a .......................... 2 C a l i f o r n i a ................... 53 46 I d a h o ................................ 4 5 N e v a d a ............................. 3 A p ril, 1919 & 2 1 ,1 0 0 20 6 1 3 ,7 1 4 $ 3 2 4 ,5 6 5 5 1 ,4 4 0 8 ,5 2 5 1 2 8 ,6 7 7 2 ,4 0 0 1 0 2 ,2 0 0 ........................... 22 14 4 1 7 5 ,3 4 7 1 9 4 ,4 6 7 1 3 ,4 2 0 U t a h ................................ 5 9 5 1 2 ,8 5 8 7 4 4 ,5 1 6 6 1 ,5 5 0 15 14 12 3 4 5 ,5 0 0 2 8 9 ,9 8 4 2 1 7 ,2 2 6 88 43 $ 1 ,3 0 2 ,1 5 9 $ 1 ,5 5 5 ,9 3 2 $ 4 2 9 ,3 9 8 O regon W a s h in g t o n ............. T o t a l ..................... 1 0 4 In terest a n d ten d en cy to d is c o u n t r a te s in s t iffe n d u r in g th e in d u s tr ia l c e n te r s p ast m on th , c o n tin u e d a lth o u g h c h a n g e p r e v a ilin g ra te s p r e v io u s ly r e p o r te d o f fr o m not to sh ow s u ffic ie n tly 6 to 7 p e r ce n t. a to In a g r ic u ltu r a l s e c tio n s th e p r e v a ilin g ra te r e m a in s 8 p e r ce n t. S ta te m e n t of bank cu stom a ry ra tes ch arged by banks in F ederal reserve and b r a n c h c it ie s o f t h is d is t r ic t f o r th e m o n t h e n d in g M a y 1 0 , is g iv e n b e l o w : PRIME COMMERCIAL PAPER Open Customers Market S a n F r a n c i s c o .............. Los A n g e l e s .................. P ortland ............. ........................ S a l t L a k e C i t y ........... Se a t tle ........................... S p o k a n e ........................... L abor sh orta g e . e x is ts 1% 6% 6%-6V2% 6% % 7 8 7 7 6-7 7 7 7 7 6 6 7 7 6 6 % -7 7 8 7-7 y2 7-8 in a ll s e c tio n s la b o r e r s , a n d rep orted o f in a ll s e c tio n s in P o r tla n d th e and o f th e d is tr ic t, d o m e s tic s . d is tr ic t, S e a ttle , but 6% 7 7 8 7 7 p a r tic u la r ly in S o m e l a b o r u n r e s t is w ith th ere s tr ik e s o r la b o r d is t u r b a n c e s o f a n y im p o r t a n c e Secured by Liberty Bonds and United States Certifi o f Indebted COLLATERAL LOANS 6% th e c a s e o f m in e r s , fa r m b a k e r s ’ s tr ik e , INTERBANK LOANS are in th e at e x c e p tio n th e o f m o m e n t, t h is d is t r ic t . th e no
@FedFRASER