Arizona republican., 1917-08-03

dentally, Luther Burbank, the famous agricultural scientist, after ten years experimenting, announces the develop ment of a variety of wheat which is said to yield from 50 to 70 bushels per acre. Aside from the shrinkages mentioned, the general production of foodstuffs in this district is con- firming the previous predictment of a large increase over last year The July government report, for instance, estimates for Idaho. Oregon, Wash ington, and California 44,00O,00 bushels of potatoes compared with 2,000,000 last year Barley in Cali fornia estimated at 100000 will dou- ble last years production. In Utah, Oregon, Idaho, Nevada, there are probably 30000 acres of sugar beets more than ever before
 Idaho will produce twice as many apples as last year although the crop of Washington and Oregon will be somewhat less. The California prune crop will be large, probably reaching 200.000,000 pounds, but that of the northwest will be light
 Utah is foremost of all states in the conditions of her crops, the gov ernment estimate being 1925 per cent of normal, with 107.2 per cent for Nevada.
 The salmon pack is expected to be heavy as this is the "sockeye" year, it being the experience that the soc.- eye variety is very abundant every fourth year. The new pack will go upon the barest market ever known.
 Alaska has had many interesting developments, of which the following is one: In 1892 small herd of reindeer was brought from Siberia to Alaska Now there are 76 herds, numbering 70,243 animals, the in crease being 20 per cent last yea. although 5000 were killed for meat and skins. These animals provIc- the useful combination of food, cloth ing and transportation. The meat is said to be excellent, and sells at 20 35 cents in Seattle.
 Shipbuilding is inconceivably ac- tive and continually extending for both wood and steel ships. It is said that at the present rate of e6 pansion this industry will soon as sume an importance equal to that of the entire agricultural production west of the Rocky Mountains.
 Lumber production is apparently at maximum, stimulated by increased construction of wooden ships and army cantinments.
 Labor shortage is becoming serious. Considerable in Arizona mines has been caused by I. w. W.'s of whom several hundred have been deported. They have also made ominOus threats in the northwest. In some places United States troops have been called out to maintain order
 On July II, MT. A. Rains resigned as governor of the Federal Reserve bank of San Francisco in order to accept the presidency of the American Foreign Banking corporation of New York, now organizing. His successor has not yet been chosen, it being the purpose of the board of directors to choose deliberately. seeking through out the district for the one whose merits best qualify him for the re- sponsible post. The position of as- sistant federal reserve agent, created by a recent amendment of the fed eral rserve act, has not yet been filled.
 The amendment to the Federal Re serve act causing greatest departure from moth eaten traditions is the provision that the only required re- serves of member banks will here after be balances with the Federal Reserve bank equal to specified per centages of deposits. While these balances are designated reserve, they are in principle not cash reserves but capital investment in an agency sup posedly strong enough and willing to rediscount at any time to any req sonable amount. That this is the character of the balances is shown by the fact that although legally with drawable, any deficiency below the required percentage is taxed at 6 1-2 per cent per annum, while short pa per may be rediscounted at 1-2 per cent. The obvious incentive is given to maintain permanently the so-caled | reserve balances at the full required percentage, supplying recurring needs for till money by rediscounting the shortest paper available. The Fed eral Reserve bank by the maintenance of it's gold reserve is kept in the strongest position for sustaining it's member banks There is thus an end to the fetich of cash reserves which have so invariably proved inadequate under every stress. Instead the real