The Tomahawk. [volume] (White Earth, Becker County, Minn.) 1903-192?, 1920-08-19

WASHINGTON, D. Can evident
again to buy. and an apparent nervous
ness over the result of it's recent warn
ings against speculative trading, is
the prominent feature of the report OF
the federal reserve board upon condl-
tons during July.
"Uncertainty and the continuance of
industrial transition" is the way the
board describes the July situation.
industrial activity in many lines has
been shortened in consequence OF
lowered demand, cancellation OF orders
and general reimbursement. In some
districts, however. production con-
tinues upon old orders which are still
on the books, despite the fact that new
business has fallen off.
lin the agricultural regions. I'M
proved crop conditions and the devel-
opment of a more confident tone in
business are reported to have brought
q turn distinctly for the better"
The board says that transportation
is still the most unsatisfactory ele-
ment in the present conditions, as
freight congestion continues, and
goods whose delivery is delayed can
not be promptly paid for. Loans are
being reduced, and more of those
made are based on bona tide CONNER
cial and agricultural necessity.
Stock exchange money conditions
are reported, by the New York dis
trict representative, to be decidedly
tense" while Philadelphia reports the
slowing up of industrial activity in
many lines, notably in textiles. Iron
and steel production is crippled by
failure of railroad service. On the
other hand, the East reports IAN i'm
proving attitude of labor"
CHICAGO PEsSIMISTIc
The Cleveland district reports an
apprehensive feeling among business
men, with tight credit and increasing
failures Richmond and Atlanta re-
port collections slow and deflstion un-
der way St. Louis finds conditions
Ii
heavy borrowing at high rates, with
worse labor conditions and bad car
service. There is a feeling in Chicago
that "prices may sustain a sweeping
revision downward
From the Minneapolis district comes
word that crop prospects are better,
grain storage is short, fuel receipts
are only 36.7 per cent Of year ago,
and moderate credit liquidation is
proceeding"
Kansas City takes comfort from the
crop prospects, which it believes will
restore trade, which has fallen Off.
Dallas is optimistic, while San Fran
cisco reports that crops are good,
freight cars nearly sufficient in num-
Der, and prices remain high.
The federal reserve board finds that
the most hopeful element in the out
look Just now is the improvement in
crop conditions, notably wheat. oats
and corn in the West.
In the face of all the optimism which
has been shown, there remains the
fact that United States Steel common
stock has sunk to a new low level
below Sand that the market is
steadily falling.
The defiation process is continuing.
STATE Department WISDOM
The state department issued a press
statement, the other day, charging that
"Bolsheviks are reported to have 615
committees scattered through the fac
tories and other industrial plants In
Petrograd for the purpose Of spying
upon the employees and recruiting Boil
shevik membership. Out of $4,000
men engaged in the railway service,
only 1916 are said to be Communists,
and out of 5000 employees of such pub
lie utilities as the electric plants and
water works there are said to be only
147 who are so affiliated"
When the department was asked the
difference between Bolsheviks and
Communists, as mentioned in this
statement, the official who received
the press correspondent said that 1.-THE
real Communist is one who adopts the
Communist theory but does not be-
lieve in murder; the Bolsheviks are
those who are protested believers in
the rule of minority; Communists
are more an advance beyond Social
ists.''
On this basis, what was the late
Car Nicholas?
JAP TROUBLE LOOMS
Ominous mystery surrounds the
Asiatic position of our government to-
day. Japan is talking of break with
Washington. Yellow journalism in
Japan is shrieking of Nippon's national