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Show BUSINESS OjmOOK GOOD. In the folio-wing July report of the Twelfth Federal Rescne district a decidedly de-cidedly favorable forecast is made: "During the past month both whole sale and retail trade throughout the district have been very good, industrv has been active and prospects for largo crop? have continued, in most cases, in accordance with earlier estimates. At Pacific ports there has been a marked increase In imports and decrease de-crease in exports, with little change in the total volume. Charter rates are very firm and steamers are being booked weeks in advance. A serious Bhortago is anticipated for late summer sum-mer and fall tonnage. "Business is rapidly adjusting It- HI I gelf to high prices and collections are good. Anticipation of substantial returns re-turns from agricultural products is stimulating Ircer buying for fall and winter deliveries. Some sections re- IIJI4i port sensational Improvement in wholesale whole-sale and retail trade, with activity exceeding ex-ceeding that of the pre-war period. "Industry is generally acUve under lower pressure than during the war period and is expanding in some lines. There is practically no change In shipbuilding. ship-building. No new contracts are being let and the outcome of negotiations for the restoration of cancelled contracts con-tracts or for freedom in open construe tion for foreign account is anxiously awaited. Seattle and Portland yards building steel ships are working steadily, stead-ily, though at reduced speed, and have enough contract to keep the plants running for the rest of the year. In ihfc San Francisco district the yards are being operated at about 40 per cent below capacity and final deliveries on the middle of 1920. Deliveries of steel ships during June are reported: Seat lie 11, San Francisco 6, Portland 5, Ta-coma Ta-coma 3. "Advancing prices are stimulating the production of copper and silver In Utah, Arizona and Nevada The production pro-duction of gold and lead is lagging. "Full employment for labor is reported re-ported from all parts of the district, and, with the exception of strikes by the telephone operators and electrical workers of California, the coppersmiths copper-smiths In San Francisco, and some shipyard workers in Los Angeles, conditions con-ditions are normal and settled. "Interest rates continue to be firm with a slight upward tendency. In industrial in-dustrial centers there is no material change in the prevailing rats, which varies from ol to 6 oir tent The prevailing pre-vailing rate for agricultural loans Is 8 ,j 1 1 per cent "Bank clearings in nineteen principal princi-pal cities of the district during June were 20.5 per cent greater than in Jane, 1918, Los Angeles leading with I an increase of 49. 7 per cent, followed by Oakland. Salt Lake City, and Portland Port-land with 45.5, 26.5, and 24.7 per cent respectively. The total cleannes for Juno showed a decline of .9 per c"nt from that for the preceding month. May, 1919. " oo |