Excerpt from The Wool-Growing Industry
By the time buyers of the 1920 ran clip began 0 rating north of central Arizona, the market for woo below half b ood was virtually dead. Few of the bu ers would take the trouble even to inspect three-eighths blood an lower clips. They were competing sharply, however, for half blood and finer wools.
Then the domestic market for all wools, whether fine, medium, or coarse, colla sed. Range buying stopped very suddenly, and growers who had re used 60 cents or more for fine cls could rarely consign their wool and get an advance on it of half that much. The growers, dealers, and bankers conferred with the Federal Reserve Board on J une 21 - 22 to ascertain whether some we could be found to finance the wool in order to hold it until a norma market, reckoned on at an early date, could be restored. It was decided at this conference to t to meet the situation by the use Of bankers' or trade acceptances.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.show more