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1st Rusent Grways
Kelly #2 SA. Tex
Sat. May 29, 1920

Dear B & S.
 
Nothing new here outside of continued variations in minor problems. The reorganization bill is reported as agreed by conference so I look for action by Congress now. 

The status of Emergency Offices is to be decided shortly. And I learn by private channels that another Junior Military Aviator list is shortly forthcoming from the Director of Air Services, Don't say anything about this.

Too bad many services guess your game. Bulletin O.K. and I believe the intensive stock campaign will come out all right. 

We are saving money at that. Suppose we had bought Air Avro a month ago for 6500. Look at the drop in prices!

Heres something to take note of - the Federal banks have cut down on loans as most all banks are now calling in loans to such an extent that money is becoming scarce and business is going to be depressed. Watch