Youngstown Vindicator

“Because of conditions in this country and throughout the world, beyond the control of your management, the cost of raw materials used in the manufacturing of calf leather has been advancing for some time…”
“…For this reason, in order to finance current raw material purchases, it has been necessary to resort to short-time borrowings from the banks for the additional cash required.”
This significant since transactions before this have always been done in cash

“Because of conditions in this country and throughout the world, beyond the control of your management, the cost of raw materials used in the manufacturing of calf leather has been advancing for some time…”