The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1918-09-09
AS GOOD A GRAIN CROP AS THE
NORTHWEST EVER HAS PRODUCED
HAS BEEN SAFELY HARVESTED
John H. Rich, Federal Reserve Agent, Finds Dis
trict Entering Fall in Excellent Condition FL
nancially to Meet New Obligations.
MONTHLY REPORT OF CROP AND BUSINESS CONDITIONS
IN THE NINTH FEDERAL RESERVE DISTRICT
John H. Rich, Federal Reserve Agent
August

extremely valuable public service. ir
the placing of successive issues o
) treasury certificates, and in other
work for the War Savings and Lib
erty Loan campaigns. IT,
During August the plans for the
next big War loan were practically
completed. The amount OF the allot
ment for the Ninth district has not
yet been set, but will not be less than
the amount allotted in the Third loan
and it is probably a safe assumption
that that figure will be considerably
increased.
The Ninth district is ready for the
word from Washington to open the
drive. and its organization is complete
and thoroughly efficient.
The movement toward further re-
striction OF nOn-essential credit, gain
ed Roadway duriig the month, and is
meeting with satisfactory response.
A large amount OF public and private
financing is being brought before the
District Committee on Capital Issues.
and issues of securities and obliga-
lions of more than one years matur-
| ity that have been approved and rec
| commended to the Capital Issues Com
mittee in Washington have ben run
ming a little less than half OF the total
a mount for which approval has been
rvquesteds Obligations that have been
disappr6oved affordAa fair measure OF
the non-essential financing that up to
this time has been in progress. The
cooperation of those interested in
matters involving security issues is
very good evidence of the rapid pro-
gress that is being made in bringing
new financing under the control con-
pOratiOn Act.
Banks that up to this time have
been heavy borrowers may rea sonably
expect that the seasonable period OF
liquidation will shortly begin. The
handling of large crop at unusual
prices has put a heavy strain upon all
financial institutions, and the unusual
dema1sd occurring as it did, during
period when banks generally have
been responding to the treasury de-
partment calls for subscriptions to
certificate issues. has necessitated "a
larger volume Of borrowing than, in
any previous year. The period OF
liquidation has, therefore, been looked
for with more than usual interest.
The turn will probably come, sudden
ly. Bank deposits are likely to show
very rapid increases as soon as suf-
ficient volume Of grain has moved to
create flow of money into the coun-
try.
The general outlook is good. There
is no reason to believe that fall and
winter trade will not be entirely sat-
isfactory. The business Of the north
west will be transacted until the close
of the war under different conditions
than have prevailed before. The
course of trade will be hampered by
difficulties, by problems
of financing due to the high cost Of
all goods, and by problems resulting
from the governments call for men.
There is no reason to doubt that the
states of this district will not be able
to handle these problems as they arise,
or that the necessary lines of trade
will not continue to enjoy prosperity.
The guarantees that are represented
by large crop returns are the most
kind of trade insurance
and may be taken as evidence that |
the situation at home will continue
in spite of the larger and
larger demands upon the country in