Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1918-09-09
MONTHLY REPORT OF CROP and
BUSINESS C0ND ITIONS I'M THE
ninth RESERVE BANK DISTRICT

women. At the present time approx
mately half of the force Of the Fed
eral Reserve bank consists Of women,
n much the same condition prevails
IN all the larger institutions. Under
these conditions banks continue 70
cheerfully and periodically render
extremely valuable public service, in
treasury Certificates, and in other
work for the War Savings and Liberty
Loan campaigns. +
During August the plans for the
sbigI war loan were practically COM
pleted. The amount Of the allotment
Tor the Ninth district a not yet been
&set, but will not be less than the
amount allotted in the third loan, and
1t is probably a safe assumption that
that figure will be considerably in
creased. 81. y
The Ninth district 10 ready for the
word from Washington to open the
drive, and its organization IL COM
plete and thoroughly efficient.
The movement toward further re-
strtction OF non-essential credit gained
Roadway during the month, and is
meeting with q 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-
tons OF more than one years ma
turfty that have been approved and
recommended to the capital issues
committee in Washington have been
running a little less than half of the
total amount for which approval has
been disapproved afford a fair meas
ure Of the non-essential financing that
up to this time has been in progress.
The cooperation Of thoso interested
In matters involving security issues 10
very. good evidence of the rapid pro-
gress that is being made in bringing
new financing under the control con-
templated by the war finance corpor-
alton act.
Banks that up to this time have
been heavy borrowers may reasonably
liquidation will shortly begin. The
handling Of a large crop at unusual
prices has put a heavy strain upon all
financial institutions, and the nusual
demand, occurring as it did during a
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 suddenly.
Bank deposits are likely to show very
rapid increases as To- as a sufficient
volume of grain has moved to create
a flow of money n the country.
The general outlook is good. There
is no reason to believe that fall and
winter trade will not he entirely sat
isfactory. The business of the north
west will be transacted until the close
Of wal under different conditions than
have prevailed before. The course of
trade will be hampered by transport
tation 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 hat are represented
by large crop returns are the most
substantial kind Of trade insurance
and nay be taken as evidence that
the situation at home will continue
satisfactory in spite of the larger and
backing up the fighting forces on the
other side.
Upon the Federal Reserve bank,
during the month, fell the sorrowful
duty Of placing the first gold star on
it's honor roll. concentrating the
death in the service of Garrett T.
Vaudeville. one of it's promising
young men. who early responded to
the call. His death takes from the
force Of this bank one for whom an
excellent future might have been ex-
pected, and a splendid representative
Of the type Of young Americans who
have not faltered or turned back from
the path of duty. even in the face. Of
the supreme sacrifice.