Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-08-27

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Of the army and conqu141raoars5aosf yellow
,rsssive Of any military afunAfAr in
aisson entering the picturesque gates
al, the end Of July than ati,thie end Of
June. but this Improvement was based
upon the expectation that the crop
would be promptly shipped and con-
yerted into cash as in past years.
transportation conditions during the
next few months are the keystone to
the business situation In the lear
future.
building permits for the month of
July indicate an increase in valuation
over the month of June of 81 per cent
and an increase as compared with a
year agosof 81 per cent All Of the
cities indicate decreaaea V, compared
with June, except st Paul, Duluth,
decrease in the nunber-s.of : permits
from 1872 in June to l,329-ins July.
The number of permits in July n
year ago was 1851
Business failures in July as re-
reported bysR.. G. Dun'sfR Review were
number and $238,471 in 5liabili-
ties. AS compared with last month,
number m a decrease of 20 per cent
in liabilities. AS compared with a
year ago, there has been an increase
in the number of failures of 133 per
cent and an increase 1892 per cent
in, liabilities. Is
Bankers report a tendency to with
hold cattle from market in the hope
Of better prices by many farmers with
five to twenty head each in the states
of Minnesota, North Dakota and
northern Wisconsin. In parts Of Mon
tana and South Dakota cattle are be-
ing withheld from market in order to
convert the prevailing favorable grass
into weight. Montana shipments will
be lighter than in former years as
many. herds were depleted last ear
Throughout the district, wool Is being
a better. market. mo buyers" is the
prevailing report. More wool has been
consigned by Montana growers than,
elsewhere.
Fuel Situation Improved.
There has been a slight improve
ment in, the fuel situation during the
month Of July. The total receipts of,
coal at the Duluth Superior harbor
during July, 1920,swere 957,563 short
tons as compared with 911,211 short
tons in June. Total receipts from the
opening of navigation to the n Of
July, 1920, have, been ~2.345,5S0 short
tons. These totaY receipts are "A per
cent of the receipts during the same
period last year, and q closer analysis
shows that the receipts Of anthracite
as compared with a year g are 95.7
per cent. and bituminous 1862 per
] cent. (The percentages at the end of
June were 90 per cent and g per
icent respectively It is confidently
expected that the priority order given
for the rail shipment Of coal to Lake
Erie ports will bring about a ,substan-
tial increase in northwestern receipts
during the month of August.
During the month of July, prices
declined substantially for the primary
products Of this district, including all
Of the grains, -four, beef, lambs, but
ter, potatoes and garden produce.
There was b moderate increase in
hogs. veal, eggs and hens at whole
sale. Dun's Review reports that the
following products were quoted at
lower prices on August Est than a year
J ago: Copper, hogs, hides and wool.
There has been a very moderate
amount of liquidation in this district
during the month Of July. Thirty-fve
selected, member-banks in the larger
Wv SSNL - g. u SNo-
ltomers' loans by 5 S 5000, 900. The same
banks reduced their Borrowings from
the federal reserve bank in the same
amount. However, the customers paid
of these loans by using 50 600, 900 of
deposits in the banks and the banks
reduced their holdings of government
Securities in order to reduce their re
customers of these member banks
liquidated commodities to- the extent
Of 100000 and the federal reserve
bank reduced Its loans to all its mem
bers during the month to the extent
Of $1,000, 900. This exhibits about the
same amoun of progress as was made
in the preceding month. Reserves are
practically unchanged as compared
with a month ago Money rates have
remained unchanged, commercial pa
per going at S per cent. and the Gus
toners rate at the banks being Z 1-2
sPer cent. One year ago.. commercial
Ispaper was sold al 5 IA per cent, and
the customers rate at the bank was
1-2Isper cent. Liquidation has mot
~proceeded far enough to warrant an
learly expectation of a reduction sssiu
rates. The discount rates of this bank
fhave remained unchanged since June
|, 1890. s,
M More Lumber Cut.
Wholesalers and retailers OF lumber
report that sales + practically the
same as in the preceding month. while
producers OF lumber indicate that the
Quantities cut and shipped have in.
creased about SO per cent. Stocks or
hand Of producers increased during
the months while those Of Wholesalers
and retailers diminished. Production
sales and stocks all were less than one
sAsyear ago.5t the reduction OF. stocks being
\ greatest In the case Of producers.
Collection conditions in. the Ninth
I federal reserve district on the whole
are good. Our Investigation has shown
no increase in bad debts. Business