Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-08-31

crop forSsthe8sN Ninth district OF 5792,Ss
100000 busfel8 for wheat,Ncorn. oats,
harley. rye, max and potatoes. This
should 6es;used by the producers. 70
ssaa reasonable extent In decreaAhk.
CURRENT Indebtedness and b represent
rediscounts burden q rrted 3 country
banks. Owing toS3thess spotted crop
sonditiorsssand q large volume..of
srediscopnt indebtednesss hquidAtton
viii 5 only partial and localized this
The fvoiusns:o % business in July vas
below that In JUNE, which - q nor
mai occurrence at this season because
a similar slump was evident last
July. The depression IN business in
the northwest Is similar to that
throughout the United States.
There was no Improvement in.sths
credit situation in@this district during
July Indeed. the .trend was not as
favorable .as I'm July year ago.
MembsE. banks In the larger cities
paid s million dollars to the Federal
Reserve bank AMI also loaned-f5 mill
lions TO tlfeifsNcustomers. The de-
maad zdeposftssof these selected mem
berR bafiRs rose during July and the
frsst t&R6 weeks OF August q total OF
nearly 8 si61iliions while their time de-
spU64tS USylAlSN AC01Ay n y
Market interest rates in this district
forySahort@Stime funds declined slight-
lyJ during the. month ending August
unchanged at s per cent onsnotes Sc
cured OF Liberty Bonds, Victory
Notes and Certificates Of Indebted
ness Of the United States govern-
meut; and at: 6 H. per cent on so
day commercial paper and s months
AGRICULTURAL and live stock q paper
when endorsed by member banks.
Prices at wholesale Of important
commodities produced by this district
exhibiteH mixed tendencies in July.
majority. OF the grains declined,
whiIssfa majority Of live stock quota
tons Increased slightly. Increases
and. decreases were equal in number
for wholesale produce. Flour de-
July and rose is cents in the first
two weeks OF August, closing at
$3.50.
Great sir~regularity prevails. in the
pricing OF different commodities .and
alsofin the. pricing of the same COM
modities. This irregularity is one OF
the fundafhentalf causes of the de-
preston In scurrent business and indt;
Gates that buyers will often better
themselves by making inquiries II
directions.
Live stockAyreceipts in July were
about IS per cent less than in June
and about ~ per cent less than II
July a year ago. Similar declines
movement2of feeders. Grain receipts
Minneapolis and Duluth in Jul,
were. 10 per cent less than iq JUNE
but IA: per, cent greater than in Jul!
d year ago. Terminal. elevator stock
OF all grains declined slightly in Jul.
but were about 4 times as large as
year ago. due chiefly to a Is million
bushel increase in oats.
NJ Other induces as to volume of bust
ness indicated declines in July a
compared with June al follows: In
dividual debts so Federal Reserv
! notes 40, number Of building pro
1dects Az, value Of building project
2Ssb, coal receipts s14%. lumber sale
49, IN dollar values. copper pro
ductionN II. qs.:sand sales Of securitte
and investments 13%,.
increases were shown in the NUN
her Of men employed by lumber con
Germs and In the laborers applied 10
and. placed in positions by employ
ment Offices. There were increase
OF ~ "a In iron ore shipped from up
I per lake ports, 20% in -four shippe
from MinneaAolis and Duluth, U.s.
IN shipments iof linseed products
l3aTns In -four production and SO 4
riders splaced with manufacturers 4
lumber
AlpS Of the foregoing induces
business volume. as we'll as the sale
OF store retailers were lower this yea
thin Ia ar eYcenf in tho caao NJ Sc0<