Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-08-01

1AtO 00NAS 5Iu LIE 5~$AIllN uAokEACk ~ 1OI
the United States as q whole. The
fact that the reduction lii earning as-
sets has been brought about largely
by the increase in gold reserves from
imports OF gold and the payment OF
notes secured by United States bonds,
indicates possibly that commercial
has not been ~ great for
the month ~ II commonly believed.
Relief for 1--we Stock Borrowers,
In order to meet the pressing de-
OF stock growers throughout
the United States for funds to invest
In their industry, the Stock Growers,
Finance Corporation, was formed in
the past month with a capital Of $50,-
100000, one-half of which IL to be
subscribed by eastern banks and the.
other half BY western banks. The
plan 10 to loan the capital OF this cor
porahon tor periods Of six months or
less to stock growers who are able to
give paper eligible for ~rediscount At
Federal Reserve banks. To be eligible,
the paper must be secured by a mort
gage to live stock, showing q substan-
tn equity Of the amount advanced,
a must be accompanied by live
stock inspectors certificates, copies
Of the chattel mortgase, and a finan-
cial statement of the maker of the pa
H& -0AAA6 #ttAA ASAlAa "a. ooLAo&0SkS1y "
may be renewed for periods Of six
months or less, not exceeding a to-
tai duration Of thirty months from
the date of the loan, at which time
payment will be required.
It is expected that this expression
OF renewed confidence in live stock
paper as a bankers Investment will
encourage those bankers, who are not
so close to the industry az those bank
arc HsY-hn 0yhaNv{hA ~ tOo1aN$ voN~> ~<
such paper for short time investments.
In this way the benefits OF this fund
will far exceed the subscribed amount.
Savings and Investments.
Savings and time deposits in rs
Minneapolis and st. Paul banks total
ed 101 million dollars at the end Of
at the end Of May and about 81 mill
lions at the end of June a year ago.
From the reports Of sixteen companies
selling securities in Minneapolis land
st. Paul, It appears that the amount
Of securities bought by investors dur
ing June was 81 per cent of the
amount purchased in May. Sales of
punicipal bonds increased Q per cent
between these two months. farm
city mortgage sales increased 20 per
cent and stocks more than 200 per
cent On the other hand, sales of cor
poration bonds, into which a large
fraction Of investment funds is going.
decreased SO per cent between May
and June, foreign securities sales de-
creased 8 per cent and there was q
decrease of 48 per cent in the sales
OF miscellaneous securities,
AS compared with last year, 16o per
cent more corporation bonds were
sold this Year and 23O per cent more
stocks. while municipal bonds and
foreign securities were down about 10
per cent from last years figures. To-
tai sales OF securities in June of this
year appear to have been slightly
larger in volume than sales in June,
FORECLOSURES
The number of mortgage fore
sure sales in Minneapolis as recorded
at the sherifs Office was rs dn-June
as compared with IL in May, or an in.
crease OF a. per cent. The dolla,
amount of these sales increased IS pc,
cent between May and June but tn,
average amount Of individual sale:
was 6 per cent smaller. When the
foreclosure sales in June are com
pared with sales in June a year ago
1t appears that the number this yea,
/; was IS per cent larger and the
:" " pei CCliL ldESCEs liner
was also an increase in the amour
of the average foreclosure of 10 PEI
cent The number of foreclosures O,
city mortgages for Minneapolis fol
the first half of the year Of 1921 wa,
80 per cent more than in the CORE.
spending period in 1920, but IS pc,
cent less than in the first six month:
Of 1919.
Latest Reports on Crop and Range
Conditions.
The prolonged period of excessive
hot weather which has been genera
throughout this district has left tn,
small grain crops, especially wheat
oats. and barley in a spotted condi,
not greater than the average in spite
OF the excellent prospects Of a month
ago.
Small grains in southern and centra
Minnesota promise an average yield
but in the northwestern section little
damage was done by the hot weather
and the prospective yield is large.
The crop has been materially dam,
aged in South Dakota. With the ex
which small grains are not the large
crop, the yield Tor the state viii b
considerably less than average. II
the northeast section of South Da,
kota, especially in Brown, Day, Spinl
and Clark counties, the small grair
crop is almost a total failure.
The northern two tiers Of countie.
IN North Dakota promise excellen,
yields of small grains. In the north.
western counties. especially along the
500 Line from Kenmare to Ambrose
conditions r reported the best eve,