Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-01-01
Federal Reserve Bank Head
Discusses Business and Crop
Conditions During Last M 0nth

First 20 days of Nov, 1890. s,77s
Per cent Dec. 1920 Of Nov. 1920 4
all grains ................ s3.4
wheat only ................ 1913
First Is days of Dec. 1919, ALL.
grains, number of cars 800. s,so5
Wheat only, number of cars. 1883
Per cent Dec. 1920 of Dec. 1919,
all grains 1O1.4
wheat only $50
Stocks Of grain in Minneapolis ter
minals on November 81 were 16,542,-
600 bushels and have increased 81.
per cent since October 30. The COM
bined stocks of Minneapolis and Du-
iuth on November 81 were %, 100, 900
bushels of all grains and were 8 per.
cen larger than, the estocks at the
close of October n about sc per
cent of the total stocks held the year
before. The combined wheat stocks
were 100000 bushels at the close of
November, which was substantially
the same as at the close of October.
The amour of grain that has been
used by local mills increased about 8
per cent in November as compared
with the preceding month but the to-
tai production in the mills is only So
per cent of a year g and they are
operating only to So per cent of their
"PASAt IL HOuL SlllplllSIllS VI Mill
neapolis and Duluth combined were
about 8 per cent larger in November
than in October out only II per cent
of a year ago.
. General Price Situation.
Wholesale prices for the more i'm
portant northwestern products declin-
ed substantially during the month of
November. The high closing price FOR
No. l dark Northern cash wheat on
October 80 vas $2.17 and on Novem-
Der 30, $1.55. Between the same dates
there were pronounced declines in all
other grains, in flour, in all kinds of
livestock at the South st. Paul stock
yards, in some grades of wool, in mo
of the produce sold in the Minneapo-
lis market. and in lumber. Dun's Re-
view in quoting minimum prices for a
selected list of % commodities at
wholesale in central national markets
on December 3 as compared with Oc-
tober 90 shows hat the decline. has
not been confined to agricultural pro-
ducts alone. There were substantia a
declines in serge, print cloths, silks,
rubber. copper. coke, lead. white lead,
pig iron, and oak: as well as in but
ter, wheat. flour, hides. leather. hogs
and beef. The only article exhibiting
an increase was potatoes. These de-,
clines which have taken place in pric-
,es are remarkably uniform when COM
parsons are made with relative pre-
war price levels. 1t is apparent that
h inevitable readjustment of prices
following the close of a great war, has
been taking place. The fact. that this
readjustment has come about more
smoothly and with less Inconvenience,
than at any preceding time and with
out a widespread financial collapse, is
evidence that orr a~cnnnnio onI Aro,
cial organization enjoys a solidity and
strength which we have not hereto
fore fully appreciated.
Banking Developments in. November.
Our loans to member banks were
reduced than $4,000, 900 during
h month. This was brought about by
the return to US of $1,000, 900 of our
own notes ne longer required for har-
Vesting purposes and by the receipt
of eastern exchange for a sale to east
ern buyers Of Minneapolis municipal
bonds amounting to about So, 900, 900.
The total accommodation given men,
sos, 400, 900, of which $50, 400, 900
consisted of agricultural and livestock
paper, and half Of the remainder was
loans secured by United States bonds.
The 35 member banks in the largest
cities collected from their customers
more than six millions during the
month and reduced their loans with
us six and a half millions. Inasmuch
as the borrowings of these city banks
declined more than our total loans to
all member banks declined during the
month, it siss...evident that the banks
located in the country districts re-
ceived additional accommodation dur
ing the month to the, extent of the
difference Of two millions, and this
additional accommodation to country
banks was extended to all sections of
the. district. The discount rates Of the
Federal Reserve bank remained UNI
changed n November market rates
did not change materially. CONNER
cial papersis selling al 8 per cent as
compared with 5A last year, while
4customers,'A rate at banks is TX per
cent as compared with 5h per cent a
year ago. The total accommodation.
given by this bank to its member
banks had increased "a per cent on
December 3 when compared with De-
cember s a year ago.
Banking Conditions on Dec. Is, 1920.
Between December 8 and t23 this
bank collected 10 million dollars Of
loans from city bankers in the form
i,ofsrediscounted business paper and in
creased the 'agricultural and livestock
loans bySone and a half millions and
increased the loans secured by United
States bonds by 2 millions. The net re.