Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-01-31

bushels at the close of December was
5 per cent larger than at the close of
November and 90 per cent of that held
a year & AS compared with a month
ago, the stocks Of corn exhibit a phe-
nomenal increase, and the stocks of
rye a decrease of rs per cent. Wheat
stocks on December 81, totaled 1885,
$50 bushels which was practically the
same as a month ago but is per cent
less than a year ago. -,
Livestock.
Receipts in December for all kinds
of live stock in South St.. Paul stock
yards were about one-half Of those in
November. AS compared with a year
ago, the total December receipts of all
live stock were less than three-fourths
and shipments less than two-thirds.
Cattle receipts were less than one-half
of the movement in December a year
ago. The lower prices which have pre-
vailed throughout the month were due
primarily to a great reduction in de-
mand for foreign exports, although
the demand for beef to be placed in
freezers substantially declined. In ad-
dittOn, stock raiSers were inclined to
get rid of cattle that were in passably
good beef condition because of an ap-
prehension that the market prices
would continue to decline as is evident
from the fact that many Of the notes
secured by cattle have been paid be-
fore maturity dates. This selling move
menth has not brought about a material
reduction in the weight of live stock
received at South St. Paul as the aver
age weight for cattle was greater in
1920 than in 1919, and larger than the
ten year average. Only in the S of
calves was there a noticeable decrease
in average weight as compared with a
-~5 Or 49, ~ ,~n5 r,tkla ~ 49,
year average.
Stocks of frozen meats exhibited a
substantial decline in December in the
case of beef and an excess in the case
Of pork. -
Banking Developments in December.
A comparison Of the December 80
statement OF conditioner the Ninth
Federal Reserve bank with that Of
December 3 indicates that the total ac-
commodation required by member
banks in this district declined tx
million dollars Or more than 16 per
cent of the amount on the earlier date.
This bank reduced its borrowings from
other Federal Reserve banks during
the same period by $4,000, 900. It was
able tt do this by reducing the total
gold and lawful money reserves in the
sum. Of $4,000, 900, although it was
necessary to redeem u note issues to
the extent Of $%2,000jO00 during the
month. Member banks increased their
reserve deposits with us $1,400,000
and of their paper r~epurchased from
!, other Federal Reserve banks, $780,
: 900 was taken into our own assets. The
combined reserve percentage declined
between the two dates from 42.3 to
1913 per cent. AS compared with Janu-
ary 2, 1920, or about, q year ago, the
total accommodation to this district
exhibited an increase Of $14,4O0,0 900;
and our rediscounts with other FEEDER.
J IL Reserve banks on December 80
were $14,800, 900, whereas a year age
there were none.
Reports received from 80 selected
member banks in the larger cities IN
this district on December 81 as COM
pared with December 3 indicated q
decrease in the total accommodation
to their customers of more than $18,.
100000, all Of which was used to re.
purchase rediscounts that had beer
placed with the Federal Reserve bank
However, these member banks Dor.
roWed between these two dates more
4 than 49, 900, 600 from the Federal Re.
serve bank on their own collateral se.
cured notes. This was necessary al
they experienced q decline In demand
deposits OF $4,000 900, although there
was q gain In government deposits Of
So, 600, 900. Their reserves at the Fed.
eral Reserve bank were built up dur.
ing the month to the extent OF $4,000
900.
Inasrnuch az the net borrowings o.
these banks in the larger cities from
the Federal Reserve bank declines II
Ia millions, and as the total accom-
4 mediation extended by the Federal Re.
serve bank during the same period de-
creased by IN millions, as shown
above, It follows that the banks locat'
ed in the country districts received ad.
ditional accommodation during thu
month to the extent of nearly $4,000.
900. Other evidence Of this tendency
will be found in the classification OF
4 paper held by the Federal Reserve
bank at the close Of business Deem