Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-05-30
CROP ANDbUSINES
CONDITIONS SHOW IMPROVEMENT
NMAY IN The NINTH DISTRICT
lation TO the previous month. There
were substantial declines in copper

ah0On 70 the previous month There
were substantial declines in copper
mining. and linseed production; while
shipments were running SUBJ
rstanttalfy less than a year ago. Postal
receipts declined. There was q slight
improvement in flour production and
shipments. and in retail trade: and
lumber cut, shipped, and sold at re-
tail. When compared with a year
ago both mining and lumber were
much less in physical volume but
there was a substantial increase in
milling production and flour ship
ments. T
The outlook for satisfactory accom-,
mediation is YER promising. Building
permits in April nearly doubled both
with March and were substantially
larger than in April year ago. The
reductions. that have been made in
costs of some building materials and
labor are reflected in the decline in
average valuation Of the permits
granted. There appears to be an in
creastng willingness to initiate prof.
ects for home purposes with each de-
cline in costs. Unemployment cond1-
in the direction of reducing the ef-
fective demand for housing.
Prices declined during the month.
There were substantial declines in me-
dian prices of all the grains. A. ma
jority of the median prices for live
stock at wholesale declined. There
were more declines than increases in
the prices Of wholesale produce.
Average retail prices for food declined
measured by all articles, including
food. was reduced slightly. The re-
duction in prices was reflected in the
flow of Federal Reserve notes to this
bank for redemption and retirement,
as many Of the notes are n Longer
needed in retail trade and wage pay
I rolls. The increasing rettrexnents re.
fleet the changes that are taking
place in money values Of services and
commodities. +.
Credit conditions did not improve
locally. During the month member
banks experienced Withdrawals OF
deposits, while the Federal Reserve
Bank lost in reserves and expanded
its loans. Rediscounting with othe,
Federal Reserve banks was necessary
in order to e the demands from
the agricultural sections. Interes
rates declined f~ractionally in &e To-
cal market and at the Federal Re
serve Bank. Loans Of representa-
tive city banks are about 20 per CEN
less than a a ago with reduction.
reported for all kinds Of borrower,
except country banks which are fin
ancing agriculture. Local investment
houses report a sustained demand fol
securities with increases in munich
pal bonds and corporation obligations
but declines in farm mortgage sales
The confidence Of the investing public
is much better than q month ago.
The. volume Of payments mad,
through banks. In the month of Apri
was slightly greater than in the pre-
cedtng month. These payments IN,
creased s per cent which was greater
than the increase between the sam,
months a YER ago. About one-thir<
Of the total increase for; the distr1e
is due to the opening 81 navigation OF
the Great Lakes with increased trad,
at the lake ports. Navigation open
ed earlier this year than last and re
suited ma movement Of coal oarsoe,
to the head. Of the lakes very mucl
greater than took place agar ago
The number Of unemployed per
sons has increased but there are in
dications that q satisfactory readjust
ment is now taking place. Although
the number of unemployed increased
in April, there was AlsoEa 'promisinl
increase in the number Of opening,