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

g une july, although. there were
lincreases In the cities sof Fargo,
Grand Forks, Superior and Winona.
SDecreasesssof more than 10 per cent
Duluth, Great Falls and Minneapolis.
aBettyee en- June and July In 1920 there
Ewasga decrease Of only is percent In
payments through banks In the
twelve cities. 81
Between:Ju July OF this year ana July
fa Year go. the volume of bank pay
ments showed q decline OF "a per
cent which affected. ali the cities.
Credit Conditions In the Northwest.
The total accommodation extended
to Ninth district member banks by
this Federal Reserve bank remained
unchanged on July 2 z as compared
with June $. although during a sim
liar period. last year there had been
reduction OF about III 1-2 million
dollars Our r~ediscounts with other
Federal Reserve banks were reduced.
hut three-quarters of a. million this
year whereas "a year ago in the same
pertodAthey were reduced 3 Ia mill
liena. Continued sdullness in BUSH
mess, and possibly some price de-.
cAnes,gRressredected in the federal
|yreaeryetsnote circulation which de-
cllned2nearly 2 1-2 millions. This
Lamountsis much more than normal At
this time Of the year as the reduction
in; the5 same period OF last year W1s
only l-2E millions. y
Credit conditions in the Ninth dis
trictr did not improve materially in
lin contrast with the general tendency
prevailing in the whole Federal Re-
serve system. Between June - and
July ~ the twelve Federal Reserve
banks experienced reduction in to-
tai accommodationkof 1873 millions.
The prevailing Industrial and trade
depression resulted In a further of.
ferfng of Federal Reserve notes for
retIrement. totaf1ng 81 millions dur
ing this period. Owing to large inn
pprtssGf gold, the total gold reserves
increased So millions. It is interest
ing to note that. So per cent of the
| reduction in total accommodation
shown for the whole United States
during this period was brought about
by these gold imports deposited with
the Federal. Reserve system. And
for. the four. months Of April May,
June and July inclusive, the gain in
1 gold reserves amounted to nearly 43
per cent of the. total reduction which
took place. in the accommodation to
member banks. In quoting figures
regarding commercial Liquidation lin
the United States. 1t is we'll to dis
Count the totals by this percentage OF
gold imported before drawing on.
~clusions.
i. General Price Situation.
Prices in the Ninth district showed
mixed tendencies during July. A
majority Of grain prices were dowr
owing to prospects, q normal croI
while a majority Of live stock prices
increased. Wholesale products price.
showed about as many inofeases a.
decreases due to seasonal influences
Grain prices showed two increases
and four decreases between June and
July. The median price of whea-
rose z 3-4 cents and the median price
of fax was up 5 cents; while thu
median price of corn declined 5 Il:
cents, oats one cent, barley one-hal
cent and y 8 1-2 cents.
Prices. of live stock marketed 4
the South, st. Paul stock yards dur
~ from dune prices with three in
c%reases, two decreases. and one pric
unchanged. Moreover. the increase
in individual prices during July wer,
more pronounced than the decreases
The median price Of hogs was vi
$1.15 owing to a small supply and
good quality of stock received. TIL,
! median price Of veal calves rose I
dollar and the median price of Butch
er cows was up 2 -cents. The SINAI
! demand for stockers and feeder
: forced the median price OF this elias
of steers down Is cents and the pric
of butcher steers declined rs cents
3 A feature of the market this montl
u me q a -. a h~4aoo - l,,. foSV ~ TIL p rk
I price of lambs remained unchange,
4 between June and July.
!. The median price is that price a
which the number of items sold at
! higher price is exactly equal to th,
number of items sold at az lowe
: price. These median prices furnis]
an index Of conditions prevailing
, throughout the month and are (
means of simplifying the variation
due to changes in daily quotations.
Live Stock Marketing.
From the receipts and shipments o
live stock at the South st. Paul mar
ket. it appears that the number Q
head of all classes of live stock NOV
ed in July was down about one
fourth from the June figures. RE
ceipts of all classes except sheep i
July were down from Is to 40 pc
from the June receipts Re
: ceipts Of sheep increased 29% be
{ tweenaJune and July, indicating tha
!, the fall movement from the west ha
begun, although the movement wa
not az strong as would appear to b
normal from an inspection Of tn
figures for 1918 and 1920. Shipment
lot all classes OF live stock other tina;
calves, from South st. Paul decline
-.
--- $1,000