Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-02-01
CHICAGO NATIONAL CITY
BANK FINANCIAL LETTER
is RATHER OPTIMISTIC

tES,llpwins is the monthly let
ter issued by the National City
Bank of Chicago, showing general
business condition>.l
The country is making continued
progress in many directions. hU; there
is nothing to suggest an extraorIin-
AIRY business ,evival in the near to-
,ure. The people are taking their
day to day prooieMs ,auch more seri-
ously than q YES" ago n the Cnirer-
sal desire seems to be tc &c slow
enough 20 build strongly n do real
ly constructive work for the future.
While i. caEno;. he said that h coun-
try is Witnessing n revival OF the So
Called hu.e.s' strNe. the testimony OF
merchants is .hat personal eNpeCdi-
t0res for the Elos; part are being made
with sres. caution. This attitude is
suggestive Of tho pronounced changes
that have taken place within the past
twelve months and means that the
day OF war prices has vanished. Food
prices, according TO the weekly Quota
lions covering nanr differen: articles.
show s decline o. more than Il per
rent Tor the year on the basis OF con
disions prevailing in the third week Of
January.
Employment, Situation
General employment conditions are
better and according 70 advices ,abu-
laiei by che depart men; OF labor.
eight different industries showed gains
in December employment compared
With those OF the sar before, The
most notable falling off has been in
iron and steel With a los OF es.3 per
cent in the number OF men employed.
In seven industries There were gains
in the amount OF payroll money dis
hursed. which was rather surprising.
all things considered. The wool indus
Try naturally did better than any 9TH
er with a December average ct MSS
per cent while iron and Seel and
aituninous coal mining showed de-
for the year OF 50 J.. per ecu!
and 4S.a per cent respectively. SINH
lar testimony from other Sc
tionA 80 that there is APPARENTLY eI-
cellent basis for the assertion tina:
many inc are evincinE new activity
There are sill many uncertainties To
deal with. yet the situation is mort
composed than il was a few weeks ago
Large employers tell Of increased eff
cheney among workers and il IS obvi-
Gus thak the intense strife to ecure
positions t making the payroll dolh1
H1ASA AN N0A ~ 4AG
eeen ut any time since the war began.
This Is o only of present importance
hIs it will be of even larger SEntt1-
canoe after business revival becomes
pronounced again.
Hr~ HMnckAl Position.
The plight OF certain hakd-p.eRed
Agricultural communities is causing
difficulty with the country hAnkA hu!
the situation il really more hopefu
shaA It was recently. The farmer h,.
benefited through advances from
varous funds and from public and
private pools In the high. OF wha:
Q happened. !. is evident shat he Ia.
he>n materially aided by the War Fl.
A@Gaace in Increasing the volume o.
credit Available for borrowers enae
I'd In Agricultural pursuits and espec,
salH tor tho0e who hxve e@n in Ii.
habit o. marketing a portion Of shsi,
produces shroad. More than SIS pc,
cent Of the oo1ntrs wealth is pro
dScad fson the ground and ruisy TN.
nuch Of the national purchasing pow
e Is contributed by the farming eAS
/, q and those directly related to them,
II il of the utmost importa1ce, there
fore. tina: these seasonal demand
should be properly handled. for III
greet farming chs>es NUS eric,
prosperity il the ccnis- "a a whole i
To he really Prosperous The Gtuze1os
il this . is err Interesting AK
accounts for the e1geneB OF nteih
CANT oheereIe everywhere 10 se tina
the farming classes are properly ii
naao>d. especially in q senBpn OF de
ctsntce prices for farm produetS
GovUaW~ "a1c
Examination Of the Omitted STATE,
sIeASc-ys position SHOWS hat the gov
eminent viii again soon become ii.
largest borrower in the country. III
public deb. AZ a whole o Aggregate
almost s.s-soe.seo-as OF this hug,
mD no less than $s.sse, 100000 mus
be provided to- within the coming !
ronshA OF tna nor thu
3s.sae.s 500, usa. viii mature ia the sorn
cf Victory notes on Nay 81. 1913
While aaou. So, s,esa.sso Of Mo
issues Of Unit>d States treasury Ger
-faca-ee Will manure a. vaHo1s tine
within the ex. YEA Besides this
ahog. 3.ae. soa, asa OF war saving
certificates viii tai, due On January j
1919. az Ecay be -eGeeEsed before .ha
time Within a Nike more han
ysar thereafter rne S~Isnaas8ss al
eGeso-Al public 6ebs will a>aSure in ch
torm OF shor- term treasury EoseE All
va savings certifkai@ within \ yea
ana \ hS prior 80 December -. 1891
the aodne os United A,e. u~aWr
certificates er the member banks q
the Fedora Reserve wxaem decline
from approximately S~4:s.ess.o%s &
f.ss,eas. . Ia she same inseva
Caiced Safes reasa-y certificates
eEedsed with the Federal R~v
Maks 20 secure iaaas snd -edlseou,t1
declined from S~SSe.Nsc.sse 10 abc..
RIA HAn GAa ~h Ct--o-- ~~s- --.
iarr pledged ave taIke1 from S1a<.
Aea>eea TO about s~sT.sss.ses. Tt.s
figures show ccrcfGE-eh shax Unite.
States government Obligations A1v4
heea passed on 20 tie public from. n
saRks Wit. the reut thai such publ
holdings today reach ~eHc-rsoas eix
aua Il Is clear. therefore, Ia Ii,
Federal ReseVe banks hare readerel
important service 20 the <ovennen
N acting as the agency through ~hsel
Mo0t cs this cc1nty-WIde distribution
NJ government securities has been et
secfed- An sr-ease volume OF srus
funds and Estate money IS nov lodeel
In s0cA Investments With the reeui
sh11 . vaK amour. oe hank credit prs
vsc1sfy tied 10 in EaeA operations hx
keea released far crmnercsal and kin
Aeed rsrposaR
Rosesp 1s2Ak
Official txures show sht the dam,
In eur expor< trade during tSel
aDounsed to Is Per eens Cor the year
vht1e h decline in imports duins
the sane period amounted to Sc M
ceu4- ThsoN ioOns v16e ~ss~Aay a.
sFIeate6- the ngures for the nsH Ii
Eo19As showing nxyiaE Aoeiinos
ranging from s. per cent ia luathes
expcrs 70 Al G ceas in hraD ahip.
Esn.A The tonnage figures alone N,
ranch nnRN ~uaxsn& nn s>ak-A