Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-02-01

1AO &N1I1LH HSOCIdl xSS80IVo ,OdaA
experienced a seasonal decline In its
total loans to member banks OF
$13 1-2 millions in the five weeks
ending January fourth and IS mil
lions in the succeeding two weeks. OF
this total decrease of owe SIS mil
lions. the Twin City banks were re-
sponsible for $14 millions. Reduce
ton Of borrowings by country banks
continued at a very moderate rate.
Federal Reserve notes Of the Min
neapolts Federal Reserve bank out
standing reflected the customary
Christmas increase in buying with the
consequently larger demand for
pocket money. The mount Of notes
outstanding was 81 IA millions more
30th. but owing to the elastic nature
Of this currency. by January 18th the
amount outstanding had declined
81 LIZ millions from the figure of
January 4th. s
Interest and Discount Rates.
Interest and discount rates declined
18th. The discount rate for the Min.
neapolis Federal Reserve bank was
reduced on January 18th from 5 IL
to S per cent on all classes Of paper.
Commercial bank rates also weakened
somewhat during the month. De-
clines occurred in the customary rate
on prime 30-6o-90 day commercial
s IL to 6 per cent, and on prime
commercial paper purchased in the
open market from S ga to 5 1-2 per
cent. The customary rate on bankers
acccptances with endorsement in
creased from 4 SD to S per e n and
rates on commodity paper secured by
warehouse receipts increased from 6
l-2 to Z per cent
Retail Trade.
Retail trade. as reported by select
ed retail stores. exhibited a. 80 per
CEN increase in sales during Decem-
Der W. the November figure owing
to the Christmas rush of purchases.
For the same reason the rate of turn
owe during December improved ma
terially while stocks at the end Of De-
cember were down Is per cent from
the figure for a month ago.. The dol
lar amount of sales during 1921 was
l6 per cent below the total for the
year 1920.
Wholesale Trade.
Wholesale trade continued to de-
cline in the case of hardware and
agricultural implement firms. but
there was al per cen increase in
wholesale dry goods sales between
A~O nAAu AtAS
volume of sales during 1921 was only
one-third of the 1920 volume in the
case of agricultural implement deal
ers and t~Wo-thirds Of 1920 Tor hard
and dry goods. the outstanding
notes and accounts receivable of these
firms at the end of 1921 were only 10,
II. and 3 per cent below A year ago
for the agricultural implement, hard
ware. and dry goods groups respec-
lively. =
products Of this district moved up
during December. Median live stock
prices at South st. Paul increased in
four instances. and there were no de-
clines. The price per cwt. for lambs
was I'D $3.50 over November. veal
calves increased so cents, and butch
er steers and stockers and feeders
were up rs cents each. Med!an grain
prices at Minneapolis showed four in
and WI declines Flax was
up 8 1-2 cents, rye I cents. wheat 3
1-2 cents. and a l Ia cents: while
corn declined ! l-2 cents and barley
! cent. The best grade of -four sold
at s7.25 per barrel on January 18th,
showing an increase of 25 cents over
the middle of November. Wholesale
produce prices at MINNEAPOLIS is
~ UoAAAo S"> AA""AA ~
December. The whole vegetable
group. with the exception of potatoes
and dried peas and beans. moved up.
and there were increases in the price
of hens land zeal. In contrast with
this general rise was the decline Of
the best creamery butter from AZ
cents to 81 cents and of No. l eggs
from SO cents to SO cents.
! Cost Of Living.
The cost of living in the Ninth Fed
eral Reserve district declined l per
cent between December 1 and Janu-
airy /. and the January 1 figure was
~ per cent below the figure for a
year & when the compilation of fg-
ures was begun. Minneapolis and St.
Paul showed declines Of less than 1
per cent in the o of living during
December but were down Is and 9
per cent respectively from a year ago.
Building Permits.
Building permits granted in nine