Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-06-05
BANKS REPORT y D
NOTES GENERAL 4
IMPROVEMENT
Improved Position Of Farm.
ing Glasses Held AS High
" Important
(Fouow1ng are extracts 81 the
monthly financial letter Issued by
tnc National City Rank OF Chit.

cako.)N
Commodity prices are being Sta-
merchandise stocks throughout
the country are considerably lower
tnan they were a few months ago.
The business situation IL essentially
sounder and the country IL going
ahead notwithstandi the coal strike
n the setbacks experienced In some
sections from Indictment weather con-
! dttions. Ten basic commodities have
risen more than ~ per cent from tho
low point of last summer and +
now quoted at virtually the highest
vel touched since the recovery be-
ian. This Ia q good sign and inf,the
1uoennent OF economists means that
nuaness Is getting genuinely hsttsr.
Various branches Of induatry are
allowing Improvement. but there ID
no effort ee over.do things, or to an
EAge in recklese speculation again,
On tho contrary the American people
are pursuing 4 conservative course
and not forgetting the lessons OF last
year and the hardships attendant
upon the forced liquidation during
the period of acute credit tension.
With the Fax7ners. !
The greatly improved pohtion Of
the farming classes is Of importance
to tho whole country and especially to
the West. 1t contrasts sharply with
the dependency Of last year and
means q greatly Increased purchasing
power At Just the time whom 1t H. most
necessary to build up buknesb and
make IT healthy apd strong. The
governments May condition estimate
Of s3.5 per cent TOR winter wheat suk-
: gests a crop about equal to last years.
but from 8 to 9 per cent above>tho
ten year average. Tho condition OF
a percentage al S1.7 and an indicated
yield Of more than 7s. oo0, 900 bushels
as compared with a 11hal estimate for
the past decade Of 67,po0,000 bushels.
he showing for hay Is also above
hs ten yea. average, with an indi-
lied Yield Of 103,679,oou tons. The
Indicated product On Of liveaeocn
;Aows decided bettar;nent ana the
sutlook as a whole fos the agriculture
;i states 10 excellent. Tho !ntene.s nt
gushing and planting has becn q
,.;awback and while It Is too early 70
venture precise forecasts, there are
abundant grounds for taking A-hope-
full view Of tho future. This means
hbAS1t wv lAO <AS4AVAA~AA pSSp4o sn =
United States IL an agricultural cpun-
try first OF all, notwithstanding the re-
2 lnarkAble strides made by nnanufac-
turing within the last decade.
Strengthen ng the Railroads.
Tho coal str.ka fortunately has. not
been seriouay disturbing to genera
business. While the railroads during
April lost ,car Y two-thirds OF thels
ami s " &c WITT y
March, yv1,i. u>,it4cs other than coal
and coko Liloncl on increase Of 3 per
cant for tho month. The steady
gains in miscellaneous freight which
increased 8 "a per cent during Apri1
were noteworthy under the circum.
stances. The carriers are doing an
increased business and the prohabili:
ty is that further gains VIII be 70
ported at the enson advances. ThIl
situation 4s highly encouraging and
directs attention TO the vital need al
strengthening the railroads ana build
ing up then etuipment and genera
facilities. The outlook for the indus.
try Is much better than 1t vas at this
time in 1921 and while there are veal
spots here and there TO reckon with
, the position Of tho whole transporta>
ton service has been vastly improved
within the last few months. \ Traffic
.... 49,. ~ -
oe nni ..us. e mnn as ous,nsss e.
WA us.tons. ~. p'unou.ss au'
INC ou.S. .4auds tu s -,
SeuheiS Ia ~ u.sa,t Seeu ohtn'
usst .a'lroaa se.vlse "niGtt ~ ~ POI
elote ~ plouuee u"uo' eIeh co"u'''0n
10 now eAis'.
Revising Freight Rates.
Freight rate reductions ordered b,
) the Interstate Commerce Commission
are sure to have an important bearinj
j upon the railroads and the shippers
Changes effective July 1 next inyoly(
"a 10 per cent horizontal cut in rate,
\ below the schedule which became Of
fectlve on August 90, 1890. Passeng
or rates were not touchd ut all and tn,
%surcharge OF pullman fares wal re,
| tanned. 49, Tho reductions affe ct neariy
ali classes OF. Traffic except agricultur
al products, which benefited 1t. tn,
beginning Of 1892 from q 1s IL pc,
cent cut on grain, grain products ant
hay. The new rates win rsplac,
also the 10 per cent cut on sevara
AGRICULTURAL products made supple
mental to August rs, 1890, and whtcl
you'd have expired this month
while some railroad officials com
main Of tho rate cut as likely to EN-
hsrrass the carriers ana 20 reduc,
earninrs 40 to make them less attrac
tive with tho public, the indication,
ara that this objection, however valid
viii be partially met-by q reducto1
~ vases. It is. clear that the road
Mli use this rate cut a. q basis To-
.-.,TFs. [HI - ~ ~ 49,,