Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-11-28
Rich Says Car
Shortage In Northwest
Has Reached Peak
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which doubled, have furnished the
basis for a large part Of such debt
liquidation as has taken place. The
grain movement however, has been
below normal during the month ow-
ing to the holding OF large numbers
OF western cars on. eastern railroads.
These marketing trends are reflected
in the changes. in prices OF agricul-
tural products, all the grains having
a betteg price and all the animals, ex-
cept lambs. a lower price when the
medians for September and October
are compared. The prices at central
markets of the twelve most important
agricultural commodities, when COM
pared With a year ago, increased with
the exception of wheat, rye, veal
calves and butcher cows. Exports of
wheat continued below the volume Of
a year ago. but there were noteworthy
increases in the exports of oats, rye
and corn. Business activity in general
remained practically unchanged in
October as compared with September.
There were increases shown in retail
trade, copper, coal, and hour produc-
ton, and iinseed Shipments; and
counterbalancing declines in whole
sale trade. lumber manufacturing,
iron ore shipments, and the valuation
of BUILDING permits. The increase
shown in bank debts over a year ago
is probably due to the higher price
level of this year. Banking condi-
tons. as shown by reports from banks
In the larger cities and from this Ecd-
eral Reserve bank covering the last
six weeks, are technically stronger be-
cause of rising deposits and declining
loans, although there has been some
increase in redtscounting.< Business
firms are making less use of the com
mercial paper market for the carrying
of working capital or inventories, and
bankers appear to be giving a prefer
ence to longtime notes at present
rates.
Car Shortage.
Car shortage ia being eliminated
rapidly in this territory. During the
next ten days, every effort will be
made to nov sheep and cattle from
Montana ranges before the heavy
cannot Craze after the first heavy
snowfall and should be. marketed, n
less provision has been made for feed
ing them through the winter. When
these Montana shipments have been
taken care of. stock cars will be re-
leased sufficient for all needs in-the
Dakotas and Minnesota. This short
6 has been intensified in appearance
by the fact that in the panicky condi-
tons prevailing, stock growers have
ordered four cars In many cases wherr
they couldfuse but one, thinking that
such a large order would bring at least
the loading capacity that they needed.
The grain car shortage has not
been exaggerated by such excess Or
ders for enlpties. Grain in congested
elevators or piled on the ground along
the sidingE furnishes an accurate
measure of the real need for cars at
each point. Montana's needs are be-
ing served first because Montana
farmers have poor facilities for stock
ing grain on the farms, their average
haul to market is longer, and the
roads will be more nearly impassable
states. all Of which conditions have
caused greater. congestion in Montana
elevators than in the states to the east.
AS soon as Montana is taken care Of,
or at least as soon as the grain Isl car
ried out that is piled on the ground
without protection from the weather.
the railroads will be able to devote a
larger proportion of their cars to the
rest Of the grain growing regiop.s
considerable progress has been
made In meeting the situation. 10 One
~Ntsts Nj ~" ~ SAASI W ItNXAc Wv
vators out of ninety which were fill Of
grain a month ago. Also more ears
for grain purposes are being returned
by eastern railroads under the Inter
state Commerce commission order of
October s., These additional empties,
1t is confidently expected, will accom-
plish a, great<improvement during the
next ten days
I'm spite of the shipments strike
there has been no shortage of motive
power in the northwest. One railroad
reports a number Of effective. locomo-
tives stored in white lead until there
is need for them.
Grain Receipts.
Grain receipts at Minneapolis and
Duluth-Superior were down one
fourth in October from the September
volume, but were fully as large as re-
ceipts last year and slightly larger
thar October receipts in 1920. Rel
ceipts Of wheat were responsible for
the greatest part Of the decline be-
tween Septem Der and October and%fell
from IS and a half million bushels.
which was abnormally large for Sep.
TENDER to 26 and 6ne-fourth million
bushels, which was somewhat below
normal for October. the normal in
each case being the ten-year average.
Rye receipts. which were second in
Importance during the mopth,N fell on
t~wo-thirds from the September vols
ume but were still more than double
the normal amount. Receipts Of oats