Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-03-01

wheat stocks showed an increase Of
- per cent. The important increases
CURED during the month Of January
were largely caused by pfling up OF
o Of these grains at Duluth.
Receipts.
Grain receipts at Minneapolis and
Duluth declined IL per cent between
December and January, with declines
IN every grain except corn. Although
corn receipts normally reach a peak
IN December, during 1922 there
was a 81 per cent increase in corn
receipts between December and Janu-
airy. Receipts Of wheat during JAnu-
airy amounted to only 8 re million
bushels as compared with ~ million
bushels In December and II million
bushels q year Corn receipts at
Minneapolis and Duluth were up lii
per cent as compared with a year ago,
y receipts Of all other grains de-
clined, causing q net decline OF 8 per
cent. The decline in grain receipts
between December and January was,
due principally to a 80 per cent de-
cline at Duluth where lake shipments
have ceased for the winter and re-
ceipts OF grain for export have. con-
Finance.
t.3The financial situation was easter, in
JANUARY. Loans declined, but less
rapidly than during December.
Further reductions, amounting to s12
millions, were made BY customers in
their borrowings from thirty-1ve Sc
lccted member. banks in eight Of the
larger. cities OF the Ninth federal re-
serve district. OF this total the Twin
City bank customers were responsible
for II millions. Meanwhilk demand
| HahnAtfo ir~r~A nnA i o. 4 .. -SSVl&- go
Twin City banks,>but were down al
most three millions in banks in the
other six cities whose banks report to
us. Time deposits were down slightly
1a. al 1.-The zcihi9a Deposits ofasaYrs
banks afforded them the opportunity
Of reducing their borrowings at this
bank more than 10 millions in Janu-
airy and an additional three millions
in the first fifteen days of February.
While borrowings from his bank
were being reduced IS millions in a
month and a half, the war finance
corporation paid out to banks in rural
sections of the Ninth federal reserve
district seven millions in January and
s 1-2 millions In February, or 10 1-2t
millions in the same month and a
half. From November Z when the
war finance corporation commenced to
AoA uALlA y a
total OF almost Is millions has been
advanced by this corporation.
Faaeral reserve notes in actual cir
%culation declined 4 ID millions during
the month Of January as compared
with 5 10 millions last January.
The reserve Of this bank improved
materially in the four weeks from
January 4 to February /, reaching
the highest point since March 10,
1920. This increase and a coincident
decline in note issues caused the per-
centage of reserve against deposits
circulation to rise to 65.1 per cent on
February IL.
Investments were made in larger
volume during January than during
december, or during January a year
ago. The greatest dollar amcunt of
increase occurred in Sales of munich
pals, farm and city mortgages, and
foreign securities. Sales of city mort
cages while not large in volume, al
most doubled the December sales. AS
compared with a year ago, there were
Important increases in sales Of hu-
nicipals, farm mortgages and corpor-
alton bonds. The 1921 sales Of city
mortgages were nearly three times the
more than doubled; while there was
a small decline in sales Of foreign
securities. During January. 1922, Of
the corporation bonds sold, SO per
cent were industrials, So per cent
railway securities, and 80 per cent
per outstanding in the Ninth federal
reserve, district increased slightly be-
tween December M January, but was
o%ne-third less than last year. !.
Trade.
Retail trade during January fell off
a half from December which included
Ethe Christmas peak oflbuying and the
dollar amount OF sales was q sixth less
than in January, 1921. Stocks were
than at the end Of December md tho
same date a year Ago With the
sma1ler amount of business done and
slowly declining stocks. h turnover
OF h stores reporting declined con-
sdderably between December and
i E~mpaoynncnt.
federal reserve district during tho
fmonth OF January, although January
land February are usually the months
.Fof lowest employment. for this dis
trict. The total increase In the num-
Iiber Of employed between January i
made by this Office OF firms employing
less than 500 men in Minneapolis
and OF mining and lumber companies
in this district, WAS 81 per cent.
Cost OF Living.
The cost Of lying IN the Ninth fsd-
eral reserve district declined as per
cent between January and February
i and there was a total decline Of is
fper cent between January i. 1871. and
tfFebruary ~ 1922. On February /,
E1922, the cost Of living at Minneapolis
sH-oo q nav pant lowNr than on .Jnn1tarv
III And14.2 per cent below January Il
TO SENTENCE THIE11EN.
~Janesvtlle. Wis. March 1.-Judge
fOacar NJ. Fritz, Milwaukee,. will 80 To