T. B. WARREN
Real Estate and Insurance
1089 Broad Street
Tel. Bar. 621
That producers and business men
of the Northwest and the Pacific
coast are .expecting a drop in the
price of foodstuffs and are preparing
for a sudden change in conditions is
the opinion of Rollin P. Grant, vice
chairman of the board of the Irving
National Bank of New York. Mr.
Grant has just returned from a two
months' trip through the grain, fruit
and cattle producing regions.
From one end of the country to
the . other people are thinking, and
thinking seriously," said Mr. Grant,
of a very definite change in conditions.
Bankers are watching and restricting
credits as never before. The merchants
have had their ears to the ground for
some time and are buying more care
fully. They have been taking advan
tage of what are known as summer
sales to force a lare reduction in
their inventories. They have sensed a
widespread feeling that the public is
becoming tired of paying high prices,
and are governing themselves accordingly.
Liquidation in some volume of
Treasury certificates and of loans sup
ported by both government and cor
porated securities in connection with
continual withdrawals of government
deposits is indicated in the Federal !
Reserve Board's weekly statement of j
conditions on July 9 of 914 member
banks in leading cities. Other loans
and investments, including commer-
cial loans proper, show a substantial
increase, as does cast In vault, ap- J
parently as the result of the return
flow of currency issued in large
volume to the public by banks during
the preceding week.
