The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1921-04-30
BUS|NESSN|NTH
RESERVE DISTRICT
REPORT OF CROP AND Ii sINEss
CONDITIONS IN THIS DISTRICT
FOR MARCH AND FIRST
PART OF APRIL.

Minneapolis, April 30.-In pre-
provement in this district in business
activity in the month of March and
the early part of April when COM
pared wit hthe preceding months
says the report on crop and business
conditions in the ninth federal re-
serve district. There has been a sea
sonal increase this year, the report
continues, but the increase has been
very nominal and certainly not as
large as had been hoped for and ac-
tually expected. Indeed, some of the
gains in March have not been main
tanned in April, an example of which
is the complete shutdown of the larg-
est copper mining companies in Mon
tana and Michigan on April l.
The flow of grains and livestock to
market has been much stronger than
in the preceding month and some
what stronger than year ago, par
ticularly in the case of grain other
than wheat. Grain stocks at Mime
aggregate, although there has been
some decrease in the stocks of wheat
both as compared with last month
and a year ago. Present moisture
and soil conditions as well as acre
age planted and to be planted now
indicate that the next grain crop
should be a good one. The financial
position of the farmer has improved
owing to the prevailing tendency to
change from a cash basis of renting
to a crop share basis and to a change
from cash labor to schemes for CO.
operative effort by exchanging their
own labor.
Some industries gained in volume
There were increases in copper pro
duction, retail lumber sales, and in
turers, but all of these are consid-
erably less than year ago. Linseed
oil and oil cake production and pos
tai receipts show increases, both over
last month and year ago.
1t is too early to form a conclusion
concerning the size of our building
activity this~spring. Building permits
in March contained more than the us
ual proportion of repairs, while the
average size, particularly for new
construction, was much smaller than
normal. A larger number of projects
have been undertaken both as com
pared with last month and year ago
but the volume as measured by value
is only % per cent greater than in
February, which was a shorter
month, and is more than Is per cent
less than in March, a year ago, due
partly to some recessions in prices ol
building materials and labor
Price trends We're mixed, but the
declines appear to predominant
Wholesale produce prices declined in
March and majority of livestock
prices increased. Average retail pri
ces for food declined during thu
month 2.3 per cent, while increases in
rents are estimated at &c per cen
for the same period.
The March increase in the volum,
of general business was certainly no
over 10 per cent, and more probabl,
about 5 per cent, inasmuch as indi
vidual debts exhibited an increase o
little more than per cent in tn,
face of some decline in prices: Th
decrease in individual debts Of NOR,
than 25 per cent as compared will
year ago is probably to be explain
ed largely by the decline in prices
although there has been a consider
able recession in business volume.
Credit conditions did not improv
during the month. Member bank
experienced Withdrawals of deposit
while the feedral reserve banks los
in reserves and deposits. The reces
sion in general business and reduce,
employment with smaller payrolls /
reflected in the volume of federal re
serve notes returned for retirement
amounting to three million dollars i
March and proportional sum for tn
first two weeks in April. Interes
rates for customers at banks and o.
commercial paper, as well as at thi
DanK, remained unchanged. Their
were small declines in the rate O
bankers acceptances and on cola,
eral-secured notes and cattle loan!
The turn in the demand at this fec
eral reserve bank for accommodate
occasioned by spring planting need
took place one week earlier than las
year, and began on a level higher b
more than six millions, while our RI
serves and member bank deposit
with us exhibited much larger d,
clines as compared with a year ag,
Unemployment has increased an
wages are falling. Employment a,
encies in the largest cities receive
27 per cent fewer applications fc
men and placed II per cent fewe
than in February. The help wante
and n1ocad ic ohrrf f;f%A 80 A..