Webster City freeman. [volume] (Webster City, Hamilton County, Iowa) 1884-1946, 1921-01-31
Survey of Seventh Federal
Reserve District Shows
Conditions are
Sound.
; NEW PRICE LEVELS
Farmers in Some Districts
Show Increased Deal
ing Tendency.

ncw business apparently is awaiting
the sterilization of markets. Report
from all parts of the Seventh Fedora
Reserve district indicate greater thrift
ard economy than have existed TO
some time. Commercial borrowers ar
|liquidating inventories as rapidly a
possible, even though at loss; ant
some liquidation is in evidence in thu
purely agricultural sections Of this dis
trict. The thrift and economy nov
manifesting itself is attributed to les
scned extravaganza and to l0wel
prices. In the manufacturing center:
the gain in the volume Of savings de
posits rather than in number of &C
counts is believed to be due to the fact
that the thrifty, as rule being the
better workmen, have retained Their
earning power.
Dry Goods.
The dry goods trade seems to have
shifted to new level, merchants tax
ing their losses and reDlenishing theil
stocks at lower prices in the hope OF
again being able to operate on profit
basis. However, they are not placing
advance orders to a large extent; the
month of January being one Of clear
ances and adjustments in this class Of
merchandise.
Merchants at the smaller centers feel
the curtailed buying power Of the farm
er, which they say is due to the sharp
decline in farm prices for products
raised on high labor cost basis. The
unreasonable fall and winter has been
q factor in reducing the demand for
blankets and other winter merchandise.
This, of course, is reflected in the cur
tailment of various textile mills in this
section. Wholesalers and jobbers re-
port fewer cancellations OF orders. All
difficulties in the delivery Of goods
seem to have vanished.
Farm Conditions.
Notwithstanding the rather tense
money situation and unfavorable for
cign exchange, markets for export to
Europe have taken considerable
amount of American corn. The crop Of
Americas greatest competi-
tor, has been largely disposed Of, and
it will be necessary to rely on this
country for corn until the new Argen-
tine crop comes in. This is beginning
to exert its influence in the grain mar
kct in which the price of corn still is
regarded as out of line with costs of
articles which the farmer must buy.
Europe is also taking large quanti-
ties of wheat. The domestic consumer,
the retailer, the wholesaler, the -four
jObber, as well as the baker OH account
Of stringent money conditions have re-
trained from buying flour beyond their
absolute requirements. Mills have
small stocks OF either -four or wheat.
Points not Oh the seabOard showed,
about the middle of January, only
l4.O0O,OOO or 15,OOO,O0O bushels of
-heat, visible supply regarded as in
adequate for normal milling demand.
Receipts Of live stock at the principal
markets during December and for the
'ntire year of 1920 were considerably |
below those of the corresponding per-
DDS of the previous year. For instance,
IL December cattle receipts decreased
a per cent and for the year, 1920, Is
;er cent; calves, ii per cent for the
Month and for the year, 1920, per
ent; sheep and lambs for December,
& per cent, and for the year, 1920, Is
'cl cent. The average prices of live
took in Chicago in December as COM
jared with the previous year showed
decrease of 26 per cent for choice
attic; % per cent for common ca title
i per cent for sheep; and 81 per
cnt for lambs, while the yearly aver
&c for 1920 compared with that of
a19 decreased; choice cattle, II per
ent; common cattle, 13 per cent
heep, 10 per cent; and lambs, per
cnt.
Receipts of hogs in December were
considerably lower than the CORES
onding month for 1919, while the
verage price for live hogs was 1885
er hundred. compared with $3.50 in
ne previous December. Hogs are now
cginning to move to the market In
rcatcr numbers, but some are in an ;
Unfinished condition, owing to the
redit situation.
The farmers In various localities are :
lowing an increasing tendency to cell.
t the present market, cattle to which
lcy had fed high priced corn, and TO
,place them with feeders ut lower
rice. This, however, has not become
encral.
Labor Situation.
The rapid reduction in the demand
d labor, which has been going On for