Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-04-28

2.3 per cont, while increases in rents
are estimated at &c per CEN for tho
same period.
The March increase in the volume
OF general business was certainly not
over 10 per cent. and probably
about s yer, cent. inasmuch as indi-
vidual debts exhibited an. increase Of
little. more than 2 per cent in the face
of some decline in prices. The de-
crease in individual debts Of more
than rs per cent as compared with a
year 6 is probably to DC explained
largely by the decline in prices. al
though there has been a considerable
recession in business volume.
Credit conditions did not improve
during the month. Member banks -ex-
perienced Withdrawals Of deposits
while tho Federal Reserve bank lost
in reserves and deposits. The recess
sion In general business and reduced
employment with smaller payrolls is
reflected in the volume Of federal re-
serve notes returned FOR retirement.
amounting to three million dollars in
March and a proportional sum for the
first two weeks in April. Interest rates
for customers at banks n on COM
mercial paper, a we'll as at this bank,
remain unchanged. There were small
declines in the rate oil bankers ac-
ceptances and on collateral-secured
IIOtSo illu cdlllO Iodho. IL loAh All
the demand at this Federal Reserve
bank for accommodation occasibned
by spring planting needs took place
one week earlier han last yea and
began OF a level higher by more than
six millions. while our reserves and
member bank deposits with Is ex-
hibited much larger declines as COM
pared with a year age.
Unemployment has increased and
wages are falling. Employment asen-
| cies in the largest cities received 81
per cen fewer applications for men
and placed II per cent fewer than in
February. The help wanted and plac-
: ed is about one-ffth Of that in March
a year ago. A special study of typical
number of persons employed had de-
clined % per cent compared with a
! year ago and that the payrolls Of
such firms lac declined "a per cent
in the same period.
Business failures were about one
! half in number and in total liabilities
of those reported the preceding
times as large in total liabilities as a
| year ago
Business Trend i'm Ninth District,
The one subject of most absorbing
interest among business executives
today is the trend in the volume Of
business and in the price level, owing
to the fac that business activity and
prosperity depend upon a satisfactory
volume Of business coupled with suf-
ficient margins between cost n SELL
| ing prices. A fairly satisfactory index,
which will indicate changes in these
| two elements of business prosperity, is
to be found in individual debts or
payments made through banks BY the
use OF checks. Since these figures for
individual debts combine volume and
price they indicate changes in volume
! only when prices arc stable.
Crops and Farm Situation.
The acreage seeded and to be seed
ed to corn and oats in this district
this year is substantially larger than
that seeded in 1920. However, both
will be slightly smaller. while the
acreage seeded to fax is materially
reduced. Barley and rye will repre-
sent a normal proportion Of the total
acreage.
Owing to the exceptionally. mild
spring, seeding is we'll advanced.
Wheat seeding has been completed in
sofa, while the seeding of coarse grain
! is well advanced. In Montana and
I North Dakota Seeding has started UNI
der very favorable conditions. Winter
wheat and W prospects are good. ac-
cording to the April is reports of the
county agents.
Throughout the Ninth district, the
lack of snow during the winter has
been offset by heavy spring rains.
Montana had twelve inches of snow
fall in March. Although the winter
has been cold and the rainfall heavy,
the effect has been beneficial rather
than harmful to the prospective crop.
Farmrlabor is much easier to OBJ
tain this year than last. The supply
is much more plentiful. Workmen
who were attracted to the cities by
wartime wages in the industries have
been returning to the country dis
tricts. While the supply is greater
demand for farm labor this spring is
less thar a year ago. Farmers are
short of ready funds and are clubbing
together for mutual assistance to
avoid paying cash wages to hired
help. Tho prospect at present is that
the supply Of farm labor will be ir
excess of demand. The effect of this
situation on the price Of farm. labor
is shown by the fact that the month.
ly wage of a farm laborer with board
is about 55 per cen this spring of the
figure for last year. Farm laborers arr
now receiving from S35 to $45 pc,
month with board. A year ago thu