The daily star-mirror. (Moscow, Idaho) 1911-1939, 1922-03-28
ADVANCING PRICES
FARM PRODUCTS
BUSINESS AND AGRICULTURAL
CONDITIONS SUMMARY RE-
PORTS IMPROVEMENT.

Following is a summary of business
and agricultural conditions, for re-
lease on Tuesday, March %, in the
twelfth federal reserve district as re-
ported to the federal reserve board by
John Perrin, chairman of the board
and federal reserve agent
easier credit conditions in agri-
cultural sections have been the i'm
mediate results of advancing prices
for the principal agricultural pro-
ducts of the district, including cattle,
sheep, hogs, the grains, the fruits,
wool and sugar. During the four
weeks ending March s, normally
period of some credit expansion In
this district, country member banks
reduced their borrowings from this
bank by approximately $3,000,000 or
so per cent. In the same period the
prevailing interest rate charged bor-
rowers in Salt Lake City, the finan-
cial center of the intermountain dis
trict, declined from to per cent
and in Spokane, the center of another
great agricultural section from Z to
61a per cent.
Advances during the past two
months in the prices OF farmers pro-
ducts, accompanied as they have been
by stability Or a. continued moderate
decline in the price of most other
groups of commodities, have effected
a more nearly normal relation be-
tween the prices of things the farmer
sells and the price of the things he
must buy than has prevailed for the
past year and a half. Such an ad-
justment has long been considered
essential to any marked Improvement
of the general business situation.
Carry0yer Stocks Below Normal
'In contrast with conditions pre-
vailing a year ago, carryover stocks
of agricultural products are at pres
ent normal or below normal.
The March 1 report of the United
States Department of Agriculture
showed that stocks of wheat on the
farms of the principal wheat growing
states of the district amounted to but
10 per cent of the former seasons
crop Last year on the same date ap-
16 per cent of the 1920
crop was still held by the producers.
productive activity in this district
was we'll sustained during the short
month Of February In the lumber
industry, production, shipments, and
orders received were greater than
in January, 1922, or February, 1871.
The mills operated at approximately
S5 per cent of normal capacity COM
pared with so per cent year ago.
The resumption of inquiries Tor lum-
Der from the agricultural states OF
the middle west was particularly
hopeful sign, especially for the IN
land mills which have not shared IN
he thriving water trade with the At
antic coast and Japan. Continued
slow improvement was noticeable IN
he mining industry effected more by
owered costs of production than by
in mineral prices. Work
S proceeding slowly at the five large
,opper mines of the district which in
January announced that operations
would be resumed. No ore has yet
)een mined by them.
EmpIOyment Conditions Improve
Increased productive activity and
he resumption of seasonal outdoor
york in some sections have combined
O relieve the unemployment situa-
ion and more men were employed IN
February than in January. The peak
# unemployment appears to have
,een passed.
Building continues more active
han year ago. The number OF per-
nits issued in 20 principal cities in
february, 1922, exceeded the number
ssued in February, 1921, by lao per
ent and the value of the 1922 permits
exceeded the value of the 1921 per-
nits by COS per cent. Substantial i'm
,royement in the physical volume OF
BUSINESS being transacted throughout
he district is indicated by figures on
ebits to individual accounts in 20
Tearing house centers. In the four
weeks ending March l, 1922, debts to
Individual accounts were only per
ent less than in the same period IN
921. In January, 1922, the decline
ompared with the previous year was
2 per cent"