The Mankato free press., 1922-06-02
'HNFCROPOUTLOOk
CONDITIONS FOR MONTH
MAY REPORTED
FARM PRICES BETTER
Improved Buying In Urban csa-
ters Due To Large Build
ing Program.

bilized or improving prices TOT iartn
and range produce characferizes the
month of May says the Ninth Dis
trict Federal Reserve banks month
| ly report issued today.
Improved buying in urban CEN
| ters owing to a large building pro-
gram and the reopening OF copper
and iron mines, Is evidenced a1so
| the report adds while credit faclifoes
are in position TO finance SUD
stautial increase both in industry
and marketing. In its summary the
| report says:
Crop prospects appear very prom
Using lat the present time. Winter
wheat has had excellent growing
weather in the northeastern state
with less than the five-year average
Of winter killing which means that
/ If no unfavorable Developments oc-
cur later there viii be an increased
production over 1921.
Rye in this section has increased
enormously over last year in acre
age; and present conditions appear
to warrant final crop fully two
thirds larger than last year, North
Dakota anticipating most heavily in
this increased production. Spring
wheat seeding was unseasonably late
in Montana, but reasonably Satls-
factory elsewhere.
Livestock in this district as
whole came through the winter IN
average condition although there
we're losses greater than normal In
North Dakota. A recent survey In
dicates that Montana viii nave
more wool than last year. Butter
production in Minnesota has In
creased ten percent.
Retail RuNin0 Improves
The marketing movement and
prices of farm products remain sub
stantially unchanged. Hogs. cattle
and calves moved to market more
rapidly than is normal for this sea
son but the movement OF sheep and
grains was less than normal except
| for corn, oats and barley. The price
of-dax has risen while that OF lambs
and calves has declined. The wool
market has strengthened very sat,
isfactorily in recent weeks and
dairymen report unchanged prices OF
butterfat City consumers have ex-
perienced a slight increase in the
prices of the essentials in the aver
age household.
The volume of buying at retail
has improved with considerable i'll.
creases in retail lumber sales and
department stores sales and less
than seasonal decline in the sales OF
mail order houses. Wholesale trade
improved considerably for manufac-
turers shipp4ng lumber man and
wholesalers of farm implements
and of hardware, although grocer
les, shoes and dry goods have de-
ciined.
Stocks Of merchandise and ma
terials remained about the same
"a
although there has been an increase
in the stocks of department stores
and in the elevator stocks of wheat.
corn and barley. Then stocks are
compared with a year ago, it ap-
pears there has been an increase
Off all grains except fax and for de-
partment stores but a substantial
decline in the case Of lumber retail
ers.
Manufacturing Conditions Mixed
Manufacturing indicates mixed
conditions with declines in the pro-
duction of -four, and linseed prod
ucts, but a small increase in refined
copper produced and a doubling Of
lumber cut by manufacturers. Simi-
lar tendencies are shown in the
some industries when compared
with a year ago.
Building operations projected in
the importante cities in this district
doubled in April as compared with
March, both in number and in valu-
alton of permits granted and were
larger than a year ago. An improve
men in the rental situation locally Is
indicated by the number of rental
advertisements increasing more
than one half as compared with
year ago.
Employment conditions have i'm
proved noticeably because of the
reopening of mines, doubling Of
building operations, and the high
pressure of farm labor demand oc.
casioned by the late spring.
The volume of general business
, with a consideration of the forego-
ing factors, indicates there has not
been much change since last month.
The lack of a substantial improve
men in volume has further delayed
the expected Improvement in sta.
tistics of businss failures. April fa1-
ures were much larger both in NUM-
ber and liabilities than a year ago.
although there has been some reduc-
tion in liabilities as compared with
March The reopening of traffic on
year ago and did not influence the
volume of business substantially
during the month.
Financial Conditions Better
Financial conditions from the
standpoint of available credit facii-
tiles are very satisfactory. Select
ed member baaks in eight large cit
les reported substantial increases in
deposits, some reductions In loans By
customers and considerable invest
ment in bonds and securities.
The Federal Reserve Bank has
had recently noticeable although
small increase In loans reouesto
hy and granted to member hanks.
The twelve Federal reserve Lanks
experienced in reduction IN loans
during the month and an ~c-ssse in
reserves and of deposit although
Federal reserve banks experienced .
reduction in loans during the month
and an increase in reserves ami o.
deposit although FederSl Reserve
notes wore not required in such
large quantities. Thare has beca no
important change in interest rates
or in holdings of commercial paper
by banks in this district. Security
sales were somewhat reduced during
the month but are running much
much larger than a year ago.