The Miller press. [volume] (Miller, S.D.) 190?-current, 1922-02-16
BETTER OUTLOOK
ON N. w.. BUSINESS
Bankers and Business Public See First
Rays Of Sunshine In Business
World

Straws Of many kinds blowing hith-
er and yon during the past month or
two Indicate a slow return to normal
conditions in the northwestern agri-
cultural section. The latest instance
noted is found in the increased price
CT all grains and livestock, another is
the big Twin City Automobile Show,
attended by large crowds, and where
more sales were reported than for two
years.
A careful review of general condi-
tons is given out in the February fol-
Ger Of the Northwestern National Bank
OF Minneapolis. which is a calm CON
sideration Of the situation as it exists
today. 1t is worthy OF perusal:
The person who starts out to find
6 ray OF sunshine lighting up the hith-
erto overcast condition of things in
the Northwest, does not go unreward-
ed. A better feeling is forming in the
minds Of many people, although 9TH
trs seem determined to embrace onlv
the colder facts and refuse comfort.
Our country bankers, who are very
close to all things Northwestern, are,
as a class, in a less tense state of
mind. This change has come to them
Ia a measure from the changed atti-
tude OF farmers, and it is carried on
TO city bankers like a flow of new
flood through chilled arteries. A GER
tain degree of the financial %infexibil-
ity of the past year has been caused
simply by a state of mind. In many
Iarss of the country, particularly in
the diversified farming sections, there
is a sufficiency of money; merely, it Is
Lot functioning properly. A better
cooperation all GROUND would bring
about the usual interchanges of bust
ness,
And now, we believe we can truth
fully say, this new feeling Of confd-
ence is forming in the minds of many
people. One reaso for the quickening
Of our hope is the approaching change
OF seasons. Already this influence is
being reflected in the grain market.
Weather, Crops and Markets. a new
publication issued weekly by the I'm
tied States Department Of Agriculture,
cites the fact that the more obvious
market factors are somewhat tenn
pered by the fact that the winter wheat
harvest is only five months away"
The difference in the feel Of things,
fowever, the less harassed state of
mind of farmers and bankers, is not
based solely on expectations, on being
able TO peer a little farther over the
horizon of the seasons The credit
that has filtered through to the North
west from the War Finance CORPORA
ton, although this credit is MOI re-
markedly large in amount, has eased
the pressure where it has been great
est; 1t has been sufficient to allay a
most real anxiety and irritation caus-
ed by the long-sustained credit dead
lock.
Prices of farm products have also
quite generally advanced or held their
ground during January. Wheat adj
vanced IA cents during the month in
the Minneapolis market; corn. 4 cents,
oats, 3 cents; barley, from 3 to 6 cents,
rye, 8 cents; durum wheat, IA cents:
fax, 25 cents. These increases are
perhaps no more than were lost dur
ing a single days trading at the time
OF the great decline, but advances have
been steady and not the paroxysms
OF a diseased market. Furthermore,
there is to be added to these advances
the decrease in freight rates which
took effect on January 1, 1922. This
has advanced market prices of grain
in the Northwest, accruing directly TO
producers, to an amount ranging from
] to 5 cents per bushel on wheat, l to
4 cents on oats, / to s cents on corn,
! to 2 cents on barley, and l to 8 cents
on rye, the size of the increase de-
pending of curse upon the distance
from market. Although coming in
so late in the season and at the best
amounting to but a small sum to each
producer, il is an advance not to be
d~isregarded. Receipts of grain in
Minneapolis were below normal dur
ing January, but because of these
more favorable rates receipts increas-
ed during the latter part of the month.
AS a matter of fact, there is not much
grain now in the hands of Northwest
tern farmers. No official report has
been made on this point, but this is
the prevailing belief, and private es-
Inmates amply bear 1t out.
1t is usually estimated that so per
cent of the corn crop does not leave
the counties in which it is produced,
but is used for local feeding or seed.
The value of corn is thus measured
largely by the price of hogs, which
have raised from 5000 to 900. Con-
sidering the present status OF the live
stock industry it is worthy of consid-
Grafton that the livestock loan business
is now considered by northwestern
bankers to be safer than at any time
since 1918.
In short, even at this time of mid
season, it is believed that the reaction
from the subsistence in the fortunes
Of the agricultural communities has
begun"