The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1922-03-30
BUSINESS Is
LOOKING BETTER
INCREASE NOTED IN GRAIN
MOVEMENT FEWER BUST-
NESS FAILURES NOTED
FEWER JOBLESS.

Minneapolis, March 30.-The crop
and business report issued monthly
by the ninth federal reserve district
gives the following comprehensive
review of conditions in this section
during the month of February:
Business in February was about
the same as in January, when meas
ured by the dali average of physical
volume. Prices for all grains and
for all kinds of livestock continued
to advance. Although the dollar
amounts of individual payments thru
banks and of our federal reserve not
es outstanding declined during the
month, the reductions were consider
ably less than took place between
the same dates last year.
Corn, rye, and oats moved to mar
ket with larger daily average vol
ume, causing an increase in terminal
stocks. The total grain receipts
were 10 per cent larger than a year
ago and the stocks 80 per cent larg-
er, gains in the latter taking place
in rye, corn, oats and wheat.
Live stock receipts declined one
fourth in the total number of head,
but there were gains in the average
daily receipts of horses. cattle, and
calves. Hog receipts exhibited a
normal decline while calves doubled
the normal amount for this season.
1t is important To note that ship
ments of calves and cattle for feed
ers were much larger than a year
ago. Dairy production is reported to
be substantially larger than a year
ago. -
Wholesale trade sales Were eat
er in daily average for Februa-F In
all lines except dry goods. And when
compared with a year ago. sales of
shoes were much greater, dry goods
and groceries were somewhat less,
and farm implements and hardware
considerably less. Retail trade de-
clined slightly in February.
The Anaconda mines in Montana
have reopened, causing substantial
increase in copper production, al
though the total was 80 per cent be-
low the same month in 1921, and 55
per cent below 1920.
Prospective building activity IN
this district as indicated by permits
granted in February, declined only
i'm valuation. However, the number
and valuation were both one-Quarter
less than year ago. Lumber sales
at retail declined slightly during the
month and were one-quarter less
than a year ago. Orders and ship
ments of lumber manufactures were
practically unchanged while the lum-
Der cut was but one-half of year
ago. Retailers stocks have been ris-
ing and manufacturers stocks de-
clining.
Unemployment conditions were
improved by an increase of demand
for labor for mining and numbering
but there was no change in the larg'
er cities.
Flour and linseed products rose in
daily average production but flour
production has remained substantial
ly below the 1O-year average since
November.
Business failures were slightly
lower both in liabilities and in mum
ber, but continued larger than yeal
ago.
Twin City banks report reductions
in loans and deposits while member
banks in other cities report in in
creases in loans and deposits, the ag
gregate for the district indicating 1
reduction of loans of customers a
banks and by member banks at thu
Federal Reserve bank. Cash reserv
es have increased. Market interes
rates declined slightly in the month
ending March Is. The advance o
one-fourth per. cent in 90-day com
mercial paper, while the longer ma
turtles declined one-fourth per cent
indicates the relative decline in tn
demand for shorter maturities at th'
prevailing rate of A "a per cent
Sales of investments are being mad
to bankers in somewhat larger quan
titles although the public bough
much less.