The Bismarck tribune., 1922-05-27
John H. Rich, Chairman of Re-
serve, Makes Report on Busi-
ness Conditions
LIVELY BUYING SEE
Reports From Cities in North.
west Indicate Generally Bet.
tered Conditions

Minneapolis, Mimi, May N-An i'm
provement in the crop outlook, will
stabilized or improving prices for farm
and range produce characterizes thu
month of May, says the Ninth Dis
tict Federal Reserve banks monthly
report issued yesterday.
Improved buying in urban centers
owing to large building program ant
the reopening Of copper and irol
mines, is evidenced also, the repor
adds, while credit facilities are in :
position to finance substantial in
crease both In industry and market
ing.
In its summary, the report says:
Crop prospects appear very prom
Using at the present time. Winter
wheat has = had excellent growing
weatherin the northeastern states will
less than the fye-year average of win
ter killing, which meanst hat if no un
favorable developments occur later
there will be an increased production
over 1921. -.
Rye in this section has increased
enormously over last year in acre
age; and ptesantsconditions appear ia
warrant a inst Hrop. fully two-thirdi
larger. than ;4aafsSear, North Dakota
particpatfns, nsts Aeayily in this in
creased productions. ssSpring wheat
seeding was unseasonably late in Mon
tana, but reasonably satisfactory else
where.
Llvetock Situation Fair.
Livestock in this district as a whole
came through the winter in average
condition, although there were losses
greater than normal in North Dakota
A recent survey indicates that Mon.
tana will have more wool than last
year. Butter production in Minnesota
has increased 10 per cent.
The marketing movement and prices
of farm products remain substantially
unchanged Hogs, cattle and calves
moved to market more rapidly than Is
normal for this season, but the move
ment of sheep and grains was less
normal, except for corn, oats. and bar
ley. The price of fax has risen while
that Of lambs and calves has declined
The wool market has strengthened
very satisfactorily in, recent weeks,
and dairymen report unchanged prices
Of butterfat. City consumers have ex-
nerfehced slight increase in the
prices Of the essentials in the aver
age household.
The volume of buying at retail has
improved with considerable increases
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 manufacturers ship
: ping lumber and wholesalers Of farm
implementsand OF hardware, although
groceries, shoes and dry goods have
declined.
Increases in Stocks.
Stocks Of merchandise and materials
remained about the same during the
month on the average, although there
has been an increase in the stocks Of
department stores and in the elevator
stocks of wheat, corn and barley.
When stocks are compared with d
year ago, It appears there has been an
increase for all grains except flax, and
for department stores, but substan-
tial decline in the case Of lumber re.
tailers.
Manufacturing indicates mixed con
dltions with declines in the production
Of flour and linseeA products, but a
small increase in refined copper pro
duced and doubling of lumber cut
by manufacturers. Similar tendencies
are shown IN the same industries
Nhen compared with year ago.
Building operations projected in the
important cities in this district dol,
bled in April, as compared with March,
both in number and in valuation Of
permits granted and werc c}h}ger than
o. year ago An improvement in the
rental situation locally is indicated
by the number Of rental advertise
ments increasing more than one half
az compared with year. ago.
Employment conditions have improy,
ed noticeably because Of the reopen
ing Of mines, doubling of building
operations, and the high pressure Of
farm labor demand occasioned by the
late spring. .7{rTs7s
Volume Of General Business,
The volume of general business
measured by bank debts, coupled with
a. consideration of the foregoing fac
tors. indicates there has not been
much change since last month. The
lack Of q substantial Improvement in
volume has further delayed the ex-
pected Improvement in statistics of
business failures. April failures were
much larger both in number and iabil-
tiles than a year ago, although there
has been some reduction in liabilities
az compared with March. The re,
opening Of traffic ON the lakes ON April
II was later than year ago and did
not influence the volume of business
substantially during the month.
Financial conditions from the stand
point Of available credit facilities are
very satisfactory. Selected member
banks in eight large cities reported
substantial increases in deposits, some
reduction in loans by customers and
considerable investment in bonds and
securities.
The Federal Reserve bank has had
recently. a noticeable although small
increase in loans requested by and
granted to member banks. The