The Miller press. [volume] (Miller, S.D.) 190?-current, 1922-03-09
BUSINESS
ON INCREASE
Advance In Farm Prices Given As
Reason BY Federal Reserve
Agent

There was a remarkable Improve
ment OF business confidence in Janu-
airy on the part Of both farmers ami
merchants, based largely on the recent
advance In the prices of agricultural
products, according TO the monthly re-
port by John ii. Rich, agent Of the
Minneapolis Federal Reserve bank, is
sued today.
! Livestock and corn moved to
ket much more rapidly in January and
terminal elevator stocks at the end OF
the month were greater than a year
ago for all grain excep fax and BAR
ley" the report said. These additions
to the market supply Of agricultural
products were more than Offset by an
improved demand. Prices rose for all
grains except rye and for all livestock
except butcher ows Wool prices and
sheep have had a large share In this
advance.
Credit conditions have continued to
improve. Market interest rates re-
flected this condition by a decline OF "
per cent in the month ending Feb. Is.
Member banks have been paying OFF
their borrowings at this bank. Saw
ings deposits have increased. The in
vesting public bought Tor securities
in January. with satisfactory increas-
es In the sales of farm and city mort
cages, the sales of the latter being
three times as large as a year ago.
Buying Revival Apparent
Expected renewal of buying in the
spring months Is shown I'm the January
1ta-- aAa - l~atranaIA anIna nf
shoes and dry goods, which were 80
per cent above a year ago. Buying
power has not revived In farming Sec
lions as sales of agricultural imple-
ments have declined.
Building permits exhibited the Gus
tomary January decline but exceeded
the figures of a year ago. Retail sales
OF lumber fell off &c per cent in the
month, but equalled those of a year
ago,
Business failures apparently reach
ed their peak last November when the
crop results were known. for the jan
uary figures have not reached such
record breaking totals, although they
are somewhat greater than In Decem-
Der, as should be expected in a month
of inventory taking.
Financial Situation Easier
"The financial situation was easier
in January. Loans declined, but less
rapidly than in December. Further
reductions, amounting to Sl2 ,00O.O cO
were made by customers in their bor-
'rowings from 35 selected member
banks in eight of the larger cities or
the ninth federal reserve district. or
this total twin city banks customers
were responsible for $1,000, 600.
Meanwhile demand deposits increased
80, SOC, 900 in twin city banks, but were
down almost SO, 900 900 in banks in the
other six cities whose banks report
TO the federal reserve bank. Time
deposits were down slightly In all OF
the cities. Deposits OF savings banks
increased.
Investments we're made in larger
volume in January than in December
or January a yeas ago. Sales OF city
mortgages, while not large In volume,
almost doubled the December saies.
Az compared to a year ago, there were
important increases in sales OF NUM-
! cipals, farm mortgages and corpora
ton bonds.
Employment Conditions Gain
Employment increased in the ninth
federal reserve district in January, al
though January and February usually
are the months of lowest employment
for this district.
The only industries In The district
showing a decrease were mining com
panies in nortoern Minnesota n raii-
road repair shops in Minneapolis. Inc
largest increase for the month IN DIN
ling companies occurred In Montana
and Michigan, in lumber manufactur-
ing companies and in firms doing %
struction work. ~.
THE cost OF living in the ninth re-
serve district declined 3.5 per cent be-
tween Jan. / and Feb. l, and there was
a total decline Of Is per cent between
Ion I 1891 and Feb. 1, 1922"