The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1922-10-02
GRAIN PRICES
HALT GAIN IN
N. W. BUSINESS
Tends to Minimize Advant'
ages of the Big Crop,
Says Reserve Head
EMPLOYMENT NORMAL
Heavy Marketing Of Cattle
Reported, with Conse-
. Quent Price Decline

Minneapolis, Mimi, Oct. 2.-The
drop in gram prices in August had
a tendency to minimize the advan-
tage of the big crop throughout
the Ninth Federal Reserve dis
trict, according to the monthly re-
port Of John H. Rich, chairman of
the Federal Reserve bank here,
made public today.
Marketing of rye, cattle and
sheep was abnormally heavy, Mr..
Rich declares, and with the excep-
ton of calves which were sustain
ed by the substantial movements of
feeders back to the farms, all live
stock prices declined,
The crop moving demand for
money has not been heavy and in
terest rates have declined sub
stantially. Investment funds are
in much better supply.
Lumber, copper and iron ore pro-
duction as we'll as building and
most manufacturing has been bet
ter in volume both as compare
with the preceding month and a
year ago.
Employment Normal
Employment has been normal
and accumulated stocks of mer-
chandise and materials have not
changed greatly, except for some
declines in lumber.
. However, Mr.. Rich points out,
the general improvement both in
volume Of business and financial
conditions has not helped profits
sufficiently to reduce business fail
uric to a normal level. It will re-
cure several months, he adds, to
determine whether the apparent
gain in the momentum Of business
in this district will continue in the
the face Of a coal movement up
the lakes equal to but per cent Of
"a year ago and if the present
price level is maintained for the
grains.
"Prices at central markets in
this district for majority Of the
products Of the farm, declined in
August from the July figure, due
rather to the weight of supplies
than to the decline in demand" Mr..
Rich says in his letter. "The me-
dunn price of wheat broke 80 cents
between these two months, show
ing the effect of weak European
support, as well as heavier re-
ceipts. Rye was in extraordinary
favor with European buyers and
declined less than 6 cents. Flax
declined 5 cents, barley 7 cents
and oats more than cents. The
median price of corn remained
practically unchanged.
Cattle Marketed
Heavy marketing of cattle and
sheep broke the median price Of
butcher steers $2.15 and lambs 25
cents. Although there was a de-
cline from July receipts of hogs,
the abnormally heavy receipts fore
ed prices to continue the decline
which started in May, the slump
this month amounting to SIPS.
Wholesale produce prices at
Minneapolis showed increase in the
important quotations, except in
vegetables. Eggs showed sharp
increase from 19 cents per dozen
to 26 cents. There were smaller
increases in butter, veal and hens.
The price of the best flour remain
ed unchanged.
"The credit situation in this dis
trict has given little indication of
crop moving demand" the letter
continues. "All Federal Reserve
Banks during the month of August
showed a small increase in bills
discounted and purchased and in
Federal Reserve notes outstanding
and small decline in reserves. In
vestment funds apparently were
in greater supply during August
than during July and time deposits
also increased slightly.
"Grain stocks in terminal ele-
vators, totaling l million bushels,
increased slightly during the
month Of August, but were one
third lower than a year ago.
Stocks of oats were slightly larger
at the end of August than at the
end of July, but down one fourth
from the figure a year ago. Stocks
of rye were almost eight times as
large at the end Of August as at |
the end of July. but barley stocks !
were down three ffths from last
year. Wheat stocks totaling less
than 2 million bushels were down
one fifth from a month ago and
one-half from year ago. Flax
stocks approached the vanishing |
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