The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-09-29
BUSINESS IN
NORTHWEST IS
SOME BETTER
Total Volume Slightly Better
That a Year Ago, Federal
Reserve Bank Reports
MIXED CROPS BEST
Yield Greatest Return, Says
Monthly Report Of J. H.
Rich, Head of Bank
MIXED CROPS BEST

Minneapolis, Sept. Z9.-Ihe totai
of business activity in the Federal
Reserve District is slightly better
than a year ago, with the volume
remaining about stationary in the
last two months, according to the
monthly summary issued today by
John ii. Rich, federal reserve agent,
Minneapolis. The summary says:
"Crop returns for this district are
becoming more definite each day.
Latest information ut our command
confirms early reports of an Increase
in the corn crop without material
damage from early frost, and de-
crease in the spring wheat crop.
Farmers who varied their production
this year by planting flax are now
reaping mefited reward with good
yields and lair prices. Terminal
prices for wheat, corn and fax are
greater than year ago.
Business activity during August
as reflected by individual debts was
practically the same as in the pre-
ceding month, whereas there is usu-
ally an increase at\this season Of the
year. However, the total is slight
ly better than year ago. In most
lines of business the volume of activ-
ity followed seasonal trends except
that retail trade appeared to be much
better in the cities and poorer in the
country districts. Mining output for
both iron and copper were above q
year ago. Marketing of corn and
rye was below year ago but this
was partly offset by abnormally high
receipts of flax, oats, and barley.
The fact that receipts of cat
tie and calves have fallen be-
low those of = year ago suggests the
possibility that beef herds are being
built up because of plentiful forage
and confidence in the stability Of
beef prices.
"The outlook for new business may
to some extent be estimated by
consideration Of projected building
activity as shown by building per-
mits and by stocks Of merchandise
on hand, The valuation of permits
recorded by this Office for August
reached the highest total since our
reporting began nearly Ave years
ago. Both the number AND valuation
Of permits exceeds that Of a year
, ago. Stocks in the hands Of lumber
, retailers, however, have reached the
highest totals for this year relative
to seasonal trends, while the stocks
of lumber manufacturers are. about
the same as year ago. Merchan-
disc stocks of city retailers are
. greater than year ago.
! Financial conditions indicate Gus
tomary developments for this time Of
the year. The loans of 90 banks To-
Gated in the larger cities increased
nearly millions during the six
weeks ending with the middle of Sep
tember, bringing them to the point
of borrowing from this Federal Re-
serve Bank during September. Crop
moving demands increased Federal
Reserve note issues 21-2 millions
during the first half Of September
Banks located outside the larger cit
les indicate in recent called reports
IA less strained condition Than . year
ago, although somewhat more ex-
tended than during the spring, as is
to be expected. The general demand
for accommodation for agricultural
purposes has made interest rates
firmer, demands from commercial
sources having remained about the
same"
Other statements in the report in
clude:
Farm product prices at Northwest
ern terminals showed . slight up
ward trend between July and August
Retail trade during August was
marked by full recovery in depart
ment store sales in northwestern
cities after the 1dfy slump.
Savings deposits in Minneapolis,
st. Paul and Duluth were as large on
the first of September as on the first
OF August and were IL per cent
= larger than q year ago.
Rural credit bank conditions on
June 80, 1923 showed = marked inn
provement over conditions year
ago, but seasonal expansion - COM
pared with April 8.
- :.