The Bismarck tribune., 1924-10-13
FIND BUSINESS
BOOMING OVER
NORTHWEST
Statement of Federal Reserve
Agent Tells of Great
Increases Made
BIG GRAIN EXPORTS
Northwestern Farmer Getting
Good Crop in Year of Poor
Crops Over World

Minneapolis, Oct. 13.-Realiza-
tion of the good fortune of the
northwestern farmer in having an
abundant small grain crop in
year of poor world crops was the
outstanding event of the month of
September, says a statement OF
John R. Mitchell, of the Federal
Reserve Bank, Minneapolis. "lm-
porting countries with short crops
are competing for grain supplies
to make up their deficits. The
world prices consequently have
been raised to a level which places
the American farmer on much
better earning basis than he has
enjoyed for several years. Exports
of Canadian and American grain
during September totaled 33 mil
lion bushels, in striking contrast
with Ia million bushels shipped last
year during the same period. The
other grains have also felt the
effect of European demand. Ex-
ports of rye, oats and corn were
double those of year age. The
export movement of grain has
congested Duluth-Superior harbor
terminals and reached record
breaking receipts of more than "a
million bushels in September, of
which 20 million bushels were ship
ped down the lakes, as compared
with total receipts CT Is million
bushels a year ago. Terminal re-
ceipts of flax alone show no pro-
nounced increase over a year ago.
Prices for the majority of the
grains have been strong during the
close of September and the first
few days of October, and sales
have been several cents higher than
the September median prices. The
September median prices were
somewhat less than those in Aug
ust.
Livestock Receipts Less
Receipts Of livestock at termin-
ais during September were one
fifth lower than last year for cat
tie and hogs, but slightly larger
for calves and sheep. The feeder
movement was smaller in volume
than last year. Median prices of
hogs and feeder steers at South
St. Paul advanced, although some
decline is normally expected for
this season. Recent reports lndl-
cate that in each of the states of
this district the number Of dairy
cows and heifers, two years old
and over, increased more rapidly
in the year ending June l, 1924
than for the United States as d
whole, Montana showing more than
18 percent, North Dakota nearly
Is percent, South Dakota mere
than 10 percent and Minnesota
nearly z percent, as compared with
the national average of about G
percent, as reported by the U. s.
Dept. of Agriculture.
"The volume of business, when
measured by the total of individ.
ual debts at sixteen cities in this
district, reached the largest tota
in September of any monthly tota
since November, 1920, with an in
crease of % percent as compared
with August, and an increase of q
percent as compared with a yea
ago. This increase was due almos
entirely to the rapid and heav!
movement of the grain crops
There was decline for the month
in the debts at one of the citie
handling livestock. Lumber manu-
featuring. linseed production, mill
ing activity and iron ore shipment
were all below the volume of
year ago. However, shipments O
linseed oil and cake and fores
products increased in September a
compared with August more tha7
is normal for this season.
Deposits Increase
Irrespective building activit!
as reflected in building permit
granted at eighteen important cit
les in this district, was smaller i
September than in August an
smaller than year ago.
During the five weeks endin
October 1, member banks in tn
larger cities had a rise in deposit
exceeding 20 million dollars an
simultaneously increased the
loans 25 millions, purchased il
vestments of 312 millions and er
larged their reserves. Membe
banks in the agricultural section
were able to repay a large POI
tion of their borrowings from tn
bank, such repayments being hea,
lest by the member banks in Mort
Dakota. Crop financing is rul
ming at high tide now, and muc
stronger than a year ago. Deposit
of country banks with their Twi
City correspondents increased mo-
than so percent in the six weel
ending October l, as compared wi,
an increase of but 33 percent du
ing the same period year ago.
EAINY lAIn ElIYAnN