The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-06-27
Federal Reserve Bank Reports
Gain of Considerable
Potential Strength
MIDSUMMER DULLNESS
Condition Experienced Dur
ing Past Month in Many
Parts of District

dullness,' according to the m,/thly
report issued by the Federal Reserve
Bank of Minneapolis, for its district.
The activity and volume of business
however, is better than month pre-
vious, the report said. A lessening
of marketing of agricultural products
and late spring activity on farms
were deterrent factors.
Midsummer dullness, advanced by
sixty days, characterizes current
business in this district. Measured
by bank debts, the activity and vol
ume of business appears to be slight
ly better than month ago, but
poorer than year ago. Marketing
of agricultural products, late spring
activity on farms, and financing prob
ably account for this improvement
since merchandising, manufacturing,
and city employment conditions all
show declines in May.
Grains Moving
Grains have moved to market in
larger volume, except wheat, and all
terminal stocks were heavily re-
duced. This, coupled with the crop
outlook, has improved wheat prices.
On the other hand, livestock prices
have changed little, although the
heavy receipts of hogs prevailing for
some months past are now tapering
off, and receipts of calves are some
what curtailed.
Merchandising at wholesale has
been much depressed, except for farm
implement sales. Retail department
store sales have not been sufficient
to move stocks normally and hand
to-mouth buying results. However,
rural buying has shown some in
crease but even this is not fully up
to the normal increase customary for
this season, nor on a level with a
year ago.
Manufacturing, with the exception
Of flour, shows the same decline as in
merchandising. Mining output, how
ever, has been maintained. Lake
shipments apparently are much out
of balance, when compared with last
year, owing to larger down lake
movement Of grains, flour and lum-
lake movement of coal.
Building Activity
Prospective building activity, as
shown by the permits issued, is
about one-ffth poorer than year
ago. However, there was an i'm.
provement over last month in the
valuation, although not in the mum
Af al &c
are reported as declining in import
ant cities of this district, indicating
either that new building in recent
months has overtaken the demand fOl
housing, or that the present pro
n0unced increase in unemployment
has begun to have it's usual effect.
Banking and credit conditions or
the average in this district, have &C
quired considerably greater poten
tial strength during the six weel
period ending at the middle of June
Reports from 20 selected member
banks in the larger cities show a loar
decline of 5 millions, coupled with
demand deposits increase of IL:
millions. Federal reserve bank loans
meanwhile, were practically un
changed and Federal reserve note:
issued early in May for depositors
m, eos. had begun to return in sub
stantial quantity during the frs
three weeks of June.
Crop conditions in general wer,
favorable on June l throughout tn
Ninth Federal Reserve District. Dur
ing the first two weeks Of June suffi
cient moisture fell to supply tn
crops in most sections with all tn,
moisture needed for some time. AL
the crops are backward, but the sea
son has favored the development o
root systems and stooling Of small
grains. Weed growths have been re
tarded also, which will give tn
crops a good start on them this year
Planting Completed
Practically all planting was com
pleted by June Is, except fax ant
corn at some northern points wher
climatic conditions have been par
ticularly unfavorable. There wa
less than normal abandonment Of tn
winter grains, which has resulted il
an upward movement of the averag
titled acreage per farm and per farm
er. There was an excess of avail bl
farm labor on June l in PRACTICAL!
all sections of the district.
Farmers in Minnesota, North Da
kota, South Dakota and Montan,
have reserved nearly two million
more acres for corn, fax, potatoes
and tame hay in 1924 than in 1923
providing approximately the same
proportion Of pillow lands are cropped
in 1924 as were cropped last year
The United States Department of Ag
riculture estimates, prepared by tn
Agricultural Statisticians in eacl
state, indicate that there are 600,O0(
less acres of rye tina ma year ago, {
reduction Of nearly % per cent, ant
11-2 million less acres Of spIinl
wheat, a reduction of 100000 acre.
in barley, and similar increase il
OATS. together with a small increase
of 10000 acres in winter wheat, &C
counts for 100000 acres Of the re-
duction in spring wheat and rye
leaving 100000 acres additional tt
last year for crops the acreages Of
which have not yet been reported
These crops are corn, potatoes, faa
and tame hay. A large proportion Of
the expected increased fax paintings
will probably be on new ground
which will further increase the ares
to be planted to these four crops.
Pastures were short and hay pros.
poets have suffered from the lack Of
moisture during May, and the COO
weather. The June l condition Of
tame hay was several points below
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