The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-07-28
SITUATION Of
FARMER WILL
BE IMPROVED
This Is Conclusion of Federal
Reserve Bank of Mime
apOlis
BUSINESS is REVIEWED

Minneapolis, July 2s.-The situa-
ton of the Northwest farmer should
be vastly improved this fall, says
the monthly summary of the Federal
Reserve Bank of Minneapolis, re-
viewing business conditions in the
Northwest. The summary follows:
"The critical period for crop pro-
duction in this district has arrived.
Until harvesting begins about August
10. we must rely on estimates as to
the probable output. Granting aver
age conditions of weather and mois-
ture, 1t appears that spring wheat
production will be 10 per cent great
er than last year in the face of q re-
duction of 10 per cent in acreage;
while corn, on the other hand, with
IL per cent increase in acreage, will
produce 16 per cent less than last
year.
"The situation of the northwe stern
farmer should be improved as the
total acreage of grains and hay is
/ l-3 millions greater than a year
ago, with much better diversified
ton, because there was planted more
flax, corn and hay and less wheat
and rye. In addition, the price stu
ati"h Of some of the grains has btLn
improved. Whether too much en-
phasis has already been placed on
this price advance remains to be seen.
The pronounced advance in wheat and
other grains did not apply to flax
and barley land livestock prices de-
clined in June for practically all
kinds quoted at terminal markets.
livestock satisfies have an ua-
usual significance this month. The
current slump in prices of feeder
stock and veal calves. coupled with
remarkably low movement of feeder
stock to the farms, indicates pre-
vailing belief that beef cattle may not
sell as we'll later as heretofore, hav-
ing regard to the probable increase
in the cost of feed. However, this
tendency if continued for any length |
of time, should balance the situation.
The record-breaking run of hogs |
which has prevailed for some months |
past, has apparently come to Q close.
Receipts have been low for two sue
cessive months and the lateness Of |
the spring warrants estimates of a !
10 to Is per cent reduction in the |
number of fall pigs.
1.-The volume of general business
in June. measured by debts to indi-
vidual accounts, did not increase the
customary amount for this season of |
the year. Also the total was per
cent below year ago, owing to de-
clines in lumber manufactures, lin
seed products, mining output, sales
OF lumber at retail in rural yards,
department store sales and whole sale
trade. Employment conditions indi-
Gated general slackening of bust
ness activity. There was decline in
the amount of Federal reserve notes
in circulation.
Irrespective building activity, as
shown by the building permits is
sued in June, is on the decline. The
rental situation in Minneapolis is
much easier than formerly.
Financial conditions are satisfac-
tory. The aggregate of deposits is
rising, demand for loans is not
pressing, and interest rates are cas-
Ter. Federal reserve bank loans de-
clined in June and earning assets
were maintained by the purchase of
government securities. During the
first three weeks of July. no import
ant change developed, except re-
vival Of borrowing by banks in the
Dakotas."