The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-03-28
THE BISMARCK TRIBUNE
smaller and the other grains ha,

smaller and the other grains hat
| larger stocks.
The movement of livestock to the
| South St. Paul market showed up in
| February, except in the case OF
calves, for which the movement was
fully as large as that in January, il
the shorter month be taken into con =.
! sdcration. Hog receipts continued to
be abnormally large, receipts Of cat
tie were about normal and sheep re-
cepts were sub-normal as compa red
with the ten-ycar average for the
month. Receipts of all classes of
animals were larger than year ago,
especially sheep receipts, which were
two-fifths larger.
The feeder movement to the cotln.
try was also smaller in February than
in January, except for hogs. Fewer
feeder animals were shipped to the
country in February than in the same
month last year, and the declines
were particularly noticeable in calves
and sheep.
District Summary
The February business summary
follows:
The marketing Of agricultural pro-
ducts in February was abnormally
large. There were extraordinary in
creases in the grains, especially in
corn, and hog receipts continued at
high levels. The stability and inn
provement which took place stimuli
taneously in the prices of grain and
of much of the livestock is particu-
larly noteworthy in view Of the heavy
marketing of the month.
The volume of business in VI ban
centers in this district during Febru-
airy as measured by individual debts
recovered all the losses of January
and gained sufficiently to bring the
total in harmony with the rate of
improvement which has prevailed
since the revival began last Septem-
Der. AS compared with year ago,
the volume was two per cent greater,
due in part to improvement in ccun-
try flour mill production, linseed
operations, copper mining, and de-
partment store sales.
Banking conditions have improved.
Selected member banks in the larger
cities reported increases in loans and
deposits and reductions in borrow
ings during the six weeks ending the
middle of March. This Federal Re-
serve Bank experienced a decline Of
more than three millions in loans
during the same six weeks and re-
turned these funds to trade channels
through the purchase of government
bonds and market bills, totaling near
ly six millions. The furry Of de-
mand for Federal Reserve notes
which developed in February has
completely subsidized. Interest rates
in Minneapolis remain unchanged.
Commercial paper held in this district
is fifteen per cent above a year ago.
A chart published elsewhere in this
issue. showing the loans, deposits,
and borrowings of all banks in this
district from 1913 to the end of 1923,
indicates that during the past twelve
months, deposits have been rising
and loans and borrowings declining.
How much Of the latter may be due
to the fact that some banks closed
during the year it has not been prac-
ticable to estimate.
Building Greater g
Prospective business activity as iRs
dicated by building permits is ONES
fifth above a+year4 ago. These per-
mits necessarily result in orders for
h11j1Iirr M 70 riplc lnhDr~ owl &c
portation; and these in turn affect
retail trade, wholesale trade, and
other branches of industry. While
the total valuation should be fair
index to the prospective purchases of
building material, it is believed that
the average building permit is an
even better index of business senti-
ment of general confidence. Stree
new orders depend upon business
confidence, it is important to have
some index of it. The average build
ing permit will rise when large pro-
jects are undertaken. Presumably
the larger projects are the most care
fully planned and are either deferred
or advanced in time, according to the
judgment of those who are under
taking them. These judgments de-
pend upon current opinion as to the
outlook for stability of prices and
other equally important business con-
siderations. This month we have
made statistical notification of the
logic Of this sequence of events
reaching from the average building
permit to the volume of business
which actually takes place as shown