The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-11-10
RESERVE BANK
HEAD REPORTS
! HEAVY VOLUME
Business Expansion Is Indi.
Gated by Lack of Unem-
pl0yment in District
GRAIN MOVEMENT HEAVY
Remarkable Receipts at Min
neapOlis and Head of the
Lakes Shown

Minneapolis, Nov. 1O.--The volume
OF business in this district in Octo-
Der, when measured by indivi6pal
debts in sixteen important cities,
| reached the unparalleled total OF
$l,l0s.a24,0Oo, says the monthly re-
port of John r. Mitchell, federal
reserve agent, today. This was 10
percent larger than the previous
record figure of October, 1920, and
nearly 80 percent larger than the
total i'll October last year. This
tremendous increase is to be ex-
planned largely by the rapid and
heavy movement of the bread grains,
which began in September. The con-
dition of the labor market locally
indicates business expansion, be.
cause data compiled by US shows
that the unemployed laborer is in
a much better bargaining position
now than at anytime since April Of
this year. The Ninth Federal Re-
serve District includes North and
South Dakota.
Grain receipts at Minneapolis and
the Head-of-the-Lak reached the
| remarkable total of 98,S65,652
bushels during October. The inn
mensity Of this figure is best shown
by comparison with September re-
ceipts this year of about 85,OOO,O0O
bushels and October receipts last
years of less than $4,000, 900 bushels.
The majority of the grain marketed
in October was routed to Duluth and
nearly 52,0O0,000 bushels were ship
ped down the lakes during the
month. Prices Of all grains adj
vanced during October, with the ex-
ception of corn, which declined 4
cents per bushel in its median price.
price
Foreign Demand Good
European demand for North
American breadstutfs continued
strong during October. Wheat ex.
ports from Atlantic and gulf ports,
including both Canadian and Ameri-
can grain, amounted to 42,556,OO0
bushels in the four weeks ending
October %, as compared with o.
$4,000 bushels in the same period
last year. These figures are de-
rived from the weekly reports Of the
Commercial! and Financial Chronicle.
Flour exports from the same ports
totaled 2,lS5,000 barrels in the same
four weeks of October, as compared
with 1,2l7 1000 barrels year ago.
Rye exports amounted to 12,476,OO0
bushels in the October period, while
in the same period last year, they
totaled only 2,7e5,00O bushels. AS
prices of wheat and rye forced up
ward by this export demand, Euro
pean purchasers extended their or
ders to the less desirable grains,
namely, barley and oats. Barley ex-
ports from Atlantic and gulf ports
were about l-2 million bushels in
October, as compared with less than
? million bushels in September and
a little more than million bushels
in October, 1923. Similarly, in the
case Of oats, nearly 5 million bushels
were exported in October from these
ports, as compared with 1-2 mill
lions in September, and only one
third Of million bushels in Octo.
Der year ago.
Livestock Receipts Less
Receipts of livestock at terminals
during October were one-fourth low
er than last year for cattle, one.
seventh lower for hogs and slightly
less for sheep. The movement of
feeders, as compared with last year,
showed an improvement only for
hogs. This means that change Of
sentiment has probably taken place
among hog raisers. Median prices
of hogs. butcher steers and lambs
at South st. Paul advanced. al
though some decline is normally ex-
pected for this season of the year.
The steady development of dairying
is shown by the greater receipts of
calves than last year and by declines
in their median prices greater than
normal for this season.
Building Greater
Prospective building activity, as
reflected by permits granted in
eighteen important cities of this
district, was greater in October this
year than year ago. Improved busi-
ness confidence is also apparently
indicated by the fact that larger
projects are under way now than
last year. The housing situation in
the cities is satisfactory, although
more dwellings are for rent now
than for several years past. How
ever, this is not reaching such q
point Of surplus as to break values
seriously nor to retard new building.
It is noteworthy that there was
greater reduction in the offerings
for rent in October than is Gus