The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-12-27
BUSINESS IN
NORTHWEST IS
KEEPING PACE


Minneapolis. Dee. 81 The dollar
value Of business transacted in the
Ninth Federal Reserve District dur
ing November, when measured by
individual debts. maintained the
high level reached in October. after
allowance is made for the usual de-
cline shown at this time of year,
says the monthly summary Of bust
ness in the Northwest, issued today
by the Federal Reserve Bank of
Minneapolis. Railroad shipments OF
automobiles, farm implements, and
building material into the Northwest
during November, when compared
with earlier months, indicate an I'M
provement in volume, after making
allowances for purely seasonal chan
yes. Furniture shipments declined.
Employment conditions reflect
marked Improvement in November
over October, after making proper
allowance for seasonal trends. This
indicates a broadening of the revival
of activity under way during the
past few months.
The heavy movement of grain to
terminals which characterized Octo-
ber was not equaled by November
receipts However, the volume CON
tinued to be much greater than
year ago The November median
prices of all grains except barley
advanced. The price increase was
greatest for flax. Terminal stocks
of all grains, except corn and flax,
increased during the month. The
quantity Of oats at terminals reach
ed record breaking total. Flax re-
ceipts, although treble a year ago,
were fully absorbed by domestic de-
mand.
Many Cattle Sold
Receipts of cattle at South st.
Paul was heavier than normal Pri
ces weakened for the majority of
classes Of livestock quoted by us.
The average price decline was about
2 per cent. The number of cattle
on feed in this district is less than
year ago; but owing to the soft
corn available for feeding, the de-
cline has not been as great as for
the United States as a whole.
Linseed oil shipments reached a
new peak as compared with any
other November in our fifteen year
record. Lumber shipments were well
above normal. Flour production in,
as well as flour shipments from,
Minneapolis reached the lowest
points for any November in our
fifteen year record However, coun-
try flour mills have enjoyed an in
creasing production. At Duluth
Superior Harbor coal receipts in
creased, although iron ore ship
ments declined. Copper output in
tins district was the largest in No
vember Of any month in nearly five
years.
Wholesale trade in this district in
November continued to show unmis
taxable signs of marked revival.
Dry goods, shoes and farm imple
ments have led the advance, as in
the preceding two months, and have
been Joined by hardware. Dry goods
sales in November were the largest
in any month in the last four years.
Groceries were the only wholesale
reporting line which did not show
an increase in sales in November
as compared with year ago.
Retail Trade Level
Retail trade in November was on
level with year ago, but not large
enough to prevent an abnormal in
crease in retail stocks of merchan-
disc, which reached the highest
point shown by our four year rec
ord. Retail lumber sales throughout
the district were IL per cent larger
than in November a year ago.
Prospective building activity, as
reflected by building permits grant
ed in eighteen important cities in
this district, is particularly prom
ising at this time. There was
decrease Of per cent in the valua-
ton during November as compared
with October, but the decrease nor
mally at this season should be l2
per cent.
Banking conditions, as result of
the satisfactory crop. good prices
and rapid movement to market, have
shown great change. The cash pro-
ceeds Of the crop have been received
by country banks and applied in
part on their borrowings from cor
respondent banks, and the remain
der used to build up reserves and to
purchase commercial paper and in
vestments. This has resulted in
easier money rates, larger sales of
commercial paper and of invest
ments to banks, and the repayment
during November of all rediscounts
owing to this Federal Reserve Bank
by member banks located in the lar
ger cities. This Federal Reserve
Bank during the seven weeks ending
December II experienced reduction
in its loans and an increase in Fed
eral Reserve note issues necessary
to move the crop.
VEL nWCTnNE HIE HWAY