The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-03-30
IS
GOOD IN AG
SECTIONS
Monthly Review of the Fed
eral Bank at Minneapolis
Issues Statement


the Ninth Federal Reserve district
says the monthly review issued by
the district Federal Bank at Mime
apclis, received here recently.
The purchasing power created BY
the last crop "is beginning to have
noteworthy effects on business con-
ditions," according to the review,
which declares that sales of farm
implements have doubled, and that
there have been Substantial" in
creascs in wholesale sales of hard
ware and dry goods. ..
Further prosperity signs given in
the review follow:
Gar loadings of implements and
vehicles are treble year ago.
"Retail lumber yards scattered
through the district report sales in
board feet moret than one half lar
ger than year ago.
Reports indicate there was an in
crease during 1924 in the deposits
Of individuals and corpo rations 9TH
or than bankers deposits amounting
to 56 million dollars leaving a gain
Of 40 millions in private deposits"
All of these gains, in the federal
banks review are "credited to the
heavy rush of grain to market in
the fall months of last year. at good
prices, followed by substantial move
rlent of livestock"
There has been considerabl de-
cline in the marketing of grain and
hogs during February and prices Of
grain have declined while livestock
prices have advanced, the review
states.
A portion Of the district summary
follows:
There is reason for believing a
considerable quantity Of latent pur-
this district. Despite the heavy
movement Of wheat during this crop
year, farm stocks of spring wheat
Ia this district are now greater than
. year ago, and holdings of oats are
considerably larger. This surplus Of
oats offsets to some extent the de
reases in the stocks of corn and
lay.
urban centers apparently have
not yet realized heavily upon this
improved purchasing power of agri-
culture. Sales at retail of city de-
partment stores were only slightly
better in February than a year ago.
building prospects, shown by per-
Ilits, also were only slightly better
In the aggregate. Minneapolis flour
snlls continue to lose in volume Of
production what the country mills
gain.
Shipments of automobiles, trucks,
tires and building materials from
the larger cities appear to have de-
elined. However, the wholesale trade,
with the exception of shoes and
groceries, did register some advance.
There was substantial improve
ment in the money value of busi-
ness transacted in this district dur
ing February, as shown by the in
dividual debts at banks in seven
teen selected cities, but this gain was
due to higher prices and greater
speculative activity rather than to a
general increase in the physical VOL
ume of business. Carloadings, which
arc good test of physical volume,
were percent below a year ago,
owing to decreases in the movement
of grain. hogs, coal and forest prod
ucts. A more general improvement
in business in the smaller cities is
indicated by an increase in less
than carload shipments and in car
loadings of merchandise, which pre-.
sumably cover articles of general
consumption"
The review then gives several top.
lcal summaries. which follow in
part:
"Debits to individual accounts OF
banks in seventeen important cities
in this district amounted to 7O3
million dollars in February. This
is the first year that the February
total, has exceeded 700 million dol
lars since our record began seven
years ago. Debts were 81 percent
larger than in February 1924.
Twelve percent less grain was
received at Minneapolis and Duluth
Superior during February than a
year ago, and there was marked
seasonal reduction from January re-
ceipts amounting to IS percent.
"Stocks of grain at Minneapolis
and Duluth.Superior were AZ percent
larger at the end of February than
year ago and percent larger than
at the end Of January. The picture
is not complete, however, if only the
aggregates are discussed. There
was five times as large a volume of
oats. three times as much barley,
al" '"'Se as InuCH lax on mana CnlS
year as year ago.
Retail trade, according to reports
from ~ city stores, was percent
larger in February than year ago,
but IL percent smaller than in Jam
uary. Since sales were larger than
last year and stocks were only equal
to last years volume, it is evident
that the turnover of merchandise at
these stores has been slightly better
this year than last.
Irrespective building activity in
eighteen cities was percent greater
in February than year ago, and 80
percent larger than in January, ac-
cording to the valuation of permits
granted at these cities. Twelve ci.
ties reported increases over year
ago. ~.