The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-04-30
BUSINESS0N
UPGRADE IN
SECTION
Optimistic Report Is Given
BY Federal Reserve Bank
of Ninth District
MONEY VALUE GAINS
Livestock Price Advances
While Grain Values
Take Slump
MONEY VALUE GAINS

= Agricultural and business condi-
tions in the Ninth Federal Reserve
District during March showed a
marked advance over conditions in
March of last year and in February
1925, according to the monthly re-
view of the Federal Reserve bank
of Minneapolis made public today.
The volume of business transacted
in this Federal Reserve District dur
ing March as compared with year
ago was practically unchanged as
to the physical quantities handled
and one-fourth greater in money
value, the report states. There is
definite evidence that the move
ments of commodities of all kinds
to the northwest increased, while
the movement of produce to market
declined. Rural communities exhi-
bited much greater buying power
in March than a year ago. In the
large cities, the gain was more mod
crate.
There we're declines in physical
volume as compared with year ago
consisting Of: small reduction in
total carloadings, a decline in the
total receipts of all grains at ter
minals, a decrease in flour produc.
tIOu, Lue SNldicSC lIOuE SuIpWCHsS
from Minneapolis since July, 1917, a
material into country districts, small
seed product shipments not MAIN
tanning all of the gains heretofore
shown as compared with the pre-
ceding year. There were offsetting
increases in physical volume shown
in: larger shipments of agricultural
implements, vehicles, autos, trucks,
tires, furniture, coal, coke and less
than carload lot and miscellaneous
freight. Wholesale trade exhibited
substantial gains, except for hard
ware. Livestock receipts were
about the same as year ago.
The gain in money value as COM
pared with a year ago is due prim-
arily to the much higher level of the
prices of agricultural products, al
though this gain has been aided by
trebling of the activity in grain
futures at Minneapolis, the repay
ment Of substantial amount of So
called commercial paper. small in
crease in sales by city retail stores.
and much larger sales at retail lum-
DER yards. All Of the seventeen
cites reporting individual debts at
banks exhibited gains over a year
ago in the money value Of business,
except Superior and Helena.
Having regard to physical volume,
money value and the greater number
iof business days in the month of
= March than in February. it appears
that March in the main did not show
much Better volume than February.
The physical volume decreased due
principally to an unusual decline in
grain receipts, which normally show
an increase. On the contrary, sales
of lumber at retail yards increased
Livestock receipts, retail trade and
wholesale trade exhibited the Gus
tomary seasonal trends. The country
districts showed q greater increase
in retail sales as compared with Feb
ruary than the larger cities. Part
Of the increase in the money value
of business during the month was
due to income tax payments and
government financing occurring on
March Is.
Mixed trends were shown in the
prices OF agricultural products in
March as compared with February
The prices of the grain dropped
sharply, the declines for the month
in mediSn cash prices being greatest
for rye, corn and wheat. The more
important kinds Of livestock ad-
vanced in price, notably in the case
of hogs.
Banking conditions exhibited nc
material change during the month
of March or early part Of April, sx-
/ cept that in country banks there
have been small Withdrawals of de.
posits, reductions in reserves of idle
funds, decreases in borrowings at
city banks and increases in security
holdings. Commercial paper out.
standing in this district declined
y whereas there is normally small
increase at this season. There was
no significant change in the total
volume Of discounts Of this Federal
Reserve Bank, and its Federal Re-
se~ye notes in circulation and men,
ber bsQk reserve deposits both reg
istered slight declines. Interest
rates were substantially unchanged
Savings deposits increased.
Prospective building activity IN
eighteen cities, as shown by the per-
mits issued in March was greater in
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