The Bismarck tribune., 1925-01-13
MARKETING OF
WHEAT ISPAST
HIGHEST MARK
Recession in Receipts at Ter.
minals Is Noted During
Month of December
BUSINESS is GREATER
II Per Cent Over Last Year
in List of Selected North
west Cities

Minneapolis, Jan. l3.-I'he high
tide of wheat marketing which pre-
vailed in October and November has
rttr"ed. Indeed, the December re
ceipts were slightly below normal
!" ''" regard To the estimated size
OF this years crop. Marketing of
all other grains were seasonably low
er, except corn, owing to its late
rlpening, and oats, which came out
IN larger supply and piled up in
terminal elevator stocks, says Il re-
view of financial conditions in the
northwest by the Federal Reserve
Bank of Minneapolis. The report
continues:
There was a record dbreaking run
of hogs at South st. Paul in Decem-
ber, exceeding 100000 head the
highest point heretofore reached
This is to be explained by the short
corn crop and high prices for corn.
Under these circumstances, light
, weight hogs have sold at prices par
iicularly attractive to those, able to
buy for feeding purposes. This has
resulted in unseasonably large ship
ments of feeder hogs in December.
There was also heavier than nor
NAL marketing of calves and sheep.
The median prices of all grains,
as we'll as all kinds of livestock, ex-
cept feeder steers, advanced. The
strength in hog prices is remarkable
in view of the heavy movement to
market
Retail Sales
Retail sales by department and
clothing stores in cities of this
district in December were not equal
to last year. The decline, however,
has been slight. For the United
States as IA whole, retail trade in
December was Il percent better
than Il year ago. All Federal Re-
serve Districts show gains, except
Cleveland, Minneapolis and Kansas
City.
The lnseed and lumber industries
are more active than normal. Mill
ing production and building permits
granted were both at lower levels in
December than in November and as
compared with December last year.
Banks in this district experienced
the customary demand for currency
to be used in Christmas trade. Our
Federal reserve note circulation ex-
panded | y millions between Novem-
ber 26 and December "a, reaching
the highest point of the year on the
later date. Banks in the larger
cities lost in demand deposits and
gained in time deposits. Redis-
counts owing to this bank were re-
duced about ! million dollars. Com
mercial paper outstanding in this
district increased nearly one fifth
during the month and was about
double the volume outstanding
year ago.
Business Transactions Up
"The total dollar value of business
transacted in the Ninth Federal Re-
serve District during December as
shown by the individual debts at
banks in seventeen selected cities
was 27 percent greater than year
ago. The December total of debts
was percent less than in Novem-
ber, whereas a seasonal decline is
to be expected of not to exceed 2
percent. There is now taking place
secondary turnover of crop money
through the hands Of merchants,
collections of back taxes by county
treasurers, heavier than normal col
lections by wholesalers, the payment
of delinquent mortgage interest and
some refinancing. This turnover.
coupled with the heavy movement Of
livestock, has contributed substan-
TALLY toward offsettine the effect on
debts Of the precipitate decline OF
grain receipts