The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-08-04
ABSENCE OF GRAIN
RUSH TO MARKET IS
NOTED NNW.T TRADE
Heavy Volume Of 1929 Swe||ed
Reserve Bank Figures; No
Such Factor at Present
FARM INCOME 20 P. c. LOW
Check cIearings Also Drop in
June; Carload Freight Lots
Show Is Percent Less

The June volume of business IN
the ninth federal reserve district &C
cording to the compilation just issued
by the district reserve bank at Min
neapolis was smaller than the volume
in June last year, partly on account
of adverse factors in basic industries
and partly on account of eccentricitieS
in the business volume a year ago with
which the comparison is being made.
It will be recalled that in the sum-
mer of 1929, an abnormally large vol
ume of wheat was being marketed,
which caused an unusually large
volume Of business, especially in the
grain markets, during the summer
months, and afforded an opportunity
for country banks to begin reducing
their seasonal indebtedness at the
federal reserve bank early in July In
stead of at the usual time, which Is
in the latter part of August.
Debts to individual accounts at re-
porting cities were 9 per cent smaller,
when reduced to daily averages, than
in June a year ago. The decrease was
smallest at st. Paul and in the Sioux
Falls trade area. The country check
clearings index for June was 10 per
cent below the index for June q year
ago.
Business Failures Increase
Freight carloadings were reduced
is per cent for carlot freight, and 5
per cent for merchandise in less
th~an-carlots. Decreases, as compared
with business volume last year, were
also shown in flour production, linseed
product shipments, copper and iron
ore output, department store and fur
niture sales in the larger cities,
country lumber sales, life insurance
sales; securities sales and wholesale
trade. Increases. as compared with
June, 1929, occurred in electric power
consumption in Minnesota. North Da-
kota and South Dakota and In build
ing permits and contracts.
Business failures in June were 60 in
number, as compared with Al in June.
1929, ACCORDING to the report Of r. G.
Dun and Company. Employment
conditions continued unsatisfactory
for workmen in Minneapolis.
During the first half Of July, the
business volume in the district, as
compared with 1929, showed a still
greater reduction than IN June, as
was to be expected with the smaller
grain marketing movement which Is
occurring this summer. Debts to In
dividual accounts at II cities during
the three weeks ending July 16 were
20 per cent smaller than in the same
weeks Of 1929 and IL per cent smaller
than in the same weeks OF 1928. The
country check clearings index for the
first half Of July was Is per cent
smaller than in the corresponding
period in 1929. On the other hand,
the volume of building contracts con-
tinued to be larger than in the cor
responding period in 1929.
Summary of Agriculture
Crops in the district will be OF
average size and somewhat larger
than crops a year ago If no further
adverse factors develop between now
and the time of harvest, the report
says. Two periods Of hot, dry weather
have damaged the crops to some ex-
tent since the government crops fore
casts were made on July 1. Crop
conditions are generally better in the
eastern part of the district than in
the western portion.
According to the government crop
forecasts made on July l, there will
be increases over production q year
ago in durum wheat. spring bread
wheat, corn. oats, barley, rye, potatoes
and flax. The barley crop will be the
largest in the history of the North
west. Decreases in production r
forecast for winter wheat and tame
hay.
The relative size of forecast 1890
crop production in Minnesota, Mon
tana, North Dakota and South Da-
kota is as follows: