CROP and BUSINESSCONDITIONS

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CROP and BUSINESSCONDITIONS CROP and BUSINESS CONDITIONS 1VIN~H FEDERAL RESERVE DISTRICT REPORT OF THE FEDERAL., RESERVE AGENT To Tx~ FEDERAL RESERVE BOARD WASHINGTON, cunxis z. eiosaEtt D. C. Assistant Fedeni 8tserae Agent r. F. irsEasocs Assistant (cedes] Aeaern Agent ll2th Report MINNEAPOLIS, MINN. May 28, 1924 RDITORIAL ~i'OTICEs-Tbi~s report is prepar~rd moatlslT in the afAce: of the of providing t#s Federal B.nserve Board FeQeraI Re~otr~er meat for the pnrpawe ditiona to the with complete", acearate, and impasriial iniormatlon concerniag Northwext. It it aieo printed for ~nhlle tsae aid will be 9saalnrsis eoa- far it. >aaildd free o! charge to aaFane snsthiag regnaat ]DISTRICT SUMMARY FOR THE MONTH appears that the shortage of dwellings due to war causes ,has been fully met. Livestock moved to market in good volume dur- ing April. The receipts of hogs and calves were Employment above conditions, when measured by the the ten year average and receipts of all kinds relative position of livestock of "situations wanted" and "help were above a year ago, the greatest wanted" increase advertisements, indicate that employers taking place in hogs. Nevertheless, the are in a more price for favorable bargaining position now 'livestock improved during the month. than at any time Cxrain during the last four years or more. receipts were normal with the prices However, the unchanged. situatEion in April was slightly more favorable to the employee than in March, when allowance is made for seasonal trends Rural buying, when measured by Ium~ber sales at . country yards, w'as 16 percent below April a year ago, although showing the customary percentage of TOPICAL REVIEWS increase over March. Receipts of grain at Minilea olis and Duluth- The volume of business in this district, as evi- Superior declined seasonably between March and denced by individual debits at banks, declined 5 April the decline bring especially percent between March and April, which is more pronounced in corn. As compared with April a year ago, than the customary decline for this season of the corn and oats receipts were larger, receipts of year. According ~Eo the same index, business was barley .were about the same and the other grains showed 7 percent below the level prevailing in April a year smaller ago. receipts. Manufacturing, mining, wholesale trade and commercial paper outstanding were all Ieas than the Stocks of grain in terminal totals of the preceding elevators at Minneap- month and below a year ago. olis and Duluth-Superior were Department store sales for considerably smaller March and April com- at the end of April than a month bined wexe less than for previous, with the the same period a year ago. exception of corn and rye, which Banking e'~nditions did not show any indicate expansion in the rural great change from 'the large volume sections of ~~is district. in store last Selected member banks in month. As compart"_d with last year the Larger centers report at this time, reductions in loans and stocks of corn and flax were very declining deposits. This much larger, Federal Reserve Bank had stocks of rye were slightly larger an increase in Ioans and a and the other substantial increase. ~h grains showed much smaller stocks. note issue. Interest rates remain unchanged, although normally a decline is shown at this season. The mavt=ment of livestock to the South St. Paul Prospective building activity, as shown by build- market in April showed little of significance, other ing permits, is below a year ago, although showing than has been evident for some months Bast. The the customary seasonal increase for this month. movement of hogs and calves continued to be much Lumber stocks in the yards of country retailers are above normal, cattle receipts were about at the ten i 4 percent below a year ago, while stocks of lum- year average and sheep receipts were slightly below ber manufacturers are 10 percent above a year ago. this average. There was a Seasonal increase Insofax as the Minneapolis housing conditions may between March and April in receip-ta of calves and pxovide a reliable guide to the general situation, it an increase in cattle receipts, which was contrary to 3A~ CROP AND BUSINESS CONDITIONS. ~aY as, i9a4 the normal movement, but lacked significance, ow~ R. G. Dun and Company. The liabilities involved ing to the small volume marketed. Receipts of in these failures were $1,254,624. hogs and sheep declined seasonally. As compared with April a year aga, all of the classes of livestock Building permits in the more important cities of showed larger receipts, the increase being particu- this district increased seasonally between March and lady 'large in hogs. April. Small projects predominated and the aver age permit remained Prices at northwestern a~t a very low level. As com- ter'minaf markets of khc pared with April a year ago, which was an e~cep- chief produc`rs of .the farm improved slightly during tiona'Ily active month in new building, 'the number April. Lrivestock prices were slightly higher, grain of permits was smaller by 13 percent, and `the valu- ,prices remained practically unchanged and there ation was down 3b percent. were certain purely seasonal changes in prices of butter, eggs, hens and potatoes. Hauling in Minneapolis is becoming more ade- quote. From a condition In the livestock group of grave shortage at the of prices, the median close of the war, the condition has s'tcadily im- prices of butchex steers, butcher cows and feeder proved, owing to the steers all increased, with large building program which butcher cow prices showing has been under way. The movement was rxrost the greatest rise, amounting to $1 .00 per hundred- active in 192 i and 1923, with weight. These changes a temporary sidewise were partly seasonal. The movement in 1922. Building operations in 1923, price of veal calves declined, but not by the usual which were largely resndential amount, and bearing the seasonal > caused the greatest variation in mind, improvement in the housing situation which has veal calf prices were relatively higher during April occurred than at since the war. A11 of these facts are any time since January, 1921 . The price of clearly shown in the accompanying chart which illus- hags increased very slightly during the month and trates the the price number of "dwellings for rent" adver- of lambs declined, although normally tisements in a Minneapolis newspaper month by prices of bath classes do not change at this time of month from 1920 to dear. the present 'time. In this chart a correction has been made to eliminate purely sea- sonal changes. Among the grains, there was an increase of b %2 tanks gar bushel in barley and a smaller increase in oats, while flaz and rye showed small decreases. ~ilheat and corn, however, showed no change in median price. The price of but'.ter at Minneapolis declined dur- ing April, hens and potatoes showed increases and the price of eggs remained unchanged. iao B ` in the country sections of this district, as 50 evidenced by retail 'lumber sales, showed a wholly season~aI increase of 43 percent between March and 0 April, but these purchases were i b percent smaller "Y;~ y -Y~~~1rY~! than in April last year, continuing the tendency "Dwellings for I2enE" Advertisements in s Minneapolis towards reduced purchasing which has been evident Newspaper. The curve has been adjusted to all spring. eliminate seaaoaal changes. Stocks of lumber in the hands of retailers were Tfae emplaymenb situation locally reflects the practically unchanged during April, but showed a growing quietness in business, which has been appar- i 4 percent smaller total than last year at flue time. ent for some time. An excellent index of the rela- tive supply and demand for certain classes of labor The volume of business in 1Vinth District cities, as ~s shown in -the accompanying chart of the move- measured by individual debits a~t banks, showed a ment in number of "help wanted" and "situations decline of 5 percent, which is more than seasonal, wanted" advertisements in a Minneapolis newspa- between March and April and the volume was 7 per, with corrections made to eliminate purely sea- percent lower than a year ago. However, tire vol- sonal changes. From `this chart it can be clearly ume in April `oE last year was eatxaordinarily large; seen whether laborers ar employers are in the more and in spite of the current decline, the April volume favorable position a~t any 'time. In 3 920 and the this year remains larger than our computed normal. first months of 1921 and again in the fall of 1922 and the spring of 1923, advertisements for "help Business failures during April showed a pro- wanted" were relatively nounced more numerous than for rise, both in number and liabilities, aver "siitua'tions wanted". In the latter part of 1921 and the preceding month and over the same month last the early months of year 1922 and again in the period . The number of failures, in fact, was close to from June, 1923, to the present, the curve far "situ the highest point reached in recent years, totaling ations wanted" was in the ascendant Thexc ,I OS for this has disltx+ict, according ~to a report from been a fairly constant rise from August 1922, to NINTH FEDERAL RESERVE DISTRICT 35 the present in the curve of "situations wanted" and shipments during April were eilightly larger, and oil a corresponding decline in "help wanted". For the cake shipments very rrauch smaller. last few months, employers evidently have been bet- ter .able ko select efficient employees than apt any Lumber manufacturers expanded their mill oper- previous time shown on this chart.
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