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December 1927

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December 1927 MONTHLY REVIEW OF AGRICULTURAL AND BUSINESS CONDITIONS IN THE NINTH FEDERAL RESERVE DISTRICT drive S. Powirci. Joan R. MircHELL, Chairman of the Board CURTIS L. Moss as and Federal Reserve Agent Assistant Federal Reserve Agent Statistician VoL IV Gns) Minneapolis, Minnesota December 29, 1927 1927 CROP INCOME AND BANK DEPOSITS The 192 7 cash crops benefited the western part lightly shaded. Decreases occurred in the counties of the district more than the eastern portion. The having minus signs. largest increases in the resources of our rural com- It should be noted that while the cash crops fur- munities since the crops began to move, occurred nish the major portion of farm income over most of in a broad belt reaching from northwestern Mon- our district, there are sections in the southern and tana to eastern South Dakota, and extending in its eastern portion where hog, cattle feeding and dairy- broadest part from the Canadian border to south- ing income are most important. In these sections, western South Dakota. The best evidence of the the cash crops, even if the yield per acre were large, -location of the cx9R,Lienefits. is the increase between could not be expected to cause as pronounced de- August and November in deposits at member banks posit increases as in the grain farming region. Hog (excluding Minneapolis, St. Paul and Duluth). The marketing and the cattle movement from feed lots map at the foot of this page shows the picture very reach a peak later in the year than grain marketing. clearly. Deposit increases of 10 percent, or more, Consequently, bank deposits in the hog and cattle occurred in the counties shaded black or with heavy feeding territory increase about ninety days after bars. Smaller increases occurred in the counties the increase in the grain farming region. /z4N,NIL, knelt \\, • .4 4.;,/."1r UM lippv /.- F.. ..- / k..N /..,,, 7,21\ AN, : /,,. >, 1M . : : • lip it k, A .. \Ira., //Z ' ....w%,1. 1,,,11 • k.. NN t 12 Ipt.:••■■ , `‹ Z/11111 NVAtica:,• ‘1;1kA 74 la:140 Seasonal Change in 1a\Isi;.‘15. Country Member Bank Deposits /A/h1/2=1101,r.:Ma., Percent Noremblr 1927,i Au ,a1 NoPeporl Below 1001 — 11"952W2 ----. .;14 101)-109 EMMI IxosiNerl The black areas in the map above show the counties where member bank deposits increased 20 per cent or more between August 24, 1927 and November 9, 1927, which is the principal crop marketing period. Lighter shadings denote smaller increases and minus signs denote decreases in member bank deposits during this period. The white areas represent counties in which no member banks are located. 90 AGRICULTURA Z90 Ear WH ■ le 7 . • 11_2 -.. 11 IV- v 4. faii 5 u FALLS tis N , 1 I 5 m f • 1 %ill t i.ii IOC MI IIIF , c,e 75 r a ii ilri—i ark •M :NMI ' • MEI/ r, o rklf Debits to Individual Accounts at Banks in the Sinai porting Cities of the Ninth Federal Reserve District. Heavy curves represent figures adjusted to eliminate seasons changes; light curves represent unadjusted figures as per- centages of the average month. DISTRICT SUMMARY OF BUSINESS in the corresponding month a year ago and flour mills and linseed mills increased their shipments as The November volume of business did not main- compared with last year. tain the level established in September and October. This development was expected in view of the early Wholesale trade continued to be larger than a marketing of the crop. The daily average volume year ago. Department store sales were larger at of debits to individual accounts declined 7 percent St. Paul but smaller at Minneapolis and Duluth- between October and November, although there is Superior as compared with November, 1926. usually an increase varying from 4 to 11 percent. Sales of securities to the general investing public, The return of money from circulation in this district exclusive of banks, reached a volume nearly as large exceeded the issue of money by this bank during as the October, 1927 volume, which established a November. This event has not happened during new high record. November since 192 1. In 1921, it was attributed to business depression. In 1927, it may be attribut- Farm income from cash grains and potatoes d ed to the early crop movement which caused an dined sharply to $50,000,000 during November, unusual outflow of currency in September and Oc- which was only one-half as large as the income from tober. this source during October, but exceeded the No- vember income in 1926 and 1925. For the fir In spite of the lower level of business during four months of the crop year the cash value November, the volume continued to exceed the wheat, rye, flax and potatoes sold amounted t 1 926 volume. Debits to individual accounts were $270,000,000, as compared with $156,000,000 8 percent larger in November, 1927 than in the 1 this portion of the 1926 crop year and $289,000 esponding month last year. A small part of 000 in the corresponding portion of the 1 924 cro increase was clue to the fact that the month had year, which established a new peace-time recur more business day this year. Of the non-agri- ultural industries of the district, building and iron Other forms of farm income showed divergent !training reported smaller volumes in November than trends. The income from dairy products during ft .. CASH VALUE OF RAIN MARKETED .141 1 1 1 CASIIV;LL/ of Ile G 5 SOLD CA5 H VALUE of DAIRY PROD t.{C T a SOLD r efr 4 4 r 240 ilita 2 I A .,,..„ 1111111• iii I ! Je III i9.25 i 4- leT-5-X7 : T 4 _m_ , 5.1 15 7 - • • . "A L MX YAM . - • 1 937 L. 1- Estimated Income to Northwestern Farmers, By Months, from the Sale of Cash Grains, Potatoes, Dairy Products and Hogs, 1923.1927. The prices used are terminal market prices for representative grades. October (the latest month estimated) and the first occurring similar to that of the winter of 1924 and ten months of the calendar year was about 10 per- 1925, for deposits carried by country banks with cent larger than in the corresponding portions of city banks reporting to this office declined from 116 1926. Income from hogs during November, on the million dollars on November 2 to 103 million dol- her hand, was only fair. The value of hogs mar- lars on December 14. I the absence of any evidence keted was estimated to be 29 percent smaller than 46. in November, 1926, and smaller also than the total Due to Banks orrowi Mal Milli° 6 for November, 1925, but it exceeded the totals of I l0 Po November, 1923 and November, 1924. Smaller ," ► Dug. to 5oriks i ► market receipts of cattle, calves and sheep probably 4927 I . r., t‘ J 6 ,.../ offset the higher prices for these classes. The feeder /"... movement to the country during November was 9926-V \–/ 6 much larger than in November, 1926. Feeder steers 80 were bought at the highest prices since September, 1920. 1927 ►0 1 . ----- Borrowings --.. ...„,..._ DISTRICT SUMMARY OF BANKING 50 . _ Country member banks increased their borro 1926 s from this bank slightly during the latter part of vember, but this increase was cancelled during 4 e first two weeks of December. Apparently, bor- 2 -Yuri - re b-Mar A or-iVlov June Lilo-IX--A l -La at Oat -Nay - f5re7 wings by country banks are following the cus- mary seasonal trend, which will be generally Country Bank Conditions in the Northwest, as indicated wnward until the end of March. It also appears by borrowings from this Federal Reserve Bank and by ds at an investment program by country banks is posits th city correspondent banks. 92 AGRICULTURAL AND BUSINESS CONDITIONS December 29, 1927 of unusual demand for funds from customers, it is to usually are members and member banks ordinarily be inferred that the investments of country banks are draw cash from their local Federal reserve bank, being increased with the funds withdrawn from so that the full effect of the currency demand is correspondent bank accounts. finally evidenced in the reserve bank currency flow. At other times banks receive more currency than The reports of city banks in this district reflected they pay out and find their supplies of vault cash country bank changes by a decrease in net demand deposits in the last five weeks of 9 million dollars. becoming larger than necessary. The observant Time deposits increased 2 million dollars to the banker keeps his funds invested in earning assets highest figure on record, which was reached on De- when the funds are not needed as cash reserves. cember 7. The character of the assets of city banks An over-supply of vault cash calls for immediate has also been changing seasonally. Commercial shipment of the surplus, either to the Federal Re- loans (the "all other" classification) decreased 13 serve Bank to build up reserves or to some other million dollars during the five weeks ending Decem- bank to be used in the purchase of earning assets. ber 14 and on that date were at the lowest Decem- As a result of the practice of keeping vault cash ber level during the five year period for which supply at a minimum consistent with proper bank records are available. Balances carried with cor- management, the flow of currency out of the Feder- respondent banks were also reduced 13 million al reserve banks and back to the Federal reserve dollars.
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