.ti1,~~w~++{, `~ IN T1ILr mss,:~.i`,~~p~ AS $EPOItTED SY TIIE NINTH : ~';, .=:'r:=-` FEDERAL RESERVE AGENT ~r" -~ t7; ~ TO TfiE FEDERAL RESERVE s DISTRICT = :'~'?~:~~~,~}~~~~ `~~ FEDERAL RESERVE liOA _ . ~~1,"'f, ~~ -.1Hx.x.V..~ <' IbHN H. RICH. Chairman Board of Directors CIIRTIS L. MQSFIER, Secretary B~ard of Directors ~ J. F. EBERSOI.g and Federal Reserve ASCnt and Assistant Fcderai ReserveAscn! Assistant Ftderai Reserve Agent

t Slst Report MINNEAPOLIS, MINN. October 26, 1921

1;DITOFtFAL NOTIC)::-Thin report is prepared monthFy in tho o!lica of the ]'edaraI Iieserre dtrcnt for the purpose of proridin= the Dublic with accurate and impartial fnformatlon coneerntng current bnatness conditions fa the Northwest. Under present conditions it is abso- lutel7 essential that correct inFormation be available for those who must mallo business decisions. This report mill bo mailed free of eharse to any rcsponaiblt person tgho makes request for it.

SUMMARY IF'Oi2 TYKE M®NTT-I. tember when compared with August, although fully one-fifth below September of the pzcvious year. Corn and potato prospects improved during the The volume of general business increased in month of Septembcx and the heavy August move- September, but the increase was probably less than ment of grain and live stock was exceeded in normal at this time of the year. Payments through Septembcx. The volume of general business in- banks increased 16 per cent in September as com- creased and employment conditions improved pared with August this year, whereas during the siightly during September as compared with August same two months last year there had been an in- but this increase was probably less than normal for crease of 20 per cent: The total volume in Sep- this season. Sales of investment securities increased tember was 23 per cent less than a year ago. This owing to improved confidence in market prices, is to" be accounted for largely by the price deolinea. Prices of grain, live stock, and produce exhibited Retail trade sales apparently increased i 0 per cent mixed tendencies. in September over August and the increase between the same months Last year was about three times as Crop estimates of October 1 indicate That the great. Federal Reserve notes outstanding increased total production of corn and potatoes will exceed less than one per cent in September, ~~"hereas the the estimates of August 1 and September i, but increase a year ago in the same month, was more there have been declines in the estimates of total than foux per cent. Postal receipts of the three production of wheat and oats. When the i 92 i pro- largest cities in this district increased four per cent duction of this district is compared with i 920, an in September and were ten per cent larger than a increase is found in corn, and decreases in wheat, year ago. Employment conditions improved in oats, and potatoes. Market price prophets must con- Septembcx, but this was due partly to the seasonal sider variations in demand as well as in production . . increase from crop and milling demands. The level of employment is much lower than a year ago. Grain receipts at Minneapolis and Duluth totaled more than ~ 7 %g million bushels in September, which Price quotations exhibited mixed tendencies in a was about one-fourth larger than the August re- September as compared with August. AlI live stock ceipts and more than one-fourth. larger than the median prices declined except veal calves and receipts of September a year ago. There were in- lambs, while all grain prices increased siightly ex- creases in all of the grains except oats and barley. cept rye. Prices of wholesale produce xase and fell Terminal elevator stocks at Minneapolis and Duluth in equal number. The most significant price changes Combined increased from 3 i million bushels at the were the decline of ~ 1 .5 0 per c~,vt, in hogs and ~ 1 .00 end of August to 36 million bushels at the end of per cwt.tn butcher steers. 'September. The stocks at the end of September' we;e nearly three times as large as a year ago, all It is too early in this crop yezr to form a definite grains showing Increases. Live stock receipts of aI1 conclusion as to acre extent of debt liquidation that lands at South St. Paul were i 0 per cent greater in may take place in this district this year. Thirty-five Septembcx than in August, but one-fourth less than selected commercial banks in the larger cities v-arc ~ ycaF agn. Shipments of ft:cders of all kinds, it is called upon to supply to their customers only 9 mil- interesting to notice, increased 37 per cent in Sep- lion dollars net of money funds in Septembcx as

CROi' AND BUSINESS CONDITTONS Octobor 26, ]9Z1

compared tivith i 9 millions net in the same month a 55,9,000 bushels. On October 1 spring wheat and pC 1 year ago. Reductions in loans and increases in gov» oats showed prospects of smaller yields than on th ernmcnt deposits enabled the Federal Reserve Bank September l , while tl~e prospective ~iroduction of in September substantially to reduce its rediscounts winter wheat and hay remained unchanged. . ce zYith banks. The remnant of other Federal Reserve The October 1 estimate of rr< such rediscounts was paid off on Octobex 3. How corn production in d< long this position can be maintained is uncertain. 1921 (Table No. l ) shows an increase of 22,433,- OOG =.~ushels or 9 per cent over the final estimate for b~ released far in- the Ninth District in 1920. It should 1 cr Capital funds released or to be be profztablc m vestment purposes, when measured by the opera- to feed livestock this fall for winter marketing. The t tions of the more substantial local investment houses, October i estimate of wheat production was down 1 g' increased 32 per cent in September as compared 10,416,000 bushels from the final estimate for 1920, ah 'with August and increased 40 per cent as compared or a decline of about 7 per cent, and the production th. with a year ago, The increase this year is due en» of oats this year was estimated to be 95,714,000 agr- municipals and bushels or 32 per cent less tirely to the doubling in the sales of than the production last rep an increase of one-fourth in the sale of farm mort- year in this district. No estimate was made on questioned whether this di- October 1 for barley, rye or flax. nc gages. It may well be Ee~ version of savings away from business secuxities in- 'I'abte 1\to. $ de to municipals will be of much benefit to business Crop Estimates October 1 estimate Final eatimate an conditions in the long run. 1921 I920 num- Corn ,...... ,2$1,559,004 bushels 259,126,000 bushels r: Building projects decreased 17 per cent in Winter wheat.... 5,$03,000 bushels 6,fr59,000 bushels 3"- ber and 26 per cent in valuation in September as Spring wheat 129,302,000 bushels" 138,$42,000 buah~cls compared with August. As compared with a year Oats .:...... 211,.153,000 bushels 30b,$67,000 bushels ago the number was greater by 5 4 per cent and the Hay ...... i 5,492,000 tons . 17,895,000 tons ' valuation was greater by 93 per cent, Lumber cut The United States Department of Agriculture and shipped by manufacturers, retail lumber sales, has also increased its estimate of the potato crop. and wholesale and retail stocks of lumber all de- On August 1 the four states of 1V1`innesota, Narth .c creased in September as compared with August. Dakota, South Dakota and Montana were estimated And all the faregaing eYCagt manufacturers ship- to leave a crop of potatoes totaling 38,099,000 ments and stocks were less than for the same month bushels, but conditions on October 1 warranted an 0 a year ago. increase in the estimates for the four states of Lake traffic, measured by the volume passing 5,047,000 bushels, giving a total production of 43,- through the Soo Canal, declined 13 per cent during 14b,000 bushels. Montana showed a slight de- September, as compared with the preceding month ; cline in estimated production between August 1 and decreased 45 per cent as compared with a year and October 1 and the other three states showed iln ago. Cumulative totals for the season to date in» increases with Minnesota showing the largest gain. ~nc drcate a decrease in iron ore 'shipments of 58 per The greatest improvement occurred in the: Red River No cent Valley where weather conditions have beecz excellent lart cent and a decrease in coal receipts of 27 per var when comparisons are made with the preceding for late potatoes, although in that locality the early potato crop was almost a total failure. oat. year. the Flour production increased i 6 per cent in Sep- The total estimate for the potato crop in thi3 tl nri tember over August and 43 per cent over September district this year is, however, l 2 per cent below the th~z~ a year ago. A comparison of flour shipments indi final estimate of the crop last year. This reduction 1pc cates increases of 12 per cent as compared with was caused by an i 8 per cent decline in potato pro- the August aril 52 per cent as compared with Sep- duction in Minnesota and a 39 per cent decline in cots tember a year ago. Shipments of linseed products, South Dakota. In Montana potato production in" yea however, declined 45 per cent during September creased 1 7 per cent this year over last and in hforth met and 9 pc= cent as compared with a year ago. Dakota there was a 25 per cent increase. wcr grai Business failures, although declining slightly in Grain 1lllovement at I~ulerth Increases. September, arc running at very high totals; the num- Tubl ber being moxe than three times as large and the Receipts of all grains at Duluth, increased 86 per Grni liabilities more than ten times as large as a year ago. cent in September over August and shipments from ILTin. Duluth increased 187 per cent. While receipts of Co~zz and Patato Crap Estimates Increased all grain at Duluth increased, wheat, corn and rye Hcu showed the most notable advances. Almost 9,000," Why Cor, The improved condition of crops on October i st 000 bushels more of wheat were received at Duluth Dots warranted the United States Department of Agri- in September than in August. Similarity 9,000,400 13arI" culture in increasing its estimate of corn produc more bushels of wheat were shipped from Duluth i{yc tion in the six states all or part of which are included in September than in August. As compared with a F'la x in the Ninth Federal Reserve District from the Sep- year ago, the grain movement at Duluth was heavier tember 1st figure of 274,187,000 bushels to 2$1,- both in receipts and shipments. Receipts were 5b

NINTH FEDERAL RESERVE DdSTRICT 3

per cent Iargcr and shipments 7 Shipments ~d 15 per cent larger than a year ago. ' Wheat (Bus.)  ~n 18,733,496 9,95 I,1 15 10,848,4 i8 Corn (Bus.) ,. 1,230,433 412,469 255,010 -~f Minneapolis receipts of grain declined 7 per Oats (Bus.} ... , 3,086,212 2,233,053 1,963,b94 cent in September from the August total and ship- Barley (Bus,)  2,653,679 3,073,{35 2,503,739 ments were down 18 per cent. Rye (Bus.) ...,_ , 4,608,269 2,175,640 2,928,561 in Grain receipts were Flax {Bus.)  5I1,338 down on account of a sluing in receipts of oats, 449,320 280,235 c barley and rye. Wheat, corn and flax receipts in- Total 30,823,427 18,294,732 1$,779,657 ~r creased in September over the August Ic figure. Ship- Elevator stocks ments of grain from Minneapolis, which have not as at Minneapolis were 22 per cent ~c great an larger in September than in August with Iargcr stocks "n importance as receipts at Minneapolis, of all grains ehowed declines in shipments of every except flax. September elevator stocks ), grain other at Minneapolis than corn. This year in September were also 261 per cent larger than n 4 per cent more stocks at the end of grain was received in Minneapolis than in Septembex September a year ago, although 0 corn stocks were lower this year than last. Duluth a year ago, This advance was caused by increased elevator receipts of wheat and corn stocks increased 5 per cent between the end n . Shipments from Min of August and the ncapolis, however, were 14 per cent lower in Sep- end of September, owing to in- tember this year than in creases in stocks of wheat, corn and flax, while September a year ago, with stocks of oats, barley and rye declines in shipments of all drains other than corn declined. At the end and flax. of September this year, grain stocks at Duluth were also 83 per cent larger than at the end of September la last year with increases in stocks of all grains other 1s than flax. Is is For the two cities combined, grain t stocks at the i end of September (Table No. 3) were 1 73 per cent e larger than stocks at the end of September last year with all grains showing gains. The combined stocks h at the two cities were also 15 per ~ccnt Iargcr in 3 September than in August with gains in stocks of 0. wheat, corn, oats and barley, but reduced stocks of n - rye and flax. f lZaceipts of All Grains and Wheat at~Minneapolia 'Our Montana correspondent reports that receipts oi` grain from farmers at Montana country elevators -I The combined grain movement in Minneapolis during September were 55 per cent larger than re- d and Duluth was larger' in September than in August ceipts in September a year ago, Of the grain re- and larger than a year ago in September. (Table ceived at these Montana elevators, 67.9 per cent r No. 2. } Receipts at the two cities wexe 23 per cent was bought outright by the elevator and 32 .1 per t larger in September than in August owing to ad- cent was left in storage by farmers. vances in wheat, corn, rye and flax receipts, while oats and barley declined, Shipments of grain from Table PI'o_ 3 the two cities increased 69 per cent between August Grain Stocks in Elevators s and September lVlinreapolis and Duluth with increases in every grain other (On latost reported date in month} than barley. Oats and barley receipts at Minne- September August September epolis and Duluth were lower this year than last for 192F 1921 1920 the month of Wheat ($us.) .. 7,204,377 4,083,850 4,721,510 September, while the receipts of wheat, Corn (Bus.) ., corn, rye and increase 469,268 116,454 64,629 flax increased, or a net this Oats (Bus.) ,.,.23,295,039 21,567,259 4,852,359 year aver last for all grains of 2 7 per cent. Ship- Barley (Bus.)  1,773,051 1,549,680 .1,472,374 ments from the two cities in September this year Ryc (Bus.) .,., 1,297,682 1,667,246 750,257 were G4 per cent larger than a year ago with all flax (Bus.) ,. 1,931,487 2,022,438 I,313,209 grains showing increases. Total ... ;35,970,904 3 1,056,927 13,174,338 'Tnblo 1Va, 2 r Heavy Fall Ii~Iovemenft &rain Movement of Sheep. 'i4liruicapolis-Duluth Ari increase in the mo-vcment of sheep featured 5cptembcr August September the month of September at the Receipts 192 I 1921 1920 South St. Paul stock- Whemt (Bua.) .,32,108,426 21,911,320 22,698,772 yards. Receipts were up 52 per cent o~"er August, Corn (Bus.) ., 1,980,020 726,042 473,850 shipments increased 140 per cent and the: shipment Oats (l3us.} ...... ,.., 5,482,156 8,088,238 5,919,542 of sheep for feeding purposes increased 305 per Barley (Bus,) .,..,.,... 2,951,319 3,573,357 3,643,769 cent. While the s Rye (Bus.) . ... .. 4,457,135 3,722,187 3,698,141 movement of sheep was heavier is Flax (Bus.) . .... . 954,623 596,958 906,332 September than in August, it did not reach the vol- ume of the movement in 1920. Receipts of sheep TotnI .,. ,.. ..47,533,673 38,618,099 37,340,406 in September this year were 36 per cent lower then

October 26, 1921 4 CROP AND BUSINESS CONDITIONS

were down 50 per cent. Compared with a year ago, while receipts of ' one year ago and shipments September Tlyc shipment of feeder sheep, however, was 2 per hogs wore up 36 per cent, the combined year than last during the month of receipts of all livestock showed a decline of 22 per cent larger this of hogs showed an September. cent. Similarly, while shipments increase of 79 per cent in September this pear over of all livestacL tt+ousAND H[AD last year, the combined shipments 1 declined 4b per cent. Shipments of feeders were 2~ 3 per cent less in September this year than a year ago, although there was a 15 per cent increase in the shipment of hogs and a 2 per cent increase in the uc ss for feeding purposes. t shipment of sheep

t00 Receipts of all livestock for the first nine months t .r of 1921 were 12 per cent below last year's figures ._-~ ~ ;SNEEPf ' ~ for the same period and shipments declined 1 ~ par .`.lu 0 ..r.~i~~4H~r:R~/~i~r~lf~ie~fYr1~~:~~110~1 1~~ Y/i~J ~l~~.~'~fj cent between the same periods. Shipments of feed- r~2o IJ21 ers were also 26 per cent Tower this year than last Wig fax the first nine months of the year. Receipts of Flogs and Sheep at South St. Paul Septem- Table ldo. 4 Receipts of cattle were up 3 per cent in L e Stack Movement September August Septcm6er ber over August and cattle shipments were up 5 Receipts i 92 l 1921 1920 per cent, but the shipment of cattle for feeding pur- Cattle ...... 65,460 63 .468 14 E,286 poses showed a slight decline. Re$eipts of calves Calves ...... 22,560 24,41$ 23,119 August Hogs ...... 103,755 107,252 76,247 declined 8 per cent in September from the Sheep ...... 84,b80 SS,532 132,257 &gure, while shipments increased 16 per cent. Ship- Horses ...... 151 332 1,765 ments of feeder calves also increased 75 per cent in September over August. Both receipts and ship- Total Head ...... 276,606 251,002 374,674 ments of hogs were down in September from the previous month's figure, but shipments of hogs for Shipments feeding showed an increase of 122 per cent. Re- Cattle ...... 42,127 39,970 89,98: ceipts of all classes of livestock combined (Table Calves ...... 1,846 1,597 3,?69 September Hogs 15,094 19,375 8,431 No. 4) showed a 10 per cent increase in Sheep "~~...... 42,499 17,695 85,b6I over August. There was a 29 per cent increase in Horses ...... -... 130 359 1,531 total shipments and an increase of 37 , per cent in shipments of feeder stock. Total Head ...... 101,696 78,49b 188,876

THOiJSAND H[AD Shipments of Feedexs . Cattle ...... _...... 32,009 32,189 38,670 z4~ Calves .......... 271 155 834 Ho a ...... ,...... 6,668 3,007 5,BU5 Sheep ...... 14,421 3,557 14,139 18 Total Head ...... 53,369 38,908 59,448

iz Bank Debits to Irsdividtsal Accounts Show Seasonal Increase. Eleven important cities in the Ninth Federal Re- serve District showed increases in the dollar amounts of payments through banks in September over 191J 1J20 1921 August, while Sioux Falls exhibited a slight decline (Table No. 5) . The increase for the twelve citios Receipts of Cattle and Calves aE South St. Paul combined amounted to 16 per cent, while last yaar between August and September there was an in The increased movement of sheep was due to a crease in the twelve cities of 20 per cent. This in- bulge in the price offered during the fnrst two weeks crease is seasonal and was to be expected during the in September for sheep to be fattened. Reduced crop moving period. Especially noteworthy was the stocks of meat and cheap and plentiful fodder re- 5 7 per cent increase in September over the previous sulting from the large corn crop were factors in in- month at Duluth. Last year between August and ducing the heavier movement to the country of September, Duluth also exhibited the largest increase feeder calves and hogs. of the twelve cities.

NINTH FEDER1aL RESERVE DISTRICT 5

Ta6lc No. 5 Payments 4 weeks 4 weeks Per cent 4 weeks Per cent 4 weeks Per cent . Through Ending Ending Sept. Ending Sept. '21 Ending Scpt, '20 Bnnka Sept. 28, Aug. 31, of Aug. Sept. 29, of Sept. Sept. 1 of Aug. (000's omitted) 1921 1921 1920 1920 1920 1920 dcen ,...... ...... ....,...... ,.:...... $ 5,443 $ 5,219 104.5 $ 8,638 63,1 $ 6,414 134.6 ga ...... 6,488 6,034 107.6 8,573 75.6 7,670 1 i 1 .9 th ...,...... :...... ,...... ,.. 104,338 66,4B0 157.1 I32,58b 78.7 80,954 163.9 o ...... ,....,...... ,. 10,845 10,212 106,1 15,573 69.5 12,955 120.1 A6crUillinDrsluForgGranCrcallclcMinnSt d Forks . ..,...,...... ,...... ,.,...... 6.453 4,427 123,4 7,202 75.6 6,218 ~ 116.0 t Falls ..., ...... , ...... ,...... ,. ..,...... 7,568 6,307 120.0 10,842 b9.6 7,612 142,5 na ...... ,...,.,.. .... 10,009 9,29 S 100.1 10,237 97.7 9,410 108.4 eapolis ...... ,...... , ....,...... _.,., 304,183 273, 533 I 1 1,2 397,1 19 76.6 332,581 1 14,4 . aul ..,.... ..,...... lOS,746 101,037 107.5 138,362 78.5 136,050 i 01 .8 PSioux Falls ...... ,...... ,.. ..,....., 14,35 1 14,517 98.7 23,535 61 .0 21,615 108.9 SupeWin rior ....,.. ..., ...... ,., ...... ,...... 7.805 6,385 122,2 7,245 107.9 8,938 81,1 na ....,......... ...,...., ....:,...... 3,775 3, 6~5 6 I03_2 5,083 74,1 4,308 1 18,1 Total ........, .....,..,...... ,.....$5 89,004 $507,102 _ 116.0 $764,995 77.1 $634,725 120,5

MILLIpN DOLLARS year. There has been a remarkable change, however, 9 in September. The September saps were ~46 per cent larger than a year ago and 34 per cent larger than in August. (Table No. 6 .) Some of these Septembex 7 sales may represent sales which normally come in October, as much of the crop came to market earlier this year than usual. It is evident that the recent 5 crop has some buying power. Hardware and dry goods wholesalers, however, sold 12 per cent and 20 per cent Less goods, respectively, during Septcm- 3 -,--~,-, bcx than during August, and their sales were about 12343GTS9f0IiIZ '12J4567881OIi12t,t1234369C91o1i11 xm+umorar+vroo ssemrxssssrns~rkn a ~s mnavsssoreuraroassao 34 per cent less in September than a year ago. Also ! ~ZI for the nine months ending Septembex 30, hardware s wholesale firms sold 28 per cent less goods and dry Payments Through Banks in Twelve Cities of the Ninth goods wholesalers sold Federal Reserve District 39 per cent less goods than a year ago. In comparisons of sales fluxing 1921 The volume of gayments through banks in with sales in 1920, allowance should be made for September this year was 23 per cent less than a the fact that wholesale prices have undergone con- pear ago and the same relation exists between pay- siderable reductions between the two years. ments far the first nine months of 1921 and pay- Table No. 6 ments for the first nine months of 1920. This de- Wholesale Trade cline is not particularly signi&cant owing to the con- SaIcs Scpt, 1421 Aug. 1921 Scpt. ! 920 temporaneous decline in prices. Agric, Implements .,.. $744,300 $555,778 $509,218 Hardware ...... ,.,... 761,710 863,626 1,144,881 Dry Goods .,.,...,..,.., 3,001,12;8 3,755,185 4,577,102 Value of Retail Trade Less Thaw bast Year. Representative retail stores in the Ninth District Cunrxulative Sales sold goods during September whose value was 10 3anuary 1 to September 30 per 1921 1920 cent more than the value of August sales, but Agricultural Implements .....,., $3,403,012 $7,498,248 l8 per cent less than the value of goods sold in Hardware ..,. 6,609, I6 I 9,180,743 September, 1924. Likewise for the period from Dry Goods ......,.,...., 20,479,125 34,167,610 .1uly 1 to September 30 the value of sales was 1 7 Fer cent Iess this year than Last. Stocks of merchan- Postal Receipts 3ncreasc . dise on hand at the end of September, while 18 Revenues of tine IVlinneapolis and St. Paul post- per cent lower than stocks at the end of September oflices (Table No. 7) increased in September over a year ago, showed an increase of 4 per cent over August, while these was a decline at Duluth . The 3todts at the end of August this year. The index net xesult was an increase of 4 per cent in the total of turn-over for September was Iower than the index for the three cities combined. As compared with far August, indicating an increase in the turnover of a year ago, all three cities showed increased postal the reporting stores_ receipts with a combined increase of 10 per cent. WIroIesale Agricultural Implement Sales Irnprovecl. Ta1~Ic No. 7 Postal Receipts Sept. 1921 Aug. 1921 Sept. 1920 - Sales of e Minneapolis , .,.,$409,443 $391,329 $380,581 low ebb tlYis as compa~cd wth last The ales St. Paul ..,....,. .,...... ,...... ,., 244,314 230,836 208,078 ycaru u Duluth .. ..,....,.. during the nine months ending September 30 totaled 54,129 57,005 Si,B57 ~'_" 55 per cent Iess than during the same months last Total ..,:$707,886 $679,170 $640,519

October 2G, 192i CI~OP AND BUSINESS .CONDITIONS note in connection with live. Employment Conditions laxaprovc. It is interesting to stock prices that our medians For a year ago show a From all indications employment conditions much higher level of prices for livestock than this were more satisfactory in September than in August. years medians. The median price of hogs in Sep- A large Minneapolis newspaper reported 14 per cent tember, 1920, was $15 .25, while the median price less advertisements asking for positions by men in in September this year is $7.25 . Veal calves were September than in August and 8 per cent less by selling last year in September at $14.50 and this women. At the same time in this newspaper there year at $ i 0 .00. Stockers and feeders sold at $8.00 were b per cent fewer advertisements fox the serv- last year and this year they sold at $4.5 0. Butcher ices of meat and 28 per cent more advertisements cows and heifers were selling in September last year fax women's services. As compared with a year at $6.75 ; this yeax they sold at $4.00. In the cast ago, however, advertisements asking for positions of lambs, however, last year's median of $8.00 per were 22 per cent larger this year in the case of men hundred was only 5 Oc higher than the September and 100 per cent larger in the case of women, while median this year. It is also interesting to note that advertisements for the services of both men and last yeax between August and September there were women were less than one-half in number this year more increases than decreases in median livestock of a year ago. prices. This year the decreases exceeded increases. A similar tendency is shown in the figures of the Table No. 8 Federal Department of Labor Employment Agencies Month Minneapolis, St. Paul and Duluth. At Minne- Live Stock Prices 1921 Hiph Median Low in Cowa, Hcifers....5eptcmber $9.00 $4.00 33.DD there were 29 per cent less registrations in $utcher 9.50 4.50 3.DD apolis and Du- August September than in August, but at St. Paul $utcher Steers ...... -September . 10.40 5.00 2.D0 - luth there were slightly morel registrations in Seg- August 9 .50 6.00 3.00 for Feeder Steers....Septcmber 7.D0 4.50 2.30 tember than the previous month. Applications Stock & 2.00 showed declines bE- August 7.00 5.00 t services registered at agencies Veal Calves ...... --"September 11 .50 10.00 1 .5D tween August and September at Minneapolis and August 11 .00 7.00 1.50 Duluth, but a 1 A~ per cent increase at 5t. Paul. Hogs ...... September 9 .00 7.25 5.73 ' registrations of persons seeking August 11 .4D 8.75 6.D0 While September Lambs ...... September 9.OD 7.50 2.50 ' employment in all three cities were fewer than a August 9.25 7.50 3.DD year ago with a decline for the three cities combined of 46 per cent, there were 63 per cent fewer appli- Grain prices during September (Table No. 9~ services at the three cities in September showed slight increases over August medians in the cations for in this year than last. case of wheat, oats and flax and a slight decrease while the barley median remained Among factories which employed 500 men or the case of rye, there was an 8.2 per cent unchanged. There was not enough corn sold dur- more on ,lanuary 1, 1920, and September to warrant Employment at Minneapolis between ing the months of August increase in quotation. August and September and a 3.6 per cent increase a median employment conducted at St. Paul. This survey of Table No. 9 Department of Labor indicated that opera- Month by the manu- Csrnin k'rices High Median Low tions of factories in food, textile and tobacco 1921 practically normal, but that iron Wheat facturing lines were No. 1 17ark Northcrn.. ..Sopt. $1 .65 $1 .57 $1 .40? steel and other metals and stone, clay and glass Aug. 2.Ob~~ 1 .54% 1.36 and normal .32~ .28%q factories were operating at 30 per cent of Oats-No. 3 White...... 5ept. .37~ industries were operating at somewhat Aug. .34 .30~ .27 and all other Barley-No. 3 ...... Sept. .5 9 .5 4 .48 . Unemployment in Minneapolis was .54 .45 less than normal . For Aug. .61 in clerical and iron and steel trades Ry,e__.No. 2 ...... Sept. 1 .05% .44~ .91~ greatest mill- 1.01 ~ .92 the Ninth District as a whole, building and flour Aug. 1 .0$~ large number of FlaxfNo. 1 ...... sept. a.14~' 2.02~~ 1 .ss ing arc creating employment for a 2.14 2.01 ~ i.BB passing of the harvest season, un- Aug. men. With the La was expected by the Department of - median price is that price at which the num" employment The equal bor to increase. bee of items sold aC a higher price is exactly of items sold at a lower price. These Pz'iaes Steady. to the number Livestock Prices Down, Grain median prices furnish an index of conditions pre- of livestock declined during vailing throughout the month and are a means of The median prices in daily from the August median prices in Every simplifying the variations due to changes September lambs (Table case other than that of veal calves and quotations. of veal calves rose $3.00 No. 8} . The median price The price of flour, as exemplified by ~~lashliurn" August and September and the median .00 per barrel on between On the other Crosby's best grade, rose from $8 price of lambs remained unchanged. $8.50 a barrel on September 14, price of hogs declined $1 .50, September I to hand the median but declined to $8.00 per barrel on October 1 and steers ~verc down $1 .00 and butcher cows October butcher . declined further to $7.50 per barrel on and atocker and feeder steers each down 50c

NINTH FEDERAL RESERVE DISTRICT

and in reserves of 9(1 millions. The trend l5. This movement in the price of flour parelleled . millions, these items, for the whole United States the movement in the price of wheat for which our of each of same as in the Ninth District except that our median showed only a slight increase between Au- was the increased and our member bank de- gust and September, but a decrease of 16~yc be- note circulation . tween the September median and the median figured posits decreased days of October. for tlae first fifteen MILLION DOLLARS MILLION DoLLAll3 !so Iso ~~Vholesale groduce prices at the Minneapolis market showed about as many important increases 120 120 as declines . Butter, eggs, veal and navy beans in- creased in price between the first and last days of 90 90 Septcmbcr, while potatoes, cabbage, tomatoes and four pound hens declined in price. 'There ware also bo 60 seasonal declines in fruits. The fruits which wore ao classed as seasonal during September were pears, 30 grapes, plums, watermelons and lemons. The price September. , a v of oranges advanced slightly fluxing 19 f 8 1 9 ! 9 1 9 ZO 1 8 $ t

Fxtent of Liquidation ira the I1lorthwest Cannot ;3e Accommodation to lYIcmber Banks in the Ninth FcdernI Re3erve District by the Federal Reseree System Measured Until Later ixa the Crop Year. the two weeks ending October l T , the total Thirty-fiver member banks in the larger cities In accommodation extended to the Ninth District mem- this district in the four-week period ending in banks by this Federal Reserve Bank decreased September 2$ gained about 13 million dollars in ber millions, thereby enabling this bank to pay off States Government deposits and withdrew b %2 United of its rediscounts with other Federal Re- more than 2 millions of their reserve deposits from the remnant serve Banks of about 5 millions on October 3. the Fcdcral Reserve Bank. These funds were used ~2 How long this condition will prevail is uncertain. as follows : To meet withdrawals of demand de- . of time de- posits, ~} nullions ; to meet withdrawals 'War Finance Corporation. posits, about one million ; to reduce obligations for money borrowed, about one million ; to ancxease Announcement has been made of the Local com- loans to customers, about A~ millions; and to increase mittees to pass upon applications fo.r loans from the holdings of United Status securities, about 5 mil- War Finance Corporation and this announcement lions. During the similar period a year previous, has been , a force strengthening general confidence . loans to customers decreased 5 million dollars, and Up to October 15, no loans had actually been made demand deposits fell 24 millions, while time deposits in this district although numerous applications were rose slightly, and government deposits rose about 2 pending until completion of the plans far operation. millions. It is particularly gratifying to note the stability of demand deposits this year as compared .Izxterest Rates Decline. with last. The customary rate secured nn open market The total accommodation extended to the Ninth commercial paper, bankers acceptances, and on cat- District member banks by this Federal Reserve Bank tle loans and warehouse collateral secured paper de during the four-week period ending September 28 clined during the month ending October :5 as fol- decreased about 10 million dollars, which was aided lows: From 6%Z to 6 per cent on 3 months, and to some extent by increases in United States Gov- from 7 to 6 per cent on 4-6 months commercial pa- ernment deposits made with dais bank and with our per ; from 6 ~ to 5 per cent on endorsed and from member banks. Our rediscounts with other Federal 6%y to 5~~y per cent on unendorsed bankers ac- Reserve banks were . therefore reduced about 9~%z ceptances maturing in from 60 to 90 days; and from re- secured millions . There was a decline in member bank 7 %2 to 7 per cent on cattle leans and notes low- aerve deposits of 2%y million.dollars which coincides by warehouse collateral. Also, the highest and with tlae decline which took place in the same four est rates charged on various kinds of loans declined weeks a year ago. Federal Reserve notes outstand- about one-half per cent in 15 out of the 26 quota- ing, however, increased only one-half million as tions and increased slightly in but tw"o quotations. compared with an increase of 3 ~ millions during September a year ago. Isavestmcnt Sales Increase. more securities The twelve Federal Reserve banks, representing During Septcmbcr 32 per cent . Paul investment conditions throughout the United States, experienced were sold by Minneapolis and St during August. This increase was prin- during the four weeks ending September 28 de- houses than municipal bonds ~nhich increased clines in the total accommodation extended of $5 cipa~ly in sales of was 25 per cent increase in millions, and in Federal Reserve notes outstanding 98 per cant. Tlaeie n farm mortgage salts, an increase of 1 of 33 millions with increases in member bank de- the volume of mortgage sales and sales of miscel- posits of 17 millions, in Government deposits of 1 I per cent in city

D ITIQNS Qctober 26, 1921 8 CROP AND BUSINESS CON Table No. 10 while sales Whola United States. lancous securities increased 12 per cent, Savings vcposx.,. _ ,lone 30th in the bonds, foreign securities and stocks (Amounts in Millions) cfo of of corporation compared Amount 1890 declined. Septeu~.ber sales of securities as Year ... SE,525 100.0 cent with increases iB90 ...... with a year ago were up 40 per ...... :...... 1,G23 106.1 other than foreign 189 1 ...... 1,713 117.5 in sales of all classes of securities 1842 ...... _...... Both this ...... 1,785 I t 1.0 ;,4aurities and miscellaneous securities 1893 ...... 1 14.7 ' sales of municipal bonds 1894 ...... 1,748 year and a year ago, ...... 1,81 1 l 18.9 of business of all of the 1 B95 ...... 1,907 125.0 showed the largest volume 1896 ...... our reports...... 1,939 127.1 ' classes segregated in 1897 ...... 2.D66 i 3 5.5 1898 .....,...... Decline in Savings Deposits...... 2,230 146.1 , Depression CaEaes i 899 ...... 2,45D 160.9 ': 190D ...... savings deposits furnish ...... 2, 5 97 170.1 Over a period of time, 1901 ...... 2,750 180.5 - conditions. At the begin- 1902 ...... a goad index of business ...... 2,935 192.0 ._ depression, savings deposits rise 1903 ...... 200.5 ning of a business 19D4 ...... _...... _.....,...... , ...... 3,o6D employment is uncertain and workingmen ...... 3.261 . 213.4 because over 1905 ...... ,. . 3,4x2 238.? a portion of their wages to tide them .19x6 ...... pu.t~ aside ...... :...... 3,690 242.a period of unemployment. At the same t 907 ...... :...... 240.1 ; the expected order to 1908 - ...... 3,661 they modify their style of living in ..w...... :.:...... 3,713 243:? time cost of 19D9 ...... k,0 70 2b1.5 a larger portion of their wages. The 1910 ...... save retail prices ...... 4,2 13 275 .9 living declines as purchases fall off and 19 1 1 ...... :...... This also allows the laborer United Stairs are Forced downward also With this experience for the whole increase his savings. Savings deposits are to examine the course of to other influences . iri mind, it is interesting created through the working of deposits in the Ninth Federal Reserve Dis- bccorne non-liquid and there savings time The usual investments trict during the year 1920 and up to the present general fear that even the soundest investments From December 31, is a collapse of the in 1921 . (Table No. 11 .) map lose their value through the was a steady increase in time deposits obligations they are. A bank ap- 19 i 9, there Comptroller enterprise whose of national banks, as reported to the to the investor to be the best place to leave of the reports fox which pears is over and of the Currency at the time his funds until the period of uncertainty through September 8, 1920. From Sep- temporarily in an interest bearing he called, time deposits he places them tember 8, 1920, until April 28, 1921, time deposit. declined,_ but on June 30, 1921, the last date for grows more serious, money which figures are available, time- deposits of national Then as depression slightly larger than decline through cuts in wages, irregular em- banks in the Ninth District wexe incomes on in- Similar changes arc seen in the time ployment and smaller profits due to losses on April. 28. of business. These deposits of state banks in the four states of Minnc- ventory and a smaller volume and Montana. withdrawals from savings and as a re- . seta, North Dakota, South Dakota, factors force temporary point was reached on June 30, sult the total of savings deposits shows a In Minnesota the high and the lowest point following the peak was decline. 1920, 1921, which is the vol- apparently reached on June 34, As business recovers from depression, the . In Ulontana the highest point an increase in ern- latest available figure ume of business increases bringing that of June 30, 1920, and the latest figure, Profits rise faster than expenses. At this was also the lowest ploymant. period that of September b, 1921, was time the thrift which was learned during the North Dakota, however, the hi~1t to place a large por- since the peak. In of depression causes individuals was reached on September 8, 1920, and the increased income in savings banks. The point was that of April tion of their continues lowest subsequent figure to date accumulation of capital is resumed and South Dakota the high point was depression. 2$, 192 i . In until the time of the next reached on April 4, 1920, and the latest report savings deposits in the wake of of June 30, i 921, was the lowesE The decline in for received, that business depression has not been experienced figure reached thereafter. States at any one more titan two years in the United Table No. 31 available. Figures Federal Reserve time as far back as figures are Time IDepoaits-National Banks in Ninth by the Comptroller of the Currency fox the DFStYICt ~ OF compiled that from {000's omitted) December 31, whole United States (Table No, 10) show Amount 19 i 9 has been a regular Date i 890 until the present time, there 31, 1919 ...... _....~------"--" 305,364 100.0 volume of savings on June 30 of December 312,170 102.4 increase in the February 28, 1920 ...... """."".. 106.8 year with the exception of the years 1894 and Rrlay 4, 1924 ...... """"...... ".... 325,824 each following the 1920...... _...... " 327,375 107.2 1908, which were years of depression June 30, 327,621 107.2 years following September 8, 1920...... """""" ...... 1D5.2 panics of 1893 and 1907. In the 15, 1420...... --...--"------321,449 depression, savings again in- November 319.505 1D4.8 these two years of December 29, 192D ...... "...... """"".. 104.0 fact, in 1895 and 1909 the total volume February' 21, 1921 ...... 317,890 creased. In 1921 ...... """"""".. 315.054 103.2 was larger than before the depression April 28, 13 103.9 of savings June 30, 1921 ...... ".....".""...... 317,1 set in.

NINTH FEDERAL RESERVE DISTRICT

for selected Table No" 14 More recent figures arc available Other Ninth cities of the Ninth Tirne Deposits-Twig City National $anka and groups of member banks in seven District 'National Banks . 12.) In the Federal Reserve District . (Table No in a group (000"a omitted) D "I"win Cities, the peak of savings deposits 9fi of ,~ o f J banks was reached in the quarter of Twin Dec.31, Dec. 31, 5 of nine member Since that date, time deposits in the Date Cities 1919 Outside 1919 5 July 6, 192 i . $24,792 I 0D.0 $280,577 100.0 0 declined . In five other cities of December 31, 1919 ...-." Twin Cities have 26,215 105 .9 285,955 101.9 7 peak of time deposits was Febuary 2$, 1920 ...... the Ninth District, the May 4, 3920.-...... -"" 27,775 111 .9 298,049 106.2 9 beginning January 7, 1921, 1 10.8 294,966 1D6.9 D reached in the quarter June 30, 1920..-...... _.... 27,= 04 declines since that time. , 8, 1920"...... 27,762 111 .9 299,859 i 06.8 1 and there have been steady September 103.6 S November 15, 1920.._... 31,009 125.1 290,490 December 29, 1920...... 32,697 131 .6 286,808 102.1 February 21, 1921 .... .. 30,453 122-7 287,437 102.4 9 Tsblc No. 12 130.0 282.797 I00.9 " 1 Banks in 5evca Cities April 28, 1921 " .,.-.."...._ 32,257 Time Deposits-Selected Member 30, 1921 .....-""...... 35,937 144.9 281,176 100"2 , "5 Federal Reserve District. Juan .0 of the Ninth From the foregoing it appears that savings in the .5 (000'a omitted) Reserve District .9 °roof rural districts of the Ninth Federal ~oof earlier than sav- .2 Twin January Other anuaxy commenced to decline almost a year .0 Cities 2, 1920 Cities ~ 1920 ings in the cities. For the district as a whole, the .1 Date ~ ~ $27,618 i 00.0 between January 2, 1920...... -.--$31,515 1000 high point in savings deposits was reached .2 110 .0 28,666 103.9 .5 April 2, 1920..."....."-"-. 34,7DS 104 .0 April A~ and SeptEmber 8, 1920, but for the city 1920....-"--"-.--- 34,377 108 .9 28,743 the .9 July 2, i 15-5 28,220 102"3 banks the peak was not reached until 1921 . In October 1, 1920....._.".. 36,419 ; ...... 38,444 121-9 28,888 104.7 rural districts the peak was reached June 30, 1920 es January 7, 1921 27,85D 100.9 April I, 1921 ...... "... . 39,130 124-0 in the smaller cities, the peak occurred in January, of 41,536 131 .8 26,697 96.7 between July 6, 1921 ...... -"".- 26,450 95.7 1921 ; and in the Twin Cities it occurred October 5, 1921 ...... 38,!28 120 .9 may be accounted ~c #. April i and July 6. This vax~ation for by the fact that money incomes in the rural com- l, for a , # Quarterly figures have been compiled munities .were curtailed sooner than incomes in the itS (Table No. F group of nine Twin City savings banks" cities and where the cities were large enough to be cr of these , 13.} From January 1, 1920, tla.e deposits well organized. industrially, money incomes declined ch l " From nine banks rose steadily until April 1, 192 slower than in the smaller cities, whore labor unions If the figures of were not in as "tts April 1, 1921, they have declined . and oilier industrial organizations: banks axe com- or "twin City commercial and savings great a state of perfection . by quarters is gal bined the peak of savings deposits i , in IVlinne- I3uilcting 1'e~rnits Shove+ Expected l~ecliae. an seen to have occurred on July 1, 192 ,~c apoli8 and St. Paul. The number of permits granted for building in ie- nine important cities of the Ninth Federal Reserve Table No. 13 District (Table No. 15 ) declined 1 7 per cent be- of s 0, Twin City Savings Banks tween August and September, and the valuation Savings Deposits--Nlne same ru3 °jo of Jan_ permits granted declined 26 per cent at the the 1,1920 cities, Superior and Helena, exhibited in- Date Amount time. Two "int Jonuary I, 1920...... -.","..---"""---_,-$49,50D,088 104.0 creases in the number oI permits and the valuation 52,906,845 106"9 Paul, Missoula and tre, :1pri! I, 1920 ...... " ....--.----""--"""" --""" 1D8.2 of permits increased at St. cst, July 1, 1920 .-...... "..."...... 53,662,978 volume of anticipated building con- " 55,002> 581 i 1 1 .1 Helena. The October I, 1420...... ---"- "----"-""" the ,volume last year. The igh January 1, 1921 ...."...... -""-". ..--""""-" 57,270,590 115.6 . tinues to be larger than tlxc 59,121,770 119.5 of permits granted in September this year April I, 1921 ...... " .." 117.9 number Aril July 1, 1921 ...... -...... "...... " 58,392,874 per cent greater than the number granted 58,361,501 ! t 7_9 was 5 ~? ,aas October 1, 1921 ...... """"""....." in September a year ago and the valuation showed s ~ort 7 an increase of 93 per cent between the~same two =est Again, if the time deposits of all the national months_ All cities but Slow FaIIs shared this in- into t~,vo banks in tlio Ninth District are divided crease in the number of permits, and Forgo tivas the time dc- groups-Twin City time deposits and other only city of those reporting where the valuation of apparent that rve pasits (Table No . 14}-it is still more permits did not show an increase. year earlier in the o f the decline in savings ocuxred a vwwnr,o++orncn,. Ta >ru~,ocR a+ " cwM,ra . 31, i rural district than in the cities. Time , owl section of the oLW s . . ._. !- +uw 9 deposits outside of the Twin Cities reached their ,u since that I 1 /l I i I . I . 1 I 1 h... 4 E~cak on June 30, 1920, and have declined a date. Twin City time deposits rose more or less x.o< on ,2 regularly until June 30, 1921, flue latest date ~~1,~k_ ,2 tthich the Comptroller of the Currency's figures are ,z r available. And Jigurcs compiled by this office indi- M'A 19,H 'C ", 20 A41 ': .0 cate that Twin City time deposits commenced to de- Permits Granted for Building in Ninc Cities of the Ninth ~,2 cline Federal Rescrvc District ~ .9 on Jtinc 30, 1921 .

t = F .

October 26 r 1921 BUSXNESS CON~3I~'IONS i0 C1~OP AND

Scpt . No. for No . for Table No . 15 . of No . of °~o hlo. of No of New Con- Repels h Pcrmits Sept . Permits f 921 Permits 20 Scpt . 1920 atruction sltcratians Prospective '21 Aug. r21 of f~ug, 5apt . Scpt. 150.2 686 275 Building 1,212 79 .2 639 p~ ...... , ...... , ...... 9b i 207.9 45$ 4l Minneapolis 604 90 .9 264 tc ..., ..., ...... 549 121 .3 138 90 St . Pnu! ...... 309 73,7 188 th ...... ,...... 228 159.3 38 13 Duluth ...... 53 96 .2 32 ...... , ...... 51 60 .5 2 ] 2 nta Far~,o . . . 46 50 .0 38 ...... 23 . 131 .6 41 59 lc Sioux Falls ...... 93 107.5 76 ...... 100 150 .0 14 10 y< Superior ...... 36 b6 .7 16 ...... , ...... , ...... 24 ID7 .D 21 t0 Miasoula ..,.., 31 100.0 29 do Falls ...., ...... 31 3 266.7 8 0 Great 8 6 S 33 .3 Helena ...... , ...... , ...... Ta 1,282 154.0 1,425 550 Trc 1975, 2390 82 .6 "fotnl ...... Era . Valuation Valuation Valuation Valuation °fo Scpt Sh~ Valuation 1921 of for New r Repairs & of Permits °~o Sept . of permits Cu of Permits Sept. 1920 Construction Alterationc Aug. '21 of Aug. Sept . '2D Sept . '21 167.2 X1,682,645 5183,945 $2,785,990 57 .0 $1,117,365 .- ...- ",",- ...... $I,$6b,b40 315.2 1,351,945 54,048 Minneapolis ...... 1,395,571 100.7 445,940 51x< ...... ,...... 1,405,993 169,890 182.8 279,05 : 31,122 St . Paul . 310,179 513,940 b0 .4 26,683 T Duluth ....., ... ., ...... 93,5 212,000 B7 .4 158,892 185,575 198,445 50,075 2,625 s Up ...... 32 .5 49,325 107.0 Faro 52,700 162,050 3b,825 19,801 Sioux Falla ...... "" .."" .. ."""" ...... ' 22 .3 38,824 145.7 1 5b,626 253,564 4,200 Superior , ...... 114.7 31,925 282.3 85,950 , 90, i 50 78,625 3,000 Missoula .~~...., ...... , ...... 8 12,905 224.8 26,000 29,000 33,000 87 7,375 Great Falls ...... ""...... 1,254 590.0 ~ 7,375 2,275 324.2 ncm Helena ...... , ....., ...... $2,078,274 192.8 53,678,764 $325,474 .$4,004.238 ~5,423~460 73 .7 Total ...... t1~Y While the amount of outstanding bills and ac» op, for a larger of both manufacturers and retail- am New construction was responsible counts receivable number and in continued as large in September as in August, 1,0 of the building permits both in ers share thansn 1920 . were larger in September than in car. valuation during September this year cash collections smaller this year The amount of paper outstanding and of an The average permit was somewhat August. building costs collections in September, 1921, were both ass; last due partly to a decline in cash than of building during September, 1920. fue partly to the fact that the majority smaller than and office build- ah year has been residences rather than this Table No. iS or other large structures . ings September Lumber September August 1921 1920 per Retailers 1921 _ 15,072,662 15,627,150 19 : Slovrs I3owsx . Sales (Bd. Ft .) .... 13,314,409 i,urnber Business Stocks on Band -- wit : 149,974,497 (Bd. Ft .) ....112,952,566 118,895,483 coa board feet 1Vfanufacturers ' , Retail lumber sales, measured in ~cF- ~trcnd of building Lumber cut (Table No. 16}, which follow the (Bd. Ft .} . .. 14,089,436 17,449,497 23,389,776 ttofi in September operations, were 12 per cent lower Stocks on hand . an Bales in Sep- .) ....186,98b,604 189,429,347 153,398,712 than in August and 1 S per cent below ' (Bd. Ft lumber stocks fell Shipments TnU tember last year. Likewise retail 17099, 104 17,819,945 I5,b05,281 September in (Bd. Fe.) .... Dul" off 5 per cent between August and during anticipation of a smaller volume of business $oft per Sao Canal '1'rafizc Shows Fall Decline. the fall and winter months and were also 25 I-Inr= a year ago. cent lower than East bound traflzc- through the Soo Canal de- . clined 2 per cent between August and September lumber manufac- a From reports of representative bound traf~Ftc was down 38 par cent, making lumber cut dur- West turers in this district, it appears that reduction in total trafFtc of 1 3 per cent between the per cent less in volume than with Soft ing September was 20 two months. (Table No. i 7. } As compared E~lnr" per cent less than the wet the cut during August and 40 ago, east bound traffic in September Manufacturers' 'stocks a year cut in September last year. down 4b per cent and west bound traffic was doom the end of September than 45 per were 3 per cent lower at 40 per cent, or a decline in total trafl'cc o¬ the end of August, but 22 per cent larger than a at or- cent. year ago. Fifteen per cent more lumber was in September than in dered from manufacturers 'Table No. 17 pro orders were 5 0 per cent more September August and September Canal Traffic September August con . Shipments, how- Soo than orders in September last year 1921 192E 1920 was cent between 9,290,129 ever, by manufacturers declined 4 per Sound (Sh. T.) ...... 5,017,941 5, i 28,043 East 2,458,002 IVlin August and September, and September shipments West Bound (Sh. } ...... 1,464,130 2,369,833 during the same tho= were only 10 per cent larger than 11,748,131 Total ...... -~~-~-6,482,071 7,497,876 Dul_: month last year.

NINTi-I FEDERrAL RESERVE DIST'RIC'T between August and Continsze Small" $ per cent in production Ttz'on Ore Shipments . The largest increase occurred in Min- September during volume of iron oxe shipped from upper lake neapolis flour production. Minneapolis mills The in Scp- .8 per cent of theiz capac- ports (Table No. 18) was 56 per cent less September operated at 74 year than in September a year ago and ity as compared with 60.2 per cent in August. tcmbex this opening of September in this dis- the total shipment of iron oxe from the Flour production during to October i st this year was 5 8 per cent trict was also 43 per cent larger than production navigation last with all groups of mills less than the volume during the same period during September last year, of ore during September were also showing increases. Last year Minneapolis mills op- year. Shipments their capacity, with down 9 per cent from August shipments. . erated at only 48.8 per cent of the other groups of mulls at a correspondingly low Tabtc No. 18 . 5hiprncats level of production Iron Ora Aug.1921 , Sept.1920 from upper lake ports Sept. 1921 . ..:.. 3,913,122 4,329,158 8,923*482 Montana coxrespandent reports that Mon- Short Tons Shipped to Oc- Our Cumulative Shipments from Opening of Navigation tana mills operated at 91 .3 per cent of capacity in tober 1. with 66.9 per cent 1921 1920 September this year as compared 44,273,35b collections have been good in Short tons shipped ...... ""...~""" 18,661,194 a year ago. Flour Montana this year. ()peer bake Posts F~eceive ®ne-Third More tlard Year Than Last. Table No. 20 5 weeks 5 weeks 5 weeks Coal This Ending ' Ending Ending sufficient hard coal to meet the 10-2-22 8'27-23 10'2'20 The problem of Flour Production 1,347,525 needs of northwestern households during the winter Nlinncapolis (Bbla.} ...... 2,035,710 1,649,095 satisfactorily solved far St. 1?aul' (Bbls.) ... .. 57.290 52.020 47,935 months has apparently been (Bola.} .. 81,355 87,895 . 51,085 coal receipts from the Duluth-Superior >985 the corning winter. Hard Other mills ($bls.) ...... 1,OG7,571 1,008,160 818 opening of navigation to Septarrzber, 30th have amounted to 1,414,600 tons as ,compared with All mills (Bbla.) ...... 3,241,926 2,797.170 2,265,530 1,048,650 tons last year ox an increase of 35 per cent. Soft coal receipts for the season have shown Flour shipments from Minneapolis and Duluth an increase of 74 per cent over last years receipts, (Table No. 2I ) increased i 2 per cent between assuring manufacturing plants' of an abundance of August and September, `vith both Minneapolis and fuel for the .winter, especially as manufacturing is at Duluth showing increases. Receipts of flour at Min- a low level. neapolis and Duluth, which are composed almost cent. Dulutb. and Su- entirely of Duluth receipts, increased 2 7 per The volume of coal received at year ago the flour movement month of September (Table No. As compared with a perior during the has shown a noteworthy increase with receipts 87 i9} declined 43 per cent from the August volume, per cent greater both soft and hard per cent greater and shipments 52 ssitlz declines in the receipts of year's figures. coal, was down 27 per cent from last year's than last and in September receipts, owing entirely to a decline Table hFo. 22 soft coal receipts as the receipts of hard coal show . Flour Movement an increase of 61 per cent between the two months Minneapolis and Duluth Sept. 1921 Aug. 192 i Sept. 1920 Table No. 19 Receipts (Bola.) .1,103,917 865,57b 590,119 DulutliSupcrior Coal Receipts Shipments (Bb1a.)~....».....2,830,382 2,535,554 1,864,1 G4 Sept. 1921 Aug. 1921 Sept. 1420 ~oit Coal (Short Tons) .. 647,095 1,068,555 1,048,073 }lard Coal (short Tona) .. 207,901 418,238 129,222 Shipments of L.iraseed Products Y3ecline" . Total (Short Tona) ... . 854,996 1,486,793 1,177,295 Linseed oil shipments (Table No. 2Z ) declined Cumulative Receipts Froze the Opening of Navigation to 14 per cent between August and September and September 30. Shpments of oil cake declined 59 per cent, or a total of 45 per cent. As Soft Coal (Short Tona) . . 7,1160,824 4,1127,491 decline For all linseed products 1{ard Coal (Short Tons) ...... 1,414 .600 1,048,650 compared with a year ago, linseed oil shipments shipments of otI cake 5,176,141 were up 1$ per cent, while Total (short Tona) ...... 8,575,424 were down 26 per cent, or a net decline for both cent. . Flour ®utput Continues to Increase. combined of 9 per During September the seasonal inczcase in flour ')"able No. 22 production in the Ninth Federal Reserve District Shipments of t.insecd Products Sept. 1921 Aug.1921 Sept. 1920 continued. (Table No. 20) . September production 7,058,847 production and Linseed Oil (Lbs.) .. .. 8,315,506 9,700,309 «'as 16 per cent larger than August Oil Cake (Lba.) ...... 8,059,974 19,79$.713 10,838,879 Uiinneapolis, St. Paul and all other mills, except Superior showed increases. At Total Shipments those at Duluth and 17.897,126 Dul¢th and Superior there was a decrease of almost (Lbs.) ...... 16,375,480 29,494,022

r l'" i ~,~_ . . -

a

October 26, 1921 B~JSINESS CO~ID~`~'IONS 12 CROP AMID year with almost ten tunes the Dtarmg September. September last Eusiaxess Failures Heavy amount of liabilities involved. '

business failures in Sep- wo,arl~nl~UR[S Whip the number of AM 1t , ~ a a decline of 2 i per cent from the 7400 !t 1 ten~.ber showed t6o f cites 5 7 ¢ 1 , ~ 1 the fact that Duris Review 1~ ~ 1 1 August figures, _ . ` .'1 ~ - . 1 in the l~inth District indi- IAO I {/ ~T failures during the month i _ e bigh tide. The Oo E S cates that business mortality is still at involved in business failures during Sep- v liabilities $980,471 or a de- teznber amounted in aggregate to ~~~tl~ _ - e 8t per cent from the figure for the pxevious Ftecerve District cline of 33 how Failures in tba I~Iinth Federal number of failures in September, Business Dun & Company) month. The the number in (Figurec o£ 1E2. G. ever, was more than three times