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Banks Which Were Collected by This Federal January Business Reports Continue to Indicate In- Reserve Bank

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Banks Which Were Collected by This Federal January Business Reports Continue to Indicate In- Reserve Bank MONTHLY REVIEW OF AGRICULTURAL AND BUSINESS CONDITIONS IN THE NINTH FEDERAL RESERVE DISTRICT Joss R. MITCHELL, Chairman of the Board CURTIS L. MOSHER F. M. BAILEY °I./YEE S. POWELL and Federal Reserve Agent Assistant Federal Reserve Agents Statistician Vol. IV Gloe.°1117) Minneapolis, Minnesota February 28, 1928 DISTRICT SUMMARY OF BUSINESS lumber sales and the volume of checks drawn on country banks which were collected by this Federal January business reports continue to indicate in- Reserve Bank. The principal unfavorable devel- creased business volume in industries and sections opments were decreases in department store sales benefited by the large 1 92 7 small grain crops. The in the cities, in the volume of currency in circula- volume of business in the mixed farming regions has tion in the district and in freight carloadings of decreased, compared with last year, on account of livestock, miscellaneous commodities and less-than- the reduced income from hogs. For the district as carlot freight. a whole, the money value of business was appar- ently 5 percent greater during January than in Janu- Farm income in the Ninth Federal Reserve Dis- ary, 1927. trict from cash grains, potatoes, milk and hogs was 1 percent greater during January than in January, Sales of securities to the general public by repre- 1927, but showed a seasonal decline of 10 percent sentative Twin City firms made a new high record from December, 1927. Terminal market prices of during January. These firms reported sales of wheat, butter, hens, eggs, potatoes and hogs were $10,600,000 during the month, as compared with lower in January than a year ago, while prices of $6,900,000 in January, 1927. This new record is feed grains, rye, flax, milk, cattle and sheep were noteworthy in itself, but it becomes still more re- higher than a year ago. markable when it is remembered that it follows three months of very large sales. Every months The January 1 estimates of livestock holdings sales from October to January, inclusive, has been made by the United States Department of Agricul- larger than any months total prior to October, ture show increases in swine and sheep in this dis- 1927. trict, an unchanged inventory of dairy cattle and a decrease in beef cattle. A catalog of the more important business in- dexes shows unmistakable signs of business im- The dairy industry in the four states—Minnesota, provement. Indexes showing favorable changes, North Dakota, South Dakota and Montana-----failed as compared with last year, were debits to individ- to show any increase in the number of producing ual accounts, total freight carloadings, building per- cows during the year 1927. The number of dairy mits and contracts, flour and linseed production, cows is 5 percent less than the high point reported wholesale trade, postal receipts, business failures, on January 1, 1926-2,821,000—and about 2 per- MILLLON DOLLARS . Number So t oo BUSINES 5 FA LURES rso 100 la / I , ALIN"11111P11 ti ■ 1 f SD . 4 ilm , MIMIC: H. =11111M 11111111E Fr MMIN VS. =NMI i 1 112A__J Sales of Securities to the General Public by Representative Business Failures in the Ninth Federal Reserve District, Investment Dealers in Minneapolis and St. Paul. The heavy as reported by R. G. Dun and Company. The heavy curve curve is a twelve-month moving average of the monthly is a twelve-month moving average of the monthly data. data. 106 AGRICULTURAL AND BUSINESS CONDITIONS Eihruary 28, 101 cent less than the five year average. The number tana, North Dakota and South Dakota-for five of yearling dairy heifers on hand at the beginning successive years. The 1928 four state total was of the year showed a smaii decline for the second 5,162,000, compared with 3,645,000 five years successive year, indicating that there is no contem- earlier, January 1. 1923. The increase in the five plated expansion of the dairy industry at the pres- year period was 41.6 percent. ent time. In the state of Minnesota alone, there was an increase of 1 percent in the number of dairy January 1 Livestock Holdings heifers, but this was more than offset by declines in (Source: United States Department of Agriculture) the other three states. (000s omitted) The total number of swine on hand January 1, 1. Dairy Cows 2 Years and Over 5-Year 1928 was 6 percent greater than a year earlier, but 1928 1927 1926 1925 1924 Ave. 1 percent smaller than the five year average in the Minnesota 1,528 1,513 1,560 1,560 1,535 1,539 four complete states in this district. The increase Montana 175 181 192 187 174 182 in number of swine, however, was the result of No. Dakota. 458 472 530 520 494 495 slow marketings at the beginning of the season So. Dakota.. 518 513 539 544 520 527 rather than because of contemplated expansion in 4 States ... .2,679 2,679 2,821 2,811 2,723 2,743 the industry, as was shown by the decreased -In- U. S. ..... 21,948 21,818 22,148 22,481 22,255 22,130 tentions to breed" figures in the December 1 Pig Survey. Heavy January marketings have reduced II. Dairy Heifers 1-2 Years 5-Year the number considerably, 18 percent more hogs be- 1928 1927 1926 1925 1924 Ave. ing marketed in January, 1928 than in January, Minnesota 315 312 300 306 270 301 1927 at South St. Paul. Montana .. 34 35 35 36 35 33 No. Dakota 95 98 122 127 119 112 There were fewer pigs farrowed during 1927 in So. Dakota 106 112 110 127 106 1l2 the Ninth Federal Reserve District than in any pre- 4 States 550 557 567 596 530 560 vious year for which we have figures, according to the estimate made in this office based on the re- U. S. 4,175 4,048 3,909 4,195 4,137 4,093 sults of the United States Department of Agricul- III. Other Cattle tures December 1 Pig Survey. The spring pig 5 -Year crop was estimated to be smaller than any other 1928 1927 1926 1925 1924 Ave. Minnesota 813 885 993 987 1,085 953 spring crop since our records began in 1922, and Montana ... 908 936 1,053 1,117 1,151 1,033 the fall pig crop was estimated to be only 5 per- No. Dakota 481 530 608 694 757 614 cent larger than the small 1926 fall crop. The So. Dakota.. 946 1,010 1,270 1,403 1,521 1,230 figures for the spring and fall crops in each of the 4 States.... 3,148 3,361 3,924 4,201 4,514 3,830 last six years are shown in the accompanying table: U. S. 30,749 31,006 33,091 35,320 38,115 33,656 in the Ninth Federal Reserve District IV. Swine Pigs Farrowed 5-Year (000s omitted) 1928 1927 1926 1925 1924 Ave. Minnesota .. 3,710 3,673 3,456 3,600 3,830 3,654 Spring Crop Fall Crop Total Montana ... 264 240 250 280 292 265 922 7 943 3,110 11,053 No. Dakota. 652 572 682 784 738 685 8 643 3,040 11,683 So. Dakota 2,445 2,183 2,300 2,760 3,000 2,538 923 4 States ... 7,071 6,668 6,688 7,424 7,860 7,142 924 7 340 2,553 9,893 925 6,865 2,176 9,041 U. S. 58,969 54,408 52,055 55,568 65,937 57,387 926 7 094 2,053 9,147 6 671 2,154 8,825 V. Sheep 927 5-Year 1928 1927 1926 1925 1924 Ave. The survey also indicated that pig production in Minnesota 678 628 540 462 428 547 the Ninth Federal Reserve District would be less Montana 3,206 3,053 2,880 2,579 2,441 2,832 in 1928 than in 1927 from the fact that on the No. Dakota. 454 425 373 311 245 363 farms surveyed, less sows were bred, or were to be So. Dak.. 824 749 700 682 689 728 4 States , 5,162 4,855 4,493 4,034 3,803 4,470 bred, for spring farrowing than on December 1, 1926. Actual farrowings the following spring are U. S. 44,545 41,846 39,864 38,112 36,876 40,249 generally less than the intentions to breed, as re- ported on December 1, so that the number of lit- DISTRICT SUMMARY OF BANKING ters farrowed in the spring of 1928 will doubtless A good picture of changes in country bank con- be considerably below the number of litters far- ditions is afforded by monthly totals of member rowed in the spring of 1927. bank deposits in cities with a population of less The number of sheep on hand January 1, 1928 than fifteen thousand. Net additions to deposits exceeded the number on hand a year earlier by occur principally in the fall from the sale of crops, more than 6 percent. The January 1 number of and in the winter from the sale of livestock. There sheep has shown an increase over the preceding is a seasonal decrease in deposits during the sum- year in each of the four states-Minnesota, Mon- mer when, aside from dairy and poultry income, the NTH FEDERAL RESERVE DISTRICT: 107 farmers cash receipts are at a low ebb and farm decline in deposits is due to bank suspensions. Re- expenses are large.
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