The Bismarck Tribune Newspaper, April 6, 1929, Page 2

sat ets a2 ase eee te re PERMITTED PAYING Business, as Consequence, Bet- tered When Farmers Had Money for Goods, Service BANKS ARE DECREASING Dairy Income Helped Situation; Gaining Ground and Has Passed Hog Industry Better business in 1928 in the ninth federal reserve district was made pos- sible by the farmers paying off their short-time debts. A larger proportion of the farm income could, therefore, be spent locally in payment for goods and service. This is the deduction of the annual report. of J. R. Mitchell, federal re- serve * agent at Minneapolis, head- quarters of the ninth district bank, which has just been passed out to the banks and newspapers of the dis- trict and deals with conditions in the district up to December 31, last. According to the report, the year ‘was one of along the lines Of teadjusiment to the changed eco- nomic background which had pre- vailed since war times. Farm in- come was about as large in 1928 as in 1927, says the report, but business nevertheless was able to show an in- crease over the prior year and in some cases to establish new high records. Bankruptcies Decrease ‘The body of the report describes Conditions in farming and farm loans as follows: The most convincing evidence that readjustment to post-war conditions made progress in 1928 was furnished by the records of decreasing bank- ruptcies and failures. This decrease continued for the second year and the number of failures in 1928 was the smallest since 1922. ‘The banks of the district exper- fenced a year of improvement, with the single exception that prices of in- vestment securities held by many banks were lower than a year ago. In December, 1928, deposits of coun- try member banks were 5 per cent higher than a year ago, and were fully as high as the average which appears to have been established for the post-war years. In other words, @ satisfactory recovery occurred from the slump in deposits of 1926 and the first half of 1927. Country bank loans did not increase during the year and in 1928 were at the lowest level since 1916. Investment holdings of coun- try banks were the largest in history, and borrowings from other banks were small. ‘ The reduction in country bank Yoans without a corresponding de- trease in country bank deposits bears witness to the fact that the short- term debt situation in the district had improved. Outside of the larger cities, deposits exceeded loans by 73 Per cent. This situation has never existed heretofore in the 15 years for which records have been compiled. In the pre-war years of 1913 and 1914, exceeded loans in the rural Portion of the district by only 15 to 20 per cent. most significant in country banking is the trict decreased from 3,853 at the peak in 1920 to 2,503 on the date of the October call in 1928. The average amount of deposits per country bank October 3 was over $500,000, the largest amount on record. To show the extent of this change one needs only to recall the situation in 1913, there were 2,900 country banks, an average deposits of only $200,000. ‘The growth in the size of banking units means 8 great deal to the district in the potential diversi- fication of assets, in improvement of bank management and earnings and in stability of deposits. City banks in the district held | BE BESRESB SSR BkaRRE EREBSRBESRES lowest | “ UERESEEEEUPERICEEEEEL Bpeuessss' ia a : inth Reserve District | ONTOS is |IEGLANGES =r core car_] BLING PROGIN rae “Too dern many laws nowadays.” larger deposits during the first two-|caused much distress because pro- thirds of 1928 than in the correspond- | ducers in many cases had little in- ing portion of 1927, In the last third | come left after paying the cost of of 1928, deposits were almost exactly | threshing and marketing. However, equal to the volume held in 1927. Aas a business factor the fact must be larger demand for loans by customers | considered that the large crop meant existed throughout 1928 than in 1927, and investment holdings were also larger throughout 1928 than in the preceding year. In April, 1928, bor- rowings by city banks from this fed- eral reserve bank increased consid- erably and during the remainder of the year the general level of bor- rowings by these banks was higher than in any year since 1923. Agriculture has increased its acre- age in crops in this distrct steadily since 1920. In Minnesota, North Da- kota, South Dakota and Montana the j there was sufficient corn for feed- 1928 crop acreage for the eight most important crops was 55,225,000 acres. | This represented an increase of nearly 1,000 acres over 1927 and an in- crease of 7,000,000 acres over 1919, when the expansion due to war-time conditions was at its peak. Dairy Level Helped The cash paid to this district as a result of 1928 farming operations was. in the neighborhood of one billion dollars. ' This was about the average for lagt siygenrs As usual there was 4 mixti of favorable and un- favorable developments in the farm- ing situation. The most favorable development was the new high level reached by dairy income in 1928. This industry is not yet as important in the district as is small grain farm- in the last six years its ie hog industry in point of total cash receipts. Another bright spot in the farm- ing picture was the range cattle and sheep business. Feeder steers, whicl are the principal source of revenue from the livestock range, have brought high prices throughout 1928, although in the late fall some decrease in prices occurred. The production of lambs and wool was increased in 1928 and the products were sold without any reduction in price being forced from the high levels of the past few years. A third favorable feature in the large revenues to threshermien and railroads and to those who derive commission from storing and han- dling grain. Cash flowing into the dis- trict as a result of grain and potato sales from the 1928 crop was only about 20 per cent less than in the fall of 1927. Another unfavorable development in farming was that the 1928 crop of hogs was the smallest in several years. While hog prices were not below the average of the post-war years and ing, the total revenue from the sale of hogs was not as large as the reve- nue produced from this source a year ago. However, in some counties where in 1927 corn had to be im- ported for feeding purposes, the net returns from hog raising operations were more favorable in 1928 than in 1927. Land Prices Remain Low The third unfavorable aspect of the farming situation was that land prices continued to be low. There is, as yet, only an--imperfett adjustment of farming to conditions which have pre- vailed since the war. Individual farmers, through the use of machin- ery or advanced farming technique or some other resourcefulness, have been making good incomes. They have paid their short-term indebtedness and in many cases their mortgage debt as well, and have maintained their _ deposits in banks. farmers, often in the same commun- ity with prosperous farmers, have been making a bare livelihood or have been losing ground. The general. volume of business. showed improvement over 1927. Debts to individual accounts at seventeen cities established a new high record for all time during 1928. The country check clearings index also established | @ new high record in 1928 for the years during which these figures have been available. In more detail, in- farmers’ year was the production of | creases in 1928 over 1927 were shown satisfactory crops of feed grain. The | in miscellaneous freight carloadings, corn crop was larger than in 1927 and | flour production, copper output, life much better distributed throughout | insurance sales, country lumber sales the territory. The barley crop was| and wholesale trade in hardware and the largest on record. Unfavorable Conditions shoes. Decreases occurred in city de- partment store sales, securities sales Turning to unfavorable develop-| and wholesale trade-in groceries. In ments, the outstanding instance was | general, country business conditions the shrinkage in prices for cash | showed more improvement in 1928 grains, due to the large world crop, | than city business conditions. In the and the lower prices for potatoes |last few months of 1928, the volume which accompanied the large domes- | Of building in the larger cities in- tic crop of 1928. This development | creased over the volume a year ago. Other |* meee ee ARK TRIBUNE Agent Reviews E OF STATE STARTED Money Appropriated at Last Session Being Put to Use by Higher Schools _ rf i Steps to launch the building pro- torted. % ¥ gram for which money was appro- knuckles . . Priated at the recent legislative ses- And later, sion already have been taken by the Plate practically board of administration. : correct in The policy to be followed will be to It wasn't, + complete buildings already under way food that as rapidly as possible. tite. He lia money will be available over a two-year period, the building from urging Program will be extended over a two- not protest year period. Power houses and ad- coffee was ditions to powerhouses will have first did not consideration. The state university Connie and state agricultural college will be = while Mildred next in order and the buildings at “i the dishes, state normal schools will come last. Like a huge bird, “West Wind,” the went off to the The work of completing the liberal |tri-motored all-metal Ford plane of tending with arts building at the state university, |the Mamer Flying Service, Spokane, “Now for the with the $161,000 appropriated by the | which will visit here April 9 and 10, laughed and legislature, already is under way, the | hovers over its playmates. The plane is the one big board having taken advantage of ‘an |braught here through the efforts of smoke. “Maybe optional agreement with the contrac- |F. A. Copelin, manager of the Cope- tion that’s playing Flow. tor to complete the structure, which . A three-place ers,” he added 0 was started last year. Curtis Robin cabin plane is shown the radio. potter ‘sf Work on the new wings for the ag- |under the 80-foot wing span of the she op the ricultural building and science hall Seton 4 » at the state agricultural college will begin as soon as plans are completed and contracts can be let and will be pu i i ‘and mechanic, Art Walker. Below is rushed in an effort to have the builds |an interior view looking forward into isn’t so | bad,” ings ready for use next fall.---"' |the control cabin. Comfortable wick- a while, “but I The new auditorium and gymnas- jer chairs and a lounging seat provide any other girl in jum building at the agricultural eolé |room for 12 persons. on, let's go to a lege will be held over until next year, since the plan is to have it under construction when the legis- lature meets in the winter of 1931, then to appropriate the final amount necessary to finish the work. = & 83 church Friday evening, April 12. The program which will precede the social hour will be given in the parlors of the church on Avenue D. FIRST BAPTIST CHURCH asked Corner Fourth Street and Avenue B to tell O. 8. Jacobson, pastor-at-large. but she 10 a. m. Sunday school. 11 Morning worship. Subject: “The Blessings of Silence.” Special music. 6:30 p. m. Senior B. Y. P. U. 7:30 Evening service. Subject: “A Question and the Answer.” 7:30 Wednesday evening, prayer meeting. FIRST LUTHERAN CHURCH Corner Seventh and Avenue D A. J. Malmquist, paster noon Sunday school. 7:30 p.m. The Women's Mission- ary society will render the following “Home Mission” program: Hymn, audience; scripture reading and prayer, Mrs. A. J. Malmquist; song, male quartette; select reading, Miss Mabel Olson; piano solo, Miss Gladys Nelson, select reading, San- ford Sjobeck; vocal solo, O. Nordlund, Piano solo, Miss. Rott; song, male quate; hymn, audienc; benedic- ion: McCABE METHODIST EPISCOPAL hearts and ruined lives things, that love is responsible for,” Mildred hastened to explain. “Maybe: I wouldn't break your heart or your life if I were FIRST CHURCH OF CHRIST, SCIENTIST Corner Fourth St. and Avenue C Sunday service at 11:00 a. m. Subject: “Unreality.” - Sunday school at 9:45'a. m. Wednesday evening testimonial meeting at 8 o'clock. A reading room is open in the church building every Tuesday, Thursday and Saturday, except legal holidays, from 2 to 4p. m. UTILITY PERMITS GRANTED BY BOARD State Railroad Commission Rules on Corporation Re- quests for Changes chance that you might never love with anyone else. You love with anyone else, are you Mil dred?” he added. Mildred changed the subject quick- ly. Tried to get him to tell her about Huck, Finally Harold confided that Huck had introduced him Ponies, as it were. FIRST EVANGELICAL CHURCH Corner of Seventh and Rosser Ira E. Herzberg, pastor 10:00 Morning worship. “God's Stewardship.” 1 Sunday school. '30—Evening worship. Play, “The Glory of the Cross,” by the Up- Streamers Class. - Wednesday 7:30 Praycr meeting. Both groups will mect on this eve- Topic, “I think I came out about even,” Sng answered, growing a little Bulky. a “But you said you'd been winning,” she reminded him. “Oh, we played a little poker up- stairs.” é “In Mr. Connor’s‘room? You know Mr. Dazel doesn’t permit it.” “You mean professional gambling,” Harold amplified. “This was only a friendly affair ... and we were in my room,” he lied, afraid that he had said too much. “I don’t like Walter E. Vater. pastor’ Morning worship 10:30. Organ prelude, “Largo” (Handel), Miss Ruth Rowley. Anthem, “O Love Divine” (Ashford) Organ offertory, “Sweet Hour of Prayer” (Sawyer). Solo, “Beyond the Dawn” (Sander- son), Mrs. J. A. Larson. Sermon, “The Simple Life,” Walter | E. Vater. Organ postlude, March (Camp). 12:00 noon, Sunday school (Classes for all ages.) 6:30 p. m. Epworth League. . 7:30 p. m. Evening worship. The Methodist Mandan choir with orchestra will it their Eas- ter cantata entitled “The Lord of Eastertide,” under the direction of Prayer service Wednesday at 7:30 p.m. -ZION LUTHERAN CHURCH “~* + (Missouri Synod) Fourth Street at Avenue A. J. V. Richert, Pastor. First Sunday after Easter: 9:30 a.m.—Sunday school. Miss E. if she? ® i it 6:45 p.m.—Bible hour, in charge of the W. L. 7:30—Evening service (English). ‘The services in the morning are be- ing alternated, English and German. TRINITY ENGLISH LUTHERAN Avenue C at Seventh Street. Opie 8. Rindahl, Pastor. 9:30 a.m. and 12 m. Morning worship, 10:45. Junior Luther league, 6:45 p.m. service, 7:30. Section 1 of: the Confirmand class meets every Wednesday afternoon at 4 o'clock and’ every Saturday at 9 i ee Patiently; “I ge ela and dad when hes eae & good fellow, Mildred, and “All right,” she sighed. better turn here and get off Broad- way; there's “rs ig ee She was unusually silent after that i é = dick. Children’s sermon—Paul 8. Wright. Offertory duet, “The Lord Is My Shepherd’ jeune, Revise 6 iaiher. league ” (Hanscom)—Mr. Halver- will conduct a joint meeting with the Luther league of the First Lutheran Figur SEE , NOW) THIS LEVER OPERATES TH~ AAI — Memiem— tN TH. Te’ ~— UH, . Tet alli | | OUT OUR WAY “THAT ERFICIENCH MIN! TO } LEARN HOW T RUN GUY 1 Ry! MAC'S. MACHINE FROM MAC, HOW T'Ru MAC .SoO HE CAN Stow z Ri i z i f i a i 2 Eibe i OH, THAT AGAIN ? Sis :“ E E Z fl 5B i i ne : i I E i E i ny ged heavy wit did not The air in the during the rush hour certainly Jess pleasant than gaso- ne from she thought, and she was She didn't care what her mother : i i i i 3 A lbs ii is i $ 5 nity EE And s meal wouldn't do him any harm, she con- z [dd “Don't you get tired of being a wage slave?” Hassle asked ber unex: I Es E i °8 Hl fil ail Experiments in prove these heel to the sufferer in ‘Me- ie al Hi