"Borrowing from the federal reserve banks of both city and country members combined, fell from $61,106,000 on March 8 to $49,025,000 on April 12, a decline of $12,081,000 or 19.7 percent. This reduction was accomplished at least in the case of the country member banks at a season of the year when the requirements of their cash are unusually heavy, and in the case of a growing ability on the part of these banks to meet customers needs without securing outside assistance. Activity in building operations. Figures of building permits for March were in point of value the largest figures ever reported in this district, exceeding the previous record month of October, 1921 by 17.5 percent. Compared with the month of March a year ago this year's figures exhibit an increase of 47.8 percent in value and 14.7 percent in number indicating a period of unusual activity in construction lines during the summer and fall.

Farmers Delayed
Agriculturally there have been few new developments during the month, in many sections the winter season extended well into March and far in work has been delayed from two to three weeks. The winter wheat crop appears to be in better condition now appears to be in better condition than on December 1, but it is not expected that the record crop of last year 78,000,000 bushels, will be equal. 