The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1921-06-03

cent on agricultural or live stock paper:
commercial paper. trade acceptances, and
member banks notes secured by other
eligible notes as collateral. There were
notes of member banks secured by
United States Treasury Certificates OF
Indebtedness. The rate on bankers &C
bonds or Victory notes. remained un-
changed at six per cent. The changes
became effective May 10.
the larger cities during the 33-day per
iod ending May experienced decline
In demand deposits of nearly seventeen
million dollars or nine per cent. These
banks sold United States securities dur
ing the same period totaling more than
one million dollars, and reduced their
collateral loans secured by United States
million dollars. Their reserves at the
Federal Reserve Bank were reduced by
about two million dollars but vault cash
was increased by about one-half million
dollars
The conditions in the Ninth District
are to be contrasted with those prevail
ing in the twelve Federal Reserve dis
April / and May 4 the twelve Federal
Reserve banks experienced q reduction
in earning assets of $50 million dollars
and during the first. two weeks in May;
millions, while their total reserves in
creased nearly 100 million dollars during
the same period.
The Investment market.
Reports received by this office from
seventeen of the largest and most rep
resentatiye concerns selling securities IN
this tsrrt9 i nSeae that their sae
OF March, and 90 per cent Of April a
year ago: April sales of municipal
bonds and notes were almost double the
sales of March and 139 per cent of a
year ago, while the sales of corporation
bonds and notes increased about twenty
per cent, both as compared with March
sales were eighteen per cent less in
April than in March and forty-two per
cent less than year ago,
denced by their Willingness to purchase
stocks was much below that of a year
ago. although the April totals nearly
doubled those of March, A similar ten
ment securities by bankers which were
slightly larger in April than In March
and slightly less than in April year
ago.
Sales of city mortgages were better
than a year ago but not as favorable as
a month ago. The pressure for invest
ment funds and the unsettled conditions
in real estate values have been reflect
ed by an increase in the number of
foreclosures in Hennepin County. There
was an increase of thirty-one per cent
as compared with March and an in
crease of rs per cent as compared with
April of a year ago. In the amounts
involved in foreclosures April exhibited
an increase of thirty seven per cent as
compared with March and an increase
of 1853 per cent as compared with April
a year ago. During the first four
foreclosures Increased twenty-four per
cent as compared with a similar period
the preceding year.
Farm Finance
The federal government recently ap-
propriated two million dollars for the
purpose of making seed loans. Lending
operations commenced about March Is.
This work is now completed and the
loans made to May 9 amounted to about
81, SOC, 900. This fund was found suffici-
ent to make loans to all those who ap-
piled and could meet reasonable condi-
tons. No loans were made to those who
had yields of wheat in excess of five
bushels to the acre last year, and the
sums advanced were strictly limited to
the amounts actually needed for the
purchase of seed regardless of other
needs. OF the total loans made prior to
May 9, one million dollars was. placed
in Montana, 100000 in North Dakota.
and slightly less than 100000 in Idaho
and Washington.