The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1921-02-04
GENERAL PRICE DECLINE
1920 Marked As Great Re-
adjusting Period
LIVE STOCK DROPPED
Regular Monthly Report Ninth
Federal Reserve Bank
:, For District
Associated Press Disratch.l

Minneapolis, January 31.-The fol-
lowing is regular monthly business
report issued by the Ninth Federal
reserve bank of this city Tor January,
1921:
The most important business event
In the month OF December was the
general and substantial decline in
prices at wholesale OF practically all
commodities. Inc decline In Decem-
Der when added to those OF the pre-
ceding months have marked the year
lS2O as one of greater readJustment-
In price levels than has ever been
witnessed heretofore. The effects
have not been different from those in
other periods OF business decline,
such as diminished buying, decreased
production, increased unemployment;
and a stronger desire to save, econo-
miZe, pay up debts, and invest. The
prices of products in the northwest
have declined in harmony with those
Of the other producing sections and
industries OF the world.
The medlan quotations for caSn
sales of all grams at Minneapolis
were lower in December than in
November except for rye which ad-
vanced one cent per bushel. All the
quotations without exception exhibit
narrower range in December than
In November.
49,
Pauls stockyards as shown by the me-
dian quotations in December and Nov
ember declined, with the single excep-
ton of lambs. Even in the case of
lambs, the highest and lowest quota
lions were lower in December than the
highest and lowest in November. This
tendency for quotations to fall within a
. narrower range. is evidence OF more
stable conditions as to prices and de-
mand and supply. Prices of wool de-
clined as we'll as wholesale produce pri-
ces for butter, eggs, cheese, potatoes.
oranges, veal and hogs.
Increase In Unemployed
The Ninth federal reserve district dur
the last four months has expert need a
ployed. Minneapolis concerns which en-
ployed 26.703 persons a year ago, report
cd to the Civic & Commerce, association
a reduction to 20.70S on r'about Jam
cent. The reductions are greatest in the
woodworking, paper, iron and steel in
dustries, which indicate reductions as
Mining companies in Montana report a
reduction in the number of men employ
ed during the month Of December equal
ago. The Michigan mines. as well as
lumber manufacturers throughout the
whole district. report a reduction in the
number of employees of thirty-four per
cent of a year ago.
General Business Conditions
There was a decided shrinkage in the
volume of business during the four weeks
ending December % a. as compared oar, with
when measured by the volume OF pay
ments made through clearing house
banks in the eleven most important
volume was 1917 per cent less than in
November, whereas a year ago between
the same months there was a decline
OF less than two per cent. 1t Is evident
that the decline is much more than sea
sonal. Also the total in December Is
seven per cent less than Q year ago:
The city of Superior alone exhibited
gains over last month and over year
ago.
The production of -four mills in this
district for the four weeks ending DEC
ember 25 declined about eighteen per
ending November 81. The total produc-
ton in December was about eighty on
per cent Of a year ago. Copper produc-
changed as compared with November.
Linseed oil and cake, in the manufac-
ture of which Minneapolis predominates.
declined in December to three-fourths
of the November volume as measured
by shipments. The volume OF retail
trade in December as measured in dol
lars and cents was practically the same
stocks on hand were less than a month
ago and less than a year ago so that
joyed.
to past conditions, were much the same
in December as in November.
The record breaking totals for the
amount Of liabilities continued and enor-
evidenced. In December there were
forty-four failures with liabilities total
ing s1,15o, $50. 1t is rather early to es-
and the reports now available are frag-
mentary. However. these earliest re-
ports indicate that the acreage seeded te
MI ~&o md
Montana combined is less than seventy.
eight per cent of a year ago. and that
the acreage seeded to winter wheat In
Montana and Minnesota combined !,
ago, according to reports from state
representatives OF the federal depart
ment Of agriculture: In building grain grain
were remarkable declines.
Building And Lumber
Building operations. when measured
declined to about two thirds Of the Nov
ember volumeS There was noticeable
increase in the valuation. however. In
the case Of the cities Of Duluth ,; and d sI.
forty-six per cent was for new construc-
ton, whereas the average for the pre-
ceding six months was eighty-five pei
is made with a year ago on the basis
cline is shown of thirty-three per cent
The declines were PARTICULARLY SIaI IlIie
in the case of st. Paul and Great Falls
which reported declines to nine and
eight per cent respectively Of the vol
ume a year ago. The valuation OF Min
neapolis permits was but thirty-six pei
cent Of a year ago. The prices OF build
ing materials continue in an unbalanced
condition. Some kinds of lumber have
been cut fifty per cent since March 9
but some other building materials are
even higher. Lumber manufacturer
and retailers report substantial declines
I'm lumber cut, In shipments, and In
sales. both as compared with a month
q ago and a year ago.
Grain Movement
From the time Of harvest until Dec
enber 20. there was an increase In the
movement Of grain as compared with
a year ago. Thereafter q decided slump
took place In the Minneapolis receipts
Minneapolis receipts Of all grains durine
December totaled nearly eighteen mil
lion bushels as compared with nearly
twenty-one million bushels in November
of this year and as compared with near
ly twenty million bushels in December
a year ago. When the total grain move
rnent through Minneapolis and Duluth
Is combined, II appears that December
receipts were about three-fourths OF
those I'm November ami about eleven Der
cent larger than a year ago. Wheat re-
ceipts alone in December were sixty
two per cent Of November and sligiltly
larger than In December a year ago.
When the stocks Of all grains for Min
If ~. N,.Al-