The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1922-12-01

dence of the past two years. they
ought to increase slightly in number
and more sharply in liabilities at this
time of the year, but this year there
was an increase OF three-fourths in
number one and half times in
liabilities, the October figures being S.
failures with liabilities totaling ST.
1921, according to figures from r. g.
The Credit, Situation
The credit situation in the North
month OF October and improved still
further, during the first two weeks Of
selected leading member banks in this
district showed a small decline in loans
and discounts to customers and an In
crease in demand and time deposits.
which allowed them to increase their
lholdings of government and other Sc
curities. Their borrowings and redis-
counts with this federal reserve bank.
however. increased slightly Similar
balance sheet of this federal reserve
bank during October. Bills discounted
declined two millions and deposits in
creased by the same amount. Federal
eserve notes outstanding increased
four millions on account of seasonal
needs. and there was a release of seq
en- millions of United States securities.
Reserves increased more than eleven
ing the first half of November this
Federal Reserve Bank experienced
in bills discounted. but small increase
decrease Of two and one,half millions nit;as
and in deposits and federal reserve
notes outstanding. Cash reserves in
creased more than four millions.
Nationally, conditions have shown Il;
balance sheets of $50 of the largest Sc
lected member banks, loans and dis
counts increased PSI millions in oc-
toeer and DEMAND der ,,; and time deposits
from the twelve federal reserve banks
increased sixty eight. millions. At the
same time holdings of United States
Securities and goyernment deposits
twelve federal reserve banks showed
increases of forty-nine millions in bills
discounted, nineteen millions in DIS
purchased. nine millions in cash re-
serves. and fifty-five millions in fed
eral reserve notes outstanding. but
decline in holdings of United States
securities of forty-two millions. Dur
ing the first two weeks of November,
bills discounted increased 1874 millions.
but holdings of United States securi--
ties declined eighty three millions and
reserves declined seven millions. Fed
eral reserves notes outstanding in
posts. which had remained practically
unchanged during October, increased
ninety eight millions.
Interest Rates
Interest rates at Minneapolis showed
decreased spread between the various
classes of paper during the month end
ing November 10. Prime open market
commercial paper increa sed one-half
per cent for short maturities. The bank
rate 10 customers for prime CONNER
cial paper declined one-half per cent.
Cattle loans increased one-haf per
cent.
Savings deposits declined slightly at
Minneapolis and st. Paul. but increas-
ed about the same amount at Duluth
during the month of October. How
ever. Twin City savings deDosits were
higher on November. L. 1922. than
year ago. but savings deposits at Du-
luth were lower.
Sales of Securities by Twin City in
vestment bankers were slightly larger
in volume during october than during
September. with foreign securities,
city mortgages, and municipal bonds
showing the greatest increase in favor.
AS compared with October last year.
however, this months sales showed n
decline. with smaller sales of foreign
securities. municipals, and farm mort
cages accounting for the smaller vol
ume The amount of commercial paper
outstanding in this district declined
slightly during October. although dur
ing the past two years October has
shown an increase in the volume of
such Daper