The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1922-10-06

NhAo uloIIlSl III the emu Oh August
than at the end of July, and fully
one third less than in August a year
ago.
All Federal Reserve Banks COM
btned during the month of August
showed small increase in bills
discounted and purchased and in
federal reserve notes outstanding
and small decline in reserves. In
the first two weeks of September
there was a rise of sixty million
dollars in federal reserve notes out
standing, an increase of thirty three
millions in bills purchased, but a
decline OF seventeen millions In
bills discounted, and small changes
in other items of the balance sheet.
Investment funds apparently were
in greater supply during August
than during July because sales OF
securities by the more important
firms with offices in the twin cities
increased twelve per cent and saw
ing and time deposits also increased
slightly. AS compared with year
ago, there has been an increase of
two thirds in sales of securities, an
increase of one fifth in time de-
positS and an increase of one
twentieth in savings deposits. Every
mortgages was sold in greater vol
ume in August this year than in Au-
gust last year or in July this year.
Reports received from thirty
three member banks located in the
larger cities of the district, cover
ing changes between August and
August so, show an increase in
holdings of United States securities
of $2,S56,000, while their holdings
of other stocks, bonds, and invest
ments increased $l,S25, 900. This
Federal Reserve Bank sold or col
lected at maturity one million dol
lars of United States securities dur
ing the same period. Reports re-
ceived from nearly 800 selected
member banks located in the larger
cities throughout the United States
showed a decrease meanwhile, of
100000 in United States securi-
ties held, and decrease of $4,000
900 in their holdings of other stocks,
bonds, and investments.
Stocks of Coal
Coal stocks at the Duluth Super.
Tor harbor on September l, included
1888 tons of hard coal and only
120.3S4 tons of soft coal. as reported
by the n. w. Coal Dock Operators
Association. Coal receipts at the
docks were IL per cent smaller for
soft coal and 25 per cent smaller
for hard coal during August than in
July. These percentages OF the pitt
fully small monthly receipts this
year are of little Importance. The
main fact of interest to the North
west is that only 94,S02 tons of hard
and soft coal combined were receiv
ed during August, a volume which
is only ga per cent Of the August
receipts of 1,4S6,79S tons, a year
ago. Moreover, for the season
through August 81, only 466,500 tons
of soft coal and 25,512 tons of hard
coal have been received, making a
total of 492,012 tons in all. A year
ago when receipts were not abnor
mally large, during this same per-
iod, there were 6,513,729 tons of soft
coal and 1,206.699 tons of hard coal
received, making a total of 1906
699 tons of hard coal received, max
ing a total of 7,720,42S tons Of all
kinds of coal. This years receipts.
therefore, have been only GA per
cent of those year ago. This means
rail transportation and coal distri-
button will need to be organized
very carefully if regular and suffici-
emit anthracite coal supplies are to
be available in the Northwest this
winter. Local sources of Ignite
and sub bituminous will relieve
shortages in many parts of this dis
trict, and bituminous mines outside
of this district, such as those in Illi-
nois, are much nearer in location
than those of anthracite, all of
which are in Pennsylvania.
The volume of business as indi
Gated by the dollar amount to
checks charged against the accounts
of banks customers in nine cities OF
this district showed a per cent
increase between July and August,
which is a smaller increase than oc
CURED last year, but larger than
the increase in 1919 between these
two months. In 1920 the volume
declined between July and August,
August check payments were per
cent larger this year than a year
ago.
Receipt of Grain
Grain receipts at Minneapolis and
Duluth during August were more
than double the July receipts, owing
principally to a ten million bushel
increase in the receipts of rye
which were IL times the July total
lion bushels, or about three fourths
of the July figure. Receipts of oats
and barley doubled, and, while fax
receipts remained small, the August
receipts were one half larger than
those in July, which is a satisfac-
tory showing since normally the re-
ceipts of fax do not begin their fall
increase until October. Receipts of
corn dropped two thirds between
July and August.
average for the wheat and oats
were somewhat above normal, but
barley and fax were below normal.
Corn receipts, for which no normal
is available, continued low and will
not increase materially until Dec
ember, according to the experience
of the past two years.
AS compared with last year, this
years receipts of all grains in Au-
gust were down one eight, although
rye receipts this year were three
times as, large and corn receipts
were one half to two thirds of last
years figures.
Grain stocks in terminal elevat-
ors, totaling 81 million bushels, in
creased slightly during the month
of August, but were one third lower
than a year ago. Stocks of oats,
which represent almost two thirds
of the total grain stocks in terminal
elevators, were slightly larger at the
end of August than at the end of
July, but down one fourth from the
figure for year ago. Stocks of rye
W ere almost eight times as large and
no rlav mnra than three tjmps as