The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1922-12-29

ly increased shipments of iron ore
and an inc ease OF two fifths In ship
monts of grain. Business failures
reported for this district during No
vefnber by r. G. Dun and Company
declined Slightly in number ard
more considerably In liabi tiles be.
tween October and November. 9Th,
numhe Of failures was one thi d less
and-liabilities two thirds less than
ures in this district totaled eighty
two with liabilities amounting to ST.!
-27o sos.
Financial conditions prevailing in
November are reflected by a small
expansion in the loans of commercial
banks, while loans at this federal
reserve bank were being paid of.
Renorts from thirty one selected
n 7rnber banks in this district show
that their loans to customers in 4.
creased EIGHT million dollars. their
demand deposits increased four mil 4.
lions and time deposits more than
one million, while cash and reserve
balances with this bank declined
more than three millions. Their bor-
rowings from this bank declined
slirhtly and their HOLDINGS of securi-
ties increased one million. Com
mercial pape~ outstanding in this
district showed a ',rther decline
during November a9d is at the low
notation alton extended TX by this bank to
member banks in the dist~tc declin,
ed tive millions during November and
reserves increased two millions.
There was slight decline in securi-
ty holdings, in member banks re-
serve deposits and in float.
! Il Banks Showed Decline
During the first two weeks in De-
ceInber thirty one selected member
banks in this district showed de-
cline o. three quarters Of million
dollars In loans to customers, but
further increases OF two and one haIf
millions in demand deposits and l
million in time deposits. These banks
increased their holdings of securi-
ties one and one half millions, and
their cash In vault one million, prob
ably in preparation for The Christ
mas demand for currency. This Fed
eral Reserve bank expe cienced a
further decline in accommodation OF
more than one-half million during
tho same two weeks and cash re-
serves were d-awn down more than
one and one fourth million, part OF
this withdrawal being oft set by an
increase in security holdings OF
three fourths OF a mn ion. Federal
reserve notes outstanding increased
one and one fourth millions during
the two weeks and there was an in
crease in float, both changes being
due TO Increased activity OF business
incident to Christmas.
Interest rates at Minneapolis banks
stiffened during the month ending
December Is. The rate charged by
banks on prime customers CONNER
cial notes, on loans secured by gov
eminent obligations and on COM
modify paper secured by warehouse
receipts increased ono half percent
and endorsed bankers aCCepLances
increased three eighths percent, in
the most customary quotations. The
period from November Is to Decem-
Der is has been during the past four
years a tie when interest rates NOV
ed not so much from seasonal caus-
es as from scyclical causes. In 1919
interest rates rose, the greatest in
crease occurring in rates on demand
paper. In 1920 the rates were steady
at the highest point that they reach
ed in this territory. In 1921 all i'm q:
portant rates showed declines and
this year some of the important
rates have shown Increases.
Savings deposits in the Twin Cit
les and Duluth showed another
slight advance during the month or
November, continuing the upward
movement which has been uninter-
rupted since May of this year. De-
posts were almost z per cent larg-
er on December 1 this year than a
yn