The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1923-11-02
STORY OF EXPERT
SHOWS UP BRIGHT
Business Forecast Federal
Reserve Agent
NINTH ZONE SIZE-UP
Cities Experienced Decline In
Month September; Less
Building
IAssociated Press DdspatcnI


Minneapolis, October ga def
mite Improvement in business con-
ditions in the country districts,
while the cities experienced a de-
cline, during the month Of Septem-
Der, is reported in the monthly let
ter Of John H. Rich, Ninth District
Federal Reserve Agent, issued to-
day. ...
has taken the form of revival OF
buying and appears to be based on
q solid foundation, the report states.
Slowing down in urban business
was brought about largely by the
slump in -four milling in production
milled, as well as decline In min
ing output, and a less than season
al increase in retail trade In the
cities, smaller shipments by lum-
Der manufacturers and mixed con.
ditions in the wholesale trade. 1t
adds. The letter also reported that.
Farm product prices at north
western terminal markets were
arm or rising during September for
all Of the major products except the
cattle group. a..
ties as indicated by debts to indi-
vidual accounts OF banks In nine
representative cities increased in
September over August only one,
third the amount as experienced
Reduction In Building
Building permits granted IN
eighteen northwestern cities show
ed slight reduction in both num-
Der and valuation as compared with
August, although larger than Sep
TENDER last year.
Manufacturing showed mixed
trends, -four production falling OF
in September to the lowest total in
fourteen years. and lumber manu-
facture showing the seasonal
changes In declining cut and ship
ments and resulting increase In
stock on hand.
Mining output in this district de-
but the declines were not marked,
and the output was larger than
September, 1922.
Retail trade showed a less than
seasonal decrease in the rural Sec
tons, but in the cities the increase
was less than normal Wholesale
trade showed seasonal declines.
Banking reports show seasonal
EXPANSION In the cities ard some
contraction in the country districts.
with a 1T per cent increase In
savings deposits in the three larg-
est cities Of Minnesota, Federal
vailing interest rates showed de-
cline. $50.
Elevator Stocks Increased
Grain stocks in northwestern ter
minal elevators increased As per
cent during September while the
movement Of livestock at South st.
Paul began its usual fall increase.
In connection with the rural dis
tricts business improvement. the
renort says:
"Computations made by us based
upon latest information published
by the United States department OF
agriculture concerning, production.
stantial increase over last year in
the" dollar amount of the available
purchasing mower of the farmer.
For the grains and potatoes. this
increase In dollar value of purchas-
ing power amounted to nearly 20
million dollars or an increase Of
about IA per cent as compared with
2 year ago, all states Of this district
having an increase except North
DAKOTA. It is remarkable that there
should be such AN Increase in ag-
gregate purchasing power at the
same time that there was a decline
alone Of about 5S million dollars.
This means that the production and
prices Of other crops have increas-
ed values more than double the loss
Of wheat"
Decline In Commodities
. A large mart of the credit for this
result is laid on corn, which with a
yield OF 100000 more bushels,
will contribute nearly s10n. 000, 900
above year. ago. The failure OF
rye to materialize earlv in the sea-
son and its replacement by fax.
which IS bringing q good price. Is
held q blessing in disguise.
"Coupled with the foregoing i'm
provenent in dollar value of pur.
chasing power enjoyed by. the. farm
decline In the price Of comm odities
purchased by him." the report con-
tinues. =
Grain Prices Better.
"The median prices received for
grains in September, all of which
were better than year ago except
in the case of rye, exercised a
profound influence upon the GUAM
tity Of these grains marketed al
shown by the Minneapolis receipts.
Flax. barley and oats were market
ed considerably In excess Of what
might be considered a normal mar
keting for these grains, having due
regard to the size of the crops this
year and last, and the amount mar
keted in September year ago, and
rye was marketed at less than
would be considered normal when
indged by the same tests. Wheat
came to market in somewhat more
then normal quantities because the
estimated wheat crop Of this year Is
but Ga per cent OF that Of a year
ago, where September receipts OF
wheat this year were II per cent
Of a year ago"
There has been no difficulty IN
obtaining railroad equipment this
year for the purpose Of shipping
grain fha ~ I1