The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1923-03-02
TRADE CONDITIONS
FOR Ninth DISTRICT
Monthly Report of Federal
Reserve Agent Rich
DECLINE is SMALL
Very Slight Difference in Bust
ness Trend of Past Two
Months
iAssoclated Press Dispatch.l

minneapolis. February 2S.-Feder
hi Reserve agent John II. Rich OF
tie ninth district, or this city, in his
Y ssIlar monthly report covering the
crop and business conditions of his
district for the federal reserve board
at Washington, d. c., says:
"The volume Of general business,
measured by bank debiIs, was five
per cent less in January than in De-
lCember This is a smaller decline
bthan has taken place between the
same months during any One OF the
preceding four years. Some Guinness
shoald be expected in trade and
manufacturing in mid winter, par
icularly after the rush of the
Christmas season, and during the
month of inventory taking. 1t is
gratifying to note that the volume,
as compa ed with year ago, Was
one third better, according TO the
tank debts. and was better in every
line of business from which we re-.
ccive separate reports, except for
sales OF dry goods at wholesale.
During the month OF January, there
were declines from the December
volume in -four milling, and retail
sales of merchandise; and increases
in lumber manufacture, mining pro-
.iuction, ad wholesale sales, except
bf groceries. There has been full
Ind satisfactory employment or Ia
N. Failures recorded another peak
ring the month, although there
hafe been higher points reached In
Iecent years.
Grain and Livestock Moving
Grains and livestock continued TO
move TO market in much larger vol
., NE than normal during January.
nf
nd calves reflects the profitable
Utilization of cheap corn and the
; Development of dairying. The de-
}line in sheep receipts and ship
.neuts OF cattle for feeding purposes
lrger than a year ago. indicates
approved confidence in the stability
r livestock values. Indeed. the mar
let demand for livestock during the
Month was very satisfactory as
prices rose for all kinds of livestock,
except lambs, in the face or the
heavy receipts. The grain movement
was well above normal in the case
IF wheat and rye, and resulted In a
fifty per cent Increase in terminal
Elevator stocks of grain at the end
&c January as compared with The
md OF December. Although grain
receipts declined during the month.
VIA ifetfsdemand was not, sufficient
% maintain the median prices of any
ram. { .cept fax.
Il here was continuation of the
lederste improvement which pre-
siled in the preceding month in
ne condition of the banks. Repre-
entative banks enjoyed an increase
4 deposits. bringing their total ce-
osits about three per cent larger
nan at the end OF December ard as
= mere was practically no change in
ne volume of loans, security hold
lgs increased. Interest rates gem
rally were a trif1e weaker on the
lorter datings. This federal reserve
NIX had declining loans in Janu-
ny as well as during the first two
weeks in February. There was the
customary contraction Of federal
reserve note issues during the post
p christmas season. Holdings of So
turities declined in January. A sub
stantial quantity OF acceptances
we're purchased in February"