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CHICAGO, JUNE 26, 1920
FACTORS ARE OPERATING IN THE M IDDLE W EST IN R E LIEVIN G THE
T WO
credit strain; one is the policy of discrimination by bankers against non-essential and specula
tive borrowing, which is bringing results slowly, and, according to advices from bankers through
out the District, effectively. The second factor is the reduction in the volume of commodities
offered for shipment— stocks of merchandise not only being reduced by the restriction of loans
but also by inability to obtain raw materials— which necessarily reflects some temporary cur
tailment in production, chiefly through the elimination of overtime operations.
As a consequence there is a noticeable improvement in the transportation situation. The
effect of the policy of a progressive advance in the official discount rate and repression of various
forms of inflational borrowing, has been to put a considerable check on the process, referred to
by one correspondent as “ spiraling,” meaning the devious, stealthy padding of prices to the
ultimate consumer.
LIQ U ID A TIO N OF M ER CH A N D ISE STOCKS U N D E R W A Y
There is being brought about the liquidation of
considerable stocks of serviceable merchandise— off
model at the moment but full of utility— readily
salable at slight concessions. These stagnant stocks—
which constitute a large total— remained immobile
so long as it was possible to obtain financing for new
stock through easy accommodation at the discount
window. When the discount officer, following closely
the Federal Reserve Board’s policy of retrenchment,
insisted on liquidation of excess stocks before seeking
further loans, the merchants began revising their
selling tags, and inserted a “ 20 per cent discount”
display advertisement.
The result has been the unlocking of a considerable
amount of credit, to be placed at the disposal of others
who have more imperative and urgent need for it.
Obviously, there is still a large amount of liquidation
ahead before the credit situation is rectified. Mer
chants, however, are endeavoring to liquidate their
stocks, and within a short period have made consider
able progress in the contraction of loans, as well as in
the reduction of their large stocks of goods.
PU BLIC A T T IT U D E M ORE F R IE N D L Y TO R E T R E N C H M E N T P O L IC Y
One of the reassuring features in the developments
of the last month— if the impression gained from
hundreds of letters from representative bankers,
commercial houses and factories in the Seventh Federal
Reserve District is a criterion— is that the wisdom of
the policy of discrimination in extending credit has
gained considerable recognition, even among those who
at first felt that the repression of their borrowing
propensities would be extremely harmful to their
interests. The public is beginning to understand that
banks are furnishing money for strictly commercial
and manufacturing purposes and are not making loans
for the purpose of investment and speculation. Sav
ings deposits are beginning to accumulate in the banks
through new accounts, although the amounts of the
increases are not large. There appears to be only a
slight curtailment in the lavish expenditure on the part
of the wage earner.
Compiled June 22, 1920
So far, these tendencies have not manifested them
selves in any marked curtailment of the demands by
member banks of the Federal Reserve System, for the
amount of outstanding Federal Reserve Notes ap
proximates the high mark. Investigation into the
expansion in Federal Reserve Note circulation reveals
a consensus of opinion that this expansion is due
chiefly to increased commercial demand and to the
resultant habit of people in time of prosperity to carry
more pocket money, a tendency stimulated by in
creased currency needs, due to prevailing high prices
of commodities. Necessarily, the high wages and
extravagant habits of the people are contributing
factors.
W HERE D EM AN D S FOR C R E D IT A R E H E A V Y
There is still tied up in inventories, in the Middle
West, a very large amount of money, while goods are
awaiting shipment because of inadequate transporta
tion, now attributed more to labor inefficiency than a
lack of cars, and the resultant costly delay in delivery
of merchandise is absorbing a further large volume of
credit. Until this is cleared up the credit situation prom
ises to continue to perplex the business man as well as the
banker, for new demands are developing in other
districts that are of vital importance to this district
and to the country at large. Two instances of this
are, the requirements of the cattle men and the wool
growers, both of whom are calling for a considerable
volume of credit to finance their needs in these essential
industries.
There is every indication of a great shortage of
beef cattle and there is now some shortage in the
supply of breeding cattle. The Seventh Federal
Reserve District is distinctly a cattle feeding and not
a breeding territory, but the financial difficulties of
the cattle raiser not only bears on the country’s supply
of beef, but it also affects the available supply of feeding
cattle.
Feeders have lost heavily during the last year
because of the high price of corn, scarcity of silage,
inadequate transportation and the decline in beef.
Losses are estimated from around $27.73 per head to
as high as $50 per head to the stock raiser, while the
security behind cattle loans has experienced a shrink
age which makes the liquidation of some of this paper
dubious, unless liberal extensions can be accorded to
the cattle raiser.
BAN KS SEE K TO A V E R T AVO ID A B LE LOSSES TO ST O CK GROW ERS
While the big concerns operating in the West
complain of the high cost of money, as tending to
compel them to take actual losses, there is a disposition
on the part of banks in the Seventh Federal Reserve
District to avoid forcing liquidation or refuse credit,
when loans are necessary to save the cattle interests in
this District from avoidable losses. Cattle paper
originating in the Southwest, West and Northwest
always has had a large outlet in the Seventh Federal
Reserve District as prime commercial paper.
Owing to the exigencies of the money market,
bankers in this District have not been heavy buyers of
commercial paper for some time and are not likely to
be for some time to come. In consequence, the cattle
interests have felt the resultant restriction for cattle
paper. The drought in the cattle raising sections of the
West forced the sale of herds and reduced the amount
of available breeding cattle. This, together with the
losses entailed, makes the problem of rehabilitating
of herds in the breeding section of the West a serious
problem.
The gravity of the wool situation arises from the com
bined action of three exceptional causes, one being the un
paralleled drought of 1919, the second, doubling or trebl
ing of the cost of wintering the flocks, and third, the un
expected collapse of the wool market at the moment of the
gathering of the 1920 clip, carrying prices far below the
minimum necessary to liquidate existing sheep loans
and cutting off further credits. It is imperative that
some method of financing this industry be devised,
until the wool market is stabilized and the usual
financing facilities are reopened.
Spinners and weavers of wool yarns and fabrics are
operating on half time, hence their wool supplies are
double anticipated requirements and the market de
mand is correspondingly smaller, with heavy declines
in consequence. To make matters worse, the present
wool clip is accumulating at primary points and cannot
be marketed except at concessions.
Weavers declare there is no possibility of reducing
their productive costs, at least in the labor items.
They have gone on a three or four day working week,
hoping to prevent an accumulation of goods, which
would tend to demoralize the market. With anything
like the usual fall demand for clothing there is a possi
bility of a shortage, which together with the credit
situation and curtailed production, may be reflected in
higher prices. Piece goods buyers are using all the
tactics of the trade to enforce lower prices, including
refusal of deliveries, cancellation of orders and return
of shipments to makers whenever that is possible.
D R Y GOODS SALES T E N TO F IF T Y P E R C E N T AH EAD
Store buyers from the country seem to be confident.
Reports of M ay business indicate increases from 10 to
50 per cent in sales, stocks ranging from 30 to 40 per
cent above last year, while classifications are 75 per
cent better than in M ay, according to responses to our
inquiries in the Seventh Federal Reserve District. There
is no apparent change in the purchasing power of the
people. The merchants are buying with caution. A quiet
mid-summer is predicted in the trade, with a gradual
reduction of retail stock. Fall conditions are expected
to be good. Quotations on 1921 merchandise are 25
to 30 per cent above the existing market, indicating
that the extravagant hopes of cheaper goods this fall
may be vain.
The impression is general that whatever weakening
there is in staple merchandise of textile classifications
arises from credit restrictions and the resulting con
servatism of store buyers. Purchases on a normal
scale, they believe, would bring about an immediate
scarcity in the supply, with soaring prices. Road sales
at the moment are smaller, according to one very large
jobber, but for the season there is a great increase over
last year. All things being considered, it appears from
our advices that the cautionary action of the banks
has had a salutary effect on the merchants and public
alike. Representative wholesalers, jobbing and con
verting houses in the Middle West advise that any
downward tendency of prices is being resisted by low
production and the demands of labor. Foods seem to
be less susceptible to price declines because of the low
supply and the constant insistent demand.
ELIM IN ATIO N OF O V E R TIM E STIM U LA TE S LABOR E F F IC IE N C Y
Manufacturers who have found it necessary either
to reduce their organization because of inability to ship
raw materials in, or finished products out,or to curtail
production through the elimination of overtime opera
tions, observe that the efficiency of the men in their
employ has been increased— no doubt due to the
feeling of uncertainty caused by the changing condi
tions. The increased efficiency, however, has not been
sufficient to overcome the loss in production due to a
reduction in the number of hours composing the work
day unit. Naturally, any increased efficiency releases
credit, as it means less tie-up in materials in process of
manufacture and in manufactured articles, as well as
less credit used in manufacturing itself.
Many of the existing problems of decreased produc
tion and some of the difficulties in the transportation
situation are attributed by our correspondents to the
attitude of labor. One points out that if the working
man could be induced to speed up generally, conditions
would soon improve. This is especially true in manu
facturing lines, among those who make it a point to
work three or four days a week. The belief is expressed
by some that the lack of loyalty on the part of labor to
their employers is delaying the proper use of such
carrying facilities as are already available, although
there is great need for more motive power and more
cars.
BU ILD IN G LABOR AND LU M BER SUPPLIES IN CREA SE
There is a disposition to do everything possible to
relieve the shortage of housing facilities at important
centers, but this is being impeded by the scarcity of
building materials, due to under-production and
transportation delays. There are heard complaints
of restrictions of building credits.
Lumber is
lower in price in consequence of lack of funds,
and stocks are piling up, while building labor is
more plentiful. There has been an improvement in
the lumber shipments to the country. Railroad car
builders are holding aloof, but some specifications are
being figured on. Hardwood, fir and hemlock
responses indicate an improvement in the freight
situation.
H ARDW ARE STOCKS BRO K EN ; PRICES H OLDIN G FIRM
Representative hardware jobbers report good
business and firm prices, though not showing quite the
same tendency to advance noted earlier in the year.
Retail stocks are “ shot to pieces” almost everywhere
and there is much difficulty in obtaining replenishments
partly because of the reduced production of iron and
steel and partly because of labor and transportation
difficulties.
So long as hardware manufacturers are unable to
bring production up to the normal, retail shelves will
be spotty and prices will hold firm to higher.
C O N T R A D IC T O R Y REPO RTS ON LE A TH E R
There is a rather mixed state of affairs in the hide
and leather business. In some lines advices indicate a
very large volume of business, with little evidence of
recession in either raw or finished materials, but to
offset this optimism, another important leather
interest reports that the last month has shown further
marked declines in hide and leather prices both in
foreign and domestic markets. Shoe manufacturers
are getting a large number of cancellations from re
tailers. Sales are above last year’s average except on
the highest priced shoes, but the demand is now turning
to cheaper grades. Leather stocks appear to be excessive.
PLA N TIN G L A T E BUT CROPS PROM ISING
Agricultural conditions, aside from marketing
features, are generally considered favorable. Corn
planting was late but the plant is growing rapidly and
soil conditions are propitious. Some complaint is
heard of the army worm, but the hot weather put an
end to the operations of the cutworm. The wheat crop
is not coming up to expectations, according to reports.
There is some evidence of a diversion from cattle to
hog feeding by many farmers, but this is being checked
by the market price of corn, as it is not considered
profitable to feed #1.90 corn to $14.00 hogs, the price of
corn and hogs being out of line.
C R E D IT M O VE M EM T M ORE A C T IV E
Credit movement, as indicated in the aggregate
debits to individual accounts, shows a very material
increase over a month ago, which is in contrast to the
steady decrease in the total in progress at that time.
The total debits as of June 16, reported by 190 banks,
in 23 leading clearing house centers, including Chicago,
was $1,263,736,000, an increase of $174,928,000 over
the corresponding week of M ay, and $151,903 greater
than in the same period of last year.
SELECTED M EM BER BAN K ST A TIST IC S— SEVENTH D IST R IC T
(ooo’s omitted)
CHICAGO
----- <0 Member Banks----June 11,
May 7, June 13,
1920
1920
19}9
DETROIT
----- 12 Member Banks----June 11, May 7, June 13,
1920
1920
1919
$71,252
$75,652
OTHER
—45 Member Banks—
June 11 ,
1920
May 7,
1920
June 13,
$75,001
15,819
1919
Item s—
Total U. S. Securities................................
Loans— (exclusive of rediscount)
Secured by U. S. war obligations........
Loans secured by stocks and bonds
other than U. S. securities................
All other loans and investments..........
(exclusive of rediscounts)
Reserve Balance with Federal Reserve
Banks..................................................
Cash in vault.............................................
Deposits—
Net Demands.........................................
Tim e........................................................
Government...........................................
$74,037 $168,527
$59,032
$58,831
76 ,327
11,690
11,962
10,617
1 5,503
16,950
339,137
884,331
60,916
893,829*
323,993
61,979
319,082
276,363*
59,708
324,870
329,621
134,168
38,615
136,075
38,834
” 5,657
39,820
29,379
14,014
28,130
13,213
24,521
26,266
27,160
16,494
28,974
15,163
967,084
280,840
3,629
967,985
276,056
3,081
846,957
165,468
83,764
216,551
226,823
1,200
190,880
224,229
1,105
173.739
27,315
66,972
68,614
338,537
872,193
•Figures for June 13, 1919, were from 44 Chicago Banks.
$63,291 $106,024
185,004
59,656
294,057*
29,397
15,370
247,506 239,7»3
244,375
116,798
118,056
97,826
12,283
1,566
i >943
^Includes bans secured by stocks and bonds except U. S. Securities.
BU ILD IN G STA TISTICS FOR TH E MONTH OF M A Y , 1920
SE V E N T H
F E D E R A L R E S E R V E D IS T R IC T
(Covering Illinois, Indiana, Iowa, Michigan, Wisconsin and Portions of Missouri and Eastern Kansas.)
CONTEM PLATED PROJECTS
No. of
Projects
Class
Business Buildings..................
Educational Buildings............
Hospitals and Institutions....
Industrial Buildings................
Military and Naval Buildings
Public Buildings......................
Religious and Memorial Buildings...................
Residential Buildings..............
Social and Recreational Buildings....................
...................
....................
....................
....................
...................
227
6
....................
38
$21,130,400
417
I25
17
2,CCO
New Floor Space
Sq. ft.
3,074,000
15,283,500
127,000
772,000
14
182
$10,754,400
6,682,000
1,466,000
13,415,°°°
23
84,900
1,027,100
22,170,400
1,084,100
16,486,000
3,933,000
2TC
27
960
2,678,100
23,161,700
7,722,000
5,000
Valuation
2,248,800
1,017,700
213,100
3,313,400
3U
83
7,° 95,IO°
c
...................
No. of
Projects
Valuation
....................
53
.................... 1,089
Total.................................
CONTRACTS AW ARDED
131,800
4,i 55*4-00
343,9° °
36
1,874
$77,018,000
1912..........
1911..........
1910..........
.$49,118,000
$110,982,000
CONTRACTS AW ARD ED
(January 1 to June 1)
1916..
...
19 1 3 -
OS
OO
■ .$155,956,000
I9 I 5 -•
1914................. ? .................
V-ra
1920.......................................... $381,806,000
1919 ............................................................................... 273,118,000
1918.......................................... 143,236,000
1917............................................................................... 244,456,000
. 71,454,313
• 93,866,505
79,137,000
BU ILD IN G ST A TIST IC S FOR T H E M ONTH OF M A Y, 1920
ALL
D IST R IC T S
(States north of the Ohio and east of the Missouri rivers.)
CONTEM PLATED PROJECTS
No. of
Projects
Class
Business Buildings................................................................................... 1,572
Educational Buildings.............................................................................
414
Hospitals and Institutions......................................................................
78
Industrial Buildings................................................................................
78a
29
Military and Naval Buildings................................................................
Public Buildings.......................................................................................
104
Public Works and Public Utilities......................................................... 1,152.
Religious and Memorial Buildings.....................
195
Residential Buildings.............................................................................. 4,136
277
Social and Recreational Buildings.........................................................
Miscellaneous............................................................................................
10
T otal..................................................................................................
8,749
CONTRACTS AW ARDED
No. of
Projects
Valuation
$85,697,600
26,293,800
8,315,400
57,896,600
3,185,500
1,687,900
92,333,100
8,611,100
81,371,600
19,677,800
135,000
1,112
234
5°
619
8
55
New Floor Space
Sq. ft.
7,688,500
2,719,200
795,700
11,130,800
96,100
107,300
656
93
3»2I7
154
$385,205,400
6,198
458,500
17,095,800
1,179,700
Valuation
138,355,300
17,046,700
4,712,100
47, 595,300
400,700
1,475,900
57,808,300
4,568,600
65,373,700
9,849,000
$247,185,600
CONTRACTS AW ARD ED
(January 1 to June 1)
1920.........................................$1,286,314,000
698,132,000
1919.......................................
1918........................................
663,516,000
1917........................................
624,861,000
1916............................................$456,101,500
1915........................................... 321,241,100
1914........................................... 300,721,000
1912........................................... $327,015,000
19” ........................................... 339>l 67»8 i 3
I 9 1 0 ......................................... 3* 6 ,037»5o5
! 9J3 ........................................... 379>°°I, 5° °
(Building statistics compiled by the F. W. Dodge Company)
BU ILD IN G PERM ITS OF SEVEN TH FE D E R A L RE SE R VE D IST R IC T C IT IE S
M A Y, 1920
Illinois
Aurora............... .......................................................
Chicago.............
Decatur............. .......................................................
Evanston...........
Peoria................ .......................................................
Springfield.........
Indiana
Elkhart.............. .......................................................
Fort Wayne. . . . .......................................................
Hammond......... .......................................................
Indianapolis.. . . .......................................................
Richmond.......... .......................................................
South Bend. . . . .......................................................
Terre H aute.. . . .......................................................
Iowa
Cedar Rapids...
Des Moines. . . .
Dubuque........... .......................................................
Mason Ci t y . . . . .......................................................
Sioux City....... .......................................................
Michigan
Battle Creek__
Detroit..............
Flint................... .......................................................
Grand Rapids. . .......................................................
Jackson..............
Lansing..............
Saginaw............. .......................................................
Wisconsin
Madison............ .......................................................
Milwaukee........ .......................................................
Oshkosh.............
Sheboygan........
No.
of
Permits
M A Y, 1919
No.
of
Estimated
Permits
Cost
Estimated
Cost
200,829
5,659,400
184,700
1 57>511
87,845
23
78
71
6,000
84
93
*73
65
17
53,838
105
49
147,000
243,900
100,164
70,850
441,900
200
85,280
6,712,890
i , i 50,775
328,624
66
128
183,235
63,130
228,230
29
15,200
x 16
2,514
554
231
98
198
236
78,315
1,184,663
107,936
48,978
60
..•
48
27M 78
69
104
1,831,813
564,122
132,264
218,540
417,861
583
106,148
75
142,285
37®
37
” 0,464
5,739,815
694
293
hi
140,716
570,571
322,733
21
75
220,975
1,156,091
101,830
1,127,715
441,000
48
745,750
74,639
Per
Cent
Loss
561
8
118
104
800
25
218
160,175
1 >403,237
65,500
63
76
81
404, 565
790
47
395
$ 30,370
7,190,200
61
^87^35
3
“ 5
25
827
Per
Cent
Gain
28
21
35
49
32
82
10
48
15
59
7i
219,494
39
426,030
468,157
48
17
164,060
2,243,682
37
609
S*
47
128
47,328
76,094
78
35
DISCO UN T AND IN T E R E ST RATES
The open market range of discount and interest rates prevailing in Chicago during the thirty-day period
ending June 15, 1920, together with a comparison of rates during the thirty-day periods ending M ay 15, 1920, and
June 15, 1919, follows:
JUNE, 1920
I.
1.
3.
4.
5.
6.
7.
8.
High
Rates of discount charged by banks to customers for
prime commercial paper such as is now eligible
under the Federal Reserve Act:
a. Running 30, 60 and 90 days............................. 7
b. Running 4 to 6 months..................................... 7
Rates for prime commercial paper purchased in the
open market:
a. Running 30 to 90 days....................................... 7
b. Running 4 to 6 months..................................... 7
Rates charged on loans to other banks— secured by
bills payable................................................................. 7
Rates for bankers’ acceptances of 60 to 90 days
maturities:
a. Endorsed............................................................. 7
b. Unendorsed......................................................... 7
Rates for demand paper secured by prime stock ex
change collateral or other current collateral............ 7
Rates for time paper secured by collateral mentioned
in No 5:
a. Running 3 months.............................................. 7
b. Running 3 to 6 months..................................... 7
Rates (when paper is current in city) for:
a. Cattle loans......................................................... 7
b. Commodity paper secured by warehouse
receipts, etc...................................................... 7
Rates for ordinary commercial loans running 30, 60
and 90 days, (not including loans to enable pur
chase of bonds) secured by:
a. Liberty bonds...................................................... 7
b. Certificates of indebtedness............................... 6
Low
6
Customary
High
M A Y, 1900
JUNE, 1919
Low
Customary High
Low
Customary
7
7
6
6
6)4 @7
6)4 @7
6
6
5
5
5 X @6
5K ® 6
7
7K
7X
7
7
7X
7x
6
6
5
5
5X @ 5X
5X @ 5X
6 'A
7
7
6X
6K@ 7
5X
5
5X @ 5X
6A
6A
6A @ 7
6 A @7
6K
6A
5 7/8 5 7/8 @6J<
5 7/8 5 7/8 @ 6X
4X
6A
7
7
6A
7
6
5X
5X
6 yi
6X
7
7
7
7
6 */S
6X
7
7
6
6
5*
5*
5X@ 6
5X@ 6
7
7
7
6X
7
5X
5X
5X @ 5X
7
7
7
6K
7
6
5X
5X @ 6
6A
7
6
7
6
6K
6
6)4 ©7
6
6
6
5
5
5X
5X
7
6A
7
7
7
6
7
4 3 /16 4 3/16 @ 4 #
45 /16 4 X
4 X @ 4 5/16
CO M PARATIVE L IV E STOCK STA TISTICS
Receipts of live stock at Chicago for the four weeks ending June 5, compare as follows:
Year
Cattle
1920 (4 weeks)...................................................................................... 208,047
1919 (4 weeks)...................................................................................... 213,725
Decrease........................................................................................
{Increase
5.678
Calves
72.390
65,405
Hogs
677,664
685,864
Sheep
209,725
256,206
6,985!
8,200
46,481
Receipts of live stock at the principal markets during M ay, and during the first five months of 1920 compared
with the corresponding periods of the previous year, show the following changes:
1920
M ay.................................................
Five months...................................
Cattle
3 per cent Decrease
9 per cent Decrease
Calves
1 per cent Decrease
9 per cent Decrease
Sheep and Lambs
17 per cent Decrease
2 per cent Decrease
Hogs
8 per cent Increase
8 per cent Decrease
Receipts of hogs at the six principal markets during May, 1920, aggregated 1,921,507 head, against 1,874,064
in M ay, 1919.
The average prices compared as follows per hundredweight:
Cattle
Choice
Cattle
Common
May, 1920................................................................ *14-15
May, 1919................................................................
18.50
*12.29
14-90
*12.23
11.90
*J7-5°
16.20
**4-3°
20.60
13.01
15.70
12.91
12.40
18.84
17.37
14.80
19.07
Five months— 1920.................................................
Five months— 1919.................................................
16.03
19.70
Sheep
Lambs
Hogs
Cash lard in May, 1920, ranged from $19.80 to $21.10 cwt. compared with $32.65 to $34.70 in May 1919.
Cash ribs in M ay, 1920, ranged from $17.50 to $18.75 cwt- compared with $28.75 to $30.00 in M ay 1919.
R E C E IPT S AN D SH IPM ENTS OF IM PO R TA N T CO M M ODITIES A T CH ICAGO
(ooo’s omitted)
RECEIPTS
SHIPM ENTS
April
May
Products
1920
Flour, barrels................................. ................
54i
Wheat, bushels.............................. ................
1.356
Corn, bushels................................. ................
3.139
Oats, bushels.................................. ................
4. 591
Cured Meats, pounds................... ................
3.654
Fresh Meats, pounds.................... ................
5M 24
Lard, pounds................................. ................
8,693
Cheese, pounds.............................. ................ 115,130
Butter, pounds.............................. ................ 26,439
Eggs, cases....................................... ................
i,° 3 i
Potatoes, bushels........................... ................
573
Hides, pounds................................ ................
9.918
Lumber, thousand feet................. ................
187
1919
901
1,727
19,081
107,948
24,142
18,961
29,266
1,212
1,50 5
20,897
162
1919
908
l,U 7
6,140
1920
323
769
2,264
2,691
2,108
3,334
5.838
May
1920
297
4,810
1,205
2,635
36,042
252,859
20,060
6,126
5.537
14,788
3*»382
99,550
18,943
4,823
8,620
18,994
858
74i
16,300
17,310
19,723
i ,357
270
82
12,195
89
1,690
18,530
144
7.48 4
124
1919
497
7,760
2,964
7,032
96,561
190,121
51,322
” ,252
April
1920
1919
218
498
1,080
4 ,7 io
739
1,740
23,922
105,054
10,249
3,438
1.715
5,138
103,163
152,894
39,808
9/596
23/519
31.692
404
10,899
205
592
193
21,153
7,219
838
25,243
66
51
59
436
PROD UCTION OF W H EAT, O ATS, A N D H A Y , B Y F E D E R A L R E SE R V E D IST R IC T S
(June 8 Forecast of the Bureau of Crop Estimates)
(In thousands)
SPRING WHEAT
Forecast Estimate
for
for
1920
Federal Reserve District
1919
(Bushels)
Boston...............................
465
480
669
New Y ork.........................
75°
316
Philadelphia.....................
305
Cleveland.........................
1,034
545
Richmond.........................
Atlanta.............................
Chicago.............................
15,600
19.140
St. Louis...........................
624
1,001
Minneapolis...................... . 186,408
129,337
19,663
Kansas C ity .....................
16,463
898
Dallas................................
748
San Francisco................... • 5i. 35i
39,933
T o ta l......................... • 276,378
209,352
W IN TER W HEAT
TO TAL WHEAT
Forecast Estimate
for
for
1920
1919
(Bushels)
Forecast Estimate
for
for
1920
1919
(Bushels)
480
465
11,423
12,493
25,922
24,165
63,748
35,933
io ,754
23,860
35,388
34,392
6,377
50,733
52,77 i
7,530
OATS
300,994
61,075
236,062
15,240
102,651
101,008
Forecast Estimate
for
for
1920
1919
(Bushels)
12,482
12,123
42,011
31,856
23,422
23,214
70,279
70,942
25,500
26,397
29,008
29*17
503,981
461,082
66,329
63,595
208,857
273,486
182,677
183,149
40,216
99,004
40,219
44, 54 i
731,636
78o ,374
940,988
1, 315,476 1,248,3”
11,743
25,606
62,714
37,094
10,326
93,062
107,021
5,757
216,399
14,492
51,300
284,531
503.996
32,707
34,392
6,377
66,333
53,395
193,938
37,094
10,326
112,202
108,022
135,094
33,605
HAY
(Tame and Wild)
Forecast Estimate
for
for
1920
1919
(Tons)
4,268
4,912
6,168
7,073
2,949
5,654
3,155
7,570
6,089
4,916
4,272
18,629
8,124
24,055
17,245
19,907
1,647
13,186
12/135
u i ,790
108,666
4,063
4,318
17,636
20,276
2,309
@FedFRASER