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THE MONTHLY REVIEW Of Agricultural, Industrial> Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL RESERVE BANK OF KANSAS CI TY M. L. McCLURE, Chairman and Federal Reserve Agent A. M. McADAMS, Assistant Federal Reserve Agent and Secretary Vol. 12 KANSAS CnY, Mo .., O DITIONS at the close of March were more favorable for farm production and for livestock than a month earlier, as the result of recent rains and snows which provided a liberal supply of soil moisture for practically every section of the Tenth District. Production in basic industries increased in February with the passing of winter and was at a level a little above that of February 1926. The marketing of grain and Ii vestock was heavy for the month and season. Wholesale trade was irregular, some lines registering increases and others decreases in the volume of distribution. Retail sales at department stores, apparel stores and at five- and ten-cent stores were larger than in February of last year, but smaller at retail hardware and furniture stores, and at mail order houses. Measured by check payments, the dollar volume of February business in the Tenth District was 3.7 per cent in excess of that for the corresponding month in last year. The outst;rnding feature in production in this district was in crude oil. The daily average output rose week by week and at the close of February reached the highest daily average for a seven-day period of record. The increase, which was mainly in the Seminole district of Oklahoma, resulted in a break in crude oil prices. C The tonnage of soft coal mined in February was smaller than in January, due to fewer working days, but was larger than in February 1926. Lead and zinc ore shipments increased slightly in the closing week under better prices, but the month's shipments did not come up to the total for February 1926. Production of cement declined during the month, on account of heavy surplus of stocks at mills in the district, but shipments were slightly in excess of the total barrels shipped during the same month last year and were indicative of an unusually large volume of construction throughout the Southwest territory. Shipments of face brick also increased. At the metal mines in Colorado, and throughout the Rocky Mountain region, mining activity continued at a high rate. Operations of flour mills were at a high percent of full time capacity during the short month and the output was 27.5 per cent larger than a year ago. Meat packing operations were large for the season and the slaughter of hogs and cattle exceeded the number slaughtered 1n the corresponding month last year. The spring season opened with building activity o·v er the district at a high level and the value of contracts awarded 26.9 per cent larger than in February 1926. However, there were evidences that construction this year would be confined to current needs, with an absence of speculative building. This APRIL 1, 1927 No. 4 BUSINESS ACTIVITY IN THE TENTH FEDERAL RESERVE DISTRICT Returns for February 1927 compared to returns for January 1927 and February 1926 in percentages of increase or decrease. Feb., 1927 Feb., 1927 compared to compared to Banking Jan., 1927 Feb., 1926 Bank debits, 29 cities ............................................. -3.8 3.7 Clearings, Federal Reserve Bank.... ......................-13.8 4.9 Loans, 66 reporting banks...................................... 0.4 -3.4 Investments, 66 reporting banks............................ 1.3 10.4 Deposits, 66 reporting banks.................................. I.'.2 2.8 Trade Department store sales ............................................ - 4.3 4.4 Wholesale trade, all lines reporting.. .................... 4.9 - 1.7 Marketings Wheat ........................................................................ -8.6 85.1 Corn ........................................................ _ _ _ _-31.8 - 16.6 Oats............................................................................ 2.0 Cattle .................................................. _ _ _ _ - 19.5 Calves ........................................................................-20.8 Hogs ..........................................................................-23.3 Sheep .......................................................................... -4.6 -'21.0 Horses and Mules.................................................. 13.0 -18.'l Minerals Crude oil produced, barrels.................................... 1.8 35.8 Coal produced, tons ................................................-14.o 25.-4 Zinc ore shipped, tons.............................................. 13.7 -35.6 Lead ore shipped, tons ............................................ -1.3 -31.7 Foods Flour produced barrels ............................................ -3.7 Meat Packing Cattle........................................................................- 12.7 Calves ........................................................................-13.3 Hogs ..........................................................................-z7.3 Sheep.......................................................................... -z.8 Construction: Build}ng! contracts ~~arded, district.... ................ ,p.::i. 26.9 Permits issued, 19 c1t1es.......................................... 39·9 -15.2 Value of permits, 19 cities...................................... -41.7 -17.3 Lumber sales retail yards........................................ 2.'l -17.0 Cement shipments.................................................... 32.2 o.6 Face Brick shipments.............................................. 14.5 17.6 was indicated by the i:eports from leading cities w.hich showed building permits, both in number and value, were_smaller than in the corresponding month last year. The advance through February into the spring season was attended by no material increase in the demand_;.for loans at banks in this district, and with substantial ~gains in deposits banks increased their investments to the highest figure of record. Interest rates charged by member banks in leading cities to March I 5 were unchanged from the prevailing rate of 5 to 6 per_cent for commercial loans and 5 to 6 per cent for stock exchange collateral. This Copy Released For Publication In Morning Newspapers March: 2s. THE MoNTHLY REvrnw 2 Member Bank Operations Loans and discounts at 66 reporting member banks in leading cities of this district increased 0.4 per cent between February 9 and March 9 and the total as of the date last mentioned stood 3.4 per cent below that for the corresponding date last year. Loans secured by United States government obligations and also those secured by other stocks, bonds and securities showed small increases over the totals reported a year ago, but these increases were offset by a decrease of $18,361,000 or 5.7 per cent in loans otherwise secured. Investments of the reporting member banks reached the highest total of record on March 2, but receded slightly in the week ended March 9 with the total as of that date standing 10.4 per cent above that reported on March IO, 1926. Both demand and time deposits were larger on March 9 than four weeks earlier. The figures for the principal items in the weekly statements of reporting banks as of the three dates mentioned are here shown in the table which follows: Mar. 9, 1927 Loans, discounts and rediscounts: Secured by U.S. obligations........$ 4,442,000 Stocks and bonds other than u. $ •...........................................• 115,284,000 All other........ ----·············· 301,942,000 Total Loans and Discounts .............. 421,668,000 lnYcstments: U. S. Govt. securitics .................... $103,552,ooo Other bonds, stocks and sc. curities.·-···································· 96,545,000 Total Investments ........................ 200,097,000 Total Loans, Discounts and Invcstments...._.................................. $621,765,ooo Deposits: Demand Depoaits..........................$500,182,ooo Time Deposits................................ 148,797,000 Government Deposits........ .......... 1,283,000 Total Deposits.............................. 650,262,000 the Fiscal Agency department of the Federal Reserve Bank o Kansas City amounted to $16,566,000, of which $7,212,000 was allotted. The Treasury Department announced that up to the close of business on March 15 over $1,000,000,000 of the Se~ond Liberty Loan 4¼ per cent bonds, or more than one-third of the total Second 4¼'s outstanding had been presented .for exchange into the five-year 3¾ per cent Treasury notes in accordance with the terms of the offering made public by the Treasury on March 8. Savings Reports from fifty-three banks in leading citi.es reflected an increase of 0.7 per cent in savings deposits between February I , and March 1. The total of savings deposits on March 1 . was greater by 2.6 per cent than reported for March·1, 1926. 'Savings accounts in fifty-two reporting banks increased in number 0.5' per cent during the month and were 2.4 per cent more numerous ; than a year ago. The reports in detail: Feb. 9, 1927 Mar. 10, 19'16 $ 4,265,000 $ 4,066,000 6,380,000 299,391,000 420,036,000 112,247,000 320,303,000 436,616,000 $102/245,000 $104,338,000 95,291,000 197,536,000 76,83'1,000 181,170,000 $617,572,000 $617,786,000 I I $493,908,000 147,153,000 1,447,000 642,508,000 $481,342,000 149,168,000 1,804,000 632,314,000 Federal Reserve Bank Operations Bills rediscounted for member banks at the Federal Reserve Bank of Kansas City, and also bills purchased, continued during February and the forepart of March at a low level. The total of discounted and purchased bills as of March 9 was $8,921,632 or 31.8 per cent less than reported a year ago. Total reserves as of March 9 were $7,560,811 above that of February 9 and $27,009,101 above that of March IO, 1926. The totals of the principal items appearing in statements of the three dates follow: Mar. 9, 1927 Feb. 9, 1927 Mar. 10, 1926 Gold reserves .........•............................ $107,ooo,906 $ 98,822,973 $ 80,38 I ,370 Other reserves...... ::............................ 4,965,764 5,582,886 4,576, 199 Total reserves ........ ............................ 111,966,670 104,405,859 84,957,569 Bills discounted.................................. 7,050,949 8,034,744 14,144,839 Bills purchased.................................. 12,068,254 15,767,920 13,895,996 U. S. Govt. securities........................ 28,068,900 27,567,900 37,473,700 Other sccuri tics.................................. .................. .................... 443,200 Total bills and securities...... ............ 47,188,103 51,370,564 65,957,735 Total resources .................................. 210,104,061 200,715,5'.29 201,251,450 F. R. notes _in circulation................ 68,581,425 68,683,400 64,740,000 Total deposits.................................... 88,566,505 85,933,238 85,070,798 Government Financing Secretary Mellon announced that the total amount of subscriptions received for the two issues of February certificates of indebtedn~ss (series TS-2-1927, 3½ per cent dated March 15, 1927, maturing September 15, 1927, and series TM 1928, 3¼ per cent, dated March 15, 1927, maturing March 15, 1928) was $1,225,082,500. The total amount of subscriptions allotted was $484,296,000, of which $24,416,000 represents allotments on ~ubscriptions for which Treasury Notes of series B-1927, maturmg March 15, 1927 were tendered,) n payment. Subscriptions to the two issues in the Tenth District through Banks Denver, Colo ....................... 6 Kansas City, Kans............. 4 Kansas City, Mo ................. 8 Lincoln, Nebr..... ................ 3 Oklahoma City, Okla ........... 7 Omaha, Nebr......... .............. 5 St. Joseph, Mo ..................... 6 Tulsa, Okla ......... ................. 5 Wichita, Kans..................... 5 Other Cities .......................... 4 Total...................................... 53 SAVINGS DEPOSITS Mar. I, 1927 Feb. I, 1927 Mar. 1, 1916 '/, 49,299,156 '/, 48,767,223 ,, 49,214,265 2,605,522 2,582,510 2,899,98 13,887,580 13,949,655 14,419,901 2,938,788 2,963,391 2,925,240 8,545,555 8,456,156 7,888,817 7,765,285 7,63 1,574 7,44o,752 7,664,556 7,952,449 7,680,918 13,5'.26,931 13,580,840 I 1,208,593 4,848,699 4,712,766 4,395,103 1,085,848 1,073,172 997,218 s '/,112,184,282 $111,381,843 $109,341,.333 Payments by Check ~ ! The aggregate value of checks debited to accounts of customers at banks in twenty-nine cities in the Tenth District during the four weeks ended March 2 was 3.8 per cent smaller than in the preceding four weeks ended February 2, but 3.7 per cent larger than in the corresponding four weeks oflast year, ended March 3. However, the four-week period ended March 2 contained only · I BANK DEBITS IN TWENTY-NINE CITIES Four Weeks Ending Per Cent Change Mar. 2, 1927 Mar. 3, 1926 II.I Albuquerque, N. M ...........................'/, 10,149,000 '/, 9,136,000 - 10.8 Atchison, Kans. .................................. 5,347,000 5,993,000 Bartlesville, Okla........... .................... 26,048,000 I 5,085,000 72 ·7 Casper, Wyo......... .............................. 8,326,000 8,012,000 3.9 -5.S Cheyenne, Wyo....... .......................... 5,024,000 5,335,000 Colorado Springs, Colo..... ................ 12,173,000 11,437,000 64 .. -2.9 Denver, Colo ...............................,....... 149,425,000 153,814,000 ~ 5.4 Enid, Okla........................................... 12,903,000 12,245,000 Fremont, Nebr................................... 3,167,000 3,417,000 -7.3 -o.6 Grand Junction, Colo....................... 2,659,000 2,674,000 -7.6 Guthrie, Okla..................................... 3,282,000 3,553,000 Hutchinson, Kans. ............................ 15,810,000 11,038,000 43· 2 21.l Independence, Kans......................... 10,787,000 8,899,000 -22,1 Joplin, Mo........................................... 14,129,000 18,146,000 1.7 Kansas City, Kans. ............................ 18,613,000 18,292,000 1.8 Kansas City, Mo................. .............. 330,571,000 324,713,000 -o.6 Lawrence, Kans................................. 4,851,000 4,880,000 Lincoln, Nebr..................................... , 27,661,000 29,742,000 - 12.1 Muskogee, Okla......... ........................ 10,785,000 12,263,000 Oklahoma City, Okla. ........................ ,90,197,000 86,007,000 4.9 -II,O Okmulgee, Okla................................. 9,541,000 10,710,000 Omaha, Nebr................. ........ ........... r'75,269,ooo 184,272,000 Parsons, Kans....... .. ............................ 2,700,090 3,008,000 · -10.1 Pittsburg, Kans..... ............................ 6,773,000 6,288,000 Pueblo, Colo....................................... 15,697,000 14,681,000 St. Joseph, Mo................................... 50,932,000 55,579,000 12.4 Topeka, Kans..... ................................ 17,301,000 15,387,000 25.8 Tulsa, Okla............... ........................ 131,737,000 104,756,000 Wichita, Kans... ........................ ......... 52,242,000 40,335,000 I Twenty-Nine Cities............................ '/,1,224:099,000 ~9•5t 3•7 I I • • 3 THE MONTHLY REVIEW WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT Stocks (Mo. End.) Sales Outstandings (Mo. End.) Collections Feb. 28, 1927 Feb. 1927 Feb. 28, 1927 Feb. 1927 compared with compared with compared with compared with ~porting Stores Jan. 1927 Feb. 1926 Jan. 31, 1927 Feb. 28, 1926 Jan. 1927 Feb. 1926 Jan. 31, 1927 Feb. 28, 1926 Dry Goods .........................................................-.7 0.9 -3.8 8.4 -I.O 5.9 -6.6 -1.3 -3.6 8.8 --2.9 3.9 -6.9 ~.8 . 5-5 -1+5 16.8 -3.8 6.3 6.8 -11.9 -4.2 5.0 -8.5 Furniture .. ...........- ...............................................4 6.8 -3.1 21.9 7.7 3.0 -1'.l.l --'.l0.8 t•3 Drugs........ ........ ...................................................6 4.1 -6.8 -8.9 -4.6 -1.1 1.2 -6.2 -4-8 Millinery ...................-::· ·-- ··· ···· ···•··• •················ ······4 51.3 --21.7 29.7 -13.9 -33.3 --24.6 , .o ~:~~:~:~:~:::::·.:···~~:: : : :::::::::::::::::::::::::::::::::::::::::i twenty-three banking days (due to observance of the Washington birthday anniversary), whereas there were twenty-four banking days in the preceding four-week period. Thus it appeared the daily average amount debited during the period under review was $53,221,695 per day as compared with $53,030,500 per day for the preceding four-week period and $51,291,174 per day as the daily average for the four-week period ended March 3, 1926. A survey of the reports from the twenty-nine cities for the period under review showed increases in fifteen cities and decreases in fourteen cities as compared with the record for the like period in 1926. Debits in the twenty-nine cities during the first nine weeks of 1927 amounted to $2,884,138,000 as compared with $2,769,685,000 for the like period in 1,26: indicating an increase of $114,453,000 or 4.1 per cent. Reserve Bank Clearings Check collections through the Federal Reserve Bank of Kansas City and branches at Omaha Denver, and Oklahoma City declined in February from the January totals, which were seasonally large on account of year-end settlements. The February total of clearings was $39,391,000 or 4.9 per cent greater than that for February 1926, although the number of checks handled was 120,II6 or 2.3 per cent less than in the same month last year. The record of Federal reserve clearings for the first two months of 1927 shows an increase of $91,652,000 or 5.3 per cent over the first two months of 1926. The following shows the amount of clearings and the number of items handled during the first two months of 1927 and 1926: ITEMS 1926 1927 5,689,267 January .......... ............ 5,543,292 February .............. ...... 5,188,147 5,308,263 AMOUNT 1927 1926 '$ 985,048,000 $ 932,787,000 849,36o,ooo 809,969,000 Two Months .............. 10,731,439 $1,834,408,000 $1,742,756,000 10,997,530 Business Failures - Business insolvencies· usually are more numerous in the first month of the year than in succeeding months on account of year-end settlements, but this year February failures in this district, both in number and amount. of liabilities, exceeded those of January, and were larger than m February of last year. Failures in the United States during February were fewer than in January but greater than in February 1926. The record for February, compiled by R. G. Dun & Company, follows: . Number 1927 1926 First, Boston................ ........................ 210 170 Second, New York ................................ 276 308 Third, Philadelphia.............................. 68 93 Fourth, Cleveland.... ............................ 162 188 Fifth, Richmond ........ .. ........................ 156 II8 Sixth, Atlanta........................................ 191 100 Seventh, Chicago........ ........................ 26o 252 Eighth, St. Louis .................................. 127 100 Ninth, Minneapolis.. ............................ 77 85 TENTH, Kansas Ci ty ........................ 143 87 Eleventh, Dallas .... :····························· 103 62 Twelfth, San Francisco........................ 262 238 Total United Statcs..............................2,035 1,801 Liabilities 1927 1926 $ 3,412,009 '$ 2,338,036 9,722,481 6,174,315 8,272,430 2,104,852 3,494,055 3,966,625 4, 248,597 1,845,307 1,686,424 1,762,288 3,738,344 7,7 29,996 2,006,081 3,186,884 1,n4,000 843,138 2,137,188 703,410 2,023,100 669,997 5,086,007 2,851,500 Wholesale Trade The volume of sales by wholesale firms at distributing centers in this district increased slightly during the month of February and the total dollar sales for that month> combined for stores of all lines reporting, was 4.9 per cent above that for January and 1.7 per cent below that for February 1926. The reports by lines showed February sales of dry goods, hardware, furniture and millinery were larger, and of groceries and drugs ·smaller·, than in the preceding month, while sales in all lines except groceries were smaller than in February of last year. The reports indicated in a general way that, while the volume of business at the opening of March was heavy, it was not showing the expansion that was looked for at the opening of spring. A considerable part of the increase in February sales was attributed to the fact that, on account of the custom of buying from hand to mouth, retailers in recent weeks had not been going to the more distant markets and were buying goods nearer home. The number of transactions had increased tremendously on account of the conservative buying policy of retailers, thus tending to bring about a more even distribution of merchandise through the season but at the same time increasing operating expenses of both wholesalers and retailers. Wholesalers of dry goods reported some slight improvement in their business, with stocks clean and in good condition to supply the needs of retail merchants. Althou?h cotton goods were fully 10 per cent cheaper than they were m the early part of 1926, the market at the end of February was stronger, due to a recent advance in the price of cotton. The heavy sales of groceries was regarded as an indication of seasonal expansion in industrial activity. The wholesale hardware trade had not shown the usual expansion at the beginning of the spring season, and in fact business during the first two months of the year was regarded as slow, although conditions were regarded as sound and wholesalers were preparing for increased business in all lines. There were evidences of increased business in wholesale furniture and house furnishings. In the wholesale drug and chemical m arket there were no startling changes in the situation, either as to prices or volume of distribution. . Deliveries of implements were about the same as m February a year ago. Most of the deliveries, however, were to dealers_ for samples, as deliveries to customers usually start about Aprtl 1. Collections Collections reported by a number of wholesale dealers were generally more satisfactory in February than in the same month last year, although the percentage of collections by wholesalers in February on accounts outstanding January 31 was about the same as one year ago. The better situation was attributed to the fact that retailers' stocks were reduced and by purchasing goods in small quantities their obligations were in better control. However, the reports of retail stores showed collections during February were not quite so good as they were a year ago.The percentage of department store collections during February on outstandings at the close of January was 40.5 per cent as compared with 43.5 percent for the preceding month and 41.5 per cent for February 1926. THE MONTHLY REVIEW 4 RETAIL TRADE AT 33 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT Sales Sales Stocks (Retail} Outstanding Orders Accounts Receivable Collections Feb. 1927 2 Mos. 1927 February 28, 1927 February 28, 1927 February 28, 1927 February 1927 Stores compared to compared to compared to compared to compared to compared to Reporting Feb. 1926 2 Mos. 1926 Jan.31, 1927 Feb.28, 1926 Jan. 31, 1927 Feb.28, 1926 Jan. 31, 1927 Feb.28, 1926 Jan. 1927 Feb. 1926 4.0 2.4 12.2 -2.3 -32.6 -13.3 - 14.0 ---0.2 3.0 - 1.4 Kansas CitY-····--···· 3 4.8 4.0 13.3 3.0 -13.9 1.2 -8.5 1.8 -27.7 -3 o Denver.. _ _ _ _ 5 Wichita.. _ _ _ _ 4 10.9 7.9 38.1 -<>.4 -2.4 18.6 -24.9 8.9 Oklahoma.................. 3 17.7 8.6 12.8 5.1 28.6 24.7 -10.8 20.5 -20.9 11.8 Lincoln ...................... J - 4.4 -3.6 1.0 - 5.2 -6.8 -26.5 -10.8 3.5 -20.0 -3.8 Tuls _ _ __ _ 3 9.3 11.3 40.5 18.7 -15.4 -1.9 17.4 35.2 -32.4 23.4 Other cities................ 12 -8.2 -4.9 10.9 -2.1 -10.9 ---o.8 -26.5 0.7 33 4.4 3.7 14-1 1.3 -14.2 - 3.8 - 8.5 6.4 -20.0 2.2 Tota....,__ _ _ __ NOTE: Percentage of collections in February on outstanding accounts January 31, all stores reporting, 40.5 %. Collections same month last year 41.5%. Retail Trade The reports of 32. department stores: showed February sales were 4.3 per cent smaller than in January but were 4.4 per cent larger than in February 192.6. For the first two months of 192.7 their sales were 3.7 per cent larger than in the first two months of 192.6. Seventeen stores reported increases and fifteen stores reported decreases for February over the corresponding month last year. Sales of men's and: women's apparel'' at""reporting stores in February were 13.3 per cent larger than in February of last year, while~sales at shoe stores showed a decrease of about 5 per cent from sales a year ago. •.The combined reportsr,of retail furniture stores in cities throughout the district showed a decrease of o. 1 per cent for February as compared with the same month last year. ;:.'. R etail hardware trade at reporting stores in cities showed a marked decrease as compared with that reported a year ago. This was attributed for the main part to weather conditions retarding building operations. Stocks at reporting retail stores at the close of February were larger than at the corresponding date last year. Lumber Reports""'on the...state of the lumber trade during the season to the middle of March indicated the bulk of the trade in recent weeks came from territories where the mild weather had caused spring building activity to start. Dealers have practically ceased to place orders in the winter months for spring stocks of lumber and are following the conservative policy of buying for their immediate and near future requirements. With the advance of the season and the broadening of building operations, buying became increasingly heavy and reports indicated the volume of lumber distributed would about equal that of 192.6. L~te figures reported by the National Lumber Manufacturers Association showed the lumber movement in the United States for the first eight weeks of 192.7 as follows: Softwoods Feet Cut............................................................................1,559,235,658 Shipments .................................................................. 1,624,805,525 Ordcrs ........................................................................ 1,748,636,663 Hardwoods Feet 214,559,000 203,561,000 221,618,000 With lumber shipments and orders exceeding production and continued forced curtailment of mill operations as a result of weather conditions in the South and West, the lumber market was in stronger position than a month or two months earlier. Generally, the lumber business in small town and country yards appeared to be on the increase, whereas city business, with the exception of one or two large cities, showed a decrease. This swing of business would mean much to the lumber manufacturers, according to the reports which said the small towns and country communities were buying the better grades of lumber, and at the present time the surplus in all woods is in the better grades. Reports from 197 retail lumber yards in cities and towns over the Tenth District covering the February business showed a slight increase in the volume of sales over January and a perceptible decrease as compared with February a year ago. The reports from these yards for the month of February are compared with those for January 1927 and February 192.6 in percentages of increase or decrease: February, 1927 February 1927 compared to Compared to January 1927 February 1926 Sales of lumber, board feet.... ........................................ 2.'1 Sales, all materials, dollars.............................................. o.o Stocks of lumber, end of month .. .................................. -0.05 Outstandings, end of month.......... ................................ 1.8 Collections during month ................................................-12.8 -17.0 -n.8 -4.9 -1.7 -15.6 Cement Spring activity in construction was reflected by larger shipments of Portland cement from mills in this district. February shipments showed an increase of 32..2. per cent over January, and shipments for the first two months of the current year exceeded those for the same period last year by 7.9 per cent. February production at the mills was smaller than in January, due partly to the fewer working days in the month and partly to the fact that stocks at mills at the close of January were greater than at the end of any other month in recent years, but production for the first two months of the year was 2.6.4 per cent larger than for the like period in I 926. The following shows the number of barrels produced and shipped during January and February as compared with the totals for the two months last year: January 1927 Production, Bbls .............589,000 Shipments, Bbls .. __.........475,000 February · Two Months 1927 1927 301,000 . 890,000 628,000 1,103,000 Two Months 1926 704,000 1,022,000 Face Brick Production of face brick at sixty-six plants located in fifteen states was an average of 560 thousand per plant during February, and total production for the month was 14.5 per cent larger than in January and 17.6 per cent larger than in February 192.6. Shipments during February averaged 42.1 thousand per plant, and the month's total shipment exceeded that for January by 49.2. per cent and was 12.8 per cent above that for February a year ago. Building The value of building contracts awarded in the Tenth District, reported by the F. W. Dodge Corporation, showed increases for both January and February over the corresponding months of the last year. The combined value of contracts awarded during the two months was larger by $4,948,000 or 2.1.8 per • cent than for the like period last year. The figures for January • and February of 192.7 and 192.6 are here shown for the Te~th I ! 5 THE. MONTHLY REVIEW = = = = = = = = == ~ ~ ~ = = = = = == == == === District and also for thirty-seven states covered by the Dodge report: Tenth District 1927 1926 J anuary ...... _................ $11,457,000 $ 9,946,000 February ...................... 16,173,000 12,736,000 i Thirty-Seven States 1927 1926 $384,455,000 $457,159,000 394,869,ooo 389,900,000 Two Months................ $27,630,000 $22,682,000 $779,324,000 $847,059000 The value of building permits issued during February in cities which repor t t heir statistics to the Monthly Review was 17.3 per cent smaller than for February 1926, and the total for the first two months of the year was 13.6 per cent below that for the like period in the pre~eding ye.ar. The n':mber of bu_ilding projects for which permits were issued durmg the period of two months also showed a decline as compared with a year ago. Of the cities reporting for February nine showed increases and ten showed decreases in the value of permits as compared with February of last year. Permits 1927 1926 Albuquerque, . M............... 59 38 Casper, Wyoming.-................. 5 16 Cheyenne, Wyoming.............. l 1 14 Colorado Springs, Colo.·---··· 68 69 Denver, Colo........................... 45'1. 492 Hutchinson, Kans................... 35 48 J oplin, Mo............................... 'l.2 55 Kansas City, Kans................. 88 l 17 Kansas Ctty, Mo....... ............ 282 417 95 Lincoln, 1 ebr......................... 54 1uskogee, Okla..................... 18 16 Oklahoma City, Okla............. 137 201 Okmulgee, Okla....................... 6 8 Omaha, ebr........................... 48 94 82 Pueblo, Colo. .......................... 88 St. Joseph, Mo......... ...... ........ 38 55 Topeka, Kans. ........................ 79 77 Tulsa, Okla............................. 255 170 165 Wichita, Kans......................... 144 Estimated Cost Per cent 1927 1926 Change '/, 199,400 $ 83,500 138.6 1,000 61,200 78.3 2 22,355 7,33° -18.2 68,157 -49.3 34,535 1,200,200 1,047,500 14.6 6o,690 67,645 124,650 114,285 166,650 95,955 1,574,95° 1,576,675 0.1 1, 177,574 -88.1 140,350 17,377 3 1,875 - 45.5 55 2,415 657,902 -16.0 32,1 25 24,831 29.0 125,66o 316,200 -fu.3 62,490 98,355 57.4 _105,670 79,96o 32.2 247,332 3oo,855 21.6 810,6oo 671,452 248,606 320,585 Nineteen Cities ........................ 1,889 $5,680,304 2/229 $6,868,587 - 17.3 Petroleum The flow of crude oil from wells in the Tenth District increased week by week duri ng t he current year up to and including the week ended February 26. In that week the daily average production reached 9I0,050 barrels, which was the highest daily average for any week of record. I t was 150,550 barrels above the daily average for the first week in the year and 263,300 barrels above t he d aily average for the corresponding week ended February 27, 1926. The bulk of the increase in crude oil production was in the Seminole district in Oklahoma where the daily average for several weeks exceeded 300,000 barrels. The record showed gross production during the twenty-eight days of February exceeded that for the thirty-one days of January, due to t he increase in the daily average, and the February total was 6,51 6,000 barrels or 35.8 per cent greater than the gross production in February of last year. The following table shows the February daily production and gross production in barrels as compared with for January 1927 and February 1926: Daily Average . Monthly Production Feb. 1927 Jan. 1927 Feb. 1926 Feb.1927 Jan. 1927 Feb. 1926 Oklahoma. __ ···•693,36o 596,700 456,822 •19,414,000 18,497,000 12,791,000 3,255,000 3,598,000 2,929,000 Kansas ............ u6,250 u6,100 104,607 Wyoming........ 59,610 58,300 76,821 1,669,000 1,808,000 2,151,000 Colorado.--····· 7,710 7,500 6,750 216,000 233,000 189,000 New Mexico_ 4,820 4,300 4,036 135,000 132,000 113,000 TotaL. ........•- 881,750 782,900 649,036 24,689,000 24,268,000 18,173,000 •Estimated American Petroleum Institute. While the February field summary showed a decrease of II5 wells completed as compared with January, and a decrease of eighty-one wells completed as compared with the second month of last year, the volume of daily new production brought in during the month showed a very slight decline from t~1e preceding month but was IIo.4 per cent greater than durmg the like month in 1926. The field summary: Wells Bbts. Daily Dry completed New Prod'n Wells Oklahoma ....................348 132,924 96 Kansas ........................ 114 9,311 55 Wyoming .................... 17 n,416 'l. 1,440 3 Colorado...................... 13 New Mexico................ 335 8 Feb. 19'l.7.................... 500 Jan. 1927 ...... ..............615 Feb. 1926 .................... 581 57 55,426 156,424 209 73,873 180 I I 0 Rigs-Wells Drilling 1,571 39° 316 II3 151 34 54 49 2,541 2,521 2,345 Gas Wells 25 6 2 There was but slight change in recent weeks in refinery operations and while fewer plants were operating, the daily runs of crude oil to stills was 29,250 barrels or 12.5 per cent greater than a year earlier. The figures for Oklahoma and Kansas: Plants Operating ~3;~.::i~;:••••••••••·Lead •· · ··••••• and •··•· •·••·•Zinc · ·••·••••:•:: Ores Runs to Still• Barre la mz Production and shipment of lead and zinc ores in the TriState District, which had been at a very low level for several weeks, increased in the last week of February and the first week of March as a result of heavier demand and better prices. The consolidated figures on shipments in the three producing states during the four weeks ended March 5, with totals for the preceding four weeks, and the corresponding four weeks last year for comparison, are shown in the following: ZINC ORES Tons Value Oklahoma.............. ............................. 25,433 $1,u1,976 Kansas........... ................................ ........24,624 1,081,093 Missouri................................................ 5,054 220,86o 4 4 4 wks. ending Mar. 5, 1927 ................ 55,111 wks. ending Feb. 5, 1927_ _ _-"t8,472. wks. ending Mar. 6, 1926................ 85,550 $2,413,929 2,107,923 4,3 19,856 LEAD ORES Tons Value 4,264 $392,548 313,225 3,34° 353 33,043 7,957 8,064 11,655 $738,813 752,261 1,37 2,434 The price of lead ore during the week ended March 3 was $100 per ton, which was '/,IO per ton above the price paid during the first half of February. It compared with $1 IO per ton paid for lead ore during the corresponding week in I 926. The price of zinc ore, which stood at the low point of $42 per ton during the first half of February, rose to 1,45 per ton in the last week of the month, this price being 1,5 per ton less than was paid for zinc ores in the closing week of February last year. Bi uminous Coal Mi ning operations in the fields of this district continued at a high rate of activity during February and the output for the short month was only 450,000 tons or 14 per cent less than in January, and 561,000 or 25.4 per cent greater than in February 1926. The tonnage mined in the six producing states is here shown: Colorado............................................................ Kansas.............................................................. Missouri............................................................ New Mexico .................................................... Oklahoma ...·-··················· .. ······· ...................... Wyoming.....·-··············································.... Feb. 1927 Net Tons 966,000 438,000 266,000 246,000 227,000 623,000 Total _ _ _ __ _ _ _ __ _ _ _ 2,766,ooo Jan. 1927 Net Tons 1,169,000 48 7,000 297,000 264,000 247,000 752,000 3,216,000 Feb. 1926 Net Tons 750,000 334,000 202,000 219,000 174,000 526,000 6 THEiMoNTHLY REvrnw Agriculture Farm Stocks of Grain Recent heavy snows and generous showers of rain over the Tenth District put the soil in excellent condition and improved prospects. for 1927 farm crops. Practically every section of the agricultural area received a liberal supply of the moisture and conditions were reported better than at the close of March last year, although farm work was retarded by wet and snow covered fields and was from one to two weeks behind the usual schedule. In parts of the Upper Great Plains, where there was an insufficiency of moisture during the winter, the snows in the last week of February and the second week of March brought soil conditions about up to the usual spring requirements. In the higher altitudes, where there had been a prospective shortage of water for irrigation, late snows varying in depth from eight to eighteen inches relieved the situation and gave a brighter outlook for irrigation farming. Winter wheat was especially favored by the recent precipitation. The reports from the wheat belt indicated that the crop was in fine condition on a much larger acreage than that which produced last year's bumper crop. Weak plants in late sown fields revived and stooling of strong plants was stimula.ted. In northwestern Kansas and adjoining counties in ebraska and Colorado, where little wheat was raised last year on account of the drought, a large acreage of wheat that had failed to germinate before the recent moisture was showing signs of life. Wheat experts reported this area has the best chance for a crop of wheat in three years. During the mild weather in February the major portion of Oklahoma's oat acreage and about one-half of that in southern Missouri and southern Kansas was seeded. Due to cold weather and wet soil, however, this work made very little progress in the first half of March in the district. For the same reason only a small portion of the acreage for barley and spring wheat was ~ceded during t~e first three weeks of March. The potato acreage m southern sections was seeded early, and some early plantings in the lower Kaw Valley of Kansas were reported March 1. Corn planting, except in southern sections where there was considerable early planting, was not expected to be under headway until April, depending on weather and soil conditions. The acreage to be planted to cotton this year, according to reports, is expected to be smaller than that planted last year. Growers of sugar beets in the irrigated sections of Colorado, ebraska, Wyoming and western Kansas, having concluded neg?tiations for the sale of this year's crop to refiners, are preparing to plant and cultivate a larger acreage than last year. Stocks of wheat on farms in six Tenth District states on March 1 were estimated as 34,859,000 bushels or 1 I per cent of the 1926 crop, as compared with the estimate of one year ago of 20,037,000 bushels or 11.2 per cent of the 1925 crop. Stocks of wheat at country mills and elevators in these states on March I were estimated 18,813,000 bushels as against 12,776,000 bushels one year ago. Stocks of corn on farms were reported I 62,070,000 bushels or 36.3 per cent of the 1926 crop. On March I last year farm stocks of corn were estimated at 263,638,000 bushels, which was 44.6 per cent of the 1925 crop. Stocks of oats, totaling 50,983,000 bushels for the six states, represented 28.8 per cent of the previous year's crop and were nearly I 8,000,000 bushels smaller than stocks on the corresponding date last year.The following table shows the stocks of wheat, corn and oats on farms on March 1, 1927, and 1926 in thousands of bushels (ooo omitted. ) Grain Marketing Wheat Corn Bushels 2,015,550 86,250 5,677,000 1,737,000 1,023,400 1,562,400 599,200 727,500 1,143,000 27,6oo Hutchinson.._ ........... Kansas City............ Omaha .................... St. Joseph.. ............... Wichita .................... Oats Bushels 10,500 312,000 646,000 54,000 33,000 Rye Barley Bushels Bushels 1,200 2,500 51,000 II,200 4,800 93,800 6,000 1,200 Feb. 1927................ 10,458,150 4,140,750 1,055,500 152,000 Jan. 1927................ n,440,350 6,070,450 1,034,500 146,400 Feb. 1?'16_.. __···-·· 5,649,200 4,962,700 1,177,700 77,000 Colorado ........................ Kansas ............:............ . Missouri ........................ Nebraska ..................... . Oklahoma ..................... . Wyoming ..................... . 2 5,695 985 19'16 7,844 4 1,778 94,6'19 IIJ,568 4,4 1 3 1,4o6 Wheat 19'17 19'16 1,599 'l,399 6,965 16,509 2,554 3, 134 5,211 5,8o6 7,375 1,903 8II 630 Oats t9'l7 1926 1,357 1,987 8,780 n,813 13,293 17,499 14,179 28,84'1 I I ,874 6,293 1,500 1,8'19 Six States...................... 16'1,070 263,638 34,859 20,037 50,983 68,'l6J United States................ I ,113,691 1,3 29,58 1 13°,444 100, 137 42 3,957 57 1,248 Flour Production Southwestern mills were operated during the month of February at 70 per cent of their full-time capacity, as compared to 69.6 per cent in January and 55.8 per cent in February of last year. Production during February was 75,622 barrels less than in January, this decrease being due to the difference in the number of milling days. The February output was 426,480 barrels or 27.5 per cent in excess of that for the second month of last year. The number of barrels produced at the leading milling centers, reported to the Northwestern Miller, is here shown: Feb. 1927 Barrels Atchison............................................................ 110,893 Kansas City.................................................... 575,565 Omaha.............................................................. 86,'l63 Salina................................................................ 86,659 St. Joseph........................................................ 137,549 Wichita .............................................................. 147,753 Outside.............................................................. 835,140 Total... ............................................................... 1,979,82'1 Jan. 1927 Feb. 1926 Barrels Barrels 112,545 94,t:15 567,885 413,864 87,019 83,716 103,776 1o6,686 147,9'16 I 16,421 170,669 114,76o 865,624 6'13,770 2,055,444 1 ,553,34'1 Cottonseed Products Arrivals of wheat at the five leading markets of this district during February was 982,200 bushels less than in Janu ary and 4,808,950 bushels more than in February of last year. Receipts of corn at these markets during the month were smaller than in the preceding month and in the same month last year. The following table shows the volume of grain received at the five markets during February, with comparisons: Bushels Corn 1927 2,7'13 14,898 73,159 44,610 Kafir Bushels 217,100 442,200 24,000 ----19,700 683,300 9o,75o 951,400 44,6oo 402,000 During the first seven months of the present cotton year, (August 1, 1926, to February 28, 1927), a total of 534,403 tons of cottonseed was received at mills in Oklahoma, as compared with 519,330 tons received in the corresponding period in the 1925-6 cotton year. Cottonseed crushed during the present year to the end of February was 420,711 tons as against 420,906 tons and cottonseed on hand at mills on February 28 was I 14,072 tons as against 101,718 tons a year earlier. In the manufacture of cottonseed products, the output of Oklahoma mills during the cotton year to February 28 was as follows: Crude cottonseed oil 117,641,605 pounds, cake and meal 196,113 tons, hulls 117,307 tons, andlinters 64,208 running bales. Stocks on hand at mills on February 28 were: Crude oil 8,996,156 pounds, cake and meal 7,369 tons, hulls 16,431 tons, and !inters 29,845 bales. THE MoNTHLY REVIEW Planting Intentions · Accordi~g to the Department of Agriculture's March I survey of farmers' intentions to plant crops, there would be a decreased acreage in the Corn Belt of corn, spring wheat, flax and tooacco, but increased acreages of other leading crops. Pro:,pective acreages to be planted in th~ Corn Belt this spring are compared with last year's acreages, m percentages, follow: Spring Wheat 99.6, Corn 98.1, Oats 1017, Barley II5.1, Flax 87.2, Grain Sorghums 104.9, Hay 101.3, Potatoes 114, Sweet Potatoes 108.5, Toba.cco 94.4 Conditions in this district in March generally were favorable for the livestock industry, according to the reports of the crop and livestock reporting service of the United States Depa:tment of Agriculture. All classes of stock on farms and ranges wintered well and suffered small losses, due to the open winter and fewer seyere storms and colq_ spells. S,ave in some parts of the Rocky Mountains and the Great Plains, where there were snow covering~ of vary.ing depths, ranges and pastures were open a·nd grazing was good for this time of the year. !hi~ was pa:ticularly noticeable in the southern part of the district, and m Texas, where there was excellent grazing through the winter months. The situation with respect to cattle was reported as exceptionally good, with fewer cattle on farms ar:d ~anges than at this time last year, the demand for beef continmng heavy, and prices firm and stabilized. Reports from the range ~ountry told of a desire on the part of cattlemen to restoc~ thei: herds, but while finances were easier for producers the right ktnd of stock cattle "'were not available in such numbers as desired, and the priccs"demanded locally were usually above_ the market. . . Sheep also wintered well and losses were light The con?itlon in ·Colorado on March I was 99 per cent as compared with 97 per cent a year ago. In Wyoming the March I condition was 94 per cent, one point below a year ago. Reports from the la~ge producing sections of Wyo11;ing, Colorado and New Mexico indicated a good lamb crop in prospect. About 6o_per cent_ of th.e Wyoming wool clip had be~~ contracted at prices ranging froin 29c to 33c per pound with a few sales at 35c. Lamb contracting had been rather slow, a few selling at 9c and 10,½c. . Hog ~roduction, according to repor!s from llft he lar¥er l?roducmg ·sections of the Corn Belt, promised to- be mamtamed at about the level of the past two years. ,MARKET MOVEMENTS: The reports from six leading markets in the district ~showed smaller receipts of all classes of livestock in February than were received in January. The decreases were due in a · measure"'to February being the shorter month. However, the .F ebruary- reports showed increases in feceipts of cattle and hogs, and d~creases in receipts o~ ~alves, sheep arid horses as compared with the numbers ~rrivmg at the six markets in February 1926. Receipts of the various classes of.livestock at these markets were: Calves Hogs Sheep Horses Cars 87,241 Mules 5,041 8,157 132,'.299 K;ansas C_itY··-······ Omaha...................................... 107,078 St. Joseph .. ~... .......................... 39,863 Denver ........ ............................ 29,325 Oklahoma City........................ 20,519 Wichita .......... .... ...................... 19,738 19,612 210,142 Feb. 1927................................348,822 48,018 669,697 449,253 14,032 22,646 60,625 873,337 470,972 12 ,415 27,394 50,646[642,034 568,528 17,158 23,392 Jan. 1927..................................433,098 Feb. 1926................................332,042 STOCKERS AND FEEDERS: Reports from four markets show February countryward movements of stockers and feeders greatly exceeded those for the corresponding month last year, Cattle Kansas City ..................... - - - · · ·····34,421 Omaha ...................·----········.. ······20,299 St ..Joseph ............................ _ _ _ _ 5,751 Denver .....:.................................................. 9,554 Calves 2,020 II,594 398 1,416 2,241 2,476 3,158 Feb. 1927 .................................................. 70,025 3,834 5,5 1 9 2,688 t~·. :~:t.-.-.-.-.-:::::::::·.·_-_-_._._._._._._._._._._._._._._._._._._._._._._._._._._._._._-::i~::!i Hogs S1.eep 9,185 22,952 15,300 37,536 19,469 84,973 18,467 121,222 10,968 57,594 Meat Packing Livestock Cattle 7 7,654 234,748 149,603 7,467 l II3, 197 II2,727 3,73 2 43,889 92,068 615 5,2151 24,231 6,999 4,338 43,49° 7,166 3,396 2,000 656 831 2,594 1,096 1,976 879 2,886 Operations at packing plants in six cities of the district were heavy during the short month of February though the number of meat animals of each class slaughtered did not come up to the January totals. The February record, when compared with that for February of last year, showed an increase of 1 .9 per cent in the slaughter of cattle, an increase of 3.6 per cent in hogs, a decrease of 8.8 per cent in calves, and a decrease of 17.8 per cent in sheep. The reports in detail: Cattle Kansas City ............................................ 76,244 ~;j~;;ph::::·:.-:::::::::::::::::::::::::::::::::::::::::: ~~::~~ Denver .........................· - - - - - · 8,128 Oklahoma City ............ ----········ 15,748 Wichita.................................................... 6,922 Feb. 1927................................................ 210,634 ti·. :~:t.-:::::. . . . . . . . . . .: : : :: : : : : : :~~~:; ~~ Calves 18,264 Hogs 162,4II t~!~ ~ ;t~~! 2,407 · 35,280 1 1 _ 1 4,691 _, •.. · 20,958 2,764 .' 40,031 40,466 46,689 44,365 Sheep 68,778 107,851 93,846 17,130 608 5,578 480,119 660,808 293,79 1 302,371 463,555 357,546 Business Conditions in the United States Industrial output increased further in February and was slio-htly larger than a year ago, and distribution of commodities by° the railroads was larger than for the corresponding period of any previous year. The general level of wholesale prices ~ontinued to decline and was in February at the lowest level smce the summer of l 924. PRODUCTION: Production of manufactures increased in February for the second consecutive month, and the output of minerals, after declining in January, advanced once more in February to the record level reached last December. Factory production and employment, however, continued smalle~ than during the corresponding man th of last year Product10n of iron and steel has increased steadily since December and reports indicate that operations of steel mills in March ~ere at alm?st the same high rate as in March 1926. Automobile product10n increased from 234,000 cars in January to 298,0'?0 cars . in February, and weekly figures of employment in Detroit factories indicate some further additions to production in March but output has continued much smaller .tha~ a year ago Daily average consumption of cotton by mills m Febru~r.y was larger than in any previous month on record? but activity of woo!en and silk mills decreased as compared with January. Production of bituminous coal has been maintained in large volume while that of anthracite has been considerably reduced. The output of building materials was smaller during the first two months of this year than in the corresponding period of 1926 The value ofbuild'ng contracts awarded in February was J per cent smaller than in the same month of last year, but awards for the first three weeks in March were in approximately the same volume as in 1926. Contracts in Southeastern and Northwe~tern stat~s have been considerably smaller than a year ago while those m the· Central West have been much larger. 8 THE MONTHLY REVIEW TRADE: Retail trade showed less than the usual seasonal decline between January and February. Sales of department stores and chain stores were larger than in February of last year, while those of mail order houses were smaller. Wholesale firms reported a smaller volume of business in February than a year ago, and this decline occurred in nearly all leading lines. Inventories of department stores increased in February in anticipation of the usual expansion in spring trade, but the growth was less than is customary at this season and at the end of the month stocks were slightly smaller than a year ago. Stocks of machandise carried by wholesale firms also increased in February, but they were generally smaller than in the corresponding month of last year. Railroad shipments of commodities have increased steadily since January by more than the usual seasonal amount and have exceeded those for the same period last year owing to larger shipments of coal, of miscellaneous commodities, and of merchandise in less than car load lots. PRICES: Wholesale prices, according to the index of the Bureau of Labor statistics, continued to decline in February. Among non-agricultural products decreases occurred in the prices of coal, petroleum, iron and steel, nonferrous metals and lumber, and the index for non-agricultural prices as a group was at the lowest post-war level. Prices of livestock and livestock products and of clothing materials, advanced in February. During the first three weeks of March there were decreases in prices of grains, livestock, sugar, silk, wool, coal, petroleum, and gasoline, while prices of potatoes, pig iron, hides and rubber advanced. BANK CREDIT: Demand for commercial credit at me:nber banks in leading cities incre·ased seasonally between the middle of February and the middle of March. There was also growth in the volume of funds used in the security market, as indicated by increases in loans to brokers and dealers in securities. Consequently total loans of the reporting banks at the end of the period were close to the level of last Autumn . Financial operations of the United States Treasury around the middle of March, with disbursements temporarily in excess of receipts, resulted in a temporary abundance of funds, which was reflected at member banks in leadng cities in a growth of deposits, in reduced indebtedness at the reserve banks and in increased holdings of securities. At the reserve banks, following changes · in holdings of bills and securities accompanying the financial operations of the treasury, the total volume of credit outstanding on March 23 was somewhat larger than four weeks earlier. Conditions in the money market in March were slightly firmer than in February. Rates on prime commercial paper advanced from 4 per cent to 4¼ per cent and call money was also higher, while rates on acceptances declined 8omewhat. PEftCENT 150 ~CllCT 150 PfRCENT 150 Manufaduru 501----+---+---'---+---,-t----150 ~----,--------+----+----~ PRODUCTION Of MANUFACTURES AND MINERALS FACTORY EMPLDYMENT AND PAY ROLLS OL----.l..---..l----L--:-:::~_..-::::::::--0 o..____.~----'---_._____,____~o Index numbers of production of manufactures and mmerals, adjusted for seasonal variations (1923-1925 average - 100.) Latest figures February, manufactures 106, minerals 120. Federal Reserve Board?s indexes of factory employment and payrolls (1919-100.) Latest figures February, employment 93.7, payrolls 108.5. 1923 1924 1925 1926 1927 1923 P£RCfN'r ,-CflCCNT zoo 200 1921f. 1925 1926 P£1tCE.NT 1927 PERCENT s· 6 5 5 4 3 3 2 2 WH~tsAlt PRICES - MONEY RATES All COllfN(/,'liff ~-• Agn"cvliwrll Non-Apia,Hur,I 100 _- _ _ __,__ _ __,i,.._ _ __ . __ _ _....__ _...,..._,100 1923 1924 1925 1926 1927 Index United States Bureau of Labor Statistics (1913-100, base adopted by bureau.) Latest figures, February, all commodities 146.4,~non-agricultural 148.3, agricultural 143.8 - 0 _ C0111mercial Paper Rak N.Y.Re~rw /k,n/r Oisc()llnf Role ·--- Acceptancelrrne 1923 1924 O 1925 1926 1927 Money rates in ew York money market for third week in March, Commercial paper 4 to 4¼ , acceptances 3%, New York Federal Reserve Bank discount rate unchanged at 4 per cent. • ~ 1 '
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