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THE MONTHLY REVIEW Of Agricuttural, Industrial, Trade and Financial Conditions in tht 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 P. W. MoRGAN, Director of Research Vol. 14 KANSAS CITY, Mo., ENERAL business activity continued at a high level . during the current year to the middle of March, in spite of the fact January and February combined was the coldest '.2.-month period the Tenth District experienced in twenty-four years. Weekly reports of checks cashed by banks at the principal centers show a higher total than ever before recorded for this period. Carloadings of freight, indicative of trade and industrial activity in this regional District, and in the entire country, show a gain during the first nine weeks of the year over the like period in 1928. G No. 4 APRIL 1, 1929 SUMMARY OF BUSINESS IN THE TENTH DISTRICT Volume for 23 business days in February 1929 is Compared with that for 26 business days in January 1929 and with that for 24 business days in February 1928, in percentages of increase or decrease, except for bank debits, and zinc and lead ore shipments in which comparson is made on s•week and 4•week periods. February 1929 compared to General Business and Banking Jan. 1929 Feb. 1928 Bank debits, 30 cities, 5 weeks................. _ _ _ _ - 4.7 13.2 Total deposits, 63 member banks........ - ·. oI 1.0 The outstanding development in the situation in this District Loans and investments, 63 member bank - 0.1 3.6 during the year to date was a forward surge in industrial proSavings deposits, 51 banks.... _ _ _ _ _ _ _ __ -0.:2 .p Business failures, number.................. _ _ _ _ __ duction, February setting a new high peak for the secol)d -15,9 -i5.9 Amount of liabilities ...................................................... 18.1 -34.I month of all years for which records are kept. The output of manufacturing establishments which operate during the winter Trade Retail sales, 35 department stores.................................... - 7.8 - 1.:i months was larger than a year ago, save for decreases in the Wholesale sales, 5 lines ............................... _ _ __ -4.6 - 8.6 output of meat packing plants and of cement mills. Steel -:21.3 Lumber sales, retail yards·-······················----30.1 and iron works, machine shops and factories-including the Grain Receipts, S markets 33.8 114.4 Wheat.-·············-----············································ . manufacture of "combines'' for harvesting wheat, and other Corn ...................................................................................... -19.0 -34.4 farm implements, the building of freight cars and aircraft, Oats................................................. ________ -13.8 -24.9 and the assembling of automobile parts-all reported a high Livestock Receipts, 6 markets Cattle .. _ _ __ -22.6 rate of operating activity. Calve,,__ _ _ _ _ _ _ _ _ _ _ _ _ _ __ -30.6 -36.5 -31.4 Hogs ........................................................... _ _ _ __ The production of coal, zinc and lead ore and other metals -15.1 -18.9 Sheep............... _ _ _ _ _ _ _ _ _ _ _ __ -11.4 - 2.3 was larger than in February of last year, and there was a small 0.3 Horses and Mules·-············· · · · · · · - - - - - - - 3.4 increase in the output of crude oil over a year ago. This, how. lndustrial Output ever, was the result of tests of full production in Oklahoma Flour·-······························ · · · · · · · - - - - - - - - - - -6.7 7-9 Crude Oil. ............................ _ _ _ _ _ _ _ __ -11.7 for one day to obtain data for use in a conservation program 1.4 5,3 which seeks to reduce fhat state's output to 650,000 barrels of ' ti. ~~:rery.operations ............................................................ -08 crude oil per day, or more nearly to market requirements. Meanwhile, the outlook for this year's farm production improved with the passing of the winter. Wheat survived the severe cold weather and, although somewhat backward and showing injµry in spots from freezing and thawing, and soil blowing, it was making good progress during March. Farmers were in their fields early and late preparing the ground and planting spring crops. Building permits during the first two months ran considerably behind those for the corresponding two months last year. Under more favorable conditions in March there was a revival of activity and a large volume of spring building was starting. Building contracts awarded durmg the first two months of this year ran ahead of last year's first two months. - · Cement.-.............................................................................•. Zinc ore (shipments) 4 weeks ........................._ _ __ Lead ore (shipments) 4 weeks................. - - - - Meat Packing, 6 cities Cattle ................................... _ _ _ _ _ _ _ _ __ Calve~-- - - - - - - - - - - - - - Hogs.......... _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Sheep........................................ _ _ _ _ _ _ _ __ Construction Contracts awarded, value....................... _ _ _ __ Building Permits, 18 cities, number........ _ _ _ __ Value of permits .............................................................. 8.8 -16.:2 4.1 - 44.6 28.4 6.5 14.6 1'2,0 -28.2 -30.0 -16.4 - - 3.8 - 8.3 -17.8 - 6.7 -3.3 -43.1 -:26.4 16.1 -I9.5 2 9.9 --24.4 tained volume during the first two months of the year, although the returns of wholesale firms were somewhat irregular. February sales of groceries at wholesale were larger than in FebTrade reports indicate that goods moved into distributive ruary last year, while the month's sales of dry goods, hardware, channels and into the hands of consumers in a large and sus- furniture and drugs showed decreases as compared with a year ago. This Copy Released For Publication In Morning Newspapers March 29. z THE MONTHLY REVIEW Sales.of department stores were at a higher daily average during February than in January of this year or February of last year, after allowance is made for the difference.. in the number of trading days. The grain trade during February was seasonally heavy, due to unusually large receipts of wheat at the markets in this District,: which were more than twice the volume of receipts in the second month of the preceding year. Marketings of other grain, and of livestock, were smaller during the month than a year ago. Banking and Credit The money and credit situation in this District experienced but little change in recent weeks. The demand for loanable funds at banks continued steady with a tendency toward a seasonal increase in commercial and agricultural requirements at the opening of the spring season. Interest rates charged by banks in leading cities, were decidedly firmer on March 15 than one month earlier, and slightly higher than at this time last year. Weekly condition statements of sixty-three reporting member banks as of M arch 6, 1929, showed outstandings loans for commercial and agricultural purposes amounting to $30-4,524,000, which was 5,972,000 higher than the amount reported four weeks earlier and $17,382,000 higher than one year earlier. Security loans, aggregating $142,597,000 on the first reporting date in March, were $8,338,000 below the amount reported four weeks earlier and '/,10,6o7,ooo less than one year ago. Investments of these reporting member banks, aggregating $238,648,000 on March 6, showed an incr.case of '/,1,541,000 in four weeks and an increase of $16,901,000 in one year. Thus it is observed the total volume of credit extended by the reporting banks in loans, discounts and investments was smaller on March 6 by $825,000, or one-tenth of one percent, than four weeks earlier but greater by $23,676,000, or 3.6 l'ereent, than one year ago. Net demand deposits of $508,066,000 indicated a decline of '/,4,712,000 in four weeks and '/,4,075,000 as compared with a year ago, while time deposits increased by '/,4,53:2,000 in four weeks and were $11,384,000 greater than on March 7, 1928. Reserves with the Federal Reserve Bank, amounting to j59,133,ooo, were $1,212,000 larger than four weeks earlier and $1,350,000 larger than a year ago. In the table which follows the principal resource and liability items of the sixty-three reporting member -banks are shown for three dates for purposes of comparison: Mar. 6, 1929 Feb.6, 1929 Mar. 7, 1928 Loans and investments-totaL. Loans and discounts-total......... Secured by stocks & bonds.... All other loans & discounts._. Investments-total........................ U.S. Securities........................ Other bonds, stocks, securities....................................... . Reserve wi th F . R. Bank .. ........ Net demand deposits ................. . Time deposits .............................. Government deposits ................. . $685,769,000 447,121,000 142,597,000 304,524,000 238,648,000 II6,264,ooo $686,594,000 449,487,000 298,552,000 237,107,000 II4,864,ooo $662,093,000 440,346,000 I 53,204,000 287,142,000 221,747,000 104,968,000 122,384,000 59, 133,000 508,066,000 I 79,46o,ooo 84,000 122,243,000 57,921,000 512,778,000 174,928,000 703,000 u6,779,000 57,783,000 512,141,000 168,076,000 225,000 I 50,935,000 Bills rediscounted by the Federal Reserve Bank of Ka:nsas City for its members totaled $32,436,558 on March 6, a decrease of $4,307,837 from the amount reported four weeks earlier, but an increase of $24,592,506 over the amount reported March 7, ~928. Purchased bills held on March 6 totaled 10,024,962, an mcrease of 895,585 in four weeks and a decrease of $2,265,107 for the year. The Bank's holdings of United States securities, amounting to $9,763,300, was the same as four weeks earlier but $21,005,300 less than the amount held on the correspondingdate in March 1928. Changes in these and other important~ items during four weeks and fifty-two weeks are indicated by , a comparison of the figures shown in the statements as of the t three...dates mentioned in the summary which follows: I Mar. 6, 19z9 Gold reserves·-····························· $104,947,655 Reserves other than gold............ 6,243,023 Total reserves .... _ _ _ _ _ II1,190,678 Bills discounted·--· · · · · - - - 32,436,558 Bills purchased............................ 10,024,962 United States securities.............. 9,763,300 Total bills and securities............ 53,724,820 Total resources.. .......................... 215,554,136 F. R. Notes in circulation.......... 67,446,580 Total deposits-............................ 95,747,714 Feb. 6, 1929 Mar. 7, 1928 $101,713,253 f, 98,462,815 7,147,122 5,733,732 107,446,985 1°5,009,937 7,844,052 36,744,395 12,290,o69 9, 129,377 30,768,6oo 9,763,300 50,902,721 57, 137,07 2 208,867,572 204,362,230 66,757,130 59,186,075 93,733,558 95,140,748 Payments by Check Payments by check in thirty cities in the Tenth District totaled f,1,790,958,000 during the five weeks ending March 6, 1929, according to the weekly clearing house reports showing amounts debited by banks to accounts of individuals, firms and corporations. This figure represented a decline of '/,88,215,000 from the total for the preceding five weeks ending January 30, which period included an unusually large volume of debits arising from year-end settlements. However, the aggregate of debits during this year's five weeks under review showed an increase of $209,440,000, or 13.2 percent, over the corresponding five weeks ending March 7, 1928. The record for the first ten weeks of 1929 shows debits in the thirty cities amounted to '/,3,670,131,000, which was $355,284,000, or 10.7 perc~nt, higher than for the corresponding first ten weeks in 1928. The returns in detail, presented in the table which follows show the volume of debits during the current year to date was 'greater in twentysix cities ,and less in only four cities than in the same period last year: FIV$ WEEKS ENDING March 6, 1929 Albuquerque, N. M.·-- ······················· $ 16,072,000 Atchison, Kans.· -································ 7,283,000 Bartlesville, Okla ...... _ _ _ _ 23,1,46,000 g~:~:::n':~;;~:: : : : ~·_-_-_-_-_-:: : : : : : :::::: Colorado Springs, Colo...................... ~:~:= 18,103,000 f;E:~;.;::::~·==~=:: : : :=: ~: ·:;1!::= Grand Junction, Colo....·-··················· Guthrie, Okla.......................,.............. Hutchinson, Kans·--······················-··· Independence, Kans·-························· Joplin, Mo ......................... ·-················ Kansas City, Kans·-··························· Kansas City, Mo................................ Lawrence, Kans....... ·-························ Lincoln, Nebr...................................... Muskogee, Okla.................................. Oklahoma City, Okla·-······················· Okmulgee, Okla.................................. 3,96o,ooo 4,190,000 22,740,000 14,972,000 19,378,000 22,927,000 501,080,000 6,300,000 42,861 ,ooo 13,184,000 152,254,000 9,706,000 !~i1?.~i:~~ i::::•:•: • • • ·igm Salina, Kans...... .................................. St. Joseph, Mo.................................... Topeka, Kans...................................... Tulsa, Okla.......................................... Wichita, Kans...................................... March 7, 192.8 $ 13,471,000 7,023,000 20,376,000 7,805,000 6,491,000 17,984,000 193,041,000 Pere,ent Change 1 9·3 3.7 13.6 11-4 14,405,000 17.2. o.6 1 7·9 13.8 5,395,000 0.1 3,684,000 7-5 4,081,000 18,320,000 12,354,000 15,958,000 2..7 24.1 :21.~ 23,780,000 436,290,000 6,212,000 39,686,000 12,633,000 n9,021,ooo 8,884,000 245,318,000 3,547,000 8,090,000 -3.6 21,535,000 14,589,000 66,373;000 22,505,000 171,081,000 79,241 ,ooo 12,082,000 71,272,000 22,812,000 136,242,000 73,726,000 Total 30 cities, 5 Wks ...................... $1,790,958,000 Total 30 cities, 10 Wks...................... 3,670,131,000 $1,581,518,000 3,3 14,847,000 21.4 ,14.8 1-4 8.o 4.4 2.7.9 9.2. 5.0 1.6 ~ 5.8 1 3·3 2.0.7 - 6.9 -0.9 25.6 7-5 THE MONTHLY REVIEW 3 RETAIL TRADE AT 35 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT SALES (RETAIL) STOCKS Stores Feb. 1929 2 Months 1929 February 28, 1929 compared to Report- compared to compared to ing Feb. 1928 2 Months 1928 Jan. 31, 1929 Feb. 29, 1928 Kansas City................... . - 8.6 - 4.8 II.0 - I.I 4 Denver . ........................... - 0.1 2.I I0.8 - 9•5 5 Oklahoma City............... . 4.4 9.0 27.3 - 2.6 3 Omaha............................. . 2.2 2.1 17.8 -12.3 4 2 - 3.7 - 4.1 9.2 5.7 Lincoln·-··························· Topeka.-........................... - 4.3 - I.I - 0.9 - 6.9 3 Tulsa ................................ 3.2 15.5 46.3 3 II EVEN 2.2 26.6 - 6.5 Other Ci ties·--················· STOCK TURNOVER ACCOUNTS RECEIVABLE COLLECTIONS February 2 Months 1929 .19 .16 .26 .24 .17 ,17 ,15 February 28, 1929 February 1929 compared to compared to 1928 1929 1928 Jan. 31, 1929 Feb. 29, 1928 Jan. 1929 Feb. 1928 ,20 .41 .43 -18.2 - 0.6 17.0 l.4 .15 .35 .31 -10.3 - 5.2 --21.5 1,2 .25 .52 .51 -10.4 14.7 -20.0 10.0 .23 .44 .43 -n.6 - 3.3 -25.2 -15.8 .19 .38 .43 - 7·3 17.0 -21.7 8.2 .17 .35 .34 -10.8 -II.6 -12-.8 5.7 2 5-5 33.6 ,17 ,28 ,30 - 4.4 3.8 -17.5 9.8 35 - 1.2 1.6 14.8 - 2.4 .19 .19 .40 .39 -10.9 1.2 NOTE: Percentage of collections in February on accounts January 31, all stores reporting, 40.9. Collections same month last. year, 40.4. 2.2 Total................................ Business Failures Trade Commerci ~l failures in the Tenth District during Feburary were fewer than in either the pre-Ceding month or the corresponding, month last year. The amount of indebtedness involved in February failures, while showing an, increase over the J amrnry total, was smaller than in February 1928. Failures in the United States during February, and also the aggregate of indebtedness showed decreases for February as compared with January of this year and February of last year. Commercial failures in the United States by Federal Reserve Districts, as reported by R. G. Dun and Company, are here shown for February 1929 and 1918: WHOLESALE: Aggregate dollar sales in February, reported by wholesale firms in five leading lines located at the principal distributing centers in this District, were smaller than in January of this year and in February of last year. However, a comparison made on the basis of daily volume discloses that sales in February with twenty-three trading days actually were higher in the daily average than in January with its twentysix trading days, and but slightly lower than in February 1928 with its 24 trading days. Of the five lines, wholesalers of groceries reported a larger volume of business in February than in either the preceding month or a year ago. Wholesalers of dry goods, hardware and drugS- reported their sales for the month were smaller than in either of the former months with which comparison is made. The wholesale furniture trade was substantially larger than in January but fell below that of a year ago. Dry goods. firms reported that the cold and wet weather during the month was quite unfavorable for sales of spring gooda, although it was a decided help to retailers who had carried over stocks of rubber goods and rough wear clothing. Deliveries of merchandise during the month were interfered with by bad roads which in many sections of the trade territory were practically impassible during the spring, thaw. Manufacturers and distributors of "combines'' reported high record shipments of these machines into the Southwest territory for use in the harvest fields this year. Shipments of other farm implements, and also shipments of machinery, tankage and of automobiles, were in larger volume than at this time last year. Stocks of all reporting wholesale lines were larger at the end of February than at the end of January. Compared with the same month last year, stocks of furniture, hardware and drugs showed increases, although stocks of dry goods and groceries were smaller. NUMBER Districts Fir•t, Boston ............................ Second, New York.................. Third, Philadelphia................ Fourth, Cleveland.................. Fifth, Richmond ...................... Sixth; Atlanta.......................... Seventh, Chicago.................... Eighth, St. Louis.................... Ninth, Minneapolis................ 1929 232 378 98 166 1928 238 369 99 186 I'.l8 158 107 297 120 47 128 294 105 72 TENTH, KANSAS CITY.... 111 144 47 Eleventh, Dallas...................... 40 Twelfth, San Francisco.......... 231 336 TotaL ....................................... t,965 2,176 LIABILITIES 1929 $ 4, I 50,69 I 9,256,356 2,590,245 2,891,340 I ,942,076 1,710,530 3,708,107 1,762,479 1,362,209 1,505,036 551,720 2,604,983 1928 $ 3,9 50,08 I 9,285,206 2,296,593 4,727,509 4,304,424 2,204,866 7,254, n:2. 1)853,273 383,730 2,283,548 1,637,036 4,890,264 SAVINGS IN BANKS: Deposits to savings accounts in fifty-one banks which report monthly to this Federal Reserve Bank declined 0.2 percent between February 1 and March 1, although the total on the latter date stood 4.1 percent higher than on March 1, 1928. The number of accounts on the books of fifty reporting banks on March I of this year showed an increase of 0.3 percent during the month and an increase of 6.3 percent for the year. The totals reported fo: the three dates: Deposits, 51 Banks ................... . Accounts, 50 Banks................. . Dry Good1 Groceri Hardware Funiitlll'C Drugi Mar. 1, 1929 $126,428,516 387,348 Feb. 1, 1929 Mar. 1, 1928 $126,701,217 $1 21 ,472,736 364,481 386,279 RETAIL: Distribution of goods to consumers by retail department stores which report their trade statistics to the Monthly Review continued through February at a higher daily average than in January or in February a year ago. Due to February having three less trading days than January and one less than WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT CoLLECTIOKI OuTSTANDrnos SALES Reporting Feb. 1929 compared with Feb. 28, 19~9 compared with Feb. 1929 compared with Feb. 1928 Feb. 1918 Jan. 31, 1929 Feb. 19, 1928 Jan. 1929 Storea Jan. 19;29 - 6.6 - 6.5 -'J.2 -16.8 7.2 8 -4.4 1.0 - 1.9 8.3 7.5 1.9 3.3 7 -10.0 ~I.4 4.6 -0.9 8 -14.6 - 6.4 1.8 1.2 -4.0 5.0 - 9.210.4 7 -10.0 3.0 - 1.5 - 9.2 - 4.7 - 1 5.4 5 STOCIU Feb. 28, 1929 compared with Jan. 31, 1929 Feb. 29, 1918 4.1 -16.5 u.6 -1.5 13.2 11.6 1.4 12.5 20.0 7.2 THE MoNTHLY REVIEW 4 February of last year, gross sales for the month were smaller month were slightly larger than one month earlier or one year than for the preceding month or the corresponding month last ago. The volume of February business is compared with that year. Of thirty-five stores reporting for the month, twelve for January 1929 and February 1928 in percentages of increase showed increases in sales and twenty-three decreases as compared or decrease in the summary which follows: Feb. 19z9 compared to with the same month last year. Cumulative sales of the reFeb. 1928 Jan. 1929 porting department stores for January and February were larger Sales of lumber, board feet ............- - - - - - -21.3 -30.1 by 1.6 percent than in the first two months of 1928. -20.9 -19.5 Sales of all materials, dollars ........ - - - - 0.4 1.9 Sales of single line stores carrying mens and womens apparel Stocks of lumber, end of month_ _ __ -14.7 - 3.1 and shoes, showed a decrease of 17.9 percent as compared with Outstandings, end of month .................................... - .... -22.5 -10.9 January but an increase of 10 percent over February a year ago. Collections during month ...... - - - - - - Cement Retail furinture stores reported their February sales were 28.3 Due to more than the customary seasonal reduction in mill percent larger than in the preceding month but 3.4 percent operations during February, production and shipment of Portsmaller than for the same month last year. Stocks of reporting department stores increased during Feb- land cement for the month was smaller than in either January ruary but were smaller at the end of the month than a year of this year or February of last year, both in the Tenth District earlier. Stocks of apparel stores were smaller while stocks and in the United States. Stocks of cement at the dose of Feb·ruary were larger than a month earlier and also larger than one of furniture stores were 1.arger than a year ago. COLLECTIONS: Improvement in collections came with the year ago. The figures on production, shipments and stocks, opening of March and the resumption of out door activities. shown in the table which follows, were compiled from the reports Although wholesalers reported collections were still slow in some .of the mineral division of the Bureau of Mines, Department of localities, the situation was regarded as generally satisfactory. Commerce: Jan. 19l9 Feb. 1928 Feb. 1929 Department stores reported collections during February were Barrels Barrel, Barrels District 40.9 percent of outstandings. This compares with a composite Tenth Production ............. _ _ __ 664,000 595,000 556,000 collections figure of 42 percent for January and 40.4 percent 368,000 Shipments ...................................... 410,000 "') ,.., 580,000 for February 1928. Stocks, Month-end........................ 2,323,000 2,134,000 L;:i~ 2,143,000 Lumber In most of the sawmill sections of the country lumber demand since the first of the year has been good, according to reports to the National Lumber Manufacturers Association. Combined reports of eight softwood associations show new business during the first nine weeks of 1929 was 14 percent above the lumber cut for the same period; while two hardwood associations reported new business was 4 percent above production. Heavy snows in the Northwest and rains in the South were reported as having hindered both logging and mill activities. Logging in the fir districts resumed operations the middle of February after six weeks of serious handicaps and actual tie-ups due to snow and cold weather. Stocks of some items have been greatly reduced and many coast mills arc said to be refusing to quote price, until they arc in a position to ship. Rail shipments of luml>er, computed from carloadings of forest products published by the American Railway Association, were larger in the South but smaller in the West in February 1929 than in February 1928, as indicated by the following table: NUMBER OF CARS (Computed) Lumber-February Logs-February Other Wood Items-Feb. 1929 1928 1929 1928 1929 1928 Eas.______ 12,290 12,738 3,588 3,719 6,576 , 6,814 South.................... 44,990 44,689 15,427 15,324 II,872 u,792 West.. - - - - 40,681 i 50,446 48,96o 60,713 13,494 16,733 Originating District - - - - - - - - - - - - - - -~!- - - 97,961 1o7,873 67,975 79,756 31,94?. 35,339 M. Bd. Ft. (computed) Tons (computed) East ...................... 234,224 242,760 95,009 98,479 185,378 192,086 South .....·-··········- 892,6o2 886,629 423,471 420,644 327,074 324,870 W e s ~ - - - 873,868 1,083,631 1,667,087 z,067,278 393,051 487,432 Tota..____ Total u. s.·--·······2,000,694 'J./213,020 1,185,567 2,586,401 905,503 1,004,388 RETAIL LUMBER TRADE: The volume of sales of lumber at reporting retail yards located in the Tenth District shows marked declines in February from those reported for January of this year and February of last year. The decline in sales at the yards was mainly the result of severe cold weather and bad roads which greatly retarded out-of-door activity and delivery of lumber not only in cities and towns but in the farming communities. Stocks of lumber at the yards at the close of the United States Production...................................... 8,522,000 Shipments ...................................... 5,448,000 Stocks, month-end ............................ 29,871,000 9,881,000 . ~'. ~ 8,797,000 5,707,000 ; 6,563,000 'J.6,797,000 .:.; 27,349,000 Building General out-door work was practically suspended during the greater part of February ,and preparations for spring building operations and general construction work were retarded. The record of building permits issued in eighteen cities during February was a poor showing for the month, the returns indicating decreases of 43.1 percent in the number of permits and of 26.4 percent in the value of permits as compared with February 1928. Only five of the eighteen cities reported their permit values were larger than a year ago. The permits in detail: PERMITS Albuquerque, N. M ................ Casper, Wyo .... _ _ _ __ Cheyenne, Wyo·--··················· Colorado Springs, Colo .......... Denver, Colo _ _ _ __ Hutchinson, Kan.,,___ __ Joplin, Mo ................................ Kansas City, Kan.,___ __ Kansas City, Mo .................... Lincoln, Nebr...... _ _ __ Oklahoma City, Okla._ ........... Omaha, Nebr.---····················· Pueblo, Colo ............................ Salina, Kans ........ _ _ __ St. Joseph, Mo .... _ __ Topeka, Kans .. _ _ _ __ Tulsa, Okla ...... _ __ Wichita, Kan:,__ _ __ 1929 53 8 13 32 269 26 18 19 IJI l'J. 'J.'J.7 27 69 9 12 23 159 96 TotaL_···------ 1,203 ESTIMATED CosT Percent Change 19z8 1929 19z8 72 $ [1n,78z '$ 164,921 -32.2 'J. ·.. 3,250 370 778.4 z3 , ,r.. I 22,893 129,290 -8z.3 67 '• 1-·, 10,295 6z,535 -67.5 436 . , (,37,700 977,400_ -34.8 53 i : . 'J.4,085 55,741 -56.8 53 I • • 7J,700 54,416 35.4 62 f'I ·43,980 n5,375 -61.9 223 l 1,185,600 1,835,850 -35-4 69 188,375 II5,515 63.1 271 1,347,080 1,349,402 -0.2 40 III,045 l,p,675 -21.6 92 z31,72z n9,979 93· 1 17 39,285 108,618 -63.8 33 27,896 29,595 - 5.7 88 51,065 191,584 -'73-3 345 352,090 1,146,022 -69.3 168 667,703 38z,683 74-5 2,114 '$5,139,546 $6,980,971 --26.4 This District's value of building contracts awarded in Feb. was $1 _2,873,882 as reported by the F. W. Dodge Corporation. This total compared . with $15,667,726 for January 1929 and $13,792,810 for February 1928. The aggregate value of contracts awarded during the first two months of this year was $28,541,608, compared to $27,no,664 in the 2-month period last year, an increase for this year of $1,430,944 or 5.3 percent. 5 THE MoNTBLY REVIEW Petroleum The production of crude oil in five states of the Tenth District was at an average of 8T1,100 barrels per day during February 1929 compared to 891,800 barrels per day in January 1929 and 830,700 per day in February 1928. Gross production of 24,418,000 barrels for the month was 3,230,000 barrels less than January, but 330,000 barrels greater than in February 1928. Figures showing the daily average and gross production of crude oil in the five states in February are presented in the following table with those for January of this year and February of last year for comparison: DAILY AVERAGE Feb. 1929 Jan. 1929 Feb. 1928 Barrels Barrels Barrels 738,200 655,800 Oklahoma·---········································•·············· 714,400 IIl,900 94,400 Kansas ................·-----······················· 95,800 Wyoming............................................................. . 53,000 49,800 52,800 6,700 6,900 Colorado. ___···········- - - - - 7,900 New Mexico........................................................ 2/200 2,500 2,300 Total.. .................. _ __ __ _ 891,800 GROSS PRODUCTION •Feb. 1929 Barrels Oklahoma ...........................·- -- - - -·20,002,000 Kansas ......................._ _ _ _ _ __ _ 2,682,000 Wyoming ......................· -- - - - - · · · ···· 1,482,000 Colorado... ____ _ _ ................................ 189,000 New Mexico........................................................ 63,000 Jan. 1929 Barrels 22,884,000 2,929,000 1,545,000 214,000 76,000 830,700 Feb. 19:28 Barrels 19,017,000 3,245,000 1,531,000 229,000 66,ooo Total.-................................................ _ _ __ 24,418,000 27,648,000 24,088,000 •Estimated American Petroleum Institute. The February decline of 23,800 barrels per day in Oklahoma, as compared to the daily average for January, reflected some results of efforts to curtail production in the hope of relieving the depressed condition of the industry. This decline would have been greater but for the fact that in the week of March 2 all wells in the Seminole area were open to full production for one day in order to obtain figures on potential production for use in the conservation program which seeks to hold the Oklahoma output to 650,000 barrels daily. Subsequent reports from Oklahoma, although unofficial, indicate further reduction in the daily output in March, operators expressing confidence that the present efforts in that state to keep down production more nearly to market requirements would succeed to a greater extent than previous movements. The monthly summary of field developments shows the number of wells completed in this District during February was the largest monthly total since last November but the smallest for February on records since 1919. The number of barrels daily new production brought in from wells completed in February was the smallest since November, but somewhat larger than in February of last year. There was less activity in drilling during the month than at any time since last fall, although the total of 1,674 wells drilling or ready for drillling on March I was larger than a year ago. Wells Barrels Daily Dry Gas Rigs-Wella Complete~ New Production Wells Wells Drilling 2 59 Oklahoma·--················· 71,834 1,047 75 32 Kansas ....... I OI 8,876 40 IO 284 Wyoming...................... 2,664 7 160 II Colorado. __··················· 807 0 5 95 21 .New Mexico· -- ·-··· 165 15 88 4 February 1929.-........... January 1929.-............. February 19:28_········- 399 366 84,346 n2,o62 4 25 65,773 136 138 179 29 1,674 1,738 53 1,418 47 REFINING CAPACITY IN THE TENTH DISTRICT AND THE UNITED STATES (Capacity in barrels) Daily Crude Plants Capacity operatini Number of Capacity Operating Plants Plants 1929 1928 I· [ 1929 1928 1929 1928 1929 1928 3,850 3,450 2 3 ,J; 3,750 3,450 Colorado.--······· 3 3 I • 6 160,200 150,700 15 15 ' 137,500 126,000 Kansas.. -.......... 25 i'' 2 Missouri .._.......... 3 f.. ' 4 19,500 19,000 2 2 16,500 13,500 New Mexico._... 5 ' ,7 ~~ ~~ 3 4 woo hl~ Oklah~ma·--····· 68 /67 342,600 325,200 44 41 288,500 255,000 92,100 96,600 9 9 88,800 93,300 Wyoming.......... 13 J1•.,.!12 Six States.......... u7 United States._. 458 n9 624,050 600,600 75 74 539,050 494,600 456 3,693,550 3,426,330 335 315 3,427,350 3,n6,930 Refinery operations in Kansas and Oklahoma continued during February at a slightly higher level than a year ago, as the figures contained in the following summary show: Plants Operating March 1, 1929...................................................... February 1 , 192'::J-- - -- -- - - March 1, 1928................................. _ _ __ 56 57 56 Barrels Daily runs Crude oil to stills 276,6oo 278,800 262,775 Bituminous Coal The production of soft coal at mines in the Tenth District continued at a high rate of activity during the greater part of February, though declining with the advent of warmer weather in the week ending March 2. Total output for the short month fell below that for January by 8.8 percent, but was larger than in February oflast year by 28.4 percent. The February tonnage in each of the six producing states is here shown in comparison with that for the preceding month and the corresponding month last year: Feb. 1929 Tons 1,157,000 305,000 385,000 241,000 374,000 645,000 Jan. 1929 Tons 1,215,000 328,000 410,000 277,000 Total._....................................................... 3,107,ooo Colorado.--··············································· Kansas ..................................................... . Missouri ................................................... . New Mexico·---············· · · - - -- Oklahom _ _ __ Wyoming................................................. . Feb. 1928 Tons 848,000 278,cx:,o 268,000 253,000 455,000 240,cx:,o 720,000 532,000 3,405,cx:,o 2,4 I 9,000 Zinc and Lead Demand for zinc and lead ores at the mines in the Tristate District during February was the heaviest' reported since last Fall. Production of both ores increased and shipments were larger than a year ago. Zinc ore, after remaining stationary at $40 a ton since the week of May 16, 1928, rose during the week ending February 16 to $41 per ton and continued at that figure throughout the remainder of the month. This was the highest price paid for zinc ore since the week of September 19, 1927. In the opening week of February lead ore was selling at $90 a ton but three advances of $2.50 per ton in subsequent weeks carried the price to J97.50 for the week ending March 2. This was the highest price paid producers for lead ore since the week of March 28, I 927. Shipments of zinc and lead ore, and their values, from the three states in the District arc shown in the table which follow1: ZINC ORE LEAD ORE Tons Oklahoma. __·················-·-- - - 31,326 Kansas ...........· - - - - -- ·· 19,725 Missouri ..·---·························· 1,214 Value $1,268,610 799,961 49,562 Tons Value 3,936 $359,350 4,679 86 427,597 7,848 Wks. ending Mch. 2, 1929............ 51,265 Wks. ending Feb. 2, 1929............ 50,205 4 Wk1. ending Mch. 3, 1928·-········· 45,624 $2,n8,133 2,008,200 1,641,145 8,701 6,017 7,77 1 $794,795 4 4 521,899 623,255 ' THE MONTHLY REVIEW An agreement between Colorado growers and refiners was reached early in February, providing for a minimum payment of $7 per ton for beets and for additional payments depending on the final net price realized on sugar. With an early agreement it was indicated larger acreages would be planted to beet$ in Colorado, Nebraska and Wyoming than in the spring of 1928 when the acreage was greatly reduced by failure to agree upon the terms of contracts until late in the season. The Crops Mild spring weather during;.the first three weeks of March brought improvement in conditions for agriculture. Preparation for corn, cotton, spring wheat, oats, barley, potatoes,. sugar beets and other spring plantings, which had been retarded by the long period of cold weather, was resumed, in March. In many sections slow progress was made unfl late in the month. The ground had been frozen to an unusual depth, reported as two to four feet in different localities, and the thawing-out process left fields too muddy for spring work for a much longer period than usual. The season was behind its usual schedule, and highly favorable conditions would be needed in April and May to enable farmers to plant their intended acreages. Late March reports from over the Southwest winter wheat area generally were favorable. Except in a few sections, where injury had been caused by alternate freezing and thawing, soil blowing and poor root growth, the reports indicated winter wheat had survived the cold weather much better than had been anticipated and was showing a good color and growth, although about one week late. The status of the wheat crop in the third week in March is described in the Government's weekly report published March 20, as follows: Growers in the Kaw Valley of Kansas advised their state board of agriculture that they will not plant to exceed 75 percent of the 1928 potato acreage this year. Plantings of early potatoes in Oklahoma and in southern Missouri alsowerereportcd somewhat below the previous year's acreage, and Nebraska growers reported fewer acres would be planted. Grain on Farms On March I farmers in the seven states whose areas or partt form the Tenth District held more wheat, oats and barley and less corn and rye than a year ago, according to figures presented by the Crop Reporting Board of the United States Department of Agriculture. For the entire country stocks of each of these five classes of grain, except rye, were larger than a year ago. The Board's estimates include not only grain for sale: but also the amount held for seed, feed and other uses on the farm until the close of the crop season. Farm stocks of corn, wheat, o;its and barley in the seven states, are shown in detail in the accompanying table. With moderate to rather high temperatures wheat fields greened up quite generally through principal producing sections. Entire wheat area has been cleared of snow and there is abundance of soil moisture except in limited sections of the western belt. Although considerable harm has been reported from South Central Nebraska and the crop has been damaged by drifting soil in the western third of Kansas and by heaving in south-eastern part of state, elsewhere in the southwest the crop has made satisfactory growth. Wheat is not doing well in some sections of Washington and there has been considerable killing in Pennsylvania. The Weekly Kansas bulletin, also issued March the following summary: 20, WHEAT IN ELEVATORS: The United States Department of Agriculture estimated 2,983,000 more bushels of wheat was m the country elevators m March 1929 than a year ago, but 7,577,000 bushels Jess than two years ago. Stocks of wh~at in country elevators m the prmc1pal producing states m this District were estimated for March 1929 and a year ago, as follows: contained Wheat is greening up satisfactorily in all sections though the plant shows above the ground very little in the western third. As a rule the crop seems to have passed through the winter season without serious damage, except in the western third, where high winds in the past week or two have blown it out badly in a large number of localities. There is also complaint of damage by heaving March 1929 March 1928 Bushels Bushels Colorado ......................................................................... . 2,011,000 2,ou,000 Kansas .................... _ __ _ 3,808,000 3,340,000 Missouri ........................................................................... . 1,648,000 1,099,000 Nebraska .......................................................................... 3,485,000 2 ,953,000 1,500,000 Oklahoma ...........·----········································ 3,000,000 in the eastern counties south of the Kansas river. Spring planting is reported from two to three weeks late in the eastern two-thirds. In the southeastern and south-central counties about a fourth of the oats crop has been sown. Sowing barley and oats is under way in the western third. Little or no spring plowing or planting has been done in northeastern and northcentral counties. For the first time in several years potato planting was not under way in commercial fields of the Kaw Valley by March 17. Five States ..................................................................... . 13,952,000 10,903,000 Elevator stocks of wheat at five cities in this District totaled 33,883,000 bushels on March 9 compared with 14,057,000 bushels The extent of abandonment of winter wheat acreage this spring cannot be determined until official reports of the Government and State Departments of Agriculture are issued in April. Operations in the sugar beet fields in the irrigated areas of this District were under way earlier this spring than in 1928. a year earlier. Wheat in Kansas City elevators was 18,667,000 bushels, againts 8,645000 bushels a year earlier. At Omaha 7,45b,ooo, against 1,678,000; at St. Joseph 2,039,000, against 673,000; at Lincoln 300,000, against 375,000; at Wichita 4,4u,ooo, aga~nst 2,686,000. STOCKS OF GRAIN ON FARMS IN SEVEN STATES AND THE UNITED.STATES Reported by the United States Department of Agriculture as of March 1, 1929 and 1928 and the 10-Ycar average as of that date in thousands of bushels, ooo omitted. COAN Colorado...... Kansaa ......·-··········-············- Missouri Nebn•ka 1929 S,234 71,647 72,616 74,445 WHEAT 110-Yr. Av. 1928 6,170 7,217 67,126 32,382 58,829 71,438 80,153 139,8~ 1928 1,011 OATS 10-Yr. Ave 2,566 14,098 4,158 7,6o5 2II 5,362 2,001 4,004 I,Io6 1,005 6o6 1929 1,675 u,319 1 4,390 26,049 58 S,09 1 1,169 206,774 53,348 1 ,093,7°3 148,813 JI,695 IJ0,944 33,148 127,270 501,321 1,045 598 ss.., 11,045 ~I 16,099 810 13,699 991 299,616 Seven States.·--···-··············· 246,723 United States__ 1,019,572 1.ou,908 New Mexico.·-··-················· Oklahoma ......... _..... - ........... Wyoming.__ 1929 1,785 28,453 1,III 13,285 146 1 3,359 1,198 n,074 -46 59,85 1 1918 1,370 7,949 6,917 17,227 66 3,59 2 1,598 -48,719 373,167 BAlllll' 10-Yr. ATC. 1,684 8,789 11,827 24,230 161 7,0 77 1,458 55,226 480,092 1929 3,676 5,298 37 3,124 17 1928 10-Yr. A.-. 1,165 1,862 1,424 2,831 7 1,818 1,301 s 12 16 56 53 405 6-47 561 118 12,965 97,050 6,039 61,972 43,882 6,651 , 7 THE MoNTHL Y REVIEW Grain Marketing Livestock Arrivals of wheat at five markets in the Tenth District during February were the largest for any month since October and the largest February total on records covering the past ten years. Arrivals of corn and oats during the month were smaller than in either the preceding month or the corresponding month last year. The number of bushels of each of six classes of grain received at the fiv~ markets during the month of February is shown in tqe table which follows with totals for Jan~ary 1929 and February 1928 for comparison: Supplies of all classes of meat animals at Tenth District markets during February were markedly smaller than in either the preceding month or the corresponding month last year. Decreases in receipts for the month, as revealed by the reports of public stock yards, were attributed mainly to the severe winter weather which was unfavorable for livestock shipments. Hutchinson .......... Kansas CitY·--····· Omaha .................. St. Joseph............ Wichita·-··············· Whe;it Corn 2,936,250 537,500 6,643,780 4,767,000 2,806,400 1,639,400 785,400 1,350,000 1,517,600 504,400 Oats Rye 13,500 338,000 10,500 404,000 50,400 74,000 79,500 1,300 Barley 18,750 i8,400 49,600 3,500 10,400 Kafir 1,500 20,800 --- --- --- --- --- --- Feb. 1929.............. 14,689,430 8,798,300 909,000 62,200 160,650 1,047,500 Jan. 1929.............. 10,975,240 10,857,700 1,054,000 85,900 226,850 1,604,600 Feb. 1928 .............. 6,850,460 13,408,800 1,2n,ooo 102,200 108,800 880,400 Flour Production Mills in the Tenth District were operated during February at 74.2 percent of capacity, compared with 71.3 percent in January and 63.7 percent in February 1928. Production of flour during the twenty-three milling days in February of this year was 2,166p22 barrels, 157,281 barrels less than in January with its twenty-six milling days, but 157,984 barrels more than in February 1928 with twenty-four milling days. Figures showing the output at each of the leading milling centers, compiled from weekly figures reported to the Northwestern Miller, follow: Feb. 1929 Barrels Atcnisop........................ _.......................... . u5,194 600,268 Kansas CitY·--········································· Omaha ...................................................... 92,962 Salina .... - - - 181,340 St. Joseph ............................................... . Ilo,559 I 50,312 Wichi_ta·--········································· ....... . Outside ................................................... . 915,387 Jan. 1929 Barrels 135,656 647,074 107,357 177,763 133,40J 170,997 95 1 , 0 53 Feb. 1928 Barrels 106,857 587,124 101,276 16o,937 1o6,954 146,906 797,984 2,166,022 2,323,303 2,008,038 Total.................................. _ _ _ _ Meat Packing Meat packing operations at the leading centers of this District were somewhat curtailed during February. The month's $laughter of 826,605 hogs, as indicated by packers' purchases at public stock yards and direct shipments to their own yards, was smaller than in January by 162,464 head, and smalier than in February 1928 by 266,198 head. The slaughter of 159,640 cattle during the month was, with the exception of December 1921, the smallest on record covering the past eleven years, and the slaughter of 28,261 calves the smallest for any month since April 1922. The total of 375,384 sheep killed and dressed during February showed a decrease of 34,150 as compared with a year ago, but with this e;xception it was the largest February total of record. The February receipts of 274,036 cattle at six markets was 79,909 less than in the same month last year and the SJl!allest monthly receipts of record. Receipts of 34,71 I calves...:,were 15,879 less than a year ago and the smallest February receipts in eight years. The total of 660,173 sheep received during the month fell 84,560 below the receipts in February a year ago, but with this exception the number received was the largest reported for the second month of any year. Hogs arriving at _the six markets during the month totaled 1,049,401, a decrease of 245,327 from a year ago, but an increase over February receipts in all other years since 1924. Receipts of 16,592 horses and mules at the six markets in February compares with 17,177 received in February 1928. Colorado cattle generally continued in good condition but showed the effect of long feeding. There has been a generally light shrink in condition and a few sections have thin cattle, but losses thus far have been light. · The condition of cattle in that state on March I was 91 percent of normal compared with 94 percent a month earlier and 98 percent a year ago. In Wyoming the condition of cattle on March l was 85 percent as compared with 89 percent one month earlier and 94 percent a year ago. Light losses, including some losses of young calves, ar~ mentioned in the Wyoming report. Sheep in Colorado have wintered fairly well with light losses, but severe weather and snow have resulted in continued heavy feeding which has caused some to shrink in condition. Due to short feed and covered ranges, sheep in the southwestern district, and the desert range district along the Colorado Utah line from the Colorado River to the Green River, are reported as facing a rather serious condition. Lambs in feed lots have shown goods gains. The condition of sheep and lambs in Colorado on March 1 was 90 percent of normal compared with 94 percent on February 1 and 99 percent on February 1 last year. In Wyoming the condition March 1 was 82 percent as compared with 87 percent on February I and 91 percent on March 1, 1928. The reports indicated that 20 to 25 percent of the Wyoming lamb crop had been contracted to March 1, mostly 11½ to 12 cents, as compared to 1 r cents a year ago and ro cents in 1927. The Colorado report said range sheepmen had contracted some of the 1929 lamb crop at n½ to 12½ cents, and lamb feeders have taken some contracts for next winter operations. FEBRUARY MOVEMENTS OF LIVESTOCK IN THE TENTH DISTRICT RECEIPTS STOCKERS AND FEEDERS Cattle Calves Hogs Hogs Sheep Sheep Cattle Calves Kansas City .......... 1,577 10,850 ······ 112,042 12,103 • 396,169 II7,184 31,482 9,722 Omaha .......... 6,813 86,530 17,201 331,666 226,657 II,899 1,513 3,II5 St. Joseph ...... 4,631 2,629 28,780 33,o85 134,219 144,o74 2,364 90 2,660 16,917 1,241 1,328 Denver....·-···········--·· 17,283 73,372 I 58,6o6 5,708 Oklahoma City 42,804 I4,137 830 5, 1 75 Wichita ...................................................... n,325 12,822 71,171 3,3 29 February 1929.......... ·············· 274,036 34,711 1,049,401 660,173 January .19 2 9......................... ................ 394,833 54,693 1,236,173 675,964 February 1928 .. -...... 353,945 50,590 ·/}I ,294, 728 744,733 • Includes 202,000:direct to packcrs~yards. I Revised 51,453 84,833 76,844 4,421 11,433 8,843 16,794 14,456 19,365 74,114 129,058 71,187 PURCHASED FOJl SLAUOHTJtJt. Cattle Calves Hogs Sheep 57,776 II,122 • 324,871 96,243 228,503 149,309 5,189 55,565 23,132 100,903 104,917 4,45 1 65,122 8,925 1,448 I 13,617 '38,467 652 4,369 9,295 1,682 I 10,646 ' 68,739 4,947 I 59,640 28,261 222,200 40,396 198,261 ~'40,340 826,6o5 375,384 989,069 390,141 1,092,803 409,534 8 THE MONTHLY REVIEW PDlallT 140 PfRCfNT 140 INDUSTRIAL PRODUCTION National Summary of Business Conditions Industry and trade continued active in February and the first part of March and there was a growth in the volume of bank loans. Borrowing at Reserve Banks increased during _the period and money rates advanced.further. OOt---+---+----4----1---..JM 1925 1926 1927 1928 1929 Index number or production of Manufacturers and Minerals combined, adjusted for seasonal variations, (1923-25 average, 100).. Latest figure February, 117. 1925 1926 1927 1928 1929 Federal Reserve Board's index of value of Building Contracts awarded as reported by the F. W. Dodge Corporation (1923-25 average, 100). Latest figures, February, adjusted 119, unadjusted 88. MILLIO#S OF OOUARS MILllOHS Of' bOlLARJ 2000 ll'.lOO RESERVI:; BA~K CREDIT Monthly averages of daily figures for twelve Federal Reserve Banks. Latest figures are averages first 21 days in March. HIICENT 7 2 PfRCE~T C1J11m,,,:,,O/ Pope Rtrl, - R4...,,......&l':XDi'sc011,;IR#k - - Acc,pla.,c, Rak 1926 1927 1926 ~ DISTRIBUTION: In February &hipments of commodities by rail increased more than is usual for the season, reflecting larger loadings of coal and coke and miscellaneous freight, which includes automobiles. During the first two weeks of March, freight car loadings continued to increase. Sales of wholesale firms were generally smaller in February than a year ago. In comparison with January, sales of drygoods, shoes, and furniture increased seasonally, while sales of groceries and hardware were smaller. Department stores reported about the same daily volume of sales in Feburary as in the preceding month, and larger sales than a year ago. PRICES: The general level of wholesale prices declined slightly in Feburary, and was approximat~ly the same as a year ago. The decline from January reflected primarily decreases in the prices of hides and leather, livestock, and meats, and small declines in the prices of wool, cotton and woolen goods. The influence of these declines on the general average was partly offset by increases in the prices of copper, lead, iron, and steel, rubber, and grain. During the first two weeks of March, prices of wool and petroleum continued to decline and rubber prices receded somewhat after a marked rise in February, while leather prices declined sharply. Prices of copper rose further and there were smaller increases in prices of hides, raw cotton, and certain grades of lumber. 7 MONEY RA1"ES IN NEW YORK 1925 PRODUCTION: Production continued a high rate throughout February and the first half of March and was substantially above a year ago. Automobile output was at a record rate in February and there was also an unusually high daily avera~e production of copper and iron and steel. Large output in the iron and steel industry reflected demands from manufacturers of automobiles, machine tools, and agricultural implements, and from railroad companies. Preliminary reports tor the first half of March indicate further expansion in automobile and iron and steel production. During February the daily average output of coal and crude petroleum also increased, and production of cotton and wool textiles continued large, while silk output declined somewhat from the unusually high level of January. There was also some decline from January in the production of lumber ar:id cement, and in the output of meat-packing companies. The high rate of activity in manufacturing during February was reflected in a larger than seasonal increase in factory employment and payrolls, both of which were considerabley above the level of February r 92.8. Building activity declined further in February, and the value of contracts awarded was over 2.0 percent smaller than a year ago. Residential building contracts showed the largest decline in comparison with February 1928, while those for public works and utilities were only slightly smaller in value, and commercial and industiral building awards increased. During the first half of March there was some seasonal increase in total building awards, but they continued to be substantially below a year ago. 1929 Monthly•rates.,,in open market in New York. Co~mercial paper rate on 4- to 6-month paper and_~cceptances rate on 90-day banker acceptances. Latest figures averages first 22 days in March. · BANK CREDIT: Between the middle of February and the middle of March there was a rapid growth of loans at member banks in leading cities. The increase was in loans cheifly for commercial purposes, which on March 13 were more than $2.00,000,000 larger than four weeks earlier. Investments of the reporting banks declined further during the period. Total volume of reserve Bank credit declined somewhat between February 2.0 and March 2.0, reflecting for the most part some further gold imports from abroad. Member bank borrowing at Federal Reserve Banks was nearly $80,000,000 larger on March 2.0 than four weeks earlier, while acceptances sh.owed a further decline of about $12.0,000,000 during the period~ Security holdings showed relatively little change. Money rates continued to advanc_e. Rates on 4 to 6 months commercial paper rose from 5¾-5¾ to 5¾-6 percent: and rates on 90 day bankers acceptances increased from 5 to 5¼ percent, on February r3 and to 5¾ percent on March 2.r.
@FedFRASER