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THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL RESERVE BANK KANSAS OF CITY M. L. McCLURE, Chairman and Federal Reserve Agent A. M. McADAMS, Assistant Federal Reserve Agent and Secretary Vol. 16 KANSAS CITY, Mo., ELL distributed rains and snows over the Tenth District during February and the forepart of March effectually relieved a threatened shortage of soil moisture in many localities and improved crop prospects generally. Weather conditions being unusually favorable, spring farm work was much farther along by March 15 than is usual at that date. The March r demand for farm labor was less in all Tenth District states than on March r, 1930. W There were fewer commercial failures in the Tenth District in February than in any month since last August, and the total of liabilities involved was the smallest for any month since last February. Savings deposits continued to increase in number and amount, and were larger on March r this year than on March r, 1930. The February volume of trade in this District did not measure up to that of recent years. Contrary to the usual seasonal trend, dollar sales of five reporting wholesale lines, combined, were 5.2 percent smaller in February than in January, and 2r.1 percent smaller than in February, 1930. The dollar volume of sales of thirty-seven department stores displayed more than the customary seasonal decline from the January volume, and was 8.8 percent under the February, 1930 volume. Stocks of merchandise at both wholesale and retail increased between January 31, and February 28, but on the latter date were substantantially smaller than on the corresponding date in 1930. Market receipts of livestock in February were, with the exception of sheep, unusually light, and meat packing plant operations were less in all departments than in the preceding month or the corresponding month last year. Flour production declined during the month and was the smallest for any February since 1926. There was a slight increase in the daily average production of crude oil in February as compared to January, but a decided decrease in drilling operations. Zinc ore and lead ore shipments were larger than in January, but smaller than in February, 1930. February production of coal and cement was at the lowest level in recent years. There was little change during February in the price of flour, wheat, oats, and poultry, but prices of mill feeds, corn, cattle, hogs, sheep, and eggs declined. Zinc ore and lead ore prices declined during the month, as did prices paid for crude oil and its refined products. APRIL 1, No. 4 1931 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Percentages of Increase or Decrease (-) for February 1931 over January 1931 and February 1930 February 1931 Compared to January 1931 Febru:iry 1930 Banking Payments by check, 29 cities _ _ _ __ - 5.5 -22.3 -16.1 -17.5 Federal Reserve Bank clearing~ - - Business failures, number_ _ _ _ __ -35.3 4.9 Business failures, liabilities _ _ _ __ -33.8 1.5 Loans, 56 member banks _ _ _ _ __ o.6 -11.8 Investments, 56 member banks _ _ __ o.6 17.6 Net demand deposits, 56 member banks ___ _ - 0.5 - 8.2 4.8 16.2 T ime deposits, 56 member banks _ __ Savings deposits, 51 selected banks __________ o.6 7.7 ~avings accounts, 49 selected banks _________ _ 0.2 4.4 Distribution Wholesalers' sales, 5 lines combined ________ _ -21.1 Retailers' sales, 37 department stores __________ - 8.8 -40 .1 Lumber sales, 173 retail yards _ __ Construction Building contracts awarded, value _____________ _ Building permits in 18 cities, value _________ _ Grain receipts, 5 markets Wheat _ _ _ __ _ _ _ __ - 4.1 51.9 Corn - 4.2 -24.9 Oats _ _ _ _ _ _ _ _ _ __ __ -12.4 93.0 Rye -13.2 69.2 Barley -61.3 - 2.3 Kafir _ _ _ _ _ _ _ __ _ Livestock receipts, 6 markets Cattle Calves Hog's _ _ _ _ _ _ _ __ _ __ Sheep Horses and mule..__ _ __ _ __ Production Flour _ _ _ _ _ _ _ __ _ __ Crude petroleum _ _ __ _ _ __ Soft coal _ _ _ _ _ _ _ __ __ Zinc ore (shipped) Tristate District___ ___ _: __ Lead ore (shipped) Tristate District _______ _ Cement _ _ _ ______ _ __ Meat Packing, 6 cities Cattle - -- - - ---------------·-------Calves Hogs _ _ __ _________ Sheep - 36.8 -69.7 -18.6 - 9.1 -22.9 -28.0 -20.3 2.1 -1 3.5 - 9.0 -35.3 61.2 21.5 -26.2 - 6.5 -12.0 -25.0 - 7.1 -14.1 - 7.1 -33.1 - 7.4 -16.0 -34.8 -37.5 -56.8 -49.6 - 6.2 -13.7 - 7.5 -12.4 Banking and 'Credit MEMBER BANKS. IN SELECTED CITIES: Condition statements of fifty-six reporting member banks in this District, as of March rr, 1931, showed an increase of o.6 percent in the volume of loans since the same date in February, but the total of $386,973,000 was $51,855,000, or rr.8 percent, less than that of March 12, 1930. There were decreases during the year of This Copy Released For Publication In Afternoon Newspapers March 28. 2. THE MONTHLY REVIEW $26,992,000 in loans secured by stocks and bonds and $24,863,000 in "all other" loans. Total investments increased o.6 percent in the four weeks between February II and March II, and on the latter date were 17.6 percent larger than on the corresponding date in 1930. Net demand deposits continued to decline and on March 11, were 8.2 percent less than one year earlier. Time deposits increased 4.8 percent in four weeks and 16.2 percent in fifty-two weeks. Statements of the principal resource and liability items, as of the three dates, follow: Mar. II, 1931 Loans and investments-totaL. __ $638,257,000 Loans and discounts-total_ ___ 386,973,000 Secured by stocks and bonds _ 109,410,000 All other loans and discounts 277,563,000 Investments-total _ _ _ _ 251,284,000 U. S. securities ________________ 104,332,000 Other bonds, stocks and securities _ _ _ _ __ 146,952,000 Reserve with F. R. Bank____________ 52,259,000 Net demand deposits _ _ _ _ 448,792,000 Time deposits - - -- -- 204,559,000 Government deposits _ __ Feb. II, 1931 Mar. 12, 1930 $634,526,000 $652,431,000 384,825,000 438,828,000 105,517,000 136,402,000 279,308,000 302,426,000 249,701,000 213,603,000 106,073,000 94,355,000 143,628,000 54,899,000 450,948,000 195,228,000 826,000 19,248,000 56,762,000 489,135,000 175,969,000 l Reserve Bank Operations The Federal Reserve Bank of Kansas City held $II,273,476 of bills rediscounted for member banks at the close of business March II, 1931, as compared to $14,422,871 on February II, and $14,721,716 on March 12, 1930. The bank's holdings of United States government securities increased $104,000 in four weeks, and on March I I were $3 I ,069,000 larger than on the corresponding date in 1930. Federal reserve notes in circulation declined only slightly in the four weeks' period but the total was 16.2 percent lower on March II than on the corresponding date one year ago. Total deposits were 4-1 percent less on March 11 than one month ago and 6.9 percent less than one year ago. Principal items in the statement are here shown for the three dates: Mar. II, 1931 Gold reserves _ _ _ _ _ _ $ 93,448,517 Reserves other than gold _________ 8,046,144 Total reserves -·- - - - - - 101,494,661 Bills discounted _ _ _ _ II,273,476 Bills purchase<l _ _ _ _ _ 7,005,166 U. S. securities - - - - - - 34,132,000 Total bills and securities .__________ 52,410,642 Total resources - - - - - - 187,747,505 F. R. notes in circulation ________ 66,033,640 Total deJ?osits - - - - - - 83,502,702 The discount rate of the Federal Reserve classes of paper and all maturities, remained Feb. II, 1931 Mar. 12, 1930 $ 97,010,355 $135,070,761 8,249,570 7,960,554 105,259,925 143,031,315 14,422,871 14,721,716 4,369,983 10,316,419 34,028,000 3,063,000 52,820,854 28,101,135 190,567,822 217,880,306 66,069,530 78,823,780 87,093,187 89,666,968 Bank of Kansas City, on all unchanged at 3½ percent. Reserve Bank Clearings The Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City reported their clearings or check collections in February were 16.1 percent less in amount than in January and 17.5 percent less than in February, 1930. Total number of items handled during the month were 9.2 percent less than in the preceding month and 6.7 percent less than in the same month last year. The accumulated total for the initial two months of the current year shows a decrease of 4.2 percent in number of items handled and 14.9 percent in amount. The totals for the periods under review: ITEMS February, 1931 -------------·------5,064,II6 January, 1931 _______ 5,586,152 February, 1930 5,425,096 Two months, 1931 _ _ _ _ _ _ _ _ _ 10,650,268 Two months, 1930 11,121,221 AMOUNT $ 660,856,000 787,363,000 801,505,000 l ,448,2 l 9,000 1,701,035,000 Savings Deposits Fifty-one commercial banks and savings institutions in leading cities of this District reported an increase of o.6 percent in savings deposits between February I and March 1, and the total as of the latter date was 7.7 percent larger than on March 1, 1930. Forty-nine banks reported the number of savings accounts increased 0.2 percent for the month and 4.4 percent for the year. The totals for the three dates: March 1, 1931 _ _ _ _ _ __ February 1, 1931 _ _ __ _ _ March 1, 1930 _ _ _ __ Savings Accounts 49 Banks 426,763 426,069 408,924 Savings Deposits 51 Banks $128,719,174 129,940,853 l 19,542,754 Payments By Check Reports from clearing houses in twenty-nine c1t1es of this District show debits by banks to individual accounts during the four weeks ended March 4, totaled $1,066,078,000, or 5.5 percent less than in the preceding four weeks ended February 4, and 22.3 percent less than in the corresponding four weeks' perio<l ended March 5, 1930. The accumulated total for the first nine weeks of this year was 19.6 percent smaller than for the like period last year. Percent Change -11.0 -24.3 FouR WEEKS ENl>ING March 5, 1930 March 4, 1931 M, __________ _____ $ Albuquerque, N. 10,391,000 $ II,674,000 Atchison, Kans. 4,420,000 5,838,000 Bartlesville, Okla. 20,669,000 17,838,000 Casper, Wyo. 6,n4,ooo 4,698,000 Cheyenne, Wyo. 5,042,000 5,515,000 Colorado Springs, Colo. _____ l2,7II,OO0 12,954,000 Denver, Colo. l 58,038,000 127,323,000 Enid, Okla. 12,617,000 9,633,000 Fremont, Nebr. 3,125,000 4,105,000 Grand Junction, Colo. ______________ 2,360,000 2,754,000 Guthrie, Okla. 2,097,000 3,197,000 Hutchinson, Kans. 20,580,000 14,476,000 Independence, Kans. 12,677,000 7,274,000 Joplin, Mo. 10,882,000 7,394,000 Kansas City, Kans. 18,006,000 13,594,000 Kansas City, Mo. ________________ __ 298,032,000 380,232,000 Lawrence, Kans. 4,175,000 4,807,000 Lincoln, Nebr. 27,717,000 31,898,000 Muskogee, Okla. 10,029,000 7,544,000 Oklahoma City, Okla. ____________ l I 6,496,000 90,354,000 Okmulgee, Okla. 3,286,000 5,842,000 Omaha, Nebr. 162,346,000 207,800,000 Pittsburg, Kans. 4,498,000 5,587,000 Pueblo, Colo. 14,300,000 16,488,000 Salina, Kans. 10,097,000 l I,342,000 St. Joseph, Mo. 36,166,000 48,431,000 Topeka, Kans. 18,215,000 19,620,000 Tulsa, Okla. 99,590,000 136,039,000 Wichita, Kans. 47,139,000 72,274,000 -II.O -25.3 - 7.2 -26.8 -34.8 Total 29 cities, 4 weeks ____________$1,066,078,ooo Total 29 cities, 9 weeks ____________ 2,535,186,000 -22.3 -19.6 $1,372,2.62,000 3,151,425,000 -13.7 -23.2 - 8.6 1.9 -19.4 - 23.7 -21.4 -14.3 -34.4 -29.7 -42.6 -32.1 -24.5 -21.6 -13.1 -13.1 -24.8 -22.4 -43.6 -21.9 -19.5 -13.3 Commercial Failures Business insolvencies in this District in February were smaller in both number and amount than in the preceding month. Compared to the corresponding month in 1930, there was an increase of 4.9 percent in the number of failures and 1.5 percent in the amount of liabilities involved. There were fewer failures in February in this District than in any month since last August, and the amount of indebtedness involved was the smallest since February last year. 3 THE MONTHLY REVIEW Commercial failures in this District and the United States, s reported by R. G. Dun and Company: TENTH DISTRICT Number Liabilities ebruary, 1931 108 $1,225,520 anuary, 1931 ~ - - - 167 1,850,753 ebruary, 1930 - - - 103 1,207,515 wo months, 1931 ------ 275 3,076,273 5,274,027 wo months, 1930 -------- 280 UNITED STATES Number Liabilities 2,563 $ 59,607,612 3,316 94,608,212 2,262 51,326,325 5,879 154,215,824 5 1021 l 12,5u,496 Crops Fall sown wheat and rye came through the winter in good condition and is making good growth. Seeding of oats was practically completed in all parts of the District by March 15. Fruit prospects on March 15 were favorable for all varieties, but it was still too early to forecast a crop because of the danger of killing frosts which often come in April. Potato planting in the commercial districts of eastern Oklahoma, southern Missouri, and the Kaw Valley of Kansas made rapid progress the forepart of March. According to the United States Department of Agriculture, Kansas will have 15,990 acres of commercial potatoes this year compared to 14,150 acres last year. Missouri's estimated acreage is 5,220 acres, a slight increase over 1930. Preparations are going forward for the planting of sugar beets in Colorado, Wyoming, Nebraska, and Kansas. To March 15, the beet growers had not reached an agreemen~ with refiners on the price to be paid for this year's crop of beets. Farm Labor The March 1 farm labor supply was greater and the demand less in each of the seven Tenth District states than on the corresponding date in 1930. The March 1 farm labor situation in the seven states and the United States, as reported by the United States Department of Agriculture, is shown in the following: Farm Labor Supply Farm Labor Demand Relation of Supply Percent of Normal Percent of Normal to Demand 1931 1930 1931 1930 1931 1930 Colorado ____________ 119 101 71 87 168 II6 Kansas - - - u6 99 65 89 178 III Missouri ----------- 112 97 65 85 172 114 Nebraska ----------- II2 100 75 90 149 111 New Mexico ________ u6 102 69 85 168 120 Oklahoma ----------- 115 102 58 78 198 131 Wyoming ----------- 112 I05 77 98 145 rn7 United States ----- II 1.8 98.5 68.3 84.9 163.6 u6.o Regarding the March 1 farm labor supply and demand in the United States, the Department of Agriculture summarized as follows: "The supply of farm labor was reported by crop correspondents on March I at 111 .8 percent of normal for the United States as a whole. This is slightly less than the record supply of 114.4 percent reported on February 1, but is still about 13 percent above the supply of labor available for farm work on March 1, 1930." "The demand for farm labor improved from the record low levels of 66.6 percent of normal reported on January I and February 1, to 68.3 percent on the first of March. A year ago, the demand for labor was indicated to be 84.9 percent of normal. Expressed as a percentage of demand, the supply of farm labor on March I this year amounted to 163.6, indicating that there were about 164 men for every 100 jobs available on that date." Flour Milling Flour mills in this District, reporting v~eekly to the Northwestern Miller, operated at 6r .4 percent of their full-time capacity during February and produced 1,796,035 barrels of flour. This was the lowest rate of activity reported since June, 1928, and the lowest February rate since 1926. February production was the smallest for that month since 1926, 13.5 percent less than in January, and 7.4 percent less than in February, 1930. Production at the principal milling centers of the District was as follows: Feb., 1931 Barrels 117,500 556,782 88,859 162,033 24,073 95,718 751,070 Jan., 1931 Barrels 135,840 640,346 95,669 186,144 27,916 112,749 876,813 Feb., 1930 Barrels 121,581 577,072 85,685 137,377 69,215 171,346 776,309 Total - - - -- - - - - - 1,796,035 2,075,477 1,938,585 Atchison Kansas City Omaha Salina St. Joseph Wichita ___________ Outside Flour prices continued steady, but the mild open weather reduced the demand for mill feeds and prices declined slightly during February. Demand for flour was principally for small lots for immediate shipment. Grain Movements Receipts of grain at the five principal markets of this District during February were smaller for all classes, except oats, than in January. The month's receipts of corn, oats, barley, and kafir were smaller than in February, 1930, but receipts of wheat were 51.9 percent and of rye 69.2 percent larger. February receipts of wheat were the largest for that month on twelve years' records, but receipts of corn were the smallest for any February since 1926. Receipts of barley were the smallest for any month since June, 1928. The following table shows the volume of grain received at the five markets during February with comparisons: Hutchinson Kansas City Omaha St. Joseph Wichita Feb., 1931 Jan., 1931 Feb., 1930 2 Mos., 1931 2 Mos., 1930 Wheat Bushels 3, 241,350 6,780,800 3,200,000 624,000 1,785,000 Corn Bushels 250,000 3,340,500 2,370,200 1,603,500 253,500 Rye Barley Oats Bushels Bushels Bushels 6,000 6,250 312,000 18,000 67,200 444,000 18,200 14,400 356,000 8,750 15,600 55,500 15,631,150 7,817,700 1,173,500 36,200 16,302,450 8,162,450 608,000 4I,700 rn,293,360 rn,404,450 1,339,500 21,400 31,933,600 15,980,150 1,781,500 77,900 19,386,650 20,604,500 2,259,500 87,300 Kafir Bushels I02,700 145,200 1,500 3,900 112,200 253,300 u4,800 401,100 289,550 835,000 227,000 654,400 522,450 1,412,300 Prices of wheat and oats at Kansas City at the close of February were practically unchanged from the January close, but corn prices closed the month 3 cents per bushel lower. February 28 market quotations on wheat were 35 to 40 cents, corn 22 to 24 cents, and oats 12 cents per bushel less than on the corresponding date last year. Stocks of Grain ON FARMS: Farmers in the seven states whose areas or parts thereof comprise the Tenth District had, according to figures released March IO by the United States Department of Agriculture, more wheat, oats, rye and barley and less corn on hand March 1, 1931 than on March 1, 1930, or the five-year average (1924-1929) March 1 holdings of those grains. Farm stocks of wheat in the seven states on March 1 were 26.8 perceat larger than one year earlier and 36.6 percent larger than the five-year average. The percent of the last wheat crop on farms in each of the seven states on March 1, this year, was reported as follows: Colorado 21, Kansas r5, Missouri 14, Nebraska 25, New Mexico 20, and Wyoming 30 percent. Farm stocks of corn were r6.o percent smaller on March 1, this year than on March 1, 1930, and 28.6 percent smaller than the five-year average. The merchantable quality of corn in Nebraska, THE MoNTHLY REVIEW 4 Colorado, and Wyoming, was above the ten-year average and each of the three states reported larger stocks of corn on farms March 1, this year, than on the corresponding date last year or the five-year average for that date. The other four states of the District, Kansas, Missouri, New Mexico, and Oklahoma, reported the percent of corn of merchantable quality and March 1 stocks as substantially less than one year ago and the five-year average. Regarding stocks of grain on farms in the United States on March 1, the Department of Agriculture said in part: WHEAT: "Stocks of wheat on farms on March 1, 1931 in the United States are estimated to have been 160,282,000 bushels. On March 1,1930 stocks were estimated at 129,754,000 bushels, and on March 1, 1929 at 151,396,000 bushels. Average stocks as of March I for the five years, 1925-1929, were 124,977,000 bushels. The estimates of stocks on farms relate to total quantity on farms for all purposes, including seed for most of the spring-sown wheat, for which purpose there is utilized from 23 to 27 million bushels." "The March I stocks of wheat in the United States represent 18.8 percent of the production of 1930. This is the highest percentage of the previous year's crop remaining on farms since March 1, 1921, when 26.1 percent of the crops remained on farms. A year ago the percentage was 16.0 percent and two years ago, 16.5 percent, and the ten-year average,17.0 percent." CORN: "The estimated stocks of corn on farms on March I of 709,246,000 bushels are lowest for this time of the year since 1902. In only two other years, have stocks been below 800,000,000 bushels; in 1925, following the poor corn crop of 1924, when stocks were 757,890,000 bushels, and in 1917, when stocks were 782,303,000 bushels. Last year's stocks were estimated at 986,595,000 bushels, and the five-year average at 1,051,029,000 bushels. The percentage of the total corn crop remaining on farms on March 1, 1931 is 34.1 percent, compared with 37.7 percent of the preceding year's crop, and the five-year average of 38.7 percent. The merchantable quality of the corn crop in 1930 is given as 78.5 percent which is only slightly below the ten-year average of 80.3 percent." OATS: "Stocks of oats on farms on March 1, 1931 were estimated at 464,329,000 bushels, compared with 396,310,000 a year ago and the five-year average of 480,496,000 bushels. The percentage of the 1930 oats crop remaining on the farms on March I was 33.1 percent compared with 32.3 percent a year earlier and the five-year average of 34.9 percent." RYE: "Stocks of rye remaining on farms March I are estimated at 10,085,000 bushels compared with 5,468,000 bushels a year earlier and a five-year average of 6,949,000 bushels." BARLEY: "Stocks of barley on far.ms on March I are estimated to have been 84,815,000 bushels as compared with 72,160,000 a year earlier and a five-year average of 58,230,000 bushels. The March 1, 1931 stocks represent 26.0 percent of the 1930 production compared with an average March I stocks of 23.7 percent of the preceding year's production." Farm stocks of wheat, corn. oats, rye and barley in the seven states and the United States are shown in detail in the accompanying table. TERMINAL ELEVATOR STOCKS: Reports of March 1 stocks of grain in terminal elevators at the five principal grain markets in this District and twenty-four principal terminal markets in the United States, show larger holdings of wheat and smaller holdings of corn on March 1, this year, than on the corresponding date in 1930. The figures follow: March 1 Stocks Of Grain At Terminal Elevators Hutchinson Kansas City Omaha St. Joseph Wichita 5 markets 24 markets (ooo omitted) Corn Wheat 1931 1930 1930 1931 61 2,322 132 6,547 24,5 23 22,520 1,435 2,192 7,520 -- II,943 3, 255 3,009 5,222 1,745 1,415 5,763 5,268 223 1,919 336 50,695 42,852 196,615 155,550 6,719 7,084 18,961 22,667 7 States s. 55,003 40,277 34,853 160,282 129,754 124,977 232,080 65,139 165,673 197,317 709,246 986,595 1,051,029 464,329 27 245 275 2 305 26 547 333 21,299 21,673 Cold Storage Holdings According to the Bureau of Agricultural Economics, United States Department of Agriculture, March 1 cold storage holdings in the United States of beef, lamb and mutton, poultry and lard were smaller, and of pork, miscellaneous meats, and eggs larger than tlre 1930 or five-year average March 1 cold storage holdings. Stocks of butter and cheese were smaller than one year earlier, but larger than the five-year average. Stocks of frozen beef declined 5 million pounds during February compared with a decrease of 3 million pounds in the same month last year. Stocks of frozen pork increased 54 million pounds and pork cured and in process of cure increased 64 million pounds, compared to 39 million and 60 million pounds, respectively, in February, 1930. There was a decrease during the month in storage holdings of eggs of 328,000 cases, 16 million pounds of butter and 6 million pounds of poultry compared to 55,000 cases of eggs, 14 million pounds of butter, and 8 million pounds of poultry in the like period last year. Cold storage stocks of the various commodities, with comparisons, are shown in the following table: • March I 1931 Beef, lbs. __________ _ _ _ _ _ 67,560,000 Pork, lbs. _ _ __ _ _ __ 852,975,000 Lamb and mutton, lbs__ __ 3,589,000 Poultry, lbs. _ _ _ _ __ _ 95,196,000 0 Turkeys, lbs. _ _ _ _ __ _ 8,557,000 Miscellaneous meats, lbs. ___________ 92,562,000 Lard, lbs. _ _ _ _ _ _ __ 75,450,000 Eggs, case _ __ _ _ _ _ _ 407,000 Eggs, frozen (case equivalent) __ 2,107,000 Butter, creamery, lbs. ·-------·---- 30,595,000 Cheese, all varieties, lbs. _____ 61,736,000 • subject to revision. HJncluded in poultry. March I March 1 1930 5-Yr. Average 95,598,000 82,765,000 785,564,000 779,548,000 5,408,000 4,020,000 133,172,000 110,131,000 14,388,000 12,007,000 89,970,000 73,419,000 1u,914,ooo 112,022,000 84,000 66,ooo 1,005,000 886,ooo 46,530,000 21,422,000 61,891,000 57,378,000 Meat Packing Reflecting lighter market receipts of meat animals, meat packing operations, measured by the number of animals purchased for slaughter during February at the six leading markets in this District, were lighter in all departments than in the preceding month or the corresponding month last year. The February slaughter of cattle was the smallest for that STOCKS OF GRAIN ON FAR..t\.fS IN SEVEN STATES AND THE UNITED STATES Reported by the United States DeparLrnent of Agriculture as of March 1, 1931 and 1930, and the 5-year average as of that date (in thousands of bushels). RYE WHEAT OATS CORN 5-Yr. Av. 1931 1931 1931 1930 5-Yr. Av. 1931 1930 1930 5-Yr. Av. 1930 5-Yr. Av. Colorado 2,207 15,600 151 123 3,062 1,906 300 7,663 5,140 2,415 1,575 4,574 Kansas 20 9,820 23,829 17,948 15,937 19,041 32,041 17 41 5,650 47,413 11,368 Missouri IO 10 16,025 44,283 2,609 2,783 13 2,595 70,653 13,714 13,430 9,456 Nebraska 18,319 11,311 88,310 30,406 35,385 24,761 1,249 8,948 106,063 99,852 471 554 New Mex. 2 l II8 I 215 1,463 316 290 384 843 574 935 Oklahoma 4,044 18,822 6,821 5,661 4,003 6,923 11,597 24 4,153 13 3,089 3 Wyoming 120 122 1,070 1,178 418 1,229 1,409 807 1,259 58 784 784 u. Oats 1931 1930 57,005 57,934 01£'96£ 480,496 1,713 10,085 795 5,468 795 6,949 (1925-1929) 1931 5,306 2,995 16 6,029 IOI 138 1,266 15,851 84,815 BARLEY 1930 5-Yr.Av. 2,261 3,828 :2,069 2,991 14 9 1,633 5,479 15 49 114 339 4n 833 13,308 72,160 6,737 58,230 .THE MoNTHL Y REvrnw month on twdve years' records and the month's slaughter of calves the smallest for any month since April, 1922 and for any February since that year. The number of hogs killed during the month was the smallest for any February since 1927. The number of sheep and lambs killed during the month was large, but slightly under the number killed in February last year. Building The value of building permits issued during February in eighteen reporting cities was 3.1 percent larger than in January, but 23.4 percent smaller than in February last year. The total value reported in February this year was, with the exception of February, 1929, the smallest reported for that month since 1922. The combined estimated cost for the first two months of the current year was 2.8 percent larger, and the total number of permits issued was 3.7 percent larger than for the corresponding period in 1930. Livestock Livestock in all parts of the Tenth District came through the winter in good condition, losses have been less than usual, and prospects are good for large lamb and calf crops although cold weather and snow in early March caused some loss of pigs and lambs, according to reports of the Division of Crop and Livestock Estimates, United States Department of Agriculture. Snows in February and March were general over the District and assured ample soil moisture for early spring pastures, and as hay and feed requirements have been light, present supplies are ample and a carry-over is anticipated. Wheat pasture furnished good grazing during February. MARKET MOVEMENTS: Arrivals of cattle, calves and hogs at the six leading Tenth District markets during February, including hogs shipped direct to packers' yards, were unusually light and supplies of each class were smaller than either the preceding month or the corresponding month last year. The month's receipts of cattle were the smallest for any month since July, 1921 and the smallest for any February since that year and the marketing of calves, with the exception of February, 1929, was also the smallest for any February since 1921. The February supply of hogs was the smallest for that month since 1927. February receipts of sheep and lambs were 2.1 percent larger than in the preceding month, but 7.1 percent less than in February, 1930. With the exception of 1930 and 1928, the February receipts were the largest for that month on twelve years' records. Receipts of 14,438 horses and mules at the six markets in February compares with 10,208 received in January and 21,570 received in February, 1930. STOCKERS AND FEEDERS: The countryward movement of stock and feeding livestock during February was considerably smaller for all classes than in January, and, with the exception of sheep which increased 5.5 percent, smaller than one year ago. PRICES: Regardless of light February receipts of cattle and hogs, prices continued to decline. Cattle closed the month $1 to $1.50 below the January close, with prices at 1922 levels. Hogs showed an average decline of 50 cents per hundred pounds and the month's low top price was the lowest in six years. Heavy hogs sold under $6 for the first time since before the World War. Sheep prices reacted after an increase in January, and fed wooled lambs showed a net loss of 50 cents to $1, and mature sheep a net loss of 25 cents for the month. The month's top for lambs was the lowest for any February since 1915. Building in Tenth District Cities PERMITS Albuquerque, N. M. ____________ _ Cheyenne, Wyo. _ _ _ __ Colorado Springs, Colo. __________ _ Denver, Colo. _ _ _ _ __ Hutchinson, Kans. _ _ __ Joplin, Mo. _ _ _ _ _ __ Kansas City, Kans. _ _ __ Kansas City, Mo. _ _ _ __ Lincoln, Nebr. _ _ _ __ Oklahoma City, Okla. ________ _ Omaha, Nebr. _ _ _ _ __ Pueblo, Colo. _ _ _ _ __ Salina, Kans. _ _ _ _ __ Shawnee, Okla. _ _ _ __ St. Joseph, Mo. __________________ _ Topeka, Kans. _ _ _ __ Tulsa, Okla. _ _ _ _ __ Wichita, Kans. _ _ _ __ ESTIMATED COST 1931 59 16 54 339 21 18 33 186 54 218 76 56 18 1930 86 19 45 371 33 14 49 185 33 369 38 58 23 7 23 35 53 133 105 15 51 188 195 February - - - - - - - 1,481 Two months _ _ _ _ _ _ 2,661 1,795 2,566 1931 $ 620,084 19,430 54,210 509,500 I 1,975 12,650 36,978 271,000 52,733 2,054,815 937,896 20,246 l l ,200 4,950 12,415 44,340 348,138 183,535 1930 $ 138,553 43,090 69,991 549,350 82,950 30,770 83,350 1,187,550 56,240 1,954,270 54,945 26,802 48,465 20,105 20,625 1,129,917 525,750 772,057 $ 5,206,095 $6,794,780 10,254,965 9,975,567 The estimated cost of building contracts awarded in the Tenth District as a whole during February, as reported by the F. W. Dodge Corporation, was the smallest reported for any month since December, 1929, and was 42.7 percent less than in January and 43.7 percent less than in February, 1930. There was a decline in residential construction during the month and the total value of that type of construction, as well as all types combined, was the smallest reported for any February since 1925. The Dodge report follows: Contracts Awarded Residential Total February, 1931 $2,029,616 $10,173,745 January, 1931 - - - - - - - - - - - 2,109,747 17,755,595 February, 1930 4,266,441 18,071,222 Two months, 1931 4,139,363 27,929,340 Two months, 1930 6,390,415 32,992,997 Lumber Lumber movement in the United States during the first eight weeks of the current year, as reported to the National Lumber Manufacturers Association, shows production for the period as FEBRUARY MOVEMENT OF LIVESTOCK IN THE TENTI-I DISTRICT RECEIPTS Kansas City_______ Omaha St. Josep,uh____ Denver Oklahoma City___ Wichita _ _ _ _ Cattle 120,567 93,758 29,651 20,440 14,884 16,992 Calves 14,420 6,500 4,997 3,046 4,942 3,738 Hogs •232,155 388,537 123,358 62,079 29,854 42,293 STOCKERS AND FEEDERS Sheep 176,263 241,464 135,026 109,834 2,886 Cattle 37,692 17,835 3,094 7,707 Calves 2,330 1,560 438 1,157 Sheep n,263 24,176 17,110 12,056 Cattle 50,558 57,289 20,531 7,381 10,070 6,890 Calves 11,532 4,950 4,485 1,798 3,747 1,675 Hogs •178,395 267,167 88,726 49,515 25,070 39,753 126,651 132,822 101,591 20,098 1,953 6,747 5,326 9,328 18.930 14,654 26,981 64,605 100,705 61,228 165,310 128,889 152,719 163,315 162,842 316,034 363,162 28,187 3 2,047 3:2,679 60,234 64,246 648,626 864,640 701,495 1,513,266 1,561,603 389,862 419,483 444,837 809,345 862,629 7,018 February 1931.______ 296,292 37,643 878,276 672,491 January 1931-____ 363,822 52,273 1,101,775 658,589 February 1930 _______ 327,128 48,765 1,022,248 723,551 Two months 1931_.__ 660,114 89,916 1,980,051 1,331,080 Two months 1930 __ 734,454 101,907 2,181,753 1,350,910 •Includes 108,133 hogs shipped direct to packers' yards. 66,328 u2,873 78,474 179,201 185,148 5,485 14,071 10,535 19,556 21,877 PURCHASED FOR SLAUGHTER Hogs 2,337 1,527 603 859 Sheep 6 THE MONTHLY REVIEW RETAIL TRADE AT 37 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT COLLECTIONS SALES STOCKS (RETAIL) ACCOUNTS RECEIVABLE Stores Feb. 1931 2 months 1931 February 28, 1931 SrncK T URNOVER February 28, 1931 February, 1931 Report- compared to compared to compared to February 2 Months compared to compared to ing Feb. 1930 2 months 1930 Jan.31 ,1931 Feb.28,1930 1931 1930 1931 1930 Jan.31,1931 Fcb.28,1930 Jan.1931 Fcb.1930 Kansas City____ 4 -10.5 - 5.5 7.9 - 12.7 .20 .19 .39 .37 -17.2 -3.5 17.3 - 2.3 Denver _________ 5 - 4.7 - 3.8 7.4 -1 2.8 .20 .18 .40 .37 - 9.1 4.3 -23.9 -13.9 Oklahoma City 3 -13.0 - 5.5 17.4 - 4.5 .24 .27 .48 .50 -17.7 - 3.9 -29.3 - 2.7 -n.4 3,3 Omaha 3 - 1.1 0.1 7.1 15.9 Lincoln _ ___ 2 3.5 2.9 9.2 -1 4.4 .23 .20 .52 .42 -10.5 2.6 -21.8 - 0.5 Topeka _________ 3 -18.1 -11.9 5.7 -10.5 .19 .20 .33 .31 -14.2 -n.9 -19.7 - 7.3 -28.8 -11.3 Tulsa _ __ 4 -10.2 - 6.4 19.8 -17.9 .27 .23 .54 .46 - 9.5 - 8.2 Wichita _______ 3 -12.7 - 6.o , 8.9 -19.7 .22 .20 .42 .36 - 5.3 - 5.6 -28.4 -14.3 Other Cities ______ 10 -18.2 - 8.6 8.6 -u.6 .14 .15 .30 .29 - 8.5 - 3.0 -22.5 -10.4 -7.6 Total _ _ _ 37 - 8.8 - 4.5 12.6 -11.4 .21 .20 _ •43 .39 - 9.5 0.5 -19.1 NOTE: Percentage of collections in February on accounts January 31, all stores reportmg 37-4- Collections same month last year 39.1. only 66 percent, shipments 77 percent and orders received 75 percent of the totals for the like period last year. The lumber movement in the United States for the first eight weeks of 1930, based on reports of 649 identical mills to the National Lumber Manufacturers Association, follows: E IGHT w EEKS E NDED February 28, 1_931 Production, M. feeL-- -1,403,32, Shipments, M. fee.___ _ _ 1,638,31 9 Orders, M. feet________________________ 1,661,967 , March 1, 1930 2,131,135 2,122,478 2,202,703 fcrcent Change -34.1 - 22.8 -24.5 Reports from 173 retail yards in the Tenth District showed February sales of lumber in board feet were 8.2 percent below sales in January and 40.1 percent below sales in February, 1930. Stocks of lumber on hand February 28 were 2.1 percent larger than one month earlier, but 15.5 percent smaller than one year earlier. The retail lumber trade for February this year is compared to that of January, 1931 and February, 1930 in percentages of increase or decrease. February, 193 1 Compared to January, 1931 February, 1930 Sales of lumber, board feet________ - 8.2 - 40.1 Sales of all materials, dollars -16.9 -38.3 Stocks of lumber, board fee 2.1 -15.5 Outstandings, end of mont - 2.5 -15.9 Collections during moot -27.7 -19.7 Cement Production of Portland cement at mills in this District during February was the smallest for any month on records covering the past four years. Production was 26.2 percent smaller than in January and 49.6 percent smaller than in February, 1930. During the month shipments increased 23.7 percent as compared to the preceding month, and exceeded production for the first time since October. Stocks at the close of the month were 1.5 percent less than one month earlier. The following shows the number of barrels produced, shipped and on hand as of the three dates under review: Produced Shipped Stocks, end of montl Feb. 1931 Barrels 423,000 459,000 2,440,000 Jan. 1931 Barrels 573 ,000 371 ,000 2,476,000 Feb.1930 Barrels 839,000 868,ooo 2,275,000 Trade RETAIL: February sales of thirty-seven department stores located in seventeen cities of this District and reporting regularly to this bank, were 8.3 percent smaller than in January and 8.8 percent smaller than in February, 1930. Each of the reporting cities had a smaller dollar volume of trade in February this year than in the preceding month or the corresponding month last year. Cumulative sales of the same stores for the first two months of this year were 4.5 percent less than for the like period in 1930. Stocks of merchandise in each city were increased during the month, and the combined total of stocks on hand February 28 was 12.6 percent greater than on January 31. Each city reported smaller stocks on hand at the close of February this year than on February 28, 1930. WHOLESALE: Contrary to the usual seasonal trend, the volume of wholesale trade in this District, as measured by the dollar sales of five reporting lines combined, was 5.1 percent smaller in February than in January. Compared with February of last year, the combined sales of the same firms showed a decrease of 21.1 percent. Wholesalers' of drygoods, groceries, furniture, and drugs reported smaller sales in February than in the preceding month or the corresponding month last year. Wholesale hardware trade reported an increase of 9.1 percent for the month, but showed a marked decrease as compared with February, 1930. Each of the five wholesale lines reported larger stocks of merchandise on hand February 28, than on January 31. Inventories at the close of February this year were smaller than one year earlier for all reporting lines. COLLECTIONS: Department stores reported collections during February represented 37.4 percent of accounts outstanding on January 31. This figure compares with 39.4 percent for January and 39.1 percent for February, 1930. Wholesale firms reported their volume of outstanding accounts on February 28 as approximately the same as one month earlier, but substantially under a year. ago. Wholesalers' collections during February were substantially under one month and one year ago. WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OUTSTANDING COLLECTIONS Reporting Fee. 1931 compared to Feq. 28, 1931, compared to Feb. 1931, compared to Stores Jan.1931 Feb. 1930 Jan. 31, 1931 Feb.28, 1930 Jan. 1931 Feb. 1930 Dry G9ods .. 6 -14.8 -31.9 - o.8 -12.6 -11.7 - 8.3 Groceries 2.0 - 6.3 - 1.2 -10.2 ----- ---------- 6 - 6.o -13.3 Hardwa,c ------------------------------------- 8 9.1 -25.0 2.0 -17.0 -14.3 - 9.0 Furniture ··------------------------~----------" 6 I.O -36.8 0 .1 - 28.9 - 7.6 - 29.7 Drugs 6 -10 .7 - 17.6 -16.0 - 19.0 - 3.0 - 1.8 STOCKS Feb. 28, 1931, compared to Jan. 31, 1931 Feb.28, 1930 -~0.3 3-3 -6.~ 13.2 2,7 7.1 0.5 - 2.5 -34.7 -12.J THE MONTHLY REVIEW Petroleum Production of crude oil in the five oil producing states of the Tenth District averaged 680,000 barrels per day in February this year compared to 675,000 barrels per day in January and 809,000 barrels per day in February, 1930. February gross production of 19,033,000 barrels was 1,878,000 barrels less than in January and 3,624,000 barrels less than in February last year. The following figures show the daily average and gross production of crude oil in each of the five states: DAILY AVERAGE PRODUCTION *Feb. 1931 Jan. 1931 Barrels Barrels Oklahoma _ _ _ _ _ __ 473,800 489,000 Kansas _________________________ 11 4,500 100,000 Wyoming 43,000 46,400 Colorado _ _ __ _ _ __ 5,000 4,400 New Mexico _ _ _ _ _ __ 38,000 40,900 Feb. 1930 Barrels 631,000 Ill,000 51,000 5,000 11,000 8o9,ooo Total ············-···-·····----680,000 675,000 GROSS PRODUCTION *Feb. 1931 Jan. 1931 Barrels Barrels Oklahoma ______________ 13,265,000 15,168,000 Kansas 3,204,000 3,102,000 \Vyoming 1,298,000 1,317,000 Colorado ····-······122,000 139,000 New Mexico 1,144,000 1,185,000 Total _ _ _ _ _ _ _ __ _ 19,033,000 >lEstimated, American Petroleum Institute. Feb. 1930 Barrels 17,674,000 3,102,000 1,431,000 146,000 304,000 20,9u,ooo 22,657,000 Crude oil prices, after remaining steady for approximately four months following a 35 cents per barrel reduction in October, 1930, declined the first and second weeks of March another 35 cents per barrel. The March 15 price paid for 36 degree gravity oil was 57 cents per barrel compared to 92 cents during February and $1 .30 on the corresponding date in 1930. The summary of February field operations in this District shows fewer wells were completed during February than in any month on records dating from January, 1919. The number of barrels daily new production brought in from wells completed in February was the smallest since last February, but the largest for any February of record. For the eighth consecutive month there was a decrease in new operations, and the number of rigs up and wells drilling in the five states on March I was the smallest in the twelve years records have been kept. Wells Barrels Daily Dry Completed New Production Wells 22 106 267,210 Oklahoma 16 Kansas 40 9,196 Wyoming _ _ __ 0 3 950 Colorado 6 846 3 2 New Mexico 13 41,748 February, 1931 ........ 168 January, 1931 -·- ······ 264 February, 1930 ----- -- 242 3 19,95<> 578,135 268,532 43 94 73 Gas Rigs-Wells Drilling Wells 19 451 180 3 0 III 0 88 62 0 22 892 41 32 91 9 1,681 National Summary of Business Conditions By the Federal Reserve Board Output of most of the important industries increased more than seasonally in February and although factory employment advanced at a less rapid rate, the volume of wage payments at factories also rose by more than the usual seasonal amount. The general level of commodity prices continued to decline. PRODUCTION: Industrial production, as measured by the Board's index, which is adjusted to allow for seasonal variation, increased by 4 percent in February from the low level prevailing in December and January. On the basis of the average for · 1923- 7 Refinery operations in Oklahoma and Kansas declined during the month of February and on March I there were fewer plants operating in these states than one month or one year earlier. The figures follow: Daily Runs Crude Oil to Stills, Barrels 250,140 258,900 293,550 Plants Operating March 1, 1931 _ _ __ _ __ 53 February I, 1931 _ __ _ _ 66 March r, 1930 _ _ _ __ 57 Soft Coal Bituminous coal production in the six coal producing states of this District declined 35.3 percent during February as compared to January and was 34.8 percent smaller than in February, 1930. The decline during the month was greater than the usual seasonal amount although the percent was identical with that for the same month last year. The February total was the smallest for any month since last June and the smallest for any February on twelve years' records. The production by states for the three months under comparison, as reported by the United States Bureau of Mines, Department of Commerce, follows: • Feb. 1931 Tons 492,000 180,000 219,000 122,000 108,000 312,000 Jan. 1931 Tons 819,000 282,000 297,000 166,000 222,000 430,000 Feb. 1930 Tons 743,000 255,000 327,000 148,000 286,000 439,000 Total ------·······- - ------------------- 1,433,000 • Estimated. 2,216,000 2,198,000 Colorado _______________ Kansas _ _ _ _ __ _ _ _ _ Missouri New Mexico _ _ _ _ _ _ __ Oklahoma Wyoming Zinc and Lead Shipments of zinc and lead ores from the Missouri, Kansas, and Oklahoma fields increased during the four weeks ended February 28, over the preceding four weeks ended January 31, but were substantially below those of the corresponding four weeks last year. The totals for the three states with comparisons, follow: ORE Value $ 388,381 273,899 4,509 LEADORE Value Tons 1,929 $ 90,560 21,750 455 124 5,707 $ 666,780 2,508 $u8,017 2,065 106,452 5..709 434,925 ZINC Oklahoma Kansas Missouri Tons 14,776 10,446 167 4 wks. ended Feb. 28, 1931.......... 25,389 4 wks. ended Jan. 31, 1931....:. ___ 15,747 4 wks. ended Mcb. 1, 1930 _____ 40,633 408,422 1,485,355 Zinc ore prices declined $2 per ton during February and closed the month at $25 per ton as compared to $37 per ton on the corresponding date last year. Lead ore prices declined $5 per ton the forepart of the month but recovered half of the decline, and closed at $47.50 per ton as compared to $75 per ton one year ago. 1925 as roo, the volume of production in February was 85, compared with 82 for the two preceding months, and 107 for February of last year. At steel mills activity increased considerably, and the output of automobiles advanced by somewhat more than the usual seasonal amount. Output of shoe factories and textile mills increased substantially, while the output of coal continued to decline. During the first half of March activity at steel mills continued to increase. Value of building contracts awarded in February was slightly larger than in January, according to the F. W. Dodge Corporation. An increase in residential building was accompanied by a decrease in contracts for public works and utilities, while 8 THE MONTHLY REVIEW PERCENT 1lt0 P£RC[NT 1lt0 INDUSTRIAL PRODUCTION PERCENT fJriC~H~T- - -~ - -W-H-O_ L_E _S_Al_E_P~R-IC_[_S----,-----, 120 110 1 - - - - 4 - - - - - - +- - - - f- - - - + - - - - - j 110 100 90 80 80 ~-----1--- -+-- - -+-- - ---F- - - -J 80 ,o~---+-----t-- - - +----t-----1 70 19_2_9_ ____1-=-93-:o- - -t:-:9--:31:--""' 60 60 -~·- 1927 _ _.J.-_1_9_2s _ _,.i__ _ 60 60 1929 1928 '1927 1930 1931 = 100). Index number of industrial production, adjusted for seasonal variation (1923-1925 average 100.) Latest figure, February, 85. Ind ex of United States Bureau of Labor Statistics (1926 fig ure, February, 75.5. awards for factories and commercial buildings continued in vanced further. In the first half of March there were considerable increases in prices of silver, livestock, meats, and hides, and declines in the prices of petroleum and cotton. = small volume. In the first half of March there was an increase in the daily average of contracts awarded, as is usual at this Latest season. FACTORY EMPLOYMENT AND PAYROLLS: Factory employment increased slightly less than usual in February while factory payrolls increased by moie than the seasoml amount from the low level of January. In many industries the rate of increases in payrolls was about the same as in F ebru:,ry of other recent years, but in the automobile, shoe, woolen goods and clothing industries the rate of increase was larger than usual. PEACfNT 1201 PER CHIT 1'2.C rACTCAY EM PLOYME:-iT .'IND PAYROL~S ~- .,.., -I- - - 110 1 - - - - - - + - - - - --+--1 , ----'--""-, · ,,.....,. • .. I• /\ ~ BANK CREDIT: Loans and investments of member banks in leading cities changed relatively little between the end of January and the middle of March. Total loans on securities declined, notwithstanding the growth in brokers loans in New York City, and all other loans showed considerable further liqui<lation, while the banks' investments continued to increase. Volume of reserve bank credit tended downward in February and showed little change between March 4 and March 18. Funds arising from gold imports in February were largely absorbed in meeting a seasonal demand for currency, while in the early part of March there was an increase in member bank reserve balances. 110 Y \ Pay~!1s 10 MEMBER BANK CRED:T I 90 80 9 8 70 1 - - - - --+-- - - - +- - -- - t - - - - --ft:- - - - ; 70 60 _,,__ _ __ , L_ __ 1927 1928 _ BILLIOH3 BILLIONS OF DOLLARS 100 -1,___ _ _ _ j _ _ _ ___Jc____ _...,.,,._,._, 1929 1930 or DOLLARS 10 I All c.'th~ L(!:ir.s ~----+-----~ _ _ j,~ - - - - + - -- - ~ I 9 8 7 60 1931 Indexes of factory employment and payrolls, without adjustment for seasonal variation. (1923-1925 average 100.) Latest figures February, employment 77.3, payrolls 73.2. = DISTRIBUTION: Daily average freight car loadings showed little change from January to February while ordinarily there is an increase at this season. Sales by department stores increased slightly. WHOLESALE PRICES: Wholesale commodity prices declined further in February and the Bureau of Labor Statistics' index, at 75.5 percent of the 1926 average, was about 18 percent below the level of a year ago. Prices of many agricultural products decreased considerably, while the price of cotton ad- 6 6 s 1930 1927 1929 1931 1928 Monthly averages ot weekly figures for reporting member banks in leadin g cities. Latest figures are averages of first two weeks in March. Money rates in the open market continued at low levels from the middle of February to the middle of March. Rates on commercial paper were reduced from a range of 2½-2¾ to a prevailing level of 2½ percent while rates on 90-day bankers' acceptances remained at 1 ½percent. Yields on high grade bonds continued to decline.
@FedFRASER