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THE MONTHLY REVIEW
OJ Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
FEDERAL
Vol.
20
RESERVE
KANSAS CITY,
BANK
Mo.,
T
ENTH District business activity, although displaying
some hesitancy and unevenness during February and
the forepart of March, approximated the J anuary
level and on the whole was well above a year ago. The monetary volume of business transactions, as reflected by debits
by banks to individual accounts, was about unchanged for the
month and 9.4 per cent larger than last year. Trade at retail,
as indicated by department store sales, increased by more
than the usual seasonal amount from January to February,
the February volume exceeding that of February, 1934, by
13.7 per cent with collections also better. Wholesale trade
declined slightly during the month and was 8.2 per cent smaller
than a year ago, drugs being the only one of the five reporting
lines showing improvement this year. Retail lumber sales
tended slightly downward in February and were moderately
lighter than a year ago. The record of business failures continued favorable, being the best for any February since 1920.
Crude oil production in fields of the District, although 4.6
per cent larger than a year ago, was below Federal allowables
and the January output. Shipments of zinc ore which increased
and of lead ore which declined for the month were considerably larger than a year ago. Activity at flour mills was well
maintained but operations at meat packing plants were unusually light owing to the shortage of live stock. In the building industry residential construction and city permits registered
some improvement but construction in general was stagnant.
Market receipts of both live stock and grain were exceptionally light. Prices of hogs and medium priced cattle advanced rapidly to the highest levels since 19.30. Eggs declined
and poultry advanced seasonally. Grain prices closed about
unchanged for the month to weaken the forepart of March
and cotton broke sharply, later recovering a part of the loss.
Farmers are encouraged by higher prices and, al though crop
prospects are only fair, most surpluses have been eliminated
and the agricultural outlook for the coming season is generally
regarded as the best in several years. The weather throughout
the winter has been favorable for live stock and, with the heavy
feeding season passing, feed supplies, which are still distressingly
short in some areas, have held out better than expected.
The eastern half and extreme western sections of the District
received normal or near normal supplies of moisture during
February and the forepart of March, with present supplies
sufficient for current needs, but the western third of the winter
wheat belt remained dry and wheat in that area was severely
damaged by high winds and dust storms. Soil preparation
and the planting of spring crops are going forward on schedule
except in the semi-arid regions where the ground is too dry to
work.
APRIL
OF
KANSAS
1, 1935
CI TY
No. 4
BUSI ESS I THE TENTH FEDERAL RESERVE DISTRICT
Percentages of Increase, or Decrease (-), for February 1935 over January
1935 and February 1934 and for the first two months of 1935 over the like
period in 1934.
February 1935
2 Mos. 1935
compared to
compared to
2 Mos. 1934
Banking
Jan. 1935 Feb. 1934
I 1.2
Payments by check, 29 cities.................... - 2.5
9.4
Federal Reserve Bank cle:irings................ - 9.5
6.3
7.7
-16.3
Business failures, number..........................
8.1
- 9.1
Business failures, liabilities........................ -14.9
-62.7
-53-5
Loans, 51 member banks.--·······················
1.6
- 1.2
Investments, 51 member banks................
1.7
7.9
Net demand deposits, 51 member banks..
1.2
21.1
Time deposits, 51 member banks·--·········
0.2
0.1
Savings deposits, 45 selected banks._.......
1.6
11.4
Savings accounts, 45 selected banks........
0.5
5.0
Distribution
8.2
Wholesalers' sales, 5 lines combined........ - 2.0
- 7.4
1 3-7
10.7
Retailers' sales, 32 department stores......
7.9
- 1 5.7
L~m?er sales, 155.retail yards.................. - 2.7
- 5.9
5.2
9.5
Life msurance, wntten·--··························· -12.6
Construction
15.0
Building contracts awarded, value... _....... -59.4
- 8.8
Residential contracts awarded, value......
57.0
Building permits in 17 cities, value..........
15.5
Production
Flour._ .......................................................... . - 5.7
5.6
9.0
4.6
5.7
Crude petroleum·--····································· -11.6
2
38.6
Zinc ore (shipped) Tri-State district ....... .
13.4
47•
111.9
Lead ore (shipped) Tri-State district....... . -19.6
49.o
- 4.2
-4.6
Cement·-···----································ -29.1
Grain receipts, 5 markets
Wheat._......................................................... -21.8
- 5o.9
Corn ............................................................. .
1 7·5
-32.1
-49.4
0.9
---23. 1
Oats·---························································· -17.1
Rye ............................................................... .
2 5-4
-71.1
7 1.2
Barley._ .........................................................
-77.1
-8 5.9
60.4
Kafir..............................................................
-50. I
- 64.3
38.6
Live stock receipts, 6 markets
-12.1
- 1.3
Cattle ........................................................... . -32.6
30.0
Calves._........................................................ . -28.1
13.8
Hogs .......................................... _ _ __ - 8.1
-5o.3
-39.8
Sheep ........ ..................... _ _ __
-17.6
-14.3
3.4
Horses and mule3 ........................................
20.8
8.5
16.4
Meat packing, 6 m:irkets
- 18.0
Cattle ........................................................... . -39.9
-3 2 .3
16.9
35-4
C;, lves·-························································· -31.6
I-logs ............................................................. . -11.0
-52.0
-42.4
Sheep ........................................................... . - 6.l
-23.6
-27.6
Financial
MEMBER BANK OPERATIONS: The combined weekly
condition statements of fifty-one selected member banks in
leading cities of the Tenth District reflect increases in loans
and discounts, investments, net demand deposits, and time
deposits between February 13 and March 13. Total loans and
discounts showed a gain of $3,134,000 over the total of February
13, the low point of recent years, and a loss of $2,476,000 as
This Copy Released For Publication In Afternoon Newspapers March~29.
2
THE MONTHLY REVIEW
compared to March 14, 1934. Investment holdings, continuing at record high levels, were up slightly in four weeks, the
increase being in United States Government securities and
securities fully guaranteed by the United States Government.
Net demand deposits of the fifty-one banks amounting to
$492,642,000, up $85,699,000 or 21 per cent since March 14,
1934, are now higher than at any time since October 15, 1930,
and only $32,619,000, or 6.2 per cent, below their peak of August
14, 1929. Time deposits were relatively unchanged in four
weeks and fifty-two weeks.
Statements of the principal resource and liability items are
shown for the three dates of comparison in the following table:
Loans and investments-total..
Loans and discounts-totaL.....
Secured by stocks and bonds
All other loans and discounts
lnvestments-totaL-.................
U. S. securities direct ............
Obligations fully guaranteed
by U.S. Government........
Other securities
Reserve with F. R. bank...........
Net demand deposits ..................
Time deposits.·-·········· - - - ·
Government deposits ..................
Mar. 13, 1935
$578,145,000
195,973,000
53,59°,000
142,383,000
382,172,000
244,286,000
21,286,000
6,600,000
101,143,000
492,642,000
164,992,000
21,271,000
I I
Feb. 13, 1935 Mar. 14, 1934
$568,580,000 $552,572,000
192,839,000
198,449,000
52,022,000
62,301,000
140,817,000
136,148,000
354,123,000
375,74 1,000
246,128,000
241,230,000
18,281,000
16,230,000
106,494,000
486,682,000
164,659,000
21,682,000
I
107,995,oco
82,954,000
406,943,000
164,797,ooo
30,240,000
FEDERAL RESERVE BANK OPERATIONS: Outstanding changes shown by the weekly condition statements of the
Federal Reserve Bank of Kansas City and branches during
the four weeks' period ended March 13 were a decline of $10,II4,699 in holdings of gold certificates and substantial increases in purchases of United States Government securities,
total resources, and Federal reserve note circulation. Purchases of 1,15,000,000 of United States Government securities
the second week of March carried total holdings thereof to
an all-time high record of $106,844,250 on March 13, with
portfolios as of that date showing a gain since March 14, 1934,
of 1,23,400,050. These purchases boosted total holdings of
bills and securities as of March 13 to $107,746,803, or higher
than for any weekly reporting date since May 4, 1921. Total
resources as of March 13 were within $2,057,143 of their alltime peak of $341,155,243 the previous week. ·
On March 13 Federal reserve note circulation was higher
than on any previous reporting date this year, up 2.2 per cent
in four weeks and 8 per cent in fifty-two weeks. Member
banks' reserve deposits, although declining slightly during the
four weeks' period, were only fractionally below their peak of
January 30 on March 13 at which time they were 28.9 per
cent higher than on March 14, 1934.
Holdings of bills rediscounted for member banks and of
bills purchased in the open market increased slightly during
the four weeks' period but on March 13 were somewhat smaller
than on March 14, 1934. Industrial advances gained $3,734
to a total of $639,083 on March 13.
Principal items contained in the weekly condition statements
of this bank and branches are shown herewith:
Mar. IJ, 1935
Feb. 13, 1935
1,207,535,798
95,163
148,545
Total reserves.. ............................ $197,421,099
Bills discounted·--·················· ...
II4,867
Bills purchased...........................
148,603
Industrial advances....................
639,083
635,349
U.S. securities............................
106,844,250
91,844,250
Total bills and securities...........
107,746,803
92,723,307
Total resources............................
339,098,100
331,237,543
F. R. notes in circulation..........
11 7,956,575
n5,396,475
F. R. bank notes in cir.-net....
Member banks' reserve deposits
176,874,671
177,720,883
The discount rate of the Federal Reserve Bank of Kansas City,
of paper and maturities, remains unchanged at 2½ per cent.
Mar. 14, 1934
i 1s2,447,744
357, 187
1,339,582
83,444,200
85,140,969
302,107,587
109,254,560
4,278,700
137,241,044
on all classes
SAVINGS: Continued gains in savings deposits and the
number of savings accounts were reflected by the March 1
reports of forty-five selected banks in leading cities of the
District. Deposits increased 1.6 per cent between February 1
and March I and the total as of the latter date was I 1.4 per
cent larger than that of March 1, 1934. These banks had 2,173
more savings accounts on March 1 than one month earlier
and 19,41 1 more than one year earlier.
Savings accounts and savings deposits as reported by the
forty-five banks:
Savings Accounts
March 1, 1935----························
403,893
February 1, 1935________
401,719
March 1, 1934..........................................
384,482
Savings Deposits
f,119,563,326
n7,674,651
107,350,017
Bank Debits
The aggregate value of checks debited by banks in twentynine leading cities of the District to individual accounts during
the five weeks ended March 6 was 2. 5 per cent smaller than
in the preceding five weeks ended January 30, but 9.4 per cent
larger than in the corresponding five weeks of 1934, ended
March 7. Only five of the twenty-nine cities reported decreases as compared to a year ago.
Debits in the twenty-nine cities during the first nine weeks
this year amounted to 1,1,908,157,000 as compared with $1,715,304,000 for the like period in 1934.
PAYMENTS BY CHECK
FIVE WEEKS ENDED
March 6, 1935
March 7, 1934
10,063,000 1,
9,068,000
Albuquerque, N. M.·--··············· 1,
3,702,000
3,o95,ooo
Atchison, Kans. ·---·····················
Bartlesville, Okla.
22,031,000
26,078,000
Casper, Wyo.
4,o54,ooo
4,537, 000
Cheyenne, Wyo...........................
6,942,000
5,250,000
Colorado Springs, Colo ..- ...........
12,643,000
13,247,000
Denver, Colo ...............................
147,241,000
146,873,000
Enid, Okla...................................
8,782,000
8,872,000
Fremont, Nebr.._.........................
2,418,000
2,464,000
Grand Junction, Colo.................
1,997,000
2,551,000
Guthrie, Okla ...............................
1,533,000
1,890,000
Hutchinson, Kans ...
14,032,000
11,233,000
Independence, Kans ...................
2,386,000
4,435,000
Joplin, Mo .........
8,977,000
7,976,ooo
Kansas City, Kans .....................
11,392,000
10,143,000
Kansas City, Mo
301,580,000
269,015,000
Lawrence, Kans .......
3,602,000
3,683,000
Lincoln, Nebr.·-····
29,066,000
26,069,000
Muskogee, Okla.
6,900,000
8,546,000
Oklahoma City, Okla .................
86,101,000
80,723,000
Okmulgee, Okla ...........................
2,885,000
2,508,000
Omaha, Nebr.......
137,760,000
128,477,000
Pittsburg, Kans ...........................
3,680,000
3,984,000
Pueblo, Colo
13,214,000
13,322,000
Salina, Kans.
8,730,000
7,838,000
St. Joseph, Mo
29,046,000
28,300,000
18,015,000
15,181,000
Topeka, Kans.·--·····
Tulsa, Okla.._..
107,850,000
92,845,000
Wichita, Kans .............................
46,u2,ooo
36,740,000
Total 29 cities,
Total 29 cities,
U.S. 270 cities,
U. S. 270 citil!s,
5 weeks............
9 weeks............
5 weeks............
9 weeks............
'/, 1,059,164,000
1,908,157,000
36,042,216,000
65,463,764,000
968,513,000
1,715,304,000
33,933,509,000
60,063,827,000
1,
Per cent
Change
11.0
19.6
18.4
11.9
32.2
4.8
-
-
0.3
I.0
1.9
27.7
23.3
24.9
-46.z
12.6
12.3
12.I
2.2
11.5
- 19.3
6.7
15.0
7.2
8.3
- o.8
11.4
2.6
18.7
16.2
2 5·5
9.4
II.2
6.2
9.0
Reserve Bank Clearings
Check collections through the Federal Reserve Bank of
Kansas City and branches at Omaha, Denver, and Oklahoma
City declined 9.5 per cent in February from the seasonally
large January totals occasioned by year-end settlements.
Clearings during February exceeded the February, 1934,
amount by 6.3 per cent although the number of checks handled
was 5.5 per cent less. The record for the first two months of
the year shows a reduction of 7.7 per cent in the number of
items handled but an increase of 7.7 per cent in dollars as
compared to the first two months of 1934.
THB MONTHLY REVIEW
3
RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
STOCK.S (RETAIL)
ACCOUNTS RECEIVABLE
AMOUNTS COLLECTED
Stores
Feb. 1935
Year 1935
Feb. 28, 1935
STOCK TURNOVER
Feb. 28, 1935
Feb. 1935
Report- compared to
compared to
compared to
February
Year
compared to
compared to
ing
Feb. 1934
Year 1934
Jan.31,1935 Feb.28,1934 1935 1934 1935 1934 Jan.31,1935 Feb.28,1934 Jan. 1935
Feb. 1934
- 26.5
8.1
Kansas City.... 4
15.6
13.5
2.9
- 12.7
.24
.18
.47
.36
- 8.7
9.2
-21.8
20.5
Denver.............. 4
30.1
21.6
4.7
0.9
.30
.23
.57 .48
- 5.5
16.7
Oklahoma City 3
0.7
2.0
11.2
0.7
.32
.33
.64
.66
- 15.8
3.4
-27.8
11.9
Tulsa................ 3
3.1
1.4
19.9
1.8
.33
.31
.64
.62
- 8.9
5.3
-30.5
9.5
-31.1
16.1
Wichita............ 3
19.2
18.5
15.1
Even
.27
.24
.51
.46
- 3.8
11.6
-20.4
IO.I
Other cities ...... 15
5.3
3.0
15.2
2.6
.22
.22
.43
.43
-11.4
- 0.1
TotaL--····-······ 32
13.7
10.7
8.8
- 2.5 .27
.23
.52
.45
- 9.2
8.o
-24.5
NOTE: Percentage of collections in February on open accounts Janu ary 31, all stores reporting 41.3. Collections same month last year 39.2.
The number of items handled and the amount of clearings
through this bank and branches:
February..........
January............
Two months·--·
ITEMS
1935
1934
4,9Io,336
5, 1 95, 0 58
5,278,414
5,84i,o67
10,188,750 II,036,125
AMOUNT
1 935
1934
'$ 723,156,000
'$ 680,161,000
799, 176,ooo
1,522,332,000
733,545,000
1,413,706,000
Business Failures
Following the course of the past two years February business
insolvencies in the Tenth District again declined as compared
to the preceding year, both in number and in amount of liabilities involved. There were forty business defaults during
the month, or three more than in January, with the February
total the smallest for that month since 1920.
Liabilities
amounted to only $202,303, or less than in any previous month
since August, 1920.
Insolvencies in the United States were also less numerous
and the amount of indebtedness involved the smallest recorded for any February in fifteen years.
The record of business failures as reported by D un and
Bradstreet, Incorporated:
TENTH DISTRICT
Number
Li abilities
February 1935......................
40
1,202,303
January 1935·-············-········
37
237,590
February 1934 ....................
44
543,032
UNITED STATES
Number
Liabilities
1,005
$18,737,657
1,184
18,823,697
1,049
19,444,718
Trade
Continued improvement in retail distribution and a reduction in wholesalers' sales of merchandise were disclosed by the
February reports of retailers and wholesalers operating in the
Tenth District.
RETAIL: Sales of thirty-two department stores, located
in the larger cities of the District, increased 7.9 per cent during
the short month of February, or somewhat more than the
usual seasonal amount. The total for the month exceeded
that for February, 1934, by 13.7 per cent. Cumulative sales
for the first two months this year were ro.7 per cent above
the dollar volume reported for the same two months of 1934.
Stocks of the reporting stores at the close of February averaged 8.8 per cent higher than at the close of January but 2.5
per cent lower than at the close of February last year.
Collections declined during February, representing 41.3
per cent of amounts outstanding on January 31, which ratio
compares with 46.1 per cent for January and 39.2 per cent
for February, 1934.
Stores
Reporting
Dry goods ........................ 6
Groceries_··---- ·· 5
Hardware______
9
Furniture_........................ 5
Drugs______ 7
13.3
Preliminary estimates released by the Bureau of Foreign and
Domestic Commerce, Department of Commerce, show sales
of general merchandise in small towns and rural areas in the
United States for February, 1935, were about 12.5 per cent
higher in dollar volume than for February, 1934, and 6r.5
per cent above the same month of 1933. Also, daily average
dollar sales of chain grocery stores for February, 1935, were
3.5 per cent larger than a year ago and 13 per cent larger than
two years ago.
WHOLESALE: Following the extremely large increases
reported by five representative wholesale lines in February,
1934, over February, 1933, the dollar volume of sales of all
lines but drugs was somewhat smaller for February this year
than last. Sales of dry goods were off 20.2 per cent, groceries
5.8 per_ cent, hardware 7.9 per cent, and furniture 12.4 per
cent and those of drugs were up 0.4 per cent. The decrease
for the five lines combined averaged 8.2 per cent, resulting in
a cumulative decrease for the year to March l of 7.4 per cent.
Sales of hardware and furniture were 8.3 and 4.4 per cent,
respectively, larger than in J anuary but sales of dry goods
were 2.5, groceries 4.7, d rugs 6.9, and the five lines combined
2.0 per cent smaller.
All lines reported stocks as somewhat heavier on February
28 than on J anuary 31, with the inventory value of dry goods
l r.5, groceries 2r.1, and drugs 2.8 per cent larger than on
February 28, 1934. Stocks of hardware declined 6.5 and
furniture 0.9 per cent for the year.
Life Insurance
Sales of new paid-for ordinary life insurance, in the seven
states which form this District, totaled $35,764,000 for the
month of February, as compared with $33,983,000 for the like
month last year. The reports show more new insurance was
written this year than last in all states but Missouri, Oklahom a making the most favorable improvement.
Life insurance sales by states, as reported to the~Life Insurance Sales Research Bureau:
Feb. 1935
4,106,000
5, 1 77,000
15,304,000
4,124,000
768,000
5,590,000
695,000
Colorado....................... ............... .
Kansas......................................... .
Missouri....................................... .
ebraska ......................................
New Mexico·---···························
Oklahoma.__ ·············....................
Wyoming......................................
'f,
Seven states·--······························
United States·---·······················--
$ 35,764,000
533,784,000
WHOLESALE TRADE IN THE TENTH F EDERAL RESERVE DISTRICT
OuTSTANDINGs
AMOUNTS COLLECTED
SALES
Feb.28, 1935
Feb. 1935
Feb. 1935
compared to
compared to
compared to
Jan. 31, 1935 Feb. 28, 1934
J an. 1935
Feb.1 93 4
J an. 1935
Fcb.1934
- 2.5
-20.2
- 11.5
-15.4
3.6
- 7.3
3.6
- 6.7
- 5.0
- 1.5
- 4.7
- 5.8
- 8.8
-11.7
3.1
- 9.6
8.3
- 7.9
2.6
- 17.0
5.7
0.2
4.4
0,2
- 4,I
- 2.3
- 2.0
- 6.9
J an. 193s
4,896,000
5,629,000
18,886,000
4,594,000
777,000
5,547,000
614,000
Feb. 1934
$ 3,795,000
4,579,000
15,614,000
4,o43,ooo
704,000
4,640,000
6o8,ooo
'f, 4o,943,ooo
'/, 33,983,000
471,090,000
'f,
645,334,000
STOCKS
Feb.28,1935
compared to
Ja~31, 1935 Feb.2~ 1934
12.I ·" .
. II,5
2.2
21.I
4.2 J ' · ~ - 6.5
5.0
- 0.9
2.3
2.8
~I
THE MONTHLY REVIEW
4
Lumber
Flour Milling
The footage sales of lumber, at 155 reporting retail yards
located in the Tenth District, show declines in February from
those reported for January this year of 'l.7 per cent and from
February last year of 5.9 per cent. Dollar sales of all materials,
although 10.8 per cent smaller in February than in January,
were II per cent larger than in February, 1934.
Stocks of lumber at the yards were slightly larger at the
close of the month than on January 31 but 5.9 per cent smaller
than one year earlier. Collections declined during February
averaging 3'l.7 per cent of amounts receivable at the close
of the preceding month but were somewhat better than a year
ago. Collections in January amounted to 40.4 and in February,
1934, to 30.0 per cent of amounts receivable.
February business is herewith compared with that for January,
1935, and February, 1934, in percentages of increase or decrease:
Flour mills in the Tenth District operated at 64.5 per cent
of full-time capacity in February, or at a higher rate of activity
than in the preceding month or in any February since 1930.
Production totaled I ,838,88 5 barrels, I 10,5'1.o barrels less than
in the longer month of January but 151,955 barrels, or 9 per
cent, more than in February, 1934.
..
A few round and large lots were booked but most sales were
for immediate shipment, the urgency of directions reflecting low
stocks. Shipping directions were good and many buyers have
no flour left on millers' books. Flour prices advanced about
15 cents per barrel to the middle of the month, then leveled off.
Clears were considerably stronger and the recent distress has
been largely removed.
February flour production, with comparisons, as estimated
from the weekly reports of southwestern mills to the Northwestern Miller:
February 1935 compared to
January 1935
February 1934
Sales of lumber, board feet................................
- 2.7
- 5.9
Sales of all materials, dollars............................
-10.8
u.o
Stocks of lumber, board fee._______
J.2
- 5.8
Outstandings, end of month..............................
1.0
- 8.2
Building
Despite favorable weather conditions, building operations
throughout the District were considerably lighter in February
than in the preceding month and, aside from February, 1933,
were the lowest for any like month in recent years. Total
expenditures, as reported by the F. W. Dodge Corporation,
of $3,478,710 fell $5,080,829 short of the January total and
$615,796 below a year ago. Residential contracts amounted to
$817,053, or $'l96,6'l8 more than in January but $78,457 less
than in February, 1934.
The F. W. Dodge Corporation report:
RESIDENTIAL
Tenth District United States
Feb. 1935...... '$ 817,053
$16,616,800
Jan. 1935......
520,425
22,410,200
Feb. 1934......
895,510
14,520,300
TOTAL
Tenth District
United States
'$ 3,478,710
$ 75,083,500
8,559,539
99,773,900
4,094,506
96,716,300
Construction in cities, as indicated by the number of building permits issued in seventeen reporting cities and estimated
construction costs thereof, showed some improvement in
February although operations remained substantially below
normal. These cities issued 1,023 permits during the month
for new construction, alterations, and repairs, estimated to
cost $1,052,'l.73, numerous alteration and repair jobs originating
through Government loans. In February, 1934, the seventeen
cities issued 684 permits amounting to $741,586 and in January,
1935, 800 permits calling for an expenditure of $9u,323 .
BUILDING PERMITS IN TENTH DISTRICT CITIES
PERMITS
ESTIMATED CosT
1935
1935
1934
1934
46
33
1, 44,674
1, 10,53°
Albuquerque, N. M.·--···············
Cheyenne, Wyo .............. .............
31
25
38,033
6,312
Colorado Springs, Colo ...............
23
l5
I0,045
8,445
Denver, Colo..... _ _ _ __
248
171
290,229
115,379
Joplin, Mo .................................. .
8
6
6,250
3,950
Kansas City, Kans ......... ........... .
20
16
9,145
10,400
Kansas City, Mo ........................
151
86
103,600
95,700
Lincoln, Nebr _ _ __
45
55
21,796
21,653
Okiahoma City, Okla................ .
108
93
138,080
184,970
Omaha, Nebr.............................. .
42
39
74, 235
107,575
Pueblo, Colo ..-............................ .
35
18
87,622
3,949
Salina, Kans .._.............................
13
3
I 1,625
960
Shawnee, Okla ... _ _ _ __
II
5
9,850
4,100
St. Joseph, Mo .. _........................ .
8
16
9,835
12,210
Topeka, Kans.·-····· - - - 36
19
38,725
7,980
69
47
72,544
121,365
Tulsa, Okla.·-·······························
Wichita, Kans ... ..........................
129
37
85,985
26,108
Total 17 cities, February·---·····
Two months, _ _ __
1,023
1,823
684
1,303
1,1,052,273
1,963,596
1, 741,586
1,575,548
Feb. 1935
Barrels
Atchison ............... .........................
Kansas CitY·-· · · · - - - Omaha ......................................... .
Salina ....................... ....................
'\iVichita._ ......................................
Outside..................... ................... .
102,550
502,199
99,3o4
146,u7
154,096
834,619
Feb. 1934
Barrels
III,506
44 2 , 1 79
96,858
137,780
148,860
749,746
Jan. 1935
Barrels
l 12,319
519,437
10 5,387
158,397
161,332
89 2,533
TotaL_.........................................
1,838,885
1,949,405
1,686,929
*United States·-- ························
4,907,282
5,271,927
5,193,489
*Represents about 60 per cent of the total output in the United States.
The decline in millfeed prices was checked and prices advanced approximately '/,2 per ton. Demand for immediate
shipment was active and the supply was frequently inadequate.
Seaboard markets were weakened late in the month by importations.
Grain Marketing
Less than one-fifth of the usual amount of wheat, a third of
the corn, half of the oats, and approximately 10 per cent of
the rye, barley, and kafir were received at the five principal
grain markets of the Tenth District in February. Marketings
of wheat and rye were smaller than in any other month in
sixteen years of record as were those of barley, January this
year excepted. Less kafir was marketed during the month
than in any February of record as was also true of corn, 1932
excepted, and oats, I 933 excepted.
Corn came mostly from Iowa on contracts offered by elevator
and industrial interests and receipts were 17.5 per cent above
the J anuary volume. Demand for all grains exceeded offerings and stocks of wheat, corn, and oats in public elevators
were again reduced.
Arrivals of grain at the five markets during February with
comparisons:
Wheat
Corn
Bushels
Bushels
521,100
1,250
712,000 1,522,500
122,650
289,800
96,000
163,500
9,100
358,500
Oats
Bushels
Rve
Bushels
Barlev
Busheis
118,000
96,000
312,000
21,000
6,000
1,400
4,800
1,600
February 1935.. 1,810,250 1,986,150
January 1935·-· 2,316,214 1,689,909
February 1934.. 4,241,350 2,924,200
547,000
660,000
7u,ooo
7,400
Hutchinson ......
Kansas City·--·
Omaha ..............
St. Joseph ..·-·····
Wichita..............
5,900
25,600
Kafir
Bushels
6,500
57,400
1,300
6,500
7,700
4,800
33,600
70,400
50,800
141,200
Prices showed relatively little net change for the month,
wheat, oats, and kafir advancing slightly and corn, rye, and
barley closing steady to lower. A sharp rally followed the
gold decision but the gains were short lived, prices weakening
the forepart of March. Rapidly dinimishing supplies, extremely
light marketings, and advancing live stock prices were strength_
5
THE MONTHLY REVIEW
===================================
ening influences, counter-balanced by extensive imports, reduced live stock numbers, mild weather, and the passing of
the heavy feeding season.
Cash grain prices at Kansas City as of the dates indicated:
No.
No.
_To.
No.
o.
o.
for. I 5 Feb. 28 J an.31 Mar. 15 Feb. 28 Feb. 28
1935
1935
1935
1 934
1933
1934
1 dark wheat, bu ..... $ .93.½ $1.00
'/, .82
'I, .81.½ $ .43,¼'
'!, .97
2 mixed corn, bu .....
.20¾
.90
.83.½
.90¼
.45¼
.44
2 white oats, hu .......
.52.½
.58.½
.1 7
.57
.33
.34.½
2 rye, bn ...................
.82
. i;8
.So.½
.58.½
.32
.75
.86
.S4
.76
.46
.44,½
.23.½
2 barley, bu·--··-·······
2 kafir, cwt ............... 2.01
2.12
.8'2
2.03
.42
.74
Agriculture
The new crop season commences with the farm outlook. in
this District the best in several years. Although crop prospects are only fair, due to the effects of the 1934- drouth and a
lack of moisture, agricultural commodity prices are much
higher and surpluses have been eliminated.
Practically all sections of the District received some moisture
in February and the forepart of March but in eastern Colorado,
northeastern New Mexico, and western Kansas and Nebraska
precipitation was light and this area is urgently in need of
abundant r ains. Wyoming, the western slope of Colorado,
and the eastern half of the District have sufficient moisture
for current needs but the sub-soil is still dry as a result of the
accumulated deficiency. Irrigated areas are not assured of a
season's supply of irrigation water as yet.
Winter wheat which is fair to good in the central and eastern
sections of the wheat Lelt and poor to very poor in the western
third greened up considerably of late. Recent severe <lust
storms damaged wheat in western Kansas and Iebraska and
eastern Colorado and ew Mexico where plants had made little
or no growth. Grass is making a slow start on account of the
drouth and consequent over-grazing, and prospects for early
pastures are poor except in southeastern Kansas where they
are rated good. Crop plans forecast a large acreage seeded
to temporary pastures for grazing.
Plowing and planting is making good progress except in the
drier areas, the seeding of oats nearing completion in the southern
half of the District and being well started as far north as the
ebraska line. Potato planting is about completed in eastern
Oklahoma and is commencing in the Kaw Valley of Kansas
and the Orrick District of Missouri . Indications point to a
somewhat smaller acreage this year than last, the principal
drawback being a scarcity of good seed. Fruit prospects are
only fair. The Ozark peach crop was hard hit by a freeze as
was that of Kansas . The Oklahoma crop apparently escaped
serious loss. Strawberries and all cane fruits were extensively
injured by the drouth and light yields are anticipated generally. The national sugar beet acreage was fixed by the Agricultural Adjustment Administration at 975,500 acres, a decrease of 10 per cent from the 1933 base acreage.
The annual farm moving season finds a brisk demand for
rental land, some sections reporting the demand far exceeding
the supply. Reports inclicate a larger than usual number of
retired farmers returning to their farms and a growing interest
in the purchase of farms at advancing prices. The improvement in prices for farm products the past year, carrying the
Department of Agriculture's farm price index as of February
I 5 to I I I per cent and the ratio of prices paid to prices received
by farmers to 87 per cent of the five-year pre-war average of
100, or higher than at any time since June, 1930, plus Government benefit payments, accounts for the renewed interest in
farm land as an investment.
Farmers in the seven states, all or parts of which comprise
the Tenth District, received 1,II,555,627 in rental and benefit
payments through the Agricultural Adjustment Administration
in January. The distribution by states was as follows: Nebraska, $3,254,377; Missouri, $3,114,553; Kansas, $3,069,730;
Oklahoma, $1,504,9 10; Colorado, $435,581; New Mexico,
$141,493; and Wyoming, 34,982. Corn-hog contracts accounted for '$8,795,174, wheat $1,427,318, cotton $1,327,835,
and tobacco $5,300 of the total payments.
PLANTING INTENTIO S: 1935 planting intentions, as
analyzed and interpreted to a potential harvested acreage base
by the Department of Agriculture, allowances beir~g made for
average influences affecting the planted acreage from now to
harvest, indicate a larger crop acreage this year than in either
of the two preceding years The national total of eighteen
importan t crops (including winter grains but excluding cotton)
is expected to be in the neighborhood of 285,775,000 acres
compared with the greatly reduced totals of 244,486,000 acres
in 1934 and 277,890,000 acres in 1933. In 1932 the harvested
acreage of these crops totaled 302,137,000 acres.
Commenting on the acreages the report said:
"Record acreages of grain sorghums and soybeans, fairly large acre:iges of
beans and peanuts, about the usual acreages of potatoes, sweet potatoes, oats,
barley, and rye, and moderate or below average acreages of most other field
crops are indicated for this season. The prospective reduction in acreage
below the level of 1932 appears to be due to several factors, including the crop
control progra m, the unfavorable cor.ditions for seeding in the pl:tins region,
local shortages of seed, the high cos t of seed in comparison with present expectation of crop prices at harvest time, the reduction in feed requirements
due to liquidation of live stock, and the financial difficulties of some farmers
in the drought area."
•
The indicated 1935 acreage of crops for harvest, forecast by
planting intentions, is here compared to the acreage planted
and harvested in 1934 in the seven st~tes of the Tenth District
and the United States, as reported by the Crop Reporting
Board of the United States Department of Agricul ture, thousands omitted:
UNJn:o STATES
Acreage
Acreage
Planted Harvested
Indicated
Planted Harvested Indicated
1934
1935
1935
1934
1934
1934
Corn .............. 23,154
23,4 29
18,494
87,486
95,69 2
95,3 19
17,847
Spring wheat
820
18,521
9,290
418
73 2
Oats................
39,108
5,200
6,73,1
30,395
37,976
7, 2 73
11 ,954
Barley...........
J 1,378
2,085
1,918
7, 144
999
1,499
Flaxseed ........
1,845
67
974
53
55
268
Dry beans......
1,867
1,378
716
1,909
7~ 4
2
2
Potatoes ........
3,
7'.2
3,4:17
346
3,3°3
376
4 3
Sw t. potatoes
762
766
29
30
2
Gr. sorghums
7,569
9,456
,974
4,495
Tame hay......
51,495
53, 117
7,0 75
7,777
1,335
1,51 I
Tobacco ........
7.1
6.7
4,107
Soybeans ......
619
687
4,997
SEVEN STATES
Live Stock
Live stock, although in only fair condition and generally thin
as a result of light feeding and poor pastures, was favored by
mild, open weather in February and the first three weeks of
March and losses have not been heavy to date. Ranges were
open, permitting grazing and the conservation of short feed
supplies. Prospects for spring pastures and ranges are poor
owing to the serious shortage of surface and sub-soil moisture
and over-grazing, but late snows in the higher altitudes, particularly on the western slope, and rains in the eastern half
of the District have been encouraging. Eastern Wyoming,
eastern Colorado) northeastern New Mexico, western Kansas,
western Oklahoma, and western Tebraska received little
moisture and the shortage is serious. Most areas have sufficient stock water. Calf crop and lamb crop prospects are only
fair depending much on early range feed and weather conditions
the next sixty days. An active demand has developed for
cattle and hogs and stockmen are encouraged by higher prices.
6
THE MONTHLY REVIEW
MARKETING: Reflecting reduced supplies, below normal
receipts of all classes of meat animals except calves were recorded at the six principal market centers of the Tenth District
in February. Receipts of cattle at these markets were I I per
cent, hogs 56 per cent, and sheep and lambs 2.5 per cent short
of the ten-year average numbers, with calf marketings showing
an increase of 24 per cent. All classes but sheep and lambs
were in reduced supply as compared with January and calves
were .the only species to be more liberally offered than a year
ago. Receipts of hogs were the lightest for any month in seventeen years of record; cattle for any February of record, 1933
excepted; and sheep and lambs for any like month since 1919,
February, 1927, excepted.
The six markets received 17,992 horses and mules during
February as against I 5,453 in January, 14,894 in February,
1934, and I 5,000 head as the average for the month the past
ten years.
PRICES: Continuing their almost uninterrupted price
advances since last December, fat cattle sold up to f,13.75 per
hundredweight on the Kansas City market March 12, the best
price since December, 1930, and hogs reached a top of $9.70
March 11 when they were the highest since October, 1930.
In contrast to these advances, prices of slaughter lambs slumped
the forepart of March to the lowest levels since last December.
Consumer resistance to higher prices and the Lenten season
were contributing factors to a slow demand for dressed meat
and a weakness in prices that developed toward the middle
of March. The supply of beef, veal, and pork is moderate to
light but that of lamb and mutton exceeds the demand.
February trade was featured by sharp price advances on
hogs and medium and lower quality cattle, hogs closing about
$1.35 per hundredweight higher and cattle from 50 cents to
f,1.50 higher. There was a halt in the sensational advances
made by good and choice steers during January, and February
prices were only a little higher than one month earlier. Sheep
and lambs were steady to lower and were the only class of
live stock to sell under a year ago; the top was $8.75 on western
lambs as compared with last year's price of $10.
FEEDING: Shipments of stocker and feeder cattle, calves,
and hogs, from four markets to the country, were heavier in
February this year than last, cattle shipments increasing 41
per cent, calf shipments 35.4 per cent, and hog shipments 31.5
per cent. The out-movement of cattle was the largest for the
month since 1931, hogs since 1930, and calves, 1930 excluded,
of record. February purchases of sheep and lambs were the
lightest since 1921.
With the heavy feeding season passing, remaining feed
supplies, although very short, are more nearly sufficient for
requirements than in recent months. Smaller live stock numbers, a mild, open winter, which reduced feed requirements
to a minimum, heavy seedings of wheat and rye for pasture,
and the utilization of all vegetation for feed, tended to alleviate
Kansas City ..............
Omaha ........... ·-··········
St. Joseph ..................
Denver........................
Oklahoma City..........
Wichita ......................
Cattle
91,521
81,337
23,534
19,783
32,608
31,726
the serious shortage of feedstuffs. According to the Bureau
of Agricultural Economics, "Domestic disappearance of corn
for the period from July I through December, 1934, was only
63 per cent as great as during the corresponding period of each
of the two preceding years, utilization of oats was only 64 per
cent of last year, and 49 per cent of the quantity used in 1932,
while disappearance of barley was about 86 per cent as great
as during 1933 and 51 per cent of 1932."
WOOL: According to estimates of the Department of
Agriculture, wool production in the United States totaled
418,158,000 pounds in 1934, 428,921,000 pounds in 1933, and
412,540,000 pounds in 1932. There were 45,192,000 sheep
shorn in 1934 compared with 44,769,000 in 1933, and 44,431,000
in 1932. The 1934 totals do not include wool from the skins
of 3,6o7,ooo ewes purchased and killed by the Agricultural
Adjustment Administration.
The accompanying table shows the estimated number of
sheep shorn and the amount of wool produced in each of the
seven states of the District and the United States for 1934,
1933, and 1932 (thousands omitted):
Colorado _____________________ __
Kansas __________________________
Missouri ........................
l ebraska ......................
New Mexico... -.............
Oklahoma......................
Wyoming ......................
Number
1934
1,661
467
1,082
308
2,520
160
3,496
of Sheep Shorn
1932
1933
1,600
1,539
463
5°5
1,109
1,054
2 54
366
2,520
2,490
145
148
3,240
3,463
Total seven states........
Total United States....
9,694
45,192
9,397
44,769
Wool
1934
13,122
3,328
7,384
2,JII
17,136
1,312
33,212
9,499
44,431
Production
1933
1932
12,774 12,320
3,168
3,461
7,048
7,35 1
1,885
2,731
17,43o 16,884
1,102
1,154
29,808 3 1,5 13
77,805 74,709 73,920
357,658 364,Tll 345,350
MEAT PACKING: Operations at Tenth District meat
packing establishments, reflecting the short supplies of meat
animals, were unusually light in February. All departments
showed losses from the January volume with only the slaughter
of calves being above a year ago and exceeding the ten-year
average for the month. Packers purchased fewer hogs at the
six principal market centers, direct shipments included, during
the month than in any month in seventeen years of record,
total purchases falling 55 per cent below normal. Compared
to the ten-year average, cattle slaughter, the lightest for any
February in over seventeen years, declined 26 per cent and the
slaughter of sheep and lambs, the smallest for the month since
1919, declined 32 per cent.
Similar reductions in meat packing operations throughout
the United States are disclosed by the official reports of the
number of meat animals slaughtered under Federal inspection.
Animals slaughtered under Federal Meat Inspection as
reported by the Bureau of Agricultural Economics:
February 1935..................
January 1935....................
February 1934..................
Cattle
659,987
977,000
732,638
Calves
389,521
512,000
437,0 99
Hogs
2,408,826
3,047,000
3,433,419
Sheep
1,136,873
1,345,000
1,159,117
FEBRUARY MOVEMENT OF LIVE STOCK IN THE TENTH DISTRICT
RECEIPTS
STOCKERS AND FEEDERS
PURCHASED FOR SLAUGHTER
Calves
Hogs
Sheep
Cattle
Calves
Hogs
Sheep
Cattle
Calves
Sheep
Hogs
14,574
19,722 *142,728
35,820
16,036 *131,174
3,140
85, 294
4,087
64,363
37,7 14
8,414
119,765
124,952
2,276
1,209
6,138
15,74o
78,291
78,807
17.678
5°,537
61,052
3,826
17, 249
2/280
6,565
11,783
78,094
94,554
5,796
55,956
43 2
144,501
16,071
5,663
5,701
2,366
10,436
50,327
2,469
716
3,831
33,176
9,426
28,990
10,414
4,568
9,135
7,676
25,349
6,187
9,062
17,090
18,709
7,088
8,526
3,789
February 1935 ............
280,509
421,571
467,498
55,977
416,142
77,853
458,637
January 1935·---·······
45 1,9°9
February 1934·---· ...
700,574
545,76 2
49, 197
3 19, 295
880,208
696,651
133,830
Two months 1935·--·
9 19,4°7
102,912 1,770,078 1,u5,591
706,085
Two months 1934·--·
*Includes 81,659 hogs shipped direct to packers' yards.
61,087
81,051
43,315
142,138
102,869
9,264
9,7°5
6,844
18,969
21,565
7,345
6,548
5,587
13,893
12,449
46,401
48,530
50,650
133,438
222,063
197,206
94,93 1
lll,534
433,42 1
355,501
43,266
341,036
383, 239
592,158
36,999
106,561
724,275
78,7o5 1,508,494
63, 2 95
250,429
266,738
327,928
517,167
714,601
7
THE MONTHLY REVIEW
Cold Storage Holdings
On March 1 United States cold storage holdings of pork,
eggs, and butter were below a year ago and the five-year average for the season, whereas inventories of beef, lamb and mutton,
poultry, miscellaneous meats, and cheese were somewhat
larger. Stocks of la.rd, which declined 37 per cent from a year
ago, were still 7.5 per cent above the March I five-year aver~e.
February witnessed the abnormal condi tion of a net withdrawal of lard from storage amounting to 1,989,000 pounds as
against a five-year average accumulation for the month of
II,832,000 pounds. Holdings of pork, which normally increase
about 80,000,000 pounds during February, were only 3,331,000
pounds larger on March 1 than on February I. The seasonal
out-movement of all other classes of meat, eggs (cased aryd
frozen combined), and cheese was somewhat larger than usual
and, with the exception of poultry, heavier than a year ~go.
Stocks of butter are exceptionally low although February withdrawals were considerably short of the February, 1934, or
five-year average volume. Rapidly advancing prices curtailed
the consumption of butter and increased that of substitutes.
The new storage season for eggs theoretically started March I,
with old supplies cleaned out and the trade proceeding cautiously in accumulating holdings at prevailing prices. Comparatively light receipts of fresh eggs and higher prices for
meats and other competitive foods are strengthening factors
in present egg prices, but with hatchery sales of baby chicks
running well above a year ago, presaging increased fall production of eggs, storage interests are inclined to delay purchases.
Cold storage holdings in the United States, on the dates
indicated, as reported by the Bureau of Agricultural Economics, United States Department of Agriculture:
*Mar. 1
Feb. 1
Mar. 1
Mar. l
1934 5-Yr.Av.
1935
1935
Beef, lbs.·-- ··········································· I II,149 127,097
64,745
63,o 17
Pork, lbs............................................... 671,315 667,984 733,956 758,9 29
Lamb and mutton, lbs.......................
3,502
3,819
3,052
3, 100
Poultry, lbs.·-······································· 106,242 122,285 101,776 103,047
**Turkeys, lbs.........................................
22,970
23,516
19,177
14,344
Miscellaneous meats, lbs.____
89,633 109,715
65,548
73,5 10
Lard, lbs............................................... I 10,508 I 12,497 176,044 102,796
Eggs, cases............................................
32
39
90
201
Eggs, frozen (case equivalent)..........
1,126
1,506
1,u9
1,467
Butter, creamery·-·······························
7,981
18,907
36,853
28,176
Cheese, all varieties, lbs.....................
70,144
81,220
67,819
63,594
*Subject to revision.
**Included in Poultry.
(ooo omitted).
NOTE: Meats held for the account of the Federal Emergency Relief Administration are not included in the above.
Zinc and Lead
Deliveries of zinc ore, from mines in Missouri, Kansas, and
Oklahoma during the four weeks ended March 2, were larger
and those of lead ore smaller than in the preceding four weeks.
Shipments of both classes of ore were considerably heavier
than in the corresponding four weeks of I 934, zinc ore tonnage
increasing 47.2 per cent and lead ore tonnage 49 per cent.
Lead ore shipments lagged until the final week of the month,
major companies refusing to part with concentrates at prevailing prices. The desire to avoid March l tax assessments
stimulated shipments from Kansas.
The tonnage and value of zinc ore and lead ore shipments
from mines in the Tri-State district:
Okl ahoma..........................................
Kansas..............................................
Missouri............................................
4 Weeks ended Mar. 2, I935···--···
4 Weeks ended Feb. 2, 1935.__.....
4 Weeks ended Mar. 3, 1934·----·
Zrnc ORE
Tons
Value
22,643 '/, 588,718
8,254
214,604
1,361
35,386
32,258 '$ 838,708
28,455
739,830
21,912
647,470
L EAD ORE
Tons
1,818
845
65
2,728
3,393
1,831
Value
'$ 59,216
27,8II
2,113
'/, 89,140
122,148
77,817
Zinc ore prices were unchanged at $26 per ton for carload
lots and lead ore recovered $I of the $4 per ton cut made the
final week of J anuary, closing at 1,33 per ton. A year ago
zinc ore sold at $30 and lead ore at f,42.50 per ton.
Petroleu1n
Estimates based on the weekly reports of the American
Petroleum Institute indicate the production of crude oil in
the five oil producing states of the District totaled 19,742,000
barrels in February, a daily average of 705,100 barrels. These
totals reflect decreases of I 1.6 per cent in gross production
and 2.2 per cent in daily average production when compared
to the January output as officially reported by the Bureau of
Mines. Production was larger than a year ago in all states
but Oklahoma, the gain for the District amounting to 4.6
per cent. Daily average production fell 19,000 barrels below
Federal allowables Colorado and Kansas exceeding their
quota. Effective March 1, the Federal allowable for the District
was reduced from 724,100 barrels to 718,600 barrels per day.
Gross production of crude oil in the five states and the
United States:
Oklahoma..·-························ ... ... .
Kansas ........................................ .
Wyoming .................................... .
Colorado... -.................................. .
New Mexico.....- ..... .....................
*Feb. r9.15
Barrels
13,403,000
3,985,ooo
923,000
115,000
r,316,000
Jan. 1935
Barrels
15,216,000
4,246,000
1,103,000
116,000
1,663,000
Feb. 1934
Barrels
13,495,000
3,217,000
893,000
83,000
1,186,000
Total five states............. ...........
Total United States....................
19,742,000
70,569,000
2.2,344,000
78,715,000
18,874,000
65,450,000
Petroleum markets gained strength with added assurance
of "hot" oil production control. Mid-continent crude oil
prices were unchanged at schedules ranging from 86 cents to
f,1.08 per barrel per gravity basis. Gasoline was in demai:id
at strong to higher prices and cold weather held furnace oils
up. Kerosene was steady but naturals were weak.
The search for new crude oil reserves continues at an active
rate over a wide area, Kansas being the outstanding cen~er
of new field operations. Activity in Oklahoma and New Mexico
is also widely scattered. Several new pools have been opened
and those already discovered are being extended.
A summary of February field operations follows:
Wells
Barrels Daily
Completed New Production
Oklahoma._............. 109
37,719
Kansas....................
93
59,141
Wyoming................
o
0
Colorado._...............
o
0
17
22,433
ew Mexico·---·····
February 1935·-·····
January 1935-.........
February 1934........
219
:::23
173
I 19,293
101,003
46,694
Dry
Wells
26
15
0
0
6
47
73
39
Gas
Wells
II
Rigs-Wells
Drilling
554
4
0
0
l
26o
75
27
108
r6
13
14
Cement
During February, mills in the District produced .332,000
barrels of finished Portland cement, shipped 398,000 barrels,
and had stocks on hand at the end of the month of 2,385,000
barrels. Production, as compared with February, 1934, declined 4.6 per cent and shipments declined 1.5 per cent. Stocks
at mills on February 28, 1935, were 16.6 per cent larger than
a year ago and the highest for the date in three years. .
Portland cement production in the District and the United
States as reported by the United States Bureau of Mines,
rn thousands of barrels :
UNITED STATES
TENTH DISTRICT
Production Shipments
February 1935..
332
398
January 1935.__
468
387
February 1934..
348
404
Stocks
2,385
2,451
2,045
Production Shipments
2,952
3,0 53
3,202
2,846
4,168
2,952
Stocks
21 ,948
21,847
20,76'1.
8
THE MONTHLY REVIEW
Business Conditions in the United States
By the Federal Reserve Board
1NousrruAL P·Rooucr 1-0N-, - ~ - -•-'-,
-:R ~~~
~; crnT
- - --·· - - 1 - - - - - - l - - l - - - - ! - ---1 13 0
130
100
GO >------<----+---+-
50 - -
~ --
- ~ - ~ -~
-
-'------' 50
Index of industrial production, adjusted for
seasonal variation. (1923-1925 average=roo.)
Latest figure: February, 89.
.
P[R C£NT
PC
120
100
CE ~T
120
FACTORY EMPLOYMENT
11 0
110
..r'"\
100
'\
'\
80
90
.,
A
~
{' IV
'\.
70
70
\,.., ,)
EO
eo
50
50
Index of factory employment, adjusted for
seasonal variation. (1923-1925 average=100.)
Latest figure: February, 81.9.
NII.LIONS OF OOlLA qs
600
Mll _~IOS~ C<f' OOLlA!S
CONSTRUCTION CONTRACTS AWARDF..D
:m
r----t---+----t--+---+-1 ----I ~00
·\-1----+-----.,:\---+---------!tCO
100
1929
1330
1931
1932
1933
L_: 1
1334
100
1935
Three month moving averages of F. W. Dodge
data for 37 eastern states, adjusted for seasonal
variation. Latest figure based on data for
December and January and estimate for February: total, I 14.2; residential, 24.2; all other, 90.0.
DILUCN!:OfOO'.LAr.a
e
MEMBER BMJl< CREDIT
U. S. C.OYt. s ~cufltics ,... ,
1--..----+---
-
--+-,f-._,.__.J_--+----------!
:
--/ ~ ;J-~-t=
:I
3
,--..
-
-~ ,..
..:;:;:;::::,•·•··•
1932
•
Loon~ "" 3.!ct.aitie!i -
.,?!:,.!'
Se curit 1e.:.
193 3
- + - -- ---J
· -..~::':~-.--..
••• r
1935
Wednesday figures for reporting member
banks in 91 leading cities. Latest figures are
for March 13.
In February industrial production increased by less than the usual seasonal amount,
following sharp advances in December and January. Wholesale prices of many leading
commodities showed little change in February and declined in the early part of March;
prices of live stock and meats, however, advanced further in February and continued
at relatively high levels during the first three weeks of March.
PRODUCTION AND EMPLOYMENT: Daily average output of basic industrial
commodities increased in February by an amount smaller than is usual at this season
and the Federal Reserve Board's index, which makes allowance for seasonal variations,
declined from 91 per cent of the 1923-25 average in January to 89 per cent in February.
At steel mills activity increased further during the early part of February; later in the
month and in the first three weeks of March, however, activity declined, contrary to
seasonal tendency. In the automobile industry production conti'nued to increase and
the output indicated for the first quarter is larger than in the corresponding period of
any other year since 1929. Lumber production remained at a low level. At textile
mills activity in February declined somewhat from the relatively high rate of the preceding month. In the meat packing industry output continued to decline.
Factory employment increased between the middle of January and the middle of
February by more than the usual seasonal amount, reflecting substantial increases
in working forces in the automobile, m achinery, iron and steel, and wearing apparel
industries and smaller increases in many other lines. At meat packing establishments
employment continued to decline and at tobacco factories it showed less than the usual
seasonal growth. Payrolls at manufacturing establishments also increased considerably in February. In non-manuafacturing industries employment and payrolls showed
little change.
Total value of construction contracts awarded in the period from January
1
to March
15, as reported by the F. W. Dodge Corporation, was smaller than in the corresponding
period last year, reflecting a reduction in the volume of public projects. The value
of contracts awarded for residential building during this period showed a slight increase
over the low level of a year ago.
DISTRIBUTION: Daily average volume of revenue freight-car loadings showed
a seasonal increase in February and little change in the first half of March. Department store sales increased in February, a month when there is usually little change,
and the combined total for the first two months of the year was larger than a year ago
by 5 per cent.
WHOLESALE COMMODITY PRICES: During the period from the beginning
of February to the middle of March there were wide movements in prices of many
individual commodities, while the general level of wholesale prices, as measured by the
Bureau of Labor Statistics index, showed little change. In the third week of March
prices of cotton and other textiles, grains other than wheat, coffee, rubber and tires,
scrap steel and tin were considerably lower than at the beginning of February, while
prices of live stock, meats and sugar were higher.
BANK CREDIT: During the four weeks ended March 20 member bank reserve
balances declined by $280,000,000, principally in consequence of an increase in Treasury
deposits with Federal Reserve banks built up in connection with March 15 fiscal operations. Excess reserves of member banks declined to about $1,950,000,000.
Demand deposits (net) of weekly reporting member banks in leading cities increased
further by $380,000,000 during the four weeks ended March 13. The balances of other
banks with reporting banks increased by $100,000,000 while Government deposits
declined, reflecting the withdrawal of funds from depository banks. Loans and investments of reporting banks increased by $275,000,000. There was a further growth of
$85,000,000 in holdings of direct obligations of the United States Government and a
smaller)ncrease in obligations guaranteed by the Government. Loans to brokers and
dealers in securities increased by $130,000,000, while other loans showed little change.
Yields on United States Government obligations declined slightly further, and openmarket money rates continued at a low level.
@FedFRASER