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THE MONTHLY REVJEW_- 4 ___._!l Ail[.', I Federal Reserve Bank of Kansas~C1ty C. K. M. L. McCLURE, Chairman Board of Directors and Federal Reserve Agent BOARDMAN, I -----------.1-r ~i. Covering Conditions in the:lenth Federal ~serve Vistrjct •F 1 ~ I '. Assistant P,;imz/ Reseroedgm, and Secrttary II> j VoL. 9 " - KANsAs C1TY, Mo., AuausT 1, 1924 Statistical Record Tenth Federal Reserve District June and First Half of 1924 Compared with June and First Half of 1923. Percent Change Bank Debits, z7 Cities . 4 weeks ending July '2.••••••••••••••••••••••$ 994,561,000 J1,093,z68,ooo - 9.0 z6 weeks ending July 'J. •• ·----·$6,459,375,000 '/,7,371,276,000 -12.4 Federal Reserve Bank Clearings June ....................·----··········'/, 763,388,403 '/, 725,182,473 Six Months ..... -------!4,373,674,782 '/,4,482,388,519 Commercial Failures, Tenth District June,number_ _ _ _ _ __ 113 63 June, liabilities............. $ 1,013,266 1, 1,274,881 Six Months, number:... _ _ __ 807 468 Six Months, liabilities. _ _ _ _ .,, 10,640,221 $ 7,586,299 Live Stock Receipts, 6 Market Centers . Cattle, June....... , .............................. 390,485 378,026 + 3.3 Cattle, Six Months .......................... 2,437,1 13 -3.0 2,513,179 Calves, June .............. _ _ _ __ 63,491 46,921 + 35.3 Calves, Six Months...._____ 3oo,348 + 12.3 337,323 Hogs, June...................................... _ 1,070,395 +12.9 93 2 , 0 74 6,476,266 Hogs, Six Months ...· - · · · · - - 6,630,023 -2.3 333,111 Sheep, June..·--································· 429,675 + 29.0 21 Sheep, Six Months ..·--····················· 3,098,975 -3-7 3, 7,9°9 Horses and Mules, June.................. 4,064 3,484 + 14.3 Horses and Mules, Six Months ...... 52,189 57,882 ~.8 Meat Packing, 6 Market Centers Cattle, June.....• _ _ _ _ _ _ _ 212,644 216,134 -1.6 Cattle, Six Months...·-······-··-········ 1,321,591 1,384,131 -4.7 Calves, June ....···· · - · · - - - - 48,6 20 35, 101 +38.5 th 260 0 21 2 Calves, Six Mon s····----· , 3 4,554 + 21 ·2 Hogs, June.................................-..... 846,368 744,049 -:-13.8 Hogs, Six Months............................ ,970,563 5, 20,402 -8. 3 4 4 Sheep, June.-..................................... 289,324 239,025 + 21.0 1,865,298 Sheep, Six Months._···· · · · - - 2,068,768 -9.8 Building Permits, 17 Cities June, number.·-······························-r. 2 2,799 2, 834 June, estimated cost................·-·····'/, - 3.1 9,033,498 $ 9,324,6 54 Six months, number........................ 16,649 18,102 -8.o Six months, estimated cost._- .........'$ 48,675,3 2 3 '$ 59,88 2 ,85° - 1 8.7 Grain Receipts, 4 Markets Wheat, June, bushels...................... 5,374, 550 5,n 8,900 Wheat, Six Months, bushels·---····· 32,97 1,200 -2 4.1 43 ,423 ,950 Corn, June, bushels.. _ _ _ _ 3,422,900 4,255,600 -19.5 Corn, Six Months, bushels............ _ 38,704,150 28,317,780 +36.7 Oats, June, bushels.......................... 1,315,6oo 1,8 71,100 -2 9.7 Oats, Six Months, bushels.............. n,639,300 14,520,700 -19.8 Flour Production, Southwestern Mills 1,5 27,359 11427, 662 June, bar r e!s ....................-................ + 7.o Six Months, barrels ........ _ _ _ 9,755,367 9,339,862 +4.4 Ore Shipments, Tri Seate District Lead, June, tons ..· - - - - - - - · · 6,192 10,704 -42.3 Lead, Six Months, tons.._··---········· 44,783 51,950 -13.9 61 2 Zinc, June, tons.·---····-·-·······-··-45,7 55, 95 - 17• 2 Zinc, Six Months, tons ........·-·-······ 357,76o 367,662 -2.7 Petroleum Production, 4 States Crude oil, June, barrels.·-·············• 19,991,300 21,334,000 -6.3 Crude oil, Six Months, barrels.--··· n4,978,300 117,992,000 -2.6 Refinery production-Kansas, Oklahoma Gaso Ienc, June, ga 11 ons.................... 138,490,000 112,402,234 + 23.2 Gasolene, Six Months, gallons........ 728,77z,964 713,3 97,77 6 + 2.2 25, 200,000 20, 14°, 88 7 Kerosene, June, gallons.................... + 25· 1 Kerosene, Six Months, gallons........ 148,257,541 146,387,536 + 1.3 Gas & Fuel oil, June, gallons.......... 121,000,000 109,20J,82 5 + io.8 Gas & Fuel Oil, Six Months, Gal... 858,492,927 711,575,740 + 20.6 +s.o RODUCTION in the Tenth Federal Reserve District of a billion bushels or better crop of grain, vegetables and fruit, a cotton crop of about 1,000,000 bales, and enormous tonnages of hay, broom corn and sugar beets, together with advances in prices of all classes of grain and hogs to high levels of the year and higher than last year's prices in July, have given a more ·cheerful aspect to the general commercial, industrial and financial situation than prevailed at the date of the last issue of the Monthly Review. The Government's July I forecast for the District of 264,195,000 bushels of wheat, winter and spring, or 83,862,000 bushels more wheat than was produced in the District in 1923, is more than confirmed by the threshing returns, which tell of unexpectedly large per acre yields in many sections and tend to indicate that the 1924 wheat crop, upon the final estimate, may be larger than previously forecast. The new 1924 wheat is moving into market channels in tremendously large volume-much larger than at this time last year. It is the best crop of milling wheat in years and millers throughout the country have bought large stocks of the new wheat, while buying for export has been heavier than it was at this season last year. P The "new wheat money" now flowing into the District is bringing long hoped for relief to the wheat farmers, and tt is noted that the yields are heaviest and money returns largest in those sections of Kansas and Oklahoma which last year suffered almost complete failure of wheat because of drought conditions. The money and credit situation in the Tenth District was · further eased during the past thirty days, largely the result of improvement in the farm situation. The reports from country banks show old loans being paid off faster than new loans are created, while deposits are showing a perceptible increase, thus · · f h b k · b makmg It easier or t e country an sand city anks to accommodate their customers and finance seasonal crop movements out of their own funds. The reports of 72 selected Member Banks scattered over the District showed a decrease of $8,604,000 in the amount of their loans and discounts, while there was an increase of f,17,318,000 in net demand deposits, between the reporting dates June 9 f and July 2. The total loans o these 72 banks on July 2 were down to $401,589,000 while gross deposits totaled $551,254,000, the largest amount of deposits reported since October 17, 1923. Borrowings of Member Banks from the Federal Reserve Bank of Kansas City and branches showed further reductions during June. On July 16 the total of bills discounted for Member Banks was $16,293,28 4 , as compared with $50,678,594 on July 18, 1923, while bills purchased in the open market were $1,558,413 as compared with 2.5,726 a year ago. Effective July 1, the Federal Reserve Bank of Kansas City announced a rate of discount of 4% on all classes and maturities of rediscounts and member bank notes. , This Copy Released For Publication In Morning Newspapers July 29. THE MONTHLY REVIEW 2 I. 2. 3. 4. 5. 6. 7. 8. 9. PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN SELECTED CITIES July 2, 1924 July 3, 1923 72 Banks 77 Banks Loans and Discounts (including rediscounts): 6,132,000 $ 7,363,000 (a) Secured by U. S. Govt. obligations·----···$ (b) Secured by stocks and bonds, other than 78,317,000 79,105,000 U. S. Bonds- - - - · - - - - - - - - 316,622,000 (c) All other................. _ _ __ 364,467,000 Investments: (a) U. S. pre-war bonds. _ _ _ _ _ __ 11,926,000 11,929,000 47,240,000 (b) U. S. Liberty bonds.-................................ . 37,642,000 4,920,000 2,515,000 (c) U. S. Treasury bonds ........- - - - 21,380,000 17,461,000 (d) U. S. Victory notes and Treasury notes.... 6,099,000 (e) U. S. Certificates of lndebtedness.-......... 1,949,000 59,466,000 (f) Other Bonds, Stocks and Securities ........ 57,47 1,000 601,178,000 Total loans and discounts, and investments..... . 530,826,000 47,657,ooo 54,446,000 Reserve Balances with F. R. Bank._········-····· 12,448,000 II,357,ooo Cash in vaulL.----Net demand deposits on which reserve is compute...__ _ _ _ _ __ 428,946,000 417,203,000 132,258,000 132,531,000 Time deposits........ - - - - - - - 2,642,000 1,520,000 Government deposits ...·----·················· Bills payable and rediscounts with F. R. Bank secured by 21,948,000 668,ooo (a) U.S. Govt. obligations ...- ........................ . 16,881,000 2,290,000 (b) All other----····-········································· TOTAL (Items ]"to 9 inclusive) ...................... $1 ,151,932,ooo $1,262,867,000 Federal Reserve Bank Clearings During the first six months of this year 29,109,669 items for amounts aggregating $4,373,674,782- were cleared through the Federal Reserve Bank of Kansas City and its branches at Omaha, Denver and Oklahoma City. There was a decrease of 647,829 -0r 2.2% in the number of items and a decrease of $108,713,737 or 2.4% in the amount. Clearings for the month of June showed an increase of 107,732 items and $38,205,930 in amount over the totals for June, 1923. The clearing figures for the six months: ITEMS 1923 1924 JanuarY----······- 4,726,778 5,199,210 4,492,366 February.---·············-·· 4,561,796 ::-Jarch. _ _ _ _ _ _ 4,986,934 5,389,383 April ....................... Y4,977 ,178 5,032,601 4,860,028 May.......................... 4,955 ,34 l June·--··························· 4,901,642 4,793,9 10 Six Month.,___ _ _ 29,109,669 29,757,498 DEPOSITS July 1, 1924 $ 57,879,573 2,629,718 l4,38x,799 3,089,138 6,579, 104 7,313,063 9,336,9o4 6,500,989 2,169,683 1 ,557,986 June 1, 1924 July 1, 1923 $ 57,034,473 $ 55,537,69 2 2,740,087 14, 184,743 3,047,339 6,457,566 7, 2 85, 1 93 9,081,826 6,267,954 2,187,500 1,543,985 2,465,013 13,7 19,37 2 3,167,291 6,691,512 7,012,279 8,868,525 6,035,871 2,354,623 1,468,745 TotaL ..................................... 60 '/,lII,437,957 ACCOUNTS Banks July I, 1924 Denver, Colo _ _ _ _ _ 6 97,75 1 Kansas City, Kans.·--········· 3 9,378 Kansas City, Mo ................. 8 89,7 24 Lincoln, Nebr ....................... 4 15,625 Oklahoma City, Okla.·--····· 7 17,453 Omaha, Nebr. _ _ _ _ _ 5 59,481 St. Joseph, Mo ..................... 6 22,190 20,281 Tulsa, Okla ..... - - - - · · 5 1 6,353 Wichita, Kans.·-··················· 6 dutside................ _ _ _ _ 3 3,547 Tota.___ _ _ _ _ _ _ 53 June 1, 1924 July 1, 1923 97,549 84,654 9,3 1 4 8, 2 74 89,913 88,962 15,627 15,135 17,358 16,463 58,365 38,788 22,16o 21,809 20,179 18,805 16,226 l 5,850 3,572 3,376 351,783 Bank Debits Debits by banks to accounts of customers in 28 cities of the Tenth Dist.rict aggregated $1,019,587,000 for a 4-weeks period ending July 2, an increase of $38,787,000 or 4% over the total for four weeks ending June 4. Comparing this year's four weeks debits with those for the corresponding four weeks last year there was a decrease of $98,707,000 or 9%. Debits in 27 cities during the first 26 weeks of 1924 aggregated $6,459,375 ,ooo, a decrease of $911,910,000 or r 2.4 % from the $4,373,674,78'.:' $4,482,388,519 · total for the corresponding 26 weeks in 1923. Commercial Failures NUMBER LIABILITIES 1924 1923 1923 First, Boston.................................... 154 104 $ 2,724,380 '$ 1,261,171 Second, New York.............................. 334 288 10,967,752 8,276,970 Third, Philadelphia............................ 81 1,0 74,9 15 60 1,3 23,953 Fourth, Cleveland.............................. 149 2,466,216 3,685,790 105 Fifth, Richmond................................ 126 2,701,150 3,488,755 91 1,294,943 l ,805,051 91 Sixth, A tlan ca........·-··························· 103 Seventh, Chicago................................ 194 159 2,854,809 5,387,56 1 Eighth, St. Louis................................ 81 68 2,450,239 975, 1 55 1,39o,396 Ninth, Minneapolis............................ 70 1,432,514 76 TE TH, KA SAS CITY ................ 113 1,274,881 1,013,266 63 Eleventh, Dalla.,________ 50 1,293,018 765,071 97 Twelfth, San Francisco...................... I 52 156 1,317,388 1,551,963 1924 1,358 Banks Denver, Colo.·--··················· 7 Kansas City, Kans.·-········· ·· 4 Kansas City, Mo ................. 10 Lincoln, Nebr....................... 4 Oklahoma City, Okla.·--····· 7 Omaha, Nebr....................... 5 St. Joseph, Mo..................... 6 Tulsa, Okla ........................... 6 Wichita, Kans.·--················· 6 Outside.................................. 5 AMOUNT 1924 1923 'f, 7o5,079,228 $ 788,320,673 635,879,75 1 634,169,794 777,722,416 826,400,731 739,135,532 7 58,9o3,9o7 7 5'.Z,469,45 2 749,,410,941 763,388,403 725,182,473 The June record of r 13 commercial failures and $1,013,266 liabilities in the Tenth Federal Reserve District is the lowest for any month since last November, while the June totals for the entire United States are the lowest since last September. The number of failures and amount of liabilities for June by Federal Reserve Districts are here given with those of June, 1923: Total.................................................... 1,607 Savings Sixty commercial and savings institutions in c1t1es of the Tenth District reported savings deposits on July 1 aggregating $n1,437,957, an increase of $1,607,291 or 1.5% over the total deposits on June 1 and an increase of $4,n7,034 or 3.8% over the total on July 1, 1923. The number of savings accounts reported by 53 banks July I was351,783, amonthprevious350,263, an<l one year ago 312,n6. The reports follow: $34,099,031 $28,678,276 The record of commercial failures for the Tenth Federal Reserve District and the United States for the first six modths of 1924, a compiled from reports by R. G. Dun & Company: NUMBER LIABILITIES 1923 1924 1923 1924 468 'I, 10,640,221 $ 7,586, 299 Tenth District................................. 807 United States .................................... 10,785 9,7 24 3o4,459,959 259,424,068 26 wks. ending 26 wks. ending Percent July 2, 1924 J-.1ly 3, 1923 Decrease Atchison Kansas.................................... '/, 34,962,000 $ 37,318,000 6.3 70,395,000 80,92-6,000 Bartlesville, Okla.·---······························· 77,487,000 100,556,000 Casper, Wyoming..·-···········---Cheyenne, Wyoming............................... . 55,613,000 62,079,000 Colorado Springs, Colo .......................... . 73,888,000 74,564,000 Denver, Colorado... _................................ . 965,926,000 969,481,000 22.0 Enid, Oklahoma........................................ 60,201,000 77,166,000 18.1 Fremont, Nebraska ............................ ..... . 20,073,000 24,519,000 Grand Junction, Colo .. _.......................... . 16,087,000 16,848,000 4.5 Guthrie, Oklahoma ................................. . 8.4 18,243,000 19,920,000 22.0 Independence, Kans ................................ . 50,794,000 65,n2,ooo Joplin, Missouri....................................... . I.O 86,615,000 87,526,000 Kansas City, Kansas ................................ I I 5,884,000 I I 5,991,000 Kansas City, Missouri............................. . l ,805,214,000 2,055,529,000 26,954,000 26,238,000 Lawrence, Kansas·--································· *Lincoln, Nebraska ................................ l 52,889,000 McAlester, Oklahoma ......................... . 23,952,000 24,770,000 Muskogee, Oklahoma .. ........................... . 70,704,000 l 54,784,000 54.3 Oklahoma City, Oklahoma..................... . 416,814,000 1 4·3 468,818,000 Okmulgee, Oklahoma ............................. . 22.7 45,725,000 59,150,000 1 4·9 Omaha, Nebraska ......·-····························· l ,066,919,000 1,253,744,000 Parsons, Kansas....................................... . 22,286,000 -:::2.0 17,376,000 .Pittsburg, Kansas ..................................... . 37,607,000 33,648,000 10.5 Pueblo, Colorado ..................................... . 108,667,000 98,113,000 + 10.8 St. Joseph, Mo ......................................... 366,377 ,ooo 385,452,000 5.0 Topeka, Kansas ....................................... . 92,661,000 97,242,000 4.7 Tu Isa, Oklahoma..................................... . 512,983,000 662,076,000 22.5 1 22 4,395,000 18.8 276,279,000 .;\· ichi ta, Kansas---································· +H Total 28 citie~-----···············$6,612,-:t64,ooo $7,371,276,000 *Began reporting January 16, 1924 3 THE MONTHLY REVIEW CONDITION OF RETAIL TRADE IN CITIES OF THE TENTH FEDERAL RESERVE DISTRICT DURING JUNE, 1924 Based upon Reports from I8 Department Stores Kansas City D~nver Omaha Outside 8 3 4 3 Percentage increase (or decrease) of net sales during June, 1924, over net sales during same month last year......................................................................... . Dec. 5.4 Dec. 10.9 Dec. 19.7 Dec. 13.5 Percentage increase (or decrease) of net sales from Jan. 1, 1924 to June 30, 1924, over net sales during same period last year..................................... _ _ _ _ __ Dec. 8.7 Dec. 4.3 Dec. 7.6 Dec. 8.8 Percentage increase (or decrease) of stocks at close of June, 1924, over stocks at close of same month last year.............................................................:.................... Inc. 2.6 Dec. 10.0 Dec. 9.9 Inc. o.8 Percentage increase (or decrease) of stocks at close of June, 1924, over stocks at Dec. l 1.6 Dec. 6.9 Dec. 4.6 Bee. 4.8 close of May, 1924·--···················-----------······················· Percentage of average stocks (selling price) at close of each month this season (commencing with Jan. 1) to average monthly net sales (selling price) during the same period.................................................................. _ _ _ _ _ _ __ 440.0 607.4 57o.3 559· 2 Percentage of outstanding orders (cost) at close of June, 1924, to total purchases 4.1 9.0 7.0 (cost) during the calendar year 1923·-··················---------3.3 Percentage of collections during month of June, 1924 on amount of outstanding 48.1 accounts on May 31, 1924. _ _ _ _ _ _ ------······················ 44.8 41.0 37- 1 Percentage of collections for same period last year............................... _ _ _ __ 56.4 37.6 47.8 44.6 Mercantile Sales reported by wholesalers at leading distributing centers of the District for the month of June fell below the volume of sa_les for May except in the millinery line which recorded a slight increase. Sales during June 1924 were also less than those in June 1923 in all lines except groceries. Comparing the sales of wholesalers for the first six months of 1924 with those for the first six months of 1923, the summary shows decreases in all lines except groceries. SALES OUTSTANDING 6 mos.1924 June, 1924 June, 1924 June 30 24 June 30, 24 No. Compared Compared Compared Compared Compared Stores with with with with with 6 mos. 1;923 May, 1924 June, 1923 May 31, 24 June 30 23 Dry Goods.--·3 -13.6 --"'4-·2 -22.5 o.6 -6.o Groceries._ .....2 13.3 --0.2 12.7 0.4 10.1 Hardware...... 7 -15.1 -2.1 -18.5 1.0 -<J•7 Furniture. ___ .6 -13.6 -8.3 -8.8 -1.4 -7.7 Drugs·---·······7 -6.4 -3.6 -1.9 -1.2 1.5 MillinerY·-····-4 ~3.1 16.5 ~4-5 The heavy marketing of the new wheat crop in July and the rise in grain prices were encouraging to the wholesale trade, and a better outlook was forecast, although it was not expected there would be any marked increase in the sales returns until later in the season. Sales of dry goods by wholesalers during June were less than in May and were indicative of the tendency of retailers to buy lightly during the summer season. In the grocery trade sales were fairly steady and quite heavy during the first half of the year and show some increase over sales for the same period last year. Some wholesalers of hardware are inclined to regard the first six months of last year as abnormal and rather out of proportion, on account of the heavier building operations than at any other period since the war, while during the first six months of 1924 the hardware business was healthier and the volume of sales fully up to normal, notably in the builders hardware item. The furniture trade was in fair volume, the reports indicating decreases from last year both in the month of June and for the six months period. The same tendency is reflected in the reports from wholesale drug houses. Orders from retailers were still small but very frequent and only for immediate trade requirements. There was but little change in the price situation and the fight for business in the drug line was keen. Sales of automobile tires were about the same in June as in May, but were above those of a year ago. Sales in the stationery line showed a decline during June from the May volume and for the first six months of 1924 were about 4% below a year ago. During the latter part of May and June there was a marked decrease in sales of farm implements and machinery which was not looked for by dealers and which has since shown no material improvement. RETAIL: The retail trade was generally slow in all parts of the District during the month of June. Eighteen department District 18 Dec. 13.3 Dec. 7. 5 Dec. 2.8 Dec. 7.7 531.6 6.2 43· 1 47.5 stores in cities reported the sales for June below those of June, 1923, while only two stores reported increases in the volume of sales over last year. For the season from January I to July 1, sales of all stores but one showed decreases. The same situation was reflected in reports of retail trade throughout the cities and towns of the District. Trade with retailers was mainly of a seasonal character and while returns for June were unsatisfactory dealers were anticipating improvement later in the season. Sales by retailers of men's clothing and shoes during June and the first six months of 1924 are compared in percentage of increase or decrease with sales during the corresponding month and six months last year. No. Stores Reporting Men's Clothing........................ 3 Shoes .......................................... 3 June, 1924 Compared with June, 1923 -17-3% ~o.8% Six Months 1924 Compared with Six Months 1923 -5.3% -5.8% COLLECTIONS: Collections reported by wholesalers were generally fair and there was some improvement in rural sections. Collections reported by department stores during June on outstandings as of May 31 averaged below collections for the same period last year, while collections in special lines stores exhibited the same trend. Implement and farm machinery collections were generally satisfactory. Labor The harvest demands drew heavily upon the surplus labor of the cities throughout the Tenth District during May and June and tended to help the situation materially. In several of the cities, however, there was some unemployment, mostly factory and clerical workers. There were about the normal summer forces in meat packing and allied industries. In the lead, zinc and coal mining fields in the Tri-State District the usual summer sla.ckening of activity gave many miners an opportunity to go to the harvest fields. Building, interferred with by frequent rains in May and through June in the Missouri river cities, showed perceptible increase during the latter part of June and early in July, with the result that there was little unemployment among building mechanics. Lumber The lumber trade in the Tenth District, which had been running below normal during the season, exhibited signs of improvement late in June and in the early part of July. Dealers, who had been holding off, were placing orders for early delivery and for the late summer and fall trade. This was reflected in the report of the Southern Pine Manufacturers for the week ending July II, which showed an increase of r,088 cars in new orders received during the week and bringing the total orders on hand to 1.86% above normal production. Production increased largely during the week but was still 19.52% below normal on July I 1 . THE MONTHLY REVIEW 4 Boston New York.--······· Philadelphia........ Cleveland ............ Richmond..-......... Atlanta................ Chicago.-............. St. Louis.............. Minneapolis ........ Kansas City........ Dallas ........._ ...... San Francisco. __. CORN (bushels) EstiForecast mate July l 1924 1923 n,450 10,756 29,684 30,430 48,255 57,007 208,310 152,287 188,751 153,110 218,528 187,968 976,124 751,224 329,530 394,972 296,u6 351,852 402,512 514,53° 110,058 u2,165 14,158 II,885 JULY CROP REPORT BY FEDERAL RESERVE DISTRICTS Forecasts of the Department of Agriculture (In Thousands of Units) TOTAL WHEAT WINTER WHEAT SPRING WHEAT OATS (bushels) (bushels) (bushels) (bushels) EstiEsti- Forecast Esti- Forecast Esti- Forecast Forecast mate July 1 mate July l mate July I mate July 1 1923 1924 1923 1924 1923 1924 1923 1924 240 209 240 209 8,988 8,914 2 9,563 8,264 8,887 8,032 264 232 9,151 34, 245 22,II0 18,799 126 21,382 21,972 18,673 138 20,725 186 227 67,79o 71,245 49,552 42,426 49,779 42,612 2 32,202 24,503 32,202 24,5o3 21,531 4,9 17 19,439 5,960 3,854 5,96o 3,854 13,384 1 2 ,545 82,965 61,401 3,150 79,8 5 58,856 490,254 534,773 262 186 83,164 50,693 83,426 50,879 51,072 59,416 15,616 17,404 144,160 160,216 159,776 177,620 333,084 347,495 17 2,495 II,698 11,478 180,333 264,195 168,635 252,717 158,756 16,686 21,976 16,976 22,253 290 52,300 277 49,573 1 2 24,497 142,823 65,423 89,851 43,4 7 39,323 5 ,97 2 22,006 -- ----- TOBACCO (pounds) EstiForecast mate July I 1924 1923 14,5°3 15,622 41,o34 42,099 58,95o 181,143 638,568 101,404 5o,354 396,737 2,886 4,422 52,853 153,5o5 533,633 IIJ,877 47,279 329,679 2,717 3,543 408 POTATOES (bushels) Esti- Forecast mate July I 1923 1924 46,485 40,356 43,9° 2 40,165 25,036 23,355 21,710 30,440 u,157 7°,75 2 18,223 72,842 33,766 18,350 32,885 12,728 58,850 16,342 66,n9 30,316 2,877 2 ,535 35,544 3o,585 Total U.S. 3,046,277 2,515,385 785,741 740,012 57 2,34° 54 2 ,55 1 213,401 197,461 1,491,066 1,294,150 412,392 372,968 1,299,823 1,356,338 Total cotton production estimated at 12,144,000 bales as compared with 10,128,000 bales in 1923. Figures by districts not yet available. Figures for all hay not yet available, Tame hay production estimated at 90,076,000 tons as compared with 89,098,000 tons in 1923. Agriculture The July crop report of the United States Department of Agriculture forecast 1924 production of the principal farm crops in the Tenth Federal Reserve District, as compared with the final returns for 1923, as follows: Winter wheat, 25'1,717,000 bushels; increase 84,082,000 bushels Spring wheat, 11,478,000 bushels; decrease 220,000 bushels All wheat, 264,195,000 bushels; increase 83,862,000 bushels Corn, 402,512,000 bushels; decrease n2,018,ooo bushels Oats, 172,495,000 bushels; increase IJ,789,ooo bushels Barley, 32,300,000 bushels; decrease 8,800,000 bushels Rye, 4,560,000 bushels, increase 920,000 bushels Potatoes, 30,316,000 bushels; decrease 3,450,000 bushels Tobacco, 3,543,000 pounds; decrease 879,000 pounds Cotton production figures for. the District are not available at this time, but with an increased acreage and the condition better th an a year ago, there is indicated an increase in production. Tame hay production, according to the July estimate; is running slightly below that of last year, though complete figures for the District are lacking. WINTER WHEAT: In Kansas the June weather was favorable for maturing wheat and there was a gain of 11 points in condition during the month. Comments are general over the state to the effect that the quality is above usual with protein running high and average weight per bushel the best for several years. Even in sections where the wheat is low the quality is very good and reports from many sections of the state tell of exceptionally heavy yields per acre. In Nebraska winter wheat improved considerably in the eastern half during June but deteriorated sornewhat in the western part of the state. There was too much rain for proper ripening in eastern sections but practically no rust was reported to July 1, which was unusual. The Oklahoma reports indicated the state has produced its largest wheat crop since 1920. Wheat production advanced over the estimate of June I approximately 2,000,000 bushels, due to the ideal weather conditions prevailing during the month. The quality is excellent. In Missouri notable improvement was made during the latter part of June in the northwestern portion where the wheat harESTIMATED 1924 PRODUCTION OF PRINCIPAL FARM CROPS IN STATES OF THE TENTH FEDERAL RESERVE DISTRICT Fn v the July Reports of the U. S. Department of Agriculture and State Boards of Agriculture (In Thousands of Bushels) Corn Winter Spring Oats Rye Barley PotaWheat Wheat toes Colorado.----······· 26,167 23,650 5,590 6,450 862 6,225 11,950 Kansas ................ 97,143 130,038 121 41,535 551 12,9n 5,100 . *Missouri.............. 142,480 23,214 32 40,318 258 123 Nebraska........·-···I89,II7 45,355 2,922 74,uo 1,764 8,141 8,505 *New Mexico. __............. 1,672 954 1,670 31 319 Oklahoma. ___ .__ 56,728 47,952 37,260 473 3,848 3,268 Wyoming............ 3,540 259 2,322 5,673 295 883 1,771 .Figures arc for entire states and not segregated for Federal Reserve Districts. vest was nearly completed at the end of the first week in July. In Colorado wheat declined IO points during June with consequent reduction in the estimated yield. The crop is more or less spotted, due principally to the excessive dry period during June. In many localities the crop headed short and in some sections it is being cut for feed and not harvested for grain. The Wyoming and northern New Mexico reports indicated declines in the condition of wheat during June. Hessian fly damage to wheat has been heavy. According to the Kansas report "the fly has reduced the ,yield by an average of 2 bushels per acre and the loss this year from this pest was in the neighborhood of 20,000,000 bushels." The fly did considerable damage in certain fields in Nebraska but the injury to the crop as a whole in tha_t state was no_t great. Reports from the states of the District indicate a small carryover of old wheat. In Kansas the carry-over is 2:259,000 bushels, in Nebraska it is 2,480,000 bushels and in Oklahoma 290,000 bushels. CORN: A low condition of corn in the Tenth District, indicated by the Government July forecast of 112,018,000 bushels less than last year's crop, is due to unfavorable weather and soil conditions through March, April, May and the forepart of June. Since the first of July, however, corn has made good progress. In Missouri the condition of July 1 was 62% of normal, the lowest on record. The plant was generally small but weather conditions in July permitted cultivation. In Nebraska the July 1 condition of 74% was much lower than last year. The crop on July 1 was two weeks behind its usual stage of growth for that date. Stands varied but were generally better than expected. In Kansas the condition was somewhat similar to that prevailing in Nebraska, the crop showing great improvement inJuly. Oklahoma reported conditions as 79% of normal or 4 points better than a year ago. On approximately the same acreage as last year the estimated yield on July 1 was 19,192,000 bushels more than was produced last year. It is the largest corn crop grown in the state since the bumper crop ·of 1920. In Colorado, with an increase of 154,000 acres planted, corn had the lowest condition figure on record since 1907-76% of normal on July l compared with 93% on the corresponding date last year. In Wyoming the acreage planged to corn was the 1argest ever seeded, indicating an increase of 18% over last year's area. The corn crop, however, is very late and stands are reported fair to good which in part was caused by poor seed. The condition of 78% of normal is the lowest since July I, 1919, when it was 77%. OTHER GRAIN CROPS: There was general improvement in the condition of oats during June, which is indicated by the Government forecast of 172,495,000 bushels, or 13,739 ,ooo THE MONTHLY REVIEW bushels more than a year ago. Increased production of oats was reported by Kansas, Colorado, Missouri, Oklahoma and New Mexico, while Nebraska and Wyoming reported decreases. The barley crop in the District is considerably less th.an that of last year with heavy reductions in Kansas and Nebraska and light increases in Colorado, Wyoming and Oklahoma. The rye crop this year is larger by about 1,000,000 bushels than last year, although but little rye is grown in this District. COTTON: Th~ favorable prices received by growers last year, and efforts to evade the boll weevil pest, have caused extensions of the cotton area in the states of the Southwest outside the regular cotton growing regions. According to the Oklahoma reports a considerable acreage has been planted jn sections of that state, notably in western sections and in the panhandle, where cotton has not been previously grown. Successful experiments in southeastern Kansas last year resulted in an increased acreage now under cultivation. New Mexico, western Texas and Arizona have reported increased acreages of cotton this year) while in southern Missouri there has been a substantial gain in acreage each year since 1921. The following shows the cotton acreage planted this year, compared with the acreage picked last year, in the states lying west of the Mississippi river: Acres Cultivated June 25, 1924 Texas ..-----------········15,595,000 Oklahoma._....... ....................... 3,672,000 Arkansas·-···· 3,058,000 Louisiana.... 1,587,000 Missouri........ 453,000 New Mexico 85,000 Arizona.. 16o,ooo California.. 266,000 Revised Acreage Picked in 1923 14,150,000 3, 197,000 3,026,000 1,405,000 355,000 60,000 127,000 '233,000 Eight S. W. States.....·-------··24,826,000 Ten S. E. States............ 15,477,000 22,553,000 14,727,000 United States _ _ _ _ _ _ _ _ __..0,303,000 37,280,000 The Government's July report said the outlook for the cotton crop was more hopeful than it was at the same time ~ast year. The season is still late, but there has been some "catching up." Weevils are reported less numerous than last year, though grasshoppers have caused considerable damage in Oklahoma. With the increased acreage and improved condition the yield this year is expected to exceed that of last year. The Government's report from Oklahoma, the largest cotton producing state in the Tenth District, estimated this year's crop at 944,000 bales, or 289,000 bales more than were produced in that state in 1923. The State Board of Agriculture placed the probable yield at I ,010,992 bales. POTATOES: The potato crop in the District this year is forecast as 30,316,000 bushels, which as compared with 33,766,000 bushels produced last year. Indications point to a decrease of about 1,600,000 bushels in Colorado and a decrease of about 375,000 bushels in Nebraska. The Wyoming crop is slightly above that of last year. The stands are generally good with little insect or disease damage although the crop is light. The Kansas crop is rated as 79% of normal against 80% a year~ago. The Kaw Valley commercial crop of potatoes is reported better than the general farm average and a movement by rail about as large as last year, with 3,303 cars loaded by July I. HAY: The condition of tame hay on July 1 was 82% of normal in Kansas, 86% in Nebraska, 84% in Oklahoma, 81% in Missouri, and 88% in Wyoming. Estimated yield for the !)istrict is about 8% below last year. Reports from many sections indicate that the harvest of the first crop of alfalfa was delayed and to an extent injured by the rains, though the second crop promised a better yield. Wild hay was injured by unfavorable weather and late spring. 5 SUGAR BEETS: The July 1 condition of sugar beets was 84% in Colorado, 92% in Wyoming and 82% in Nebraska. The crop, while late, made rapid growth in Wyoming during June, but progress was less satisfactory in Colorado and Nebraska. FRUIT: The July reports give promise of a much larger apple crop than last year, with the condition 85% of normal in Colorado, 84% in Oklahoma, 70% in Kansas, 59% in Nebraska and 58% in Missouri. There is in prospect 84% of a full crop of peaches in Oklahoma, a good crop in southeastern Kansas and a fair crop in southern Missouri, while Colorado's estimate is 90% of a full crop. The condition of pears ranges from 95% in Colorado to 69% in Kansas, 85% in Oklahoma and 60% in Nebraska. The cherry crop has been less than usual, while there has been a fairly good crop of berries. Grain Movements Arrivals of new wheat at the primary markets, starting with the harvest in June, reached high record volume during July. Indications are that when returns for the month are compiled the July figures will show a very large increase over last year's movement of new wheat. Wheat marketed in Kansas City, Omaha, St. Joseph and Wichita during June exceeded the marketings in June last year while total receipts for the first half of 1924 were 10,452,750 bushels less than the receipts during the first six months of 1923. Receipts of corn during June were the smallestfor any month since last October, but during the first half of 1924 they were 10,386,370 bushels more than in the corresponding period in 1923. Receipts of all classes of grain at the four leading markets of the Tenth District during the first six months of 1924: Wheat Corn Kansas City.... 16,512,700 13,071,250 Omaha·---······· 7,182,100 16,639,000 St. Joseph........ 3,900,400 6,193,500 Wichita............ 5,376,000 2,800,400 Oats Rye Harley Kafir 3,692,400 96,800 244,500 2,317,700 6,966,000 215,600 233,600 662,000 6,000 29,750 4,500 318,900 99,600 224,400 --- ---- ---- --- --- --- First halfi924 32,971,200 38,704,150 n,639,300 318,400 829,450 2,546,600 Firsthalf192343,423,950 28,317,780 14,520,700 818,300 667,950 1,178,900 June, 1924.___. 5,374,550 3,422,900 1,315,600 37,600 68,250 228,200 June, 1923____ 5,nS,900 4,255,600. 1,871,100 35,900 55,100 56;700 Cash prices of grain made substantial gains at Kansas City during the first half of July from;rthe levels running through March, April, May and June. No. 2 hard winter wheat sold at Kansas City on July 17 at $1.17 to $1.35 per bushel. In 1923 the average cash price of No. 2 hard winter wheat at Kansas City was 98c per_,, bushel for the_' week June 14-20. Cash prices of corn advanced to $1.08 per«bushel at Kansas City on July 17. Last year No. 2 white corn at Kansas City averaged 57c per bushel for the week July 12 to 20. White oats also advanced on cash sales above the high point of June to 6oc per bushel. This compares with an average 6f 38c per bushel paid for the No. 2 white oats during the week of July 14 to 20, 1923. Flour Production Production of flour at the southwestern mills during June increased over June, 1923 by 7%. For the first six months of 1924 the southwestern mills also increased production 4.4% over the first half of 1923. During the wheat year July 1, 1923 to July 1, 1924, production at the southwestern mills was greater by 0.3% than in the 1922-1923 wheat year. The following shows production for June, for the six months period and for the wheat year at the leading milling centers of the District, as compiled from the weekly reports to the Northwestern Miller: JUNE SIXMONTHS WHEATYEAR 1922-23 1923-24 1923 1924 1924 1923 Kansas City.. 298,241 413,727 2,462,450 2,44°,774 5,422,427 5,103,410 448,928 1,025,739 949,988 Omaha .......... 465,103 70,243 ,61,090 966,426 1 ,339,78 1 589,184 Salina .......... 69,183 80,820 445,707 628,946 1,5u,081 1,526,980 St. Joseph.... 139,262 83,433 777,418 865,006 824,325 1,895,820 1,980,678 Wichita ........ '3 1,419 135,483 Outside .......• 719,oII 653,109 4,739,683 4,4o7,7o5 10,364,921 10,220,121 ---------- Total barrels.1,527,359 1,427,662 9,755,367 9,339,86:2 21,186,414 :21,120,958 6 THE MONTHLY REVIEW Live Stock T~e condition of r_anges in Colorado July I was 93% of normal, pomt lower than-on June I and 3 points lower than July 1, 1923. The condition of ranges in Wyoming on July- I was reported as_96% of normal compared with IOI% on June I and 102% on July I last year. In Kansas, Nebraska and Oklahoma and over the District ranges and pastures were reported as good. Cattle maintained their condition of June I throughout the month in practically the entire District. In Colorado the condition of July I was 92% of normal compared with 96% a year ago. A few losses from poison plants were reported from that state but in general cattle were healthy and putting on fat. A good calf crop was reported, with few exceptions. Wyoming cattle continued in excellent condition, 98% of normal, or I point below July 1, 1923. Losses this season were light except the loss from poison was heavier than usual. The calf crop was reported generally better than last year. Calves were doing fine. Cattle in Kansas, Nebraska and Oklahoma were generally in very good condition and there was a fairly good crop of calves with about the usual seasonal losses. Dairy cows have increased 8.8% in number in Nebraska since January I according to a survey made by the Division of Crop and Live Stock Estimates. The present number exceeds 600,000 head as compared with 587,000 reported on January I. The number of heifers between one and two years old to be kept for dairy cows is much larger than the number required to replace old dairy cows. Dairying has been increasing perceptibly in Kansas, Oklahoma, Colorado and Missouri, according to the reports. Sheep continued in good condition in the mountain sections and showed but a slight change between June I and July I. Lambing in Colorado was completed by July 1 and a good crop was reported in most sections, while in Wyoming the lamb crop this spring was the best in years, with lambs in exception ally good condition, those in many flocks being heavier than at this time last year. The condition of sheep and lambs in Wyoming was reported at 105% on July 1, the same as a month previous and 4 points above July I, 1923. The wool market in Colorado and Wyoming was slow during June and prices 32c to 36c per pound. In some sections about 65% to 75% of this year's clip had heen sold, but a great many growers were reported holding their wool for better prices. Hog production in the corn belt, which reached the peak in 1923, has been declining since last fall and is now at about the normal level, according to recent reports. The Government's survey shows the corn belt states on July I had 17.1% fewer pigs on hand than on the corresponding date last year, while there is prospect of a reduction in the fall pig crop due to a reduction in number of sows bred or to be ·bred for fall farrowing. LIVE STOCK MARKETINGS: Receipts of all classes of live stock at the markets in the Tenth District during June exceeded the receipts in .June, 1923. However, the June receipts of cattle, sheep, horses and mules were 12.9%, 3.4% and 2.7%, respec tively, below the receipts during May of this year. The receipts of live stock at the six markets of the District during the first half of 1924, as compared with the receipts during the first half of 1923 show decreases of all classes except calves, which recorded an increase of 12.3%. Kansas City.............. Omaha·-----··· St. Joseph Denver...................... Oklahoma City ........ Wichita...................... Hogs Calves Sheep Cattle 898,049 172,729 2,080,245 7 1 3,557 833,178 39,181 2,3II,622 1,138,268 269,6o5 39,498 1,153,481 575,653 626,711 206,034 20.940 338,049 16o,304 102,153 40,193 5,448 128,094 24,782 432,565 39,338 Six Mos. 1924.----···2,437,1 I 3 337,323 6,476,266 3,098,975 Six Mos. 1923 ........ .. 2,513,179 300,348 6,630,023 3,217,909 429h5 June, 1924·-•·-·•········· 39o,485 63,491 1 ,07o,395 333,1 l 1 378,026 46,921 93 2,074 June, 192 Horses Mules l 5,9 1 5 4,953 5,497 IJ,890 3,269 10,665 Cars 54,843 67,450 26,683 12,781 4,627 8,821 ----52,189 175,205 57,882 180,355 4,064 27,701 3,484 26,235 Movement of stocker and feeder animals to the country from the markets of this District during the first six months of 1924 did not come up to the movement during the corresponding period of last year. Four markets-Kansas City, Omaha, St. Joseph and Denver-reported countryward shipments during the six months this year as compared with the first half of 1923; cattle 586,647, decrease 10,867; calves 27,354, decrease 9,807; hogs 134,535, decrease 35,509; sheep 36o,201 , decrease 1,332. Cattle prices fluctuated narrowly and along low levels of the year June 2 to July 24, on the latter date choice to prime heavy beef steers sold at $10.25 per cwt., compared with $10.88 as the average for the week ending July 29, I 923. Hogs reached the high point of the year when on July 24 the bulk of sales were at $8.50 to $9.00 per cwt., which compares with an average of $7.27 for. the week in 1923. Lamb prices were strengthening during the early part of July and on the 24th sales at Kansas City were $10.75 to $13.15 per cwt. Meat Packing Operations at the six leading live stock market points during June showed increases over June of last year in the killing of calves, hogs and sheep, and a decrease in the number of cattle slaughtered. Operations for the first six months of the year fell below those for the first half of 1923 in all classes of meat animals except calves, which showed an increase. Purchases by packers during the first half of the year are here shown for each of the six live stock and packing centers; also totals of June 1924 and 1923 purchases for comparison: Cattle 471,626 522,524 St. Joseph·-··········--- - 171,126 Denver..................................... . 57,985 Oklahoma City........................ 65,9n Wichita.........- - - - - 32,347 Calves 140,551 23,213 33,349 10,297 36,71 9 15,9o3 Hogs 1,511,813 1,829,357 807,769 284,059 132,782 404,783 Sheep 522,562 77 2,693 457,520 93,4o9 Half year 1924.......................... 1,321,519 Half year 192 \------·1,384,'131 June, 1924·--····························· 212,644 June, 192 ' - - - - - - - · - · :ll6,134 260,032 214,554 48,620 35,101 4,970,563 5,420,402 846,368 744,049 1,865,298 2,068,768 289,324 239,025 Kansas City _ _ __ Omaha. _________ 3,9 2 5 15,189 Stocks of pork and pork products in store at Kansas City on June 30 were 60,673,400 pounds, 8,300 pounds more than on May 31 and 5,394,500 pounds less than on June 30, 1923. Mining LEAD AND ZINC: Returns from the Tri-state District show total shipments of zinc ores from the field during June were 45,761 tons, a weekly average of II,440 tons. This was the smallest month's shipment during the year by over 4,000 tons. The average price for the month was $39.00 per ton which compares with an average price of $35. 24 per ton for the month of June, 1923, an increase of $3.76 per ton. Lead ore shipments during June totaled 6,192 tons with a weekly average of 1,548 tons. This was the lowest month's shipment during the year by over 1,000 tons. The average price was $80.00 per ton during the month against $84.92 for June last year. Lead ore shipments during the six months this year were 44,783 tons, or 7,167 tons less than the shipments during the first half of 1923. Total sales of zinc ore for the first half of 1924 aggregated $13,991,789. For the first half of 1923 zinc ore sales brought $15,204,233, which shows a decrease in valuation for 1924 of $1,212,444 over 1923. The average price for the first half of 1924 is greater by $1.6o than for the first half of 1923, but the tonnage decreased 9,902 tons from last year. The surplus of zinc ore in the hands of producers at the end of the first six months of the year was estimated at approximately 42,000 tons, compared with over 60,000 tons on June 30, I 923. BITUMINOUS COAL: Production of soft coal in the six coal producing states of the Tenth District was at th~ low average of 38.9% of full time capacity operation during the month 7 THE MONTHLY RE\1 IEW BUILDING IN CITIES OF THE TENTH FEDERAL RESERVE DISTRICT JUNE, 1924 Pct. Permits Est. Cost Change Permits 62 170,200 '$ ---'JO.O Casper, Wyoming·-·-----···-···· 447 Cheyenne, Wyo 23.1 183 30 39,955 Colorado Springs, Colo ...·---·-· 65,342 665 96 -27.7 15·3 Denver, Colo. 2,389,850 685 3,837 218 Hutchinson, Kans. 15.8 27 5o,758 Joplin, Mo..... 2.3 46,5 17 254 --------------·······-·· 42 1,026 Kansas City, Kans ..... 170 546,005 3 2·3 Kansas City, Mo .......... -52.1 2,500 1,379,900 373 21 5,435 108 Lincoln, Nebraska.............. 22.5 563 -80.6 ZI 133 18,250 Muskogee, Okla,-----------·-······· Oklahoma City, Okla ... 1,713,510 320.5 937 ------------ 147 Omaha, Nebraska.......... 1,233,180 238 1,346 65.3 126 Pueblo, Colo 175,688 94.6 645 86 St. Joseph, Mo -59.6 496 79,345 266,160 810 -18.4 Topeka, Kansas ...... 144 Tulsa, Okla. _______ -14.8 204 459,806 1,034 1 ,555 239 Wichita, Kans ... -69.5 183,597 Total, 1924_____________________________ 2,799 2,834 Total, 192 -3.1 $9,033,498 9,3 24,654 of June. This was a slight improvement over the month of May, but the activity was about sixteen points below that of a year ago and was in line with the low production reported from other Districts. Soft coal mining in the District was maintained during the first three months of 192.4 at about 62% of full time capacity as compared with 54% during the first three months of 1923. During April the mines in Sou thwest Missouri and Southeast Kansas and a large number of Oklahoma mines were idle pending negotiations of new contracts. Although the negotiations ended early in May mining operations have not reached the usual momentum for the season. Principal loss of operation is reported as due to no market and mine disability. Soft coal production in the United States from January 1 to July 5 was reported by the U.S. Geological Survey as 231,971,000 tons compared with 279,553,000 tons for the same period last year. The decrease of a little over 47,000,000 tons has come within the last three months. The records for the week ending July 5 were down to an average of 1,151 ,ooo tons daily which is the lowest point reached since the great strike in 1922. Petroleum The combined crude oil output of the four producing states in the Tenth District during the 30-day month of June averaged 663,377 barrels per day as compared with 644,563 barrels per day during May with its 31 days, and 711,132 barrels per day in June, 1923. Gross production during June of 19,991,300 barrels was only 10,000 barrels greater than May production and 1,342,700 barrels less than in June of last year. 7,000 3,479,000 June, 1923 15,450,000 2,573,000 5,400 3,305,600 Six Months Six Months 1924 1923 78,845,500 84,257,000 13,558,800 15,109,000 41,200 36,200 22,532,800 18,589,800 19,981,000 21,334,000 l June,1924 Oklahoma ........ 14,112,500 Kansas·--··-······ 2,248,800 Colorado.......... 7,000 Wyoming........ 3,623,000 May,1924 13,995,ooo Total... ............. 19,991,300 2,500,000 14,978,300 I 17,992,000 The tendency toward curtailment of production is further reflected in development operations which show fewer wells completed and a smaller volume of daily new production for the month and six months this year. The field summaries follow: Bbk Daily New Prod'n 559,856 44,700 57,460 Six Months, 1924-...........................3,386 Six Months 192.>---~----4,5$'1. Dry Wells 666 152 Gas Wells 251 42 13 5 831 1,306 298 403 SIX MO THS, 1924 16,649 18,102 Completions Pct. Change -46.6 -38.0 - 1 9.7 l 1.9 -5.1 592.2 -u.5 -29.0 -6.8 ---'74.0 Est. Cost $ 1,100,796 355,946 651,192 I2,9II,lOO 342,393 771,692 2,274,190 10,259,100 1,559, 274 245,890 4,604,221 5,384,795 701,440 12,1 - 2 7.5 14.1 -37,2 -44.1 -30.z 656,090 1,208,750 3,537,154 2,IIl,300 -51.7 $48,675,323 59,882,850 Bbls. Daily New Prod'n Oklahoma __________................................. 514 Kansa11 __ __________ _ _ _ _ 81 Dry Gas Wells Wells 126 22 ---·-···-······----·-·········-·-··-·- 54 III,884 9,803 10,003 38 3 3 June, 192+---················- - - -··649 May, 1924-------·-····--·········-·---·····-·-···798 June, 1923 __________________________ 844 131,690 136,978 194,946 1 49 209 212 44 W yarning 57 61 At the end of June the reports showed 2,204 rigs and wells drilling as compared with 2,322 at the end of May and 2,508 at the end of June, 1923. Reports on refinery operations in Kansas and Oklahoma during the first six months of 1924 show an increase of 15,375,188 gallons of gasolene, an increase of I ,874,005 gallons of kerosene and an increase of 146,917,187 gallons of gas and fuel oil produced, as compared with production during the first half of 1923. The total six months production figures for both years: June, 1924 June, 1923 Six Mos. 1924 6 Mos. 1923 Gasolenc_________ 138,490,ooo u2,402,234 728,772,964 713,397,776 Kerosene __ _______________________ 25,200,000 20,140,887 14~,257,541 146,387,536 Gas & Fuel OiL _ ________________ 121,ooo,ooo 109,203,825 858,492,927 7u,575,74o Stocks of finished products on hand on June 28, reported be 1.7 refineries in Kansas and 62. in Oklahoma were: gasoleny II8,693,881 gallons, kerosene 15,II8,686 gallons, gas and fuel oil 83,or2,6o7 gallons. Building Under more favorable conditions than those prevailing during the earlier months of the season, June building operations in the Tenth District exhibited a very marked improvement. The returns from seventeen cities showed 2,799 permits issued during the month for buildings estimated to cost $9,033,498. This was the largest month's record for the current year and compared with the record of June, 1923, of 2,834 permits issued for buildings estimated to cost $9,324,654. The improvement in building activity during June brought the total number of permits issued in the seventeen cities during the first six months of 1924 to 16,649 and estimated cost of construction to $48,675,323. These figures indicate that during the six months period this year the number of permits was 1,453 less than the number of permits issued during the corresponding six months last year. There was a decrease of 1,II,207,527 or 18.7% in the estimated cost of construction. ',':,. ,,.,. ' 8 Business Conditions in the United States Production of basic commodities and factory employment showed further large declines during June. Trade, both at wholesale and retail, also decreased during the month and was in smaller volume than a year ago. of iune. Member bank reserve balances increased rapidly, reflecting a return flow of currency from circulation and further imports of gold; total deposits at the reserve banks on July 16 were larger than at any time since the organization of the system. Discount rates at the Federal Reserve banks of Kansas City and Dallas were reduced during July from 4,½ to 4%. PRODUCTION: The Federal Reserve Board's index of production in basic industries, adjusted to allow for the STATEMENT OF CONDITION FEDERAL RESERVE seasonal variation, declined about 9 % in June to a point '.2.'.2. % BANK OF KANSAS CITY, INCLUDING BRANCHES below the first two months of the year. Iron and steel and cotton manufacturing industries continued to show the most At Close of Business July 16, 1924 July 18, 1923 marked curtailment of activity and decreases were· general RESOURCES in other industries. Factory employment decreased 3 % in June) the metal, automobile1 textile and leather industries re- Gold with Federal reserve agen.___ _ _ ............... $ 56,499,555 $ 29,463,300 porting the largest reductions in forces. Value of building Gold redemption fund with U. S. Treasury.............. 2,144,723 2,563,323 contracts awarded in June was 8 % smaller than in May, Gold held exclusively against F. R. notes.............. $ 58,644,278 'I, 32,026,623 though 4 % larger than in June of last year. • Gold settlement fund with F. R. Boaru..-___ 29;189,984 49,929,678 Condition of the corn crop on July I, as reported by the Department of Agriculture was the lowest on the record for that date and indicated a probable yield about 500,000,000 bushels less than last year. Condition of the cotton crop was recorded less satisfactory than a month earlier~ while forecasts for wheat and oats were larger than in June. TRADE: Railroad shipments decreased in June and were about I 5% less than a year ago, owing to smaller loadings of all classes of freight except grain and livestock. Wholesale trade showed a further slight decline in June and was II% smaller than a year ago. Sales of hardware, drugs, shoes and dry goods decreased, while sales of groceries and meat increased slightly. Sales of department stores and chain stores showed more than the usual seasonal decrease during June and were smaller than last year. Mail order sales in June showed less than the usual seasonal decline and were larger than a year ago. Department stores further reduced their stocks of merchandise and slightly increased their outstanding orders. PRICES: Wholesale prices, as measured by the index of the Bureau of Labor Statistics declined more than 1% in June to a level 5% below the high point for this year. Prices of all groups of commodities, except clothing, showed declines and decreases were particularly large for building materials. During the first three weeks of July quotations on wheat, corn and hogs advanced sharply, while prices of sugar, cotton goods and iron and steel products were lower. BANK CREDIT: Commercial loans at member banks in leading cities during June and the first two weeks of July remained at a relatively constant level, considerably below the peak reached in April, while investment holdings and loans secured by stocks and bonds increased rapidly and carried total loans and investments to the high point for the year. Demand deposits, owing partly to the growth of bankers' balances at fi_ nancial centers, advanced to a record level. · At the reserve banks, there was a continued decline in discounts and an increase in purchases of government securities in the open market. As a consequence total earnings assets in the middle of July were only slightly less than at the beginning 3,941,129 3,259,606 Total gold reserves.......·-······-··················---$ 91,775,391 Reserves other than gol.......__ _ _ ............................ 3,718,572 1, 85,215,907 Total reserves ...............·-···-··-····························1, 95,493,963 Non-reserve cash_······-·············-···············-······················ 2,643,485 Bills discounted: Sec. by U. S. Government obligation~--1,074,597 Other bills discounted·-·····-·······-···-·····-··············-······ I 5,218,687 $ 88,230,536 Total bills discounted·----······---····-····$ 16,293,284 Bills bought in open market........................................ 1,558,413 U.S. Government securities: 674,850 Bonds ....·-----········································· · - - - Treasury note._,___ _ _ _ _ _ _ _ _ __ 21,815,300 5,919,000 Certificates of indebtedness·-·····"···············-············· $ 50,678,594 Gold and gold certificates held by bank ...·--·············· 3,014,629 4,592,024 19,908,521 30,770,073 25,726 981,850 10,377,800 92,000 Total U. S. Government securities..._.............. $ 28,409,150 Total earning assets ..........·----··-········'f, 46,260,847 5% Redemption fund-F. R. Bank notes·---··········· .................... Uncollected items ...... ----···········-·················· 37,584,368 Bank premises..... ·---···-···-···························-··-· 4,594,614 All other resources..·--··············-··-································· 1,379,039 TOTAL RESOURCES ................................ $187,956,316 LIABILITIES F. R. notes in actual circulation..................................$ 64,201,355 F. R. Bank notes in circulation-ne~--Deposits: l\.1ember Bank-reserve account..·-•··············-········· 74,096,263 Govern men'------····························--········· I ,971 ,006 Other deposits ... ·-········-··············.. ····-························· 382.,621 Total deposits..·-··-······---·····················1, Deferred availability items ........... ·-···········--················ Capital paid in .. ·-·-······----··-·························· Surplus ..............................·-·········-·································· All other 1iabilit1es... _.. .................. - - - - - - 76,449,890 32,798,960 4,392,350 9,495,540 618,221 $ 62,155,970 100,000 37,729,705 4,965,397 773, 233 'I, 61,296,085 14,291 79,833,o46 2 ,7o5,843 665,643 'I, 83,204,532 39,03 2,847 4,587,100 9,488,300 923,710 TOTAL LIABILITIES .. _ _ _ _ ·····$187,956,316 Ratio of total reserves to deposit and F. R. note liabilities combined Contingent liabilitiy on bills purchased from foreign correspondents ····-·········-····························· 'f, 61.0% 1,766,711 $ 1,575,533 Total clearings for week..·-···•-····-·-·-···························· $192,578,398 1,222,137 Total number of items handled ..·-······-···················-·· $172,821,204 1,128,837
@FedFRASER