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THE MONTHLY REVIEW
Of Agricultural, I ndustri<il, Trade and Financial
Conditions in the Tenth Federal Reserve District
FEDERAL
Vol. 19
RESERVE
K A NS A S
BANK
CITY, Mo., AuousT
ROP prospects in all but a few local areas of this District
C
OF
1,
KANSAS
1934
CITY
No. 8
BUSI ESS IN THE TENTH FEDERAL RESERVE DISTRICT
Percentages of Increase, or Decrease (- ), for June 1934 over May 1934 and
declined very rapidly during June as a result of extremely
high temperatures and subnormal rainfall. The excessive June 1933 and for the first six months of 1934 over the like period in 1933.
June 1934
6 Months 1934
heat and extreme drouth continued throughout the first three
Compared to
Compared to
weeks of July, injuring crops severely and generally, par- Banking
M ay 1934 J une 1933 6 Months 1933
ticularly corn which was in the critical stage of development.
Payments by check, 29 cities----------···-···11.0
13.0
22.1
Federal Reserve Bank clearings·-·-·-----·--7. 5
28.9
46.7
Much corn is now burned beyond recovery, pastures are furnishBusiness failures, number·-··----··--··------··-25.0
- 63.0
- 58.9
ing little or no feed, and there is an acute shortage of water
Business failures, liabilities .. •--·--·-----------·10. 0
8.1
- 59.3
for stock and irrigation purposes. June rains were too late
Loans, 52 member banks----·--·--------··---·2.4
- 5.9
to benefit spring grains. The winter wheat crop, although
Investments, 52 member banks.·------·-·--1.4
16.1
Net demand deposits, 52 member banks - 0.9
15.1
larger than last year, was otherwise the smallest in many years.
Time deposits, 52 member banks·--·------- - I.I
2.6
Oats, rye, and barley were very poor, with many fields being
Savings deposits, 44 selected banks._____
1.1
11.8
pastured or cut for hay. H ay crops have been short and stocks
Savings accounts, 44 selected banks --·o.8
4. 5
of old hay and feed are very low in many areas with feed sup- Distribution
26.8
6.1
Wholesalers' sales, 5 lines combined ..---- - 2.6
plies inadequate for fall needs. Forced marketings of livestock,
19.8
Retailers' sales, 30 department stores_. __ -1 8.3
due to the shortage of water and feed, are increasingly heavy.
. 6.5
Lumber sales, 1 57 retail yards_·--·---·------· - 8.2
Trade at wholesale and retail declined by somewhat more
26.5
5.2
Life insurance, written -··-····-·-----·----···-·--·
than the usual seasonal amount in June but was 6.1 per cent Construction
Building contracts awarded, value._______ --22.3
and I0.8 per cent, respectively, better than a year ago. CumuII.I
Residential contracts awarded, value..__ --29.2
lative sales during the six months' period of five representative
58.0
Building permits in 17 cities, value______ -42.3
wholesale lines were 26.8 and of thirty department stores 19.8 Production
per cent larger than in the corresponding period of the pre- 7.5
Flour ·---·---·-------·----·--···-·-·------·--·---·-·-·---·----- - 6. 5
13.8
Crude petroleum ·--···--·---·---·---·····-·-·--·--·-·· - 3. 7
ceding year. Collections were better than a year ago and
- 0.3
Soft coaL------------- · - · - - - 6.o
month-end inventories somewhat heavier. Business failures
26.4
Zinc ore (shipped) Tri-State District ·-·· - 4.4
showed a slight increase for the month but the June and six
13.1
Lead ore (shipped) Tri-State District --··
months' totals were the smallest for any corresponding periods
41.1
II.I
Cement----·-···--··--···-···---·····-··--··----------····---since 1920. Banks in twenty-nine cities reported payments Grain receipts
- 3.1
55.8
Wheat.-------·---···-··--···-·---·-·-----····--·------··----633.9
by check as 13 per cent larger in June and 22..1 per cent larger
- 33.5
46.7
Corn·-·----····-----·--·----·---··--·---·---····-·--·-·------···
for the year to July I than in the like month and six months
- 5o.7
Oats.-- -··---···-------··-··---·-----·-·--·----·-·---·-·------- -68.9
Livestock receipts, 6 markets
of 1933·
2 3·9
17.7
An unprecedentedly early harvest of spring grains was virtually
Cattle ___ ····-----------·--·--···-----------·-------·-···------- - 6.4
Calves_.________ ._ ........ __ ._ .. ____ ... -... _____ .. __ ._.._.. ____ _
32.6
1 9·5
70.2
completed by July 15. Wheat was marketed liberally, June
- 2.1
- 16.5
Hogs--·------·--··--··-·····----··----····------·-------····---- -I5.5
arrivals at Tenth District markets being the largest of record.
4.6
0.3
Sheep.---------·-··----·--··-···--··-··----·-·-··----·-----·--· --25.7
Offerings of corn, oats, rye, barley, and kafir were light. Grain
51.6
0.7
Horses and mules--·---·---·····-----------···-·------- -37.9
and hay prices strengthened during the first three weeks of Stocker and feeder shipments, 4 markets
- 12.0
- 8.9
- 15.8
Cattle·-----···-·-·-----·······-··--July as the effects of the drouth became more extensive and
Calves.--..... _____ .___ .. _______ .. _... ______ .______ .___ ._.____ _ - 42.2
- 16.5
- 34.I
acute. On July 21 all grains but barley closed well above a
17.1
- 1.3
28.5
Hogs----·-·--···----·-----------·--··---····----··--···-·-·-··-·
year ago.
I.0
- 5-3
SheeP----------·-------···-----·-------···-----·--·--·----·---- - 9.3
June marketings of cattle and calves, including Government Meat packing, 6 markets
20.0
29.6
Cattle ______ ·---····-----····-------···-···-----··--·-----·-·--· - 0.4
purchases in the drouth stricken areas, were heavy, hogs light,
86.2
18.9
65.3
Calves.--------·---·---····-----·----·---·-·--·----··--···--·-and sheep and lambs about normal. Good cattle were scarce
Hogs ____ .. __ .___ ... _._____ .. __ ._____ .. ______ ._._. ____ ._____ ._ ... - 18.5
-22.8
- 6.o
and prices advanced to close at the best levels since October,
- 4.0
- 11.7
Sheep .. ------·-----·----··-·-··-··-·---··----·-···-··----·-··-- -21.0
1932, but poorer grades declined to the year's low. Hogs
scored a sensational rise, establishing a new peak for the year.
Production of crude oil, although smaller than in May,
Sheep and lambs were sharply lower.
exceeded Federal quotas and was 6.5 per cent larger than a
Flour mills in the District produced 6. 5 per cent less flour year ago. Output of bituminous coal at mines in the District
in J une than in the previous month, but grindings were about was abnormally low for the season but larger than in May
equal to last year's volume. The slaughter of cattle and calves this year or June, 1933, as was that of cement. Shipments
for the account of the Government necessitated increased of zinc ore and lead ore from the Tri-State mines were larger
than last year.
employment and operating time at packing houses.
This C.Opy Released For Publicat ion In Afternoon Newspapers, July 28.
THE MONTHLY REVIEW
Banking and Credit
Savings in Banks
The volume of credit outstanding, at fifty-two reporting
member banks in selected cities of the District on July I I,
stood higher than on any weekly reporting date of the year,
2.4 per cent higher than four weeks earlier, and 0.9 per cent
higher than on January 3. The total as of July II was, however,
5.9 per cent below that of July 12, 1933. Loans secured by
stocks and bonds declined and those otherwise secured increased during the four weeks' period, whereas the former
increased and "all other" loans declined during the fifty-two
weeks. Investment holdings, which reached $357,278,000,
the highest level of record on March 7, totaled $340,6o7,ooo
on July II, or 1.4 per cent more than on June 13 and 16.1 per
cent more than on July 12 last year. The increases for the month
and the year were primarily in United States Government
securities.
Declines of 0.9 per cent in net demand deposits and I.I per
cent in time deposits in four weeks, and increases of I 5.1 per
cent in net demand deposits and 2.6 per cent in time deposits
since July 12, 1933, were recorded. Government deposits in
these banks were much higher on July I I than four weeks or
one year earlier.
The total of bills rediscounted for member banks at the
Federal Reserve Bank of Kansas City and branches showed a
further loss during the four weeks' period ended July II, dropping below $200,000 for the first time of record. Present
holdings amount to $187,218 as compared with $8,250,426
shown by the weekly condition statements of July 12, 1933,
and 1,119,193,652 on November 5, 1920, when they were the
highest. Acceptances held by this bank have shown but slight
change in recent weeks and are also low.
Holdings of United States Government securities rose $1,600,000 in four weeks and on July II were $30,298,100, or 48 per
cent larger than on July 12, 1933. Member banks' reserve
deposits continued to increase, showing a gain of 1.9 per cent
since June 13, carrying the total as of July II to $143,019,907,
a new high, which is 48.3 per cent above a year ago. Federal
reserve note circulation expanded 3.2 per cent in four weeks
but declined 1.7 per cent in fifty-two weeks.
Principal resource and liability items of the fifty-two reporting member banks and of the Federal Reserve Bank of Kansas
City, as of three dates, follow:
The combined reports of savings accounts and savings
deposits in forty-four selected banks in cities of the Tenth
District showed gains during June of o.8 per cent in the number
of depositors and I. I per cent in the amount of deposits. Deposits as of July I this year were II.8 per cent higher than on the
like date last year and accounts were 4.5 per cent more numerous.
Savings accounts and savings deposits as reported by the
forty-four banks for the three dates mentioned:
REPORTING MEMBER BANKS
Loans and investments-total..
Loans and discounts-totaL __ _
Secured by stocks and bonds
All other loans and discounts
lnvestments-tota.~- - U. S. securities ........................
Other bonds, stks., and sec .._.
Reserve with F. R. Bank ..........
Net demand deposits..................
Time deposits ..............................
Government deposits..................
July 11, 1934 June 13, 1934
1,547,522,000 1,537,909,000
202,164,000
2o6,915,ooo
60,983,000
59,044,000
141,181,000
147,871,000
340,6o7,ooo
335,745,000
227,242,000
221,769,000
I 13,365,000
I 13,976,000
82,405,000
83,733,000
420,645,000
424,625,000
165,804,000
167,565,000
16,629,000
25,310,000
July 12, 1933
1,513,331,000
219,944,000
57,824,000
162,120,000
293,387,000
185,573,000
107,814,000
61,482,000
365,365,000
161,598,000
10,231,000
FEDERAL RESERVE BANK
July II, 1934 June 13, 1934 July 12, 1933
Total reserves.............................. $168,536,363 1,162,759,243 $157,197,918
Bills discounted.--·······················
187,218
214,281
8,250,426
Bills purchased............................
142,109
142,121
205,577
U. S. securities............................
93,444,200
91,844,200
63,1.46,100
Total bills and securities............
93,773,527
92,200,602
71,602,103
Total resources............................
295,465,542
291,188,024
259,273,623
F. R. notes in circulation..........
110,378,no
1o6,939,510
112/260,375
F. R. bank notes in cir.-net....
...............•....
....................
976,000
Member banks' reserve deposits
143,019,907
140,346,397
96,458,609
The discount rate of the Federal Reserve Bank of Kansas City, on all classes
of paper and maturities, remains unchanged at 3 per cent.
Savings Deposits
1,n1,002,o63
109,836,557
99, 251,5 29
Savings Accounts
July 1, 1934-______
381,285
June 1, 1934-----·------378,091
July 1, 1 9 3 . i - - - - - - - - 364,973
Bank Debits
Debits to individual accounts, as reported by banks in
twenty-nine leading cities of the District, for the five weeks
ended July 4, aggregated $1,096,669,000, or II per cent above
the total reported for the preceding five weeks and 13 per
cent above that for the corresponding five weeks of 1933.
Check payments during the first twenty-six weeks of 1934
aggregated $5,195,032,000, an increase of $940,512,000, or
22.1 per cent over the like period last year.
PAYMENTS BY CHECK
(In thousands of dollars-ooo omitted)
FIVE WEEKS ENDED
TWENTY-SIX WEEKS ENDED
July 4, 1934 July 5, 1933
July 4, 1934 July 5, 1933
Albuquerque, N. M ..... ,,
10,182 ,,
6,537 ,,
48,701 $
35,4 22
3,736
3,617
16,540
15,2o6
Atchison, Kans.·---·····
Bartlesville, Okla.·--···
23,516
23,503
125,356
105,79 1
4,652
4,692
21,834
2I,II4
Casper, Wyo.·--···········
Cheyenne, Wyo ...........
7,030
5,365
31,069
25,9o6
Colorado Springs, Colo.
12,162
u,289
63,531
56,01-4
Denver, Colo...............
142,631
II 8,II7
710,350
573,62I
Enid, Okla...................
14,956
13,546
50,156
40,28 I
Fremont, Nebr.._.........
2,467
2,136
13,oo6
9,495
Grand Junction, Colo.
2,037
1,340
10,407
6,507
Guthrie, Okla ...............
1,341
1,801
8,014
6,434
Hutchison, Kans .........
21,143
15,599
62,444
52,42 1
Independence, Kans ...
5,077
2,989
25,768
14,150
8,496
7,850
42,3o6
39,i85
Joplin, Mo·-················
Kansas City, Kans .....
12,461
u,689
59,580
56,205
Kansas City, Mo ..- .....
314,033
312,896
1,480,o68
1,288,738
3,692
3,946
17,429
16,942
Lawrence, Kans.·-·······
Lincoln, Nebr....- .........
27,556
22,974
139,073
105,514
6,321
6,984
38,346
32,028
Muskogee, Okla.·-·······
Oklahoma City, Okla.
93,154
77,929
430,439
333,oo6
2,834
2,768
14,610
I 1,386
Okmulgee, Okla•..........
Omaha, Nebr...............
148,495
130,899
7o6,387
578,9S7
18,425
Pittsburg, Kans...........
3,554
3,073
16,97o
18,529
II,640
79,301
57,6I2
Pueblo, Colo.·--···········
11,341
10,375
43,o63
35, 108
Salina, Kans--········
30,819
29,601
I 54,594
124,989
St. Joseph, Mo.·--·······
15,788
14,725
80,647
73,7o6
Topeka, Kans.·--·········
Tulsa, Oki...__ __
97,996
71,677
503,077
354,5°6
50,670
40,861
200,51 I
167,276
Wichita, Kans .............
Total 29 cities ............_ $ 1,096,669 $
970,418
$ 5,195,032 $ 4,254,5 20
Federal Reserve Bank Clearings
During the first six months of 1934 clearings through the
Federal Reserve Bank of Kansas City and its branches at
Omaha, Denver, and Oklahoma City totaled 31,094,435 items
representing $4,360,409,000. There was an increase of 34·9
per cent in the number of items handled and an increase of
46.7 per cent in the aggregate amount as compared to the first
six months of 1933. Clearings for the month of June showed
increases over a year ago of 9.3 per cent in items and 28.9
per cent in amount.
The clearings figures for June and the six months:
ITEMS
June ............ _....
May..........·-····
Six month~.._-,
1934
4,808,092
4,780,073
J1 1094,435
1933
4,400,107
4,213,096
23,050,578
AMOUNT
1934
$ 757,828,000
704,981,000
-4,360,409,000
1933
,, 588,055,000
524,805,000
2,972,639,000
THE MONTHLY REVIEW
3
RETAIL TRADE AT 30 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
STOCKS (RETAIL)
AccouNTS RECEIVABLE
Stores
June 1934
Year 1934
June 30, 1934
Report- compared to compared to
compared to
ing
June 1933 Year 1933 May JI, 1934 June 30, 1933
Kansas City........ 4
8.3
18.8
- 5.7
7.3
Denver._............... 4
6.6
16.7
- 5.7
IO.I
Oklahoma City.... 3
21,2
25.3
- 5.6
2.I
Tulsa .... _.............. 3
14.0
18.7
- 5.6
8.9
Wichita................ 3
19-3
25.0
2.0
28.7
Other cities .......... 13
I0.9
20.8
- 5.2
I0.6
STOCK Tua.NOYER.
J unc
Ycar
1934 1933 1934 1933
.18
.18 1.25 1.07
,28
,JO I.66 I,S4
,JO
,26 2,09 I.72
.30
.30 2.26 2.44
-23
.24 1.59 1.47
,22
,22 I,46 I,J9
AMOUNTS CoLLECTBD
June 30, 1934
June 1934
compared to
compared to
May JI, 1934 June 30, 1933 May 1934 June
- 7.6
3.6
14.3
- 2.2
5.9
3.9
- 1,2
7.6
- I.6
- 3.8
5.9
9.3
- 3.7
9.'2
7.6
- 9.2
- 4,2
I 1.9
Tntal
30
10.8
19.8
- 5.3
9.0
.24
.24 1.56 1.42
- 4.8
3.4
NOTE: Percentage of collections in June on open accounts May 31, all stores reporting 44-I. Collections same month last year 38.5.
Failures
Commercial failures in this District and the United States during June and the half year were the smallest, both in the number of defaults and the amount of liabilities involved, for any
like month or six months since 1920. The June totals for the
District and the United States exceeded the May totals.
Business insolvencies as reported by Dun and Bradstreet,
Inc.:
T ENTH DISTRICT
Number
J unc 19J+--·························
40
May 1934--···························
32
June I933·--·························
108
Six months 1934..................
253
Six months 1933..................
616
UNITED STATE S
Liabilities
$ 936,652
851,327
1,019,170
3,599,744
8,851,907
Number
1,033
977
I,648
6,577
12,723
Trade
Liabilities
$ 23,868,293
22,560,835
35,344,909
151,793,76o
327,590,748
1933
20.6
22.2
18,8
36.4
31.4
19.8
22-4
Implement dealers report sales volume the best in three
years, with collections showing a substantial improvement
over last year.
Life Insurance
Reports to the Life Insurance Research Bureau indicate
sales of new ordinary paid-for life insurance, in the seven
states of this District, were larger in June than in any previous
month since December, 1931. June sales totaled $45,768,000
as compared to $43,374,000 in May and $32,946,000 in June,
1933. Sales for the first six months of 1934 aggregated $245,786,000, or 26.5 per cent more than for the first half of 1933.
The sales totals by individual states are shown herewith:
Colorado·---·································
Kansas .... _ _ _ _ _ __
Missour...
· _ _ _ _ _ __
Nebraska.................. _ _ _ _
New Mcxico·---···························
Oklahoma.-_ _ __
Wyoming_··-- - - - - -
'f,
J une 1934
9,I'.26,000
6,260,000
17,953,000
4,766,000
745,000
5,996,ooo
922,000
May 1934
.,, 4,439,000
5,451,000
20,96o,ooo
5,104,000
593,000
5,937,000
890,000
June 1933
'f,
4,'.210,000
4,499,000
14,372,000
4,317,000
RETAIL: June sales of thirty department stores in Tenth
57'4-,000
District cities showed a decline of 18.3 per cent from the pre,f.,365,000
ceding month, or somewhat more than the customary rate,
009,000
but were 10.8 per cent larger than in June last year. Sales
'f, 45,768,000 'f, 43,374,000 .,, 32,946,000
statcs·--·····---for the first six months of 1934 stood 19.8 per cent above the Seven
Unitcd Statl"S.___ __
588,421,000
475,911,000
556,379,000
dollar volume reported for the first six months of 1933. Stocks
Lumber
of merchandise on hand at the close of June were 5.3 per cent
smaller than a month earlier but 9.0 per cent larger than at
The lumber trade in the Tenth District during June, as
the end of last June.
reported by 157 retail yards, was 8.2 per cent smaller in board
Collections showed a slight improvement for the month, feet than in May and 17.8 per cent less than in June of last
averaging 44.1 per cent of the amounts receivable on May 31 year. Dollar sales of all materials at these yards declined
as compared with collection percentages of 42.1 per cent in 17.6 per cent for the month but were 28.8 per cent larger than
May this year and 38.5 per cent in June, 1933.
in June, 1933.
WHOLESALE: Reports of wholesale firms, representing
Inventories were unchanged for the month and on June 30
five leading lines, showed the combined dollar volume of their were on1y slightly smaller than one year earlier. Collections
June sales was 2.6 per cent below that for May, the first de- were not as good as in the preceding month but were much
crease reported since 1930. June sales were, however, 6.1 per better than a year ago. June collections averaged 32.7 per
cent larger than a year ago and accumulative sales for the cent of amounts outstanding at the close of the previous month
six months' period showed a gain of 26.8 per cent. Considered as compared to 35.1 per cent in May this year and 22.7 per
by separate lines, sales of dry goods and furniture were smaller cent in June last year.
in June than in either May this year or June last year and those
A summary of the reports covering 1 57 retail yards follows:
of groceries and drugs larger. Sales of hardware declined for
June 1934 Compared to
May 1934
June 1933
the month and increased for the year. Increases reported for
of lumber, board feet................................
- 8.2
- 17.8
the half year were as follows: dry goods, 29 per cent; grocer- Sales
Sales of all materials, dollars............................
- 17.6
28.8
ies, 5; hardware, 38; furniture, 51; and drugs, 39 per cent.
Stocks of lumber, board fee ...____
- o.I
2.2
All lines reported a slight reduction in inventories the past Outstandings, end of month..............................
- 3.0
- 5.6
An increase of 29 per cent in national lumber production
month but stocks on hand June 30 were somewhat larger for
and decreases of 4 per cent in shipments and 8 per cent in
each line, except groceries, than one year earlier.
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
Stores
Reporting
Dry goods ...................... 6
Groceries.... - - -- 5
Hardwar...__ _ _ _ 9
Furniture.- ·-·················· 4
Drug..____ _ 7
June 1934 compared to
May 1934
June 1933
-17.3
-14.4
8.4
- 0.4
- 4·'48.6
- 14.2
- 5.6
1.6
32.4
0UTSTANDINGS
June 30, 1934 compared to
May 31, 1934 June 30, 1933
- 4.8
-II.7
- 0.7
-25.3
- 0.5
3.3
-10.7
-17.6
- 3.3
- 4.5
AMOUNTS COLLECTED
STOClt.S
June 30, 193,f. compared to
June 1934 compared to
May 1934
June 1933 May 31, 1934 June 30, 1933
- 4.8
14.2
- 3.8
30.1
18.6
20.5
- 3.1
-11.9
5.2
24.3
- 3.4
31.5
- 1.7
62.6
- 7.3
21.4
- 0.4
9.2
- 0.7
19.9
THE MONTHLY REVIEW
4
orders booked, during the twenty-six weeks of the year to July
1, as compared to the like period last year, is indicated by
reports of identical mills to the National Lumber Manufacturers Association.. Shipments fell 9 per cent and orders 3
per cent below output for the same period.
Gross stocks on hand at mills on June 30 were equivalent
to 153 days average production as compared with 130 days
on the like date in 1933. Carloadings of forest products, including lumber, in twenty-five weeks totaled 574,790 cars
this year and 443,005 cars last year.
Building
Tenth District building operations slumped in June, the
total value of contracts awarded throughout the District, as
reported by the F. W. Dodge Corporation, being 22.3 per cent
less than in May and 12.9 per cent less than in June, 1933.
Residential construction shared in these declines, with losses
of 29.2 and 60.7 per cent, respectively. Both total and residential awards established new lows for June.
Construction during the half year was above the 1933 volume, all awards showing a gain of 75 per cent and residential
awards a gain of 1 I. 1 per cent. Total and residential awards
for the six months' period, although the heaviest in three
years, were respectively equal to but 36 per cent and 22 per
cent of the average expenditures for the past eight years.
Building operations in the Tenth District and the United
States as reported by the F. W. Dodge Corporation:
TOTAL BUILDING CONTRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1934
1933
1934
1933
June ............. . 1, 3,854,836 1, 4,428,226
f,127,131,200 f,102,980,100
May ..............
1
1
4,963,914
4,094,54
34,445,700
77, 171,700
Six months.-.
855,610,500
432,751 ,600
34,443,075
19,679,222
June..............
May..............
Six months.-.
R ESIDENTIAL CO TRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1934
1933
1933
1934
1,
529,486 $ 1,347,247
1, 26,580,200 1, 27,768,200
747,871
801,775
24,847,200
26,519,700
5,1 31,451
4,619,882
131,904,200
113,208,700
Building departments in seventeen reporting cities of the
District issued 265 fewer permits in June than in May and
20 less perm.its than in June a year ago. Estimated construction costs showed a decline of 42.3 per cent for the month and
a gain of 26.1 per cent for the year. Permits issued for the
calender year to July 1 increased 7.9 per cent and expenditures
increased 58 per cent over the like period of the preceding year.
BUILDIN G PERMITS IN TENTH DISTRICT CITIES
ESTIMATED CosT
PERMITS
1934 1933
1933
1934
1, 134,710
1, 16,681
Albuquerque, N. M-·--···············
58
47
Cheyenne, Wyo ...........................
26
20,960
13,282
45
28
Colorado Springs, Colo.·-···········
19,986
14,585
37
Denver, Colo ...............................
226
229,792
215,135
393
Joplin, Mo ...................................
IO
1,900
4,830
9
Kansas City, Kans .....................
10,275
30
17,9 15
33
Kansas City, Mo .........................
126
l 54,100
124,300
229
Lincoln, N ebr.·-·············· ............
96
56,149
36,537
47
Oklahoma City, Okla .................
68
50,164
76,o75
79
Omaha, Nebr ...............................
80
101,729
136,569
96
10,625
46
12,719
Pueblo, Colo.·-·····························
45
Salina, Kans .................................
6
II
1,440
4,800
Shawnee, Okla .............................
6
1,500
3,650
9
St. Joseph, Mo ..-.........................
20
12,125
28,270
27
26,060
20,365
Topeka, Kans.·--·························
37
53
62
162,579
31,145
Tulsa, Okla.·-·······························
49
Wichita, Kans .............................
17,848
16,968
49
43
Total 17 cities, June....................
Total 17 cities, May·- -···············
Total 17 cities, 6 months·--·······
1,103
1,368
6,104
1,123
1,289
5,657
1, 995,833
1,7 25,935
6,332,169
1, 789,935
818,428
4,oo6,454
Flour Production
Tenth District mills, reporting weekly to the Northwestern
Miller, were operated at 58.6 per cent of full-time capacity
during June as compared with 6o.4 per cent in May and 59.5
per cent in June, 1933. Output of flour totaled 1,8n,213
barrels this month, 1,937,262 barrels last month, and 1,836,688
barrels a year ago. Production for the wheat year ended June
30 totaled 21,391,779 barrels, or 10.4 per cent less than in the
preceding wheat year.
Tentative estimates indicate a decline of 8.8 per cent in the
production ·o f flour in the United States for the crop year
ended June 30 as compared to the previous crop year. Grindings for eleven months, as reported by the Department of
Commerce, totaled 397,056,000 bushels of wheat and an output of 86,666,000 barrels of flour as against 434,922,000 bushels
of wheat and 94,886,000 barrels of flour for the like period
last year. The decline in output is attributed to an increase
in custom grinding by nonreporting mills, a reduction in consumers' stocks, and slight additional declines in domestic
consumption and exports.
Flour production in this District during June and the wheat
year, as estimated from the weekly reports of southwestern
mills to the Northwestern Miller, with comparisons:
Atchison ................
Kansas City.. ·-·····
Omaha................. .
Salina ....................
Wichita·--·············
Outside................. .
June
1934
112,415
496,936
I I 1,344
1 4 1 ,397
121,634
827,487
M ay
1934
129,220
522,076
I I 1,458
146,461
166,997
861,050
June Wheat Year Wheat Year
1933
1933-34
1932-33
130, 235 1,344,938 1,558,75o
481,716 5,765,276 6,852,383
110,403 1,230,238 1,239,166
121,276 1,663,891
1,867,9II
162,236 1,872,798 2,353,531
830,822 9,514,638 10,ou,839
TotaL................... 1,811,213 1,937,262 1,836,688 21,391,779 23,883,580
*United S'tates..._. 5,049,871
5,370,405 5,459,270 61,880,522 68,272,704
*Represents about two-thirds of the total output in the United States.
Wheat and flour prices having advanced rapidly in May,
the flour trade was hesitant the forepart of June, but as values
weakened inquiry improved and several large and round lots
were sold the closing weeks of the month. Many bakers were
reported lightly covered as to July requirements and most
sales were for immediate or near-by shipment. Bookings
being limited to ninety days under the millers code, which
became effective June 21, bakers purchased requirements
only until September instead of December as heretofore.
Contracts are well cleared up due to good shipping directions
and the cancellation of old orders by many plants. Flour
closed about 25 cents per barrel lower for the month.
Demand for millfeed for immediate delivery was active the
greater part of June and prices advanced, but as rains relieved
the feed situation, demand contracted and prices declined at
the close for a net gain of about $2. 50 per ton.
Grain Marketing
With harvest two to three weeks earlier than usual, June
receipts of wheat at the five principal market centers of the
District were unprecedentedly large, exceeding the previous record movement of last year by 55.8 per cent. Arrivals were
the heaviest for any month since July, 1932, and carried the
totals for the six markets this year within 8 per cent of normal.
For the crop year beginning July 1, 1933, and ending June 30,
1934, receipts of wheat at these markets were the lightest in
many years, totaling 94,598,050 bushels this year as compared
to 143,457,550 bushels last year and 263,555,050 bushels for
the year ended June 30, 1932, the all-time high. The 1934
wheat crop will be substantially short of domestic requirements, necessitating heavy additional reductions in the carryover estimated at 250,000,000 bushels.
THE MONTHLY REVIEW
Although prices advanced, marketings of corn were light,
being 58 per cent below the ten-year average for June and the
smallest for the month of record, June, 1932, excepted. Oats
were in only 23 per cent of normal supply, with receipts lighter
than for any month in fifteen years of record. June receipts
of barley were the smallest since 1927 and 52 per cent below
normal. Offerings of kafir increased both as compared to May
this year and June last year but were 47 per cent short of the
average. In June, 1933, marketings of wheat, corn, oats, and
rye, stimulated by sharply higher prices, were extremely heavy.
Receipts of grain at the five markets in June and six months
this year with comparisons:
Hutchinson ......
Kansas City... _.
Omaha..............
St. Joseph·---···
Wichita._ ...........
June 1934..........
May 1934..........
June 1933 ..........
6 Months 1934..
6 Months 1933..
Wheat
Bushels
6,629,850
8,948,800
2,473,6oo
534,400
7,263,000
25,849,650
3,522,300
16,596,100
46,8n,300
48,305,000
Corn
Bushels
3,75°
796,5 00
518,000
454,500
113,100
Oats
Bushels
Rye
Bushels
Barley
Bushels
106,000
30,000
102,000
1,500
10,500
15,400
14,400
17,600
3,500
2,600
- - -
1,885,850 239,500
1,285,150 770,000
6,401,650 1,505,500
14,591,450 2,829,000
21,936,300 5,737,000
Kafir
Bushels
61,100
159,600
2,600
---- ---- - - - 25,900
14,400
u9,300
244,800
437,000
38,100
30,400
56,45o
2 75,55°
3o4,3oo
223,300
181,200
94,800
959,000
775, 100
Mid-July grain prices, although somewhat below the speculative peaks of a year ago, are more truly reflective of the actual
supply and demand situation and crop prospects. Wheat
prices, which moved up rapidly in May, reacted somewhat in
June with a net loss of about 6 cents per bushel which was
recovered in July following the Government's forecast reducing crop estimates unexpectedly. Receipts of new crop
winter wheat are of superior quality and cash grain is selling
at a good premium over futures. Corn, oats, and barley prices
registered slight increases in June, whereas quotations for
rye and kafir declined. As the drouth continued in July,
anxiety over the corn crop increased and prices stengthened.
Offerings of hay were light and readily absorbed at advancing
prices.
Cash grain prices at Kansas City in cents per bushel as of
the dates indicated:
No.
No.
No.
No.
No.
No.
1 dark wheat............
2 mixed corn ............
2 white oats ..............
2 rye ..........................
2 barley·---···············
2 kafir........................
July 16 June 30 May 31 July 15 June 30 May 31
1933
1933
1933
1934
1934
1934
$1.07½ $ .89½ $ .69
$ .97½ $ .87½ $ .95
.61 ¾
.40½
.58
.59½
.55
•49
.41
.42
.25
.47
.43
•44½
.48
.67
.72
.96
.69
.77
.62
.30½
.58
.55
.53
•44
.82
1.18
I.00
1.27
I.OJ
1.45
Production and disposition of all wheat the past five years,
al estimated by the Department of Agriculture, is shown in
the following table in thousands of bushels:
I 929···--·····
1930·----···
l9JL-- ·····
1932.- - -···
1933·----·--
Production
822,180
889,702
932,221
744,076
527,413
Used for
Seed
83,930
81,o60
80,098
82,922
76, 181
Fed to
Livestock
59, 152
157,5 17
171,258
122,529
70,912
Ground for
Home use
6,973
10,538
14,9 17
15,724
15,94 1
Sold or
for Sale
672,81 l
641,329
668,754
524,0 47
368,192
STOCKS OF GRAIN ON FARMS JULY 1: Farm stocks
of wheat, in the seven states of this District, which on July 1,
1932, totaled 51,799,000 bushels, were reduced to 28,313,000
on July I last year and to 23,539,000 bushels on July I this
year. Farm stocks of oats have declined from 27,835,000
bushels to 14,791,000 during the two year period. Holdings
of corn, although about 53,000,000 less than a year ago are
18,108,000 bushels larger than two years ago.
5
Stocks of wheat, corn, and oats, on farms in the seven states
July 1, as reported by the United States Department of Agriculture:
Colorado.__ ···········
Kansas ..................
Missouri ................
Nebraska ..............
New Mexico·---···
Oklahoma._ ...........
Wyoming ..............
Seven states·-·······
United States ...--.
All Wheat
1934
1933
7 14
7°9
9,201
14,421
1,664
1,259
6,990
7,009
132
45
4,633
4,363
278
434
23,539
6o,995
28,313
82,187
Corn
1934
1933
1,6'82
2,568
30,006
I 5,978
22,273
43,020
78,469
64,376
312
283
1,460
6,479
103
63
107,070
16o,002
47o,355
627,998
Oats
1934
1933
702
822
3,637
3,916
4,207
92
1,718
519
4,494
4, 0 53
14,096
28
2,401
624
14,79 1
107,580
26,518
204,384
Crops
June rains were inadequate for crop needs and the benefits
only temporary. Abnormally high temperatures the final
week of June and the first three weeks of July, a continued
shortage of both surface and subsoil moisture, and insect
injury resulted in serious crop deterioration.
Acreages harvested or remaining for harvest in the District
on July I of winter wheat, flaxseed, white potatoes, dry beans,
and alfalfa hay are somewhat larger this year than last but
smaller for all other crops. The total crop acreage is somewhat less than last year due to reductions under A. A. A. pr0grams and the heavy abandonment of small grains. Production of winter wheat, flaxseed, peaches, and pears is forecast
as above a year ago. Only two crops, tobacco and peaches,
are expected to exceed the five-year average production.
Moisture supplies were too late to benefit wheat materially
and Government estimates for the Tenth District showed
little change between June I and July I. A winter wheat
crop about 20,000,000 bushels greater and a spring wheat
crop 4,000,000 bushels less than the short yields of last year
is indicated for the District by the July I estimates of the United
States Department of Agriculture. Production of winter
wheat is tentatively placed at 143,317,000 bushels, or 48 per
cent of the 1927 to 1931 average yields and of spring wheat
at 4,490,000 bushels, or 43 per cent of the average. Harvest,
which is virtually completed, was early, grain ripening prematurely under excessive temperatures but quality was good
and the protein content high. June marketings were Ii beral.
Corn prospects, which on July I promised a crop of 3o6,735,ooo
bushels for the District as compared to 389,334,000 bushels
harvested last year, have been reduced tremendously the past
three weeks. Dry subsoil retarded root development and the
intense heat during the tasseling or critical period resulted in
a stunted growth and firing, with many fields now burned
beyond recovery. The Kansas State Board of Agriculture
reported the outlook in that state reduced from 66 per cent
of normal on July I to 36 per cent on July 16. Early corn
suffered the greatest injury and late corn, which in scattered
areas holds fair promise, is seriously in need of immediate rains
and a return to normal temperatures. On July I corn was
reported good in northeastern Nebraska, fair to good in north
central Colorado, eastern Kansas and Wyoming, but only
fair to very poor elsewhere, being a near failure in Oklahoma.
Grain sorghums have withstood the drouth somewhat better
than corn and a larger acreage than usual is being planted in
an attempt to alleviate a shortage of other feeds. Some corn
fields are being plowed and planted to sorghum. Planting
has been delayed in dry areas where much late planted seed
has not germinated.
The unprecedented low condition of hay and pastures declined further in recent weeks. Harvesting of the second cut-
6
THE MONTHLY REVIEW
IBE ESTIMATEU PRODUCTION AND ACREAGE, HARVESTED OR REMAINING FOR HARVEST, OF CROPS IN THE UNITED STATES AND
mE SEVEN STATES OF THIS DISTRICT, AS ESTIMATED BY THE UNITED STATES DEPARTMENT OF AGRICULTURE, JULY 1
(In thousands of units, ooo omitted)
PRODUCTION
ACREAGE FoR. HAR.VEST
UNITED STATES
SEVEN STATES
SEVEN STATES
UNITED STATES
Indicated Harvested 5-Yr.Av.
Indicated Harvested 5-Yr.Av.
July I
Revised
July I
Revised
1933 1927-1931
July I, 1934
1933 1927-1931
July 1, 1934
1934
1933
1934
1933
All wheat, bu _ _ _ _ __
483,662
527,978
886,359
16,827
14,662
43,996
47,518
163,371
145,979
342,688
Winter wheat, bu .....................
137,47 1
I 58,881
394,268
351,6o8
632,o61
16,212
13,792
32,485
28,446
332,227
82,9II
160,261
192,838
8,508
10,461
615
870
10,450
16,762
4,49o
Spring wheat, bu··-···················
Corn, bu .......... _ _ _ _ __
2,113,137 2,343,883 2,516,307
410,500
22,447
28,503
92,526
102,397
503,516
602,743
Oats, bu .....................................
72,661
111,674
171,730
567,839
731,524 1,186,956
5,8 22
7,03o
33,348
36,704
Barley, bu _ _ _ _ _ __
1,172
1,833
8,712
10,108
125,155
156,988
270,444
10,384
21,421
36,948
2, 203
17,194
21,236
40,950
265
287
2,260
2,358
1,323
4,547
Rye, bu.·--·································
Flaxseed, bu •. _ _ _ _ __
60
42
1,133
1,286
251
462
5,599
6,806
18,664
34 1
8,187
10,972
11,829
52,020
65,983
72,250
8,538
8,631
53,15 2
53,947
Tame hay, tons·----·················
Wild hay, tons ......................... .
3,261
4,286
4,505
4,911
10,865 • 12,315
1,936
5,455
8,633
11,368
Alfalfa hay, tons _ __
19,927
24,907
23,61 I
3,631
3,559
12,249
12,780
6,273
6,749
4,95o
Clover and timothy, tons........
2,002
3,021
2,130
2,396
22,040
23,869
1,054
17,647
25,070
33,6o3
White potatoes, bu ...................
30,721
33,050
4o,477
348,09 2
320,353
365,556
414
373
3,383
3,197
Sweet potatoes, bu •..................
2;644
64,924
65,073
62,386
2,515
2,839
33
33
770
761
2,211
2,465
10,429
12,280
II,594
Dry beans, 100 lb. bags·--·······
610
579
1,742
1,671
1,571
Sugar beets, short tons ............
4,288
4,269
7,902
II,030
7,854
334
364
960
1,036
3,3 2 4
Tobacco, lbs..-...........................
5,610
7,412
7
8
1,365
1,770
5,185
1,039,517 1,385,107 1,470,556
ApJ?les, bu .................................
I I 2,0II
142,98'1
I 56,303
6,784
7,072
7,7°3
Peaches, bu ......... _ _ __
921
3,178
48,7 20
44,942
57,9 19
6o2
1,092
22,431
21,192
22,540
Pears, b u ~ - - - - - -
ting of alfalfa, which as the first was light, is almost completed,
with rains needed to insure the start of growth for a third crop.
Cutting of wild hay has commenced and although yields are
light, quality is good and the crop is free from weeds. Pastures
in the Blue Stem area of Kansas and northeastern Nebraska
are fair to good but are furnishing little or no feed in other
sections of the District. Yields of oats, rye, and barley were
short and many fields were pastured or cut for hay. Although
much of the land seeded to hay crops last spring has been
abandoned, there is a good demand at higher prices for the
short crop of alfalfa seed for late summer sowing.
Garden truck, potatoes, and fruit were seriously impaired
by the drouth. The Kaw Valley potato acreage was increased
12 per cent this year but yields are about equivalent to the
low ones of last year. Oklahoma reports the early commercial
crop as much better than last year and prospects in the commercial areas of Nebraska and Colorado are also better. Final
returns for Wyoming will depend on July and August weather
conditions. Hot weather reduced the size and quality of peaches
in Oklahoma where prospects were good. Apples are reported
unusually free from insect injury and, although the June drop
was normal, the fall is now becoming excessive. Grapes have
withstood the drouth well.
Grasshoppers and chinch bugs have damaged cr~ps generally
and Government control measures to combat these pests
have been extensive. Supplies of irrigation water are becoming short.
Production of cotton is not yet officially estimated but the
acreage under cultivatibn in the United States on July I shows
a reduction, under the Government's cotton acreage control
program, of 31.4 per cent from a year ago. Present acreage
is the smallest since 1905.
The acreage of cotton in cultivation on July I:
Oklahoma..·-·····
Missouri............
New Mexico... -.
United States._.
Area in Cultivation
July I
July I
1934
1933
2,645,000
4,133,000
289,000
473,000
97,000
129,000
28,024,000
40,852,000
Per cent of
1933
64
61
75
68.6
10 Yr. Aver.
Abandonment
1924-1933
3.1
3.0
6.2
2.4
The progress and condition of cotton in this District is
reported fairly good with fields clean but needing moisture.
The planted acreage in Oklahoma was reduced 36 per cent,
Missouri 39 per cent, and New Mexico 25 per cent from that
of 1933.
A brief summary of the national outlook for crops on July
1, as reported by the Department of Agriculture, follows:
WINTER WHEAT: Excepting 1930, the smallest crop since 1902.
SPRING WHEAT: The smallest crop in fifty-four years.
ALL WHEAT: Smallest quantity produced since 1896.
CORN: Excepting 1930, smallest prospective yield since 1goo.
OATS: The smallest acreage since 1905 and crop since 1890.
RYE: Acreage the smallest in twenty-two years and the yield the lowest
of record, with 44 per cent of the crop required for seed.
BARLEY: Acreage remaining for harvest the smallest since 1926 and the
per acre yield the lowest on record.
ESTIMATED PRODUCTION OF LEADING FARM CROPS IN THE UNITED STATES AND THE TENTH FEDERAL RESERVE DISTRICT
From Reports of the United States Department of Agriculture and State Boards of Agriculture, in thousands of units, ooo omitted
TAME HAY .
WINTER. WHEAT
· SPRING WHEAT
CoR.N
OATS
BAR.LEY
PoTAToE's
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Tons
July Est.
Yield July Est.
Yield July Est.
Yield July Est. Yield July Est. Yield July Est.
Yield July Est.
Yield
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
1934
1933
Colorado ................
4,824
2,412
1,960
3,500
9,616
22,044
2,486
4,131
3,096
6,880
10,010
13,050
1,546
1,993
Kansas ................... .
1,367
1,608
80,266
57,452
72
52
73,444
80,431
20,6oo
25,976
2,445
3,264
2,475
2,436
19,008
16,6oo
33
39 129,188 141,446
16,489
32,634
165
204
2,750
2,808
1,643
2,547
Missouri--·············
Nebraska................
16,024
25,894
1,345
3,312 179,613 234,698
10,852
23,373
2,600
8,390
9,072
8,625
1,938
2,858
New Mexico..........
495
1,210
176
275
2,140
3,332
504
836
168
234
585
640
334
352
Oklahoma.. - .. - ......
37,674
33,095
15,274
19,485
19,794
21,478
860
720
2,769
2,484
546
59 1
Wyoming_.............
813
1,023
590
808
904
1,330
1,225
2,080
1,936
3,246
1,050
1,729
3,o6o
3,007
Seven 1tate•·----···
Tenth DistricL--.
.United StatC1.·-··-
I 58,881
143,317
394,268
137,471
123,614
351,6o8
4,490
4,397
82,911
8,508 410,500 503,516
8,376 3o6,735 389,334
160,261 2,n3,137 2,343,883
72,661
58,324
567,839
111,674
84,234
731,524
10,384
10,250
125,155
21,421
21,200
156,988
30,721
28,168
348,092
33,050
30,473
320,353
8,187
6,635
52,020
10,972
8,675
65,983
7
THE MONTHLY REVIEW
HAY: Production expected to be 'l'l per cent lower than in any previous
season in the fifteen years of comparable estimates. As stocks of old hay arc
small, the fall supply will be the lowest in many years.
PASTURES: The July I condition of 48.9 per cent of normal is the lowest
in fifty years and compares with 60.5 in 1933, 67.2 in 19n, and 69.9 in 1883,
other years of low condition.
WHITE POTATOES: Acreage for harvest nearly 6 per cent larger than
last year, with production nearly 9 per cent larger but 5 per cent below the
average.
C~~ON: Planted acreage the smallest since 1905, and the acreage under
cult1vat1on July I was 31.4 per cent less than a year ago. Prospective yields
13 per cent below the average of the past thirteen years.
FIELD CROPS: The harvested acreage will probably be the smallest in
twenty-five years.
·
Livestock
G?vernment purchases of cattle in emergency d routh areas,
commg to market for processing or reshipment, and forced
marketings, due to a shortage of feed and water, swelled market
receipts of cattle and calves at central markets in June and the
forepart of July. The six principal markets of the District
received more cattle in June, 1934, than in any like month
since 1926 and calf receipts were the largest since 1925. June
marketings of cattle were 10.5 and calves 35.3 per cent above
the average for the past ten years. Arrivals during the first
six months of the current year were also much larger than a
year ago and somewhat in excess of normal.
Fat cattle were scarce and butcher classes advanced about
25 cents per hundredweight during the month to close at a
tdp of '/,9 at Kansas City, the best price since October, 1932,
and 'l,2.20 over the June, 1933, top. Choice light yearlings
and heavy cows were also strong to higher. Unprecedented
runs of range stock and heavy marketings of plain and thin
kinds carried values in those classes to the year's low levels.
Drouth conditions resulted in a slackened demand for stockers
and feeders and the outgo of cattle from four markets was 28 per
cent below normal and that of calves 20 per cent less. Thin
cows and calves dominate Government purchases in drouth
stricken areas. These cattle are not offered for sale.
The effects of the Government's pig buying program of last
fall and unfavorable feeding ratios in recent months, when
farmers found it more profitable to sell their hogs than feed
them corn, were apparent in the light marketings in June.
Receipts at the six markets were the third smallest for the
month in fifteen years of record and the cumulative total for
the year to July 1 established a new low for the period. Offerings for June and the six months' period were approximately
20 per cent below the ten-year average. Short feed supplies
and poor crop prospects resulted in the marketing of many
unfinished hogs, and the average weight and general quality
of offerings was lowered. A sensational rise in prices, which
reached their peak the third week of the month, carried values
to the highest levels since last October and closing prices above
a year ago. The Kansas City opening top was 'l,3.40 per hundred-
weight, the closing top '$4.70, and the month's best price '$4.85
on June 21. A year ago hogs opened at '/,4.65 and closed at '$4.30.
Total arrivals of sheep and lambs at the six markets were
about normal for June but for the six months' period were
the smallest since 1927. Omaha reported June receipts as the
lightest in seventeen years. Prices worked steadily downward
due to a slackened demand for dressed meat and a dull wool
market. Fed lambs closed '1,1 to 'l,1.50 per hundredweight
lower and as the demand for feeders was stagnant, that class
closed 'l,1.50 to 'l,2.00 lower for the month.
Supplies of horses and mules were liberal, June receipts
totaling 5,959 head as compared to 9,598 in May and 5,916
in June, 1933. The June total exceeded that of all other years
since 1920 and was 50 per cent larger than the average.
RANGES AND PASTURES: The condition of western
ranges is described by the Department of Agriculture as the
poorest in the twelve years reports have been issued as is also
that of cattle and sheep in those areas. The immediate feed
situation is bad and fall and winter feed prospects very poor,
with supplies inadequate for present livestock numbers. All
livestock shows considerable shrink, with some losses reported
from the drier localities. Calves and lambs, crops of which
were generally good, arc not making the usual growth. Early,
forced shipments of livestock from these areas are anticipated.
Pastures generally have deteriorated rapidly in recent weeks
and most sections report a serious shortage of stock water
and some loss of livestock. Many counties have been designated as emergency relief counties or secondary relief counties,
giving them priority in Government relief measures or reduced
rates in the shipment of feed and livestock. Pastures in the
southern portion of the Blue Stem area of Kansas are still
furnishing fair to good feed.
JUNE PIG SURVEY: According to the June 1 survey of
the United States Department of Agriculture there was a
decrease of 28 per cent in the nation's spring pig crop of 1934,
from that of 1933, and a prospective decrease of 38 per cent
in the number of sows to farrow in the fall season of 1934,
from the number farrowed last fall. The number of pigs saved
in the spring of 1934 was estimated at 37,427,000 head, or
14,595,000 head less than in the preceding spring. The corn
belt showed a reduction of 28 per cent in the spring pig crop
and a prospective reduction of 42 per cent in fall farrowings.
These estimates indicate a reduction of 31.3 per cent in the
1934 hog crop to the lowest total in at least twenty years.
POULTRY AND DAIRY PRODUCTS: Eggs and poultry
are slightly higher than a year ago and butterfat fractionally
lower. Except for a seasonal decline in broiler prices, quotations of the foregoing products have shown little change in
recent weeks. Egg production has fallen off and current receipts are lighter than a year ago, and due to the heat, show
heavy spoilage. Milk production is sharply below last year.
JUNE MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT
RECEIPTS
Calves
30,402
17,470
u,522
2,927
3,858
z,783
Hogs
•302,383
z52,390
143,183
66,073
23,709
29,z67
PuACHASED FoA SLAUGHTE&
STOCKERS AND FEEDERS
Sheep
101,807
111,635
86,223
207,360
8,899
9,220
Cattle
13,888
16,759
3,665
3,307
June 1934----·············
368,724
68,962
817,005
525,144
May 193__ _ _
393,743
57,707
966,416
706,633
June 1933-----·············
313,388
40,524
977,9 2 5
523,396
Six months 1934........ 2,175,732
334,057 4,836,233 3,683,891
Six months 1933........ 1,755,610
z51,977 4,940,679 3,861,115
*Includes 189,536 hogs shipped direct to packers' yards.
37,6 19
44,683
4z,734
294,282
322,902
Kansas City ............. .
Omaha ....................... .
St. Joseph ..................
Denver........................
Oklahoma City..........
Wichita ......................
Cattle
112,158
156,196
44,717
'11,460
.23,566
10,627
Calves
1,910
1,125
497
388
3,920
6,784
5,945
45,998
55,no
Hogs
5,057
4,261
1,807
185
11,310
8,799
9,660
46,5 13
47, 1 3°
Sheep
11,6'10
I'l,150
6,448
15,624
45,842
50,533
46,324
304,363
321,302
Cattle
75,8z5
92,602
36,430
i2,893
12,572
6,164
z36,486
z37,486
197,036
1,312,783
1,012,932
Calves
29,145
14,466
10,777
2,263
3,337
2,271
Hogs
*286,034
194,4-t,5
131,565
44,774
20,441
z8,033
Sheep
87,186
98,396
77,034
8,762
6,154
8,805
286,337
705,292
36z,322
865,574
324,168
913,'137
33,439
281,320 4, 143,896 2,081,448
170,216 4,410,683 2,167,647
62,259
52 ,35'1
8
THE MONTHLY REVIEW
Petroleum
Meat Packing
Forces at meat packing establishments have been increased
to take care of Government purchases of drouth cattle being
slaughtered for relief distribution.
Packers' purchases of cattle at the six markets were abou:
the same in June as in May but 20 per cent larger than last
year. Calf slaughter showed an increase of 18.9 per cent for
the month and 86.2 per cent for the year, being the heaviest
for any June in fifteen years of record. Purchases of hogs,
including shipments direct to packers' yards, were substantially
smaller than in either the preceding month this year or the
corresponding month last year, and the third smallest of record. The slaughter of sheep and lambs was the lighte·s t for
the month since 1925, 21 per cent short of the May volume
and 11.7 per cent under the June, 1933, total.
Slaughter of cattle and calves under Federal meat inspecti~n
showed the fourteenth successive increase over a year ag~ m
June, whereas the slaughter of hogs and sheep showed _their
fifth successive monthly decrease. The June total established
a new all-time record for calf slaughter. Cattle slaughter
was the largest for any month since November, 1926. Government purchases of about 100,000 head, of which 20 per cent
were calves, largely accounted for the heavy increase in beef.
Hog slaughter was the largest for the month since 1928, June,
1932, excepted. The June slaughter of sheep and lambs was
the smallest since 1929.
Federally inspected slaughter of meat anim als during June
and the first six months of 1934 with comparison~·:
June 1934·-···················
May 1934·-···················
June 1933·-···················
Six months 1934..........
Six months 1933..........
Cattle
932,000
864,000
751,000
4,880,000
3,883,000
Calves
601 ,000
600,000
441,000
3,1 70,000
2,403,000
H ogs
3,763,ooo
4,21 8,000
4,626,000
23,256,000
24,708,000
Sheep
1,259,000
1,244,000
1,490,000
7,475,000
8,399,0:,0
Cold Storage Holdings
July I United States cold storage holdings of beef, frozen
eggs, and cheese were larger than a year ago, and those of lard,
cased and frozen eggs, and cheese above the five-year average
for that date. Stocks of all commodities except pork, which
declined 2 per cent, or about the usual seasonal amount, showed
increases during June. Last year inventories of pork showed
a gain of 13.4 per cent for the month. The net in-movement
of beef and poultry, although contrary to seasonal trends,
was much smaller than last year. Government holdings of
beef, derived from the slaughter of cattle from the drouth
areas and held for relief distribution, accounted in part for
the increase in stocks of that commodity.
Accumulations of lard and butter were substantially less in
June than a year ago and somewhat below normal. The input of frozen eggs exceeded the June, 1933, and customary
volume, whereas that of cased eggs was not so great. Gai !:S
in stocks of miscellaneous meats and cheese, although less
than a year ago, were above the average.
*July 1
1934
45,014
June I
1934
42,546
641 ,568
1,363
39,790
9,493
July I
July 1
1933 5-Yr.Av.
Beef, Jhc: •.................................•............
35,136
45,908
Pork, lbs............................................... 627,965
76o,730 756,163
Lamb and mutton, lbs.......................
1,450
2,677
1,8o7
Poultry, lbs..........................................
40,581
42,705
4 1 , 2 35
•~urkeys, lbs.........................................
8,387
6,460
7,260
72,832
Miscellaneous meats, lbs.·-·················
6o;z97
52 ,599
64,836
Lard, lbs............................................... 195,973 182,240 186,250 150,439
Eggs, cases............................................
8,963
8,893
7,819
9,364
2,954
F.ggs, frozen (case equivalent)..........
3,325
2,684
2,943
27,161 106,378
95,651
Butter, creamery, lbs...·-·····················
70,249
Cheese, all varieties, lbs.....................
96,473
80,416
71,469
78,715
*Subject to revision.
••Included in Poultry.
(ooo omitted).
The production of crude petroleum in the states of Oklahoma Kansas, New Mexico, Wyoming, and Colorado, as
estim;ted from the weekly reports of the American Petroleum
Institute, totaled 22,461,000 barrels in June. This represents
a daily average of 748,700 barrels, which is 0.5 per cent below
the daily average for May, 6. 5 per cent above the Bureau of
Mines' figure for June, 1933, and 2.6 per cent above Federal
allowables effective June 1. Production in these states for the
six months' period is estimated at 129,682,000 barrels this year
and 114,003,000 barrels last year.
On July I the Federal quota for the District was reduced
from 729,500 barrels per day to 706,800 barrels and that of
the United States increased 2,000 barrels to 2,530,300 barrels.
Allotments were cut in all states of this District except Kansas
where allowables were increased 4,200 barrels per day.
Production figures for the five oil producing states of the
District and the United States during June and the half year
with comparisons:
*June 1934
Barrels
Oklahoma.__ . 16,ou,000
Kansas.......... 3,877,000
Wyoming...... 1,052,000
Colorado........
86,ooo
New Mexico 1,435,000
May 1934
Barrels
16,474,000
4, 173,000
1,152,000
98,000
1,426,000
June 1933 *6 Mos. 1934 6 Mos. 1933
Barrels
Barrels
Barrels
15,507,000 92,346,000 81,747,000
3,486,000 22,769,000 19,693,000
973,000
5,938,ooo
5,639,ooo
77,000
521,000
. 481,000
1,051,000
8,108,000
6,443,000
TotaL ........... 22,461,000 23,323,000 21,094,000 129,682,000 114,003,000
U. S............... 77,531,000 79,870,000 82,841,000 446,171,000 433,230,000
*June estimated, American Pertoleum Institute.
Crude oil prices remained unchanged despite the continued
heavy production of "hot" oil and a weakened market for
refined products. Mid-continent crude prices ranged from
76 cents to $1.08 per barrel per gravity test as against a range
of 20 to 52 cents per barrel last June. Natural gasoline prices
were cut in half during the month and all refined products
were weak to lower at the close.
With companies apparently anxious to establish additio~al
crude oil reserves, field operations continued active, resulting
in some important completions and discoveries.
Stocks of domestic and foreign crude oil in the United States,
as reported to the Secretary of the Interior, totaled 343,121 ,ooo
barrels on June 2 and 343,707 ,ooo barrels on June 30.
Bituminous Coal
Coal production, although in a seasonal slump, is unusually
low for this time of the year. June output of soft coal at mines
in the six coal producing states of the District, as estimated
from the weekly reports of the Bureau of Mines, totaled but
865,000 tons which was, with the exception of last year, the
lowest for the month in many years. Output showed a 6 per
cent gain over May an<l a 4.7 per cent gain over June, 1933.
District production for the first six months of the current
year totaled 7,487,000 tons, 21,000 less than in the like period
last year. Production for the United States totaled 182,685,000
tons during the first half of 1934 as against 145,210,000 tons
in the first six months of 1933.
Soft coal production in the six states and the United States
as indicated by the reports of the Bureau of Mines:
Color'.' do·-·····································
Kansas and Missouri ..................
New Mexico..·-·····························
Oklahoma. __ ·································
Wyoming ..................................... .
*June 1934
213,000
304,000
68,ooo
37,000
243,000
May 1934
248,000
210,000
80,000
28,000
June 1933
188,000
279,000
77,000
250,000
227,000
55,000
Six states......................................
865,000
816,000
826,000
United States·-··-·························
26,430,000
28,100,000
25,320,000
*Estimated from the weekly reports of the United States Bureau of Mines.
SUPPLEMENT To THE MoNTHLY REVIEW, AuausT 1, 1934
Cement
Portland cement mills in the Tenth District produced I 1.1
per cent more cement in June than in May and 19.5 per cent
more than in June last year. Output for the first six months
totaled 3,782,000 barrels this year as compared to 2,681,000
barrels in 1933.
June production exceeded shipments but, for the half year,
the latter exceeded the former. Production and shipments
for the six months' period were the largest since 1931.
Production, shipments, and stocks of finished Portland
cement, in thousands of barrels, as reported by the United
States Bureau of Mines:
UNITED STATES
TENTH DISTRICT
June 1934·-·
May 1934.-.
June 1933._.
6 Mos. 1934
6 Mos. 1933
Production Shipments
858
705
772
965
718
701
3,782
3,941
2,681
3,195
Shipments of zinc ore during the four weeks ended June 30,
although 22.5 per cent larger than a year ago, declined 4.4 per
cent as compared to the preceding four weeks as operators
were unwilling to part with concentrates at bid prices. Lead
ore shipments showed substantial increases over the preceding four weeks' period this year and the corresponding four
weeks' period last year. Practically all of the mines and tailing mills are now closed for the annual July shut down which
is expected to continue throughout the month.
The tonnage and value of zinc ore and lead ore shipped
from mines in Missouri, Kansas, and Oklahoma during the
periods of comparisons:
Stocks Production Shipments
1,791
8,786
8,539
1,739
8,554
8,784
1,789
7,804
7,979
37,088
35,163
27,668
27,927
Stocks
21,547
21,301
19,936
Zinc and Lead
Mines in the Tri-State district shipped 32,342 tons more
zinc ore and 2,08 I tons more lead ore in the first six months
of 1934 than in the same period last year, and the combined
value of the deliveries showed an increase of '1,1 ,946,000, or
60 per cent.
Oklahon1a.__ ·····································
Kansas ..............................................
Missouri ........................................... .
4
4
4
26
26
Wks. ended June 30,
Wks. ended June 2,
Wks. ended July 1,
Wks. ended June 30,
Wks. ended July 1,
Zrnc ORE
Tons
Value
21,436 1, 563,898
4,033
106,174
1,280
33,558
I 934 ........
26,749 $ 703,630
1934....... . 27,987
809,530
1933........ 21,839
655,170
1934....... . 154,812 4,377,759
1933 ....... . 122,470 2,586,937
O,u::
Value
3,719 $ 158,119
540
22,990
203
8,679
LEAD
Tons
4,462 '$ 189,788
158,733
3,594
198,450
3,969
1 7,93 1
780,991
625,502
15,850
Zinc ore advanced '1,1.00 and lead ore declined f,5.00 per ton
the final week of June to close at '1,28.00 and '$37.50 per ton,
respectively, or '1,2.00 and '1,12.50 per ton lower than a year ago.
Business Conditions in the United States
By the Federal Reserve Board
PfACCNT
1'0
INDUSTRIAL PRODUCTION
1)0
110
110
100
90
e o - ~ - - + - - - - - . . - ~ . + - - - 1 - - - 1 - - 1- -1,,.<...- - 1 80
70 i - - - - ; - - - - - ~ - - - + - - t - -- t - - - ----1 70
60
1,9 3 1,
so
Index number of industrial production, adjusted for seasonal v ariation.
Latest figure:
June, 84 .
P(R([l,H
120
PCIC[lff
1 20
fACTOR'!' EMPLOYMENT
110
110
100
.....-"\
I00
~
90
" ''\.. \.~ I
ea
90
,_
('If
10
60
60
so
1929
1930
1931
1932
1933
PRODUCTION AND EMPLOYMENT: Volume of industrial output, as measured by the Board's seasonally adjusted index, decreased from 86 per cent of the 1923-25
average in May to 84 per cent in June, reflecting chiefly a sharp reduction in activity
at cotton textile mills. Production at lumber mills and at coal mines also showed a
decline. In the steel and automobile industries, activity decreased in June by an amount
somewhat smaller than is usual at this season. Maintenance of activity at steel mills
in June reflected in part the accumulation of stocks by consumers, according to trade
reports, and at the beginning of July, output of steel showed a sharp decline.
Employment at factories decreased somewhat between the middle of May and the
middle of June, reflecting reductions in working forces in industries producing textile
fabrics, wearing apparel, leather products, automobiles, and lumber, offset in part by
increases in employment at steel mills and at meat packing establishments. Value
of construction contracts awarded, which had shown little change during May and June,
showed an increase in the first half of July, according to the F. W. Dodge
Corporation.
60
70
50
Industrial production, which had increased during each of the six months from December to May, declined in June by somewhat more than the usual seasonal amount. Factory
employment and payrolls also showed decreases which were partly of a seasonal nature.
The general level of wholesale commodity prices advanced during June and showed
little change during the first three weeks of July.
193'-
Fe:deral Reserve Board's index of factory
employment, ad.ius ted for seasonal variation.
(1923-25 average=100.)
Latest figure: June,
81.4.
Department of Agriculture estimates, based on July I conditions, indicated a wheat
crop of 484,000,000 bushels compared with an average of 886,000,000 bushels for the
five years 1927-1931, and a corn crop of 2,113,000,000 bushels, compared with the fiveyear average of 2,516,000,000 bushels. Crops of other grains, hay, and tobacco were
also estimated to be considerably smaller than usual. The acreage of cotton under
cultivation was estimated at 28,000,000 acres, about 2,000,000 less than the acreage
harvested last season. In the first three weeks of July, drought conditions prevailed
over wide areas, particularly in the southwest.
(Continued on reverse side)
SUPPLEMENT
PCA Cf NT
PCAC[NT
120
120
WHOLESAL E PRICES
~',,~
'10
--
'
10
\r.----, .....
60
l'l30
r-,.....,.1"°"'
" ' food,
11....
1'129
/" --.
Othe,
CC>ff'll"ll0d1trts
....,.
raunProduct$
40
1'132
1931
~) ......
~
\l
~,..
60
70
GO
•,./
1'133
Indexes of the United States Bureau of
Labor Statistics. By months 1929 to 1931; by
weeks 1932 to date. (1926=100.) Latest figures, J uly 14:
farm products, 64.5; foods,
70.8; other commodities, 78.3.
OllLJONS
7 ·
)
or
a1ut0Hsorcau.u1s
7
Dou.MU,
. --·-
·----·
1932
MoNTHLY REvrnw, AuousT
1, 1934
DISTRIBUTION: The number of freight cars loaded per working day showed a
further slight increase in June followed by a decline in the first half of July. Sales by
department stores decreased in June by more than the estimated seasonal amount.
'lO
~
60
To THE
l9)J
Wednesday figures for reporting member
banks in 90 leading cities. Latest figures arc
for July 18.
WHOLESALE COMMODITY PRICES: Wholesale prices of farm products and
foods generally advanced during June while other commodities as a group showed a
slight decline. Hog prices increased considerably in the middle of the month while
wheat declined throughout the month. In the middle of July, wheat prices advanced
rapidly to levels above those reached at the end of May, and there was a considerable
advance in cotton, while lumber prices declined and finished steel prices were reduced
somewhat from the advanced quotations previously announced.
BANK CREDIT: Between June 13 and July 18, member bank reserves increased
to a new high level of nearly $4,000,000,000, about $1,850,000,000 in excess of legal
requirements. The growth reflected chiefly a further increase in the monetary gold
stock. A seasonal increase in demand for currency over the July 4th holiday period
was followed by an approximately equal seasonal return flow during the succeeding
two weeks. The volume of reserve bank credit outstanding showed little change.
At reporting member banks there was a growth of United _S tates Government deposits during the five-week period, reflecting chiefly the purchase in June of new issues
of Government securities by the banks. Bankers' balances also increased but deposits
of individuals, firms, and corporations have shown little change. Loans declined somewhat, reflecting a decrease in loans to customers, while loans to brokers showed an
mcrease.
Money rates remained practically unchanged at the low levels prevailing in June.
@FedFRASER