The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE MONTHLY RE~lEW .
,
ASA E.
VoL. 7
C. K.
Chairman Board of Dirulors
and Federal Reserve Agml
RAMSAY,
No. 8
KANSAS CtTY,
Mo., Aug. 25,
The Situation at a Glance.
HIGH POINTS IN THE STATISTICAL RECORD OF THE TENTH
FEDERAL RESERVE
YEAR
DISTRICT, JULY CoMrARED WITH ONE
Aco.
Business, measured by debits by banks to individual account in
29 cities (4 weeks ending August 2) $1,068,804,000; increase
3.6%.
Business failures: 61 in num her and $891,386 in amount of liabilities; smallest number since July, 1921, and smal1est liabilities since November, 1920; also lowest amount of liabilities
in any of the twelve Federal Reserve Districts.
Building Permits in I 8 cities 2,575, estimated cost $8,259,006;
increase 46. 5%.
Coal Production in 6 States 37.2% of capacity, approximately
1,455,000 tons; increase over June 164,000 tons; decrease
1,623,000 tons from average monthly production in first three
months of 1922 before the strike.
Employment in 282 industrial plants August I c:, total 25,625;
95.2% of normal; decrease 3.1% from total July 15.
Grain receipts (bushels), at 4 markets: Wheat I9,9IJ ,600, decrease 12,714,000; Corn 4,123,950, increase 510,200; Oats
1,857,800, increase 359,6oo.
Flour production (mills reporting represent 70% of flour produced in District) 1,6o3,463 barrels; decrease 345,129 barrels.
Live Stock receipts at" 6 -markets: Cattle 401,495, increase
123,018; Hogs 685,916, increase 92,225; Sheep 403,524, decrease 21,044; Horses and Mules 4,606, increase 2,243.
Meat Packing at 6 centers: Cattle 223,803, increase 53,959;
Hogs 540,635, increase 63,822; Sheep 248,520, decrease 21,006.
Crude Oil production (4 States.) 17,694,100 barrels; increase
2,919,100 barrels.
Zinc Ore shipments (Missouri-Kansas-Okfahoma) 47,268 tons,
increase 23,417 tons; Lead Ore shipments 8,951 ton increase
2,948 tons.
Crops, U.S. Estimate August
for I 921 in bushels:
1,
compared with Final Estimate
· Winter Wheat 215,527,000, decrease 42,812,000..
Sprins Wheat I 6,000,000, increase 3, I 56,000.
Com. 473,421,000, increase 23,507,000.
Oats 137,551,000, decrease 25,850,000.
Potatoes 40,214,000, increase 11,347,000.
BOARDMAN,
1922
.,
Assistant Federal Reserve Agmt
and Secretary
THI!> CUl'Y ll£Li>Al>£1> t·ok
l'U ■-
LlCATION IN MORNING l'Al'ERS
AUG. 28
ENERAL conditions respecting the basic industries and cf
trade and finance in the Tenth (Kansas City) Federal
Reserve District are exceptional1y sound, in spite of the
restraint imposed by the rail strike and the uncertainty of next
winter's fuel supply, due to prolongation of the strike of coal
miners. The reports to the August issue of the Monthly Review
emphasize many favorable factors. Abundant crops of all kinds
are flowing into the markets and bringing good returns to farmers
gardeners and orchardists. Live stock is in excellent condition
with food in plenty and selling at prices which yield to growers
and feeders a fair margin of profit over and above the investment
of money and labor. There is a continued heavy flow of crude
oil from wells in al1 fields an<l refinery operations show a high
percentage of activity, though prices of both crude oil and refined
products have recently declined. Metal mining operations have
increased, with ore prices well above those prevailing last year.
Meat packing and flour milling continue in heavy volume. Some
results of the rail strike are seen in a reduction of wheat receipts
at market centers, though the greater part of the decrease from
last year's abnormally heavy mar~eting is attributed to car
shortage and to the new system of co-operative marketing which
is designed to promote a steadier movement of grain through
market channels. Some interruption of deliveries of goods
from manufacturers to wholesalers and from wholesalers to
retailers are reported as affecting both manufacturing and trade;
but, considered as a whole, the trade situation at this time is
good and underlying conditions in practically all lines better
than for many months.
G
Financial
The banking and financial situation in this District shows
added strength, with loanable resources of the banks at high
levels, no extraordinary demand for accommodations, even the
heavy seasonal crop movement requirements being met by the
banks without a ripple on the surface.
The continued easing of money and credit conditions in this
District, quite naturally, was accompanied by a tendency toward
easier rates of interest and discount. In recognition of this condi. tion the Federal Reserve Bank of Kansas City announced the
approval of the Federal Reserve Board of a rate of discount for
this Bank of 4½%, effective August 12. The new rate a pp lie,
to Member Banks' 15 day notes and also to rediscounts of commercial and agricultural paper and trade acceptances of all
maturities. It was further announced that advances to Member
Banks on their promissory notes, secured by United States
Liberty loan bonds, Victory loan notes, Treasury certificates of
indebtedness and Treasury notes, would be made on a basis of
pa~
.
.
The weekly statement of the Federal Reserve Bank of Kansas
City as of August 16 showed a further reduction in loans and a ·
ratio of total reserves to deposit and Federal · Reserve notes
liabilities combined of 65.3%, thus indicating that the Bank is in
2
THE ~foNTHLV REVTEW
position to extend credit liberally to Member Banks for all
purposes authorized by the· Federal Reserve Act.
The condition of the banks throughout the District is reflected by the combined statement of 78 Member Banks which
showed for the first time since the system of weekly reporting
began, their gross deposits exceeded the total of their loans. discounts and investments. The statements of these 78 banks as of
August 2 showed $568,260,000 of gros·s deposits and $566,634,000
as their loans, discounts and investments. There were increases in all classes of deposits, the increase for four weeks between July 5 and August 2 aggregating $I 1,647,000, or 2.1%.
During the same four-weeks' period loans and discounts increased
$1 1 843,000 to a total of 423,831 ,ooo while investments increased
$6,99,1,000 to a total of $142,803,000. Investments in gover'nment obligations by these Member Banks totaled $83,131,000,
while .invPstments in other stocks and bonds totaled '1,59,672,000.
· As a further indication of the investment activities at this
season, it is noted that with a quota of $12,000,000 assiJned to
this District for the sale of the recent $300,000,000 issue of 4¼%
United States Treasury notes, the amount subscribed through
the fiscal agency department of the Federal Reserve Bank of
Kansas City exceeded $28,000,000. However, only $13,800,000
of the amount subscribed was allotted this district.
The report of a selected list of savings banks and of savings
departments of commercial banks in this District showed deposits on August I were practically the same as July I in both
amount and number of accounts. Comparing the August I total
with that of August I, I 92 I, there is indicated an increase of
6.3% in the amount of deposits and an increase of 12.1% in the
number of savings accounts. · ·
Reports of Kansas City bankers dealing in acceptances showed
a total of $2,686,704 of bills in their portfolios on August 12,
based principally on wheat and flour for export. The supply of
bills, however, was reported scarce, although there was a good
demand for 6o day bills.
While retail dealers' reports genera1ly show collections on outstanding accounts in about the same percentage as one year ago,
some of the wholesale reports show collections about 10% under
normal based on their outstanding accounts.
Bank Debits
Clearing houses in 29 cities of the Tenth Federal Reserve
District reported for their members $ r ,068,804,000 of debits by
banks to individual account during the four weeks ending August
2, 1922. This was $2,671,000 less than the total for the four.
weeks ending July 51 r 922. Comparing the debits of the 16 cities
reporting both this and last year, there was indicated an increase
for this year•~ four weeks' period of 3.6%. The debits by banks·
to individual account are generally accepted as a close approximation of the business of the cities. The. reports follow:
Total, 29 Cities .. . .•.
Aug. 2,
1922
Secured by U. S. Govt. obligations ... .. i
Secured by stocks and bonds, other than
U. S. Bonds .. . ...... .... . . . ... . . : .· ..
July
9,9 29,000 $.
67,426,000
(c) All other . .... . . . . . ... .. ... .. ...... . . 346,476,000
2. lnvestments:
(a) U. S. Bonds ...•.................•..•
54,409,000
(b) U. S. Victory Notes . ................ .
. 992,000
(c) U. S. Treasury Notes ............... . .
IZ,366,000
(d) U. S. Cert. of Indebt.. . .. . ......... ..
15,364,000
(e) Other Bonds, Stocks and Securities ...•
59.672,000
3. Total loans and discounts, and investments .. 566,634,000
4. Reserve balances with F. R. Bank ......... .
44,410,000
5. Cash:in vault ........ ·. . . . .. . .. '. ...... ·... .
12,042,000
6. Net demand deposits on which reserve is
computed .. ............................. . 443;568,000
7. Time deposits ................. . . ........... . l 16,689,000
8. Government deposits ............ . ....... .
8,003,000
9. Bills payable with Federal Reserve Bank
secured by: •
(a) U.S. Govt. obligations .. ..•••• •..•...
323,000
None
. (b) , Allother .... ....... ·..........:.• ~ ...•·•.
1b. .Bills redisC'ounted with Federal Reserve Bank
. secured hy: .· .
. .
.. . .
,' .
·(a) U.S. Govt. obligations .•• . •••. ·.••.••• .
75,000
. 2,~63;000
. (b) /\.11 other .. ; •. :• .•............ ,. ... ·... •. : ..'.
-----
8.9
!..O
J0.2
·
..... .
7,511,000
12,621,000
300,40; ,ooo
. I 1~252,000
77,164.000
107.6
0.02
175.023,000.
3.7
........... .
16,693.000
66,465,000
14.51 l,000
61,379,000
. 50,163,000
JI ,068,804,000
$952,813,000
-
9.9
17.6
-
5.0
65-2
-
10.6
•
3.6
Business Failures
5, 1922
counts):
(a)
(b)
i,861,000
10,861.000
1'27,077,000
•-Percentagr .C'omptited on 16 cities having total dchit'I of 1987,158,000 for the
four weeks ending August 2, 1922, against $952,813,000 for the four weeks ending August 3, 1921, an increase of 134,3-H,OOO or 3.6%.
CONDITION OF SELECTED MEMBER BANKS IN
TENTH FEDERAL RESERVE DISTRJCT
s. Loans and Discounts (exclusive of redis-
Four Weeks Ending %fnc.
Aug.3.1921
or. Dec.
$ 5,140.000
1.8
8,683,000
14.2
Four Weeks Ending
Au!!· 2, 1922
Atchison ..•• ••••. •.•
$5,045,ooo
llartlesville, Oklahoma
9.920.000
Casper, Wyoming .•.•
12,093,000
Cheyenne, Wyoming ..
8,565,000
11,082,000
Colorado Springs, Colo.
Denver, Colorado ...•
140,000,000
Enid, Okalhoma .....•
13.200,000
2,966,000
Fremont, Nebraska ...
Grand Island, Nebr.•
4,691,000
Grand Junrtion. Colo.
2,125.000
2,123,000
Guthrie, Oklahoma .• •
Hutchison, Kans.....•
14,594.000
l ndependence, Kans; .
8.l00,000
J oplin, Missouri ...•••
9.69,.,000
Kansas City, Kans.. ..
15,542,000
Kansas City, Mo.... .
275,488,000
Lawrence; Kansas ..•.
3,645,000
McAlester, Okla ....•.
.1.047.000
Muskogee, Okla ..... •
23,355.000
Oklahoma City, Okla..
77,178.000
Okmulgee, Okla . ... . .
7.234.000
Omaha, Nebraska ..• •
l 8 I ,504.000
Parsons, Kansas ... . .•
. 3..i.,,iooo
Pittsburg, Kansas ....
4,291,000
Pueblo, Colorado . ••..
l ~,042.000
St. Joseph, Missouri. .
54,7,0,000
Topeka, Kans.is •.••.•.
13,793,000
Tulsa, Oklahom:i .••• .
101,374,000
44,826,000
Wichita, Kansas . ... . .
10,354,000
64,467,000
347,167.,000
53,0~0,000
1,383,000
12,916,000
9,928,000
58,573.000
557,798,000
45,147,000
11,969,000
436,586,000
115,138,000
4,889.,000
522,0QQ
~ope
102,000
2,6o8,ooo,
Total (Items J to 10 inclusive) ............. $1,193,907,000 $1,174,759,000
· Sixty-one commercial failures in the Tenth Federal Reserve
District and liabilities aggregating $89 r ,38'6 are ·reported by
Dun 's for the month of July, 1922. This is the smallest number
of failures in any month since July, 1921, when the total was 48
failures. The amount of liabilities is the smallest si11ce November,
1920, when the amount was $775,366. The Tenth District July
liabilities were the .smaHest in amoun~ of any of . the tw~lve
Federal Reserve· Districts, while in the number o( (ailures the
District ra~ked next ·to the lowest, the Ninth (Minneapolis)
Districnepprting 60 failurc:;s. Following is ~.compilation of fail-:,
·ures in July by Federal Reserve Districts:
·
.. : . .... .
Liabilities
Number ·
Districts
1922
First (Boston) ...... .......... 130
Second (·New York) ........... 384
Third (Philadelphia.. . .... . ... 86
Fourth -(C«sveland) ... .. • .. .. .. 1-63Fifth (Richmond)............ . 150
Sixth (Atlanta)............... 173
Seventh (Chicagi;,) .:.,; ..: • .". •... , •. · 249 ·
Eighth (St. Louis) . . .-:~• .-. ••. •.•···.. . ~7. :
Ninth (Minneapolis) ...... .. ,, •. - ~
Tenth (Kansas City) ..... . . . .. · 61,
Eleventh (Dallas) .......•••. :: · ~4 ·
Twelfth (San Francisco) .. ; .... 1,46. .
Total, United States, ••••••••• • 1,753
1921
94
230
72
· 167
124
138
· ·· ·2.2'2: :
.. , . ·-:-94 .;
.2:7..
48
i'f4 ·
·119
1922
.
1921
1, 2,39_3,565 $ 2,124,077
8,035,662
18,342,752
1,676,773 . 1,254,361
5,164,164
· 4,200:340
. 2;349.539 : , -~ ;565,856
2,157,713
1,968,097
.Il,484,832 '. : ,4.,565,389
: •.. 1)721.,~8J;. ·:1'1545,~74
· ·.1,1,4.2,.174 ,· · .4.25,042
· 891 ,386 · J .056/534
·1~·i30~5S-1 · · 3;-h8,098
.. J9762 18.p • 1,94,7,733
3
SAVINGS REPORTEO RY RANKS IN CITIES .
DEPOSITS
Aug . I, 1922 July t, 1922 Aug. l, 1921
Banka
Deriver. ·•. ·........... :·.:.·.....
9
4
Kansas City, Kansas........ ..
Kahsas City, Missouri.... ..... I I
Lincoln .... ................ .
4
8
Oklahoma City .............. .
Omaha .....................•
6
6
St. Joseph .................••
Topeka ...••.•.............••
3
\Vichi ta ...••........•••.•.•.
7
Outside .••••..••........•.••
4
Deposits
Deposits
Deposits
$4-6,207,139 $45,894,535 $43,333,222
2,147,718
2,198,556 . 2,286,857
12,045,7.H 12,282,753 10,856.634
2,3.p,227
2,591,233
2,568.000
6,041,026
6,012,409
5,426,053
'6,868,368
6,870,061
7,125,517
7,102 ,090
7,351,590
6,364,906
555,647
582,167
580,407
2,075,295
1,103,781
1,661,990
1,141,153
1,182,299
1,029,000
Total....................... 61
ACCOUNTS
Banks Aug. 1, 1921 July t, 1922 Aug.1 1 1921
Accounts
Accounts
Accounts
Denver ...... .' ... ............
8
62,854
71,830
7o,475
Kansas City, Kansas .......•.•
8,447
8,335
3,7 19
4
Kansas City, l\lo ...•. • .....•. II
96,699
96,397
73,85 2
I.inroln ................ ... ..
4,103
3,712
3,874
3
Oklahoma City ............. ,..
6
9,625
9,756
8.9,17
Omaha ....................••
26,041
26.538
:23,6o7
5
St. Joseph .....•.. ..... ....• .
6
17,73 1
17,726
17,831
2
Topeka ..•......... .........
3,1 II
1,653
3,559
Wichita ...•.................
16,094
I 1,583
17,297
7
Outside .......•.....•......•.
2,011
3,087
3,013
3
S5
Total ....... ;. ......... .....
209,759
Mercantile
Aside from the usual mid-summer quietness and some hesitancy on the part of retailers in making their purchases from
wholesales the general trend of the wholesale business of the
leading centers during the month of July indicated a decided
improvement over a year ago. though sales in most lines were
below the June record . The following is the composite figure of
wholesale reports covering the various lines indicated and showing the percent of increase or decrease in July as compared with
June, and also· July of last year:
No.
Reporting
Dry C,oods. . . • • • . • • • • • •
l\lillinery........ ...• • .. •
Gr~eries. ,........ .....
Hardware......... . ....
Furniture...............
Drugs..................
6
6
1'2
1I
S
6
July, 1922
Compared With
June, 1922
13.3
+
+sP
-12.9
-12.1
-37. 1
- 8.4
July, 1912
Compared With
July, 19'21
+10.5
-33.6
-'20.2
+14.9
+3o.9
-4.8
'Wholesale dealers in dry goods in some of the larger distrib
uting points in the , District report that the general unsettle
rnent an<l hesitation caused by the strikes affected .July sales~
Generally, however, conditions throughout the trade territory
were reported as exceptionally good. Some dealers reported that
their fall deliveries began about ·July 15 instead of about September 1, which was also attributed to the ·u ncertainty of the
strike situation . . Eastern deliveries to wholesalers were slow and
unsatisfactory. Shipments ordinarily requiring eight to ten days
were in many instances thirty days overdue. On account of the
advance in cotton, which was about ten cents per pound higher
than it was at this time last year,. prices of cotton goods were very
firm and the curtailment of production by cotton mills also
served to keep the markets strong.
While millinery stores reported a perceptible increase in their
sales for July over June, their trade as compared with one year
ago showed a marked decrease for which they were unable to
assign a cause.
Sales of furniture by wholesalers to retailers showed a decided
slump in July from the June record, due to the seasonal dullness,
although this year's sales were 30% better than a year ago.
Hardware sales continue very heavy, although customers are
reported buying only for their present needs and placing small
orders frequently. The trade in July, quite naturally, fell off
as compared with June, but showed a very fair improvement
over last year.
Wholesale grocery reports say there was an apparently ample
supply of goods purchased for delivery at this period. Future
deliveries of canned goods have not come into evidence, hence
the dealers are unable to determine what position they will be
in as to various items of canned goods and other merchandise
that is usually bought for delivery when the crop is made.
Prices on staples are showing advances, sugar and the heavy
staples ruling somewhat higher than they were at the same period
last year. This, however, is explained as a seasonal fluctuaton
which generally occurs on those items during the summer months.
Wholesalers-of drugs report on account of the strike conditions
there was apparently an uneasiness among purchasers in their
lines and stocks are not being replenished. Naturally prices
have assumed a downward tendency but not as yet to a marked
degree. Deliveries were fairly satisfactory, although there was a
slight delay on incoming shipments.
·
With the harvest urge for machinery ended, July was a quiet
month for sales of farm implements.
RETAIL: Sales by retailers in July, as reflected by the reports
of depar.t ments stores in leading cities of the District, showed a
slight decrease from the June sales and were also slightly under
those of a year ago. A similar situation in the smaller trade centers throughout the District is indicated by the reports from
retail ~tores. The general explanation for this slump is that it
was due to a tenden~y toward conservative buying on account
of the rail and coal strike, as alf other conditions were .favorable
to liberal retail buying.
CONDITION OF RETAIL TRADE IN CITIES OF THE TENTH FEDERAL RESERVE DISTRICT FOR MONTH OF JULY, 192i
Baud upon rtports from 1.5 dttartmenl st11r11:
Denyer
Kansas
Outside
City
(J)
{J)
(9)
Percentage of increase (or decre3se) of net sales during July, 1921, over net sales during the same month
-0.1
la~r year .....••....... •.... .....................•••.......••.....•.•....•....•.•.•.••••••••..
-4.2
-1'2.3
Percentage of increase (or decrease) of net sales from July 1, 1922, to July 31, 1922, over net sales during
-O.I
-12.3
same period lasr )·car . ... ... ............... . ........................ , •....••••.•.•••..•.••••..
- 4.1
-6.6
Percentage of increase (or decrease) of stocks at close of July, 1912, over stocks at close of same month last year
+ 2.1
+ 6.9
Pen·entage of increase (or decrease) of stocks at dose of July, 1922, over storks at close of June, 19'22 . . ...
- 1.3
9.1
- 5.1
Percentage of average stocks (selling price) at dose of earh month this season (commencing with July 1)
to average monthly net sales (selling price) during the same period •...••••.•..•..........•.......•
55o.9
577.8
575-5
Percentage of outstanding orders (l·ost) at close of July, 1922, to total purchases (cost) during the calendar
10.9
year, 19'21 ....• .••.................... .... . , ... ... ••••••.......... .. •.. ••.. ................•
13.3
9.3
Percentage o( collections during month of July, 1922 on amount of outstanding accounts on June 30, 1922 ..••
49.2
36.3
44.7
Percentage of collections for same period oflast year ............ ~ •• ~ ... ; ............................. .
36.1
43.8
•9·9
District
(15)
-6.5
- 6.5
+ o.6
1.3
564-5
10.7
44·'1
44.6
THE MONTHLY RF.VTEW
4
Agricultural
_ CoRN According to the August I estimate of the United
States Department of Agriculture, based on reports of its correspondents in every section of the corn growing states, there was a
gain of 61,824,000 bushels over the estimate of July I in the
principal corn producing states of the District. This rem~rkable
increase in one month in the prospecti ve yield would indicate
that this year's production of corn in the District will closely
approximate 473,421,000 .bushels,-if it does not exceed that
figure-, compared with 449,914,000 bushels as the final estimate
of corn produced in the District in 1921. The August I estimate
of the Government gave Kansas an increase of 32 1 170,000 bushels
over the July I estimate; Nebraska was credited with an increase
of 17,026,000 bushels; Oklahoma, an increase of 9,076,000 bushels; Missouri's nineteen counties in this District, an increase of
5,427,000 bushels. The Government forecast on corn for the
states of this District is here given for August I with the forecast for July 1, 1922, and the final estimate of corn produced in
1921, for ,purposes of comparison:
While yields in Kansas and Nebraska have been slightly exceeding the estimates of July, the threshing returns fro_m Oklahoma have indicated that the crop is considerably below the
July I estimates. This is attributed mainly to the fact that about
40% of the acreage in that state was sown late and the fall and
winter were almost devoid of rainfall. Threshing was delayed in some sections of Kansas and Nebraska by frequent rains,
although elsew·here it is proceeding satisfactorily. Harvesting
is now under way in the mountain regions.
The estimates on spring wheat production in the District indicate substantial improvement during July and a total of approximately 16,000,000 bushels as compared wih 12,844,000 bushels
produced in 1921. Colorado is credited with about one-half of
the 1922 total of spring wheat, Wyoming, Nebraska and New
Mexico s11pplying the other half.
OATS: All reports indicate that the crop-·of oats in the Tenth
District this year will fall short of the total of 163.,401,000 bushelsgrown in 1921. The July I estimate of the United Statt:s Department of Agriculture placed the total for the District at 137,551,Final Est.,
Est. Aug. 1,
Est. July 1,
000 bushels, and the August I estimate showed a further reduc1921
1922
1922
tion in the District total. In Missouri the smallest crop of oats in
Bushels
Bushels
Bushds
eleven years is reported, with the acreage reduced 40% from the
Nebraska ..................... . 217,3,19,000
200,313,000
207,732,000
102,142.oco
Kansas ..................... .. . 126,587,000
1921 acreage. In the nineteen western counties of the state the
94,4 17,000
52,214,000
76,925,000
Oklahoma ..................... . 61,290,000
yield, according to the August I estimate, is 19.8 bushels per
Missouri (19 counties) ...... . ... . 41,113,000
35,686,000
42,794,000
acre and the total crop for these counties S,971 ,930 bushels. The
15,979,000
23,495,000
Colorado ..................... . 23,154,000
Oklahoma report for August places the total crop in that state at
1,20·1,000
1,586,000
Wyoming .. ...................•
1,540,000
3,q:i,000
New Mexico (10 counties) ...•...
2,352,000
32,156,000 bushels, 2,693,000 bushels below the July estimate
3,931,500
and 3, 144-,000 below the final estimate in 1921. The oats crop in
Ten-th District ..... ... ... ....... 473,421,000
41t,597,500
449,914,000
Kansas is estimated at 31,940,000 bushels and the Nebraska
United States ................. . 3,017,000,000 2,860,245,000 3,080,372,000
crop 6o,970,ooo bushels, a decrease from the 1921 crop of 6,887 ,000 and 9,084,000 bushels, respectively. Colorado, Wyoming
Corn deteriorated greatly in the west two-thirds of Oklahoma,
• and New Mexico reports indicate a slight increase in the oats
but continued in good condition in the eastern sections of that
state, according to the report. The August I estimate of 68% crop over 1921.
is 13 points above the ten-year average, forecasting an average of
PoTATOEs: With an acreage of 414,500 acres planted,. this
19.7 bushels per acre. Conditions in Kansas were materially year's crop of potatoes in the Tenth District is estimated at
improved, as with a generous supply of moisture, fine progress approximately 40,214,000 bushels, compared with 28,867,000
was made during July all through the state. Nebraska bushels produced in 1921. The increase for 1921 indicated by
corn is reported in excellent condition. It is tassding and the these figures is largely the result of increased acreage in all states.
ears are filling, the color is fine and weather conditions have been The largest increase was in Colorado, 56%; while Wyoming infavorable for maturing one of the largest crops ever grown in the creased its acreage 20%, Nebraska 13%, New Mexico 10%,
state. Although reports would indicate that crops in the Rocky Oklahoma 5%, leaving the acreage of Kansas the same as in
Mountain regions have suffered for lack of sufficient moisture, 1921. The following shows the acreage planted to potatoes in
the August estimates reflect a much larger crop of corn than was 1922 with estimated production for 1921 as compared with the
produced in 1921.
final production figures for 1921:
WHEAT~ The August I report of the United States Department of Agriculture places the estimate of winter wheat in the
Est. 1911
Arca 19'.ll
Final 1911
Bushels
Bushels
Acres
Tenth Federal Reserve District at approximately 215,527,000
17,862,000
11,070,000
.•••.••....••.•.••••••••• 149,000
bushels, which is 8,142,000 bushels less than the estimate on Colorado
Kansas . .......... ............... .
4,540,000
4,16o,000
65,000
July I and 42,812,000 bushels below the final estimate on the Nebraska ........ • .. .• • • .....••.•.• 115,000,
10,305,000
8,16o,ooo
1921 crop. The August I estimates show an increase over the Missouri (19 Counties) ....•.....•••
1,377,000
1,189,000
11,500
:1,oas,000
2,770,000
July estimate of 2,027,000 bushels for Kansas and an increase of Oklahoma .. ....... .......... ~-. ~- 38.,000.
23,000
1,052,000
3,243,000
1,5-t9,ooo bushels for Nebraska; a decrease of 5,516,000 bushels \Yyoming .................•.•.•••
New Mexico (10 Counties) •••••••••
1,000
148,000
15.7,500
for Oklahoma and a decrease of 429,000 bushels for the nineteen west,ern counties of Missouri in the District. The August 1 Total. •..•••• .• •.............•.•. 4 14,500
28,867,000
40,114,500
estimates for the states of the District, and also the estimates of
July 1 and the .final 1921 estimates, are shown as follows:
The crop of sweet potatoes in the states of the Tenth District
is estimated at approximately 3,500,000 bushels, as compared
Est. Aug. I
Est. July I
Final 19'.21
Bushels
Bushl"IS
with 3,56o,ooo bushels grown in 1921. The area planted this
Bushels
Kansas .......................... J 11,474,000
109,447,000
128,564,000
year is reported as approximately 35,000 acres of which 27,000
Nebraska ........................ 5'2,'200,ooo
50,651,000
57,599,ooo
acres were planted in Oklahoma, 4,000 acres rn Kansas and 3,500,
Oklahoma .....•.....•••......... 24,647,000
30,163,000
47,325,000
acres in the western nineteen counties of Missouri, about the same
Missouri (19 Counties) ........•... 10,071,000
10,500,000
6,800,.000
Colorado ...•...•......•.......•• 16,42'.l,ooo
as the acreage planted. in 1921. Oklahoma'S· crop is estimated at
22,053,000,
16,15'.2,000
Wyoming. .... ... ..... .. .........
612,000
73-i,ooo
738,000
2,690,000 bushels, an increase of. 4-1,,000 bushels over la:rt year's
New Mexico (10 Counties). . . • . . • .
101.000
1:1,500
J ,071 ,000
crop. The crop in Kansas is placed at 426,000 bushels and the
crop in Western Missouri at 317,500 bushels, both. states report-·
Total Diiitrkt .... ......... ....... 215,517,000
223,669,500
258,339,000
Total United States .............. . 541,46o~ooo
5~1276,000
587 ,OJ'.2,000 ing a decrease.
THE MONTHLY REVTEW
CorroN: The condition of the cotton crop in Oklahoma on
uly 25 was 75% of normal, or 'l points below the ten-year average and 7 points above the condition on July 25 of last year.
he total yield is estimated at 895,000 bales of 500 pounds,
which is an increase of 10,000 bales over the estimate of June 25
and an increase of 377,000 bales over the 1921 production. In
general, the condition of the crop on July 25 w.1s fair to good
with many instances of very good prospects. Fields were mostly
clean and unusually well cultivated while the plants were vigorous and healthy. Fruiting was at least on a par with July 25,
1911, and, where conditions have been favorable, bolls were very
large and plentiful. The report says: "The amount of weevil
damage is very difficult to estimate. but it is generally believed
that the damage so for does not compare with that last year.
Good growing conditions have somewhat overcome the lateness
of the season and the very dry June coupled with the high temperatures and deficient rainfall in July have at least retarded the
weevil increase. "
son being made with last year's crop for the reason that fruit
was almost a total failure that year:
FRmT: This year's fruit crop in the District has been the best
in several years. Conditions continue favorable. The Government's estimate for August on the crop of apples, peaches and
pears grown in the Southwestern states is here given, no compariRECEIPTS OF GRAIN.
4
5,871,000
Omaha ...... ~ ...••... ..•..•....••..•..•..........••.....•••
St. Joseph ......•.•.•• ..••........•.....••.•••••••..••....••
Wachita ..•...••.•..••..••.••..•.•....•.•.••.•••••.•..••••..
Toral, July, 1922 ••••••••••• ~- •••••••••••••••••••••••
Total, June, 1922 •••••••••••••••••••••••••••••••••••
1921 ••••••••••••••••••••••••••••••••• •••
379,000
220,000
482,000
25,000
28 ,000
179,000
1,313,000
CoRN: Arrivals of corn at the four markets during July were
4,123,950 bushels compared with 5,J-+2,800 bushels in June and
3,613,750 bushels in July, 1921. Corn prices continued firm
around 59c to 62,½c a bushel for No. '.l during the month . but
weakened in sympathy with wheat and at the first week of
August were down 4c to 5c per bushel.
OATS: Receipts at the four markets totaled 1,857,800 bushels
during July against 1,631,500 bushels during June and 1,.+98,200
in July of last year. Cash No. 2 white oats at Kansas City were
around 38c per bushel until the closing week and July 28 cash
sales averageJ 33c per bushel. The marketing of rye, barley and
kafir during July was in smaller volume than in June and was
also below the receipts one year ago.
WESTERN MARKETS FOR THE MONTH OF JULY
Rye
Oats
Corn
Wheat
Lnsas City ..•••••••••••••• • •••••••..••••••• ••••..... . .••••
Total, JuJy,
Total ..•••........•..•....•.••••• I 8,740,000
0
WHEAT: The wheat marketing year 1922-1923 began with
arrivals in July aggregating 19,911,600 bushels at Kansas City,
Omaha, St. Joseph anJ Wichita, the four leading grain centers
of the Tenth District. While this total is 12,714,900 bushels, or
39%, less than the aggregate of wheat arriving at these markets
in July, 1921, it is nevertheless a fact that this year's July receipts at western markets have been exceeded only on two or
three previous Julys in the history of wheat growing in the west.
Compared with the receipts during the previous month of June,
this July record of 19,911,600 bushels represents an increase of
I 1,897,800 bushels, or 148.5%. While the rail strike and car
shortage are reported to have interfereJ to some extent with the
grain movement in July, it is urged that the improved financial
conditions of wheat growers, together with the pooling of wheat
in grower's associations for ca-operative marketing, had a tendency toward restricting the movement of wheat from farms
more nearly to actual market requirements. Cash wheat prices
at Kansas City continued firm during the latter part of the month
of July but dropped perceptibly during the last week to $1.22
for No. 2 dark hard, $1.08¾' for No. 2 hard, and $1.06¾for No.
2 red winter wheat. Some further declines were recorded in the
forepart of August.
1
this District and conditions continue excellent in most sections.
In the Southwest and mountain portions of the District, meadows
and ranges suffered by lack of moisture but are still furnishing
suffic:icn.t feed for the present. The Government forecast places
the total crop of hay, tame and wild, in this District at 17,170,000
tons, as compared with I 5,835,000 tons harvested last year.
850,000
568,000
2,088,000
67,000
98,000
2,200,000
Grain Movements
i The marked decrease in acreage this year is generally attri-
, HA v: An unusually large crop of hay has been harvested in
3,772,000
2,842,000
8,763,000
1,279,000
851 1000
1,193,000
40,000
Pears
Bushels
The figures for Missouri and New Mexico are for the entire
states, no segregation having been made of totals for the parts
of the two states which are included in the area of the Tenth
Federal Reserve District.
In Colorado, the principal beet growing state of the Tenth
District, 165,200 acres were planted this year, 48,900 acres
below 1921 and 40,200 acres below the five-year average. In
Nebraska the acreage this year is 54,600, or 17 ,ooo less than in
i 1921 and 3,100 acres less than the five-year average. The foreest for 1922 places the total for Colorado at 1,467,000 tons
: against 2,279,000 tons in 1921. In Nebraska the total for this
year is estimated at 511,000 tons against 773,000 tons last year.
1
Peaches
Bushels
Colorado ...•.••...•..•...••.••.•.
Kansas. . . • . • . . . • . • • . . . . . . • • . . . . .
Miss()uri .........................
Nebraska.........................
New Mexico......................
Oklahoma .......•..............••
Wyoming...... . • . • . • • . . . • . • • . . • . •
SUGAR BEETS: The forecast of production of sugar beets this
year indicates a material reduction in the crop throughout the
United States as well as in the beet growing states of the Tenth
District. For the United States the area planted this year is
reported at 6o6,ooo acres, 276,400 acres less than was plan red last
year and 222,700 acres less than the five-year average from 1916
to 1920, inclusive. Production in the United States for 1922 is
forecast at 5,079,000 tons, a decrease of 2,703,000 tons from last
'year's production and a decrease of 1,491,000 tons from the average five-year production.
buted to the drop in prices paid for beets. In 1910 the average
price paid was $n.63 per ton. In 1921 it was down to $6.32 per
' ton. The contracts this year in most cases provide for a minimum
basic price of f,5.00 per ton of beets in Colorado and Nebraska
, and other mountain states, although these prices may be inr creased if the average selling price of sugar made is more than a
specified amount.
Apples
Bushels
3,264,000
1,051,250
2,118,200
874,500
80,000
448,Soo
1,344,000
62,000
3,000
9,900
25,100
1,500
J,100
19,911,6oo
8,013,800
32,616,500
..,123,950
5,342,Soo
3,613,750
1,857,800
1,631,soo
1,498,200
37,Soo
63,000
78,6oo
u,372,400
3 ,628,800
1,646,400
Barley
6.J,500
Kaffir
J49,6oo
36,800
7,000
6,000
108,300
203,150
193,050
J5S,6o
236,6oo
238,800
6
EFFORTS TO IMPROVE CROPS: Reports from the grain producing states of the Southwest tell of wide-spread interest for the
improvement of crops of grain. Bankers, business men, grain
dealers and millers are working hand in hand with the farmers to
obtain better quality and more-bushels per acre through improved
methods of soil preparation and sowing of better seed. It is
urged that this will not only reduce the proportion of low g ade
wheat sent to the markets but will add from fJ,OO to $5.00 more
money per acre in cash returns to the farmer. In Oklahoma the
desire to sow pure seed on properly prepared seed beds has been
intensified in the past year by the fact that farmers who plowed
their wheat lands during the month of July and early August for
foll sowing secured good stands and good yields this year. The
agricultural department of that state is making a very active
campaign fur better wheat. The reports from Kansas, Nebraska
and Missouri indicate generally increased and wide-spread interest in hardier, purer and deaner seed and improved methods
of planting.
Reports from grain areas heretofore visited by the Hessian
Fly indicate that there is some infe~tation by the fly this year
and efforts are being made by bankt:rs,' business men and ~ounty
farm agents t_o impress upon the farmers the necessity of adopting the recommendations of their agrin1ltural college entomolo
gists to plow under all volunteer wheat and to adhere closely to
the r1y Free schedule for their respective communities in the
sowing of wheat this fall.
Milling
Production of flour at mills in the Southwest reported to the
Northwestern Miller aggregated 1,6o3,463 barrels for· the month
of July, an increase of 67,957 barrels over June production and
345,129 barrels under the total tlour production in July 1921.
The total production of tlour at the leading milling centers in
July , estimated at 70% of all flour produced in the District . and
also the percent of capacity at which the mills reporting were
operated, follows:
Production
Uarrels
Op--ration
Pct. Cap:,rity
Kansa5 City ..•••••••••••••••••••••••••••••••
Omaha ..•.••••••••••••••••••••.•••• _••.•••.•
•Salina ...•••••••••..••••••••••••••••••.•..•
•st Joseph .••••••••••.••••••••••.•••••.•••••
\,Vichita . ..••••••••••..•••••••••.•..•.••••••
Outside ..•.••••••••••••••.••••••••••••••••••
351-138
80.883
50,o61
70.426
14R.lhJ
900,131
7o.9
9R.8
Total, July, 1911.... •••••••••••••••••• •• • • • • •
Total. June, 1911 ....................... ; .....
Total , July, 1911 . ............................
•-Figures for 1 weeks only.
1.6o3.463
1,5J5,5o6
1,948,591
61 6
56.6
SH
7H
SJ• 2
57 .8
77-J
The decrease in the milling output in July from that of one year
ago is at tributed to buyers who, witl~ the transportation situation unsettled, confined their purchases of flour to requirements.
In spite of this millers succeeded_ in doing a very goo<l July
business.
Flour ?rices at the beginning of August were the lowest since
1916 at Kansas City, short patents selling at $6.10 to $6.60;
95 per cent, at 'l,5.75 to $6.20: straight, at $5.40 to $5-95; first
clear, $4 to 'l,-1,.45; second clear, at $J.-i,O to $3.70; low grade 'l,2.75
to $3.25.
Flour shipments from Kansas City in July were 449,475 barrels agaiast 445,575 barrels in the corresponding month last year.
Live Stock
Late s'lmmer reports reflect a sound condition of the live stock
indu:try in the Tenth Federal Reserve District, in spite of the
fact that the unsettled trade and transportation situation,
coupled with liberal movements of animals
markets, resulteJ
w
in declines in market values at the end of July. Animals on farms
and ranges are generally healthy and in good condition.
Arrival.~ of live stock at Kansas City, Omaha. St. Joseph, Denver, Oklahoma City and Wichita in the month of July ·totaled
25,9(,6 carloads and 1,551.308 head. This total, although 10. 5%
below the June arrivals, was larger than the usual July marketings, an<l in fact was q. 5% above the number of animals received
at the six markets in July, 1911.
The receipts of cattle in July were 4or ,495, which was 28,260
more than the.> June receipts and 123,018 more than the total
receipts in July of last year. The 55.767 calves received at the
six markets in July were 6,r49 above the June total, but 4 ,104
bdow the total fur the corresponding month last year.
Among the arrivals was a fair sprinkling of fat corn-fed steers
which sold up to '$9.70 to 'l,10.35 with $10.50 as the top price of
the month. The supply of grass and range cattle, however, was
unusually large and while prices were fairly well sustained during
the forepart of the month, weakness developed toward the enJ·
and prices were considerably depressed . The supply of steers in
quarantine in July was the largest recorded fur two years.
The absence of a good shipping demand during the mon~h had
a somewhat depressing effect on the hog market. The July receipts, aggregatin~ 685,916, were 278,168 below the June total
but were 92,225 larger than in July of last year. Values at the
end of the month were 50c to SI lower than in June and 7 5c to
$1.25 under those of July a year ago .
Receipts of sheep and lambs at the six markets were 403,514,
which was 62,188 more than were received in June but 21 ,24-4,
less than the receipts during the corresponding month last year.
1
Conditions in the sheep and lamb trade were uncertain, due to
the disturbed condition of the mutton trade.
Following are the receipts of live stock at the six markets
during July, with total receipts for June, 1922 and July, 1921:
Cattle
Kan!las City ••••••••••••••••••• 178,1!!1
Omaha ...•...•...•..•••.....•• 111.763
Sr Jo•eph ..................... 3,,970
Denver ............. .. .........
26,992
Oklahoma City ....•••.•.•.. _.•.•
\Vichita ..••••••••••• • .••.•.•••
31,051
17,,38
Tout, July 1921 •••••••.•••..•• 4ot,495
Calves Hogs
Sheep
35,ooo 164,678
87,613
212,493
46,032
54,487
1,118
1,781
S,4 14 261,7q
3,627 162,812
'2,940 27,044
5,435 3:,018
J,35 1 37,fi50
--------
Total. J,ane 1922 •.•••.•••••..•• 373,235
Total,July 191.1 ................ 178,477
55-767 685,916 403,524
49,618 964,0!!4 341,316
59,871 593,69• 424,768
Horses
l\lules
1,321
480
759
1,540
13
493
4,6o6
4.0JI
1,36j
Meat Packing
Operations in July at the meat packing plants in cities or the
Tenth lJistrict were in larger volume than in June, except in the
killing of hogs. Compared with July, 1921, there were increases
of 31.8% in cattle killed and 13.4% in the slaughter of hogs,
although the July killing of calves and sheep fell below the record
of July of last year 12. 5% and 7.8%. respectively. Meat packing
operations during July at the six principal centers of the District_
measured by purchases of animals by packers, are here shown
for Jul>·, r912, with totals for the six centers for June of this year
and July of last year.
Cattle
Calves
Kansas City •.•••••••••••••••••
Omaha . . .....•••••.••••...•.••
St Joseph .•..••••••••••••••••_.
Denver .........•.•••••.•••••••
Oklahoma City .................
\\'ii:hita .....•••••.....•......•
91,288
77,402
13.025
Total, Jul)' 1912 ................
Tot:11, June 191.2 ...............
Total, July 1921 ................
123,803
. 215,472
169,844
9,002
15,432
1,2J2
3,202
I ,89J
17,l!21
3,4')1.
Hogs
117,087
207,962
128,125
15.960
16,41!1
5,165
2,111
35.083
38,.162
35• 1J:4
43,~Jl
Shttp
64,56o
135,720
38,642
7,966
746
886
248.520
540,6.H
811!,851
147,700
476,~1.1 _-,· 269,516
7
THF. MoNTHtV RF.VIEW
Stocks of meats in Kansas City at the close of business July 3 I
were 49,861,000 pounds, against 51,383,200 pounds June 30 and
56,609,800 pounds July J 1, 1921. Stocks of lard were 3,747,815
pounds against 5,512,170 pounds one month ago and 6,291,441
one year ago.
Fresh beef and pork tra<le was on a better basis at the first
week in August as compared with the somewhat demoralized
condition during the major part of July. There was an unusually
strong demand for fresh pork for this season of the year. and al._o
~ brisk trade in dry salt meats. The price of hams reached a low
levc::I which resulted in a greatly stimulated demand. The packers report: "Export trade in meats has been good, despite the
fact that it has been greatly interrupted and handicapped by the
interference with cables, which have been seized and sealed by
s9me of the Irish combatants."
Building
Permits were issued in eighteen cities of the Tenth District in
July for the erection of 2,575 buildings to cost $8,259,006. This
was an except-ion ally good July record, showing an increase of
326 buildings and an increase of $2,624,787 in estimated cost of
construction over the record for July, 1921. However, the July
record for the current year is 511 permits and $1,177,057 estimated cost below the record for June. This is reported as being due,
in part , to the usual mid-summer falling off in building operations
but largely to car shortage and movement of materials with some
1
tendency toward increased cost of construction. The record of
building for July, with percent of increase or decrease as compared with July, 1921, follows:
No.
C3srer, \Vyoming... .. ......... ..............
I Cheyenne, Wyoming..... .. ...... . .... ... ....
Colorado Springs, Colorado...................
Denver, Colorado..... .. ........ .... ..... ...
Hur'. hins~n,, K~nsas..... ....... ........ ......
Joplin, Missouri. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
I Kansas City, Kansas...... ............... ....
Kansas City, Missouri.... .... ............. .. .
Leavenworth, Kansas .......... ......... .....
Lincoln. Nebraska.. ............. ..... .......
l\luskogee, Oklahoma.............. . ... . ......
Oklahoma City, Oklahoma.......... .. ... .. ...
Omaha, Nebraska... ...... .. .. .. ......... .. ..
Pueblo, Colorado.. . . • . . . . . • . . . . . • . . . . . . . . . . •
St Joseph, Missouri........ .. . . ...... ........
Topeka, Kansas .• •..... .•. . ..·...............
Tulsa, Oklahoma.... ........................
\\'id1ita, Kansas. .... ..... .... .......... .... .
1
42
36
73
520
34
3
99
475
16
95
29
202
257
59
Est. Cost
$120,610
103,830
199,jl l
1 ,097, 2 75
47,76o
900
263,065
J,944,JOO
32,700
206.440
% Inc.
or Dec.
-
2.7
104.5
410.6
48.1
-94.0
3J.9
109.9
330.3
55-4
6~.605
-22 .7
836,780
880,638
101,045
-41.'2
75
105
189
266
139,425
1,685,6oo
379,297
Total; July 1922 ..•••••...••••••..•.•........ 2,575
~otal, July 1921 .••••••.•••••• ..•••• •.••.••.. 2,349
$8,259,oo6
5,634,219
J 55,02 5
49. 1
-42.6
164 6
14.8
568.1
-41.5
Industrial
Reports from 582 industrial establishments in 13 cities of this
District showed a total of 25,625 persons employed August 15,
819 less than the total reported by . the same establishments
on July 15 and 1,283, less than the number of persons normally
employed. The reports are tabulated by cities as follows:
Plants
Kansas City, Mo. and Kansas . .•.• ..... 58
Omaha .. . . . .. ....... ......•... . ...... 100
St. Josr>ph ..•.........•............... 20
Lincoln .............•...............• 21
Hutchinson .........••.••....••......• 21
Topeka ..... .••. ..•....•.....•.....•• 16
Pittsburgh ....•. . .. . •••.•...• ..•.... •• 7
Parsons .... ...•.••••.• •• .. ....... .•.. 3
Wichita ......•••....•.. ... ..•.....••• 18
Leavenworth ......••.................. 9
Atchison ...•..••.......•............. 3
Hastings .••...••.•...•••.•.•...•.... . 6
Tot.LI JJ Cities ....... ......... ....... . 28:2
Aug. 15
July 15
Normal
5,9 19
11,416
2,490
846
729
1,085
338
108
6,123
11,987
:2;523
1,163
690
J,J I I
6,268
1,505
6o1
167
11,575
2,729
989
1,009
966
343
333
99
1,430
479
76
1,6-25
692
156
1½
421
4 17
490
25,625
26,444
26,908
The estimate<l number of persons unemployed in Kansas for
the month of July was 3 1490, of which 90% were unskilled,
though the reports indicated that at least 40% of the unemployed
were engaged in part-time work. The Kansas City district reported the unemployed as 750, Parsons district 900, Hutchinson
district, 590. Wichita district 1,250, Salina and Topeka districts
none.
Petroleum
Production of crude oil in Kansas and Oklahoma of the Mid.
Continent field and Wyoming and Colorado of the Rocky Mountain field during the month of July wa1; at a rate of 570,777 barrels per day. with a total of 17,694,100 barrels for the 31-day
month. according to estinrntes based on reports from the various
fields. This is compared with the official United States Geological Survey reports for June of 593,93.1 barrels daily and a total
of I 7,818 .000 barrels as the output for the thirty days of that
month; and also with the July. 1921 record of 476,613 barrels
daily averagt> with a total for the month of i4,775.ooo barrels.
The production figures, in barrels, for the four states follow:
PETROLEUM
•July, 1922 ••June, 1922 °July, 1921
Kansa!I ..•••....•.••.............••
2,663,.300
2,739.000
3,418 ,000
Oklahoma ..•...•.•••.•••..••.•.... 12 ,664,880 J2,79!l,ooo 10,205.000
\Vyoming ....••.•••... . .•.•. •• • • • • •
2,356,000
2,271.400
1,143,6oo
Colorado .•.••••...•......•..••.•••
9,6oo
8,400
9.920
Total.............................
17,694,100
•-Estimated
..-Otncial-United States Geological Sun·ey.
17,818,000
14,775,000
The continued high output of crude oil, which has Jed to an
over-production, is so•mewhat depressing to the oil industry.
Many of the independent producers in the Mid-Continent field
have decided to curtail drilling of new wells until condition1- and
prices are more stabilized. In \Vyoming of the Rocky Mountain
field it is reported that contracts with the · French Government
and other foreign interests were taking up the large surplus from
that region, thus preventing an over-supply of both crude and
refined stocks.
Stocks of petroleum in Oklahoma and Kansas increased during the month of June 3,762,447 barrels to a total of 84 1 720,438
barrels at the beginning of July. This total was 25,744,907
barrels more than the stocks on hand July I a year ago.
Jn the face of a large over-production of crude oil, the development operations in July showed an increase in the number of
wdls completed and the total barrels daily new production over
June and also over July of last year, as indicated by the following:
Wells Rbls. Daily. Aver. Rbls. Dry
Gaq
completed New Prod'n, · per Well Wells Wells
Kansas................... ..
212
5,330
25
7S
6
Oklahoma ..•.•. ;...........
745
155 ,084
208
146
49
Wyoming............. . .....
40
· q.047
326
4
o
Total, July 1922 ..••••••.••• •,
Total. June 1922.......... . .
Total, July 1921 ........ . • • •
997
7,3
640
173,461
J49.020
77,997
174
22s
55
198
134
' 51
122
168
6o
At the end of July the reports showed 3,016 rigs and drilling
wells against 2,977 at the end of June and 2,116 at the end of
July last year . .Kansas reported 355 rigs and wells drilling;
Oklahoma, 1,966; and Wyoming, 695.
Reduction in the price paid for crude oil during the month of
July and t9 August 4 brought all grades of Oklahoma and Kansas
crude to i1.25 per barrel except Healdton which sold at 75c,
Cement at 85c and Walters at 75c. In Wyoming the August 10
price of crude oil was $1 .20 per barrel for Grass Creek, Elk Basin,
Lance Creek , Osage and Cat Creek, Mont. Rock Creek sold for
Soc; Salt Creek and Big Muddy, 70c; and Mule Creek, .6oc,
with Landers quoted at 37,½c.
8
THE
MoNmtv
Mining
COAL: A slight gain in production of hituminous coal in the
States of the Tenth Federal Reserve District is reported for the
Month of July. The mines were operated at an average of 37.2%
of full capacitv for a total of approximately 1,455,000 tons. This
compares with 33% of full capacity operation and a total production of 1,291,000 tons in the month of June. Colorado mines
were operated at 80.1 % of capacity, a gain of 3.2% during the
month. In Kansas the capacity operation in July was '24.3%, an
increase of 5.9% over the previous month. Missouri mines continued to show very slight operating activity, the total for the
month being 4.4%, a gain of les~ than 1% over June. New Mexico, however, continued high operation with a total of 99.2%
of full time capacity, a gain of 14% in the month. Oklahoma
mines were operated at 14.7% with a gain 0f less than 1%, while
Wyoming mines remained inactive with operation at a small
fraction of 1 % capacity. The various ca uses for los~ of operation
to mining capacity are indicateci in percentages for the various
states of this District as fo.lows:
Colo.
Transportation disability 10.2%
Labor Shortage .•.•••••• 1.2
Strikes ........•..••.•• 4.5
Mine Disability .••.•... 2.9
No Market .....••••• ••• .6
All Other Ca uses .••.••• .5
Losses, All Causes .•.... 19.9
Percent Production ..... 80. I
Kans.
75.7
Mo.
95.6
N.M. Okla. Wyo. 6 States
0.3%
1.7%
0.2
.2
6o.2
85.3
99.8
.3
.5
.I
,I
75.7
956
24.3
4·4
.8
99· 2
85.3
99.8
14.7
0 .2
62.8
37.z
The report of the United States Geological Survey of August 12
showed total production of bituminous coal in the entire country
for the calendar year to August 5 was 207;606 ,000 net tons. This
compares with 231,915,000 tons produced in the calendar year
1921 to the corresponding date in August. It indicates that the
coal produced to August 5 was 24,309,000 tons less t~an for a
similar period last year, and the shortage was increasing each
week of the strike which began April I. The United States Geological Survey also reported a production of 4,309,000 tons for
the week of August 5, which was the nineteenth week of the
strike, as compared with 7,196,000 tons fur the corresponding
week in I 921 when no strike was pending. The reports for the
last week of July indicated that traffic conditions were improved
in some fields but growing worse in others. The Geological Survey report says: "The mine reports confirm the evidence of
railroad shipments that the response to the invitation to re-open
mines has been practically confined to the non-union districts of
Pennsylvania and to the weaker organized districts in West
Virginia. In the strongly organized districts there has been no
significant increastl in output.••
COLORADO METAL MINING: The metal mining conditions
have improved slightly during the past month, as shown by some
increase in production reported by the smelters. There is a
considerable shortage of skilled labor reported from all the larger
mining camps.
Z1Nc AND LEAD: Shipments of zinc ores from the MissouriKansas-Oklahoma District during the month of July totaled
47,268 tons, which is approximately the same amount as sh pped
in June and twice the amount shipped during the corresponding
month last year. The month opened with the price of zinc ore
at $32.00 per ton and rose to $36.00 per ton at the month end.
R£VTEW
The average price for the month was $33.34 per ton, an increase
of $1 .oo over the average price of June and an increase of $12.00
over the average price paid in July, 1921.
.
There have been no sales of calamine reported so far this year,
although it i~ reported that some of the calamine mines in Granby
are opening up.
An increase of $3. 50 per ton in the price paid for 80% lead
ore during July is reported. The month opened with a $75.00 per
ton price and closed at $78.50. Shipments for the month averaged 8,951 tons which compares with 6,653 tons for June and
6,003 tons for the same period last year. The average price paid
for lead during the month of July was '$76.60 per ton which compares with $40.00 per ton for the same period last year.
The unsold surplus zinc held in the bins of the ore producers
is estimated at 49,000 tons. There is practically no lead ore surplus.
The American Zinc Institute's Joplin report of August I 5,
covering July operations, shows production of 31,917 tons of
slab zinc and shipments of 32,875 tons, leaving 28,618 tons as
stocks on hand July 31, not including 1,132 tons stored for customers. Export shipments in July were 541 tons. A total of
54,909 retorts were operating at the end of the month. which waa
2,232 more than the average number of retorts in operation during June.
STATEMENT OF CONDITION, FEDERAL RESERVE
BANK OF KA SAS CITY, INCLUDING BRANCHES
At Close of Business August 16, 1922
RESOURCES
Gold Coin and Certificates .....•...•..........•.•...•.•. • .. . f 2.654,628.62
Gold Settlement Fund F. R. Board.. . ...................... 28,72'2,877.70
Gold With Federal Reserve Agent.......................... 55,580,995.00
Gold Redemption Fund...................................
1,358,354.94 '
4,464,411.65
Legal Tender Notes, Silver, Etc.............................
Bills Discounted for Member Banks:
Secured by Govt. Obligations........... ... ..........
1,286,877.00
All Other . .......................••. • • • • • • • • • • • • • • • I 5,795,¢4.95
Bills Bought in Open Market ........• ... .....•........•..••
75,000.00
U. S. Bonds and Notes ........................•..•....•••. 28,t 80,950.00
One Year Cert. of Indebtedness (Pittman Act) ....•..••....•.
4,32 I ,000.00
All Other Cert. of Indebtedness ...••.• .•... •........ ..•.••• 13,000,500.00
Bank Premises ...................... ..........•.•.•...•.•
5,017,78'2.86
5% Redemption Fund Against F. R. Bank Notes .... ........ .
915,590.00
Uncollected Items .................•........ .............. 41,166,155.g(,
All Other Resources ....•.•.•...•.••• . •..••••••••.•• .•••..•
863,041.,36
Total Resources ..... •.••....•.. ......••.•. , .•..• • .. J203,404,130.04
LIABILITIES
Capital Paid in .......•••.•••••.•.•.•.••••• • , ••..•••.•• , •• 4.565.3~0.oo
Surplus .....•...........•......••.••.•••.•••••.••..•.. ..• 9,645,731.81
Deposits:
2,8'21,086.36
Government ......••.....•...•••••.•..••.•.•••.•.•••
Member Banks, Reserve Account ..•.•..•••••..•.....• 78p86,'251.72
All Other ........................•...••..•.......•.
510,481.rs
F. R. Notes in Actual Circulation .......•..••••...••.••.•.• 6o,461 ,o8o.oo
7,885,400.00
F. R. Rank Notes in Actual Circulation .••.......•.•.••••.•.
Deferred Availability Items ............................... . 38,376,097.16
All Other Liabilities .........••••••.•....••.•••••••••••..••
1.052,651.84
Total Liabilities ................................... . J203,404,130.04
OTHER TOTALS
Total Gold Reserves ...................................... J 88,316.856.26
Total Earning Assets ..............•................. , .... , 62.t,6o.291.95
Total Deposits. . . . . . . . . . . . . . . . . . • . . . . . . . . . . . • . . . . . . . . . • . . 81,417,819.23
Ratio of Total Reserves to Deposit and Federal Reserve Notes
Liabilitie, Combined .....•.•.••.. .•....•••••... •.•••
65.3%
Total Clearings for Week ...............•.......•. , .. •.,•• .$155.572,520.83
Total Number of Items Handled.......................... ..
1,005,414
@FedFRASER