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FE!)
.
THE MONTHLY RE\fi-JtE~~
(overing (onditionJ in the 'Ienth Federal 'R.yerve Virtnct
~(;> ~,t . ;/Of·
Federal Reserve Bank of Kansas City 1-\?J •·i,~
FoR THE INFORMATION OF MEMBER BANKS AND BusINESS INTERESTS OF THIS DISTRICT
M. L. McCLURE, Chairman Board of Directors
and Federal Reserve Agent
VoL. 8 No. 8
KANSAS CITY, Mo.,
C. K. BOARDMAN, Assistant Federal RtstnJI Agent
and Secretary
Aug. 25,
1923
ENERAL BUSINESS in the Tenth District is running ahead
of one year ago, although it has experienced some of the
usual summer dullness and much of the discomfort incident to a prolonged period of dry and hot weather.
G
THE SITUATION AT A GLANCE
1
HIGH POINTS IN THE STATISTICAL RECORD OF THE
TENTH FEDERAL RESERVE DISTRICT.
,r
Debits by banks to accounts of customers in 29
cities, as a measure of the volume of business: Four
weeks ending August 1, total $1,135,712,000. Increase over four weeks ending July 3, $27,911,'ooo
or 2. 5%; increase over corresponding four weeks
last year $66,908,000 or 6.2%.
,r
Building permits issued in 19 cities during July, 2,641 estimated cost '$9,002,675. Increase over July
last year 33 permits; increase in estimated cost
$620,869, or 7.4%.
,r
Commercial failures in Tenth District during July
66 and liabilities $2,795,103. Increase over July
last year ,5 failures and $1,903,717 in liabilities.
,r
Crude oil production in Kansas, Oklahoma, Wyoming, Colorado during July, 21,705,185 barrels.
Increase over July last year 3,539,185 barrels.
,r
Flour production at Southwestern mills during July
1,733,275 barrels. Increase over July last year
129,812 barrels.
The wholesale trade reports indicate a large distribution of
commodities both for imm_ediate requirements and the coming
fall and winter. Hardware and implements, with declines in the
volume of sales, are exceptions.
Production in practically all lines of industry is being maintained at a generally higher rate of activity than at the corresponding period in 1922, notably meat packing and flour milling.
The crude oil output has only slightly receded from the high
point of previous months. Curtailment of operations have materially reduced production of lead and zinc. Soft coal mining operations, while larger than last year, are restricted by lack of market demand.
The Department of Agriculture's August crop estimates indicate yields of most crops above the average, and in some cases
larger than last year. The wheat crop in the District has been·
greatly reduced. Extremely hot weather and lack of moisture
has seriously injured the corn crop in Southern Kansas and
Oklahoma. In the last named state cotton has suffered greatly
and in some of the counties of large production less than onehalf crop is expected.
,r Grain receipts in bushels at four
The volume of new wheat marketed since the beginning of the
wheat year July I, is about 14% below that of last year for a
similar period. The market movement of live stock during July,
and August, however, has been the heaviest recorded for a like
period in recent years.
,r
Building activity is holding up wel(in cities of the District.
Labor generally is fully employed.
markets during
July, compared with July, 1922; wheat 17,106,150;
decrease 2,805,450. Corn 3,6-1,5,750; decrease
478,200.
Live Stock receipts at 6 markets during July compared with July, 1922: Cattle -1,69,21-1,; increase
67,719. Calves 99,505; increase -1,3,738. Hogs
846,831; increase 160,915. Sheep -1,60,798; increase
57,274. Horses and mules '4,,9-45; increase 339.
Cars 30,416; increase -4-,-4-50.
,r
Meat packing at 6 centers during July compared
with July, 1922: Cattle 2,4,'.2,479; increase 18,676.
Calves 68,965; increase 30,603. Hogs 637,465; increase 9(>,830. Sheep 293,670; increase 45,150. !S
,r
Ore shipments, Tri-State District during July,
compared with July, 1922: Lead '3,778 tons; decrease 5,173 tons. Zinc 31,6'.!7~to11s ; decrease I 5,641
tons.
The financial situation has changed but slightly. The combined reports of Member Banks show a decrease of .8% in the
volume of their loans and discounts, including rediscounts, during
a four-weeks period ending August 1. On the other hand the·
aggregate of their investments increased 3.6% in four weeks to
the highest peak recorded in mor~ than two and one-half years.
Demand deposits increased 3.4% in four weeks to the largest
amount recorded since last March, while .time deposits)n the .
same period decreased 2.9%.
The August statements of the Federal Reserve Bank of Kansas
City reflect declines from the high level of Member Banks
borrowings in May, June and July. The total of discounted
and purchased bills held on August 22 was $42,689,367, as against
$53,431,164 on July 3.
THE
MoMTRLT
BANK DEBITS
The volume of bu incas as measured by bank debits in the
principal cities of the Tenth District during a four-weeks period
ending August I was 2.5% greater t han in the previous four
weeks and 6.2% greater than in the corresponding four weeks in
·1922. .The aggregate of debits by banks to accounts of their customers reported by Clearing Houses in twenty-nine cities was
fi,135,712,000 for the four weeks ending August 1, 1923, an
increase of $27,911~000 over the four weeks ending J uly 3, 1923,
and an increase pf $66,908,000 over the four weeks tending August 2, 1922.
Four Weeki Ending
Aug. 1, 1923
Atchiaon, Kaaua ..... ... f
5,572,000
Bartlesville, Oklahoma . ..
10,996,000
Caspq, Wyoming . .. . . ...
19,048,000
Cheyenne, Wyoming . . . . .
7,96o,ooo
Otlorado Springs,Colo. . ..
11,003,000
Denver, Colorado ....... . 1,43,213,000
Enid, Oklahoma . ........
16,478,ooe
Fremont, Nebraska . .....
3,175,000
Grand Island,Nebraska ..
4,906,000
Grand Junction, Colo •.. . .
2,342,000
Guthrie, Oklahoma ..... .
2,969'000
Hutchinson, Kanau . ... . .
12,829,000
ladependence, Kan1u . ...
9,939,ooo
Joplin, Missouri . .. . ....
10,227,000
Kansas City,Kansas .. . ..
19,561,000
Kansas City, Missouri ....
312,036,000
Lawrence, Kansas . .. .. ..
3,945,000
McAlater, Oklahoma . .. .
3,827,000
Muakogce, Oklahoma . ...
~2,029,000
Oklahoma City, Okla . . ...
74,018,000
Okmulgee, Oklahoma ... . .
7,863,000 ,
Omaha, Nebraska . . . .. . . . 190,811,000 .
Pano111, Kan1u . . . .. ....
2,801,coo
Pittsburg, Kan1u . .......
5,75°,ooo
Pueblo, Colorado . . . .... .
14,46o,ooo
St. J01eph, Missouri ......
51,957,000
Topeka, Kansas . . . .... . .
15,089,000
Tulsa, Oklahoma . .......
97 ,020,0QO,
Wichita, K~sas . . .... . . .
53,888,000
Four Weeks Ending
%
Change
Aug. 2, 1922
10.4
5,045,000
10.8
9,920,000
12,093,000
57-5
-
s
8,565 ,000
11,082,000
140,000,000
13,200,000
2,966,000
4,691,000
2,125,000
2,123,000
14,594,000
8,200,000
9,694,000
15,542,000
:175,488,000
3,645,000
3,o47,ooo
2
Total, 29 c!ties .. ... . ... . $1,135,712,000
3,355,000
--,.1
-0.7
2.3
24-8
7.0
4.6
10.2
39.8
-12.1
2.1.2
5-5
25·9
13.3
8.2
13·3
-,.7
77,178,000
7, 234,000
181,504,000
3,437,000
4,291,000
15,042,000
54,75°,000
Jf13,793,ooo
[101 ,374,000
44,826,000
8.7
5.1
-18.5
34.0
-39
-5.1
9.4
-4.3
20.2
f,1,o68,804,000
6.2
-4.1
COMMERCIAL FAILURES
The July report of commercial failures in the T enth Federal
Reserve District indicates a total of 66 failures wi th $2,795,103
of liabilities, compared with 61 failures and $891,386 of liabilities
for July last year. This is the second month of the year in which
a slight increase in the number of failures has been reported, and
it is the first month to record an increase in the amount of liabilities as compared with the corresponding months in 1922.
Business failures in the United States during the month of
July totaled 1,231 and liabilities $35,721,188, compared with
1,753 failures and i 40,0 10,313 of liabilities in July, 1922, a
decrease of 522 in the number of failures and $4,289,125 in
amount of liabilities. The July failures by Federal Reserve Districts as compiled by R. G. Dun and Co., follow :
NUMBER
LIABILITIES
J uly, 1923 J uly 1922 J uly, 1923 July, 19u
Fint (Botton) . .. ... ...... .. ... 91
f, 1,644,931 $ 2,393,565
130
Second (New York) . .... . . . .. . . t98
7,049,066
8,035,66~
384
Third (Philadelphia) .... . .... .. 40
86
1,676,773
3,979,044
Fourth (Cleveland) . .......... . 91
5,164,164
163
5,763,981
Ji'tf'th (Richmond) ........ .. .... 76
150
1,301,279
2,349,539
Sia~ (Atlanta) . ... . ......... ... 81
1 73
2,157,713
1,743,75 1
Seventh (Chicago) ....... . . .. .. 136
5,382,698 II,484,83i
~49
Eighth (St. Louis) . .. . . .. . . . . .. 47
1,721,083
563,872
87
Ninth (Minneapolis) . .. ... . ... . 71
60
1,163,446
1,142,174
TENTH (Kan1u City) .... . ... . 66
2,795, 103
61
891,386
Elnenth (Dallu) .. .. .......... 81
2,576,000
1,230,581
64
Twelfth (San Frandsco) . ...... . 151
1,762,8,p
146
1,758,017
Total, United Stat~s .. . .. . .... . 1,231
1,753
$3,,721 ,1 88 $40,010,313
I.
;';
2.
3.
4.
5.
6.
7.
8.
9.
RzvtEw
PRINCIPAL RESOURCE AND LIABILIT Y ITEMS OF
76 MEMBER BANKS IN SELECTED CITIES
Aug. 1, 1923 July, 3, 1923
Loans and Discounts (including rediscounts):
(a) Secured by U. S. Govt. obligations . . ... $
6,779,000 $
7,363,000
(b) Secured by stocks and bonds, other
than U. S. Bonds... . .. . ....... . .... .
79,882,000
78,317,000
(c) All Other................. .. ..... . . . 359,871,000
364,467,000
Investments:
11,926,000
(a) U. S. pre-war Bonds . . ... . : .... . . ... .
11,416,000
(b) U. S. Liberty Bonds . .... ....... . ... .
47,240,000
52,558,ooo
4,920,000
(c) U.S. Treasury Bonds . .. ..... . . . .... .
4,839,000
22,101,000
21,380,000
(d) U. S. Victory Notes and Treasury Notes.
6,099,000
(e) U. S. Certificates of Indebtedness . .... .
5,982;000
(f) Other Bonds, Stocks and Securities ... .
59,466,000
59,606,000
601,178,000
Total Loans and Discounts, and Investments 6o3,034,ooo
Reserve Balances with F. R. Bank .. . . . . . . .
47,657,000
47,813,000
Cash in Vault ........ .. . . ....... . . . ..... .
II,357,ooo
12,397,000
Net Demand Deposits on Which Reserve is
Computed.... ... .. . ............ .. ...... . 443,633,000
428,946,000
Time Deposits . .... . ... ..... .......... ... 128,418,000
132,258,000
Government Deposits.. . ...... . ... . ......
1,873,000
2,642,000
Bills payable and Rcdiscounts with F. R.
Bank secured by:
21,948,000
8,831 ,000
(a) U.S. Govt. Obligations ............ . . .
16,881,000
17,426,000
(b) All Other . ...... . . . . .. ... .. ...... . . .
TOTAL (Items 3 to 9 inclusive) . . .. . .... . . . $1,263,425,000 $1,262,867,000
SAVINGS IN BANKS
The monthly reports of fifty-six savings institutions and
savings departments in commercial banks in a number of selected
cities are generally accepted as a fair sample of the trend of
savings deposits and accounts in the Tenth District. These reports show about the usual vacation season withdrawals. The
aggregate of deposits on August I was $91,292,618, a decrease of
J1,037,657 or 1.1% from the total on July 1, and an increase of
J9,433,514 or 11.5% over the total on August 1, 1922.
AMOUNT OF DEPOSITS
Banks Aug. 1, 1923 July 1, 1923 Aug. I, 1922
Denver, Colorado ... . .... . .. . .. 7
$43,378,177 $44,642,644 $39,027,626
Kansas City, Kansas . .. ....... . 4
2,36o,531
2,465,013
2,147,718
Kansas City, Mo. . ... . . . . . ... .. 8
12,768,841 12,952,832 n,639,698
Lincoln, Nebraska ..... .. . . .. .. . 3
2,923,738
2,924,291
2,574,206
Oklahoma City, Okla . ..... ..... 5
4,659,002
4,u9,161
3,327,392
Omaha, Nebraska ..... . .. .. . ... 6
7,591,654
7,317,230
6,868,368
St. Joseph, Missouri .. ........ . . 6
7,86-2 1611
8,079,792
7,102,090
Tulsa, Oklahoma . .... . ... . . ... 7 .. 6,310,236
6,303,704
6,040,379
Wichita, Kansas .. . . . . ... . . .... . 6.,~-~ l""" 2,262,086
2,354,623 ·- 2,075,295
Out~ide . . . .. . ... . . ... .. .... . . . 4 ·,, ." 1,1 75,742
1,170,985 •· · 1,056,332
Total . .... .. . . .. . .... . . .. .. . . . 56
NUMBER OF ACCOUNTS
Banks Aug. 1, 1923 July1,1923 Aug.1,1922
Denver, Colorado ..... . . ..... .. 7
76,661
76,939
68,964
Kansas City, Kansas . . ... . .... 3
8,274
7,810
7,99o
Kansas City, Mo .... .. .. . . . .. . . 7
86,425
83,691
85,5x7
Lincoln, Nebraska . .. . ....... .. . 3
14,188
14,235
13,584
Oklahoma City, Okla........... 6
15,121
15,050
12,949
Omaha, Nebraska. . . . . . . . . . . . . . 6
39,968
36,888
52,736
Sr. Joseph, Missouri .. . . . .. . .. . . 6
18,102
18,226
17,726
Tulsa, Oklahoma. . . . . . . . . . . . . . . 6
19,1o6
17,124
18,991
Wichita, Kansas. . . . . . . . . . . . . . . 6
15,850
16,094
16,565
Outside . .. .. ... .. . .. . .... . . .. . 7.
1,715
1,733
1,474
Total ... ..... . .. . ... . ........ . 52
307,586
295,806
MERCANTILE
The general run of reports indicated wholesale trade during
July was slightly below that of June, except in groceries, and
was substantially larger than the trade during the corresponding month in 1922. Wholesale dry goods merchan ts reported
something of the usual mid-season dullness, although their sales
for J uly, which included sales of fall goods for advanced shipment,
were very materially larger than a ye_a r ago, The millinery trade
THE MoNTHL Y
R1tvutw
3
CONDITION OF RETAIL TRADE IN CITIES OF THE TENTH FEDERAL RESERVE m sTRICT DURING JULY, IS,tl
BAUD UPON
Ri.Poa.Ts n.ow Savs.NTIUl:N DnAa.TM&NT SToa.as.
Kansas City
Denver
(,4}
(J)
Percentage increase (or decrease) of net sales during July, 1923, over net sales during
same month last year ......•..............•...........................
Percentage increase (or decrease) of stocks at close of July, 1923, over stocks at close
of same month last year .. ...............·............................. .
Percentage increase (or decrease) of stocks at close of July, 1923, over stocks at close
of June, 1923 ................................................•........
Percentage of average stocks (selling price) at close of each month this season (commencing with July 1) to average monthly net sales (selling price) during
the same period ..................................................... .
Percentage of o~tstanding orders (cost) at close of July, 1923, to total purchases
(cost) durmg the calendar year, 1922 ....•...............................
Percentage of collections during month of July, 1923, on amount of outstanding
accounts on June 30, 1923 ............................................ .
Percentage of collections for same period last year . ............................ .
was active and sales substantially larger than at this season
last year.
The hardware trade did not meet expectations of wholesalers
during July, due in a large measure, it was reported, to disappointment in wheat production and also low price of wheat.
Shipments of hardware from factories are prompt, except building hardware, of which there seemed to be a shortage.
T~e reports of wholesale grocers indicate heavy buying by
retailers, July showing a decided increase in sales over June,
as well as over sales a year ago. Sales of drugs were substantially larger in July than in June and a year ago. Furniture safes
by wholesalers fell short of the June volume but exceeded the
volume at this time last year.
Implement dealers ere disappointed in their July business
and attributed the dec!ine to a drop in wheat prices, as very
few wheat farmers are buying harvesting machinery and grain
drills. The implement business for the year to August 1 was
reported as about equal to that of 1922.
RETAIL: The general run of reports of department stores
in cities of the Tenth District show retail sales fairly heavy,
about the same in volume as in June and well above that of
July, 1922, many stores conducting mid-summer sales with good
success. In the smaller cities throughout the District retailers
reported a falling off in their business during July, as compared
with the June volume, but in practically all instances the reports
showed increases over July, 1922.
COLLECTIONS: Some improvement in collections during
July over those during the same month last year was reported by
wholesale merchants whose trade covers the larger portion of
the agricultural district. Except in some section· where they
are affected by the drought the farmers are reported in better
condition financially, consequently retail merchants are reducing their obligations. In a few instances wholesalers reported
collections bdow normal. Department stores reported the percentage of collections to outstanding accounts slightly higher
than for the corresponding month in 1922. Retailers in the
smaller cities reported collections fair.
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
FOR JULY, 1923
SALES
OUTSTANDINGS
Dry Goods . ......... .. .
Groceries .............. .
Hardware ............. .
Furniture . ..... ... ..... .
Drugs ................. .
Millinery ......... , .... .
No. July, 1923 July, 1923 July 31,'23 July 31,'23
of
compared compared compared compared
Stores
with
with
with
with
June, 1923 July, 1922 June 30,'23 July 31,'22
-3.3
48.2
19.0
17.2
3
6
1.3
17.4
22.0
10.'l
-14.9
-3.0
-2.7
+4
9
-20.6
24.8
-10.6
8.9
4
~.I
4'3
•5
J.'l
3
66.2
20.6
30.'l
3.4
4
Outaid;
(10)
10ec.
Dietrict
(17)
Inc.
J-1
Inc.
&.1
Inc.
7-7
Inc. 11.3
Inc.
6.1
Inc.
Inc.
5-7
Dec. 0.9
Dec. 6-4
D. e.7
581.6
59o.5
6'l7.1
6o1.•
II.2
9.7
13.6
37.'l
36. I
47.0
-4-9·3
0.2
Inc:.
2.3
10.S
,;
5o.5
49· 1
AGRICULTURE
Lack of rain and extremely hot, dry weather during the last
two weeks of July and extending into August, seriously injured
growing crops over a great portion of the areas of large production in the Tenth District. T he injury is reflected, in part at
least, in the United States Department of Agriculture' report
issued August 8 and based on the condition of August 1.
COR. : The August report indicated an increase in seven
southwestern states of 52,069,000 bushels over the estimated yield
forecast in the July report, and 92,740,CXY:J bushels over production in 1922. The figures follow:
August 1
Kansas ....................... .
Nebraska ..................... .
Mi!lsouri ...... . ........••..•...
Oklahoma ..................... .
Colorado ..................... .
Wyoming ..................... .
New Mexico .................. .
f Bushela
116,6.p,ooo
120,399,000
195,718,000
50,688,000
29,908,oooj
1,290,000 (
3,763,ooo
Seven States. . . . . . . . . . . . . . . . . . . 628,4oj ,OOO
United States .................. 2,981,752,000
July I
Bushel•
105,769.000
203,810,000
179,408,000
ls2,soo,ooo
L28,713,000
t -.
Final 1912
Bushels
98,391,000
I 81,400,000
175,1 75,000
57,6oo,tt10
1&,320,000
1 ,0'/5,000
1,56o,ooo
4,117,000
2,475,000
576,~2,ooo
536,011,000
1,891,000,000
1,9J I ,000,000
The Kansas report, issued on August 8, said: "Corn has
slipped badly in the last 15 days in the southern third of the
state and needs more moisture in the north central counties,
but the average condition on August I is 80% for the state,
which forecasts a crop of 126,641 ,000 bushels. The otily Kansas
corn crops in ten years that have exceeded the present forecast
are in 1920 with 132,686,000 bushels and 1915 with 172,050,000_
bushels."
In Oklahoma, where heat records were broken in the last week
of July and the first week of August, the State Board of Agriculture reported on August 6: " Corn has suffered the most and
the condition is materially below that of last month, which was
75% of normal on J uly I. Practically the same acreage wa1
planted this year as was last, and the yield per acre last year stood
as 18 bushels, as compared with a ten year average of 17.8
bushel . "
In Nebraska, the principal corn growing state of this District,
the prospects were reported good throughout practically the
entire state up to the beginning of August. Most of the crop
had tasselled out and though a large percentage was quite late
the average condition was reported satisfactory with an increased
yield over that of last year. I t was apparent, however, that more
moisture was needed. Throughout the greater portion of Missouri the conditions were practically the same as in Nebraska,
with lack of moisture reported in some section~.
In Colorado the area planted to corn is showing a considuable
increase and the advent of warmer weather and favorable moisture conditions resulted in rapid development and gave promiae
THE MONTHLY REVIEW
4
of a good crop. Wyoming and New Mexico reports indicated
that corn was in fair condition August I. ·
WHEAT: The Kansas winter wheat crop slumped to an average of 9 bushels per acre and a crop of 79,596,000 bushels, which
makes it rank definitely as the second from the smallest in ten
years, according to the report of the Bureau of Agricultural
Economics, United States Department of Agriculture, made
publi.c August 8. Returns as of August I from other Southwestern States also reflected decreases in the yield from the
estimates as of July I. Following are the figures on .winter
wheat as estimated on returns from seven states for the dates
given:
August I
Bushels
79,596,000
27,773,000
39,988,000
37,367,000
15,327,000
36o,ooo
297,000
July I
Bushels
97,107,000
38,498,000
42,356,000
41,090,000
16,743,000
436,000
2.97,ooo
Final 1922
Bushels
122,737,000
57, 159,000
38,750,000
31,350,000
16,406,000
646,000
225,000
Seven States........... ........ 200,707,000
United States .................. 468,386,000
236,527,000
586,000,000
267,273,000
590,000,000
Kansas. . . . . . . . . . . . . . . . . . . . . . . . .
Nebraska ..••.•......••..•.••....
Missouri. • • • . . . . . . • . . • • • . . • . . . . .
Okh,homa .......................
Colorado... ... ......... .. .... .
Wyoming.. . ....... . . ..........
New Mexico.... .. .... .........
The spring wheat forecast for the United States is 225,000,000
bushels, 10,000,000 bushels less than on July I and 45,000,000
less than the 1922 crop. In the states of this district-Colorado,
Wyoming and Nebraska-in which spring whef1t is grown, the
decline from July I to August I was 1,540,000 bushels.
Aug. I
Bushels
Colorado. n • • • • • • • • • • • • • • • • • • • • • • 7,493,000
Nebraska ...•.•...•.............. 4,524,000
Wyoming ... ...••......• •. .. . ...• 2,939,000
New Mexico ... •• ....... .. ........ 1,300,000
Four States ...................... 16,256,000
July I
Bushels
7,6o3,ooo
5,7 29,000
3,010,000
1,354,000
Finah922
Bushels
5,37o,ooo
2,679,000
2,414,000
66o,ooo
n,12.3,000
COTTON: The area of cotton in cultivation in Oklahoma this
year, as reported by the State Board of Agriculture, is 3,367,000
acres, compared with 3,052,000 acres in cultivation a year ago,
this year's acreage showing an increase of 10%.
The intense heat, with temperatures ranging from 100 to I 10
degrees, hot winds, clear skies and no precipitation during July
and August to this date, except local showers, has been detrimental to the best crop growth. In fact, as August repurts are
showing, a short crop, ranging from two-thirds to one-half of
normal in the ·counties where the better conditions prevail,
and in other counties from one-fourth of normal down to almost
total failure, seemed certain at the middle of August unless the
entire state was visited by good rains during the latter part of
August.
A survey of conditions in the cotton growing counties of Oklahoma was made the first week in August by bankers of those
counties, who are in close touch with their farmer customers.
These bankers reporting to the Federal Reserve Bank of Kansas
City were practically unanimous in the opinion that the cotton
crop will be greatly reduced unless the situation is relieved by
moisture.
One result of the extremely hot weather mentioned in numerous reports of bankers is that the boll weevil has been practically eliminated and no great damage to the crop can come this
year from the pest. The heavy rains during May and June,
which necessitated many replantings, was also detrimental to
cotton, as it was impossible in many sections for the young
plants to get a good start before the dry and hot weather set in.
OATS: The harvest condition of oats in Kansas was reported
at 71% of normal, promising a crop of 34,187,000 bushels, which
ia6,ooo,ooo bushels more than was produced last year. Missouri's
oats crop showed a large increase over that of 1922. In Nebra~ka
the yield of oats iii reported light in many areas. The crop improved up to the time of harvest but heads filled on short straw
in numerous localitici and there were thin stands in a number
of areas.
The August I forecast of oats in the United States is 1,316,000,000 bushels, or 101,000,000 bushels more than in 1922.
SUGAR BEETS: Reports from the large areas in Colorado,
Wyoming and Nebraska at the end of July indicated that sugar
beets had made good progress and promised a large yield. In
Nebraska, however, it was reported that in spite of the favorable
condition of growth, stands were thin as a result of injury from
frost last spring. In the Arkansas Valley district of western
Kansas growers reported the outlook quite favorable, and refiners were preparing for unusually large operations in the. fall
and winter. The sugar beet acreage in Colorado, Wy0mmg,
Nebraska and Kansas this year is reported at 248,500 acres, or
24,500 acres above the total acreage in these states in 1922. The
United States Bureau of Crop Estimates in its July report forecast a yield of 3,399,000 net tons of beets in the four states, an
increase of 190,000 tons over production in 1922.
POTATOES: A total of 467,000 acres of potatoes was planted
last spring in Missouri, Kansas, Nebraska, Oklahoma, Colorado,
Wyoming and New Mexico. This total compares with 502,000
acres planted in the spring of 1922, indicating a decrease of abo~t
35,000 acres in the potato area. The estimated yield for this
year is 43,882,000 bushels, or 5,244,000 bushels le~s than was
reported for last year.
Colorado, with 128,000 acres of potatoes, reported excellent
growth during July, the late planted potatoes showing a condition above the average, hut there were some poor stands in fields
planted early. Nebraska, with a total of II8,ooo acres, reported
August I that the late planted commercial crop looked promising.
The early Kearney crop was ready for the market late in July,
but the movement was light to August I. The Kaw Valley
(Kansas) potato movement, starting early in July, was in full
swing by the end of the month, with a crop 80% of normal as
compared with 75% on August I last year. Oklahoma's production this year is estimated at 2,560,000 bushels or 160,000 bushels less than in 1922. Missouri reported a condition of 92% as
against 68% last year.
APPLES: The condition of the apple crop in the states of the
Tenth District in July, as reported by the United States Department of Agriculture, was below the condition last year in
all states except Wyoming and New Mexico which showed
increases. The total production this year shows a marked decrease from that of last year. The reports for six states, complete,
are summarized in the following:
Condition
Percent
Colorado . •... ........... . ..•••..•... 84
New Mexico ......................... 85
Wyoming ...........•.. . ...••.•..... . 78
Missouri .....•................••.... 70
Nebraska ............ •...• ...•...•.•. ~
Kansas ...•.•...........•............ 63
Oklahoma ........•.•..••.•.•.•...•.• 66
Total, July, 1923 ............... , •. • • • • •
Total, July, 1922 ...................... .
Commercial Crop Farm crop
Barrels
Bushels
879,000
3,294,000
253,000
1,170,000
' 33,000
6,221,000
622,000
837,000
56,000
1,818,000
3°3,0CX>
1,107,000
37,000
2,150,000
3,156,000
BROOM CORN: Condition in the seven producing states
dropped nine and a half points during July, and the August
forecast is for a total crop of 89,800 tons this season, as compared
with 35,300 tons last year, and the July forecast of 92,500 tons.
Every broom corn state records a slump in condition since July
I but the decline is most pronounced in Kansas and Oklahoma
5
TH:11! MONTHLY REVIEW
RECEIPTS OF GRAIN AT FOUR MARKETS OF THE TENTH FEDERAL RESERVE DISTRICT DURING JULY, t9'l3
Wheat
Kansas City ..... ............ .. ....................... . ....
Omaha ....................................................
St. Joseph .................................................
Wichita ............ ... .. . ........ ........ . ........... ••• ••
9,008,550
1,621,600
1,240,400
July, 1923 .... .. . ........ .... ... ...........................
June, 1923 . ................................................
July, 1922 ..................... . ...........................
17,1o6,150
5,u8,900
19,911,600
5,235,600
fields. The present forecast of 89,800 tons includes a probable
production by states as follows: Jllinois, 8,100 tons; Missouri,
1,000 tons; Kansas, 15,000 tons; Texas 5,700 tons; Oklahoma,
35,800 tons; Colorado, I 1,700 tons; New Mexico, 12,500 tons.
This production cannot be realized unless conditions are fairly
favorable from now till harvest, especially in t he later maturing
sections of Kansas, Oklahoma and Colorado.
GRAIN MOVEMENTS
Arrivals of wheat at the four principal market centers of the
Tenth District in July were 17,106,150 bushels, which was I 1,987,250 bushels more than the arrivals in June and 2,805,450
bushels less than the arrivals in July last year.
Receipts of corn, aggregating 3,645,750 bushels, were 609,050
!JUshels below June receipts and 478,200 below the receipts durmg July, 1922.
Receipts of oats totaled I ,381,700 bushels, a decrease of 488,~oo bushels from June and 475,100 bushels from the correspondmg month last year.
The movement of rye during July was heavier at the four
markets than in June this year or July last year. Increases in
the receipts of barley and kafir over June were reported, but the
July receipts of these two grains were less than those of a year
ago.
FLOUR MILLING
July, the first month of the 1923-1924 wheat year, showed a
very decided increase in the output of flour at the various milling
centers of the Southwest. Total production for the month, as
compiled from the weekly reports to the Northwestern Miller,
was 1,733,275 barrels, an increase of 305,613 barrels over the
June output and an increase of 129,812 barrels over the output
in July, 1922. The July figures on production at the various
milling centers follow:
July, 1923
Barrels
Kansas City ...... .. ...... .. .................. • .. .... . ......... 488,340
Omaha ....................................................... . 72,994
Salina ...................•...............••................... 78,296
St. Joseph ................••................................... 10 5,775
Wichita ......................... . .............. .. .. .......... . 176,923
Outside ...................................................... . 810,947
Total, July, 1923 ....... ... ..................................... 1,733,275
Total, June, 1923 .............. . ............................... 1,427,66'l
Total, July, 1922 .. ..•...••• ....• ...••.•..••....•...•.• .. ... ..•. 1,6o3,463
While the output of flour from Southwestern mills during July
reflects a decided increase in operating activity, the reports
seem to indicate that a large percentage of the production was
the result of earlier sales. At the end of July there was little
heavy buying for future requirements. A great many of the
mills were grinding last year's wheat during July, and the holdover wheat was gradually being disposed of.
Corn
Oats
1,141,250
1,142,000
787,500
275,000
333, 200
976,000
54,ooo
19,500
3,645,75°
1,382,700
1,871,100
1,857,800
4,254,800
4, 123,95°
Rye
Barley
!Cafir
25,300
30,800
6o,ooo
'l7,200
7,000
69,300
3,6oo
I,'loo
57,300
94,200
35,100
37,100
54,5 00
72,900
56,700
108,300
1 5S,6oo
LIVE STOCK
Condition of live stock throughout the Mountain and Plains
states, as well as in the Missouri Valley states, continues highly
favorable. The average condition of cattle at the middle of July
was reported as 94% as compared with 91% at the middle of
June. The condition of sheep was also very high with an average of 97%. This high condition is ascribed to the ranges and
pastures which have been rated above normal, although in some
of the southern sections of this District the drought and intense
heat late in July and in early August was injurious to pastures
and cut short the feed crop.
CATTLE SUPPLY LARGE: A late report of the statistician
for the Bureau of Agricultural Economies at Topeka says that
abundant grass early in the season, a high quality of feeders,
and reasonably profitable prices for better grades of stuff, all
tend to stimulate early shipments of grass fat cattle from
Kansas. The report says:
"There are more cattle on Kansas grass than a year ago, particularly in the flint hill district, but the average run is of younger
stuff and large numbers of this class of feeders can be profitably
carried over for another year or fed out on corn in the late fall
or early winter if the corn crop and market conditions justify
such action. From the present outlook it does not seem probable
that Kansas will market to exceed 1,000,000 cattle and calves
between July I and January I this year unless some circumstance
that cannot now be foreseen should interfere. Of the million
head to be marketed in the next six months about 600,000 should
be fat enough for the block and the other 400,000 should be
stockers or feeders that will average of.high quality. The actual
percentage that will go as feeders or killers will depend greatly
on the outcome of the corn crop and the consequent demand fo1
feeders in the corn belt.
"Estimates for other western states indicate that the available
supply of cattle and calves for this fall's delivery will be approximately as follows: Arizona, IIo,ooo, mostly feeders; California,
90,000, mostly fat; Montana 140,000, of which 77,000 will be
fat and 63,000 feeders; Western half of Nebraska, 350,000 of
which 130,000 should be fat and 222,000 feeders; Nevada 96,000
of which 47,000 will be fat and 49,000 feeders or stockers; New
Mexico, 1 I 5,000 mostly feeders and stockers; Oklahoma, 907,000
which ought to run about 50-50 fat and feeders; Oregon, 269,000
of which 150,000 will probably be fat and II9,ooo feeders;
Texas 846,000 with 347,000 of them fat and 499,000 stockers or
feeders; Utah, 138,000 with an estimate of 105,000 of them fat
and 33,000 feeders. Numerical estimates are not available for
North Dakota, South Dakota, Idaho or Wyoming but the indication is that the fall shipments from North Dakota will be 6%
less than last fall and. from Wyoming about 20% greater. The
North Dakota movement ought to average about 29% fat and
the Wyoming shipments 45% fat.
"Estimates were taken July I as to the spring calf crop as a
percentage of the number of cows on hand last January I. This
is the first time such an estimate has been attempted and there
is no check as to its reliability, nor are comparisons available on
a similar basis for former years. The percentages as reported
6
THE MoNTHLT REVIEW
are as follows: Arizona, 47%; California 41%; Colorado, 60%;
Idaho 48%; Kansas 78%; Montana 69%; Nebraska 77%; Nevada 34%; New Mexico 46%; North Dakota 66%; Oklahoma
64%; Oregon 46%; South Dakota 74%,;, Texas 58%; Utah 40%;
Washington 77%; and Wyoming 51%.
MARKET MOVEMENTS: Receipts of live stock in the
month of July at the six prin~ipal markets of the Tenth District
were the largest for all classes for any July in recent years.
The run of cattle at all markets was exceptionally high and reflected early marketing of grass fed animals. The receipts during
the month at these markets was approximately 15% larger than
a year ago. Receipts of calves established a new high record for
the month of July, the total being 72% above the receipts for
the same month last year. The movement of hogs also was
exceptional for the mid-summer month and was fully 25% ab~ve
the total for the month a year ago. Sheep were marketed durmg
July in larger numbers by 12% tha~ were marketed for the
corresponding month last year. ~ece1pts of h?rses and mules
were fairly large for July and practically the same as a year ago.
The July receipts follow:
Cattle
Calves
Hoga
Sheep
Kansas City .. ................. 221,606
Omaha ..... .. ................. 112,038
St. Joseph ..... ................ 50,065
Denver .. . ................. .. .. 21,347
Oklahoma City ..... .. .......... 35,128
Wichita ...................... . 29,030
62,709 200,537 127,573
6,101 358,780 :ll4,503
7,188 189,418 56,962
3,49'.l 34,194 52 ,359
8-24
u,070 18,735
8,945 45,167
8,577
July, 1923 ..... .... . .. ........• 469,214
June, 1923 ... ....... ......... .. 378,006
July, 1922 ....... ........ ...... 401,495
99,505 846,831 460,798
46,921 859,618 333,III
55,767 685,916 403,524
Horsca
Mules
871
1,570
514
1 ,597
52
341
--- - - - - - - - - - --4,945
clip of 1920, which was 235,005,000 pounds and of 1919, which
was 249,958,000 pounds.
.
.
Texas with 19,700,000 pounds leads m the estimate of the
1923 clip. Wyoming is next with 18,800,<X?O pounds, followed by
Montana with 18,295,000 pounds, Utah with 17,210,000 pounds,
Idaho with 16,500,000 pounds, Ohio with 14,31J,OOO pounds,
California with 14,181,000 pounds, and Oregon with 13,200,000
pounds. Other states: New Mexico, 9,524,000 pounds; Colorado,
8,554,000 pounds; Missouri, 5,411,000 pounds; Nebraska, 1,738,000 pounds; Kansas, I ,933,000 pounds; Oklahoma, 490,000
pounds.
MEAT PACKING OPERATIONS
Packers at several centers in the District took advantage of the
heavy receipts of live stock and increased their operations accordingly. The largest increases were in the slaughter of cattle,
calves and sheep, although a substantial gain was made in the
slaughter of hogs. Purchase by packers in July:
The packers' reports indicate a decided increase in the meat
trade during the month, both in fresh and cured meats. Consumption of pork products in July, according to the statistics,
were larger than ever before and fully one-third larger than a
year ago and resulted in a substantial decrease in the stocks of
pork in storage. Renewed buying by the United Kin~dom, especially of hams, was one of the features of the foreign trade
during the month.
Stocks of pork and pork products in storage at Kansas <;ity
at the close of July aggregated 58,677,300 pounds, agamst
66,067,900 pounds at the close of June and 49,861,000 pounds at
the close of July, I 922.
3,484
4,6o6
PRICES: The hog market during July was somewhat irregular
with prices tending slightly hig~er. The top price for the mo:ith
at Kansas City was $7.60 agamst f,10.50 one year ago. Prime
cattle reached the highest level of the year in the face of the
increased receipts. Best native steers sold in July _up. to
$11.35 against f,10.50 one year ago. Grass catle, const1tutu~g
a large proportion of the a~rivals, averaged about the same a~ m
June. Prices of lambs declmed nearly f,3.00 from the June pnces
and were about 50c lower than a year ago, although mature sheep
were f,1.00 higher.
94,494
78,574
29,521
9,028
24,733
6,129
Hogs
Sheep
44, 2 93 139,804 91,212
3,795 261,335 143,728
5,645 I 54,1 88 46,754
1,918 22,502
9.675
9,448 16,09:::
674
1,627
3,866 43,544
July, 1923. . . . . . . . . . • • . . . • . . . . . . . . . . . . 242,479
June, 1923 ........ .••••••...... ........ 216,134
July, 1922 ........• •••..... ............ 223,803
68,965 637,465 293,670
35,101 671,593 239,025
38,362 540,635 248,520
Cattle
Kansas City . ......................... .
Omaha .........•• .... ....... . ........ .
St. Joseph ........... ............. . ... .
Denver ...••••.......•.•..............
Oklahoma City ..•.•.•............ .. ....
Wichita .............................. .
Calves
MINING
17,856 94,689
'.17, 134 45,906
9,788 to5,457
ZINC AND LEAD: Shipments of zinc ore from the TriState district totaled only 31,627 tons for the month of July,
which is the smallest shipment for any month of the current
year, and compares with 47,268 tons shipped in July last year.
The month opened with a top price of f,36.00 per ton, advanced
to $38.00 the second week and closed with the price of $37.50.
The price paid for all ores sold during the month averaged $35.99,
which compares with $33.34 for July last year. Total zinc sales
aggregated $1,138,477.
. .
Lead ore shipments aggregated 3,778 tons which is also the
smallest month's shipment this year. The average price for the
month was $66.01 per ton. The market opened with a price of
$65-00 per ton, then dropped to $60.00 and at the end of the
month advanced to '1q5.oo. There is practically no surplus
stocks of lead ore in the district. Shipments of lead ore one year
ago aggregated 8,951 tons at an average price of $76.60. Under
the curtailment program which is being carried out throughout
the Tri-State district production of the field is now considerably
below 9,000 tons. Many of the properties which closed down
during the two weeks shut-down period have not resumed opera-
WOOL CLIP: A wool clip of 228,031,000 pounds for 1923
in the United States is the preliminary estimate of the Department of Agriculture. This exceeds the 220,155,000 pound clip
of 1922 and the 223,062,000 pound clip of 1911, but is below the
METAL MINING IN COLORADO: The close of the month
of July marked what might well be termed a very material increase in activity in the metal mining industry of Colorado, not
so much in the way of increased production as by move~ on the
STOCKER AND FEEDER MOVEMENT: The July movement of stocker and feeder cattle from Kansas City, Omaha,
St. Joseph and Denver to the country totaled 93,895 head, which
was 2,660 above the total in July last year. Movement of calves
to the country from these four markets was about 75% larger
than a year ago. The countryward movement of hogs, totaling
17,856 head, was about 90% greater than a year ago. A total of
94,689 sheep was reported as shipped from the four markets to
the country during July, a decrease of about 10,000 head from
the countryward shipments in July, 1922. The July reports of
stocker and feeder shipmc:nts follow:
Kansas City ......... ........... .....
Omaha ............. • ................ ..
~
St. Joseph ... .................... ... . ..
Denver ........................... . . ...
July, 1923 . .. ... . . ........... ...... .. ..
June, 1923 .............................
July, 1922 ....... .... .. ... . . ......... . .
~attle
Calves
59,363
3,265
13,843
10,216
10,473
610
1,598
93,895
90,616
91,235
6,353
3,355
Hogs
6,122
883
74o
I0,III
Sheep
21,439
36,SII
7,888
28,551
- - - - - - --- - - 5,473
tions.
THE MONTHLY REVIEW
part of mining men in all districts of the state towards the resumption of operations of many large properties that have been
idle for the past few years. This is particularly true in the Leadville, San Juan and Cripple Creek districts. There is still a
scarcity of skilled labor, but reports show that that conclition is
soon to be overcome. Present activities point to an immense
amount of development of old and new properties in all district
of the state. The decline in silver had a deterrent effect, but the
state of the general metal market inspires operators with hopeful
anticipations for the future.
BITUMI OUS COAL: Production of soft coal in the United
State3 for the calendar year to August 4, was reported by the
United States Geological Survey as 3'24,998,000 net tons, which
compares with 207,6o8,ooo net tons produced during the calendar
year 19'2'2 to the first Saturday in August. The I 9'23 production
is the largest for the seven months period since 1918, when
the total was 344,'200,000 net tons.
Production in July at the mines in the six coal states of this
District was restricted to a very great extent by lack of demand.
Colorado, Kansas and Oklahoma reported operation of mines at
below 50% of capacity. Wyoming and New Mexico operations
averaged above 54% and Missouri operations nearly 71%.
Loss of operation on account of no market in July ranged from
51% in Oklahoma to 24.1% in Missouri. The losses follow:
Colo. Kans. Mo. N. M. Okla. Wyo. Dist.
Losa Due to:
Transportation Disability. 1.9% 2.4% 0.3% 1.3% 4.2%
1.7%
Labor Shortage ... . .......... . 2.1
O.'l
0.4
Strikes .... ... .............. . O.'l
0.2
0.7
Mine Disability. . . . . . . . . . 2.9
1.6
I.I
5.7
3.5
5.7
3.4
No Market .............. 48.1
40.0
51.0
41.6
43.8
4 2 •7 24.I
All Other Causes . . . . . . . . . .... 0.9
O,'l
0.2
0.3
Total Loss, all Causes .... 52.9
Per Cent Production ..... 47.1
54.0
46.0
28.2
71.8
PETROLEUM
The output of crude oil from wells in the producing states of the
Tenth Federal Reserve District continued high during July.
The average for the thirty-one days of July for the four states,
according to conservative estimates, was only about 5,000 barrels per day below the peak output of 706,899 barrels per day
officially recorded for the thirty days of June. In Oklahoma,
where proration of runs was inaugurated by principal purchasing
agencies late in June the July reports of the American Petroleum
Institute indicate a reduction in the month's output of approximately 10,600 barrels per day. In Kansas there was a slight
reduction in the daily average output amounting to 760 barrels
per day. Wyoming, however, reported an increase of approximately 6,000 barrels per day with the average for the month
above II 2,000 barrels per day.
The following is a tabulation of the estimated total and daily
average production of crude oil in each of the four states for the
month of July compared with the official figures for June, 19'23,
and July, 1922, in barrels of 4'2 gallons:
TOTAL PRODUCTION
•July, 1923
••June, 1923
Kansas . .. .... ... ... . . ... . ... 2,632,850
2,573,ocx:,
Oklahoma ... ................. 15,594,935
15,450,000
Colorado .. .. ...... ...........
5,400
5,400
Wyoming ............. . ...... 3,472,000
3,178,6oo
Total, Four States ... ..... . . . .. 21,705,185
21,207,000
DAILY AVERAGE
*July, 1923
**June, 1923
Kansas . . . . . . . . . . . . . . . . . . . . . .
84,931
85,766
Oklahoma . . . . . . . . . . . . . . . . . . . . 503,062
515,000
Colorado.. ............ .......
174
180
Wyoming. . . . . . . . . . . . . . . . . . . . 112,000
105,953
Total, Four States . . .......... 700,167
•-Estimated, American Petroleum Institute.
**-Official, United Statea Geological Survey.
"July, 1922
2,6og,ooo
13,335,000
7,600
2,214,400
18,166,000
**July, 1922
84,161
430,161
2 45
71,432
585,999
7
The high rate of production is reflected in a heavy accumulation of crude oil in storage. This is indicated by a statement of
major Oklahoma and Kansas companies showing stocks on
July I aggregating 100,334,598 barrels, or 3,180,858 barrels more
than the total stocks on June 1, one month previous to that date,
and 15,614,160 barrels more than the total stocks on July I,
19'2'2.
Field reports for July show a falling off of 10% in the number
of wells completed and a decline of 14% in the average daily
new production from the June record. At the end of July there
was also reported a decrease in drilling operations. The figures
for Oklahoma, Kansas and Wyoming follow:
Bbls. Daily Rigs and Wells
New Prod'n
Drilling
Wells
Completed
Oklahoma ..... ......... .... . . ...... .. 561
147,102
4,656
15,262
1,612
254
June, 1923 ............................ 844
167,020
194,946
2,377
2,508
Decrease . . . ....... ...... . . .... .... ... 91
27,926
131
Kansas ............................... 140
Wyoming ............................. 52
July, 1923 ..... . ..................... . 753
5u
Both Oklahoma and Kansas reported decreases in the number
of wells completed, daily new production and new developments. Wyoming reported large increases in wells completed,
daily new production and also in drilling operations.
Reports ,of refiners would indicate that stocks of gasoline are
at the high peak and gasoline is being produced faster than present stocks can be absorbed. This situation has led to efforts
on the part of many refiners to curtail runs of crude oil. With
this exception, the trade in petroleum products is reported as
generally healthy.
BUILDING
Reports from nineteen cities in the Tenth Federal Reserve
District show building operations were unusually large for a
mid-summer month. The estimated cost of 2,641 buildings for
which permits were issued in July was $9,oo'l,675, which was
6% less than June but 7.4% greater than in July, 19'22. The
reports for July showing the number of permits and estimated
cost, and also percent of increase or decrease as compared with
July, 1922, follow:
Permits
Issued
Casper, Wyoming ... ......... .. ............ 103
Cheyenne, Wyoming. . . . . . . . . . . . . . . . . . . . . . .
Colorado Springs, Colorado .... . ... , . . . . . . . .
Denver, Colorado... .. ....... ............. .
Hutchinson Kansas . .......................
Joplin, Missouri . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kans~ City, Kansas.......... ........... ..
Kansas City, Missouri.... . . . ........ .... ...
Leavenworth, Kansas. . . . . . . . . . . . . . . . . . . . . .
Lincoln, Nebraska. . . . . . . . . . . . . . . . . . . . . . . . .
Muskogee, Oklahoma.... . . . . . . . . . . . . . . . . . . .
Oklahoma City, Oklahoma ..... ...... ... ... .
Okmulgee, Oklahoma. .. . . . . . . . . . . . . . . . . . . . .
Omaha, Nebraska.... ......................
Pueblo, Colorado. . . . . . . . . . . . . . . . . . . . . . . . . .
St. Joseph, Missouri.............. . ..... . . ..
Topeka, Kansas. . . . . . . . . . . . . . . . . . . . . . . . ... .
Tulsa, Oklahoma . . . . . . . . . . . . . . . . . . . . . . . . . .
Wichita, Kansas......... .. . . . . . . . . . . . . . . . .
42
68
571
17
t 'l
145
431
7
130
49
271
l
5
257
55
Estimated
Cost
% Inc.
or Dec
'$ 596,683
52,920
51,445
1,416,000
-49.0
-'74.2
29.0
35,5 1 5
20 ,575
1,77°-5
501 ,070
1,807,850
181,000
507,215
80,700
1,114,146
130,150
856,878
47,050
279,455
273,875
86
144
163
275
444,498
Total, July, 19:13 ................... . ...... 2,641
Total, July, 192~ ........... . ......... . .. .. 2,6o8
,9,002,675
8,381,8o6
605,650
394.7
~5.6
90.5
--7.0
453-S
145.7
2 4·9
33- 1
6.'l
-'l.7
-53-4
80.'1
96.4
--64.J
17.:1
,..
8
·..
....
THE MoNTRLY REVIEW
._
STATEMEJ'.+T'<1F CONDITION FEDERAL RESERVE
BANIC .O'l?°°\{ANSAS CITY, INCLUDING BRANCHES
.··. !' ' .
, ·.
RESOURCES
At Close of Business
, .... ·. .- . .
Aug. 22, 1923
•. _ 1Go)d:.~~~-.and Certificates . .... .................. . ......... '$
3,400,703.00
..-· •-:---, G.9lcl,~1_;tt,fement Fund F. R. Board....... .... ..... . . ........ 46,251,473.12
.1, told W.tfh federal Reserve Agent........................... 41,224,100.00
...,, Gold Redemption Fund........ ... ...................... ...
3,567,973.14
Reserves Other Than Gold. .. ................. ..... ..... . ..
2,6o5,994.oo
Non-Reserve Cash.. .. . . .. . .. .............................
4,621 ,816.97
Bills Discounted for Member Banks:
Secured by Govt. Obligations .... . . .... .. ..... ... ... . II,181,946.50
All Other . ...................................... . . . 29,495,078.08
Bills Bought in Open Market .... . . . . ................ . ..... .
2,012,343.13
U. S. Bond» and Notes .. . ........ . . ....... ...... . ..... ... . 10,969,650.00
United States Cert. of Indebtedness ........................ .
67,500.00
Bank Premises . . ................ .... .................... .
4,969,523.60
Uncollected Items ........ .. ....... . ... ................... . 32,280,366.76
All Other Resources . . . . . ... .............................. .
825,467.65
Total Resources ............ ... .................. • . . $193,473,935 .95
LIABILITIES
Capital Paid In ....... .. ................. ...... .. ........ .
Surplus ......... . . . ........................... . ....... . . .
Deposits:
Government ... .. ......... . . .. . .. . ............... . .
Member Banks, Reserve Account ..... ............... .
All Other . ............. ... . . ...................... .
F. R. Notes in Actual Circu lation .. . ....................... .
Deferred Availability Items ... ......... ........ ........... .
All Other Liabilities .. . .................. .. .. . .... . ....... .
4,583,250.00
9,488, 299.89
2,243,872.44
80,359,666.49
392,494.95
6o,906,48 5.00
34,486,551.02
1,013,316.16
Total Liabilities . .. .. . .......... .. ......... ...... • . . $193,473,935.95
OTHER TOTALS
Total
Total
Total
Total
Gold Reserves ..... . ........................... .... .
Discounted and Purchased Bills Held............... ...
Earning Assets.......................... ..... . .. ... .
Depo'>its. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ratio of Total Reserves to Deposit and Federal Reserve Notes
Liabilities Combined. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Cleari ngs for Week ............ .... . . . , ......... ... ,.
Total Number of Items Handled......... ............ .... ...
$94,444,249.26
42,689,367.71
53,726,517.71
82,996,033.88
67.4 %
164,933,959.97
1,059,362
Business Conditions in the United States
Production of basic commodities and employment at industrial
establishments decreased in July and there was a further decline
in wholesale prices. The distribution of goods, as indicated by
railroad freight shipments, maintained record totals and the
sales of merchandise, though showing the usual seasonal decline,
continued to be relatively heavy.
Production in basic industries, according to the showing of the
index of the Federal Reserve Board, declined 1% in July. Mill
consumption of cotton, steel ingot production and sugar meltings
were considerably smaller than in June. New building opera-t'ons
during the month, as measured by the value Gf pernut:s granted
and of contracts awarded, showed more than the usual seasonal
decline.
Employment at industrial establishments located in various
sections of the country decreased 2% during July. Manufacturers of automobile tires and cotton goods showed large reductions
in the number of employees. There were some further announce-
ments of wage advances but these were not a.5 numerous as in
three previous months. Average weekly earnings of factory
workers, due to a decrease in full time operations, were 3% less
than in June.
Crop forecasts of the Department of Agriculture on the basis
of condition on August I indicated that yields of wheat and rye
would be below J uly estimates, while larger yields of cotton,
corn, oats and barley were forecast. Due to seasonal increase in
grain sl,ipments and con tinued large shipments of industrial
raw materials and manufactured goods, car loadings in the last
week of July reached the largest total on record.
TRADE: The volnme of wholesale trade was about the
same in July as in June, while there was a decline in retail
trade which was largely seasonal in nature. Among the wholesale lines sales of dry goods and clothing were larger than in
June, while sales of groceries hardware and shoes were considerably smaller. Business in all reporting lines was larger than
in July, 1922 and the average increase, as indicated by the Federal Reserve Board's index of wholesale trade, was r 3%. Sales
of department stores were 10% larger than a year ago, while
mail order sales showed a gain of 27%. Stocks of department
stores showed a sea':lonal reduction during July and were smaller
than in any month since January.
PRICES: ·wholesale commodity prices declined during July
for the third consecutive month and the index of the Bureau of
Labor statistics was 5% below the April peak. Prices of all
groups of commodities, except house furnishings, were lower in
July. The largest declines occurred in quotations of clothing,
drugs and chemicals, farm products and building materials.
Dtiring the first half of August price changes were more moderate and quotations of cotton, spring wheat, hogs, sheep and rubber advanced.
BANK CRED'IT: Since the middle of July the volume of bank
credit in use has shown a reduction, largely because of the substan tial liquidation of loans on stocks and bonds at New York
City banks.
Between July 18 and August 15 loans of Member
Banks in leading cities secured by stocks and bonds decreased
by $94,000,000 to the lowest point for the year, i258,ooo,ooo
below the amoun t outstanding at the beginning of the year.
Commercial loans, however, increased so that the net reduction
in total loans for the period amounted to $60,000,000. Security
investments declined '$73,000,000 to a new low level for the
year.
The volume of discounted paper held at the Federal Reserve
Banks showed a slight decrease, while their holdings of acceptances and United States securities reached new low points for
the year. Between the middle of July and the middle of August
Id holdings of the Federal Reserve Banks increased by $21,100,000 reflecting in part net gold imports during July of 'l,27,400,000. Federal Reserve Note circulation increased by about
$15,000,000 and there were also substantial increases in the
volume of gold certificates and National Bank Notes in cir.culation. Slightly firmer tendencies in money rates during the month
were reflected in a gradually increasing proportion of commercial
paper sales at 5¼%, as compared with 5% in the previous
month.
@FedFRASER