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THE MONTHLY REVIEW
Covering Conditions in the Tenth Federal %serve 'District
Federal Reserve Bank of Kansas City
C. K. BoARDMAN Assistant Federal Reserve Agent
and Secretary
M. L. McCLURE, Chairman Board of Directors
and Federal Reserve Agent
VoL. 9
KANSAS
C1rr, Mo.,
STATISTICAL RECORD OF THE
TENTH FEDERAL RESERVE DISTRICT
RETURNS FOR OCTOBER.,
1924,
COMPARED WITH RETUltNS FOR OCTOBER,
1923
Percent
Change
Bank Debits, 27 cities
Five weeks ended November 5...... '/,1,444,042,000
Clearings, Federal Reserve Bank
Amount.. _ _ _ _ _ _ _ _ f,1,023,150,964
Number of Items
5,991,648
Deposits, 72 Member Banks
Deman.....__ _ _ _ _ _ _ _ f, 474,287,000
Time ............ _ _ _ _ _ _ _ f, 135,312,000
Government.·-································'/,
3,781,000
Gross ...... _ _ _ _ _ _ _ _ f, 613,380,000
Loans by 72 Member Banks
Amount...............· - - - - - ··$ 420,147,000
Investments by 72 Member Banks
Amount.....................................- .... '/, I 55,490,000
3.1
'/, 780,n3,445
5,070,198
31.2
18.2
.,, 400,351,000
18.5 ,
1.4
209.1
14.6
'/, 133,487,ooo
'/,
1,223,000
1>
535,061,000
-3.9
Savings Deposits and Accounts
Deposits, 56 banks........................ '/, 105,519,314
Accounts, 49 banks....
339,977
'/, 102,982,497
324,192
Commercial Failures, Tenth District
Number.......... _ _ _ _ _ __
Liabilities ........................................ '/,
$
Grain Receipts, 4 Markets
Wheat, bushel.,__ _ _ __
Corn, bushels ........ _ _ _ __
Oats, bushels ............ _ _ __
130
1,277,290
96
1,340,804
21,204,750
2,029,700
2,961,700
u,6o7,ooo
2,696,400
4,969,100
808,084
775,286
145,773
996,367
1,465,645
Flour Production, Kansas City and
85 Southwestern Mills
Barrels........
Live Stock Receipts, 6 Markets
Cattle................ _ __
Calves.......... _ _ _ _ _ __
Hog.,___ _ _ _ _ _ _ __
SheeP-··----····· ..................
Meat Packing, 6 Centers
Cattle...... - ......................................
Calves ................ - - - - Hogs ..................... _ _ __
Sheep................................................
155,397
774,096
1,197,894
306,407
76,7 19
788,875
325,980
327,847
87,521
597,85 1
285,506
Crude Oil Production, 5 States
Barrels ................... .
4.2
6.6
--22.3
-18.3
7.0
14.1
--24.2
-12.4
17,936,000
Ore Shipments, Tri-State District
Zinc, tons ........................................
value.. _..................................$
Lead, tons ........................................
value...................................... '/,
Soft Coal Mining, 6 States
Percent of full capacity·--·············
Building, 18 cities
Perini ts........
··············-··
Estimated Value........ '/,
65,600
2,777,5o4
9,354
1,029,839
'/,
43, 1 55
1,676,571
5,4 2 5
52.0
65-7
72 •4
'/,
443,439
132.2
DECEMBER I, 1924
T
No.
12
HE more prosperous condition of the agricultural population in the Tenth Federal Reserve District., which
came during the late Summer and Autumn through
heavy marketing of products and sustained price movement, has
greatly eased the financial situation and stimulated business in
every line, according to the reports to the Federal Reserve Bank
of Kansas City.
The larger volume of business, measured by dollars, is reflected
by the reports of Clearing Houses on debits to individual accounts, or payments by checks through banks. The total reported for twenty-eight cities was $1,477,917,000 for a period of
five weeks running through October and ending November 5,
an increase of 3.7% over the previous five weeks ending October 1
1924, and an increase of 3.1% over the corresponding five weeks
ending November 7, 1923.
A further indication of the upward trend of general business
and banking is to be observed in the clearing operations of the
Federal Reserve Bank of Kansas City and its branches at Omaha,
Denver and Oklahoma City. During October a total of 5,991,648
checks and cash items drawn on 3,847 member and non-member
bal"ks and representing $1,023,150 1964, was handled at the main
bank and the three branches. This was the largest number of
items handled in a single month on records dating as far back
as the beginning of 1919. The amount exceeded that for every
previous month since the 31-day period October 15 to November I 5, 1920, when it was $1,081,086,970.
Retail trade during October was affected unfavorably by the
unseasonably mild weather. The volume did not quite come up
to that for September, and it also fell short of that for October of
last year. Wholesale trade, however, made substantial gains
in all lines reported, both as compared with the previous month
and the corresponding month in 1923. There was more activity
in the lumber and building materials trade. Distributors of
farm implements and machinery, except threshing machines,
reported large increases in country dealers' orders.
Mining operations showed increased activity over September
and a year ago. October was the peak month of the year in gold
production in Colorado, and a good month for production of
silver, copper, zinc and lead. Shipments of zinc and lead ores
from the Missouri-Kansas-Oklahoma district were moderately
heavy. Zinc ores brought $2.90 per ton more and lead ores
about $30 per ton more than in October, 1923. Operation of
soft coal mines in the six producing states was reported at a
higher rate of full-time capacity and there was some improvement in the market demand for the output.
The daily average production of crude oil in five states of the
Tenth District fell off 23,16'2 barrels from the September daily
average, but it was still 113,063 barrels greater than the daily
average one year ago. Consumption of gasolene, the largest ever
reported, caused an increase in crude oil runs to refineries and
reductions in stocks of gasolene and kerosene.
This Copy Released For Publication In Morning Newspapea:-s·November 28
THE MONTHLY REVIEW
2
PRINCIPAL RESOURCE AND LIABILITY ITEMS
OF MEMBER BANKS IN SELECTED CITIES
Nov. 5, 1924 Nov. 7, 1923
72 Banks
74 Banks
I. Loans and Discounts (including rediscounts):
(a) Secured by U. S. Govt. obligations________ f,
6,289,000
5,688,000 t,
(b) Secured by stocks and bonds, other than
80,606,000
84,274,000
U. S. Bonds-----·······-··-----·----··----(c) All other.. ______________
330,185,000
35o,397,ooo
2. Investments:
II,404,000
11,340,000
(a) U. S. prc-Wiar bonds-·-·-········-··•····-··········41,531,000
46,992,000
(b) U.S. Liberty bonds--···· ··················-·····--··
(c) U. S. Treasury bonds ...... _ _ __
2,647,000
4,920,000
(d) U. S. Victory notes and Treasury notes ...
17,991,000
23,295,000
7,218,000
3,708,000
(e) U. S. Certificates of Indebtedness·-·········
(f) Other Bonds, Stocks and securities·---·-··
58,338,000
69,395,000
3. Total loans and discounts, and investments·-··· 575,637,000
580,581,000
4. Reserve balances with F. R. Bank·---··-·-········
54,615,000
44, 237,000
5. Cas.h in vault. ........ _ _ __ _ __ __
13,023,000
12,423,000
6. Net demand deposits on which reserve is com400,351,000
474, 287,000
puted·-··-·· · · · · · - · - - - - - - - - 7. Time deposits ................................ ,.. ········-·····-·-·· 135,312,000
IJJ,487,000
1,223,000
3,781,000
8. Government deposits ................. ·-··········-······-··--·
9 Bills payable and rediscounts with F. R. Bank
secured by:
108,000
20,767,000
{a) U. S. Govt. obligations·-····-····-··•······-········
21,252,000
339,ooo
(b) A,.ll other...... , . ~ -........-··-·-···-·······-········
TOTAL (Items J to 9 inclusive).·-·--·-·····-········t,1,257,102,ooo t,1,214,321,00
The marketing of wheat continued in about the same volume
as in September, almost double that of a year ago. Elevators at
terminals and mills were filled, and the flour outpuJ of r;eporting
mills was the largest for any month of record. Market supplies
of other grain were light. The 192,4 corn crop was just beginning
to start.
Cotton gins, with this year's crop nearlydoublethat of last
year, were operating at 100% capacity. Refiners were converting
the largest beet crop ever grown into su.gar and setting up new
high daily re~otds for the tonnage of beets handled or the number
of bags of sugar made.
Heavy receipts of cattle, calves and sheep and moderate receipts of hogs, featured the live stock market situation during
October. New top prices for prime yearling beef steers were
recorded, though other grades of cattle did not share in the
advance. Hogs rose to the highest price in four years in the
forepart of the month•, but at the close were around '$2 per hundred pounds above prices a year ago. Sheep and ~ambs advanced
in price and about 75% of next spring's wool clip was contracted
at prices above those paid for 1924 wool. Meat packing operations were heavy. The October record of cattle and calves
killed was the large-st for any month since November, 19.19.
October was another month for large construction operations.
There were 3,642 permits issued for buildings to cost $9,482,783.
It was a busy month in public improvements. Highway construction was reported in nearly every part of the Tenth District.
All classes of labor, skilled and unskilled, were more fully
employed during October than is usual for that month, according
to the United Stat~s Employment.Service reports.
Banking and Credit
The general trend this season has been in the direction of
easy money conditions in the Tenth District, with interest rates
continuing low and unchanged through October and well into
November. The position of country banks and their city correspondent banks has been strengthened by heavy liquidations
of indebtedness, on the one hand, and by the piling up of deposits
on the other. Reports seem to indicate that at this time there
is more money in banks throughout this agricultural, stock
growing, mineral and oil producing region, available for loans
and investments, than at any other period in history, though in
recent weeks loans have taken an upward turn and investments
have mounted to the highe~t point of the year.
MEMBER BANKS SHOWING: Gross deposits of seventytwo Member Banks in cities, reporting weekly to the Federal
Reserve Bank of Kansas City, reflect quite clearly the upward
trend of bank deposits. On November 5 deposits in these banks
reached the high point of $613,380,000, the largest amount on
records dating back to the beginning of the Member Banks reporting system in January, 1921. There was an increase in
deposits of $16,881,000, or 2.8%, between October I and Ndvember ~, and the total on the latter date was $78,319,000, or 14.6%,
larg~r than on the first reporting date in November of last year.
All classes of deposits-demand, time and Government-we~e
larger than at the corresponding date la.st year.
Loans and discounts of the seventy-two reporting Member
Banks increased $12,518,000, or 3.1%, between October I and
November 5. On the last named date the total stood at $420,147,000, which was $17,145,000, or 3.9%, below the total on November 7, 1923. Their investments increased $5,781,000, or 3.9%, in
five weeks to $155,490,000 on November 5. This total-the
largest in fourteen months-was $12,201,000, or 8.5%, greater
than the amount of investments one year ago.
FEDERAL RESERVE BANK OPERATIONS: Thus, with
Member Banks liberally supplied with funds sufficient for taking
care of their ordinary credit and investment demands, their
borrowings from the Federal Reserve Bank of Kansas City
continued through October and November along the lowest
levels in five years. There was an increase in the volume of
bills purchased in the open market and of Government securities
owned. Earning assets as reported November 12, were 19.6%
below the corresponding date last year. A comparison of the
principal resource and liability items, appearing in statements
of the Federal Reserve Bank of Kansas City and branches as
of November 12 and October 15, 1924, and November 14, 1923,
is here shown:
Nov. 12, 1924
Gold Reserves .... - - - -········t,100,752,554
Bills Discounted ........ _ _ _ _
6,998,130
Bills Purchased_._._____ 10,150,006
U. S. Government Securities.......... 35,762,650
Earning Assets ...... ·-·--·· - - - 53,16o,786
Resources ............ _ _ _ _ _ _ 208,320,444
Member Banks Reserve Acct....... 86,659,496
Total Deposit..,________ 88,477,682
Notes in Circulation.·-···---- 71,958,340
Oct. 15, 1924 Nov. 14, 1923
t,101,677,165
$78,563,198
58,212,952
7,55 1,348
5,852,992
737,00 5
35,185,45o
6,794, 15°
66,010,107
48,839,790
203,121,644
207,559,967
80,437,431
73,433,o69
84,629,6o3
76,575,792
65,137,840
67,922,417
SAVIN GS IN BANKS: The reports of fifty-six banks in
leading cities of the Tenth District showed a decrease of 0.2%
in the amount of their savings deposits between October 1 and
November 1> but there was an increase of 2.5% over the savings
deposits on November 1, 1923. The number of savings accounts
increased 0.9% over October I and 4.9% over November 1, 1923.
The summary of savings deposits:
Nov. 1, 1923
t, 54,552,657
2,450,243
944, 11 7
Oct. r, 1924
t, 55,874,3 23
2,448,463
13,842,127
3,041,130
6,493,226
7,286,696
8,427,495
5,181,212
2,281,037
9n,326
t,105,519,314
$105,787,035
t,102,982,497
Banks
Denver, Colorado ................ 7
Kansas City, Kans.·-··········· 4
Kansas City, Mo ................. 10
Lincoln, Nebraska_............... 4
Oklahoma City, Okla.·--····· 7
Omaha, Nebraska ................ 5
St. Joseph, Mo... _ _ _ _ 5
Tulsa, Oklahom _ _ _ _ 5
Wichita, Kansas .......·-······-· 6
Outside.................................. J
Nov. 1, 1924
t, 54,424,082
2,454,5 13
13,949, 238
3,108,107
7,072,434
7,209,787
8,670,251
Total.. ............ _ _ _ _ _ 56
5,236,542
2,740,500
13,416,824
3,122,473
6,549,711
7,370,666
7,847,121
4, 233,5°4
2,300,788
848,253
Commercial Failures
Insolvencies in the Tenth District during October numbered
130 as compared with 78 in September and 96 in October of last
year. The amount of liabilities involved in October was f,1,277,290, which was $62,199 less than in September and $63,514-
3
THE MONTHLY REVIEW
less than in October a year ago. In the ~entire United States
during October there were 23 more failures but liabilities were
$43,202,937, or 54.4%, less than for the month last year.
Failures and liabilities in October reported by R. G. Dun &
Company by Federal Reserve Districts:
LIABILITIES
NUMBER
1924
First, Bosto•.___ _ _ _ _ _ 143
Second, New Yor
356
Third, Philadelphia.................·-··- 59
Fourth, Clevelan
176
Fifth, Richmon
I II
Sixth, Atlant
90
Seventh, Chicago..
26~
Eighth, St. ·Louis........ _
79
Ninth, Minneapolis....
65
Tenth, KANSAS CITY.........·--·· 130
Eleventh, Dalla
46
Twelfth, San Fr.ancisco
173
1923
130
351
62
137
91
107
208
84
90
96
1924
$ 2,728,188
11,206,IJ8
1,388,662
4,737,431
1,765,371
1,767,982
4,337,448
1,945,106
I,160,571
1,277,290
'.) 543,300
3,241,337
I II
206
1923
$15,610,419
34,602,500
1,557,615
7,7°6,539
2,266,828
2,085,051
4,790,027
1,308,833
1,uS,598
1,340,804
2,417,470
4,497,0 57
or 15.5%, in the amount. Compared with October, 1923, ·there
was an increase of 921,450, or 18.2.%, in the number of items
and $243,037,519, or 31.2%, in the amount.
For the ten months period, January I to November 1, 1924,
the Federal Reserve Bank of Kansas City and its three branches
handled 50,626,945 items for amounts aggregating $7,900,387,499. This record compares with a record for ten months
last year of 48,733,832 items and '1,7,348,22.9,119 in amount.
There is indicated an increase for this ,year's ten months period
of 1,893,IIJ, or 3.9%, in the number of items and an increase of
$552,158,380, or 7.5%, in the amount. Federal Reserve Bank
Clearings follow:
ITEMS
1924
October_ _ _ _ 5,991,648
September·--··········· 5,388,021
Ten Months............ 50,626,945
AMOUNT
1923
5,070,198
4,524,335
48,733,832
1924
$1,023,150,96,4886,067,587
7,900,387,499
r9 2 3
f, 78o,113,445
690,815,721
7,348,229,119
Building
Bank Debits
Clearing Houses, reporting for their members in twenty-eight
cities in the Tenth District, showed a combined total of 1,r,477,917,000 of debits by banks to accounts of their customers
during a five-weeks period ending November 5. This total was
$52,977,000 or 3.7% over the debits in the same cities during the
previous five weeks period, ending October I. Compared with the corresponding five-weeks period in 1923) with 27
cities reporting, there was an increase of $43,658,000 or 3.1%.
Debits reported by Clearing Houses follow:
Five weeks ending
Nov. 5, 1924
Atchison, Kansa
7,095,ooo
Bartlesville, Oklahoma............
II,709,000
Casper, Wyoming
19,969,000
Cheyenne, Wyoming................
10,896,000
Colorado Springs, Colo.·---·····
15,II4,000
Denver, Colorado
199,679,000
Enid, Oklahom
15,384,000
Fremont, Nebraska ..................
4,086,000
Grand Junction, Colorado.___
4,7 19,000
Guthrie, Oklahoma................_
4,721,000
Hutchinson, Kansa
20,446,000
Independence, Kan
8,464,000
Joplin, Missouri ..
17,170,000
22,581,000
Kansas City, Kansas·-···--··-··
443,628,000
Kansas City, Missouri·-··-·····Lawrence, Kansas ....................
6,232,000
33,875,ooo
Lincoln, Nebraska.·-················
Muskogee, Oklahoma-............
18,369,000
Oklahoma City, Oklahoma. __
104,410,000
8,732,000
Okmulgee, Oklahoma·---·····232,404,000
Omaha, Nebraska.----···········Parsons, Kansas....
3,532,000
6,641 ,000
Pittsburg, Kansas...·--··-·····Pueblo, Colorado.. _
22,974,000
74,001,000
St. Joseph, Missouri--··---··Topeka, Kansas..
19,258,000
88,580,000
Tulsa, Oklahoma.....·-··-··········
Wichita, Kansa
53,248,000
Five weeks ending
Nov. 7, 1923
Total, ~8 cities..
$ 1,477,917,000
*-Computed on reports from 27 cities.
$ 1,400,384,000
"
"
Percent
Change
7,I86,ooo
-I.2
9,94 2 ,000
18,813,000
13,634,000
17•7
13,680,000
193,998,000
11,824,000
4,039,000
3,950,000
3,755,ooo
12,431,000
10,144,000
6.1
-20.1
10.5
2.9
30.1
1.2
19-5
25•7
64.5
-16.6
15,587,000
10.2
2-4-,165,000
408,191,000
--6.6
8.7
5,871,000
6.1
34,521,000
-46.8
18.3
28.0
88,224,000
6,824,000
255,138,000
3,357,000
7,161,000
20,201,000
70,u6,ooo
17,894,000
93,464,000
46,274,000
~.o
5.2
-'1·3
13·7
5.6
7.6
-5.2
15.0
•3.1
Federal Reserve Bank Clearings
During October the Federal Reserve Bank of Kansas City and
branches at Omaha, Denver and Oklahoma City handled
5,99r,648 checks and cash items for 3,847 member and nonmember banks aggregating $1,023,150,964. This by all odds
was the largest number of items ever cleared through this
Bank and its branches in a single month. The amount was the
largest for any month since a 31-dayperiod October 16 to November 15, 1920, when the total was $1,081,086,970. Compared
with the September record, there was an increase of 603,627,
or 11.2%, in the number of items and an increase of $137,083,377,
The estimated investment in buildings in eighteen cities located in the Tenth District aggregated $86,257,704 for t:he ten
months of 1924. A total of 29,5u buildings were authorized by
permits issued in these cities during the ten months period, and
of this number at least 40% were for new homes. The record
for the ten months period this year is $7,237,993, or 7.7% below
the amount invested in buildings during the corresponding ten
months in 1923. In the number of permits issued, however, the
year to the end of October was only 476 permits, or 1.6%, below
last year's ten months record.
The increased activity in construction which featured the
August and September report continued through October. The
month showed an increase of 122. permits but a decrease of
'$746,016 in the amount of investment as compared with September, 1924. Compared with October, 1923, the record for
the month under review shows an increase of 706 permits or 24 %
and an increase of $4,594 in estimated cost of construction. Ten
cities reported more buildings durrng October than in the same
month last year. The record for the eighteen dties from which
complete returns are at hand follows:
Permits
Estimated
$
.320
133
74
18:5
225
289
59,300
13~60
91,982
2,769,200
56,o45
66,470
304,115
2,594,87'2
326,855
25,063
347,357
3o,857
1,136,362
303,894
87,260
202,362
592,818
474,511
Total, ,18 cities.. _ _ _ _ _ _ _ _ _ _3,6~2
$9,482,783
Casper, Wyoming_............. ···········-·······-·····
Cheyenne, Wyoming.. _ _ _ _ _ _ _
Colorado Springs, Colorado.. _ _ _ _ _
Denver, Colorado._______
Hutchinson, Kansa.,_________
Joplin, Missouri ...· - - - - - - - Kansas City, Kansas................ - - - Kansas City, MissourL_····--···---Lincoln, Nebraska .... _ _ _ _
Muskogee, Oklahoma.............. _ _ _ _
Oklahoma City, Oklahoma.·-······-··-··-······
Okmulgee, Oklahoma.·-····-----Omaha, Nebraska.·--··-------Pueblo, Colorado ............... _·····---St. Joseph, Missouri ...... _ _ _ _ _ _
Topeka, Kansas.... _ _ _ _ _ _ _ _
Tulsa, Oklahoma_.___· · · · - - - - - Wichita, Kansa________
43
28
u3
916
31
82
236
621
146
23
162
I5
Percent
Change
-86.o
-a.4.7
-88.o
16.0
-'7.I
r;i16.2
33.3
8.2
68.7
-64.2
22.2
-54.I
41.0
380.4
-33.3
-'72.4
51 ·5
6.1
0.05
Labor
With cotton oil mills, gins, compresses -and cotton products
houses in the southern sections working at 100% c.tpacity,
sugar beet refineries in the irrigated sections going at about the
same high rate, corn husking becoming general throughout the
corn belt, and much other farm work being done, the employmen.t situation in the agricultural sections of the Tenth District
is better than it was at this time last year. Increased mining
production is giving employment to more - miners and oil refineries are working better than 7 5% of their usual -forccs. The
THE MONTHLY REVIEW
reports of the U. S. Employment Service of the Department of
Labor indicate that the influx of men from the harvest fields
has created a temporary surplus of common labor, but construction work and road projects are absorbing most of this class of
labor. While seasonal declines obtain in some lines, the major
industries are employing normal forces for this period of the
year. Meat packing plants, soap factories, creameries, flour mills
are operating with large forces. Construction operations are
slackening but nowhere is there a serious surplus of mechanics.
There is some surplus of clerical help in cities.
Mercantile
Wholesale trade in dry goods, furniture and millinery declined
arid in groceries, hardware, and drugs increased during the
month of October, as compared with the September volume.
Compared with the corresponding month last year sales in all
lines except millinery increased. The volume of sales during
October and outstandings at the end of the month in six lines
are here shown in percentages of increase or decrease as compared with September 1924 and October 1923. Percentages are
computed on dollar values reported by the several houses to
the Federal Reserve Bank of Kansas City.
SALES
No.
of
Stores
Dry Goods.. __ 3
Groceries..........4
Hardware...•....8
Furni ture.-..-6
Drugs ...·---····6
Millinery..........4
Oct., 1924
Compared
with
Sept., 1924
0UTSTANDINGS
Oct., 1924 Oct. 31 1924 Oct. 31, 1924
Compared
Compared
Compared
with
with
with
Oct., 1923 Sept. 30, 1924 Oct. 31, 1923
-1.6
13.1
9.2
-1.3
10.9
19.1
-53.5
-21.6
II.7
9.1
9.7
9.3
o.8
1,8
--2.4
2.8
6.1
-1.7
-2.8
-1.4
-1.9
--2.2
Although the continued warm weather was unfavorable for
sales of winter goods with both retailers and wholesalers, the
sales of reporting dry goods houses as measured by the value of
goods were but a small fraction below sales during September,
though exceeding the sales for October, 1~;23. Retail merchants
are still pursuing the policy of buying for their immediate needs,
but purchases are more general and freer than they have .been
at any time during the past year. The fluctuation in the price
of raw cotton is causing large buyers of cotton goods to exercise
caution in making forward contracts. All wholesale millinery
reports reflected October sales below those in September and in
the volume of sales for the same month last year.
Sales of groceries and hardware were exceptionally heavy during the month, both lines reporting substantial increases over
the previous month and a year ago.
The wholesale trade in furniture was also heavy during October. The volume for all houses reporting fell slightly below the
September sales, through it was nearly 10% greater than in
Oi:tober a year ago.
Wholesalers of drugs reported good gains in the volume of
their sales and the combined total for October was well above the
previous month and the corresponding month last year. Retailers were reported as inclined to keep their stocks well in
hand and were placing orders for future delivery in a rather
conservative way. Prices were advancing along many lines and
the declines were few : Supplies were not difficult to obtain and
deliveries were satisfactory.
Implement houses at distributing centers indicate by their
reports that the prospect for spring business is very encouraging.
One of the largest houses reported that contracts made with 500
retail dealers for their 1925 requirements showed an increase in
sales of 60% over contracts made in the same towns a year ago.
October was a very light month in the threshing machine trade,
and distributors were engaged in clearing up this year's business.
The lumber and building material trade in cities heJd up to
the year's high levels, due to construction activities. There was
some improvement in the trade in country districts. The weekly
trade barometer of the Southern Pine Association showed orders
for the week ended November 7 were 21.3% above production
and I 5-4 % above shipments, but actual production was
13% below normal.
RETAIL TRADE: The volume of sales of department stores
and special line stores in the larger cities during the month of
October fell short of the September volume and were less than
in October, 1923. Unusually mild weather during the month,
retarding the movement of fall and winter garments, is generally
regarded as the cause of the slump in trade. Lower temperatures
at the beginning of November, however, stimulated trade and
with buying for Christmas starting, trade was quite active.
Retail trade in the smaller cities and country towns, in most
instances, was a.bout the same in volume as in September and
somewhat better than one year ago. The composite figure for
sixteen department stores indicates sales from July I to October
31 were 5.6% less than sales for the corresponding season last
year; while October sales were 8.2% less than in October, 1923.
COLLECTIONS: The department store reports in the leading cities of the Tenth District reflect improvement in collections.
The percentage of collections during the month on amount of
outstandings at the end of September was 48.9%, as compared
with 46.6% for September and 47.7% for October last year.
Retail stores in the rural districts reported collections good.
Wholesale dealers reported collections averaging better than
at any other time during the past two years. Outstandings of
wholesalers in all lines except hardware were larger at the end of
October than they were on the last day of September, which is
accounted for by the heavier volume of sales during the month.
However, in all lines reporting, outstandings on October 31
were less than on the corresponding date last year.
CONDITION OF RETAIL TRADE IN CITIES OF TENTH DISTRICT DURING OCTOBER, 1924
B11sed Upon Reports from Sixteen Department Stores
Percentage increase (or decrease) of net sales during October, 1924, over net sales
during same month last year...·--··- - - - - - - - - - - - - - - Percentage increase (or decrease) of net sales from July 1, 1924, to October 31, 1924,
over net sales during same period last year.... _ _ __
Percentage increase (or decrease) of stocks at close of October, 1924, over stocks at
close of same month last year_ _ _ _ _ __ __ _ _ _ __ _ __
Percentage increase (or decrease) of stocks at close of October, 1924, over stocks at
close of September, 1924........ _ __ _ _ _ _ _ _ _ _ _ _ _ _ __
Percentage of average stocks (selling price) at close of each month this season (commencing with July I) to average monthly net sales (selling price) during the
same period ............... _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Percentage of outstanding orders (cost) at close of October, 1924, to total purchases
(cost) during the calendar year 1923 _ _ _ _ _ _ _ _ _ _ _ _ __
Percentage of collections during the month of October, 1924, on amount of outstandings
on September 30, 192,...._ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ __
Percentage of collection• for 1ame period last year_ _ _ _ _ _ _ _ _ _ __
Kansas City
Denver
Outside
3
4
9
Dec. 10.9
Dec. 7.3
Dec. 5.9
Dec. 8.2
Dec. 8.8
Dec. 4.5
Dec. 2.8
Dec. 5.6
Dec. 1.5
Dec. 7.6
Dec. 5.5
Dec. 4.6
Inc.
Inc.
Inc.
Inc.
5.5
5.7
4.4
District
16
5.2
504.4
513.4
588.8
535.6
3.3
7.8
4.3
5.0
54.3
5o.9
4o.9
38.8
49•4
48.9
51.6
47.7
5
THE MONTHLY REVIEW
NOVEMBER CROP REPORT BY FEDERAL RESERVE DISTRICTS
FORECASTS OF THE DEPARTMENT OF AORICULTUR.E
(In thousands ef units,)
Federal
Reserve
District
Corn (bus.)
ForeEstiCast,
mate,
Nov. 1
1923
1924
Bosto
II,684
10,756
New Yor
28,828
29,684
Philadelphia..........- .... 57,007
48,281
Cleveland ..
208,310
134,281
Richmon
188,751
133,018
Atlanta.. _
175,354
187,968
1
Chicago..............·---· 976, 24
758,615
St. Louis .......·-··········- 4o3,090
35o,074
Minneapolis ..............- 35 1,852
275,o54
1
Kansas CitY······--···- 5 4,53°
456,393
Dallas .......................... II'.2.,165
93,496
San Francisco.•••....... 14,158·
12,460
Total.................. ~ 2,477,538
Total wheat {bu)
Prelim
Estiinary
Estimate
mate
1923
240
9,151
22,110
49,779
32,202
5,960
82,965
1924
230
7,720
18,235
44,661
24,948
3,997
64,900
83,426 55, 243
159,776 240,289
180,333 300,382
16,976 23,434
142,823 71,767
785,741 855,806
Oats (bus)
PrelimEstiinary
mate,
Estimate
1923
Hay (tons)
PrclimEstiinary
Estimate,
mate
1923
1924
8,988
34,245
21,382
67,79o
24,9 17
19,439
490, 254
52,072
333,084
158,756
49,573
39,3 23
~
9,45 2
34,785
23, 134
79,5 22
22,482
13,282
592,124
60,827
417,282
174,4IJ
52,174
~
1,509,409
Agriculture
Farmers over the greater po.rtion of the area embraced in the
Tenth Federal Reserve District were favored with ideal weather
for completing the harvesting of their crops. Late in November
wheat threshing was about ended and the bulk of the crop
marketed, potatoes dug and apples picked, corn husking under
full headway, sugar beets piled up at refineries, wagons and
trucks loaded with cotton in line at the gins. Considered as a
whole, the 1924 harvest in the Tenth District is rated as the
best in five years-" the best balanced and representing the
best income," and "the upswing of the last five months is the
best sustained period of improvement since the war.time boom
in the spring of 1917.,.
FALL PLOWING AND SEEDING: Farmers made excellent progress during October in preparing the ground and in fall
seeding of wheat. The reports from many sections indicated an
increased acreage of winter wheat, though official figures were
lacking. From all reports received, it was apparent that the
major portion of the acreage was sown prior to November 1.
It th~n became apparent that the high temperatures and the
winds were rapidly depleting the surface moisture and rain was
gready needed in nearly all sections of the wheat belt. In Missouri, October was fine for wheat seeding, but later fields were
slow in sprouting. Most of the crop was coming up to good stands
but needed a general rain before freezing set in. In Oklahoma
early sown wheat also was up to good stands but it was too dry
at the end of October for plowing and seeding in some of the
western counties. In Kansas seeding was completed by November 1, except in parts of the eastern third of the state, and at
that time many sections were reported dry. In Nebraska, two.
thirds of the crop was up and in good condition by October 21,
but by November I the ground was too dry for plowing and seeding. In Colorado, seeding of winter wheat was more than
half completed by the last week in October. With conditions
generally favorable the crop got a good start in the northeast and
cast parts of the state, though elsewhere rain was needed. In the
eastern part of Wyoming rain was needed, but six inches of snow
in the extreme west provided an abundance of soil moisture. A
larger acreage than last year was being planted in New Mexico,
but in most cases the seed bed was reported dry. Rains generally
wete needed and wells, streams and water holes were low.
CORN: As a result of weather conditions corn made good progress toward maturity. Although it is evident from the reports
that the great corn states in the Tenth District will have much
soft corn for which they will have no choice but to feed live stock,
the proportion of unmerchantable corn will be much less than
4,495
7,058
2,2,6
5,226
1924
4,234
7,631
3,384
6,891
3,763
4,426
3,066
2,766
22,006
8,386
Tobacco (pounds)
ForeEstiCast,
mate,
Nov. 1,
1923
I4,5o3
4 2, 0 99
{58,95o
181,143
622,288
101,404
1924
14,687
40,663
57,200
140,322
483,230
Potatoes (bus.)
ForeEsticast,
mate, Nov. 1,
1923
46,485
43,90 2
25,036
21,710
30,440
11,157
7o,752
18,223
72,842
116,635
18,003
39,577
5°,354
315,.4-18
7,643
396,737
2,886
18,876 18,007
2,223
18,480 16,937
4,020
4,422
33,766
2,535
1,911
1,409
15,849 13,ozt
~
106,626 109,152 1,474,786 1, 21 3,975 412,392
1924
Cotton (bales
ForeEsti- cast,
mate, Nov. 1,
1923
1924
52,495
52,403
29,0 74
20,763
1,841 1,518
35,768
10,800
1,458 2,480
82,987
19,771
1,274 2,316
83,900
31,308
665 1,269
2,692
4,779 5,083
32,158 ~ --22
454,119 10,141 12,816
had seemed certain at the middle of October. Missouri's corn
yield in 1924, of 26. 5 bushels per acre, is the lowest per acre
reported since 1918. Of this year's crop 73% is merchantable.
In Nebraska it was estimated 83% of the corn escaped frost
damage and only 10% was seriously injured. In Kansas corn
in some sections is showing lower yields than were anticipated.
It was estimated that 90% of the crop matured without frost
damage and there would be about the same percent of merchantable corn as in 1923. The crop matured quite well in
Oklahoma and has been moving to market. In Colorado and
New Mexico corn was damaged to a considerable extent by frosts
and cold nights.
SUGAR BEETS: Refiners throughout the sugar beet growing areas are in the midst of the busiest season they have ever
experienced. With an estimated crop of 3,118,000 tons of sugar
beets in Colorado and Nebraska, or 482,000 tons more than last
years production, new high world records in sugar refining are
reported. As an indication of refinery operations the output
of the Fort Collins factory of the Great Western Sugar Company
for a 24-hour period was 10,185 bags of sugar from 2,919 tons
of beets during the week ending November I. This exceeded by
115 bags the 24 hour record of the Loveland factory, made ten
days previous. The reports indicate a sugar content of the beets
at the Colorado refineries has been averaging about I 5-5%,
while last year the average sugar content of beets was but little
more than 14%.
The final payments by refiners to growers of beets under the
19:23 contracts brought the total to $8.15 in Colorado and $8.10
in Nebraska. With the initial payment of $5.50 per ton, and
additional payments to be determined by the price of sugar,
it is anticipated that this year's crop should closely approximate
the final price received for last year's crop.
There is a feeling of satisfaction among growers over the
excellent returns from the sugar beet crops in the past two years
and there is considerable talk of further increases in the acreage
to be planted next spring. The successful operations in irrigated
areas in the Arkansas Valley in western Kansas, where sugar
beets have been grown for several years, has aroused interest
among farmers along the valley between Garden City and Hutchinson and movements for experimental plantings are now under
way.
COTTON: Based on the reported conditions, probable yields
per acre, ginnings, and other relavent data as of November 1,
the Crop Reporting Board of the United States Department of
Agriculture forecast a cotton crop in the United States of
12,816,000 bales, each of 500 pounds gross weight. Th~ co_tton
production for 1923, based on the Census final report of gmnmgs,
6
THE MONTHLY REVIEW
was 10,139,671 bales. The increase for this year is 2,676,329
bales or 26.4 %.
According to the report, Oklahoma production for this year
was estimated at 1,300,000 bales, as compared with 656,000
bales ginned last year. Missouri's crop this year was reported
at 190,000 bales, compared with 121,000 bales in 1923. New
Mexico has grown this year 56,000 bales against 34,000 bales last
year. Texas, with a total of 4,500,000 bales; has an increase of
108,000 bales over last year's production. Texa-s stands first
in the United States in cotton production and Oklahoma is
second.
Grain Movements
October receipts of wheat at the principal markets in the
Tenth District made a new high reco.rd for that month. The
total of 21,204,750 bushels received at Kansas City, Omaha,
St. Joseph and Wichita was only 3,200 bushels below the Septern her totul. It exceeded the total receipts for Octa her I 923,
at the same markets, by 9,597,750 bushels, or 82.7%.
Wheat received at these four markets from July 1 to November l aggregated u5,102,700 bushels, against 60,250,850 bushels
received during the same period last year, an increase for this
year of 54,851,850 bushels, or 91%.
It was estimated that by November 1 fully 75% ·of t:his year's
surplus wheat had been marketed. In addition to heavy milling
operations and fairly heavy shi.pping, stocks of wheat in elevators
assumed record proportions. On November I total elevator
stocks a:t Kansas City were 19,087,785 bushels, ·at Omaha
4,746,000 bushels, at St. Joseph 1,340,000 bushels, at Wichita
2,834,000 bushels.
Receipts of corn during October were light, for the reason that
but little new corn was moving marketward. The month's
total of 2,029,700 bushels wa:s 1,841,900 bushels less than in
September and 666,700 bushels -less than in October last year.
Receipts of oats and barley fell below while receipts of rye and
kafir exceeded the volume ·of September and the corresponding
month last year. The following shows the October rec(>ipts of
grain at each of the four market centers:
Wheat
Kansas City.--.... 10,671,750
Omaha----··--·-- 5,896,800
St. Joseph................ 1,743,000
Wichita
2,893,200
Corn
Oats
Rye
Barley Kafir
4:2-7,5oo
936,700 4'2,900 42,000 103,400
971,600 1,786,000 338,800 155,200
'224,000 10,500 12,250
579,000
1,200 18,000
2,400
51,6oo
15,000
---------
October, 1924-......... 21,204,750 2,029,700 2,961,700 393,400 227,450 105,800
Sept. 1924................. 21,207,950 3,871,6oo 3,758,3oo 241,600 227,900 66,300
October, 192J·-····11,6o7,ooo 2,696,400 4,969,100 301,100 549,45° 17,600
Flour Production
The combined output of Kansas City mills and 85 outside
mills in Kansas, Nebraska, Missouri and Oklahoma-inclusive of Omaha, St. Joseph, Wichita and Salina,-was 2,636,632
barrels of flour for the month of October. This total was 176,496
barrels, or 7.2%, more than September production and 532,491
barrels, or 25.3%, over production in October, 1923. Operation
in October was at 84% of capacity, the same as in September,
and compared with 70.9% of capacity in October, 1923. These
mills reporting their production to the Southwestern Miller
weekly are estimated to produce 65% to 7c.'% of the flour made
in those states. Fi_gures on the number of barrels produced in
October 1924 and 1923 follow:
Oct., 1924
Kansas City______________ 584,9(3
Omah
Salin
St. Joseph
Wichit
Outsid
1n,683
129,438
207,976
264,905
- ..- ~..... 1,337,717
Total, barrels _ _ _ _ _ _ _ _ _ _ _ _ _ __.,636,632
Oct., 1923
55o,497
101,855
89,599
166,680
183,292
1,012,218
Live Stock
All classes oflive stock are going into the winter in good health
and excellent condition. The supply of range grass was becoming
exhausted at the end of October in some parts of Colorado and
the outlook for the winter range was poor in such localities.
The hay crop was excellent in quality though lighter than usual,
but as there are fewer head of stock reported on the ranges there
would not be much of a shortage of feed. Winter ranges in the
Big Horn Basin and in northern Wyoming were reported the
best in years, while the desert sheep ranges in southern Wyoming
were fair to good following a dry summer. The hay crop in
the southern part of that state was a little short, but there was a
large carry over from 1923 and very few sections will be short
unless the winter is severe. The northern sections had a large
crop with some surplus. In Kansas and Nebraska pastures were
reported normal for October, though becoming dry at ~he end
of the month, but with few exceptions the hay and feed supply
was ample. Pastures in Missouri suffered from the dry weather
in October. Hay is short in the northwestern counties but
plentiful in the southern sections and forage will be sufficient
for all needs. In Oklahoma pastures show-ed some improvement,
but were dry in many sections. There were good prospects for
grain pasturing and Stalk fields and broom corn fields were o'ffering some grazing. In parts of New Mexico dry weather affected
both grazing and water supply.
MARKET MOVEMENTS: The seasonally heavy movement
of grass cattle to the six leading primary ·markets in th·e Tenth
District continued through October, with the result that the
combined cattle receipts, numbering 808,084 head, exceeded
the receipts for September 1924 and October 1923. Shipments
of stocker and feeder cattle to the corn belt were the largest
of the year and packers did a heavy October beef slaughtering
business. For the first ten months of the current year, however,
cattle receipts at the six markets, aggregating 4,937,050 head,
were 196,307, or 3.8%, less than the recei'pts for the correspond
ing·ten-mont:hs period in 1923.
Receipts of 155,397 calves during October were 4,109 less than
in September but 9,624, or 6.6%, more than in October of last
year. For the ten-months reriod this year the receipts were
84r ,639 against 810,416 for the same period last year, an increase of 31,223, or 3%.
The movement of hogs during October was 108,450, or 16,,3%,
heavier than in the previous month, though the October total
0£774,096 head received at the six markets fell 222,271, or 22.3%,
below the total received during October, 1923. For the 'Year to
November 1 ·receipts of hogs were 8,749,444 head, 748,3g6 head
or 7.8% below the record for the same period last year.
The supply of sheep in October was 1,197,894 head for the
four markets, which was 4,356 above September's total and
267,751, or 18.3%, below the total for the corresponding month
last year. Receipts of sheep and lambs this year have been
running dose to the record of last year. In ten months receipts
were 6,572,220 head, 37,771 less than last year's ten months
period.
Horses and mules continued in fair market supply. The October total received was 16,832 head, 99 lessthan in September and
1,96o less than in the same month last ·year. Receipts of all
classes of live stock at the six markets during October follow:
Horses
Cattle
Kansas City....................................339,467
Omaha.. _ _ _ _ _ _ _ _ _ 2u>o73
St. Joseph ...... .................................. 74,130
Denvt:r_ _ _ _ _ _ _ _ _ 109,128
Oklahoma City_ _ _ _ _ _ 35,707
Wichita_ .......· - - - -···----····· 38,579
Calves
Hogs
83,864 32 '2,JSS
18,438 176,838
17,906 154,215
10,100 35,319
14,434 35,130
10,655 50,236
Sheep
Mules
170,380
254,016
96,747
668,569
563
7,619
4,422
October, 1924.... _ _ _ _ _ _ 808,084 155,397 774,096 1,197,894
September, 192
801,498 199,506 665,~6 1,193,538
October, 1923....
775,286 l',5,773 996,367 1,465,645
16,832
'16,931
18,792
- - - - - - - - - ----
1,882
1,430
5,272
1,448
2,378
7
THE MONTHLY REVIEW
LIVE STOCK PRICES: With the exception that prime
yearling steers ih the final week reached '$12.25 and the highest
level of the year, there were few changes in cattle prices during
October. Heavy feeder steers and most grass and range fatted
cattle were slow to move and values were 50 cents to $1.50 lower
than at the dose of the previous month. Stockers and feeders,
under heavy receipts, were 50 cents to $1.25 lower.
Hogs advanced in price early in October to the highest level
in nearly four years, the bulk of sales at Kansas City being at
$11.00 to $11.55, with the top at $11.70 on October II. Prices
broke later in the month and at the close the bulk of sales at
Kansas City was at $8.25 to $9.00, which compared with $9.90
to $10.30 on the first day of the month and $6.15 to $7.25 at the
close of October, 19.23.
The market price of lambs advanced 50 cents to 75 cents during the month. The best westJerns sold up to $14 at Kansas
City, but closed slightly easier.
STOCKER AND FEEDER MOVEMENTS: During a period of four months,. July I to November 1, stocker and feeder
shipments to the country from Kansas City, Omaha, St. Joseph
and Denver markets totaled 935,401 cattle, 48,5'29 calves and
I, 72 I ,379· sheep. These totals, com pared with thos.e for the
corresponding four months in 1923, show a decrease of 12.1,451
cattle, or 11.5%, a decrease of 10,936 calves, or 18.3%, and an
increase of 78,106. sheep, or 4. 7%. These totals would indicate
fewer cattle and calves and more sheep on feed in. the corn
belt during the,winter and spring, than were on feed during the
previous winter and spring. The October outgo of st.ockers and
feeders to the country from the four reporting markets follows:
Cattle
Kansas City....•.....
Omaha ....
St. Joseph ....................
Denver................
October, 1924•.....
September, 19
October, 1923......
·········1·84,357
............. 113,746
24,963
74,260
...........397,326
317,565
...............355,190
Calves
13,996
3,491
5,010
22,497
15,022
24,730
Hogs
17,696
691
1,292
1,744
21,423
lc5.,535
57,476
Sheep
68,244
13o,973
38,765
533,945
771,927
581,608
882,755
WOOL: A heavy wool buying movement in October and
November, which was unusual for the fall season, was reported
from the Rocky Mountain regions. With this year's clip barely
out of the way, buyers for manufacturers were contracting for
the i.925 spring cJip at prices,well above those. paid for the 1924
clip. According to the reports flockmasters in Wyoming were
signing con tracts for the sale of their ne~t season's. wool at 40c
up to 42½c, and in some instances as high as 45c per pound.
In many cases the b1.1yers advanced $•I to t,1.25 per head to
flockmasters contracting. It was estimated that in Wyoming
75% of next spring's clip would be contracted by January, I,
1925.
Cattle
Kansas City...... _ _ _ _ _ _ __ 147,057
Omaha.. _ _ _ _ _ _ _ _ _ __
90,097
St. Joseph ........ _ _ _ _ _ __
41,643
Denver _ _ _ _ _ _ _ _ __ 14,381
Oklahoma City_ _ _ _ _ __
24,901
Wichita.....·-·····... - - - - - - - 9,768
Calves
Hogs
Sheep
44,677
xo,447
12,900
3,848
228,591
147,4o3
n6,848
27,398
29,784
47,827
96,621
xo8,567
58,408
20,014
45 1
1,445
October, 1924.... _ _ _ __ ................327,847
September, 1924--_ _ _ _ __ ...329,230
October, 1923 .....·-····· · - - - - -306,407
87,521
100,072
76,7 19
597,85 1
473,544
788,875
285,506
406,916
325,980
N o important changes iri the fresh meat trade were reported
for the month of October. Demand for cur~d pork products was
seasonal. Stocks of pork and lard at Kansas City on October 31
were 13,952,900 pounds, a decrease of 8,464,900 pounds from the
total stocks on September 30, and 6,870,600 pounds less than on
October 31, 1923.
Petroleum
The daily average output of 691,630 barrels of crude oil from
wells in five states during October represented a decrease of
13,162 barrels or 3.1% from the September output, but the October total was u3,063 barrels or 19.5% greater than the daily
average during October, 1923. At this daily averag.e production
for the thirty-one days of October was 21,440,500 barrels, 3,500
barrels less than was. officially reported by the U. S. Geological
Survey for September's thirty days and 3,504,500 barrels above
the total for the thirty-one October days in 1913. Production
figures for the five states:
GROSS PRODUCTION
*Oct., 1924
••sept., 1924 **Oct., 1923
15,689,000
Oklahoma,............ ·········-----15,898,150
II,755,000
2,166,000
2,696,000
Kansas.....·-·························· ................. 2,643,950
Wyoming........ _ _ _ _ _ _ _ 2,819,900
2,983,000
4,009,800
Colorado,_______ __
53,700
5,200
56,000
20,000
New Mcxico·-··········--24,800
Total, barrels............. _ _ _ __ 21,440,500
DAILY AVERAGE
*Oct., 1924
Oklahoma................... _ _ _ _ _ _ 512,844
Kansas
................... 85,289
Wyoming............................
90,965
Colorado..........
1,732
New Mexico......
800
21,444,000
17,936,000
••sept., 1924 **Oct., 1923
522,96o
89,866
379,180
69,871
129,348
168
99,433
1,867
666
Total, barrels...........· - - - - - · · · ···691,630
714,792
*Estimated-American Petroleum Institute (Except in N. Mex.)
**Official-United States Geological Survey.
The field summary for October shows a seasonal falling off in
new wells completed and daily new production as compared with
September though as compar:ed with a year ago there was an
increase of 14.3% in completions and an increase of 93. 1% in
the volume of daily new production. In the five states 2,124
rigs were up and new wells drilling at the end of October, the
largest number reported since July and 178 more than reported
at the end of October last year. The summary:
Completions
Meat Packing
Packers at tihe leading centers of the Tenth District, taking
advantage of liberal market supplies, ·purchased for slaughter at
the six leading centers 327,847 cattle and 87,521 calves. With
the exception of their heavier purchases in September this was
the largest month's purchases since November, 1919. Under
more liberal supplies of hogs packers' purchases of 597,851
head at the six markets in October exceeded September purchases
by 124,307 head, or 26.2% . This October record, however, fell
191,024 head, or 24.1% , below the record for October last year.
Purchases of sheep and lambs during October, totaling 285,506
head, were 12.4% less than in October of last year. Purchases by
packers of cattle, calves, hogs and sheep during October are
here shown:
n,095
4,554
Wells
Oklahoma
Kansas ............
Wyoming........
Colorado ..
New Mexico................
..........300
74
58
Daily New
Pr'd'n Barrels
79,3 21
8,228
6,047
2
Rigs-Wells
Drilling
1,317
374
421
85
5
565
27
October, 1924-............·-···················•439
September, 1924.. _ .. _ _ _ _ _ 531
October, 1923·-····-----···384
94,161
144,990
48,751
2,224
2,056
1,946
Mid-Continent refiners on November t were reported running
more crude oil to their stills than at any other time in history.
On that date 52 refineries in Oklahoma reported daily runs to
stills of 167,350 barrels, an increase of 14,850 barrels over October 1. Twenty-one Kansas:refineries reported daily runs to $tills
8
THE MONTHLY REVIEW
of 7r,400 barrels on November
over October I •
1,
an increase of 2,425 barrels
The Bureau of Mines report showed Oklahoma-Kansas refinery stocks on October I were: Gasolene 133,567,489 gallons
against 143,746,292 gallons on September I; Kerosene r9,687,227
gallons, against 21,255,943 gallons on September I; Fuel oil
133,182,6! 5 gallons against r33,232,426 gallons on September I.
Mining
PRECIOUS METALS: Production of gold in Colorado increased during October. In the Cripple Creek District, where
more than 60% of Colorado's gold was produced last year, the
October output showed a gain of 34% over the gold output for
the month of September and it was the best month's production
in three or four years. The increase was due chiefly to systematic
development of deep mines. Several other gold-producing
camps in the state also reported increased output, and should
the October activity be maintained to the end of the year, it is
estimated Colorado's gold production in r924 should exceed
'$7,750,000 in value, as compared with about $6,500,000 in r923.
Production of silver during 1924 is expected to closely approximate that for 1g23. Favorable prices received for silver and lead
were factors in gold production and in increased mining activity.
LEAD AND ZINC: Prices for both zinc and lead ores in
the Tri-State District advanced steadily during the month of
October. There was an advance of $3.00 per ton during the
month for zinc ore and an advance of $8.oo per ton for lead ores.
The month opened with zinc bringing $41.00. The price steadily
advanced and closed at $44.00. Weekly shipments of zinc ores
approximated r6,400 tons. The average price for the month
was $42.34, which is an increase of approximately $2.00 per ton
over the price paid in September. The average monthly price
for October last year was '1,39.44.
There was a strong lead ore market all during the month and
shipments amounted to 9,354 tons, or a weekly average shipment of 2,338 tons. The purchase of 3,359 tons during the second
week of the month set a record which has not been exceeded in
the history of the District. This large purchase was made at
'l,rn7.50 per ton. The month opened with a price of $107.50 and
closed with a strong demand at $II 5.00. The average price of
lea(ores for October r923 was $8r.07.
The combined value of the lead and zinc ores shipped from the
district during the month amounted to $3,807,343.
BITUMINOUS COAL: Production of soft coal at the mines
in the Tenth District during October was at an average for the
six producing states of 58% of full-time capacity, as compared
with 55.7% in September and 55.5% in October, 1923. The percent of full-time operation in New Mexico was 75.9%, in Wyoming 75,7%, in Kansas 63.4%, in Colorado 57.6%, in Missouri
46.7%, in Oklahoma 29%. Loss of full -time operation on account of no market was 34.4% , to mine disability 3.5%, to
transportation disability 2.6%, to labor shortage 1.4%.
According to the U. S. Geological Survey reports production
of soft coal in the United States to November I totaled 383,553,000 net tons, which is compared with 464,825,000 net tons
for the first ten months of r923. Production in the Tenth District to November I was slightly below that for last year to
November I.
Business Conditions in the United States
Production of basic commodities and factory employment
showed further increases in October, and distribution of merchandise was in large volume. The general level of wholesale
prices advanced, reflecting largely a rise in the prices of agricultural products.
PRODUCTION: The Federal Reserve Board's index of production in basic industries, adjusted to allow for seasonal variations, increased 6% in October and was 16% above the low point
of midsummer, though still considerably below the level of the
e-arly months of this year. Output of iron and steel, .cotton and
woolen textiles, lumber and bituminous coal was substantially
larger than the month before. Factory employment increased
2% in October, reflecting larger working forces in most of the
manufacturing industries. Building contract awards increased
and were I4% above a year ago. Crop estimates by the Department of Agriculture in November showed increases and marketing in October reached the largest volume in five years, and
exports of grain and cotton were in greater volume than in the
corresponding month of any recent year.
TRADE: Railroad freight shipments were larger in October
than in any previous month owing to exceptionally heavy loadings of miscellaneous merchandise and grain. Wholesale trade
increased slightly but was 3% less than in October r923. Sales
of drygoods, shoes and hardware were considerably smaller
than a year ago, while sales of groceries and drugs were larger.
Department store sales showed a seasonal increase but were 4%
less than last year. Sales of mail order houses and chain stores
also increased and were in greater volume than in r923. In
preparation for Christmas trade merchandise stock at department stores increased substantially and were 2% larger than a
year ago.
Prices: The wholesale price index of the Bureau of Labor
statistics rose 2% in October as a result of considerable advances
in the prices of farm products and foods, and slight increase in
the prices of clothing and chemicals. Fuel and metal prices
declined and prices of building _materials and house furnishings
were practically unchanged. During the first half of November
quotations on all grains, cotton, silk, copper, and rubber advanced, while prices of raw sugar and bituminous coal declined.
BANK CREDIT: Loans for commercial purposes at Member
Banks in leading cities, which had increased rapidly .from the
beginning of September to the middle of October, advanced
only slightly in the following four weeks. The growth of loans
secured by stocks and bonds was also relatively smal!, not withstanding great activity in the securities market. Holdings of
investments by these banks continued the increase which began in the early months of the year. A large part of the increase
in demand deposits during the four weeks ending November r2,
when they were higher than at any previous time, was in bankers'
balances, indicating a continued movement of funds to the large
cer ters. At the Reserve Banks an increase in earning assets
w· , the result of larger offerings of acceptances, reflecting firmer
money conditions. While discounts and holdings of United
States securities remained practically unchanged during the
four, weeks ending November r9, the increase in acceptances
carried total earning assets to the highest point since the early
part of the year. Money in circulation increased in October for
the third successive month and the total of November I was
$2I 5,000,000 larger than in August. Money rates continued
to show a firmer tendency and by November 23 were generally
from¼ to¾ of one percent higher than in October.
@FedFRASER