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HE MONTHLY REVIEW
Covering Conditions in the Tenth Federal Reserve District
Federal Reserve Bank of Kansas City
C. K.
M. L. McCLURE, Chairman Board of Directors
and Federal Reserve Agent
Vol.
IO
KANSAS CITY
Mo.,
A
summary of the statistical reports contained in this issue
of the Monthly Review tells of greater activity in industry, trade and banking in the
nth District during
the opening month of the final quarter of 1925 than at any preceding period of the year. It also indicates a definite increase in
the volume of business over that for the corresponding month
in 1924.
The larger volume of transactions is evidenced by clearing
house reports on payments by checks drawn against accounts
in banks in leading cities. The aggregate for twenty-eight cities
was $1,556,863,000 for five weeks ended November 4, an increase
of $72,446,000 or 4.8 per cent over that for the previous five
weeks ended Septemher 30, and an increase of $78,946,000 or
5.3 per cent over that for the five weeks ended November 5, 1924.
Clearings through the Federal Reserve Bank of Kansas City and
HIGH POINTS IN THE STATISTICAL RECORD OF THE
TENTH FEDERAL RESERVE DISTRICT
(October 1925 compared with September 1925 and October 1924)
Oct., 1925
Sept. 1925
Oct., 1924 Pct. Chg
Year
Bank debits, 28 cities ...... 'f, 1, 55 6,863,000 'f, 1,4 84,417,000 'f, 1,477, 917,000
5.3
Clearings, F. R. Bank.... 'f,1,063,855,793 'f, 919,546,999 'f,1,023,150,964
4.0
Items handled.--··-····
6,126,009
5,563,856
5,991,648
2. 2
2·9
Loans, 69 banks.............. '/, 43 2,379,000 'f, 435,035,000 'f, 420•147,000
~~:~~{:= : ~:~:~~t= : ~g:~i~:=
~;;~!~s~nJ;•i~nt:~~:::::
Business failures, No.......
85
Liabilities.................... '/,
1,476,916 '/,
Building permits, No ... _
3,010
Estimated value_........'/,
9,740,389 f,
,
Coal produced, tons·--···
3 250,000
Crude oil produced, bbls. 21,096,000
1,955,902
Flour produced, barrels..
Grain receipts, 5 markets:
Wheat, bushels............
7,976,900
Corn, bushels .......·-····
2,548, 450
Oats, bushels·-·············
3,129,000
Live stock receipts, 6 markets:
Catt!....______
753,93 1
~~;es..........................
;it;ii
88
853,793 '/,
2,9 69
u,807,101 '/,
,6
2 34,000
zr,728,000
1,910,227
~~:~
130
1,277,29°
3,610
9,515,778
,
3 050 ,000
20,978,000
2,636,63 2
-34.6
15.6
- 16·6
2.4
6.6
o.6
--25.8
9,301,700
2,124,950
4,042,900
24,975,300
2,034,700
2,961,700
-68.3
25.2
5.6
583,3 2 5
808 ,084
;;!:;~;
;~~:~:l
-6.7
~:~
Sheep.... - - - - 1,119,799
983,396
1,197,894
-6.5
Horses and mules........
20,018
15,486
16,832
18.9
Purchases by packers, 6 centers:
Cattl.....______
320,763
300,501
327,847
--2.I
Calves.............·-··········
88,836
74,305
87,521
1.5
Hog.,_______
382,969
382,518
597,851 -35.9
255,669
285,5o6 -10.5
Sheep....- - - 33o,i83
Ore shipments, tri- st ate di st rict:
Zinc, tons............ _......
64,071
72,918
68,855
-6.9
Zinc, value ..................$
3,632,479 1,
2,go2,66 9
25.0
3,974,181 'f,
Lead, tons.. ____
7,418
9,559
10,346 -28.3
1, 139,6 29 - 2 2.6
1,ui,445 '$
Lead, value.·-······-··-··$
88 2,385 '$
NOTE: Debits reported·are for five weeks. Bank deposits, loans and
investments arc amounts shown at the reporting date on or after close of the
month. Zinc and lead ore shipments are for four weeks.
BOARDMAN,
Assistant Federal Reserve Agent
and Secretary
DECEMBER 1, 1925
No.
12
branches at Omaha, Denver and Oklahoma City exhibited a
similar trend. The October clearings were the largest for any
month in four years. The month's total was $1,063,855,793 or
4 per cent 1arger than in October, 1924. It was noted that this
service, performed by the Federal Reserve Bank for the banks
of this District, required the handling during October of 6,126,009
items, the largest number on monthly records covering four
years.
Trade reports reflected a continuance of the forward movement reported in the late Summer and early Autumn. In spite of
an early season of wintry weather, wholesalers in nearly all
lines reported their sales were larger than in September and
larger than in October of last year. Sales at retail, as reported
by department stores, were the largest of the year and exceeded
those for last year by over 15 per cent. The implement and
farm machinery reports indicated an excellent start in the placing of contracts for 1926 delivery.
Building operations in October, although retarded by cold
weather, were well ahead of a year ago, and sales of lumber
were larger than reported for the like month in 1924.
Smaller receipts of wheat at the markets resulted in a decrease
in the October flour output at mills in this District as compared
wi th a year ago, although there was a fair increase over the September output. Meat packing operations were larger in October
than in September, but fell short of those of October a year ago
because of the reduced supply of animals for slaughter.
The crude oil output in October was slightly less than in
September and slightly greater than in October, 1924. Refi
•
b
1 d
b
f
1
h
nery operations egan to sow own ecause o coo er weat er
and s!ackened demand for petroleum products. Shipments of
ores from zinc and lead mines slowed down somewhat during the
first three weeks of October, but increases in prices brought a
I·
· h 1
k f h
h
d h
rebound and s upments m t e ast wee o t e mont an t e
forepart of November were at the high level of the year. At
the metal mines in Colorado operations were reported at the
hiahest rate of activity of the year, with indications of an increase
in°production over 1924. There was more activi!Y at the soft
coal mines in October than had been reported smce January,
and the month's output was correspondingly heavy.
The heavy volume of business in this District during the
f1
Autumn of 1925, particularly in October required the use o arge
amounts of funds and credit at banks. As a result there was a
considerable falling off in the amount of demand deposits, while
at the same time the reports showed that time deposits actually
Th
. h d
· h
fI
increased.
ere was a s11g t ecrease m t e amount o oans
and discounts, due to a heavier liquidation of outstanding loans,
although the discountings at the Federal Reserve Bank increased
during the month. Rates were firmer but there was no change
...
from the low figure prevailing for several months.
~This Copy Released For Publication In Morning Newspapers November 28
2
THE MONTHLY REVIEW
Banking and Credit
MEMBER BANKS' SHOWI G; Combined weekly statements of the principal resource and liability items of si~ty-nine
reporting member banks in cities of this District showed the
volume of their loans and discounts, including rediscounts,
amounted to $432,379,000 at the close of business on November 4. This amount was 1,2,656,000 or o.6 per cent less than
that reported by the same sixty-nine banks as of October 7,
but it was $12,232,000 or 2.9 per cent greater than the amount
reported by seventy-two banks as of November 5, 1924. Investments of the sixty-nine member banks followed the course
of loans and discounts. The amount reported November 4 was
$171,215,000, which was $2,800,000 or 1.6 per cent less than reported by the same sixty-nine banks as of October 7 and $15,725,000 or IO.I per cent greater than the amount reported by 72
banks on November 5 last year. Demand deposits at the sixtynine reporting member banks amounted to $449,685,oco on
November 4, which was 1,52,974,000 or 10.5 per cent less than
reported hy the same banks four weeks previous to that date and
$24,602,000 or 5.2 per cent less than the amount reported by
seventy-two banks on November 5 last year. Time deposits
continued to increase and at the first reporting date in November amounted to $155,510,000, exceeding the amount reported
October 7 by $20,152,000 or 14.8 per cent, and also $20,198,000
or 14.9 per cent larger than the amount reported by seventy-two
banks at the first reporting date in ovember a year ago. Gross
deposits at sixty-nine reporting banks on ovember 4 stood at
$6o6,171,ooo, a decrease of $33,965,000 or 4.9 per cent in four
weeks, and a decrease of '$7,209,000 or 1.2 per cent as compared
with the totals on November 5, 1924.
FEDERAL RESERVE BANK OPERATIONS: The official
statement of the Federal Reserve Bank of Kansas City and
branches as of November 4 showed expansion in the volume of
bills rediscounted for member banks, in bills purchased, and
also in government securities owned. The total of all bills and
securities held on that date was 14.8 per cent larger than at the
first reporting date in October and 60 per cent larger th an at the
first reporting date in ovemher, 1924. Deposits were slightly
less than four weeks previous and also less th an a year ago, and
Federal Reserve notes in circulation were slightly less than the
totals for the two dates on which comparison is made. Changes
1.
2.
3.
4.
5.
6.
7.
8.
9.
in four weeks and fifty-two weeks in the principal resource and
liability items of the Federal Reserve Bank and branches are
here shown:
Nov.4,
Oct. 7,
Nov. 5,
1925
1925
$ 81,658,5o6
1924
$103,448,271
6,637,493
9,272,159
Gold reserves .. ·········---$ 65,264,247
Bills discounted............ ........... 17,558,127
Bills purchased.......................... 30,620,075
U. S. Government securities.... 34,618,300
Total bills and securities.......... 83,048,502
Gross deposits........................... 85,681,433
F. R. notes in circulation.......... 66,501,540
Total resources .......................... 203,569,496
Ratio of total reserves to deposit and F. R. note
45.2%
liabilities combined............
10,557,561
28,117,196
33,116,200
72,318,957
90,849,6o4
67,26o,840
210,501,055
35,737,4oo
51,897,052
91,443,467
71 ,009,040
2o6,336,413
Savings
D eposits to savings accounts in fifty-four selected banks in
Tenth District cities decreased 0.7 per cent between October I
and ovember 1, hut the total on the last named date was 6.2
per cent larger than that of November 1, 1924. The returns on
deposits follow:
·
Banks
Denver, Colorado................ 6
Kansas City, Kansas .......... 3
Kansas City, Missouri ...... .. 9
Lincoln, Nebraska.. ............... 3
Oklahoma City, Okla ........... 8
Omaha, ebraska................ 6
St. Joseph, Missouri ............ 6
Tulsa, Oklahom...___ __ 6
Wichita, Kansas .................. 6
Other Cities.......................... 1
Nov. 1, 1925
575,386
546,225
1,107,896,314
$108,665,490
$101,516,061
1,869,083
14,788,800
2,953,857
8,251,038
7,432,884
8,848,361
10,313,528
4,892,183
Total... .................... ,.............. 54
Oct. 1, 1925
$ 49,646,333
r,734,678
14,798,342
2,865,368
Nov. 1, 1924
'f, 48,574,753
1,552,522
13,752,825
2,806,830
7,785,764
7,3 11 ,54 1
9,5 1 5, 12 7
7,212,0ll
2,450,243
554,445
$ 47,97 1, 194
8,213,549
7,520,889
8,831,245
9,758,548
4,75°,3 13
Fifty banks reported 319,448 savings accounts on November 1,
an increase of 3}895 or 1.2 per cent over Octo ber 1 and an increase
of 7,089 or 2.3 per cent over November 1, 1924.
Federal Reserve Bank Clearings
Transit forces at the Federal Reserve Bank of Kansas City and
branches at Omaha,. Denver and Oklahoma City handled during
October 6,126,009 checks and other cash items for an aggregate
of $1 ,063,855,793 for 1,045 member and 2,678 non-member banks
in the Tenth Federal Reserve District. This was the largest
number of items and also the largest amount cleared in one
month through the main bank and its branches on records starting in the early part of 1922. The only preceding month in three
years in which the number of items handled exceeded 6 million
was December, 1924, with 6,011,473 items. The only preceding
month in which the amour1t exceeded I billion dollars was October, 1924, with the total of $1,023,150,964, which was i40,704,829 or 4 per cent less than this year's October total. Federal
Reserve Bank clearings for ten months of 1925 totaled 56,040,906
items and $9,048,576,068 in amount. The increase over the ten
months in 1924 was 5,413,961 or ro.7 per cent in the number of
items and $1,148,188,569 or 14.5 per cent in amount. The record
of Federal Reserve Bank clearings:
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF
MEMBER BANKS IN SELECTED CITIES
Nov. 4, 1925
Nov. 5, 1924
69 Banks
72 Banks
Loans and Discounts (including rediscounts):
(a) Secured by U. S. Govt. obligations·--·····$
5,688,000
3,911,000 $
(b) Secured by stocks and bonds other than
U. S. Bonds ................................................ 108,980,000
84,274,000
(c) All other........ _ _ _ _ _ __
319,488,000
330,185,000
Investments:
(a) U. S. pre-war bonds ..................................
9,183,000
11,404,000
(b) U.S. Liberty bonds..................................
41,531,000
47,75 2,000
(c) U. S. Treasury bonds ............ _ _ __
16,138,000
2,647,000
(d) U. S. Victory notes and Treasury notes....
16,086,000
23,295,000
(e) U. S. Certificates of Indebtedness............
3,728,000
7,218,000
(f) Other Bonds, Stocks and Securities..........
78,328,000
69,395,000
Total loans and discounts, and investments·-··· 603,594,000
575,637,000
Reserve balances with F. R. Bank....................
48,982,000
54,615,000
Cash in vault....................... _ __
n,631,000
13,023,000
Net demand deposits on which reserve is computed ............................................ _ _ _ __
449,685,000
474,287,000
Time deposits ....................... _ _ _ __
155,510,000
135,312,000
Government deposits ..........................................
976,000
3,781,000
Bills payable and rediscounts with F. R. Bank
secured by:
(a) U. S. Govt. obligations ............................
3,018,000
108,000
(b) All other.............. _ _ _ .....................
6,303,000
339,000
January..................
February..................
March ..
April........................
May........ - ..............
June........................
July ..
August ....................
September................
October...·-······-··..··
6,126,009
1924
4,726,778
4,561,796
4,986,934
4,977,178
4,955,341
4,901,642
5,088,030
5,049,577
5,388,021
5,99 1,648
TOTAL (Items 3 to 9 inclusive) ......................$1,280,699,ooo $1,257,102,000
Ten Months ........... 56,040,900
50,626,945
ITEMS
1925
5,448,539
5,160,840
5,896,3 23
5,633,189
5,3 14,3 13
5,790,229
5,687,559
5,420,049
5,563,856
AMOUNT
1925
1924
1, 910,542,658
$ 705,079,228
791,057,866
635,879,75 1
962,476,088
777,722,416
873,5u,785
739, 135,532
807,058,789
75 2,469,45 2
763,388,403
906,894,3 27
941,366,958
819,937,795
872,264,805
797,556,371
886,067,587
919,546,999
I ,023,1 50,964
1,063,855,793
$9,048,576,068
$7,900,387,499
4
THE MONTHLY REVIEW
3
Bank Debits
Failures
Clearing houses in twenty-nine cities of the Tenth District
reported debits to accounts of their customers, or payments by
check, during the five weeks ending November 4 were larger
than those for any other five weeks period in the present year.
The total of $1,563,646,000 exceeded that for the preceding five
weeks ending September 30 by $73,685,000 or 4.9 per cent. A
comparison of debits during the five weeks ending ovember 4
with those for the corresponding five weeks in 192.4 was made on
the basis of reports from twenty-eight cities. The returns indicated an increase over the five weeks of last year of $78,946,000
or 5.3 per cent. Twenty cities reported increases and eight cities
reported decreases in amounts of debits, or in the volume of general business, over a year ago. A compilation of the clearing house
reports for twenty-eight cities covering the ten months of 192.5
shows debits amounting to $13,109,788,000 against $n,698,835,ooo for the corresponding ten months of 192.4. The increase
over last year was $1,410,953,000 or 12..1 per cent. Debits for
all reporting cities follow:
During October 85 business failures were reported in the
Tenth Federal Reserve District, compared with 88 in September
and 130 in October, 192.4. The amount of liabilities involved in
the October failures was $1,476,916, compared with $853,793
in September and $1,2.77,2.90 in October, 192.4. Business failures
in the Tenth District during the ten months of 192.5 were 1,038
in number and liabilities amounted to $13,787,145. The record
for the ten months of 192.4 was 1,2.44 failures and $19,825,370 of
liabilities. The number of failures in ten months this year was
2.06 or 16.5 per cent less and the amount of liabilities was
$6,038,2.2.5 or 30.4 per cent less than in ten months of last
year. The table which follows shows the number of failures and
amount of liabilities in October for the United States by Federal
R eserve Districts, compiled by R. G. Dun & Co.:
........ 1,
Atchison, Kansas ....
Bartlesville, Oklahoma ....................
Casper, Wyoming............................
Cheyenne, Wyoming .. ......................
Colorado Springs, Colorado............
Denver, Colorado .... .......................
Enid, Oklahom
Fremont, ebraska ..........................
Grand Junction, Colorado ..............
Guthrie, Oklahoma ..........................
Hutchinson, Kansas........................
Independence, Kansa
Joplin, Missouri ....
Kansas City, Kansas........................
Kansas City, Missouri·---······.........
Lawrence, Kansas ............................
Lincoln, Nebraska .......... ................
McAlester, Oklahoma ......................
Muskogee, Oklahoma ......................
Oklahoma City, Oklahoma. .............
Okmulgee, Oklahoma ......................
Omaha, ebraska ..........
Parsons, Kansa
Pittsburg, Kansas..........................
Pueblo, Colorado..............................
St. Joseph, Missouri ........................
Topeka, Kansas ................................
Tulsa, Oklahoma..
Wichita, Kansas ..............................
Five weeks
ending
Nov. 4, 1925
8,201,000 '$
18,609,000
14,332,000
10,683,000
18,439,000
223,802,000
16,266,000
4, 174,000
4,955,000
5,131,000
15,397,000
12,613,000
20,941,000
22,371,000
446,049,000
·6,590,000
36,843,000
6,783,000
17,893,000
103,945,000
13,554,000
240,1 I 5,000
3,745,000
6,951,000
21,972,000
69,730,000
21,718,000
II8,401,000
53,443,000
Five weeks
ending
Nov. 5, 1924
7,o95,ooo
n,709,000
19,969,000
10,896,000
15,n4,ooo
199,679,000
15,384,000
4,086,000
4,7 19,000
4,721,000
20,446,000
8,464,000
17,170,000
22,581,000
443,628,000
6,232,000
33,875,000
18,369,000
104,410,000
8,732,000
Per
Cent
Change
15.6
58.9
-28.2
-2.0
22.0
12.I
5.7
2.2
5.0
8.7
-24.7
49.0
22.0
-0.9
0.5
5.7
8.8
-2.6
-0.4
55-2
232,404,000
3.3
3,532,000
6.o
4.7
6,641,000
22,974,000
-4.4
74,001,000
-5.8
12.7
33.7
0.4
19,258,000
88,580,000
53,248,000
Total five weeks .............................. '/, 1,563,646,000 'I, 1,477,917,000
5.3
Total forty-four weeks .................... $13,189,824,000 'l,n,698,835,000
12.1
NOTE: Percentages of increase on totals for five weeks and forty-four weeks
are based on returns from 28 cities for 1925 and 1924-
Employment
Reports received by the United States Employment Service,
Department of Labor, for the month of October, indicated no
great amount of unemployment existing in any part of the country. Reports from Tenth District states were in line with those
for the entire country. Employment conditions in Missouri and
Nebraska remained highly satisfactory with the outlook for the
rest of the year excellent. There was a shortage of experienced
farm help in Kansas and available common labor in cities was
heavily drawn upon for agricultural requirements, road construction and other outdoor activities. In Oklahoma unfavorable
rainy weather hampered business and reduced employment to
some extent. The industrial employment situation in Colorado
in October showed a healthy condition in practically all lines of
ind us try. In Wyoming labor of all classes was well employed.
In New Mexico, as a result of increased activity and fall harvesting, employment increased in October over September.
NUMBER
DISTRICTS
1925
First, Boston. ... - ....
Second, New Yor
Third, Philadelphia .. _ ...... _.....
Fourth, Cleveland .. ---····-··-Fifth, Richmond.·-·--···-··········
Sixth, Atlant
Seventh, Chicago ......................
Eighth, St. Louis
Ninth, Minneapolis ..................
TENTH, KANSAS CITY......
Eleventh, Dallas......................
Twelfth, San Francisco.·-···--· ..
1924
143
156
266
73
167
'$
LIABILITIES
1925
1924
5,061,076 '$ 2,728,188
176
1,784,7 19
3,176,711
149
III
2,524,656
67
90
268
79
888,137
2,675,923
1,756,347
65
1,267,785
1,476,916
u,2o6,n8
1,388,661
4,737,431
1,765,371
1,767,982
4,337,448
1,945,196
1,16o,571
1,277,290
356
59
2II
80
87
85
5,549,095
55
130
46
186
173
590,436
2,79 2,009
3,24 1 ,337
United States, October__ ··-··· 1,581
United States, ten months_ .. _17,654
1,696
'$ 29,543,870
'$ 36,098,804
16,922
$37 1,293,691
'$466,822,158
543,3 00
Building
Construction in eighteen cities of this District decreased slightly in October from the high rate of activity in September, due
for the greater part to unfavorable weather conditions. Fewer
permits for buildings were issued during the month than
in October of last year. Estimated cost of constructoin
for October,,, while 17. 5 per_( cent less than for September,
was 2..4 per ~cent above the estimated cost for October a
year ago. From January I to October 31, this year, 31,099 permits were issued in eighteen cities for building estimated in cost
of construction at $107,831,2.88, as compared to 2.9,584 permits
and $86,378,232. for the corresponding ten months in 192.4. There
is indicated an increase for this year of 1,515 or 5.1 per cent in
the number of permits and an increase of $21,453,056 or 2.4.8
per 'cent in building costs. The October record:
Permits Issued
Casper, Wyo... - .........- .. _
Cheyenne, Wyo............. _
Colorado Springs, Colo....
Denver, Colo..................._
Hutchinson, Kans .............
Joplin, Mo....·--··-············
Kansas City, Kans ...........
Kansas City, Mo ...............
Lincoln, Nebr ...................
Muskogee, Okla .................
Oklahoma City, Okla.......
Okmulgee, Oki
Omaha, Nebr.
Pueblo, Colo
St. Joseph, Mo
Topeka, Kans......·----·..···
Tulsa, Okla..·------··---·
Wichita, Kans.-····--··-··
1925
1924
22
13
82
43
625
48
65
189
566
186
14
168
5
155
112
72
120
342
216
October.............................. 3,010
September....
-- 2,969
Ten Months......................31,099
17
113
916
31
82
236
621
116
23
162
15
3 19
133
74
Estimated Cost
1924
'$
1925
12,305 '$
59,300
-'79.2
52,958
13,400
91,982
110.5
-42.4
1,714,000
2,769,200
n7,028
61,872
247,0<)0
2,708,800
1,256,762
22,840
864,591
56,045
-38.1
108.8
-6.9
-18.7
18,205
I
5,500
185
954,000
240,160
200,030
266,730
215
289
586,585
390,933
3,610
3,516
29,584
%
Change
66,470
304,065
2,594,87 2
376,95o
25,063
347,357
30,857
1,119,362
303,894
87,26o
202,362
592,828
474,511
4.4
233•4
-8.8
148.9
-49.7
-14.8
-21.0
129.2
31.8
-I.I
- 17.7
'$ 9,740,389 '$ 9,515,778
'$ 11,807,101 $10,233,814
1 5•4
'$107,831,:288 '$86,378,232
:24-8
2.4
THE MONTHLY REVIEW
4
RETAIL TRADE IN OCTOBER, TENTH FEDERAL RESERVE DISTRICT
(Based upon reports of 35 Department Stores)
~
Kansas Denver
Wichita
Omaha Oklahoma Lincoln
Other All cities
Cities Reported
City
City
Number of Department Stores Reporting________. _ _ __
15
35
3
4
4
3
3
3
Percentage increase (or decrease) of Net Sales during October, 1925, over
Net Sales during October, 1924_ _ _ _ _ _ _ _ _ _ _ __
2
20,3
7.2
37.8
35·
Percentage increase (or decrease) of Net Sales from January I to October
31, 1925, over same period last year_____________
1.2
30.2
12.7
Percentage increase (or decrease) of Stocks at close of October, 1925, to
Stocks at close of September, 1925 ______________
2.1
0.2
3.1
3.6
1.3
7.0
3.3
9•4
Percentage increase (or decrease) of Stocks at close of October, 1925, to
0.1
-0.1
1.0
0.1
12.9
13.0
-2.5
-0.7
Stocks at close of October, 1924...· - - - - · · - - · - - - - - - - Percentage of Outstanding Orders at close of October, 1925, to total pur1,8
II.O
6.o
6.7
4.3
7.3
chases in calendar year 1924--••·•·· - - - - - - - - - - · · •··-··
Percentage of Outstanding Orders at close of September, 1925, to total
purchases in calendar year 1 9 2 « t - - - - - - - - - - - · - · 6.2
8.3
. 6.o
7.2
······
5.0
10.0
8.8
NOTE: Percentage of collections in October on outstanding accounts September 30, all stores reportmg, 49.3%. Collections same month last year 48.0%,
Building Material
Reports covering October business at 316 retail lumber ~ards
in this District show an unusually large volume of busmess
during October. There were increases for October over September, and also over October, 1924, in dollar sales of lumber and
other materials, as well as in sales of lumber in board feet. The
following shows the percentages of increase or decrease for October over Sept7mber and over October, 1924:
October, 1925
October, 1925
Compared to
Compared to
Sept., 1925
Oct., 1924
Lumber sales, board feet............................................ 9.2
Lumber stocks, end of month .................................... -1.2
All material sales, in dollars................................... 13.4
Outstandings, end of month................ ... ... ... ......... 1.0
Collections .................................... -----···.....
43.0
17.5
-3.5
5.0
9.8
14.3
The lumber movement in the United States during the four
weeks ending October 31, as reported by the National Lumber
Manufacturers Association for all associations, is here shown:
Four Weeks
Ending Oct. JI
Feet
Lumber cut................................ _ _ _ _ 1,079,730,235
Shipments.. _ _ _ _ _ ............................. 1,087,681,515
Orders ___ ............... _ _ _ _ ...................... 1,038,669,896
Four Weeks
Ending Oct. J
Feet
1,n2,387,083
1,111,646,896
1,058,929,920
For the first 44 weeks of 1925 the reports on soft woods showed:
Lumber cut II,862,639,121 feet; Shipments 11,634,145,262 feet;
Orders I 1,268,508,443 feet.
Production of face brick at 72 plants in the United States,
including those in this District, averaged 823 thousand brick
per plant for the month of October, an increase of 13.8 per cent
over September and 10.46 per cent over Octo~er, 1924. Shipments, averaging 651 thousand per plant, were 4.4 per cent Jess
than in the previous month and 5.92 per cent less than a year
ago.
.
.
.
The paint and glass business has improved w~th. the recordbreaking building program this year, and rep~m tmg and redecorating are producing a larger volume of business than ever
before.
WHOLESALE: October returns from reporting wholesale
dry goods establishments indicated that sales for immediate
shipment during the month changed but slightly, for the reason
that advance orders taken for fall shipments were mainly filled in
September. However, the general fall of ~now and cold wea~her
increased the demand for seasonable wm ter goods. Retailers
continued to buy in small lots and numerous shipments combined
to make the volume of merchandise distributed larger than a
year ago. The same tendency to buy in small lots was reflected
in the reports of wholesale grocers, although heavy demand for
food at retail stores resulted in an enormous volume of purchases from wholesalers. The wholesale hardware trade in October exceeded expectations, and was indicative of the better
conditions prevailing throughout this District. There was but
slight change in the month's volume of furniture trade at
wholesale from that reported for the previous month and also
for October of last year, although dollar sales in October were
larger than in either of the two months with which comparison
is made. There was a slight falling off in the volume of sales of
drugs at wholesale at some of the trade centers, due to unseasonable weather conditions, but the combined total sales of all
houses reporting was slightly larger in October tha~ .in September and in the same month last year. Wholesale m1llmery trade
showed less activity than in preceding fall months.
RETAIL: Reports covering October trade at retail stores in
cities of this District were more favorable than those for any preceding month this year. With the buying power of their customers increased by improved conditions, Christmas shopping
under way and a season of cold weather as an urge to buying
winter goods, sales at retail stores mounted to high figures. Taking as an index the reports from thi~ty-five departm:nt stores
it is found that the aggregate of their October sales m dollars
exceeded that for the mc"1th of September by 20 per cent, and
the October total of dollar sales was 15.1 per cent larger than
that for October, 1924. The gains indicated by these percentages
were not confined to any particular city or section. Only one of
the thirty-five department stores reported smaller sales in Octo-
Mercantilei Trade
Reports from establishments at leading cities of this District
showed October was the peak month of the year to date for the
volume of wholesale and retail trade. October sales in dollars at
all reporting wholesale stores were 6.3 per cent larg_er than sales
in September and 6. 1 per cent larger than sales m ~cto ber a
year ago, while sales at department stores, reported m dollars,
indicated a gain for October of 20 per cent over September and
of 15. 1 per cent over sales in October, 1924. The volume of sales
at both wholesale and retail in the ten months of 192 5 exceeded
that for the ten months of 1924.
WHOLESALE TRADE FOR OCTOBER, 1925
SALES
OUTSTANDINGS
Oct., 1925
Oct., 1925 Oct. 31, 1925 Oct. 31, 1925
No.
of
Stores
Dry Goods ...... _-4
Groccries·-··-·--···6
Hardware __ ........9
Furniture_ .. ___ .. 5
Drugs ________.8
Millinery___ -4
compared
compared
compared
compared
whl
whl
whl
whl
Sept., 1925
2.6
9·9
17.0
0.2
4.2
-43.1
Oct., 1924 Sept. 30, 1925 Oct.JI, 1924
10,9
3.7
3.4
9.0
o.8
4.4
-11.3
10.9
II.6
4.4
1.4
4-9
1.7
8.1
7.4
6.1
5
THE MONTHLY REVIEW
her than in September, and only four of the thirty-five reported
smaller sales in October than in October, 1924.
COLLECTIO S : Wholesale dealers reported collections generally satisfactory. Amounts outstanding on t heir books at the
close of October were larger than a mon th ago or a year ago, due
to t he increased volume of business. At department stores there
was but slight change. The figures on collections on outstandings was 49.3 per cent as compared with 48.0 per cent in the corresponding month last year. Distributors of implements reported collections very good where crop conditions were normal
but slow where crops were poor or almost a failure. Lumber
dealers reported a marked improvement in collections on accounts.
Grain~.M ovements
Primary markets in this District reported smaller receip ts of
wheat, rye, barley and kafir, and larger receipts of corn, in October than were received in September of this year or in October
of last year. Receipts of oats during October were smaller than
in the previous month, but larger than in October a year ago.
The month's receipts at five markets :
Kansas CitY-··-··-··
Omah _ _ _ _
Hutchinson._........
St. Joseph.-······-····
Wichit...____
Wheat
Corn
Oats
Bus.
Bus.
Bus.
3,348,000
666,250 1,343,000
1,547,000 1,026,200 1,462,000
1,036,800
5,000
4,500
1,o64,ooo
771,000
252,000
981,100
80,000
67,500
Barley
Rye
Bus.
Bus.
3 1 ,900 60,000
57,400 68,800
Kafir
Bus.
24,200
5,000
5,250
22,100
14,400
October, 1925·--····· 7,976,900 2,548,450 3,129,000 89,300 153,450 46,300
September, 1925.__. 9,301,700 2,124,950 4,042,900 125,800 180,100 93,500
October, 1924-·-····24,975,300 2,034,700 2,961,700 398,200 262,450 135,700
Stocks of grain at Kansas City, Omaha, St. Joseph and
Wichita on October 31, as compared with stocks on N ovember 1,
1924 were: wheat 8,845,422 bushels against 28,007,785 bushels;
corn 395,700 bushels against 737,000 bushels; oats II,022,699,
bushels against 4,407,000 bushels.
Flour Production
Southwestern mills, reporting their output weekly, produced
1,955,902 barrels of flour in October; 45,675 barrels or 2.4 per
cent more than in September and 680,730 barrels or 25.8 per
cent less than in October, 1924. Production during the month
was the largest of the year, save in January. The October output
at the principal milling centers, representing approximately 70
per cent of all flour made in this Dic:;trict, is shown in barrels in
the following compilation of reports to the orthwestern Miller:
Oct., 1925
Barrels
11 7,816
Atchiso
Kansas City
553,342
Omaha_..
97,548
Salina.....· - - - -- - - - · · 121,080
172,379
St. Joseph.·-····-··-Wichit
130,358
Outside....
763,379
Sept., 1925
Barrels
u7,386
520,780
88,314
128,488
154,45 1
137,899
762,909
Tota..___ _ _ _ _ _ _ _ _ 1,955,902
•Included in total for outside mills.
Oct., 1924
Barrels
•
584,913
111,683
129,438
207,976
264,905
1,337,717
2,636,632
Farm Implements
By October 1 most of the distributors of farm implements and
machinery had completed their 1925 deliveries and were booking
orders for next year's business. The contracting with dealers
was given a good start in October, according to t he reports, and
much more interest was shown than in the last quarter of 1924
when contracts were written for 1925 delivery. This year's business has been much larger than that of 1924, and early contracts
indicated a large business next year, under normal crop conditions.
Farm Crops
The harvesting of late crops in the Tenth District was greatly
retarded and in many instances practically suspended, by unseasonally cold and fr eezing weather and storms of rain, sleet
and snow in late October and early November. Reports indicated
that unharvested crops-notably of cotton, potatoes, sugar beets
and, to some extent, corn-were d amaged more or less seriously.
Early seeded wheat, generally up and to good stands, made
slow growth and prospects for early pasturage in many sections
were reduced, while the ground was too wet and cold for proper
germination of late seeded wheat. Last cuttings of alfalfa also
were injured and of little feeding value. In the face of such conditions, however, the ovember reports issued by the United
States D epartment of Agriculture and the State Boards of
Agriculture showed generally better prospects than were anticipated one month earlier in the season. The composite figures
for all crops compiled by the United States Department of
Agriculture, however, show the November percentage in four
states was higher and in three states lower than the figures reported on October I. These composite figures, in percentages
with 100 representing the average crop for ten years, follow:
Nov. 1
1925
Colorado_.... _.. _. ···--···············-······················ ············-···-·····83.6
Kansas·-···········----·············-·······-·······-···--·-··-··•·79•0
Missouri ...·-············································-····· · - - - - ·98.6
Nebraska. · - - - -····-·····················--·· ...... ···-···-····86.1
New Mexico .... ·-··--············•-··-····----········-·-·-·····84.2
Oklahoma.- .. ·······-·······-··-----···········-·····-·-······79·2
- - - - ···96.5
Wyoming_ _ _ _ _ _ _
United States ............... ----·······-·····--·-·--···-··---99·6
Oct. 1,
1925
85.2
76.4
97.4
83.8
90.8
78.5
Change
in
Month
-1.6
2.6
1.2
2.3
--6.6
0.7
97.2
96.1
-0.7
3.5
CORN : Probable yields of corn in the seven states Y,hose
areas either ::is a whole or in part form the Tenth District were
estimat ed at 595,941,000 bushels of which approximately
433,059,000 bushels properly were to be credited to the District.
These totals indicated the corn crop in the seven states should
slightly exceed that of last year, while for the District proper
there is a slight decrease in prospect, provided the November
condition is maintained until the corn crop is harvested. Husking and snapping of corn was hindered by unfavorable weather
conditions but was generally resumed and under way by Armistice day. Nearly every part of Kansas reported better average
yields than were forecast October 1, and the average for the
state was 17.5 bushels per acre.
ebraska corn also showed a
better average for the state than indicated by earlier reports, and
that state retains its position as the banner corn producing state
of the Tenth District. Missouri corn, according to the November report, was estimated at 29.5 bushels per acre. Very little of
the crop had been cribbed to the middle of November. Oklahoma's corn yield was estimated at 7.5 bushels per acre, the
lowest for years, as a result of the summer's dry weather. Colorado rriade a forward stride in corn production this year. WyoPRODUCTION OF CORN IN SEVEN STATES
(U. S. Department of Agriculture Reports)
Oct. 1
Nov. 1
1925
1925
Bushels
Bushels
27,372,000
Colorado ___ ········-·-·······-······-···-··· 24,645,000
108,193,000
Kansas ·········-·· ...... ···-··············· I 17,093,000
200,3o6,ooo
Missouri.·-·······--···-··········-···--···· 203,255,000
Nebrasko1---_ _ _ __
212,768,000
215,255,000
2,500,000
2,470,000
New Mexico·-···· ·····-···-··········--··
Oklahoma........- - - 21,600,000
21,715,000
4,080,000
4,080,000
Wyoming................- - - -
Seven States .............. ·-···...... 595,941,000
Tenth District.............·-···-······ 433,059,000
United States ...·- ····--·····-·--··3,0IJ,390,000
Yield
1924
Bushels
15,650,000
130,905,000
170,612,000
203,280,000
4,200,000
65,6oo,ooo
2,310,000
579,39 1 ,000
592 ,557,000
399,453,000
452,646,000
2,436,513,000
2,917,836,000
THE MoNTHLY REVIEW
PRODUCTION OF COTTON IN SOUTHWESTERN STATES
(Crop Reporting Board, U.S. Department of Agriculture)
Nov. 14
Nov. I
Oct. I
Ginned
1925
1925
1925
1924
Bales
Bales
Bales
Blaes
OKLAHOMA.____ _ _ _ 1,500,000
1,520,000
1,5u,ooo
1,540,000
MISSOURI_______ 235,000
240,000
189,000
245,000
61,000
NEW MEXICO.... -·_·-_
61,000
L,6o,ooo
~~5,000
4,100,000
3,875,ooo
4,951,000
Texas----····- ·- ...... · ····-···· 4,050,000
Louisiana........ _ _ _ _ _ 895,000
895,000
835,000
493,000
1,400,000
I,480,000
1,098,000
Arkansas.·---··-··--- 1,480,000
108,000
94,000
94,000
Arizona_ .._ - - - - - 94,000
130,000
II4,ooo
78,000
California--········-··--·-···- 130,000
Eight S. W. Statcs--····-······ 8,445,000
8,525,000
8,158,000
8,483,000
-Tenth F. R. Dist..·-··---··· 1,485,000
1,507,000
1,518,000
1,442,000
United States. __ ···-····--····15,298,ooo 15,386,000 14,759,000 13,628,000
*Includes all of Oklahoma except 8 southeastern counties, 19 counties in Missouri
and 10 counties in New Mexico.
ming reported about 75 per cent more corn than last year, and
New Mexico's crop was expected to fall about 40 per cent short
of last year's production.
'
COTTON: This year's cotton crop in the Southwest Cotton
Belt was estimated as of November I condition at 8,525,000
bales of 500 pounds gross, or 55.4 per cent of the probable United
States crop of 15,386,000 bales, reported by the crop reporting
board of the United States Department of Agriculture. The preliminary report indicated that the final out-turn of the crop may
be larger or smaller than ovember 1, as developments during
the remainder of the season prove more or less favorable to the
crop than usual.
Thus the mid-month report as of November 14 reflected a reduction of 80,000 bales from the ovember 1
estimate for the eight states. Oklahoma's yield was placed at
1,500,000 bales, 11,000 bales less than the 1924 total. A late
report from Oklahoma said rain and snow and wet fields
hindered cotton picking and slow progress was made. In most
sections a large percentage of the crop was still in the fields at
the beginning of the second week in November, and there was
serious damage to the unpicked crop by wet and cold weather.
The estimate of the Oklahoma State Board of Aegriculture was
for a crop of 1,386,000 bales, 134,000 less than the Government
estimate on November 14.
POTATOES: Most of the potato crop was harvested before
the October freeze, but a few scattered fields were still undug and
it was expected that those remaining in the ground would be
unfit for food. The potato yields by states:
Est. Nov. 1
1925
Bushels
Colorado,_ _ _ _ _ _ _ _ _ _ _ _ _ 12,610,000
Kansas_____
3,631,000
Missouri__
6,099,000
Nebraska.·-······
6,192,000
New Mexico_··-··--··················- ····
254,000
Oklahom
3,851,000
Wyoming_......
2,040,000
Final Yield
1925
Bushels
11,640,000
5,130,000
10,200,000
7,743,000
210,000
3,225,000
1,520,000
Seven States ............... - - - - - - - - - 34,677,000
Tenth District.. _ _ _ _ _ _ _ _ _ _ _ 26,473,000
United States.............. _ _ _ _ _ _ _ _ _ 346,503,000
39,668,000
31,159,000
454,784,000
GRAIN SORGHUMS: The year's production of grain sorghums in the Tenth District, based on November I estimates, was
approximately 52,500,000 bushels as compared with 63,000,000
bushels last year. Kansas reported a probable crop of 26,606,000
bushels, 16,000 bushels less than last year. Oklahoma's crop was
estimated at 20,910,000 bushels, a decrease of 8,704,000 bushels.
Colorado reported 3,388,000 bushels and a gain of 368,~ bushels. There were small increases in Nebraska and Missouri and
about one-half crop in New Mexico.
SUGAR BEETS: Numerous storms following each other in
rapid succession with low temperatures during October inter-
fered with the harvest of sugar beets, according to the monthly
crop report issued by the Wyoming crop and livestock estimates
service. A considerable portion of the sugar beet crop remained
in the soil. Conditions somewhat similar prevailed .in Colorado
and Nebraska, but no estimate of the damage to the crop was
reported. Unofficial estimates place this year's crop of sugar
beet tonnage at about 72 per cent of last year's crop of about
3,600,000 tons.
FRUIT: November reports indicated an apple crop of
12,091,000 bushels in six states, against a crop of 14,593,000
bushels last year. Missouri reported a crop of 5,200,000 bushels,
or 100,000 bushels less than last year. Colorado, with 2,952,000
bushels, showed a decrease of 72,000 bushels. In Kansas and
Oklahoma this year's yields were about 38 per cent less than
those of last year. The pear crop in five states was estimated
at 1,216,000 bushels against 1,450,000 bushels in 1924. The
states of Colorado, Kansas, Missouri, ebraska, Oklahoma and
New Mexico produced 11,195 tons of grapes, 1,313 tons less than
last year's production, according to the November estimate.
Live Stock
Movements of live stock from farms and ranges to primary
markets in the Tenth District in October were the largest of the
current year for all classes except hogs. However, the October
marketings of all classes of live stock except horses and mules
fell short of those in October a year ago. Returns from six leading live stock and meat packing centers in this District showing
receipts of live stock during October are here given:
Cattle Calves Hogs
Kansas CitY---··-··········3II,304 77,809 204,o67
Omaha.... _ _ _ ___...05,130 20,738 163,946
St. Joseph .......·-··-·········· 79,366.i,; .16,495 I 14,873
Denver...·-····----·········· 94,484 · .9,054 Hiiz5,901
Oklahoma CitY-···-······ 28,697.<;.,_,10,458.1 16,241
Wichita.·-··----- 34,950~ 10,641 35,935
Horses
Sheep
Mules
I 50,492 l " 5,436
200,853~ ,2,130
103,107) , 1,097
646,597J 7,102
2,048 : 1,427
16,702J.t '2,826
--- - - - - - - ----
October, 1925_ _ _ _ 753,931 145,195 560,963 1,n9,799
Sept., 1925.·--····-·· ...... 583,325 106,221 590,783
983,396
October, 1924.. __ ..•...... 808,084 155,397 774,096 1,197,894
20,018
15,486
16,832
Cars
14,717
10,431
4,567
5,899
1,o67
1,550
38,231
32,677
42,751
A summary of reports covering ten months of 1925 shows
4,764,409 cattle received at the six markets, 172,641 head or 3.4
per cent less than the first ten months of 1924. Receipts of
856,565 calves indicated in increase of 14,926 or 1.7 per cent.
Receipts of sheep, 6,523,312 head, were 48,908 or 0.7 per cent
smaller. Hogs, with the ten months receipts at 7,670,459, were
1,887,717 or 19.7 per cent short of the market supply in the ten
months of 1924. The number of horses and mules received at the
six marke.ts from January 1 to October 3 I, inclusive, was 109,327,
an increase of 6,365, or 6.1 per cent over ten months in 192.4,
and the largest ten months total since 1920.
PRICES of fat steers and yearlings broke sharply in the latter
part of October and at the close were $1 to $2 under closing
prices for September. Stock and feeding cattle advanced in the
first half of October and after some breaks final prices were about
the same as at the beginning of the month. Sharply lower prices
were paid for sheep and lambs in the third week of the month,
but most of the loss was regained at the close, best native spring
lambs were selling at $14.75, fed natives up to $15.25, and feeding lambs at $15. Hog prices declined and at the close were
generally '$2 under the prices paid during the previous month.
At the end of October all live stock values were generally stabilized and considerably above those of a year ago.
STOCKER AND FEEDER OUTGO: The supply of stock
and feeding cattle, calves, and sheep and lambs at Tenth District markets was the largest of the year in October, and countryward shipments were correspondingly large, but not so large as
in October a year ago. It was observed that 45.2 per cent of the
t
7
THE MONTHLY REVIEW
October receipts of cattle at four markets were shipped to the
country for feeding. The movement of sheep to the country
for feeding, totaling 754,308 for the four markets reported,
represented ·67.4 per cent of the month's receipts at the same
markets. The returns which follow show, however, that the
October outgo of stockers and feeders from the four markets was
considerably below that for October of last year.
Cattle
Kansas City............................................ 16o,344
Omaha...·-································•··········· ... 90,457
St. Joseph ............................... ·-······ ....... 30,149
Denver.............................. •···················· 59,577
October, 1925 .......................................... 340,527
September, 1925 ......................................209,593
October, 1924................ - - - -········397,326
Calves
11,894
17,340
6,086
22,497
Sheep
59,7 11
105,872
33,190
Hogs
6,097
51
4,481
4,186
555,535
14,815
754,3o8
448,255
771,927
10,556
21,423
Meat Packing
The more liberal supplies of cattle and calves in October was
an incentive to increased production of beef and veal at the six
leading packing centers of the Tenth District. The month's
slaughter of cattle, as indicated by packers' purchases, exceeded
that for September by 6.7 per cent. It was the largest for
any month this year and was within 2.1 per cent of the heavy
October slaughter last year. The number of calves slaughtered
in October was 19.6 per cent larger than in September and, with
the exception of August this year, the largest for a single month
on records dating back to I 9 I 8. The slaughter of sheep and lambs
in October was not so large in numbers by 22.6 per cent as in
September, and was 10.5 per cent below the records for October
a year ago. Notwithstanding a 5 per cent decrease in the market
supply of hogs, there was a slight increase over September in
the number of hogs driven or shipped to packers' pens, but the
October total was 35.9 per cent smaller than that for October,
1924. The record of meat animals driven or shipped direct to
packers' yards and slaughter pens at the six centers follows:
Cattle
Kansas City ............................................ 134,745
Omaha...·-··-······-······ ·············· ............. 99,6oo
St. Joseph .................... ....................... 44,745
Denver...................................................... 14,341
Oklahoma City.................................... - .. 17,869
Wichita................................................... 9,463
Calves
43,754
14,o61
11,947
5,827
9,562
3,685
Hogs
130,735
109,016
79,246
17,187
13,509
33,276
Sheep
89,739
81,026
69,561
13,359
279
1,705
October, 1925 .......................................... 320,763
September, 1925 ........ .............................300,501
October, 1924...... _ _ _ __ _ _ 327,847
88,836
74,305
87,521
382,969
382,518
597,851
255,669
330,183
285,5o6
Stocks of pork and lard at Kansas City have been reduced
month by month since last February until on October 31 they
were down to 19,391,600 pounds, the lowest mark of record for
the years 1923, 1924 and 1925. One year ago stocks at Kansas
City were 21,762,500 pounds and two years ago the total was
32,408,300 pounds.
Petroleum
Production of crude oil at wells in the Tenth District during
October averaged 680,517 barrels daily, as against 724,274 barrels daily in September and 676,724 barrels d aily in October,
1924. Gross production for the thirty-one days of October was
21,096,000 barrels, which compares with 21,728,000 barrels for
thirty days of September and 20,978,000 barrels for the thirtyone days of October, 1924. The following table shows the
number of barrels of crude oil produced in each of the five states:
itOct, 1925
Barrels
Oklahoma ................................................ 14,783,ooo
Kansas .................................................... 3,409,000
••sept. 1925
Barrels
15,490,000
3,371,000
••Oct. 1924
Barrels
15,569,000
2,584,000
if;!;~i:::~ :::::::::::: ··:i:::: ··*::: · ~iE
1
Total barrels.......... _ _ _ _ __ 21,096,000
21,728,000
20,978,000
*Estimated, American Petroleum Institute. *it()fficial, U.S. Geological Survey.
Field operations in October were retarded to a considerable
extent by unfavorable weather conditions. New development
work under way at the first day of November, as indicated by
the number of rigs and wells drilling, was I. 1 per cent less than
on October 1 and 2.2 per cent greater than on ovember 1, 1924.
Following is the summary for October:
Wells
Bbls. Daily
Completed New Prod'n
Oklahoma ....................433
69,664
Kansas ........................ 182
16,084
Colorado...................... 4
1,230
6,192
Wyoming.................... 60
New Me!Cico ................ 29
5,039
October, 1925.............. 708
September, 1925·-··-···688
October, 1924.............. 439
98,209
123,258
94,161
Dry
Wells
142
56
7
3
209
176
122
0
Rigs-Wells
Drilling
1,236
438
122
0
356
Gas
Wells
46
8
0
122
54
2,274
2,299
2,224
39
46
A reduction of refinery operations in October came as a result
of unseasonally cold weather and a slowing down of demand for
gasoline. In Oklahoma and Kansas 66 refineries were in operation on ovember 1 and daily runs of crude oil to stills was
251,350 barrels. On October 1 there were 73 refineries operating
and their daily runs of crude oil was 273,740 barrels. The record
for November 1, 1924, was 73 refineries in operation and daily
runs of 238,750 barrels.
Mining
Production of zinc and lead ores at the mines in the Tri-state
district was at the year's highest rate of activity at the end of
October and in the first week of November, due to heavy demand
and steady prices for these ores. Zinc ores, selling at an average
of $56 a ton in the first week in October advanced to $57 in the
second week, then to $58 in the third and fourth weeks, and to
$59 as the average for the first week in November. These prices
were $14. 50 to $15 per ton above the prices paid in the corresponding weeks in 1924, which were the highest of that year.
Lead ore prices, after falling to $1 IO per ton in the second week,
rose to '$120, which was the average for the third and fourth
weeks, and in the first half of ovember the average price paid
for lead ores was $130, or $IO above the price for the corresponding weeks in 1924.
Shipments of both zinc and lead ores during the weeks ending
October IO, 17 and 24 were much lighter than in preceding weeks,
though under the stimulus of the higher prices shipments of both
classes of ores increased in the last week and in the first two
weeks of November. The following shows the shipments of zinc
and lead ores and their sales value-for the Tri-state district:
ZINC ORES
Tons
Value
Oklahoma ........................................ 43,392 $ 2,455,490
~i:s::i~·.·.·~~::::·.·.·.·_-~:::::·:::::::::::::::::::::
LEAD ORES
Tons
Value
5,458 $ 648,840
1
1
~:~~:
;~::~~;
Four weeks to Oct. 31 .................... 64,071 $ 3,632,479
3,974,181
Four weeks to Oct. 3 ...................... 72,918
2,902,669
Four weeks in 1924 ........................ 68,855
Forty-four weeks, 1925 .................. 673,028 35,344,124
Forty-four weeks, 1924 ..................6o7,709 25,099,546
'!!~~
b~::~:~
7,418 $
882,385
1,111,445
10,346
1,139,629
102,435"':' 11,864,015
1
79,876 ' ' 8,232,788
9,559
Late reports, as of ovember 14, showed 168 mills operating
in the Tri-state District, the highest number ever in operation
at one time.
METAL MINI G IN COLORADO:·· Reports from the
camps in Colorado indicated a very marked increase in metal
mining during the current year. While complete figures on production at the camps were not available, the railroad reports
indicated the tonnage of ores shipped to smelters this year to the
end of October was 40 per cent larger than for the like period in
1924. It is not anticipated that this year will show any appreciable increase in gold production in Colorado, which has been
8
THE MONTHLY REVIEW
cut down by the practical abandonment of placer mining in the
state. However, the increased demand and the better prices
paid for silver, lead and zinc have been an important factor which
has encouraged larger production of these metals. This year's
output of silver is showing an increase about in line with the
large increases in the output of lead and zinc. Another important factor which has helped to make revival of mining a reality
is the introduction of modern machinery by which low grade
ores, that formerly were cast on the dump as worthless and a loss
to the miners, are now treated at a fair margin of profit. The
increased mining activity in the state is reflected by a survey
made by the Colorado Mining Association which showed 5,700
men engaged in mining, compared to a maximum of 3,900 at
the peak time a year ago. Development operations are going
forward at the old camps and t here is more prospecting in the
state than has been observed for many years. The smelters,
particularly those at Leadville, are installing new equipment for
handling the increasingly large production of ores. There is
also increased activity at the metal mines in New Mexico and
this year's outpu t of ores is running ahead of that for last year.
BITUMI OUS COAL: Activitv at the soft coal mines in
this District increased in October a~d production for the month
was 23. 4 per cen t larger t han in September and 6.6 per cent
above that of October, 1924. The reco!"d of coal production :
*Oct. 1925
Tons
Colorado........ .......................... ...... 1,114,000
Kansas ...... ........................................ 42 5,000
Missouri ............................................ 327,000
New Mexico.................................... 255,000
Oklahoma........ .................................. 259,000
Wyoming.......................................... 870,000
Sept. 1925
Tons
931,000
350,000 ·
260,000
200,000
217,000
676,000
Oct.1924
Tons
1,010,000
435,000
318,000
251,000
292,000
744,000
Six States .......·----···············3,250,ooo
*Estimated
2,634,000
3,050,000
Coke production in Colorado and New Mexico fro m January I
to October 31 was 200,000 tons compared wit h 221,000 for a like
period in I 924.
PORTLAND CEMENT : Production and shipments of Portland cement at mills in this District in Oc tober were slightly
smaller than in September and smaller than in October of last
year. The return s:
FIVE STATES
Oct. 1925 Oct. 1924
Bbls.
Production .. _ _ _ _ _ 1,204,000
Shipments.............................. 1,151,000
Stocks end of month·-···········1,917,ooo
UNITED STATES
Oct. 1925
Oct. 1924
Bbls.
Bbls.
Bbls.
1,26o,ooo
1,498,000
1,053,000
15,992,000
15,309,000
10,930,000
14,820,000
17,160,000
6,073,000
Business Conditions in the United States
Industrial act1v1ty and the volume of wholesale and retail
trade increased in October. Wholesale prices declined somewhat
to the level prevailing at mid-year.
PRODUCTION: T he Feder al Reserve Board's index of production in basic industries, which makes allowance for seasonal
changes, rose by about 4 per cent in October, reflecting increases
in the output of most of the 22 commodities included in the index. Particularly large increases in activity were shown for the
iron and steel and textile industries, and the output of bituminous coal and oflumber was in large volume. Production of automobiles in October was the largest on record. Payrolls at factories, including industries not covered by the production index,
increased in October to the highest level since early 1924. The
value of building contracts awarded declined further in October,
contrary to the usual seasonal tendency in building activity
between September and October, but the total was considerably
larger th an in the corresponding month of any other year. Estimates by the Department of Agriculture in November indicate
a corn crop of 3,013,000,000 bushels and a cotton crop of I 5,298,000 bales, compared with 2,437,000,000 bushels and 13,628,000 bales in 1924. Marketing of crops was seasonally larger
in October than in September but averaged nearly Io per cent
less than a year ago.
TRADE: Wholesale trade, according to the Federal Reserve
Board's combined index of sales in six leading lines, reached a
seasonal peak in October and was in larger volume than for any
month of the past five years. Sales at department stores and
mail order houses, owing partly to favorable weather conditions,
showed considerably more than the usual increase in October
and were the largest on record for that month. Stocks of dry
goods, shoes, and hardware at wholesale firms were smaller at
the end of October than on September 30 but stocks of groceries
were larger. Merchandise stocks at department stores showed
slightly more than the usual increas·e in October and were somewhat larger than at the end of October a year ago.
Freight car. loadings reached a seasonal peak in October and
totaled more t han in any previous mont h, notwithst anding redqced shipments of anthracite and of grains and gr ain products.
PRICES: T he Bureau of L abor Statistics index of wholesale
prices, after remaini ng relatively constant for t hree months,
declined from 160 in September to I 58 in October, refl ecti n6
declines in the prices of agricul tural products, particul arl y gr ains,
live stock, meats, cotton and sugar. Since November 1, prices of
grains, wool, sugar, pig iron and rubber have increased.
BANK CR EDIT: Between the middle of October and t he
middle of N ovember, loans for commercial and industrial purposes at member banks in leading cities con tinued in a volume
about $450,000,000 larger than at mid-summer. Loans on securities increased fur ther and total loans on N ovember I I were
about $ I ,000,000,000 larger t han at t he opening of t he year.
Demand · deposits increased fu rther during Octo ber and early
November to a level near the high point of last January.
At the Reserve Banks total bills and securi t ies in N ovember
were in t he largest volume for t he year and about $200,000,000
larger than a year ago. Member bank borrowings declined somewhat from the high point reached early in Octo ber while acceptance holdings continued to increase and on November 18 were
larger than at any previous ti me for the year. The growt h in
Reserve Bank credit since mid-summer was ch iefl y in response
to the seasonal increase of money in circulation, which on November I was about $180,000,000 larger t han on August I.
During the latter part of October and e~rly part of N ovember
open market rates for commercial paper and bankers acceptances remained substantially unchanged at the levels reached
during the early autumn. Discount rates at the F ederal R eserve
banks of Boston, · Cleveland, P hiladelphia, and San Francisco
were advanced from 3¾ per cent to 4 per cent duri ng Novem ber.
@FedFRASER