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THE MONTHLY
FEDERAL
REVIEV✓
OJ AgricUttural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
RESERVE BANK OF KAN s ·A S
CI TY
M. L. McCLUR.E, Chairman and Federal Reserve Agent
A. M. McADAMS, Assistant Federal Reserve Agent and Secretary
I
Vol. 13
KANSAS CITY,
Mo.,
Business in the Tenth District
Statistics for October 1928 are Compared with those for September 1928 and
October 1927 in Percen tages of Increase, or Decrease(- ).
October 1 92 8 Compared wi th
General Business and Banking
September 1928 October 1927
t:~s ~e:~tJ}c~~~;;:6~·b·~~k;::::~~·.~·.·:::::::::::::::
Investments, 64 banks·--·····-- - - -Net demand deposits, 64 banks........................
Time deposits, 64 banks....................................
Savings deposits, 58 banks ..... _ _ _ _ _
Savings accounts, 56 banks..............................
Trade
Sales of wholesale firms_··············---Sales of department stores................................
Sales of retail lumber yards..............................
Market Receipts
Wheat... -·~···············································-·······
Corn......................................................................
Oats
Catti~:.·.·.~~::::::::::::::::::::::::::::::::::::::::::····················
-
!:!
~:;
1.1
1.9
-
14.6
2·3
1 3·6
0 •8
o5
0:
7.8
7.1
5
3.7
5·3
7.0
7 .9
4•3
8. 4
- u.6
-3o.9
- u.6
12
17. 2
13·9
- 38.0
.8
_ 8. 7
45.2
Calves·-·····························································•···
Hogs ........·-·········--················································
5.0
4· 1
3o.9
_4!:~
.t:~~;··~~d.°it:~i~;·.~: : : : ::::::::::::::·····---- - ~ti
Prod'uction
Flour.·-················-- - - - - - --
~=:~~·i·~k·.·.·--····--····--:------~----------:------·····································
Petroleum............................................................
Refinery activity................................................
Zinc ore (shipments) ...·-·······-···························
M~ti:::i~~hipments) ........................... ,..............
1
-
Hogs ................................................ _ _ _ _
Shccp...... ..............................................................
3· 8
!:!
2.0
1 ;:;
5. 9
-
0.2
39•4
13.5
- 3-3-i
4.8
3.2
12· 8
23.0
- 18.5
--24.6
- 30.6
16,3
12 ·9
- 18.7
i.6
- 2· 6
-
50·5
Cattle....................................................................
Calves·- •································································
10.7
- 8•4
1 3· 1
Coal..-·····························----··················
-
50·3
2
5·5
33.3
Construction
Contracts awarded ............................................_
Building permits, 1 9 cities................................
Value of permits, 19 cities................................
PRODUCTION OF LEADING FARM CROPS IN THIS DISTRICT
Nov. 1 , 1 92 8
Yield 1 92 7
236.454,000
Winter wheat, bus .... ............................ ·-··············· 325, 226,000
Spring wheat, bus·-····'···············'····························
15,759,000
12,713,000
All wheat, bus·-··············································· 340,9 85,000
249 ,16 7,000
Corn, bus.................................................................. 512,243,000
612,497,000
138,4oo,ooo
Oats, bus.................................................................. 164,988,ooo
,
'
!~;ie~~t~~·.·.·.~~~~~·.~~::· · · · · · ·····································
1
Grain sorghums, bus..............................................
White potatoes, bus................................................
Cotton, bale,"------·········································-
:::h;r;t~~;:·---::::::::::::::::::::::::::::=======
Sugar beets, tons....................................................
5!:~t= :;;~~:=
2
74,279,000
43, 1 57,000
1, 137,000
9
u, ~::~
3,8u,ooo
73,230,000
36,9 28,000
976,000
14 4
' ~~:~
4,241,000
DECEMBER 1, 1928
THE
No.
12
forward surge in industry, trade and banking in the
Tenth District that began with the opening of the Fall
season gained momentum in October, carrying the volume
of business to the high peak of the year, thus far attained, and
considerably above the level of a year ago. November reports,
while lacking in detail, indicated the devastating floods at the
middle of the month temporarily retarded business in some sections of the District, and to an extent interrupted traffic. But
it was apparent there were no general recessionary tendencies
in the District as a whole, and business was moving toward the
end of the year in record volume.
The outstanding development of the month and season was
d
d r
d
d
h d.
D' ·b · b
a strong eman 1or goo s an mere an 1se.
1stn ution y
wholesalers was larger than in either September of this year or
in October of last year. Trade at department stores and single
line retail stores, located in cities, made substantial gains over
the preceding month and the same month last year. It was
observed that, for the first time in many months, all of the leading lines of wholesale and retail trade advanced at the same time •
Improvement in the agricultural and livestock situation accounted mainly for the expansion of general business. With the
crops practically all harvested it was apparent from the official
November reports this year's farm production exceeds the production of last year, and is 7.5 percent above the average for
the ten years preceding this one. Corn and hay crops in the
District are not up to those of last year, but there are larger
crops of wheat, oats, barley, potatoes, and cotton, as compared
with a year ago. October brought a seasonal increase in movemen ts of livestock to the markets, and a considerable revival.of
stock-feeding operations.
The production and distribution of commodities in the District was seasonally heavy in October. The output of pork and
mutton at meat packing plants was larger and of beef smaller
than in the same month last year. The production of flour was
the largest for a month since August 1926, and 10.7 percent
above a year ago. Canning factories and beet sugar refineries
continued their seasonally heavy operations . The production
and shipment of cement and lead ore, and the activity of petroleum refineries, was greater than in the same month last year,
while the output of crude oil, soft coal, and the shipment of zinc
ore was not up to that of a year ago.
Building permits issued in leading cities during October was
the largest monthly total since August 1927, and the value
of permits was the third largest of the year, though slightly less
than in the same month last year. The value of contracts
awarded for future construction, according to the Dodge reports,
was smaller than in the same month last year.
This Copy Released_For Publication In Morning Newspapers November 29.
THE MONTHLY REVIEW'
Bank Debits ·
Payments by check in thirty cities of this District, as shown
by 'amounts debited by banks to accounts of individuals, firms
and corporations, ~otaled $1,485,015,000 for the four weeks ending Otto.her 31, a decrease of $39,513,000 fr~m the total for the
preceding four weeks ending O~tober 3. But, as comp'ared with
the corresponding four weeks of last year, (twenty-nine cities
reporting for both periods) there was an increase of $u9,340,ooo.
Debits by banks in the twenty-nine cities during the first
forty-four weeks of.the cur.r¢nt year, amounted to $1_4,920,077,000
against $13,976,331,000 for the corresponding forty-four weeks
ending November 2, 1927. The increase for the year to October
31 was · $943,746,000 or 6. 7 . percent.
. DEBITS BY BANKS IN TENTH DISTRICT CITIES
,
.,. . ,
..
Albuquerque, N. M ........................
Atchison, Kans.. _ _ _ _ _
Bartlesville, Okla...... _ _ _ _
Casper, Wyo ..................... :-:.............
Cheyenne, Wyo............ - - - Colorado Springs, Colo..................
Denver, Colo_ _ _ _ _
Enid, Okl~ - - - - - - Fremont, Nebr_ _ _ _ _ _ _
Grand Junction, Colo....................
Guthrie, Okla ...... - - - Hutchinson, Kans..........................
Independence, Kans·-·····················
Joplin, Mo...:....................................
Kansas City, Kan,.____
Kansas City, Mo ........ - - - Lawrence, Kans..............................
Lincoln, Nebr..................................
Muskogee, Okla..............................
Oklahoma City, Okla....................
Okmulgee, Okla..............................
Omaha, Nebr..................................
Parsons, Kans.............- - - Pittsburg, Kans ......... •.-•······:··········
Pueblo, Colo ......... - - - - Salina, Kans .... :...... '.... :....................
St: Joseph, Mo .................::.............
Topeka, Kans..................................
Tulsa, Okla......................................
Wichita, Kans·-·······························
Foua WEEKS ENDING .
Nov. 2, 1927
Oct. 31, 1928
i 14,728,000 ' 13,616,000 .
6,243,000
6,023,000
I 5,498,000
18,41I,000
8,832,000
f 9,495,000
8,479,000
8,688,000
16,598,000
14,454,000
175,531,000
184,491,000
14, 190,000
14,026,000
3,871 1000
3,32-4,000
4,020,000
3,887,000
3,839,000
3,890,000
21,300,000
14,255,000
9,621,000
12,177,000
14,782,000
13,336,000 19,006,000
18,556,000
388,918,000
429,763,000
4,688,000
4,978,000
32,598,000
30,538,000
13,051,000
13,472,000
104,270,000
121,917,000
8,302,000
7, 259,000
206,435,000
203,585,000
2 ,953,000
3,36o,ooo
6,169,000
5,577,000
20,443,000
21,955,000
12,962,000
54,521,000
53,685,000
19,357,000
19,295,000
114,204,000
139,278,000
55,793,000
63,235,000
Percent
Change
8.2
3.6
-15.8
7-5
2.5
14.8
5.1
-
1.2
16.5
3.4
1.3 .
49•4
26.6
- 9.8
2.4
10.5
6.2
6.7
3.2
16.9
14.4
1.4
13.8
- 9.6
7.4
1.6
-0.3
21 .9
1 3·3
Thirty cities 4 weeks ...................... f, 1,485,015,000 f, 1,352,713,000 • 8.8
Twenty-nine cities 44 weeks·-······· 14,920,077,000
13,976,331,000
6.7
*Percent of increase computed on returns of twenty-nine cities reporting for
_both yeata.
Total investments of the .reporting Member Banks, after \
attaining the highest level of record on October 24, declined
slightly by No¥ember 7 and the aggregate of $242,890,000 on
that date wa-s $2,766,000 higher than five weeks earlier and.
$30,695,000 higher than November 9,,1927 . .,
•·•
_. .
al
l
Between O~tober 3 and .November 7 dem~~d deposits of th~
sixty-four bank~ declined i9,444,ooo to a total of $499,325,000,:
but this amoup. t was Jn,357,000 higher than -on·the corresponding date in 1927. Time deposits on October 31 totaled
'$182,448,000, the highest of record for th,~ sixty-four banks. ·
While there was a small decline in the w'eek that followed the
amount reported was $21,622,000 larger than one year earlier.
The summary which follows shows amounts ·o,f the principal
resource and liability items as reported by the sixty-four .banks
as of three weekly dates:
·
Nov.7, 1928 Oct. 3, 1928 Nov. 9, 1927
Loans and i'?vestments-total... ...........$682,188,000 $678,322,000 $630,534,000
Loans, and d1scounts- total.. ........._•...... 439,298,000 438,198,000 418,339,000
Secured by stocks and bonds ............. 109,904,000 IIB,730,000 uS,608,000
All other loans and discounts ............ 326,098,000 316,265,000. 295,683,oco
lnvestments- tot;il ............ _ _ __ 242,890,000 240,124,000 212,195,000
U.S. Government securities.............. 121,092,000 II7,419,ooo '. 94,858,000
Other bonds, stocks, and securities .... 121,798,000 122,705,000 117,337,000
Reserve with F. R. Bank...................... 56,838,000 57,867,000 54,685,000
Net demand deposits- - - · · · ········· 499,3:25,000 508,769,000 487,968,000
Time deposits .... _ _ _ _ _ _ _ _ 180,546,000 179,103,000 15~,92-4,000
Government deposits.............................. 2,084,000
1,905,000
1,490,000
Bills discounted by the Federal Reserve Bank of Kansas City
and its three branches rose $17,193,564 in the five weeks between
October 3 and November 7, and the total as of the last date
stood at $41,190,786. This was $23,894,934 above the total on
November 9, 1927, and the highest amount reported since
January 9, 1924. Bills purchased, amounting to $26,407,779
on the first report date in November, showed an increase of
$15,194,960 over the fifty-two week period and was the largest
in th.ree years. Recent increases in rediscounts for member
banks, and in holdings of acceptances, resulted mainly. fr~m ~
more active demand for loans for farm crop movements and
livestock feeding operations. This Bank's holdings of United
States securities were smaller on November 7 than on either of
the two former report dates used for comparison. There was a
decrease in gold reserves, and the ratio of reserves to deposits
and note liabilities stood at 55 percent as against 58.4 percent
one year earlier. The principal items are here shown for three
dates:
Gold reserves. _ __ _ _ _ _ _
Reserves other than gold......................
Total reserves.... _ _ _ _ _ _
Bills discounte.u .--- - Bills purchased .... _ _ _ __ __
U. S. securities........................................
Total bills and securities_ _ _ _ _
Total resources ......................·- ···········
F. R. Notes in circulation..•- '--- Total deposits · · · · · · - - - - - - -
Nov. 7, 1928
81,678,654
5,629,521
87,308,175
41,190,786
26,407,779
12,482,300
80,080,865
211,954,187
64,197,565
94,518,217
J.
Bank Credit
Demand for bank credit in this regional District exhibited
more than the customary Fall activity, reflecting heavy movements of farm products and livestock, expansion in distributive
trade ·and a large! industrial output.
The volume of loans continued at the high level of the year,
1
\
Oct. 3, 1928 Nov. 9, 1927
$ 99,553,665 $ 85,783,206
5,276,006 · 5,721,945
104,829,671 91,505,151
23,997,222 17,295,851
17,612,976 n,212,819
I 5,686,300
37,707,500
57,296,498 66,216,171
217,007,994 208,900,927
63,035,965 65,683,115
97,335,536 90,940,132
with small week-to-week changes, as seen by the returns from
sixty-four reporting Member Banks. The total of $439,298,000
as of November 7 reflected a gain of $1,100,000 over the first
report date in October and a gain of $20,959,000 over the first
report date in November of last year. It was noted that commercial loans· increased $9,833,000 in five weeks and $30,415,000
in 'fifty-two weeks, while loans secured by stocks and bonds
decreased $8,826,000 during the five weeks and were $8,704,000
less than on the fust report date in November 1927.
COLLECTIONS: Department stores in cities reported their
collections during October represented 43.8 percent of accounts
outstanding on the last day of September. This fi_gure compares
with 39. 5 percent for September and 41.6 percent for October,
1927. Wholesalers reports indicated collections were very satistory, generally running a little better than at this season last
year.
\.
THE MoNTHLY REVIEW
•.
·Reporting
Stores
.-
Dry Goods_······-············- .
Grocerics ...·-······················
Hardware_ .......... :-·······--'
Furniture............................
,,,._ 1
l'
Drugs.............· ......................._. .......... .
Millinery_ _ _ __
8
7
9
7
5
3
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
S:ALES
0UTSTANDINOS
COLLECTIONS
· Oct. 1928 compared with
Oct. 1928 compared with
Oct. 31, i:928 compared with
Sept. 1928 Oct.1927
Sept. 1928 Oct. 1927
Sept. 30, 1928 Oct. 31, 1927
- 1.0
- I.I
4-1
- 1.7
3.4
3•4-1
II.I
8.9
13.0
1.4
4.6
3.0
11.8
1.6
14.8
7.2
1.7
3.3
0.6
1.0
18.1
7.0
9.2
3-9
U,0
- . 7;8
2.8
8.1
I.8
6.3
. -24 ..,t.
-38.2
-11.8
-l4.7
53.8
-31.5
Savings· in Banks
:·. Further ·increases in the amount of savings deposits and in
the number of savings accounts in selected banks in leading cities in this District were reflected· by the figures reported
on November 1, compared with one month earlier and one year
earlier.
DEPOSITS
Banks Nov. 1, 1928 Oct. 1, 1928 Nov. 1, 1927
Denver, Colo..................... :.......... 7 '$ 54,855,157 '$ 55,617,839 '$ 51,739,974
Kansas City, Kans..........:........... 4
3,212,851
3,131;945'
2,741,053
Kansas City, Mo........................ 10
19,588,737 19,305,153 17,635,547
Lincoln, Nebr.............................. 4
3,246,654
3,226,441
3,404,241
Oklahoma City, Okla._::.............. 6
10,102,079
9,598,486
8,037,356
Omaha, Nebr........ ......................
5
9,494,369
9,383,791
8,247,548
St. Joseph, Mo............................
5
7,004,909
7,017,000
6,535,772
Tulsa, Okla ..........:~ ............:.......... 6
15,6oo,704 I 5,362,904 16,115,289
Wichita, Kans.:.. ::........................ 8
6,538,048
6,404,734
5,765,912
Other Cities.................................. 3
778,877
743,074
788,036
Total ·............ ·.....-- ......................
58
$130,422,385 '$129,791,367 '$121,010,728
ACCOUNTS
Banks Nov. 1, 1928 Oct. 1, 1928 Nov. 1, 1927
126,196
120,554
Denver, Colo................................
7
126,345
Kansas City, Kans...................... 4
10,583
10,352
9,44o
Kansas City, Mo........................ 10
99,904
99,354
93,53 1
16,461
Lincoln, Nebr.............................. 4
19,340
19,445
Oklahoma City, Okla.-............... 6
3~,141
29,056
3o,759
36,895
38,955
Omahl!-, Nebr .....·-·········............. 5
39,245
18,o61
St. Joseph, Mo............................
5
18,377
18,445
26,394
Tulsa, Okla.................................. 5
30,811
3°,45 1
15,839
Wichita, Kans..............................
7
16,871
16,748
2,681
2,848
Other Cities.................................. . 3
2,662
Total.. ............ - - - -
56 '$
395,279 $
393,386
rrade
Distribution of merchandise by wholesalers to retailers and
by retailers to consumers increased seasonally during October
and the ·combined sales of all firms reporting to this Federal
Reserve Bank was substantially larger than in either the preceding month or the same month last year. General conditions
were described in the reports as highly favorable to trade, with
Kansas City ................
Denver_ ........................
Oklahoma City............
Omaha ..........................
Lincoln·-····· .. ··--............
Topeka.-.......................
Tulsa ............................
Other Cities·--······..·····
3
STOCKS
· Oct. 31, 1928 compared with
Sept. 30, 1928 P<:t. JI, 1927
-8.7
-10.4 1. •
~~
.,
'
11.6
. . 5-5
Even
. ·6.4
1.9
-
5.7
8.8 ,
1,.7
-·-
~
...
the purchasing power of the people higher at this ·time than in
recent years.
·
WHOLESALE: Reports of wholesale firms engaged in six
leading lines, located at the principal centers within the District,
showed their combined sales for October were 3.7 percent larger
than in September and 5.3 percent larger than in October of
last year. By individual lines the report showed sales of dry
goods, groceries, hardware, furniture and drugs .were larger in
October than in the corresponding month last year. Wholesalers of millinery reported the volume of sales for th~ month was
smaller than in either of the two former periods.
RETAIL: Dollar sales at retail stores located in Tenth ':bistrict cities mad~ further expansion during the month of October
and were larger than in the same month last year for all retial
lines reported.
Combined sa!es of thirty-five department stores for October
showed an increase of 7.o percent over Septem her and an increase
of 4.3 percent over October 1927. Twenty-four stores reported
their sales for the month were larger than for the same month
last year, while eleven stores reported decreases. Accumulated
sales of department stores from January I to Octo her 3 I, . inclusive, were larger by I. I · percent than in the corresponding
perod in 1927.
Sales at other retail stores exhibited a similar trend. Those
handling men's and women's apparel reported their Oc~ober
business was I 1.1 percent above that of a year ago. The furniture trade, as reflected by reports from leading stores, was 8.8
percent larger than in the same month in the preceding year.
Chain stores handling foods reported their October sales
were 2.1 percent smaller than in September, though they showed
an increase of 22.5 percent over October 1927~
·
Stocks of merchandise on hand at department stores and also
at single line stores were larger at the end of October than one
month earlier, though stocks of department stores were smaller
than at the end of October of the previous year.
RETAIL TRADE AT 35 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
STOCK TURNOVER
AccouNTS RECEIVABLE
COLLECTIONS
(RETAIL) STOCKS
SALES
October 10 Months
October 31, 1928
October 1928
Oct. 31, 1928
Stores Oct. 1928 ro Months 1928
compared to
compared to
compared to
Report- compared to compared to
ing Oct. 1927 10 Months 1927 Sept. 30, 1928 Oct.31,1927 1928 1927 1928 1927 Sept. 30, 1928 Oct. 31, 1927 Sept. 1928 Oct. '1927
1.8
2.29 2.22
4.1
16.5
1.0
-5.8
.23 .22
1.3
8.3
3.3
4
Even
21.6
1.82 1.80
-10.3
.21 .19
-2.I
2.1
-8.7
3.2
2.4
5
14•7
14.2
6.2
17.1
12.6
10.7
.29 .29
4.0
43.5
3
12.6
2.24 2.24
14.0
3.1
o.8
10.4
.23 .23
4.1
4.7
. 5.7
4
23·7
0.2
25.0
2.09 1.98
11.4
.23 .22
2.4
2·
4.2
4.1
7.2
12,I
.18 .17
18.4
-6.o
18.5
0.2
10.3
0.4
7.1
1.53
3
2-94 3.02
11.8
15·3
23.6
11.8
10.5
.32 .29
35-2 .
2.7
19.1
3
1.26 1.26
15•7
2.2
2.0
2.5
.17 .I 5
3o.3
II
-1.7
-4.7
7.9
Total............................ 35
4.3
1.1
5.5
-2.7
.23 .22
2.06 2.04 ·
6.5
2.2
24.I
7.0 '
NOTE: Percentage of collections in October on outstanding accounts September 30, all stores reporting, 43.8%. Collections same month last year 41.6%.
4
Failures
OCTOBER BUILDING PERMITS IN TENTH DISTRICT CITIES
Statistics compiled by R. G. Dun and Company show there
were 81 failures in the Tenth District during October with an
aggregate indebtedness of $963,129. ~ Although insolvencies
were relatively small for the month the figures show failures
were slightly more numerous and the amount of liabilities
slightly larger than in either September of this year or October of
last year. Dun's figures for the United States by Federal
Reserve Districts:
NUMBER
LIABILJTIES
Districts
1928
1928
t927
1927
First, Bosto
217
169 '$ 4,592,407 '/, 5,842,687
Second, New Yor
412
9,608,814 ·-~~ 9,509,984
297~
Third, Philadelphia ........................
66
II3
2,713,365
.2,336,345
162
Fourth, Cleveland ........
2,359,38o d . t ,3,7x 5,998
159,
Fifth, Richmon
106
1,633,885 {t 2,700,752
II9 I
III ,1
Sixth, Atlanta ..
131
1,965,866 :~ ~ 1,788,026
Seventh, Chicago ..
285
224
6,113,449
3,246,073
Eighth, St. Louis ........
1,074,59 1
1,009,897
85
93
Ninth, Minneapolis........................
677,804
67
405,656
74
81
TENTH, KANSAS CITY............
838,906
71
963,129
Eleventh, Dalla
41
857,123
65
533,137
226
Twelfth, San Francisco
284
2,430,661
2,029,225
t!
Total, United States.......... ·-·········
2,023
1,635
$34,990,474 $33,956,686
The record for the Tenth District covering the first ten months
of 1928 was 1,003 failures and $12,674,712 of liabilities, against
totals for the like period in 1927 of 1,067 failures and 'l,14,993,088
of liabil:ties, indicating a decrease for this year of 64 failures
and 'l,2,318,376 in the amount of liabilities.
Failures in the United States in ten months of this year were
20,061 and liabilities $408,184,029. During the first ten months
of last year there were 18,968 failures and $430,616,256 of liabilities.
PERMITS
1928
Albuquerque, N. M ............
68
Casper, Wyo....
14
Cheyenne, Wyo
24
Colorado Springs, Colo ......
83
Denver, Colo ........................ 774
Hutchinson, Kans·--···········
58
Joplin, Mo
43
Kansas City, Kans.............. 107
Kansas City, Mo ................ 261
Lincoln, Nebr...................... II9
Muskogee, Okla ..................
32
Oklahoma City, Okla.-....... 331
Omaha, Nebr...................... 148
Pueblo, Colo........................ 134
Salina, Kans ........................
34
St. Joseph, Mo ....................
55
Topeka, Kans ...................... 146
Tulsa, Okla....
364
239
Wichita, Kan
1927
99
9
32
71
723
40
41
III
343
. 1 35
22
221
108
160
30
64
129
416
232
----
October................................ 3,034 2,986
Ten Months ........................ 25,578 26,805
ESTIMATED CosT
Percent
1927
Change.
'/, 165,970 '/, 236,852 --29.9
8,6oo
13,no ~.34.4
24.9
97,150
77,775
29,201
10.4
59,580
1,212,300
3.6
1,255,500
21.J
106,501
87,957
142,65p - 19.5
II4,775
60.2
182,577
~13,997
1,402,000 -37. 2
879,800
1,183,565 -8<:>.6
229,743
\
II8,570 -5 2.4_
56,430
\
3,117,086 ~31.2
2,144,436
783,487
3 19,03° 145.6
160,162
10.0
145,598
99, 26a
48,o95 107.2
l
1,248,815
57.675 2 ,o65.3
150,637 108.8
3 14,535
1,240,644
34.o
925,962
546,262
570,876 -4.3
1928
\
'/, 9,694, 22 7 f, 9,95 2,936 -1.6 ''
13·3
83, 253,895 73,436,621
Building contra,cts awarded in the District during October
represented a value of $15,699,019, compared with 'l,22,610,874 in
September, and $19,316,507 in October of last year according
to the F. W. Dodge Corporation. These figures indicate the
value of October contracrs were $6,911,855 less than in the preceding month and $3,617,488 less than in the corresponding
month last year. The value of building contracts awarded in
the ten months of 1928, as shown by the Dodge figures, was
'1,217,504,302 against $183,575,294 for the same period in _1927,
indicating an increase for this year of $33,929,008 or 18.4 percent.
j
.,
1
·1
Building
Building and general construction activity was speeded up
during October under generally favorable weather conditions and
an urge to complete, as nearly as possible, projects under way
before winter comes.
More building permits were· issued in leading cities during the
month than in any previous month since August 1927. The
month's total of 3,034 permits in nineteen cities was an increase
of 425 over September, and 48 more than in October of last year.
In point of the building investment the October total of $9,694,227
combined for the nineteen cities was the third highest monthly
tot~l of the year, having been exceeded only in May and June.
It was 'l,1,107,121 or 12.9 percent above the September total but
was $258,709 or 2.6 percent under the total for October 1927.
The returns in detail show the value of permits issued in October
was larger in eleven cities and smaller in eight cities than in
October of last year. Oklahoma City again led in the value of
permits, although its October total of $2,144,436 was $972,650
less than that reported tor October 1927 which was that city's
banner month for building permit values.
~
A summary of the reports on building operations in the nineteen cities covering the first ten months of 1928 shows 25,578
permits issued for buildings estimated to cost $83,253,895.
These figures, compared with those the first ten months of 1927,
show a decrease of 1,227 permits but an increase of '$9,817,274
in the value of permits. The aggregate value of permits for the
ten months of 1928 is the largest for any like period since 1925
when the total stood at '1,107,829,175.
Lumber
Statistics compiled for the National Lumber Trade Barometer
from weekly reports of manufacturers in the United States reflected small changes in lumber movement in recent weeks . .The
report covering the week ending November 3 showed shipments
from mills of eight softwood associations and two hardwood associations were greater than production, while new business as
represented by orders was less than shipments, and also less than
production. An analysis of the lumber supply_and demand in
percentage figures, covering the current week and forty-four
weeks of the year ending November 3, with comparisions, indicates the tread of the lumber movement:
Current
Forty-four Weeks
Softwoods
Week
1928 1927
1926
Shipments greater, or less, than Production
.5
4.8
.3
.8
Orders greater, or less, than Shipments ........ - 5.1
.3 - .9 - 1.5
Production greater, or less, than Orders......
4.9 -4.9
.6
.7
Hardwoods
Shipments greater, or less, than Production
16.8
5. 7 -8.3 .-10.3
Orders greater, or less, than Shipment~ ........ - 14.6
2.0
•4
2.3
8.5
. 8.9
Production greater, or less, than Orders·-···
.3 -7-2
'
RETAIL LUMBER: Sales at 183 retail lumber yards in \
the Tenth District increased during October, the volume in board \
feet exceeding that for September by 7.9 percent and that fo
the same month last year by 8.4 percent. Sales of all materials,
in d,ollars, were larger in October than in either the preceding
5
THE MONTHLY REVIEW
month or the s.ime month last year. The figures in percentages
of increase or decrease follow:
O~tpber 19:28 compared to
Sept. 1928
Sales of lumber, boar4 feet ... ,.......... __~ -- - Sales of all materials, dollars ............ _ _ _ __
Stocks of lumber, end of month.-.................................
Outstanpings, end of montp .........., ... . . - - ~ - -Collections during month..--····- - - - - - -
7·9
12.4
Oct. 1927
8.4
1.7
--0.3
5· 2
1.8
19.1
0..2
1.9
Cement
)
The production of Portland cement at the mills in this District in October showed a decline of 8.7 percent from September
but an increase of 7.'l percent: over October of last year. Shipments for the month showed increases of 3.6 ·percent over- the
precedi'ng month and 12 percent over the same month last year.
Statistics for October for the United States reflected a small
decrease in the preduction as compared wit-h that for September,
but a small increase over October of last year. Statistics showing production, shipments and stocks of Portland cement in
this District and the United States are here_shown, as compiled
from the reports of the Bureau of Mines, United States Department of Commerce.:
Oct. 1928
Barrels
1,389,000
1,643,000
1,2.96,000
Sept. 1928
Barrehi
1,p2,009
1,586,000
1,551,000
Oct. 1927
Barrels
1,2.96,000
1,466,000
1,r16,ooo
United States
Production ...-..................,.................... 17,533,000
Shipments............................................ 19,836,000
Stocks ................................................ ·. 14,495,000
17,8$6,900
20,462,000
16,799,000
17,174,000
18,105,000
13,141,000
Tenth Di!ltrict
Production............................................
Shipments ............................................
Stocks, month-end .......................... - ..
The Crops
According to the report of the Bureau of Agricultural Economics, United States Department of Agrietdture,- there was a
decline in October of two-tenths of one percent m crop prospects in the seven states whose areas or parts form the Tenth
District. The November- 1 composite of crop yields was reported as 107.5 percent, indicating crops in the seven states
are 7.5 percent above the average for the preceding ten years.
The composite of crop yields by states is shown in the following
table for November I and October 1, 1928, and also as reported
for November I, 1927:
Percentage of ten-year average yeilds
Nov. 1, 1928 Oct. 1, 19'28 Nov. 1, 1927
Colorado..................................................
100.4
99.2
104.0
Kansas ...............· -- - 130.1
128.7
113.2
Missouri- - - - - ························
104.9
105.8
98.Q
Nebraska ......- - - - - ··················
9a. 1
98.8
126.1
New Mexico.................. ,.........................
94.5
96,6
95.4
Oklahoma................................................
98.3
99·5
96.0
Wyoming ................... _ _ _ _ _
97.2
98.3
109.9
Seven States ................................,.......... .
United States ......................................... .
107.7
103.1
Combining the November estimates of the principal crops in
proportiqn to their ten-year average, it would appear that production of farm crops in the Tenth District wou\d, as ~ whole,
slightly exceed that for 1927. ,The est:imates as of November I,
officially reported, indicate that of fifteen field crops for which
this. year's {i_guJeS are })OW available, eight show larger yields,
and seven sm~ller yielcls than were rec;orded :;ls the final estima~cs· for 1927. ·
Decreases of 100,254,000 bushels of corn, 2,450,000 tons of
.tame \lay .and 430,QOO tons of s\,lgar beets in the ])istrict were
offset by increases of 91,818,000 bushels in the combined yields
of winter and spring wheat, 26,588,000 bushels of oats, 23,248,000
bushels of barley, 6,229,000 bushels -o f white potatoes and 159,000
bales of cotton. Yields of grain sorghums and broom corn also
were larger in 1928 than in- 1927, while some of the minor crops
s~ch as rye, sweet potatoes, beans and tobacco were smaller
than in the preceding year'. Of the fruit crops those of apples,
peaches and pears showed decreases although there was an increase of 1,881,000 tons of grapes over the 1927 production.
CORN: Reports from all sections of the District stated that
the month of October was generally favorable to the drying out
and harvesting of the corn crop. Little damage from frost was
reported and the percent of merchantable corn was above that of
last year. The Novem ber I estimate on pr~duction compared
with the estimate of a month earlier and the fi nal for 1927,
follows;
P reliminary
1928
Bushels
:22,358,000
181,521,000
193,372,000
194,888,000
3,58'2,000
70,886,000
3,520,000
Final
1927
Bushels
zz,8 16,000
176,910,000
172,637,000
'291,446,000
2,490,000
84,190,000
3,696,000
Seven St ates............................................................ 670,1'27,000
District 10................................................................ 51:2,'243,000
United States.......................................................... 2,895,449,000
754,185,000
61:2,497,000
z,773,708,000
Colorado................................................................. .
Kansas ..................................................................... .
Missouri.................................................................... .
Nebraska ..................................................................
New Mexico ........................................................... .
Oklahoma..·-·····························································
Wyo ming.. ............................................................... .
COTTON : Production of cotton in the United States was
estimated at 14,133,000 bales as of November 1, according to
crop reporting board of the United St ates Departmen t of Agriculture. This figure indicated a gain of 140,000 bales over the
October estimate, and a larger crop by 1,178,000 bales than that
of 1927. The estimates for the eight states embraced in the
southwestern cotton belt show a gain of 196,000 bales over the
October estimate, placing this year's production in these states
at 8,677,000 bales, or 373,000 bales above last year's production.
The estimates for the st ates:
Est. Nov. 1 Est. Oc t.
Bales
Bales
I
5,150,000
5,050,000
1,180,000
1,175,000
660,000
158,000
149,000
1 33,QOO
72,000
1,210,000
1,130,000
580,000
157,000
147,000
130,000
77,000
Eight S. W. States ................................. .
8,677,000
United States......................................... . 14,133,000
8,481,000
13,993,000
Texas ........ ............................................... .
Oklahoma ............................................... .
Arkansas ................................................. .
Louisiana .................. _ _ _ __
Missouri ................................................... .
California................................................. .
Arizona.-.................................................. .
New Mexico........................................... .
Final 1927
Bales
4,352,000
1,037,000
1,000,000
548,000
I l
5,000
91,000
91,000
70,000
7,3o4,ooo
12,95 5,000
The late estimates, based on reports from individual states,
indicate that with better than the average weather conditions
the crop was turning out better than anticipated in Texas,
Arkansas, Louisiana and Missouri, while in Oklahoma yields
were not quite up to the expect ations of a month earlier.
SUGAR BE ETS: Estimated yields of sugar beets in the three
states of the District which produce ap°r:>roximately 55 percent
of the Nation's crop, indicate this year's production would be
smaller than that of 1927 by 426,000 tons or IO percent. Tonnage reported for the three states:
·
Nov. 1, 1928
Tons
z,262,000
Colorado ............ - - - - - -·························
Nebraska .................................................................. 1,058,000
Wyoming................................................................. .
495,000
Production, 3 states - - -- ·····························
3,81 5,000
Yeild in 1927
Tons
z,774,000
1,036,000
431,000
6
Grain Movements
Arrivals of wheat at five markets in the District during October.
amounted to 17,121,420 bushels, a decrease of 2,238,8qo bushels
as compared with September, but an increase of 2,514,020 over
October 1927. Market receipts of this year's wheat crop .fro~
July I to October 31 were 152,839,700 bushels, an increase of
48,2201700 bushels or 46 percent over the corresponding four
months in 1927.
Arrivals of corn during October at the five markets were
smaller than in the preceding month but larger than in the same
month last year. Arrivals of oats and rye in October wer~ in
smaller quantities than in either the preceding month or the
same month last year.
Octoberrreceipts of six classes of grain are here shown for
each of the reporting markets with totals for September of this
year and October of last year for comparison:
Wheat
Bus.
Hutchinson.... :.......
Kansas CitY·--·······
Omaha....................
St. Joseph ..............
Wichit ......._ _ _
2,501,550
Corn
Bus
13,750
7,842,120 1,437,000
3,902,400 1,076,600
1,167,6oo 466,500
1,707,750
58,800
Oats
Bus.
Rye
Bus.
1,200
3,000
512,000 16,500
504,000 196,000
140,000
60,000
3,6oo
Barley
Kafir
Bus.
Bus.
70,000 106,600
411,200 236,500
332,800
12,250
84,000
3,600
- -- - - - - - - - - - ---- - - -
October 1928.......... 17,1 21,420 3,052,650 1,219,000 217,300 910,250 346,700
Sept. 1928 .............. 19,360,220 4,416,800 1,378,500 313,600 1,117,550 66,300
October 1927.......... 14,607,400 2,680,700 1,965,500 312,200 503,700 171,700
Flour Production
The October output of flour at Southwestern mills was the
largest for a month since August 1926, and the month's ·operations
at 80.8 percent of full-time capacity was the largest since Septtember 1926. The October production of 2,652,227 barrels was
307,414 barrels or 13.1 percent higher than in, September and
255,500 barrels or 10.7 percent higher than in October 1927. The
production of flour for the four months of the wheat y~arJuly I to October 31- amounted to 9,538,318 barrels as compared
with 8,878,904 barrels for the corresponding first four months
in the preceding wheat year, an increase of 659,414 barrels or
7.4 percent. Production of flour at the leading centers compiled
from weekly reports to the Northwestern Miller is shown in the
following:
Oct. 1928
Barrels
x39,859
722,541
120,349
183,933
Atchiso......- - - ··································
Kansas City............................................
Omaha ......................................................
Salina........................................................
St. Joseph ................................................
193,556
Wichita ....................................................
198,386
Outsid---····································· 1,o93,6o3
Total.. ...................................................... 2,652,227
Sept. 1928
Barrels
IIo,396
649,402
106,670
169,956
148,528
984,846
Oct. 1927
Barrels
132,627
742,790
107,697
185,051
190,010
193,135
845,4 17
2,344,813
2,396,727
175,015
Reports from representative mills over the District indicated
new business was light in the closing period of the month. Yet,
;ith a r~cord' ~9fuhi~··pf ~!d~rs ~-n their'.·b~oks~ many millers
were, less con·cerii~4 -~bout selling flour tlian _they 'Yere in obtaining shipping_ clir~ctioJ1s . on . flour alr_e aqy_·;pld·. · Export flour
trade. w~s dis<\~P<>!!l~in,g,: with le$s _th~.~. ~he ~~ua; .<J_u ~ntity ,going,
to Con~menta~ E,~~ope.,anq ,the Latin Am~r1~a business small •
... ·,._:,.,. Livestock .··_ . . ·
··.
Conditions during the Fall season were favorable for the livestock industry... Nf,)ve_m ber reports received · at the offices of the
United States Division· of Livestock· Esti'mat~ in. the states of
this District indic~ted all clas;es-ofli;e~t<>ck ier~ in good health
and flesh to .en~r-, the, ~.inter. . Favorab\e weat,h~r during the Fall
cured the grass and cr9ps wer.e harvested i9 good shape. Mild
storms with rain and snow :near. the middle of October, and ·also
in the closing days of that month, generally relieved drought
conditions, which were becoming serious in parts of the upper
Great Plains and the Rocky Mountain region. Much needed
supplies of stock water were r.eplenished. In most sections of
the range countrr grass.. was go_od ip Nov~mber. ~upplies_o~
winter feed were termed .rs ample, save m the desert sheep
ranges in western Colorado and in parts of western Wyoming
and northwestern New Mexico, where feed crops were short
and prices of hay were high.
MARKET MOVEMENTS: The feature of the situation
in: October was an increase in the, marketward movement of
livestock from farms and ranges to the six leading markets in
the District. Cattle, calves and sheep arrived during the month
in larger numbers than in any previous month of the present year,
and the number of hogs received exceeded that for September.
The peak of the fall market runs of cattle came in October
when receipts at the six leading markets rose to a total of
662,897 head, 75,226 more than in September but 63,238 less than in October of the preceding year. The October receipts
carried the total for the ten months of 1928 now passed to
4,205,461 head, which was 100,438 head or 2.3 percent less than
the total received in the same period in 1927. Reports from over
the range country indicated that many cattlemen took advantage of the favorable prices to clean up their financial obligations, with the result that c·a ttle were sold close, with little tendency to hold heifers and heifer calves for the building up ·of
breeding herds.
The marketward movement of calves was the largest for any
month since the year 1924. Receipts of 130,464 head at the
six markets were 40,6o1 more than those for September and
6,172 more than those for October of last year. During the ten
months of 1928 calves received at these markets totaled 653,692
head, which w.as a decrease of 3,475 or one-half of one percent
below receipts for the like period in 1927.
Arrivals of sheep in October also were the largest of the year
and the largest for any month in all years sin~e 1923. The October total was 1,441,520 head, which was 193,159 more than
MOVEMENTS OF LIVE STOCK IN OCTOBER AND TEN MONTHS, TENTH FEDERAL RESERVE DISTRICT
RECEIPTS
STOCltEllS AND FEEDEllS
Cattle
244,922
178,541
60,102
II2,7IJ
27,397
39,222
Calves
61,o62
17,928
10,449
17,937
u,675
II,413
Hogs
• 280,847
125,636
143,486
33,uo
59,281
Sheep
237,876
345,434
I 55,250
669,149
1,840
31,971
October 1928.~....................... 662,897
September 1928 .................... 587,671
October 1927.-....................... 726,135
Ten Months 1928·-··············· 4,205,461
Ten Months 1927·-··············· 4,305,899
*Includes direct shipments to packers.
130,464
89,863
124,292
680,145
653,279
519,649
8,950,249
7,086,297
1,441,520
1,248,361
1,325,647
7,755,541
6,618,II2
Kansas City..........................
Omaha....................................
St. Joseph ..............................
Denver .................................. .
Oklahoma City_ _ __
Wichita..................................
653,692
657,167
37,785
Cattle
149,998
90,193
20,449
73,3p.
PACltEJtS PURCHASES
Calves
19,437
9,730
3,214
Hogs
12,636
3,331
4,628
Sheep
66,915
175,159
51,1;20
n,503
1,083
505,323
Cattle
82,441
75,546
JJ,2S7
11,758
15,653
43,884
252,087 15,933
304,305 23,468
1,237,825 126,517
1,o61,956 74,942
333,992
11,678
18,926
17,714
167,265
139,176
Calves
Hogs
21,6o7 • 217,207
7,002
¢,ooo
5,055
102,853
2,771
23,764
8,996
30,627
8,800
1,434
118,456
117,973
280,486
48,865
55,451
Sheep
152,490
·ISJ,JII
101,108
34,458
1,176
3,474
515,901
2,233,475
64,856
1,019,469 412,923
446,n7
436,077
334,668
6,915,081 3,869,469
2,259,073
2,363,218 487,267
5,571,756 3,355,374
798,617
581,886
849,918
5o,479
466,180
4 1 9,0 34
,
I
THE _MoNTHLY ,REvrnw
...,,.
~
7
-
in.the preceding month and 115,873.more than in the same month
last year . . 'fhe -~ umber ··of sheep' rec~ivecl d~r~ng : this year's
ten months :pe.riod was 7.,75·5,541, an incre~s~. of' 1,137,429 'or
17_.2 percen~ ov~t )h~·· tike · period in 19~7.:'. )_{~p<?,rts from: the
pr1_nc1pal pr_o4u~1~g_ ~rea_s :were to t~e effe.<;,t,.~~a~ .~we lam~s
generally were held to build up breed1)1g flocks, 1n some localities more than .the usual number of qne-year breeders having
been retained in· the farm flocks. . . · . ' · · ,,. '.-, · ·
The October ma:rketin·g 'of hogs totaled.. '680,145 head at the
six markets, including ·hogs shipped d~rect ·to packers' yards.
This was 26,86'6 :, above· ·t he 'September'· receipts·= and 16o,496'
above the receipts in ·_October 1927. · Hog's_·· rec'eived at· these
markets 'fo ten ·months were ·s,950,24g· head,: as com.pared witlf
7,086,297 in ten months of ·1ast· year, showing an increase of
1,863,952 or 26.3 percent.
·
Marketings of horses and mules declined during October.
The receipts for the month were 9,904 head, 1,~44 less than in
September and 8,289 less than in October 1927. The ten months
receipts were 102,430 head, an increase of.3,948 or 4 percent
over the same p~riod last year.
FEEDING OPERATIONS: During the month there was
a general revival of feeding operations throughout the corn belt
states, where feed is abundant. Countryward shipments. of
stock and feeding cattle from four markets for the month totaled
333,992 head, an increase of 81,905 over September, and an increase of 29,687 over Octol?er of last year. The month's outgo
of stock and feeding cattle .brought the total . for the first ten
months of the year to 1,237,825, wh.ich was an increase of 174,869
or 16.4 percent over the first ten. months of 1927. Stock and
feeding calves .were shipped to the country to the number of
43,884 head, this total being 175.4 percent larger than for September and 87 percent larger than that for October of last year.
The four markets reported October shipments of 798,617 sheep
to the country for feeding. This total was 216,731 greater than
in September, but was 51,301 less than in the same month lsat
year. Between January I and November 1, shipments of sheep
from the four markets to the country totaled 2,233,475 head
compared with 2,259,073 head shipped in the corresponding
period in 1927, indicating a decreclse of 25,598 or 1.1 percent.
The movement of stock and feeding hogs from the four markets was larger in October than either the preceding month or
the corresponding month last year.
MEAT PACKING:
Measured by the number of livestock
.E.~r~~ ~s~~ ~_y p~fker:s at__pJant.s. l~ca~~d in ~ix cities of the Tenth
_D1str1ct, there was greater activity m all departments of meat
packing in October than in September. Compared with the
same month last year, slaughtering operations during the month
in t~c cattle department showed a decrease, while operations in
the sheep and hog departments showed substanital increases.
Purchases of 228,456 cattle by packers during the month was
the largest monthly total of the present year, although it was
52,030 head less than the number purchased in October a year
ago. Purchases of 48,865 calves during the month was smaller
than in the preceding month and the s.ame month last year.
The slaughter of sheep, totaling 446,117 for October, was 10,040
more than in Sep tern her and 111,449 more than in the same
month last year. The October slaughter of hogs, as evidenced
by combined purchases at public stockyards and hogs shipped
direct to packers yards, was 525,902 head, an increase of 59,722
over September and 106,868 more than in October 1927.
Returns from the six markets sh~wing purchases of animals
for slaughter during the first ten months of 1928 as compared
with the same period in 1927, were; Cattle 2,019,469, ~ecrease
343,749 or 15.3 percent; Calves 412,923, decrease 74,344 or 15.3
percent; Sheep 3,869,469, increase 514,095 or 15.3 percent;
Hogs 6,915,081 , increase 1,343,3 25 or 24.1 percent.
Packers reported declines in the wholesale prices of all pork
cuts and further declines in the prices of hogs as featuring the
livestock and meat trade during the month of October. Prices
decline were the result of continued heavy receipts of hogs, acc:ordin'g 'fo the reports. Demand for dressed beef was unsatisfactory during the month and prices declined steadily, although
the market was somewhat firmer at the close. The export trade
both in pork and lard was quiet throughout the month with the
exception of a few days when there was a good demand on the
European Continent from stocks previously landed.
Stocks of pork and lard at Kansas City amounting to 34,119,000
pounds on October 31 were 5,441,000 pounds less than on September 30, but were 8,410,800 pounds greater than on October
31, 1927.
P etroleum
. The production of crude oil in the various fields in th.~,Tenth
District averaged 911,200 barrels per day during October, as
compared with 923,000 barrels per day in September and
968,300 barrels per day in October 1927. With one more day
in October the gross output of 28,248,000 barrels for the month
was 559,000 greater than in the preceding month, but was
1,769,000 barrels less than in the same month last year. Oklahoma and Kansas repor ted smaller daily average production
during the month than in the same month last year, while there
were increases in the daily average in Wyoming, Colorado and
New Mexico. Total barrels and gross production during
October, with comparisons, is shown for each of the five producing states in the following:
*Oct. 1928
Barrels
22,981,000
3,036,000
1,923,000
226,000
82,000
Sept. 1928
Barrels
2z,775,ooo
z,828,000
1,8u,ooo
208,000
67,000
Oct. 1927
Barrels
24,8 10,000
3,3 13,000
1,613,000
'2 17,000
64,000
Total. ..............................- - - - - z8,z48,ooo
*Estimatr.d American Petroleum Institute.
27,689,000
30,017,000
Oklahoma .......... - ................................... .
Kansas ..................................................... .
Wyoming................................................. .
Colorado ................................................. .
New Mexico.-.......................................... .
A summary of field operations in the five statesshowed the
largest number of completions in October for any month since
July, though fewer wells were completed than in October a year
ago. Daily average new production from the wells completed in
October' was the largest with the exception of September's total
since October 1927. According to the reports more wells were
drilling or making ready for drilling on November I than at any
time since September 1927. The field summary:
Wells
Barrels Daily
Dry Gas Rigs-Wells
Completed New Production Wells Wells Drilling
Oklahoma..........................
370
140,718
107
38
944
Kansas..............................
100
5,z73
45
13
3° 3
187
Wyoming..........................
20
3,444
6
3
Colorado..........................
18
2,616
8
o
99
102
N cw Mexico....................
3
2 50
October 1928_ _ _ _
5u
September 1928................
404
October 1927....................
543
10 Months 1928.............. 4,479
10 Months 1927.............. 5,497
152,301
227,732
178,661
996,348
2,034,512
167
122
170
1,588
1,873
55
39
58
558
502
Reports from Oklahoma and Kansas showed operations at refineries continued well above those of a year ago. The figures
follow:
November 1, 1928..............................................
October 1, 1928..................................................
November 1, 1927..............................................
Plants Operating
62
58
58
Dai ly Runs
3o9,goo .
310,650
273,025
8
THE MONTHLY REVIEW
=============================================
Bituminous Coal
Productive activity at the soft coal mines over the Tenth
District increased seasonally during October with the winter
season drawing near. The output for the month showed an increase of 13.8 percent over that for September, but fell short
of that for October 192.7 by 8.4 percent. The monthly output:
*Oct. 1928
Tons
Colorado ____---- -------·--··-···--··-----·---------------937,000
Kansas---··--------------·------------------------- ·-------·
232,000
358,000
Missouri ________ -·-------·-------------------------------·
255,000
New Mexico--------------------------------------··---·
331,000
Oklahoma _______ ·-·-----------------------------·-------·
705,000
Wyoming-----------------------------------------·------··
Sept. 1928
Tons
895,000
152,000
Total_ _________________________
*Estimated
2,477,000
2,818,000
305,000
225,000
280,000
620,000
Oct. 1927
Tons
921 ,ooo
347,000
348,000
274,000
422,000
764,000
Production in this District during the calendar year to the close
of October was reported at 2.1,9p,ooo tons, against 23 1816,000
tons during the ten months of 1927, the decrease amounting to
1,864,000 tons or 7.8 percent.
Zinc and Lead
The production and shipment of zinc and lead ore in the Tristate mining district exhibited substantial increases during October, mainly the result of an i~proved marke_t demand and better
prices than were paid producers at this season last year. Shipment of zinc ore during four weeks ending November 3 showed
an increase of 39.4 percent over the preceding four weeks but
were 33.1 percent smaller than in the corresponding four weeks
in 1927. Lead ore shipments during the four weeks under review
showed an increase of 50.5 percent over the pteceding four weeks
and were 50.3 percent a.hove those for the four weeks ending
November 5, 1927. Shipments by states follow: ZoNc ORE
LEAD ORE
Tons
Oklahom--- ----···-----·-······· 26,004
Kansas...... ________ 16,123
Missouri·--·····-···-············-·············
1,510
Value
$ 1,040,16o
644,920
6o,400
Tons
7,046
3,693
148
4 Weeks ending
4 Weeks ending
4 Weeks ending
44 Weeks ending
44 Weeks ending
t> 1,7-45,480
1,233,040
2,463,096
18,6o8,437
24,318,334
10,887
7,232
7,2 43
81,270
82,971
Nov. 3, '28-..
Oct. 6, '28.. ___.
Nov. 5, '27_ ...
Nov. 3, '28 ....
Nov. 5, '27---·
43,637
31,303
· 65,214
480,290
58t,792
Value
J 598t910
313,905
12,580
' 925,395
6o6,747
579,440
6,607,478 .
7,288,583
During the four weeks ending November 3 prices paid for
zinc ore remained steady at $40 per ton. Last year's price was
$38 per ton for three weeks and $37 per ~ton for the last week.
Lead ore prices were steady at $85 per ton, the highest figure of
the year, against $80 per ton during the corresponding weeks
in 1927.
Business Conditions in the United States
Industry continued active in October and the distribution of
commodities was in large volume. Wholesale commodity prices
declined sharply owing chiefly to decreases in the prices of farm
products. Member Bank _credit in use increased in October and
ovember, while Reserve Bank credit outstanding showed little
change. Conditions in the money market were somewhat easier.
PRODUCTIO : Industrial production continued in October
at the high level of September and considerably above the level
of a year ago. Output of minerals increased over September,
while the production of manufacturers declined slightly. Factory employment and payrolls increased to the highest level since
early in 1927. The production of pig iron was particularly large
in October and the first half of ovember, and the output of steel
continued in record volume. Automobile production declined
considerably in October after exceptional activity in September
and showed further reduction in ovember. As is usual at the
season activity increased in October in meat-packing and-in the
textile industries, with the exception of silk. Copper mining and
smelting continue at a high level, and the output of coal and
petroleum increased by more than the usual seasonal amount,
while the production of zinc declined. There was also a decline
in the output of lumber and building materials.
Building contracts awarded continued to increase in October
and were larger than in that month of any previous year, b_u t
declined sharply during the first two weeks of ovember. The
increase in October was due principally to large contracts for engineering and industrial projects.
The November cotton crop estimate of the department of agriculture was slightly larger than the October estimate and indicated a yield of 14,133,000 bales, 1,178,000 more than the production of 1927. Ginnings of the current crop prior to November
14 totalled II,3 20,302 bales, compared with 10,894,912 in the
similar period of a year ago. Indicated yields of wheat, corn, oats,
potatoes, and tobacco were larger than the 1927 crops, while estimates of hay, rye, and fl ax seed were smaller.
TRADE: Department store sales in October were in about
the same volume as in the same period in the preceeding year,
but showed somewhat less than· the seasonal increase from the
high level of September. Inventories of these stores increased
during the month, but continued smaller than a year ago. The
volume of distribution at wholesale was larger than in September
and showed a substantial gain over October, 1927. Freight car
loadings continued larger in October and November than a year
ago, reflecting chiefly large loadings of miscellaneous freight.
PRICES: Wholesale commodity prices declined in October
after a continuous increase for three months, and the bureau of
labor statistics index for October, at 97.8 per cent of the 1926
average, was over 2 per cent below that for September. This decline reflected chiefly large decrease in prices of farm and food
products and hides and leather. Prices of industrial commodities
increased slightly, with small gains recorded in metals, bui'lding
materials, and chemicals and· drugs. The principal increases occurred in prices of iron and steel, copper and raw silk; during the
first three weeks of November prices of cotton, pig iron, copper
and petroleum increased, and prices of most farm and food products, except corn, pork, and sugar, recovered somewhat after the
October decline.
BANK CREDIT: Between October 24 and Nov. 21 there
was a considerable increase in loans· and investments of Member
Banks in leading cities, but at the end of this period the total was
still below the large volume outstanding at the middle of the
year. Loans chiefly for commercial purposes remained at a high
level during the period and loans ·on securities showed further
growth, reflecting a marked increase in the volume of loans to
brokers and dea:lers in securities. Investments showed further
decline.
During die four weeks ending November 21 there was little
change in the volume of Reserve Bank credit in use. Reserve
Bank holdings of acceptances increased further and discounts fot
Member Banks declined.
During the last week of October and the first three weeks of
November conditions in the money market were somewhat easier.
The rate on four to six months commercial paper declined from a
level of 5½ per cent to a range of from 5¼ to 5¾ per cent, and
rates on call and time loans in• the open market also declined
slightly.
@FedFRASER