The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL RESERVE BANK OF KANSAS CITY M. L. McCLUI.B, Chairman and Federal Reserve Agent A. M. McADAMS, Assistant Federal Reserve Agent and Secretary Vol. 16 KANSAS CITY, Mo., No. DECEMBER 1, 1931 T 12 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT HE low level of commodity prices continues to have a Percentages of Increase, or Decrease (-), for October 1931 over September depressing effect on conditions in the Tenth District. Substantial improvement in grain prices the latter part 1931 and October 1930, and for the first ten months of 1931 over the like period in 1930. of October and the forepart of November has encouraged agriOctober 1931 10 Mos. 1931 cultural and business interests, although reactions in prices to Compared to Compared to Sept. 1931 Oct. 1930 IO Mos. 1930 November 20 reduced the gains by approximately one-half Banking Payments by check, 29 cities,___ o.6 --29.4 --24.0 from the extreme advances. Federal Reserve Bank clearings.-..- 5.2 --22.4 -18.2 The advance in grain prices was followed by an advance in Business failures, number.... - 2.3 - 3.1 - 3.3 flour and millfeed prices. Livestock values, with the exception Business failures, liabilities -68.3 --24.6 - 2.3 Loans, 54 member bank - 0.4 -18.6 of prime, long fed steers and yearlings, declined, with well Investments, 54 member banks________ - 1.8 5.7 finished hogs selling at the lowest prices since 1908 and fat --21,2 Net demand deposits, 54 member banks - 4.7 lambs at the lowest prices since 1911. Crude oil prices were Time deposits, 54 member banks.___ - 2.5 -3.9 unchanged in October but advanced t 5 cents per barrel the Savings deposits, 49 selected banks.__ - 3.7 -4.2 Savings accounts, 47 selected banks___ - 1.0 -o.8 first week in November, and prices of refined products strengthLife insurance, writte 6.7 -16.3 --20-4 ened somewhat. Zinc ore and lead ore prices declined during October. Distribution Wholesalers' sales, 5 lines combined ___ _ --28.6 -3.8 --20.4 Weather conditions were exceptionally favorable for the Retailers' sales, 35 department stores._ -II.6 --20.5 7.7 maturing and harvesting of crops. Fall sown wheat in the Lumber sales, 169 retail yards ______ _ -3 1,9 --26.3 7.1 western part of the District remained in need of moisture. Retail trade, as measured by the dollar sales of thirty-five Construction Building contracts awarded, value ___ _ -71.6 -49.8 department stores, increased 7.7 percent in October as comBuilding permits in 18 cities, value._ --62.1 -37.6 pared to September, equalling the five year average increase. Compared to October, 1930, the dollar volume of sales declined Production 8.2 0.2 Flour·- - - - - - - - - - -1-5 20.5 percent. Sales at wholesale were 3.8 percent smaller in Crude petroleum._________ -18.3 -16.9 37-4 Soft coa.1-,_ _ _ _ _ _ _ __ October in dollar volume than in the preceding month and 28.6 -20.1 -l4.3 15-7 Zinc ore (shipped) Tristate District_ __ -18.8 percent smaller than in the corresponding month last year. -56.1 -47,4 Lead ore (shipped) Tristate District._ --62.4 -49.9 -39-4 Crude oil production increased with the removal of shut-16-4 --25.1 Cement------------+S down orders in Oklahoma on October 10. Bituminous coal production was seasonally larger in October than in September, Grain receipts -13.8 W h_ e_ a_ L_ - -_ -_ - -_ ---_34.9 13our production increased 8.2 percent, and cement production 93· 2 Corn__ _-_ _ 38.6 -38.7 --22.9 4.5 percent. Zinc ore and lead ore shipments declined. -35.o -42.4 -53.8 O a_ ._ ~_ --_ --_ --_ Ry,:._ _-_ _ _-_ Production in all lines, with the exception of a slight increase -12.8 -83.2 -79.2 Barley _ _ _ _ _ _ _ _ _ 2 9·9 in flour milling, was somewhat smaller than in October, 1930. --68-4 -53-5 Kafir_ _ _ _ _ _ _ _ _ _ __ Financial REPORTING MEMBER BANKS: The combined statements of fifty-four member banks in selected cities in this District showed loans and discounts declined 0.4 percent, investments 1.8 percent, net demand deposits 4.7 percent and time deposits 2.5 percent between October 14 and November 10. Compared to November 12, 1930, total loans and discounts were reduced 18.6 percent, those secured by stocks and bonds 18.7 percent, and "all other" loans 18.5 percent. Due to an increase of 21.7 percent in investments in United States Government securities, total investments increased 5.7 percent during the year as investments in other bonds, stocks, and securities were reduced 6.1 percent. Net demand deposits declined 21 .2 percent and time deposits 3.9 percent in fifty-two weeks. 539.8 280.2 -42.0 20.6 -13.3 --25.8 -2.2 19.6 13.6 -4.7 --22.2 - 8.5 6.4 -31.6 -12,4 --26.0 7.0 - 5.1 -6.6 -16.7 - 5.7 -23.8 -18.9 81.2 20.3 -u.5 Livestock receipts Cattl1c...._ _ _ _ _ _ _ _ __ C a_ lV C J--_ - -_ -_- Hogs __ _l_ _-_ _-_ Sheep ...· - · · - - - - - - - - Horscs and mules _ _ _ _ _ __ 54.6 7.6 12.6 49.o Meat packing, 6 cities Cattle _ _ _ _ _ _ _ _ _ __ C a_ lV C_ l l_ -_ - -_ --_ - -_ -_- Hogs, __ _ Sheep _____________ Stocker and feeder shipments, 4 markets Cattl.c...._ _ _ _ , _ _ _ _ _ _ Calve....____ - - - - - Hogs,___________ Sheep___, _ _ _ _ _ _ _ _ _ _ 50.6 138.1 76.8 18.3 This Copy Released For Publication In Afternoon Newspapers November 30. -7-4 --21.8 -14.6 2 5·1 THE MONTHLY REVIEW 2 RESERVE BANK OPERATIONS: The demand for credit at the Federal Reserve Bank of Kansas City and branches continued to expand between October 14 and November IO, and rediscounts of member banks, as of the latter date, were $13,041,357 larger than four weeks earlier and $20,854,n3 larger than on November 12, 1930. The bank decreased its holdings of acceptances $6,540,159 in four weeks, but the total as of November 10 was $26,747,603 larger than on the corresponding date last year. Increased rediscounts and the purchase of United States Government securities to the amount of $10,400,000, offset in part by the reduction in acceptance holdings, resulted in an increase of 22.9 percent during the four weeks in the total of bills and securities held by this bank, which, on November IO, was 73.5 percent larger than one year ago. Federal reserve note circulation was increased 6.4 percent in four weeks and 21 percent during the year. Principal resource and liability items of the fifty-four reporting banks and of the Federal Reserve Bank of Kansas City, as of three dates, follow: REPORTING MEMBER BANKS Nov. 10, 1931 Loans and investments-total.. Loans and discounts-total __. Secured by stocks and bonds All other loans and discounts lnvestments-tota...__ __ U. S. securities ...... _ _ __ Other bonds, stks. and sec•._. Reserve with F. R. bank.---··· Net demand deposit,..,s..__ __ Time deposits .... _ _ _ __ Government deposit...__ __ $6o1,696,ooo 336,921,000 91,181,000 245,74°,ooo 264,775,000 130,095,000 134,680,000 45,967,ooo 390,404,000 190,823,000 2,024,000 Oct. 14, 1931 Nov. 12, 1930 $607,906,000 $664,152,000 338,367,000 413,753,000 l l 2,096,000 89,872,000 301,657,000 248,495,ooo 250,399,000 269,539,000 106,928,000 129,897,000 139,642,000 143,471,000 49,822,000 54,535,000 4o9,743,ooo 495, 235,000 198,576,000 l 9 5,694,ooo 716,000 6,425,000 FEDERAL RESERVE BANK Nov. 10, 1931 Oct. 14, 1931 Nov. 12, 1930 Gold reserv...,________ '$ 64,342,489 $ 85,925,408 $ 99,397,902 Reserves other than gold·--······· 7,645,529 7,376,218 7,027,297 Total reserves.............................. 71,988,018 93,301,626 106,425,199 Bills discounte..._______ 35,012,804 21,971,447 14,158,691 Bills purchased .... _ _ _ _ _ 36,076,6o2 42,616,761 9,328,999 U. S. securities ...... _ _ _ _ 19,514,600 9,114,600 28,736,000 Total bills and securities............ 90,604,006 73,702,808 52,223,690 Total resources ........ _ _ _ _ 195,231,484 203,229,550 202,189,752 F. R. notes in circulation.......... 80,033,310 75,226,490 66,120,080 Total deposits .. _ _ _ _ _ 78,588,134 88,279,210 86,111,315 The discount rate of the Federal Reserve Bank of Kansas City, on all classes of paper and all maturities, was advanced from 3 percent to 3.½ percent, effective October 23. payments declined 29.4 percent, carrying the total decrease for the forty-four weeks of the current year as compared to the like period last year, to 24 percent. PAYMENTS BY CHECK Albuquerque, N. M.·---········· '$ Atchison, Kan _ _ _ __ Bartlesville, Ok} _ _ __ Casper, Wyo _ _ _ _ __ Cheyenne, Wyo. _ _ __ Colorado Springs, Colo•. __····· Denver, Colo ..... _ _ __ Enid, Okla....... _ _ _ __ Fremont, Nebr_ _ __ Grand Junction, Colo •...•........ Guthrie, Oki...__ _ _ __ Hutchinson, Kans. _ _ __ Independence, Kans •.............. Joplin, Mo •...... - - - - Kansas City, Kans ................. Kansas City, Mo _ _ __ Lawrence, Kans _ _ __ Lincoln, Nebr _ _ _ __ Muskogee, Ok} _ _ _ __ Oklahoma City, Okla ............• Okmulgee, O k l - - - - Omaha, Nebr... _ _ _ __ Pittsburg, Kans _ _ __ Pueblo, Colo •. --··········-·····--· Salina, Kans. _ _ _ __ St. Joseph, Mo _ _ _ __ Topeka, Kan...__ _ __ Tulsa, Okla.·--·····-·····-··-···-·· Wichita, Kans....... Savings Accounts 47 Banks 422,835 November 1, 1931.----····· · · · · - - October 1, 1931..·-·· · - - - - 427,119 426,425 November 1, 1930.----··························· '$ Nov. 5, 1930 14,954,000 6,758,000 9,292,000 8,255,000 19,634,000 208,178,000 16o,315,ooo 12,980,000 $125,609,656 x3o,463,993 131,157,643 Payments By Check Returns from banks in twenty-nine leading cities of the District indicate a seasonal increase, slightly under the average, in payments made by check in the five weeks' period ended November 4 as compared to the total for the preceding five weeks. Compared to the corresponding five weeks last year, - 3,475,000 3,o59,ooo -'J.3.0 -18.7 -12.0 4,125,000 3,3°3,000 16,827,000 u,867,000 13,370,000 23,047,000 488,286,000 5,444,ooo 41,142,000 12,6o3,ooo 143,9II,OOO 1,924,000 14,412,000 5,845,ooo 8,577,ooo 16,076,000 344,995,000 4,989,000 33,642,000 9,072,000 91,404,000 3,204,000 182,141,000 4,699,ooo 18,266,000 10,042,000 --25.8 -4 1 .7 -14.4 -5o.7 -35.8 -30.2 --29.3 - 8.4 -18.2 -'J.8.o -36.5 -46.3 --22.4 -16.8 -12.6 --24.8 5,963,ooo 234,617,000 5,649,000 20,907,000 13,358,000 49,347,000 26,037,000 167,528,000 64,754,000 35,79 1 , 000 16,468,000 87,592,000 48,116,000 2.5 -19.2 15,970,000 3,95°,000 --27.5 -36.8 -47.7 - 2 5.7 '$ 1,670,012,000 --29.4 --24.0 14,922,726,000 62,379,299,000 6o9,165,253,ooo -'J.7.5 --26.4 Reserve Bank Clearings Check collections through the Federal Reserve Bank of Kansas City and branches, following the course of bank debits, showed a slight seasonal increase in October as compared to September in both the number of items handled and their dollar amount. The totals for October this year as compared to October, 1930, showed 12.8 percent fewer items handled and a 'l'l. 4 percent reduction in the dollar amount. The number of items handled and their aggregate amount for October and the year to date with comparisons: ITEMS Savings Deposits 49 Banks -'27-9 -36.8 -49.3 -'J.7.1 30,936,000 8,050,000 15,856,000 Total 29 cities, 5 weeks.......... '$ 1,178,507,000 Total 29 cities, 44 weeks........ u,347,131,000 United States, 5 weeks·-----· 45,2o6,644,ooo United States, 44 weeks·---··· 448,167,274,000 Savings Reports as of November I reflected decreases from October 1 this year and November I, 1930, in the number of savings accounts and the amount of savings deposits in selected banks in leading cities of the District. Forty-nine hanks reportecl their savings deposits declined 3.7 percent during October, and 4.2 percent during the year. Reports from forty-seven banks indicate the number of savings accounts declined 1 percent for)he month and o.8 percent for the year. Savings accounts and savings deposits as of the three dates: Percent Change FIVE WEEKS ENDED Nov. 4, 1931 10,780,000 4, 274,000 15,690,000 6,773,000 1931 October·--················· September................ Ten months.............. 5,370,096 5,153,122 54,140,474 AMOUNT 1930 6,16o,109 ' 5,652,121 58,159,182 1931 1930 7 12,979,000 '$ 918,790,000 858,104,000 677,683,000 7,179,152,000 8,776,821,000 Business Failures R. G. Dun and Company reported a smaller amount of liabilities involved in commercial insolvencies in this District in October than in any month since June, 1929, or any October since 1928. The number of failures differed but slightly from the totals for preceding months this year, hut there were four fewer failures in October this year than one year ago. In the ten months this year, as compared to the like period last year, there was a reduction of 3.3 percent in the number of failures and of 2.3 percent in the amount of liabilities. The report of R. G. Dun and Company on commercial failures in the Tenth District and the United States: TENTH DISTRICT Number October 1931........................ September 1931 ..·-·········-···· October 1930,_ _ _ _ _ 128 Liabilities '$ 1,055,207 3,324,257 129 1,399,900 125 UNITED STATES Number Liabilities 2,362 $ 70,66o,436 1,936 47,255,650 2,124 56,296,577 THE MONTHLY REVIEW 3 RETAIL TRADE AT 35 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT ACCOUNTS RECIUVABLB SALES . STOCKS (RETAIL) CoLLBCTIONS Stores Oct. 1931 10 Mos. 1931 STOCK Tua.NOVEil .· Oct. 31, 1931 Oct. 31, 1931 Oct. 1931 Report- compared to compared to 10 Months compared to Oct. compared to compared to ing Oct. 1930 10 Mos. 1930 Sept.30,1931 Oct.31,1930 1931 1930 1931 1930 Sept.30,1931 Oct.31,1930 Sept. 1931 Oct. 1930 Kansas City•.... 4 -10.0 .22 2.05 2.00 21.0 -20.9 -10.4 -11.7 -8-4 .19 3.7 J.5 1 2.1 10.I .... 2 2.23 -7.8 Denver--·········· 5 - 8.7 -14.7 - 3.5 .25 .25 2.30 -7-7 Oklahoma City 3 1 -16.0 .26 2 -29.6 -20.4 -19.7 .30 2.38 5.6 0.5 - 9.7 34.9 -73 Lincoln.-........... 2 -16.3 1.8 -14.6 -14.7 .29 .29 2.55 2.32 - 6.5 -7.7 33.8 5-4 Topeka._.__ ..... 3 -16.0 .28 13.0 -9.6 -25.1 -37-7 - 13.7 .34 1.9b 1:75 5.5 H Tulsa .............._ 3 1 8.1 1 2 -28.3 24.6 -11.5 -19.0 .30 - 7.7 - 7.3 .35 3· 5 3.16 4•4 , 21.6 -11.2 .20 2.22 1.95 -14.6 Wichita.....·-···· 3 -19.1 -10.5 0.3 .23 1.5 - 1 5.5 Other Cities...... n -18.4 -II.6 .21 12.1 -3.1 -6.5 -15.1 -12.7 .24 1.16 1.14 0.7 Total...-............. 35 -20.5 -II.6 '.2.2 -14.7 .23 /16 2.26 2.25 1.7 -II.2 22.I NOTE: Percentage of collections in October on accounts September 30, all stores reporting 36.8. Colledions same month last year 39.8. Trade RETAIL: Dollar sales at thirty-five department stores located in Tenth District cities were seasonally larger in October than in the preceding month, the increase of 7.7 percent equalling the five year average increase. Compared to October, 1930, sales this year declined 20.5 percent, carrying the dollar volume for the calendar year to November I to u.6 percent below the total reported for the corresponding period last year. Stocks were increased 2.2 percent during October as compared to the five year average increase of 5.5 percent, and on October 31 this year were 14.7 percent smaller than on October 31, 1930. October collections showed a slight improvement over September, but were under a year ago. The stores reported their October collections as 36.8 percent of outstanding accounts as of September 30 compared to 32.8 percent for September, and 39.8 percent for October, 1930. WHOLESALE: Wholesalers of drygoods, groceries, furniture, and drugs reported their dollar sales in October as somewhat smaller than in September and substantially smaller than in October, 1930. Sales of hardware increased over September by slightly more than the usual amount, but were 40.7 percent less than a year ago. Total sales of the five lines combined were 3.8 percent smaller in October than in September, and 28.6 percent smaller than in October last year. Stocks, with the exception of an 8.4 percent reduction reported by wholesalers of drygoods, showed little change during the month, but October 31 inventories were reported by all lines, except groceries, as somewhat reduced from the figures of October 31, 1930. Building There was a slight increase in the number of building permits issued in eighteen reporting cities of this District in October as compared to September, with the estimated construction cost showing an increase of 21.7 percent. The October total of permits issued was, however, 29.0 percent less than in October, 1930, and the estimated cost of construction 62.1 percent less. The number of building permits issued in the eighteen reporting cities in the ten months of the current year was 20.2 percent less than in the same period last year and the estimated cost of construction 37.6 percent smaller. Dry Good Groceries_ Hardwar Furniture. Drugs Reporting Stores 6 5 8 6 6 BUILDING PERMITS IN TENTH DISTRICT CITIES PERMITS ESTIMATED CosT 1930 1931 1930 1931 80,830 Albuquerque, N. M.·--··· $ 4i,853 49 77 21 Cheyenne, Wyo............... 28 22,171 34,900 Colorado Springs, Colo•.. 63,623 58 85,753 37 631 730,820 617,950 Denver, Colo..·-·············· 490 Hutchinson, Kans._ ........ 28 12,125 244,035 44 2 7,55° 21,630 JI 17 Joplin, Mo ....·-·····-········· Kansas City, Kans ......... 28,405 67 104,965 76 161 1 ,353,0 5° 184 197,200 Kansas City, Mo.·-········· Lincoln, Nebr 91,167 51 56 6o,445 Oklahoma City, Okla ..... 104 2,171,145 383,475 359 Omaha, Nebr................. 158,051 113 192,36o 90 6o 93,080 21,968 96 Pueblo, Colo.·--··············· 21 Salina, Kans 68,250 13 6,755 22 8 4,825 26,550 Shawnee, Okla·-·············· 14,040 <4-8 50 46,679 St. Joseph, Mo.·--··········· Topeka, Kan 46 64 46,765 975,655 149 Tulsa, Okl 1,092,076 l89,094 251 Wichita, Kans •................ 1o6 1,313,558 143 137,745 ' Total 18 cities, Oct......... Total 18 c:ties, 10 mos ... I 1,598 5,849 1,252 19,851 ' 3, 295,852 43,115,173 J 8,694,793 69,094,318 The total value of construction contracts awarded in this District in October, as reported by the F. W. Dodge Corporation, was 47.6 percent less than in the preceding month and 71.6 percent under a year ago. Awards for residential construt.tion declined only 1.7 percent for the month, but were 56.1 percent short of the October, 1930, total. In the ten months of the current year the value of total contracts awarded declined 49.8 percent and residential construction 42.6 percent as compared to the corresponding ten months of 1930. The F. W. Dodge report: TOTAL BUILDING CONTRACTS AWARDED UNITED STATES TENTH DISTRICT 1931 1930 1931 1930 October.-- -······· t, 4,822,421 t, 17,001,794 J 142,094,200 t, 337,301,400 9,203,851 10,411,809 152,109,700 331,863,500 Septem her--···· 10 Months ........ 124,851,894 248,714,748 2,821,534,100 4,213,399,900 RESIDENTIAL CONTRACTS AWARDED TENTH DISTRICT UNITED STATES 1931 1930 1931 1930 t, 1,440,018 t, 3,276,915 t, 6o,540,100 f,104,670,300 October·---······· September........ 1,465,504 3,471,805 54,552,800 98,53<4-,6oo 20,456,582 35,610,042 729,934,800 947,619,500 10 Months .. ·-··· WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT COLLECTIONS SALES OuTSTANDINGS Oct. 1931 compared to Oct. 31,1931 compared to Oct. 1931 compared to Oct. 1930 Sept. 1931 Oct. 1930 Sept.30,1931 Oct. 31, 1930 Sept. 1931 -22.6 13•7 -18.8 -26.4 0.3 -4.3 I.I -14.8 - 8.8 - 2.0 - 0.1 - 5.4 16.8 O.I - ...0.7 - 19.7 4.3 -35.9 I,6 -42.8 -3.0 -35.6 -43.9 -7-5 -12.0 -18.~ -9.2 0.9 - 1.3 -4-5 STOCKS Oct. 31, 1931 comparei to Sept. 30, 1931 Oct. 31, 1930 -9.6 - 8.4 0/l 3.8 - O.I -1.5 o.8 - O.I -25.5 -16.6 THE MONTHLY REVIEW Lumber RETAIL:~ The combined reports of 169 retail lumber yards located in the District indicate sales of lumber in board feet were 7.1 percent larger in October than in September with dollar sales of all materials 7 percent larger. Lumber sales were 31.9 percent and dollar sales 4~.3 percent smaller in October this year than in October, 1930. ," Lumber stocks were reduced 2.9 percent! for: the: month and 8.7 percent for the year. Collections in October amounted to 25.5 percent of accounts outstanding September 30 as compared to 35 percent in October, 1930. A summary of reports of the retail yards in percentages of increase_..or decrease: October 1931 Compared to September 1931 October 1930 7.1 -31.9 Sales of all materials, dollar..______ 7.0 -42.3 Stocks of lumber, board fee.._______ - z.9 - 8.7 Outstandings, end of mont•..._______ - o.8 -26.8 Sales of lumber, board fee.________ ; Lumber production in the United States in the forty-three weeks ended October 31 was, according to reports to the National Lumber Manufacturers Association, 42 percent of normal with softwood production at 43 percent and hardwood production at 36 percent of normal. Compared to 1930, the combined production of hardwoods and softwoods for the forty-three weeks declined 32 percent, whereas, shipments and orders received declined only 23 percent. Receipts of wheat at the five principal grain markets of the District during October, although seasonally the smallest for any month since June, were, with the exception of October, 1924, the heaviest for that month in the twelve years for which records have been kept. Since July r, when the new crop movement started, 20.3 percent more wheat has been received at these five markets than in the like period last year. Marketings of corn, oats, and rye during October were unusually light. Arrivals of corn at the five markets were, with the exception of September, the smallest for any month since April, 1927, and for any October since 1920. The receipts of oats and rye were the smallest for any October of record. Receipts of kafir were substantially larger in October than in September or in October, 1930. Receipts of grain at five Tenth District markets: HutchinsonKansas City_ Omaha ___ _ St. JosephWichita._ Corn Bushels Oats Bushels Rye Bushels 652,500 156,000 174,000 248,000 13,500 7,000 4,715,550 6,980,800 3,190,400 873,6oo s5,5oo 2.,7 882,000 379,500 s,200 Barley Bushels u,250 232,000 78,400 5,250 Kafir Bushels 42,900 134,200 1,500 35,100 ---- ---- ---- --- --- --- 578,000 2.0,500 326,900 213,700 Sept. 1931__ 21,513,400 1,384,950 889,000 23,500 251 ,600 33,400 Oct. 1930____ 9,598,390 3,133,000 1,251,500 121,800 703,500 56,200 10 Mos. 1931 256,129,150 44,029,500 8,087,100 235,100 1,507,950 1,850,200 10 Mos. 1930 189,883,210 57,136,300 14,037,000 1,128,800 4,765,200 3,190,900 Oct. 1931 --- 18,545,850 1,919,200 PRICES: Flour Production Flour mills in the Tenth District, which report their weekly output to the Northwestern Miller, were operated at a higher rate of activity and produced more flour in October than in any month since September, 1930. The October output, although 0.2 percent larger than last year, was, with that exception, the smallest for any October since 1925. Production during the calendar year to November I was 7.5 percent less than in the like period last year. Flour production at the leading milling centers as compiled from the weekly reports to the Northwestern Miller: Atchiso Kansas City Omaha ___ Salina.. St. Josep Wichit Outsid Tota._________ Grain Marketing Wheat Bushels showing an extreme advance of 25 cents per bushel at Kansas City. Top-grades of wheat closed the month slightly higher than last year although lower grades were quoted at about 19 cents per bushel less. Corn closed the month 30 cents per bushel and oats 7 cents per bushel less than a year ago. Prices continued to advance into the second week of November but reactions brought mid-month prices back to only slightly above the October close. Future prices of the principal classes of grain, wheat, corn, oats, and rye reached the lowest levels in recent years on October 5, with wheat being quoted the lowest in the history of the grain trade on that date. Prices then rose rapidly to close the month with net gains over September 30 as follows: wheat 13½ cents; corn 5 cents; oats 3½ cents; and rye 7 cents per bushel. Cash wheat, especially high protein samples, advanced more rapidly than futures, due to a shortage of offerings 1uitable to milling requirements, with No. I dark hard wheat Oct. 1931 Barrels 135,114 693,654 100,445 187,110 146,125 229,381 873,447 z,365,276 Sept. 1931 Barrels 129,206 618,369 96,616 188,200 182,629 163,827 807,232 Oct. 1930 Barrels 143,200 7 13, 154 11 9,35 2 190,118 37,584 I 57,143 1,000,542 2,186,079 2,361,093 Flour and millfeed prices advanced with higher grain prices, flour closing the month 40 to 60 cents per barrel higher, bran approximately $4 per ton, and shorts approximately $5.50 per ton higher than one month earlier. Higher wheat prices stimulated flour sales somewhat, but most purchases were for immediate needs with a majority of the orders for two thousand barrels or less, although a few medium sized orders were reported booked. Shipping directions on old con tracts were Ii beral. Crops Weather conditions in October were unusually favorable throughout the District for the maturing and harvesting of late crops and for fall plowing. Frost dates were much later than usual and crop damage from that source was negligible. Corn husking, cotton picking, sugar beet harvest, and bean threshing made good progress during the month, and sugar beet and dry bean harvests were practically completed by N ovem her 20. Rains the forepart of N ovem her retarded corn husking and farm work. Corn, due to dry weather and late frosts, is exceptionally well matured, but early husking returns revealed that the yield was not up to pre-harvest expectations. The United States Department of Agriculture reduced the estimated production for this District from 403,196,000 bushels, as indicated by October I conditions, to 394,421,000 bushels, as of November 1, which compares with 427,107,000 bushels produced in 1930. Estimates of the State Departments of Agriculture on the amount of old corn remaining on farms November 1, expressed in percentages of last year's production, were as follows: Kansas and Missouri 3 percent; Nebraska 10 per cent; and Oklahoma 15 percent. Grain sorghums matured well, and this year's production is estimated as aubstantially larger than that of 1930, although somewhat smaller than the five year average. 5 THE MONTHLY REVIEW Sugar beet production exceeded expectations, both in yields and sugar content, and harvest was 90 percent completed by November I. The crop is approximately 20 percent under that of last year, but in excess of the five year average. Dry, edible bean production was reduced by hot, dry weather earlier in the season and yields arc poor but the quality is reported as exceptionally good. The District's broom corn crop will be somewhat smaller this year than last and also below the five year average. Cotton picking and ginning were over half completed by November I. This District's crop is now estimated at 1,278,000 bales of 500 pounds each and that of the United States at 16,903,000 bales, compared with a 1930 production of 86o,ooo and 13,932,000 bales, respectively. Rains the forepart of October, accompanied by high winds, damaged the Oklahoma crop somewhat. Less alfalfa and red clover seed and more sweet clover seed will be produced in the District this year than last. Production of all three classes will exceed the five year average. The 1931 production of these seed crops, as estimated by the United States Department of Agriculture, is shown by states in the following table: Colorado_______ _ Kansas.·-···········Missouri __________ Nebraska ....·-······ New Mexico.____ _ Oklahoma. ______ Wyoming____ ___ Seven states_____ United States.___ Alfalfa Nov. I Final 1931 1930 37,500 37,500 144,500 185,000 59,4oo 10,200 45,500 19,6oo 50,400 8,400 58,000 42,6oo 316,700 381,900 831,500 1,159,300 Sweet Clover Nov. 1 Final 1931 1930 17,500 17,500 48,100 46,800 12,400 11,200 61,6oo 58,800 Red Clover Nov. 1 Final 1931 1930 9,000 10,000 9,000 19,200 42,000 91,200 27,200 36,000 3,000 139,6oo 654,300 12,500 134,300 90,200 168,900 694,000 1,386,500 1,6o6,100 Fall sown grains, wheat and rye, arc reported in good to excellent condition in the eastern half of the District but poor in the western half, where a moisture deficiency continues to exist. Estimates released November 14 by the Kansas State Board of Agriculture, based on reports from 500 Kansas bankers replying to a special inquiry, indicated a reduction of 2,000,000 acres in fall seedings of winter wheat in that state this year as compared to last year. The reduction amounts to 16 percent and places the acreage sown at 10,812,000 acres, as against n,812,000 acres sown last fall. The condition of wheat was placed at 67 percent of normal, ranging from 93 percent in the northeast to 36 percent in the southwest. The estimates also placed the amount of wheat fed and to be fed from the 1931 crop at 33,546,000 bushels, or 15 percent of the 223,641,000 bushels produced. In the five years, 1925 to 1929, Kansas farmers fed on an average of 2.3 percent of the wheat produced in those years. Livestock MARKET MOVEMENTS: Receipts of cattle, calves, and sheep at the six~principal livestock markets of the District in October were, as usual, the largest of the year and those of hogs were larger than for September. Marketings of all classes of livestock, with the exception of sheep, were, however, unusually light for October. The combined totals for the six markets showed October receipts of cattle were the smallest in recent years, and the report for Kansas City showed fewer cattle received during the month than in any October since 1897. Combined receipts of calves were the lightest for any October since 1920 and of hogs since 1927, although the run of hogs at Omaha was the second heaviest October of record at that market. More horses and mules arrived at the six markets in October than in any month since April, but the October total was, with the exception of October, 1930, the smallest of record. FEEDING OPERATIONS: The stocker and feeder movement of all classes of meat animals from four Tenth District markets to the country for feeding purposes was seasonally larger in October than in September. The outgo of cattle and calves was the largest for any month since October, 1930, but less than the October totals of other years. The countryward movement of hogs was the largest for any month since April, 1930, and for any October since 1928, and that of sheep and lambs the largest for any month since October, 1929. The reports of the United States Depar~ment of Agriculture on the cattle and lamb feeding situation as of November I estimated that there were 13 percent fewer cattle shipped into the corn belt for feeding purposes in October this year than in October last year with total shipments for the four months, July to October, 2 percent smaller than last year and 9 percent smaller than the five year average. There was a decreased movement into the states west of the Mississippi river this year as compared to last, but the movement into states cast of the Mississippi river was larger. Shipments of feeder lambs into the twelve north central states in October, including both shipments through markets and direct, were larger this year than last, but the approximate change in feeding volume this winter as compared to last cannot be determined until the November movement of feeder lambs into Colorado is completed. RANGES: Rains in October improved pastures and ranges in all Tenth District states, but New Mexico was the only state in which the November 1 condition of ranges was not substantially under the five year average. Native pastures are generally short, wheat pastures poor, and feed supplies light in all range states except New Mexico. Western Kansas reports a plentiful supply of rough feeds. THE ESTIMATED PRODUCTION OF SEVEN TENTH DISTRICT CROPS, BASED ON THE NOVEMBER I CONDITION Reported 6y the United Stales Department of Agriculture In thousand! of bushels (ooo omitted) or in tons White Potatoes Corn Grain Sorghums Dry Beans Sweet Potatoes Broom Com Sugar Beets Bushels Bushels Bushels Bushels Tons Bushels Tons 1930 1931 1931 1930 1931 1931 1930 1931 1930 1931 1930 1930 1931 1930 Colorado.. _________ 1,166 1,'201 10,400 18,850 2,848 7,420 15,400 5,200 41,134 2,564 3,311 3,917 Kansa 23,76o 612 4,018 116,078 82,908 4,200 144 7,6oo 14,JOO 70 4,955 52 5 Missouri 6,206 171,668 1,6o'2 1,040 6oo 4,416 2,247 400 855 73,935 Nebraska.._______ 166,584 247,to6 112 118 420 6,750 1,136 340 9,900 845 New Mexico ________ 1,o62 160 5,680 3,612 1,689 320 7,200 726 5,6oo 385 5,434 35° Oklahoma _________ 4,067 1,098 19,600 36,436 23,940 17,100 13,059 53,397 3,997 91 5 2 ,375 3,000 Wyomin1---2,951 726 646 3,¥ 536 52 7 Seven states --····· 535,208 488,917 United States____ 2,674'369 2,093,552 57,<)67 127,039 33,838 86,514 2,972 20,369 5,6~1 22,107 29,43 1 382,325 43,808 343,236 3,070 73,475 2 '455 62,230 36,800 47,100 41,100 50,200 3,945 7,620 5,09+ 9,201 6 THE MONTHLY REVIEW Cattle are in fair to good condition, but lambs, with the exception of those in New Mexico, are not in as good condition as usual, running lighter and with a smaller proportion of fat lambs. Cattle marketings have been light except from areas of very short feed supplies, but the movement of range lambs has been heavy. PRICES: Prime long fed steers and yearlings advanced $1 per hundred pounds during October, but all other livestock prices declined. Cattle declined 25 to 50 cents and calves f>1.50 to $2. Hogs declined 25 to 50 cents per hundred pounds, with light weight hogs selling under heavy hogs. The low top for the month of $4.75 was the lowest since 1908. Native lambs were 25 cents lower and western lambs 25 to 90 cents lower. On two different occasions top prices for fat lambs dropped below $6, the lowest in twenty years. On November 17 top hogs at Kansas City sold at $4.50 and best lambs at $5.25. The top prices at Kansas City in October compared to October, 1930, were as follows: Steers f,10.65 against f,13.40; stockers '$7 against $9; calves $8 against '$1'2; hogs '$5.45 against $10; and lambs '$7 against $9. Meat Packing As measured by the number of head of livestock purchased by packers at the six principal markets of the District, including hogs shipped direct to packers' yards, there were more cattle, calves, and hogs and fewer sheep slaughtered in October than in the preceding month. Compared to October last year the slaughter of cattle declined 12.4 percent, of calves 26 percent, and of sheep 5.2 percent, whereas, the slaughter of hogs increased 7.0 percent. Cold Storage Holdings The report of the United States Department of Agriculture on cold storage holdings in the United States on November 1 as compared to October 1, discloses a seasonal out-of-storage movement during October of all commodities, except eggs and cheese, in excess of the five year average, and a seasonal instorage movement of lamb and mutton and poultry considerably short of the five yea1:" average. Storage stocks of beef declined 1.9 percent during the month in contrast to a five year average increase of 26.8 percent. The seasonal out-of-storage movement of all commodities, except cheese, was greater in October this year than last. The seasonal in-storage movement of mutton was slightly larger, that of poultry was somewhat less and stocks of beef declined, whereas, last year they increased. In only two commodities, poultry with an increase of 2.2 percent and eggs with an increase of 7.6 percent, were stocks on November 1 in excess of the five year average for that date. Stocks of beef were 42.3 percent, pork 11.9 percent, Kansas City ...................... Omaha .. .............................. St. Joseph .... Denver Oklahoma City.................. Wichita ........... Cattle 201,489 164,313 47, 264 62,503 18,272 23,555 517,396 October 1931..·-······- ········· September 1931........ :....... 429,o74 October 1930 596,564 Ten months 1931.._.......... 3,752,665 Ten months 1930 .............. 3,936,314 • Includes 99,566 hogs shipped direct lamb and mutton 49.6 percent, lard 45.5 percent, creamery butter 51.0 percent, and cheese 10.3 percent below the five year average. A comparison of United States cold storage holdings as of November 1 and October 1 this year, November 1, 1930, and the November 1 five year average: •Nov. Beef, lbs.·---·-······----Pork, lbs..... _ _ _ _ _ _ Lamb and mutton, lbs•.·-·········· Poultry, lbs_______ 65,690 •4'1'urkeys, lbs ..... _ _ _ _ _ 2,301 Miscellaneous meats, lbs.·--······ 49,109 Lard, lbs ..... _ _ _ _ _ 39,641 Eggs, cases________ 5,740 Eggs, frozen (case equivalent)... 2,710 Butter, creamery, lb.,_____ 56,164 Cheese, all varieties, lbs............. 81 ,86o •subject to revision. ••Included in Poultry. 6o3.679 561,285 617,147 550,004 7,333,450 707,267 8,013,294 to packers' yards. Nov. I Nov. 1 1930 5 Yr. Av. 59,81 ... 6_3,862 430,822 356,8o6 3,882 4,326 64,277 59,269 3,436 3,365 2,75 1 58,077 56,881 72,444 72,801 69,296 36,2u 5,867 7,96o 6,785 2,951 2,810 1,995 114,682 80,152 109,646 91,217 83,426 96,393 (ooo omitted). Oct. 1 1931 35,171 47.f.,887 1,908 56,2 l 5 Bituminous Coal The production of soft coal at mines in the six coal producing states of this District was 15.7 percent larger in October than in September and the largest for any month since January. The output for the month was 20.1 percent below that of last year and 32 percent short of the ten year average October production. In the ten months of the current year soft coal mines in this District and the United States produced 14.3 and 17.2 percent, respectively, less coal than in the corresponding ten months of 1930. The tonnage by states: Colorado.--- ···· Kansas .... Missouri New Mexico Oklahom Wyoming .. Total, six state Total, United State •Estimated. ~ct. 1931 Tons 631,000 218,000 _310,000 136,000 235,000 541,000 Sept. 1931 Tons 598,000 204,000 229,000 111,000 183,000 465,000 Oct. 1930 Tons 881,000 267,000 322,000 191,000 320,000 610,000 2,071,000 3S,74°,000 1,790,000 31,919,000 2,591,000 44,150,000 • • Cement There was a slight increase in the production of finished Portland cement at mills in this District in October as compared to September, but as compared to October, 1930, production declined 16.4 percent. For the seventh consecutive month shipments exceeded production, and stocks at the close of the month were the lowest since November, 1929. OCTOBER MOVEMENT OF LIVESTOCK IN THE TENTH RECEIPTS STOCKEJlS AND FEEDEJlS Calves Hogs Sheep Cattle Calves Hogs 10,621 48,004 •206,474 197,064 20,903 99,370 24,520 192,u9 80,809 372,988 13,042 1,533 123,801 100,859 13,211 1,687 9,534 3,474 44,926 7,776 716 66o, 2 99 4,076 39,659 22,058 8,045 5,946 17,699 13,198 37,243 111,077 71,864 149,670 1 1931 34,491 379,746 1,958 1,377,797 233,o49 1,223,714 154,723 1,151,736 306,013 8,595,804 918,645 8,080,889 1,o37,93o 4 1.495 17,427 51,169 116,396 148,904 DISTRICT PURCHASED FOil SLAUGHT.Ell Sheep 45,401 184,049 31,197 409,430 Cattle 68,678 6o,875 29,2!!6 Calves 14,962 11,478 II,JII 1,849 6,441 . 2,137 8,735 8,838 14,557 670,077 187,723 182,444 8,232 566,430 214,281 8,033 557,220 9..,,198 2,118,194 1,832,979 110,317 1,685,285 1,¢.2 ,¢7 5,32 5 Hogs •169,393 121,531 80,631 28,676 16,796 33,743 Sheep IIS,812 166,205 86,918 4 1 ,904 4,362 4,354 42,192 422,565 45°,77° 40,020 414,803 445,907 445,111 41 1 ,099 57,0# 337,009 5,393,030 4,247,7o6 . 404,57° 5,718,056 4,58-5,694 THE MONTHLY REVIEW Production, shipments, and stocks of Portland cement at mills in the Tenth District and the United States in thousands of barrels: TENTH DISTIUCT Prod'n Shipments Oct. 1931.._.• Sept. 1931 •. _. Oct. 1930...... 10 Mos. 1931 10 Mos. 1930 912 872 1,091 9,976 13,336 Stocks 1,o66 1,110 1,174 10,650 13,1~ 1,693 1,846 2,o66 UNITED STATES Shipments Stocks 10,762 12,36o 21,138 12,092 13,671 22,736 14,410 20,697 15,599 110,435 n5,167 141,327 144,272 Prod'n Cement mills in the United States produced at the rate of 47.4 percent of capacity in October as compared to 65.4 percent last year. Shipments exceeded production and month-end stocks were the lowest since October, 1930. Zinc and Lead Reports from the zinc and lead mines in Oklahoma, Kansas, and Missouri showed shipments of zinc ore and lead ore during the four weeks ended October 31 were somewhat smaller than in the preceding four weeks ended October 3 both in tonnage and value. Compared to the corresponding four weeks last year, shipments of zinc ore declined 56.1 percent and of lead ore 62.4 percent, with values declining 69.8 and 74.3 percent, respectively. The record of shipments and their value, follows: ZINC Oklahoma. ___ ····-··· - - Kansas _ _ _ _ _ __ Missour... · _ _ _ _ __ Tons 10,869 3,278 453 4 weeks ended Oct. 31, 1931 14,6oo 4 weeks ended Oct. 3, 1931 17,979 4 weeks ended Nov. 1, 1930 33,272 44 weeks ended Oct. 31, 1931 201,526 44 weeks ended Nov. 1, 1930 382,912 OllE Value t, t, 209,951 63,97 1 8,210 282,132 413,517 934,898 4,7° 2,953 12,611,343 LEAD .ORE Tons Value '$ 26,655 654 1 4, 2 55 336 228 8,690 1,218 2,433 3,236 24,108 39,778 1, 49,6oo 121,650 192,214 1,090,564 2,638,308 Lead ore declined '$2 per ton in October, closing at $18 per ton as against '$2.6 per ton last year. Zinc ore declined $10 per ton during the month, but recovered $5 per ton the closing week of the month to close at $40 per ton as compared to $67.50 one year _earlier. .. . 7 Petroleum Total daily average crude oil production for the five oil producing states of the District increased 33 percent in October as compared to September but declined I 8.3 percent as compared to October, 1930. On October 10 Oklahoma oil fields, which had been shut down since August 4, were reopened on a restricted production basis. The daily average production of wells in that state increased from 251,550 barrels per day, for the week preceding the reopening, to 505,600 barrels per day the week following reopening, according to estimates of the American Petroleum Institute. Gross production of crude oil in the five states for the ten months this year totaled 204,294,000 barrels compared to 245,737,000 barrels produced in the like period last year. The gross and daily average crude oil production in each of the five states and the United States: GROSS PRODUCTION 40ct. 1931 Sept. 1930 Barrels Barrels Oklahoma .................................... 13,131,ocx, 8,393,ocx, Kansas .. _ _ __ 3,222,ocx, 2,926,ocx, Wyoming _ _ _ _ _ __ 1,182,ocx, 1,116,ocx, 139,ocx, l 12,0CX> Colorado--······ · · · · · - - - New Mexico. _ _ __ I ,326,ocx, I ,286,0CX> Total, five states·--····················· 19,ocx,,ocx, 13,83.3,ocx, Total, United State.. . _ _ _ 72,328,ocx, 63,636,ocx, DAILY AVERAGE PRODUCTION · *Oct. 1931 Sept. 1930 Barrels Barrels 423,600 280,0CX> Oklahoma·--································· Kansas ...... _................................. . 104,0CX> 97,000 Wyoming..................................... . 38,100 37,ocx, 4,500 4,0CX> Colorado.---································· 42,800 43,000 New Mexico·---··························· Total, five states..·-····················· 613,000 Total, United States 2,333,ocx, *Estimated, American Petroleum Institute. 461,ocx, 2,121,ocx, Oct. 1930 Barrels 16,8 54,0CX> 3,454,0CX> r,539,ooo 135,0CX> 1,260,ocx, 23,242,0CX> 72,696,0CX> Oct. 1930 Barrels 544,ooo lll 10CX> 50,0CX> 4,0CX> 41,000 750,000 2,345,000 Crude oil prices were practically unchanged during October. On November 2, posted prices for crude oil produced in the mid-continent area were advanced I 5 cents per barrel with oil testing 40 degrees gravity and over quoted at 85 cents per barrel, and oil below 29 degrees at 61 cents per barrel. These prices compare with the record low prices of 22 and 15 cents per barrel, respectively, that were in effect the forepart of July. Business Conditions in the United States By the Federal Reserve Board Production and employment in manufacturing industries declined further in October, while output of minerals increased more than is usual at this season. There was a considerable decrease in the demand for reserve bank credit after the middle of October, reflecting a reduction in member bank reserve balances and in November an inflow of gold, largely from Japan. Conditions in the money market became somewhat easier. PRODUCTION AND EMPLOYMENT: Total output of manufactures and minerals, as measured by the Board's seasonally adjusted index of industrial production, declined from 76 percent of the 1923-1925 average in September to 74 percent in October. Output of steel remained unchanged at 28 percent of capacity in October, although it usually shows an increase for that month. In the first half of November activity at steel mills increased somewhat. Automobile production declined sharply in October. Production of shoes and woolens decreased and cotton mill activity showed little change, although an increase is usual at this season. Output of bituminous coal increased seasonally, and there were large increases in the output of anthracite coal and petroleum. Volume of factory employment declined substantially from the middle of September to the middle of October. At woolen mills, where an increase in employment is usual at this season, there was a krge decrease. In the automobile and shoe industries reductions in employment were considerably larger than usual, while in the canning industry the decline was wholly of a seasonal character. In the silk goods and hosiery industries employment increased by more than the usual seasonal amount. The November cotton crop estimate of the Department of Agricu!ture was 16,903,000 bales, 600,000 bales larger than the October estimate and 3,000,000 bales larger than last year in spite of a reduction in acreage. Data on the value of building contracts awarded in the period between September I and November I 5, as reported I THE MONTHLY REVIEW PER CENT PER CENT _O_D~U-C _T _I_O_N_---,-_ _ ___, 140 140 .---------,----IN-DU-ST~R-l_A_L_P_R PERCENT PERCE~T 120 120 FACTORY EMPLOYMENT 110 110 too 100 90 90 80 60 70 70 80 t----- - - + - - - - - - + - - - - - - 1 f - - - 60 "'~-;;;:~--'----:-::-::-::--..L.....----:-~----1---:::-::--:--' -- 1927 1928 1929 1930 - ~...__,J 1931 60 60 1927 1928 1929 1930 60 1931 Index number oi industrial production, adjusted for seasonal variatio~. (!923-1925 average=100.) Latest figure, October, 74. Federal Reserve Board's index of factory employment with adjustment for seasonal variation. (1923-1925 average-100.) Latest figure, October, 70.3. by the F. W. Dodge Corporation, showed a continuation of the downward movement. In this period value of contracts was 29 percent smaller than in the corresponding period of 1930, reflecting smaller volume of construction and somewhat lower building costs. · DISTRIBUTION :·~ :Total volume of freight-car loadings remained unchanged in October while loadings of merchandise decreased. Department store sales increased by somewhat more than the usual seasonal amount. WHOLESALE PRICES: The general level of wholesale prices declined from 69 percent of the 1926 average in September to 68.4 percent in October according to the Bureau of Labor Statistics. Prices of grains, cotton, and silver, after showing a rapid rise beginning early in October, declined considerably, but in the third week of November were still above their October low points. Prices of hides and petroleum were also higher in the middle of November than in early October. During this period the prices of livestock and meats declined rapidly, reflecting, in part, developments of a seasonal character. BANK CREDIT: Reserve bank credit, which had increased rapidly between the middle of September and the third week of October, declined by $265,000,000 during the following four weeks. This decline reflected a large reduction in member bank and other balances at the reserve banks and also an inflow of gold, chiefly from Japan. Demand for currency, which had been on a large scale during September and the first three weeks of October, showed relatively small fluctuations after that time and in the second week of November declined by somewhat more than the seasonal amount. Loans and investments of member banks in leading cities continued to decline during recent weeks and on November 18 the total volume was $500,000,000 smaller than five weeks earlier. This decrease reflected substantial reductions in loans on securities and in other loans, as well as in the banks' holding;i of investments. At the same time deposits of these banks also declined with a consequent reduction in the reserve balances which they were required to hold with the reserve banks. Money rates in the open market, which had advanced sharply during October, declined somewhat early in November. Rates on prime commercial paper declined from a range of 4-4¼ percent to a range of 3¾'-4 percent and rates on bankers' acceptances from 3¼ to 2.¼ percent. PER CENT 7 PER CENT 7 MONEY RATES IN NEW YORK 6 BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 MEMBER BANK CREDIT 9 9 8 8 7 7 6 6 5 5 4 3 3 '2 2 Commerdol P.,- per /?ale lieserYe Bani< Oiicou,7/ f?ule --- Accepfance Rafe ....1 0 0 1927 1928 1929 1930 1931 Monthly rates in the open market in New York: Commercial paper rate on 6 month paper. Acceptance rate on 90-day bankers' acceptances. Latest figures are averages of first twenty-one days in November. 4 to 5 5 1927 1928 1929 1930 1931 Monthly averages of weekly figures for reporting member banks in leading cities. Latest figures are averages of first t ~ weeka in November.
@FedFRASER