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 Vol. RESERVE BANK OF KANSAS CITY No. 21 ROP production m the District during 1935, although generally below the 1928 to 1932 average, was consiclerably above the short production of 1934, and the farm value of this season's crops was nearly 30 per cent greater than the farm value of crops harvested in the District in 1934, despite prevailing lower price levels. Rental and benefit payments to farmers were smaller than in 1934, but income from crop production in the United States was estimated to exceed income in 1934 by nearly 12 per cent. The ratio of prices received by farmers to prices paid for commodities bought advanced one point from November I 5 to December 15 to 90 per cent of the pre-war level as compared to 80 per cent on December 15, 1934. Late December and early January snows were beneficial to winter wheat, the seeded acreage of which was somewhat above the average in the District, hut additional moisture was needed in the western and northern sections of the District. Marketings of oats and barley exceeded the average volume during 1935, but marketings of wheat, corn, rye, and kafir were below average in volume, although receipts of wheat and rye were heavier than in 1934. Farm stocks of oats on January 1, 1936, were above the average holdings, but reserves of wheat and corn were at low levels. Live stock marketings during 1935 were below marketings in 1934, which were increased by drought liquidations and Government purchases, and were generally below the average volume. This was particularly true of marketings of hogs. Live stock returns were better than in 1934 and values were at the highest levels in five years. Somewhat larger than aver- C age feed supplies per animal unit were indicated for the 19351936 season and there was an increase in the number of cattle and sheep in the District on feed for market as compared to the number on feed January 1, 193 5. There was a prospective increa.se of nearly 30 per cent in the number of sows to farrow in the District in the spring of 1936 over farrowings in 1935. \Vinter ranges, cattle, and sheep continued in good condition. Debits by banks to individual accounts were 11.3 per cent greater in 1935 than in 1934 and savings deposits recorded an increase of 5.9 per cent during the year. Business failures continued at a low level. The dollar volume of department store sales increased 5.9 per cent over 1934 and was the highest since 1931. Wholesalers' sales recorded a gain of 1.2 per cent during the year. Sales of lumber in board feet were 24.6 per cent larger than in 1934-, and building activity in the District, although still at a low level, showed improvement throughout the year. Flour production was smaller than in 1934 and was about 8 per cent below the average production. Meat packing establishments operated on a reduced scale as compared to 1934, although commercial slaughter was above the average volume 2 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Percentages oflncrease, or Decrease(-), for December 1935 over November 1935 and December 1934 and for the Year 1935 over the Year 1934. December 1935 compared to Banking Nov. 1935 D ec. 1934 Payments by check, 29 cities.................. 1.3 12.5 F. R. Bank check collections.................. 8. 5 I 5.9 Loans, 52 member banks.--····················· 3.0 10.5 Investments, 52 member banks............. - 2.5 1.2 Adjusted dem. deps., 52 member banks 0.1 17.9 Time deposits, 52 member banks..·-······· - o. 8 3.1 Savings deposits, 45 selected banks._.... - 0.7 5.9 Savings accounts, 45 selected banks...... 0.9 1.2 Distribution Wholesalers' sales, 5 lines combined ...... - 9.6 7.8 Retailers' sales, 32 department stores ... . 56.0 3.3 L?m?er sales, I 55. retail yards ................ -21.1 43.3 I.I 27.8 Life msurance, wntten·-·········· ······· ........ . Construction 176.1 Building contracts awarded, value....·-··· 36.0 I l I.I Residential contracts awarded, value .... 590.1 267.8 Building permits in 17 cities, value....... . 101.4 Production Flour........................................................... . -13.6 - 13.7 Crude petroleum._.................................... . -- 1.3 5.5 Soft coal..................................................... . - o.8 1.4 Zinc ore (shipped) Tri-State district..... . 5.6 4o.5 Lead ore (shipped) Tri-State district... . 114.4 26.3 19·9 Cement._ .............................................. ...... . Grain receipts, 5 markets 16.2 Wheat·--····· ············································ ... -22.1 1 5•7 132.8 Corn............................................................ 8.6 Oats···--······················································· -31.8 Live stock receipts, 6 markets Cattle.......................................·-················ _ 13 _1 7.0 - 3.7 Calves·-······················································· -19.2 -4o.9 Hogs............................................................ .37.6 40.1 Sheep ...........·-············································ - 4·4 -23.2 Horses a nd mules .......................... ........... . -11.7 Meat p:i.cking, 6 markets Cattle ........................................................ . - 14.4 -23.0 Calves·--················ ................................... . Hogs ........................................................... . -38.8 Sheep ........ ................................... .............. . 43.o Stocker and feeder shipments, 4 markets II8.l Cattle .......................................................... Calves·-··········· ............ ............................... . l 17.5 -32.8 Hogs.................... ································-···· 48.0 Sheep...........·- ············································ Year 1935 compared to Year 1934 11.3 10.3 I.2 5.9 24.6 -6.6 27.1 83.5 87.3 - 0.2 7.0 13.1 26.7 45• 1 4.5 2.I -44.5 108.7 -29.8 -37.3 -56.0 -10.8 - 6.9 -34.l -38.6 -57.4 -12.8 - 4.6 12.7 -43.5 - 1.9 with the exception of hog slaughter. The production of crude petroleum in 1935 exceeded production in 1934 by 7 per cent and was the highest since 1930. Bituminous coal production increased 13.1 per cent to the highest level in four years. The tonnage and value of zinc and lead shipments were the largest since 1930. This Copy Released For Publication In Afternoon Newspapers, January 30. THE MONTHLY REVIEW Financial MEMBER BANK OPERATIONS: Loans and discounts at fifty-two reporting member banks in the District increased 3 per cent from December 4 to December 3r and were 10.5 per cent larger than on January 2, 1935. Investment holdings declined 2.5 per cent during the four-week period but were slightly larger than a year ago, reflecting an increase in holdings of obligations fully guaranteed by the United States Government as holdings of United States Government securities and other securities declined. Adjusted demand deposits increased fractionally from December 4 to December JI and were 17.9 per cent larger than on January 2, 1935. Time deposits and inter-bank deposits declined slightly in four weeks but increased 3.1 and 17.1 per cent, respectively, during the year. United States Government deposits were substantially larger than four weeks earlier but were 42.7 per cent smaller than fifty-two weeks earlier. The principal resource and liability items of the consolidated weekly condition statements of the fifty-two reporting banks, for the three dates of comparison: Loans and investments-total.. Loans and discounts-total._ __ Secured by stocks and bonds All other loans and discounts lnveRtmen ts-totaL-................. U. S. securities direcL-......... Obligations fully guaranteed by the U. S. Government.. Other securities·-······-··-········· Reserve with F. R. Bank.... - .... Demand deposits-adjusted ...... Time deposits.............................. U.S. Government deposits·-····· Inter-bank deposits: Domestic banks·---················· Foreign banks...... Dec. 31, 1935 $624,118,000 227,899,000 47,837,000 I 80,062,000 396,219,000 23 2,393,000 Dec. 4, 1935 1,627,656,000 221,291,000 47, 243,000 174,048,000 406,365,000 240,356,000 Jan. 2, 1935 $597,856,000 206,301,000 55,623,000 I 50,678,000 391,555,000 255,098,000 46,742,000 51,169,000 117,084,000 104,502,000 15,614,000 14,840,000 107,035,000 446,873,000 145,685,000 8,485,000 358,203,000 364,900,000 3°5,995,000 188,000 123,000 81,000 447,173,000 144,557,000 I I 15,763,000 20,694,000 91,075,000 379,394,ooo 140,181,000 27,227,000 RESERVE BANK OPERATIONS: Bills discounted, although showing an increase over a year ago, continued at a low level, and the small holdings of bills purchased declined during the year. Industrial advances were relatively unchanged between December 4 and December JI but were substantially larger than on January 2, 1935. Holdings of United States Government securities increased fractionally in four weeks and 16.2 per cent in fifty-two weeks. Federal reserve note circulation increased slightly from December 4 to December 31 and was 20.6 per cent greater than on January 2, 1935. Member banks' reserve deposits declined 1.5 per cent during the four weeks but increased 7.8 per cent during the year. The principal resource and liability items of the weekly condition statements of the Federal Reserve Bank of Kansas City and branches, for the three dates of comparison: Dec. 31, 1935 $209,022,402 618,744 128,133 1,145,690 107,344,200 109,417,767 358,126,6o4 141,690,210 Dec. 4, 1935 $211,640,515 631,343 126,194 1,145,155 106,844,200 108,927,892 Jan. 2, 1935 Total reserves .....·-················-···· $192,744,618 Bills discounted. __······················· 129,567 Bills purchased.·-························ I 54,015 Industrial advances.................... 433,292 U. S. securities............................ 92,344,250 Total bills and securities............ 93,061,124 Total resources ........... ·-·············· 356,447,793 321,077,228 F. R. notes in circulation ...... -.. 140,u2,210 u7,524,175 Member banks' reserve deposits 168,793,055 171,346,844 156,583,963 The discount rate of the Federal Reserve Bank of Kansas City, on all classes of paper and all maturities, remains unchanged at 2 per cent. RESERVE BANK CHECK COLLECTIONS: The dollar volume of check collections through this bank and branches was 8.5 per cent greater in December than in the preceding month and I 5.9 per cent greater than in December, 1934. The number of checks handled increased 11.9 per cent in December and was 12.2 per cent larger than in the corresponding month a year ago. The dollar volume and the num her of items increased 10.3 and 4.5 per cent, respectively, during 1935 as compared to 1934 and were at the highest level since 1930. Check collections through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City: AMOUNT ITEMS 1 935 December·-······· November_··-·· Year............- .... 6,163,231 5,507,842 64,780,383 1934 5,494,616 5,196,236 61,974,766 1935 $ 926,194,000 853,340,000 10,203,367,000 1934 '$ 799,095,ooo 77 2,795,000 9,247,760,000 BANK DEBITS: Debits by banks to individual accounts in twenty-nine reporting cities in the District increased slightly during the four weeks ended January 1, 1936, and were 12.5 per cent greater than during the corresponding four-week period ended January 2, 1935. The total for the year 1935 was 11.3 per cent above the total for 1934 and exceeded the 1933 total by 28.5 per cent. PAYMENTS BY CHECK FIFTY-TWO WEEKS ENDED Jan. 1, 1936 Jan. 2, 1935 Albuquerque, N. M .... -............... $ 125,264,000 $ 104,464,000 Atchison, Kans. 39,722,000 35,672,000 263,861,000 2 5I ,980,000 Bartlesville, Okla.·-····················· 58,061,000 48,923,000 Casper, Wyo·--·········-··········-···· 82,638,oco 69,504,000 Cheyenne, Wyo ... ····-··-·······-···· 134,014,000 Colorado Springs, Colo.·-··········· I 54,254,000 Denver, Colo............................... J ,692,289,000 1,471,668,000 Enid, Okla................................... 107,151,000 112,796,000 Fremont, Nebr.. _......................... 26,614,000 28,515,000 Grand Junction, Colo ................. 24,020,000 30,313,000 Guthrie, Okla. 18,838,000 15,981,000 Hutchinson, Kans ... 136,427,000 147,895,ooo 25,974,000 50,612,000 Independence, Kans·--···--·--···· Joplin, Mo ..... 86,240,000 99,252,000 120,298,000 133,717,000 Kansas City, Kans·---·············· 3,374,161,000 Kansas City, Mo.·-····················· 3, 104,337,000 Lawrence, Kans. 38,598,000 35,488,000 301,180,000 274,507,000 Lincoln, Nebr.·--···-···················· 84,029,000 79,218,000 Muskogee, Okla........ ·-····--········ Oklahoma City, Okla·--·-- ····· 99 2,964,ooo 849,431,000 32,280,000 28,572,000 Okmulgee, Okla....·--··-··-········ Omaha, Nebr... 1,563,175,000 I ,443, 784,000 Pittsburg, Kans ..... _...·······-········ 40,578,000 37,343,000 168,491,000 166,597,000 Pueblo, C-0lo.. -··············-············· Salina, Kans ......... 87,155,000 97,35°,000 317,642,000 St. Joseph, Mo.·-····················· .... 3 10,999,000 168,449,000 179,299,000 Topeka, Kans.·--·······-················ Tulsa, Okla .. _........... I ,223,936,000 1,027,570,000 4 l 5,664,000 Wichita, Kans ..........·-················ 493,630,000 Total 29 cities, Total 29 cities, U. S. 270 cities, U. S. 270 cities, 52 weeks ....... -. $ II ,920,702,000 $ 10,712,682,000 4 weeks .......... 862,655,000 97°,427,000 52 weeks .......... 402,010,654,000 355,566,5o9,ooo 4 weeks_ ........ 34,106,171,000 29,448,195,000 Per cent Change 19·9 II.4 4.7 18.7 18.9 I 5.1 15.0 5.3 7.1 26.2 17•9 8.4 -48.7 I 5.1 II.2 8.7 8.8 9.7 6.1 16.9 13.0 8.3 8.7 I.I 11.7 2.1 6.4 19.1 18.8 II.3 12.5 13.1 15.8 SAVINGS: Savings deposits at forty-five selected banks in leading cities of the District declined as usual during December but were 5.9 per cent greater than on January I, 1935. The number of depositors showed a slight increase during December and an increase of 1.2 per cent during the year. Savings accounts and savings deposits reported by the forty-five banks: January 1, 1936·---···········-···················· December 1, 1935·-·······-····-·-············· January I, 1935,----··-······---···· Savings Accounts 404,217 400,712 399,539 Savings Deposits $124,394,028 125,230,346 u7,417,362 3 THE MONTHLY REVIEW Stores Reporting Kansas Ci ty.... 4 Denver.............. 4 Oklahoma Ci t y 3 Tulsa ................ 3 Wichita ........ .... 3 Other cities ...... I 5 RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT SALES STOCKS (RETAIL) AccouNTS RECEIVABLE AMOUNTS COLLECTED Dec. 1935 Year 1935 Dec. 31, 1935 STOCK TURNOVER Dec. 31, 1935 December 1935 compared to compared to compared to December Year compared to compared to Dec. 1934 Year 1934 Nov. 30, 1935 Dec.31,1934 1935 1934 1935 1934 Nov.30,1935 Dec.31,1934 Nov. 1935 Dec. 1934 9·4 10.7 -22.I - 7•4 •53 •45 3.78 2.91 26.4 13.9 -12.. 9 9.1 2.2 6.3 -'20.0 13.9 .51 .55 3.83 3.72 23.3 6.7 0.3 12.l 1.4 1.6 -25.1 5.6 .56 .58 4.46 4.42 8.o 4.4 - 9.2 5.7 1.3 4.0 -26.4 13.1 .57 .64 4.48 4.48 20.0 6.9 - 3.6 14.5 1.8 8.8 -17.2 10.1 ,41 .44 3.45 3.47 11.7 3.7 Even 15.6 1,2 3,1 -19.I 0,I ,42 .42 3,14 3.09 15.4 3.1 3,1 7.0 TotaL·-··········· 32 3.3 5.9 -21.2 3.7 .49 .49 3.72 3.44 NOTE: Percentage of collections in December on open accounts November 30, all stores reporting 46.1. Trade RETAIL: Retail distribution, as reflected by the dollar volume of sales at thirty-two reporting department stores in leading cities of the District, showed about the normal seasonal increase from November to December and was 3.3 per cent above the sales volume in December, 1934. Sales during 1935 exceeded the total in 1934 by 5.9 per cent and were at the highest level since 1931. Month-end stocks declined by about the usual seasonal amount from November 30 to December 31 but were 3.7 per cent above inventories of December 31, 1934. Collections on open accounts during December averaged 46.1 per cent of amounts receivable at the close of the preceding month as compared to 48.3 per cent in November and 46.2. per cent in December, 1934. Installment collections averaged 15.9 per cent in December, 16.6 per cent in November, and 15.5 per cent in December, 1934. According to preliminary estimates of the Bureau of Foreign and Domestic Commerce, daily average sales of general merchandise in small towns and rural areas in the United States for the year 1935 were about 19 per cent higher in dollar volume than in 1934 and were the highest for any year since 192.9. Daily average sales of variety stores and chain grocery stores were about 1 and 4 per cent, respectively, above 1934 and wete the highest since 1931. WHOLESALE: Wholesale distribution, as reflected by the combined dollar volume of five representative lines reporting to this bank, increased 7.8 per cent as compared to December, 1934. The D ecember sales volume declined 9.6 per cent, or somewhat more than the usual seasonal amount, from November. Sales during the year were 1.2. per cent greater than in 1934. Sales of dry goods, groceries, and furniture declined from November to December, but sales of hardware and drugs increased, and all lines except dry goods recorded increases over December, 1934. During the year, sales of hardware increased 3.1, furniture 18.5, and drugs 4 per cent, but sales of dry goods and groceries declined 8.7 and 0.7 per cent, respectively. Stocks of merchandise of the five lines combined declined 6.7 per cent from November 30 to December 31 but were 3.8 per cent larger than on December 31, 1934. Stocks of dry goods, groceries, furniture, and drugs declined during December, while stocks of hardware increased. Inventories of hardware, Stores Report· ing Dry goods .................. -.. 5 Groceries __ ........ ............ 5 Hardware·--·········-········ 8 Furniture.........·-·····-····· 4 Drugs.·--··············-···· 6 19.0 6.7 - 3.5 Collections same month last year 46.2. 9.9 furniture, and drugs were larger than one year earlier, but inventories of dry goods and groceries were smaller. Life Insurance Sales of new-.paid-for ordinary life insurance in the seven states whose areas or parts thereof comprise the District increased_from November to December and were slightly above sales in... December, 1934. Sales for the year 1935 declined 6.6 per cent as compared to 1934. Life insurance sales reported to the Life Insurance Sales Research Bureau by companies representing 90 per cent of the total legal reserve ordinary life insurance outstanding in the United States, thousands omitted: Colorado.__......... Kansas ................ Missouri. ..... ·-······ Nebraska ............ New Mexico._ ..... Oklahoma·---····· Wyoming_ .......... Seven states._..... United States... _. Dec. 1935 Nov. 1935 Dec. 1934 Year 1935 Year 1934 '/, 5,962 '/, 3,985 '/, 5,188 '/, 52,256 '/, 57,01 5 60,858 5,821 64,393 5,041 5,993 199,444 176,r24 16,584 13,156 I 5,437 4,204 52,372 5,198 51 ,353 4,537 920 8,589 8,379 777 7 19 65,888 66,647 5,185 7,739 7,9 19 1,u6 8,737 9,467 741 797 '/, 42,222 575,6oo '/, 33,031 494,705 '/, 41,766 '/, 425,954 '/, 455,968 589,845 6,181,255 6,182,765 Lumber Retail lumber sales at 155 reporting yards in the District declined_during December by less than the usual seasonal amount and were 43.3 per cent greater in board feet than in December, 1934. Sales for the year exceeded the 1934 total by 2.4.6 per cent. Dollar sales of all materials were smaller than in November but were larger than in December, 1934. Stocks of lumber increased 3.4 per cent from November 30 to December 31 and were 12..8 per cent above stocks on hand one year earlier. Collections during December averaged 41.6 per cent of amounts outstanding at the close of the preceding month as compared _to a ratio of 40.8 per cent in November and 35.5 per cent in December, 1934. December business at the 155 reporting yards: December 1935 compared to November 1935 December 1934 Sales of lumber, board feet ............._................. -21.1 43.3 Sales of all materials, dollars .........- ................. -20.6 29.6 Stocks of lumber, board feeL-···-·-······-··-···· 3.4 12.8 Outstandings, end of month .. ·-··········----·-12.1 28.3 According to reports of the National Lumber Manufacturers Association, lumber production in the United States during WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OUTSTANDINGS A.MOUNTS COLLECTED Dec. 1935 Dec. 31, 1935 Dec. 1935 compared to compared to compared to ov. 1935 Dec. 1934 Nov. 30, 1935 Dec. 31, 1934 Nov. 1935 Dec. 1934 -34.0 - 6.7 -23.0 - 1.6 12.6 - 2.3 - 9.7 6.o - 13.4 3.5 - 1.3 10.8 0.7 12.5 - 5.9 4.0 14,2 13.5 - 17.6 4.3 -14.4 15.4 14.2 '22.2 0.7 14.0 -n.6 11,1 17.9 16.3 STOCKS Dec. 31, 1935 compared to Nov. 30, 1935 Dec. 31, 1934 - 7.9 - 6.3 -10.1 - o.8 3.1 5.6 - 6.1 27.'l -15.1 10.!l THE MONTHLY REVIEW 4 1935 exceeded production in 1934 by about 2.5 per cent. Lumber shipments during the year were I per cent above production and were 2.9 per cent above shipments during 1934. Orders booked in 1935 were 3 per cent above production and were 31 per cent above orders booked in 1934. Building The value of total building contracts awarded and of residential contracts awarded in the Tenth District, according to statistics of the F. W. Dodge Corporation, increased from November to December and was substantially above the value of awards in December, :.934, with residential awards showing relatively greater improvement. The value of total building contracts awarded during 1935 was 2.7.1 per cent, and of residential contracts awarded 83. 5 per cent, larger than in 1934 and awards, although representing only about half the average volume during the past eight years, were at the highest level since 1931. The value of construction contracts awarded, as reported by the F. W. Dodge Corporation: TOTAL BUILDL G CO TRACTS AWARDED TENTH DISTRICT UNITED STATES 1935 1934 1935 1934 Derember._....... f,15,071,942 f, 5,458,156 '/, 264,136,500 '/, 92,723,700 November........ II,079,025 4,958,079 188,II 5,000 I n,740,800 Year.................. 89,845,w1 70,693,799 1,845,207,800 1,545,762,300 RESIDENTIAL CONTRACTS AWARDED TENTH D.tSTRICT UNITED STATES 1934 1935 1935 1934 '/, 45,140,100 '/, 14,550,500 '/, 380,998 December·-······· '/, 2,629,300 November........ 1,245,541 668,791 39,695,200 19,924,700 Year.................. 18,374,958 10,013,324 4·,8,895,800 249,070,900 The number of permits issued by building departments in seventeen Tenth District cities declined during December, but the estimated cost of construction increased, and both permits and expenditures were above December, 1934. Permits and expenditures during I935, although still at a low level, increased as compared to 1934 and were the highest since 1931. BUILDING PERMITS IN TENTH PERMITS 1934 1935 803 650 Albuquerque, N. M.·----········ Cheyenne, Wyo ....................... 464 3°7 288 386 Colorado Springs, Colo.·-··-···· Denver, Colo........................... 3,632 2,950 168 133 Joplin, Mo ............................... 366 Kansas City, Kans ....·-·····-···· 337 2,143 2,552 Kansas City, Mo.·-·····-··--······ 1,161 Lincoln, Nebr.·-············--····-·-·_ 1,371 Oklahoma City, Okla. ___ ........ 1,065 1,484 868 Omaha, Nebr•................ _........ 1,156 Pueblo, Colo.. -......................... 543 475 161 Salina, Kans. 106 Shawnee, Okla..................---··· 123 154 222 St. Joseph, Mo.. _..................... 191 Topeka, Kans 632 435 Tulsa, Okl 967 757 1,867 Wichita, Kans. _____ ···--·---······-· 807 Total 17 cities, year...·-·--··-···· Total 17 cities, December_.__ Total 17 cities, November____ 16,928 923 1,124 12,796 793 1,052 DISTRICT CITIES ESTIMATED CosT 1 935 1934 '/, 775,02 5 '/, 675,577 <yn,617 172,851 559,468 373,444 2,236,495 5,065,836 282,690 87,385 1,9 20,547 264,030 1,823,700 4,467,100 482,686 93 1,349 1,757,106 3,285,94 1 1,952,432 1,634,375 165,677 .:- "· 298,894 145,039 90,265 331,418 . ~:. l 129,873 ,~ -·~t 315,510 426,250 971,630 3°3,290 971,696 .d.--.. 1,572,230 1,251,181 686,905 Flour production at the principal milling centers of the District, as estimated from the weekly reports of southwestern mills to the Northwestern Miller: Der. 1935 Nov. 1935 Barrels Barrels Atchison ................ l 14,241 92,488 514,01 l 464,196 Kansas City..·-····Salina.................... 132,747 159,205 \Vichi ta...-............. 109,382 II7,355 Outside.......... ........ 907,859 753,071 $12,987,231 775,778 1,237,817 --- TotaL................... 1,559,857 1,804,698 1,808,351 22,456,074 22,501,682 *United States.__ . 4,770,847 5,587,065 5,on,004 62,287,460 64,256,908 *Represents about 60 per rent of the total output in the United States. An advance in wheat prices during December, with a subsequent increase in flour prices, stimulated some demand for flour, but flour buying was otherwise inactive during the month, reflecting a dull holiday and pre-inventory demand and the unwillingness of buyers to accumulate stocks pending the processing tax decision. Prices of bran advanced during the month with an improvement in demand and limited offerings, but prices of shorts declined. Grain Marketing Receipts of wheat, oats, rye, and barley at the five principal markets of the District during 1935 were heavier than in 1934, but receipts of corn and kafir declined. Marketings of oats and barley during the year were 16.9 and 2.I.I per cent, respectively, above the ten-year average, but marketings of wheat were 41.8, corn 46.2., rye 2.8.6, and kafir 81.9 per cent below the average. Receipts of grain at the five markets: Hutchinson ... Kansas City.. Omaha .......... St. Joseph ... _. Wichita·-······· Wheat Corn Oats Bushels Bushels Bushels 13,6o2,6oo 27,500 7,500 49,700,800 18,054,000 3,806,000 16,488,680 7,619,910 7,688,000 6,864,000 3,361,500 4,760,000 15,807,000 237,900 93,000 Year 1935 ...-. Year 1934..._. Year 1933·--· Year 1932. __ . Year 1931.__. Dec. 1935...... Nov. 1935·-··· Dec. 1934...... 102,463,080 29,300,810 16,354,500 100,363,603 52,815,200 7,838,000 96,091,750 50,050,750 10,695,300 167,335,250 17,855,450 7,649,000 278,511,800 46,582,750 9,163,600 3,768,550 5,133,500 867,000 4,835,221 4,435,400 1,271,000 3,244,303 2,205,150 798,500 Rye Barley Bushels Bushels 1,200 3,750 322,500 747,200 491,400 2,260,800 28,500 127,750 Kafir Bushels II4,400 5,200 33,800 635,6oo 13,500 843,600 3,144,700 797,300 515,300 532,050 1,382,800 866,300 961,600 1,664,000 36o,400 833,600 2,559,800 269,600 1,654,200 2,465,600 47,400 341,850 91,900 71,200 425,250 74,000 4,500 33,600 65,300 Prices of wheat, corn, oats, and rye recorded net increases during December, with barley unchanged and kafir slightly lower. Increased crop production during 1935 resulted in materially lower prices for all grains except wheat as compared to December 31, 1934. Cash grain prices at Kansas City: . $24,323,281 2 ,853, 134 1,416,389 Dec. 1934 Year 1935 Year 1934 Barrels Barrels Barrels 103,944 1,353, 274 l,4o4,833 457,75° 6,070,468 5,856,752 137,49o 1,854,485 1,767,016 173,474 1,893,090 1,799,057 935.693 11,284,757 n,674,024 No. No. No. No. No. No. Jan. 15 Dec. 31 Nov. 30 Dec. 31 Dec. 30 Dec. 31 1932 1936 1935 1935 1934 1933 1 hard,dk.wheat,bu. $1.08 $1.08½ '/,1.04½ '/,1.01¼ $ .79¼ '/, .40 2 mixed corn, bu ..... .21½ .61 .61¼ .58 .43!~ .95 2 white oats, bu ....... .16½ .29½ .29 .28,H' .36½ .59½ 2 rye, bu ............. ...._ .31½ .87 ·52 .53 .52 .55 .23 .48 .48 .48 2 barley, bu.·--····-····43 ·90 2 white kafir, cwt ..... 2.06 1.18 1.14 1.15 .41 .73 Flour Milling Agriculture Flour mill operations in the District averaged 50 per cent of full-time capacity during December as compared to 57.8 per cent in November and 60 per cent in December, 1934, and production declined somewhat more than seasonally from November and 13.7 per cent from December, 1934. Mill operations during 1935 averaged 6o per cent of full-time capacity as compared to 60.5 per cent in 1934, and production for the year was slightly below that of 1934 and about 8 per cent below the ten-year average. Late Decem her and early January snows over the greater part of the District were beneficial for winter wheat, but the heaviest precipitation occurred mostly in those areas where subsoil moisture already was sufficient for present needs, and additional moisture was needed in the northern and western portions of the District. There was little change in the condition of winter wheat during December as much of the crop was reported in the dormant stage. Winter wheat was furnishing only limited pasture in many areas. 5 THE MONTHLY REVIEW Crop production in the District during 1935 was considerably greater than the short production of 1934, but was generally below the five-year, 1928-1932, average production. An increase in harvested acreage, a lower percentage of abandonment, and a substantially higher combined yield per acre tended to increase production over last year. Continued drought conditions during early spring, excessive moisture during May and June, a moisture shortage and high temperatures in July and August, and a wet fall and early October frosts were contributing factors to below average production. Wheat and corn were below average in quality, owing to rust damage in wheat and a high moisture content in corn. Although prices received for this season's crops were some. what below those received for the short crops of last year, increased production more than offset lower prices, and the December I farm value of crops produced in the District was estimated at nearly 30 per cent more than the value of crops harvested in 1934, as compared to an increase of 7 per cent in crop values in the United States. Benefit payments received by farmers in 1935 were less than in 1934, but the income of farmers from crop production in the United States was estimated by the Department of Agriculture at nearly 12 per cent above income in 1934. The harvested acreage of forty-four and the December 1 farm value of sixty-four crops, estimated by the Department of Agriculture, thousands omitted: Nebr. ...... N.M ...... . Okla.·-···Wyo .. _..... TOTAL ACREAGE Forty-Four Principal Crops 1935 1934 1933 5/216 3,800 6,042 17,926 17,498 20,294 10,798 10,998 12,946 20,158 15,253 21,469 1,321 918 1,455 12,889 12,475 12,961 1,932 1,353 2,030 TOTAL FARM VALUE Sixty-Four Principal Crops 1933 1935 1934 '/, 62,894 $ 49,516 $ 56,567 126,703 119,155 IC6,248 127,712 103,569 122,141 157,809 83,750 133,063 18,999 18,031 17,239 122,221 101,335 121,326 22,230 17,093 18,012 7 States._. U.S......... 70,240 327,661 $ 638,568 $ 492,449 '$ 574,596 5,n8,444 4,779,335 4,100,712 Colo......... Kans ....... Mo........... 62,295 286,513 77,197 324,070 Farm stocks of wheat in the District on January I were about 15 per cent smaller than the low stocks held on January 1, 1935, and about 61 per cent below the 1928-1932 average holdings. Farm stocks of corn were nearly three times the amount of reserves a year ago hut were less than half the average holdings. Stocks of oats were over two and one-half times as large as on January 1, 1935, and about 23 per cent above the average, partly because of the smaller number of live stock units to be fed. Grain stocks on farms on January 1, reported by the Bureau of Agricultural Economics, thousands omitted: Wheat 1935 1936 1,786 1,675 10,791 19,925 4,593 4,895 9,868 6,335 21 92 6,616 7,096 811 729 Colorado._......... Kansaci.............. Missouri ............ Nebraska ......... . New Mexico...-. Oklahoma·--····· Wyoming .......... Seven states._... 34,486 40,747 United States._. 159,390 137,504 Corn 365 Oats 1935 1936 2,282 1,368 24,203 10,300 19,459 10,189 5o,147 9,853 271 IIO 20,842 9,672 2,351 1,272 52,214 810,479 n9,555 42,764 771,452 343,779 1935 1936 7,937 20,074 36,714 809 3,780 17,328 69,5 2 5 '25,035 560 2,152 16,091 936 4,337 153,429 1,342,908 Farm real estate values increased further during the year ending March 1, 1935, according to a report just issued by the Division of Land Economics of the United States Department of Agriculture. With a continued increase in income from agricultural production and a continuation of farm mortgage debt adjustment programs, forced sales as a result of debt difficulties and failure or inability to pay taxes declined, and the frequency of voluntary sales increased. Index numbers of the estimated value per acre of farm real estate as of March 15, reported by the Department of Agriculture, the 1912 to 1914 average equalling 100: 1935 Colo........... Kans ........ . Mo ............. Nebr......... N.M ......... Okla ........... Wyo ........... U.S .......... . 1934 1933 1932 54 54 65 73 72 70 89 58 57 55 67 72 72 69 90 76 76 75 89 86 83 76 94 62 62 62 77 79 76 73 89 53 1931 81 103 79 106 109 116 95 106 1930 1929 1921 83 113 92 113 110 127 98 115 82 113 95 116 109 127 96 116 132 1920 1912 141 98 149 151 156 166 125 16o 146 157 167 179 144 166 176 170 IOI 100 98 97 97 Live Stock Decem her receipts of cattle and calves at the six principal live stock markets of the District were 12.1 and 23.3 per cent, respectively, above the average volume, but receipts of hogs were 51.3 and sheep 18.1 per cent below the average volume. Marketings of all classes of live stock during 1935 were below marketings in 1934, when stockmen were compelled to reduce live stock numbers materially because of short feed supplies and when many cattle, calves, and sheep were purchased by the Government in emergency drought areas. A decline of 56 per cent in hog receipts during 1935 reflected the heavy decrease in production due in part to control programs, high feed prices, and an unfavorable feeding ratio which persisted throughout 1934 and the first half of 1935 . Receipts of calves during the year exceeded the average annual volume by about ACREAGE HARVESTED, PRODUCTIO , AN D THE DECEM BER I FARl\11 VALUE OF THE PRINCIPAL CROPS PRODU CE D I. THE SEVEN STATES WHOSE AREAS OR PARTS THEREOF COMPRISE THE TENTH DISTRICT (Reported by the United States Department of Agriculture, ooo omitted.) PRODUCTION F ARM VALUE - D ECEMBER I ACREAGE H ARVESTED 1934 1933 1935 1935 1932 1931 1932 1931 1932 1931 1933 1934 1935 1934 1933 Winter wheat, bu ......... 14,789 16,545 13,820 18,666 24,7 27 I 57,594 J 58,087 136,275 216,986 439,586 1,136,662 $131,765 $ 93,353 $ 63,027 $169,335 2 2,042 3,608 8,508 3,014 4,966 1,966 418 418 7,291 870 Spring wheat, bu.·- ······· 8,458 6,739 4,5°4 94 579 All wheat, bu ............. 15,73 1 16,963 14,690 19, 245 2 5, 145 166,052 161,695 144,783 223,725 444,o90 143,953 134,779 98,319 64,993 17 1,377 Corn, bu ......................... 20,687 1 8,494 '28,773 30,200 28,717 263,820 75,176 5o5,895 688,283 5_39,4oo 158,546 70,6o6 174,381 II 'l,361 184,584 Oats, bu ......................... 5,200 7,630 193,838 62,765 111 ,599 177,736 196,365 7,03o 7,689 59,484 30,770 32,73 2 23, 133 42,634 7,3°5 6,4II 1,590 2,090 6,663 12,905 1,834 30,613 10,091 21 ,345 40,269 34,5 28 6,425 2,358 Harley, bu.·---········ ...... 9,564 999 Grain sorghums, bu ..... 2,974 3,202 31,822 13,988 37, 29° 39,5 28 43, 134 4,800 3,788 7,679 I'l,957 3,654 19,534 14,292 14,692 2 60,282 0 10,800 l 1,272 10,087 8,428 73,628 I 1,351 7,692 6,405 8,505 Tame hay, tons..·--······· 8,445 73,890 9 ,533 65,280 7, 75 Wild hay, tons .............. 20,906 22,951 I4,956 16,759 18,737 3,868 1,762 4,712 3, 273 4,349 4,93 2 5,3 11 4,543 3, 2 55 4,9°9 2,779 1,651 1,613 813 648 3,114 3,846 1,472 44,311 39,401 72,269 38,95 5 43,753 3,638 3,367 Cotton, bales·--············· 233 262 Sugar beets, short tons 3,160 2,960 4,288 271 12,584 20,062 14,745 21,807 338 2,549 3,975 349 268 6o1 1,16o 2,020 Dry beans, 100 lb. bags 6,198 3,121 663 6,133 1,792 2,093 2,299 3,906 637 42 4 57 2 White potatoes, bu ....... 22,308 11,743 22,206 II,630 15,072 36,411 16,260 33,143 35,626 31,108 416 346 373 373 4 13 6,801 Apples, bu ..................... 8,885 7,072 5,406 u,306 3,563 5,496 5,576 7,3°3 5,54° Peaches, bu ................... 1,735 1,050 2,501 1,169 921 2,329 2,558 3,3II 3,639 3,47 1 6o2 813 1,365 894 Pears, bu.·---·····-········-477 35 1 59 1 1,426 7 23 990 Total acreage, 44 crops 70,240 62,295 77, 197 84,240 87,803 Farm value, 64 crops.-. 638,568 49 2.-449 574,5¢ 390,807 6-46,284 6 THE MONTHLY REVIEW 2. per cent, but receipts of cattle were about 9, hogs 60, and sheep 14 per cent below the average. Horses and mules were in liberal supply, exceeding the ten-year average receipts by about 26 per cent. Prices of all classes of live stock increased at the Kansas City market during December to close the year well above the levels of December, 1934. Influenced by limited receipts, improved quality of offerings, and the absence of forced liquidations as in 1934, live stock prices were at a generally higher level in 1935, and values were the highest in five years or more. Cattle prices reached their top late in April, hogs in mid-August, and lambs late in December. Top prices per hundredweight of live stock at the Kansas City market: Beef steers........................ Stockers and feeders·--··· Cows... ·-·····-··- ·- ·············· Calves·-·-···-····················· Hogs.................................. Sheep.·-·······•···················· Lambs·--························· Year 1935 $14.25 10.40 8.50 10.50 12.00 8.oo 11.65 Year 1934 f,10.6o 8.10 5.00 7.00 7.80 8.oo 11.80 Year 1 933 f,7.15 Year 1932 f, 9.85 Year 1931 f,1'2.oo 6.50 7.50 9.75 4.00 7.00 5.10 4.75 8.10 5.00 8.oo 5.00 7.25 n.oo 8.oo 5.85 7.50 10.00 12.00 Year 1929 f,16.75 14.75 1'2.50 17.50 12.05 15.00 20.50 Shipments of stocker and feeder live stock from four markets in the District were below the average volume both in December and during 1935. The decline in shipments of hogs and sheep was particularly heavy but shipments of calves during the year exceeded the average by 14.3 per cent. Somewhat larger than average feed supplies per animal unit were indicated for the 1935-1936 season, as feed grain supplies were only about 13 per cent below the 1928-1932. average while grain consuming animal units were 16 per cent below the average. Hay production was about 9 per cent above the average with hay consuming animal units about equal to the average number. The Bureau of Agricultural Economics estimated that the number of cattle on feed for market in the western Corn Belt states on January I, 1936, was 48 per cent above the small number on feed one year earlier but from 25 to 30 per cent below the 1930-1934 average number. There was an increase of 6o per cent in M issouri, of 95 per cent in Nebraska, and of 50 per cent in Kansas as compared to J anuary 1, 1935. Marketing plans indicated a materially larger supply of grain finished cattle during the first four months of 1936 than during the corresponding period of 1935. The number of sheep and lambs on feed for market in the principal feeding areas of the United States was estimated as 5.4 per cent smaller on January 1, 1936, than one year earlier, and all of the decrease occurred in the western Corn Belt. • There were sharp decreases in Kansas and Oklahoma, where many Kansas City_ ............ Omaha.................. - .... St. Joseph ................. . Denver.... _ _ __ O~la~oma City......... . W1ch1ta ..................... . Cattle 1,610,240 1, 243,6o3 375,389 482,421 519,612 334,591 lambs were feeding in corn fields or on wheat pastures in 1934, but there were increases in the Scottsbluff section of Nebraska and Wyoming, in the remainder of Nebraska, and in Colorado, Missouri, and New Mexico which resulte<l in a net increase of nearly 4 per cent in the District. The condition of winter ranges, cattle, and sheep showed a slight seasonal decline during December but continued near the average condition. Late December and early January snows widened grazing areas and relieved stock water shortages. Feed supplies were plentiful except in a few restricted drought areas. Cattle and sheep were in good flesh, with few thin stock and light death losses. An increase of 46 per cent in the fall pig crop and a decrease of 16 per cent in the combined spring and fall crops of 1935 as compared to 1934 were indicated for states in the District by the December survey of the Department of Agriculture. The fall pig crop in the United States increased 31 per cent over 1934 and the combined spring and fall crops declined 5 per cent. The number of sows to farrow in the District in the spring of 1936 showed a prospective increase of nearly 30 per cent over farrowings in 1935, as compared to a prospective national increase of 24 per cent. The Decem her 1 pig crop report of the Department of Agriculture: Prns SAVED Fall Spring 1935 1934 Colo ......... 130,000 127,000 Kans . ...... 562,000 908,000 Mo........... 1,517,000 1,123,000 Nebr.. _ _. 430,000 792,000 21,000 16,000 N.M.....Okla.._..... 376,000 299,000 10,000 13,000 Wyo.·-··-· 1 935 123,000 959,000 1,763,000 2,016,000 19,000 341,000 20,000 1934 241,000 1,462,000 2,438,000 3,496,000 28,000 463,000 39,ooo Sows FAR.ROWED Spring 1935 •1936 22,000 30,000 209,000 155,000 344,000 275,000 442,000 340,000 4,000 5,000 78,000 59,000 4,000 5,~ 7 States .... 3,754,000 2,570,000 5,241,000 8,167,000 1,113,000 859,000 u. s......... 20,272,000 15,522,000 30,402,000 37,807,000 6,220,000 5,021,000 *Indicated by the December survey of breeding intentions. Meat Packing Meat packing operations in the District, as reflected by packers' purchases at the six principal live stock markets, direct shipments of hogs included, increased during December but were below operations in December, 1934. Operations during 1935 were considerably below the level of 1934 when many cattle, calves, and sheep were slaughtered for the Government account. Packers' purchases of calves during the year exceeded the ten-year average by 12.7 per cent, but purchases of cattle were 11.5, hogs 58.9, and sheep 18.7 per cent below the average. The Government's report of Federally inspected live stock slaughter in the United States, excluding slaughter for Govern- MOVEMENT OF LIVE STOCK IN THE TENTH FEDERAL RESERVE DISTRICT STOCKE!lS AND FEEDERS RECEIPTS PURCHASED FOR SLAUGHTER Cattle Calves Hogs Cattle Calves Hogs Sheep Calves Hogs Sheep Sheep 709,488 26o,423 •1,187,005 96o,528 347,599 • 1,325,191 1,397,101 239,058 591,297 100,~1 35,757 724,6oo 99,567 808,296 1,180,581 138,539 1,140,208 1,672,956 315,065 38,972 13,183 3 13,771 II9,110 284,550 89,106 587,031 868,363 55,219 5,891 19,615 98,906 662,997 1,068,445 174,089 42,029 227,865 271,767 192,407 30,135 5,815 78,279 362,919 2,9o3,355 759,9 22 282,700 96,534 249,487 102,858 141,087 140,753 287,359 u9,187 50,133 169,634 129,182 77,719 184,618 151,897 Year 1935 ................ _ 4,565,856 881,795 Year 1934•-··········-···· 6,501,879 1,4o7,474 Ycar 1933 .................. 4,074,949 665,561 Year 1932.................. 4,066,055 649,681 Year 1931.. ................ 4,544,74° 7 10,452 December 1935-......... 73,787 398,599 91,271 November 1935·---··· 458,584 372,368 76,583 December 1934--······· *Includes 745,655 hogs shipped direct to NOTE: Government purchases of hogs 1,153,988 2,294,614 175,689 637,792 3,229,318 3,963, 29 2 7,334,841 74,370 1,431,861 155,93° 1,210,089 131,522 1,459,676 3,484,54o 1,038,724 7,589,239 8,997,986 8,219,229 186,2:26 81,067 1,457,181 2,268,490 418,983 9,73 2 ,753 10,889,248 8,179,781 944,287 2,009,794 1,028,158 187,968 49,288 1,438,58:i 9,234,559 8,638,085 37°,7i5 7,685,721 9,010,827 10,022,138 1,194,104 184,864 109,190 z,556,996 2,169,3o6 397,161 6,801,943 331,286 221,969 384,481 85,091 11,784 48,509 54,331 407,534 7,495 221,117 402,328 166,297 23,614 204,56o 163,558 58,57o 296,253 5,2 73 2 59,241 11,156 274,411 39,018 32,783 689,994 7o,535 5,4 17 54°,907 packers' yards. included_in the 1933 totals and of cattle, calves, and sheep in the 1934 totals. 3,5 13,279 4,029,786 4,047,7 17 4,336,137 5,028,012 263,141 196,441 184,015 7 THE MONTHLY REVIEW ment relief purposes, showed an increase in hog slaughter, decreases in cattle and sheep slaughter, and calf slaughter about unchanged from November to December. More cattle, calves, and sheep and fewer hogs were slaughtered than in December, 1934. During 1935, the slaughter of cattle declined '.1.8, calves 6.6, and hogs 40.6 per cent, but sheep slaughter increased 9.9 per cent as compared to 1934. The slaughter of cattle during the year was 8.8, calves 15.1, and sheep 16.5 per cent above the ten-year average, but hog slaughter was 42.2 per cent below the average. Live stock slaughtered under Federal meat inspection in the United States, reported by the Bureau of Agricultural Economics from compilations of the Bureau of Animal Industry: December 1935................ November 1935·-············· December 1934................ Year l 935·----················ Year 193+----NOTE: Slaughter for Cattle Calves Hogs 89'2,173 480,878 '2,874,855 955,694 480,091 2,4'21,898 795,844 447,005 4,196,894 9,665,840 5,679,399 '26,057,6'27 9,943,086 6,077,6'29 43,876,393 Government relief purposes excluded. Sheep 1,368,654 1,400,985 1,'294,896 17,644,188 16,055,474 United States cold storage stocks of beef, pork, lamb and mutton, poultry, miscellaneous meats, and lard accumulated seasonally during December and there was a seasonal withdrawal of eggs, butter, and cheese. Holdings of all commodities except eggs were smaller than on January I, 1935, stocks of pork and lard recording declines of 52.9 and 55.6 per cent, respectively, during the year. Storage stocks of beef were 35.4 and cheese 17 per cent above the January I five-year average, but holdings of pork were 44.1, lamb and mutton 17.6, poultry 9, miscellaneous meats 3.4, lard 33.5, and butter 25.8 per cent below the average. Holdings of eggs approximated the average volume. United States cold storage holdings reported by the Bureau of Agricultural Economics: Jan. 1 Jan. l 1935 5-Yr.Av. 140,940 78,305 687,563 578,5-:21 4,560 3,667 132,001 n7,752 18,65'.2 12,771 126,033 76,808 n8,107 78,873 648 981 1,854 1,966 47,175 54,102 102,197 84,897 omitted.) Emergency Relief Coal Bituminous coal production at mines in the District during December was slightly below production in November but was 1.4 per cent above production in December, 1934. Coal production during 1935 exceeded the 1934 tonnage by 13.1 per cent and was at the highest level since 1931. Bituminous coal production reported by the Bureau of Mines: Colo ................. Kans. & Mo ... N.M ... ............ Okla ................. Wyo ................ *Dec. 1935 Nov. 1935 Tons Tons 679,000 724,000 618,000 693,000 144,000 153,000 205,000 199,000 000 568,000 535, Dec. 1934 Tons 692,000 719,000 123,000 210,000 475,000 ---- Oklahoma.____ Kansas ............ Wyoming........ Colorado. __ ,., .. New Mexico. __ Dec. 1935 Nov. 1935 Dec. 19.34 Barrels Barrels Barrels 14,919,000 15,319,000 14,703,000 4,452,000 4,385,ooo 3,933,000 1,174,000 1,107,000 1,071,000 122,000 127,000 96,000 1,778,000 1,806,000 1,478,000 Year 1935 Year 1934 Barrels Barrels l 84,904,000 180,224,000 54,787,000 46,526,000 13,656,000 12,6o3,ooo 1,548,000 1,141,000 20,514,000 16,868,000 Total 5 states 22,450,000 22,739,000 21,281,000 275,409,000 '257,362,000 Total U.S ..__. 85,899,000 86,476,000 75,010,000 991,130,000 908,'278,000 Cold Storage Holdings *Jan. 1 Dec. 1 1936 1935 Beef, lbs................................................. 106,044 91,164 Pork, lbs............................................... 323,633 '253,'209 Lamb and mutton, lbs......................... 3,0'21 2,661 Poultry, lbs......................................... .. 107,205 86,098 **Turkeys, lbs........................................ 16,707 9,n4 Miscellaneous meats, lbs .... -............... 74,234 63,284 Lard, lbs............................................... 52,432 37,900 Eggs, cases .. -........................................ 955 2,738 Eggs, frozen (case equivalent).......... 1,985 2,258 Butter, creamery, lbs.·---··················· 40,169 71,948 Cheese, all varieties, lbs..................... 99,289 104,661 *Subject to revision. **Included in Poultry. (ooo NOTE: Meats held for the account of the Federal Administration are not included in the above. Petroleum The estimated fl.ow of crude oil in the five oil producing states of the District averaged 724,200 barrels daily during December as compared to 758,000 barrels in November and 686,600 barrels in December, 1934. Gross production declined slightly from November but was 5.5 per cent greater than in December, 1934. Crude oil production during 1935 was 7 per cent above production in 1934 and the highest since 1930. Gross production of crude oil, estimated from the weekly reports of the American Petroleum Institute for December, and officially reported by the Bureau of Mines for November, 1935, and December, 1934: •Year 1935 Tons 5,820,000 6,298,000 1,374,000 1,585,000 5, 199,000 Year 1934 Tons 5,168,000 5,800,000 1,250,000 1,358,000 4,349,000 Six states........ 2,250,000 2,268,000 2,219,000 20,276,000 17,925,000 U.S................. 34,829,000 33,285,000 32,526,000 367,980,000 359,368,000 *December estimated from the weekly reports of the United States Bureau of Mines. Mid-continent crude oil prices continued unchanged throughout the year at schedules ranging from 76 cents per barrel for oil testing below 25 degrees gravity to $1.08 per barrel for that testing 40 degrees and over. Field operations were at a high level in 1935, and there was a substantial increase in the number of wells completed and in the amount of new production as compared to 1934. Zinc and Lead Shipments of zinc ore and lead ore from the Tri-State district increased during the four weeks ending December 28 and were substantially heavier than during the corresponding four-week period ending December 29, 1934. Shipments of zinc ore during 1935 were the heaviest since 1930 and oflead ore the heaviest since 1929. Zinc and lead prices were unchanged during December at $32 and $47 per ton, respectively, as compared to $26 and $36 in December, 1934. The average price received for zinc was about $28.81 per ton in 1935 and $'27.11 per ton in 1934. Lead prices averaged about i41.93 per ton in 1935 and $39.70 per ton in 1934. The shipment value of both zinc and lead was the highest since 1930. The tonnage and value of zinc ore and lead ore shipments from Oklahoma, Kansas, and Missouri: ZINC ORE 4 Wks. ended Dec. 4 Wks. ended Nov. 4 Wks. ended Dec. 52 Wks. ended Dec. 52 Wks. ended Dec. 52 Wks. ended Dec. 52 Wks. ended Dec. 52 Wks. ended Dec. 52 Wks. ended Dec. 28, 1935.... 30, 1935.... 29, 1934... 28, 1935.... 29, 1934.... 30, 1933 .... 31, 1932.... 26, 1931.... 27, 1930.... Tons Value 40,889 1, 1,308,448 38,728 1,239,296 29,102 748,257 389,2u u,213,928 307,192 8,337,087 267,9n 7,204,165 178,379 3,172,627 232,6o8 5,278,321 445,332 14,234,283 LEAD ORE Tons 8,639 6,839 4,030 48,223 33, 23° 34,874 23,451 26,787 45,828 Value f, 4o6,033 321,433 137,80'2 2,022,129 1,3 23,784 1,612,839 813,567 1,194,399 2,986,182 Cement Production of finished Portland cement in the District increased slightly from November to December and was 19.9 per cent larger than in December, 1934. Production for the year 1935 increased 4.5 per cent over production in 1934. Shipments declined during December but were 55.8 per cent above shipments in December, 1934, and total shipments during 1935 exceeded shipments in 1934 by 7.8 per cent. Stocks increased 8.7 per cent from November 30 to December 31 and were 3.3 per cent above stocks on hand December 31, 1934. 8 THE MONTHLY REVIEW ;~~et,-IIT_-.---_1-NO _U_S_TR_IA - L~ P-R_OllU _ CT _ ION --,----,•••~ ~ ~ National Summary of Business Conditions By the Board of Governors of the Federal Reserve System 100 60 1---+- - + - -; - ,-+-- - + - -+----+~ ~ 19:!9 1930 1931 1932 1933 1934 IIJUI" 111341 60 so Index of physical volume of production, adjusted for seasona l variation, 1923-1925 average=loo. By months, January 1929 to December 1935. Latest figure, December preliminarr, IOJ. N!lllCENT P[IICl,J,,T 120 I 110 100 120 FACTORY EMPLOYMENT 110 ~ 100 "\ 90 90 \..._ 80 \. 70 I' ify k-.L - 80 60 r 50 1929 1930 1931 1932 1933 PRODUCTION AND EMPLOYMENT: The Board's seasonally adjusted index of industrial production, which takes account of the considerable decline that usually occurs in December, advanced from 98 per cent of the 1923-1925 average in November to 103 per cent in December, the highest level reached by this index since the spring of 1930. As in other months during the last half of 1935, the rise in the index was due in large part to increases in output of durable manufacturers, particularly iron and steel and automobiles. During the first half of January production of steel and automobiles increased somewhat, following declines in the holiday period. Output at mines was also larger in December than in November. Activity at cotton and silk textile mills declined less than is usual in December, while at woolen mills there was a more than seasonal decrease in operation. Output at shoe factories increased. 70 \r ..I · 60 Industrial production and employment showed a further increase in December, when allowance is made for the usual seasonal changes, and distribution of commodities to consumers was in increased volume. 1934 1935 1936 Index of number employed, adjusted for seasonal variation, 1923-1925 average=100. Ry months, J anuary 1929 to December 1935. Latest figure, D ecember, 85.6. Factory employment showed little change between the middle of November and the middle of December, when a slight decline is customary. The number employed continued to increase at steel mills, automobile factories, foundries and machine shops, and at railroad car building plants. There was also an increase in employment at shoe factories. Seasonal declines were reported by many other important industries. Factory payrolls were larger in the middle of December than a month earlier. ,u,uNT 250 200 OEPARTMtNT STORE SALES r--t--t--+--t--+--+--+---l 200 - A d}llsl«lfor~lrttrtt1/Joa -WillMll s~rHIJWI__, L----L--'----,--...__--L_ 1929 1930 1931° 1!!32 _,___..___----1._ - 1 0 1!!33 1934 l935 1936 Indexes of value of sales, 1923-1925 average= 100. By months, January 1929 to December 1935. Latest figures, December preliminary, a<ljusted R4, unadj usted 145. Hllt<WT 120 110 100 . . . C<Jff 120 RAILROAD FREIGHT·CAR L O ~ 110 ~ "~, \ ro ~ Total -- ~ .. \NT \.. 80 ro .L 1\. vtF ~ V 50 50 40 40 1929 1930 DISTRIBUTION: Sales at department stores and variety stores, as well as sales by chain stores and mail order houses serving rural areas, showed larger increases than are usual in December. Freight-car loadings decreased by less than the usual seasonal amount in December, and the Board's adjusted index increased from 66 per cent of the 1923-1925 average in November to 71 per cent, continuing the advance begun last August. COMMODITY PRICES: The general level of wholesale prices showed little change during December. In the first three weeks of January there was some decline in the general index, reflecting in part lower prices for cotton gray goods, flour, pork, and silk. Prices of hogs, rubber, and petroleum increased. 100 ~ 80 The value of construction contracts awarded increased sharply in December, according to figures of the F. W. Dodge Corporation, although a decline is usual in that month. There was a further substantial growth in the volume of awards for publicly-financed projects and residential building also increased. 1931 1932 1933 1934 1935 1936 Indexes of number of cars loaded, adjusted for seasonal v:uiation, 1923-1925 average=Ioo. By months, January 1929 to December 1935. Latest figures, December, total 71, merchandise 66. BA TK CREDIT: Excess reserves of member banks, which declined by $600,000,000 in the third week of December, increased by $320,000,000 during the following five weeks, reflecting the usual seasonal return flow of currency from circulation, a decline in Treasury balances with the Federal reserve banks, and a small increase in monetary gold stock. On January 22 excess reserves totaled $3,030,000,000, as compared with the peak of $3,300,000,000 on December 11, 1935. Changes in the condition of reporting member banks in leading cities between December 18 and January J 5 reflected largely the influences of seasonal factors.
@FedFRASER