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THE MONTHLY RE ~~l
covering Conditions in the Tenth Federal 'Rt.ferve Vistrict
~
u-
S 1
Federal Reserve Bank of Kansas City
FoR THE INFORMATION OF MEMBER BANKS AND BusINESS INTERESTS o:r THIS DISTRICT
As.A E.
Chairman Board of Directors
and Federal Reserve Agent
C. K.
RAMSAY,
VoL.8 No.
2
KANSAS CITY,
Mo.,
Feb.
THE SITUATION AT A GLANCE
HIGH POINTS IN THE STATISTICAL RECORD OF THE TENTH
FEDERAL RESERVE DISTRICTJ JANUARY,
,r
,r
,r
,r
,r
,r
,r
,r
,r
,r
,r
,r
,r
,r
1923,
COMPARED WITH
JANUARY, 1922.
Business: Volume in 16 cities 4 weeks ending February 7,
measured by debits by banks to customers' accounts) t,1,060,405,000; increase over corresponding period last year, f,165,639,000 or 18. 5%.
Business Failures in Tenth District, 81 in number and $1,491,314 in liabilities; lowest number and liabilities for January of
any Federal Reserve District; decrease 31 failures and t,1,909,II6 or 56.1% in liabilities.
Building in 20 cities: 2,431 permits and $7)403,006 estimated
cost; highest January total in statistical history; increase 1,026
permits and $2,240,888 or 43.4% in estimated cost.
Bituminous Coal Mining in 6 coal states: 57.8% of full time
capacity compared with 54.5% capacity in January, 1922.
Crude Oil Production in 4 states: daily average 595,393 barrels
and total for month 18,457,200 barrels; increase 131,683 barrels in daily average and 4,082,200 barrels in month's production.
Cement Manufacture in 5 states: 464,000 barrels; increase
81,000 barrels, 21.1%. Shipments 506,000 barrels, increase
278,000 barrels, 121.9%.
Employment in 267 establishments on February 15, 1923:
number of employees 44,982; decrease 466 or 1.1% from
January I 5, 1923.
Flour Production at Southwestern Mills: 1,632,595 barrels;
increase 233,607 barrels, 16.7%.
Grain Receipts at 4 markets: wheat II,828,700 bushels, increase 3.,142,100 bushels; corn 7,109,100 bushels, decrease
389,350 bushels; oats 2,988,000 bushels, increase 1,300,600
bushels.
Live Stock on Farms in 7 states: number animals 42,612,000,
valued at $942,686,000; increase 2,115,000 animals and $74,103,000 in value; all classes except horses increased in numbers;
all classes except horses and mules increased in values.
Live Stock Receipts at 6 markets: cattle 520,644, calves 69,933,
hogs 1,135,839, sheep 624,385, horses and mules 18,551; highest
January record for 3 years on cattle, for 5 years on calves and
sheep and for 4 years on hogs.
Meat Packing at 6 centers: cattle 266,539, calves 47,134, hogs
939,988, sheep 380,555; increases, on cattle 36.5%, calves 80.9%
hogs 68.3%, sheep 42.6%.
Lead Ore Shipments, Tri-State District: 6,800 tons at average
price $96.47 per ton, compared with 6,636 tons at average price
of t,60.34 per ton in January last year.
Zinc Ore Shipments, Tri-State District: 47,197 tons at average
price of '$40.71 per ton; same month last year 28,431 tons at
average price of $26.45 per ton.
BoAR.DMANJ
26, 1923
Assistant Federal Reserve Agmt
and Secretary
THIS COPY ._ELIUl.&O J'O._ PUB•
LICATIOH IM MOJ.MINO PAPltJlS
FEB. 28
ENERAL business in the Tenth Federal Reserve District since the opening of 1923 has moved forward at a
higher rate of activity than has been recorded for a previous first month of any
year since 1920 and, in some lines of industry, since 1919, according to reports received by the Federal Reserve Bank of Kansas City contained in the February issue of
the Monthly Review. Following the improvement in conditions affecting the basic
industries of this part of the United States
which came during 1922, there is now a
healthier and a more cheerful tone pervading all lines of industry, trade and banking, the reports indicate. In mercantile
lines both distributors and retailers report
a large volume of business. In implements,
automobiles and automobile accessories
dealers and distributing agents are optimistic over their sales reports. Manufacturing in practically all lines is at a high rate
of activity, and with the unprecedented
• winter operations in building, labor is more
fully employed than is usual for the season.
Increases in values of ores is stimulating
activity in metal mines. Coal mining is
proceeding at a high percentage of full
time operations, with the situation clarified by an extension to April, 1924, of contracts between operators and miners. Crude
oil production is in greater volume than
one year ago. Grain and live stock are moving through market channels in unusually
heavy volume for this season of the year
and flour milling and meat packing ope~ations are exceptionally .. heavy.
,.~
G
The financial situation in the Tenth District continues to improve. Ample funds
are available for all purposes at current
rates. Gross deposits of 78 selected Member
Banks as of February 7, 1923, totalling
$586,582,000 were the highest of record with
the exception of January 31, 1923, when the
total was $587,207,000. Loans and discounts
including rediscounts, continued at a high
level with a total on February 7, 1923, of
$444,610,000, or $482,000 less than reported
January 10, 1923. Investments also continued high, with the total on February 7 at
$149,956,000, compared with $150,778,000
four weeks previous to that date.
THE MoNTHLY REvIEW
Business Conditions In the United States
Federal Reserve Bank Operations
PRODUCTION: Production in basic industries, as measured by the Federal Reserve Board's index, was 6% higher in
January than in December, and reached a volume exceeded only
once in the past, in May, 1917. Production of steel ingots and
of anthracite coal and mill consumption of cotton showed particularly large advances, and most other important industries
increased their output.
The expansion in production during January was accompanied
by a substantial increase in freight shipments. Car loadings of
forest products, reflecting the continued building activity,
reached the highest monthly total on record, and loadings of
merchandise and miscellaneous commodities were higher than
in any January of the past four years.
Industrial employment continued to increase during January,
and shortage of both skilled and unskilled labor were reported
by textile mills, steel mills, and anthracite coal mines. More
wage increases at industrials establishments were announced
than in December. There is still some unemployment in states
west of the Mississippi.
The Federal Reserve Bank of Kansas City now has 1,149
Member Banks and makes collection of checks and other items
from 4,125 banks located in the Tenth Federal Reserve District.
During the year 1922 the number of checks handled by the Federal Reserve Bank of Kansas City was 54,519,969, for amounts
aggregating $8,290,020,578.28. Collection items handled totaled
214,556, amounting to $166,830,477.07.
During the year there were n2,756 transfers of funds aggregating $3,753,239,495.27. Currency received and counted
totalled 41,487,661 pieces amounting to $288,220,756, while
coins received and counted totalled 71,079,944 for a total of
PRICES: The index number of the Bureau of Labor Statistics computed from the wholesale prices of about 400 commodities, including finished and semi-finished products as well as
raw materials, showed the same average level of prices in January as in November and December. Between December and
January the prices of clothing, fuel, metals, building materials,
chemicals and housefurnishings advanced, but these advances
were accompanied by declines in farm products and food, so
that the combined index remained unchanged. During recent
weeks the prices of a number of basic commodities advanced
rapidly and in many cases reached the highest points since 1920
or the early part of 1921. Among commodities reaching new
high levels for the current movement were corn, beef, cotton, wool
silk, hides, lumber, rubber, linseed oil, copper, lead, and pig iron.
TRADE: An active distribution of goods for this season of
the year is indicated by reports to the reserve banks of both
wholesale and retail dealers for the month of January• Sales
of department stores in over 100 cities were 12 percent larger
than in January 1922. Inventories for January show that there
has been no larger increase in stocks of goods held by department stores, and the rate of turnover continued rapid. In wholesale lines there were particularly large sales during January of
drygoods, drugs, hardware and farm implements.
BANK CREDIT: The larger volume of commercial borrowing at Member Banks in recent weeks has been contrary to
the usual trend of the season. Commercial loans of reporting
Member Banks on February 14 were $243,000,000 or 3 percent
larger than at the end of December and 7% above the level at
the end of July, when the general demand for credit first showed
an upward turn.
.
This increased demand for credit at the Member Banks has
resulted recently in an increased volume of borrowing by the
Member Banks at the Reserve Banks, chiefly Boston, New
York and Philadelphia. On February 21, the loans to Member
Banks were $628,000,000 or $248,000,000 higher than in mid
summer. During the same period the volume of government securities and bankers' acceptances held by all Federal Reserve
Banks declined $160,000,000 resulting therefore in 1a net increase of $85,000,000 in the loans and security holdings of the
Reserve Banks.
Money rates also showed a tendency to become firmer, especially in recent weeks. The open market rate for commercial paper, wh ich was 4% last summer, rose during February
from a range of 4¼ to 4,½ to a range of 4¾' to 5%. On February 23, the discount raate on all classes of paper at the Boston
and New York Reserve Banks was advanced from 4 to 4½%.
$11,009,724,
Credit was extended during the 12-month period on 70,249
notes discounted and rediscounted for Member Banks, the total
reaching $328,019,400.30.
Fiscal Agency transactions in 1922 included payment of
3,359,806 U. S. Government Coupons amounting to $20,362,337.41. Besides there were U. S. Government securities issued,
redeemed, cancelled or exchanged totalling 819,376 items aggregating $530,648,827.84.
In the redemption of War Savings Securities maturing January 1, 1923, the Kansas City bank alone handled 344,000 Certificates, comprising over 4,000,000 War Savings Stamps totalling
over $20,000,000. Over 100,000 Cashiers Checks were issued
in effecting this redemption. In addition to redemptions at the
Kansas City Bank the three Branches of the Federal Reserve
Bank at Denver, Oklahoma City and Omaha handled approximately 357,000 Certificates, comprising 4,710,588 Stamps valued
at $5 each, or $23,552,940.
Business Failures
The record for the first month of 1923 shows a decrease of
2r.9% in the number of failures and 33.3% in liabilities in the
United States, as compared with the first month of 1922. Eleven
of the twelve Federal Reserve Districts reported decreases in
the number of failures and eight of the twelve Districts reported
reduced liabilities. The Tenth District reported the smallest
number of failures and the smallest amount of liabilities of all
Districts. The decrease for the Tenth District was 27.6% in
failures and 56.1% in liabilities. The January record of failures
by Federal Reserve Districts, reported by R. G. Dun & Company, follows:
NUMBER
1922
209
429
II4
136
182
242
233
173
186
283
283
362
177
97
108
109
112
81
207
117
224
172
Districts
1923
First (Boston ... . .. ............ .. 172
Second (New York) . ... .. ...... .. 441
Third (Philadelphia) ...... . ..... .
Fourth (Cleveland) . . . ... ... . . .. .
Fifth (Richmond) .. .. ...... . .....
Sixth (Atlanta ...... . . .. .. .. . .. ..
Seventh (Chicago) .... . ..... . ....
Eighth (St. Louis) ........ . . . .. . .
Ninth (Minneapolis) ......... . ...
TENTH (Kansas City) . . ... .. . . ..
Eleventh (Dallas) ......... .. .. . ..
Twelfth (San Francisco) . ... ... . . .
Total, United States ..•.. . .. . . .. . 2,126
2,723
LIABILITIES
1922
1923
'$ 2,716,407 t, 2,600,442
14,478,21 2 22,885,754
2 ,56 1 ,559
2,767,619
6,238,303
7,235,898
4,696,036
3,623,783
2,689,396
5,01 2,931
6,250,185 10,3 14,358
1,855,028
4,013,092
2,655 ,679
2,597,637
1,491,314
3,400,430
1,524,107
4,326,594
1,922,869
5,148,644
t,49,210,497
t,73,795,78o
Bank Debits
Debits by banks against the accounts of their customers since
the beginning of the current year indicate that the volume of
business in -cities of the Tenth District is well ahead of the
volume during the corresponding weeks in 1922. The Clearing
House reports from 29 cities for a 4-week period ending February 7 show debits by banks to customers' accounts aggregating
$1,147,022,000. Thirteen of the 29 cities, however, were not
j
THE MoNTHLY REVIEW
reporting debits at this time last year. Comparison, therefore,
is made with the corresponding 4-week period in 1922 on the
returns of 16 cities which reported for both periods. These 16
cities through their Clearing Houses reported debits for the 4week period ending February 7, amounting to $1,06o,405,ooo,
as against $894,766,000 for the 4 weeks ending February 8,
1922, thus showing an increase for this year of $165,639,000
or 18. 5% over one year ago. Debits by Cities were:
Four Weeks Ending
Feb. 7, 1923
Atchison, Kansas ..... '
6,108,000
Bartlesville, Oklahoma
15,978,000
12,828,000
Casper, Wyoming .•..
Cheyenne, Wyoming ..
10,935,000
Colorado Springs, Colo
10,420,000
Denver, Colorado ... .
147,148,000
Enid, Oklahoma ..... .
11,504,000
Fremont, Nebraska .. .
3,668,000
Grand Island, Nebr•..
4,814,000
Grand Junction, Colo.
2,192,000
Guthrie, Oklahoma .. .
3,302,000
Hutchinson, Kan .... .
11,996,000
Independence, Kan .. .
9,351,000
Joplin, Missouri. .... .
11,789,000
Kansas City, Kansas..
20,o62,ooo
Kansas City, Mo.... .
3 19, 145,000
Lawrence, Kansas .. . .
3,849,ooo
McAlester, Oklahoma.
4,226,000
Muskogee, Oklahoma .
25,478,000
Oklahoma City, Okla.
72,508,000
Okmulgee, Okla.. ... .
8,865,000
Omaha, Nebraska ... .
187,150,000
Parsons, Kansat ..... .
3,756,ooo
6,266,000
Pittsburg, Kansas ..
Pueblo, Colorado ... . .
13,486,000
6o,440,ooo
St. Joseph, Missouri ..
14,282,000
Topeka, Kansas... . .. ,
Tulsa, Oklahoma . .. . .
100,544,000
Wichita, Kansas ..... .
44,932,000
Total
$1,147,022.000
Four Weeks Ending % Inc.
Feb. 8, 1922
38.0
J 4,425,000
107·3
7,709,ooo
II,999,ooo
10,000,000
130,374,000
-8.9
8,378,000
14,o65,ooo
238,356,000
40.7
4.0
12.9
42.6
33.9
16,937,000
69,584,000
50.4
I 53,I'lJ,OOO
22.2
13,109,000
61,761,000
14,313,000
I0J,757,000
36,875,000
$894,766.000
4-2
r 2.9
-Z.I
-.2
-3.1
21.8
•18.5
•-Percentage computed on reports from 16 citiea showing a total of J1,o6o,405,ooo for four weeks ending February 7, 1913, as compared with $894,766,000
for the four weeks ending February 8, 1921.
Savings Deposits
Continued increase in the volume of deposits to savings accounts in commercial banks and savings institutions in cities of
the Tenth District is reflected by the late reports to the Monthly
Review. Taking the totals for 58 banks located in twelve cities
there was $93,334,568 in savings deposits on February 1, 1923,
compared with $93,242,162 on January 1, 1923, and $80,918,362
on February 1, 1922, an increase of $92,406 over the previous
month and an increase of $12,416,206 or 15.3% over one year
ago. The reports of 48 banks giving the number of their savings
depositors as of the dates reported point to increased popularity
of savings and thrift. According to the reports there were 259,507 accounts in the 48 banks at the close of business February
1, 1923, which was an increase of 8,409 or 3.3% over the total on
January 1 and an increase of 25,514 or 10.9% over the number
of accounts February 1, 1922. Savings Deposits were:
Feb.
Banks
Denver, Colorado. . . . . . . . . . . .
Kansas City, Kansas..........
Kansas City, Missouri........
Lincoln, Nebraska............
Oklahoma City, Oklahoma . . . .
Omaha, Nebraska . . . . . . . . . . . .
St. Joseph, Missouri. . . . . . . . . .
Tulsa, Oklahoma.......... . ..
Wichita, Kansas. . . . . . . . . . . . . .
Outside............ .. .... . ..
Total.... . . ....... . . ........
9
4
8
3
5
6
7
6
5
5
58
1, 1923 Jan. 1, 1923 Feb. 1, 1922
Amount
Amount
Amount
$49,790, 249 $49,916,317 $41,516,372
2,401,984
2,378,084
2,324,787
11,371,169 II ,341,4 I 8 I 0,2 50,663
877,363
854,977
744,859
3,967, 2o6
3,939,4oo
3,0 51,207
7,114,406
7,058,097
7, 2 75, 2 96
9,327,320
8,328,690
9,005,506
5,684,387
4,718,355
5,995,141
1,404,184
1,450,417
899,977
1, 245,369
1,224,436
1,025,355
Building
., .... Building operations during January in c1t1es of the Tenth
Federal Reserve District, and also in cities throughout the United
States, were greater than in any previous January since the
collection of building statistics was first established. It was to
be expected there would be a decline from the high record of
December, due to the usual winter slowing down of operations;
but the January record showed a tremendously heavy gain as
compared with January a year ago. In every one of the cities
reporting to the Monthly Review there were increases over
January oflast year in the number of permits issued for buildings,
while the total estimated cost of construction for all cities reporting exceeded that of January, 1922, by over 43%. While
favorable weather conditions were a stimulus to winter building
operations, the reports of architects and contractors indicate a
large increase in buildings planned for construction during the
early months of the present year. Thus 2,431 permits issued
during January and '/>7,403,006 estimated cost of new buildings,
is in line with the announced building program for 1923.
January, 1913
Value
Permits
January, 1921
Permits
Value
Per Cent
Increaae
26
Casper, Wyoming .......
52
Cheyenne, Wyoming .....
37
Colorado Springs, Colo•..
91
Denver, Colorado ..•.... 453
Enid, Oklahoma .........
19
Hutchinson, Kansas .....
JI
IO
Joplin, Missouri ........•
Kansas City, Kansas ..... 129
Kansas City, Missouri ... 433
Leavenworth, Kansas ....
6
Lincoln, Nebraska . ......
49
Muskogee, Oklahoma ....
JI
21
Okmulgee, Okla. .......•
Oklahoma City, Okla•.... 195
Omaha, Nebraska ......• 147
Pueblo, Colorado ........
76
St. Joseph, Missouri .....
58
Topeka, Kansas ........•
89
Tulsa, Oklahoma ........ 234
Wichita, Kansas ......... 170
J 131,100
151
31 5,570
95· 1
51 ·1
Total . ................. 2,431
$7,403,oo6 1,405
J5,162,n8
43-4
J
66,661
9
51
99,215
1,277,200 265
I'l
45,000
5o,745 21
23,850
3
200,090 48
1,984,700 259
183,000
4
96,698
25
141,450 21
54,800
9
359,543 115
628,035 89
8o,475 64
132,295 44
3 11 ,375 36
1,058,000 143
478,774
71,6oo
6,730
43,9+9
507,150
11,000
36,3 15
6,010
85,16o
1,86o,100
5,650
57,8i5
73,575
3o,950
83.1
890.5
125.8
151.8
275.0
39·1
296.8
134•7
6.7
3,138.9
67.3
91.2
77.0
1,095,786
252,240
-67.2
55,3°5
45·3
287.4
348.3
34,145
69,458
542,400
149.0
Industrial
The United States Department of Labor, through its Employment Service, announcing the result of its industrial analysis for
the month of February covering the Fourth District which
~mbraces the states of Minnesota, Iowa, Missouri, the Dakotas,
Nebraska and Kansas, shows a continued healthy tone in industrial employment. The figures for 267 establishments in
12 cities located in the Tenth Federal Reserve District, follow:
No.
Firms
Omaha ................. . ........... 69
Lincoln ... . ........................
Hastings....... . ...................
Wichita ............................
Topeka ............................
Hutchinson ........................•
Leavenworth ................ . .......
Atchison...........................
Parsons....................... . ....
Pittsburg. . . . . . • • . . . . . . . . . . . . . . . . . . •
Kansas City (Kan. and Mo.) .........
St. Joseph ..........................
19
7
24
17
18
12
5
5
8
56
27
Employed
Employed
Jan. 15, 1923 Feb. 15, 1923
21,610
21,469
654
687
326
333
3,3 14
3,141
1,050
1,011
779
707
685
768
267
171
168
151
32 5
334
12,539
12,353
3,731
3,657
Totals ..... . ............... . ....... 267
The reports on employment in Oklahoma, Colorado and Wyoming, which are located in other Department of Labor Districts,
show a high rate of industrial activity for this time of the year.
t
THE MONTHLY REVIEW
Mining and petroleum operations, in particular, are moving at a
high percentage of activity and building operations are far
greater than in any previous winter season.
Employment of labor on farms this winter has been greater
than usual, due to the mild weather which, prior to February,
permited out-door work. Farm wages for labor declined 3.1%
to 6.4% in the United States between October 1, 1922, and
January 1, 1923, according to the quarterly survey made by the
Department of Agriculture. As an average for the country, day
farm laborers are receiving $1.98 a day without board and $1.47
with board. Farm labor by the month is being paid $40.30 a
month without board, and $27.81 with board.
Mercantile
The trade reports at this season of 1923 indicate a very decided
improvement over the corresponding season in 1922. Whole$alers report a good demand for all classes of merchandise at
firm prices, although many of them are experiencing difficulty
in maintaining stocks.
Net sales of dry goods by wholesalers during January, including only part shipments on advanced orders on account of slow
deliveries from manufacturers, show a gain over January of last
year. The month also showed a substantial increase over December, 1922. The extreme advances in the price of cotton to
about the 29c basis has caused manufacturers to advance prices
of staple cotton to the highest point reached since the fall of
1920. The total advances average about 25% from the low point,
according to the report. Purchases by retailers, however, al though
they are very general, are based on actual wan ts and on the low
condition of retail stocks. Millineryreportsshowasubstantialgain
in the volume of sales during January over sales in December and
also in January, 1922.
Sales of groceries in January were in very large volume and
about normal for the first month of the year. As measured in
dollars, the aggregate sales of all reporting stores was slightly
below December but 2¼% above a year ago.
A fine increase in the sales of hardware by wholesalers over
last year is reported, a part of this increase being due to a campaign put on by sales managers of some of the stores, starting
January 1. There is some trouble reported in obtaining the goods
needed by wholesale hardware dealers, notably builders hardware, and orders are being filled in many instances rather slowly.
Advances in nearly all items in the hardware line are reported.
Wholesale furniture dealers report very good sales for January,
the volume far exceeding that of a year ago although falling
slightly below the sales in December. Strong advances are.,reported in finished goods and raw materials. Deliveries.. _in_.,the
furniture line are also reported slow.,::
Wholesale dealers in drugs report their businesi:. for the month
WHOLESALE TRADE SUMMARY
SALES
Jan., 1923
OUTSTANDING ACCOUNTS
Jan., 19i3 Jan. 31, 1923 Jan. 31, 1923
Compared Compared Compared
with
with
with
Jan., 1922 Dec. 31,1922 Jan. 31, 1 922
+29.5
+7.6
+1.9
+2.5
--'9•7
-3.5
+44.2
+ .2
+ 11 .9
+38.3
-3. 2
+ 13·9
+15.9
+57.3
+H
+18.1
-5.1
+31-4
+25.9
+ 1.6
Storea Compared
with
Reporting Dec., 1922
Dry Good,......
4
+66.8
Groceries .•..•... · 7
-8.3
Hardware. • . . . • • 10
-16.3
Furniture..... . • • 4
......5.-4
Millinery........
3
+151.-4
Drugs...........
5
+13.5
Auto Accessories..
2
+27.5
+H
of January, 1923, as showing a large gain over the business of
one year ago and slightly above that of December.
Distributors ofimplements report business decidedly improved
as compared with a year ago. Dealers in automobile tires and
accessories report increased sales in January over those of December and also over January a year ago.
The jewelry trade, while decidedly improved over that of a
year ago at this time, fell far below the sales figures for December
with its heavy holiday sales.
RETAIL TRADE: Department stores in the larger cities
report a large volume of business during January, the mild
weather bringing out shoppers in great numbers. The cold
weather during the first half of February disturbed retail trade
considerably, but there was a fair volume of business. Sales
during January, as shown by the Department Store table, were
considerably above sales during January of last year. Except
in dry sections the reporting stores in the smaller cities show
retail trade generally good and in fact much better than last
year at this time.
COLLECTIONS: A somewhat "spotty" condition with regard to payments is disclosed by the m~rc~ntile. reports. :Vhile
practically all of the wholesale reports mdtcate increases m the
amount of their outstanding accounts due to heavy sales, a
majority of the houses indicate that collections ~re "fair" or
"good," with here and there a report that collecttons are s!ow.
A few of the retailers in scattered localities report that collections
are "poor," though a majority of the reports would indicate
that collections are a little better than the average for 1922. The
figure shows the average for all department stores as 48.3% for
collections during January on outstanding accounts, compared
with 48.4% for the corresponding month in 1922.
ACCEPTANCES. Holdings by banks in' Kansas City on February 10 totalled $2,621,645, based on wheat and flour. FederatReserve Bank holdings were $85,000, _based~on wheat and
cotton products.
CONDITION OF RETAIL TRADE IN CITIES OF THE TENTH FEDERAL RESERVE DISTRICT
Bostd upon Reports from 16 Depllt'lmml Strw,1.
Kan1a1 City
(J}
Percentage increase (or decrease) ofnct 1ale1 during January, 1923, over net 1ale1 durInc. 6.3
ing 1ame month la.at year •.•••••..••• • •.•...•••....••••••••.••••••••••••
Percentage of increase (or decrease) of ■tocks at close of January, 1923, over 1tocb
Dec. 6➔
at close of 1ame month last year .•••••. • • •• • • ..•• • •.• • •••••.•••.••••••••
Percentage increase (or decrease) of stocks at close of January, 19:23, over atocks at
close of December, 1922 ...........................•..••......•...•.....
Inc. 17.8
Percentage of average 1tock1 (selling price) at close of each month this season (commencing with January, first) to average monthly net sales (1elling price) during
446.1
the 1ame period . • •.•••.. • •••.•. • • • ..•• • ....•.•..•.••..••••••.•••••••••
Percentage of outstanding orders (cost) at close of January, 1923, to total purchases
10.0
(cost) during the calendar year, 1922 .... . .•..••..............••.....•...
Percentage of collections during month of January, 1923. on amount of outstanding
accounta on Dec. 31, 1922 .•.••••.••••.•••••.•.•.•..••••.•....••..•..•..
5~.l
Percentage of collectiona for 1ame period laat year .•••..•.......•••••••.•••••••••
50.9
DURING MONTH OF JANUARY, 1923
Denver
(J)
Outside
(10)
District
(16)
Inc. 15.7
Inc.
7·"'
Inc.
Dec. 2.8
Inc.
7-5
Dec. 0.-4
Dec. 5.8
Dec. 8.2
-486.3
493.7
f+2
7.5
15.6
10.6
-40.6
-40.6
50.2
-48.3
51.6
-48.4
Inc.
9.2
2.2
5
THE MONTHLY REVIEW
ESTIMATED NUMBER OF ALL CLASSES OF LIVE STOCK ON FARMS JANUARY 1> 1923, BY STATES
( U. S. D,partmmt of Agriculture &port)
Horses
Mules
Milk Cows
Swine
Other Cattle
Colorado ......................................•.........
1,361,000
4 2 5,000
33,000
253,000
523,000
Kansas .. ............ . ..... . ....... ... ........... . .. ... .
1,019,000
307,000
216,000
2,776,000
2.487,000
Missouri ... ...... ..... .............. ...... ... .... ..... •.
4,Jo6,ooo
870,000
373,000
777,000
2,003~000
Nebraska ....................... . ......................•
4,232,000
901 ,ooo
114,000
570,000
2,700,000
New Mexico ............................................ .
181,000
21,000
47,000
838,000
89,000
Oklahoma ..... ...•....................... ..... ..........
1.401,000
715,000
337,000
566,000
1,364,000
Wyoming .............................................. .
198,000
3,000
46,000
84,000
835,000
Sl\eep
1,44.4.,000
314,000
1,105,000
733,000
2,o6'J.,000
87,000
~,3¢,000
Jan. 1923
Number. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,309,000
Valuc ........... .................................... $2o6,182,000
Jan. 1922
N un1ber. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,316,000
. Value ............................................... $216,902,000
Live Stock
Increases~in:the number and value,,'o f beef cattle, milk cows'
hogs and sheep, in the Tenth Federal. Reserve District and also
in the United States, are reflected by the report of the Department of Agriculture showing animals on farms January 1, 1923,
as compared with January 1, 1922. The report discloses, however, that during the period of twelve months there was a decrease in both number and value of horses, while there was an
increase in the number and a decrease in the value of mules on
farms.
On January 1, 1923, there were 42,612,000 animals, valued at
$942,686,000, on the farms and ranges of Missouri, Kansas,
Nebraska, Oklahoma, Colorado, Wyoming and New Mexico-states which, as a whole or in part, are embraced in the area of
the Tenth District. These totals compare with 40,497,000 animals valued at $868,583,000 on farms in the seven states J anuary I, 1922. The increase for the year on all live stock was 2,u 5,000 animals or 5.2%, and $74,103,000, or 8.5%.
Increases for the year in the number of each class of live stock
in the seven states were: Milk cows, 49,000, or 1.6%; other
cattle, 173,000, or 1.6%; hogs, 1,585,000, or 13.4%; sheep,
310,000, or 3.3%; mules, 5,000, or 0.42%. Decrease: horses,
7,000, or 0.16%.
Increases in live stock values in the seven states between the
two dates were: milk cows, 1,1,022,000, or 0.74%; other cattle,
$24,709,000, or 8.3%; hogs, 1,34,161,000, or 31.3%; sheep,
$28,472,000, or 68.7%. Decreased values of horses were $10,720,000 or 4.9%, while mules decreased in value 1,3,541,000 or
4.6%.
Nebraska recorded the largest gains in the year in hogs, cows
and other cattle. Kansas was second and Misouri third in the
volume of increases. Colorado made a remarkable gain in sheep,
with Nebraska second and Kansas third in point of gains. New
Mexico, due to drought conditions, reported large decreases in
cattle and sheep. Oklahoma reported small decreases in the
number of cattle and sheep on farms but reported increases in
the number of hogs and milk cows.
The number and value of animals of each class on farms in
these seven states are shown in the table which follows:
Number
Animals
Milk Cows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,975,000
Other Cattle ................................ n,588,oco
Hogs ..... .. ............ .......... . ........ 13,411,000
Sheep ...................... .. ..... ... ...... 9,x..p,000
Horses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,309,000
Mules ..•. ..••......... ....... . ............ 1,188,000
All Animals 1923 ............................ 42,612,000
All Animals 1922 ........ ..... . ...... .' ... ...• 40,497,000
.Value of
Animals
$138,476,000
312,462,000
143,280,000
69,915,000
2o6,182,ooo
72,371,000
$942,686,000
868,583,000
CATTLE AND SHEEP ON FEED: The number of cattle
on feed in the "corn belt" states on January 1, 1923, was 25%
greater than on January 1, 1922, aC'C:ording to the January
1,188,000
$72,371 ,ooo
2,975,000
$138,746,000
=- $312,462,000
1,183,000
'$75,912,000
2,926,000
$137,454,000
$287,753,000
· u,588,000
13.411,000
J143,28o,000
9,141,eoo
'69,915,000
II ,415,000
11,826,000
$109,119,000
'41.443,000
8,83-1,000
estimate of the United States Department of Agriculture. This
25% increase is indicated for five corn belt states cast of the
~ississippi River as well as for six corn belt states west of the
river.
The reports from the s·tock yards thr~ughout tq~ Tenth District show that during the remarkably h,eayy run of feeqer stock
through t~e markets the average weight of cattle put on feed
during the· latter part of 1922 was relatively light, the per~entage
of heavy feeders being much smaller than during pr~ceding
months.
The number of sheep and lambs on feed on January 1, 1923:
in the eleven corn belt states and in th~ western irrigated regions
showed an increase over January 1, 1922, of 30%. This compares
with the reported increase of 20% on December 1, 1922, over
December 1, 1921. Bigger feeding operations in Colorado and
western Nebraska and increased supplies at feeding stations
were the principal factors in causing the increase on January 1,
1923, over December 1, 1922. The increase for Nebraska is
placed at 25%, caused principally by the larger movement of
feeders into the western part of that state during December and
a smaller proportional out movement of fat stock. On January 1,
1923, it was.estimated that 1,500,000 head of sheep and lambs
were on feed in Colorado, an increase over January 1, 1922, of
500,000 head, or 50%. Most of these sheep, 1,175,000, were in
northern Colorado, 275,000 head were in the Arkansas Valley,
and 50,000 head were in the San Luis Valley.
The mild weather prevailing through the winter to the end of
January was ideal for live stock. The reports showed animals
on farms and ranges in good condition and generally healthy,
with a minimum mortality during the lambing season to that
date. Drought conditions still prevailing in the southwest part
of the District were temporarily relieved by light rain and snGW•
LIVE' STOCK MOVEMENTS:""~ The reports from six markets in the Tenth District disclose increases in receipts of all
classes of live stock during January over the re~eipts during
December, 1922, and also over the receipts during January,
1922. Receipts of cattle were larger than in any January since
1920, while the number of calves marketed in January was greater than has been recorded for a first month of the year in five
years past. Hogs arriving at the markets passed the one million
mark and recorded the heaviest receipts since January, 1919.
Receipts of sheep, due largely to favorable prices and mild
weather for shipping, showed surprisingly large-in fact the
largest for any January in five years. The movement of horses
and mules was the largest since August, 1920. The number of
cars required to carry the live stock to the markets in January
was 35,784, compared with 29,671 cars received in December and
28,260 cars received in January, 1922.
6
THE MONTHLY REVIEW
l,1Receipts of live stock during January at six principal markets
in the Tenth District are shown in the table which follows;
totals for January, 1923, with the totals for December and January, 1922, are'""shown for comparison:
Cattle
Kansas City .•.....•........••. 201,462
Omaha .....•................. • 148,633
St. Joseph ...•.•...... . ........ 53,384 j
Denver ............... . ........ 53,389 l
Oklahoma City ......•.....•••.. 33,2J 2j
Wichita ........... . .. . ..... . .. 30,544]
Calves
Hogs
[Sheep
Horses
Mules
34,259 352,286
9,375 367,985
7,728 266,189
7,i61 56,314
5,148 38,302
6,262 54,763
145,799
246,458
100,952
1:28,273
853
2,050
7,814
1,428
3,102
1,405
1,085
3,7 17
69,933 1,135,839 624,385
64,8:20 989,377 _ 458,187.
45,858 791,377 56o,35 2
18,551
8,378
--- --- --- --- ---
January, 1923 .......... . ... . ... 520,644
December, 1922 ... . ..........• . 443,066
January, 1922 .... .. .... ... .... . 406,976
13,593
The movement of feeder cattle to the country from Kansas
City, Omaha, St. Joseph and Denver markets totaled 136,527
for January, a decrease of 5,719 from the December total and
an increase of 23,850 over January of last year. Calves shipped
to the country were fewer than in Dec~mber, but 3,731 or 67.2%
greater in number than in January a year ago. Hogs moving
to the corn belt from the four yards totaled 30,330, which was
14,790 or 95.2% more than in December and 21,090 or 228.2%
more than one year ago. The four markets also sent 101,274
sheep to the country in January, 32,644 less than in December
and 8,981 more than in the corresponding month last year.
Meat Packing Operations
With a heavy supply of cattle, calves, hogs and sheep on the
markets meat packing operations were increased accordingly.
The,..cattle slaughter was the largest January total since 1919,
while more calves were slaughtered than in any previous J anuary in five years. The heavy marketing of hogs also influenced
the slaughter with the result that the January total was 68.3%
larger than one year ago and the largest since January, 1919.
The slaughter of sheep was 39.6% larger than in December and
42.6% larger than in January of last year. The purchases by
packers of animals for slaughter at the six centers in January,
with totals for December and January of last year for comparison, are as follows:
Kansas City ...... .... . . .. ..... .. . .... .
Omaha .. . .... . .... .. ................. .
St. Joseph ........•.... . . . ... .. .. .. . . ..
Denver ......... . ..... . ... ..... . . ... . . .
Oklahoma City .. . . ... .. .. .. ... .. .. . ... .
Wichita ... . . ............ .. . . . . ....... .
Cattle ; Calves Hogs
Sheep
94,599 27,250 275,899 107,808
96,451
4,051 314,885 171,811
6,897 217,699 82,246
34,383
10,238
1,175 46,583 16,157
23,886
4,209 34,677
795
6,982
3,552 5o,245
1,738
January, 1923 . .. .. .... . ..... . ... . ... . . 266,539
December, 1922 ... ... .... . ........... .. 231,700
Janmary, 1922 . • . • . • • • . . . • • • • • . • . • 195,186
47,134 939,988 3801 555
33,491 875,495 272,537
26,045 558,401 266,788
Stocks of pork and pork products in Kansas City on January
31, 1923, aggregated 52,020,400 pounds, an increase of 9,358,900
pounds over December 31, and an increase of 19,491,800 pounds
over January 31, 1922.
Agriculture
The long season of dry weather and high temperatures, ex•
tending through the winter to the end of January, was broken
by a cold wave at the beginning of February which, with temperatures around zero, continued until the 10th when snow,
varying in depth from one to four inches, covered a very large
area between the Missouri River and the Rocky Mountains
~tending into Oklahoma. This was the first general snow of the
season for this territory and it at least temporarily relieved the
dry situation. While there have been snows in the mountains
and some rain in the eastern and southeastern sections of the
District and in northern New Mexico, recent rains have temporarily improved conditions, it is evident from all reports that
much more moisture is needed during the coming sixty days
both for agriculture and live stock.
The remarkably mild weather which prevailed during December and January was favorable to farm work and, where the soil
was not too dry, farmers were able to get an early start with their
plowing and preparation of the ground for spring crops. Such
weather conditions were helpful to fall sown grain, particularly
in the Missouri River territory. In many sections fruit was advanced almost to the budding stage. This was checked by the
cold weather early in February, though whatever losses were
sustained by fruit or field crops have not been ascertained.
WINTER WHEAT: The report of the United States Department of Agriculture to February 1, im~ediately preceding the
general snow above mentioned, stated that wheat was still
green with plenty of vitality in eastern Kansas but was suffering severely in the western third of that state where little or no
wheat was showing above ground. Wheat was growing somewhat in eastern Nebraska but moisture was needed in other
parts of that state. In eastern Oklahoma wheat and other grains
were in good condition but at a standstill or deteriorating in the
western portions on account of drought. In Missouri wheat had
a good growth and color and conditions were generally satisfactory. Snow and light rains in various other sections had
helped the situation to some extent but there was a decided
need for moisture not only in the mountains and over the Great
Plains but 'throughout the whole area embraced in the Tenth
District in which approximately 21,700,000 acres were sown to
wheat last fall.
GRAIN MARKETINGS: The heavy winter movement of
wheat continued through January. Receipts at Kansas City,
Omaha, St. Joseph and Wichita, aggregating u,828,700 bushels
for the month, were 3,853,400 bushels below the receipts of the
previous month and 3,142,100 bushels or 36.1% above the receipts in January, 1922. The movement of corn to the four
markets, totalling 7,109,100 bushels, was 1,814,900 bushels or
34.2% greater than in the month of December, though the
January total was 389,350 bushels or 5.2% less than the receipts
during the first month of 1922. Receipts of oats, rye, and barley
at the four markets in J a:nuary were far greater than the receipts
in December or in January of last year.
The mild weather and good roads have permitted country mill-
RECEIPTS OF GRAIN (BUSHELS) AT FOUR WESTERN MARKETS JANUARY, 1923
Wheat
Kansas City . . . ............. . . . .... . . ... . . ............ ..... .
Omaha ...... . .. ...... . ... .... . . . ... . ... . . .. ... . ..... . . ... ..
St. Joseph ............. . ...... .. . . . ... . .. .. . .. ..... ........ ...
Wichita .... ... ... .. .... ....... . . . ... .. . . .... ....... . . . .....
7,oo6,5oo
2,283,400
1,005,200
1,533,6oo
Jan.1 1923 . . . .. ...... . ... . ...... . . ... . ... .. ... . . . .. .. .
Dec., 1922 .... . ... .. .. ...... ... . .. . .. . . ... . .. .... . ... . ..
Jan., 1922 . . ... ..... . . . ........ .. . ..... . .. • . . ....•....
u,828,700
15,682,100
8J686,6oo
Corn
1,982,500
3,57 1,400
1,392,000
163,200
7,109,100
S,294,200
7,498,450
Oats
Rye
1,258,000
1,476,000
230,000
24,000
27,500
285,6oo
1,500
2,988,000
2,185,200
1,687,400
Barley
93,000
Kafir
420,200
3,6oo
104,000
10,500
3,6oo
10,500
26,400
318,200
266,100
176,400
211,100
203,350
179,200
457,100
507,4oo
476,200
THE MONTHLY REVIEW
ers to obtain wheat supplies locally s:o that they were not buyers
at the larger markets and the demand from local mills was not
sufficient to maintain the higher premiums which had been paid
for red winter wheat. At the beginning of February sales from
producers were reported very small and dealers were anticipating
lighter receipts for the month, with only a fairly active demand
for wheat at the leading milling centers, and foreign demand
limited.
The mild weather prevailing throughout the consuming territory during January reduced the feeding demand for corn and
oats, thereby increasing the surplus to be marketed. In some
instances reported dealers were offered corn from country points
that a few weeks earlier in the winter had been expected to buy
corn.
Flour Millint;t
The reports on production of flour at Southwestern mills during January point to a decrease of 189,747 barrels or 10.4%
from the December output and an increase of 233,6o7 barrels or
16.7% over the output for the month of January, 1922. Following are figures showing percent of capacity operation and the
total barrels production in January at the leading milling centers
based on the Northwestern Miller's reports:
Pct. Capacity.
Operated
Kanaas City •••.••.•.. . ........ . . . ..
Omaha ..•.•.•.....................
Salina ............ . ..... . .......•..
St. Joseph ... •..... . ....... . .......•
Wichita ........................... .
Outaide .•••••......... . .......... . .
65.9%
81.8
53.9
49·5
55· 2
51 •7
Total, January, 1923 ...•.......... • •
Total, December, 1922 ... . ...•......
Total, January, 1922 .............. . .
Prod'n
Barrels
394,107
85,004
n2,082
105,582
I6o,459
775,361
56.0
I,63 2,595
64.6
54.2
1,822,342
1,398,988
While new bookings of orders for flour since the beginning of
the year have been large, and in instances equal to or above capacity, shipping directions in quantity are lacking. As a result
many of the mills are reported as reducing operations. Mills
with an established trade which orders flour in small lots and
shipped with regularity, however, are maintaining operations
at close to full time. Sales of flour for export in January were
small and in fact there were few inquiries from abroad.
The combined output of crude oil for Kansas, Oklahoma,
Wyoming and Colorado was at a daily average of 595,393 barrels during January, as compared with 594,231 barrels in December and 463,710 barrels in January of last year. Total barrels
produced in the four states for the month is shown in the following table with totals for December and January, 1922, for comparison:
Colorado........ . ....... . ...... . .
7,500
Total . ... . .... . . . . .. . . .......... . 18,457,200
•-Estimated-American Petroleum Institute.
**-Official-United States Geological Survey.
January of both dry wells and gas wells. The figures for the three
states reporting on field operations in January follow:
Kansas ..........................
Oklahoma ......................•.
Wyoming ............. . ...........
Total, Jan. 1923 ............... . ...
Total Dec. 1922 .............•.....
Total~Jan. 1922 ............ ; .....•
Completions Production
165
7,540
87,925
489
21
6,300
101,765
u7,416
74,II9
675
597
499
Dry
64
151
2
Gas
217
185
95
121
18
77
0
87
48
At the end of January rigs and new wells drilling were 316'
in Kansas, 1,428 in Oklahoma, 621 in Wyoming, a total of 2,365
for the three states. From this total there is indicated an increase
of 53 in the number at the end of December and a decrease of
121 compared with the total at the end of January, 1922.
Stocks of crude oil in storage in Kansas and Oklahoma on
December 31 were 89,091,277 barrels, compared with 87,830,033
barrels one month previous to that date and 67,171,351 on the
last day of 1921.
Mining
BITUMINOUS COAL: The United States Geological Survey
estimates place the output of soft coal in the United States in
January, including lignite and coal coked at the mines, at 50,123,000 net tons, an increase over December of 8%. A selected
list of consumers of coal indicated that on January 1, 1923, there
was in commercial storage 36,000,000 net tons of bituminous coal.
This was an increase of 4,000,000 tons over the reserve reported
November 1, when the last previous estimate of reserves was
made. The trend in the rate of production was slightly downward during the latter part of January but the total exceeded
consumption and coal flowed into storage.
The figures for the coal states of the Tenth District indicate
January mine operations at 57.8% of full time capacity, as compared with 68% in December and 54.5% in January, 1922.
Percentages indicating the causes of lost operation and of production are here shown for the six states:
Losses Due To:
Colo. Kans. Mo. N.M.
Transportation Disability ........... t9.3% 26.9% 3.0% o.z%
Labor Shortage .. . ... .
0.I
4.3
Strikes ........•......
0.2
Mine Disability ....... 2.6
6.o
7.1
No Market .•......... 25.8
6.6
46.0
10.5
All Other Causes ...... 0.1
o.8
o.8
16.8% 0.5% II.I%
0.2
0.1
o.8
0.2
0.1
2.3
3.2
1.5
26.6
37.8
3 2•7
0.4
0.9
Percent Loss All Causes 47.8
Percent Production .... 52.2
41.8
Okla.
Wyo.
Total
-- - -- -- -- -- -46.2
44.8
42.2
58.2
Petroleum
. *Jan. 1923
Oklahoma ........ .. ........... . .. 12,584,950
Kansas ................ . ....... . . 2,578,750
Wyoming. . . . . . . . . . . . . . . . . . . . . . . . 3,286,000
7
**Dec. 1922
13,u5,ooo
2,433,000
2,865,500
7,5 00
**Jan. 1922
10,031,000
2,697,000
1,639,500
18,421,000
l4,375,ooo
7,500
Development reports for the month showed an increase in the
number of completed wells of 78 over December and 176 over
January of last year. Daily new production in January, however,
was 15,651 under the December total and 27,646 barrels above
the total for January of last year. There was an increase in
55· 2
34.8
21.5
78.5
53.8
65.2
57.8
The foregoing shows that no market and transportation disability were the two great factors limiting production of bituminous coal in the West. The no market losses were remarkably
heavy in Colorado, Wyoming, New Mexico and Oklahoma, and
they also showed increases over December in Missouri and
Kansas. The transportation situation improved very perceptibly in New Mexico and Wyoming over the preceding month,
but in Kansas, Oklahoma and Colorado the transportation disability percentages were high.
·
COLORADO METAL MINING: Continued improvement,
though slight, is reported from the Colorado metal mining districts. Owing to winter weather conditions there has been little
or new work started, but the general tone of the mining industry
is good and operators at present are planning for larger production in the spring and for the year 1923.
ZINC AND LEAD: Reports from the zinc and lead fields in
the Tri-State District of Missouri, Kansas and Oklahoma reflect heavy shipments of zinc and lead ores, but a decline from
December in prices for zinc ores and an increase in the price of
8
THE MONTHLY REVIEW
lead ores during the first month of 1923. Shipments of blende
ores closely approximated 12~000 tons per week, but puchases
showed some decline from those of the last three months of 1922.
The last week of January, however, showed a returned demand
for zinc blende ores and the month closed very much stronger
than it began in the zinc market. The averages for all zinc
blende ores sold during the month was '/,40.71 per ton. The
average for calamine ores was 'l,25.04. The average was $26.45
for zinc blende in January, 1922. There was no calamine market
one year ago, nor any calamine production. Shipments of zinc
blendc ores this year have increased 18,766 tons over 1922, and
-4-75 tons for calamine ores. The surplus stocks are in much better
condition than one year ago, unsold stocks being 60,000 tons as
compared with 72,000 tons last year.
Lead ores opened the year at 'l,93.00 and advanced steadily
throughout the month to a high base price of '1,102.00 for 80%
ore. Even at this high price ore buyers were unable to get all
the ores they desired. Shipments approximated 1,700 tons per
week for the first month of the year, the average price being
$96.47. The shipments were 206 tons greater in January this
year than in the first month of last year, while prices were 50%
higher. Stocks in th~ ore bins of the producers are _estimated at
506 tons a8 compared with 700 tons for the same period in 1922.
Tht irtdustty as a whole showed a remarkable revival during
the last three months of 1922 and the first month of 1923. Prospecting attivities are notable throughout both new and old territory, and mill building is now assuming some activity with a
promise of gteater proportions as the spring months open. The
exceptionally open winter aided production and mining operations gttlltly. the principal handicap of the mine operators has
been lack of water for milling purposes, difficulty in ore shipments,
disruption of mining organizations due to the influenza epidemic
in the latter part of the month, followed by a season of cold
weather.
1.
2.
CONDtTION OF SELECTED MEMBER BANKS IN
TENTH FEDERAL RESERVE DISTRICT
Feb. 7, 1923 Jan. 10, 1923
78 Banks
81 Banks
Loans and Discounts (including rediscounts):
(a) Secured by U.S. Govt. obligations ..... '/,
8,552,000 '/, 10,007,000
(b) ~cd by stocks and bonds, other
than U. S. Bonds ................ . . . .
77,018,000
78,395,000
(c) All Other .......... ..... .. . ........ . 359,040,000
356,690,000
Investments:
{a) U. S. Pre-war Bonds ... . ........ .... .
(b)
(c) ,
(d)~
(eYJ
(f)
3.
4.
5·
6.
7.
8.
9.
U. S. Liberty Bonds ................ .
U. S. Treasury Bonds ............... .
U.S. Victory Notes and Treasury Notes.
U. S. Cert. oflndebt.. .............. .
Other Bonds, Stocks and Securities .. . .
Total loans and discounts, and investments ..
Reserve Balances with F. R. Bank ... .... . .
Cash in Vault .................. , ... . .... .
Net demand deposits on which reserve is
computed ........ . . ..... .. .. ........... .
Time Deposits .......................... .
Government Deposits ....... .. ........... .
Billa payable and rediscounts with F. R. Bank
Secured by:
(a) U. S. Govt. obligations .............. .
(b) All Other .. ........................ .
TOTAL
11 ,973,000
46,533,ooo
4,668,000
21,512,000
5,798,000
59,472,000
594,566,000
49,215,000
u,719,000
12,094,000
46,267,000
5,9 23,000
19,261,000
4,726,000
62,507,000
595,87°,000
5o,357,ooo
13,205,000
459,775,000
125,358,000
1,449,000
454,757,000
125,965,000
3,024,000
2,086,000
3,580,000
6,910,000
5,4 1 5,000
(Items 3 to 9 inclusive) .........•... '/,1,247,748,000 '/,1,255,503,000
Cement Manufacturing
Production of Portland cement in the United States during
J ~nuary, n6 mills operating, .was 7,657,000 barrels, compared
with 4,294,000 barrels produced in the first month of 1922 and
4,098,000 barrels produced in the first month of 1921. The
figures for 16 mills operating in Western Missouri, Kansas,
Nebraska, Oklahoma and Colorado are here given:
Jan.1923
Production, Bbls.. . . . . . . . . . . . . . . . . . . . . . . . 464,ooo
Shipments, Bbls. . . . . . . . . . . . . . . . . . . . . . . . . . 506,000
Stocks, Bbls... .......... .. .... . ........ . 1,022,000
Jan. 1922 Jan. 1921
383,000
311,000
228>000
202,000
1,165,000
866,ooo
The large shipments during January are reported as due to
the exceptionally heavy building operations in the month.
STATEMENT OF CONDITION, FEDERAL RESERVE
BANK OF KANSAS CITY, INCLUDING BRANCHES
At Close of Business Feb. 21, 1923.
RESOURCES
Gold Coin and Certificates ........ . .... ... ............. ... . $
Gold Settlement Fund F. R. Board. . . . . . . . . . . . . . . . . . . . . . . . .
Gold with Federal Reserve Agent...........................
Gold Redemption Fund....................................
Reserves Other than Gold .... .. . . ...... ......... . ..........
Non-reserve Cash.. .. .... . .. ... .. .................. ..... ..
Bills Discounted for Member Banks:
Secured by Govt. Obligations........................
All Other.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bills Bought in Open Market...............................
U.S. Bonds and Notes....................................
United States Cert. of Indebtedness.. . . . . . . . . . . . . . . . . . . . . . . .
Bank Premises...........................................
5% Redemption Fund Against F. R. Bank Notes. . . . . . . . . . . . .
Uncollected Items..................... . ...................
All Other Resources...... ... . .................... . .. .... ..
2,906,525.50
32,200,737.84
59,328,300.00
1,203,683.14
5,149,770.00
4,037,800.35
4,180,695.69
13,506,627.44
85,000.00
30,730,250.00
n,723,000.00
4,790,188.58
200,000.00
38,318,430.99
1,026,699.64
Total Resources .................................... '$209,387,709.17
LIABILITIES
Capital Paid In ................. ........... .............. . t,
Surplus ................................................. .
Deposits:
Government ......................... . . ..... .. .. ... .
Member Banks, Reserve Account . .. .... ... ......... . .
All Other ......................................... .
F. R. Notes in Actual Circulation .......................... .
F. R. Bank Notes in Actual Circulation .................... .
Deferred Availability Items ....... ..... . ....... .. ..... .... .
All Other Liabilities ........... ....................... .... .
4,665,850.00
9,488,299.89
2,305,218.24
82,459,912.46
1,143,662.85
65,684,285.00
2,242,583.00
40,940,543.00
457,35-4-.73
Total Liabilities .................................... 'l,209,387,709.17
OTHER TOTALS
Gold Reserves .. . . . .................. ........ ...... . t, 95,639,246.48
Discounted and Purchased Bills Held. . ................ 17,772,323.13
Earning Assets.. ..... .......... .... . .. ... ...... ..... 60,225,573.13
Deposits ................. ....... . ,, .... ............. 85,908,793.55
of Total Reserves to Deposit and Federal Reserve Notes
Liabilities Combined..................... ...... .....
66.4%
Total Clearings for Week .. ................................ '/,168,436,712.99
Total Numbcr_.of Items Handled...... ... ........ ..... .... ..
1,195,935
Total
Total
Total
Total
Ratio
1
@FedFRASER