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THE MONTHLY REVIEW
QI Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
-FEDERAL
,
M
RESERVE
KANSAS C1TY,
BANK
Mo.,
ARKET prices · for agricultural products and for
many other items of Tenth District production continue at abnormally low levels, and business activity
· in the District failed to show any improvement in November
and the forepart of Decem her.
November grain prices were generally steady, with the
exception of corn which moved into lower ground. Hay prices
were steady, and cotton declined slightly. Lambs were 50
cents per hundredweight higher for the month, pork prices
closed unchanged, but beef was lower. Prices of cattle and
hogs declined further to mid-December, the former selling
at the lowest levels in over twenty years, and the latter the
lowest since 1879. Butter and egg prices advanced rapidly
late in November. Turkey prices broke badly under heavy
holiday offerings but other classes of poultry continued to
sell at the same low levels.
The December 1 summary of the Bureau of Agricultural
Economics, United States Department of Agriculture, commenting on the agricultural situation, states as follows:
OF
JANUARY
KANSAS
r, 1933
CI TY
No. r
BUSINESS IN THE TENTH F_E DERAL RESERVE DISTRICT
Banking and Credit
Percentages of Increase, or Decrease (-), for November 1932 over October
1932 and November 1931 and for the first eleven months of 1932 over the like
period in 1931.
November 1932 1I Months 1932
Compared to
Compared to
Banking
Oct. 1932 Nov. 1931 II Months 1931
-28.0
Payments by check, 29 cities.................. - 7.3
-28.8
Federal Reserve Bank clearings.............. - 7.4
-19.7
- 25,5
Loans, 54 member bank.;,....___
- 2.0
-25.7
Investments, 54 member banks.............. - 1 .o
- 2.3
Net demand deposits, 54 member banks
1.3
-13.2
Time deposits, 54 member banks·--······· - 0.9
- 3.8
Savings deposits, 49 selected banks.-.....
0.3
- 8.3
Savings accounts, 49 selected banks...... - o.8
- 2.5
Distribution
Wholesalers' sales, 5 lines combined...... - 9.6
-21.2
Retailers' sales, 34 department stores.... - 8.3
Lumber sales, 161 retail yards................ -26.0
Construction
Building contracts awarded, value·---··· -44.4
Residential contracts awarded, value.... -14.1
Building permits in 17 cities, value........
77.5
- 0.1
Production
Flour_ _ _ _ _ _ _ _ _ _ __ - 8.o
-12.7
-4.4
Crude petroleuu1...._ _ _ _ _ __
-12.6
-24.7
- 3.1
Soft coa.1......_ _ _ __ _ _ _ __
-10.9
-0.3
7.8
-26.6
Zinc ore (shipped) Tristate District.... ,..
Even
41.9
Lead ore (shipped) Tristate District. .....
2 9·3
-14.7
49-9
Cemen.____ _ _ _ _ _ _ _ __
-20.3
-36.5
- 1.5
Grain receipts, 5 markets
-40.3
Whea'------------43-4
Corn .. _ _ _ _ _ __ ........................
--64.6
0.5
-20.7
-30.8
Oats·----·-_
-_
-_
--_
-_Ry--_ __-_
__
26.2
95.3
-51.2
-38.9
Barley·-···
Kafir _ _ _ _ _ _ _ _ _ _ __
2.6
-']0.4
Livestock receipts, 6 markets
Cattle _ _ __ __
-10.0
-27.2
-29.9
Calve,,__ _ _ _ __ _ _ __
-30.8
-28.4
- 8.9
Hogs.. _ _ _ _ _ _ _ _ _ __
-11.8
-21.8
6.3
Sheep ...... _ _ _ _ _ _ _ _ __
-12.1
-56.0
-43.o
Horses and mules .. _ _ _ _ _ __
19.2
-33.o
- 1.5
Meat packing, 6 markets
Cattle.............. _ _ _ _ _ _ _ __ -26.0
-13.1
- 5.8
Calve_,__ _ _ _ __ _ _ __
-11.3
-38.7
-5-1
1 7·5
-14.8
Hogs ............- - - - - - - - - -13.2
Sheep ........,_ _ _ _ _ __
-10.6
-35.o
-3 1 .5
Stocker and feeder shipments, 4 markets
Catt!.___ _ _ _ _ _ _ _ _ __
-23.0
-24.4
C a l v e " - - - - - - - - - - - - 1 3.7
- 1 7.7
Hogs.. _ _ _ _ _ _ _ _ _ __
35.8
-67.9
Sheep ........ _ _ _ _ _ _ _ _ __
-46.5
-37.I
MEMBER BANK OPERATIONS: Reductions in borrowings at member banks continued, although less rapidly than in
the earlier months of the year. Fifty-four reporting member
banks in selected cities reported $246,387,000 in loans and
discounts on December 14, reflecting reductions of 2 pe~cent
since November 9 this year, 25'.7 percent since December 16,
1931, and 48.7 percent from the high of August 7, 1929. Liquidations during the five weeks ended December 14 were confined to "all other" loans, as loans secured by stocks and bonds
increased slightly. In fifty-two weeks "all other" loans declined
29.9 percent and loans on securities 14.8 percent.
'' Prices of farm products stand this fall at an index of 54 (pre-war average
being considered as 100), prices paid by farmers for commodities bought 106,
farm taxes about 250, farm wages 84. The general wholesale price level of
all commodities stands at 94. [ Industrial wage rates are around 175."
The ratio of prices received by the farmer to prices paid by
him for commodities, is estimated at 51, as compared to a low
ratio of 48 for June of this year.
Sales at both wholesale and retail declined seasonally, the
former by somewhat less than usual and the latter slightly
more.
Marketings of grain and livestock were extremely light,
and the countryward movement of livestock for feeding purposes was substantially below normal.
Production of flour, crude oil, and cement declined, both as
compared to October this year and November, 1931. Coal
production was the same as a month ago but exceeded last
year's output.
Building activity, especially residential construction, was
quiet.
Deposits in member banks show a tendency to increase,
but loans and discounts show further reductions.
Thi, Copy Released For Publication fo Morning Newspapers. December 30
2
THE MONTHLY REVIEW
Declines in total investment holdings of these banks, amounting to I percent in five weeks and 2.3 percent in fifty-two weeks,
were entirely attributable to reductions in holdings of bonds,
stocks, and securities other than United States securities, as
purchases of the latter were expanded.
An improvement of 1.3 percent in net demand deposits and
a seasonal decline in time deposits between November 9 and
December 14 were reported, but net demand deposits as of the
latter date were 13.2 percent and time deposits 3.8 percent
less than one year earlier.
The accompanying table shows the principal items contained in the condition statements of the fifty-four reporting
member banks as of the three dates of comparison:
Loans and investments-total...
Loans and discounts-total........
Secured by stocks and bonds
All other loans and discounts
Investments---:tota..____ _ __
U. S. securities ....................... .
Other bonds, stks., and sec.. _.
Reserve with F. R. bank._ .........
Net demand deposits _ _ __
Time deposits.. _. _ _ _ __
Government deposits_ _ __
Dec. 14, 1932
$507,631,000
246,387,000
78,581,000
I 67,806,000
261,244,000
145,641,000
I I 5,603,000
42,9n,ooo
341,256,000
179,639,000
5,181,000
Nov. 9, 1932
$515,182,000
251,383,000
77,876,000
173,5°7,000
263,799,ooo
144,146,000
n9,653,ooo
43,263,000
336,984,000
181,224,000
6,963,000
Dec. 16, 1931
$598,804,000
33 1,474,000
92,203,000
239,271,000
267,330,000
134,385,000
132,945,000
50,022,000
393, 158,ooo
186,786,000
4,364,000
RESERVE BANK OPERATIONS: Rediscounts for member banks held by this bank and branches declined $3,279,523
between November 9 and December 14, with total holdings,
as of the latter date, $17,187,746 less than on December 16,
1931, and the smallest since September 16 of that year. Holdings of bills purchased in the open market also declined during
the five weeks' period and showed a reduction of $15,118,581
in fifty-two weeks. These reductions, and an inconsequencial
one of $400 in holdings of United States Government securities,
resulted in a 4.4 percent decrease for the month in total earning assets. Total earning assets on December 16 were somewhat larger than a year earlier, increased holdings of Government securities having offset reductions in other items.
Federal reserve note circulation expanded I percent in the
five weeks ended December 14, at which time it was 10.9 percent larger than one year earlier. Member banks' reserve
deposits declined o.6 percent in five weeks and 17.1 percent
in fifty-two weeks.
Principal items contained in weekly statements of the Federal
Reserve Bank of Kansas City as of the three dates of comparison:
Dec. 14, 1932 Nov. 9, 1932 Dec. 16, 1931
Gold reserve.~ - - $ 83,599,870 '/, 84,016,532 '/, 94,474,774
Reserves other than gold._.........
6,842,670
5,297,100
7,524,587
Total reserves..............................
90,442,540
89,313,632
101,999,361
Bills discounte'-'--- - 13,280,983
16,550,506
30,468,729
Bills purchased......... - - - 859,9II
889,100
15,978,442
U.S. securities............................
57,252,100
57,252,500
18,959,100
Other securities._____ ......................
......................
400,000
Total bills and securities............
71,392,994
74,692,106
65,806,271
Total resources.... - - - - 188,139,646
189,087,933
203,823,446
F. R. notes in circulation..........
91,680,915
90,810,065
82,657,235
Member banks' reserve deposits
64,875,269
65,240,394
78,213,981
The discount rate of the Federal Reserve Bank of Kansas City on all classes
of paper and all maturities, remained unchanged at 3¼ percent.
SAVINGS: A slight increase in savings deposits and a slight
decrease in the number of savings accounts for the month of
November were reported by forty-nine selected banks in leading cities of this District. Deposits as of December 1 this
year showed a decline of 8.3 percent since December 1, 1931,
whereas, the number of accounts declined only 2.5 percent.
Savings accounts and savings deposits as reported by the
forty-nine banks:
Savings Accounts
December 1, 1932·-························-········
419,195
November 1, 1932·---·······-·····················
422,468
December 1, 1931.-.................................
430,026
Savings Deposits
$II4,718,098
II4,333,o61
125,038,243
BANK DEBITS: The volume of debits to individual
accounts, as reported by banks in twenty-nine Tenth District
cities, declined 7.3 percent in the four weeks ended November
30, as compared to the total for the preceding four weeks
ended November 2, and 28.8 percent as compared to the corresponding four weeks ended December 2, 1931. The total
for the first eleven months of 1932 showed a loss of 28 percent
as compared to a year ago.
Check payments in 263 cities in the United States were
33.9 percent lighter in the four weeks ended November 30
this year than in the like period last year, with the eleven
months' total 33.1 percent smaller.
PAYMENTS BY CHECK
FouR WEEKS
Nov. 30, 1932
$
6,864,000
'/,
Albuquerque, N. M,·- - ···············
Atchison, Kans _ _ _ __
2,073,000
Bartlesville, Oki _ _ _ __
16,533,ooo
Casper, Wyo.·--· · · · - - - - 4,47 1,000
Cheyenne, Wyo. _ _ __
4,615,000
Colorado Springs, Colo .. - ...........
9,043,000
Denver, Colo ...............................
81,549,000
Enid, Okla ...................................
5,212,000
Fremont, Nebr.._........................ .
1,403,000
Grand Junction, Colo ................ .
1,516,000
Guthrie, Okla .............................. .
859,000
Hutchinson, Kans ... _ _ __
6,291 ,000
Independence, Kans .................. .
2,970,000
Joplin, Mo ..................................
5,679,000
Kansas City, Kans .....................
8,286,000
Kansas City, Mo ........................ .
189,352,000
Lawrence, Kans ...........................
2,412,000
Lincoln, Nebr .............................. .
16_,044,000
Muskogee, Okla .......................... .
6,064,000
Oklahoma City, Okla................ .
49,684,000
Okmulgee, Okla .......................... .
1,759,000
Omaha, Nebr...............................
86,574,000
Pittsburg, Kans ...........................
2,640,000
Pueblo, Colo ................................ .
17,058,000
Salina, Kans. _ _ _ __
4,478,000
16,837,000
St. Joseph, Mo.·-·························
Topeka, Kans _ _ _ _ __
8,756,000
Tulsa, Okla _ _ __
60,321,000
Wichita, Kans .............................
24,137,000
ENDED
Dec. 2, 1931
8,894,000
3,089,000
14,574,ooo
5,775,000
5,508,000
14,781,000
n5,595,ooo
7,840,000
2,483,000
2,463,000
1,384,000
9,759,000
4,860,000
6,256,000
II,514,000
271,586,000
3,249,000
22,341,000
6,674,000
66,980,000
2,351,000
125,958,000
3,498,000
34,552,000
8,180,000
26,268,000
II,686,ooo
71,990,000
33,801,000
Total 29 cities, 4 weeks.......... 'I,
643,480,000 $
903,889,000
Total 29 cities, 48 weeks..........
8,816,941 ,000
12,251,020,000
U.S. 26.3 cities, 4 weeks..........
20,519,4.32,000
31,060,399,000
U. S. 263 cities, 48 weeks.......... 320,393,222,000 479,227,673,000
Percent
Change
-22.8
-3 2 .9
13.4
-22.6
-16.2
-38.8
- 2 9.5
-33.5
-43.5
-38.4
-37.9
-35.5
-38.9
- 9.2
-28.0
-30.3
-25.8
-28.2
- 9.1
-25.8
-25.2
-31.3
-24.5
-50.6
-45.3
-35.9
--25.1
-16.2
-28.6
--28.8
--28.0
-33.9
-33.1
FEDERAL RESERVE BANK CHECK COLLECTIONS:
Check collections for banks through the Federal Reserve
Bank of Kansas City and branches at Denver, Oklahoma City,
and Omaha during November totaled 3,809,061 items representing $508,756,000. These totals show decreases of 7 percent
in the number of items handled and 7.4 percent in the dollar
amount as compared to October, and of 21.9 percent in items
and 19.7 percent in amount as compared to November last
year.
Figures showing total col' ections.. .,. .for N ovem her and the
eleven months, with comparisJns, follow:
ITEM S
.... 1932
November....... .
3,809,061
4,097,060
October·- -·········
Eleven months. 47,068,109
1931
4,878, no
5,370,096
59,018,584
AMOUNT
1932
'/, 508,756,000
549,265,000
5,8 17,477,ooo
1931
$ 633,278,000
7 12,979,000
7,812.,430,000
THE MONTHLY REVIEW
3
RETAIL TRADE AT 34 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
STOCKS (RETAIL)
ACCOUNTS RECEIVABLE
COLLECTIONS
Stores Nov. 1932 II Months 1932
Nov. 30, 1932
STOCK TURNOVER.
Nov. 30, 1932
Nov. 1932
Report- compared to compared to
compared to
November
I I Months
compared to
compared to
ing
Nov. 1931 II Months 1931 Oct.31,1932 Nov.30,1931 1932 1931 1932 1931
Oct.31,1932 Nov.30,1931 Oct. 1932 Nov. 1931
Kansas City........ 4
-16.3
-24.2 J
0.9
-17.5
.18
.18 1.81 2.10
1.7
- 9.2
3.0
-13.7
Denver.................. 5
-24.6
-21.0
3.8
-22.9
.23
.23 2.50 2.62
- 2.9
-17.1
- 3.4
-17.7
Oklahoma City._. 3
-22.9
-21.5
3.5
-29.3
.27
.25 2.69 2.63
- 1.2
- 6.7
9.5
- 5.4
Topek---- 3
-21.5
-21.3
3.4
- 8.2
.20
.20 2.24 2.16
- 2.7
-22.1
- 2.0
-21.3
Tuls....____ 3
-11.1
-12.6
4.5
-25.9
.33
.27 4.10 3.51
- 4.7
-I2.9
40.6
- 2.I
Wichita.....·-·-···· 3
-20.8
-19.9
- 0.1
-20.6
.20
.20
- 6.4
-22.2
5.0
-18.8
Other cities .......... 13
-23.7
-24.0
- 1.7
-20.2
.22
.23 2.37 2.47
1.2
-1'.l.8
I.I
-18.7
Tota.___ _ _ 34
-21.2
-21.9
1.5
-21.5
.22
.22 2.33 2.51
- 1.3
-13.9
3.4
NOTE: Percentage of collections in November on accounts October 31, all stores reporting 35.2.
Collections same month last year 36-4-
Trade
RETAIL: Dollar sales of thirty-four department stores
located in Tenth District cities declined 8.3 percent in November. Not since 1927 have November sales exceeded October
sales, but the decline this year was slightly larger than reported
in any of the four preceding years. A decrease of 21.2 percent
as compared to November, 1931, although not as favorable a
comparison as shown for the months of September and October,
was considerably better than reported for the months of June
and July. Preliminary reports indicate that holiday sales,
which have been retarded somewhat by the extremely cold
weather, will fall considerably short of the normal volume.
Stocks, as usual, showed little change between October 31
and November 30, but inventories, as of the latter date, were
21.5 percent lighter than on the like date last year, thus making
the third consecutive substantial annual decline.
Collections during November were at the rate of 35.2 percent of accounts outstanding at the close of the previous month
as compared to 35 percent in October and 36.4 percent in
November, 1931.
WHOLESALE: November witnessed about the usual
falling off in wholesale trade, all lines, with the exception of
drugs which experienced a slight non-seasonal gain, reporting
declines ranging from 9.6 percent for dry goods to 27.9 percent
for furniture. Dollar sales substantially smaller than a year
ago were reported by all lines, decreases being as follows:
dry goods, 11.7; groceries, 17.1; hardware, 19.3; furniture, 36.6;
and drugs, 3. 5 percent.
All lines, furniture excepted, reduced their inventories during
the month and stocks on hand November 30 were, without
exception, substantially smaller than one year earlier.
Flour Milling
Operating at 63.4 percent of full-time capacity in November,
as against 68.9 percent in October and 75.6 percent in November, 1931, southwestern mills produced 8 percent less flour
during November than in the preceding month and 12.7 percent less than in the corresponding month last year. Produetion during the first five months of the new wheat year is
estimated at I0,087,599 barrels as against 11,158,249 barrels
for the corresponding period a year ago.
Reporting
Stores
Dry goods ...................... 5
Groceries.... - - - - 5
Hardware.___ ................. 9
Furniture........................ 5
Drugs______ 6
Flour production in this District '. as -~·estimated from the
weekly reports of southwestern mills to the Northwestern
Miller:
Atchison. ..... ·-········ · - - - -- - Kansas CitY·--················· · - - - Omaha ...... - - - - - - - - Salina .... _ _ _ _ _ _ _ _ __
St. Joseph_ __
Wichita. __ ··············------Outside. _ _ __
Nov. 1932
Barrels
139,21 I
574,143
114,128
159,338
48, 2 79
200,225
748,618
Oct. 1932
Barrels
137,815
612,528
II3,634
178,000
61,442
234, 153
818,886
Nov. 1931
Barrels
130,364
664,701
106,952
191,017
79,828
Total southwestern mill.,______
United States·---······· · · - - - - -
1,983,942
5,724,825
2,156,458
6,165,944
2,273,407
6,393,856
214,142
886,403
Flour trade was not active and, except for a few instances,
sales were of small size, chiefly for 500 to I ,ooo barrels or mixed
car lots for delivery within thirty, sixty, or ninety days. Record
low prices the forepart of the month failed to attract much
buying, and, as wheat and flour prices advanced, buyers were
reluctant to enter the market. Prices were shaded somewhat
at the close but still showing a net advance of approximately
IO cents per barrel for the month. Strong cash wheat premiums
and millfeed prices, that hardly more than covered costs of
sacking, packing, and freight, necessitated a relative strengthening of flour prices. Shipping directions were slow and kept
mill activity down. Stocks in both jobbers and bakers' hands
and bookings are below normal but so is the demand for baked
goods.
Demand for millfeed was light and scattered. Supplies,
although light, are adequate for the demand and, at present
prices, sales beyond current output are not urged.
Grain Marketing
Only about two-thirds as much wheat, one-third as much
corn, and a fourth as much oats, rye, barley, and kafir were
received at the five principal grain markets of the Tenth District
during November as normally. Compared to October, receipts of wheat, oats, and rye declined seasonally and marketings of corn and kafir failed to show the usual increase.
Weather conditions, in contrast to a year ago, were quite
favorable to the harvesting and marketing of corn, but receipts, despite a much larger crop, were only one-half of one
percent larger than for November, 1931, reflecting the reluctance of producers to dispose of their grain at prevailing prices.
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
OUTSTANDINGS
COLLECTIONS
SALES
Nov. 30, 1932 compared to
Nov. 1932 compared to
Nov. 1932 compared to
Oct. 31, 1932 Nov. 30, 1931
Oct. 1932
Nov. 1931
Oct. 1932
Nov. 1931
- 2.9
-13.3
4.5
- 7.2
- 9.6
-11.7
-10.0
-17.1
- 6.9
-12.3
- 2.3
- 6.9
- 3.0
- 9.6
- 8.4
-19.2
-18.2
-19.3
-14.2
-31.4
- 5.9
-25.o
-27.9
-36.6
2.3
- 6.3
- 1.9
- 9.0
2.3
- 3.5
STOCKS
Nov. 30, 1932 compared to
Oct. 31, 1932 Nov. 30, 1931
-13.6
- 3.9
- 4.7
-26.3
- 3.0
-11.3
I.I
-28.6
- 2.9
-16.4
THE MONTHLY REVIEW
4
All grain prices moved within a narrow range in November
with wheat, oats, rye, and barley closing the month fractionally
higher and corn and kafir a cent a bushel lower. Number 1
hard and dark wheat at Kansas City closed at 41 cents, number
2 mixed corn at 22.½ cents, and white oats at 18 cents per
bushel as against 48, 45, and 30 cents, respectively, a year
ago. Recessions up to December 15 carried all grains to previous or new lows.
Arrivals of grain at five Tenth District markets are shown
m the following table:
Hutchinson ......
Kansas City·--·
Omaha---·····St. Joseph.___
Wichita.-···-····
Wheat
Bushels
1,151,550
3,737,600
433,600
382,400
799,500
Corn
Bushels
Oats
Rye
Bushels Bushels
601,500
378,000
264,000
5,200
92,000
86,ooo
196,000
1,500
10,500
26,600
Barley
Bushels
40,000
14,400
Kafir
Bushels
19,500
105,000
1,300
- - - - - - ---- ----
Nov. 1932.___... 6,504,650 1,248,700 375,500 37,100
54,400 125,800
Oct. 1932.......... 8,508,050 2,012,6oo 680,000 64,100
47,500 200,400
Nov. 1931.___... u,488,800 1,242,750 542,500 19,000
89,100 425,100
II Mos. 1932._. 159,813,000 16,0:22,250 6,847,000 320,600
779,800 2,334,900
II Mos. 1931._. 267,617,950 45,272,250 8,629,600 254,100 1,597,050 2,275,300
Crops
Revised estimates of the United States Department of
Agriculture disclose that farmers in this District harvested a
larger acreage of corn, oats, barley, grain sorghums, wild hay,
white potatoes, and peanuts, and a smaller acreage of wheat,
tame hay, cotton, broom corn, dry beans, rye, and flax in 1932
than in 1931.
Production of wheat, dry beans, cotton, and sugar beets is
sharply lower than a year ago. Higher average yields on a
somewhat larger acreage have resulted in the largest corn crop
in several years. Hay yielded more abundantly and the potato
crop is somewhat larger. Adverse spring temperatures cut
the harvest of apples, peaches, and pears over 50 percent but
most other fruits bore satisfactorily.
Weather has been excellent for the harvesting of corn and
grain sorghums, and the picking and ginning of cotton. Fall
plowing was retarded generally by dry soil.
Sales of this year's tobacco crop at auction, commencing
the forepart of December, are averaging better than a year
ago, with a tendency for the market to strengthen from day
to day. A million pounds of Tenth District tobacco, sold to
December 15, averaged 1,13.17 per hundredweight.
WINTER WHEAT: A 1933 national winter wheat harvest of
less than 400,000,000 bushels, the smallest in the present century,
is suggested by the Department of Agriculture's report of a
1.3 percent reduction in the fall sown acreage, and a December
1 condition of 68.9 percent.
Area sown totaled 39,902,000
acres, the smallest since 1923, and marks the third consecutive
year the acreage has been reduced. On the basis of past experience, the present condition of 68.9 percent, which is the
lowest reported for December 1 in the sixty-nine years records
have been compiled, indicates a probable abandonment by
harvest time of over 20 percent of the area sown. Abandonment last year amounted to 16.7 percent and the average for
the past ten years to 1 2.4 percent of the fall sown
acreage.
Acreage sown and December 1 condition of winter wheat in
the states of this District are shown in the following: (Acreage
in thousands~ ooo omitted).
Colorado
Kansas ....
Missour
Nebraska ..................
New Mexico·---·······
Oklahom
Wyoming
Seven states·-···········
United States._ .........
AREA SowN-FALL
1932
1931
1,218
877
11 ,477
11,711
1,473
1,311
2,890
3,042
360
379
4, 275
4,4°7
135
169
21,325
39,9° 2
22 ,399
40,420
CONDITION DECEMBER I
1932
1931 10-Yr.Av.
82
55
54
70
57
79
76
92
85
70
76
85
80
79
79
80
80
49
86
67
75
58.7
68.9
73.5
82
79-4
83.3
Reductions in the winter wheat acreage of this District
totaled approximately 1,000,000 acres, largely in the drier
areas of the southwest. Much late planted wheat is not up,
particularly in the western third of the wheat belt where the
moisture supply is most deficient. The crop has been damaged
somewhat by soil blowing and is subject to extensive injury in
the event of extremely low temperatures. Wheat in the eastern
part of the District is more promising but the acreage is small.
A moisture deficiency exists generally. The December report
of the Kansas State Board of Agriculture places the condition
of winter wheat in that state at 57 percent of normal, the
lowest on record, as compared with 70 percent last December,
and the ten-year average condition of 79.4 percent. Rye
acreage has been reduced about IO percent, with the December
1 condition below normal.
DECEMBER 1 ESTIMATES BY THE UNITED STATES DEPARTMENT OF AGRICULTURE OF 1932 AND 1931 HARVESTED ACREAGE AND
PRODUCTION OF FIFTEEN IMPORTANT CROPS IN THE UNITED STATES AND THE SEVEN STATES WHOSE AREAS OR
PARTS THEREOF COMPRISE THE TENTH FEDERAL RESERVE DISTRICT
ACREAGE HARVESTED, in thousands
PRODUCTION, in thousands of units
SEVEN STATES
UNITED STATES
SEVEN STATES
UNITED STATES
1932
1931
1932
1931
1932
1931
1932
1931
Winter wheat, bu ........ - - - - - - 17,411
23,596
33,656
41,357
196,278
424,382
462,151
787,393
Spring wheat, b..__ _ _ _ _ _ __
572
418
21,521
13,987
6,340
4,504
264,680
II2,826
All wheat, b...__ _ _ _ _ _ _ _ __
17,983
24,014
55,177
55,344
202,618
428,886
726,831
900,219
Corn,bu _ _ _ _ _ _ _ _ _ _ __
29,835
28,429
107,729
105,301
676,625
531,480
2,908,045
2,567,306
Oats, bu ....... _ _ _ _ _ _ _ _ __
7,546
7,516
41,224
39,800
174,410
193,287
1,242,437
1,117,970
Barley, b...___ _ _ _ _ _ __ __ _
2,358
2,090
13,213
11,419
39,702
34,528
299,950
198,389
Rye, b...___ _ _ _ _ _ _ _ _ _ __
372
473
3,271
3,060
3,505
4,271
39,855
32,026
3,636
3,192
7,850
7,156
39,231
42,979
105,871
105,214
Grain sorghums, bu ..... - - - - - - Tame hay, ton...___ _ _ _ _ _ _ __
8,010
8,173
52,819
53,879
10,878
9,836
69,609
65,058
5,179
4,914
14,298
12,259
4,248
3,260
12,179
8,378
Wild hay, tons ...... - - - - - - - - 3,625
3,782
37,589
40,495
1,441
1,651
12,727
17,096
Cotton, bales·--········· · - - - - - -White potatoes, bu. _ _ _ _ _ __
4 12
4 10
3,368
3,375
35,391
3o,93 1
356,589
375,310
Dry beans, bags.. _ _ _ _ _ _ _ __
380
563
1,348
1,883
1,016
1,952
10,095
12,662
Broom corn, tons _ _ _ _ _ _ _ __
26
254
257
284
295
35
33
44
Peanuts, lbs. _ _ _ _ _ _ __ _ __
48
36
2,421
2,145
38,320
19,440
1,403,050
1,538,790
Flaxseed, b...__ _ _ _ _ _ _ _ __
56
79
2,087
2,416
346
387
II,841
11,798
Sugar beets, tons......- - - - - - - 3,II3
3,975
8,788
7,903
5
THE MONTHLY REVIEW
Livestock
MARKETINGS: November receipts of all classes of livestock at the six principal market centers of this District were
extremely light. Arrivals of cattle, calves, hogs (not including
shipments direct to packers' yards), and sheep were the lightest
recorded for any November in over fourteen years. Horses
and mules, although somewhat more numerous than in November, 1930, and 1931, were otherwise less numerous than in
any November since 1920. Compared to the ten-year average
November offerings, the following declines are noted: cattle,
35; calves, 26; hogs, 32.5; sheep, 24; and horses and mules, 40
percent. With direct shipments considered, the decline in
receipts of hogs would not be nearly so impressive, but, even
so, they were 21.8 percent lighte~ than in November a year ago.
FEEDING OPERATIONS:
Shipments of stocker and
feeder cattle, calves, and sheep, from four Tenth District
markets to the country, declined sharply as compared to
October this year, November last year, and the ten-year average. More hogs moved to feedlots than in the previous month,
but the November outgo was off 67.9 percent as compared to
a year ago and 80 percent as compared to normal.
The Department of Agriculture points out that the movement direct to feeders, particularly of cattle and hogs, being
more pronounced this year than usual, shipments from stockyards are not as indicative of feeding operations as formerly.
Commenting on the December 1 livestock feeding situation,
the Department said in part:
CATTLE: "Shipments of stocker and feeder cattle into the Corn Belt
~tates through stockyards in November were small. The estimated number,
mspected through markets, was 23 percent smaller than in November, 1931,
and the second smallest for the month in the fourteen years for which records
are available.
"The total inspected shipments for the five months, July to November this
year were also the smallest for the period in fourteen years, being 9 percent below
the total of 1931. The total into the states east of the Mississippi, however,
was the largest in six year~, while the total into the states west of the Mississippi
was much the smallest m fourteen years. The largest decreases this year
were in the shipments into Nebraska and Kansas. Direct shipments to feeders,
not going through stockyards, apparently were larger this year than last.
'' Cattle feeding in the western states will be considerably less this year than
last due to the marked reduction in Colorado."
SHEEP: "While the estimated shipments of stocker and feeder lambs and
sheep inspected through markets into the eleven Corn Belt states were considerably smaller in November this year than in November, 1931, they were
not greatly different from the five-year (1926-1930) average November shipments.
''Total shipments inspected through markets into the Corn Belt states for
the five months (July to November) this year were 40 percent smaller than in
1931 and about 17 percent smaller than in 1921, in which year they were the
smallest from 1919 to 1931. Shipments of feeder lambs direct to feedlots in
the Corn Belt states and not going through livestock markets during these
five months this year were much smaller than last year, but probably larger
than in most years before 1930.
"The movement of feeder lambs into Colorado feeding areas in late October
and November were relatively heavy and as a result the reduction in the number fed this season from that of last will be smaller than was indicated earlier.
"Some increases in lamb feeding in Wyoming and a material increase in
Montana are reported. Shipments into Nebraska and Kansas to December I
are smaller than last year. Quality on the whole is above average."
According to reports to the Bureau of Agricultural Economics,
livestock on western ranges are in good condition, with supplies
of range feed, hay, and grain generally ample for an average
winter except in dry areas of eastern Colorado, western Kansas
and Oklahoma, southeastern Wyoming, and northeastern
New Mexico. A shortage of stock water in the drier areas
was reported.
Ranges were open in November and livestock gained in
weight. The fall movement of range lambs and cattle is about
completed, with shipments running somewhat below a year
ago. The tendency is to hold livestock, particularly she-stuff,
where feed and finances will permit. Few sales of breeding
ewes have been made and shipments of old ewes have been
limited. Inquiry for feeder lambs has been rather broad with
scattered sales ranging from $4 to $4.50 per hundredweight.
PRICES: Reduced supplies the forepart of November
checked the decline in hog prices and a reaction carried Kansas
City quotations of $3.00 per hundredweight at the opening
to 'l,3.70 on November 10, from which figure they steadily
declined to close at a top of $3.05. Values declined further
the first. two weeks of December and on December 14 top
hogs, sellmg at 1h.80 per hundredweight at Kansas City, were
the lowest since I 879, in which year an all-time low for that
market of $2.35 was established.
Beef prices, with most fed steers selling from '/,4.50 to $6.oo
per hundred pounds and all classes of cattle selling from 25
cents to '/,I lower for the month, reached .t he season's lowest
level in over twenty years. Declines continue with mid-December yrices 25 to 50 cents per hundredweight below opening
quotations.
Sheep were the best performers, with slaughter lambs and
yearlings 2 5 to 50 cents higher for the month and the only
class of livestock selling at about the same level as a year ago.
Poultry and Dairy Products
Butter prices advanced 5 cents per pound and egg prices 6
cents per dozen the closing weeks of November but recessions the third week of December destroyed a large part of
these gains. Heavy offerings of turkeys depressed that market
but prices of other classes of poultry hold steady at low levels:
Unfavorable weather conditions and less intensive care and
feeding have contributed to a reduction in egg and milk production. Poultry flocks are smaller than a year ago but dairy
herds are 4 percent larger.
NOVEMBER MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT
Kansas City ......................
Omaha
St. Joseph ....
Denver
Oklahoma City
Wichita ........
Cattle
123,297
103,865
27, 197
54,452
19,557
17,196
RECEIPTS
Calves
Hogs
35,765 *201,153
14,994
147,195
92,820
8,499
12,521
47,301
25,272
5,34 1
38,248
5,512
Sheep
78,800
140,131
62,714
167,788
7,670
6,316
STOCKERS AND FEEDERS
Cattle
Calves
Hogs
Sheep
19,221
60,833
2,047
13,975
481
38,461
46,788
8,377
133
10,788
7,483
3,39 1
29,33 1
1
10,251
148,028
59
82,632
November 193
463,419
144,435
345,564
55 1,989
11 9,4 29
625,768 1,053,829
191,019
October 193
49 2,9 27
812,463
115,448
705,806
November 1931
187,567
474,894
11 Months 1932................ 3,805,787
606,085 8,543,796 8,271,115
95 1,833
II Months 1931.. .............. 4, 22 7,559
665,452 8,039,263 9,408,267 1,106,212
*Includes u2,775 hogs shipped direct to packers' yards.
41,240
47,761
50,136
168,591
166,532
PURCHASED FOR SLAUGHTER
Cattle
Calves
Hogs
10,570 *178,121
51,895
41,921
6,617
122,338
18,039
3,732
74,992
2
1,680
27,520
9,73
12,619
4,622
21,776
1,6o3
7,035
35,53°
211,252
141,241
3,252
2,394
190,968
395, 100
10,142
162,551
335,628
47,478 1,338,781 1,880,094
104,340 2,453,822 1,995,53°
28,824
47,047
32,498
46o, 277
Sheep
63,005
92,885
51,344
14,486
6,830
4,681
233,231
340,663
358,871
539,987
35°,59 2 7,0 95,97 2 4,116,902
369,5o7 6,037,718 4,6o6,577
53°,575
6
THE MONTHLY REVIEW
Cold Storage Holdings
Occasioned by the enormous increase in storage holdings of
turkeys during November, poultry was the only commodity
of which the December 1 holdings exceeded the five-year average for that date, and poultry and beef were the only commodities to register an increase for the month. December 1 holdings
of all meats, except those classified as miscellaneous, were
som·e what heavier than a year ago, but holdings of lard, eggs,
creamery butter, and cheese were decidedly smaller.
Holdings of pork, lamb and mutton, and miscellaneous
meats failed to increase as usual, but all other commodities
showed their normal tendencies, although the net increase in
stocks of beef was only one-third of the five-year average,
with that of poultry 35 percent greater. The net out-of-storage
movement of eggs, although slightly smaller than a year ago
or the five-year average, was, gross holdings considered, proportionately larger and stocks as of December 1 were the
lowest recorded for that date in many years. Withdrawals of
butter exceeded the N ovember, 1931, total and the five-year
average, whereas, the declines in holdings of lard and cheese,
although greater than a year ago, were considerably lighter
than usual.
Cold storage holdings in the United States as reported by
the Bureau of Agricultural Economics, United States Department of Agriculture:
*Dec. I
1932
41,180
407,169
2,9II
90,988
II,925
Nov. I
1932
Beef, lbs .._____ ........................................
36,036
Pork, lbs ........
433,548
2,974
Lamb and mutton, lbs .......................
Poultry, lbs
54,989
**Turkeys, lbs .......
I,033
Miscellaneous meats; lbs
35,606
37,04 1
Lard, lbs .......
--·--------------·· 29,186 34,4 10
1,201
Eggs, cases
3,225
2,123
Eggs, frozen (case equivalent) ..........
1,833
66,828
37,2.08
Butter, creamery, lbs .. ---···················
Cheese, all varieties, lbs .....................
78, 274
73,9 16
**Included in Poultry.
(ooo
*Subject to revision.
Dec. 1
Dec. 1
1931 5 Yr. Av.
39,158
7°, 194
396,563 435,897
1,985
4,214
89,97 1
9o,595
5,I23
5,516
50,664
62,369
34,824
49,667
3,447
3,346
2,038
2,469
42,242
79,223
84,o35
86,740
omitted.)
Meat Packing
In keeping with reduced supplies, operations of meat packing plants in the District, as measured by packers' purchases
of livestock at the six principal markets, including hogs shipped
direct to packers' yards, were somewhat lighter in all departments in November than one month or one year earlier. Declines in purchases were not as pronounced as the declines in
market receipts of meat animals. Purchases of cattle and
calves were only in about 60 percent of normal numbers, but
purchases of sheep and hogs were only slightly off.
On the basis of numbers of livestock slaughtered under
Federal meat inspection in the United States, packers killed
2.1 and 5.9 percent more cattle and calves, and 10.4 and 7.8
percent fewer hogs and sheep in November than a year ago.
Eleven months' slaughter of cattle was 4.9 and of calves 3.7
percent smaller, with that of sheep and lambs 0.9 and swine
3.2 percent larger than for the same period in 1931.
Building
With the approach of cold weather there was a seasonal
let-up in building activity in ovember. Fewer permits were
issued by the building departments of seven teen reporting
cities of the District during the month than in any month,
January this year excepted, in over thirteen years. Construction costs of buildings for which permits were issued, although
exceeding the October total, were the smallest reported for
BUILDING PERMITS IN TENTH DISTRICT CITIES
PERMITS
EsTIMATED
1932
1931
1932
Albuquerque, .M.
'/,
17,630
'/,
41
39
Colorado Springs, Colo ..-...........
24
31
7,73°
Denver, Colo ...............................
166,030
264
3o4
Hutchinson, Kans .......................
18
2,485
9
6
Joplin, Mo .........
12.
2,635
Kansas City, Kans .....................
77,610
17
29
II2
Kansas City, Mo
12.7,000
52
Lincoln, Nebr
28
27,240
29
1 97, 1 55
Oklahoma City, Okla .................
85
74
Omaha, Nebr.
6o
595,715
47
26
Pueblo, Colo
5,001
31
Salina, Kans
II
6
8,285
Shawnee, Okla ...
6
380
4
II
28
St. Joseph, Mo
10,025
21
Topeka, Kan
47
9,55°
108
Tulsa, Okla.·--·········
52
25,558
Wichita, Kans .......
3 2, 245
49
59
Total 17 cities, Nov ............. - ....
736 1,004
Eleven months ................·--········ II,417 16,517
'/, 1,312,274
12,797,0 58
CosT
1931
52,883
20,985
342,115
4,105
6,525
21,876
190,900
32,360
257,000
II8,747
8,695
12,450
1,020
18,705
3 1 ,585
12.8,378
65,212.
1, 1,313,541
43,955,979
any November in recent years and equal to but 21.8 percent
of the ten-year average.
Construction activity throughout the District, as reported
by the F. W. Dodge Corporation, declined 44.4 percent as compared to October, was 30.9 percent greater than a year ago,
but equal to only 48.6 percent of normal. Residential construction, as compared to r·e cent years, suffered somewhat
more than other types, declining 46.7 percent as compared to
November, 1931, and 83 percent as compared to normal.
r-. Building contracts awarded in the Tenth Federal Reserve
District as reported by the F. W. Dodge Corporation:
TOTAL BUILDING CONTRACTS A WARDED
TENTH DISTRICT
UNITED STATES
1932
1931
1932
1931
November....... .
'/, 5,772,258 '/, 4,4n,246 '/, 105,302,300 '/, ISI,195,900
10,380,3I3
4,822,421
107,473,900
242,094,200
October·--·-······11 Months__ ......
68,422,294
129,263,140 1,270,139,400 2,972,730,000
RESIDENTIAL CONTRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1931
1932
1931
193 2
ovember........
'/, 683,708
'/, 1,283,896 'f, 19,245,300 'f, 45,290,400
October. _________ _
796,393
1,440,018
21,855,600
6o,540,100
11 Months ........
8,356,686
21,740,478
267,110,400
775,225,200
Lumber
RETAIL: Sales of lumber at retail, as indicated by the
reports of 161 yards located throughout this District, declined
26 percent in November and were 31.4 percent lighter than
reported for November, 1931. Dollar sales of all materials
were off 27.1 percent as compared to October and 39 percent
as compared to November last year.
Lumber stocks showed a slight reduction for the month
and on November 30 were 18.4 percent lighter than one year
earlier. Collections during the month were equal to 21 percent
of the amounts outstanding on October 31. October collections
totaled 23.1 percent and November, 1931, collections 24.2
percent of accounts receivable.
November is herewith compared to that of October this
year and November last year in percentages of increase or
decrease:
November 1932 Compared to
October 1932
November 1931
Sales of lumber, board feet .... _ _ _ __
-26.0
-31.4
Sales of all materials, dollars ........ _ _ __
-27. 1
-39.0
Stocks of lumber, board fee _ _ _ _ __
- 1.3
-18.4
Outstandings, end of month ...·-·-- - - 4.6
-25.2
7
THE MONTHLY REVIEW
Lumber production in the United States continues at about
one-fifth normal, with the total for the year to December 3
reported by the National Lumber Manufacturers Association
at 22 percent of normal. Cumulative production of hardwoods
and softwoods, combined, for the forty-eight weeks of the
current year, were reported at 58 percent, shipments 67 percent, and orders received 68 percent of the volume reported
for the _like period last year.
Cement
There was a sharp decline, as usual, in production and shipments of finished Portland cement at mills in this District and
the United States in November. Output exceeded shipments
resulting in an enlargement of stocks.
Figures based on the United States Bureau of Mines report
follow:
TENTH DISTRICT
Nov. 1932.____ .
Oct. 1932..........
Nov. 1931.__.....
II Mos. 1932....
II Mos. 1931....
Production Shipments
653
457
819
775
663
560
6,759
6,521
10,639
n,208
UNITED STATES
Stocks Production Shipments Stocks
2,278
6,462
4,782
18,764
2,082
17,084
7,939
8,743
1,796
8,161
7,156
22,219
72,261
77,744
II8,596 122,323
Petroleum
No change from the preceding month is noted in the daily
average flow of crude oil from wells in this District during
November, but the estimated November output was 24.7
percent short of that reported by the Bureau of Mines for
November, 1931.
United States production continues in about the same volume as reported for each of the other nine months this year,
averaging · 2,114,000 barrels per day, approximately 50,000
barrels short of the estimated daily domestic demand.
Crude oil production in the United States and the five oil
producing states of this District as reported by the Bureau
of Mines or estimated from the weekly figures of the American
Petroleum Institute:
GROSS PRODUCTION
*Nov. 1932
Barrels
Il,502,000
Oklahoma. __ ·······················
Kansas....
2,920,000
Wyoming..
1,042,000
·----·-··-···---···········Colorado
83,000
948,000
New Mexico ----·····································
Total, five states.-....
16,495,000
Total, United State
63,442,000
*Estimated, American Petroleum Institute.
Oct. 1932
Barrels
12,014,000
2,909,000
1,044,000
89,000
959,000
Nov. 1931
Barrels
16,257,000
3,063,000
1,148,000
115,000
1,324,000
17,015,000
65,219,000
21,907,000
72,851,000
Much confusion exists at the present time in mid-continent
crude oil prices. Effective October 15, numerous purchasing
companies advanced crude oil quotations 12 cents a barrel
but all producers did not meet this price which carried top
grades to $I. 12 per barrel, and on Decem her 15 the various
companies announced cuts ranging from 4 to 35 cents per barrel,
with top prices varying from 77 cents to $1 per barrel.
Demand for refined gasoline is reported as weak with prices
lower, but natural gasoline, kerosene, and furnace oils are firm.
Runs of crude oil to refinery stills in the mid-continent area
on December 1, although slightly larger than thirty or sixty
days earlier, are considerably under those of one, two, or three
years ago.
Field activity slowed down seasonally in November and,
although showing some increase over last year, is ·nevertheless
comparatively quiet. Completions and new operations are
summarized m the following table:
Wells
Barrels Daily
Completed New Production
Oklahom
III
38,93 2
Kansas ....
10,006
54
Wyoming..................
268
8
Colorado_ _ _ _ .
0
0
36,545
New Mexico·--- ·······
7
180
November 1932.-.....
October 1932............ 208
100
November 1931._.....
II Months 1932 ...... 1,662
11 Months 1931._..... 1,596
85,75 1
81,843
48,593
922,666
2,081,930
Dry
Wells
34
21
Gas Rigs-Wells
Drilling
Wells
12
465
2
145
5
94
0
0
0
60
71
16
6
15
II9
306
34
566
535
&4
73
861
863
646
Bituminous Coal
About the same amount of soft coal was mined in the six
coal producing states of this District in November as in October,
but, for the first time since 1929, the November output exceeded that for November of the previous year.
According to reports of the United States Bureau of Mines,
Department of Commerce, national production, which declined
about two million tons for the month, slightly exceeded the
November, 1931, output. Retailers have, according to the
reports, kept their inventories low, with stocks of bituminous
coal in the United States as of October 1 showing a reduction
of 23.9 percent as compared to October 1, 1931.
United States and Tenth District production of soft coal
during November with comparisons:
Colorado.--- ······ - - - Kansas ......................................... .
Missouri ....................................... .
New Mexico.--- ···························
Oklahoma. ___ ·······- -- Wyoming..................................... .
*Nov. 1932
Tons
581,000
288,000
420,000
124,000
230,000
455,000
*Oct. 1932
Tons
642,000
242,000
360,000
124,000
250,000
487,000
Nov. 1931
Tons
627,000
215,000
320,000
130,000
160,000
495,000
Total, six states·---·····················
2,098,000
2,105,000
1,947,000
Total, United States·---·············
30,634,000
32,677,000
30,IIo,000
*Estimated from the weekly reports of the United States Bureau of Mines.
Zinc and Lead
Shipments of both zinc ore and lead ore from the Tri-state
district during the four weeks' period ended December 3 exceeded production. Zinc ore shipments were practically identical to those for the preceding four weeks ended November 5,
wheras, lead ore shipments increased 29.3 percent. Compared
to the like period last year, shipments of zinc ore increased
41.9 percent and of lead ore 49.9 percent.
Zinc and lead shipments from mines in Oklahoma, Kansas,
and Missouri:
Oklahoma ·-·····································
Kansas .... _ _ _ _ _ _ __
Missouri ................ _ _ __ _ _
4 Wks. ended Dec.
4 Wks. ended Nov.
4 Wks. ended Dec.
49 Wks. ended Dec.
49 Wks. ended Dec.
Zrnc ORE
Tons
Value
15,III '/, 270,264
6,309
II 3,8 II
130
2,350
3, 1932.-....... 21,550 '/, 386,425
5, 1932.-....... 21,545
382,304
5, 1931.__····· 15,189
280,701
3, 1932..._..... 161,991
2,877,643
5, 193L....... 220,585 5,053,314
LEAD ORE
Tons
1,412 '/,
628
144
Value
46,656
21,052
4,756
2,184 '/, 72,464
1,689
54,754
1,457
56,585
22,013
769,696
25,793
1,156,269
Zinc ore prices, which advanced $1 per ton the opening
week of the month, remained unchanged thereafter, closing
at $18 per ton or '$1 per ton less than a year ago. Lead ore
advanced $2.50 per ton the second week of the month but
slipped off a like amount the following week, closing at '$32.50
per ton as against '$37.50 in November, 1931.
8
THE MONTHLY REVIEW
Business Conditions in the United States
By the Federal Reserve Board
...,.Cll!T
Pl!IC!NT
l"O
lkCUSTnlAL Pi\OOUCTION
llO
130
llO
l10
...
tOO
, --
A..
120
\
/
110
""'\
100
90
'-V"\.
eo
'\.
70
' r
60
~
1921
1910
,5
1~.,1
Index number of industrial production, adjusted for seasonal variation.
(1923-1925
average=100.) Latest figure, November, 65.
l'IICZNT
P[ ltC.! W'I'
"°
160
BUILD ING CONTRACTS AWARDED
Indexes based on three month moving averages
of F. W. Dodge data for 37 Eastern States,
adjusted for seasonal variation.
(1923-1925
average= 100.) Latest figures November, total
28, residential I 1.
PlRC(Mt
P'tflC.!"l('J
120
120
WHOLESALE PRICES
110
IOO
go
110
.-
co
1
-~-...
90
'""'-
ao
'JO
eo
....._..__
60
JO
60
50
19Zl
1928
~29
1930
19:31
1932
Index ot United States Bureau ot Labor
Statistics ( 1926= 100).
Latest figure, November, 63.9.
Mlu.lQIII • Dtu.A
....uo.a • eo,uQ
l,00
l\[SEIM: l!>J!K CftrDlT MO fACT~ 111 tl!AIIGU
6SCO
MXIO>---- + - - - + - - _ _ . __
__,..___ _ __,
'380 f----l----+----l-------<f----,'f""'-.,I-~
~l=:=7"-"t--:,ot----,d------lf---,:,,A-+---i
~ f---
.A--.,,,...,,.~..,---:::;A----=~f---++=-----J
1000~-=-+---+---+.---i'-....,;--1----~,ooo
Monthly averages of daily figures. Latest
figures are averages of first 20 days in December.
Industrial activity declined in November by somewhat more than the usual seasonal
amount. Changes in factory employment and payrolls, reported for the middle of
the month, were largely seasonal in character. Prices in wholesale commodity markets
were somewhat lower, on the average, in November than in October, and declined
further during the first three weeks of December.
PRODUCTION AND EMPLOYMENT: Volume of industrial production, as
measured by the Board's seasonally adjusted index, declined from 66 percent of the
1923-25 average in October to 65 percent in November, compared with a low level
of 58 percent in July. Output at woolen mills, silk mills, and shoe factories declined
in November from the relatively high levels of the autumn, while cotton mills continued
active. Lumber production declined by considerably more than the usual seasonal
amount. Steel production decreased during November and the first three weeks of
December, while automobile output increased considerably in connection with the
introduction of new models.
The number employed at factories declined somewhat from October to November
reflecting in large part developments of a seasonal character. Working forces in the
woolen, silk, shoe, and canning industries were reduced, while at car building shops
and at factories producing automobiles and agricultural implements there were increases
in employment. Construction contracts awarded up to December I 5, as reported by
the F. W. Dodge Corporation, indicate for the last three months of the year a decline
from the third quarter of somewhat more than the usual seasonal amount, following
a non-seasonal increase from the second to the third quarter.
Estimates of the Department of Agriculture, based on December I reports, indicate
a cotton crop of 12,727,000 bales, about 800,000 bales larger than the estimate a month
earlier, but 4,400,000 bales smaller than last year's unusually large crop. Wheat, tobacco,
flaxseed, and other leading cash crops are also considerably smaller than a year ago,
while feed crops are substantially larger. Acreage of winter wheat planted this fall
was slightly smaller than a year ago and condition of the crop on December I was unusually poor, according to the Department of Agriculture.
DISTRIBUTION: Distribution of commodities by rail decreased seasonally from
October to November, while the dollar volume of department store sales, which ordinarily expands at this season, showed a decline.
WHOLESALE PRICES: During early November the general level of wholesale
commodity prices advanced somewhat, reflecting chiefly increases in prices of domestic
agricultural products. In the latter part of the month, however, prices of livestock,
cotton, and grains declined considerably, and, during the first three weeks of December,
further declines in livestock prices were reported. By the third week of December
prices of textiles, copper, and silver, as well as of livestock, were substantially lower
than in the middle of November and the average of wholesale prices was at a level
slightly below that prevailing before the advance that occurred last summer.
BANK CREDIT: During the four weeks ended December 14 there was an addition
of $85,000,000 to the country's stock of monetary gold. The funds derived from this
source were utilized in meeting an increase in the demand for currency, which was
smaller than usual at this season, in further reducing by $23,000,000 the indebtedness
of member banks to the reserve banks, and in increasing by $25,000,000 the volume
of member bank reserve balances. On December 15 there was a further increase of
$95,500,000 in the stock of monetary gold in connection with the current payment by
Great Britain on the war debt. This amount of gold was earmarked in London for
account of the Federal Reserve Bank of New Yorkland an equivalent credit was given
by that bank to the United States Treasury. This transaction, together with other
fiscal operations on December 15, resulted in a temporary addition of $100,000,000
to the reserves of member banks, which were subsequently: reduced by Christmas currency demands and an increase in treasury deposits with the reserve banks. Loans
and investments of reporting member banks declined by more than 1,100,000,000
between November 16 and December 14, reflecting reductions in the banks' holdings
of United States Government securities, and in loans other than security loans. Loans
on securities increased, both at New York City and at other reporting member banks.
Money rates in the open market declined further, rates on 90-day bankers' acceptances declined from ½ of 1 percent to ~/g of 1 percent, and rates on prime commercial
paper from a range of 1½ to 1¾ percent to a range of 1¼ to 1½ percent.
@FedFRASER