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THE MONTHLY REVIEW QI Agricultt!,ral, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL Vol. 2 r RESERVE KANSAS CrTY, BANK Mo., N OVEMBER reports indicated that retail and wholesale distribution in the Tenth Federal Reserve District, although showing the usual seasonal recession from October, was well maintained above the levels of a year ago. Retail trade, as reflected by department store sales, increased 7.7 per cent and wholesale trade 5.9 per cent in dollar volume as compared to November, 1934, and retail lumber sales in board feet increased 22.4 per cent. Building operations, although substantially below normal, showed increased activity as compared to last November. Debits by banks to individual accounts were approximately the same as in the preceding month but 14.2 per cent greater than a year ago. The ratio of prices received by farmers to prices paid for commodities bought stood at 89 per cent of the pre-war level on November 15 as compared to 80 per cent on November 15, 1934. All production lines except flour showed increased output over a year ago. Flour production declined somewhat more than seasonally during November under the influence of an unusually light demand and was 8 per cent below production in November, 1934. Th.?. production of crude petroleum and soft coal was seasonally smaller than in October but 8.7 and 25.6 per cent, respectively, larger than during last November. Zinc and lead production increased during November and was substantially heavier than a year ago. Operations at meat packing plants declined seasonally in the beef and mutton divisions and contraseasonally in the swine division, and operations were smaller than during last November except for sheep slaughter, which was approximately the same. Receipts of wheat, oats, rye, and barley declined during November, but arrivals of corn and kafir increased, and receipts of all classes of grain were substantially heavier than a year ago. Marketings of corn, oats, and barley were above the average for the month, while marketings of wheat, rye, and kafir were below the average. Grain prices, except wheat, were somewhat lower than in November, 1934. Marketings of all classes of live stock except hogs declined during November and were smaller than during last November, except for sheep. Arrivals were below the average for November, especially hogs. Live stock prices for slaughter animals advanced during the month and were much better than a year ago. The December 1 condition of western ranges was much improved over a year ago and was above the ten-year average. Cattle and sheep were in good flesh, and live stock losses so far have been nominal. November rains over the central and eastern portions of the District materially benefited winter grains and enabled additional planting of winter wheat in areas with moisture deficiencies. Winter wheat was generally in good condition in the eastern part of the District. Rainy weather and muddy OF JANUARY r, KANSAS 1936 CITY No. I BUSI ESS TN THE TENTH FEDERAL RESERVE DISTRICT Percentages of Increase, or Decrease (-), for November 1935 over October 1935 and November 1934 and for the first eleven months of 1935 over the like period in 1934. November 1935 II Months 1935 compared t? compared to Banking Oct. 1935 Nov. 1934 l 1 Months 1934 Payments by check, 29 cities.................. - 0.3 14.2 II,2 Federal Reserve Bank clearings.............. -10.7 10.4 9.8 Busineu failu~s, number........................ --22.2 -38.2 -17.7 Business failures, liabilities...................... -6o.2 -79.7 -40.8 Loans, 52 member banks.- -····················· 1.8 5.1 Investments, 51 member banks.............. - 2.0 6.2 Adjusted dem. deps., 51 member banks 0.4 18.5 Time deposits, p member banks·-······-· - 0.1 2.0 Savings deposits, 45 sel~cted banks-..... 0.3 6.2 Savings acco1Jnts, 45 selected banks...... - o.6 1.6 Distribution o.6 Wholesalers' sales, 5 lines combined ...... - 9.6 5.9 6.3 Retllilers' sales, 32 department stores ... . - 5.2 7.7 23.3 L~m!>er sales, 155. retail yards .... ·-········· - 8.8 -7.4 1.6 Life insurance, wrt tten.............................. Construction 14.6 123.5 Building contracts awarded, v11lue..... -... 47.5 63.5 86.2 Residential contracts awarded, value.... --24.9 75.8 Building permits in 17 cities, value........ -17.5 Production 1.0 Flour ......................................................... . -l4.3 6.9 Crude petroleum.-..................................... - 7.3 15.3 Soft coal.. ............................. ·-···············•···· - 5.8 25.3 2.6 Zinc ore (shipped) Tri-State district..... . 220,0 35.6 Lead ore (shipped) Tri-State district.... 107.1 Grain receipts, 5 markets Wheat·-····•·················································· Corn ............. ·-······-·····-····························· Oats·--······-··········································-···· Live stock receipts, 6 markets -32.0 Cattle ......................................................... . -23.9 - 0.9 -10.0 -39.3 Calves.··························-··•························· --25.0 -57, 2 2,2 ~l.2 Hogs ........................................................... . -12.5 10.J Sheep ......................................................... ~3-4 - 5.6 Horses and mules ..................................... . -0.5 - 2 9.4 Meat packing, 6 markets ---22,0 -35.7 Cattle.......·-······················-·· - -Calves._ ............................... _............ _........ ---24.4 -39.7 -58.9 Hogs ..................... ·-···································· - 3.0 0,2 - 1 5,5 Sheep.......................................................... -20.4 Stocker and feeder shipments, 4 markets - 8.7 64.9 Cattl··•··················---··········-··-················ -25.8 -22.1 8.9 67.9 Calves·-········-··········· · - - -Hogs............................................ ................ -16.6 -44.4 -59.I Sheep .......................................................... -71.1 - 3.1 50.0 fields, however, hindered harvesting operations and the pasturing of live stock and caused considerable damage to corn, grain sorghums, and open cotton. Most of the cotton had been picked by the first week in December, but corn picking was seriously delayed in some areas. This Copy Released For Publication In Morning Newspapers, December 31, ... THE 1\.foNTHLY REVTEW 2 l\1ember Bank Operations Reserve Bank Check Collections Loans and discounts of fifty-two reporting member banks in leading cities of the District increased 1.8 per cent from Novem her 6 to Decem her 4 and were $ 1o, 8 15,ooo, or 5. 1 per cent, larger than on December 5, 1934. The increases were principally in "all other" loans, as loans on securities remained practically unchanged in four weeks and declined 15 per cent in fifty-two weeks. Investment holdings of the fifty-two banks were reduced about '.2 per cent in four weeks but were $23,859,000, or 6.2 per cent, larger than a year ago, the increase over last year being principally in obligations fully guaranteed by the United States Government. Adjusted demand deposits increased slightly from November 6 to December 4 and were $69,823,000, or 18.5 per cent, larger than on December 5, 1934. Time- deposits were relatively unchanged in four weeks and slightly larger than a year ago. United States Government deposits were 15.5 per cent smaller than four weeks earlier and 43.4 per cent smaller than fifty-two weeks earlier. Bank deposits increased 2.1 per cent during the four weeks and 2.1.2 per cent during the year. The principal resource and liability items of the consolidated weekly condition statements of the fifty-two reporting banks, for the three dates of comparison: The dollar volume of check collections through this bank and branches declined 10.7 per cent from October to November but was 10.4 per cent larger than in November, 1934. The number of checks handled declined 6.6 per cent during November but was 6 per cent greater than a year ago. Cumulative increases of 9.8 per cent in dollar volume and of 3.8 per cent in the number of items handled were shown for the first eleven months of 1935 as compared to the same period last year. Check collections through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City: Loans and investments-total.. Loans and discounts-totaL_._. Secured by stocks and bonds All other loans and discounts lnvestmcn ts-total.... - ............... U. S. securities direct·-····-····· Obligations fully guaranteed by the U. S. Government.. Other st>cu1 i ties·-·-··-···-········· Reserve with F. R. bank.- ....... Demand deposits-adjusted ...... Time deposits.............................. U. S. Government deposits........ Inter-bank deposits: Domt:stic banks---··············Foreign banks ....- .................... Dec. 4, 1935 $627,656,000 221,291,000 47, 243,000 174,048,000 406,365,000 240,356,000 Nov. 6, 1935 51,169,000 14,840,000 446,873,000 145,685,000 8,485,000 52,037,000 n8,520,ooo I o7 ,997,ooo 445,244,000 145,816,000 10,036,000 364,900,000 123,000 357,449,ooo 133,000 I 107,035,000 i631,305,ooo 217,473,000 47,088,000 I 70,385,000 414,832,000 244,275,000 Dec. 5, 1934 1592,982,000 210,476,000 55,553,000 54,9 23,000 382,5o6,ooo 248,290,000 I 15,656,000 n8,56o,ooo 92,371,000 377,050,000 l.fl,840,000 15,002,000 301,166,000 104,000 Federal Reserve Bank Operations Bills discounted and bills purchased continued at relatively low levels. Industrial advances increased slightly in the fourweek period to $1,145,155 and were substantially larger than a year ago. Holdings of United States Government securities have been unchanged since July 17, but were substantially above holdings on December 5, 1934. Member banks' reserve deposits declined slightly from November 6 to December 4 but were 9.6 per cent larger than on December 5, 1934. Federal reserve note circulation increased 2.5 per cent to $14-o,u2.,2.10 on December 4, and was 18 per cent higher than on the corresponding date a year ago. The principal resource and liability items of the weekly condition statements of the Federal Reserve Bank of Kansas City and branches, for the three dates of comparison: Dec. 4, 1935 Nov. 6, 1935 Total reserves.............................. $21 I ,640,51 5 J207, 724,524 Bills discounted ..·-···········-·········· 631,343 910,676 Bills purchased............................ 126,194 I 26,252 Industrial advances.................... 1,145,155 1,137,515 U. S. securities............................ 106,844,200 106,844,200 Total bills and securities............ 108,927,892 109,199,643 T otal resources........................... 356,447,793 353,714,552 F. R. notes in circulation.......... 140,n2,210 136,684,66o Member banks' reserve deposits 171,3-46,844 173,441,435 The dii-count rate of the Federal Reserve Bank of Kansas City, of paper and all maturities, remains unchanged at '.2 per cent. Dec. 5, 19.14 $194,029,185 84,847 t 53,985 256,40.1 91,844,250 92,339,485 316,521,076 uS,763,075 I 56,350,509 on all cl as:,es ITEMS November........ October·--········· 11 Months .. ..... . 1935 5,507,842 5,899,3o3 58,617,152 1934 5,196,236 5,698,214 56,480,150 AMOUNT i 1 935 853,340,000 956,073,000 9, 277, 1 73,000 1 934 t, 77 2,795 ,ooo 862,917,000 8,448,665,000 Bank Debits Debits by banks to individual accounts in twenty-nine reporting cities in the District totaled Jr ,196,526,000 during the five-week period ending December 4, representing a decline of 0.3 per cent from the total of the preceding five weeks ending October 30 but an increase of 14.2 per cent over the corresponding period in 1934. The cumulative total for the first forty-eight weeks of 1935 was 11.2 per cent greater than a year ago. PAYMENTS BY CHECK FtVE WEEKS E:.DED Dec. 5, 1934 Dec. 4, 1935 Albuquerque, N. M ..___ ............ $ 11,8.:>7,ooo 14,176,000 t, 3,243,000 3,493,000 Atchison, Kans.·---···················· 21,290,000 Bartlesville, Okla ..-..................... 25,255,000 6,n2,ooo Casper, Wyo .._............................. 7,278,000 Cheyenne, Wyo ........................... 8,626,000 8,071,000 19,081,000 14,427,000 Colorado Springs, Colo.·-··········· 144,086,000 Denver, Colo ............................... 183,333,ooo Enid, Okla ................................... 8,417,000 9,883,000 2,793,000 2,257,000 Fremont, Nebr.·-···-···········•········ Grand Junction, Colo ................. 'l,4II,OOO 3,.316,000 1,549,000 Guthrie, Okla............................... 1,885,000 Hutchinson, Kans ....................... 10,740,000 13,183,000 Independence, Kans ... - .............. 2,391,000 4,367,000 Joplin, Mo ................................... 8,109,000 9,902,000 u,126,000 12,220,000 Kansas City, Kans ....... .............. Kansas City, Mo._...................... 329,063,000 327,47o,ooo Lawrence, Kans ........................... 3,964,©00 3,3 15,000 28,131,000 26,153,000 Lincoln, Nebr.·-······················· ···· Muskogee, Okla........................... 8,546,oco 10,239,000 Oklahoma City, Okla ................. 77,671,000 99,469,ooo Okmulgee, Okla ........................... 2,650,000 3,,131,oco Omaha, Nebr... ............................ 135,087,000 J 53,958,ooo Pittsburg, Kans ..... ...................... 3,494,ooo 3,75 2, 000 Pueblo, Colo ..-............................. 27,527,000 21,921,000 Salina, Kans ................................. 8,5ro,ooo 7,506,000 30,:296,000 27,309,000 St. Joseph, Mo.·-························· Topeka, Kans ....- ......................... 14,695,000 15,772,000 122,344,000 95, 239,000 Tulsa, Okla.·-······························· Wichita, Kans ............................. 38,046,000 44,432,000 Total 29 Total 29 U. S. 270 U. S. 270 cities, 5 weeks.......... cities, 48 weeks .......... cities, 5 weeks .......... cities, 48 weeks .......... i 1,196,526,000 10,950,275,000 41,632,663,000 367,904,483,000 1 1,048,191,000 9,850,027 ,ooo 3 2,358,925,000 326,n8,314,ooo Per cent Change 20.1 7.7 18.6 19.1 6.9 3 2·3 27.2 17.4 23·7 37.5 21.7 22.7 -45. 2 22.I 9.8 0.5 19.6 7.6 19.8 28.1 '2-5-7 14.0 7.4 25.6 l ,H 10.9 - 6.8 28.5 16.8 14.2 ll,'2 28.7 12.8 Savings Savings deposits at forty-five selected banks in leading cities of the District increased slightly from November 1 to December 1 and were 6.2. per cent larger than on December 1, 1934. The number of savings accounts showed a slight decrease during THE MONTHLY REVIEW Stores Reportine Kansas City .... 4 Denver........ _.... 4 Oklahoma City 3 Tulsa-.............. 3 Wichita_········- 3 Other cities ..... 15 3 RETAIL TRADE AT 31 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT STOCKS (RETAIL) SALES ACCOUNTS RECEIVABLE AMOUNTS COLLECTED STOCK TURNOVER Nov. 1935 Ye1r 1935 Nov. 30, 1935 No,·. 30, 1935 Nov. 1935 November compared to compared to Year compared to compared to compared to Nov. 1934 Year 1934 Oct. 31, 1935 Nov.30,1934 1 935 1934 1935 1934 Oct. 31, 1935 Nov. 30, 1934 Oct. 1935 Nov. 1934 .26 3.21 2.46 _p.1 10.1 - 6.6 16.4 .31 18.9 10.9 - 4.0 J.5 JI.I 1.1 6.1 14.0 .17 3• 17 3- 13 4.6 7.0 .19 5.9 9.9 10.8 5.8 .31 ..32 3.81 3.78 11.7 1.7 5.1 1.7 7.3 7.9 1 3·9 ~2.8 10.1 24.6 I 5.1 - 2.5 6.5 .33 .34 3.81 3.77 4-5 II.6 IO.O 6.3 ll.4 .25 .27 3.01 2.98 3.6 5.8 9.5 J.4 4.0 9.6 :i.4 .25 .24 1.69 2.66 6.7 1.7 4.3 3.4 3.3 Total... ............. 31 7.7 6.3 4.8 1.4 .29 .27 3.18 2.9·2 NOTE: Percentage of collections in November on open accounts October 31, all stores r"porting 48.3. the month but was 1.6 per cent greater than on the corresponding date a year ago. Savings accounts and savings deposits reported by the forty-five banks: December 1, 1935................................... . November 1, 1935·····-····························· n~cember I, 1934.................................... Savings Accounts 400,712 403,012 394, 22 7 Savings Deposits $125,130,346 I 14,800,914 l 17,902,713 Business Failures The number of commercial failures in the Tenth District and the amount of Jiabilit1es involved were at the lowest level for November in fifteen years of record, according to statistics of Dun and Bradstreet, Incorporated. The number of failures was slightly sma1ler and the indebtedness considerably smaller than in October. Commcrcia] failures reported by Dun and Bradstreet, Incorporated: November 1935-....... ................ October 1935-....................... .... November 1934........................ Eleven months 1935-............... Eleven months I934·-············· TENTH DISTRICT UNITED STATES Number Liabilities Number Liabilities 11 1, II4,389 917 $ 20,013,172 27 287,119 1,097 11,243,941 34 564,470 913 18,349,791 377 3,410,588 10,939 211,678,137 458 5,761,754 n,212 244,337,566 Trade RETAIL: The dollar volume of November sales at thirtytwo reporting department stores in leading cities of the District was 7.7 per cent greater than during last November, and the cumulative gain in sales to December I increased to 6.3 per cent over the corresponding period in 1934. The November sales volume declined 5.2 per cent, about the usual seasonal amount, from the preceding month. Merchandise inventories were enlarged 4.8 per cent from October 31 to November 30, considerably more than the usual seasona] increase, and were 2.4 per cent larger than on November 30, l 934. Collections on open accounts during November averaged 48.3 per cent of amounts receivable at the close of the preceding month, as compared to a ratio of 45.8 per cent in October and 44.1 .per cent in November, 1934. Collections on installment accounts averaged 16.6 per cent during November, 16.9 per cent during October, and 16.0 per cent in November, 1 934· Stores Reporting Dry goods ..... - ·············· 5 Groceriei.. ...................... 5 Hardware--········-········ 9 Furniture...·-·······-········· 3 Drui'-----·············-· 7 1.2 11.'2 IO.I Collections same month last year 44.1. According to preliminary estimates of the Bureau of Foreign and Domestic Commerce, dollar sales of merchandise in small towns and rural areas were about unchanged from October to November but were about 15.5 per cent higher on a daily average basis than during last November, with cumulative sales for the first eleven months of 1935 about 19 per cent above the corresponding period in 1934. Daily average sales of variety stores were about 2 per cent above October and about 2.5 per cent above November, 1934, with total sales for the year to December 1 approximately the same as in the corresponding period a year ago. Daily average grocery chain store sales decreased slightly during November but were about 3.5 per cent above last November, and total sales for the first eleven months of 1935 were about 4 per cent above salea for the comparable period in 1934. WHOLESALE: Wholesale distribution, as reflected by the combined dollar volume of five representative lines reporting to this bank, increased 5.9 per cent as compared to last November. There was about the usual seasonal decrease in sales from the previous month. Cumulative sales for the first eleven months of 1935 were slightly larger than in the comparable period in 1934. By individual lines, cumulative sales for the year to December I showed increases of 3.5 per cent for hardware, 18.6 per cent for furniture, and 3.1 per cent for drugs as compared to the corresponding period a year ago, whereas sa1es of dry goods declined 8.8 per cent and groceries 1 .2 per cent. Each of the five lines recorded sales decreases from the preceding month and sales increases over November, 1934. Stocks of merchandise for the five lines combined were 2.5 per cent smaller on November 30 than one month earlier but 5.5 per cent larger than one year earlier. Stocks of groceries and hardware showed net increases during the month, while stocks of dry goods, furniture, and drugs declined. Inventories of groceries, hardware, furniture, and drug, were larger on N ovem her 30 than a year ago, while stocks of dry goods were smaller. Life Insurance Sales of new paid-for ordinary life insurance in the seven states whose areas or parts thereof comprise the District increased slightly from October to November and were 2.4 per cent greater than in November, 1934. Sales for the first eleven WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OuTSTANDINGS AMOUNTS COLLECTED Nov. 1935 Nov. 30, 1935 Nov. 1935 compared to compared to comp:1red to Oct. 1935 Nov. 1934 Oct. 31, 1935 Nov. 30, 1934 Oct. 1935 Nov. 1934 - 2,5 I.J - · O,I I.8 - 5.0 0,3 -10.8 1.5 - 7.4 5.0 -10.3 9.0 -13.0 13.2 - 4•3 1.2 - 1.6 6.8 -16.3 14.6 - 0.7 9.2 - 5.8 22.2 - 8.9 6.6 3.7 3.5 - 6.4 14.2 STOCK.I Nov. 30, 1935 compared to Oct. 31, 1935 No\•, 30, 1934 -12.9 - 3.1 2.3 8.1 2 ·9 5.9 - 0.3 8,8 - 5.t 12.I THE MONTHLY REVIEW 4 months of 1935 totaled $383,732,000 as compared to $414,202,000 in the corresponding period in 1934, the decline for the year representing 7.4 per cent. Life insurance sales reported to the Life Insurance Sales Research Bureau by companies representing 90 per cent of the total legal reserve ordinary life insurance outstanding in the United States: Colorado.·-······················ ............. Kansas_······-················ •.............. Missouri ............ Nebraska-····-·········- - New Mexico_ _ __ Oklahom...__ _ _ _ __ Wyoming.. _ _ _ __ Nov. 1935 '/, 3,985,ooo 5,041,000 13,156,000 4,104,000 719,000 5,185,000 741,000 Seven state_ _ __ ' 33,031,000 United State•-·--··········-···-···· 494,7o5,ooo Oct. 1935 t, 4,116,000 4,716,000 12,536,000 4,551,000 7z9,ooo 5,o'J.7,000 843,000 ' 31,519,000 501,850,000 ' Nov. 1934 4,094,000 4,86o,ooo 13,679,000 3,686,000 574,000 4,75 1,000 609,000 $ 3z,1 53,ooo 476,z91,ooo Lumber Retail sales of lum her at 15 5 reporting yards in the District declined 8.8 per cent in board feet during November but were 22.4 per cent greater than in November, 1934. Cumulative sales for the first eleven months of 1935 exceeded sales in the corresponding period last year by 23.3 per cent. Dollar sales of all materials were 12.5 per cent smaller than in October but 28.6 per cent larger than during last November. Stocks of lumber at the close of November were slightly smaller than at the close of the preceding month but 6.9 per cent larger than on November 30, 1934. Collections during November averaged 40.8 per cent of outstandings at the close of the preceding month, the same ratio as in October but slightly above the November, 1934, ratio of 38.4 per cent. November business at the 155 reporting yards: Building The value of total building contracts awarded in the Tenth District, according to statistics of the F. W. Dodge Corporation, increased 47.5 per cent during November, but the improvement did not extend to residential awards, which declined seasonally by 24.9 per cent. Both total and residential awards, although at,.rclativcly low levels, were substantially larger than in November, 1934. The value of total building contracts awarded during the first eleven months of 1935 was 14.6 per cent, and of residential contracts awarded 63. 5 per cent, larger than in the comparable period in 1934. The value of construction contracts awarded, as reported by the F. W. Dodge Corporation: TOTAL BUILDING CONTRACTS AWARDED TENTH DISTRICT UNn'ED STATES 1935 1934 1935 1934 NoTCmber.. •. __ Jn,079,015 $ 4,958,079 $ 188,u5,000 $ 111,740,800 October.---····7,5u,567 7,539,454 100,863,700 13~,524,800 Eleven months 74,773,259 65,z35,6,~3 1,581,071,300 1,453,038,600 RESIDENTIAL CONTRACTS AWARDED TENTH DxsTR.ICT November........ October·---·· Eleven months 1935 J 1,'J.45,541 1,658,,451 15,745,658 UNITED STATES 1934 1935 1934 J 668,791 t, 39,695,'loo f, 19,914,700 2,137,498 55,100,300 26,199,800 9,63z,316 433,755,700 134,510,400 The number of permits issued and the estimated cost of construction in seventeen Tenth District cities increased 6.8 and 14.4 per cent, respectively, as compared to last November, but reflected the customary seasonal lag in building activity as compared to the preceding nionth. Permits and estimated expenditures were the largest for the month since 1930. Sales of lumber, hoard feet................................ Sales of all materials, dollars............................ Stocks of lumber, board fcet ..·-························· Outstandings, end of month.............................. According to reports of the National Lumber Manufacturers' Association, lumber production in the United States for the year to November 30 was 23 per cent above production in the same period in 1934. Shipments and orders booked to November 30 were about 2 per cent above output for the same period and about 30 per cent above shipments and orders booked to Decem her I, r 934. Flour Milling Flour mill operations in the District declined somewhat more than seasonally during November to 57.8 per cent of full-time capacity as compared to 65 per cent in October and 63.5 per cent in November, 1934. Flour production for the month totaled 1,804,698 barrels, representing a decrease of 14.3 per cent from October and of 8 per cent from November, 1934. Production was 13.3 per cent below the ten-year average for November. Cumulative production for the year to December I amounted to 20,896,217 barrels as compared to 20,693,331 barrels produced in the same period in 1934. Flour production at the principal milling centers of the District, as estimated from the weekly reports of southwestern mills to the Northwestern Miller: Nov. 1935 Barrels BUILDING PERMITS IN TENTH DISTRICT CITIES PERMITS 1935 ESTIMATED 51 11 11 1934 62 16 31 140 241> 16 20 163 81 110 78 II 13,61J.5 29 139 81 126 9'l 'J.3,685 156,800 61,78,4 l,p,107 l'J.8,JIO 9,665 8,070 16,150 17,850 6o,6'lo 115,300 145,6o1 Total 17 cities, November.____ 1,11.4 1,051 Eleven month•--····--..--- 16,005 n,988 ' 1,416,389 u,470,147 Albuquerqu~, N. M,·-······-········· Cheyenne, Wyo·--··-·····-·····-·· Colorado Springs, Colo....-·-··-Denver, Colo, _____ ··-··--···--······ Joplin, Mo·-----·-···-·-············· Kansas City, Kans·--·····-········ Kansas City, Mo·-·--·····-·---Lincoln, Nebr·--·----·-·---· Oklahoma City, Okla,----······Omaha, Nebr·---··---Pueblo, Colo.·-······-··-················ Salina, Kan•----············ Shawnee, Okla •....·-···················· St. Joseph, Mo·--·····-·-·-·········· Topeka, Kan•··---···-·-·-··-·-·· Tulaa, Okl•..__ _ _ _ __ Wichita, Kans·--··---- 13 14 19 13 60 67 116 6o 33 7 IO 15 34 ss « 1935 41,'J.74 11,080 8,411 316,0-4 5 $ Con 1934 iu,614 8,815 16,148 37z,8:13 15,9"0 14,410 108,100 'J.9,536 J'J.3,'J.0l 50,558 11,104 'J.4,040 55,505 14,'J.OO 5z,1'l5 51,010 68,618 $ 1,137,817 11/lll,lS'J. November 1935 compared to October 1935 November 1934 - 8.8 12.4 -1 :2.5 :28.6 - 1.6 6.9 - I.8 13.9 Atchison ........................................ Kansas CitY·-······························· Salina ........................................... . Wichita.--·····················-············· Outside.......................................... II4,'J.4I 514,011 159,105 109,3Rz 9o7,859 Oct. 1935 Barrels 140,844 539,031 184,233 I 57,503 1,083,486 Nov. 1934 Barrels 120,956 500,8'J.I 156,013 145,501 1,038,375 TotaL..............·-·························· 1,804,698 1,105,097 1 ,96 J ,666 •United States·--·····················-· 5,587,o65 6,384,335 5,500,664 •Represents about 60 per cent of the total output in the United States. Flour buying during November was seasonally dull. With the approaching inventory period and continued weakness in the wheat market, southwestern sales had dropped to 35 per cent of capacity in the closing week of the month, and flour prices declined. Millfeed prices advanced during the month as demand improved with the arrival of cold weather and offerings decreased because of lighter mill operations. Rainy weather made wheat fields in many sections too soft for pasture and necesaitatcd aomcwhat heavier feedini, THE MONTHLY REVIEW Grain Marketing Receipts of wheat, oats, rye, and barley declined at the five principal markets of the District during November, but arrivals of corn and kafir increased. Receipts of all classes of grain were substantially heavier than in November, 1934. Marketings of corn, oats, and barley were unusually heavy for the month, corn exceeding the ten-year average by 49.6 per cent, oats by 48.7 per cent, and barley by uo.4 per cent. Marketings of wheat were 38.7, rye 14.5, and kafir 83.4 per cent below the November average. Arrivals of wheat were the heaviest for November in three years, of corn since 1927, and of oats since 1925. November receipts of grain at the five markets: Wheat Bushels Corn Bushels Hutchinson .... 743,850 7,5 00 Kansas City.... 2,104,000 1,914,000 Om11;ha............ 443,671 2,070,6oo St. Joseph ........ 891,200 409,500 Wichita............ 6p,500 33,800 Nov. 1935 ........ Oct. 1935.. ___ Nov. 1934----·· 11 Mos. 1935.. II Mos. 193+· 4,835,221 8,o75,o53 2,519,550 98,694,530 91,998,750 4,435,-400 1,3 13,95° 2,159,400 24,167,310 45,187,6oo Oats Bushels 1,500 310,oco sn,oco . 446,000 1,500 1,271,000 2,183,500 526,500 15,320,100 7,026,000 Rye Bushels Barley Bushels 9,000 53,200 9,coo 62,400 324,800 36,75o 1,300 Kafir Bushels 16,900 53,200 3,900 - - - ---- --~71,200 415,250 l'll,6oo 553,6oo 74,000 58,100 2,900 25,6oo 47,300 788,400 2,802,850 7o5,400 8:28,700 928,300 I ,464,300 Prices of wheat, corn, and oats showed net declines at the close of November, but kafir had advanced. Rye and barley were quoted unchanged. Cash grain prices at Kansas City: Dec. 16 Nov. 30 Oct. 31 Nov. 30 Nov, 29 Nov. 30 1935 1~5 1~4 1~3 1~2 1935 No. l hard, dk. wheat, bu. $1.03 t,1.04¾ J1.05 t,1.02 t, .79½ t, .40 No. 2 mixed corn, bu, .. _ .61 .58 .71 .95½ ..p½ .nH No. 'l white oats, bu ...... . .28 .28¾ .19½ .61 .32 .18 No. 'l rye, bu, .. _............. . .50 .51 .51 .88 .57 .32 .48 .48 .48 .90 .41 ½ .·24 Nu. 2 b:irley, bu.·-··--····· No. 2 white kafir, cwt,. __ 1.14 1.15 1.14 'l.07 .73 -45 Crops November rains over the central and eastern portions of the District, although hindering pasture feeding of live stock, benefited winter wheat already up and permitted additional planting in areas where the intended acreage was not yet in because of moisture deficiencies. With the exception of the area in eastern Kansas and Nebraska, most of the important winter wheat territory west of the Mississippi River has been seeded under dry soil conditions, but the outlook in the dry areas was somewhat improved by late fall rains. Corn cribbing had been completed in Nebraska early in December but was only about half completed in Kansas, where rainy weather and muddy fields delayed harvesting operations. Considerable damage was reported to grain sorghums and corn because of a high moisture content. The bulk of the cotton crop had been picked by the first week of December, much of it being snapped to prevent further damage to open cotton by the rain. December 1 estimates of production were reduced to 535,000 bales for Oklahoma and 78,000 bales for New Mexico. On the basis of December 1 prices, the farm value of crops produced in the District during 1935 was $638,568,000, or about 30 per cent more than the value of the crops harvested in 1934. Although prices received for this season's crops were somewhat below those received for the short crops of last year, the lower prices were more than offset by increased production except in the case of oats and hay crops, prices of which were unusually high last year. The increase in c1op values for the United States was about 7 per cent and most of the 5 increase occurred in those areas which were severely affected by the drought in 1934. 1935 crop production in the seven states, all or parts of which are included in the Tenth District, and the December I farm value, as reported by the Department of Agriculture, thousands omitted: 1 935 Winter wheat, bu, ____ 157,594 Spring wheat, bu ....... 8,458 All wheat, bu ......... 166,051 Corn, bu ..................... 263,820 Oats, bu.·---··············· 193,838 Rye, bu .................... ... 8,866 Barley, bu.·-·········-·-·· 30,613 Grain sorghums, bu ... 31,811 All tame hay, tons .... u,351 Wild hay, tons.---·-·· 4,543 Sweet sorghums, tons 2,945 Broomcorn, tons........ 34 Sugar beets, short tons 1,96o Cotton, bales.............. 813 Cottonseed, tons........ 361 White potatoes, bu ... 36,411 Sweet potatoes, bu ... 2,330 Dry beans, 100 lb. bags 2,093 Tobacco, lbs ............... 4,115 8,885 Apples, bu.·--············· Peaches, bu.·-·········-··· 3,639 Pears, bu ..................... 1,365 20 Grapes, tons·---········· 64 crops, 7 states...... Total 64 crops, U. S. Production Farm Value 1933 1 935 1934 1934 1933 158,087 136,275 $ 136,661 $131,765 ' 93,353 J,6o8 8,508 3,014 7,291 4,966 161,695 144,783 143,953 134,779 98,3 19 70,6o6 174,381 75,,76 505,895 158,546 62,765 II 1,599 30,7i0 31,731 59,484 1,326 2,203 1,016 1,017 3,768 10,091 z1,345 6,411 6,415 11,905 1 14,292 13,988 37,290 14,691 9,534 65,280 6,-405 10,800 73,890 91,533 20,go6 1,761 22,951 14,956 3,173 1,595 1,907 13,502 10,981 15,113 1,559 2>439 2 ,309 23 17 1,549 10,o62 4,288 12,584 1,613 648 71,269 39,4o1 44,311 288 n,140 9,664 8,197 7 17 16,26o 33,143 11,1o6 22,308 11,743 1,-410 1,819 1,656 1,632 1,697 6,198 3,121 663 2,199 6,133 220 3,111 8,711 941 536 5,-4g6 7,071 5,576 7,3°3 5,54° 2,501 1,169 921 2,558 3,311 6o1 813 477 723 990 20 800 814 684 15 638,568 49 1,449 574,596 --·-·-- 5, 11 8,444 4,779,335 4,100,71 1 The fall sown acreage of winter wheat in the District was 8.1 per cent larger than in 1934, as compared to an increase of 6.7 per cent in the United States, according to the December I estimates of the Department of Agriculture. Seedings were increased in all states in the District and were heavily increased in Wyoming and Colorado. The December I condition of winter wheat indicated an abandonment from 1935 seedings of between 15 and 20 per cent and below average yields per acre. The 1936 crop was estimated at about 530,000,000 bushels for the United States as compared to 433,447,000 bushels harvested in 1935 and the five-year average crop of 618,186,000 bushels. The acreage sown to rye was larger than in 1934 in Wyoming, Colorado, and Nebraska but smaller in other states in the District, the decrease for the District amounting to about I I per cent as compared to an increase of 2.9 per cent in rye acreage in the United States. The fall sown acreage of winter wheat, thousands omitted, and the December I condition, reported by the Department of Agriculture: FALL SEED~D ACREAGE 37° 4,726 228 1933 1,105 12,081 1,550 3,o63 344 4,338 180 1931 92 4 12,853 1,-412 2,890 400 4,4 1 9 202 Co?rDITION DECEJ.lBER 1 1935 1931 1934 1933 1,218 67 37 77 81 64 71 11,945 1,553 83 78 93 3,110 74 79 75 6o 71 69 453 71 76 4,4°7 75 228 63 70 50 24,603 44,530 11,761 41,879 23,100 41,669 13,924 41,283 1935 Colo ......... 1,287 Kans ....... 14,103 l\,fo •.......... 2,048 Nebr,----· 3,566 N.M ....... 444 Okla ......... 4,868 Wyo ......... 285 1934 9 19 13,058 1,969 7 States.-. 26,6o1 U.S ......... 47,SZ9 3,333 78.1 77.a 74.3 Live Stock Receipts of cattle, calves, and she~p declined at the six principal live stock markets of the District during November, but receipts of hogs, including direct shipments to packers, increased slightly. Marketings of calves were 10 and hoga 61.2 per cent below a year ago, while arrivals of sheep increased 10.3 per cent, and the number of cattle received remained 6 Tm-: approximately the same. MoNTHLY REVIEW Cumulative receipts to December I were well under last year's totals, which include Government drought relief purchases. November receipts of cattle were 4, calves 9.9, hogs 56.1, and sheep 28 per cent below the ten-year average for the month. The six markets received 9,659 head of horses and mules during November, approximating the tenyear average receipts for that month, as compared with 9,710 head in October, and 13,685 head in November, 1934. November quotations on all classes of slaughter live stock at Kansas City closed the month with net gains of from 25 cents to t,2.00 per hundredweight over October. Prices of fat cattle advanced 25 to 50 cents duripg the month, short-fed slaughter steers selling up to a top of $r2.25, the highest figure since late in May and the highest November figure since 1930. The November, 1934, top for cattle was t,8.50. Stocker and feeder cattle sold at the lowest levels of the season during the third week of November, but demand later improved, and stockers and feeders closed the month with only moderate net losses ranging up to 50 cents. Hog prices advanced 50 cents to $1.00, whereas they normally decline, butcherweights and heavyweights bringing the top price for the month of $9.65 as compared to a top of $4.20 last rovember. Lamb prices advanced $1.85 to f,'l.OO and reached $II.IO, a new peak for the year and the highest November price recorded since 1929. The lamb top last November was '$7.35. Sheep prices advanced '$1.00 to t,1.50, slaughter ewes selling up to '$5 .50 as compared to i3.oo a year ago. Shipments of all classes of stocker and feeder live stock from four markets in the District declined during November but were above shipments a year ago except for hogs. Shipments of cattle were 10.3, calves 22.6, hogs 54. 5, and sheep 38.6 per cent below the N ovem her ten-year avcrage. According to the Bureau of Agricultural Economics, shipments of stocker and feeder cattle from stockvard markets into the Corn Belt during November were 50 p~r cent larger than the small shipments in November, 1934, but otherwise the smallest for any November since 1919. Direct shipments of feeder cattle were considerably larger this year than last, especially into the western part of the Corn Belt. Cattle feeding in western states was estimated to show a large increase, with operations in Colorado the heaviest since 1931. Shipments of feeder lambs from stockyard markets into the western Corn Belt, especially into Nebraska 1 were larger than last year, and direct shipments of feeder lambs were larger into all states west of the Missouri River except Kansas. Lamb feeding operations were reported 10 to I 5 per cent heavier in Colorado and approximately the same as last year in the Scottsbluff area of Nebraska and Wyoming. There was a decrease from last year in the number being gra2ed on wheat fields in Oklahoma and Kansas and in the number being fed at commercial feed lots. The Department of Agriculture reported the December I condition of western ranges, cattle, and sheep much better than a year ago and above the ten-year average. Range conditions were 81 per cent of normal as compared to 58 per cent a year ago an<l the ten-year average of 79.6 per cent. The condition of cattle was 87 per cent as compared to 71 per cent a year ago and the average of 85.2 per cent. Sheep were in 90 per cent of normal condition as compared to 75 per cent a year ago and the average of 88.2 per cent. There were adequate feed supplies to carry stock through the winter except in scattered localities, and mild weather permitted continued utilization of range feeds. Stock water was reported as ample for present needs except in Wyoming, where a water shortage made much range unavailable. Cattle and sheep improved in flesh during the month, and live stock losses so far have been unusually light. The December r pig crop report of the Department of Agriculture estimated an increase of about 31 per cent in the fall pig crop of 1935 over that of 1934, a decrease of 5 per cent in the combined spring and fall crop of 1935 from that of 1934, and a prospective increase of 24 per cent in the number of sows to farrow in the spring of 1936 over the small farrowings in the spring of 1935. Meat Packing Operations at meat packing establishments in the District, as reflected by packers' purchases at the six principal live stock markets, direct shipments of hogs included, declined seasonally in the beef and mutton divisions during November, and there was a contraseasonal decline in the swine division, although hog receipts at the six markets increased slightly. The slaughter of cattle, calves, and sheep declined by about 20 per cent and hogs about 3 per cent. Compared to the totals oflast November, which include slaughter for the Government account, the slaughter of cattle decreased 23.1, calves 22.4, and hogs 65.5 per cent, while sheep slaughter was approximately unchanged. Packers' purchases of calves during November were 25.5 per cent above the ten-year average for the month, but cattle purchases were 2.4, hogs 59.6, and sheep 23.1 per cent below the average. The Government's report of Federally inspected live stock slaughter in the United States, excluding slaughter for Government relief purposes, showed that the November slaughter of cattle, calves, and sheep continued at a high level for this late in the year. Cattle slaughter decreased 11.8, calves 9.6, and sheep 20.3 per cent during November, but hog slaughter increased 13.4 per cent. Cattle slaughter was 6.5 and sheep 5.9 per cent above November, 1934, while hog slaughter decreased 43.8 per cent and calf slaughter showed little change. The slaughter of cattle was 2-4-2, of calves 21.8, and of sheep NOVEMBER MOVEME T OF LIVE STOCK IN THE TENTH DISTRICT Kansas City.. .... .... ·--· Omaha ................. --.-· .. St. Joseph.·-····-·······-· Denver·-······-····-····· -·-· Oklahoma City ..-.. ----· Wichita......... ··-·-······· Cattle 142,917 I 19,202 38,134 90,080 44,124 24,127 RECEIPTS Calves Hogs 32,864 •94,899 81,824 17,105 61,892 8,437 12,194 27,974 18,780 13,334 10,884 7,337 Sheep 69,628 9 1,938 51,158 176,200 7,025 6,379 STOCKERS AND FEEDERS Hogs Sheep Calves 2,6o7 u,530 9,215 6o,565 16,801 6,382 912 50,115 2,oto 1,636 7,687 93 2 II8 133,217 7,085 47,930 Cattle PURCHASED FOR SLAUGHTER Cattle Calves Hogs Sheep 24,048 65,966 54,272 •75,795 56,169 10,723 69,837 53,5 16 28,609 47,792 46,919 7,583 19,149 16,227 15,613 3,912 8,681 15,953 2.7,250 5,4 14 10,070 3,623 3,772 9,795 221,117 196,441 November 1935 __ ...... 458,584 91,271 296,253 402,328 166,297 23,614 5,273 163,558 204,560 58,570 228,034 246,712 October 1935-·-··-·----602,605 u1,760 289,926 1,098,335 224,256 30,319 6,325 566,610 26z,u5 77,453 196,040 640,907 tNovember 1934-___ . 462,877 101,462 764,037 364,762 100,868 14,065 12,884 109,059 265,918 75,482 II Months 1935·····--· 4,167,257 808,008 3,555,758 6,950,360 1,o68,897 163,905 66,875 1,383,352 2,072,645 583,461 2,898,032 3,25c,138 tn Months 1934-••- 6,129,5u 1,330,891 8,307,992 7,944,81S 1,171,071 150,513 120,366 1,426,893 3,225,299 968,189 7,048,332 3,845,771 •Jndudet 45,841 h<>iP ahipped direct to packers' yards. tReceipta include Government relief purchase• of cattle, calves, and sheep. 7 THE MONTHLY REVIEW 15.1 per cent above the November ten-year average, but of hogs 40.5 per cent below the average. Live stock slaughtered under Federal meat inspection in the United States, reported by the Bureau of Agricultural Economics from compilations of the Bureau of Animal Industry: Cattle Calves Hogs November 1935................ 955,694 2,4:21,~98 4 80,091 October 1935.................... 1,083,044 531,090 :2,135,317 November 1934--·•··········· 897,092 480,468 4,31 J ,939 Eleven months 19,15........ 8,873,0,p 5,197,317 23,182,772 Eleven months 1934........ 9,q9,966 5,363,335 39,679,499 NOTE: Slaughter for Government relief purposes excluded. Sheep 1,406,985 1 ,764,535 1,3:2!l,869 1 6,:275,534 T4,76r,569 Cold Storage Holdings Unit~d States cold storage stocks of beef, pork, lamb, poultry, and mIScellaneous meats increased during November, but stocks of lard, eggs, butter, and cheese declined. Total stocks o.f meat recorded the first increase over the preceding month smce last January, but lard continued its decline since the middle of last year. The combined total of meats and lard was II per cent greater than on November 1 but 51 per cent smaller than on December I, 1934. Holdings of all commodities except eggs were smaller than a year ago. Storage stocks of beef were 29.5 and cheese 14.1 per cent above the December 1 five-year average, but pork was 45.3, lamb and mutton 22 miscellaneous meats 3.7, poultry 5.9, lard 40.6, and butte; 7 per cent under the average, while holdings of eggs approximated the average. United States cold storage holdings reported by the Bureau of Agricultural Economics: *Dec. I 1935 91,040 2s:2,927 :2,66< 85,796 Nov. I Dec. I Dec. I 1935 1934 5-Yr.A,•. Beef, lbs ...·-··········································· 65,464 127,953 70,308 Pork, lbs............................................... :240,663 571,913 46:2,706 Lamb and mutt<m, lbs. ...................... 1,968 4,687 3,418 Poultry, lbs........................................... 53,156 105,565 91,:213 ••Turkeys, lbs.·-······-······························· 9,093 3,629 9,57:2 7,565 Miscellaneous me?.ts, lbs..................... 63,271 53,497 t12,831 65,694 Lard, lbs............................................... 37,530 40,702 103,827 63,215 Eggs, caees............................................ 2,738 4,644 :2,380 2,764 Eggs, frozen (case equivalent).... .. .... 2,258 :2,515 2,174 :l/220 Butter, cre:i.mery, lbs.·--····················· 71,925 120,210 81,034 77,332 ~hee~e, all vari~ties, lbs..................... 104,664 I n,731 109,97:2 91,742 Subject to revision. ••Included in Poultry. (ooo omitted.) NOTE: Meats held for the account oft.he Federal Emergencv Relief Admin• istration arc not included in the above. · Zinc and Lead Shipments ofzinc ore from the Tri-State district were slightly larger in the four weeks ending November 30 than in the preceding four-week period and 59 per cent larger than in the corresponding period in 1934. Zinc output during the closing week of November was the largest for any week in more than five years. There were sixty-one mills in operation, twentysix of which were treating tailings. Lead ore shipments during the four-week period were twice as large as in the preceding four weeks and three times the tonnage shipped in the comparable period in 1934. The tonnage and value of zinc ore anci lead ore shipments from the Tri-State district: Oklahoma......................................... . Kan-;as ............................................. . .. M 1ssour1........................................... . 4 4 4 48 48 Wks. Wks. Wks. Wks. Wks. ended ended ended ended ended Nov. 30, Nov. 2, Dec. I, Nov. 30, Dec. 1, Zrnc ORE Tons Value :29,845 '$ 955,040 7,87:2 251,904 I,OII 32,352 1935....... . 38,728 $1,239,296 1935-······ 37,748 1,199,335 19.34........ 24,357 6o4,913 1935·-····· 348,322 9,905,480 1934........ 278,090 7,588,830 Zinc ore and lead ore prices were unchanged during November. Zinc ore was quoted at $31 per ton for float grades and $32 per ton for coarse grades for the eighth consecutive week, with lead at $47 per ton in carload lots for the eleventh consec~.tive week. Comparable quotations in 1934 were $25 per tonJor zinc and $32 per ton for lead. Petroleum The estimated daily average flow of crnde oil in the five oil producing states of the District declined 4.3 per cent during November, and gross production, with one less producing day than in October, declined 7.3 per cent. Gross and daily average production were 8.7 per cent above November, 1934. Production for the calendar year to December I totaled 151,363,000 barrels as compared to 236,109,000 barrels last year, the increase being 6.9 per cent. The daily average mid-continent crude run to refineries was about unchanged from October to November, but the crude runs in Oklahoma and Kansas were increased by approximately 3,000 barrels daily for each state. Gross and daily average production, estimated from the weekly reports of the American Petroleum Institute for November, and officially reported by the Bureau of Mines for October, 1935, and November, 1934: GROSS PRODUCTION Nov. 1935 Barrels Oklahoma............................ ~ ....... . 14,907,000 Kansas.......................................... 4,:291,000 Wyoming..................................... . 1,103,000 1:23,000 Colorado.--··································· New Mexico .......- ......................... 1,719,000 6,839 1, 3:::i,433 I 55,241 3,303 2,137 72 ,349 39,584 1,616,096 29,200 1,185,982 Nov. 19~ Barrels 15,950,000 14,050,000 Barrels 4,785,ooo 1,:207,000 130,000 1,82:2,000 3,679,000 Total five states.. ........................ :22,14.3,000 23,894,000 Total United States.................... 84,789,000 88,16o,ooo DA.lLY AVERAGE PRODUCTION Nov. 1935 Oct. 1935 Barrels Barrels Oklahoma.-................................... 496,900 514,500 Kansas .......................................... I 43,000 l S4,400 Wyoming..................................... . 36,800 38,900 4,200 4,000 Colorado·--··································· New M exico................................. . 58,800 57,300 :20,378,000 72,463,000 Total five states...... .................... Total Unitrd States.................... 738,000 :2,826,300 770,800 2,843,900 1,096,000 105,000 1,448,000 Nov. 1934 Barrels 46S,oco 123,000 37,000 3,000 48,000 679,000 2,415,000 Posted prices of mid-continent crude oil remained unchanged at schedules ranging from 76 cents to $1.08 per barrel per degrees gravity. The market for natural gasoline was more firm in November, but less vigorous for refined gasoline during the middle part of the month. Lubricants were in firm to vigorous demand. Coal The production of bituminous coal in the District was estimated at 2,350,000 tons during November, or 5.8 per cent less than during October, which had two and one-half more working days, but production was 25.6 per cent greater than during November, 1934. Production for the year to December 1 totaled 18,109,000 tons as compared to I 5,706,000 tons in the corresponding period last year. Bituminous coal production reported by the Bureau of Mines: *Nov. 1935 Tons LEAD ORE Tons Value 4,942 1, :23:2,274 1,784 83,848 113 5,3II Oct. 1935 Colorado._.................................... . Kansas and Missouri................. . New J.\,fexico ................................. . Oklahoma.- .................................. . Wyoming........................ _........... . 753,000 630,000 156,000 231,000 580,000 Oct. 1935 Tons 747,000 717,000 136,000 265,000 630,000 Nov. 1934 Tons 578,000 562,000 u5,ooo 150,000 466,000 Tot:i.l six states............................ 1,350,000 2,495,000 1,871,000 Total United St3tes.................... 33,010,000 37,664,000 3~,s 56,0:::0 *Estimated from the weekly reports of the United States Bureau sf Mines. 8 THE MONTHL Y REVIEW National Sumn1ary of Bt. siness Conditions By the Board of Governors of the Federal Reserve System "-'l:Ct'.Hf _ 140 ·r-'--,---,N-DU_S_T-RIA_L P _R_O_D\J_C_TI_ON _ ~_..:.,e;"<• ~~~ 130 t---t----t------1---1---i---+----l 130 120 Industrial production and employment, which usually decline at this season, show&d little change from October to November. Distribution of commodities to consumers increased more than seasonally. 110 100 90 80 70 60 1 - - - 1 - - - - 1 - - - t- 50 - ~ 1 - + ~ - - + -- - + - ~ 60 ~~-~-~-~-~-_,50 1929 1930 1931 1932 1933 1934 1935 Index of industrial production, adjusted for seasonal variation. (1923-1925 average=-100.) Latest figure: November preliminary, 97. PUICENT POIC[Nl 120 120 FACTORY EMPLOYMENT 110 110 100 /\ 100 I' \ '~ 90 80 90 -" I" IV ' ro 50 1929 1930 -.../ 50 1931 1932 1933 1934 Factory employment and payrolls, whi ch usually decline from the middle of October to the middle of November, showed little change for that period this year. Increases in employment were reported for the automobile, iron and steel, machinery, railroad car, and cotton textile industries and at railroad repair shops. There were larger than seasonal declines at sawmills, shoe factories, silk and rayon mills, and establishments producing wearing apparel. 80 ro \_,. _/ PRODUCTIO AND EMPLOYMENT: The Board's seasonally adjusted index of industrial production advanced from 95 per cent of the 1923-1925 average in October to 97 per cent in November. Output of industries producing durable goods continued to increase substantially in November, while activity in most other industries declined somewhat. Output of steel increased further during November to a higher rate than in any previous month this year and this high level was maintained during the first three weeks of December. Automobile production in November continued the sharp increase which began after the change to new models in September. Activity at silk mills and at woolen mills declined. 19:l(! Index of factory employment, adjusted for seasonal variation. (1923-1925 average-100.) Latest figure: November preliminary, 84.7. ~i~ c;::c••.c..'- ~R-A-IL-RO_A_D_F-RE- IG_H_T--CA -R - LO-A-D1-NG-S~____:_::c_, 120 PERCENT 110 100 90 80 Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, continued to increase in November and the first half of December. There was a decline, largely seasonal, in residential building, while other types of construction showed an increase. AGRICULTURE: Crop production in 1935, according to final estimates by the Department of Agriculture, showed an increase of about 20 per cent in volume over the drought year of 1934, and the farm value of 64 crops amounted to $5,120,000,000 compared with $4,780,000,000 last season. The cotton crop, which has been reduced in recent months by bad weather, is now estimated at 10,734,000 bales compared with the exceptionally small output of 9,636,000 bales in 1934. Cash farm income from marketings of crops and live stock and from Government rental and benefit payments is estimated at about $6,800,000,000 for the calendar year 1935, as compared with $6,387,000,000 last year. 70 £0 50 40 ,___..___.._____,_ 1929 1930 1931 __._---J._ __._ 1932 1933 1934 __, 40 1935 Indexes of daily average number of cars loaded, adjusted for seasonal variation. (1923-1925 avcrnge=100.) Latest figure, November: total, 66; merchandise, 64. Pffl CCNl 120 WHOLESALE PRICES 110 110 100 100 ~ .... ~ 80 . 70 90 "- 60 ~ f ~/ - 70 50 50 1930 1931 1932 1= 1934 BANK CREDIT: Excess reserves of member banks, which had increased to a new high level of $3,310,000,000 on December 11, largely as the result of continued gold imports, declined considerably during the week ending December 18, as a consequence of seasonal demands for currency and a large increase in Treasury balances with the Federal reserve banks, in connection with mid-December fiscal operations. 80 60 11129 COMMODITY PRICES: The general level of wholesale commodity prices, after a decline during October, increased during November and showed little change during the first two weeks of December. PER C!NT 120 90 DISTRIBUTION: Freight-car loadings decreased by less· than the usual seasonal amount during November, reflecting principally a smaller decline in shipments of miscellaneous freight than is customary at this time of year. Value of department store sales, on a daily average basis, increased from October to November. 1935 Index of United States Bureau of Labor Statistics. (1926=100.) By months, 1929 to 1931; by weeks, 1932 to date. Latest figure is for week ending December 14: 80.8. Changes in condition of reporti ng banks in 101 leading cities during the four weeks ending December r 8 reflected principally the influence of new Government financing. These banks showed increases of $310,000,000 in holdings of United States Government securities, of $uo,ooo,ooo in loans to brokers and dealers in securities, and of $200,000,000 in United States Government deposits. Acijusted demand deposits showed a further growth of $270,000,000 in the three weeks ending December I I and declined by $250,000,000 in the following week, as a result of withdrawals for holiday currency demands, income tax payments, and the purchase of new Government securities.
@FedFRASER