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a---------------------------------.. . .----------0
THE MONTHLY REVIEW
"I,
Covering Conditions in the Tenth Federal Reserve District
FEDERAL l{ESERVE BANK OF KANSAS CITY
For the Information of Member Banks and Business Interests of this District
ASA E. RAMSAY, Chairman Board Directors
and Federal R 1ser ve Agent
C. K. BOARDMAN, Assistant Federal Reserve Agent
and Secretary
D1---------------------■-----------------------a
VoL. 7 No. 1
financial situation at the beginning of
b
1922 may be descri ed as easier than for
several months past. Indebtedness is still
heavy and there is a considerable volume
of frozen loans, though it is noted that
there has been continued slow but steady liquidation. Discount rates on short time paper are the
lowest in several years and the tendency is toward
lower interest rates on long time loans. Lack of
an outlet for foreign investments is bringing outside money into the District which is used largely
for liquidating industrial loans and giving industries a fresh start, but little is going on in the way
of industrial expansion at this time. The agricultural and live stock interests are gradually be~g:h~}-pfd .bY loans by banks out of their own
17,520,~8\ :f\i\JM•:lJi!•~ti:ow.ings from the Federal Reserve
•• :.■ •.~••Bank, wliire:~•~•.Wa_i_: Finance Corporation is ap~,82 53. proving loans fl)!" .a•gticulture and live stock and
• v 5, 4 2
•
•:·•.a., 53,2HI :i:~esd1. st:room of niqrtey is pouring into this Dis/ . ••.■ 7,453,47:J 3;fl~1•{}.'btq:~~ source! •• •
THE STATISTICAL STORY OF 1921, TENTH FEDERAL
RESERVE DISTRICT
1921
1920
Clearings, 29 cities reporting both yea rs .... _$14,93 6,297,6 62 $21,71 6,26 8, 278
Clearings, Federal Re9
3
c1!!~i;gs~F~kR... B,- ·it~·~·~$
$l ,og;~:i;~ig
Bank Debits, 16 cities.... $12,498,641,000 $16,116,932,000
883
375
Com'l Failures, number..
Com'l Failures, lia bilities ··········-···--······------$
27,34 7,624 $
10,190,370
Grain Receipts ( 4 markets)
Wheat, bushels ·-········---·
181 ,434,850
118,002,090
47 , 571 , 4 oo
38 ,136 , 250
Corn, bushels ···········-······
Oats, bushels ..................
17,450,400
23,301 ,100
Rye , bushels . ·-·············--·.
2,055,000
2,901,200
Barley, bushels ..............
3,209,550
3,710,300
Kafir, bushels ................
4,912,500
6,580,300
Financial
,oig;i~~;~~:
Flour Production
Kansas City, Omaha and
84 Interior Mills, bbls.
20,481,412
Live Stock Receipts (6 markets)
4 , 810 ,915
Cattle, head ··········-·········
Calves, head ..................
727,819
Hogs, head ··················--··
7,728,794
Sheep, head ....................
6,981 ,640
Horses and Mules, head..
71 16(1■- •••
'
Meat Packing (6 centers)
•
Cattle, head ....................
2,372,879
•
Calves, head ··················
395,450
·•·.
t~~::tn
:h::i/~!!a"·::::::::::::::::::::
Petroleum Production
Crude Oil, barrels..........
Daily average, bar rels....
168,814,890
462,50 5
Petroleum Products (IO mon th s)
Gasoline, gallons ............
Kerosene, gallons ..........
Gas and fuel oil, gallons
Lubricants, gallons ········
Wax, pounds ..................
Coke, tons ......................
Mining Production
Coal, tons ················-·····
Zinc ore,
················
Lead
ore, tons
tons ................
Gold, ounces ..................
Silver, ounces ···········-··-·
Building <19 cities)
Permits, number ··-··-······
Estimated cost ~............... $
-:~1!~
•
•
•• •• ••
,
. ..168 ,47:J • •
......• .
2:~~.U~ :. Nl'e:dlber ~ ' ■Actiriti~•s-Weekly statements
i:~~'H1···'t>t'·Ja 32I~w,·e1·~i~ disclose the gradual change
•■
3'2g9'790
'
'
166,008,600
453,575
1 ,1 11 ,636 ,66 8
314,659 ,280
1,249,576,158
64 ,326 •908
56 ,500,65 5
45,439
1,053,9 98,83 4
418,592,382
1,296,448,400
88 , 766 ,381
55,265,737
39,497
29 , 546 ,lOO
320 055
68 ,,688
328 ,001
5 , 4 oo,ooo
37 , 856 ,000
551 547
'
93,562
370,101
5 , 2 oo,ooo
27,936
73,98 3,903 $
19,457
67,786,068
Agricultural Products
Wheat, bushels ···-······-·-·
Corn, bushels ·-··············
Oats, bushels ·····-·········-··
Rye, bushels ············-·····
Barley, bush els ----··········
Grain Sorghums, bushels
White Potatoes, bush els
Cotton, bales ··········-·······
Sugar Beets, ton~-···········
Hay, tons ........................
THE
Kansas City, Mo., January 25, 192?
271,130 ,000
44 2,15 8,00 0
163,401 ,000
4,708,000
25,632 ,000
49,109, 000
28,2 89,000
518,000
2,939,000
15,589,000
296 ,322,000
536 ,672,000
223 ,716 ,000
5,490,000
35,376,000
69,62 5,000
28,422,000
1 ,188,000
3,242,000
17,876,000
in financial conditions in the past twelve months.
Loans and discounts which on January 7, 1921,
aggregated $465,479,000, were reduced to $421,990,000 by January 4, 1922. Investments in the
12 months' period dropp ed from $102,779,0 00 to
$91,144,000. Thus at the first weekly reporting
date in 1922 the total loans and discounts and investments of these 82 selected Member Banks were
down to $513,134,000, or $55,124,000 less than
one year previous when the total was $568,258,000
and the largest in 1921. Reserve ba~ances were
reduced to $39,120,000 from $49,931,000. Gross
deposits declined from $498,809,000 at the first
reporting date in 1921 to $480,923,000 on January
4, 1922, although time deposi_ts increased $6,931,000 in the 12 months' period, 1922 starting with a
total of $105,319,000.
1
Federal Reserve Bank Operations-Weekly reports of the Federal Reserve Bank of Kansas Cibr
and its branches at Omaha, Denver and Oklahoma
City reflect a reduced volume of businest dmewhat in line with the generally depressed. conditions and price recessions of the y~ar. Bills
2
THE MONTHLY REVIEW
discounted for Member Banks which were $113,186,851 on January 7, 1921, were $69,568,591 on
January 4, 1922, a decrease of $43,618,259 or
38.5 % in the twelve months' period. The bills
secured by government obligations decreased $15,755, 760 and were $18,164,104 in the first report
for 1922. Total gold reserves at the beginning
of 1921 were $75,740,489 and at the beginning of
1922 they were $65,622,696 or 14. 7 % less. Federal Reserve Note and Federal Reserve Bank Notes
issues combined declined from $123,770,525 to
$79,071,830, a decrease of 36.1 % • Gross deposits
declined 14. 7 % in the twelve months from $85,235,618 to $72,729,243, member banks' reserve
account showing the largest decline among the
deposit items, the decrease being $15,640,190 or
18.8 %. On the whole the resources of the Federal Reserve Bank of Kansas City decreased $68,921,982 during 1921 and were $205,677,743 on
January 4, 1922.
Bank Clearings-Clearing house transactions at
thirty-four cities of the Tenth Federal District for
December aggregated $1,161,120,746. This is
$4,476,591 or .38 % more than the November clearings, but $346,295,688 or 23 % less than the total
clearings for December, 1920. For the year 1921
clearings at thirty-three cities aggregated $15,118, 782,440. The decrease, computed on returns
from 29 cities which reported for both years, 1921
and 1920, was 31.2 %-
Debits to Individual Account-Debits by banks
representing checks drawn on individual accounts
in sixteen reserve cities of the Tenth Federal Reserve District aggregated $12,498,641,000 for the
year 1921, against $16,116,932,000 of debits reported by the same cities in 1920, a decrease for
the year of 22.4 %. Debits for these sixteen reserve cities with the percent of change are here
shown:
1921
Atchison ........ $
Bartelsville ... .
Cheyenne ..... .
Colo. Springs..
Denver ......... .
Joplin ........... .
Kan. City, Ks.
Kan. City, Mo.
Muskogee ..... .
Okla. City ..... .
Omaha ......... .
Pueblo ........... .
St. Joseph ..... .
Topeka ......... .
Tulsa ............. .
Wichita ......... .
61,804,000
115,357,000
104,599,000
133,714,000
1,682,202,000
106,795,000
180,226,000
3,963,300,000
208,506,000
1,055,649,000
2,132,956,000
216,661,000
826,716,000
187,327,000
994,426,000
528,493,000
Total,
16 Cities .... $12,498,641,000
1920
30,994,000
188,148,000
104,123,000
172,981,000
2,421,639,000
L85,139,000
206,896,000
4,559,008,000
298,125,000
1,240,061,000
3,003,462,000
266,542,000
993,112,000
253,980,000
1,476,993,000
715,729,000
Change
+99.4%
-38.6
+ 0.5
-29.3
-44.0
-42.3
-12.9
-13.1
-30.1
-14.9
-29.
-18.7
-16.8
-26.3
-32.7
-26.2
$16,116,932,000
-22.4%
$
The 1921 high point of debits in the sixteen
cities of this District was reached January 5 when
the total for the week was $312,186,000; the low
point of the year was in the week of December
28, the total being $182,314,000 for that week.
.. ...... :
. . ... •: .
..... : ....
... . . . .. . .. .. .. . ... .
BANK CLEARINGS CITIES T~~Jit:~JtH~i.u~EjF;}tVE DISTRICT, DECEMBER AND YEAR 1921
: :•. •••
••• ~er.ember
• ••. :•
• 19~l ••••••
Inc.-Dec.
.
Kansas City, Mo ........................•._~.. ~.......... .._.:··:..1...I·'•·•:._.:.!.,..:.:,..$ : 562,07t,,t)~ •• -24.5
Omaha .................................;.:,t.......··············1···•q.,:.!.!a-.~.:.~• .:.:.. .. •: 146,329,t!~rn•••••• -18.9
gkl:;~~;··cii;;··:::::::::::::::~-:~/~:::::::::::::::::::::::::::::::~:::::::::::::::::: •~:8:~i:~ir..:•·-=~~:1
~i--~!~,,_. . : :: 43;~1,659
41;94,,445
Wichita -------····--.. ·······---------·-~'---·------•!•-·.:-:...:.1~-: ...... !. . ~:-: . ; .
St. Joseph .......................................:.~••. .:.:.~:. ..~:.... :.....:.,.• ~.~.!.!.... :
Tulsa .............................................. ~.....~ .~.~.. ~.... ~.~.~~..~~·~··············
Kansas City, Kas.........................................................................
Lincoln ......................................................................................
Muskogee ....................................................................................
Topeka ........................................................................................
Hutchinson ................................................................................
Enid ............................................................................................
Cheyenne ....................................................................................
Casper ........................................................................................
Grand Island ..............................................................................
Joplin ..........................................................................................
Colorado Springs ......................................................................
Pueblo ............................... .........................................................
Okmulgee ..................................................................................
Bartelsville ................................................................................
Independence, Kas. ........................... .........................................
Pittsburg, Kas. ..........................................................................
Hastings, Nebr. ..........................................................................
Atchison ....................................................... .............................
Fremont ......................................................................................
McAlester ..................................................................................
Guthrie ......................................................................................
Parsons ......................................................................................
Lawrence ....................................................................................
Lawton, Okla. ............................................................................
Miami ..........................................................................................
Grand Junction ............ ..............................................................
Emporia ......................................................................................
27,509,131
17,226,829
13,987,089
10,815,107
11,772,843
6,649 ,9 18
5,436,917
5,374,333
4,885,696
4,550,946
4,836,000
4,813,157
2,9 07,68 6
2,615,700
3,001 ,5 62
2,484,557
2,478,185
1,750,000
2,051,524
1,679,019
1,629,226
1,009,971
1,493,810
1,4:49,90 7
910,000
625 ,925
1,172,512
650,9.77 ··
-
7.1
-14.8
-48.1
-18.2
-18.9
-46.7
- 9.6
-14.6
-13.2
-39.1
-179.9
-26.7
-15.5
-28.4
-48.4
-45.7
-40.5
-14.3
-34.7
-17.9
-13.8
-47.7
-44.7
-24.1
-18.1
-33.8
-65.4
+ 6.5
-29.5
Year
1921
$ 7,537,360,590
1,919,670,917
t::ll::tl:8~~
556,080,628
524,602,629
365,342,425
211,917,110
174,144,9 75
161,645,393
144,921,030
118,450,989
80,244,469
70,508,885
............... .
58,899,257
53,860,258
50,096,140
41,480,799
45,353,971
40,306,435
31,544,510
28,979,842
28,717,079
27,847,632
24,870,857
23,352,130
18,350,239
. 17,291,211
16,903,104
15,039,131
11,796,542
11,084,789
6,180,234
Total, 1921 ................................................................................ $1,161,120,746
-23.
$15,118,782,440
Total, 1920 ................................................................................ 1,502,530,738
21,716,268,278
_Percentage of decrease for year computed on 29 cities reporting for both 1921 and 1920.
Inc.-Dec.
-35.1
-36.5
-24.5
+14.5
-22.7
-36.7
-45.4
-10.4
-39.2
-32.9
-16.7
-27.1
-22.4
-42.2
-13.7
-20.3
-37.4
-33.2
-10.7
-34.6
-39.2
-37.4
-3 2.1
-41.5
-27.4
-22.1
-23.4
-15.2
-38.6
-31.2
3
THE MONTHLY REVIEW
Acceptances-Bankers' acceptances based on
foreign trade transactions experienced periods of
dullness and at times were neglected because of
pressure of other demands during the year. This
was indicated by purchases of bills in open market
by the Federal Reserve Bank. On the first W ednesday of January, 1921, bills purchased totaled $2,150,537. The volume steadily declined until in
July and August when the total for several weeks
was around $25,000. An increase was noted after
harvest and on January 4, 1922, the total holdings
-1 of these bills by the Federal Reserve Bank was
I $1,096,260.
~ Collections-While wholesale dry goods houses
½ report collections in December as showing a great
improvement over October and November, the
wholesalers in some other lines, notably groceries,
reported collections slow and that wholesalers
., were carrying a greater percentage of their preceding month's business on their books than they
had been forced to carry for some time. In some
of the agricultural communities as well as in industrial centers collections were reported poor to fair.
The department stores collections statement, how~ ever, shows an average of percentage of collections
in December on amount of outstanding accounts
at the first of the month to have been 47.8 %,
which compares with 45.1 % in November and
49.6 % in December, 1920, for the stores reporting.
*
CONDITION OF SELECTED MEMBER BANKS IN
TENTH FEDERAL RESERVE DISTRICT
Jan.4,1922
Jan.7,1921
80 Banks
82 Banks
1. Loans and Discounts (exclusive of rediscounts) :
(a) Secured by U. S.
Govt. obligations .... $ 14,985,000 $ 20,660,000
(b) Secured by stocks
and bonds other than
U. S. Bonds............. .
65,642,000
77,079,000
( c) All other ................. . 341,363,000
367,740,000
2. Investments:
(a) United States Bonds
32,746,000
36,563,000
(b) United States Victory Notes ............. .
3,685,00 0
4,869,000
(c) U. S. Treas. Notes ... .
520,000
-----·-------(d) U.S. Cert. of Indebt.
5,194,000
5,257,000
( e) Other Bonds, Stocks
48,999,000
and Securities ......... .
56,090,000
3. Total loans and discounts,
568,258,000
and investments ............. . 513,134,000
39,120,000
49,931,000
4. Reserve bal. with F.R. Bk.
16,954,000
5. Cash in vault ................... .
12,598,000
6. Net demand deposit on
which reserve is computed ............................. . 369,814,000
398,574,000
98,388,000
7. Time Deposits ............... . 105,319,000
1,847,000
5,790,000
8. Government Deposits ... .
9. Bills payable w'ith Federal Reserve Bank secured by:
(a) U. S. Govt. obliga8,687,000
tions ....................... .
(b) All other ................. .
None
10. Bills rediscounted with
Federal Reserve Bank
secured by:
(a) U. S. Govt. obligations ....................... .
(b) All other ................. .
Total (Items 3 to 10 inclusive) ........................ $1,084,
Failure~Commercial failures in the United
States in 1921 numbered 19,652, which was 1.02 %
of 1,927,304 concerns doing busineas. This was
the largest number of failures for a single year
since 1915 when there were reported 22,156 insolvencies, or 1.32 % of the total business concerns.
The aggregate of liabilities involved by the failures was $627,401,883, the largest on record, as
against $295,121,805 of liabilities in 1920. For
the entire country there was an increase of 121.3 %
in number of failures and 112.6 % in liabilities in
1921 over 1920. · Of the 19,652 failures for the
last year 4,495 were classed as manufacturing,
13,999 as the trading group and 1,158 as agents,
brokers, etc.
The record for the Tenth Federal Reserve District in 1921 was 883 failures and $27,347,624 of
liabilities. Compared with the 1920 record of 375
failures and $10,190,370 liabilities, there is indicated an increase for 1921 in this District of
135.5 % in the number of failures and an increase
of 168.4 % in the amount of liabilities.
December recorded 100 failures in this District
which was the same number as in November, making these two months the highest of the year in
insolvencies. Compared with December, 1920,
the last month's record shows an increase of 14
failures, but the liabilities amounting to $2,152,128
were 54.7% less than in December, 1920. Dun's
report of failures in December by Federal Reserve
Districts shows the Kansas City District tied with
the Minneapolis District for the smallest number
of failures, but in the amount of liabilities the
Kansas City District occupies the low place. Dun's
statement of failures in December by Federal
Reserve Districts follows:
'
F. R. Districts
First ..................
Second ·-············
Third ................
Fourth ..............
Fifth ................
Sixth ... .............
Seventh ............
Eighth ..............
Ninth ................
TENTH ............
Eleventh ..........
Twelfth ............
Number
1921 1920
190
155
551
338
124
76
180
75
212
97
190
130
302
163
142
104
100
44
100
86
197
124
156
133
Total, Dec ......... 2,444
1,525
Liabilities
1921
1920
$ 6,671,119 $ 6,682,883
36,979,329
21,538,236
4,176,377
4,317,296
4,050,490
2,210,441
5,679,487
1,872,700
6,066,401
3,125,666
7,820,313
6,868,677
3,873,516
3,030,670
2,158,515
1,160,260
2,152,128
4,748,668
4,307,254
2,141,462
3,567,453
2,184,602
$87,502,382
$58,871,639
Bank Failures in the United States in 1921 numbered 383 against 119 in 1920, and liabilities were
$167,849,555 against $50,708,300, an increase for
1921 of 221.8 % in number of failures and 231 %
in the amount of liabilities.
The total bank failures in the seven states of
Missouri, Kansas, Nebraska, Oklahoma, Colorado,
Wyoming and New Mexico (not considering Federal Reserve District lines), was 87 in 1921 against
17 in 1920. The aggregate of liabilities for 1921
was $21,896,088 against $4,824,000 in 1920.
There is indicated an increase of 411.8 % in the
number of failures and 353.9 % in the amount of
liabilities. It should be understood, however, that
ery few of these should be classed as failures,
ince a considerable number of these banks were
reorganized and are now doing business, while
some have been consolidated with other banks.
THE MONTHLY REVIEW
4
MERCANTILE
The annual sales reports of wholesalers in this
District for 1921 reflect decreases in the money
volume of sales, although in some lines the quantity of merchandise delivered was larger than in
1920. Four wholesale dry goods houses reporting
indicated that their annual sales combined were
36.6 % below the sales of 1920. Eleven wholesale
grocery houses showed a decrease of 22.4 % in
the money volume of sales. Five furniture houses
placed the decrease in their combined sales at
25.2 %, while eight hardware stores reported the
decrease for the year at 31.8 %•
The December reports of wholesalers all show
decreases in volume from the total of their November sales except in the case of millinery stores
which reported a very large increase for the month
as compared with November. Sales for December
when compared with December, 1920, show slight
increases in dry goods and hardware, a large increase in furniture and decreases :in groceries,
millinery and drugs. Comparative figures on the
percent of increase and decrease of sales in December as compared with sales in November and
one year ago are shown in the following:
Pct. inc. or dee.
Sales in Dec. 1921
as compared with
Sales in Nov. 1921
Based on $ Values
Groceries (11 stores)..
Dry Goods ( 4 stores)..
Furniture (5 stores)....
Millinery (2 stores)......
Hardware (6 stores)....
Drugs (2 stores)..........
-16.2%
-40. 7
- ,1.8
+67.3
-16.8
- 6.3
Pct. inc. or dee.
Sales in Dec. 1921
as compared with
Sales in Dec. 1920
Based on $ Values
-10.8%
+ 2.8
+54.3
-49.8
+ 3.5
- 7.9
The percentage of decrease in sales of dry goods
is based on goods sold and charged to customers.
Wholesale dry goods houses report that at the
end of December, 1920, they had done practically
no business for future delivery but at the end of
December, 1921, advance orders for spring shipments were about 7 5 % of normal.
.
Stocks of groceries in the hands of wholesale
dealers are less than they were one year ago, while
stocks in the hands of retailers are also low.
Deliveries from manufacturers to wholesalers,
however, are prompt and in sufficient quantities
to take care of all business.
Wholesalers report no important change in the
hardware trade since the previous reports, though
prospects for larger construction for this year
off er encouragement to the trade.
Retail-The reports of 14 department stores in
the larger cities and 16 retail stores in the smaller
cities throughout the District indicate that December sales were not up to the sales of December,
1920. The average for the department stores is
a decrease of 4.3 % and for the 16 retail stores a
decrease of 4. 7 %. These sales of course represent
the money value of goods sold. Taking into consideration the decrease in price of merchandise it
is evident from these reports that a larger quantity of merchandise passed out over the counters
in December than in the corresponding month of
1920.
It is noted that in quite a number of the cities
and towns the holiday trade was materially benefited by the release of Christmas savings money
which had accumulated in banks. In recent years
there has been a gradual increase in the number
of persons saving money and depositing it in banks
to Christmas savings accounts.
LABOR
Slowing down of outdoor work at the winter
season in cities together with the seasonal release
of farm labor, the completion of beet sugar manufacture, the customary reductions in railroad
shops, coupled with the packing house strike and
coal mining controversies, combined to increase
unemployment at the end of 1921. Building held
unusually strong for the winter season and in some
of the metal mines there was reported considerably more activity than for several weeks past.
But on the whole the industrial situation is not as
good as it was thirty and sixty days ago. Concerted effort has been ·made in some communities
to relieve the unemployment situation, and extensive programs looking to that end have been formulated and something accomplished. There is
little substantial improvement to be expected before March or April. The packing house strike
inaugurated at all packing centers in the first week
of December is still unsettled. While packers have
been operating their plants it is reported that a
very considerable number of former employees
are out.
CONDITION OF RETAIL TRADE DURING DECEMBER, 1921, TENTH FEDERAL RESERVE DISTRICT
Baaed upon reports from 14 Department Stores
Kansas City
Denver
Other Cities
District
*(3)
*(3)
*(8)
*(14)
Percentage increase (or decrease) of net sales during December, 1921,
over net sales during same month last year ...................................... Dec. 3.9
Inc. .0.7
Dec. 6.5
Dec. 4.3
Percentage increase (or decrease) of net sales from July 1, 1921, to
December 31, 1921, over net sales during same period last year ...... Dec. 8.
Dec. 0.1
Dec. 9.9
Dec. 7.6
Percentage increase (or decrease) of stocks at close of December, 1921,
over stocks at close of same month last year ...................................... Inc.
1.
Inc.
8.6
Dec. 11.3
Dec. 1.8
Percentage increase (or decrease) of stocks at close of December, 1921,
over stocks at close of November, 1921.. ............................................ Inc. 24.1
Dec. 19.1
Dec. 15.4
Dec. 20.3
Percentage of average stocks, selling price, at close of each month this
season (commencing with July 1) to average monthly net sales,
selling price, during same period..........................................................
436.2
552.8
393.3
443.7
Percentage of outstanding orders (cost) at close of December, 1921, to
total purchases (cost) during calendar year 1920............................
1.
2.1
5.0
2.2
Percentage of collections during month of December, 1921, on amount
of outstanding accounts on November 30, 1921.. ................... ;..........
51.
42.
46.4
47.8
Percentage of collections for the same period in 1920..............................
52.9
44.8
48.4
49.6
*Number of stores reporting.
·
THE MONTHLY REVIEW
GRAIN MOVEMENT
December brought further slowing <lown of
receipts of wheat at the markets in this District.
A total of 10,101,850 bushels was marketed at
Kansas City, Omaha, St. Joseph and Wichita,
which was 57,200 bushels less than the marketings in December, 1920. The receipts of wheat
for the calendar year at these markets, however,
aggregated 181,434,850 bushels, an increase of
63,432,760 bushels over the receipts for the calendar year 1920.
Receipts of corn in December at the four markets were 6,437,550 bushels, compared with 2,513,150 bushels in December of the previous year,
an increase of 3,924,400 bushels for the month.
Receipts of corn for the calendar year were 47,571,400 bushels, or 9,435,150 bushels more. than
in the calendar year 1920.
Receipts of oats in December were 64,200 bushels more than in December, 1920, but for the calendar year there is indicated a decrrnse of 5,850,700 bushels. Decreases of 46,400 bushels of rye
for December and 846,200 bushels for the calendar year are reported. Receipts of barley and
kafir also showed decreases for the month and
year.
The heavy marketing of .wheat grown in this
District since the 1921 harvest has materially reduced reserve stocks on farms, until they are much
lower than the large reserves carried at this time
last year. Though official figures are lacking it
is estimated that less than 20 % of the 1921 crop
of wheat was held on farms in the wheat states
of this District at the beginning of the year. There
is reported a very large surplus of corn on farms
in this Dist rict. On account of the low price many
farmers are· withholding their corn from the market, preferring to feed it to live stock or wait for
better prices.
Marked declines in prices of wheat, corn and
oats, and other farm products, featured the year
1921. Kansas City cash grain prices indicate the
year's decline. On January 7, 1921, cash sales of
No. 2 hard winter wheat averaged $1.74¾, while
on January 7, 1922, cash sales were made at from
$1.06 up to $1.19. The low point was reached
in November :hen No. 2 hard wheat sold at an
average of 98 1/4 c. Cash sales of corn started the
5
year at 62c for No. 2 mixed and was down to 43 ½c
on January 7, 1922. No. 2 white oats, selling at
48c January 7, 1921, was down to 33c at the
beginning of 1922.
Stocks of grain, bushels, at terminals are indicated by the following statements of January 7,
1922, compared with January 8, 1920:
Wheat
Kansas City .... 10,263,000
Omaha ............ 2,279,000
St. Joseph ........ 847,000
Corn
2,005,000
889,000
383,000
Oats
2,879,000
2,778,000
239,000
Rye
65,000
484,000
2,000
Jan. 7, 1922 ...... 13,389,000
Jan. 8, 1921.. .... 3,104,00Q
3,277,000
1,016,000
5,896,000
2,604,000
551,000
39,000
MILLING
Flour production in 1921 at Kansas City,
Omaha and 84 interior mills in Missouri, Kansas,
Oklahoma and Nebraska, reporting to the Northwestern Miller, reached a total of 20,481,412 barrels, and an average of 65.2 % of operating capacity. These figures compare with 17,520,585
barrels produced in 1920, which was 59.1 % of the
milling capacity for that year. The increase of
2,960,827 barrels is equal to 14.1 % , and makes
1921 the high record year in flour manufacturinoin t~e Southwest territory. December milling op~
erat10ns were 130,934 barrels below production in
November, but the total was 281,097 barrels more
than the production in December, 1920. The record of flour manufacturing in December and for
the full year, for both 1921 and 1920, follows:
December
1921
1920
Kansas City.... 322,900 259,167
Omaha ............ 52,523
. 49,548
*Interior Mills 1,164,679
950,290
Year .
1921
1920
4,137,933 3,354,567
822,832
615,127
15,520,647 13,550,891
Total Barrels .. 1,540,102 1,259,005
20,481,412 17,520,585
*Interior Mills reporting 84 in 1921 and 87 in 1920.
It is estimated that the mills reporting represent
close to 70 % of the entire milling in the states of
this District, and that the production figures as
given reflect the percentage of activity for all
mills.
The turn of the year brought uniformly better
inquiry for flour throughout this territory and a
substantial increase in sales was reported. In some
instances mills reported orders up to and beyond
RECEIPTS OF GRAIN AT FOUR MARKETS IN THE TENTH FEDERAL RESERVE DISTRICT
DECEMBER, 1921
Corn
Rye
Wheat
Oats
Barley
Kafir
1,9'76,250
328 ,100
33,000
Kansas City .......................... : .............. . 6,543,450
78,000
349,800
726,000
3,439,800
Omaha ................................................. . 1,150,800
173,600
56,000
711,200
991,500
38,000
St. Joseph ........... ................................ .
3,500
7,500
30,000
7,500
Wichita ............................................... . 1,696,400
Total 1921 ----- ------------·-----------------------·-- 10,101,850
Total 1920 -------------------------------------------- 10,159,050
Wheat
Kansas City ............................... ........... 110,204,550
Omaha ---------------·---------------·-----------------· 30,504,600
St. Joseph ----·----·-·-------------------------------- 13,676,600
Wichita ---------------·--------·-- ---------------------- 27,049,400
6,437,550
2.513,1 50
YEAR, 1921
Corn
15,495,000
22,912,400
8,562,000
602,000
Total 1921 ············································181,434,850
Total 1920 ..................... .......................118,002,090
47,571 ,400
38,136,250
1,099,600
1,035,400
206,600
253,000
137,500
316,900
357,300
665,500
Oats
7,117,900
9,134,000
1,094,000
104,500
Rye
442,200
1,582,400
21,000
9,400
Barley
1,657,500
1,215,800
330,750
5,500
Kafir
4,712,400
17,450,400
23,301,100
2,055,000
2,901,200
3,209,550
3,710,300
4,912,500
6,580,300
103,500
96,600
THE MONTHLY REVIEW
6
Market Movements-Receipts of 4,810,915 cattle at the six markets of this District during 1921
was the lowest record in five years. ".rhe decrease
from last year's receipts was 537,910 head. ReJan. 7, 1922
Jan.8, 1921
Hard Winter Short Patent .... $6.40@$6.65
$9.40@$9.60
ceipts of calves totaling 727,819 for the year were
Straight Grade ...................... 5. 70@ 5.90
8.40@ 8.60
72,396 more than in the previous year. The mar8.80@ 8.95
95 Percent ....... ....................... 5.85@ 6.10
keting of hogs at the six centers totaled 7,728,794,
First Clears .................... ........ 3.75@ 4.50
6.75@ 7.25
a decrease of 424,425. There was a loss of ,fil,Second Clears ........................ 2. 75@ 3.50
6.00@ 6.50
Low Grade ............................ 2.25@ 2. 75
5.00@ 6.00
833 shee.p as compared with the total marketings
Shipments of flour from Kansas City in Decem- in 1920, the official figures on receipts of sheep
ber were 380,575 barrels against 208,650 barrels for 1921 being 6,981,640. The marketing of horses
shipped in December, 1920. For tl1e year, ship- and mules aggregating 71,160 head was 42.2 %
ments from Kansas City were 4,393,000 barrels below the total for 1920.
December receipts compared with the coneagainst 2,930,200 barrels shipped in 1920. Re- ceipts of flour at Kansas City for December were sponding month in 1920 showed a loss of .8 %
68,250 barrels and for the year 869,375 barrels, on cattle, a gain of 48.4 % on calves, a gain of
compared with 39,000 barrels for December, 1920, 5.4 % on hogs, a gain of 9 % on sheep, a gain of
247 % on horses and mules.
and 674,700 barrels for that year.
Prices-Cattle declined heavily during the year
1921 and at the last week in December practically
LIVE STOCK
The condition and health of live stock in the all grades reached the lowest price levels in ten
states of this District, according to the year-end years. Choice to prime beef steers which sold at
reports, is generally good, due to the mild weather. $11.50 @ 12.50 the first week of the year sold at
Some hog cholera is reported, but the diseai:ie is $7.85 @ 9.15 on December 30. Butcher cattle said to be well under control. The number of began the year at $4.40 @ 9.65 and sold at $3.50
cattle and sheep on feed in the Mvuntain States @ 7.85 at the end of December. Feeder steers
and on the Great Plains is less than last year. on December 30 sold at $4.25 @ 6.65, as against
Ranges and pastures are fair, although the lack $6.50 @ 9.50 on January 4, 1921. Hogs started
of moisture is apparent. The general summary the year at $9 @ 9.25, bulk of sales, and after a
at the end of the year for the states of this District series of advances and declines reached $9.90 @
10.60 on August 1. After showing indications of
follows:
Colorado: Generally reported as continuing in strength hogs turned steadily downward and on
good condition. Not a large number of cattle on December 30 sales were made at $6.80 @ 7.30.· ··
feed; 900,000 sheep and lambs on feed as com- Lambs on January 4, 1921, sold at $8.25 @ 10.60, ..
pared with about 1,450,000 last year; these hav- and were up to $9. 75 @ 12.00 on June 7. By
September 6 lambs were down to $6.50 @ 8.00.
ing been put into feed lots within past month.
After that gains were recorded and on December
Kansas: Cattle and other livestock reported 30 sales were $9. 75 @ 11.15.
doing especially well. No diseases reported among
PACKING
horses and cattle. Some hog cholera still reported. MEAT
Operations by the packers at Kansas City, OmaMissouri: Livestock are healthy except occa- ha, St. Joseph, Denver, Oklahoma City and Wichsional cases of hog cholera and losses from stock ita in the month of December were slightly below
eating mouldy corn or damaged sorghum. Out- the operations for November. The slump in meat
breaks of cholera followed hogs being turned into packing activities in December, however, was not
fields in early fall, but mostly cleared up now.
so marked as was the seasonal decrease in DeNebraska: Considerable home butchering o-f cember, 1920, except in sheep slaughter, the supswine and selling direct to consumers. Corn stalk ply of good killing sheep and lambs this year being
disease causing some loss of cattle.
considerably below that of December, 1920.
New Mexico: Some increase in demand for
The year's record of animals slaughtered at the
cattle at better prices.
six packing centers was 2,372,879 cattle, 394,450
Oklahoma: Livestock on light feed·. Condi- calves, 6,182,127 hogs and 3,842,114 sheep. Comtions favorable and livestock looking well. Little paring these figures with the record of 1920, there
disease reported except some cholera among were decreases of 250,911 cattle, 29,587 calves,
swine.
187,796 hogs and an increase of 552 1 324 sheep.
their capacity. Flour prices at Kansas City, basis
cotton 98's, on January 7, 1922, are compared with
prices on January 8, 1921, as follows:
RECEIPTS OF LIVE STOCK AT MARKETS IN TENTH
DISTRICT IN 1921
Horses &
Cattle
Calves
Hogs
Sheep
Mules
Kansas City.. 2,050, 727 218,715 2,204,556 1,780,296 30,453
Omaha ........ 1,340,492
94,084 2,665,276 2,752.962
6,779
St. Joseph .... 482,105
75,9,35 1,785,239
930,911 11,580
Denver ........ 436,490
45,012
334,094 1,467,911
9 639
Okla. City .... 270,136
44,977
370,701
17,829
1;824
Wichita ---·-- 230,965
49,096
368,928
31,731 10,885
Kansas City........
Omaha -----------·-St. Joseph ..........
Denver -------------Oklahoma City ..
Wichita ..............
Total, 1921..4,810.915
Total, 1920 .. 5,348,825
Total, 1921 .. ...... 2,372,879
Total, 1920 ........ 2,623,790
----
727,819
655,423
7,728,794
8,153,219
6,981,640 71,160
7,453,473 168,473
PACKERS' PURCHASES IN CITIES OF THE . TENTH
DISTRICT IN 1921
Cattle
972,828
757,312
303,749
103,698
171,715
63,577
Calves ·
Hogs
226,885 1,712,843
34,449 1,970,278
65,134 1,516,877
18,286
310,696
32,621
327,886
17,095
343,547
Sheep
1,307,428
1,605,325
730,450
180,430
12,634
5,847
394 ,450
424,037
3,842,114
3,289,790
6,182,127
6,369,923
THE MONTHLY REVIEW
Meat production in 1921 was about normal with
prices in many cases lower than before the war.
Demand for meats and animal products was in
good volume and sales in terms of weights closeiy
approximated those of 1920 but at greatly decreased money value. A feature of the meat trade
was the marked improvement in export trade in
1921, the volume being larger than in 1920 or
1913.
AGRICULTURE
General crop conditions in the Tenth Federal
Reserve District at the start of 1922 are covered
in reports to the Bureau of Markets and Crop
Estimates, United States Department of Agriculture, from its field agriculture statisticians in the
different states:
Colorado : Rains or snow in most parts of the
State benefited soil moisture supply. Some plowing possible during last half of month.
Kansas : Weather favorable for corn husking
and outdoor work, but great need of moisture. A
large part of the wheat crop in western part of
~ate not yet sprouted. Amount of damage in~efinite.
a.. Missour i:
Weather fine for outdoor work.
cj Nebraska: Conditions favorable for farm work.
):,oil dry, wheat needing rain. Corn and alfalfa
j)rices slightly increased, also prices vf lambs.
,;:_ New ~exico: Conditions unfavorable for fall
~own grams and pastures. Favorable for fall plowong in irrigated sections.
~ Oklahoma:
Plowing except with disk-plows
!i:etarded by drouth. Streams very low and wells
cofailing.
·
~
inter Wheat Acreage and Condition-The
~ area sown to winter wheat in the fall of 1921 for
-~this year's harvest in the District was 21,328,000
~ acres, a decrease ?f 288,000 acres, or 1.3 %, from
j the acreage sown m the fall of 1920 for last year's
~ harvest. Kansas and Nebraska reported increased
LI.J acreage sown, while a decrease in the winter wheat
~ area was reported in each of the other four states.
..._ The acreage for each state is here shown with the
percent of condition of growing wheat as of December 1, for this year and last year and the 10year average on th at date:
Acres Sown
1921
Colorado ........................................ 1,466,000
Kansas ............................................ 11,569,000
Missouri (19 Counties)..................
689,000
ebraska ........................................ 3,95 4, 000
*New Mexico ( 10 Counties) ..........
60,000
Oklah~ma ...................................... 3,550,000
Wyommg ........................................
40,000
1920
1,496,000
11,454,000
739,000
3,838,000
100,000
3,944,000
45,000
Tenth District ................................ 21,328 ,000
21 616 000
United States ............................... .44,293,000
44:847:ooo
Percent Condition
December 1
10 Yr.
1921
1920
Average
Colorado ...................................... 76 %
87 %
91 %
Kansas .......................................... 60
88
87
Missouri (19 Counties) ................ 87
90
89
Nebraska ...................................... 80
90
90
90
91
'~New Mexico (10 Counties) ...... 50
Oklahoma .................................... 54
86
85
Wyoming ...................................... 71
85
93
Tenth District .............................. 64. 7
United States .............................. 76 %
88
87.9%
87.3
89%
*Ten counties estimated on 1·atio to entire state as
established by 1920 census.
7
From the foregoing reports it will be seen that
the December conditions of winter wheat in this
District is nearly 12 points below December, 1920,
and 13 points below the December average for
ten years. The low condition in the great wheat
growing regions of Kansas and Nebraska is due
to continued drought since September. Kansas
experienced the dryest November and December
of any calendar year, and only 23 % as much moisture as in November and December of the previous
winter, and the amount of damage to winter wheat
is indefinite. A large abandonment in both Kansas and Nebraska is indicated. In Oklahoma at
the end of the year it was reported that probably
not more than one-half of the wheat sown is up.
Early seedings were in fair condition .but later
seedings poor. There were some reports of green
bug, wire worms and chin ch bug. In New Mexico
dry weather prevented feeding during December
and retarded germination. Some benefits from
recent rains and snows were reported from Colorado and Wyoming but in these states there is
still a deficiency of moisture such as would insure
good growing conditions in the spring, although
~here is timE: f?r this to be supplied through snows
m the remammg months of the winter.
COAL MINING
Production of soft coal in the United States in
1921 was approximately 406,990,000 tons. This
was 149,526,000 tons less than the production in
1920 and 58,870,000 tons below the production in
1919, which was the year of the great railroad
strike. The record of 1921 is regarded as a setback to the coal mining industry. 1t is recalled
that bituminous production in the United States
was nearly doubled in the ten years from 1891 to
1901 and it was almost doubled again between
1901 and 1911. It was not to be expected that this
phenominal rate of increase could continue during
the deca~e. from 1911 to 1921, but nobody apparently anticipated such a tremendous slump in production. as is reported for the l~st twelve months .
Accordmg to the figures of the United States Geological Survey there was an average of 1,32 6,000
tons of coal produced for each working day in
1921, which was 479,000 tons per d a y below the
average daily production in 1920, indicating a
decline of 26.5 %.
In the coal producing states of the Tenth Federal Reserve District the production for 1921 was
approximately 29,546,000 tons, compared with
37,856,000 tons in 1920. These figures indicate a
loss in production for the year of 8,310,000 tons
or 21.9 %. According to the official reports of
the United States Geological Survey for eleven
months of 1920, and estimated production for December added, the total tons of coal produced in
these states in 1921 was as follows:
i!!if
:.L(:'.'.'.(t'.'.'.:i:\'.'.'.:;:::iY'.i:'.\'.\I\:; 1:!!!:l!!
:f~t:~: i~~~ ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~~:~i::~ii
8
THE MONTHLY REVIEW
The year end reports of mining activity of the
states of this District indicate a further slowing
down of operations, partly due to the holiday season but generally resulting from lack of demand
for coal and the miners strike in Kansas. The mining a cti ity in December in Colorado was 39.8 %
of capacity, in Kansas 32. 7 % , in Missouri 50.2 %,
and in Oklahoma 48.3 %. The loss of operation
on account of "no market" was the largest th at
has been recorded for this District. In Missouri
the loss of operating capacity by this cause was
43.6 % in December, in Oklahoma 46.9 % , in Colorado 50 % and in Wyoming and New Mexico about
the same. Kansas reported a small loss for the
month on account of "no market," though the
strike situation in that state was responsible for
cutting down pr oduction to about one-third of
capacity.
At the beginning of the new year the coal indus..
try showed little evid,ence of recovery from the
depression through which it has passed in recent
months. Steam plants are running on lower schedules and using less coal than in previous years.
Mild weather has also caused a slowing of demand
from the . domestic trade and retailers generally
are fairly well stocked.
The actual record of sales only credits the past
year with a few tons of calamine as scompared
with 9,786 tons in 1920. This decrease was due
almost entirely to the lack of any operations of
moment in the old Granby and Aurora Camps in
the district.
Production from the various states in the Joplin
field showed that Oklahoma was by far the heaviest producer of lead and zinc ore, supplying approximately 80 % of the output, wi\;h Kansas and
Missouri supplying the remaining 20 % , Kansas
producing the greater portion of that tonnage.
The outstanding feature of the year's activities
in the zinc indusry was the restriction of output
beginning with February and extending up to and
including September, outside of one little spurt
for the month of April. There were periods when
not over 30 to 40 mines were operating out of the
potential number exceeding 200. This small number of mines, however, was confined in large part
to bonanza properties, or properties much above
the average in recoveries in both zinc and lead.
So far as possible operators closed down mines
which could not be operated profitably. In some
cases this was impossible, due to lease terms, but
the co-operation between land owners and operators was closer during this period of depression
ZINC AND LEAD MINING
was anticipated at its inception. However,
The record of the zinc and lead mining industry than
many good mines were largely mined out during
in Missouri, Kansas and Oklahoma reflects a the
year, either with no profit or with a minimum
marked decline in production in 1921 as compared of profit,
with that of 1920, which was the banner year for district. to the detriment of the industry and the
high production and also of high prices. Figures
On the other hand there were attempts, espeon the year's production, the average price and
total value, and also the unsold surplus at the <-!nd cially during the latter part of the year, to open
of each month are contained in the tables which up lead producing properties all over the district,
which apparently bore some results judging from
follow:
increased shipments during the last quarter of this
ZINC BLENDE
Average
Unsold
particular class of ore. There was a continual
Price
Value
Surplus pressure to secure reduction in freight rates on all
Production
Per Ton
of Ores
Tons
Tons
mine products, resulting in a reduction of rates
January ..........30,096
$ 816,968
50,000
$27.14
on coal and ore approximating 10 ½ %.
22.78
534,783
55,000
February ........ 23,476
21.92
485,265
60,000
March .............. 22,138
Another feature which was introduced into the
600,446
23.05
70,000
April ................ 26,054
district for the first time was the speculative turn
620,543
71,000
24.00
May .................. 21,688
in zinc prices and lead prices brought about by
373,616
June ................ 17,516
21.33
71,000
the abnormally low level to which both ores
499,262
20.92
75,000
July .................. 23,851
20.81
76,000
415,680
August ............ 19,975
dropped. This speculation was entered into by
410 ,861
80,000
20.57
September ...... 19,976
outsiders as well as business men and speculators
23.92
803,809
81,000
October ............ 33,598
inside the field, and it is estimated that at one time
788,819
25.25
78,000
November ........31,636
40,000 to 50,000 tons of ore were in the hands of
1,351,166
70,000
27.00
December ........ 50,031
speculators who had purchased ore at $18 to $22
$7,611,208
$23. 78
Year 1921 .... 320 ,035
per ton practically all of which was sold before
25,413,826
46.07
Year 1920 .... 551,647
the
end of the year at an advance of $2.50 to
LEAD ORES
$7.50 per ton. Speculators in lead ore did not
Average
Un~old
Price
Value
Surplus have such large tonnage, but they bought ores
Production
of Ores
Tons
Tons
Per Ton
as low as $35.00 and sold from $15.00 to $20.00
$ 235 ,099
600
January .......... 4,776
$49.22
advance.
218,951
600
41.35
February ........ 5,295
A large number of the leases in the Oklah oma
174,440
38.97
650
March .............. 4,476
district expire during 1922. Many of these leases
46.20
277,128
900
April ................ 5,998
329,064
1,000
57.26
have been pyramided so that as high as 25 % was
May .................. 5,746
275,270
43.43
1,000
June ................ 6,337
paid by the actual operating companies in the
260 ,815
1,100
43.44
July .................. 6,003
form
of royalty upon gross production. These
1,100
192,250
60.00
August ............ 3,845
heavy
royalties have been a serious load for the
266,405
1,700
56.62
September ...... 4,705
industry to bear during the past two years, and
403,470
1,800
58.54
October ............ 6,892
252,402
1,700
63.49
November ........ 4,718
there has been a concerted effort on the part of
557,526
600
56.33
December ........ 9,897
operators to get the Interior Department, which
handles
the leases upon Indian lands, to grant
$3,443,820
$51.59
Year 1921 ...... 68,688
more lenient terms to the operating companies and
8,688,446
91.79
Year 1920 ...... 93,562
THE MONTHLY REVIEW
cut out the intermediate lessees between the land
owners and the operators in the new leases which
will be made in 1922. Operat ors have steadfastly
contented that they should not pay over 15 % royalty on any kind of a market and that not more
than 7 ½ % royalty should ever be paid on a minimum market price for their product.
The end of the year sees a gradual resumption
of operations by many mines long closed down.
Labor is being gradually re-employed and while
the wage scale has been materially reduced it is
believed that no such unemployment condition will
exist during the first half of 1922 as existed during
the first half of 1921.
It seems appar.e nt that the industry has been
fairly well liquidated, both in cost of materials
and labor, its most serious difficultY' being noted
in the heavy surplus stocks which exist in the local
field and the extremely threatening world surplus
stocks existing in Australia and totaling 700,000
tons of zinc concentrates.
PETROLEUM
9
of 1921, the full year figures not being available
at this time, were·:
KansasWyomingFour
Oklahoma
Colorado
States
Gasoline (gal.) -- -----· 796,072,534 315,564,134 1,111,636,668
Kerosene (gal.) ______ __ 251,334,402
63,324,878
314,659,280
Gas & Fuel Oil (gal.) 1,003,101,109 246,475,049 1,249,576,158
Lubricants (gal.) ---· 52,420,374
11,906,534
64,326,908
26,452,568
56,500,655
Wax (lbs.) -·----·-·------- 30,048,087
Coke (tons) __________ ____
28,312
17,127
45,439
These figures reflect an increase in gasoline
production of 5.5 % over 1920. Production of kerosene declined 24.8 %, gas and fuel oil 3.6 % and
lubricating oils 27.5 %. Increases of _2.2 % in wax
and 15 % in coke are indicated.
Stocks of petroleum products on hand at refineries in this District at the end of October were:
gasoline 66,058,705 gallons, kerosene 18,829,870
gallons, gas and fuel oil 225,497,782 gallons, lubricants 19,893,621 gallons.
Development operations were confined chiefly
to drilling offset wells to make up for losses of
failing wells during the greater part of the year.
Improvement in crude oil prices in the latter part
of the year stimulated activity in practically all
fields. The record of developments for the year
and for December follows:
Four stat es in the Tenth Federa~ Reserve District-Kansas and Oklahoma of the Mid-Continent
field, Wyoming and Colorado of the Rocky Mountain field-supplied approximately 36.3 % of the
Year 1921 Compared with 1920
total crude oil produced in the United States in
1921. Of the output of refineries in the United
Barrels Daily
States in 1921 these four states produced 26 % of
Wells Completed
New Production
1921
1920
1921
1920
the gasoline, 19. 7 % of the kerosene, 15.6 % of the
95,799
185,845
gas and fuel oil, 8.9 % of the lubricants and 16.2 % Kansas ·--······--·········-··-1,395 3,163 589,298
774,050
Oklahoma ·····---············5,714
9,097
of the wax.
92,836
41,354
Wyoming ··-··----·······-··· 339
348
Daily average production of crude oil in the Three States ................ 7,448 12,608 777,933 1,001,249
states of this District in 1921 was 462,505 barrels
and gross production for the year was 168,814,890 December, 1921, Compared with November, 19·2 1
barrels. These totals are compared with 453,575
Barrels Daily
barrels daily average and 166,008,600 gross proWells Completed
New Production
duction in the calendar year 1920. There is indiDec.
Nov.
Dec.
Nov.
4,577
3,288
cated for 1921 an increase of 8,930 barrels daily Kansas ---·---··-····-········· 153
52
38,555
30,356
306
average and 2,806,290 barrels gross production. Oklahoma ·········-·········· 336
8,750
10,328
32
The foregoing figures are based on United States Wyoming ·················-·· 26
Geological Survey reports for eleven months to Three States ·-··········---· 515
51,882
43,972
390
which was added carefully estimated figures for
December production based on reports from the
More intensive work in oil developments in 1921
fields. Production of crude oil in barrels of 42 is indicated. In Kansas daily new production in
gallons in 1921, and also in 1920 for comparison, 1921 averaged 68.6 barrels per completed well,
are here shown:
against 58. 7 barrels in 1920. In Oklahoma the
1921
1920
average was 103.1 barrels against 85 barrels, and
Production Daily Av. Production Daily Av.
Kansas ........ 36,238,400
99,283
43,023,000 117,549 in Wyoming the average was 273.8 barrels per
Oklahoma .... 113,600,500 311,234
105,803,000 289,079 completed well against 118.8 barrels per comWyoming .... 18,866,800
51,690
17,073,000
46,648 pleted well in 1920. There was a decrease of dry
Colorado ....
109,190
298
109,600
299 wells among the 1921 completions, the total for
the district being 1,891 against 2,805 in the preFour States.. 168,814,890 462,505
166,008,600 453,575
vious year. Gas wells were 777 for the year
In spite of efforts to curtail production during against 931 in 1920.
more than one-half of the year, because of low
The year-end showed increased drilling activity
prices of crude oil, Oklahoma recorded an increase
for the year which more than offset a decline in in practically all fields. The number of rigs and
Kansas, while Wyoming reported a large increase wells drilling on December 31 was 310 in Kansas,
and Colorado production was practically the same 1,373 in Oklahoma and 683 in Wyoming. The
total for the three states was 2,366, which is 190
as in 1920.
more rigs and wells drilling than were reported
The output of refineries for the first ten months at the end of the previous month of November.
THE MONTHLY REVIEW
10
f
METAL MINING
Precious metal produdion in Colorado during
the year 1921 reached a total value of $20,433,045,
which indicates a loss equal to $9,400,454, or about
32 %, from the value of metal produced in that
state in 1920. The total production of the various
metals in 1921 is shown in the following:
.
Gold, 328,001 ounces at $20.67.. .......................... $
Silver, 5,400,000 ounces at $1..............................
Copper, 3,800,000 pounds at $.13........................
Lead, 20,800,000 pounds at 4.6 cents..................
Zinc, 2,400,000 pounds at 5 cents........................
Radium ores, 35 grams at $120,000 per gram....
Chemicals from Colorado ores..............................
Manganese silver ores, 750 tons............................
Glove Smelter, Arsenic, Thalium, Cadmium........
I
6,780,0UO
5,ij00,000
494,000
956,800
120,000
4,200,000
1,949,120
13,125
520,000
Total for 1921 ........................................................ $20,434,045
Total for 1920 ........................................................ $29,833,499
BUILDING
The record for the Tenth Federal Reserve District covering building activity for 1921 discloses
a total of 27,936 permits issued in 18 cities for the
erection of buildings to cost $73,983,903. This
compares with 19,457 permits issued in 1920 for
buildings of an estimated value of $67,786,068.
There is indicated in these figures an increase for
The decline in precious metal mining during the
past year was largely attributed to the low prices
of the baser metals and high cost of production.
It is noted that toward the end of the year there
was an improvement in the situation resulting from
slight increases of prices of these metals. An increased activity iR practically all of the districts
of the state was reported. Several fairly well
authenticated reports of new discoveries of high
grade ore have been received from various districts, which is encouraging to those who are endeavoring to promote new operations. The smelting situation is still far from satisfactory, but from
the late reports there seems to be good prospects
for more satisfactory arrangements being made
during the coming year.
1921 of 43.6 % in the number of buildings for
which permits were issued and an increase of
9.1 % in the estimated value of the buildings.
The following tabulation of returns from 19
cities of this District shows the number and value
of permits issued in December and for the entire
year 1921 with percent of increase or decrease as
compared with the corresponding month and
twelve months in 1920 :
DECEMBER
14
19 Cities
Est. Value
$ 926,900
3,633,276
713,200
379,341
324,504
552,300
64,600
74,250
68,450
605,230
71,595
34,640
46,945
66,785
60,605
44,445
10,600
150
31,050
TOTAL, 1921.. ...................................................... l,401
TOTAL, 1920........................................................ 780
$7,588,766
3,054,259
Cities
Kansas City, J,\10 •...........................................................
Omaha, Nebr ................................................................ .
Denver, Colo ................................................................ .
Oklahoma City, Okla ....................................................
Wichita, Kans ............................................................... .
Tulsa, Okla ................................................................... .
Casper, Wyo ................................................................. .
Kansas City, Kans ....................................................... .
~i~~~~e~e~:.~~:::::::::::::::::::::::::::::::::::::::::::::::::::::~::::::·
Topeka, Kans ............................................................... _
Pueblo, Colo ................................................................. .
St. Joseph, Mo ............................................................. .
Muskogee, Okla ............................................................ .
Cheyenne, Wyo ............................................................ .
Colorado Springs, Colo .............................................. .
Leavenworth, Kans .......................................................
·Joplin, Mo .................................................................... .
Hutchinson, Kans ..........................................................
No.
281
85
243
153163
83
27
41
23
48
48
33
59
23
18
48
8
3
YEAR
% Change
+ 34.5
+1,853.2
+
4.8
+ 72.9
+240.1
+ 90.2
+ 21.5
+ 92.1
-40.4
+3,999.
-47.1
+ 15.8
+163.9
+ 15.5
-84.7
+ 89.4
- ' 66.9
-97.1
+148.5
No.
4,791
1,956
5,596
2,780
3,031
1,846
978
930
446
732
944
1,149
1,054
396
208
870
102
127
27,936
19,457
18 Cities
Est. Value % Change
$15,964,275
+15.9
11,385,200
-.4
10,137,225
+34.3
7,791,737
+29.
7,432,687
+95.4
7,321,580
-24.2
2,070,540
+ 2.5
1,931,490
+50.9
1,662,825
-29.
1,715,942
-13.9
1,355,131
-18.3
1,165,656
+57.7
1,154,585
-45.2
1,146,475
+32.
600,476
-95.1
595,461
-27.7
348,700
+74.4
203,918
- 2.5
$73,983,903
67,786,068
+ 9.1
An analysis of the returns shows that the aver- in the last year. As an indication of prospective
age value of permits last year was $2,648, com- building activity for the coming twelve months, it
pared with $3,484 in 1920. It is estimated that a is observed that October was the high month of
part of this decrease in value per building was . 1921 both in number of permits issued and in
due to lower costs of construction during the past estimated value of buildings, while November and
year, but the returns show that the erection of December both showed an astonishingly high rechomes claimed a large percent of buildings erected ord of activity for winter · months.
THE MONTHLY REVIEW
11
STATEMENT OF CONDITION OF FEDERAL RESERVE BANK OF KANSAS CITY, INCLUDING BRANCHES
At Close of Business January 18, 1922
RESOURCES
Gold Coin and Certificates ............................ $
Gold Settlement Fund F. R. Board ............... .
Gold with Federal Reserve Agent ................. .
Gold Redemption Fund ................................. .
Legal Tender Notes, Silver, etc .................... .
Bills Discounted:
Secured by Govt. Obligations ............... .
All Other ............................................... .
Bills Bought in Open Market......................... .
U. S. Bonds and Notes ................................... .
One Year Cert.. of Indebtedness (Pittman
Act) ....................................................... .
All Other Cert. of Indebtedness ......... .......... .
Municipal Warrants ..................................... .
Bank Premises ............................................... .
5 % Redemption Fund Against F." R. Bank
Notes ....................................................... .
Uncollected Items ......................................... .
All Other Resources ....................................... .
2,530,644.80
41,679,631.51
27,774,795.00
2,905,881.86
6,955,213.90
14,338,703.07
45,698,777.07
364,110.83
8,867,850.00
5,320,000.00
44,500.00
4,567,486.75
915,590.00
37,267,441.91
254,505.72
Total Resources ...................................... $199 ,485,132.42
LIABILITIES
. Capital Paid in ................................................ $
Surplus ·······················································~····
Reserved for Government Franchise Tax ..... .
Deposits:
Government ........................................... .
Member Banks, Reserve Account......... .
All Other ............................................... .
F. R. Notes in Actual Circulation ................. .
F. R. Bank Notes in Actual Circulation ....... .
Def erred A vailibility Items ........................... .
All Other Liabilities....................................... .
4,574,600.00
9,645,731.81
61,653.03
2,931,766.68
69,511,589.17
638,301.23
65,182,530.00
10,016,400.00
36,103,533.53
819,026.97
Total Liabilities ...................................... $199,485,132.42
OTHER TOTALS
Total Gold Reserves ........................................ $ 74,890,953.17
Total Earning Assets...................................... 74,633,940.97
Total Deposits ................................................ 73,081,657.08
Ratio of Total Reserves to Deposit and Federal Reserve Notes Liabilities Combined
59.1 %
CLEARINGS
Total Clearings for Week. ............................. $160,792,808.98
Total Number of Items Handled....................
972,120
@FedFRASER