The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE MONTHLY REVIEW
Of Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
FEDERAL
RESERVE
BANK
OF
KANSAS
CI TY
M. L. M cC LURE, Chairman and Federal Reserve Agent
A. M. M cADAMS, Assistant Federal Reserve Agent and Secretary
Vol.
II
KANSAS CITY
Mo.,
DUSTRY and trade in the Tenth Federal Reserve District
entered June under relatively favorable conditions. The
volume was fully up to that reported at this time last year
and in all years since 1920. Winter wheat, with the harvest now
at its height, promised a yield around 257 million bushels,
14 million bushels less than forecast in May, but 107 million
bushels or 71 per cent more than the harvested crop of 1925.
The district is this year producing 47.5 per cent of the nation's
winter wheat, with large yields of corn, cotton and other crops
in prospect, and with hogs reaching the highest price since 1920
and cattle and sheep values firmer, the situation in the district
at this season is regarded as highly encouraging to these basic
industries and to all business.
Statistical reports for May disclosed a spotted condition
of business, due largely to seasonal influences and price irregularities. There was slackening in certain lines, but this was
offset by advances in other lines. Debits of checks drawn by
customers against their bank accounts, an indicator of business
activity, were at a higher daily rate for the twenty-three banking days in four weeks ending June 2 than in the preceding four
full weeks ending May 5, and also at a higher daily rate than
in the like period last year.
Wholesale trade improved slightly during May. Sales exceeded those in April, and in May of last year, in all reporting
lines except -drugs and millinery. The volume of business at
/ department stores, in dollars, was smaller than in April but
\ larger than in May of last year. The implement trade was
the largest for May in recent years. Sales of harvest machinery and threshers in sections where the wheat crop was
injured were disappointing, but good elsewhere. Sales of lumber
and materials increased d~ring the month and were 4.4 per cent
larger than a year ago.
Moderate supplies of live stock at tn.e markets enaoied packers
to increase the slaughter of cattle, calves and hogs, though
there was a decrease in the slaughter of sheep and lambs.
Arrivals of wheat at the markets, while showing an increase
over April, reflected the smallest carry-eyer of old wheat for
many years. The milling demand was unexpectedly heavy, and
flour production increased.
Reports on min'e ral production showed a small decrease in
the daily average output of crude oil and a decrease 1n the
number of wells completed, but on June 1 more new wells
were drilling than at any ti111e since July of last year. Soft
coal mining slackened but the month's output was larger than
that for May of last year. There was also less activity at the
t
I
No. 7
JuLY 1, 1926
lead and zinc mines. Ore prices were at the low level of the
year but advanced slightly at the end of the second week in
J ne.
There was some decrease in the value of building permits
in cities, although the value of building contracts awarded
in this district in May was larger than in any preceding month
since last August. The reports showed generally satisfactory
employment conditions and a larger call for harvest hands
than at previous harvest seasons.
STATISTICAL RECORD OF
THE TENTH FEDERAL RESERVE DISTRICT
May
April
May
Pct. Chg.
1926
1926
1925
Year
Bank debits, 30 cities ...... $1,164,518,000 f,1,181,971,000 $1,162,96o,ooo
0.1
Clearings, F. R. Bank.... $ 878,270,000 $ 901,173,000 '$ 807,059,000
8.8
Items handled·-···········
5,647,274
5,770,268
5,314,313
6.3
Loans, 67 member banks'$ 431,414,000 '$ 420,177,000 1, 427,724,000
Investments, 67 member
banks ....- - - - - $ 195,816,000 1, 193,599,000 1, 169,665,000
Deposits, 67 member
banks .. ·-··--···-·········-'$ 642,6o5,ooo 1, 627,120,000 1, 613,477,ooo
4.7
Business failures ..............
102
1 35
120 -15.0
Liabilities .................... f,
1,861,132 1,
1,3z3,712 $
1,956,286 -3 2 .3
Bldg. permits, 18 cities ..
3,006
2,899
3,364 -10.6
8,761,541 1,
Estimated value--······'$
9,6o8,779 $ 10,400,472 -15.8
Grain receipts, 5 markets:
Wheat, bushels ............
4,o85,45o
3,483,850
5,393,400
Corn, bushels ..............
4,113,900
3,035,050
3, 135,95°
Oats, bushels.-.............
650,000
1,491,700
719,600
Flour produced, bbls .....
11.2
1,633,631
1,596,380
1,469,494
Crude oil produced, bbls.
20,251,000
20,721,000
20,321,000
--z.3
2,187,000
Coal produced, tons·-·····
1,868,000
1,754,000
6.5
Ores shipped, 3 states:
63,720
72,843
79,893
Zinc, tons·--·················
Zinc, value.................. $
3,738,800 f,
2,867,400 $
3,525,321
Lead, tons .. _ _ __
11,101
2.0
9,690
9,499
Lead, value .................. $
1,071,833 $
885,156 $
92 7, 1 35
Live stock receipts, 6
markets:
Cattle..........................
388,421
13.4
342,585
343,349
Calves ..........................
I 52,088
55,6 1 5 -6.3
44,5 29
Hogs............................
-'J.I
745,778
693,115
652,397
Sheep .... _ _ _ _ _ ,
445,662
568,452
5oo,787 -11.0
2 3-9
4,080
3,089
Horses and mules·-····· !
3,827
Meat Packing, 6 centers: .,
Catt!...___ __
210,184
205,277
234,609
1.0
Calves.... - ....................
45,382
37,946
44,933
5zo,131
3.4
537,669
455, 153
Hogs.·-························
-6.o
Sheep ............................
348,148
335,217
315,249
0
"'
NOTE: Bank debits are for 4-week periods ending June 2 and May 5, 1926,
and June 3, 1925. Bank loans, investments and deposits are amounts shown
at the first reporting date in June and May 1926 and June 1925. Zinc and lead
shipments and their values are for 5-week periods. Returns on other items
are for the month of May compared to April 1926 and May 1925.
This Copy Released For Publicadon In Morning New papers June 29.
2
THE MONTHLY REVIEW
Banking and Credit
The demand for credit at banks in this district, and at the
Federal Reserve Bank of Kansas City and branches, showed
a slight seasonal expansion during the latter part of May and
in June. The increase in the volume of loans, however, was
accompanied by a gain in demand deposits. Thus, with rates
unchanged and continued easy money conditions, the banks
were in position to finance the movement of the new crop of
wheat without inconvenience.
The weekly condition statement of sixty-seven member
banks in leading cities as of June 2 showed an increase of 2.6
per cent in the volume of their loans and discounts over the
total on May 5, and an increase of 0.9 per cent over the total
on June 3, 1925. Investments on June 2 were I.I per cent
larger than four weeks previous to that date and 15.4 per
cent larger than on the corresponding date last year. Demand
deposits increased 3.7 per cent in four weeks and were 3.4
per cent larger than a year ago. Principal items in the
combined statement of these reporting banks are here shown as
of the dates mentioned:
June 2, 1926
67 Banks
Loans and Discounts ................ '/,431,414,000
Investments ................................ 195,816,000
Loans, Discounts and Investments ................................ 627,230,000
Demand Deposits ...................... 490,199,000
Time Deposits.. - - - - · · · · 146,046,000
Government Deposits..............
6,36o,ooo
Total Deposits .......................... 642,605,000
Reserve Balance........................ 55,723,000
Bills Payable and Rediscounts
with Federal Reserve Bank 10,1'22,000
May 5, 1926
67 Banks
'/,420,177,000
193,599,000
June 3, 192S
71 Banks
'/,427,724,000
169,665,000
613,776,000
47 2,7 13,000
146,433,000
7,974,000
627,I'lo,ooo
53,814,000
597,389,ooo
474,163,000
136,010,000
3,3°4,000
613,477,000
51,147,000
I'l,303,000
1,847,000
Recent condition statements of the Federal Reserve Bank
of Kansas City and branches~showed that discounted and purchased bills were still at the high levels of the year and
considerably above the totals at corresponding reporting
dates last year. Total bills and securities held as the first reporting date in June exceeded the amount reported four weeks
earlier by r.5 per cent, and were larger by 19.2 per cent than
a year ago. Other principal items in the statement exhibited
some slight changes, as indicated in the following summary
of the reports as of the dates mentioned:
June 2, 1926
Gold Reserves............................ '/, 78,558,311
Total Reserves.......................... 83,368,651
Bills Discounted........................ 19,643,071
Bills Purchased.......................... I 1,489,240
U. S. Governm ent Securities .. 38,664,400
Total .ftills and Securities........ 70,143,811
Total Resources ........................ 202,683,073
F. R. Notes in Circulation ...... 61,957,800
Total Deposits.......................... 89,759,142
Reserve Ratio............................
54.9%
May 5, 1926
'/, 80,388,707
85,385,363
21,150,607
9,510,384
37,433,800
68,387,291
201,774,696
62,292,850
89,005,043
56.4%
June 3, 1925
'/, 88,402,888
92,746,786
7,7 18,969
14,096,614
36,629,750
58,865,333
200 ,3°7,533
63,210,840
87,181,464
61.6%
Reserve Bank-Clearings
Clearings reported by the Federal Reserve Bank of Kansas
City and branches at Omaha,~·Denver and Oklahoma City
amounted to $878,270,000 for the month of May, $22,903,000
or 2.5 per cent less than in April, and $71,2II,ooo or 8.8 per
cent more than in May, 1925. The number of items handled
during May was 5,647,274, a decrease of 122,994 or 2.1 per
cent from April and an increase of 332,961 or 6.3 per cent over
the total for May of last year. The number of banks in the
district shafing in this service during May was 3,630. In the
five months of 1926, for which the records are complete, clearings reported by the Federal Reserve Bank of Kansas City
were $4,541,309,000, an increase of $196,661,000 or 4.5 per
cent over the corresponding five months in 1925. Items handled
during the five months this year numbered 28,680,396, an
increase of 1,227,192 or 4.5 per cent.
Payment by Check
Debits by banks of checks drawn against individual accounts,
measuring the money volume of business in thirty cities of
this district, were at a higher daily average during the four
weeks ending June 2 tha,n in the J>receding four weeks endi~g
May 5, and also larger by 0.1 percent than for the corresponding
four weeks in last year, ending June 3. The daily averages and
total's for the three four-weeks periods follow:
Bank Days
Four weeks ending June 2, 1926·-·····23
Four weeks ending May 5, 1926........ 24
Four weeks ending June 3, 1925.- ..... 23
Daily Average
'/,50,631,217
49,215,791
50,563,478
Total Debits '
'/,1,164,518,000
1,181,179,000
1,162,960,000
The combined weekly totals reported by c1earing houses
cove~ing the four weeks ending Jun~ 2 showed increases in
t1'irteen cities and decreases in seventeen cities over the cor- ,
responding period in 1925. The returns follow:
Percent
Four Weeks Ending
June 2, 1926
June 3, 1925 Change
Albuquerque, N. M ......... - - - -···'/,
9,066,000
'/,
8,574,000
5.7
-o.8
5,533,000
5,578,000
Atchison, Kans..........
Bartlesville, Okla...................................
14,299,000
15,625,000
-8.5
Casper, Wyo.........
9,921,000
13,861,000 -28.4
Cheyenne, Wyo.....................................
5,283,000
5,768,000
-8.4
n,763,000
13,880,000 -15.3
Colorado Springs, Colo.........................
Denver, Colo...
148,222,000
161,581,000
-8.3
Enid, Okla.....
12,098,000
14,050,000 -13.9
Fremont, Nebr...........
3,399,000
3,430,000
-0.9
12.2
Grand Junction, Colo...........................
3,107,000
2,767,000
Guthrie, Okla................
2,739,000
2,610,000
4.9
Hutchinson, Kans.................................
9,628,000
11,147,000 - 13.6
10.8
Independence, Kans................. ............
10,224,000
9,279,000
2.4
14,_682,000
14,333,000
Joplin, Mo.....
-o.6
Kansas City, Kans ........ ·-······················
17,886,000
18,009,000
325,045,000
316,46o,ooo
2.7
Kansas City, Mo.............
-2,0
Lawrence, Kans.....................................
4,390,000
4,479,000
1.2
Lincoln, Nebr.........................................
30,120,000
29,749,000
McAlester, Okla.. .'..................................
3,586,000
3,297,000
8.7
Muskogee, Okla, .. -............
8,946,000
10,103,000 -11.5
-1.7
Oklahoma City, Okla...........................
79,075,000
80,404,000
n,131,000
9,306,000
19.6
Okmulgee, Okla...............
Omaha, Nebr.................
181,846,000
185,230,000
-1.3
Parsons, Kans... ......................................
2,8 5I ,ooo
2,726,000
4.5
I.I
Pittsburg, Kans.....................................
5,684,000
5,623,000
-8.8
Pueblo, Colo...........
14,989,000
16,442,000
10.0
St. Joseph, Mo.......................................
57,514,000
52,268,000
-1.7
13,934,000
14,174,000
Topeka, Kans.............
94,101,000
18.5
Tulsa, Okla... .......................................... 111,483,000
Wichita, Kans.........................................
36,074,000
38,106,000
-5.3
Total Four Weeks .................................. '/,1,164,518,000
Total Twenty-two Weeks .................... $6,629,610,ooo
'/,1,162,960,000
$6,505,158,000
i
0.1
1.9
Postal Receipts
Postal receipts in ten cities of this district, reportedf by the
Postmaster General in his list of leading cities in the United
States, were 7.17 per cent larger "in May than in the corresponding month in 19'.25. The receipts with percentage of increase,
or decrease, follow:
Kansas City, Mo ................................. '/,
Denver, Colo.........................................
Omaha, Nebr.......................................
Oklahoma City, Okla...........................
Topeka, Kans.......................................
Lincoln, Nebr..... ..................................
St. Joseph, Mo.....................................
Pueblo, Colo.........................................
Albuquerque, . M ......................... _..
Cheyenne, Wyo...................................
May, 1926
835,191.86
290,967.94
249,294.41
120,243.68
79,227.90
67,211.79
55,329.69
25,450.44
12,471.16
8,804.48
Total, Ten Cities .................................. '/,1,744,193.35
May, 1925 Pct. Chg.
11.78
'/, 747,186.06
6.oo
274,495.46
4.88
237,688.75
8.6
110,716.55
-6.I
84,379.13
- 4.8
70,6o4.26
52,304.56
5.78
- 6.56
27,236.76
12,085.70
3· 1 9 .
I0,7 2 7• 2 5 -17.92.
7- 1 7
•
•
THE MONTHLY REVIEW
3
RETAIL TRADE AT 39 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
Sales
Stocks (Retail)
Outstanding Orders
Accounts.Receivable .J1 ;.,1 Collections
May, 1926
May 31, 1926
May 31, 1926
May 31, 1926
May, 1926
'compared to
compared to
compared to
compared to
compared to .!
Stores
Reporting May, 1925 Apr. 30, 1926 May 31, 1925 Apr. 30, 1926 May 31, 1925 Apr. 30,1926 May 31,1925 Apr. 1926 May,1925
Kansas City.. _ _ _ _ _ _ _ 3
-3.8
-4.6
0.5
-'J.I
4.2
J.1
6.4
-3.8
-2.2
Denver........
5
1.8
0.1
4.8
6.9
-27.4
-1.5
2.4
1.7
5.6
Wichita.....................
4
5.1
-2.8
0.5
-1.2
8.5
--Z.4
7.2
Omaha .............. _ _ _ _ _ _ 2
-4.0
-3.8
5.0
-2.2
1.4
0.5
Even
Oklahoma City.......... _ _ _ _ 3
17.5
-5.6
13.4
--z6.4
2.1
19.5
-3.1
13.3
3
Lincoln........
12.7
-6.5
-8.8
-20.0
11.6
10.7
3.7
10.9
6.7
Tulsa..
3
11.6
-3.2
8.5
--z9.6
-17.3
-1.3
7.6
13.4
15.0
Other Cities......
16
2.4
-4-7
-1.7
2-4
3.4
-3.2
-5.7
Er' ·.,,:
o.8
Total... .....· - - - - - - - -.39
First, Boston ······-··················
Second, New Yor
Third, Philadelphia ................
Fourth, Cleveland ..................
Fifth, Richmond __ ················
Sixth, Atlanta ..........................
Seventh, Chicago....................
Eighth, St. Louis ....................
Ninth, Minneapolis ................
TENTH, KANSAS CITY....
Eleventh, Dallas ....................
Twelfth, San Francisco ..........
U. S. Total, May....................1,730
U.S. Total, 5 months ............9,768
r,767
9,675
Liabilities
1926
1925
'I, 3,847,7 29
'I, 2,563,135
5,748,621
8,959,077
1,108,264
3,071,127
•4,496,342
4,473, 273
1,963,570
5,752,331
1,280,u9
1,418,655
2,896,011
7, 176,994
1,369,633
234,o34
676,560
1,371,418
1,323,712
1,956,286
802,029
1,956,651
2,945,55°
3,178,749
'/, 33,543,3 18
l 80,490,978
'$ 37,026,552
202,6¢,954
Savings in Banks
Savings deposits in reporting banks in leading c1t1es of the
district increased o.6 per cent between May I and June I, and
the total on the last mentioned date was 1.8 per cent above
that reported on June I, 1925. There was a decrease in the
month of .09 per cent in the number of savings accounts, with
, the June· I total 1.8 per cent above that a year earlier. The
reports of deposits:
Banks
Denver, Colo ............... 6
Kansas City, Kans ..... 4
Kansas City, Mo......... 10
Lincoln, Nebr............... 3
Oklahoma City, Okla. 7
Omaha, Nebr............... 5
St. Joseph, Mo ............. 6
Tulsa, Okla ................... 6
Wichita, Kans .. _........... 5
Other Cities .................. 3
June r, 1926
1, 46,550,582
2,876,816
15,450,051
3,04°,7 29
8,453,301
7,544,7 23
8,489,723
13,054,330
4,585,634
999,7 22
May 1, 1926
'/, 46,916,580
2,859,341
15,55 1,745
3,008,904
8,3 13,037
7,498,93o
8,448,689
12,275,96o
4,5u,o74
995, 19°
Total.. ............................ 55
'1,111,045,611
'$I 10,379,450
0.5
3.9
Retail Trade
Business Failures
Business failures in this district, and in the United States
were fewer and liabilities smaller in May than in the preced' ing month and the corresponding month last year. The May
failures and amount of !iabi1ities for the United States, reported
by Federal reserve distrkts by R. G. Dun & Company, follow:
Number
1926
1925
210
177
290
347
46
67
1 55
1 53
II8
131
97
54
222
197
89
54
87
99
102
120
91
56
301
234
5.3
June 1, 1925
'$ 48,770,803
2,916,817
14,828,892
2,888,492
10,071,671
7,466,766
10, 0 59,559
7,642,701
3,429,369
1,051,217
'$109,126,287
Sales at department stores which made reports to the Federal
Reserve Bank of Kansas City were smaller in May than in
April by 2.1 per cent, but were larger than in May of last year
by 3.2 per cent. Of 39 department stores reporting for May,
24 showed increases and I 5 decreases in the money volume of
their saJes as compared with May 1925. The returns complete
for the five months of 1926 showed an increase of 1.4 per cent
in the volume of saJes over the corresponding five months
last year. Combined reports of stores handling women's clothing and also of stores handling men's clothing showed sales in
May were substantially larger than in May of last year. The
volume of sales for the first five months of 1926 was I.I per
cent larger for women's clothing and I per cent smaller for
men's clothing than for the like period last year. Sales of shoes
by retailers were smaller by 4. 5 per cent than a year ago. Retailers of furniture reported sales in dollar volume were smaller
than in the preceding month and smaller than a year ago.
Wholesale Trade
Distribution of merchandise by wholesalers at the leading
centers continued in large volume, the more seasonal weather
and harvest-time demands offsetting the unfavorable influence
of the backward season. May sales by wholesalers of dry goods,
hardware and furniture were larger than in April and larger
than in May, 1925. Sales of groceries during the month were
slightly smaller than in the preceding month but were larger
than a year ago, while sales of drugs and millinery were smaller
than in either of the former periods with which comparison is
made. Wholesalers of dry goods reported the market on a sound
basis as a result of a revision of prices of cotton goods. Conditions affecting the wholesale grocery trade were not materially
different from those in the earlier spring months. Thehardware
trade, in spite of unfavorable weather conditions, held up well
and there was no material change in price levels. The reports
of wholesale furniture houses showed some improvement
during May with the volume of business at the high level of
the year. Wholesalers of drugs reported competition was very
keen, with some price-cutting. Orders from retailers had taken
another hand-to-mouth phase and were many and small.
otable declines in essential oils, menthol and some phar-
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
Sales
Outstandings (Mo. end.)
Collections
Stocks (Mo. end.)
May, 1926,
May 31, 1926,
May, 1926,
May 31, 1926,
Reporting
compared with
compared with
compared with
compared with
Stores
Apr., 1926 May, 1925 Apr. 30, 1926 May 31, 1925 Apr., 1926
May, 1925 Apr.30,1926 May 31,1925
6.2
o.8
-2.0
--z.8
-4.7
4-5
-1.8
-6.3
Dry Goods ............... - - - - ··-······················6
Groceries................
__ _.6
- 3.1
2.7
3.0
11.5
-5.0
-g.I
--Z.4
9.6
Hardware...... _ _ _ __ _ - - - - - 9
2.5
0.5
-0.4
-5.8
-'J.6
-6.o
8.o
1.6
Furniture..............
5
8.5
3.7
2.5
3.1
20.8
-6.5
-3.2
-5.6
Drugs.........................
................ 8
- 1.9
-0.9
-0.3
5.5
-6.7
-3.0
--z.8
-5.6
Millinery-..............
5
-39.5
-4.0
-23.8
-10.6
-37.6
--Z.I
-10.3
--z3.9
THE MoNmLY REVIEW
4
maceutical products were reported, with heavy chemicals firm
and showing an upward tendency. Denatured alcohol ·and
glycerin were effected by seasonal advances, but wholesalers
did not anticipate as great an advance as last year.
Collections
Collections during May were reported by wholesale dealers
as generally satisfactory, due mait?-ly to the fact that on account
of the hand-to-mouth buying retailers had their affairs in better
shape than in recent years. Collections during May at department stores in cities averaged 42.1 per cent of amounts outstanding at the end of April, against 42.5 per cent reported
for the previous month and 41.8 per cent for May, 1925. Lumber
and implement dealers reported collections good. A few reports
showed collections were poor or fair, but reports as a whole indicated collections were a little better than a year ago.
Farm Implements and Machinery
Distributors of harvesting machinery and threshers reported May business disappointing in parts of the district in
which the wheat crop is poor. Elsewhere throughout the district, where crop conditions are good, the volume of business
was satisfactory and ahead of last year. Sales of farm implements reported by some of the dealers were larger in May
than in the like month in recent years.
and no marked declines anticipated. Manufactu~ing companies
headquartering in this district report impr9ved foreign and
water borne domestic business. Southern pine prices are
relatively firmer than fir prices. All prices on common lumber
are fairly strong and on the better grade of lumber seasonably
weak. The general outlook for softwoods from both wholesaler and retailer standpoint may be considered good for this
sea;ion of this year. Demand for hardwoods shows some improvement over April and May."
Production and shipmefi"t of Portland cement at mills in
this district increased in May over April but the month's
totals fell below those for May 1925 by 1.2 per cent in production and 4.8 per cent in shipments. The monthly totals
follow:
May, 1926
Production, Barrels.... - .................. I ,368,000
Shipments, Barrels ..........................1,329,000
Stocks, end of month...................... 1,705,000
May, 1926 Compared to
April, 1926 n ,-,~.,-•; May, 1925
Sales of lumber, feet ........- - - - - - 1.0 ,. •--~.:..: ~.~,1-'M~h~:.. 3.3
Sales all materials, dollars.... -..
0.2
.,~.•· 4.4
Stocks of lumber end of month..
0.5
-5.3
Outstandings end of month........
6.2
5.8
Collections during month....
15.5
12.1
The National Lumber Manufacturers Association reported
for all associations a lumber cut of 1,262,441,260 feet during
the four weeks ending May 29, an increase of 36,985,575 feet
over the preceding four-week period ending May I. Shipments
during the four weeks were 1,241,612,158 feet, a slight increase,
and orders received were for 1,231,931,889 feet, an increase of
67,398,518 feet. Unfilled orders at the end of May amounted
to 956,704,659 feet.
A report on the state of the lumber trade in June said: "Retailers generally have been busily engaged in delivering lumber
sold the early part of the year, but generally have not been
replacing as much lumber as delivered, preferring to reduce
stocks. Strikes which have been interfering with business in
the larger cities are mostly settled and the outlook for city
business is ' better than it has been in recent months. Retail
distributors' in rural districts also report prospects favorable
and the outlook for late summer and fall business good. Wholesale prices are about on the same level as the first of the year
May, 1925
1,395,000
1,396,000
1,908,000
Production of all shades, textures and grades of face brick
at 68 plants in 17 states in May was 3.7 per cent larger than in
April but · was 6.3 per cent smaller than in the same month
last year. Shipments during the mo'n th increased 12.2 per
cent and were o.6 per cent larger than in May 1925. Stocks
were reduced 10.9 per cent but were 23.3 per cent larger than a
year efrlier.
Building
Lumber and Materials
The volume of business at 278 reporting retail lumber yards
in cities and towns scattered over the Tenth District showed
less than the usual seasonal advance during May, although
sales of lumber in board feet, and sales of lumber and other
materials in dollars, were larger than a year ago. Stocks on May 1
at the reporting yards were about the same reported a month
earlier and were smaller than at the corresponding date last
year. The volume of the lumber and material business at the
reportin'g yards is indicated by the following percentages of
increase or decrease for May as compared to April 1926 and
May 1925:
April, 1926
1,073,000
1,100,000
1,666,000
The number of permits issued in eighteen c1t1es during
May exceeded the April total by 3.7 per cent, but fell short of
the total for May 1925 by 10.6 per cent. The value of May
permits was 8.8 per cent less than that for April, and 15.8 per
cent less than in May 1925. The reports showed increases in
the value of May permits over last year in eight cities and
decreases in ten cities. The building record for May:
ESTIMATED COST
PERMITS
1926
1925
1925
26
21,458 'I
12,930
17 'I
22
40,020
31
56,735
123,461
194,664
90
90
2,000,200
2,uo,650
644
764
89,110
52,830
31
37
40
95,639
3 10, 295
59
2 85,575
208
333, 16o
3II
2,567,200
3,652,300
639
490
121
150
290,445
548,7o7
24
46,645
31
27,375
201
168
802,764
523,979
8
36,900
17,900
5
212
291
1,213,985
765,910
103,537
108
132
133,492
148,292 I
100,390
105
75
161 _:,
426,135 -'· 202,987
156
284
410,0451L_ 822,182
263
200
328,882
265,234
176
1926
Casper, Wyoming·-·········Cheyenne, Wyoming......Colorado Springs, Colo.....
Denver, Colo•..
Hutchinson, Kans..........._
Joplin, Mo ...
Kansas City, Kans·--······
Kansas City, Mo·-··-·····
Lincoln, Nebr......·-··········
Muskogee, Oki
Oklahoma City, Okla .......
Okmulgee, Okla .................
Omaha, Nebr.
Pueblo, Colo .....................
St. Joseph, Mo
Topeka, Kans ..·--············
Tulsa, Okla ......·-··············
Wichita, Kans •..................
May......
April
Five Months ..
............ 3,006
2,899
12,735
3,364 .,, 8,761,541 $10,400,472
13,148,702
9,608,779
3,75°
39,526,812
52,068,705
15,848
Per cent
Change
66.o
- 29.4
-36.6
-5.2
68.7
224.4
16.7
-'29.7
-44.7
-4 1.3
53· 2
106.1
-36.9
-'22.4
47.7
109·9
-50.1
- 19.3
-15.8
-'26.9
-24.1
Building contracts awarded in the Tenth District during May
had a value of $18,838,990, according to the F. W. Dodge Corporation reports. This total exceeded the April awards by •
$4,764,000 and was $6,391,000 larger than the awards in May •
1925.
1
I
THE MONTHLY REVIEW
5
====================================
Crop Conditions in the Tenth District
,... The June 1 survey of the United States and cooperating
State Departments of Agriculture showed the following percentages of condition of crops in the states or parts of states
which form the Tenth District, 100 per cent representing the
normal condition:
Wheat
Winter
Colorado ................ 80
Kansas ..................70
Missouri ................69
ebraska ..............64
New Mexico*...... 100
Oklahoma............ 8 'l
Wyoming .............. 88
United States ........ 76.5
*Estimated May 1.
Wheat
Spring
Oats
Rye
Barley All Hay Pastures
89
55
79
91
66
58
71
87
77
95
70
62
8'b
72
93
87
71
8:6
94
81
94
76
Percentages shown in the foregoing tabulated statement
indicated declines between May 1 and June 1 in the condition
in most farm crops in Missouri, Kansas and Nebraska, due
to the backwardness of the season and to scant rainfall in May
over portions of states. The condition of crops in Oklahoma
was exceptionally high. High average conditions for all crops
were reported for Colorado and VVyoming, states in which
farming operations have greatly expanded in recen t years:
In ew Mexico the composite condition of all crops was 20.5
per cent above the ten-year-average, and in Texas t e percentage of condition was 24.4 per cent above the ten-year average,
this being the best all-round average condition of crops in the
United States. On the whole the crop situation in the seven
states and in the Tenth District proper was far more encouraging
on June 1 than had been expected, considering the unfavorable
conditions through the greater part of May. With general rains
over the district in June there was a promise of very large
farm production for the year.
WI1 TER WHEAT: The pre-harvest estimate of winter
wheat produced in Tenth District States is shown in the following table with the estimate of May 1 and the final estimate
of the number of bushels harvested last year for comparison:
Estimate
June 1, 1926
Bushels
Colorado ................................................ 19,795,000
Estimate Final Estimate
May, 1, 1926
1925
Bushels
Bushels
~~;s:a;;i:::::::::::::::::::::::::::::::::::::::::::::::: ~!: ~ ~~::~
1
Nebraska .............................................. 35,139,000
o:kh~;:i.~~::.-.-.~~:: : :.·.·.~~:::::::::::::::::::::::: 6t~;~:= •~i.
Wyoming..............................................
581,000
19,553,000
1
1::;~~:~~~
10,752,000
~1'.~i~'.~~~
39,931,000
31,661,000
6t~~:=
583,000
2s,:~::=
464,000
Seven States ........................................ 269,161,ooo
283,149,000
168,030,000
Tenth District* .................................... 256,859,ooo ' 270,892,000
150,185,000
United States .......... ............................ 543,300,ooo
548,908,000
398,486,000
*Indudes all of Colorado, Kansas, ebraska and Wyoming, 19 counties in
western Missouri, 12 counties in northern New Mexico and all of Oklahoma
except 8 southern counties.
According to the foregoing reports this year's production
of winter wheat in this district was estimated at 106,675,000
bushels or 71 per cent more than the harvested crop of 1925.
However, the June 1 estimate for the district was 14,053,000
bushels, or 5.2 per cent, less than the estimated yield reported
a month earlier.
The decline in condition and prospective yield between May 1
and June 1 was heaviest in Kansas and Nebraska, other states
reporting but slight change. Wheat burned very badly in all
sections of northern Kansas west of the Blue river north of the
main line of the Union Pacific railroad, as a result of drv weather
and absence of rainfall during the last two weeks· of May.
Elsewhere in that state-though fired in spots, but not seriously
-winter wheat went to harvest in good to excellent condition
with prospects for a yield in the state which has been excelled only four times, in 1914, 1919, r920 and 1924. There
was deterioration of winter wheat in May and the first ten days
of June over the gre·a ter part of Nebraska, dry weather causing
it to head short and to fire, and considerable abandonment
was reported. Still, the reports indicated Nebraska farmers
will harvest nearly 3,500,000 more bushels of wheat than last
year. Missouri wheat made little progress during May. Conditions were poorest in the northern counties and best in the
southwest. Improvement followed June rains, heads filled well,
and the crop went to harvest with a better promise than was
noted a month earlier. Oklahoma's winter wheat, most of which
had been harvested at the end of June, was the second best
crop that state has yet produced, the estimate for June falling
slightly below the crop of 1919. The Colorado estimate was
for a large increase over last year and one of the best crops
that state has produced. Wyoming reported excellent condition
of winter wheat and New Mexico's estimate was for a very
large yield, whereas a year ago whea't in that state was almost
a failure.
The winter wheat harvest, starting in the lower counties of
Oklahoma at the beginning of June, moved rapidly northward
with the ripening of the wheat, and by June 20 was general
over the wheat belt as far north as the Platte River in Tebraska.
Early threshing returns indicated yields were showing up well,
and new wheat arriving at the markets was of good quality.
SPRI G WHEAT: o official estimate of this year's acreage
and probable production of spring wheat is to be made until
July. Jun(' reports for Colorado, Nebraska and ew Mexico
showed a higher condition figure, and for Wyoming a slightly
lower condition figure, than was reported for June 1, 1925.
Kansas and Missouri, with small acreages of spring wheat,
reported the condition of the crop not so favorable as a year
ago. The spring wheat crop in these six states last year totaled
9,675,000 bushels on 699,000 acres harvested.
COR : It is still too early to calculate the prospective production of corn ir. the Tenth District, for the reason that planting in most of the larger production sectior.s was delayed by
unfavorable weather, while statistical data as to the acreage
planted this year will not be available btfore July, when the
Government is expected to present its first official estimate.
In ebraska, the condition of corn was good and the needed
moisture came later in the month. Fields were in a fine state
of cultivation and the .stand generally satisfactory. In Missouri
stands were better than expe(ted but some replanting was
necessary because of poor and unfavorable soil conditions.
Recent rains greatly benefited corn in that state. In Kansas
the condition of corn on June 1 was estimated at one point below
that reported for the previous June. Corn was small for that
date but was in splendid tilth and good stand. The condition
of corn in Oklahoma was very much higher on June 1 than
a year ago when dry weather conditions were prevalent throughout the state.
COTTO
made fair to very good advance during May
in producing states lying west of the Mississippi River. In
Oklahoma, the principal cotton state of the Tenth District,
stands ranged from poor to very good, but showers and more
seasonal temperatures prompted fair growth. Planting of the
crop was late and in many localities was still in process in the
first ten days of June. The Government's official report on
6
THE MoNTYLY REVIEW
acreage and condition of cotton is to be given to the public
in July.
OATS made a poor start in Missouri, Kansas and Nebraska,
and the crop was damaged by heat and insufficient moisture
so that the condition on June I was rated below that of a year
ago. Oklahoma reports reflected an excellent condition of oats
in the southern half of the state and from fair to good in the
northern half, with a good crop in prospect for the entire state.
Reports from the mountain states, where comparatively small
acreage of oats were sown, indicated the crop was making
an excellent showing and somewhat better than a year ago.
OTHER GRAI S: The condition of rye on June I promised
5,050,000 bushels for this year against 4,715,000 bushels harvested in 1925 in Colorado, Kansas, Nebrnska, Oklahoma and
Wyoming. The barley crop was expected to fall short of that
of last year, due to the severe damage in the best barley sections
of Kansas and Nebraska. Rains during June were beneficial
to the crop in those sections, but at best it was indicated the
yield would fall short of that of last year. Elsewhere in the
district the barley crop was in much better condition on June I
than a year ago.
TAME HAY suffered from lack of moisture in many sections
in May, and the June 1 forecast indicated a probable reduction
in the yield as a whole as compared with that of last year.
FRUITS: Nearly all of the states in this district reported
prospects for at least a fair crop of apples with the average a
little better than a year ago. The Kansas apple prospect on
June I was 59 per cent of normal, the same as recorded for
last June. Missouri reported prospects for 65 per cent of the
normal crop. In Nebraska the condition was reported at 68
per cent. Apples made good progress in Colorado, ew Mexico
and Wyoming, the condition in the latter state was 95 per
cent normal compared with 60 per cent a year ago. In Oklahoma
the dry weather during May damaged the apple crop and
prospects were for 52 per cent of a full crop, 580,000 bushels
compared to 644,000 bushels last year. Indications in June
pointed to a slightly larger peach crop in the district as a whole
than that produced last year. Oklahom'a and Kansas showed
very low averages in condition as a result of severe freezes
in March, while reports from other states showed a much better
condition than a year ago. In Missouri the condition on June I
was 66 per cent of normal or 19 points hight.r than a year ago.
The pear crop in Colorado, Missouri and ebraska was given
a higher percentage of condition on June I than that reported
one year earlier, although a lo,ver condition was reported for
Kansas and Oklahoma.
Grain Movements
Meager receipts of wheat at the markets in the Tenth District during the month of May-in the face of a good milling
demand and advancing prices-indicated reserve stocks of
old wheat in this region wtre nearing depletion and growers
were making ready to refill tht:!ir bins with the new crop now
being harvested. May receipts at five markets exceeded those
for April by 17.3 per cent, but were the smallest for May in
seven years.
The movement of the 1926 crop of wheat into market channels
started in the second week of June in southern sections and by
the end of the month as the harvest moved northward receipts
of new wheat had assumed large proportions.
May receipts of corn at the five markets were small, the
reports indicating that with the relatively low prices of corn
and high prices of hogs farmers were finding their corn of greater
feeding value than at earlier periods in the year and were hold-
ing back their corn :supplies. Private estimates indicated that
on June 1 between 25 and 30 per cent of the 1925 crop of corn
remained in the hands of farmers. Receipts of oats at the five
markets during May were smaller than in the preceding month
or a year ago. The table which follows shows receipts of six
classes of grain at the five markets during May and for the
five months of 1926 as compared with the total for the month
and the five month puiod of last year:
Corn
(Bu.)
Wheat
(Bu.)
Hutchinson._ ....... 464,400
108,750
Kansas City........ 1,885,950 1,341,250
Omaha ................ 854,000 1,150,800
St. Joseph............ 478,800 1,344,000
169,100
Wichita................ 402,300
May, 1926·-- -····· 4,085,450
April, 1926 .......... 3,483,850
May, 192 5•---···.. 5,393,400
Five Mos. 1926._.24,003,050
Five Mos. 1925-...28,657,700
Oats
(Bu.)
Rye
(Bu.)
Barley
(Bu.)
195,500
366,000
84,000
4,500
25,300
22,500
24,000
53,200
Kafir
(Bu.)
80,600
290,400
1,500
13,200
---------
650,000 78,500 46,500
4,II3,9()0
385,7oo
289,000
7 19,6oo 78,500 41,000
3, 135,95°
467,800
3,035,050 1,491,700 31,300 73,0 5°
24,286,900 5,244,800 428,700 244,400 1,990,400
23,427,950 9,641,100 267,500 336,950 3,589,900
Flour Milling
Milling operations in this territory were at an average of
55 per cent of full time capacity during May against 53.2 per
cent in April and 48.4 per cent in May 1925. Production of
1,633,631 barrels of flour during the month indicated an increase
of 37,251 barrels over April and 164,137 barrels over May 1925.
Production figures for the leading milling centers, compiled
from the Northwestern Miller reports, follow:
May, 1926
Barrels
Atchison ................. _ __
Kansas City.... _ _ _ _ _ _ _ __
Omaha .................... _ _ _ _ __
Salina ..............................- - - St. Joseph ................................................
Wichit _ _ _ _ _ _ _ _ __
Outside ............ _ _ _ _ __
88,095
375,025
94,096
11 5,054
158,693
133,475
669,193
April, 1926
Barrels
91,049
397,288
78,154
9r,857
131,172
128,475
678,385
May, 1925
Barrels
106,417
44o,5 25
74,048
100,689
102,203
107,378
538,234
Total... ..... _ _ _ _ _ _ _ .......... 1,633,631
Sales of old wheat fl.our for immediate delivery to baktrs
and jobbers whose $tocks were too low to permit them to delay
purchases until new wheat fl.our is available accounted for
the increase in production in May. While there was considerable inquiry concernir,g flour. from the new <..rop of wheat,
reports indicated _no general forward bookings to the middle
of June~
Conditions of the Live Stock Industry
Reports from over the district at the beginning- of June
indicated improvement in the live stock industry. The condition
of all classes of live stock was slightly higher than a month
earlier. Pastures in many sections made a late start and suffered
injury by dry weather, but over the major portion of the district the condition of pastures and ranges was from fair to
excellent. Market supplies of live stock were seasonally small.
Hog prices early in June reached the highest peak since the
fall of 1920. Spring lambs also rose to the highest point in
recent years, sheep values were steady and firm, but there was
no perceptible advance in wool prices. Cattle values were slightly
stronger, and it was noted there was some inquiry for breeding
cattle in southern sections of the range country where grazing
was said to be the best in many years.
The movement of cattle into the Flint Hills district of Kansas
from January I to June I this year was about 6 per cent smaller
than the corresponding movement a year ago, according to
•
•
THE MONTHLY REVIEW
the estimate of the Kansas State Board of Agriculture. The
survey showed that during the five months of 1926 about
244,000 cattle moved into this district as compared with 260,000
in 1925, 229,000 in 1924, 219,000 in 1923 and 270,000 in 1922.
The cattle arriving this year from the Southwest were in much
better flesh than those received a year ago. All native stock and
all of the Texas offerings were in excellent condition of health
and flesh. The number of cattle r-razing on the Osage pastures
of Oklahoma this year was estimated at 16 per cent less than
the number that was on pasture there last year, according to
a report of Carl H. Robinson, statistician of the United States
Department of Agriculture. The June I survey indicated 160,000
head grazing the.ir year as compared with 190,000 in 1925,
130,000 in 1924 a·nd 150,000 in 1923. The June I condition of
cattle on pasture in the Osage country was about 96 per cent.
Inbound shipments were in better condition than last year's
shipments, this being especially true of Texas cattle. The
cattle that were carried over the winter in the Osage country
were in good condition when placed on pasture. The condition
of cattle on Colorado ranges averaged 98 per cent, compared
with 95 per cent a month earlier and 91 per cent a year ago.
For· the most part cattle were in excellent cond_ition though
reported as having _suffered a little fro~ the cool storms during
May. In New M&ico and Wyoming the condition was very
satisfactory, while in ebraska pastures were dry and those
carrying the average number of live stock were short, though
much improved by June rains. The Sand Hills pastur'es, however, were very good and cattle were being moved into that
section for summer grazing.
Colorado sheep improved and their condition was repored
at 98 per cent on June I compared with 97 per cent a month
earlier and 96 per cent on June I last year. All reports indicated that sheep were doing well in New Mexico, and an improved condition was reported from Wyoming. Sheep on feed
were practically all marketed by June I. Only a few lambs had
been bought thus far for fall delivery. In a few localites there
was some loss of lambs on account of cold rains but generally
a good lamb crop was in prospect, a little above the average.
The prevailing prices of wool throughout Colorado and Wyoming ranged from 30c to 35c, but to June I the wool crop was
mostly held.
The feature of the hog situation was the price advance, which
was the greatest during any May in twenty-five years, except
for certain war-time inflation years. Hogs sold on the markets
reached the highest point in six years. With the United States
supply of hogs in sight for slaughter no greater than last year,
with pork products in storage 27 per cent or equivalent to
1,500,000 hogs less than last year, hogs are in exceedingly
strong market position. The hog-corn price ratio is near the
highest on record.
LIVE STOCK MARKETINGS: The May run of cattle
at the six leading markets of this district was ieasonally larger
than that for April. A total of 388,421 head reported for the
month showed an increase of 13.1 per cent over April receipts
and an increase of 13.4 per cent over receipts in May 1925.
The number of calves received at these markets in May exceeded
the April total by 17 per cent but fell 6.3 per cent below the
total for the corresponding month last year. The supply of
hogs, although larger by 6.2 per cent than that reported for
the preceding month, was the smallest May total of record
dating back to 1919. The movement of sheep during May was
the sma]]est since June of last year. The total of 445,662 head
was 21.6 per cent less than that for April and II per cent less
than the receipts in May of last year. Horses and mules at
7
these mar'kets were fewer than in the previous month, though
the number received was 23.9 per cent larger than a year ago.
The number of cars of live stock arriving at the six markets
was 24,013 for May against 22,583 for April and 23,198 for
May 1925. There was also a perceptible increase in receipts
of live stock by motor driven trucks. Receipts of five classes
of live stock at the six markets are here shown for May with
comparisons:
132,888
88,151
61,601
1,072
7, 295
Horses
Mules
1,195
187
213
826
528
878
693,115
445,662
652,397
568,452
55,6 15 745,778
5oo,787
268,196 3,602,678 2,853,986
309,070 4,422,964 2,910,478
3,827
4,080
3,089
50,830
52,202.
Cattle
135,688
127,324
43,121
45,908
19,054
17,326
Calves
22,802
May, 1926....................
388,421
April, 1926....................
343,349
May, 1925....................
342,585
Five months 1926........ 1,876,659
Five months 1925........ 1,969,084
52,088
44,529
Kansas City..................
Omaha ..........................
St. Joseph .....................
Denver ..........................
Oklahoma City ............
Wichita .. ........................
6,645
8,341
4,286
6,323
3,691
Hogs
247,622
208,065
123,203
37,865
25,217
51,143
Sheep
I
54,655
Hog prices continued high throughout the month and early
in June lightweights at Kansas City sold up to '/,15 per hundred
pounds, the highest figun since 1920. Bm.cher hogs up to $14.85
and heavy-weights up to $14.60. Heavy steer prices showed
a lower te"ndency during most of the month but later improved
Other classes shared in the advance, with stock and feeding
cattle steady to strong. Spring lambs advanced to the highest
price for the season, while sheep were steady.
STOCKER A_ D FEEDER SHIPMENTS: The May
movement of stock and feeding live stock from four reporting
markets to the country was larger thah in the previous month
for all classes except calves. Compared with the like month
in 1925 all classes showed increases, the month's shipment of
feeder hogs being the largest reported since 1924. The total
for the four markets follows:
Cattle
Kansas City............................................ 28,414
Omaha...................................................... 9,322
St. Joseph................................................ 2,942
Denver.................................................... 28,802
Calves
3,672
May, 1926................................................ 69,480
April, 19·26.............................................. 60,574
May, 1925-.----·························· 65,347
Five months 1926..................................364,168
Five months l 92 5.................................. 402, l 77
4,630
5,189
4,445
17,711
20,270
Hogs
383
3,061
2,439
Sheep
12,350
8,8±1-I
12,594
7,818
19,478
12,160
10,631
65,601
63,742
41,603
37,958
35,437
273,223
276,340
13,595
l\1eat Packing
Meat packing operations in May at the leading centers of
this district, measured by purchases of live stock for slaughter,
reflected an increase in the slaughter of cattle, calves and hogs
over April of this year and over May of last year. The number
of sheep and lambs killed and dressed during the month was
smaller than in April and also smaller than in May 1925- Packers'
purchases of meat anim als at the six markets, including hogs
shipped direct to packers' yards, are here shown for May and
the five months of 1926, with"'comparisons:
Kansas CitY----····················
Omaha................................................. .
St. Joseph ........................................... .
Denver................................................. .
Oklahoma City....................................
Wichita ........................ _ _ __
Cattle
8z,511
9°,9 19
30,740
9,818
15,027
5,594
May, 1926 ................... _ _ _
234,609
April, 1926............................................ 210,184
May, 192 5.•.......................................... 205,277
Five months 1926................................ 1,134,795
Five months 1925................................ 1,109,649
Calves
20,945
4,960
7,816
3,416
6,132
2,113
Hogs
183,908
146,682
107,014
28,629
22,613
48,823
Sheep
102,235
109,103
,.,82,805
I 13,450
'1,039
6,617
45,38'2
537,669
3 15,249
348,148
37,946
455, 153
520,131
335, 2 17
44,933
228,917 2,631,112 1,806,0:29
245,43 2 3,364,093 1,679,488
8
THE MONTHLY REVIEW
The shortage of hogs indicated by the market receipts during
the current year, together with a moderately heavy consumptive
demand for pork products, was evidenced by th e fact that
packers during May purchased 77.5 per cent of all hogs arriving at the markets of this district. There was a further
reduttion in stocks of pork and lard at Kansas City. On May 31
total stocks were 28,735,900 pounds, against 29,534,000 pounds
on April 30, and 53,327,700 pounds on May 31, 1925. The
demand for beef was fair, according to packer's ' reports,
and prices were steady. Hide values showed improvement
during the month. Eastern markets for dressed sheep . and
lambs were fairly active but did not keep up with the ad•
vance in live prices.
R efining operations in Oklahoma and Kansas on June 1
were slightly more active than a month earlin though daily
runs of crude oil to stills was 9,800 barrels smaller than a year
earlier, as indicated by the followin g :
Plants
Operating
June 1, 1926.____
_ _ _ _ _ _ _ 67
May 1, 1926 _ _ _ _ _ _ _ _ _ _ _ _ _ _ 66
June 1, 1925-..............·---------···············•74
Daily Runs
Bbls.
276,125
250,745
285,925
The market in June was favorable for both gasoline and
kerosene, with an increasingly heavy demand for these products and firmer prices. Reports indicated further declines in
stocks of crude oil and also in gasoline stocks.
Bituminous Coal
Petroleum
The daily flow of crude oil from wells in Oklahoma, K ansas,
Wyoming, Colorado and New Mexico in May was at an average
of 653,258 barrel!, daily, 24,II7 barrels less th an in April a;d
15,151 barrels less per day than in May 1925. Dtclines in the
daily average for the month as compared with thr April record
were 19,720 barrels in Oklahoma, 6,404 barrels in Kansas and
27 barrels in New M exico, with increases of 975 barrels in
Wyoming and 1,059 barrels in Colorado. The daily average
for Colorado in May was 220 per cent larger than in May 1925
and the largest of r ecord. Gross production of crude oil in May
is here shown for each of the five producing states for the
three periods:
*May, 1926
April 1926
Barrels
14,492,000
3,376,ooo
2,153,000
185,000
n5,ooo
Barrels
Oklahoma .............................. 14,364,ooo
Kansas .................................... 3,290,000
Wyoming ................................ 2,255,000
Colorado._ _ _ _ _
224,000
New Mexico.......................... n 8,ooo
Total.. ...................................... 20,251,ooo
*Estimated, American Petroleum Institute.
20,321,000
.~
May, 1925
Barrels
14,711,000
3,441,000
2,448,000
70,000
51,000
20,72 1,000
Devdopmer,t operations m the five states were smaller in
May than in the preceeding m0nth or in the like period last
year, both in the number of wells compl~ted and the daily
new production. At the close of the month more new wells
were in process of drilling than at any time since last July. The
record of developments:
Wells
Completed
Oklahoma ........407
Kansas·--·········16 5
Wyoming·-··-··· 50
Colorado .......... 10
ew Mexico .... 23
May, 1926·--···655
Apr., 1926........742
May, 1925---·••783
Barrels Daily
ew Prod'n
57,6 17
16,230
4,49o
4,480
Dry
Wells
135
57
7
955
II
83,772
139,661
u6,215
2II
218
215
Gas
Wells
39
4
0
0
0
43
61
48
Rigs.Wells
Drilling
1,475
47 1
316
116
144
2,522
2,444
2,508
Operations at soft coal mines in the Tenth District slackened
seasonally during May, and total production for the month
was 14.6 per cent less than in April but 6.5 per cent greater
than in May, 1925. The returns by states:
*May, 1926
T ons
692,000
270,000
149,000
210,000
l 54,000
393,000
Colorado .......... _ _ __
Kansas ........... _ _ _ _ _
Missouri....................................
New Mexico............................
Oklahoma.................................
Wyoming ..................................
Total.. ........................................ I ,868,ooo
*Estimated, United States Bureau of Mines.
April, 1926
Tons
806,000
319,000
189,000
222,000
179,000
472,000
May, 1925
Tons
604,000
250,000
183,000
177,000
165,000
375,000
2,187,000
1,754,000
During the first five months of this year production in the
six states amounted to II,617,000 tons, against 10,878,000
tons produced in the first five months of 1925, an increase
for this year of 739,000 tons, or 6.8 per cent.
Zinc and Lead Mining
Production of zinc and le.1.d ores in Missouri, Kansas and
Oklahoma decreased during May. Shipments also decreased
and the combined outgo for the week ending June 5 was the
smallest in both tonnage and value for any week in the current
year to that date. Prices of both ores continued at the low levels
for the year. The average for zinc ore was $45 per ton, though
it rose to $46 in the week ending June 5, this price comparing
with $48 .50 per ton in the corresponding week in 1925. Lead
ore sold at $90 per ton for three weeks ending June 5 and was
then $20 under the average for the corresponding week in 1925.
At the middle of June the price of lead ore turned upward to
$95 per ton. Shipments of zinc and lead ores during the fiveweek period ending June 5, compared with those for the preceding five weeks and the corresponding period last year,
follow:
ZINC
Tons
Oklahoma..........
43,994
Kansas ..
15,166
Missouri .................. _.............. 4,560
Value
$ 1,979,730
682,470
205,200
Tons
6,824
2,542.
324
5 wks. ended June 5, 1926.... 63,720
5 wks. ended May 1, 1926.... 79,893
5 wks. ended June 6, 1925.... 72,843
23 wks. ended June 5, 1926 ....369,196
f, 2,867,400
9,690
11,101
9,499
55, 2 85
55,IIS
2.3 wks. ended June 6, 1925_..343,798
3,738,800
3,525,321
18,328:768
17,785, 277
LEAD
Value
$ 623,159
23 2,355
29,642
$ 885,156
1,071,833
927, 135
5,928,630
6,414,583
SUPPLEMENT TO ·THE MONTHLY REVIEW
July 1, 1926
Business Conditions in the United States.
Production in basic industries and factory employment declined further in May while wholesale prices advanced slightly
for the first time in seven months. The volume of trade at
wholesale and at retail increased, partly as the result of more
favorable weather condition.
the average condition on that date for the past ten years,~ and
somewhat lower than the average condition a year ago. On
the basis of the June 1 condition the estimated yield of winter
wheat was 543,000,000 bushels, as compared with an estimate of
549,000,000 bushels made a month earlier, and a final yield of
398,000,000 bushels in 1925.
Production
Activity in most lines of industry was smaller in May than
in April. The reduction was reflected in a decreased volume of
output as well as in a decline in the number of factory workers
and in total wage payments. The largest declines occurred in
PER CEHT
PERCENT
150
150
50 f - - - - - ½ - - - - - - -- - - + - - - - - i f - - - -----l 50
FACTORY EMPLOYMENT
AND PAY ROLLS
O' -_ __.__ _ _-'-- ----------'-----' O
1922
1923
1924-
1925
192f
Trade
With more favorable weather in May than the preceding
month the volume of wholesale and retail trade increased
and was larger than in May of last year. Department store
sales exceeded those of earlier months of this year and total
sales for the first five months were larger than for the corresponding period of any preceding year.
Merchandise stocks carried by wholesale firms were slightly
smaller at the end of May than a month earlier. Stocks of
grocer'ies, hardwar'e and drugs were larger than a year ago,
but those of meats, dry goods, and shoes were smaller. Stocks
at department stores declined more than usual in May and
were only slightly larger at the end of the month than a year
ago. Railroad freight shipments increased, and in May and
in the first two weeks of June were above those of the same
weeks of previous years. Shipments of miscellaneous commodities
were especially large.
P£R
cur.
200
Federal Reserve Board's ind~es of factory employment and
payrolls. (1919=100.) Latest figures, May, employment, 94.8;
payrolls, 108.8.
the textile, leather and shoe, and iron and steel industries.
Production of automobiles continued large in May. In the lumber, cement, brick, and glass industries activity was maintained
and th~re were seasonal in!creases in the output of certain food
products. The volume of building contracts awarded declined
further in May but continued larger than in May of last year.
Figures for the first three weeks of June indicate further decreases, and the volume of contracts awarded was smaller in
that period than in the corresponding weeks of 1925. Recent
declines in contracts as compared with last year have been
particularly larg:e in Middle Western and Southeastern districts.
Reports by the Department of Agriculture indicate that the
composite condition of crops on June 1 was 8 per cent below
100 ----+-----+-------1----r----(~
1
I
50 f-----+-- - - - - t - - - - - ! - - - - + - - - - . 50
Index of United States Bureau of Labor statistics. (1913=100,
base adopted by Bureau.) Latest figure, May 151.7.
Prices
The general level of wholesale commodity prices, according
to the index of the bureau of labor statistics, rose slightly in
May for the first time since last August. Price advances were
shown both for agricultural and non-agricultural commodities.
Among the principal advances were those in the prices of gaso-
81UIOMS OF D01.1.ARS
I
10 r
8
B
6
4
in the volume of loans on securities by ew York City banks
since the beginning of the year has been more than offset in
the total of loans and investments of all reporting banks, by
increases in commercial loans and in investments of banks
both in New York City and outside.
At the reserve banks changes in the volume of credit outstanding during the month ending June 23 reflected chiefly the financial operations of the United States Treasury around the middle
of June. The temporary abundance of funds caused by the
redemption of maturing United States obligations on June I 5
caused a sharp .decline in borrowings of member banks, particularly in ew York City, as checks in payment of income
taxes were cleared and collected. However, borrowings at the
reserve banks rose to their previous level.
Money rates in general showed little change during the
month. Rates on call and time loans were slightly lower around
the middle of June, but in the third week were higher than in
the latter part of May. Rates on acceptances and on commercial paper remained practically unchanged.
----,
2 1--------1------1--- - - + - - ----+-- ---1 2
PERCENT
6
MEMBER BANK CREDIT
l'tR~HT
6
-
0
0
1922
1923
1924
1925
1926
5
5
4
4
fF Monthly average of weekly figures for banks in
101 leading
cities. Latest figures are averages for first 3 weekly reporting
dates in June.
3
3
'
line, livestock and meat, while prices of grains and cotton
declined. In the first three weeks of June prices of grains, live
stock, silk and non-ferrous metals advanced, while those of
s~gar, cotton, cotton goods, and pig iron declined.
Bank Credit
Growth in loans on securities and commercial loans carried
total loans and investments of reporting member banks in
leading cities in the middle of June to a new high point above
the total reached at the close of last year. The large reduction
t :
1-----+------,f----'';J_
V'_~_ _ _ _ _ _ _---i
2
2
MONEY RATES
-
Commercial Pu{>N
Rate
N. Y. R~rve Bank Di5COUnt Rafe
--- Acceptana Rafe
0
0
1922
1923
1924
1925
1926
,i\Teekly rates in New York money market: Commercial
paper rate on 4-6 months paper and acceptance rate on 90-day
p~~
I
@FedFRASER