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THE MONTHLY REVIEW
Covering ConditionJ in the 'Tenth Federal'R.tJerve 'DiJtriB
Federal Reserve Bank of Kansas City .
FoR THE INFORMATION OF MEMBER BANKS AND BusINESS INTERESTS OF THIS DISTRICT
As.A
VoL.
E.
Chairman Board of Directors
and Federal Reserve Agent
7 No. 7
KANSAS CITY, Mo., JuLY
The Situation at a Glance.
S<rATfSTfeA RECORD, TENTH FEDERAL
RESERVE DISTRICT, FIRST HALF OF 1922 COMPARED
WITH FIRST HALF OF 1921;
1 Building Permits, 20 cities, 15,759, estimated cost
$45,716,657;increase2322 permits and $13,793,310 cost.
Business FaUures 533, liabilities $12,508,998; increase
IIO failures, decrease $5,246,619 liabilities; half year
recprd lowest of ;ill Federal Reserve .. Districts; represents 3.9% of all failures and 3.3% of liabilities in the
.
United .. States,..
1 Coal .Production 12,075,000 net tons; average per
__ month prior .. to · strike 3,078,662 .tons, pending strike
946,000 tons; in 1920 mo~thly: average Was 3,479,000
HIGH POINTS IN
,r
,r
1
,r
1
,r
,r
f
,r
,r
t.
,r
1
,r
,r
C. K.
·
RAMS.A Y,
..tons., '_ .. ; ..-..
.
.-
Crude Oil Pro4uctian, 4. stat¢s, 96,300,000 barrels;
increase _ 12,363,000 barrels.
Corn Receipts, 4 markets, 35,281,700 bushels; increase
8,597,200 bushels.
Debits by Banks, 16 cities, (27 weeks) $6,236,479,000;
decrease $261,056,000.
Deposits 78 Banks $556,613,000; increase $75,690,000.
Flour Production (estimated 70% of District total)
9,264,228 barrels; increase 1,748,725 barrels.
Lead Ore Shipmen ts, Missouri, Kansas, Oklahoma,
44,819 tons; increase 12,191 tons; average price $66.26
per ton, increase $14.19 per ton.
Live. Stock Receipts, 6 markets: cattle 2,284,570,
increase 158,037; calves i57J3~, increase 4,7__,624., hogs
4,712,075, increase 153,681; sheep 2,786,093, decrease
247,028; horses and mules 44,918, increase 10,332.
Meat Packing, 6 centers; cattle 1,179,478, increase
2,078; calves 162,304, decrease 3,u8; hogs 3,744,278,
increase 27,037; sheep 1,587,573, decrease 462,482.
Oats Receipts, four markets, 8,603,700 . bushels; increase 1,683,100 bushels.
Wheat Receipts (full wheat year. ending June 30) 166,072,950 bushels; increase 23,734,350 bushels over year
endi~g June 30, 1921.
·
Zinc Ore Shipments 226,973 tons; increase 85,963 tons;
Average price $28.74 per ton; increase $5.18 per ton.
Crops, Estimate July I Corn 411_,597,500 bushels; decrease 38;3471000 bushels.
Wheat 230,000,000 bushels; decrease 28,000,000 bushels.
·
Cotton •"(Oklahoma) 885,000 bales; increase j55;000
bales.
27,
Bo.AllOMAN,
1922
Assistant Federal Reserve Agent
and Secretary .
THIS COPY .. ELBA.SEO l'Olt. PUB-
LICATION IN MOit.NiNO PA.PER.I
JULY 29
SURVEY based on well au. thenticated reports which
have appeared month by month in the Monthly Review
.
issued by the Federal Reserve Bank of Kansas City,
d1scl~ses that the first half of 192~, now passed, brought remarkable Improvement to the general situation throughout the United
St~t:s. And in no other geographical division of the country has
this Improvement been more pronounced, or has better progress
been .1:1ade towar~ a return to normal, healthy and prosperous
cond1t1ons, than m the great Southwest country whose basic
indu~tries of agriculture,. li_ve stock growing; pretroleum ,pr0duct1on, metal and coal mmmg, supply a very large proportion of
this nation's and the world's necessities. Evidences of changed
conditions that have come in the past six months are to be
seen everywhere at this tim_e when the country is entering upon
the second half of the year. The only unfavorable factors to
mar the situation, or possibly check th~ progress toward nation.al
prosperity, are the strikes of rail employees : and • coal miners
~hich, it is hoped, will soon be_adjusted satisfactorily fo~ all
1~terests.
The agricultural and live stock interests, which ·suffered tremendous losses -through the depreciation _of values of products
and animals in 1920 and 1921, are in a more favorable position
at this time than for many months. Farmers and breeders and
feeders have applied themselves energetically to the task of
paying off indebtedness incurred during the period of inflation
immediately following the War, denying themselves all
luxuries and many comforts until, with favorable prices and
another big crop in sight, they are reaping the reward of patient
forbearance and pluck, are buying again the things they need
and once more are piling up deposit accounts in the banks.
Along with the fine progress made by the agricultural and live
stock interests toward a return to highly prosperous conditions,
improvement has come to practically all lines of trade and industry. The mercantile reports are . a revelation of a healthy
revival of retail trade, while reports on manufacturing and distribution of goods and merchandise, implements, machinery and
equipments of all kinds show tremendously increased activity.
These interests have accepted losses due to depreciation of values
during the deflationary period, are · again doing business on
practically normal basis, and it is noted this District has suffered
fewer business failures and sustained smaller losses . by business
reverses than any other of the )'welve _Federal Reserve Districts.
A notable revival in the zinc and lead industry has conie in
the last six months with advanced prices of ores, while there has
been increased activity in metal mining in the Rocky Mountain
regions. The petroleum industry has made new high production
records, even to the point of exceeding consumptive demands.
It has been a six months' period of the greatest building activity known in many years, while highway construction and
public improvements are under way in city, town and country.
The industrial situation has vastly improved, the reports show·ing little unemployment anywhere, (excepting where ·affected
by strikes) and occasionally there are reports of labor shortage.
A
1
THE MONTHLY REVIEW
Trend of Deposits, and of Loans, Discounts and Investments in the Tenth Federal Reserve District
(Based on Weekly Reports of 78 Selected Member Banks to the Federal Reserve Bank of Kansas City)
J921
M ILUONS OF DOLLARS
bO0
MILLlnNS OF DOLLARS
W)O
1922
59 0
':9b
58 0
;,o
0
~,
' '
':70
......_
S6 0
550
51 0
53·-...
1-, ...
..
~
500
~
i,
i90
' /
\
'.n~ ,N.(:
~~
·
IJN\ ,.,~_(:, 'rrM~
...
-~
~-- \
......... ,,.
/
~~
\
I
"N~
I
I I
V .I/
'
"rt ~,,,
.
~I I/
,
7
I
/
i--
-Jlii..
410
-
All ~n
n ~-~r1 ru11 ~r.c;;,
\~
' ..,
48 0
·-
~ ~
\
52 0
510
~
1-,-
/
.....
69)
,.,,,0
'.:IP
;;oci
L.-
.
/
GROSS DEPOSITS I/
I\
,
\.
' ~-
460
.:~o
1
~80
/
i.1_70
/
4t,0
1
'150
50
.
~AA
44()
JAN
FEB MCH APR MA.'I JUNE JIJ.L Y AUC. SEPT OCT NOV DEC J/Vf FEB NICN A1'R MRY Jl.tNf JU.LY Rll§ SEPT OCT NO'I DEC
Financial
Moreover, the financial situation has undergone vast improvement. The banks are in stronger position than they have been
at any time since the outbreak of the War. Loans have been
reduced to normal volume, deposits are at the highest peak,
and with the Federal Reserve Bank a reservoir of credit, funds
are available to meet every agricultural, commercial or industrial demand of the Tenth Federal Reserve District without
the necessity of calling upon banks in any other part of the
country for the loan of a single dollar.
The "easy money" situation is reflected by the reports of 78
selected Member Banks to the Federal Reserve Bank of Kansas
City covering their principal resource and liability items. The
combined statement of the 78 Member Banks as of July 5 showed
gross deposits aggregating $556,613,000. This was the highest
peak of deposits since weekly reports to the Federal Reserve
Bank were started. It indicated an increase in four weeks of
$23,599,000, and also an increase of $75,690,000 over the gross
deposits at the first reporting date in January of this year. D emand deposits aggregated $436,586,000 or $26,038,000 more
than was reported four weeks previously, on June 7. Time deposits increased $1,488,000 in the four weeks to a total of $n5,.r 38,ooo, this amount being $9,819,000 above the total six months
ago. Government deposits decreased $3,927,000 in the four
weeks period, thus showing that the big increase in deposits in
the banks were those of individual depositors.
Investments reported by Member Banks continued their re?1arkable increase during June and by July 5 the aggregated
investments of 78 Member Banks was $135,810,000 or $12,520,000 more than on June 7 and $44,666,000 more than on January
4. Total loans and discounts of the 78 Mernb~.r B~nks on July 5
were $421,988,000 or $306,000 less than was reported four weeks .
previous to that date, though it indicated an increase of $9,637,- :
ooo over the lowest amount of loans reported this year, on J anu- \
ary 25. Reserve balances of Member Banks reporting aggregated $45,147,000, which was $5,753,000 below the high point
of the year, on June 21. ·
I.
2.
3.
4.
5.
6.
7.
8.
9.
IO.
CONDITION OF SELECTED MEMBER BANKS IN
TENTH FEDERAL RESERVE DISTRICT
July 5, 1922 June 7, 1922 ,
Loans and Discounts (exclusive of redis78 Banks •
79 Banks
counts:)
(a) Secured by U. S. Govt. obligations . . . '$ 10,354,000 $ 10,217,000 '
(b) Secured by stocks and bonds, other
than U. S. Bonds . .. . . . .. . .. .. . .. ...... .
64,467,000
65,255,000
(c) All other . .. . ...... . ....... . ... . .. .
346,822,000
347,167,000
I
Investments:
(a) U. S. Bonds .. . . . . ..... . . . . .. . . . . . .
53,010,000
50,442,000
(b) U.S. Victory Notes .... .. ... ... .. .. .
1,383,000
1,927,000 !
(c) U. S. Treasury Notes . .. . .. .... .... .
12,916,000
8,257,000
(d) U. S. Cert. of Indebt.... .. ...... . . . .
8,402,000
9,928,000
(e) Other Bonds, Stocks and Securities •. .
54,262,000 i
58,573,ooo
Total loans and discounts, and investm.ents.
557,798,000
545,584;000
Reserve balance with F. R. Bank .. .. .. . . .
45, 147,000
43,777,000
Cash in vault .. . . . . . .... .. . . . . .. .. .. . .. .
u,969,000
12,294;000
Net demand deposits on which reserve is
computed .. ....... ..... .. .. . .. . .... . .. .
410,548,000
436,586,000
Time Deposits .. . . . . ...... ... .. . . .. . .. . .
I I 5,138,000
u3,650,ooo
Government Deposits ......... . ..... . .. .
8,816,000
4,889,000
Bills payable with F. R. Bank secured by ·
(a) U. S. Govt. obligations ... .... ... ... .
562,000
522,000
None
(b) All other .............. : .... .... ... .
None
Bills rediscounted with F. R. Bank secured
by
(a) U, S. Govt. obligations . . . . . . . ... . .. .
102,000
88,ooo
(b) All other ....... .. ............... ...
2,6o8,ooo
3,523,000
Total (Items 3 to 10 inclusive). . . . . . . . . . . $1,174,750,~ $1,138,842,000
' Two reporting Membe, Bank, consolidated.
I
THE- MONTHLY REVIEW
SAVINGS DEPOSITS: Reports from a selected number of savings banks and the savings departments of commercial banks in
cities of this District show that savings deposits in banks increased steadily month by month during the first half of the year.
They also show considerable gain over deposits in banks last
year, notwithstanding the fact that a large amount of money
put to savings accounts while building costs were high has in
recent months been withdrawn for building purposes. The statement for July I shows an increase in savings deposits over June 1
of 1.7% . The July I report also shows an increase of 7.2% over
the total of savings deposits as of the corresponding date one year
ago.
DEPOSITS
Banks July 1, 1922 June 1, 1922 July 1, 1921
Denver ...
10
$47,271,920 $46,46o,269 $44,106,827
Kansas City, Kansas.....
4
2,198,556
2,206,329
2,301,959
Kansas City, Missouri . . . . . . . . 11
12,281,286 12,104,964 11,003,614
3
782,677
753,6o6
768,538
Lincoln. . . . . . . . . . . . . . . . . . . . .
Oklahoma . . . . .
8
6,012,409
5,936,816
5,442,073
5
6,099,149
6,120,389
6,409,625
Omaha . ... . . . . . . . . . . . . . . . . .
St. Joseph . . . . . . . . . . . . . . . . .
8
10,164,095
9,867,273
9,381,273
3
521,127
510,341
543,309
Topeka ....
.. ...........
6
2,013,172
1,931,305
1,568,476
Wichita ....
4
1,161,144
1,159,269
990,059
Outside ....... .. ........... .
Total. . . . . . . . . . . . . . . . . . . . .
Denver ..... ........ .
Kansas City, Kansas ... . ..... .
Kansas City, Missouri .
Lincoln .. ...... ...... .... .' ..
I Oklahoma City ....... . .. .... .
Omaha . ... . .... ....... . . . . . .
St. Joseph . .·....... .'.. . ..... .
, Topeka ..... .. ..... ... . . .... .
Wichita . . . .. . ... .. . . . ... ... .
Outside ...... . ........ ... . . :
I
Total ..... ..... .... .........
62
$88,505,535 $87,050,561
$82,515,753
ACCOUNTS
Banks July 1, 1922 June 1, 1922 July
9
80,502
78,704
4
8,335
8,267
12
98,489
96,265
3
3,874
3,945
8
14,833
14,877
5
33,827
33,431
7
23,429
23,387
3
3,608
3,564
6
16,367
16,213
3
3,04<t
2,993
6o
286,308
1, 1921
64,889
3,654
74,257
3,37°
13,573
28,737
23,018
3,187
11,497
2,130
228,312
BusINESS FAILURES: Returns for the first half of the current
year show a steady falling rate of business mortality, statistics
for June compiled by R. G. Dun & Company disclosing fewer
reverses in the United States than in any month since last October while June liabilities were smaller than those of all months
back to September.
Of particular interest i_~ the fact that for the half year the
Tenth Federal Reserve District reported the smallest number of
1
/ business failures and also the smallest amount of liabilities in/ volved in failures of any of the twelve Federal Reserve Districts
· in the United S~ates. The six months total for the Tenth Disi trict was 533 failures and $12,508,998 of liabilities, out of a total
of 13,384, failures and $373,694,338 of liabilities for all of the
f twelve Federal Reserve Districts.
· An analysis of the statistics shows that the failures in the
Tenth Federal Reserve · District represented only 3.9% of the
total failures in the United States, while the liabilities for this
District in the six months period represented only 3.3% of the
liabilities involved in all . failures in the United States.
While the Tenth or Kansas City Federal Reserve District
ranks first among the Federal Reserve Districts for the smallest
number of failures and the smallest amount of liabilities during
the six months period, it is noted that the Third or Philadelphia
District ranked next lowest in the number of failures and the
Ninth or Minneapolis District ranked next lowest in the amount
of liabilities involved in failures. It is further noted that the
Tenth or Kansas City District and the Eighth or St. Louis
District were the only two Districts out of the twelve which
showed decreases of liabilities involved in failures during the
first six months of 1922 as compared with the record for the cor•
responding period in I 92 I.
j
· · · · a.,. : · · ··• • ·
BUSINESS FAILURES BY FEDERAL RESERVE DISTRICTS
MONTH OF JUNE 1922 AND 1921
NUMBER
LIABILITIES
1922
1921
1922
1921
Districts
First (Boston) ........ ..
Second (New York) ......
Third (Philadelphia) . .. ..
Fourth (Clc-veland) .. ....
Fifth (Richmond) .......
Sixth (Atlanta) ..........
Seventh (Chicago) .. . ....
Eighth (St. Louis) ........
Ninth (Minneapolis) .....
TENTH (Kansas City) ..
Eleventh (Dallas) .. .....
Twelfth (San Fransisco) ..
Total, U.S., June .... . ..
FIRST
.
Districts
First (Boston) ....... ...
Second (New York) ......
Third (Philadelphia) .....
Fourth (Cleveland) .... . .
. Fifth (Richmond) .......
Sixth (Atlanta) ..........
Seventh (Chicago) . .. ....
Eighth (St. Louis) ... . ...
Ninth (Minneapolis) .....
TENTH (Kansas City) ..
Eleventh (Dallas) ...... .
Twelfth (San Fransicso) ..
Total, United States .. .. .
150
273
57
136
137
147
230
125
79
86
114
206
136
232
71
98
82
130
140
102
.JI
73
105
120
$ 4,888,902 $ 2,546,879
7,642,247
4,736,685
1,939,408
1,573,36o
3,52 1,377
4,744,487
2, 183,739
1,478,512
2,041,013
3,522,511
6,369,831
4,476,283
1,525, 233
1,974,278
1,3o7,894
454,553
2, 149,987
4,764,647
2,481,679
2,588,787
2,557,188
1,412,345
1,320
1,740
$38,242,450 $34,639,375
Six MONTHS OF 1922 AND 1921
NUMBER
LIABILITIES
1922
1921
1922
1921
1,133
788 $ 27,671,897 '$ 21,120,042
l I 9,669,662
1,582
2,319
94,514,228
11 ,999,93°
16,456,66o
547
435
1,144
683
24,746,098
24,123,094
1,115
21,251,938
17,447,582
744
28,286,640
1,364
·936
19,642,6o7
1,058
1,731
52,915,152
3 2, 11 3,455
16,715,574 35,593,7 1 3
681
879
257
13,581,946
5,229,867
583
12,508,998
423
17,755,6 17
533
886
1 5,5 25,93°
685
20,839,793
1,150
1 5,6o5,539
19,049,980
763
13,384
9,035
$373,694,338 $310,671,6o4
BANK DEBITS: Debits by banks to individual account in 29
cities of the Tenth Federal Reserve District during the fourweeks' period ending July 5 aggregated $1,071,475,000. A comparison of the volume of debits for the four-weeks' period with
the corresponding four weeks in 1921 is made on the reports of
16 cities which show a total of $991,147,000 for the four weeks
ending July 5 compared with $905,689,000 for the four weeks
ending July 6, 1921. These figures indicate an increase of 9.4 %
for this year in the volume of transactions.
Four Weeks Ending
July 5, 1922
Atchison, Kansas . . ... $
4,544,000
Bartlesville, Oklahoma
11,195,000
Casper, Wyoming ....
13,258,000
Cheyenne, Wyoming ..
7,012,000
Colorado Springs, Colo.
10,784,000
Denver, Colorado ... .
134,348,000
Enid, Oklahoma . .... .
10,864,000
Fremont, Nebraska . . .
3,o39,ooo
Grand Island, Neb .. . .
4,300,000
Grand Junction, Colo.
2,369,000
Guthrie, Oklahoma .. .
2,276,000
Hutchison, Kansas . .. .
11,259,000
Independence, Kans . .
9,652,000
Joplin, Mo....... .. . .
10,847,000
Kansas City;Kansas .
15,145,000
Kansas City, Mo... . .
288,36o,ooo
Lawrence, Kansas . .. .
4,095,000
McAlester, Okla•.....
3,294,000
Muskogee, Okla•.. .. .
22,204,000
Oklahoma City, Okla..
78,401,000
Okmulgee, Okla.. .. . .
8,037,000
179,95 1,000
Omaha, Nebraska .. . .
Parsons, Kansas . . . .. .
3,634,ooo
Pittsburg, Kansas ... .
4,251,000
Pueblo, Colorado .. .. .
14,098,000
St. Joseph, Missouri . .
47,101,000
12 ,753,000
Topeka, Kansas .... . .
Tulsa, Oklahoma .... .
l 10,573,000
Wichita, Kansas . .... .
43,831,000
Four Weeks Ending % Inc•
July 6, 192I
or Dec.
'/, 4,593,000
- I.I
8,247,000
+35.7
.......... .
10,017,000
-30.0
10,236,000
5.4
130,576,000
2.8
. ........ .
..... .... .
+
+
..........
..........
..........
. ...... ...
. ..... ....
7,826,000
13,991,000
265,605,000
... ... .. ..
+38.6
+ 8.2
+ 8.6
... .......
76,824,000
+51.6
+ 2.I
162,221,000
+10.9
14,649,000
.... ... ...
. ........ .
..........
12,414,000
57, 154,000
14,053,000
78,388,000
38,895,000
+13.6
-17.6
-9.3
+41.1
+12.7
Total, (29) . . . . $1,071,475,000
(16)
'$905,689,000
•+ 9.4
•-Percentage computed on reports of sixteen Clearing Houses reporting for
both years.
THE MONTHLY REVIEW
4
Mercantile
Distribution of merchandise by wholesalers to retailers
throughout the District during the month of June showed a
decided increase in most lines over May and also over the corresponding period last year. A summary of sales fo~ June, 1~22,
compared to May, 1922, and also to June, 1921, 1s here given
for seven principal lines:
No. of
Stores
Dry Goods .. .. .. . . . .
Groceries ... .. .. ... . .
Hardware . . . .... . . . .
Implements . ... . ... . .
Furniture ... . . ... . .. .
Millinery .. .... . . . .. .
Drugs ..... .. . . . .... .
6
u
13
3
7
6
5
June, 1922
compared with
May, 1922
+16.0
9.4
6.o
+
+
-'.2.9.4
-
June, 1922
compared with
June ,1921
2.9
+
+ 5.9
+ 5.9
1
6.9
9•4
+ 5.6
-
2.0
Improved conditions on account of the satisfactory harvest
and favorable markets for live stock and farm products is largely
responsible for a decided increase in the dry goods trade rep~rted
for the month of June over May. The June sales were also slightly larger in volume than sales for the corresponding month in
1921. Stocks of merchandise in retail stores are lower than at
this time last year and prices for both cotton and woolen goods
are stronger than at this time last year on account of the strength
of the market for both cotton and wool. In the dry goods business,
as in the millinery business, there are two market seasons every
year, viz., July and August and Februa~y ~nd March, when
wholesalers put all articles on display and mv1te country buyers
to come in and inspect them. The display in July and August of
last year came at a time when market prices for farm products
slumped and, as a result, few buyers attended. This year, however salesmen are brin~ing reports to the wholesalers in the
citie~ to th~ effect that the attendance this year promises to be
much larger than last year. The millinery trade was quiet
during June but the volume of business slightly exceeded that of
a year ago.
Wholesale dealers in furniture report continued heavy increase
in their business during the season. While the June sales were
6.9% below those of May, the volu~e of business showed an
increase of 12.9% over the total sales m June ,1921.
Hardware sales by wholesalers during the month of June were
6% larger in volume than in May and I 5.9% larger than in the
corresponding month last year, with values on an average of
25% below last year. The ~rade throughout _the entire territory
is reported as very much stimulated and retail dealers are carrying larger stocks than last year.
Sales of groceries also showed increase in both money volume
and tonnage over preceding months this year and the corres-
ponding month last year. Stocks of retailers are reported as normal for this season and deliveries are up to all reasonable demands.
Sugar has been advancing and ·is now ruling at higher price than
a year ago. Other staples are practically stationary with some
lines lower in price than a year ago.
Wholesalers of drugs showed a decided increase in their business during June as compared with previous months of the year,
but the volume of sales fell sljghtly below that of a year ago.
There is reported a decided improvement in general stocks in
the hands of retailers and a tendency toward freer purchases.
Prices are now firm with a slight upward tendency in some heavy
commodities, and it is reported that for the first time in many
months the items of merchandise advancing largely outnumber
those declining.
Sales of farm implements and machinery are showing very
decided increase in volume over last year's sales, though at this
busy harvest season the trade is not up to what it was in May.
RETAIL: Retail trade in cities of the District, as reflected by
the reports of 17 department stores for the six months period,
January I to July 1, average~ for ~11 _stores repor~ing ~-I % below
. sales during the corresponding six mont~s period m 1921, as
measured by money value of goods. Durmg Ju'!1e sales for the
17 stores reporting averaged 2.7% below June of last year. However the volume of sales in units of merchandise passed over the
coUZ:ters to customers was larger for this month and the halfyear period than last year, due to price differences. Stocks on
hand showed an increase for all stores of 3. 2 % over the corresponding month last year. Sales by retailers in smaller country
stores are gc::nerally reported better than at this season last year
due to increased purchasing power of farmers, thou~h in some
sections trade has been adversely affected by the stnke of coal
miners.
COLLECTIONS: A gain in the percentage of collections in June
of around 10% over those of June, 1921, is reported by wholesalers based on their outstandings at the same time for both
years. This improvement. a}so applies to collections by reta!l
merchants in the smaller c1t1es and country towns, and 1s attributed to improved conditions of the agricultural and live stock
industries. In a few sections, however, collections have slumped
on account of the industrial situation. Department store reports show collections during June on the amount of outstanding
accounts on the first day of the month average 44% for all stores
.
reporting as compared with ~-2% one year ago.
WHOLESALE PRICES: The mdex number of wholesale prices
in the UNITED STATES compiled qy the Federal Reserve
Board fo~ the purpose of international comparisons shows that
prices during June increased 4 points, ?r 2.5% as compared
with May. Imported goods advanced 4 pomts to 123, and domestic goods increased 4 points to 159. Raw materials rose 5 point8
'
CONDITION OF RETAIL TRADE IN THE TENllI FEDERAL RESERVE DISTRICT FOR MONTH OF JUNE, 1922
Based upon r~orls f-rom 17 departm,n/ stores.
Kansas City
(J)
Percentage of increase (or decrease) of net sales during June, 1922, over net sales during
same month last year ........... , ........... ............. ............. .
Percentage of increase (or decrease) of net sales from Jan. 1, 1922 to June 30, 1922,
over net sales during same period last year .............................. .
Percentage increase (or decrease) of stock at close of June, 1922, over stock at close of
same month last year ................................................. .
Percentage increase (or decrease) of stocks at close of June, 1922, over stocks at close
of May, 1922 • ...•.... ... ....... ·.......•....... .. ............. .. ... ...
Percentage of average stocks (selling price) at close of each month t~is se~son (co_mmcncing with January 1) to average monthly net sales, (selhng price) durmg
the same period ................................... ................... .
Percentage of outstanding orders (cost) at close of June, 1922, to tot:il purchases (cost)
during the calendar year, 1921 .•.......................................•
Percentage of collections during the month of June, 1922, on amount of outstanding
accounts on May 31, -1922 .•.•.•........................................
Percentage of collections for same period last year . ...... . . . ... ... . ... .. . .... . .. .
-
6.1
-
II.I
+1.6
-
+o.8
-16.5
Outside
Denver
(J)
6.2
(II)
-
1.S
-
8.4
+5.2
+3.4
-
p.
-
4.7
470.1
526.7
561.3
6.6
13.0
7-9
51.1
'38.3
37.8
4o.5
51.0
41.2
District
(17)
5
THE MONTHLY REVIEW
Producers' Goods 4 points, and Consumers' Goods .o4- points. The
index numbers of wholesale prices in the United States follow,
(average price for 1913,-100)
Goods Goods Goods Raw
ProCon- ALL
pro- import- export- mater- ducers' sumers'
duced
ed
ials
goods goods
cd
wheat market prevailing during harvest time to July 15. The
demand was particularly strong for 6o-day maturity paper. The
aggregate of acceptances held by dealers in Kansas City July 15
was $4,907,131, based on wheat and flour.
Agriculture
1921
June ...... ............
July .................
August ...............
September ....•.......
October .•.....•......
November .....•......
December ............
1922
January ..... .........
February ...........
March ..........•....
April. .........•......
May .................
June
...............
140
143
144
144
143
142
140
139
141
144
146
155
159
102
103
104
I06
107
IOS
III
126
126
127
149
146
143
133
134
133
138
140
141
140
IIO
139
142
144
144
1 55
165
145
147
150
164
169
IIO
III
115
119
123
141
140
136
133
133
132
128
127
127
127
126
129
137
141
141
154
162
167
162
158
157
153
142
145
146
146
145
145
142
157
156
160
142
146
147
149
158
164
162
150
1 55
The index number is compiled from 100 wholesale price quotations for representative commodities taken in leading United
States markets. In most cases weekly quotations are averaged to obtain monthly figures, and these in turn are weighted
according to the importance of the commodity before the index
number is constructed. Part of the quotations used are furnished
by the Bureau of Labor Statistics, the rest are compiled from
trade journals and private firms of recognized authority.
Industrial
The unemployed in the interior cities throughout the District
have been gradually absorbed by harvest and threshing demands
and in many communities an actual shortage of labor is reported.
In the larger cities the situation is decribed in July as being very
much improved and it is becoming increasingly difficult to find
competent men for jobs. In the last three weeks of June calls
for men to fill positions came faster than men could be supplied.
The calls have been for various lines of help and not confined to
any one or two vocatio_ns as is usually the case.
A survey of 31 I industrial plants1n I I cities of t~e District
sho'ws the number of men employed July I was 35 less than the
number employed June 1, while the total of employees in industrial plants on July I was 92.8% of normal. The showing made
, by the various cities, with the number of plants and the number
of employees July 1, June I and normal employment, follows:
Plants
Atchison ...........................
4
Kansas City ......•.................
76
26
Hutchinson .........................
Leavenworth ........................
3
Lincoln .............................
32
Omaha ........•.................... 112
Parsons ............................
5
Pittsburg .............••.........•.•
14
St. Joseph ............•.............
23
Topeka ..............•..•.........•
9
Wichita ............................
7
July I
239
9,202
676
Total, 11 cities .......••.............
27,269
3II
369
1,203
10,524
201
51 5
2,966
75 1
623
June I
2 37
9,516
7o4
327
1,180
10,439
215
468
2,943
697
Normal
231
10,430
1,009
485
1,477
10,867
168
573
578
2,922
583
636
27,304
29,381
The reports contained in the preceding table do not include the
railroad shops where men are on a strike. It was noted in some
of the reports that operations of some of the industries were
affected by the strike, hence the slight decrease.
Acceptances
While the demand for bills in the Kansas City territory is
strong, dealers report the supply very scarce, due to the stagnant
CoRN: The first official information on the acreage planted
the condition and the prospective yield was contained in the Jul;
report of the Department of Agriculture based upon the returns
from crop estimators in all states. The area planted to corn in
the Tenth Federal Reserve District last spring was approximately 18,504,100 acres, an increase of 676,700 acres over the area
planted last year. The condition as of July I, however, was down
to an average of 86%, or nearly 5% below the average condition
on the corresponding date in 1921. This accounts for the fact
that, even with an increased acreage, this year's corn crop in
the Tenth District is estimated by the Government at 4II,597,500
bushels or 38,316,500 bushels less than the official total of corn
in the District last year. This year's acreage and estimated yield
of corn in the states and parts of states which are in the Tenth
Federal Reserve District, with the acreage and official yield for
1ast year for comparison, are shown in the following:
Acres Planted
1922
1921
Colorado ........
Kansas ... . ......
Mo.(19 counties).
Nebraska .......
N.M .(10 counties)
Oklahoma .......
Wyoming ........
1,135,000
5,291,000
1,328,600
7,419,000
159,500
3,108,000
63,000
1,102,000
4,6o1,ooo
1,426,800
7,4 19,000
145,600
3,077,000
56,000
Total, 10th Dist 18,504,100 17,827,400
Total, U.S ...... 103,234,000 103,848,000
Yield in Bushels
Est. July 1,
Final Est.
1922
1921
23,495,000
15,979,000
94,418,000
102,142,000
35,686,000
4 2,794,000
200,313,000
207,732,000
3,140,000
3,93 1,500
r1.,214,ooo
76,925,000
1,540,000
1,202,000
411,597,000
2,860,245,000
449,9 1 4,000
3,081,372,000
The reports all indicate that corn made rapid growth during
the month of June. In many sections, however, mositure was
needed early in June when the heavy rains came to help the crop,
although great damage from floods and soil washings resulted.
The Kansas July report said the crop was about ten days to two
weeks below normal in development but has a generally good
stand. Another report said the rains are minimizing the damage
by chinch bugs which are most numerous in the southeastern
part of the state. Missouri's corn promises well except in late
planted and spotted fields. Corn is exceptionally good in the
northwest part of the state. In Oklahoma the condition is reported generally good with no chinch bug damage of any importance. Nebraska, the banner corn state of the District, has
been greatly benefitted by recent rains and the reports say that
corn has made excellent growth and is in very good condition.
WINTER WHEAT: With the harvest almost complet~d except
in the mountain regions reports generally indicate a total yield
of winter wheat of between 225,000,000 bushels and 230,000,000
bushels in the Tenth Federal Reserve District, compared with
258,286,000 bushels produced in 1921. For the entire country
the July I report of the Department of Agriculture showed
an estimated decline in the total yield for the United States lbf
37,000,000 bushels from the forecast of 607,333,000 bushels
announced one month previous. The loss was entirely in winter
wheat production, the figures indicating that the greater part of
the loss was in the Tenth Federal Reserve District and resulted
from premature ripening and shriveling of the grain during the
recent dry weather.
6
THE MONTHLY REVIEW
The reports from Kansas, which last year produced 21.9%
of all winter wheat grown in the United States, indicate that there
was a decided slump in the estimated yield between June I and
July I. The total production this year, based on conditions
July I, was estimated at 109,447,000 bushels, which is 19,117,000
bushels ·below the total of 1921. The reports from that state of
the Federal Crop Statistician and the Secretary of the State
Board of Agriculture agree that threshing returns indicate yields
were somewhat under previous estimates with considerable shriveled grain resulting from the extreme heat.
In Nebraska the government estimate of July 1 calls for a
total of 50,651,000 bushels, which is 4,333,000 bushels below the
estimate one month previous and 6,908,000 bushels less than was
. produced in 1921. However, threshing returns from Nebraska
are meagre. The harvest at the time the last estimate was made
was in full swing throughout the state. The crop is reported to
be spotted, in some localities adjacent fields varying from poor
to good.
The Department of Agriculture placed the total estimated
production of winter wheat in Oklahoma as of July 1 ·~t 30,163,000
bushels, showing a decline of 1,885,000 bushels from June 1, and
17,162,000 bushels below the total production of last year.
Missouri winter wheat showed generally good condition on
July 1 and indications pointed to a yield in the 19 western counties which belong to the Tenth Federal Reserve District of 10,500,000 bushels, compared with 6,800,000 bushels produced last
year.
Colorado is scheduled, according to reports, to produce 2.2,053,000 bushels of winter wheat this year, which is 5,901,000
bushels more than produced last year. Wyoming's production of
winter wheat is estimated at 765,000 bushels above the total
of 3,424,000 bushels produced last year, while New Mexico
reported the crop as about the same in quantity as in 1921.
The harvesting of winter wheat progressed very rapidly up to
July 1 but, due to the too rapid ripening of wheat in sections of
the Great Plains, it was difficult to obtain sufficient labor for the
harvest and since that time reports from many sections have
indicated that there is a great shortage of harvest labor and considerable losses due to over-ripe and shattering grain.
OATS: The Kansas report says that oats have declined 9,000,000 bushels in prospect since June 1. The June heat ripened
oats prematurely and also materially lowered what was considered
a splendid outlook in north central Kansas, in the Solomon and
Republican Valley. The forecast for· the state is about 9,000,000
bushels below last year's production. In Missouri the condition
of oats on July I was reported as the poorest in several years, the
condition of 50% indicating 17 bushels per acre. In Oklahoma
the crop has been harvested and is being threshed. While the
condition at the time of harvest of 66% was above that at the
corresponding date in 1921, it is below the IO-year average and
is as a whole very disappointing. A considerable acreage was
abandoned and much that was too light for threshing was cut
for hay. In Nebraska early oats suffered severe damage in the
southern half of the state and the July condition of 62% indicated
a production of 55,956,000 bushels against the final estimate of
70,054,000 bushels.
CorroN: The Oklahoma report on cotton shows a total of
2,840,000 acres planted, an increase of .12 % over the acreage
planted in 1921. The condition on July 1 was reported at 76%
with a total estimated production of 885,000 bales of 500 pounds.
The condition of cotton indicated an improvement over conditions
in May_and was a shade better than a year ago. The report says:
"The best reports of conditions are from regions of least
weevil infestations and where rainfall during May was not repeatedly excessive. Planting continued into early June, making
fully one-half of the crop late planted. Practically all counties
that were weevil infested last year are again stricken this season
and several weeks earlier. In instances, fields show as high as
90% of early squares punctured and blooms are late with compaF,a tively few in evidence. There are portions of every county
apparently not infested s6 far, due in all probability to the fact
that fields were cleaned up early last fall. Most of the infested
counties are actively combating the weevil with poison, log-drag
and oil-catchers, even to the extent of paying one-half to one
cent for a11 live weevils brought in. In a number of counties,
notably Hughes, McCurtain, Cole, Johnson, Marshall and Pontotoc, a decrease in the number of weevils after the first appearance is reported."
SUGAR BEETS: Reports from the sugar beet sections of Northern Colorado, Wyoming and Nebraska tell of injury to growing
~eets, due to a shortage of irrigation water. The reports say tha.t
growers who prepared tl~eir soil and did their planting in time to
catch the beneficial snowstorm of April 14 have their crops beyond danger. Beet acreage contracted by the Great Western
Sugar Company for the present season is 77% of the acreage of
1920, which was the most successful year in the history of the
company. The acreage in ten districts of Colorado is placed at
122,81 o, while in Nebraska the total was reported at 58,596
acres.
PoTATOES: The Irish potato crop in Nebraska is reported
generally very good and ,with largely increased acreage, due to
the expansion of commercial potato growing in the new Kearney
District, and reports indicate a very large yield. In the Kaw
Valley of Kansas, where 17,500 acres were planted to potatoes
as compared to 16,000 last year, the crop was severely damaged
by the June heat wave and production this year will fall below
last year's production in spite of the increased acreage. Heavy
flood damage in parts of the Kaw Valley in the second week of
July further reduced the output of late potatoes. Shipments
started earlier this year than last. In Oklahoma the commercial crop of Irish potatoes has been harvested and marketed
and shipments greatly exceeded those of last year. In the mountain sections it is reported that the largely increased acreage is
likely to be partly offset by poor seed and dry weather. The Colorado report says the potato acreage is the largest in the history of
that state, with an estimated crop of 18,705,000 bushels, or 7,635,000 bushels more than the yield in 192.1.
'
~ ,
: I
.,.
l
'·
;
; \. f
,,:
•
~•
I I( , ,., ,
1.-
I I •
i
t{
-
,
J ~•
1
t
1
1
1
l
CoMBATTING GRAIN INSECT PESTS: With the near approach
of the season for preparation of soil for wheat sowing for next
year's crop, it is noted that farmers throughout the sections of
the Tenth District heretofore infested by the Hessian Fly are
generally preparing to observe the regulations put forth by the
entomologists of the Agricultural Colleges of their respective
states. Last year a vigorous campaign was made in Missouri,
Kansas, Nebraska and Oklahoma in which bankers and business
men co-operated with the wheat growers to put into practical
operation the various remedies proposed by the scientists i_n the
hope of exterminating the Hessian Fly. While the official returns from all states are not complete, the reports thus far received indicate that very few farmers failed to heed the Fly Free
dates in sowing wheat last Autumn.
The entomolbgist's report for the College of Agriculture, University of Missouri, shows that on 68,096 farms in 62 counties,
representing 60% of the wheat, rye and barley farms of the state,
the farmers waited as they were urged to do until the prescribed
:
7
THE MONTHLY REVIEW
below the receipts in June, 1921. However, the wheat year
1921-1922 ended June 30 with receipts of wheat aggregating
166,072,950 bushels at these four western markets, an increase
of 23,734,350 bushels over the receipts for the previous 19201921 wheat year. This increase, .amounting to 16.7%, reflects
something of the activities of farmers in disposing of their wheat
under the more favorable market prices of recent months. It is
conceded that at this time, when the new 1922 wheat is beginning to move into market channels, stocks of old wheat on farms
in the Southwest have been reduced to a smaller than normal
volume for July.
Fly Free dates before sowing their wheat. Assuming that in the
remaining counties of the state the grain farmers did as well, it
would be safe to say that between 95% and 98% of all the wheat
for harvest in 1922 was planted after October 1, 1921.
In view of the beneficial results obtained by following the admonitions of the grain experts, the campaign is to be continued
this year in the hope of completely destroying whatever Hessian
Fly remain and preventing the possible return of these destructive pests.
Evidences of damage to crops by Chinch Bugs in various parts
of the District are contained in the July reports, and it is believed that the good work started in January, 1921, to exterminate this pest by destroying their breeding places by burning
all. wastage on farms will be carried on during the coming winter
with renewed energy.
Receipts of corn in June at the four markets, totaling 5,342,800
bushels, were 974,200 bushels below May receipts and 733,350
bushels above the total for the corresponding month in 1921.
June arrivals of oats were 1,631,500 bushels, a gain of 5,000
bushels over May and a gain of 375,500 bushels over June, 1921.
There was a falling off in rye receipts from the May record, although the June total of 63,000 bushels was 20,800 bushels more
than in June, 1921. The market supply of both barley and kafir
in June was larger than in May, but fell below the supply in the
corresponding month last year.
Reports from cotton belt sections of Oklahoma affected by the
boll weevil would indicate a general co-operation in the work of
destroying the weevil, and the use of preventive remedies to
·minimize the damage to this year's crop.
Bankers, merchants, grain dealers, millers and men engaged in
all lines of activity throughout the agricultural n;gions have
awakened to a realization of the necessity of helping along movements to destroy all crop pests, as well as in the marketing of
crops and in improving the quality of grain produced.
FLOUR MILLING: Southwestern mills manufactured 1,535,506
barrels of flour in June, compared with 1t557,034 barrels in May
and 1,425,681 barrels in June, 1921, according to the Northwestern Miller's reports. These figures indicate a decrease for the
month of 21,528 barrels from the May output and an increase of
109,825 barrels over June output last year.
FRUIT: The fruit crop in this District is the best for several
years and is bringing very large revenue to growers. The strawberry crop, already marketed, was very large, while marketings
of other small fruits to this date have been well above the average. Peaches are now being shipped from the southern sections
and early apples are beginning to move from Oklahoma and the
Ozark regions. The July 1 condition of fruit was reported as
follows:
Flour production at the Southwestern mills in the first half of
the current year totaled 9,264,228 barrels, an increase of 1,748,725 barrels or 23.3% over the· total production in the first half
of 1921.
The mills reporting include those at Kansas City, Wichita,
Salina, St.Joseph, Omaha and interior points in Missouri, Kansas,
Nebraska and Oklahoma, representing approximately 70% of
the entire flour production in the four states.
Missouri: blackberries, 77%; peaches, 86%; pears, 67%;
apples 76%; grapes 93%.
Oklahoma: apples, 70%; peaches, 73%; grapes, 88%; pears,
62%; blackberries, 86%.
Kansas: apples, 76%; peaches, 87%; grapes, 83%; pears, 70%.
ebraska: peaches, 90% ; grapes, 83%; pears, 85%; blackberries and raspberries~ 80%.
Colorado's estimate as of July 1 placed the yield of fruit in
that state for the season as 4,091,000 bushels of apples, 910,000
bushels of peaches and 402,000 bushels of pears.
New Mexico's peach crop is estimated at 88,ooo bushels against
8,000 bushels last year. Pears 44,000 bushels against 24,000
bushels. The apple crop is placed at 914,coo bushels.
MovEMENTS: Receipts of wheat at Kansas City, St.
Joseph, Omaha and Wichita in June aggregated 8,013,800 bushels,
1,522,400 bushels less than May receipts and 2,978,500 bushels
Separate figures on production for some of these cities for the
six months period this and last year are not available for comparison, since in the past their milling returns have been consolidated
and reported as a group of Southwestern mills.
The per cent of flour output to milling capacity in the six
months' period is given as follows:
6 Mos. 1922
Kansas City Mills. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77-I %
Outside Mills.................................... 56.2%
All reporting mills................................
6 Mos. 19u
62,7%
50.1%
60.2%
GRAl
Shipments of flour from Kansas City in June were 466,550
barrels against 339,950 barrels in June last year.
RECEIPTS OF GRAIN AT FOUR WESTERN MARKETS
Wheat
Kansas City .. ....... ... ................................... .
5,443,200
669,200
Omaha .................................................... .
St. Joseph ................... . ............................. .
474,6oo
1,426,800
Wichita ................................................... .
Total, June, 1922 ..............................• ; •...
Total, June, 1921 ..............•........ ,· ........... .
Total, First Half, 1922 ...........•...............•.•.
Total, First Half, 1921. ...........•....•.......•.•...
_8,013,800
10,992,300
51 ,945,750
67,3o7,95o
DURING JUNE A D FIRST HALF OF 1922.
Corn
Oats
Rye
Barley
1,902,500
2,298,800
1,039,500
102,000
518,500
946,000
158,000
9,000
15,400
47,600
5,342,800
4,6o9,450
35,281,700
26,684,500
1,631,500
1,256,000
8,6o3,700
6,920,6oo
63,000
42,200
967,6oo
542,400
Kafir
144,000
35,200
22,750
1,200
212,300
203,150
284,500
1,150,750
1,573,850
236,6oo
661,000
2,22 9,500
3,420,200
1,500
22,800
8
THE MONTHLY REVIEW
Live Stock
Meat · animals moving from farms and ranges to the six principal western markets in the first six months of 1922 numbered
10,040,047 against 9,680,705 in the first six months of 1921.
Receipts of cattle, totaling 2,284,570, showed an increase of
I 58,037, while 257,309 calves received represented an increase of
47,624. Receipts of hogs were 4,712,075, increase I 53,681. Sheep
receipts fell off 247,028 to a total of 2,786,093 for the half year
period.
Receipts of horses in the six months' period were 44,918 compared with 34,586 in the first half of 1921, an increase for this
year of 10,332, or 29.9%. June receipts of horses totaling 4,03 I
were 426 less than the total for May and 910 more than the total
for June of last year.
June receipts of cattle, totaling 373,235, showed a falling off
of 77,381 from the May total but were 17,414 more than in June
oflast year. June receipts of calves were 49,618, an increase over
both May of this year and June of last year. Receipts of 964,084
hogs in June were the largest of any month of this year, an increase of 78,192 over May receipts and 165,057 over the receipts
in June last year. Receipts of sheep for the month were 341,336
or 89,775 below May receipts and 31,968 below the receipts for
the corresponding month last year.
A heavy movement of grass cattle from the ranges and pastures of the Southwest was under way the latter part of July,
bringing the largest receipts of the season for this class of cattle.
Fine heavy steers sold up to f,9.65 in June and made further
advances to $10.00 and above in the early part of July. Fed
grass cattle sold up to f,8.75 and straight grassers up to $8.25.
Top prices of hogs in June were $10.75 ;sheep, '/,11.00, and lambs
1>15.00.
STOCKER AND FEEDER MovEMENTS: Shipments to the country
of stockers and feeders in June totaled 96,048 cattle, 4,822 calves,
and 19,098 hogs. These totals were below the total countryward
movement in May but 17% to 20% above the total of one year
ago. Sheep, however, moved to the country from the yards in
larger numbers than in either of the previous months under review, the total being 59,524, an increase of 7,769 over May and
an increas:e of 19,227 over June of last year.
SHEEP AND WooL: Sheep growers in the mountain regions are
contracting their wool this season at advanced prices. In the
spring of 1921 the better grades of wool brought an average of I IC
a pound. This year, according to reports, similar grades have
been selling up to 40c a pound. Some large sales have been reported from Wyoming within the last month. Three separate
lots aggregating clcse to 1 ,cco,cco pounds were reported as sell-
RECEIPTS OF LIVE STOCK AT SIX MARKETS FOR JUNE
AND THE FIRST SIX MONTHS OF 1922
Kansas City .......•.
Omaha ..............
St. Joseph ..........•
Denver .............•
Oklahoma City .....•.
Wichita .............
Cattle
Calves
Hogs
Sheep
135,289
132,400.
32,013
43,918
18,337
n,276
29,690
6,816
4,768
3,215
3,190
1,939
279,119
318,002
217,136
37,9 11
50,185
61,731
128,629
141,140
49,718
16,629
768
4,452
49,618
964,084
341,336
Total, June, 1922 .....
373,235
Total, six months, 1922 2,284,570
Total, J unc, 1921 .....
355,821
Total, six months, 1921 2,126,533
257,309 4,712,075 2,786,093
40,375
373,3o4
799,027
209,685 4,558,394 3,033,121
Horses
Mules
988
309
31 5
1,375
1'23
921
4,031
44,918
3,121
34,586
PURCHASES OF LIVE STOCK BY PACKERS AT SIX MARKETS
FOR JUNE AND THE FIRST SIX MONTHS OF 1922
Cattle
Calves
Hogs
Sheep
Kansas City .................. .
75,669
22,569
236,785
90,190
Omaha . ...................... .
103,630
90,6o4
3,317
263,366
St. Joseph .................... .
24,082
4,359
176,464
44,888
Denver ....................... .
6,4'21
9,881
1,525
36,623
Oklahoma City ................ .
11,345
1,909
47,96o
375
Wichita ...................... .
2,196
3,891
1,455
57,653
Total, June, 1922 ............ . ..
215,472
Total, Six Months, 1922 ......... 1,179,478
Total, June, 1921 ..... . .........
207,254
Total, Six Months, 1921 ......... 1,177,400
818,851
247,700
35,134
162,304 3,744, 278 1,587,573
694,876
33,509
295,933
165,422 3,717,241 2,050,055
ing in June at 38,½c per pound. A large percent of the mountain
wool has been pooled and held in storage · by associations.
It is reported that a large number of lambs are being moved
direct to feed lots and on this account commission firms are estimating that the fall supply of fat lambs will be b~low normal.
INCREASED PIG CROP: A net increase of 14.5% in the number of
pigs produced in the Corn Belt states during the first half of 1922,
compared with the first half of 1921, is indicated by a special survey recently completed by the United States Department of
Agriculture. The report of the department suggests that this
increase may overcome the present shortage in meat stocks.
For the leading hog producing states of the Tenth Federal
Reserve District the percentage of increase in number of litters
of pigs for the first half of 1922 compared with the first half of
1921 was: Kansas, 39.8%; Nebraska, 26.5%; Missouri, 25%.
The percentage of increase in the number of pigs saved for the
first half of 1922 compared with the first half of 1921 for these
three states was: Kansas, 23.1%; Nebraska, 21%; Missouri,
13.3% . These figures indicate that Kansas and Nebraska exceeded the average of 14.5% increase for the eleven big corn
states of the Union.
The survey is based upon schedules received from farmers in
the Corn Belt States which produced about 70% of the pigs o(
the United States. It is the first of its kind ever attempted and
therefore comparisons with earlier years are not available.
MEAT PACKING: Reports from live stock markets at Kansas
City, Omaha, St. Joseph, Denver, Oklahoma City and Wichita
indicate a larger volume of cattle, calves and hogs purchased for
slaughter by packers in June than in the corresponding month
}ast year. On account of the short supply of sheep, however, the
packers' purchases for June were below those of a year ago. The
record for the first half of 1922, as indicated by purchases at the
six market centers, indicates a slaughter of 1,179,478 cattle,
162,304 calves, 3,744,278 hogs and 1,587,573 sheep, an increase
over the first half of 1921 of 2,078 cattle and 27,037 hogs and a
decrease of 3,u8 calves and 462,482 sheep.
Stocks of provisions (meats) in Kansas City on June 30 were
51,383,200 pounds, compared with 42,569,600 pounds on May 31
and 63,908,400 pounds on June 30, 1921.
The meat trade, since the beginning of May, has shown increased activity. It is now reported that meats and animal products are moving to foreign ports in larger volume than for some
months past. The domestic trade has improved perceptibly,
though with a larger proportion of consumers showing a preference for the less expensive cuts of meat.
THE MONTHLY
Mining
CoAL: Production of soft coal in the states of the Tenth Federal Reserve District during the first six months of 1922 aggregated
12,075,(X)O net tons. Average production for the months of January, February and March, up to the time of the strike of coal
miners, was on an average of 3,078,666 tons per month. During
April, May and June, with the strike pending, production was cut
down to an average of 946,000 net tons per month. This brought
the average production for the first half of the year to 2,013,000
net tons per month, compared to a monthly average of 3,479,000
net tons in the year 1920, which is regarded as a year of normal
coal mining activity.
The table on production by months shows that since the strike
in April, which brought the total for that month down to the low
point of 642,(X)O tons, there has been. an increase in activity, the
total for June being 1,291,000 tons, or about 37% of average
normai monthly production in . the states of this District.
The June report shows mines in Colorado and .New Mexico
operated at high capacity. Kansas mines were operated at 18.4%,
Oklahoma mines at 14% and Missouri and Wyoming mines, in
which there is almost a complete tie-up, showing very little activity. The various causes for loss of operation to mining capacity
are expressed in percentages for the states of this District as
follows:
Colo. Kans.
Transportatien Disability ......... . .. .
Labor Shortage . ..... .
Strikes .............. .
Mine Disability . .... . .
No Market .. ........ .
Mo.
Okla. Wyo. N. M. . Total
l'l.1% ----====--- _-_-_ --•4
6.5
1.0
3.1
-- --·3
81.6
96.5
86.o
99.8
-- -- -- -.I
- - - - - - - - 14.5
2.0%
.1
61.7
.2
3.0
REVIEW
9
Shipments of lead ore amounted to 44,819 tons to the end of
June against shipments of 32,628 tons for the same period last
year. The average price paid for lead ore up to June 30, 1922,
was 1,66.26, an increase of 14.19 over the average price for the
same period last year. The total value of lead ore shipped aggregated $2,970,636, an increase of $1,461,684 over the value of the
ore shipped during the corresponding period in 1921. Total increase in value of both lead and zinc ore over 1921 amounted
to $4,652,3·96.
At the end of June, 1922, stocks of zinc ores held in the bins of
the producers and unsold were estimated at 53,000 tons compared
to 71,000 tons at the end of June last year. There is no available
surplus tonnage of lead in the district,the entire surplus being
wiped out with the price reaching $80.00 the third week of June.
At the end of June, 1921, the surplus stock of lead was estimated
at _1,000 tons.
Shipments of zinc ore during the month of June, 1922, averaged 12,147 tons per week or a total shipment of 48,589 tons.
The month opened with the average price at $30.97 per ton, advanced to 32. 50 and closed at $32.00. The average price for the
month was · $31.96 per ton. This compares with 46,124 tons
shipped in .May at an average price of $29.51 per ton. The average weekly shipment for June, 1921, was 4,379 tons with an average price of $21.33 per ton.
The price of lead ore continued to advance during June, the
month opening with a price of $75.00 per ton, advanced to $80.00
and closed at $78.00. The total shipments during the month
amounted to 6,653 tons with an average price of $77.06. This
compares with 6,637 tons for the same period last year, with an
average price of $43.38.
All Losses ............ 23.1% 81.6% 96.5% 86.0% 99.8% 14.9% 67.0%
Percent Production .... 76.9% 18.4% 3.5% 14.0% 0.2% 85.1% 33.0%
The activity of the mining district is rapidly getting back to
normal. It is estimated that 102 mills are now in operation in the
The report of the United States Geological Survey under date Oklahoma district, two new mills are being constructed and
of July 15 said, "A new cause has arisen to limit the production · seven contemplated. Drilling i_s being carried on over a very
of coal, viz., local congestion of traffic associated with the strikers large portion of the District. However, no increase in the proand railway shopmen." Because of the uncertainty of the situ- • duction is anticipated for the remainder of the year, as new
ation it was difficult to forecast production. The Geological activities will only replace the production from mines that have
Survey's report for the week ending July 8 showed a total of been stripped of their best ore bearing ground during the low
• 3,936,(X)O tons production, with a daily average of 787,000 tons, price period of the past two years.
,. making the total production to that date 191,789,(X)O tons against
I 202,629,000 tons in the corresponding period in the calendar year
At the present time production is being slowed down due to a
lack of labor. Many properties are being operated only three or
19:21.
four days per week on account of the inability to get shovelers.
ZINC AND LEAD: The close of the first half of the year 1922 This lack of labor is due to the harvest season, and to the fact
shows a great improvement over the same period last year in the that so many of the miners left the mining field during the past
District comprising. Missouri, Kansas and Oklahoma. The re- two years.
port from Joplin shows total shipment of blende ores for the
SLAB Zrnc STATISTICS: The American Zinc Institute report
first six months of 19:22 amounted to 226,973 tons,' which compares with 141,010 tons for the first six months of 19:21, an in- covering the first six months of 1922 shows total production of
crease of 85,963 tons. The average price for zinc ore for this I 54,223 tons of slab zinc. Shipments aggregated 191,255 tons,
period in 19:22 was $28.74 per ton, against $23.56 per ton for the and stocks on hand at the end of June were down to 29,576 tons
period in 1921, an increase of $5.18 per ton. The total value of from 66,608 tons on January r. During the month of June the
zinc ore shipped during the six months in 1922 was $6,524,091, . average number of retorts in operation was 52,677, an increase
which compares with $3,323,370 as the value of zinc ore shipped of 3,912 retorts over those in operation in May and 9,904 more
than were operated in April.
in the first half of 1921, an increase of $3,200,712.
I
PRODUCTION OF BITUMINOUS COAL (NET TONS) IN TENTH FEDERAL RESERVE DISTRICT SIX
·
Jan.
Feb.
March
April
May
Colorado......... ........ ...... ............. .
804,000
782,000
980,000
400,000
595,000
Kansas... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
410,000
470,000
650,000
45,000
75,000
Miaouri.... ................................ .
36o,ooo
370,000
530,000
1,000
10,000
New Mexico ... ... . ..... .. . .... ... ........ . .. .
190,000
180,000
26o,ooo
145,000
150,000
Oklahoma...... ..... . ... .. . . ... .. ....... . . . ..
190,000 .
210,000
290,000
50,000
75,000
Wyoming...... . ... ........... ...... .. .. .... .
76o,ooo
830,000
970,000
1,000
1,000
Six States ... ·........ .... . ............ ...... . ,
3.680,000
go6,ooo
MONTHS OF 1922.
June
Six Months
770,000
4,331,000
145,000
1,795,000
25,000
1,296,000
255,000
1,180,000
95,000
910,000
1,000
1,291,000
IO
THE MONTHLY REVIEW
COLORADO METAL MINING: Metal mining conditions in Col0rado showed considerable improvement during the month of June.
This was indicated by the number of small properties in the less
prominent districts which resumed operations. Many of them
had been idle for three or four years. These operations have not
yet resulted in any appreciable increase in production but this will
undoubtedly come a little later. The supply of skilled miners
while not exactly short, is still far from plentiful and with the
increasing operations of small properties there may very likely
be a distinct shortage within the next month or two.
Petroleum
Estimated production of crude oil in Kansas, Oklahoma, Wy0ming and Colorado in June placed the daily average at 556,033
barrels, or a total of 16,681,000 barrels for fhe month. The
estimate, which is subject to revision, compares with the official
daily average in May for the four states of 582,032 barrels, a
total of 18,043,000 barrels, and for June, 1921, 503,267 barrels
daily average or a total of 15,098,000 barrels.
Production of petroleum for the first six months of 1922 was
approximately 96,300,000 barrels, against 83,937,000 barrels for
the corresponding period in 1921, the increase amounting to 12,363,000 barrels.
Production in June and for six months of 1922 is here shown
(in barrels) with totals for the corresponding month and six
months in 1921:
Kansas ....... .... .... .
Oklahoma . .... ....... .
Wyoming . ... .. .. . ... . .
Colorado ... . .. ....... .
. • June '22
2,552,700
11 ,790,900
2,328,400
9,000
June '21
3,472,000
9,759,ooo
1,858,000
6 m. '21
6m. '22
15,847,700
68,8o6,900
18,209,000
11 ,597,000
10,320,000
9,000
55,35 1 ,000
57,000
48,400
Total.. .... .. ... . .....
16,681,000 15,098,000 96,300,000 83,937,000
•-June 1922 estimated, other figures U.S. Geological Survey Official.
Reports from all fields show an increase in June of developments over May and also over a -year ago. The total number of
wells completed, with the number of barrels daily new production and average number of barrels per completed well, are shown
in the following:
Completed
Wells
Bbls. Daily
New Prod'n.
Kansas ..................... .
134
Oklahoma .................. .
Wyoming ................... .
581
38
8,985
124,770
15,265
Total, June, 1922 . .. ..... . ... .
Total, May, 1922 ............ .
Total, June, 1921. ........... .
753
669
733
were unchanged during June, a reduction of 25c per barrel was
announced by some of the refiners early in July which brought the
leading gtades of Mid-Continent crude to 'l,1.75 per barrel.
Another reduction of 25 cents per barrel was announced later
in the month.
Building
Continued high activity in building is reflected by the reports
from cities in the Tenth Federal Reserve District. The June
total of 3,086 permits for buildings, estimated to cost 'l,10,031,063,
in twenty cities is below the-"May record, which was the highest
of the year, the decrease for the month of 533 permits and
'l,1,365,435 estimated cost being about the usual warm weather
slow own for the summer season. Compared with the record of
June df last year, however, the June 1922 figures for nineteen
cities which are comparable show an increase of 690 permits
and $4,o68,666 in estimated cost of buildings, this increase
amounting to _69.9%.
-A summary of the returns from nineteen cities reporting regu-
larly during
1922
buildings estimated to cost $45,716,657. This good record compares with 13,437 permits issued during the first half of 1921
for buildings estimated to cost $31,923,347. There is thus shown
an increase for the six months of the current year of 2,322 permits
and an increase of $13,973,310, or 43.2%, in the estimated cost of
buildings.
Material prices during the building activity since the begin-.
ning of April have continued firm with slight advances in some
materials. The wholesale price index of building materials of the
Bureau of Labor Statistics advanced from 154.6 in March to
16o.4 in May as compared with 1913 average as 100. While the
May figure is 60.4 points above 1913 prices, it is noted that it
is 139.3 points below the peak of prices in April, 1920, which
was 299.7.
BUILDING PERMITS IN CITIES OF THE TENTH FEDERAL
RESERVE DISTRICT FOR JUNE AND SIX MONTHS OF 1922,
WITH COMPARSIONS
Average Bbls.
per Well
67
215
402
149,020
144,780
71,890
It is noted that at the close of June there were reported 2,977
rigs and wells drilling in Kansas, Oklahoma and Wyoming ,which
compares with 2,697 at the close of May and 2,298 at the close of
June, 1921, indicating an increase in June of 10.4% over May
and 29.5% over June of last year.
The continued heavy production of crude oil, in exceess of
trade demands for petroleum products, has resulted in increasingly large stocks. For Kansas and Oklahoma the month of June
opened with 80,957,991 barrels of stocks on hand, an increase
of 4,283,489 barrels over the total at the opening of May and
the largest quantity of stocks in history of the Mid-Continent
field. The pr0-rating of pipe line runs was being considered by
purchasing companies, although facilities have recently been extended to provide additional, storage. Although crude oil price$
and 1921 shows that during the first half of the
current year permits were issued for the erection of 15,759
No.
Casper, Wyo•...
Cheyenne, Wyo.
Colorado Springs,
Denver, Colo •. ..
Enid, Okla•...•.
Hutchison, Kans.
Joplin,Mo•... . .
Kansas City, Kans.
Kansas City, Mo.
Leavenworth
Lincoln, Nebr...
Muskogee, Okla.
OklahQma City,
Okmulgee, Okla.
Omaha, Nebra.•.
Pueblo, Colo....
St. J oscph, Mo ..
Topeka, Kans ...
Tulsa, Okla•....
Wichita, Kans . . .
38
61
93
662
35
43
6
120
534
15
102
41
236
26
283
59
98
120
204
JIO
FIRST SIX MONTHS, 1922
JUNE ,1922
Estimated % Inc.or No.
Estimated
%
Cost
Cost Inc. or
Dec.
Dec.
f,
-69.6
56,6oo
207 f, 379,100 -68.3
516,746 +459.o
88,537
+627-7
249
+134.1
85,895
529,35 2 +54-1
553
9,232,000 +86. 5
1,815,700
+44.4 3,497
809,55° +2,316.6
140,220
76,825 -40.9
20,725
50
+557.9
1,649,823 +44-1
+148.5
373,295
556
2,758,200
+144.8 2,744 10,744,140 +73.2
129,200 -44.0
21,300
-86.3
64
626
1,858,042 +204.7
+ 56.6
254,980
86,866
-11.7
213
1,468,529 +16o.5
4,423,802 +23.3
476,561
+1.3 1,170
440,000 -63.6
103,100
-35.o
114
4,689,254 +39· 1
+3.0 1,379
1,097,965
568,896 +52.7
102,445
458
+5 2•4
11 7,5°5
569,224 +42.3
+s.3
5°3
106,146
664
-44.9
1,137,434 +95· 1
1,050,250
+267.1
4,571,070 + n.5
998
-3.8
2,733,220
+68.2 1,714
465,223
Total, 1922 .. ... 3,086 f,10,031,063 •+ . . 69.9 1 5,759 f,45,716,657 • + 43.2
Total, 1921 ..... 2,353 , 5,822,177
13,437 f,31,923,347
*Percentage computed on cities reporting for both years.
II
THE MONTHLY REVIEW
STATEMENT OF CONDITION, FEDERAL RESERVE
BANK OF KANSAS CITY, INCLUDING BRANCHES
At Close of Business July 19, 1922
RESOURCES
Gold Coin and Certificates .................................. '$ 2,576,961 ,62
Gold Settlement Fund F. R. Board.............. ..... . ...... 32,722,714.17
Gold with Federal Reserve Agent.............. .. .. ......... 52,705,395.00
Gold Redemption Fund ... :............................. . .
2,230,559.00
Legal Tender Notes, Silver, Etc.... . . . . . . . . . . . . . . . . . . . . . . . . . 4,890,107.10
Bills Discounted for Member Banks:
Secured by Govt. Oblitagions. . . . . . . . . . . . . . . . . . . . . . . .
1,513,161.50
All Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,863,014.96
U. S. Bonds and Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,378,350.00
One Year Cert. of Indebtedness (Pittman Act) ... ..... ..... . . 4,321,000.00
All Other Cert. of Indebtedness ... . . . .... .. . ... .......... .. . I 3,003,000.00
Bank Premises .......................................... . 4,986,658.49
5% Redemption Fund Against F. R. Bank Notes .. ... ....... .
91 5,59°-00
Uncollected Items . .... ................................ - .. 38,475,557.16
All Other Resources ... ................... . . .. ....... .... . .
762,649.81
Total Resources .. . ............ .... ................. '$204,344,718.81
LIABILITIES
Capital Paid in .. . . . ..... . .. .. . . . ..... .... ................ '$
Surplus ........................................... . ..... .
Deposits:
Government .... . . . ..... . ............. ......•.......
Member Banks, Reserve Account ......... . .......... .
All·Other ..... . ................................ . .. .
F. R. Notes in Actual Circulation .......................... .
F. R. Bank Notes in Actual Circulation .................... .
Deferred Availability Items ............... . ....... . ... . . . . .
All Other Liabilities ........ .. ....... . ................... . .
4,622,250.00
9,~45,731.8 1
6,824,006.02
77,5o8,855.76
393,6o3-48
58,975,280.00
8,37 I, 500.00
36,989,217.24
1,014,274.50
Total Liabilities . .. .. ............................... . '$204,344,718.81
OTHER TOTALS
Total Gold Reserves .. . ................................... '$ 90,235,629.79
Total Earning Assets. . .............. ............. ......... 64,078,526.46
Total Deposits.... ................ ..... .................. 84,T26,465.26
Ratio of Total Reserves to Deposit and Federal Reserve Notes
Liabilities Combined......... . ..... ........ ... .. ....
66.1 %
Total Clearings for Week ....... ... ...... ................ '$ 165,892,810.43
Total Number of Items Handled.. .. ........ ..... . . ...... . ..
1,054,278
@FedFRASER