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THE MONTHLY REVIEW
Covering Conditions in the 'Tenth Federal %serve 'District
Federal Reserve Bank of Kansas City
M. L. McCLURE, Chairman Board of Directors
and Federal Reserve Agent
VoL.
10
KANSAS CITY,
C. K. BOARDMAN Assistant Federal Reserve Agent
and S ec,·etary
Mo.
TATISTJCAL RECORDS covering business and trade activity
in the Tenth Federal Reserve District showed a volume
during April slightly less than during March , although
substantially greater than during April of last year. The month's
business carried the total for the current year tn May I to a
considerably higher level than that for the first four months of
S
1924.
Trade reports for April reflected a continuance of the steady
and orderly advance which started in the earlier months. Distribution by wholesalers in the principal lines, evidenced by
dollar amounts of sales, was 2.4 per cent less than during March
and 7.4 per cent greater than in April a year ago. Retail trade,
as indicated by April sales at department stores in cities, exceeded the sales reported for March by 5.7 per cent and were
10.5 per cent larger than sales reported by the same stores for
1\pril, 1924. During the year from January I to April 30, incluive, sales increased 8 per cent over those for the same period
last year. The lumber and building material trade exhibited
about the same activity as in previous months this year. The
farm implement trade also continued the large increase indicated by the earlier month reports. Automobile sales exceeded
those for the spring of last year. Due to the larger use of automobiles and trucks, sales of tires and accessori es were heavy.
Market movements of wheat were smaller than in any other
month in five years, indicating that only a !-mall per cent of
the bumper crop of last year remained in farmers' hands. Marketing of corn, oats and other grains were correspondingly low.
Movement of live stock from farms and ranges and feed lots
to the markets slowed down and the supply of all classes of
animals except calves and sheep, was less than a year ago.
Flour production followed the decrt'ase in wheat supplies
and was 3.1 per cent below the production for the same
month last year. Decreased supplies of live stock during the
month were reflected in meat packing, although the slaughter
in April was larger for all classes, except hogs, than that reported for the corresponding month last year.
In mineral production, the April daily average output of
crude oil was slightly lower than in any previous month this
year and was also lower than the daily average for the same
month last year. Field operations, however, were more active
than in recent months, and the number of rigs and wells drilling
exceeded new work at this time last year. Zinc and lead ore
shipments showed little change from the hi gh level of the
year, and were larger than a year ago. Precious met al mining
in Colorado continued the high activity of previous months
this year.
Building operations during April were at the high rate of
ctivity of February and March. The April total of permits
issued in 18 cities was slightly under that for April, 19'.2.4, but
1
I
JUNE 1,
1925
No. 6
STATISTICAL RECORD OF THE TENTH FEDERAL
RESERVE DIST RI CT
April
March
Pct. Chg.
April
Year
1924
1925
1925
Bank debits, 29 cities...... $1,438,869,000 '/,1 ,523,917,000 $J ,3 I 4,37 I ,000
9.4
18.2
Clearings, F. R. Bank.... '/, 873,5n,785 f, 962,476,088 f, 739, 1 35,532
4,977,178
13.2
5,896,323
Item:: handled·---·······
5,633,189
1 5·3
Deposits, 71 banks·--·····$ 612,410,000 $ 645,266,000 f, 53 1 ,274,000
Loans, 71 banks..............$ 428,484,000 $ 452,232,000 f, 410,915,000
4.2
Investments, 71 banks.... $ 169,248,000 $ 169,266,000 1, 124,563,000
35.9
Savings deposits............$ 108,596,788 t, IIO,Jl5,772 f, 104,877,554
3-5
2.0
321,746
Accounts......................
328,209
329, 195
I 12
-14.2
Business fai lures, N o.....
96
98
Liabi lities ................... '/,
1,096,191 $
1,782,243 $
1,243,363 -11.8
3,807
Building permi ts, No.....
3,750
-1.5
4,244
9.7,10,091
Estimated value.......... $ 13,1.38,702 f, 12,618 ,889 $
35.o
19,840,000
-4.6
20,195,000
Crude oil prod'n bbls.....
18,929,000
2,297
2,438
Wells drilling..............
2,446
6.5
1,560,851
-3.1
Flour production, bbls...
1,511,665
1,637,956
Grain receipts, 4 markets:
3,248,250
Wheat, bushels........... .
1,876,400
4,587,250
5,878,600
Corn, bushels........... .
5,172,600
1,842,250
2,004.400 -20.0
Oats, bushels............
1,376,400
1,596,500
1,805,000
Coal mined, tons ........... .
1,748,000
1,675,000
Live stock receipts,6 centers:
-1.3
Cattle ..........................
398,619
451,968
39.1,.197
16.2
52 ,268
78,240
Calves ...... ....................
60,731
966,657 - 297
Hogs ............................
751,428
679,300
15•7
532,068
703,482
Sheep ........................ - ..
6 1 5,399
6,064 - 27.3
II,865
Horses and mules·-·····
4,4°5
Meat packing 6 centers:
1.0
214,844
242,846
Cattle..........................
216,967
8.6
4 2,6o5
Calves ......................... .
46, 2 75
59,7 17
569,027
Hogs............................
7 28,773 -31.5
498,84 5
18.0
304,185
386,885
Sheep............................
36o,030
Ore shipped- Tri-state:
District; weekly aver.
13,152
15,696
9.1
Zinc, tons ................ ...
14,355
1,81<>
31.1
2,411
Lead, tons ....................
2,4.17
the estimated values for April were 35 per cent larger th.in a
year ago and the second largest for any month in building
history.
The outlook for agriculture improved, due to moderate to
heavy rains falling over the district durin~ Ap1il and early
May. The D epartment of Agriculture forecast the wheat crop
in seven states at 29.9 per cent below the 1924 crop, the decrease
due mainly to abandonment of 19.9 per cent of the acreage sown
last fall. The acreage abandoned was planted to corn, oats and
barley and, with weather an<l soil conditions more favorable
than last year, the planting of these and other spring crops was
60 per cent to 70 per cent completed by May 1, with prospects
favorable for large crop production.
The live sto_ck situation improved perceptibly, with excellent pasturage, animals in good health, and market prices
averaging better than a year ago.
This Copy Released For Publication In Morning Newspapers May 28
THE Mn~THLY REvrnw
1.
2.
3.
4.
5.
6.
7.
II.
9.
PIUNCTPAI. RESOU RCE AND LJ AR ILITY ITEMS OF
MEMBER BANKS IN SELECTF.D CITIES
May 6. 1925
M 2ay 7, 1924
71 Banks
7 Banks
Loan! and Discounts (including recliscounts):
(a) Secured by U. S. Gov t . obligations.-....... $
6,092,000
3,772,000 $
(b) Secured by stocks and liunds, other than
U. S Bonds .......................... _ _ __
84,870,000
105' 149,000
319,953,000
(c) A!I othc:r .......· - - - ······•····················· 31y,563,ooo
Investments :
(a) U. S pre-war honds.......... _ _ _ __
12,076,000
9,33,1,000
(b) U. S. Lib<::rty bonds .............. _ _ __
47,085,000
37,,165,ooo
2,080,000
18,456,000
(c) ll. S. Treasury bvnds .......· - - - - {d) U.S. Vktory notc:s and Trensury notes ....
1 5,527,000
16,5,18,000
1,568,000
(e) U. S Cert1fi1..ates of I ndehtedness·-·········
3, 134 ,000
{f) Other Honds. Srocks and Sc:curities....... .
j4,702,ooo
55,947,000
Total loans and discounts, and invest ments... . 597,7.1 2 ,000
535,478,000
Re,:erve balance~ with F. R. Bank ..................
53,444.000
45,758,000
Cash in vault .......•............ _ _ __
11,794,000
12,337,000
Nt'r demand deposits on which reserve is computed .............. _ _ _ _ _ - - - - - 46q,w6000
3 96,12s.090
T imr- deposi ts .......... _ _ _ _ .......•....... . .....• 13!! ,614,000
13 1,686,000
Government deposi ts ............•.............................
4,590,000
3,463,ooo
Billi; payable and rediscounts with F. R. Bank
secured by:
(a) U. S. Govt. obligation::,_ _ _ _ __
1,283 _000
1,46,1,000
(b) All other.. _ _ _ _ _ _ _ _ _ __
1,711 ,000
9,206,000
_T OTAL (Items 3 to 9 inclusive) ...·-················$1,278,554,ooo $1 ,135,336,000
Banking and Credit
Slight declines in bank loans and <liscounts and investments,
and also in demand deposits, were the important changes during April reflected by the statements of the list of mem ber banks
in selected cities reporting weekly to the Federal Reserve Bank
of Kansas City.
MEMBER BANK STATEMENTS: Loans and discounts,
induding rediscounts, at 71 banks on May 6 were $428,484,000.
This was the lowest point for loans and discounts since D ecember 10, last, although it was '$17,569,000 or 4.2 per cent above
the total on May 7, 1924. On the other hand, investments at
the 71 banks reached the highest point of record April 22, with
'1,170,277,000 as the aggregate, but declined slightly in the
weeks following, with the May 6 total $44,685,oco or 35.9 per
cent above that for the corresponding date last year.
Demand deposits on May 6 amounte<l to $469,206,000, the
Jowest in amount for the 71 banks since October 29, of last year,
but exceeded the amount on May 7, 1924, by $73,081 ,ooo
or l 8.4 per cent. T ime deposits continu ed to advance steadily
and at the first reporting date in May the total of $138,6 14,000
was slightly above that for April I and 6,928,oco or 5.3 per
cent larger than on the first May reportin~ date last year.
RESERVE BA K OPERATIO S: Bills discounted at the
Federal Reserve Bank of Kansas City and the three branches,
including t~ose purchased, amounted to $18,403,980 at the
close of business M ay 6. This amount was '$1 ,827,310 or 9 per
cent less than on April 1 and $10,674,285 or 36.7 per cent less
than on May 7 last year. Government securities held increased
'$1,792,300 or 7.2 per cent in five weeks and the May 6 total of
$26,464,300 was '$7,079,450 or 36.5 per cent larger than on the
correspo~ding date in 1924. Earning assets of $45,538,280
showed little change but were '$2,924,835 or 6 per cent less than
a year ago.
Federal Reserve note circulation, $64,109,040 on M ay 6, was
t. 5 per cent below the total on the first day of the previous
month and '$505,040 or o.8 per cen t above that repor ted for the
corresponding reporting date last year. Gross deposits of
188,097,415 indicated a decrease of $4,498,482 or 5.1 per cent
in five weeks and an increase of $10,737,891 or 13.9 per cent in
one year.
Savings in Banks
Savings deposits in 55 banks in cities of the Tenth Distric
d ecreased '$1,718,984 or I .6 per ce nt between April I and May 1,
but the tot al on the last named date was $3,719,234 or 3.5 per
cent larger than on May I, 1924. There was a decrease for the
month of 986 or 0.3 per cent in the number of accoun t s, but an
increase of 6,463 or 2 per cert over the number of accoun ts in
51 ban ks on May 1, 1924. The savings reports follow :
Banks
April 1, 1925
'/, 56,876,308
2,049,560
13,619,153
3,128.853
4,59 2 .899
7,2 10,199
11,1'25,377
7,484,745
3,177,,167
I,050,7 II
May I, 1924
7
6
6
3
May 1, 1925
'/, 54,5o9,105
:2,15fi,316
13,702,660
3,172,103
4,660,486
7,09 1,897
n ,260,034
7,611,367
3,437,02 6
995,794
Total........•....... -··-····•··········· 55
$108,596,788
$110,315,772
$104,877,554
Denver, Colorado ................ 7
Kansas City, Kans..............
Kansas City, Mo .................
L incoln, Nebraska................
Oklahoma City, Okla,.--·····
Omaha, Nebraska .. ..............
St J oseph , Missouri ............
Tu !sn, Oklahoma.................
W ichita, Kansas ..................
Outside ...... ............................
3
8
4
6
5
1, 56,154,3? 5
2,040,514
13,272,03 1
2,993,088
3,658,932
7,073,9 26
10,401,331
6, 15 8,3 19
2,162,721
962,307
Bank Debits
Cl earing houses in 29 cities of the Tenth District reported
de bits by banks to customers' accounts aggregating $I ,438,869,000 for a five-week period ended May 6. This to t al is
compared with $1,523,917,coo as the debits for the previous
fiv e-weeks ended April 1, and with 1,314,371,cco as the debits
for the corresponding five weeks in 192-1-, t hus indicating a
decrease of 5.6 per cent from the previous five weeks and an
increase of 9.4 per cent over t he corresponding five weeks last
year.
Bank debits in the 29 cities reporting amounted to $5,294,495,oco for the first eighteen weeks of the current year, against
$4,645,653,cco for the same period last year. The increase fo
t his year to May 6 was $648,8,p,ooo or 13.9 per cent.
BANK DEBITS IN CITIES OF THE TENTH DISTRICT
Five weeks ending Five weeks ending Per Cent
Change
May 6, 1925
May 7, 1924
Atchison, Kansas ........................ $
6,709,000
7,023,000
$
4.7
Bartlesville, Okla .......................
16.0
14,672,000
12,645,000
Casper, Wyo .........
-o.6
15,010,000
15, 100,000
Cheyenne, W yo ................•...•••.
7,456,000
10,392,000
-28.3
Colorado Springs, Colo .............
15,.347,000
14,027,000
9.4
Den ver, Colo... ·- ...................... 205,278,000
195,399,000
5.1
Enid, Okla ...........
12,362,000
20.I
14,845,000
Fremont, Nebr....................... ....
0.2
4,138,000
4,129,000
Grand Junction, Colo ............. ..
3,582,000
14.I
3, 139,000
Guthrie, Okl a ......... - ......... ........
3,170,000
3,4 1 5,000
7.7
Hutchinson, Kans ............... ......
*6,148,000
13.311,000
18.4
Independence, Kan.
26.0
12,053,000
9,565,ooo
19,08,,000
J oplin, Mo ...
6.4
17,929,000
Kans a~ City, Kans .....................
22,528,000
21,848,000
3.1
Kansas City, Mo.............•......... 408,169,000
14.4
356.741.000
Lawrence, Kans, .. - ....................
6,014,000
16.0
5,180,000
Lincoln, Nebr .............................
36,627,000
17.6
31,154,000
McAlester, Okla .........................
5,209,000
-14. 5
4,452 .ooo
Muskogee, Okla.........................
13,575,000
13,132,000
3.4
16.6
Oklahoma City, Okla.~-·82,049,000
9~.706,000
Okmulgee, Okla .........................
13,649,000
9,219,000
49· 1
Omaha, Nebr ............................. 222,79r,ooo
210,645,000
5.8
Parsons, Kans ...
-3.2
3,473,000
3,587,000
P ittsburg, Kans .........................
6,518,000
o.8
6,464,000
P ueblo, Colo ............
24,665,000
22,321,000
10.5
St. Joseph, Mo...........................
- 10.2
64,175,000
71,470,000
Topeka, Kans .................•.......- ..
18,781,000
19,527,000
4 .4
Tulsa, Okla ...........
IOI ,869,000
I I 5,534,000
13.0
Wichita, Kans.
46,255,000
43,988,000
5.2
- --
Total Five.Weeks...•.... - ............ $1,438,8_69,ooo
$1,314,371,000
Total Eighteen Weeks.·-·:·····-··$5,294,495,000
$4,645,653,000
•Fiiurcs for weeks ending April 30 and May 7 not available.
9·,
13.
THE MONTHLY
Federal Reserve Bank Clearings
Cleari ng operations of the Federal Reserve Bank of Kansas
ity and branches at Omaha, Denver and Oklahoma City durina
April involved the handling of 5,633,189 checks on 1,05 4 membe~
banks and 2,727 n?n-men:iber banks. The amount agg-regated
$873,511,785. April clearings fell below the high record total
for March by 263,134 items and $88,964,303 or 9.2 per cent in
amount. However, April totals exceeded those for April of last
year by 656,011 items and $134,376,253 or 18.2 per cent in
amount.
.D..iring the first four months of 1925 F ederal Reserve Bank
clearin 5 s were 22,138 ,891 items and $3,537,588,397 in amount,
co .n ;nred wit:1 19,252,686 items and $2,857,816,927 in money
recod ::'d for the first four months of 1924. The increase for this
year's fo :.ir-m:>nth period was 2,886,205 or I 5 per cent in the
n:i.n'.).!r of it.:!m:; an.i 579,77 l , .+70 or 23.8 per cent in the amount.
Mercantile Trade
W30LESALE: April s ,tles by wholesale houses at the leading distributing centers of the Tenth D istrict fell 2.4 per cent
below the volume of sales during March, combining the totals
in dollars of all stores reporting. There were small declines from
the record for the previous month in sales of dry goods, hardware, furniture, drugs and millinery, and a small increase in
Sl\les of groceries. Compared with sales during April of last
year there was an increase for April of this year of 7.4 p er cent
in the combined totals for all c,tores. All of the leadinQ" lines
reported increases over a year ago except groceries and miffinery.
W-:!ath er and ro ads during the spring season were much better
than last year, and whol esalers generally reported conditions
on a sounder basis than during last spring. Retail merchants,
however, to a large extent were buying on small orders for their
immediate or near future requirFments.
SALES
No.
of
Stores
Dry goods ...... 4
Groce11es ........ 6
Hardwdre .... IO
Furniture .......4
Drugs-...... ... 7
Milline;y .......4
April, 1925
comp:1red J
with
March, 1925
-'l.5
0.2
-2.3
-4.4
- 0 .1
-39.0
OUTS TA NDTNGS
April, r925 April 30, 1925 April JO, 1915
compared
compared
compared
with
with
with
April, 1924 Mar. JI, 1925 Apr. 30, 1924
16.4
-4.4
3I
-6.8
0.5
-3.5
I 1.8
1.3
0.9
21.8
I. I
9.3
0.4
-1 5 7
The dry goods trade is reported by wholesrilers as fairly
heavy, with an increased volume of goods distributed r1.mong
retail ers and with no chan<:e in prices of c,taple cotton goods.
The w olesale millinery trade reports exhibited a sha rp decline
in th e volume of sales, du e mainly to the favorable weather
conditkJns in February and 1arch which induced retailers to
do th ei r heavier buyi~g earli er than last year.
R EVTEW
J
The wholesale grocery trade showed but slight change since
early spring and the April volume, while larger rhan
March, fell below that of last year. Wholesalers of hardware
reported heavier sales for each month this year than for rhe
corresponding month in .1924. Deliveries frum factories were
good, stocks normal and prices steady. The wholesale furniture
trade exhibited an increase each munth this year over the s:.tme
month last year, with the April volume a little less than in
March.
There was but little change in basic rnnditions affecting the
wholesale drug trade. Sales were ahead of last year, ordt:'.r~ trequent but small, and large dealers not buying heavil} · Competition in the trade is keen and the markt'ts remain firm.
Salc.:s of automobile tires at rt:'.porting srores were h.3 per cent
larger than in March and 20 per cent larger than for April last
year.
Tire implement trade was heavy during April, about 50 per
cent heavier than in the same month last year. Distributors
rep )rted their business for the current year since January I
had been very encouraging and held up very good. The problem
with distributors was to get finished material to take can: of
orders.
RETAIL TRADE: Sales at deparrment stores, as indicating
the volume and trenJ ot retail trade in cities throughout the
Tenth District, were 5.7 per cent larger during A~pril than
during March and 10.5 per cent larger than in April of last year.
For the year to May J department store sales were ~1bout 8 per
cent above those- for the corresponding four munths period last
year. Retail stores handling shoes reported April ~ales 4 per
cent larger than in March but 4 per Ct'.nt smaller than in the
same month last year. Sales of women's appard at n:tail stores
averaged 8.8 per cent less than in April 1914, while fur the year
to May I sales averaged for the stores report ing an incrc:ase of
1.8 per cent. Retail furn iture trade decreast:'.d 1.8 per cent from
the previous month but fdl considerably below sales in April
1924. Hardware sales at retail were a little larger than in March
and about 2 per cent less than a year ago.
COLLECTIONS: Wholesalers repnrted that collections were
good during April and indicatt:d that retail m1, rch:1nts were
working into better financial condition. The vol, ,me of outstandin-gs for all stores rerorting was 1.1 per Cc' nt l(·ss tl,an that
for March and 1.7 per cent greater than for April iast year.
Coll ections at retail stort>s, indicated by the department store
reports, averaged -+6.6 per cent of ot:tstand ings as comrared
with 45 .2 per cent in March and 45.8 per cent in April 11114.
Collectionc_ in sinde line stores showed little chan(!c frum tho:-.t:: a
year ago, while i~ general retail -.tores the re1,uris show ed they
were about the same as at thi~ rime in 11124.
1
RETAIL TRADE IN APRIL-TENTH FEDER,'\L RESERVE DISTRICT
(BASED UPON REPORTS OF
Number
of Stores
Reporting
Kansas Cty, Mo ..................... _ _ _ _ ........ 3
Denver, Colorado .............................................. 4
Wichita, liansas............................................... 4
Omaha, N•br.................. ........................ ....... 3
Oklahoma City, Okla ......................... .............. 3
Lin co ln , br... ................................................ 3
~ ; her CititL ...... ~..............,................................~
1 stores reportmg_ _ _ ........................35
35
DEPARTMENT STORES)
Net Sales: Percentage Stocks at end of April:
increase or decrease
Percentage increase or decompared with
crease compared with
(A)
April
1924
5.7
21.6
8.6
21.7
53
2.0
3.4
10. 5
(B)
Jan.1-Mayr
1924
0.9
8.o
Io.6
29·3
8.9
6.4
(A)
April
1924
(B)
Percentage of Outstanding Percenta~e of Collection
Orders close of month to in April to Out,tanJings
total purchasc:s in calen•
Man:h 31
dar year, 1924
(A)
(B)
M :1rch
1915
~larch
April
-0.5
J.2
-'2.4
2.2
0.2
-0.3
4.0
3.1
2.9
7.2
3.0
5.3
-2.1
2.1
3.2
8.7
4.6
15.0
6.3
5.8
10.4
7.9
--o.8
1.8
7.1
5.3
15·4
-6.4
-I.O
6.o
(A)
1924
54.2
36.6
(8)
1925
54• 2
37.4
45.5
5o.5
61.7
51.6
61 ..3
52-9
J .6
5.16
6.5
53.7
37.7
39
5.1
45.8
46.6
I
4
THE MONTHLY REVIEW
Commercial Failures
April returns showed further decrease in the number of
failurt>s and also in amount of liabilities in the Tenth Federal
Reserve District as compared with the records for March 1925
and April 1924. Failures in the D istrict for the first four months
of the current year were fewer by 19.9 per cent and !iabilities
less by 20.4 per cent than in the corresponding four months in
1924.
The reports for the entire country show an increase of 232 in
the number of failures during April over April, 1924, although
there was a decrease of 1,11 ,715,830 or 24 per cent in amount of
liabilities. Failures during April reported by R. G. Dun & Company by Federal Reserve Districts were:
NUMBER
DISTRICTS
First, Boston ..............
Second, New Yor
Third, Philadelphia....
Fourth, Cleveland..............................
Fifth, Richmond................................
Sixth, Atlant
Seventh, Chicago ..
Eighth, St. Louis ....
Ninth, Minneapolis......
TENTH, KANSAS CITY ................
Eleventh, Dallas ............
Twelfth, San Francisco .................. ...
Total, United States........
1925
229
1924
161
386
96
165
109
87
3°7
308
63
148
I'll .
IIO
75
250
79
105
96
112
81
56
59
249
1 94
1,939
1,707
LIABILITIES
1925
1924
f, 4,995,937 $ 2,875,171
12,377,626
8,362,947
1,6o5,999
1,548,342
'l,6o4,395
13,040,996
2,0 79,733
3,35 1, 299
2,491 ,189
981,798
6/2.14,526 10,664,228
1,033,3 27
1,694,044
1,254,620
6-8,977
1,096,191
1,24,1,363
881 ,236
79'2,llJ
2 , 1 57,734
2,047,283
----
$37,188,622 $48,904,452
Agriculture
Weather and soil conditions following the late Spring rains
were favorable for work on the farms and greater progress
was made to the beginning of May than had been reported for
several seasons.
In Kansas it was estimated May I that 70 per cent of the
seeJ bed had been prepared and 61 per cent of all spring planting
and sowing had been done. Corn planting was unusua!Jy early
and by May I the first cultivation had been passed in many
southern counties.
About 88 per cent of the spring planting in Oklahoma was
completed by May 1, with a large acreage of corn and cotton
reported.
In Nebraska favorable spring weather for farm work lessened
the demand for labor and all planting was farther advanced
than usual at the beginning of 1\lay. Corn planting began in
that state the last week in April and rapid progress was reported
In Missouri farm work was also ahead of last year, with plowing 74 per cent completed and spring seeding 61 per cent finished
at the date of the report.
Spring plowing and planting in the mountain states had an
early start and on May I was about 28 per cent nearer completion
than on the same date last year. At the beginning of May
many sections wen: needing rain. In the irrigated sections
sugar beet planting started in April and _good progress was
made.
WINTER WHEAT: A crop of 213,970,000 bushels of winter
wheat was the May forecast by the Department of Agricultur
for the seven states whose areas, either as a whole or in part,
form the Tenth District. The promised yield indicated that
should the May I condition be maintained till harvest time
the 1925 crop in these states would fall short of the 1924 crop
by 91,500,000 bushels or 29.9 per cent, but it would exceed the
crop of 1923 by 14,006,000 bushels of 6.5 per cent. The total of
213,970,000 bushels indicates that these seven states are expected to produce 48.1 per cent of this year's winter wheat crop
in the United States, estimated on May I condition at 444,833,cco
bushels. Last year these states produced 51. 7 per cent or the
590,037,000 bushels harvested in the entire country.
The reports indicated improvement in the condition of the
growing crop between April I and May 1 in Kansas, Nebraska,
Missouri and declines in condition in Oklahoma, Wyoming,
Colorado, and New Mexico. The average condition for the
seven states was 75.4 per cent 0f normal on May I> which was
6.8 points above that for April I and 13.6 points bdow that for
May 1, 1924.
The major cause of the lower production of this year, as indicated by the reports, was an unusually large abandonment of
winter wheat acreage, due to unfavorably dry weather last fall
for seeding, germination and early growth and low temperatures and lack of snow covering during the winter. The abandonment of acreage this spring was 4,255,000 acres or 19.9 per
cent of the 21,409,000 acres sown last fall. Last year there was
an abandonment of 1,028,000 acres or 5.2 per cent of the aceage
sown in the fall of 1923. In 1923 the abandonment of acreage
in the seven states was larger than that of the present year, as
out of 23,46o,ooo acres sown in the fall of 1922 a total of 18,443,000 acres went to harvest, indicating abandonment o
5,017,000 acres or 21.3 per cent of the acreage seeded. The
acreage abandoned this year in the United States was 9,594,000
or 22.5 per cent of 42,317,000 acres planted last fall.
Kansas, the first state in the Union in winter wheat pmduction, reported in its preliminary estimate an abandonment of
24.8 per cent as compared with 3.6 per cent in 1924, and 28.5
per cent in 1923, with an average for the preceding five years of
15.3 per cent. The abandonment this year is corifined to agroup
of seventeen counties in north central Kansas where lack of
moisture last fall and winter weakened the growth and stand.
Elsewhere in the state, except for a few southwest count=es, the
winter losses were comparatively small.
In Nebraska about 21 per cent of the winter wheat ~creage
has been abandoned as compared to 3 per cent last year and
25 per cent in 1923. There was a heavy loss east of Kearney and
Harlan counties and south of the Platte river, with Nuckolls
county about the center of the heaviest loss. The southern tier
WINTER WHEAT: CONDITION, ACREAGE SOWN, ACREAGE REMAINING FOR HARVEST AND
ESTIMATED PRODUCTION IN SEVEN STATES
Condition
Production (Btshels)
Acres for Harvest
Per Cent of Normal
Acreage Sown
Final
May I
·Final
Est.
May 1 Ap~. I May 1
Fall
Fall
Colorado ___·-··-··
Kansas
Missouri..........
Nebr~ka.·-··-·-··
New Mexico ___
Oklahoma......
Wyomin
Seven States.......
United States
1925
86
75
····-······89
77
0
61
83
75.4
77.0
21,000
1923
1,268,000
9,819,000
2,134,000
2,941,000
122,000
3,485,000
16,000
1925
1,200,000
7,901,000
2,312,000
2,649,000
38,000
3,037,ooo
17,000
1924
1,141,000
9,426,000
1,924,000
2 ,794,000
uo,ooo
3,346,000
16,000
1925
20,846,000
95,997,000
30,865,000
37,939,000
266,000
27,789,000
268,000
21,409,000
42,317,000
19,785,000
39,739,000
17,154,000
32,813,000
18,757,000
36,438,000
213,970,000
444,833,ooo
1925
87
63
86
66
1924
94
88
79
89
1924
1,395,000
10,506,000
2,347,000
56
65
93
128,000
3,659,ooo
85
91
94
68.6
68.7
89.0
84.8
3,353,000
1924
15,974,000
153,644,000
~4,589,000
;4,483,000
1,650,000
;4,874,000
256,000
3'5,47°,
!JJ0,037,
THE MONTHLY REVIEW
of counties had the greatest loss and the condition improves
northward to the Platte river.
In Missouri winter wheat came through in better condition
than was expected and only 1.5 per cent of the seeded acreage
was abandoned. The crop made good progress in April except
in southern and central eastern counties, and conditions were
above the average in all other sections.
In Oklahoma the winter was one of the most severe that state
has ever experienced. The entire wheat area was covered with a
thin sheet of sleet and ice in December and the weather was
extremely cold for that latitude. Freezing caused heavy abandonment, due to winter-kill. The drought extended to the beginning
of April and a considerable acreage of wheat, weakened by the
freeze, was lost. Abandonment was greatest in the southwest
and least in the east one-third of the state.
In Colorado and Wyoming the loss of winter wheat acreage on
· account of the dry weather conditions was 14 per cent and 17
per cent, respecti_vely. In New Mexico a very severe winter was
responsible for loss of 70 per cent of the acreage of wheat seeded
in the fall of 1924.
OTHER CROPS: The condition of rye in Nebraska on May 1
was reported as 92 per cent of normal, or 5.2 points above the
average condition in the United States. Kansas reported a condition ot 77 per cent, Missouri 90 per cent, Colorado 88 per cent
and Oklahoma 63 per cent. Total production in the five states
was forecast as 4,123,000 bushels, an increase of 112,000 bushels
over 1924.
The acreage of oats was increased materially in sections where
there was abandonment of wheat. In Kansas the acreage was
reported 22 per cent above that of last year and the May condition 89 per cent of normal. Oats were reported to have every
advantage for a good crop. Seeding was early and the ground
well prepared, resulting in quick sprouting and excellent stand.
In Nebraska oats also were planted in many abandoned winter
wheat fields. In Missouri the condition on May 1 was 91 per
cent of normal with the crop in good condition in all sections
except the southeast and the northeast counties. The acreage
was increased, the crop sown earlier than in the past years and
prospects favorable. In Oklahoma a condition of 75 per cent of
normal was reported for May I. The drought hurt oats considerably, but the rain came in time to prevent heavy loss.
Early estimates indicated that Kansas increased the barley
acreage 25 per cent over last year, with the May condition 83
per cent of normal. The stand and growth was generally excellent and about as good as could be expected in the northwestern part of the state, where this crop is most popular. ln the
southern part of the state conditions were reported slightly
below normal. In Oklahoma barley fared badly due to winter
kill and drought. The condition on May I was 50 per cent.
Freezing temperatures in Nebraska did some injury to alfalfa,
but the condition of all tame hay in that state was 85 per cent
and of wild hay 93 per cent. In Kansas the frost at the close of
April nipped alfalfa in many sections, though not so severely
but with warmer weather recuperation would come with losses
only nominal. Some old fields suffered spotted winter losses
and in instances because of a root enemy whose identity had
not been determined. Kansas pastures were estimated 92 per
cent of normal, compared with 88 per cent a year ago. The
Missouri hay crop had a good start. The condition of tame hay
in that state was 91 per cent against 84 per cent last year, with
wild hay condition 92 per cent compared to 80 per cent. Pastures showed the same high percentage of conditio.n and with
recent rains helping were good in all sections. The alfalfa crop
in Oklahoma was damaged by winter-kill and drought in the
early spring, but frequent rains improved the condition greatly.
5
Apples in Missouri were 82 per cent of normal on May 1
compared with 80 per cent last year. Peaches were 60 per cent
against 40 per cent, and cherries and plums 77 per cent, with
strawberries 96 per cent. Frost did considerable damage in some
areas. In Oklahoma apples promised 69 per cent of a normal
crop and peaches 53 per cent. Apples were only slightly damaged
by the freeze, but peaches were greatly damaged, with only
about one-half a crop in prospect. Fruit in Kansas suffered
damage from the frost and cool weather, although indications
at the middle of May were for a fair crop of apples and some
peaches. A large strawberry crop in the Ozark regions is now
being marketed.
Grain Movements
Arrivals of all classes of grain at the four leading market
centers of the Tenth District during April were in greatly reduced volume as compared with the heavy movement in previous months since last year's harvest. The market receipts of
wheat in April were smaller than in any other month on records
covering the last five years for these markets. The total of
1,876,400 bushels received was 59.1 per cent below that for
March and 42.2 per cent below that for April of last year, which
was the second lowest month of wheat m~rketing in five years.
Marketing of corn exhibited a similar decline, April arrivals
aggregating 1,482,250 bushels, were 64.4 per cent less than in
the previous month and 68.7 per cent less than in the corresponding month in 1924. There was an increase of 16 per cent
in the receipts of oats during April over those for March, but
the month's total fell 20 per cent short of the receipts for April
a year ago. The market supply of rye in April was 47.9 per cent
less than that for March, though it exceeded the supply for
April of last year by 14.8 per cent. Supplies of barley and kafir
were less than in the previous month and a year ago.
The April receipts of the six classes of grain at each of the four
markets, with totals for March, 1925, and April, 1924, for
purposes of comparison were:
Kansas City..............
Omaha......................
St. Joseph................
Wichita......................
Wheat
874,800
438,200
359,800
203,600
Corn
723,750
393,400
631,500
93,600
Oats
Barley · Kafir
19,500 320,100
18,200 19,200
3,000
Rye
595,000
908,000
80,000
13,500
April, 1925 ................ 1,876,400 1,842,250 1,596,500
March, 1925._...........4,587,250 5,172,600 1,376,400
April, 1924................ 3,248,250 5,878,600 2,004,400
1,100
18,000
19,300
37,100
16,800
38,700 341,100
45,350 550,200
80,450 383,100
Flour Production
Mills in Kansas, Nebraska, Oklahoma and Western Missouri
were operated during April at an average of 49.7 per cent of
capacity and the flour output for the month was 7.7 per cent below that for March, 3.1 per cent below that for April last year
and the lowest for any month since June 1923. The number of
barrels produced at the leading milling centers during April,
with totals for the previous month and for the corresponding
month in 1924, compiled from the- Northwestern Miller reports,
is shown in the following table:
April, 1925
Atchison....
98,123
Kansas City
408,265
Omaha............
74,398
Salina................. ············•············-·· 97,835
St. Joseph..............
110,174
Wichit
113,372
Outside...................... - - - - · 609,498
March, 1925
91,407
396,885
73,700
114,871
129,466
159,249
672,378
Total......................._ _ _ _ _ 1,5n,665
1,637,956
April, 1924
96,145
383,332
65,582
64,878
132,6oo
140,¢6
677,348
1,56o,851
Reports indicated that the flour trade in recent weeks had
experienced a period of unusual dullness. Stocks of flour in
the hands of dealers and bankers were reported low but buying
was limited to immediate requirements.
6
THE MoNTHLY REvTEw
Live Stock
May reports reflected an improvement in the live stock situation in the Tenth District, with the condition of all classes of
live stock better than at the beginning of the previous month
and, for the District as a whole, better than a year ago.
In Missouri the May condition of live stock was reported
better than in the same month last year, due to good pastures
and absence of any serious disease outbreak. In that state average losses per thousand head on account of disease and exposure
were very low as compared with those in previous years.
Live stock in Kansas was in good condition and health and
was grazing freely even on the buffalo grass in the extreme
western counties. Flint Hills pastures were excellePt and the
growth beyond normal.
In Nebraska losses of live stock were below the average and
about equal to those of the previous year, though losses of hogs
were considerably below the average and much below the losses
in 1924. The condition of live stock in that state was about the
average with swine slightly below the average.
In Oklahoma all live stock was reported in generally good
condition at the beginning of May. The frequent rains in April
greatly improved the pastures. Very little disease was reported
in that state.
Sheep and cattle in Wyoming were in excellent condition on
May I and grass was good, but moisture was needed for later
ranges. The condition of cattle in that state was reported at
100 per cent of normal, five points above that of April I and
eight points above that of May I, 1924. The report stated that
sheep had done better this spring than for many years and the
condition this year was 103 per cent of normal, five points above
that reported last month and seven points above a year ago.
In Colorado live stock conditions were about the same as
those reported for Wyoming, though in many sections of that
state ranges were needing rain. This situation was partly relieved by scattered rains in early May.
In New Mexico the condition of live stock was low on account
of the effect of the long drought on ranges. Rain fell in some
parts of the state during late April and the fore part of May
and the situation was slightly relieved.
Late reports confirmed the statement in the last previous
issue of the Monthly Review of an unusually large movement of
cattle from the Southwest to the long grass pastures in Kansas
and Oklahoma. The improvement in pastures in parts of Texas
delayed the movement of cattle from such sections. On the whole,
the reports indicate that larger numbers of cattle were moved
to these long grass pastures this spring than in any spring in
recent years.
The season has been favorable for lambing and this year's crop
in Colorado and Wyoming was reported larger than that of
last year, but official figures are not at this time available.
Missouri estimates were for a larger lamb crop than last year.
MARKET MOVEMENTS: A marked seasonal slowing down
in the movement of live stock from farms and ranges \o the
market centers was reflected by the April reports. Receipts
during the month were smaller in number for all classes than
for the month of March and, with the exception of some increase
in the number of calves and sheep received, th.e month's totals
fell below those for April of last year. Percentages of change in
receipts at the six market centers of the Tenth District were:
April, 1925, compared with March 1925: cattle, decrease 13 per cent;
calves, dt-crease 22.4 per cent; hogs. decrease 10.3 per cent; sheep, d!!crease 12.5
per cent; horses and mules, decrease 63 per cent.
April, 1925, compared with April, 1924: cattle, decrease 1.3 per cent;
c1uves, increase 16.-2 per cent; hogs, decrease 29.7 per cent; sheep, increase 15.7
per cent; horses and mules, decrease 27.3 per cent.
Receipts of live stock at the leading centers of the Tenth
District are here shown for the month of April with combined
totals for March, 1925, and April, 1924, for purposes of comparison:
Cattle·'? Calves Hogs
Sheep
Kansas City........................ 143, I 94 27,067 189,475 128,383
6,203 255,549 178,995
Omaha ....
118,057
St. Joseph ........
39,308
7,7 29 105,030 119,200
Denver.............:.................. 28,163
4,435 4 2,7°3 186,918
Oklahoma City .................... 27,582
36o
8,747 26,206
1,543
Wichita ................................ 37,093
6,550 60,337
--------
I
April, 1925 ..........................393,397
March, 192 5........................451,968
April, 1924..........................39ll,619
60,731 679,300 6 15,399
78,'240 757,428 703,482
52,268 966,657 532,068
Horses
Mules
94 1
558
35 1
1,487
267
801
4,4°5
II,865
6,064
Cars
8,329
8,502
3,196
2,192
1,044
l,i70
25,033
28,517
1.8,535
The record for the first fol!r months of 1925 show receipts at
the six markets were larger than for the same period last year
for all classes except hogs. Receipts for the four-month period
in both years with percentage of change follow:
Four Months
1924
Four Months
1925
Cattle ........................................................ 1,626,499
Calves........................................................ 253,455
Hogs .......................................................... 3,677,182
Shec::p ........................................................ 2,4c9,691
Horst:s and mules.................................... 49,113
Pct.
Increase
1,597,955
1.7
1. 1 5,045
1 7·7
4,397, 266
z,224,452
43,949
-16.4
8.2
11.8
STOCKER A D FEEDER SHIPMENTS: Returns from
four stock yards in the District show fewer cattle, hogs and sheep
were shipped to the country from public stock yards during
April than in t he previous month or a year ago from four
markets:
Cattle
Kansas City....................................•........47,870
Omaha ....................................................... 16,927
St. Joseph ................................................. 4,410
Denver...................................................... 9,951
April, 1925 .............................................. 79,158
M:uch, 1925..............................................91,380
April, 1924............................................. 89,970
Calves
3,443
382
1,148
4,973
5,575
3,587
Hogs
6,348
542
1,604
3,77°
Sheep
7,469
12,264
16,479
27,945
43,746
52,0.38
5,733
9,048
21,496
50,251.
Meat Packing
The reports show meat packers purchased for their slaughtering operations fewer cattle, calves, hogs and sheep during April
than in the previous month, though April purchases of all classes
of meat animals except hogs were larger in num l,er than in t1.1e
correspoI'ding month last year. Total purchases at the six
market centers were:
7, 2 95
3,220
8,147
2,856
Hogs
129,905
194,853
61,241
31,830
22,962
58,054
Sheep
108,506
139.95o
94, 1 59
15,489
46,275
59,717
42,6o5
498,845
569,027
728,773
360,030
386.885
304,185
Cattle
81,747
76,973
28,137
9,989
12,073
8,048
Calves
20,692
April, 1925-............................................ 216,967
March , 1925-.............. _ _ _ _ _ _ 242,846
April. 1924..................................•........214,844
Kansas City ..................... - -- Omaha............ .......................................
St. Joseph ...... ..........................................
Denver................ ..... ..............................
Oklahoma City .... .................................
Wichita....................................................
4,065
339
1,587
Stocks of pork and lard at Kansas City at the end of April
totaled 57,878,900 pounds, a decrease of 921 ,3co pounds from
the total on March 3 I, but an increase of 1 ,372,lco pounds over
the total on April 30, 1924.
The pork trade during April experienced the usual af~erEaster dullness, with prices somewhat lower than the h1gh
level reached during March, following the advance in hog pri~es.
The demand for dressed beef and mutton was slow and nnces
slightly lower.
7
THE MoNTHLY REvTEW
Petroleum
The flow of crude oil from wells in the Tenth District averaged
630,966 barrels per day during the month of April, as compared
with 651,451 barrels per day for March and 66 1,338 barrels per
day for April of last year. April was the first month of 1925 to
show a decrease in the daily average production of crude oil as
compared. with that for a corresponding month of 1924. The
total of 18,929,000 barrels produced in the thirty days of April
was 6.3 per cert below the total for the thirty-one days of March
and 4.6 per cent below the total production in April last year.
Crude oil production, in barrels, is here shown for each of the
five producing states:
GROSS PRODUCTION
*April, .1925 **Marrh, 1925 **April. 1924 ,
14,725,000
13,663,000
2,787,000
2,325,000
Wyoming ................. ............................... 2,4p,300
2,574,000
3,845,000
82,600
Colorado...... .. .... ....................................
80,000
7,000
New Mexico..........................................
36,000
29,000
~::S:~:~·.·::.:::::::::::::::.:::::::.:·:::::::::::::::::I;:~~t; ~~
TotaL-----······························18,929,ooo
DAILY AVERAGE
*April, 1925
Oklahoma .................·-·············· ................458,508
Kansas.·- - - - - - - -············· 86,762
Wyoming ................ _ _ _ _ _ _ _ 81,743
Colorado ................. - - - - - ······· 2,753
New Mexico ............................ _ _ _ _ 1,200
20,195,000
**March, 1925 **April 1q24
475,000
455,438
89,903
77,500
83,032
128,167
233
2,581
935
Total.. .......................... _ _ _ _ _ _ 630,966
*Estimated-American Petroleum Institute.
**Official-U. S. Geological Survey.
661,338
Reports on field operations show a larger number of wells
completed than in any previous month this year, and a larger
number than reported for either of the corresponding months in
1924. Daily average new production during April was 31 .2
per cent larger than in March and 8.2 per cent less than in
April a year ago. New developm ents under way at the close
of April included 2,446 rigs and wells drilling, the largest number reported at the close of a month this year or last year to the
close of April. The number of wells completed, barrels daily
new development and the number of rigs and wells drillirg at the
close of the month follow:
Barrels Daily
Wells
Completed New Prod'n
Oklahoma....................... 447
89,855
18,86o
Kansas ........................... 259
Wyoming.... .... ................ 42
6,465
0
Colorado .......................... 5
New Mexico.................... 9
2,130
April, 1925 ................... ...762
March, 1925 ........ ............ 56o
April, I 924...... _......c•..•••• 614
117,310
89,417
127,855
Dry
Wells
II3
84
3
5
0
205
175
1:28
Gas Rigs-Wells
Wells Drilling
1,431
42
18
534
0
326
0
99
0
56
60
59
50
2,446
2,438
2,297
Mining
ZINC A D LEAD: Shipments of zinc ores reported from
the Missouri-Kansas-Oklahoma or Tri-State District declined
in April to 8.5 per cent below the March total but exceeded
those for April of last year by 9.8 per cent. Shipments of lead
ores for the month were about the same in tonnage as in March
and were 31.1 per cent larger than in the corresponding month
in 1924. Tonnage of ores shipped are here shown for four week
periods:
April, 1925
Zinc ores:
Four weeks ............................................ 57,425
Weekly average................................... 14,355
Lead ores:
Four weeks ................ ... ........................ 9,748
Weekly average...... .............................. 2,437
March, 1925 April, 1924
62,796
15,696
52,609
13,152
9,73 2
2>433
7,356
1,839
Prices of ores moved steadily downward during April and
were the lowest of the current year. The average price paid for
zinc ores in April was $48.75 per ton, which compares with
averages of $53.21 for March and $39.52 for April, 1924. The
April average price of lead ores was $93.90 per ton, as compared
with $II2 for March and '$99.61 for April last year. The combined value of zinc and lead ores shipped during the first eighteen
weeks of 1925 was $19,747,494, compared with $14,541,809 for
the same period in 1924. The surplus stocks of zinc ore at the
end of April was about 15,000 tons.
Production of ores during the month was estimated to be in
the neighborhood of 14,400 tons of zinc and 2,600 tons of lead
per week. Approximately 145 mills were in operation during
the month, of which about 97 were on full time.
SOFT COAL: Production of hituminous coal in the Tenth
District during April declined 4.2 per cent from March production and was 7.2 per cent below production in April, 1924.
The month's total production, in tons, is shown in the following
compilation from weekly reports of the United States Geological
Survey:
New Mexico............................................ 161,000
Oklahoma.................................................. 163,000
Wyoming.. ............................... ............... 373,000
March, 1925
595, 200
299,160
140,000
16o,680
127,26o
4 2 5,700
Total... ...................................... ........ ......... 1,675,ooo
1,748,000
April, 1925
Colorado.................................................... 552,000
~~~:~~;::::::::.:::::::::::::::.:::.:::.:::::::.:::·::::::: :;::~
April, 1924
690,000
216,000
148,000
187,000
141,000
423,000
1,805.000
Estimated production of bituminous coal in the United States
for the calendar year to May 2 was 164,475,oco tons with a
daily average of 1,540,000 to11s . This is compared with 170,798,000 tons and a daily average of 1,604,000 tons for the corresponding period in 1924.
Building
Construction in ·cities of the Tenth District continued during
April and May at the high rate of activity with which the season
opened in February. The April returns from eighteen cities
showed fewer permits were issued than in the previous month
or in April last year, but the investment of $13,138,702 in new
buildings was the largest for a single month since April, 1923 1
which was the high record month in building investments for all
time. The returns for the first four months of 1925 show an
increase over the same period in 1924 of I~}.J per cent in the
number of permits issued and an increase of 35 per cent in estimated cost. The April returns follow:
Permits Issued
1924
1925
22
Casper, Wyo.....................
95
Cheyenne, Wyo ................
32
45
Colorado Springs, Colo ....
131
83
818
Denver, Colo..................... 877
Hutchinson, Kans .............
47
35
Joplin, Mo.....
87
70
245
Kansas City, Kans ........... 220
Kansas City, Mo .. -........... 708
7°5
161
Lincoln, Nebr ................... 199
18
Muskogee, Okla...............
49
212
Oklahoma City, Okla ....... 195
16
II
Okmulgee, Okla.................
Omaha, Nebr ..................... 368
3o9
Pueblo, Colo..................... 171
125
St. Joseph, Mo.................
50
56
182
Topeka, Kans ................... 151
Tulsa, Okla....................... 283
190
Wichita, Kans •.................. 220
371
Apri
3,75°
March ..........
4, 244
Four Months------········I2,474
3,807
2,963
10,454
Estimated
1925
'f,
19,770 'f,
59,3 25
78,o95
2,553,400
33, 1 95
80,880
883,245
3,34 2, 170
629,571
3° 2,452
709,306
37, 195
2,336,443
278,450
44,7°5
368,497
1,002,312
379,691
Cost
1924
Change
Pct.
307,506 ~3.6
91,548 -35. 2
101 ,035 --22.7
2,416,650
5.6
67,9 25 -51.1
92,142 ·- 12.2
70.6
517,865
2,148,750
55.6
2.1
616.505
21,740 1,291.2
457,765
54.9
69,150 -46.2
1,210,207
93· 1
101,036
175.6
14.3
39, 12 5
272,660
35• 1
23.2
813,778
-1.3
384,704
'f,13,138,702 '$ 9,730,091
12,618,889
9,139,262
41,666,443 30,853,816
35.o
38.1
35.0
8
THE MONTHLY REVYl':W
Business Conditions in the United States
Production in basic industries and factory employment continued at approximately the same level during Apr'il as in March.
Factory payrolls were smaller, and wholesale prices declined
sharply. Distribution of commodities was maintained at higher
levels than a year ago.
PRODUCTIO : The output in basic industries declined less
than I percent in April. Decreased production of iron and steel,
flour and copper was largely offset in the Federal Reserve Board's
production index by increases in mill consumption of cotton and
in the production of newsprint and petroleum. The output of
automobiles, which are not included in the index, has increased
rapidly since December and in April was the largest ever recorded. Automobile tire production was maintained at the high
level reached in March. Number of men employed at industrial
establishments remained practically the same in April as in
March, but owing to less full time operation, particularly in the
textile, leather, and food industries, total factory payrolls decreased about 2 percent.
Building contracts awarded during April were the largest on
record, both in volume and in square feet.
Estimates by the Derartment of Agriculture on May 1, indicated a reduction of 6 percent from the April forecast in the
yields of winter wheat and rye. The winter wheat crop is expected to be 25 percent smaller than last year and the indicated
yield of rye is 9 per cent less.
TRADE: Wholesale trade was smaller in all lines except
hardware during April than in March. Compared with a year
ago sales of groceries and shoes were less but sales of meats, drygoods and drugs were lar~er. Sales at department stores and by
mail order houses showed more than the usual seasonal increase in
April and were larger than during April, 1924. Whol esale stocks
of groceries, shoes and hardware were smaller at the end of
April than a month earlier, while drygoods were larger. Merchandise stocks at department stores showed less than the usual
seasonal increase in April but were in about the same volume as
a year ago. Freight car loadings of merchandise were greater
than in March and larger than in any previous April.
PRICES: Wholesale prices, according to the index of the
Bureau of Labor statistics, declined 3 percent in April, following
an almost uninterrupted rise since the middle of 1924. All
groups of commodities shared in the decline of prices except
house furnishings and the miscellaneous group.
The largest declines were in farm products and foods, which
had shown the most rapid increases during the first three weeks
in May. Prices of grains, beef, hogs, flour, and rubber advanced,
while declines occurred in cotton, wool, lumber and iron prices.
BA K CREDIT: At the middle of May total loans ard investments of member banks in leading cities were near the level
which has prevailed, with only minor fluctuations, since the first
of the year. Loans chiefly for commercial purposes declined
slightly between the middle of April and the middle of May,
while loans on securities rose to a high point at the end of April
and decreased somewhat during the first two weeks of May.
Total investment holdings, which increased considerably during
the first half of arch, have declined somewhat since that time.
et demand deposits increased considerably from the low point
at the end of March, but were still $500,000,000 less than at
the middle of January.
At the Reserve banks there was a marked decline in the
volume of member bank borrowing after the first week in May,
and total earning assets of the reserve banks on May 20 were
less than $r,ooo,oco,ooo. For the first time since January acceptances and holdirgs of United States securities on that date were
in about the same volume as a month earlier.
Money conditions continued relatively easy during the latter
part of April and the first part of May at 3¾ to 4 percent. The
open market rate for prime .commercial paper was slightly below the level for the precedin1s month.
STATEME T OF CO DITION, FEDERAL RESERVE
BA K OF KA SAS CITY, I CLUDING BRA CHES
At Close of Business
May 6, 1925 May 7, 1924
RESOURCES
Gold with Federal reserve agent............ _ _ _ _ 'f, 55,851.355 1, 53,875,055
Gold redemption fund with U.S. Treasury................ 2,368,275
2,415,245
Gold held exclusively against F. R. notes.............. 58,219,630
Gold settlement fund with F. R. Board...................... 43,956,044
Gold and gold certificates held by bank.. _ _ _ _ 3,246,905
56,290,300
33, 248, 2 57
3,73 2,349
Total gold reserves ...................................................... 105,422,579
Reserves other than gold- - - - · - - - - - 3,575,567
93,2 70,900
Total reserves .......... _ _ _ _ _ _ _ _ 108,998,146
Non-reserve cash................
2,066,919
Bills discounted:
Sec. by U. S. Government obligations .................... 1,853,190
Other bills discounted.................. _ _ _ __
6,310,559
97,699,275
Total bills discounted ................ _ _ __
Bills bought in open market.. _ _ _ _ _ __
U.S. Government securities:
Bonds .......... _ __
----····-··················
Treasury notes ................................. _ _ _ __
Certificates of indebtedness ................ _ _ __
8,163,749
10,240,231
24,974,415
4,103,850
10,821 ,500
13,499,800
2,143,000
482,450
14,589,400
4,3 1 3,000
4,428,369
3,02 3,365
2,566,679
22,407,736
Total U. S. Government securities .................. 26,464,300
Foreign loans on gold ...... _ _ _ _ _ __
420,000
All other earning assets ..................................................
250,000
Total earning assets ............ _ _ _ _ __
45,538,280
Uncollected items ....- - - - - · - - - - - - 36,879,988
Bank premises .................... - - - - - - - - - - 4,200,298
All other resources ..........................................................
578,002
48,463,115
33,511,223
4,594,543
1,039,804
TOTAL RESOURCES..................................1,198,261,633 1,188,331,325
LIABILITIES
F. R. notes in actual circulation .................................. $ 64,109,040
Deposits:
Member Bank-reserve account ...............·-········.... 85,972,966
75,2 II,5 19
Government........................................ _ _ _ _
1,451,169
1,754,809
Other deposits .. _ _ _ _ _ - - - - - - 673,280
393, 196
Tote! deposits....................... _. _ _ _ __
88,097,415
Deferred availability items ......................................... . 32,264,712
Capital paid in ....................... _ _ _ _ _ _ __
4,336,350
Surplus ...................................................... _ _ _ __
8,976,661
All other liabilities ................................. _ _ __ _
477,455
77,359,524
32,710,256
4,43 1 ,900
9,495,540
730,105
TOTAL LIABILITIES..... _ _ _ ......... $198,261 ,633 $188,331,325
Ratio of total reserves to deposit and F. R. note
71.6%
liabilities combined................................................
69.3%
Contingent liability on bills purchased for foreign
correspondents ........................................................ $ I ,8 52,994 1>
989,723
Total clearings for week ............................................... 1,189,670,304 $169,408,163
Total number of items handled ............. _ _ _ _
1,267,265
1,161,404
@FedFRASER