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~ • , THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL RESERVE BANK OF KANSAS CI TY M. L. McCLURE, Chairman and Federal Reserve Agent A. M. McADAMS, Assistant Federal Reserve Agent and Secretary Vol. B I2 KANSAS CITY; USINESS in the Tenth District was affected somewhat adversely during April by almost daily downpours of rain and continued cloudiness over the eastern half, occasional rains and snows over the Great Plains and Rocky Mountain regions, and abnormally low temperatures over practically the entire area. Statistical reports covering operations in industry and trade revealed irregularities quite unusual for the mid-spring month. Losses in some lines were balanced by gains in other lines and the volume, measured by bank debits or payments by check, was seven-tenths of 1 per ce~t less than in March and 4 per cent greater than in April 1926. The advent of more seasonal weather early in May brought improvement to the general situation and, while there had been no great expansion, such reports as were available indicated a heavy volume of production and trade and a bright outlook for the summer season. May reports from the winter wheat belt indicated a large crop, probably not up to the bumper crop oflast year but considerably above the ten-year average. Spring plantings, retarded by the unfavorable condition of weather and soil, were making excellent progress. On the whole crop prospects were good, and conditions for livestock were better than they were a year ago. Daily output of crude oil in April was onfy a few barrels less than the high record output for March, but mid-May reports indicated efforts to curb production by curtailing development operations were resulting in decreases in the daily average flow in nearly all of the producing fields in this district. The first month of the coal year showed a noticeable decrease in the output of mines in Missouri, Kansas and Oklahoma, and some reduction in Colorado, Wyoming and New Mexico. Prices of zinc and lead ore declined to the lowest'level of the year. Shipments of zinc ore fell off and shipments of lead ore increased. Production of Portland cement increased and the manufacture of face brick decreased. The April output of flour with one day less for grinding, was 3.7 percent below that for March and 28.7 per cent in excess of the output for April 1926. Slaughtering of cattle, calves and sheep at meat packing plants decreased, but the numbers of hogs slaughtered was ~17 per cent"greater than in the like month of 1926. Conditions for the wholesale trade were unsatisfactory and the money value of goods distribu ted, combined for six reporting lines, fell below that for March, bu t was larger than that for April a year ago. Retail trade at department stores was in larger volume than in the preceeding month, and larger t han in the corresponding month last year. ~• Little progress was made in building and general construction during April but contract awards were larger than in any preced- Mo._. JuNE 1, 1927 No. 6 APRIL BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Returns for the Month Compared to Returns for March 1917 and April .1916 in Percentages of Increase or Decrease April 1927 April 1927 Compared to Compared to General Business March 1927 April 1926 4.2 Bank debits, 29 cities ..............................................- 0.7 2.9 Federal Reserve Bank Clearings .......................... -12.1 Business failures, number...................................... 6.9 - 8.I - 17.9 Amount of liabilities ..............................................- 9.3 Trade (Sales) Department stores .................... ·----········ 10.7 6.3 Men's and women's apparel, retail...................... 3.2 4.8 8.3 Furniture, retail...................................................... -12.5 Wholesale, six lines ................................................- 6.5 7. 2 -20.6 Lumber, retail yards.............................................. 2.0 Market Receipts Wheat._ .....................................................................-28. 5 Corn .......................................................................... -42.3 Oats ..........................................................................---'25.0 Cattle ........................................................................- 10.9 Calves ........................................................................-19.8 Hogs ..........................................................................-13.7 Sheep ........................................................................ -11. 5 Horses and MuleL .................................................-37.4 Production 28.7 Flour·--····································· · · - -- ············ - 3.7 Crude Oil ..................................................................- 3.2 34.8 Soft Coal .........................................., .......................-54.o -34.8 Cement.....................................· - - - · ············· 34.7 7.3 Face Brick ................................................................-14.4 - 3.0 Zinc ore (shipments) ...... ........................................- 8.1 - 10.5 Lead ore (shipments) ..............................................- I.2 15.0 Meat Packing Cattle........................................................................- 9.9 - 1.7 Calves ........................................................................---'22.2 - 5.9 Hogs .........................................................................- 8.9 17.0 Sheep ........................................................................- 3.7 - o.6 Construction Contracts awarded, value...................................... 38.6 60.9 Building permits, 19 cities, value ........................-25.8 -3 1 .9 Number of permits.................................................. - 3.3 - 3.7 ing month since October, thus assuring moderately heavy activity through the remainder of the season. The interruption of outdoor work during the month resulted in considerable unemployment but with the better M ay conditions, a general resumption of activity and the harvest season coming on, the employment situation improved. The money and credit situation continued easy and there was no change in interest and discount rates during April and the eai;ly half of May. The banks were supplied with funds in plenty to take care of their ordinary demands and to finance the harvest and the heavy marketing of new wheat which is scheduled to start at the end of June. This Copy Released For Publication In Morning Newspapers May 30. 2 THE MONTHLY REVIEW the first four months of last year the amount was $3,663,039,000 Banking and Credit MEMBER BA K OPERATIO S: The position of banks and items handled totaled 23,033,122. These totals indicate an is reflected by the condition statements of sixty-five banks in increase for this year's 4-month period of 153,679,000 or 4.2 per leading cities reporting weekly to the Federal Reserve Bank of cent in amount, and a decrease of 330,165 or ·1.4 per cent in the Kansas City. The amount of their loans and discounts on May 4 number of items handled. PAYMENTS BY CHECK: Debits to individual accounts was 2 per cent less than five weeks earlier and 1.8 per cent less than at the corresponding date last year. Loans secured by by banks in 29 cities in this district, indicative of the volume Government obligations, and also loans secured by other bonds . of business, ran at an average of $314,577,11 I per week during and stocks, were larger than a year ago, but these increases were the first 18 weeks of 1926. The combined total for this year's more than offset by a decrease in" all other'' loans . . Investments 18-week period was $5,662,388,000, as against $5,446,514,000 for continued the steady increase that has been recorded for several the like period last year, and this year's increase was $215,874,000 months and the May 4 total was 0.9 per cent larger than on March or 4 per cent. During the five weeks ending May 4 debits in the 29 cities 30 and 7.3 per cent larger than on May 5, 1926. Demand deposits declined 2.6 per cent in the five-week period but were 2.4 amounted to 1,1,556,701,000, a decrease of $u,390,ooo or 0.7 per per cent greater than a year earlier. Time deposits at the first cent fom the preceeding 5-week period endedMarch 30, but an reporting date in May showed increases over both periods with increase of $63,127,000 or 4.2 per cent over the corresponding wJ,ich comparison is made. There was a slight increase in the 5-week period in 1926. Twenty cities reported increases and reserve balances of the reporting banks during pril but the total nine reported decreases as compared with last year's 5-week reported by those banks was 0.2 per cent below that of May 5, period. The record follows: Five Weeks Ending Per Cent 1926. The principal resource and liability items of the sixtyMay 4, 1927 May 5, 1926 Change five member banks are here shown as of the three dates mentioned: Albuquerque, N. M.·--··············· ······ 1, u,637,000 1, 14,161,000 21.7 6,823,000 Atchinson, Kans ....................... •-······ 7,047,000 - 3.1 May 4, 1927 Mar. 30, 1927 May 5, 1926 Total loans and discounts.................... Sec. by U.S. Obligations.............. Sec. by other bonds and stocks.. All other----······················ Total investments................................ U. S. securities.............................. Other bonds, stocks & securities Total loans, discounts & investments Total deposits............... _ _ _ _ _ Demand deposits.......................... Time deposits................................ Government deposits.................... Reserve balances with F. R. Bank..... '1,412,523,000 4,433,000 107,277,000 300,813,000 '1,207,692,000 110,865,000 96,827,000 '1,620,215,000 1,637,507,000 484,285,000 151,114,000 2,108,000 1, 53,707,000 '1,421,110,000 '$420,177,000 4,339,000 3,685,000 111,616,000 97,742,000 305,155,000 318,750,000 '1,205,850,000 1,193,599,000 106,796,000 112,355,000 99,054,000 81,244,000 '1,626,960,000 '1,613,776,000 i651,331,ooo '1,627,120,000 497,120,000 472,713,000 150,144,000 146,433,000 4,067,000 7,974,000 1, 52,865,000 1, 53,814,000 RESERVE BANK OPERATIONS: The weekly statement of the Federal ReserveBank of Kansas City as of May 4, corresponding to the report of the selected list of member banks in the preceeding table, showed a decrease in gold reserves that brought the total to the lowest point since December 1, 1926. Bills rediscounted for member banks on the first reporting date in May were, with the exception of April 27, at the highest point since Dece~ber 15, though there was little change in purchased bills and United States securities held. Total deposits were the lowest since February 9 and slightly under the total on May 5, 1926. The principal items contained in the Federal Reserve Bank statement as of May 4 are compared with those for March 30, 1927 and May 5, 1926 in the table which follows: Gold Reserves........................................ Other Reserves...................................... Total Reserves...................................... Rills Discounted.................................... Rills Purchased...................................... U. S. Securities...................................... Other Securities.................................... Total Bills and Securities.................... Total Resources.................................... F. R. otes in Circulation.................. Total deposits.................................. May 4, 1927 Mar. 30, 1927 May 5, 1926 1, 93,232,821 '1,104,849,674 1, 80,388,707 5,514,579 5,183,534 4,996,656 98,747,400 110,033,208 85,385,363 15,313,243 8,630,988 21,150,607 I 1,591,856 10,853,756 9,510,384 27,956,000 27,994,000 37,433,800 292,500 54,861,099 47,478,744 68,387,291 200,252,262 201,657,927 201,774,696 65,006,275 66,823,725 62,292,850 86,808,752 87,309,021 89,005,043 RESERVE BA K CLEAR! GS: Check collections through the Federal Reserve Bank of Kansas City, including branches at Omaha, Denver and Oklahoma City, amounted to 927,197,000 for the month of April, an increase of $26,024,000 or 2.9 per cent over pril 1926. The number of items handled during the month was 5,781,244, an increase of 10,976 or 0.2 per cent over the number of items handled in the corresponding month last year. Check collections during the first four months of 1927 amounted to 3,816,718,000 and 22,702,957 items were handled. During Bartlesville, Okla .._......................... _ Casper, Wyo.·-··································· Cheyenne, Wyo ................................. Colorado Springs, Colo .. Denver, Colo ..................................... Enid, Okla ......................................... Fremont, Nebr.·-············· Grand Junction, Colo ..... Guthrie, Oki Hutchinson, Kans ..... Independence, Kans ......................... Joplin, Mo ......................................... Kansas City, Kans ........................... Kansas City, Mo............................... Lawrence, Kans.·-···········-················· Lincoln, ebr.·-································· Muskogee, Okla ................................. Oklahoma City, Okla ....................... Okmulgee, Okla ............... _................ Omaha, ebr............. Parsons, Kans ................................... Pittsburg, Kans .............. Pueblo, Colo....... - ............................ St. Joseph, Mo.·--····························· Topeka, Kans ................................... Tulsa, Okla.·-····································· Wichita, Kans ................................... Twenty-nine Cities, 5 weeks·-·····Twenty-nine Cities, 18 weeks·-·-····· 31,531,000 10,666,000 6,849,000 17,918,000 2 l 5,420,000 16,773,000 4,899,000 3,805,000 4,181,000 16,486,000 12,230,000 21,720,000 22,803,000 422,418,000 6,447,000 37,552,000 13,861,000 l 17,846,000 II,049,000 225,522,000 3,432,000 7,019,000 24,182,000 60,251,000 21,846,000 144,789,000 53,222,000 1,1,556,701,000 5,662,388,000 24,773,000 II,092,000 7,088,000 16,ru,000 204,470,000 14,635,000 4,514,000 .1,762,000 3,888,000 12,063,000 10.,825,000 22,912,000 23,343,000 408,158,000 5,683,000 41,215,000 - 11.2 5-4 14.6 8.5 I.I 7-5 - 3,553,000 7,011,000 20,692,000 64,861,000 21,207,000 139,847,000 49,879,ooo 'f,1,493,574,000 5,446,514,000 36.7 13.0 5.2 2.3 3.5 - 13,156,000 102,549,000 14,871,000 222,732,000 31.3 3.8 3.4 13·4 8.9 j t 5-4 14.9 -25.7 I.'l - - 3.4 0.1 16.9 7.1 3.0 3.5 6.7 4.2 4.0 SAVIN GS IN BANKS: Reports from a selected list of banks in cities of this district reflected a decrease of 3.1 per cent in the amount of their savings deposits between April l and May I of the current year, but the total for the latter date stood 2.9 per cent above that for the corresponding date in 1926. The number of savings accounts fell off o.I per cent during the month but showed an increase of 3. 5 per cent over the number reported a year earlier. The reports on deposits: Denver, Colo ................... Kansas City,Kans ........... Kansas City, Mo........... Lincoln, Nebr.•................ Oklahoma City, Okla ..... Omaha, Nebr.........- ........ St. Joseph, 0 •••.•••...•.••• Tulsa, Okla ...................... Wichita, Kans ................. Other Cities ..... ................ Total. ........... .................... Banks May 1, 1927 1, 50,528,454 7 2,629,077 4 II 16,719,606 3,323,228 4 6 7,702,009 7,925,939 5 6 7,783,785 6 15,335,534 6 5,373,5 25 507,93 1 3 58 $II7,829,088 April 1, 1927 '$ 53,767,525 2,581,498 16,557,891 3,316,862 8,735,790 7,938,718 7.673,367 15,35°,00 4 5, 149,639 46o,948 $1.1,632,242 May 1, 1926 'f, 51,165,897 2,859,34 1 1 5,95 2,00 5 3,377,383 8,3 13.037 7,498,93° 7,99o,55o 12,275,960 4,736,735 . 354,951 $II4,5'-4,789 : THE MoNTHLY REVIEW t 3 WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT Outstandings (Mo. End.) Sales Collections l Stocks (Mo. End.) Reporting Apr. 1927 Apr. 30, 1927 Apr. 1927 Apr. 30, 1927 1 Stores Compared to Compared to Compared to '. ; Compared to Apr. 1926 Mar. 31, 1927 Apr. 30, 1926 Mar. 1927 Apr. 1926 Mar. 31, 1927 Apr. 30,1926 Mar. 1927 1.6 -11.7 - 3.2 9.6 -0.7 - 0.9 -4.9 - 1.4 Dry Goods..·--····················· - - - 7 Groceries .................. _ _ _ _ _ __ Even - 16.0 - 0.4 7.r 5.6 6.7 4.8 4 I 5•5 2.1 0.1 - 4.8 - 0.1 - 8.2 5.6 6.3 . 3.7 Hardware ······················ - - 9 -18.2 0.2 2.6 14.2 - 5.3 1.5 9.8 7.7 Furniture·-················································· 5 Drugs .......................................................... 2.4 I .I - 5.0 1.3 0.5 2.5 - 3.7 3.5 7 Business Failures Business insolvencies in this district during April were 124 in number as compared with II6 in March and 135 in April a year ago. April liabilities, totaling $1,526,939, were $157,254 less than the amount reported for April 1926. The April record of business failures in the United States showed increases over the corresponding month last year, both in number and amount of liabilities. The April figures reported by R. G. Dun & Company by Federal Reserve Districts: NUMBER Federal Reserve District First, Boston .. - ................................ Second, New York .......................... Third, Philadelphia ....................... . Fourth, Cleveland .......................... Fifth, Richmond ............................ Sixth, Atlanta ................................. . Seven th, Chicago .. ·····················--·· Eighth, St. Louis ........................... . Nin th, Minneapolis ........................ TENTH, KANSAS CITY ............ Eleventh, Dallas.............................. Twelfth, San Francisco .... .............. Total United States, April... ......... 1,968 1,957 LIABILITIES 1927 1926 '/, 6,9 13,34o 1, 3,778,9r 5 10,287,882 ro,733,680 2,823,587 2,831,463 6,025,924 3,306,131 3,800,752 3,320,683 45 1,677 3,787,ooJ 9,122,266 5,767,251 1,590,517 1,656,577 846,6o1 1,220,988 1,526,939 1,861,132 1,685,229 716,438 4,366,300 3,216,773 1, 53,150,727 1, 38,487,321 Trade RETAIL: Sales of department stores in cities of the district, indicated in the monthly summary, were 10.7 per cent larger than in March and 6.3 per cent larger than in April 1926, while sales for the four months were 3.5 per cent larger than in the corresponding four months of 1926. Of the 35 department stores reporting for the month: 23 showed increases and 12 decreases in the volume of sales as compared with April 1926. A number of reporting stores handling men's and women's apparel indicated their combined April sales were 3.2 per cent larger than in March and 4.8 per cent larger than in April of last year. Sales of reporting retail furniture houses were 8.3 per cent above the March total but fell 12.5 per cent below the total for April 1926. Stocks reported by department stores at the end of April showed a decrease of 1.3 per cent from the total one month earlier and a decrease of 3.3 per cent from the total a year earlier. Stocks at apparel stores and at retail furniture stores were smaller by 5.1 per cent and 4.5 per cent, respectively, than at the end of April 1926. Kansas City.......... Denver.................... Wichita.................. Oklahoma City...... Lincoln._................. ~ Tulsa...................... " 'Other Cities·--·-····· WHOLESALE: The dollar value of merchandi1te sold by wholesale firms in six leading lines reported to the Monthly Review for April was 6.5 per cent smaller th an for March, but 7.2 per cent larger than for April 1926. The reports by lines indicated smaller sales of dry goods, hardware, furniture, drugs and millinery and larger sales of groceries than in March. On the other hand April sales of all reporting lines, with the exception of millinery, were larger than in April 1926. The decline in sales of dry goods during the month was attributed in part to the fact t hat merchants had already made their heavy purchases, although unfavorable weather and bad conditions of roads were the principal deterrents mentioned in the reports of all lines. No important changes in the market prices of staple dry goods were reported, although on account of the recent advance in the · price of cotton there was a tendency by manufactures to make slight advances in prices of domestics. The implement business generally was reported good, with sales well ahead of this time last year. Sales of" combines'' for the coming wheat harvest were reported as running far ahead of all former pre-harvest seasons. In Kansas it was estimated 13,000 combines, machines that cut and thresh the wheat at the same time, would be in use this season. Last year 8,(XX) combines were m use. COLLECTIONS: While the general}un of reports indicated collections during April were only fair, there was an improvement in the latter part of the month, due to favorable crop news. Wholesale firms reported their collections ran about even with those in April 1926. The composite figure of department store collections during April on amounts outstanding at the close of March was 41.7 per cent, as compared with 42.4 per cent for March and 41.8 per cent for April 1926. Lumber and Materials Due to the inundation of a large percentage of the hardwood producing area, prices of both hardwood lumber and flooring advanced in April and at the middle of May it was reported prices were about $8 per thousand feet higher than one month earlier. Hardwood production was seriously interrupted and as the stocks in the hands of consumers were light and the interruption likely to continue two or three months longer, an acute situation was developing. While no advance in yellow pine prices had developed, the volume of business increased and the mills decreased their RETAIL TRADE AT 35 DEPARTME T STORES IN THE TENTH FEDERAL RESERVE DISTRICT Sales Retail Stocks Outstanding Orderc; Accounts Receivable Collections 4 Mos. 1927 Apr. 30, 1927 Apr. 30, 1927 Apr. 30, 1927 Apr. 1927 Stores Apr. 1927 Report- Compared to Compared to Compared to Compared to Compared to Compared to ing Apr. 1926 4 Mos. 1926 Mar.31,1927 Apr.30,1926 Mar.31,1927 Apr.30,1926 Mar.31,1927 Apr.30,1926 Mar.1927 Apr.1926 3 - 2.3 - 2.0 - 4.1 - 5.1 - 2.2 - 14.6 6.3 - 1.8 - 1.8 - 3.9 5 8.7 2.8 - 0.9 - 4.7 -24.7 -31.4 6.9 o.4 - 7.0 - 3.0 4 13.8 9.3 - 3.5 2.8 .................. .................. 3.3 19.1 Even 12.5 3 19.6 ~2.9 - 1.9 - 0.1 .................. .................. 3.2 26.2 0.9 18.6 2. Even - , 3.1 2.8 - 4.6 .................. -25.o 3.7 7·7 - 7.2 - 3.5 3 13.6 15.8 2.8 6.9 - 24.1 0.5 o.8 11.1 - 1.0 13.4 15 2.2 - 3.4 - 0.5 - 6.o .................. .................. 0.9 4.1 - 1.1 - 0.4 6.3 3.5 - 1.3 - 3.3 - 18.0 - 21.5 - : 4.8 4·9 - 3.6 1.6 Total...................... 35 NOTE: Percentage of collections in April on outstanding account~ March, 31, all stores reporting, 41.7% . Collections same month last year 41.8% 1 THE MONTHLY REVIEW 4 nventories. Y cllow pine production was not interrupted by the Mississippi river floods but many mills lost some time, due to heavy local rains. Prices of fir continued to hold up and the volume of business was! good. Production during the first four months of the year of the West Coast woods was under shipments and the outlook in May was better than on January 1. Reports on the lumber movement in the United States during the four weeks ended April 30, showed shipments for the period ran 14.6 per cent above production and orders were 13.4 per cent above production. During the first seventeen weeks of 1927 the lumber movement in the United States, reported to the National Lumber Manufacturers Association, in board feet, was as follows: Softwoods (8 Associations)........ Hardwoods (2 Associations)...... Cut 3,367,340,767 479,750,000 Shipments 3}662,985,863 496,590,000 Orders 3,813,469,738 517,144,000 These figures indicate production and shipments of softwood lumber during this period were below the figures of the same period last year, while the movement of hardwood was sl-ightly ahead oflast year to May I. RETAIL LUMBER TRADE: April reports of retail yards in cities and towns in the Tenth District showed a small increase in sales over March, but considerably below those reported for April a year ago. Business at reporting retail yards during April is here compared with the preceeding month and April 1926 in percentages of increase or decrease: April 1927 Compared to March 1927 April 1926 Sales of Lumber, board feet.... 2.0 -20.6 Stocks of All Materials, dollars...... 7.1 -12.7 Stocks of Lumber; end of month'-----········•··········· --o.8 -3.0 Outstandings, end of mont 6.3 -II.I Collections during month ..........·-·········· -6. 5 -14.6 CEMENT: Production of Portland cement at the mills in this district during April totaled 1,174,000 barrels, compared with 1,094,000 barrels in April last year, an increase of 80,000 barrels or 7.3 per cent. Shipments were interrupted by rain and flood conditions and the April total, while 122,000 barrels larger than in March, was 139,000 barrels less than in April 1926. Stocks of finished cement at mills increased during April and at the end of the month the total stood at 2,243,000 barrels, 189,000 more than at the close of March and 478,000 barrels more than on April 30, 1926. FACE BRICK: Production of face brick at sixty-seven plants in fifteen states during April was at an average of 729 thousand per plant, a decrease of 14.4 per cent from the average for March and a decrease of 3 per cent from April 1926. Shipments exceeded production during the month and were 12.6 per cent larger than in March but 3 per cent less than in April of last year. Production of face brick during the four months of 1927 was 6.9 per cent larger than that for the same period last year, and shipments were 0.65 per cent larger. District exceeded the March value by 38.6 per cent and the value ~ for April 1926 by 60.9 per cent. The Dodge figures for the 37 • states in eleven districts follow: Districts First, Boston .................. _ _ _ __ Second, New York.................................................. Third, Philadelphia........ _ _ _ _ __ Fourth, Cleveland ........................... _ _ __ Fifth, Richmond......................... - - - - - •Sixth, Atlant _ _ _ _ _ _ _ _ _ _ _ __ Seventh, Chicago.·-············----Eighth, St. Louis ................. - - - Ninth, Minneapolis ......................................., ........ TENTH, KANSAS CITY........ _ __ Eleventh, Dallas...·-········------Total I I April 1927 $ 40,648,933 168,169,799 52,924,722 74,366,348 31,192,070 3i,oo4,097 I 12,069,635 34,887,865 13,944,388 22,643,671 22,539,172 April 1926 f, 41,788,372 173,175,779 36,375,731 56,947,555 39,00 5,445 54,3o9,889 87,690,285 30,696,870 15,965,4 25 14,074,126 20,584,123 districts ...........•................................ The reports to the Monthly Review from leading cities in this district show building permits decreased in number and value in April as compared to March totals and also as compared to the totals of April 1926. Of the cities reporting, Casper, Oklahoma City, Tulsa and Wichita showed larger building operations than in April last year. All of the other cities reported decreases, and the larger decreases were in Missouri Valley cities where construction work was halted by wet weather during the greater part of the month. The April summary: Albuquerque, N.M ............. Casper, Wyo....................... Cheyenne, Wyo................... Colorado Springs, Colo ...... Denver, Colo....................... Hutchinson, Kans ................ Joplin, Mo•........ Kansas City, Kans ............. Kansas City, Mo ................. Lincoln, Nebr..... ........ ........ Muskogee, Okla ................. Oklahoma City, Okla......... Okmulgee, Okla ................... Omaha, Nebr•...................... Pueblo, Colo ....................... St. Joseph, Mo ................... Topf'ka, Kans ..................... Tulsa, Okla ......................... Wichita, Kans ..........·:········· Permits 1926 1927 61 57 12 22 30 38 IOI 87 7 15 7 25 36 49 26 52 131 167 424 433 130 97 16 25 179 238 8 II 228 88 147 107 72 52 l'21 138 215 3°7 220 235 Total Cities .. 2,845 2,955 Estimated Cost Per Cent Change 1926 1927 16.9 i 153,200 f, 184,300 40.6 II,850 8,431 188.6 152,319 52,785 81,960 123,312 - 33.5 I,II4,950 1,509,700 - 26.J 38,III 57,01 5 - 33.I 48,125 134,725 - 64.3 295,268 350,410 - 1 5•7 2,599,75° - 70.2 7 28,435 3u,361 517,375 - 39.8 1 5,75° 33, 255 - 53· 2 10.0 1,171,313 586,164 13,900 32,500 - 57• 2 '2,084,855 - 82.0 375, 170 133,944 109,892 21.9 12.6 50,980 58,345 264,577 349,66o - 24.3 82.5 93o,395 509.695 6o.1 481,198 770,491 - ~ - $6,661,919 $9,783,367 - 31.9 Grain Movements Marketings of old wheat continued to decline as the harvest season drew nearer. Receipts at five markets during April were 28. 5 per cent less than in March but were 50.8 per cent greater than in the same month last year. Receipts of corn, oats and rye showed heavy decreases both as compared with the preBuilding ceding month and a year ago. The reports from the five markets: While actual construction was greatly retarded during April · Table by almost daily rains, and the number and value of permits isWheat Corn Oats Rye Barley Kafir sued in reporting cities of this district were the smallest for any Bushels Bushels Bushels Bushels Bushels Bushels April in recent years, the volume of building contracts awarded Hutchinson .......... 938,250 1,500 45,000 7,5 00 126,100 during the month exceeded that for any month since last October. Kansas CitY·--····· 2,385,600 489,000 220,000 7,5 00 8,000 215,600 Thus, while the weather conditions were unfavorable for out-of- Omaha.................. 589,400 758,800 392,000 22,400 8,000 St. Joseph ............ 695,800 70,000 385,500 3,500 door work preparations were going forward for an extensive Wichit 6,000 643,950 33,000 33,000 building program during the remainder of the year. Statistics of building contracts awarded, compiled by the F. April 1927 ............ 5, 253,000 1,7n,300 716,500 29,900 27,000 347,~ W. Dodge Corporation and subdivided by Federal Reserve Dis- March 1927 .......... 7,345,400 2,968,350 954,5°0 56,200 23,650 46o, 1926 ............ 3,483,850 3, 1 35,95° 719,600 78,500 41,000 289, tricts by the Division of Research and Statistics, Federal Reserve 4April Months 1927..... 34,496,900 14,890,850 3,761,000 384,5oo 161,100 2,442,4001 Board, show the value of contracts awarded in April in the Tenth -4 Months 1926..•.. 19,917,600 20,173,000 4,594,800 350,200 1 97,900 1,6o4,7oof THE MoNTHLY REvIEW Agriculture Late May reports from over the Tenth District reflected improvement in conditions for agriculture and a brighter outlook for this year's crops than at any time during the season. Seasonally warmer weather enabled farmers to finish their sprin~ plantings, which had been retarded during March and April by frequent rains, floods in some sections, destructive wind storms in otl' ers, and low temperatures nearly everywhere. While spring pl antings generally were two to three weeks late, farmers redoubled their energies during May and this work made fine progress. At the date of compiling this issue of the Monthly Review the reports indicated that, except in some scattered localities, the corn area would not fall far short of the intended plantings, announced earlier in the year. The cotton area in the southern part of this district was expected to show a considerable reduction as compared with the acreage cultivated last year. Tb e potato area, while exceeding that of last year, suffered some flood damage in t he lower Kaw Valley and parts of the south. Acreages planted to most of the other crops were reported as comparing favorably with last y~ar's plantings. WINTER WHEAT: The May r estimates of the United States Department of Agriculture and cooperating State Boards of Agriculture suggested a winter wheat crop of 292,978,000 bushels for the seven states whose areas or parts form the Tentb District. This estimated total compares with 302,365,000 bushels of winter wheat harvested in r926, and with 257,497,000 bushels as the average harvested crop for ten years, r9r7-r926. The average condition of the crop in the seven states on May I was 85.3 per cent on 20,920,000 acres left for harvest, compared with a condition on M ay I r926, of 84.6 per cent on 20,255,000 acres left for harvest. T hus the May 1 condition of winter wheat in t he seven states was three-tenths of I per cent lower than the average for the United States, whereas on the same date last year the average for the seven states was six-tenths of I per cent high er than the United States average. Abandonment of winter wheat in the seven states amounted to approximately 2,570,000 acres or Io.9 per cent of the total acreage sown last fall. The abandonment in Kansas was 13 per cent as compared with 1 I per cent loss in 1926 and the ten-year average of 19.2 per cent. The smallest percentage of abandonment in these states this year was in N ebraska, only 4 per cent. Late May reports from over the wheat belt showed the crop was making generally good progress as the harvest season drew ,near. However, there were unfavorable conditions in some areas. In parts of Western Kansas, where a large abandonment resulted from insufficient subsoil moisture at seeding time and during the winter months, prospects for a good crop this year were not incouraging. The Hessian fly was reported to have invaded many fields in the central part of the state. Some fly damage to wheat in sections of North Central Oklahoma also was reported. Throughout the remaining wheat areas of these states good to excellent conditions prevailed. Nebraska reported spring rains had revived thin plants in the southwestern counties and conditions were ideal for another bumper crop in the Western Panhandle counties of that state. Missouri's wheat came through the winter with a small amount of winter kill but overflows during March and April caused losses along some of the rivers. Upland wheat was generally good although much of the acreage had received an excess of moisture. In Colorado, as a result of benificial rains at the middle of April and the forepart of May, conditions were regarded as highly favor able and indicated the final outcome of the crop should be nearly equal to the May 1 estimate. Moisture conditions this spring were excellent in Wyoming but cold weather retarded WINTER WHEAT PROSPECTS FOR 1927 From May Reports of the Aband- For harv. oned 1,000 Per cent Acres 1,177 Colorado................ 22 Kansas .................... 13 10,407 Missouri .................. 10 1,550 .1,426 Nebraska ................ 4 New Mexico .......... 50 110 Oklahoma·-- ··········· 9 4,200 Wyoming................ 10 50 U. S. Department of Agriculture Condition Prod. (thousands bu.) on M ay 1 Est. Yield 10-yr. 1927 1926 M ay l 1926 Average 80 81 18,362 14,484 13, 55 3 86 83 143,200 150,057 n 7,216 82 77 20,082 21,282 35,61 2 94 80 57,968 37,165 42, 132 60 100 r,r'.2'.2 4,876 r,69 7 80 94 51,408 73,745 46,5 19 88 93 836 756 768 S~ve~ States .......... 10.9 District 10 .............. 11.2 United States ......... 8.4 85.3 85.4 85.6 20,920 19,669 38,701 84.6 84.6 84.0 292,978 3°2,365 2 57,497 276,909 283,727 229,475 593,94o 626,9 29 572,887 growth of wheat. In New Mexico, where 50 per cent of the acreage planted last fall was abandoned because of insufficient moisture during the winter, the remaining acreage promised a fair yield although rain was needed in some of the counties. OTHER SMALL GRAINS: The May 1 reports showed a condition of rye which if maintained to harvest time indicated an increase of about 30 per cent in production over last year. The acreage planted to oats was less than planned because of adverse planting conditions in March and April, and the condition of the crop on May 1 was lower than at the corresponding date last year as a result of the freeze of April 20. The barley acreage planted in Kansas was the largest for several years, the increase Jbeing due to heavy abandonment of wheat in the West and favorable spring moisture at seeding time. The condition on May 1 was rated at 90 per cent compared with 79 per cent a year ago and 83 per cent as a ten-year average. HAY: The condition of tame hay in most sections of the district was rated at a very high per cent on May I. In sections where temperatures did not fall below freezing the first cut of alfalfa was reported as the best in many years, while in sections where alfalfa was badly frosted it later made rapid recovery. Clover and timothy meadows were promising. Wild hay in most of the Great Plains areas had seldom shown as strong April growth and the acreage of wild hay to be harvested this year would be much larger than usual. Flour Production Southwestern mills which reported to the Northwestern Miller were operated at 67.2 per cent of their capacity during April and the month's production of flour was 2,054,198 barrels. During March, which had one more day for grinding, the mills were operated at 67 per cent of capacity and flour production totaled 2, 132, 782 barrels. The record for April 1926 was 53.2 per cent of capacity operation and r,596,380 barrels of flour produced. Reports ori production at the leading milling centers follow: Atchison .......................... · ........................ Kansas City..·-········································· Omaha ...................................................... Salina .. ..................................................... . St. Joseph ............................................... . Wichita.__······---- - -- ~ Ou tside..................................................... . April 1927 Barrels I12,062 592,181 86,371 98,585 1 5°,907 176,753 837,339 TotaL....................................................... 2,054,198 March 1927 Barrels 109,3°7 614,r 54 94,846 82,248 132,448 180,869 918,910 April 1926 Barrels 91,049 397,288 78,154 9i,857 131,172 128,475 678,385 2,132,782 1,596,380 Cottonseed Products Cottonseed products manufactured at oil mills in Oklahoma during the season to April 30 were: Crude oil I 53,121,938 pounds, cake and meal 255,6r7 tons, hulls 155,823 tons, }inters (running bales) 83,636. On April 30 the mills reported stocks on hand: Crude oil 10,866,130 pounds, cake and meal 18,769 tons, hulls 19,914 tons, linters 19,860 (running bales.) 6 THE MoNTHLY Livestock Meat Packing Livestock and range conditions in the range country were generally good at the beginning of May, with a delayed starting of feed in the northern states following cool, stormy weather in April, according to the monthly livestock and range report of the United States Division of Crop and Livestock Estimates. This report covers the entire western range country embracing seventeen states. Detailed statements for the states whose areas or parts form the Tenth Federal Reserve District follow: Colorado: Livestock wintered well wi h few losses and are in fine condition. April snows and rains supplied soi l moisture and made range prospec ts very favorable, but feed slow in starting. Good calf and lamb prospects expected. Late lambs being contracted at rn½ to II½ cents. M any contracts made by Northern Colorado feeders. k• Wyoming: Heavy snows in Apri l caused shrinkage in cattle and sheep. Losses light, being confined principally to old ewes, lambs and calves. An ample supply of moisture is now assured but cold weather held grass back. Wool and lamb contracting has slowed up, probably three-fourths wool and lambs contracted. New Mexico: Moisture abundant in Western half of state, but getting dry over most of eastern half. Prospects for a good lamb crop with a large number of lambs contracted at IO and 11 cents. Breeding cattle and stocker steers in good demand. Nebraska: (Wes tern) R anges and pastures early and condition very good as a result of plentiful moisture supp ly. Cattle came through winter in good condition, with losses light. Cattle pri ces above last year and general outlook is bright. Kansas: (Western) Abundant rains late in March and the first three weeks in April with favorable temperatures brought marked improvement in short grass pastures. Grass fifteen days ahead of normal. Cattle in very good condition, pastures not more than half stocked. Oklahoma: Cattle improving in flesh, having wintered in good condition with light losses. Cattle are scarse with generally good prices. Pastures greatly improved with warm weather and there is an abundance of feed. Moisture supply good except in the West and Northwest where moisture is needed. MAR~ET MOVEMENTS: Seasonal declines in the receipts of all classes of livestock were shown by the April reports of six leading markets in this district. But in the face of unfavorable shipping conditions and a later movement from the r ange country the month's receipts of all classes of livestock were in excess of the receipts during April of last year. The April receipts at the six markets: Cattle Kansas CitY·--····················· Omaha ..........................~ ...... . St. Joseph ........................... . Denver................................. . Oklahoma City................... . Wichita._.......·....................... . 133,781 94,69 1 34,104 26,639 21,702 37,445 Calves Hogs Sheep 18,903 5,428 5,671 3,954 4,3°7 219,561 207,293 92,312 36,294 3,95° 66,757 125,516 163,754 145,119 127,061 745 7,74 2 32 ,559 Horses Mules 3,435 484 216 1,155 4o4 1,718 April 1927 ........................... . 348,362 42,213 654,776 7,412 569,937 March 1927 .......................... 390,829 52 ,599 758,980 644,189 II,831 April 1926 ........................... . 4,080 568,452 65 2,397 343,349 44,5 2 9 Four Months 1927 .............. 1,521,lIT 203,455 2,956,79o 2, 134,35 1 45,690 Four Months 1926 ............. . 1,488,238 216,108 2,909,563 2,408,324 ·47,003 STOCKER AND FEEDER SHIPMENTS: Movement of stock and feeding livestock from four markets: to the country during April and the year to May I are here shown: Kansas City .................................. Omaha .......................................... St. JoseplL .................................. Denver.......................................... April 1927 ..................... ·-·······-··· March 1927.................................. April 1926.................................... Four Months 1927 ...................... Four Months' 1926...................... Cattle 35,79° rn,612 3,547 9,9 23 59,872 80,561 6o,574 3°7,74 1 294,688 REvrnw Calves 2,402 205 1,372 Hogs 10,720 2,407 1,972 1,697 Sheep 10,758 20,465 21 ,554 8,287 3,979 4,833 5,189 I 8,165 13,081 16,796 18,357 12,160 73,069 46,123 61,064 80,565 37,958 347,8 24 231,620 The marked decrease in supplies of livestock during April was accompanied by a corresponding decrea_se in slaughtering operations during the month at the six leading packing centers. The number of meat animals purchased by packers for slaughter in April was smaller than in March for each class. Compared with the purchases of April 1926 there was an increase of 17 per cent in the number of hogs purchased and a small decrease in the number of cattle, calves and sheep purchased. A summary of meat packing operations in April, with comparisons, is here shown for the six leading centers: Cattle 76,597J 68,349 29, 1 34 9,291 I 5,401 7,768 Kansas City.............................. Omaha .......................................... St. Joseph ................................... . D enver ......................................... . Oklahoma City ........................... . Wichita ....................................... . . April 1927 ................................... . March 1927 ................................. . April 1926................................... . Four Months 1927..................... . Four Months 1926...................... · 206,540 229,329 . 210,184 887,656 900,186 Calves Hogs , 16,5851:X.'180,512 4,676.2) 154,780 5,406 • I 77,653 2,371 j ( 26,996 3,299 .1. . l 29,664 3,374 t!, 62,916 Sheep 96,311 11 5,978 109,327 1 9,938 697 3,948 532,521 346, 1 99 35,7 11 584,302 45,875 359,55 2 348,14-S 37,946 455, 153 168,746 2, 257,75° 1,301,913 183,535 2 ,093,443 1,490,780 Stocks of pork, (exclusive of lard), at Kansas City at the close of business on April 30 amounted to 41,218,500 pounds as compared with 40,779,300 pounds on March 31 and 29,534,000 pounds on April 30, 1926. Mining ZINC AND LEAD: . Production of zinc ore in the Tri-State district in the latter part of April exceeded market demands and the prices paid producers on the last day of the month dropped to $40 per ton, the lowest of the year. Lead ore prices fell to $87.50 per ton on that date, also the lowest of the year. Shipments of zinc ore during four weeks ended April 30 were smaller than for the preceding four weeks and for the corresponding four weeks last year. Shipments of lead ore were a few tons less than for the preceding 4-week period but were 15 per cent larger than for the like period in 1926. The record of shipments and their values: Oklahoma..·-········································· Kansas ................................................. . Missouri ................................................ 4 weeks ending Apr. 30, 1927........... . 4 weeks ending Apr. 2, 1927.............. 4 weeks ending May 1, 1926·--········· 18 weeks ending Apr. 30, 1927......... . 18 weeks ending May 1, 1926·-········· Zinc Ores Tons Value 39,689 $1,666,845 I 5,656 656,797 3,403 142,870 58,748 63,938 65,619 256,662 305,476 $2,466,512 2,864,877 3,067,922 II,251,319 15,461,368 Lead Tons 7,143 $ 2,757 196 Ores Value 664,043 256,069 18,252 10,09l> $ 938,364 I0,215 1,008,970 8,782 839,933 41,026 3,896,074 45,595 5,043,474 Shipments of zinc ore to April 30 was 16 per cent less and of lead ore roper cent less than in the same period last year. Average prices per ton paid for ores during the first eighteen weeks of 1927 were $43.33 for zinc and $94.03 for lead. These prices compare with an average of 1,50.05 for zinc and 1,108.47 for lead paid during the first eighteen weeks of 1926. BITUMINOUS COAL: The first month of the 1927-28 coal year brought a marked falling off in the output of soft coal from mines in this district. The major losses in production were due to suspension of mining operations resulting from the failure of operators and l)nion miners to enter into new contracts. The tonnage mined in the six producing states of this district and in Iowa and Arkansas, during April, fell 2,045,000 tons or 54 per cent below the March output, and was 933,000 tons or 34.8 per cent less than in April 1926. Tonnages mined are here shown, •:: • THE MONTHLY REVIEW as compiled from the weekly reports of the Bureau of Mines, United States Department of Commerce: Arkansas, Kansas and Oklahoma.......... Colorado._ ................................................ . Iowa and Missouri ................................. . New Mexico .. ......................................... . Wyoming................................................. . April 1927 Tons 276,000 695,000 l 53,000 222,000 396,000 March 1927 Tons 853,000 J ,013,000 9JJ,OOO 275,000 713,000 April 1926 Tons 608,000 806,000 567,000 222,000 472,000 TotaL....................................................... 1,742,000 3,787,000 2,675,000 Total stocks of bituminous coal in the United States in the hands of commercial consumers, including coal in the yards of retailers, but excluding steamship fuel and coal in the cellars of householders, were 75,000,000 tons, subject to a possible variation of 3 to 7 per cent. This was the largest total reported for any date of record, 20,000,000 tons greater than on J anuary I and 35,000,000 tons greater than on April 1, 1926. Petroleum Production of crude oil at wells in this district continued during April very close to the March level, which was the highest of record, and in excess of refinery requirements. The output for the 30-day month, reported by the American Petroleum Institute, was a daily average of 913,566 barrels, compared with a daily average of 913,700 barrels for the thirty-one days of March, officially reported by the United States Geological Survey. Since the Institute's reports usually are a few hundred barrels below the later and more complete reports of the Geological Survey it was regarded as highly probable the fin al reports would show an April daily average fully up to that of March. The output for the first four months of 1927, approximately 105,169,000 barrels, was 26,693,000 barrels or 34 per cent greater than that for the corresponding four months in 1926. The reports for the six producing states, which follow, show the daily average and gross production for the thirty d ays of April compared with the record for the thirty-one days of March, 1927, and the thirty days of April 1926: Oklahoma._ ........... Kansas.... .............. Wyoming.............. Colorado._............. ew Mexico......... Daily Average Monthly Produc- tion Apr. *Apr. Mar. Apr. *Apr. · Mar. 1927 1927 1926 1927 1927 1926 723,733 727,700 483,075 21,712,000 22,558,000 14,492,000 115,400 II 5,800 112,533 3,462,000 3,590,000 3,376,000 6o,533 57,800 71,767 1,816,000 1,793,000 2, 153,000 8,800 7,800 6,167 264,000 243,000 185,000 5,100 4,600 3,833 l 53,000 141,000 I'!! I I 5,000 TotaL ................... 913,566 913,700 677,375 27,407,000 28,325,000 20,321,000 *Estimated American Petroleum Institute. Reports covering field operations during the month reflected but small results from efforts to curtail production. In fact April completions were the larges t in number since last October. However, the number of rigs and wells drilling at the close of the month was 6.9 per cent less than one month earlier and 7.7 per cent less than at the corresponding date last year. Reports in detail for five states follow: Oklahoma.............................. Kansas.................................. Wyoming.............................. Colorado.-............................. New Mexico........................ April 1927............................ March 1927.......................... April 1926............................ Wells Bbls. Daily Compl't'd New Prod'n 458 147,248 1 54 13,832 31 18,978 9 2,700 7 140 659 594 742 182,898 184,404 139,661 Dry Wells 144 58 7 5 2 216 189 218 Gas Rigs-Wells Wells Drilling 48 1,425 8 310 286 0 99 0 1 35 57 50 61 2,255 2,424 2,444 Fifty-eight refineries in operation on fay I reported daily runs of crude oil to stills totaling 259,935 barrels. This compares with 251,075 barrels daily runs to stills of fifty-seven refineri es in operation on April 1, and .250,745 barrels daily runs to the stills of sixty-six refineries in operation on May 1, 1926. 7 Business Conditions in the United States Industrial output declined in April reflecting reduced activity both in mines and in factories. Distribution of commodities by railroads and retail trade increased, and the level of prices showed a further slight decline. PRODUCTION. Decreased output of industry in April, as comp ared with March, was due chiefly to the coal miners strike, which caused a large decline in the production of bituminous coal. Among manufacturing industries, which as a whole were somewhat less active in April than during the previous month when allowance is made for usual seasonal changes, reductions were reported in the iron and steel and textile industries, as well as in meat packing and in the production of building materials. The manufacture of motor cars, though it showed the usual seasonal increase in April, continued at a lower level than a year ago . Petroleum production continued in record volume, notwithstanding large stocks and declining prices. Value of building contracts awarded declined slightly in April from the record high figure in March but was larger than last year. The decline in building between farch and April reflected reduced activity in the construction of commerciaJ, industrial, and educational buildings, while contracts for residential and public buildings increased. On the basis of conditions on May r, the Department of Agriculture forecasts a winter wheat crop of 594,000,000 bushels, or about 5 percent less than in 1926. Continued wet cold weather over much of the corn belt and also in the spring wheat area has retarded the plant ing of spring crops. TRADE; Commodity distrubution at retail was larger in pril than at the season of any previous year, owing in part to the lateness of the Easter holiday. Department store sales were approximately 7 percent larger than in April of last year, and sales of mail order houses and chain stores were also in large volume. Wholesale trade showed about the usual decrease between March and April and continued smaller than in the correspondi ng month of last year. Inventories of merchandise carried by department stores were in about the same volume at the end of April as in March, while stocks of wholesale firms were smaller. R ailroad car loadings were larger in April than is usual at that season of the year, reflecting chiefly large shipments of iron ore, coke, grain and grain products, but also increased movement of miscellaneous freight and of merchandise in less than car lots. Coal shipments were 27 percent smaller in April than in the preceeding month. PRICES: In April there was a further slight recession in the general level of wholesale prices as measured by the index of the bureau of labor statistics ,but in the first three weeks of May prices conditions were firmer. The decline in April reflected chiefly a decrease in the price of pertoleum, lumber and several of the nonferrous metals. There was little change in the level of agriculture prices which have been fairly constant since the beginning of the year. During the first three weeks of May prices of grains, cotton, iron and steel, pertoJeum, lumber and hides advanced, while those of livestock, coke and non ferrious metal declined. BANK CREDIT: Volume of credit of weekly reporting member Banks, as measured by their total loans and investments, increased by more than $300.000,000 during the month ending May 18, and was on that date at the highest level on record. This growth represented for the most part an increase in the bank's holding of investments and in the volume of their loans· on stocks and bonds, while commercial loans showed relatively little change. At the Reserve Banks there was a decrease during the month in in total volume credit outstanding, owing to the receipt of a considerable amount of gold from abroad, in addition to the purchase 8 THE MONTHLY REVIEW abroad by these: banks of about $60,000,000 of gold that is now held earmarked with a foreign correspondent. The banks holding of acceptances and of government securities declined by about $85,000,000 while discounts for member banks increased by about f,45,000,000 apparently in response to tl-,e increased P£~corr P(RC!lfT 150 t50 reserve requirements arising from the growth in the member bank deposits. Conditions in the money market were comparitively stable during the first three weeks of May and there were no changes in r ates quoted on prime commercial paper and no acceptances. FCRC[NT Pf'RCfNT 200 200 .... Manufactures 50 ·-..:~~--,..:1,i::;+---~~~P..~..------IISO _.-c ... , V I WH LESALE ~ICES PRODUCTION Of' MANUFACTURES ANO MINERALS .....,.. All Cotnmot/,1/~s ...... A9dc<1/f-urr,I ......,. N01J-A9ncvlfu,c;I 0'------'-----'-----L----'-----..lO 1923 1924 1925 1926 1927· Index numbers of Production of Manufactures and Min erals, adjusted for seasonal variations, (1923-25 average-100). L atest figures April: Manufactures 109, Minerals 107. 100 .,.._,__ _....,___ _ __.___ __ .....__ _ _.....__ _ _ ,00 1923 F21t 1J25 19 6 1927 Indexes of United States Bureau of Labor Statistics, (191 3 -1 00). Lates t figures April: All commodities 144.2, non-agricultural commodities 144,4, agricultural commodities 143.3. EllLLIONS Of DOLLARS P[RC£N1 l>EA CENT BILLIONS OF DOLLARS 10 10 200 2 e 6 4 2 50l------+-----+---- - + - - - - + - - - - - i 50 DEPARTM ENT STORE SALES - Wi t/, &Q50nol Adju.slmcnf - - Without A1jU.SffTICflf OL---,-9-~_ __.__1_92-~--'-- ,s2_5_......._1_92_6_ _,__19_2_7_~o Index of sales of 359 Depar tment Stores, (1919-100). Latest figures, April: Adjusted 140, u nadjusted 143. MEMBER BANK CREDIT I 0 1923 1924 1925 1926 0 1927 Mon thly average of weekly figures for banks in IOI leading cities. Latest figures are averages for the first three weekly reporting dates in May.
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