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THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL OF BANK RESERVE KANSAS CI TY M. L. McCLURE, Chairman and Federal Reserve Agent A. M. McADAMS, Assistant Federal Reserve Agent and Secretary P. W. MORGAN, Director of Research Vol. 14 KANSAS CITY, BUSINESS I Mo., THE TENTH DISTRICT Percentage of Increase, or Decrease (-), for April 1929 over March 1929 and April 1928. April 1929 compared to General Busi ness and Banking Mch. 1929 Apr. 1928 Bank debits in 30 cities............. _ _ __ - 1.3 8.4 Net demand deposits, 62 mem ber banks ....................... . - 1.9 - 2 -5 0.2 1.0 Tim e deposits, 62. member banks·--································· Loans and discounts, 62 member banks .......... :.............. . o.6 1.9 Investments, 62 member banks....................................... . o.6 - 0.4 Savings deposits, 51 banks ............................................... . - 1.6 2.4 0.3 Savings accounts, 49 banks·--··········································· , 5-4 20.7 7.5 Business failures--- -·············································· Amount of liabilities .........•............................................ - 25.4 18.2 Life Insurance Written............................................. . 6.1 3.6 Trade Retail sales, 35 department stores .. ............................... . - 5.8 4.9 8.o 1 Wholesalers' sales, 5 lines combined ............................. . - I.I '.. f t~~:r~~: . . . .. . . .. . . . . . ..· · · · · · · · · · · · · · · ·· · · ··· - ~ [ Hardware.......................................................................... ~. ; Furniture......................................................................... . '. · ' iDrugs .... - - - - · ······················································· - Retail lumber sales·--························································· Livestock Receipts, 6 markets Cattle.. - - - - - - ·················································· Calves·-···--············································································ Hogs...................................................................................... Sheep.................................................................................... 7.0 6.o 6.o 9.2 - I'l.0 n.3 0.4 9.1 14.9 14.9 1 5·3 - ~~~~::~~::.:: : : ::: : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :.·: -54.3 -5 2 •2 ~t~ Barley .................................................................................. -3 4 .s Kafir .................................,.................................................... -36. 2 Hay ······················································································ -5 1 •6 Industrial Output Flour ................................................................................... - 4.6 Crude oil.............................................................................. - 4.3 Refinery operations............................................................ 6.o -18.8 - 2 6.5 _J! Calves·-················································································· Hogs...................................................................................... - B'ank debits in thirty cities reflected larger payments by check than in April of former years. The value of checks drawn and cashed by banks between January I and May I increased 10.6 percent over the corresponding period in the preceding year. Movements of commodities during the month was in larger volume than a year ago, as evidenced by carloadings of revenue freight in shippers advisory board areas serving this District. Wholesale distribution showed a small decline from March, but was substantially larger than a year ago. Department store sales were smaller than in March, due to the early Easter, although April sales were larger than last year. Trade in livestock was the heaviest for April in several years. Market receipts of all classes of meat animals were larger than in March and larger for all classes than a year ago save for a small decrease in cattle. Market supplies of grain declined seasonally and were smaller for most classes than a year ago. Industrial establishments, with but few exceptions, functioned during April at high percentages of full time capacity. The slaughter of meat animals at packing plants was in larger numhers than in either the preceding month or the corresponding month last year. With the wheat year nearing a close, the flour output declined slightly but was larger than a year ago. 2 9· 1 - 9.8 3.7 7•4 8.7 80 ·0 earlier and a year earlier. There was a noteable revival in building activity throughout this District. Contracts awarded called for a larger investment than in April of last year. The value of permits issued in leading 7-4 - 10• 5 5·7 5·9 2 7• 2 31 ' 8 2.1 9.1 2 •4 9.1 28 ·9 7• 1 RADE and industry in the Tenth Federal Reserve Dis~rict was m?re active in April than at the same season m any previous year. - 23 ' 7 2 Co~~~;~~·~i~~············································································ Contracts awarded.............................................................. Building permits, 19 cities................................................ Value of permits.............................................................. o.4 - No. 6 Production of cement increased, while the lumber cut decreased as compared with a year ago. April brought a seasonal slowing down in soft coal production and the demand for zinc ore slackened in the last half of April with a resultant decline in production and shipments. The output of crude petroleum declined in the daily average, although refinery operations on May I were larger than a month 1 64 .o ~~~~~~.:::::::::::: : : : : : : : : : :: : : : : : : : : : : : : : : : : ::: :: : : -~::; - ti Face Brick................................................................ 16.9 Zinc ore shipped .................................................................. · - 1 9.5 16· 2 Lead ore shipped................................................................ Meat Packing, 6 cities Cattle.................................................................................... 1 8. 5 T 1, 192.9 1.'.l 23.0 24.9 28 ·5 29' 8 18.o 18 ·5 6 G;;t:;:;e1:t~~1:;;;k~~~····················································· - 44 · Wheat-................................................................................. Corn...................................................................................... 7.0 3.4 22.6 JuNE TURN TO PAGE EIGHT for the National Summary of Business Conditions in the United States. cities was the largest monthly total since September 1925. Department of Agriculture reports placed the condition of crops in this region at a higher percent of normal on May I than on the corresponding date last year. A winter wheat condition of 82.2 percent forecast a yield of 299,944,000 bushels in the seven states whose areas or parts form the Tenth District, compared to 336, I 39,000 bushels harvested in I 928. Spring plantings of crops were late. A large part of the corn area was unplanted at the middle of May. This Copy Released For Publication In Morning Newspapers May 29. 2 THE MONTHLY REVIEW Banking and Credit Expansion in Tenth District l;msiness activity during the spring season of 1929 was accompanied by a steady rise in commercial loans at banks, including loans for agricultural and livestock. The increase carried the total at sixty-two reporting member banks to $327,471,000 on May 1, which was $36,017,000 higher than on May 2, 1928, and the highest total of this class of loans in more than two years. Conversely, their loans secured by stocks and bonds declined sharply in recent weeks, and on the first report date in May the total of this class of loans was down to $122,734,000, which was $27,598,000 below the amount reported at the first report date in May 1928, and the smallest total of security loans in more than two years. Thus, it is observed the recent increase in commercial loans more than offset the decline in security loans and the aggregate of all loans at the sixty-two reporting member banks on May 1 stood at $450,205,000, showing an increase of $8,419,000, or 1.9 percent, over the aggregate on May 2, 1928. Investments of the reporting member banks on May 1 amounted to $235,626,000, indicating a small increase in four weeks but a small decrease as compared with a year ago. Net demand deposits, reflecting a broader use of funds, amounted to $485,951,000 on May 1, a decrease of $9,290,000 in four weeks and a decrease of $12,242,000 as compared with one year earlier. Time deposits, $179,337,000 on May 1, were a shade larger than four weeks earlier and one year earlier. Principal resource and liability items of the reporting member banks are shown~in the following table as of May 1, 1929, with comparisons: May 1, 1929 April 3, 1929 May 2, 1928 Loans and investments-total.. ...... $685,831,000 $681,944,000 $678,410,000 Loans and discounts-total............ 450,205,000 447,632,000 441,786,000 Secured by stocks and bonds...... 122,734,000 •126,723,000 *150,332,000 All other loans and discounts...... 327,471,000 *320,909,000 *291,454,000 Investments-tota..______ 235,626,000 234,312,000 236,624,000 U.S. securities.............................. 110,576,000 112,304,000 109,806,000 Other bonds, stocks, securities.... 125,050,000 122,008,000 126,818,000 Reserve with F. R. Bank................ 51,185,000 56,333,000 56,162,000 Net demand deposit,........................ 485,951,000 495,241,000 498,193,000 Time deposits.................................... 179,337,000 179,068,000 177,505,000 Government deposits........................ 1,838,000 3,719,000 2,576,000 *Revised. Borrowings from the Federal Reserve Bank of Kansas City by member banks increased by $7,838,816 between April 3 and May I and the total of $46,121,522 on the date last mentioned was the highest reported since November 1928, and $20,405,590 higher than on May 2 of last year. On the other hand, this Bank's holdings of acceptances and of United States securities were at the low figure of the current year to date and were in smaller volume than on the corresponding date last year. Important items contained in weekly statements of the Federal Reserve Bank of Kansas City and its branches as of the three dates, indicate changes in four weeks and fifty-two weeks: May 1, 1929 April 3, 1929 May 2, 1928 Gold reserves .................. - - - - 1, 85,003,563 $ 97,968,847 $ 81,851,616 Reserves other than gold·--············· 5,679,132 5,692,322 7,143,253 Total reserves.................................... 90,682,695 103,661,169 · 88,994,869 1 Bills discounted·--········:,··················· 46,121,522 38,282,706 25,715,932 Bills purchased.................................. 5,890,668 8,612,427 , 16,055,782 U. S. Securities.................................. 9,793,400 ' 9,793,400 22,146,100 Total bills and securities.................. 63,797,2611 58,188,533 63,917,814 Total resources.................................. 199,250,397 208,005,404 197,068,212 F. R. Notes in circulation................ 65,824,930 67,138,080 56,742,515 Total deposits.................................... 85,746,885 91,170,834 91,566,399 MONEY RATES: Lending rates at commercial banks throughout the Tenth District exhibited continued firmness in recent weeks, and were higher on alJ"'classes of paper.than at this season last year. Effective May' 6 the Federal Reserve Bank of Kansas City announced a rate of 5 percent on all classes of ma.turities of rediscounts and member bank notes. The, previous rate of 4,½ percent had been in force since June of last year. SAVINGS IN BANKS: Deposits to savings accounts in fifty-one banks which make monthly reports to the Federal Reserve Bank of Kansas City amounted to $125,755,829 on May 1, a decrease of $2,104,572 or 1.6 percent from the total reported on April 1, but an increase of $2,931,750 or 2.4 percent over the total on May 1, 1928. The number of savings accounts in forty-nine banks was 393,386 on May 1, an increase of 1,170 or 0.3 percent over April 1 and an increase of :20,~25 or 5.4 percent for the year. Payments by Check Debits by banks to individual accounts in thirty cities of this District during four weeks ending May 1 amounted to $1,447,319,000. This figure indicated a decrease of $19,382,000 or 1.3 percent from the amounts repo~ted during the preceding four weeks ending April 3, which period included a large volume of income tax payments. However, the total for the four weeks ending May 1 stood $1 II,598,000, or 8.4 percent above that for the corresponding four weeks ending May 2, 1928. The reports of Clearing Houses showed the volume of debits was larger in twenty-one cities and smaller in nine cities than a year ago. Amounts debi'ted in thirty cities during the eighteen weeks of 1929 were $6,584,151,000, an increase of $633,047,000 or 10.6 percent over the like period in 1928. The reports in detail follow: Albuquerque, N. M ............................ Atchison, Kans.. .................................. Bartlesville, Okla................................ Casper, Wyo........................................ Cheyenne, W yo·--······························· Colorado Springs, Colo...................... Denver, Colo........................................ Enid, Okla............................................ Fremont, Nebr.................................... Grand Junction, Colo........................ Guthrie, Okla...................................... Hutchinson, Kans·-····························· Independence, Kans·-························· Joplin, Mo............................................ Kansas City, Kans.............................. Kansas City, Mo................................ Lawrence, Kans.................................. Lincoln, Nebr.... .................................. Muskogee, Okla.................................. Oklahoma City, Okla.-....................... Okmulgee, Okla.. ................................ Omaha, Nebr...................................... Parsons, Kans ...................................... Pittsburg, Kans.... .............................. Pueblo, Colo........................................ Salina, Kans........................................ St. Joseph, Mo.................................... Topeka, Kans...................................... Tulsa, Okla.......................................... Wichita, Kans...................................... FouR WEEK.S ENDING May 1, 1929 May 2, 1928 1, II,835,000 $ I 1,295,000 6,047,000 5,802,000 17,946,000 15,376,000 7,293,000 6,878,000 6,640,000 6,696,000 14,768,000 20,435,000 192,585,000 171,314,000 14,807,000 12,732,000 4,011,000 4,849,ooo 3,213,000 3,232,000 2,933,000 3,046,000 13,664,000 18,005,000 u,76o,ooo I 1,690,000 15,467,000 12,786,000 19,123,000 18,740,000 394,245,000 368,244,000 4,616,000 4,644,000 33,6o3,ooo 33,54 2,000 11,150,000 13,215,000 1 I 5,869,000 109,701,000 7,711,000 7,344,000 207,151,000 191,365,000 3,026,000 2,874,000 5,740,000 5,714,000 19,590,000 22,367,000 10,996,000 10,256,000 53,748,000 52,484,000 17,947,000 20,163,000 I 52,036,000 11 7,949,000 63,472,000 57,310,000 Total 30 citi'es, 4 wks........................ $1,447,319,000 Total 30 cities, 18 wks·-····················· 6,584,151,000 $1,335,721,000 5,951,104,000 Percent Change 4.8 4.1 16.7 6.o o.8 -27.7 12.4 16.3 - 1 7.3 - o.6 - 3.7 31.8 - o.6 21.0 2.0 7.1 -o.6 0.2 -15.6 5.6 5.0 8.2 5.3 0.5 -12.4 7.2 -lI.O 29.0 10.8 8.4 10.6 Business Failures Business failures in the Tenth District were slightly more numerous in April than in either March of this year or April · of last year. The amount of liabilities involved in April failures was smaller than in any preceding month of the current year, but larger than in April a year ago. Failures in this District during the first four months of 1929 totaled 512, an increase of 3 THE MONTHLY REVIEW r WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT COLLECTIONS OuTSTANDINOS SALES April 1929 compared with Reporting April)929 compared with April 30, 1929 compared with Mch. 1929 Apr. 1928 Mch. 31, 1929 Apr. 30, 1928 Mch. 1929 Apr. 1928 14.0 -6.2 Dry Goods--····················· Sto;es -,.o 7.0 -6.3 -6.4 -6.4 J.8 Groceries_.......................... 7 -6.o -3.4 -5.3 -1.7 6.o 22.6 5-4 8.8 15.4 1.7 HardwarC.---····················· 9 Furniture............................ 7 16.7 I'l,3 9.2 12,0 6.9 6.9 Drugs.................................. 5 1.7 6.o 0.4 12.3 6.3 9.7 r STOCKS April 30, 19'l9 compared=with Mch. 31, 19'l9 Apr. 30, 1928 --0.3 -18.7 -7.4 - 9·9 -0.9 3.3 5.4 20,0 4.1 8,o "------------------------------------------------------48 over the like period in 1928, while this year's four months liabilities amounted to $5,757,694 which was $903,527 less than in the four months of the preceding year. The April record of failures in the United States, compiled by Dun & Company by Federal Reserve Districts, follows: NUMBER APIUL Districts First, Boston........................................ Second, New York .............................. Third, Philadelphia............................ Fourth, Cleveland.............................. Fifth, Richmond.................................. Sixth, Atlanta...................................... Seventh, Chicago................................ Eighth, St. Louis................................ Ninth, Minneapolis.... ........................ TENTH, KANSAS CITY................ Eleventh, Dallas.................................. Twelvth, San Francisco._................... 1929 223 328 90 I 58 132 94 295 126 81 128 51 315 19'l8 143 305 76 125 106 156 279 97 88 106 46 291 Total, United States .......................... 2,021 1,818 . LIABILITIES 1929 1928 '/, 3,904,184 $ 2,384,602 8,846,562 6,436,423 'l,0I 5,410 2,005,049 ~ 2,539,185 . 7,055,083 2,573,495 2,316,842 2,075,964 3,407,316J 4,983,924 5,53 1,131 1,992,932 1,208,376 . 717,778 853, 191 ~ 1,271,800 1,075,754 515,003 1,283,614 3,833,465 4,427,764 $35,269,702 '/,37,985,145 Distribution Carloadings of revenue freight, reported by the American Railway Association during four weeks in April and seventeen weeks this year, with comparisons, follow: Four weeks in January ................... . Four weeks in February.................. Five weeks in March ....................... . Four weeks in April... .....................·.. 1929 3,570,978 3,767,758 4,8o7,944 3,983,978 1928 3,448,895 3,59o,742 4,752,559 3,74o,3o7 1927 3,756,66o 3,801,918 4,98 2,547 3,875,589 Total 17 weeks ...... _ _ __ Trade WHOLESALE: Distribution of merchandise by wholesalers during April, taking the combined sales figures in dollars reported by firms in five leading lines, was smaller than in March by I.I percent, but larger than in April of last year by 8 percent.- Sales of drygoods and groceries were in smaller volume in April than in March, while sales of hardware, furniture and drugs during the month were larger than in the preceding month. In comparison with the corresponding month last year, this year's April sales of drygoods, hardware, furniture and drugs showed increases, with sales of groceries showing a decrease. Although conditions were not as favorable for distriburion as wholesalers desired, this situation has been greatly relieved by more seasonable weather and improvement of roads. Stocks in the hands of wholesalers of drygoods and groceries at the end of April were smaller than either a month earlier or a year ago. Stocks of furniture and drugs were larger at the end of April than a month earlier or one year ago. ~- RETAIL: Sales of department stores in cities of the Tenth District which report their curreat trade statistics to the Monthly Review, were 5.8 percent smaller in April than in March, but 4.9 percent larger than in April a year ago. Of thirty-five stores reporting, twenty-five showed increases and ten decreases in April sales as compared with April last year. The volume of sales of the department stores during the month carried the accumulated total for the four months of 1929, now passed, to a figure which was 3.8 percent higher than that for the four month period in 1928. All regional districts which serve the Tenth District reported increases in total loadings of all commodities . compared with the same period in 1928. Sales of shoes at reporting retail stores were larger than in March by 30 percent, and larger than in April a year ago by 1 I percent. Sales of furniture at retail were reported as showing an increase of 28 percent over March, but a decrease of 2.3 percent as compared with a year ago. COLLECTIONS: The composite of department stores collections during April was 42.4 percent of accounts outstanding at the close of the preceding month. This figure compares with 44.6 percent for March and with 40.8 percent for April, 1928. Reports of wholesale firms indicated collections generally were satisfactory and up to their expectations for this time of the year. Inventories of the reporting department stores at the end of April were 2.6 percent above those at the end of March, but 0.2 percent below April 30, last year. Stocks of retail shoe stores were larger at the end of April than at the end of March but smaller than a year ago. Retail furniture stocks were reduced during the month, but were larger than a year ago. RETAIL TRADE AT 35 DEPARTMENT STORES I N THE TE TH FEDERAL RESERVE DISTRICT SALES , (RETAIL) STOCKS Stores Apr. 1929 4 Months 1929 April 30, 1929 Report- compared to compared to compared to ing Apr. 19'l8 4 Months 1928 Mch. 31, 19'l9 Apr. 30, 1928 Kansas CitY·--····· 4 2,0 --0.7 --0.9 0.5 Denver................. . 5 0.9 2.6 3.8 - 3.7 Oklahoma City... . 3 17.9 13.6 1,5 I.I Omaha .................. 4 3.6 2.7 9.7 - 1.9 2.6 0.3 3,7 5.6 Lincoln·-··············· 2 Topeka .... ·---······· 3 5.0 'l,3 0.3 -6.1 Tulsa .................... 3 12,8 10.9 . 2,3 17.9 7•7 7.6 -0.7 -5.2 Other Cities·--····· II STOCK TURNOVER April 1929 .'l6 .19 .26 .'l2 .19 .15 ,21 ,15 1928 .25 .17 ,2'l ,'lo ,19 .14 ,22 .14 4 Months 1929 .88 .74 I.09 .90 ,79 .61 .98 ,60 1928 .91 .66 •99 .88 ,83 .6o I.II ,57 ACCOUNTS RECEIVABLE COLLECTIONS April 30, 1929 compared to Mch. 31, 1929 Apr. 30, 1928 5.3 4.0 3.6 -3.1 0,6 19,2 0.9 -2.7 0.9 'l,0 0.3 -6.7 o.6 'lI.8 -2,3 8.1 April 1929 compared to Mch. 1929 Apr.19'l8 2.0 2.4 5.5 9.8 10.9 19.7 -1.9 2.7 -2.0 6.9 4.0 4.0 -2.8 23.0 5.0 8.'l Total.................... 35 4.9 . 3.8 2.6 --o.'l .21 .'lo .84 .80 1.9 4.2 NOTE: Percentage of collections in April on accounts March 31 1 all stores reporting 4'l.4. Collection same month last year 40.8. 3.1 THE MONTHLY REVIEW 4 Building Building and general construction operations throughout the Tenth District, after a late spring start, made remarkable pregress in April. The value of contracts awarded and the number and value of permits issued combined to make the largest volume of building recorded for any previous month in four years. There was also indicated a larger volume of work planned and started during the four months of this year to May 1 than in the corresponding four months of any year since 1925, which was the year's peak of building operations in this District. Building contracts awarded in this District in April, reported by the F. W. Dodge Corporation, had a value of $22,365,202, against $22,853,655 in March and $20,657,863 in April, 1928. Of the April total of contracts awarded $8,468,718 was for resdential construction, compared with $8,381,188 in March and 8,242,780 in April 1928. Returns from nineteen cities whose building statistics arc reported officially to the Monthly Review, show 3,127 permits issued in April for buildings estimated to cost $n,019,208. This number of permits has not been exceeded in any month since June 1927, and this estimated building expenditure is the highest monthly total reported since September 1925. Permits issued in April were more numerous and their value greater in fifteen cities than in April 1928, only four cities reporting decreases in the number and value of permits issued during the month as compared with a year ago. The reports further indicated the increase in the volume of building in the cities this year has been largly in new construction, which in April amounted to 91.7 percent of the total value of all permits issued. However the proportion of residential buildings to the total in the larger cities is not holding up to the record of former years. This in part may be accounted for by the building of homes in rural sections within easy access to the cities by automobile, and these buildings are not included in the building statistics of the cities. BUILDING IN TENTH DISTRICT CITIES EsTIMATED CosT PEJlMITS 1928 1929 1928 1929 82 Albuquerque, N. M 84 $ 139,803 f, :128,150 40,200 Casper, Wyo............................ 17] , 15 i 6,255 83,165 Cheyenne, Wyo 36 77,870 38 Colorado Springs, Colo.......... 73 38,967 83,575 .73 2,203,700 Denver, Colo 2,045,500 779 762 62,867 222,425 Hutchinson, Kan 72 57 Joplin, Mo 32 101,575 99,855 33 Kansas City, Kan 101,755 105 104 409,585 801,800 Kansas City, Mo.................... 279 1,048,450 252 296,211 Lincoln, Nebr_ ........................ 134 104 411,025 22,890 15 89, 159 Muskogee, Okla.·-··-·············· 23 286 1,537,755 2,235,300 Oklahoma City, Okla.-........... 382 157 668,644 Omaha, Nebr 588,314 129 159 Pueblo, Colo ............................ 145 148,144 159,807 26 21 17,97° Salina, Kans ........ 43,495 166,876 70 52,910 St. Joseph, Mo ... ·-·················· 51 106 296,220 .. 119 Topeka, Kans .... 298,915 2,165,605 1,013,138 Tulsa, Okla.. - .. 35 1 3o4 1,153,822 Wichita, Kans. 277 240 503,741 r ---- Total 19 cities, April.. ............ 3,127 2,865 Total 19 cities, 4 MoL .......... 8,648 9,757 $n,019,208 f, 8,546,230 3o,907,89 1 28,627,637 Percent Change 9.1 542•7 6.8 11 4•5 Rail shipments of lumber in the United States were larger during April than a year ago, although the total for the four months of the current year was slightly below the same period last year. Lumber carloadings, as computed from weekly figures of forest carloadings published by the American Railway Association, follow: NuwBEJt. or CAJt.S (Computed) •April 1928 1929 10,140 10,525 East.·-·················---50,819 South_ .... - ..· · · · - - 55,55 2 56,386 52,847 West ... · - · · · · - - - - -- Total U. S................ _ _ _ _ 122,078 114,191 M Bo. FT. (Computed) East .....................- - - 190,601 197,822 South .... _...................................... 1,073,303 982,308 West.. .. _........................................ 1,187,775 1,113,224 45•4 IIJ.8 129.1 28.9 8.o Lumber Lumber orders received, as reported by an average of 540 softwood mills to the National Lumber Manufacturers Association, during the first sixteen weeks of 1929 were 12 percent above the production of the same mills. New business a year ago for the corresponding period was 13 percent above production. The production of soft wood lumber in 1929 was 4.7 to Date 1928 45,198 1 85,557 184,735 185,311 196,032 1929 42,819 813,404 -, '?858,620 3,652,604 3,639,205 3,957,220 4,188,983 RETAIL: Sales of lumber during April at 180 retail yards in cities and towns over the Tenth District were 7,222,000 board feet as reported to)he Monthly Review. This total was an increase of 600,000 feet over March sales and an increase of 960,000 feet over sales in April a year ago. Stocks of lumber at the reporting retail yards on April 30 were 48,446,000 feet, an increase of 882,000 over one month earlier and an increase of 4,282,000 over a year earlier. The volume of April business at the reporting retail yards, in comparison with that for March 1929 and April 1928, is shown in the percentage of increase or decrease in the following summary: Apr. 1929 Compared to Apr. 1928 Sales of lumber, board fee.______ _ _ _ 9.1 15.3 Sales of all materials, dollars........................................ 16.3 11.9 Stocks of lumber, end of month._.......... 1.9 9.7 Outstandings end of month.......................................... 12.8 -10.1 Collections during month...... 16.7 - 0.5 Mar. 1929 Cement -75.2 -12.0 7.9 142.0 215.4 0.9 ••ycar Total U. S-····-···----- 2,451,679 2,293,354 8,423,228 8,686,808 •Four weeks ending April 2?, 1929. ••sixteen weeks ending April 20, 1929. -7.2 -71.7 1.7 30.8 38.8 289.5 pas1 percent below the average softwood cut based upon the three years records. Hardwood orders received were 3 percent above production of the first sixteen weeks of the current year and 4 percent above production for the corresponding period a year ago. Under more favorable weather conditions cement mills in the Tenth District were operated in April at a high rate of productive capacity and the output exceeded that for March by 69.7 percent and that for April 1928 by 3.8 percent. Shipments of cement increased and were larger by 23.2 percent than in the preceding month and larger by 26.7 percent than a year ago. Stocks of finished cement at mills were reduced by 7.4 percent during the month and were smaller than a year earlier by 1 I. 1 percent. The number of barrels produced, shipped, and on hand at _the close of the month is shown herewith for April, with figures_for March of this year and April of last year for comparison: Tenth District Productio Shipments.......... Stocki, month-end ..... United Statca Productio Shipments .... - .. Stocks, month-end __ April 1929 Barrels 1,149,000 1,293,000 1,804,000 March 1929 Barrels 677,000 1,049,000 1,948,000 April 1928 Barrels 1,106,000 1,020,000 2,03100 13,639,000 13,319,000 9,969,000 10,n3,000 29,724,000 13,468,000 13,307,000 z7,627,ooo 30,044,000 5 THE MONTHLY REVIEW ===================================== Petroleum The::'°production: of crude petroleum in the Tenth District declined in April, and was smaller in the daily average and gross output than in either the preceding month or the corresponding month last year. Returns for the month showed declines from March in all of the producing states except Kansas, while as compared with April a year ago, there were declines in all states except New Mexcio. Daily average and gross production in the five states are shown in the following table for April with figures for March of this year and April of last year for comparison: DAILY AVERAGE PRODUCTION *April 1929 March 1929 April 1928 Barrels Barrels Barrels 665,6oo 681,700 683,200 Oklahoma·--············································· 106,400 Kansas_············-- - -- 99,600 ~ Et114,000 Wyoming.......... _ _ __ 50,100 50,400 56,6oo Colorado, _ _ _ _ _ _ __ 6,500 6,6oo .: 7,300 New Mexico .... - ...................................... 2.800 2,900 . 2,400 841,200 Total.. ...·-·············------831,400 GROSS PRODUCTION *April 1929 March 1929 Barrels Barrels Oklahom•-·············································· 19,967,000 21,133,000 3,086,000 Kansas.·-·····----·························· 3,192,000 Wyoming ................................................. . 1,561,000 1,503,000 Colorado.. _ ............................................. . 196,000 205,000 New Mexico........................................... . 84,000 91,000 Total........................................................ •Estimated 24,942,000 26,076,000 "863,500 April 1928 Barrels 20,496,000 3,4 1 9, 000 1,698,000 219,000 73,000 Wells Barrels Daily Dry Gas Rigs-Well1 . Completed New Production Wella Wells Drilling Oklahoma·--······················· 35I 77,060 I 59 15 874 Kansas ........... _ _ _ _ I 59 28,556 69 II 363 Wyoming............................ 5 396 2 o 155 106 Colorado·--······················· 3 280 o o New Mexico...................... 8 533 5 85 526 347 522 1,638 1,849 106,825 117,046 8o,343 420,279 257,466 2 35 114 205 623 668 'J.7 31 76 1,583 1 ,554 1,401 134 'J.74 Reports from Oklahoma and Kansas, which follow, show increased activity in petroleum refinery operations, both in the number of plants in operation and daily runs of ·crude oil to refinery stills: May 1, 1929............................................ _ _ __ April 1, 1929.........................· ..................................... . May 1, 1928 ................................................................ Plants Daily Runs to Operating Stills 308,150 59 55 56 Zu,c Tons Oklahoma ...· - · · - - - - - - 32,681 Kanaas .. _ _ _ _ _ _ __ 14,955 Missouri _ _ _ _ _ _ __ 618 4 wks. ending May 4, 1929....- 48,254 4 wks. ending Apr. 6, 1929...._ 59,946 4 wks. ending May 5, 1928...... 52,871 18 wks. ending May 4, 1929...- 236,046 i:8 wks. ending May 5, 1928_.., 195,374 290,700 286,825 Zinc and Lead Demand for zinc ore in the Tristate District slackened in the latter part of April and the tonnage sold and shipped during the weeks ending April 27 and May 4 were the smallest since last October. Lead ore shipments continued large, although not up to the tonnages shipped in the early half of April. Figures OllK LEAoOu "'. Value J1,437,964 658,020 27,192 Tona 8,029 4,604 76 ... ' 433,840 t(• ' 6,840 J2,123,176 2,527,888 2,009,098 9,806,507 7,241,817 12,709 10,937 7,070 42,361 28,644 J1,186,830 1,117,415 547,924 3,987,409 2,280,855 Value $ 746,150 Prices paid for zinc ore continued steady at $44 per ton during the four weeks ending May 4, against $38 to $39 per ton paid during the like period last year. Lead ore, which brought $100 per ton in the first half of April, was down to $90 during the week ending May 4. This latter price compared with $77.50 per ton one year ago. Bituminous Coal The production of soft coal at the mines in the Tenth District declined sharply in April, due to the coming of warmer weather and slackened demand for coal for heating purposes. The tonnage produced was the smallest for any month since last June, and the smallest April tonnage since 1927. The production by states: 25,905,000 A summary of field operations in April showed about the usual seasonal increase over March in the number of wells completed although the number of barrels daily new production brought in from April completions fell considerably short of the new production reported for the previous month. However, more well~ were completed and more barrels daily new production brought in during April than in the corresponding month last year. And the number of new wells drilling or in preparation for drilling was larger on May 1 than either one month ago or one year ago. Th~ field summary: April 1929.... - .................... March 1929 ........................ April 1928 .......................... 4 Months 1929.................. 4 Months 1928 .................. appearing in the table which follows show shipments of zinc and lead ore during four weeks ending May 4 and eighteen weeks ending on the same date, with comparisons: Colorado...... _,. _ _ _ __ Kansas .... _ _ _ _ _ _ _ __ Missouri _ _ _ _ _ _ _ _ _ __ N cw Mexico·-··········································· Oklahoma..·-····················-- - - Wyoming................................................. . Tota.__ __ ........................................ •Estimated *April 1929 March 1929 April 1928 Tona Tona Tons 626,000 708,000 693,000 113,000 196,000 105,000 216,000 210,000 270,000 207,000 205,000 235,000 200,000 1-42,000 137,000 426,000 425,000 495,000 1,725,000 1,825,000 The Tenth District's output of soft coal during the four months of 1929, now passed, was 10,298,000 tons, an increase of 759,000 tons over the like period in 1928. The total United States production of soft coal during the present calendar year to May 4 was reported by the United States Bureau of Mines at I 80,5 I I ,ooo tons, against 166,570,000 tons during the corresponding ·period in 1928. The Crops WINTER WHEAT: According to the official May reports of the United States and State Departments of Agriculture, the seven states whose areas or parts form the Tenth Federal Reserve District were scheduled to produce a 1929 winter wheat crop of 299,944,000 bushels, or 50.3 percent of the entire United States winter wheat crop, forecast on its May l condition as 595,335,000 bushels. This May 1 forecast was based on a condition of 82.2 percent of normal on 22,510,000 acres for harvest. But the final outcome may be greater or less than the figure indicated, depending on weather conditions between May 1 and the time the crop is harvested. Last year the condition on May 1 was 77.1 percent of normal and the forecast on 20,814,000 acres for harvest indicated a crop of 270,216,000 bushels; while the final estimate made after the crop was harvested, placed the yield for the s~ven states at 336,139,000 bushels. The reports placed the abandonment of winter wheat to May 1 at 1,539,000 acres or 6.4 percent of 24,049,000 acres sown in the seven states in the fall of 1928. Last year's acreage abandonment to May 1 was reported at 17.6 percent of the area sown in the fall of I 927. The report of Kansas State Board of 6 THE MONTHLY REVIEW WINTER WHEAT CONDITION, AREA FOR HARVEST AND ESTIMATED PRODUCTION (Compiled from May Reports of the United States and State Departments of Agriculture) Condition Acres for Estimated Percent Harvest Bushels May 1 May 1 May I Final May I Finalj 19:19 1928 1929 1928 1929 1928 1,137,000 1,013,000 17,930,000 n,076,000 Colorado·--······· 83 70 Kansas ............ _ 81 80 u,443,000 10,433,000 148,301,000 177,361,000 Missouri .........._ 86 65 1,9-44,000 1,496,000 25,078,000 18,999,000 Nebraska.......... 87 74 3,428,000 3,289,000 55,174,000 66,697,000 New Mexico._._ 85 62 215,000 150,000 2,795,000 1,500,000 Oklahoma.--··· 80 79 4,283,ooo 4,375,000 49,683,000 59,576,000 Wyoming.......... 84 84 60,000 58,000 983,000 930,000 Seven States. ___ 82.2 Tenth District.. 82.:1 United States._. 83.6 77.1 77.1 74.9 22,510,000 20,814,000 299,944,000 336,139,000 20,528,000 19,324,000 274,732,000 317,075,000 40,467,000 36,179,000 595,335,000 578,964,000 Agriculture said the abandonment in that state, (6 percent), was the smallest percent recorded since 1924 and the potential harvest acreage the largest since 1919. The report said both abandonment and condition of this year's wheat is unusually uniform throughout the state, no important wheat county and no section of this state having suffered abnormally heavy acreage loss. In Missouri wheat conditions on May I were reported slightly above the ten year average but suffering from too much rain and standing water on flat land. The condition of winter wheat in Nebraska was described in the May report as unusually good, though had it not been for the favorable weather for wheat during the last three weeks of April the abandonment would have been heavy. A dry winter caused the crop in th1 northwest part of Oklahoma to develop slowly and brought about a thin stand, but abandonment in Oklahoma was only 5 percent. Colorado winter wheat prospects were reported as the best since 1926 and abandonment less than usual. In Wyoming the abundant moisture supplies during April made conditions good for fall sown wheat and rye, and prospects on May I were as good or better than last spring. Due to weather and high winds there _was an abandonment of 25 percent of the winter wheat acreage in New Mexico and more rain in May and June was needed to insure a good crop. CORN: While the major part of Oklahoma's corn acreage and about one-fourth of the acreage in Southern Missouri and Kansas had been planted by May 1, very little of the acreage in Northern Missouri, Northern Kansas and Nebraska-the heart · of the Western Corn Belt-had been seeded by that date. The State and Federal division of agricultural statistics in Nebraska in a report issued May IO, said: "The bulk of the planting is usually done during the second and third weeks of May and so far the weather has been too cool. This disadvantage so far is more than offset by the splendid reserve moisture supply that 1s essential for maximum corn production in Nebraska." OATS: Due to the late season and unfavorable soil conditions a considerable part of the acreage intended for oats in some sections was not seeded and would be planted to other crops. Early seeded oats made fair to good progress to May 1 and the average condition reported~for Missouri, Kansas and Oklahoma was 81.3 percent as compared with 74.5 percent on May I last year. The Nebraska condition on May I was placed at 93 percent and with a generous moisture supply the prospects in that state were very good. RYE: The condition of rye on May I was 89.2 percent of normal over the seven states and the forecast was for 6,534,000 bushels, against 5,8rn,ooo bushels harvested last year. HAY: Prospects for tame hay were highly favorable with the average May I condition of 88.5 percent comparing with 76.3 percent on the corresponding date last year. This year's tame hay area is estimated at around 9,31 6,000 acres for the seven states, which is 331,000 acres greater than harvested last year. It was reported on May I that 1,799,000 tons of old hay, or 11.2 percent of the crop of 16,045,000 tons were on farms. Grain Marketing Movements of grain to Tenth:District markets declined sharply during April, owing chiefly to the fact farmers were too busy with belated spring plowing and planting to bother with marketing their holdings of last year's crops. Receipts of each of the six classes of ·g rain during the month were smaller than in the preceding month, the combined total showing a decrease of 50 percent. In comparison with a year ago, receipts of wheat, corn and rye decreased, while receipts of oats, barley and kafir increased. The month's receipts in bushels follow: Wheat Corn Hutchinson.......... 768,150 338,750 Kansas CitY···-····· 2,313,740 2,191,500 Omaha.................. 732,800 679,000 St. Joseph............ 253,400 646,500 Wichita·--············· 452,200 230,100 Oats OATS 1929 1928 Colorado._.................... . Kansas .................. 83 75 Missouri ................ 82 73 Nebraska.............. ....... . New Mexico....·-··· ....... . Oklahoma..·-········· 78 Wyoming ...................... United States..·--· 78.7 67.5 RYE pared with 29,568 tons in March and 20,160 tons in April 1928. Flour Production Mills in the Tenth District were operated during April at 64.5 percent of full-time capacity, against 67.6 percent in March and 61.9 percent in April 1928. Flour produced during the month totaled 2,077,730 barrels, a loss of 99,067 barrels as compared to the March total, but a gain of 186,093 barrels over production in April 1928. The number of barrels of flour produced at the leading milling centers in April is shown in the following table, with comparisons, as compiled from reports to the Northwestern Miller: Barrels 1929 1928 86 74 87 73 89 73 91 72 90 50 83 80 89 86 87.6 73.6 TAME HAY PASTUR.ES 1929 1928 88 83 89 73 88 77 92 67 86 80 85 77 87 88 87.8 76.1 1929 84 88 91 91 Bo 86 80 86.9 1928 80 70 72 64 74 77 84 71.3 Barley Kafir 15,000 221,000 59,200 425,700 28,800 1,500 19,500 27,300 348,000 25,500 576,000 21,000 104,000 1,500 6,000 ---- ---- - - - - - - - - - - - Apr. 1929 .............. 4,520,290 4,085,850 1,038,500 48,000 122,500 675,500 Mar. 1929............ 9,886,230 8,540,950 1,402,000 77,500 187,750 1,059,100 Apr. 1928.............. 5,566,620 5,557,350 983,500 66,700 46,400 628,800 4 Mos. 1929..........40,071,190 32,282,800 4,403?500 273,6oo 697,750 4,386,700 4 Mos. 1928.......-.29,032,120 44,055,300 5,047,500 374,400 432,950 3,668,200 Hay receipts at Kansas City were 14,292 ·tons in April, com- April 1929 CONDITION OF CERTAIN CROPS ON MAY 1 Report of the United States Department of Agriculture (Percent of Normal, 100) Rye 4,500 Atchison ................................................... . Kansas City........................................... . Omaha...................................................... Salina ....................................................... . St. Joseph................................................ Wichita .................................................... Outside............... - - - - u9,752 595,194 82,942 159,694 108,498 139,136 872,514 Total...................................................... 2,077,730 March 1929 Barrels lII,612 631,872 81,954 1_72,037 101,448 131,013 946,861 April 1928 :1,176,797 1,891,637 Barrels 102,257 55°,974 88,o6o 156,435 108,559 III,538 773,814 Production of flour at the reporting mills during the first four months of 1929 was 8,743,852 barrels, an increase of 675,376 barrels more than were produced in .. the like period in 1928. , 7 THE MONTHLY REVIEW Kansas City ............................... . Omaha_....................................... . St. Joseph ................................... . Denver._....................................... Oklahoma CitY·-························· Wichita....................................... . Cattle 123,879 a5,204 4o,o37 30,542 14,795 30,212 APRIL MOVEMENTS OF LIVESTOCK IN THE TENTH DISTRICT STOCKERS AND FEEDERS RECEIPTS Cattle Sheep Calves Hogs Calves Hogs Sheep 216,772 30,174 20,095 • 375,308 3,483 17,828 20,695 13,495 2,001 261,037 3,670 31,481 6,992 3o6,138 4,9 14 1,976 5,8 14 106,597 179,494 43,432 347 1 73, 2 47 II,II7 1,297 5,4 14 36,980 9.676 974 714 7,861 61,477 2 13,537 10,538 95,3 5 844,801 April 1929.................................... 364,669 56,714 981,825 712,691 March 1929.................................. 317,428 49,363 832,566 April 1928.................................... 369,153 46,129 657,381 t 786,133 4 Months 1929 ............................ 1,350,966 195,481 t4,103,051 2,893,629 4 Months 1928 ............................ 1,502,488 199,902 t4,289,830 2,711,641 *Includes 159,91 6 direct to packers yards. tRevised. 59,700 56,627 70,632 252,613 313,621 Livestock During April of the present year 2;2.48,009 meat animals were received at the six leading livestock marketing and packing cities in the Tenth Dis trict. This was the largest combined April receipts in the eleven years these statistics have been reported monthly to the Federal Reserve Bank of K ansas City. The previous high April record was in 192.3 when 2.,089,II6 meat animals were received. Receipts of hogs at the six markets in April were 981,82.5 head, the highest April total since 192.3 when 1,092.,271 were received. The heavy movement during the month was due in part to large shipments of hogs direct to packers from concentration points in the western corn belt. Arrivals of cattle, totaling 364,669 for the month, showed an increase of 47,2.41 over the preceding month, which was about the usual March to April rate of increase, although there was a decrease of 4,484 head as compared with the corresponding month last year. Receipts of 56,714 calves were larger than in either the preceding month or in April last year. Receipts of sheep and lambs were 844,801, the highest April receipts at these markets in eleven years. Pressure of spring work on the farms caused a seasonal decline in the marketing of horses and mules. April receipts of 10,2.67 head at the six markets were 8,2.59 less than in March, although greater by 2.,360 than in April 192.8. Shipments of stock and feeding livestock to the country from four reporting markets showed seasonal increases in the outgo of cattle, calves and sheep as compared with the earlier shipments. In comparison with a year ago, this year's April shipments of cattle were smaller by 10,932. head, while shipments of sheep and lambs were larger by 2.8,932, and there were also increases in countryward shipments of calves and hogs. THE SUMMER PAST URES: The movement of cattle from the Southwest to the extensive Flint Hills pastures in Kansas and the Osage country in Oklahoma reached its peak about the first of May, and though official reports were lacking it was indicated the movement of cattle to these pastures would closely approximate that of last year,. The movement of cattle to the Sand Hills pastures of Northwestern Nebraska was expected to reach about the same proportions as last summer. The condition of these large pastures on May 1 ranged from 86 percent to 91 percent of normal, and considerably above the condition reported on May 1 of last year, with excellent prospects for summer grazing. LIVESTOCK ON RAN GES: Throughout the range country in the Rocky Mountain regions of this District livestock was in fair to good condition on M ay 1, although showing some shrinkage in fl esh in certain sections, and spring feed on ranges was late in starting, according to the monthly livestock and range reports of the Division of Crop and Livestock Estimates issued 6,805 6,091 6,517 28,750 33,087 24,771 28,002 15,758 84,023 7o,857 105,284 82,257 76,35 2 390,713 281,475 PURCHASED roa. SLAUGHTER Calves Hogs Sheep Cattle 151,659., 68,290 16,368 • 268,799 231,252 169,617 ~ 86,099 4,7 2 4 28,481 83,263 124,952 5,338 II,012 2,810 28,940 18,741 6,8IZ 5,692 55,286 5°7 1,802 10,280 6,542 91,667 207,236 174,81-4 187,523 763,890 795,441 36,734 759, 207 6o1,854 36,874 t596,850 34,752 142,265 t3,180,821 I 52,536 t3,471,290 475,756 384,520 36o,993 1,625,801 1,526,361 from offices in Colorado, Wyoming and New Mexico. Calf prospects in Colorado were from fair to good with a few losses of early calves. There was a good demand in that state for stock cattle at attractive prices, with few changing hands. Wyoming cattle growers generally were prepared to feed cattle liberally and they were rewarded with mostly light losses. Prices were reported as "encouragingly high,'' and some new operators had been attracted to the industry. In general losses of cattle in New Mexico were light, prospects were for a good calf crop, with calves contracted at favorable prices. Colorado lamb crop prospects were good East of the Continental Divide and in the San Luis Valley, with only fair prospects in the Northwest and Southeast areas, and fair to good on the Western slope. Some Colorado lambs had been contracted at 12 cents to 12.½ cents, but there was little activity in wool. The Wyoming report said generally sheep came through the winter with little more than the usual loss except in limited areas. In most sections a good lamb crop was expected. Some young lambs were lost in recent storms. Reports indicated 80 to 90 percent of the available lambs had been contracted at prices varying from II½ to I2½ cents. Very little wool had been sold or contracted. Shearing was in progress. New Mexico lamb crop was reported generally good and about up to normal, although losses in some parts of the state were heavier than usual. Lambs had been contracted at good prices, but there was little demand for wool. MEAT PACKING: The liberal market supplies of meat animals in April was reflected in increased activity at packing plants at the six livestock centers. The returns on packers' purchases of hogs at the markets, including hogs shipped direct to packers from the country, indicated a slaughter of 759,207 head during the month, which was the largest number of hogs slaughtered in any April since 1923. In the beef departments of the packing houses 2.07,236 cattle were slaughtered during the month. This total exceeded that for March by 32,422, and that for April a year ago by 19,713. The number of calves killed and dressed during the month was reported as 36,734, a slight loss as compared with the preceding month but a moderate gain over a year ago. The outpouring of sheep and lambs during the month resulted in a very large increase in killing operations at packing plants. The total of 475,756 was the largest for any April of record. Packers reported a fairly good demand for pork products during the last half of the month, and little change in prices for the month as a whole. The dressed beef trade was reported as somewhat unsatisfactory from the standpoint of packers, owing to the high prices paid for livestock. The export dem and for meats was quite active during the month with prices generally satisfactory and on a basis with domestic trade. 8 THE MONTHLY REVIEW PEftCENT 40 National Summary of Business Conditions. 20 Industrial activity contin_ued at a high level in April, and the volume of factory employment and payrolls mcreased further. Loans and investments of member banks in leading cities continued to decline between the middle of April and the middle of May, and were at tha_t time at approximately the same level as a year ago. 100 100 80 80 ~ - - - - - - -- - ' - - - - + -- -+------i M 1925 1927 1926 1928 1929 Index number of production of manufactures and minerals combined, adjusted for seasonal variations (1923-25 average ~oo). Latest figure April, 121. PERCtllT 120 WHOLESAL£. PRICE.$ II0r - - - 1 - - - - + - - - + - - ---f-----l-l10 1 1925 1926 1927 1928 1929 Index of united States Bureau of Labor statistics (1926 equal 100, base adopted by Bureau). Lates figure April, 96.8 PRODUCTION-Industrial activity increased in April to the highest level on rec~rd. Th_e iron a_n~ st:el and automo?ile industries continued exceptionally active dur1ng April. Act1v1ty m copper refinrng, lumber, cement, silk and wool textiles, and the meat packing industry, increased and production of cotton textiles showed a less than seasonal reduction. Factory employment and payrolls increased, contrary t~ the seasonal trend. Output of mines was also larger in April. Copper and an thrac1 te coal production increased, and the seasonal decline in output of bituminous coal was smaller than unsual. Petroleum production declined slightly. Preliminary reports for the first half of May indicate a continued high rate of operation in the iron and steel industry. Output of lumber and bituminous coal was somewhat larger during the first part of May than at the end of April. Building contracts awarded during the month of April increased sharply and for for the first time in five months approximated the total for the corresponding month in the preceding year. The increase was not continued, however, in the first part of May when awards averaged 20 percent below the same period in May, 1928 . During April most classes of building showed seasonal increases over March, the largest being in contracts for residential building and public works and utilities. DISTRIBUTION-Shipments of commodities by rail increased during April and were the largest for this month in any recent year. The increase from March reflected larger loadings of miscellaneous freight, lumber, livestock and ore; during the first half of May shipments of freight continued to increase. Sales at wholesale declined seasonally in April, except in the case of grocery and hardware firms. In co~parison with April 1928 all lines of trade reporting to the Federal Reserve system showed increases. Department store sales were also smaller in April than in March, but continued above the level of a year ago. 1929. Monthly average of daily figures for twelve Federal Reserve Banks. Latest figures are average of first 22 days in May. P[R CENT 7 MONEY RATES IN NEW YORK 4 2 - Comm~rdal Pap,r Role Rurr,-;18,qn/r Discount Rql, - - AC/:l'plane~ Role 1925 1926 19 27 . 1929 Money rates in open market in New York: Commercial paper rate on 4 to 6 months paper and acceptance rate on 90 days bankers accepttances. Latest figures are averages of first 24 days in May. PRICES-Wholesale commodity prices averaged shightly lower in April than in March, according to the index of the United States Bureau of Labor statistics, reflecting primarily declines in prices of farm products and their manufactures. Prices of minerals and forest products and their manufacture, on the average, showed little change. There were increases in the price of iron and steel, and sharp declines in copper, lead, and tin. Seasonal declines occured in prices of coal and coke, while gasoline prices advanced. Prices of farm products and their manufactures averaged lower in April than in March. Prices of grain, especially wheat, moved downward more sharply, and wool and cotton continued to decline. Livestock and meat prices continued the upward movement of the previous month but at a slower rate. Hides averaged slightly higher in price, and leather somewhat lower. Among imported raw materials, rubber, sugar, and coffee showed marked price recessions. Early in May cattle, hides and wheat prices declined shatply and the price of rubber increased. BANK CREDIT-During the four weeks ending M ay 15 loans and investments of Member Banks in leading cities showed a decrease of nearly '/,200:000,000, largely in loans on securities, together with some further decline in investments. All other loans, chiefly for commercial and agricultural purposes, remained unchanged at a relatively high level. There was a further reduction in the average volume of reserve Bank credit outstanding between the weeks ending April 24 and May 22, owing largely to additions to the country's monetary stock of gold. The decline was in discounts for Member Banks. Holdings of acceptances and of United States securities showed practically no change. Open market rates for commercial paper remai~ed unchanged, as did rates on prime bankers acceptances except for a temporary declme at the end of April and the first week in May. In the first three weeks of May rates on collateral loans: averaged _considerably higher than in April.
@FedFRASER