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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 P. W. MORGA~, Director of Research Vol. 15 KANSAS CITY, Mo., ONDITIONS for agriculture improved between April 1 5 and May 15, owing to frequent heavy and well distributed rains which filled the surface soil and increased the subsoil moisture in practically all sections of the Tenth Federal Reserve District. In the closing days of May, plantings of corn, cotton and other crops, which in many sections had been delayed by unfavorable weather and wet soil, was rapidly approaching completion. Winter wheat, with the harvest near at hand, was making excellent growth. While yields would be short in parts of "The Belt'' affected by dry weather in early spring, official reports indicated this year's crop would be slightly below the 255 million bushels produced in this District in 1929 JuNE I, 1930 No. 6 Unusually large highway construction and engineering projects now under way in this District, exceeding that for last year, was an outstanding feature of the April reports. THE SITUATION IN THE TENTH FEDERAL RESERVE DISTRICT Statistics for Aprir1930 Compared with those for March 1930 and April 1929 in percentages of Increase, or Decrease (-). April 1930 comparerl with Banking March 1930 April 1929 Bank debits, 30 cities ................................................. . - 1.7 - 7.9 Check collections, Federal Reserve Bank ............... . 0.4 - 6.S - 2.2 Loans, 57 member banks ........................................... 0.2 Investments, 57 member banks ................................ I .I - 6.9 - 0.2 2.1 Demand deposits, 57 member banks....................... . - 0.2 Time deposits, 57 member banks............................. . Savings deposits, 49 selected banks ......................... . - 1.9 Trade Retail sales, 38 department stores ........................... . 1.8 7.8 Wholesalers sales of reporting firms in 5 lines ....... . - 6.3 - 0.3 Retail lumber sales, 177 yards .... ............................. . - 22.3 13.6 Construction Building contracts awarded, value ........................... . Building permits, 20 cities, value ............................. . Grain Receipts, 5 markets Wheat.......................................................................... . 2 3·3 Corn .. ........................................................................... . 6.6 Oats ............................................................................... . - 2.3 Rye.... .......... ................................................................ . 16.0 -70.0 Barley ........................................................................... . 15.0 93.o Kafir............................................................................. . -32.6 - 7.5 Livestock Receipts, 6 markets Cattle.......................................................................... . - 0.5 Calves ............................ .............................................. . - 7.8 Hogs ...................................... . ..................................... . -18.3 Sheep.-............ ....... .. ........... ........................................ . 12.0 Horses-Mules ............................................................. . -31.1 Production Flour............................................................................. . -- 1.0 - 1.3 Crude petroleum ......................................................... . 4.8 - 1.4 3.1 4.4 Refinery operations·-··················································· - 16.0 -18.8 Coal _ _ _ _ ··························································· Cement.......................................................................... 22.0 14.8 - 0.2 Zinc ore (shipped) ...................................................... . - 38.8 Lead ore (shipped) .............................................. ..... . 6.o -'77.1 Meat Packing, 6 cities Cattle............................................................................ - 4.9 - 13.9 Calves.... ........................................................................ - 2.5 - 7.0 Hogs................. ............................................................. 23.4 --25.8 Sheep·-··········································································· - 1.0 15.1 NOTE: Loans, investments, demand and time deposits are amounts shown on statements as of May 14, compared with April 16, 1930 and May 15, 19~9. Bank debits, ~eserve Bank Clearings and Zinc and Lead Ore Shipments are for four-week periods. Building contracts awarded, as reported by 'the F. W. Dodge Corporation, showed declines in April compared with the preceding month and the corresponding month last year. However, contracts awarded during the first four months of the year exceeded those for the like period last year by nearly 16 million dollars, or 2.1.6 percent, while the value of building permits in cities for the four-month period showed a decrease of a little over 3 million dollars, or 10.7 percent. During the four weeks ending May 14 there was . a small increase in the demand for credit at reporting member banks in this District and also at the Federal Reserve Bank of Kansas City and its branches. Rates continued low and unchanged from those announced April 15. Combined loans of fifty-seven reporting member banks on C The better prospects for farm production reflected quickened activity in several lines and branches of business. Retail sales of department stores in cities, with complete figures for April available, showed a decided expansion over the earlier months of the year and were larger than in April last year, this being the first month of 1930 to show an increase in department store sales over a corresponding month in 1929. Wholesale distribution of merchandise continued at practically the same level as in March but the combined sales of the firms reporting was still below last year's April sales. The grain trade was unusually heavy for this time of the year• Market receipts of wheat, corn, oats and barley were substantially larger than a year ago. Farmers were reducing reserve stocks of wheat in advance of the new crop. Livestock receipts at primary markets in this District were smaller than in April last year for all classes except sheep, which showed the largest April total of record. While manufacturing operations continued through April at substantially the same levels as in March, there was a slight upturn in mineral production, except coal, as compared with the earlier months of the year. On the whole, production of both manufactures and minerals were smaller than in April last year. Banking and Credit This Copy Released For Publication In Afternoon Newspapers May 29 2 THE MONTHLY REVIEW May 14 amounted to $442,263,000, an increase of $881,000 over April 16 and the highest amount reported since February 26 of this year, but $9,740,000 below that reported May 15, 1929. Loans secured by stocks and bonds declined slightly during the four weeks, while "other loans,'• for commercial and agricultural purposes, increased. Investments, amounting to $218,622,000 on May 14, increased $2,466,000 during the four weeks, but were $16,282,000 less than one year ago. Net demand deposits of $496,790,000, except for April 16 when the total was slightly larger, were at the highest level since November 13, 1929, and $10,003,000 higher than on May 15, 1929. Time deposits of $180,341,000 were the highest since November 13, 1929, but '$365,000 lower than a year earlier. Bills rediscoun ted for mem her banks by the Federal Reserve Bank of Kansas City and branches increased $2,838,182 between April 16 and May 14, although the total on the last named date was $30,492,833 less than on May 15, 1929. Bills purchased showed a small decline of $823,595 during the four weeks but were $6,171,8II above the total for May 15, 1929. The amount of securities held by the bank on May 14 showed increases of $10,500,000 over four weeks earlier and '$8,668,800 over a year ago. The statement as of May 14 showed small changes in other items. Federal Reserve note circulation was $7,001,300 higher and total deposits $1,887,579 higher than a year ago. Principal resource and liability items of the fifty-seven reporting banks, and of the Federal Reserve Bank of Kansas City, compiled from weekly statements as of three dates, follow: BANK DEBITS IN THIRTY CITIES IN THE TENTH DISTRICT FouR WEEKS ENDING Percent April 30, 1930 May 1, 1929 Change Albuquerque, N. M .................... ...... $ n,107,000 '/, 11,835,000 - 6.2 Atchison, Kans... .............................. 5,718,000 6,047,000 - 5.4 Bartlesville, Okla·-··························· 20,175,000 17,946,000 11.0 Casper, Wyo·-- ·················-·-············· 6,473,000 7,293,000 -II.2 Cheyenne, Wyo................................ 6,012,000 6,696,000 -10.2 Colorado Springs, Colo.................... 13,286,000 14,768,000 -10.0 Denver, Colo.... ................................ 165,796,000 192,585,000 -13.9 Enid, Okla................................ ........ 13,363,000 14,807,000 - 9.8 Fremont, Nebr.................................. 3,741,000 4,ou,000 - 6.5 Grand Junction, Colo...................... 2,807,000 3,213,000 -12.6 Guthrie, Okla.................................... 3,210,000 2,933,000 9.0 Hutchinson, Kans............................ 13,553,000 18,005,000 -24.7 Independence, Kans.... .................... 9,690,000 n,690,000 -17.1 Joplin, Mo........................................ 10,028,000 15,467,000 -35.2 Kansas City, Kans...... .................... 18,205,000 19,123,000 - 4.8 Kansas City, Mo.............................. 380,099,000 394,245,000 - 3.6 Lawrence, Kans................................ 4,285,000 4,616,000 - 7.2 Lincoln, Nebr·-·····················-···--··-··· 31,157,000 33,603,000 - 7.3 Muskogee, Okla................................ 9,927,000 11,150,000 -10.9 Oklahoma City, Okla...................... II l ,874,000 I I 5,869,000 - 3.4 Okmulgee, Okla................................ 5,860,000 7,7u,ooo -24.0 Omaha, Nebr.................................... 193,619,000 207,151,000 - 6.5 Parsons, Kans.. ................................ 2,593,000 3,026,000 -14.3 Pittsburg, Kans................................ 4,621,000 5,740,000 -19.5 Pueblo, Colo.-................................... 18,054,000 19,590,000 - 7.8 Salina, Kans......... ... ........................ 10,539,000 10,996,000 - 4.2 St. Joseph, Mo·-·-···········•················44,060,000 53,748,000 -18.0 Topeka, Kans ___................................ 18,590,000 17,947,000 3.6 Tulsa, Okla·-······················-········-'-·-·· 138,237,000 l 52,036,000 - 9.1 Wichita, Kans.................................. 56,274,000 63,472,000 -11.3 REPORTING MEMBER BANKS May 14, 1930 Apr. 16, 1930 May 15, 1929 Loans and investments-total... ____ ____ $660,885,000 $657,538,000 $686,907,000 Loans and discounts-total................ 442/263,000 441,382,000 452,003,000 Secured by stocks & bonds............ 145,342,000 145,730,000 123,068,000 All other loans & discounts............ 296,921,000 295,652,000 328,935,000 Investments- total.............................. 218,622,000 216,156,000 234,904,000 t U. S. Securities................................ 95,444,000 95,II2,ooo uo,298,000 fl" Other bonds, stocks, securities...... 123,178,000 121,044,000 124,606,000 Reserve with F. R. Bank.................... 57,746,000 57,939,000 54,149,000 Net demand deposits.......................... 496,790,000 497,598,000 486,787,000 Time deposits·--··································· 180,341,000 177,402,000 180,706,000 Government deposits.......................... 643,000 1,830,000 1,346,000 FEDERAL RESERVE BANK May 14, 1930 Apr. 16, 1930 May 15, 1929 Total gold reserves .............................. '/,n5,712,559 $129,460,807 $ 92,595,090 Reserves other than gold.................... 8,022,778 8,181,191 5,767,662 Total reserves·--··································· 123,735,337 137,641,998 98,362,752 Bills discounted.................................... 14,718,372 11,880,190 45,211,205 Bills purchased..·-································· II ,678,263 I 2,501,858 5,506,452 U.S. Securi.ti.es.................................... 16,424,500 5,924,_i;oo . 7,755,700 Other securities.................................... If: 1,500,000 Total bills and securities.................... 42,821,135 30,306,548 59,973,357 Total resources·--································· 21I,988,6 35 2 I 5,925,450 207,744,5 I 8 F. R. Notes in circulation.................. 73,039,230 76,301,180 66,037,93 0 Total deposits.·-·· ································ 90,793,627 90,534,001 88,906,043 Total 30 cities, 4 wks .................... ii,332,953,000 Total 30 cities, 17 wks.................... 5,846,366,000 Reserve Bank Clearings Check collections through the Federal Reserve Bank of Kansas City and branches during the four weeks ending May 14 were for amounts aggregating $8u,037,818, an increase of $3,382,483, or 0.4 percent, over the total of $807,655,335 reported for the preceding four weeks ending April 16. Compared with collections of $870,197,900 for the like period in 1929, there was a decrease for this year of $59,160,082, or 6.8 percent. The number of checks handled during the four weeks under review totaled 5,450,638, an increase of 9,809, or 0.2 percent, over a year ago. Payment by Check Amounts debited to accounts of individuals, firms and corporations by banks in thirty cities of this District during the four weeks ending April 30 showed a decline of '$23,241,000 or 1.7 percent from the preceding four weeks ending April 2, the $1,447,3 19,000 6,153,720,000 - 7.9 - 5.0 decline being partly accounted for by March income tax payments. Compared with a year ago, the amounts debited during the current four-week period showed a decrease of $114,366,000 or 7.9 percent. Only three of the thirty cities reported increases in debits over last year's four-week period. The cumulative total of debits in these thirty cities for the first seventeen weeks of 1930 was smaller by $307,354,000, or 5 percent, than for the like period in 1929. Savings in Banks Deposits to savings accounts in forty-nine selected banks in leading cities of this District totaled $II8,524,230 on May I. This was an increase of $480,487 or 0.4 percent over $II8,043,743 on April 1, but a decrease of $2,274,374 or 1.9 percent from $120,798,604 reported by the identical banks as of May 1, 1929. The number of savings accounts reported by forty-six banks as of May l was 406,7II, compared to 406,480 one month earlier and 390,559 one year earlier, an increase of 231 for the month and an increase of 16,152 or 4.1 percent for the year. Business Failures R. G. Dun & Company reported 118 business failures in the Tenth District in April compared with 124 in March and 128 in April last year. The amount of liabilities involved in April failures was $2,369,308, compared with $1,826,632 for March and $1,271,800 for April last year. Failures in this District during the first four months of 1930 totaled 520 against 512 for the like period last year, while this year's liabilities aggregated $9,410,133 against $5,757,694 for the four months of 1929. Failures in the United States in April were 2,198 and the indebtedness $49,059,308. These totals compare with 2,021 failures and $35,269,70~ of liabilities reported for April 1929. 3 THE MONTHLY REVIEW --===================================== Stores • Report., ing Kansas City.... 4 Denver............ 5 Okla. City...... 3 Omaha............ 3 Lincoln............ 2 Topeka............ 3 Tulsa·--··········· 4 Wichita·--······· 4 Other Cities .... 10 RETAIL TRADE AT 38 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT SALES STOCKS (RETAIL) STOCK TURNOVER ACCOUNTS RECEIVABLE April 1930 4 Mo. 1930 April 30, 1930 April 4 Months April 30, 1930 compared to compared to compared to compared to April 1929 4 Mos. 1929 Mar. 31, 1930 Apr. 30, 1929 1930 1929 1930 1929 Mar. 31, 1930 Apr. 30, 1929 - 3.7 - 7.8 - 2.1 - 3.9 .25 .25 .85 .90 9.5 - 1.4 o.6 - 5.4 - 0.1 -12.3 .21 .19 .76 .75 4.4 - 3.7 4.0 - 1.7 - 1.1 - 1.7 .28 .27 1.07 I.II - 6.2 9.3 13.2 2.2 10.1 12.5 -12.I 3.1 - 6.o 2.7 - 0.9 .23 .19 .87 0.7 .79 .22 .21 .66 - 1.2 0.9 - 2.7 - 5.0 .64 0.9 7.5 0.I .27 .25 I.22 I.JI - 7.5 6.6 - 5.0 5.1 19.3 .20 .21 - 6.7 - 1.7 - 7.5 -12.8 1.9 4.7 .18 .61 6.9 - 2.3 2.3 0.2 -4.4 .15 .65 1.5 Total.. ............. 38 1.8 - 4.9 - 0.2 - 8.2 .23 .22 .86 .85 35 .3.2 NOTE: Percentage of collections in April on accounts March 31, all stores reporting 40.3. Collections same month last year 41.6. Trade Retail trade at thirty-eight department stores m cities of the Tenth District expanded during April. Their combined sales for the month in dollars were 7.8 percent higher than in March and 1.8 percent higher than in April a year ago. April was the first month of the current year to show an increase in department store sales over a corresponding month of the preceding year. Twenty-three stores reported larger sales and fifteen stores reported smaller sales than a year ago. Total sales for the first four months of 1930 were 4.9 percent lower than for the like period in 1929. Sales of single line retail stores reporting for April reflected small declines in sales of men's and women's apparel, and shoes, as compared with April last year. In the retail furniture line sales averaged 7 percent lower than in April a year ago. Stocks of department stores on April 30 were slightly lower ltthan one month earlier, and averaged 8.2 percent lower than on April 30 last year. Retail furniture stocks at the end of April were 3 percent lower than a year ago. Collections of department stores during April amounted to 40.3 percent of their outstandings as of March 31. This figure compares with March collections of 40.6 percent of outstandings as of February 28, and with last year's April collections of 41.6 percent of outstandings as of March 31, 1929. Wholesale distribution of merchandise by firms in five lines which reported to the Federal Reserve Bank of Kansas City, continued through April on about tne March level, but their combined sales for the month were 6.3 percent below those for the same month last year. Sales of groceries in April by wholesale firms reporting averaged 2.6 percent higher than in March and 2.1 percent higher than in April last year. Sales of drygoods, hardware and furniture by reporting wholesale firms were smaller for April than for the preceding month or the same month last year. Wholesalers of drugs reported an increase of 5.5 percent over March but a decrease of 2.8 percent as compared with April oflast year. Stocks of all reporting interests at the close of April were lower than on March 31, with the exception of a small increase Reporting Stores Dry Goods............................. 7 Groceries ................................ 5 ardware................................ 9 6 Furniture ................................ 6 Drugs .. ·-··········-····················· COLLECTIONS April 1930 c:ompared to Mar. 1930 Apr. 1929 - I.I -o.z - - 5.7 z.6 - 1.5 4.0 9.0 2.3 6.7 0.4 - 11.0 1.4 3.5 1.5 I.I - 5.3 - 3.5 - 5.2 - - 2.3 0.7 in hardware. As compared with a year ago, stocks of all lines reporting showed moderate decreases. Wholesalers of millinery reported their April sales averaged about 5 percent above those for March and about 7 percent above those for April a year ago. Wholesale distribution of implements and farm machinery durin April averaged slightly lower than in April last year which was a high month for distribution. Lumber Sales of lumber at 177 retail yards in the Tenth District totaled 5,6u,ooo feet for the month of April, compared with 4,938,000 feet for March and 7,222,000 feet for April last year. Stocks of lumber at the reporting yards on April 30 totaled 43,668,000 feet against 44,741,000 feet one month earlier and 48,446,000 feet one year ago. The lumber business for the month of April is compared with that for March 1930 and April 1929 in percentages of increase or decrease in the table which follows: April 1930 Compared to March 1930 April 1929 Sales of lumber, board feet........................................... . 13.6 -:2.2.3 Sales of all materials, dollars......................................... 6.8 -19.8 Stocks of lumber, board feet.......................................... - 2.4 - 9.8 Outstandings, end of month.......................................... 9.4 - 6.6 Collections during month................................................ - 1.9 -17.0 Reports to the ational Lumber Manufacturers Association from eight softwoods associations and two hardwoods associations for the week ending May 3 showed lumber production was 13 percent below the corresponding week last year, shipments were 22 percent below, and orders 17 percent below. A comparative statement of identical mills covering eighteen weeks of 1930 shows a total production of 5,546,458 M feet against 6,219,514 M feet for the like period in 1929 a decrease of 673,056 M feet, or II percent. Shipments for this period were 5,327,423 M feet against 6,423,854 M feet, or 17 percent less, and orders were for 5,307,u9 M feet against 6,644,390 M feet or 20 percent less. Cement The Portland cement industry in this District reported a seasonal increase in operations during April. Production of cement during the month was 14.8 percent greater than in April 1929, while shipments increased 15 percent by the same com- WHOLESALE TRADE AS REPORTED BY FIRMS IN FIVE LINES COLLECTIONS SALES OuTSTANDINGs Apr. 1930 compared with April 30, 1930 compared with Apr. 1930 compared with Mar. 31, 1930 Apr. 30, 1929 Mar. 1930 Apr. 1929 Mar. 1930 Apr. 1929 -10.8 - 5-1 - 3.2 - 5.z - 13.7 5.3 I.I 2.6 2.1 2.1 12.5 - 5.1 - 6.2 - o.z -10.7 3.3 3.7 7.5 - 7.7 -10.8 1.6 - 6.8 -1 0.8 3.8 - ~.2 2.6 - 8.8 - 2.8 - 1.8 5.5 STOCKS Apr. 30, 1930 compared with Mar. 31, 1930 Apr. 30, 1929 -22.4 - 7.5 - 7.3 - 8.9 3.0 - 3.2 - 6.~ - 1.6 - 2.2 -11.3 THE MONTHLY REVIEW 4 parison. The returns of the Bureau of Mines, United States Department of Commerce, follow: Crops WINTER WHEAT: A winter wheat crop of 2p,517,ooo bushels from 20,428,000 acres left for harvest was forecast for the Production................................. ............. I ,446,000 I ,18 5,000 I ,260,000 Tenth Federal Reserve District by the United States Department Shipments·--·-···--·································· 1,527,000 1,002,000 J ,300,000 of Agriculture and State Boards of Agriculture in official reports Stocks of finished cement at mills totaled 2,378,000 barrels issued May IO. This potential production is 2,789,000 bushels at the close of April, compared with 2,457,000 barrels at the less than the crop of 255,306,000 bushels harvested last year, close of March and 1,908,000 barrels on April 30, 1929. and 67,723,000 bushels less than the bumper crop of 320,240,000 Production of Portland cement in the United States totaled bushels harvested in 1928. 13,521,000 barrels for April and shipments for the month were The forecast was based on the condition of the crop on May 1 13,387,000 barrels, these figures showing but very slight changes which averaged 75 percent of normal for this District, or 7.2 as compared with those reported for this same muth last year. points lower than the condition of 82.2 percent of normal reported for May 1 last year. Abandonment of the acreage shown Building last fall averaged IO percent for this District, compared with 7 percent abandonment last year. This low condition and heavy Statistics of building contracts awarded in 37 states compiled abandonment reflect, in a general way, the damage to wheat by by the F. W. Dodge Corporation and subdivided by Districts the severely cold weather in January and the weakened condition by the Federal Reserve Board's division of Research and Statistics of the growing crop resulting from dry weather through Febshow the value of contracts awarded in the Tenth District in ruary and March to the middle of April. April totaled $20,754,472, of which $4,027,702 was for residential Kansas, with more than 30 percent of the entire United States construction. This total value of building contracts awarded winter wheat area, reported this year's May 1 forecast 2,689,000 compares with $35,973,650 for March and $22,365,202 for April bushels less than last year's crop, while the Oklahoma forecast last year. Total building contracts awarded during the four was for 14,328,000 bushels less, and the New Mexico estimate was months of 1930 was $89,721,II9, compared with $73,760,465 for 1,146,000 bushe's less. Nebraska reported the best wheat prosthe like period in 1929, an increase for the current year of pect, with the May l condition 92 percent of normal and pro$15,960,654 or 21.6 percent. duction 12,ou,000 bushels greater than last year. Colorado A report of the F. W. Dodge Corporation said that during reported a gain over 1929 of 2,481 ,ooo bushels, Missouri a gain April contemplated work reported in this District totaled of 800,000 bushels, and Wyoming a gain of 311 ,ooo bushels. $41,663,400, as against $39,561,000 for March and against Reports to May 21 indicated wheat as showing remarkable $38,001,600 or the amount reported in the corresponding month improvement with the advance toward the harvest season, of last year. although in many sections yields would be low regardless of Official reports of engineering departments of twenty cities in abundant moisture and the better conditions prevailing since this District show the value of building permits issued in April 15. Wheat was reported as heading on short straw in many April to have been $9,473,429, an increase of $883,5II, or IO.J fields in southwestern Kansas and parts of Oklahoma where it percent, above the March total of $8,589,918, but $1,655,824, had been affected by dry weather, although the crop generally or 14.9 percent, below last year's April total. The reports show was in good condition elsewhere. fewer permits were issued in April than in the corresponding RYE: The bulk of this District's rye acreage is in the northmonth last year. Of the twenty cities reporting, the value of ern half. The crop suffered but slight damage from winter April permits was larger for nine cities and smaller for eleven cities than in April 1929. Building permits issued in these cities freezing and the forecast is for a larger yield than last year. during the first four months of 1930 had a value of $27,979,797, Nebraska reported a May I condition of 94 percent of normal which was $3,348,769, or 10.7 percent, below the $31,328,566 and estimated production of 4,130,000 bushels from 295,000 acres for harvest. This compared with last year's production of reported for the four-month period in 1929. 2,807,000 bushels from 262,000 acres harvested. Wyoming reAPRIL PERMITS IN TWENTY CITIES IN THE TENTH DISTRICT ported a probable crop of 520,000 bushels compared with 360,000 EsnMATED CosT J'ERMITS Percent bushels last year, while Colorado's production was estimated at Change 1930 1929 1930 1929 882,000 bushels compared with 891,000 bushels in 1929. With Albuquerque, N. M·- -······· 92 74 t, 214,253 t, 139,803 53.3 1 5•3 IO 17 46,342 40,200 20,000 acres for harvest in Kansas the condition of rye on May Casper, Wyo·-- ··················· Cheyenne, Wyo................ . 66.o 137,990 83,165 54 38 1 was 79 percent of normal or 8 points lower than a year ago. Colorado Springs, Colo..... . 37,420 83,575 - 55.z 72 73 OATS: The oats acreage in this District was seeded at a Denver, Colo...................... 547 2 562,550 2,045,500 779 -'7 ·5 Hutchinson, Kans ............. . 985,364 62,867 1467.4 better average date than in recent years, but had a delayed start 68 57 17 32 200,350 101,575 Joplin, Mo .............·-·········· 97• 2 in many sections of the larger producing areas because of lack Kansas City, Kans ........... . 91 105 258,505 101,755 154.1 of moisture, and, in some parts, injury from frost. The May l Kansas City, Mo............... . 233 2,562,250 1,048,450 144.4 279 condition of oats was reported as 60 percent of normal for Okla168,165 4n,025 -59.I 86 133 Lincoln, Nebr·-··················· 20 22 Muskogee, Okla................. . 31,910 88,409 -63.9 homa, 73 percent for Kansas and 97.5 percent for Nebraska, Oklahoma City, Okla........ 329 J ,848,213 2,235,300 - 1 7.3 362 but it was too early to estimate the probable yield. The crop Omaha, Nebr..................... . 82 157 572,493 588,314 - 2.7 made rapid improvement after the belated spring rains came at Pueblo, Colo._.................... . 137 I16,097 I 57,807 -26.4 144 the middle of April. By the middle of May it was heading in Salina, Kans ....................... . 29 26 86,807 43,495 99.6 Shawnee, Okla .................... southern parts of the District, though short in some sections. 37 69 44,537 172,795 -- 74.2 April 1930 Barrels 51 88 253 208 51 II9 351 277 April, 20 cities .................... 2,504 F'lur months, 20 cities ...... 7,5o6 3,165 8,802 St. Joseph, Mo·-················· Topeka, Kans .................... . Tulsa, Okla-······················· Wichita, Kans .................... March 1930 Barrels 384,985 171,855 665,on 378,332 April 1929 Barrels 1o6,876 260.2 298,915 -42 .3 2,165,6o5 -69.3 1,153,822 -67.2 f, 9,473,429 f,n,129,253 -14.9 27,979,797 31,,328,566 - 10.7 BARLEY: The first official report on barley in Kansas placed the May 1 condition at So percent of normal, which compares with 85 percent one year ago and 76 percent two years ago. The crop was making good progress in northern sections of the state where it is grown more extensively than elsewhere. 5 THE MONTHLY REVIEW ================================= WINTER WHEAT CONDITION, ACREAGE for HARVEST and ESTIMATED PRODUCTION May reports of U.S. Department of Agriculture and State Boards of Agriculture Condition Acreage Production (Bus.) May I for Harvest Estimate Yield 1930 1929 1930 1929 May 1930 1929 Colorado................ So 83 1,158,000 1,043,000 14,475,000 u,994,000 Kansas·--··············· 73 81 u,735,000 u,443,000 134,952,000 137,641,000 Missouri ................ 77 86 1,500,000 1,720,000 18,000,000 17,200,000 Nebraska.--··········· 92 87 3,550,000 3,354,000 65,675,000 53,664,000 ew Mexico .......... 79 85 276,000 215,000 3,588,000 4,734,000 Oklahoma .............. 60 80 3,547,000 4,283,000 30,150,000 44,478,000 Wyoming·-··--······· 86 84 95,000 60,000 1,377,000 1,066,000 Seven States.......... 75.0 82.2 21,861,000 22,u8,ooo 268,217,000 270,777,000 TENTH DISTRICT.. 75.0 82.2 20,428,000 20,558,000 252,517,000 255,306,000 United States ..... _. 76.7 83.6 38,676,000 40,162,000 525,070,000 578,336,000 OTE: The Tenth Federal Reserve District includes all of Colorado, Kansas, ebraska and Wyoming, the Western 19 counties of Missouri, the Northern 13 counties of ew Mexico,and:all!ofOklahomaexcept8 Southernmost counties. COR : Reports from over the corn belt states of the Tenth District indicated the planting of this year's acreage was frequently interrupted by either too dry or too wet soil, although for the District as a whole, the intended corn acreage would be planted by about the average date. The state reports issued May 12 said in part: Oklahoma: was ''The average planting date of corn for the state as a whole April 4 . However, much corn remains unplanted as the weather has been extremely dry for two months and very little corn is up to a stand. Rains during the last few days have supplied adequate moisture and farm work, which has been delayed by dry weather, now is being rushed. Some abandoned wheat land is being planted to corn in the northern area." ''Missouri corn crop has been planted earlier than during the past four years and under good soil conditions generally. Most fields have worked well; stands are fair despite earlier fear that seed was poor and only a few fields have required replanting, but cut worms have been bad on sod land. Planting is commonly being completed by the middle of May. The acreage will be increased over last vear. K~nsas: • 'Corn planting has been halted by rain and damage to planted fields has resulted from floods and washing. This along with cut-worm and wireworm damage as well as poor seed will necessitate considerable re-planting in some localities and the continued wet weather has given weeds such a start that cultivation is badly needed in the eastern half of the state." Reports from Nebraska indicated the acreage of corn in that state would slightly exceed that of a normal year, although only about 55 percent of the state's corn acreage had been planted by the middle of May. Farm work had been delayed considerably on account of ground being too heavy to work, but corn planting would be resumed as soon as weather conditions would permit. COTTON: Much replanting of cotton in Oklahoma has been made necessary because of heavy rains which washed seed from the soil, according to statements of directors of the Oklahoma Cotton Growers Association at a meeting May 6. It was estimated 30 percent of the acreage in the heavy producing districts had been planted to that date, while in the northern portions of the cotton belt there had been very little planting. Hinderance to cotton by rains and wet soil, it was said, would mean a late crop. Cotton in Missouri was planted before May I but was making slow progress in the early half of May. HAY: Tame hay in Kansas started the season with 80 percent of normal condition compared with 89 percent last year. Growth of alfalfa on bottom land was fairly good, but generally first cuttings of the year were short. The condition in Nebraska was rated at 92 percent, alfalfa making a luxurious growth with the first crop ready for harvest at the middle of May. Missouri hay and pasture crops had an unfavorable start, although recent rains helped pastures, but cid not wholly relieve meadows. The condition of tame hay meadows in Colorado was rated at 90 percent of normal compared with 88 percent last year. Spring growth was well advanced. The carry-over of Colorado hay was reported 12.5 percent compared with 6 percent last year. In Kansas it was 9 percent as compared with 9.5 percent last May, in ebraska I.I percent of last year's crop. FRUIT: The May reports indicated crops of apples, peaches, pears and cherries would be short in Missouri, Kansas, Nebraska and Oklahoma. The Colorado report indicated fruit prospects on May I were excellent, although cold-weather to May 8 had caused losses of fruit ranging from 20 to 100 percent in the Eckert-Cedaredge section of Delta County. Excepting for losses in the extreme Southwestern section of Colorado, all other areas escaped to May 8 with very slight damage. The commercial acreage of strawberries in Southern Missouri was rated at 55 percent of a normal crop on May 1. Grain Movements The month of April witnessed a substantial increase over March of this year and April of last year in the volume of grain received at the five leading markets in this District. Receipts of wheat were the largest for April since 1923,oats the largest for April since 1924, and corn and barley the largest for April on records covering the past eleven years. Receipts of rye during April were the smallest of record for that month and receipts of kafir the smallest for April since 1926. Receipts for the month follow: Oats Rye Barley Kafir Bushels Bushels Bushels Bushels 16,250 136,500 2 95,90° 864,000 9,000 II0,400 742,000 4,200 48,000 6,000 254,000 22,750 6,000 1,300 39,000 16,900 Corn Wheat Bushels Bushels 266,250 Hutchinson ............ 577,800 Kansas City.......... 4,300,830 2,763,000 Omaha._................. 979,200 2,284,800 972,000 St. Joseph .............. 235,500 306,800 Wichita .................. 351,000 April 1930.............. 6,444,330 March 1930.......... 5,227,090 April 1929.............. 4,520,290 4 Mos. 1930.......... 31,058,070 4 Mos. 1929..........40,071,190 - - -- - - ---- 6,592,850 6,186,050 4,085,850 33,383,400 32,282,800 1,866,000 1,910,500 1,038,500 6,036,000 4,403,500 14,500 12,500 48,000 II4,300 273,6oo 236,400 205,650 122,500 964,5oo 697,750 455,300 492,400 675,500 2,36o,ooo 4,386,700 Flour Production Flour mills at the leading centers and at interior points throughout this District were operated during April at a moderately high rate of activity for this time of the year. The flour output for the month was I percent below that for March and 1.3 percent below that for April of last year. The April figures, with comparisons, compiled from the Northwestern Miller's reports, follow: April 1930 Barrels Atchison ................................................... Kansas City............................................. . Omaha..... _................................................. Salina.__.................................................... . St. Joseph .................................................. Wichita..................................................... . Outc;ide...... ............................................... . Total.. ........................................................ March 1930 Barrels 128,214 126,096 653,454 6o6,745 109,509 146,679 140,407 108,412 142,899 65,131 140,243 Sn,823 137,083 803,503 April 1929 Barrels II9,75 2 595, 1 94 82,942. 1 59,694 108,498 139,136 872,514 2,050,176 During the ten months of the current wheat year, July 1 to April 30, inclusive, production of flour mills in this District totaled 21,846,236 barrels. This figure indicates a decrease of 1,042,444 barrels, or 4.6 percent, from the 22,888,680 barrels of flour produced in the corresponding ten months of the 1928-29 wheat year ' 6 THE MONTHLY REVIEW Livestock Conditions~for the livestock industry in this District improved substantially in recent weeks, according to reports from the various offices of the Division of Crop and Livestock Estimates, United States Department of Agriculture. Spring losses of cattle and sheep were unusually light, and with breeding stock in excellent health, good crops of calves and lambs were indicated. The range country reported few stock cattle changing hands. Little interest was shown in contracting lambs for next season's operations. Some wool had been sold in Colorado and Wyoming at prices ranging from 20 to 23 cents per pound, although many sheepmen were consigning their wool to the National Wool Marketing Corporation. While pastures in Missouri, Kansas and Oklahoma had a poor start because of dry weather conditions, the reports indicated recent rains over the area affected had resulted in remarkable improvement. Ranges in Colorado on May 1 were reported a week or ten days early, with the condition 96 percent of normal compared with 94 percent on April 1 and 85 percent a year ago. Warm weather and early rains in April improved the ranges in all parts of Wyoming and the May 1 condition figure was 93 percent of normal, as compared with 89 percent on April 1 and 80 percent a year ago. Moisture and range conditions were re_ ported as generally good over New Mexico, rains during the latter part of April relieving drought conditions in small areas. MARKET MOVEMENTS: Receipts of cattle and calves at the six leading livestock markets in this District during April showed slight decreases in numbers as compared with the preceding month or the corresponding month last year. Total receipts of 1,481,317 cattle for the first four months of 1930 were 130,351 larger than for the like period in 1929. Receipts of sheep during the month, while they were a few hundred head less than in March, exceeded those for April last year by 101,219 and were the largest of record for the month of April at the six markets. Sheep receipts of 3,246,899 for the first four months of the year exceeded those for the like period in 1929 by 353,270 head. April brought a moderate increase over March in the number of hogs received at the six markets, including direct shipments to packers, but the number received was 179,700 less than in April last year. Hog receipts of 3,732,844 for the four monthg of the current year were 370,207 or 9 percent less than for the same period in 1929. On account of the pressure of spring farm work there was a seasonal decline in April in the marketing of horses and mules. Receipts at the six markets were 7,069 compared with 19,903 received in March and 10,267 received in April last year. MOVEMENTS TO SUMMER PASTURES: The annua1 spring movement of Southwestern cattle to the Flint Hills pastures in Kansas and the Osage pastures in Oklahoma, combined, is reported as slightly exceeding that for last year. May reports from extensive grazing areas in Nebraska, Wyoming and the Dakotas indicated the movement of cattle to these summer pastures was under way, although figures as to numbers were lacking. Movements of stock and feeding cattle and calves from four markets of this District to the country during April showed a small decrease from March but were materially larger than in any April since 1925. Shipments of stock and feeding sheep were the largest for any month since last November and, with the exception of April last year, were the largest April countryward shipments of record. Meat Packing The number of cattle and calves killed and dressed at meat packing plants in this District was smaller in April than in either the preceding month or the corresponding month last year. The number of sheep and lambs killed and dressed in April was, with the exception of the total for March, the largest for any month of record. The number of hogs slaughtered during April showed a moderate increase over March, while in comparison with April last year there was a decrease of 195,900 head or 25.8 percent. Bituminous Coal Productive activity at the soft coal mines in this District made further declines in April, and the output was the mallest reported for any month since July 1922. The April tonnage produced in Kansas and Missouri was larger than in April last year, but the gains in these two states were more than offset by decreases in Colorado, Wyoming, Oklahoma,. and New Mexico. The April production in six states is here shown in comparison with that f9r the preceding month and the corresponding month last year, as reported by the Bureau of Mines, United States Department of Commerce: *April 1930 March 1930 April 1929 Tons Tons Tons 6n,ooo Colorado ................................................... . 400,000 588,000 120,000 160,000 142,000 Kansas·-- ··················································· 220,000 Missouri ................................................... . 270,000 249,000 210,000 130,000 New Mexico ............................................ . 140,000 110,000 121,000 Oklahoma ................................................. . 135,000 Wyoming................................................. . 415,000 435,000 353,000 Total.......................................................... 1,405,000 *Estimated 1,673,000 1,731,000 The production of soft coal in the United States for the calendar year to May 3 totaled 164,598,000 tons compared with 181,022,000 tons for the like period in 1929, a decrease of 16,424,000 tons. APRIL MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT RECEIPTS JCansas CitY·-································· Omah•··-········································ St. Joseph ...................................... Denver-·········································· Oklahoma CitY-···························· Wichita......................................... . Cattle 139,518 111,029 31,983 29,127 16,845 34,187 Calves Hogs 22,118 • 191,296 6,182 266,750 6,385 109,089 4,489 36,548 6,133 39,249 6,994 59, 193 April 1930...... ................................ 362,689 : 52,301 March 1930.................................... 384,174 55,862 April 1919--···················· ............. 364,669 · 56,714 4 Months 1930...... ........................ 1,481,317 210,070 4 Months 1929 .............................. 1,350,966 x95,4!!1 •Includes 103,047 hogs direct to packers' yards. STOCKERS AND FEEDERS Sheep 239,973 3o6,182 189,043 1 93,IIS 2,269 15,438 Cattle 45,785 16,477 4,746 10,989 946,020 949,969 981,825 844,801 3,732,844 3,246,899 4,103,051 2,893,629 77,997 78, 153 59,700 341,298 251,613 802,115 748,966 Calves Hogs 4,303 10,025 1,870 1,028 834 1,247 2,426 4,784 · 9,433 9,74o 6,805 41,050 28,750 17,084 14,468 24,77 1 58,533 84,023 Sheep 12,318 39,008 32,076 2,648 86,050 63,697 105,2!!4 278,636 390,7 13 PURCHASED FOR 5LAUGBTEll Cattle 61,283 69,743 20,739 10,120 9,971 6,608 178,464 187,586 207,236 729,211 763,89° Calves Hogs 14,980 • 194,397 4,312 178,383 5,568 72,835 2,533 29,036 5,126 32,983 1,662 55,673 34,181 35,o65 36,734 133,492 142,265 Sheep 176,737 202,219 124,798 26,o69 2,197 I 5,434 563,3o7 547,454 456,448 552,852 759,1o7 475,756 2,581,358 1,962,935 3,180,821 1,625,!!01 7 THE MONTHLY REVIEW ========~~;;;;;~~~======== Petroleum Production of crude petroleum at wells in this District averaged 846,000 barrels per day for the thirty days of April, compared with 784,000 barrels per day for the thirty-one days of March and 858,500 barrels per day for the thirty days of April last year. The April production, in barrels, compiled from weekly reports of the American Petroleum Institute, are here compared with those for the preceding month and the corresponding month last year as officially reported by the United States Bureau of Mines, Department of Commerce: DAILY AVERAGE PRODUCTION •April 1930 March 1930 Barrels Barrels Oklahoma ........................................... . 657,500 607,000 Kansas ............................................... . 122,200 111,000 Wyoming........................................... . 50,700 51,000 Co1orado............................................. . 5,000 4,500 New Mexico ....................................... . II,100 10,000 April 1929 Barrels 686,200 112,700 50,800 6,200 2,600 Total.................................................... 846,000 784,000 GROSS PRODUCTION •April 1930 March 1930 Barrels Barrels Oklahoma ........................................... . 19,724,000 18,814,000 3,458,000 Kansas·---·····················-····················· 3,668,000 Wyoming........................................... . 1,520,000 1,502,000 Colorado............................................. . 135,000 139,000 New Mexico ....................................... . 303,000 334,000 Total.................................................... 25,381,000 •Estimated, American Petroleum Institute. 858,500 April 1929 Barrels 2.0,586,000 3,379,000 1,524,000 187,000 78,000 24,216,000 April 1930........................ March 1930...... .............. April 1929·-····················· 4 Months 1930............ -.. 4 Months 1929................ 470 394 526 1,581 1,638 572,798 394,038 106,825 1,831,430 420,279 Gas Rigs-Wells wells Drilling 35 914 4 306 143 o 94 4 99 150 139 235 515 623 ZINC AND LEAD PRODUCTION AND VALUE ZrNc ORE LEAD ORE Tons Value Tons Value Oklahoma...................................... 22,869 $ 800,415 1,909 $ 120,634 Kansas·--······································· 10,702 374,570 9o5 57,163 Missouri........................................ 748 26,180 100 6,305 Wks. 4 Wks. 4 Wks. 18 Wks. 18 Wks. 4 ending May 3, 1930.....: ending Apr. 5, 1930...... ending May 4, 1929·-··· ending May 3, 1930.._. ending May 4, 1929·-··· $1,201,165 1,260,528 2,123,176 5,922,385 9,806,507 2,914 2,750 12,709 16,404 42,361 ' 184,10: 176,342 1,186,830 1,165,944 3,987,409 44 41 27 165 134 1,556 1,520 1,583 Business Conditions in the United States By the Federal Reserve Board Industrial activity increased slightly in April from the rate prevailing in March. Factory employment declined by the usual seasonal amount while factory payrolls showed a smaller reduction than usual.' Wholesale prices continued to decline in April and the first half of May. There was a further easing of open market money rates. PRODUCTION: Production in basic industries in April was slightly larger than in March and the Board's index, wh~ch makes allowance for the usual seasonal changes, shows an increase of about 2 percent, offsetting a large part of the decrease in March. Output of automobiles showed the usual seasonal expansion. Steel output declined seasonally in April and the early part of May. The output of silk textiles was considerably reduced and woolen mills curtailed operations, though less than seasonally. Cotton mills were more active in April and there was PER CF.NT P£RCtNT 140 140 INDUSTRIAL PRODUCTION Refinery operations in Oklahoma and Kansas, from which complete returns are available, shows the daily runs of crude petroleum to refinery stills in barrels was larger on May I than either a month ago or a year ago. The reports follow.: Plants Operating May 1, 1930.................................................................. 59 April 1, 1930·--··························•·······-·························· 57 May 1, 1929_................................................................ 59 34,319 34,398 48,254 165,155 236,046 25,754,000 Reports of field operations show a seasonal increase over March in the number of new wells completed, although the total of 470 completions for the month was the smallest April total on records beginning with 1919. However, the 572,798 barrels daily new production from wells completed during the month was, with the exception of January's new production of 596,062 barrels, the largest reported for any month in the twelve ·years of record. There was a small increase in the number of wells drilling on May 1, as compared with one month earlier, but a slight decrease as compared with a year ago. The field summary follows: Wells Barrels Daily Dry Completed New Production wells Oklahoma........................ 36o 556,508 106 Kansas·--························· 85 15,609 33 Wyoming·---·············•····· 8 325 2 Colorado.......................... 7 145 4 New Mexico.................... 10 2II 5 responding four weeks in I 929. Due to weakness of pric~s, le~ding producers in the District "'.ere. reluctant to part w!th zinc ore during the early half of April with the result that shipmenti of 4,143 tons for the week ending April 19 was the lowe~t point reached since July 1921. In the latter part, however shipments rose to the highest weekly totals of the year, the 13,204 tons shipped during the week ending May .3 the_ highe~t reported since the week ending August 24,1929. Prices paid for zmc ore during the four weeks period averaged i35, per ton ~gainst $44 ?er ton for the same period last year. Lead ore shipments during the four weeks period ending May 3, averaged 6 percent higher than for the previous four weeks but were 77.1 percent below the shipments in the same period last year. Producers were paid an average of $62.50 per ton as compared with $90 per ton last year. Daily Runs to stills 317,650 304,250 308,150 Gasoline stocks in Oklahoma and Kansas combined, totaled 5,124,000 barrels on the last day of March, a decrease of 725,000 barrels as compared with March 31, 1929. 80~- - - - l f - - - - - ~ - - - - + - - - - + - ----;80 Zinc and Lead The industry in the Tristate District reported aggregate shipments of zinc ore during the four weeks ending May 3 were practically the same in tonnage as in the preceding four weeks ending April 5, but nearly 39 percent smaller than for the cor- 60 L.--.,. rn2G 1~27 928 2 19 .. 9 60 193 Index number; of manufactures and minerals combined, adjusted for seasonal variations, (1923-1925 average 100). Latest figure April, 106. 8 THE MONTHLY REVIEW PER CEHT 120 PERCENT 120 FACTORY EMPLOYMUlT ANO PAYROLLS -+--- - - l - - - - + - -----t-----1 80 70 - 1~~5 _ ____.__ _ _ _.__ __ .__ _____.___""...,____ 70 ~37 ,i,; 1927 1!.: • 28 1929 1g30 Index numbers of factory employment and payrolls, without adjustment for seasonal variations, (1923-1925 average 100). Latest figures Apnl; factory employment 92.1, payrolls 96.7. some increase in stocks. In the first half of May, however, a program of curtailment was instituted in the industry. In comparison with the first four months of 1929, a year of exceptionally active business, production was smaller in almost all major branches of industry, with the exception of tobacco. In comparison with 1928, however, output was larger in the automobile, petroleum and silk industries, slightly smaller in steel and coal, and considerably smaller in cotton and wool textiles, flour, meat packing, automobile tires and lumber. Building contracts awarded during April, according to the F. W. Dodge Corporation, were 6 percent larger than in March, reflecting further expansion in awards for public works and utilities and some increase in residential construction, largely seasonal in character. In the first two weeks in May there was a further increase in building activity. In comparison with 1929, awards in the first four months of the year were 17 percent smaller, reflecting chiefly the continued small volume of residential building, which more than offset increases in public works and in utility construction. EMPLOYMENT AND PAYROLLS: Factory employment, which had been decreasing since last September, declined by about 1 percent in April, which represents the usual development for that month, while the reduction in factory payrolls from March to April was smaller than usual. BILLIONS Of DOLLARS BILLIONS Of' DOLL/If!~ 10 10 MEMBER BANK CREDIT 9 9 8 8 7 7 G 6 5 1926 192 7 1928 1929 1930 s Monthly averages of weekly figures for reporting member banks in leading cities. Latest figures are averages of first two weeks in May. DISTRIBUTION: Department store sales increeased during the month by an amount estimated to be slightly larger than is accounted for by the late Easter holiday. The value of foreign trade decreased further in April, and for first four months of the year exports were about 20 percent smaller than a year ago when trade was exceptionally active. In part this decline reflected the lower level of wholesale prices. WHOLESALE PRICES: An increase in wholesale prices in the first week in April was followed by a substantial clecline which continued into May and brought the level of prices to the lowest point in a number of years. Prices of important raw . materials, such as wheat, cotton and silk declined during most of the period, but steadied somewhat around the middle of May, while prices of silver, hides, and coffee were comparatively stable. There were fairly continuous price declines in steel, sugar, raw wool, and textiles. Copper prices were reduced further early in May, but recovered somewhat following large purchases for domestic and foreign consumption. PER CENT PER CENT 7 7 MONEY RATES IN MEW YORK 6 6 5 5 4 4 3 ., 2 Commerc/al P.:rpt>r Raie Re.s~rve Bcnlr Discount /wle --- A cceplanc.1 Rafe 2 I- rnzc 1927 1920 1929 1930 Monthly rates in the open market in New York: Commercial paper rate on to 6 month paper; acceptance rate on go-day bankers' acceptances. Latest figures are averages of first 20 days in May. 4 BANK CREDIT: Loans and investments of member banks increased by about $16o,oo,ooo in the latter half of April but declined by almost that amount in the first two weeks in May, both movements reflecting chiefly fluctuations in loans and secur1t1es. Investments increased further, while "all other'' loans continued to decline and on May I 4, at $8,56o,ooo,ooo, were the smallest since 1927. The volume of reserve bank credit declined further by $125,000,000 between the weeks ending April 19 and May 17, largely as a result of the addition of about $65,000,000 to the stock of monetary gold and of a further substantial reduction in the volume of money in circulation, which reflected chiefly smaller volume of payrolls and declines in retail prices. The system's holdings of bills declined while United States securities and discounts for member banks showec:I little change. Money rates on all classes of paper declined further in May. The discount rate of the Federal Reserve Bank of New York was reduced from 3¼ to 3 percent on May 2, and that at the Federal Reserve Bank of Boston from 4 to 3¼ percent on May 8.
@FedFRASER