The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE MONTHLY REVIEW
Of Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
FEDERAL
Vol. 18
RESERVE
KANSAS CITY,
BANK
Mo.,
O DITIONS and prospects in the Tenth Federal Reserve
District have been greatly helped during the past six
weeks by higher prices for many Tenth District commodities, p articularly agricultural, and by general rains which
have relieved the drought conditions that prevailed throughout
this area. Grain prices advanced rapidly during April and the
first two weeks of May, with most classes now selling well
above prices prevailing a year ago and at about double the
recent lows. Livestock values lagged somewhat in April but
increases the forepart of May were substantial.
Hides, wool, lard, and butterfat have advanced rapidly in
recent weeks and are now selling well above last year's quotations. Poultry and egg prices have failed to show any marked
improvement. Flour and millfeed quotations responded to
the changes in grain prices. In the mineral lines zinc ore advanced '$5 and lead ore $7.50 per ton during April, and crude
oil prices, which were unchanged for the month, dropped
abruptly the first week of May to a flat price of 25 cents per
barrel, regardless of grade.
Crop growth and spring work have been retarded recently
by frequent rains and cool weather, and sunshine and higher
temperatures are needed at present for best results.
Trade at both wholesale and retail establishments expanded
in April but dollar sales were somewhat smaller than a year
ago. Thirty-two department stores in the District reported
their April sales as 18 per cent larger than in March and but
8.8 per cent smaller than a year ago. These favorable comparisons were due in part to the lateness [ of Easter this
year.
April production of flour and cement, and shipments of
zinc ore and lead ore exceeded the totals for the preceding
month this year or the corresponding month last year, )Vhereas,
the output of bituminous coal and crude oil showed declines.
Building operations, with the exception of a slight improvement for the month in residential construction, are at a
standstill.
Marketings of all classes of grain, except wheat, and all
species of livestock: were somewhat heavier in April than in
the preceding month but considerably below the normal April
movement for all items but sheep and lambs.
C
Business failures in the District, both as to number and
amount of liabilities involved, were substantially smaller in
April than in the corresponding month last year. Fifty-three
selected member banks reported a slight increase in loans and
a 3.6 per cent increase in net demand deposits for the four
weeks ended May 10.
JuNE
OF
KANSAS
CITY
No. 6
1, 1933
BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT
Percentages of Increase, or Decrease (-), for April 1933 over March 1933
and April 1932 and for the first four months of 1933 over the like period in 1932.
April 1933
4 Mos. 1933
Compared to
Compared to
Banking
Mar. 1933 Apr. 1932 4 Mos. 1932
1.3
-15.5
-19.1
Payments by check------··-····--·····-···-···-···
Federal Reserve Bank clearings............
12.9
- 9.9
-14.5
53.2
-13.6
-28.5
Business failures, number.·-··-········-·······
8.9
-<>4.5
-57.6
Business failures, liabilities······-·····-·--····
I.O
-19.8
Loans, 53 member bank~--Investments, 53 member banks-.......... . - 1.5
5.6
Net demand deposits, 53 member banks
3.6
- 3.0
- 9.7
Time deposits, 53 member banks·---···· - o.6
-II.I
Savings deposits, 44 selected banks.-... -0.7
Savings accounts, 44 selected banks .... - 0,I
- 5.6
Distribution
-14.8
Wholesalers' sales, 5 lines combined ....
-14.5
3.8
-18.7
- 8.8
18.0
Retailers' sales, 32 department stores..
-2.3
21.8
Lumber sales, I 57 retail yards ..............
- 6.3
-19.0
Life insurance, writte.~- - - 4.1
- 15.7
Construction
Building contracts awarded, value_ ___ . -36.0
-44.8
-{)4.9
-31.2
Residential contracts awarded, value..
23.0
-35.o
-46.2
Building permits in 17 cities, value ....
39.I
-59.7
Production
Flour_ _ _ _ _ _ _ _ _ __
4 .0
10.8
14.6
-0.4
- 8.3
Crude petroleum·-··-····················--·········· -I9.9
-4.9
- 1 5.5
Soft coaL......... ·-···-····-······-····-··············--·· -21.6
o.6
2 3·5
Zinc ore (shipped) Tristate District.....
554
-22.9
101.9
Lead ore (shipped) Tristate DistricL.
13.4
184.l
-3.4
65.0
Cement.-...------······-··········-····
Grain receipts, 5 markets
-57.6
-43.6
WheaL-... - - - - - - - - - -18.7
56.8
152.0
145.0
Corn ..... -....- - - - - - 18.5
170.2
64.5
Oats-----···- - - - - Livestock receipts, 6 markets
- 8.8
10.6
- 6.4
Cattle... ·--···-····-·-·-·····--······--··········-····-······
18.0
13.7
18.4
Calves--·-·-··-··---···-·-···--··-···--······-···-·······---·
-15.1
15·9
2.9
Hogs .......... ---·····---·················-···---·····-·-·····
-12.2
-17.6
9.9
Sheep ... ·-··········----·-···-·-······-··--······---·········
-2.2
12.2
20.7
Horses and mules.... -•-·········---Meat packing, 6 markets
- 8.3
- 7.2
Cattle.. ·-············-··· - - - - - - - 2.3
3.0
Calves---····· · · · - - - - - - - 5.1
6.5
Hogs_·····-·-·····-····---············----19.5
- 6.9
Sheep--····---···-------·---··--·--·····---··-······-··-····· - 5.3
Financial
MEMBER BANK OPERATIONS: Comparative statements of fifty-three reporting member banks in selected cities
of the Tenth District show that between April 12 and May IO
their net demand deposits increased 3.6 per cent and their
loans and discounts I per cent. Investments were reduced
1.5 per cent and time deposits declined o.6 per cent.
In the fifty-two weeks ended May 10, these banks reduced
their loans secured by stocks and bonds. 22.7 per cent, "all
This Copy Released For Publication In Afternoon Newspapers, May 29.
'.2
THE MONTHLY REVIEW
other" loans 18.7 per cent, and total loans and discounts 19.8
per cent. Increased holdings of United States securities,
which on May IO were 20 per cent larger than on May II,
1932, more than offset a decline of I I.I per cent in investments
in other bonds, stocks, and securities, and resulted in a 5.6
per cent increase in total investments. Net demand deposits
declined '$IO,ooo,ooo, or 3 per cent, and time deposits $17,000,000,
or 9.7 per cent, between May I 1, 1932, and May IO, 1933.
The accompanying table shows the principal items contained
in the weekly condition statements of the fifty-three reporting
member banks as of the three dates of comparison:
Loans and investments-total..
Loans and discounts-total._ __ .
Secured by stocks and bonds
All other loans and discounts.
Investments-tota.___ _ __
U.S. securities ...... _ _ __
Other securitie"----Reserve with F. R. bank.-........ .
Net demand deposits _ _ __
Time deposits_ _______
Government deposit,.,__ __
May 10, 1933
$476,000,000
210,000,000
58,000,000
I 52,000,000
266,000,000
162,000,000
104,000,000
46,000,000
319,000,000
I
59,000,000
1,000,000
Apr. 12, 1933 May 11, 1932
$478,000,000 f,514,000,000
208,000,000
262,000,000
62,000,000
75,000,000
146,000,000
I 87,000,000
270,000,000
252,000,000
I 58,000,000
135,000,000
112,000,000
117,000,000
42,000,000
47,000,000
308,000,000
329,000,000
I 60,000,000
176,000,000
6,000,000
5,000,000
RESERVE BANK OPERATIONS: There was a substantial decrease in the volume of credit extended to member
banks by the Federal Reserve Bank of Kansas City and branches
during the four weeks ended May 10. Member banks reduced
their borrowings from this bank by 37.4 per cent during the
four weeks' period, and our holdings of bills rediscounted as
of May IO showed a reduction of '$14,591,488 since May II,
1932. This bank's holdings of bills purchased in the open
market, which on May IO were 28.2 per cent larger than on
the like date last year, were $4,985,731 less than four weeks
earlier.
No changes in United States Government security holdings
were made during the four weeks, and the total of $57,220,100
as of May 10 this year compares with '$30,346,600 as of May
II, 1932.
Federal reserve note circulation declined '$5,869,400 during
the four weeks' period, and $441,500 of the new Federal reserve bank notes were placed in circulation. The increase in
Federal reserve note circulation by this bank since May 1,
1932, amounted to $36,444,750.
Gold reserves as of May 10 were 7.5 per cent larger than on
April 12 and 37.9 per cent larger than on May II, 1932. Member banks' reserve deposits declined 1.2 per cent in four weeks
and increased 9.5 per cent in fifty-two weeks.
The principal resource and liability items contained in the
condition statements of this bank and branches as of the three
dates mentioned:
May 10, 1933 Apr. 12, 1933 May 11, 1932
Gold reserves·-···----- $121,263,895 $112,839,569 t, 87,956,282
Reserves other than gold·--·····-6,621,735
7,87r,3o3
7,7 28,o95
Total reserves ............................. .
129,135,198
120,567,664
94,578,017
Bills discounte"-L- - - - - 13,701,845
21,895,491
28,293,333
Bills purchased ........................... .
1,883,095
6,868,826
1,468,477
U. S. securities ........................... .
57,220,100
57,220,100
30,346,600
Total bills and securities............
60,108,410
72,805,040
8'5,984,417
Total resources ........................... .
181,991,277
229,640,048
234,607,445
F. R. notes in circulation ......... .
117,350,125
123,219,525
8o,9o5,375
F. R. bank notes in circulation
441,500
................... .
Member banks' reserve deposits
73,863,302
74,797,916
67,459,467
The discount rate of the Federal Reserve Bank of Kansas City, on all classes
of paper and all maturities, remained unchanged at 3½ per cent.
BANK DEBITS: Debits to individual accounts by banks
in twenty-nine leading cities of the Tenth District for the
four weeks' period ended May 3, were 1.3 per cent above the
total reported for the preceding four weeks ended April 5 and
I 5. 5 per cent below the corresponding four weeks last year.
The decrease, as compared to the previous year, reflects some
improvement, being the smallest reported since December,
1930, compared to December, 1929. Payments by check for
the first eighteen weeks this year compared to the like period
last year declined 19.1 per cent.
The totals for four weeks, by cities, follow:
Albuquerque, N. M
Atchison, Kans
Bartlesville, Oki
Casper, Wyo
Cheyenne, Wyo ...........................
Colorado Springs, Colo .. - ...........
Denver, Colo .......
Enid, Okla ................
Fremont, Nebr.. _.........................
Grand Junction, Colo .................
Guthrie, Oki
Hutchinson, Kans .......................
Independence, Kans ...................
Joplin, Mo .........
Kansas City, Kans .....................
Kansas City, Mo .........................
Lawrence, Kans ...........................
Lincoln, Nebr
Muskogee, Okl
Oklahoma City, Okla .................
Okmulgee, Okla ...........................
Omaha, Nebr...
Pittsburg, Kans.
Pueblo, Colo
Salina, Kans
St. Joseph, Mo ..- .........................
Topeka, Kans .. __ .........................
Tulsa, Okla.. _.........
Wichita, Kans ........
Per Cent
FouR WEEKS ENDED
Change
May 4, 1932
May 3, 1933
-34.'l
4,692,000
7,129,000
$
$
-12.2
2 ,755,000
2,420,000
14,355,000
14.8
16,473,000
--26.2
2,919,000
3,957,000
- 4.1
4,702,000
4,511,000
-12.2
8,283,000
9,435,000
101,117,000
-13.3
87,659,000
-12.9
6.171,000
5,377,000
2,272,000
-42.3
1,312,000
1,904,000
-49.9
954,000
-17.1
861,000
1,038,000
- 3.1
7,699,ooo
7,459,000
1,997,000
-53.7
4,3 15,000
15.2
6,415,000
5,558,ooo
-18.0
8,837,000
10,773,000
-16.7
I 89,400,000
227,307,000
-18.8
3,062,000
2,486,000
--24.2
20,941,000
15,867,000
4,870,000
6,079,000
- 19.9
- 9.0
49,645,000
54,532,000
-17.2
1,647,000
1,990,000
-18.0
105,428,000
86,454,000
2,822,000
- 7.0
2,625,000
-10.6
10,078,000
II,275,000
-11.4
5,034,000
5,684,000
23,755,ooo
19,178,000
- 19.3
-2.2
II,654,000
II,403,000
-16.6
56,520,000
67,795,ooo
24,223,000
- 23.7
31,751,000
Total 29 cities, 4 weeks ............
Total 29 cities, 18 weeks ............
'$ 639,599,ooo
2,860,660,000
$ 757, 255, 000
3,533,861,000
- 15.5
-19.1
RESERVE BANK CLEARINGS: The Federal Reserve
Bank of Kansas City and branches at Omaha, Denver, and
Oklahoma City handled 3,936,IOI checks for collection in
April, representing '$490,067,000. There was an increase for
the month of 13.6 per cent in the number of items handled,
and 12.9 per cent in the aggregate amount, but as compared
to April, 1932, there was a reduction of 18.4 per cent in the
number of items handled, whereas, the dollar amount was
but 9.9 per cent smaller. April check collections through this
bank and branches with comparisons:
ITEMS
April..................
March._.............
4 Months..........
1933
3,936,101
3,465,068
14,437,375
AMOUNT
1932
4,824,096
4,875,141
18,606,534
1933
f, 490,067,000
434,091,000
1,859,779,000
193 2
$ 544,079,000
553,048,000
2,175,695,000
SAVINGS: A majority of the forty-four selected commercial banks and savings institutions in leading cities of the
District reported a slight increase in savings deposits in April,
but the aggregate for all reporting banks showed a loss of 0.7
per cent, with total savings deposits, as of May I, I I. I per
cent less than on May 1, 1932. Reductions in the number of
savings accounts during April were insignificant and losses
since May 1, 1932, were reported at 5.6 per cent.
Savings accounts and savings deposits as reported by fortyfour banks:
May 1, 193u...- - - - - - - April 1, 1933.................
May 1, 1932·---··········
Savings Accounts
358,849
359,212
380,164
Savings Deposits
$ 96,847,340
97,493,36 2
108,954,263
THE MONTHLY REVIEW
3
RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
STOCKS (RETAIL)
AccouNTS RECEIVABLE
COLLECTIONS
Stores
April 1933 4 Mos. 1933
April 30, 1933
STOCK TURNOVER
April 30, 1933
April 1933
Report- Compared to Compared to
Compared to
April
4 Months
Compared to
Compared to
ing
April 1932 4 Mos. 1932 Mar.31,1933
Apr.30,1932 1933 1932 1933 1932 Mar.31,1933 Apr.30,1932 Mar.1933 Apr.1932
Kansas City........ 4
-10.9
-20.4
- I.0
-22,I
.20
.18
.65
.66
3.7
- 7.6
IO.I
-15.7
Denver_ _ _ _ 4
II.2
-16.6
- 3.1
-17.1
- 1.6
-22.2
.29
.23
.91
.86
7.6
-10.9
Oklahoma City.... 3
2-7
-10.8
-20.8
- 0.9
-35.4
.32
.24 1.14
.93
5.8
-15.9
-24.4
Tulsa.................... 3
6.9
- 8.4
0.5
-21.8
.41
.30 1.61 1.40
2.8
- 8.8
10.9
-12.3
Wichita................ 3
-16.1
-20.4
- 4.7
-45.6
.32
.21
.92
·77
2.6
-28.0
16.0
-25.2
Other cities .......... 15
-13.2
-20.2
- o.6
-20.1
.24
.23
.86
.88
1.3
-13.3
3.2
-20.9
.86
.82
4.2
-12.9
TotaL __ ··············· 32
- 8.8
-18.7
- 1.1
-24.1
.26
.22
NOTE: Percentage of collections in April on accounts March 31, all stores reporting 34.0.
Collections same month last year 34.8.
Business Failures
The betterment in business mortality reported for this
District and the United States by Dun and Bradstreet, Inc.,
during the first quarter of this year compared to last, continued in April. This District had 42 more defaults in April
than in March, but 19 less than a year ago, and the amount
of liabilities involved, although showing an increase of 8.9
per cent for the month, was 64.5 per cent below the April,
1932, total. Of the 121 failures, 13 were manufacturing, 104
trading, and 4 other commercial.
Insolvencies in the United States were less numerous than
in any month since November, 1930, and liabilities $49,971,309
less than in April, 1932, and but 1.5 per cent in excess of the
ten-year average.
Business insolvencies reported by Dun and Bradstreet, Inc.:
April 1933............................
March 1933..........................
April 1932............................
Four months 19J3---···········
Four months 193'.L---········
TENTH DISTRICT
Number
Liabilities
121
1, 1,479,485
79
1,359,139
140
4,170,787
416
6,237,298
582
14,722,445
UNITED STATES
Number
Liabilities
1,921 'f, 51,097,384
1,948
48,500,212
2,816
101,068,693
9,166
244,274,266
II,957
376,589,3 15
Trade
RETAIL: Dollar sales of merchandise at thirty-two department stores located in Tenth District cities were 18 per
cent larger in April than in March and 8.8 per cent smaller
than in April, 1932. The decrease as compared to the corresponding month a year ago was the smallest decrease from the
corresponding month of the preceding year reported since
June, 193 I. The relatively favorable showing made in April
was influenced, to a large extent, by the fact that Easter fell
in April this year and in March last year. Cumulative sales
for the four months of the current year were 18.7 per cent
less than in the first four months of 1932.
Inventories declined I.I per cent in April and at the close
of the month were 24.1 per cent lighter than one year earlier.
Collections improved somewhat during the month amounting to 34 per cent of amounts outstanding at the close of March,
as compared to collections of 31.7 per cent in March this year
and 34.8 per cent in April, 1932.
WHOLESALE: For the fourth consecutive year, April
dollar sales of dry goods, hardware, furniture, and drugs de-
Reporting
Stores
Dry goods .....- - • · · · 6
Groceries ........................ 5
Hardwar"'----9
Furniture.._ _ _ _ _ _ 5
Drugs _ _ _ _ __
5
8.o
dined as compared to the preceding April, and groceries registered their third decline.
Declines in dollar volume this
year compared to last amounted to 25 per cent for dry goods,
and 7.3, 11.4, 19.6, and 16.1 per cent, respectively, for groceries,
hardware, furniture, and drugs. Compared to March, sales
of dry goods declined 5.9 per cent, whereas, in the two previous
years they increased. Sales of hardware and furniture increased more than the usual seasonal amount and those of
groceries and drugs showed but slight variation, as usual, the
former registering an 0.3 per cent increase and the latter a
1.6 per cent loss.
Exclusive of a decrease of 6.1 per cent reported by wholesalers of furniture, inventory changes during April were fractional with all lines reporting reductions for the year. Stocks
on hand April 30 showed the following contractions since
April 30, 1932: dry goods, 14.8; groceries, 17.1; hardware,
16.1; furniture, 26.8; and drugs, 20.2 per cent.
Flour Milling
Tenth District flour mills operated at a higher rate of activity
and produced more flour during April than in any month since
November, 1931. Production, as estimated from the weekly
reports of southwestern mills to the Northwestern Miller,
totaled 2,244,455 barrels, representing an increase of 10.8
per cent as compared to March, 14.6 per cent as compared to
April, 1932, and 23.9 per cent as compared to the ten-year
average April output. Mills operated at 75.5 per cent of fulltime capacity in April as against 63.1 per cent in the preceding month and 63.2 per cent in the like month last year.
The estimated production figures for the reporting mills:
Atchison ······-- - - - Kansas Cty.... - - - - - - - Omaha ...... - - - - · ··························
Salina ........................................................
Wichita..................................................... .
Outside-····················································
Apr. 1933
Barrels
139,323
560,781
112,933
197,184
205,897
1,018,337
Mar. 1933
Barrels
I'.29,721
573,506
105,962
I 54,169
195, 257
867,570
Apr. 1932
Barrels
113,120
593,044
65,797
I 58,427
21 9,55 1
808,732
Total southwestern mills........................
2,244,455
2,026,185
1,958,671
*United States·--·····································
6,013,692
5,568,721
5,367,252
*Represents about two-thirds of the total output in the United States.
Domestic inquiry for flour was active and general as grain
prices advanced regularly and rapidly. The forepart of April
buyers were hesitant to book and orders were confined largely
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
COLLECTIONS
OUTSTAND1NGS
SALES
Apr. 1933 compared to
Apr. 30, 1933 compared to
Apr. 1933 compared to
Mar. 1933
Apr. 1932
Mar.31,1933 Apr.30,1932
Mar. 1933
Apr. 1932
6.6
-15.9
- 1,2
-17.5
- 5.9
-25.0
0,I
-4.0
- 1.7
3.8
0.3
- 7.3
-16.0
17·5
- 7.8
19.6
-II.4
1.4
-20.2
-20.8
13.1
4.8
23.6
-19.6
-22,I
-12.0
o.6
- 5.3
- 1.6
-16.1
STOCKS
Apr. 30, 1933 compared to
Mar.31,1933
Apr.30,1932
- 1.6
-14.8
o.8
-17.1
Even
-16.1
- 6.1
-26.8
-20.2
-0.7
THE MONTHLY REVIEW
4
to single and mixed carlots, bu(at the close} numerous: sales
of round lots were made. Bakers, on the whole, were reported
well supplied for the balance of the old crop year and their
inquiries were centered on new crop flour, with most millers
reluctant to book beyond 60 or 90 days, although some sales
were made with delivery extending to January I. Family
flour was in active demand and jobbers increased their inventories. Shipping instructions were very good but export
trade was dull. Net price advances for the month ranged
from 80 cents to $1 per barrel.
Grain Marketing
Arrivals of all classes of grain at the five principal grain
markets of the District during April were somewhat short of
the ten-year average volume. Receipts of wheat, despite the
sharp advance in price, were 18.7 per cent smaller than in March
and 43.6 per cent under a year ago. Marketings of corn, oats,
and rye were substantially heavier than in either the preceding
month or the corresponding month last year. Barley and
kafir were in increased supply for the month but were only
equal to about one-half of the April, 1932, offerings.
Receipts of the six classes of grain at the five markets:
Wheat
Bushels
Corn
Bushels
Hutchinson ......
673,650
Kansas City·--· 2,238,400 1,618,000
Omaha..............
742,400 1,143,800
St. Joseph.._ __ ...
240,000
831,000
Wichita. __ ·········
714,000
14,300
Oats
Bushels
Rye
Barley
Bushels Bushels
312,000
33,500
28,800
222,000
58,800
14,400
536,000
Kafir
Bushels
16,900
154,000
1,750
1,500
1,300
2,600
April 1933........ 4,608,450 3,607,100 1,071,500
March 1933...... 5,665,750 1,472,550 651,500
April 1932........ 8,166,700 1,431,550 396,500
93,600
38,500
8,700
215,000
44,950 173,500
27,350 112,900
94,750 348,200
150,100 544,600
318,650 1,306,000
4 Months 1933. 21,918,050 9,836,450 3,262,500
4 Months 1932. 51,697,350 6,271,250 2,752,500
56,900
Featured by sensational advances in wheat and kafir, prices
of all grains, except barley, closed the month higher than one
year earlier. Number 1 hard and dark cash wheat at Kansas
City advanced 15 cents per bushel to close at 65½ cents as
against 49 cents last year. Kafir was up 16, rye 7½, corn
4½, and oats and barley 3½ cents per bushel for the month,
closing at 73, 48,½, 34,½, 24,½, and 32½ cents, respectively,
as against 54, 43, 30, 24, and 38 cents per bushel on April 30,
1932. With corn leading the advance, the following additional gains were made in the first two weeks of May: corn
9, kafir 7, wheat 5, barley 3, and oats and rye 1½ cents per
bushel. Future quotations advanced more rapidly than cash
gains; the more extended the date of delivery, the higher the
price.
Agriculture
General and generous rains the latter part of April and the
first three weeks of May relieved drought conditions which
have prevailed for the past two and three years in many st:ctions of the District. Seeding operations progressed as usual
the forepart of April, except in dry regions where soil conditions were unfavorable, but recent rains have retarded planting and the below normal temperatures have not been favorable
to the best plant growth. Meadows and pastures are backward
and some reseeding of early planted corn has become necessary.
Moisture supplies are now generally sufficient for current
needs, and warm, open weather is needed for field work and
plant development.
CROPS: All states of the District, except New Mexico,
reported a marked improvement in the condition of winter
wheat between April 1 and May 1 but coincidentally produc-
tion estimates of the United States Department of Agriculture
for the seven states combined only increased 10,372,000 bushels
to a May 1 forecast of 126,386,000 bushels. This compares
with 196,278,000 bushels harvested in 1932, and a 1926 to 1930
average production of 302,499,000 bushels. The percentage
condition figure for the United States improved from 59.4
per cent of normal on April 1 to 66.7 per cent on May 1, the
lowest for that date of record. The estimate indicates an
increase of 3,398,000 bushels during April, with this year's
harvest forecast, on the basis of May 1 prospects, at 337,485,000
bushels or 124,666,000 bushels less than last year, and 251,951,000 bushels below the five-year average yield. The small
increase in probable yield, despite the improved condition of
the growing crop, was due to the record abandonment, amounting to 32.2 per cent of the fall sown acreage. The abandoned
acreage is reported as virtually past the stage of recovery.
In 1932, 13.7 per cent of the fall sown area was abandoned
and in the ten-year period (1921-1930) abandonment averaged
12.2 per cent. Abandonment in this District is largely confined to central and western Kansas, eastern Colorado, and
the panhandle counties of Nebraska and Oklahoma. Wheat
is heading now but the weather has been too cool for the best
growth.
The United States Department of Agriculture May 1 estimates on abandonment, remaining acreage, and production
of winter wheat, follow:
Per Cent
Abandoned
1933 1932
Colorado ... 70 60
21
Kansas ...... 48
IO
Missouri .... 6
Nebraska .. 30 33
New Mex. 45 42
IO
Oklahoma. 30
Wyoming.. 50 35
---
ACREAGE
Left for Harvest
May 1, 1933 Final 1932
263,000
487,000
5,968,000 9,252,000
1,232,000 1,326,000
2,023,000 2,050,000
220,000
198,000
2,992,000 3,966,000
68,ooo
II0.000
7 States ..... 40 22.3 12,744,000 17,4n,ooo
u. s........... 32.2 16.7 27,096,000 33,656,000
PRODUCTION (ooo bu.)
Final Average
Indicated
1933
1932 1926-30
2,104
15,672
4,383
58,486 106,398 I 53,186
16,016
14,851
18,094
24,600
24,276
59,422
2,102
1,320
99°
23,936
43,626
52,386
1,100
1,637
578
126,386
337,485
196,z78
462,151
302,499
589,436
Rye experienced about the same unfavorable conditions as
winter wheat, with the present acreage remaining for harvest
in the nation the smallest since 1914, and production forecast
at 30,502,000 bushels as against 39,855,000 bushels last year.
Of the 550,000 acres sown in the District, 296,000 remain for
harvest and the indicated yield is 2,744,000 bushels as compared to 3,505,000 bushels threshed last year. Barley and
much of the oats in this District were planted late under unsatisfactory conditions, and the present condition, on the
whole, is below normal.
Corn planting progressed rapidly up to the first week in
May but was retarded by rains the second and third weeks,
and by May 21 less than the usual amount of planting had
been completed. Wet fields and cool weather have been unfavorable to germination, with some replanting made necessary
by washing and rot. The planting of cotton is nearing completion in New Mexico but was somewhat delayed in Missouri
and Oklahoma by wet weather.
Tame and wild hay and pasture growth has been extremely
backward this spring, and the May 1 condition was below
average in all states, with Missouri reporting the only improvement over a year ago. Lack of early moisture and a
backward spring are the chief causes of the low condition.
April weather was favorable for fruit pollination and blooms
were heavy on everything except peaches, apricots, and plums.
Missouri reports the apple set unusually good although the
5
THE MONTHLY REVIEW
drop in some orchards has been heavy. Reports indicate the
Arkansas Valley acreage of cantaloupes, watermelons, and
onions will be about the same this year as last, and the vegetable
acreage, under a "live at home" program, will be the largest
in years in all states.
FARM INCOME: The deflationary effect of low prices on
agricultural purchasing power is vividly disclosed by estimates
of the Department of Agriculture released recently, which are
summarized for the United States and the seven states of this
District in the following table (Totals are in thousands of
dollars):
GROSS INCOME
CASH I NCOME
United States Seven States United States Seven States
193 2------------------------------· '/, 5,141,479 '$ 723,II5
1, 4, 199,447
'/, 6o5,98 2
1931_____________________________
6,908,877
1,060,159
5,746,528
9n,366
1930._____________ _______________
9,413,545
I ,486, 205
7,987,606
l ,300,017
1929-------·-··----··------·------II,916,590
1,931,663
10,284,479
1,706,582
According to the report, cash available, after deducting production expenses
in 1932 for the country as a whole, was only i 1,302,ooo,ooo compared with
'/,4,657,000,000 in 1929. Expenses over which the farmer had control have
been reduced about 59 per cent, but t axes have declined but 19 per cent and
interest charges 6 per cent since 1929. Cash income decreased '/,6,000,000,000
between 1929 and 1932. The inventory value of all land and buildings declined
from '/,48,000,000,000 in 1929 to '$37,000,000,000 in 1932 and livestock on
farms from '/,6,600,000,000 to about '$3,500,000,000.
Declines in income were due mainly to lower prices as the
volume of production was not reduced more than 5 per cent
between 1929 and 1932. Income as to source is divided into
two classifications, crops, and livestock and livestock products.
In this District the total farm value of crops produced declined
67.8 per cent and that of livestock and livestock products
56.8 per cent from 1929 to 1932. Cash income from crops
declined 74.1 per cent and from livestock 58.4 per cent. Tenth
District cash income declined the most from 1929 to 1930,
but losses, on a percentage basis, were the heaviest for 1932
compared to 1931. Farm value is the evaluation of the total
outturn irrespective of use; cash income is the value of quantities sold; gross income is cash income plus the value of products consumed by the farm household. F arm value, by states,
is shown elsewhere in this review.
There was some improvement from March 15 to April 15
in the relationship between the prices paid and prices received
by farmers. The Department of Agriculture's index of prices
paid by farmers for commodities purchased declined 1 point
to the 1909-1914 average of 100 for the first time since 1913,
and the index number of farm prices, all groups combined,
improved 3 points to 53 per cent of pre-war, with the ratio
of prices paid to prices received standing at 53 on April 15 or
4 points above the low of June, 1932, and February, 1933,
and the highest since September, 1932. All farm commodity
groups except dairy products were higher on April 15 than
on March I 5. The more rapid rises in grain prices occurred
after April 15 and livestock values did not advance perceptibly
until the forepart of May, therefore, these index figures do not
clearly reflect the improvement in agricultural prices that have
recently transpired.
Livestock
MARKETING: Receipts of all species of livestock at the
six principal markets of the District, including hogs shipped
direct to packers' yards, were somewhat larger in April than
in the preceding month. Marketings of cattle were 6.4 per
cent and of sheep and lambs 12.2 per cent lighter than a year
ago, but the supply of calves was 18 per cent and that of hogs
2.9 per cent heavier. April receipts of cattle at the six markets
were the lightest for the month in many years and receipts
of sheep the lightest since 1928. Marketings of horses and
mules were the largest since 1929.
Price changes during April were moderate with some classes
of cattle, hogs, and sheep and lambs showing increases and
other classes showing reductions. The improved livestock
prices since May 1, a development contrary to the usual seasonal trend, has been facilitated by higher grain, hide, lard,
and wool prices, and sharp reductions in the marketing of
livestock. On May 18, with best hogs at Kansas City selling
up to $4.90, cattle $7, spring lambs $7.50, and shorn lambs at
'$6.25 per hundredweight, values showed advances from the
year's low of '1,1 for cattle and '$2 for hogs and lambs, with all
species selling higher on that date than a year earlier. Stocker
and feeder steers met a broad outlet the latter half of April and
the forepart of May with prices for the week ending May 18
averaging $5.40 per hundredweight as against $5.06 the previous week and $4.84 a year ago. The rise in corn prices, without a corresponding increase in livestock values, may cause
some producers of pork and beef to sell earlier than they had
planned.
RANGES AND PASTURES:
April rains improved
pastures and ranges and replenished stock water supplies,
which had become extremely short in many areas. Due to the
shortage of moisture the two preceding years and a cool spring,
ranges and pastures are late and short which, in connection
with stormy weather, resulted in some shrinkage of livestock
in April. Western range conditions as of May 1 were, according to the Division of Crop and Livestock Estimates, the lowest
in the eleven years the reports have been issued. Range cattle
declined 1 point and sheep 2 points in April, with the May 1
condition of cattle placed at 81 and of sheep 82 per cent of
normal or 7 and IO points, respectively, below the ten-year
average for that date. Cattle losses have been light but recent
weather conditions have been unfavorable for lambing and
FARM VALUE OF CROPS, AND LIVESTOCK Ai D LIVESTOCK PRODUCTS PRODUCED IN THE UNITED STATES AND THE SEVEN STATES,
WHOSE AREAS OR PARTS THEREOF COMPRISE THE TENTH FEDERAL RESERVE DISTRICT, FOR THE YEARS 19'.!9, 1930, 1931, and 1932.
Estimated by the United States Department of Agriculture.
In thousands of dollars (ooo OMITTED).
CROPS
LIVESTOCK AND LIVESTOCK PRODUCTS
1929
1932
1931
1930
1932
1931
1930
1929
Colorado ___________________________________ _
'/, 41,289
$ 123,016
'/, 75,857
'/, 92,920
'/, 61,147
'/, 134,651
'/, 55,968
40,646
Kansas _______________________________________ _
24 2,577
126,846
210,336
155,840
285,548
3o4,936
178,879
89,97o
Missouri ____________________________________ _
199,695
161,391
253,06o
269,900
324,568
98,310
143,35 1
146,373
Nebrask.....__ _ _ _ __
206,122
243,888
129,690
326,658
128,544
286,782
330,498
9 1,739
New Mexico ______________
17,828
21,150
17,8II
32,280
41,642
23,665
35,5o3
Oklahoma _______________
II2,202
110,203
252,348
84,667
134,573
I4o,597
63,799
Wyoming___________________________________ _
17,998
28,075
19,980
26,956
36,124
45,656
33, 2 74
Seven states ______________________________ _
United States __________
'/, 432,198
3,500,617
'/, 638,056
4,536,5 29
'/, 922,429
6,432,151
'/,I,34o,43o
8,897,094
'/, 544,642
3,159,386
'/, 775,952
4,35°, 137
'/,1,053,723
5,770,696
$1,261,429
6,7o7,999
6
THE MONTHLY REVIEW
April storms caused some heavy losses of ewes and lambs in
Wyoming, which will materially reduce this season's lamb
crop from that state. A good lamb crop is expected in most
parts of Colorado, but prospects are not so good in New Mexico.
Missouri, the principal early lambing state of the corn belt,
reports the early crop as smaller than last year but the May I
condition about the same.
The movement of cattle from the southwest to Kansas and
Oklahoma grass reached its peak about May 1, or a week later
than last year. With drought conditions relieved, water supplies ample, and prices improved, indications are that Kansas
pastures will receive a slightly larger number of cattle than a
year ago and Oklahoma nearly the same number.
Shipments of sheep and lambs from feed lots in northern
Colorado, the Arkansas Valley, and Scottsbluff sections from
January I to May 13 totaled 7,436 cars, a year ago 7,715 cars,
and two years ago 7,574 cars.
WOOL AND HIDES: Wool prices have advanced rapidly
from the recent lows. Missouri medium was selling at 17 to
18 cents per pound the third week of May as against this year's
low of 12 to 13 cents and last year's price of IO cents. Sales
of western wool are reported from 19 to 27 cents, or an average
of 23 cents per pound. The season's opening bids ranged from
13 to 15 cents. Bids for Texas wool reached 21 to 25 cents
in May, whereas, a year ago the price average was 9½ cents
compared to 16½ cents in 1931 and 26½ cents in 1930. Prices
of hides have doubled in the past sixty days, with country
run steer hides selling at 6½ cents per pound in May compared to the recent low of 2 ½ cents and a 1932 low of 2½ cents.
Meat Packing
Packers purchased more calves and hogs, including hogs
bought direct from producers, and fewer cattle and sheep for
slaughter at the six principal Tenth District markets in April
than in March this year or April last year. The April slaughter
of cattle was the smallest in recent years and that of sheep
the smallest since 1928. More hogs were butchered during
the month than in the same month of any year since 1929.
Purchases for slaughter from January I to May 1, inclusive,
were somewhat smaller for all classes than during the like
period of 1932.
The number of hogs slaughtered under Federal meat inspection during April was 6.8 per cent larger than in March,
3.6 per cent larger than in April, and the third largest of record
for the month. The slaughter of cattle at all markets was 5
per cent smaller than a year ago or the ten-year average.
Approximately the same number of sheep was killed in April
as in March, but the April total was 5.9 per cent below that of
April, 1932. Cumulative slaughter since January 1 was smaller
for all species than a year ago, with that of cattle showing a
decline of 4.2, calves 4.4, hogs 7.1, and sheep 10.6 per cent.
POULTRY AND DAIRY PRODUCTS: Creamery butter
advanced 5 cents and butterfat 4 cents per pound in April.
Cheese prices, contrary to usual seasonal trends, advanced 2
to 2,½ cents and closed higher than at the same time in 1932.
First quarter producti~n of cheese was officially estimated as
6 per cent heavier than a year ago or the five-year average,
but was readily absorbed. Eggs closed the month 2 cents
per dozen higher but poultry prices were unchanged.
Cold Storage Holdings
A comparison of the reports of the Bureau of Agricultural
Economics on United States cold storage holdings discloses a
somewhat lighter seasonal out-of-storage movement of beef
and lamb and mutton during April this year than in April,
1932, or the five-year average for that month. The net decrease in holdings of poultry was slightly larger than last year
and of approximately normal volume. Inventories of lard
displayed somewhat more than the usual seasonal gain, and
stocks of pork, which normally decline, increased 19,433,000
pounds as against an increase of 6,867,000 pounds in April
last year. May 1 holdings of all classes of meats were, however,
considerably below the five-year average inventories as of that
date, with stocks of beef showing a shortage of 47.8; pork,
26.1; lamb and mutton, 32.9; poultry, 20.8; miscellaneous
meats, 41.6; and lard, 46.3 per cent.
An improved demand for cheese is indicated by substan tially
heavier than usual withdrawals in April, but stocks of creamery
butter increased slightly, whereas, they normally decline.
Inventories of cheese, all varieties combined, as of May 1,
were 18.2 per cent and of butter 23.7 per cent below the fiveyear average.
Egg storage increased rapidly during April, the increase for
the month, cased and frozen eggs combined, totaling 3,527,000
cases, or 876,000 more than a year ago. Month-end storage
holdings were 25 per cent larger than on May 1, 1932, and
2.3 per cent in excess of the May 1 five-year average.
Holdings of only two commodities, lamb and mutton and
eggs, were larger on May 1 this year than on May 1, 1932.
May 1 cold storage holdings in the United States:
Beef, lbs, _______
....................
*May I
1933
30,501
629,673
1,764
Pork, lbs·-·-·····--·--··--··-··························
Lamb and mutton, lbs ............ -..........
45,900
Poultry, lbs·--·····-·····-·······-·------------------**Turkeys, lbs, ____________________________ ·····--···-·
9, 174
Miscellaneous meats, lbs.
44,842
71,851
Lard, lbs·-·-·--········---·-4,848
Eggs, cases·--···········----·--··--····-··---···--··-1,800
Eggs, frozen (case equivalent)----····-Butter, creamery, lbs.
9,395
Cheese, all varieties, lbs ... -------·---·-----43,589
**Included in Poultry.
*Subject to revision.
Apr. I
1933
33,781
610,240
1,818
67,285
12,765
41,858
61,674
1,833
1,288
May I
May I
1932 5-Yr.Av.
41,226
58,380
799,o64 852,503
1,061
2,628
56.676
9,596
57,95°
60,028
III,007
2,982
2,341
10,394
9, 255
48,806 5o,764
(ooo omitted)
76,75 2
8,927
133,888
4,475
2,020
12,308
53, 29°
APRIL MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT
Kansas CitY---··-·---·--·
Omaha_·---·--··-------------St. Joseph---··----··--·-·-·
Denver_·· - - - Oklahoma CitY-·-----···
Wichita·-·--·-----------·····
Cattle
100,792
94, 103
27,810
18,805
Calves
15,93 2
1 5,536
3,993
20,018
4,274
277,064
April 1933--·-··--·---·---··
250,516
March 1933-···--··--······
295,916
April 1932.... -----------···
*Includes 166,686 hogs shipped
6,057
6,190
4,673
Hogs
*277,547
213,561
93,877
62,144
64,970
61,149
PURCHASED FoR SLAUGHTER
STOCKERS AND FEEDERS
RECEIPTS
Sheep
203,760
197,046
140,502
Cattle
3 2,913
15,751
4,951
234,659
5,411
Calves
3,955
1,650
803
2,489
Hogs
4,38 1
1,960
1,061
299
Sheep
12,602
28,247
14,455
3,997
7,817
18,284
802,068
41,119
773,248
667,213
34,7 29
7 29,585
913,819
34,832
75r,569
direct to packers' yards.
59,026
38,867
45,99 2
8,897
6,288
5,634
7,701
5,334
4, 11 7
59,3° 1
40,019
66,222
Cattle
44,482
60,932
21,081
8,882
8,441
6,760
Calves
10,642
4,407
15o,578
27,296
25,980
26,499
1 54,0 99
162,246
5,230
2,061
3,501
1,455
Hogs
*261,750
189,719
85,439
49,504
60,530
59,182
706,124
590,781
663,311
Sheep
121,206
119,470
100,867
20,062
6,417
16,189
384,21 I
405,506
412,618
THE MoNTHLY REvrnw
7
Building
Cement
There was some improvement in residential construction in
this District during April but no expansion in general building
activity was recorded.
The F. W. Dodge Corporation report on the cost of total
and residenti al building contracts awarded in this District and
the United States in April is contained in the following table
with comparisons:
Output of finished Portland cement at mills in this District,
as reported by the Bureau of Mines, Department of Commerce,
increased 65 per cent in April, was the largest for any month
since November, and exceeded the April, 1932, production by
272,CXXJ barrels. Shipments showed a corresponding increase
for the month but were only 51,CXXJ barrels larger than a year
ago. Stocks at the close of April were the lowest since June
TOTAL BUILDING CONTRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1933
193 2
1933
193 2
ApriL .............. .
$ 2,026,945
$ 5,767,505 'f, 56,573,000 $121,704,800
March.-............ .
3,165,116
5,354,898
59,958,500
112,234,500
Four months ... .
11,156,455
20,197,126
252,599,800
407,783,500
RESIDENTIAL CONTRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1933
1933
193 2
1932
ApriL...............
$ 670,198
$ 1,031,167 $ 19,143,600 ·1, 28,894,700
March................
544,991
1,040,846
16,021,000
33,208,600
Four months....
2,470,860
3,590,578
58,920,800
114,024,900
30, 1932.
Building departments in seventeen reporting Tenth District
cities issued more permits in April than in March but they
were largely for alterations and repairs, and the estimated
cost of construction, although exceeding the March total,
was the smallest April total in years and less than 10 per cent
of the ten-year average.
BUILDING PERMITS IN TENTH DISTRICT CITIES
PERMITS
EsTIMATED
1933
1932
1933
Albuquerque, N. M
65
$ 15,091
$
43
Cheyenne, Wyo...........................
21
3,612
31
Colorado Springs, Colo .. - ...........
25
52
9,700
Denver, Colo ........
159,45°
362
544
Joplin, Mo ...........
16
23
7,000
Kansas City, Kans .....................
26,470
47
59
Kansas City, Mo.
176
215
120,500
Lincoln, Nebr..- ...
2 5,363
48
56
Oklahoma City, Okla .................
101,118
136
77
Omaha, Nebr ...
103
106,570
93
Pueblo, Colo
60
5,911
44
21
Salina, Kans ......·----········
7,810
9
Shawnee, Okla .....
15
9
5,45°
St. Joseph, Mo.
36
49
9,35°
52
Topeka, Kans.·--·························
4 2, 2 95
59
62
28,795
Tulsa, Okla.·-·······························
73
Wichita, Kans .......
58
16,892
75
Total 17 cities, April..................
Four months ....
1,207
3, 245
1,607
4,272
'f, 69 1,377
2,398,091
CosT
1932
47,376
10,588
47,355
313,3o5
10,750
22,705
480,000
26,510
218,331
306,368
11,052
TENTH DISTRICT
UNITED STATES
Production Shipments Stocks Production Shipments
April 1933 ........
682
4,183
1,783
500
4,949
March 1933......
410
1,966
3,684
3,5 10
3°3
April 1932 ........
1,882
176
6,536
631
5,478
13, 239
4 Months 1933
1,215
13,602
1,723
4 Months 1932
1,495
17,020
1,258
19,322
5,830
30,867
3°,55°
77,965
Bituminous Coa l
Colorado_ _ _ _ __
Kansas ......................................... .
Missour~·_ _ _ _ __
New Mexico._ _ __
Oklahoma·--·············---Wyoming......................................
Lumber
April 1933 Compared to
March 1933
April 1932
21.8
- 6.3
23.9
-13.3
3.7
-13.6
2.6
-23.2
*April 1933
Tons
289,000
108,000
184,000
68,ooo
30,000
250,000
*March 1933
Tons
379,000
165,000
262,000
80,000
42,000
257,000
April 1932
Tons
273,000
104,000
191,000
93,000
36,000
280,000
Total six states............................
929,000
1,1 85,000
977,000
Total United States....................
19,510,000
23,685,000
20,300,000
*Estimated from the weekly reports of the United States Bureau of Mines.
Zinc and Lead
65,168
$ 1,7 14,0 95
4,459,4oo
Stocks
20,532
21,298
26,496
Estimates based on the weekly reports of the United States
Bureau of Mines, reflect about the usual seasonal decline in
the production of soft coal at mines in the six coal producing
states of the District in April. Output was 21.6 per cent below
the March total and 4.9 per cent less than a year ago, establishing a new April low for recent years.
Production figures for the United States and the six states
follow:
9,375
Sales of lumber at I 57 retail yards located throughout the
District expanded 21.8 per cent in April, and dollar sales of
all materials were 23.9 per cent above the March totals. Compared to April, 1932, lumber sales showed a loss of 6.3 per cent
and dollar sales a loss of 13.3 per cent.
These yards increased their stocks of lumber 3.7 per cent
during the month, with inventories, as of April 30 this year,
13.6 per cent smaller than on April 30, 1932. Collections in
April amounted to 20.7 per cent of amounts outstanding on
March 31. March collections equalled 17.9 per cent and
April, 1932, collections 21 per cent of accounts receivable.
The retail lumber business for the month of April is herewith
compared to that of March, 1933, and April, 1932, in percentages
of increase or decrease:
Sales of lumber, board feet ................................
Sales of all materials, dollars ............................
Stocks of lumber, board feeL .......................... .
Outstandings, end of month .. _. _ _ __
United States production was the largest since December
but 24 per cent below that of last April. Shipments exceeded
production and stocks were at the year's low level on April 30.
Production, shipments, and stocks of finished Portland
cement in thousands of barrels:
Shipments of zinc ore and lead ore from the Tri-state district
were light the forepart of April as a majority of the major
producers were idle. This condition materially reduced supplies, but deliveries improved with the reopening of a number
of mills at the beginning of the third week of the month, and
April shipments of both classes of ore were somewhat larger
than in either the preceding month or the corresponding month
a year ago.
Shipments of zinc ore and lead ore from mines in Missouri,
Kansas, and Oklahoma:
Oklahoma.-...................................... .
Kansas ............................................. .
Missour·
....................... .
4
4
4
17
17
Weeks
Weeks
Weeks
Weeks
Weeks
ended
ended
ended
ended
ended
April 29,
April 1,
April 30,
April 29,
April 30,
1933.....
1933.....
1932.....
1933.._.
1932.....
Zrnc ORE
Tons
Value
9,063 'f, __186,226
96,320
4,873
10,290
490
LEAD ORE
Value
Tons
1,692 'f, 62,804
270
9,356
122
4,130
14,426 '$ 292,836
11,682
207,524
14,347
243,899
83,943 r,5w,164
54,016
938,732
2,084 '$ 76,290
1,837
63,396
1,032
25,725
8,652
291,078
11,227
428,961
Price advances of $2 and $4 per ton for zinc ore and $'1. 50
and '$5 per ton for lead ore carried the former to a closing price
of $24 per ton, or $7 higher than a year earlier, and the latter
to '$40, or '$15 above last year's quotations.
8
THE MONTHLY REVIEW
Petroleum
A summary of drilling operations follows:
Estimates based on the weekly reports of the American
Petroleum Institute for April this year compared to the official
figures of the United States Bureau of Mines for March, 1933,
and April, 1932, indicate a falling off in crude oil production
in each of the five oil producing states in this District during
April. Total production for the month was 19.9 per cent less
than in March and 8.3 per cent under a year ago.
The production figures, as estimated, are shown in the following table:
Okl ahoma ..................................... .
Kansas ......................................... .
Wyoming ..................................... .
Colorado...- .................................. .
New Mexico................................. .
*Apr. 1933
Barrels
II,613,000
3,55°,000
923,000
74,ooo
1,087,000
Total five states..........................
17,247,000
Total United States....................
62,961,000
*Estimated, American Petroleum Institute.
Mar. 1933
Barrels
15,699,000
3,597,000
980,000
87,000
1,175,000
Apr. 1932
Barrels
13,450,000
2,882,000
1,243,000
105,000
1,122,000
21,538,000
75,302,000
18,802,000
67,717,000
Crude oil prices were unchanged in April but the first week
in May purchasing companies reduced the quotations ranging
from 28 to 55 cents per barrel per gravity basis to a flat '15
cents per barrel irrespective of grade.
Field activity continues quiet although there were more
wells completed in this District in April than in March, 1933,
or April, 1932.
UNITED STATES
TENTH DISTRICT
New Rigs Up and Comple- New Rigs Up and
CompleProd'n Wells Drilling
Prod'n Wells Drilling tions
tions
266,162
2,290
145
April 1933 .....
71,670
700
747
8II
668
259,201
2,330
March 1933 ..
129
45,335
128
1,132
168,732
2,941
April 1932 .....
726
76,u5
4 Mos. 1933 ..
3,368
987,658
:2.56,593
549
638,263
4 Mos. 1932 ..
335,401
474
3,9°7
Life Insurance
The Life Insurance Sales Research Bureau reported April
sales of new paid-for ordinary life insurance in the states of
Colorado, Kansas, Missouri, Nebraska, and Wyoming as
smaller and in New Mexico larger than one month or one
year earlier. In Oklahoma, the April total exceeded that of
March but was under the April, 1932, figure.
Sales by states and for the nation are shown as reported in
the following:
April 1933
March 1933
Colorado_ _ _ _ ................... .
Kansas ......................................... .
Missouri ....................................... .
Nebraska..................................... .
New Mexico._ .............................. .
Oklahorna·-···································
Wyoming ..................................... .
'$ 3,497,ooo
'$ 3,74 1,000
4,844,ooo
14,884,000
3,805,000
588,000
4,614,000
437,000
5,213,000
15,668,000
4,251,000
475,000
4, 139,000
582,000
Seven states................................. .
United States·-··-·························
f, 32,669,000
463,813,000
f, 34,069,000
462,298,000
f,
April 1932
4,188,000
5,374,ooo
17,201,000
4,920,000
569,000
5,842,000
679,000
f, 38,773,ooo
556,927,000
Bu.siness Conditions in the United States
By the Federal Reserve Board
Industri al activity increased considerably during April and the first three
weeks of May and wholesale prices of many leading commodities advanced,
particularly in the latter part of April and the early part of May. Following
the imposition of an embargo on gold on April 20 the exchange value of the
dollar declined and on May 20 was 87 per cent of its gold parity.
PRODUCTION AND EMPLOYMENT: Volume of industrial production, as measured by the Board's seasonally adjusted index, increased from
60 per cent of the 1923-1925 average in March to 67 per cent in April, as compared with 63 per cent a year ago and a low of 58 per cent last July. Activity
at steel mills in creased from I 5 per cent of capacity in March to 25 per cent
in April and there was a further increase in the first three weeks of May.
Increased activity in the steel industry reflected chiefly increased demand
from au tomobi le producers and from miscellaneous sources, while demand
fro m the r ai lroad and construction industries continued at low levels. At
textile mills and shoe factories, productio~ increased considerably during
this period. Output of petroleum fluctuated widely, declining in the middle
of April and subsequently increasing to a high level.
Volume of factory employment and payrolls increased between the middle
of March and the middle of April by an amount somewhat smaller than the
decrease in the preceding month.
Value of construction contracts, as reported by the F. W. Dodge Corporation, continued at previous low levels in April, but showed a considerable
increase in the first half of May. Total value of awards in these six weeks
was considerably smaller than in the corresponding period a year ago.
DISTRIBUTION: Freight traffic, which was at a low level in March,
increased during April and the first two weeks of May by more than the
usual seasonal amount, reflecting chiefly large increases in shipments of miscellaneous products, grains, and livestock.
Department store sales increased sharply from March to April and the total
for these two months showed slightly more than the usual seasonal increase
over the volume of sales in January and February.
WHOLESALE PRICES: During April, particularly in the latter part of
the month, there were substantial increases in the wholesale prices of grains,
flour, sugar, textile raw materi:ils and finished products, hides, pig iron, nonferrous metals, and rub ber. Prices of most of these commodities continued to
advance rapidly in the first two weeks of May and showed little change in the
third week of the month. Prices of livestock, which did not advance in April,
increased considerably in the first three weeks of May. Silver prices after
advancing by a substantial amount in the latter part of April subsequently
showed a decline, and petroleum prices also were reduced.
FOREIGN EXCHANGE: During the four weeks following the imposition
of the embargo on gold the exchange value of the dollar declined to 83 per cent
of its gold parity on May 5, but subsequently rose to 86 per cent on May 20.
The noon buying rate of cable transfers on the French franc rose (rom 3.98
cents on April 18 to 4.50 cents on May 20, and the rate on the English pound
rose from $3.4-9 to $3.87.
BANK CREDIT: During the four weeks ending May 17 about $215,000,000
of additional currency was returned to the reserve banks, and on that date
all but $200,000,000 of the $1,930,000,000 withdrawn by banks and individuals
between February I and M arch 13 had been returned. Funds ari sing from the
return of currency during the four week period were used to reduce reserve
bank holdings of acceptances by an additional $130,000,000 and to liquidate
$85,000,000 of member bank indebtedness at the reserve bank~. As the result
of an addition of about $100,000,000 to the reserve banks holdmg of gold, and
a further reduction of Federal reserve notes in circulation, the reserve ratio of
the reserve banks rose considerably between April 19 and May 17. The decline
in Federal reserve notes reflected in part an increase of '$50,000,000 in Federal
reserve bank notes in circulation.
Loans and investments of reporting member banks in New York City increased about $400,000,000 between the middle of April and the middle of May,
reflecting chiefly a growth of $200,000,000 in loans on secm5:ies, and of $140,000 ooo in investments in United State3 Government secunt1es. Net demand
dep~sits also increased by about $400,000,000 of which about one-third represented a further growth of bankers' balances. Money rates in the open
market continued at low levels.
@FedFRASER