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
Co nditio ns in the Tenth Federal R eserve District
FEDERAL
Vol. 19
RESE R V E
BANK
K ANSAS C rTY,
Mo.,
ONTINUOUS drouth, high winds, and insect pests
have caused serious damage to growing crops in this
_) District the past six weeks. Rains the second week of
May were general over the eastern third of the District where
moisture supplies are now adequate for immediate needs.
Central areas and Nebraska received only scattered or light
showers and dryness prevails. In Colorado, Wyoming, and
New Mexico rains and snows improved crop prospects.
C
Farm work is well advanced but spring seeding has been
delayed in some sections by lack of moisture. Winter wheat
deteriorated in April and the forep art of May, and production
for the District is officially estimated, on the basis of May 1
conditions, at 198,664,000 bushels, or 35,835,000 less than on
April 1 but 61,193,000 bushels more than harvested in 1933.
Trade at wholesale and retail declined 6.2 per cent in April
as compared to March, the decline in department store sales
being attributable to E aster being two weeks earlier this year
than last. Dollar sales of five reporting wholesale lines combined were 28.5 per cent larger than in April, 1933, and sales
at thirty-two department stores increased 12.8 per cent. Retail
sales of lumber were larger than in either March this year or
April last year. Payments by check increased 5.1 per cent
for the month and 28.7 per cent for the year. Life insurance
sales were substantially larger than for either of the two preceding periods of comparison.
In the production lines, output of crude oil, bituminous
coal, and cement, and shipments of zinc ore and lead ore were
somewhat larger than in April, 1933, but flour production was
23.1 per cent less. Meat packing was heavier than in March
in all departments. Operations in the beef division were considerably above a year ago, but the slaughter of sheep and
swine declined.
Receipts of all classes of grain at central markets were considerably lighter than in April, 1933, or normally, and terminal
elevator stocks were reduced. Marketings of cattle, calves,
and horses and mules were heavy, sheep moderate, and hogs
light.
Grain prices declined in April but losses were more than
recovered by May advances, and on May 15 all grains were
selling well above a year ago. A shortage of fed cattle, smaller
receipts of sheep and lambs, and a good eastern demand for
meats resulted in sharp advances in cattle and sheep prices
to the highest levels in two years or more, but pork prices declined. Poultry, milk, and butterfat prices, as of May 15,
were on a parity with 1933 and eggs were somewhat higher.
OF
JuNE 1,
K ANSAS
CITY
1934
No. 6
BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT
Percentages of Increase, or Decrease (-), for April 1934 over March 1934
and April 1933 and for the first four months of 1934 over the like period in 1933 _
April 1934
4 Months 1934
Compared to
Compared to
Banking
Mar. 1934 Apr. 1933 . 4 Months 1933
Payments by check, 29 cities..................
5.1
28.7
25.6
Federal Reserve Bank clearings.............. - 10.4
43.1
55.8
Busi ness failures, number........................ - -41.1
-72.7
- 56.5
Business failures, liabilities...................... -56.8
-82.3
-'J I.O
Loans, 52 member banks·--·····················
1.5
- 4.3
Investments, 52 member banks.............. - 1.4
28.9
Net demand deposi ts, 52 member banks
2.3
28.2
Time deposits, 52 member banks·--- ·····
o.6
5.7
Savings deposits, 44 selected banks·-·····
1.0
1 I. I
Savings accounts, 44 selected banks......
0.5
5.7
Distribution
Wholesalers' sales:; 5 lines combined...... - 6.2
28.5
37.7
Retailers' sales, 32 department stores.... - 6.2
12.8
23-5
L~m?er sales, 1 57. retail yards ................
1 3•5
11.7
23.2
0.2
22.8
42.1
L1 fe msurance, wn tten·--·························
Construction
Building contracts awarded, value·-··--· --22.6
Residential contracts awarded, value.... -41.2
Building permits in 17 cities, value........
11.2
Production
- 9.7
- 9.1
Flour ······················- - - - - -Crude petroleum......... _ __ _
- 2.8
21.l
11.9
Soft coal... .................- - -- -33.8
7.3
5.1
Zinc ore (shipped) Tristate District. ___ .
1 7-7
66.l
1 3-3
Lead ore (shipped) Tristate District..... . - 6.9
2.2
0.3
Cement.................................. - - - 56.8
69.0
47• 1
Grain receipts
Whea.___ _ _ _ _ _ _ __ _ _
--24.7
--20.4
- 1 5.7
Corn ............................................................ -52.6
- 62.9
17.1
-44.2
-'73-4
Oats·---··························•···························· - 1 5.4
Rye .................................._ _ _ _
-80.2
-47.7
-4.9
-43.o
BarleY·-··----································ -72.4
37.9
Kafir......................... ___ __ _
-18.3
1.8
-4 2 .9
Livestock receipts, 6 markets
Cattle..........................................................
13.5
2 7·5
35.7
Calves.-.......................................................
2. l
2 7•9
28.4
Hogs............................................................
18.0
- 10.2
-0.9
Sheep..........................................................
12.2
-11.9
- 6.3
Horses and mules...................................... --22.6
2 7•9
59.7
Meat packing, 6 markets
Cattle..........................................................
6.8
39.o
Calves_ _ _
_ __ _
4.6
64.8
Hogs .............................._ _ _ __ _
19.3
-18.0
Sheep..........................................................
3.2
- 5.1
Banking and Credit
MEMBER BANK OPERATIONS:
An expansion of
credit, increased deposits, and a reduction in investment holdings during the four weeks ended May 9 are reflected by the
combined weekly condition statements of fifty-two reporting
member banks in leading cities of this District.
These banks increased their loans and discounts I. 5 per
cent between April II and May 9 to a total of $201,000,000
This Copy Released: _F or Publication In Afternoon Newspapers, May 28.
2
THE MONTHLY REVIEW
on the latter date which compares with $196,000,000 on May
21, the low point of recent years, and $210,000,000 on May
10, 1933. Loans on securities and "all other" loans shared
about equally in the gain in four weeks; whereas, although
loans on securities were 6.9 per cent larger on May 9 than a
year ago, "all other" loans were 8.6 per cent smaller.
Total investments, which reached their all-time peak of
$357,000,000 on March 7, now total $343,000,000. The reduction for the four weeks' period amounted to $5,000,000, a
$6,000,000 decline in investments in United States Government securities being partially offset by a $1,000,000 advance
in investments in other bonds, stocks, and securities. Compared to May 10, 1933, investments in United States Government securities show a gain of 43.2 per cent, other bonds,
stocks, and securities a gain of 6.7 per cent, and total investments a gain of 28.9 per cent.
Net demand deposits were up $9,000,000 in four weeks and
at $409,000,000 were higher on May 9 than at any time since
October 14, 193 I, and '$90,000,000 larger than one year earlier.
Time deposits also improved, showing gains of $1,000,000
for the month and $9,000,000 for the year.
Principal resource and liability items of fifty-two reporting
member banks are shown in the following table as of May 9,
1934, with comparisons:
Loans and investments-totaL
Loans and discounts-totaL __ .
Secured by stocks and bonds
All other loans and discounts
I nvestmen ts-totaL_.................
U. S. securities ........................
Other bonds, stks., and sec ...
Reserve with F. R. Bank ..........
Net demand deposits ..................
Time deposits ..............................
Government deposits
May 9, 1934 April 11, 1934 May 10, 1933
'$544,000,000 1,546,000,000 f,4 76,000,000
201,000,000
210,000,000
198,000,000
62,000,000
61,000,000
58,000,000
152,000,000
139,000,000
137,000,000
266,000,000
348,000,000
343,000,000
232,000,000
238,000,000
I 62,000,000
I I I ,000,000
I 10,000,000
104,oco,ooo
83,000,000
76,000,000
46,000,000
400,000,000
409,000,000
319,000,000
168,000,000
167,000,000
I 59,000,000
20,000,000
26,000,000
1,000,000
RESERVE BANK OPERATIONS: An increase of $6,815,332 in member banks' reserve deposits and the complete redemption of Federal reserve bank notes in circulation were
the principal changes in four weeks disclosed by the weekly
condition statements of the Federal Reserve Bank and branches
as of April 1 I and May 9. Member banks' reserve deposits
are now $65,258,938 larger than a year ago.
Borrowings of member banks from this bank and branches
declined to a new low level, totaling only $263,089 on May 9
as against $13,701,845 one year earlier. Purchases of hills
in the open market were off $296,239 in four weeks to $170,479
on May 9 as against $1,883,095 on May 10, 1933.
·
Holdings of United States Government securities totaled
$93,444,200 on May 9, the same as six weeks earlier but $36,224,100 more than on May 10, 1933. Federal reserve note
circulation declined I.I per cent in four weeks and 9 per cent
in fifty-two weeks.
Principal items contained in the Federal Reserve Bank
statement of May 9 are compared with those of April II, 1934,
and May 10, 1933, in the following table:
May 9, 1934 April II, 1934 May 10, 1933
Total reserves .............................. '/,160,795,217 $162,014,595 $132,393,601
Redemption fund F. R. B. notes
150,000
50,000
Bills discounted ... :.........................
263,089
307,286
13,701,845
Bills purchased............................
170,479
466,718
1,883,095
U.S. securities.... ........................
93,444,200
93,444,200
57,220,100
Total bills and securities............
9J,8i7,768
94,218,204
72,805,040
Total resources............................
286,302,687
287,188,284
229,640,048
F. R. notes in circulation..........
106,767,06o
107,942,26o
117,350,125
F.R.bank notes in circul'n-net2,264,200
441,500
Member banks' reserve deposits
139,122,240
132,306,908
73,863,302
The discount rate of the Federal Reserve Bank of Kansas City, on all classes
of paper and all maturities, remains unchanged at 3 per cent.
Bank Debits
Debits by banks to individual accounts in all of the twentynine reporting cities of the District, for the four weeks' period
ended May 2, continued somewhat higher than in the corresponding period of 1933. The composite total of $823,222,000
was 28.7 per cent above a year ago and 5.1 per cent larger
than that reported for the preceding four weeks ended April 4.
Check payments for the first seventeen weeks of the new year
showed a gain of 25.6 per cent over the same period last year.
Totals by cities, for the four weeks ended May 2 this year
and May 3 last year, are herewith compared:
PAYMENTS BY CHECK
Per cent
FouR WEEKS ENDED
May 3, 1933 Increase
May 2, 1934
4,692,000
1,
Albuquerque, N. M ....- ...............
55.5
'$
7,294,000
2,420,000
2,553,000
5.5
Atchison, Kans.·---·····················
19.1
19,626,000
16,473,000
Bartlesville, Okla ........................ .
21.4
. 2,919,000
3,544,000
Casper, Wyo.·---·························
1 5·4
Cheyenne, Wyo. _ _ __
4,5II,OOO
5,207,000
19.1
8,283,000
Colorado Springs, Colo.. - .......... .
9,867,000
28.2
Denver, Colo ............................. .
I I 2,376,000
87,659,000
26.3
Enid, Okla .................................. .
6,793,ooo
5,377,000
1,881,000
1,312,000
43.4
Fremont, Nebr.·-·························
63.5
1,560,000
Grand Junction, Colo ................ .
954,000
861,000
43. 2
1,233,000
Guthrie, Okla.·-···························
2.6
Hutchinson, Kans ...................... .
7,656,000
7,459,000
1,997,000
98.0
Independence, Kans .................. .
3,955,000
6,636,000
6,415,000
3.4
Joplin, Mo .................................. .
8,837,000
4.9
Kansas City, Kans .................... .
9, 273,000
24.7
I 89,400,000
Kansas City, Mo.........................
236,158,000
2,486,000
4.4
2,596,000
Lawrence, Kans.·-·······················
Lincoln, Nebr. _ _ __
43.8
22,824,000
15,867,000
18.2
4,870,000
Muskogee, Okla ...........................
5,758,ooo
46.3
Oklahoma City, Okla ................ .
72,652,000
49,645,ooo
2,435,000
47.8
1,647,000
Okmulgee, Okla.......................... .
27.0
Omaha, Nebr.............................. .
109,813,000
86,454,000
2.7
2,625,000
Pittsburg, Kans ...........................
2,696,000
21.3
10,078,000
12,225,000
Pueblo, Colo,.--···························
23.7
6,226,000
Salina, Kans .................................
5,034,ooo
30.6
19,178,000
25,050,000
St. Joseph, Mo.·-·························
22.0
II,403,000
13,912,000
Topeka, Kans.·--·························
56,520,000
45.3
82,133,000
Tulsa, Okla.·--·····························
20.9
24,223,000
Wichita, Kans ............................ .
29,290,000
Total 29 cities, 4 weeks..........
Total 29 cities, 17 weeks..........
U. S. 266 cities, 4 weeks..........
1,
823,222,000
3,321,560,000
32,208,781,000
'/,
639,599,000
2,644,949,000
23,013,363,000
Federal Reserve Bank Clearings
Transit forces of the Federal Reserve Bank of Kansas City
and branches at Omaha, Denver, and Oklahoma City handled
4,915,071 checks aggregating $701,455,000 for collection during
April. These totals represented decreases, as compared to
March, of 11.5 per cent in the number of items handled and
10.4 per cent in the amount, and increases over April, 1933,
of 24.9 per cent in items and 43.1 per cent in dollars. April
totals also exceeded those for 1932 but were slightly below 1931.
The figures for March, April, and the four months this year
and last follow:
AMOUNT
1 934
April.. ............... .
March·--···········
Four months ....
4,915,071
5,555,o74
21,506,270
1933
3,936,101
3,465,068
14,437,375
1934
$ 701,455,000
78'2,439,ooo
2,897,600,000
1933
$ 490,067,000
434,09 1,000
I ,8 59,779,000
Savings
Gains of one per cent in savings deposits and one-half of
one per cent in the number of depositors between April I and
May 1, were shown by the combined reports of forty-four selected
banks in leading cities of the District. Deposits as of May 1
were 11.1 per cent above the total reported for May 1, 1933,
and the number of accounts showed an increase of 5.7 per cent.
THE
Stores
Reporting
Kansas City ........ 4
Denver·-···-·········· 4
Oklahoma City.... 3
Tulsa ...·-·············· 3
Wichita_ .............. 3
Other cities.......... I 5
Mo
THLY
.1
REvrnw
RETAIL TRADE AT 32 DEPARTMENT STORES I THE TE TH FEDERAL RESERVE DISTRICT
AMOUNTS COLLECTED
AccoUNTS R ECEIVABLE
STOCKS (RETAIL)
SALES
April 1934
STOCK TURNOVER
April 30, 1934
April 30, 1934
April 1934 Year 1934
compared to
compared to
Year
April
compared to
compared to compared to
Apr.1933
1934 1933 1934 1933 Mar.31,1934 Apr.30,1933 Mar.1934
Mar.31,1934 Apr.30,1933
April 1933 Year 1933
' 9,2
14,9
.20
2,0
.22
.69
5.2
.84
7.3
-0.2
21.0
14.8
, ... 1.6
26.2
12.9
.28 1.04
.91
.27
4.5
14.0
22.6
1.3
9.1
Even
28.4
3.2
8.1
.32 1.40 1.14
5.9
.35
13-9
26.5
1.5
1 7•7
6.1
l 5.1
- 3- 2
21.2
24.3
.35 .41 1.51 1.61
4.0
6.5
2.0
.92
3.7
23.7
29-4
.32 1.05
3.4
.27
- I.0
26.8
18.4
I.2
- 4.9
20.6
-0.7
.24 I.02
.92
19·9
.24
14.8
25.0
5.2
I
TotaL __ ··············· 32
12.8
23.5
1.9
12.6
.26
.26 1.01
NOTE: Percentage of collections in April on open accounts March 31, all stores reporting 41.8.
Savings deposits and savings accounts as reported by the
forty-four banks:
Savings Accounts
May 1, 193-- - -··························
379,589
April I, 1934··-··················-····················
377,671
May 1, 1933·---·······································
358,972
Savings Deposits
$108,738,451
107,643,506
97,837,342
Failures
Commercial failures in this District and the United States
during April were, as in March, the lowest for the month since
1920, both as to the number of defaults and the amount of
liabilities involved.
Compared to April, 1933, insolvencies in the District fell
off 72.7 per cent in number and 82.3 per cent in amount. Declines for the year to date amounted to 235 fewer failures,
and $4,425,533 less money involved, than recorded for the
District in the like four months of 1933.
Business failures in this District and the United States as
reported by Dun and Bradstreet, Inc.:
April 1934 .. ..........................
March 1934......................... .
April 1933 ........................... .
Four months 1934·---·········
Four months 1933·--···········
TENTH DISTRICT
umber
Liabilities
33
'/, 261,170
56
6o4,283
121
1,479,485
181
1,811,765
416
6,237,298
UNITED STATES
Number
1,052
1,102
1,921
4,567
9,166
Liabilities
1, 25,786,975
27,227,5II
51,097,384
105,364,632
244,274,266
Trade
Easter being in March, or earlier than usual, April sales of
merchandise at thirty-two department stores in the District
were, for the first time since 1929, below the March dollar
volume, declining 6.2 per cent. Sales, following three years
of reduced volume, were, mainly due to higher prices, 12.8
per cent larger than in April, 1933. Cumulative sales for the
year to date showed a gain of 23.5 per cent over 1933, the
first reported for the period in five years.
Inventory changes for the month were, as usual, slight, and
stocks on hand as of April 30 were 12.6 per cent heavier than
on April 30, 1933. Collections were not as good as in March
but were better than a year ago, averaging 41.8 per cent of
amounts receivable on open accounts M::irch 31 as compared
to 43.6 per cent for March this year and 36.9 per cent for April
last year. Collections on installment accounts averaged 15.7
per cent in April, 1934, 16.7 per cent in March, 1934, and 13.8
per cent in April, 1933.
Wholesalers' sales were also smaller in April than in March
but larger than a year ago, declining 6.2 per cent for the month
Reporting
Stores
Dry goods............. ·-······ 6
Groceries_····················- 5
Hardware·---······--·····--·· 9
Furnitur.....__ _ _ _ 5
Drugs______ 7
.88
3.5
6.7
Collections same month last year 36.9.
1.0
22.0
and increasing 28.5 per cent for the year. Dollar sales of the
five reporting lines combined, from January to April, inclusive,
were 37.7 per cent larger than a year ago, representing the
first increase for the period in recent years.
Sales of hardware improved during April although not as
much as usual and sales of dry goods, groceries, furniture,
and drugs declined. Grocery sales were under April, 1933,
declining 3.2 per cent, whereas the dollar volume of dry goods
trade was 43.8, hardware 41.9, furniture 52.1, and drugs 37.8
per cent greater. These increases over the previous April
were the first recorded since 1929.
Stocks of dry goods, hardware, furniture, and drugs on hand
April 30 were slightly larger than one month earlier and 28.0,
35.7, 69.1, and 8.5 per cent, respectively, larger than on April
30, 1933. Inventories of groceries declined fractionally in
April, but month-end stocks were 4.8 per cent heavier than
last year.
Lumber
Sales of lumber at 157 retail yards, located throughout the
Tenth District, were 11.7 per cent larger in April than in March
and 13.5 per cent larger than in April last year, and dollar
sales of all materials showed gains of 14.5 and 45.6 per cent,
respectively.
Stocks of lumber were slightly smaller on April 30 than on
March 31 but the same as on April 30, 1933. Collections
during the month amounted to 31 per cent of amounts outstanding March 31 as compared with collection percentages
of 31.4 for March this year and 20.7 per cent for April, 1933.
The volume of retail business at the reporting yards in
April, as compared with that for March, and April, 1933, is
shown in the following in percentages of increase or decrease:
April 1934 Compared to
March 1934
April 1933
Sales of lumber, board feet................................
11.7
13.5
Sales of all materials, dollars............................
14.5
45.6
Stocks of lumber, board feeL_.........................
- I.I
0.1
Outstandings, end of month..............................
6.5
- 2.3
According to reports to the ational Lumber Manufacturers
Association, national lumber production is now running about
50 per cent above a year ago. For the first sixteen weeks of
1934 production was 56 per cent, shipments 19 per cent, and
orders booked 26 per cent larger than in the first sixteen weeks
of 1933. Shipments were 7 per cent below, and orders 2 per
cent above output.
WHOLESALE TRADE I
TH FEDERAL RESERVE DISTRICT
SALES
OuTSTA NDINGS
AMOUNTS COLLECTED
Apr. 1934 compared to
Apr. 30, 1934 compared to
Apr. 1934 compared to
Mar. 1934
Apr. 1933 Mar. 31, 1934 Apr. 30, 1933
Mar. 1934
Apr. 1933
o.6
- 2.I
-IO.I
31.2
- 7.8
43.8
-10.5
- 3.2
-n.3
- 4.2
- 4. 7
---24.4
2.4
11.6
5.6
41.9
14.4
48.3
- I .2
11.6
-12.9
52.1
3.9
84.6
- 2.4
Even
- 4.7
33.6
- 9.9
37.8
STOCKS
Apr. 30, 1934 compared to
Mar. 31, 1934
Apr. 30, 1933
1.6
28.0
- 0.2
4.8
5- 1
35-7
4.2
69.1
0.4
8.5
THE MONTHLY REVIEW
4
Building
~
Building operations in seventeen Tenth District cities, which
report the number of permits issued and estimated construction
costs, were somewhat more active in April than in either the
preceding month this year or the corresponding month last
year but greatly below normal for the month.
BUILDING PERMITS IN TENTH DISTRICT CITIES
ESTIMATED CosT
PERMITS
1933
1934
1934 1933
62
'$ 33, 285
'$ 15,091
Albuquerque, N. M ...·--·············
43
Cheyenne, Wyo ...
21
3,612
8,940
37
Colorado Springs, Colo .. -...........
28
8,056
25
9,700
Denver, Colo•..............................
362
185,054
I 59,45o
32 5
Joplin, Mo..................... _............
16
1,725
7,000
4
Kansas City, Kans .....................
22,005
26,470
35
59
Kansas City, Mo.........................
177
120,500
176
76,700
Lincoln, Nebr
17,692
134
48
25,363
Oklahoma City, Okla.................
IOI,II8
46,900
96
77
Omaha, Nebr•.......................
107
315,206
106,570
93
12,342
Pueblo, Colo.·--················ ........
5,9II
74
44
Salina, Kan
II
7,810
10,750
9
Shawnee, Okla.............................
12
3,712
9
4,95°
123,070
23
36
St. Joseph, Mo.·-·························
9,350
46
67,245
42,295
Topeka, Kans.·--·························
S2
Tulsa, Okl
86
28,795
72
7°,955
Wichita, Kans .....
16,892
83
58
67,575
Total 17 cities, April..................
Four months................................
1,340
3,633
1,200
3,252
$1,071,212
3,610,401
$ 690,877
2,401,500
The F. W. Dodge Corporation reported construction throughout the Tenth District as less than in March and, although
exceeding the April, 1933, and 1932 totals, as otherwise the
lowest in recent years. Residential construction declined both
as compared to March this year and April, 1933, with expenditures the smallest reported for the month in eight years of
record.
Total building and residential contracts awarded in the
District and the United States as reported by the F. W. Dodge
Corporation:
TOTAL BUILDING CONTRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1934
1933
1934
1933
April..-........
'$ 5,967,104
'$ 2,026,945
$131,413,800 '$ 56,573,000
March. ___ _
7,7o5,i46
3, 165,u6
178,439,800
59,958,500
25,6 24,3 25
Four months
2 52,599,SOO
II,l56,455
594,o33,6oo
RESIDENTIAL CONTRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1933
1934
1933
1934
J 637,979
J 670,198
'$ 22,770,000 $ 19,143,600
ApriL-··-···
16,021,000
1,084,891
544,991
28,076,100
March·---····
Four months
3,854,094
2,470,860
80,476,800
58,920,800
Flour Production
Mills of the District operated at a lower rate of activity and
produced less flour in April than in the preceding month or in the
like month of any year since 1926. Output, with mills operating
at 58.2 per cent of full-time capacity, totaled 1,726,639 barrels
for the month, 185,615 barrels less than in March, and 517,816
barrels less than in April, 1933.
Flour production in this District as estimated from the
weekly reports of the southwestern mills to the Northwestern
Miller:
Atchison·-·········-----Kansas City_ _ _ _ _ _ __
Omaha.................. _ _ _ _ _ __
Salina.. _ _ _ _ _ __
Wichit _ _ _ _ _ _ _ _ __
Outsid,.___ _ _ _ _ _ _ _ __
April 1934 March 1934
Barrels
Barrels
II8,8o8
120,546
451,015
510,513
uo,015
106,437
130,410
156,690
180,256
135,684
784,285
834,234
April 1933
B,arrels
139,3>.23
560,781
112,933
197,184
205,897
1,028,337
Tot...____________
1,726,639
1,912,254
2,244,455
*United Stat....,_________
4,959,082
5,588,186
6,171,406
*Represents about 6o per cent of the total output in the United States.
Demand for flour was very"'quiet the first half of the month
but as wheat prices broke, buying became the heaviest in several
months. Orders were well scattered and several round lots
were booked but volume was made up of comparatively small
lots. Prices declined but did not follow the full loss in wheat
due to millfeeds being lower. Shipping directions improved.
Export sales were slightly better but unimportant. Wheat
and flour prices worked higher the forepart of May.
Millfeed prices broke sharply with full declines amounting
to $4.50 per ton for bran and $2.25 per ton for shorts. Supplies
were not plentiful but demand was very light, especially for
bran. Most sales were for immediate shipment and largely to
the mixed car trade.
Grain Marketing
Comparatively little grain moved to market in April and,
as in recent months, a large percentage of arrivals represented
shipments in fulfillment of contracts.
Receipts of each of the six classes of grain at the five principal markets of the District were substantially smaller than
in either the preceding month this year or the corresponding
month last year. Marketings of wheat were the lightest for
any month since April, 1926, oats the smallest for any month
in fifteen years of record, and corn and kafir less than in any
April of record. Arrivals of wheat were equal to 73 per cent,
corn 34, oats 25, rye 46, barley 31, and kafir 26 per cent of
April averages for the past ten years.
Restricted offerings of corn were in part accounted for by
large quantities being held on farms under seal for Government loans. Most grains met a good manufacturing and
shipping demand and stocks at public elevators were
reduced.
April receipts of grain at the five markets:
Wheat
Bushels
Hutchinson ......
545,400
Kansas City. __. 2,155,200
Omaha ..............
414,400
292,800
St. Joseph·---···
477,000
Wichita·--·········
April 1934........
March 1934 ......
April 1933 ........
4 Mos. 1934......
4 Mos. 1933·-···
3,884,800
5,158,600
4,608,450
17,439,350
21,918,050
Corn
Bushels
8,750
648,000
355,600
229,500
94,900
1,336,75°
2,821,800
3,607,100
11,520,450
9,836,450
Oats
Bushels
Rye
Bushels
Barley
Bushels
Kafir
Bushels
23,400
118,000
14,000
152,000
1,500
4,500
16,000
9,600
75,6oo
14,000
--- --- --- --.285,500
337,500
1,071,500
1,819,500
3,262,500
18,500
35,400
93,600
204,500
215,000
25,600
92,800
44,950
207,050
150,100
99,000
121,200
173,5 00
554,500
544,600
Wheat prices declined rapidly the middle of the month but
scored a good advance the final week of April and had more
than recovered all the loss by May I 5. Other grains also
weakened slightly despite light offerings and then strengthened
in May. A year ago at this time grain prices were staging a
recovery from the record lows, wheat advancing 19,½ cents,
corn 13,½, and oats 6,½ cents per bushel between March 31
and May I 5. Present prices are well above those of May
1 5, 1933·
.
Cash grain prices at Kansas City this year and last, for the
periods covered, are reflected in the following table in cents
per bushel:
No.
No.
No.
No.
No.
No.
May 15 Apr. 30 Mar. 31 May 15 Apr. 29 Mar. 31
1933
1933
1934
1934
1934
1933
1 dark wheat............ $.81½ '$.73½ '$.So½ '$.70
'$.66
'$.50½
2 mixed corn ........... .
.45
.42
·43
.43
.34½
.29½
2 white oats..............
.36
.31
.32
.26½ .24½
.20
2 rye...... _ _ __
.48½
.41
.59
.55½
.57
.50
2 barley_ _ __
.41½
.43½
.34½
.32½ .29
•44
2 kafir... _ __
.88
.84
.80
.80
.73
.55
THE MONTHLY REVIEW
Crops
General farm work is as far advanced as usual at this season
but a moisture shortage has delayed seeding operations and
retarded the growth of pastures, hay crops, and oats. In
some sections, where the soil has been too dry to work well
or for seeds to germinate, the planting of corn, sorghums,
and hay crops has been delayed. Mid-May rains in the eastern
third of the District and rains and snows in the western third
aided growing crops and spring seeding. In western Kansas,
Nebraska, and the Oklahoma panhandle, where moisture
supplies were spotted and mostly light, dryness prevails.
Although some crops, particularly winter wheat, are irreparably damaged, the much needed moisture will temporarily prevent further deterioration. More rains are needed
in all parts of the District as the sub-soil moisture supply is
deficient.
Corn planting is well advanced in the southern part of the
District, with much up to good stands in Oklahoma and being
cultivated. In Missouri, Kansas, and Nebraska planting and
growth have been delayed somewhat. Cotton planting is
normally advanced and coming up to good stands. The controversy between growers and refiners over the 1934 contracts
being settled, sugar beet seeding, which is late, is going forward
rapidly. Contract prices and Government parity payments
will return growers about '$6. 50 per ton for their beets, or '$2
a ton above last year's price.
Meadows and pastures are about normal in Colorado and
hay stocks are larger than last year but other states report
pastures and hay crops as unusually late, conditions much
below average, with farm reserves low.
Fruit prospects are, on the whole, excellent. Late frosts
were light and did little damage and recent moisture supplies
have been beneficial. Oklahoma reports the condition of peaches
at 77 per cent of normal, the highest since 1924, and Colorado
expects a record crop. Strawberries are being marketed from
the Ozark region and, although the crop is good and the acreage
larger than last year, returns are unsatisfactory. Apples,
grapes, and cane frui.ts promise good yields generally.
Insect injury to oats, rye, alfalfa, and potatoes is extensive.
The Federal Government has launched a grasshopper control
campaign with shipments of poison bran bait into the states
of Nebraska, Kansas, Wyoming, and Colorado to be scattered
during the hatching season. Winter and spring weather conditions have been ideal for the development of grasshopper
eggs.
Winter wheat prospects improved in Colorado, Wyoming,
and New Mexico, and declined in the principal producing states
of Kansas, Nebraska, Oklahoma, and Missouri between April 1
and May I. Dry soil, winds, and green bugs caused a 15.3
per cent reduction in prospective yields during the month and
injury from these causes extended into May. Abandonment
to May 1 was much less this year than last in all states but
New Mexico, and the total acreage remaining for harvest in
the seven states of this District exceeds that of 1933 by 5,330,000
acres, or 41.8 per cent, although the area seeded last fall was
reduced 4 per cent. Potential production of 198,664,000
bushels, as indicated by May 1 conditions, compares with
137,471,000 bushels harvested in 1933 and a five-year average
yield of 332,227,000 bushels. Wheat is heading in southern
areas and harvest is expected to begin about June 15.
United States production was estimated at 461,471,000
bushels on May 1, 491,793,000 bushels on April l, 351,030,000
bushels in 1933, and 632,061,000 bushels as the average for the
five years of 1927 to 1931.
Area seeded, abandonment, and indicated production of
winter wheat in the United States and the seven states, whose
areas or parts thereof comprise the Tenth Federal Reserve
District, as estimated by the United States Department of
Agriculture, acreage and production in thousands, ooo omitted:
Colo ...........
Kans .........
Mo ....·-······
Nebr.·----·
N.M .........
Okla.·-·······
Wyo ...........
7 States. __ .
U.S .........Five-year
seven states
Fall Sown
Acreage
1932
1933
938
893
11 ,953
12,853
1,554
1,413
2,890
3,o34
340
400
4,198
4,4 19
182
202
Per cent Acreage left for
Production
Abandoned Harvest May 1 Indicated Final
1934 1933 1934 1933 May1,1934 1933
8,212
2,412
30.0
70.0
263
657
20.0
47.4 9,463 5,968 99,36 2 57,452
6.o 1,461 1,232 18,993 16,6oo
5.0
10.0
30.0 2,630 2,023 34, 190 25,894
60.0
1,210
198
45.o
154
847
16.0
30.0 3,588 2,992 35,880 33,095
808
118
68
1,180
50.0
35.o
22,199 23,070
18.6
44.8 18,071 1z,744 198,664 137,471
41,002 42,692
15.3
33.4 34,725 27,096 461,471 351,030
average (1927-1931) production was 332,:127,000 bushels for the
and 632,061,000 bushels for the United States.
The Department of Agriculture reported the season as very
unfavorable for spring wheat seeding which, due to an accumulated deficiency of moisture, is especially late. The Canadian
spring wheat area will be cut 8 per cent to the smallest total
acreage since 1928, according to official estimates based on
planting intentions.
Stocks of wheat in interior mills and elevators, in the United
States on April 1, were estimated by the Crop Reporting Board
at 83,588,000 bushels in 1934, 95,9n,ooo in 1933, 69,366,000
in 1932, and 72,253,000 in 1931.
Livestock
Heavy receipts of cattle and calves and horses and mules,
moderate receipts of sheep and lambs, and unusually light
marketings of hogs in April were disclosed by reports from the
six principal livestock markets of the District. Arrivals of
cattle were the largest for the month in nine years, calves in
five years, and horses and mules in over sixteen years of record,
being 7, 13, and 57 per cent, respectively, in excess of the
average April volume for the past ten years. The continued
drouth, poor pastures, and short supplies of feed and water
resulted in an almost unprecedented run of thin calves, cows,
and heifers to market.
The most spectacular price advance for the season since
1918 carried fed steers to a top of $8.25 in April and $8.75 on
May 7 at Kansas City. A scarcity of strongweight steers,
occasioned by a heavy liquidation last year at a loss, a broad
eastern wholesale demand for beef, and comparatively higher
retail prices for pork, were the underlying influences to the
upturn. The April advance ranged from 75 cents to $1.40
per hundredweight, with the top about 1,2 higher than a year
ago and the best price paid since November, 1932, which it
equalled. Other classes of cattle shared in the advance, closing
25 to 50 cents higher for the month, with all classes except
stock calves selling above a year ago.
Marketings of sheep were the lightest in six years but only
5 per cent below normal. Offerings met a strong demand and
values also reached new highs in April on a general rise of $1
to $1.50 per hundredweight, fed shorn lambs showing the
greater gains. Fat ewes were mostly steady and feeder lambs
were up 50 to 75 cents. Lamb prices were the highest since
May, 1931, up $4 to $4.50 per hundred pounds as compared
to April, 1933.
Although hog supplies were the lightest in about twenty
years, the course of the market was continually downward,
most classes closing 50 to 75 cents per hundredweight lower.
Stock pigs were 25 to 50 cents higher. Quality of offerings
was unusually poor and receipts, although light, exceeded
6
THE MONTHLY REVIEW
expectations and at times plain kinds were hard to dispose of,
order buyers re~ieving the situation somewhat. The opening
to~ at Kansas City was $4 and the closing top $3.50 per hundredweight as compared to $3.65 and $3.70 last year. In addition
to market returns producers, who signed contracts to reduce
. swine numb~rs, will receive Government payments of $5 per
head on their hogs. Influenced by a break in eastern meat
trade, fat cattle and sheep and lamb prices experienced a setback the second week of May.
Farmers have been hesitant in taking out stocker and feeder
livestock, and countryward shipments from four markets were
lighter than a year ago for all classes. Calf shipments were
normal but other classes showed losses. The April average
price for stocker and feeder steers at Kansas City was $4.69
per hundredweight as against '1+79 a year ago.
Western ranges, after an early start, are generally in need
of rain and prospects for summer feed are not favorable. May
moisture relieved conditions somewhat but more rains are
n~~ded. Owing to the open weather and early feed, the condition of cattle and sheep improved one point between April 1
and May I and they are in fair to good condition except in
the extremely dry areas. Losses have been confined to old
cows and ewes. Calf and lamb crop prospects are generally
good and early calves and lambs are making satisfactory gains.
Sheep shearing has progressed rapidly in the range areas and
the corn belt under very favorable conditions.
Leasing of pasture land in the Blue Stem region of Kansas
and the Osage region of Oklahoma has virtually closed with
all available grass contracted. Prices advanced as leasing
progressed, contracts starting at $5 and closing as high as
$6 per head. Shipments of cattle from the southwest have
commenced. These areas received abundant rains in May.
Marketward shipments of lambs from feedlots in northern
Colorado, Arkansas Valley, and Scottsbluff sections from
January I to May 5 totaled 6,334 cars this year, 7,204 cars
last year, and 7,510 cars in 1932, according to the United
States Division of Crop and Livestock Estimates.
POULTRY AND DAIRY PRODUCTS: Poultry and egg
prices were fairly constant in April. Quotations on all classes
of poultry declined the forepart of May to sell at last year's
levels, except springs which advanced slightly to sell 25 per
cent higher than on May 15, 1933. Eggs are quoted at 13,½'
cents per dozen wholesale as against 11,½' cents at this time
last year. Reports indicate that less young poultry of all
kinds is being raised this year than last.
Butterfat advanced I cent per pound in April, extras being
quoted at 19 cents the same as a year ago. Storage stocks are
less burdensome than in recent months and receipts and production are running under 1933. Consumer demand for butter
and eggs has failed to hold up to the February and March
levels.
Kansas City..............
Omaha........................
St. Joseph ..................
Denver
Oklahoma CitY·-·······
Wichita......................
Cattle
123,855
136,436
43,47 2
25,936
22,710
23,566
Meat Packing
Packers absorbed 56 per cent of the cattle, 85 per cent of
the calves, 83 per cent of the hogs, including direct shipments,
and 52 per cent of the sheep and lambs offered at the six market
centers in April. Purchases of all species exceeded the March
totals. The slaughter of cattle was 39 per cent and of calves
64.8 per cent larger, and of hogs 18 per cent and sheep and
lambs 5.1 per cent smaller than in April, 1933. The April
slaughter of cattle was the heaviest since 1926 and of calves
since 1925, exceeding the ten-year average by 8 and 29 per
cent, respectively. Butcherings of hogs and sheep were 16
and 9 per cent below normal, the slaughter of hogs being the
lightest for the month since 1926, and that of sheep and lambs
since 1928.
Federally inspected slaughter of calves in the United States
during April was 23 per cent above a year ago and the largest
for the month since records, beginning in 1907, have been kept.
Cattle slaughter, with an increase of 22 per cent over April,
1933, was the heaviest since 1926. The April slaughter of
hogs was the smallest since 1927 and of sheep and lambs the
smallest since 1929, declining 11 per cent and 18 per cent,
respectively, as compared to April last year.
Federally inspected slaughter of livestock in the United
States for the periods of comparison:
April 1934....................
March 1934..................
April 1933 ....................
Four months 1934·--···
Four months 1933·--···
Cattle
749,180
771, 244
616,3II
3,084,418
2,414,242
57,o41
52,070
59,026
2II,980
214,670
534,179
425,801
1,968,06o
1,486,299
Hogs
J,4u,393
3,039, 02 4
3,847,293
15, 274,776
1 5,795,7°3
Sheep
1,163,899
1,242,450
1,4°9,345
4,972,112
5,404,182
On May I 5 the Federal Surplus Relief Corporation awarded
contracts to packers for the purchase and processing of 225,000
hogs for Government relief purposes. The new order calls
for purchases of I 5,000 hogs per day as against 3,200 a day in
April. Purchases of 15,000,000 pounds of pork and 5,000,000
pounds of lard were also authorized.
Cold Storage Holdings
May I United States cold storage holdings of beef, pork,
poultry, miscellaneous meats, lard, butter, and cheese were
somewhat larger than a year ago, but those of lamb and mutton,
eggs, apples, pears, and preserved fruits were smaller. Holdings of lard were 57.9 per cent, and of cheese 22.3 per cent,
above the five-year average for that date, whereas stocks of
all other commodities were substantially less.
St@rage holdings of lard and eggs increased seasonally in
April, the in-movement of lard being lighter and of eggs heavier
than in April, 1933, or normally. Contrary to seasonal trends,
inventories of cheese were enlarged and of pork reduced. The
out-of-storage movement of beef, lamb and mutton, poultry,
APRIL MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT
RECEIPTS
STOCK.ER$ AND FEEDERS
Calves
Hogs
Sheep
Cattle
Calves
Hogs
Sheep
173,408
14,397
21,174 *260,222
32,941
2,409
4,169
10,080
200,769
156,803
13,561
1,414
7,556
797
133,798
17,367
I 10,482
8,639
4,5 19
879
3 13
21 7,479
6,020
6,265
56,665
2,929
7,399
759
8,161
28,154
3,438
2
1
7,o64
5,7II
37,9 4
April 1934..................
694,216
706,713
52,783
375,975
629,810
331,205
588,518
51,693
March 1934·-·············
802,068
April 1933 ..................
41,II9
277,064
773,248
Four months 1934.... 1,413,265
207,388 3,052,8I2 2,452,II4
Four months 1933 .... 1,108,o6o
162,145 3,o79,644 2,616,142
*Includes 155,629 hogs shipped direct to packers' yards.
Calves
525,560
6,448
7,281
8,897
35,294
37,8 17
7,221
6,734
7,701
26,404
24,220
49,243
47,2II
59,301
207,988
203,121
PuRCHASED FoR SLAUGHTER
Sheep
Hogs
Cattle
Calves
20,207 *235,4 14
132,331
59,3 12
107,81 I
146,261
83,759
6,759
8,II2
100,723
91,362
3 2,985
12,323
2,969
36,9 27
9, 1 55
23,73 1
7,012
13,79 2
3,104
36,160
7,201
i7,o65
3,846
209,372
196,018
150,578
838,8II
625,292
579,216
364,736
44,997
485,320
43,007
353,452
706,124
384,ZII
27,296
166,709 2,573,03° 1,432,789
102,871 2,697,4II 1,4 25,3 27
THE MONTHLY REVIEW
mi'scellaneous meats, and butter was heavier than usual. Last
year stocks of miscellaneous meats and butter showed a moderate
increase for the month.
The report by the Bureau of Agricultural Economics, of cold
storage holdings in the United States, follows:
May I
May 1
*May 1 April 1
1934
1933 5-Yr.Av.
1934
30,658
55,848
55,274
47,3 24
Beef, lbs.·-- ····················
Pork, lbs .......
····--·-------···-·--- 655,324 657,222 630,360 786,441
2,617
Lamb and mutton, lbs .......................
1,282
2,024
1,773
45,824
55,58 2
49, 193
74, 197
Poul try, lbs.·-·······································
8,860
**Turkeys, lbs .........................................
14,499
11,157
9, 179
71,645
Miscellaneous meats, lbs.·--···············
55,63 1
5 1,675
44,9°3
Lard, lbs .......
179,44 1 173,775
7 1,895 113,650
Eggs, cases ............
1,208
4,620
4,544
4,857
Eggs, frozen (case equivalent) ..........
2,085
1,788
1,105
1,798
Butter, creamery, lbs.
15,35 1
13,165
11,840
9,398
Cheese, all varieties, lbs .....................
43,626
53,264
62,153
65, 147
*Subject to revision.
(ooo omitted).
**Included in Poultry.
Petroleum
As estimated from the weekly reports of the American
Petroleum Institute, daily average production of crude oil in
the Tenth District during April was o.6 per cent above the
official estimates of the Bureau of Mines for March, but gross
production was 2.8 per cent less. April compared to April,
1933, showed a gain of 21 per cent and the four months this
year compared to the like four months last year a gain of II.9
per cent.
Excess production by the states of Oklahoma and Kansas
resulted in the District output exceeding Federal allowables
every week of the month but the first. Texas, California, and
national production were also above the prorated amounts.
Federal agency allowables, effective April 1, were: Oklahoma,
476,400; Kansas, 122,100; Wyoming, 32,400; Colorado, 3,000;
New Mexico, 45,800; Tenth District, 679,700; and the United
States, 2,366,200 barrels per day.
.
Gross and daily average production figures follow:
GROSS PRODUCTION
*April 1934
March 1934
Barrels
Barrels
15,128,000
15,451,000
Oklahom----··················
Kansas ..... _ __ _ _ __
3,846,000
4,064,000
Wyoming.. _ _ _ _
902,000
985,000
81,000
78,000
Colorado. ___·································
1,344,000
1,341,000
New Mexico·-··-···························
April 1933
Barrels
11,960,000
3,564,ooo
902,000
71,000
1,092,000
Total five states ......................... .
Total United States ....................
21,922,000
75,548,000
17,589,000
65,313,000
DAILY AVERAGE PRODUCTION
*April 1934
March 1934
Barrels
Barrels
504,000
498,000
Oklahoma·--·································
Kansas ................ _ _ __
128,000
131,000
Wyoming ......................................
30,000
31,000
Colorado.___ .................................
3,000
3,000
45,000
New Mexico.--- -·························
43,000
April 1933
Barrels
399,ooo
I 19,000
30,000
3,000
36,000
21,298,000
72,537,000
Total five states..........................
710,000
Total United States ....................
2,418,000
*Estimated, American Petroleum Institute.
706,000
2,437,000
Crude oil prices are much higher and sentiment is distinctly
better than a year ago. Purchases of acreage and a substantial
increase in field operations in recent weeks, which is not confined to any particular area, reflect a desire of companies to
establish greater reserves.
Mid-continent crude oil prices remain constant at schedules
posted September 29, 1933, of 76 cents to $1.08 per barrel,
7
depending on gravity. Quotations, which ranged from 28 to
55 cents per barrel in April, 1933, were cut to a flat 25 cents
per barrel in May. All refined products opened the month
strong but refinery and natural gasoline declined and kerosene
was weak toward the close. Lubricants met a good demand
and were firm throughout the month.
Stocks of domestic and foreign crude petroleum, reported to
the Secretary of the Interior by companies holding 100,000
barrels or more, totaled 341,363,000 barrels for the United
States on March 31 and 340,718,000 barrels on April 28.
Zinc and Lead
Demand for zinc ore in the Tri-state district was active
throughout April. Tonnage shipments for the five weeks'
period ended May 5 were 17.7 per cent larger than in the preceding five weeks and 66.1 per cent larger than in the corresponding five weeks last year. Lead ore shipments declined
6.9 per cent as compared to the total for the five weeks ended
March 31 and were only 2.2 per cent heavier than in the like
period of 1933.
With the tonnage larger and prices higher than in 1933, the
combined value of ore shipments for the year to May 5 exceeded the total for the first six months of 1933.
Shipmen ts of zinc ore and lead ore from mines in Oklahoma,
Kansas, and Missouri, during the five weeks and eighteen weeks
ended May 5, with comparisons:
LEAD ORE
ZINC ORE
Tons
Value
22,887 1, 672,594
6,437
189,922
1,863
55,204
Tons
2,793
474
82
Value
1,128,288
2 1,565
3,8II
31,187 '/, 917,720
26,487
794,610
5 Wks. ended May 6, 1933.......... 18,775 .197,212
18 Wks. ended May 5, 1934.......... 100,076 2,864,599
18 Wks. ended May 6, 1933.......... 88,292 1,604,540
3,349
3,597
3,277
9,875
9,845
1,153,664
I 52,872
124,010
432,470
338,798
Oklahoma ........................................
Kansas.·----
-·······················
Missouri............................................
5 Wks. ended May 5, 1934..........
5 Wks. ended March 31, 1934....
Zinc ore advanced $1 and lead ore '$2. 50 per ton the forepart
of April. The former closed at $30 and the latter at $47.50
per ton as against $25 and $40 per ton in April, 1933. A year
ago concentrate prices registered a brisk rise from the unprecedented lows of the forepart of the year.
Coal
Production of coal declined seasonally in April. Output at
bituminous mines in the six coal producing states of the District,
as estimated from the weekly reports of the United States
Bureau of Mines, was 33.8 per cent less than in March but 7.3
per cent larger than in April, 1933.
. .
.
During the calendar year to May 1, Tenth Distnct estimated
production totaled 5,873,000 tons and United Sta~es production 128,360,000, or 5.1 and 31.8 per cent, respectively, more
than in the same period last year.
The production figures for the six states and the United
States follow:
Colorado.--··················- -········
Kansas and Missouri ..................
New Mexico.----·························
Oklahoma.--- ·······························
Wyoming ....................................
*April 1934
Tons
284,000
344,ooo
. 87,000
25,000
278,000
*March 1934
Tons
432,000
570,000
96,000
89,000
350,000
April 1933
Tons
30,000
296,000
65,000
31,000
246,000
Total six states............................
1,018,000
1,537,000
949,000
19,5 23,000
Total United States....................
24,977,000
38,497,000
*Estimated from the weekly reports of the United States Bureau of Mines.
8
THE MONTHLY REVIEW
Business Conditions in the United States
By the Federal Reserve Board
PUtC(MT
l'oO
INDUSTRIAL PRODUCTION
tlO
IJO
120
..,A.
\
110
120
tt o
,I\..
100
\
,0
"-V'\
80
'\...
,.,
\....,I"
IO
50
1931
1930
•929
100
A
I\ /
IV
90
80
v
19J2
70
60
1933
so
1934
Index number of industrial production, adjusted for seasonal variation. Latest figure:
April, 85.
Hllertf
250
""""'
ZS!'
DEPARTM[NT STOR[ SALES
200,--~+--+----+---+------1200
1919
1930
19)1
19)2
""
193/t,
Indexes of daily average value of sales.
(1923-1925=100.) Latest figures are for April:
adjusted, 76; unadjusted, 72.
r!!t CtNT
P~R c.t:NT
120
120
WHOi..CS,-LE PRICLS
110 t - - + - -- + - - - + - - - + -----+---l110
..... .\ ..~.
100 k::::_=1---~r " ' - - - t -- - f , - - - + - - - 4 - - - 1 101!
qo ' - - &o
I ~
1 - - -+-~- ·~:.\!'\r---l-
-t------t=----; ::
' ~ Co~~itics
,---
70 t - - + - -~ - - - ~ = --4---l-'._...!.---J 70
~t---t--+-'' ->.s+'-~f~~•~
· l'--/
-Aj~l ~
· P----JGo
) O r - - - + - - - + - ~--+"'-'-:-'-,,..,..+V-f-/_'••J.-+l{_ --1
)O
4 o r - - t - - - + --'-'n='~4-'P'~=~=.;-~-f~:.,__
./' --+---140
~--==--'--::=--'----'-- - ' - --L--....J30
1'12q
1~30
1~31
1'132
1q33
l'l.Yt
Indexes of the United States Bureau of Labor
Statistics. By months 1929 to 1931; by weeks
1932 to date. (1926= 100.) Latest figures, M ay
12: farm products, 60.5; foods, 67.3; other
commodities, 79.1.
MlLIONS Of"00UAR$
7
&1 lUOM!OfDOll.NlS
7
1932
Wednesday figures for reporting member
hanks in 90 leading cities. Latest figures are
for May 16.
Volume of manufacturing production increased during April, while the output of
mines declined. Employment and payrolls continued to increase. The general level
of commodity prices remained substantially unchanged during April and the first three
weeks in May, although prices of individual commodities showed considerable changes.
PRODUCTION AND EMPLOYMENT: Production of manufactures, which had
increased continuously since last November, showed a further advance in April, according to the Board's seasonally adjusted index, while output of mines was smaller in April
than in March. The Board's combined index of industrial production remained practically unchanged at 85 per cent of the 1923-1925 average. The growth in manufacturing
reflected increases in iron and steel, automobiles, and meat packing. Lumber production declined in April, and activity at wool and silk mills was considerably reduced,
while cotton consumption by mills showed little change. Crude petroleum output
continued to increase, but there was a more than seasonal decline at the beginning of
April in the mining of both anthracite and bituminous coal. During the first two weeks
of May steel operations increased further, but declined somewhat in the third week.
Output of automobiles decreased considerably in May.
Volume of employment and wage payments continued to increase in April and employment in factories, according to the new index of the Bureau of Labor Statistics,
was larger than at any time since the end of 1930. There was a substantial seasonal
increase in the number of workers employed in private construction as well as in those
engaged in projects financed by the Public Works Administration. Employment on
railroads, in metal mining and quarrying, and in various service activities also increased
further, while in coal mining there was a considerable decrease.
Construction contracts awarded during April, as reported by the F. W. Dodge Corporation, were smaller in value than during March. There was a substantial decline
in public works contracts, while contracts for privately financed projects showed a
slight increase in April.
.
Following extended drought in important grain areas, the Department of Agriculture
forecast of the winter wheat crop was reduced from 492,000,000 bushels on April I to
461,000,000 bushels on May 1. This compares with a five-year average for 1927-1931
of 632,000,000 bushels. The condition of rye, hay, and pastures has also been adversely
affected by the drought.
DISTRIBUTION:
Railroad freight carloadings declined in April as compared
with March, and in the first half of May there was a smaller than seasonal increase in
total loadings. The April decline was largely the result of a substantial decrease in
coal shipments from the relatively large volume of March. Department store sales
showed little change from March to April, after allowance is made for differences in
the number of business days, for usual seasonal changes, and for changes in the date
of Easter. ·sales continued larger than a year ago.
COMMODITY PRICES: The general level of wholesale commodity prices, as
measured by the Bureau of Labor Statistics' index, has shown little change during the
past three months. Prices of grains, cotton, silk, and silver, which declined sharply
in April, rose during the first three weeks of May. Rubber prices advanced sharply
until early"in May but subsequently declined somewhat, and prices of textile products declined during recent weeks. Steel scrap has declined since March, while finished steel
products, automobiles, nonferrous metals, and building materials advanced. Cattle
and beef prices rose during April and the early part of May while prices of hogs declined.
BANK CREDIT: Excess reserves of member banks remained at a level of about
$1,600,000,000 between the middle of April and the middle of May. There were no
considerable changes in monetary gold stock or in money in circulation. The total
volume of reserve bank credit also showed little change.
At reporting member banks in leading cities in the five weeks ending ~y 16, there
were decreases of about $240,000,000 in loans and of '/,80,000,000 in investments, the
latter reflecting a decrease in holdings of securities other than those of the United States
Government. Net demand and time deposits increased by nearly '/,200,000,000 while
United States Government deposits were reduced by about '/,300,000,000. Short term
money rates in the open market continued at low levels during May and yields on United
States Treasury bonds declined further to the!lowest levels of the 'post-war period.
@FedFRASER