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. 21 W RESERVE BANK KANSAS CITY, ARMER weather and general rains throughout the Tenth District at the close of April and early in May materially improved crop prospects, providing more favorable growing conditions and needed moisture supplies for fall sown grains and spring planted crops, the May l conditions of which were generally somewhat below a year ago. Seeding operations, which had been delayed by the continued dry weather, were resumed and were progressing rapidly following the rains. A substantial increase in the production of winter wheat in this District, as indicated by the May l condition, reflected an increase in the acreage seeded last fall and a lower percentage of abandonment this spring, although abandonment was excessive in the western Great Plains area and the indicated production for the District was substantially below normal. Low winter temperatures and early April frosts have damaged the fruit crops. The Department of Agriculture reported that the cash income received by farmers from the sale of farm products during the first quarter of 1936 increased 20 per cent and total cash income increased 7 per cent compared to the first quarter of 1935, despite a slight decline in prices of farm products. General business activity in the Tenth District showed little change from March to April but was well maintained above the levels of a year ago, as indicated by reports showing a slight increase in debits to individual accounts in banks and a slight decrease in department store sales and wholesale trade during the month compared to increases of 10.7 per cent in bank debits, 8.4 per cent in retail trade, and 9.2 per cent in wholesale trade over April, 1935. Retail lumber sales and building operations showed further moderate increases during April and continued at a level substantially above last year. The production of flour, crude petroleum, and bituminous coal declined seasonally during April, but the production of petroleum and coal was above that of a year ago. Shipments of zinc ore showed an increase, while shipments of lead ore decreased. Packers' purchases of live stock indicated a decline in meat packing operations, with the slaughter of calves and sheep smaller and the slaughter of cattle and hogs greater than in April of last year. Marketings of grain and live stock during April were generally somewhat smaller than in March, but there was a further increase in the countryward movement of stocker and feeder live stock during the month and a substantial increase in grain receipts compared to April, 1935. Mo., OF JuNE I, KANSAS 1936 CITY No. 6 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Percentages of Increase, or Decrease (-), for April 1936 over March 1936 and April 1935 and for the first four months of 1936 over the like period in 1935. April 1936 4 Mos. 1936 compared to compared to Banking Mar. 1936 Apr. 1935 4 Mos. 1935 Payments by check, 29 cities.................... 1.4 10.7 II.8 Federal Reserve Bank check collections.. - 4.0 6.o 8.6 Business failures, number.......................... -25.5 -12.5 14.0 Business failures, liabilities........................ -86.8 -67.9 77.1 Loans, 52 member bank..,___ _ _ 2.2 12.8 Investments, 52 member banks ....... ······- - 0.7 - 0.2 Adjusted dem. deps., 52 member banks.. 0.3 6.8 Time deposits, 52 member banks.--········· - 0.5 - 1.7 Savings deposits, 45 selected banks._....... - 0.3 2.3 Savings accounts, 45 selected banks........ Even 1-.0 Distribution 8.5 Wholesalers' sales, 5 lines combined........ - 3.3 8.2 Retailers' sales, 32 department stores...... - 0.2 Lumber sales, 158 retail yards.................. 1 I. 7 58.5 8.2 Life insurance, written ..·-··························· - 4.9 Construction 162.0 Building contracts awarded, value·-··-····· 4 .0 Residential contracts awarded, value...... - 4.7 75-1 Building permits in 17 cities, value......... . 91.0 Production -10.4 - 4.8 Flour·-······•··········•····•···•································ - 1.9 6.6 Crude petroleum.-....................................... - 4.3 5.0 2 5•5 -17.1 Soft coa . 22.2 6.1 Zinc ore (shipped) Tri-State district........ 35.6 22.8 - 1.4 Lead ore (shipped) Tri-State district...... -47.9 78.2 79.8 33.3 Cemen~--········•································ Grain receipts, 5 markets Wheat·-···········.. ···································•········ -38.0 Corn ............... ·•·····- - -······· ..············· 23.1 Oats·---···········..······----·.. ···········•··········-···· -47.9 Live stock receipts, 6 markets Even - 5.2 Cattle............................................................ - 5.6 -16.1 -18.5 Calves·-···· -- - - - · · ························· - 1.1 0.5 14.7 Hogs ................. ·- - - -··············-·-·- -12.2 - 0.1 Sheep............................................................ - 1.6 - 1 7.9 -18.7 -39.6 Horses and mules........................................ -52.4 Meat packing, 6 markets 16.9 Cattle................... ............................... •······· - 2.6 9.5 -20.0 -II.3 Calves·--······················ ··························-···· -10.6 1 5·5 Hogs ............................................................. . -7-5 5-7 2.1 -30.6 - 10.5 Sheep ........- - - - Stocker and feeder shipments, 4 markets -21.0 -16.5 Cattle....·-··..· · · · - - - · ························· - 56.9 -44.3 Calves,~- -- ······································.. -48.7 Hogs .............................................................. -43.4 22.6 -24.4 Sheep ........ ·- - - -··········- ··········· ....... . obligations. Loans and discounts on May 6 were 12.8 per cent greater and investments fractionally smaller than on May Loans and discounts of fifty-two reporting member banks 8, 1935. Reserves with the Federal Reserve Bank, which had in the Tenth District increased 2.2 per cent during the four decreased during March, largely as a result of Treasury operaweeks ended May 6, reflecting principally an increase in "all tions in connection with tax collections and receipts from the other" loans, which include loans for commercial, industrial, sale of new securities, increased 10.8 per cent from April 8 and agricultural purposes. Investments, following an iri'trease to May 6 to a level but slightly lower than a year ago. during March, declined slightly during the four weeks, owing Adjusted demand deposits increased fractionally during the chiefly to a decrease in holdings of United States Government four weeks ended May 6 and there was a slight increase in This Copy Released For Publication In Afternoon Newspapers, May 30. Member Bank Operations '2 THE MONTHLY REVIEW balances held for domestic banks, which had declined during March. Time deposits and United States Government deposits showed little change between April 8 and May 6 and slight decreases compared to a year ago. Adjusted demand deposits on May 6 were 6.8 per cent and inter-bank deposits of domestic banks 9.8 per cent greater than on May 8, 1935. The principal resource and liability items of the consolidated weekly condition statements of the fifty-two reporting banks, for the three dates of comparison: Loans and investments-total.. Loans and discounts-totaL-... Secured by stocks and bonds All other loans and discounts lnvestmen ts-totaL-................ . U.S. securities direcL........... Obligations fully guaranteed by the U. S. Government.. Other securities...................... Reserve with F. R. Bank .......... Demand deposits-adjusted ..... . Time deposits ...·-··················· ····· U. S. Government depositll....... . Inter-bank deposits: Domestic banks.---······-........ Foreign banks .. _ _ _ _ _ May 6, 1936 $628,139,000 222,375,000 49,303,000 173,072,000 405,764,000 237, 243,000 April 8, 1936 $626,137,000 2 I 7,620,000 48,283,000 169,337,000 408,517,000 244,629,000 May 8, 1935 $6c3,6c4,ooo 197,168,000 47,019,000 I 50,149,000 406,436,000 255,845,000 43,347,000 125,174,000 I 14,424,000 433,343,000 144,091,000 18,652,000 42,420,000 121,468,000 103,254,000 43 2,037,000 144,815,000 18,442,000 28,26.9,000 122,322,000 I I 6,669,000 405,909,000 146,627,000 19,296,000 354,697,000 134,000 349,290,000 323,026,000 163,000 118,000 Reserve Bank Operations Holdings of bills discounted and bills purchased, although larger than a year ago, continued at a low level during the four weeks ended May 6. Industrial advances reached their highest level on April 15, when they totaled '1,1,221,760, then declined to a point on May 6 slightly below a year ago. Holdings of United States Government obligations were unchanged from April 8 to May 6 and were 9.4 per cent greater than on May 8, 1935. Federal Reserve note circulation continued to increase during the four weeks ended May 6 and on that reporting date was 21.1 per cent greater than on the corresponding date of last year. Member banks' reserve deposits, which had declined in March, increased 8.3 per cent from April 8 to May 6 but were 8.2 per cent below the level of May 8, 1935. The principal resource and liability items of the weekly condition statements of the Federal Reserve Bank of Kansas City ~nd branches, for the three dates of comparison: May 6, 1936 April 8, 1936 Total reserves .............·-············· $241,564,938 f,221,706,376 Bills discounted..·-······················· 141,270 379,526 Bills purchased........................... 133,256 132,_904 Industrial advances................... 943,118 1,164,431 U.S. securities............................ 116,844,200 n6,844,200 Total bills and securities............ 118,242,844 118,702,061 Total resources........................... 394,467,064 373,210,736 F. R. notes in circulation.......... 146,361,475 144,928,375 Member banks' reserve deposits 173,505,066 160,272,195 The discount rate of the Federal Reserve Bank of Kansas City, of paper and all maturities, remained unchanged at 2 per cent. May 8, 1935 f,211,951,631 106,142 126,779 962,180 106,844,250 108,039,351 352,394,658 120,814,525 189,015,611 on all classes The dollar volume of check collections through this bank and branches during April decreased 4 per cent from the total of the preceding month but exceeded the dollar volume in April, 1935, by 6 per cent. Transit operations for the first four months of 1936 increased 8.6 per cent in dollar volume and 10.8 per cent in the number of items handled compared to the first fowr months of 1935. Check collections through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City: 1936 April.................... 5,984,869 March·--············· 6,188,634 Four months...... 23,083,048 1935 5,34i,879 5,3°5,795 20,836,424 AMOUNT 1936 ,, 857,426,000 892,690,000 3,4 I 3,464,000 PAYMENTS BY CHECK FouR WEEKS ENDED April 29, 1936 May 1, 1935 10,233,000 1, 9,46c,ooo Albuquerque, N. M ..-................ . $ 2,739,000 3,038,000 Atchison, Kans.·---····················· 23,316,000 19,556,000 Bartlesville, Okla.·-····················· 4,561,000 4,070,000 Casper, Wyo .. __ ··························· 7,164,000 6,254,000 Cheyenne, Wyo ........................... 12,781,000 10,470,000 Colorado Springs, Colo.·--········· Denver, Colo.............................. . 133,559,000 123,758,000 *Emporia, Kans .._.....................• 2,929,000 Enid,·Okla ................................... 7,618,000 7,993,000 2,337,000 2,499,000 Fremont, Nebr.·--······················· 2,743,000 2,099,000 Grand Junction, Colo ............... . 1,314,000 1,462,000 Guthrie, Okla.·--•- ··•············ 10,088,000 Hutchinson, Kans ....................... 9,054,000 1,849,000 2,242,000 Independence, Kans ................... 7,508,000 Joplin, Mo•.................................. 8,524,000 10,191,000 u,832,000 Kansas City, Kans .................... . 254,508,000 260,378,000 Kansas City, Mo ........................ . Lawrence, Kans,._._ __ 2,960,000 2,800,000 21,960,000 24,325,000 Lincoln, Nebr.·-··············· ············ Muskogee, Okla ........................... 7,292,000 5,95°,000 Oklahoma City, Okla ................. 88,389,000 72,744,000 2,726,000 2,713,000 Okmulgee, Okla ..........................• I 17,089,000 Omaha, Nebr.............................. . 139,826,000 Pittsburg, Kans ........................... 3,474,000 3,439,000 12,858,000 18,555,000 Pueblo, Colo.·-···························Salina, Kans ................................. 6,285,000 7,205,000 24,244,000 25,196,000 St. Joseph, Mo.·-························ 14,797,000 14,798,000 Topeka, Kans.·--························· Tulsa, Okla .. -............................. . l l 8,946,000 98,549,000 Wichita, Kans ............................. 35,o94,ooo 36,947,ooo Total 29 cities, 4 weeks.......... $ 990,228,000 4,127,816,000 Total 29 cities, 17 weeks ......... . U. S. 273 cities, 4 weeks ......... . 33,863,639,000 U. S. 273 cities, 17 weeks ......... . 147,420,623,000 *Not included in totals. J Per cent Change 8.2 - 9.8 19.2 12.1 14.6 22.1 7.9 - 4.7 6.9 3o.7 11.3 -10.2 21.3 13·5 16.1 2.3 - 5-4 10.8 22.6 21.5 0.5 1 9-4 - 1.0 44.3 -12.8 3.9 Even 20.7 5-3 894,131 ,ooo 3,690,58 I ,ooo 31,121,422,000 127,39 2,945,000 10.7 II.8 8.8 1 5·7 Savings Savings deposits at forty-five selected banks in leading cities of the District declined slightly during April but on May 1 were 2.3 per cent greater than a year ago. There was little change in the number of savings accounts during the month and an increase of I per cent over the number on May 1, 1935. Savings accounts and savings deposits reported by the forty-five banks: May 1, 1936·--············ ... ... ....... ... ........ April I, 1936................... ... ... ... ............ May 1, 1935·---······································· Savings Accounts 408,715 408,653 404,500 Savings Deposits $125,008,400 125,327,167 122,148,979 Business Failures Reserve Bank Check Collections IT EMS Bank Debits Debits by banks to individual accounts m twenty-nine reporting cities in the District increased 1.4 per cent during the four weeks ended April 29 and were 10.7 per cent greater than during the corresponding four-week period in 1935. Debits for the first seventeen weeks of 1936 exceeded the total for the same period in 1935 by 11.8 per cent. 1935 $ 809,243,000 8 I I ,967 1000 3, 143,542,000 The number and the amount of liabilities involved in commercial failures in the Tenth District, following increases in March, declined during April to the low levels which have obtained generally the past two years, although there were increases during the first four months of 1936 compared to the same period in 1935 owing to increases in January and March. Business failures in the Tenth District and the United States, reported by Dun and Bradstreet, Incorporated: TENTH DI ST RICT Tumber April 1936........... ················ March 1936.......................... April 1935........................... . Four months 1936·---···· ... . Four months 1935···--········· 35 47 40 171 150 Liabilities $ 226,000 1,709,000 704,000 2.,543,000 1,436,000 UNITED STAT ES Number 830 946 1,083 3,709 4,125 Liabilities $14,157,000 16,271,000 16,529,000 62,621,000 61,710,000 3 THE MONTHLY REVIEW Stores Repor ting Kansas City .... 4 Denver.............. 4 Oklahoma City 3 Tulsa................ 3 Wichita .... ........ 3 Other cities...... I 5 RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT In Percentages of Increase or Decrease SALES STOCKS (RETAIL) AMOUNTS COLLECTED ACCOUNTS RECEIVABLE STOCK TURNOVER April 1936 Year 1936 April 1936 April 30, 1936 April 30, 1936 compared to compared to compared to compared to April Year compared to Mar. 1936 April 1935 Year 1935 Mar.31,1936 Apr.30,1935 1936 1935 1936 1935 Mar.31,1936 Apr.30,1935 Apr. 1935 II.I 8.2 - I.6 13·7 8.4 9.1 5.6 .31 1.27 1.08 3.0 .35 I 5.1 10.3 0.3 0.9 .31 - 0.7 .27 1.16 J.12 3.6 7.8 9.S 8.o 12.4 14.2 6.5 7.8 1.5 15.0 2.3 .35 .35 1.41 r.37 2.2 6.2 12.I 10.7 .36 12.3 17.8 2.4 9.9 ·34 I.43 I.37 - 2.2 Even 5.1 - 0.9 .29 .31 I.II 1.12 - I.I 7.4 5.9 5.5 2.2 II.6 2.4 12.8 5.0 6.7 .25 .24 0.7 .93 .99 7·3 TotaL--··········· 32 8.4 8.2 2.3 1.6 .31 .29 1.18 1.10 2.2 9.4 7.2 NOTE: Percentage of collections in April on open accounts March 31, all stores reporting 45.4. Collections same month last year 44.4. Life Insurance Sales of new paid-for ordinary life insurance in the seven states in the District declined 4.9 per cent during April, following an increase in March, and were 2.5 per cent below sales in April, 1935. Sales during the first four months of 1936 declined 8.2 per cent compared to sales during the same period in 1935. Life insurance sales reported to the Life Insurance Sales Research Bureau by companies representing 90 per cent of the total legal reserve ordinary life insurance outstanding in the United States: April 1936 Colorado..................................... . Kansas ...... ................................. Missouri ..................................... . Nebraska ..................................... . New Mexico... -............................ . Oklahoma... _............................. Wyoming..................................... . $ 4,718,000 Seven states ................................. . United States·-····························· f, 35,638,000 4,99 1,000 14,450,000 4,301,000 933,000 5,332,000 913,000 506,207,000 March 1936 4~695,000 f, 5,033,ooo 15,475,000 4, 299,000 735,000 6,273,000 961,000 '!, 37,47 1,000 525,o43,ooo f, April 1935 4,39 2,000 5,001,000 14,949,000 4,587,000 788,000 6,125,000 696,000 f, 36,538,000 540,280,000 Trade RETAIL: The dollar volume of sales at thirty-two reporting department stores in leading cities of the District was approximately the same in April as in March and was 8.4 per cent greater than in April, 1935. A decline of only two-tenths of one per cent in the sales volume during the month, compared to an increase of 1.4 per cent in April of last year, reflected in part the earlier arrival of Easter this year and indicated that the movement of seasonal merchandise was well maintained despite the usual post-Easter slackening. Sales for the first four months of 1936 exceeded sales for the same period in 1935 by 8.2 per cent. Stocks of merchandise increased 2.3 per cent from March 31 to April 30 and at the close of April were 1.6 per cent greater than one year earlier. Collections on open accounts during April averaged 45.4 per cent of amounts outstanding at the close of the preceding month, compared to collection ratios of 44 per cent in March and 44.4 per cent in April, 1935. Collections on installment accounts averaged 16.3 per cent in April, 16.4 per cent in March, and 15.7 per cent in April a year ago. WHOLESALE: The combined dollar volume of five representative wholesale lines reporting to this bank decreased 3.3 per cent during April but was 9.2 per cent greater than in Stores Reporting Dry goods ........................ 5 Groceries Hardware_ Furnitur Drugs_ ·-·-· 5 8 ........ 3 • 7 u.7 April, 1935, recording the tenth consecutive increase over the corresponding month of the preceding year. All lines except furniture showed a decrease compared to March and all lines except groceries an increase compared to last April. The combined sales volume during the first four months of 1936 exceeded sates in the first four months of 1935 by 8.5 per cent, with dry goods showing an increase of 2.4 per cent, groceries 1.9 per cent, hardware 14.6 per cent, furniture 15.5 per cent, and drugs 12.1 per cent during the four-month period. Stocks of merchandise of the five lines combined were enlarged 1.6 per cent from March 31 to April 30 and on that date were I per cent larger than on April 30, 1935. Stocks of dry goods and drugs increased during April, while stocks of groceries, hardware, and furniture decreased. Stocks of hard- . ware, furniture, and drugs at the close of April were larger than one year earlier, while stocks of dry goods and groceries · had declined during the year. Lumber Sales-of lumber~in- board- feet at 158 reporting retail yards in the District continued to expand in April and were sub, stantially larger than in April of last year, in line with sub. stantial increases in building activity this year. The dollar volume of sales of all materials showed a similar upward trend. The seasonal increase in lumber trade this spring J;ias been somewhat greater than in recent years, and retail sales otlumber in board feet during the first four months of 1936 vt,ere 58.5 per cent greater than during the first four months of 1935. Stocks of lumber were increased substantially during April and on April 30 were 20.8 per cent larger than a year ago. Outstandings increased somewhat from March 31 to April 30 and were 31.9 per cent greater than on April 30, 1935. Collections during April averaged 45.5 per cent of amounts outstanding at the close of the preceding month compared to a ratio of 45 per cent in March and of 4o ·per cent in April of last year. April business at the 158 reporting yards, in percentages of increase: Sales of lumber, board feet ....... _.......................... . Sales of all materials, dollars ................................ Stocks of lumber, board feeL ............................. . Outstandings, end of month ................................. . WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT In Percentages of Increase or Decrease SALES OUTSTANDINOS AMOUNTS COLLECTED Apr. 1936 Apr. 30, 1936 Apr. 1936 compared to compared to compared to Mar. 1936 Apr. 1935 Mar. 31, 1936 Apr. 30, 1935 Mar. 1936 Apr. 1935 J ,O -4.5 I.I - 1.3 7.5 1.5 - 2.3 -10.8 - 1.9 - 2.4 5.3 9·9 - 2.8 19.2 1 9·4 2.4 2.3 18.5 2 4·4 29,6 21.8 30.3 5.7 5-3 10.4 - 5.1 1.4 17.6 - I.4 5.5 April 1936 increase over March 1936 . II.7 8.I 43.5 10.5 April 1936 increase oyer April 1935 70.2 36.3 20. a 3 1 -9 STOCKS Apr. 30, 1936 compared to Mar. 31, 1936 'Apr. 30, 1935 -,~.6 . 7.3 - ·10.8 - 1.9 - 2.8 8.9 15•7 - 2.4 1,.s J.9 THE MONTHLY REVIEW 4 Building Building operations in the District showed a further slight increase during April to the highest level for that month since 1931, with the value of total construction contracts awarded, according to statistics of the F. W. Dodge Corporation, equal to 8y2 per cent of the average volume for April during the past ten years. Total awards for the first four months of 1936 increased 54.8 per cent compared to awards for the first four months of last year. The value of construction contracts awarded, as reported by the F. W. Dodge Corporation: RESIDENTIAL Tenth District April 1936.__ $2,459,885 March 1936.. 2,581,925 April 1935___ 1,404,526 4 Mos. 1936._ 7,843,225 4 Mos. 1935_ 4~145,139 ToTAL United St ates $ 67,151,000 55,270,600 42,280,800 191,036,600 II3,515,200 T enth District $ 10,939,733 10,520,169 4,1 76,II3 36,468,666 23,563,977 United States $234',806,300 199,028,300 124,~84,600 780,677,600 422,185,500 The number of permits issued by building dep~J tments in seventeen Tenth District cities increased during A~n and was the largest for the month since 1930, exceeding the number for Apri.l, 1935, by 31.8 per cent. Estimated expenditures for April, which were almost twice the amount of expenditures a year ago, were at the highest level for the month since 1931. BUILDING PERMIT S I N T ENTH DISTRICT CITIES E STIMATED P ERMITS 1935 1936 1936 'f, 68 '$ 176,495 Albuquerque, N. M.·--··············· 85 Cheyenne, Wyo ... 46,855 52 34 Colorado Springs, Colo ............... 40 45,169 47 Denver, Colo ............................... 651,586 525 33° Joplin, Mo......... IO 22 5o,55o Kansas City, Kans ..................... 93,345 49 45 Kansas City, Mo ......................... 256 292 313,300 146,768 204 169 Lincoln, Nebr.·-··························· 680,080 Oklahoma City, Okla ................. 121 265 Omaha, Nebr.......... 141 138 443,792 61 46, 135 Pueblo, Colo.·-····························· 75 Salina, Kans 46,700 . 25 19 Shawnee, Okla ... 13 19 7,3 25 St. Joseph, Mo 26 16,6-50 't9 II6,520 98 72 108 81 288,918 226 16o 2n,938 Wi~hita . .~•·····-············· ·:······ i:h.~~n,. ______ - ---- --- Total 17 cities~ April.................... Four months•-•.,---r-~- 2:220 5,798 1,685 4,855 ,, 3,382,126 12,435,265 CosT 1935 47,6 19 19,1 21 61,685 434,609 76,95o l63A4j 83,4fg 1 5,94 ,, 14,7~ 23,37 21,68 126,94 zoo,935 100,320 '/, 1,771,031 5,o63,753 The production of finished Portland cement in the District showed another substantial increase during April, accompanied by a moderate increase in shipments and a slight decline in stocks. ProductiMJ. was 10.9 per cent above the April average during the past ten years and exceeded production a year ago by a substantial margin, with both production and shipments for the current year to May- 1 about 30 per cent ahead of production and shipments during t~e first four months of last year. Cement production, shipments, and stocks reported by the Bureau of Mines, in thousands of barrels: . UNITE D STATES Stock§ -Production Shipments Stocks 1,885 8,519 9,089 20,556 1,980 5,263 7,138 21,126 1,876 6,13p 6,198 i1,219 . 20,866 23,272 16,690 16,873 Flour Milling Atchison ........................................ Kansas CitY···-········ .................... Salina............................................ Wichita.-..................... ............... Outside...._................................... April 1936 Barrels 107,408 47o,155 152,293 122,023 861,846 March 1936 Barrels 98,071 491,900 140,074 129,167 888,031 April 1935 Barrels I 14,161 550,092 147,565 154,171 946,97° TotaL................... ........·--············ 1,713,725 1,747,243 1,912,959 *United States·---························ 4,992,363 5,383,759 5,026,340 *Represents about 60 per cent of the total output in the United States. Flour trade in the southwest was stimulated somewhat after the middle of April by a sharp advance in the wheat market and a consequent increase in flour prices, and a substantial volume of sales resulted, mostly for shipment within sixty to ninety days. Additional round lot sales were made toward the close of the month on a subsequent price decline, and the volume of unfilled orders on mills' books was reported relatively good for this season of the year. The decline in flour prices at Kansas City late in April erased earlier increases and prices closed the month slightly lower. Millfeed prices were materially higher during April, ald~:ugh prices of bran declined in the latter part of the month w~ rains improved pasturage. The small supplies of shorts -were in heavy demand for spring pig and poultty feeding and prices advanced to the greatest premium over bran that has obtained in several months. 9,95° 31,620 438,800 Cem ent TENTH DISTRICT Productinn Shipments April 1936........ 998 1,092 March 1936...... 560 971 April 1935........ 55.5 795 4 Months 1936 2,285 2,911 4 Months 1935 1,714 2,231 Flour production for the first four months of 1936 declined 4.8 per cent compared to the first four months of 1935. Flour production at the principal milling centers of the District, as estimated from the weekly reports of southwestern mills to the Northwestern Miller: Grai~ Marketing Receipts of wheat, oats, rye, and kafir at the five primary markets in the District declined during April with an increase in spring farming activity, while receipts of corn and barley increased. Marketings were substantially larger than in April, 1935, with the exception of wheat, farm supplies of which on April 1 were considerably smaller in this District than a year ago: Marketings for the first four months of 1936 showed a substantial increase for all classes of grain compared to marketings for the first four months of 1935. Receipts of wheat represented 51.8 per cent, oats 99.3 per cent, and kafir 28.3 per cent of the average volume for April during the past ten years, while receipts of corn exceeded the average by 38 per cent. Mar~ings of rye arid barley were sharply above the average. Receipts of grain at the five markets : Wheat Corn Oats Bushels Bushels Bushels Hutchinson ...... 405,000 ·•·---···-Kansas City·--· 1,856,000 2,256,000 278,000 Omaha .............. 328,587 1,988,000 264,000 108,800 St. Joseph.---··· 778,500 306,000 198,000 31,200 Wichita·--········· R ye Bushels Barley Bushels 7,5 00 97,600 155,200 24,500 5,053,700 848,000 4,103,718 1,626,500 3,166,330 504,000 14,970,918 4,379,000 9,836,310 2,298,500 66,300 104,200 30,000 232,400 59,800 April 1936........ M arch 1936...... April 1935........ 4 Months 1936 4 Months 1935 2,896,387 4,0]4,329 3,810,178 14,993,892 10,564,779 58,800 277,300 270,900 14,050 910,500 63,350 Kafir Bushels 5,200 84,000 1,500 2,600 93,300 140,500 46,100 455,300 224,400 Cash prices of wheat and kafir advanced- at j/ie ~nsas City m::trket during April, while prices of corn, nats,~ye, and barley clo'sed steady to slightly lower. Cash grain prices at Kansas City: May 15 Apr. 30 M ar. 31 May 15 Apr. 30 Apr. 30 Flour milling operations in the District averaged 55.2 per cent ~ foll-time capacity in April compared to 56.3 pe!" cent in March, No. 1 hard, dk. wheat, bu. and production declined 1.9 per cent. Production during April No. •2 mi~ed corn, bu ..... was u.9 per cent below the average for the month during the No. 2 white oats, bu•...... N Cl, 2 rye, bu .................._ past ten years and was 10.4 per cent below production for April, . No. 2 barley, bu ..______ 1935, when milling operations averaged 61.9 per cent of capacity. Ne. 2 white kafir, cwt.._ 1936 1936 f, .89½ $ ·99 .62 .60¾ .26 .27 .51 .53 .45 •44 I.II 1.13 1935 1936 'I> 1935 1934 .51 .31 'I> .73 .97½ $1.00¼ $1.05 .SS¼ · ,91¼... .42 .62½ .26 .48½ .64 .68 . 1.98 .52½, . •45 1.02 t ~- .µ·,•9S ~ .55½ .41½ .84 5 THE MONTHLY REVIEW Agriculture CROPS: Tenth District crop prospects, after declining steadily throughout most of April because of continued dry weather and the late spring, improved materially after May I when warmer weather and general rains occurred, providing sufficient moisture for current needs and putting the top soil into a workable condition for the planting of spring crops which had been delayed by continued drought conditions. The precipitation was particularly beneficial to wheat, oats, rye, barley, early potatoes, sugar beets, alfalfa, and pastures, the conditions of which on May I were generally somewhat below a year ago. Corn plan ting and the plan ting of grain sorghums and other field crops progressed rapidly following the rains. In the western Great Plains area, however, especially from western Kansas southward, a large acreage of winter wheat seeded last fall had already been lost because of extreme drought and wind erosion before the moisture was received, and abandonment in this area was heavy, although generally somewhat less than that of last year. The indicated May I abandonment in the seven states, all or parts of which are included in the Tenth District, was 27.3 per cent of the fall seeded acreage, compared to 39.9 per cent last year, with the yield on the acreage remaining for harvest, without allowing for any recent improvement, estimated at 212,736,000 bushels compared to 157,594,000 bushels harvested in 1935 and an average of 325,059,000 bushels harvested from 1928 to 1932. The indicated 1936 production for the seven states showed an increase of 35 per cent over last year and for the United States an increase of 7 per cent. These increases reflected in part increases in the acreage seeded to wheat last fall, amounting to 8.1 per cent in the seven states in this District and to 6.7 per cent in the United States. Winter wheat production in the United States, on the basis of the May 1 condition, was estimated at 463,708,000 bushels compared to 433,447,000 bushels produced last year and the five-year, 1928 to 1932, average production of 618,186,000 bushels. National abandonment amounted to 24.4 per cent of the seeded acreage compared to 30.4 per cent in 1935 and an average of 12.6 per cent from 1923 to 1932. The production of rye in the seven states was estimated at 5,757,000 bushels compared to 8,866,000 bushels harvested last year and an average of 4,282,000 bushels harvested from 1928 to 1932. There was a decrease of II per cent in the acreage seeded to rye in the seven states last fall but an increase of 2.9 per cent in the United States. Rye production in the United States was forecast at 35,253,000 bushels compared to a crop of 57,936,000 bushels in 1935 and the five-year average of 38,655,000 bushels. As a result of low winter temperatures and early April frosts, the prospects for good fruit crops in the District were generally unfavorable except on the western slope of Colorado and in The~fall~sown acreage, abandonment, and indicated production of winter wheat on May I, as reported by the United States Department of Agriculture, acreage and production in thousands of units: Fall Sown Acreage 1935 1934 Colo........... 1,287 919 Kans ...·---· 14,103 13,058 Mo ............. 2,048 1,969 Nebr.·----· 3,566 3,333 N. M ......._ 444 370 Okla.. _....... 4,868 4,726 Wyo.......... 185 118 7 States.--. 16,601 u. s........... 47,52 9 Per cent Acreage remainProduction Abandoned ing for harvest Indicated Final 1936 1935 1936 1935 May1,1936 1935 55.0 79.0 579 135 5,790 1,220 16.0 49.6 10,436 6,394 II4,796 59,887 8.o 3.5 1,884 1,870 24,492 14,130 10.0 12.0 2,853 1,435 35,661 36,400 6o.o 178 90 1,068 700 73.o 30.0 3,161 3/233 33.o 19,358 33,080 45.o 53.o 157 77 1,570 1,177 24,603 39.9 19,349 14,234 3o.4 35,932 31,000 44,53° 211,736 157,594 463,708 433,447 northern New Mexico. Very light crops of peaches were expected to be harvested in Nebraska, Kansas, and Missouri, with production in Oklahoma estimated on May 1 at 33 1000 bushels compared to a crop of 816,000 bushels last year and an average of 458,000 bushels for the years 1928 to 1932. Cherries, apples, pears, and grapes were also damaged, although somewhat less extensively. STOCKS OF HAY ON FARMS: The below average alfalfa crop, as indicated by the May 1 condition, was offset by the large stocks of hay on hand. Farm stocks of all hay in the seven states on May 1 were sharply above a year ago, reflecting the increase in production in 1935, and were substantially larger than the five-year average holdings for that date. United States stocks of all hay represented 15 per cent of the 1935 crop compared to an average carryover of 12 per cent. Farm stocks of hay on May 1, reported by the United States Department of Agriculture: Colorado ...- ................................... Kansas ................................ ··-···· Missouri ....................................... . Nebraska ..................................... . New Mexico·-··-·········-··-·······-·· Oklahoma... -................................ . Wyoming...................................... 1936 381,000 213,000 343,000 1,032,000 51,000 143,000 225,000 23,000 71,000 66,ooo 12,000 49,000 38,000 Seven states..................... ... ... ... United States·--·············· ....... ··- 1,399,000 13,371,000 4,537, 000 Average 1928-32 230,000 297,000 1 935 56,000 315,000 444,000 ·•· 489,000 39,000 119,000 152,000 1,770,000 9,666,000 Live Stock MARKET! GS: Receipts of live stock at the six principal markets in the District, including direct shipments of hogs to packers, declined during April and were somewhat smaller than in April of last year with the exception of hog receipts, which showed a slight increase over a year ago, although representing but 51.2 per cent of the average volume for the month during the past ten years. Receipts of cattle represented 93.9 and of sheep 81.3 per cent of the average volume, while receipts of APRIL MOVEME. T O • LIVE STOCK L THE TENTH DISTRICT Oklahoma CitY·-······· Wichita ...................... Cattle 95,821 uo,376 24,807 19,819 35, 103 1 5,95 1 April 1936.................. March 1936._............. April 1935 ......·-········ 311,878 340,895 339,4 13 Kansas City.............. Omaha.....'. ........ ,_ ... St. Joseph .................. Denver RECEIPTS Hogs Calves 10,324 • 13 2,974 102,505 6,763 52,639 7,0 73 1 31,798 4, 95 Io,743 39,791 1 7,485 5,879 Sheep 128,060 118,842 121,440 138,873 9,117 17,017 STOCKERS AND FEEDERS Calves Hogs Sheep 11,248 1,965 4,94° 621 6,809 1,295 804 12,447 3,332. 47 1 1,060 68 13,408 5,256 Cattle 41,041 11,348 P URCHASED FOR SLAUGHTER. Cattle Calves Hogs Sheep 83,168 48, 134 14,450 •121,134 81,762 86,762 71,348 5,343 46,244 19,364 6,558 93,526 11 ,539 15,3°9 27,806 3,101 8,164 12,173 4,852 36,433 15,608 4,814 17,019 9,969 61,977 7,766 43,911 3,458 186,397 387,192 633,369 6,800 61,706 17,163 191,184 3,336 643,734 44 1, 133 18,021 1 170,260 78,447 6,747 35,817 385,4II 77 ,583 67,477 Four months 1936 __ 1,329,140 1 5,75 1 118,840 1,819,484 1,330,618 14,867 148,163 133,175 783,4o5 195,905 46,168 160,836 1,595,588 2,333,578 16,147 tFour nionths 1935_ 1,319,855 179,188 669,941 tReceipts include Government purchases of cattle and calves. •Inclqdcs 78,055 hogs shipped direct to packers' yards. 54,977 55,6o3 333,720 3 16,545 39, 11 9 360,787 43,765 353,547 48,879 455,863 3 1 5,577 177,774 1,5 19,3 27 1,312,406 100,347 1,315,081 1,285,848 6 THE MONTHLY REVIEW calves exceeded the average by 14.6 per cent. Marketings for Mexico~and)eed was short in Oklahoma. The Departmen(of the first four months of 1936 showed approximately the same Agriculture reported that cattle and sheep on May 1 were number of cattle and sheep, an increase in the number of hogs, generally in good condition except in the dry areas and that and a decrease in the number of calves compared to marketings calf crop and late lamb crop prospects continued good. Confor the first four months of 1935. Marketings of horses and siderable supplemental feeding was necessary in northern mules totaled 9,439 head in April, the average number for that sections because of severe weather early in April, but death month, compared to 19,844 head in March and 15,628 head in losses were light. Wool sales were generally very limited during April, with prices in Wyoming around 25 cents per pound. April, 1935. PRICES: With a liberal proportion of beef steers in the Shearing was about completed in western Colorado and fleece light cattle receipts, prices of fed steers at the Kansas City weights were reported heavier than last year. market declined 25 to 75 cents per hundredweight during The seasonal movement of cattle from the southwest to April, and the better quality of offerings closed at the lowest Oklahoma and Kansas pastures was delayed somewhat by the level since December, 1934. The top price for fed steers was prolonged dry weather and the late development of the grass, '$9.75 compared to '$14.25 in April of last year. Stocker and but rains in the Blue Stem section of Kansas late in April gave feeder cattle prices averaged about 25 cents lower as demand impetus to the movement and it was in full swing by the close was restricted until the closing week of the month when rains of the month and early in May. Pastures in Kansas were improved pastures. Hog prices fluctuated within a narrow relatively better than in Oklahoma and were developing rapidly range until the last three days of April when weakness resulted following the rains. in a decline of 20 to 35 cents for the month. Butcherweights Meat Packing sold up to $10.55, the highest level for any April since 1929 Meat packing operations in the District, as reflected by and $1.55 above a year ago. Prices of stock pigs were steady. packers' purchases at the six principal live stock markets, Lamb prices advanced during April to the highest level since direct shipments of hogs included, declined during April but 1930 and fed wooled lambs closed $1.50 to $1.75, spring lambs were heavier in the beef and swine divisions than in April of 75 cents to $1.10, and sheep $1.00 to $1.35 higher, despite a last year, although the slaughter of hogs was substantially downward reaction late in the month. early all of the old below normal. Purchases of hogs represented 55.8, sheep 75.7, crop offerings had been marketed by the end of the month, and cattle 98.9 per cent of the average volume for April during although the season usually extends through May, and prices the past ten years, while purchases of calves exceeded the of fed wooled old crop lambs reached '1,12.35, on a par with average by 8.3 per cent. During the first four months of 1936, spring lamb prices, which were strengthened by the Easter the slaughter of cattle, hogs, and sheep was greater and of demand and by unfavorable growing conditions in the spring calves smaller than during the first four months of 1935. lamb areas. The top price a year ago was $8 .35 for fed wooled The Department of Agriculture report on Federally inspected lambs and $10.00 for spring lambs. commercial live stock slaughter in the United States showed STOCKERS A D FEEDERS: The countryward move- an increase in the slaughter of cattle and calves and a decrease ment of live stock from four markets in the District increased in the slaughter of hogs and sheep during April, with the during April, but shipments were substantially below a year slaughter of all classes of meat animals except sheep above a ago with the exception of sheep, and shipments of all classes year ago. The slaughter of cattle and calves was at a high of stocker and feeder live stock showed a decline for the first level, exceeding the April ten-year average by 16 and 13.4 per four months of 1936 compared to shipments for the first four cent, respectively. Sheep slaughter was 1.9 per cent above months of 1935. The April movement of cattle and calves was the average, but hog slaughter represented only 75.8 per cent approximately of normal proportions, while shipments of hogs of the average volume. represented but 25 and of sheep 65.7 per cent of the average Live stock slaughtered under Federal meat inspection in the volume for the month during the past ten years. United States, reported by the Bureau of Agricultural EcoThe Department of Agriculture estimated that there were nomics from compilations of the Bureau of Animal Industry: 220,000 lambs left in feed lots in the Northern Colorado, ArkanCattle Calves Hogs Sheep 812,264 52,c.,694 2,558,614 1,266,393 sas Valley, and Scotts bluff areas on April 1 8 com pared to · April 1936........................ March 1936...................... 763,067 482,841 2,617,246 1,373,784 240,000 lambs a year ago and 250,000 lambs two years ago. April 1935-.......... ............ 683,719 511,501 2,177,5i5 1,483,395 Between January 1 and April 1 8 these three sections had Four months 1936·---····· 3,222,932 1,877,380 10,922,756 5,494,345 shipped out 6,321 cars of lambs compared to 5,522 cars during Four months 1935·---····· 2,824,470 1,846,008 9,792,392 5,339,086 NOTE: Slaughter for Government relief purposes excluded. the same period last year and 5,542 cars two years ago, and by May 1 the season was practically completed. Coal Unfavorable weath~r and feed conditions continued in many The production of bituminous coal in the District declined of the early lambing areas of the Corn Belt during the greater seasonally during April, following a sharp decline in March part of April, and the normal development of early lambs was from the unusually high level reached in February, but there retarded by a lack of green feed. As a result, the condition of was an increase of 25.5 per cent compared to production in early lambs about May 1 was considerably below average for April of last year. Production for the first four months of 1936 that date, and marketings were expected to be delayed some- increased 25.3 per cent compared to the first four months of 1935. what. Subsequent rains, however, materially improved pasture Bituminous coal production reported by the Bureau of Mines: prospects. *April 1936 March 1936 April 1935 Tons Tons Tons RANGES AND PASTURES: Late April and early May 395,ooo 490,000 328,000 rains gave range feed a good start over most of Wyoming and Colorado.___ ········· ······-··············Kansas and Missouri .................. 407,000 540,000 275,000 western Nebraska, and range feed prospects were reported good New Mexico·---··························· 115,000 110,000 99,000 in the mountain and western sections of Colorado and New Oklahom..._____ .................. 43,000 91,000 .f.I,000 405,000 416,000 345,000 Mexico. Drought conditions continued in ¼ southwestern Wyoming ...................................... Kansas, western Oklahoma, northeastern New Mexico, and Six states...................................... 1,365,000 1,647,000 1,088,000 southeastern Colorado, with rains affording but temporary United States·---·········•··············· 30,350,000 31,233,000 21,970,000 relief to parts of this area. Ranges were dry in eastern N.ew •Estimated from the weekly reports of the Uni~ed States Bureau of Mines. THE MoNTHLY REVIEW Petroleum 7 were 22.2 and lead 22.8 per cent larger during the first eighteen weeks of 1936 than during the first eighteen weeks of 1935. The tonnage and value of zinc ore and lead ore shipments from the Tri-State district: The production of crude oil in the District declined 4.3 per cent during April, reflecting a decline of I.I per cent in daily average production and one less producing day than in March. Production was 5.5 per cent above the average for April during the past ten years and was 5 per cent above production in April, 1935. Production for the first four months of 1936 exceeded production for the same period in 1935 by 6.6 per cent. Gross and daily average production, estimated from the weekly reports of the American Petroleum Institute for Ap.ril, and officially reported by the Bureau of Mines for March, I 936, and April, 1935: Oklahoma·--····································· Kansas ............................................. . Missouri ........................................ . GROSS PRODUCTION April 1936 March 1936 Barrels Barrels Oklahoma... - ................................. 16,505,000 16,989,000 Kansas ......................................... . 4,608,000 4,815,000 Wyoming..................................... . 1,200,000 1,030,000 158,000 135,000 Colorado.--··································· 2,148,000 1,91 1,000 rew Mexico·-- -··························· Zinc and lead prices at the Joplin market remained unchanged during April at '$32 per ton for zinc and $50 per ton for lead compared to '$26 and $36, respectively, at the close of April last year. The combined value of shipments for the first eighteen weeks of 1936 was not equaled in 1935 until the thirty-second week had been reached. Total five states.... ...................... Total United States................... 24,'.lI'.2,000 87,394,009 25,287,000 90,568,000 DAILY AVERAGE PRODUCTION April 1936 March 1936 Barrels Barrels 550,200 548,100 Oklahoma..·--······························· Kansas ............. ........................... . 153,600 155,300 Wyoming..................................... . 34,300 38,700 Colorado·--·············•·................... . 5,3 00 4,400 63,700 69,300 cw Mexico·--··-························· Total five states ............. ........... . Total United States ....•·······-······ 807,100 2,913,100 815,800 2,921,500 April 1935 Barrels 15,653,000 4,55°,000 1,066,000 150,000 1,639,000 23,058,000 78,427,000 April 1935 Barrels 521,800 151,700 35,5 00 5,000 54,6oo 768,6oo 2,614,200 Mid-continent crude oil prices were unchanged during April at posted schedules ranging from 86 cents per barrel for oil testing below 25 degrees gravity to Si. I 8 per barrel for that testing 40 degrees and over. Zinc and Lead Shipments of zinc ore from Tri-State mines and tailing mills increased during the five weeks ended May 2 and were substantially larger than in the corresponding five-week period in 1935. Stocks of zinc concentrates in mill bins were at the highest level since January, 1933, owing to recent increases in production, and the number of active tailing mills was reduced from 73 to 61 during the latter part of April in an effort to keep supplies on a demand basis. Lead deliveries declined substantially during the five weeks and were slightly below deliveries for the same period of l,a st year. Shipments of zinc ZINC ORE LEAD ORE Tons Value 27,966 '/, 893,312 17,734 567,488 3,980 127,360 Tons 2,560 Value $128,000 1 1 '.lII 6o,550 289 14,450 5 Weeks ended May 2, 1936........ 49,680 $1,588,160 5 Weeks ended Mar. 28, 1936...... 46,810 1,497,920 5 Weeks ended May 4, 1935·-····· 36,647 944,839 4,060 7,799 4,117 18,259 14,863 '1,203,000 386,750 145,326 890,550 515,328 18 Weeks ended May 2, 1936·-····· 16o,290 5,127,680 18 Weeks ended May 4, 1935·-····· 131,194 3,403,061 Cold Storage Holdings United States cold storage stocks of all commodities except pork, lard, and eggs declined seasonally between April I and May I. Holdings of beef, lamb and mutton, and cheese declined by somewhat more than the usual rate, and the seasonal accumulation of fresh eggs was somewhat smaller than the average accumulation during the past five years. Holdings of all commodi ties on May I except frozen eggs and cheese were below holdings a year ago, with total stocks of meats at the lowest level of recent years. Storage stocks of beef and cheese exceeded the five-year average by 30.3 and 25 per cent, respectively, but stocks of pork were 35.2, lamb and mutton 7.2, poultry 4.7, lard 25.5, cased eggs 29.6, frozen eggs 3.5, and butter 54.2 per cent below the average. United States cold storage holdings reported by the Bureau of Agricultural Economics, in thousands of units: *May 1 April I 1936 1936 Beef, lbs.·--··········································· 64,923 79,5°9 Pork, lbs................ ............................ 456,184 450,149 Lamb and mutton, lbs. .. .................... 1,795 2,334 Poultry, lbs........................................... 49,316 69,494 **Turkeys, lbs..... .................................... 13,907 17,749 Miscellaneous meats, lbs..................... 60,846 66,604 Lard, lbs............................................... 83,331 76,814 Eggs, cases............................................ 3,031 807 Eggs, frozen (case equivalent).......... 1,976 1,310 Butter, creamery, lbs,.---·····-············ 4,997 5,346 Cheese, all varieties, lbs..................... 67,946 73,952 *Subject to revision. **Included in Poultry. May I May I 1935 5-Yr.Av. 49,837 77,559 564,881 3,031 61,815 16,143 66,298 101,224 3,90 1 1,695 703,582 1,935 51,724 5,676 10,900 54,344 54,459 10,178 60,883 111,783 4,308 2,048 National Summary of Business Conditions By the Board of Governors of the Federal Reserve System Industrial production increased in April, reflecting principally larger output of steel and of automobiles. Employment and payrolls in the durable goods industries showed advances. PRODUCTIO AND EMPLOYMENT: Volume of industrial production, as measured by the Board's seasonally adjusted index, increased from 93 per cent of the 1923-1925 average in March to 100 per cent in April. The average rate of production at steel mills in April was 69 per cent of capacity as compared with 59 per cent for the preceding month. At automobile factories output amounted to 503,000 passenger cars and trucks and, except for the spring months of 1929, was larger than in any previous month. In the first three weeks of May activity in both the steel and automobile industries was maintained at about the levels reported for April. Output of nondurable manufactures in April was slightly larger than in March, due chiefly to increases at cotton textile mills, meat packing establishments, and tobacco factories. Activity at woolen and silk mills declined. Bituminous coal production showed little change from March to April, although a considerable decrease is usual at this season, while at anthracite mines there was a sharp rise from the low level of March. Output of crude petroleum continued to increase. 8 THE MONTHLY REVIEW Factory employment and payrolls were larger in the middle of April than a month earlier. Increases in the number of workers were general in the durable goods industries, with the most marked advances at steel mills and at plants producing machinery, automobiles, and building materials. There was an increase in employment at rubber tire factories, which in March had been affected by a strike, while at woolen mills employment declined. PER CENT 140 ..---- - - ~- - ~ -- ER C ~ -- - - - - - -- 140 INDUSTRIAL PRODUCTION 130 t - - - - t - - - - + - - - - + - - - + - - - - - - + - --+-- --+-- and foods, while prices of other commodities as a group continued to show little change. BANK CREDIT: Excess reserves of member banks have increased steadily since the latter part of March and by May 20 amounted to 2,860,000,00(). The growth was due in April to Treasury disbursements from accumulated balances and in May to continued disbursements together with substantial imports of gold. ~ _Treasury disbursements and gold imports ----1 130 PER CENT PER CENT = 120 120 FACTORY EMPLOYMENT 110 110 100 100 100 90 90 90 80 80 70 70 120 110 80 70 60 60 50 50 ,___ __.__ ___.__ ___.__ _-'------'----'-------'-----' 50 1929 1930 1931 1932 1933 1934 1935 1936 Index of physical volume of production, adjusted for seasonal variati on, 1923-1925 average=lOO. By months, January 1929 through April 1935. Ind ex of number employed, adjusted for seasonal variation, 1923-19 5 average= IOO, By months, J anuary 1929 through _April 1935. Value of construction contracts awarded, according to figures of the F. W. Dodge Corporation, increased in April by somewhat more than the usual seasonal amount. Coniracts for residential building were in considerably larger volume! and privately-financed projects other th an residential contin,J' :i to increase. have also been reflected in a sharp increase of deposits at reporting member banks in leading cities since the beginning of April. Adjusted demand deposits at these banks increased to a new high level and time deposits rose to the highest figure in three years. Holdings of United States Government obligations by the reporting banks have increased further, while holdings of 50 1929 1930 1931 1932 1933 1934 1936 MILLIONS OF DOLlARS MUIONS Of DOLLARS 600 1935 600 CONSTRUCTION CONTRACTS AWARDED I 10 r 0 1929 1930 1931 1932 1933 1934 1935 1936 Three-month moving averages of F. W. Dodge data for value of contracts awarded in 37 Eastern States, adjusted for seasonal variation. Latest figures based on data for February and March and estimate for April. DISTRIBUTIO : Retail trade showed a seasonal increase in April, following a considerable advance in March. Department store sales rose by less than the usual seasonal amount, while at variety stores and mail-order houses there were further increases. Freight-car loadings increased from March to April. COMMODITY PRICES: Wholesale prices of commodities showed little_change during April and declined during)he early part of May reflecting decreases in the prices of farm products --- 5 ,,/ Bonk 3 L Reserve ✓ Credit 2 6 GoldSl°Y 9 7 7 ~ 400 1 - - - -111---~ - + - - - - + - - - + - - - - - - + - --+-- - - l - - - - - l 400 8 8 MEMBER BANK RESERVES AND RELATED ITEMS 11 2. 81WOltS Of DOU..A11S 91 LUOHS CF DOl.LARS 12 4 3 ... N!tf:~rli~k Currency 2 -- 0 0 1934 1935 1936 1934 1935 1936 Wednesday figures. J anuary 31, 1934, through May zo, 1936. other securities and loans to customers have remained at the levels reached early in April. Loans to brokers and dealers in securities, which increased considerably in March and April, declined in the first half of May. The rate charge on call loans with stock exchange collateral was raised on May II by ew York City banks from¼ of one per cent to one per cent and that on time loans from one per cent to 1¼ per cent. Rates on other open market loans have continued at low levels.
@FedFRASER