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(11 copy of this bulletin is race!vod in advance, It should be understood
that It Is intended as a special courtesy to those who have kindly assisted In
Its preparation, ancl that its contents are confidential.)

This Copy Shall Not Be Released for Publication Before
JULY 2nd, 1918








July Issue of the

21, HJ18.

Crops have coutium:d to improve steadily tluring the past month. 'l'he winter wheat prospect, as
a whole, owing to abundant rainfall iu nearly all i,;cctions, has shown mal'ked improvement during
Agric lt
l\fay. The crop is gruerally reported in excellent condition throughout all the states,
u ure except i11 limite(1 distri cts :where i1 was dau1aged by drouth. Harvesting has begun
under very favorable conditions and the District will havr,, by all i11<iications, the largest crop ever
produced excepting th11 phenomenal harvest of 19Hi. The con<litiun uf the grain, as reported by Government estimates 011 ,June 1st, i.n the five principal wheat-growing ;;tutes of this District, averaged
80 per cent of normal or 2 per een1. in cxcl':--:8 of the ten-year average. U'or this District the crop is
placed at 2~2 million bushels.
Ohl wheat supplies have been practica1ly exhamitc<l awl supplies of flour are only ahout one-third
of those on hand a yeat' lclgo. Beforn the present harvest comes in stocks of wheat in all bins and elevators will lJe smaller than ever before. Receipts on the local market during May were about oneninth am] sl1ipments Less than one-hundredth of those for the same month last year. Local millt;i were
grimli11g ut 011 ly 5 per cent of capacity during the past week. W"ith GH nulls r cpo1· iu this Distl'ict, avcruging lrnt 38 1w 1· \ient of ,•i:i1H1cit.y, the flntn· o n tpnt fo1· !'he. pas l month i.le.c.n:ensetl ueal'ly twofil't1'1s under the S:lmc period a year ag o. ,vhen the mjlls w ere runll.lllg a t Gl per cent of capacity.
'L'he plan for marketing the new wheat crop has just heeu annouucml by the Food Adminii,;tration.
A nmximnrn price will he fixed for flour. hasecl on n reasonable milling profit above the guarnnteed
price for wheat, aud rnille1·s and grain dealers will the11 hr. permitted to compete for the merchandising of the wheat crop.

The corn and oats movement lias ccmtinued faid:r large and prices showed a lowering tendency
until i,;hortly after ,June 1st when they rallied strongly. 'l'his section has good ;;upplies of both
grain;;, but ther arc nut heing marketed auy .faster than needed. Stocb of com on the four principal
markets decreased two-fifths during l\Tay, whil(; oat stocks remained practically stationarj·. Receipts
and shipments of corn on the local market were one-half and two and one-fourth larger, respectively,
than thos(s of the same month last yciar. 'l'he i1ew crop prosp~cts for both of thei,;e cereals arc promi1-1iug. 'l'hc miti-; crop is well advanced with the expectation of a yield equal to last year's large one,
and corn has made a favorable start. on a large• acn-eage. The oats crop forecast by Government estimates on June 1st was for 225 millio11 hw,hels i11 the states of Kansas, Missouri, Oklahoma and Nebraska, based ou an acreage of nearly 8 milliou, the average conditiou in these four states being 87
as comparc<l with thf! ten-year average o.£ 81 per cent.

Liberal supp lie:,; of cattle contimw to ul'l'i n~ at all we.~tern market.-., the movemeut to tlic principal market:, for r.-Iay, however, being one-tenth smaller than a year ago. Priecs arc maintained arouml
L" St k the highest levels ever reached, aud are $2 to $4 higher than at thi1:1 time last year.
Ive oc
'!'he live stock industry at present is iu a very good condition. Shipm1mts of cattle
back tu the country are larger than a ye,Jr ago, which indicates that grazing conditions arc good aud
reflects the confidence uf feetlen; aml pasture men in the future stability of the market. lntensivc
feeding methods and high pl'iccs for fat tattle have resulted in feeders seeking new supplies earlier
than last season. Initial shipmC11ts of gras.~-Icd cattle have just been received on the local market.
Sheep receipts 011 Uw six iu1portm1t nuu·kcts o.£ this Di:;trict for the past 111ont.l1 wcl'e a bout 42
per cent in excess of those for )lay, Hl1.7. The hulk of the local offerings came from Colorado-Knnsus
feedlots. Packe1·s showc(l mOl'l' interest in tl1e mm·kd than during the previou:,; month. Lambs continue to sell around $20 p!'l' cwt., which means gootl prnfihi for sheep raisers.
'l'he movement of hogs is isnhi;ta11tially largtn· than last ye,ll', aml District market receipts fot· }lay
,vm·c 5 per cent 1110re than tho:;c of the :,;ume mo11tl1 last year. The ,n-cragc weight of hog·s at four centers was 225 pounds as compartid with 210 11ounds for ~\lay, Hll 7. Prices were wdl maintained above
*16 per cwt., and au active packing <il>1mi11J was prevalent. T,ocal stocks of hog products decreased
moderately clming last mo1~th, hnt arc still 72 per cent in exce~s of those on liaml June 1st a year ago.
The cattle and sheep mon in uot·tlnre:,;tet·u New i\lex.ico are facing an unusual and critical :-;ituation. Resultant 0£ severe l1rout.h, pastures all(I 1·anges are burned ancl barren. Cattle, to escape starvation, will probably be shipperl to Colo1·,t(lo and Wyoming for graziu~·. Hanges in those states are generally repo1·tc(l iu good cornlition, except. in :,;catt.ered areas where there is need of rainfall. Sheep
shearing is well under way.
By present cuuditiow, and imlir.mtiom;, it is predicted that the comiug summer iu the mi11i11g camps
of Colorado will be the (1ullcst of any in recent year.~. '!'here i:,; no cvidc11cc at this time of the usual
M. .
spring rc~vival in miuing, which i;; attributed to the many 1mccttai11ties surr◊UJ.llliug all
IDing operation;; aml the general feeling that costs must be materially advanced without auy
chance of a like advanc(' in metal prices. Op!'rato1·s are said to fear the complete shut-clown of many
propcrtie8 ou account of tl1e nice11t iuc1•1•asc in freight l'ate8. Lahot' ii; again showing signs of unrei;t;
demands for larger wage.~ lwve be!'11 madc iu i;urne camps, aud there is apparent!.)' no prospect of
meeting these in view of tl1e foreg·oiug comlitious.
'rhe market for :-:inc 01·es in tlw 1\fo;souri-Kausu.s-Oklahonrn district dmiag r.Iay showed some improvement. The fixed rninimuw pric<· of $7:i per tou for high grade ores uow in effect rnaketi an 11pproximate advance of $20 pe1· ton over former prices. A decided illlprovcmeut was also shown in the
prices paid for intermediate grade ore1,;, ·while the average price for all grades throughout the montl1
was about $48 per to11 as eornparell with $4~ in April. .For the first five months of l!l18, a rad"ical
decrease was reconk<l in shipments and valtw of all ziuc on•s, this <leercaRc hning 11 aud 30 per cent
respectively. Strenuow; effort,. have been extended l1y tlie operators to obtain a fixed miuim11m price
on second grade ort>s, as well as for thr first gTu<lei,.
During the pa~t mouth tile aYernge price for lea(1 incrimsed from $80 to $87.fi0 per tou, \mt the
output of the mines was 11bo11t 011e-1l'll1h ]Pss thflu in April. Compm·ing the five moutlis' 1rnriocl of this
year witl1 the eorrcsponding pe,riorl in Hll 7, a decrease of 11eal'iy $25 per tou in the average price
or 22 per cent arnl n gain of G pm· C('Ht in shipments have l1cen registered.
Ka1rna1, oil fields :-;how('d mon~ ge1ieral activity during )lay tlrn11 iu April. C\1111pletio11:,; for 1hc
month numbered 502, an iw·reasP or 28, ,rhile the new production was ov(T :-l::i,000 barrels, a slight (ILOil crease over April. A gain of about 6:J per cont is shown in comparin~ the total estimated pl'Ocluction of the past mouth witli the corresponding period last year.
Oklahoma maintniucd its goocl 1·c~c·onl of large production from its many fielcls. The welh, completed wer e ouJ.v 5 in excc:,s of 1'hc mtmb(•r of completi ons Jming tho month previous, hut t he n ew
prodtwtion obtaim' l1 ,vas -!8,000 lmrt·1·ls. n sll hstantiai gai.11 or II hont one-thinl ovm· April. Owing Lo
a shortage or new oil field 111,'1.tr1·ia l and lklay i11' it:,; t rans11ortation, SOll\L' t rouble ii:; bei11g t'XJ)l't-ien c1·d
by the swaller companies in the pm•i:liasiug of nr.cesRHL'y ,;eco11d-h1wtl drilling supJJlics, which often
cannot stand tl1c strain of l1arcl drilling operati,,ns, The total ef-ltiwflte d prodndion of the state during
the pa,;t month as eompared with 1ila:,,. 1917, 1lt'('.rcallL'd ahout 7 per C\'Ht. Late~t figures available show
that stocks in storii ge in the Oklahoma-Km1sns fields decreased from over !:J:.:l million barrels to slightly
under 92 million barrels during the montl1 of April.
'I'he number of drilling wcllf; in \-Vyoming if; still increasing and the predicte1l dri'v e for oil iu that
state is now in fnll swing. Operations for 1\fay were more general than in April, a11d with 21 complc-

t.ion.~ as eornpurcd with 12 last 1Uo11th, the uew prrnlm·,tiou wa.~ 1H.mdy three times as large. Drills Ul'l!
busy in Col.orado and opcrntors hope that the loug sought large oil .:field in that :state will he Immel this
year. It is reported that the quantity of oil that can l,c extracted from the shale deposits of Colomdo
is estinmttid hy the United States Geological Sm·vt'Y at 20 million barrels, approximately three times
the total estimated oil reserve of the United States lying beneath the ground.
Lumber manufacturing conditions have drnnged very little. 'l'hc handicap of labor shortage am!
the uncertainty of transportation facilities are still prevalent. General reports show that there is 110
Lumber and of lumlic1· a.uywli<•.n j, antl as Government rct111isiliorn; c:untiuue to take larg1:
quautit,ics of ruaterial, indications arc thal the s up1)ly will not i11crea:sc at present.
Construct ion
A l though the n: is o.uly a fail- uellland for lu111be1' at retail yards. however, uecausc uf
good crops, dealers anticipate a Jiea vy trad(: (lul'i11g the :smurner all!! fall throughout the counfry districts. Ueneral price tendency is upwal'd at the prcsn1t time. Nevc1·thcleH::;, 111·cdietiom; arc thnt the
future problem of dealers will not be that of price, hut of ~l'curi11g material, so that it. mny be available
for the consumer. The advisement of fixing lumber prices for its own cousnmption and for domestic
purposes is now under consideration by the Government.
The general trend of buildiug uperatious in the cities has silo wu :-;omc impL'o vemcut and the pt'esent outlook is more optimistic. Volume or con~tl'nct.ion work, ai:; reported in the ten pl'i11ci_µal citic~
of this District for l\Tay, decreased hut 13 per cent uucler the corresponding month last year, as compared with a decrease tw .ice as large recortlcd _.iu April. The estimated value or stwh construction wa.~
one-fifth in excess of that of the previow, mouth, and hut one-fourth less than the valuation for }lay,
1917, as against a Joss of 34 per cent for the cities of the Pnti1·e United !) Wichita aml Denver
reconled substantial gains of 161 and 86 pt:r ccut L'es1rnctivcly over l\lay a year ago.
A.-; the result of the eoopcratiou of Govc1·11me11t lahor offices througl1011t the wlicat. tlistl'icts, the
movement of farm lahor is being controlled m; uevrr hdore. Supply and <kmuntl are being (',qmtlizecl.
Labor Government reports shO"w that good. wages arc hciug pai<l thr lrnrvcst. hands, the general
wage averaging about $1 JlCl' day higher than iu 1917. "\Vit.11 hoth a :·mpply of imported lahol'
greater than anticipated and a good supply of loe11l labor, practically a 11 clc>m,rnds from the whe,1t
states have heen successfully met. Tndieations arc that fotm·e JieE'l1s will be equally well supplied.
Over a dozen strikes were reportcrl (luring tlw past month. Most of th[•sc, howevel', were of lit.tie consequence and satisfactorily adjusted. Con~itlerahle trouble hm; liecn experienced in wage c011trovcrsies throughout "\Vyoming between sheep-g1•owers and s1ie{•p-shcmers, but mediation was fiually
affected in all cases.
The number of commercial bn:-;ineHs failure;; in the Tenth District l1t1l'ing the month of April was
49 as compared with 41 for the :mrne month a yem· ago. Liabilities of such insolvencies were one-half
fl iu excess of those for April, 1917. Purchasing. inclebterlness and payment activity (for
ercan 1 e the seveu stale8 wholly or partiall~- withiu tl,is District) nrnain prnetieally stationar;v a~
Hhowu liy comparisons hctwe('ll llfay this y<·ar and last year.
Business in all lines is gootl and ma1rnfaeturers coutiuue ucti ve. \V l10lesale trade iu general iH
1111ui-;ually large. Retail merchants report a g·ood house trade, with au active tleman<l for merchandisP,
particularly dry goods aml :shoes. lnd.ieatio1rn point to a large volume of business throughout. the
:muuner, although there is a seal'city of mcrcha1t<lifie ia ecl'tlliu li11cs. 'l'he call for drng,-i is up to
normal and sales of groceries aml provisions are heavy. Collections are generally prompt, though slow
iu some cities.
'l'hc eall 011 the farmers for iucreased food production, togPtlwr with a lahor and home shortage,
is bringing the tractol' iuto unprecedented prorni11e11ce 011 the fan11s. R<>tail dealers report good sales
of tractors for immediate deli vt'ry a11d iuereased needs for hal'vesting muchiner;v aud corn tools.
,Jobbers of automobiles i,tatn the clcmrnnll for cars is large and formt"rs continue to place orders in good
volnme. Automobiles are now scarce hecausc of curtailme11t in produetiou and 1·cduccd t1·1mspo1·tation facilities, and orders for several oi' the pnpular makes are taken suhjeet to imldi11ite delay.
Bank clearin~s for seventeen pri11cipal cities of this District dming the mouth of l\Tay were about
1,400 million dollars, a snhstantial gain of :37 per mmt ove.r the same mouth last year, as against tlw
. I small increase of 7 per cent for all of the citi('s of UH' l.lnitcd States. Tulsa and Denver
showed increa8es of 83 and 78 pe1· cent ove1· l\Iay a y(•ar ago, thcRe beiug the second and
fifth largest gains reported throughout the eptil'e com1try.
The demand for loans continues strong and rates are firm.
Reports of couditions of the state ba11k~ hy the last call of l\lay 10th show a larg(' incl'ea:,;e in deposits over the same elate last year, but a slight 1ID(:1'easc as compared with the prcviou:-; call, attributed chiefly to the purchase of Liberty Bonds.

Statement of Condition of

At Close of Business June 21st, 1918

Gold with Federal Reserve Agent ......... . ........ .... .... . $ 33,7.12,150.00
Gold Coin and Certificates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
] ,122,612.50
Gold held with Foreign Agencies .................... , . . . . . .
Credit Balances Gold Settlement Fund .......... , . , . . . . . . . . . 40,716,135.50
Legal Tender Notes, Silver Certificates and Subsidiary Coin . .
Total Reserve Cash ........ , ...... . ........... . . ... . .. . $ 77,199,763.00
'l'otal No11-Reserve Ca!!h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial Paper Rediscounts ... , ..... , ..... .. ... .. .. , . . . .
Member Banks Collateral Notes ........ , , . . . . . . . . . . . . . . . . . .
Acceptances. . . , ... , ................... , . . . . . . . . . . . . . . . . . .
U. S. Bonds with Circulation Privilege,. . . . . . . . . . . . . . . . . . . . .
Other U. S. Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
U. S. Gold Notes ....................... , .. . ........... .. . .
U. S. Certificates of Indebtedness ..... , .. , ..... . . ........ . ..
Due :from other Federal Reserve Banks. . . . . . . . . . . . . . . . . . . . .
Due from Depository Banks and Trust Companies ...... ,.....
Due from Branches and Offices .... , ... , . , ......... , . . . . . . . .

5,300,237 .21

Total Resources ..... . , .. . ...... . .... ...... .. . , .... ... . $193,435,036.29

Capital Paid in ..................... , ... , .... .. .. .. ... . . .. . $ 3,528,750.00
Reserve Deposits, Net. , . , . , ... , ...... , .. , .... .. , . . . . . . . . . . . 60,900,342.92
U. S. Government Deposits, General Account. . . . . . . . . . . . . . . .
9,004,081 ..10
U. S. Government Deposits, Special Account... .. ....... . .... 32,205,741.67
Federal Reserve Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,141,600.00
Federal Reserve Bank Notes,.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Liabilities .. ...... ..... . . . ..... . .. . ......... .. ... $193,435,036.29

·rotal Clearings for Week ...... ... . ... .. ..... . .. .... ... . . . . $ 92,543,305.33
'l'otal Number of Items Handled.. ..................... .. .. .