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 Reseroe DisJricl
FEDERAL
RESERVE
BANK
OF
KANSAS
CI TY
M. L. McCLURE, Chairman and Federal Reserve Agent
A. M. McADAMS, Assistant Federal Reserve Agent and Secretary
l
Vol.
II
KANSAS
CITY Mo.,
MARCH
1, 1926
No. 3
RECORD OF THE TENTH FEDERAL RESERVE DISTRICT
TATISTICS covering January production and trade in the
Tenth Federal Reserve District showed recessions in most Returns for January 1926 compared with those for December and January 1925
lines from the high levels of December. In some lines
Jan., 1926
Dec., 1925
Jan., 1925
% Chg.
Year
the volume for the month did not measure up to that of
January of last year. On the whole, however, the January vol- Bank debits, 29 cities.... $1,583,023,000 'f,1,550,874,000 '/,1,500,150,000
Clearings, F. R. Bank .... $ 932,787,000 $1,065,200,037 '/, 910,542,658
2.4
ume was above normal for that month and reports indicated
I terns handled............
5,689,267
6,556,070
4.4
5,448,539
conditions generally were satisfactory with a favorable outlook Deposits, 69 banks .......... $ 636,653,000 ,, 628,419,000 f, 629,496,000
I.I
Loans, 69 banks .............. $ 438,322,000 '$ 432,383,000 '/, 440,867,000
-o.6
for business this year.
II.4
Payments by check through banks in twenty-nine cities Investments, 69 banks .... $ 180,790,000 '/, 171,566,000 $ 162,304,000
Business failures..............
147
100
1 34
9.8
amounted to $1,583,023,000 for the five weeks ended February 3.
Liabilities .................... $
1,348,728 '/,
1,176,400 $
1,678,389 -19.6
This total exceeded that for the five weeks ended December 30 Bldg. permits, 18 cities..
1,597 -I4.7
1,362
1,489
Construction, cost...... '/,
4,275,298 $
-8.9
8,198,512 $
4,693, 242
by $32,149,000, or 2.1 per cent, and was $82,873,000, or 5.5
prod'n, tons............
2,839,000
3,316,000
3,493,000 -18.7
per cent, larger than that for the five weeks ended February 4, Coal
19,806,000
Crude oil prod'n, bbls....
19,666,000
19,999,000
-0.7
1925.
Flour Prod'n, bbls.........
r,721,669
2,166,798 -20.5
1,830,560
Wholesale trade reports varied. Sales of dry goods were Grain receipts, 5 markets:
10,7°9,95°
Wheat, bushels........... .
8,217,150 -28.8
6,244,300
larger in January than in December and of dry goods and furni8,ou,600 -11.3
Corn, bushels..............
6,873,6oo
7,104,700
ture larger than in the same month last year. Other lines indiOats, bushels ..............
1,789,000
r,530,200
3,299,000 -53.6
cated by their reports of dollar sales a smaller volume of busi- Live stock receipts, 6
markets:
ness than in the previous month or a year earlier. Following
Cattle......................... .
-5.9
441,070
406,592
43 1,900
the heavy holiday buying in December, retail trade declined
13·9
63,210
74,203
Calves-··---55,5 11
markedly in January, as was quite natural, and the volume of
1,231,980
Hogs ........................... .
770,842
-3 1.9
838,912
Sheep.. _ _ _ __
sales for the month in dollars very closely paralleled that for
-2.6
510,688
474,745
497,335
Horses and mules ........
14,710
r6,353 -10.0
the same month in 1925.
9,5°4
Orders booked for spring delivery of implements, tractors and Meat packing, 6 centers:
-5.8
269,013
Cattle...................- .....
247,025
232,809
farm machinery were considerably larger than those on the books
Calves ........ _ _ __
9.6
48,841
45,687
5o,o93
, at the same time last year. Some houses reported dealers were
Hog" ...........................
981,175 -35.I
570,401
636,645
7.0
285,384
3o5,oo5
discounting as high as 80 per cent of their purchases.
326,035
Sheep.. - - - - The value of building permits issued during January in Ore shipments, Mo.Kans.-Okla.:
eighteen cities of the district was 8.9 per cent below the record
Zinc, tons....................
76,579
84,746
67,824
12.9
for January of last year. Sales of lumber at retail yards in cities
Zinc, value..................$
4,245,847 $
4,816,882 $
3,777,521
12.4
Lead, tons....................
11,976
17,080
13,499 -n.3
and towns were la,rger in board feet and in dollar amounts than
Lead, value.................. $
1,418,297 $
2,046,540 '/,
1,866,266 -24.0
sales during the first month oflast year.
NOTE: Bank debits are for five weeks. Banks deposits, loans and investProduction of crude oil at wells in this district was at a smaller
ments are amounts reported February 2 and January 6 of this year and Februdaily average and gross production was smaller in January than ary 3, 1925. Zinc and lead ore shipments and value are for five weeks.
in the preceding month or a year ago. Prices of crude oil advanced during the month and there was increased activity in crease in the market supply of cattle. Due to larger supplies of
development operations. Zinc and lead mining, after the usual hogs, sheep and calves, the January slaughter of these classes
lull following the holidays, made a good start for the year. was larger than in December; but the January slaughter of all
Shipments of zinc ore in the first five weeks were larger and of classes of meat animals was smaller than in January, 1925.
lead ore smaller than in the corresponding weeks last year.
The annual survey made by the United States Department of
There was a further increase in activity in the metal mining Agriculture showed smaller numbers of cattle, calves and hogs
camps in Colorado and New Mexico, the result of prevailing on farms in this district and in the United States on January 1,
high prices for metals. Soft coal production was slightly less 1926 than on January r, 1925, although the number of sheep
in tonnage than in January 1925, which was the peak month and lambs reported this year was slightly larger than a year
• of that year.
earlier. The farm value per head of all classes of live stock was
I' Reduced market supplies of wheat was the chief cause of larger tha.n a year ago. With this increase the live stock indussmaller production of flour at Southwestern mills. Slaughtering try was regarded as in stronger position than at the beginning of
of beeves at meat packing plants fell off with the seasonal de- 1925.
This Copy Released For Publication In Morning Newspapers March 1
S
2
THE MONTHLY REVIEW
Fall sown grains came through the winter to the last week of
February with a minimum of winter killing and as a result of
mild weather farmers made an early start in preparation of the
soil for spring plantings. Conditions were more favorable for
agriculture than at this time last year. The acreage of winter
wheat sown last fall was increased over that sown in the fall of
1924. Further expansion of the cotton areas in this district is
in prospect, according to the reports. The number of cotton
gins in Oklahoma is to be increased this year. Expansion of the
sugar beet area is under consideration in irrigated sections of
Colorado, Wyoming, western Nebraska and western Kansas.
Banking and Credit
Weekly statements of reporting member banks in leading cities
of this district since the opening of the year exhibited a small
increase in loans, discounts and investments, and in demand and
gross deposits, over the figures reported during the closing weeks
of the preceeding year. A comparison of this year's weekly statements with those for the corresponding reporting weeks last year
showed loans and discounts running about even in volume until
February 3 when the total stood $2,545,000 or o.6 per cent below the amount reported February 4, 1925. Investments of
these reporting banks increased steadily during January and on
February 3 were $18,486,000 or 11.4 per cent larger than a year ·
earlier and at the highest mark of record. Demand deposits on
February 3 were $807,000, or 0.2 per cent, less than on February 4 last year, but time deposits were larger by $7,181,000, or
5.3 per cent, and government deposits larger by 78.5 per cent.
The principal resource and liability items reported by the member banks, as of February 3 and January 6 of this year and February 4 oflast year, follow:
Feb. 3, 1926
69 Banks
Loans and Discounts ................ f,438,322,000
Investments .. - - - - - · · · · · I 80,790,<:XXJ
Loans, Disc. & Invest............... 619,112,000
Demand Deposits .. _ _ _ _ 491,397,000
Time Deposits ............................ 143,475,000
Government Deposits..............
1,781,000
Total Deposits .......................... 636,653,000
Reserve Balance........................ 56,557,000
Jan. 6, 1926
67 Banks
Feb. 4, 1925
71 Banks
f,432,383,000
171,566,000
6o3,949,ooo
482,663,000
143,764,000
1,992,000
628,419,000
56,815,000
f,440,867,000
162,304,000
603,171,000
492,204,000
I 36,294,000
998,000
619,496,000
57,081,000
Federal Reserve Bank Operations
The statement of the condition of the Federal Reserve Bank
of Kansas City, induding branches, on February 3 showed a
decline of $2,629,136 or 8.2 per cent in the bank's holdings of
discounted and purchased bills as compared with the amounts
reported January 6, the first weekly reporting date of the current year; but holdings on February 3 were $12,824,812 or 76.6
per cent, larger than at the first reporting date in February, 1925.
There was a decline between January 6 and February 3 of
$5,566,050, or 7.7 per cent, in Federal Reserve note circulation
and the total on the last named date was '$175,390, or 0.2 per
cent, below that for February 4, 1925. Principal items in the
statements as of February 3 and January 6 this year and February 4, last year, indicate the changes in four weeks and fiftytwo weeks:
Feb. 3, 1926
Gold Reserves ............................ $ 89,360,620
Total Reserves.......................... 94,326,180
Bills Discounted ...........:............ 15,n 5,801
Bills Purchased.......................... 14,441,388
U. S. Govt. Securities.............. 35,6o7,700
Total Bills and Securities........ 65,520,889
Total Resources ........................ 206,459,979
F. R. Notes in actual circula66,642,750
tion ...... _ _ _ _ _
T o::al Deposits.......................... 91,009,652
Jan. 6, 1926
f, 88,906,2n
93,365,298
15,917,165
16,269,160
Feb. 4, 1925
t,u6,395,566
120,568,515
4,788,287
II,944,09o
37,459,700
25,155,75°
70,046,025
220,514,129
42,862,127
205,732,703
72,208,800
93,567,9 27
66,818,140
93,098,477
Savings.
Deposits in savings accounts in fifty-six banks of this district
on February 1 were 2.4 per cent larger than on January I and
2.5 per cent larger than on February I, 1925. Reporting banks
in eight cities showed decreases and in other cities increases over
the amounts reported one month earlier. Five cities reported
decreases in the amount of deposits as compared with a year ago.
The number of savings accounts in 52 banks on February 1 was
322,234 compared with 318,151 on January I and 310,166 on
February I, 1925.
Banks
Denver, Colo....................... 6
Kansas City, Kans ............. 4
Kansas City, Mo................. 9
Lincoln, Nebr.
3
Oklahoma City, Okla ......... 8
Omaha, Nebr....·-················ 6
St. Joseph, Mo ...
5
6
Tulsa, Okla...
Wichita, Kans ..................... 6
Other Cities......
3
....... 56
Total....
Banks
Denver, Colo._ .................... 6
Kansas City, Kans ............. 3
Kansas City, Mo ....... ·-······· 7
Lincoln, Nebr.
3
Oklahoma City, Okla......... 8
Omaha, Nebr... - .................. 6
St. Joseph,\_'Mo•.................... 5
Tulsa, Okla, .. --···················· 5
6
Wichita, Kans....
Other -Cities.. _ ..
Tota
DEPOSITS
Feb. 1, 1926
Jan. 1, 1926
f, 48,204,485
2,959, 149
14,674,93 1
2,898,266
7,828,239
7,366,151
7,701,719
II,698,797
4,681,089
998,448
f, 47,241,882
2,979,556
14,816,341
3,016,031
7,976,6o4
7,435,3 23
8,180,458
9,060,961
4,751,632
1,038,581
Feb. 1, 1925
t, 50,072,576
2,614,513
13,66o,584 .
2,772,203 '
9,831,800 '
7,450,974
8,740,132
7,297,390
2,78 2,593
1,080,784
f,109,01 l ,274
$106,497,369
f,106,303,549
ACCOUNTS
Feb. 1, 1926
3
100,801
8,281
74,693
14,74 2
22,849
38,7 14
18,751
23,141
16,856
3,406
52
322,234
Jan; 1, 1926 Feb. 1, 1925
96,491
8,161
14,444
22,789
38,643
18,912
22,802
1 6,575
3,828
94,368
8,207
-;1,890
14,973
20,017
39,630
19,440
21,096
16,730
3,815
318,151
310,166
75,5o6
Federal Reserve Bank Clearings
During the month of January clearings through the Federal
Reserve Bank of Kansas City and branches at Omaha, Denver
and Oklahoma City were 12.4 per cent smaller in amount than
in December, but were larger in amount by 2.4 per cent than
those reported for January of last year. The clearings for January 1926 are here compared with those for the previous month
and also with those for the corresponding month last year.
No. of Items
January, 1926.........·----------5,689,267
December, 1925 ................ _ _ _ __ _ _ _ 6,556,070
January, 1925 ...... _ _ _ _ _ _ _ _ _ _ _ 5,448,539
Amount
t, 932,787,000
1,065,200,037
910,542,658
The number of banks in the district sharing in this clearing
service in Janu ary was 3,680, of which 1,023 were member
banks and 2,657 were non-member banks.
Payments Through Banks
Clearing house reports from twenty-nine cities in the Tenth
District indicated the volume of business, as a whole, was larger
in the firs t five weeks of 1926 than in the first five weeks of 1925,
and also larger than in the last five weeks of that year. Payments by check through banks, or bank debits, in the twentynine cities during the five weeks ending February 3 amounted to
$1,583,023,000. This total is compared to $1,550,874,000 as
the amount of debits in five weeks ending December 30, and
$1,500,150,000 as the amount of debits in five weeks ending
February 4, 1925, indicating an increase for this year's five-week ~
period of $32,149,000, or 2.1 per cent, over the previous five ~
weeks, and an increase of $82,873,000, or 5.5 per cent, over the
corresponding five weeks last year. During the week ending
January 6 of this year debits reported for the twenty-nine cities
THE MONTHLY REVIEW
reached the highest total of record, $359,621,000. A summary
of the reports covering debits for '1-tis year's_five-week period
hows increases in amount over last year in fifteen cities and
ecreases in fourteen cities.
Five Wks.
Five Wks.
Per
ending ., ~
ending
Feb.3, 1926 : Feb.4,1925 =
Atchison, Kansas ........... ------'/> .!11 (7,869,000 '/,
7,979,000
Bartlesville, Okla.......................................
20,176,000
I 5,058,000
Casper, Wyo.......................... - - - 11,303,000
14,661,000
7,089,000
7,510,000
Cheyenne, Wyo ................. - - - - Colorado Springs, Colo ........... - - - 16,307,000
17,321,000
Denver, Colo._............................................ 204,539,000
203,922,000
Enid, Okla ..· - - - - -························
18,689,000
14,138,000
Fremont, Nebr........... _ _ _ _ _
3,987,000
4,017,000
Grand Junction, Colo...............................
3,679,000
3,521,000
Guthrie, Okla.............................................
4,346,000
3,668,000
Hutchinson, Kans .................. - - - 15,430,000
18,288,000
Independence, Kans...................................
12,668,000
11,394,000
24,166,000
20,555,000
Joplin, M o · - - -·································
22,254,000
22,769,000
Kansas City, Kans ........ _ _ _ _ _
:Kansas City, Mo................ _ _ _ _ 448,328,000
411,341,000
' Lawrence, Kans.........................................
6,137,000
5,974,000
Lincoln, Nebr... -........................................
38,389,000
35,507,000
McAlester, Okla.........................................
5,820,000
5,935,000
Muskogee, Okla.........................................
.16,916,000
18,843,000
Oklahoma City, Okla................................. 118,883,000
99,001,000
Okmulgee, Okla ............... - - - 13,5o6,000
12,101,000
Omaha, Nebr............................................. 222,561,000
238,525,000
Parsons, Kans ...........................- - 4,147,000
3,569,000
Pittsburg, Kans.........................................
7,688,000
6,927,000
22,570,000
23,180,000
Pueblo, Colo..................... - - - 77,790,000
84,861,000
St. Joseph, Mo ............ ---···············
Topeka, Kans .......................... ·-················
21,030,000
25,147,000
Tulsa, Okla................................................. 148,504,000
100,611,000
Wichita, Kans.______
58,252,000
63,827,000
Cent
Change
-1.4
34.0
---22.9
Total, 29 Cities ............ _ _ _ _ _ _ ,;1,583,023,000: f,1,500,150,000
5-5
-5.6
-5.9
0.3
32.2
-0.7
4.5
I 8.4
-15.6
11 .2
17.6
---2.3
9.0
2.7
8.1
-1.9
-10.2
20.1
11.6
-6.7
16 '2
11.0
---2.6
-8.3
-16.3
47.6
-8.7
Business Failures
Insolvencies in the Tenth Federal Reserve District in J anuary were 147 in number, with liabilities amounting to $1,348,728.
This record compares with that for December of 100 failures and
$1,176,400 of liabilities, and with that for January 1925 of 134
failures and $1,678,389 of liabilities. Failures in the United
States in January numbered 2,296 and liabilities $43,661,444,
indicating decreases from January 1925 of 21 failures and
Jrn,692,588 or 19.7 per cent in liabilities. Failures and liabilities
in January compiled by R. G. Dun & Company are shown in the
following by Federal Reserve Districts:
NUMBER
1925
First, Boston.·-··-···· ·················· 211
217
1926
Second, New York ......................
Third, Philadelphia....................
Fourth, Cleveland ......................
Fifth, Richmond ........................
Sixth, Atlanta..............................
Seventh, Chicago........................
Eighth, St. Louis_ ......................
Ninth, Minneapolis_..................
TENTH, KANSAS CITY........
Eleventh, Dallas........................
Twelfth, San Francisco..............
466
56
244
182
80
316
136
113
147
108
237
Total, United States.................. 2,296
416
80
199
188
I 56
345
127
103
134
78
274
2,317
LIABILITIES
1926
1925
'$ 6,691,046
'$ 3,742,645
8,636,584
20,028,016
1 ,348,759
1,747,846
5,581,160
4,937,059
3,516,504
4,029,401
1,355,434
2,75o,3 2o
8,180,404
9,753,298
2,u6,266
433,149
1,298,783
1,095,724
1,348,728
1,678,386
1,457,716
1,312,839
2,130,06o
2,845,349
'$43,661,444
Building
Building activity in cities of this district was retarded by
weather conditions and the January reports showed something
more than the usual decline from December, which was the high
record December for all time. In eighteen c'ities, from which
onthly reports have been received regularly since 1917, perits were issued during the month for 1,362 buildings estimated
n cost of construction at $4,275,298, a decrease of 47.8 per cent
'"
3
from December and 8.9 per cent less than the value of permits
issued in January, 1925. While eleven cities reported increases
over January of last year, seven cities reported decreases. Permits issued and their estimated cost are shown for the eighteen
cities in the following table:
PERMITS
ESTIMATED COST
%
1926
li26
1925
1925 Change
6
IO '/,
Casper, Wyo._ ....
6,976 -7.2
6,475
19,225 ---20.5
Cheyenne, Wyo ..·-························
15
15,275
9
Colorado Springs, Colo ................. 50
9 2,755 -42.6
53, 275
77
Denver, Colo.
230
512,850
1,450,050 -64.6
465
Hutchinson, Kan
20
40,260
6,075 562.7
5
21
Joplin, Mo.-..
22.'J.
26,300
21,520
13
"
Kansas City, Kans ...
Kansas City, Mo...........................
Lincoln, Nebr·---··························
Muskogee, Okla.............................
Oklahoma City, Okla.....................
Okmulgee, Okla......................·-····
Omaha, Nebr.
Pueblo. Colo.............
St. Jos~ph, Mo ...............................
Topeka, Kans ...........
Tulsa, Okla..·-······Wichita, Kans .....
Total, January
69
294
51
16
126
7
87
71
254
54
69
32
52
132
II4
1,362
28
17
1o6
'J.
144
21
55
158
79
II2,845
82,375
37.o
1,397, 15° 1,126,480
24.0
101,170
67,770
49.3
62.8
26,520
16,285
186,845 121.3
4I3,49o
1,300 926.9
13,350
299,008
555,77o -46.2
132,210 -49.6
66,6631
28,075
55,555
97•9
310,670
89,310 247.9
698,780
456,377
-34.7
lII,441 230.3
368,o65
1,597 '$4,275,298 $4,693,242
-8.9
Lumber and Materials
Sales of lumber in board feet at retail yards in this district
were larger in January than in December and larger than in
January of last year. Sales of all other materials at the reporting
yards, in dollars, were also larger in January than in both months
with which comparison is made. Stocks of lumber increased
over December but were smaller than a year ago. Percentages
of increase or decrease in sales, stocks, etc., for January, as
compared with the previous month and the corresponding month
a year ago, follow:
January 1926
Compared to
December 1925
Lumber sales, board feet------·· - - - - -o.6
Lumber stocks, end of month, board feet........
2.6
All material sales, in dollars.............................. 2.8
Outstandings, end of month .............................. ---2.7
Collections during mont,.__ _ _ _ _ _ -39.0
January, 1926
Compared to
January 1925
I 5.0
- 9.2
5.3
4.2 ,
2.4
During the four weeks ending January 30, 1926, the lumber cut
reported by nine associations was 823,550,093 feet of softwoods
and 89,322,914 feet of hardwoods. Production of lumber, sofc
woods, was 109,012,551 feet or 11.7 per cent below shipments
during the period of four weeks, and shipments were 52,190,541
feet or .5.3 per cent below orders.
Production of portland cement at mills in this district during
January totaled 256,000 barrels as compared with 395,000 barrels in January a year ago. Shipments during January were
325,000 barrels against 275,000 barrels for the same month last
year, an increase of I 13,000 barrels, or 41 per cent.
Shipments of portland cement from all mills in the United
States in January were the largest for that month in any year
and showed an increase of nearly 11 per cent as compared with
January, 1925, according to the Bureau of Mines, Department
of Commerce. Production showed a decrease of 824,000 barrels,
while stocks were never exceeded and were 17 per cent greater
than in January, 1925.
Production of face brick at 71 plants located in I 8 states in
January was 8.7 per cent less than in December and 6.5 per cent
larger thJn in January, 1925, as reported by the American Face
Brick Association. Unfilled orders at the end of January were
18.4 per cent larger than a month earlier and 25.2 per cent
larger than a year ago.
THE MONTHLY REVIEW
4
.
RETAIL TRADE AT 33 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
Percentage of increase (or decrease) for January 1926 over January 1925
Kansas
Oklahoma
Lincoln
City
Denver
City
JWichita Omaha
Number of stores reporting
2
3
4
4
3
3
I. Net sales, tota
Same
-3.0
3.8
6.5
- 17.4
7.4
2. Stocks (retail value) end of month ....
14-9
2.1
--z.oJ
-3.3
5.2
7.5
-0.2
8.6
-3.8
-13.8
3. Outstanding orders (cost) end of month ........
16.8
18.1
21.4
7.2
12.5
--2.5
4• Accounts receivable, .end of month..
IO.I
17•7
28.3
3.6
--2.3
5. Total collections during month ___ ····-·········-·---5.9
Retail Trade
Retail stores in all cities of this district reported a marked
seasonal slowing down of trade in January as compared with
the exceptionally heavy volume in December. However, the
reports of department stores showed January trade was somewhat spotty. Sales at I 5 stores were larger and at I 8 stores smaller for the month than in January of last year, the average for
all reporting stores showing a decreases of less than I per cent.
Sales of shoes at reporting retail stores were larger in January
than in the same month last year, while sales of mens clothing
were slightly larger and of womens apparel slightly smaller.
Retail furnit{ire sales in January fell considerably below December sales and below those for the same month last year.
Wholesale Trade
Reports of wholesale firms at the principal distributing centers
of this district showed sales of dry goods during January were
larger than in December and also exceeded those in January,
1925. Sales of furniture at wholesale houses were smaller than
in the previous month but larger than a year ago. In other wholesale lines-groceries, hardware, drugs and millinery-} anuary
sales were smaller than in both months with which comparison
is made. Stocks of dry goods, hardware and furniture were larger
and of groceries and drugs smaller on January 30 than on the
corresponding date last year. Outstandings at the end of J anuary were larger than a year earlier for all reporting lines except
millinery.
Dry goods firms reported trade starting off good for:this:season
with steady buying by retailers for their immediate or near
future needs. There was no speculation and no tendency to
increase stocks at retail stores. An improvement in deliveries
by railroads in recent months was reported and it was said that
it was now possible, with the same amount of merchandise on
hand, to do an increased business over similar periods three to
five years ago when manufacturing and shipping facilities were
not so good as at present. Prices of dry goods were reported a
little under those prevailing a year ago, although there had been
no radical changes. Such prices as were made for goods for the
fall of 1926 were from 5 to IO per cent under prices made a year
ago for the fall of 1925.
January brought little change in the wholesale grocery trade.
Retailers continued to buy from wholesalers in small lots but
their more frequent orders contributed to the making of a very
large and steady volume of business. The same tendency was
reported in other lines.
Tulsa
3
15-1
49·4
28.6
55.o
Other All Cities
Cities Reported
II
33
-o.6
-0.9
-1.0
1.7
-3.7
1.5
8.I
5.1
-5.0
7.8
The January returns from wholesale hardware firms disclosed
great activity in trade for this time of the year. Wholesalers
Deliveries from
reported heavier stocks than last year.
factories were good and wholesalers experienced little
shortage from their sources of supply. Prices were reasonably
stable, and no changes of consequence were reported in recent
months, or in the past year. The problem of wholesalers in the
distribution of merchandise seems to be that of increased cost
of super-service. The disposition on the part of the consumer
and the dealer to return merchandise means extra cost for
transportation, depreciation of the value of returned goods and
adds to overhead expense.
Wholesale druggists' reports indicated..,. retailers: were: still
buying in small lots, but their stocks were in better shape than ,
for some time. Competition among wholesalers was very keen.
Prices were reported steady with an upward tendency except
for a few seasonal items on which the decline has been marked.
Supplies are freely offered, with no delays in shipments.
Implements
Although actual delivery of implements and farm machinery
to customers in this district will not begin until in the month of
March, distributors in January and February were preparing
their stocks so as to meet the demand when it comes. Orders
booked for spring delivery were reported considerably ahead of
those booked at the same time last year. At the convention of
western retail implement dealers in Kansas City in January a
great many purchases were made of implements and machinery,
and it was indicated that conditions in the country, and the
feeling with retail dealers and farmers, were greatly improved as
compared with a year ago.
Collections
Collections during January were fair to good throughout the
district, as indicated by reports of wholesale and retail firms
and lumber and implement dealers. Amounts collected by
wholesalers on outstanding accounts were smaller than in December, due to heavy payments made by retailers at the end of
the year. Outstandings on the books of wholesalers in all lines
except millinery were larger than a year ago, and percentages
of collections were smaller for all lines except dry goods and
millinery. Department store reports showed an increase of 7.8
per cent in collections during January, 1926, over January, 1925.
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
Reporting
Stores
Dry Goods .....·-·-·---··-----9
Groceries_···--····-····-···8
Hardware.......·-···-·····-·•7
6
Furniture..
Drugs.....·-···
7
MillinerY--·············---3
SALES
Jan., 1926 compared with
Jan., 1925
Dec. ,1925
1.9
39.8
t·9
--20.I
-4.1
-8.o
,.2
-6.5
--2.8
II.I
-6.8
-12.3
OUTSTANDINGS
Jan. 30, 1926 compared with
Dec. 31, 1925 Jan. 31, 1925
6.2
7.2
-3.1
6.3
1.6
--2.4
-0.5
COLLECTIONS
Jan., 1926 compared with
Dec., 1925
Jan., 1925
-33.8
3.9
-16.9
--25.2
7.9
3.2
-17.6
3.3
19.6
-3.2
-o.6
-12.3
- 5.2
-0.5
- 4.9
-0.4
2.6
STOCKS
Jan. 30, 1926 compared with
Dec. 30, 1925 Jan. 31, 1925
29·4
10.4
-5 .4
-6.9
3.0
2.3
1.8
3.5
-3.4
5.3
4
5
THE MONTHLY REVIEW
LIVE STOCK ON FARMS IN SEVEN STATES AND THE TENTH FEDERAL RESERVE DISTRICT JANUARY 1, 1926 and 1925
Horses and Colts
Colorado..·-·····Kansas.·-··-····
Missouri ........_
*19 Counties..
Nebraska.........
New Mexico....
*10 Counties..
Oklahoma ........
*69 Counties ..
Wyoming...• __
1926
1926
1925
352,oco
367,000
39,000
896,000
938,000
714,000
164,220
863,000
187,000
76,000
614,000
574,000
197,000
244,000
382,000
60,060
115,000
34,000
13,000
373,000
324,000
6,000
675,000
147,340
833,000
175,000
72,000
593,000
557,000
190,000
(U. S. Department of Agriculture's Report)
Milk Cows
All Cattle
and Calves
and Heifers
1926
1926
1925
1925
1925
222,000
224,000
39,ooo 1,277,000 1,465,000
260,000 3,080,000 3, 143,000
766,000
766,000
827,000
835,000
390,000 2,369,000 2,44.2,000
60,310
186,000
185,600
524,200
499,730
121,000 3,248,000 3,314,000
625,000
625,000
64,000
33,000 1,161,000 l,'290,000
64,000
12,000
26,000
26,000
438,000
485,000
582,000
369,000 1,610,000 1,695,000
570,000
320,000 1,481,000 1 ,559,000
523,000
534,000
6,000
66,ooo
69,000
795,000
795,000
Mules and Colts
Hogs and Pigs
Sheep and Lambs
1926
2,459,000
432,000
1,038,000
203,860
775,000
2,502,000
1,176,000
77,000
76,000
3,032,000
1925
2,616,000
376,000
1,018,000
227,649
840,000
2,36o,ooo
1,no,000
70,000
69,000
2,808,000
1926
443,000
2,023,000
3,671,000
946,150
4,050,000
47,000
22,000
736,000
634,000
90,000
1925
492,000
2,467,000
3,864,000
864,120
4,818,000
59,000
28,000
969,000
836,000
102,000
Seven States.... 3,714,000 3,880,000 1,193,000 1,218,000 13,540,000 14,144,000 3,143,000 3,162,000 10,315,000 10,088,000 II,060,000 12,771,cx>o
Tenth District 3,047,000 3,179,000
801,000
818,000 10,819,000 n,285,000 2,417,000 2,427,000 8,154,000 8,047,000 8,208,000 9,607,000
United States.. 15,778,000 16,554,000 5,780,000 5,758,000 59,829,000 62,150,000 22,290,000 22,523,000 40,748,000 39,390,000 51,223,000 55,769,000
*Parts of states included in the Tenth Federal Reserve District.
Live Stock on Farms and Ranges
Market Movement
A compilation of the returns to the crop reporting board of
the United States Department of Agriculture, for its 1926 live
stock survey, placed the number of live stock on farms and ranges
in the Tenth Federal Reserve District on January 1, 1926, at
JI,029,000 head and gave them a value of $777,407,000. The
totals for January I, I 926, indicated a decrease of I ,907,000,
or 5.7 per cent, in number but an increase of $49,050,000, or
6.7 per cent, in value as compared with the revised figures
for January 1, 1925.
Estimates gave the Tenth District· first rank among the
twelve Federal Reserve Districts in _ ! the number of cattle
and calves on farms, and second rank in the number of sheep
and lambs and also second rank in the number of hogs and pigs.
Combined totals for the states and parts of states comprising
the Tenth District, follow:
Reports from six leading markets in the Tenth District for
January showed receipts of cattle and calves were smaller and
of hogs, sheep, horses and mules larger than in the month of
December. However, the month's receipts of all classes of live
stock, with the exception of calves, fell short of the receipts
reported for January, 1925. The January receipts at the six
markets, with comparisons, follow:
NUMBER
1926
1925
Horses and colts ____ 3,047,000
3,179,000
Mules and colts.......... 801,000
818,000
All cattle and calves.. 10,819,000 11,285,000
Sheep and lambs_ ...... 8,154,000
8,047,000
_Hogs and pigs_____ 8,208,000
9,607,000
VALUE
1926
1925
$145,663,000 $148,327,000
51,287,000
52,067,000
330,922,000
365,326,000
88,084,000
81,154,000
I I 5,887,000
127,047,000
All live stock..---····31,029,ooo
$777,407,000
32,936,000
$728,357,000
A study of the figures contained in the foregoing shows sheep
and lambs were the only species of meat animals that increased
in number during the year. The gain was 107,000 head, or I.J
per cent. Cattle and calves decreased 466,000 head or 4. 1 per
cent, but the loss was mainly in beef cattle and calves, as the
number of cows and heifers for milk was but 10,000 head, or
0.4 per cent, less than that reported a year earlier. Hogs and
pigs fell I,J99,ooo, or 14.5 per cent, below the number reported
January 1, 1925. The number of horses and colts decreased
IJ2,ooo, or 4.1 per cent, while mules and mule colts decreased
only slightly, 17,000 head, or 2 per cent.
The average value per head of all classes of live stock on farms
and ranges in this district was larger on January I, 1926, than
on the corresponding date last year. The average value per
head for the district, however, was smaller for all classes except
sheep and hogs than the aver agefor the entire United States. The
following shows the average values per head for the district and
the United States for both years:
TENTH DISTRICT
1926
1925
Horses and colts _ _ _ _ _ _ _ J47.80
$46.65
Mules and colts.. -......
64.02
63.65
Cattle and calves .. _
33.76
29.32
Sheep and lambs...·-··10.80
9.83
Hogs and pig
15.47
12.06
UNITED STATES
1926
1925
$65.08
$64.18
81.30
82.24
38.40
33.46
10.50
9.63
15.21
12.38
Hogs . J.. Sheep
104,766
172,334
114,776
101,987
123
3,349
fHorses
Mules
4,733
1,894
1,106
3,296
980
'2,701
January, 1926.. - - - - - · ····406,592 63,210
838,912 497,335
770,84.2 474,745
December, 1925 ............................. -441,070 74,203
January, 1925 .. ______ .... 431,900 55,511 1,231,980 510,688
14,710
9,504
16,353
Cattle Calves~
Kansas City.................. _ _ _ _ 148,858 27,021
Omaha ........................ _ __ _ 121,757
7,979
St. Joseph ........................................ 46,660
9,499
Denver.............................................. 37,088
5,087
7,879
Oklahoma CitY·-----········ 25,341
Wichita ................... - - - - - · 26,888
5,745
224,672
322,776
146,299
73,6o9
17,140
54,416
The countr yw anl mo ,;emen t of stock and feeding meat animals
in January fell short of the December outgo but exceeded that of
January of last year for all classes except hogs. The January
returns from four markets on stocker and feeder shipments
follow:
Kansas City...·-····
Omaha..
St Joseph--····
Denver.·---····-·-··
Cattle
....... 4i,938
......... 23,812
7,376
········· 25,268
January, 1926
December, 1925 .... - ..
January, 1925 ..
........ 98,394
126,653
95,5° 1
Calves
1,735
Hogs
7,358
261
913
1,926
1,599
Sheep
11,694
19,728
II,836
4o,378
2,909
I I,008
11,279
14,136
83,636
II6,998
73,358
5,645
1,905
125
Meat Packing
Reports of packers' purchases of meat animals at public stock
yards, including live stock shipped direct to packer yards, indicated larger numbers of hogs, sheep and calves and a smaller
number of cattle were slaughtered in January than in December.
Cattle
83,913
82,541
32,436
9,341
17,246
7,332
Calves
21,797
4,658
8,571
4,112
7,243
3,712
Hogs
177,506
206,884
126,179
January, 1926 .......................................... 232,809
December, 1925 ........ _ _ _ _ _ _ 269,013
January, 1925 .. - - - - - - - ~ 4 7 , 0 2 5
50,093
636,645
48,841
45,687
570,401
981,175
Kansas City...·-····- - - - - - Omaha.... -----························
St. Joseph ........ ------··········
Denver......................................................
Oklahoma City... - - - - - - · · · · ·
Wichita....................................................
59,573
14,396
52,107
Sheep
85,893
124,201
98,637
14,249
108
2,947
326,035
285,384
305,005
Stocks of pork and lard at Kansas City on January JI were
26,040,800 pounds, as compared with 22,062,200 pounds on
December JI, and 46,050,000 on January JI, 1925.
6
THE MONTHLY REVIEW
Agriculture
Moderate temperatures during the forepart of February gave
farmers in many parts of the Tenth District an early start with
their plowing and preparation of the soil for planting Spring
crops. The work was well advanced by the middle of the month
except in sections of the Rocky Mountains and upper Great
Plains where light to heavy snows interfered. The soil generally
was in good condition, although in some sections it was a little
wet and in others it needed rain.
Seeding of oats began in the first week of February in the
southern counties of Oklahoma, and these favorable conditions
continuing, this work became general over the southern part of
the district by the end of the month.
Reports indicated fall sown grains passed through December
and January with a minimum of winter killing and were in good
condition late in February, although March and April conditions
were yet to be weathered successfully before winter wheat and
rye could be regarded as safe. The condition of pastures in t he
eastern and southern parts of the district was reported as poor
to fair, while on the ranges in the Rocky Mountain regions there
were bare spots in a few sections which afforded some feed for
stock, although the greater range area was covered with snow,
necessitating heavy feeding of live stock.
Winter Wheat
The condition of winter wheat in Kansas, with 11,395,000
acres planted last fall, was much better in the early part of
February th an at the same time last year, according t o an official
report from that state. Surface moisture had been sufficient to
keep the wheat healthy, whereas a year ago the crop in :fifteen
northern counties was reported as practically dead. The Hessian
fly was present in several counties. The favorable outlook for
wheat extended into Oklahoma and the crop in that state was
in excellent condition. In the northwestern counties, notably in
the Panhandle section where the soil was needing moisture, there
was an improvement early in February. Winter wheat was in
fairly good condition in Nebraska, while in Missouri it made
little growth during the winter and afforded no pasture. The
winter wheat acreage in Missouri, reported as 1,261,000 acres,
is the smallest area in twenty-seven years.
Grain Marketing
The January movement of wheat to the five reporting markets in this district was 4,465,650 bushels, or 41.7 per cent, under
the receipts during the month of December and 1,972,850 bushels, or 28 .8 per cent, less than the number of bushels received
at the same markets in January, 1925. Receipts of corn in January were 231,100 bushels, or 3.4 per cent, larger than in the
preceding month but were 906,900 bushels, or 11.3 per cent,
less than in January a year ago. Arrivals of other classes of grain
at the five markets during the first month of 1926 were in smaller
volume than in December and, save for an increase in rye receipts, were smaller than in the first man th of 192 5. The receipts at the five markets in January, and combined monthly
totals follow:
Wheat
Corn
Kansas City........ 3,099,600 3,223,750
Omaha................ 907,200 2,102,800
Hutchinson ........ 862,650
196,250
St. Joseph .......... 544,600 1,309,500
Wichita ................ 830,'.250
272,400
Oats
Rye
528,700 13,200
794,ooo 128,800
Barley
Kafir
34,500
415,800
40,000
7,5 00
116,000
84,000
1,200
- - - - --
159,900
1,500
7,200
January, 1926.... 6,244,300 7,104,700 1,530,200 142,000 75,700
584,400
923,800
December, 1925.. 10,709,950 6,873,600 1,789,000 152,500 92,250
January, 1925-... 8,217,150 8,ou,600 3,299,000 97,900 720,750 1,092,400
Elevator stocks of grain at Kansas City, Omaha, St. Joseph
and Wichita on January 30, 1926, were: Wheat 10,002,000
bushels, corn 5,799,000 bushels, oats 9,839,000 bushels. On
January 31, 1925, elevator stocks at the four cities were: Wheat
16,837,000 bushels, corn 8,500,000 bushels, oats 4,311,000 bushels.
Flour Production
Southwestern reporting mills made 1,721,669 barrels of flour
in January, 108,891 barrels, or 5.9 per cent, less than in December and 445,129 barrels, 9r 20.5 per cent, less than in January,
1925. Reports to the Northwestern Miller showed the number of
barrels of flour produced at the leading milling centers during
January 1926, December 1925 and January 1925, as follows:
Jan., 1926
105,326
484,557
88,210
104,219
113,649
I 14,512
711,196
Dec., 1925
94,008
Total ..................................... _ _ _ _ 1,721,669
1,830,56o
Atchison....................................................
Kansas City..............................................
Omaha......................................................
Salina........................................................
St. Joseph ................ ................................
Wichita....................................................
Outside......................................................
509,685
91,033
II'2,5I2
162,939
n5,691
744,692
Jan., 1925
n5,370
520,518
99,II4
133,557
191,947
167,877
938,4 15
Zinc and Lead Mining
Reports from the zinc and lead fields in Missouri, Kansas and
Oklahoma, the tri-state district, showed some slowing down of
activity during the early weeks of 1926. Shipments of zinc ore
during a period of five weeks ending January 30 were 9.6 per
cent less in tonnage and 11.9 per cent less in value than shipments
during the five weeks ending December 26, 1925, although they
exceeded the shipments during the corresponding first five weeks
in 1925 by 12.9 per cent in tonnage and 12.4 per cent in value.
Shipments of lead ores during the five weeks ending January 30
showed marked decreases in tonnage and value as compared for
the previous five weeks and the first five weeks of 1925. Shipments in tonnage and values are shown in the following:
ZINC ORE
Value
LEAD ORE
Tons
Value
Tons
Oklahoma ..........................................48,499
K~nsas.:·········-------···22,725
M1ssour1.. .......................................... 5,355
'/,2,692,507
1,258,752
294,588
9,057
2,635
284
314,195
33,967
5 wks. ending J an. 30, 1926............76,579
5 wks. ending Dec. 26, 1925 ..........84,746
5 wks. ending Jan. 31, 1925 ............67,824
$4,245,847
4,816,882
3,777,521.
11,976
17,080
13,499
$1,418,297
2,046,540
1,866,266
$1,070,135
Avernge prices paid for ores during the first five weeks of this
year were $55. 90 per ton for zinc ore and $ 119. 50 per ton for
lead ores. The average value for the corresponding five weeks
of 1925 was $54.60 per ton for zinc ore and $137.20 per ton for
lead ore.
Metal Mining in Colorado
Unusual activity for the winter season is reflected in reports
from the mining camps in the Rocky Mountain regions, and
particularly in Colorado. This favorable situation is due to
present high prices for metals, an increased demand for silver,
an expansion in industrial and commercial uses of z:inc and lead,
and a stabilized market for copper. Practically all mining communities in Colorado produce these metals, and with the adoption of improved methods of mining and smelting, operators
planned for large production during this year. Operations during January and February, while restricted by winter conditions, continued at about the same rate of activity as in November and December, and in many of the mines exceeded that
reported for the first month oflast year.
Soft Coal Production
Production of bituminous coal at the mines in this district
declined during January to a total of 2,839,000 tons, as compared
to 3,316,000 tons in December and 3,493,000 tons in January,
4
7
THE MONTHLY REVIEW
1925, which was the high monthly production in that year.
The tonnage of coal mined in each of the six producing states,
as estimated for January by the United States Geological Survey, is here shown; the totals for January of last year are the
final official figures for that month:
*Jan., 1926
(Tons)
Colorado.................................................. 973,000
Kansas .........·---·························· 427,000
Missouri .... _ _ _ _ _ _ _ __
269,000
New Mexico................ _ _ _ __
258,000
Oklahoma ...........· - · · · · - - - - - - 218,000
Wyoming...... _ _ _ _ _ _ __
694,000
*Dec., 1925
(Tons)
795,000
1,217,000
485,000
364,000
285,000
349,000
793,ooo
Tota,,___ _ _ _ _ _ _ _ _ _ 2,839,000
*Estimated
3,316,000
3,493,000
1,190,000
450,000
350,000
259,000
272,000
Jan., 1925
(Tons)
Production of bee hive coke in Colorado and New Mexico
during the calendar year to February 7 was reported as 29,000
tons, against 23,000 tons produced in the same period last year.
Petroleum
The daily average output of crude oil from wells in five states
of the Tenth District during the early weeks of 1926 fell regularly below the daily average for the corresponding weeks in 1925,
and also were less than the daily averages for December. The
daily average for the month of January was 634,387 barrels,
10,752 barrels less per day than in December and 4,507 barrels
less per day than in January 1925. Gross production in J anuary was 19,666,000 barrels, 333,000 barrels or 1.7 per cent less
than in Decem her and 140,000 barrels or o. 7 per cent less than
in January of last year. Gross production in barrels and the
daily averages for the five producing states are shown in the
following:
*Jan., 1926
Barrels
Oklahoma................................................ 13,822,ooo
Kansas .....................·---············ 3,086,000
Wyoming...... _ _ _ _ _ _ _ _ 2,444,000
Colorado____ _ _ _ _ _ 183,000
New Mexico ....................... _ _ _ _ 131,000
Dec., 1925
Barrels
Jan., 1925
Barrels
14,135,000
3,213,000
2,361,000
158,000
132,000
14,975,000
2,437,000
2,322,000
58,000
14,000
Total... ..•.. _ _ _ _ _ _ _ _ _ _ 19,666,000
19,999,000
19,806,000
DAILY AVERAGE PRODUCTION
*Jan., 1926
Dec., 1925
Barrels
Barrels
Oklahom"---- - 455,871
445,978
Kansas .........· - - - - · - - - 103,645
99,548
Wyoming................... _ _ _ __
76,161
78,839
Colorado............... _ _ __
5,903
5,097
New Mexico..........................................
4,226
4,258
Jan., 1925
Barrels
483,o55
78,~13
74,9o3
1,871
452
Tota.___ _ _ _ _ _ _ _ _ _ 634,387
*Estimated American Petroleum Institute
The steady decline in crude oil production during January was
accompanied by an increase in the price per barrel in practically
all fields. It also stimulated activity in new develop ments,
as indicated by the summary of results of field operations in January:
~
Jan., 1926.. _..674
Dec., 192.5......571
Jan., 1925_._339
Business Conditions in the United
States
Industrial activity in January was in slightly smaller volume than in Decem her, and the distribution of commodities
showed a seasonal decline. The level of prices remained practically unchanged.
Production
The Federal Reserve Board's index of production in selected
basic industries was abo'..lt 1 per cent lower in January than in
December. The output of iron and steel, copper and zinc increased, while activity in the woolen and petroleum industries
declined, and mill consumption of cotton, the cut of lumber and
bituminous coal production increased less than is usual at this
season of the year. Automobile production, not included in the
index, was slightly smaller than in December, but considerably
larger than in January, 1925._ Factory employment changed but
little in January, but the earnings of workers decreased considerably owing the closing of plants in most industries at the opening of the year for inventory taking and repairs. The volume of
building contracts awarded in January, although seasonally
less than in December, exceeded that of any previous January
on record. Contracts awarded were particularly large in the
New York and Atlanta districts.
Trade
GROSS PRODUCTION
Wells
Completed
Oklahoma...... 441
Kansas ........... 171
Wyoming····- 39
Colorado........ 9
New Mexico.. 14
Reports of refinery activities showed 65 plants in operation
in February 1, and daily runs to their stills of 250,555 barrels of
crude oil. This total compares with 68 plants in operation and
daily runs of 256,580 barrels on January 1, and with 87 plants
in operation and daily runs of 260,730 barrels on February 1,
1925.
Bbls. Daily
New Prod'n
Dry
Wells
Gas
Wells
Rigs - Wells
Drilling
52,606
151
10 ,735
59
61
6
2,467
49o
1,315
9
1,212
468
308
124
67,613
94,048
77,481
226
190
n6
5
2
-
0
0
68
62
36
151
2,263
2,251
2,199
Sales of department stores and mail order houses showed more
than the usual seasonal decline in January, but were larger than
in January of las t year. Wholesale trade declined considerably
and was in smaller volume th an a year ago. Stocks at department stores showed more than the usual increase in January and
were about 11 per cent larger than at the end of January, 1925.
Freight car loadings declined in January and the daily average
for the month was approximate!}'." the same as a year earlier.
Prices
Wholesale prices, as measured by the index number of the
Bureau of Labor Statistics, remained practically unchanged
from Decem her to January. By groups of commodities, prices
of grains, coke, and paper and pulp increased, while dairy products, cotton goods, bituminous coal, and rubber declined.
In the first three weeks of February there was a decline in the
prices of grains, and following the settlement of the strike in
the anthracite region a drop in the prices of bituminous coal and
coke. Price advances were shown for refined sugar, copper,
and petroleum.
Bank Credit
At member banks in leading cities the seasonal decline in
the demand for credit, which began at the turn of the year,
came to an end toward the close of January, and in the early
part of February the volume of loans and investments at these
banks increased considerably. The increase was largely in loans
for commercial purposes, which after declining almost COIJ.tinuously from their seasonal peak early in October, advanced
by more than $50,000,000 in February.
8
THE MoNmLY REVIEW
The growth in the commercial demand for credit throughout
the country, together with some increase in currency requirements, was reflected in a withdrawal of funds from the New York
money market and was a factor in the increase in the demand
for reserve bank credit after the end of January. Reserve banks
P£R CENT
P£RC(NT
150
150
holdings of bills and securities increased by about $66,000 ..000
between January 27 and February 17. '
As the result of the withdrawal of funds from New York the
rates on call loans became somewhat firmer in February but
commercial paper rates were slightly lower.
PER C[NT
PlRCENT
200
200
100 1-----l--------i- - - - +-
-
-
-+- - - - 1 100
50 f - - - - + - - - - - - + - - - - - l - -- ---1----~ 50
SO l - - - - - l - - - - - - - - i - - - - + - - --+- - --1 50
PRODUCTION IN
BASIC INDUSTRIES
WHOLESALE PRICES
Q.___ _ __.___ _ _
1922
1923
.....___
_ _.J..__ _ _-'------- 0
1924
,925
1926
O' - - - - - ' - - - - ' - - - - - L -- --'-----~O
1922
Index of 22 basic commodities, adjusted for seasonal
variations, (1919=100). Latest figure, January, 120.
P£RC.ENT
PERCENT
6
6
5
5
4
4
3
3
'I
1924
1925
1926
BILLIONS Of DOU-6.i-S
BIUIONS Of DOLLARS
10
10
8
8
6
6
4
4
2
2
f
I
\. ,,.,,.1
2
1923
Index of United States Bureau of labor Statistics
(1913=100), base adopted by bureau). Latest figure,
January, I 56.
--+-----+----- 2
L - - - - - - + - - - - - - + - -.........
MONEY RATES
-
Ccmmercio/ Paper Rl!lfe
N. Y. Reserve Bank Discount Rate
--- Acceptance Rote
MEMBER BANK CREDIT
0
0
1922
1923
1924
1925
1926
Weekly rates in New York money market. Commercial paper rate on 4 to 6 months paper and acceptance
rate on 90-day paper.
0
0
1922
1923
1924
1925
1926
Monthly averages of weekly figures for 100 leading
cltles. Latest figures are averages for tirst weekly repor(datefin: February.
@FedFRASER