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THE MONTHLY REVIEW
Of Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Re.rerve District
FEDERAL
RESERVE
BANK
KANSAS
CITY
M L. McCLURE, Chairman and Federal Reserve Agent
A. M. M cADAMS, Assistant Federal Re~erve Agent and Secretary
Vol.
I2
KANsAs CITY, Mo.,
MPORTA T developments in the Tenth Federal Reserve
District thus far in 1927 were: Production of commodities
in basic industries at about the level of the final quarter
of 1926; some expansion in distribution of goods by wholesalers
and jobbers; a heavy volume of retail trade for the season;
liberal marketings of grain and live stock; further easement in
the money and credit situation; and, in February, precipitation
of snow and rain, providing needed moisture for the farming
area. The volume of business in this district as 'a whole, indicated by the value of checks drawn· and cashed at banks in
leading cities during the first five weeks of the year, was 4.4
per cent larger than for the like period last year.
I
The outstanding development in production during January
was an increase in the daily average and gross output of crude
petroleum, the totals passing all former daily and monthly high
records. Zinc and lead ore production and shipment continued
at a high rate through the early half of the month but declined
in the latter part. Operations at the soft coal mines slackened
to an extent and the tonnage mined was the same as reported
for January a year ago. Heavier market runs of meat animals
at stock yards brought an increase in operations at the packing
houses, and the output of beef and pork was larger, and of
mutton slightly smaller, than in January 1926. The output of
flour at mills in this district fell below that for December but
was nearly 20 per cent above the number of barrels produced
in the opening month of 1926.
Building contracts awarded during the first month of the
year carried a larger value than the awards made during the
first month of last year, and there were indications of considerable activity in this district in the spring. The number of new
buildings started in leading cities, as shown by reports of permits issued, exceeded the December total but fell short of the
number issued in January a year ago, while a decrease in the
value of permits was indicative of a smaller building investment.
Distributive trade by wholesalers and jobbers expanded
seasonally in J ainuary and the month's sales, combined for six
reporting lines, was slightly larger than in December, but slightly
smaller than in January 1926. Retail trade at department stores
and single line stores exceeded the expectations of dealers, some
reductions in prices being an incentive to buying by consumers.
The volume of sales in dollars, while seasonally smaller than in
December, was 1arger than a year e.irlier.
The situation in this District with respect to money and
credits changed but slightly in recent months. Deposits in banks
~ were in excess of ordinary requirements, and rates continued
, low and unchanged.
\
O·F
MARCH I, I
927
No. 3
BUSI ESS ACTIVITY IN THE TENTH FEDERAL RESERVE DISTRICT
Returns for January r927 compared to those for December r926
and January r926 in percentages of increase or decrease.
January 1927
January 1927
compared to
compared to
Banking
December 1926
January 1926
5.8
4.4
Bank debits in 30 cities .............. _ _ _ _ _
5.6
Clearings, Federal Reserve Bank.......................... -8.5
Loans, 66 reporting banks......................................
1.6
-4.9
Investments, 66 reporting banks____ _
2.4
9.2
0.4
Deposits, 66 reporting banks.... _ _ _ _ _ _ 0.4
Savings deposits, 56 banks .. _ _ _ _ _ _ _
2.0
3.6
Business failures, number........... _ _ _ _ _ _ 6.7
-1,p
Liabilities, amount................ _ _ _ _ _ __ 31.7
21.8
Trade
Department store sales .... _ _ _ _ _ _ _ _-52.0
2.8
Furniture sales, retail.. ..................... _ _ __
12.6
Lumber sales, retail yards ............ _ _ _ __
10.3
-5.8
Wholesale sales, all lines reporte~-- - - 1.4
Market receipts
Cattle............. _ _ _ _ _ _ _ _ _ _ __ 10.8
Calves ............ _ _ _ _ _ _ __
1.6
-4.l
Hogs .................. _ _ _ _ _ _ _ _ __
21.6
4.1
Sheep ...... _ _ _ _ _ _ .._ _ _ _ _ __
16.1
-5.3
Horses and mules..................
121.4
-15.6
Wheat........................
--;.9
8.1.2
Corn .. _ _ _ _ _ _ _ _ _ _ _ _ __
-l4.5
-32.4
Oats ...... - - - - - - - - - - - - - Production
Petroleum ........ _ _ _ _ _ _ _ _ _ _ _ 4.2
2 3·9
Zinc ore (shipments) .... _ _ _ _ _ _ _ _ _-16.3
-8.8
Lead ore (shipments) ............ _ _ _ _ _ _ _ -12.9
-<) ,7
Coal........ _ _ _ _ _ _ _ _ _ _ _ _ _-13.6
Same
Flour...... _ _ _ _ _ _ _ _ _ _ _ _ _ -8.4
19.4
II2.6
Cement ....................................................... _ .. -14.6
Meat Packing
Cattle.................. - - - - - - - - - Calves ............ _ _ _ _ _ _ _ _ _ _ __
Hogs ................ _ _ _ _ _ _ _ _ _ __
21.5
Sheep ......- - - - - - - - - - - - - 12.1
Building
Contract awards, district........ _ _ _ _ _ _ -0.5
15.2
Permits issued, 19 cities ........ - - - - - - - 13.9
-2.7
Value of permits ............................. _ _ _ _-30.2
--;.3
NOTE: Bank debits and zinc and lead ore shipments are for periods of
five weeks. Bank loans, investments, deposits and savings are amounts reported
for February 9 and January 12, 1927, and February IO, 1926.
Money and Credit
The weekly c;:ombined statements of sixty-six reporting
member banks rin this district showed 'loans and discounts,
including rediscounts, increased $6,605,000 between January 12
and February 9, but the total as of the last date mentioned
stood $21,869,000 below that of February 10, 1926. However,
the amount of investments by the reporting banks as of February 9 was the highest reported since November 10, last, and
This Copy Released For Publication In Morning Newspapers February 28.
/_
THE MONTHLY REVIEW
2
$2,674,000 larger than at the corresponding reporting date last
year. Combined statements of the reporting Member Banks
in this District as of three dates show the principal resource
and liability items as follows:
Feb. 9, 1927 Jan. 12, 1927 Feb. 10, 1926
Loans, discounts and rediscounts:
Secured by U. S. obligations ........ '/, 4,265,000 1, 4, 197,000 'I, 4,031,000
Stocks and bonds other than U. S. u6,380,ooo
III,847,000 n5,800,ooo
All Other............ _ _ _ _ _ _ 299,391,000 297,387,000 322,074,000
Total Loans and Discounts .............. 420,036,000 413,431,000 44 1,905,000
lnvestmen ts:
U. S. Govt. securitics.·----··'1,102,245,000 1, 97,625,000 '1,104,597,000
Other bonds, stocks and securities 95,291,000
76,213,000
95, 293,000
Total Investments ............................ 197,536,000 192,918,000
I 80,8 I0,000
Total Loans, Discounts and Investments. · - - - - - - ············ 617,572,000 606,349,000 622,715,000
Deposits:
Demand Deposits ............................. '1,493,908,000 '$492,367,000 '/,492,757,000
Time Deposits .................................... 147,153,000 145,424,000 142,226,000
Government Deposits......................
1,447,000
1,697,000
4,851,000
Total Deposits .................................. 642,508,000 639,488,000 639,834,ooo
Reserve Bank Operations
Weekly condition statements of the Federal Reserve Bank
of Kansas City and branches, covering the current year to the
third week in February, showed the volume of credit in use
by it's members had continued, with slight fluctuations week
by week, at the lowest level since the summer of 1925. The principal items contained in the statement as' of February 9 are shown
in the following table, with those for four weeks "earlier... and
fifty-two weeks earlier for comparison:
·
Feb. 9, 1927 Jan. 12, 1927 Feb. 10, 1926
G9ld Reserves ........................................ '/, 98,822,973 'I, 97,830,460 $ 87,561,311
~~~:i :::;;:::: : : : : : : : : : : : : : : : : : : 10{:{!;:~!! IOt~i~:i~~
Bilis Discounted....................................
8,034,744
Bills Purchased...................................... 15,767,920
U. S. Govt. Securi ties.......................... 27,567,900
Other Securities....................................
Total Bills and Securities.................... 51,370,564
Total Resources .................................... 200,715,529
F. R. Notes in Circulation.................. 68,683,400
Deposits.................................................. 85,933,238
10,763,596
18,418,115
28,617,900
..................
57,799,611
213,324,183
70,688,450
89,749,463
9;:;;t~~l
I 5,904,448
14,796,048
34,407,700
392,000
65,500,196
206,164,942
66,575,750
90,465,134
Government Fina ncing
Advice has been received from the Treasury Department
that a new Treasury offering may be expected on March 15,
1927, the details of which will be publicly announced~on.,'or
about Monday, March 7.
·
Savings in Banks
Reports of 56 banks in leading cities showed a gain of 2 per
cent in the amount of saving deposits between January I and
February 1, and the total as of the latter date stood 3.6 per cent
above that of February 1, 1926. The number of savings accounts
on February 1, reported by 51 banks, was 2 per cent above
the numb.er reported one year earlier. T he deposit figures follow:
Banks Feb. 1, 1927 Jan. 1, 1927 Feb. 1, 1926
Denver, Colo ............................... 6 'f, 48,767,223 'f, 47,734,850 1, 48,204,485
2,208, 4 83
Kansas City, Kans ..................... 3
1,939,510
2,137,341
Kansas City, Mo ......................... 10
14,892,354
I 5,349,198
15,446,377
Lincoln, Nebr............................... 4
3,337,517
3,504,909
3,264,212
Oklahoma City, Okla ................. 7
8,456,156
9,899,022
7,828,239
7,63i,574
7,737,945
7,366, 151
Omaha, Nebr ....... ........................ 5
St. J oseph, Mo ............................. 6
7,664,556
8,022,941
8,010,013
Tulsa, Okla................................... 6
14,894,058
10,813,345
IJ ,698,797
4,712,766
4,832,575
4, 4 18,820
Wichita, Kans ........... .................. 5
1,073,172
1,075,751
1,018,518
Other Cities .................................. 4
TotaL ........................................... 56
'f,113,368,886 $111,107,877 '1,109,464,095
A remarkable growth in savings deposits in the United States
and in this district during the past ten years was indicated by
a recent report of the savings division of the American Bankers
Association. Total savings deposits, together with the amount
of savings deposits per inhabitant, as shown in the report, are
here presented for the states and parts of states which form
this district, and also the totals for the United States:
Savings per Inhabitant
1926
1916
$67
~olorado .. _ _ _ _ _ _ 1,101
'I,
34
K~nsas.:······ · · · · - - - - · · 69
49
Missouri.................................. I 10
Nebraska............ _ _ _ _ 150
63
19
25
New Mexico____
Oklahoma................................ 40
8
59
Wyoming........ ........................ 92
Seven States .......................... $ 89
United States ..... _ _ _ _ 211
$41
94
'$
Total Savings Deposits
1926
1916
107,014,000 'I, 59,902,000
126,263,000
60,349,000
384,755,ooo
166,565,000
208,334,000
7,485,000
92,915,000
21,622,000
79,337,000
7,987,ooo
16,o69,ooo
10,532,000
94.8,388,000 'I, 400,741,000
2.t.,696,192,000 9,459,308,000
The foregoing figures are complete for all states, no segregation by Federal Reserve Districts having been made.
Bank Debits
Debits by banks of checks drawn by customers against individual accounts in thirty cities of this district averaged
$57,453,724 for each business day during the five weeks ending
February 2, 1927. This total compares with $54,276,000 as the
daily average for the preceding five weeks ending December 29,
1926, and 1,55,023,857 as the daily average for the corresponding five weeks ending February 3, 1926. Thus it appears the
daily average debits during the five weeks ending February 2
was $3,177,?14 or 5.8 per cent larger than that for the preceding five weeks ending December 29; and $2,429,,897 or 4.4
per cent larger than that for ·the corresponding five weeks of
last year ending February 3. Twenty-three of the thirty cities
reported their debits during the five weeks ending February 2
were larger than for the corresponding period last year. The
reports in detail:
Five Weeks Ending
Per cent
Feb. 3, 1926 Change
Feb. 2, 1927
'I, 12,668,000
Albuquerque, N. M ............................... 'I, IJ,I 56,000
3.9
3.2
Atchison, Kans ....... - - - 8,121,000
7,869,000
29,654,000
20,176,000
47.o
Bartlesville, Okla ........... - - - Casper, Wyo...........................................
12,384,000
11,303,000
9.6
II.I
7,874,000
7,089,000
Cheyenne, Wyo.....................................
Colorado Springs, Colo. ........................
17,675,000
16,307,000
8.3
204,539,000
Denver, Colo........................................... 210,239,000
2.7
-2.7
18,186,000
18,689,000
Enid, Okla ............................................. .-.
Fremont, Nebr.......................................
4,654,000
3,987,000
16.7
2.8
.3,783,000
3,679,000
Grand Junction, Colo...........................
6.7
Guthrie, Okla............. - - - 4,636,000
4,346,000
21,438,000
15,430,000
Hutchinson, Kans. ................................
38.9
16.5
Independence, Kans .... - - - 14,756,000
12,668,000
20,121,000
24,166,000 -16.7
Joplin, Mo....... - - - - - - - 21.2
26,966,000
22,254,000
Kansas City, Kans.................................
-2.6
448,328,000
Kansas City, Mo................................... 436,488,000
6,530,000
6,137,000
6.4
Lawrence, Kans.....................................
Lincoln, Nebr.........................................
39,819,000
38,389,000
3.7
5.1
McAlester, Okla .................................:...
6,119,000
5,820,000
16,067,000
16,916,000
Muskogee, Okla ................... _ _ _ _
-5.0
118,883,000
Oklahoma City, Okla........................... 124,695,000
4.9
Okmulgee, Okla ............. .. _ _ _ _
12,265,000
13,506,000
4.2
Omaha, Nebr......................................... 229,056,000
222,561,000
2.9
-9.8
Parsons, Kans.........................................
3,740,000
4,1 47,000
Pittsburg, Kans.................................... .
8,071,000
7,688,000
4.9
Pueblo, Colo...........................................
24,239,000
22,570,000
7-4
-7.1
St. Joseph, Mo.......................................
72,270,000
77,790,000
21,141,000
21,030,000
T opeka, Kans... ......................................
0.5
23.2
148,504,000
Tulsa, Okla............................................. 182,931,000
18.6
58,252,000
Wichita, Kans.........................................
69,084,000
Federal R eserve Bank Clearings
Check collections in January through the Federal Reserve ..
Bank of Kansas City and branches at Omaha, Denver and ~
Oklahoma City decreased 8.5 per cent in amount and 12.5 ,
per cent in items handled as compared with the totals for /
THE MoNTIILY REvIEW
Reporting
Stores
Dry Goods.. · - - - - - · · · ·6
Groceries ..................................4
Hardware..................................9
Furniture.................................. 4
Drugs .. ...................................... 6
Millinery .................................. 4
3
WHOLESALE TRADE IN THE TENIB)FEDERAL: RESERVE DISTRICT
Sales
Outstandings (Mo. End.)
Collections
Jan. 1927 compared with
Jan. 31, 1927, compared with
Jan. 1927 compared with)
Dec. 1926
Jan. 1926
Dec. 31, 1926 Jan. 31, 1926
Dec. 1926
Jan. 1926
35.9
I.4
3.8
-4.1
-33.7
-5-2
-2.9
11.5
-4.6
2.0
- 12.4
-3.3
-23.5
-4.9
-3.9
5.0
-21.8
0.4
-14.8
-20.7
7.8
-12.5
-15.5
2.4
-2.4
-2.9
2.0
-'2.0
-14.3
-'2.8
2.8
-26.0
14.I
-23.1
6.1
-36.1
December. However, the amount reported for January exceeded that for Janu ary of last year by 5.6 per cent, though
there was a decrease of 2.6 per cent in the number of items
handled. During the month checks were handled for 988 member
banks and 2,512 non-member banks. January check collections
through the Federal Reserve Bank and branches are here
shown with those for December and January 1926 for companson:
Items
January, l 927.............................................................. 5,543,292
December 1926 ............................................................ 6,332,246
January 1926 ................................................................ 5,689,267
Amount
'/, 985,048,000
1,076,859,000
93 2,787,ooo
Business Failures
Business failures in the Tenth District during January increased in number and in amount of liabilities over the totals
for December, while as compared with January of last year
there was a decrease in number of failures and an increase in
amount of liabilities. The report of R. G. Dun & Company
for January showed failures throughout the United States were
relatively large, both in number and amount of liabilities.
The record for January, compiled by Federal Reserve Districts,
follows:
Number
1927
1926
Districts
21 l
First, Boston.................................. 269
466
Second, ew York .......................... 451
Third, Philadelphia........................ 96
56
Fourth, Cleveland.......................... 220
244
Fifth, Richmond ............................ 170
182
Sixth, Atlanta.................................. 148
80
Seventh, Chicago............................ 380
316
136
Eighth, St. Louis............................ 145
Ninth, Minneapolis ........................ 106
n3
TENTH, KA SAS CITY............ 126
147
Eleventh, Dallas............................ 134
108
237
Twelfth, San Francisco.................. 220
Total, United States ......................2,465
Liabilities
1927
1926
'/, 3,775,982
'/, 6,691,046
12,378,664
8,626,584
2,482,158
1,348,759
3,048,821
5,581,160
3,533,544
3,516,504
1,355,434
2,769,484
8,967,726
8,180,404
6,728,951
2,n6,266
1,161,290
1,298,783
I ,642,848
I ,348, 728
2,348,320
1,457,716
2,452,444
2,130,060
2,296
Wholesale Trade
Wholesale trade at the leading centers of this district during
January was moderately heavy, but somewhat irregular in
volume for the v arious reporting lines. For illustration, the
reports showed improvement in the wholesale dry goods business, with the dollar volume of sales in January 35.9 per cent
larger than for December and I.4 per cent larger than that
for January 1926. Sales of groceries, which are usually considered as an indicator of general conditions, were not quite so large
as in Dec em her but were 1 I. 5 per cent larger than in January
a year ago. On the other h and 'the volume of wholesale trade
in hardware and furniture declined m arkedly as comp ared with
the volume for both the preceding month and the corresponding
month last year. Sales of drugs at wholesale declined nearly
3 per cent from the totals for the two former months with
which comparison is made. On the whole, the January sales
Stocks (Mo. End.)
Jan. 31, 1927 compared with
Dec. 31, 1926 Jan. 31, 1926
43.7
-8.3
-o.8
-15.8
o.8
7·5
2.5
13.7
7.3
-11.5
combined for reporting stores in six lines stood 1.4 per cent
above those for December and 1.4 per cent below those for
January 1926.
The substantial improvement in_:the _:.wholesale dry goods
business in January was attributed to the fact that December,
the closing month of the year, is usually the lightest month
in sales, while January is the first month of the spring buying
season. Thus the larger January business was regarded as important, as it indicated that retailers were buying goods on
the assurance that textiles and raw materials, because of declines throughout the year, were fairly stabilized.
The wholesale hardware trade during the first half of J anuary was fairly good, but winter weather during the latter part
of the month caused trade to slow down, and there was little
buying by retailers in anticipation of spring activities.
Reports of wholesale drug firms indicated that while there
was continued steady and moderately heavy sales during January, retailers were not replenishing their stocks after inventory
as freely as in former years. The general tendency of the chemical
and drug market showed a decline. Advances on some items
were reported, but the market was weak. Supplies were plentiful
and deliveries prompt.
The wholesale furniture trade slowed down after the heavy
volume of sales in December, and with orders from retailers
for their spring trade coming slowly, sales were considerably
smaller than a year ago.
The reports from all lines indicated retail merchants continued to buy from hand to mouth. In fact, advance orders this
season were reported as not over 15 per cent of what they
were a few years ago. This buying policy makes it more difficult
for manufacturers and wholesalers to prepare for the coming
season, but on the other hand it has had the effect of working
inventories with both wholesalers and retailers into a sounder
condition.
Distributors of implements and farm machinery reported
their business was about the same as in January of last year.
Deliveries to users during the month and even in February
usually are light on account of weather conditions, but orders
on the books of dealers indicate larger deliveries in the early
spring.
Wholesalers of stationery reported an increase in their J anuary business over Decem her of 24 per cent, and an increase
over the corresponding month last year of 4 per cent.
Collections
Wholesalers reported collections particularly satisfactory,
due mainly to the fact that the policy of buying in small lots
makes it easier for retail merchants to keep up with their payments. It was also reported that a larger per cent of retail
merchants are now discounting their bills t han formerly. The
department store percentage figu re on collections during J anuary on amounts outstanding was 43.5 per cent, which compares with 42.8 per cent for December and 44.0 per cent for
January 1926.
4
THE MONTHLY REVIEW
====================================
RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TE TH FEDERAL RESERVE DISTRICT
Sales
Stocks (Retail)
Outstanding Orders
Accounts Receivable
Collections
January 31, 1927
January 31, 1927
· January 31, 1927
Jan., 1927
January, 1927
Stores
compared to
compared to
compared to
compared to
compared to
Reporting
Jan., 1926 Dec. 31,1926 Jan.31, 1926 Dec. 31, 1926 Jan. 31 ► 1926 Dec.31, 1926 Jan.31, 1926 Dec. I 926 Jan. I 926
Kansas City.. _ _ _ _ _ _ 3
13.3
Even
o.9
9.1
- 3.0
49.8
- 4.9
- 19.5
-0.5
Denver........ _
5
3.'l
J.8
9.1
14.0
--2.I
-15.2
7•5
19.3
14.8
Wichita.. _ _ _ _ _ _ _ 4
4.8
-15.&
- 5.2
-8.9
14.5
12.8
9.6
Oklahoma City..
3
3.5
-6.4
- 1.6
47.7
-3.4
17.0
20.7
5.9
3
Lincoln .. ___
O.'l
- 1.3
-6.3
- 17.0
- 15.0
3.6
II.J
~.2
Tulsa..
3
13.2
-6.&
18.8
--22.0
29.9
33.3
41.9
Other Cities, _ _ _ _ __ 11
--2.3
- 11.5
- 5.2
- 10.6
9.1
1 9·3
2 -9
Total.... _ _ _ __ _ _ _ 32
2.8
o.8
-0.5
34.8
-3.7
-13.9
6.1
17.6
6.6
NOTE: Percentage of collections in January on outstanding accounts December 31, all stores reporting, 43.5 % . Collections same month last year 44.0% .
Retail Trade
Department stores throughout this district reported their
January sales were smaller by about one-half than the high
record total of sales in December. But the aggregate of business
for the month was quite heavy for the season and_exceeded
that for January 1926 by 2.8 per cent, 17 stores....,.repor ting
increases and 15 stores reporting decreases in sales.
A number of retail furniture stores reporting to the.Monthly
Review for the first time, indicated a decrease of 12.6 per cent
in the volume of their January sales as compared with their
business in the same month last year. Stocks at these reporting retail furniture stores at close of January .were smaller
by 4.9 per cent than at the corresponding date last year.
accounts receivable were 6.8 per cent less and collection during
the month were 8 per cent larger than a year ago.
Sales of men's and women's apparel, and shoes, at stores
handling these lines were smaller than a year ago.
Lumber
The lumber situation in the South and West at the middle
of February was reported as follows: Wet weather in the South
has been and still is curtailing production substantially. Open
weather in the consuming territory is resulting in a resumption
of consumption. Yards, having completed their inventories,
are in the market to a limited extent, replenishing their stocks.
Stocks are lower than normal at mills, in transit and in the
hands of distributors and industrial consumers. In the West
snow in the mountains is curtailing production. Atlantic cargo
buying is expected to resume in volume the latter part of this
month. Many mills have increased their order files in the last
three weeks. A substantial number of mills are oversold on rail
stocks. Dimension stocks are generally scarce. Timber orders
are plentiful and prices firm. High quality logs are scarce and
the prices on production therefrom for export are firm. The
Canadian situation presently is more favorable as to production
and market. Flooring, bundle stock and finish are in surplus
and prices soft. Stocks of 12" commons are short and prices
strong. Prices on 8" and 10" commons are soft because of hemlock accumulations.
Manufacturers of softwood lumber, reporting to their National
Association, showed the January lumber cut was 5.2 per cent
larger than that for December, and shipments during January
increased 12.2 per cent and orders received increased :21.2 per cent.
Compared with the lumber movement in January 1926 the
figures reported for January 192 7 indicated decreases of 7 .9
per cent in the lumber cut, 17 per cent in shipments and 13.9
per cent in orders received. The combined reports of the softwood lumber movement follow:
Cut
Feet
Four weeks ending Jan. 29, 1927...... 757,992,443
Four weeks ending Jan. 1, 1927........720,155,429
Four weeks ending Jan. 30, 1926...... 823,550,093
Shipments
Feet
773,568,186
689,505,446
932,562,644
Orders
Feet
847,365,867
699,08 1,616
984,752,185
Sales of iumber and materials at reporting retail yards in
cities and towns in this district increased during January but
the volume did not measure up to that of a year earlier. The
percentage of _increase or .. decrease for January over the preceding month..,.and..,the same month last year follows:
J anuary 1927
Compared to
Dec. 1926
Sales of lumber, board feet................ ................ 10.4
Sales of all materials, dollars ...........- - - - 19.8
Stocks of lumber, end of month·--····················· 3.3
Outstandings, end of month .............................. --2.8
Collections during month .... _ _ __ _ _--26.0
January 1927
Compared to
Jan. 1926
- 5.9
- 8.9
-3.1
6.8
- 6.o
Building
The value of building contracts awarded in the Tenth District
during the first month of 1927 was about one-half of one per
cent less than that reported for the preceding month, though
it exceeded that for the first month of last year by 15.1 per cent.
The value of January awards, with comparisons, as compiled
from the F. W. Dodge Corporation reports:
January
1927
Tenth Federal Reserve District...... $ n,457,000
Thirty-Seven States ...... _ _ __ 384,455,000
December
1926
_$ n,520,000
537,396,000
January
1926
$ 9,946,000
457,159,000
The official reports of nineteen cities in this district for the
month of January, which include only permits for buildings,
showed an increase over December of 165 permits, and a decrease of 38 permits as compared with January 1926. However,
the reports show the January permits carrie.d. a smaller aggregate value than has been reported by these cities for any month
in recent years. Of the nineteen reporting cities the value of
January permits in eight cities was greater than for the corresponding_month last year. The reports in detail follow:
Albuquerque, N. M...............
Casper, Wyoming_ _ __
Cheyenne, Wyoming..............
Colorado Springs, Colo.·--·····
Denver, Colo ..·-······················
Hutchinson, Kans...................
Joplin, Mo ....... - - -- Kansas City, Kans. ................
Kansas City, Mo ...................
Lincoln, Nebr.........................
Muskogee, Okla.....................
Oklahoma City, Okla.............
Okmulgee, Oki...____
Omaha, Nebr......... _ _ _
Pueblo, Colo.........................
St. Joseph, Mo.......................
Topeka, Kans.........................
Tulsa, Okla .............................
Wichita, Kans ......- - - -
Permits
1927
1926
50
26
7
6
14
9
46
50
320
230
20
20
21
13
52
69
189
294
27
51
II
16
123
126
6
7
31
87
81
54
21
32
58
52
150
132
123
114
Nineteen Cities _ _ ___ 1,350
1,388
Estimated Cost
Per cent
1927
1926 Change
'$ 84,400 '$ 50,300
67.7
5,125
6,475 --20.8
43,670
15,275 185.9
47,630
53,275 - 10.6
696,150
512,850
35.7
30,990
40,260 -23.0
40,850
26,300
55.3
93,080
u2,845 - 17.5
722,275
1,397,150 -48.3
587,217
101,170
480.4
63,410
26,520
139.1
554,454
413,490
34.1
2,800
13,350 1 9·0
149,350
299,008 - 50.1
104,187
66,663
n.3
18,86o
55,555 -66.1
68,855
310,670 - 77.8
331,565
456,377 -27.3 ~
362,214
368,065
-1.6 ,a
$4,007,082
$4,325,598
1•4
/
I
5
THE MONTHLY REVIEW
Petroleum
-=-A:daily:a~erage:output:of 883,250 barrels of crude oil, (crude
petroleum), from wells in the Tenth Federal Reserve District
for the week. ending February 12., 1927, was the high record for
a seven-day period for these fields. It represented 35.8 per cent
of the United ~tates .,output for that week. Oklahoma's production, which" had been rising since last autumn, averaged
692,000 barrels per day for the week.
Crude oil productionjn five states of this district averaged
787,900 barrels per day during January and gross production
for the month was 24,425,000 barrels-a new high record for
both daily average and gross production. The January output
was 4.2 per cent larger than that for December and it exceeded
that for January of last year]by 23.9 per cent. The daily average
and monthly output in the five producing states is here shown
in barrels:
DAILY AVERAGE
Dec.
Jan.
Jan.
1926
1926
1927
Oklahoma .... 598,500 570,000 446,240
Kansas ........ I 17,200 I 16,400 103,388
Wyoming...... 59,6oo 56,000 76,548
Colorado. ____ 7,800
5,645
7,700
4,226
N. Mexico .. 4,800
5,400
---------
MO THLY PRODUCTIO
Dec.
Jan.
Jan.
1926
1926
1927
18,553,000 IJ,691,000
13,833,000
3,608,000
3,633,000
3,205,000
1,848,000
1,736,000
2,373,000
242,000
239,000
175,000
167,000
131,000
149,000
Total.. .......... 787,900 755,500 636,047 24,425,000 23,441,000 19,717,000
The January daily average and gross production figures are those of the
American Petroleum Institute, while figures for preceding months are those
of the United States Geological Survey.
New development work during the first month of 1927 was
unusually large for the mid-winter season, the reports showing
increases over December in the number of completions, in
barrels daily new production, and in the number of new wells
in process of dri.lling. Fewer wells were completed than in
January of last year, but the number of barrels daily new production was larger by 131.4 per cent. The reports on field operations:
Bbls. Daily
Wells
Completed New Prod'n
Oklahoma .................-439
137,489
10,966
Kansas ...................... 134
Wyoming.................. 26
4,382
2 ,375
.. 4
Colorado
1,212
New Mexico.............. 12
January 1927............615
December, 1926 ........ 590
January 1926............674
156,424
149,086
67,613
Dry
Wells
141
6o
3
4
209
193
226
Gas
Wells
48
Rigs-Wells
Drilling
1,536
5
395
0
0
323
123
144
54
2,521
2,442
2,263
52
68
Increased activity in refining in Oklahoma and Kansas, both
in the number of plants in operation and in the daily runs of
crude oil to stills, was indicated by the reports, which follow:
Number
Plants Operating
February 1, 1927.................................................. 64
January 1, 1927 _ _ _ _ ____ _ .......... 61
February 1, 1926 _ _ _ _ ____ _ _ _ 65
Barrels Daily
Runs to Stills
265,070
256,300
2
5°,555
Zinc and Lead Mining
Production of zinc and lead ores in the Missouri, Kansas and
Oklahoma fields, after continuing at a high level during the first
three weeks of January, declined markedly in the latter part of
the month. The decline was due in part to seasonal slackening
in demand for trese metals and in part to the unwillingness
of producers to sell ores at the prices offered.
Shipments of zinc ore, which averaged 13,798 tons per week
during the first three weeks of January, dropped to 10,577
tons in the week ending January 29, this being the lowest
weekly shipment since June 1926. The value of zinc ore sold
during that week was the lowest for any week in more than
two years. Shipments of lea(ore also declined ~during the week
ending January 29 to 1,363 tons, the lowest weekly shipment
since the first week in October last. Prices paid for zinc ore,
which averaged '$45J per ~ton during the first ~three weeks of
January, were down to $42 per ton at the close of the mont},,
and compared with $53 per ton in the corresponding week
last year. Lead ore prices also dropped from '$97.50 per ton
at the beginning of the month to $90 per ton at the close, the
latter comparing with $120 per ton paid for lead ore in the corresponding week in 1926. Advances in prices of zinc ore during
the first half of February carried the price to $44 per ton, but
there was no change in the price of lead ore. The tonnage and
value of ores shipped from each of the three states, combined
for the first five weeks of 1927, is here shown in comparison
with tonnages shipped during the same period in 1926:
ZINC ORES
Tons
Value
Oklahoma .................... _ _ _ _ .44,713 $2,000,743
Kansas ................................................ 18,428
826,172
Missouri ............................................ 6,717
300,792
LEAD ORES
Tons
Value
7,059 $ 676,813
3,488
332,886
265
25,085
5 Wks. ending Jan. 29, 1927.__ .......69,8 58
5 Wks. ending Dec. 25, 1926 .......... 83,559
5 Wks. ending Jan. 30, 1926.. ·---··•76,579
10,812
12,427
I 1,976
$3,127,707
3,877,080
4, 245,847
$i,o34,784
1,238,378
1,418,297
Bituminous Coal
Production of soft coal, which in December exceeded the
monthly records for more than two years, declined 13.6 per
cent in January in the producing states of this District, but
the total output for the month was the same as that for J anuary 1926. The output is here shown:
Jan. 1927
Net Tons
Colorado ............................... _ _ _ _ .......... ! ,030,000
Kansas................................
480,000
Missouri........................
293,000
New Mexico.............................
261,000
Oklahoma........................................................ 242,000
Wyoming.......................................................... 741,000
Dec., 1926
Net Tons
1,318,000
524,000
314,000
287,000
267,000
821,000
Jan., 1926
Net Tons
1,079,000
449,000
283,000
283,000
229,000
724,000
Total.. ............. _ _ _ _ _ .......................... 3,047,000
3,53 1 ,000
3,047,000
The report of the United States Bureau of Mines showed
production of soft coal in the United States for the coal year,
April 1, 1926, to February 5, 1927, was 499,984,000 tons as
compared with 456,696,000 tons for the corresponding period
in the preceeding coal year.
Cement
January production, shipments and stocks of Portland cement
showed increases over the corresponding period in I 926, according to the Bureau of Mines, Department of Commerce. Production at mills in the Tentjh District during January was 589,000
barrels, against 251,000 barrels in January 1926. Shipments
during the mon th were 475,000 barrels, as compared to 398,000
barrels during January of last year. Stocks of cement at mills
at the end of January totaled 3,776,000 barrels, an increase of
67.8 per cent over the total at the end of December and an
increase of 12 per cent over the total at the end of January 1926.
Production of face brick at sixty-four plants in seventeen
states, reported by the American Face Brick Association, averaged in January 489 thousand per plant, a decrease of 19.8
per cent from December and a decrease of 16.4 per cent from
January 1,p 6. Shipments decreased in about the same percentages. Orders for brick increased over the preceding month
but were less than a year ago.
6
THE MoN'!'HLY REVIEW
Agriculture
Flour Production
It is too early for estimates of acreages)o: be: planted to the
various spring crops, but reports indicate growers throughout
the district are preparing for another year of large farm production. During January and February, save for some interruption by brief periods of cold and wet weather, work on the
farms made good progress. Rains and snows over dry areas
provided sufficient soil moisture for present needs,._though in
some parts of the Upper Great Plains areas and southwestern
parts of the district more tnoisture will be needed in the spring.
In some southeastern sections the soil was too wet for plowing
and for picking the remainder of last year's cotton crop.
Winter wheat greened up under the influence of mild weather
in the latter part of January. Throughout the eastern part of
the district, where there had been sufficient soil moisture, the
crop made a fine showing. In western Kansas and Nebraska
and in parts of the Rocky Mountain region where there had
been a lack of moisture for wheat, the situation was relieved
t;p a considerable extent by the precipitation of snow and
ram m February, and in these sections wheat improved.
Cottonseed Products
Considerable activity in the cotton growing regions in the
manufacture of cottonseed products was reported. The record
of cottonseed received and crushed in Oklahoma from August 1
to January 31, and stocks at mills on the latter date, follows:
Aug.
1926
Tons
Received at MillL ...... ........ ..........................................489,923
Crushed ............................................................................358,522
On hand at Mills .......................· - - - - · · ·············131,781
I
to J an. 31
1925
Tons
491,407
344,887
149,814
Cottonseed products manufactured and on hand at mills
are here shown for Okl ahoma and the Unitedi States: for the
season 1926-1927, as reported by the Bureau of Census, Department of Commerce:
Crude Oil
Manufactured:
Pounds
Aug. 1-Jan. 31
Oklahoma.......................... 100,303,080
United States .................... 1,267,693,849
On hand at Mills:
January 31
Oklahoma.......................... 13,01 9,475
United States.................... 115,552,582
Cake
and Meal
T ons
166,539
1,904,721
Hulls
Tons
97,844
1,234,649
Linters
Running
Bales
54,963
695,650
9,604
147,250
25,358
235,800
39,3ll
22 1,200
Grain Marketings
Arrivals of wheat at five markets in this district in January,
though smaller than in December by 7.9 per cent, were larger
than in January 1926 by 83.2 per cent, and in fact were the
largest January reseipts since 1923. Receipts of corn and oats
at these markets during the month were respectively 42.2
per cent and 23.2 per cent larger those for the preceding month,
but were smaller by 14.5 per cePt and 32.4 per cent th an for
January of last year. Receipts of barley were the largest for
January since 1924 and of kafir the largest for the first month
of aJl years since 1921. The January receipts a t the five markets, with comparison, follow:
Wheat
Hu tchinson ................2, 563,650
Kansas City............ 5,455,800
Omaha... -................. 1,411,200
St. Joseph................ 441,000
Wichita .................... 1,568,700
Corn
131 ,250
2,328,000
2,611,000
933,000
67,200
Oats
9,000
420,000
496,000
78,000
31,500
Rye
3,600
46,500
92,400
1,500
2,400
January 1927.......... II,440,350 6,070,450 1,034,500 146,400
December 1926 ...... 12,423,850 4,269,750
839,500 89,800
January 1926 .......... 6,244,300 7,104,700 1,530,200 142,000
Barley Kafir
5,000 269,100
43,200 625,900
33,600
1,750
7,200 56,400
----9o,75o 95 1,400
87,55° 838,600
75,700 584,400
The output of flour at reporting mills in this district during
J anuary was 189,806 barrels or 8.4 per cent less than in December, but 333,775 barrels or 19.4 per cent greater than in January 1926. The number of barrels of flour made at the milling
centers of the district in January is compared with the production in December and January 1926 in the following, the
totals compiled from the Northwestern Miller's direct mill
reports:
Jan. 1927
Barrels
Atchison............................................................ 112,545
Kansas City.................................................... 567,885
Omaha.............................................................. 87,019
Salina................................................................ 103,776
St. Joseph........................................................ 147,926
Wichita.... .. .. .................................................... 170,669
Outside.............................................................. 865,624
Dec. 1926
Barrels
107,001
635,977
93,02 3
121,366
133,563
200,078
954,242
Jan. 1926
Barrels
Total.. ................................................................ 2,055,444
2,245,250
1,721,669
rn5,326
484,557
88,210
104,219
113,649
114,512
7u,196
While the reports from mills showed a slight increase in
sales of flour during the week ending February 5 over the preceding week, new business on the whole was quiet. Millers generally were devoting their energies to the large volume of flour
bookings, but shipping instructions were slow.
Meat Packing
Slaughtering operations at six meat-packing centers of this
district increased during January as a result of the larger supply
and excellent quality of meat animals. The reports of packers'
purchases at public markets, including shipments direct to
packers, show larger numbers of cattle, ca)ves, hogs and sheep
were slaughtered during January than in the preceding month
and, with the exception of sheep and calves, larger than the
same month last year. The month's slaughter of hogs had not
been exceeded since February 1925. Purchases by packers
of meat animals were:
Cattle
91,003
83,461
30,515
10,064
17,171
8,939
Calves
21,253
5,4°3
9, 153
2,792
4,7 14
3,374
Hogs
210,042
204,642
120,150
52,934
19,640
53,400
Sheep
92,870
99,177
January 1927.......................................... 241,153
December 1926 _ _ _ _ _ ............. 235,975
January 1926..........................................232,808
46,689
43,789
50,093
660,808
543,647
636,645
302,371
Kansas City ................... ·----·····
Omaha ............... - - - - - -······
St. Joseph .......................... _ _ _ _
Denver....................................................
Oklahoma City........................................
Wichita....................................................
90,251
13,683
469
5,921
269,594
326,035
Live Stock Movements
Liberal supplies of meat animals at the leading markets in
this district, with prices holding fairly steady and at a slightly
higher level than a year ago, and improvemer.t in the general
live stock situation, were features of the reports covering the _
first month of 1927.
Receipts of hogs at six reporting market during January
were the largest in number for any month since June 1925. The
total exceeded that for December by 21.6 per cent and that for
January 1926 by 4.1 per cent. The number of cattle sent to
these markets during the month was 10.8 per cent larger than
in December and 6.5 per cent larger than in January of last
year. Arrivals of calves were large for January, exceeding the
total for the preceding month by r.6 per cent, but fell 4.1 per
cent below the total for the corresponding month last year.
Movements of sheep and lambs to the markets during the month
were thesmallestin number for any January since 1919, but
the total was larger by 16.1 per cent than that for December
and 5.3 per cent smaller than that for January 1926. Marketings of horses and mules in January increased 121.4 per cent
4/
!
7
THE MoN"rHLY REVIEW
LIVE STOCKO FARMS
Horses and Colts
1926
1927
Colorado .............. 341,000
35'2,000
894,000
Kansas ................ 858,000
670,000
Missouri.. .... ........ 636,000
•19 counties ........ 137,000
144,000
840,000
ebraska ............ 815,000
ew Mexico........ 166,000
175,000
•13 counties ........ f73,ooo
77,000
Oklahoma ............ 565,000
589,000
*69 counties ........ 5'27,000
550,000
198,000
Wyoming ............ 194,000
A
Mules and
1927
37,000
247,000
358,000
60,000
II8,ooo
34,ooo
14,000
365,000
328,000
6,000
Colts
1926
38,000
252,000
365,000
61,000
120,000
34,ooo
14,000
369,000
332,000
6,000
ARY 1, 1927 A D 1926
SEVE STATES A DTHETE TH DIST RI CT J A
Hogs and Pigs
Sheep and Lambs
Milk-Cows-Heifers
All Cattle
1926
1926
1927
1926
1927
1926
1927
1927
408,000
224,000 1,845,000 2,537,000
224,000
443,000
1,391,000 1,377,000
500,000
452,000 2,109,000 2,220,000
730,000
715,000
z,625,000 2,853,000
986,000
827,000
940,000 3,708,000 j,671,000
827,000
2,298,000 2,369,000
962,000
212,000
156,000
212,000
149,000
971,000
483,000
497,000
6-20,000
810,000 4,512,000 4,700,000
625,000
613,000
2,872,000 3,191,000
64,000 2,490,000 2,184,000
47,000
64,000
54,000
1,189,000 1,213,000
23,000
21,000
27,000
21,000
1,245,000 1,092,000
404,000
396,000
736,000
84,000
70,000
581,000
570,000
777,000
1,723,000 1,610,000
640,000
676,000
83,000
69,000
524,000
535,000
1,585,000 1,481,000
90,000
69,000 3,100,000 2,870,000
70,000
95,000
787,000
771,000
Seven States._..... 3,575,000 3,718,000 1,165,000 1,184,000 12,869,000 13,400,000 3,094,000 3,109,000 9,625,000 9,863,000 11,663,000 11,907,000
TE TH DIST... 2,945,000 3,055,000
810,000
823,000 10,123,000 10,590,000 2,390,000 2,405,000 7,549,000 7,979,ooo 8,798,000 9,078,ooo
United States...... 15,279,000 15,840,000 5,734,000 5,733,000 57,521,000 59,148,000 21,824,°:'°. 22,148,000 41,909,000 39,864,000 52,536,000 sz,055,000
*Number of live stock in parts of Missouri, New Mexico and Oklahoma included in the Tenth D1str1ct.
over December but the number of head arriving at the six markets during the month was I 5.6 per cent short of the total for
January 1926. Live stock receipts fo 1low:
Sheep
Cattle Calves Hogs
Kansas City .............................. I 69,562 25,154 267,639 130,510
Omaha ............. ----········120,626 7,636 304,078 142,845
St. Joseph .............. _ _ _ _ 41,808 10,312 151,372 103,481
Denver..... -----············ 49,854 6,038 68,201 86,521
Oklahoma City.......................... 23,308 5,442 23,264
745
6,870
Wichita...................................... 27,940 6,043 58,783
Horses
Cars
Mules
3,248 10,107
2,470 8,350
781 3,722
2,780 2,847
873
578
2,558 1,495
January 1927 ............................433,098 60,625 873,337 470,972 12,415 27,394
December 1926 ..........................391,005 59,649 718,091 405,523 5,606 23,347
January 1926 ............................ 406,592 63,210 838,912 497,335 14,710 27,587
Shipments of livestock to the country for stock ~nd feeding
purposes in January were quite heavy for that month. The
reports from four markets showed small decreases in the number
of cattle shipped, but the outgo of stock and feeding sheep was
the largest for any January of record and that of stock and
feeding calves and hogs the largest for any January since 1924.
Cattle
Kansas City............................................ 43,371
Omaha_··- - - - - - - - · · · ·········· 21,051
St. Joseph................................................ 5,456
Denver .................................................... 27,405
January 1927 ...............· - - - --··· 97,283
January 1926 ............................ _............ 98,394
Calves
1,992
408
3,119
Hogs
10,942
1,926
3,267
2,332
Live Stock
01.
Farms
The number of live stock on farms in the Tenth Federal
Reserve District decreased 1,300,000 head, or 4.1 p~r cent,
between January 1, 1926, and January 1, 1927, according to
the Department of Agriculture report which was made public
early in February. All classes of live stock shared in the decrease.
The aggregate value of all live stock on farms in the district on January 1, 1927 was less by $13,573,000 or 1.7 per cent
than the value reported a year earlier. Average values per
head of cattle and hogs were larger, but the increase for these
two classes was more than offset by lower values per head of
sheep, horses, mules, and their young. A compilation of the
figures for the states and parts of states which form this district shows the number and value of the several classes of live
stock as of January I of both years:
Sheep
24,443
31,278
11,840
53,661
NUMBER
1927
1926
All cattle........................ 10,123,000 10,590,000
*Milk Cows and Heifers 2,390,000
2,405,000
Sheep and lambs .......... 7,549,000
7,979,000
Hogs and pigs .............. 8,798,000
9,078,000
Horses and colts·---····· 2,945,000
3,055,000
823,000
Mules and colts............ 810,000
VALUE
1926
1927
'/,382,127,000 '/,362,619,000
129,721,000
120,932,000
71,963,000
84,917,000
144,895,000
141,350,000
1'28,967,000
146,086,000
45,974,000
52,5'27,000
1'21,222
83,636
Total, Tenth District.. .. 30,225,000 3r,sz5,ooo
*Included in totals for' 'All Cattle."
'/,773,926,000
'/,787,499,000
Business Conditions in the United States;
Industrial actiyity h.as bee.1;1 slightly larger since the turn of
Building contracts awarded in 37 states during the first seven
the year than at the close of 1926. Seasonal liquidation of reserve bank credit has been in unusually large volume owing
chiefly to the inflow of gold from abroad, and conditions in the
money market have· been easy. Wholesale prices have continued to decline.
weeks of the year were smaller in value than those for the
same period of 1926. Decreases have been largest in ew York
and the New England, Southeastern and orthwestern States,
while increases occured in the Middle Atlantic and Central
Western States. By types of building, contracts awarded for
residential and industrial building in January showed large
reductions as compared with December and with January
1926, while contracts for commercial buildings were larger
than a month or a year ago.
PRODUCTIO : Output of factories was larger in J anuary
than in December, but smaller than in January 1926 or 1925.
Mineral production, though somewhat below the Decem her
level, continued in unusually large volume, reflecting the maintenance of production of bituminous coal, crude petroleum,
and copper. Manufacture of iron and steel, which was sharply
curtailed in December, increased in January and February.
Automobile output was increased considerably fro m the unusually low level of production reached last Decem her, but
the number of passenger cars produced since the beginning
of the year has been smaller than for the corresponding period
of the past four years. The textile industries have continued
active since December without, however, showing the usual
mcrease.
TRADE: Retail trade showed more than the usual seasonal
decline between December and January. Sales of department
stores were in about the same volume as a year ago, while
those of mail order houses were 7 per cent smaller. Wholesale
trade declined in nearly all leading lines in January and was
considerably smaller than a year ago. Inventories of department stores were reduced less than is customary and at the
end of the month were in about the same volume as in January
1926. Stocks of merchandise carried by wholesale firms increased
slightly, but continued in sm aller volume than in the corres-
8
iHE MONTHLY REVIEW
ponding month of the previous year. Freight car loadings declined by somewhat more than the usual seasonal amount
between December and January, but owing chiefly to heavier
shipments of coal this year, weekly loadings since the beginning
of the year were larger than for the same period of 192.6. Shipments of merchandise in less than carload lots were also slightly
larger than last year, but those of most basic commodities
were smaller.
PRICES: The general level of wholesale prices declined
fractionally in January according to the index of the Bureau
of labor statistics, considerable advance in prices of livestock
being somewhat more than offset in the total by decreases in
nearly all other commodity groups included in the index. Prices
of non-agricultural products, as a group, declined to the lowest
level since early in 192.2.. In February there were decreases in
the price of iron and steel, nonferrous metals, bituminous coal,
grains and hides, while prices of cattle, sheep, cotton and gasoline increased.
BANK CREDIT: Commercial loans of member banks in
leading cities continued to decline during the four weeks ending
February 16, although at a less rapid rate than in earlier weeks,
and in the middle of February the volume of these loans was
about $270,000,000 below the seasonal peak reached in the
middle of November, though about '1,2.00,000,000 above last
year's level. Loans on securities also declined during the period,
while bank investment holdings increased somewhat.
The volume of reserve bank credit remained during the
four weeks ending February 23 near the low level reached at
the end of January. Liquidation of reserve bank credit since
the high point oflast December has been in excess of $500,000,000
the unusual extent of this reduction being due chiefly to the
large inflow of gold from abroad. Total biJls and securities
of the reserve banks on February 23 were about $200,000,000
smaller than on the corresponding date of last year.
Easier money conditions in February were reflected in a
decline in the rate on prime commercial paper from 4,¼' to 4
per cent after the first week of the month.
PERCENT
PERCENT
PER CENT
200
150
15 0
SQl---
PfRCEIIT
200
- - - + - -- - + - - - --+--
---+-----150
WHOLESALE PRICES
-
INDUSTRIAL PRODUCTION
All Commo<fil✓-~s
••• AgricuHural
-
1923
1924
1925
1926
Index number of manufacturers and minerals combined,
adjusted for seasonal variations (192.3-25 equal 100.) Latest
figure January, 106.
BILLIONS OF DOLLAR;)
NOtJ-AgriC11Hur1TI
100 _ _ _ _ _ _ _....________.___ _ _ _ _......,..,__,100
1923
1924
1925
1926
1927
1927
Index of United States Bureau of Labor Statistics. (1913
100, base adopted by Bureau.) Latest figure~ January: All
commodities 146.9; non-agricultural 149.6; agricultural 143.4.
BILLIONS Of DOLLARS
10
10
BILLION!I OF DOLLARS
B ILLIONS OF DOUARS
2
2
8
8
6
6
4
4
RESERVE BANK CREDIT
2
2
MEM BER BANK CREDIT
I
I
0
1923
1924
0
1925
1926
1927
Monthly averages of weekly figures for banks in 101 leading
cities. Latest figures are averages for the first three weekly
reports in February: Loans on securities 5,604; investments
5,578; all other loans 8,562.
0
0
1927
Monthly averages of daily figures for twelve Federal Reserve
Banks. Latest figures are averages of the first twenty-three
days in February: Total 994, discounts 381, acceptances 306,
securities 305.
@FedFRASER