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THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL RESERVE BANK OF KANSAS CI TY M. L. McCLURE, Chairman and Federal Reserve Agent A. M. McADAMS, Assistant F ederal Reserve Agent and Secretary Vol. 16 KANSAS CITY, Mo., REPARATIONS for the approaching new crop season P were stimulated in January by a continuation of the abnormally mild weather which has prevailed throughout the Tenth Federal Reserve District so far this winter, and spring plowing and the unusually early seeding of oats and barley, especially in the southern half of the District, was well under way by the middle of February. Range and livestock conditions were reported good with carrying charges reduced to a minimum, and feed supplies adequate and cheap. Rains late in January and the forepart of February were beneficial to fall sown wheat and rye, and replenished water supplies which had become short in some localities. Distribution of goods and merchandise by retailers during January, as measured by the dollar volume of sales of thirtyseven department stores, displayed the average customary decrease from the December volume, and a slight decrease from the same month last year. Preliminary reports for the United States indicate sales in this District showed the smallest decrease from sales in January, 1930 of any of the twelve Districts. Wholes ale trade, contrary to the usual seasonal trend, was 8.2. percent smaller in January than in December, and 14.7 percent smaller than one year ago. Stocks of merchandise on hand at both retail and wholesale were lower on January 31 than one month or one year earlier. · Marketings of all classes of grain, except wheat, the movement of which was unusually heavy, were lighter than in J anuary last year. The January movement of oats, rye, and kafir was the smallest, and of wheat the largest on twelve years' records. Mineral production during January was less for all lines, petroleum, coal, zinc ore, lead ore, and cement, than in either December or January last year. Flour mills produced slightly more flour in January than in December or in January, 1930. Contrary to the usual seasonal trend, packers' purchases of cattle and calves were smaller in January than in December, but their purchases of hogs and sheep were, as usual, substantially larger in January than in the preceding month. Compared to January last year there was a slight increase in the slaughter of all classes of livestock, except cattle. Prices of agricultural commodities continued to decrease with prices of hogs, cattle, sheep, butter, and eggs declining to new low levels during January, and the first half of February. The decrease in livestock prices during the year 1930 is reflected in the government's annual report of the number and value of livestock on farms January I, which shows that although the total number of head of livestock on farms in seven Tenth, District states declined only 0.4 percent between January 1 1930 and January r, 1931, their combined values declined 26.6 percent. No. 3 MARCH 1, 1931 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Percentage of Increase or Decrease (-), for January 1931 over December 1930 and January 1930 January 1931 Compared to Banking December 1930 January 1930 Payments by check, 29 cities ....................... . - 4.6 -17.4 Federal Reserve Bank clearings ................... . - 6.8 -12.5 Loans, 56 member banks ............................... . - 3.4 -12.8 Investments, 56 member banks ................... . - 1.2 17.6 Demand deposits, 56 member banks ........... . - 2.2 - 5.2 Time deposits, 56 member banks ................. . o.o 12.8 Savings deposits, 48 selected banks ............. . 0.7 I 8.5 S~vi~gs accounts,_ 45 selected banks ............ 0.3 fp Life insurance written ................................... . -26.3 -18.7 Distribution - 8.2 Wholesalers' sales, 5 lines combined·--········· - 1 4.7 Retailers' sales, 37 department stores ......... . -51.6 O.I Lumber sales, 173 retail yards ..................... . 1 3-7 4.7 Construction Building contracts awarded, value............... . 37.7 Building permits in 18 cities, value ............. . -18.8 Grain receipts, 5 markets Wheat................................................................ 29.1 79.3 -'20.0 Corn ..................................- - -- - - 1 3.5 Oats ............................................... _ _ __ 5.0 -33.9 Rye ................................................................... . -48.7 -36.7 Barley............................................................... . -5o.7 -45-1 Kafir................................................................. . -3o.5 -27.5 Livestock receipts, 6 markets -II.8 Cattle ............................................................... . -10.7 -32.0 - 1.6 Calves ................................... - -- - Hogs .. ...............................- - - 5.0 37.3 Sheep................................... _ _ _ _ __ 8.8 5.0 Horses and mules ........................................... . I 51.1 -49.9 Production 0.1 Flour.................................................................. 0.3 -'20.2 - 1.6 Crude petroleum .............................................. - 8.9 -34.3 Soft coal.. ................... - - - · · ··················· - 32.1 Zinc ore (shipped) Tristate District. ............ . -41.9 -20.3 - 32..6 Lead ore (shipped) Tristate District............ - 18.2 Cement............................................................. . -21.9 Meat packing, 6 cities Catt1e............................................................... . Calves ..............................................- - Hogs ................... - -- - - Sheep.......................................... _ _ __ -16.0 -20.1 45-I 17.6 Building operations were larger in January this year than in the corresponding month last year, both as to the value of contracts awarded in the District as a whole, and as to the value of building permits issued in eighteen reporting cities. There was a seasonal decline in awards for residential construction in January as compared to December, but the month's total was approximately the same as that of January, 1930. Th is Copy Released For Publication In Morning~Newspapers February 28. THE MONTHLY REVIEW 2 Banking and Credit The combined statements of fifty-six reporting member banks in this District, as of February II, reflect a decrease in the four weeks since January 14 in loans and discounts, investments and net demand deposits of 3.4, 1.2. and 2..2. percent, respectively. Time deposits showed little change. These same banks reported their loans and discounts were $<6,2.41,000, or 12..8 perce~, smaller and their investments $37,351,000, or 17.6 percent, larger than on February 12., 1930. Between the two report dates, net demand deposits declined 5.2. percent and time deposits increased 12..8 percent. The principal resource and liability items of the fifty-six banks, as of February II, are shown below with totals for four weeks earlier and one year earlier for comparison: Feb.II, 1931 Jan. 14, 1931 Feb. 12, 1930 Loans and investments-totaL_..... $634,526,000 'f,651,186,000 $653,416,000 Loans and discounts-total.............. 384,825,000 398,575,000 441,066,000 Secured by stocks and bonds·--··· 105,517,000 106,983,000 135,56o,ooo All other loans and discounts........ 279,308,000 291,592,000 305,506,000 lnvestmen ts-total............................ 249,701 ,ooo 252,611 ,ooo 212,350,000 U. S. Securities.............................. 106,073,000 107,981,000 95,177,000 Other bonds,stocks and securities 143,628,000 144,630,000 117,173,000 Reserve with F. R. bank.................. 54,899,000 52,782,000 52,638,000 Net demand deposits.... .................... 450,948,000 460,975,000 475,866,000 Time deposits.-................................... 195,228,000 195,232,000 173,008,000 Government deposits........................ 826,000 1,187,000 88,ooo Federal Reserve Bank Operations The weekly condition statement of the Federal Reserve Bank of Kansas City and branches, as of February II, showed bills rediscounted for member banks, totaling $14,42.2.,871, were $2.,456,899 less than on January 14 and $II,62.0,580 less than on February 12., 1930. The total of United States securities held increased $5,000,000 in the four weeks' period, and February I I holdings were $30,965,000 greater than on the corresponding date last year. Federal Reserve note circulation decreased 2..9 percent in four weeks and 18.3 percent in fifty-two weeks. The principal resource and liability items. are here shown for the three dates mentioned: Feb. II, 1931 Jan. 14, 1931 Feb. 12, 1930 Gold reserves ...................................... '/, 97,010,355 1, 92,926,II7 $132,261,916 Reserves other than gold.................. 8,249,570 8,023,258 8,855,564 Total reserves.................................... 105,259,925 100,949,375 141,II7,480 Bills discounted.................................. 14,422,871 16,879,770 26,043,451 Bills purchased ..... ·--························ 4,369,983 9,519,650 270,589 U. S. Securities.................................. 34,028,000 29,028,000 3,o63,ooo Total bills and securities.................. 5:i.,820,854 55,427,420 29,377,040 Total resources.................................. 190,567,822 194,868,789 218,698,098 F. R. notes in circulation.................. 66,069,530 68,026,830 80,839,730 Total deposits.................................... 87,093,187 84,918,173 92,074,957 The discount rate of the Federal Reserve Bank of Kansas City, on all classes of paper and all maturities, remained unchanged at 3½ percent. Federal Reserve Bank Clearings January check collections through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City decreased I.I percent in number of items handled and 12..5 percent in amount, as compared with the totals for January, 1930. Compared to December, the January volume was I 1.3 percent smaller as to items handled and 6.8 percent smaller as to amount. January collections are here shown, with those for December and January, 1930 for comparison: Amount 'f,787,363,000 845,141,000 899,530,000 ITEMS January 1931.............................................................. 5,586,152 December 1930.......................................................... 6,301,080 January 1930.................................... ........................ 5,696,125 Payments By Check Weekly reports from twenty-nine leading cities in the Tenth District, covering the first five weeks in 1931, show a decrease each week in the amount of debits to individual accounts from the amount reported for the corresponding week in 1930. The accumulated total for the five weeks ended February 1, 1931 was $1,469,108,000, or 4.6 percent, below that of the final five weeks of 1930 and $310,055,000, or 17.4 percent, below that of the initial five weeks of last year. Decreases were general, as only two of the twenty-nine cities reported a slightly increased total for the five weeks this year compared to the corresponding five weeks in 1930. PAYMENTS BY CHECK IN TWENTY-NINE CITIES FIVE WEEKS ENDING Albuquerque, N. M ·--········· ············ Atchison, Kans ........ ....................... . Bartlesville, Okla·-··························· Casper, Wyo .... ............................... . Cheyenne, Wyo ................................ Colorado Springs, Colo·-················· Denver, Colo .................................... Enid, Okla ....................................... . Fremont, Nebr..·-····························· Grand Junction, Colo...................... Guthrie, Okla................................... . Hutchinson, Kans ........................... . Independence, Kans ....................... . Joplin, Mo ....................................... . Kansas City, Kans ......................... . Kansas City, Mo·-··························· Lawrence, Kans ............................... . Lincoln, Nebr.-................................. Muskogee, Okla. .............................. . Oklahoma City, Okla ..................... . Okmulgee, Okla............................... . Omaha, Nebr......... .......................... . Pittsburg, Kans ............................... . Pueblo, Colo._ .................................. . Salina, Kans ..................................... . St. Joseph, Mo................................. . Topeka, Kans ................ ................. . Tulsa, Okla·-····································· Wichita, Kans ................................. . Feb.4, 1931 'f, 14,615,000 5,553,000 26,545,000 7,769,000 7,902,000 l 5,862,000 I 80,757,000 14,244,000 4,356,000 3, 233,000 3, 257,000 19,847,000 9,205,000 10,309,000 22,745,000 411,776,000 6,287,000 36,518,000 II,326,000 120,690,000 4,795,000 216,925,000 6,009,000 18,436,000 13,582,000 Feb. 'f, I 5, 1930 5,520,000 7,658,000 28,345,000 8,232,000 7,897,000 li,276,ooo 207,814,000 16,191,000 4,953,000 3,7o4,ooo 3,855,ooo 23,714,000 I 5,846,000 14,651,000 25,772,000 492,938,000 6,293,000 39,153,000 13,398,000 160,516,000 7,o35,ooo 258,051,000 6,913,000 24,820,000 13,172,000 Percent Change - 5.8 --27.5 - 6.4 - 5.6 0.1 - 8.2 -13.0 -12.0 - 12.1 - 12.7 - 1 5.5 - 16.3 - 4i.9 - 29.6 - 11.7 -16.5 - O.l - 6.7 - 1 5.5 - 24.8 -31.8 50,235,000 65,727,000 27,755,000 135,513,000 63,062,000 28,229,000 183,630,000 77,86o,ooo - i5.9 - 13.1 - 2 5.7 3.1 --23.6 - 1.7 --26.2 - 19.0 Total, 29 cities .................................. 'f,1,469,108,000 $1,779,163,000 - 17.4 Savings In Banks Reports of 48 banks in leading cities showed a gain of 0.7 percent in the amount of savings deposits between January I and February 1, and the total as of the latter date was 8.5 percent above that of February 1, 1930. The number of savings accounts on February I, reported by 45 banks, was 0.3 percent above the January I total and 5.1 percent above the number reported one year earlier. The totals for the three dates of comparison follow: Savings Accounts 45 Banks February 1, 1931.. ...................... ············ 406,975 January 1, 1931....................................... . 4o5,775 February 1, 1930 .................................. . 387,336 Savings Deposits 48 Banks J121,849,209 121,001,461 112,319,140 3 THE MONTHLY REVIEW RETAIL TRADE AT 37 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT COLLECTIONS STOCKS (RETAIL) SALES STOCK TURNOVER ACCOUNTS RECEIVABLE Stores January 1931 January January 1931 January 31, 1931 January 31, 1931 Report- compared to compared to compared to compared to ing January 1930 Dec. 31, 1930 Jan. 31, 1930 1930 Dec. 31, 1930 Jan. 31, 1930 Dec. 1930 Jan. 1930 1931 Kansas City............................................. . -2.2 Even - 1.6 .20 -II.8 4 -0.2 .19 1.5 - 7.5 Denver ..................................................... . .21 - 8.2 -15.0 - o.8 17.6 - 5.0 -IJ.9 .19 5 - 2 -9 Oklahoma City ........................................ -12.5 - 2.9 .24 - 9.1 - 0.9 - 3o.3 3.0 .25 3 3.2 -II.O Omaha ....................................... .............. . - 16.6 13-5 -22.9 J I.O Lincoln ..................................................... . 2 8.2 -11.5 .23 - 9.6 -r7.7 .30 2.9 4.3 31.7 Topeka..................................................... . .16 -16.8 - I.I - 8.I -11.5 .19 3 - 5.8 - 7.4 5.5 Tulsa. ......................................... ......... . ... . - 8.6 18.2 .28 22.8 -10.4 -18.7 .24 - 4.9 4 - 2 -4 -II.2 --'20,6 .21 --'20.6 -14.0 3 1.6 .17 23.4 4.4 Wichita·-··················································· Other Cities ......................................... .... . IO Even -12.I - 6.o -16.7 - 4.1 .I 5 .14 - 1.5 5.6 Total......................................................... 37 - 0.1 - 9.8 -12.4 .23 .21 -14.8 - 3.3 16.9 - 4.2 OTE: Percentage of collections in January on accounts December 31, all stores reporting 39-4- Collections same month last year 40.0. Trade Life Insurance Retail trade in Tenth District cities, as reflected by sales of thirty-seven reporting department stores, showed a decrease of o. 1 percent in the dollar volume of merchandise sold in January from the corresponding month last year. Compared to December last year, January sales declined 51.6 percent, which is about the average seasonal rate of decline between the two months. Sales of new paid-for ordinary life insurance in the seven states of the Tenth District declined seasonally from the December total, and the January total for the seven states was the smallest for any month or any January on three years' records. According to the Life Insurance Sales Research Bureau, the January total was 26.3 percent below the December total and 18.7 percent below the total for January, 1930. Retailers' stocks were further reduced during the month and on January 31 were 9. 8 percent smaller than on December 31, 1930. Every reporting city showed stock turnover was more rapid in January this year than January, 1930, the average for all stores being .23 this January compared to .21 last January. WHOLESALE: Wholesale trade as measured by the combined dollar sales of five principal lines, drygoods, groceries, hardware, furniture, and drugs, instead of showing the customary increase in January as compared to December, was 8.2 percent less in January this year than in December, 1930. Drygoods was the only one of the five lines to report an increase in sales for the month, but sales of drugs were approximately the same as in the preceding month. Each of the five lines reported their sales in January this year were smaller than in January last year, the decrease for all lines combined being 14.7 percent. Wholesalers of drygoods, hardware, and drugs reported larger stocks of merchanc.aise on hand January 31 than one month earlier. Each of the five lines, except groceries, reported substantially smaller stocks on hand January 31, 1931 than on January 31, 1930. COLLECTIONS: Department stores reported collections in January were 39.4 percent of accounts outstanding December 31 as compared to 39.6 percent in December and 40.0 percent in January, 1930. All reporting wholesale lines reported both their outstanding accounts on January 31, 1931 and their collections during the month were substantially under one year ago. The figures for the seven states and the United States for the three months under comparison: Colorado .................................. Kansas ................................... . Missouri .................................. Nebraska ........ ........................ New Mexico........................... . Oklahoma............................... . Wyoming.............................. . January 1931 $ 5,461,000 6,363,000 18,568,000 6,223,000 664,000 6,045,000 921,000 December 1930 f, 8,030,000 8,326,000 23,630,000 8,349,000 1,225,000 9,290,000 1,142,000 January 1930 $ 6,363,000 7,827,000 23,265,000 6,405,000 1,159,000 8,616,000 796,000 Seven States............................ United States.......................... $ 44,245,000 628 ,607,000 f, 59,99 2,000 795,642,000 f, 54,43 1,000 755,821,000 Building Official reports from eighteen cities in this District as to the number and value of permits issued during January this year, disclosed the customary decrease in value of permits issued during the month as compared to December was not as great as usual, amounting to only 18.8 percent. Compared to January last year, this years' January total of 1,180 permits for buildings to cost $5,048,870 reflected an increase of 53 percent in number of permits and $1,871,083, or 58.9 percent, in estimated cost of construction. Eight of the eighteen cities reported a larger estimated value for the month than a year ago, and the combined total was the largest for any January since 1927. WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OuTSTANDINGS COLLECTIONS STOCKS Reporting Jan. 1931 compared to Jan. 31, 1931 compared to Jan. 1931 compared to Jan. JI, 1931 compared to Stores Dec. 1930 Jan. 1930 Dec. 31, 1930 Jan. 31, 1930 Dec. 1930 Jan. 1930 Dec. 31, 1930 Jan. 31, 1930 Dry Goods.............................................. 5 2.9 - 2.7 -40.3 -20.0 29.7 -31.2 3.7 - 5.9 Groceries.... ............................................ 6 - 3.5 - 16.4 -II.8 12.0 - 2.5 - 7.3 - 7.2 - 6.3 Hardware................................................ 9 -25.9 -24.9 -28.1 -16.8 - 5.6 - 6.4 4.0 - 4.1 Furniture................................................ 5 -19.5 - 7.3 -24.2 -15.6 - 3.5 -34.2 Drugs...................................................... 6 - 0.3 - 12.7 - 9.4 -10.8 7.9 -12.6 THE MONTHLY REVIEW 4 Cement BUILDING PERMITS IN TENTH DISTRICT CITIES Albuquerque, N. M ....................... . Cheyenne, Wyo ............................... . Colorado Springs, Colo. .................. . Denver, Colo ................................... . Hutchinson, Kans ........................... . Joplin, Mo ....................................... . Kansas City, Kans ......................... . Kansas City, Mo............................ . Lincoln, Nebr................................... . Oklahoma City, Okla ..................... . Omaha, Nebr................................... . Pueblo, Colo. .................................... . Salina, Kans..................................... . Shawnee, Okla ................................. . St. Joseph, Mo. ______ Topeka, Kans ................................. . Tulsa, Okla._.................................... . Wichita, Kans ................................. . Total 18 cities, January.................. PEllMITS 1931 1930 48 60 23 t 9 32 18 239 203 25 16 8 II 24 16 129 84 24 20 198 96 32 17 47 39 16 6 12 JI 19 15 34 II 182 86 88 53 1,180 EsTIMATED CosT 1931 1930 t, 106,550 t, 84.678 4,121 38,76o 104,735 24,380 508,400 641,550 32,800 34,610 7,183 15,076 2 7, 1 95 28,410 214,800 320,350 156,175 53,58o 3,068,760 1,121,225 34,210 87,225 38,920 35,329 1 9,3 2 5 5,215 2 9,35° 16,860 34,76o 541,013 202,600 50,965 20,625 2 3,575 326,462 166,885 771 The value of all construction contracts awarded in this District in January as reported by the F. W. Dodge Corporation showed increases of 37.7 percent over December an J 19.0 percent over January last year. Contracts for residenti al construction were, as usual, less than in December, but the total for January this year was approximately the same as for the corresponding month in 1930. The figures follow: January·-········································· ..................... . December 1930.... .............................................. . January 1930........... ............................................ . CONTRACTS AwARD F. D Residential T otal '/,:2,109,747 $1 7,755,595 4,186,167 12,897,799 2, 12 3,974 J4,92r,775 Lumber For the first time since February I 930, sales of lumber at retail exceeded those of the corresponding month in the preceding year, and the January total compared to the December total reflected more than the usual seasonal increase for the initial month of the new year. Stocks of lumber at the close of January were 0.3 percent larger than at the close of the preceding month but 15.7 percent smaller than on January 31, 1930. Outstanding accounts on January 31 and collections during the month declined in approximately the same ratio from the totals of both items for the preceding month and the corresponding month last year. The January volume of business at the reporting yards is here compared with that for December, 1930 and J anuary, 1930 in percentages of increase or decrease: January 1931 compared to December 1930 January 1930 13.7 4.7 Sales of all materials, dollars .......................... 19.2 -14.4 Stocks of lumber, board feet ......................... . 0.3 -15.7 Outstandings, end of month ......................... . - 8.5 - 8.5 Collections during month............................... . - 7.5 - 7.1 Sales of lumber, board feet.. ......................... . Combined reports of two hardwoods and eight softwoods associations reporting to the National Lumber Manufacturers Association, indicate that lumber production in the United States during the four weeks ended January 31 was only 72 percent as large as during the corresponding four weeks' period last year, shipments 81 percent, and orders received 78 percent. Production for the four weeks' period totaled 689,821 M board feet, shipments 803,915 M board feet, and orders 833,402 M board feet. Production of Portland cement at mills in this District in January showed about the usual seasonal decrease from December, 21.9 percent, and was 18.2 percent less than in January, 1930. Production exceeded shipments and stocks on hand at the end of the month were more than four times the production for the month. Stocks on hand January 31, 1931 were 8.3 percent larger than one month earlier and 14.1 percent larger than on the corresponding date last year. Production, shipments and stocks on hand: January 1931 Barrels Produced............................ Shipped ............................ Stocks, end of month ..... . December 1930 Barrels 573,000 734,000 371,000 2,628,000 413,000 2,426,000 January 1930 Barrels 701,000 313,000 2,304,000 Bituminous Coal The unseasonably warm weather which has prevailed generally curtailed the demand for coal. January production of soft coal at mines in the six coal producing states in this District totaled 2,237,000 tons, as compared to 2,455,000 tons in December and 3,405,000 tons in January 1931, and was the smallest January production on records dating from 1920. The tonnage mined in January in each of the six producing states is here shown with comparisons: *January 1931 Tons Colorado .. ............................. _ 786,000 291,000 Kansas .. ·-··•··••················- ····310,000 Missouri .. .-·······-·········•-•··•····· 174,000 New Mexico .......... ·-·-····-······· Oklahoma ............................. . 224,000 Wyoming ........ ·················-··-· 452,000 Total....................... ········-···· *Estimated *December 1930 Tons 887,000 292,000 2,237,000 309,000 177,000 239,000 551,000 2 ,455,000 January 1930 Tons 1,281,000 296,000 410,000 241,000 440,000 737,000 3,405,000 United States production of soft coal during the present coal year to February 7 (approximately 263 working days), is estimated by the Bureau of Mines at 382,894,000 net tons. This total compares with 455,015,000 net tons produced during the like period in the preceding coal year. Petroleum Production of crude oil in five states of the Tenth District, as compiled from weekly reports of the American Petroleum Institute, averaged 648,000 barrels per day, with total production of 20,087,000 barrels for the thirty-ane days of January. The daily average was the smallest for any month since January, 1926, and the gross production the smallest for any month since February of that year. Total production was 1.6 percent below that of December and 20.2 percent below that of January, last year. Exceptionally mild weather increased gasoline consumption somewhat and was held responsible for a slowing up in demand for kerosene and fuel oil. Prices of crude oil and its refined products were generally steady. The production figures for the five oil producing states of the District, follow: DAILY AVERAGEPRODUCTION *Dec. 1930 *Jan. 1931 Oklahoma ........................................... . Kansas ........ ·-··················-····················· Wyoming...... ·· ···································Colorado............................................. . New Mexico ....................................... . Total. .............................................·-···· Barrels 452,000 106,400 44,600 4,400 40,600 Barrels 459,3 00 105,600 48,500 4,100 41,000 658,500 Jan. 1930 Barrels 649,000 102,000 47,000 4,000 10,000 812,000 THE MONTHLY 5 ) £VIEW Agriculture GROSS PRODUCTION *Jan. 1931 Barrels 14,013,000 3, 297,000 1,383,000 134,000 1,260,000 *Dec. 1930 Barrels 14,238,000 3,273,000 1,505,000 127,000 1,272,000 Jan. 1930 Barrels 20,121,000 3, 155,000 1,448,000 138,000 308,000 Total.................................................... 20,087,000 .Estimated, American Petroleum Institute. 20,415,000 25,170,000 Oklahoma ............................................ Kansas ............................................... . Wyoming .. .......................................... Colorado............................................. . New Mexico....................................... . Refinery operations in the mid-continent area were further curtailed during the month, the February 1 estimates of runs to stills being the smallest since April, 1928. The number of refineries operating in Oklahoma and Kansas and the daily average runs of crude oil to stills: Plants Operating February 1, 1931................................................. . 66 January I, 1931................................................... . 55 February 1, 1930.................................................. 56 Daily Runs Crude Oil to Stills, Barrels 258,900 259,000 280,450 A summary of January field operations shows fewer wells completed during the month than in any month since last February, and the daily average new production the smallest since last June although only 3.0 percent under that of January, last year. Reports on new development work showed only 919 rigs up and wells drilling at the end of J anuary, the smallest monthencl total on twelve years' records. The reports on field operations: Wells Barrels Daily Dry Gas Rigs-Wells Completed New Production Wells Wells Drilling Oklahoma.......................... 198 76 23 540,133 479 12 Kansas.............................. 47 13 13,798 174 2 Wyoming........ .................. 7 2,276 II4 0 0 Colorado............................ 2 140 89 New Mexico...................... 10 21,788 63 4 4 January 1931.................... December 1930................ January 1930.................... 578, 135 629,865 596,o62 264 310 475 41 94 109 153 53 48 9 19 1,034 1,590 Zinc and Lead Mining January weather conditions were ideal for spring farm work and an unusual amount of spring plowing was done during the month throughout a greater part of the District, and especially in Kansas, Missouri, Oklahoma, and New Mexico. By midFebruary, which is unusually early, the seeding of oats and barley in the southern part of the District was quite general. Fall sown wheat and rye were reported in good to excellent condition, although some reports indicated these crops were damaged somewhat by winter killing and soil blowing. Regarding the condition of winter wheat, the reports of the Kansas and Oklahoma State Boards of Agriculture said: KANSAS: ''Kansas wheat is emerging from the dormant state and greening up in most sections of the state as a result of the continued above normal temperature. Precipitation during the months of December and January was much below normal and loss of moisture through transpiration has been more than usual. The surface soil is becoming dry in the central and western portions of the state. While the condition of wheat is still satisfactory, the crop is sub 1ect to considerable damage from blowing due to the fact that surface soil is dry and loose.'' OKLAHOMA: • 'Rains last week were general, light to moderate in the west portion and heavy in the east. Rains were beneficial to winter grains and supplied needed soil moisture for spring planting, but more precipitation is needed in the west portion. Winter wheat is in fair to very good condition and will be greatly benefited by recent rains." General rains the latter part of the month and the forepart of February furnished needed soil moisture and replenished water supplies that were becoming dangerously low in some localities. Grain Marketing January movements of grain to the five leading markets of this District were smaller for all classes, except wheat and oats, than in December. Compared with the same month last year, this year's January marketings were smaller for all classes, except wheat. January receipts of oats, rye and kafir were the smallest, and of wheat the largest, for any January on twelve years' records. The month's receipts of corn and barley were the smallest for any January since 1927. Hutchinson ...... Kansas City ... . Omaha._.......... . St. Joseph ....... . Wichita ........... . JANUARY RECEIPTS OF GRAIN Wheat Corn Oats Rye Bushels Bushels Bushels Bushels 3,902,850 403,750 7,670,400 3,007,500 252,000 16,500 3,043,200 2,525,600 188,000 25,200 187,500 1,794,000 144,000 1,498,500 431,600 24,000 Barley Kafir Bushels Bushels 1,250 221,000 62,400 161,700 32,000 8,750 10,400 Reports from the zinc and lead fields in Missouri, Kansas and Oklahoma, the Tri-State District, showed a substantial reduction in both zinc and lead mining during the five weeks ended January 31, this year, as compared to the five weeks ended December 27, 1930 and to the corresponding first five weeks in 1930. Janu ary 1931.. 16,302,450 8,162,450 608,000 December 1930 12,631,490 9,433,550 579,000 January 1930 .. 9,093,290 10,200,050 920,000 The 1931 opening price for zinc was 'l,26 per ton compared to $35 paid during the opening week oflast year. Lead price opened the year at 1,57.50 a ton against '$75 a ton in 1930. Due t<? reductions in New York pig lead quotations, lead prices suffered two declines during the month, one of $7.50 and another of $5 per ton, and closed the month at $45 per ton. Zinc prices showed little change during the month and closed $1 per ton higher than at the beginning of the new year. Flour mills in this District operated at practically the same rate of activity and produced a slightly greater amount of flour in January this year than they did in December or January of last year. Mills reporting weekly to the Northwestern Miller operated at 63.0 percent of capacity and produced 2,075,477 barrels of flour during January. The following table shows the number of barrels of flour produced at the leading milling centers in January 1931, December 1930 and January 1930: ZINC Oklahoma .............................. Kansas.................................... :Missouri ................................ 5 wks. ending Jan. 31, 1931 5 wks. ending Dec. 27, 1930.. 5 wks. ending Feb. 1, 1930.. 2 5,987 38,270 44,7'.24 ORE Value '/, 470,652 197,938 7,072 LEAD ORE Tons Value 2,123 $113,26o 28,262 545 2,650 53 'f, 675,662 2,721 4,040 3,4 14 995,o4o 1,565,340 'f,144,172 232,299 256,050 II4,800 401,100 208,950 232,900 553,300 577,300 Flour Production Shipments in tonnage and value are shown in the following: Tons 18,102 7,613 272 41,700 81,300 65,900 Atchison ........................... . Kansas City..................... . Omaha..- ............................ . Salina ................................ St. Joseph .......................... Wichita .............................. Outside .......... .................... Total.. .................. . ........... . January 1931 Barrels 135,840 640,346 95,669 186,144 27,916 II 2,749 876,813 2,075,477 December 1930 Barrels 129,876 631,454 101,354 180,427 25,710 139,380 861,725 January 1930 Barrels 133,303 6o6,048 99,84I 139,208 111,620 151,611 832,564 6 THE MONTHLY REVIEW Flour demand was spasmodic but new sales and shipping directions on old bookings enabled millers to maintain a steady average production. Buyers refused to book needs ahead and orders were for moderate amounts for immediate shipment. Flour and mill· feed prices continued steady at low levels. Livestock Light market receipts of all classes of livestock, except sheep, lower cattle and hog prices, slightly higher lamb prices, and a heavy January movement of feeder cattle to corn belt feed yards, were the outstanding features of the livestock industry of this District in January. Livestock on farms and ranges have so far wintered under favorable conditions, with ranges affording excellent grazing though some sections report a shortage of water for stock. There is a sufficient supply of hay and feed on hand in most localities for the winter's needs, and cattle and sheep are reported in good to excellent condition. MARKETINGS OF LIVESTOCK: Reports from the six leading livestock markets in the Tenth District showed receipts of cattle were the smallest for any month since last August and the smallest for any January on records covering the past thirteen years. Receipts of calves were the lightest for any month since July and for any January since 1922. Marketings of hogs were the largest for any month since last January, but the smallest for any January since 1928. The month's marketward movement of sheep was the largest since October and, except for January 1929, the largest January total on thirteen years' records. PRICES: Notwithstanding the unusually light January receipts of cattle, prices declined during the month and closed $1 to $2 under the December close. Prime cattle were scarce during the month and did not show the full decline, but dull demand for dressed beef, due to the unseasonably warm weather and the general business situation, low prices for hides and other by-products, and the poor quality of most offerings, depressed prices. Hog prices continued to work downward during January with medium and heavy butchers reflecting the greater price decline, and a considerable price spread developed between light and heavy butcher hogs. Although Tenth District markets, except Omaha, had fairly light receipts for January, receipts at northern markets were heavy and the average weight of hogs was the greatest in several years. Light and medium weight hogs declined 20 cents during the month and heavy hogs, going exclusively to packers, declined 50 cents. There was an improved demand for lambs during the month and, regardless of heavy supplies, prices were 35 to 70 cents higher at the close of January than one month earlier. During the first half of February, prices of all classes of livestock declined. Prices of fed cattle and hogs reaching the lowest February level since 1924, and lambs the lowest February level since 1914. Fed steers and lambs broke the most, and light weight hogs the least. STOCKERS AND FEEDERS: The movement of stocker and feeder cattle and calves to the country, from four Tenth District markets during January, was seasonally less than the December movement, but 5.8 percent and 24.1 percent, respectively, greater than that of January, last year. The January movement of cattle was the largest for any January since 1924, and of calves the largest for any January on records beginning in 1921. This large January countryward movement in the face of the unusually small receipts, reflected the large proportion of warmed up and half fat cattle received at the markets which were taken back to feed lots to be finished in sixty to ninety days. The open winter, ample forages, and low prices for feed grains, and corn, contributed to this unusually large January movement. Meat Packing Reports of packers' purchases of meat animals at public stock yards, including hogs shipped direct to packers' yards, indicate larger numbers of hogs and sheep, and fewer cattle, were slaughtered in January, this year, than in December or January last year. The January slaughter of calves was 20.1 percent smaller than the December slaughter, but 1.5 percent larger than in the corresponding month last year. The January slaughter of cattle was the smallest and of sheep the largest for that month on records covering the past thirteen years. The month's slaughter of calves was the smallest since last January and with that exception the smallest for any January since 1922. More hogs were killed during the month than in any month since January, 1929. Poultry and Dairy Products Poultry • prices remained practically unchanged during January, but broiler prices strengthened somewhat the middle of February. Egg prices dedine0 seasonally during the month to new low levels and there was some liquidation of laying flocks although hens were in heavy production. Hatchery sales of baby chicks have been small, but in view of low egg and poultry prices this situation was not unexpected and drastic price reductions have been made to move stock on hand. Butter prices continued to decline during the month to the lowest level in recent years. The February 1 cold storage holdings of frozen poultry in the United States was 101,323,000 pounds, 40 million pounds less than one year earlier and 22 million pounds less than the fiveyear average. Although the out-of-storage movement of eggs totaled 1,160,000 cases during the month, the February 1 holdings totaled 734,000 cases, or 595,000 cases more than on the corresponding date last year and 485,000 cases more than the five-year average. Storage stocks of creamery butter on February 1 totaled ·46,771,000 pounds, 14 million pounds less than one year ago, but 12 million pounds more than the five-year average. JANUARY MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT RECEIPTS Cattle Kansas City............................ 139.034 Omaha_ ................................. 101,903 St. Joseph._............................. 3z,965 Denver................................... . 49,612 Oklahoma City..................... . 18,092 Wichita................................... . 22,216 Calves 17,587 8,433 5,196 9,300 January 1931 .......................... 363,822 December 1930.................... :. 4 12,397 January 1930.......................... 407,326 *Includes 163,290 hogs shipped direct to 1,101,775 52,273 802,614 76,835 1 , 159,5°5 53,142 packers' yards. 5,995 5,762 Hogs * 329,230 467,465 151,853 75,043 29,424 48,760 STOCKERS AND FEEDERS Sheep Cattle 46,020 Calves 261,954 125,636 91,872 5,978 6,990 25,500 5,736 35,617 3,641 Hogs 3,86o 2,456 359 1,575 6,968 1,437 658,589 II2,873 139,73° 106,674 166,159 6o5,355 62.7,359 3,103 14,071 26,292 11,342 9,328 7,779 8,051 PURCHASED FOR SLAUGHTER Sheep II,7II 3°, 1 79 14,432 44,383 100,705 167,789 67,661 Cattle 56,9o3 59,645 20,264 8,677 II,357 6,469 163,315 194,379 200,320 Calves Hogs 13,598 *277,736 4,794 346,309 4,555 II4,425 2,015 154,015 Sheep 131,641 155,7 13 5,u5 26, 1 35 ,970 46,020 105,124 15,107 4,899 6,999 32,047 40,n5 864,640 419,483 31,567 595,97 1 860,108 356,597 l 4 1 7,79 2 7 THE MONTHLY REVIEW NUMBER AND VALUE OF LIVESTOCK ON FARMS JANUARY 1, 1931 and JANUARY 1, 1930 (ooo omitted) NUMBER OF HEAD All Cattle *Milk Cows & Heifers Sheep and Lambs Horses-Colts Mules- Colts Swine 1931 1930 1931 1930 1931 1931 1930 1930 1931 1930 1930 1931 299 244 1,396 287 1,330 244 520 JI 3,o47 29 3,495 495 155 2,826 3,042 2,901 728 167 2,713 677 659 747 74 1 7 25 1,116 1,146 2,215 2,172 860 3,810 300 546 300 563 9o3 3,543 3,121 6H 1/208 88 3,001 5,086 619 966 5, 137 74 2 757 93 68 66 142 2,780 2,527 150 i,045 I,045 67 34 34 73 1,994 297 666 1,008 184 167 1,899 634 455 479 3 13 9°7 166 811 3,866 171 772 117 69 70 II7 3,5 15 5 5 Colorado._ .. . Kansas ........ Missouri..... . Nebraska... . New Mex.. . Oklahoma... . Wyom ing... . - - -- ---- - - - - - -- - - - - - - - -- ---- ---- ---7 States.-..... U.S............. . 13,624 58,955 13,180 57,978 3,316 22 ,975 3,225 22,443 13,003 52,3 2 3 13,415 53, 238 12,700 51,9II 12,717 - -- 3,015 12,803 5o,5o3 - -- All Live Stock 1931 1930 5, 2 79 5,65o 7,3 28 7,34 1 7,7 20 7,99 1 10,054 10,145 4,067 3,829 3,837 3,866 4,965 4,58° - - - - - -- - - -- - 908 943 5, 1 31 5, 2 79 43,250 181,123 TOTAL VALUE Colorado...... i Kansas ....... . 1issouri .... .. N ebraska ew Mex ... . Oklahoma.... Wyoming Al l Cattle *Milk Cows & Heifers 1931 1930 1931 ..1 930 52,872 '/, 67,395 $ 13,664 '/, 17,568 $ 100,5 18 148,869 35,856 53,650 76,6o6 I 16,353 39,732 60,200 121,257 164,873 34,664 49,375 42,386 3 1 ,79 2 ,1,400 4,355 50,908 23,976 37,4c6 77,777 32,884 4,485 5,880 42 , 0 43 - - - - - - - - ---- ---- Sheep and Lambs Swine 1931 1930 1931 1930 5,769 '$ 5,943 '/, 16,844 $ 31,407 '/, 29,912 38,201 3,334 5,5 15 5,625 10,462 32,450 44,402 4,56o 9,85o 71,968 82,981 13,299 20,031 6 19 794 855 1,494 6,919 9,131 22,601 32,220 1,314 1,463 - - - ---- - -- - -- Horses1931 I 1,782 '/, 26,152 24,366 38,478 3,9 2 7 14,894 5,699 --- Col ts Mules1930 1931 13,427 '/, 1,479 $ 35,038 8,445 30,550 18,893 45,845 5,996 1,274 5,01 3 18,494 13,958 243 5,9 1 3 - --- - -- Colts AH Live 1930 1931 1,758 '/, 88,746 'f, 168,361 10,847 22,547 l 57,940 7,162 242,259 1,575 50,91 I 18,252 . 87,534 62,741 301 Stock 1930 n9,930 238,470 224,314 310,711 69,799 125,148 81,940 - - - - - - - ---- 7 Stares........ $ 466,837 $659,696 'f, 155,777 '/, 228,434 '/,148,951 'f,182,915 '/, 67,n8 '1,110,979 '/,125,298 '/,154,280 'i, 50,288 $62,442 $ 858,492!i1,170,312 G. S.............. 2,340,921 3,321,992 1,322,666 1,872,358 610,200 732,560 277,708 450,684 785,624 944,709 351,994 438,019 4,366,447 5,887,964 "'Included in' 'All C:i.ttle." Livestock On Farms There was a decrease of 0.4 percent in the number of head of livestock on farms in the seven states whose areas or parts thereof form the Ten th Federal Reserve District, between January 1, 1930 and January 1, 1931, accoring to the annual report of the United States Department of Agriculture. All species of livestock, except cattle, including milk cows and heifers, shared in the decrease. There were increases in numbers of 3.4 percent in all cattle and calves and 2.8 percent in milk cows and heifers, but decreases in sheep, swine, horses and mules of 0.1, 3.1, 4.2 and 3.7 percent, respectively. The aggregate value of all livestock on farms in the seven states on January 1 this year was $858,492,000, compared to 1,170,312,000 on the corresponding date last year, a decrease for the year of $31 I ,820,000, or 26.6 percent. Average per head values on all classes were substantially lower than one1year earlier, declines ranging from 15.2 percent for horses and colts to 39.1 percent for sheep and lambs. The average per}head, values of the differen t species of livestock in seven Tenth Dis- trict states on Janu ary 1, 1931 and 1930, with~percentages of decrease, are shown in the following: Horses and colts............................................. . Mules and mule colts ..................... ............... . All cattle and calves ..................................... . Milk cows and heifers..................................... . Sheep and lambs ............................................. . Swine, (including pigs) ................................... . January 1 1931 1930 $41.55 $49.00 55.40 66.20 34- 2 5 5o.o5 47.00 70.80 5.30 8.70 11.45 13.65 Percent Decrease -15.2 -16.3 -31.6 -33.6 -39.I -16.1 The government's report of livestock on farms January 1, issued by the Bureau of Agricultureal Economics, United States Department of Agri culture, J anuary: 26, 1931, give the following summary: ' 'The number of hogs, horses and mules on farms decreased during 1930 and the numbers of cattle and sheep increased, according to the estimate of the Department of Agriculture showing the number of each species on farms January 1, 1931, and revised figures for January 1, 1930 and 1929. The number of milk cows and yearling heifers kept for milk cows also increased but there was a decrease in heifer calves being saved for milk cows. When the numbers of all livestock are combined into units which allow for differences in size and feed requirements among the se,·eral species the total number of animal units on January 1, 1931 was practically the same as on January 1, 1930, and but little different from the numbers on January 1, 1929 and 1928. The total values of each of the species of livestock declined sharply during 1930 due to the drop in value per head. The total value of all livestock on January I, 1931, was $4,366,000,000 compared with $5,888,000,000 on January 1, 1930. The total value on January 1, 1931 was the lowest since January 1, 1912. HORSES: The number of horses on farms continued to decline in 1930 at about the same rate as in recent years. The number on January 1, 1931 was 12,803,000 head compared to 13,364,000 head on January 1, 1930 and 21,555,000 head January 1, 1918, the high point in horse numbers. The value per head of horses on January 1, 1931 this year was $61.36 compared with f,70.69 last year, and the total value was '1,785,624,000 this year compared with '/,944,709,000 last year. MULES: The decrease in mule numbers in 1930 was the largest since numbers began to decline about 5 years ago. The numbers on January 1, 1931 were 5,131,000, and on J anuary 1, 1930, 5,279,000 head. Values per head were f,68.60 this year and 'f,82.97 last year, and total values were i351,994,ooo this year and '/,438,019,000 last year. CATTLE: Cattle numbers on farms increased again in 1930. The number of all cattle on January 1, 1931 was 58,955,000 head. On January 1, 1930 it was 57,978,000 head anrl on January 1, 1928, the recent low number, it was 55,676,000 head. The value per head January I this year was 'f,39.71, compared with 'f,57.30 January 1, 1930. The value per head this year was the lowest since 1926. The total valuation of all cattle January I this year was 'f,2,340,921, ooo and on January 1, 1930, it was $3,321,992,000. The numbers of milk cows (cows and heifers 2 years old and over kept for milk) and yearling heifers kept for milk cows are included in the all cattle figures. The number of milk cows increased materially in 1930 but there was little increase in the number of heifers kept for milk cows. The number of milk cows on Janu ary 1, 1931 was 22,975,000 head and on January 1, 1930, was 22,443,000 head. The value per head of milk cows this year at $57.57 was much below that of a year ago when it was $83.43. The number of yearling heifers kept for milk cows was 4,688,000 this year and 4,675,000 last. HOGS: Hog numbers were smaller on January 1, 1931 than a year earlier. The number this year was 52,323,000 head and last year it was 53,238,000 head. The number in the North Central states, however, was larger on January 1, 1931, than on January 1, 1930. The number this year was 40,147,000 head, while last year it was 40,078,000 head. The value per head January I : this year was 'f,11.66 compared with 'f,13.76 January 1, 1930. The ·total value this year was '$610,200,000 and last year was $732,560,000. SHEEP: Sheep numbers increased again in 1930, this being the ninth successive year in which numbers have increased. The number January I this year was 51,9n,ooo head, compared with 50,503,000 head on'January 1, 1930. The value per head on January I this year was 'f,5.35 and last year it was $8.92. The total value this year was $277,708,000, while last year it was f,450,684,000.' • 8 THE MONTHLY REVIEW Business Conditions in the United States By the Federal Reserve Board ,..car * 110 IIIOUSTRIAL PROOUCTIQ;l ~·,ir 100 ,~ r- .. \ IO '° l9Z7 l'28 120 \ 1929 I 00 \ 110 1930 1931 60 Index numbers of production of manufactures and minerals combined, adjusted for seasonal variations, (1923-1925, average 100). L:itest figure, January, 82. H'.IICDff PGIOIIT 120 120 FACTOflY [M:>LOYMENT ANO PAYflllLLS · 110 100 90 80 70 60 1931 Index numbers of factory employment and payrolls, without adjustment for seasonal variations, (1923-1925 average, 100). Latest figures January, employment 76.4, payrolls 68-4-BGJ.;nx;; o; C)'ll,f. $ :o Industrial activity increased in January by slightly less than the usual seasonal amount and factory employment and payrolls declined. Money rates in the open market declined further from the middle of January to the middle of February. PRODUCTION and EMPLOYMENT: The Board's index of industrial production, which is adjusted for seasonal variation, showed a decrease of less than one percent in January, compared with declines of 3 percent in November and in December. Activity in the steel industry, which was at a low level in December, increased during the following month by considerably more than the usual seasonal amount. Output of automobiles, which had shown an unusual increase in December, increased less in January than in the corresponding month of other recent years. The cotton and wool textile industries were more active in January, while the output of copper, petroleum, and coal declined. The number of wage earners employed at factories was smaller in the payroll period ending nearest the I 5th of January than in the preceeding month, reflecting in part extended year-end shut downs. There were large declines in employment at founddries and at establishments producing hosiery, women's clothing; lumber, brick, cement and tobacco products. Employment in the men's clothing, leather and agricultural implement industries increased somewhat more than usual for the season. Factory payrolls were considerably reduced in January. Value of contracts awarded for residential building continued to decline in January, according to the F. W. Dodge Corporation, while contracts for public works and utilities1increased. In the first half of February the daily average of contracts awarded for residential building increased. DISTRIBUTION : Volume of freight car loadings was reduced further in January contrary to the usual seasonal tendency, reflecting decreases in shipments of coal, merchandise, and miscellaneous freight. Department stores' sales, which always show a sharp reduction from December to January, declined less than the estimated seasonal amount. WHOLESALE PRICES: The general level of wholesale commodity prices declined further by two percent in January, according to the Bureau of Labor Statistics. Prices of many leading agricultural products, and of copper and silver decreased substantially, while prices of cotton and silk advance~. In the first half of February the price of cotton continued to rise and in the middle of the month copper also advanced, while the price of silver declined to new low levels and prices of livestock continued to decrease. 19:.7 192S 1930 1931 Monthly average of weekly figures for reporting member banks in leading cities. Latest figures are averages for first two weeks in February. -« ""' """'"'~\--.' ., Pl'RCEST KRC!NT ~l=~-4~ 1 BANK CREDIT: Volume of credit at member banks in leading cities showed little change from January 14 to February II, further declines of $200,000,000 in loans on securities and of $II 5,000,000 in all other loans being largely offset by an increase of $310,000,000 in the banks' holdings of investments. 4 ....,...,,,,,i)_,R,,f, - + - - - - - t - - - - 1 - c - ; . 1 A,pKRtll~ _A«.p,_Jil,.. 1927 1!128 1929 1930 Monthly rates in the open market in New York. Commercial paper rate on 4 to 6 month paper. FAcceptance rate ;·on 90-day bankers' acceptances. Latest figures are averages of 6nt 19 days in February. In the first three weeks of February bank suspensions declined sharply and a number of banks, previously suspended, resumed operations. Volume of reserve bank credit outstanding decreased by $175,000,000 between the weeks ending Jnauary 17 and February 14, reflecting a reduction of $70,000,000 in member bank balances ancl $80,000,000 in money in circulation, together with an increase of $25,000,000 in the stock of monetary gold. The principal reduction has been m acceptance holdings of the reserve banks. MO. EY RATES: Money rates in the open market continued to decline after the middle of January and by the middle of February were at new low levels. The prevailing rate on prime commercial _paper declined to a range of 2.J4-2.¼ percent, anc the rate on bankers· acceptances was red11ced to I¼ percent, bnt subsequently advanced to r ½ percent.
@FedFRASER