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THE MONTHLY REVIEW
Of Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
FEDERAL
Vol. 18
RESERVE
KANSAS
BANK
CITY, Mo.,
HANGES in Tenth District business conditions during
January were mainly of a sidewise character. Agricultural commodity prices, with the exception of an unusuaJly sharp decline in egg prices and lower fat beef, fluctuated
narrowly. Trade at both wholesale and retail experienced the
usual seasonal trends as compared to December, with decreases
in sales compared to the corresponding month of the preceding
year averaging about the same as shown for recent months.
Liquidation of loans at member banks continue at about the
same rate as in previous months.
Weather conditions favorable to livestock and for farm work
prevailed throughout the month, but snows and sub-zero
temperatures the forepart of February retarded farm activity,
caused some loss of livestock and injury to wheat, peaches,
and apricots.
Market receipts of all classes of livestock, although exceeding
the December totals, continued below normal, as did receipts
of all c1 asses of grain.
Flour production showed a slight increase over last month
and January last year. Lead ore shipments and crude oil
production were larger than in December but less than in
January, 1932. Zinc ore shipments exceeded both December
and last January. Output of bituminous coal and cement
was smaller than a month ago or a year ago.
Building activity remains decidedly sub-normal although
there was some improvement in residential construction during January.
C
Member Bank Operations
Loans and discounts of fifty-four reporting member banks
in leading cities of this District established a new post war
low on the weekly reporting date of February 15, declining 3.7
percent in the five weeks beginning January II and 25.7 percent as compared to February 17, 1932. Declines in loans
secured by stocks and bonds amounted to 2.1 percent in five
weeks and 14.8 percent in fifty-two weeks, whereas, "all other
loans,, declined 4.5 and 30.1 percent, respectively, during the
two periods of comparison. Total investment holdings of
these banks were 1.4 percent larger on February 15 than five
weeks earlier and o.8 percent larger than on the corresponding
date last year. The increase in five weeks was about equally
distributed between investments in United States Government
securities and other bonds, stocks, and securities, but the increase for the year was entirely in investments in Government
securities, with holdings of other securities reduced 9.4 percent.
Between January 11 and February 15 there was a slight
increase in net demand deposits, but time deposits showed a
loss of 2.4 percent. Since February1i17,"'-1932, - net J demand
deposits have=dropped 8.1~percent and time.. deposits'il{percent.
KANSAS
OF
MARCH 1,
CITY
1933
No. 3
BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT
Percentages of Increase, or Decrease (-), for January 1933 over December
1932 and January 1932.
January 1933
Compared to
Banking
Dec. 1932
Jan. 1932
-16.6
Payments by check, 29 cities ........·- - -14.6
-14.0
- 3.2
Federal Reserve Bank clearings·-············ - - -21.4
Business failures, number.... - -- - - - - -27.4
-20.8
Business failures, liabilities......... - - - -67.6
- 3.7
-25.7
Loans, 54 member banks·-···-··········-··---o.8
lnvestments, 54 member banks .. - - - - - 1.4
Net demand deposits, 54 member banks ....................
0.1
- 8.I
- 2.4
-4.0
Time deposits, 54 member banks·--·····························
- 1.6
Savings deposits, 47 selected banks·-···························
- 5.9
Savings accounts, 4 7 selected banks .. _ _ __ _
-o.6
-4.0
Distribution
Wholesalers' sales, 5 lines combined ........................... .
Retailers' sales, 33 department store.,__,_ __
Lumber sales, 1 58 retail yards .. _ _ _ __
Life insurance, written·-----····························
- 2.7
-5 2 .9
26.0
-10.4
- 9.4
-I9.9
1.4
-17.8
Construction
Building contracts awarded, valu.____ _ _ __
Residential contracts awarded, value....... _ _ __
Building permits in 18 cities, value............................. .
-11.5
2 45•5
75• 1
2.6
45.9
-29.2
Production
Flour_ _ __
Crude petroleum·-·· · · · - - - - - · ··························
Soft coal... _ _ _ _ _ _ _ _ _ _ ..................
Zinc ore (shipped) Tristate District...................•........
Lead ore (shipped) Tristate District.-....................... _
Cement _ _ _ __
Grain receipts, 5 markets
Wheat ...............................................................................
Corn.·-----······· ............................................... .
1.3
2.9
-28.5
58.9
-
5-2
1.4
2.6
-12.4
-24.2
207.5
-58.6
-64.2
Rye............· - - - - - - - - -··············· ........
Barley·--·········· _ _ _ _ _ _ _ _ _ __
Kafir..... - - - - - - - -- - -·························
-16.0
4o.4
24.4
-24.6
1
- 7.3
2.7
Livestock receipts, 6 markets
Cattle........................................· · · · - - - - - - Calves.--······················ ... ................................................
Hogs ................................................................................. .
Sheep...•.. _ _ _ __
Horses and mules........ _ _ _ _ _ __
21.3
13.8
36.2
32·9
125.0
3.2
43.1
-14.8
-29.1
65.4
32 ·9
11.9
37-4
39.5
- 6.3
Oats. ___ · · - - -
- - --
··················-·········
Meat packing, 6 markets
Cattle... - - - - -································ ................... .
Calves................................................. _ _ _ _ __
Hogs .. _ _ _ _ _ _ _ _ _ _ _ _ _ __
Sheep ...............................· - · · - - - - -·
Stocker and feeder shipments, 4 markets
Cattle.....-········- ····························································
~~~~~.·.~::::::::::.............. __________
Sheep ............... - - - - - - - · · · .................. .
This Copy Released For Publication In Morning Newspapers, March 1
-16.0
-30.8
4.6
-43.9
-51.3
95.9
51.0
73.4
-5o.5
-3p.
-
4.0
-5-7
-35-7
20.6
92.6
6.1
-
5.0
2
THE MONTHLY REVIEW
Combined statements of the fifty-four banks are here shown
for the three dates of comparison:
Loans and investments-total..
Loans and discounts-totaL .....
Secured by stocks and bonds
All other loans and discounts
Investments-totaL_ .................
U. S. securities ...... _ __
Other bonds, stks, and sec .... .
Reserve with F. R. bank......... .
Net demand deposits..................
Time deposits .... ......................... .
Government deposits ................ .
Feb. 15, 1933
$496,363,000
228,874,000
75,272,000
I 53,602,000
267,489,000
,148,774,000
n8,715,ooo
56,750,000
335,062,000
174,770,000
2,491,000
Jan. n;1933
'/,501,498,000
237,687,000
76,893,000
160,794,000
263,8n,ooo
147,247,000
I 16,564,000
43,281,000
334,58 I ,ooo
179,109,000
4,II8,ooo
Feb. 17, 1932
$573,55 1 , 000
308,144,000
88,398,000
219,746,000
265,407,000
134,389,ooo
131,018,000
42,902,000
364,688,000
182,H7,ooo
1,472,000
Federal Reserve Bank Operations
Comparison of the weekly condition statements of the
Federal Reserve Bank of Kansas City and branches at Omaha,
Denver, and Oklahoma City discloses sharp increases in gold
reserves, Federal reserve note circulation, and member bank
reserve deposits in the five weeks ended February 15. Gold
reserves increased 27.6 percent during the period and on February 15 were 32.3 percent larger than on February 17 last year,
and the highest for any reporting date since September 3, 1930.
United States Government security holdings were reduced
$244,000 in five weeks, but the total held on February 15 showed
an increase of $35,712,500 as compared to the corresponding
date last year. Federal reserve note circulation expanded
$10,533,150 between January 11 and February I 5 and on the
latter date was 21.6 percent larger than one year earlier and
higher than at any time since February II, 1931. Member
banks' reserve deposits increased 20.8 percent in five weeks
and 17.3 percent in fifty-two weeks.
Changes in the principal items contained in the weekly
condition statements of this bank and branches are indicated
in the following:
Feb. 15, 1933 Jan. II, 1933 Feb. 17, 1932
Gold reserves................................
'/,110,187,008
'/, 86,372,764 $ 83,254-,860
Reserves other than gold._.........
6,252,020
7,288,780
8,330,I'l.5
Total reserves............................
n6,439,028
93,661,544
91,584,985
Bills discounted·--············...........
15,060, 50 I
II ,3 27, I 5I
3 8,370,2 58
Bills purchased..........- ................
842,030
855,597
7,407,302
U.S. securities....................... ....
55,670,100
55,914,100
19,957,600
Other securities.-.........................
......................
............. ........
400,000
Total bills and securities............
71,57'.2,631
68,096,848
66,135,160
Total resources.............................
214,166,029
187,754,828
187,6o5,774
F. R. notes in circulation...... ....
100,932,715
90,399,565
83,035,235
Member banks' reserve deposits
79,509,188
65,814,IIo
67,762,370
The discount rate of the Federal Reserve Bank of Kansas City, on all classes
of paper and all maturities, remained unchanged at 3½ percent.
Business Failures
There were fewer business insolvencies in the Tenth Federal
Reserve District in January this year than in the like month
of any year since 1923 and the total indebtedness was the
smallest for that month since 1929, according to the reports
of R. G. Dun and Company. Numbers and liabilities involved
were also lighter than in December.
January defaults in the United States were more numerous
and the amount of money involved exceeded the December
totals but both items showed substantial declines as compared
to January, 1930, and 1931.
Commercial failures in this District and the United States as
reported by R. G. Dun and Company:
TENTH DISTRICT
Liabilities
Number
January 1933....................... .
$1,842,215
II4
December 1932....................
1 45
2,325,518
January 193...___ _ __
1 57
5,691,6oo
UNITED STATES
Number
Liabilities
2,919
$79,100,6o2
2,469
64,188,643
3,458
96,860,205
Bank Debits
Reports from banks in twenty-nine leading c1t1es of this
District disclose an increase of 14.6 percent in amounts debited
to individual accounts in the five weeks ended February l as
compared to the preceding five weeks ended December 28.
Debits during the first five weeks this year compared to the
like period last year declined 16.6 percent, which is the smallest
decrease reported for any period since January, 1931, compared to January, 1930.
Payments by check charged against individual accounts by
banks in 161 cities in the United States for the month of January declined 24 percent from January of last year.
Percent
Change
--23.3
-21.9
21.8
- 5.6
-12.3
-23.4
- 11.9
FIVE WEEKS ENDED
Feb. 1,1932
Feb. 1, 1933
Albuquerque, N. M .. _................. $
8,172,000 1,
10,653,000
2,781,000
3,562,000
Atchison, Kans ...·---················ ..
21,392,000
26,279,000
Bartlesville, Okla .. --···················
5,288,000
4,992,000
Casper, Wyo.·--······················ ....
6,120,000
Cheyenne, Wyo ..........................
5,365,000
Colorado Springs, Colo ..............
11,700,000
15,274,000
Denver, Colo ...............................
131,396,000
TI 5,755,000
8,866,000
Enid, Okla ................................ ..
6,349,000
Fremont, Nebr.............................
2,180,000
3, 154,000
1,801,000
2,601,000
Grand Junction, Colo .................
Guthrie, Okla .. - ...........................
1,693,000
1,323,000
Hutchinson, Kans .......................
8,262,000
11,240,000
Independence, Kans ...................
7,026,000
4,005,000
Joplin, Mo ..................................
8,859,000
7,774,ooo
Kansas City, Kans.....................
14,107,000
17,415,000
Kansas City, Mo.........................
316,960,000
268,935,000
3,658,000
4,575,000
Lawrence, Kans.·-·······················
21,626,000
29,552,000
Lincoln, Nebr...·-·························
8,261,000
8,968,oco
Muskogee, Okla.·-·······················
Oklahoma City, Okla .................
68,513,000
76,191,000
Okmulgee, Okla ...........................
2,686,000
3,o95,ooo
Omaha, Nebr...............................
147,490,000
107,300,000
Pittsburg, Kan
4,822,000
3,888,000
n,313,000
15,123,000
Pueblo, Colo .. --···························
Salina, Kans .................................
6,212,000
8,919,000
St. Joseph, Mo.·-········ ...... ..........
24,173,000
34,722,000
Topeka, Kans ...............................
16,450,000
19,469,000
107,579,ooo
Tulsa, Okla ..- ...............................
97,4o9,ooo
Wichita, Kans .............................
46,239,000
35,650,000
Total 29 cities ............................
Total United States·----···········
$
898,004,000
32,230,019,000
-28.4
-3o.9
-30.8
-:u.9
-26.5
-43.0
13.8
-19.0
-15.2
-20.0
-26.8
- 7.9
-10.1
--13.2
-'1.7.2
- 19.4
--25.2
-3o.4
-3o.4
-
1 5.5
-
9.5
-22.9
-16.6
-24.0
'/, 1,077,158,000
42,385,814,000
Reserve Bank Check Collections
The number of checks collected through this bank and
branches during January declined 7.7 percent as compared to
December and 18.2 percent as compared to last January. The
dollar volume of checks handled declined 3.2 percent for the
month and 14 percent as compared to January, 1932.
Check collections through this bank and branches are shown
in the following table:
ITEMS
January 1933................................................. .
December 1932 ............................................... .
January 1932·--·························· ....................
3,708,108
4,016,071
4,535, 143
AMOUNT
$492,21 I ,ooo
5o8,559,ooo
572,052,000
Savings
Savings deposits, as reported by forty-seven selected banks
in leading cities of the District, declined 1.6 percent in January
and 5.9 percent between February 1, 1932, and February r,
1933. Numbers of savings accounts showed a loss of o.6 percent for the month and 4 percent for the twelve months.
Total savings deposits and savings accounts reported by
forty-seven banks for the three dates of comparison:
Savings Accounts
February 1, 1933---······· ···························
412,936
January 1, 1933·-··--·······························
415,589
February 1, 1932..·-·································
429,941
Savings Deposits
$1n,955,366
n3,76o,921
IIS,957,631
.1
THE MONTHLY REVIEW
Reporting
Stores
Dry goods ·--················· 6
Groceries.·-··················- 5
Hardware...-................... 8
Furnitur_______
4
Drugs.............................. 6
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
OuTST ANDIN0S
COLLECTIONS
Jan. 1933 compared to
Jan. 31,1933 compared to
Jan. 1933 compared to
Dec. 1932
Jan. 1932
Dec. 31, 1932 Jan. 31, 1932
Dec. 1932
Jan. 1932
12..2
-14.7
- 5.7
-13.6
-37.9
- 5.5
3.3
- 8.6
0.4
- 9.1
- 7.6
- 0.3
--20.7
- II.3
-36.4
- ' l I .3
- 2.7
- 7.3
o.6
-17.2
-12.9
--20.9
- 1.5
-'23,7
- 7.6
- 4.2
- 3.3
- 8.o
-11.5
7.6
Trade
RETAIL: Retail trade in the Tenth District, as reflected
by the dollar volume of sales of thirty-three reporting department stores, declined 19.9 percent in January as compared to
January last year. The seasonal decline of 52.9 percent from
the December volume was about the same as is usually reported.
Reductions in inventories during the month averaged 6.7
percent, with stocks on hand January 31 reported as 21.9 percent smaller than on January 31, 1932.
Collections in January averaged 34.6 percent of the amounts
outstanding on December 31 last year, as against ratios of
34.8 and 35.7 percent reported for December and January, 1932.
WHOLESALE: In the reporting wholesale lines,t}°dollar
sales of dry goods, groceries, and furniture increased and of
hardware and drugs declined for the month. The seasonal
increase in sales of dry goods was somewhat larger than reported for the two preceding years and the seasonal decline in
sales of hardware was somewhat smaller. Wholesalers of
furniture reported the first January increase in five years and
those of groceries the first in three years.
All lines reported their January volume as less than a year
ago, thus making the fifth consecutive annual decline in sales
of dry goods and the fourth in sales of groceries, hardware,
furniture, and drugs.
Inventory changes during the month were of usual trends
and about usual proportions. Stocks of dry goods, hardware,
and drugs increased, whereas, those of groceries and furniture
declined. All lines reported less merchandise on hand January
31 than one year earlier, the decreases by lines being as follows:
dry goods, 3.7; groceries, 25; hardware, 13.6; furniture, 23.4;
and drugs, 14.7 percent.
Flour Milling
Flour production at mills in this District during January,
although 2.6 percent greater than for the same month last year,
was otherwise the smallest reported for the like month of any
year since 1926. Month to month comparisons since harvest
have shown but slight change and the January total was only
1.3 percent above the December output. Mills operated at
63.4 percent of capacity in January as compared to 61.5 percent a year ago.
STOCKS
Jan. 31, 1933 compared to
De~31,1932 Jan.31,1932
20.6
- 3.7
- 5.0
--25.0
9.1
-13.6
- 4.1
--23.4
8.o
-14.7
Tenth District flour production as estimated from the weekly
reports of southwestern mills to the Northwestern Miller:
Dec. 1932
Barrels
134,902
574,753
109,136
156,859
213,513
746,869
Jan. 1932
Atchison ............... · · - - - Kansas Ci tY·--···················· .....................
Omaha ......................................................
Salina ....._ _ __
Wichita. ___ ._ _ _ _ _ __
Outside._ .................. _ _ _ __
Jan. 1933
Barrels
129,200
580,287
92,415
131,848
219,440
807,526
Total.........................................................
1,960,716
1,936,032
1,911,876
Barrels
106,34:2
660,670
56,947
144,704
196,76o
746,453
Flour sales improved the forepart of the month and prices
advanced 20 to 25 cents per barrel in sympathy with wheat,
but closed net unchanged as wheat prices receded.
Millfeed demand was brisk, in some cases exceeding the
limited supply. Prices advanced up to the final week of the
month when they weakened somewhat as the market became
easier.
Grain Marketing
January receipts of all classes of grain at the five principal
grain markets of the District were considerably below the
ten-year average. Receipts of wheat, much of which was for
grinding into Red Cross flour, were the lightest for any January
since 1926 and equal to but 63 percent of the average.
Shipping demand for corn was light but export demand was
fair. Supplies, although heavier than a month or a year ago,
were less than a third of normal. Marketings of oats, although
the heaviest for any January in three years, showed a loss of
33 percent as compared to the ten-year average. Offerings of
rye, barley, and kafir were extremely light, declining over 70
percent as compared to normal.
Receipts of the six classes of grain at the five principal Tenth
District markets:
Corn
Bushels
II,250
841,500
716,800
963,000
4t,6oo
Oats
Bushels
Rye
Bushels
Barlev
Bush;ls
208,000
206,000
582,000
1,500
9,000
21,000
35,200
8,000
Jan. 1933.......... 6,317,550 2,574,150
Dec. 1932.......... 7,522,250 1,833,200
Jan. 1932 ........ - 12,976,400 1,31 4,000
997,500
802,000
660,500
30,000
39,800
17,300
Hutchinson ...... .
Kansas City. __
Omaha ..............
St. Joseph·----·
Wichita·--·········
Wheat
Bushels
1,208,250
3,681,600
545,600
145,600
736,500
Kafir
Bushels
28,6oo
133,000
1,300
1,300
44,500
53,800
89,850
162,900
158,600
2 59,400
RETAIL TRADE AT 33 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
STOCKS (RETAIL)
AccoUNTS RECEIVABLE
COLLECTIONS
Stores Jan. 1933
Jan. 31, 1933
STOCK TURNOVER
Jan. 31, 1933
Jan. 1933
Report- Compared to
Compared to
January
Compared to
Compared to
ing
Jan. 1932
Dec. 3r, 1932
Jan. 31, 1932 1933
1932
Dec. 31, 1932
Jan. 31, 1932
Dec. 1932 Jan. 1932
Kansas City ......................
4
--21.0
- o.6
--20.6
.15
.16
-17.9
-18.7
5.8
- 9.5
Denver_ _ _ _ __
4
-17.9
- 4.0
--22.4
.21
.20
-10.4
-16.4
12.9
-21.6
Oklahoma City_ __
3
-21.7
-13.0
-36.3
.26
.21
-12.4
-26.3
- 8.2
-35.3
3
-25.6
- 6.6
--23.7
.18
.18
-19.5
--26.2
r.9
-22.2
Topek.----3
-10.2
-n.5
--20.6
.35
.30
-17.0
-22.9
Tulsa......- - - 3·4
-u.7
3
-19.9
-14.8
-'J.l.7
,16
.t6
-17.1
-25.2
17.9
-22.2
Wichita...... - - - - 13
-'J.2.2
-13.9
-21.2
.21
.21
-10.4
-12.9
9.7
-23.4
Other cities.·-··················-
33
-19.9
- 6.7
--21.9
,19
.19
NOTE: Percentage of collections in January on accounts December 31, all stores reporting 34.6.
TotaL--·····-····--··········--
-13.1
-18.7
7.3
Collections same month last year 35.7.
THE MONTHLY REVIEW
4
Grain prices, with the exception of wheat, were extremely
sluggish throughout January and the first three weeks of
February. Wheat prices improved sharply early in the month
but subsequently lost a large p art of this gain. Wheat and
rye: closed the month with a net advance of 2 cents per bushel
but corn, oats, barley, and kafir were nominally unchanged.
January closing prices at Kansas City as compared to a year
ago were, in cents per bushel, as follows: No. 2 hard and dark
wheat 42 against 51.½; No. 2 mixed corn 21 ¼ and 36,½; No. 2
white oats 17 and 26,½; No. 2 rye 33 ,½ and 46; No. 2 barley
23.½ and 37; and No. 2 kafir 43 against 58.
Agriculture
Mild, open weather in January enabled farmers to make
good progress with preliminary preparations incident to the
approaching crop season. Snows and sub-zero temperatures
the first two weeks of February interfered with farm activity
and resulted in minor losses of livestock.
The winter wheat crop, already shortened by late planting,
poor seed bed preparation, and insufficient moisture, received
further injury from the cold weather and soil blowing, particularly in the western areas where the snow covering was
insufficient to protect the plants.
Peaches and apricots are reported sevely injured by the low
temperatures, with other fruit escaping apparently unharmed.
A Department of Agriculture survey of planting intentions
indicates that the total acreage of white potatoes in the United
States this year will be 3 percent smaller than the acreage
harvested in 1932.
The Bureau of Agricultural Economics index of farm prices
in January established a new low of 51 percent of the 1909-191 4
average. This decline was due primarily to a drop in the
poultry products index which stood at 121 in December to 96
in January. Prices paid by farmers for commodities purchased
were off 1 point to 105 and the ratio of prices paid to prices
received stood at 49 on January 15 as against 50 on December
15 and 48 on June 15.
.
land values in all states of this District below pre-war levels,
with percentage declines from the 1920 highs as follows: Colorado, 54; Kansas, 41; Missouri, 60; Nebraska, 50; New Mexico,
38; Oklahoma, 43; and Wyoming, 56 percent.
The index numbers of the estimated value per acre of farm
land and buildings in the United States and the seven states
of this District on March 1 of the years indicated, as reported
by the United States Department of Agriculture, are as follows:
1932
65
Colorado_ ___
Kansas_ __ _
Missour·
Nebraska......-·-·-···
New Mexico·--- ·······
Oklahom...____
Wyoming..................
United States·----···
89
67
90
89
94
77
89
1931
81
103
79
106
109
116
95
106
% Change
-16
-14
-12
-16
-20
-22
-18
-17
1929
82
II3
95
II3
109
127
96
n6
1920
141
151
167
179
144
166
176
170
1912
98
101
97
98
100
98
97
97
CHANGES IN OWNERSHIP: Between March 1, 1931,
and March 1, 1932, 76.7 farms in every thousand changed
ownership. This pronounced increase in land turnover was
due largely to foreclosures and delinquent tax sales, the former
amounting to 28.4 and the latter 13.3 farms per thousand.
Voluntary sales and trades were less numerous, amounting to
16.2 farms per thousand as against 28.3 in 1927, 23.7 in 1930,
and 19.0 in 1931. Commenting on changes in farm ownership,
the report in part said:
" Notwithstanding the reduced volume of voluntary activity, some bona fide
sales on a substantial basis have been reported. The business depression is
bringing considerable inquiry from city workers for small, easily accessible
properties suitable for part-time farming. There is also a tendency for many,
spurred by unemployment, to try to find farms. Nevertheless, the major
part of voluntary buying, although a decreasing part, is still done by farmers.
Some speculative and investment buying by non-operators appears. Of the
farms offered for sale, aside from distress deals, and farms involuntarily acquired, a large number are said to be of poor quality. The better farms, generally, are not for sale at current prices or terms."
·
Farm Land
New Mexico was the only state in this District in which
foreclosures and delinquent tax sales were less numerous and
the total turnover was smaller in the twelve months ended
March 1, 1932, than in the preceding twelve months. All
states reported a sharp decline in voluntary sales and trades.
VALUE: Estimates just published by the Division of Land
Economics, United States Department of Agriculture, placed
the March 1, 1932, per acre value of farm land and buildings
in the United States at II percent below the pre-war base or
lower than at any time since the records, beginning in 1912,
have been compiled. Declines for the year ended March l,
1932, were remarkably uniform throughout the United States,
averaging 17 percent and carrying values 48 percent below
the 1920 peak.
Declines in land values in states of this District during the
twelve months ended March 1, 1932, varied from 12 percent
in Missouri to 22 percent in Oklahoma. These losses carried
February 1 United States cold storage holdings of all commodities were sharply below the five-year average holdings as of
that date and, holdings of lamb and mutton excepted, substantially smaller than one year earlier.
Holdings of pork, lard, and miscellaneous meats increased
and all other commodities decreased during January, as usual.
Net increases in inventories of pork and lard were considerably
less than a year ago or normally, whereas, the accumulation
of miscellaneous meats showed but a slight variation from
either of the two periods of comparison.
1
Cold Storage Holdings
CHANGES IN FARM OWNERSHIP PER 1000 FARMS IN THE TWELVE MONTHS' PERIODS ENDED MARCH 1, 1932 AND 1931
As Reported bv the Division of Land Economics, United States Department of Agriculture
Miscellaneous
Total
Force·d Sales and Related Defaults
Inheritances
Administrators
Voluntary
and
All Classes
and
and Executors
Total
Foreclosures,
Delinquent
Sales and
Unclassified
Sales
Gifts
Etc.
Taxes
Trades
1931
1932
1931
1932
1931
1931
1932
1931
1932
1932
1931
1932
1932
1931
1932
1931
68.2
26.2
6.6
4.0
3.1
2 7·5
4.9
63.5
20.3
16.0
24•5
II.0
38.5
7.5
•4
Colorado .. _ ........
5.9
I.2
IO.I
6.2
23•4
71.8
4.6
63.0
20.0
9.0
1.3
43.1
22.l
36.0
13.8
7.1
3.4
Kansas... ·-··-·····
I.O
10.8
2.6
27·9
23•7
J0.4
3.6
85.8
56.1
50.1
4.5
8.o
42.1
Missouri__........ .
18.2
21.8
4.2
2.4
69.0
21.8
6.9
24.4
9.6
1.4
63.5
2.6
39.o
9.4
13·5
20.2
5.7
4.6
34.4
Nebraska-···-·····
2.2
1.6
26.2
6.2
65.1
3.8
20.I
22.3
23.8
22.0
69.3
New Mexico_ ....
9.3
4·9
3.7
3.9
34·4
6o.1
32.2
1.7
76.8
4.8
1.4
22.4
15·3
3.5
7.5
17.2
47.7
9.8
3o.5
7-4
15.4
Oklahoma.·-······
0
Wyoming_ _
82.4
20.1
10.7
68.4
41.2
14•9
26.3
3o.5
4.4
3.3
4.7
10.4
29.0
22.5
4-5
United States.. -
16.2
19.0
1 3·3
7.4
28.4
18.7
41.7
26.1
10.4
9.4
6.2
5.7
2.2
1.7
76.7
61.9
THE MONTHLY REVIEW
Seasonal withdrawals of beef, poultry, and lamb and mutton
were somewhat heavier than a year ago, with the net outmovement of beef and lamb approximating, and of poultry
exceeding, the five-year average. The net out-movement of
4,201,000 pounds of butter was equivalent to last year's volume
but u,700,000 pounds short of the average. Withdrawals of
cheese were somewhat less than a year ago or normally. Stocks
of shell eggs, which were unusually low at the beginning of the
month, practically disappeared and the trade was compelled
to draw more heavily than usual upon stocks of frozen eggs.
United States cold storage holdings on February 1, as reported by the Bureau of Agricultural Economics:
Beef, lbs__ _ _ _ __
Pork, lbs.......................................... ....
Lamb and mutton, lbs.......................
Poultry, lbs__ __ __ _ _
Miscellaneous meats, lbs,_ ___
Lard, lbs...............................................
Eggs, case..._________
Eggs, frozen (case equivalent)..........
Butter, creamery, lb...._____
Cheese, all varieties, lbs.....................
*Subject to revision.
**Included
Feb. 1
Feb. 1
193 2 5Yr.Av.
51,285
77,669
674,151 716,288
3,822
1,947
1n,554 114,989
81,007
69,249
52,975
78,430
91,552
76
I 59
663
362
1,593
1,326
1,581
2,070
17,842
22,043
22,5o6
36,510
63,198
68,714
70,682
7°,7 25
in Poultry.
(ooo omitted).
*Feb. 1
1933
39,596
576,098
2,023
104,752
47,330
Jan. 1
1933
42,870
490,850
2,767
n1,642
42,892
41,088
Poultry and Dairy Products
Drastic declines as a result of a materially weaker demand
and increased layings carried egg prices from 25¼ cents per
dozen on January 1 to 9 cents per dozen February 1. The
February 1 price was 3½ cents below that of a year earlier
and the lowest for the season in years. On February 15 the
National Association of Refrigerated Warehouses decided on
$3 per case as the maximum loan on eggs going into storage
the coming season. Poultry prices closed the month nominally
unchanged but 3 to 4 cents per pound below January, 1932,
closing prices.
Butterfat declined 5 cents per pound during the month and
at the close quotations at Kansas City ranged from 11 to 13
cents per pound or 3 cents under a year ago.
Livestock
MARKETINGS: Arrivals of all species of livestock at the
six principal market centers of the Tenth District, although
heavier than in the preceding month, were comparatively light
for January. Horses and mules and calves were more numerous
than a year ag .,, but receipts of the former were otherwise the
lightest for the like month in years and of the latter the lightest
since I 922. January receipts of sheep were the smallest for
that month since 1927 and of cattle and hogs, including shipments direct to packers' yards, in over fifteen years of record.
Compared to the ten-year average January volume, marketings of cattle declined 25, calves 13, hogs and sheep 17, and
horses and mules 34 percent.
5
-~ PRICES: Livestock values for January varied slightly from
December levels. Fat cattle prices established new low levels
for the past twenty years with heavy beef steers and butcher
cows declining 25 to 75 cents per hundredweight. Stocker
demand broadened somewhat and feeder demand contracted
with the weakness in fat cattle prices, but prices of both stockers
and feeders were mostly steady to 25 cents higher. Veal and
stock calves closed steady to 50 cents higher. The month's
top for cattle at Kansas City was $6.6o as against f,9.25 last
year.
Hog prices showed a slight advance from the fifty-three year
low top of $2.80 per hundred pounds January 1 to close at
f,2.90. The January top was $3.25 compared with f,4.50 a
year ago.
Fat lambs reached the highest levels since July the third
week of the month, but sharp declines thereafter forced values
to levels slightly below those of December 31. The January
top of $6.35 was equal to that of January, 1932, but the general
average price was a shade under a year ago. Ewe prices experienced a seasonal advance to close at the highest levels
since last April.
STOCKERS AND FEEDERS: Shipments of stocker and
feeder hogs increased over December but there was less movement to the country of other classes of livestock. Compared
to January, 1932, out shipments were heavier for all classes
except sheep. The countryward movement of cattle and
calves was the smallest since July, with that of the former,
exclusive of 1932, the smallest and of the latter, exclusive of
1931, the largest for any January in recent years. Outgo of
sheep was the smallest since July and for any January since
1921. More hogs were shipped to the country than in any
month since last May, but the January total was equal to but
36.5 percent of the ten-year average.
RANGES: Mild weather in January was very favorable
for livestock on western ranges and at the close of the month
cattle and sheep were generally in much better condition than
a year earlier. Losses up to the first of February had been
light, but storms and low temperatures the forepart of the
month were severe on both cattle and sheep, causing considerable shrink and some losses, particularly of old ewes.
The United States Department of Agriculture reports winter
ranges generally carrying a good supply of feed, with hay and
other feeds plentiful except in eastern Colorado, southwestern
Wyoming, western Kansas, northeastern New Mexico, and
northwestern Oklahoma. Western Kansas reports wheat as
not furnishing any pasture.
ON FARMS JANUARY 1: A summary of the annual
livestock inventory estimates of the Crop Reporting Board of
the United States Department of Agriculture, discloses an
increase for the seven states whose areas or parts thereof comprise the Tenth District, in the number of cattle on farms
JANUARY MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT
RECEIPTS
Kansas City ..............
Omaha........................
St. Joseph.·-·············
Denver·-- ···················
Oklahoma City ..........
Wichita ......................
Cattle
119,429
103,120
27,073
z6,482
23,414
16,151
January 1933----·······
315,669
December 193L.......
26o,268
January 1932_______
326,088
*Includes 225,746 hogs shipped
Calves
17,366
9,148
4,578
10,308
3,985
4,249
Hogs
•354,149
283,894
134,139
7°,543
44,534
53,445
Sheep
132,619
156,524
9o,997
87,862
7,084
12,698
49,634
940,704
487,784
43,596
690,763
366,970
34,676 1,104,2o6
687,754
direct to packers• yards.
STOCKERS AND FEEDERS
Cattle
Calves
Hogs
29,no
2,420
4,598
2,276
16,834
3,296
410
3,0 73
474
I 5,083
5,044
4o7
2,685
14,894
64,100
76,3 25
53,139
99,801
58,897
13,412
1 9,377
6,965
Sheep
18,831
1 9,535
55,945
PURCHASED FoR SLAUGHTER
Cattle
Calves
Sheep
Hogs
10,104 •331,213
51,338
91,015
68,683
230,205
100,273
5,852
20,450
115,271
3,956
79,738
1,686
9,400
16,351
40,899
6,118
16,177
41,520
3,648
12,399
51,401
1,367
6,344
172,392
129,700
183,923
26,613
20,183
25,593
810,509
589,749
859,488
305,894
219,235
475,390
6
THE MONTHLY REVIEW
NUMBERS AND VALUE OF LIVESTOCK ON FARMS JANUARY 1, 1933, IN THE UNITED STATES AND THE SEVEN STATES WHOSE
AREAS OR PARTS THEREOF COMPRISE THIS DISTRICT WITH COMPARISONS:
(In thousands of head and thousands of dollars)
UNITED STATES
~SEVEN STATES
FARM VALUE
NUMBER
NUMBER
FARM VALUE
1933
1933
1932
1931
1932
1931
1932
1931
1931
1932
1933
1933
Horses''and colts..........
12,163
12,641
658,684
674,6II
uo,004
129,661
13,169
z,894
3,004
II3,o35
795,7 25
3, 129
Mules and mule colts.
361,562
5,226
308,617
872
5,089
300,391
50,627
4,981
849
904
44,332
43,5°5
All cattle and calves...
14,33 1
62,656
265,202
60,987 1,297,828 1,668,742 2,396,731
14,760
65,129
15,364
492,712
33 1,500
281,8o6
Sheep and lambs._ .......
149,544
181,051
12,760
13,041
36,015
41,830
51,630
13,588
53,321
69,354
52,599
Swine, including pigs ..
618,077
362,511
14,I 91
12,441
137,101
60,716
82,297
14,569
59,078
2.55,538
54,673
54,399
3,801
II8,225
968,274 1,346,119
*Cows and heifers·-··-·
167,766
25,136
24,469
90,981
23,576
732,749
3,697
3,563
Total five species........
46,058
46,793
43,846
513,257
6o9,136
879,455
SOURCE: Crop Reporting Board, United States Department of Agriculture.
during the year 1932, and decreases in the numbers of swine
and pigs, sheep and lambs, horses and colts, and mules and
mule colts. The number of milk cows also increased.
Cattle numbers, largely due to the retention of cows and
heifers, have increased steadily since 1927. Swine numbers
which declined slightly during the year were otherwise the largest
since January 1, 1924. Following four successive increases,
sheep and lamb numbers declined, with January 1 totals the
smallest for that date in four years. The number of horses on
farms continued to decline, with the January l total about 40
percent below the high point of 1918. For the seventh consecutive year mule numbers declined, totaling 849,000 on January
1 this year as against 1,184,000 on January 1, 1926.
The total value of all livestock, and of cattle, swine, and
sheep and lambs declined, whereas, that of horses and mules
increased. Total value of the five species was estimated at
1,513,2.57,000 on January I, 1933, which compared with $609,136,000 one year earlier and $1,202,185,000 on January 1, 1930,
and $1,206,018,000 on January I, 1929. Per head hog values
have suffered five successive declines and cattle and sheep four.
The most severe declines for all three species were between
January 1, 1931, and January 1, 1932, amounting to 34.7 percent for all cattle, 48.7 percent for swine, and 42.1 percent for
sheep and lambs as against 31.4, 16.2, and 39.4 percent, respectively, the preceding year and 23.2, 31.9, and 8.4 percent this
year. Horse and mule values have held up better than any
other classes of livestock, with the per head value of horses
showing an increase of 6.7 percent and mules 4.7 percent between January 1, 1932, and January 1, 1933. Declines from
January 1, 192.9, to the present were on a per head basis as
follows: all cattle 68.4 ; swine, including pigs, 70.8; sheep and
lambs 73.6; horses and colts 20.2; and mules and mule colts
21 percent.
Meat Packing
Operations at meat packing establishments as measured by
the number of meat animals purchased by packers for slaughter
at the six principal livestock markets of the District, including
hogs purchased direct by the packers, expanded about onethird in all departments in January as compared to December.
The January slaughter of hogs was the largest for any month
since May and that of cattle and sheep the largest since October.
Compared to a year ago, the slaughter of cattle declined 6.3
percent, that ,o f hogs 5.7 percent, and of sheep 35.7 percent.
The 43.1 percent increase in market receipts of calves was
only partially r~ected in the 4 percent increase in packers'
purchases. Purchases of all species of meat animals were, with
the exception of calves, in about the same ratio to the January
normal as receipts, with declines ranging from 35 percent for
calves to 8 percent for hogs.
194,619
192,785
186,380 2,661,985 3,195,532
*Included in cattle and calves.
4,453,901
Annual returns released by the United States Department
of Agriculture, disclose that there were 7,62.5,373 cattle, 4,493,437 calves, 45,244,951 swine, and 17,899,037 sheep and lambs
slaughtered under Federal meat inspection in 1932. The
slaughter of cattle was the smallest for any year since 1921
and that of calves, excluding 1929, since 1922. Swine numbers
were somewhat larger than in the two preceding years but
substantially below the 1929 and 1928 totals. 1931, with
l 8,070,875 sheep and lambs killed, established a record for that
species approached only by the I 932 figures.
Lumber
According to reports received from 1 58 retail yards, located
throughout the District, January lumber sales were 1.4 percent
greater and dollar sales of all materials 16.1 percent smaller
than a year ago. Both items showed substantial increases as
compared to December, but these increases are largely accounted
for by inventory influences and are not due to a corresponding
improvement in sales. Stocks of lumber were reduced z.6
percent during the month and on January 31 were 18.2 percent
smaller than a year earlier. Collections improved slightly
amounting to 21.4 percent of amounts outstanding on December 31 as compared to the ratios of 19.5 percent reported for
December and 22.7 percent for January, 1932.
Retail lumber sales are herewith shown in percentages of
increase or decrease:
January 1933 Compared to
December 1932
January 1932
Sales of lumber, board fee.____ _ _ _
26.0
1.4
Sales of all materials, dollars_________
54.~
-16.1
Stocks of lumber, board fee._______
- 2.6
-18.2
Outstandings, end of mont,,_______
- 0.4
--25.5
National lumber production, as indicated by the reports of
nearly 800 hardwood and softwood mills to the National Lumber Manufacturers Association, in the five weeks ended February 4 was 18 percent of normal and 91 percent of the mrtput
reported for the like period last year. During the five weeks
shipments were equal to 72 percent and orders received 76
percent of last year's volume. Shipments and orders received
continue to exceed production.
The Lumber Survey Committee of the Timber Conservation Board reports lumber stocks have been reduced 30 percent and lumber consumption has declined 65 percent since 1929.
Building
Construction activity remains comparatively quiet although,
for the first time since January, 1923, the estimated cost of
buildings, for which permits were issued in eighteen reporting
cities of the District in January, exceeded the December figure.
Compared to January last year, however, these cities issued 69
fewer permits with construction costs showing a loss of 29.2
percent.
THE MONTHLY REVIEW
BUILDING PERMITS IN TENTH DISTRICT CITIES
ESTIMATED CosT
PERMITS
19.33
1933
1932
1932
'/, 24,600
12
'/, 12,250
25
Albuquerque, N. M.·-·· ···············
1,698
Cheyenne, Wyo
8
1,125
4
16,162
18
28
6,750
Colorado Springs, Colo.·-···········
315,080
Denver, Colo .....
166,760
172
203
21,665
Hutchinson, Kans .......................
3,760
13
13
6
Joplin, Mo .........
14,000
3,900
9
20
Kansas City, Kans .....................
14
8,315
9,655
196,600
Kansas City, Mo ........................
46,600
89
74
14,79°
16
3,700
13
Lincoln, Nebr.·-···························
Oklahoma City, Okla .................
161,904
107,489
38
73
Omaha, Nebr...............................
18
45,275
31
77,07o
20
26
Pueblo, Colo
14,875
3,3 15
Salina, Kans
12,450
8,370
7
7
Shawnee, Okla.........
1,750
1,275
7
3
12
4,180
16
St. Joseph, Mo .. - .........................
28,875
26
25,660
8,075 ·
13
Topeka, Kans.·--·························
40,846
71
78
54,39°
Tulsa, Okla.·-·······························
30,260
14,1 IO
Wichita, Kans .............................
38
34
Total 18 cities, Jan ...
593
662
$624,724
'/,882,855
According to reports of the F. W. Dodge Corporation, residential construction for the District as a whole increased
sharply in January both as compared to December and January
last year. The ,,alue of total building contracts awarded was
2.6 percent greater than a year ago but 11.5 percent smaller
than that reported for December.
Residential and total building contracts awarded in this
District and the United States as reported by the F. W. Dodge
Corporation:
RESIDENTIAL
Tenth District United States
Jan. 1933......
$947,483
'/,11,95o,900
Dec. 1932......
274,252
12,957,500
Jan. 1932......
649,529
27,504,300
TOTAL AWARDS
Tenth District United States
'/,4,165,200
'/,83,356,000
4,705,087
81,219,300
4,058,692
84,798,400
Cement
Output of Portland cement at Tenth District mills reached
a new low for recent years in January, declining 1.4 percent as
compared to December and 64.2 percent as compared to January, 1932. Shipments, although relatively small, exceeded
production and were somewhat larger than either the preceding
month or the corresponding month a year ago. Stocks were
reduced rn6,ooo barrels for the month and 305,000 barrels
since January 31, 1932.
Portland cement production in this District and the United
States as reported to the Bureau of Mines, Department of
Commerce, in thousands of barrels:
UNITED STATES
TENTH DISTRICT
Production Shipments Stocks Production Shipments Stocks
2,958
2,502'~ 20,660
January 1933._.
217
324
2,184
December 1932
220
208
2,290
4,248
2,835ij 20,205
January 1932._.
6o6
235
2,489
5,026
3,393 ; 25,778
Petroleum
Estimates, based on the weekly reports of the American
Petroleum Institute and compared to the official reports of
the Bureau of Mines, Department of Commerce, for January
and December, 1932, show a reduction of 12.4 percent in crude
oil production in this District for January this year as compared
to January last year, but an increase of 2.9 percent as compared
to December. January production totaling 16,840,000 barrels
was the smallest recorded for that month since 1922.
United States production also increased slightly for the
month but was about 9 percent smaller than a year ago. The
Bureau of Mines estimated the December daily average domestic production as 232,000 barrels short of the daily average
domestic demand,
7
Gross and daily average production of crude oil in the United
States and the five oil producing states of this District are
shown in the following:
Kansas.·----~Wyoming _ _ _ __
Colorado _ _ __ ·····················
New Mexico..·-·····························
*Jan. 1933
Barrels
11,976,000
2,830,000
972,000
84,000
978,000
Dec. 1932
Barrels
11,815,000
2,642,000
965,000
84,000
856,000
Jan. 1932
Barrels
13,799,000
2,954,000
1,184,000
II4,ooo
1,170,000
Total 5 states___
Total United States ·-··-·············
16,840,000
60,752,000
16,362,000
58,044,000
19,221,000
66,884,000
Oklahom _ _ _ _ _ __
January completions, although more numerous than a year
ago, were otherwise the fewest reported for that month in years.
There was a smaller number of rigs up and wells drilling at
the close of the month than at any time since April and, excluding January, 1932, a smaller number than at the close of
any January in over thirteen years· of record.
On January 18 crude oil purchasing companies in the midcontinent area reduced quotations, which ranged from 45 to
77 cents per barrel, to 28 cents for oil testing below 29 degrees
gravity plus a 2 cent differential for each additional degree
with a top of 52 cents per barrel. Prices of practically all
refined products worked lower during the month.
Zinc and Lead
Shipments of both zinc ore and lead ore, from mines in
Missouri, Kansas, and Oklahoma during the five weeks' period
ended February 4, were 58.9 and 5.2 percent, respectively,
larger than in the preceding five weeks ended December 31.
Zinc ore shipments were more than three times as large as in
the same period last year, but lead ore shipments were 58.6
percent smaller. Last year mines were disposing of surplus
lead but this year are reducing their zinc stocks.
Lead ore remained steady at $32. 50 per ton as against $40
last year. Zinc ore declined $1 per ton to equal last year's
price of $17 per ton.
Zinc ore and lead ore shipments from the Tri-state district:
ZINC
Oklahom__ _ _ _ _ _ _
Kansas ............. _ _ _ _ _
Missour·
5 Weeks ended Feb. 4, 1933 ........
5 Weeks ended Dec. 31, 1932........
5 Weeks ended Feb. 6, 1932........
Tons
20,788
17,027
227
38,042
23,948
12,371
ORE
Value
'/,368,498
305,056
4,035
LEAD ORE
Tons
Value
1,810 $ 57,920
490
15,680
I 17
3,744
'1,677,589
435,840
212,388
1> 77,344
73,536
244,689
Bituminous Coal
Output of soft coal at mines in the six coal producing states
of this District totaled 1,558,000 tons in January as against
2,055,000 tons a year ago and a ten-year average of 3,166,000
tons. Compared to December, production declined 28.5 percent which is somewhat less than the usual seasonal change.
Production of soft coal in the United States and the six
coal producing states of this District:
Colorado._····---Kansas ......................................... .
Missouri ....................................... .
New Mexico..·-·····························
Oklahoma·--·································
Wyoming......................................
*Jan. 1933
Tons
463,000
188,000
349,000
n5,ooo
120,000
323,000
Dec. 1932
Tons
770,000
232,000
446,000
126,000
183,000
421,000
Jan. 1932
Tons
756,000
217,000
376,000
141,000
147,000
418,000
Total six states............................
1,558,000
2,178,000
2,055,000
Total United States.. ..................
27,093,000
31,no,000
27,892,000
*Estimated from the weekly reports of the United States Bureau of Mines.
8
THE MONTHLY REVIEW
Business Conditions in the United States
By the Federal Reserve Board
Volume of industrial production increased in January by less
than the usual seasonal amount and factory employment and
payrolls contiIJ.ued to decline. Prices of commodities at wholesale, which declined further in January, showed relatively little
change in the first three weeks of February.
PRODUCTION AND EMPLOYMENT: Industrial activity, as measured by the Board's index, which makes allowance
for usual seasonal changes, declined from 66 percent of the
1923-1925 average in December to 64 percent in January,
which compares with a low level of 58 percent last July. Output of coal declined considerably contrary to the usual seasonal
tendency. Increases in activity in the cotton and silk industries
were somewhat less than seasonal in amount, and there was a
slight decline in production at woolen mills. Output of shoes
increased seasonally. Activity in the steel industry showed a
seasonal increase during January, and little change during the
first three weeks of February. Automobile production, which
had increased substantially in December, showed a further
slight increase in January.
Factory employment declined between the middle of December and the middle of January by considerably more than the
seasonal amount. Decreases were reported in most lines
except in the cotton, wool, and silk industries, where employment showed little change, and in the automobile and shoe
industries, where employment increased.
Construction contracts awarded were in about the same
volume in January as in December, according to the F. W.
Dodge Corporation. In the first half of February the value
of awards showed a decline.
DISTRIBUTION: Volume of freight traffic was somewhat
smaller in January than in December reflecting a reduction in
shipments of coal. Sales by department stores decreased after
Christmas by more than the usual seasonal amount.
PERCElff
PER CENT
120
120
FACTORY EMPLOYMENT
110
I__,-
",
"'
80
70
90
90
80
~
·- ~
70
1930
-- -
1932
80
,,
-,•\1v,
120
110
,... __/\,., ,..,"\,.,~form Product~
,
.....,,.
....
100
~Foods~
90
Other 1 ~
Commodities
'
80
\~~
70
',, ...,
-~. . .,,..,,-
r---.___
-
.
70
',,',
60
60
GO
50
"-~t
40
50
1931
Pf:R Cf:NT
¥fHOLESA~E PRICES
50
50
1929
110
100
60
1928
PER CENT
120
100
~
90
BANK CREDIT: Between January 4 and February 21
there was an increase of $319,000,000 in the demand for currency, accompanying banking disturbances in different parts
of the country, and a decrease of $64,000,000 in the country's
stock of monetary gold. These demands were met by member
banks in part by the use of their balances at the reserve banks,
which declined by $243,000,000 during the period, but continued to be considerably above legal requirements. Reserve
bank holdings of United States securities declined by $88,000,000
between January 4 and February 1, but increased by $70,000,000
during the following three weeks. Their holdings of acceptances increased by $141,000,000 and discounts for member
banks increased by $76,000,000.
Loans and investments of reporting member banks in leading cities declined by about $100,000,000 during the five weeks
ending February 15. The banks' net demand deposits declined
by $390,000,000 reflecting largely reductions in bankers' deposits, and time deposits showed a decrease of $93,000,000 for
the period.
Money rates in the open market were slightly firmer during
the first half of February. Open market rates on 90-day bankers' acceptances, which had been ¼ of one percent, had increased to 5-8 of one percent by February 20. Rates on prime
commercial paper and on stock exchange loans remained
unchanged. The minimum buying rate on bills at the Federal
Reserve Banks of Boston, New York, and Chicago was reduced
from 1 to ½ of one percent.
·
110
100
WHOLESALE PRICES: The general level of wholesale
commodity prices, as measured by the index of the Bureau of
Labor Statistics, declined further from 62.6 percent of the 1926
average in December to 61.0 percent in January, reflecting
substantial reductions in the prices of crude petroleum, gasoline, textiles and dairy and poultry products. Prevailing
prices for wheat, cotton, and hogs in January and the first
three weeks of February were somewhat above the low levels
reached in December.
1933
Federal Reserve Board's index of factory employment with adjustment for
seasonal variation. ( 1923-1925 average= 100.) Latest figure, J anuary, 59.4.
40
30
30
1930
1931
1932
1933
Indexes ot the United States Bureau of Labor Statistics ( 1926= 100). Latest
figures, January, farm products, 42.6; toods, 55.8; other com modi ties, 67 .3.
@FedFRASER