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THE MONTHLY REVIEW
(overing (onditionJ in the Tenth Federal %serve ViJtrict
Federal Reserve Bank of Kansas City
M. L. McCLURE, Chairman Board of Dirtctor1
C. K.
BoARDMAN
and F,deral &serve Agent
VoL.
10
KA N SAS
CITY,
Mo. MARCH
RODUCTION in the basic industries of the Tenth Federal
Reserve District during January was unusually large for
the mid-winter season. Prices received by producers
rose to highc!r levels than had prevailed during the prt"vious
twelve months, and on some products January prices were the
highest since l920.
Among the major developments of the month were advances
in prices paid fur crude oil which at the end of the first we~k in
February carried top grades of Mid. Continent crude to '$2 per
barrel, other gradt!s advancing in proportion. Be-st grades of
Wyoming crude by February 6 were up to $1.60 to $1.70.
Further advances during February were announced, and in the
third week crude- oil was selling 75 cents to 11 pt:r barrel above
the low prices prevailing since the end of last summer and above
P
prices one year ago.
Production of lead and zinc ores continued during January,
the high average of the closing weeks of I 924 and considerahly
ahove production one year ago. Lead ore shipped during the
month brought an average of $13+32 per ton, as compared
with an average of $I 24.23 in Dect'mber and an average of
$110.69 for January, 1924. Zinc ore shipments averaged $54.77
· J
• cf
r
D
b
d cf
per ton m anuary against ,,50. 62 1or ecem er an ,,43.04
for January, I 924.
Cash prices paid for wheat during January were higher than
.
.
h
I F b
b
h
.
at any time smce 1920, t oug 1 ◄ e ruary roug t some recession
in wheat prices. There was an increase of over 2 5% in the market
supply of wheat during January as compared with January,
1924. The output of flour mills was 20.7% larger than that of
January.
Arrivals of hogs at the six primary markets of the District
were quite heavy for the month uf January but they fell 4.5%
below the exceptionally large number in January, 1924. The
increase in price more than offset the decrease in number.
Receipts of other classes of live stock, except horses and mules,
showed moderate decreases as compared with the same month
last year. Meat packing operations, wirh a reduced supply
of live stock, fell below those of January last year.
Wholesale tradt\ all repurting lines considered, was slightly
below the Dccem ber volume and 4. 5% above the volume for the
corresponding month la~r y-ear. Conditions affecting the trade
were reported materially improved, but retailers continued to
pursue the policy of conservative buying that has characterized
the wholesale trade during the past three years. Retail trade
fell off during January as compared with the remarkably heavy
trade in December but the average salc!s for department stores
in cities was o.8% above the sales reported for January 1924.
Building operations for the first month of the year were
emarkably heavy, taking into consideration the severe winter
weather which prevailed during the greater part of the month.
The returns from eighteen cities showed an increase of 17.5%
Assistant Federal Rt1m,1 Azent
•nd Secrttary
2., 192.5
No. 3
in the number of buildings for which permits were issued as
compared with a year ago, but there was a marked reduction in
the estimated value. The returns indicated an increase in resi ..
dential construction. ·
General business in the D istrict, considered as a whole and
measured by debits by bank checks and drafts drawn on cust omers' accounts and clearings of the Federal Reserve Bank,
slightly exceed ed that for December and was larger than
in January last year. Deposits in banks increased to new high
r('cords and increases in loans and investments were recorded,
with an abundance ·o f loanable funds available at current rates.
The Situation at a Glance
STATISTICAL REcoRD or THE TENTH FEDERAL REsERVE D1s TKICT for January
Compared with December and January of last year.
January
December
January
%Chge
Year
1925
1924
1914
17.6
Bank Debits, 29 cities._.1,i,49i ,6o4,ooo $i,44z,5i8,ooo $i,z67,848,ooo
Clearings, F. R. Bank....1, 910,542,658 $ 964,012,485 $ 705,079,228
29.I
Depos1ts,
· 71 Ban ks........ ,,.,_ 629,49 6,ooo ,,,"- 6 I 8,272,000 ,,.,_ 529,234,000
18.9
Loans, 71 Banks__...........1, 440,867,000 $ 436,365,000 1, 4 19,586,000
5.1
Investments, 71 Banks .. $ 162,304,000 1, 154,986,000 $ 131,ro2.000
23.8
4.I
Savings deposits, 58 bks.$ 1o4,o56,55i $ to3,7o8,855 '$ 99,989,689
Business failures._...........
134
1 LI
168 --20.2
Liabilities....................$
1,678,389
6,66 7,47 8
2,035,090 -17.5
Buildi~~ permits,
18 c,t,es........................
1,620
1 7•5
1,596
1,358
Estimated value..........$ 4,701,452 $
7,591,587 $
5,343,798 -12.0
Coal production, tons.--.
3,018,000
3,496,000
3,6o5,ooo -3.0
Crude oil prod'n, bbls.....
19,586,300
18,059,000
19,323,000
8.5
2,166,798
2,092,847
1,794,468
20.7
Flour production, bhls ...
Grain receipts, 4 centers:
2 5·7
6,798,050
7,077,750
5,631,550
Wheat, bushds............
Corn, bushels..............
7,869,100
8,047,800
8,722,300 ~.8
O.. ts, bushels ..............
1,621,200
3,290,000
1,898,300
73.3
Live stock mc:pts,
Cil~t~enters:
482,22'1 -10.4
4-83,4-ot
431,900
Cillve--s.-..-...-..- - 70,865 -'lI.7
73,857
55,5 11
Hugs·-··-··· _ _ __
1,231,980
I,'1<)0,576 -4-.5
1,332,838
510,688
586,281 -1 ·2.9
483,IZ-4Sheep.. _ _ __ _
11,612
1 5,9 2 9
2.7
16,353
Horses and Mules·-·- ·
Live srock on farms January L --···-·· ... .....
34,310,6oo -8.-4
31 ,427,6oo - --••·••·····--····
Value...... _ _ __ f, 702,738,000
$ 700,294-,000
·35
Meilt packing, 6 centem
280,338
247,025 .
259.926 -5.0
Cattl'---- - - - 54,088
50,711
-9.9
45,687
1,084,968
1,020,764 -3.9
981 ,175
Sheep.. _ __.____
287,546
358,631 -15.0
3°5,00 5
Ore Shipmen ts, Mo.Le!J,n:~-~kla:
8,I'.26
13,448
.14,076
65.5
Valu_e_ _ _ ~
100.8
1,806,368 $
1,748,760 J
899,575
Zinc, tons....................
58,808
36.0
67,823
49,863
2 ,977, 190 $
2, 147,365
63.II
Value...-............ $ 3,517,185 $
Oil refining, Okla.-Kans.
Bbls. daily runs to
stills, at close of
1-4.8 ,
227,050
month--······-..········
26o,730
~:~~es_._._. .____
This Copy Released For Publication In Morning Newspapers February 28
2
J.
:1.
j.
4.
5.
6.
7.
8.
9.
THE MONTHLY REVIEW
PRINCIPAL RESOURCES AND LIABILITY ITEMS OF
MEMBER BANKS IN SELECTED CITIES
Feb 4, 1925
Feb. 6, 1924
71 Banks
72 Banks
Loans and Discounts (including rediscounts):
(a) Secured by U. S. Govt. obligations. __·-··$
6,141,000
4,143,000 1,
(b) Secured by stocks and bonds, other
78,n2,ooo
than U. S. Bonds.........·-····•···-···-· .......... . 100,402,000
335,3 23,000
(c) All other.·-···················-···························· 336,312,000
Investments:
(a) U. S. pre-war bonds... _ _ __
n,455,000
9,545,ooo
43,166,000
42,344,000
(b) U.S. Liberty bonds·-·········-··-··················
11,316,000
(c) U. S. Treasury bonds...· - · · - - - -3,42 5,000
(d) U.S. Victory notes and Treasury notes....
14,601,000
20,540,000
3,664,000
(e) U. S. Certificates of Indebtedness·--·······
2,470,000
([) Other Bonds, Stocks and securities... ·-····
56,807,000
73,0 73,0<X)
Total loans and discounts, and investments.... 6o3,171,ooo
550,688,000
Reserve balances with F. R. Bank..............- ..
57,081,000
4~,756,000
12,051,000
10,941,000
Cash in vau1 ----················ ...................
Net demand deposits on which reserve is computed.•.................................................................. 492,204,000
396,79.1,000
Time deposits .......... _ _ _ _ __
130,819,000
136,294,000
Government deposits........ _ _ _ _ __
1,622,000
998,000
Bills payable and rediscounts with F. R. Bank
secured by
1,000
4,530,000
(a) U. S. Govt obligations ·················-·· ......
12,364,000
(b) All other........... ···-·--······························· ..
TOTAL (Item3 3 to 9 indusive)-................... $1,300,690,000 1,1,153,623,000
Banking and Credit
CONDITIO OF MEMBFR BANKS: Continued increases
in recent weeks carried demand and time deposits in member
banks of the Tenth District to the highest levels on records
dating back to the beginning of 1921. Loans and discounts and
investments also continued the advance which started shortly
after the beginning of the harvest season.
The combined statement of 71 member banks reporting weekly to the Federal Reserve Bank of Kansas City fairly reflect the
banking situation in the District. The statement as of February 4 showed demand deposits totaling $492/204,000, an increase
in five weeks of $8,818,000 or 1.8%, and an increase in one year
of $95,4n,ooo or 24%. Time deposits, aggregating $136,294,000
on February 4, were $2,882,000 or 2.2% greater than on
December 31 and $5,475,000 or 4.2% greater than on February 6, 1924. Government deposits on the first weekly reporting
date in February were down to $998,000, a reduction of $476,000
in five weeks and a reduction of $624,000 in one year. Gross
deposits of $629,496,000 on February 4 were $11,224,000 or
1.8% larger than on December 31, $100,262,000 or 18.9% larger
than on February 6 last year, and the largest on record for the
seventy-one reporting member hanks.
With this increase in deposits came corresponding increases in
loans and discounts and investments of the reporting member
banks. The total of loans and discounts reported on February 4
was $440,867,000, an increase of $4,502,000 or 1% in five weeks
and an increase of $21,281,000 over the total reported one year
ago. Investments of $162,304,000 were $7,318,000 or 4.7%
above the total on December 31 and $31,202,000 or 23.8%
above the total on February 6, 1924. The total loans and discounts and investments on the first reporting date in February
of the present year was $603,171,000, showing an increase of
$n,820,ooo or 2% in five weeks and in increase of $52,483,000
or 9.5% in one year.
Reserve balances of the reporting member banks continued
at the highest levels of records for four years, with the total
standing at $57,081,000 on February 4, $57,094,000 on December 31 and $44,756,000 on February 6, 1924.
Federal Reserve Bank Operations
Recent weekly condition statements of the F ederal Reserve
Bank of Kansa's City including branches, exhibit but slight
change in the principal items from those reported weekly during
the past three or four months. With their position vastly improved by funds on hand beyond their ordinary requirements,
member banks have reduced their rediscounting with the Federal
Reserve Bank to a minimum. The statement as of February 4
showed $4,788,287 as the total bills discounted, $II,944,090
of bills purchased in the open market, with $42,862,127 as the
total earning assets. These figures compared with those for
February 6, 1924, show a decrease since last year of $28,470,240
in discounted bills, an increase of $11,369,090 in open market
purchases of bills and an increase of $276,100 in earning assets.
Deposits, which were $93,098,477 on February 4, were $14,202,830 larger than deposits on the corresponding reporting date
last year. Federal Reserve notes in actual circulation at the
first reporting date in February were $66,8 I 8, I 40, an increase
of $2,205,620 over the total in circulation one year ago.
Bank Debits
The volume of business in the Tenth District durin a period
of five weeks ending February 4 was 17.6% larger than that for
the corresponding five weeks in 1924, as measured by debits by
banks of checks and drafts to the accounts of customers in
twenty-nine cities of the Tenth District. In actual figures the
total debits reported by clearing houses in the twenty-nine
cities was $1,491,604,000 against $1,267,848,000 for the same
period last year, the increase for this year amounting to $223,756,000. The debits for the five weeks ending February 4 were
$49,086,000 above those for the previous five weeks covering
the heavy December volume of business:
Five weeks ending
Feb. 4, 1925
Atchison, Kansas .. _................ $
7,979,000
Bartlesville, Oklahoma..........
15,058,000
Cai;per, Wyoming.. - ..............
Cheyenne, Wyoming..............
Colorado Springs, Colorado..
Denver, Colorado ............ ......
Enid, Oklahom
Fremont, Nebra~ka........•.......
Grand Junction, Colorado......
Guthrie, Oklahoma ................
Hutchinson, Kansas .....·--····
Independence, Kansas._.....
Jopl:n, Missouri ..
Kansas City, Kansas·-··-······
Kansas City, Missouri·---···Lawrence, Kansa
*Lincoln, Nebraska.·-············
McAlester, Oklahoma.·-······Muskogee, Oklahoma ............
Oklahoma City, Oklahoma....
Okmulgee, Oklahoma..- .. - ....
Omaha, Nebraska.----··-······
Parsons, Kansas......................
Pittsburg, Kansas ..................
Pueblo, Colorado....................
St. Joseph, Missouri ..............
Topeka, Kansas......................
Tulsa, Oklahoma ...... - ............
Wichita, Kansas.-...................
14,661,000
7,510,000
17,321 ,000
20J,922,ooo
14,138,0<X)
4,017,000
3,521,000
3,668,000
18,-::.88,000
11,394,000
20,555,000
22,769,000
411,341,000
5,974,ooo
26,961,000
5,935,000
18,843,000
99,001,000
12,101,000
238,525,000
3,569,ooo
6,927,000
23,180,000
84,861,000
25,147,000
100,611 1000
63,827,000
Five weeks ending
Feb. 6, 1924
$
Percent
Change
6,728,000
10,479,000
16,245,000
12,897,000
14,438,000
I 82,945,000
10,877,000
3,833,000
2,973,000
3,801,000
11,654,000
8,675,0<X)
1 5,979,000
22,242,000
18.6
48.0
-<J·7
-41. 8
19·3
n.5
355,007,000
15·9
5,170 000
22,920,000
5,402,000
15,545,000
81,244,000
8,137,000
193,184,000
3,420,000
6,799,000
20,816,000
75,o95,ooo
19,714,000
83,541,000
48,088,000
Total 29 c-ities ........................$1,491,6o4,ooo
$1,267,848,000
*Four weeks only-began reporting J anuary 16, 1924.
30.0
4.8
18.4
-3.5
56.9
31.3
28.6
2.4
1 5•5
17.6
9·9
21.2
21 9
48.7
2 3·5
4.4
1.9
II.4
13.0
27.6
20.4
3 2 •7
17.6
Federal Reserve Bank Clearings
During the month of January a total of 5,448,539 checks for
an aggregate of $910,542,658.73 were cleared through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City. The January totals did not come up
to the high record for December by 562,934 or 9.3% in number
of items and $53,469,827.12 or 5.5% in amount of money represented. However, the January figures were an increase over
January 1924 of 721,761 or 15.3% in number of items and an
increase of $205,463,430.02 or :29.1% in the amount handled.
THE MONTHLY REVIEW
3
CO DITION OF RETAIL TRADE IN CITIES OF TENTH FEDERAL RESERVE DISTRICT DURING JANUARY, '1925
Based Upon Reports from 28 Department Stores.
Percentage increase (or decrease) of net sales during January, 1925, over net sales during same month last year...........................................·-···········- - Percentage increase (or decrease) of stocks at close of January, 1925, over stocks at
close of same month la~t year....................................................................- ................
Percentage of average stocks (selling price) at close of January to average monthly
net sales during same period .................. _ _ _ _ _ _ __
Percentage of outstanding orders (cost) at close of January, 1925, to total purchases
(cost) during the 1:alendar year 1924..................... _ _ _ _ _ _ _ _ __
Percentage of collc:ction~ during month of January, 1925, on amount of outstanding
acl·ounts on Dec. 3,, 1924......·----···················· - - - - - Percentage of collections for same period in 1924........ ···································-·········-·····-
Kansas City
Denver
3
4
Dec. 8.2
Dec. 2.3
Inc.
9.4
Inc.
Dec. 1.5
Dec. 4-5
Inc.
0.3
Dec. 1.7
426.0
437.0
464.7
7.1
11.3
8.2
40.3
51.0
55.1
51.3
♦9• 2
Other Cities
2I
District
;8
o.8
48.1
Savings in Banks
Mercantile Trade
Increases in the amount of savings deposits and in the number
of savings accounts over those for the previous month and one
year ago are indicated by the reports as of February I of a
selected list of banks in cities of the Tenth District. A summary
of the reports follows:
RETAIL TRADE: The returns from retail houses in cities
throughout the Tenth District show the volume of their business declined seasonally from the heavier trade in December, and
was practically the same in volume as in January last year.
Although the reports from 18 dep~rtment stores, as announced
February 10, showed a decrease of 4.1 % in January sales as
compared with sales in January, 1924, the complete reports from
28 stores show a gain of o.8% in sales over the same month last
year. Of the 28 stores, 18 reported increases and IO decreases.
Decreases were reported from Kansas City, Denver, Omaha,
Arkansas City, Ardmore, and Independence, Mo. Increases
were reported at St. Joseph, Lincoln, Topeka, Wichita, Tulsa,
Atchison, Fort Scott, Joplin, Leavenworth, Salina and Vinita.
Sales during January at men's clothing stores were slightly
below and of women's wear slightly above sales for the same
month last year. Sales of shoes at stores reporting were slightly
less than a year ago.
Banks
Denver, Colorado.................. 6
Kansas City, Kansas............ 4
Kansas City, Mo ................... 10
Lincoln, Nebraska. ................. 4
Oklahoma City, Okla.·--······· 6
Omaha, ebr....... .................. 6
St. Joseph, Mo....................... 5
Tulsa, Oklahoma.................... 6
Wichita, Kansas·----············· 6
Outside................................... 5
TotaL----···········-······58
DEPOSITS
Feb. 1, 1925 Jan. 1, 1925 Feb. 1, 1924
1, 51,796,625 1, 51,500,624 $51,956,041
2,614,513
2,615,040
2,625,459
14,466,364
l4,559,o98 14, 293,5°3
3,053,:252
3,213,785
3,061,206
4,544, 264
3,629,099
4,434,794
7,496,902
7,366,261
7,45o,974
8,740,.132
9,027,849
7,933.4o6
6,832,027
5,742,086
7, 297,39°
2,716,124
2,145,027
2,78 2 ,593
1,3°5,444
1,312,612
1,237,6o1
1,104,056,551
$103,708,855 $99,989,689
ACCOUNTS
Banks
Feb. J, 1925 Jan. I, 1925 Feb. 1,1924
Denver, Colorado ...... - .......... 6
99,080
97,909
96,177
8,207
Kansas City, Kansas ............ 3
8,096
9,073
85,989
Kansas City, Missouri .......... 7
85,934
86,834
Lincoln, Nebraska._............... 4
16,125
I 5,803
l 5,728
Oklahoma City. Okla.·--·•····· 6
13,941
13,588
12,481
Omaha, ebraska ...·-············ 6
39,630
39,819
39,885
St. Joseph, Missouri ........ -.... 5
19,440
19,367
19,662
21,096
Tulsa, Oklahoma.................... 5
20,747
19,439
Wichita, Kansas .................... 6
16,730
16,784
16,082
3,615
3,666
3,815
Outside...·-········-············•··· ... 3
No.
Total... ......· - - - - - · · · · 51
Commerical Failures
The January record for the Tenth District of 134 failures was
an increase of 23 over December and a decrease of 34 from the
number of failures in January last year. In amount of liabilities
involved the January total of $r ,678,389 was $4,989,089 or
74.8% less than in December and $356,701 or 17.5% less than
in January last year.
The January report of failures in the United States by Federal
Reserve Districts, compiled by R. G. Dun & Company, follows:
NUMBER
1925 1924
First, Boston.-................................. -...... 217 203
Second, New York .................................. 416 4o7
80 II3
Third, Philadelphia .... _ _ _
Fourth, Cleveland .......·-························ 199 1 75
Fifth, Richmond ............ _ _ _ _ _ 188
152
Sixth, Atlanta.................... _ _ _ _ 156 136
Seventh, Chicago ................ ·······-··-······ 345 251
Eighth, St. Louis ...... ..............-............. 127 143
inth, Minncapolis .. _·····---103 104
TENTH, KANSAS CITY.......... - .•...... 134 16S
Eleventh, Dallas.................................... 78
68
Twelfth, San Francisco ......................-.. 274 188
1otal. ... _ .... _ ................ _ ·····-····-········-2,317 2,108
WHOLESALE: The January reports show sales by wholesalers to retailers of dry goods, drugs and millinery were in
larger volume and of groceries, hardware and furniture in lesser
volume than sales in December. Compared with sales in January last year there were increases for January in all lines except
dry goods and millinery, which ,reported decreases. A summary
of the reports shows the percentage of changes in each of the six
lines for January as compared with January 1924:
LIABILITIES
1925
1924
$ 3,74 2 ,645 f, 7,173,862
20,028,016
8,884,038
1,747,846
2,157,916
6,t6o,933
4,937,0 59
4,029,401
3,505,170
2,750,320
2,4p,051
2
12,641,812
9,753, 98
1,669,880
433,149
1 , 0 95,7 2 4
1,129,225
1,678,389
2,035,090
1,312,836
1,170,988
2,291,543
2,845,349
of
Stores
Dry Goods_ .. ..4
Grocery............4
Hardware........9
Furniture ......... 7
Drugs.·-·········· 7
Millinery.. ·- ··•·-4
SALES
OUTSTAND IN GS
Jan. 19:25
Jan. 1925 Jan. 31, 19.25Jan. 31, 1925
Compared
Compared
Compared
C-ompared
whl
~ili
whl
w~
Dec. 1924
Jan. 1924 Dec. 31, 1924Jan. 31, 1924
19·9
-J.I
-3.4
----2.-0
-5.9
S·?
-8.9
5.8
1 3·5
1 ·5
-18.4
-5.5
-15.1
7.1
-,f..5
0.9
5.9
10.3
8.3
7.6
-49.1
17.z
Due to the fact that spring goods were not bought for shipment as early as last year, January sales by wholesalers of dry
goods fell below sales for the month in 1924. Current business
in many lines, however, was reported better than a year ago.
Although the market for cotton goods was strong there were
practically no advances on leading staple lines since the first of
the year. January was a good month for wholesalers of millinery,
but purchases of goods by retailers for the s,pring trade di~ not
come up to those for the same month last year, which is generally attributed to the severity of the winter weather during the
forepart of the month.
The volume of business reported by whole&ale grocery houses
during January was slightly lighter than th.a t of December
but heavier than a year ago.
Weather conditions during the month affected the hardware
trade, representative wholesale dealers reporting sales below
THE MONTHLY REVTEW
4
those in December but larger than a year ago, Deliveries o(
goods from factories were prompt.
Wholesale furniture dealers also reported their January trade
was hindered by weather conditions which prevented salesmen
covering their territory, though their business was larger than in
the same month last year.
The wholesale drug trade was the largest for many months,
indic,1ring thiilt reuil mc:rchants were increasing or at least
replenishing stocks. Quantities were generally increased 1 most
retililcrs buying a doLcn of some articles instead of a quarterdozen as had been the rule for some time. Prices continued firm
and ddi verie, prom pt.
Sales of automobile tires and accessories at this season show
but litde change from this time last year. Spring bookings
placed in September and October showed some improvement
over the previous year. Tire prices declined about ro% iast June
and July, bur prices are now firmer on account uf increase in
price:J of raw materials, especially rubber.
Distributors of implements and farm machinery reported large
increases in orders from local dealers throughout the agricultural
region> some houses placing the increase as high as 90% over
this time last year. Though this is the dull period uf the year
for harvest machinery and threshers the business was reported
much better than in January> 1924.
COLLECTIONS: Tbe reports from wholesale houses, implement housc::s and dealers in automobile tires and accessories
indicate collections wae genc:rally good in January, about the
same ;,1s in December and slightly better than a year ago.
The department store reports showed collections during J anuary on outstan<lings at 48. 1%, as compared with 52.2% for
De..:emLcr and 49. 2% for January, 1924. The decrease in deparunent store collections was in the larger cities.
Agriculture
Very little farm work was done in the Tenth District during
Ja1:iuary, due to cold and inclement weather, but the milder
weather in February brought renewed activity in the completion
of corn husking, cotton picking and threshing of kafirs. In
the :,outhc::rn sections farmers started to plow for spring crops.
A large acreage to be planted to corn and cotton is reported
th()ugh the extent of the acreage and how it will compare with
last year's plantings cannot be accurately estimated until reports of farmers intentions are completed.
WINTER GRAINS: The reports indicate that winter
grains for the must part are apparent! y in good condition.
While it was too early to estimate the conJition of the winter
wheat crop with any degree of accuracy, the U. S. Bureau of
Agricultural Economics, Department of Agriculture, reported
late in January" indications are that but little damage by freezing or exposure has been done in the greater part of the wheat
belt.,,
The Kansas report issued February 4 said: "The winter
wheat outlook continues promising everywhere except in the
nlrth central ,ouncic:s where dry weather last fall gave the
plants a very poor ~tart. Slight damage:: from free,ing and thawi:s noted in scattered counties but nont- of a seri0us widespread
nature. The snow covering disappeared rapidly with warming
weather and wheat began to green up.••
In Colorado, Wyoining and a considerable portion of the
Great Pla1ns area winter grains were covered with snuw during
Deceml,er and January, which afforded prorecrion and proviucd a good tiupply of moisture for the early spring.
The Department of Agriculture reports show 21 ,4-09,000
acres were sown to winter wheat last fall in the seven states
whose territory as a whole or in part is included in this Federal
Reserve District. This total indicated an increase of I ,624,000
acres over the acreage sown in these states in th\! fat! of 1923.
The reports show an increase of 10% in the acreage sown to
rye in the seven states mentioned. The total was 362,oco a.:res
or 33,000 more than was sown in the fall of 1923.
Farm supplies of corn are reported lower than usual at this
time. Selling has been encouraged by higher prices and soft
and chaffy corn has been fed rapidly.
SUGAR BEETS: Preparations are going forward in the irrigated sections of Colorado1 Wy~ming, Nebraska and western
Kansas for the planting of the 19~5 sugar beet acreage. Reports
from most localities are that the acreage to be pbnted will be
practically the same as that of last year, which was the largest
of record for that section. The extent of the acreage to be planted, however, cannot be estimated until 19'25 contracts are
signed.
Grain Movements
Further increases in the price of wheat during January resulted in an increase in arrivals of wheat at the four leading
markets of the District. The receipts for the month were
7,077,750 bushels, 279,700 bushels more than in Dc:cemher and
1,446,200 bushels more than in January 1924. Rect>ipts of
corn at these markets totaling 7,869,100 bushels for the
month were 178,700 bushels less than in December and
853 1 200 bushels less than for the month last year. Receipts of
3,290,00, hushel uf oats Wt!re more than double the receipts in
Dcct"mher and were 73.3% larger than a year ago. January
rel'dpt:) follow:
Barley
15,000
43,200
7,000
6,000
Corn
Oats
Wheat
Kansas City.......... 2,971,350 2,905,000 1,080,000
Omah..._.......__ _ .. 1,981,000 3,091,200 1,698,000
St Joscph.......... - .. 1,261,400 1,468,500
122,000
Wichita···········-···· 864,000
404,400
390,000
Rye
January, 1925. ___ .7,077,750 7,869,100 3,290,000
December, 1924-... 6,798,050 8,047,800 1,621,200
January, 1924. ___ .5,631,550 8,722,300 1,898,300
97,<)00
90,100
Katir
683,100
71,200
783,000
56,800 1,266,6oo
93,6oo 182,800
490,500
Flour Milling
Reports from milling centers of the Tenth District show
unusually large production of flour during the month of J anuary. The total for southwestern reporting mills, representing
about 70% of the entire output of the District, was 2,166,798
barrels for the month. It exceeded the December output by
73,951 barrels or 3. 5% 1 and also exceeded the output for J :muary I 914 by 372,330 barrds or 20.7%. Mills during January were
operated at 68.5% of capacity as compared with 66.1% in December and 60.8% a year ago. The January output at the various centers is here shown in comparison with the output for
December and January; 1924:
Jan., 1925
Kansa~ City..
Omaha..........
Salina..........
520,518 ·
99,114
133,557
I 91,947
167,877
St. Jo:scph .......·-····
Wichita .....·-··-······...
•Atchison....
I I 5,370
Outside.... - - - - - - - · - ... - ·- ·- ·- ···· 938,415
Total, barrcls _ _ _ _ _ _ _ _ _ _ ,166,798
•Complete figures for December 1924 not available.
Dec., 1924
5'2 1 ,943
106,336
119,125
169,858
170,674
Jan., 1924
453,54 1
91,248
82,104
137,218
164:5411
91.07
1,004,911
768,73
2,092,847
1,794,4'>8
THE MONTHLY
R EVTF.W
5
LIVE STOCK ON FARMS JANUARY 1, 1925 AND 1924
UNITED STATES DEPARTMENT OF AGRICULTURE ESTIMATES
NUMBER
Colorado........__
Kansas .....·--····Misso11ri .....·-······
Nebraska ............
New Mexico........
Oklahoma............
Wyoming........ - ..
HORSES
1925
1924
384,000
920,000
79J,OOO
857,000
167,000
'400,000
958,000
826,000
883,000
176,000
633,000
653,000
180,000
190,000
MULES
1914
1925
36,000
271,000
369,000
1rt>,ooo
21,000
330,000
3,000
MILK COWS
36,000
286,000
369,000
I 1.+,000
'21,000
337,000
3,000
565,000
1914
261,000
723,000
793,ooo
576,000
47,000
549,ooo
49,000
48,000
1925
271,000
752,ooo
825,000
6o5,ooo
47,000
BEEF CATTLE
1925
1,20·1,ooc
2,486,000
1,898,000
2,696,000
1,009,000
1,044,000
7+6,000
1924
1,27•_1,000
'2,537,000
1,o63,ooo
2,808,000
1,16o,ooo
1,16o,ooo
777,000
SHEEP
1914
1925
1,616,000
314,000
1,181,000
726,000
2,36o,ooo
83,000
1,808,000
HOGS
1,468,000
299,000
1,205,000
66o,ooo
2,248,000
80,000
2,700,000
1915
1914
466,000
622,000
1,14t>,ooo
3,481,000
4,463,000
4,545,ooo
5,543,000
6o,ooo
71,000
1,111,000
119,000
2,980,000
841,000
119,000
Seven Statcs·-····· 3,934,000 4,086,000 1,147,000 1,166,000 3,It+,OOO 1,997,000 11,081,000 11,78◄ ,000 10,088,000 9,66o,ooo 11,658,000 14,919,000
801 ,800 2,304,800 2,217,100 8,508,400 9,134,000 7,764,700 7,382,300 8,891,100 11,380,900
-Tenth District.. 3,174,700 3,294,50°
783,800
United States.-... 17,589,000 18,05~,000 5,411,000 5,-+46,000 25,319,000 '24,786,000 39,009,000 41,720,000 39,134,000 38,300,000 5+, 2 34,000 66,130,000
FARM VALUE
HORSES
Colorado..............................................................J
Kansa::i ............................................................
Missouri .............................. ...............................
Nebraska ............................................................
New Mc:xico...................·-······- ··························
Oklahoma
...........................................
\Vyom1ng ...........·-··········-······-··························
1925
1 5,36o
40,480
36,478
47,135
6,179
2+,0 54
5,040
'
(In thousands of dollars-ooo Omitted)
MILK COWS
MULES
1924
19'24
1925
16,800 J 1,944 J '2,088
39,278 15,5o4 15,730
39,648 :22,140 23, 247
7,866
8,004
48,565
1,16o
1,:218
6,864
'21,101 19,140 17,861
153
165
5,700
------
'
1925
12,195
36,848
36,300
32,670
2,115
19,210
'2,450
BEEF CATTLE
1925
I J,050 J28,007
36,150 65,382
36,478 53,334
32,256 78,454
2,350 11,694
17,019 17,226
:2,736 10,739
19'24
'
SHEEP
1924
1925
1924
'
31,103 J25,11+
2,826
65,708
6o,240 11,101
85,081
7,55°
16,100 18,171
17,400
598
1 3, 1 55
19,203
HOGS
1915
$18,510 ' 5,126
2,123 2 5,75'.1
9,158 32,373
5,114 59,994
14,612
66o
471
24,JOO
7,905
1,250
1924
'
(,909
16,820
37,936
55·+3°
639
7,5 11
1,190
- - - --- - - - ---
Seven States·--····················--- -··········$ 174,716 J 179,057 J68,103 $68,217 $141,788 J 140,039 $284,836 J 309,788 $94,564 $74,389 $133,06o $135,535
-Tenth Discrict ...·-··•··· ···-···-··························· 140,974
1-41,556 46,413 47,758
107,547
106,071 1:25,485
:241,763 75,0~8 58,510 107,161 105,635
United States ...·--····--------I,107,148 1,163,914 436,12:i 458,463 1,278,714 1,:292,736 970,u7 1,045,523 371,909 301,455 669,40:2 6,..,496
•-Tenth District total includes all of Kansas, Nebraska, Colorado, Wyoming, the Western 19 counties of Missouri, all of Oklahoma except 8 Southern counties, and
the Northern 10 counties of New Mexico.
Live Stock
The number of live stock on the farms and ranges of the Tenth
Federal Reserve District on January 1, was 31,-l27,[>oo, valued
at $702,738,000, according to the annual estimate by the United
States Department of Agriculture for the states and parts of
states which form the District. Compared with the estimate
one year ago there is a decrease of ·2,883,000 or 8.4% in the number but an increase of $2,444,coc or .35% in their value. The
follow.ing are the totals for the District on January 1, 1925, with
the changes since January I, 1924.
Horses, 3,174,700, decrease 119,800 or 3.6%; value $140,974,000, decrease
$1,582,000 or 1.1%.
Mules, 783,800, decrease 18,000 or 1.2%; value $46,4:23,000, increase
$665 ,000 or 1.4%,
Milk cows, :2,304,800, increase 87,700 or 4.0%; value $107,547,000, increase
Jr,475,000, or 1.4%,
Cattle, other than milk cows, 8,50R,400, decrease 715,600 or 7.9%; value
J125,485,ooo decrease $16,27R,ooo or 6.7%
Sheep, 7,764,700, increase 382,400 or 5.1%; value $75,048,000, increase
J16,538,ooo or 28 .3%.
Hogs, 8,891,:200, decrease :2,489,700, or 21 9%; value $107,161,000, increase
J1,626,000 or 1.5%.
The outstanding feature of the annual estimate for the Tenth
District is the large reduction in the number of hogs on farms
which was the result of unusually heavy marketing of hogs during the previous two years and reduction in the 1924 pig crop.
All states and parts of states in the District shared in this reduction with larger ·losses in Nebraska, Missouri, Kansas and
Oklahoma, the great corn producing states. The comparison
shows that the reduction of 21.9% for the District was proportionately greater than the redm:tion of hogs in the United
States, reported at nearly 18%.
All states and parts of states shared in the decreases in the
number of beef cattle on farms while all states, except New
Mexico, reported increases in the number of milk cows. There
was an increase in the number of sheep in all states except
Missouri, the increases being due to the well sustained prices of
sheep and lambs and increased prices of wooL The 1925 estimate indicates a further decline in the number of horses on
farms. Nebraska reported a slight increase in the number of
mules, while Missouri, Colorado, New Mexico and Wyoming
reported the same number as last year and Kansas and Oklahoma reported decreases.
The reports show there were increases in the value per head of
sheep and hogs in all states of the District. On beef cattle
Kansas and Oklahoma reported increases in the value per head
while in all other states there were decreases. Cows increased in
value $3 per head in Oklahoma while the other six states recorded decreases of '/, 1 to '/,] per head. The farm value of horses
and mules was greater this year in Kansas and Oklahoma but
decreased in all other states except Nebraska, which reported
the same value as last year. The following shows the average
farm value of the class~s of live stock on January I, 1925 and
1924 for the Tenth District as compared with the average value
for the entire United States.
Tenth District
1925
Horses...............................
· ......$44.40
Mules- - -- ··--································ 5y.21
Milk Cows ................................................ 46.66
Other Cattle .................. ····---····· 26.50
Sheep.......................................................... 9.66
Hog...__ _ _ _ _ _ _ _ _ _ _ 11.o6
United States
1924
$43.27
57.o6
1915
J6 1 .9s
8o.6o
4;.84
50.50
:26.18
7.92
9.28
'24.49
1924
J64-45
84.18
51.16
15.o6
9-53
7.87
u.34
9·15
MARKET MOVEMF.NTS: Receipts by rail of all dasses of
Jive stock at the six leading markets of the Tenth District totaled
32,817 cars, as compared with 34 1 880 cars in December and
36,u6 in January, 1924. In the number of head received at
6
THE MONTHLY REVIEW
these markets the January record showed decreases of cattle
10.7%, of calves 24.8%, of hogs 7.6%, and increases of sheep
5.7%, of horses and mules 40.8% as compared with December's
totals. January receipts of all classes of live stock, except horses
and mules, fdl below those for the corresponding month last
year. The percent of decreases were: cattle 10.4%, calves 2 r .7%,
hogs 4•:%, sheep 12.9%: and the increase in horses and mules
2 . 7%. The reports from the six market centers for Jan oory,
with totals for December and January of last year:
Cattle
Kansas City...... .............. 169,781
Omaha ............................. 130,287
St. Joseph ........................ 45,392
Denver.............................. 38,157
Oklahoma City............__ 23,462
Wichita.........·-················ 24,821
Calves
25,9 14
7,197
7,739
3,7 27
6,730
4,204
January, 1925 ..•...........•... 431 ,900
December, 1924............ 483,401
January, 1924...·-·····-·-··482,222
73,857
70,865
Hogs
359, 12 5
455,569
2s:2,356
61,642
38,037
65 251
Sheep
9 2 , 233
175,773
90,5'26
147,460
26:2
4,434
55,5 11 1,231,980 510,688
1,332,838 483,12-4
1,290,576 586,281
Horses and
Mules
Cart
5,969 11 ,390
1,576 u,104
1,013
5,124
3,7 1 5 :2,589
1,080
1,131
1,530
2,949
16,353
II,612
15,929
32,817
34,880
36,116
The movement of stockers and feeders to the cour.try from the
four market centers for which reports are available, shuws
markeci decreases iQ cattle, calves and sheep as compared with
December and January of last year. There was a slight increase
over December in the outgo of stocker and feeder hogs, but the
total for the month was 41. 8% less than in January, 1924. Stocker and feeder shipments to the country from the four markets
follow:
Cattle
Kansas City........ ........... ............... ............. ...... 48,36:2
Omaha ............... ............................................ ..... 23,291
St Joseph............................ ................. .............. 6,133
Denver...·-··•··· · ................................................... 17,715
January, 1925 ...................................................... 95,501
December, 1924.. .... ............... . .......................... 122,254
January, 1924......•............................................... 133,282
Calves
938
1,905
5,017
7,678
Hogs
5,-4:2'.2
33-4
2,009
6,371
Sheep
12,257
11,106
14,826
35,169
14,136
11,514
24,284
73,358
98,518
86,165
RA GE CONDITIONS: Somewhat moderate temperatures
with light snows during January helpeJ cattle and sheep on
ranges in Wyoming, Colorado and New Mexico. Due to drifting
snow the range remained open ur partly so and the heavy feeding of the first part uf January eased up somewh,1t. The ranges
in Wyoming were reported 88% of normal February I. Pros .
pects of a good lamb crop were reported favorable.
Meat Packing
With reduced market supplies of cattle, calves and hogs during January purchases by packers at the six leading markets
were less than in December and a year ago. The better supply
of sheep resulted in an increase of 11. 1% in purchases for slaughter over December purchases, though the January purchases
were I 5% less than in the correspondirig month last year. The
January record of packers• purchases follow:
Cattle
Kansas City...... .................................... 95,447
Omaha .................................................... 85,826
St. Joseph .. ............................................ 31,910
Denver.................................................... 9,'.207
Oklahoma City.................................. ... 16,544
Wichita.......................................... ....... 8,091
Calves
'21,718
5,890
6,'284
2,328
6,450
3,017
Hogs
277 ,849
358,o39
199,312
48,40'2
34 507
63,066
Sh~ep
76,758
135,601
74,673
15,516
January, 1925.......................................247,025
December, 1924 ................................... 280,338
January, 19'24 .. _······-··----····259,926
45,687
54,088
981,175
1,084,968
1,020,764
3o5,oo5
50,7II
234
:2,223
:287,5-4-6
358 ,631
Stocks of pork and lard in Kansas City incre>ased 9,956,600
pounds between December 31 and Janu ary 31. The total on the
last date mentioned was 46,050,000 pounds, 1,667,800 pounds
more than stocks on January 31, 1924.
Petroleum
Daily average production of crude oil in Oklahoma during
January fell 4,480 barrels below the daily average for December.
On the other hand there were increases in the daily average of
9,881 barrels in Kansas, 1,93 I barrels in Wyoming, I 58 barrels
in Colorado and 5 barrels in New Mexico, which brought production in January in the states of this District to 631,816 barrels per day, 8,496 barrels more than the daily average in December and 49,251 barrels more than the daily average in January,
1914. Total production for the thirty-one days of January in the
five states was 19,58,;,300 barrel:,, 263,.300 barrels or 1.4% above
the December total and 1,527,300 barrels or 8.5% above the
total production of January, 19'?4. Tables showing gross and
daily average production for January, 1~1~, as compared with
December and January, 1924> follow:
GROSS PRODUCTION
•Jan. 1925 ··D('C. 1914 ••Jan 1924
Oklahom:i ............ ................................•--······14,731,050 14,870,000 11,737,000
Kansas.............................. ..................... --·· :2.531,350
:2,:225,000
2,101 ,000
Wyoming..... .. ········································---- :2,:248,1 50
2,157,300
4,215,500
Colorado.............-----···········-59,6oo
54,700
5,500
New Mexico ................................ _ _ _
16,150
16,000
Total barrels.................................. ................ 19,586,300
DAILY AVERAGE
•Jan. 19:25
Oklahoma······························•·----- 475,195
81,656
Kansas .......·-----················-······ .•.
7:2,521
Wyoming_······-··-··-······-··
•
1,923
Colorado............ ···----·· ·············-·········New Mexico .. ...................................... ·-··-521
Total barrels_________
631,816
*Estim ated-American Petroleum In~titutc.
••official-United States Geological Survey.
19,323,000
18,059,000
••nee.
19:24 ..Jan 19:24
479.675
378,629
71,774
67,774
69,590
135,984
1,765
177
516
623,320
The field summary for January reflects some of the effects of
the severe winter weather throughout the oil areas of the District. There was a reduction of 38.4% in the number of new
wells completed and a reduction of 40.9%in barrels daily new
production as compared with December, although the month's
record indicated an increase of I I .9% in the number of wells
completed an<l an increase of 85.5% in barrels daily new production over the totals for the first month of 1914. At the end
of January the stimulating influence of a<lvances in prices of
crude oil was reflected by increases of 5.2% and 11.3%, respectively, over December and January, 1924, in the number of rigs
and wells drilling. The figures for the five states on field operations and new work during January are here shown:
Wells
Bbls. daily
Completed New prod'n
64,657
Oklahoma ................ :236
Kansas ...........·-······ 65
7,36:2
Wyoming...·-·········· 29
5,151
130
Colorado, _ _ _ 6
New Mexico_...... .... 3
180
January, 1925·---···339
December, 1924•..•.. 550
January, 1924-__• ...303
Dry
Wells
73
JI
7
5
o
77,481
116
IJI,2'21
:203
79
41,779
Gas
Wells
17
8
Rigs-We lit
Drillini
1,257
438
366
0
99
0
39
36
57
53
Increased operation of refineries during January is indicated
by the reports from Oklahoma and Kansas. On February I
there were 73 refineries operating in the two states and daily
runs of crude oil to stills was 260,730 barrels. On January 1,
the report showed 70 refineries in operation and runs of crude
oil were 245,115 barrds per day. On Fi::bruary I last year 77
refineries were operating in the two state~ but daily runs of
crude oil were 127,050 barrels, 33,680 barreli .per day leas
than on February 1, this year.
411
7
THE MONTHLY REVIEW
Refinery stocks in Oklahoma and Kansas on January I were :
Gasolene, 121,042,101 gallons, Kerosene 32,1 I 5,612 gallons,
Fuei oil 132,450,640 gallons. These figures indicate an increase
of 14,957,393 gallons of gasolene, an increase of 2,93 I ,644 gallons of kerosene and a decrease of I I, 129,42 l gallons of fuel oil
as compared with stocks on December I.
Mining
BITUMINOUS COAL: Production of soft coal in the six
producing states of the Tenth District was on a basis of 70.4 %
of full time capacity with an estimated total of 3,496,000 tons
produced during the month of January. T his compares with
60.2% in capacity operation and 3,018,000 tons produced in
December and 71.9% of full time capacity and a total of 3,605,000
tons produced in January of last year. Production of soft coal
in each of the states of the Tenth District is here shown for the
month of January 192 5 and also for the year 192-4-, with figures
for the previous month and year for purposes of comparison:
•Jan. 1925 Dec.-. 1924 Jan. 1924 Year 1924 Year 1923
Colorado ... ·······-··········1,o84,500
988,000 1,161,000 9,840,000 10,346,000
Kansas..... ·-·················· 493,500
425,000
497,000 4,150,000 4,036,000
Missouri........................ 422,000
325,000
433,000 3,140,000 3,4o3,ooo
New Mexico,___ 269,000
24:2,000
270,000 2,550,000 2,915,000
Oklahom---- · 335,200
269,000
360,000 2,800,000 2,885,000
761.1,000
884,000 6,850,000 .,,n5 000
Wyoming...................... 891,800
Six States ...........·-········3,~ 3,018,000 3,6o5,ooo 29,330,000 31,16o,ooo
•Estimated.
A survey of mining activities shows that loss of operation during January on account of "no market" averaged 2-1-,6% of
capacity, while losses of operation on account of transportation
and mine disability were 4% and losses on account of strikes and
labor shortage combined were only 1%. The percentage of losses
due to various causes follow:
Colo. Kans. Mo. N.M. Okla. Wyo. Dist.
Tran~portation
Disability ............ _ .... 6.8% 0.1% o.8%
I,4%
0.7%
0.4
o.8
1.3
Labor Shortage·-············-· ··-····.. 3.0
Strikes ........
0.2
0.9
Mine Disability................ 4.5
6.o
0.7
2.6
3.8
0.9
No Market........................ 16.4
19·5
26.8
13.2
28.7
4'2.9
2-4-6
-- -- -- -- -- -- - -
Total loss, all causes .. - .... 27.7
Percent production·-··-···72.3
2
9·5
47.9
7o.5
52.1
IJ.2
86.8
31.6
68.4
27•5
72•5
29.6
7o.4
Soft coal production in the United States for the coal year
which began April 1, 1924, to February 7, 1925, totaled 405,215,000, a daily average of 1,543,000 tons. This compares with
production for the same length of time during the previous
coal year of 485,943,000 tons or a daily average of 1,855,000
tons.
ZINC AND LF.AD: The month of J anuary 1925 was a record breaker for lead in the Tri-State District, both in price offerings and shipments. The month opened with ·price offerings of
$137.50 per ton and rose to $146.00 and at the end of the month
had dropped to $125.00. Shipments of lead aggregated 13,448
tons and brought the operator $1,806,368. The weekly sales of
lead amounted to 2,679 tons for a five week perio<l. The last
week of the month broke all records of the district for a weekly
shipment of lead, amounting to 3,671 tons. The average price
paid for lead ores one year ago amounted to iuo.69 per ton and
shipments aggregated 8,126 tons.
The highest price paid for zinc during the month was $58.00
per ton. The month opened with price offerings of $57.50, afterward rose to $58.00 then dropped to $50.00 at the end of the
month. The average price for the month was $54.77 per ton,
which compares with $43.04 for the same period last year.
Shipments of zinc aggregated 67,823 tons or a weekly shipment
of 13,564 tons and the total value amounted to $3,517,185.
t t he beginning of January a number of the properties in the
district were running night shifts, but at the end of the month
several of these properties discontinued double shift work, and
the increase in output was not as large as had been anticipated.
It is estimated that the weekly production at the end of the
month did not greatly exceed I 5,000 tons of which about 2,000
tons came from night shift operations. Surplus stocks of zinc
are reported at 9,000 tons.
Building
Although there was almost an entire cessation of building
operations during the greater part of the month of January, due
to cold weather, the reports from eighteen cities in the District
showed a total of I ,596 permits issued during the month for
buildings of an estimated value of $4,701,452. Compared with
the record for January, 1924, there was an increase of 238 or
17.5% in the number of permits issued. The estimated cost,
however, was 642 ,3 46 or 12% below the estimated cost in
J anuary of last year. An unusually large proportion of permits
issued for the construction of dwelling houses at moderate cost
was indicated r,y th e report. The January permits and estimated
cost for the eighteen cities follow:
Est. Cost
%Chg
f,
~3.8
-64.7
123.7
Permits
Casper, Wyoming..................................... ............
Cheyenne, Wyoming..............................................
Colorado Springs, Colorado.... ..............................
Denver, Colorado ...............................................
Hutchinson, Kansas..............................................
Joplin, Missouri.....................................................
Kansas City, Kansas .. :...........................................
Kansas City, Missouri ..........................................
Lincoln, Nebraska..................................................
Muskogee, Oklahoma.............. .............................
Oklahoma City, Oklahoma ..................................
Okmulgee, Oklahoma........ ....................................
Omaha, Nebraska ...·-············································
P1.:eblo, Colorado.......... ..................................... ....
St. Joseph, Missouri..............................................
Topeka, Kansa~......................................................
Tulsa, Okl:ih.1ma ................................................
Wichita, Kansas......................................... ............
15
6,976
19,225
77
465
I,450,050
40
5
6,075
-86.1
-'.25.4
-56.7
-31.6
-16.5
- 49.4
-22.0
10
92 ,755
21
70
254
28
17
106
21,520
9o,575
1,126,480
67,770
16.285
186,845
1,300
2
555,77o
144
69
132,220
28,075
89,310
698,780
21
55
158
79
Ill ,441
Total, J anuary, 1925-........................................... 1,596
Total, January, 1924 .............................................. 1,358
$4,701 ,452
5,343.798
-g5-6
79.2
101.5
-32.2
-23.0
122.3
-808
-1'2.0
WHOLESALE PRICE INDEX
BUREAU OF LABOR STATISTICS
January,
1925
All commodities .................. _ _ _ _ 16o.o
Farm products ................................................ 163.4
Foods ................................................................ I 59.8
Cloths & Clothing.......................................... 191.1
Fuel & !ighting................................................ 167.9
Metals ........................................................ :..... 136.3
Building materials.......................................... 179.3
Chemicals & drugs .......................................... 135.2
House furnishings.......................................... 172.6
Miscellaneous .................................................. 127. I
December,
1924
157.0
156.7
1 57•9
191.4164.6
132.9
175-1
134.6
172.4
1'28.6
January,
1924
I 51.2
144.6
143.2
200 '1
168.9
1 41.9
181 0
131.8
175.8
u6.6
REGROUPED BY THE FED ERAL RESERVE BOARD
Raw materials, totaL .................................... 166.6
Crops .....· - - - - - · · · · ··..·························195 5
Animal products............................................ 133.o
Forest products .............................................. 193.4
Mineral products.. .......................................... 171.7
Producers' goo::is........ ..... ............................... 133.6
Consumers' goods .......................................... 169.o
161.2
185.8
128.9
186.8
169.1
132.3
167.3
1 55·5
182.3
114.6
194·3
170.4
136.3
i55.8
8
THE MONTHLY REVTEW
Business Conditions in the United States
Further growth in production during January carried the
output of basic commodities to the highest point reached since
the spring of 1923. Employment at industrial establishments
increased slightly, but remained below the level of a year ago.
Prices of farm products continued to advance and there were
smaller increases in the wholesale prices of most of the other
groups of commodities.
PRODUCTION-Production in basic industries, after a
rapid increase in recent months, advanced 8 per cent in January
and was 34 per ·cent above the low point uf last summer. The
most important fa~tor in the increase in the level of production
since August has been greater activity in the iron and steel
industries but in January the output of lumber, minerals and
feed products, and paper, and the mill consumption of cotton
also showed considerable: increases. The woolen industry was
somewhat less active in January and output of automobilts,
though larger than in December, was considerably smaller than
a year ago. Further increases during the month in employment
in the metal, textiles and learher in<lustries were largely offset
by seasonal decline in the number employerl in the building
materials and food products industries. Building activity, as
measured by contracts awarded, though less in January than
during the closing months of 1924, was near the high level of a
year ago.
TRADE: Railroad shipments were in record volume for this
time of year, and loadings of merchandise and miscellaneous
products were particularly heavy. Wholesale trade in January,
however, was slightly smaller than in December. Sales of gro .
ceries, shoes, and hardware were in smaller volume, while sales
of drygoods and drugs increased. Department store sales in
most districts were somewhat smaller than a year ago, but sales
of mail order houses were considerably larger.
PRICES: Wholesale prices, as measured by the index of the
bureau of labor statistics, rose z per cent during January to the
highest level in four years. The increase of 10 per cent in the
index since last January represents an advance of I 9 per cent
in prices of agricultural commodities and 3 per cent in other
commodities. In the first half of February prices of grains, wool,
coal and lead declined, while petroleum and gasoJine prices
advanced sharply, and cotton, silk and rubber showed smaller
increases.
BANK CREDIT: Loans and investments of member banks
in leading cities, following the rapid growth during the last half
of 1924, declined by about $100,000,000 between the middle of
January and the middle of February. This decrease repres~nts a
reduction in the hoidings of investments, chiefly at banks in
New York partly offset by an increase in loans. Loans on stocks
and bonds increased, though less rapidly than in the latter part
of 1914, while loans for commercial purposes declined slightly
from the high level reached in the middle of January. Net demand deposits, owing largely to decreases at New York City
banks, declined sharply from the high point reached in the
middle of Jan.uary.
At the Frd eral Reserve banks the seasonal !iquidatiun resulting from the return flow of c-urr~nc-y from circulation came
to a close hy January 21, and during the following four weeks
there was an increase in total earning assets. This increase
reflected largely the demand for go!d for export which ·led
member banks to increase their di~counts at the reserve banks.
Reserve bank holdings . of United States securities declined
further, while acceptances showed relatively little change for
the period.
Money rates, after rem:tining comparatively steady during
most of January, showed a firmer tendency during the early part
of February, when rates for prime commercial paper advanced to
J¾ per cent.
STATEMENT OF CONDITION, FEDERAL RESERVE
BANK OF KANSAS CITY, INCLUDING BRANCHES
At Close of BtJsin~ss
RESOURCES
Feb. 4, 1925 Feb. 6, 1924
Gold with Federal reserve agent .. .........· - - - · · ··$ 60,662,955 $ 50,027,555
Gold redemption fund with U. S Treasury................ 3,089,165
2,169,390
Gold held exclusively against F. R. notes._ ............ $ 63,752,120 $ 52,196,945
Gold settlement fund with F. R. Board...................... 48,746,773
47,556 256
Gold and gvld certifi~ates held by bank...................... 3,896,673
3,274,830
Total gold reserves .. _ _ _ _ _ ...................... $116,395,566 $103,028,031
Reserves other than gol
.................. 4,172,949
4,947,188
Total rcserves.·-··-··--- - - · ··· ···•·.······$120,568,515 $1o7,975, 21 9
3,018,894
Non-reserve cash ...·----····-··········································
2,280,715
Bills discounted:
621,739
Sec. by U. S. Government obligations....................
7,0 5°,7 15
·26,207,812
Other bills discounted................................................ 4,166,548
Total bills discounted ........................................ $
Bills bought in open m:lrket..................................... ....
U. S. Government securities:
Bonds ............ ···-······------········••····•·······
Treasury notes.............................. ..............................
Certificate!! of indebtedness....................................
4,788,287 $ 33,258,527
11,944,090
575,000
14,572,200
2,646,000
Total U.S. Government securities ................_ $25,155,750
Foreign loans on gold............ .........................................
474,000
All other earning assets ...... - - - -······················
500,000
33 1 ,900
7,037,100
1,383,500
$8,752,500
Total earning assets ............................................$ 42,862,127 $ 42,586,027
Uncollected items............................................................ 35,251,903
29,610,866
Bank premise--- -··············································· 4,023,794
4,594,543
All other resources........ - -- - - - 745,649
737,378
TOTAL RESOURCES ...... - - - - -f,205,732,703 $188,522,927
LIA BILITIES
F. R. notes in actual circulation .............. _ _ __ $ 66,818,140 $ 64,612,520
Deposits:
75,6o9,907
Member Bank-reserve account .....·--··-················ 89,837,535
Govern men.___ _ _ _ _ _ _ _ _ _ __
2,730,091
2,346,767
1
914, 75
555,649
Other deposits .... · · · · · · · · · · · - - - - - - - - -
Total deposits ........ - - - - - - - - $ 93,098,477 $ 78,895,647
Deferred availability items ............ _ _ _ __
30,312,1 JI
32,056,399
Capital paid in .......... _ _ _ _ _ _ _ _ __
4,560,850
4,332,650
8,976,661
Surplus....
.
9,495,54°
AU other liabilities .......... _ _ _ _ __
646,259
450,376
TOTAL LIABILITIES. _ _ _ _ ......... $205,732,703
Ratio of total reserves to deposit and F. R. note
75. 1 %
75.3%
liabilities combined .......... - - - - - - - Contingent liability on bills purchased for foreign
774,265
..1, 1,993,842 $
correspondents·-····· - - - - - Total clearings for week......... ·-··········-· · · - - - - ·$200,879,oo9 $148,668,982
t,048,1o6
Total number of items handled.·---······-··-··-··--······
1,184,150
@FedFRASER