The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE MONTHLY REVIEW Covering Conditions in the Tenth Federal '1?£serve Vistrict Federal Reserve Bank of Kansas City C. K. M. L. McCLURE, Chairman Board of Directors and Federal R eserve Agent KANSAS BOARDMAN Assistant Federal Reserve Agent and Secretary No. 5 CITY, Mo. MAY 1, 1925 E XPANSION of industrial and trade activity, and banking operations, is reflected by current reports covering conditions t hroughout the Tenth Federal Reserve District. There were substantial increases during 1\, arch which carried the volume for the first quarter of 1925 to a level somewhat above that reported for the first quarter of 1924. The forward movement was orderly and marked by a degree of conservatism such as has been noted in these reports during the past three years. It reached the high point of the year early in April and conditions at the beginning of the second quarter were better than at the same time last year. A summary of the March reports which supply the basis for t he May 1 issue of the Monthly Review discloses the extent of improvement by comparison with the statistical reports for March, 1924. Clearing houses in 29 cities reported an increase of 15.4 per cent in payments by checks debited by banks against individual ~ccounts. Federal Reserve Bank clearings increased 23.8 per cent in amount and the number of checks and cash items handled for 3,786 banks during the month reached a total of 5,896,323, which was 909,389 more items than were handled in the corresponding month last year. Wholesale trade was in larger volume and conditions more satisfactory. Every city reported increase in reta il trade. The composit figures on sales at 33 department stores showed an increase of I 5.1 per cent for the month and an increase of 6. 8 per cent for the first quarter over the corresponding month and first quarter of last year. Crude oil production continued heavy with the average 2.1 per cent above that of a year ago and indications of increased activity in new development work. -Shipments of lead ore in- creased 24.1 per cent, but shipments of zinc ore fell slightly below the tonnage shipped a year ago. Colorado precious metal mining camps reported further increase in activity. Coal mining operations fell off perceptibly as a result of further decline in market demand for the output. Production of portland cement increased 34.1 per cent and brick, paint and glass factories were operating at greater activity than a year ago. The outlook .for farm crops was made brighter by moderate to heavy rains which fell over the District during the early part of April. The season of dry weather was effectually broken, but it was apparent more rain was needed in the southwest portions where it was still dry at Mid-April. A low condition of winter wheat was reported April 1, and it was evident there would be a large abandonment of wheat acreage due to drought and winter killing, though the improvement that followed the early April rains was n_ot reflected in the April 1 condition reports. Movement of grain to the markets was in decreased volume during March, and flour production, for the first time in several mon!hs, fell be!ow that for the corresponding month of the previous year. The live stock industry as a whole was in better position than for several months, save that the prolonged season of dry weather in the Southwest was working hardship and financial loss to the range cattle interests. Because of this condition the spring movement of cattle to the long grass pastures was reported much larger than last year. Unusually large supplies of cattle, calves, sheep, horses and mules were received at the markets of the District. The supply of hogs, however, fell 26.2 per cent below that for March, 1924, and gave further evidence of decrease of hogs on farms. Meat packing operations were heavy for the season. The slaughter of cattle, calves and sheep exceeded that for the same month last year, while the slaughter of hogs declined in about the same proportion as the market supply decreased. Building activity, given a good start in February, made greater ~trides in March and a new high record for that month was STATISTICAL RECORD OF THE TENTH FEDERAL RESERVE DISTRICT March % chg. March February Year 1924 1925 1925 15.4 Bank debits, 29 cities..... $1,193,007,000 $1,171,495,000 $1,033,577,000 23.8 Clearings, F. R. Bank.... $ 962,476,088 $ 791,057,866 $ 777,722,416 18.2 4,986,934 Items handled. __ ......... 5,896,323 5,16o,840 1 9-3 Deposits, 71 banks....- ....$ 645,266,000 $ 638,679,000 $ 540,861,000 8.4 Loans, 71 banks ......·--···1, 452,232,000 $ 449,922,000 1, 417,245,000 35.o Investments, 71 banks .. $ 169,266,000 $ 165,003,000 $ 125,328,000 5.7 Savings deposits, 54 bks.$ 108,326,245 $ 107,357,3 17 $ 102 ,437,0 37 II3 - 1 3.3 Business failures, No...... 98 90 1,851,517 -3.7 Liabilities.................... $ 1,782,'.243 $ 1,093,915 'f, 2,963 43 2 Building permits, No..... 4,244 2,884 38.I 9,1 39,262 Estimated value .... - .... $ 12,618,889 '/, II,207,400 1, 2.1 18,981,000 Crude oil prod'n, bbls.... 19,377,100 18,612,000 P Wells drilling end of f" month_··········-········-·· Flour production, bbls._ Grain receipts, 4 markets: Wheat, bushels........... . Corn bushels_......... . Oats, bushels ....•...•... Coal mined, tons ............ Cement prod'n, bbls ..... . Live Stock receipts, 6 centers: Cattle. .........•...•............. Calves ........ - - - - Hogs ...............·-·········· Sheep............................ Horses and mules·-····· Meat packing, 6 centers: Cattle......................... . Calves.·-····-····•·······•··· Hogs ...............·-·-······ Sheep .......·-··-··-······-·· • Ore shipped, Mo.-Kans.Okla., weekly Aver.: Lead, tons_ ·······-··-···· . Zinc, tons.·-····-······-- 6,030,650 5,098,500 4,965,200 1,859,500 6,350,450 2,221 ,800 2,549,000 722,000 -10.0 -18.5 -38.0 -31.4 34.I 451,968 78,240 757,4'28 703,48'2 II,865 349,234 58,973 1,008,478 580,122 16,490 374,842 46,641 1,026,698 567,8 25 9,2 13 20.6 67-7 -26.'2 23·9 28.8 242,846 59,f 1 7 569,027 386,885 197,534 48 ,820 794,9 15 2.92.,35t 207,239 35,9o8 756,933 318,984 17.2. 66.3 -24.8 2.1.3 2,433 5,699 2.,696 16,82.7 1,961 16,919 -7.2 4,587,250 5,172,600 1,376,400 1,748,000 968,000 l This[CopyrReleased For Publication In Morning Newspapers April 28 2.4-1 2 THE MONTHLY RETIEW established. There was an increase of 43.2 per cent in the number of permits issued and an increase of 38. 1 per cent in estimated cost of construction, as compared with the record for the same month last year. The reports showed more public work in progress- highway construction in particular- than in any previous March. Conditions for labor were greatly improved by early spring outdoor activity. There was less unemployment in ci ties during Ma:rch than is usual for the season. ij Banking and Credit Statements of condition of 71 member banks on April 1, received at the Federal Reserve Bank of Kansas City, indicated the recent improvement in the position of banks throughout the Tenth Federal Reserve District. These statements also reflected a tremendously large volume of transactions, exceeding that for any other period since the post-war peak of banking activity. Loans and discounts of the 71 reporting member banks have been on an ascending scale since last Autumn. During March the weekly totals were the highest since January and February, 1921. On April 1 the total stood at $452,232,000, which was $2,310,000 or 0.5 per cent above March 4 and $34,987,000 or 8.4 ·per cent above April 2, 1924. Investments, as shown by the reports, also increased steadily. On April 1 the total reported was $169,266,000, the highest on record for the 71 member banks, indicating an increase in four weeks of $4,263,000 or 2.6 per cent, and an increase in one year of $43,938,000 or 35 per cent. Gross deposits were $645,266,000 on the first reporting day in April. This was the largest amount ever reported by the 71 banks. There was an increase during the four week period of $6,587,000 or 1 per cent, and an increase in one year of $104,404,000, or 19.3 per cent. In March there was a slight falli ng off in demand deposits but time and government deposits increased. Compared with a year ago, demand deposits on April 1 were $93,864,000 or 23. 1 per cent larger. Time deposits increased 1,7,215,000 or 5.5 per cent and government deposits increased $3,325,000 or 86.4 per cent. Reserve balances of the member banks continued along the highest level of record. The total reserve of $54,401 ,000 was a 1. 2. 3. 4. 5. 6. 7· 8. 9. PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN SELECTED CITIES Apr. 2, 1924 Apr. 1, 1925 72 Banks 71 Banks Loans ;,nd Discounts (including rediscounts): 6,103,000 (a) Stcured by U. S. Govt. obligations·--·•···$ 3,961,000 '$ (b) S(cured by stocks and bonds, other than U. S. Bonds ............ _ _ _ __ 123,225,000 85,035 ,000 (c) All other.................................._ _ __ 326,107,000 325,046,000 Investments: 12,031,000 (a) U. S. pre-war bonds ......................... ·- ······ 9,332,000 (b) U. S. Liberty bonds .................................. 45,234,000 37,785,ooo (c) U. S. Treasury bonds ............................... . 2,966,000 16,078,000 1 5,575,000 (d) U. S.Victory notes andTreasury notes.... 19,857,000 (e) U. S. Certificates of Indebtedness........... . 3,240,000 1,730,000 (f) Other Bonds, Stocks and secmities..·-····· 55,241,000 75,5 2 5,000 Total loans and discounts, and investments... . 621,498,000 54 2,573,000 Reserve balances with F. R. Bank................. . 54,401,000 44,958,ooo Cash in vault...................................................... II ,814,000 13,863,000 Net demand deposits on which reserve is com499,61 7,000 405,753,000 puted.......·-····-··· · - -- - ·- - - Time deposits .................. .................................. . 138,474,000 131,259,000 Government deposits ......................... _ .c......_ 3,850,000 7, 175,000 Bills payable and rediscounts with F. R. Bank secured by: 670,000 (a) U. S. Govt. obligations............................. . 2,442,000 6,310,000 (b) All other..................................................... TOTAL (Items 3 to 9 inclusive) .....·--··-········$1,335,421,ooo $1,149,236,000 little under that of March 4, but it was $9,443,000 or 21 per cent above that of one year ago. Official statements of condition of t he Federal Reserve Bank of Kansas City ir. recent weeks exhibited a small increase in the use of its fun ds by banks. The statement as of April 1 showed $6,114,459 of bills rediscoun ted for member banks. Although this was the largest amount reported since November 26, last, it was $14,991 ,842 or 71 per cent less than the total of rediscounted bills held on April 2, 1924. Bills purchased, United States government securities held, and earning assets, all sho.wed increases over the tot:ils reported a year ago. The principal items in the April 1 statement are compared with those for April 2 last year: Apri . I 1~)'25 April 2, 1924 Gold reserves .. f,112,460,845 $103,976,799 Bills discounted .................. 6,u4,459 21,106,301 Bills purchased .................. 14,116,831 8,33o,539 Discounted and purchased bills hel 20,231,290 29,436,840 United States government securities .. - .................... 24,672,000 14,619,400 Earning Assets .................. 45,865,290 44,056,240 Resources .......................... 205,635,800 191,606,138 Federal Reserve notes in circulation ...................... 65,056,540 63,811,640 Gross deposits .................... 9 2,595,897 . 82,1~5,370 Inc. or Pct. Decrease Change 8.2 $ 8,484,046 -14,991,842 -'71.0 5,786,292 69.5 7 ,205,55° -31.3 10,052,6oo 1,809,050 68.7 14,029,66~ 7.3 1,244,900 1.9 12.8 10,490,527 4.1 Savings Reports of a selected list of banks show continued increase in the amount of savings deposits and number of savings accounts reported month by month to the Federal Reserve Bank of Kansas City. The total deposits of 54 banks on April 1 was i108,326,254, showing an increase during the month of $968,937 or 0.9 per cent and an increase in one year of $5,889,217 or 5.7 per cent. The number of accounts reported by 47 banks was 309,661 on April 1, an increase of 722 over March 1 and an increase of 6,651 or 2.2 per cent over the number reported by the same banks on April 1, 1924. The reports: DEPOSITS Banks Apr. 1, 1925 Denver, Colorado ...........·-······ 7 f, 56,876,308 Kansas City, Kansas .............. 3 2,049,560 Kansas City, Missouri ............ 10 14,538,009 Lincoln, Nebraska.................. 3 2,823,853 Oklahoma City, Okla ........... .. 6 4,592,899 Omaha, Nebraska .................... 6 7,531,464 St. Joseph, Missouri ................ 4 8,295,377 Tulsa, Ok~ahoma..__ _ _ _ 6 7,484,745 Wichita, Kansas ...................... 6 3,177,367 Other Cities.....................·-······ 3 956,672 Mar. 1, 1925 f, 56,355,909 2,105,197 14,503,910 2,790,410 4,568,999 7,45o,346 8,220,308 7,412,010 2,999,4 20 950,808 Apr. 1, 1924 '$ 55,6o3,355 2,051,087 14, 293,398 2,732,640 3,57 1 ,558 7,646,367 7,549,125 5,989,560 2,137,857 862,090 Total... .......................................54 f,108 ,326,254 f,107,357,3 17 $10 2,437,037 ACCOUNTS Banks Apr. 1, 1925 Mar. 1, 1925 Apr. 1, 1924 Denver, Colorado.................... 6 99,638 97, 169 99,95° Kansas City, Kansas .............. 2 5,912 5,837 5,94 1 Kansas 'City, Missouri.. .... ...... 8 77,662 77,485 77,964 Lincoln, Nebraska.................. 3 14,965 14,588 I4,998 Oklahoma City, Oklahoma .... 6 14,208 14,217 12,5~2 Omaha, Nebraska.................... 6 39,371 39,577 39,567 St. Joseph, Missouri................ 4 18,r 56 18,131 18,371 Tulsa, Oklahoma...................... 5 21,478 21,256 19,978 Wichita, Kansas ...................... 5 1 5,9 2 7 15,684 14,964 Other Cities .......... ................... 2 1 ,999 2,149 1,886 Total. .........................................47 308,939 303,010 Bank Debits Clearing houses in twenty-nine cities reported debits by banks of checks drawn on customers' accounts aggregated $1,193,007,000 during the four weeks ending April 1. This total exceeded that for the previous four weeks, ending March 4, by $21,512,000 or 1.8 per cent, and it exceeded the total for the corresponding four weeks in last year by $159,430,000 or 15.4 per cent. In- THE MONTHLY REVIEW creases in the amount of debits for the four weeks of the current year over a year ago were reported for twenty-four cities. Only five cities reported decreases. The March debits carried the total for the first quarter of 1925 to $3,856,106,000 as against $3,331,282,000 for the first quarter of last year, an increase for this year to Aprill of $524,824,000 or 15.7 per cent. The debits reported for the twenty-nine cities follow: Four wks. ending Four wks.ending % April 2, 1924 Change April 1, 1925 Atchison, Kansas .. _ _ _ _ _ _ _ f, 6,335,000 5,638,000 12.4 Bartlesville, Oklahoma.... 16,758,000 II,513,000 45.6 10,763,000 -1.7 Casper, Wyoming............ 10,577,000 Cheyenne, Wyoming 6,765,000 8,752,000 --'J.2.7 10.2 12,177,000 Colorado Springs, Colorado.... -............ 13,425,000 Denver, Colorado.............. l 55,943,000 163,363,000 -4.5 8,809,000 41.6 Enid, Oklahom 12,478,000 3,087,000 18.:2 Fremont, Nebrask 3,649,000 2,796,000 -1.6 2,75I ,ooo Grand Junction, Colorado.......·-·········· 2,815,000 12.7 3,172,000 Guthrie, Oklahoma.·-····-·· Hutchinson, Kansas.. _...... 11,883,000 7,100,000 67.3 7,582,000 16.2 Independence, Kansas........................_ 8,814,000 Joplin, Missouri.... 15,478,000 5.7 14,647,000 17,492,000 --0.9 Kansas City, Kansas................ _.......... 17,337,000 274,199,000 22.8 Kansas City, Missouri .....·-············-···· 336,631,000 4,014,000 20.4 Lawrence, Kansa§.... -...... 4,834,000 20.3 _ Lincoln, ebrask 30,083,000 25,015,000 o.l 3,587,000 McAlester, Oklahoma.. 3,585,000 10,610,000 Muskogee, Oklahoma........ II,021,000 3.9 6o,236,ooo 82,355,000 Oklahoma City, Oklahoma.. _.............. 36.7 Okmulgee, Oklahoma.......... l l ,493,000 6,707,000 71.4 171,337,000 10.5 189,406,000 Omaha, Nebraska.·--···· 2,534,000 1 3•5 Parsons, Kansas 2,875,000 5,100,000 8.4 5,527,000 Pittsburg, Kansas.......... 14,198,000 Pueblo, Colorado.... 19,998,000 40.9 6.4 56,209,000 St. Joseph, Missouri.............................. 52,841,000 20.9 Topeka, Kansas.................. 15,679,000 12,974,000 220 81,134;000 Tulsa, Oklahoma...... 99,961,000 16.6 Wichita, Kansas .............. 37,983,000 32,559,000 Total for four weeks ... ·-··------$1,193,007,000 Total for thirteen weeks.. f,3,8 56,106,000 f,i,o33,577,ooo f,3,331,282,000 15•4 15•7 Federal Reserve Bank Clearings During the month of March 5,896,323 checks and cash items for a total of 962,476,088 were cleared through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver and Oklahoma City. This was the largest volume of clearings in the number of items and amount for any month since last December. There was an increase for the month over February's total of 735,483 or 14.3 per cent in the number of items and an increase of $171,418,222 or 2r.7 per cent in the amount. Compared with the record for March of last year there were increases of 909,389 or I 8.2 per cent in the number of items and $184,753,672 or 23.8 per cent in amount. Federal R eserve Bank clearings for the first three months of 1925 are here compared with clearings for the first three months of 1924: 1924 1925 Amount Items a nuary...................... 5,448,539 $ 910,542,658 791,057,866 February .....·-···· ········ 5, 16o,840 March .......................... 5,896,323 962,476,088 Amount Items 4,726,778 f, 705,079,228 4,561,796 635,879,75 1 777,722,416 4,986,934 Three months ...·-······ 16,505,702 f,2,664,076,612 14,275,508 f,2,n8,681,365 The totals in the foregoing table show an increase for the first three months of 1925 over the corresponding three months of 1924 of 2,230,194 or 15.6 per cent in the number of items and an increase of $545,395,217 or 25.7 per cent in the aggregate money value of the items handled. Commercial Failures Business insolvencies in the T enth District for the month of March, and also for the first quarter of 1925, were fewer and their liabilities less than for March and the first quarter of 1924. The March total of 98 failures and $1,782,243 of liabilities com- 3 pares with l 13 failures and $1,851,517 of liabilities for March last year. The Tenth District record for the first quarter of 1925 was 322 failures and $4,554,547 of liabilities, which compares with 4ro failures and $5,854,688 of liabilities for the first quarter of 1924, a decrease for the quarter of 98 or 23.9 per cent in number and a decrease of $1,300,141 or 22.2 per cent in liabilities. Failures for March reported by R. G. Dun & Company by Federal Reserve Districts follow: NUMBER DISTRICTS 1924 1925 163 First, Boston .......·-··············--········ 198 Second, N cw Yor 348 363 Third, Philadelphia __ ····- ... -··-- 58 83 Fourth, Cleveland.. ___ 173 144 105 Fifth, Richmond-··--····-··········-·· 127 Sixth, Atlant 128 u6 Seventh, Chicago.. _ 251 309 100 Eighth, St. Louis_····-···-·····-··--···· 86 Ninth, Minneapolis_··-····-·•·-·-··- 8~ 77 TENTH, KANSAS CITY--··-·· 98 113 Eleventh, Dallas........ _ 74 59 Twelfth, San Francisco .............. .... 205 :216 LIABILITIES 1924 1925 '4,203,16o J 2,729,-443 6,543,180 26,870,199 1,724,650 1,639,315 3,132,010 3,o37,892 2,640,261 42,232,527 1,802,227 5,111,113 6,805,675 8,296,645 1,924,921 1,782,243 682,936 2,317,288 1,553,328 Tota $34,004,731 $97,651,026 1,859 1,817 1,313,655 53 1 ,5 1 5 979,270 1,851,517 95o,677 Building Reports from cities of the Tenth District show construction in April was proceeding at a higher rate of activity than at any previous early spring season in the past eight years of recorded building history. The March returns from eighteen cities total 4,244 permits issued for buildings estimated in cost at $12,618,889. This was the largest number of permits ever issued in these cities for a single month. The total exceeded that for February by 1,360 permits or 47.2 per cent, and it exceeded that for March, 1924, by 1,281 permits or 43.2 per cent. In the estimated cost of buildings the March total has been exceeded but once, in April, 1923, when the total was $13,416,687. Compared with the month of February there was an increase for March in e:1timated cost of $1,411,489 or 12.6 per cent, while as compared nith March of last year the increase was $3,479,627 or 3 8. l per cent. The large increase, as disclosed by the reports, was main!. in residential construction, although in several of the cities there was reported more than the average spring construction of office, business and factory buildings. The reports for the eighteen cities for March are here shown with percentage of increase or decrease as compared with March, 1924: No. of Permits Casper, Wyoming__ ······2♦ Cheyenne, Wyoming.. 19 Colorado Springs, Colorado.. _ 10:2 Denver, Colorado........ _________ ... 1,005 54 Hutchinson, Kansas ..·----·· Joplin, Missouri.... 74 Kansas City, Kansa 217 Kansas City, Missouri...................................... 794 194 Lincoln, Nebraska Muskogee, Oklahoma_····-········--····--················ 30 Oklahoma City, Oklahoma_··-····--··-······-···· 267 Okmulgee, Oklahoma................ 7 Omaha, Nebraska ___ ,............. 421 Pueblo, Colorado...... 149 St. Joseph, Missouri______ 87 Topeka, Kansas 182 Tulsa, Oklahoma____ 328 Wichita, Kansas 289 March, 1925- - - - - - - - - - · · · · ····-·•-•-4,244 March, 1914- --·-·--- ···------····--··2,963 Three months, 1925 ___________ 8,7:24 Three months, 1924 _________. _ _ _ _ _6,647 Estimated Cost J 42,375 39_640 98,731 1,889.200 86,775 72,963 307,900 3,827,620 Pct. Change -78.3 504,36o 120.4 72,550 1,144,850 14,525 1,531,838 115,270 148,335 28o,617 798,170 532,170 168.9 388.4 -10.0 69.6 $12,618,889 9,139,:26:2 28,527,741 21,127,725 -n.::i. --43.8 36.7 51.4 -86.3 -35.9 63.7 55.1 -3:2.7 52-4 ~.o 35.7 38.1 35.0 In the amount of estimated cost the figures for the first quarter of 1925 show an increase of $7,400,016 or 35 per cent over the first three months of 1924. THE ¥oNTHLY REvIEw 4 RETAIL TRADE IN MARCH, TENTH FEDERAL RESERVE DISTRICT (BASED UPON REPORTS OF 33 DEPARTMENT STORES) Number ,· of ~ ·stores Reporting Kansas City, Mo....................... Denver, Colo.~·-··-··---· Wichita, Kans ..... _ _ _ _ _ Oklahoma City, Okla, __ ·········· Omaha, Nebr·---····--Lincoln, Nebr..... _ _ _ _ Other Cities________ 3} 4j 3 3 3 3 14 T o t a L - - - - - ~ - - 33 Net Sales: Percentage increase or decrease compared with Stocks at end of month: Percentage increase or decrease compared with (A) (B) March 1924 Jan. 1-Apr. -I.I 7.8 13.8 3.2 12.9 I0.4 10.2 20.3 32.0 37• 2 10,0 8.1 18.3 7.6 (A) March 1924 -5.3 -o.8 -0,1 -II.0 20.3 15.1 6.8 I -6.I -4.2 ---2.6 WHOLESALE TRADE: Reports from wholesale establishments at the principal distributing centers of the Tenth Dis.: trict show a larger volume of sales during March than in any previous month this year and also a larger volume than that reported for March, 1924. Increases over the previous month were reported for all lines. Percentages of increase or decrease for March as compared with February and also as compared with March, 1924, are here shown for each reporting line, both in the volume of sales and the amounts of their outstandings: SALES Dry Goods---➔ Grocery .....·-··- · 6 J Hard ware_··--··9 Furniture_ ........ 6 J D,ug~.----····-··8 M1llinery ______,5 Mar. 1925 compared • witt, Feb. 1925 3.0 11.9 17.7 3 2 .2 12.9 I,5 7.8 8.4 7.1 Percentage of Collections in March to Outstandings February 28 (A) 1924 52.6 36.1 44.4 44.0 6o.1 56.9 (B) 1925 51.9 36.0 44.2 55.o 58.8 59- 2 35.3 36.8 44.7 45• 2 supplies. Price advances and declines on the whole were well balanced. Mercantile No. of Stores Percentage of Outstanding Orders close of month to total purchases calander year, 1924 (A) (B) (B) March February 1925 February 3.2 6.3 3-9 8.7 9.6 9.7 6.7 - 4.6 5.7 8.2 6.3 15.0 9.8 II.3 4.6 6.9 5.8 15.6 10.4 9.6 OUTSTANDINGS Mar. 1925 Mar.31,1925 Mar.31 1925 compared compared compared with with with Mar. 1924 Feb. 28, 1925 Mar.3r, 1924 12.3 0.9 1.6 -o.6 -1.6 0.2 20 -4 5.7 2.4 33.9 17.7 12.5 9-7 -1,. 5 2.8 II,5 -II.8 17.6 Weather and road conditions during March were favorable to spring business in cities and the interior. Traveling salesmen showing samples of fall dry goods for shipment in July and August did a satisfactory business. They reported that much caution was being exhibited on the part of buyers. The so-called hand to mouth policy continued in most cases and although wholesalers assert that it causes business to drag, it was helping merchants to work into a sound financial condition. Sales by wholesale grocers showed a very perceptible increase over those of February, and the volume was slightly larger than a year ago. Sales of har.:iware were particularly heavy, all reporting stores but one showing a very decided increase over the previous month and also over their sales in March of last year. Dealers reported trade in agricultural sections more active than at any time in the last three years. Millinery trade reported by wholesalers was somewhat heavier than in February and showed a very substantial increase over that of a year ago. RETAIL TRADE: Reports from all sections of the District showed a very substantial improvement in retail trade during March with sales for the month very materially increased over those for the earlier months of the year and also over a year ago. As an indication of this upward trend of retail business the reports of thirty-three department stores showed an increase for the month of 15.1 per cent over sales during March, 1924, with an irrcrease in sales for the first quarter of the curr:ent year of 6. 8 per cent over the corresponding first quarter of 1924. All stores reported increases in the volume over their sales for February and all stores but two reported their sales larger than in March last year. March reports of business at retail stores handling men's and women's apparel showed a trend similar to that of department store business. A number of general stores located in the smaller cities reporting regularly to the Monthly Review, showed increases in the volume of their sales as compared with that of February, while only one of the stores reported a smaller volume of business as compared to that of a year ago. COLLECTIONS: The reports on collections showed improvements with the advance of spring activities. Wholesalers reported collections much better than at this time last year and retailers generally in better financial condition as a result of the improvement in economic conditions since last harvest time. The collections reported by department stores on the amounts outstanding at the end of February averaged 45.2 per cent as compared with 44.7 per cent at the end of February last year. The early spring and ideal weather conditions for home building, as well as for house cleaning, were reflected in unusually heavy sales by wholesale furniture houses. The volume of their business for the month was about one-third larger than that for the previous month and a year ago. IMPLEMENT AND FARM MACHINERY: While al1 houses show a very large percentage of increase, one house dealing extensively in threshing machines and harvest equipment, reported that its business had increased almost 2.co per cent over last year to April I. The report said: "We are getting more money on orders than we did last year. The farmers are quite busy putting in their crops and the outlook for improved business throughout the season is very encouraging." Every wholesale drug house reported an increase in the amount of its sales over February and also over March, 1924. Conditions for the drug trade remained favorable. Orders from retailers were small but frequent and pointed to increased stocks. Deliveries were generally satisfactory so far as the railroads were concerned and no difficulty was experienced in obtaining AUTOMOBILE SUPPLIES: Sales of auto tires and accessories during March were larger than in February by about 25 per cent and also exceeded sales for the same month last year by about the same figure. Part of the latter increase was attributed to bad weather and road conditions last year which, in many sections, forbid the use of automobiles and trucks. THE MONTHLY REVIEW Agriculture The outlook for this year's production of farm crops in the Tenth District was brighter at mid-April than at any previous time this season, due to general rains which fell at intervals during the first half of the month on practically the entire agricultural area. The rainfall came in time to effectually check the very serious damage that had been wrought during F ebruary and March to winter wheat and other small grains. It promoted germination and growth and enabled farmers to prepare the soil for spring planting. There ·was a feeling at the date of the preparation of t his Monthly R eview that the drought had been broken, although it was evident that a very large proportion of the Great Plains area, notably in the southwestern part of the district, had not received sufficient rain to provide moisture for a season of normal production. WINTER WHEAT: The United States D epartment of Agriculture reported the condition of winter wheat through the entire country as 68.7 per cent of normal on April I as compared with 83 per cent on the corresponding date last year and 81.2 per cent as the average condition on April I for the previous ten years. The reports indicated a very low condition of winter wheat in the larger wheat producing states of this district, only one of t he seven st ates showing a higher percentage of condition over last year. The percentage of condition in the following states is here shown : April 1, 1925 Colorado ..................- - -···············•87 Kansas...... .............. · 63 Missouri .......· - - - - - -·············86 Nebraska ............ - - - · · · ··················66 New MexicO-------········S6 Oklahoma.. ------·················65 Wyoming........ _ _ _ _ _ _ _ _ 85 United States.... _ _ _ _ _ _ _ _ 68.7 April 1, 94 87 77 91 97 87 91 83 1924 10-year Aver. 84 76 82 80 79 80 89 81.2 As a result of dry weather and winter killing the reports indicate a very large abandonment of wheat acreage sown last fall, though the extent of abandonment cannot be accurately determined until the May reports are received. The joint report of the United States Department of Agriculture and the Kansas State Board of Agriculture released April 10, referring to the condition in that state, said: ' 'North central Kansas is the source of much of the abandonment and the cause of the very low condition estimated at this time. A rectangle lying north of the main line of the Union Pacific and between Abilene and Wakeeney seeded about 2,500,000 acres last fall the bulk of which has already been or will eventually be abandoned and devoted largely to spring sown crops. A large portion of this land has already been sown to oats and barley and much of it is being prepared for corn and sorghum crops. • 'Nearly all of the cc:ntral wheat counties and most of those counted as being southwestern Kansas will suffer considerable losses in acreage and the outlook in those sections is not nearly so good as last year and has deteriorated appreciably since December. Winter kill, Hessian fly, cut worms, have all taken their toll of the wheat in that section. March winds whipped the wheat severely and decimated small tracts in many fields. The fly is out of the flax-seed stage and the spring crop of eggs is being laid; weather conditions from now on will demonstrate just how damaging the fly will prove in later weeks till harvest time. ''Wheat outlook for the 1,000,000 acres in the eastern third of the state rates very good as a rule, although conditions are much more spotted than a year ago. The northwestern counties had a heavY. snowfall last winter and the spring prospect in that section is very pleasing with some counties rating the highest of any in the state. " Nebraska reports indicated a low condition of wheat, due to winter killing and dry soil, though the April I condition for the state as a whole was three points higher than in Kansas. The winter in Oklahoma was unfavorable to winter wheat, according to the report from that state, which says: ''Severe freezes, accompanied by sleet and ice, did some damage and furnished I and wheat suffered greatly for lack of moisture in most sections. Since March 31 good rains have fallen in most of the wheat area which, no doubt, has been of great benefit. Subsoil moisture is not abundant and it will take frequent rains to assure a good crop of wheat." very little moisture. A drought prevailed until an average date of April 5 Ice and sleet damage in Missouri was not so heavy as expected, says the report of the State Board of Agriculture. Wheat has not made rank growth this spring but the color is good and the plants well rooted. The condition in that state on April I was nine points better than it was on April I last year. In Colorado the April I condition of winter wheat was 18.3 points higher and in Wyoming 16.3 points higher than the average for the United States. Dry weather and high winds damaged the crop to such an extent that the condition was not up to that of last year on April I. CORN : Intentions of farmers to plant crops this spring, reported to the Department of Agriculture in March, indicated some increase in this year's corn acreage in the District. Further assurance of a larger acreage than last year was given by the April . reports which showed much of the abandoned wheat acreage was being planted to corn. Weather conditions in March were favorable to plowing and planting except in sections where the soil was too dry. Following the April rains this work made rapid progress and as a rule corn planting was far ahead oflast year when, it is recalled, it was retarded by frequent rains and wet soil through April and May. In eastern sections of Oklahoma early planted corn was up to good stands and making fairly good progress by April I. OATS: All reports indicated that the acreage of oats to be planted this spring would be larger than last year's acreage. In Oklahoma an increase of one per cent in acreage was reported. In the eastern third of the state the early planted crop was up and showing a condition of 71 per cent, which was ten points below the condition at the same date last year. In a large section of the state planting was delayed and much of the acreage was planted in the dust. In Missouri 85 per cent of the intended acreage was planted before April I. Good progress in the seeding of oats was reported from the large producing sections of Kansas and Nebraska. COTTON: A few fields of cotton were planted in March in the extreme southeastern portion of Oklahoma. In other sections cotton ground was mostly prepared and ready for planting, but farmers were waiting for rain to put the ground in condition for seeding. Later reports in April showed conditions somewhat improved. SUGAR BEETS: Agreement between the l'lountain States Beet Growers Marketing Association and the Great Western Sugar Company on the terms of the 1925 contracts was reached at the end of March. New contracts are being signed which, according to reports, should assure an acreage as large if not larger than that of 1924. The new contract provides for a minimum payment of '/,6 per ton for beets, instead of '/,5.50 per ton as the initial payment under the 1924 contract. While large acreages of sugar beets are grown in irrigated sections of Colorado, Wyoming, Southwestern Nebraska and Western Kansas, it has been announced that experimental plantings at points along the Arkansas river in Kansas as far east as Hutchinson are to be m ade this season. RYE: Condition of rye on April I was six to seven points better than the condition of wheat, but several points below that reported on the same d ate last year. In Kansas the per cent of normal was 70, in Oklahoma 7 1, in Missouri 89, in Wyoming 85. FRUIT: Missouri fruit prospects were good on April I> except for peaches which were 50 per cent of normal compared to 40 per cent last year. Peaches were reported as quite generally killed in the Northern third of the state, but were one-half to three-fourths of a crop elsewhere, the state board of agriculture reported. Oklahoma reports for ecast a possible half crop of peaches, 42 per cent of a full crop of apricots and 70 per cent of pears. Freezing weather in that state on March 13 and 14 was injurious to fruit. 6 THE MONTHLY REVIEW Grain Movements The market reports continue to show a falling off in monthly receipts of small grain as the harvest season draws nearer. . Receipts of wheat at four principal centers during March were in smaller volume than in any previous month since April of last year. The March total was 4,587,250 bushels or 23.9 per cent less than that for February and 10 per cent less than that for March of last year. For the nine months of the current wheat year, (July 1, 1924,to March 31, 1925,) receipts of wheat at the four markets were 149,860,600 bushels as compared with 96,575,400 bushels received during the first nine months of the previous wheat year beginning July 1, 1923. There was an mcrease for the current year to March 31 of 53,285,200 bushels or 55.2 per cent. Arrivals of corn during March, totaling 5,172,600 bushels> were larger by 4.2 per cent than in February but they were 18.5 per cent less than the total for March, 1924. Receipts of oats, rye and barley during March also were in smaller volume than in February and also in the corresponding month of last year. Receipts of six classes of grain at the four markets during March are here shown: Corn Wheat Kansas City..............2,374,650 2,410,000 Oats 343,400 900,000 124,000 9,000 Rye Barley Kafir 7,700 18,000 497,200 25,6oo 1,750 9,000 44,000 March, 1925 ............4,587,250 5,172,6oo 1,376,400 February, 1925........ 6,030,650 4,965,200 1,859,500 March, 1924...... ;·····5,098,500 6,350,450 2,221,800 37,100 45,350 550,200 77,100 53,650 708,100 50,900 n7,6oo 460,300 Omaha ...................... I ,101 ,800 1,610,000 St. Joseph-.............. 702,800 939,ooo Wichita...................... 408,000 213,6oo Flour Production Mills of the Southwest were operated at 53.8 per cent of their capac~ty. during March, as compared with 63.9 per cent of capacity m February and 59.9 per cent of capacity during March last year. The combined output of reporting mills was 1,637,956 barrels of flour, which indicated a decrease of 159,800 barrels or 8.9 per cent from the February record and a decrease of 68,063 barrels or 4 per cent from the record for March last year. Production at the principa1 milling centers reported to the Northwestern Miller: Mar. 1925 Feb'. 1925 Mar. 1924 ii¥!!I;II;I;[II::;:;:: Ii~~il1:!i i :!~ 106,765 4x7,336 79,253 75,672 124,273 l49,895 752,825 Total.. _ _ _ _ _ _ _ _ _ _ _ _ 1,637,956 1,797,756 I Live Stock Save in southwestern sections, where dry weather affected ~anges adversely and worked hardship on all animals, live stock m the Tenth District came through the winter in good flesh and health, with the condition on April 1 averaging about one point below the condition figure on the same date last year. The pasture outlook in the Osage country of Oklahoma on April 1 ~as not as .good as last year at that date, but the general rams which came In the forepart of April greatly improved this situation. In the Flint Hills region of Kansas the rains benefitted pastures to such an extent that three-fourths of the correspondents to the United States Bureau of Agricultural Economics reported the condition by April 10 was fully 100 per cent of normal and the average of all reports indicated a condition of 93 per cent as compared with 92 per cent one year ago. In Nebraska and all through the eastern part of the Tenth District pastures were in excellent condition. In the mountain sections of Colorado and Wyoming there was a slight deterioration of the ranges during March. A report issued April 10 showed 81 per cent of the Flint Hills pastures and 87 per cent of the Osage pastures had been leased, with the demand for these blue stem pastures much keener than last year because of adverse conditions in the Southwest. While already there were large holdings of n ative and feeder stock in these summer pastures, the shipments from the Southwest which began at Mid-April, were expected to greatly exceed those for the season last year. Estimated shipments of cattle into Kansas, based on railroad reports of cars ordered indicated 12,600 cars as against 8,730 cars shipped in during the season last year. Railroad reports of shipments of cattle into northern Oklahoma, while incomplete, indicated about the same percentage of increase as in Kansas. The number of cattle remaining in feedlots in the corn belt states on April I was 88 per cent of the number on feed at the same date last year, according to an estimate of the U. S. department of agriculture made public April I 5. The decrease is just about the same for those states east of the Mississippi river, as for those west of this natural dividing line. The estimated percentage by states is as follows: Ohio, 80; Indiana, 80; Illinois, 90; Michigan, 95; Wisconsin, 100; Minnesota, 8 5; Iowa, 85; Missouri, 80; South Dakota, So; Nebraska, 80; Kansas, 100. The condition of sheep in Colorado and Wyoming was 98 per cent of normal on April 1, according to the reports. Flockmasters were anticipating a heavy lamb crop while the bulk of the spring wool clip was under contract at prices well above those received for last year's spring clip. Reports showed little change in the hog situation. With fewer hogs on farms than at this time last year little encouragement was offered for increasing the market supply which in March was 26.2 per cent below that for March 1924. There were reports of a fair pig crop this spring and, with more favorable weather conditions than prev ailed last year, a larger percentage of pigs saved. MARKET MOVEMENTS: Arrivals of cattle, calves and sheep at the six leading centers of the Tenth District during March established a new high record for the third month of the year, although there was a further falling off in hogs. Receipts of cattle at the six markets, numbering 451,968 head for the month, showed an increase of 29.4 per cent over February and an increase of 20.6 per cent over March, 1924. Receipts of calves totaled 78,240 head, 32.7 per cent more than in the previous month and 67.7 per cent more than in the corresponding month last year. The March receipts of sheep numbering 703,482 were 21.3 per cent above the receipts for February and they also exceeded the number received in March last year by 23.9 per cent. The market supply of hogs during the month totaled 757,428 head, a decrease of 24.9 per cent as compared with the February total and a loss of 26.2 per cent as compared with the receipts reported for the corresponding month in I 924. Horses and mules marketed in March were fewer by 28 per cent than in February but the total of I 1,865 reported at the six markets was 28. 8 per certt greater than th.1t for March 1924. The receipts of all classes of live stock during March are here shown for each of the six cities, with totals for the previous month and the corresponding month last year for comparison: Horses Cattle Kansas City .................... 173,51 7 Omaha .... _ _ _ _ _ 129,308 St. Joseph ........................ 47,395 Denver............................. 33,474 Oklahoma City ................ 27,519 Wichita ............................ 40,755 Mules 3, 2 93 1,838 885 3,462 689 1,698 Cars 35,793 10,051 9,857 4,34° 10,866 Hogs Sheep 203,848 133,532 314,691 . 229,341 u7,047 149,264 44,26o I 84,474 358 33,074 44,508 6,513 March, 1925....................451,968 February, 1925..............349,234 March, 192,s...__ _ _ 374,842 78,240 757,428 703,482 58,973 1,008,478 580,122 -46,641 1,026,698 567,825 u,865 16,490 9,21 3 28,517 27,621 2 9, 1 39 Calves 7,333 9,576 9,976 3,877 2,373 1,086 1,629 THE MONTHLY REVIEW Receipts of live stock at these markets during the first quarter of 1925, and the increase or decrease over the corresponding three months last year were: Cattle 1,233,102, increase 33,766 or 2.9 per cent; calves 192,724, increase 29,947 or 18.3 per cent; sheep 1,794,292, increase 101,808 or 6 per cent; hogs 2,997,886, decrease 432,723 or 12.6 per cent: horses and mules 44,708, increase 6,823 or 18 per cent. STOCKERS AND FEEDERS: Country-ward shipments of stock and feeding live stock during March were larger than a year ago, with the exception of hogs which showed a decrease. The outgo for March from four markets was reported as follows: Cattle Kansas City.......... 56,809 Omaha ................. 20,378 St. Joseph ........ 5,095 Denver...................................................... 9,098 March, 1925 ........................ 91,380 February, 1925-............. ..7o,79 1 March, 192 .......................... 80,904 Calves 3,722 1,007 846 5,575 3,37 2 3,650 Hogs 7,681 978 2,488 Sheep 8,259 13,841 5,33 2 12,552 17,386 16,479 10,232 23,629 . 52,038 71,761 49,232 MEAT PACKING: Packers at the market centers of the Tenth District took advantage of the increased supply of cattle, calves and sheep and their March purchases were materially larger than in February and also larger than in the corresponding month last year. Their purchases of hogs, following the trend of market supplies were 28.4 per cent less than in February and 24.8 per cent less than in the corresponding month last year. Packers purchases for March: Kansas City.................................... ........ Omaha...................· ----····· .... ··.... St. Joseph ................................................ Denver.................................................... Oklahoma City........................................ Wichita.................................................... Cattle 86,288 84,419 33,884 l 1,693 17,309 9,253 March, 1925..........· - - - -............ 242,846 February, 1925-..................................... 197,534,~ March, 1924.......................................... 207,239 '} Calves Hogs 26,495 l46,959 242,671 7,400 8,612, 77,562 2,801 ".\"4 29,969 10,022 . 3°, 1 73 4,387 . 41,693 Sheep 98,298 157,426 108,060 20,086 73 2,942 569,027 386,885 292,351 318,984 59,717 48,820 35,908 794,915 756,933 Stocks of pork and lard in store in Kansas City on March 31 totaled 58,800,200 pounds, 2,762,600 pounds less than on February 28, and 5,028,900 pounds more than on the corresponding date last year. Mining PRECIOUS METAL MINING: The reports from the metal mining camps in Colorado showed further increase in production during March with the value of metals produced running ahead of last year. Reports from the United States mint at Denver showed that for the nine months of the current fiscal year deposits of gold and silver and their coinage value were within 12 per cent of the total for the entire fis..:-.al year ending June 30, 1924. The figures for four previous fiscal years complete, and those for nine months of the fiscal year 192 5 are here shown: Fiscal Number Deposits Coining Value of Gold Year Gold and Silver and Silver Received 1921.................................... 2,555 $21,222,955.40 *1922 .................................... 14,l0l 24,933,1 I 5.87 *1923 .................................... 12,725 23,634,351.44 I 2,000,970.8 l 1924.................................... 3,239 Nine months of 1925 ........ 2,858 10,557,325.69 *Deposits for 1922 and 1923 were increased through operations of Act for purchase of Silver. Total Value of Coinage 1, 5,037,000 20,272,600 28,781,000 67,795,000 46,380,400 the Pittman 7 ZINC AND LEAD: The combined value of zinc and lead ores shipped from the Tri-State district during the month of March was $4,431,608. There was a drop in price of zinc ore of $2 per ton, the month opening with the price at $54 and closing at $52. The average price for the month was $53.21, which compares with $53.27 for the previous month and with $41.50 for March, 1924. Total shipments of zinc during the month amounted to 62,796 tons or 15,699 tons per week, which compares with 67,485 tons for the previous month and 84,594 tons for March, 1924. The lead ore maket opened at the first of the month with price offerings of $II 5.00 per ton for 80 per cent lead and the month do.fed at $107.50, registering a decline of $7.50 per ton during the month. Lead ore shipments aggregated 9,732 tons or 2,433 tons per week. The average price for the month was $112.co per ton, which compares with $121.13 for the previous month and with an average price of $119.85 for March, 1924. The surplus stock of zinc is estimated to be approximately 12,000 tons at the end of the month. The surplus of lead is about 3,000 tons. Approximately 156 mills were in operation during March, of which about 37 were operating overtime and 16 only part time. Weekly zinc ore production amounts to approximately 15,700 tons and of lead 2,800 tons. SOFT COAL: Due to continued depression in the market soft coal production in the Tenth District represented only ,18.2 per cent of capacity operation during March, as compared with 49.6 per cent in February and 56.5 per cent in March of last year. Loss of operation due to mine and transportation disability and labor shortage, combined, was only 3.1 per cent of capacity, but loss due to no market was 58 .7 per cent' of full time capacity. Total tonnage produced in the six states: *Mar. 1925 Colorado.......... _ _ _ __ 595,200 Kansas ..............................- - - - - 299,16o Missouri .......... - - - - _ _ _ _ _ 140,000 New Mexico ...................................... -.... 160,680 Oklahoma.................................................. 127,26o Wyoming.................................................. 425,700 Feb. 1925 823,000 327,000 233,000 Mar. 1924 854,000 Total. .•...•.:................................................. 1,748,ooo *Estimatt>d. 357,000 303,000 199,000 204,000 202,000 ~46,000 507,000 585,000 2,291,000 2,549, 000 Estimated production of soft coal in the United States for th~ calendar year 1925 to April 4 was reported by the United States Geological Survey as 132,974,oco tons, with a daily average of 1,606,000 tons. For the corresponding period in I 924 production was 142,666,000 tons with 1,729,000 tons as the daily average. Cemen t Produ ction Production of portland cement at mills in Western Missouri, Kansas, Nebraska, Oklahoma, and Colorado in March was 968,000 barrels, compared with 722,000 barrels in March, 1924, an increase of 246,000 barrels or 34. 2 per cent, according to the United States Geological Survey. Shipments during the month exceeded production and were 38.3 per cent larger than a year ago. Total March shipments were 971,000 barrels against 702,000 barrels shipped in March last year. Stocks at the end of March at these mills were 1,904,000 barrels, 428,000 more than at the same date last year. 8 THE MONTHLY REVTEW Petroleum Daily average production of crude oil in fields of the Tenth District was 625,068 barrels for the month of March, 39,653 barrels below the daily average for February and 12,786 above the daily average for March, 1924. But gross production during the 31-day month of March at the lower daily average was 19,377,100 barrels, 765,100 barrels or 4-1 per cent more than in the 28 day month of February and 396,100 or 2. I per cent more than in March last year. Wyoming was the only state reporting an increase in the daily average for March. The reports on the number of barrels in each of the five states follows: Field operations during March resulted in an increase in the number of wells completed, but t he number of barrels daily new production from completed wells did not come up to that for the previous mon t h or a year ago. There was also a larger number of dry wells and gas wells in Oklahoma and Kansai. than in either month with which comparison is made. The more favorable weather condition, and the recent improvement in prices, were incentives for increased development work, the reports showing 2,438 new rigs up and wells drilling at the end of March, 229 more than at the end of February and 318 more than one year ago. The field summary: GROSS PRODUCTION *Mar., 1925 **Feb., 1925 Oklahoma................................................ 14, I 25,300 13,836,000 Kansas .................................................... 2,633,800 2,500,000 Wyoming................................................ 2,550,450 2,213,000 Colorado........... ----·················· 56,700 53,000 New Mexico.......................................... 10,850 10,000 Wells Completed Oklahoma ....................423 Kansas ........................ 107 Wyoming .................... 21 Colorado ...................... 3 New Mexico ................ 6 Total.. ..................................................... 19,377,100 DAILY AVERAGE *Mar. 1925 Oklahoma ...... -····· ·•····------➔55,655 Kansas.....·-··········•··-·· - - - - - ········· 84,961 Wyoming----··----··•······· 82,273 Colorado..................................................... 1,829 New Mexico................................................ 350 18,612,000 **Mar., 1924 13,103,000 2,266,000 3,605,000 7,000 18,981,000 **Feb., 1925 **Mar. 1924 494,149 422,669 89,286 73,097 l 16,290 79,036 1,893 226 357 Total 625,068 *Estimated-American Petroleum Institute. **Official-CT. S. Geological Survey. Total, March, 1925 .... 560 Total, Feb., 1925........ 447 Total, March, 1924 .... 526 Bbls. Da;Jy Dry New Prodn Wells 131 73,587 II,094 39 2,651 3 1,000 1,085 89,4 17 94,302 96,o74 1 75 Gas Wells 50 Rigs-Wells Drilling 1,409 3 553 5 343 84 49 0 59 1 37 50 1 37 46 2,438 2,209 2,120 In Oklahoma and Kansas 72 refineries were in operation on April I as compared with 73 in operation on the same date last year, a decrease of 1. Daily runs of crude oil to stills on April I were 250,925 barrels, which was 25,735 barrels per day more than reported on April 1, 1924. Business Conditions in the United States Production in basic industries was smaller in March than in the two preceding months but was as large as at any time in 1924. Distribution of merchandise both at retail and wholesale was in greater volume than a year ago. Vvholesale prices, after increasing since the middle of 1924, remained in March at about the same level as in February. PRICES: Wholesale prices of most groups of com modi ties included in the index of the Bureau of Labor statistics declined somewhat in March but owing to an advance of food prices, particularly of meats, the general level of prices remained practically unchanged. Prices of many basic commodities, however, were lower at the middle of April than a month earlier. PRODUCTION: The Federal Reserve Board's index of production in basic industries declined in March to a level 5 percent below the high point reached in January. Iron and steel production and cotton consumption showed less than the usual seasonal increase during March, and activity in the woolen industry declined. There was a further decrease in the output of bituminous coal. Increased activity in the automobile industry was reflected in larger output, employment and payrolls. In general, factory employment and payrolls increased during the month. Value of building contracts awarded in March was the largest on record, notwithstanding the recent considerable reduction in awards in ew York City. BANK CREDIT: Volume of loans and investments at member banks in principal cities continued at a high level during the five week period ending on April 15. Total loans declined, reflecting chiefly a reduction in loans on stocks and bonds, and also some decrease in loans for commercial purposes. Investment holdings, which early in March had been nearly $300,000, ooo below the high point of last autumn, increased by the middle of April by about half this amount. Demand deposits, after declining rapidly between the middle of January and March 25, increased during the following weeks, but on April I 5 were still $633,000,000 below the maximum reached in January. At the reserve banks the volume of earning assets on April 22 was about $75,000,000 below the high point at the end of February, but continued above the level of a year ago. Discounts for member banks were about twice as large in April as at the exceptionally low point in the middle of January, while total United States securities and acceptances held were in smaller volume than at any time during the year. Somewhat easier money conditions in April were indicated by a decline of one-eighth of one percent in the open market rate on 90-day acceptances to 3½ percent and by sales of prime commercial paper at below 4 percent. TRADE: Wholesale trade in all principal lines increased in March and the total was larger than a year ago. Sales at department stores and by mail order houses increased less than is usual at this time of the year. Stocks of shoes and groceries carried by wholesale dealers were smaller at the end of March than a month earlier, and stocks of dry goods, shoes and hardware were smaller th an last year. Stocks of merchandise at department stores showed more th an the usual seasonal increase and were somewhat larger than last year.
@FedFRASER