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THE MONTHLY REVIEW OJ Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL RESERVE BANK OF KANSAS CI TY M. L. McCLURE, Chairman and Federal Reserve Agent A. M. McADAMS, Assistant Federal Reserve Agent and Secretary Vol. 13 KANSAS CITY ISTRIBUTION of commodities by wholesale and retail firms which report their trade statistics to the Federal Reserve Bank of Kansas City increased seasonally in March, and the first quarter of 1928 closed with the dollar volume of sales slightly above that for the first quarter· of 1927. Productive activity expanded during the month and the output of manufactures and minerals combined was about up to the level of a year ago. The building season was given an early · I . d start, and with a notea bl e increase in genera construction an out-door work the employment situation improved. Debits by banks to individual accounts, or payments by check, ran at a higher weekly average during the first fourteen weeks of the year than in the like period of the preceding year. Loans and discounts of reporting member banks rose steadily as the season advanced and on April 4 attained the highest peak since September 1926. Investments were the highest on record covering the past eight years. Demand and time deposits exhibited similar trends, and deposits to savings accounts in a selected list of banks showed consistent gains. Business failures during the month and first quarter were less numerous than in the Same month and quarterly period last year. The outstanding feature in the trade situation in this District during March, aside from the favorable showing of wholesale and retail distribution, was an unusually heavy movement of grain from farms and country elevators to primary markets, due largely to advances in prices to high levels for the year. · f h b 1 d k fi March receipts o w eat, oats, rye, ar ey an a r were larger than a year ago, and receipts of corn for the month were 253.9 percent larger, with cash corn selling around a dollar a bushel. Market supplies of livestock changed but slightly, receipts of cattle and calves showing decreases and receipts of hogs and sheep showing increases over the month and three months of 1927. Conditions and prospects for farm production in this D istrict improved during March, due to favorable weather with general rains and snows supplying moisture for seasonal needs. However, the fine progress made during March was checked in the second week of April by belated storms of snow, sleet and rain and low temperatures-conditions which were very unfavorable for germination of seed in the ground and damaging to growing field crops, and fruits. With the return of warmer weather in the latter half of April farmers resumed the work of preparing the soil and planting corn, cotton, sugar beets and other spring crops. Winter wheat on April 1 showed a somewhat spotted condition as a result of winter drought and freezing in many sections, though the condition for this District as a whole D Mo., No. 5 M AY 1 , 1 92 8 BUSINESS ACTIVITY IN T HE TENT H F E DERAL RESERVE DISTRICT Statistics for March 1928 compared to those for F ebruary 1928 and March 1927,and fo r the First Quarter of 1928 compared to the First Quarter of 1927, in P ercentage of Increase or Decrease. Mai-ch 1928 M arch 1928 °3 Mos. 1928 compared to compared to comparred to General Business and Banking Feb. r 928· March r 927 3 Mos. 1917 6.2 5.0 3.2 Bank Debits, 29 cities ....................... . a.o 7.9 5·7 Loans, 65 Member Banks .................. Inves t ments, 65 Member Banks ........ 4.4 11.2 2.5 Deposits, 65 Member Banks·--·····-··· 2.J 6.o ·2.9 Savings Deposits, 57 Banks .............. 0.7 5.4 2.9 0.3 5.8 2.9 Savings Accounts, 55 Banks.............. - 42.4 -2!L5 - 7.0 Business Fai lures ............................... . -25.7 0.7 Z.2Amount of Liabilities·-··················· Trade Sales of Department Stores ............. . 2.1 5.6 0.4 Sales of Wholesalers, 6 Lines ............ . 3.9 18 - 2.3 4.7 SalesofLumber, 7 R etailYds ........ M arket Receipts W heat.................................................. ~ 19.7 15. 1 7.3 Corn...................................................... -21.7 253·9 192.9 82.4 Oats...................................................... 43.8 33.5 -16.6 - 3.4 7 ·_ 9 Cattle.................................................... · 15.6 12 2 -4.6 Calves·-··············---H ogs...................................................... - 7.6 41.2 4r.9 0 -3 16.0 Sheep.................................................... 31.3 40.2 I7.l Horses-Mu les .. ········ ························:... - r9.4 Production Flour .................................................... 2.1 - 9.0 - 5.2 Coal...................................................... - 7.7 -21.7 -1-4.3 6-3 - 2.2 - 9.6 P etro leum............................................ R efinery Operations (daily runs crude oil)...................... . 12.5 7.6 75 Lead ore (Shipments)........................ - 4 7.7 -60.2 -27.8 -26.2 Zinc ore (shipments).......................... -20.2 -43.o - 7.6 15.0 Cemen t .................................................. 35.3 21.6 -24.8 - 13.3 Face Brick ........................................... . M eat Packing Cattle.................................................... - 7.3 - 10.7 ~ 19.9 - 24.6 - n .. 5 Calves..·-··················· - - - 14.2 41.8 51.3 Hogs ................................................. ·.... - 13·6 64 ( 6.6 21;9 Co~:~;~~·~;;~···································-········ · = Building Permits, 17 cities................ Value of Permits, 17 cities...... .......... Contract Awards, District.... .... ........ 39.9 16.2 140.5 1.5 - lI.2 103.0 l I.6 6.6 37· 1 was about up to the ten-year average, and several points above the United States average officially reported for April I. In food production, the reports indicated the March output of flour was larger th an in February but smaJler than in March last year. Slaughter of cat tle and calves at meat packing plants decreased, while the slaughter of hogs and sheep increased, both for the month and the first quarter of the year. M arch condi tions in the mineral industries were but little This Copy Released For Publication I n Morning Newspapers April 30. THE MONTHLY REVIEW different from those prevailing through the earlier months of the year. The production of crude petroleum during the month was larger than in February, due to the difference in the number of<lays, but still was smaller than a year ago. Refineries were receiving more crude oil at their stills on April I than a month earlier or a year earlier. Soft coal output showed further decline, and the coal year closed March 31 with the output about 14_percent smaller than that for the preceding coal year. March was a dull month in the zinc and lead fields, with ore shipments the lowest of the year, though late reports showed a revival of ac;tivity in the second week of April with ore shipments the µeavi~st for any week in several months and some advance ii\ prices. Manufacture of Portlahd cement, and also shipments arid unfi1led orders, at mills showed increases over those reported at this time last year. The value of building contracts awarded in this District reached exceptional amounts and established new high records both for die month and three months. Permits for new building prqjects, issued in leading cities, were more numerous than last year, reflecting an active season. While the value of March permits showed a decrease as compared with March a year ago, the aggregate value of permits for the first quarter was considerably higher than for the same period last year. Financial MEMBER BANKS SHOWING: Loans and discounts of 65 member banks in this District, which make reports to the Federal Reserve Bank of Kansas City, increased $8,675,000 during the five-week period between February 29 and April 4. On the last mentioned date the total stood $32,696,000 above that reported for April 6 of last year and the highest for any weekly reporting date since September 15, 1926. Loans secured by United States Government obligations on the first reporting date in April were smaller than on the corresponding date last year, although those secured by other stocks, bonds and sercurities were $28,496,000 larger, and "all other" loans, principally commercial, were $5,089,000 larger than a year earlier. Investments of the reporting member banks showed a further increase and the April 4 total was 1,23,027,000 larger than a year ago. Th.e _total of net demand, time and government deposits of the 65 member banks on April 4 was $15,416,000 larger than on February 29 and 1,39,059,000 larger than on April 6, 1927. Net demand deposits on the first reporting date in April were the highest since September 15, 1926. Time deposits, which on March 2.ij were the highest of re.cord, declin~d slightly in the week that. followed; but were 1,20,166,000 above the total reported on April 6, 1927. These and other principal resource and liability items of the 65 reporting member banks are shown as of three reporting dates in the following: Loans _and I~vestments-totaL. ...... -...... Loans and d1scounts-total.. .... .........-·--· Secured by stocks and bonds........ ·--· All other loans and discounts.......... -. Investments-total.. ........... -·-··-··············U. S. Government securities--············ Other bonds, stocks & securities........ Reserve with F . R. bank .... ·-··-············-·· Net demand deposits·-··········--··--············ Time deposits __ _····--···················--···-·-····-· Government deposits ...... -....................... April 4, 1928 Feb. 29, 1928 $673,509,000 $655,202,000 444,184,000 435,509,000 135,697,000 129,777,000 304,937,000 302,061,000 229,325,000 219,693,000 107,277,000 105,119,000 122,048,000 114,574,000 58,455,000 57,676,000 513,617,000 506,081,000 167,964,000 166,057,ooo 6,722,000 749,000 April 6, 1927 $617,786,000 411,488,000 107,201,000 299,848,000 206,298,000 107,390,000 98,908,000 54,337,000 497,660,000 147,798,000 3,786,000 RESERVE BANK OPERATIONS: During the five weeks running through March to April 4 there was some expansion in the volume of credit extended by the Federal Reserve Bank of Kansas City and its branches at Omaha, Denver and Oklahoma _City. Bills rediscounted for member banks, as shown by the first weekly condition statement in April, were $6,754,853 above the total on February 29 and $7,015,066 above the total on April 6, 1927. This bank's holdings of purchased bills war larger than on either of the former dates with which comparisor is mad~. And the total of bills and securities on April 4 stooci $9,276,183 above the amount reported five weeks earlier and 1,u,006,612 .above the amount reported fifty-two weeks earlier. Figures for the three dates shown in the following summary, indicate the changes in the principal resource and liability items in five weeks .and one year: April 4, 1_928 Feb. 29, 1928 Gold reserves..·-···-~--·-·······-······· 1, 86,941,388 1, 99,582,795 Reserves other than gold.-- -···-············· 7,6o2,905 6,987,209 Total reserves .. ....................._.................. 94,544,293 106,570,004 Bills discounted---··························--······· 17,523,257 10,768,404 Bills purchased ............ ---························· 12,991,922 12,106,592 United States securities-·-···--··········-····-·· 30,604,600 28,968,6oo Total bills and securities __ ··----·-···-·······-·· 61,119,779 51,843,596 Total resources ................... ·-···---··········--· 200,616,687 202,505,240 F. R. notes in circulation ... ·-··----·---·-·-··· 57,538,325 59,203,775 Total deposits.·-·-··-··--··--······-·········'·-------· 94,375,359 95,258,320 April 6, 1927 1,102,740,445 5,248,274 107,988,719 10,508,191 ·12,009,476 27,595,500 50,113,167 205,846,249 67,154,275 88,971,577 PAYMENTS BY CHECK: Twenty-nine cities in the Tenth District reported debits by banks to individual accounts, (exclusive of charges to accounts of banks) amounted to $1,634,353000 in five weeks ending April 4. This amount exceeded that for the preceding five weeks ending February 29 by $94,891,000 or 6.2 percent. It also exceeded that for the corresponding five weeks in last year by $78,u2,ooo or 5 percent. It carried the accumulated total for the first fourteen weeks of 1928 to 1,4,580,378,000, thus showing an increase of $140,959,000 or 3.2 percent over the amount reported in the first fourteen weeks of 1927. Debits during the five-week periods of 1928 and 1927 are here shown: Albuquerque, N. M.·--·--·-------·---·--··-Atchison, Kans-----·---------·······-·-··--·---Bartlesville, Okla __ __···-···-···-·---·--·- ·--· Casper, Wyo_··· ·-··---·----------·---······-·-·-Cheyenne, Wyo_·-· ····-·-· ·-···---------·-·--Colorado Springs, Colo_·-·······--------·Denver, Colo.·---·--··-·------·-··--··--··-------· Enid, Okla ... ·-· ············-···----------··--··-Fremont, Nebr_··· ···············---··-·---····· Grand Junction, Colo .. --······ --------···· Guthrie, Okla _________ __··-----···-··-···----·--Hutchinson, Kans ____ ___ .-···-··---·---····· Independence, Kans-.. ------···-----·-·-··-·· Joplin, Mo_······-------··--··------------····-----Kansas City, Kans.·---·-·------···--··--··--Kansas City, Mo ...·-···--·--·-------·-··--·-· Lawrence, Kans--------·-··-··-····--·--·-·--·Lincoln, Nebr._ -· -- -----·--·············-----···· Muskogee, Okla ___ ···-···---·····-·-·---·-····· Oklahoma City, Okla __ _·--·-----------·--· Okmulgee, Okla_·-·---·-----·-·-·----·--·-·---Omaha, Nebr.---········-··---·----·-·--···----Parsons, Kans ......... ·-····---·--·-········----Pittsburg, Kans---------·---·-··--------·-----· Pueblo, Colo_···---------··.··-···--------·-·--··· St. Joseph, Mo.- -----------------------------·-· Topeka, Kans .....·-·-----·---- -·- -···-- -·-······ Tulsa, Okla ...... ·····-··---·· -···-·······---·-···· Wichita, Kans_···-----· ---·-······-----········ FIVE WEEKS ENDING Per Cent April 4, 1928 April 6, 1927 Change '/, 12,855,000 1, 13,408,000 - 4.1 7,423,000 7,105,000 '4-·5 17,434,000 29,417,000 -4o.7 9,220,000 7,918,000 - 14.I 6,156,000 6,754,000 9.7 18,536,000 16,412,000 13.0 209,578,000 215,024,000 - 2.5 17,040,000 15,759,000 - 7-5 4,681,000 5,567,000 18.9 3,966,000 3,645,000 8.8 4,068,000 4,7o3,ooo - 1 3.5 17,098 ,ooo 17,170,000 -0.4 14,242,000 12,419,000 14.7 · 19,807,000 15,510,000 -21.7 23,735,000 22,836,000 - 3.8 462,787,000 409,340,000 13.1 6,195,000 7,428,000 -16.6 44,445 ,ooo 39,584,ooo 12.0 13,463,000 14,564,000 -7.6 124,931 ,000 118,720,000 5.2 11,366,000 9,254,000 -18.6 22 7,957,000 259,768,000 14.0 3,567,000 3,598,000 - o.8 6,906,000 7,902,000 - 12.6 22,687,000 22,946,000 I.I 62,766,000 73,740,000 1 7•5 22,802,000 23,090,000 I .2 154,5°7,000 134,756,000 -12.8 69,249,000 52,790,000 31.2 Last Five Weeks_···-------------·····------·· 1,1,634,353,000 Fourteen Weeks ......... ·--··---··-············ 4,580,378,000 1,1,556,241,000 4,439,419,000 5.0 3.2 SAVINGS IN BANKS: Deposits to savings accounts in 57 reporting banks in leading cities in this District increased 0.7 percent between March 1 and April I of the present year, and the total on the latter date was 5.4 percent larger than on the corresponding date last year. The number of savings accounts THE MONTHLY REVIEW 3 WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT Reporting Stores )ry Goods ............................... . 8 uroceries.·-································ 7 Hardware .................................: 9 Furniture .............. ····-·············· 7 Drugs.......................................... 6 SALES OuTSTANDINOS (Mo. END) COLLECTIONS STocK.s (Mo. END.) Mar. 1928 compared with Feb. 1928 Mar. 1927 -13.1 - 3.6 14.5 4.8 25.6 - 3.5 20.6 -1.5 . 22.9 18.5 Mar. 31, 1928 compared with Feb. 29, 1928 Mar. 31, 1927 0.7 5.6 6.5 0.5 7.3 -1.3 II.6 - 1.3 9.3 5.5 March 1928 compared with Feb. 1928 Mar. 1927 6.7 - 1.7 7.6 1.7 21,9 12.2 12.8 1,3 5.8 2.2 Mar. 31, 1928 compared with Feb. 29, 1928 Mar. 31, 1927 - 1 .7 33-5 -0.4 6.1 in 55 banks on April I showed an increase of 0.3 pez:cent for the month and 5.8 precent for the year. The reports by cities: Banks April 1, 1928 March 1, 1928 April 1, 1927 Denver, Colo........................ 6 $ 5o,989,976 $ 50,003,223 $ 48,861,984 Kansas City, Kans.............. 4 2,932,238 2,582,073 2,959,200 Kansas City, Mo................ 10 18,717,042 18,707,127 16,692,675 Lincoln, Nebr...................... 3 2,76o,878 2,787,003 2,956,862 8,056,196 8,828,130 8,189,510 Oklahoma City, Okla·--····· 6 Omaha, Nebr...................... 5 8,829,277 8,ou,239 9,038,443 St. Joseph, Mo.................... 6 8,746,427 8,358,354 7,729,436 Tulsa, Okla.......................... 5 13,228,26o 13,350,277 14,037,186 Wichita, Kans...................... 8 5,873,640 5,206,904 5,998,91 2 Other Cities.......................... 4 1,044,552 1,103,231 I,o63,x 77 Total.................................... 57 $121,558,5u $120,713,821 $n5,371,100 BUSINESS FAILURES: There was a very perceptible decrease in the number of business failures in the Tenth District during March, both as compared with the preceding month and the corresponding month last year. Reports also showed fewer failures during the first quarter of 1928 than in the first quarter of 1927. The amount of liabilities involved in March failures in this District fell 25.7 percent below the total for February, but was seven-tenths of I percent larger than in March last vear. Liabilities for the first quarter of the current year were 2.2 >ercent larger than for first quarter of 1927. Statistics of failures in the United States reported by R. G. Dun and Company are shown by Federal Reserve Districts in the following: NUMBER Districts 1928 1927 First, Boston .................................... 241 234 Second, N cw York .......................... 443 380 Third, Philadelphia ........................ I'.26 83 Fourth, Clevland ............................ 183 193 Fifth, Richmond.............................. 141 147 Sixth, Atlanta .................................. 147 152 Seventh, Chicago ............................ 348 322 Eighth, St. Louis ............................ 104 III Ninth, Minneapolis .. ...................... 83 89 TENTH, KANSAS CITY............ u6 83 Eleventh, Dallas .............................. 66 59 257 Twelvth, San Francisco.-............... 271 LIABILITIES 1928 1927 $ 5,853,382 $ 7,960,696 10,932,189 9,978,787 2,173,682 3,966,722 4,724,804 8,433,754 4,754,919 3,585,847 4,530,678 7,572,435 11,840,265 5,885,547 1,088,841 3,983,257 996,828 868,720 1,696,032 1,684,193 1,415,400 945, 144 2,540,378 5,292,550 United States, March .................... 2,236 United States, 3 Mos ........ .. .......... 7,055 Tenth District, 3 Mos.................... 358 $ 54,814,145 $ 57,89o,9o5 147,519,198 156,121,853 5,585,467 5,464,229 2,143 6,643 385 3.5 4.8 3.1 -0.3 4•9 3•♦ Trade The volume of trade in the Tenth1 District during the month of Ma:rch, indicated by dollar sales figures of wholesale and retail firms reporting to the Monthly Review, showed some expansion over February, after making allowance for three more trading days in March, and were slightly above the totals for March, 1927. Accumulated sales for the first quarter of 1928, ran ahead of those for the first three months of 1927. General conditions of trade were good. WHOLESALE: Reports of wholesale firms showed March sales of groceries, hardware, furniture, drugs and millinery were larger than in February, while sales of drygoods during the month were a shade below those of the preceding month. March sales of drygoods, hardware, furniture and millinery were smaller than in March of last year, while sales of groceries and drugs showed moderate increases. During the first quarter of 1928 sales of all reporting lines, except millinery, were larger than in the first quarter of 1927. Wholesalers of stationery reported the volume of their business was 3.3 percent larger than that for February and 11.6 percent larger than that for March 1917. Distribution of implements and farm machinery during the early weeks of the busy spring season were reported as running considerably ahead of the like period in 1917. Stocks of wholesalers of drygoods, groceries and drugs were smaller on March 31, and those of hardware and furniture were larger, than on February 19. Stocks of all reporting lines except millinery at the close of March were larger than on the same date last year, according to the reports. RETAIL: Reports of department stores operating in cities throughout this District reflected a marked increase in the volume of their March sales over those for February and moderate increases for March of this year over March of last year. Of the 33 stores included in the summary, 21 reported their March sales were larger than in the same month last year. The heavy March business at department stores carried the total for the first quarter of the year 1.1 percent above that for the like-period, last year. Sales during March at retail apparel stores, shoe stores and furniture stores showed small declines as compared with the volume reported for February, though as compared with a year ago sales at apparel stores increased 3 percent, sales of shoes RETAIL TRADE AT 33 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT S ALES (RETAIL) STOCKS STOCK. TURNOVER AccoUNTS RECEIVABLE COLLECTIONS Stores March 1928 3 Months 1928 March 31, 1928 March 3 Months March 31, 1928 March 31, 1928 Report- compared to compared to compared to compared to Compared to ing March 1927 3 Months 1927 Feb.29,1928 Mar.31,1927 1928 1927 1928 1927 Feb. 29, 1928 Mar. 31, 1927 Feb. 29, 1928 Mar. 31, 19l7 Kansas CitY---··· 4 6.5 1.4 5.1 -3.7 .24 .22 .68 .66 -1.4 Even -17.0 1.3 Denver................ 5 5•5 -I.I 2,9 -1.8 ,17 .16 ,48 .49 - J,2 2.5 - 7.8 - 3.0 Oklahoma·City_ 2 5.9 6.4 19.1 -5.7 20.9 - 3.2 18.5 Omaha ................ 4 10.3 4.4 4.0 -1.0 .24 .22 .69 .69 1.2 - 4.9 - 10.0 - 1.9 Lincoln.-............. 2 5.2 7.0 6.4 -2.5 .22 .20 .64 .58 o.6 16.2 - 5.7 -12-4 Even -o.8 - 2.2 - 9.8 .22 .21 .59 .56 0.3 - 5.2 Topeka·--··········· 3 - 5•7 - l.2 'ulsa.................. 3 - 4.7 - 1.5 5.5 7.5 .32 .36 .92 .99 1.7 11.7 5.3 It.2 lther Cities ..·-··· 10 7• 2 9.o 3.5 -5.7 .15 -15 .47 •45 2.9 9.5 3.0 8.3 Total.................. 33 5.6 2.1 3.7 -0.7 .21 .20 .60 .6o -o.6 1.7 - 7.1 o.6 NOTE: Percentage of collections in March on outstanding accounts February 29, all stores reporting, 40.3%. Collections same month last year, 4o. 4%. 4 were about the same, sales of furniture were 22.7 percent smaller. Stocks of department stores at the close of March were 3.7 percent larger · than at the close of February, but were smaller by less than I percent than on March 31, 1927. Stocks of appare stores, increased slightly during the month under review and were o.6 percent larger for apparel and 3.6 percent smaller for shoes than a year ago. Retail furniture stores reported their stocks on hand at the close of March were I.I percent smaller than a month earlier and 5.3 percent smaller than on March 9 7,- . . . 31_) .1 2 "J' .COLLECTIONS: Total. department store collections during March was 40.3 percent of amounts outstanding on their books at the close of February. This figure compares with 39.7 for February and 40.4 for March of last year. Reports of wholesale firms combined for five reporting lines showed the percentage of collections to outstandings was 47.9 for March against 46.7 for February and 47.6 for March 1927. Retail lumber yard reports showed the percentage of collections forthe month was about I point above the figure reported one year ago. · Further increase in the lumber movement in the United States during the four ~eeks ending March 31 was shown in the reports of manufacturers to the National Lumber Manufacturers Association. A comparison of the figures of both softwoods and hardwood · manufacturers for the first thirteen weeks of 1928 with th<>se for its.like period in 1927, shows this year's softwood movement ran about 20 percent above that for last year, while the movement of hardwood lumber was about 30 percent larger. T~e figures as reported for both years: Softwoods Cut.. _ _ _ __ Shipments .......... :. _ _ __ Orders ....,. ...... _ _ _ _ __ Hardwoods THIRTEEN WEEKS ENDING March 3r, 1928 April 2, 1927 Board Feet Board Feet 3,o49,446,69 2 2,537,939,8 23 3,231,727,189 2,698,830,655 3,472,712,837 2,856,636,701 Cut.... _ _ _ _ _ _ __ 513,210,000 Shipemnts ........ _ _ _ __ O,r~crs .............. _ _ _ __ 51 3,567,ooo 536,677,000 374,495,ooo 37o,473,ooo 384,927,000 RETAIL LUMBER TRADE: Reports from 187 retail yards in cities and towns in the Tenth District showed March sales of lumber in board feet increased 34.1 percent over February and were 4.7 percent larger than in M.arch a year ago. During the first three months of 1928 sales of lumber at these yards were 2.3 percent less than in the first three months of 1927. March business of these yards is here compared with that for February 1928 and March 1927 in percentage of increase or decrease: ···. '.~. ·\ ' . Safes of Lumber, Board Feet..........:................... '. ............. Sales of all Ma-t:eria-ls, dollars.............:.......~ ...· - - Stocks of Lumber, end of Month.................................... Outstandings, end of Month............................................ Collections during Month.................................................. Mch. 1928 Compared to Feb. 1928 Mch. 1927 34.1 4.7 31.5 - 1.6 4.9 7.5 8.5 - 5.7 11 .3 -10.8 CEMENT: The advent of the-season for general construction and out-door work was accompanied by a substantial increase in. operations in the Portland cemeht industry. Statistics reported by the Bureau of Mines, United States Department of Commerce, show mills in this District in March produced 35.3 percent more cement than in -February, but the month's total was 7.6 percent smaller than in March last year. However, production in the first quarter of the current year was I 5 percent larger than in the like period last year. Shipments from mills during March were 72.9 percent larger than in February and 16.2 percen~ larger than in t~e~ame month last year; and for the first quarter of 1928 shipments were 6.9 percent larger than in the first quarter of 1927. Figures showing production and shipments in this Distrkt during the month and the first quarter of 1928, with comparisons, follow: March Feb. 1928 1928 Production, bbls.............. 805,000 595,000 Shipments, bbls·---········· 1,003,000 580,000 March 1927 871,000 863,000 3 Months 3 Months 1928 1927 2,026,000 1,761,000 2,101,000 1,966,000 Stocks of finished cement at Tenth District mills totaled 1,945,000 barrels at the close of March, as compared with 2,143,000 barrels at the close of February and 2,054,000 on March 31, 1927 . United States production of Portland Cement during the first three months of the year was 28,790,000 barrels as compared with 27,085,000 barrels in the same period last year. Shipments for the three months were 23,244,000 barrels as compared with 23,800,000 barrels last year. Stocks on hand at mills March 31 were 27,436,000 barrels, against 27,339,000 barrels one month earlier and 23,922,000 barrels a year earlier. FACE BRICK: The production of face brick at 64 plants located in I 6 states) including those of the Tenth District, averaged 640 thousand per plant in March, while shipments averaged 686 thousand, and unfilled orders averaged 899 thousand. These totals for March indicated increases over February of 21.6 in production, 53,4 in shipments and 6.5 percent in unfilled orders. Compared with March of last year there were decreases of 24.8 percent in production, 0.15 percent in shipments and 10.7 in unfilled orders. Stocks of brick at plants on March 31 were 2.5 percent less than a month earlier but 0.7 percent greater than a year earlier. Building Cities in the Tenth District, which report their monthly statistics to this Bank, showed increases in the number of building permits both during March and the three months period over the same month and three months of the preceding year. The value of permits for the month was smaller, though for the three months it was larger than values reported last year. The reports in detail showed construction made rapid progress during the month, although retarded at times by snow storms and low temperatures. The figu res in detail: PERMITS EsTIMATED CosT 1928 19:28 1927 1927 Albuquerque, N. M ................ 108 91 '/, 156,957 '/, 113,941 Cheyenne, Wyo ...................... 26 123,100 n6,405 30 Colorado Springs, Colo.......... 50,265 63,106 72 76 Denver, Colo.................... - ...... 630 1,739,300 1,320,800 624 Hutchinson, Kans·----··········--· 134,563 94 7°, 145 53 Joplin, Mo ................................ 233,900 ,48 41 7°,735 Kansas City, Kans.................. 118 1'28 IIJ,230 83,845 Kansas City, Mo .................... 3°3 1,168,950 2,568,475 500 Lincoln, Nebr .......................... 114 2 59,545 187,167 96 Muskogee, Okla ...................... ,42,400 66,620 30 34 Oklahoma City, Okla.- ........... 285 225 1,318,496 1,289,258 Omaha, Nebr .......................... 124 11,4 627,130 655,365 Pueblo, Colo ............................ 1 55 IIO 154,188 149,995 62 St. Joseph, Mo ...... 176,980 72 75,211 Topeka, Kans .......................... II8 145 284,107 298,722 Tulsa, Okla...... 1,080,910 854,885 437 349 Wichita, Kans ........................ 223 244 865,185 520,336 Total 17 Cities ........................ 2,961 2,918 '/,8,013,347 '/,9,020,870 Per Cent Change 37.7 - 5.4 -20.3 3 1•7 91.8 -69.8 - 25.9 -54.5 38.7 -36.,4 2.3 ,4.5 2.8 1 35·3 -4.9 26.4 -39.9 -11.2 Statistics of building contracts awarded, as complied by the F. W. Dodge Corporation and subdivided by Districts by the Federal Reserve Board's Division of Research and Statistics, reflect a very marked increase in construction activity in this District during the first quarter of 1928 over the like period for 1927. The increase in the value of awards for the first quarter was placed at 37.1 percent for the Tenth District and at 6.1 per- 5 THE MONTHLY REVIEW cent for the eleven districts of the United States covered by the report. The value of contract awards during the three months of l 928 and 1927 is here shown: • I T HIRTY SEVEN-STATES T8ENTH DISTRICT 1927 January................ $13,317,854 $11 ,457,000 $ 427,168,700 $ 384,455,000 February_............ 13,791,8IO 16,173,000 394,869,ooo 465,33 1,300 March.-................. 33,173,982 16,342,000 620,738,000 59 2 ,567,ooo 192 Three Months ...... $60,284,646 $43,972,000 $1,485,067,000 $1,400,062,000 Combined reports for the three months period show th at of the $60,284,646 of contracts awarded in this District $21,948,056, or 36.4 percent, was for residential building. ~!t::~~;~::::::::::::::::::::::::::::::::::::~! :~ Seven States................................ 76.2 United States .... .......................... 68.8 80.8 84.5 82.6 79.3 86.7 86.4 83.6 80.7 84.3 86.8 winter wheat declined 2 points between December 1 and April 1 and on the latter date was 4 points below the ten year average condition. The highest reported condition of winter wheat in the district was in Wyoming, 91 percent of normal on April 1 and 3 points above the ten year average, but with small acreage planted. OTHER SMALL GRAINS: Rye, like wheat, suffered from winter killing in parts of this District, though the average April condition of 82 .6 percent stood 3.3 points above that for the United States. Early seedings of oats in southern sections generally showed fine condition during March. The April freeze caused some damage to the early seeded crop and interrupted late seedings in the northern sections. Little progress was made in the seeding of spring wheat, bt~t in the latter part of April this work was showing fine progress. CORN: Some corn was planted as far north as southern Kansas by April 1, and farmers in other sections of the western belt were busy preparing for corn planting when stopped by cold weather. The work was resumed in the latter part of April and indications were this year's acreage would closely approximate the acreage which produced last year's bumper corn crop in this District, though depending on the weather and soil conditions. COTTON: While growers made good progress in field work during March and some planting was reported in southern parts Wheat condition was uniformly close to or above the state average on Arril of this District, activities were retarded by cold and wet weather I in all the counties of the eastern and central thirds of Kansas and in most of and the bulk of this year's acreage remained unplanted at the the counties of the southwest. In the west central and north-western counties middle of April. conditions were generally low and a heavy abandonment is already well established in that portion of the state. Moderate abandonment is probable in many SUGAR BEETS: Growers of sugar beets in the Rocky Mouneastern and central counties due to winter killing. Rather heavy loss in acretains and Upper Great Plains region late in March were signing age is probable in several southwestern counties ~n late planted and poorly contracts with refiners and reports indicated the year's sugar prepared fields. The menace from Hessian fly is generally considered less than beet acreage would be almost as large as the acreage planted the average of recent years although it is not to be ignored in many central counties. Present moisture conditions are quite satisfactory although much last year. of the western third of Kansas is deficient in subsoil moisture. FRUIT: The condition of fruit on April 1 indicated about an Nebraska wheat was reported in generally satisfactory condition except in some of the southwestern counties. The winter average crop over the Tenth District. Middle April reports, season had been very short of moisture and a heavy abandon- however, showed most fruits had been injured more or less severement was expected. The much needed moisture came in Feb- ly by the freeze in the second week of the month, particularly ruary and while generally light stimulated growth and matting through the east-central portion of the District. The extent the fields, thereby preventing injury from the spring winds. of the injury had not been fully ascertained at the close of the Oklahoma's winter wheat condition on April 1 was the same as month. COTTONSEED PRODUCTS: During the current season, on December 1, and 3 points above the ten year average for that state. The condition in that state was spotted and pros- August I to March 31, mills in Oklahoma received 363,000 tons pects were for heavy abandomnent in some parts. Missouri and crushed 350,732 tons of cottonseed, as compared with prospects were for the greatest abandonment in twenty-five 583,447 tons received and 497,157 tons crushed during the eight years. The early sown wheat generally survived the winter but months of the preceding cotton year. Stocks on hand March a large part of the late seeded was winter killed. Comparatively 31, 1928 were 33,824 tons against 86,670 tons on hand at the same favorable conditions prevailed over Colorado, except in parts date last year. Manufacture of cottonseed products during the of the eastern and southeastern counties. There was generally eight months of the current year to March 31 totaled 107,024,273 a deficiency in subsoil moisture in the eastern plains non-irrigated pounds of crude cottonseed oil, 165,387 tons of cake and meal, sections and more than the usual amount of moisture would be 91,758 tons of hulls, and 63,656 tons linters, or running bales. required to make a satisfactory wheat crop. In New Mexico Stocks of these products on hand at mills on March 31 were The Crops WINTER WHEAT: Official reports of the United States Department of Agricultvre and cooperating State Boards of Agriculture showed winter wheat came to April with an average condition of 76.2 percent of normal for the seven states whose areas or parts form the Tenth District. This figure was 4.6 point lower than on April 1 last year, and 3.2 point lower than the ten year average condition on April I. Still, the April 1 condition in the seven states, (having 53.8 percent of the United States wheat area sown last fall), was 7.4 points better than the average for the entire country. The reports further disclose that the decline in condition between December 1 and April 1 was 2.6 points for the seven states, while for the United States there was a decline of 17.2 points during this period. Official statements of the abandonment of wheat acreage, and on production, are not to be made until May I. The somewhat spotted condition of the crop in these seven states indicated heavy losses of wheat a7reage in some parts and moderate losses in others, though an increase of 1,439,000 acres in the planted area, and additional moisture received in April, would m part offset the low average condition reported. In Kansas, where 13,041,000 acres were sown to winter wheat last fall, the crop on April 1 showed an improvement of 2 points since December I. The condition of wheat in that state was described by the report: • CONDITION OF WINTER WHEAT, RYE AND PASTURES (Percent of Normal) Winter Wheat Rye Pastures 1928 1927 On April 1.. .•.......•. ----··1928 1927 1928 1927 Colorado......................................70 75 87 85 75 79 86 80 Kansas .......................................... 77 79 83 83 84 88 72 87 84 87 84 90 New Mexico ................................60 70 6o 70 75 80 80 88 82 So Oklahoma .................................... 80 85 Wyoming...................................... 91 85 91 92 94 85 6 THE MONTHLY REVIEW 15,835,720 pounds of oil, 6,229 tons of cake and meal, 5,430 tons of hulls and I 5,269 Enters. · ,· GRAIN MARKETINGS: Arrivals of wheat at five markets in this District were larger during March than in either February or in, the same month last year. Marketings of corn during the the month were less than in the preceding month but were 253.9 percent greater than a year ago. Receipts of oats and kafir showed substantial increases over both former periods. Receipts, of rye and barley, though lighter than in February, were larger-_than in March of the preceding year. The receipts at the five markets: Hutchinson .......... Kansas City.......... Omaha .................. St. Joseph............ Wichit-- -- Corn Oats wWheat R ye 1,035,450 138,750 3,607,890 5,472,000 368,000 12,000 1,478,400 3,390,800 1,186,000 74,200 501,200 1,281,000 178,000 223,200 9,000 1,260,900 --- - - - Barley 49,600 36,800 1,750 Kafir 347, 100 591,800 1,500 9,600 - -- - - - - - - - - - March 1928 .......... 7,883,840 10,505,750 1,741,000 86,200 88,150 950,000 February 1928 ...... 6,850,460 13,408,800 1,2n,ooo 102,200 108,800 880,400 March 1927.......... 7,345,400 2,968,350 954,500 56,200 23,650 460,000· Three Mos. 1928..23,465,500 38,497,950 4,064,000 307,700 386,550 3,039,400 Three Mos. 1927.. 29,243,900 13,1 79,550 3,044,500 354,600 134,100 2,094,700 .FLOUR PRODUCTION: Returns from mills in this District show the March output of flour exceeded- that for February but fell below that for March of last year. The number of barrels produced at principal milling centers, reported to the Northwestern Miller, is here shown: Atchison................ _ __ _ _ Kansas City.......................:................... . Omaha ...................................................... Salina.. ..................................................... . St. Joseph ......................................... . Wichita.•......... ·........................................ Outside..................................................... . Mch. 1928 Barrels n3,276 628,261 117,418 177,399 101,875 I 52,41 5 649,835 Feb. 1928 Barrels 1:106,857 j587,1 24 ; 101,276 '160,937 J06,954 146,906 691,127 M ch. 19. 7 Barrels 109,307 614,154 i:94,846 b82,248 132,448 180,869 918,910 Total..s..................................................... 1,940,479 1,901,181 2,132,782 Total production of flour at the reporting mills during the first three months of the calendar year was 5,847,067 barrels, compared with 6,168,048 barrels for the like period in 1927, a ~e~rease of 320,981 barrels or 5.2 percent. · Live Stock All classes of livestock in this district came through the winter in highly satisfactory condition, according to the April reports of the United States Division of Crop and Livestock Estimates. St<;>rm~ near the middle of March and in the forepart of April comp_elled some feeding, but temperatures during the storm periods were not severe enough to cause material losses. Soil and moisture conditions improved and, with widespread snows and rains there were good prospects for grazing. There was a distinctly optomistic feeling, particularly among cattlemen, and a desire to restock or buil~ up herds, although expansion was restricted by limited supplies and high prices of stock cattle. Kansas City................................ Omaha.. ·-----------------·St. Joseph .................................... Denver.......................................... Oklahoma Ci tY·-························· Wichita ........................................ March 1928.................................. The movement of cattle into the Flint Hills .. or Kansas blue stem region. and also into the Osage grazing region:of Oklahoma, was under way at the beginning of April, though not expected to reach its maximum until late in the month or early in May. The feed outlook in these two great summer grazing grounds was very! promising, with a good supply of moisture. Up to April I it was reported 66 percent of the available pasture in the Flint Hills,i had been leased, as compared with 67. percent to ,the same date,;Jast year. In the Osage country 90 percent of the available pasture had been leased to Apr_il I as: compared with 70 percent last year. Reports from Colorado, ': Wyoming and New Mexico indicated that in most localities cattle would be turned on the ranges between April I 5 and May I, though in some sections as early as April I. Notwithstanding the snows during March required extra care and feeding of sheep in Colorado, Wyoming and New Mexico, sheep were reported as having maintained a high condition and on the whole about equal to a year ago. Reports indicated a large lamb crop, with losses of spring lambs below average. A number of reports said lambs were being contracted at prices around 11 cents per pound. A large percent of this years wool crop had been contracted at prices ranging from 33 cents to 35 cents per pound, some con tracts running as high as 40 cents. Last year the Tenth District produced 47,018,000 pounds of wool. Farm reports from over the western corn belt states indicate this year's loss of spring pigs to April I was less than the average of recent years. While no figures are available for this year the reports thus far indicated hog production would be less than last year. MARKET MOVEMENTS: Supplies of livestock at markets in the Tenth District showed about the usual seasonal decline between February and March on all classes except sheep, which registered a slight increase. The March receipts, compared with those for the same month last year, showed decreases in cattle and calves were I 6.6 percent and 15.6 percent, respectively, while receipts of hogs increased 41.9 percent, sheep 16 percent, and horses and mules 17.1 percent. Reports covering the first three months of 1928 showed receipts of cattle were 3.4 percent smaller and of calves 4.6 percent smaller than in the corresponding first three months of 1927. Receipts of other classes of livestock during this period were larger than last year. The increases were: hogs, 41.2 percent, sheep 31.3 percent, horses and mules 40.2 percent. Cattle marketed during March showed improvement in quality, which was directly attributed to the abundant supply of feed in the District. Prices of fat steers declined in the early part of the month but the loss was recovered later. The range of prices on all grades of cattle was narrower than it had been for several months. The market price for fat lambs advanced to a March top of $18.40 per hundred pounds for Arizona spring lambs, as compared with $17.35 per hundred pounds paid in MOVEMENTS OF LIVESTOCK IN MARCH AND THE FIRST QUARTER OF THE YEAR STOCKERS and FEEDERS RECEIPTS PACKERS PURCHASES Cattle Calves Hogs Cattle Calves Hogs Sheep Sheep Cattle Calves Hogs 129,399 61,010 I4,II8 4,600 10,267 l 5,642 28,583 13,824 l 12,774 367,499 324,359 no,702 1,884 2 9°,953 6,728 68,691 13,760 239,581 I4,645 5,04I 5,336 439, 193 102,116 6,040 143,768 164,637 3,152 26,895 33,627 4,149 389 24,375 5,35° 1,002 66,084 10,091 25,641 4,321 2,253 2,015 205,259 9,916 58,759 9,5°9 19,821 1,067 12,790 5,868 6,937 46,99o 51,9°3 2 7,188 23,267 2,503 4,741 7,463 74,55 7 1,5 15 325,832 44,4°9 Feb. 1928 .................................... 353,945 5o,59o March 1927.................................. 390,829 52,599 J Months 1928.·-························ 1,133,335 153,773 3 Months 1927-.......................... , 1,172,749 161,242 1,142,999 747, 13 1 1, 237,539 744,733 805,400 644,189 3,402,168 2,054,260 2,409,844 1,564,414 57, 293 76,844 80,561 242,989 247,869 9,126 8,843 4,833 26,570 14,186 19,757 19,365 18,357 64,864 71,187 55,099 205,123 286,760 56,293 80,565 83,838 198,261 229,329 607,918 681,n6 l • ' ,I • Sheep 92,522 153,905 109,529 20,213 566 6,620 34,601 894,692 383,355 40,340 1,035,614 409,534 630,722 45,875 359,552 n7,784 2,772,9n 1,165,368 133,035) 1,833,059 955/714 .: I 7 THE MONTHLY REVIEW March 1927. Wooled lambs were at the highest level since January of last year, with the March top at $16.75. Matured sheep advanced about 50 cents per hundred pounds during the month. Pric~s of hogs showed but slight change in M arch, top prices rangmg from $8 to $8.35 per hundred pounds, the same as in February, against $12.15 in March a year ago. In April hog prices advanced to the highest level of the year, but still were below the price at this time last year. MEAT PACKING: March reports of packers' purchases of meat animals for slaughter showed declines from February for all classes, in line with the smaller market supplies. Compared with March of last year, there were decreases in the slaughter of cattle and calves and increases in the slaughter of hogs and sheep. Returns for the first three months showed decreases in the slaughter of cattle and calves and increases in the slaughter of hogs and sheep as compared with the like period in 1927. The heavy slaughter of hogs was reflected in an increase in storage stocks of pork and lard. Total stocks at Kansas City on March 31 were 65,721,000, pounds against 53 ,993,000 pounds at the close of February, and 40,779,300 pounds at the close of March 1927. Petroleum The production of crude oil in the fields of the Tenth District was at a daily rate of 826,300 barrels during March as compared with 830,700 barrels in February and 913,700 barrels in March 1927. All of the producing states shared in the decrease in the daily average. Because of a difference of two days in the month the gross production for March exceeded that for February by 1,523,000 barrels or 6.3 percent, although it was 2,714,000 barrels or 9.6 percent less than in March 1927. Production figures follow: *Mch. 1928 Barrels 20,053,000 3,480,000 1,767,000 238,000 73,000 Feb. 1928 Barrels 19,017,000 3,245,000 1,531,000 229,000 66,ooo Mch. 1927 Barrels 22,558,000 Total........................................................ z5,611,ooo *Estimated American Petroleum Institute. z4,088,ooo z8,325,ooo Oklahoma ............................................... . Kansas ..................................................... . Wyoming ................................................. . Colorado ................................................. . New Mexico ........................................... . 3,59°,000 1,793,000 243,000 141,000 The March field summary, while reflecting but slight changes from February, showed decreases from a year ago in the number of new wells completed, in daily new production, and in the number of new wells drilling : Barrels Daily Dry Gas Rigs-Wells Wells Completed New Production Wells Wells Drilling 806 Ok,lahoma .... .................... '288 86 37,562 50 16 Kansas .............................. 13,191 z63 36 II5 I IO 0 Wyoming .......................... 1,580 142 6 0 II Colorado .... - .................... 1,6o4 97 l 100 New Mexico...................... 6 85 3 March 19z8 ...................... February I 928·--············· March 1927_.................... Three Months 19z8 ........ Three Months 19z7........ 43° 42 5 594 1,327 1,709 54,0'22 65,773 184,404 177,1z3 496,z54 132 179 189 463 555 67 1,408 53 50 'l,4'24 1,418 198 138 Reports for Oklahoma and Kansas as of April 1 showed daily runs of crude oil to refineries operating on that date were 19,700 barrels greater than on March I and 31,400 barrels greater than on April J, 1927. The figures: Plants Operating April 1, 1928 ................................................................ March 1, 1928.............................................................. April 1, 1927............................................................... . 55 56 57 Daily Runs Barrels 282,475 z62,775 251,075 Coal The March output of soft coal in~the six producing states in this District declined 7.7 percent from February and 21.7 percent from March 1927. New Mexico and Wyoming were the only states- to report an increase in production over February, while all of the states except Missouri showed smaller production than in March of last year. The figures compiled from reports of the Bureau of Mines, United States Department of Commerce: *March 1928 Tons Colorado ..................................... . 684,000 2II,OOO Kansas .......................................... Missouri .. ................................... . 338,000 New Mexico ................................ z57,ooo 194,000 Oklahoma·--································· Wyoming..................................... . 548,000 Total............................................ *Estimated February 1928 March 1927 Tons Tons 848,000 I ,013,000 z20,ooo 447,000 356,000 293,000 253,000 275,000 z39,ooo zo8,ooo 532,000 2,'l3'l,OOQ 713,000 z,980,000 , -, z,41 7,000 Production of soft coal in the six states during the first three months of the calendar year totaled 7,643,000 tons, against 8,916,000 tons produced during the first three months of 1927. The United States total for the three months was 129,514,000 tons as compared with 169,810,000 tons in the same period last year. Zinc and Lead Continued curtailment of the ore output and lighter shipments, due to refusal of operators to sell concentrates at prevailing price levels, was reflected in recent weekly reports from the zinc and lead fields in the Tristate District, composed of Southwest Missouri, Southeast Kansas and the eastern part of Oklahoma. Shipments of both classes of ores, and their values, during March were the lowest of the year and considerably below those for the like period in 1927. The record of shipments follows: Zrnc ORE LEAD ORE Tons 2,246 1,737 81 Tons Oklahoma ........................................ 22,411 Kansas .............................................. 13,153 Missouri............................................ 862 Value $856,748 4 Weeks ending Mch. 31, 'z8 ........ 36,426 4 Weeks ending Mch. 3, ' z8.......... 45,624 4 Weeks ending Apr. 2, ' 27·-········· 63,938 13 Weeks ending Mch 31, 1928 .... 132,811 13 Weeks Ending Apr. 'l, 1927·-···180,027 $1,389,508 1,641,145 2,864,877 $4,864,423 20,552 7,962,005 28,484 500,zoo 32,56o 4,064 7,77 1 10,215 Value $ 162,834 1z5,931 5,8~ $ '294,637 623,255 1,008,970 $1,658,837 2,719,z26 During the last half of March and the first week of April zinc ores sold at $38 per ton. Lead ore, which averaged '$72.50 per ton during March, rose $5 to $77.50 per ton in the week ending April 7. LIFE I SURANCE: New paid-for life insurance sold in seven states by eighty-one companies amounted to $63,401,000 for M arch as compared with $64,411,000 for March last year. Nebraska, New Mexico and Oklahoma reported sales were larger than the same month last year, while Colorado, Kansas, Missouri and Wyoming reported decreases in sales. 8 THE MONTHLY REVIEW l'tllctNT POIC?lff 150 150 Business Conditions in the United States l \ Industrial production during March was in about the same volume as in February \ and there was seasonal increase in the distribution of commodities . . Wholesale. prices remained practically unchanged. During the past month there have been increases in bank credit in use and in member bank borrowing at the reserve banks, / ~ and open market money rates have shown further advances . -1 .soi----+-----+---+----+---150 PRODUCTION or MANUrACTURES ANO MINERALS OL---1-92_'-___,i.._19-25___,..._19_2_6__.__--:::19-=-21--'--:c19=--=-29-=---' Index of Production of Manufactures and Minerals combined, · adjusted for seasonal variations (1923-2.5 average 100). Latest figures March, Manufactures 1 1 1, Minerals I 04. ftlltm PlllCRT 125 125 WHOLESALE PRICES ~-------~---------~ 192ft 192$ 1926 1927 1920 Index of U. S. Department of Labor Statistics (192.6-100, base adopted by bureau.) Latest figures March 96. IIUJOtlS 0, tot.u!U IO t1:LU011S Cf llOUARS 10 2 t---+---+---+----f----l 2 MEMBER BANK CREDIT 0 -,-92-~----1s~u~~19~2~&~- ,-sz-1~-,s-ze-' 0 Monthly averages of weekly figures for banks in IOI leading cities. Latest figures are averages first three weekly report dates in April. IIIWONS Ol'DOU.ARS 2 81LLIOHS Of D01.UR$ 2 RESERVE BANK CREDIT Monthly averages of day figures for 12 Federal Reserve Banks. Latest figures are averages first 2.3 days in April. PRODUCTION: Production of manufactures was maintained during March at the high level reached in February, and the output of minerals also showed little change. Production of passenger automobiles and trucks during March totaled 413,000 the largest output recorded for any month since August, 192.6, and production schedules in automobile plants continued large during April. Activity in the iron and steel industry was also maintained at a high level during March and April, and lumber production was in larger volume than a year ago. Cotton and wool consumption declined in March, but silk deliveries were the largest on record. There was some decline in meat packing and in the production of sole leather, and the output of boots and shoes in March showed less than the usual seasonal increase. Mining of bi tuminous coal decreased during March by less than the usual seasonal amount, but as the result of a strike in certain middle-western mines production in the early weeks of April was considerably curtailed. Building contracts awarded were smaller in March than a year ago, while those for the first three weeks in April were inabout the same volume as in the corresponding period oflast year. As a result oflarge contracts during the first two months of this year, total awards for the year to April 2.0 exceeded those for the same period of 192.7. Contracts for residential buildings and for public works have been especially large. TRADE: Sales of wholesale firms increased less than usual in March and were somewhat smaller than in the same month of last year. Sales of department stores, on the other hand, after allowance is made for customary seasonal changes and the early date of Easter, were about the same in March as in the preceding month and in • March 192.7. Stocks of merchandise carried in March by wholesale firms were larger while those of department stores were smaller, than at this time last year. The volume of freight-carloadings showed more than the usual seasonal increase in March, but declined in the first two weeks of April. Loadings continued smaller than a year ago for all classes of commodities except grains and livestock. PRICES: The general level of wholesale commodity prices showed little change in March, the index of the Bureau of Labor statistics declining slightly from 96.4 to 96 percent of the 1926 average. There were decreases in the prices oflivestock, dairy products, meats, coal, and rubber; prices of grains, cattle, feed, cotton, and steel, on the other hand, advanced. During the first three weeks in April there were further substantial increases in the prices of grains and more moderate advances in flour, hogs, cotton, and lumber, while prices of cattle and rubber declined. BANK CREDIT: Between March 2.1 and April 18 total loans and investments of member banks in leading cities increased by about $410,000,000, reaching the highest level on record. The advance was largely in loans on securities which showed an increase of nearly $380,000,000 and in April were close to the high point of the first of the year. Loans for commercial purposes continued the increase which began in February and notwithstanding a small decline during the last week of the period were nearly $350,000,000 larger on April 18 than at the end of January. The volume of reserve bank credit in use increased by $I 80,000,000 during the five weeks ending April 2.5, reflecting increased Federal requirements of member banks and a further net outflow of gold amounting to inore than 'l,50,000,000. Reserve holdings of securities were reduced by about $80,000,000 during the period, while discounts for member banks increased by $2.30,000,000. Acceptance holdings also showed a small increase. A firmer tendency in the money market was evidenced at the end of March and during April by further increases in rates on call and time loans on securities, ·and by increases of from 4-4¼ percent to 4,½' percent in the rates on commercial paper, and from 3,½' percent to 3 ½ percent in the rate on 90-day bankers acceptances. Between April 2.0 and April 2.5 discount rates were raised from 4 to 4,½' percent at the Boston, Chicago, St. Louis, Richmond and Minneapolis Federal Reserve banks.
@FedFRASER