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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 CITY M. L. McCLURE, Chairman and .Federal Reserve Agent A. M. McADAMS, Assistant Federal Reserve Agent and Secretary P. W. MoRGAN, Director of Research Vol. 14 T KANSAS CITY, Mo., MAY 1, HE expansion of business throughout the Tenth District in March was more pronounced than that which usually takes place at the opening of a Spring season. The returns show production and distribution of commodities, and banking operations, to have been at the highest level for March in recent years, and the accumulated volume for the first quarter of 1929 greater than that for the first quarter of 1928. Preliminary reports for April indicated a continuance of the high rate of activity and a good beginning for the second quarter. Payments by check in thirty leading cities, as seen from the reports of amounts debited by banks to accounts of individuals, firms and corporations, show increases of 1,166,165,000 or 12.8 percent for March and 1,521,449,000 or 11.3 percent for the first quarter over the corresponding month and first quarter of last year. Carloadings of twenty-nine principal commodities, reported by regional shippers advisory boards which serve the Tenth District, were in larger numbers in March and the first quarter than last year. And estimated requirements for April, May and June reported to these boards by manufacturers and shippers called for more freight cars than in the second quarter of 1928. Wholesalers' distribution of merchandise was in substantially larger volume than in February, although slightly smaller for the month and the first quarter than last year. Department store reports indicated distribution of goods to consumers to have been in record breaking volume for this Spring month. Their accumulated sales for the first three months showed a gain of 3.6 percent over the same period last year. Productive activity in" leading industries during March was at the highest level of recent years. Manufacturers of"combines'' for use in the coming harvest, and of grain storage bins and other farm machinery, and car building shops, were working at full time capacity. Steel and iron mills were operated up to 95 percent of capacity. The flour output was larger than a year ago, while that of meat packing plants was smaller. Production and shipment of zinc and lead ore during the month was at the highest level of the year, and there was increased activity at the metal mines in Colorado and New Mexico. The output of soft coal declined, and there was a further decline in the daily average output of crude oil. Building construction made a good start for the season. The numbers of permits issued in leading cities was the highest for March since 1926 and the value of permits the highest for March since 1925. The value of contracts awarded in the District was smaller than in March and the first quarter of last year. Farmers throughout the broad agricultural area in this District made good progress with the planting of a well balanced 1929 No. 5 BUSINESS IN THE TENTH DISTRICT Percentage of Increase (or Decrease) for March 1929 over February 1929 and March 1928 March 1929 compared to General Business and Banking Feb. 1929 Mch. 1928 Bank debits in 30 cities, _ _ _ _ _ __ 4.2 12.8 Net demand deposits, 63 member banks ....... . 2 -5 - 3.6 Time Deposits, 63 member banks ................... . 0.2 6.6 Savings deposits, 56 reporting banks ............. . o.8 3.3 Loans and discounts, 63 member banks ......... . 0.1 o.8 Investments, 63 member banks ........................ I .8 2.2 Business failures, number................................. . - 1.6 43.4 Amount of liabilities ..................................... . 13.4 o.6 Trade Retail sales 35 department stores ................... . 35-2 Wholesale sales, 5 lines ..................................... . 1 3·5 I.2 Retail lumber sales............................................. . 94.l 4.8 Livestock Receipts, 6 Markets Cattle _ _ _ ................................................. . - 2.6 42.2 ll.2 Calves·-······························· - - - - - Hogs..................................................................... . - 21.7 -30.0 Sheep .................................................................... 8.o - 4.6 11.7 Horses-Mules·- -··················································· 33.6 Grain R eceipts, 5 Markets 2 5·4 -3 2 .7 WheaL ................. · - - - - · · · · ······················· - 18.7 Corn ......................---······························ Oats .............................- - - - · · · · ·····-·········· - I9.5 111.3 Barley·-································································· Kafir ...................................................................... I.I 11.5 Industrial Output Flour.-.................................................................. . 0.5 5.9 Crude oil. ............................................................ . 3.6 - 1.2 Refinery operations ........................................... . 2.9 5-1 Coal..................................................................... . -3 2 .3 - 7.6 Cement ............................................................... . 21.8 - I5.9 Face Brick ................................................... . -1.7 12.9 Zinc ore shipped ................................................. . 1 3·9 60.5 Lead ore shipped ............................................... . 26.5 158.7 Meat Packing, 6 cities Cattle................................................................... . -4.9 6.6 Calves·-································································· Hogs ..................................................................... . · -35.8 Sheep..............................................- - 0.3 Construction Bu~ld~ng contr:icts aw~r.ded, value .................. -31.1 77.5 Bmldmg permits, 19 c1t1es ............................... . 152.8 2 .0 Value of permits ............................................. . 100.0 acreage of leading crops. At the middle of April reports indicated that in most sections farmers were almost as far along with their spring work as usual, although on account of heavy rains a few sections were still behind in their plantings. Winter wheat was making a much better showing than had been anticipated. The condition of 80 percent of normal on April I in this District compared with 76.9 percent a year ago, with indications that abandonment would not be as large as last year. This Copy Releasecl For Publication In Morning Newspapers April 30. 2 THE MONTHLY REVIEW Banking and Credit The demand for bank loans for commercial and agricultural uses increased seasonally in recent weeks and was heavier than at this time last year, while the demand for collateral loans was less active than in the corresponding period last year. Lending rates at the banks showed no change between March 15 and April 15 but were higher than a year ago. The discount rate for all classes of paper and maturities at the Federal Reserve Bank of Kansas City was unchanged at 4,½' percent, which has been the prevailing rate since June of last year. MEMBER BANK CREDIT: Loans and discounts of 61 reporting member banks in this District, totaling $447,632,000 on April 3, were $5u,ooo higher than on March 6 and $3,448~000 higher than on April 4 last year. Collateral loans, amounting to $142,413,000, were $184,000 less than four weeks earlier and $14,834,000 less than one year earlier. "Other loans". including those for commerce and agriculture and amountin~ to $305,219,000, exhibited increases of $695,000 for the four weeks period and $18,282,000 for the year. Investments on April 3 amounted to $234,312,000, a decrease of $4,336,000 in four weeks but an increase of $4,987,000 in one year. Net demand deposits on the first report date in April were $495,241,000, which was $12,825,000 less than reported four weeks earlier and $18,376,000 below the amount reported one year earlier. Time deposits, totaling $179,068,000, showed a decline of $392,000 in four weeks but an increase of $II,104,ooo for the year. Principal resource and liability items of the sixtythree reporting member banks are here shown for April 3 with those for March 6, 1929, and April 4, 1928, for comparison: Apr. 3, 1929 Mar. 6, 1929 Apr. 4, 1928 Loans and investments-totaL ___ ,.. S681,944,ooo $685,769,000 t,673,509,000 Loans & discounts-totaL-............... 447,632,000 447,121,000 444,184,000 Secured by stocks & bonds.......... 142,413,000 142,597,000 157,247,000 All other loans & discounts·-······· 305,219,000 304,524,000 286,937,000 Investments-total.............................. 234,3 12,000 238,648,000 229,325,000 U.S. Securities.............................. 112,304,000 116,264,000 107,277,000 Other bonds, stocks, Securities.... 122,008,000 122,384,000 122,048,000 Reserve with F. R. Bank................ 56,333,000 59,133,000 58,455,000 Net demand deposits........................ 495,241 ,000 508,066,000 513,617,000 Time deposits.. .................................. 179,068,000 179,460,000 167,964,000 Government deposits_ _ _ _ 3,71 9,000 84,000 6,722,000 RESERVE BANK CREDIT: Total loans and investments of the Federal Reserve Bank of Kansas City on April 3 amounted to $58,188,533, an increase of $4,463,713 over the total on March 6, but a decrease of $2,931,246 as compared with the total on April 4, 1928. Bills rediscounted for member banks showed increases for the four weeks and the year, while holdings of acceptances were smaller than either four weeks earlier or a year ago. Total United States securities held showed little change in four weeks but were markedly le.,s than the amount held one year ago. :Principal resource and liability items contained in weekly condition reports of the Federal Reserve Bank of Kansas City and branches, presented in the following summary, indicate changes in four weeks and fifty-two weeks: reported to this Bank. This total indicated an increase of $988,584 over March 1, and an increase of $4,134,848 over April 1 of last year. During the three months from January 1 to April 1 there was a gain of $1,995,806 in savings deposits. The number of savings accounts in fifty-four banks was 394,847 on April 1, a decrease of 1,753 during the month, but an increase of 20,356 or 5.4 percent for the year. Payments By Check Checks drawn by customers against their bank accounts in thirty cities of the Tenth District amounted to $1,466,701,000 during the four weeks ending April 3, and $5,136,832,000 during the first fourteen weeks of 1929. The total for the four weeks was an increase of $59,663,000 or 4.2 percent over that for the preceding four weeks, and an increase of $166,165,000 or 12.8 percent over the corresponding four weeks in 1928. Twentyfive cities reported increases and five decreases as compared with a year ago. Amounts debited during the fourteen weeks of the current year were $521,449,000 or 11.3 percent greater than the total for the corresponding fourteen weeks in 1928. The reports by cities: FouR WEEKS ENDING April 3, 1929 April 4, 1928 Albuquerque, N. M . .......................... 1, • u,251,000 1, 10,016,000 Atchison, Kans.................................... 6,233,000 5,894,000 Bartlesville, Okla................................ 21,550,000 14,114,000 Casper, Wyo........................................ 6,239,000 6,147,000 Cheyenne, Wyo.__ ............................... 5,648,000 5,269,000 Colorado Springs, Colo...................... 15,491,000 14,300,000 Denver, Colo........................................ 200,067,000 165,878,000 Enid, Okla............................................ 13,584,000 12,680,000 Fremont, Nebr.................................... 4,654,000 3,962,000 Grand Junction, Colo.. ...................... 3,114,000 3,120,000 Guthrie, Okla...................................... 3,452,000 3,057,000 Hutchinson, Kans.--··························· 14,535,000 12,561,000 Independence, K ans·-························· 11,484,000 I I ,404,000 Joplin, Mo............................................ 17,282,000 12,102,000 Kansas City, Kans.............................. 17,840,000 17,953,000 Kansas City, Mo................................ 421,385,000 36.3,688,000 Lawrence, Kans.................................. 4,841,000 4,633,000 Lincoln, Nebr...................................... 33,496,000 34,056,000 Muskogee, Okla.................................. 11,313,000 10,905,000 Oklahoma City, Okl..______ 108,650,000 100,397,000 Okmulgee, Okla.................................. 7,803,000 7,333,000 Omaha, Nebr..·- - - 214,947,000 105,896,000 Parsons, Kans...................................... 3,058,000 2,791,000 Pittsburg, Kans.................................. 6,004,000 5,401,000 Pueblo, Colo ................ ,....................... 20,690,000 17,818,000 Salina, K ans ..........- - - n,964,000 9,333,000 St. Joseph, Mo.................................... 53,591,000 58,247,000 Topeka, Kans...................................... 17,342,000 17,631,000 Tulsa, Okla.......................................... 140,060,000 110,700,000 Wichita, Kans...................................... 59,133,000 53,250,000 Total 30 cities, 4 weeks ....................t,1,466,701,000 1,1,300,536,000 Total 30 cities, 14 weeks .................... 5,136,832,CXX) 4,615,383,000 Percent Change 12.3 5.8 52.7 1.5 7.2 8.3 20.6 7.1 1 7•5 - 0,2 12.9 1 5•7 0.7 42.8 - o.6 1 5·9 4.5 - 1.6 3.7 8.2 6.4 4.4 9·5 1,2 16.1 28.2 - 8.o - 1.6 I 26.5 II.O 12.8 IY.3 Life Insurance Sales of ordinary life insurance in Tenth District states amounted to $63,057,000 for March and $169,379,000 for the first quarter, as compared with last year's sales of $63,401,000 for March and $167,088,000 for the first quarter. Sales of each of thl" seven states are shown in the following: Apr. 3, 1929 Mar. 6, 1929 Apr. 4, 1928 Gold reserves.-................................... 1, 97,968,847 1,104,947,655 1, 86,941,388 Reserves other than gold.................. 5,692,322 6,243,023 7,602,905 Total reserves.... ................................ 103,661,169 111,190,678 94,544,293 Bills discounted·--·············· ... ·........... 38,282,706 32,436,558 17,523,257 Bills purchased.................................. 8,612,427 10,024,962 12,991,922 U.S. Securities.................................. 9,793,400 9,763,300 30,604,600 Total bills and securities.................. 58,18 8,533 53,724,820 61,119,779 Total resources.............. - - - - 208,005,404 215,554,136 200,616,68 7 F. R. Notes in circulation................ 67,138,080 67,446,580 r:57,538,325 Total deposits.................................... 91,170,834 95,747,714 94,375,359 1929 March 3 Months Colorado.--•·········· 1, 7,459,000 l 19,173,000 Kansas.................. 8,097,000 23,033,000 M issouri................ 26,888,000 73,678,000 ebraska.............. 7,719,000 19,686,000 New Mexico..·--··· 1,427,000 3,138,000 28,013,000 Oklahom a·--········· 10,368,000 Wyoming.............. 1,099,000 2,658,000 1928 March 3 Months 1, 6,7n,ooo 1, 18,297,000 8,572,000 21,226,000 27,231,000 72,4o6,ooo 7,859,ooo 20,563,000 1,012,000 2,745,000 11,024,000 29,327,000 992,000 2,524,000 SAVINGS: Fifty-six banks located in leading cities of this District held $129,648,945 of savings deposits on April 1, as Seven States ........ 1, 63,057,000 1, 169,379,000 United States·---· 896,333,000 2,350,298,000 t, 63,401,000 t, 167,088,000 832,250,000 2,172,623,000 3 THE MONTHLY REVIEW ========================================== WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT ~~ SALES 0UTSTANDINGS COLLECTIONS STOCKS Reporting March 1929 compared with Mch. 31, 1929 compared with March 1929 compared with Mch. 31, 1929 compared with Stores Feb. 1929 Mch. 1928 Feb. 28, 1929 Mch. 31, 1928 Feb. 1929 Mch. 1928 Feb. 28, 1929 Mch. 31, 1928 Dry Goods............ _ _ _ __ 8 4.2 - 1.6 4.5 - 8.2 12.5 - 3.2 - 1.0 -18.7 Groceries ........................................... . 2 ·5 - 3.3 - 5.6 6 1.9 - 9·3 o.8 1.3 3· 1 8 33.2 - 0.7 7.8 4.2 13.3 -16.1 - 0.5 13.2 Hardware..·-······································· Furniture........................................... . 5.6 22.2 7 29.6 3.7 12.0 2.5 17.9 4.4 Drugs ................................................ 5 21.I 4.0 5.3 13.2 3.8 17.2 5.1 21.0 Business Failures Trade Reports of R. G. Dun and Company covering the first quarter of 1929, show the number of commercial failures in the Tenth District increased by 26 over the like ·period in 1928. However the amount of liabilities involved in this year's first quarter was $1,099,573 less than in the first quarter of last year. First quarter failures and liabilities by months in this District and United States follow: RETAIL: The spring buying movement, which had been retarded by a longer period of severe winter weather than is usual, got under way in March. The sales volume for the month reported by department stores throughout this District was larger by 35.2 percent than in February, and exceeded the sales total for March 1928 by 7.2 percent. Twenty-nine stores reported their March sales were larger than in the same month last year, while only six stores reported decreases in the volume of their sales. The accumulated total of sales of these reporting stores for the first three months of 1929 stood 3.6 percent higher than for the like period in 1928. March sales of mens and womens clothing increased slightly while sales of shoes decreased, as compared with the same month last year. Sales of furniture at retail stores were larger in March than in March last year. Stocks of department stores at the close of March were larger by 3.4 percent than a month earlier, but smaller by 2.6 percent than on March 31, 1928. Inventories of apparel stores showeci stocks at the close of March were 5 percent below, and retail shoe firms reported stocks were 6 percent above those on March 31, 1928. Stocks of furniture at the close of the month were slightly larger than one year ago. NUMBER 1929 January ................................................ 144 February.............................................. 121 March·-················································· I 19 LIABILITIES 1928 131 . '/, 144 83 District, 3 mos.................................... 384 358 U.S., 3 moL ....................................... 6,487 7,055 '$ 1929 1,274,219 .,, 1,505,036 1,706,639 1928 1,6o5,887 2,283,548 1,696,032 4,485,894 '/, 5,585,467 124,268,608 147,519,198 Failures in the United States compiled by Federal Reserve Districts are shown in the following table for March 1929 and 1928: NUMBER Districts First, Boston........................................ Second, New York .............................. Third, Philadelphia ........ _ _ _ _ Fourth, Cleveland .............................. Fifth, Richmond....· - - - - - · · Sixth, Atlanta...................................... Seventh, Chicago................................ Eighth, St. Louis................................ Ninth, Minneapolis............................ TENTH, KANSAS CITY................ Eleventh, Dallas............. _ _ _ _ Twelfth, San Francisco...................... I 929 LIABILITIES I 928 241 443 126 183 141 147 348 104 83 83 66 271 1929 1928 '/, 3,017,038 '/, 5,853,382 7,226,081 9,978,787 1,583,521 2,173,682 4,141,234 8,433,754 2,167,780 4,754,919 2,983,4 1 5 7,57 2,435 6,329,44 1 5,885,547 1,987,665 3,983, 257 540,973 996,828 1,706,639 1,696,032 559, 13° 945, 144 2,54o,378 4,II 2,774 Total... .................................................1,987 2,236 '$ 36,355,691 '$ 54,814,145 200 310 77 194 140 101 366 123 39 119 49 269 COLLECTIONS: The general run of reports of retail stores indicated collections during March were slightly better than they were in the same month of last year. Department store collections during the month were 44.6 percent of their outstandings, as compared with 41.2 percent in March a year ago. Reports of wholesale firms indicated collections generally were satisfactory and comparing favorably with the best former records. The lumber and building material trade, as well as most lines of manufacturing, reported collections generally good, although some distributors of farm implements reported collections were slow and quite unsatisfactory. WHOLESALE: The combined sales total of reporting wholesale firms in this District was larger in March than in February by nearly 14 percent, each of the five leading lines included in our summary reporting a seasonal increase for the month over the preceding month. March sales compared with those for the same month last year showed a decrease of 1.2 percent. Sales of drygoods, groceries and hardware were smaller than a year ago, although sales of furniture and drugs were larger. Sales for the first quarter of 1929 were smaller by about 3.3 percent than those for the same period last year, sales of drygoods, groceries and hardware showing decreases and sales of furniture and drugs rncreases. Inventories of wholesalers stocks of drygoods and groceries were smaller at the end of March than one month earlier or a year ago. Stocks of hardware were reduced slightly during the month, but were larger than a year ago. Stocks of furniture and drugs on March 31 showed increases over the preceding month and the year. RETAIL TRADE AT 35 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT SALES Stores Mch. 1929 3 Months 1929 Report- compared to compared to ing Mch .• 1928 3 Months 1928 Feb. Kansas City............... . 4 3.5 - I.7 Denver_ _ _ __ 5 5.0 3.2 3 18.0 12.1 Oklahoma City........... . 4 2.7 2.4 Omaha.......................... 2 6.1 - 0.4 Lincoln·-·····:................ . 3 5.1 1.3 Topek---- 3 16.3 11.8 Tulsa .. _ .. _ ................... . II 12.5 7.6 Other Cities.--············· (RETAIL) STOCKS March 31, 1929 compared to 28, 1929 Mch. 31, 1928 0.9 - 0.7 6.3 - 7.4 2.0 - 2.8 0.9 - 4.3 4.8 4.1 4.0 - 6.3 I.2 14.6 6.8 - 2.9 STOCK TuRNOVER March 1929 .24 .20 .30 .25 .22 .22 .26 .17 1928 .23 .17 . ,25 ,24 .22 .20 .29 .16 3 Months ,1929 1928 .63 .63 .56 .49 ,83 ,77 .69 .68 .61 .64 .57 .55 •44 .44 AccouNTS RECEIVABLE CoLLECTIONS March 31, 1929 March 1929 compared to compared to Feb. 28, 1929 Mch. 31, 1928 Feb. 1929 Mch. 1928 4.3 5.0 -19.6 - 1.9 EVEN - 4.4 - 9.1 - 0.2 - I.6 15.3 - 8.2 4.4 - 1.2 6.8 - I.8 I.7 2.0 18.6 - 2.4 12.0 3.0 - 6.4 -14.1 - 3.8 6.7 22.6 - 6.5 13.8 7.5 7-1 EVEN 7.5 Total............................ 35 7.2 3.6 3.4 - 2.5 .23 .21 .63 .60 1.4 7.8 NOTE: Percentage of collections in March on accounts February 28, all stores reporting, 44.6. Collections same month last year 41.2. - 2.8 9.3 THE MONTHLY REVIEW 4 Distribution Regional Shippers Advisory Boards in thirteen districts of the United States reported to the car service division of the American Railway Association that approximately 8,836,714 freight cars would be required for the movement of twentynine principal commodities during the second quarter of 1929. This compares with 8,223,870 cars actually loaded with this list of commodities during the second quarter of 1928, a prospective increase for this year's second quarter of 612,844 cars, or 7. 5 percent. The report shows that each of the three regional advisory board districts having jurisdiction over parts of the Tenth District would require more freight cars during April, May and June than were actually loaded during the corresponding months in 1928. Figures on carloadings for the second quarter are shown m detail as reported by the Trans-MissouriKansas board which covers Missouri and Kansas, and Northeastern Oklahoma: Prospective Actual Car Prospective Car Loadings Loadings Percent 2nd Quar ter 2nd Quarter Increase or Decrease 1929 1928 Agricultural Impiements ....................... . 2,549 2,217 15.0 Automobiles ........................................... . 24,900 17,141 4 2 •7 Cemen.___ _ _ _ _ _ _ _ _ __ 6.1 21,350 20, II7 Clay Products .................. _ _ __ - 2.1 10,625 10,852 ,I 22,567 Coal........................ - - - - - - - 22,600 Coke .. _ _ _ _ _ _ _ _ _ __ 6.o 2,164 2,042 .8 Dairy Products .................. - - - 1,910 f,894 12.2 6,600 5,884 Eggs ....- - - 1,695 1,620 4.6 Poultry................ - - - - · · · ················ 15.0 3,317 2,885 Fresh Fruits·--·······---Fresh Vegetables ................................... . 600 578 3.8 Grain ........................................................ · 43,000 5.6 4o,736 8.o Grain Products ........................................ 48,981 45,353 Hay, Straw & Alfalfa._........................... 10,500 10,872 - 3.4 Iron, Steel, etc ....................................... . 13.6 5, 135 4,5 20 1,369 8.o 1,479 Castings, Machinery, etc·--··················· 4,300 4,366 - 1.5 Lime, Plaster & Gypsum·--··················· - 10.0 51,835 Livestock .. ----·························· 46,625 18,250 18,250 Lumber --················································· 15,000 13,971 7.4 Forest Products.......... - - - 6,345 6,888 -7-9 Ore.......... - - - 1,700 1,678 Other Metals-Pig, bar and sheet... .... . 1.3 - 1.8 29,209 Packing House Products ....................... . 28,687 3.0 Petroleum & Products ............................ 58,892 57,1 77 800 869 -7-9 Potatoes ........- - - - - · · · · ·············· Salt........................................................... . 6,495 6,45o .7 10.2 Sand, Stone & Gravel.. ......................... . 57,939 52,672 2,120 3.8 Sugar, Syrup, and Molasses ................. . Total-All loadings................................ 454,638 436,132 about 5 percent a~d 7 percent, respectivly, than in the month and first quarter of 1928. Figures for each district in which cars are loaded follow: East.............................................. South ................... - - - - West.. ----························ NuMBER=OF CARS MARCH* 1929 1928 10,763 u ,561 42,788 47,188 2 51, 54 51,569 Total U. S.................................... 104,805 uo,318 292,180 312,341 M. Bo. FT. (Computed) East.............................................. 205,121 220,330 622,796 66o,817 South............................................ 848,914 936,210 2,580,390 2,656,933 West.............................................. 1,100,987 1,107,754 2,780,522 3,087,872 Total U.S ....· ----··········· 2,155,022 2,264,294 5,983,708 6,405,622 *Four weeks ending March 23, 1929. **Twelve weeks ending March 23, 1929 RETAIL LUMBER TRADE: Sales of lumber at 180 retail yards in the Tenth District during March made a substantial gain over February and were larger than in March a year ago. Sales for the first three months of the year, however, were smaller than for the like period in 1928 by 9.8 percent. The retail lumber business at the reporting yards for the month is here compared with that for the preceding month and the corresponding month last year in percentages of increase or decrease. March 1929 Compared to February 1929 March 1928 Sales of lumber, board feet............................................ 94.1 4.8 Sales of all materials, dollars.. ...................................... 67.0 3.5 Stocks of lumber, end of month_ _ _ _ _ _ _ 2.9 - 1.1 Outstandings, end of month ...........· - - - - - 12.4 -12.2 Collections during month ...... _ _ _ _ _ _ 17.4 - 4.8 Building Permits for the construction of 3,054 buildings, estimated to cost $10,289,847, were issued during March in nineteen cities of the Tenth District. This was the largest number of permits for any month since June 1927. In estimated expenditures the March total was the largest for any month since May 1928, and the largest March total since 1925. Of the nineteen cities, eleven reported increases in building expenditures over March oflast year. .The high permit value for March carried the total for the first quarter of 1929 to $19,888,683, which is only $196,529 or 1 percent below the total for the first quarter in 1928. T he permits by cities: 4.2 Loadings of all revenue freight in the United States during the first thirteen weeks of 1929 totaled 12,146,680 cars, as reported by the Car Service Division of the American Railway Association. This was an increase of 354,484 cars over the corresponding period in 1928, but a reduction of 394,445 cars under the corresponding period in 1927. Lumber Reports on lumber movements for March to the National Lumber Manufacturers Association showed shipments of softwood lumber exceeded production by 7 percent, and orders exceeded production by 12 percent. Hardwood lumber manufacturers reported shipments for the month were 3 percent above production while orders were 2 percent above production. Lumber carloadings, computed from weekly figures of forest products carloadings published by the American Railway Association, were smaller in March and the first quarter of 1929, by (Computed : YEAR TO DATE** 1929 1928 32,679 34,674 130,060 133,918 129,44 1 143,749 Albuquerque, N. M. ........... Casper, Wyo ........................ Cheyenne, Wyo·-················· Colorado Springs, Colo ...... Denver, Colo........................ Hutchinson, Kans·--··········· Joplin, Mo ............................ Kadsaa City, Kans .............. Kansas City, Mo................ Lincoln, Nebr...................... Muskogee, Okla.................. Oklahoma City, Okla..·-····· Omaha, Nebr..·-··················· Pueblo, Colo ...... Salina, Kans ........................ St. Joseph, Mo.................... Topeka, Kans ...................... Tulsa, Okla .......................... Wichita, Kans...................... PERMITS 1929 1928 88 108 2 3 27 30 72 74 565 630 87 46 104 34 2 94 48 II8 3°3 IOI II4 23 385 285 95 124 II9 36 56 127 43 1 346 30 155 29 72 II8 437 223 ---- Total March .......:................ 3,054 2,993 Total, 3 months .................. 5,521 6,892 EsTIMATED CosT 1928 1929 1, 230,837 1, 156,957 600 3,5 00 116,405 46,635 142,014 50,265 1,739,300 2,179,850 302,370 134,563 51,165 70,735 208,820 83,845 1,168,950 927,950 188,II7 259,545 28,640 42,400 2,104,280 1,318,496 ·310,188 655,365 154,188 198,519 516,400 57,080 76,640 176,980 213,320 284,107 1,548, 295 1,080,910 1,012,307 520,336 $10,289,847 19,888,683 Percent Change 47.1 483.3 -59.9 182.5 25·3 124.7 - 27.7 137.1 -20.6 -27.5 -3 2.5 14•9 -52..7 28.8 804.7 -56.7 -24.9 43.2 94.5 $ 8,071,027 20,085,212 - 27·5 1.0 Contracts awarded m the Tenth District during March, 5 THE MONTHLY REVIEW ===================================:::=: reported by the F. W. Dodge Corporation, represented an aggregate value of $22,853,655, an increase of $9,979,773 over February, and a decrease of 'l,10,320,327 from March 1928. The -..alue of contracts awarded during the first three months of this year was reported as $51,395,263, a decrease of 'l,8,889,383 from the total for the like period in 1928. Manufacture With the harvest season due in six to eight weeks, manufactures of "combines'' are redoubling their efforts to supply the demand for these machines which reap and thresh the wheat at one operation. Sales in former years were confined chiefly to the winter wheat areas of Kansas, Nebraska, Oklahoma and Colorado, with some sales in the Northwest, but comparatively few "combines'' sold in Missouri, Iowa, Illinois and Wisconsin. This year not only are there large sales of combines in all of these states, but large numbers are going to the spring wheat regions in the Dakotas and Canada. One manufacturer reported 100 "combines'' shipped to South America and orders received for 200 more for near-future delivery. Manufacturers of steel tanks reported their business with farmers this season the best in seven years. Large numbers of grain bins were sold throughout the wheat belt in 1928, and this year's business is holding up to last year's record. Curtailed oil production, to this time, has not been reflected in any appreciable decrease in the demand for tanks. The small producers apparently are little affected and the increase in their demands has more than offset whatever decrease there has been in tank requirements of the large producers. Steel mills are running at as nearly full time capacity as they ever do, 90-95 percent, with plenty of orders on their books but having difficulty in obtaining supplies of steel. The demand for steel frorr1 manufacturers of implements is heavy. There is a good demand for-sheet metal, nails, wire, bolts, nuts, and a considerable _demand for railroad iron and spikes. Cement The production of Portland cement made a good start for the season during March in western Missouri and in Kansas, Nebraska and Oklahoma, though operations at mills in Colorado were retarded by unfavorable weather conditions. The month's output of all mills in this District, although showing an increase of 'lI.8 percent over February, fell 15.9 percent below March of last year, and the output for the first quarter of the year fell 7.5 percent below that for the first quarter of 1928. Shipments of cement during March were larger t\an in either the preceding month or in March a year ago, but shipments for the three months were less than in the like period of 1928. Statistics c;,f production, shipments and stocks on hand, in barrels, follow: PRODUCTION Barrels 1929 664,000 SinPMENTS Barrels 1928 652,000 March.-........... ·........................ . 556,000 595,000 . 677,000 805,000 1929 ,po,ooo 368,000 1,049,000 Tenth District, 3 mos .........,.. 1,897,000 2,052,000 1,827,000 Juuary.·-········_. ............... · ..... February_ ...... ,......................,.. 1~28 518,000 580,000 1,003,000 2,101,000 Petroleum Decline in the output of crude petroleum during March brought the average for the six producing states in the Tenth District to 821,650 barrels daily, 56,350 barrels below the daily average for February and · 10,050 below the daily average for March 1928. As there were three more days in March than in February the gross output for the month was larger than in the preceding month although it was smaller than in March 1928. Gross production during the first three months of the current year, totaling 77,701,000 barrels, was greater than for the corresponding period last year by 1,510,000 barrels. Daily average and gross production is shown in the following table for March, with comparisons: DAILY AVERAGE *Mar. 192.9 Barrels Feb. 1929 Barrels Oklahoma·--············································· Kansas ..................................................... . Wyoming................................................. . Colorado.--··············································· New Mexico ........ ................................... . 665,580 95,230 51,450 6,940 2,450 716,800 101,300 50,900 6,6oo 2,400 Tota'--······················································· 821,650 878,000 Mar. 1928 Barrels 646,200 114,800 59,800 8,400 2,500 831,700 GROSS PRODUCTION Feb. 1929 Barrels Mar. 1928 Barrels 20,633,000 2,952,000 1,595,000 2.15,000 76,000 20,070,000 2,836,000 1,424,000 185,000 67,000 20,034,000 3,558,ooo 1,853,000 259,000 76,000 Tota'--- - - - - - - - - - 25,471,000 *Estimated, American Petroleum Institute. 24,582,000 25,780,000 *Mar. 1929 Barrels Oklahoma·--············································· Kansas_···················---Wyoming................................................. . Colorado.--··············································· New Mexico·-··········································· The field summary for M;irch indicates a reduction in the number of completed wells as compared with the preceding month and the corresponding month last year. Due to a large increase in Oklahoma, new production brought in from the completed wells during the month far exceeded that for February of this year and March oflast year. New development operations declined somewhat but were still ahead of a year ago, as indicated by the summary which follows: Dry Gas Rigs-Wells Wells Barrels Daily Completed New Production Wells Wells Drilling 28 105,749 Oklahoma.......................... 848 300 94 2 Kansas .............................. 4,642 14 31 367 0 0 Wyoming.......................... 152 4 4,935 0 • IOI Colorado... _....................... 520 3 7 86 1,200 New Mexico .................... 3 5 March 1929...................... February I 92.9._............... March 1928 ...................... 3 Months 1929 ................ 3 Months 1928 ................ 347 399 43o 1,112 1,327 117,046 84,346 54,022 313,454 177,12.3 114 136 132 388 463 31 47 67 107 198 1 ,554 1,674 1,408 Reports for Kansas and Oklahoma showed fifty-five refineries in operation on April 1, and daily runs to their stills totaled 290,700 barrels. One year ago the same number of refineries was reported in operation, but runs to stills were 8,225 barrels less per day than this year. U. 8., 3 mos.............................. 28,372,000 28,788,000 21,268,000 23,239,000 Stocks, on hand at mills in thisDistrict at the close of March were 1,951,000 barrels, one month earlier 2,323,000 barrels, and .one· year earlier 1,945,000 barrels. Stocks of cement at all .reporting mills in the United States totaled 29,727,000 barrels at the end of March compared with 29,870,000 barrels at the end of February and 27,445,000 barrels on March 31, 1928. Bituminous Coal Activity at the soft coal mines in this District declined seasonally in March and the output for the month fell 32.3 percent below that for February, and 7.6 percent below that for March 1928. The output of 8,619,000 tons for the first three months pf the year exceeded that for the like period of 1928 6 THE MONTHLY REVIEW by 905,000 tons or 11.7 percent. The production for March with comparisons, is given by states in the following: Colorado .................................................. Kansas ...................................................... :rvlissouri.................................................... New Mexico ............................................ Oklahoma·--············· -- Wyoming............................ _ _ __ TotaL __··············---····················· *Estimated. *Mar. 1929 Tons 703,000 211,000 269,000 214,000 201,000 . 5o7,ooo Feb. 1929 Tons 1,156,000 310,000 390,000 235,000 383,000 635,000 2,105,000 3,109,000 Mar. 1928 Tons 748,000 273,000 275,000 263,000 184,000 535,000 Estimated production of soft coal in the United States during the calendar year 1929 to April 6, was reported by the United States Bureau of Mines of the Department of Commerce as 145,700,000 tons, compared with 134,872,000 tons in the corresponding period in 1928. The Crops Winter wheat was showing up better than usual on April 1, according to the crop report of the United States Department of Agriculture, made public on April 9. The reported condition of the crop over_the seven states whose areas or parts form the Tenth District, and for the United States, in percentage of normal, is shown in the following: · Apr. Colorado................. _ _ _ _ Kansas_.................. Missouri..... ebraska..... New Mexico................................ Oklahoma.--··········:······················ Wyoming...................................... 1, 1929 Apr. 1, 1918 Ten-Ycar Average 83 81 70 77 78 77 86 81 56 84 84 84 80 6o 73 So 81 79 87 88 91 Seven States ................................ United States .............................. Zinc and Lead Productive activity at the zinc and lead mines in Missouri, Kansas and Oklahoma, the Tristate District, was at the highest Abandonment of wheat acreage is not officially estimated level of the current year during the five weeks ending April 6, until May I. The report said: "Judging, however, from the and considerably above the level for the same period in 1928. close relation that has existed between the April I condition Prices paid producers for zinc ore, averaging $41 per ton and the percentage of winter killing, and from reports of corduring the first two weeks of this period, rose to $42. 50 per respondents concerning probable abandonment, the loss this ton in the third week and then to $44 per ton for the last two year will be considerably below the ten-year average of about weeks of the period. Last year the highest price paid in March 12 percent." The Kansas State Board of Agriculture, in a was $40 per ton in the second week, with $38 per ton as the report issued April 1 o, said: average for the last three weeks of the period ending April 7. Lead ore brought an average of $100 per ton during the first "Correspondents were asked to estimate probable abandontwo weeks of March, rose to $105 per ton for the next two weeks, ment on April first this year for the first time. Not all the facbut dropped back to $100 per ton during the last week. During . tors influencing wheat losses have had time to operate by this the corresponding period in 1928 average sales of lead ore were date and final abandonment may be either more or less than $72.50 per ton for four consecutive weeks with $77.50 as the indicated as probable at this date. From the best judgement average for the week ending April 7. available it seems evident that at least 7.5 percent of the wheat Shipments of both zinc and lead ores during the five weeks sown in the state last fall is not likely to prove worth leaving for ending April 6 were considerably larger than in the preceding harvest. Heavy winds from the second to the sixth of the month five weeks and also larger than in the like period last year. Ship- have probably already increased this prospective loss since the ments in tonnage and value are here shown for five weeks and survey was made. Last year the final estimate was for about fourteen weeks of 1929, with comparisons: I 5.3 percent abandonment of the acreage planted. The average ZINC ORE LEAD Ou: loss for the last five years has been 14.1 percent and for ten Tons Value Tons Value years has averaged 13.9 percent." 48,937 Oklahoma.--·················- - - Kansas-··----····························· 24,019 Missouri.... ................... 1,o6o $2,049,519 8,687 1,010,574 4,312 44,665 156 5 Wks. ending Apr. 6, 1929.---········· 74,016 5 Wks. ending Mch. 2, 1929............ 64,999 5 Wks. ending Apr. 7, 1928·---········· 46,n8 $3,104,758 2,627,493 1,757,804 7,683,331 5,232,719 14 Wks. ending Apr. 6, 1929 .............. 187,792 14 Wks. ending Apr. 7, 1928 .............. 142,503 884,935 431,772 15,963 13,155 $1,332,670 10,400 943,457 5,086 368,731 29,652 2,800,579 21,574 1,732,931 Grain Movements March witnessed a seasonal decline in the volume of receipts of grain at the five principal Tenth District markets, as compared with the heavier receipts recorded for preceding months since last year's harvesting of crops. Receipts of six classes of grain during the month at each of the five markets, with monthly and quarterly totals: Hutchinson .......... Kansas CitY·--····· Omaha.................. St. Joseph............ Wichit...__ _ _ Wheat Corn 621,250 1,495,800 5,006,430 4,692,000 1,972,800 1,429,400 310,800 1,192,500 1,100,400 605,800 - - - - -March 1929.......... 9,886,230 February 1929._... 14,689,430 March 1928 .......... 7,883,840 3 Months 1929.-... 35,550,900 3 Months 1928...... 23,465,500 8,540,950 8,798,300 10,505,750 28,1 96,950 38,497,950 Oats Rye 15,000 1,200 . 426,000 10,500 802,000 65,800 144,000 15,000 Barley 23,75° 75,200 52,800 3,5 00 32,500 Kafir 328,900 705,100 187,750 160,650 88,150 575,250 386,550 1,059,100 1,047,500 950,000 3,711,200 3,o39,400 3,000 22,100 - - - - -- --- - - 1,402,000 909,000 1,741,000 3,365,000 4.064,000 77,500 62,200 86,200 225,6oo 307,700 The Nebraska April crop report said about 4 percent abandonment was expected by April 1, but dry, windy weather during March in the southwestern portion of the state not only lowered the condition but caused severe injury to considerable of the wheat, and increased the area that will have to be abandoned.'' Missouri wheat was reported as uniformly favorable, although some fields show thin spots and damage occured in north central and northeast counties because of ice during winter, although the abandonment will be much less than the 31 percent of 1928. Wheat was making rapid advance in Oklahoma and the crop was in fair condition, with indications of less than the average abandonment. Colorado winter wheat showed improvement in the eastern and northeastern counties and slight deterioration in the north central and southwestern counties since the beginning of winter. Some losses .o f acreage was apparent from blowing in the first week of April, and moderate losses from winter killing were in evidence. Notwithstanding the Wyoming wheat was slightly lower in condition than the average for this time of the year, the crop was showing up well in that state. Very little had been blown out. In New Mexico wheat came through the winter in good shape, with prospects of a comparatively light abandomnent. ====================================7 THE MONTHLY REVIEW Livestock SPRING PLANTINGS: Farmers in the seven states whose areas or parts form the Tenth District had in mind on March r a well balanced acreage of important crops for this season. According to a report of the crop reporting board of the United States Department of Agriculture, issued late in March, these farmers planned small reducti~ns in acreages of corn and grain sorghums, and small increases in acreages of spring wheat, oats and barley. Due to the unfavorable results of last year's unusually large acreage and production of potatoes there would be a reduction of I 1.8 percent in this year's potato acreage. On the other hand the highly favorable position of tame hay during the winter caused farmers to plan for an increase of 3.5 percent in the tame hay acreage. Farmers also planned the planting of increased acreages of sweet potatoes, flax and tobacco in sections where these products are grown extensively, peanuts in Oklahoma, and pinto beans in Colorado and New Mexico. The sugar beet acreage, although not officially reported as yet, would be larger than that harvested in 1928. Because of national legislation specifically prohibiting reports of intentions to plant cotton, no information on cotton has been collected. The survey and report on planting intentions should not be regarded as a forecast of actual plantings. The report on the acreage planted is to be made in July. The opening month of the spring brought seasonal increases in receipts of cattle, calves and sheep, and a seasonal decrease in receipts of hogs as compared with February, at six livestock markets in the Tenth District. However, this year's March receipts of cattle, sheep and hogs were smaller than in March a year ago, although receipts of calves were somewhat larger. Final figures for the first quarter of 1929 showed receipts of all classes of meat animals at the six markets fell short of the receipts for the like period in the preceding year. Cattle numbers decreased 13 percent, calves 9.1 percent, hogs 10.9 percent and sheep 0.3 percent. In the horse and mule division at these reporting markets March receipts totaled 18,526 head, this number reflecting increases of 1,934 over February and of 4,672 over March a year ago. Receipts of horses and mules in the first three months of 1929 were 51 ,663 head, a decrease of 1,989 as compared with the the like period in 1928. There was a strengthening of livestock values during March. Closing prices on fat steers and yearlings were generally 25 cents to 50 cents per 100-pounds higher than the final figures for February. Stock and feeding cattle reached high levels of the season early in the month but declined slightly in the clm:;ing weeks. The price of hogs pursued an upward course during the month, the better grades selling around $3 higher than in March a year ago. Prices of fat lambs rose steadily in the early part of the month, but declined later and at the close of the month a top of $16.40 was paid for fed westerns. The feature of the month was a shipment of Arizona spring lambs which brought $20. 50, the highest paid in Kansas City in nine years. Movement of stock and feeding livestock from four reporting markets to the country were materi ally larger in March than in February. Compared with a year ago, this year's March shipments of stocker and feeder cattle and calves showed moderate decreases, while the outgo of hogs and sheep showed large increases. Flour Production The flour output at mills in this District, amounting to 2,176,797 barrels in March and 6,666,122 barrels in the first three months of 1929, established new high production records for the third month and first quarter of all years since the collection of these statistics began. The month's record shows an increase of 10,775 barrels over February and 123,042 barrels over March of last year, while the accumulated production for three months was 489,283 barrels higher than in the like period in 1928. March production figures compiled from reports to the Northwestern Miller, follow: 631,872 Si,954 172,037 Feb. 1929 Barrels 11 5, 1 94 600,268 92,962 181,340 101,448 131,013 946,861 150,312 9 15,387 Mar. 1928 Barrels 113,276 628,261 117,418 177,399 101,875 152,415 763,III 2,176,797 2,166,022 2,053,755 Mar. 1929 Barrels Atchison .................................................... Kansas CitY·-··········································· Omaha ..................................................... . Salina ........................................................ St. Joseph ............................................... . Wichita·--···············-- - - - Outside . ................................................... Total ...·-·· ················· · · · · · - - - -- 111,612 110,559 The output of flour at these mills totaled 6,666,122 barrels for the first three months of 1929, compared with 6,176,839 for the first three months of 1928. The Tenth District led all others Federal Reserve Districts in production. PASTURES: Excellent prospects for spring and summer grazing were reflected by the April report of the United States Department of Agriculture. In the Flint Hills of Kansas condition of pastures on April 1 was rated as 98, the highest in five years. In the Osage Country of Oklahoma the condition of pastures was 97 compared with 97 a year ago. Demand for pasture has been active especially in favorable localities, and lease prices range from 50 cents to 1 an acre higher than a year ago. It was estimated 89 percent of available pastures in the flint Hills had been taken by April 1, compared with 66 percent at that date last year. About 94 percent of available pasture in the Osage Country had been leased by April r, compared with 90 percent a year ago. In the Osage Country MARCH MOVEMENTS OF LIVESTOCK IN THE TENTH DISTRICT RECEIPTS Kansas City .............................. Omaha ................. · .................... . St. Joseph ................................. . Cattle n9,528 103,220 Denver ..................................... . 35,4o7 3o,o55 Oklahoma City......................... . Wichita...................................... 12 ,959 16,259 Calves 19,724 7,571 6,410 3,648 6,707 5,303 t Hogs 316,031 251,122 97,212 50,524 51,269 66,408 PURCHASED FOR SLAUGHTER STOCKERS AND FEEDERS Sheep 124,404 246,645 Cattle 32,516 1 73,559 2,854 7,700 I 52,150 6o1 15,33 2 March 1929................................ 317,428 8·32,566 712,691 49,363 February 1929 .......................... 274,036 34,7II * 1,063,838 660,173 March 1928 ................................ 325,832 44,409 * 1,187,154 747, 13 1 3 Months 1929 .......................... 986,297 138,767 3,121,226 2,048,828 3 Months 1928 .......................... 1,133,335 I 53,773 • 3,5o3,697 2,054,26o tlncludes 129,659 direct to packers yards. • Revised. 13,557 56,627 51,453 57,293 192,913 242,989 Calves Hogs 2,534 19,754 1,891 4,81 3 195 2,454 1~471 981 Sheep 12 ,6o7 26,268 28,044 I 5,338 Cattle 60,940 67,140 23,316 10,147 7,861 5,410 Calves 16,378 5,494 6,II2 1,842 5,004 2,094 28,002 16,794 19,757 82,257 74,114 64,864 285,429 205,123 174,814 159,640 183,838 602,854 36,874 384,520 28,261 * 841,042 375,384 34,601 * 938,847 383,355 105,531 2,421 ,614 1,150,045 *2,874,440 1,165,368 n 7,784 6,091 4,421 9,126 21,945 26,570 59, 2 52 55,099 556,654 6o7,918 t Hogs 217,513 166,rII 69,642 43,501 43,746 62,341 Sheep 101,436 137,166 II7,967 13,702 508 13,741 8 THE MONTHLY REVIEW the carry-over of winter-roughed cattle was small, although in the Flint Hills there was a heavy carry-over of winter roughed cattle. The January to May movements of cattle into the Flint Hills last year was 260,000 head and into the Osage Country 206,000 head. LIVESTOCK CO DITIONS: Colorado cattle held up unusually well under severe winter conditions and came to April 1 showing a condition of 90 percent of normal compared with 91 percent a month earlier and 100 percent a year ago. In New Mexico conditions were reported favorable except in a few localities. In Wyoming cattle held steady during the month at 85 percent of normal, although the April 1 figure was 8 points below that of a year ago and 9 points below the ten-year average. Sheep on winter feed have done well, but sheep on winter ranges in western Colorado have suffered from lack of feed and severe weather, with more than usual losses, the Colorado report said in reporting the condition on April 1 as 89 percent compared with 90 percent on March 1 and 97 percent a year ago. Wyoming reports placed the condition at 81 percent compared with 93 percent on April 1, 1928. A large number of feeder lambs had been contracted in Colorado at II cents to 12¾ cents. The Wyoming report said it was claimed 60 percent of that state's lamb crop had been contracted, prices varying from n¾ cents to 12¼ cents. In New Mexico prices of lambs contracted ran from 10 cents to 12¾ cents. Considerable wool has been pooled in Wyoming. A small percent of the crop has been sold at 37 cents. Meat Packing The number of hogs slaughtered at the six meat packing centers of this District, as indicated by packers' purchases, was markedly smaller in March than in either the preceding month or the corresponding month last year. The slaughter of cattle was larger than in February but smaller than a year ago. The slaugh_ter of calves and sheep was larger than in either February of this year or March of last year. The record for the first three months of 1929 shows smaller numbers of meat animals of all classes were driven to the killing beds at the packing plants than in the first three months of 1928. National Summary of Business Conditions Volume of industrial production and of trade increased in March and wholesale prices advanced somewhat. There was a growth of commercial loans of mem her banks in leading cities in March and the first half of April, while investments and loans on securities of these banks showed a reduction for the period. PRODUCTION: Output of manufacturers reached a new high level in March. Automobile production was exceptionallY large, and steel ingot output was reported to be above rated capacity. Output of refined copper, lumber, cotton and silk textiles, and sugar was also large for the season. There was some seasonal recession from February in the production of wool textiles and leather, and a further decline in production by meat-packing plants. The volume of factory employment and payrolls continued to increase during the month and was substantially above the level of March 1928. Production of minerals as a group declined sharply, reflecting reduction in output of coal by more than the usual seasonal amount. Output of nonferrous metals continued large and petroleum production increased. During the first part of April industrial activity continued at a high rate, although preliminary reports indicated a slight slowing down in certain branches of the steel industry, and a smaller output of coal and petroleum. The value of building contracts awarded increased seasonally during March and the first two weeks in April, reflecting in part, the award of a few large contracts, cheifly commercial and industrial. The total volume of building, however, continued smaller in March than a year ago. Contracts for residential building and public works and utilities were substantially below the level of March, 1928, while industrial and commercial building was in larger volume. DISTRIBUTION: . Railroad shipments of commodities declined somewhat in March but were larger than in the same period of the preceding year. The decline from February reflected smaller shipments of coal and coke, grain products, and livestock, all of which were also below March a year ago. Loadings of ore and miscellaneous freight increased substantially over February~and continued above 1928. Sales by wholesale firms in all lines of trade reporting to the Federal Reserve system were seasonally larger than in February. In comparison with the same month a year ago, however, sales in most lines of trade were smaller, except in the case of drygoods, mens clothing and hardware. Department store sales showed a larger increase in March than is usual at this season, and were larger than in the same month in the preceding year, partly on account of the fact that Easter came in March this year. PRICES: Wholesale prices of commodities during March averaged slightly higher than in February, according to the index of the United States Bureau of Labor statistics. There were marked increases in prices of copper and lead and smaller advances in prices of iron and steel and cotton goods, as well as of certain agricultural products, particularly cotton, livestock, meats and hides. Prices of grain and flour were lower during the month and the price of leather declined, reflecting an earlier decline in prices of hides. Silk and rayon textiles and raw wool were also somewhat lower in price. In the middle of April prices of livestock and raw silk were higher than the end of March, while cotton and wool had declined in price. Among the non-agricultural products there were marked declines in the prices of copper, lead, tin and zinc; a further decline in rubber, and increases in pig iron and finished steel. BA K CREDIT: Between March 20 and April ·17 there was a considerable decline in the volume of member banks loans to brokers, and in the banks' holdings of investments. Loans chiefly for commercial and agricultural purposes showed a rapid increase, and at the end of the period were near the high level of last autumn. During the same period volume of reserve Bank credit in use declined further as a consequence of additions to the country's stock of monetary gold. A continued rapid reduction in holdings of acceptances carried the total to the lowest point since the autumn of 1924. Security holdings also decreased somewhat, while discounts for member banks increased. Open market rates on bankers' acceptances and commercial paper increased further. Rates on collateral loans increased sharply in the latter part of March, but ·declined in April.
@FedFRASER