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•
THE MONTHLY REV EW
Of 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
P. W. MoRGAN, Director of Research
Vol. 15
KANSAS CITY,
Mo.,
MAY
r,
No. 5
_1930
USI ESS in the Tenth District continued through March
at approximately the daily rate recorded for February
but somewhat below the daily rate recorded for March
a year ago. Returns for the month indicated a slight seasonal
increase over February in the distribution of merchandise by
wholesalers and retailers, although the volume was below that
for March last year. Industrial operations, while somewhat
irregular with some lines forging ahead and others lagging behind,
averaged about the same as in the preceding month, but were
not up to the record of a year ago. Commercial loans at banks
were smaller in March than in either the preceding month or
the corresponding month last year.
B
ter of cattle was the largest for March in three years, the slaughter
of sheep the ·largest for March of record, but fewer hogs were
slaughtered in March than in February or in March a year ago.
In the mineral industries, production of crude oil, in the
daily average, was smaller than in the preceding month or the
same month last year, the decrease reflecting compliance on
the part of producers in the carrying out of conservation agreements. At the lead and zinc mines and also at the coal mines
throughout the District, March production was at a low point
of the year and materially lower than in March a year ago. v
The slow seasonal expansion of business in March was attributed mainly to the long period of unusually dry weather and
resultant uncertainty regarding this year's farm production.
This situation, however, was greatly relieved at the middle of
April by general rains over almost the entire agricultural area
of this District, and reports in the third week of April indicate
a marked improvement in the condition of winter wheat and growing crops, and a quickening of activity in practically all lines
of business.
THE SITUATION IN THE TENTH FEDERAL RESERVE DISTRICT
An outstanding development of the month was a decided upturn in building activity. The value of contracts awarded in this
District was 99 percent higher than in February and 57 percent
higher than in March a year ago, with the accumulated total
of awards for the first three months of 1930, 34 percent higher
than for the corresponding period in I 929. The value of new
building projects started in leading cities of the District during
March, indicated by permits issued, also showed a large increase
over February but was smaller for the month and first quarter
than in March and the first quarter of last year. The contracts
awarded in the District as a whole and the new work already
under way in leading cities assure a good volume of construction
in the early half of the year. By the middle of April the unemployment situation had been somewhat relieved.
Heavy highway and general construction in this District is
indicated by a large increase in production of cement in March,
both over the preceding month and the corresponding month
last year, total production for this year's first quarter showing
a gain of 43.6 percent over the like period in 1929.
While manufacturing plants in this District, as a rule, were
operated with caution and their output as a whole was smaller
than a year ago, substantial gains were made during March
over the preceding month by a number of industries. March
output of flour was 7 percent higher than in February, the slaugh-
Percentage of Increase or Decrease (-) for March 1930 over February 1930
and March 1929, and for the first three months of 1930 over the like period in 1929
March 1930
3 Months 1930
Compared to
Compared to
Banki~g
..
Feb. 1930 Mar. 1929 3 Months 1929
Debits, 30 c1t1es._....................................... - 1.4
- 7.5
- 4.1
Check collections, F. R. Ban....__ _ _
o.6
- 7.1
- 5.1
Loans, 57 member banks ........ _ _ _
o. 5
- o.8
Investments, 57 member banks..............
o.6
- 8.9
Demand deposits, 57 member banks...... - 6.o
- 1.7
Time deposits, 57 member banks............
0.9
- 0.5
Savings deposits, 52 selected banks........
1.3
- 4.5
Trade
Retail sales, 38 department stores ......... .
20.3
-u .7
- 7.3
Wholesale sales, 5 leading lines............... .
7.6
- 7.9
- 7.6
Lumber sales, 177 retail yards ............... .
1 7•5
-21.6
Grain Receipts, 5 markets
Wheat.......................................................... -49.2
Corn ................................._ _ __
-4o.5
Oats _ _ __
42.6
Livestock Receipts, 6 markets
Cattle....................................... _ _ __
21.0
13·4
17.4
Calves ............ _ _ _ _ _ _ _ _ __
14,6
13.2
13.7
Hogs .................- - - - - -10.0
-26.7
- 6.1
Sheep........................................................... .
12.3
33.3
31·3
Horses-Mules ......................................... . - 7.7
19·7
7-4
Production
Flour..............................- - 6.8
- 8.8
- 4.9
Crude petroleum ....................................... .
9.6
- 4.8
- 7.2
Coal.. ................................ _ _ __
-22.3
-16.9
-l4.7
Cement ........................................................
41.2
43.6
4 2•9
Zinc ore (shipped) .. _ _ _ _ _ _ __ - 3.9
-38.6
-3o.3
Lead ore (shipped) ................................... . -32.8
-67.5
-54.5
Meat Packing
Cattle.... _............. _ _ _ _ _ __
I.I
15.2
7.3
Calves ............. - - - - - - - -4.9
7.3
- 5.9
Hogs .......................................... _ __
-16.7
-24.3
-34.9
24•3
23.1
43.8
co!~~;~~~ion
Bu1·id·mg contracts award ed , va 1ue ......._
Building permits issued, 20 cities value
This Copy Released For Publication In Morning Newspapers April 28
98.9
27.8
57.3
-17-5
-
34.I
8.4
THE MONTHLY REVIEW
2
Banking and Credit
The easy money conditions of the past two months, evidenced
by an abundance of loanable funds and low interest rates, thus
far have resulted in no appreciable increase in the volume of
credit outstanding at banks in this Federal Reserve District.
Combined statements of fifty-seven reporting member banks
in leading cities indicated an increase of $10,205,000 in security loans in the four weeks ending April 9, with the total of
146,6o7,ooo on that date the highest reported since September
12, 1928. On the other hand, the volume of commercial loans decreased $8,035,000 during the four weeks to a total of $294,391,000
on April 9, which was the lowest since September 19, 1928.
!~vestments of the_ reporting banks, totaling $214,780,000 on
April 9, showed an increase of $1,177,000 for the four weeks
period but were $20,989,000 below the total reported on April 10,
1929. Net demand d eposits of $486,185,000 indicated a decrease
of $2,950,000 in four weeks and a decrease of $8,252,000 as compared with a year ago. Time deposits of $177,627,000 showed
a further increase of $1,658,000 for the four weeks period, but
were $921,000 below the total on April 10, 1929.
The weekly condition statement of the Federal Reserve Bank
of Kansas City and branches at the close of business on April 9
indicated a decrea~e in bills rediscounted for member banks,
both as compared with four weeks ago and one year ago, although
this bank's purchases of acceptances were larger than four weeks
earlier or one year ago. There was some increase in recent
weeks in United States securities held by this bank, but the
total held on April 9 was somewhat below that reported one
year ago. Federal Reserve notes in circulation decreased
1,197,400 in four weeks, but increased $10,886,550 over a year.
ago. Total deposits of 88,555,556 showed decreases of $1,111,412
for four weeks and $2,597,067 for the year.
Principal assets and liabilities of the fifty-seven reporting
mem~er banks, and of the Federal Reserve Bank of Kansas City,
compiled from weekly statements as of the three dates mentioned, are shown in the following:
FI FTY- S EVEN R E PORTIN G MEMB E R BANKS
.
Apr. 9, 1930 Mar. 12, 1930 Apr. 10, 1929
Loans and mvestments-totaL _......... $655,778,000 $652,431 ,000 $680,326,000
Loans and discounts- total.................. 440,998,000 438,828,000 444,557,000
Secured by stocks ~ bonds.............. 146,607,000 136,402,000 127,869,000
All other loans & discounts.............. 294,391,000 302,426,000 316,688,000
Investments-total................................ 214,780,000 213,6o3,ooo 235,769,000
U.S. Securi ties.................................. 94,604,000 94,355,000 n2,906,ooo
Other bonds, stocks and securities._. 120,176,000 119,248,000 122,863,000
Reserve with F. R._ Bank......................
54,789,000 56,762,000
56,517,000
N_et deman~ deposits............................ 486,185,000 489,135,000 494,437,000
Time deposit._,________
177,627,000 175,969,000 178,548,000
Government deposits............................
2,243,000
3,320,000
F E DE R AL R ESE RVE B ANK OF KAN SA S CITY
Apr. 9, 1930 Mar. 12, 1930 Apr. 10, 1929
Total gold reserves ................................ $132,047,956 $135,070,761 1, 99,851,638
Reserves other than gold......................
8,262,537
7,960,554
5,656,349
T?tal ~eserves·- -····································· 140,310,493 143,031,315 105,507,987
Bills discounted......................................
12,307,563
14,721,716
36,048 520
Bills purch~s.ed·--···································
11,263,786
10,316,419·1
8,635:735
U. S. Secur~t~es......................................
5,924,500
3,063,000
9,793,400
Other securities ..................................... .
1,500,000
Total bills and securities......................
29,495,849 28,101,135
55,977,655
207,96o,844
Total resources...................................... 212,466,677 217,880,306
F. R. Notes in circulation.................... 77,626,380 78,823,780
66,739,830
Total deposits........................................ 88,555,556
89,666,968
91,152,623
J
Savings in Banks
Deposi ts to savings accounts in fifty-two selected commercial
and savings banks in cities of this District increased $1,514,240,
or 1.3 percent, between M arch 1 and April 1, but the total as of
the latter date stood $5,629,887, or 4.5 percent, below that
reported by the identical banks as of April 1, 1929. Although
there was but slight change in the number of savint)"s accounts
during the month, the total reported by forty-nine banks as of
April 1 showed a gain of 17,979 accounts, or 4.6 percent over the
corresponding date in 1929. The totals follow:
'
•
April I
March I
April 1
Banks
Reporting
1930
1930
1929
$119,893,288 $II8,379,048 $125,523,175
Savings deposits·--···········
52
Savings accounts..............
49
412,301
4u,855
394,332
Federal Reserve Bank Clearings
Check collections through the Federal Reserve Bank of Kansas
City totaled $2,720,475,605 for the first thirteen weeks of the
current year, ending April 2. This total indicates a decrease of
$146,639,061, or 5.1 percent, from the $2,867,114,666 reported
for the corresponding_ thirteen weeks of 1929. The number of
items handled during the first quarter of this year was
17,696,957, an increase of 171,370 over the 17,525,587 items
reported for the corresponding period in 1929. Clearings for the
four weeks ending April 2 totaled $850,344,131, an increase of
$5,180,595 over the preceding four weeks ending March 5, but
a decrease of $65,434,177 from the total reported for the corresponding four weeks in 1929.
Payments By Check
Checks drawn by individuals, firms and corporations on
their bank accounts in thirty cities of this District aggregated
$1,356,194,000 for the four weeks ending April 2. This total
reflected -a decrease of $18,717,000, or 1.4 percent, from that
reported for the preceding four weeks ending March 5, and a
decrease of $uo,507,ooo, or 7.5 percent, from that reported
for the four weeks ending April 3, 1929.
The record for the thirty cities covering the first thirteen
weeks of 1930 shows total debits of $4,513,413,000, which is
$192,988,000, or 4.1 percent, less than the amount reported for
the corresponding thirteen weeks in 1929.
BANK DEBITS IN THIRTY CITIES
FouR WEEKS E NDING
April 2, 1930
April 3, 1929
Albuquerque, N. M .............................. $ n,154,000 1, u,251,000
::~~{;;;{n!ai~
i;=:.·.·.~:::::::::::: :::::::::::::
Casper, Wyo........................................
2i:~:1:= 2~:~~~:=
6,145,000
5,780,000
14,551,000
165,400,000
12,484,000
3,910,000
2,826,000
3,242,000
13,083,000
9,419,000
10,597,000
17,683,000
381,198,000
4,855,000
34,210,000
10,278,000
120,231,000
6,010,000
204,646,000
2,553,000
4,897,000
18,339,000
9,922,000
43,399,000
18,583,000
137,337,000
56,573,000
6,239,000
5,648,000
15,491,000
200,067,000
13,584,000
4,654,000
3,114,000
3,452,000
14,535,000
n,484,000
17,282,000
17,840,000
421,385,000
4,841,000
33,496,000
11,313,000
108,650,000
7,803,000
214,947,000
3,058,000
6,004,000
20,690,000
11,964,000
53,591,000
17,342,000
140,o6o,ooo
59,133,000
Total 30 cities, 4 wks ........................ f,1,356,194,000
Total 30 cities, 13 wks........................ 4,513,413,000
S1,466,701,ooo
4,706,401,000
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........................................
Mus.kogee, Okla....................................
Oklahoma City, Okla..........................
Okmulgee, Okla....................................
Omaha, Nebr........................................
Parsons, Kans.... ..................................
Pittsburg, Kans....................................
Pueblo, Colo._.......................................
Salina, Kans·-·······································
St. Joseph, Mo._...................................
Topeka, Kans- - - ······················
Tulsa, Okla·---·····································
Wichita, Kans.. ....................................
Percent
Change
-0.9
- 7.5
- 2.0
-
1.5
2.3
- 6.1
- 1 7.3
- 8.1
-16.0
- 9.2
-
6.1
-10.0
-18.0
-38.7
-0.9
- 9.5
0.3
2.1
- 9.1
10.7
-23.0
- 4.8
-16.5
-18.4
-II.4
-17.1
-19.0
7.2
- 1.9
- 4.3
-
7.5
4.1
•
THE MONTHLY REVIEW
RETAIL TRADE AT 38 DEPARTMENT STORES
SALES
STOCKS (RETAIL)
Stores March 1930 3 Mo. 1930
March 31, 1930
Report- compared to compared to
compared to
ing
Feb. 1930 3 Mo. 1929 Feb. 28, 1930 Mar. 31, 1929
Kansas City...... 4
- 15.4
- 9.6
4.7
- 2.5
Denver..............
5
- 12.0
- 7.6
3.4
- 9.0
Oklahoma City.. 3
- 4.-2
- 3.6
1.9
4.0
Omaha·-············· 3
- 5.7
- 1.6
Lincoln.............. 2
-14.9
- 8.8
7.3
- 15.3
Topeka.............. 3
-11.6
- 4.0
9.4
- 3.1
Tulsa.................. 4
- 16.1
- 8.9
1.7
- 0.3
Wichita.............. 4
-14.5
-14.6
3.0
- 3.7
Other Cities...... 10
- 11.5
- 5.8
5.2
- 6.o
IN THE TENTH FEDERAL RESERVE DISTRICT
STOCK TURNOVER
ACCOUNTS RECEIVABLE
March
3 Months
March 31, 1930
compared to
1930 1929 1930 1929
Feb. 28, 1930 Mar. 31, 1929
.21
.24
.60
.65
- 4.7
- 6.1
.19
.20
.54
.56
- 3.8
- 4.9
.29
.31
.79
.85
.22
.22
.23
.22
.17
.22
.24
.28
.25
.18
.64
.48
.73
.60
-
.50
-
.84
-
.47
.46
-
4.9
2.7
0.9
0.3
1.2
11.6
0.7
12.8
3.2
- 2.7
6.9
15.0
0.5
-
2.8
-II.I
Total.................. 38
-11.7
- 7.3
3.8
- 5.0
.22
.23
.62
.63
0.1
0.9
OTE: Percentage of collections in March on accounts February 28, all stores reporting 40.6. Collections same month last year 41.5.
Trade
Wholesale distribution of merchandise in this District in
March, as indicted by the combined dollar sales of firms in five
lines reported to this Federal Reserve Bank, was in larger volume
than in February but in smaller volume than in March last year.
Increases in March sales over those for February were reported
for groceries; hardware, furniture and drugs, with drygoods the
only one of the five lines to report a decrease from the preceding
month. Decreases from a year ago were general, with furniture as
the only wholesale line to report an increase. The returns for
the first three months of 1930 show sales in each of the five leading lines fell below those for the corresponding period in 1929.
Department stores sales for March showed a seasonal increase over February but were considerably below those for the
corresponding month a year ago, according to complete reports
made to this Federal Reserve Bank by thirty-eight stores located
in cities of this District. The decrease from a year ago reflected
in part the fact that Easter this year (April 20th) was twenty
days later than last year (March 31st). Reports of individual
stores indicated that the decrease was general over the District,
as only three stores reported a larger business for March than
for the same month last year.
Reports of other retail firms disclosed March sales of men's and
women's apparel, shoes and furniture averaged lower than for
the corresponding month last year.
Stocks of merchandise on hand at department stores at the
end of March averaged slightly higher than at the close of February, although they were somewhat lower than on March 31,
1929. Stocks of men's and women's apparel at the end of March
were about IO percent higher than a year ago, while stocks of
shoes were about 17 percent lower than a year ago, and stocks
of furniture for all stores reporting averaged about 6 percent
larger than a year ago.
COLLECTIO S: Department stores, in their reports covering the month of March, indicated collections for the month
totaled 40.6 percent of amounts outstanding at the close of February. This collections figure compares with 40 percent for the ·
preceding month and 41.5 percent for the corresponding month
last year.
Wholesale firms reported some seasonal improvement in collections during March, and but slight change in the
COLLECTIONS
March 1930
compared to
Feb. 1930 Mar. 1929
2 -4
- 1 7.9
-16.4
0.4
- 4.0
7.8
- 10.0
1.2
- II.2
-13.0
- 11.3
4.0
10.7
- 1.3
- 5.6
- 4.7
Even
3.6
1.7
ratio of collections to outstandings as compared with the same
period last year. Retail lumber yards reported their collections
during the month were materially above those for the preceding
month but a fractional part of one percent below the figure for the
corresponding month last year.
Business Failures
Business failures in the Tenth District, reported by R. G. Dun
& Company, were slightly more numerous in March and the
first three months of the current year than in the corresponding
month and first quarter of 1929. The record of failures and
liabilities:
NUMBER
1930
March.................................................. 124
Three months...................................... 402
1929
I 19
384
LIABILITIES
1930
$1,826,632
7,040,825
1929
$1,706,639
4,485,894
Lumber
Sales oflumber at 177 retail yards in this district during March
increased 17.5 percent over February, but were 21.6 percent
below sales for March last year, while sales for the first quarter
of 1930 were 14.1 percent below those for the first quarter of
1929. Lumber sales in board feet during March and the first
quarter of the year, with last year's figures for comparison, follow:
1930
1929
Decrease
Month of March.............................................. 5,189,000 6,622,000 1,433,000
Three Months.................................................. 12,345,000 14,366,000 2,021,000
Statistics for the month of March, compiled from the reports
of the 177 retail lumber yards, are compared with those for February 1930 and March 1929 in the following:
March 1930
Percent Change from
Feb. 1930 Mar. 1929
Sales of lumber, board feet........ ............................................
17.5
-21.6
Sales of all materials, dollars.-.. ················ · · · - - - 24.1
-12.7
Stocks of lumber, board feet....... ........................................... - 2.1
- 5.9
Outstandings, end of month..................................................
6.1
- 3.8
Collections during month......................................................
26.1
- o.8
Comparative figures of identical mills, reported to the ational
Lumber Manufacturers Association, show lumber production
in the United States totaled 3,782,607 M feet for the thirteen
weeks ending March 29, I 930. This total compares with production of 4,223,669 M feet, for the first thirteen weeks of 1930,
WHOLESALE TRADE IN THE TE TH FEDERAL RESERVE DISTRICT
SALES
OuTSTA~DINGS
COLLECTIONS
Reporting Mar. 1930 compared with Mar. 31, 1930 compared with Mar. 1930 compared with
Stores Feb. 1930
Mar. 1929
Feb. 28, 1930 Mar. 31, 1929 Feb. 1930
Mar. 1929
Dry Goods ....................................
O.I
- 10.5
- 9.6
16.~
- 6.4
- 7.3
5
Groceries........................................
-12.3
2.1
6.6
8.9
- 16.4
5
3.4
Hardware......................................
20.l
- 5.1
27·5 .
4.6
9.7
4.4
9
6
Furniture ......................................
27.0
2
1.4
2.8
4.9
5.5
9•4
Drugs ............................................
4.I
1.4
- 6.8
2.1
2.8
- 7.7
5
STOCKS
Mar. 31, 1930 compared with
Feb. 28, 1930 Mar. 31, 1929
- 1.5
- 16.5
- 0.4
- 11.8
4.6
- 6.o
6.o
0.9
+6
- 6.2
THE MONTHLY REVTEW
4
indicating a decrease of 441,062 M feet, or 10.4 percent. Shipments during this year's thirteen week period totaled 3,747,041
M feet, a decrease of 646,543 M feet or 14.7 percent. Orders
received for this period totaled 3,743,490 M feet, a decrease of
927,913 M feet, or 20 percent.
Cement
The Portland cement industry in March 1930 produced
1,185,000 barrels and shipped 1,002,000 barrels of cement from
the mills in this District, according to the United States Bureau
of Mines, D epartment of Commerce. The March production
showed an increase of 346,000 barrels over February and an increase of 508,000 barrels over March last year. Shipments
during March showed an increase of 134,000 barrels over February, but a decrease of 47,000 barrels as compared with March
last year.
The record for the first three months of 1930 was a production
of 2,725,000 barrels, an increase of 828,000 barrels over the first
three months of 1929. Shipments for the first three months
period, totaling 2,183,000 barrels, exceeded those for the corresponding period last year by 356,000 barrels.
Producti on and shipments of Portland cement at the mills in
this District, and for all reporting mills in the United States,
for the fi.rst three months fo 1930 and 1929, are shown in the
following. table:
PRODUCTION
1930
1929
Barrels
Barrels
January....................................... .
701,000
664,000
February..................................... .
839,000
556,000
March .......................................... 1,185,000
677,000
SHIPMENTS
1930
1929
Barrels
Barrels
410,000
313,000
868,ooo
368,000
1,002,000 1,049,000
Tenth District, 3 months.......... 2,725,000 1,897,000 2,183,000 1,827,000
United States, 3 months·--······· 27,885,000 '.!8,372,000 20,813,000 21,268,000
Stocks of finished cement at mills in this District on March
31 totaled 2,457,000 barrels, against 2,275,000 barrels on February 28, and 1,948,000 barrels on March 31, 1929.
Stocks at all reporting mills in the United States on March 31
were 30,563,000 barrels, compared with 28,184,000 on February
28 and 29,724,000 barrels on March 31, I 929.
Building
Building activity in the Tenth District expanded seasonally
in March and the returns for the month and first quarter indicated construction was considerably ahead of the correspor.ding
month and first quarter of 1929.
According to the reports of the F. W . Dodge Corporation, the
value of contracts awarded for new building construction in the
District during M arch was 98.9 percent higher than for February
and 57.3 percent higher than for M arch last year, while the value
of contracts for the first quarter of 1930 was 34.1 precent a bove
the corresponding period in 1929. Figures showing the value
of contracts awarded follow:
1930
January...................................................................... $14,921,775
February....................................................................
18,071,222
March........................................................................ 35,973,650
Three months._ ............................................................. i68,966,647
1929
$I 5,667,726
12,873,882
22,853,655
$51,395,263
The number and value of building projects started in twenty
cities of this District in March, as indicated by permits issued,
showed a seasonal increase over February but fell below the total
for March of the preceding year. The returns for the month
show the number of permits issued was 33.1 percent greater than
in February but 22.2 percent less than in March a year ago. The
value of permits for March showed an increase of 27.8 percen t
over February but a decrease of 17.5 percent from the total
reported for the same month last year.
BUILDING IN TENTH DISTRICT CITIES
EsTIMATED CosT
PERMITS
1929
1930
1930 1929
88 $ 267,175 '$ 230,837
Albuquerque, N. M..·-········· IOI
2
8
10,925
3,500
Casper, Wyo·- -·····················
Cheyenne, Wyo ....................
46,635
27
25
37,934
142,014
Colorado Springs, Colo·-·····
51
47,374
74
Denver, Colo........................ 501
2,179,850
702,450
565
Hutchinson, Kans ................
81,865
48
302,370
87
20
Joplin, Mo............................
51,165
53,820
36
208,820
104,100
Kansas City, Kans ..............
104
76
Kansas City, Mo._ ............... 212
1,276,225
342
927,95°
IOI
60,020
66
Lincoln, Nebr
188,u7
Muskogee, Okl
31,190
23
5,45°
7
1,74o,74o
2,104,280
Oklahoma City, Okla.......... 410
385
100
310,188
Omaha, Nebr..
1,881,967
95
198,519
II9
58,594
Pueblo, Colo·-······················· IOI
Salina, Kans..........................
81,725
515,900
36
38
Shawnee, Okla ......................
56
44,175
u7,055
33
66
St. Joseph, Mo
76,640
56
96,525
Topeka, Kans ......................
213,320
127
106,425
70
260
Tulsa, Okla.
1,548,295
965,692
431
1,012,307
Wichita, Kans ...................... 219
346
966,737
March, 20 citie
.. 2,412
Three months, 20 cities .... _ 5,002
3,100
5,637
Percent
Change
15-7
212.I
-18.7
-66.6
-67.8
-'7 2·9
5-2
-50.1
37.5
-68.I
-82.5
- 17.3
506.7
,0.5
-84.2
·-62.3
25•9
-50.1
-37.6
- 4.5
$ 8,589,918 f,10,408,952 - 17.5
18,506,368
20,199,313 -
8.4
Petroleum
The petroleum industry, in the various fields of this District,
produced 72,655,000 barrels of crude oil during the first three
months of 1930, according to the weekly reports of the American
Petroleum Institute.
This output compares with 78,306,000
barrels produced during the first three months of 1929, indicating a decrease for this year's three months of 5,651,000 barrels,
or 7.2 percent. The production in this District represented
approximately 30 percent of the total United States production,
estimated at 232,543,000 barrels for the first three months of
the current year. The decline in production in this District,
above noted, is attributed to extensions of conservation agreements among leading producers in an effort to solve the problem
of over-production.
The flow of crude oil from wells in this District during March
was at a daily average of 801,000 barrels compared with 809,000
barrels for February and 841,200 barrels for March 1929. Because there were three more days in March the gross production
for the month exceeded that for February, but was smaller
than in March of last year. Figures showing the daily average
and gross production in each of the five producing states follow:
DAILY AVERAGE PRODUCTION
*Mar. 1930 Feb. 1930 Mar. 1929
Barrels
Barrels
Barrels
Oklahoma......................................................
620,000
631,000
681,000
111,000
u5,ooo
99,6oo
Kansas·--·······················································
Wyoming..................................................... .
50,000
51,000
50,400
Colorado....................................................... .
6,6oo
5,000
5,000
II,000
11,000
New Mexico ..................................................
2,900
:fotal.._..........................................................
801,000
GROSS PRODUCTION
*Mar. 1930 Feb. 1930 Mar. 1929
Barrels
Barries
Barrels
Oklahoma...................................................... 19,247,000 17,674,000 21,133,000
3,102,000
3,086,000
Kansas·-- ······················································· 3,573,000
Wyoming...... ................................................ 1,525,000
1,431,000
1,561,000
Colorado........................................................
144,000
146,000
205,000
New Mexico.. ................................................
339,000
304,000
91,000
Total.. ............................................................ 24,828,000
*Estimated, American Petroleum Institute.
22,657,000
26,076,000
ew wells completed during March, except for January, were
more numerous than in any month since last N ovember and also
5
THE MoNTHLY REvTEW
showed an increase over March last year. Daily new production
from completed wells during March was 125,506 barrels in excess
of the daily new production in February, and 276,992 barrels
in excess of daily new production in March last year. Oklahoma's
285 new wells completed during the month furnished the bulk
of new production reported. Development operations were
slightly curtailed during the month and the number of wells
drilling on April 1 was the smallest reported since July 1, 1928,
and, with the exception of March 1928, the smallest for March
on eleven years records. The field summary follows:
Wells
Barrels Daily Dry Gas Rigs-Wells
Completed New Production Wells Wells Drilling
Oklahoma............................
28 5
372,423
89
31
885
310
Kansas·--·········---93
17,500
44
8
Wyoming............................
3
1,664
o
o
148
Colorado ...... ·-·····················
2
l
93
New Mexico........................
11
1,451
5
5
93
March 1930........................
394
February 1930....................
242
March 1929........................
347
3 Months 1930._................. 1,n1
3 M9nths 1929.____ 1,n2
394,038
168,531
n7,046
1,258,632
313,454
139
73
II4
365
388
41
32
31
121
107
1,520
1,681
1,554
A seasonal increase in operation of petroleum refineries m
Oklahoma and Kansas is reflected by the report which follows:
Plants
Daily Runs
Operating
to Stills
304,150
April 1, 1930·--·····································································
57
March 1, 1930.......................................................................
57
193,550
April 1, 1929........................................................................
55
290,700
Bituminous Coal
The production of soft coal at the mines in the Tenth District
in March and the first quarter of 1930 was the smallest in tonnage reported for the corresponding month and first three months
in the ten years these monthly coal statistics have been ·compiled
by this bank. Production by states for the month of March
with comparisions follow:
*Mar. 1930
Tons
Colorado ................................................. .
600,000
Kansas ............. .................................... .
165,000
Missouri .... .............................................. .
269,000
New Mexico............................................. .
131,000
Oklahoma ................................................. .
n6,ooo
Wyoming.... ............................................. .
426,000
Total. ....................................................... .
• Estimated.
Feb. 1930
Tons
74.3,000
255,000
327,000
148,000
286,000
439,ooo
Mar. 1929
Tons
693,000
196,000
270,000
205,000
200,000
490,000
2,198,000
This District's production for the first three months of 1930
totaled 7,310,000 tons as compared with 8,568,000 tons for the
first three months of 1929, a decrease of 1,258,000 tons, or 14.7
percent.
Production of soft coal in the United States during the 19291930 coal year to March 29, (approximately 306 working days),
amounted to 515,851,000 net tons, as reported by the United
States Bureau of Mines, Department of Commerce. For the
corresponding period in 1928-29, production was 509,040,000
tons, and for 1927-28 it was 477,679,000 tons.
Zinc and Lead
Activity at the zinc and lead mines in the Tristate District
showed further recession during the five weeks ending March 5.
Ore prices continued low and, with producers refusing to sell
any considerable portion of their product, deliveries during this
period were in smaller tonnages than had been reported for a like
period in several years. The average price paid for zinc ore for·
the week ending April 5 was $35 per ton, as against $44 per ton
paid during the corresponding week last year. Lead ore prices
for that week averaged $65 per ton, against $100 per ton a year
ago. Shipments of zinc and lead ore in tonnages and values are
here shown:
ZJNc ORE
Tons
Value
Oklahoma.............................................. 29,988 . $1,101,174
Kansas .................................................. 14,644
538,132
Missouri ............................................... .
847
31,219
5 Wks. ending Apr. 5, 1930..............
5 Wks. ending Mar. 1, 1930............
5 Wks. ending Apr. 6, 1929..............
14 Wks. ending Apr. 5, 1930..............
45,479
47,326
74,016
130,836
14 Wks. ending Apr. 6, 1929.............. 187,792
LEAD ORE
Tons
2,732
1,303
242
Value
f, 182,219
92,792
15,856
f,1,670,525 4, 2 77
1,719,610 6,366
3,104,758 1 3, 1 55
4,721,220 13,490
7,683,331 29,652
f, 190,867
477,450
1,332,670
981,842
2,800,579
Grain Movements
Reports from the five principal grain markets in this District
show March receipts of wheat, corn, rye and kafir were considerably smaller than in either February of this year or March of
last year. Receipts of oats during the month were larger than
in the preceding month and the largest for March since 1924.
Barley receipts were smaller than those recorded for February,
but were the largest for any March since 1921.
Reports for the first three months of 1930 show the flow of
grain from farms and country elevators to the five markets was
considerably smaller than for the first three months of 1929 for
:111 classes of grain except oats and barley which showed material
increases over a year ago.
MARCH RECEIPTS OF GRAIN AT TENTH DISTRICT-MARKETS
Hutchinson............
Kansas City ..........
Omaha·-·················
St. Joseph..............
Wichita..................
Wheat
Corn
Oats
Rye
Barley
Bushels
Bushels Bushels Bushels Bushels
743,850
263,750
1,200 10,000
3,362,940 2,428,500 692,000 3,000 104,000
500,800 2,095,800 1,020,000 7,000 41,600
208,500 1,027,500 182,000
19,250
411,000
370,500
16,500 1,300 20,800
326,700
12,500 205,650
21,400 289,550
77,500 187,750
99,800 728,100
225,600 575,250
492,400
835,000
1,059,100
1,904,700
3,7n,200
- - -- ---- - - - - - - - - -
March 1930·---····· 5,227,090
February 1930...... 10,293,360
March 1929.......... 9,886,230
3 Mos. 1930.......... 24,613,740
3 Mos. 1929 ..........35,550,900
6,186,050 1,910,500
10,404,450 1,339,500
8,540,950 1,402,000
26,790,550 4,170,000
28,196,950 3,365,000
Kafir
Bushels
141,700
4,500
19,500
Flour Production
Flour mills in this District were operated during March at
65.2 percent of capacity, compared with 66.1 percent in
February and 67.6 percent in March last year. Because of a
difference of three milling days, however, the March output
exceeded that for February by 131,437 barrels, although it was
106,775 barrels below the production in March 1929. The number of barrels produced at the different milling centers compiled
from reports to the Northwestern Miller, follows:
Feb. 1930
Barrels
121,581
St. Joseph_............................................... .
Wichita...·-·········································-·····
Outside...·--··············································
Mar. 1930
Barrels
126,096
6o6,745
109,509
146,679
140,407
137,083
803,503
TotaL........................................................
1,070,021
Atchison ....................................................
Kansas City............................................. .
Omah...__ _ _ _ _ _ _ _ __
Salin..___ _ _ _ _ _ _ _ _ __
Mar. 1929
Barrels
111,612
577,0 72
631,872
85,685
137,377
69,215
171,346
776,309
81,954
171,037
101,448
131,013
946,861
1,938,585
2,176,797
Reports of a reduced wheat crop, together with strengthening
of wheat prices, stimulated activity at the mills in the latter
part of the month. But new business was largely in small lot
shipments, although shipping instructions on old contracts were
more active than for several weeks. Foreign trade was reported
as only fair, and millers were centering their efforts on domestic
business.
6
THE MONTHLY REVIEW
The Crops
Livestock
Dry weather over the extensive farming area of the Tenth District and the Southwest, continuing through the first six weeks
of the Spring season with practically no precipitation of moisture,
was effectually broken by a series of rains which began falling
at the middle of April. Winter wheat and other growing crops,
and pastures, which had made little progress or had deteriorated
somewhat during this period, responded immediately to the
changed conditions of weather and soil. The planting of corn,
cotton and other spring seeded crops, which had been interrupted
in many sections by dry surface soil, was resumed. Reports
from over this District in the third week of April indicated prospects for crop production in 1930 were materially improved as
compared with the outlook at the opening of the month.
Livestock on~farms and ranges in this District improved in
condition during March and the official reports for April generally
reflected a higher condition than either a month earlier or a year
ago and fully up to the five year average. Due to the open
weather, losses were light and feeding requirements were reduced.
The condition of cattle in Colorado on April 1 was estimated
at 95 percent of normal compared with 94 percent on March 1
and 90 percent on April 1, 1929. The condition of sheep on April
1 was estimated for that state at 96 percent of normal compared
with 95 percent one month earlier and 89 percent one year ago.
These percentage figures vary but slightly from those reported
for other states in this District.
Winter Wheat
Reports of the United States Department of Agriculture and
cooperating State Boards of Agriculture for the seven states
whose areas or parts form the Tenth District, indicated winter
wheat came to April 1 showing an average condition of 79 percent of normal, which is one point lower than the condition on
on April 1 last year, and one point lower than the April 1 average
for the preceding ten years. The April 1 condition indicated
production for the seven states of 275,708,000 bushels on
24,334,000 acres sown last fall, compared with last year's yield
of 270,848,000 bushels on 23,793,000 acres sown in the fall of
1928. However, the continued warm dry weather during the
first two weeks of April, and considerable deterioration during
that period, would indicate a probable reduction in the estimated
production.
WINTER WHEAT CONDITION, ACREAGE AND ESTIMATED
PRODUCTION
Compiled from April Reports of the United States and Cooperating State
Departments of Agriculture.,
Condition
Acres Sown
Production
April I
Fall of
Estimated Bushels
1930 1929
1929
1928
April, 1930 Final 1929
Colorado.......... 74
83
1,565,000 1,304,000 13,800,000 n,994,000
Kansas·--········· 78
77
12,687,000 12,083,000 144,500,000 137,712,000
Missouri .......... 75
86
1,613,000 1,792,000 18,200,000 17,200,000
Nebraska·--····· 90
83 .
3,686,000 3,686,000 • 55,320,000 53,664,000
New Mexico.... 77
82
345,000
329,000
2,900,000
4,734,000
Oklahoma........ 73
79
4,326,000 4,506,000 39,700,000 44,478,000
Wyoming·---··· 90
87
I 12,000
93,000 • 1,288,000
1,o66,ooo
Seven States._. 79
United States.. 77.4
•Estimated.
80
82.7
24,334,000 23,793,000 275,708,000 270,848,000
43,690,000 42,820,000 550,300,000 578,336,000
PASTURE AND RANGE CONDITIONS: The April reports
on the condition of ranges and pastures were somewhat spotted.
The Colorado office of the United States Division of Crop and
Livestock Estimates placed the condition of ranges on April 1
at 94 percent, compared with 90 percent on March I and 87 percent on April 1, 1929, and 84 percent as the five year average.
High percentages of conditions were also reported for the ranges
in Wyoming and New Mexico. However, many sections of the
Missouri Valley and the Great Plains areas of this District reported that cool weather in March and lack of surface moisture
retarded the growth of grass on pastures and as a whole the condition of pastures on April 1 was lower than a year ago. The
Kansas report placed the April I pasture condition at 76 percent
of normal, compared with 85 percent for April 1929 and a five
year average of 83 percent.
The April 1 condition of pastures in the Blue Stem or Flint
Hills region of Kansas was reported as 91 percent as compared
with 98 p~rcent last Spring and the five-year average of 95 percent. For the Osage Country of Oklahoma the condition was
placed at 87 percent, compared with 97 percent last year and 85
percent the average for the first five years.
According to the joint report issued by the Kansas bureau of
the United States Department of Agriculture and the Kansas
State Board of Agriculture, 82 percent of the Blue Stem pastures
had been contracted as against 89 percent a year ago, with lease
prices a little lower than last year. In the Osage Country it
was reported 85 percent of the available pastures had been leased,
as compared with 94 percent at the corresponding date last year,
with no material change in leasing prices. The annual spring
movement of cattle to these pastures was about at its peak by the
middle of April.
MARKET MOVEMENTS: The month of March witnessed
a somewhat larger movement of cattle, calves and sheep and a
somewhat smaller movement of hogs to the six markets of this
MARCH MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT
RECEIPTS
Kansas City......................................
Omaha·-········•····································
St. Joseph..........................................
Denver............................................. .
Oklahoma City ................................
Wichita ..............................................
Cattle
141,106
128,843
35,484
31,046
20,674
27,021
March 1930, ........ ........................... 384,174
February 1930, ................................ 327,128
March 1929, .................................... 317,428
3 Months 1930.................................. I,II8,628
3 Months 1929.................................. 986,297
•Includes 82,138 hogs direc t to packer's yards
Calves
Hogs
19,817 • 242,327
7,379
273,467
6,798
101,919
4,548
46,072
8,230
37,453
9,090
47,7 28
55,862
48,765
49,363
I 57,769
138,767
SROCKERS AND FEEDERS
Sheep
215,108
336,872
179,095
198,012
3,445
17,437
Cattle
42,446
20,646
5,407
9,654
748,966
949,969
1,022,048
723,551
832,566
712,691
2,93°,7 19 2,300,879
3,121,226 2,048,828
78, 153
78,474
56,627
263,301
192,913
Calves Hogs
4,565 10,573
3,130
1,102
766
1,192
1,279
1,601
9,74°
10,535
6,091
31,617
21,945
14,468
18,930
28,002
41,449
59, 2 52
Sheep
14,524
21,616
21,245
6,31;2
63,697
61,228
82,257
192,586
285,429
PURCHASED FOil SLAUGHTER
Cattle
6o,327
76,234
21,503
10,626
12,598
6,298
187,586
162,842
Ij4,814
550,748
556,654
Calves
Hogs
14,794 • 134,896
4,193
159,9'17
5,616
52,207
2,135
37,072
6,590
30,140
1,737
42,206
35,065
32,679
36,874
99,3 11
105,53 1
Sheep
166,703
2o6,956
135,233
26,106
2,570
15,284
456,448
552,852
701,295
444,837
602,854
384,520
2,018,051 1,415,481
2,42.1,614- 1,150,045
7
THE MONTHLY REVIEW
District than in February of this year or March of last year.
The combined returns show the month's receipts of cattle were
the largest for March since I 927 and of calves the largest for
March since 1926, while receipts of sheep and lambs were the
largest for March on records covering the past twelve years. On
the other hand, the number of hogs received at these markets
during March was the smallest of record for that month in twelve
years.
The returns for the first three months of 1930 show receipts
of cattle increased 132,331 head, or 13.4 percent, over the receipts for the like period in 1929. By the same comparison, this
year's three months receipts of calves increased 19,002, or 13.7
percent, and receipts of sheep increased 252,051, or 12.3 percent.
This year's three months hog receipts showed a decrease of
190,507, or 6.1 percent, as compared with the first three months
of 1929.
During March the receipts of horses and mules at the six
markets totaled 19,903 head, a decrease of 1,667, or 7. 7 percent,
from the February total, but an increase of 1,377 head, or 7.4
percent, over March 1929. Receipts for the first three months
of 1930, totaling 61,836 head, exceeded those for the first three
months of last year by 10,173 head, or 19.7 percent.
Meat Packing
Packers at the six leading centers in this District killed and
dressed 552,852 sheep and lambs during March, as indicated by
their purchases at the livestock markets. This was the largest
sheep and lamb slaughter for a single month in the twelve years
these records have been maintained. The March slaughter
exceeded that for February by 108,015 and that for March last
year by 168,332. The heavy March slaughter brought the total
for the first three months of 1930 to 1,415,481, which was
265,436 head, or 23.1 percent, above the total for the first three
months of 1929.
There was also a substantial increase in the number of cattle
killed and dressed during the month, due to the more liberal
market supplies of good killing stock. The month's slaughter
of cattle was 187,586 head, 24,744 above the February total and
12,772 above the March 1929 total, and the largest March
slaughter since 1927. The number of calves killed and dressed
during the month was greater than that for the preceding month,
but less than that for March last year. The total for the first
three months of the current year, however, showed slight decreases in numbers of both cattle and calves from those reported for the like period in 1929.
Operations in hog killing departments of the p acking plants
were reduced somewhat during March on account of the marked
decrease in market supplies of hogs. The record for the month
was a slaughter of 456,448 hogs, 244,847 less than in February
and 146,406 less than in March of the preceding year. The total
slaughter of 2,018,051 head for three months of 1930 showed a
decrease of 403,563, or 16.7 percent, as compared with that for
the first three months of 1929.
Business Conditions in the United States
By the Federal Reserve Board
Industrial production declined in March while factory employment and payrolls showed little change, and wholesale prices
continued to decline. There was an increase in construction, as
is usual at this season. Interest rates continued to decline in
the first three weeks of March, but later became somewhat firmer.
PRODUCTION: Production in basic industries declined in
March, contrary to the usual seasonal trend. Average daily
output of steel, coal, and copper decreased substantially, while
output of cotton and wool textiles declined at about the usual
seasonal rate. Production of automobiles and lumber increased.
For the first quarter of the_year, taken as a whole, the output of
PERCENT
tit()
PER Cll:NT
140
INDUSTRIAL PRODUCTION
80r------+-- - -+ - - --
PER CENT
120
PERC£NT
"'
120
+ - --
120
f ACTORY EMPLOYMENT AND Pl,YROLLS
110
I
120
basic industries was considerably smaller than in the unusually
active first quarter of 1929, and smaller than in any other
first quarter since 1925. In the steel and automobile industries
the output for the first three months, though smaller than in
1929, was about the same as in the corresponding months in
1928, while in most of the other major industries it was smaller
than in either of the two preceding years. Building contracts
awarded increased substantially in March as is usual at this
season, according to reports of the F. W. Dodge corporation.
In comparison with a year ago a large increase in contracts for
public works and utilities was more than offset by a decrease in
residential building. Average daily awards in the first half
~
110
- + -----180
601--- - +----+-- - - - + - - - - r -- - ----t-- ~80
60 """'---...I....--- --L------'---- --'-----<Nw.J60
1926
1927
1928
1929
1930
Index of production of manufactures and minerals combined, adjusted for
s easonal variations, (1923-1925 average 100). Latest figure, March, 105.
701Nv---,--_J__ _
1925
_J_ _ _ _...1....-_ ____.__
1926
1~27
1928
_
- - - ' -~ ~
192-9
70
1930
Index numbers of factory employment and payrolls, without adjustment for
seasonal variations, (1923-1925 average 100). Latest figures, March, employment 92.7, payrolls 98.
8
THE MONTHLY REVIEW
BILLIONS
BILLIONS OF DOLLARS
10
OF DOLLARS
10
MEMBER BANK CREDIT
9
8
8
7
7
6
6
PER CENT
7
PER CENT
7
MONEY RATES 1M NEW YOR•<
6
6
5
5
4
4
3
3
2
-
Commerdol Poper /?ole
Reserve Bonk IJ/scounl R,.../e
w•• Acceplance Rafe
2
5
5
1926
1927
1928
1929
1930
1926
1927
1928
19:i9
1930
Monthly averages of weekly £gures for reporting member banks in leading
cities. Latest £gures are averages of £rst three weeks in April.
Monthly rates in the open market in New York. Commercial rate on 4 to 6
month paper. Acceptance rate on 9(>-day bankers acceptances. Latest figures
are averages of first 20 days in April.
of April were somewhat larger than in March, but continued
smaller than a year ago.
while the price of steel declined. On April 15, the price of copper
was sharply reduced, and in the same week prices of a number of
other important commodities also declined. ·
EMPLOYMENT: Factory employment and payrolls, which
usually increase during March, changed little from February and
continued to be considerably smaller than in other recent years.
The number of workers employed in the automobile industry
increased somewhat less than is usual at this season an<l reductions in employment and in earnings were reported in the iron
and steel, machinery, and car building industries.
DISTRIBUTIO : Freight carloadings, which have been
at low levels in recent months, di<l not show the usual seasonal
increase during March. Department store sales continued in
smaller volume than a year ago.
WHOLESALE PRICES: Wholesale prices, which began to
decline last summer, continued to move downward in March to
the lowest level since 1916, the decline reflecting chiefly sharp
decreases in prices of agricultural products. Prices of imported
raw materials such as sugar, coffee, and silk, fluctuated around
the low levels reached in February. The price of silver advanced
slightly from the low point reached in early March. In the last
week in March and the first week in April there were advances
in prices of agricultural products, especially grains and cotton,
BANK CREDIT: At member banks in leading cities total
loans and investments increased in the four week period ending
April 16, reflecting a growth of$ I 84,000,000 in loans on securities
and of $80,000,000 in investments, offset in part by a further
decrease of $186,000,000 in "All other" loans. Member bank
indebtedness at the reserve banks and total reserve bank credit
declined further between the weeks ending March 15 and April
12 reflecting primarily additional imports of gold from the Orient.
In the third week of March money rates in the open mar\{et
reached the lowest levels since 1924, but in the next three weeks
were somewhat firmer. Rates on commercial paper declined to
a range of 3¼-4 percent on March 24 and remained steady at
that level. Rates on 60-90 day bankers acceptances were reduced to 2½ percent on March 20, but later advanced to 3
percent. Bond yeilds, after declining during most of March,
increased gradually in the first half of April. During April the
rediscount rates of the Federal Reserve Banks of Richmond,
Atlanta, St. Louis, Minneapolis, and Dallas, were reduced to
4 percent, the rate prevailing at all of the reserve banks except
New York where the rate is J½ precent.
@FedFRASER