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THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL Vol. 17 T RESERVE BANK OF CITY KANSAS No. 5 KANSAS CITY, Mo., MAY 1, 1932 HE March index of farm prices, as reported by the United States Department of Agriculture, stood at 6r percent of the 1909-1914 average as compared to 60 percent in February. The index shows prices paid for commodities purchased by farmers at 21 percent above the 1909-1914 levels, and the relative purchasing power of the farm dollar at 51 as compared to the 1909-1914 average of 100. A larger acreage of most spring sown crops than harvested last year is indicated by the March I seeding intentions of Tenth District farmers. Crop prospects in the eastern half of the District are good but the western half needs moisture. Spring work was delayed by the March storms, and farm operations are two to three weeks late and spring planting backward. Freezing temperatures necessitated some replanting of early sown oats, clover, and potatoes, and reduced fruit prospects materially. Farm wages and cash rentals are materially lower than last year and there is an over supply of farm labor. High winds and low temperatures in March, coupled with a deficiency of soil moisture in the western part of the wheat belt, reduced winter wheat prospects in this District. On the basis of the April I condition, Tenth District production will be 54 percent short of last year's record crop and 29 percent below the , 1924-1928 average. The reduction in stocks of wheat remaining on farms in this District was somewhat greater during March than last year or the average of the past five years. A marked decrease in shipments of stocker and feeder live• stock to the country, a 16 percent decrease in the number of cattle on feed in eleven corn belt states on April I as compared to a year ago, the unusually light movement of cattle from the southwest to northern grass, indications for a smaller spring pig crop and a smaller spring lamb crop than last year, short feed , supplies in the range areas, and continued low prices for beef, pork, and mutton, characterize the livestock situation. Milk and egg production as of April I was estimated by the United States Department of Agriculture as somewhat less than a year ago. Receipts of eggs, poultry, and fresh butter, at four large consuming centers in the United States during March, were smaller than in March, 1931. April I United States cold storage holdings of all meats, eggs, butter, and cheese were below the five year average for that date. Receipts of wheat at Tenth District markets declined sharply in March and corn and oats continued to arrive in abnormally small quantities. All grain prices were slightly lower for the month and substantially lower than a year earlier. Flour prices declined but millfeed prices increased somewhat. Sales of merchandise both at wholesale and retail increased seasonally in March as compared to February at about the usual rate. Compared to March, 1931, dollar sales of thirty-four department stores declined 16.2 percent and of five representative wholesale lines, combined, 24.9 percent. BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Percentages of Increase, or Decrease (-), for March 1932 over February 1932 and March 1931, and for the first three months of 1932 O'Ycr the like period in 1931. 3 Mos. 193:i March 1932 Compared to Compared to Banking Feb. 1932 Mar. 1931 3 Mos. 1931 - 28.4 Payments by check, 29 cities 6.3 - 31.3 Federal Reserve Bank clearings_________ - 26.1 9.2 - 27.2 Business failures, number 2.9 7.5 3-4 100.6 Business failures, liabilities - 35.3 - 12.6 Loans, 54 member banks 3.8 - 21.7 Investments, 54 member banks _____ o.6 0.9 Net demand deposits, 54 member banks 0.5 - 19.4 T ime deposits, 54 selected banks ___ 1.5 - 12.0 Savings deposits, 48 selected banks ___ 0.3 9.5 Savings accounts, 46 selected banks ____ 2.8 0.3 Distribution Wholesalers' sales, 5 lines combined__ 13.4 - 21.5 - 24.9 Retailers' sales, 34 department stores ___ - 19.0 18.5 - 16.2 Lumber sales, 164 retail yards _________ - 45.7 31.3 - 45.7 II.I Life insurance, writte 10.9 - 18.4 Construction Building contracts awarded, value ________ 6.8 - 72.0 - 69.3 Building permits in 17 cities, value ___ 8.2 - 74.7 - 80.2 Production 1.6 3.8 Flour 9.9 6.2 - 20,0 Crude petroleum - 12.9 7.2 0.3 Soft coal 8.4 Zinc ore (shipped) Tristate District_____ - 30.5 - 43.5 - 43.4 Lead ore (shipped) Tristate District___ - 48.3 - 53.8 14.0 Cement 1.4 - 65.1 - 37.3 Grain receipts, 5 markets 0.2 Wheat - 65.8 - 33.4 10.7 - 69.2 Corn - 78.0 - 19.2 Oats - 65.0 - 61.2 Rye - 69.1 - 68.4 - 5 2 ,3 12.2 - 26.0 72.2 Barley 50.8 11.4 Kafir - 20.3 Livestock receipts, 6 markets 2.8 - 16.4 Cattle 9.9 - 18.0 13.2 6.7 Calves 6.6 Hogs - 25.7 5.5 20.6 4.1 4.8 Sheep Horses and mules 15.5 29.7 - 15.4 Meat packing, 6 cities Cattle 1.4 3.7 9.7 6.2 5.0 Calves 5.9 13.0 Hogs - 27.0 15.9 Sheep 7.7 4.3 7.7 Stocker and feeder shipments, 4 markets Cattle 6.9 - 27.6 - 42.0 60.9 5.1 Calves - 32.4 Hogs 6.7 - 27.7 - 2 7•9 Sheep _ - 10.8 - 33.0 - 33.9 - - - - - - - - - - - - - Crude oil production in this District declined slightly in March and total production for the month was 20 percent below a year ago. Mid-continent crude oil prices advanced 15 cents per barrel between April I and 15 with high grade oil selling up to $1 per barrel. This Copy Released For Publication In Morning Newspapers April 29. '2 THE MONTHLY REVIEW Bituminous coal production displayed less than the usual seasonal decline for March but was 7.2 percent smaller than in March, 1931. There was a slight seasonal improvement in building operations, particularly residential construction, but the March totals were substantially below those for the like month of r:ecent years. The trend in building operations was reflected in sales of lumber at retail which exceeded February but were less than last year. Financial SAVINGS: Savings deposits, as reported by forty-eight selected banks in leading cities of this District, increased 0.3 percent between March I and April 1, but the number of accounts reported by forty-six banks decreased at a corresponding rate. Compared to April I last year, savings deposits declined 9.5 percent and the number of deposits 2.8 percent. Savings deposits and savings accounts as reported by the selected banks: Savings Accounts 46 Banks A,ril I, 193..__ _ _ __ _ _ __ 421,596 March I, 1932 _ _ _ _ _ _ _ __ 422,961 April r, 1931 _ _ _ _ _ _ _ _ __ 433,751 Savings Deposits 48 Banks $121,601,748 121,220,530 134,436,669 FEDERAL RESERVE BANK: A recession in the demand for credit by member banks from the Federal Reserve Bank of Kansas City and branches, in the five weeks' period ended April 13, is disclosed by the weekly condition statements of this bank. Holdings of bills rediscounted for member banks decreased 13.3 percent between March 9 and April 13, but the total as of the latter date was $24,190,290 larger than on April 15, 1931. This bank increased its holdings of United States Government securities 17.7 percent during the five weeks, but the total held on April 13 was 26.2 percent below that reported one year ago. Federal reserve note circulation decreased 3-4 percent in five weeks but increased 23.8 percent for the year. Principal resource and liability items contained in the weekly condition statements of this bank and branches are shown in the following: Apr. 13, 1932 Mar. 9, 1932 Apr. 15, 1931 Gold reserves _ __ _ _ _ _ $ 88,806,514 $ 85,068,154 $ 95,434,172 Reserves other than gold_ _ _ 7,r47,479 7,466,028 7,680,826 Total reserves - - - -- - - 95,953,993 92,534,182 103,115,198 Bills discounted - - - - -33,125,677 38,207,210 8,935,387 Bills purchased - - - -- 2,292,904 5,2u,260 8,041,375 U. S. securities _ _ _ _ _ _ _ 24,935,600 21,183,rno 33,779,500 Total bills and· securities_ _ _ 60,354,181 64,601,570 50,756,262 Total resources - - - -- 184,339,312 182,994,414 191,003,803 F. R. notes in circulatio•._____ 81,168,535 84,013,885 65,540,940 Member b:111ks' reserve deposits____ 68,056,236 66,q1q,438 82,385,864 The discount rate of the Federal Reserve Bank of Kansas City, on all classes of paper and all maturities, remained unchanged at 3½ percent. REPORTING MEMBER BANKS: Fifty-four selected member banks in leading cities of the Tenth District reduced their total loans and discounts 3.8 percent in the five weeks' period ended April 13 and 21.7 percent as compared to April 15, 19~1. The reduction in the five weeks and fifty-two weeks was equally distributed between loans secured by stocks and bonds and "all other" loans. Loans of these banks are now at the lowest post war level and mark a 40 percent reduction from the high as reported August 7, 1929. The banks reduced their investment holdings o.6 percent in five weeks to a point 0.9 percent above last year. Compared to a year ago investments in United States Government securities increased 21.7 percent, whereas, investments in other bonds, stocks, and securities declined 14.7 percent. Total investments are now over three times as large as they were on September 7, 1921, when the smallest holdings in recent years were reported. Net demand deposits increased 0.5 percent between March 9 and April 13, but on the latter date were 19.4 percent smaller than one year earlier and 31 percent smaller than on August 14, 1929, when they were at their peak. Time deposits declined 1.5 percent in five weeks and 12 percent in fifty-two weeks, but the total reported as of April 13 was almost double that reported January 7, 1921, the low point of recent years. The combined reports of the fifty-four banks as of the three dates of comparison: Apr. 13, 1932 Mar. 9, 1932 Apr. 15, 1931 Loans and investments-totaL ______ $556,462,ooo $569,675,000 $635,061,000 Loans and discounts-totaL _________ 291,806,000 303,379,000 372,745,000 Secured by stocks and bonds______ 83,319,000 86,623,000 102,532,000 All other loans and discounts ____ 208,387,000 216,756,000 270,213,000 Investments-total _ _ _ _ _ 264,656,000 266,296,000 262,316,000 U. S. securitie.,__ _ _ _ _ 136,668,000 138,278,000 112,311,000 Other bonds, stocks, and securities 127,988,000 128,018,000 l 50,005,000 Reserve with F. R. ban...___ _ _ 44,923,000 42,646,000 53,250,000 Net demand deposits 360,099,000 358,149,000 446,707,000 Time deposits 180,292,000 l 83,026,000 204,845,000 Government deposits 5,170,000 482,000 4,894,000 Debits Banks in twenty-nine leading cities of the District reported the money volume of checks drawn against individual deposits in the four weeks ended March 30 was 6.3 percent smaller than in the preceding four weeks, and 31.3 percent less than in the corresponding four weeks last year. The total of payments by check during the first thirteen weeks this year fell 28 .4 percent short of the total reported for the like period in 1931. PAYMENTS BY CHECK FouR WEEKS ENDED Mar. 30, 1932 Apr. 1, 1931 Albuquerque, N. M. _________$ 6,733,000 $ 9,698,000 Atchison, Kans --------------·--2,582,000 4,049,000 Bartlesville, Okla. _____________ 12,619,000 17,466,000 Casper, W yo. 4,400,000 4,880,000 Cheyenne, W yo. 3,929,000 5,767,000 Colorado Springs, Colo, ______ 9,429,000 l 1,635,000 Denver, Colo. 98,158,000 136,717,000 Enid, Okla. 5,478,000 9,498,000 Fremont, Nebr. 2,192,000 3,384,000 Grand Junction, Colo. ________ 1,797,000 2,293,000 Guthrie, Okla. 1,124,000 2,198,000 Hutchinson., Kans. ---------10,016,000 7,318,000 Independence, Kans. __________ 4,492,000 7,190,000 Joplin, Mo. --5,454,000 7,555,000 Kansas City, Kans, _____________ 9,659,000 13,009,000 Kansas City, Mo 216,034,000 299,999,000 Lawrence, Kans. 2,967,000 4,020,000 Lincoln, N ebr. 27,622,000 20,059,000 Muskogee, Okla. 5,980,000 7,761,000 Oklahoma City, Okla. _______ 54,510,000 85,940,000 Okmulgee, Okla. ________________ 2,196,000 3,628,000 Omaha, Nebr. 101,769,000 l 65,363,000 Pittsburg, Kans. 2,989,000 3,964,000 Pueblo, Colo. l l ,452,000 14,167,000 Salina, Kans. 5,651,000 8,634,000 St. Joseph. Mo. 22,278,000 35,030,000 I 1,026,000 16,200,000 Topeka, Kans. ----- -------·-----Tulsa, Okla. ---89,262,000 60,043,000 Wichita, Kans. 28,122,000 41,718,000 Total Total U. S., U. S., 29 cities, 4 weeks ______$ 720,440,000 29 cities, 13 weeks ____ 2,566,836,000 263 cities, 4 weeks ____ 27,875,644,000 263 cities, 13 weeks __ 98,194,028,000 $ 1,048,663,000 3,583,849,000 45,695,976,000 142,178,093,000 Percent Change - 30.6 - 36.2 - 27.8 - 9.8 - 31.9 - 19.0 - 28.2 - 42.3 - 35• 2 - 21.6 - 48.9 - 26.9 - 37.5 ), - 27.8 - 25.8 - 28.0 ',i - 26.2/ - 27.4 ,, - 22.9 - 36.6 / - 39.5 / - 38.5 \ - 24.6 :j - 19.2 - 34-5 \ 36.4 : 31.9 32.7 32.6 1 - 31.3 28.4 39.0 30.9 Federal Reserve Bank Check Collections Clearings operations of the Federal Reserve Bank of Kansas City and branches during March were somewhat greater, both as to the number of items handled and their dollar amount, 1 3 THJt MONTHLY REVIEW RETAIL TRADE AT 34 DEPARTMENT STORES IN TI-IE TENTH FEDERAL RESERVE DISTRICT COLLECTIONS SALES STOCKS (RETAIL) STOCK TURNOVER AccouNTS REcEIVAllLE March 1932 March 1932 3 Months 1932 March 31, 1932 March 31, 1932 compared to Stores compared to compared to compared to March 3 Months compared to Reporting March 1931 3 Months 1931 Feb. 29, 1932 Mar. 31, 1931 1932 1931 1932 1931 Feb. 29, 1932 Mar. 31, 1931 Feb. 1932 Mar. 193c Kansas City _ 4 -18.1 -14.3 -22.6 -21.9 3.9 - 8.4 .17 .20 .49 .57 3.9 - 9.6 - 0.7 -11.9 -11.4 -12.9 6.9 -10.8 .23 .23 .62 .64 o.8 - 7.0 Denver ------ 5 -11.0 -21.3 Oklahoma City 3 -17.9 -21.7 - 0.2 -19.7 .25 .25 .69 .73 - 2.3 - 9.3 Lincoln ____ 2 - 6.2 -17.9 - 9.7 -20.1 4.1 -18.6 .26 .24 .72 .75 - 0.4 -10.2 -14.5 -21.8 -18.8 -15.3 1.8 -19.9 .23 .23 .56 .52 Even -15.4 Topeka - - - 3 Tulsa _ _ _ 3 -13.1 -16.2 -14.7 -15.9 2.1 -29.1 .31 .26 1.05 .98 - 2.3 -11.3 Other cities_____ 14 6.6 -14.1 -15.9 -22.3 2.3 -20.l .24 .23 .64 .68 I.7 -11.3 Total --------- 34 -16.2 -19.0 3.8 -14.7 .22 .23 .61 .65 0.7 - 9.5 - 5.9 NOTE: · Percentage of collections in March on accounts February 29, all stores reporting 36.1. Collections same month last year 37.9. than in February, but 12.1 percent smaller as to number of items, and 27.2 percent smaller as to amount, than in March last year. Check collections through this bank and branches are shown in the following: ITEMS 1932 1931 January 4,535,143 5,586,152 February 4,372,154 5,064,116 March 4,875,141 5,544,150 Three months _____ 13,782,438 16,194,418 AMOUNT 1932 1931 $ 572,052,000 $ 787,363,000 660,856,000 506,516,000 553,048,000 759,865,000 1,631,616,000 2,208,084,000 Business Failures A decrease both as to the number and to the amount of liabilities involved in Tenth District failures in March as compared to February was contrary to the trend for the United States as a whole. The District had four more failures in March than a year ago, but liabilities were 12.6 percent less. First quarter failures, due to a heavy January mortality, were 7.5 percent greater as to number, and 100.6 percent greater as to current liabilities, than reported for the first three months last year. Insolvencies in the United States during March were, as to number, the largest for that month of record, and, as to the amount of liabilities involved, exceeded only by the total for March, 1924. Commercial failures in the Tenth District and the United States as reported by R. G. Dun and Company: TENTH DISTRICT Number Liabilities $ 1,908,380 March 1932 - - - - 140 i February 1932 _ __ 145 2,951,678 2,184,362 March 1931 - - - - 136 Three months 1932 _______ _ 442 10,551,658 Three months 1931._____ 4II 5,260,635 UNITED STATES Number Liabilities 2,951 $ 93,760,311 2,732 84,900,106 2,604 60,386,550 9,141 275,520,622 8,483 214,602,374 Trade ·wholesalers of drygoods reported the dollar volume of their March sales approximately the same as for February, but wholesalers of groceries, hardware, furniture, and drugs reported substantial increases for the month. March sales of drygoods were 23.6, groceries, 13.9, hardware 25.9, furniture 46.9, and drugs 14.2 percent below a year ago. Month-end inventories of groceries and drugs were smaller on March 31 than on February 29, but those of drygoods, hardware, and furniture were larger. All five lines reduced their stocks of merchandise during the year, the decrease for the five lines combined averaging 16.7 percent. Dry Goods Groceries Hardware Furniture Drugs Reporting Stores 6 5 9 6 6 -15.2 RETAIL: March sales of thirty-four department stores in cities of this District showed a normal seasonal increase over February, but were 16.2 percent below the dollar volume reported for March, 1931. Sales during the first quarter this year declined 19 percent as compared to the like period last year. Stocks of merchandise on hand at department stores at the end of March averaged 3.8 percent higher than at the close of February, but 14.7 percent less than on March 31, 1931. Collections during March equalled 36.1 percent of the amount of accounts outstanding at the close of February as against 34.1 percent in February this year, and 37.9 percent in March, 1931. Building The seasonal upturn in building operations in this District in March was slight as compared to previous years. The number and estimated cost of construction of buildings for which permits were issued in seventeen reporting cities was the smallest for any March in over thirteen years. BUILDING PERMITS IN TENTH DISTRICT CITIES PERMITS ESTIMATED CosT 1932 1931 1932 1931 Albuquerque, N. M. _____ $ 39, 190 $ 78,871 43 59 Colorado Springs, Colo. _____ 2 4, 149 46 33,807 47 Denver, Colo. 271,650 361 407 779,040 Hutchinson, Kans. 16 18 18,660 48,485 Joplin, Mo. 16 30,316 27 9,024 Kansas City, Kans 21,230 31,700 45 44 121,800 Kansas City, Mo 117 227 535,750 Lincoln, Nebr. 20,942 72,760 29 54 Oklahoma City, Okla. ________ 112 1,142,6II 205 n8,354 Omaha, Nebr. IOI 129,160 561,500 71 Pueblo, Colo. 23,540 70 18,545 55 Salina, Kans. 8 12,460 13 10,195 Shawnee, Okla. 8 1,900 28,400 14 St. Joseph, Mo 19,160 19,196 44 37 Topeka, Kans. 75,183 67,765 58 55 Tulsa, Okla. 55,010 67 290,985 154 Wichita, Kans. 60 123 175,691 27,75 1 Total 17 cities, March ________ 1,151 Three months ________ 2,703 1,660 4,286 $ 993,826 $ 3,920,954 2,793,069 14,u6,279 The report of the F. W. Dodge Corporation, on total construction contracts awarded throughout this District, shows residential building in a more favorable position than other types of construction, declining 6I .2 percent as compared to March, 1931, as against a 72 percent reduction indicated for total contracts awarded. WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OUTSTANDINGS COLLECTIONS Mar. 1932 compared to Mar. 31, 1932 compared to Mar. 1932 compared to Feb. 1932 Mar. 1931 Feb.29, 1932 Mar. 31, 1931 Mar. 1931 Feb. 1932 - 0.1 -23.6 18.2 -20.6 -20.9 - 1.9 19.1 -1 3.9 5.1 -12.4 7.1 - 2.3 -II.0 16.1 -25.9 3.1 -32.2 25.3 -46.9 -46.G 5.8 20.5 -34.8 31.3 -14.2 3.2 - o.6 -12.3 5.9 -14.3 STOCKS Mar. 31, 1932 compared to Feb.29, 1932 Mar. 31, 193r 2.4 -15.9 - 0.5 -13.9 4.0 -18.3 -25.1 3.9 - 0.1 -15.6 THE MONTHLY REVIEW 4 The F. W. Dodge Corporation report follows: TOTAL BUILDING CONTRACTS AWARDED TENTH DISTRICT UNITED STATES 1932 1931 1932 1931 March $ 5,354,898 $19,100,903 $n2,234,500 $369,981,300 February _ _ _ _ 5,016,031 10,173,745 89,045,800 235,405,100 Three months _____ 14,429,621 47,030,243 286,078,700 833,342,800 RESIDENTIAL CONTRACTS AWARDED TENTH DISTRICT 1932 1931 March $ 1,040,846 $ 2,685,619 February _ _ _ _ 869,036 2,029,616 Three months _________ 2,559,411 6,824,982 UNITED STATES 1932 1931 $ 33,208,600 $100,912,600 24,417,300 77,917,800 85,130,200 233,205,900 Lumber Sales of lumber in board feet at 164 retail yards in this District increased 31.3 percent in March as compared to February, but were 45.7 percent smaller than in March, 1931. Dollar sales of all materials increased 17.4 percent for the month but were 40.7 percent less than a year ago. Stocks of h,1mber at the close of the month were practically the same as on February 29 but 16.7 percent smaller than on March 31 last year. Collections during March were equal to 19 percent of accounts outstanding on February 29 as compared to 19.1 percent reported for February and 25.8 percent for March, 1931. March business as compared to February this year and March last year in percentages of increase or decrease: March 1932 Compared to February 1932 March 1931 Sales of lumber, board fee.__ _ _ __ 31.3 - 45.7 Sales of all materials, dollars _ _ _ _ __ 17.4 - 40.7 Stocks of lumber, board f e e ~ - - -- 0.1 - 16.7 Outstandings, end of montu_ _ _ _ __ 0.4 - 23.0 Cement There ·was not the usual expansion in the production of finished Portland cement at mills· in this District in March although output exceeded that for the preceding month by 1.4 percent. The March total was 65.1 percent below that of March, 1931, reducing the total for the three months this year to 37 .3 percent below that for the like period last year. Shipments exceeded production, resulting in stocks being reduced 2.6 percent which, on March 31, were 15 percent smaller than one year earlier. Production, shipments, and stocks of finished Portland cement at mills in this District: Mar. 1932 Barrels Produced - - - - - - - - - 290,000 Shipped - - - - - - - - - 352,000 Stocks, end of mont.~-- - - 2,336,000 Feb. 1932 Barrels 286,000 277,000 2,398,000 Mar. 1931 Barrels 830,000 646,000 2,748,000 Cement mills in the United States produced at only 21.3 percent of capacity during March this year as compared to 36.9 percent during March, 1931. March production totaled 4,847,000 barrels, shipments 3,973,000 barrels, and month-end stocks, which were the largest since last May, 27,530,000 barrels. Agriculture WINTER WHEAT: The lightest winter wheat crop in years is forecast by the United States Department of Agriculture. Abandonment, as a result of insufficient soil moisture, March freezes, and high winds, is unusually heavy although no official estimates will be made before May 1. Government estimates, based on April I conditions, placed the United States winter wheat crop at 457,970,000 bushels, a reduction of 42 percent from the record crop of 787,465,000 bushels harvested in 1931 and of 17 percent from the five year average crop of 550,636,000 bushels produced in the years 1924 to 1928, inclusive. Indications point to a Tenth District crop 54 percent smaller than a year ago and 29 percent less than the five year average. The weekly crop report of the Kansas State Board of Agriculture dated April 18, stated wheat had deteriorated further the forepart of April. The estimated production for the states of this District and the United States, on the basis of April I conditions, as reported by the United States Department of Agriculture, with comparisons: CONDITION Apr. 1 Apr. 1 10 Yr. 1932 1931 Aver. Colqrado ________ 52 88 81 Kansas -------- 64 93 78 Missouri _____ 80 92 81 Nebraska _____ 67 92 84 New Mexico - 79 93 73 Oklahoma ----- 74 87 81 Wyoming ------ 74 89 88 PRODUCTION Estimated Harvested 1932 1931 5 Yr. Aver. 6,600,000 14,616,000 13,289,000 98,500,000 239,742,000 135,180,000 I 9,900,000 29,800,000 I 9,906,000 28,000,000 57,431,000 52,456,000 2,500,000 4,626,000 1,826,000 38,000,000 74,919,000 50,566,000 * 1,449,000 777,000 Seven states ____ 67.8 91.5 80.1 193,500,000 422,583,000 274,000,000 United States__ 75.8 88.8 80.9 457,970,000 787,465,000 550,636,000 *Condition below normal but production not estimated. Farm stocks of wheat in the United States were reduced 48,381,000 bushels between March I and April I this year as compared to 45,769,000 bushels last year and a five year average reduction of 27,848,000 bushels. STOCKS OF WHEAT ON FARMS 1932 1931 Colorado 2,979,000 3,503,000 Kansas 40,778,000 15,003,000 Missouri 1,962,000 5,987,000 Nebraska 13,426,000 12,165,000 New Mexico ___________ 920,000 286,000 Oklahoma 11,238,000 2,991,000 Six states - - - - 75,328,000 United States --------- 158,942,000 35,910,000 u5,673,ooo APRIL 1 1930 2,152,000 16,340,000 1,848,000 9,973,000 399,000 3,075,000 5 Yr. Aver. 1,654,000 12,192,000 1,951,000 7,185,000 208,000 2,565,000 33,787,000 102,106,000 25,755,000 97,129,000 Stocks of wheat at interior mills and elevators in the United States on April I were somewhat smaller than on March I this year or April I last year, but holdings in this District were somewhat larger on April I than one month or one year earlier. STOCKS OF WHEAT AT INTERIOR MILLS April 1 March 1 1932 1932 Colorado ______ 2,300,000 2,255,000 Kansas 9,100,000 8,500,000 Missouri 1,690,000 1,990,000 Nebraska 3,580,000 2,470,000 New Mexico 70,000 90,000 Oklahoma 4,100,000 3,850,000 AND ELEVA TORS April 1 March 1 1931 1931 2,100,000 1,900,000 5,200,000 3,800,000 1,400,000 1,330,000 3,800,000 3,800,000 60,000 45,000 1,800,000 1,450,000 Six states _ _ _ _ _ 20,795,000 United States _ _ _ 70,091,000 12,395,000 71,623,000 19,200,000 74,609,000 14,290,000 83,205,000 OTHER CROPS: Freezing temperatures necessitated some reseeding of early sown oats, clover, and potatoes and reduced fruit prospects materially, especially apricots, peaches, pears, and , early varieties of apples. Cherries, plums, strawberries, grapes, and other fruits apparently escaped with slight injury. Garden and truck crops have been planted late. Indications are that Oklahoma will have a 15 percent peach crop as compared to a five year average crop of 53 percent. The United States peach crop is estimated at 33.4 percent compared to an April 1, 1931, ' and five year average condition of 71 .8 percent. The outlook for spring sown crops in the eastern half of this District is good but the western half is in need of rain. Oats, barley, and potato seeding is generally completed, and corn and cotton planting has commenced in the southern part. In southeastern Colorado the planting of sugar beets and onions is well advanced. TH!: MoxTl!L Y R:&vn:w The April 1 condition of pastures and fall sown rye in all states of this District and the United States is below that of a year ago or the ten year average. Kansas reports that alfalfa sown last fall is killed or stands greatly thinned, with other states reporting injury to both alfalfa and clover. SEEDING INTENTIONS: According to their March 1 intentions, as reported to the Crop Reporting Board of the United States Department of Agriculture, farmers of this District plan to seed a greater acreage this spring of all crops, except Rax, dry beans, and tobacco, than they harvested in 1931. The actual acreage sown may be larger or smaller than the intentions expressed at this time, the final acreage being determined by weather and financial conditions, prices, and labor. The acreage of the principal spring sown crops intended March 1, by farmers in the seven Tenth District states and the United States, as compared to the acres harvested in 1931: SEVEN STATE S Intended Harvested Pct. of UNITED STATES Intended Harvested Pct. of 1932 1931 1931 1932 1931 1931 Corn ___________ 29,158,000 28,453,000 102.5 107,278,000 104,970,000 102 .2 Oats ___________ 8,157,000 7,470,000 109.2 43,062,000 39,722,000 108.4 Tame hay ___ 8,372,000 8,099,000 103.4 54,195,000 53,449,000 101.4 Gr. sorghums 3,439,000 3,188,000 107.0 7,538,000 7,152,000 105.4 Barley __________ 2,543,000 2,124,000 u9.7 13,918,000 II,471,000 121.3 Spring wheat 612,000 432,000 141.7 16,967,000 11,071,000 153.3 Wht. potatoes 447,000 409,000 109.3 3,440,000 3,382,000 101.7 Dry beans ____ 492,000 540,000 91.1 1,640,000 1,860,000 88 .2 Soy beans ____ 452,000 444,000 101.8 3,094,000 3,102,000 99.7 Cowpeas ______ 150,000 122,000 123.0 1,795,000 1,470,000 122.1 Flaxseed ___ 83,000 83,000 100.0 2,689,000 2,313,000 u6.3 Peanuts ______ 44,000 35,000 125.0 1,859,000 1,687,000 110.2 Swt. potatoes 38,000 35,000 108.6 897,000 77 8,000 115.3 5 Flour Milling Flour mills in this District operated at a slightly higher rate of activity in March than in either the preceding month this year or the corresponding month last year. Total output in March was 9.9 percent greater than in February and 3.8 percent greater than in March, 1931, but first quarter production was 1 .6 percent under a year ago. Flour production in this District as estimated from the weekly reports of southwestern mills to the Northwestern Miller: Mar. 1932 Barrels Feb. 1932 Barrels Mar. 1931 Barrels 120,304 604,221 68,634 149,901 33,306 236,375 761,445 108,176 572,385 56,299 131,165 21,695 202,637 704,638 l 16,429 615,262 85,699 185,150 24,586 1I2,525 762,770 _ _ _ _ _ _ _ _ 1,974,186 1,796,995 1,902,421 Atchison Kansas City _ _ _ _ __ Omaha Salina St. Joseph _ _ _ _ _ _ __ Wichita Outside ________________ Total At the opening of March sales were slow, export demand quiet, and shipping directions scarce, but as wheat and flour prices declined all three improved, but domestic purchases continued to be for small lots for near-by requirements. Flour prices worked lower during March to close with an approximate net loss of 20 cents per barrel. Millfeed demand was spotted with the outlet for bran reported fair to good, whereas, that for shorts was relatively weak. Quotations for shorts advanced about $1 and on bran about $1.50 per ton. Livestock MARKETING: Storms in March curtailed the movement FARM LABOR AND RENTS: Farm wages and cash rents are materially lower than a year ago and a farm labor supply of livestock to market to some extent. Receipts of cattle at the over double the demand is indicated for this District by the six principal livestock markets of this District were the smallest reports of the various State Boards of Agriculture. Farm wages, for any March in recent years and those of calves the smallest with board, in Missouri are reported the lowest since 1902, for any March since 1920. Hogs, including those shipped direct averaging 95 cents per day as compared to $1.15 in Kansas, . to packers' yards, were in normal supply, as were horses and $1 .25 in Nebraska, and 80 cents per day in Oklahoma. In 193 r mules. Marketings of sheep continued heavy. At sixty-three public stockyards in the United States March wages ranged from 15 to 20 percent lower than in 1930. Fewer receipts of cattle were 13 percent, calves 7.3 percent, hogs 19.8 farms than normally are being rented on a cash basis. percent, and horses and mules 21.6 percent below, and receipts Grain Marketing of sheep 19.1 percent above the five year average. There was a sharp falling off in the receipts of wheat at the PRICES: Hogs, after advancing 70 cents per hundredweight five principal grain markets of this District in March as comat Kansas City to the year's high of $4.60 on March n, closed pared to the record February marketings, and the March total the month only 5 to IO cents higher than one month earlier, the was 33.4 percent less than a year ago. Arrivals of corn, although 10.7 percent greater than in the previous month, continued light, lowest March close since 1896. Lamb prices continued their being- in about one-third normal supply and the smallest for advance of the preceding month to the highest levels since last summer, with fed wooled lambs selling up to $7.60 for the any March in over fifteen years. Marketings of oats were also month's top or 85 cents above the February peak. In the closing light, equalling 33 percent of the ten year average. week of the month, lamb prices declined sharply. Cattle prices Receipts of six classes of grain at the five markets: were somewhat irregular with prices between common and Wheat Corn Oats Rye Barley Kafir good to choice grades narrowing. Better grades of beef steers Bushels Bushels Bushels Bushels Bushels Bushels Hutchinson _ 1,120,500 were $1 to $1 .25 per hundredweight lower for the month but 72,500 6,250 187,200 Kansas City__ _ 5,0II,200 808,500 144,000 4,500 56,000 114,800 stockers and feeders were 25 to 50 cents higher. Veal calves Omaha _________ _ 700,800 553,000 76,000 2,800 I 6,000 were lower. Compared to a year ago, best cattle closed approxSt. Joseph ____ _ 409,600 408,000 218,000 5,250 imately $3, hogs $3.50, and lambs $2 per hundredweight lower. Wichita ______ _ 537,000 10,400 1,500 1,300 7, 800 STOCKERS AND FEEDERS: Shipments of stocker and Mar. 1932 ---- 7,779,100 1,852,400 439,500 7,300 84,800 309,800 feeder cattle from four Tenth District markets during March Feb. 1932 ____ 22,775,150 1,673,300 1,256,000 23,600 49,250 388,600 and the initial quarter of the calendar year were only 58 and Mar. 1931 ---- 11,676,800 6,006,850 1,133,000 23,100 75,550 205,400 54 percent, respectively, of the ten year average, and the smallest 3 Mos. 1932_ 43,530,650 4,839,700 2,356,000 48,200 223,900 957,800 3 Mos. 1931- 43,610,400 21,987,000 2,914,500 101,000 302,550 859,800 for the like month or three months of any post war year. The All grain prices closed the month slightly lower, but, exclu- outgo of calves in March was 8 percent above the ten year sive of corn, were somewhat higher by April 15. Compared to average, but first quarter shipments were IO percent below the closing prices in March, 1931, No. 1 hard and dark wheat at ten year average and 26 percent below the average for the past 49 cents and No. 2 mixed corn at 34 cents per bushel showed five years. The countryward movement of hogs was the smalla loss of 20 cents per bushel, and No. 2 white oats at 25 cents est for any March or first quarter in over fifteen years, the were off 7½ cents per bushel for the year. March movement being 27 percent and the first quarter move- 6 THE Molf'fHLY ment 30 percent of the ten year average. T here has been a marked decline in shipments of sheep and lambs each month this year as compared to recent years, and quarterly shipments were the smallest for any like period since 1921 and 32 percent short of the ten year average. The Government report on stocker and feeder shipments of livestock from sixty-three public stockyards in the United States in March showed the following decreases from the five year average: cattle 31.1; calves 15; hogs 55.1; and sheep and lambs 31 .2 percent. The Division of Crop and Livestock Estimates, United States Department of Agriculture, estimated 16 percent less cattle on feed in the eleven Corn Belt states on April I than a year ago. The area east of the Mississippi river showed an increase of 12 percent and that west of the river; where the number on feed April I last year was the largest in recent years, a decrease of 21 percent. Those states which suffered most from the drought last summer and where feed supplies are short showed the greater decrease, with Colorado reporting a decrease of over 50 percent, Nebraska 30 percent, Kansas IO per cent, and Missouri no change. The department also reported 5ro,ooo sheep and lambs, the same number as a year earlier, in feed lots in northern Coiorado, the Arkansas Valley, and the Scottsbluff section of Nebraska on April 9. Shipments from these three sections since January I have totaled 5,478 cars compared with 5,375 cars last year and 7,768 cars in 1930. RANGES AND PASTURES: New grass has been slow in starting on western ranges, and, except in the southwest, hay and feed supplies are short. Range cattle are in fair condition but thin, and losses have not been unusually heavy except in local areas of short feed supplies. Cold weather and storms have caused some loss of early calves, and due to the poor condition of cows, the calf crop may be short. Sheep losses have been comparatively heavy, especially old ewes which are in poor to fair condition as a result of short feed supplies and an exceptionally severe winter. A rather heavy mortality of both ewes and lambs occurred in both the range states and the corn belt during the cold, wet weather in March. The April I condition of ranges was 76 percent of normal, that of cattle 80, and of sheep 79 as compared to five year averages of 86.5, 87.5, and 90.4 percent, respectively. The spring movement of cattle from the southwest to northern grass will be, due to lack of finances, the smallest in year~ and slightly less this spring than the very small run of 366,000 head last year, according to the report of the Division of Crop and Livestock Estimates. Only 34 percent of the Blue Stem pastures of Kansas and 60 percent of the Osage pastures of Oklahoma had been leased to April I as compared to 55 percent and 80 percent last year. Kansas City______ Omah St. Joseph _ _ Denver_ _ _ Oklahoma City_ Wichita _________ March 1932-__ February 1932 __ Cattle 108,185 100,622 30,924 2 2,334 20,119 18,277 R1:Tntw March freezes damaged grass and surface moisture is deficient but subsoil moisture is ample. The condition of the Blue Stem pastures is the poorest in years, being 73 percent of normal as compared to a five year average of 94 percent. The Osage pastures show a condition of 82 percent of normal. Lease prices are the lowest in many years and are from 20 to 25 percent below last year, and 30 to 40 percent below 1930. POULTRY AND DAIRYING: Cold weather in March resulted in a decline in the production of milk and eggs in the United States. With 3 to 4 percent more dairy cows on farms April I than a year ago and 70.1 percent of the herd, a record, being milked, total production was reported by correspondents as the lowest for that date since 1925 and 5 percent lower than last year. Egg production on April I was reported as 7 percent below a year ago with 3 percent less hens on farms. Commercial hatcheries report a ro.7 percent greater number of salable chicks hatched between January I and March 1, but orders for March and later deliveries running about 4 percent under a year ago. Receipts of fresh butter at the four largest markets during March were 3 percent larger than last March, but receipts of eggs at these markets from January I to April I were 18 percent, and of poultry 20 percent, less than for the same period bst year. Farm prices of butter, eggs, and poultry showed little change in March but declined somewhat the forepart of April. l\'.leat Packing Packers at six leading centers in this District, as indicated by their purchases at the public stockyards, slaughtered fewer cattle in March than in any like month of recent years and fewer calves than in any March, 1931 excepted, since 1922. Their purchases of hogs, including direct shipments to their yards, were the smallest for any month since November, but the March total compared favorably with preceding years. A smaller proportion of sheep and lambs arriving at the markets were taken by the packers and purchases were the smallest for any March since 1929, and but slightly in excess of the ten year average. The report of livestock slaughtered under Federal meat inspection shows the March slaughter of calves, sheep, and swine in the United States was 1.2, 7.9, and 4.0 percent, respectively, larger, and of cattle 0.4 percent smaller, than in March, 1931. Cold Storage Holdings United States cold storage holdings of all commodities as of April I were below the five year average for that date. Stocks of lamb and mutton were 64.7, beef 36.6, pork 6.7, lard 14.1~ poultry 13.8, miscellaneous meats 17.1, butter 28.1, and cheese 5.8 percent below the five year average April I holdings. There was a heavy carryover of frozen eggs with stocks 49.4 percent above the average, but April I holdings of eggs in cases were 54.9 percent below the average and total holdings of all eggs were 6.6 percent less than the average. MARCH MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT STOCKERS A~D FEEDERS RECEIPTS PURCHASED FOR SLAUGHTER Sheep Calves Hogs Calves H ogs Cattle Sheep Cattle Calves Hogs Sheep 1,822 12,203 12,396 •222,575 199,924 2,783 23,794 132,102 54,058 10,419 •201,621 291 ,66 1 231,640 21 ,939 8,982 13,671 2,432 1,694 216,586 62,334 6,550 134,346 86, 461 142,978 6,049 223 21,666 3,535 752 66,223 7,593 97,082 5,747 3,022 257,026 57,098 722 2,220 2,693 3,749 9,796 955 24,789 34,373 12,167 45,985 I2,I I I II,507 4,393 3,848 41,716 15,43 1 3,974 5 1,45 1 7,137 1,477 13,358 49,554 38,816 859,166 300,461 755, 23 1 712,673 292,356 34,294 1,015,892 March 1931-___ 716,040 825,439 41,593 359,385 3 Months 1932 ___ 918,905 107,786 2,875,329 2 , 2 59,593 3 Months 1931-_ 1,019,499 131,509 2,696,091 2,156,519 •Includes 129,086 hogs shipped direct to packers' yards. 44,749 41,865 61,781 139,753 240,982 • 6,393 3,973 6,084 17,331 25,640 4,99° 5,351 6,905 15,538 21 ,559 44,428 49,822 66,331 153, 147 231,641 166,498 168,905 I 84,553 519,326 500,587 30,261 28,495 28,580 84,349 88,814 610,073 835,448 526,252 2,305,009 2,039,518 413,788 448,076 432,389 1,337,254 r,241,734 THE MONTHLY REVIEW Compared to April r, 1931, holdings of all commodities, except poultry and lard, declined. The increase in poultry stocks was due to larger holdings of turkeys. The March out-of-storage movement of beef, poultry, and butter was smaller, and that of miscellaneous meats larger, than last year or the five year average for that month. The outmovement of lamb and mutton was greater than last year but below the average, and that of cheese smaller than last March but above the average. Contrary to usual trends there was an out-movement of pork of r 8,226,000 pounds during March as against the out-movement last year of 9,737,000 pounds and a five year average in-movement of 22,701,000 pounds. The month's increase in stocks of lard was over 300 percent greater than last year but only 12 percent greater than the five year average. After two unsatisfactory storage seasons, egg packers were hesitant in placing eggs in storage during March, the initial month of the new season, and the increase in holdings between March I and April I was approximately one m illion cases 70 percent below that of last year and the five year average. United States cold storage holdings as reported by the United States Department of Agriculture: 7 Present production and supplies of petroleum, restrictions and prorations in proven fields, lack of funds, and the present price of crude oil failing to justify the high cost of wildcatting, are factors restricting new operations. The summary of March field operations: Oklahoma Kansas Wyoming Colorado New Mexico Wells Barrels Daily Completed New Production 79 38,125 7,522 30 2 910 2 27 25,206 4 March 1932 _____________ February 1932 ________ March 1931 -------------Three months 1932Three months 1931- II7 Dry Wells 26 6 0 0 71,790 108,454 189,332 259,286 1,087,417 IIO 157 346 589 Gas Rigs-Wells Wells Drilling 12 313 2 154 0 72 0 80 0 51 33 38 54 117 191 14 17 26 47 89 670 655 828 or The United States Bureau of Mines estimated the 1931 consumption of crude oil as 2 percent greater than in the preceding year and reported the 1931 daily average dorn.estic production as 17,000 barrels short of the daily average domestic demand, whereas, in 1930 the domestic demand exceeded domestic production by 74,000 barrels per day. •April 1, March 1, April 1, April 1, 1932 1931 5 Yr. Av. 1932 Beef, lbs. - - - - - - - - 46,405 51,1 07 6r,II1 73,175 Pork, lbs. - - - - - - - 794,173 812,399 843,671 850,963 Lamb and mutton, lbs . _ _ _ 1,238 1,784 3,063 3,50~ Poultry, lbs. _ _ _ _ _ _ _ 74,513 96,422 69,9 86 86,458 ..Turkeys, lbs. _ _ _ _ _ _ _ 11,382 13,853 6,351 10,664 Miscellaneous meats, lbs._____________ 65,913 73,368 85,678 79,515 Lard, lbs. _ _ _ _ _ _ _ _ 106,411 92,861 78,249 123,864 Eggs, cases _ _ _ _ _ _ _ _ 689 258 1,893 1,528 Eggs, frozen (case equivalent) ___ 1,968 1,944 2,230 1,317 Butter, creamery, lbs__ _ _ 9,034 15,243 l 8,0 IO I 2,572 Cheese, all varieties, lbs____ 48,785 55,568 54,270 51,781 •subject to revision. ..Included in Poultry. (ooo omitted.) The tonnage of soft coal mined in the six coal producing states of this District during March was the smallest reported for any March in recent years and for any month since August. The 8.4 percent decrease in output as compared to February was somewhat less than usual and, although the March total was 7.2 percent below that of March last year, the first quarter total of 5,456,000 tons was 0.3 percent greater than for the corresponding period a year ago. Soft coal production in each of the six states and the United States: Petroleum There was an 0.7 percent decrease in the daily average flow of crude oil from wells in this District in March as compared to February, but gross production was 6.2 percent greater. March production was 20 percent and first quarter production 12.9 percent less than during the corresponding month and three months of 1931. Crude oil prices were firm during March but between April I and 15 practically all crude oil purchasing companies announced an advance in the price of mid-continent crude of 15 cents per barrel. Prices under the new schedule range from 76 cents per barrel for oil testing below 29 degrees gravity and advancing 2 cents for each additional degree of gravity with a top price of $1 per barrel for oil testing 40 degrees and over. Gasoline and kerosene prices advanced somewhat in March and rapidly the forepart of April, and prices of other refined products which were steady during March, improved in April. Gross production of crude oil in this District and the United States during March with comparisons: •Mar. 1932 Barrels Oklahoma - - - - - - - - 13,068,000 K2.nsas 3,079,000 Wyomin~ 1,159,000 Color2do _ _ _ _ _ __ 108,000 New Mexico _ _ _ _ _ _ __ 1,158,000 Feb. 1932 Baffels 12,478,000 2,736,000 1,085,000 107,000 I ,079,000 Mar.1931 Barrels 17,286,000 3,292,000 1,325,000 135,000 1,181,000 Total, five states _ _ _ _ _ _ 18,572,000 Total, United States, _ _ _ _ _ 66,735,000 •Estimated, American Petroleum Institute. 17,485,000 62,484,000 23,219,000 69,397,000 Driliing operations as measured by the number of wells completed during March and the number of rigs up and wells drilling at the close of the month continued quiet. Bituminous Coal •March 1932 Tons 507,000 192,000 386,000 98,000 95,000 350,000 Colorado Kansas Missouri New Mexico Oklahoma Wyoming Total, six states Total, United States •Estimated. 1,628,000 -- 32,320,000 February 1932 March 1931 Tons Tons 594,000 210,000 343.,000 108,000 100,000 423,000 616,000 223,000 248,000 135,000 130,000 402,000 1,778,000 28,013,000 33,~70,000 1,7~5-4,000 Zinc and Lead , Shipments of both zinc ore and lead ore from mines in the Tristate district during the four weeks' period ended April 2 were substantially smaller than in the preceding four weeks ended March 5 and the corresponding four weeks ended April 4, 1931. Zinc ore prices declined $1 per ton to the previous low level of $17 per ton, as compared to $25 per ton one year earlier. Lead ore prices registered one $5 and two $2.50 per ton declines in March to close at $25 per ton, the lowest in over thirty years and $20 per ton less than last year. Shipments of zinc ore and lead ore from mines in Oklahoma, Kansas, and Missouri: Oklahoma K:msas Missouri 4 Wks. ended Apr. 2, 1932 _____ 4 Wks. ended Mar. 5, 1932 _____ 4 Wks. ended Apr. 4, 1931-___ 14 Wks. ended Apr. 2, 1932 ___ 14 Wks. ended Apr. -4, 1931____ ZrncORE Tons Value 7,324 $ 126,121 3,868 66,416 11,192 16,106 19,802 42,453 75,025 s 192,537 289,903 495,050 744,945 1,933,676 LEAD Chui: Tons Value :17,252 934 10,013 339 212 6,362 s 1,485 2,873 3,215 10,585 9,286 $ 43,627 11-4,920 146,-477 417,861 -448,661 8 THE MONTHLY REVIEW Business Conditions in the United States By the Federal Reserve Board IN DUSTRIAL PRODUCTION 1, ~ ,,- /- A I \ ~ \ 80 1927 "V\ \... 6-0 1978 JQJ2 Index number of industrial production, adjusted for seasonal variation. (1923-1925 average 100.) Latest figure, March, 68. = PUC,[Hf 120 PtRCCNT 120 FACTORY [MPLOYMtNT AIID PAYROLLS Industrial activity was in smaller volume in March than in February, although usually little change is reported at this season, and the number of employees at factories was also reduced, contrary to seasonal tendency. Volume of reserve bank credit decreased in March, but showed a considerable growth in the first three weeks of April. Money rates continued to decline. PRODUCTION AND EMPLOYMENT: Output of industrial products, as measured by the Board's seasonally adjusted index, declined from 70 percent of the 1923-1925 average in February to 68 percent. Daily output at steel mills and automobile factories decreased, contrary to seasonal tendency, and activity at woolen mills declined sharply to the lowest level in recent years. Cotton consumption by domestic mills continued at the February rate, although sales of cotton cloth declined, and output of shoes increased considerably. In both of these industries production was at about the same rate as a year ago. Activity in the lumber industry, which recently has been at a level about 45 percent lower than last year, increased by more than the usual seasonal amount. Output of coal also increased considerably during March but declined in early April. 110 100 ?O eo 70 60 50 .,___~_,___ 1927 1928 __,__ _..____ 1929 1930 _,___ 1931 __,__ ___, so 1932 Indexes of factpry employment and payrolls, without adjustment for seasonal variation. (1923-1925 average 100.) Latest figures March, employment 66.4, payrolls 52.3. = Volume of factory employment and payrolls decreased from February to March although an increase is usuai at this season. There were substantial reductions in working forces in the steel, automobile, machinery, and furniture industries as well as at woolen and silk mills, while clothing and shoe factories showed additions to their working forces. Value of building contracts awarded, as reported by the F. W. Dodge Corporation, showed some increase of a seasonal character during March and the first half of April and was approximately one-third as large as last year. DISTRIBUTION: Rail shipments of merchandise, which ordinarily increase in March, showed little change and sales at department stores in leading cities increased by less than the estimated seasonal amount. WHOLESALE PRICES: The general level of wholesale commodity prices showed little change between February and March according to the Bureau of Labor Statistics. In the first two weeks in March prices of many commodities, including livestock and meats, advanced. Between the middle of March and the third week in April, prices of cotton, silk, wool, hides, sugar, silver, and tin declined considerably while prices of coffee and petroleum increased. Wheat prices showed wide fluctuations but were at about the same level in the week ending April 23 as in the first half of March. Monthly averages of daily figures for twel ve Federal reserve banks. Latest figures are averages of first 21 days in April. Monthly averages of daily figures. Latest figures are averages of first 21 days in April. BANK CREDIT: The Federal Reserve system's holdings of United States Government securities, after increasing continuously from early in March, totaled $1,078,000,000 on April 20, an increase of $338,000,000 since the end of February. This increase has . been accompanied by some further decline in the reserve bank's holdings of acceptances ' and a reduction of $164,000,000 in discounts. Member bank indebtedness to the reserve banks showed a considerable reduction in all of the Federal Reserve districts. Total volume of reserve bank credit outstanding, which had declined in March, reflecting a continued return of money from circulation and an increase in the country's stock of monetary gold, increased by $n5,ooo,ooo du.ring the first three weeks of April. This increase was accompanied by a substantial growth in member bank reserve balances. Total loans and investments of reporting member banks in leading cities continued to decline during the five weeks ending April 13. At banks in New York City, however, there was an increase in investment holdings, both of United States Government securities and other securities, offsetting the decline in loans which continued until the middle of April. Open market rates for bankers' acceptances showed successive reductions and on April 21 the offering rate for ninety day bills was t of one percent, the same rate as prevailed between May and September, 1931. Rates on commercial paper also declined.
@FedFRASER