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THE MONTHLY REVIEW Of Agricultural, Industrial, Trade and Financial Conditions in the Tenth Federal Reserve District FEDERAL Vo1. 21 RESERVE BANK KANSAS CITY, Mo. , ENERAL business activity in the Tenth Federal . Reserve District, as measured by the volume of debits to individual accounts in banks, expanded somewhat more than seasonally during March and was about IO per cent above the level of March last year, with the record for the first quarter of 1936 indicating an improvement of about 12 per cent over the first quarter of 1935. Department store sales and wholesale trade increased more than usual during March and the upturn in building operations when the weather improved was accompanied by substantial increases in retail lumber sales and in the production of cement. Business failures, although showing an increase over the low levels which have prevailed, were relatively minor. The production of flour declined in March owing to the limited volume of flour sales, and bituminous coal production receded from the high February level when severe weather had resulted in an increased demand for fuels. Crude oil production and shipments of zinc ore increased, but there was a decrease in lead shipments. Packers' purchases of live stock indicated a general increase in meat packing operations during the month. March slaughter totals closely reflected marketings, with the slaughter of cattle and calves above the average March volume during the past ten years and the slaughter of hogs and sheep below the average. Receipts of grain and live stock at the principal markets in the District increased with the lifting of weather restrictions and there was an increase in the countryward movement of stockers and feeders. Grain prices weakened during March and cattle prices were steady to lower, while prices of hogs and lambs advanced. Western range feed on April I was fair to good and live stock was generally in good condition, with good calf crop and late lamb crop prospects. The generally warm, dry March weather enabled farmers to make rapid progress in spring farm work, but soil moisture conditions were generally unsatisfactory throughout the central part of the District and rains were needed. Winter wheat prospects on April I were much better than a year ago, although abandonment was expected to be above the average because of the continued dry weather. Freezing temperatures in the first week of April damaged fruit crops. Pastures were late in starting because of the severe winter and continued dryness and were retarded by late frosts. G OF MAY 1, KANSAS 1936 CITY No. 5 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Percentages of Increase, or Decrease (-), for March 1936 over February 1936 and March 1935 and for the first three months of 1936 over the like period in 1935. 3 Mos. 1936 March 1936 compared to compared to 3 Mos. 1935 Banking Feb. 1936 Mar. 1935 12.2 Payments by check, 29 cities .. _ _ _ _ 5-4 9.9 Federal Reserve Bank check collections.. 16.1 9.9 9.5 23.6 Business failures, number.... 17.5 42.4 Loans, 52 member bank I.I 8.3 I.I Investments, 52 member banks................ 6. 7 Adjusted dem. deps., 52 member banks .. - 0.2 8.3 O.I Time deposits, 52 member banks.--········· 1.9 Savings deposits, 45 selected banks·--····· 0.3 3.7 I.I 0.2 Savings accounts, 45 selected banks ........ Distribution 8.3 Wholesalers' sales, 5 lines combined ........ 1-4.9 8.2 IO.I Retailers' sales, 32 department stores...... 62.2 Lumber sales, I 58 retail yards ................. . 53.5 -10.0 Life insurance, writte •.___ _ _ . - 1.5 Construction 43.1 31.7 Building contracts awarded, value·---····· 96.4 Residential contracts awarded, value..... . 84.0 174•9 Building permits in 17 cities, value......... . 125.9 Production -10.9 - 2.9 Flour----··················· ....................... - 8.o 8.2 1.8 4.7 Crude petroleum·--······ - - - Soft coaL. _ _ _ _ _ _ _ _ __ 24•7 - 6.4 -43. 2 17.0 Zinc ore (shipped) Tri-State district ........ 33.I 34-9 32.1 56.6 Lead ore (shipped) Tri-State district .... - -20.8 Cement.-.......... _ _ _ _ ...____ .... II.O 52.6 33.9 Grain receipts, 5 markets Whea.___ _ .......................................... . 77.9 79· 1 77-9 102.9 48.7 37.1 Corn .... ----··························· ........ . 86.6 96.8 Oat ..................... 176.9 Live stock receipts, 6 markets 16.0 1.7 Cattle........ ------·····-········· ... ···· Calve...___ _ _ ...................................... - 6.4 - 15.3 19.'.1 Hogs ...................... _ _ _ _ .................. . 33.7 0.2 8.7 Sheep........................................................... . 11.8 -12.3 Horses and mules....................... ······-······ Meat packing, 6 markets Cattle ......................................................... . 19-5 3.5 32•7 - 2.5 - 8.5 5.1 Calves·-········· .... ···················--··· ................... . 18.6 31.1 Hogs ............................................................. . 4.5 20.0 13.0 Sheep ............................................................ 11.5 Stocker and feeder shipments, 4 markets -14.8 82.7 Cattle ........................................................... . 5-1 --26.7 -36.3 383.6 Calves·--··· .. ··.............................................. .. 1 3·5 -4o.5 -4i.5 Hogs ............................................................. . -58.3 -34.9 Sheep .......................................................... - -12.9 Member Bank Operations Loans and discounts of fifty-two reporting member banks in the Tenth District, following a decline in February, increased slightly during the five weeks ended April 8 and investments increased 6.7 per cent, reflecting principally an increase in holdings of United States Government obligations. Loans and discounts on April 8 were 8.3 per cent and investments were I.I per cent greater than on April 10, 1935. Reserves with the Federal Reserve Bank decreased 6.4 per cent This Copy Released For Publication during the five weeks, reflecting chiefly a transfer of funds in connection with the receipt of income taxes and incident to the Treasury's March financing. Adjusted demand deposits decreased fractionally during the five weeks ended April 8 and balances held for domestic ban ks, which had increased in February, declined 6.8 per cent, while United States Government deposits increased. There was little change in time deposits during the five weeks and a slight In Morning Newspapers, April 30. '.2 THE MONTHLY REVIEW increase over a year ago. Adjusted demand deposits on April 8 were 8.3 per cent and inter-bank deposits of domestic banks were I 1.6 per cent greater than on April IO, 1935. The principal resource and liability items of the consolidated weekly condition statements of the fifty-two reporting banks, for the three dates of comparison: Loans and investments-total.. Loans and discounts-totaL_ ... Secured by stocks and bonds All other loans and discounts Investments-tota.~ - - - U. S. securities direct·--········· Obligations fully guaranteed by the U. S. Government.. Other securitie.~ - - - Reserve with F. R. Bank......... . Demand deposits-adjusted ..... . Time deposits...... _ _ _ __ U.S. Government deposits....... . Inter-bank deposits: Domestic banks·---··············· Foreign banks .. _ _ _ __ April 8, 1936 March 4, 1936 April 10, 1935 $626,137,000 f,598,119,000 . f,604,728,000 200,852,000 217,620,000 215,316,000 54,822,000 48,283,000 47,862,000 146,030,000 169,337,000 167,454,000 408,517,000 382,803,000 403,876,000 244,629,000 221,202,000 258,588,000 42,420,000 121,468,000 103,254,000 43 2,037,000 144,815,000 18,442,000 45,148,000 II6,453,ooo I 10,343,000 433,048,000 144,723,000 II,956,000 24,231,000 121,057,000 105,730,000 399,007,000 142,158,000 21,900,000 349, 290,000 II8,ooo 374,7 27,000 102,000 3 13,0 57,000 102,000 Reserve Bank Operations The small holdings of bills discounted for member banks increased slightly during the five weeks ended April 8, and holdings of bills purchased remained unchanged. Industrial advances showed a further slight increase from March 4 to April 8 and were somewhat larger than the total of a year ago. Holdings of United States Government obligations increased by $10,000,000 and on April 8 were 9.4 per cent greater than five weeks or fifty-two weeks earlier. Federal Reserve note circulation increased further from March 4 to April 8 and on that reporting date was 21.3 per cent greater than on the corresponding date last year. Member banks' reserve deposits declined 8.5 per cent during the five weeks ended April 8 and were 7.5 per cent smaller than on April 10, 1935. The principal resource and liability items of the weekly condition statements of the Federal Reserve Bank of Kansas City and branches, for the three dates of comparison: April 8, 1936 March 4, 1936 April 10, 1935 Total reserves.............................. $221,706,376 f,218,120,576 f,200,249,646 Bills discounte...______ 379,526 261,968 79,584 Bills purchased............................ 132,904 132,904 143,248 Industrial advances.................... 1,164,431 1,131,533 959,207 U.S. securities........ _ _ _ _ II6,844,200 106,844,200 106,844,250 Total bills and securities............ II8,702,061 108,551,605 108,026,289 Total resources.... _ _ _ _ _ 373,210,736 363,083,299 338,974,080 F. R. notes in circulation .... _.... 144,928,375 143,051,325 119,512,825 Member banks' reserve deposits 16o,272,195 175,103,835 173,216,888 The discount rate of the Federal Reserve Bank of Kansas City, on all classes of paper and all maturities, remains unchanged at 2 per cent. Savings Savings deposits at forty-five selected banks in leading cities of the District increased slightly from March I to April I and on the latter date were 3.7 per cent greater than on April 1, 1935. There was also a slight increase in the number of savings accounts during the month and an increase of 1.1 per cent during the year. Savings accounts and savings deposits reported by the forty-five banks: April 1, 1936........................... ........... .... March 1, 1936.-....................................... April 1, 1935.... _ _ _ _ _ _ _ _ Savings Accounts 408,653 408,001 404,045 Savings Deposits $125,327,167 124,946,701 120,875,949 Reserve Bank Check Collections The dollar volume of check collections through this bank and branches increased 16.1 per cent during March and was 9.9 per cent greater than in March, 1935. Che<;:k <;:ollections for the first three months of this year increased 9. 5 per cent in dollar volume and 10.3 per cent in the number of items handled compared to the first three months of last year. Check collections through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City: AMOUNT ITEMS March·--··········· February.......... Three months.. 1936 6,188,634 5,116,930 17,098,179 1935 5,3°5,795 4,9 1o,336 15,494,545 1936 f, 892,690,000 768,936,000 2,556,038,000 1935 f, 8n,967,ooo 723,156,000 2,334, 299,000 Bank Debits Debits by banks to individual accounts in twenty-nine reporting cities in the District increased 5.4 per cent during the four weeks ended April I and were 9.9 per cent greater than during the corresponding four weeks in 1935. Debits for the first thirteen weeks of 1936 exceeded the total for the same period in 1935 by 12.2 per cent. PAYMENTS BY CHECK FouR WEEKS ENDED Per cent Change April 1, 1936 April 3, 1935 8,936,000 9,586,000 f, Albuquerque, N. M.·---············· f, 7.3 Atchison, Kans .. 2,913,000 2,705,000 - 7.1 Bartlesville, Okla.. -..................... 10.2 18,870,000 20,797,000 3,644,000 19.8 4,364,000 Casper, Wyo---··············· Cheyenne, Wyo ........................... 6,014,000 6,293,000 4.6 10,802,000 28.4 Colorado Springs, Colo.·--········· 13,874,000 Denver, Colo ....... 15·3 146,388,000 126,932,000 *Emporia, Kans 2,811,000 Enid, Okla..... - .. 6,984,000 10.9 7,746,000 Fremont, Nebr. _ _ _ _ _ 2 5-9 2,686,000 2,133,000 Grand Junction, Colo................. 2,181,000 2,511,000 15.1 Guthrie, Okla. 1,645,000 1,338,000 22.9 Hutchinson, Kans ....................... 11 ,354,000 8,985,000 --20.9 2,116,000 1 5•4 Independence, Kans ................... 1,833,000 Joplin, Mo ................................... 8,659,000 17.6 7,364,000 Kansas City, Kans ..................... 10,166,000 9,908,000 - 2.5 26o,474,ooo 250,885,000 3.8 Kansas City, Mo·-····················· 10.6 Lawrence, Kans ........................... 3,184,000 2,879,000 Lincoln, Nebr..-........................... 25,087,000 23,389,000 7.3 Muskogee, Okla..... 29.1 7,274,000 5,636,000 Oklahoma City, Okla ................. 18.1 86,299,000 73,o47,ooo Okmulgee, Okla•.......................... 2,809,000 2,400,000 17.0 1 35,95°,000 14-9 Omaha, Nebr............................... II8,290,ooo 8.4 3,677,000 3,39 2,000 Pittsburg, Kans·-···-····················· Pueblo, Colo ..............................-.. -14.1 II,219,000 13,060,000 6,662,000 -4.0 6,396,000 Salina, Kans.·-·························-··· 23,597,000 St. Joseph, Mo .. _......................... 4.2 24,591,000 -10.8 Topeka, Kans 15,058,000 r3,437,ooo 19•7 91,622,000 109,647,000 Tulsa, Okla.·--···-···················-··-·· 36,912,000 3.8 38,305,000 Wichita, Kans .........••·······-···-······ Total 29 cities, 4 weeks .......... 'f, 976,612,000 Total 29 cities, 13 weeks .......... 3,137,588,000 u. s. 272 cities, 4 weeks.......... 36,897,09 l ,ooo u. s. 272 cities, 13 weeks..•-······ I 13,556,984,000 *Not included in totals. 888,293,000 2,796,450,000 30,942,848 ,ooo 96,271,523,000 $ 9-9 12.2 19.2 18.0 Business Failures Commercial failures in the Tenth District were more numerous during March and the first quarter of 1936 than during the comparable periods in 1935, and there was a considerable increase in the amount of liabilities involved. The March total of liabilities was the largest for that month since 1932, although the number of failures, with the exception of last year, was the smallest for March since 1920. Business failures in the Tenth District and the United States, reported by Dun and Bradstreet, Incorporated: TENTH DISTRICT Number 47 March 1936................... _. •·· 40 February 1936.-·-················· 33 March 1935-· - - - - Three months 1936._......... . 136 II0 Three months 19J5·--········· Liabilities '$1,709,000 173,000 292,000 2,317,000 732,000 UNITED STATES Number 946 856 940 2,879 3,042 Liabilities '1,16,271,000 14,089,000 I 5,361,000 48,464,000 45,181,000 j THE MoNTHLY REvTFW Stores Reporting Kansas City.... 4 Denver.............. 4 Oklahoma City 3 Tulsa ................ 3 Wichita.·-········ 3 Other cities...... I 5 RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT SALES STOCKS (RETAIL) ACCOUNTS RECEIVABLE AMOUNTS COLLECTED Mar. 1936 Year 1936 March 31, 1936 STOCK TURNOVE R March 31, 1936 March 1936 compared to compared to compared to compared to March Year compared to Mar. 1935 Year 1935 Feb. 29, 1936 Mar.31,1935 1936 1935 1936 1935 Feb. 29, 1936 Mar.31,1935 Feb. 1936 Mar. 1935 -JI.O 7•4 9.9 8.I 9.8 - 7.7 •35 .29 .91 .76 4.7 17.8 19.8 8.5 4.3 2.9 .3 2 . 28 .85 .84 3.2 3-7 - 6.7 9.6 -10.0 1.0 1.9 8.2 4.8 4.8 .36 .36 1.05 1.03 - 0.9 12.7 -12.8 6.2 2.I 9.7 9.4 4.8 .38 .38 I.07 J.03 8.5 12.1 I0.4 8.I 5.6 5·4 .30 .30 .81 .81 4.0 9.0 - 2.4 3.8 - 8.6 1.3 6.8 7-4 6.1 I.I - 27 .26 .73 .69 5.5 8.4 TotaL---········· 32 10.1 8.2 6.4 0. 2 .32 .29 .87 .81 OTE: P ercentage of collections in March on open accounts February 29, all stores reporting 44.0. Life Insurance Sales of new paid-for ordinary life insurance in the seven states in the District increased 16 per cent during March, but there was a slight decrease compared to sales in March, 1935. Sales for the first quarter of 1936 were IO per cent below sales during the same period last year. Life insurance sales reported to the Life Insurance Sales Research Bureau by companies representing 90 per cent of the total legal reserve ordinary life insurance outstanding in the United States: Color<1do._ ..................................... Kansas ................. ... .................... Missouri ........................................ Ieb'"'.'Ska...................................... Iew Mexico.--.··· -- Oklahoma. __ ········ ................... .... Wyoming ...................................... Seven states............................. .... United States..·--························· Mar. 1936 '$ 4,695,000 5,033,ooo 15,475,000 4, 299,000 735,000 6,273,000 961,000 f, 37,47 1 , 000 52 5,0 43,000 Feb. 1936 3,900,000 4,375,000 12,966,000 3,300,000 993,ooo 6,005,000 758,000 Mar. 1935 '$ 4,068,000 5,2 99,000 16,718,000 4,451,000 803,000 '/, 3.1., 297,ooo 46o,463,ooo '/, 38,030,000 '$ 5,859,ooo 832,000 545,45°,000 Trade RETAIL: The dollar volume of sales at thirty-two reporting department stores in leading cities of the District increased 27 per cent during March compared to an increase of 19.9 per cent during March last year. The greater increase this year reflected in part the earlier arrival of Easter. The March dollar volume increased 10.1 per cent compared to March, 1935, and for the first three months of 1936 the1e was an increase of 8.2 per cent over sales in the first three months of last year. Stocks of merchandise increased 6.4 per cent from February 29 to March 31 and were approximately the same as on March 31, 1935. Collections on open accounts during March averaged 44 per cent of amounts receivable at the close of the preceding month, compared to collection percentages of 43.8 per cent in February and 44.7 per cent in March, 1935. Installment collections averaged 16.4 per cent in March, I 5.9 per cent in February, and 16.2 per cent a year ago. WHOLESALE: The combined dollar volume of five representative wholesale lines reporting to this bank increased 25.3 per cent <luring M arch and was 14.9 per cent greater than in March of last year. Sales for the first three months of 1936 increased 8.3 per cent compared to sales in the first three months of 1935. By individual lines, there were sales increases of 0.7 per cent for dry goods, 3.3 per cent for groceries, 12.7 per cent Stores Reporting Dry goods ........................ 5 Groceries.......................... 5 Hardware. __ ···- - - 8 Furnitur------ 3 Drugs................................ 7 3.9 9.2 - 8.6 Collections same month last year 44.7. for hardware and furniture, and 12.6 per cent for drugs during the first quarter of this year compared to the first quarter of last year. Stocks of merchandise of the five lines combined increased 1.3 per cent from February 29 to March 31 and were 1.9 per cent larger than on March 31, 1935. Stocks of dry goods, groceries, furniture, and drugs were larger than one month earlier, while stocks of hardware declined during March. All lines except dry goods and groceries reported an increase in stocks during the year. Lumber Retail sales of lumber at I 58 reporting retail yards in the Tenth District during March increased substantially in board feet both as compared to February and to March of last year, and there was a similar increase in dollar sales of all materials. The return of more favorable weather conditions for building operations during the month and considerable new building in Oklahoma and southern Kansas as a result of the improvement in the oil situation were contributory factors to these increases. Sales of lumber in board feet were 53.5 per cent greater during the first quarter of 1936 than during the corresponding period in 1935. Stocks of lumber on March 31 were slightly larger than one month earlier and were 25 per cent larger than a year ago. Outstandings increased 10.4 per cent from February 29 to March 3 I and there was a sizable increase compared to March 31, 1935. Collections during March averaged 45 per cent of amounts outstanding at the close of the preceding month compared to a ratio of 37.2 per cent in February and in March, 1935· March business at the I 58 reporting yards: Sales of lumber, board fee ~ - -Sales of all materials, dollars........ Stocks of lumber, board fee Outstandings, end of mont - - March 1936 compared to February 1936 March 1935 73.1 62.2 43.8 45.4 1.0 25.0 10.4 32.1 According to reports of the National Lumber Manufacturers Association, lumber production in the United States during the first thirteen weeks of 1936 was 33 per cent above production in the same period in 1935. Lumber shipments for the thirteen weeks increased 23 per cent and orders booked increased 21 per cent compared to a year ago. WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OuTSTANDINGS AMOUNTS COLLECTED Mar. 1936 Mar. 31, 1936 Mar. 1936 compared to compared to compared to Feb. 1936 Mar. 1935 Feb. 29, 1936 Mar. 31, 1935 Feb. 1936 Mar. 1935 20.8 13.2 1.6 - 2.6 7.9 7.9 13.9 5.3 - 3.6 - 5-7 9·4 10.7 61.6 22.3 11.2 2.2 33.6 10.8 66.3 27.5 18.4 31.6 51.1 Jp.9 II.O 16.8 2.2 12.5 6.6 9.5 STOCKS Mar. 31, 1936 compared to Feb. 29, 1936 Mar. 31, 1935 2.5 - 7.4 I.I - 2.0 1.6 2.0 - 6.o 12.0 25.6 14.7 THE MONTHLY REVIEW 4 Building Building operations in the District expanded seasonally during March, when the weather moderated, and were 43.1 per cent greater than in March of last year, although the value of construction contracts awarded, according to statistics of the F. W. Dodge Corporation, represented only about 61 per cent of the average volume for that month during the past ten years. Total awards for the first three months of 1936 increased 31.7 per cent compared to the first quarter of 1935 and residential awards showed an even greater relative improvement. The value of construction contracts awarded, as reported by the F. W. Dodge Corporation: RESIDENTIAL Tenth District United States Mar. 1936.__. $2,581,925 $ 55,270,600 Feb. 1936...... 1,141,505 31,175,500 Mar. 1935.__ 1,403,135 32,207,400 3 Mos. 1936.. 5,383,340 123,885,600 3 Mos. 1935.. 2,740,613 71,234,400 TOTAL Tenth District United States $10,520,169 $199,028,300 4,292,780 142,050,200 7,349,615 I'l.3,043,500 25,528,933 545,871,300 19,387,864 297,900,900 The number of permits issued by building departments in seventeen Tenth District cities increased during March and was the largest for the month since 1930. Estimated expenditures were somewhat smaller than in February but were larger than in any other March since 1931. Construction expenditures continued to show substantial improvement over last year. BUILDING PERMITS IN TENTH DISTRICT CITIES ESTIMATED PERMITS 1936 1936 1935 1, 6'l Albuquerque, N. M ...·-·············$ 75,211 59 Cheyenne, Wyo........................... 73,200 41 43 Colorado Springs, Colo.·--········· 27 17,545 37 Denver, Colo ....... 271 646,935 375 22 20,200 18 Joplin, Mo ......... Kansas City, Kans..................... 56 44,o55 44 Kansas City, Mo. 298,400 250 205 Lincoln, Nebr 102 214 II3,3 13 Oklahoma City, Okla ................. 232 124 529,I'l.5 Omaha, Nebr.... 88 226,721 I'l.3 Pueblo, Colo 20,162 54 57 Salina, Kans 21 40,270 14 Shawnee, Okla ....... 17 9, 290 9 St. Joseph, Mo. 16 12,880 23 Topeka, Kans. IOI 60 407,780 Tulsa, Okla JI8 278,47 2 63 Wichita, Kans ....... 215 148 I 88,319 Total 17 cities, March ................ Three months .............................. 1,963 3,578 1,346 3,170 $3,001,878 9,053, 139 CosT 1935 38,864 56,495 96,961 231,139 17,95° 19,34° 225,100 35,758 156,'ll8 141,715 20,682 23,416 2,025 4,475 56,680 108,870 93,458 $1,329,146 3,292,722 Cement The production of finished Portland cement in the District increased substantially during March and there was also a substantial increase in shipments. Production, although about 20 per cent below the March average during the past ten years, increased by one-third compared to a year ago and by 11 per cent in the first quarter of 1936 compared to the first quarter of 1935. Stocks decreased somewhat during March and were 6.7 per cent below stocks on March 31, 1935. Cement production, shipments, and stocks reported by the .Bureau of Mines, in thousands of barrels: TENTH DISTRICT Production Shipments Stocks March 1936...... 560 971 1,981 February 1936.. 367 396 2,391 March 1935 ...-. 419 651 2,I'l.3 3 Mos. 1936._... 1,287 1,819 3 Mos. 1935·-··· 1,159 1,436 UNITED STATES Production Shipments Stocks 5,263 7,138 21,096 3,454 3,156 22,971 4,299 4,878 21,289 12,347 14,183 10,554 10,675 month during the past ten years and was 10.9 per cent below production in March, 1935, when milling operations averaged 63.6 per cent of capacity. Output for the first quarter of 1936 showed a decline of 2..9 per cent compared to the first quarter of last year. ~ -Flour production at the principal milling centers of the District, as estimated from the weekly reports of southwestern mills to the Northwestern Miller: Atchison ........................................ Kansas CitY·--····························· Salina .... _ _ _ _ _ _ __ Wichita.--····································· Outsid~----- Mar. 1936 Barrels 98,071 491,900 140,074 129,167 888,031 Feb. 1936 Barrels 121,205 5°5,35° 141,387 146,859 983,476 Mar. 1935 Barrels II8,22I 554,867 148,376 198,o69 941,114 TotaL ...••··········--1,747,243 1,898,277 1,960,647 *United States·--························· 5,356,455 5,444 1070 5,210,535 *Represents about 60 per cent of the total output in the United States. Flour trade was generally slow during March and the gradual tightening of shipping directions was reflected in the reduction in output. Southwestern sales declined from 88 per cent of capacity in the closing week of February to 33 per cent in the third week of March, afterward rising to 41 per cent of capacity in the following week on a brief rally in the wheat market. The volume of flour business was limited chiefly to sales in small lots for nearby shipment. Flour prices at the Kansas City market declined steadily throughout the month, following the lower trend of the wheat market, but millfeed prices advanced in the latter part of March as offerings became restricted owing to the reduced running time of mills. Grain Marketing The movement of grain supplies to the five primary markets in the District, which had been restricted by severe weather in February, increased substantially during March with the return of more nearly normal marketing conditions. Marketings also showed a substantial increase compared to March of last year and for the first quarter of 1936 compared to the first quarter of 1935. Receipts of wheat represented 68.9 per cent, corn 84.9 per cent, and kafir 34.4 per cent of the average volume for the month during the past ten years, with receipts of oats, rye, and barley sharply above the average. Receipts of grain at the five markets: Wheat Corn Bushels Bushels Hutchinson ...... 731,700 1,250 Kansas City. __. 2,753,600 1,752,000 Omaha.............. 556,329 1,608,968 St. Joseph.. ____ . '28J,200 715,500 Wichita·--···· ... 349,500 26,000 Oats Bushels Rye Bushels Barley Bushels 242,000 46o,ooo 920,000 9,000 92,400 73,600 172,800 24,500 4,500 1,300 41 103,718 1,626,500 2,022,150 871,500 2,993,921 587,500 91917 1 218 3,531,000 6,669,980 1,794,500 104,200 19,600 - - - - ---- March 1936...... February 1936.. March 1935...... 3 Mos. 1936._... 3 Mos. 1935·-··· 4,674,329 2,627,401 2,628,137 12,097,505 6,754,601 I ,500 Kafir Bushels 7,800 107,800 --- --16,500 166,100 29,800 270,900 106,350 36,800 633,200 49,3 00 140,500 97,3°0 57,100 362,000 178,300 Cash grain prices at Kansas City: No. No. No. No. No. No. Apr. 15 Mar. 31 Feb. 29 Apr. I 5 Mar. 30 Mar. 31 1935 1936 1936 1936 1935 1934 1 hard,dk.wheat,bu. $1.00 $ .97½ $1.07¼ $1.05½ $ .98¼ 'I, .80 2 mixed corn, bu .... . .64½ .62½ .66½ .91 .85 •43 2 white oats, bu ....... .28 .26 .30 .53½ .53 .32½ 2 rye, bu .................. . .68 .57 .53 .52½ .53½ .73 2 barley, bu.·---······· .77 .74 ·43 .45 •45 .49 2 white kafir, cwt.. _. I.II I.02 I.IO 1.92 1.92 .80 Flour Milling Agriculture Flour milling operations in the District were reduced from 63:8 per cent of full-time capacity in February to 56.3 per cent in March, and production decreased 8 per cent. Production during March was 12.4 per cent below the average for that The generally warm, dry March weather enabled farmers in the District to make rapid progress in farm work up until the turn of the month and early in April when unseasonably low temperatures and frosts retarded farm activity and resulted 5 THE MONTHLY REVIEW in some crop damage. Soil moisture conditions at the beginning of April were generally favorable in the extreme eastern and western portions of the District, but there was a moderate to decided need for moisture throughout the central part and an urgent need in the extremely dry southwestern area of the Great Plains. Heavy western mountain snowfall the past winter assured ample water supplies in irrigated areas. CROPS: Winter wheat prospects on April 1 appeared to be much better than at that time a year ago but the condition was considerably below the average owing to the continued dry weather. Prospects were good in the eastern parts of Kansas and Nebraska where favorable moisture conditions at seeding time last fall continued throughout the winter. Indicated abandonment on April 1, without allowing for possible diversion of winter wheat acreage to other uses under the Soil Conservation program, amounted to 22 per cent in Kansas, 18 per cent in Nebraska, 10.5 per cent in Missouri, and 21 per cent in the United States, with the expectation that it would again be very heavy in that area which includes the Oklahoma Panhandle and adjacent territory. Rye in Nebraska was in good condition in the eastern part and in fairly good condition in the northern part. Pastures were somewhat late in starting owing to the severe winter weather and were retarded by late freezes. The April 1 condition of winter wheat, rye, and pastures expressed in percentages of normal, as reported by the United States Department of Agriculture: Colorado.--·-· Kansas.......... Missouri........ ebraska...... New Mexico Oklahoma... -. Wyoming...... United States WINTER WHEAT 10-Yr. 1936 1935 Aver. 42 9 77 66 47 77 70 89 79 68 62 82 64 29 75 62 64 So 61 41 86 68.5 69.8 78.9 RYE 1936 50 78 77 70 10-Yr. 1 935 Aver. '28 So 82 60 84 85 87 67 60 64 72.4 63 35 76.4 81 87 82.3 PASTURES 9-Yr. 1936 1935 Aver. 60 '17 84 55 38 8'1 71 73 81 70 48 85 71 36 79 54 65 74 81 40 87 74.6 68.7 80.8 Winter wheat production in the United States, on the basis of the April 1 condition, was estimated at 493,166,000 bushels compared to the 1935 production of 433,447,000 bushels and the 1928 to 1932 average crop of 618,186,000 bushels. Production in the seven states, all or parts of which are in the Tenth District, was estimated at 233,288,000 bushels compared to 157,594,000 bushels harvested last year and the fiveyear average production of 325,059,000 bushels. Freezing temperatures in the first week of April damaged the suffered little damage as most of the acreage was not up at that time. FARM STOCKS OF GRAIN: Farm stocks of wheat in the District on April 1 were considerably smaller than a year ago, while stocks of corn and oats showed considerable increases. Farm holdings of oats exceeded the five-year, 1928 to 1932, average by 22.4 per cent but holdings of wheat and corn were less than half the average holdings. The indicated disappearance of farm stocks between January 1 and April 1 was heavier than during the first quarter of last year, with the disappearance of oats above the average from 1928 to 1932. Farm stocks of wheat, corn, and oats on April 1 as reported by the United States Department of Agriculture, in thousands of bushels: 1936 3,909 9,151 14,170 43,964 1,230 8,343 409 1935 4o4 1,625 8,086 20,028 184 2,219 67 1936 1,567 9,845 7,413 34,95 1 163 9,095 z,137 OATS 1935 1,003 4,024 4,483 5,74 1 83 3,627 1,046 81,176 776,112 32,613 436,337 65,171 494,666 zo,007 '106,541 CORN WHEAT 1936 1,071 5,396 z,055 5,9 21 Colorado.___··· Kansas ....... .... Missouri ......... . Nebraska........ New Mexi co._. Oklahoma._.____ Wyoming........ 2,316 6zo 1935 1,097 14,346 2,554 5,543 78 5,229 437 Seven states.... United States 17,389 97,053 29,284 93,456 IO PRICES: The Department of Agriculture reported a decline of 5 points in the index of prices received by farmers for agricultural commodities between February 15 and March 15 and a decline of 1 point in the index of prices paid for commodities bought by farmers. On March 15, the index of prices received was 104 per cent of the pre-war, 1909 to 1914, average and the index of prices paid was 121 per cent, with the ratio of prices 1eceived to prices paid at 86 per cent. A year ago the index of prices received was 108 per cent, the index of prices paid was 127 per cent, and the ratio of prices received to prices paid was 85 per cent. LABOR AND RENTS: The demand for farm labor was larger than a year ago and there was an increase in farm wages, with wages in Kansas at the highest April 1 level since 1932 although materially lower than on April 1, 1929. Cash rents for general farm lands were higher than last year and for pasture lands slightly lower, owing to drought injury in recent years. Live Stock MARKETINGS: The movement of live stock to the six principal market centers in the District increased during March, and receipts for March and for the first three months of 1936 peach crop extensively, and prospects were poor except on the were heavier, with the exception of calves, than in the corres- western slope of Colorado. The Oklahoma crop was estimated possibly not to exceed IO per cent of normal. The damage to apples and pears was not so severe and there was little damage to grapes, which were not so far advanced. Oats and alfalfa were set back by the low temperatures but early potatoes ponding periods of last year. Marketings of cattle were 1.5 and calves 14.3 per cent above the March ten-year average, while marketings of hogs were 42.9 and sheep 14.4 per cent below the average volume. The six markets received 19,844 horses and mules in March, or 42.9 per cent above the average number, Kansas City.............. Omaha...................... _ St. Joseph ......·-········· Denver Oklahoma CitY·-······· Wichita ...................... Cattle 102,043 117,653 26,341 30,384 37,85 1 26,623 MARCH MOVEMENT OF LIVE STOCK IN THE TENTH STOCKERS AND FEEDERS RECEIPTS Cattle Sheep Calves Hogs Calves Hogs 120,666 1,797 4,0'2.'2. 19,712 *137,676 38,587 14,063 9,112 140,400 151,732 1,509 717 138,'2.94 701 7,085 3,9'13 54,903 45° I'll '106,015 819 3,883 5,133 43, 273 7,408 Io,943 38,985 4,868 19,619 z5,896 DISTRICT PURCHASED FOR SLAUGHTER Sheep 10,714 5,630 6,144 4,675 Cattle 47,443 74,3o4 18,854 18,837 :n,513 9,333 6,800 March 1936................ 61,706 27,163 191,284 34o,895 55,6o3 441,133 643,734 3,336 February 1936.__ ..... 288,078 428,280 1,406 540,366 2,940 31,189 44,284 184,872 33,770 March I 935 ................ 642,588 9,278 144,180 58,7o3 5,607 z93,791 3z9,969 65, 1 57 59,5'29 171,198 163,863 r,44z,z9z 1,697,z49 IJ,409 104,251 17,985 3 Months 1936.·-····- 1,007,362 597,008 16o,088 '2.00,841 '18,247 19,500 499,681 t3 Months 1935--···· 990,44 2 193,359 r,210,177 1,561,995 tReceipts include Government purchases of cattle and calves. *Includes 81,339 hogs shipped direct to packers' yards. Sheep 88,177 6,001 Hogs *119,165 108,999 47,478 '15,574 35,4'17 3,94 2 '24,144 14,025 360,787 43,765 41,660 345,'214 z75,zz9 44,907 138,655 r,185,6o7 151,468 999,5o4 353,547 317,066 312,818 995,861 829,985 Calves 16,566 7,6o3 6,498 3, 1 55 115,213 103,99° 25,477 6,665 6 !HE MoNTHLY REVIEW II,531 head in February, and 44,884 head during the first quarter of 1936 compared to 17,754 head in March and 51,199 head during the first quarter of 1935. PRICES: With light to moderate receipts and a broad shipping demand, hog prices at the Kansas City market advanced 30 to 6o cents per hundredweight during March to the highest level for the month since 1930. Butcherweights sold up to a top of $10.6o on March 23 compared to a top of '$9.70 during March of last year. The good demand for the limited supplies of stock pigs advanced prices for that class $1. 50 to $r.75 to sell at a top of $9.75 compared to $6.50 a year ago. Bolstered by the usual pre-Easter support and by support from wool purchasers, prices of fed western wooled lambs advanced 50 to 60 cents and sold up to '/,10.40 compared to $8.75 a year ago. Spring lambs from Texas, which arrived at the close of the month, brought a top of $II compared to '/,10 last year. Dressed beef outlets continued narrow and prices of fed steers were steady to 25 cents lower, although there was an improvement in quality and in the condition of offerings. The month's top for beef steers was $10.40 compared to $13.75 last year. Demand for stocker and feeder cattle fluctuated only moderately and prices showed little change at a top level slightly below a year ago. STOCKERS AND FEEDERS: The countryward movement of cattle, calves, and hogs from four markets in the District increased during March with the lifting of weather restrictions, but only cattle shipments were larger than a year ago and there was a decrease in shipments of all classes in the first quarter of 1936 compared to the first quarter of last year. Shipments of cattle were 3.3 per cent above the March ten-year average and calf shipments were in normal volume, but shipments of hogs were 75 and sheep 55.7 per cent below the average. According to estimates of the Bureau of Agricultural Economics, the number of cattle on feed for market in the eleven Corn Belt states on April 1 showed an increase of about 28 per cent over the small number on feed April 1, 1935, but with this exception the num her was the smallest for that date in over ten years. The increase this year was general over the Corn Belt and amounted to 15 per cent in Missouri, 40 per cent in Nebraska, and 30 per cent in Kansas. The Department of Agriculture estimated that there were 430,000 lambs left in feed lots in the Northern Colorado, Arkansas Valley, and Scottsbluff sections on April 4 compared to 480,000 head last year and 490,000 head two years ago. Since January 1 these sections had shipped out 5,380 cars of lambs compared to 4,465 cars in the same period last year and 4,495 cars two years ago. March weather in the Corn Belt was generally unfavorable for pasture growth and little green feed was available for early lambs. The condition of lambs early in April was lower than a year earlier and below average for that date. In Missouri, the principal early lambing state, death losses have been heavy and the condition of lambs saved was poor. RANGES AND PASTURES: The Department of Agriculture reported that feed on western ranges on April 1 was fair to good and that live stock was generally in good condition, although moisture was needed to start new grass in western Nebraska and eastern Wyoming and drought conditions still prevailed in southwestern Kansas, southeastern Colorado, western Oklahoma, and northeastern New Mexico, where wind and dust storms had been severe on live stock. Calf crop and late lamb crop prospects were generally good and hay and other feed supplies were ample except in the dry areas. Pastures in Kansas and Oklahoma were late because of the moisture shortage. Some wool was sold and contracted during March, but activities were somewhat limited. Pasture leasing in the Osage section of Oklahoma and the Blue Stem section of Kansas has been less than a year ago but heavier than in other recent years. About 72 per cent of the Blue Stem pastures and about 65 per cent of the Osage pastures had been leased by April 1, with indications that the pastures would be well filled, although fewer cattle were carried over than last year and the shipments in from drought areas were not expected to be as heavy as a year ago. Lease prices were slightly higher than in 1935 and were the highest since 1931, with acreage guarantees about the same as last year in the Blue Stem section and higher in the Osage section. Pastures in the Blue Stem section are in fairly good condition but pastures in both sections show the effects of two years of drought and some over-grazing. Cold weather and a lack of moisture this spring have retardeq pasture growth. The Department of Agriculture estimated that the spring movement of cattle from the southwest to Kansas and Oklahoma pastures would be slightly less than the unusually large movement last spring. It was expected that Texas would ship about the same number of cattle as a year ago but that New Mexico and Arizona would ship fewer cattle, with eventual shipments dependent on feed conditions and prices. The supply of fed cattle in these three states was considerably larger than a year ago. Meat Packing Meat packing operations, as reflected by packers' purchases at the six principal live stock markets in the District, direct shipments of hogs included, increased during March and were heavier than in March, 1935, with the exception of calf slaughter. Purchases of cattle were 2.1 and calves 15.8 per cent above the March ten-year average, but purchases of hogs were 38.8 and sheep 12.8 per cent below the average volume. During the first three months of 1936, the slaughter of cattle, hogs, and sheep was greater and the slaughter of calves smaller than in the first three months of 1935. The Department of Agriculture report on Federally inspected commercial live stock slaughter in the United States showed a similar increase in meat packing operations from February to March and an increase over March, 1935, in the slaughter of all classes of meat animals except sheep, the slaughter of which showed little change. The slaughter of cattle was 12.2, calves 10.8, and sheep 11.3 per cent above the ten-year average volume for March, while the slaughter of hogs was 26.4 per cent below the average. Live stock slaughtered under Federal meat inspection in the United States, reported by the Bureau of Agricultural Economics from compilations of the Bureau of Animal Industry: Cattle Calves Hogs March 1936.... -·---·····---·---· 763,029 482,774 2,617,126 February 1936______ ·-----·-·-· 741,502 405,279 2,319,097 March 1935----·----------····--· 685,723 471,000 2,158,457 Three months 1936_______ 2,410,630 1,352,619 8,364,022 Three months 1935-----··· 2,140,751 1,334,507 7,614,817 NOTE: Slaughter for Government relief purposes excluded. Sheep 1,373,784 1,314,036 1,374,101 4, 22 7,95 2 3,855,69 1 Cold Storage Holdings United States cold storage stocks of meats, poultry, butter, and cheese decreased by somewhat less than the usual seasonal amount from March 1 to April 1, while stocks of lard and frozen eggs decreased contrary to seasonal tendencies. Holdings of cased eggs at the beginning of the new storage season on March 1 were heavily below the average and the movement into storage during March was slow, partly owing to an increased consumer demand and to the desire of dealers to await lower prices. Holdings of all commodities on April 1 except frozen eggs and cheese were below holdings a year ago. Storage stocks of beef were 34.3, lamb and mutton 8.8, miscellaneous THE MONTHLY REVIEW meats 1.6, and cheese 29.4 per cent above the April I five-year average, while stocks of pork were 36.2, poultry 6.1, lard 26.5, cased eggs 43.8, frozen eggs 15.1, and butter 53.6 per cent below the average. United States cold storage holdings reported by the Bureau of Agricultural Economics: Beef, lbs.·---········································· Pork, lbs............................................... Lamb and mutton, lbs....................... Poultry, lbs ............-............................. **Turkeys, lbs....................................... Miscellaneous meats, lbs.·-··-··· · ........ Lard, lbs............................................... Eggs, cases............................ ............... Eggs, frozen (case equivalent).......... Butter, creamery, lbs.......................... Cheese, all varieties, lbs.................... *Subject to revision. **Included *Apr. 1 Mar. 1 Apr. 1 Apr. 1 1936 1936 1935 5-Yr.Av. 86,928 98,550 59,127 79,381 450,431 451,418 627,346 706,135 2,469 2,563 3,218 2,269 69,482 85,792 83,7 13 73,968 17,736 19,100 19,846 12,977 66,547 69,848 78,482 65,510 77,102 78,725 104,934 l04,8 53 802 13 1,508 1,428 1,312 1,325 1,129 1,545 5,291 8,217 5,341 IJ ,410 73,905 79,556 62,851 57,108 in Poultry. (ooo omitted.) Coal The production of bituminous coal in the District declined during March with a lessening in the heavy demand which had prevailed during the period of severe weather and was 6.4 per cent below production a year ago. Production for the first three months of 1936 increased 2-4-7 per cent compared to the first three months of 1935. Bituminous coal production reported by the Bureau of Mines: Colorado·-················ ... ... ........... . Kansas and Missouri ................. . ew Mexico·---·········· ............... . Oklahoma__ ··-·························· ... . Wyoming...................................... *Mar. 1936 Tons 468,000 534,000 106,000 93,000 410,000 Feb. 1936 Tons 858,000 826,000 155,000 319,000 679,000 Mar. 1935 Tons 470,000 631,000 117,000 74,000 430,000 Six states............. ........................ 1,611,000 2,837,000 1,722,000 United States·---························· 30,692,000 41,375,000 38,701,000 *Estimated from the weekly reports of the United States Bureau of Mines. Zinc and Lead The improvement in weather conditions was reflected in an increase in shipments of zinc ore from Tri-State mines and tailing mills during the four weeks ended March 28, although shipments of lead were somewhat smaller than the heavy shipments in the preceding four-week period. The demand for concentrates was brisk and smelters purchased all supplies available. By the third week of March there were 70 mills in operation, the largest number since late in 1930. Shipments of both lead and zinc were larger than during the corresponding four weeks of last year, and for the first quarter of 7 1936 there was an increase of 17 per cent in zinc shipments and of 32.1 per cent in lead shipments. The tonnage and value of zinc ore and lead ore shipmen ts from the Tri-State district: Zrnc ORE Tons Value 23,5 25 '/, 75 2,800 11,621 371,872 3,494 I II,808 Tons 3,594 708 247 Value '/,179,750 35,400 12,350 1936.__ . 38,640 $1,236,480 1936·-··· 29,020 928,640 1935 ··-· 28,640 744,640 1936.__ . 110,610 3,539,520 1935·--· 94,547 2,458,222 4,549 5,754 2,904 1 4, 1 99 10,746 $227,500 276,938 96,758 687,550 370,002 Oklahoma·--····································· Kansas..................._ _ __ Missouri ......................................... . 4 Weeks ended 4 Weeks ended 4 Weeks ended 13 Weeks ended 13 Weeks ended Mar. 28, Feb. 29, Mar. 30, Mar. 28, Mar. 30, LEAD ORF. Zinc and lead prices at the Joplin market were unchanged during the four weeks, with zinc prices stationary for the twenty-fifth consecutive week. Zinc ore sold at $31 per ton for float grades and $32 for coarse grades and lead ore prices ranged from $49 to $51 per ton, with contract ore slightly higher. Comparable quotations a year ago were '/,26 for zinc and $35 for lead. Petroleum The daily average flow of crude oil in the District increased 1.2 per cent during March and gross production increased 8.2 per cent with two more producing days. Production was slightly above the March average during the past ten years and was 1.8 per cent greater than in March, 1935. Production for the first quarter of 1936 increased 4.7 per cent compared to the first quarter of 1935. Gross production, estimated from the weekly reports of the American Petroleum Institute for March, and officially reported by the Bureau of Mines for February, 1936, and March, 1935= Oklahon1a ..................................... Kansas .......................................... Wyoming.................................... Colorado........................................ ew Mexico.----················•··· .... Mar. 1936 Barrels 16,002,000 4,6o5,ooo 1,107,000 133,000 1,877,000 Feb. 1936 Barrels 14,948,000 4,020,000 959,000 112,000 1,887,000 Total five states .......................... Total United States .................... 23,724,000 87,586,000 21,926,000 82,120,000 Mar. 1935 Barrels 15,648,000 4,821,000 1,023,000 152,000 1,661,000 ---23,305,000 81,488,000 Field developments continued active, with drilling operations at a high level. Mid-continent crude oil prices remained unchanged in March at posted schedules ranging from 86 cents per barrel for oil testing below 25 degrees gravity to i1.18 per barrel for that testing 40 degrees and over. Nation al Summary of Bu siness Conditions By the Boa-rd of Governors of the Federal Reserve System Production and employment at factories increased from February to March, while output of minerals declined. There was considerable expansion in retail trade. PRODUCTION AND EMPLOYMENT: The Board's combined index of industriai production, which includes both manufacturing and mining and makes allowance for seasonal changes, remained unchanged in March at the February figure of 94 per cent of the 1923-1925 average. Production of automobiles rose sharply in March to a total of 425,000 passenger cars and trucks and continued to increase during April. There was a seasonal increase in output of steel in March, followed in the first three weeks of April by a rapid rise in activity. Estimates of the rate of production in that period averaged around 67 per cent of capacity as compared with the rate of 59 per cent reported for March. Production of cement and lumber increased more than seasonally from February to March, and activity at meat packing establishments and at silk mills also increased, although a decline is usual in these industries at this time of the year. There was little change in output at cotton textile mills, while at woolen mills activity decreased by more than the usual amount. Production of anthracite and bituminous coal showed a substantial reduction from the relatively high level of February and this decrease accounted for the decline in total output at mines. 8 THE MONTHLY REVIEW Factory employment increased by more than the usual seasonal amount from the middle of February to the middle of March, and payrolls showed a larger increase. Employment increased in the machinery industries, at saw mills, and at establishments producing wearing apparel. There was a decrease in the number of workers at plants producing rubber tires and tubes, where a strike was in progress in the middle of March. At automobile factories the number employed declined slightly, while payrolls showed a considerable increase. PER CENT PER CENT 140 ~ - ~ - - ~ - - ~ - - - - . - - - - - - - - , - - - ~ 140 high level of the three preceding months, however, reflecting a sharp reduction in shipments of coal. COMMODITY PRICES: The general level of wholesale commodity prices, which had declined somewhat between the third week of February and the middle of March, showed relatively little change in the following four weeks. Retail prices of foods declined during March. BANK CREDIT: Excess reserves of member banks, after declining sharply in the last half of March, increased by about PER CENT PER CENT 250 , - - - - - - , - - - , - - - - - , - - - , - - - - - , - - - - , - - - - . - - - , 250 DEPARTMENT STORE SALES INDUSTRIAL PRODUCTION 130 1-----+-----+-- -+-----tf-------+-----+----+-- 60 l-----+-----+--- +----.i,_____,1-+------+------+----+-- ~ 130 200 1------t---1------+----+------4----+--~ 200 150 1 - - - -rn- - -i -- 150 - - i 60 50 1930 1931 1932 1933 193" 1935 Index of physical volume of production, adjusted for seasonal variation, 1923-1925 average=rno. By months, January 1929 through March 1936. PER CENT PER CENT - - l - -- Ad;usfed for seosonal varrat,on Without seasonal adjustment 1929 1936 The value of construction contracts awarded, according to figures of the F. W. Dodge Corporation, showed a seasonal increase from February to March. Awards for residential building increased seasonally and contracts for other private construction advanced to the highest point since 1931. Value of awards for publicly-owned projects continued considerably smaller than in December and January, when the dollar volume of such contracts was relatively high. - - i - - - 1 - - - - - - 1 - - ----l---- o'---"--___.____.____,__ 50 1929 - 1930 1931 1932 _.J__ ____.__ _ 1933 1934 ~-~o 1935 Indexes of value of sales, 1923-1925 average=100. January 1929 through March 1936. ---1 1936 By months, $300,000,000 in the first three weeks of April to a total of$2,640,ooo,ooo. This increase, like the preceding decline, was due chiefly to operations of the Treasury. After the middle of March Treasury balances at the Federal Reserve banks were built up through the collection of taxes and receipts from the sale of new securities, and in April these balances were drawn upon to meet expenditures. Partly as a result of these expenditures, deposits at reporting BILLIONS OF DOLLARS BILLIONS OF DOLLARS 120 ~ - - - - - - - - - - - - - - - - - - - - - - , 120 8 110 1-1-4-h~- - - - - + - - -+-- -f--- 7 7 6 6 5 5 4 4 3 3 2 2 FACTORY EMPLOYMENT AND PAYROLLS ----+------+--- + -- - - j 110 100 MEMBER BANK RESERVE BALANCES 90 8 80 101--- GO ---1-----~--'----I---I---I-----I- > - - - - - + - -- -- 50 f--- - 70 4 _:u-_..,..J-~-..u..-"~-1--- - 1 - - - ~ 60 ----+-- -+-----1- \- - -+----+-- - - + - - - - - t - --l 50 \ \ 40 1-----+-----+---+-- ' ' - ' -- -1------+----i--_.j 40 30 ,,,___ __.__ __.__ _........_ _.____ _,__ _...J.-_ _.1..-_..,.,.J 30 1936 1929 1930 1931 1932 1933 1934 1935 0 Indexes of number employed and payrolls, without adjustment for seasonal variation, 1923-1925""'average=100. By months, January I929 through March 1936. Indexes compiled by the United States Bureau of Labor Statistics. Wednesday figures of total member bank reserve balances at Federal Reserve banks, with estimates of required and excess reserves, January 6, 1932, through April 22, 1936. DISTRIBUTION: Retail trade, which had been reduced in January and February by unusually severe weather, increased considerably in March. Sales at department and variety stores and by mail order houses serving rural areas showed a more than seasonal increase. The number of new automobiles sold was also larger than in February. Freight-car loadings of most classes of commodities increased from February to March by more than the usual seasonal amount. Total loadings declined somewhat from the relatively member banks in leading cities, which had declined in March, increased in the first half of April, when total loans and investments of these banks also increased. From February 26 to April 15 total loans and investments of reporting member banks showed an increase of about $800,000,000, reflecting increases of $380,000,000 in investments, of $180,000,000 in loans to brokers and dealers in securities, and of $240,000,000 in socalled "other" loans, which include loans for commercial, industrial, and agricultural purposes. 0 1932 1933 1934 1935 1936
@FedFRASER