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11ts · THE MONTHLY REVI~ (overing Conditions tn the Tenth Federal 'R.yerve 'Di's-trict . Federal Reserve Bank of Kansas City FoR THE INFORMATION OF MEMBER BANKS AND BusINESS INTERESTS OF THIS DISTRICT M. L. Chairman Board of Directors and Federal Reserve Agent McCLURE, VoL. 8 No. 5 KANSAS CITY, Mo., May THE SITUATION AT A GLANCE . HIGH POINTS IN THE STATISTICAL RECORD OF THE TENTH FEDERAL RESERVE DISTRICT 1 C. Business in twenty-nine cities measured by debits by banks to customers' accounts, four weeks ending May 9, $1,189,009,000; increase over corresponding four weeks in 1922, 16.7%. 1f Business Failures in Tenth District during April, 84 in number and liabilities $I ,220>260; increase of I 8 failures and decrease of $717,135 or 37% in amount of liabilities as compared with April last year. . 1 Building in twenty cities during April, 4,090 permits and $13,561,187 estimated value, largest of record for one month; increase 792 permits and $4,825,971 or 55.2% over April, 1922. . 1 Coal mining operations in six states during April 49.8% of capacity compared with 19.9% in April, r922, when the miners' strike began. Estimated production four months this year I 2,064,000 tons, compared with 9,258,000 tons first four months last year. ,f Crude Oil Production in Oklahoma, Kansas, Wyoming and Colorado during April, 19,386,840 barrels; increase over April last year, 2,729,840 barrels or 16.4%. 1 Flour Production at Southwestern mills during April, 1,470,548 barrels; decrease 16,832 barrels from April, 1922. 1 Grain Receipts, bushels, at four markets during April compared with April last year: Wheat 7,194,650, inc-rease 503,100; Corn 4,392,300, increase 448,700; Oats 3,501,400, increase 2,639,300. ,r Live Stock Receipts at six markets during April compared with April, 1922: Cattle 418,187, increase 101,395; calves 39,425, increase 6,781; hogs 1,006,452 increase 381,557; sheep 539,233, increase 130,918; horses and mules 9,050, increase 2,802. ,f Lead ore shipments, Missouri-Kansas-Oklahoma during April, 8,280 tons, at average price 1,110.27; in April last year 9,002 tons at average price $68.27. ,r Meat Packing at six centers during April compared with April, 1922: Cattle 236,701, increase 6'.2.,851; calves 27,923, increase 6,483; hogs 808,310, increase 304,379; sheep 381,253, increase 134,954. ,f Wheat Forecast, May I, Government report, five states of District, 247,824,000 bushels; last year's crop 266,402,000 bushels. 1 Zinc Ore Production, Missouri-Kansas-Oklahoma during April, 67,725 tons at average price $43.30; in April last year.~45,185 tons at average price $28.71. K. BOARDMAN, 26, 1923 Assistant Federal Reserve Agent and Secretary THIS COPY llELEASED FOil PUBLICATION IN MORNING PAPEllS SURVEY of conditiohs in the Tenth Federal Reserve District at this time discloses a marked improvement in all of the basic industries, and in trade, over those conditions which prevailed one and two years ago. The present volume of production and distribution compares favorably with the volume at those periods of the past when conditions throughout the Southwest were regarded as prosperous and described as "good times." The improvement that has come, notably during the first four months of the current year, has been steady-persistent in the face of many counter-deterrents-and on the whole reflects confidence in the underlying soundness of industry and trade. A Weather conditions during May have somewhat retarded farm operations. Damage has resulted in many sections from wind and hail and from the over.flowing of streams, although practically the entire agricultural area of the district has been well watered. The May reports of the United States Depart. ment of Agriculture and of the State Boards of Agriculture forecast better than average crops for the year. The live stock industry in recent months has undergone a transformation. The number of cattle on the long grass pastures is fully up to normal this spring. Increased numbers of sheep are on the ranges and pastures, the lamb crop is exceptionally large and the season's wool clip has been contracted at around 50 cents per pound. Hog production received a great stimulus from the high prices of pork of the last two or three years. During the past four months the marketing of hogs has been at high record proportions, with a large increase of breeding:sows on farms and the pig crop larger than for many years. In the mining industry production of lead and zinc ores, under greatly increased prices, has been maint~ned this year at wartime records, although declines in April from the high levels of the months preceding served to check the high rate of production. The near approach of the expiration of the Pittman Act, under which the price of silver produced is fixed at $r per ounce, is causing some anxiety, but the favorable prices of lead and zinc ores are leading to increased production and the reopening of mines, which is expected to more than offset those forced out by the probable reduction in the price of silver. Bituminous coal production in the District is running well ahead of last year to this date, but the activity of mining is restricted by transportation disability and lack of market for the coal produced. Petroleum production in the fields of the District is the largest in volume ever recorded. Building activity in cities of the District has been the largest of record since the beginning of the year, while public improvements are proceeding in practically every community of the District at greater magnitude than was ever known before. Summary Business Conditions in the United States on Pqa 'l & 8 2 THE MONTHLY REVIEW Banking and Credit SAVINGS IN BANKS IN THE TENTH FEDERAL RESERVE DISTRICT The increased volume of business in this District during the current year has called for a moderate increase in the use of bank credit, and with no tendency toward abnormal expansion. Taking the loans and discounts of seventy-seven reporting Member Banks as an index to banking activities in the District, it is found that the total on May 9, 1923, was $447,809,000 while on May 3, 1922, when seventy-nine Member Banks reported, the total was $424,613,000, an increase of $23,196,000. Since the beginning of the present year, however, there have been but slight changes month by month either in the volume or the character of Member Bank loans. Investments by Member Banks on May 9, 1923, aggregating $148,534,000, were $39,643,000 or 36.4 % greater than on May 3, 1922, although as in the case of loans, they have remained relatively constant since January of this year. Deposits of the seventy-seven reporting Member Banks were $573,208,000 on May 9, an increase of $34,177,000 over May 3, 1922, but a decrease of $18,296,000 from the total reported four weeks previous, or on April 11, 1923. The following affords a comparison of the aggregate of deposits loans and discounts and investments of reporting Member Banks at the dates named: Banks May 3, 1922 ......... 79 January 10, 1923 . .. .. 81 February 7, 1923 ..... 78 March 7, 1923 ....... 78 April u, 1923 ........ 78 May 9, 1923 ......... 77 Deposits $539,031 ,ooo 583,746,000 586,582,000 593,089,000 591,504,000 573,208,000 Loans & Discounts Investments $108,891,000 $424,613,000 150,778,000 445,076,000 444,610,000 I49,956,ooo 148,416,000 449,613,000 151,475,000 449,803,000 447,809,000 148,534,000 The statement of the Federal Reserve Bank of Kansas City as of May 16, 1923, showed bills discounted for Member Banks aggregating $34,844,110.37, which is compared with $24,999,538.38 on May 17, 1922, and with $81,281,771.15 on May 18, 19:21. Sixty-two banks on May I reported an aggregate of $100,192,845 of Savings deposits, compared with $100,031,696 on April I and $90,551,090 on May 1, 1922; an increase of 0.16% over the previous month and 9. 16% over May I of last year. CONDITION OF SELECTED MEMBER BANKS IN TENTH FEDERAL RESERVE DISTRICT May, 9, 1923 77 Banks I. Loans and Discounts (including rediscounts) (a) Secured by U.S. Govt. obligations ... (b) Secured by stocks and bonds, other than U.S. Bonds .................. (c) All Other.......... ... ............ 2. Investments: (a} U.S. Pre-War Bonds .............. . (b} U.S. Liberty bonds ............... . (c) U.S. Treasury Bonds ............. . (d) U.S. Victory notes and Treasury notes (e} U. S. Cert. oflndebt......... . . ... . (f) Other Bonds, Stocks, and Securities .. 3. Total loans and discounts, and investments. 4, Reserve balances with F. R. Bank ....... . S· Cash in vault .............. .... ...... . . 6. Net demand deposits on which reserve is computed.................. .. .... ..... 7. Time Deposits.............. . . . ........ 8. Government deposits................... 9. Bills payable and rediscounts with F. R. Bank secured by (a) U. S. Govt. obligations ............ . (b) All Other .................... . ... . April, II 1923 78 Banks $·:-- 7,289,000 78,056,000 361,924,000 77,443,000 363,845,000 12,008,000 12,091,000 47, 105,000 4,73 2,000 21,251,000 6,922,000 59,374,000 6o1,278,ooo 46,152,000 12,220,000 45,74 1,000 4,7 27,000 21,218,000 7,758,ooo 57,082,000 596,343,000 48,224,000 12,089,000 440,407,000 127,719,000 5,082,000 458,552,000 126,039,000 ,.• 6,913,000 II,408,000 6,618,000 5,071,000 Total (Items J to 9 inclusive) ....... ..... $1,251,781,000 $1,262,843,000 10,509,000 Banks Denver,rColorado .......... Jo Kansas City, Kansas .. ..... 4 Kansas City, Missouri ..... . 10 Lincoln, Nebraska .......... 3 Oklahoma City, Oklahoma .. 5 Omaha, Nebraska ... . ...... 6 St. Joseph, Mo .. .. ..... . ... 7 Tulsa, Oklahoma .... .. ..... 6 Wichita, Kansas ........... 6 Outside ................... S DEPOSITS May 1, 1923 $ 51,340,625 2,376,124 13,235,218 2,751,148 3,943,373 7,282,447 9,7°2,037 6,085,672 2, 274,653 1,201,548 Apr. 1, 1923 May 1,1922 $ 51,150,108 $46,016,332 2,225,384 2,369,558 13,206,568 12,144,349 2,717,042 2,465,698 3,481,074 3,979,399 6,942,817 7,394,483 8,804,729 9,597,358 6,100,036 5,479,7 21 1,911,921 2,247,293 1,269,851 J,o79,o65 Total ................... . . 62 ACCOUNTS Banks May 1, 1923 Denver, Colorado. . . . . . . . . . 9 89,555 Kansas City, Kansas ... .. .. 4 8,934 Kansas City, Mo........ . .. 8 86,957 Lincoln, Nebraska .......... 3 12,672 Oklahoma City, Oklahoma .. 5 10,204 Omaha, Nebraska. . . . . . . . . . 6 40,455 St. Joseph, Missouri. . . . • . . . 7 23,533 Tulsa, Oklahoma ...... . .... 6 18,933 Wichita, Kansas ............ 6 1 5,7 1 3 Outside . ••... .. ........... 2 1,694 Total . .•....... .. .. ... . .. . 56 Apr. 1, 1923May 1,1922 88,337 78,917 9,o75 7,64I 85,070 84,207 12,653 12,390 10,152 8,461 40,897 34,9 13 23,597 22,300 18,76o 16,575 15,767 16,923 1,689 1,316 3o5,997 The offering to the investing public by the Secretary of the Treasury of $400,000,000 of 4¾' percent Treasury Notes, Series B-1927, was met by subscriptions from the Tenth District aggregating $31,734,600 against a quota of $16,000,000. The Fiscal Agency Department of the Federal Reserve Bank of Kansas City reported cash subscriptions to the issue aggregated $24,243,600 of which $12,333,400 was allotted. Victory Notes tendered by holders in exchange for the new Treasury Notes aggregated '/,7,500,000, this amount being allotted by the Treasury Department. This brought the total of subscriptions allotted to '/, I 9,3JJ,400. BUSINESS FAILURES: The record of business mortality in the Tenth Federal Reserve District for the month of April discloses a total of 84 failures with the liabilities aggregating $1,220;260. Compared with the record for April of last year, these figures indicate an increase of 18 in the number of failures but a decrease of $717,135 ,or 37%, in the amount of liabilities. Failures during the first four months of 1923 in the District numbered 351 and the amount of liabilities was $5,227,058, a decrease of 26 or 7% in number and a decrease of $3,837,393 or 73.4% in liabilities from the totals recorded for the corresponding four months of 1922. Failures in the United States by Federal Reserve Districts for April, 1923, together with comparative figures for April, 1922, are reported by R. G. Dunn & Co. as follows: NUMBER LIABILITIES Apr. 1922 Apr. 1923Apr. 1922 Apr. 1923 First (Boston) . . . .. ..... ......... 151 $ 2,139,720 $ 2,403,840 165 Second (New York) .............. 342 420 16,070,562 33,677,526 Third (Philadelphia) ............. 63 1,468,343 78 1,775,463 Fourth (Cleveland) ....... .. ..... II6 2,840,844 156 3,9 14,384 Fifth (Richmond) ............... 86 148 2,593,827 3, 277,9°6 Sixth (Atlanta) .................. 97 1,26o,290 264 6,557,398 Seventh (Chicago) ............ ... 197 284 1 8,750,459 10,909,837 120 l Eighth (St. Louis) ............... So 2,168,109 2,244,444 116 , Ninth (Minneapolis) . ...... ...... 76 2,268,658 840,890 1,937,395 1,220,26o TENTH (Kansas City) ........... 84 66] Eleventh (Dallas) ................ 93 3,865,301 167 8,874,897 Twelfth (San Francisco) .... ... . .. 135 1,883,080 1,6o7,145 183 Total, United: States . ........ .... 1,520 2,167 $51,491,941 $73,058,637 THE MONTHLY REVIEW 1 BANK DEBITS: The ~volume of business in twenty-eight cities of the District, measured by debits by banks against customers' accounts, during a period of four weeks ending May 9, 1923, was 'l,1,177,157,000, an increase of '1,168,877,000 or 16.7% over the corresponding four weeks period in 1922. The reports for twenty-nine cities follow: Four Weeks Ending May 9, 1923 6,101,000 Atchison, Kansas ................ f, Bartlesville, Oklahoma ........... 14,730,000 Casper, Wyoming . ............... 16,135,000 Cheyenne, Wyoming ............. 8,313,000 Colorado Springs, Colorado ....... u,145,000 Denver, Colorado ................ 151,089,000 Enid, Oklahoma ................. u,852,000 Fremont, Nebraska .............. 3,615,000 Grand Island, Nebraska .......... 5,256,000 Grand Junction, Colorado ......... 2,539,000 Guthrie, Oklahoma .............. 3,093,000 Hutchinson, Kansas .............. u,303,000 Independence, Kansas . . .......... 9,695,ooo Joplin, Missouri ....... . ......... 13,658,000 Kansas City, Kansas ............. 18,918,000 Kansas City, Missouri .. ...... .... 33 2,879,ooo Lawrence, Kansas . ..... . . . ...... 4,226,000 McAlester, Oklahoma ............ 3,793,000 Muskogee, Oklahoma ..... ..... .. 24,479,000 Oklahoma City, Oklahoma ..... ... 75,298,000 Okmulgee, Oklahoma ..... .. ..... 9,657,000 Omaha, Nebraska . . .... ....... . .. I 99,784,000 Parsons, Kansas .......... . ..... . 3,153,000 Pittsburg, Kansas ............... 5,681,000 Pueblo, Colorado ........... . .... 16,976,000 62,o66,ooo St. Joseph, Missouri . ............. Topeka, Kansas ................. 15,952,000 Tulsa, Oklahoma ..............•• 105,128,000 Wichita, Kansas .......••••....... 4 2,495,000 Total. ...........••••....•.•.•• $1,189,009,000 Four Weeks Ending May 10, 1922 f, 4,994,ooo 10,144,000 12,203,000 6,658,000 9,998,ooo 127,534,000 ............ 3,050,000 4,821,000 2 ,559,000 2,142,000 10,342,000 8,353,000 9,5°7,000 13,347,000 269,926,000 3,898,000 3,610,000 21,879,000 80,738,000 7,457,000 175,243,000 3,294,000 4,254,000 14,283,000 % Inc. 22.2 45• 2 32.2 24.9 11.5 18.5 18.5 9.0 -o.8 44·4 9.3 16.1 43.7 41.7 23-3 8.4 5.1 11.9 -6.7 29•5 14.0 -4.3 33.5 12i5o6,ooo 89,894,000 . 39,613,000 18.9 10.8 27.6 16.9 7.3 f,1,008,280,000 16.7 56,033,000 Industrial The industrial reports show there is very little unemployment in any section of the District. Increased demands for all classes of skilled labor, particularly in mechanical lines and in the building trades, were found in all cities. A shortage of competent farm labor is now already a fact and in many sections of the District farm operations are hampered by the inability to secure labor. In the South and Southwest, according to the May report of the District Director of the United States Employment Service, where heretofore there has been a sufficient supply, they are experiencing for the first time a situation which is causing alarm. Large numbers of men who have always worked on the farm have migrated to the larger cities, securing immediate employment in the various industries which are having trouble to find sufficient labor to meet their demands. Farm _wages this year are higher than those of last year, and with the near approach of the harvest in the great wheat belt efforts are now being made by the Department of Labor co-operating with local and state agencies, to meet the demand. Building Activity in building in the cities of the Tenth District during the year 1923 to date of this issue of the Monthly Review has surpassed that of any corresponding four months of recorded building history, while building operations in April of the current year were the largest ever reported for a single month. The reports of building departments in nineteen cities covering the four months from January 1 to May 1 show that permits were issued for the construction of n,805 buildings estimated to 3 cost '1,39,444,462. These totals compare with 9,37(permits and $25,751,555 estimated cost for the corresponding four months in 1922. The increase for the four months period this year is 2,427 permits or 25.8% and 'l,13,692,907 or 53.2% in estimated cost. The April returns, the highest of record for the ~ties of the District from which reports are received, were 4,090 permi ts for buildings estimated to cost 'l,13,561,187, compared with the April, 1922, total of 3,298 permits and '$8,735,216 estimated, cost, an increase of 24% in the number of permits and 55.2% in estimated cost. The building record follows: · No. Permits Casper, Wyoming .................... . . 124 Cheyenne, Wyoming . .................. 68 Colorado Springs, Colorado ............. 139 Denver, Colorado ...................... 784 Enid, Oklahoma . ...........•.......... 24 Hutchinson, Kansas . ................... 53 Joplin, Missouri ....................... 12 Kansas City, Kansas ................... 215 Kansas City, Missouri. ................. 682 Leavenworth, Kansas ......... ........ . II Lincoln, Nebraska ......... ...... ... ... 169 Muskogee, Oklahoma ...... .... ........ 59 Oklahoma City, Okla................... 274 Okmulgee, Oklahoma .................• 34 Omaha, Nebraska . . ... ................. 3 23 Pueblo, Colorado ...................... 135 St. Joseph, Missouri .................... 131 Topeka. Kansas ......................• 161 Tulsa, Oklahoma ...................... 301 Wichita, Kansas ............. . ......... 39 1 April, 1923, Twenty Cities .............. 4,090 April, 1922, Twenty Cities .....•..•..... 3,298 Estimated Cost $ 348,975 221,290 159,927 2,256,100 132,200 II2,IIO 9,000 7o6,46o 2,910,350 12,300 627,035 % Inc. or Dec. 80-4-1 130.5 36.1 21.6 218.5 -20.7 130.8 247.8 95-5 -57.I 97.7 222,090 921,033 122,100 1,292,174 177,578 179,325 299,584 1,298,675 1,552,881 -n.s f,13,561,187 8,735,216 55· 2 86.1 39-5 49-4 134-2. -6.o 4 1 -7 4 1•3 171.6 Mercantile Trade WHOLESALE: The volume of wholesale trade during April, measured by sales in dollar amounts reported by representative firms located at principal distributing centers in the District, was about 19.1% larger than in the corresponding month in 1922. The expansion of trade this year to date has not been confined to any particular line or lines-all having shared in it-dry goods, clothing, millinery, shoes, drugs, groceries, furniture, hardware, paints, lumber, building materials, machinery, implements and automobiles. ::' The demand for all kinds of commodities has been so insistent that, in some lines, wholesalers have experienced difficulty in obtaining stocks with which to meet it. Consequently their stocks, in proportion to the volume of goods sold and distri buted, are not unusually large. In the case of dry goods, stocks held by wholesalers on May 1 were regarded as quite conservative, in fact, the lowest in three years. Stocks held by wholesale grocers were reported May 1 as averaging about 20% larger than at the corresponding date in 1922 and in turn slightly larger than May 1, 1921. Wholesale hardware stocks on the first day of May on the average were approximately 15% above those one year previous to that date and more than 15% above those on May 1, 1921. Furniture stocks of wholesalers were WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OUTSTANDINGS Apr. 1923 Apr. 1913 Apr. 30, '23 Apr. 30, '23 No. Compared Compared Compared Compared With With With of With Apr. 19'.22 Mar. 31, '13 Apr. :,O, '22 ReportsMar. 1923 1,7 JS.I 11.3 Dry Goods....... 3 -13.7 Groceries. . . • . • . . • 7 3.6 20.9 4.4 16.9 t.1 9.2 Hardware........ 8 -3.7 16.5 36.1 7.2 'J.7.6 Furniture. . . • . . . • 5 -5.a 1 3•5 -0.I 7.6 Drugs............ S ;.8 Millinery.. • • • • . • • 4 -35.6 0.7 THE MONTHLY REVIEW :t CONDITION OF RETAIL TRADE IN CITIES OF THE TENTH FEDERAL RESERVE DISTRICT DURING APRIL, 1913 Baud Upon Reports from q Department Stores. Kansas City Denver Outside (J) (10) (4) Percentage increase (or decrease) of net sales during April, 1913, over net sales during same mQnth last year, ..•..•.•.....••.....•......................•..... Inc. 4.7 Inc. 6.9 Inc. 3·4 Percentage increase (or decrease) of net sales from January I i 1913, to April 30, 1913, over net sales during same period last year .......... . ....•............... Inc. 6.8 Inc. 10.6 Inc. 8.o Percentage increase (or decrease) of stocks at close of April, 1913, over stocks at close of aame month last year •.•••..•.....................•..........•••.. • . Dec. 1.5 Dec. 1.3 Inc. 0.4 Percentage increase (or decrease) of stocks at close of April, 1913, over stocks at close Dec.] •Si Inc. [o.8] lnc.::f5.3 of March, 1913 .......•....... • • • • • • • • • • • · · · · · · · · ··· · · · · · · · · · · · · · · · · • · · · Percentage of average stocks (selling price) at close of each month this season (commencing with Jan. 1) to average monthly net sales (selling price) during the same period .•..•...••••..•••..•........ •• .... • .. . ........... ... . . . . . . 469.6 595.6 557• 1 Percentage of outstanding orders (cost) at close of April, 1913, to total purchases (cost) 10.1 during the calendar year, 1911 ........ . ................................ . II.I 4.1] Percentage of collections during month of April, 1913, on amount of outstanding acl.'U counts on March 31, 1913 .•....................... •, .. • .. • • • • • • • • • • • • · · 51.2 47.4 34-9 Percentage of coUections for same period last year . ............ . .....•..... . ..... 36.5 53.6 51.7 u% above those one year ago and 27% above those on May 1, .District (17) Inc. 4·9 Inc. 8.4 Dec. 0.7 Inc. 1.8 539.0 fi.8.1 l'),.i 44.8 47.3 Live Stock Stocks of drugs in wholesalers' hands May I were 18% Pastures-·madev-good -growth during April under favorable to 20% larger than on the corresponding date last year and weather conditions and the heavy movement of cattle from the about 16Q. larger than on May 1, 1921. Retailers as a rule are pursuing a policy of buying according South and Southwest to Kansas, Nebraska, Oklahoma and Misto their customer's demands and are not heavily stocked up. souri found the grass in excellent condition. The cold and cloudy In dry goods and clothing, however, there is reported a consider- weather during the latter part of the month was unfavorable for stock, particularly shorn sheep and lambs on the Western a.ble buying for the next fall and winter trade. On account of the cold weather the first part of March and the Great Plains and Rocky Mountain regions, but no serious losses disagreeable weather during the latter part of April, dealers have been reported. The range was benefited by precipitation reported a falling off in their sales. With improved conditions, in Colorado, but warmer weather was needed. From 5 to 2.0 however, a decided increase in sales was reported and the busi- inches of snow fell in Central and Southern Wyoming. In the ness from January I to May I showed a slight increase over last northern part of that state the range continued open or partly so. There was no drifting snow and as lambing had not become year. RETAIL TRADE: Sales by retail dealers during the first general the loss was kept at a minimum. four months of 1923, reflected by the reports of department The movement of cattle from the South and far Southwest stores in principal cities of the District, averaged 8.4% above to the long grass ranges and pasture lands in Kansas, Nebraska, those for the corresponding four months of 192.2., were slightly Oklahoma and Missouri has been unusually heavy this spring. above those of 192.1 and about the same as in 192.0. April sales Missouri reports 20% more cattle on feed at the beginning of as reported by the Department stores were 4.9% above those April than one year ago. A part of this increase, however, was of March. Weather conditions during April were quite unfavor- due to cattle held over from the fall and not put on feed because ~ble to heavy buying, hence the volume of goods sold did not . of the high price of corn. There have been large shipments of measure up to expectations. The reports of retail stores in the cattle to Oklahoma, Kansas and Nebraska from the South and smaller cities on the average show a slight increase in sales in Southwest. The railroad reports to May 10 indicate that this dollar amounts over those of a year ago. Weather and road movement is larger than that of last year and fully up to normal, conditions served to curtail activity in the country districts, pastures being well filled with cattle in good condition. The although the trade situation was generally described as good. movement of cattle from Arizona and New Mexico to Wyoming COLLECTIONS: A general improvement in payments is and Western Nebraska, starting about May 1, was expected noted in the mercantile reports. Wholesalers of dry goods say to be somewhat larger than last year. collections during April, as shown by their records, were better than they were at this time last year, payments being made in The high prices paid for wool this spring, together with presmall amounts. Wholesale hardware dealers reported collections vailing prices at which lambs have been selling on the markets, satisfactory and above the average. Wholesale grocers and has stimulated interest among sheep growers and feeders. Redealers in other lines reported a similar trend. In retail lines ports indicate a substantial increase in the number of sheep on the Department store summary shows the percentage of col- farms and ranges in the District at the beginning of the year lections during April to outstanding accounts on March 31 was and a corresponding increase in the season's ·lamb crop. 44.8% as compared with 47.3% for the corresponding month in The reports from all states in the District show a total of 1922, which is mainly attributed to weather conditions affecting 2,616,000 breeding sows on farms on April 1, 192.3, an increase Cfflployment during a part of the month. Retail houses in the of 185,000 over April, 1922., and an increase of 43 6,000 over smaller cities, however, reported April collections generally April, 192.1. The following shows the number of breeding sows ''good" or " (air.'' in each state for the three dates: 1.921. AVERAGE PRICES OF LIVE STOCK AT KANSAS CITY Apr. 23-18 1923 Hop, bulkaalca . ......................... J 7.61 Beef Stccra, choice.................... . . . . 9.71 Butchers Cattle, com. to choice...... . ...... 6.61 Feeder steers, Com. to choice.......... . . . . . 7.30 Stocker ateen, Com. to choice.............. 6.80 Lambt, Med. to choi~e .................... 13.61 Sheep Med. to Prime Yearlings.. . • • • • • • • • • • 11.33 Mar. 26-31Apr. 1923 J 8.16 9.70 6.70 7.35 6.75 13.61 11.35 14-19 1911 t,10.05 8.68 6.46 7.00 6.75 14.73 12.60 April, 1913 Colorado............ . .. . . . .... . ....... 97,000 Kansas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 392,000 Missouri . . . . . . . • • . . . . • . . . . . . . . . . . . . . . . 859,000 Nebraska . . . . . . • . . . . . . • . . . . . . . . . . . . . . . 966,000 New Mexico........................... 13,000 Oklahoma.................. . ... . . . .... 270,000 Wyoming. • . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000 April, 1922 April, 1911 88,ooo 80,000 310,000 356,000 697,000 795,000 820,000 894,000 17,000 17,000 165,000 141,000 16,000 15,000 Total. .•..••......•....•.••........... 21616,000 2,431,000 2,180,000 THE MONTHLY REVIEW LIVE STOCK~MOVEMENTS: Receipts of cattle at the six principal live stock markets in April were the largest of any month since January and the largest April receipts since 1919. The total was 418,187 head, which was 45,227 or 12.1% more than were received in the previous month of March and 101,395 or 32% more than were received in April of last year. In spite of the large receipts cattle prices are about $1 per hundred above a year ago. There was also an unusually large number of feeder cattle passing through the markets to pasturage which accounted for a big part of the increase. Receipts of calves at the six markets in April fell 11.2% below the March receipts, but were 20.8% above those of one year ago. The exceptionally heavy movement of hogs, which has featured the market situation in the last three and four months, showed slight evidences of seasonal decline, although the total was the largest for April in five years. The number received at the six markets was 1,006,452, which was 144,245 or 12.5% below the high record receipts in March, but was 381,557 or 61.1% above the total receipts during April last year. The arrivals of sheep at these western markets totaled 539,233, which was 99,550 or 15.6% below March arrivals and 130,918 or 32% above the total arriving during the corresponding month in 1922. Receipts of horses and mules declined 22.2% from the previous month but increased 44.8% over the corresponding month last year. Measured by car loads the receipts of all classes of live stock at the six markets during April were 5.6% under March receipts and 36.9% above April, 1922, receipts. The April receipts at each of the six markets and the combined totals for the month, with March, 1923, and April, 1922, for comparison, follow: Cattle Calves Hogs Sheep Horses Mules Kansas City .............. ..... 142,117. 18,819 Omaha ..•................... . 143,234 5,660 St. Joseph .................... 47, 129 4,631 Denver ....................... 25,665 3,271 Oklahoma City ................ 20,463 3,594 Wichita ...................... 39,579 3,45o Total, April, 1923 .............. 418,187 Total, March, 1923 ............ 372,96o Total, April, 1922 ...... ........ 316,792 33o,539 127,071 333,284 205,074 184,902 92,310 49,151 11 3,437 48,124 284 60,452 1,057 3,478 821 39,42 5 1,006,452 539, 233 44,376 1,150,697 638,783 32,644 624,895 408,315 9,050 u,648 6,248 1,005 1,885 254 1,607 MEAT PACKING: Operations at the meat packing centers of the District, as measured by animals purchased by packers, show the April slaughter of cattle, hogs and sheep was the largest for April in five years records. Cattle purchased by packers during April showed an increase of 10.2%over the March total, while there were decreases as compared with March of 13.9% in calves, 9.3% in hogs and 1% in sheep purchased. Comparing April, 1923, with April, 1922, however, the figures of purchases indicate very large increases for this year: cattle 36.1%, calves 30.2%, hogs 60.4%, sheep 54.8%. The number of animals purchased in April by packers at each of the six centers is here shown: Cattle Calves Hogs Sheep 83,16o 95,430 31,956 9,961 12,103 4,091 16,543 1,737 277,227 24 1,533 151,651 40,3o3 54,059 112,557 167,851 80,330 19,336 135 1,044 Total, April, 1923 ...... .. ..... .... . 236,701 Total, March, 1923 ........ ........ 214,743 Total, April, 1922 ....... ... . ....... 173,850 27,9 2 3 32,440 21;440 808,310 89 1,537 5o3,931 381,253 385, 295 246,29 Kansas City ...................... Omaha ........................... St. Joseph ........ .......... ...... Denver ........................... Oklahoma City .............. .... .. Wichita ............. .. ........... 4,359 l,455 2,045 1,784 43,537 Stocks of pork and lard have continued to increase with the heavy supply of live stock this season. In Kansas City the report 5 showed 75,593,400 pounds t·n storage at the close of business April 30, an increase of 8,605,600 pounds over the total stocks at the close of March and an increase of 39,597,900 pounds or I 10%· over total stocks in storage April 30, 1922. r.:;.i:;The domestic trade in both fresh and cured meats at the end ~f April was reported as generally good with increased buying activity in dry and salt meats in the southern agricultural regions where planting was going on. Wholesale prices of western drt=>ssed meats in eastern markets was reported at the close of April relatively higher than one year ago, though considerably under the average prices for the last three years. Meat prices in England have not been satisfactory and export trade has been lagging with but slight improvement recently. Agriculture Crop conditions in the large areas of the Tenth Federal Reserve District improved quite substantially during April and May and the outlook at this time is favorable for a year of large agricultural production. Rainfall has been moderate to heavy from the lower Missouri valley northward and there have been heavy snows in the Rocky Mountains of Colorado, Wyoming and New Mexico. Precipitation has been generous during May in all sections of Nebraska, Western Kansas and Oklahoma, and in Southeastern Colorado,. where severe drought had prevailed for a long time. WINTER WHEAT: The Government's May crop report, given to the public on the 8th, was more favorable to the Tenth District than had generally been expected. The condition of winter wheat was higher than earlier unofficial reports had indicated. The yield forecast for the principal wheat growing states of the District, allowing for normal weather between May 1 and harvest, is well above the average year of wheat production, although about 7% below that of 1922. The Government's May 1 figures on estimated yield, and also the figures contained in the final estimate on 1922 production, are here shown: Est. May 1923 Bushels Colorado ................................ 13,741,000 Kansas ................................. 1 I 5,087,000 Missouri. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,086,000 Nebraska ..... ·.......................... 33,671,000 Oklahoma ............................... 42,239,000 Total, 5 States ........................... 247,824,000 United States ............................ 578,000,000 Final Est. 1922 Bushels 16,406,000 122,737,000 38,750,000 57,159,000 31,350,000 266,402,000 586,000,000 Throughout the season the reports of the various agricultural agencies have indicated a good crop of wheat in Missouri and in the eastern portions of Kansas, Nebraska and Oklahoma. However, the unfavorable conditions in the western areas of Kansas, Nebraska and Oklahoma, where germination failed on account of a dry fall and winter, have caused quite a large abandonment of the acreage sown to wheat last fall, although since the spring rains have come, there are some fields in which wheat has made a good stand. CORN: All reports indicate that corn planting has made good progress during May in Missouri, Kansas and Nebraska. In Oklahoma the planting was practically finished by Mayt I and in the southern counties of that state it was up and growing and in excellent condition except in some sections where heavy rains necessitated much replanting. Official reports on the acreage of corn planted this spring are not available at this time, but reports lead to the belief that this year's planting will exceed the total of 18,504,000 acres planted in the District in . 1922. An increase in hogs and also in cattle feeding have greatly stimulated production of corn in the Missouri River territory. 6 THE MONTHLY REVIEW RECEIPTS OF GRAIN AT FOUR MARKETS OF TENTH FEDERAL RESERVE DISTRICT, APRIL, 1923. Wheat Corn Oats Kansas City ............................................... . Omaha .................................................... . St. Joseph ....................... . ......................... . Wichita ................ . ..... . . . .......................... . 3,924,450 1,584,800 676,200 1,009,200 1,767,500 1,787,800 729,000 108,000 1,533,400 1,674,000 April, 1923 .... . . . ................................. . March, 1923 ....................................... . April, 1922 ..........................•.............. 7,194,650 4,39 2,300 3,749,650 3,943,600 3,501,400 2,625,700 862,100 6,575,75° 6,691,550 COTTON: Plan ting in Oklahoma became general the first week in May under generally favorable weather conditions. Rains during the latter part of April retarded work in the fields and caused some delay in the seeding of cotton, kafir and broom corn. OATS: Seeding was practically completed over the:.larger areas by the end of April. Early planted oats were in poor condition in the southern Great Plains area, particularly in Oklahoma, due to low temperatures in the latter part of April. SUGAR BEETS: Seeding of sugar beets made good progress in ,Colorado, Wyoming, Nebraska and Western Kansas during the early part of May, with a probable slight increase of acreage over that of last year. Rye 7,700 Barley 64,400 102,400 Kafir 138,6oo 66,ooo 7,000 240,000 54,000 72,100 II4,ooo 1 55,900 3,6oo 3,000 6,000 179,000 114,100 161,000 147,6oo 187,400 331,600 Mining BITUMINOUS COAL: Production of soft coal in the United States during the first 107 working days of 1923 was greater than for the corresponding period in the last six years. Production for the calendar year 1923 to May 5 was 189,506,000 net tons. In the corresponding periods of the six years preceding it was as follows: YEARS OF ACTIVITY YEARS OF DEPllESSION 1917 ........... 187,738,000 n;~ to~s 1918 . .. ........ 189,153,000 ,, ,, 1920 ........... I 84,936,000 1919 ........... 148,879,000 net tons 1921 ........... 137,614,000 .. ,, 1922 ........... 148,693,000 " ,, The reports from the six coal producing states of ~his District, however, show that there has been a great loss of mining activity due to "no market" and "transportation disability." On GRAIN MOVEME TS: Arrivals of wheat at the four lead ing markets of the Tenth District-Kansas City, Omaha, St. this account operations during April were only 49.8% of full Joseph and Wichita-were 7,194,650 bushels during April, an · time capacity. The following table shows the percent of losses increase of 503,100 bushels over the total for April, 1922. For in each state due to the several causes during April: the wheat year beginning July 1, to May I the receipts of wheat Losses Due To: Colo. ~- Kans. Mo. N. M. Okla. Wyo. Dist. at these four markets were 131,106,800 bushels, or 17,416,150 Transportation Disability .......... 17.7% 15-9% 1.7% 3.8% 1.5% bushels less than we,re received in the corresponding ten months 6.8% Labor Shortage ............. . 2.8 I.I o.8 o.8 of the wheat year ending June 30, 1922. Stocks of wheat on farms in Kansas, on April 14 were 11,900,000 bushels, or 9.7%of the total of 122,737,000 bushels harvested in 1922. Applying the Kansas figures to the entire District the stocks of wheat on farms on April 14 were approximately 27,000,000 bushels out of 278,614,000 bushels harvested in 1922. Stocks of wheat in elevators at Kansas City, Omaha and St. Joseph on April 21 were 7,612,000 bushels or 1,460,000 bushels less than reported on the corresponding date last year. FLOUR PRODUCTION: Reports on flour produced at Kansas City, Wichita, Salina, St. Joseph, Omaha and at interior mills in Kansas, Nebraska, Oklahoma and Western Missouri show 1,470,548 barrels for the month of April, a decrease of 16,832 barrels from the record of flour produced in April, 1922. During the first four months of 1923 the total of flour produced at these mills was 6,267,151 barrels, an increase of 95,463 barrels over the corresponding first four months of 1922. Strikes .................... . 0.I Mine Disability. . . . . . . . 1.9 8.2 No Market ............ 32.6 30.8 All Other Causes . . . . . . . . .... 0.1 Percent All Losses ...... 52.2 Percent Production ..... 47.8 2.2 2.5 5.5 38.7 4.5 35.3 45.3 57.9 47.1 52.9 4 1 -3 42.1 56.7 58 .7 43.3 I.0 0.I I.I 0.3 0.4 45.4 0.1 o.6 3.0 38.0 46.2 53.8 50.2 49.8 I.0 The estimated production from January 1 to April 30 in the coal states of this District follows: 4 Mos. 1923 Colorado ..................................... 3,635,000 Oklahoma.................................... 835,000 Wyoming . ............................ ... .... 3,305,000 4 Mos. 1922 2,989,000 l,III,000 1,097,000 849,000 892,000 2,320,000 District ...........................•.......... 12,064,000 9,258,000 ~~::;;i::::::::: :: ::::::: :: ::::: ::: :::::: ::: ~:~~;:= New Mexico . .................. . .............. 850,000 The foregoing indicates an increase for the first four months of 1923 of 2,806,000 tons or 30.3% over the production during the first four months of 1922. FLOUR PRODUCTION AT SOUTHWESTERN MILLS DURING APRIL, 1923 Per cent Capacity Operated Kansas City ................... . ..................... 68.o Omaha ...................... . ...................... 67.6 •Salina ............................................. . 43.6 St. Joseph .......................................... 6o.6 Wichita ............................................ 49.0 Outside ....................................•......... 49.0 Production Barrels Total, April, 1923 .................................... 54.2 Total, March, 1923 ................................... 59.1 Total, April, 1922 ................................... . 59.7 •-Qnly last two weeks figures available. 1,470,548 1,73 2,749 1,487,380 376,384 65,022 4o,245 119,736 13 1,975 737,186 AVERAGE CASH PRICES OF GRAIN AT KANSAS CITY In C,rzt.s per Bushel. April 21-27 March 24-30.'\pril 21-27 WHEAT No. No. No. CORN No. No. No. OATS No. 2 Dark Hard Winter . ........ 2 Hard Winter .............. 2 Red Winter ............... 2 White .................... 1923 1923 1922 126 122 121 II6 126 154 75 1 35 I.tO 131 Yellow ................... 2 Mixed .................... 85 E6 85 76 56 56 56 2 White .................... 47 48 39 2 77 THE MONTHLY REVIEW ZINC AND LEAD: The month of April showed a decided slowing down in the Missouri, Kansas, Oklahoma district in both shipments and prices of ores. Shipments, while large, did not reach the record breaking figures for March. The average shipment of zinc ores per week was 15,629 tons as against 18,837 tons per week the previous month. Prices declined from an average of $48.15 per ton for March to f,43.30 per ton for the month of April. The month began with '/,47.50 per ton base and declined to as low as $38.00 per ton at the close of the month. Calamine prices held steady at $29.00 per ton, shipments averaging 300 tons per week. Purchases of zinc ore also dropped and some companies were not taking even their minimum quota from the district, especially during the latter part of the month. Lead ores also declined during the month, the market closing at $100.00 to f,105 .oo per ton against the opening price of f,115 .oo per ton. The average for the month for all grades of ore was '1,110.27 per ton. The average shipment of lead ores during the month was 1,911 tons per week. It is estimated that the surplus stocks decreased 5,000 tons during the month, leaving stocks at approximately 55,000 tons in bins of the ore producers. At the beginning of April mine operators increased the wage scale for all classes of mining employees when zinc prices reached '/,48.00 per ton. The last week of April noted the cutting of the price again back to the old level when the price of ore went under '/,40.00. There is quite a demand for labor in the district, but the labor desired is principally skilled labor, such as machine men, although there are a number of shovelers needed. COLORADO METAL MINING: The metal mining industry showed comparatively little change during the month of April. There seemed to be a healthy activity which was expected to result in a considerably increased production during May and the following months, when it becomes possible to reopen many mines which have been inaccessible on account of the snow. There is a considerable shortage of skilled miners reported from the larger mining camps. Petroleum Production of crude oil in Oklahoma, Kansas, Wyoming and Colorado continued high during April. The average was 646,228 barrels daily for the 30-day month, which was 30,717 barrels greater than the daily average for March, 1923, and 90,984 barrels greater than the daily average for April, 1922. The unusually high daily average increased total production for the month in the four oil states of the District to 19,386,840 barrels, compared with 19,081,000 barrels produced in the 31 days of March and 16,657,000 barrels produced in April last year. The following tables show daily average production and total pr0duction for the. month, in barrels, during the month of April with totals for March, 1923, and April, 1922, for comparison: DAILY AVERAGE •Apr. 1923 Kansas .......................••.•.• 81,675 Oklahoma ..... ..................•.. 446,020 Wyoming ........................... 118,358 Colorado........................... 175 Total ....... ..... . .. ........... ... .. 646,228 ••Mar. 1923••Apr. 1922 80,742 87,400 435,898 400,667 98,~7 66,900 174 267 615,511 MONTHLY PRODUCTION ••Mar. 1923 •Apr. 1923 Kansas ..... ... ............ .... .. 2,450,250 2,503,000 Oklahoma . ... ... ... .... ... . ...... 13,380,6oo 13,513,000 Wyoming ....... . ... ... .... ..... . 3,550,740 3,o59,6oo Colorado .. .... .... ..... ...... ... . 5,250 5,400 Total ............................ 19,386,840 •-Estimated, American Petroleum Institute. **-Official, United States Geological Survey. 19,081,000 555,234 ••Apr.1922 2,622,000 12,020,000 2,007,000 8,000 16,657,000 7 Reports from the various fields indicate high act1v1ty in development operations as compared with the previous month and one year ago. Large increases in the number of wells completed and also in the number of barrels daily new production were reported from Oklahoma and Kansas. In Wyoming there were interruptions on account of weather conditions which prevented increased activity. The summary of the month's developments follows: Wells Completed Kansas ............................. 158 Oklahoma .......................... 640 Wyoming ........................... 24 Total, April, 1923 ................... 822 Total, March, 1923 .................. 652 Total, April, 1922 .. . ........ .. ...... 651 Bbls. Daily New Prod'n 9,449 151,449 6,720 Dry Wells 53 181 3 167,618 131,797 130,86o 237 203 150 Gas Wells 6 64 0 73 61 IS At the end of April new development operations in Oklahoma) Kansas and Wyoming totaled 2,795 rigs and wells drilling, an increase of 178 over March and an increase of 190 over one year ago. This increase was in Oklahoma and Kansas. Stocks of crude oil have continued to increase and at the end of March aggregated 90,8 I 1,343 barrels in Oklahoma, and Kansas not including oil in storage on private tank farms. The March 31 total of 1,287,748 barrels was greater than that of February 28 and 17,920,228 barrels greater than on March 3 I, I 922. Deliveries during March, totaling 15,869,396 barrels, were 3,645,181 barrels above the deliveries in the corresponding month in 192.2. Summary of Business Conditions in the United States Production and trade continued in large volume during April. There was some slackening of business activity in the latter part of the month and during the early weeks of May, partly on account of seasonal influences. PRODUCTIO : The Federal Reserve Board's index of pr0duction in basic industries declined about 1% in April. Production of lumber> anthracite coal and mill consumption of cotton decreased, while there were increases in the output of pig iron and petroleum. There was a further increase in the value of building contracts awarded in April, but the value of building permits issued in 168 cities was 16% less than the record figures of March. The decrease was due chiefly to a curtailment of new projects in New York, as the aggregate value of permits at other reporting cities showed an increase of 20%. Car loadings continued to be much larger than in the corresponding weeks of previous years, owing chiefly to heavy shipments of manufactured goods. In spite of present heavy traffic, the shortage of freight cars has largely disappeared. Employment at industrial establishments continued to increase during April, although plants in eastern states reported some reductions in their forces and there was an increase in those states in the number of concerns working part time. Increases in wage rate were announced by many concerns, and average weekly earnings of factory workers increased about 1%. TRADE: Wholesale and retail trade were somewhat amaller in April than in March, which is the customary trend at this season of the year. Both were well above the level of a year ago. Decreased sales by department stores in April as compared with March were in part due to the fact that Easter purchases were made in March and the unseasonably cold weather in many localities. Mail order sales during April_,were 10% less than in March but 32% larger than a year ago. 8 THE MONTHLY REVIEW WHOLESALE PRICES: Prices of certain basic commodities declined in April and the early part of May. The general index of wholesale prices of the Bureau of Labor statistics, it is to be noticed, showed no change between March and April. Prices of building materials, metals, cloths and clothing were higher in April than in March, these advances being offset by declines in prices of fuel, and of farm products, especially livestock and dairy products. which was general throughout the country. Partly through the sale of these investments member banks have met the demand for additional loans without obtaining increased accommodation at the Reserve banks. The volume of Federal Reserve Bank credit has consequently continued to remain fairly steady at the level which has prevailed since the middle of January and the volume of Federal Reserve Notes in circulation has remained practically unchanged. BANK CREDIT: Since the middle of April the volume of bank credit in use has remained relatively constant. Between April II th and May 9th loans of member banks in leading cities showed an increase of nearly $100,000,000, a large part of which occurred in the Chicago district. These increases in loans were accompanied by a somewhat larger liquidation of investments, Somewhat easier money conditions are indicated by slightly lower rates on commercial paper and lower yields on outstanding Treasury Certificates. The treasury offering of approximately $400,000,000 4¾ percent notes, maturing March 1927, was heavily over-subscribed and the issue was subsequently quoted at a slight premium in the open market. Statement of Condition Federal Reserve Bank of Kansas City Including Branches RESOURCES AT CLOSE OF BUSINESS May 161 1923 Gold Coin and Certificates . . ... . ............................ .......... .... ........ .. '/, 3,133,825.50 Gold Settlement Fund F. R. Board..... .. . .. .. ..... . ............... .. ..... .. . ....... 32,141,136.30 Gold with Federal Reserve Agent ......................... .. . ... . < . . .. ..... ... . . .... 38,039,200.00 Gold Redemption Fund . ......... . . . ..... .. .. .... .. . .. .. ...... . ............. . ...... 2,874,273.14 Reserves other than Gold........ . ......... .. ........ .. .... ...... . ........... . .. ... . 3,767,879.00 Non-Reserve Cash.... . ..... . ...................................................... 3,267,945.09 Bills Discounted for Member Banks: Secured by Govt. Obligations .. ................. .... .... . .... .... ...... .... .... . . . . I 5,665,709.52 All Other ••............. .. .... ... .. .... ... . ..... .... ...... .. ..... ........... .... 24,178,400.85 Bills Bought in Open Market ...................................................... . 128,997.85 U.S. Bonds and Notes .................. . ................. .... ........ ...... .... .. . 32,839, 75o.oo United States Cert. of Indebtedness . ..... .................. . .. ...................... . I ,908 ,000.00 Bank Premises . ............ ... ..... ............ .... ................... . .......... . 4,935,471.74 5% Redemption Fund Against F. R. Bank Notes . .. . .. ................· . . . . . . . . . . . . . . . . 100,000.00 Uncollected Items.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,707,944.23 All Other Resources. . .... ............ ........ .. ................ ....... . .. ......... 1,170,260.28 Total Resources ............... ... ... . . ........ . .. ... . .... ... .. ........... . . . '/,203,858,793.50 April 18, 1923 '/, 3,o64,700. 50 31,572,948-49 50,710,000.00 2,378,245.64 3,638,084.00 3,284,903.o9 May 17, 1922 '/, 2,399,5 26.74 28,548,786.19 47,56 1,595.oo 1,225,181.86 6,555,637.75 2,58 I ,621.49 II,193,267.00 17,839,267.97 75,000.00 33,33°,75o.oo 28,298,700.00 4,535,5oo.oo 13,176,000.00 4,867,585.74 100,000.00 40,946,315.83 1, 187,997.74 4,964,642.65 9x5,59o.oo 35,981,422.21 1,o40,999.5 2 3,387,085.40 21,612,453.08 5,000.00 '/,208,724,566.00 LIABILITIES Capital Paid In ........... . ... . ..... ............. . . ......... ... . .............. .. .. '/, 4,595,350.00 Surplus.................. ... .... . ...... . .. ........ . ............... . . . ... . . . . . . . . . . 9,488,299.89 Deposits: Government................... . . ... .. .......... .. ... . .................. .... 4,059,721.22 Member Banks, Reserve Account ...... .... . ... .. .......................... . ... 80,968,494.20 All Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,970.39 F. R. Notes in Actual Circulation... . .......................... .......... ....... . .... 60,559,885.00 F. R. Bank Notes in Actual Circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830,263.00 Deferred Availability Items................... . ................... .. ................ 42,057,822.02 All Other Liabilities................ ................ ........ ............. .. . ........ 777,987.78 Total Liabilities . ............................................................ '/,203,8 58,793.50 '/, 4,6o3,ooo.oo 9,488,299.89 1, 4,617, 00.00 2 ,59 2 ,939· 53 82,504,122.00 61,888,735.00 I,458,453.oo 44,989,071.21 638,808.87 $208,724,566.00 4,162,792.89 74,720,994.58 454,653.22 59,012,080.00 7,073,3oo.oo 37,491,276.48 1,076,362.91 '/,198,254,241.89 '/, 87,725,894.63 29,107,534.97 66,973,784.97 85,658,198.03 61.9% $194,089,416.51 1, 231,393 '/, 79,735,o89.79 25,004,538.48 66,479,238.48 79,338,440.69 62.3% '/,I 53,687,045.21 1,0 54,73 1 561,136.50 9,645,731.81 OTHER TOTALS Total Gold Reserves ............ ..... ... ...... .......... . . .. . .. ........... . ........ '/, Total Discounted and Purchased Bills Held....... . ....... .. . . . . . . . . . . . . . . . . . . . . . . . . . . Total Earning Assets................... .................... .... .. . .. .. ............ Total Deposits........................... ....... ...... .................. . .. .... ... 76,188,434.94 39,973,108.22 74,720,858.22 85,549,185.81 Ratio of Total Reserves to Deposit and F. R. Notes Liabilities Combined. ......... . . ..... 54.7% Total Clearings for Week ............. .. ..... .... .... ....... . . ......... ...... .. . .... $173,446,502.54 Total Number ofltems Handled....... ...... . .......... . . ............. ............. 1,142,'.223
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