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THE MONTHLY REVIEW
Covering Conditions in the 'Tenth Federal ~erve.1. Virtnct ;:··,··· ·:
Federal Reserve Bank of Kansas Ci1:y
FoR THE INFORMATION OF MEMBER BANKS AND BusrnEss INTERESTS OF THIS DISTRICT
M. L. McCLURE, Chairman Board of Directors
and Federal Reserve Agenl
VoL. 8
KANSAS
C. K.
CITY,
Mo., NovEMBER
THE SITUATION AT A GLANCE
HIGH
POINTS
IN THE STATISTICAL RECORD OF THE
TENTH FEDERAL RESERVE DISTRICT
Bank debits against accounts of customers in twentyeight cities, four weeks ending October 3, $1,147,506,000.
Increase over four weeks ending September, 5,
$98,436,000. Increase over four weeks ending October
4, last year, $30,062,000.
Building in nineteen cities in September, 3,053 permits
and $8,252,865 value. Increase over September last
year, 245 permits, and decrease $914,455 in value.
Commercial failures in Tenth District in September,
64 and liabilities $1,622,295. Decrease from September last year, 2 failures, and increase $884,052
liabilities.
Crop forecast October I compared with final estimate
[or 1922, Tenth District: Corn, 508,496,000 bushels;
mcrease, I I 4,9 I I ,ooo bushels. Cotton, September 25
condition, 982,000 bales; increase, 312,000 bales. Oats,
161,968,000 bushels; increase 35,079,000 bushels. All
wheat, 177,902,000 bushels; decrease, 68,969,000 bushels. Hay, 17,626,000 tons; increase, 845,000 tons.
Crude oil production in Kansas, Oklahoma, Wyoming
and Colorado in September, 651,533 barrels daily average and 19,546,000 barrels total production. Increase
over September last year, 81,834 barrels daily average
and 2,455,000 barrels total production.
~ Flour production at Southwestern reporting mills in
September, 2,006,979 barrels. Decrease from September of last year, 96,279 barrels.
, Grain receipts at four markets in September, compared
with September oflast year: Wheat,10,639,550 bushels;
decrease, 4,342,400 bushels. Corn, 2,591,250 bushels;
~ecrease, 209,700 bushels. Oats, 4,249,700 bushels;
mcrease, 2,346,100 bushels.
~ Live stock receipts at six markets during September
compared with same month last year: Cattle, 710,557;
increase, 29,273. Calves, 121,653; decrease, 28,776.
Hogs, 801,341; increase, 232,931. Sheep, 970,689; increase, 257,440. Horses-mules, 14,040; increase 3,827.
Meat packing at six centers in September compared
II
with same month last year: Cattle, 267,105; increase,
20,626. Calves, 68,204; increase, 5,843. Hogs, 569,746;
increase, 107,802. Sheep, 289,759; increase, 1,195.
~ Metal mining, Tri-state district in September compared with same month last year: Lead ore shipments,
7,732 tons; increase, 206 tons. Zinc ore shipments,
67,226 tons; increase, 24,575 tons.
Soft coal mining in six states in September 60.8% of
capacity; in August 52.7% of capacity;l in September
last year, 68.5% of capacity.
~
BOARDMAN,
Assistant Federal Resero1 Agent
and Secretary
1, 1923
No. 10
HEAVY outb~und movement of farm products, live stock,
petroleum, minerals and manufactured goods, with a
heavy mon~y return, have made for a large and suStained volume of business this fall in the Tenth Federal Reserve
District. Distribution of merchandise by wholesalers continues
on an enormously large scale, and retail business is correspondingly large, although trade during the past six weeks has been very
seriously affected in many localities by rains and bad roads.
The Government's October reports, forecasting largely increased yields of corn, cotton and other farm crops, the result of
improved conditions, were encouraging to the agricultural interests. At current prices, which in most instances are considerably
above prices at this time last year, the increased yield would
indicate many additional millions of dollars to farmers. The excessive rains continuing through the greater part of October,
however, have made it somewhat doubtful whether the condition
of corn and cotton upon which the October reports were based
would be maintained, since late reports from some sections tell
of injury to these maturing crops.
The volume of live stock moving to the markets is unprecedently large. With prices holding to levels slightly above those of
a year ago, there is indicated improvement in the condition of
the live stock interests.
Production of precious and base metals in Colorado is in larger
volume than last year. Lead and zinc production in the Tristate district is considerably ahead of a year ago. The output of
coal at the mines in this district is still to some extent restricted
by lack of market demand.
Crude oil continues to flow from the wells in tremendous]y
large volume, although stocks are larger than ever before and
refiners are reducing operations and urging the curtailment of
crude oil production.
Building activities continue, with evidence of increased construction of dwelling houses and apartments which are urgently
needed to relieve housing conditions, and fewer business and
office buildings are starting at this season. Labor is generally
well employed with some interruption, however, due to unfavorable weather conditions.
A
Bank Operations
Steady liquidations of bank loans during the fall season are
indicated by the weekly reports of seventy-six selected Member
Banks to the Federal Reserve Bank of Kansas City. Their combined total as of October 3 was $443,560,000, which was $2,461,000 less than reported four weeks previous to that date, or on
September 5. With the exception of September 26 and August
29, when the totals were $443,296,000 and $442,912,000, respectively, the October 3 total was the lowest since January 24 when
the same banks reported $441,091,000 as the aggregate of their
loans and discounts, including rediscounts.
Investments of these reporting Member Banks declined
$2,66o,ooo or 1.8% in the four-weeks period to J148,3n,ooo as
THE MONTHLY REVIEW
Federal Reserve Bank Clearings
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF
76 MEMBER BANKS IN SELECTED CITIES
Oct. 3, 1923
1.
(a) Secured by U. S. Govt. obligations·---···'/,
(b) Secured by stocks and bonds, other than
U. S. Bond,.,___ _ _ _ _ _ _ __
2.
3.
4.
5.
6.
7.
8.
9·
Sept. 5, 1923
Loans and Discounts (including rediscounts):
(c) All Other..·- - - - - - - - - , - . . - .
Investments:
(a) U. S. pre-war bond,.___ _ _ _ __
(b) U.S. Liberty bond"---.- - - - - (c) U.S. Treasury bond.s...... _ _ _ __
(d) U.S. Victory notes and Treasury notes....
(e) U. S. Certificates of Indebtedness·--·······
(f) Other Bonds, Stocks and Securities........
Total loans and discounts, and investments....
Reserve balances with F. R. Ban~--Cash in vau].___ _ _ _ _ _ _ _ _ __
Net demand deposits on which reserve is computed·--···········-----·····························
Time deposits..·---···············------Government deposits ...·-·-·············---Bills payable and rediscounts with F. R. Bank
secured by:
(a) U. S. Govt. obligations......... _ _ __
(b) All other_ __
7,120,000 '/,
6,860,000
82,664,000
356,497,ooo
81,075,000
355.365,ooo
11,6oo,ooo
49,312,000
4,881,000
19,033,000
5,054,000
61,092,000
n,566,000
47,o34,:x,o
4,588,000
18,863,000
3,832,000
62,429,000
591,872,000
48,039,000
12,337,000
596,993,ooo
NUMBER
9,061,000
15,624,000
1923
January._ ......... 5,199,210
February..._..... 4,492,366
March .............. 5,389,383
ApriL .............. 5,022,6o1
May ... ---········· 4,860,028
June...·-··········· 4,793 ,9 10
J ulY-···-··········· 4,690,388
AugusL-- ······· 4,691,413
September. ___. 4,524,335
Total (ltems 3 to 9 inclusive),.___ _ _~ -·.... '/,1,2,3,II1,oqo f1,260,4J4,ooo
Total 9 Mo 's .. _4.3,663,634
427,341,ooo
134,941,000
2,743,000
49,412,000
l'.1,744,000
The service rendered the business and banking interests by the
Federal Reserve Bank of Kansas City and branches at Omaha,
Denver and Oklahoma City in the clearing of checks is indicated
by the figures for the first nine months of 1923, which show
43,663,634 items were handled for amounts aggregating $6,568,115,680.31. These totals compare with 39,503,293 items
aggregating $5,973,oc1,48g.85 handled during the corresponding
nine months in 1922, indicating an increase for this year of 10.5%
in the number of items and an increase of 10% in the amount.
The total number of items and the amount for each month this
year and for the corresponding months in 1922, follow:
439,974,ooo
135,487,000
1,139,000
18,577,000
17,261,000
October 3, the lowest amount of investments since February
28, when they were $146,035,000.
Gross deposits of $565,025,000 reported as of October 3 were
$n,575,ooo less than the total as of September 5. The large
declin~ in the four weeks, amounting to 2.9%, was in demand
deposits. Tim~ deposits, although 0.4% less than at the first reporting date in September, remained close to the high level
maintained during the third quarter of the year.
Weekly statements of the Federal Reserve Bank of Kansas
City and its branches at Omaha, Denver and Oklahoma City
show an increase in the volume of paper rediscounted for Member
Banks. The statement as of October 3 shows bills rediscounted
for Member Banks amounting to $50,507,073, which was $II,393,592, or 29%, above the total at the first reporting date in
September. On October 3, the total of discounted and purchased
bills held by the Federal Reserve Bank of Kansas City was
$52,754,416. Federal Reserve notes in circulation as of October
3 were $63,063,485, deposits were $81,131,630, and the ratio of
total ,reserv<; to deposit, and ' Federal....Reserve notes liabilities
combined :was 60. '.2. %-1
o{
Savings Deposits and Accounts
The reports of a selected list of savings institutions and savings
departments in commercial banks in cities of the Tenth District
shows the volume of money on deposit in savings accounts changed but slightly between September 1 and October 1, although
there is indicated an increase of 9.2% over the total deposits on
October 1 last year. The number of savings accounts in reporting
banks increased during the month 0.9% and 11 .6% over one
year ago. Savings deposits and accounts at the dates mentioned
are here shown:
Bank~
Denver_ __ _ _ _ _ ········ 8
Kansas Cit-y, Kansas·----··········· 4
Kansas City, Mo ......... ,............... 10
Lincoln ........ _ _ _ _ _ _ _ 4
Oklahoma CitY-------······· 7
Omaha .......................................... 6
St. Joseph........· - - -··········· 6
Tulsa .............................................. 6
Wichita .......................................... 6
Outside.......................................... 4
TotaL. - - - - - - ··············61
Oct. 1, 192.3 Sept. 1, 1923 Oct. 1, 1922
$ 53,243,594 $ 53,586,269 $49,oII,021
2,43o,990
2,455,240
2,202,0.34
13,342,79 1 12 ,469,597
13,35 1,334
3,124,II2
2,851,06o
3, 149,796
9,733,814
6,522,334
5, 247,3°7
7,770,163
7,I'.21,076
7,577,2 74
8,615,760
8,592,932
7,876,403
5,579,8 15
5,69 2,945
5,533, 20 8
2, 247,397
2,252,783
2,162,171
1,198,221
1,199,313
1,073,190
AMOUNT
4,666,927
4,37o,oo9
4,459,95°
4,643,492
1923
$ 788,320,673-87
634,I 69,794.73
826,400,731.65
758,903,907.62
749,410,941.80
725,182,473.86
705,101,242.90
689,810,19'1.06
690,815,721.82
'/, 668,269,535-46
570,860,339.21
721,340,188.80
607,070,262.50
652,583,122.14
692,456,828.54
662,363,455.98
682,8 I 2,6 59•99
715, 245,o97.23
39,503,293
$6,568,II 5,680.31
$5,973,001,489.85
1922
4,103,774
3,856,038
4,611,103
4,280,179
4,511,821
1922
Banks in the Tenth Federal Reserve District on the par list
and sharing in this check clearing service on October I, wne 4,076
in number, only 177 out of 4,253 banks not on the par
list. The banks not on the par list are located: I in Missouri,
I in Kansas, 5 in Colorado, 2 in New Mexico, 6 in Oklahoma, 8
in Wyoming and 154 in Nebraska.
Bank Debits
R eports by Clearing Houses in twenty-eight cities of the Tenth
District, showing debits by banks against accounts of customers
covering a period of four weeks ending October 3, 1923, place the
combined totals for these cities at $1,147,506,000. This figure
indicates an increase of $98,436,000, or 9.4 %, over the combined
total reported by the same twenty-eight cities for the previous
four weeks. It also shows an increase of $30,062,000, or 2.7%,
over the combined total for the corresponding four weeks in
1922. Fourteen cities reported increases and fourteen cities reported decreases for the four weeks t his year over the four weeks
period last year. The reports follow:
Four weeks ending Four weeks ending Pct.
Oct. 3, 1923
Oct. 4, 1922
Change
Atchison, Kansas _ _ _ _ _ _ .t,
5,438,000
'/,
5,140,000
5.8
Bartlesvil le, Oklahoma
8,546,000
8,872,000
-3.7
Casper, Wyoming.__
15,063,000
13,094,000
15.0
Cheyenne, Wyoming..........................
8,607,000
10,549,000
-18.4
Colorado Springs, Colorado ............ _
II,982,000
I 1,728,000
2.2
Denver, Colorad
167,891,000
151,063,000
11.1
Enid, Oklahoma·---··
10,228,000
n,51 8,000
-u.2
Fremont, Nebraska....
3,270,000
3,010,000
8.6
Grand Junction, Colorado................
3,027,000
2,702,000
I'l.o
Guthrie, Oklahoma.......
2,953,000
2,418.000
22.1
Hutchinson, Kansas·---·····················
9,838,000
12,798,000
-23.1
Independence, Kansas........................
7,552,000
8,279,000
-8.8
Joplin, Missouri..................................
14,276,000
10,423,000
37.0
Kansas City, Kansas·-·······················
19,247,0QO
16,147,000
19.2
Kansas City, Missouri.---················· 344,'237,ooo
324,oII ,ooo
6.2
Lawrence, Kansas........
3,723,000
4,368,000
-14.8
McAlester, Oklahoma .
4,224,000
4,280,000
- 1.3
Muskogee, Oklahoma........................
23,186,000
27,648,000
-16.1
Oklahoma City, Oklahoma..............
66,828,000
73,404,000
-9.0
Okmulgee, Oklahoma·----·················
5,982,000
7,296,000
-18.0
Omaha, Nebraska·----······················· 198,235,000
190,448,000
4.1
Parsons, Kansas..................................
2,733,000
3,607,000
~4.2
P:ttsburg, Kansas·----·······················
5,838,000
5,162,000
13.1
Pueblo, Colorado................................
16,105,000
12,165,000
32.4
St. J oseph, Missoun·----···················
58,729,000
56,332,000
4.3
Topeka, Kansas..................................
13,295,000
13,336,000
-0.3
Tulsa, Oklahoma................................
78,532,000
84,961 ,000
-7.6
Wichita, Kansas·-·······························
37,941 ,ooo
42,685 ,ooo
- 1 I. 1
3
THE MONTHLY REVIEW
Business Failures
t" Insolvencies
in the Tenth District and in the entire country
during the nine months of 1923, now passed, were fewer in number and in the volume of liabilities than were reported for the
corresponding period in 1922. The figures compiled from R. G.
Dun & Co., reports covering the nine months in both years follow:
Tenth District
No.
Liabilities
United States
No.
Liabilities
Nine Months 1912...................... 755
Nine Months, 1923 _____ 666
$16,101,746
13,086,881
18,417
13,500
$490,914,495
358,178,627
Decrease----~-~- 89
$ 3,014,865
4~917
$131,735,868
Failures in the District and in the entire country during September were fewer than in August of this year or September of
last year. The amount of liabilities involved in September failures
in the Tenth District exceeded those of the previous month and
the corresponding month last year, although for the United
States, September liabilities were below those of the two monthly
periods used for comparison. September failures and liabilities
are here given by Federal Reserve Districts:
SEPT£ BER
NUMBER
D istricts
1922
1913
First, Boston.-............................. 113
II8
Second, New York·--············ 228
376
Third, Philadelphia .................... 44
61
Fourth, Cleveland...................... 95
l'.28
Fifth, Richmond
66
118
Sixth, Atlanta. ............................. 91
I'.20
Seventh, Chicago ........................ 172
112
Eighth, St. Louis ......
100
71
inth, Minneapolis ...·-···-········· 63
50
TE TH, Kansas City .............. 64
66
Eleventh, Dalla
70
79
Twelfth, San Francisco .............. 140
137
LIABILITIES
1922
1923
1, 1,476,871
$ 1,479,198
6,183,981
I 2,'.l09,81 I
1,107,680
2,695,645
1,741 ,378
3,848,535
964,349
4, 269,453
1,840,497
1,765,041
6,219,732
3,863,884
536,652
'lt,4 1 7,7 25
637,652
575,947
1,622,195
738, 243
1,480,122
1,757,766
921,831
2,152,387
Total, United States .................. 1,226
$28.698,649
1,566
$36,908,126
Mercantile Trade
Sales by wholesalers of groceries, furniture and millinery during September were in larger volume than in the month of August; while sales of dry goods, drugs and hardware fell below those
of August. All lines except hardware reported increases of sales
(money value) over the sales in September, 1922. Distribution
of merchandise by wholesalers to retailers was affected during
the month by rains and muddy roads.
Wholesale trade in the Tenth Federal Reserve District for
September, 1923, is shown in the table which follows, in percent-
ages of increase or decrease for September over the previous
month and one year ago:
No.
of
Stores
Dry Goods.. 3
Groceries..-...6
Hardware __ .9
Furn1ture .....4
Drugs.--.....7
Millinery._ ...5
Sept. 1913
Compared
with
Aug. 1923
-3.0
+7-4
--2.3
+18.1
-3.9
+ J.1
SALES
Sept. 19'13
Compared
with
Sept. 1922
+6.6
+11.0
~-3
+ 2.8
+1.1
+6.7
OOTST ANDlNGS]
Sept. 30, 1923 Sept. JO, 192-3
Compared
Compared
with
with
Aug. 31, 1923 Sept'. 30 1 192'1
+5.8
+13.8
+3.4
+10.0
+ 2.0
-1.3
+5.'l
+1.3
+2.t
-0.1
+1+6
+1.0
Wholesalers of dry goods report~the market for all cla-sses of
textiles made of cotton is very strong on account of the recent
advance in the price of cotton. The wholesalers in this District
have been slow to mark up cotton goods, although asserting that
advances may be looked.for from day to day on merchandise both
for fall use and for the coming spring. The millinery trade during
September was generally satisfactory with sales above those of
August and a year ago.
· The wholesale grocery~trade,• according to) he reports o( representative houses, shows a very substantial increase for' the
month and season, indicating that under existing employment
conditions there is a tremendously large consumption of foods.
While sales of drugs by wholesalers have been in very large
volume during the season, the reports show that the September
business did not quite come up to that of August, although
showing an increase over sales in September of last year. Sales
and_ deliv~ries in the latter part of the month were hurt by excessive rams.
An unusually large volume of sales for September was reported
by wholesale dealers in furniture with trade better than for
several months.
Wholesale hardware dealers reported-the volume of sales below
that of August and also below that of one year ago, with prices
generally firm and supplies in some lines low. The country trade
slowed down on account of rains and bad roads. On account of
price uncertainties retailers as a rule continue to buy on small
orders. The implement trade continues poor, the tendency among
farmers being to buy very little new machinery and equipment.
RETAIL TRADE: The reports of Department Stores, usually an index to the general trend of retail trade in cities of the
Tenth District, show September sales rather uneven, good in
some cities and poor in others, due to weather conditions. In
several of the reporting cities heavy rains interfered with fall
festivities and the usually heavy sales by retailers did not come
up to expectations, while good weather in other cities brought
increased business. Taking the composit figures for all depart-
CONDITION OF RETAIL TRADE IN CITIES OF THE TE TH FEDERAL RESERVE DISTRICT DURING SEPTEMBER, 1913
Based Upon Reports from 16 Department Stores
Outside
Kansas City
Denver
Percentage increase (or decrease) of net sales during September, 1913, over net sales
4
3
9
during same month last year·-- - · · · · - - - - - - - - - - - - - - Inc. 2.6
Dec. 3.6
Dec. 0.9
Percentage increase (or decrease) of net sales from July 1, r923, to September 30, 1913,
over net sales during same period last year ...... _ _ _ _ _ _ _ _ _ __
Inc. 7.3
Dec. 0.7
Inc. 3.1
Percentage increase (or decrease) of stocks at close of September, 1923, over stocks
at close of same month last year ........ _ _ _ _ _ _ _ _ _ _ _ _ __
Dec. l.'.2
Inc. 14.6
Inc. 10.0
Percentage increase (or decrease) of stocks at close of September, 1913, over stocks
Inc. 6.6
Inc. 3.5
Inc. 7.0
at close of August, 1 9 2 · . > - - - - - - - - - -----······················
Percentage of average stocks (selling price) at close of each month this season (commencing with July 1) to average monthly net sales (sellmg price) during the
same perio.. ,.__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
561.3
566.3
694.5'
Percentage of outstanding orders (cost) at close of September, 1913, to total purchases
(cost) during the calendar year, 1921. __________________
10.6
6.1
8.4
Percentage of collections during month of September, 1923, on amount of outstanding
acwunts on August 31, 1923·--············-------------44-1
45•9
35-5
Perccntage of collections for same period last year_ _ _ _ _ _ _ _ _ _ __
52.1
44-6
35.6
District
16
Dec.
o.6
Inc.
3.3
Inc.
7.9
Inc.
5.6
6o6.o
8.3
41.9
44.4
THE MONTHLY REVIEW
4
ment stores:reporting, the September volume of sales was about
o.6% below last year, although sales from July 1 to October 1
this year were 3.3% above those of a similar period last year.
Trade is generally reported fair to good by dealers in the smaller
cities and towns, except in sections where crops were affected
by the drought. The general average of these reports, however,
would place the retail sales figure slightly above the figure for
the corresponding month last year.
~ ·COLLECTIONS: During the forepart of September some
wholesalers reported collections dragging slowly, but in the latter
part of the month an improvement was rioted. Hardware and
implement houses reported collections good or satisfactory.
Country retailers reported improvement in collections, while
the department store figure on collections was below the figure
for September of last year.
Agriculture
Conditionsduring the fall season are generally favorable to
the agricultural interests in the Tenth Federal Reserve District,
embracing within its boundaries the entire area of the states of
Kansas, Nebraska, Colorado, Wyoming, Oklahoma except nine
southeastern counties, nineteen counties along the western border
of Missouri and the northern ten counties of New Mexico, or
about one-third of that state. Over practically every section of
this area abundant rains have fallen, effectively breaking the
drought in sections where more rain was needed and saturating
the soil with moisture sufficient for the late fall and winter.
In some sections farm work, and particularly fall seeding, has
been retarded by wet soil, but as a whole conditions have been
such as to make for good progress. Crops have matured satisfactorily though slowly in some parts, and at the middle of Oct0ber very little damage from frost or freezing had been reported.
CORN: Continued improvement in the condition of corn ~as
indicated by the October crop report of the U. S. Department of
Agriculture. Based on the condition of the crop on October 1,
the estimated yield for the Tenth District is placed at 508,496,000
bushels, which is 8,233,000 bushels more than was estimated
September 1, and II4,9u,ooo bushels more than the yield
of 1922. The U. S. Department of Agriculture forecast of this
year's corn crop on the condition October 1 and September 1,
and the final 1922 estimate, are here shown by Federal Reserve
Districts:
Foreca;t
Sept. 1, 1923
Bushels
n,596,000
Estimate
1922
Bushels
l 1,963,000
29,552,000
33,735,000
62,304,000
199,540,000
178,229,000
204,142,000
984,328,000
394,916,000
282,352,000
508,496,000
104,718,000
14,059,000
57,398,000
228,980,000
181,853,000
195,928,000
I ,002,962,000
42 l ,893,000
328,831,000
500,263,000
102,516,000
14,014,000
3,021,454,000
3,075'786,000
2,890,712,000
Forecast
Federal Reserve District
First, Bosto
Second, New Yor
Third, Philadelphi
Fourth, Cleveland............................
Fifth, Richmon
Sixth, Atlant
Seventh, Chicago
Eighth, St. Louis ....
Ninth, Minneapolis......
TENTH, Kansas City
Eleventh, Dallas·---······
Twelfth, San Francisco
Total, United States ....
Oct. 1, 1023
Bushels
n,706,000
30,486,000
56,725,000
208,544,000
182,830,000
193,643,000
969,465,ooo
406,836,000
333,946,ooo
393,585,000
132,938,000
12,680,000
According to official reports Nebraska added 5,720,000 bushels
on account of the improvement in condition between September
I and October 1, bringing that state's total to 263,138,000 bushels or 80,738,000 bushels more than last year's crop. Kansas,
with a total yield of 130,405,000 bushels, gained 3,500,000 bushels
over the September I estimate. The nineteen Missouri counties
in the Tenth District increased this year's yield close to 1,000,000
bushels. Oklahoma reported no material change in the condition
between September I and October 1, and its estimated total is
39,491,000 bushels. In Colorado, the corn crop is reported as
31,267,000 bushels, almost double" that of last year. Wyoming
has produced approximately 2,316,000 bushels and the crop in
the ten counties of New Mexico in the Tenth District is estimated
at about 1,700,000 bushels.
~, - COTTON: Remarkable progress toward recovery of the cotton crop from the injury done by drought and hot winds during
June, July and August was reflected by the October reports from
the States of the Southwest, based on condition of the crop on
September 25. Although excessive rains recently have retarded
maturity of cotton, web and leaf worms have done considerable
mischief, and there is danger that much of the late cotton will
be damaged by frost, the October reports on yield and prices were
encouraging to the cotton growing interests of the Southwest.
Oklahoma in the Tenth District and Texas in ·· the Eleventh
District: reported an improvement in condition and yield that
was surprising even to the cotton growers themselves. According
to the October report of the U. S. Department of Agriculture
these two states, which were harder hit by the drought and heat
than any others of the cotton states, are expected to produce
46.4% of the entire cotton crop of the United States, estimated
at 11,015,000 bales, providing the condition on September 25
is maintained. The following shows the estimates of the U. S.
Department of Agriculture on the number of bales of 500 pounds
produced in the eight states lying west of the Mississippi River,
with totals for the eight states east of the Mississippi, and also
for the United States:
Oklahoma
Arkansas·-··········
Louisian
Missouri ......
Ariwn
New Mexico._ ........
California....
Sept. 25,l ·:.Aug. 25, Final Estimate
1922
1923 .... _., 1923
J,'.222,000
4,168,000
3,722,000
627,000
791,000
945,000
1,on,000
926,ooo j
948,000
361,000
340,000 _
343,000
198,000 ,
193,000
149,000
83,ooo j
47,000
l 83,000 ~
19,000
57,000 ,
►,59,ooo
28,000
44,000
43,000
Eight Southwest States ....
Eight Southeast State
6,761,000
4,254,000
6,200,000
4,588,000
5,446,000
4,315,000
II,015,000
10,788,000
9,761,000
Texa
United Stat
.''.'.f' According to the official figures~ Oklahoma gained 154,000
bales and Texas gained 446,000 bales, a total gain for the two
states of 600,000 bales, as a result of the improvement in conditions between August 25 and September 25 affecting the growth
and maturity of cotton. This increase more than offset losses in
thirteen other cotton states which reported declines in condition
and yield between the two reporting dates mentioned.
:. The value of Oklahoma's 1923 cotton crop, figuring an average
of 23 cents per pound for lint, totals $108,675,000, or 'l,17,710,000
more than was estimated August 25.
WHEAT SOWING: Weather conditions were generally very
favorable during September for seeding winter wheat, and good
to excellent progress was reported, particularly on Great Plains
areas. There was, however, an apparent tendency among growers
in areas liable to be infested by insect pests to defer their wheat
sowing until after the "fly-free" dates, which accounts for a
larger than usual acreage of late sown wheat. The early sown
wheat, helped by abundant moisture, was reported up and showing fair to good stands.
In Oklahoma a very large proportion of the wheat acreage was
sown before October 1, the growers taking advantage of the excellent weather and soil conditions. In Kansas it was estimated
that from 50% to 70% of the fall wheat sowing was completed
by October 10 in the western two-thirds and about one-half completed in the eastern counties. Heavy rains and wet soil were
retarding th sowing of the remainder of the wheat to be planted
in the state. The Missouri report said that wheat seeding was
5
THE MONTHLY REVIEW
going"forward rapidly"early in October) where the soil was not too
wet. A larger portion of the crop was being seeded after October
I than ever before. The acreage will be less than last year. Very
little preparation for wheat seeding was done before August and
September in that state. The Nebraska report indicates good
progress in wheat seeding this fall, though there were some delays
in sections by rains and wet soil.
POTATOES: The late commercial crop of potatoes did not
meet expectations in the large producing sections of Colorado,
Wyoming and Nebraska, due to the wet season. The condition
of 76% of normal on October I in Nebraska, indicates a crop
of 9,506,000 bushels as compared with I 1,676,000 bushels pr0duced last year. Wyoming's crop was forecast at 1,943,000 bushels, or 64,000 bushels below the September I estimate, and compares with 2,530,000 bushels produced last year. Colorado's
crop was estimated at 14,966,000 bushels forecast October I
when the condition was 74%. Last year Colorado produced
18,461,000 bushels of potatoes. Oklahoma potatoes were damaged by the summer drought but were greatly benefitted by rains
in September. On a condition of 65% October 1 a yield of
2,638,000 bushels was forecast, against 2,720,000 bushels last
year. In Missouri potatoes were reported the best for several
years with the average yield 101 bushels, and a crop for the
entire state of 9,040,000 bushels, compared with 60 bushels per
acre and a crop of 5,400,000 bushels last year. The Kansas potato crop this year was about 5)096,000 bushels, according to the
reports from that state.
OTHER FARM CROPS: The official estimate based on
October I condition gave the Tenth District credit for production
of 161,968,000 bushels of oats, 710,000 bushels below the September I estimate and 35,079,000 bushels above the .1922 total.
Spring wheat in the Tenth District was estimated at 12,144,000
bushels, a decline of 435,000 bushels during September, but an
increase of 1,082,000 bushels over the crop of 1922. The winter
wheat estimate of August 1, placing the crop in the Tenth District at 165 >7 58,000 bushels, against 235,809,000 bushels last
year, stands until the final estimate is announced in December.
Improvement in the hay crop in September accounts for an
increase of 991,000 tons as shown in the October estimate of 17,626,000 tons for the Tenth District as compared with 16,781,000
tons produced in 1922.
The condition of sugar beets in Colorado on October 1 was
5% above the condition last year while in Nebraska the condition was 5% below a year ago. The District yield is estimated
at 12.5% above last year's yield. Grain sorghums improved in
September in Missouri, Kansas, and Oklahoma and yields above
those of last year are in prospect. The crop of broom corn in
Oklahoma and Kansas is the largest ever known in these two
states, but has been damaged to some extent by rains and floods.
FRUIT CROPS: This year's apple crop in the Tenth District
is about 27.5% less than the crop of 1922, according to the Department of Agriculture figures. Colorado produced approximately 1,256,000 bushels less than last year. Missouri, Kansas,
Nebraska and Oklahoma sustained heavy losses, while New
Mexico was the only one of seven states to report an increase in
production this year. The apple crop in the seven states:
TOTAL CROP
In Bushels
1922
1923
Colorado.
2,994,000
4,250,000
3,280,000
Kansas.----················· 2,090,000
Missouri .................... 6,656,000
9,400,000
Nebraska ....................
1,620,000
815,000
New Mexico ............ 1,1 20,000
750,000
Oklahoma.................... 1,121,000
1,140,000
34,ooo
45,000
W yoming·--··--··········:
Seven States·--··········· 14,840,000
United States.............. 190,727,000
20,485,000
201,252,000
COMMERCIAL
In Barrels
1922
1923
1,034,000
799,ooo
546,000
348,000
666,ooo
1,250,000
130,000
54,000
242,000
158,000
38,000
37,000
2,146,000
33,104,000
3,156,000
3o,955,ooo
RECEIPTS OF GRAIN AT1.FOUR MARKETS IN SEPTEMBER, 1923
(In Bushels)
Wheat
Corn
Oats
Rye
Barley
Kansas City..... - - - - · · 5,941,350
7n,250 1,837,700 64,900 441,000
Omah
... 2,676,800 1,051,400 2,042,000 175,000 171,200
St. Josep
819:000
747,000
280,000
.i.,500 15,750
Wichita....
.......... 1,202,400
81,6oo
90,000
94,800
September, 1923 .................... 10,639,550 2,591,250 4,249,700 244,400 722,750 ·
August, 1923 ..........................20,898,150 3,986,000 4,982,100 182,700 462,550
September, 1922...............•.... 14,981,950 2,800,950 1,903,600 256,000 89,250
~The peach crop this year is 46% below that of 1922, with the
total production in six states estimated at 3,423,000 bushels,
compared with last year's crop of 6,339,000 bushels. The preliminary estimate for 1923 and the final estimate for 1922 for
these states follow:
1923
Bushels
Colorado _ _ _ _ _ _ _ _ _ - - - - - 792,000
Kansas ......................................._ _ _ _ _ _
84,000
Missouri .... _ _ _ _
_ _ _ _ _ _ _ 1,040,000
Nebraska........................ _ _ _ _ _ _ _
45,000
New Mexico._..................................................................... 172,000
Oklahoma...................... - - - ···································· 1,290,000
1922 ~
Bushels
1,160,000
630,000
2,300,000
81,000
98,000
2,070,000
Six S t a t e s - - - - - --········································ 3,423,000
United States.................
..... -i.5,381,000
56,705,000
6,339,000
This year's pear crop in the District is estimated at 1,107,000
bushels against 1,454,000 bushels produced in 1922. Missouri's
crop is 417,000 bushels and Colorado's 385,000 bushels.
Grain Movements
A very heavy reduction iri the volume of wheat arriving in
September at the four leading markets of the Tenth District was
reported. Receipts aggregating 10,639,550 bushels during the
month were 49.1% less than in August and 29% less than in
September, 1922. Corn receipts during the month at these markets, due to scarcity of old corn, were unusually light, aggregating only 2,591,250 bushels, which was 35% below the total for
the previous month and 7.5% below the corresponding month
last year. Receipts of oats, totaling 4,249,700 bushels, were 14.7%
under the August receipts but were 123.2% above the total one
year ago. The receipts of rye and barley were light while but
little kafir was moving.
GRAIN PRICES: Average cash prices paid for hard wheat at
Kansas City during September were maintained at 3 cents to
9 cents per bushel above prices at which hard wheat was selling
one year ago. Corn increased 3 cents to 9 cents during the
month and at the close was 29 cents to 33 cents higher than at
the close of September last year. Oats also registered an increase
over the opening week of September, and also over a year ago.
Average cash prices of grain at Kansas City for the weeks mentioned are here shown in cents per bushel:
·
Sept. 1-7
1923
Sept. 29-Oct. 5
2 Dark Hard Winter_ _ _ _ 121
2 Hard Winter... _ _ _ _ _ 112
2 Red Winter ....... _ _ _ _ _ 115
120
III
III
III
106
II3
2 White ..................._ _ _ _ 93
2 Yellow ...... ----··············· 92
2 Mixed._ ....................................... 92
83
86
83
62
63
58
No. 2 White.....·-······························ 46
40
42
Sept. 29-Oct.5,
1923
1922
WHEAT
No.
No.
No.
CoaN
No.
No.
No.
OATS
The reports from the Agricultural Departments of the states
of the Tenth District vary as to the percent of the 1923 wheat
crop marketed prior to October I. Nebraska reported 39% of
its 1923 wheat shipped to market, while Oklahoma reported
70% and Wyoming in the Rocky Mountain region 20%.
6
THE MONTHLY REVTEW
7
Flour Production
Mills in the Southwest reporting weekly to the Northwestern
Miller made 2,006,979 barrels of flour during September, operating on an average of 72.7% of full time capacity. This flour output is 32,260 barrels below the total production in August and
96,279 barrels below the total for September, 1922. Production
at the principal milling centers during the month is here shown:
Production
Barrels
Kansas City......................................... _ _ _ __
54 1, 195
Omaha. ___ ··················---········································· 91,105
Salin,,L_ __
86,459
St. Josep ..._________ ····················- - - - - - - 11 9,774
Wichi ta. ......................................... _ _ _ _ _ __
181,732
Outside ........................................................ _ _ _ __ 986,714
Percent
Capacity
86.1
94.6
44.8
6o.6
67.5
71.9
Total September 192_>----- - - - - - - - -··········'l,006,979
Total August 1923._.........................................
2,039,239
Total September 1922 .................... _.
'2,103,258
Live Stock
Excellent grazing and feed conditions, all classes of live stock
in good health, continued heavy marketward movements, and
prices averaging better than last year, are the outstanding
points in the November Monthly Review. With ranges and
pastures fully I 5% better than last year, wonderful crops of forage, and a bumper crop of corn, sufficient feed has been produced
for sustaining and fattening several times the present number of
live stock in the Tenth District.
While the grass on ranges and pastures generally is curing
slowly, reports from some localities-particularly in Rocky
Mountain territory-say that the grass which has remained
green and soft has lacked the curing properties of other years.
Thus, while cattle were better than 100% in condition at the
beginning of October, a number of instances have been reported
where the beef was soft and lacking in hard finish as a result of
the green feed. However, the bulk of the cattle moving from the
farms and ranges of the Tenth District to the markets in September were in better flesh and quality than early in the season.
The marketing of range cattle from the Rocky mountains and
the Northwest, starting in September, was, expected to continue
heavy during October and, according to reports, would run I 5%
to 25% larger than last year, the tendency among stockmen
being to sell very closely.
Sheep continue in fine condition, though both sheep and lambs
coming from the mountain ranges are showing results of soft
feed. Large buying of lambs during September is reported from
Wyoming, the reports indicating that from 60% to 70% of the
lambs to be sold have been contracted. The October report says
present indications are that the number of sheep and lambs
moved from that state will be I 5% to 25% greater than last year.
Feeding operations in the larger corn producing sections are
to be more extensive than last year, according to preparations
that have been made. In addition to an increase in this year's
pig crop there have been very large shipments of hogs for feeding
shipped in. Shipments of feeder cattle and sheep to this great
feeding ground have also been heavy, as the stock yards reports
would indicate.
MARKET MOVEMENTS: Live stock moved from farms
and ranges to the markets in larger numbers in September than
in any previous month this year. Receipts of cattle and sheep at
the six principal markets of the Tenth District had not been exceeded in any month since October, 1922. Calves arriving at
these markets, with the exception of the August total, were the
largest in number since November of last year. The marketward
movement of hogs was the ligh~est since last November. There
was an'',..unusually heavy movement of horses and mules, the
September total being the largest of the year. The receipts at
the six principal markets during September were:
Cattle
Calves
Hogs
78,481 323,020 219,021
13,47 1 195,99° 422,362
II,816 145,538 71,643
3, 279 25,217 'l'lo,949
8,130 53,399
433
6,476 58,177 36,281
Horses
Mules
3,967
2,280
1,701
2,845
1,087
'2,I6o
September, 1923. __ ~ ......................... 710,557 l'lI,653 801,341 970,689
Augnst, 1923....·-•······························ 665,121 143, 137 838,209 494,95°
September, 192
681,284 150,429 568,410 713,'249
14,040
9,664
l0,'213
Kansas City..
...................... 353,135
Omaha·-·······································~-.. -. 186,126
St. Joseph .......................................... 59,4'24
Denver..·--····
44,481
Oklahoma City................................ 36,1 I 5
Wichita............... _.............. .............. 31,276
Sheep
--- --- --- ---
STOCKERS AND FEEDERS TO THE COUNTRY: The
abundance of stock feed in the Missouri and Mississippi river
territory was the chief incentive to heavy shipments of stockers
and feeders from the markets to the country. The markets at
Kansas City, Omaha, St. Joseph and Denver reported an unusually large proportion of their receipts moving to the country.
While the outgo of cattle and calves fell a few thousand head
short of the totals for September of last year, the;. movement
was the heaviest of the year. Shipments of stocker~and feeder
hogs to the corn belt from the four markets in September were
the largest of record for three years, and shipments of stocker
and feeder sheep the largest in numbers since last November.
The shipments of stockers and feeders from the four markets in
September were:
Kansas City ..........
Omaha
St. Joseph ......................................... ·
Denver..........
September, 1923 ..·---····
August, 1923..·---·····························
September, 192 2.-----······················
Cattle
175,619
Calves
II,736
22,48'2
27,231
3,191
1,684
Hogs
6o,I 53
193
1,267
6,432
327,987
279,780
331,762
16,6u
13,0 47
23,809
68,045
39, 151
15,677
102,655
Sheep
98,215
236,363
26,135
127,354
488,067
177,762
292,787
LIVE STOCK PRICES: The very liberal supplies of cattle on
the western markets in September resulted in declines during
the month of 50c to $1.00 per hundred pounds on all classes except choice cornfed yearling steers. This class of cattle has at all
times this season been in good demand and sales at Kansas City
in the second week in October were at $11.00 to $I 1.50 per hundred pounds, while choice heavy beef steers were selling at $10.00
to $11.00. At the same time choice southwestern range steers
s0ld at Kansas City at $7.00 to '$7.25, which was 50c to 75c below
the priee on September 6, the same reduction applying to other
grades. Good fleshy feeders brought $7.50 to $8.oo and those in
med~um flesh $6.50 to 1,7.00, about $1.00 less than one mont:h
previous.
A decline in the demand for lamb and mutton in the Eastern
markets resulted in declines in prices at the live stock centers.
Light and handy weight lambs at the second week in October
were selling around 'l,12.00, while fat ewes were J5.25 to 'l,5.75.
Prices of h0gs declined from around '1,8.oo to $8.50 in the forepart of September to 'l,7.00 to $7.60 on October 10. Part of the
decline was caused by large supplies of half fat hogs.
Meat Packing
Operations at the six leading packing centers during the
month were heavier than during the corresponding month last
year on all classes of animals slaughtered. The slaughter of cattle
and: calves fell below the August record, but there were increases
7
THE MONTHLY REVIEW
over the previous month in the slaughter of hogs and sheep.
Purchases by packers for slaughter during September were:
Cattle
Kansas City......................................
Omaha·--···········································
St. Joseph ..........................................
Denver.---- ·····················
Oklah'Jma CitY·----····
Wichita..............................................
Sep tern her, 1923·----·······················
August,1923 ....................
Septem her, I 9zz·--··-·······················
I 17,z14
78,311
33,z80
8,511
23,755
6,034
267,105
z70,550
246,479
Calves
4I,998
5,844
7,638
1,714
7,654
3,356
68,zo4
84,070
62,361
the previous month. The percent of lost capacity operation in
September, due to the several causes, follows:
Hogs
196,650
I 54,675
109,544
18,974
45,343
44,56o
Sheep
94,599
140,107
4J,'l7 1
10,261
379
I,I4'l
Loss due to
Colo.
Transportation Disability.-.! 1.6
0.2
Labor Shortag
Strikes ..............
Mine Disability.................... 3.6
No MarkeL--- ·····················29.1
All Other Causes.---······· ..........
Kans.
3.2
3.3
o.6
7.0
26.6
569,746
566,027
46i,944
289,759
23o,599
288,564
Total loss, All causes............44.5
Percent Production.----·······55•5
Packers' reports indicate a broadening demand for meats both
at home and abroad, with distribution unusually large. During
the latter part of the month trade was affected by weather conditions with the result that wholesale prices of fresh beef and pork
declined substantially. Wholesale prices of all smoked meats
were also relatively low.
As an indication of the volume of trade, it is noted that stocks
of pork and lard at Kansas City were reduced II,312,000 pounds
during September. Total stocks on September 30 were 36,381,300
pounds, compared with 47,693,300 pounds on August 31 and
32,709,700 pounds on September 30, 1922.
Precious~Metal Mining
Continued heavy operations at the mines during the summer
and fall have resulted in greatly _increased production of precious
and base metals in Colorado. September mining activity was on
such a large scale as to cause officials and operators to report
that by the end of the year the output of ores would be the
largest in history. There has been a revival of mining activity in
many of the older camps, and generally with favorable results.
Zinc and Lead
Shipments of 67,226 tons of zinc blende valued at $2,651,340
was reported from the Tri-State district during the month of
September. This total compares with 42,651 tons shipped during
September, 1922. Lead ore shipments during the month were
7,732 tons, the largest since June, and comparing with 7,526 tons
in September of last year.
September opened with zinc blende at $40 per ton, which was
maintained during the first three weeks of the month, then dropping to $38. The average price for the month was $39.44, which
is compared with $38.03 for September of last year. Lead ore
prices started the month at $8 5 per ton, then rose to $87 per ton,
and closed with a weak market at $83. The price averaged $85.31
for the month. The average price paid in September, 1922, was
$82.74 per ton.
Operators, meeting in the latter part of September decided to
abandon the curtailment plan of 5-days per week. A new plan
was adopted whereby mills are to be operated during the remainder of the year, only three weeks each month, remaining down the
first week in October, November and December.
Bituminous Coal
Production of soft coal in six states of the Tenth District during
September was on an average of 60.8% of full time capacity,
compared with 52.7% of capacity operation in August, and 68.5%
of capacity in September, 1922, which was the first full month
after the ending of the long strike of bituminous coal miners.
The reports indicate some improvement in the coal trade, since
loss of operation due to "no market" was down to 29.3% from
38.5% in August. Losses due to labor shortage were 1.5% and to
transportation disability 3.9%, against 0.4% and 2.7% during
Mo.
0.5
0.5
N.M. Okla.
2.0
3-5
3-7
Wyo.
2.8
0.9
Dist.
3.9
1.5
6.6
J.9
29·3
39.z
.I
0.7
41.0
2.7
4.4
31.7
2 5·3
I.2
22.2
40.7
45.4
59.3
54.6
39.6
60.4
38 .0
62.0
27.1
72.9
0.4
0.5
6o.8
Soft coal production in the United States for the calendar year
1923 to October 6 was 424,257,000 tons compared with 280,7 51 ,ooo tons produced during the corresponding period last year.
Petroleum
Production of crude oil in Kansas, Oklahoma, Wyoming and
Colorado during September, according to the American Petroleum Institute figures, was estimated at 651,533 barrels daily
and a total of 19,546,000 barrels for the 30-day month. This
September estimate compares with the U. S. Geological Survey
report of 609,774 barrels daily average and a total of 18,903,000
barrels for the 31 day month of August. It also compares with
569,699 barrels daily and 17,091,000 barrels as the official month
total for September last year. The output of crude oil in the four
states during~September is here shown:
GROSS PRODUCTION
*Sept. 1923
**Aug. 1923 *Sept. 1922
Oklahom~------- - ·12,718,600
I'.2,:286,000
12,930,000
Kansa.,___ _ _ __ _ ·············· 2,188,300
2,047,000
2,6o5,ooo
Colorado........................ _ __ _
5,100
00
8,500
5,3
Wyoming
................................ 4,634,000
3,920,700
2,191,500
TotaL............................ _ _ __ _ 19,546,000
18,903,000
17,091,cxx:,
DAILY AVERAGE PRODUCTION
*Sept. 1923 **Aug. 1923
Oklahom _ _ _ _ _ _ _ _ _ __ ...,.23,953
4r 7,097
Kansas ······························- - - - ····· 72,943
66,032
Colorado.--··-·······
170
171
Wyoming.......:.....................
154,467
126,474
TotaL.._....................................................... 651,533
*-Estimated, American Petroleum Institute.
**-Official, U. S. Geological Survey.
609,774
**Sept.1922
409,533
86,833
283
73,o50
569,699
The field summary discloses a marked decrease in the num her
of wells completed and in the volume of daily new production in
Kansas and Oklahoma, while in Wyoming more wells were completed and daily new production was larger than in the month
of August. The figures for the three states:
Wells
Completed
Oklahoma ............- -- - - - - - - ---·······420
Kansa
···········-··· 95
Wyoming·---······
.................................... 63
September, 1923--- - - ······································578
August, 1923·----· -- - - · · · · ···························-······ 750
September, 192____ - -- - - - ·············831
Bbls. Daily
New Prod 'n
68,201
1 ,544
20,835
90,580
100,838
131,404
At the close of September there were 1,936 rigs and wells drilling in the three states, compared with 2,120 at the close of August
and 2,458 on September 30, 1922. Oklahoma reported a decrease
from August of 146, Kansas a decrease of 27 and Wyoming a
decrease of I I.
Cement Producti n
Mills in Western Mi~souri, Nebraska, Kansas, Oklahoma and
Colorado produced 1,302,000 barrels of portland cement during
September as compared with 1,094,000 barrels produced in the
corresponding month last year. Production during the first nine
months. of 1923 totaled 9,051 ,ooo barrels against 7,231 ,ooo barrels
for nine months of 1922.
8
THE MONTHLY REVIEW
Building
The unusually high rate of activity in building reflected
month by month this year in the reports from the principal
cities in the Tenth District is being maintained during the fall
season. Although the number of permits issued during August
and September exceeded those issued in the corresponding month
last year, there was a decrease reported for both months in the
amount of money invested in new buildings from last year's
totals. This is indicative of continued activity in the construction of dwelling houses, apartments and business ~nd fa~tory
buildings of moderate cost, and that fewer ~f the costlier b?siness
and office buildings are being started at this season. Takin~ the
figures for the first nine months of 1923, however, ~here ts an
increase of 13.8% in the investment as well as an increase of
10.8% in the number of permits for new buildings over the corresponding nine months in 1922. The returns from nineteen
cities for September, with totals for August and for September of
last year, and also totals for the nine months of both years,
follow:
Casper, Wyoming_ _ _ _ _ _ __
Permits
Issued
Cheyenne, Wyoming _ _ _ _ _ __
Colorado Spri ngs, Colorado...... _ __
Denver, Colorado..........................................
Enid, Oklahoma ...... _ _ __ _ __
Hu tc hi nson, Kansas.--·································
Joplin, Missou ri .................. _ _ _ __
Kan as City, Kansas. _ _ _ _ _ __
Kansas City, Missouri. _ _ _ _ _ __
Lincoln, Nebraska _ _ _ _ _ _ __
Muskogee, Oklahoma....................................
Oklahoma City, Oklahom...__ _ __
Okmulgee, Okl~homa ··· · · - - - ~ - Omaha, Nebraska..·-·············----Pueblo, Colorado ..........................................
St. J oseph, Missouri ............ _ _ _ __
Topeka, Kansas ............................................
Tulsa, Oklahoma··-----Wichita, Kansas........................................... .
105
41
89
755
29
29
17
September, 192_~ - - - - - - - · ·· 3,053
September, 1922· - - - - - - · · · · ·········· 2,808
Nine months, 192.r-_ _ _ _ _ _ _ 26,872
Nine months. 1922...- ...................................24,26 I
Estimated
Cost
t, 230,105
58,59o
81,770
2,on,000
88,375
3 1,3 15
165,800
263,775
2,320,900
229,001
37,570
528,701
47,900
988,138
61,179
98,995
1 35,54 2
520,850
% Inc.
or Dec.
138.4
-8,p
-n.3
33.4
-46.0
-62.0
37n.5
-38.3
n.5
2.5
-59.I
23.6
-66.3
-27.0
37.6
26.8
-3.li
353,359
-16.6
-70.9
f, 8,252,865
-10.0
9,167,320
84,239,184
73,996,58 2
13.8
Business Conditions in the United States
Production of basic commodities declined during September,
wholesale trade continued large, while retail trade, though larger
than a year ago, increased less than is usual at this season of the
year. Wholesale prices, particularly those of agricultural products, advanced during the month.
Production in basic industries, according to the Federal Reserve Board's index, declined 5% during September, and was
10% below the peak output of May. The principal factors in
this decline were the suspension of anthracite coal mining for
over two weeks and a substantial reduction in the production ot
iron and steel. Cement production and sugar meltings were larger than in August. The decline in the production index, which is
corrected for seasonal variations and reflects chiefly changes in
the output of raw and semi-finished products, was not accompanied by a reduction of employment at industrial establishments. New building coustruction showed about the usual season al decline in September due to a curtailment in contracts for
residences. Contracts awards for business and industrial buildings, however, were larger than in August.
Distribution of all classes of commodities by railroads continued at a high rate throughout September. Wholesale trade,
according to the Federal R eserve Board's index in September,
reached the largest total in three years and was 9% larger than a
year ago. Sales of meat, hardware, and drugs were considerably
larger than in last September, while shoe sales were ~maller.
Re~ail trade was slightly larger in September, but the mcrease
was much less than usual at this season of the year. Department store sales were 6% more than in September, 1922, and
stocks at the end of the month ware 13% larger than a year ago.
Wholesale prices increased over 2% during. s.eptemb~r, according to the index of the Bureau of Labor statist!cs, particularly large increases occurring in the prices of clothing, far.m pr?ducts and foods. Fuel prices, on the other ha~d, declin.ed_ in
September for the eighth successive month an~ prices of bmldmg
materials and metals were also lower. Durmg the first three
weeks of October, prices of certain farm products continued to
advance wheat and cotton reaching the highest points of the
current ;ear, while prices of hogs, coal and met~ls declin~d.
Demand for bank credit showed a seasonal increase m September and the early part of Octber, loans of member banks in
leading cities increasing by $II6,ooo,ooo between September 12
and October 10. This increase reflected chiefly the demand for
commercial loans, which on the latter date stood at a new high
point for the year, almost $100,000,000 above the total_ ?n
September 12. Increases in the holdings of gov<:rnm~nt secunttes
by these banks were partly offset by reductions m corporate
security holdings.
The demand for accommodation at the Federal R eserve Banks
in some of the agricultural districts increa~ed, while at the Reserve banks in the East the volume of discounts for member
banks declined. Federal banks note circulation continued to increase and in the middle of October was about $ 100,000,000 above
the July level. In October money rates showed an easier tendency and after the fifteenth _of the. month rates for commercial
paper in the New York market declmed from a range of 5¼-5¼%
to s-s¼%.
STATEMENT OF CON DITION FEDERAL RESERVE
BANK OF KANSAS CITY, INCLUDI N G BRANCHES
At Close of Business October 17, 1923
RESOURCES
Gold Coin and Certificate,,,__ _ _ _ _ _ _ _ _ _ _ _ ... $ 2,871,593.00
Gold Settlement Fund F. R. Board......
32,286,124.24
Gold with Federal Reserve Agent.................... ·-······························· 40,596,6oo.oo
Gold Redemption Fund.----·······························································
5,o3I ,899.66
2,499,719.00
Reserves other than Gol<L .............. - - - - · · ·····························
Non•Reserve Cash................................................................................
4,160,658.67
Bills Discounted for Member Banks :
Secured by Govt. Obligations.--··-········································· 20,361 ,233,80
~"
All Other................................................................................... . 32,398,962.29
Bills Bought in Open Market·----····················································· 2,198,691.50
U. S. Bonds and Notes........................................................................ 9,887,650.00
178,500.00
United States Cert. of Indebtedness-···············································
266,000.00
Municipal Warrants ........................................... -c------Bank Premises ........................................- - - - -- ---············-----------·-- 4,969,523.60
40,854,722.66
Uncollected Item...__ _ _ ·····························---AII Other Resources·-··········································································· 1,049,803.26
Total Resources........................................................................ 1,199,611,681.68
LIABILITIES
Capital Paid l,,..__~ - - - ················· ································· ·····1, 4,553,65o.oo
Surplu:"--- - - - - - - · -································---9,488,2.99.89
Deposits.
Governmen ..__ _ _ _ .................................................... .
2,on,272.83
Member Banks, Reserve Account... ....................................... 78,213,232.94
All Other.................................................................... ,.............. .
486,849.62
F. R. Notes in Actual Circulation...... •·--··-······································· 63,261,385.00
Deferred Availability Items............................................................... . 4°,493, 192-75
All other Liabilities ............................................................................. .
1,103,798.65
Total Liabilities ........................................................................ 1,199,611,681.68
OTHER TOTALS
Total Gold Reserves ............................................................................ $ 80,786,216.90
Total Discounted and Purchased Bills Held.................................... 54,958,887.59
Total Earning Asset"--------······································ 65,2.9 1 ,037.59
Total Deposits .... - - - - - · ···························································· 8°,7 11 ,355·39
Ratio of Total Reserves to Deposit and Federal Reserve Notes
Liabilities Combined................................................................
57.8%
Total Clearings for Week.................................................................... $i7o,7i4,579.2.o
Total Number of Items Handled.----···············································
1,081,806
@FedFRASER