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THE MONTHLY REVIEW Covering Conditions in theTenth Federal ~erve 'District Federal Reserve Bank of Kansas City M. L. McCLURE, Chairman Board of Directors and Federal Reserve Agent VoL. 9 KANSAS C. K. RETURNS FOR SEPTEMBER 1924, COMPARED WITH RETURNS FOR SEPTEMBER 1923 Percent Change Bank Debits, 27 cities Four weeks ended October 1.... '$1,144,984,000 Bank Deposits, 72 Member Banks Deman 1, 458,630,000 Time... 133,966,000 Government...... 3,903,000 Gros 596,499,000 0.15 '$ 690,815,721 28·3 4,524,335 19.1 '$ 427,341,000 7.3 134,941,000 2,743,000 -0.7 565,025,000 5.6 Bank Loans, 72 Member Banks Amount .... _ _ _ _ _ _ _ f, 407,629,000 '$ 443,560,000 -8.i Savings Deposits and Accounts: Deposits, 56 Banks .................... '$ 107,853,525 Accounts, 51 Banks____ 341,214 ,, 104,163,189 325,060 3-5 5.0 Commercial Failures, Tenth District Number _ _ _ _ _ _ __ Liabilities.......... '$ Grain Receipts, 4 Markets: Wheat, ·buslkls .. _ _ _ __ Corn, bushels .....· - - - - Oats, bushel,,___ _ _ __ 21.9 Hog-----··················· Sheep _ _ _ _ _ _ _ _ __ Horses and Mules ...................... Meat Packing, 6 Centers Catt!...__ _ _ _ _ _ __ Calve~-------Hog_,____ _ _ _ _ _ __ Sheep .... _ _ _ __ 2,591,250 4, 249,700 -u 22 .6 2,oo6,979 801,498 710,557 121,653 871,730 970,689 159,506 665,646 1, 193,538 16,931 329,230 100,072 473,544 406,916 Crude Oil Production, 5 States Barrels .............. _ _ _ __ 2 3·3 46.7 -26.0 4o.4 17,583,000 26.0 ~h,270,623 7,769 f, 848,375 67,226 f,2,651,340 7,732 ,, 659,617 Soft Coal Mining, 6 States Percent of full-time capacity.. _ 55.7 6o.8 55,876 3,520 10,228,799 '$ 12.8 31.1 -23.6 23.0 20.6 267,105 68,204 640,135 289,759 Ore Shipments, Tri-State District Zinc ore, tons ...... _ _ _ __ value.... _ _ _ __ Lead ore, tons ...... _ _ _ __ value...... _ _ __ Building, 18 cities Number permit Estimated val11e"-----~'$ !~:~5 10,639,550 Flour Production, Southwestern Mills Barrels .. _ _ _ _ _ __ Live Stock Receipts, 6 Markets Catt!...__ _ _ _ _ _ __ Calve.,__ _ _ _ _ _ __ 42.3 _ 17. 4 21,207,950 3,871,600 3,758,300 Assistant Federal Reserve Agent and Se,:retary Crrv, Mo., NovEMBER 1, 192.4 STATISTICAL RECORD OF THE TENTH FEDERAL RESERVE DISTRICT Clearings, Federal Reserve Bank Amount .... ----·················" 886,067,587 Number of Item.,_____ 5,388,021 BOARDMAN, 3,o35 8,064,58 9 - 16 ·9 - 1 4.4 0 • 4 8 28.6 -8. 3 i6.o 26.8 T No. II HE Fall season of 1924 brought further improvement to conditions affecting industry, trade and banking in the Tenth Federal Reserve District. The reports to the Mondy Review, reflecting the physical volume, tell of quickened activity in almost every line. The September volume of business, for which complete figures are available, was the largest for any month of the current year. In some lines it was the largest for two and three years, or for all time. Several new high records were established, as the summary of the month's activities discloses. C1earings of checks of banks through the Federal Reserve Bank of Kansas City and its branches at Omaha, Denver and Oklahoma City were 28.3% larger in amount during September than in the corresponding month of last year and the largest for a single month in more than two years. Debits by banks to individual accounts of their customers exceeded the total for September oflast year. Loans and discounts of reporting Member Banks exhibited an upward trend from the previous month, but were 8.1% below a year ago. Investments by reporting Member Banks increased ro.6% and the total exceeded that of a year ago. . The increase in deposits in banks, which began in July with -.:he inflow of new crop money, continued through September and on October I gross deposits reported by Member Banks were the largest of record. Commercial failures were fewer than in any previous month this year and the amount of liabilities was 17.4% less than the amount reported for the corresponding month in 1923. Following the big rush of wheat to market in July and August, which was to meet the more pressing financial needs of farmers, there was a slump in September marketings, but the total receipts for the month exceeded that for September of last year by 99.3%. The output of flour from Southwestern mills was 22.6% greater than a year ago and in fact was the largest month's output of these mills since August, 1921. September was the high record month of the year in receipts of cattle, calves and sheep and the low record month of the year in receipts of hogs. It was noted that 39.6% of the receipts of cattle and 48.7% of the receipts of sheep were reshipped to the corn belt for fattening. Meat packing operations, under enormous market supplies of livestock, were the heaviest for the slaughter of cattle and calves on records dating back to 1919. More sheep were killed and dressed by packers than in any previous month since August, 1921, but the September hog killing record, because of decreased supplies, was the lowest since December, 1921. Increased activity in precious metal mining was reported, with production of gold running considerably ahead and of silver slightly behind last year to this date. Recent advances to 72c This Copy Released For Publlcation In Morning Newspapers October, 28 2 THE MONTHLY REVIEW per ounce in the price of silver was an urge to greater production increase in commercial loans in the last thirty days a large in the closing months of the year. volume of money has gone into investments. Production of zinc ores in the Missouri-Kansas-Oklahoma MEMBER BANKS SHOWING: The combined reports of district rose to approximately 15,000 tons weekly with the aver- 72. Member Banks in cities of the Tenth District showed loans age price per ton $1.19 above a year ago. There was heavy pro- and discounts, including rediscounts, aggregating $407,629,000 duction of lead ores and sales averaged $2.3.89 per ton above at the close of business October 1, an increase of $1,853,000 or prices in September 192.3. 0.45% over the total on September 3, but a decrease of $35,931,Soft coal mining, depressed for many months, showed in- 000 or 8.1 % from the total on October 3, 192.3. creased productivity during September, although lack of market lnve.stments of the reporting Member Banks, aggregating demand was still a big factor in restricting production. $149,709,000, on October 1, were $14,398,000 or 10.6% greater Gross production of crude oil during September was the largest than on September 3 and $1,397,000 or 0.9% greater than on for any month in two years, exceeding production a year ago October 3, 192.3. by 2.6%, although continued heavy production in excess of conOn the other hand there was a correspondingly heavy increase sumptive demand led to reductions which brought prices of in Member Banks' deposits, the 72. banks reporting gross deposits crude oil to the lowest point of the year. ' an October 1, at $596,499,000, an increase over the previous September was the greatest month of the current year in month of $31,983,000 or 5.7% and an increase over one year building, value of new construction exceeding that for each pre- ago of $31,474,000 or 5.6%. Practically the entire increase was vious month since May, 192.3. in demand deposits. It was indicated by the reports that a greater amount of The October IO statements of National Banks in the leading public improvement is being made during this Fall season than cities of the Tenth District, under call of the Comptroller of the at any other time since the beginning of the World War. Currency, were in line with those of the 72. selected Member Wholesale and retail trade improved perceptibly, but the im- Banks reported to the Federal Reserve Bank of Kansas City. FEDERAL RESERVE BANK OPERATIONS: Weekly provement this season has been slow, due to the agricultural population restricting purchases to necessities and using the statements of the Federal Reserve Bank of Kansas City during funds derived from the marketing of crops to discharge the more September and to the middle of October showed rediscounts for pressing obligations. Member Banks at the lowest level of record. There was an The Government's reports show 192.4 was one of the best increase in the amount of bills purchased in open market, the years in farm crops, both in yields and price~. The Octo her re- total on October 15 reaching $5,8 52.,992., the largest amount port shows increases over last year for the Tenth District of held since April 16, and $3,654,301 more than were held October 71% in winter wheat, 2.5% in spring wheat, and 66.6% in all 15, 192.3. Earning assets on October 15 were $48,839,790, the wheat. Oats increased 9.8%, cotton increased 89% and sugar largest since June 2.5 of this year, but $16,451,247 less than at beets increased 21.8%. Decreases from last year's production the mid-October reporting date last year. Federal Reserve were: in corn 5.18%, in hay 8.3%, in potatoes 9.2% and in notes in circulation, totaling $67,922,417 on October 15, were the largest since December 2.6, 192.3. Member Banks' deposits tobacco 11 .6%. totaled $80,437,431, as compared with $78,213,233, reported Financial for the corresponding date in 1923. The total deposits were The position of banks in the Tenth -District, which improved $84,62.9,6o3 as compared with $80,7II,355 October 17 of last greatly in Mid-Summer by heavy liquidation of agricultural year. indebtedness, was further strengthened during September and Savings in Banks October by reduction of loans and increases in volume of deReports from 56 banks in cities of the Tenth District showed a posits from the high levels of last Fall. The banks are provided with an abundance of funds-more than sufficient for their total 0£$107,8 53,525 in deposits to savings accounts on October I. requirements at this season-and while there has been a slight This total indicated an increase during the month of $448,897 or 0.4%. Compared with deposits on October 1, 192.3, the report for the current month showed an increase of $3,690,33 6 or 3.5% . PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN SELECTED CITIES The number of savings accounts reported by 51 banks was Oct. 1, 1924 Oct. 3, 1923 341,2.14 on October 1, an increase of 3,455 or 1% over the total 72 Banks 76 Banks on September 1, and an increase of 16,154 accounts, or 5%, I.Loans and Discounts (including rediscounts): over the number reported October 1, 192.3. The reports of sav(a) Secured by U. S. Govt. obligations. ___...$ 7,120,000 6,364,000 (b) Secured by stocks and bonds, other than ings deposits by cities follow: ~. 3. 4. S· 6. 7. 8. 9. 81,783,000 U.S. B o n d ~ - - - - - - - (c) All other..• • · · - - - - - - - - - - 319,482,000 Investments: II,404,000 (a) U. S. Pre-war bonds.·-··-·························· (b) U. S. Liberty bond~ - - - - - 39,546,000 (c) U. S. Treasury bonds_............................. . 2,093,000 (d) U. S. Victory notes and Treasury notes 22,041,000 7,28 2,000 (e) U. S. Certificates of Indebtedness·--······· (f) Other Bonds, Stocks and Securities........ 67,343,ooo Total loans and discounts, and investments._. 557,338,ooo Reserve balances with F. R. Bank·---············· 48,584,000 Cash in vaul.....___ _ _ _ _ _ _ _ __ 12,451,000 Net demand deposits on which reserve is computed.... _ _ _ _ _ _ _ _ _ __ 458,630,000 Time deposits ................................... _ _ __ 133,966,000 Government deposits .......................................... 3,9o3,ooo Bills payable and redist'ounts with F. R. Bank secured by: (a) U. S. Govt. obligations,_ _ _ _ __ 158,000 (b) All other........ _ _ _ _ _ _ _ __ 488,000 ' 81,075,000 Banks n,566,000 47,o34,ooo 4,588,000 18,863,000 3,832,000 62,429,000 591,872,000 48,039,000 12,337,000 Kansas City, Kans.·-··········· Kansas City, Mo ................. Lincoln, Nebr....................... Oklahoma City, Okla.·--····· Omaha, Neb ......................... St. Joseph, Mo ..................... Tulsa, Okla ..... - - - - · Wichita, Kans ..................... Outside.................................. 4 9 3 7 4 7 6 6 3 Oct. 1, 1924 $ 55,874,323 2,448,463 13, 235,45 2 2,744,130 6,493,226 6,086,696 10,650,137 7, 12 8,735 2,281,037 911,326 427,341,000 134,941.,000 2,743,ooo TotaL---- ················56 $107,853,525 355,365,000 18,577,000 17,261,000 TOTAL (Items 3 to 9 inclusive)·------·········••11,215,518,000 $1,253,n1,ooo Denver, Colo....................... 7 Sept. 1, 1924 Oct. 1, 1923 $ 55,6o1,091 $ 53,872,034 2,466,914 13,259,5 14 2,721,028 6,891,253 6,009,941 10,499,445 6,914,151 2,188,588 852,703 2,455,260 12,810,941 2,875,u2 6,733,814 6,170,532 9,893,996 6,281,327 2,252,783 817,390 $107,404,628 $104,163,189 Federal Reserve Bank Clearings An enormous volume of business in the Tenth District was represented in the September clearings of checks and other cash items through the Federal Reserve Bank of Kansas City and its branches at Omaha, Denver, and Oklahoma City. The number 3 THE MONTHLY REVIEW of items handled during the month was 5,388p21, an increase of 338,444 or 6.7% over August, an increase of 863,686 or 19.1% over September of last year, and the largest number of items handled in any month since March, 1923. The September clearings represented $886,067,587, an increase of $88,511,216 or 11.1% over August, an increase of $195,251,866 or 28.3% over September of last year and the largest amount of clearings for a single month in more than two years. During the first nine months of 1924 the Federal Reserve Bank of Kansas City and its three branches handled 44,635,297 items for amounts aggregating $6,877,236,535. Compared with the first nine months of 1923 this year's total showed an increase of 971,663 or 2.2% in the number of items and an increase of $309,1 20,861 or 4.7% in the amount of money handled. The Federal Reserve Bank clearings for the first nine months of 1924 are here shown, month by month, in comparison with the clearings for the corresponding nine months in 1923. 1924 1923 Items 4,726,778 4,561,796 4,986,934 4,977,178 Amount .,, 705,079,228 4,955,34 1 739, 1 35,53 2 5,388,021 75 2,469,45 2 763,388,403 819,937,795 797,556 37 1 886,067,587 Items 5,199,210 4,492,366 5,389,383 5,022,601 4,860 028 4,793,9 10 4,690,388 4,691,413 4,5 24,335 Nine Months ......44,635,297 $6,877, 236,535 43,663,634 January·-············· Fcbruary·--········· March .................. April.................... May _ _ _ _ .. Jun....__ _ _ ··· July _ _ _ _ August................ September·---···- 4,901,642 5,088,030 5,649,577 635,879,75 1 777,7 22,416 Amount $ 788,320,673 634,169,794 826,400,731 758,9o3,9o7 749,4 10,94 1 725,182,473 705,101,242 689,810,192 690,815,721 Bank Debits Debits by banks against accounts of their customers in twentyeight cities of the Tenth District aggregated $1,172,247,000 for a four weeks period ending October 1. This total was $94,573,000 or 8.8% over the total for the previous four weeks ending September 3. Comparison of the volume of debits for the four weeks ending October 1 with that of the corresponding four weeks in 1923 is made on the basis of reports from twenty-seven cities, which would indicate an increase for this year's four weeks period of $1,702,000 or o. 15 per cent. The returns of clearing houses for the twenty-eight cities follow: Four wks. ending Four wks. ending Percent Change Oct. I, 1924 Oct. 3, 1923 8.o Atchison, Kansas.·-----$ 5,876,000 '$ 5,438,000 13,358,000 8,546,000 Bartlesville, Oki ahoma .....·-············ 56.3 Casper, Wyoming_ _ _ _ __ -8.I 13,837,000 I 5,063,000 Cheyenne, Wyoming.... _ _ __ -6.6 8,043,000 8,607,000 Colorado Springs, Colo _ _ __ 12,633,000 II ,982,000 5-4 Denver, Colorado_ _ _ _ __ 159,997,000 167,891,000 -4.7 Enid, Oklahoma. .. _ _ _ _ __ 13,213,000 10,228,000 29.1 Fremont, Nebraska........ _ __ 3,183,000 3,270,000 -2.7 Grand Junction, Colo _ _ _ __ 16.2 3,517,000 3,027,000 Guthrie, OkJahoma .......... - .......,-..... 2,676,000 2,953,000 7·3 Hutchinson, Kansa~---17,386,000 9,838,000 76.7 Independence,Kansa.,__ __ 7,949,ooo 7,552,000 5.3 Joplin, Missouri .... _ _ _ __ 13,465,000 14,276,000 -5.7 Kansas City, Kansa.,__ _ __ 17,343,000 -xo.o 19j247,ooo Kansas City, Missour.,_·_ _ __ 359,947,000 4.6 344,237,000 Lawrence, Kansas ...... _ _ __ 4,265,000 J,T13,ooo 14.6 Lincoln, Nebraska.. _ _ _ __ 27,263,000 Muskogee, Oklahoma ................ 23,186,000 9,688,000 -58.2 Oklahoma City, Oki...__ __ 66,828,000 73,33 1,000 9.7 Okmulgee, Oklahom...___ __ 6,908,000 1 5·5 5,982,000 Omaha, Nebraska. ________ 190,629,000 198,235,000 -3.8 Parsons, Kansa _ _ _ _ _ __ 2,733,000 2,772,000 1.4 Pittsburg, Kansas ............................ 4,962,000 5,838,000 -15.0 Pueblo, Colorado. _ _ _ _ __ 16,105,000 14,970,000 St. Joseph, Missouri ....................... . 58,729,000 -8.4 53,779,000 Topeka, Kansas .. _ _ _ _ __ 13,780,000 13,295,000 3.7 Tulsa, Oklahoma.............................. -8.1 72,205,000 78,532,000 1 000 1 45,272,000 37,94 , Wichita, Kansas ..·--························· 9·3 ,.o Total, 28 cities ............ _ _ _ _ '$1,172,247,000 •-Computed on reports from 27 cities, '$1,143,282,000 •0.15 Postal Receipts An increase of 13.1% in postal receipts in nine cities in the Tenth District was reported by the Postmaster General for September over the total receipts during the corresponding month in 1923. The figures follow: % Inc. Cheyenne, Wyoming.......... Denver, Colorado .. Kansas City, Missou Lincoln, Nebraska.... --··Oklahoma City, Oklahom Omaha, Nebrask Pueblo, Colorado St. Joseph, Missouri .. Topeka, Kansas ............ Sept., 1924 '$ 8,749 264,337 774,915 66,362 110,213 228,036 29,400 50,829 91 , 297 Sept., 1923 8,513 '$ 233,827 682,727 72,376 3.1 0.9 26.1 Tota $1,624,138 '$1,436,287 13.1 56,556 87,no 216,284 28,504 5o,390 2.8 13.0 13·5 17•3 26.5 5·4 Commercial Failures The R. G. Dun & Company reports on Commercial failures in the United States for the month of September shows 1,306 failures and $34,296,276 of liabilities as compared with 1,226 failures and $28,698,649 of liabilities in September, 1923. The record for the Tenth District shows 78 failures for September against 64 failures during the corresponding month last year, an increase of 14 in the number of failures. The amount of liabilities involved in the September failures was $1,339,489l a decrease of $282,806 or 17.4% from the total reported in September, 1923. The number of failures and the amount of liabilities in each of the twelve Federal Reserve Districts for September, 1924, as compared with September, 1923, follows: LIABILITIES NuMBElt 1924 First, Bostou_________ 94 Second, New York......... 238 Third, Philadelphia.... 73 Fourth, Cleveland...... 102 Fifth, Richmon 84 Sixth, Atlant 85 Seventh, Chicago.. _ 2.13 Eighth, St. Loui 71 Ninth, Minneapolis...... 54 TENTH, KANSAS CITL ............ - 78 Eleventh, Dalla 34 Twelfth, San Francisco 180 1923 II3 228 44 95 66 91 172 71 63 64 79 140 1924 '$ 1,n9,242 9,374,964 1,3 15,533 3,259,688 1,212,869 1,375,3 17 8,945,494 3,586,174 453,528 1,339,489 580,455 1,733,5 23 1923 $ 1,476,871 6;183,981 2,695,645 2,74x,378 964,349 2,84o,497 6,219,732 536,652 637,652 1,622,295 1,757,766 921,831 Mercantile WHOLESALE: Sales by wholesalers in all reporting lines increased during September over August sales. Compared with the same month last y~ar sales of dry _g?ods, groceries, drugs, furniture and hardware mcreased and millinery decreased. Sales and outstanding accounts for September are here compared with those of August, 1924, and September, 1923, in percentage of increase or decrease: SALES OUTSTANDINGS No. Sept., 1924 Sept., 1924 Sept. 30, 19~4 Sept. 30, 1~24 of compared with compared with compared with compared with Stores Aug., 1924 Sept., 1923 Aug. 30, 1924 Sept. 30, 1 923 Dry Goods ...... 3 3.5 u.5 n.6 -3.6 Grocerics. .........4 6.6 4•7 6.7 .f.-4 Hardware.. - ....8 13.4 12.1 5·5 -5.5 Furniture._.6 32.4 15.2 8.1 -4.9 Drugs ...·-··-·••-4 4.5 7.3 o.7 -4.4 Millinery_.. _,.. 28.5 -16.6 . As purchases by retailers from whol~salers are m 1;1oderate quantities in all lines of textiles it is considered .that the_1mprovement in sales of dry goods is on~ sou11:d basis: Retailers have pursued a conservative policy in the1~ ~uymg durmg the pa~t year and their stocks are reduced to a m1mmum. The advance m the market for raw cotton during the past thirty days added THE MONTHLY REVIEW strength to~the- market for finished~goods but there appears to be no disposition on the part of buyers to speculate. The wholesale grocery trade continued heavy, and the volume of trade in this line measured in money values was a hove that of a year ago. The hardware trade was much improved, retailers buying more freely but with caution. Trade was reported well above the fall season last year, and dealers were anticipating a good ending for 1924. Furniture prices were firm and wholesalers reported a demand for the better class of goods with factories only fairly prompt in deliveries. In the drug line wholesalers reported orders coming in quite freely and a tendency toward increasing stocks, but caution prevailed in many quarters. Prices were slightly firmer, al though drug prices in general were low. The implement business has snapped back, quoting the language of the manager of a large distributing house. There was an increase in sales in September, some of the distributors of plows and drills more than doubling their sales last year. The outlook for business for spring trade is reported very encouraging. RETAIL: September was the first month since February, and the second month this year, to record an increase in department stores' sales over the corresponding month in 1923. The composite figure for eighteen department stores reporting September business was a 4.8 % increase over the sales in September, 1923. The improvement in department stores trade may be judged by the fact that August sales were 9.7% below those of August last year. The reports show sales for the season from July I to September 30 were still 2.4% below the volume for the corresponding three months last year, whereas sales from July I to August 31, were 7.2% behind the sales for the corresponding two months in the previous year. The reports indicated some slight increase in retail sales of men's clothing and a slight decrease in the sales of women's apparel, with the shoe trade running about even with a year ago. A very substantial improvement was observed in the reports from retail stores in the smaller cities, particularly in the wheat belt. COLLECTIONS: Wholesalers reported some improvement in collections during September as a result of liquidation of indebtedness in the country. The reporting department stores ngure on collections in September was 46.6% of outstandings as compared with 41.8% in August and 43.7% in September last year. Building The returns from eighteen cities of the Tenth District reporting regularly to the Monthly Review reflect a very perceptible increase in building activity and new high construction records for the"'fall season. The September returns for the eighteen cities showed 3,520 permits were issued during that month for buildings estimated in value at $10,228,799. This number of permits was exceeded in the month of April, although the amount of money invested in building was the largest for any month since May, 1923. Eleven of the eighteen cities reported more permits and larger building costs during Septem her than were reported for the corresponding month last year. Unofficial returns from the same cities indicate that October will also show exceptionally heavy building operations. The September record for the eighteen cities reporting brought the total for the first nine months of 1924 to 25,869 permits issued for buildings valued at 'l,76,774,921. This compares with 27,051 permits and an investment of $84,017,508 for the first nine months of 1923, with indications pointing to a building record for the entire year of 1924 very closely approximating the high record of 1923. The September record of permits issued follows: Estimated Cost Permits Casper, Wyomin Cheyenne, Wyoming .... Colorado Springs, Colo ............. Denver, Colorado.-........ Hutchinson, Kansa Joplin, Missouri .. Kansas City, Kansa Kansas City, Missouri.. .... Lincoln, Nebraska.... Muskogee, Oklahom Oklahoma City, Oklahom Okmulgee, Oklahom Omaha, Nebraska........ Pueblo, Colorado .... St Joseph, Missouri .......... _ Topeka, Kansas .. _ Tulsa, Oklahoma.. - .. Wichita, Kansa '/, 44 35 88 883 43 56 227 . 555 168 21 175 IO 310 108 75 159 242 321 Total, September, 192 Total, September, 192 48,725 54,899 88,274 3,002,150 62,no 130,095 303, 1 37 1,708,150 406,895 3 1,53 1 413,809 17,385 1,720,866 121,610 250,330 172,010 871.266 825,557 Percent Change 48.8 --6.3 8.o 49.3 100.8 -21.5 14.9 -23.1 77.7 -16.1 -21.7 -63.7 74.:l 98.5 153.6 26.9 67.3 133.6 26.8 $10,228,799 8,o64,589 3,52° 3,035 Building Materials Sales of lumber and building materials during the month were in line with the high activity in cities. There has been comparatively little business in the country, due to the fact that farmers have made few improvements for some time. An increase in trade activity in the country is in prospect following the harvesting of crops and the fall plowing and planting. Some increase in the lumber trade was noted when southern pine mills reported orders during the week ending October 10 were 4.22% above shipments and 8.82% above production for the week. CONDITION OF RETAIL TRADE IN CITIES OF TENTH FEDERAL RESERVE DISTRICT DURING SEPTEMBER, 1924 Based upon reports from eighteen department stores Kansas City Percentage increase (or decrease) of net sales during September, 1924, over net sales during same month last year_ _ __ __ _ _ _ _ _ _ _ _ __ Percentage increase (or decrease) of net sales from July 1, 1924, to Sept. 30, 1924, over net sales during same period last year...·-······- -- - - - - - - - Percentage increase (or decrease) of stocks at close of September, 1924, over stocks at close of same month last year.... _ _ _ _ _ _ _ __ _ _ _ _ _ __ Percentage increase (or decrease) of stocks at close of September, 1924, over stocks at close of August, 1924...• _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Percentage of average stocks (selling price) at close of each month this season (commencing with July 1) to average monthly net sales (selling price) during the same period.................. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Percentage of outstanding orders (cost) at close of September, 1924, to total purchases (cost) during the calendar year 1923.· - -- - - - · - - - Percentage of collections during the month of September, 1924, on amount of.outstanding accounts on August 31, 1924.............. _ _ _ _ _ _ _ _ __ Percentage of collections for aame period last year_ _ _ _ _ _ _ _ _ _ __ 3 Denver 3 Outside 2.6 Inc. 10.8 Inc. I'.2 District 18 Dec. 1.9 Inc. Dec. 7,8 Dec. o.6 Inc. 1.4 Dec. 2.4 Dec. 6.1 Dec. 3-5 Dec. 17.4 Dec. 10.4 Dec. o.2 Inc. Inc. Inc. 8.o 7.5 4.8 4.4 531.5 470.0 631.6 562.7 ,4.8 8.3 17.1 IO.I 51.4 45·9 36.1 35-2· 46.4 45•3 46.6 43•7 s THE MoNTIILY REvtEW Agriculture The United States Department of Agriculture, in its October report, gave the following estimates on 1924 production of the leading farm crops in the Tenth District: Oct. 1 Est. 1924 xWinter Wheat, bushel..,___ _ _ _ _ 288,388,000 Spring Wheat, bushels...... 11,994,000 All Wheat, bushels........ 300,382,000 Corn, bushel ..............487,866,000 Oats, bushels.... 174,413,000 Potatoes, bushel 30,657,000 Hay, tons...... 16,937,000 Tobacco, lbs......... 3,907,000 Cotton, bales.... 1,257,000 xxSugar Beets, tons.·-········-··-···················· 3,170,000 -xAugust I estimate -xx.Colorado and Nebraska State reports. Percent Change 71.0 2.5 66.6 -5.18 9.8 -9.2 -8.3 ' Final Est. 1923 168,635,000 II,698,000 I 80,333,000 514,530,000 T 58,756,000 33,766,000 18,480,000 4,422,000 665,000 2,6o2,ooo -11.6 89.o J 21 . !1 The reports show the composite condition of all crops in Kansas and Missouri improved between September I and October 1, while in the other five states declines in condition were not as great as was anticipated. In four of the seven states the condition of all crops was above normal. The percentage of condition on October I is here shown in comparison with those on September 1, with 100 representing normal: Colorado_ ...... Kansas .. Missour· Nebrask New Mexico...... Oklahoma........ Wyoming United States.. __ Condition October 1 87-5 119.8 ... 101.5 104.2 93·9 n6.2 86.o 96.5 Condition September 89.7 1I8.1 100.6 105.2 101.0 117.6 87.8 96.0 Percent 1 Change --Z.2 1.7 0.9 -1.0 -,.1 -1.4 -1.8 0.5 than last year's production. Missouri's cotton crop declined during September 27,000 bales, leaving 201,000 bales as this year's production, or 75,000 bales more than last year's crop. New Mexico reported a decline of 10,000 bales during the month to a total of 55,000 bales, which was 21,000 bales more than the 1923 crop. The boll weevil began its work in Oklahoma during September but the amount of damage done has not been ascertained. However, the crop was already practically made and safe from frost. SUGAR BEETS: The condition of the sugar beet crop in Colorado on October I was well above the average, being placed at 95% as compared with 95% last year. The crop improved during the six weeks prior to October 1 and especially with rains and cooler weather in the latter part of September. The October forecast was for 2,487,000 tons compared with 1,962,000 tons last year. In Nebraska the condition of sugar beets on October 1 was 92%, indicating a crop of 683,000 tons against 640,000 tons last year. FALL FARM WORK: Weather conditions during September and early October were favorable in nearly all sections for preparation of the soil for fall sown wheat. Returns are as yet incomplete, but indications point to an acreage to be sown this fall which will be fully up to that sown last year. Grain Marketing Arrivals of wheat at Tenth District market centers during September declined heavily from the high record arrivals in August, although the September total exceeded that of September 1923 by 99.3%. The decline in the volume of wheat marketed during September, following the big rush of the first two months after the harvest, created no surprise to the grain trade, as the most urgem: financial needs of the farmers had been met and there was fall plowing and planting to be done. Receipts of wheat at four markets for_the wheat year starting July 1 were 93,897,950 bushels against 48,643,850 bushels received during the corresponding three months last year, an increase of 45,254,100 bushels of 93%. Receipts of corn during September were 365,roo bushels or 8.6% less than in August, but the month's total was 1,280,350 bushels or 49.4% larger than that for September, 1923. Receipts of oats, rye and barley increased over August but were less than a year ago. Kafir receipts did not come up to those for the previous rrionth but were more than two and one-half times the volume received in the corresponding month in 1923. Receipts of grain at the four markets in September, with comparisons, are here shown: CORN: High winds and dry weather during the latter part of September hastened the ripening of corn in Nebraska and it was reported that 70% of the crop matured before frost came. About 10% of the crop was seriously injured by frost and freezes. The remaining 20% was in the hard dough stage at the time of the frost and suffered some injury. In Kansas it was reported 89% of the corn was out of danger from serious frost damage by October I. In many sections of the central third of the state, particularly in north central counties, there was some light chaffy corn, caused by extreme heat and chinch bugs during the critical period of development. It was believed that fully 83% of the corn produced in the state this year would be of merchantable quality. In Missouri the holding off of frost to the middle of Kafir Barley Oats Rye Wheat Corn October permited 75% to 80% of the corn to mature. In Okla- Kansas City............11,654,550 675,000 1,035,300 57,200 54,ooo 62,700 5,136,6oo 2,102,800 2,380,000 165,200 139,200 homa corn had matured by October I and gathering the crop Omah 3,500 was under way in all sections. The crop is good with the ex- St. Joseph.-............. 1,484,000 1,023,000 328,000 18,000 1,200 31,200 3,600 Wichit 70,800 15,000 2,932,800 ception of a small acreage of late corn. Due to long drought, --------Colorado corn on the first of the month was the lowest in con- Sept., 1924.. _..........21,207,950 3,871,600 3,758,300 241,600 227,900 66,300 dition of the crop in the history of that state as compared with Aug., 192+----·······41,o29,950 4,236,700 2,591,600 237,100 189,450 105,600 the highest condition a year ago. While there are many good Sept., 1923.............. 10,639,550 2,591,250 4,249,700 244,400 722,750 18,700 fields of irrigated and non-irrigated corn, there are thou:;ands GRAIN PRICES: Cash sales of No. 1 hard and dark wheat at of acres that will not average more than a bushel per acre. The Kansas City on the closing day of September were on a range of drought also affected corn in Wyoming and some damage was $1.32 to $1.47 per bushel. On the closing day of August the price reported in New Mexico. range was $1.14½ to $1.27. No. 2 red wheat sold at a premium COTTON: Based on a condition of 53.5% of normal on Octo- over the corresponding grade of hard and dark wheat, the Sepber I the Crop Estimate Bureau of the United States Depart- tember 30 price being from '$1.47 to '$1.49 or 16c to 17c higher ment of Agriculture forecast a cotton crop in the United States than at the end of August and 31c to 32c higher than at the end of I 2,499,000 bales, each of 500 pounds gross weight, as compared of September 1923. Corn prices held up well during the month with 10,139,671 bales ginned in 1923. Cotton production in the and at the close were but a shade lower than at the close of AugTenth Federal Reserve District was forecast as 1,257,000 bales, gust and considerably above the prices at the close of September which compares with 665,000 bales produced last year. The esti- last year. Oats on September 30 were slightly higher than at the close of August. Rye and barley prices were well sustained by mate of October 1 for Oklahoma was 1,272,000 bales, 17,000 bales less than was forecast September I and 616,000 bales more export demand. 6 THE MONTHLY REVIEW Flour Milling The September...~output of flour from Southwestern mills, totaling 2,460,136 barrels, was the largest of record for a single month with the exception of August, 1921, when production reached 2,626,741 barrels. The mills were operated during September on an average of 84.7% of full time capacity compared with 72. 7% of full time capacity a year previous. The increase for September over a year ago was 453,157 barrels or 22.6%. The summary of flour production, as compiled from reports to the Northwestern Miller, follows: Sept., 1924 Kansas CitY-------·····-----------------··-·--------------·---------··-·-·· 545,538 Omaha_···········-------·---- 104,007 Salina_·······-··-··-·-·············------····-·---· 125,931 St. Joseph ... ______ -------······· 189,391 Wichita·-·····-----·-------- 225,986 Outside.·-·--------··-··········-----··-·····1,269,283 Sept., 1923 541,195 91,105 86,459 u9,774 181,732 986,714 2,006,979 T o t a ' - - - - - - - - - - - - - - · · · · · ' l,460,136 Live Stock Outstanding features in the live stock situation, as disclosed by the September reports from the six leading markets, were exceptionally heavy receipts of cattle, calves and sheep and correspondingly light receipts of hogs. Comparing the September receipts with those a year ago, cattle increased 12.8%, calves increased 31.1%, sheep increased 23% , horses and mules increased 20.6%, while hogs decreased 23.6%. A comparison with previous records also shows that the receipts of cattle and calves during September had not been exceeded in any month since October, 1922. September receipts of sheep and also of horses and mules were the largest for any month since October, 1923, while September receipts of hogs were the smallest in number for any month in two years. The September receipts at the six market centers: Cattle Calves Hogs I 10,633 237,306 726 15,846 Horses Mules 4,3 19 1,418 1,356 5,678 1,536 'l,624 Sept em her, I 924·---···-·--·--·---·---········80 I ,49 8 159,506 665,646 1, 193,538 August, 192 631,1'21 500,739 105,196 704,z50 970,689 September, 1923-·-··--···---······-···-·-·-·-710,557 121,653 871,730 16,931 u,619 14,040 Kansas City............... _ Omaha_......... St. Joseph...... Denver-·-··-·· Oklahoma City Wichita·-·-···· ._384,937 20 5,73 1 72,695 69,071 34,613 34,45 1 95,021 234,677 15,480 202,034 18,922 I I 5,67'2 8,573 33,3 21 12,477 38,013 9,o33 4 1,9 29 --------- Sheep '276,154 55 2,873 Receipts during September were notable for the exceptionally large percentage of range and grass cattle, which accounted for the big increase. Many cattlemen and pasturemen had not recovered from the heavy losses sustained in l 920 by the big slump in cattle values. Their liquidation of canner and cutter cows, good young cows and heifers caused apprehension among old and experienced cattle dealers and packers concerning the future beef supply. Unusually heavy marketing of western lambs accounted largely for the increased receipts of sheep. The S\!pply of hogs at the market,s during September was very light in comparison with the high record receipts in September, 1923, although the total for the month this year was above the average for September of other years. LIVE STOCK PRICES: While good light-weight corn-fatted steers and best yearlings held up well during the month and at the close were but slightly lower, it was noted that prices of grass steers and weighty fed steers were $1 to $2 lower than at the close of August. Good heifers and mixed yearlings were 50c to '/,I lower for the month. The top price of hogs in the early half of the month reached $9.90 and during the last two weeks, with greatly reduced sup- ply, hogs registered sharp advances. September closed with top price of $10.35 and during the early part of October the $II mark was reached. At the close of the month lambs were-selling at $13.25 or about 25c per 100 pounds over the close of the previous month. Ewes sold as high as $6.25. Yearlings sold up to $9.50 and wethers brought $7.40. Feeding and breeding stock generally scarce with prices steady throughout the month. STOCKER AND FEEDER MOVEMENTS: The reports from four markets show that more cattle and sheep were shipped to the country for fattening than in any previous month since October, 1923, while the outgo of calves was the largest in number since last November, and of hogs the smallest in number since May of this year. The unusually heavy supplies of stockers and feeders brought many buyers into the markets. The states to which the heaviest shipments were made were Illinois, Iowa, Missouri, Kansas and Nebraska. Countryward shipment's from the four reporting markets were: Cattle Kansas Ci tY··-·-··-··---·---·---·----··-·-·--··-·--·-·· 173,916 Omaha.. 9°,7 17 20,757 St. Joseph--··-· Denver 3 2, 175 Calves 8,471 Hogs 12,041 3,409 3,142 1,601 1,503 ·····-··-·-·-·3 17,565 155,142 327,987 15,022 7, 237 16,6n II,096 68,045 September, 192 August, 192 September, 19'2 39° 1 5,535 Sheep II4,II5 310,831 4'2,468 114,I94 581,6o8 262,010 488,067 Meat Packing Operations of meat packing plants at the leading market centers of the Tenth District were unusually heavy during September. The number of cattle and calves purchased by packers was the largest for any month since October, 1919. More sheep were purchased for packing than in any previous month since August, 1921. On the other hand fewer hogs were purchased in September than in any previous month since December, 1921. The percentage of increase in packers' purchases over September, 1923, was: cattle, 23.3%; calves, 46.7%; sheep, 40.4%; and the decrease in hogs was 26%. Packers purchases at the six markets were: Cattle Kansas City Omaha.. St. Joseph-....... Denver Oklahoma City Wichita.......... September, 19'2 August, 192 September, 1923 __ 136,75'2 103,176 ···-··-----···-·-·-··· 4o, 799 ---·-·····-··· n,507 z5,296 n,700 Calves 58,360 8,497 1 3,573 3,963 n,369 4,310 ····--3 29,'l30 242,040 100,072 z67,105 68,204 73,059 Hogs 151,757 16o,517 67,024 2'l,II5 33,626 136,037 184,135 66,247 18,218 38,5o5 1,934 473,544 499,705 640,135 406,916 299,77 2 '289,759 Sheep 345 The marked decrease in the supply of hogs at leading marketst consequent shortening of the fresh pork supply, and slight strengthening of prices characterized the meat trade during September. Foreign demand for American pork showed some improvement over previous months. The dressed meat trade was comparatively dull, due to the fact that supplies were heavy and prices somewhat depressed. Stock~ of pork and lard at Kansas City on September 30 were 32,417,800 pounds, which was 13,224,600 pounds less than on August 31, 1924, and 3,963,500 pounds less than on September 30, 1923. THE MONTHLY REVIEW Petroleum Production of crude oil in the five producing states of the Tenth District during the 30-day month of September was at the rate of 738,267 barrels per day and a total of 22,148,000 barrels for the month. According to the official reports this was the largest daily average and the largest month's total output in the five states in either this or last year. The September output was r.1% greater than that of August and 26% greater than that of September, 1923. The production summary follows: *Sept., 1924 Oklahom....__ _ _ _ _ _ _ 16,283,300 Kansas ............................................ 2,552,100 Wyoming...... - - - -·············· 3,221,100 Colorado_____ 72,900 New Mexico,____ 18,600 **Aug., 1924 15,650,000 2,693,000 3,470,000 75,000 19,000 **Sept., 1923 II,548,000 1,836,000 4, 193,500 5,500 Tota...____ _ _ _ _ _ ............ 22,148,000 21,907,000 *Estimated-American Petroleum Institute (except N. Mex.) •~fficial-United States Geological Survey. A summary of field operations shows fewer wells completed than in any month since last March. The average daily new production, however, was only 216 barrels short of the August record, exceeding the September, 1923 record of daily new production by 54,410 barrels or 60.1 % . The report on new developments showed a decrease from August of 79 rigs and wells drilling, while there was increase of I 20_rigs and wells drilling :o ver the record for the month last year. Oklahom Kansas .......... Wyoming ...... _ Colorado Completions Wells ··········366 53 IIO 2 September, 192 53 1 August, 1924................_ .... 540 September, 1923 ........... - ... 578 Production Barrels 122,213 2,539 17,238 3,000 Rigs-Wells Drilling 1,214 36o 428 1 44,990 2,056 2,135 1,936 145,206 90,580 54 Reductions at the end of September brought prices of crude oil in four states to lower levels than have prevailed at any time previous during this year. The August report of the Bureau of Mines showed gasoline stocks at refineries in the Tenth District at the close of the month were 143,746,292 gallons for Oklahoma and Kansas and 151,094,372 gallons for Colorado and Wyoming. Stocks for the entire country were reported at 24.4% in excess of the quantity held on the corresponding date of the previous year while shipments from refineries during the first eight months of the current year were increased only 17.04%. Mining ZINC AND LEAD: Shipments of zinc ore from the MissouriKansas-Oklahoma district during September totaled 55,876 tons, or a weekly shipment of 13,769 tons, which was approximately 2,000 ton sunder the production of the field. The average price for the month of September was $40.63 per ton. The value of the zinc shipped from the field was $2,270,623. The average price for the month of September compares with $42.19 for August and with $39.44 for Septem ber last year, when shipments aggregated 67,226 tons. There was an increase in the surplus stocks of zinc held by the ore producers at the end of the month over that held at the beginning of the month. Production is gradually climbing upward and is estimated to be approximately 15,000 tons weekly. There is a movement on the 7 part of several individual operators of large properties to curtail their production and thus bring production down to approximately the demand. There was also a decline in t he lead ore price during September. The month opened with lead bringing $110.00 per ton and closed at '1,107.50 per ton. Sales of lead ore were heavy during the month and approximated 7,769 tons, with an average price for the entire month of '$109.20 per ton. This price compared with $85.31 per ton for the month of September, 1923, when shipments for the month were 7,732 tons. METAL MINING IN COLORADO: With the price of silver at the first week in October advanced to the highest point in two years, and copper and lead prices firm, producers in Colorado were encouraged to greater activity during the closing monthsof the year. Indications are that, viewed from a purely business standpoint, 1924 will be one of the best years in the history of mining in Colorado. According to figures of the U.S. Geological Survey production of gold in Colorado during the first six months of 1924 was upwards of $1,000,000 greater than for the first half of 1923 , although productions of silver fell off about 500,000 ounces and lead a bout 5,000,000 pounds, copper and zinc producation was about the same. The present year has been noteable for expansion of mining activities through prospecting and development work and also for the introduction of new processes by which low grade ores, rejected and left on the dump in former years, are now treated with a fair margin of profit to the producers. BITUMINOUS COAL: Mining of soft coal in the Tenth District showed improvement during September, although the output wa-s not up to that of a year ago. Production at the mines averaged 55.7% of full time capacity, as compared with 48.2% of full time capacity in August and 60.8% of full time capacity in September 1923. Loss of operation due to "no market" was reported at 37% of capacity as compared with 45.5% in August and 29.3% in September, 1923. Production of soft coal in the United States from January I to October 4, 1924, was reported by the United States Geological Survey as 342,341,000 tons as compared with 421,712,000 tons for the corresponding period last year. WHOLESALE PRICE INDEX BUREAU OF LABOR STATISTICS Sept. 1924 All Com modi ties ........................................... 149.1 Farm Products ........................................................ 143.1 Foods ........... _ _ _ _ _ _ __ __ _ 147.7 Cloths & Clothing........... _ _ _ __ _ _ 186.5 Fuel & Lighting.................... - - - - -·······168.o Metals ...... - - - - - - · · · ······························128.2 Building Materials ................................................ 170. 7 Chemicals & Drugs .................- - - - · · ········130.6 House Furnishings ...........· -- - -···············171. l Miscellaneous ............................... - - - -··· ···II 5.9 Aug. 1924 149.7 145·3 144.0 189.9 169.7 130.4 169.5 130.I 171.0 n5.o Sept 1923 153·7 143·7 147·3 201.8 175.8 144.l 181.8 127.8 182.6 120.9 BUREAU OF LABOR STATISTICS-REGROUPED B Y THE FEDERAL RESERVE BOARD Raw Materials, totaL- -- ·························151.5 Crops............................... ...................... 163.9 Animals Products................... ......... 123.2 Forest Products......................... ... 179.5 Mineral Products.................. 165.7 Producers' Goods.. ......................... 129.8 Consumers' Goods.... ................. 158.4 154•3 174.6 123.3 1 75·5 165.7 130.9 156.3 157.6 163.3 130.7 195.8 1 75•9 139.2 158.4 8 THE MONTHLY REVIEW Business Conditions in The United States Production of basic commodities, factory employment and distribution of merchandise increased in September. During September and early in October there was a considerable increase in the volume of borrowing for commercial purposes. was also some increase in United States securities. As a consequence, total earning assets were larger than at any time since early in the year. Larger currency requirements, partly seasonal in character, were reflected between August I and October I in an increase of $140,000,000 in the total volume of money in circulation. PRODUCTIO : The Federal Reserve Board's index of production in basic industries, adjusted to allow for seasonal variations, rose 9% in September, the first advance since last January. Increased activity was reported in many lines of indu~try including textiles, iron and steel, and coal. Factory employment increased 2% during September, refl ecting larger working forces in nearly all reporting industries. Average weekly earnings of industrial workers increased slightly, owing to a decrease in the extent of part time employment. Building contracts awarded showed a small seasonal decline in September, but were considerably larger than a year ago. Money rates in the ew York market remained relatively constant in the latter part of September and the early part of October. On October I 5 the discount rate of the Federal Reserve Bank of Minneapolis was reduced from 4¾% to 4%. Crop conditions, as reported by the Department of Agriculture, showed a further slight improvement during September, and the estimates of production for spring wheat, oats, barley and white potatoes on October I were larger than the month before. Estimates of the yields _of corn, tobacco, and cotton, however, were reduced. Marketing of wheat was exceptionally heavy in September and exports of wheat and cotton were larger than for the same month of any recent year. RESOURCES Oct. 15, 1924 Oct. 17, 1923 Gold with Federal reserve agent...·--··-- ---1> 62,765,755 f, 40,596,6oo Gold redemption fund with U.S. Treasury.·-·--····· 1,953,945 5,031,900 Gold held exclusively against F. R. notes·--····· 64,719,700 Gold settlement fund with F. R. Board ...·-····-- -·- 32,288,021 Gold and gold certificates held by bank .... ·-····-······· 4,669,444 45,628,500 32,286,124 2, 87 1,593 Total gold reserves.·-------'---··············· 101,677,165 Reserves other than go! 2,434,624 80,786,217 2,499,719 TRADE: Distribution of commodities, as reflected in railroad shipments, increased during September and was greater than last year, owing to larger loadings of miscellaneous merchandise, grain, . and coal. Total reserves_····---------- 104,111,789 Non-reserve cas11...._ _ _ _ _ _ _ _ _ __ 1,769,166 Bills discounted: Sec. by U. S. Government obligations·---············ 684,200 Other bills discounted·----······· · - - - - - 6,867,148 83, 285,936 4,160,659 STATEME T OF CO DITIO , FEDERAL RESERVE BA K OF KANSAS CITY, I CLUDI G BRA CHES AT CLOSE OF BUSINESS Wholesale trade was II% larger than in August, as a result of increased business in almost all repor ting lines. Sales of groceries and drugs were larger than a year ago, while sales of meat and shoes were smaller. Retail trade showed more than the usual seasonal increase in September, and sales of department stores and mail order houses were considerably larger than last year. erchandise stocks at department stores increased more· than usual during September, but continued to be slightly smaller than a year ago. PRICES: Wholesale prices of farm products, clothing, fuel, and metals declined somewhat in eptember, while prices of food products, building materials, and chemicals advanced. The general level of prices, as measured by the Bureau of Labor Statistic index, was slightly lower in September than in August. During the first half of October quotations on wheat, flour, cattle, hogs, wool and rubber increased, while prices of cot+·on, lumber, and gasoline declined. BA K CREDIT: During the five weeks ending October I 5 loans and investments of reporting member banks in leading cities increased by more than 600,000,000. Credit demand for financing the marketing of crops and the Fall activity of trade were reflected in increased commercial loans throughout the country and the total volume of these loans ro e to a level considerably above the peak of October, 1923. Member Bank investments in securities continued to increase and loans on stocks and bonds al o advanced. further growth of demand deposits carried their total to the highe t figure on record. At the Federal Reserve Banks, discounts changed but little in September and declined in the fir t three weeks of October, while holdings of acceptances increased considerably and there Total bills discounteu.---------Bills bought in open market ......... _ _ _ _ __ U.S. Government securities: Bonds ...... _ _ _ _ _ _ _ _ _ _ _ _ _ Treasury notes............ Certificates of indebtedness 20,361,234 32,398,962 7,55 1,348 5,85 2 ,99 2 52,760,196 2,198,691 1,642,450 24,436,000 9,107,000 1,831,850 8,055,800 178,500 Total U. S. Government securities--·--Municipal warrants .... ---·················----- ········-·-·-·· All other earning assets .....· - - - - - - - 250,000 10,066,150 266,000 Total earning assets _ _ _ _ _ _ _ _ __ Uncollected items .. _ _ _ _ _ _ _ _ _ __ Bank premises .. _ _ _ _ _ _ _ _ _ _ __ 48,839,790 47,378,989 4,595,767 864,466 65,291,037 40,854,7'.23 4,969,5 24 1,049,803 TOTAL RESOURCES ...... _ _ _ _ _-f207,559,967 LIABILITIES F. R. notes in actual circulation. __··-----·-1> 67,922,417 Deposits: Member Bank-reserve account ... ·--·······-···-······ So,437,431 GovernmenL.. _ _ _ _ _ _ _ _ _ _ __ 3,33 2,5°4 Other deposits ..... - - - - - · - - - - - 859,668 78,213,233 2,011,273 468,849 All other resources ...·--························---- Total deposits_ .. _ _ _ _ _ _ _ _ _ __ Deferred availability items ....... _ _ _ _ __ Capital paid in ............................. _ _ _ _ __ Surplus ...·-················----·---All other liabilitiei ...· - · · - - - - - - ----84,629,6o3 80,7u,355 40,555,617 4,354,350 9,495,540 602 440 4o,493, 1 93 TOTAL LIABILITIES _ _ _ _ _ _ '/,207,559,967 Ratio of total reserves to deposit and F. R. note liabilities combineu...._________ 68.2% Contingent liability on bills purchased for foreign correspondent."------·----- -1> 837,220 Total clearings for weeL·- - - - - - · · · · ··-··-·-$221,876,128 Total number of items handle 1,324,290 4,553,650 9,488,300 1, 103,799 '/, 1 ,655,834 '$ 1 7o,714,579 1,081,806
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