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THE MONTHLY REVIEW
OJ Agricultural, Industrial, Trade and Financial
Conditions zn the Tenth Federal Reserve District
FEDERAL
RESERVE
BANK
OF
KANSAS
CITY
M. L. McCLURE, Chairman and Federal Reserve Agent
A M. McADAMS, Assistant Federal Reserve Agent and Secretary
Vol.
12
KANSAS CITY,
Mo.,
T
HE accumulated dollar total of business in the Tenth
Federal Reserve District for the first forty weeks of
1927, evidenced by debits by banks to individual accounts
or payment by check, was nine-tenths of 1 percent above that
for the first forty weeks of 1926.
The high rate of industrial
and trade activity, attained in August after a period of comparative midsummer quiet, continued through September and to the
close of October. Although it was apparent there was considerable unevenness as between lines, in some instances as between
branches of the same line, the combined reports of all lines showed
business as a whole was moving toward the end of 1927 in
about the same volume as in 1926.
BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT
Statistics for September 19z7 compared with those
for August 19z7 and September 19z6 in percentages of Increase or Decrease
September 19z7 compared to
August 19 z
September 19 z6
7
General Business
2.0
- 0.3
Bank debits, z9 cities....................................
-9.0
0.005
Federal Reserve Bank Clearings..................
o.r
-0.9
umber of items handled..............................
Business failures..............................................
-10.9
-5-7
-z5.z
-4'l.0
Liabilities..........................................................
13·4
- 0.7
Department st0 re sales..............................
- 3.0
- z.7
Wholesalers' sales, 6 lines..............................
-16.3
0.l
Lumber sales, retail yards·-···························
Grain receipts, 5 markets
8.6
WheaL.............................................................
-55.9
-38.0
- 9.3
Corn..................................................................
-II.I
zo.9
Oats .... ............................................................. .
Live Stock receipts, 6 markets
-z5.3
Cattle................................................................
- z.7
-z7.o
- 19.9
Calves..............................................................
-30.l
- 1 3.9
Hogs..................................................................
- 15.9
Sheep ........................... -----···········
55-5
Horses and Mules._.........................................
- 4.7
53· 1
Industrial Output
-9.z
7.z
Flour._...............................................................
- 8.6
43.6
Crude oil.. ........................................................
Soft Coal...... ....................................................
1.4
22.9
- 6.6
4.1
CemenL...........................................................
0.7
- 5.z
Face Brick........................................................
- 1z.7
- 8.8
Zinc ore (shipped).......... ................................
-55.I
Lead Ore (shipped) ..................................... .
-49. 2
Meat packing, 6 centers
Cattle................................................................
-11 .6
-2z.5
Calves................................................................
- 36 -5
- 3o. 7
Hogs
-30.4
-rz.4
Sheep~:~~·.·.·.·:::::::::::::::::::::::::::::::::::::::::::::::::::::::::
3.7
-16.5
Construction
1 6
Building perm~ts, 1 8 cities•····· ·······················
- 6 -4
z·
Value of permits.........:·····:······························
z. 7
-z~·~
Contracts awarded, district.... ......................
16.7
.
NovEMBER 1, 1927
No.
II
S crops came to maturity and were ready for the harvest
it became more of a certainty, from the monthly Government and State reports, farm production in this district
in 1927 ~ould be greater, in both quantity and value, than in
1926. The composite figure of condition and yield of all crops
in the district stood on October 1 at 3.5 points above their tenyear average as of that date, or 12.9 points higher than four
months earlier and 3.7 points above the United States average.
Forecasts of yields were raised month by month and on October
1 there was a promise that of fourteen important field crops nine
would show larger yields than in 1926, while yields in five would
be smaller.
Statistical reports on the value of this year's crops were not
available for all states or parts of states in this district. However,
the estimated value of crops produced in Kansas, ebraska and
Oklahoma as officially reported was $1 ,154,333,000 or 29.2 percent greater than the value oflast year's production in the three
states. With large production and higher average prices the
states of Colorado and Wyoming, the northern thirteen counties
or about half of ew Mexico, and the western nineteen counties
of Missouri, all included in the district area, were expected to
h
1
r
h.
•
s ow arger money returns 1or t 1s year s crops.
The position of the livestock industry, next in importance to
agriculture, showed further improvement, due to exceptionaliy
fine condition of ranges and the feed supply, and higher average
prices of meat animals. Market runs of all classes of livestock
during September were smaller than is usual for that month and
the slaughter at the meat packing plants was reduced.
A
Receipts of wheat at the primary markets were m smaller
volume than during the earlier rush of new wheat to market, but
the September receipts were heavier than in September 1926.
Flour production increased, but the month's output was not
quiet up to that of a year ago.
The output of bituminous coal showed more ~han the usual
seasonal increase and was larger than in September of last year.
The production of crude oil was further reduced but was still
greatly in excess of production at this time last year. The production and shipment of zinc and lead ores was smaller in September than in either the preceding month or the same month
last year, largely the result of slow demand and weaker prices
of ores.
Distribution of merchandise by wholesalers to retailers was in
very large volume, although not so large as in September of last
year. Retail trade in some lines was checked by warm weather
in the early part of the month, but improved later and in October
fall trade was under way and in increasingly heavy volume.
This Copy Released For Publication In Morning Newspaper October 29.
THE MONTHLY REVIEW
2
BANK DEBITS 29 CITIES
Financial
Banking operations in this district thus far during the year
closely followed the general trend of business during the same
period last year. The demand for bank credit at the middle of
October was seasonally heavy on account of the usual fall expansion of industry and trade. Yet, with a steady inflow of
money from marketings of farm products and livestock, outstanding loans at banks were paid off with greater rapidity than
new loans were made, with the result that the volume of loans
at commercial banks declined slightly and was smaller than a
year ago. On the other hand, larger amounts of money than at
any previous time were employed in investments in government
and municipal securities, in industrial stocks and bonds, and in
farm mortgages. Due to this and to the heavy fall buying demand
deposits were smaller than at the middle of September or a
year ago, although time deposits and savings deposits increased.
MEMBER BANK OPERATIONS: Sixty-five member banks
of the Federal Reserve System in cities of this district reported
total loans and discounts as of October 12 were 2.8 percent smaller than on September 14 apd 4.5 per cent smaller than on
October 13, , 1926. I Investments of the reporting banks on
October 'f 12, ~'were a(the high point ofrecord, 1.8 per centlarger than four weeks earlier and 10.2 percent larger than one year .
earlier. The principal resource and liability items as reported
on three separate dates are here given for purposes of comparison:
Oct. 12, 1927
Total Loans and Discounts..·--·············'415,I06,ooo
Secured by U. S. Obligations............ 3,923,000
t§. Secured by Other Bonds & Stocks._. 123,074,000
All Other .............................................. 288,109,000
Total Investments .................................. 214,423,000
U. S. Securities .................................... 100,889,000
Other bonds, Stocks & Securities·-··· I 13,534,000
Total loans, Discounts & Investments .. 629,529,000
Total Deposits ........................................ 654,162,000
Demand Deposit.,__ _ _ .............. 492,025 ,ooo
Time Deposits._ ................................... 157,954,000
Government Deposits........................ 4,183,000
Reserve Balances with F. R. Bank...... 53,792,000
0
•·
Sept. 14, 1927 Oct. 13, 1926
i426,849,ooo $434,539,000
3,877,000
4,022,000
134,194,000 113,292,000
288,778,000 317,225,000
210,615,000 194,500,000
98,633,000 101,597,000
l u,982,000
92,903,000
637,464,000 629,039,000
661,109,000 658,304,000
504, l 83,000 504,347,000
156,813,000 149,376,000
II3,ooo
4,581,000
54,946,000 54,939,000
RESERVE BANK OPERATIONS: The volume of credit extended by the Federal Reserve Bank of Kansas City and branches increased between September 14 and October 12, mainly the
result of an upturn in the seasonal demand for commercial loans
in connection with crop movements and livestock marketings.
Bills rediscoun ted for mem her b~nks increased 31. 5 percent
during the four-week period and the totals of October 12 stood
14.5 percent above that reported one year earlier. Holdings of
acceptances based principally on commodities moving through
market channels on October 5 reached the highest peak since
May 11, but declined during the week ending October 12 with
the total as of that date 27.4 percent above that for September
14 and 42.5 percent below that for October 13,1926. Principal
resource and liabilities items contained in condition statements
of the bank of the dates mentioned are here given:
Oct. 12, 1927 Sept. 14, 1927 Oct. 13, 192
Gold Reserves .......................................... '/, 95,061,440 '/, 96,753,684 'I, 99,128,707
5,521,312
5,848,072
4,708,223
Reserves Other than Gold........ .. ..........
Total Reserves ........................................ 100,582,752 102,601,756 103,836,930
10,936,880
Bills Discounted...................................... 12,515,796
9,520,682
7,706,743
17,072,967
Bills Purchased........................................ 9,822,310
United States Securities........................ 35,082,500 33,691,000 27,999,400
Total Bills and Securities...................... 57,420,606
50,918,425
56,009,247
Total Resources ...................................... 221,262,269 208,747,872 216,727,231
64,140,475
67,267,750
F. R. Notes in Circulation.. .................. 64,984,825
Total Deposits........................................ 98,329,855 89,513,581
91,833,224
6
Albuquerque, N. M.·- -···············
Atchison, Kans ........
Bartlesville, Okla ......
Casper, Wyo ..............
Cheyenne, Wyo ............................
Colorado Springs, Colo ................
Denver, Colo..................................
Enid, Okla ......................................
Fremont, Nebr ..............................
Grand Junction, Colo ..................
Guthrie, Okla ................................
Hutchinson, Kans ..·-·····················
Independence, Kans.-...................
Joplin, Mo .....
Kansas City, Kan
Kansas City, Mo ......
Lawrence, Kans ........
Lincoln, Nebr................................
Muskogee, Okla ............................
Oklahoma City, Okla....................
Okmulgee, Okla ............................
Omaha, Nebr·--···
Parsons, Kans ................................
Pittsburg, Kans ............................
Pueblo, Colo ................................ _
St. Joseph, Mo ..............................
Topeka, Kans ................................
Tulsa, Okla ....................................
Wichita, Kans ................................
Total Five Weeks..........................
Total Forty Weeks -----------------····
FIVE WEEKS
Oct. 5, 1927
13,236,000 .,,
6,710,000
23,827,000
9,574,000
8,831,000
17,776,000
208,994,000
16,447,000
4,327,ooo
4,594,000
4,182,000
17,286,000
12,525,000
24,887,000
23,154,000
475,75 1,000
6,427,000
.,,
37,35°,000
12,740,000
l 16,221,000
9,169,000
2 39,337,000
3,7 29,000
7,151,000
21,956,000
64,717,000
23,037,000
140,201,000
68,500,000
.,,
1,622,636,000
12,659,620,000
ENDING
Oct. 6, 1926
12,229,000
7,201,000
22,082,000
12,497,000
7,822,000
19,942,000
246,616,000
19,138,000
4,291,000
4,599,ooo
4,263,000
21,098,000
12,722,000
21,658,000
23,625,000
462,843,000
6,099,000
37,796,000
13,538,000
109,525,000
11,502,000
215,429,000
3,691,000
7,331,000
22,002,000
70,472,000
21,168,000
148,924,000
56,655,000
Per Cent
Change
8.'.l
- 6.8
7.9
-23.4
12.9
-10.9
- 15.3
-14.I
o.8
- 0.1
- 1.9
-18.1
-
1.5
14.9
-'.2.0
2.8
-
5.4
l.'.l
5.9
6.1
-20.3
6.5
I.O
- 2.5
-0.2
8.'.l
8.8
-
1, 1,626,758,000 12,552,n6,ooo
5.9
20.9
0.3
0.9
BANK DEBITS: Debits to individual accounts, representing payments by check at banks in twenty-nine cities in this
district, aggregated'$1,622,636,ooo for twenty-nine banking days
in the five weeks ending October 5. This figure indicates an increase of $31,546,000 or 2 percent over the total for the five weeks
ending August 31, in which there were thirty banking days, and
a decrease of $4,122,000 or three-tenths of I percent as compared
with the total for twenty-nine days in the five weeks ending
October 6, 1926. The summary of returns from the twenty-nine
cities shows the volume of debits in twelve cities was larger and
in seventeen cities smaller than for the corresponding five weeks
in 1926. Debits reported by banks in the twenty-nine cities ·
aggregated $12,659,620,000 for the first forty weeks of 1927
as compared with $12,552,u6,ooo for the like period in 1926,
increase of $107,504,000 or 0.9 percent.
RESERVE BANK CLEARINGS: Clearings or check collections through the Federal Reserve Bank of Kansas City and
branches, following the course of bank debits, showed a slight
increase for September over August in amount as well as in the
number of items handled. The September totals, as compared
with those for the like month in 1926, showed decreases of 0.9
percent in items handled and 9.0 percent in amount. The
volume for the first nine months of the current year was slightly
below that for the first nine months of 1926. The totals:
ITEMS
1927
1926
September ................ 5,756,209
5,807,275
August ...... ................ 5,747,325 5,734,274
Nine Months............ 51,420,225 52,260,526
AMOUNT
1927
1926
1, 933,031,000 $1,025,606,000
932,984,000 1,003,207,000
$8,503,560,000 8,596,994,000
During the month of September 3,391 banks in this district
shared in this collection service of the Federal Reserve Bank.
Of this number 974 were member banks and 2,417 non-member
banks.
{
THE MONTHLY REVIEW .
3
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
OuTSTANDtNOS (Mo. End)
, COLLECTIONS
Srocu (Mo. End.)
Reporting Sept. 1927 Compared with Sept. 30, 1927 compared with
Sept., 1927 compared with Sept. 30, I!J27 compared with
Sept. 1926 Aug. 31, 1927 Sept. 30, 1926
August, 1927 September 1926 Aug. 31, 1927 Sept. 30, 1926
Stores Aug. 1927
Dry Goods .......·-···············---··· 7
-13.5
- 2.2
9.4
- 3.1
6.9
1.3
-8.6
13.0
Groceries....................................
5
- 5.2
- 9.9
~-9
- 6.5
-3.0
- 2.8
1.5
--1.7
Hardware.................................. 10
7.1
- 3.2
3.8
4.6
-1.8
""
~.6
1.7
15.1
- 3.8
-4.4
- 9.0
0.5
-4.2
Furniture.................................... 4
3.7
- 4.3
Drugs_...................................... 8
4.4
13.5
6.2
8.7
5.6
9.6
~9
1.2
-17.6
-51.9
~-7
-57.7
38.0
-53.6
Millinery.... ................................ 4
SAVI GS: Reports of fifty-eight commercial banks and savings institutions in leading cities showed the volume of their
savings deposits increased 1.9 percent between September 1
and October 1, and the total as of the later date stood 4.4 percent above that reported for October 1, 1926. The number of
savings accounts in fifty-one banks increased 0.4 percent
during the month and was 4.9 percent greater than a year ago.
The reports in detail:
Banks Oct. 1, 1927 Sept. 1, 1927 Oct. r, 1926
Denver, Colo................................ 6 '/, 48,535,4T2 $ 47,430,752 f, 48,655,358
2,783,964
2,752,320
2,715,418
Kansas City, Kan.,___ _ __..
15,577,424
Kansas City, Mo........................ 9
16,901,971
16,657,968
Lincoln, Nebr..............................3
2,981,839
2,988,627
3,044,777
7,217,821
Oklahoma City, Okla·--·············6
7,878,807
7,859,1991
. 7,701,648
Omaha, Nebr.............................. 5
8,134,982
7,989,154
7,964,745
7,881,613
7,878,001
St. Joseph, Mo ............................6
13,825,001
Tulsa, Okla ..................................6
I 5,799,327
I 5,375,620
Wichita, Kans..............................9
5,638,681
5,468,648
l,4,923,191
Other Cities..................................4
1,084,673
1,n2,934
t 1,056,836
Total.......................................... 58
in7,672,817 '/,u5,479,933 '/,u2,664,021
The figures appearing in the foregoing are no( supposed to
represent the total savings deposits and accounts of all banks in
the cities. They are merely the totals for the bank reporting
and are in tended to reflect the general trend- of savings.
FAILURES: During_ September there were 82 business failures with liabilities aggregating $851,709 in the Tenth Federal
Reserve District. This was the smallest number of failures in
any month since September 1924, and the smallest monthly
total of liabilities since ovember 1926. The reports further
revealed September was the third consecutive month in 1927 in
which the number of failures and amount of indebtedness fell
below the totals for the corresponding month in 1926. The record
of failures for this district for 1927 and 1926 by quarters follows:
NUMBER
LIABILITIES
1927 1926
•irst Quarter.................................. 385 318
Second Quarter................................ 350 320
Third Quarter.......·-·················-······ 261
296
1927
1926
f, 5,464,229 '/, 3,266,647
5,430,157
4,070,093
3,259,796
4,031,650
Three Quarters................................ 996
'/,14,154,182 '/,u,368,390
934
September failures in the United States, compiled by Federal
Reserve Districts by R. G. Dun & Company, follow:
DISTRICTS
First, Boston ................................
Second, New York ......................
Third, Philadelphia...·-··············
Fourth, Cleveland ..................... .
Fifth, Richmond..........................
Sixth, Atlanta ..............................
Seventh, Chicago........................
Eighth, St. Louis ........................
inth, Minneapolis ....................
TENTH, KA SAS CITY....... .
Eleventh, Dallas·--·-··················
Twelfth, San Francisco .. _......... ."
NUMBER
1927
1926
I 57
134
281
242
73
70
149
155
104
85
65
75
242
197
53
48
81
95
82
87
58
44
228
205
United States, Sept. ................ 1,573
United States, 9 month3 ............ 17,333
1,437
16,II I
LIABILITIES
1927
1926
'/, 2,199,194 ~·f, 2,346,091
II,057,845
13,298,895
1,295,236
1,277,514
3,2n,596
1,888,576
3,740,473
1,6o4,500
1,319,183
931,909
3,251,574
2,905,412
184,9·10
548,162
535,829
1,106,200
851,709
1,139,741
1,0 53,7 15
43 1 ,900
4,083,861
2,510,917
'/, 32,786,125 t, 29,989,817
'/,396,654,570 '/,297,697,987
COLLECTIO S: The composite figure on collections by
department stores during September, on amounts outstanding at
the end of the preceding month, was 37.6 percent, which compares with 38.7 percent for August and 38.5 percent for September
1926. Reports on collections of other retail stores varied but
slightly from those of the department stores. Wholesale firms
reported collections throughout their trade territory were better
than in the summer months, due to the returns from crops marketed. This improved condition was also evidenced by reports of
the implement trade.
Trade
WHOLESALE: Distribution by wholesalers handling six
lines of merchandise continued through September at about the
level of August, though with two less days for business the dollar
volume of sales was 2.7 percent under that for the preceding
month. The reports by separate lines showed September sales
of dry goods, groceries and millinery ,were smaller and sales of
hardware, furniture and drugs were _larger than in August.
Compared with a year ago sales of drugs showed a substantial
increase while the other five lines reported decreases.
Unseasonally warm weather during the first half of the month
was said to have been responsible for reduced sales in some lines
of trade. This was particularly the case with wholesalers of
dry goods, as the hot weather kept retail merchants from buying
articles for their fall and winter trade. Another reason advanced
by wholesalers of dry goods was that, owing to a sharp advance
in the price of cotton and in cotton goods, merchants hesitated
to buy on a rising market. However, more seasonal weather in
the closing days of the month stimulated trade activity in this
aml other lines and orders for future delivery were reported in
good volume.
Hardware trade, which had been somewhat quiet during the
summer, showed improvement during September, with a heavier
demand from the farming sections, and for the holiday trade.
The increase in sales of furniture and drugs was attributed largely
to retailers stocking up for the holidays.
Distributors of implement and farm machinery reported substantial increases for this time of the year in their fall business.
RETAIL: Sales of retail firms reported in dollars to this bank
were larger in September than in August in all lines except
men's and women's clothing and furniture, these lines reporting
decreases. All lines reported their September sales were smaller
than in September of last year.
September sales at retail
stores are compared with sales for the preceding month and the
same month last year in percentages 0f increase or decrease:
September 1927
Compared to
August 1927
Department Stores..............................................
13.4
Retail Dry Goods................................................
32.0
AppareL·--····-············································
-14.0
11.1
Shocs ______ ······························-···········
Furniture_·················-·········-······························
-35.7
September 1927
Compared to
September 1926
~.9
-1.5
-4.0
~.o
-4.8
September sales of department stores for the first nine months
of 1927 exceeded those for the first nine months of 1926 by 2.1
THE MONTHLY REVIEW
4
RETAIL TRADE AT 37 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
STOCKS (RETAIL)
OUTSTANDING ORD ERS
ACCOUNTS RECEIVABLE
COLLECTIONS
Sept. 1927 9 Months 1927 Sept. 30, 1927 compared to Sept.30, 1927 compared to Sept.30, 1927 compared to Sept. 1927 compared to
Stores compared to compared to
Aug.31,
Sept.30,
Aug. 31,
Sept.30,
Aug.31 ,
Sept.30,
Aug.
Sept.
1927
1926
1927
1926
1927
1926
1927
1926
Reporting Sept. 1926 9 Months 1926
Kansas CitY··-·············· 4
4.7
-3.6
5.4
2.5
- 8.9
--20.9
12.2
-1.8
-6.6
-3.8
Denver.·-······-······-······ 5
--2.4
o.8
4.8
0.5
- 16.7
--20.3
5.2
1.2
2.8
-0.1
Wichita ........ - - - - 3
2.6
8.4
3.3
10.5
-32.0
- 31.0
16.2
23.0
5.3
8.2
Oklahoma CitY·-··········· 3
14.1
13.2
u.8
15.9
-37.1
-14.2
12.8
32.7
--o.8
16.1
Omaha........- - - - 4
6.5
--2.9
16.9
II.I
-3.3
-1.3
-4.9
12.5
Lincoln .......·-··-············ 3
--2.4
1.8
5.3
-6.6
-16.9
--23.5
13.8
0.2
Even
0.5
Tulsa ............ _ _ _ J
6.2
12.0
14.0
8.3
-18.3
17.3
19.0
6.6
7.3
17.5
Other Cities .•.....·-········ 12
-8.o
-2.7
9.2
-4.3
5.3
-5.1
4,5
1.6
Total... ........................... 37
-0.7
2.1
7.5
2.8
- 16.2
-17.5
7.1
3.9
0.3
3.6
NOTE: Percentage of collections in September on outstanding accounts August 31, all stores reporting, 37.6% . Collections same month last year 38.5%.
percent. The volume of sales for the month was larger at thirteen
stores and smaller at twenty-four stores than in the same month
last year.
During the early part of Septem her retail!'trade was affected
adversely by unseason ally warm weather. This was noticeable
in the smaller sales of heavier clothing and house furnishings
for the winter. With the return of cooler weather in the last
half of the month there was a noticeable increase in retail trade
activity.
Stocks of merchandise carried by department stores and shoe
stores increased during the month and were larger than at the
close of September 1926. Stocks at men's and women's apparel
stores increased but were smaller than a year ago. At retail furniture stores there was a noticeable reduction in stocks during the
month and the total at its close was smaller than a year ago.
The Crops
The crop reporting board of the United States Department of
Agriculture, in its review of crop conditions as of October 1,
placed the composite of the condition or yields of all farm crops
at 103.5 per cent of the ten-year average on that date for the seven
states whose areas or parts form the Tenth District. The percentages in the table which follows indicate a marked change
from the very unpromising crop prospect of the early summer.
For growing crops the base of 100 percent is the ten-year average
condition, while for harvested crops the base is the ten-year
average yield per acre:
June 1
Colorado .............. _ __
84.9
Kansas............................................. . 86.1
Missouri ............................................ 99.8
· rebras 1·a.. ....................................... . 109.5
New Mexico................................... . 66.2
Oklahoma ....................................... . 76.7
Wyoming ......................................... . 96.0
Seven States....................................
United StateS-............'....................
90.9
96.2
July I
93.8
96.6
85.8
103·3
84.2
89.6
99.8
93.5
96.5
98.7
88.6
110,2
86.I
97.6
Sept. I
102.6
108.5
91.8
1'21.0
lOI.4
94.5
10 5·9
107.5
105.9
98.1
99.0
103.6
98.1
103.5
99.8
Aug.
l
95· 2
Oct.
I
102.6
107.8
95.4
I 19.2
99.o
9 2 ·9
PRODUCTION AND VALUE: The government and State
crop reports as of October I forecast yields of nine leading crops
grown in this district would be larger than in 1926, while smaller
yields in five crops were indicated. Estimates for Kansas,
Nebraska and Oklahoma indicated the value of this year's crops
would be greater than in 1926. The total value for the three
states on :field crops, exclusive of horticultural products and livestock and products, was $1,154,333,000 as compared with
$892,944,000 for 1926, an increase of $261,389,000 or 29.2 percent.
The Secretary of the Kansas State Board of Agriculture estimated the money value of this year's field and orchard crops,
livestock sold and slaughtered on farms, dairy and poultry
products would aggregate $542,155,718, as compared with
$496,488,858 for last year. With the exception of the three war
years, 191~, 1919, and 1920, the aggregate money...:,returns to
t
Kansas producers was never so~high as this year.
The preliminary estimate by the State and Federa(Division of
Agricµltural Statistics for Nebraska showed 1927 was the best
all around crop year in that state's history. Yields of all leading
crops were larger than those of last year, with the exception of
a decrease of 16,000 bushels in the estimated crop of spring wheat.
With this exceptionally large production, the value of the state's
crops, exclusive of livestock, poultry, dairy and horticultural
products, was estimated at $436,153,000, an increase of $166,987000 or 62 per cent over the value of 1926 crops.
Oklahoma's cotton crop, as officialy estimated, is much smaller
than that of last year, although in the production of other crops
the state has made a very fine showing. The combined value of
fourteen field crops was placed at $324,724,000, an increase of
$21,981,ooo or 7.2 per cent over the value of 1926 crops.
Missouri crops made substantial improvement during August
and September and the October showing was far better for the
entire state than was believed possible last June, and the final
outturn is expected to exceed in money value that of last year.
In the nineteen counties along the western border of that state,
which are a part of this Federal Reserve District, this year's
yields are reported as generally good.
Colorado and Wyoming reported 1927 the "banner" year for
farm production, with both yields and values running ahead of
last year. In the thirteen counties of New Mexico, constituting
the northern half of that state, yields average up to those of the
preceding year.
CORN: The reports based on the October condition indicated
an increase during September of 19,382,000 bushels in the production of corn in this district, carrying the estimated total to
FARM PRODUCTION IN THE TENTH DISTRICT
Estimated Yields in Fourteen Important
Crops on October I Compared with
Final Totals for Last Year.
Forecast
Final
October
Est. 1926
Corn, bushels ................................ _ __
588,877,000
308,674,000
Winter wheat, bushels ..............................- .... 240,616,000
283,469,000
Spring wheat, bushels................................... . 1'2,929,000
10,050,000
2 93,5 1 9,000
All wheat, bushels ......................................... . 2 53,545,000
Oats, bushels .................................................... I 40,323,000
143,132,000
Barley, bushels ............................................... . 30,516,000
20,687,000
Rye, bushels ................................................... .
7,082,000
5,430,000
26,452,000
35,105,000
White potatoes, bus hels.--·····························
Sweet potatoes, bushels................................. .
3,219,coo
3,344,000
Grain sorghums, bushels ............................... . 82,444,000
53,831,000
Cotton, bales ................................................... .
922,000
1,689,000
3,286,000
3,182,000
Tobacco, pounds·-···········································
Sugar beets, tons ........................................... .
4,264,000
3,625,000
Broom corn, tons ........................................... .
2 5, 1 55
33,500
Tame hay, tons.-............................................ . 1 4,393,000
11,894,000
THE MONTHLY REVIEW
588,877,000 bushels as compared with 570,200,000 bushels forecast on September 1, and 308,674,000 bushels as the final estim ate for 1926. There were substantial gains during September
in Nebraska and Missouri and a small gain in Wyoming, with
small losses in Colorado, Kansas and Oklahom a. Estimated
yields for October, together with those a month earlier and a
year ago follow:
October I
1927
23,886,000
171,234,000
161,441,000
281,952,000
3,587,000
75,534,000
3,940,000
September I
1927
24,852,000
171,693,000
I 53,055,000
'.261,446,000
3,587,000
78,200,000
3,768,000
Final
1926
10,472,000
59, 299,000
176,ou,ooo
139,407,000
4,420,000
61,178,000
3,940,000
Seven States .......... - - ~ - 721,574,000
Tenth DistricL ......... _ _ _ 588,877,000
United States .............................. 2,603,437,000
•October Mid-Month Estimate
696,601,000
570,200,000
2,456,561,000
454,727,000
308,674,000
2,646,853,000
Colorado ............................... ,..... .
Kansas ......................................... .
Missouri ........................................
Nebraska ......................................*
New Mexico ............................... .
Oklahoma ............ _ __
Wyoming..................................... .
The unusually hot weather in the early half of September was
beneficial to corn, although in many sections it caused premature
ripening. This to a great extent was checked by_ rains and cooler
weather in the latter part of the month, and with the advent of
the first frosts in October the reports indicated there would be
a much smaller percent of soft corn than growers two to four
weeks earlier had reason to expect.
1
• HAY A ~n PASTURES:
Reports generally agree that this
year's crop of tame hay is one of the largest ever harvested in
this district, October estimates indicating the probable production would be around 14,500,000 tons as compared with II,894,000 tons harvested last year. In addition to this large hay crop
grass on ranges and pastures has been the best in years, and with
prospects of excellent grazing and an abundance of food to carry
livestock through the winter.
OTHER LA TE CROPS: Reports from Colorado, ebraska
and Wyoming indicated total production of 3,625,000 tons of
sugar beets, as compared wi th 4,264,000 tons produced in 1926.
Yields per acre generally were reported higher than last year.
Oklahoma and Kansas, the two principal broom corn states,
reported an estimated production of 25,155 tons, as compared
with 33,500 tons produced last year. This smaller production
was also the result of a reduction in the acreage planted.
The crop of grain sorghums in the states of Colorado, Kansas,
Nebraska and Oklahoma was estimated at 82,444,000 bushels,
probably the largest crop ever grown in these states, and comparing with 53,831,000 bushels produced last year.
COTTO : The October I forecast was for a United States
cotton crop of 12,678,000 bales, 14,000 bales below the forecast of
a month ago, or approximately 5,300,000 bales below production
last year. The condition of the crop as of October 1 was 54.2
percent as compared with the ten-year average of 53.7 percent.
During September prospects for cotton improved substantially
in Georgia, Alabama, Mississippi, Louisiana and Arkansas,
where warm and fairly dry weather prevailed duriri.g most of
September, but improved prospects in t hese states are more than
offset by losses from insects and rai·ns in Oklahoma and Texas
and by heavy damage from the boll weevil in the Carolinas.
In Oklahoma ther<.: was a reduction of 35,000 bales from
the estimate of 1,025,000 bales a month earlier, which
brought the total for this year to 990,000 bales as compared with
1,772,784 bales produced in 1926. In New Mexico the estimate
was for 70,000 bales as compared with 75,000 bales last year and
Missouri's prospect was for 100,000 bales against 218,000 bales
produced in 1926.
Grain.. Movements
The early rush of new wheat to primary markets during July
and August had subsided to an:extent by 'the openeing of September and arrivals during the month were smaller, with the
price range somewhat above that for the corresponding month
last year. Reports from five primary markets in this district
showed September receipts of wheat were 55.9 percent less th :m
in August, but 8.6 percent greater than in September 1926.
Receipts of corn at these markets were smaller in Septem her than
in either August of this year of September of last year. Receipts
of oats for the month fell below those for August, but exceeded
the total for September 1926 by 20.9 percent, while receipts of
both rye and barley showed increases over both months with
which comparison is made. The returns from five markets
follow:
Hutchinson ..
Kansas City
Omaha ..........
St. Joseph·-···
Wichita·--·····
Corn
Wheat
Bushels
Bushels
~ .,6,250
1,084,050
756,000
7,483,000
3,969,600 1,227,800
977,200
57 1 ,500
22,800
1,479,600
ept. 1927••···· 14,993,45°
Aug. 1927...... 34,031,600
Sept. 1926. __ . 13,799,800
9 Mo. 1927.... 141,977,850
9 Mo. 1926 .... 147,424,900
2,584,35°
4,169,250
2,850,600
35,186,650
38,578,500
Oats
Bushels
1,500
504,000
858,000
166,000
24,000
Barley
Kafir
Rye
Bushels Bushels B..ishels
1,200 ................
26,000
51 ,000 310,~oo
79,200
324,800 512,000 ················
1,500
3,500 ···········•····
1,200
1,200
1,200
- - - - - - -- -
1,553,5 00 379,700 827,100 106,400
1,746,500 345,400 617,750 332,6oo
1,285,500 266,800
86,050 149,000
8,967,500 1,308,900 1,736,650 3,839,800
II,307,000 1,255,500 601,700 3,174,900
Flour Production
During the month of September flour mills in this district were
operated at an average rate of 73 .7 percent of their full time capacity, compared with 67.2 percent in August and 82.8 percent
in September 1926. The September figure indicated a higher
rate of operation than in any previous month since November
1926, when the mills were operated at 78 percent of their full
time capacity. The output of flour from these mills during the
month was larger by I 54,271 barrels or 7.2 percent than in
August, but 234,065 barrels or 9.2 percent smaller than for Septem ber 1926.
Production of flour at leading milling centers in the district,
as compiled from weekly reports to the orthwesten Miller,
is here shown for September with totals for the preceding month
and the same month last year for comparison:
Atchison ................................................... .
Kansas City........................................... .
Omaha ..................................................... .
Salina ....................................................... .
St. Joseph ............................................... .
Wichita ................................................... .
Out ide ................................................... .
Sept. 1927
Barrels
125,089
67 2 ,797
103,9 1 9
185,768
171,603
183,488
868,548
Aug. 1917
Barrels
123,277
577,398
106,754
157,416
144,141
175,443
872,512
Sept. 1916
Barrels
114,598
630,33 z
102,q7
135,153
172,786
21 9,559
1,170,702
TotaL .......................................................
2,311,212
2,156,941
2,545,277
The returns of reporting mills for the first nine months fo 1927
disclosed that mon th by month production was more uniform
than in any previous year ince 1920. The total output for the
nine months of the calendar year was 18,814,271 barrels, 951,522
barrels or 5.4 percent more flour than the same mills produced in
1926.
An important feature of the milling situation was an increase
in the weekly capacity of Kansas City mills to 9'11 ,500 barrels,
early in October, with the output for the week en:iing October 15
totaling 174,333 barrels, the largest weekly total of record for
this city.
6
THE MONTHLY REVIEW
Live Stock
Meat Packing
October reports indicated livestock in the Tenth District and
all through the great producing regions west of the Mississippi
River were in average condition for the fall season. Prospects
were good for winter pastures and for plenty of feed. Prices of hogs
showed further gains. With such favorable conditions stockmen
generally were reported as somewhat optimistic.
r The cattle industry was reported as in a more satisfactory
position than at any other time since the two years immediately
following the World War. It appeared from the reports fewer
cattle were on pastures and ranges than a year ago. There was
a tendency to restock herds with resultant strong demand for
good breeding stock.
The sheep industry was regarded as in favorable position.
Some losses were sustained as a result of May storms in the
mountain regions, though lambs marketed during the fall were
quite heavy, due to excellent summer ranges. There was a good
demand for breeding stock, and young breeding ewes in the
mountain sections were bringing as high as $13.
The hog situation showed some improvement in recent weeks.
With market prices firm and a very large corn crop in sight there
was added encouragement to this branch of the livestock industry.
Due to smaller market supplies during September, purchases
by packers of cattle and calves for slaughter were the smallest
for any September since 1921. Purchases of hogs for slaughter
were the smallest for September .on records dating back to 1918.
The slaughter of sheep during the month, as indicated by packers'
purchases, was the largest since September 1926. The returns
on packers' purchases during the first nine months of 1927 show
decreases from the previous year's record of 5.5 percent in cattle,
10.3 percent in calves, 6.9 percent in sheep, and an increase of
6.4 percent in hogs.
Packers reported a distinct improvement during September in
the pork division of the wholesale meat trade, while the market
for dressed beef and mutton was steady to a little higher on the
better grades throughout the month.
Stocks of pork and lard in store at Kansas City at the close of
business September 30 were 32,732,300 pounds, as compared to
39,820,200 pounds on August 31 and 24,567,300 pounds on
September 30, 1926.
MARKET MOVEMENTS:] September receipts of all classes
of livestock, except sheep, were markedly smaller than those for
August and the month's receipts of all classes were smaller than
those for September, 1926. The combined reports from the
six leading markets in the district showed September runs of
cattle and calves were the smallest for any September on record
since 1918, while fewer hogs came to these markets during the
month than in any previous September since 1920. Arrivals of
sheep during the month were in larger numbers than in any preceding month since October, 1926.
Reports from the six markets showed receipts of 12,107 horses
and mules for September as compared with 12,705 in September
1926.
STOCKER AND FEEDER SHIPMENTS: Reports from
four markets showed an active demand for stock and feeding
livestock during September and October. It was noted that a
v.ery large proportion of the fall run of cattle was purchased as
feeders and shipped to the western Corn Belt states. Shipments
of sheep to the country from these markets was 125.7 percent
larger than in August and 0.1 percent larger than a year ago.
During the nine months of 1927, for which returns are complete
shipments of stocker and feeder cattle to the country were 8.8
percent smaller than for the like period in 1926, but countryward shipments of calves were 23.6 percent larger, of sheep 8.1
percent larger and of hog(o.9 percent larger than for the ninemonth period in 1926.
Cattle
·Kansas City.............................. 209,543
Omaha............... ·-······················ 124,809
St. Joseph .................................. 48,694
Denver._ ..................................... 36,749
Oklahoma City ........................ 30,264
Wichita ...................................... 23,834
September 1927........................ 473,893
August 1927.............................. 486,825
September 1926........................ 634,757
SEPTEMBER MOVEMENT OF
RECEIPTS
Calves
Hogs
Sheep
13 1,439
43,51:2
219,691
138,097
9,223
429,328
7,825
78,007
121,546
26,476
248,212
4,397
21 ,557
7,891
2,370
5,181
20,432
34,857
-----78,029
97,38 1
106,873
430,433
616,215
499,762
1, 0 4 1,579
669,713
1,239,040
inc Months 1927....................3,579,764 532,875
Nine Months 1926.................... 3,760,802 596,874
6,192,691
5,292,465
6,052,652 5,788,621
Soft Coal
Operations at the bituminous coal mines in this district increased during September and, notwithstanding there were two
less working days during the month, the output exceeded that
for August by nearly one-half million tons, or 22.9 percent. For
the nine months of the year the output was 19,729,000 tons, a
decrease of 320,000 tons or 1.6 percent as compared with the
total for the first nine months of 1926. The output in each of
the six producing states for September, together with that for-the
preceding month and September 1926, follows.
Colorado ................... _ _ __
Kansas ..................................................... .
Missouri.. ..................................................
New Mexico ..................... _ __
Oklahoma ............................................... .
Wyoming......................... ·-·····················
Total........................................................
*Estimated.
*Sept. 1927
Tons
1,061,000
219,000
199,000
264,000
299,000
630,000
Aug. 1927
Tons
86o,ooo
180,000
163,000
247,000
246,000
479,000
Sept. 1926
Tons
941,000
2,672,000
2,175,000
2,635,000
390,ooo
228,000
233,000
Estimated United States bituminous coal production, including beehive coal coked, totaled 403,514,000 tons for the calander
year to October 8, against 420,494,000 tons for the like period in
1926.
Zinc and Lead
Weekly reports from the zinc and lead mines in Missouri,
Kansas and Oklahoma indicated less activity in September than
in either the preceding month or the corresponding month last
year. While a part of the decline in ore shipments from August
undoubtedly was due to the loss of one working day by the observ-
LIVE STOCK IN THE TENTH DISTRICT
STOCKERS AND FEEDERS
Cattle Calves
Hogs
Sheep
Cattle
8,257
85,559
101,559
4,79 2
73,53 1
50,101
881
272,744
67,303
13,472
1,261
1,457
32,475
42,555
17,94 1
1,326
1,124
169,587
10,574
20,635
--- --- --- --167,073
107,079
241,849
10,844
7, 249
11,462
14,827
557,6 17
758,651
831,816
51,474
41,656
121,462
120,345
1,409,155
1,303,622
8,254
7,05 2
558,4 17
247,447
8,339
240,885
272,490
310,650
PACKERS PURCHASES
Calves
Hogs
23, 175
97,159
6,247
97,497
5,97 2
55,65 1
2,740
16,713
16,725
31,162
6,750
2,576
-----47,460
74,74°
68,463
2,082,732 422,411
2,203,508 471,173
Sheep
130,550
142,96o
76,673
18,912
894
2,465
314,907
452,468
372,454
359,392
446,084
359,250
4,778,765 3,020,706
4,490,576 3,246,748
@FedFRASER