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THE MONTHLY REVIEW (overing (onditton1 in the 'Tenth Federal~enJt Vistrifl Federal Reserve Bank of Kansas City Foa THE INFORMATION OF MEMBEJ. BANJt.l .AND BusINESS INTEllESTS Au E R.uuA.v, Ch111irm•" B011ri of Dir,clors •nd Ftderal RtstrTJt Agtnt VoL. 7 No. 11 KANSAS CITY, THE SITUATION AT A GLANCE HIGH POINTS IN THE STATISTICAL RECORD OF THE TENTH FEDERAL RESERVE DISTRICT. ,r 1 ,r ,r 1 1 1 ,r 1 ,r ,r ~~i~ess in 16 cities as evidenced by debits by banks to md1v1dual accounts, 4 weeks ending November I 5, $I,055,944,ooo, increase over 4 weeks last year, 14.2%. Debits week ending October 18, $279,442,000, largest in any week since January, 12, 1921. Building in 19 cities during October, 3,088 permits and $9,513,559 cost of construction; increase 12.6% over ?ctober, 1921. In 10 months of this year 27,463 permits and $83,631,651 cost of construction; increase 38.7% over 10 months last year. Business Failures in Tenth District during October, 92 in number and liabilities $1,272,345; in October last year 76 in number and $2,000,108 liabilities. Coal mining in 6 states during October average 60.4 % of full time capacity, against 68.5% in September and 55.7% during October last year. Crude oil production in Kansas, Oklahoma, Colorado and Wyoming during October, averaged 577,648 barrels daily, against 574,398 barrels daily in September and 452,613 barrels daily in October, 1921. Flour production by Southwestern mills during October, 2,067,575 barrels; decrease 1.7% from Sep.t ember and 6.2% from October, 1921. Live Stock arrivals at 6 markets in October, 43,182 carloads; increase 7,396 car loads over September and 9,220 car loads over October, 1921. Receipts: cattle 835,099, largest since October, 1919; calves 192,184, largest of record; hogs 629, 119, increase 60, 709 over September and I85,333 over year ago; sheep 1,166,007, largest si_nce October, 1919; horses and mules 13,493, largest since January. Feeder cattle to the country in October represented 55.9% of total receipts for the month; of sheep 57.5% of total receipts for the month. Meat packing at 6 centers during October: Cattle largest since December, 1919. Hogs, 11.4% increase over September and 50. 1% increase over October, 1921. Sheep, largest since December, 1921. Wheat receipts at 4 markets during October, 13,088,700 bushels; decrease 1,893,250 bushels from Septemb~r and incre_ase 537,4~ bus~ds over one year ago. Zinc ore shipments m Missouri-Kansas-Oklahoma district during October, average 7,134 tons per week and average value per ton $41.43; in October 1921, average 6,719 tons per week, average value $23.09 per ton. Lead ore shipments, average 1,785 tons per week, average value $87.07 per ton; October, 1921, average per week 1,180 tons, and average value$58.54per ton. C. K. Mo., Nov. 25, BoA.Jt.DMAN, or THIS D1sT1tICT Assist•nt F1d1r•I Rnn-ve A:mt ond Stcr1lor.,v THU COPY 11.KLltAS&D roa PU•LJCATIOH IK lllOJ.NINO PAPEal 1922 NOV. 28 USINESS throughout the Tenth Federal Reserve District has developed high momentum during the late Fall and . . _in _spite the handicap of inadequate transportation faciht1es, 1t is moving at this date in November in larger volume than for m?re than two years. The reports presented in the ~ovember issue of the Monthly Review reflect larger distribut1~n of merchandise wholesalers and increased sales by retailers. There are evidences of further expansion of most lines manufacture. Mining in all branches is showing great activity. The fl_ow of crude oil continues high notwithstanding efforts to restrict the output to current demands. Live stock marketed closely approximates the war-time volume. Movement of ~r~in, though still below last year, is in increased volume. Bmlding and general construction operations are at high records for the year and since the World War. Whi!e the re~o:ts show un1:1istakable evidences of a high tide of business activity, and while the railroads are reporting incre~se~ car loadings and movement of all kinds of freight, complaint ts made from practically every line of trade and industry of the car shortage curtailing movement of freight, to such an extent as to cause speculation as to what might have been the volume of business were the railroad facilities ample to move all freight offered. The freight car shortage has been keenly felt throughout the entire agricultural region on account of the inability to move farm :produc_ts e_xpeditiously, and the farmers' ability to meet financial obligations and to purchase needed machinery, equipment and supplies has been seriously impaired. The maintenance of high transportation charges by the railroads has also been a very heavy burden upon the agricultural and livestock interests , 0£ _this ~ection, contributi?g large!y to the disproportionate relationship between the prices received by the farmers for their products and the prices they pay for finished products, a common complaint from all agricultural sections. B of ?Y of Financial The general increase in business activity in this District during the late fall is evidenced by moderate expansion of loans and discounts by banks. As an indication of this tendency the combined weekly statements of 79 selected Member Banks to the Federal Reserve Bank of Kansas City, as of November I 5, showed loans and discounts aggregating $434,885,000, which was an increase of $3,774,000, or 0.9%, over the total reported as of Octo her 18, four weeks previous! y. The N ovem her 15 report showed the largest total ofloans and discounts reported by the 79 selected Member Banks since July 27, 1921. All classes ofloans and discounts showed increases on November 15 over those of October I 8 except those secured by government obligations. Investments by the 79 selected Member Banks aggregated $145,945,000 on November 15, which was $1,057,000 less than their investments four weeks previous to that date. Substantial 2 THE MONTHLY REVIEW increases in their holdings of United States Bonds and United States Victory Notes were recorded for the period but these were more than offset by decreases in their holdings of'United States Certificates of Indebtedness, United States Treasury Notes and other stocks, bonds and securities. Demand deposits in the 79 selected Member Banks as of November I 5 were $439,636,000, a decrease of $8,907,000 from the total on October 18. Time deposits, however, increased $4,985,000, with the total on November 15, $122,500,000. The weekly statements of the Federal Reserve Bank of Kansas City continue to show expansion of loan activity. Total bills discounted and purchased, as shown by the statement of November 15, were $30,466,743, an increase of $6,276,370 or 25.9% in four weeks, or since October 18. This total of bills discounted and purchased was the largest recorded since April 19, 1922, when they were $32,043,352. SAVINGS IN BANKS: Continued increase in deposits in savings banks and to savings accounts in commercial banks in the Tenth District is reflected in the reports of 65 banks to the Federal Reserve Bank of Kansas City. These 65 banks located in twelve cities showed $98,034,952 of savings deposits on November 1, compared with $96,066,627 on October 1, 1922, and $88,531,596 on November 1, 1921. These amounts indicate an increase of $1,968,325, or 2%, over the previous month and an increase of $9,503,356, or 10.7%, over the corresponding month last year. As further evidence of the increase of thrift among the people of these cities, there is shown by the reports even larger percentages of increase in the number of savings accounts. Sixty-one banks reported 314,518 savings accounts on November 1, a gain of 2,416 accounts or o.8% over the number of accounts on October I. Only 55 of the banks reported the number of savings accounts for both 1922 and 1921. These 55 banks were carrying 280,035 savings accounts on November 1, 1922, compared with 246,356 savings accounts on November 1, 1921, an increase for this year of 33,679 accounts, or 13.7%. AccEPTANCES: Activity in the wheat and cotton markets during the past few weeks resulted in a fair supply of bills which were purchased by acceptance banks. Two Kansas City banks reported as the total of their purchases, $452,365 of bills I. 2. 3. 4. 5. 6. 7. 8. 9. 10. SAVINGS DEPOSITS AND ACCOUNTS, SELECTED BANKS DEPOSITS Banks Nov. 1, 1922 Oct. 1, 1922 Nov. 1,1921 Denver...................... 10 $48,435,886 $47,275,514 $44,131,936 Kansas City, Kansas.......... 4 2,377,395 2,202,034 2,236,001 Kansas City, Mo.. . . . . . . . . . . . 10 12,257,644 12,128,487 10,864,244 Lincoln..................... 3 2,666,532 2,615,060 2,467,849 Oklahoma City.... . . . . . . . . . . . 8 6,320,639 6,284,490 5,405,964 5 Omaha. ... .................. 6,731,598 6,805,009 6,789,287 St. Joseph................... 8 9,990,561 9,760,128 9,184,207 Tulsa .... ................... 6 5,749,675 5,58 2,984 4,786,865 Wichita..................... 6 2,198,935 2,162,171 1,461,536 Outside ................. •.•. 5 1,306,087 1,250,750 1,153,707 X Total ......... : ............. 65 $98,034,952 $96,066,627 $88,531,596 ACCOUNTS Banks Nov. 1, 1922 Oct. Denver...................... 9 81,474 Kansas City, Kansas......... . 4 8,684 Kansas City, Mo.............. 10 97,468 Lincoln .;. .................. 3 13,749 Oklahoma City..... . . . . . . . . . . 7 13,352 Omaha. . ........ . . .... .. . ... 5 38,352 St. Joseph........... .. ...... 7 22,963 Tulsa . ...................... 6 17,897 Wichita........ . ............ 6 16,378 Outside... .................. 4 4,201 Total....................... •55 Banks reporting. 61 1, 2922 Nov. 1, 1921 81,031 61,972 8,56o 3,725 97,920 77,821 13,645 13,218 13,3n 13,573 36,741 23,392 23,075 22,640 17,603 16,483 16,100 9,761 4,116 3,771 312,102 of 60 days maturity at rates of 4,¾'.% and 4,½%. Sales by these dealers to out of town buyers totaled $377,365 and the aggregate of acceptances in their portfolios on November I 8 was $I 80,000 The Federal Reserve Bank of Kansas City on November 18 held 1,508,000 of acceptances of 90 days maturity at its current rate. Of this total 1,403,000 was on cotton, 'f,7 5,000 on wheat and $30,000 on canned corn. ~ BANK DEBITS: The volume of business transactions in 29 cities of the Tenth District for a period of four weeks ending November 15 amounted to $1,141,124,000 as measured by debits by banks to individual accounts. This total indicates an increase of $7,870,000 or 0.7% over the total debits reported by Clearing Houses in the same cities covering a period of four weeks ending October I 8. A comparison of debits to individual accounts with those of last year is made on returns of Clearing Houses in I 6 reserve cities which have reported each week during the past three years. A summary of these returns for four weeks ending November I 5 shows a total of $1,055,944,000, an increase of $131,466,000, or 14.2%, over the corresponding four weeks in 1921. ~ Debits of the sixteen reserve cities during the week ending October 18, 1922, aggregating $279,442,000 were the largest for a single week since the week ending January 12, 1921, when they aggregated $28 5,o 57,000. PosTAL RECEIPTS: The official report of nine cities of the District show postoffice receipts aggregating $1,566,156 for October, compared with $1,387,500 for September and $1,329,833 for October of last year. This is an increase for October of 12.8% over the previous month and an increase of 17.7% over the corresponding month in 1921. The receipts at the nine cities: CONDITION OF SEVENTY-NINE SELECTED MEMBER BANKS IN TENTH FEDERAL RESERVE DISTRICT Nov. 15, 1922 Oct. 18, 1922 Loans and Discounts (exclusive of rediscounts): (a) Secured by U.S. Govt. obligations .... . $ 10,519,000 $ 10,784,000 (b) Secured by stocks and bonds, other 75,974,000 74,833,000 than U.S. Bonds................. . ... (c) All other............ ... ............. 348,392,000 L345,494,000 Investments: (a) U. S. Bonds ........................ . 63,571,000 60,507,000 (b) U. S. Victory Notes ................. . 1,809,000 1,589,000 (c) U. S. Treasury Notes .. .... . . ..... .. . . 15,450,000 15,740,000 (d) U. S. Cert. of Indebt . . ... ... . ....... . 6,381,000 9,422,000 (e) Other Bonds, Stocks and Securities . .. . 58,734,000 59,744,ooo Total loans and discounts, and investments .. 580,830,000 578,n3,ooo Reserve balances with F. R. Bank ... .. . . .. . 49,387,ooo 47,735,000 Cash in vault ... ... ...... ..... . . ........ . n,540,000 II,855,000 Net demand deposits on which reserve is computed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439,636,000 448,543,000 Time Deposits............ ....... ... .. . . . 122,500,000 u7,515,ooo Government Deposits.......... ... ........ 3,726,000 6,681,000 Bills payable with F. R. Bank secured by: (a) U. S. Govt. obligations .............. . 4,180,000 5,776,000 (b) All other ..... ... ................... . None None Bills rediscounted with F. R. Bank secured by: (a) U. S. Govt. obligations .. ............ . 100,000 25,000 (b) All other ........................ . .. . 6,071,000 9,766,000 Denver.. . . . . . . . . . . . . . . . . . Omaha.. . . . . . . . . . . . . . . . . . Oklahoma City............ Topeka.. . ................ Lincoln..... .. ........ ... . St. Joseph................ Pueblo.... . . . . . . . . . . . . . . . Cheyenne.. ...... ......... Total (Items 3 to 10 inclusive) . ............ $1,221,534,000 $1,222,445,000 Total. .................... $1,566,156.55 $1,329,833.92 $236,322.63 Oct. 1922 Oct. 1921 Increase Kansas City, Mo ........... $ 738,994.92 $ 607,976.97 $131,017.95 248,853.43 227,741.33 105,316.96 89,215.67 66,075.26 55,150.08 24,98 5.2.2 9,823.68 223,156.99 2II,083.04 85,574.29 67,105.53 56,242.90 47,684.16 22,993.83 8,016.21 25,696.44 16,658.29 19,742.67 22,II0.14 9,83 2.36 7,465.92 1,991.39 1,807.47 % Inc. 21.5% l 1.5 7.8 23.0 32.9 17.4 15.6 5.6 22.5 17.7% 3 THE MoKTRLT REVIEW DEBITS BY BANKS-TO INDIVIDUAL ACCOUNT Four Weeks Ending Four Weeks Ending]:i% Inc. Nov. 16. 1921 or Dec. Nov. 15, 1922 5,318,000 '/, 4,779,000 +u.3 Atchison, Kansas ........ '/, Bartlesville, Oklahoma... 8,883,000 7,349,000 +20.9 Cheyenne, Wyoming..... 13,930,000 7,482,000 +86.2 Colorado Springs, Colo... 10,156,000 10,013,000] +1.4 Denver, Colorado....... 157,405,000 141,901,000 +10.9 Joplin, Missouri......... 11,084,000 7,446,000 +48.9 Kansas City, Kansas..... 15,497,000 12,769,000 +21.4 Kansas City, Missouri... 326,977,000 284,070,000 +15.1 Muskogee, Oklahoma.... 31,046,000 15,447,000 + 101.0 74,965,000 86,895,000 -13.7 Oklahoma City, Okla..... Omaha, Nebraska....... 187,120,000 150,281,000 + 24.5 Pueblo, Colorado........ 14,282,000 20,009,000 --28.6 56,561,000 64,407,000 -12.2 St. Joseph, Mo.......... Topeka, Kansas......... 13,217,000 14,328,000 --7.7 Tulsa, Oklahoma........ 88,048,000 60,683,000 +45.1 Wichita, Kansas......... 41,455,000 36,619,000 +1y1 Total, 16 Cities ........ . '/,1,055,944,000 Casper, Wyoming........ Enid, Oklahoma......... Fremont, Nebraska...... Grand Island, ebraska.. Grand Junction, Colo.... Guthrie, Oklahoma...... Hutchinson, Kansas. . . . . Independence, Kans...... Lawrence, Kansas....... McAlester, Okla.. . . . . . . . Okmulgee, Okla......... Parsons, Ksnaas. . . . . . . . Pittsburg, Kansas. . . . . . . $924,478,000 Districts First (Boston) ................. Second (New York) ............ Third (Philadelphia) ........... Fourth (Cleveland) ............ Fifth (Richmond) .... .· ......... Sixth (Atlanta) ................ Seventh (Chicago) ............. Eighth (St. Louis) ............. Ninth (Minneapolis) ..........• TENTH (Kansas City) ......... Eleventh (Dallas) .............. Twelfth (San Francisco) ........ 5,343,000 2,8o6,ooo 3,795,000 10,853,000 7,424,000 4,007,000 5,286,000 7,446,000 3,498,000 6,879,000 Total, 29 Cities ......... '/,1,141,124,000 Number 1922 1921 5,4 364 76 151 91 u9 232 91 86 92 91 161 1 35 35° 77 177 109 153 230 88 70 76 109 139 Total ......................... 1,708 1,713 I Liabilities 1922 1921 J 3,950,610 t, 1,550,137 17,525,697 6, 239,259 2,a2,521 7,890,928 2,613,018 5,653,108 2,317,926 1,5u,141 1,716,140 5,271,140 5,185,636 5,853,226 1,661,6o6 1,u7,815 1,496,211 1,833,103 1,272,345 2,000,108 1,014,291 2,455,126 2,017,785 3,437,220 '$34,647,438 $53,o58,659 Mercantile Building Building in cities of the Tenth District has been maintained at a high rate of activity this fall under generally favorable weather conditions and demand for residences, school facilities and business buildings. Permits issued during the month in 19 cities were for the construction of 3,088 buildings estimated to cost $9,513,559. This number has only been exceeded this year by the total permits issued in April and May, while the total estimated cost has only been exceeded by that of May, June and August. October building permits were 288 more and estimated cost $581,818 more than those in September. Compared with a year ago October permits increased 122 and estimated cost increased $1,062,421, or 12.6%. The following shows the number of permits and the estimated cost for October. Total, October, 1922 ...................... 3,088 Total, October, 1921 ...................... 2,966 Ten Months, 1922 ........................ 27,463 Ten Months, 1921 ..............•.•....... 24,36o Complete returns on business failures in the Tenth District for the month of October gave a total of 92 failures with $1 ,272,345 of liabilities, against 76 failures and $2,000,108 of liabilities in October, 1921. For the ten months ending October 31, failures in the Tenth District numbered 847 and liabilities $17,374,091 as compared with 683 failures and $22,821,796 of liabilities for the corresponding ten months in 1921. The foregoing figures indicate an increase in the number of failures this year of 21% for October and 24 % for the ten months period, while liabilities decreased 36% for October and 23.8% for the ten months period, as compared with the month and ten months last year. The failures reported in all Federal Reserve Districts during the month of October are shown in the following table with totals for October, 1921, for purposes of comparison: +14.2 14,308,000 10,513,000 3,022,000 No. Permits 79 Casper, Wyoming ..... ........ ............ Cheyenne, Wyoming. . . . . . . . . . . . . . . . . . . . . . 36 Colorado Springs, Colorado. . . . . . . . . . . . . . . . 129 Denver, Colorado......................... 621 Hutchinson, Kansas....................... 39 Joplin, Missouri. . . . . . . . . . . . . . . . . . . . . . . . . . JI Kansas City, Kansas...................... u3 Kansas City, Missouri..................... 562 Leavenworth, Kansas. . . . . . . . . . . . . . . . . . . . . 17 Lincoln, Nebraska........................ 83 Muskogee, Oklahoma...................... 43 Oklahoma City, Oklahoma................. 2,p 44 Okmulgee, Oklahoma...................... Omaha, Nebraska......................... 237 Pueblo, Colorado. . . . . . . . . . . . . . . . . . . . . . . . . 91 St. Joseph, Missouri....................... 56 Topeka, Kansas. . . . . . . . . . . . . . . . . . . . . . . . . . 109 Tulsa, Oklahoma. . . . . . . . . . . . . . . . . . . . . . . . . 270 Wichita, Kansas...... .................... 307 Business Failures Estimated %-Inc. or Cost Dec. '/, 160,275 +74.I +84.I 91,845 84,032 1,484,500 +43.6 207,010 +118.1 46,950 +37.1 254,385 +121.5 -32.0 1,883,750 18,400 -48.5 141,385 +15.1 130,095 +15-1 -42.4 506,813 +6o.o 156,400 +21.8 698,525 --28.2 73,568 -64.0 69,460 +308-4 709,890 2,322,478 +187.5 -59.7 473,798 +s1.6 1i 9,5 1 3,559 8,451,138 $83,631,651 6o,292,i7!2 + 12.6 Sales of dry goods and millinery by wholesalers in the principal distributing centers of the Tenth District to retailers during the month of October showed a seasonal decline from the high record of September. Wholesalers of groceries, hardware, furniture: and drugs reported substantial increases in their sales over the previous month. Comparing the October sales with those of October, 1921 , increases are reported in dry goods, hardware, furniture and millinery, while sales by wholesale grocers and · druggists were less than 1 % below those of a year ago. Sales of auto accessories showed decreases for both periods. These sales are measured by money value and not by quantity of merchandise sold. Outstanding accounts of all lines of wholesale trade except millinery and auto accessories on October 31 were larger than those on that date in 1921. The following shows a comparison in percentages of increase or decrease of sales and outstanding accounts for seven lines of wholesale trade: No. of Sales Oct. 192!2 stores compared with Sept. 1922 -6.1 Dry Goods ...... . 3 8 Groceries ....... . +6.5 Hardware ...... . +0.3 9 Furniture ....... . 4 +5.4 -32.3 Millinery ....... . 4 +9.0 Drugs .......... . 4 -18.4 Auto Accessories. 4 Oct. 1922 compared with Oct. 1921 +5.8 Outstanding Accounts Oct. 31,1922 Oct. 31, 192:1 compared compared with with Sept. 30,1922 Oct. 31, 1921 -2.5 +20.0 -0. 1 +5.6 +5.5 +4.6 +14.4 -o.8 -1.9 +4-9 -40.0 ~3-7 -12.4 +1. 1 +12.7 --2.9 +1.4 -14.3 +3-9 -5.6 As the peak of wholesale dry goods business in the fall is reached in September, sales in this District for October fell slightly below the volume for that month, but were slightly above sales a year ago. Selling prices of staple cotton goods have advanced about ten percent in the last sixty days which, in the opinion of wholesale dealers, was due partly to low stocks in the hands of manufacturers, wholesalers and retailers, also due to an improved demand and to a substantial advance in cotton. Manufacturers of woolen goods, mainly woolen dress goods for women's wear, 4 THE MONTHLY REVIEW CONDITION OF RETAIL TRADE IN CITIES OF THE TENTH FEDERAL RESERVE DISTRICT DURING OCTOBER, 1922) Baud upon reports from I6 d1p11rtm1111 stores. Denver Kansas City Outside District (J) (10) (16) (3) !,. , Percentage increase (or decrease) of net sale during October, 1922, over net sales durInc. 6.3% Inc. 0.9% ing same month last year ....................... . ............... . Dec. 5.5% Dec. 0.5% Percentage increase (or decrease) of net sales from July 1, 1922, to October 31, 1922, Inc. o.8 Dec. 7.0 Dec. 3.1 Dec.! 3.8 over net sales during the same period last year . ......................... . Percentage increase (or decrease) of stocks at close of October, 1922, over atocka Dec I.8 Dec. I.8 at close of same month last year•...... . ..... .... ............ . ....•..... Dec. 6.4 Dec. 13.4 Percentage increase (or decrease) of stocks at close of October, 1922, over stocks at Dec. 1.0 Inc. 0.2 Dec. 1.9 Inc. 2.8 close of September, 1922 ................ . .... . ............ . .........•. . 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 486.0 487.2 542.1 same period .... . .................................................... . Percentage of outstanding orders (cost) at close of October, 1922, to total purchases 10.9 7.6 7.1 (cost) during the calendar year, 1921 . ......... . ... . ....................• 5.0 Percentage of collections during month of October, 1922,on amount of outstanding 2 accounts on September 30, 1922 .. ...................•.•.......•.•.••••. 40.4 49•7 5 ·3 50.8 38.2 Percentage of collections for same period last year .........•...•..•...•.....••.• 49.5 announced advances for the coming season of I 5% to 20%. Sales of millinery, like those of dry goods, fell below the volume of September but were above the volume in October of last year. October furniture sales by wholesalers showed a decided increase over the previous month and were larger than a year ago. Wholesalers report serious delays in the movement of merchandise on account of car shortage. They also report strong advances in lumber and glass and in finished products. Sales of hardware by wholesalers were in heavy volume with a perceptible increase over a year ago. Factories are reported as filling orders satisfactorily, but frieght shipments from eastern points coming this way are very slow. Retailers continue to buy for their present needs and wholesalers apparently anticipate a continuance of this policy during the remainder of the present year. In the wholesale grocery trade October showed a decided increase over September, not only in tonnage but in the money value of merchandise sold. The October tonnage was fully up to that of a year ago, according to reports, although the total sales expressed in values are below those of October, 1921. Wholesalers report there is ample supply of merchandise available for all needs. Deliveries as a whole are reported better than the average for this season of the year. Sugar, soap, cooking fats and oils show slight advances, bringing the average of all merchandise slightly above the same period last year. Wholesale druggists in their reports say the retailers are still buying for immediate needs, although there seems to be a slight tendency toward increasing purchases not only of staples but luxuries as well, a great part of the increase being in anticipation of the holiday period. Delivery on west bound merchandise has not improved, and is suggestive of the war conditions at some points. Locally, however, the wholesalers report they were having very little difficulty with outgoing shipments to their customers. Prices are slowly but steadily advancing, due in part to scarcity of supplies. The reports say that labor conditions among the crude drug men of the South are bad and there is but little of the normal stocks of barks and herbs, which will mean a shortage next year. The foreign crude drug situation is much the same, supplies being limited and demand exceeding the , amount at present available. The implement trade has shown little activity during the fali months, dealers reporting that business fell off greatly the middle of July to the first of August, due principally to the fact that a great many farmers were unable to finance themselves in the purchase of additional farm equipment, and that the same condition still exists. The trade in automobile accessories showed about the usual seasonal decline from September and is about on the same basis of sales a year ago. Jewelry stocks are normal and. deliveries s,atisfactory wit);i , prices unchanged. WHOLESALE PRICES: The index number of wholesale prices in the United States, compiled by the Federal Reserve Board for the purpose of international comparisons shows that prices during October increased one point to 165, thus returning to the July and August level. The influencing factor appears to be a seven point increase in Goods Imported. Domestic goods remained unchanged. Goods Exported rose six points. Raw materials declined 2 points. Producer's and Consumer's Goods rose 3 and 2 points, respectively. The index numbers of wholesale prices in the United States: Goods 1921 Produced Oct. 143 Nov. 142 Dec. 1922 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 140 139 143 144 146 155 158 162 161 161 161 (1913-100) Goods Goods Raw Producers Consumers Imported Exported Materials Goods Goods 146 140 107 IJ2 158 108 I'l8 157 141 143 III 1 53 141 140 127 110 110 III 115 119 124 I'l8 127 I'l8 139 142 144 144 135 163 155 163 165 162 157 141 145 147 150 164 167 177 184 181 179 127 127 126 129 137 141 143 144 147 150 150 155 157 156 16o 164 163 156 154 156 All 145 145 142 141 146 147 149 158 161 165 165 164 165 The index number is compiled from 100 wholesale price quotations for representative commodities taken in leading United States markets, weighted according to the importance of the commodity. Part of the quotations used are furnished by the Bureau of Labor Statistics, the rest are compiled from trade journals and private firms of recognized authority. RETAIL TRADE: The reports of retail merchants show that sales in October were to some extent affected by the unseasonably warm weather. This was particularly noticeable in the reports of merchants in the larger cities. Sixteen department stores in the leading cities reported an average decrease in sales of 3.8% from July I to October 31, 1922, from the corresponding four months period last year, and an average decrease for October of o. 5% from sales in the corresponding month last year. Twenty-one general retail stores in smaller cities report an average increase of 12.4% in their sales during October over those in September. October sales, however, averaged for the 21 stores a decrease of 3.4% from those of October, 1921. The THE MONTHLY REVIEW eneral run of reports indicated that the retail business this fall osely approximates the normal volume. Country merchants ssert they are looking with apprehension on the present retionship of prices of agricultural products to those of finished roducts. COLLECTIONS: Wholesalers report a slight slowing down of llections from country retailers, attributing the decline mainly poor freight transportation and failure to move farm products. utstandings of wholesalers at the end of October averaged bout 3% larger than those at the end of September and 8.7% rger than those of a year ago. Department store collections outstanding accounts during October were 48.8% or 1.2% etter than one year ago. The reports of 21 retail dealers in e smaller cities and towns were that collections were fair, 3 ealers reporting collections poor. PACKERS' PURCHASES OF LIVE STOCK AT SIX CENTERS IN THE TENTH FEDERAL RESERVE DISTRICT Cattle Kansas City ....................... 130,897 Omaha ........................... 93,567 St. Joseph ........................ 37,100 Denver .. ......................... 10,448 Oklahoma City .................... 19,327 Wichita. .... ...................... 7,813 Calves 6,485 9,289 1,152 2,478 3,257 134,250 Total, October, 1922 ..•.•.•........ 299,15:2 Total, Sept. l922 ......•..•...•.•.. 246,479 Total, October, 1921 .•.•....•.•.... 245,807 66,216 62,361 43,559 514,674 461,94-4 43,555 Hogs 183,577 118,123 10,58~ 14,020 34,019 342,813 Sheep 88,010 146,64:2 ♦ S,7o6 ·14,8:21 1,542 638 307,359 288,564 349,031 prising that the out-go of stocker and feeder meat an imals to the country during that month broke all previous records. Complete reports from only four of the six markets-Kansas City, Omaha, St. Joseph and Denver-are available for analysis. These four markets reported that out of their combined receipts Live Stock during October 55.9% of the cattle, 27.4% of the calves, 3.7% The shifting of live stock in enormously increased numbers of the hogs and 57.5% of the sheep were moved to the country om the ranges of the Southwest, and from the Great Plains as stockers and feeders. The following shows the movement nd Rocky Mountain regions, tcY the corn belt feed lot in the · of meat int mal's to the country from· tl1e · four market:- during issouri and Mississippi River territory is the outstanding feaOctobe~, with September, 1922, and October, H/21, ngt,.1-te:,. f,,r re of the live stock situation this Fall. Arrivals at the six companson: rincipal markets in the Tenth District in recent weeks have Pct. Oct. Rects. Oct. 192:2 Sept. 1922 Oct.1921 331,762 300,662 427,872 Cattle . . .. . . .. . .. . , . • • • • • • • • • • • · · · · 55.9% een greatly augmented by the heavy flow from the ranges, the 23,809 20,816 Calves . . .. .. ........ . . . ........ .. .. 27.4 46,073 ovement culminating at the end of October with the largest 15,677 20,946 Hogs . . . . . . .. . . . . . ...... , • .. • • • • • • • 3· 7 11 :29'2 onth's receipts of the year and for a period extending as far 658,468 191,787 410,248 Sheep ... ... , . • • • • • • • • • · • . 57.5 ack as October, 1919. The marketward movement has continAll meat animals . .. .. . .. . ....... . . . . 39.9% 1,153,359 664,035 743,018 ed heavy during November to the date of this issue of the onthly Review with indications that the receipts at these MEAT PACKING: The heavy movement of live stock to tht> estern markets for the late Fall will closely approximatt' those markets during the Fall s reflected in substantial increases in f the war-time period. meat packing at the six principal centers of the Tenth District . October receipts at the six markets- Kansas City, Omaha, fhe Octohi:r rt'.ports shuw that purchases by packers of 199, 1 'i i t. Joseph, Denver, Oklahoma City and Wichita-- are shown cattle for slaughter during tilat mo11th weri: rht· la r~e~r f., r .1 the following table with the increase both in num her uf an i- single month since lJt'.cem ber , 1919. Purc :1ases tif · >,JI • ~ .1 1 v als and percentage over the tota1 receipts during Sep tern her, 111 October have nut been exceeJeJ since Uctober. 1<J 1 9 !'1ir 922, and October, 192 I: chases of 514,674 hogs reprtsen ted 8 1.8% of the corn bi nl'd rl· Receipts Inc. over Sept. 1922 Inc. over Oct. 1921 ceipts uf hogs fur the month at tht six markets, beside:-. rc<:!i-..r ,·r Oct. 1922 Number Pct. Number Pct ing an increase of 11.4% over Sep ternher and an 1ncrc.1:- , ,t 22.6 153,81 s ICJ0,9'21 835,099 29.6 50. 1 % uver the tenth mun th qf 1921. De tuber pun.:has,·:-. , 11 _,, .. 1 alvcs ........ .. . . .. . 192,184 2 64,789 •P,755 50.9 7·7 by packers wert the la rgest ,,f any rno11th s1n ct dct , ,1,er ·t , oga ............... . . 6-29,119 1 85,333 10.7 6o,7o9 41.8 heep . ....... . . ..... . . 1,166,007 26.8 246,708 452,758 63.5 year. oraea-Mulea ....... . . 131493 3,280 32.1 3,677 37.5 Packers report their business on a much 1mpruved halil:-., w1r 11 -----a broadening of European sales of t heir product~ and an , nnea-,, II live stock . .......... 2,835,902 691,428 712,317 32.8 33.5 of domestic trade over the previous month and nne vear ,1~0. ars . ............... .. 43,18:2 20.7 9,220 27.1 7,396 October receipt of cattle and sheep at the six markets were he largest for a single month since October, 1919. Receipts of alves were the largest of record, though receipts of hogs were n about the usual seasonal volume. The number of horses and rmles marketed was the largest since January of this year. A Brn FEEDER MovEMENT: With the enormously increased eceipts during October and with probably more corn in the ountry than ever before at this time of the year, it is not sur- ►CTOBER Grain Movements Receipts of wheat at the four principal markets of the Tenth District during October were 13,088,700 bushels 1,893,2 hu!-> h els less rhan the receipts during th e preceding month hut ).' ,40 bushels more th~n the recei p ts durin g October last yea r 1'11 October receipts, however, were tht srnalles since .I um I"h , car shortage is generally reported as having interfered with th e ,o 1 0 RECEIPTS OF LIVE STOCK AT SIX CENTERS TENTH FEDERAL RESERVE DISTRrCT Cattle ' :ansas City ..................................................... . 375,837 ►maha......... . ............... .. .......... ................. . . . . 215,680 t. Joseph...................... ... ................ ....... . ..... 74 ,579 >enver............................ .. ..... ..................... .. 98,300 ►klahoma City . .......... .. ..... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 33,58 9 Calves 104,791 27,766 21,010 37,11-4 5,923 18,153 Hogs 243,773 153,588 140,738 23,599 28,282 39,139 Sheep 193,474 356,147 74,J6o 521,-,85 2,86o 17,481 Total, Oct., 1921.. .. ..................... . .... ........... 835,099 Total, Sept., 1912. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681,284 Total, Oct., 1921 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 644,178 'en Months, 1921 . . . ...... ...... ............ ..................... 4,797,146 'en Month,, 19~1 .......................................... ... . .. 4,055,078 192,184 150,429 127,395 765,153 592,942 629,119 568,410 443,786 7,252,730 6,519,622 1,166,007 713,249 919,299 5,574,529 5,989,065 192~ Vichita..... .... .................... ... ........ ......... .. . .. .. . 14,541 Horses-Mule~ 4,8'25 2,058 1,917 Cari P,!f8 _j <J05 11 .937 4.l-:10 ,.676 1,117 2,661 I,7'20 1,146 IJ,493 4J,I8'l 10,213 9,816 35,7R6 l_'l,96 , 79,084 61,91,; 29i;.14J 2'70,4o6 6 THE MONTHLY REVIEW movement from practically every section of the producing areas, as with prices sharply advanced and market demands strengthened there was an incentive for a much heavier movement during the month than that recorded. The receipts of 3,561,350 bushels of corn at the four markets were 760,400 bushels above the September arrivals and 631,100 bushels above the arrivals in October, 1921. There was a heavy demand at the markets for corn in carlots for shipment to the Southwest where dry weather cut short the winter supply of feed for live stock. The marketing of corn during the month was small as compared with the very large stocks of old corn in bins on farms and a new crop ready for marketing. This is regarded as indicating that the farmers, as a rule, are inclined to hold corn for feeding to live stock. l, .,Receipts of 2,278,300 bushels of oats were 374,700 bushels above the September supply and 678,800 bushels above the supply during the corresponding month last year. Receipts of rye in October were larger than those of September and a year ago. Receipts of barley and kafir were larger than in September but were materially less than a year ago. Stocks of grain in store at three grain centers on October 28th were: Kansas City Wheat ................................ 3,718,000 Corn. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646,000 Oat1............... . . . . . . . . . . . . . . . . . . . 657,000 Rye....... ... ...... ..... ............. 93,000 Barley. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 Omaha St. Joseph 1,466,000 -466,000 2,056,000 95,000 22,000 1,013,000 53,000 -45,000 -42,000 3,000 FLOUR MILLING: The output of reporting mills in the Southwest during October was I. 7% below that of September and 6.2 % below that of October of last year. The average operation of all mills reporting was 77.4% capacity against 79.1% the previous month and 83.8% one year ago. Total production, in barrels, during October at the principal milling centers and at interior mills (estimated as 70% of the entire milling output of Missouri, Kansas, Nebraska and Oklahoma) with percent of operation, based on the Northwestern Miller's weekly reports, follows: the month:werc 116,350 barrels and for October last year 94,250 barrels. Agriculture •• Temperatures averaging 12 to 16 degrees above normal prevailed during October and early November throughout the Tenth District. Light to heavy rains over the Missouri Valley and the Great Plains area and snow in some of the elevated mountain districts came at the end of October. The precipitation put the soil in condition for resumption of plowing and seeding which had been retarded by dry weather conditions. Pastures which had become dry and burned out were freshened. Early sown wheat lying dormant took on a rapid growth and in many sections made good grazing for the late Fall. The precipitation greatly encouraged the farmers in many sections of Western Nebraska, Kansas, Oklahoma, Texas, New Mexico and the Rocky Mountains. It not only relieved the grazing situation, but provided an ample supply of water, as in many localities farmers had been forced to haul water for their stock. More rain is needed, however, in the extreme Southwest sections from which there has been an abnormally heavy movement of live stock on account of burned out ranges, shortage of rough feed for winter and scant water supply. CORN: Harvesting the 1922 corn crop has progressed generally satisfactorily throughout the corn belt and returns indicate that the yields are much larger in the Missouri Valley territory than were anticipated from the estimates of October I. According to the November I estimate of the United States Department of Agriculture, the Tenth District has produced approximately 398,163,000 bushels of corn, which is 9,453,000 bushels more than the estimate of October I and 50,720,000 bushels or I 1.2% below the total yield in 1921. The following reports by states show the estimated yield November I compared with that of October I and the final estimate for 1921: Capacity Barrel, Produced Kansas City ..... ................................. 86.-4 % -482,13-4 Omaha ................. . ....................... 111.3 91,165 Salina .....•.••........•...........•.....•.•..... 7-4.3 1-48,7-43 St. Joseph ...... .................................. 81.0 166,310 Wichita . ... ..... . .....................••.••..•••. 79.5 222,656 Outside Mills ...... ............................... 71.1 956,56-4 ••••••••••••••• 103,174,000 Oklahoma ... .......•.••........ 55,944,000 Missouri (19 Counties) ...•.•.... 39,200,000 Colorado ...•.•..•.•...•........ •19,o68,ooo 1,612,800 Wyoming ..•.........•......... 1,u6,ooo New Mexico (10 Counties) ...... . October, 1922 ........•..................•..•.•... 77.-4% September, 1922 .......... • . •..... ........•.. •. ... 79.1 October, 1921 ...•......•................•........ 83.8 Total District................. 398,170,800 Total United Statca ............ . 2,896,182,000 -October Estimate 2,o67,572 2,103,258 2,203,709 The milling situation, according to the reports from practically all points, was affected rather adversely by transportation shortage. Advance in flour prices tended to retard the volume of new bookings, although accumulations of stocks are generally reported as small. Exports of flour from Southwestern mills,. as far as reported, were also small. Some of the exporting mills, however, reported at the last week of the month an excellent demand from all foreign connections except the United Kingdom. Flour shipments from Kansas--City in October were 556,075 barrels, against 517,400 barrels in October, 1921. Receipts for 1,u6,ooo Final Est. 1921 Bushcla 207,732,000 102,142,000 76,925,000 -4 2,794,000 15,979,000 1,232,000 2,136,000 388,717,000 2,8 53,399,ooo 3,080,372,000 Est. Nov. 1, 192:1 Bushels Est. Oct. 1, 1922 Bushel, Nebraska ..................... . 178,056,000 166,186,000 105,201,000 Kansa■ ••••••••• 57,o66,ooo 38,744,000 19,068,000 1,336,000 Although the yield of corn in many of the southern counties of Nebraska is low, the main corn producing counties of that state report generally satisfactory yields. This accounts for the higher production, averaging 24 bushels per acre for the state against 28 bushels in 1921. Early huskings in Missouri show an average yield of 29 bushels per acre against an average of 30 bushels per acre last year. Yields are exceptionally good in the northern third of the state but in the eastern and southern counties they are poor on account of chinch bugs and the long drought. Eastern Kansas shows relatively heavy production of corn this year although in the western half yields are disappointing. In Okla- RECEIPTS OF GRAIN AT FOUR MARKETS OF THE TENTH FEDERAL RESERVE DISTRICT Wheat Corn Oats Rye Kansas City .................................................... 7,082,100 658,750 780,300 16,500 Omaha ....•••.••...•.......•.............••....•.•.•.•....•.... 2,905,000 2,083,200 1,3-40,000 250,6oo St: J~seph ....................................................... 1,820,000 661,000 140,000 37,500 W1ch1ta ..••........................•.•.•••.••••.•.••••.•.•.•..• 1,281,600 158,400 18,000 Total, October, 1922 ..............•••...••..•.•••.•....•. 13,088,700 Total, Sept. 1922 ....•....•.........•...•..•...•....••.•. 1-4,981,950 Total, October, 1921 •••.••.•.•......••••••.•••••••••••... 12,551,300 -448 ,9-40,000 3,561,350 2,800,950 2,930,250 2,278,300 1,903,600 1,599,500 304,6oo 256,000 294,100 Barley 27,000 88,ooo 12,250 2,400 Kafir u9,900 129,650 89,250 267,-450 134,300 35,200 213,800 1-4,-400 THE MONTHLY REVIEW homa the continued drought reduced the yield of corn to an average of 18 bushels per acre, the lowest for that state since 1918. Wyoming reports the largest corn crop of record while Colorado's ic:rop is much larger than last year, due in,_part to increased acreiage. WHEAT: The condition of winter wheat throughout the-District is uneven, due to the long period of dry weather which extended through October to the 29th of that month. Wheat in the ground germinated slowly, while preparation of soil and seeding were in many sections greatly retarded. The condition was improved by recent rains, so that by the middle of November growing wheat was in good condition in most of the larger producing areas and fairly promising in sections of the Great Plains where it had been most affected by dry weather conditions. CorroN: Ginning of cotton in Oklahoma up to November I was reported at 540,801 bales with slightly less than 1% of the cotton left unpicked. Up to November 1, 1921, the total number of bales ginned was 435,377. This would indicate that there is a gain of more than 100,000 bales this year over that of 1921, although the previous estimated yield of 691,000 bales as this year's crop in the state may not be reached. SuGAR BEETS: Sugar factories in Colorado, Wyoming, Western Nebraska and Western Kansas are working at full capacity converting the crop of beets into sugar. With this year's acreage planted slightly reduced from that of 1921 it was expected that the tonnage of beets raised would show a decrease, although in some areas the sugar content of the beets this year was reported as running heavier than last year. This year's yield of sugar beets in this District is expected to exceed 2,000,000 tons. PoTATOES: The preliminary estimate for the year in Nebraska is placed at 85 bushels per acre and the total production 9,775,000 bushels, compared with 8,160,000 bushels last year. Oklahoma's production average this year is placed at 76 bushels per acre and the total 2,660,000 bushels against 2,088,000 bushels last year. Missouri's potatoes this year averaged only 61 bushels per acre, the average for quality being 74 %. The Kansas yield is expected to closely approximate the October I estimate of 4,290,000 bushels, or slightly above 1921 production. Colorado's huge crop is around 17,500,000 bushels, or 6,500,000 larger than the crop of last year. Wyoming reports the largest potato yield of record, I 10 bushels per acre and a total of z,539,000 bushels. Last year's production was 108 bushels per acre and the total 2,052,000 bushels. To EXTERMINATE INSECT PESTS: Campaigns are being organized in communities throughout the Southwest, in which State Boards of Agriculture, Agricultural Colleges, grain dealers and elevator men, county farm agents, bankers ,business men, Chambers of Commerce and other community organizations, are cooperating with the farmers for the destruction of the Hessian fly, chinch bug, boll weevil and other insect pests. The enormous damage wrought by these enemies this year, aggregating many millions of dollars, has aroused these interests to the necessity of prompt action to avert further losses next year, and the most practical methods devised by the Agricultural College Entomologists are being employed. As a result of the recent Hessian fly campaign in this District there is reported a more general observance this fall of the "fly free" dates advocated by the Agricultural College Entomologists in the sowing of winter wheat. The reports indicate, however, that the chinch bugs have extended their destructive operations over a much larger area than formerly, and the damage this year in Missouri, Kansas, Nebraska, Oklahoma and Texas is estimated by experts at $45,000,000. This situation calls for heroic remedies to prevent greater damage next year. The method recommended by the entomologists is to destroy the chinch bug in his 7 winter home by burning all wastage in fields and fence rows during the winter, the burnings being carried out co-operatively over relatively large areas in various communities. In much the same manner a campaign is now being waged against the boll weevil in the cotton sections of Oklahoma and Texas. J. A. Whitehurst, president of the Oklahoma State Board of Agriculture, in a statement of November 4 announced that letters to the office of the Board indicate that community meetings are being arranged and every one is becoming vitally intercsted in the move. Many more communities are being organized and "Clean-Up" Committees are beginning to take hold of the situation, makin2 use of the plan of work recommended by the Board. Mining Zrnc AND LEAD: There was a definite improvement in the prices paid for zinc ores during the month of October, according to a review of the Joplin market. The month closed with prices paid as high as $45.00 per ton as against a $42.00 high base the previous month. The average price for all grades during the month was $41.43 as compared with $38.03 in September this year and $23.09 one year ago. Prices for calamine also strengthened, the month closing with a $25.00 price being paid for the product. Shipments of ores from the Missouri-Kansas-Oklahoma District for the month were discouraging, dropping to an average of 7,134 tons per week 'as compared with 8,550 tons per week in September, but it was larger than for the same period one year ago, at which time the weekly shipment was 6,719 tons per week This decline in shipments is accounted for by the severe restriction on empty cars by the main trunk line of railroad into the mining district of Oklahoma. So difficult has become the shipping situation that it is estimated approximately 50,000 tons of ores have been purchased which have not yet been loaded out, and there is an additional amount held as surplus stock by the mine operators. Shipments of lead ores, on the other hand, showed an improvement in October over the previous month. The average per week was 1,785 tons and the average price $87.07 per ton. This compares with shipments of 1,105 tons the previous month and 1,180 tons one year ago. The average price for lead ores one year ago was $58. 54 per ton. There has been relatively little change in the surplus stocks held as compared with the previous month. Mining conditions have been improving and there is considerable activity in the drilling of leases in the old Missouri camp. The report of the American Zinc Institute, tll companies, for the month of October, shows the following: Zinc, All Grad es Ton■ Stock on hand, October 1, 1911 ..................................... 18,806 Produced October, 1911 ....•...........••..•......•.•. , • • • • • • • • • • • ,39,940 Total. ............................................. • • • •. • • • • • • • • • 58,746 Shipped October, 1912 . ...................................•.. ,., ... 40,703 Stock on hand, October 31, 1911 ...........................••... ,,,. 18,043 Reported sold for export during October I ,038 tons. METAL MINING IN COLORADO: Metal mining conditions in Colorado have continued to show a slight but consistent improvement. The production during the month of October, however, was somewhat curtailed by the shortage of freight cars and by the lack of a sufficient number of skilled miners in the larger districts. BITUMINOUS CoAL: Production of soft coal at the mines of the Tenth District during October averaged 60.4% of capacity, compared with 68.5% of capacity operation in September: T~e United States Geological Survey, Department of the Interior, m its reports shows that transportation disability was responsible for loss of operation ranging from a loss of 46.5% and 45.1% in the 8 THE MONTHLY REVIEW larger coal producing region o · Wyoming and Colorado down to a loss of 5.4% in operation in Missouri. The average loss on account o transporta· ion disability for all producing states of the· District was 30.5% compared with a loss o 16.8% in Septt"'mber. The average percentage of lost operation due to various causes during the month for each tate and the average for the District follows: Colo. Kans. Mo. N.M. Okla. Wyo. Dist Transportation Disability .. ..... ... 45.1 % 28.6% Labor Shurtage ... ..... o.6 0.4 Strikes ... ······· ··· 0.1 Mine Disability .... . ... No Market All Other Causes . .. . ' . Losses, All Causes Per Cent Production . 51.3 48.7 ~ J.'l 4.4 13.1 1.9 'l.8 5-4% 36.2% 20.9% 46.5% 3o.5% o.6 0.4 ·3 0.2 .l 0.5 7.1 2.9 4.1 0.3 '2,4 3.1 9.7 6.'2 0.3 1.5 -- -- -- -- -- -- -46.9 53.1 23.4 76.6 36.2 63.8 33.2 66.8 46.8 53.2 39.6 60.4 The October report of coal mining in Colorado, as made by the state coal mining inspector, shows the largest activity and the largest number of miners employed at any time in history, though the movement of the coal mined by railroads was badly crippled by car shortage, as indicated by the foregoing table. Production of bee-hive coke in Colorado and in New Mexico is running far ahead qf last year. Total production for the calendar year to November 12 in the two states was 187,000 tons compared with 104,000 tons produced in the corresponding period last year. The United States Geological Survey reports show the rate of output of soft coal in the entire country is now higher than in 1921, the rroduction during the second week in November aggregating 10,700,000 tons. For the calendar year to November 4 total pro,luction of soft coal in the United States was 322,540,000 tons against 345,617,000 tons produced in 1921 to the corresponding date. Petroleum Crude , il production in Kansas and Oklahoma of the Midcontinent field and Wyoming and Colorado of the Rocky Mountain field showed an increase estimated at 675,000 barrels or 3.9% ove-r production in September and an increase of 3,876,100 barrels or 27.6% over production in October, 1921. The following shows the production in the four states as estimated for October, and the Unitf"d States Geological Survey official figures for S ptember, 1922, and October, 1921, in barrels: Oct. 1922 (31 days) Kansas .. ........................ 2,724,750 Oklahoma ... .. ........... ........ 13,140,200 Wyoming ........................ 2,034,000 Colorado......................... 8,150 Sept. 1922 (30 days) 2,790,000 12,247,000 2,187,100 7,900 Oct. 1921 (31 days) 2,825,000 9,716,000 1,481,800 8,200 Total, Barrels ..................... 17,907,100 17,232,000 14,031,000 Daily average production in October showed declines in Kansas and Wyoming but thes"' were more than offset by gains in Oklahoma. The figures on daily average production, barrels, follow: •Oct. 1922 Kansas. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,895 Oklahoma .......................... . 423,877 Wyoming . . ......................... 65,613 Colorado... .. ....................... 263 Total. .... ......... , ................ 577,648 •-Estimated on unofficial reports from fields. ••-Official U.S. Geological Survey. ..Sept. 1922 93,000 408,232 72,903 263 I ..Oct.1921 91,129 313,419 47,800 265 574,398 New well completed in O~ober were 656, a decrease of 175 from the September total and the smallest number completed in a month since April. Daily new production fell off 27,376 barrel~ from the previous month's total, according to the followi compilation of reports: Well, Bbls. daily Dry Gu completed Kansas ............................... Oklahoma ............................ Wyoming .......•.................... Total, Oct. 1922 ....................... Total, Sept. 1922 ..............•....... Total, Oct. 1921 . .. .................... New Production Well■ Wells 53 100 3,9 1 4 497 78,162 59 21,952 38 132 3 656 104,028 131,404 42,-469 173 62 189 113 64 831 399 9 0 50 New development work under way at the end of October w slightly below that at the end of the previous month, but con siderably above that of one year ago. New development wor is here shown: Rigs Kansas . . ... .. ........ .. ......... . .............. 75 Oklahoma . ............ ......................... 273 Wyoming . ...................................... 172 Wells Drilling '210 1,164 476 Total, Oct., 1922 ..... .......................... . 520 Total, Sept., I 922 . .............................. 530 Total, Oct., 1921 .. ...... .... .................... 564 2,37 2,45 1 ,97 Shipmen ts during Septem her, totalling I 5, 73 I ,509 barrels were the largest for any month in four years. The heavy ship ments caused a reduction of 94,443 barrels of oil stocks, the tota stocks October I aggregating 88,138,901. This total is 22,702, 753 barrels above the total of stocks on October 1, 1921. STATEMENT OF CONDITION, FEDERAL RESERVE BANK OF KANSAS CITY, INCLUDING BRANCHES At Close of Business November 15, 1922 RESOURCES Gold Coin and Certificates ................................. $ 2,701,270. Gold Settlement Fund F. R. Board.......................... 33,121,508.7 Gold with Federal Reserve Agent........................... 54,781,695. Gold Redemption Fund ... ................................ 1,047,808.2 Legal Tender Notes, Silver, Etc.... . . . . . . . . . . . . . . . . . . . . . . . . . 4,038,0?3. Bills Discounted for Member Banks: J· i ' Secured by Govt. Obligations. . . . . . . . . . . . . . . . . . . . . . . . 7,405,652.1 All Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,345,590.90 715,500.00 Bills Bought in Open Market............................... U. S. Bonds and Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . z7,225,6oo.oo One Year Cert. of Indebtedness (Pittman Act) ....... .' ......... 1,821,000.00 All Other Cert. of Indebtedness. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,946,000.00 Bank Premises . ............................... ·........... 5,136,101.97 5% Redemption Fund Against F. R. Bank Notes . . . . . . . . . . . . . 400,000.00 Uncollected Items..................... .. .................. 49,620,067.81 All Other Resources.. ... . .. ............................... 828,861.01 Total Resources .............•...................... $223,134,749.44 LIABILITIES Capital Paid In . ...... .... ..............•................. $ Surplus.................................................. Deposits: Government ....................................... . Member Banks, Reserve Account .... ................ . All Other ......................................... . F. R. Notes in Actual Circulation .......................... . F. R. Bank Notes in A;tual Circulation ................ . ... . Deferred Availability I t.:ms ............................... . All Other Liabilities . ..................................... . 4,583,850.00 9,645,731.81 3,016,487.17 79,878,587.92 984,402.34 68,982,180.00 4,261,300.00 50,402,707.76 1,379,502.44 Total Liabilities .................................... $223,134,749.44 OTHER TOTALS Total Gold Reserves . ..... .. ....... ..... ......... . ........ $ 91,652,282.05 Total Discounted and Purchased Bills Held...... . ........... 30,466,743.00 Total Earning Assets...................................... 71,459,343.00 Total Deposits ....... ...... ........ ..... ... ........ •. • • • • 83,879,477.43 Ratio of Total Reserves to Deposit and Federal Reserve Notes Liabilities Combined . .. ..... ........................ 62.5% Total Clearings for Week .. .................. .... ... . ... ... $167,934,176.92 1,142,882 J'otal Number of Items Handled.......... .. ................
@FedFRASER