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THE MONTHLY REVIEW Of dgricultural, Industrial, Trade, and Financtal Conditions in the Tenth Federal Reserve District FEDERAL Vol. 21 RESERVE BANK OF KAN SAS CITY . MISSOURI , NOVEMBER KANSAS 28, 1936 R CI TY No. 12 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT EPORTS for the month of October indicated a conIn Percentages of Increase or Decrease siderable seasonal expansion in business activity in the Oct. 1936 10 Months 1936 Tenth Federal Reserve District which has continued compared to compared to to show a wide margin of improvement over the level of a year Banking Sept. 1936 Oct. 1935 10 Months 1935 ago. Department store sales, retail lumber sales, and sales of Payments by check, 29 cities__________________ + 6.2 +13.3 +12.9 wholesalers increased by more than the usual amount in October Federal Reserve Bank check collections + 7.8 + 3.1 +10.9 Business failures, number______________ __________ +16.0 +11.5 - 3.7 and equaled or exceeded the average monthly increase shown Business failures, liabilities______________________ + 3.1 -25.7 +15.0 so far this year over 1935. Inventories of distributors have not Loans, 52 member banks_________ _________________ - o.6 +10.0 shown an accumulation. Building operations, while less active Investments, 52 member banks______________ - 0.1 + 8.4 than in September, showed a moderate increase as compared to Adjusted dem. deps., 52 member banks + o.6 + 9.0 Time deposits, 52 member banks__________ + 0.3 + 0.4 last October. The current level of retail and wholesale disSavings deposits, 45 selected banks______ + 0.2 + 3.9 tribution and of construction activity was generally higher Savings accounts, 45 selected banks______ + 0.3 + 2.6 than at that time since 1930. Distribution Wholesalers' sales, 5 lines combined _____ _ + 6.5 The production of flour, bituminous coal, and crude petroleum + 9.3 + 94 Retailers' sales, 32 department stores ___ _ +11.0 +12.0 + 8.6 increased in October and exceeded that of a year ago. Output Lumber sales, 158 retail yards __ ___ __________ _ +31.4 +34.5 +37.5 of coal and petroleum has been in large volume in comparison Life insurance, written __________ - 1.9 -I.5 +1 3.5 with the past five years. Shipments of lead increased, while Construction shipments of zinc decreased. Operations at meat packing Building contracts awarded, value_______ -17.6 +17.8 +54.5 Residential contracts awarded, value____ -42.3 +68.o +43.o plants were heavier than in last October. Building permits in 17 cities, value________ +40.4 +117.2 +62.9 Marketings of wheat and corn increased in October but re- Production ceipts of all grains were much below normal and were generally Flour__________________________________________________________ + 9.1 +10.8 + 3.9 Crude petroleum______________________________________ + 2. 2 smaller than at this time last year. Marketings of wheat, corn, +n.7 + 9.9 Bituminous coal___________ _ ____________________________ + 30. 5 +15.8 + 3.6 and oats reflected the small volume of farm holdings on October Zinc ore (shipped) Tri-State district______ - 1.4 - I.I +16.7 I. Grain prices showed little change in October at a level Lead ore (shipped) Tri-State district____ +13.0 +28.6 +12.9 substantially above a year ago and somewhat higher than in Grain receipts, 5 markets I 934. There was a further seasonal increase in marketings of Wheat ____________ ____________ _________________________________ _ +24.8 +25.8 - 9.6 Corn ___________________________________________________________ _ live stock and in reshipments of stockers and feeders, although +61.4 +3 2-3 Oats _____________________ _______________________________________ _ +10.7 - 6.8 -64.5 the movement to market and shipments to the country conRye _____________________________________________________ _________ - 7.4 -46.1 -25.1 +1 7.5 tinued below normal. Cattle prices advanced and hog and sheep Barley_______________________________________________________ _ -7o.9 +34.6 + 7.2 Kafir___ ______________________________________ _ prices declined in October. Live stock values were lower than - 9.0 -39.o +87-4 a year ago but were higher than at that time in other recent Live stock receipts, 6 markets Cattle _________ ___________ ________________ _____________________ _ years. -16.8 + 2.1 +I.7 Calves ______________________ _______________________________ ___ _ +23.6 + I.8 Total crop yields are somewhat less than last season, re+ 9.7 Hogs ____________________________________ ________________________ +76_0 +34.6 +27.4 flecting a reduction in the yield of all major crops in the District Sheep _______________________________ __________________________ _ -13.6 - 3.6 + 7.1 except winter wheat and sugar beets, but this decline in proHorses and mules _____________________________________ _ +4o.5 +24.2 - 1 9.3 duction has been partially offset by the advance in grain prices Stocker and feeder shipments, 4 markets Cattle __ ___ _____________________ ____ ___ ________________________ _ +40.6 the past summer and cash farm income was expected to exceed -I9.5 -31.5 Calves ________________________________________________________ _ + 2.l - 1 9.9 that of last year by about I I per cent. Following the first Hogs ___________________________________________________________ _ +57.I +33.8 +75.5 killing frosts in late October, harvesting of late feed crops was Sheep _________________________________________________________ _ -55-2 -IO.I +96.0 -33.5 in progress and was nearing completion by mid-November. Meat packing, 6 markets Cattle _________________________________ ____________ ____________ _ Seeding of a large acreage of winter wheat has been almost com- 2.0 - 9.3 +1 7.9 Calves _____________ ___________________________________________ _ pleted in central and southern portions of the District, where - 1.6 +13.4 + 8.4 Hogs ___________________________________________________________ _ +84.6 +36.4 early seeded grains were furnishing fair to good feed for live +33.8 Sheep ________ -------------------------------------------------- + 5.9 - 4.7 +2 5.3 stock, but has been delayed in northern and southwestern areas by continued moisture deficiencies. four weeks ended November 4. The volume of so-called "other" Member Bank Operat·ons loans, which include loans for agricultural, commercial, and Loans and discounts of fifty-two reporting member banks in industrial purposes, installment loans, and personal loans, dethe Tenth District, which have fluctuated narrowly since the clined slightly during the four weeks but accounted for about latter part of July, reaching the high point of the year at the three-fourths of an increase of 10 per cent in loans and discounts middle of September, showed little further change during the as compared to November 6, 1935. Holdings of direct and Thi Copy Released For Publication In Afternoon Newspapers, November 28. THE MONTHLY REVIEW 2 guaranteed United States Government obligations were reduced from October 7 to November 4 by about the same amount that holdings of other securities were increased. Holdings of direct Government securities and of other securities continued in larger volume than a year ago, with the increase in total investments amounting to 8.4 per cent. Reserve balances of these reporting member banks showed a small increase during the four weeks. Demand deposits increased to a new high level for the year on October 14 but subsequently declined somewhat, recording a fractional increase for the four weeks ended November 4 and an increase of 9 per cent for the year. Balances held for domestic banks on November 4 were slightly larger than four weeks earlier and 12.3 per cent larger than on November 6, 1935. The principal resource and liability items of the consolidated weekly condition statements of the fifty-two reporting banks, for the three dates of comparison: Loans and investments-total.. Loans and discounts-totaL __. Secured by stocks and bonds All other loans and discounts Investments-totaL __............... U. S. securities direct. __......... Obligations fully guaranteed by the U. S. Government.. Other securities·-····················· Reserve with F. R. Bank .......... Demand deposits-adjusted ...... Time deposits...... U.S. Government deposits........ Inter-bank deposits: Domestic bank Foreign banks.. Nov. 4, 1936 $688,702,000 239, 149,000 51,443,000 187,706,000 449,553,000 261,014,000 Oct. 7, 1936 $690,674,000 240,678,000 51,278,000 I 89,400,000 449,996,ooo 264,804,000 Nov. 6, 1935 $632,305,000 21 7,473,000 47,088,000 I 70,3 85,ooo 414,832,000 244, 275,000 49,59 1,000 138,948,000 I 50,371,000 485,294,000 146,465,000 20,346,000 50,381,000 134,8u,ooo 147,411,000 482,356,000 145,963,000 23,818,000 52,037,000 u8,520,ooo 107,997,000 445, 244,000 145,816,000 10,036,000 396,174,000 I 58,000 357,449,000 133,000 401 ,263,000 167,000 Reserve Ban k Operations Holdings of bills discounted for member banks showed a slight increase from October 7 to November 4 and were larger than in recent months but otherwise continued in the extremely small volume which has characterized member bank borrowings the past two years. Industrial advances under section 13b and commitments to make industrial loans decreased further during the four weeks and on November 4 were substantially smaller than on the corresponding date of last year or on February 18 of this year when the total of loans and commitments was at the high level. Holdings of United States Government obligations were unchanged between October 7 and November 4 but have increased 17.8 per cent during the past year. Federal Reserve note circulation increased slightly during the four weeks ended November 4 to a new record high on that date which was 14.9 per cent larger than a year ago. Member banks' reserve deposits, which had declined during the preceding four weeks, showed a small increase and on November 4 were 28.7 per cent greater than on November 6, 1935. The principal resource and liability items of the weekly condition statements of the Federal Reserve Bank of Kansas City and branches, for the three dates of comparison: Nov. 4, 1936 Total reserves ............................. . $266,256,409 Bills discounted._ ......................... 165,254 Bills purchased ........................... . 86,918 Industri al advances................... . 81 5,443 Comm itments to make industrial advances.......................... 351,127 U.S. securities............................ 125,85 5,000 Total bills and securities............ 126,922,615 ' Tutal resources............................ 431,006,422 F. R. notes in circulation.......... 157,01 6,205 Member banks' reserve deposits 223,259,983 The discount rate of the Federal Reserve Bank of paper and all maturities, remained unchanged Oct. 7, 1936 $258,915,086 104,720 87,214 876,535 380,844 125,8 55,000 126,923,469 423,238,312 154,806,505 219,389,586 of Kansas City, at 2 per cent. Nov. 6, 1935 J 2o7, 724,524 910,676 126,252 1, 137,5 15 1,303,500 106,844,200 109,199,643 353,714,5 5'2 136,684,660 173,441,435 on all classes Reserve Bank Check Collections The dollar volume of check collections through this bank and branches increased somewhat less than seasonally during October but exceeded the dollar volume in October, 1935, by 3.1 per cent. Transit operations during the first ten months of the year showed an increase of 12.6 per cent in the number of items handled and of 10.9 per cent in the amount over the first ten months of last year. Check collections through the Federal Reserve Bank of Kansas City and branches at Omaha, Denver, and Oklahoma City: AMOUNT ITEMS October·---······· September.... - .. Ten months...... 1936 6,379,877 5,749,875 59,800,384 1935 5,899,303 5,376,45 1 53,109,310 1936 $ 985,993,000 914,630,000 9,343,44 1,000 1935 $ 956,078,000 840,919,000 8,423,833,000 Bank Debits Debits to individual accounts by banks in twenty-nine reporting cities in the District increased seasonally during the four weeks ended October 28 and were 13.3 per cent greater than in the corresponding four weeks of last year when a contraseasonal decline occurred. The volume of payments by check for the first forty-three weeks of 1936 increased 12.9 per cent compared to the same period in 1935. PAYMENTS BY CHECK FouR WEEKS ENDED Oct. 28, 1936 Oct. 30, 1935 9,785,ooo 2,839,000 20,279,000 6,096,000 7, 193,000 13,173,000 I 50,206,000 Per cent Change +28.5 + 8.4 + 9.0 - 2.8 +12.0 +7-1 +10.5 8,726,000 2,120,000 3,377,000 1,544,000 10,694,000 1,948,000 8,195,000 9,528,000 2 55, 2 54,000 3,519,000 24,232,000 6,709,000 83,221,000 2,617,000 130,635,000 3,096,000 12,244,000 7,545,000 25,205,000 n,775,ooo 93,43 2,000 37,354,000 + 1.9 +22.1 + 7.9 -10.6 + 3.9 +11.2 + 8.1 +23.0 +14.1 - 6.3 +n.o +14.8 + 1.9 - 6.2 +10.7 +20.5 +17.1 + 29.5 + 5.4 +26.9 +3H + 8.1 952,541,000 Total 29 cities, 4 weeks·-- ····· $ I ,078, 786,000 $ 11,008,838,000 Total 29 cities, 43 weeks·-······· 9,753,749,ooo U. S., 273 cities, 4 weeks·--··--· 35,285,665,000 30,483,401,000 U. S., 273 cities, 43 weeks·- - ····· 368,367,354,000 325,364,o97 ,000 *Not included in totals. +13.3 +12.9 +15.8 +13.2 Albuquerque, N. M $ Atchison, Kans Bartlesville, Oki Casper, Wyo,_ Cheyenne, Wyo....... Colorado Springs, Colo ............. Denver, Colo *Emporia, Kans.·-······················· Enid, Okla. Fremont, Nebr. Grand Junction, Colo ............... Guthrie, Okla ............................. Hutchinson, Kans ..................... Independence, Kans ................. Joplin, Mo. Kansas City, Kans ................... Kansas City, Mo. Lawrence, Kans ... Lincoln, Nebr. Muskogee, Oki Oklahoma City, Okla ............... Okmulgee, Okla... Omaha, Nebr..... Pittsburg, Kans ... Pueblo, Colo.·-··························· Salina, Kans. St. Joseph, Mo.·-·················--···· Topeka, Kans Tulsa, Okla. Wichita, Kans ........................... 12,578,000 $ 3,078,000 22,108,000 5,9 23,000 8,054,000 14,110,000 166,021,000 2,956,000 8,992,000 2,588,000 3,644,000 1,380,000 11,126,000 2,166,000 8,862,000 n,721,000 291,288,000 3,298,000 26,889,000 7,702,000 84,787,000 2,454,000 144,595,000 3,731,000 14,342,000 9,770,000 26,563,000 14,939,000 125,681,000 40,396,000 Business Failures Commercial failures in the Tenth District showed a small increase in October as is customary during the final quarter of the year but otherwise continued at a low level. The number of insolvencies was slightly larger than in October of last year but was about half the number recorded for the month in 1934 and the amount of liabilities involved was smaller than in either of the two preceding years. THE MONTHLY REVIEW Stores Reporting Kansas City.... 4 Denver._........... 4 Oklahoma City 3 Tulsa................ 3 Wichita............ 3 Other cities ...... I 5 J RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT In Percentages of Increase or Decrease except Rate of Turnover AMOUNTS COLLECTED SALES STOCKS (RETAIL) ACCOUNTS RECEIVABLE Oct. 1936 Year 1936 Oct. 31, 1936 STOCK TURNOVER Oct. 31, 1936 Oct. 1936 compared to compared to compared to compared to Oct. Year compared to Oct. 1935 Oct. 1935 Year 1935 Sept.30,1936 Oct.31,1935 1936 1935 1936 1935 Sept.30,1936 Oct.31,1935 Sept. 1936 +12.1 + 7.3 + 6.6 + 2.0 .39 .35 3.17 2.91 +15.9 + 6.5 +45.5 +15.8 +22.3 +12.7 +16.4 +12.5 +12.4 +10.2 .33 .32 3.13 2.99 + 6.3 + 7.9 +14.4 + 8.I + 4•5 + I.I •43 •39 3.61 3.51 +12.4 +11.3 +51.4 + 4.5 + 9•7 + 8.4 - 0.2 - 7.7 .42 .36 3.62 3.49 +10.9 - 4.8 +35-4 + 3.6 +15.6 + 6.8 + 5.7 + 8.2 .34 .32 2.86 2.76 +13.4 + 9.9 +48.0 + 3.4 + 6.3 + 6.3 + o.6 + 3.0 .31 .30 2.57 2.44 + 7.8 + 7.3 +38.4 +10.4 Tota,___ _ 32 +12.0 + 8.6 + 5.8 + 4.1 .35 .33 3.06 2.90 + 9.6 + 7.2 +35.4 +10.3 NOTE: Ratio of collections during month to regular accounts outstanding end of preceding month: October 49.2; September 42.1; October 1935, 46.6. Business failures reported by Dun and Bradstreet, Incorporated: October 1936............................ September 1936.-..................... October 1935............................ Ten months 1936.·--·············· Ten months 1935.................... TENTH DISTRICT Number Liabilities 29 f, 202,000 25 196,000 26 272,000 340 3,658,000 353 3,182,000 UNITED STATES Number Liabilities 61 I f, 8,266,000 586 9,819,000 1,056 17,185,000 7,805 123,434,000 9,702 I 52,943,000 Savings Savings deposits at forty-five selected banks in leading cities in the District increased for the sixth consecutive month in October, accompanied by an increase in the number of savings accounts. Savings deposits on November 1 were 3.9 per cent and the number of accounts 2.6 per cent greater than on November 1, 1935. Savings accounts and savings deposits reported by the forty-five banks: Savings Accounts November 1, 1936·-··--··························· 415,273 October 1, 1936·-······- - - - - 414,215 November 1, 1935____ _ __ 404,915 Savings Deposits f,129,708,734 129,39o,n5 I 24,800,924 Life Insurance Sales of new paid-for ordinary life insurance in the seven states in the District increased from September to October but showed little change as compared to sales in October, 1935. Sales for the first ten months of the year were 1.9 per cent smaller than in the first ten months of last year. Life insurance sales reported to the Life Insurance Sales Research Bureau: Colorado.__ ······················· Kansas .... Missouri ............................ Nebraska .......................... New Mexico·---··············· Oklahom Wyoming.. f, Oct. 1936 4, 277,000 4,727,000 12,707,000 3,962,000 920,000 4,700,000 731,000 Sept. 1936 '/, 3,662,000 3,805,000 u,227,000 3,232,000 858,000 4,536,000 883,000 Seven state United State f, 32,024,000 1, 28,203,000 f, 32,519,000 491,316,000 426,344,000 501,850,000 Oct. 1935 1, 4,116,000 4,716,000 12,536,000 4,55 2,000 729,000 5,027,000 843,000 Trade RETAIL: The dollar volume of sales at thirty-two reporting department stores in leading cities of the District continued to expand at a somewhat higher than seasonal rate in October. Stores Reporting Dry goods_ ...................... 5 Groceries .. _ 5 Hardwar 9 Furnitur 3 Drug 7 Sales were 11 per cent greater than in September and exceeded sales a year ago by 12 per cent. The increase in sales compared to last October was somewhat larger than the average monthly increase shown this year over last year and raised the cumulative gain for the first ten months of 1936 to 8.6 per cent over sales in the first ten months in 1935. Stocks of merchandise were increased 5.8 per cent: during October in anticipation of seasonal and holiday needs and at the close of the month were 4. 1 per cent larger than a year ago. Collections on both regular and installment accounts improved during the month. The collection ratio on regular thirty-day accounts was 49.2 per cent compared to 42.1 per cent in September and 46.6 per cent in October, 1935.·1 Installment collections averaged 15.9 per cent in October, 13.8 per cent in September, and 16.8 per cent in October of last year. WHOLESALE: With the advent of the holiday season, the combined dollar volume of five representative wholesale lines reporting to this bank showed further expansion, increasing 6. 5 per cent from September to October, or somewhat more than seasonally, and surpassing sales in October of last year by 9.3 per cent, or approximately the average monthly increase shown this year over last year. Sales of groceries and furniture declined during the month but sales of dry goods, hardware, and drugs increased and all lines except furniture showed an increase over a year ago. During the first ten months of 1936, sales of dry goods increased 7.9, groceries 7.3, hardware 13.6, furniture 15.6, drugs 8.3, and total sales 9.4 per cent compared to the first ten months in 1935. Stocks of merchandise at the close of October were 1.6 per cent larger than one month earlier and 5.9 per cent larger than one year earlier. These increases reflected an increase in stocks of groceries, hardware, furniture, and drugs and a decrease in stocks of dry goods during the month and an increase in stocks of dry goods, hardware, and drugs and a decrease in stocks of groceries and furniture during the year. Lumber Retail lumber sales in board feet and the dollar volume of sales of all materials at 158 reporting yards in the District, after declining in September, increased somewhat more than seasonally in October and were considerably above the level in October of last year. Sales of lumber in board feet have increased 34.5 WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT In Percentages of Increase or Decrease SALES OUTSTANOINGS AMOUNTS COLLECTED Oct. 1936 Oct. 31, 1936 Oct. 1936 compared to compared to compared to Sept. 1936 Oct. 1935 Sept. 30, 1936 Oct. 31, 1935 Sept. 1936 Oct. 1935 +12.2 +21.6 + 8.2 +29.6 + 7.9 + 3.8 - o.8 -II.2 - 3.4 + 3.5 - 4.0 + 1.6 1 +13.4 - 2.6 + 5.8 + 4•5 +u.5 +7-2 - 0.5 - 9.5 - 4.3 +15.0 +n.3 + 14.9 +12.8 +10.0 I,O + 8.4 + 6.2 - 0.3 STOCKS Oct. 31, 1936 compared to Sept. 30, 1936 Oct. 31, 1935 - 7.6 + 1 7.4 + 8.o - 1.7 + 2,8 + 3.0 + 7.1 - I9 + 1.6 +11.9 THE MONTHLY RFVTEW 4 per cent during the first ten months of 1936 compared to sales in the first ten months of 1935. Lumber stocks at the close of October were slightly smaller than one month earlier, following the trend of the three preceding months, but showed a moderate increase over a year ago. Collections improved during the month, averaging 43.1 per cent of amounts outstanding at the close of the preceding month compared to a ratio of 36.2 per cent in September and 40.9 per cent in October of last year. October business at the 158 reporting yards, in percentages of increase or decrease: October 1936 compared to September 1936 October 1935 Sales of lumber, board feet................................ +31.4 +37. 5 Sales of all materials, dollars.. .......................... +21.6 +24. 5 Stocks of lumber, board feeL--······················· - 1.9 + 9.2 Outstandings, dollars.......................................... + 6.2 +28.6 Building Following a substantial increase in September, the value of total construction contracts awarded in the Tenth District declined somewhat in October, reflecting chiefly a decline in new residential building which in the preceding month had reached a high level for September in comparison with recent years since 1929. Total awards in October were 17.8 per cent larger than a year ago, with about half of this increase representing residential construction, and with the exception of 1932 were the largest for the month since 1930 but short of the volume in October of that year by about one-half. Both total and residential awards this year have already exceeded the amounts for the entire year of 1935. The value of construction contracts awarded, as reported by the F. W. Dodge Corporation: Oct. 1936...... Sept. 1936... . Oct. 1935 ..... . 10 Mos. 1936 10 Mos. 1935 TENTH DISTRICT Total Residential 1, 8,850,800 'I, 2,371,500 10,737, 12 4 4, 109,693 7,512,567 1,658,451 98,274,528 24,355,164 63,616,140 I4,500,II7 37 EASTERN STATES Total Residential 1, 225,839,900 'I, 79,736,200 234,270,500 80,669,800 200,595,700 55,100,300 2,260,029,200 I ,392,293,400 667,916,800 394,007,800 Building departments of seventeen reporting cities in the District issued more permits in October than in September or in any October during the past five years and estimated expenditures for urban construction increased sharply as compared to a year ago although still much below what they were as recently as in 1930. During the first ten months of the year, permits increased 15.6 per cent in number and 62.9 per cent in value compared to the first ten months in 1935. Total 17 cities, October·-··········· 2,206 1,725 Ten months 18,052 15,622 1, 3,799, 2 ll 33,036,774 CosT 1935 85,528 39, 27° 59,844 402,398 37,4°2 16,100 19,030 286,600 52,702 215,920 161,847 16,827 13,460 14,665 59,09° 152,488 I I 5,939 1, 1,749,II0 20,278,839 Oct. 1936 Barrels 132,7n 59 1, 195 180,803 Atchison.-.................................... . Kansas Ci tY·---··························· Salina ........................................... . Wichita..·-····································· Outside......................................... . 252,965 1, 174,937 Sept. 1936 Barrels n7,491 540,485 197,422 223,728 1,058,419 Oct. 1935 Barrels 140,844 539,03 1 184,233 157,5o3 1,083,486 Total.............................................. 2,332,61 I 2,137,545 2,105,097 *United States·--························· 5,852,195 5,458,266 6,402,393 *Represents about 60 per cent of the total output in the United States. Flour sales in the southwest were slow during October, reflecting the heavy spring and summer bookings already consummated, the encouraging start of the new wheat crop, and only minor changes in flour prices. Shipping directions on old bookings improved in the latter part of the month with the advent of cooler weather and a seasonal increase in flour consumption. Export trade improved. Flour prices at the Kansas City market fluctuated narrowly in October, closing unchanged to slightly lower, while prices for the limited supplies of millfeeds advanced. Grain v.larketing Receipts of wheat, corn, and barley at the five principal markets in the District increased during October, but arrivals of oats, rye, and kafir decreased and marketings of all grains were much below normal and generally smaller than in October of last year. Receipts of wheat were 36, corn 46.8, oats 35.7, rye 52.9, barley 60, and kafir 65.8 per cent below the average volume for the month during the past ten years. Farm holdings of wheat in the seven states in the District on October 1 were down 58.3, corn 45.9, and oats 39.2 per cent compared with average holdings on that date for the years 1928 to 1932 and accounted in part for the reduced volume of marketings as compared to the average. Receipts of grain at the five markets: BUILD! G PERMITS I Albuquerque, N. M.·--··············· Cheyenne, Wyo ........................... Colorado Springs, Colo .. - ........... Denver, Colo ............................... Hutchinson, Kans ....................... Joplin, Mo ................................... Kansas City, Kans ..................... Kansas City, Mo. Lincoln, ebr ..- ........................... Oklahoma City, Okla ................. Omaha, Nebr... Pueblo, Colo .. __ . Salina, Kans. St. Joseph, Mo ...·-······················· Topeka, Kans.·--························· Tulsa, Okla .._..... Wichita, Kans ....... TE TH DISTRICT CITIES PERMITS ESTIMATED 1935 1936 1936 1, 1, 162,618 67 99 75,210 36 35 67,463 44 54 367 576 6°3,354 271,007 83 78 21 61,650 15 62,170 49 35 240 958,200 203 161 142 93,936 190 130 384,348 125 169 239,381 12,912 51 49 21 27,635 17 20 39,03o 34 105,860 63 99 126 102 345,687 228 202 288,750 Flour Milling Operations at southwestern flour mills expanded from 68.9 per cent of full-time capacity in September to 72.4 per cent in October and output increased 9.1 per cent without adjustment for the extra working day in the latter month. Production was slightly above the average for October during the past ten years and was 10.8 per cent greater than a year ago when mills operated at 65 per cent of capacity. Production for the first ten months of 1936 showed an increase of 3.9 per cent over output in the same period in 1935. Flour production at the principal milling centers in the District, as estimated from the weekly reports of southwestern mills to the Northwestern Miller: Hutchinson .. Kansas City.. Omaha .......... St. Joseph... -. Wichita·---··· Wheat Bushels 1,405,350 3,280,000 9 19,44 1 408,000 1,288,500 Corn Bushels Oats Bushels Rye Bushels Barley Bushels 156,000 224,000 394,ooo 1,500 37,500 86,400 64,000 6,250 780,000 753, 200 181,500 16,900 Oc t. 1936 ...... 7,301,291 1,737,85° 775,5 00 Sept. 1936.... 5,852,300 1,570,450 837,500 Oct. 1935 .... _ 8,075,053 1,3 13,95° 2,183,500 10 Mos. 1936 n8,n8,328 31,838,n8 13,245,000 10 Mos. 1935 93,859,309 19,731,910 14,216,500 22,400 3,000 2,600 Kafir Bushels 1,300 49,000 10,500 2,600 --------16o,900 52,900 86,700 87,400 II9,500 121,600 553,6oo 58,100 850,400 2,549,350 1,183,500 723,500 2,377,6oo 631,400 65,500 Cash grain prices at Kansas City: No. I hard dk. wheat, bu. No. 2 mixed corn, bu ... .. No. 2 white oats, bu ....... o. 2 rye, bu ................... No. 2 barley, bu ...·--······· o. 2 white kafir, cwt..... Nov 14 Oct. 31 Sept. 30 Nov. 15 Oct. 31 Oct. 31 1935 1935 1914 1936 1936 1936 'f,1.22½ 1,1.19½ 'f,1.20½ 'f,1.03¼ 'f,1.05 1, .96 .81½ 1.14,½ I.II½ 1.09¼ .71 .67 .48 .29½ .29½ .55 .45½ .45½ .86 .8 8 .52 .96 .92 .51 ½ .88 .48 .83 .87 .90 •49 1.82 1.20 1.82 1.14 1.87 1.78 s THE MONTHLY REVTF.W THE ESTIMATED PRODUCTIO OF SEVEN TE TH DISTRICT CROPS, BASED O THE OVEMBER Reported by the United States Department of Agriculture, in thousands of units, ooo omitted CORN Colorado__ ______________ Kansas ___________________ _ Missouri __________________ Nebraska ________________ New Mexico __ _______ _ Oklahoma .. ___________ _ Wyoming______________ _ GRAIN SORGHUMS SUGAR BEETS Bushels Est. Final 1936 1935 1,855 994 5,852 9,680 855 2,346 748 2,678 2,625 2,816 7,400 13,16o Short Tons Est. Final 1936 1935 2/162 1,826 Bushels Est. Final 1936 1935 11,144 10,761 13,246 39,420 42,534 72,890 27,627 106,630 2,750 2,700 11,310 25,872 1,232 2,26o Seven states________ 109,843 260,533 United States __ __ ____ 1,526,627 2,291,629 19,335 58,103 DRY BEANS 806 625 1'26 262 104 302 650 5'25 476 410 1,892 2,093 13,799 31,845 40,689 332,244 387,678 Crops Following the September rains, the generally cool, dry weather which prevailed in most sections of the District during October, while generally favorable for harvesting operations, was not favorable for the rapid growth of late maturing crops. Killing frosts occurred in the third week of the month, and early in ovember temperatures well below freezing, accompanied by strong winds, extended as far south as southern Oklahoma, inaugurating the period of heavy winter feeding of live stock in Wyoming and checking the growth of grass and grain pastures in ebraska and southward through Kansas. In the eastern two-thirds of Kansas, however, much winter wheat had made sufficient previous growth to support live stock for some time. Growth of native and grain pastures in October delayed the use of reserve feed supplies which had commenced in drought areas as early as August. Harvesting of late feed crops, although hindered somewhat by the low temperatures, was in full swing after the first killing frosts and was nearing completion by the middle of November. Corn husking, which was more advanced than usual, made rapid progress in those areas which produced grain this year. The fall rains came too late to be of material value to the corn and grain sorghum crops so far as grain production is concerned and a large part of the acreages of these crops has been cut for fodder and silage to supplement the short feed grain supplies or has been pastured or abandoned. Alfalfa made some late growth but because of drought damage much of it was not cut but left to protect stands. Digging of sugar beets was delayed in northern Colorado by wet and frozen ground but weather conditions later improved, permitting harvest to go forward with little threat of loss from freezing. Part of the dry bean crop was damaged by excessive moisture while in the shock. The large potato crop in Colorado was reported being held rather closely in view of the favorable price outlook resulting from reduced national production this year. An early broomcorn harvest in Oklahoma was practically completed, with yields in the standard area above earlier expectations but low in the dwarf area where abandonment has been very heavy. Fruit production was light except in Colorado and New Mexico because of the low temperatures last winter, late spring frosts, and unfavorable growing conditions during the summer. About a half crop of peanuts was indicated in Oklahoma, while pecan production was the lowest of record. Department of Agriculture estimates of crop production in the seven states in the District showed a slight downward revision for corn, grain _sorghums, dry beans, and sweet potatoes and an upward revision in the estimates for white potatoes, apples, pears, grapes, sugar beets, and cotton during October. The indicated yield per acre of thirty-three important crops combined was 75 per cent of the 1921-1930 average in Wyoming, 90 per cent in Colorado, 103 per cent in New Mexico, 52 per II Bags Final 1935 1,256 21 WHITE POTATOES Bushels Est. Final 1935 1936 17,675 18,000 1,815 2,325 2,86o 4,5'24 5,350 10,080 630 420 1,920 2,730 1,595 2,610 3 1,674 97,823 100 Lb. Est. 1936 1,017 10,755 I CONDITION PEARS APPLES Bushels Est. Final 1936 1935 1,972 1,590 225 1,300 649 4,425 236 475 812 687 15 382 20 51 3,9 29 8,9 10 108,031 167,283 Bushels Est. Final 1936 1935 333 35 1 22 217 67 47° 13 44 27 38 IO 245 472 23,750 1,365 22,035 cent in Oklahoma, 60 per cent in Kansas, 43 per cent in ebraska, and 61 per cent in Missouri. These percentages reflected an increase of four points in Oklahoma, of three points in New Mexico, of two points in Wyoming and Missouri, of one point in Colorado and ebraska, and a decline of one point in Kansas compared to one month earlier. In the United States the yield per acre was placed at 86.5 per cent of the average or two points higher than the October 1 estimate. There was an increase in the prospective outturn of cotton during October but production in Oklahoma will be smaller than the short crops in either of the two preceding years. Prolonged drought had already prevented the usual late crop of bolls from developing and frosts cut short the revived plant growth following the fall rains. Fields were reported being snapped clean, with picking generally well advanced. There has been little loss to open cotton in the field. Cotton acreage and production, estimated by the Department of Agriculture, in thousands of units: ESTIMATED PRODUCTION (500 ACREAGE FOR HARVEST Nov. I Nov. 1 Nov. 1 1935 1934 1936 Oklahoma___ _____ 2,290 2,628 2,539 ew Mexico____ 109 108 92 Missouri____________ 349 320 288 Three states_____ 2,748 United States___ 29,720 3,056 28,652 Nov. 1 1936 300 107 290 2,919 27,241 697 I'l,400 lb. bales) Final 1935 567 75 177 Final 1934 321 90 238 819 10,638 649 9,636 Seeding of a large acreage of winter wheat was nearly finished in Kansas by the middle of November but less than the intended acreage has been sown in central and western Nebraska and in the dry land areas of Wyoming through lack of sufficient moisture to put the soil in proper condition. Recent heavy snows in Wyoming have been helpful but in ebraska the situation was very unfavorable and a heavy general rain was needed before winter sets in unless abandonment will again be heavy. Wheat in Oklahoma was making good growth and furnishin·g some pasture and in Colorado it was reported entering the winter with better prospects than for several years. Surface soil moisture over the eastern two-thirds of Kansas, where early seeded wheat, oats, rye, and barley were affording fair to good feed for live stock, was sufficient to carry wheat well into the winter and in that area there is also a fair reserve of subsoil moisture. A general deficiency of subsoil moisture, except in summer fallowed fields, continued over most of western Kansas. Top growth of wheat was generally smaller than two years ago and is developing later than at that time. Live Stock MARKETINGS: There was a further seasonal expansion in the movement of live stock to the six principal markets in the District during October although marketings were generally somewhat below normal as measured by the average volume 6 THE MONTHLY REVIEW for that month during the past ten years. The seasonal increase in cattle receipts, as in the preceding month, was small in comparison with other years and marketings were 16.8 per cent below a year ago and 19.3 per cent under the ten-year average, while receipts of calves were about normal for this season of the year. Market supplies of hogs, including direct shipments to packers, were 17.2 per cent below the average although substantially larger than the small supplies in October of last year, and arrivals of sheep showed a decrease of 23.9 per cent compared to the average volume and of 13.6 per cent compared to last October. The six markets received 12,063 head of horses and mules in October, 8,586 in September, and 9,710 in October, 1935. PRICES: October witnessed an advance in cattle prices and a sharp decline in hog and lamb prices at the Kansas City market. The limited supplies of strictly long fed steers were in good demand, particularly in the final week of the month, and closing prices were about 50 to 75 cents per hundredweight higher than at the close of September and 75 cents to $1 above the October low. Slaughter steers sold up to $10.40, the highest level since in February and March of this year but well below the $12. 50 peak in January and the $12 top for last October. The cattle top, however, was above that in other Octobers since 1931. Stocker and feeder cattle did not react to the upturn in beef cattle values, closing about 25 cents or more lower. A seasonal increase in receipts and the plain quality and light weight of offerings resulted in a sharp break in hog prices in the last half of the month which carried values to the lowest level since last May. The principal killing classes declined about 75 cents to $1 for the month and stock pigs were down 50 to 75 cents. The October hog top was $10.20 compared to $10.65 a year ago but was higher than in that month in other years since 1928. Range lambs arrived in large volume and prices declined about $1, with native lambs about 65 to 75 cents lower. The lamb top of $9.20 was 80 cents below that of last year but even the low of $8.35 at the close of the month was above the high for October in other years since 1930. All live stock prices advanced in the forepart of November, cattle reaching a par with a year ago. STOCKERS AND FEEDERS: The countryward movement of stocker and feeder cattle, calves, and sheep from four markets in the District showed a further seasonal increase in October while shipments of hogs decreased. Shipments of cattle and sheep were smaller than a year ago and only hogs showed an inq:ease for the first ten months of the year compared to the same period in 1935. Cattle shipments were 41.4, calves 16.5, hogs 3.4, and sheep 40.6 per cent below the October ten-year average. The Department of Agriculture on November 1 reported little change in the cattle feeding situation from that of one month earlier when it was indicated that sharply fewer cattle would be fed in the Corn Belt for market during the winter and spring of 1936-1937 and that some increase in cattle feeding would occur in western states. Market shipments of feeder lambs into Corn Belt states west of the Missouri River, into Kansas, into the Scottsbluff area of Nebraska, and into the feeding areas of Colorado have been much smaller than last year but it was anticipated that the direct movement of lambs into Kansas to be finished on wheat fields would be considerably larger than a year ago although not as large as in 1934. The generally poor condition of ranges and pastures in the Great Plains area from Oklahoma northward showed little change during October except for moderate improvement in Oklahoma. Ranges and pastures were above average in Colorado. Winter wheat in the southern Great Plains has made fair to good growth and will supplement the short range feed. In the plains region north from northwestern Kansas, however, there has been little recovery in ranges, and winter wheat in that area will furnish little pasture. Cattle shipments from dry areas in Nebraska, Kansas, and Oklahoma were below earlier expectations and there has been a tendency to hold cattle and lambs where feed is ample. Feed grain supplies this season are below domestic disappearance during recent years but supplies of hay and by-product feeds are about average, indicating that the deficit in feed grains may be largely offset by changes in feeding practices and the substitution of other feeds and feedstuffs. l\1eat Packing Packers purchased fewer cattle and calves and more hogs and sheep for slaughter in October than in September at the six principal markets in the District, direct shipments of hogs included, with cattle purchases slightly smaller but calf, hog, and sheep purchases considerably larger than a year ago. The indicated slaughter of cattle was 5.3 and of calves 34.2 per cent above the October ten-year average, while hog slaughter was 12.2 and sheep slaughter 20.2 per cent below the average volume. Federally inspected commercial live stock slaughter in the United States showed a general increase in October and was heavier in October and the first ten months of 1936 than in the same periods of 193 5 for all species except sheep. The October slaughter totals were large, cattle exceeding the average volume for that month during the past ten years by 28.2, calves by 32.4, hogs by 5.4, and sheep by 13.4 per cent. Live stock slaughtered under Federal meat inspection in the United States, reported by the Bureau of Agricultural Economics from compilations of the Bureau of Animal Industry: Cattle Calves Hogs October 1936.................... 1,124,175 585,425 3,491,671 September 1936·--··········· 1,071,569 552,658 2,403,342 October 1935.................... 1,083,044 531,090 2,135,317 Ten months 1936............ 8,996,589 5,099,185 27,082,233 Ten months 1935............ 7,817,973 4,718,430 20,760,874 NOTE: Slaughter for Government relief purposes excluded. OCTOBER MOVEME T OF LIVE STOCK I Kansas City .............. Omaha ........................ St. Joseph .................. Denver_ _ _ __ Oklahoma CitY·-······· Wichita ...................... Cattle 165,788 147,827 38,859 72,096 48,786 28,290 October I 936_ ........... 501,646 September 1936_ ...... 493,455 6o2,6o5 October I935·--········· 10 Months 1936........ 3,788,309 t10 Months 1935 ...... 3,708,673 •Includes 97,783 hogs shipped Calves 51,641 28,281 12,782 8,997 22,284 9,643 Hogs *166,196 152,759 95,556 37,466 34,102 24, 296 THE TENTH DISTRICT PURCHASED FOR SLAUGHTER STOCKERS AND FEEDERS RECEIPTS Sheep 155,012 169,918 79,o65 532,872 5,526 6,595 Cattle 70,148 46,778 5,941 30,748 Calves 17,464 Sheep 1,741,798 1,592,912 1,764,535 14,098,830 14,868,549 Hogs 9,348 9,037 554 1,640 2,8 29 604 594 Sheep 35,n7 69,806 18,258 253,891 Cattle 81,585 81,589 30,504 21,085 3o,779 n,365 II,100 256,907 3o,97o 377,072 I 53,615 948,988 133,628 51o,375 192,368 283,169 24,788 19,712 109,264 886,295 108,144 4oo,484 566,610 262,115 6,325 224,256 121,76o 289,926 1,098,335 3°,3 19 82,442 1,097,188 2,202,289 II'.l,J69 726,993 Tl9,801 4,386,652 6,3n,320 61,602 1, 21 9,794 1,868,085 140,291 902,600 716,737 3,259,5o5 6,548,032 fReceipts include Government purchases of cattle and calves. direct to packers' yards. Calves 28,776 19,186 u,249 4,365 19,7o9 4,539 Hogs *145,569 n3,694 81,251 27,969 29,909 22,523 Sheep 105,920 92,617 6o,087 41,769 3,38o 5,388 309,161 420,915 291,842 314,570 246,712 228,034 77,453 569,134 3,651,716 2,910,250 524,891 2,676,915 3,o53,697 87,824 89,251 7 THE MONTHLY REVIEW Cold Storage Holdings United States cold storage stocks of beef, lamb and mutton, and poultry, which on October I were at a high level, increased by considerably more than the usual seasonal amount during the following month, and the previously large holdings of miscellaneous meats and cheese showed an increase contrary to seasonal trends. The seasonal decrease in stocks of eggs was about in line with the five-year average movement but the decline in holdings of pork, lard, and butter was much less than usual. Holdings of all commodities except butter and eggs were substantially larger on November I than a year ago, with beef 72.4, poultry 74, miscellaneous meats 30.6, lard 33.4, butter 2.3, and cheese 17.7 per cent above and lamb and mutton more than twice the average amount so held on that date in the past five years. Stocks of pork were 14.2 and cased eggs 19.1 per cent below the average. United States cold storage holdings reported by the Bureau of Agricultural Economics, in thousands of units: Beef, lbs .................................................. . Pork, lbs .................................................. . Lamb and mutton, lbs ..... ..................... . Poultry, lbs.·---······································· Miscellaneous meats, lbs ....................... Lard, lbs ................................................... Eggs, cases·--··········································· Eggs, frozen (case equivalent) ............. . Butter, creamery, lbs ............................. Cheese, all varieties, lbs ......................... *Subject to revision. *Nov. 1 1936 104,680 352,260 5,9 25 105,078 77,388 94,495 3,79° 2,343 105,3 1 9 118,918 Oct. 1 1936 82,806 361,608 3,374 82,096 75, 237 101,796 5,817 2,762 108,835 114,990 rov. 1 Nov. 1 1935 5-Yr.Av. 60,708 65,464 240,663 410,631 1,968 2,500 6o,379 53, 1 56 53,497 59, 2 53 40,702 4,644 2,515 120,210 111,731 70,818 4,684 2,447 102,961 101,011 Zinc and Lead Shipments of zinc concentrates from Tri-State mines and tailing mills declined slightly during the four weeks ended October 31, owing in part to the heavy rains early in the month, and were slightly smaller than in the corresponding four weeks in 1935, while shipments of lead showed an increase. Zinc production had risen by the final week of October to the highest level since in April, with 58 mills in operation or the largest number since in June. Zinc and lead shipments from the Tri-State district: ORE Value 686,888 399,200 90,437 LEAD ORE Tons Value 2,441 '/, 122,050 I ,026 5I ,300 263 13,150 37,350 '/, 1, 176,5 25 3,730 '/, 186,500 165,000 3,300 155,241 3,3°3 4 2 , 0 99 2,082,550 32,745 1,294,663 ZINC Oklahoma.___ ···· -- - - - Kansas .... _ _ _ _ _ _ __ Missouri ................. _ _ _ __ 4 Wks. Wks. 4 Wks. 44 Wks. 44 Wks. 4 ended Oct. ended Oct. ended Nov. ended Oct. ended Nov. 31, 3, 2, 31, 2, 1936. __. 1936. __ . 1935·--· 1936__ _ 1935·--· Tons 21,806 '/, 12,673 2,871 37,880 37,748 361,190 309,594 1,193,220 1, 199,335 II,448,690 8,666,184 Zinc prices at the Joplin market were unchanged in October at $31.50 per ton compared to $32 at the close of October last year. Lead prices, which had been stationary since February, advanced $4 per ton to close the month at $54 compared to $47 a year ago. The combined value of zinc and lead shipments this year has already exceeded that for the entire year 1935, reflecting not only an increase in the volume of shipments but also an average increase of about $4 per ton in the price of zinc and of about $10 in the price of lead. Coal The production of bituminous coal in the District showed a further seasonal increase in October. Output was 3.6 per cent larger than in October of last year and was the largest reported for the month since 1930. Production for the first ten months of the year was I 5. 8 per cent ahead of production in the first ten months of 1935. Bituminous coal production reported by the Bureau of Mines: Colorado _ _ _ __ Kansas and Missouri ................. . New Mexico·---··························· Oklahoma·---······························· Wyoming _ _ _ _ ·················· *Oct. 1936 Tons 807,000 Sept. 1936 Tons 665,000 565,000 539,000 171,000 263,000 645,000 II8,ooo 217,000 516,000 Oct. 1935 Tons 747,000 694,000 137,000 257,000 628,000 Six states .. _ _ _ _ _ _ 2,551,000 1,955,000 2,463,000 United States·----······················· 42,935,000 37,200,000 37,768,000 *Estimated from the weekly reports of the United States Bureau of Mines. Petroleum The estimated daily average flow of crude oil in the District was slightly less in October than in September but gross production increased 2.2 per cent with one more producing day. Production continued at a high rate, exceeding the October average during the past ten years by 14.5 per cent and output in October of last year by I 1.7 per cent. During the first ten months of the year, output was 9.9 per cent greater than in the first ten months of 1935. Petroleum production, estimated from the weekly reports of the American Petroleum Institute for October and officially reported by the Bureau of Mines for September and October, 1935, in thousands of barrels: Oklahoma·---··········· Kansas ...................... Wyoming.................. Colorado New Mexico..·--······· October 1936 Gross D.Av. 17,754 57 2•7 161.3 5,001 1,271 41.0 152 4•9 2,520 81.3 September 1936 Gross D.Av. 581.2 17,435 5,008 166.9 41.6 1,247 76.2 October 1935 Gross D.Av. 15,95° 514•5 154•4 4,785 1,207 38.9 130 4.2 1,822 58.8 Five states ................ United States·-····-··· 861.2 26,698 94,586 3,051.2 26,130 871.1 9°,97 2 3,03 2.4 23,894 770.8 88,160 2,843.9 155 2,285 5.2 National Summary of Business Conditions By the Board of Governors of the Federal Reserve System Volume of industrial production increased seasonally in October and there was a substantial rise in employment and payrolls. Prices of a number of industrial raw materials and finished products have advanced. PRODUCTION A D EMPLOYMENT: In October the Board's seasonally adjusted index of industrial production was at 109 per cent of the 1923-1925 average, about the level of the three preceding months. Steel production was in larger volume than in any other month since 1929, and the rate of activity was sustained in the first three weeks of November. Output of automobiles rose sharply from September to October. The increase in this period was less than a year ago, reflecting the fact that this year the date of the shift to production of new models was less uniform among the leading producers but in the first three weeks of ovember production increased further and was larger than last year. Activity at textile mills, which usually increases in October, declined slightly from the high level of September. In the meat packing industry output showed a further increase. Coal production increased seasonally, and production of crud e petroleum continued at recent high levels. Factory employment increased by more than the usual 8 THE MONTHLY REVIEW seasonal amount between the middle of September and the middle of October. Increases in employment were general among the durable goods industries, with the largest expansion reported at factories producing automobiles and machinery, while changes in emplcyment in the nondurable goods industries were largely of a seasonal character. Factory payrolls rose by considerably more than the usual seasonal amount. PER CENT PER CENT have also been substantial increases in the prices of some finished products, including automobile tires, glass, woolen goods, and cotton goods. BANK CREDIT: Member bank reserves increased in the four weeks ended November 18, chiefly as the result of transfers of gold to the United States. On that date member bank reserves were $2,'270,000,000 larger than legal requirements, PER CENT PER CENT 140 , - - - - - - , - - - ~ - - ~ - - ~ - - - , - - - ~ - - ~ - ~ 140 120 130 130 110 110 120 100 100 110 90 90 100 80 80 90 70 70 80 60 60 70 INDUSTRIAL PRODUCTION >-----+---+-----+---+-----+---+----+-------< 120 WHOLESALE PRICES 50 50 60 1 - - - - + - - - + - - ---+----+-...-----t- - - + - - - - ; - - - - - i 60 40 40 50 <-.,_,-----'-------'------'----'------'-----'-----"----"""""" 50 30 1929 1930 1931 1932 1933 1934 1935 1936 Index of physical volume of production, adjusted for seasonal varia- Value of construction contracts awarded, as reported by the F. W. Dodge Corporation, was slightly smaller in October than in September, with a decline in publicly-owned projects partly offset in the total by an increase in awards for private nonresidential construction. DISTRIBUTION: Sales by department stores and by mail order houses serving rural areas increased from Septem her to October by a larger amount than is usual at this season. Variety store sales showed a less than seasonal rise. Freight-car loadPER CENT PER CENT , - - - - - - - , - - - - r - - ~ - - - r - - - - , - - - - - - , - - - - - - . - - - - - , 250 250 200 1932 1933 1934 1936 1935 the highest level since the increase in reserve requirements which became effective in the middle of August. Adjusted demand deposits at weekly reporting member banks in leading cities have continued to increase, and on November 18 amounted to about $15,400,000,000. Since the end of last May these deposits have increased by over $800,000,000, reflecting a rise in deposits outside New York City. Time deposits at reporting banks have remained at about the $5,000,000,000 level. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 8 MEMBER BANK RESERVE BALANCES DEPARTMENT STORE SALES 1 - - - 1 t - - - t - -- - - - t - - - - t - - - t - - - - + - - - - - t - - - - - - - i 1931 Indexes compiled by the United States Bureau of Labor Statistics, 1926=100. By months, 1929 to 1931; by weeks, 1932 to date. Latest figure is for week ending November 21, 1936. tion, 1923-1925 average = 100. By months, J anuary 1929 through October 1936. 200 30 1930 1929 8 7 7 6 6 5 5 4 4 3 3 2 2 150 l - - - - - - f f l - - - - - - - - - - 1 - - - - 1 - - - - f - - - - + - - - - - - + - - - - - - - i 150 - Adjusted for seosonol vor,at,on Without seasonal od1ustment 0 0 I 1929 1930 1931 1932 1933 1934 1935 Indexes of value of sales, 1923-1925 average=loo. January 1929 through October 1936. 1936 By months, ings increased further in October, reflecting chiefly a larger volume of shipments of miscellaneous freight and of coal. COMMODITY PRICES: The general level of wholesale commodity prices advanced somewhat during the first three weeks of November, following two and a half months of little change. Since the middle of October prices of a number of industrial raw materials, particularly nonferrous metals, hides, rubber, silk, and wool, have shown a considerable rise and there 0 0 1932 1933 1934 1935 1936 Wednesday figures of total member bank reserve balances at Federal Reserve banks, with estimates of required and excess reserves, January 6, 1932, through November 18, 1936. Holdings of United States Government obligations at reporting banks have recently declined somewhat further. Since the end of June the decline has amounted to about $300,000,000 and has been at New York City, with little change elsewhere. Holdings of other securities have declined in recent weeks, reflecting chiefly a reduction in the amount held by New York City banks. Loans to customers have shown some further mcrease.
@FedFRASER