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THE MONTHLY REVIEW
(overi'ng (onditions in the Tenth Federal 'R.yerve Virtnct
Federal Reserve Bank of Kansas City
FoR THE INFORMATION oF l\1EMBER BANKS AND BusrnEss INTERESTS OF THIS DISTRICT
C. K.
M. L. McCLURE, Chairman Board of Dit-ectors
BOARDMAN,
and Feder"/ Reserve Agent
VoL. 8
KANSAS CITY, Mo., OCTOBER
HIGH POINTS IN THE STATISTICAL RECORD OF THE
TENTH FEDERAL RESERVE DISTRICT.
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No. 9
MPROVEMENT in the economic position of the agricul.
tural and live stock interests is in evidence at this time in
all sections of the Tenth Federal Reserve District. Recent
rains distributed over this vast area came in time to revive
ranges and pastures, insure a bumper corn crop and an abundance
of feed in all sections to carry live stock through the coming
winter. Advances in prices of farm products and meat animals
to levels above those of a year ago and an enormous inflow of
money from the marketing of these products of farm and range
are factors which have also helped along the improvement. Naturally, the betterment of c.onditions affecting these paramount
interests has stimulated activity in other industries. It has resulted in a substantial increase in the volume of fall trade and
a more confident feeling with respect to the underlying soundness
of business in general.
The financial situation in recent weeks has changed but slightly from that which prevailed through the spring and summer
months, although it is noted that the enormous volume of business at this season calls for bank operations on a tremendously
large scale. The demand for credit accommodations continues
strong, although liquidations from crop and live stock marketings have held the volume of loans fairly constant around the
high level maintained through the _spri~g a~d summer. In t_he
financing of crop movements the s1tuat1on is apparently easier
than in previous years. The banks throughout the District, with
a large volume of deposits, are well supplied with funds, and with
the agricultural credit facilities under the Federal Reserve Act
available to their use, are better able to meet all demands upon
them for currency and credit .than at any other time in the
history of this country. Although wheat has moved to markets
in a volume slightly less than at the corresponding season last
year, live stock marketed during the summer season and up to
this time has been in much greater volume than was ever before
reported, while other products moving through market channels
have been proportionately large. Hence, the financing of so
large a volume of business has been a greater task than is ordinarily imposed in peace-times upon the banking interests of this
District. Current reports, however, indicate that the banks are
handling this enormous business with little outside help and
without disturbance to commercial and investment financing,
which are also unusually heavy at this season.
I
THE SITUATION AT A GLANCE
,r
1, 1923
Assistant Federal Reserve Agent
and Secretary
Debits by banks against accounts as a measure of
business in 28 cities. five weeks ending September 5,
total $I ,324,543>000.' Increase over corresponding five
weeks last year, $70,50I,ooo or 5.6%.
Business Failures in the Tenth District during August,
68 and liabilities $1,083 ,184. Decrease from August
last year 27 and $879,935 or 44.8% in liabilties.
Building permits issued in 17 cities during August
2,911, and estimated cost $6,445,394. Inc:ease ~2 permits and decrease $3,882,173 or 37,6% m estimated
cost from August last year.
Corn yield in the Tenth District, estimated September
1 as 500,263 ,000 bushels. Increase over last year's
final estimate, 106,678,000 bushels.
Cotton in Oklahoma, August 25 estimate 791,000 bales.
Increase over last year's final estimate 156,000 bales.
Wheat receipts at 4 markets during August, 20,898,150
bushels. Decrease from August last year, 1,344,100
bushels.
Flour production at southwestern reporting mills during August, 2,039,239 barrels. Decrease from August
last year, 99,018 barrels.
Live Stock receipts at 6 markets during August compared with August, 1922: Cattle, 665,121; increase
70,423. Calves, 143,137; increase 33>653. Hogs, 838,209; increase 180,999. Sheep, 494,950; decrease 10,706.
Horses and mules> 9,664; increase 3,792.
Stocker and feeder cattle shipped to the country from
.4 markets during August, 279,780. Increase over August last year, 39,827.
Meat animals purchased by packers at 6 markets during August compared with August, 1922: Cattle,
270,550; increase 15,680. Calves, 84,070; increase
21,385. Hogs, 566,027; increase 28,137. Sheep, 230,599;
decrease 40,749.
Soft coal mining operations in 6 states, average for
August, 52.7% of capacity. In August last year,37.3%.
Colorado metal mining in August estimated 50% increase over last year.
Crude oil production in Kansas, Oklahoma, Colorado
and Wyoming during August, 20,700,350 barrels.
Increase over August last year, '2,943,350 barrels.
Lead ore shipments from Tri-State District during
August, 4,078 tons. Decrease from August last year,
1,725 tons.
Zinc ore shipped from Tri-State District during August. 43,067 tons. Increase 13,588 tons.
MEMBER BANKS OPERATIONS: The position of banks
throughout the District is fairly well indicated by the showing
of the principal resource and liability items of seventy-six selected
Member Banks reporting weekly to the Federal Reserve Bank of
Kansas City. These reports show that loans and discounts, and
rediscounts, have fluctuated but slightly during the eight months
of 1923, the total of $446,021,000 for seventy-six banks at the
first reporting date in September being about mid-way bet~een
the high level of $453,999,000 on March 14 for seventy-eight
banks, and the low level of $439,780,000 on January 17 ":hen
seventy-nine banks reported. The following shows the combined
Compiled Sept. 25, 1923
THE MONTHLY REVIEW
1.
2.
3.
4.
5.
6.
7.
8.
9.
PRINCIPAL RESOURCE AND LIABILITY ITEMS OF
76 MEMBER BANKS I SELECTED CITIES
Sept. 5, 1923 Aug 1, 1923
Loans and Discounts (;ncluding rediscounts):
(a) Secured by U. S. Govt. obligations·-·······$
6,86o,ooo $
6,779,000
(b) Secured by stocks and bonds, other
than U.S. Bonds.............,____
82,664,000
79,882,000
(c) All other............... _ _ _ _ _ _ _ 356,497,000
359,871,000
Investments:
II,416,000
(a) U. S. Pre-War Bonds·-··-···························
n,600,000
52,558,000
(b) U. S. Liberty Bonds·-··-·····························
49,312,000
(c) U. S. Treasury Bonds................................
4,881,000
4,839,000
(d) U.S. Victory Notes an<l Treasury Notes..
22,101,000
19,033,000
(e) U. S. Certificates of Indebtedness·-·········
5,982,000
5,054,ooo
(f) Other Bonds, Stocks and Securities ...·.....
6r~o~p,ooo
59,606,000
Total Loans and Discounts, and Investments 596,993,opo
6o3,034,ooo
Reserve Balances with F. R. Bank..................
49,4.I2,QOO
47,8.13,000
Cash in Vault......................... _ _ _ __
12,744,000
12,397,000
Net demand deposits on which reserve is computed ........................................ _ _ _ __
443,633,ooo
439,974,000
128,41 8,000
Time Deposits. -----··························· x35,487,ooo
Government Deposit.,.__ _ _ _ _ _ __
1,873,000
1,139,000
Bills payable and rediscounts with.F. R. Bank
secured by:
(a) U.S. Govt. Obligations..............................
9,061,000
8,831,000
17,426,000
(b) All other·-··--···············································
15,624,000
TOTAL (Items 3 to 9 Inclusive) .................... $1,260,434,opo $1,263,4251000
totals of loans and discounts on the first reporting date. in each
month of the pr,esent year, with the number of Member. Banks
reporting:
Member Banks
Reporting
January 3.............................................................. 81
February 7 • · · - - - - - · -- - 7 8
March 7··········-----··························78
April 4••··············-------·············78
May 2...· - - - - - - - - - · · · · · ····•··•··77
June 6__ _ _ _ _ _ _
----··77
July 3········- - - - - - -·······················77
August 1.•...·----··································76
September 5··-----·····························•·76
Loans ,& Discounts,
and Rediscounts
$447,370,000
444,6rn,ooo
449,6,13,000
450,408,000
449,728,000
446,265,000
450,147,000
446,532,000
446,021 ,000
Investments of reporting Member Banks reached $1-56,818,000
on August 8, the highest of record, but declined in .successive.
weeks to $150,972,000 on September 5, which was. about the
level maintained throughout the first seven months of the year.
Total loans and discounts, and investments of the reporting
Member Banks stood at $6o4,692,ooo on August. I 5, the largest
of record, but declined to $596,993,000 on September. 5.
Gross deposits reported by the seventy-six .Member ·Bank~·
were maintained at higher levels in August than during the three
previous months. The total on September 5 was '/,576,600;000,
or $2,676,000 greater than on August I . Demand deposits aggregating $439,974,000 on September 5, were ·$J,659,ooo less:than
at the first reporting date in August, although they were $II,028,ooo above the total at the first reporting date in July. Time
dep·osits reached the highest point on record September 5, when
the total stood at $135,487,000, an increas~· of '$7,06-9iooo be•
tween August I and September 5.
FEDERAL RESERVE BANK .OPERATIONS:-- Recent
weekly statements of the Federal Reserve -Bank of Kansas City
and branches show that the volume of discounted· and. purchased
bills has fluctuated slightly. The total of $46,008,123 as of Sep~ember 19 was $3,318,756 above the total on Augu.st 22 and
$4,696,r96 below the total. on July r8. Deposits as 0£ Sept-.
ember 19 were $80,569,825, which was· $2,426,208 less than one
month previous and $2,625,707 less than two months pi:evious
to this date·.
GOVERNMENT FINANCING: New government financing at this season consisted in the offering of an issue.of 'l,200,000,000 of United States Treasury Certificates of Indebtedness
dated September I 5, 1923, ·and maturing ·March I 5, 1924, at
4¾%- Subscriptions in the Tenth Di'strict through. ·the Fiscal
Agency Department· of the Federal Reserve Bank 6f Kansas
City and its branches totaled $12,283,000. The amount allotted
however, was $5,463,000. Subscriptions below 1,10,000 were
allotted in full; from $10,000 to $100,000, 50%, and from 1,100,000
up, 20%.
ACCEPTANCES: Very little interest in bankers' acceptances
has been displayed by banks in this District, the reports showing
neither purchases or sales of bills during the thirty-day period
ending September 12. On that date one bank held $49,000 of '
90-day wheat paper, while the Federal Reserve Bank of Kansas
City held $2,012,345 of bills of 60 and 90 days matti.rity based on
imports of silk, sugar and tea and on exports of glass, cotton
and coal.
COLLECTIONS: The reports of wholesale merchants ·ind~
cate collections fair tO" good· during August, . though requfring ·
close attention. Collections were generally reported by retailers
as good, while department stores reported the percent of col~ections during August on outstandings a shade lower th an during
August last . year.
.
Savings in Banks
Deposits to savings accounts in fifty-nine banks in cities of
the Tenth Federal Reserve District on September I were
$Ito I ,468,46r, an increase of '$77,063 over total deposits of the
same banks on August I, and an increase of $9,637,936, or 10.5%
over the total on September 1, 1922. The number of accounts
reported by fifty-three banks on September I w~s 317,168, an
increase ot 4,292, or 1.4% 1 over August I, and an increase of 39,489, or 14.2%, over one year ago. The combined reports on
savings deposits follow:
Banks Sept. 1,1923 Aug. 1, 1923 Sept. 1, 1922
Denver, Colorado...... _ _ _ 8
$ 53,586,269 f, 53,438,472 $47,863,343
2,430,990
Kansas City, Kansas.................. 4
2,360,531
2,156,643
Kansas City, Missouri ................ 8
II,885,295 10,842,642
II ,7o3,773
Lincoln, Nebraska...................... 3
2,808,596
2,821,928
2,484,344
Oklahoma City, Okla ................. 6
3,629,134
3,676,347
3,o83,56 1
Omaha, Nebraska.. _ _ _ _ 6
7,591,654
6,975,in
7,577, 274
9,869,107
8,941,163
St. Joseph, Mo·-----··· 7
9,853,95°
Tulsa, Oklahoma.......................... 7
6,310,236
6,287,951
6,432,857
Wichita, Kansas........ _ _ _ 6
2,247,397
2,262,086
2,145,499
1,198,221
1,175,742
1,050,268
Out:side.... - - - -·················· 4
TotaL ............................................ 59
$101,468,461
f,101,391,398 , f,9:r,830,525
Business Failures
The August report on business failures in the Tenth Feder.al ,
Reserve District makes a favorable showing as compared with
th:e records for- July of this year and August of last year, as the
followingr indicates:
Failures
Number
August, 192-3.----······-------------68
July, 1923 _
··---------···66
August, 1922.......... - - - - - - - - - - -95
Liabilities
Amount1i
$1,083,184
2,795,103 ,
1,963,n9
These figures show August liabilitieswere '$1,7u,9J9,,or-61.3%
less than jn. the previous month of July, and $879,935, or 44.8%
less than the total liabilities reported for August, 1922.
Business failures in the United States during the month of '
A gust, 1923, by Federal Reserve Districts, compiled by ·R. G.
Dun & Compqny, with 1922 totals for comparison, followi
NUMBER
LIABILITIES
Aug. 1923 Aug. 192-2 Aug. 1923
Aug. 1922
First (Boston)·-··························· 118
u8 · $ 966,830
1,556,039 :
Seaond (New York) .................... 273
269
5,734,1.68 '
7,364,329
Third (Philadelphia).................. 80
76
5,027,408
2,735,637
Fourth (Cleveland).................... n6
I 56
1,870,656 ·
3,574,148
Fifth (Richmond).- -·······............ 94
134
2,907,919
2,253,748
Sixth (Atlanta) .... ·-·········.. ·········· 92
I 52
5,598,050
2,890,891
Seventh. (Chicago) .. :................... 168
2436,1,63,449
6,776,867
Eight (St. Lou.is)........................ 45-,
135
694,96o
2,347,687
Ninth (Minneapolis).................. 82
69
1,314,746.
888,750
TENTH (Kansas City)............ . 68
95
1,083,184
1,963,n9
Eleventh (Dallas)
·
68
85 ·
1,020,596- ·
5,198,194
Twelfth (San Francisco) ............ II5
181.
1,952,756
2,730,209
Tptal, United S~ates .................. I~3IC:J'
3
THE MONTHLY REVIEW
CO DITION OF RETAIL TRADE IN CITIES OF THE TE TH FEDERAL RESERVE DISTRICT DURI G AUGUST, 19'.l.3
BASED UPON REPORTS FROM SIXTEEN DEPARTMENT STORES
Kansas City
(J)
Percentage increase (or decrease) of net sales during August, 1923, over net sales
during same month last year _ _ _ _ _ ._ _ _ _ _ _ _ _ _ _ __
Percentage increase (or decrease) of net sales from July 1 1923, to Aumist
31, 1923, over
0
net sales during same period last year..................... _ _ _ __ _ _ __
Percentage increase (or decrease) of stocks at close of August, 1923, over stocks at
close of same month last year_ _ _ _ _ · · · · · · - - - - - - - - - - Percentage increase (or decrease) of stocks at close of August, 1923, over stocks at close
of July, 1 9 2 . . > - - - - - - - - - - -- - · · · · · · · - - - - - - - Percentage of average stocks, selling price, at close of each month this season (com•
mencing with July 1) to average monthly net sales, selling price, during the
same p e r i o d . - · - - - - - - - - - - -··········•···········································-···
Percentage of outstanding orders (cost) at close of August, 1923, to total purchases
(cost) during the calendar year, 1,92....._______ _ _ _ _ _ __ ······
Percentage of collections during month of August, 1923, on amount of outstanding
accounts on July 31, 1 9 2 J - - - - - - - -- - - - -----··········
Percentage of collections for same period last year_··-··········----~ - - - - -
Banks ·Debits
Twenty-eight cities in the Tenth Federal Reserve District
reported debits by banks .against the. accounts of customers
aggregating $1,324,543,000 for a period of five weeks ending
September 5, 1923. This total was '/,70,501,000, or 5.6%, greater
than the total of debits during the corresponding five weeks
ending September 6, 1922. The debits of twenty-eight cities
reported through their clearing houses to the Federal Reserve
Bank at Kansas City, as a measure of the volume of business,
are here shown for the five weeks' period in 1923 and 1922, with
percentage of increase or decrease for each city:
Five weeks ending Five weeks ending Per cent
Sept. 6, 19'.22
Change
Sept. 5, 1923
i 6,079,0<X>
7.2
Atchison, Kansas_··--·-·
$
6,519,000
11,236,000
-14.0
9,662,000
Bartlesville, Okla....... -······---····
15,6o1,ooo
42.6
22,251,000
Casper, Wyo..... - - - - - Cheyenne, Wyo, _ _ _ _ __
12,817,000
9,292,000
37.9
Colorado Springs, Colo....... ____
14,777,000
14,818,000
·3
Denver, Colo _ _ _ _ _ __
177, 234,000
161,477,000
9.8
Enid, Oki...__ _ _ _ _ __
16,307,000
14,892,000
9.5
Fremont, ebrask-.._ _ __
3,234,000
12.5
3,637,ooo
l.2,837,000
7.7
Grand Junction, Colorado.. ---····
3,o55,ooo
Glllthrie, Okla ........... _ _ __
2,753,000
20.8
3,3 27,000
15,647,000
-10.3
14,030,000
Hutchinson, Kansas.·-····-----··
Independence, Kansa _ _ __
10,057,000
-8.o
9,249,000
' Joplin, Mo ... _ _ _ _ _ __
11,697,000
20.2
14,065,000
Kansas City, Kansa.,.___ _ __
17,428,000
32.2
23,040,000
Kansas City, Mo _ _ _ __
356,632,000
12.9
402,641,000
La..vrence, Kansas ...... _____
3,791,000
19.0
4,511,000
McAlester, Oklahoma ___ __
3,768,000
16.2
4,377,000
2
Muskogee, Oklahoma...... _. _ _
23,030,000
5,437,000
-"9·5
82,852,000
-.8
82,219,000
Oklahoma City, O k l ~ - - 8,489,000
-2.1
8,310,000
Okmulgee, Oklahoma.... ---··-·Omaha, NebraskiL__ _ _ __
215,680,000
2.2
220,451,000
Parsons, Kansa.,___ _ _ __
3,934,000
-17.1
3,263,000
6,108,000
15.0
7,027,000
Pittsburg, K a n s ~ - - - - Pueblo, Colorado _ _ _ __
17,77'.2,000
17,165,000
3-5
62,749,000
-.8
62,-259,000
St. Joseph, Mo ..· - · · · · - - - Topeka, Kansas .... _ _ _ _ __
14,026,000
I 1.J
15,605,000
Tulsa, Oklahom..___ _ _ __
100,823,000
-"9.0
91,763,000
Wichita, Kansas _ _ _ _ __
55,540,000
4.5
5 1,345,000
Total 28 Cities.. _ _ _ _ _ _ $1,324,543,000
5.6
Mercantile Trade
WHOLESALE: While the volume of sales by wholesalers
during August was but slightly above that in the corresponding
month last year-taking the composite figure for all lines-the
reports exhibit a healthy condition of trade. Retailers for the
past two years have been buying in small lots, according to
immediate requirements of their trade, on account of general
conditions in the agricultural districts. Merchants who have
been visiting the markets during recent weeks, however, report
a more optimistic feeling among farmers, due to the .fact that
Denver
(4)
Outside
(9)
Total
(16)
9.1
Inc.
7.0
Inc.
7.0
6.1
· Inc. 11.2
Inc.
2.3
Inc.
6.2
8.5
Dec. 2.3
Inc. 16 9
Inc.
7.6
Inc.
Inc.
Inc.
8.7
Inc.
5.0
Inc.
Inc.
Inc. 11.3
Inc.
5.3
9.2
610.6
56o.5
r18.6
630.6
7.1
II.2
9.3
9.1
45.6
46.1
34·5
44.0
43·9
41.4
35.o
41.7
both grain and livestock are bringing better prices. The improvement, according to the reports, is stimulating trade to a very
great extent and wholesalers are anticipating a good fall and
winter business. A summary of the reports follows:
Dry Goods..........................
Grocerie~-- Hardware........ ·-·················
Furniture ........ _ _ _ _
Drugs ............ - - - Millmery..............................
SALES
OUTSTANDINGS
No. Aug. 19'.23 Aug. 1923 Aug. 31 '23 Aug.31 '23
of
compared compared compared compared
Stores
with
with
with
with
July, 1923 Aug. 1922 July, 31 '23 Aug.31 '22
3
8.3
3.4
13.9
10.8
6
8.2
13.0
5.7
I 5.1
II
-1.1
-4.1
- 2.1
1.9
4
'.20.J
-3.8
3.1
5.2
7
5.0
1.3
-.7
- 1.2
5
51.5
-.1
44.1
4.4
Sales of dry goods during August were slightly larger in volume
than in July and slightly above one year ago. Stocks of goods in
the hands of wholesalers are somewhat larger and better assorted
than they were at this time last year. Wholesale millinery houses
report buying in August for the fall trade about the same as
in the eighth month of last year.
The drug trade is reported good with prices practically
unchanged, deliveries satisfactory and stocks increased. August
sales were a shade heavier than in July and slightly above those
of last year at this season. The grocery trade reports exhibit
an increase in sales during August over those in July and one
year ago.
Furniture sales by wholesalers in August were considerably
better than those in July but running slightly below sales one
year ago. The fall trade outlook was regarded as good.
Wholesalers of hardware reported sales slow during August
but showing improvement at the beginning of September with
prospects favorable for a good fall business. Unusually hot
weather was said to have been chiefly responsible for the August
dullness. Shipments from mills and factories were generally
satisfactory.
The implement trade has been generally unsatisfactory during
the season. Farmers have been buying only the implements and
equipment urgently needed. The reports of distributors indicate
sales far below those of last year. In some lines of implements
sales this year are 40% to 50% below last year's sales.
RETAIL TRADE: The reports on the reta!l trade show the
volume of sales during August exceeded sales in the corresponding
• month last year, although the hot and dry weather and crop
uncertainties in the first half of the month had a depres ing effect
on the trade in sections where these conditions prevailed. The
department stores reporting to the Federal Reserve Bank show
August sales were around 7% above those of August. 1922.
• Retailers of men's and women's apparel and millinery at the end
of August were doing a fair business, with indications of a good
fall trade.
•
THE MONTHLY REVIEW
Agriculture
Light to heavy rains and cooler weather coming late in August
brought improvement to agricultural conditions throughout the
Tenth Federal Reserve District. The six to eight weeks of
drought and heat, which were injurious to growing crops, was
effectually relieved. Although the rainfall came too late to be
of value to corn in southern sections of the District, deterioration of cotton was checked and kafirs, forage, broom corn and
other late crops were greatly helped. Over the broad area from
the central portions of Missouri and Kansas northward and
northwestward the rainfall was generous to heavy and made
conditions excellent for finishing the late crops. Colorado and
Wyoming received so liberal a share of rainfall as to give late
August verdure the freshness of May and June, while New
Mexico, the Panhandle. country on the east and Arizona on the
west were visited by rains of varying depths and all immeasurably beneficial. Fall plowing and preparation for planting,
which had been stopped in many sections by too hard and too
dry soil, was resumed at the end of the month. Late harvesting
of wheat in the Rocky Mountain regions and threshing in northwestern Kansas and Nebraska were interrupted by rains and
wet fields, but were making good progress early in September.
CORN CROP LARGE: Prospects at the beginning of SeFtember were favorable for a 500,263,000 bushel corn crop, or
106,678,000 bushels more than was grown in 1922 in the Tenth
Federal Reserve District. The Nebraska report indicated that,
with about 1,000,000 more acres of corn under cultivation than
last year, this year;s yield would be 257,418,000 bushels and the
largest annual corn crop ever grown in that state. Corn there
was maturing nicely under ideal weather conditions with indications that the bulk of the crop was safe from frost by the middle
of September. Missouri corn was reported as making satisfactory progress toward maturity during the first week of September. The condition was good to excellent save in the southwest
counties where it had been damaged about 30% by drought
and hot winds. The Kansas report as of the first week in September said corn was in good to excellent condition in the northeast and northwest counties but only fair in the north central
counties. In the lower three or four tiers of counties of the south
central and southeastern portions of the state it was in poor
condition and was being cut for ensilage almost entirely. According to the Oklahoma State Board of Agriculture, the rains
came too late to be of much value to the corn crop in that state.
However. some of the corn planted in the low lands will probably
return fair yields. Much of the crop has been cut for ensilage.
Moisture conditions in Colorado, Wyoming and New Mexico
were favorable to corn and September prospects were for a crop
above normal.
ESTIMATED YIELD OF CORN IN LEADING STATES
(U. S. Department of Agriculture Reports)
Pct. cond. Est. bushels
Est. bushels Final Est.
1922, bus.
Aug. I
Sept. I
Sept. I
182,400,000
Nebraska..
257,418,000
220,399,000
90%
Missouri ..
175,275,000
195,718,000
204,384,000
83
98,391,000
Kansa
126,641 ,ooo
126,905,000
65
Oklahoma...................... 41
50,688,000
57,600,000
39,~91,000
18,320,000
Colorado ........................ 95
29,908,000
31,267,000
New Mexico
2,475,000
3,429,000
3,763,000
65
2,248,000
1,560,000
2,316,000
Wyoming.......·--····-·· 96
Seven States
United Statcs..·-·····-····
83.3%
665,210,000
3,075,786,000
629,365,000
2,980,000,000
537,021,000
2,89 I ,000,000
WHEAT CROP REDUCED: Threshing in the great winter
wheat regions of the Tenth District was nearing completion at
mid-September. The returns from many sections were disappointing, due to dry weather and rust. The spring wheat crop in
eastern Colorado and southeastern Wyoming was reduced by
rust damage. It was evident from the September 1 estimates of
the United States Department of Agriculture that this year's
wheat crop in the District, both winter and spring wheat, would
be 178,337,000 bushels, or 68,534,000 bushels less than was harvested last year. However, the Tenth District retains first rank
in production of all wheat.
Disappointing yields, low prices and a movement in the direction of diversified farming are expected to result in a marked reduction in the area of winter wheat sown this fall. A survey by
the United States Department of Agriculture indicates that the
area of winter wheat in the entire country sown this fall will be
r 5. 5% less than the area sown in the fall of 1922, if the expressed
intention of 25,000 farmers on August 1 is carried out. The
Department's figures by states place the greater reduction in
winter wheat area in states of the Tenth Federal Reserve District
in which from 40%to 50% of the nation's annual winter wheat
crop is produced. The figures for these five winter wheat states,
all of Missouri included, follow:
Sown, Fall of Intention to Sow Fall of 1923
1922
Pct. of 1922
Acres, est.
Acres
Kansa......__ _ _ _ _ _ _ _ _ 12,284,000
80.0%
9,827,200
Oklahom
3,733,000
78.0
2,911,740
Nebras1.a___
3,527,000
2,645,250
75.o
Missouri .. _
3,132,000
2,349,000
75.o
Colorado
1,578,000
1,366,000
90.0
Five Stat.....__ _ _ _ _ _ _ _ 24,254,000
United State._ _ _ _ _ _ ___,.6,379,000
78.7%
84.5%
19,099,190
39,750,000
Of the 24,254,000 acres of winter wheat sown in these states
in the fall of 1922, there was an abandonment of 5,235,000 acres 1
or 21.5%, leaving for this year's harvest 19,019>000 acres. This
acreage harvested is slightly less than the acreage intended to
SEPTEMBER CROP REPORT: FORECAST OF THE U.S. DEPARTMENT OF AGRICULTURE
FEDERAL RESERVE DISTRICT
Bosto
New York_ ..
Philadcl phi a ......
Clevelan
Richmond....
Atlant
Chicago_..
St. Louis ___
Minneapolis...·---··
Kansas City.. __
Dalla
San Francisco
Total United States--··--··
WINTER WHEAT
Bushels
Sept. I forecast
Estimate
1922
1923
·-··-·-··-·-···--·-·
-------···-····--
9,361,000
19,444,000
51,036,000
33,08 I ,ooo
6,129,000 J
87,696,000
79,189,000
8,954,000
165,758,000 !.
18,503,000
89,235,000
9,710,000
22,714,000
42,312,000
29,224,000
5,738,ooo
74,010,000
78,356,000
10,614,000
235,809,000
l 10,259,ooo
67,458,000
568,386,000
586,204,000
l
SPRING WHEAT
Bushels
Sept. I forecast
Estimate
1922
1923
404,000
464,000
JII,000
336,000
170,000
179,000
46o,ooo
507,000
48,124,000
4,165,000
296,000
227,082,000
11,o62,ooo
224,000
31,628,000
ALL WHEAT
Bushels
Sept. T forecast
Estimate
1922
1923
404,000
464,000
10,046,000
9,672,000
22,884,000
19,623,000
42,772,000
5 1,543,000
33,081,000
29,224,000
6,129,000
5,738,ooo
91,200,000
78,175,000
78,652,000
79,47 2,000
163,454,000
237,696,000
246,871,000
178,337,ooo
18,953,000
10,483,000
99,086,000
137,359,000
220,841,000
275,887,000
789,227,000
.,, [}1 ·····--····
3,504,000
283,000
l 54,500,000
12,579,000
450,000
~~
862,091,000
be planted this fall. The improved soil conditions late in August, however, was generally more favorable to farm work than
at the ·beginning of that month and some of the late reports
would indicate that many farmers are revising their figures on
the number of acres to be sown this fall.
swing, with good yields and quality. The alfalfa crop in Nebraska
was benefitted by rains and the north Kansas crop was reported
good. The southern part of Kansas would not h::ave one-third of. .
a crop.. In Missouri the alfalfa crop was promising. The )ate
rains were favorable to forage crops and an abundance of rough
feed is promised in mo::t sections. The broom corn crop, although
suffering injury by drought, is turning out fairly good.
.
A movement at the principal market centers and in cities
throughout the middle west and southwe-;t to supply seed wheat
COTTON HELPED BY RAINS: The Federal State crop
to farmer., in dry regions has met with generous and hearty response on the part of grain dealers, millers, business men and reporting service in Oklahoma reported September 3 that all
bankers. As a result the seed wheat shortage in those regions cotton in the state would improve and a fair crop might be exhas been relieved and more acres will be s0wn to · wheat than • pected as a result of general rains of August 21, 26 and 27,
which came at a critical time also for broom corn and kafirs.
was announced by farmers August r.
The report stated : "Cotton is late, and has had to stand too
Fewer acres and more.bushels per acre are urged upon growers long a drought~ middle of June to the latter part of Augustof ~inter whe at by agricultural experts, farm bureaus, co-opera- to yield any satisfactory returns, though in some localities
tiv~ organiza,_tions, grain dealers; millers, business :men and bank- showers have helped the crop considerably. Very little boll
ers co-operating with the Southwest Wheat Improvement Asso- weev ;1 damage is reported."
ciation. Early plowing; planting good seed, observing Hessian
While the yi< Id of 79 I ,ooo bales for Oklahoma, forecast by
fly free dates and rotation of crops are advocated as the best and the United States Department of Agriculture as of August 25
surest way for farmers to produce more and better wheat and condition, is generally accepted as official, most of the private
obtain larger returns from fewe r acres. Rotation of crops is estimates on the Oklahoma crop are more conservative, placing
particularly recommended for sections where rainfall ir limited., the state's total around 700)000 bales. One bank survey making
BETTER RETURNS FOR' POTATOES: The late reports allowance for the extreme heat stopping propagation of the boll
are that the acreage 0f potatoes cultivated by growers in this weevil, reported that the cotton crop would be far better than
District was about 8% less than, that of last year, and the year's the genera.I public had reason to expect.
The cotton crop in the United States, as reported September I
crop will be reduced about 2,000,000 bushels, to around
by the United States Department of Agriculture is here given
40,000,000 bushels for the entire District. Present indications,
however, are that the growers will receive more money for the by Federal Reserve Districts:
1923 output than they received for the larg·e r crop of 1922 • .The
Sept. 1, Forecast
Estimate
1923, Bales
1922, Bales
price was so low last year that many fields were not harvested, Federal Reserve District
1,371,000
and a substantial portion of the potatoes harvested were fed to Richmond................................................................ 1,643,000
Atlanta ..................................................................... 2,029,000
1,949,000
live stock. The crop of late potatoes is reported in good condi- St. Louis. _ _ _ _ _ _
_ _ _ _ 1,947,000
2,085,000
tion in Colorado, Wyoming and Nebraska and total production, Kansas City............................................................ 850,000
670,000
3,617,000
while short of that of last year, will be above the average annual Da!las ..............· - - - -································· 4,201 ,ooo
San Francisco .................... _ _ _ _ _ _ _ *118,000
70,000
yield.
SUGAR BEET CROP LARGE: Reports from the fields in
Colorado and Wyoming are that sugar beets made splendid growth, the best in years in many sections, and with abundant moisture the crop will be better than the average. In Nebraska the beet crop was in good condition at the end of August
with prospects of a yield about 10% above the average. Kansas
beets made good progress during the month of August with
indications of a large yield. Estimates place the yield in Colorado, Wyoming, Nebraska and Kansas at about 6% above the
tonnage of beets produced in 1922.
HAY CROP IMPROVED: In Nebraska and Kansas, according to reports, the harvesting of tame hay was completed
by the end of August and harvesting of prairie hay was in full
Total United States ..........................._ _ _ _ 10,788,000
9.762,000
*-Does not include Lower California (Mexico) estimated 87,000 hales this year
against 70,000 bales last year.
FRUIT AND TRUCK CROPS: Apples are maturing well in·,
the Missouri Valley territory and in the Rocky Mountains, with
about the usual worm damage. In the southern sections the
crop was injured by the drought. Colorado reports a fair to good
peach crop has been harvested in the Grand Valley section,
with harvest just beginning in the Delta County District. The
movement of early cabbage is about completed. Late cabbage
is generally in fine condition. and will soon be moving. and
onions are also promising a good yield though less than reported
a month ago. The marketing of lettuce is in full progress, with
the production exceeding last year and the quality good.
I
•
••
SEPTEMBER CROP REPORT: FORECAST OF THE U. S. DEPARTMENT OF AGRICULTURE
FEDERAL RESERVE DISTRICT
Boston ........... ·.. ·..... ·······························------~--New York ........................................................... ······--- - Philadelphia............................... .
...................................
Cleve 1and·---··········· ········ ····································- - - - - Richmond ........................... - - - Atlanta..·-···································································································
Chicago .............................................................................· - - - - St. Louis .......·----··························- - - - - - - Minneapolis ............ :......... _ _ _ _ _ ...............................................
Kansas City ..... ·............... ········································.·······························
Dallas..........................................................................................................
San Francisco ............................................................................................
United States ................ ·.·····················································----··
,CORN ,.,
·· OATS
HAY, Tame and Wlid
·Bushels ·
· · Bushels
Tons
Sept. 1 forecast ·Estimate ·. Sept. 1 fot~cast
Esti~ate
Sept. 1 forecast
Estimate
1922 .
1-92.3 .
1922
1923
1923
1922
11,596,000
II ,963,900
9,151,000
4,400,000
9,404,000
4,486,000
33,810,000
34,014,000
6,704,coo
29,552,000
33,735 ,000
7, 297,000
2,202,000
20,173.000
57,398,000
' 62,304,060
25,954,000
3,533,000
228,980,000
199,540,~
69,8~9,000
7,168,000
5,064,000.
57,835,ooo
22,581,000
22,222 .000
2 ,994,000
181,853,000
178,229,000
4,518,000
19,459,ooo
195,928,000
204,14 2,000
19,621 ,000
2,879,000
3,647,000
1,002,962,000
984,3 28,000
46 1,600,cco
494,214,000
15,986,000
20,677,000
421 ,893,000
394,916,000
52 ,003 ,000
35,861,000
7,084,000
8,217,000
328,831,000
282,352,000
334,188 ,000
341 .874,000
17,478,coo
19,351,000
162,678,000
126,889,000
500,263,000
393,585,000
16,635,000
16,781,000
102,516,000
132,9.38,000
36,240,000
1,270,000
53,726,000
1,777,000
14,014,000
12,680,000
30,126,000
15,339,000
39,630,000
15,310,000
3;o75,786,ooo
2,890,712,000
1,311,687,000
1,201,436,000
98,006,000
112,791,000
6
THE MONTHLY REVIEW
_·RECEIPTS OF GRAIN AT FOUR MARKETS IN AUGUST, 1923
Flour Milling
(In Bushels)
Barley
Rye
Wheat
Cc rn
Oats
Operation of southwestern flour mills during August was
265,500
at an average of 69.5% of full time capacity, with total produc- .
34,100
Kansas City.................... 12,313,350 1,077,500 1,892,100
Omaha. _ _ _ _ _ 2,909,200 1,873,200 2,876,000
150,400
145,600
tion of 2,039 1 239 barrels, an increase of 305,964 barrels, or 17.6%
26,250
St. Josep11-._ _ _ _ 1,526,000
892,500
136,000
3,000
Wichit....__ _ _ __ 4,149,600
142,800
78,000
20,400 , over July production and a decrease of 99,018 barrels, or 4.6% ·
August, 1923.: ................ 20,898,1 50 3,986 ooo 4,982,100
July, 192, ~ - - - -·17,106,150 3,645,750 1,382,700
August, 1922 ..................22,242,250 4,316,350 2,098,200
182,700
57,300
330,4oo
462,550
94,200
162,200
Grain Movements
· Arrivals of wheat at Kansas City, Omaha, St. Joseph and
Wichita during August totaled 20,898,150 bushels, the largest
for any month ~ince August, 1922. This total was 3,792,000
bushels, or 22.2%, greater than the Ju!y receipts, although
1,344,100 bushels, or 6%, less than the total receipts during
August, I 922.
f During the first two months of the wheat year beginning July
192J, the receipts of wheat at these four markets were 38,004,300 bushels, or 9.3% below the receipts during the first two
months of the previous wheat year beginning July 1, 1922.
I;
· Receipts of corn at the four markets during August, totaling
3,986,000 bushels, were also larger than those in July by 9.3%,
alt.hough falling 7.7% below the receipts during August of last
year.
. Oat;-; arriving at the four markets aggregated 4;982,100 bushels
the largest for any month in four years, and an increase of
3;599,400 bushels, or 260.3%, over July receipts and also an
ipcrease of 2,883,900 bushels, or 137;4%, over receipts in August
IQ.st year.
as compared with production during August, 1922. The production for August, as compiled from the Northwestern Miller's
reports, follows:
Production
Barrels
Kansas City
501,988
Omah
91,696
Salina.................· - - -- -- - - - - - -······· 98,664
St. Joseph.
.............. 122,331
Wichit
195,506
Outside..............
1,029,054
Total, August, 1923 .....·- - - - - - - -················2,o39,239
Total, July, 192.5--- - - - - - - - -···········1,733,275
Total, August, 1922 ....................._ _ __ _ _ _ _ 2,138,257
Percent
Capacity
79.5 %
88.2
47.5
57-4
67.2
69.2
69.5%
61.6
78.4%
The largest production of flour Kansas City mills have ever
attained was in the week ending September 1, according to the
Northwestern Miller. The record for that week of 136,724 barrels, with 90% operating activity, at Kansas City was largely
due to the opening of a new 3,000-barrel mill which ran full
time for the week.
Moderate buying in small lots featured the flour market during
August. While more flour has been booked by mills than is usual
for this season there was complaint of a lack of shipping directions. The situation however showed improvement during September.
Live Stock
The early fall reports from over the Trans-Mississippi territory, the Great Plains, and the Rocky Mountain regions, are
.. The marketing of rye was in greater volume by 218.8% than highly encouraging to the live stock industry, indicating marked
in July, although the August total of 182,700 bushels was 44;7% improvement in recent weeks in ranges and pastures and in the
below the total for the corresponding month last year. Barley condition of live stock, and also evidencing an increase in the
re·ce-iptS at the four markets were 462,550 bushels, which was meat supply.
391% greater than in July and 185.2% greater than a year ago.
C)lorado and Wyoming reported ranges better than normal,
The marketing of kafir at 'Kansas City in August was very in many localities "as green as in June." In New Mexico and
light, less than one-half the volume in July, 1923, and in August, Arizona "considerable improvement is noted since the advent
1922.
of recent rains and the outlook for fall and winter range is now
GRAIN PRICES: All grains developed strength during good, and stock in satisfactory shape in nearly all portions.'
In the southern tiers of counties of Kansas, the southwestern
August at the principal markets of the District, advances being
counties
of Missouri, the state of Oklahoma and on through
made in wheat and corn to prices several points above those of
one year ago. The following shows Kansas City cash prices Texas, where live stock was declining and pastures were feeling
in cents per bushel of wheat, corn and oats at the dates mention- the effects of the July and August drought, recent general rains
ed, as compiled from the United States Department of Agricul- have greatly relieved the situation. There has been a remarkable
improvement in the condition oflive stock. Grass and late crops
ture market reports:
are making vigorous growth and there are prospects for a much
Sept. 8 Aug. 18-24 Aug. 4-10 Sept 8
better supply of winter stock feed than was indicated a month
1923
1923
1922
1923
or six weeks . ago.
WHEAT
Throughout the broad agricultural and live stock area lying
. .NQ..2 Dark Hard Winter_ _ _ 120
108
Ill¼
96
.. No. ·2 Hard Wintet _ _ _ _ _ n8
104
96
105½- between the Mississippi river and the Rocky Mountains, and
No. 2 Red Winter .. _ _ _ _ _ n3
104
108
95
extending north and northwest from Central Missouri and KanCollN
sas through Iowa and Nebraska. weather and soil conditions
81
81
No. 2 White·- - - - - - - · · · · · 87
58
have been right for the making of what is described in some of
No. 2 Yellow ..........................................
84
85
59
No. 2 Mixeu...._ _ _ __ _
So
8:2
the reports as "the best fall pasturage ever known." This is the
59¼
OATS
heart
of the "corn belt," a great feeding ground for meat aniNo. 2 White. _ _ __ __ _ 40
41
42
36½
mals, and according to some reports there never was another fall
· ·Average prices paid Kansas producers for dark hard winter when stock feed of all kinds was more plentiful than the fall of
wheat during the weeks ending July 13, 20 and 27 was 76 cents, 1923.
~ccordii1g to the Bureau of Agricultural Economics; United
The fine condition of ranges and pastures throughout the
$tates Department of Agriculture. During the week ending District reflects a general excellent condition of all classes of live
August 3, the average price paid was 77 cents, the week of August stock. There is very little disease among animals reported, and,
IO it was 80 cents, and the week of August 17 it was up to 86
save in some sections visited by drought during the summer, live
~eµts.
s~ock of all kinds are in good flesh and doing well.
THE MONTHLY REVIEW
RECEIPTS OF LIVE STOCK AT SIX MARKETS IN
AUGUST, 1923
Cattle Calves Hogs
Sheep
AVERAGE PRICES OF LIVE STOCK AT KANSAS CITY
Horses
Mules
9o,3o3 :220,893 n7,857
13,274 326,606 263,512
I:2,769 167,140 51,030
4,II6 3 1,3 14 48,II7
II,667 4 2, 7 93
920
11,008 49,963 13,514
2 ,995
August, 1923._................................... 665,121 143,137 838,209 494,950
July, 1923.......... _ _ _ _ __ 469,2·14 99,505 846,831 460,798
August, 192...__ _ _ __ _ 594,698 109,484 657,:210 505,656
9,664
4,945
5,872
Kansas CitY·---···················:··········· 363,241
Omaha..
---------···--····· 134,189
St. Joseph .. ....
63,689
Denver ......................
26,483
Oklahoma CitY·-- -··························· 41,!!44
Wichita..
----------------------- 35,675
2,061
1,325
1,815
280
1,188
HEAVY AUGUST MARKET MOVEMENT: The largest
movement of live stock for the eighth month of any year is reported for August, 1923, from the six leading markets of this
District. The receipts of all meat animals at these markets
were 2,141,417 head, compared with 1,876,348 head in July of
this year, and 1,867,048 in August of last year.
Receipts of cattle at the six markets in August numbered
665,121 head. This total is 195,907 greater than the number received in July and 70,423 greater than the receipts during August, 1922. Calves received totaled 143,137 head, indicating an
increase of 43,632 over July and an increase of 33,653 over August of last year. There was a large increase in the volume of
range cattle. Southern cattle reached high limits and exhibited
something of a "dumping" tendency. Supplies of finished
choice beef cattle were limited and the increased demand for
this class was a factor in pushing values upward and widening the
spread of values between the extremes of quality.
Arrivals of hogs at the six markets continued heavy in August
with a total of 838,209 head received, 8,622 less than July receipts and I 80,999 more than the receipts at the same markets
in August last year. The heavy receipts of hogs during the summer months has been a surprise to the trade and is accepted as
an indication that the swine industry has expanded greater than
statistics had previously disclosed.
Receipts of sheep, totaling 494,950 head in August at the six
markets, were 34,152 above the receipts of July but were 10,706
short of the total received in the corresponding month last year.
The decrease in the m arket supply of sheep is attributed to the
exceptionally good condition of ranges which caused large numbers to be held back and also to the fact that the sheep industry
has made rapid recovery from the depression of three years ago
and sheepmen are in a stronger position financ ially than they
have been for some time.
STOCKER AND FEEDER MOVEMENT: The outgo of
stocker and feeder cattle, hogs and sheep from the western markets to the country reached unprecedented figures, giving evidence that recent advances in market prices, and success in feed- ..
ing operations, have determined farmers and feeders to become
enthusiastic for feeding this year's huge crop of corn. A survey
of the stock yards reports shows that the unusual feeder demand
during August was a factor in the upturn of prices during the
montp.. More than one-half of the high record volume of cattle
arriving at Kansas City was returned to the country as stockers
STOCKERS AND FEEDERS TO THE COUNTRY FROM
FOUR MARKETS IN AUGUST, 1923
Cattle Calves Hogs Sheep
9,331 2 9,4 2 3 36,969
Kansas CitY······-· ·························-·················· 183,616
Omaha.-............................................................ . 59,4 10
134 u5,3o9
St. Joseph.......................................................... 24,704
1,827
647 14,210
1,889
8,947 II, 2 74
Denver -··-························································· 1z,050
August, 192.--- - ································ 279,780
July, 1923................. _ _ _ __ _ _ _
93,895
August, 1922·--- ············.. ·· -- - -- - 239,953
13,047
5,473
10,854
7
39,151 177,762
17,856 94,689
13,424 169,534
1 92 3
Average Prices for Weeks
Aug. 27- Aug. 13- July 30- Aug. 28Sept. I
I 8
Aug. 4
Sept. 2
Steers (noo lbs up) Choice to Prime ...... $u.88
$n.31
$10.86
$10.:26
Feeder Steers, Common to Choice........ 7.25
7.I:2
6.75
6.86
8.68
Hogs, bulk of sales-- -················· 8.61
7.79
7.22
Lambs (light and handy weight) MediII.81
I:2.09
um to Prime.....· - - -- -··········· 12.18
II.37
Yearling Weathers, Medium to Prime.... 9.42
9.20
9.00
9.5o ·
and feeders. In a number of instances at the Missouri river
markets, stocker and feeder purchasers bought nearly finished
offerings at premiums over the best prices killer buyers would
pay.
MEAT PACKING: Heavily- increased operations were reported at we:.tern packing centers as a result of the enormous supply of live stock marketed during August. The returns from
slaughter of cattle and calves exceeded the totals for July and
for August of last year. The slaughter of hogs did not come up to
the large total for July but exceeded that of one year ago. The
total number of sheep killed and dressed by the packers at the
centers reporting was about 22% below the July slaughter and
I 5% below the total slaughter during August, 1922.
Cattle
Kansas City....................................................... 128,851
Omaha·- - ··························································· 66,845
St. Joseph .............
3 2,675
Denver..........
9,856
Oklahoma City.............
2 5,5 19
Wichita ..............................................................
6,804
August, 1923·----············································· 270,550
July, 1923.......................................................... 242,479
August, 1922 ..........
254,870
Calves
Hogs
Sheep
53,503 1:22,897 72,706
5,063 224,110 109,232
8,989
1,826
10,551
4,138
5,693
23,150
34,876
45,301
l I
36,871
10,065
383
1,342
- ------84,070 566,027 23o,599
68,965 637,465 293,670
62,685 537,890 271,348
Present industrial acti~ity throughout the United States is
having a tendency to increase domestic consumption of meats,
according to reports. The foreign trade in American meats has
shown a steady growth in recent months.
Stocks of pork and lard in Kansas City August 31 were
47,693,300 pounds, 10.984,000 pounds less than on July 31 and
3,104,700 more than on August 31, 1922.
Mining
SOFT COAL PRODUCTION: A new high record for this
year was made in the week ending September I when soft coal
production, including coal coked, mine fuel and local sales, in the
United States reached I I ,633,000 net tons, an increase of 250,000
tons over the revised figures of the United States Geological
Survey for the previous week. The official reports show that a
total of 368,706,000 net tons of soft coal were mined in the
United States during the eight months of 1923 to September I,
an average of 1,781,000 tons per day. The total for the eight
months of 1923 has not been exceeded in any similar period of a
year since 1918 when the total to September I was 393,093,000
tons. The 1923 total is 135,788,000 tons greater than production
during the first eight months .o f last year.
The volume of production in the six coal states of the Tenth
Federal Reserve District during August was about the same as in
July. The percentage of full time capacity at which the mines
were operated during the month was 52.7% as compared with
52.5% in July and 37.3% in August of last year. There was a
noticeable improvement in the market situation in all states
except Missouri which reported a 44.6% loss of operation due to
" . o market" as compared with a loss of 24.1% in July. Follow-
8
THE MoNTHLY REvtEW ·
ing shows the percent of loss of full .time operation in the six
states during August due to various causes:
Loss due to .
Colo. Kans. Mo.
Transportation disability. 4.5% 3.7%
Labor Shortag______
2.3
Strikes........ _ _ _ _
0.1
Mine DisabilitY·----········· 6.3
5.2
o.6
No Market· - - - - ---<t3·7
34.7
44.6
All Other Causes·----······· 0.9
0.9
N. M. Okla. Wyo. Dist.
6.3% 1.6%
:2.7%
0,2
0.4
0.2
I.2
11.5
3.2
3.7
5-1
4o.4
38.5
33-2
34.5
0.4
0.4
Total Loss All Causes ...... 55.4
Percent Production ..........44.6
46.0
46.1
42.7
55.3
54.0
53.9
57.3
44.7
38.2
61.8
47.3
52.7
These figures on lost operation indicate that, in spite of a
stronger demand, due in part to the threatened anthracite strike
and also to the advent of the season for laying in coal for domestic
winter use, the "no market" continues to be the chief factor
limiting production.
COLORADO METAL MINING INCREASED: Production this season continues to increase in the metal mining districts of Colorado, notwithstanding the temporary slump in the
silver camps following the expiration of the operation of the
Pittman Act. Reliable estimates of mining authorities indicate
a 50% increase in operations over this season last year. Several
old time producers are resuming on a large scale. There is a
shortage of labor in the Cripple Creek and San Juan districts.
ZINC AND LEAD: The reports from the Tri-State District, Missouri, Kansas and Oklahoma, says shipments of zinc
ore during August totaled 43,067 tons, compared with 29,479
tons during the same period last year. Prices ranged from
'/,37.00 per ton at the beginning of the month to $40.00 per ton
at- the end of the month, the average price for the month being
'/,38.34 per ton. This compares with an average price of $36.25
per ton for the month of August, 1922. The total value of zinc
ore shipped from the district during August aggregated '/,1,65-1,572.
Shipments of lead ore aggregated 4,078 tons, compared with
5,803 tons for August, 1922. Prices for lead ore ranged from
'/,75.00 to $80.00 per ton, the latter price being paid the last two
weeks of the month. The average price for the month was
'$78:76 per ton, which compared with $79.27 for August last
year. The total value of lead ore shipped during the month
arnou!}ted to $321,233.
It is estimated that there is approximateiy 50,000 tons of unsold surplus zinc now held in the bins of the ore producers, which
is approximately the same amount that was carried this time last
year. There is practically no surplus of lead.
Lack of water supply in the Tri-State field augmented the
curtailment of production brought about by the five-day week
plan.
Petroleum
Production of crude oil in the United States during the last
half of 1923 is continuing remarkably high. While the weekly
reports show considerable fluctuation in the daily average flow,
there has been to this date no indication of any large reduction
in the output. The following shows the daily average for all
fields in the United States covering a period of ten weeks:
Week Ending
Daily Average
Barrel9
June 3 0 _ _ _ _ _ _ __
·····-··········· · ---2,263,o67
July 7 • • · · · · - - - - - - - - - - - - - -2,298,681
July 14.......· - - - - - - - - · ·····················------·····2,320,,14
July 21......
2,:275,:236
July 28........
................:2,317,742
August 4......
2,:276 48 5
August I l
:2,:288,945
August 18
2,270,373
August 25--- - - - -- ---····················-----2,276,o42
September I
.............. 2,299,738
1
The exhibit of output for the week ending Septembe~ I showed
a reduction from the previous week's daily average of 3,000 barrels in California's huge production, bringing the daily average
to 879,000 barrels. In the same week Oklahoma's daily average
dropped 6,147 barrels to 450,198 and the Kansas daily average
fell 2,100 barrels to 77,400. These reductions, however, were
more than offset by an increase in the daily average for Texas
fields of 21,790 barrels, and increase of 7,753 barrels in the
Wyoming-Montana field, and small increases in Arkansas, the
Gulf Coast, North Louisiana and eastern fields.
The estimated output of crude oil from wells in the Tenth
Federal Reserve District during the month of August was 20,700,350 barrels or 174,650 barrels less than the total production
during the month of July and 2,943,350 barrels greater than
production in August, 1922. The daily average for August
was 667,753 barrels, 5,632 barrels below the daily average of the
previous month and 94,943 barrels above August last year.
Production and daily averages for the four oil states of the District, with totals for July, 1923, and August, 1922, for comparison, were as follows:
TOTAL PRODUCTION
••July, 1923 **Aug., 1922
2,303,000
2,734,oco
12,868,000
14,675,000
8,:200
4,600
2,146,800
3,89:2,400
*Aug. 1923
Kansas·----·· · · · - - - - ..:.................. :2,447,000
Oklahom-- - - - - - - - 14,028,200
Colorado _ _ _ __
4,650
···········----·-·····-Wyoming........ _ _ __ ················· 4,2:20,500
Total... ........... _ _ _ _ _ __
:20,875,000
20,700,350
17,757,000
DAILY AVERAGE
Kansas........ _ _ _ _ _ __
Oklahom....___ __
Colorado _ _ _ _ _ _ _ __
Wyoming........ _ _ _ _ _ __
*Aug., 1923
78,935
452,523
150
136,145
••July, 1923 ••Aug., 1922
88,194
74,29°
415,100
473,387
:264
148
125,560
69,-i52
Total........... _ _ _ _ _ _ _ _ 667,75,1
•-Esti mated, American Petroleum Institute.
**-Official, United States Geological Survey.
The field reports for August show a decrease in the number of
wells completed and also a decrease in the number of barrels
daily new production from the totals for the previous month and
a year ago. The completions were the smallest for any month
since last March and the daily new production was the smallest
since February, 1922. The figures for three states follow:
Wells
Comrleted
Oklahom..__ _ _ _ _ _ _.56,1
Kansa.
··-···141
Wyomin
46
August, 192 ___ _ _ _ _ 750
July, 1923.................................... 753
August, 1 9 2 - - - ··············997
Bbls. Daily
New Prod'n
83,512
2,786
Rigs & Drilling
Wells
1,376
206
14,5,JI
538
100,838
167,020
173,461
2,1zo
2 ,377
3,016
A decrease in new development work is indicated by the reports at the end of August. Oklahoma reported 236 less rigs
and drilling wells and Kansas 48 less than at the end of July.
Wyoming's total indicat.ed an increase for the month of ii.
Stocks of crude oil in storage continue at highest of record
totals. Stocks in Oklahoma and Kansas at the end of July were
102,351,598 barrels, 2,017,000 barrels more than at the end of
June and 15,624,793 barrels more than reported July 31, 1922.
TttE
MoNTHL Y
REvTEw
9
Cement Production
Labor
All records for production and shipment of portland cement
were broken in August, according to figures issued by the
United States Geological Survey. Production in the United
States during August was 12,967,000 barrels, an increase of
350,000 barrels over July, the best previous record, and l ,300,000
barrels over August last year. Production for eight months
ending August 31 was nearly .88,000,000 barrels, or more than
was produced in any one of the entire years 1915, 1918 or 1919.
The suppl,y of common labor is still insufficient to meet the
demands being made upon this class of workers, although
seasonal slackening in some lines has rendered the situation less
acute than a month ago. According to the September report of
the Unted States Department of Labor through its employment service, building in practically every industrial center shows
signs of moderating, but there is nowhere a serious surplus of
artisans. Road construction is progressing without indications
of a let-up and continues to make heavy calls on available skilled
labor.
Production of cement at sixteen mills in the Tenth Federal
Reserve District during August was 1,257,000 barrels, against
1,153,000 barrels produced in August, 1922. Eight months production of the 16 mills this year was 7,749,000 barrels against
6,137,000 barrels during a like period last year.
Cement stocks at the mills of the District on August 31 were
760,000 barrels against 871,000 barrels on the corresponding
date last year.
Building
Combined returns from cities in the Tenth District, although
showing a small increase in the number of permits issued during
August, reflect a marked falling off in the estimated cost of consvuction from that of July and also from that of August last
year. The decrease in the August investment in new building
projects is in part accounted for by the fact that permits for
many of the larger business office buildings were issued in the
earlier months of the year. Their construction is a big factor
in maintaining quite unusually high building activity through
the later months of the year, with the building trades fully employed and shortages of labor reported in many cities.
The August returns show decreases in eleven cities and in.
creases in six cities. The high percentage of decrease reported by
Kansas City, Missouri, is mainly accounted for by the fact that
permits for a $1,000,000 office building were included in the
figures for August, 1922. In other cities fewer permits for buildings of this class are being issued this late in the season, although residental construction continues large.
Building operations fo seventeen cities of the District during
eight months of 1923 included 23,934 permits issued and $75,673,259, estimated cost, compared with last year's eight months
record of 21,384 permits issued and $64,720,037 estimated cost.
These totals indicate an increase for this year's eight months
period of 12.0% in the number of permits and 16.9% in the
estimated cost of construction.
BUILDING IN CITIES OF THE TENTH DISTRICT
Permits
Estimated
Cost
Issued
t, 321,900
131
Casper, Wyoming·-·········
.. 41
61,035
Cheyenne, Wyoming...... -·······
Colorado Springs, Colorado .........
77,300
77
Denver, Colorado
1
1,430,500
59
Hutchinson, Kansas.
13,165
33
Kansas City, Kans a
201
386,840
Kansas City, Missouri .... - ......
Lincoln, Nebraska ....
Muskogee, Oklahom
Oklahoma City, Oklahoma ... ---·····
Okmulgee, Oklahom
Omaha, Nebraska ..........
Pueblo, Colorado....
St. Joseph, Missouri·---·····
Topeka, Kansas ....
Tulsa, Oklahoma ......
Wichita, Kansas...... _
Total, August, 1923
Tota.I, August, 192
1,137,75o
254,079
469
1 59
.. 22
257
19
234
53
95
-94.6
57.3
-65.2
0.4
-10.8
-40.2
124,225
-6.2
I,450
38.1
-55.1
5°5,7 1 3
i
-30.6
5 1 9,549
61,300
1,029,995
53,r87
124
2,889
-59.9
37.5
-53.o
II
2,911
Inc.
orDec
131.2
58,375
137
268
%
-53.8
.04
299,031
:_5o.7
6,445,394
10,327,567
-37.6
The report from Greater Kansas City says that the volum·e of
employment decreased slightly during the month. An aid to the
general situation here is the fact that the harvest and general
farm requirements took much of the surplus of common labor
from this vicinity. While building operations under way are of
considerable magnitude, there are indications of slowing down
and a slight surplus of skilled tradesmen is seen, especially carpenters, painters, plumbers and lathers. A surplus of female, but
good call for male clerical workers is reported.
~. St. Joseph reports that state highways and city street and
sewer work are progressing without interruption and supplying
employment to a large volume of semi-skilled labor, although
the supply of this class of workmen is slightly in excess of the
demands. Building tradesmen fairly busy. Flour mills have resumed full time operations. There is continued good call for
general farm help.
In the Joplin-Carthage district there is a surplus of common
labor, largely transient. Less employment in lead and zinc
mines than last month. Building tradesmen are fairly well employed. Employees are working overtime in Carthage quarries
and shoe factories. There is a good call for competent farm
help.
While the major industries in Kansas are not increasing
forces, both skilled and semi-skilled labor is well employed, and
the outlook for the: ensuing ninety days is excellent. Sixty per
cent of estimated unemployed are engaged in part time work.
There is a good call for unskilled labor on road construction and
the demand for farm labor remains strong. Meat packing, railroads and other leading industries are employing normal forces.
No surplus of skilled labor is apparent anywhere in the state.
At Topeka skilled and semi-skilled labor is slightly better call
than last month. Demand for general farm help, especially for
threshing and potato picking, continues brisk. Large power
plant, railroad office building and laying of oil pipe lines will
call at least one thousand men and likely to continue through
the winter months. Ice plants and creameries are working overtime. Other industries are on normal basis.
Wichita reports that paving projects are still calling for_a large
volume of common labor. Persistent demand for farm help.
A surplus of casual labor is reported, due to curtailment of
activities in adjacent oil fidds, but improvement in this direction
is expected within a very short time. No slackening of operations
is seen in other lines. Building mechancis finding plenty of employment and the general industrial situation shows a healthy
tone .
Hutchinson reports no marked change in local industry and
employment conditions since July. Normal forces are at work in
all industries with the exception of salt works which are on part
time. There is a shortage of common labor for road work. Call
is strong for general farm labor.
At Leavenworth, employment conditions are about normal and
all local industries except coal mines working full quotas. Road
construction continues to draw heavily on unskilled labor.
L
· IO
THE MONTHLY REVIEW
At Atchison there is a shortage of farm help, especially threshers; also common labor for road construction jobs. Industrial
plants there are all on full time, except one foundry which is
expected to resume about October I. Flour ·mills and elevators
are working overtime. There is plenty of work for all local skilled
labor.
At Parsons, employment conditions remain highly satisfactory,
with major industries all on normal basis. Farm help is in good
demand. Additional forces are employed by railroads.
Pittsburg reports a slight surplus of common labor. Building
projects there include many residences and skilled workers are
all engaged. Increased employment since July in coal mines and
railroad shops is reported.
The reports from Neb11aska indicate: that·:there · is an influx
of men from the northwest harvest fields •which is creating temporary labor surplus, but road construction, railroad work and
other activities are drawing heavily on this class. Moisture retarded building and road work somewhat,. but operations are
under way and contemplated which promise adequate employment for skilled and semi-skilled labor until cold weather sets
in. General farm help is in good call. The major industries are
all on normal employment basis.
At Omaha the men returning from the harvest fields are being
rapidly absorbed in other lines. Skilled labor is finding plenty of
employment on projects under construction and this condition
will continue for some time. Road construction in city and country, also railroad work, continues to draw heavily on available
semi-skilled workers. General farm help is in good demand with
an acute shortage of this class of labor existing. Domestic and
clerical help, also salesmen, are in fair demand.
Lincoln reports a slight surplus of common labor, due to the
fact that heavy rains interrupted 'the building program and paving work. Building operations under way and contemplated for
the next two months indicate adequate .employment for all local
skilled, ·workmen during ,the present season. Call for general
farm labor•is -good.
At Hastings there is a continued good call for general farm
•labor, with a shortage obtaining. Skilled and semi-skilled workers
are well employed, local industrial plants at Grand Island are
employing full forces, while road projects remain the outstanding
factor in calling for common labor. At North Platte all resident
labor is fully employed. Additional contracts for street paving
awarded have augmented the demand for common labor. A
strong call for men in hay fields and general farm help•is reported.
• Electrical Energy
The M~ddle West Utilities Company's report for the month of
July on the output of electric energy in the Tenth District follows:
July, 192.2.
July, 192.3
PRODUCTION
Plant Capacity K. W...............................
46,357
32.,857
Plant-Output K. W. H ............................. 10,652.,335
9, 155,000
22 ,75°
Peakload K. W.........................................
2.8,750
SALES
Number of Industrial Customers............
2,978
Connected Industrial Load K. W...........
33,701
2.9,2.00
Industrial K. W. H. Sales ........................ 5,72.1,32.1
5,162.,600
Insurance
Business conditions as teflected by new sales of otdinary life
insurance are favorable, according to figures published by the
life insurance sales research bureau~' The figures representingtrew
paid business written in August by ~8 companies with percent
of increase over August of last year, follow:
ew August
Paid Business
Percent
Increase
· 4,24r ,ooo
23%
Colorado ...... -·--············ -···················-···-···$
Kansas ........................................... ·-·---···
Missouri .....·-····-··················-·········-····--···
Nebraska .... -·-·-·············-·-····-·-·--··--·--······
ew Mexico·-··························-···············
Oklahoma.. ·-·-··-·-·-·······-···--··········-···--·-··-Wyoming ......... __ ............... _._ ....... _........ _..
4,010,000
6
15,171,000
3,982.,000
617)000
4,731,000
667,000
23
2.8
17
-3
-.-19
Total Seven States ................................ $ 33,419,000
Total United States .... .......................... $471,410,ooo
STATEMENT OF CO D1TION, FEDERAL RESERVE
BA K OF KA SAS CITY, I CLUDING BRANCHES
At Close of Business September 19, 1923
RESOURCES
Gold Coin and Certificates.___ ··--·-·--··-······-····-··--··--····-···--·-··---·---·-······$ 3,437,745.50
Gold Settlement Fund F. R. Board---·-·--··-·--·-···--·-·-··--·--·-·-··---······ 37,751,821.56
Gold with Federal Reserve Agent·-····-·············-·-·······-·-····-············· 43,959,500.00
Gold Redemption Fund·-----·-·----····-----····--··-····- - - - - - 3,821,963.14
Reserves other than Golci.___·---···-·--··----··---·---·····--··-···--··---·------·--···-··· 2,782,904.00
Non-Reserve Cash __ ··--·-····-··--·····-··--·-·-··········------"---4,997,135.01
Bills Discounted for Member Banks:
Secured by Govt. Obligations------··········--·-···-·-·-····-·-·--·-···-·· 14,284,189.80
All Other·-······-------,---129,636,590.42
Bills Bought in Open Marke'-------··-·-··-·········-··················· •2,o87,343.i3
U: S: Bonds and ·Notes.·-·-···-·-·····-·-··----..__ ................. -..-... ·10,876,650.00
United States Cert. of Indebtedness-·--~-----178,500.00
266,000.00
Municipal Warrants--------···-----------"--4,969,523:60
Bank Premises-·····--···--··---····-------- - Uncollected ltems ...·-···-··-··-·-·······--··· - - - - - - - - - 41,905,432.69
1;065,138.42
All Other Resources----···-····-·-·--·-·---·-· - - - - - - - Total Resource..___ __
LIABILITIES
Capital Paid!,..__ _ _ _ _ - - - - - - - - - - $ . 4,550,750.00
Surplu
9,4.88,299.89
Deposits:
Government................._ _ _ _ __
2,071,075.48
77,815,689.17
Member Banks, Reserve Account.-·-·········,---All Other.. _ _ _ _ _ __
' 6&3,06o.87
63,309,085.00
F<. R. Notes in Actual Circulation ....... ·-···-···-···---Deferred Availability Item,.,__ _ _ _ _ _ _ _ _ ··-·····-··-··-··· 43,085,531.•61
All Other Llabilities·--···-·········-···--- - - -·---·················· 1,016,945-25
Total Liabilities.·-------------'---"-$202,020,437.27
OTHER TOTALS
Total Gold Reserves ...· - - ' - - - - - - - - - - - · · · ····-··-·-·$
Total Discounted and Purchased Bills Hel
Total Earning Asset..,___ _ _ _ _ _ _ _ _ _ _ _ __
Total Deposits .... _ _ _ _ _ _ _ _ _ _ _ _ _ __
88,971 0,,30.20
46,008,123.35
57,329, 273-35
80,569,825.52
Ratio of Total Reserves to Deposit and Federal Reserve Notes
Liabilities Combined ..._ _ _ _ _ _ _ _ _
63.7%
Total Clearings for Week_ _ _ _ _ _ _ _ _ _ _ _-1,.87,345,92-5'.27
Total Number of Items Handic
·1;142,693
THE Mo:t'{THLY REVIEW
Business Conditions in the United States
The volume of merchandise distributed during August, as indi•
cated by railway traffic and wholesale and retail trade, was largeProduction of certain basic commodities and industrial employment showed further slight decreases. ,
PRODUCTION: The Federal Reserve Board's index of production in basic industries declined 2% during August and was
at the lowest point for this year. The August output, however,
was 27% larger than a year ago and production in every month
this year has been at a higher level than in any month of the
previous five years. Lower production index in August reflected
reduced output, aftet a correction for the usual seasonal trend, of
pig iron~ woolen goods, flour, and cement. Cotton consumption,
sugar meltings, lumber cut and bituminous coal production increased. The number and value of new building projects, as
measured by permits granted in r68 leading cities, increased during August, but actual contract awards were smaller than in
July.
Employment at industrial establishments throughout the
United States was slightly smaller in August, while average
weekly earnings advanced about r%. Increases in wages amounting to 10% were granted to anthracite coal miners. Readjustment of wages and hours in the steel industry continued, but
wage advances during August were fewer than in any month
since last winter.
The principal changes in crop estimates shown by the September I forecast of the Department of Agriculture were a large reduction in the expected cotton crop, slight decreases in the pr0bable yield of wheat, barley and oats, and increases of yields of
corn, tobacco and potatoes.
TRADE: Railroad freight shipments were larger in August
than in any previous month on record. This was due to seasonal
increase in shipments of coal, miscellaneous merchandise, and
agricultural products. Wholesale trade, according to the index
of the Federal Reserve Board, increased r2% in August, which is
more than the usual seasonal increase, and sales were the largest
of any month in three years. Sales of clothing, drygoods and
shoes showed substantial gains as. compared with July and were
larger than a year ago. Retail trade also increased in August and
sales in all reporting lines were larger than in August, 1922.
II
Department store sales in all sections of the country averaged
above last year's level.
PRICES: The general level of wholesale prices, according to
the index of the Bureau of Labor Statistics, remained relatively
constant in August, the change for the month being a reduction
of less than one-fifth of one percent, compared with declines of
about 2% in each of the three preceding months. Prices of building materials, house furnishings and fuel were materially reduced,
while prices of farm products and foods increased. Prices of
certain raw materials, particularly cotton and silk, advanced
substantially during September, while prices of petroleum and
copper declined.
BANK CREDIT: After a decline during July and the first
part of August, the volume of bank credit in use showed a seasonal increase during the last week of August and the first two weeks
of September. Total loans and demand deposits of member banks
in principal cities increased during recent weeks, reversing the
trend of the preceeding two months. Loans chiefly for commercial and agricultural purposes increased by r22,ooo,ooo and
reached a high point for the year. Investment holdings of these
banks, on the contrary, continued to decline and on September I2
were lower than at any time since the middle of October of last
year.
Between August 22 and September r9 the amount of accommodation extended to member banks by Federal Reserve banks
in industrial districts declined, while in agricultural districts the
seasonal demand for credit and currency resulted in a considerable growth of reserve bank credit in use.
The demand for currency arising out of crop moving and fall
trade has been reflected in an increase of $82,000,000 in money
and in circulation between August I and September I. Of this
amount about $44,000,000 represents an increase in Federal
notes"'...circulation.
.
Money rates were firmer during the first two weeks of September, but eased somewhat after the I 5th, partly because government~disbursements:were:temporarily in excess of tax collections.
The Treasury issued on September 15th $200,000,000 of six
months certificates bt>aring 4¼% interest, compared with 4%
home by six months certificates issued in June.
12%
12
THE MONTHLY REVIEW
INDEX OF PRODUCTION IN BASIC INDUSTRIES
PRICES
COMBINATION OF 22 INDIVIDUAL SERIES
INDEX NUMBERS OF WHOLESALE PRI CES
CORRECTED FOR SEASONAL VARIAT ION
"'
1C:
t
C.! .
U. S. BUREAU OF LABOR STATISTICS
PmCEMT
I:) ;;-. 100 1
160
I
250
t2q
_p l
M
GO
40
ltO
0
2~
cL
1919
J\
250
'
V
100
80
JOO
300
,,.o
140
PIJICIKt"
( #ONrHLY AVERAGt l!JI.J • 100)
eitAC£trt
\
ISO
~
V'\
"'---- f r~
too
t00
so
so
I.AfaT f1 ::;usu:
1$2
1922
1921
0
1923
1 ?9
BANK CREDIT
1920
1921
f92Z
1923
•
BANK CREDIT
~
ALL FEDERAL RESERVE BANKS
MILLIONS Of DOLLARS
1SC>
MILLION5
or COLLARS
4000
4000
MEMBER BANKS IN LEADING CITIES
BILLIONS 0 1" OOl ~AAS
81UlOllS
o, D0Lt.ARS
IS
IS
(4t----+----+----+----+----f~
••• LOANS AND
••.DISCOIINn
IZ .----+----+--ots,---+----+--=--~t:
iooo
\.,.
'~
...,
t500
£ARNING
ASSETS
~-·~·~:.•..••:-•
· :(- .....~,•,,.\:
1000
zooo
81----+----+-----+----i----t•
1500
61----+----+-----+--- - r - - - - t •
1000
.500
500
1920
1921
1922
1923
r....__.__._.-1..,.._.--"---~---'~~=--'-~=--o
1920
192
1922
1923
@FedFRASER