The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THE MONTHLY REVIEW
Of Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
FEDERAL
Vol.
RESERVE
20
K-'.XS.\S CITY,
BANK
Io.,
ROPS in the Tenth Federal Reserve District were adversely affected by a scarcity of moisture and high
temperatures which prevailed throughout the greater
part of August. Corn, grain sorghums, dry beans, and late
cuttings of alfalfa were particularly affected, corn prospects
declining 28.5 per cent to an estimated yield of 223,783,000
bushels this year as compared to 53,194,000 bushels harvested
in 1934, and a ten-year average production of 46o,421,ooo
bushels. As much of the corn was planted late, ultimate returns are largely dependent on a belated frost. General rains
late in the month and the forepart of September were beneficial
to growing crops and enabled farmers to resume plowing and
fall seeding operations.
Trade at wholesale and retail establishments expanded, but
by slightly less than the usual seasonal amount. Residential
construction continued to feature building activity, being
three times as large as a year ago, whereas total building expenditures were a third less, although substantially larger than
in July. Flour mills operated at about the same rate of activity
as in the preceding month or the corresponding month last
year. The output of bituminous coal increased as usual but
that of petroleum declined. Business failures remained comparatively insignificant.
Marketings of live stock were seasonally larger in August
than in July but substantially smaller than a year ago when
drouth conditions compelled owners to sell their herds closely.
Operations at meat packing establishments showed the same
relative relationship. Moderate price advances were recorded
for all species of live stock although closing quotations were
somewhat below the month's extremes. Marketings of wheat
were about normal for the season but those of corn were extremely light and of oats heavy.
C
Financial
MEMBER BANK OPERATIONS: The combined weekly
condition statement of fifty-one reporting member banks in
leading cities of the Tenth Federal Reserve District as of
September I I showed a decline of 20,888,000 in net demand
deposits since August 14, the total of such deposits now amounting to $513,191,000 as compared to the all-time peak of $549,921,000 reached on July 10 this year and $456,228,000 reported
on September 12, 1934. Time deposits and Government deposits declined slightly during the four weeks' period and on
September I I were somewhat smaller than one year earlier.
The banks increased their loans and discounts and investment portfolios in four weeks, the total of loans and discounts
as of September I I establishing a new peak for the year although
3.8 per cent smaller than on September 12, 1934. Investment
holdings were up $7,566,000 in four weeks, United States Government securities accounting for 4,799,000 and securities fully
OF
OCTOBER I)
KANSAS
CITY
1935
No.
10
BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT
Percentages of Increase, or Decrease (-), for August 1935 over July 1935
and August 1934 and for the first eight months of 1935 over the like period
in 1934.
Aug. 1935
8 Months 1935
compared to
compared to
Banking
July 1935 Aug. 1934 8 Months 1934
Payments by check, '29 cities ................ - - '2.o
13.3
9.8
Federal Reserve Bank clearings.............. - 0.9
9.3
10.2
Ilusiness failures, number........................ --'28.6
-43.2
19.2
Business failures , liabilities...................... -73.8
--'73·3
-40.8
Loans, 51 member banks·-- ·····················
'2.3
- 3.8
Investments, 51 member banks ............ 1.9
12.3
Net demand deposits, 51 member banks - 3.9
12.5
Time deposits, 51 member banks.---····· - 0.4
- 5.9
Savings deposits, 45 selected banks·-···Even
8.o
Savings accounts, 45 selected banks...... - 0.2
2.2
Distribution
- 1.9
\Vholesalers' sales, 5 lines combined ..... .
1.3
6.4
Retailers' sales, 32 department stores ... .
25.6
23.6
L?m ~er sales, 155. retail yards............... . -13.0
- 8.5
Life insurance, wntten.--························· -3.5
Construction
- 1.7
61.8
Building contracts awarded, value·-··-···
81.3
Residential contracts awarded, value ....
70.2
Building permits in 17 cities, value....... .
Production
2.6
Flour.--····················································-··
Crude petroleu .. .__ _ _ _ __
- 7.5
Soft coal. ................................................... .
3o.3
1 9·5
Zinc ore (shipped) Tri-State district ......
Lead ore (shipped) Tri-State district ... .
Grain receipts, 5 markets
\Vheat·--·····················································
Corn ...•........................................................
Oats.---·········································-············
Live stock receipts, 6 markets
Cattle ......................................................... .
Calves·--···································-················
Hogs ........................................................... .
Sheep......................................................... .
Horses and mules ......................................
Me:tt packing, 6 markets
Cattle ...........·-············································
Calves·-·······················································
Hogs.. - - - - · · ··································
Sheep ...................... - - - Stocker and feeder shipments, 4 markets
Cattle ..........................................................
Calves·-·······················································
Hogs .......................................................... _
Sheep ...............·-·-·-······-··················-····
-
44.0
--{j1,8
52.1
--'J3.0
-49.9
1.9
7.1
1 4·5
-19.2
-
-35.8
-39.o
-55.7
-
1 3.5
7.3
9.4
12.6
-56.0
2 9·3
--{j8.2
-36.4
-37. 2
-45.3
- 2.3
-
8.1
0.3
195.6
190.8
14.5
163.9
-56.7
4.3
-30.0
8.7
-35 .7
guaranteed by the United States Government for $2,900,000
of the advance, offset by a slight loss in "other" securities.
Compared to September 12, 1934, total investment holdings
are up $43,372,000.
1bia Copy Released For Publication In Afternoon Newspapers, September 30.
THE MONTHLY REVIEW
Principal resource and liability items of the fifty-one reporting
banks are here shown for September I I and August 14, 1935,
and September 12, 1934:
Loans and investments-total..
Loans and discounts- total._ __.
Secured by stocks and bonds
All other loans and discounts
lnvestm en ts- totaL_.................
U . S. securities direct·-···········
Obligations full y guaranteed
by the U. S. Government..
Other securities........................
Reserve with F . R. bank.-.........
Net dem and deposits,_ _ _ _
Time deposits .......... _ _ _ _
Government deposits..................
Sept. II, 1935 Aug. 14, 1935 Sept. 12, 1934
$603,854,000 $591 ,725,000 $568,674,000
202,031,000
214,786,000
206,594,000
46,291,000
58,012,000
46,087,000
16o,303,ooo
l 55,944,000
156,774,000
397,260,000
389,694,000
353,888,000
23°,945,000
226,146,000
231,861,000
46,650,000
u9,665,ooo
103,049,000
513,191,000
156,335,000
10,340,000
43,750,000
II9,798,ooo
100,868,000
534,079,000
157,032,000
10,997,000
....................
122,027,000
91,207,000
456,228,000
166,097,000
19,598,000
RESERVE BANK OPERATIONS: Borrowings of member
banks at the Federal Reserve Bank of Kansas City and branches
showed a slight advance for the four weeks' period ended September I I but holdings of bills purchased in the open market and
industrial advances under Section 13b declined. United States
Government security holdings were unchanged, having virtually
been so since March 6, at $106,844,200, or $13,900,000 above
the corresponding date last year.
Following a loss of $15,465,973 during the five weeks' period
ended August 14, member banks' reserve deposits increased
$2,319,183 between that date and September I I to a total of
$177,636,562 and are $19,591,785 or 12.4 per cent larger than
on September 12, l 934.
Federal reserve note circulation expanded $5,241,635, or 4.2
per cent in four weeks, to the highest point since March 22,
1933, and $16,956,500 or 14.9 per cent in fifty-two weeks.
Important changes in the weekly condition statements of
the Federal Reserve Bank of Kansas City and branches during
four weeks and fifty-two weeks are indicated in the following:
Sept. 11, 1935 Aug. 14, 1935 Sept. 12, 1934
Total reserves.............................. $207,743,830 $203,315,649 $187,559,012
Bills discounted·--·······················
181,588
127,213
151,963
Bills purchased ................ ·-·········
126,464
126,566
142,220
Industrial ad vances ........ •···- ··-··
1,134,972
1,158,946
84,792
U.S. securities .......................... _
106,844,200
106,844,200
92,944,200
Total bills and securities ....·-·····
108,287,224
108,256,925
93,323,175
Total resources............................
352,925,000
349,168,518
315,007,804
F. R. notes in circulation..........
130,975,410
125,733,775
II4,018,910
Member banks' reserve deposits
177,636,562
175,317,379
158,064,777
The discount rate of the Federal Reserve Bank of Kansas City, on all classes
of paper and maturities, remains unchanged at 2 per cent.
RESERVE BANK CLEARINGS:
Check collections,
through the Federal Reserve Bank of Kansas City and branches
at Denver, Oklahoma City, and Omaha, declined 3.4 per cent
as to the number of items handled and 0.9 per cent in dollars
from July to August. Collections were, however, larger than a
year ago, the number of items handled showing an increase of
8.6 per cent and the amount an increase of 9.3 per cent.
The totals for July, August, and the first eight months of
1 935 and 1934:
ITEMS
August..............
July....................
Eight months.-.
1935
5,280,320
5,467,895
41,833,556
1934
4,860,092
4,756,091
40,710,618
PAYMENTS BY CHECK
Albuquerque, N. M _ _ _ _ $
Atchison, Kans.·---·····················
Bartlesville, Okla. _ _ _ __
Casper, Wyo.·--···························
Cheyenne, Wyo ...........................
Colorado Springs, Colo.·-···········
Denver, Colo .............................. .
Enid, Okla ...................................
Fremont, Nebr.·-·························
Grand Junction, Colo .................
Guthrie, Okla....... _ _ __
Hutchinson, Kans .......................
Independence, Kans .................. .
Joplin, Mo ............... _ _ __
Kansas City, Kans ................... Kansas City, Mo .........................
Lawrence, Kans ....................·-····
Lincoln, Nebr.·--·························
Muskogee, Okla .......................... .
Oklahoma City, Okla .................
Okmulgee, Okla........·-······-······Omaha, Nebr.............................. .
Pittsburg, Kans...........................
Pueblo, Colo.·-·····························
Salina, Kans .................................
St. Joseph, Mo.·-·························
Topeka, Kans.·--·························
Tulsa, Okla. _ _ __
Wichita, Kans·--························
Total 29
Total 29
U.S. 270
U.S. 270
1934
$ 818,078,000
837,174,000
6,015,661,000
BANK DEBITS: Checks debited to individual accounts, as
reported by banks in twenty-nine cities of the District for the
five weeks' period ended September 4, aggregated '1,1 ,r 50,478,000
or 2 per cent less than in the preceding five weeks ended July
31, but 13.3 per cent more than in the like period last year.
Only two of the reporting cities failed to show an increase for
the year. Cumulative check payments for the first thirty-five
weeks of 1935 ran 9.8 per cent larger than a year ago.
Sept. 5, 1934
9,612,000
3,450,000
21,385,000
4,288,000
6,851,000
13,254,000
146,485,000
11,342,000
2,608,000
2,699,000
1,266,000
15,482,000
4,383,000
7,651,000
10,445,000
303,418,000
3,029,000
22,706,000
6,104,000
75,512,000
2,196,000
139, 297,000
3,135,000
15,176,000
8,609,000
28,829,000
15,414,000
89,780,000
40,6o5,ooo
11.6
7-9
1 5·4
4.8
5.2
34.4
6.5
-41.3
2 5·3
7.5
13.1
7.8
20.7
18.0
1 7•3
28.6
10.0
II.I
-16.6
17.1
7-4
22.9
2 4-5
24.0
--·-
cities, 5 weeks .......... $ 1,150,478,000 $ 1,015,on,000
cities, 35 weeks..........
7,814,831,000
7,119,613,000
cities, 5 weeks..........
35,392,296,000
29,874,706,000
cities, 35 weeks.......... 263,819,940,000 242,151,449,000
13.3
9.8
18.5
8.9
SAVINGS: Forty-five selected banks in leading cities of the
District reported a slight decrease in the number of their savings
accounts between August 1 and September 1, with the amount
of savings deposits unchanged. Since September 1, 1934,
savings deposits have increased $9,232,257, or 8 per cent, and
the number of depositors has increased 8,632, or 2.2 per cent.
Savings accounts and savings deposits as reported by the
forty-five banks:
September 1, 1935 ...... - ..........................
August I, 1935•-····················-················
September 1, 1934...... _ _ __ _ _
Savings Accounts
404,309
405,000
395.677
Savings Deposits
$124,581,314
124,586,739
n5,349,o57
Business Failures
Business insolvencies in the Tenth District continued their
declining trend during August, the number of defaults as well as
the amount of indebtedness involved being the smallest for any
month since August, 1920. The record for the United States
was similar to that for the District, insolvencies being numerically the smallest for the month since 1920, and liabilities
establishing an August low for recent years.
Business failures in the District and the United States as
reported by Dun and Bradstreet, Incorporated:
TENTH DISTRICT
AMOUNT
1935
$ 894,135,000
902,039,000
6,626,836,000
Per cent
Change
18.7
11.0
17.0
21.l
18.4
FIVE WE E KS ENDED
Sept. 4, 1935
II,408,000 $
3,828,000
25,010,000
5,191,000
8,109,000
14,795,000
I 58,060,000
13,091,000
2,734,000
2,840,000
1,702,000
16,493,000
2,572,000
9,587,ooo
u,231,000
343,u8,ooo
3,264,000
27,400,000
7,204,000
88,596,000
2,825,000
I 53, 197,000
3,483,000
12,655,000
10,079,000
30,972,000
18,944,000
III,748,000
50,342,000
August 1935 .. _____
July 19 3 5 - - - - - August 1934-____
Eight months 1935•-··-·······Eight months 1934...... ___
Number
Liabilities
25
$ 138,297
35j J
527,538
44, I
517,623
398J 2,721,492
334
4,598,008
UNITED STATES
Number
910
931
929
8,109
8,418
Liabilities
$ 17,845,596
20,446,761
8,459,903
148,573,198
189,579,180
I
Life Insurance
Sales of new paid-for ordinary life insurance in the seven
states, all or parts of which comprise the Tenth District, as
reported to the Life Insurance Sales Research Bureau totaled
$33,015,000 in the month of August, $1,2n,ooo less than in
July this year and $1,693,000 less than in August last year.
THE MONTHLY REVIEW
Stores
Reporting
Kansas City.... 4
Denver.............. 4
Oklahoma City 3
Tulsa ................ 3
Wichita.....·-···· 3
Other cities .. __ I 5
3
RETAIL TRADE AT 32 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
AMOUNTS COLLECTED
SALES
STOCKS (RETAIL)
AccouNTS RECEIVABLE
Aug. 1935
Aug. 1935
Year 1935
Aug. 31, 1935
STOCK TURNOVER
Aug. 31, 1935
compared to
compared to compared to
compared to
August
Year
compared to
July 1935 Aug. 1934
Aug. 1934
Year 1934 July 31,1935
Aug.31,1934
1935 1934 1935 1934 July 31,1935 Aug:31,1934
-15.1
10.2
15.4
11.3
6.4
-19.3
.31
.21 2.25 1.67
8.1
11.2
-11.2
15.3
3.3
7.4
6.4
- 1.5
.35
.34 2.35 2.24
4.1
6.1
-15.5
14.1
:q
0.1
17.7
- 2.7
.36
.34 2.71 2.67
I.8
- 2.4 .
-15.2
20.9
IO.I
3.8
15.8
6,4
.34
.32 2.75 2.64
5•3
22.4
-16.2
25.2
7.2
12.6
8.7
6.1
.28
.30 2.15 2.06
- 2.7
2.8
- 11.5
14.4
13.4
3.4
13.1
- 0.4
.26
.23 1.90 1.86
Even
4.0
Tota~-- 32
8.9
6.4
9.9
- 5.4
.31
.27 2.26 2.04
3.1
5.8
- 13.1
NOTE: Percentage of collections in August on open accounts July 31, all stores reporting 41.5.
Collections same month last year 38.7.
Sales for the eight months' period amounted to $289,742,000
in 1935 as against $316,536,000 in 1934.
The sales totals by states:
August 1935
July 1935
August 1934
Colorado.---·································
Kansas ..........................................
Missouri .......·-······························
Nebraska......................................
New Mexico·----·························
Oklahoma·--·································
Wyoming......................................
$ 4,107,000
$ 4, 274,000
5,55°,000
$ 4, 174,000
Seven states·--···············- ·········-·
United States--···:····-······--····
13,929,000
4,029,000
691,000
4,841,000
912,000
5,182,000
14,849,000
3,880,000
715,000
5,190,000
718,000
$ 33,015,000
$ 34,226,000
$ 34,708,000
456,397,000
483,491,000
483,7o5,ooo
4,757,000
13,680,000
3,958,ooo
631,000
5,026,000
856,000
Trade
RETAIL: The dollar volume of August sales at thirty-two
department stores located in cities throughout the Tenth
District increased 25.6 per cent over the preceding month, or
s1ightly more than the usual seasonal amount. The increase
over August, 1934, was 8.9 per cent, bringing the cumulative
sales total for eight months, 1935, up to 6.4 per cent over the
corresponding period in 1934.
August collections on open accounts averaged 41. 5 per cent
of amounts outstanding at the close of July, as compared with
43.3 per cent in July and 38.7 per cent in August, 1934. Installment collections averaged 15.1 per cent during August,
14.8 per cent during July, and 14.1 per cent during August, 1934.
Stocks of merchandise were enlarged 9.9 per cent during
August, or more than the usual amount, from July 31, the low
of recent years, but were 5.4 per cent under a year ago. The
index for the District now stands at 62.1 per cent of the 1925
monthly average, the lowest for any August 31 date on record.
Preliminary estimates of the Bureau of Foreign and Domestic
Commerce placed daily average sales of general merchandise
in small towns and rural areas in the United States 17 per cent
higher in dollar volume in August, 1935, than in August, 1934,
and 23 per cent above August, 1933. The cumulative increase
for 1935 over 1934 was 23 per cent. Daily average sales at
variety stores were I per cent below the dollar volume for
August, 1934, but total sales for the first eight months of 1935
were approximately the same as for the corresponding period
last year.
WHOLESALE: August sales of reporting wholesale firms
engaged in five lines of distribution in the Tenth District
disclosed an increase of 1.3 per cent over July, or somewhat
less than the usual amount. Wholesalers of dry goods and
Stores
Reporting
Dry goods.·- ····- ·············· 5
Groceries.......................... S
Hardware·--··········-·······- 8
Furnitur _ _ _ _ _ 4
Drug,----7
14.9
furniture reported increases of 29.9 per cent and 16.6 per cent,
while sales of groceries, hardware, and drugs declined 2.1,
11.8, and 1.2 per cent, respectively.
Compared to August, 1934, the dollar volume of five lines
combined showed an increase of 1.9 per cent. Sales of hardware increased 21.1, of furniture 42.8, and of drugs 9.2 per
cent, but those of dry goods decreased 1.9 and of groceries
1 6.o per cent.
Cumulative sales for the first eight months of 1935 are now
only 1.9 per cent under the corresponding period of 1934. By
distributive lines, increases for the year were: furniture 14.2
and drugs 1.2 per cent; and decreases: dry goods 12.1, groceries 2.2, and hardware 0.1 per cent.
Merchandise inventories of dry goods, groceries, and hardware were smaller, and of furniture and drugs larger, on August
31 than July 31, 1935. Compared to August 31, 1934, inventories of dry goods and hardware were smaller, and of groceries
furniture, and drugs larger.
Lumber
Lumber sales at 155 retail yards in the District dropped 13
per cent and dollar sales of all materials were off 4.2 per cent
from July to August. Footage sales of lumber, however, were
51.4 per cent and of all materials 36.1 per cent above a year ago.
Lumber stocks were about the same on August 31, 1935, as one
month and one year earlier. Collections were considerably
better than a year ago, averaging 42.4 per cent in August this
year as against 32.4 per cent in the like month last year.
August business is herewith compared to that of July this
year and August last year in percentages of increase or decrease:
Sales of lumber, board feet .. _ _ _ _ __
Sales of all materials, dollars _ _ _ _ _
Stocks of lumber, board feet.·-·-·- ·-··-··-·Outstandings, end of month .....·--··-··-···-·-
August 1935 compared to
July 1935
August 1934
-13.0
51.4
- 4.2
36.1
0.7
2.I
1.6
18.6
Building
Total construction expenditures in the Tenth District, according to statistics compiled by the F. W. Dodge Corporation,
expanded 61.8 per cent during August, the value of total building contracts awarded being the highest for any August since
1931, last year excluded. Residential expenditures, although
about one-fifth less than in July, were more than three times
as large as last August and the highest for any August in three
years. The value of residential con tracts for the year to September I was 81.3 per cent over the same period last year.
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
OUTSTANDINGS
.AMOUNTS COLLECTED
Aug. 31, 1935
Aug. 1935
Aug. 1935
compared to
compared to
compared to
Aug. 1934
Aug. 1934
July 1935
July 31, 1935 Aug. 31, 1934
July 1935
29·9
2.8
17.6
- 1.9
- 8.3
- 3.1
-16.0
z.8
12.2
- 2.1
- I.I
3.9
-11.8
21.I
-10.0
12.4
- I.8
13.2
2,1
1
-10.1
16.6
26.0
42.8
3•7
1,2
18.8
-0.4
0.7
9.2
s-s
STOCKS
Aug. 31, 1935
compared to
July 31, 1935 Aug. 31, 1934
- 6.o
- 9·9
17·9
- 1.6
- I.I
- 5.9
8.9
11.9
14•9
1.9
THE MONTHLY REVIEW
4
Total and residential contracts awarded in the District and
the United States, as reported by the F. W. Dodge Corporation:
TOTAL BUILDIN G CONTRACTS AWARDED
TENTH DISTRICT
U NITED STATES
1935
1934
1935
1934
August......... .
t, 7,076,281
$10,746,919
.,, 168,557,200 t, 120,'.244,500
2
2
July.-.............
4,37 , 38
3,695,353
I 59,249,900
119,698,Soo
Eight months
48,053,933
48,885,347
1,024,716,400 1,095,553,800
RESIDENTIAL CONTRACTS AWARDED
TENTH DISTRICT
UNITED STATES
1935
1934
1935
1934
AugusL........
t, 1,684,571
t, 552,269
'I, 40,528,300 f, 18,641,000
July.-............
2,138,111
445,969
48,371,800
19,879,100
Eight months
11,116,111
6,129,689
297,149,400
170,424,300
Building departments in seventeen Tenth District cities
issued 1,653 permits during August, slightly more than in July
and over a third more than last August. The estimated construction costs for which permits were issued during the month,
although 52.2 per cent less than in July, were 86.9 per cent
greater than in August, 1934, and involved the amount of
$1,928,893, establishing a five-year record for the month.
Permits issued so far this year are 36.9 per cent greater, and
the estimated cost thereof 70.2 per cent greater, than for the
first eight months of 1934.
BUILDING PERMITS IN TENTH DISTRICT CITIES
PERMITS
ESTIMATED
1935
1934
1935
f,
6o,015
f,
Albuquerque, N. M,·--···············
69
85
Cheyenne, Wyo ...........................
42,213
40
44
Colorado Springs, Colo ...............
21
14,247
35
Denver, Colo ...............................
276
383
347,6 23
Joplin, Mo ...................................
20
24,99°
15
Kansas City, Kans .....................
16,315
27
39
Kansas City, Mo .........................
259
218
337,300
120
Lincoln, Nebr.·--·····
123,568
144
Oklahoma City, Okla. __·············
169
250,315
97
Omaha, Nebr...............................
107
144,335
74
Pueblo, Colo ..-.............................
51
7, 295
33
12
18,391
17
Salina, Kans.·-·····························
Shawnee, Okla .............................
II
4,025
9
126,280
23
17
St. Joseph, Mo.·-·························
Topeka, Kans.
48
70,520
56
66
85
Tulsa, Okla.·--·····························
197,553
Wichita, Kans .............................
150
143,908
55
Total 17 cities, AugusL--········· 1,653
Eight months·---··················-····· I 1,434
1,222
f, 1,928,893
8,353
15,337,846
CosT
1934
30,288
14,676
10,325
207,825
16,010
10,145
190,000
28,683
52,345
6o,734
12,252
14,225
212,500
24,805
35,330
62,015
50,106
Mills in the Tenth District produced I ,876,418 barrels of
flour during the month of August, or slightly more than in
either the preceding month this year or the like month in 1934
but 13 per cent less than the ten-year average for the month.
The mills operated at 57.9 per cent of full-time capacity in
August as against 56.5 per cent in July and 57.6 per cent in
August, I 934.
Flour production by principal milling centers as estimated
from the weekly reports of southwestern mills to the Northwestern Miller:
Atchison ...·- ··································
Kansas City_ _ _
Salina.......·-··-··· · · · - - - Wichit------··············-··
Outside_ ...................................... .
July 1935
Barrels
104,855
487,748
138,271
171,511
927,006
Grain Marketing
Abnormally large receipts of oats and barley, near normal
receipts of wheat and rye, and subnormal receipts of corn and
kafir during the month of August were disclosed by the reports
of the five principal grain markets in the District. Marketings
of wheat, oats, rye, and barley were heavier, and of kafir lighter,
than in either July this year or August last year. Wheat was
in more liberal supply than in any month since July, 1934, and
marketings of oats were, with the exception of August, 1925,
the heaviest for any month in sixteen years of record. On
only two occasions, June and July, 1932, have offerings of corn
been lighter.
August receipts of grain at the five markets are shown in
the following table with comparisons:
Wheat
Bushels
1,578,150
14,731,200
5,493,299
1,726,400
Hutchinson ......
Kansas City.--.
Omaha..............
St. Joseph·---···
Wichita..·-········· 2,550,000
Aug. 1935·- ·······
July 1935 ..........
Aug. 1934·-·······
8 Mos. 1935 ......
8 Mos. 1934-.....
Aug. 1934
Barrels
111,163
453,249
161,287
130,087
993,210
TotaL......... _ _ _ _
1,876,418
1,829,391
1,848,996
*United States·--·························
5,075,797
4,8 I 8,990
5,365,925
*Represents about 60 per cent of the total output in the United States.
Buyers, apparently reconciled to prices, displayed more
interest in flour than for sometime. A tew round lots for longtime delivery were contracted but demand was widely diversified and volume consisted chiefly of numerous small lot sales
26,079,049
25,345,483
8,216,300
69,763,238
Corn
Bushels
Oats
Bushels
1,500
597,000 1,372,000
296,800 3,338,000
133,500 1,016,000
10,400
16,500
Rye
Bushels
1,200
Barley
Bushels
67,500
254,400
667,200
12,250
1,300
133,000
1,200
2,500
Kafir
Bushels
23,400
47,6oo
- - - - -- - - - - - -
1,037,700
1,246,950
13,644,300
17,469,710
57,936,150 34,727,000
5,744,000
519,000
1,103,000
9,242,100
4,541,000
202,900
29,600
97,300
937,650
71,000
12,800
88,900
65,400
82,500
325,300 1,031,100 517,500
410,300 379,500 1,179,700
Most cash grain prices worked downward in August, wheat
and rye closing 4 cents, corn 10 cents, and oats 5 cents per
bushel lower. Barley was unchanged but kafir was off I 5 cents
per hundredweight. All prices improved the forepart of September, wheat more than recovering its loss.
Cash grain prices at Kansas City as of the dates indicated:
t,1,032,264
9,013,313
Flour Milling
Aug. 1935
Barrels
100,403
474, 272
161,032
180,698
960,013
frequently accompanied by urgent shipping directions. Shipping directions were fair to good. Prices strengthened somewhat and the position of low grade flour improved. Millfeed
demand was slow and the trend was weak, particularly for
bran. Shorts for immediate shipment were scarce at times
and prices were relatively strong although closing quotations
showed a loss of about '$1 per ton for the month.
No.
No.
No.
No.
No.
No.
Sept. 16 Aug. 31 July 31 Sept. 15 Aug. 31 Aug.31
1935
1 935
1935
1934
1934
1933
.,, .85½
1 dark hd.wheat, bu. $1.03½ t, .99
t,1.03
t,1 .05 ½ t,1.05
2 mixed corn, bu.....
.79
.76½
.86.½
.78
.81½
.46.½
2 white oats, bu.......
.30½
.29½
.34½
.55½
.37
.55½
1.00
2 rye, bu...................
.52½
.47
.51
1.00
.74
2 barley, bu.·---·······
.51
•49
.49
.85
.47
·90
1.18
2 kafir, cwt ......·--····
1.18
1.15
1.30
1.68
1.72
Crops
Most sections of the Tenth District received little moisture
during August and crops generally deteriorated. Estimated
losses in prospective crop yields between August I and September 1, as indicated by reports of the United States Department
of Agriculture and expressed in percentages of decrease, were
as follows: corn, 28.5; spring wheat 1 21.8; broom corn, 22.2;
dry beans, 20.2; grain sorghums, 15.0; apples, 7.6; and all
other crops but wild hay, which improved 8.3 per cent, lesser
amounts. Regardless of these declines the District will produce, under favorable weather conditions, almost four times
as much corn as was harvested in the extremely poor year of
1934 arid substantially larger amounts of all other crops. Yields
of oats, rye, wild hay, dry beans, and apples, peaches, pears,
and grapes are expected to exceed the five-year average. In
the irrigated regions, water supplies have been adequate and
average or b_e tter yields of irrigated crops are anticipated.
Recent general rains have enabled farmers to proceed with
their fall plowing and seeding operations, which had been de.
5
THE MONTHLY REVIEW
layed by dry soil, and also materially benefited ranges and
pastures and unmatured crops.
Prospective yields of twenty important crops in the seven
states, whose areas or parts thereof comprise the Tenth District,
and the United States, as estimated by the Department of
Agriculture on September 1 with comparisons (production
in thousands of units, ooo omitted):
SEVEN STATES
UNITED STATES
Sept. 1
Final 5-Yr.Av. Sept. 1
Final 5-Yr.Av.
1935
1934
1928-32
1935
1934
1928-32
Winter wheat, bu. 155,695 158,087 325,059 431,709 405,552 618,185
Spring wheat, bu.
8,434
3,6o8
9,429 162,906
91,377 242,385
All wheat, bu._ 164,129 161,695 334,488 594,615 496,929 860,57o
Corn, bu ............. _ 287,662
75,176 590,390 2,183,755 1,377,126 2,562,147
Oats, bu.·---········· 194,063
62,765 178,840 1,181,692 525,889 1,217,646
Rye, bu,-..............
7,865
1,326
4,282
52,236
16,045
38,655
Barley, bu.·--·····31,771
10,091
40,383 283,339 n8,348 282,841
Gr. sorghums, bu.
48,078
13,988
37,856 125,485
34,542
93,764
Tame hay, tons._.
11,265
6,405
II,259
74,880
52,269
69,591
Wild hay, tons.__
4,469
1,762
4,096
12,330
4,759
10,793
Broom corn, tons
35
17
38
58
32
47
Sugar beets, tons
2,894
2,549
4,052
8,426
7,481
8,n8
Cotton, bales........
1,079
648
1,420
II,489
9,636
14,667
White potatoes,bu. 35,371
16,260
39,472 372,677 385,421 363,367
Sweet potatoes,bu.
2,550
1,656
2,808
68,735
67,400
63,841
Dry beans, bags_
2,448
663
2,290
13,303
10,369
n,858
Tobacco, lbs.·-··4,320
3,121
5,836 1,263,593 1,045,66o 1,432,845
Apples, bu.·---··-·
8,389
5,496
7,220 167,864 120,670 161,333
Peaches, bu.·---···
3,717
2,558
2,263
52,200
45,665
56,451
Pears, bu·-·····-····
1,261
990
996
21,344
23,490
23,146
Grapes, tons.___
20
15
20
2,314
1,931
2,200
CORN: The drouth and hot winds reduced 1935 corn prospects in the District as of September 1 to 223,783,000 bushels,
a loss of 89,197,000 since August I. Production in 1934
amounted to only 53,194,000 bushels but the five-year average
production, 192.8-1932., is 460,421,000 bushels. Rains and cooler
temperatures, although augmenting fodder tonnage, arrived
too late to increase grain yields in many fields and much upland
corn is a failure, or near failure. Mid-August rains in south central and southeastern counties of Oklahoma promise average
yields in that area. In Kansas most of the corn will be produced
in the eastern three tiers of counties and in Nebraska in northeastern, east central, and a few western counties. Missouri reports the poorest corn is in the western third of the state. Corn
in the irrigated regions of Colorado has made excellent growth.
Forage yields will be much heavier than a year ago. A majority
of the acreage having been planted almost a month late, an
early frost would do great injury to corn generally.
Corn production, by states, as estimated by the Department
of Agriculture in thousands of bushels:
Colorado. __ ·······
Kansas .......... - ..
Missouri ...·-······
Nebraska.·-······
New Mexico.. _
·Oklahoma·--·····
Wyoming......... .
Seven states·--·
Tenth District..
United States._.
Estimated
Sept. 1, 1935 Aug. 1, 1935
12,728
16,705
38,072
61,867
76,942
8 I ,468
124,874
180,852
3,718
3,43 2
29,172
33,660
2,156
2,548
287,662
223,783
2,183,755
380,532
312,980
2,272,147
Final
1934
3,368
10,576
26,482
21,363
1,088
11,644
655
5-Yr.Av.
1928-32
22,599
127,493
I 56,561
225,053
3,872
52,381
2,431
75,176
53,194
1,377,126
590,390
460,421
2,562,147
COTTON: A cotton crop of II,489,000 bales in the United
States and 637,000 bales in the District is indicated by September 1 conditions. In 1934 national production totaled
9,636,000 bales and Tenth District production amounted to
but 263,000 bales. Although the District crop has been handicapped by unsatisfactory weather conditions throughout the
season, the cool, wet spring retarding growth and necessitating
much replanting, and July and August being too hot and dry
for best development, acreage abandonment has been light,
particularly as compared to last year. Present moisture conditions are favorable but warm weather is needed during
September for late crop development.
Cotton acreage and production, by states, as estimated by
the Crop Reporting Board of the United States Department
of Agriculture, thousands omitted:
AcREAGE FoR HARVEST INDICATED PRODUCTION (Bales)
Sept. 1
Sept. 1
Sept. I
Aug. 1
Final
1935
1934
1935
1935
1934
2,628
2,539
768
827
317
Oklahorr.a.--·················
108
92
90
87
89
New Mexico·---···········
Missouri ........................
320
288
221
199
242
Three states·-···············
United States·---·········
3,056
28,652
2,919
27,241
1,079
II,489
1,n3
u,798
648
9,636
GRAIN SORGHUMS: The condition of grain sorghums is
below average but much higher than a year ago. Grain yields
will be light owing to the heat and drouth, early planted fields
being especially affected. The late rains will benefit ·the crop
and increase the amount of roughage considerably, and in the
case of late planted fields fair yields are possible if frosts hold
off until late.
BROOM CORN: The condition of Oklahoma broom corn
on September 1 was 47 per cent of normal compared with 34
per cent last year and 66 per cent as the ten-year average.
The indicated yield is 2.00 tons per acre, or 50 tons better
than last year, and production is estimated at 18,200 tons,
approximating the 192.8-1932. average but exceeding the 1934
production by 8,400 tons. Most of the standard crop has been
harvested and yields were average or better. Broom corn
in the dwarf areas has declined greatly since August 1 but the
recent rains will be beneficial if fall growing conditions are
favorable.
FRUIT: Fruit was adversely affected by the hot, dry
weather, particularly grapes in Oklahoma, but the damage
was not extensive and the outlook is, on the whole, fair to good.
A bumper harvest of peaches on the western slope of Colorado
is virtually completed and apples and pears in that state promise
better yields than a year ago, although they will fail to come
up to the average. Prospects for all fruits in Missouri, exclusive
of grapes, are reported much above the five-year average.
MISCELLANEOUS CROPS: Colorado reported potatoes
and sugar beets as making satisfactory growth with good yields
anticipated. The condition of dry edible beans in Colorado
declined from 68 per cent of normal on August l to 45 per cent
on September 1, dry weather having caused a heavy drop of
blossoms and reduced the yield. A considerable acreage in
New Mexico was abandoned but August rains improved some
fields. The third cutting of alfalfa was light but the outlook
for a fourth cutting is now promising. The Oklahoma pecan
crop is forecast at 17,000,000 pounds compared with 10,250,000
pounds produced last year and the 192.8 to 1932. average production of 13,360,000 pounds.
FARM INCOME: Cash farm income in the nation for the
calendar year 1935 was tentatively predicted by the Bureau
of Agricultural Economics at $6,700,000,000, the highest in
five years.
Following are the cash income estimates for the past twelve
years· these include cash income from the sale of farm products,
rentai and benefit payments, payments for the exercise of
cotton options, and for the emergency purchase of live stock in
drouth areas by the Agricultural Adjustment Administration:
19'.24·---·····················$ 9,785,000,000
1930........................i 8,451,000,000
mt~:::~:::::::=:=:
*Tentative.
ji~t~\~
j!HLL :: .rm1~1~
6
THE MONTHLY REVIEW
Farmers are now receiving the first installment on their
1935 corn-hog contracts, with the final installment falling due
after January l.
According to the Department of Agriculture's index, farm
purchasing power advanced 3 points from July 15 to August 15
to 84 per cent of the pre-war level and is now 7 points higher
than a year ago. The index of farm prices rose from 102 on
July 15 to 106 on August 15, whereas the index of prices paid
by farmers for commodities purchased was stationary at 1'26
per cent of the 1909-1914 average.
Live Stock
Receipts of cattle and calves at the six principal market
centers of the Tenth District were seasonally larger in August
than for any month since last November but were sharply
smaller than in August, 1934, when drouth conditions resulted
in extensive forced liquidations. The movement of grass fat
cattle from the Flint Hills pastures of Kansas and the Osage
country of Oklahoma reached volume proportions late in the
month and the forepart of September, with indications that
the movement is nearing completion somewhat earlier than
usual.
The shrinkage in hog supplies continued, receipts at the six
markets being, with the exception of June this year, the lightest
for any one month in seventeen years of record and equal to
but 36 per cent of the ten-year average numbers for August.
Range lambs commenced moving to market in small volume
but the general movement was belated and receipts of sheep
and lambs at the six markets, although slightly larger than in
July, fell 19.2. per cent below a year ago and 16 per cent below
normal.
Prices of all kinds and most grades of live stock worked
higher during August and, although the extremes of the month's
advances failed to hold, cattle and hogs showed net gains of
2.5 to 50 cents per hundredweight and sheep and lambs closed
15 to 2.5 cents higher, an increasing premium in finish being
noticeable in both the cattle and hog divisions. On August 1 5,
hog values soared to a top figure of 1,12. per hundred pounds
at Kansas City, the highest price paid on that market since
July 12, 1929. This price compares with the August, 1934,
top of 'f,10.75. Lightweight cattle were in best demand and,
as slaughter classes were in moderate supply, beef steers sold
up to $11.85 compared to $10 a year ago and mixed yearlings
reached $n.65 as against $7.50 last year. Sheep and lamb
prices moved narrowly, the month's top on native spring lambs
being $9.10, or $2.75 per hundredweight higher than in August,
1934·
Stocker and feeder cattle were in broad demand and moved
freely throughout the month, countryward shipments from four
markets being, as usual, the largest of the year with cattle
shipments 16 per cent below, and the out-movement of calves
36 per cent above normal. Scarcity reduced the outgo of hogs
Kansas City ..............
Omaha ........................
St. Joseph ..................
Denver........................
Oklahoma City..........
Wichita ......................
August 1935 ..............
July I 935 ....................
August 1934..............
Eight months 1935....
Eight months 1934....
*Includes 56,236
Cattle
182,923
103,634
36,614
26,088
51,878
29,232
30 per cent below normal and lamb shipments were down 44
per cent due to the late movement of range lambs to market.
Western live stock and ranges are generally in good condition. Feed supplies are ample except in limited dry areas in
western Kansas and Oklahoma, southeastern Colorado, and
not theastern New Mexico, from which areas some forced
shipments of cattle are anticipated. In contrast with a year
ago, when all live stock was thin and the Government was
making emergency purchases of cattle and sheep to alleviate
the effects of the drouth, cattle made good gains and . ar~ well
finished, ewes are in good condition, and a large proportion
of the lambs are in slaughter flesh. There is a definite tendency
to hold cattle and ewe lambs closely to rebuild depleted herds
and flocks.
Meat Packing
Operations at Tenth District meat packing establishments,
as reflected by packers' purchases of meat animals at the six
principal market centers, direct purchases of hogs included,
were somewhat heavier in August than in the preceding month,
with the slaughter of cattle, calves, and hogs substantially,
and of sheep and lambs slightly, lighter than in August, 1934,
when distressed marketings and processing for the Government account resulted in increased activity. Butcherings were
below normal for the season for all species, hog slaught_er,
the lightest for the month of record, falling 59 per cent short
of the ten-year average, and the slaughter of cattle, calves,
and sheep showing declines of 17, 12, and 16 per cent, respectively.
According to reports of the United States Department of
Agriculture, the August slaughter of commercial cattle under
Federal meat inspection was the largest since 1918 and of
sheep and lambs of record, whereas that of hogs was the smallest
since 1902. Comparisons with 1934 exclude Government
drouth relief animals and the Federally inspected slaughter
of commercial cattle and sheep was 5.1 and 9.1 per cent larger
than in August last year. Calf slaughter was 8.8 per cent
smaller and swine numbers were 36.9 per cent less.
Federally inspected slaughter of meat animals as reported
by the United States Department of Agriculture:
Cattle
Calves
Hogs
Sheep
August 1935_ _ _
875,070
472,184
1,667,540
1,665,449
July 1935..........................
744,900
464,091
1,712,311
1,545,804
August 1934---•················
832,409
517,707
2,641,187
1,526,732
Eight months 1935..........
5,858,573
3,728,242 17,172,630 11,555,149
Eight months 1934..........
6,420,555
4,152,060 29,221,482 10,296,671
NOTE: The slaughter of cattle and calves for Government relief purposes
excluded.
Cold Storage Holdings
United States cold storage holdings of all commodities but
miscellaneous meats, butter, and cheese declined during August.
Holdings of beef and poultry ordinarily increase at this season
of the year and this year's reduction indicates a substitution
AUGUST MOVEMENT OF LIVE STOCK IN THE TENTH
RECEIPTS
STOCKERS AN D FEEDERS
Calves
Hogs
Cattle
Calves
Hogs
Sheep
11,286
*98,788
3,428
74,308
34,941
69,585
205,428
2,232
72,185
1,532
27,485
9,377
1,636
586
4,654
96,751
37,730
7,97 1
206
20,629
215,328
6,077
4,994
756
19,583
23,840
12,709
14,754
5,512
7,74 1
107,801
612,265
82,378
267,926
430,369
298,797
273,028
571,801
54,146
36,468
t1,127,641 t3°5, 1 77
294,021
534,842
758,198
2,601,155
501,329 2,778,319 4,701,905
53°,344
f4,049,289 t822,213 6~273,972 5,074,689
757,192
hogs shipped direct to packers' yards.
fGovcrnment cattle
14,860
5,110
6,802
5,94 2
15,481
49,547
DISTRICT
Sheep
27,289
57,614
12,095
26,941
123,939
46,959
25,180
137,016
89,831
418,697
516,861
82,643
77,0 75
and calves included.
P URCHASED FOR
Cattle
Calves
23,97 1
68,633
60,184
7, 145
28,025
7,395
14,014
3,469
13,57°
26,015
10,958
4,3°3
207,829
184,554
f47 2,357
1,375,886
t 2, 163,554
SLAUGHTER
Hogs
Sheep
•90,672
43,321
135,324
57,559
82,665
33,175
19,681
13,936
21,090
8,891
6,152
13,579
230,011
296,034
59,853
212,708
295,256
46, 273
420,567
303,129
t187,996
383,114 2,302,239 2,561,320
t6o9,739 5,316,819 2,677,215
7
THE MONTHLY REVIEW
of those meats for pork, September 1 stocks of which are at
the lowest levels of record as is also true of lard.
Storage holdings of butter are 30 per cent and of lamb and
mutton 7.6 per cent larger than a year ago but stocks of beef,
pork, poultry, miscellaneous meats, lard, and eggs are somewhat
smaller. -Compared to the Septem her 1 five-year average,
stocks of beef are down 6 per cent, pork 46.3 per cent, lamb
and mutton 16.4 per cent, poultry 14.9 per cent, miscellaneous
meats 29.8 per cent, lard 60.3 per cent, and cased eggs 13.2
per cent, whereas inventories of creamery butter and cheese
are up 20.4 and 2.8 per cent, respectively.
United States cold storage holdings on September 1, with
comparisons, as reported by the Bureau of Agricultural Economics:
*Sept. 1
Aug. 1 Sept. 1 Sept. 1
1935
1935
1934 5-Yr.Av.
5o,34o
Beef, lbs.·- - ···········································
47,329
49,473
80,075
Pork, lbs............................................... 324,785 369,910 542,010 6o4,722
Lamb and mu t ton, lbs.......................
1,730
2,109
1,608
2,070
Poultry, lbs...........................................
34,920
41,262
46,053
41,022
**Turkeys, lbs.........................................
9,006
11,655
4,767
4, 1 93
Miscellaneous meats, lbs.·--···············
50,414
49,582
90,190
71,823
Lard, lbs...............................................
53,716
68,435 167,155 135,4 25
Eggs, cases............................................
7,336
7,947
7,938
8,447
Eggs, frozen (case equivalent)..........
3,180
3,322
3,200
3,o33
Butter, creamery, lbs.·- ------············ 156,791 149,628 120,467 130,194
Cheese, all varieties, lbs..................... 105,668
94,679 122,495 102,745
*Subject to revision.
**Included in Poultry.
(ooo omitted).
NOTE: Meats held for the account of the F ederal Emergen cy Relief
Administration are not included in the above.
Petroleum
Estimates for August, based on the weekly reports of the
American Petroleum Institute compared to the reports of the
Bureau of Mines covering the months of July this year and
August last year, indicate a reduction of crude oil production
in this District of 7.5 per cent as compared to July and an increase of 3.2 per cent over August, 1934. All of the major
producing states showed losses for the month and, with the
exception of Wyoming, increases for the year. Cumulative
production during the first eight months of the year is estimated
at 183,291,000 barrels as against 174,465,000 barrels in the
like period of I 934.
The gross production figures for the five oil producing states
of the District and the United States follow:
*August 1935
Barrels
15,270,000
4,377,000
1, 189,000
133,000
1,684,000
July 1935
Barrels
16,435,000
4,865,000
1,274,000
124,000
1,804,000
August 1934
Barrels
14,986,000
4,037,000
1,280,000
II6,ooo
1,533,000
Total five states...... ....................
22,653,000
Total United States....................
82,938,000
*Estimated, American P etroleum Institute.
24,502,000
85,485,000
21,952,000
79,058,000
Oklahoma.- ............... ................... .
Kansas ..........................................
Wyoming ..................................... .
Colorado. ____·································
N ew Mexico·- --···························
Mid-continent crude oil prices, in effect for two years, range
from 76 cents to $1.08 per barrel per gravity test. Prices failed
to react to a lowering of quotations in the California area.
Domestic consumption of gasoline is at record levels but at
the time of the year when gasoline consumption and crude oil
output should decline, a substantial increase in crude oil production is recorded, the August, 1935, output for the nation
being, with two exceptions, 1933 and 1929, a record for that
month. There is, however, no excessive surplus available and
the industry has been drawing quite heavily upon its reserves
for several years and present stocks of refinable crude oil are
the lowest since 1927. According to reports, adequate future
supplies are of more concern to most companies than current
heavy production. September requirements of crude oil for
the nation are estimated by the Bureau of Mines at 2,613,000
barrels daily, or 42,000 barrels below the estimated daily requirements for August.
Drilling activity continues at a high level, particularly in
Oklahoma and Kansas. There were 380 wells completed in
the District in August, or 92 more than a year ago. Rigs up
and wells drilling at the close of the month numbered 1,032,
44 less than in July but 140 more than in August, 1934. The
August record of completions and new operations has not
been exceeded in that month since 1930. New pipe lines are
being constructed in western Kansas and the deep well development in the Oxford pool of that state is of particular interest
to the petroleum industry.
.,_~ .... ,.
The summary of August field operations by states:
Wells
Completed
Oklahoma..................
204
Kansas......................
122
Wyoming..................
13
Colorado. __ ...............
I
r Tew M exico·---·······
40
August 1935·--·········
July 1935 ..................
August 1934·-- ·········
Barrels Daily
New Production
126,688
73,260
4,513
175
47,420
380
302
288
Rigs-Wells
Drilling
Dry
Wells
51
Gas
Wells
II
560
23
3
o
2
o
o
239
83
II
I
117
252,056
88
14
1,032
158,350
95
18
1,076
7
892
82
124,792
Coal
33
Bituminous coal production in the six coal producing states
of the District, as estimated from the weekly reports of the
United States Bureau of Mines, increased from July to August
by 30.3 per cent, or somewhat more than the usual seasonal
amount. Compared to August, 1934, production increased
6.9 per cent, and tonnage for the first eight months of 1935 is
17.2 per cent above the corresponding period last year.
The production figures by states follow:
*August 1935
Tons
Colorado._.. _.................................
Kansas and Missouri ..................
ew Mexico·-··-···························
Oklahoma·-- ·································
\Vyoming .. ................................... .
390,000
424,000
113,000
103,000
337,000
J uly 1935
Tons
266,000
302,000
92,000
63,000
326,000
August 1934
Tons
32.8,000
405,000
97,000
I 16,000
333,000
T otal six states................·-········
1,367,000
1,049,000
1,279,000
T otal United States....................
25,980,000
2.2,2.52.,000
2.7,452,000
*Estimated from the weekly reports of the United States Bureau of Mines.
Zinc and Lead
Shipments of zinc ore from Tri-State mines and tailing
mills during the four weeks' period ended August 31 were 19.5
per cent larger and of lead ore 12. 1 per cent smaller than in
the preceding four weeks' period. Zinc ore shipments were
larger than in the like period a year ago by 8.2 per cent and,
as prices were somewhat better, the value of deliveries was up
16.2 per cent. The lead ore tonnage exceeded that of last year
by 58.4 per cent and the value was 86.7 per cent greater.
The tonnage and value of zinc ore and lead ore shipments
from Missouri, Kansas, and Oklahoma:
ZINC ORE
LEAD OR E
Tons
Value
2.5,041 f, 745,400
6,355
189,1 51
I ,479
Tons
3,814
516
52
Value
1,165,762
23,1 02.
2,262
3 2,875 $ 978 ,555
27,504,
770,112.
30,394
842,448
35 Weeks ended Aug. 31, 1935.... 228,471 6, 158,066
35 Weeks ended Sept. 1, 1934.... 202,902 5,715,695
4,382
4,987
2.,767
25,973
22.,639
$191,126
2.07,62 1
102,379
980,379
956,088
Oklahoma..._.....................................
Kansas..............................................
Missouri............................................
4 Weeks ended Aug. 31, 1935....
4 Weeks ended Aug. 3, 1935....
4 Weeks ended Sept. 1, 1934....
Zinc concentrate prices were advanced $1 per ton the forepart
of the month and lead ore prices were raised $2 per ton the final
week> closing quotations for both classes of ore of $30 and $45
per ton, respectively, establishing new highs ~for -i the year.
In August, 1934, zinc ore closed at $26_and_lead- ore ~at $37.50
per ton.
Business Conditions in the United States
By the Federal Reserve Board
PD,C~"T
~--.--,-!~D-U-3T-.n-!.O._L_P_O_DU_C_T_ION-_--.----=-.1'£" ~Q
t~C t---t----+---'---+----+---+----1 130
!40
1..0 L-4-~--1- - - + - - - + - - - 4 - - - - + - - 4 - - - - - 1 1 2 0
110
t---½1c----+--l---+---+---+---l 110
,oo t-----11--+---+---+--+--
-+---+-- - l ioo
so t---lt--...-+-,----+--4----14-+-------l 90
80
c...--L--1---1 70
70
00 1 - - - 1 - - - + - - - - . - - - - f - - + - - - + ----I 60
~
------'-~----'--___.__.......__...._____ ,o
1520
Index of industrial production, adjusted for
seasonal variation.
(1923-1925 average=100.)
Latest figure: August, 86.
PH
,t:ACtHT
120
corr
120
FAC.TORY EMPLOYMENT
110
110
100
/"\
100
'\
"~
110
80
\.
70
eo
,...
. I' ry
\~ _/
90
-
80
70
60
50
Index of factory employment, adjusted for
seasonal variation. (1923-1925 average= 100.)
Latest figu re: August, 81.6.
,UI CDff'
120
HitCUT
WHOLESALE PRICES
110 t-----lr----t----+---+--+---+--
120
1:0
~~,__,.,r.-- - t - - + - - + - - - + - - - + - - - 4 m
~f=="i~l=+--+--+----+---+-----1~
70f-- f - - - - f""-.-~--i---'-4---+--4~--l~
80 t-----lr----+----"'v'-'-"l=---,k~
t10
~ r ----1r--t--f'"":.i-..t-+--t---t--i ~
~
C
~
~
Indexes of the United States Bureau of Labor
Statistics. (1926=100.) By months, 1929 to
1931; by weeks, 1932 to date.
Latest figure,
September 14: farm products, 81.2; foods, 86.4;
other commodities, 78.0.
lttU.:O!-tS CtrDC,t..LU.S
e
~ - - . . . . . __ ___.__ _ _...__ _...J
2
1934
Wednesday figures for reporting member
hanks in 91 leading cities. Latest figures are
for September 18.
Total volume of industrial production increased in August by about the usual seasonal
amount. Steel output increased more than seasonally, while the output of automobiles
and anthracite declined sharply. Factory employment and payrolls increased. Wholesale prices of farm products and metal advanced during August and the first two weeks
of September, and prices of wheat increased further in the third week of the month.
PRODUCTIO A D EMPLOYMENT: Industrial production increased seasonally
in August and the Board's index, which is adjusted to allow for usual seasonal variations,
remained unchanged at 86 per cent of the 1923-1925 average. Activity at steel mills
showed a considerable increase from July to August and in the first three weeks of
September was at a level higher than in any other month since February. Automobile
assemblies declined by about 30 per cent in August and showed a further sharp reduction
in the early part of September, reflecting in part preparations for early introduction
of new models. At lumber mills output continued to increase in August. Cotton consumption by domestic mills increased slightly fr~m recent relatively low levels and
activity at woolen mills was maintained at a high rate. At mines, output of anthracite
decreased sharply in August, while output of bituminous coal showed an increase.
Factory employment and payrolls increased between the middle of July and the middle
of August by more than the usual seasonal amount. Marked increases in employment
were reported for the steel, machinery, lumber, silk, and clothing industries, while at
automobile factories employment declined somewhat. The number of wage earners
engaged in the production of durable manufactures in August was 6 per cent larger
than a year earlier, while the volume of employment in other manufacturing industries
as a group showed little change. Total factory employment was 3 per cent larger than
in August, I 934.
Daily average value of construction contracts, as reported by the F. W. Dodge Corporation, showed little change in August and the first half of September. Contracts
for residential building, which earlier in the year had increased considerably, showed
a decrease for this period, while the volume of public projects increased.
Department of Agriculture estimates based on September I conditions indicate a
cotton crop of 11,489,000 bales, as compared with the unusually small crop of 9,636,000
bales last year. The indicated crops of corn, wheat, and other grains are considerably
larger than last year, when drought conditions prevailed, and the condition of pastures
is above the ten-year average.
DISTRIBUTION: Freight carloadings increased considerably in August and the
first half of September, partly as a consequence of seasonal factors. Department store
sales increased siightly less than seasonally from July to August.
COMMODITY PRICES: The general level of wholesale commodity prices, as
measured by the index of the Bureau of Labor Statistics, advanced from 79.6 per cent
of the 192.6 average at the beginning of August to 80.8 per cent in the second week of
September and prices of many leading commodities, including wheat, silk, copper, lead,
and zinc advanced further in the third week of the month. Cotton prices declined
considerably in August and showed relatively little change in the first three weeks of
September.
BA K CREDIT: Excess reserves of member banks declined in the five-week period
ended September 18, reflecting a temporary increase in the Treasury's total holdings
of cash and deposits at Federal reserve banks and a seasonal increase of money in
circulation, which was partly offset by an inflow of gold from abroad.
Total loans and investments of reporting banks in leading cities increased by $6IO,ooo,ooo during the five weeks ended September I 8. Loans increased by $100,000,000,
holdings of United States Government direct obligations by $390,000,000, holdings
of United States guaranteed securities by $70,000,000, and holdings of other securities
by '$50,000,000. Adjusted demand deposits of these hanks-that is, demand deposits
other than Government and bank deposits, adjusted collection items-increased by
J1 4o,ooo,ooo, United States Government deposits by 160,000,000, and balances due
to banks by $270,000,000.
Yields on Government securities rose somewhat further during this period, while
other short-term, open-market money rates remained at previous low levels.
@FedFRASER