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THE MONTHLY REVIEW ~ Covering Conditions in the'Tenth Federal ~serve Vistrict Federal Reserve Bank of Kansas City C. K. M. L. McCLURE, Chairman Board of Directors anq Federal &urve Agent VoL. 9 KANSAS C1rr, Mo., STATISTICAL RECORD OF THE TENTH FEDERAL RESERVE DISTRICT Pct· Change 1923 $1 ,II4,I 50,000 -8.5 4,690,388 8.5 16.3 $ 705,101,242 $ 103,238,027 2.8 320,821 6.5 $ 447,59 2,000 -IO.I '/, 443,464,000 -5.6 $ 133,700,000 1.4 66 2,795,103 62.0 -58.0 469,214 99,5o5 -17.0 - 15.3 919,029 460,798 4,945 --2,2 9.0 242,479 68,965 709,663 293,670 -3.1 -II.0 -3.6 7.0 2,932 8,772,675 -6.3 -12.3 17,106,r 50 1~382,700 1,733, 275 85.1 6.9 -26.2 10.3 .,, '/, 3,645,75o 2.1 Ore Shipments, Tri-State District Zinc ore, tons ............ _ _ _ __ Lead ore, tons ............................... .-.... 46,348 5,125 3 1,727 3,778 35.7 Crude Oil Production, 4 states, barrels.... 21,001,800 20,875,000 o.6 Agricultural Production, Tenth District, Aug. 1 Estimate, 1924,Final Estimate 1923 in bushelsWinter Wheat .............. _ __ Spring Wheat ..... _ _ __ All Wheat............................................ Corn ......................................... •···-······· Oats ...... ----·························· 288 ,3 88 ,000 168 ,635,o::>0 71.o 471,705,000 176,637,000 514,530,000 -8.3 11.3 Rye·-··························---Barlev _ _ _ _ _ _ _ __ Grai; Sorghums _ _ _ _ _ __ White Potatoe"------Sweet Potatoe~-----Apples ........ _ _ _ _ _ _ __ Peaches...... _ _ _ _ __ Pears........ _ _ _ _ _ _ _ __ 3~;~~!:= t~i;:= 3 50,506,000 31,4°7,000 3,082,000 9,61 9,000 3,16 5,000 1,104,000 1 ~~:~~~:~: 158,756,000 46.1 6~:~ 1:~~;:= -~~:~ 53,686,000 33,766,ooo 3, 282 ,000 10,018,000 2,2s5,000 788,000 -5.9 -6.9 - 6·1 -4-0 8. 3 5 40.1 4 Assistant Federal Reserve.Agent and Secrt-lary 1924 No. 9 apid progress in the direction of financial rehabilitation of the farmers, country merchants, country banks and agricultural communities throughout the Tenth Federal Reserve District is indicated by the reports from all sections since the threshing and marketing of the 1924 wheat crop began. The District's wheat crop, estimated by the Government on August 1 as 300,314,000 bushels, is the largest of record and probably the best crop ever grown. It exceeds last year's crop by 119,98 I ,ooo bushels. Computed at the average farm price on July 15, it has a value of about $281,000,000, or $133,500,000 greater than the value of the 1923 crop. The bumper crop of wheat, however, is only one item in this year's agricultural production in the District. It is but little more than one-fourth of the District's crops, which, based upon current values, should exceed the billion dollar mark in value, not counting live stock. Good crops of oats, rye, barley, hay, potatoes, melons and fruits have been harvested. Then there is the Government's promise, based on August 1 condition, of large crops of corn, cotton and other fall farm products to swell the farm output and make 1924 the year of greatest agricultural production the District has ever known. On top of this enormous production there has come during the past sixty days increases in prices of grain and hogs to higher levels than have prevailed for many months, insuring the farmers larger money returns from their 1924 crops. The outstanding feature of the situation in the District, aside from the enormous crop production, is the revivifying influence of the newly created farm wealth that has been pouring in since the first market movements of new wheat began late in June. Marketings of wheat during the month of July at the four leading primary markets of the District were 31,660,050 bushels, 14,553,900 bushels, or 85.1%, more than the total receipts in these markets in July last year. This heavy movement of wheat continued during the early part of July and the cash returns, together with the receipts from other farm products marketed, have gone into growers hands. Farmers have seized upon the opportunity to get out of debt and liquidations of loans, according to reports from country banks and farm loan agencies, have far exceeded all previous records for so short a period. As1an indication of the disposition of the farmers to get out of debt, the records of the Federal Reserve Bank of Kansas City show that 2,391 farmers' notes for amounts aggregating $3,994,153.90, that had been rediscounted by fifty-three banks in the wheat belt, were paid before maturity within a period of three weeks and $21,772.51 of interest rebated to them. Instances have been reported where this year's wheat crop cleared up the entire farm mortgage indebtedness and wiped out losses from two years of failure. In more than one case farmers, whose farms were sold under foreclosure proceedings, . h h· f h took their w eat money and redeemed t e1r arms under t e Kansas 18-months redemption law. R Comparing Returns for July, 1924, with Returns for July, 1923. Bank Debits, 26 cities Four weeks ended July 30................ 'f,1,019,342,000 Federal Reserve Bank Clearings Items .......... _ _ _ _ _ _ 5,088,030 Amount.. - - - - - - - - · · · $ 819,937,795 Bank Savings, Aug. I Deposits, 55 banks ......·--···················$ 106,100,485 Accounts, 50 banks............................ 341,586 Bank Loans, 72 Banks in Selected Cities .................................................... '$ 402,502,000 Deposits, 72 Banks Demand ............................................ $ 418,677,000 Time............ ----··················$ 135,620,000 Commercial Failures, District Number................................................ 106 Liabilities ............................................ '/, 1,150,169 Live Stock Receipts, 6 markets 389,616 Cattle ....·-·· · · · · · · - - - - Calves .................................................. 84,217 937,988 Hogs------······················· Sheep ....................'·······----450,692 Horses and Mules .............................. 5.39 1 Meat Packing, 6 markets 235,027 Cattl~---············•···················· Calves ................................................. . 61,405 683,875 Hogs·-··············· - - - -- - - Sheep..... - - - 314,35 1 Building Permits, 18 cities Number.......................... _ _ __ 2,747 Estimated Cost .................................. $ i,692,224 Grain Receipts, 4 markets Wheat, bushels .................................... 31,660,050 Corn, bushels ...................................... 3,896,650 Oats, bushels ..................................... . 1,021,000 Flour Production, barrels .. _ _ _ __ 1,912,671 SEPTEMBER 1, BoARDMA.N, This Copy Released For Publication In Morning Newspapers August 28. THE MONTHLY REVIEW I. 2. 3. 4. 5. 6. 7. 8. 9. PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS IN SELECTED CITIES 1 Aug. 6, 1924 Aug. 8, 1923 76 Banks 72 Banks Loans and Discounts (including rediscounts): 6,760,000 (a) Secured by U. S. Govt. obligations.---···$ 5,418 ,000 i (b) Secured by stocks and bonds, other than U. S. Bonds.......... _ _ _ _ _ _ __ 80,261,000 78,920,000 (c) All other...... _ __ _ __ _ __ 316,823,000 361,912,000 Investments: 11,629,000 II,416,000 (a) U. S. pre-war bonds ........ - - - - (b) U S. Liberty bonds .............. _ _ __ 38,848,000 52 ,354,000 2,872,000 4,814,000 (c) U. S. Treasury bonds .......... - - - 22,126,000 (d) U. S. Victory notes and :freasury notes.... 17,567,000 1,425,000 5,619,000 (e) U. S. Certificates of Indebtedness.--······· (f) Other Bonds, Stocks and Securities........ 60,489,000 58,273,000 6o4,410,ooo Total loans and discounts, and investments.... 533,n6,ooo Reserve balances with F. R. Bank_................ 47,609,000 47,755, 000 12,625,000 13,910,000 Cash in v a u l L - - - - - - - - -- Net demand deposits on which reserve is computed ............ _ _ _ _ _ _ _ _ _ __ 418,677,000 443,464,000 Time deposits........................ _ _ __ _ 135,620,000 133,700,000 Government deposits..................... _ _ __ 1,012,000 1,876,000 Bills payable and rediscounts with F. R. Bank secured by 61,000 8,103,000 (a) U. S. Govt. obligations.................... ·- ······· I,IIJ,000 17,021,000 (b) All other.......·-·············· · - - - - TOTAL (Items 3 to 9 inclusive) ......................$1,151,264,ooo h,268,808,000 Financial Reports from country banks throughout the District show some of the effects of the new crop money. Loans of long standing are being paid and deposits are mounting high. In several instances banks that were forced to suspend operations on account of frozen loans, have re-opened with funds obtained by payment of those same loans with new crop money. The improved situation is further reflected by the reports of seventy-two member banks in selected cities of the T enth District. These banks reported loans and discounts, including rediscounts, on July 30 were down to $400,440,000, the lowest amount on records dating back to the beginning of 1920. Their loans, however, advanced to $402,502,000 on August 6. On the other hand, demand deposits of the seventy-two banks on August 6, aggregating $418,677,000, were the largest since October 10, of last year, while time deposits, amounting to $135,620,coo, v..ere the largest of record since the beginning of 1920. Investments of the reporting member banks were above $130,000,000 during the three weeks ending August 6, for the first time since last February, and exhibited a tendency to increase. Weekly statements of the condition of the Federal Reserve Bank of Kansas City and branches during July and August showed continued liquidations of re-discounted paper and increased reserves. Total discounted and purchased bills held on August 13 were $13,053,827, the lowest of record d ating back to October, 1919. Federal Reserve Bank Clearings During the month of July 5,088,030 items for amounts aggregating $819,937,795 were cleared through the Federal R eserve Bank of Kansas City and branches at Omaha, Denver and Oklahoma City. There was an increase over the June record of 186,388 items and $56,549,392 or 7.4% in amount; also an increase over July 1923 of 397,642 items and $114,836,553 or 16.3% in amount. Clearings for seven months of 1924 through the F ederal Reserve Bank of Kansas City and branches were 34, 197,699 items for amounts aggregating $5,193,612,577, as compared with the record for the first seven months of 1923 of 34,447,886 items and $5,187,489,761 in amount, indicating a decrease for seven months this year of 250,187 items but an increase of $6,122,816 or 0.1% in amount. Bank Debits Clearing house returns from twenty-seven cities in the Tenth District show debits by banks against customers' accounts aggregating $1,045,689,000 during the four weeks ended July 30. This figure indicates an increase of $28,427,000, or 2.8%, over the total for the previous four weeks, ended July 2. Compared with the returns for the four weeks ended August 1, last year, there was a decrease of $94,808,000, or 8. 5%, for twentysix cities whichreported regularlyin 1924 and 1923. The debits: Four Weeks Ending July 30, 1924 Atchison, Kans ..... .............................. $ 5,965,000 Bartlesville, Okla............................... 10,743,000 Casper, Wyo....................................... 13,044,000 Cheyenne, Wyo.·-······ - -- 6,580,000 Colorado Springs, Colo_ _ __ 11,576,000 Denver, Colo....................................... 142,029,000 Enid, Okla ..... _ _ __ _ _ _ _ 15,505,000 Fremont, Nebr................................... 3,046,000 Grand Junction, Colo_ _ _ __ 2,373,000 Guthrie, Okla .. ___............................... 2,819,000 Independence, Kans........................... 8,229,000 Joplin, Mo....................... _ __ _ n,334,000 Kansas City, Kans............................. 19,874,000 Kansas Citv, Mo............................... 306,052,000 Lawrence, Kans.·--····························· 4,125,000 Lincoln, Nebr____ 26,347,000 Muskogee, Okla__ _ ____ 10,180,000 Oklahoma City, Okla......................... 64,219,000 Okmulgee, Oki...___ _ _ _ _ 7,003,000 Omaha, Nebr.·-··-······························· l 59,255,000 Parsons, Kans..................................... 3,008 ,ooo ::~:br~:rt~~.~.~: ~.~: ::::::::::::::::::::::::::: I;;;~~:= St. Joseph, Mo.·-····-··························· Topeka, Kans..................................... Tulsa, Okla......................................... Wichita, Kans..................................... 48,757,000 14,236,000 78,602,000 48,787,000 Total.....· - - -- - - · ···············$1 ,o45,689,ooo *-Percentage computed on returns from 26 cities. Four Weeks Ending Aug. 1, 1923 $ Pct. Change . 7.0 -2.3 5,572,000 10,996,000 19,048,000 7,96o,ooo II,003,000 143,213,000 16,478,000 3,175,000 2,342,000 2,969,000 9,939,000 10,227,000 19,561,000 312,036,000 3,945,000 -3 1 .5 - 1 7.3 p -.8 -5.9 -4.1 z.9 -5.0 -17.2 10.8 1.6 22,029,000 74,018,000 7,863,000 190,8n,ooo 2,801,000 -53.8 -13.2 -10.9 -16.5 7.4 5,75°,000 -J4.3 14,460,000 18.0 51,957,000 '-6.x -5.6 15,089,000 97,020.000 53,888,000 'f,1,n4,150,ooo *-8.5 Savings in Banks of the Tenth District Fifty-five commercial and savings banks in cities of the Tenth Federal Reserve District reported August 1 savings deposits aggregating $106,100,485, a decrease from the June total of $2,942,171 or 2.7%, but an increase of $2,862,458 or 2.8% over the total savings deposits August l i 1923 . The number of savings accounts in fifty banks on August 1 was 341,586, which was 5,903 less than on July 1 and 20,76 5 or 6.5 % greater than the total on August I last year. Banks Denver, Colorado................ 7 Kansas City, Kansas.......... 3 Kansas City, Missouri....... Io Lincoln, Nebraska. ............... 3 Oklahoma City, Okla.·--····· 6 Omaha, Nebraska................ 5 St. Joseph, Missouri... ......... 6 Tulsa, Oklahoma.................. 6 Wichita, Kansas.................. 6 Outside.................................. 3 DEPOSITS Aug. 1, 1924 July 1, 1924 Aug. 55,798,700 $ 57,879,573 'f, 'I> 1 ,533,024 13,984,213 2,711,388 5,743 ,431 7,211,927 9,106,080 6,852,468 2,154,610 1,004,644 1,699,609 I4,38 1,799 2,796,276 5,9 29,7 12 7,3i3,o63 9,336,904 6,500,989 2,169,683 1,035,048 1, 1923 53,8 21 ,995 1,491,513 13,522,581 2,9 23,738 6,092,498 7,308,859 8,598,,000 6,JIOfJ6 2,262,086 906;5'.2.I Total.. .................................... 55 $106,100,485 'f,109,042,656 $103,238,027 ACCOUNTS Banks Aug. 1,1924 July 1, 1924 Aug l, 1923 Denver, Colorado..........._... 6 96,914 84,732 97,75 1 Kansas City, Kansas.---····· 2 6,276 6,309 7,55 2 Kansas City Missouri .......... 8 88,141 89,830 89,724 Lincoln, Nebraska. ............... 3 14,606 14,188 14,563 . Oklahoma City, Okla.. _....... 6 16,004 16,049 15,l'.lr Omaha, Nebraska................ 5 59,48I 55,319 51 ,5W. St. Joseph, Mo ..................... 6 22,190 21,616 22,099 Tulsa, Oklahoma.................. 5 20,281 20,243 18,991 Wichita, Kansas .................. 6 16,669 16,718 16,353 Outside.................................. 3 3,624 3,547 3,495 TotaL . ················50 341,586 347,489 320,821 3 THE MoNTIILY REVIEW CONDITION OF RETAIL TRADE IN CITIES OF TENTH FEDERAL RESERVE DISTRICT DURING JULY, 1924 Based Upon Reports from Fifteen Department Stores Kansas City Percentage increase (or decrease) of net sales during July, 1924, over net sales during same month last year____ ·- - - - - - - - - - - - - - Percentage increase (or decrease) of stocks at close of July, 1924~ over stocks at close of same month last year............... _ _ _ _ _ _,_ _ _ _ _ _ _ __ Percentage increase (or decrease) of stocks at close of July, 1924, over stocks at close of June, 1924.... _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Percentage of average stocks (selling price) at close of each month this season (commencing with July 1) to average monthly net sales (selling price) during same period........ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Percentage of outstanding orders (cost) at close of July, 1924, to total purchases (cost) during the calendar year, 1923 .... _ _ _ _ _ _ _ _ _ _ _ _ _ __ Percentage of collections during the month of July, 1924, on amount of outstanding accounts on June 30, 192,.___ __ Percentage of collections for same period last year_ _ _ _ _ _ _ _ _ _ __ District (15) (3) Outside (9) +2.2 +1.1 -3.3 -3.5 -1.4 -2.7 +H -4.3 -6.2 -1.2 563.5 5oo.5 649.8 586.5 7-7 10.9 9.9 9.1 50.8 j 52.0 36.0 46.4 47.2 46. 47.3 (3) Denver 37.5 5 Mercantile WHOLESALE: Sales of dry goods and millinery by wholes.alers during July far exceeded those of June but were considerably below the sales during July, 1923. The reduction in sales of dry goods, as compared with last year, is reported by some extensive dealers as due to the fact that retailers have delayed the placing of fall orders. It was reported that crop conditions and market prices during the past thirty days were beginning to stimulate buying. Grocery sales by wholesalers were seasonally light and slightly below sales in June and a year ago. Sales of hardware were not quite up to those of June but exceeded last year's sales by nearly 2%. Wholesalers of furniture reported sales in July were 21.1% below June and 9.9% below July, 1923. · Sales by wholesale druggists during July were 8.3% above those of June and about the same as in July, 1923. WHOLESALE TRADE FOR JULY, 1924 SALES OUTSTANDINGS No. July, 1924 July, 1924 July 31, 1924 July 31, 1924 of compared with compared with compared with compared with Stores June, 1924 July, 1923 June 30, 1924 July 31, 1923 Dry Goods.... 3 22.4 -18.0 8.5 -12.1 Groreries·-·····3 -3.1 -z.4 1.9 -2.2 Hardware...... 7 -1.4 1.9 .7 -6.2 Furniture.......6 -21.1 ~·9 -8.5 -u.3 Drugs·--·········6 8.3 .2 -.4 -4.5 Millinery....... -4 58.6 -31.8 RETAIL TRADE: Retail trade during the month of July, as reported by department stores in leading cities of the District showed some slight improvement over the record of the previous month but averaged 3.3% below sales in July last year. Practically the same percentage of average decrease is reported WHOLESALE PRICES IN JULY Bureau of Labor Statistics Wholesale Price Index July June 1924 1924 All Commodities.. _ _ _ _ _ _ _ _ _ _ 147 145 Farm Products .. 141 134 Foods.......... 139 136 Cloths & Clothing 188 187 Fuel & Lighting............... 173 175 Metals................ 130 132 Building Materials........ 169 173 Chemicals & Drug iz6 127 House Furnishing ·········-·-····171 172 Miscellaneou n2 III Bureau of Labor StatisticsRegrouped by the Federal Reserve Board. Raw Materials, total... ....... _ _ _ _ _ _ _ 152 147 Crop..__ _ _ ._ _ _ _ _ _ _ _ _ _ 176 165 Animal Products.·-------·············114 109 Forest Product~----------175 182 Mineral Products.........• _ _ _ _ _ _ _ _ 167 168 Producers' Goods-··········- - - - - - - 1 3 0 130 Consumers' Goods............ _ _ _ _ _ _ _ 153 151 by single line stores as compared with last year's business, although sales of clothing by retailers declined perceptibly as compared with the sales in the corresponding month last year. COLLECTIONS reported by wholesalers showed distinct improvement during the last thirty days, particularly in the agricultural sections. Outstandings of wholesalers of dry goods, millinery, groceries, hardware, furniture and drugs at the end of July in all cases were considerably below outstandings on July 31, a year ago. Collections reported by department stores in cities during July on accounts outstanding at the first of the month averaged 46.3% compared with 47.5%. Commercial Failures Commercial failures in the Tenth District during the month of July totaled 106, as compared with 113 in June and 66 in July last year. The amount of liabilities was $1,150,169, or 58% less than the liabilities in July last year. The commercial failures in the United States during July are here given by Federal Reserve Districts, as compiled by R. G. Dun & Co. NUMBER 1924 1923 First, Bosto 91 ------·~--····· 131 Second, New Yor 298 329 Third, Philadelphia ........_............. 74 40 Fourth, Cleveland .... 1 55 91 Fifth, Richmond......................._... 123 76 Sixth, Atlant 82 102 Seventh, Chicag-0 136 213 Eighth, St. Louis.... 64 47 81 Ninth, Minneapolis ...... 71 TENTH, KANSAS CITY............ 106 66 81 Eleven th, Dallas...·-··············-····- 40 Twelfth, San Francisco 1 97 152 LIABILITIES 1924 1923 $ 1,644,931 f, 1,539,996 7,049,066 l'l.,7 17,797 3,057,246 3,979,o44 5,947,876 .s,763,981 2,675,646 1,301,279 1,299,886 1,743,751 5,382,698 3,777,361 563,872 579,643 1,163,446 1,427,184 1,150,169 2,795,103 242,424 2,576,000 2,398,010 1,758,017 Total. ................... f,36,813,238 1,615 1,231 f,35,721,188 Flour Milling Operations during the month of July of Southwestern mills advanced to 65.4% of full time capacity as against 56.2% in June and 61.6% in July, 1923. The total production of 1,912,671 barrels during July was 385,312 barrels or 25.2% more than in June and 179,396 barrels or 10.3% more than in July, 1923. The production figures follow: Kansas City Omah Salin St. Josep Wichit Outside.. July, 1924 477,648 93,292 85,549 168,956 166,278 920,948 July, 1923 488,340 7 2,994 78,296 105,775 176,923 810,947 Total barrel 1,912,671 1,733,275 THE MONTHLY REVIEW 4 AUGUST CROP REPORT Forecasts of the Department of Agriculture (In thousands of units) CORN TOTAL WHEAT WINTER WHEAT SPRING WHEAT OATS (bushels) (bushels) (bushels) (bushels) (bushels) Estimate Forecast Estimate Forecast Estimate Forecast Estimate Forecast Estimate Forecast Aug.I Aug. I Aug. 1 Aug. I Aug. l 1923 1923 1923 1923 1923 Federal Reserve Districts- Bosto New Yor Philadelphi Cleveland.. __ Richmon Atlanta.. Chicago St. Louis Minneapolis .. Kansas City Dallas.. San Francisco 10,756 29,684 57,007 208,310 188,751 187,968 976,124 403,090 351,852 ............................... 514,530 u2,165 14,158 1924 II,216 28,973 47,467 142,801 139,428 196,459 79°,429 349,046 292,864 471,705 94,447 240 9,151 12,110 49,779 32,202 5,96o u,605 82,965 83,426 159,776 180,333 16,976 142,823 3,054,395 2,576,440 785,741 1924 212 7,718 18,226 44,620 24,948 3,997. 64,707 1924 8,887 21,972 49,55 2 32,202 5,96o 201,685 300,314 23,438 69,013 79,8 15 83,164 l 5,616 168,635 16,686 89,851 814,II7 572,340 55, 39 2 1924 212 16,191 288,388 23,128 45,714 262 144,160 u,698 290 52,972 2,762 187 185,494 II,926 310 23,299 ' 8,988 34,245 21,382 67,79o ' 24,917 19,439 490,254 5z,072 333,084 158,756 49,573 39,323 589,350 213,401 224,767 1,299,823 7,468 18,097 44,422 24,948 3,997 6 1,945 55,052 240 264 138 227 3,150 250 129 198 1924 8,764 30,620 21,630 73,786 22,130 13,34° 574,109 61,761 376,52° 176,637 52,195 27,547 1,439,041 Total cotton production estimated at 12,351,000 bales as compared with 10,128,000 bales in 1923. Figures by districts not yet available.. Figures for all hay not yet available. Tame hay production estimated at 89,017,000 tons as compared with 89,098,000 tons in 1923. Agriculture The combined condition of all farm crops in the seven states whose area, as a whole or in part, forms the Tenth Federal Reserve District, was reported by the Department of Agriculture as of August I, as follows: Percent of Normal Colorado._________________ 93 Kansa..__ _ _ _ _ _ _ _ _ _ _ _ _ u4 Missour· 95.9 Nebrask..__ _ _ _ _ _ _ _ _ _ _ _ 104 New Mexico _ _ _ _ _ _ _ _ _ _ _ _ _ _ 101.5 Oklahoma _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 110 Wyomin,,,__ _ _ _ _ _ _ _ _ _ _ _ 88.9 Percent Change July I to August 1 -3 3 16.2 11.0 13.2 4.5 7.9 -6.1 WHEAT: Harvest returns to August I gave promise of a 1924 crop of 288,388,000 bushels of winter wheat and I I ,926,000 bushels of spring 'wheat, an all-wheat crop of 300,314,000 bushels, in the Tenth Federal Reserve District. The combined total is 36,II9,ooo bushels greater than was forecast July I and exceeds the I 923 crop by I I 9,98 I ,ooo bushels. Considering the District as a whole the 1924 all-wheat crop probably is the largest ever produced. Total all-wheat production in the District for the last five years is here given in bushels: August 1 Estimate ______________________ 300,314,ooo 1923 Final Estimate_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 180,333,ooo 1922 Final Estimate _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 249,444,ooo 1921 Final Estimat......._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 273,509,000 1920 Final Estimat ____________________ 296,322,ooo 1924 The reports show remarkable increases in the estimated yield as between July I and August I. In Kansas there was a gain of 24,258,000 bushels, in Nebraska a gain of 10,931,000 bushels, in Oklahoma a gain of 3,000,000 bushels, in Missouri a gain of 3,000,000 bushels, and in Colorado a loss of 3,000,ooc bushels. The crop in Kansas is the third largest ever produced in that state and the yield per acre, 16.4 busheJs, is the largest since 1914. In only two counties was the yield below 10 bushels per acre, most of the larger producing counties reporting 17 to 21 bushels per acre. Nebraska reported improvement during July which brought the vol~me of 1924 wheat to almost double that of last year. In that state the report said: "The winter wheat crop has exceeded the highest expectations, with the largest yield since 1916." The average yield this year is 19.2 bushels per acre, also the largest since 1916. Oklahoma's crop is about the best ever grown in that state and I 5,000,000 bushelsmore than was produced last year. In Missouri, threshing returns indicated a gain of 3,000,000 bushels over the July I estimate. Production for the state was forecast as 26,483,000 busehels compared with 37,947,000 bushels last year. In the nineteen western counties which are in the Tenth District a total of 5>841,390 bushels on 423,720 acres was forecast, 13.79 bushels per acre or one bushel more than the per acre yield for the entrire state. In Colorado unfavorable conditions ' for maturing and harvesting wheat resulted in a decline between July I and August I of 3,000>000 bushels, though the estimate of 26,194,000 bushels is 8,194,000 bushels more than 1923 production. Farmers in Tenth District states expect to increase the acreage of wheat to be sown this fall, according to reports to the Department of Agriculture August I, expressing intentions to plant. The report shows the percentage of increase in acreage to be sown in these states: Colorado 5%, Kansas 8%, Missouri 5%, Nebraska 4%, Oklahoma II%, the United States 7.6%. CORN: The growing corn in practically all sections of the District was greatly benefited by the better weather conditions which prevailed during July and August. The official estimates of August I promised a crop of 471,705,000 bushels for the Tenth District, 69,193,000 bushels more than was forecast July 1, but_42,8'.!5,000 bushels below the total corn production in the District in 1923. August I reports reflected large increases in the estimated production as compared with the July I forecast. In Kansas the production figure on August I was 26,000,000 bushels above the July I estimate. In Nebraska there was a gain of 22,000,000 bushels during the month. Missouri reported an increase in the estimated crop of 28,000,000 bushels for the state during the month, but the gain was not enough to bring the total up to last year. Oklahoma increased its estimate 17,000,000 bushels by the August I report and will have a crop almost twice as large as that of last year. The crop in Colorado and Wyoming was expected to fall slightly below that of last year while New Mexico reports a small increase GRAIN SORGHUMS: Seven states, producing 98% of the Nation's annual crop of grain sorghums, this year report an acreage of 5,412,000, or 5% less than last year, but an estimated production of 107,106,000 bushels as compared with 104,482,000 bushels produced last year. OATS AND BARLEY: The August I reports forecast larger production of both oats and barley than was forecast by the July report. The harvest returns from Oklahoma, Kansas, Nebraska and Missouri showed material gains in this year's production of oats which would increase the total for the District to 176,637,000 bushels, as compared with 158,756,000 bushels last year. The barley yield from reports received, shows good increases in Kansas, Nebraska and Oklahoma which would bring the production in the Tenth District up to about 34,000,000 THE MONTHLY REVIEW ~ GRAIN CROPS IN SEVEN STATES August l Forecast of U. S. Department of Agriculture (In thousands of bushels) CORN ALL WHEAT OATS Colorado...............--······Kansas Missouri ...-Nebraska New Mexico...... Oklahoma ........................ Wyoming.·-·······--· Seven States...... Tenth District............ 1924 25,180 123,135 170,327 .211,046 4,968 .. 74,4 19 ~ ....... ............... ... . ...... ........ ... 3,095 1923 37,250 122,149 196,860 272,052 3,624 37,536 4,050 1924 26,194 154,418 26,522 59,218 2,617 51,258 2,467 83,804 37,947 31,388 1,300 36,300 2,785 37,337 5,597 612,170 -47 1,7°5 673,521 5 1 4,530 322,694 300,3 14 211,524 . 180,333 212,767 176,637 I bushels or about 7,000,000 bushels less than last year's production in the District. POTATOES: The Kansas potato crop was estimated August 1 at 5,144,000 bushels for the state, the Kaw VaUey producing 2,227,000 bushels of this total. The state's crop in 1923 was 5,160,000 bushels. Nebraska's crop was forecast at 8,820,000 bushels against 8,880,000 bushels last year. Oklahoma's crop, reported as 2,924,000 bushels, is about 200,000 bushels larger than last year. Colorado's crop is estimated at II,314,000 bushels or 2,216,000 bushels below the crop of 1923. W yoming produced 1,685,000 bushels, New Mexico 200,000 bushels, and Missouri 8,189,000 bushels. COTTON: The condition of the cotton crop in Oklahoma on August I was reported at 76% of normal, a gain of four points during the month. In New Mexico the condition was 83% , the same as the month previous. In Missouri the condition was 72% , a gain of seven points during the month. The condition for the entire cotton area of the United States averaged 67.4% of normal. The favorable condition in the producing states of the Tenth District indicates a larger production of cotton than last year. The Oklahoma crop was estimated at 1,101,992 bales each of 500 pounds gross weight, as compared with 655,000 bales produced last year. The damage from boll weevil this season has been much less , than usual. In fact the damage by grasshoppers is more than boll weevil damage in Oklahoma, but the cotton plants by August I were becoming so large that grasshoppers did not eat them. HAY: The tame hay crop in seven southwestern states was forcast on August I at approximately 16,120,000 tons, against 17,150,000 tons last year. Reports showed reductions in all states, although the late cuttings were much heavier than first cuttings in Kansas, Nebraska and Oklahoma. The condition of wild hay in Nebraska was 82% of normal. The crop did not recover fully from the dry weather of the spring and early summer, but in the Sand Hills country the hay is fairly good and a large acreage is being cut. Prairie hay was showing good progress in Missouri. In Colorado both tame and wild hay suffered from dry hot weather and crops are not up to those of one year ago. SWEET POTATOES: The sweet potato crop in Oklahoma, Missouri, Kansas and New Mexico was estimated at 4,516,000 bushels, 151,000 bushels less than last year's crop. Oklahoma, with 2,544,000 bushels, produced over 56% of the crop in the four states. SUGAR BEETS: According to the Government's estimates Colorado growers are expected to produce 2,36o,ooo tons of sugar beets against last year's crop of 1,962,000 tons. Nebraska's crop was estimated at 657,000 tons as compared with 640,000 tons last year. The total for the two states is 3,017,000 tons, an increase of 415,000 tons over last year's production. Kansas, Wyoming and New Mexico sugar beet estimates, not included in this total, are expected to exceed the totals for 1923. , 1923 1924 6,491 41,873 42,208 18,000 1923 6,336 34,922 34,5 00 81,048 1,160 24,000 77,659 1,602 5,95° 187,916 158,756 BARLEY RYE 1924 1923 876 73° 348 554 297 3 25 1,914 1,584 32 24 444 54° 286 312 6,079 13,733 153 8,944 290 3,674 883 3,9 13 3,282 33,489 4,353 3,960 1924 1923 6,409 . 21,467 162 9,49 2 209 2,838 868 4 1,445 41,237 33,756 FRUIT: According to the Government's figures the apple crop in the producing states of the Southwest was about 1,400,000 bushels less than the crop of 1923. The peach and pear crops exceeded those of 1923, Oklahoma showing an increase of 62. 5%. The estimates for 1924 are shown in bushels with the final estimates for 1923 for comparison: APPLES PEACHES 1923 1924 1923 3,010,000 792,000 777,000 2,390,000 2,166,000 202,000 78,000 5,494,000 7,072,000 823,000 1,040,000 880,000 907,000 189,000 56,000 793,000 1,400,000 1,514,000 1,240,000 2,097,000 1,290,000 1924 Colorado...... 3,274,000 Kansas. ____. Missouri ...... Nebraska..... New Mex ..... Oklahoma.... Wyo ............. 40,000 PEARS 1924 506,000 227,000 361,000 28,000 27,000 246,000 1923 400,000 134,000 475,000 24,000 49,000 100,000 35,000 7 States ....... 14,412,000 15,803,000 3,955,000 3,389,ooo Tenth Dist.. 9,619,000 10,018,000 3, 165,000 2,285,000 1,395,000 1,104,000 1,182,000 788,000 Grain Marketings During the month of July 31,660,050 bushels of wheat were received at Kansas City, Omaha, St. Joseph and Wichita, the four leading grain markets of the Tenth District. This total represented about one-tenth of the wheat produced in the District this year. It exceeded the July 1923 receipts by 14,553,900 bushels, or 85.1 % . It was the largest July wheat marketing since 1921, when the total receipts of the month were 32,626,500 bushels. The heavy movement continued through the first week of August and high record car lot receipts were recorded for these markets. Receipts of corn at the four markets during July exceeded those of June and also of July last year. Receipts of oats were slightly under those of June and a year ago, while rye receipts showed perceptible increases over both periods. Barley receipts were about one-half of the volume of a year ago, and receipts of kafir were more than three times the volume of July last year. Prices of all grain advanced during July and at the beginning of August were holding up strong. Cash No. 2 hard winter wheat during the week ending August 8 sold at Kansas City at an average of $1.22, against 95 cents during the corresponding week last year. No. 2 white corn sold at an average of f,1.10 as against 82 cents during the same week last year, and No. 2 white oats sold at 55 cents as against 39 cents in the first week of August, 1923. RECEIPTS OF GRAIN AT TENTH DISTRICT MARKETS JULY 1924 Kafir Rye Barley Oats Corn Wheat Kansas City............ 19,730,250 1,4 23,75° 153,000 15,400 34,500 249,700 Omah ... 2,368,800 1,150,800 724,000 47,600 12,800 138,000 13,500 St. Joseph._............. I ,86o,6oo 1,156,500 6,000 9,000 Wichita.................... 7,700,400 165,600 July, 192+- ············31,660,o50 3,896,650 1,021,000 June, 1924.- ~-----···-- 5,374,550 3,422,900 1,315,6oo July, 1923.____ .......... 17,106,150 3,645,750 1,382,700 76,500 37,600 57,300 47,300 258,700 68,250 288,200 94,200 72,900 6 THE MONTHLY REVIEW ===============-=============================== CONDITION OF RANGES, CATTLE AND SHEEP (Bureau Agricultural Economics, U. S. Department of Agriculture) (100 Normal) RANGES CATTLE SHEEP Aug. I July I Aug.I Aug. I July I Aug. I Aug.I July I Ang. I 1924 1924 1923 1924 1924 1923 1924 1924 1923 Colorado...... 87 93 99 93 92 98 96 96 100 Kans.(west.)82 84 97 90 90 86 Nebraska. __ .91 85 100 93 88 90 N. Mexico._.87 82 75 89 87 80 91 94 Oklahoma....78 83 74 92 90 89 Wyoming..... 91 96 105 98 98 104 103 105 = Live Stock Pastures in Kansas and Nebraska were unusually good for August except in extreme western counties where dry weather prevailed. The Sand Hills pastures in Nebraska were reported better than last year, while the Flint Hills in Kansas pastures were very good. In most sections of Oklahoma pastures were fair to good, though in the western part there was some injury on account of dry weather. Grass has matured in many districts of Colorado, particularly in the plains and low range section, due to continued dry weather and is generally of excellent nutritive value, according to the report of the United States Division of Crop and Livestock Estimates. The grass on the higher mountain ranges is beginning to cure a little early, while the grass on the plains has matured rapidly the past few weeks. The condition on August I was reported ·as 87% of normal compared with 93% a month previous. "In some localities if rain does not come soon, to promote new growth, the present supply will be unseasonably consumed and stock materially decline. But in general the ranges are not overstocked this season and the range feed supply appears to be quite satisfactory." The last week of July was dry in Wyoming, and the extremes of temperatures dried and cured the ranges in southern pastures, though conditions were tavorable for ranges and crops in northwestern counties. With a plentiful supply of good grass on ranges and pastures, cattle were generally healthy, well fed, firm of flesh and in good condition, indicating that the percentage of grass fed cattle in good flesh to be marked this fall will be above usual and a smaller percentage will have to go as stockers and feeders. Sheep continued in excellent condition throughout the mountain ranges and the high nutritive value of the grass was reflected in the firm flesh and fine general condition of both sheep and lambs. Many lambs in Colorado were contracted for all delivery at IO¼ to I I cents. All reports seem to point to a lessened supply of marketable hogs during the coming fall and winter. The June pig survey of the Department of Agriculture showed that the flood of hog production in the corn belt, that reached its high point in the spring of 1923 and began to go down in the fall of 1923, is now receding and has about reached the normal level. A decrease of about 8,000,000 hogs in the spring crop in the corn belt was indicated and Kansas, Nebraska, Missouri and Oklahoma shared in this large decrease. MARKET MOVEMENTS: Cattle receipts at the six leading markets in the Tenth District were lighter during July by 79,598 RECEIPTS OF LIVE STOCK AT SIX MARKETS OF THE TENTH FEDERAL RESERVE DISTRICT DURING JULY 1924 Cattle Calves Hogs Sheep Horses Mules Kansas City _ _ _ _ _ _ _ 167,906 52,487 286,349 104,897 867 Omah 119,659 6,843 378,342 226,702 733 2 166,361 St. Joseph........ ... 41,678 8.678 74,3 5 474 2,6o2 46,024 40,032 Denver ........ 19,376 4,063 Oklahoma City. 26,076 6,892 321 167 14,437 Wichita ........ _ ................ 14,921 46,475 4,4 1 5 548 5,2 54 July, 1924........................................ 389,616 June, 192.-.._ _ _ _ _ _ _ 390,485 July, !923· · · · · · - - - - - -_..69,214 84,217 937,988 450,692 63,491 1,070,395 429,675 99,505 919,029 460,798 5,391 4,064 4,945 head or r7% than in July a year ago. With the U.S. Division of Live Stock Estimates forecasting about 8% fewer cattle to be shipped from Texas, New Mexico and Arizona during the last half of 1924, and a decrease of 7% in the num,ber to be shipped from western Kansas and western Nebraska, some decrease in beef supply production is indicated. The marketing of calves during July exceeded slightly the June record of receipts but was 15,288 head or 15.3% below the receipts during July, 1923. Receipts of hogs during July were 132,407 or 12.4% less than in June, but were 18,959 or 2.1% greater than in July last year, the heavy summer movement being accelerated by the more favorable market prices for fat hogs. The market supply of sheep during the month was 21,017 or 4.9% larger than in June and 10,106 or 2.2% smaller than in the corresponding month last year. Horses and mules received at the four markets exceeded those of June by I ,327 head and also exce~ded those of July, 1923 by 446 head. Prices of hogs at these markets made advances during July and to August IO. The average weekly price per hundred pounds of hogs (bulk sales) at Kansas City for the·weeks named in 1924, as compared with the average for the corresponding week in 1923, are here shown, as reported by the U. S. Department of Agriculture: 1924 WEEK ENDING: January 5 · - - · · · · · - - - - - - - - - - -- --·······'$6.97 February 2.......... .. 6.68 March 1 6.76 April 5.................... ............... 7.24 May 3.......... ..... 7.02 June 7............ ... 6.87 July 5.................. 6.99 July 12 7.14 July 19 .......................................... . ................... 7.42 July 26.... 8.65 August 2.......... 9.52 1923 '$8.28 8.22 7.98 8.07 7.37 6.61 Cattle prices fluctuated narrowly during July. There was a demand for good quality of beef steers with average weekly prices for prime steers $10.31 for the week ending July 5, $10.30 for the week ending July 19, $10.36 for the week ending July 26, and $10.55 for the week ending August 2. The feeder and stocker market was slow, due to uncertainty of the corn crop and corn prices. The supply of fat lambs was heavy and prices of lambs and yearlings declined, although fat sheep advanced slightly. STOCKER AND FEEDER SHIPME~TS: The movement of stocker and feeder shipments to the country from Kansas City, Omaha, St. Joseph and Denver during July included 65,368 cattle, 3,773 calves, 5,400 hogs and 105,834 sheep. Comparing the July figures with those of June of this year and July of last year, there were heavy decreases in the outgo of stocker and feeder cattle, calves and hogs, though the July outgo of stocker and feeder sheep showed an increase of 54.1% over June and 11.8% over July a year ago. The stocker and feeder shipments during July follow: Cattle Kansas CitY·----·····································••42,247 Omaha.. _ _ _ _ _ _ _ _ _ _ 12,194 St. Joseph .......· - - - - - - · · ········· 4,574 Denver _ _ _ _ _ _ _ _ _ _ _ 6,353 Calves 1,650 Hogs 2,880 53 2 1_,591 900 1,620 Sheep l'.l,345 56,218 1 4,995 22,276 July, 192+··---·············------6S,368 June, 1924.. ........... 88,865 July, 1923...... 93,895 3,773 4,800 5,473 5,400 n,098 17,856 105,834 68,697 94,689 Meat Packing Packers at Kansas City; Omaha, St. Joseph, Denver, Oklahoma City and Wichita during July purchased 22,383 more cattle and 12,785 more calves for slaughter than in June but the July totals fell short of July, 1923 by 7,452 cattle and 7,560 calves. Hog purchases by packers during July were 162,493 less than in June and 25,788 less than in July, 1923. Packers THE MONTHLY RE\1 1EW PACKERS PURCHASES DURING JULY, 1924 AT TENTH DISTRICT MARKETS Cattle Calves Hogs Sheep Kansas City_ _ _ _ _ _ _ _ _ 85,173 210,177 37,618 93, 2 55 Omaha 81,728 4,660 272,109 l 53,166 St. Joseph...... 31,263 58,222 u2,194 7, 2 95 2 ,553 34,o9o 7,736 Denver..·-···········----··················· 11,017 Oklahoma City ...................... 19,873 6,074 II,737 Wichita........ ....................... 5,973 1,972 3,205 43,568 July, 1924................................................ 235,027 June, 1924..............· - - - - - - ~ 1 2,644 July; 192J.•-····----·---·242,479 61,405 48,620 68,965 683,875 846,368 709,663 314,351 289,324 293,670 took advantage of the heavy supply of sheep and lambs by increasing their purchases 25,027 over June and 20,682 over July of last year. The fresh meat trade was seasonally slow during July, although a good demand for smoked meats was reported. The export trade situation was somewhat improved. There were some sharp advances in pork prices due to advance prices of live hogs. The better grades of beef were slightly higher at the beginning of August. Stocks of pork and lard in Kansas City July 31 were 58,434,900 pounds, 2 1 238,500 pounds less than of June 30 and 242,400 pounds less than of July 31, 1923. Petroleum Production of crude oil in Oklahoma, Kansas, Wyoming and Colorado during the month of July totaled 21,001,800 barrels at an average daily production of 677,478 barrels for the 31-day month. This total exceeded June production by 1,050,800 barrels and was I 26,800 barrels more than production in July, 1923. The returns from the four states follow: *Jury, 1924 ••June, 1924 14,179,000 2,408,000 9,100 3,354,900 Oklahoma................................................ 14,934,950 Kansas.---········-················-··················· 2,437, 550 ColoradO----······························ 9,300 Wyoming.............. _ _ _ _ _ _ _ 3,620,000 Total_ ....................... _ _ _ _ _ _ 21,001,800 *Estimated-American Petroleum Institute. **Official-U. S. Geplogical Survey. 19,951,000 **July, 1923 14,675,000 2,303,000 4,600 3,892,400 20.875,000 The field summary for July showed little change in completion of wells and daily new production as compared with June, while there was a decrease in wells completed of 13.9% and a decrease in daily new production of 20.6% as compared with July, 1923. The reports on new development showed an increase of 32 more wells drilling than in June and 1.p fewer than in July of last year. The returns from three states are here given: Completions Oklahoma ............................................424 Kansas............ _ _ _ _ _ _ _ 144 Wyoming·-··--····································· 80 July, 1924............... _ _ _ _ _ _ 648 June, 192+-··-·····································649 July, 1 9 2 . - - - - · - - - - -•753 Bbls. Daily New Prod'n 109,454 9, 2 53 13,760 Rigs, Wells Drilling 132,467 131,690 167,020 2,236 2,204 2,377 1 ,5°5 328 403 Refinery production in Oklahoma and Kansas during the four weeks ending August 2 showed a decrease of 2,754,850 gallons of gasoline, an increase of 3,761,406 gallons of kerosene, and a decrease of 5,164,209 gallons of fuel oil, as compared with the returns for the four weeks ending July 5, with 89 refineries operating in the two states. The production figures follow: Refineries Gasoline .6'.i. 57,379,834 ...................... 27 26,705,099 ~ weeks ending Aug. 2, 1924 ...... 89 4 weeks ending July 5, 1924........ 89 84,084,933 86,839,783 Oklahoma.. _ ...... Kansa Kerosene 14,165,127 7,400,412 21 ,565,539 17,804,133 Gas and Fuel Oil 60,032,762 30,992,232 9 1,02 4,994 96,189,203 7 Building Permits were issued during July in eighteen cities of the Tenth District for the construction of 2,747 new buildings estimated to cost $7,692,224. This number of permits issued was 63 less than in June and 185 less than in July last year. In estimated cost of construction the July total was $1,386,073 or 15.3% less than that of June and $1,080,4~1 or 12.8% less than that of July last year. The summary which follows shows increases over July last year in eight cities and decreases in ten cities. JULY, 1924 Permits Est. Cost Casper, Wyoming._................... 45 1, 139,250 Cheyenne, Wyoming.... 30 39,810 Colorado Springs, Colo ....·-··-································ 92 59,638 Denver, Colorado.-........ 747 2,174,450 Hutchinson, Kansas·-··················· 37 51,792 Joplin, Missouri........ ....................... 44 84,395 Kansas City, Kansas....................... 183 244,428 Kansas City, Missouri 394 1,782,400 Lincoln, Nebraska.................. II8 209,139 Muskogee, Oklahoma.............................................. 19 u,925 Oklahoma City, Oklahoma...................................... 151 336,41 l Okmulgee, Oklahoma..·-- ········································· l l 44,763 Omaha, Nebrask"------·································· 224 999,820 Pueblo, Colorado...................................................... 123 231,387 St. Joseph, Missouri·--············································· 59 64,8 l 5 Topeka, Kansas........................................................ 114 106,010 Tulsa, Oklahoma. ....· - - - - - -·················· 138 797,585 Wichita, Kansas........................................................ 2.18 304,206 Pct. Change $7,692,224 $8,772,675 -12.3 July, 1924 ..... ·---··········································2,747 July, 1923................... ....................... 2,932 76.6 -24.7 1 5·9 53.6 45.8 310.2 -51.2 1.3 -58.8 72.8 -69.8 - 65.6 16.8 391.8 76.8 -61.2 31 •7 -31.5 Mining Zinc ore purchased during July amounted to 46,348 tons and brought an average price of $39.31 per ton, according to the report from Joplin covering operations in the Missouri, Kansas and Oklahoma District. This compares with 45,761 tons for the month of June at an average price of $39.00, and compares with 31,727 tons for the month of July, 1923, at an average price of $35.99. Prices for zinc ore remained steady at $39.00 per ton during the month and at the end of the month the price increased to $40.00 per ton. The second largest purchase of zinc ores during any one week of the year was made during the last week of July, over 19,000 tons of zinc ores being purchased. The surplus of zinc held at the end of the month by the producers was estimated to be close to 43,000 tons which compared with a surplus stock of approximately 80,000 tons for one year ago. The zinc ore production for the month is estimated to be in the neighborhood of 13,00 tons per week. There was an increase in lead ore prices the last week in July. The prices increased from J8o.oo, at which price it had remained stationary for several weeks, to $86.oo per ton, with a strong demand, but with the ore producers unwilling to sell a very large tonnage at this figure. Shipments of lead ore aggrega ted 5,125 tons during the month, and the average price paid was $81.48 which compared with $80.00 for the last month and $66.01 for the month of July, 1923. Shipments from the district for both zinc and lead have been smaller than last year. There has been a decrease of 1,773 tons in the zinc ore shipmen ts to date over the same period last year, and a decrease in the average price over the entire period of $.92. The lead ore shipments have decreased 4,273 tons over the shipments made last year, but the average price paid for lead this year exceeds the average price of last year by $2.57. The surplus stocks of lead ore is estimated in the neighborhood of 5,150 tons, which is the largest surplus of lead ore held in the district for a number of months. BITUMINOUS COAL: Production of soft coal during the year 1924 to the first reporting date in August stands 20% behind recent years of activity and 10% ahead of the years of 8 THE MONTHLY REVIEW depression, according to the U. S. Geological Survey. Production in the United States to August 2 totaled 261,884,000 net tons compared with 322,535,000 net tons during the corresponding period in 1923. In the coal mining regions of the Tenth Federal Reserve District production during t he year to August 2 was approximately 17,000,000 net tors as compared with 18,168,000 net tons produced in the first half of 1923. Kansas, Missouri and Wyoming reported slight increases in production over the first six months of last year while Colorado, ew Mexico and Oklahoma reported slight decreases. Mining operations have been greatly reduced by the lack of market demand for the product all through the season and especially during the past month. States security holdings increased, however, and total earning assets of Federal Reserve banks remained practically unchanged. Continued easing in money rates in the New York market during July and early August is indicated by a decline of ¼ of I% in prevailing rates for commercial paper to 3% and 3¼%. After the middle of August there was some advance in open market rates for bankers acceptances and short term govern. ment securities. During August the discount rate at the Federal Reserve Bank of New York was reduced from 3¾% to 3% and at the Federal Reserve Bank of Cleveland and of San Francisco from 4% to 3;4%. Business Conditions in The United States Production in basic industries, after a considerable decline in recent months, was maintained in July at the same level as in June. Factory employment containued to decline. Wholesale prices increased, for the first time since early in the year, reflecting chiefly the advance in the prices of farm products. PRODUCTIO : The Federal Reserve Board's index of production in basic industries, which had declined 22% between February and June, remained practically unchanged during July. Iron and steel and woolen industries showed further curtailment, · while production of flour, cement, coal and copper was larger than in June. Factory employment decreased 4 % in July, owing to further reduction of forces in the textile, metal, and automobile industries. Building contracts awards showed more than the usual seasonal decline in July, but were 10% larger than a year ago. Crop conditions, as reported by the Department of Agriculture, were higher on August I than a month earlier. Estimated production of nearly all of the principal crops, except tobacco, was larger than in July and the yields of wheat, oats, rye and cotton are expected to be considerably larger than last year. TRADE: Railroad shipments increased in July owing to larger loadings of miscellaneous merchandise, grain and coal. Wholesale trade was 3% larger than in June, owing to increased sales of meat, drygoods and drugs, but was 3% smaller than a year ago. Retail trade showed the usual seasonal decline in July, and department stores sales were 1% greater and mail order sales 7% less than a year ago. Merchandise stocks at department stores continued to decline during July and were only slightly larger at the end of the month than a year earlier. PRICES: Whol esale prices, as measured by the index of the Bureau of Labor statistics, increased more than 1% in July. Prices of farm products, foods, and clothing increased, while prices of bu'ilding materials again declined sharply and prices of metals, fuel and house furnishings also decreased. During the first half of August quotations on corn, beef, sugar, silk, copper, rubber and anthracite advanced, while prices of cotton, flour, and bricks declined. BANK CREDIT: Commercial loans of member banks in leading cities, owing partly to seasonal influences, increased considerably early in August. Loans secured by stocks and bonds and investments continued to increase, so that at the middle of August total loans and investments of these banks were larger than at any previous time. Further growth of demand deposits carried them also to the highest level on record. Between the middle of July and the middle of August Federal Reserve bank discounts for member banks declined further and their holdings of acceptances decreased somewhat. United STATEMENT OF CONDITION, FEDERAL RESERVE BANK OF KANSAS CITY, INCLUDING BRANCHES At Close of Business Aug. 13, 1924 Aug. 15, 1923 RESOURCES Gold with Federal reserve agen~---············'f, 59,693,955 Gold redemption fund with U. S. Treasury.............. 2,135,943 'f, 41,946,300 Gold held exclusively against F. R. notes... _.........$ 61,829,898 Gold settlement fund with F. R. Board.................... 37,665,537 Gold and gold certificates held by bank.................... 3,16.3,471 '/, 45,223,073 47,466,387 3,367,7o3 Total gold reserves ....................................................'/,102,658,906 Reserves other than gold.............................................. 3,140,416 'I, 96,057,163 Total reserves ................ _ _ _ _ _ _ _ '1,105,799,322 Non•reserve cash...................... .................................... 2,594,826 Bills discounted: Sec. by U.S. Government obligations. __ ··········· 6n,907 Other bills discounted........................................ 12,006,144 'I, 98,950,426 Total bills discounted...................... _ _ _ 'f, 12,618,051 Bills bought in open market........................................ 435,776 U . S. Government securities: Bonds...................................................................... 1,447,400 Treasury notes·-····················································· 23,845,100 Certificates of indebtedness.................................. 6,459,000 Total U. S. Government securities Municipal warrants ...................................................... 3,276,773 2,893,263 4,612,218 8,741,346 29,973,3°9 781,850 10,337,800 65,500 31,751,500 Total earning assets.......................................... $ 44,805,327 Uncollected items .... - - - - - - - - 38,806,965 Bank premises ......................._ _ _ _ _ 4,594,649 All other resources....................................................... 1,282,472 'I, 49,899,805 TOTAL RESOURCES ....... · - -- - · ···'/,197,883,561 '/,196,563,036 LIABILITIES F. R. notes in actual circulation.- ............................... '/, 63,669,490 Deposits: Member Bank-reserve accoun,_______ 80,814,055 Government. . · 2,106,964 Other deposits......................... 2,798,443 37,319,480 4,969,5 24 Sn,583 'f, 6o,589,335 78,878,985 2,783,920 438,782 Total deposits........................................................ 85,719,462 Deferred availability items .................. _ __ 34,016,528 Capital paid in ...... .... ................................................... . 4,382,700 Surplus ........................................................................... . 9,495,540 All other liabilities ...................................................... . 599,841 82,101,687 38,848,285 4,582,750 9,488,300 95 2 ,679 TOTAL LIABILITIES .................................... '/,197,883,561 Ratio of total reserves to deposit and F. R. note liabilities combined_______ 70.8% Contingent liability on bills purchased for foreign correspondents ................ ---······················ I ,453,512 Total clearings for week.-----·-························$190,965,946 Total number of items handled.---····························· 1,305,653 '1,196,563,036 69.3% 1,424,578 '/,i49,532,4oo i,039,z78
@FedFRASER