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THE MONTHLY REVIEW
Of Agricultural, Industrial, Trade and Financial
Conditions in the Tenth Federal Reserve District
FEDERAL
RESERVE
BANK
OF
KANSAS
CI TY
M. L. McCLURE, Chairman and Federal Reserve Agent
A. M. McADAMS, Assistant Federal Reserve Agent and Secretary
Vol.
12
KANSAS CITY,
Mo.,
M
ARKED improvement in the condition and estimated
yields of unharvested farm crops and slower and more
orderly seasonal marketings of grain and livestock were
among the important developments in the Tenth District during July. Production of flour and meat decreased and the output of minerals increased. Trade was smaller in volume than a
year ago. Demand for loans at banks was about at the year's
high level and there was an excess of money at low lending rates.
On a whole, the volume of general business in July, measured by
payments by check, was 4.8 per cent smaller than in July of last
year.
The Government's August crop report, issued on the tenth of
the month, showed improvement in crop conditions during July
in every one of the seven states whose areas or parts are included
in the Tenth District.
Corn gained 6o million bushels during the month and the
August I estimate was for a crop of 447¾ million bushels or
139 million bushels more corn than farmers of this district raised
in 1926. Other growing crops- notably hay, cotton and sugar
beets-made good growth.
Threshing returns indicated smaller per acre yields of winter
wheat than those previously forecast, thus reducing this year's
crop to 240,½' million bushels in the preliminary estimate as compared with a harvested crop of 283,½' million bushels in 1926.
It was apparent from the August report that 1927 crops in this
regional district would be better balanced than were those of 1926
and in spite of unfavorable weather and a late season this year
production of farm crops would compare favorably with that
of previous good years. Of the leading c·rops grown in this district those of corn, spring wheat, barley, rye, white potatoes and
hay were expected to show larger yields than last year; and those
of winter wheat, oats, cotton and sugar beets would be smaller.
With the best pasturage in years for this late season, many
cattlemen and sheepmen took advantage of the opportunity to
add as much weight as possible to their livestock at small expense.
The July run of cattle to primary markets was the smallest for
tPat month since 1921, wrile the market movement of sheep during the month was the smallest of the year. The livestock industry was further improved by advances in prices of all classes
of meat animals.
The output of crude oil in this district was more than I million
barrels per day and the gross production during the thirty-one
days of July exceeded 31 million barrels, which was 40.8 per cent
of the crude oil produced in the United States. Relief from excessive production of crude oil was promised by a movement
No. 9
SEPTEMBER 1, 1927
TH FEDERAL RESERVE DISTRICT
July 1927
July 1927
compared to compared to
June 1927
July 1926
General Business
Bank debits, 29 Cities ...........................- - - 8.3
- 4.8
Reserve Bank Clearings, Amount .............................. ~-5
-10. 1
Items Handled .......· - - --······················· -4.4
-5.7
Business Failures, Number..........................................--1.9.2
--z2.3
Amount of Liabilities ..................................................-46.9
- I 5.1
Trade
Retail, Department Stores .......................................... --z2.1
Wholesale, Six Lines .................................................... ~-7
Lumber Sales at Retai l Yards .................................... -5.6
Market Receipts
.
-36.0
Wheat ........ ---·················································· 351.5
Corn ................................................................................--67.8
--z8.7
Oats ...... - ........................................................................-z2.4
-50.0
Cattle..............................................................................-11.o
- 1 7.5
Calves............................................................................ -4. 5
--z3.3
~:e~p.~·.~::::::::::::::::.:.:..................................................... ~{·~
5
Horses and Mules................ ........ .............................. II.4
Production
·
Flour ............ .................................................................. -1.3
Crude Oil........................................................................ 9.6
Soft Coal. .................................................... - - - - 4.8
Cement............ .............................................................. -4.7
Face Brick......................................................................-14.3
Zinc Ore Shiprr.ents...................................................... 43.8
Lead Ore Shipments.................................................... 18.1
Meat Packing
Cattle......................... ····························------14.0
Calves ............................................................................ -8.9
~;·i
~::esp.~·.·.·::::: ...................... ·••· ·········································
Construction
Building Permits, 19 Ci:ies ........................................-19.4
Value of Permits ........ ..............................................-19.2
Contracts awarded, Value, District ......................... -2.2
-18.8
51.9
-16.5
-12.8
~-6
-
1 5.5
-12.8
--z8.o
-4.5
-3.6
7.2
-5.4
-20.2
among producers to curtail development operations in the near
future, particularly in Oklahoma's Seminole field .
The production of soft coal in July was larger than in any
month since April, but still below the output of last year. The
production and shipment of zinc and lead ore, after touching the
lowest point in three years, turned upward in July as a result of
improved demand anj advances in prices, and in the early weeks
of August both production and shipments were almost up to the
best records of the year.
In leading cities there was a decline in building activity during
July compared with June, evidenced by the number and value
of permits granted. July permits exceeded those in July 1926
in number, but their value was slightly less. Building and
engineering contracts awarded in the district were smaller in
value than a year ago.
Thls Copy Released For Publication In Morning Newspaper August 29.
2.
THE MONTHLY REVIEW
Financial
Developments in the financial situation during the summer
season tended to further ease money conditions. The volume
of bank credit in the form of loans, discounts and investments
fluctuated narrowly around the high level for this year and was a
little below the level of a year ago. Yet the demand for credit
was not sufficient to absorb the large supply of money available
at low lending rates. Deposits of all classes increased. Demand
deposits early in August were the largest since March, time deposits were at their peak record, while savings deposits and the
number of savings accounts were larger than at this time last year.
REDISCOUNT RATE REDUCED: Effective July 2.9, the
rediscount rate of the Federal Reserve Bank of Kansas City was
reduced from 4 to 3,½ per cent. The lowering of the rediscount
rate was intended to benefit agriculture and livestock by offering the fu]l facilities of this bank to the Tenth District as a
means of making easier the supply of credit for the orderly
movement of crops and livestock, and for general business.
This action was followed by successive reduction by the Federal
Reserve Banks of St. Louis, Dallas, Boston, Iew York,
Cleveland, Richmond and Atlanta, from 4 per cent to 3,½ per
cent.
MEMBER BANK OPERATIO S: Condition statements of
65 member banks in leading cities of this <listrict which report
weekly to the Federal Reserve system showed the aggregate of
their loans at the close of business on August IO was the largest
since October 13, 192.6, but was 5.1 per cent smaller than on
August II, 1926. Loans secured by stocks, bonds and securities
other than those of the United States Government were 13 per
cent larger and other loans, principally commercial, were I 1.9
per cent smaller than a year ago.
Investments of the reporting member banks declined slightly
in the four weeks between July 13 and August 10, but were 4.8
per cent larger than on August II, 192.6. This increase was in
other stocks, bonds and securities as investments in United
States Government securities decreased ..
Demand deposits ·increased during the four-week period and
on August 10 were the largest since the year's peak in March,
but '.2.4 per cent below the total on August II last year. Time
deposits continued the steady increase recorded for the season
and on the second reporting date in August were at a new high
record and 5.1 per cent larger than a year ago. Principal resource and liability items of the reporting member banks as of
the three dates mentioned, here presented, show the changes
during four weeks and the fifty-two weeks:
Aug. 10, 1927 July 13, 1927 Aug. II, 1926
Total Loans and Discounts ................ $428,381,ooo $427,254,000 $451,251,000
Secured by U.S. Obligations..........
3,935,000
4,308,000
4,255,000
Secured by other bonds and stocks 130,198,000
135,842,000 113,188,000
All Other............................................ 294,248 ,ooo
287,104,000 333,808 ,ooo
Total Investments ..........................~ ..... 204,134,000
205,189,000
194,747,000
United States Securities.................. 96,310,000
97,168,000
106,548,000
Other Bonds, Stocks and Securities ............................................ 107,824,000
108,021,000
88,199,000
Total Loans, Discounts and Jn vestmen ts.. ........................................ 632, 5l 5,000
632,443,000 645,998,000
Total Depm:its ...................................... 660,947,000
656,327,000 67c,6o4,ooo
Demand Deposits............................ 504,736,000
501,044,000
518,436,000
Ti me Depo its.................................. 155,474,000
I 53,779,000
147,913,000
Government Depo~its......................
737,000
1,504,000
4,255,000
Reserve Balances with F. R. Bank.... 55,920,coo
55,726,000
51,728,000
RESERVE BA TK OPERATIO S: Discount operations of
the Federal Reserve Bank of Kansas City and branches declined
between July 13 and August 10, and on the latter date bil.ls rediscounted for member banks were the smallest in amount since
the week ending March 9 of this year, while bills purchased in
the open market were the smallest in amount since the week end- •
ing October I 5, 192.4. The total of bills and securities held on
August 10 was the lowest of record dating from October 31, 1919.
Principal items contained in the condition statement of the Federal Reserve Bank of Kansas City, including brancres, are
shown for three dates in the following:
Gold Reserves............................. .
Reserves other than Gold ......... .
Total Reserves .. ..........................
Bills Discounted ......................... .
Bills Purchased ........................... .
United States Securities ........... .
Total Bills and Securities ..........
Total Resources .. ...... ................. .
F. R. Notes in Circulation ....... .
Total Deposits ........................... .
Aug. 10, 1927 July 13, 1927 Aug. II, 1926
$103,594,937 $ 91,o53,859 $ 91,088,066
5,247,780
4,386,545
5,783,376
108,842,717
96,837,235
95,474,6 11
10,74 1,953
13,696,921
7,69 1,705
13,120,647
5,9 26,537
9,934,907
31,164,000
31,581,000
34,585,900
55,212,828
44,782,242
58,448,500
204,606,906
199,670,106
206,544,652
64,728,350
63,892,275
63,953,525
87,065,044
89,97o,977
89,983,34 2
SAVINGS: Deposits to savings accounts in fifty-six reporting
banks in cities declined four-tenths of I per cent during July,
partly as a result of withdrawals by vacationists, but the aggregate for these banks on August I was an amount 2.8 per cent
greater than that for August I last year. The number of savings
accounts reported by fifty-three banks was 343,027, an increase
of 935 for the month and 19,720, or 6.1 per cent, for the year.
Savings deposits follow:
Banks
Denver, Colo .......................... 6
Kansas City, Kans ................ 3
Kansas City, Mo .................. 10
Lincoln, Nebr ........................ 3
Oklahoma City, Okla............ 6
Omaha, Nebr........................ 5
St. Joseph, Mo ...... ................ 5
Tulsa, Okla ............................ 5
Wichita, Kans ...................... 10
Other Cities............................ 3
Aug. 1, 1927 July 1, 1927 Aug. 1, 1926
$ 46,515,745 $ 45,860,667 $ 46,749,o9o
2 , 0 39,355
2,164,615
2,028,745
17,175,027
17,084,448
15,923,761
3,024,191
J,01 7,563
3.04 2 ,7 2 9
7,776,638
7,987,084
8,343,II3
7,868,562
8,082,451
7,510,066
2
1
7,136,688
7,335,7 7
7,3°7, 44
13,000,474
14,431,II4
15,033,007
5,786,740
5,858,456
5,016,413.
821,820
816,471
852,897
Total... ................................... 56
'f,112,746,336 '/,113,166,211
'f,109,678,254 /
RESERVE BANK CLEARINGS: Check collections through
the Federal Reserve Bank of Kansas City and branches
at Omaha, Denver and Oklahoma City in July were smaller in
both amount and number of items handled than in either June
1927 or July 1926. The figures:
Items
July 1927.................................................................... 5,629,207
June 1927 ........ .......................................................... 5,888,266
July 1926 .................................................................... 5,971,298
Seven Months 1927 .................................................. 39,916,691
Seven Month$ 1926 .................................................. 40,718,977
Amount
1, 949,449,000
954,648,000
1 ,0
55,757,000
6,637,545,ooo
6,568,181,000
During July 3,423 banks shared in this service performed by
the Federal Reserve Bank. Of this number, 975 were member
banks and 2,448 were non-member banks on the par list.
BANK DEBITS: Payments by check in twenty-nine cities
in the Tenth District, indicated by amounts debited by banks
to individual accounts during five weeks ending August 3, exhibited an increase of $128,101,000 or ~-3 per cent over amounts
debited during the five weeks ending June 29. This gain over the
preceeding five weeks was seasonal in character. However, the
total of debits reported by banks in the twenty-nine cities during
the five weeks eriding August 3 was $84,578,000 or 4.8 per cent
less than the total for the corresponding- five weeks in I 926 although it exceeded the total for the corresponc.ing five weeks in
1925 by $109,521,000 or 7 per cent. Eleven cities reported
increases in the amount of their debits over the five weeks last
year, while eighteen cities showed decreases. For the first thirtyone weeks of 1927 the aggregate of debits in these cities wa
$17r ,566,000 or 1.8 per cent larger than for the first thirty-on
weeks of I 926.
I
THE MONTHLY REVIEW
BANK DEBITS IN TWENTY-NINE CITIES
Five Weeks Ending
Per Cent
Change
Aug. 3, 1927 Aug.4, 1926
Albuquerque, N. M ...... .................... '$ 12,343,000 '$ 12,529,000
-1.5
7,264,000
7,838,000
Atchison, Kans ....................................
-7.3
Bartlesville, Okla................................
28,877,000
26,154,000
10.4
10,163,000
11,619,000
Casper, Wyo.. ......................................
- 12.5
Cheyenne, Wyo....................................
7,550,000
7, 157 ,ooo
5.5
Colorado Springs, Colo........................
IS,032,000
17,996,000
0.2
220,569,000
Denver, Colo........................................ 192,388,000
- 12.8
25,510,000
33,026,000
Enid, Okla.. .... ......................................
-22.8
4,681,000
4,494,000
Fremont, Nebr... -.................................
4.'l
Grand Junction, Colo..........................
3,500,000
3,747,000
-6.6
4,514,000
4,056,000
Guthrie,Okla ......................................
11.3
Hutchinson, Kans................................
31,921,000
46,80~,ooo
-31.8
Independence, Kans.. ..........................
13,209,000
13,690,000
-3.5
22,312,000
19,376,000
Joplin, Mo............................. .............
15.2
24,764,000
24,888,000
Kansas City, Kans................ ....... ..
--0.5
Kansas City Mo................................... 479,575,000
522,734,000
- 8.3
6,771,000
6,908,000
Lawrence, Kans .................. ............ ...
--2.0
Lincoln, Nebr........................................
41,153,000
38,532,000
6.8
- 1.8
13,010,000
13,250,000
Muskogee, Okla....................................
108,107,000
Oklahoma City, Okla.......................... 122,088,000
12.9
9,484,000
12,497,000
Okmulgee, Okla....................................
-24.1
239,014,000
Omaha, Nebr........................................ 239,131,000
O.l
3,782,000
4,486,000
Parsons, Kans .... ..................................
- 1 5.7
Pittsburg, Kans ..................................
6,913,000
7,413,000
-6.7
18.0
Pueblo, Colo..........................................
24,713,000
20,962,000
65,867,000
72,919,000
St. Joseph, Mo......................................
- 9.7
13.0
24,400,000
21,605,000
Topeka, Kans ..·-···································
Tulsa, Okla............................................ 143,592,000
149,404,000
-3.2
Wichita, Kans ....................................
80,094,000
80,401,000
--0.4
29 Cities, 5 weeks ..............................$1,667,601,ooo
29 Cities, 31 Weeks ............................ 9,794,051,000
'$1,752,179,000
9,622,485,000
Failures
A seasonal decline during July in the number of commercial
failures in the United States, and in the Tenth District in particular, was reported by R. G. Dun & Company. The returns for
this district showed fewer failures and a smaller total of liabilities than had been reported for a preceding month of the current year. July failures were also smaller than those reported
for July oflast year by 22.3 per cent and 15.1 per cent in amount
of liabilities. Failures in the United States by Federal Reserve
Districts are here shown for the month of July 1927 and 1926:
Number
1927
1926
Districts
First, Boston ......................................... . 209
152
Second, New York .............................. 355
227
Third, Philadelphia............................. . 54
76
Fourth, Clevland ................................. . 140
137
Fifth,Richmond .. .... ............................ 114
105
Sixth, Atlanta ..................................... . 114
75
232
Seventh, Chicago·-········•··············••·•···· 259
Eighth, St. Louis................................. . 51
59
Ninth, Minneapolis............................. . 69
93
II 2
TENTH, KA SAS CITY..·-············· 87
Eleventh, Dallas ................................. . 27
72
Twelfth, San Francisco .... .... .. ............ 277
265
Liabilities
1926
1927
1, 4,150,388
t, 2,742,235
6,360,670
3,707,6 15
3,318,600
1,710,627
3,202,436
7,269,891
1,692,277
4,065,583
4,162,344
2,5o4,453
1,041,215
729,296
939,692
273,9 24
7,293,091
2,733,956
Total, United States ...... .................... 1,756
'$43,149,974
t,29,680,009
Dry Goods ............................... .
Groceries .. .......... ....................... .
Hardware .... .. ...... ..................... .
Furniture................................... .
Drugs ......................................... .
Millinery .. :............................. -
1,605
5, 1 53, 2 53
5,555,849
1,124,720
1,020,053
1,107,829
969,986
3
Wholesale Trade
Reports of wholesale firms handling six lines of merchandise
showed their aggregate sales during July were 0.7 per cent smaller
than in June and 4.5 per cent smaller than in July of last year.
Considered by separate lines, sales of dry goods, groceries, drugs
and millinery were larger and sales of hardware and furniture were
smaller than in June. Wholesalers in all lines, except drugs, reported their July sales were smaller than in July of last year.
Wholesalers of dry goods were making shipments on advance
orders for July and August delivery, and their sales were considerably in excess of those for June of this year, although
some dealers reported that current trade on fall goods had not
responded as it should to the generally prosperous conditions
resulting from the improvement in agriculture. However, wholesalers were not receiving as many cancellations of fall orders as
were received at this time last year. This was attributed in part
to the stronger market for cotton goods, and in part to the better
general conditions than have prevailed in the past five years.
The heavy trade in groceries reported by wholesalers during
the season continued through July and into August, with the
volume for July larger than in June of this year but smaller than
in July of last year.
The better agricultural situation was also reflected in a decided
improvement in the wholesale hardware trade. While in July
sa1es showed about the usual decline for the midsummer season,
the volume of business for the month was generally satisfactory.
J uly was an "off" month for the wholesale furniture trade,
reports showing declines in sales both as compared with the preceding month and the corresponding month last year, although
t here were evidences of some improvement at the end of the month.
Sales of drugs and chemicals showed no appreciable improvement during July as compared with June but on the whole were
larger than a year ago. Some activity in drug sundries and
soda fountain supplies was indicated.
Conditions during July were more favorable for the wholesale
miilinery trade and sales were greatly in excess of those for June
but were much smaller than in July of last year.
Distributors of implements and farm machinery reported their
sales during July were about IO per cent above those of a year ago.
Sales in some lines, however, were disappointing as in many sections there were so much moisture that it kept threshers from
work and farmers were not able to get their plowing started.
One of the largest distributing firms reported their sales for 1927
would be the largest of record- larger than in 1920- which was
the firm's banner year.
Wholesale trade in automobile tires and accessories, which in
recent years has ·greatly expanded with the increased number of
of cars in use, was heavy in July, but buying activity by consumers was slightly below that of last year at this season. Dealers'
stocks were about even or slightly below last year's average.
Due to a general demand on the part of automobile users for
low priced merchandise some less expensive lines of goods were
added by several companies.
WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT
SALES
OUTSTANDINGS (Mo. End.)
COLLECTIONS
Reporting July 1927 compared with July 31, 1927 compared with July 1927 compared with
Stores
June 1927
July 1926
June 30, 1927 July 31,1926 June 1927
July 1926
17.7
, .8
4.3
-5.8
3.7
-6.7
7
I.I
-3.8
-0.4
-8.2
- 8.6
- I.I
7
-0.8
0.4
8.o
-J.9
I.O
8
1 .7
-30.8
-14.5
-10.3
- 4.2
- lJ.4
-6, 2
5
4.6
7.9
-0.3
- I.0
--'l.7
- I. 2
6
38.7
-59.7
-10.7
-50.6
-23.2
-34.6
4
STOCKS (Mo. End)
July 31, 1927 compared with
June 30, 1927 July 31, 1926
19• 7
9.o
-6.8
- 10.6
- 4.9
-6.9
'2.1
- 4.8
0.2
2. 1
THE MoNTHLY REvrnw
4
RETAIL TRADE AT 34 DEPARTMENT STORES IN THE TENTH FEDERAL RESERVE DISTRICT
Sales
(Retail) Stocks
Outstanding Orders
Accounts Receivable
Collections
[Stores
July 1927 Seven Months 1927
July 31, 1927
July 31 1927
July 31, 1927
July 1927
compared to
Compared to Compared to
compared to
compared to
compared to
Reporting
July1926 SevenMonths1926 June30,1927 July31,1926 June30,1927 July31,1926 June30,1927 July31,1926 June1927
July1926
Kansas City...... _.. 3
-5.3
-4.4
4.7
-3.4
11.2
-10.5
-13.1
-3.2
-3. 2
-5.3
-'2.8
-8.2
-4.0
0.2
-4.5
-6.1
72.9
12.8
-II.2
-0.2
Denver·--········-····· 4
Wichita................ _ 3
1.6
13.2
2.6
9.0
~-4
10.0
-12.7
21.5
-15.0
6.2
ll.4
-10.3
2.4
-8.1
2.9
8.7
Oklahoma City·- ··· 3
Omaha.. _ _ _ 2
-'7,6
-'7.8
-10.0
-5.4
Lincoln. ____··········· 3
- 14.3
-'21.8
Tulsa...................... 3
-12.0
1.0
-14.4
16.8
13.1
-6.8
-6.9
-3.8
Other Cities·---·····13
-5.7
Total... ...................34
-3.6
o.8
- 4.1
-2.9
64.7
12.4
- 10.4
2.2
-6.6
Note: Percentage of collections in July on outstanding accounts June 30, all stores reporting, 40.1%. Collections same month last year 42.1%.
Retail Trade
Trade at reporting department stores in this district was 3.6
per cent smaller in July of this year than in July oflast year, due
in part to the fact that five Sundays in July of this year resulted
in one less business day than in July last year. On the basis of
daily averages~the value of sales during the month was about
the same as a,. year ago. The reports showed July sales were
22.1 per cent smaller than in June, indicating a little more
than the customary mid-summer decline. During the first
seven months of 1927 the value of sales of reporting department
stores was o.8 per cent larger than for the like period in 1926.
Sales of special line stores handling men's and womens' apparel,
in their dollar value, were 31.6 per cent smaller than in June
and 0.7 per cent smaller than in July a year ago. A number
of general merchandise stores and retail furniture stores reported similar declines from the preceding month, and the
volume smaller than that of a year ago.
COLLECTIONS: Most of the wholesale reports reflected
slight improvement in collections during July, while the composite figure on collections for reporting departmerit stores was
40.1 per cent for July, as compared with 40.4 per cent for June
and 42.1 for July 1926. Collections reported by implement
firms were generally good though in some sections where threshing and marketing of wheat were retarded by rain, collections
were slow and disappointing. Dealers in automobile tires and
accessories reported collections improved from month to month.
The Crops
A marked improvement in crop conditions and prospects in
the Tenth Federal Reserve District, and in the country as a
whole, occurred during July chiefly as a result of an evenly distributed rainfall and moderate temperatures, according to the
August reports of the United States Department of Agriculture
and cooperating State Boards of Agriculture. This improvement continued through August and fall crops and pasturage
were showing the best growth in years for this late season, although at the middle of the month rains were excessive in some
localities and considerable damage to wheat in the shock and
to corn and ot1'er fall crops was reported.
COMPOSITE CONDITIONS: Better conditions were reflected by the composite condition of cultivated crops in this district, which on August 1 stood at 98.1 per cent of their IO-year
average on that date, indicating a gain of 4.6 percent during
July, wliereas the composite condition for the United States on
August 1 was 99 per cent of t1'e 10-year average, and 2.5 per
cent better than on July I. The reports showed important gains
during the month for all states whose areas or parts form the
Tenth District, Oklahoma leading with Nebraska and Wyoming
•
-3.2
second and third in percentage of gain. The composite figures
for these states and the increase for the month follow:
August 1
Colorado ..................................................... .
Kansas ......................................................... .
Missouri ....................................................... .
Nebraska ..................................................... .
New Mexico·-·····························--Oklahoma ............ - - - - - Wy"™ing..................................................... .
95-'l
98.7
88.6
110.2
86.1
97.6
105.9
Seven States ............................................... .
United States ..............................................
July I
93.8
96.6
85.8
103.3
84.2
89.4
99.8
Change
I.4
2.I
2.8
6.9
1.9
8.2
6.1
93.5
4.6
96.5
2.5
ESTIMATED YIELDS: Official forecasts, or estimates on
yields, indicated all growing crops in this district made substantial gains between July 1 and August I. It was apparent that
this year's crops of corn, spring wheat, barley, rye, potatoes and
hay would, under favorable conditions up to the time of their
harvest, exceed the yields of 1926. On the other hand, this year's •
crops of winter wheat, oats, sugar beets, broom corn and cotton
were expected to be smaller than those for the preceding year.
Estimated production of the leading farm crops in the Tenth
District, compiled from the official reports as of August 1 are here
presented with the estimates of July 1, 1927, and August 1, 1926,
for comparison:
August I
1927
Corn, bushels ...............·----·········447,785,000
Winter wheat, bushels ................................ 240,616,ooo
Spring Wheat, bushel.,__ _ _ _ _ ... u,652,000
All wheat, bushels ...................................... 252,268,ooo
Oats, bushels................................................ 139,135,ooo
Barley, bushels .. -----················· 30,453,000
Rye, bushels........................................... .... 7,082,000
Potatoes, bushels ........................................ 32,377,000
Tame Hay, tons ............... _ _ _ _ _ 13,669,000
July I
Final
1926
1927
387,941,000 308,674,000
'256,030,000 283,469,000
u,236,000
10,050,000
267,266,000 2 93,5 1 9,000
149,577,000 143,132,000
30,379,000 20,687,000
7,295,000
5,430,000
31,423,000 26,452,000
13,566,000 11,894,000
COR : ·The foregoing summary shows a gain during the
month of 59,844,000 bushels in the estimated crop of corn in this
district with the August 1 forecast of 447,785,000 bushels showing an increase of 139,1 II ,ooo bushels over the crop of 1926. All
Tenth District states shared in this increase with the larger gains
in Missouri, Kansas, Nebraska and Oklahoma. While improvement in the condition of corn was general, much of the crop had
so late a start that only unusually late and warm fall would prevent serious frost damage.
WHEAT: The preliminary estimate of winter wheat production in the district, totaling 240,616,000 bushels, showed a
decline in July of 15,414,000 bushels, threshing returns showing
smaller per acre yields than were forecast early in the harvest
season. Much of the wheat was still in the shock in late August
and reports showed it was damaged in some sections by heavy
rains and floods. The spring wheat estimate on August I was
•
5
THE MONTHLY REVIEW
for n,652,000 bushels, a slight gain for the month and an increase of 1,602,000 bushels over the crop of 1926.
COTTON: A condition of 69. 5 per cent of normal, and an
indicated production of 13,492,000 bales in the United States,
was shown by the report of the Department of Agriculture, as
of August I. The condi t ion of cotton on August 1 last year was.
69.8 per cent, and the ten-year average for that date was 67.3 per
cent. While growing conditions of the crop in the producing sections of this district on August 1 was but slightly below the condition on the corresponding date last year, this year's reduced
acreages would indicate a much smaller crop than the bumper
crop of 1926. The outstanding feature in the situation this year
is the boll weevil menace, which is reported as the greatest since
1923 in the older cotton producing states and which is August
was becoming serious in parts of Oklahoma. Thus prospects for
the cotton crop may be expected to improve or decline accordingly as the weather is less or more favorable for the weevil propagation during the remainder of the season. Last year's production
of cotton in Oklahoma was 1,950,000 bales, in Missouri 255,000
bales and in New Mexico 72,000 bales.
Grain Movements
Returns from five important primary m arkets in the Tenth
District show movements of wheat from farms during July were
36 per cent below those in the corresponding month last year,
although the official preliminary estimates indicate that the 1927
crop of wheat in this district is only about 9.0 per cent smaller
than the harvested crop of 1926. However, the month's receipts
of wheat at these markets were- with the exception of those for
the same month last year- the largest for any July on record,
and adequate for domestic and export requirements. Receipts
of corn, oats and rye during J uly were smaller than a year ago,
while receipts of barley and kafir exceeded those of a year ago.
Receipts of six classes of grain during July at the five markets
follows:
Wheat
Bushels
Corn
Bushels
Hutchinson ............ 5,169,150
Kansas City............ 19,538,400
Omaha .................... 8,774,400
St. Joseph .............. 1,737,400
Wichita ·-··············· 5,767,200
Oats
Bushels
6,250
762,000
931,000
567,000
15,000
1,500
192,000
276,000
40,000
18,000
Kafir
Barley
Rye
Bushels Bushels Bushels
16,500
64,400
1,500
- -- - - -
July 1927................40,986, 550 2,281,250
52 7,5 00 82,400
679,500 64,700
June 1927 .........•.... 9,077,95° 7,080,500
July 1926..............-64,028,500 3,198,250 1,055,500 I'.22,700
36,400
41,600 248,600
16,000
1,500
1,750
2,400
59;350 288,900
37,900 331,600
36,450 169,500
Flour Production
During July, the first month of the 1927-28 wheat year, mills
in the Tenth District which report their output to the North western Miller were operated at an average of 65.7 per cent of
their full-time capacity and the month's output of fl.our was
2,014,024 barrels. During the corresponding first month of the
Cattle
Kansas CitY·--···········
Omaha ........................
St. Joseph ..................
Denver........................
Oklahoma City ..........
Wichita ......................
136,767
82,770
39,232
15, 194
20,429
16,829
1926-27 wheat year the mills were operated at 80.5 percent of
capacity and production of flour for that month was 2,481,363
barrels. The July output at the leading milling centers is here
compared to that for the preceding month and the corresponding
month last year:
J uly 1927
Barrels
Atchison............................................................ I 19,853
Kansas City............ ....................................... 522,984
Omaha.... .......................................................... 82,797
Salina................................................................ I 40,167
St. Joseph...... .................................................. 170,852
Wichita ...... .. .................................................. I 17,684
Outside.............................................................. 859,687
J une 1927
Barrels
July 1926
Barrels
ro7,261
593, 233
!02,489
II7,015
12 8,957
53 2 ,90 1
94,852
132,864
221,868
186,850
1,183,071
Total. ......... ...................................................... 2,014,024
2, 0 39,797
3,735
6,476
2,850
6,699
3,805
150,540
249,605
105,830
28,101
16,593
33,263
101,207
183,905
84,337
47,746
1,363
28,629
Livestock
Recent developments favorably affecting the livestock industry of the Tenth District included: Gains in the condition
of all classes of livestock; improvement or ranges and pastures;
a remarkable decrease in the receipts of meat animals at primary
markets, and generally higher levels of prices of livestock.
With grass still growing and the best in years for this season
there is an incentive to cattlemen to leave their cattle on the range
later than usual in order to have them as fat as possible for marketing at the least expense. July receipts of cattle at the six leading markets of the District were the smallest for any montr since
December 1921 and the smallest July receipts since 1921. Advance in the price of cattle to the year's high level, in June, was
maintained through July and August, and prices of all classes
were steady and above those in August a year ago.
Sheep throughout the Rocky Mountain and Great Plains areas
made slow recovery from the setback caused by the severe storms
in the spring. The August reports showed lambs were fat and
a little larger than usual, though this year's crop is a little smaller
than that oflast year. There was also a tendency to hold lambs
on the ranges, and the July movement was the smallest for any
month since December.
The outlook for hogs at the middle of August was brighter than
at any time during the spring and summer, the market reports
showing a considerable advance in average prices from the year's
low point in June. According to the United States Department
2,760
4,041
33°
777
1,322
5 19
5,306
3,829
5,200
178,532
765,754
The decrease of 18.8 per cent in this year's July output, from
that recorded for the same month last year, was due to an abnormally slow demand for the season. According to the reports
the sluggish demand for fl.our was attributed to lack of incentive
to buy for deferred shipment and in part to buyers apparently having determined to await a lower price level. Domestic
sales of fl.our were well distributed, but reports indicated bakers
and dealers were not anticipating their current or near future
needs to any extent, and few export sales were made.
THE JULY MOVEMENT OF LIVESTOCK IN THE TE TH DISTRICT
STOCKERS-FEEDERS
RECEIPTS
Sheep
Hogs
Calves
Cattle
Sheep
Calves
Hogs
26,779
175,5 13
1,207
15,326
49,824
13,46o
18,134
·5,637
Cattle
72,639
63,723
30,696
8,230
14,806
7, 175
FOR SLAUGHTER
Hogs
Calves
Sheep
82,254
21,804
III,319
3,735
187,875
83,6o8
127,310
22,819
14,481
9,57°
663
6026,
2,051
5,921
2 ,533
3 1,57 1
69,023
4,369
i -
311 ,221
July 1927....................
June 1927..................
349,8 17
July 1926....................
377 ,353
7 Months 1927.. ........ 2,619,046
7. Months 1926.......... 2,644,o47
424, 195
583,93 2
496,936
787,793
608,167
463,760
65.637
357,465 5,1 46,043 3,581,173
386,174 4,95 1,9IO 3,828,376
5o,344
52,7 15
4 2,964
56,777
61,912
484,499
478,849
3,867
4,690
3,265
33,381
24,814
7,089
96,744
85,189
II,747 l
106,648
8,570
603,291
106,156
472,204
96,710
197,269
22 9,349
237,838
1,569,357
1,629,327
42,070
293,189
451,673
640,006
48,186
335,4 12
0
304,236
58,444
473, 3°
300,2Il 4,0II,390 2,289,002
333,887 3,7o7,778 2,428,846
6
THE MONTHLY REVIEW
of Agriculture survey the supply of hogs for fall and winter would
show but little change from that reported a year ago.
MOVEME TS: Receipts of meat animals at the six leading
markets in the Tenth District during July were I ,3 69,692 head,
a decrease of 145,255 head from the receipts in July 1926. The
statistical summary shows receipts of cattle, calves, hogs and
sheep during July were smaller than in the preceding month and
also smaller than in July a year ago.
Receipts of horses and mules at the six markets during July
totaled 4,696 head, 482 more than in June and 62 less than a year
ago.
The countryward movement of stock and feeding livestock
from the four reporting markets in this district was smaller in
July than in the preceding month for all cl asses except sheep
which showed a small increase. Compared with the same
month last year the outgo of all classes was smaller except for
a slight increase in calves. However, the returns show the countryward movement of cattle, calves, hogs and sheep was larger
during the first seven months of the current year than in the
corresponding period last year.
MEAT PACKING: Operations at the meat packing plants
slowed down during July and the slaughter of cattle, calves, hogs
and sheep was smaller than in June of this year and July of last
year. The slaughter of cattle for the month, as indicated by
purchases by packers, was the smallest for any month since
February 1924.
Petroleum
Production of crude oil in the fields of the Tenth District during July was at a daily rate of 1,026,300 barrels and gross production for the 31-day month was 31,812,000 barrels. This was
another high daily and monthly record. It was the first month
in the history of the industry in which the daily average equaled
or exceeded one million barrels and a monthly total reached or
passed 30 million barrels. The major part of this enormous
increase was in the Seminole fields of Oklahoma, which early in
August was authorized to reduce the output to 450,000 barrels
per day as rapidly as it is physically possible to do so. The
production record for July:
*July 1927
Barrels
Oklahoma ...................................................... 26,258,ooo
Kansas .. .......................................................... 3,341,000
Wyoming.... .................................................. 1,883,000
Colorado........................................................ 240,000
New Mexico..................................................
90,000
June 1927
Barrels
23,519,000
3,432,000
1,769,000
217,000
90,000
July 1926
Barrels
14,749,000
Total.. ............................................................ 31,812,ooo
*Estimated American Petroleum Institute.
29,027,000
20,941,000
3,735,000
2,028,000
296,000
133,000
The summary of field operations during July shows increases
over June in the number of completions and in d.iily average new
production. A comparison of the July record with that of July
1926 shows that while there was a decrease of 349 wells completed
during the month the daily new production was I 80,306 barrels
or 149 per cent in excess of that reported a year ago from the
greater number of new wells. The July fields summary:
Wells
Completed
Oklahoma ............................ 4 2 3
Kansas .......... ...................... 163
Wyoming.---······················· 37
Colorado ..............................
4
New Mexico ........................
6
July 1927.-........................... 633
June 1927 .. ..........!........... 522
July 1926... __··················,···· 982
7 Months 1927 ..·-··············-4,055
7 Months 1926....................5,101
Bbls. Daily
New Prod'n
289,333
3,612
7,974
39°
5
301,314
214,316
121,008
1,448,886
673,759
Dry
Wells
136
91
3
0
5
235
177
Gas
Wells
Rigs-Wells
Drilling
50
1,242
6
245
262
85
122
I
0
0
57
333
43
63
1,371
1,608
397
35 1
1,956
2,025
2,551
Indications of a reduction in new development work are refl ected by the reports which show that at the end of July the
number of wells drilling was 595 less than the number reported
at the corresponding date last year.
Reports showed daily runs of crude oil to the stills of Oklahoma
and Kansas refineries in operation on August I were 285,775
barrels. This was I 9,625 barrels per day above the daily run to
67 refineries on August 1, 1926.
Zinc and Lead
The position of the zinc and lead industry in the Missouri,
Kansas and Oklahoma Tristate district improved substantially
at the close of July as a result of a better demand for ores and a
strengthening of ore prices. Shipments of both classes of ores,
after touching the lowest point in three years at the end of June,
increased during July but were considerably smaller than tonnages shipped last year. Productior. increased with the improved
market dem and for ores and several of the mines that had been
shut down for several weeks were resuming operations at the beginr ing of August. The record of shipments of zinc and lead ores
follows:
Zinc Ore
Tons
Value
29,114 '$ 1,239,516
17,389
739,59 1
2,392
101,530
Lead Ore
Tons
Value
3,850 t, 293,986
1,155
88,905
153
11,700
1927........ 48,895
'$2,080,637
1927.... .... 34,009
1,373,684
1926........ 57,898
2,873,150
1927 ........ 391,156 '$16,705,977
1926 ........ 488,167 24,080,886
5,158 '$ 394,591
4,369
340,782
8,772
899,622
59,970 '$5,417,51 7
72,391 7,634,192
Oklahom a............................................
K ansas...... .... ......................................
Missouri................................................
4
4
4
31
31
Weeks
Weeks
Weeks
Weeks
Weeks
ending July 30,
ending July 2,
ending July 31,
ending July 30,
ending July 31,
The average price paid producers for zinc ores during the week
ending July 31 was $43 per ton, up $3 per ton in five weeks, $5
above the year's lowest price in the latter part of June, but $7 per
ton below the price paid in the weekendingJuly31, 1926. Leadore
prices advanced to 'l,8 2. 50 per ton in the week ending August 6,
which compared with I I 2. 50 per ton paid during the correspondir.g week last year. There was a further advance in the price of
lead ore in the first week in August.
Bituminous Coal
The output of soft coal at mines in six states during July was
4.8 per cent larger than in June but was 16.5 percent smaller than
a year ago, as reported by the Bureau of Mines, United States
Department of Commerce. Tonnages produced during the month
are compared with those for the preceding month and July of
last year:
June 1927
Tons
Colorado................................................. .
Kansas......................................................
Missouri...... ................... ....................... .
New l\,fexico ........................................... .
Oklahoma ................................................
Wyoming ................................................. .
July 1927
Tons
651,000
122,000
111,000
182,000
210,000
371,000
105,000
96,000
215,000
184,000
379,000
July 1926
Tons
666,ooo
316,000
180,000
214,000
169,000
428,000
TotaL.......................................................
1,647,000
1,571,000
1,973,000
592000,
'
During the calendar year to August 6 production of soft coal
in the United States was 318,778,000 tons as compared with
319,309,000 tons for the like period in 1926.
Building
The number and value of building permits issued in reporting
cities in this district was smaller in July than in June, and something more than the usual recession in building operations at midsummer. Most of this decrease was attributed to the fact that
many building projects delayed by rains and wet weather in
April and May were started in June, thus making June the best
building month of the year. The July building record for the re-
•
•
THE
Mo
THLY
porting cities compared favorably with that for the same mont h
last year, showing an increase of 7.2 per cent in the number and
a decrease of 5.4 per cent in the value of permits issued. Eight
cities reported increases and eleven reported decreases. The reports m detail:
Estimated Cost Per cent
Permits
Change
1927
1926
1927 1926
Albuquerque, N. M. .. .................. 69
53 $ 87,600 1, 239,300 --63.4
18
6,775
33.5
9,043
Casper, Wyo..·-······························· 12
20
12,410
Cheyenne, Wyo.. ............................ 21
34,5 10 -64.0
Colorado Springs, Colo................ . 50
50,412
69.0
85,190
52
Denver, Colo.................................. 668
46.7
506 1,511,000 1,029,850
Hutchinson, Kans.......................... 30
27,582
774.I
236,450
34
82
Joplin Mo. ...................................... 33
286,779 -67 .4
93,3 2 5
Kansas City, Kans.. ...................... 96
II8,510
151
180,353 -34.3
Kansas City, Mo............................ 491
1,690,020 -48.9
863,450
393
110
Lincoln, Nebr................................ 91
922,678 ,5.3
228,790
19,94°
Muskogee, Okla.............................. I 9
5.6
18,875
15
1 33
1,459,345
Oklahoma City, Okla .................... 167
146.4
509,216
Okmulgee, Okla..............................
6
7,000
35,500 -80.3
4
Omaha, Nebr.................................. 84
848,330 -39.I
517,000
134
1.8
106,150
104,305
91
Pueblo, Colo·- - ······························· 114
103, 135 -5o.7
St. Joseph, Mo.............................. 49
50,850
67
Topeka, Kans.................................. 108
277,088
333,015 -16.8
144
206
Tulsa, Okla...................................... 264
130.5
660,991
1,527,763
903,124 -62.7
177
335,842
Wichita, Kans ···--························· 191
Total, July ......................................2,563 2,390
'$7,546,746 $7,984,750
-5.4
Contracts awarded for building and engineering constructior.
work in the Tenth District in July called for an expenditure of
17,203,236, as compared with 17,598,000 in the month of June,
21,559,000 in July 1926 and $10,688,000 in July 1925. These
figures, reported by the F. W. Dodge Corporation, showed the
United States total of contracts awarded in July was $534,389,900
as against $632,478,000 in June, $518,932,000 in July 1926 and
$547,107,000 in July 1925.
Lumber and Materials
Reports of the ational Lumber Manufacturer's Association,
covering the four weeks ending July 30, showed some expansion
in the lumber movement over the preceding four weeks ending
July 2, although the movement for this period was smaller than
in the corresponding four weeks oflast year ending July 31.
During the four week period there was an inportant increase
in production, shipments and orders in the Southern Pine Association territory, indicating partial recovery in flooded areas.
The lumber movement in the United States during the first
thirty weeks of 1927 compared with that for the corresponding
thirty, weeks in 1926, as reported by the National Lumber Manufacturer's Association for all associations, follows:
Softwoods:
Cut ................................................... .
Shipment ........................................ .
Orders .. ...................................... .
Hardwoods:
Cut ..... .
Shipmen s ................................... .
Orders ....................................... .
Thirty Weeks 1927 Thirty Weeks 1926
Feet
Feet
6,500,254,680
7,938,496,486
6,724,140,387
8,140,327,388
6,762,989,097
8,085,089,283
835,3 15,000
913,653,000
909,784,000
875,372,272
828,288,125
849,998,943
Sales of lumber at 187 retail yards scattered over the Tenth
District were seasonally smaller in August than in the preceding
month and considerably smaller than in the corresponding month
last year. A comparison of the July business at these yards with
that for June 1927 and July 1926 follows:
July 1927 Compared to
June 1927 July 1926
Sales of Lumber, board feet.............................................
-5.6
-30.1
Sales of Lu mber, all mate ials, dollars............................
1.4
-24.1
Stocks of Lumber, end of month ......................................
-2.2
-6.o
g~l~::~ft!:g;~~~: ~~o:;;.~~::::::::::::::::::::::::::::::·.:::::::·.::·.·.:::
-~::
~~::
REvrnw
7
PORTLA TD CEME .. IT: The output of Portland cement at
mills in the Tenth District in July was 1,203,000 barrels as against
1,262,000 barrels in June and 1,379,000 barrels in July 1926.
Shipments in July were 1,289,000 barrels against 1,209,000 barrels in June and 1,429,000 barrels in July 1926. Stocks of cement
at mills at the close of July were 2,197,000 barrels, compared to
2,284,000 barrels one month earlier and 1,775,000 barrels one
year earlier.
FACE BRICK: Production of face brick at sixty-seven plants
in fifteen states, including those of the Tenth District, averaged
776 thousand brick per plant during July, while shipments averaged 78 5 thousand and unfilled orders were for 1,026 thousand.
These figures indicate decreases of 4.6 per cent in shipments and
10.5 per cent in unfilled orders as compared with a year ago.
Business Conditions in the United States
Ind ustrial production declined in July to a level below that of
a year ago, while the department of labor's indeY of wholes ale
prices advanced for the first time since last autumn. Demand
for bank credit showed a seasonal increase, but easy conditions
prevailed in the money market.
PRODUCTIO : Output of manufactures declined in July
and was in practically the same volume as a year ago, and the
production of minerals which was further reduced during the
month was a t the lowest level since early in 1926, when the anthracite strike was iri progress. Iron and steel production in
July was in the smalles t volume since 1925, and continued at
practically the same Je el during the first three weeks of August.
Automobile output for July and the early weeks of Augus t was
considerably below that uf the corresponding month of last year.
Production of rubber tires, nonferrous metals and foo<l products
and activity of woolen rni1ls was smaller than in June, but continued unusually large for this season of the year. Production
of leather, shoes and lumber increased in July as compared with
June. Factory employment and pay rolls showed seasonal decreases in July and were smaller than in any month since 1924.
Employment in coal mining has been reduced in recent months
and reports indicate some unemployment in certain of the building trades owing to the decline in construction of houses. Building contract awards in July and in the first three weeks of August
continued larger than a year ago, the increase reflecting chiefly
a growth in awards for engineering projects.
·
The August I cotton report of the department of agriculture
indicated a production of 13,429,000 bales, or 25 percent less
than the record yield of last year. The indicated production of
corn , though considerably larger than the expectation in July,
was 262,000,000 bushels lower than the harvested crop of 1926.
The August estimate of 851,000,000 bushels of wheat indicated
an increase of 18,000,000 bushels over the 1926 crop yield.
TRADE: Distribution of merchandise at wholesale and ret ail showed about the us ml seasonal decline in July. Compared
with a year ago sales of wl olesale firms and department stores
were slightly smaller, owing largely to the fact that there was one
less business day in July of this year than in July, 1926. Sales of
mail order houses and chain stores were somewhat larger than a
year ago. Inventories of department stores continued to decline
in July and at the end of the month were slightly smaller than a
year ago; and wholesale stocks also continued smaller than last
year. Shipments of commodities by freight decreased contrary
to the usual seasonal trend, and were smaller in July and in the
first two weeks of August than in the same period of last year.
8
THE MONTHLY REVIEW
PRICES: The bureau of labor statistics index of wholesale
prices advanced slightly in July, reflecting chiefly increases in
the prices of corn, livestock, cotton, and leather, while prices of
wheat, silk, metals, and building materials declined. Since the
latter part of July prices of corn, cotton, and cattle have continued
upward and those of wheat, nonferrous metals and rubber have
also advanced while hogs, lumber and hides have declined.
BA K CREDIT: There has been an increase in the volume
of commercial loans at member banks in leading cities between
July 20 and August 17, as is usual at the beginning of the crop
moving season. Loans on securities, as well as commercial loans
increased, while investment holdings declined, a~d total loans
and investments were about $60,000,000 larger than a month
earlier. T otal borrowings of member banks at the reserve banks
increased slightly between July 20 and August 24. There was a
growth of discounts at the Federal Reserve Bank of New York,
partly offset by declines in other districts. There was little
change in the system's holdings of acceptances and a growth in
the portfolio of United States securities.
Money rates on all classes of p aper in the open market declined
sharply in August, and were at a lower leyel than a year ago.
Discount rates at eight Federal Reserve :_banks were reduced
from 4 to 3,½' percent.
PEACEMT
PEACENf
150
150
.501----~---+---......f---+----i
PRODUCTION or
MANUFACTURES AND MINERALS
FACTORY EMPLOYMENT
AND PAY ROLLS
o.________.___~---~--~O
1923
1924
1925
1926
1927
Index numbers.._of production of manufactures~and minerals,
adjusted for seasonal variations (1923-25 average equal 100).
Latest figures, July; manufactures ro7, minerals 97.
PUICtNr
HIICUT
200
1001-----+-----+-----1----t-------1100
50t-----t-----t-----t----t-------l50
1923
1925
192.6
19Z'T
Federal Reserve Board's indexes of factory employment and
payrolls (1919 equals 100). Latest figures, July; Employment
90.7, payrolls IOI.I.
PERCENT
!)Eflr.EHT
6
6
5
5
4
4
3
3
2
2
MONEY RATES
WHOLESALE PRlaS
o.____._____._____,___.....____,o
1925
0'-----''----~-------'----'----~O
1921
1927
Index of United States Bureau of Labor Statistics (1913 equals
100, ·base adopted by~Bureau.) Latest figures, July; All commodities, 144.6.
.,,..... Commercial Po~ r Role
-- N.>:Rt?serve &nit Discov11.~Rote
--- Acceptance li'ute
923
t92't
1925
0
1926
1927
WeeklylR ates in New York money-market; Commrecial paper
rate on 4 to 6 months paper and acceptance rate on 90 day paper
•
@FedFRASER