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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. McCLUllE, Chairman and Federal Reserve Agenr A. M. McADAMS, Assistant Federal Reserve Agent and Secretary P. W. MoRGAN, Director of Research Vol. 14 T KANSAS CITY, Mo., HE volume of general business in the Tenth Federal Reserve District rose during July to the highest level of record, statistics presented in this number of the Monthly Review reveal. Distribution of commodities established a new high peak. Wholesale and retail trade was heavy for the mid-summer month, with sales in dollars slightly above a year ago. Production of manufactures and minerals continued the record output of the earlier months of the year with a few lines showing seasonal slowings down. Loans and discounts of reporting member banks at the close of the month were the highest ever reported. Demand, time and savings deposits increased and were larger than a year ago. Debits by banks to individual accounts in thirty cities during five weeks ending July 31 reflected the largest aggregate of payments by check for a like period in the history of bank. statistics, indicating gains of 23 percent over the preceding five weeks and 17.6 percent over the corresponding five weeks in 1928. The outstanding development of July in this regional district was a general betterment of conditions for agriculture. While the official reports as of August I indicated this year's crops of winter wheat and some other harvested grains were smaller than those of last year, and the corn crop would fall considerably below that of 1928, there was a promise of good yields of cotton, hay and other important crops. The material advance in prices of farm products during July was an incentive to heavier marketings than ever before reported for a month. Receipts of wheat at five primary markets in the district mounted to 84½ million bushels for the month, more than II½ million bushels above receipts in July 1928, the previous high wheat marketing month. Marketings of other grains, except corn, also were in record volume. Receipts of cattle at six markets were the heaviest for July in three years. Sheep moved to market in very large numbers and only a few thousand head less than in July a year ago. Recei"pts of hogs, although seasonally light, were the heaviest for July in five years. Productive activity in the food industries was maintained at a high rate. Flour mills opened the 1929-30 wheat year with the largest July output since 1926. The slaughter of cattle was the largest for July since 1926, while the number of sheep killed and dressed was the largest for July on eleven years' records. More hogs were slaughtered than in any previous July since 1924. The output of crude oil in this District increased during the month to a daily average of 909,000 barrels, as against 793,100 barrels as the daily average for the same month last year. The production and shipment of zinc ore was larger, and of lead ore SEPTEMBER 1, 1929 No. 9 BUSINESS IN THE TENTH FEDERAL RESERVE DISTRICT Percentages of Increase, or Decrease (- ), for July 1929 over June 1929 and July 1928. July 1929 compared to General Business and Banking June 1929 July 1928 Bank debits, 30 cities·--················································· 23.0 17.6 Net demand deposits, 6o member banks.................... 3.1 2.1 Time deposits, 60 member banks._............................... o.6 2.3 Loans and discounts, 60 member banks...................... 3.6 8.4 Investments, 6o member banks.................................... - o.6 - 4.5 Savings deposits, 52 banks............................................ 0.7 1.0 Savings accounts, 49 banks...... .... ................................ 0.3 5.7 Trade Retail sales, 35 department stores................................ - 17.3 Wholesalers sales, 5 lines combined............................ 3.0 1.0 Lumber sales, 179 retail yards...................................... 16.4 II.I Livestock Receipts, 6 Markets Cattle ............................................................................... . 20.6 4.1 Calves............................................................................... . - 6.o Hogs ................................................................................. . Sheep ................................................................................ Horses and Mules·-·················································•·•····· Grain Receipts, 5 markets 1 5·9 569.8 Wheat·-············································································· Corn .................................................................................. - 2 9.3 -33.3 Oats ................................................................................. . 25.2 74.9 Rye ................................................................................... . 320.5 795- 0 Barley............................................................................... . 564.9 331.7 Kafir................................................................................. . -'74.8 - 25.2 Industrial Output Flour ............................... ' ................................................ 6.o 7.0 Crude Oil. ........................................................................ . 6.8 14.6 Coal. ................................................................................ . I 1.2 - 7.1 15.0 4.7 Cement·-··········································································· Zinc ore shipped ............................................................. . o.6 11.2 Lead ore shipped ........................................................... . - 15.'i -10.5 Meat Packing, 6 Cities Cattle ............................................................................... . 10.2 23.6 Calves................................................................................ 2 9·5 - 0.2 Hogs ................................................................................. . - I4.7 37.3 Sheep ............................................................................... . 2.6 4.1 Construction Contracts Awarded, value.-........................................... 2 5·5 3.6 Building permits, 19 cities ........................................... . - I.2 4·3 Value of per mi ts ......................................................... . 0.1 - 7.5 smaller, than in either the preceding month or the corresponding month last year. The output of soft coal showed a substantial increase over that for June but a decrease as compared with that of a year ago. The value of building contracts awarded in this District in July exhibited increases over the preceding month and the corresponding month last year. The value of building permits issued in leading cities was larger than in June but smaller than !n July of last year. This Copy Released For Publication In Morning':Newspaper August 29. THE MONTHLY REVIEW 2 as "all others'', were at the }lighest peak of record. Loans. Payments by Check Debits by . banks to accounts of individuals, firms and corpor- secured by stocks and bonds, although increasing in recent ations in thirty cities of this D istrict totaled $2,148,924,000 for weeks to the highest point since March 13, showed a marked the five weeks ending July 31. This was the largest volume of decrease as compared with the amount on August r, 1928 . Investments of $229,440,000, reported by the sb<:ty banks as payments by check reported for a period of five weeks during the nearly ten years statistics of checking operations have been of July 31, indicated a decrease of $1,457,000 for the four weeks compiled by the Federal Reserve Bank of Kansas City. Com- and a decrease of $rn,787,ooo for the year. Net demand deposits on July 31 · totaled $5r6,r58,ooo, an inpared with the aggregate reported for the preceding five weeks ending June 26 there was an increase of $401,214,000, or 23 per- crease of $r 5,424,600 in four weeks and of $rn,486,ooo above t he cent, while as compared with the corresponding five weeks end- total at the corresponding date in 1928. Time deposits also ing August 1, 1928, there was an increase of $322,017,000, or · increased during the four-week period and were larger than a 17.6 percent. In this connection it is noted that debits of year ago. Principal resource and liability items of the reporting banks $430,752,000 for the week ending July 3, of $475,007,000 for the week ending July 17, and of $438,086,000 for the week end- as of July 31 are shown in the following table with those for ing July 24 were the largest weekly totals of record. The re- July 3 this year, and August r last year, for comparison: July 31, 1929 July 3, 1929 August 1, 1928 turns in detail, presented in the accompanying table, show Loans and investments-total._ __ ··· '$706,477,000 '$69 1,500,000 '$680,167,000 twenty-three cities reported increases and seven cities decreases Loans and discounts-totaL........... 477,037,000 460,603,000 439,940,000 in total debits for the five weeks as compared with the corresSecured by stocks and bonds.... 129,914,000 122,380,000 * 144,502,000 All other loans and discounts.... 347,123,000 338,223,000 * 295,438poo ponding five weeks in r 928: Percent August 1, 1928 Change '/, l 5,269,000 - 5.7 8.6 7,536,000 20,463,000 35-1 8,663,000 14.3 ,8,364,000 0.4 18,201,000 16.0 201,307,000_ 12.7 11.9 36,334,ooo 6.5 4,959,ooo 3,526,000 7.3. 4,006,000 4.5 51,932,000 51.3 17,247,000 - 7.5 23.8 15,150,000 25,917,000 -2.5 23.8 534,911,000 r.6 6,617,000 43,709,000 -I9.7 1 9·4 12,892,000 124,548,000 34.8 0.1 8,737,000 258,642,000 9.6 8.6 3,830,000 4.2 6,494,000 27,687,000 - 2.8 30.1 19,129,000 1 3·9 64,979,000 26,527,000 - O.I 148,124,000 43.5 101,207,000 -16.4 FIVE WEEKS ENDING Albuquerque, N. M ........................ Atchison, Kans .................. .'.............. Bartlesville, Okla............................ Casper, Wyo.................................... Cheyenne, Wyo____ Colorado Springs, Colo.................. Denver, Colo.................................... Enid, Okla........................................ Fremont, Nebr................................ Grand Junction, Colo.................... Guthrie, Okla.................................. Hutchinson, Kans·--······················· Independence, Kans·-····················· Joplin, Mo........................................ Kansas City, Kans.......................... Kansas City, Mo............................ Lawrence, Kans.............................. Lincoln, Nebr.................................. Muskogee, Okla.............................. Oklahoma City, Okla. .................... Okmulgee, Okla...... ........................ Omaha, Nebr.................................. Parsons, Kans.................................. Pittsburg, Kans.............................. Pueblo, Colo.................................... Salina, Kans...... .............................. St. Joseph, Mo.. .............................. Topeka, Kans.................................. Tulsa, Okla...................................... Wichita, Kans ............ :..................... July 31, 1929 '$ 14,392,000 8,182,000 27,640,000 9.900,060 8,398,000 21,101,000 226,897,000 40,653,000 5,280,000 3,784,000 4,187,000 78,577,000 15,948,000 18,766,000 25,263,000 662,240,000 6,726,000 35,104,000 15,392,000 167,8 86,000 8,750,000 283,400,000 4,160,000 6,769,000 26,902,000 24,894,000 74,035,000 26,502,000 212,596,000 84,600,000 Thirty cities 5 weeks .................... '$ 2,148,924,000 Thirty cities, 31 weeks.................... 11,574,968,000 1,826,907,000 10,350,025,000 17.6 I I.8 Banking and Credit Conditions Combined loans, discounts and investments of sixty reporting member banks in leading cities of this District continued to rise during July and on the closing day of the month the total stood at $706,477,000. This was the largest amount of outstanding credit of these reporting banks recorded for a weekly report date since this series of bank statistics was instituted in January 1921. The marked increase in the volume of credit during the month was accounted for by a steady expansion of loans and discounts throughout the spring and summer, as the reports disclosed that investment holdings of the banks were smaller on July 3 r than four weeks earlier or one year earlier. Total loans and discounts of $477,037,000 at the close of business on July 3 r reflected an increase of '/;r 6,434,000 over the four-week period and an increase of $37,097,000 for the year. Commercial loans, including those for agriculture and classed lnvestments-tota'-------·· U. S. Securities............................ Other bonds, stocks and Securities ................................. . Reserve with F. R. bank·-············· Net demand deposits ..................... . Time deposits ............- - Government deposits ..................... . *Revised 229,440,000 106,955,000 230,897 ,ooo 107,397,000 240,227,000 II4,604,ooo 122,485,000 58,828,000 516,158,000 181,464,000 1,738,000 123,500,000 56,882,000 5oo,734,ooo 180,392,000 3,819,000 125,623,000 57,9 17,000 505,672,000 177,320,000 5,387,000 Total bills and securities held by the Federal Reserve Bank ·of Kansas City on July 31 amounted to $38,829,211, as compared with $45,076,456 on July 3 and $49,200,713 on August r of the preceding year. Bills rediscounted for member banks, amounting to $36,445,955 on July 31, showed a decline of $4,961,680 from the amount held four weeks earlier, but an increase of $14,269,788 over the amount of rediscounted bills held on the corresponding date last year. Total gold reserves of this Federal Reserve Bank moved upward to a new high level during the month. Amounts reported for three consecutive weeks - $133,731,520 on July 17, $132,619,271 on July 24, and $126,875,235 on July 31-were the highest on records, October 31, 1919 to date. Federal Reserve notes in circulation increased to $74,295,480 on July 3 r, which was $4,684,230 higher than four weeks earlier and $18,398,465 higher _than one year earlier. Total deposits of $93,612,503 on July 31 were slightly higher than at the opening of July, but $1,249,913 less than August r, 1928. Principal items are here shown for three dates: July 31, 1929 July 3, 1929 August 1, 1928 Gold reserves .................................... $126,875,235 $II6,081,940 '$ 97,594,078 Reserves other than gold·-············· 4,278,283 4,592,663 5,100,289 Total reserves.................................. 131,153,518 120,674,603 102,694,367 Bills discounted................................ 36,445,955 41,407,635 22,176,167 Bills purchased................................ 883,256 2,168,821 8,466,746 U.S. Securities................................ 18,557,800 Total bills and securities................ 38,829,21 I 45,076,456 49,200,713 Total resources................................ 218,961,965 215,882,080 201,143,841 F. R. Notes in circulation.............. 74,295,480 69,6n,250 55,897,015 Total deposits.................................. 93,612,503 93,454,505 94,862,416 SAVINGS IN BANKS: Reports of a selected list of 52 banks incities of this District showed their savings deposits on August r aggregated $126,364,862, as compared with $125,498,161 on July r and $r25,rr5,r26 on August r, 1928. The gain over the preceding mont4 was $866,701 or 0.7 percent, while as compared with August l a year ago the gain was $1,249,736 or r percent. The number of savings accounts of 49 banks on August r was 398,rn5, an increase of r,139 over the 396,966 accounts reported one month earlier, "''and an increase of 21,565 over the 376,540 accounts reported one year .ago. THE MONTHLY REVIEW • .1 WHOLESALE TRADE IN THE TENTH FEDERAL RESERVE DISTRICT SALES OuTSTANDINGS CoLLECTIONS STOCKS Reporting July 1929 compared with July 31, 1929 compared with July 1929 compared with July 31, 1929 compared with Stores June 1929 July 1928 June 30, 1929 July 31, 1928 June 1929 July 1928 June 30, 1929 July 31, 1928 8 Dry Goods·--············ ............................ . 13.3 - 6.2 - 0.3 - 6.6 14.0 I.I 27.8 -13.4 Groceries ............................................... . 6 7.3 - 8.4 I.2 -IO.I 2.4 5.2 - 6.o -13.0 Hardware ............................................. . 8 - 9.8 9.6 3-4 II.7 4.0 r.9 - I.5 8.9 Furniture.......................... : ....... · .......... . 6 -12.8 27.7 - 8.6 7.5 r.9 13.1 4.7 10.2 Drugs. ·................................................... . 5.0 18.4 I.I 4.3 I.3 15.7 0.1 I.I 5 Distribution Loadings of revenue freight in the United States for the four weeks ending July 27 totaled 4,153,220 cars, a gain of 209,179 over the like period in 1928, and 239,459 over 1927. Since the first of the year 29,750,158 cars have been loaded> compared with 28,405,814 cars in the like period of 1928 and 29,434,801 in 1927. Cumulative totals of car loadings by classes for the period of thirty weeks show gains over the like period in 1928 for all classes except livestock. In comparison with the thirty weeks of 1927 there were increases for this year in miscellaneous freight, grain, ore and coke, and decreases in merch~ndise and less-than-car-lot freight, coal, forest products and livestock. Total cars loaded in the thirty weeks of the three years follow: Miscellaneous.......................................... Mdse and L. C. L._................................. Coal.......................................................... Forest products._..................................... Grain........................................................ Ore............................................................ Livestock.................................................. Coke.......................................................... 1929 11,477,979 1928 10,868,490 7,573,975 5,065,515 7,536,926 1,944,245 1,342,190 1,209,015 766,232 371,007 4,712,826 1,942,574 1,314,674 892,394 830,127 307,803 1927 10,946,088 7,620,8II 5,360,535 2,035,259 1,242,333 1,052,343 838,696 338,736 Carloadings in the three regional advisory board districts which serve this Federal Reserve District were larger in the last four weeks than in the corresponding period last year, while for thirty weeks of this year most of these groups showed increases over the like period last year, livestock carloadings showing a decrease. Trade WHOLESALE: Sales of merchandise in this District, during July, as reported by wholesale firms in five lines, were 3 percent larger than for June and 1 percent larger than for July a year ago. By separate lines, July sales of drygoods, groceries and drugs showed increases over the preceding month, while sales of hardware and furniture showed decreases. In comparison with the corresponding month last year, this year's July sales of drygoods and ~roceries decreased and sales of hardware, furniture and drugs increased. I~ventories at the close of July showed stocks of drygoods, furniture and drugs were larger while stocks of groceries and hardware were smaller than at the close of June. Compared with a year ago stocks at the close of this July were reported larger RETAIL TRADE AT 35 DEPARTMENT STORES SALES (RETAIL) STOCKS Stores July 1929 7 Months 1929 July 31, 1929 Rep~rt-compared to · compared to compared to mg July 1928 7 Months 1928 June 30, 1929 July 31, 1928 Kansas City.___ 4 3.8 0.5 4.6 - I.I Denver.............. 5 I.I 2.3 - 3.7 - 2.5 Oklahoma City 3 9.2 10.2 - 9.0 Even Omaha.............. 4 1.4 3.1 - 10.6 - 7.2 Lincoln._........... 2 -10.8 - 2.2 - 4.4 2.8 Topeka.-........... 3 - 4.4 1.0 - 6.1 - 5.6 Tulsa................ 4 12.6 10.4 - 7.0 9.0 Other Cities._ ... 10 5.8 7.6 - 1.9 - 2.4 by hardware, furniture and drug firms, and smaller by drygoods and grocery firms. RETAIL: Sales of department stores in this District for July, while showing about the usual seasonal decline from the preceding month, were 2.9 percent larger in the aggregate than in the corresponding month last year, according to reports in dollars to the Federal Reserve Bank of Kansas City. On the basis of the average per business day, however, tlte July sales were about 1 percent smaller than a year ago. Increases over a year ago in total sales were reported by 20 stores and decreases by 1 5 stores. . Sales of furniture at reporting retail stores during July were 26.2 percent larger than in June and 20.3 percent .larger than in July a year ago. Stocks of department stores at the close of July were smaller by 3.4 percent than one month earlier and smaller by 1.5 percent than one year ago. Stocks of retail furniture stores at the close of July were smaller ~y 3.4 percent and 7.3 percent, respectively, than one month earlier or a year ago. COLLECTIONS: Department store collections during July represented 42 percent of amounts outstanding at the close of the preceding month. This compares with 41.2 percent for June and 41.8 percent for July of last year. Wholesale firms reported an improvement .in collections during the month. Business Failures According to the monthly statement of R. G. Dun & Company July business failures in the United States, and also in the Tenth District, were more numerous and the amount of liabilities greater than in July of last year. Failures for the month are here shown by Federal Reserve Districts: NUMBER 1929 · 1928 First, Boston ............................... . 176 137 Second, New York ...................... 327 364 Third, Philadelphia ................... . 57 76 Fourth, Cleveland ........ :............ . 143 132 Fifth, Richmond .......................•.. 98 122 Sixth, Atlanta ............................. . 97 IIO Seventh, Chicago ....................... . 242 243 Eighth, St. Louis ........................ III 98 Ninth, Minneapolis:.................. . 46 74 TENTH, KANSAS CITY....... . 130 78 Eleventh, Dallas.......................... · 39 54 Twelfth, San Francisco ............. . 286 235 Tc-ta! ........................................... . 1,752 1,723 LIABILITIES 1929 1928 $ 3,o85,987 $ 2,345,127 8,806,245 7,973,412 1,267,519 1,366,704 1,996,972 3,248,216 2,698,274 1,838,607 1,516,u6 1,997,327 3,962,653 3,295,071 . 1,331,242 . 2,288,466 512,743 496,225 1,826,622 467,828 1,975,746 1,072,213 3,445,4°0 . 3,197,437 $32,425,519 $29,586,633 IN THE TENTH FEDERAL RESERVE DISTRICT STOCK TuRNOVER AccouNTS REc~IVABLE COLLECTIONS July 7 Months · July 31 1929 July 1929 compar;d to compared to 1929 1928 1929 1829 June 30, 1929 July 31, 1928 June 1929 July 1928 .18 .17 r.52 r.53 -n. 4 · 3.1 - 3.3 5.3 .18 .17 r.35 1.22 - 8-4 - 1.7 1.6 2.8 .20 .19 r.82 1.70 - 4.8 10.7 -11.4 5·.2 .19 .1 8 1.62 r.52 4-.8 14 .6 - 3.4 5.1 .18 .20 1.36 1.46 - 6. 4 · 12.0 l.O 15•9 .13 .13 1.08 1.03 ---: 8.9 Even - 6.8 4.2 .19 .19 1.65 1.84 - 8.7 25.2 l 8.5 - _5.4 14 .14 1.11 1.08 . - 7.4 13-4 - 0.4 4 .4 2:9. Total... ............. 35 . 3.6 - 3-4 - 1.5 .18 .17 1.46 1.41 - 6.6 OTE: Percentage of collections m July on accounts June 30, all stores reporting 42.0. · Collections same me nth last year 4 r.8. 5.6· - 2.6 6.3 THE MONTHLY REVIEW 4 The Crops According to the reports of the United States Department of Agriculture there were declines between July I and August 1 in prospects for winter and spring wheat, oats, barley, white potatoes and tame hay in the Tenth Federal Reserve District. On the other hand the August report showed corn and some of the minor crops improved during the month, while first reports of cotton gave promise of a better-than-average crop. On the basis of the August I condition the official estimates for this District indicated larger yields of eleven crops and smaller yields of eleven crops than last year. "bushels in 1928. According to the reports, there were declines in winter wheat production in July in all states in the District with the exception of New Mexico, which showed a substantial increase, and Oklahoma, which reported production the same as one month earlier. The spring wheat prospect based on the August I condition was for 12,234,000 bushels, 557,000 bushels below the estimate one month earlier, and 2,482,000 bushels less than the crop of 14,716,000 bushels in 1928. Thus, the combined totals indicate an all-wheat production in this District of 261,197,000 bushels for this year against 334,956,000 bushels last year, a decrease of 73,759,000 bushels or 22 percent. Production of all wheat in the United Stat.es is estimated as of August I at 773,885,000 bushels against 902,191,000 bushels in 1928, a decrease for this year of 128,306,000 bushels. Crops which promise larger yields than last year are: Cotton, tame hay, rye, sweet potatoes, flax, buckwheat, beans, sugar beets, apples, peaches, pears. OTHER CROPS: Reports from over the District indicated declines in production of oats, barley and potatoes between July I and August 1, with production forecast for this year below that of the preceding year. Estimated production of Crops which promise smaller yields than last year are: Winter tame hay as of August I showed a slight increase over I 928. wheat, spring wheat, corn, oats, barley, grain sorghums, broom _ Estimated production of eleven other crops, not included in the corn, wild hay, white potatoes, grapes. tabulated reports by states, is shown for the District as follows: CORN: The corn crop forecast for this District on the basis of the August I condition is for -471,113,000 bushels, an increase of 19,004,000 bushels over the July I forecast but 49,122,000 bushels less than last year's corn crop of 520,235,000 bushels. While the reports showed material improvement in corn prospects during July, this good progress was checked by hot weather and insufficient rainfall over a large portion of the corn belt in the closing days of the month and in three weeks of August. During this period corn was in every Stage of development, from a foot high to roasting ears, and the heat wave caught much of it in the critical stage. This situation was relieved to a considerable extent by scattered rains over parts of the Belt, although reports for the week ending August 24 indicated corn in many sections of the Missouri Valley and Great Plains, still stood in need of rain and lower temperatures. However, late frost dates are considered essential to assure proper maturity of the crop over the large producing areas in the district, due to late plantings' and a very poor start for the crop. WHEAT: Preliminary estimates of the United States Department of Agriculture and State Boards of Agriculture as of August I indicate a winter wheat crop of 248,963,000 bt:1shels in the Tenth District, 9,940,000 bushels less than estimated on July 1, and 71,277,000 bushels below production of 320,240,000 Aug. 1, Est. 1929 Cotton, bales .................................................................... 1,232,000 Rye, bushels ................................................................... . 5,690,000 Sweet potatoes, bushels.................................................. 2,458,000 Grain sorghums, bushels:............................................... 52,573,000 Flax seed, bushels........................................................... . 366,000 Broom Corn, tons........................................................... . 4 1 ,900 Buckwheat, bushels....................................................... . 30,000 Beans, bushels................................................................. . 2,668,000 Wild hay ( 3 states only) tons..................................... . 1,699,000 Sugar beets, tons ............................................................ 4,580,000 Tobacco, pounds............................................................. . 2,763,000 Apples, bushels..................................................:............. 7,4 17,000 Peaches, bushels.............................................................. 3,031,000 P ears, bushels.................................................................. 1,046,-000 Grapes, tons.................................................................... 12,404 Final Est. 1928 1,147,000 5,635,ooo 2,399,000 64,713,000 292,000 48,300 23,000 2,598,000 1,866,000 3,877,000 2,948,000 6,240,000 1 ,435,000 395,000 12,868 COTTON: A United States cotton crop of 15,543,000 bales of 500 pounds gross weight was indicated by the Crop Reporting Board of the Department of Agriculture in its first forecast of the season, based on a condition of 69.6 percent of normal on August 1, which compares with 67.9 percent last year and a ten-year average condition of 67.4 percent. The indicated yield of lint per acre is I 59.3 pounds, compared with I 52.9 last year and a ten-year average of 155.8 pounds. While the crop is earlier than in 1928 it is about three days later than the average for the past five years for the Belt as a whole. The a~vancement of the crop of Louisiana and Mississ- ESTIMATED PRODUCTION OF LEADING FARM CROPS IN SEVE STATES AND THE TENTH FEDERAL RESERVE DISTRICT Forecast of the United States Department of Agriculture as of August 1, 1929 Condition and Compared with the Final Estimate for 1928. (Figures are in thousands of bushels of grain and potatoes, and in thousands of tons of hay-ooo omitted) Co11.N Colorado................ Kansas.................... Missouri... ............... Nebraska ................ New Mexico.......... Oklahoma.............. Wyoming................ WINTER WHEAT SPRING WHEAT O AT S BARLE Y Seven States.. ........ 586,095 668,691 265,718 336,139 12,629 I 5,099 172,293 198,368 48,077 471,113 520,235 248,963 320,240 12,234 14,716 142,891 158,774 47,552 United States ........2,740,514 2,835,678 568,233 578,133 205,652 324,058 1,202,895 1,448,677 304,381 NOTE: The Tenth District embraces all of the states of Colorado, Kansas, Nebraska, and Wyoming; t he 13 counties of New Mexico and all of Oklahoma except 8 southernmost counties. T E NTH DISTRICT.... WHIT E PoTATO E S T AME H AY Aug. '29 Crop '28 Pre. '29 Crop '28 Aug. '29 Crop '28 Aug. '29 Crop '28 Aug. '29 Crop '28 Aug. '29 Crop '28 Aug. '29 Crop '28 16,537 18,½4 12,188 11,076 5,898 7,488 5,491 5,983 u,286 13,128 12,397 13,420 2,346 2,497 127,253 179,n8 131,836 177,361 484 472 29,326 37,729 14J231 17,661 4,778 7,560 3,041 3,539 139,667 181,540 18,700 18,999 137 195 34,890 47,768 573 374 5,601 10,285 5,893 4,183 240,633 212,701 52,512 66,697 2,803 3,222 74,647 78,936 18,163 14,018 8,325 10,080 3,739 3,351 4,335 3,-482 4,730 1,500 758 554 1,272 720 302 228 131 132 475 407 54,754 70,150 44,972 59,576 21,924 23,140 600 506 3,517 5,040 929 841 2,916 3,oo6 780 930 2,549 3,168 4,7,1-3 4,092 2,922 2,310 1,920 2,352 1,184 1,224 48,225 47,752 36,669 48,869 17,6o7 31,819 40,120 12,576 356,667 372,812 464,483 97,421 wes tern 19 counties of Missouri, and the 16,042 12,381 92,983 northern s THE MONTHLY REVIEW ippi is about average, but Oklahoma and Arkansas are about seven days late and the other..states two to four days late. In interperting condition as an indication of probable yields the Board has made allowance for probable loss due to the boll weevil, in accordance with its current reports on weevil activity. These reports indicate that if usual weather prevails during the remainder of the season there will be more weevil damage this year than last in all states except Oklahoma and Arkansas. The Board's estimated production, presented in detail in the table which follows, indicates that, aside from a loss in Texas, each of the producing states west of the Mississippi river has a better cotton prespect than last year. Of the eight producing states east of the Mississippi river, orth Carolina is the only one to report a smaller crop than last year. The report by states: Texas ....................... . Oklahoma............... . Arkansas ................. . Louisiana ............... . Missouri .................... cw Mexico ........... . Arizona._.................. . California .................. Virginia_ .................. . Carolina .............. S. Carolina. ............... Georgia·--···-············ Florida ..................... . Tennessee·- ··············· Alabama__ ··············· Mississippi ............... . Other States ...... - .... Total U.S................ Acreage in Cultivation Aug. 1, 1929 17,968,000 4,371,000 3,958,000 2,134,000 320,000 u6,ooo 221,000 315,000 87,000 1,880,000 2,347,000 3,773,000 105,000 1,093,000 3,713,000 4,271,000 23,000 Condition 66 62 Production (Bales) Est. Aug. I Crop 1929 1928 4,798,000 5,106,000 1,275,000 1,205,000 1,449,000 1,246,000 715,000 691,000 174,000 147,000 91,000 88,ooo 153,000 149,000 223,000 172,000 46,000 44,000 787,000 836,000 909,000 726,000 1,182,000 1,030,000 25,000 19,000 468,000 428,000 1,317,000 1,109,000 1,921,000 1,475,000 10,000· 7,000 67.9 15,543,000 14,478,000 % Aug. 1929 64 72 73 69 81 86 86 86 1928 70 71 67 66 55 85 87 90 82 83 64 62 62 68 77 68 68 69 70 81 71 76 81 46,695,000 69.6 I 59 COTTON SEED PRODUCTS: During this cotton season of twelve months beginning August I, r928 and ending July JI, 1929, mills in Oklahoma received and crushed more cottonseed than in the preceding year. Figures for the state and the United States follows: OKLAHOMA Aug. I to July 31 1929 1928 Received at mills, tons·-··-· 387,830 362,001 Crushed, tons.. .................... 381,607 383,231 On hand at mills, tons........ 3,950 326 UNITED STATES Aug. I to July 31 1929 1928 5,082,051 4,586,705 5,058,744 4,654,017 41,340 21,972 Cottonseed products manufactured during the twelve months months at Oklahoma mills included II 5,518,296 pounds of crude oil, 181,476 tons of cake. and meal, 97,202 tons of hulls, and 79,245 linters, running bales. This year's heavier July movement was due to early and more uniform ripening of the crop and the more extensive use of the combine harvester-thresher machine. However, a sharp upturn in wheat prices early in the month greatly accelerated the mo ement of new wheat into market channels. An exceptionally heavy demand for Southwestern winter wheat by mills throughout the country, together with a fair export movemcn t, greatly facilitated the handling of the enormous receipts and prevented a possible wheat glut at any of the five primary markets in this District. Shipments of wheat from four of these markets totaled 29,882,430 bushels for the month, a new high record and 10,400,940 bushels above shipments in July 1928. Elevator stocks at these centers also mounted to new high records, with a total of 38,357,000 bushels at the five centers on July 27 comparing with 18,223,000 bushels on July 28, 1928. Receipts of oats, rye, and barley were in larger volume in July than in the same month last year, while receipts of corn and kafir showed decreases as compared with a year ago. The receipts in detail follow: 1 Oats Rye Bushels Bushels 3,000 326,000 12,000 594,000 112,000 70,000 1,500 1,300 Barley Bushels Kanr Bushels 43,750 552,000 2o6,800 310,-400 31,500 18,200 4,500 July, I 929 ...................... 3,789,450 994,500 125,300 June, 1929 786,000 14,000 5,36o,95o July, 1928 .. 5,680,000 568,500 29,800 7 Months 1929............ 45,219,700 6,994,500 435,400 7 Months 1928 ............ 59,047,200 7,4 13,5 00 501,200 955,85o Hutchinson .................. Kansas CitY·--············· Omaha .......................... St. Joseph .................... Wichita ........................ Corn Bushels 21,250 1,56o,ooo 1,482,6oo 684,000 41,6oo Hutchinson ................................................................. . Kansas City·--····························································· Omaha ......................................................................... . St. Joseph .................................................................... Wichita ........................................................................ July 1929 Bushels 19,128,150 35,112,220 I I ,292,800 5,823,000 13,144,6oo Five markets................................................................ 84,500,770 July 1928 Bushels I 5,607,350 35,561,240 4, I 72,800 2,682,400 14,871,600 1,300 229,500 912,500 221,400 3o6,800 1,948,200 6,115,500 775,300 5,088,000 Flour Production Flour mills in this District were operated at 66.9 percent of their full time capacity during July and the output for the initial month of r929-1930 wheat year was 2,2r6,187 barrek Thi was the highest rate at which the reporting mills were operated in July and also the largest number of barrels produced in July since 1926. In the same month last year mills were operated at 66.2 percent of full-time capacity and the output for the month was 2,090,625 barrels. Statistics of production of flour at the leading milling centers of this District are shown in the following table, as compiled from weekly reports to the Northwestern Miller: Grain Movements The marketward movement of new wheat from the great winter wheat producing areas of the Southwest during July, the opening month of the r929-r930 crop year, was in larger volume than in any preceding month. Receipts for the month at the five principal markets of this District totaled 84,500,770 bushels, an increase of n,605,380 bushels over the previous high monthly total of 72,995,390 bushels, in July 1928, when the harvested crop was about 20 percent larger than has been estimated for this year. July receipts of wheat at the five markets are here shown in detail with those for July of last year for comparison: 1 43,75° 16,900 July 1929 Barrels Atchison ................................................... . Kansas City .. ....... ·-································ Omaha..................................................... . Salina....................................................... . St. Joseph ........ ····················-·················· Wichita .................................................... Outside. .................................................... . Total._····························•-························ 115,820 667,693 90,762 159,281 142,483 185,400 85-4,748 2,216,187 June 1929 Barrels 122,369 682,8.63 85,411 130,742 110,862 173,066 -,(,6,076 July 1928 Barrels 112,278 637,071 100,717 163,369 136,145 135,869 805,176 2,090,625 While flour selling was more active in the latter part of July than in the early part of the month, it was evident from the reports that orders booked by millers over this District since the beginning of the new wheat year were not up to bookings for the corresponding period last year. It was apparent most of the large domestic consumers had purchased a part of their requirements but were awaiting further developments in the market situation before completing their purchases. 6 THE MONTHLY REVIEW Kansas City........................ Omaha ..........: ...................... Cattle 142,187 11 5,845 44,906 :24,336 22,660 I 5,3 1 9 ~;!:::rh. . . . . .. . .. . . . . ._ Oklahoma City_ __ Wichita .................... ,........... JULY MOVEMENT OF LIVESTOCK IN THE TENTH DISTRICT RECEIPTS STOCKERS AND FEEDERS Calves Hogs Sheep Cattle Calves Hogs Sheep 26,403 * 338,330 137,230 33,076 2,682 5,000 I 5,322 4,016 299,147 222,708 8,636 445 1,933 69,359 6,219 144,088 97,792 5,737 516 2,071 9,067 3,680 29,843 51,193 I0,883 1,623 1,285 2,635 9,876 24,256 2,694 3, 265 55,041 4,9 19 July, 1929.............................. 365,253 53,459 890,705 516,536 June, 1929............................ 302,786 43,112 963,364 444,987 July, 1928............................ 350,817 56,894 ** 695,756 526,712 7 Months .1929.................... 2,363,244 341,495 6,948,221 4,528,760 7 Months 1928 .................... 2,538,337 358,766 ** 7,011,270 4,3 19,236 *Includes 139,346 hogs shipped direct to packers' yards. **Revised. 58,33::z 55,047 63,395 455,088 51 7, 174 5,266 8,849 7,855 51,222 55,55° 10,289 16,458 10,053 127,230 114,080 96,383 54,871 115,778 630,134 558,53° Cattle 69,487 83,01 6 28,397 9,621 16,621 6,537 PURCHASED FoR SLAUGHTER Calves Hogs Sheep 18,145 * 252,682 105,708 3,571 209,210 146,357 5,41 I 94,217 88,464 2,330 22,271 13,700 8,613 19,468 1,881 1,680 52,955 3,822 213,679 39,750 650,803 359,932 172,830 30,690 762,808 35o,787 ** l93,958 39,811 474, 136 345,885 1,328,761 246,535 5,35o,48o 2,773,694 1,382,927 267,898 ** 5,565,89 1 2,615,087 Livestock Meat Packing A heavy seasonal marketward movement of grass cattle from ranges and pasture~ in the Southwest during the last half of July carried the month's receipts of all cattle at six markets in this District to 365,253 head. This July total reflected increases of 62,467 over June and 14,436 over July of last year. It was the largest July receipts at these markets since 1926. Receipts of 53,459 calves in July were ro,347 more than in the preceding month but 3,435 less than in the corresponding month in 1928. The marketing of sheep and lambs also was seasonally heavy in July. Receipts for the month at the six market was 516,536 head, 71,549 more than in June but ro,176 less than in July a year ago. Arrivals of hogs at the six markets in July-including hogs shipped direct to packers' yards at Kansas City-were 890,705 head. This figure indicated a seasonal decline of 72,659 from the June receipts, although it exceeded the total for July 1928 by 194,949 and was the largest July receipts of hogs since 1924. Receipts of horses and mules at the six markets totaled 5,343 head for July, as compared with 4,980 in June and 4,139 in July 1928. Meat packers whose establishments are located at the six leading livestock markets center of this District took advantage of the he~vy supplies of cattle in July. The slaughter of 213,679 head durmg the month reflected increases of 40,849 over June and 19,721 over July of last year, and was the largest slaughter for the seventh month of all years since 1926. A total of 39~750 calves slaughtered during the month indicated an increase of 9,060 over the preceding month, and a decrease of only 61 head as compared with the total for the corresponding month last year. The number of sheep and lambs killed and dressed at the six centers in July was reported as 359,932. This was 9,145 above the total for June and 14,047 above the total for July a year ago, and the largest July slaughter on records covering the past eleven years. . The July slaughter of hogs at the six centers totaled 650,803, including purchases at public stock yards and hogs shipped direct to packers' yards. This total indicated a seasonal decline from the preceding month of I 12,005 head, although as compared with the slaughter for the same month last year this July showed an increase of 176,667 and the largest slaughter for the month since 1924. LIVESTOCK VALUES: Market supplies of dry lot steers and yearlings were scarce and prices rose during July to the highest level of the present year. The July top of $16.30 at Kansas City was the same as a year ago, $2.05 higher than two years ago and $5.55 higher than three years ago. The heavy run of range, grass and short fed killers in the last half of the month, however, was accompanied by some depression in market prices and values at the close of the month were $1 to 1,1.50 below the opening of the range and grass season and slightly below those of a year ago. The month opened with lambs selling up to $r 5.25, but prices declined sharply and at the close were about 1,1.25 lower. . Sheep prices continued steady but slightly below year ago. Hogs advanced in price during the early part of the month to 1,12.05 on the 12th, which was the highest price paid in the Kansas City market since September 1928, but declined to $i 1.45 at the close, 45 cents higher than one month earlier. The July top price for livestock at Kansas City for the past four years follow: a 1928 '/, 16.30 Stockers ..................................... ,...... 13.75 13.65 Feeders.............................................. 14.50 14.50 12.00 Cows.......· - - - ······················.. 12.00 Heifers.............................................. 15.00 15-75 Steers and heifers............................ 15.50 • 16.00 Calves._ ..· ...... ·................................... 15.oo 15.00 11 ·35 Hogs---·····························--·· 12.05 ·12.00 Sheep.....................................:......... 11. 50 Lambs.............................................. 15.25 16.35 Horse . ........................... 149.50 125.00 Mules................................................ 195.00 165.00 1929 Steers ................................................ '/, 16.30 1927 '/, 14.25 9.75 12.25 9· 25 12.00 12.50 13.00 10.65 10.65 14.85 150.00 190.00 1926 $ 10·75 8.75 9.10 8.oo IO.IO 10.30 12.00 14.80 II.00 15.50 150.00 260.00 Bituminous Coal Soft coal production in this district increased by r r.2 percent during July but the total for the month fell below that of July 1928 by 7.r percent. The output for the six producing states follows: Colorado ................................................. . Kansas ...................................................... Missouri .................................................... New Mexico............................................ Oklahoma ......................- - Wyoming .. ...................... _ _ __ *July 1929 June 1929 Tons Tons 471,000 436,000 144,000 • 125,000 228,000 218,000 213,000 185,000 195,000 150,000 377,000 350,000 Total.......................................................... 1,6:28,000 *Estimated July 1928 Tons 634,000 86,ooo 237,000 205,000 205,000 386,000 1 ,753,000 Cement The output of Portland cement at mills in this District was larger for July than either in June or in July a year ago. Shipments of finished cement from the mills during July were heavier than in eithei of the former months with which they are compared. Production and shipments, and stocks at the end of the month follow: July 1929 Tenth District Barrels Production ...................................... 1,481,000 Shipments ..................................... . 1,681,000 Stocks, month end ....................... . 1,798,000 United States Production.........._ _ __ 17,:216,000 Shipinents ......... _ _ __ 20,273,000 Stocks._ __ _ _ _ __ :24,372,000 June 1929 Barrels 1,414,000 1,462,000 1,998,000 · July 1928 Barrels 1,287,000 1,518,000 1,826,000 16,775,000 18,942,000 27,428,000 17,474,000 19,901,000 22,580,000 THE MONTHLY REVIEW Petroleum The production of crude petroleum in this district for the week ending August 4 was at a daily average of 920,800 barrels, the highest combined daily average for the five producing states since the week ending December 3, 1927. Oklahoma's daily average of 730,050 barrels for that week was the highest for that state since the week ending October 27, 1928, while the Kansas daily average of 126,650 barrels for that week was the highest on records beginning with January 1922. D~ily average production of crude petroleum for the month of July was 909,000 barrels, as compiled from the weekly reports of the American Petroleum Institute. This compares with daily averages of 879,500 barrels for June and 793,roo barrels for July 1928, as officially reported by the United States Bureau of Mines, Department of Commerce. Figures showing the daily average and gross production for July, with figures for June 1929 and July 1928 for comparison, are shown in the following table: DAILY AVERAGE PRODUCTIO · *July 1929 June 1929 Barrels Barrels 722,000 689,600 Oklahoma·--······································· Kansas ........... ·................................... . 124,300 126,400 Wyoming............................................ 53,3 00 53,400 7,000 7,200 Colorado·--········································· New Mexico ..................................... . 2,400 2,900 July 1928 Barrels 617,500 105,400 59,3 00 8,000 Total._................................................. 909,000 GROSS PRODUCTION *July 1929 June 1929 Barrels Barrels Oklahoma:........................................ . 22,383,000 20,688,000 Kansas ............................................... . 3,852,000 3,791,000 Wyoming............................................ 1,653,000 1,603,000 215,000 215,000 Colorado.---······································· New Mexico ...................................... 76,000 86,ooo To ta!._................................................. 28,179,000 *Estimated, American Petroleum Institute. 793, 100 July 1928 Barrels 19,142,000 3,267,000 1,839,000 247,000 89,000 26,383,000 According to the field summary more new wells were completed and more barrels daily new production brought in during July than in June. In comparison with a year ago this year's July completions were fewer, although new daily production ~as greater. The number of rigs and wells reported on August 1 indicated more extensive developement operations than either a month earlier or a year earlier. The summary: Wells Barrels Daily Dry Completed New Production Wells Oklahoma. __............. 337 121,836 · n9 Kansas.. .................... II3 24,222 43 Wyoming.................. 12 5,711 3 Colorado. __ ............... I5 25 14 New Mexico.___....... II 1,401 3 July, 1929.. ;............... June, 1929._............... July, 1928.................. 7 Mos. 1929.............. 7 Mos. 1928._........... 488 345 526 2,853 3,182 153,195 82,873 81,266 739,276 492,935 182 122 194 1,073 1,176 Gas Wells 44 3 0 3 51 22 64 244 424 Rigs-Wells Drilling 939 349 189 93 II4 1,684 1,606 1,400 Refining operations in Oklahoma and Kansas are indicated by the number of plants in operation and the number of barrels of crude oil run to stills on August 1, compared with a month earlier and a year earlier: Plants Operating August 1, 1929 ............................................................ July 1, 1929.................................................................. August 1, 1928 ............................................................ 59 58 57 Daily Runs Barrels 303,150 309,200 3°7.675 Zinc and Lead The production and shipment of zinc ore in the tristate district continued in heavy volume through July. Total sales and shipments for five weeks ending August 3 were larger in tonnage 7 and value than in either the preceding five weeks or the corresponding five weeks. There was less activity in lead ore production, however, and shipments during the five weeks were smaller in tonnage and value than in either of the former fiveweek periods with which they are compared. The figures on shipments and their values follow: Zrnc ORE Tons Value Oklahoma·-···.. ···............................... 40,401 '$ 1,777,644 Kansas.............................................. 18,849 829,356 Missouri............................................ 1,202 52,888 LEAD ORE Tons Value 4,364 $ 377,777 2,669 233,280 171 14,535 5 Wks. ending Aug. 3, '29.-......... 60,452 'I, 2,659,888 5 Wks. ending June 29, '29.......... 60,n9 2,645,236 5 Wks. ending Aug. 4, '28.......... 54,354 2,174,160 '/, 625,592 764,190 653,439 5,919,7n 4,390,459 . 31 Wks. ending Aug. 3, '29............ 385,184 31 Wks. ending Aug. 4, '28 ............ 353,905 7,204 8,491 8,053 16,368,579 64,084 13,558,797 54,672 Zinc ore prices continued steady at $44 per ton during the five weeks, against 40 per ton for the same period last year. Lead ore prices for this period were $8 5 per ton against $80 per ton last year. Lumber Weekly reports published by the National Lumber Manufacturers Association, covering activities of all associations in the United States i~dicated declines in recent weeks in movements of softwoods lumber, with production, shipments and orders running behind those of a year ago. On the other hand, movemen ts of hardwoods lumber continued steady and running ahead of last year. Figures based on reports of identical mills are here presented for one week and twelve weeks ending August 3 in comparison with th,e figures for the corresponding week and twelve weeks of last year: 12 WEEKS ENDING WEEK ENDING Aug. 3, 1929 Aug. 4, 1928 Aug. 3, 1929 Aug. 4, 1928 M. Ft. M. Ft. M. Ft. M. Ft. Production 3,069,262 3,141,486 Softwoods.__ ................ . 266,059 271,687 Hardwoods.-................ . 517,236 475,670 44,800 36,835 1 3,586,498 3,617,156 Total.............................. 310,859 308,522; Shipments 266,605; 3,330,068 Softwoods...................... 3,035,334 515,114 503,169 Hardwoods.................... 38,608 ' Total.............................. 305,213 3,55o,448 3,833,237 Orders Softwoods...................... 246,868 274,744 2,862,631 3,199,958 Hardwoods.......... :....... 40,702 37,009 500,805 497,277 Tota L........................... 287,570 3n,753 3,363,436 3,697,235 Lumber carloadings for the year to July 27 totaled 836,960 cars and 16,837,429 M board feet, as indicated by the American Railway Association's reports of carloadings of forest products. These totals compare with 828,929 cars and 16,702,852 M board feet for the like period last year, indicating increases for the year were less than l percent. RETAIL LUMBER: Sales of lumber at 179 retail yards located in cities and towns throughout this District were reported as 6,3ro,ooo feet for July as compared with 5,422,000 feet in June and 5,679,000 feet in July of last year. The reports indicate stocks of lumber on hand at the close of July were 46,611,000 feet, which compares with 47,688,000 feet at the close of June and 44,964,000 feet at the close of July a year ago. Statistics of the lumber trade for the month of July show percentages of increase or decrease (-) over June of this year and over July of last year as follows: Sales of lumber, board feet.. ........................................ .. Sales of all materials, dollars ....................................... . Stocks of lumber, board feet.__ .................................... . Outstandings end of month ........... - - Collections during month ............................................. . July 1929 · compar~d to June 1929 July 1928 16.4 ' II.I 6.o 12.4 - 2.3 3.5 - 4.3 - 6.1 17.0 12.1 8 THE MONTHLY REVIEW Building The value of building contracts awarded in the Tenth District during July was larger than in either June of this year or July of last year, while the value of building permits issued in nineteen cities in July showed an increase over the preceding month but showed a decrease from the corresponding month last year. Contracts awarded in this district in July, as reported by the F. W. Dodge Corporation, had a value of $24,659,36!, whic~ compares wi.t h $19,654,429 for June and $23,806,973 for July 1928. July awards brought the accumulated total for the first seven months of 1929 to $142,029,689 against $153,017,651 for the first seven months of 1928, and $122,944,906 for the first seven months of 1927. Reports to this Federal Reserve Bank of building permits issued at eighteen cities of this district showed the value of July permits to be $7,985,o60, against '$7,977,860 at the same cities in June and $8,628,923 in July a year ago. The value of July permits was larger in nine cities and smaller 1n ten cities than in July 1928. BUILDING IN TENTH DISTRICT CITIES ESTIMATED CosT PERMIS 1928 1928 1929 1929 Albuquerque, N. M ........ 142,300 '$ 314,042 58 78 '$ Casper, Wyo .................... 6 66,500 7,582 17 Cheyenne, Wyo................ 78,880 27 439,479 37 Colorado Springs, Colo .... 29,080 63,625 57 35 Denver, Colo.................... 1,223,150 913,600 582 520 Hutchinson, Kans............ 117,010 16,644 23 47 Jopin, Mo ........................ 46 40 57,599 57.675 Kansas City,Kans.......... 82,780 88 180,380 89 Kansas City, Mo ........... : 2,033,100 621,450 198 217 Lincoln, Nebr .................. 121 82 219,803 358,074 Muskogee, Okla .... .. ........ 12 24 23,645 32,755 Oklahoma City, Okla...... 225 1,185,675 300 2,558,175 Omaha, Nebr.................... 1o6 543,150 585,335 97 Pueblo, Colo .................... 218,239 146 134,594 79 Salina, Kans .. .................. 7!,110 19 42,555 34 St. Joseph, Mo ................ 68 108,150 250,860 55 Topeka, Kans .................. 120,185 108,325 78 87 Tulsa, Okla ...................... 295 1,o60,702 1,120,045 347 Wichita, Kans .................. 282 195 710,230 716,500 Total 19 cities, July...... 2,.:1-59 Total seven months ........ 16,401 2,358 1 7,573 '$ 7,985,060 61,342,308 Percent Change -54.7 777-1 - 69.5 132.0 10.9 5.6 -0.9 '$ 8,628,923 58,043,650 82.1 - 54.3 - 25.3 - 85.8 - 0.1 117.9 -½-4 -38.6 - 27.8 u5.8 7.8 62.1 7.5 5.7 National Summary of Business Conditions Industrial production decreased slightly during July, but continued at a higher level than in other recent years. Wholesale commodity prices increased further during the month, reflecting chiefly higher prices of agricultural products. Loans for commercial and agricultural purposes by reporting member banks increased during July and the first half of August. DISTRIBUTION: Freight carloadings increased seasonally during July and the first two weeks of August, reflecting chiefly increased loadings of coal, grain and ore, while shipments of miscellaneous freight continued in about the same volume as in June. Sales of department stores declined seasonally from June and on a daily basis were about the same as in July a year ago. PRODUCTION: Output of manufactures decreased in July, while mineral production increased. Average daily output of automobiles, copper, tin, zinc and cotton, and wool textiles decreased, and there was a small decline in the production of iron and steel. In all of these industries, however, the output was larger than in the same month in earlier years. Activity increased during July in silk and shoe factories and in meat packing plants, and there was also a larger output of bituminous coal and crude petroleum than in June. Reports for the first half of August indicate sustained activity in the iron and steel and automobile industries, and a further increase in the output of coal and petroleum. Employment in manufacturing industries decreased in July by less than 1 percent while a somewhat greater decrease in payrolls was reported. At this level factory employment and payrolls, as in earlier months, were larger than in any other year since 1926. Value of construction contracts awarded in July was higher than in the preceding month or in July 1928, reflecting chiefly a sharp increase in contracts for public works and utilities. For the first half of August, however, total contracts declined "to a level below the corresponding period a year ago. PRICES: Wholesale prices in July continued the rise which began in June, according to the index of the bureau of labor statistics, reflecting chiefly higher prices for farm products and their manufacture, particularly livestock and meats, grains and flour and potatoes. Prices of hides and leather also increased. Wool, rayon, and textile products declined slightly in price. There was a marked advance in the price of sugar and rubber prices also rose somewhat. Prices of petroleum and gasoline declined and prices of iron and steel were somewhat lower. During the first three weeks in August there were 'declines in the prices of cotton, petroleum, beef, sugar, oats, rubber, and tin and marked fluctuations in the prices of pork and wheat. The August estimate of the department of agriculture indicates a wheat crop of 774,000,000 bushels, slightly be 1ow the five-year"!l"average, and 128,000,000 bushels below last year's production, and a corn crop approximately equal to the fiveyear average crop, or about 100,000,000 bushels smaller than in · 1928. The cotton crop is estimated at I 5,543,000 bales, 7 percent larger than last year. BANK CREDIT: Loans for commercial purposes by reportin member banks increased to new high levels during the four weeks ending August 14, while security loans, after increasing further during the latter part of July, declined during the first two weeks in August. Member bank borrowings at the reserve banks averaged $45,000,000 less during the week ending August 17, than the week ending July 20, reflecting increased asles of acceptances to the reserve banks and further imports of gold. Open market rates on call and time loans on securities were firmer during the last half of July and the first week of August. During the second week of August rates on call loans declined while rates on commercial paper in the open market advanced from 6 to 6¼ percent. On August 8 the discount rate of the Federal Reserve Bank of New York was increased from 5 to 6 percent and the buying rate on bankers' acceptances was reduced from 5¼ to the market rate of 5½percent.
@FedFRASER