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MONTHLY REVIEW
O f Agricultural, Industrial, Trade and Financial
Conditions in the Eighth Federal Reserve District
Released for Publication On and After the Afternoon of April 29, 1931
J O H N S. W O O D ,
Chairman and Federal Reserve Agent
FEDERAL
RESERVE
A IN L Y as a consequence of seasonal in
fluences, business in this district during
the past thirty days developed further
moderate improvement as compared with the similar
period just preceding. As compared with a year ear
lier and the average during the past decade, however,
operations continued to show substantial decreases.
As was the case earlier in the year, considerable
irregularity marked the course of both trade and
industry. Taken as a whole, a more favorable ex
hibit was made by distribution than production. All
of the wholesaling and jobbing lines investigated
by this bank reported gains in March sales over
those of the preceding month, with several impor
tant classifications, notably boots and shoes, hard
ware, and groceries, showing increases somewhat
larger than the average for the period. On the other
hand, with but two exceptions, heavy decreases un
der the March totals of last year were recorded. In
the case of goods for ordinary consumption, the
early Easter date was an important influence in
expanding the volume of March merchandise sales.
Certain manufacturing lines, notably those engaged
in producing seasonable goods, held the gains
achieved earlier in the year, and some increased
their working schedules. On the other hand, a num
ber of industries reduced their rate of operations in
late March and early April.
There was little, if any, variation noted in the
policy of close and conservative purchasing of com
modities, by both merchants and the public, which
has obtained in recent months. Commitments for
future requirements are being held within narrow
limits, and the volume of advance business booked
by interests reporting to this bank was smaller on
April 1 than on any like date in more than a decade
The slightly downward trend in commodity prices
served to emphasize the disposition to buy cautious
ly. Distribution of automobiles in the district dur
ing March, according to the reporting dealers, was
in considerably smaller volume than a year ago, but
only slightly below the February total, and reports
relative to business during the first half of April
indicate a total for the month about equal to last
M
C. M . STEW ART,
Assistant Federal Reserve Agent
BANK
OF
ST.
J. V I O N P A P I N ,
Statistician
LOUIS
year. The average rate of operations at iron and
steel plants declined slightly during late March and
early April. The estimated melt of pig iron in March
was about equal to that of the preceding month.
Under favorable weather conditions, the pro
gress of growing crops and spring farm work made
good progress, and the outlook for the principal
agricultural productions of the district at the middle
of April was unusually auspicious. Precipitation in
March and early April supplied needed moisture,
and soil conditions generally are better than at any
time since last spring. As compared with the pre
ceding thirty days, little change took place in em
ployment conditions in the large industrial centers.
Opening of outdoor construction operations and
farm work however, measurably reduced the num
ber of idle common laborers generally through the
district.
Sales of department stores in the principal cities
in March were 20.7 per cent larger than in Febru
ary, but 12.7 per cent smaller than the March, 1930
total. Combined sales of these stores for the first
quarter of 1931 were smaller by 12.9 per cent than
for the same period last year. Total March sales of
all wholesale and jobbing firms reporting to this
bank were 20.0 per cent larger than in February and
19.0 per cent less than in March last year. First
quarter sales of these firms were 21.0 per cent less
than for the same period in 1930. Contracts let for
construction in the Eighth District in February,
while slightly below the total of a year earlier, show
ed a substantial gain over February, and represented
the largest total since last October. The dollar value
of building permits let for new construction in the
five largest cities in March was 14.4 per cent smaller
than for the same month last year, and 5.6 per cent
less than the February total this year. Charges to
checking accounts in March were 12.6 per cent
greater than in February, but 21.3 per cent less than
in March, 1930. The amount of savings accounts
increased slightly between March 4 and April 1, and
on the latter date were 2.3 per cent smaller than a
year ago.
While showing small weekly gains during
March, traffic of railroads operating in this district
continues in substantially smaller volume than a
year and two years earlier. Grain and grain products,
and livestock made a relatively better showing than
some other classifications; the movement of miscel
laneous freight and merchandise was considerably
smaller in both comparisons. For the country as a
whole loadings of revenue freight during the first
thirteen weeks of the year, or to March 28, totaled
9,266,039 cars, against 11,269,184 cars for the cor
responding period last year and 12,153,528 cars in
1929. The St. Louis Terminal Railway Association,
which handles interchanges for 28 connecting lines,
interchanged 192,150 loads in March, against 164,030
loads in February, and 220,296 loads in March, 1930.
During the first nine days of April the interchange
amounted to 53,784 loads against 64,680 loads during
the corresponding period in March, and 64,523
loads during the first nine days of April, 1930. Pas
senger traffic of the reporting lines decreased 14 per
cent in March as compared with the same month a
year ago. Estimated tonnage of the Federal Barge
Line between St. Louis and New Orleans in March
was 82,500 tons, against 69,672 tons in February and
75,157 tons in March, 1930.
Reports relative to collections continue to re
flect an unusual degree of unevenness,both in whole
saling and retail lines. Taken as a whole, however,
the average during the past thirty days showed little
variation from the similar period immediately pre
ceding, though considerably below the same time
last year. Some betterment was noted in the south,
particularly in the tobacco districts, where farmers
are using the proceeds of their crops to liquidate
indebtedness. April settlements with wholesalers in
the large distributing centers were about equal to
expectations, though there is an increasing number
of complaints of backward accounts and actual
losses. Smaller retail merchants in the large cities
and country report moderate improvement in their
collections, particularly in the case of goods pur
chased on the installment plan. Questionnaires ad
dressed to representative interests in the several
lines scattered through the district showed the fol
lowing results:
Excellent
G ood
Fair
P oor
March,
1931..................% 12.6% 60.1% 27.3%
February, 1931...................... 13.1
57.2
29.7
March,
1930........... 1.4
14.1
59.2
25.3
Commercial failures in the Eighth Federal Re
serve District in March, according to Dun’s num
bered 144, involving liabilities of $2,969,521, against
181 failures in February with liabilities of $5,158,243,
and 133 defaults for a total of $2,419,565 in March,
1930.
The average daily circulation in the United
States in March was $4,590,000,000, against $4,598,000,000 in February, and $4,534,000,000 in March,
1930.
MANUFACTURING AND W HOLESALING
Boots and Shoes — Stimulated by the early
Easter date and generally small retail stocks, sales
of the reporting firms in March showed an increase
of more than one-third as contrasted with the pre
ceding month, but the total was 13.0 per cent below
that of March, 1930. Stocks continued to decrease,
inventories on April 1 being 20.0 per cent and 31.0
per cent smaller, respectively, than thirty days and
a year earlier. There was no change in prices as
compared with the preceding month, but the aver
age was approximately 10 per cent lower than a year
ago. Demand for work shoes and the more staple
lines generally continues relatively less active than
for women’s novelty wear and children’s lines.
Clothing — The usual seasonal influences and
early Easter date were reflected in a substantial gain
in March sales of the reporting clothiers over the
February total. Due to the unusually small volume
of advance buying and belated ordering, some con
gestion was experienced in meeting demands of cus
tomers. Since April 1 some slowing down in new
orders has developed, and the volume of advance
business booked is below that at the same time last
year. March sales of the reporting interests were
38.0 per cent larger than in February, but about onefifth smaller than in March, 1930. The decrease from
a year ago was partly due to lower prices, the de
cline being estimated at from 10 to 15 per cent.
Drugs and Chemicals — Further improvement
was noted in this classification, March sales of the
reporting interests showing a small increase over
the same month in 1930, and an increase of about 8.0
per cent over the February total this year. Belated
purchasing of seasonal commodities, notably fertil
izers and insecticides, were partly responsible for
the gain in the month-to-month comparison. De
mand generally through all lines showed betterment.
April 1 stocks showed little change from a month
earlier, and were about 4.0 per cent larger than on
April 1, 1930.
Dry Goods — While showing a gain of about
4.0 per cent over the preceding month, March sales
of the reporting firms recorded a decline of more
than one-fourth as contrasted with the total in
March, 1930. Inventories decreased 6.0 per cent be
tween March 1 and April 1, and on the latter date
were 38.0 per cent smaller than a year earlier. As
compared with the practice of preceding years, buy
ing is distorted. Ordering by retail merchants is
limited largely to goods to replace exhausted stocks;
and goods which were purchased ordinarily in one
month may now be acquired at an earlier or later
period, according to the exigencies of inventory, de
mand, prices, etc. These conditions were emphasized
during the past two months, when effects of the ear
ly Easter date and other seasonal influences were
strongly in evidence.
Electrical Supplies — Due mainly to a more ac
tive movement of seasonal commodities, March sales
of the reporting firms were 8.0 per cent larger than
in February, but almost one-third smaller than in
March, 1930. Inventories increased slightly between
March 1 and April 1, and on the latter date were ap
proximately 6 per cent larger than a year ago. In
the yearly sales comparison, decreases were general
in all lines, but particularly marked in radio materi
al, household appliances and electrical installations
in new structures. Advance orders at the end of
March were the smallest for that particular date in
more than a decade.
Flour — Production at the 12 leading mills of
the district in March totaled 299,439 barrels, the
smallest for any month since June, 1926, and com
paring with 304,656 in February and 388,661 in
March, 1930. New orders booked by the mills con
tinued in small volume, and practically all for im
mediate shipment. Shipping directions were reported
as showing further improvement, and the tone of
the market was a shade firmer. Mill operations were
at from 55 to 60 per cent of capacity. Aggregate
stocks in the hands of mills and dealers were the
smallest for any similar period in recent years.
Furniture — March sales of the reporting firms
were 9.0 per cent greater than in February, and 29.0
per cent less than the March, 1930, total. Inventor
ies continue to decrease, and on April 1 were 17.0
per cent smaller than a month earlier, and more
than one-third less than on April 1, 1930. Retail
stocks are also light, but there is a disposition to
postpone replenishing, and stock orders are lacking.
Groceries— The volume of business in this clas
sification during March showed somewhat more
than the usual seasonal increase over the preceding
month. Sales in the rural areas, particularly in the
south, showed improvement, and retailers generally
were ordering more freely to replenish depleted
stocks and fill out assortments. March sales of the
reporting firms were 11.0 per cent larger than in
February, and 14.0 per cent smaller than in March,
1930. Stocks increased about one-third between
March 1 and April 1, and were 16.0 per cent smaller
on the latter date than a year earlier.
Hardware — March sales of the reporting inter
ests were 10.0 per cent larger than in February, but
approximately one-third smaller than the March,
1930, total. In the monthly comparison, increases
were general in all seasonal lines, and sales of mer
chandise for distribution in the farming areas showed
decided improvement. Some betterment was noted
in demand for paints, and builders’ hardware. Stocks
on April 1 were 5.0 per cent larger than thirty days
earlier, and about one-fifth smaller than on April
1, 1930.
Iron and Steel Products — The past thirty days
were marked by a moderate recession in activities in
the iron and steel industry in this district. As was
the case earlier in the year, however, considerable
irregularity existed in the several lines, with some
important branches of the industry scoring further
slight gains, while others failed to hold the improve
ment achieved during January and February. New
orders placed for finished materials were in smaller
volume than during the preceding month, and pur
chasing of all descriptions of iron and steel goods
continues on an extremely conservative scale. Dur
ing March contracting for second quarter require
ments of raw materials was sluggish, the disposition
among all classes of consumers being to cover cur
rent needs in the open market and avoid heavy
commitments for future delivery. Demand for cer
tain building materials was stimulated by the plac
ing of contracts for a number of large construction
projects, steel mills and fabricators benefiting by
this business. The outlet through the automotive
and railroad industries, however, failed to show the
expected broadening, and purchasing by numerous
smaller consumers of finished iron and steel goods
failed to show the usual seasonal improvement.
Farm implement manufacturers reported new orders
and shipments smaller than a month earlier, and
demand generally for goods for consumption in the
agricultural areas showed little, if any improvement.
Producers and distributors of sheets reported a
slowing down in specifications, with galvanized
material particularly slow. Tubing, plates and the
general run of oil country goods showed no change
from the quiet conditions existing during recent
months. Iron and steel warehouse and jobbing in
terests report business quiet, with orders booked al
most exclusively carrying immediate shipping direc
tions. Requirements of the general manufacturing
trade have failed to show the usual seasonal expan
sion. Manufacturers of stoves and heating apparatus
report advance sales the smallest for this particular
period in more than two decades. Awards of struc
tural steel and reinforcing concrete bars were in
larger volume than during the preceding month, and
pending inquires indicate further improvement dur
ing the next sixty days. Prices of finished and semi
finished materials showed no change worthy of note,
and quotations on pig iron remain steady. Scrap
iron and steel prices receded further, with all impor
tant items reaching the lowest levels since prior to
the beginning of the world war. Production of pig
iron for the country as a whole in March totaled
2,028,906 tons, against 1,711,192 tons in February,
and 3,252,822 tons in March, 1930, Steel ingot pro
duction in the United States in March amounted to
3,023,440 tons, against 2,527,318 tons in February,
and 4,299,905 tons in March, 1930.
AUTOMOBILES
Combined passenger car, truck and taxicab pro
duction in the United States in March totaled
276,341, against 219,897 in February, and 401,378 in
March, 1930.
According to dealers reporting to this bank, dis
tribution of automobiles in this district during
March continued in smaller volume than during the
corresponding month last year and the average for
that period during the past half decade. The extent
of the decrease was considerably smaller than the
average in recent months, and reports relative to
sales during the first half of April indicate an aggre
gate volume closely approximating that of the same
time in 1930. A small decrease was shown in March
sales as contrasted with February, in which month
the total was the largest since last April. Generally
favorable weather throughout March had a stimu
lating effect on business of country dealers, many
of whom reported a larger volume of sales than for
any single month since last spring. In both the large
cities and the country, relatively the best showing
was made by dealers distributing the lower priced
cars. Good response generally was reported to new
models and price reductions. Business in parts and
accessories was spotted, but about on a parity with
the preceding month, and only slightly smaller in
aggregate volume than during the same period in
1930. March sales of new passenger cars by the
reporting dealers were about a fifth smaller than
for the same month in 1930, and 5.2 per cent less
than in February this year. Stocks of new cars in
dealers’ hands on April 1 were the smallest in recent
years. Almost universally the distributors are order
ing only cars for which they have actual orders or
definite prospects. April 1 inventories were 1.5 per
cent smaller than on March 1, and only slightly
more than half as large as on April 1, 1930. Further
moderate improvement was noted in demand for
used cars, in both the urban centers and smaller
communities. As compared with a year ago salable
secondhand car stocks on April 1 were smaller by
about one-third, while little variation was reported
from the holdings on March 1 this year. There was
the usual seasonal betterment in demand for small
trucks for delivery service in March, but sales of
all descriptions of trucks showed small declines as
compared with a year and a month earlier. Accord
ing to dealers reporting on that item, the ratio of
deferred payment sales to total sales in March was
51.5 per cent, which compares with 56.0 per cent in
February and 54.2 per cent in March, 1930.
RETAIL TRADE
The condition of retail trade is reflected in the
following comparative statement showing activity
at department stores in leading cities of the district:
N et sales com parison
Stocks on hand Stock turnover
Jan. 1» to
Mar., 1931 3 months ending Mar. 31, 1931
Mar. 31,
com p, to
Mar. 31, 1931 to
com p, to
1930
Mar. 1930 same period 1930 Mar. 31, 1930 1931
— 19.5%
48
40
— 24.7%
Evansville ......... ...— 2 7 .8 % J
— 22.5
62
55
— 12.5
Little R o ck .........
9.5
— 13.2
59
67
— 14.1
Louisville .......... ...— 12.3
73
66
— 25.8
— 24.6
...— 24.2
61
61
— 16.9
— 17.1
89
92
— 5.9
...— 10.0
— 9.6
30
34
— 7.0
— 12.4
Springfield, M o. ...— 9.5
80
— 12.9
— 12.0
78
8th D istrict........ ...— 12.7
Stocks on hand
Mar. 1931 com p, to
Mar. 1930
Feb. 1931
— 18.9%
+ 6 .2 %
— 15.9
4* 5.2
N et sales com parison
M ar. 1931 com p, to
M ar. 1930
Feb. 1931
M en’ s furnishings............ + 2 2 .8 %
’ + 4 2 .3 %
B oots and shoes.................— 21.5
+ 4 0 .8
BUILDING
The dollar value of building permits for new
construction issued in the five largest cities of the
district in March was 14.9 per cent less than for the
same month in 1930, and 5.6 per cent less than in
February this year. According to statistics compiled
by the F. W. Dodge Corporation, construction con
tracts let in the Eighth Federal Reserve District in
March amounted to $22,970,128 which compares
with $12,508,780 in February and $23,705,343 in
March, 1930. Production of Portland cement for the
country as a whole in March totaled 8,227,000 bar
rels, against 5,920,000 barrels in February, and
11,225,000 barrels in March, 1930. Building figures
for March follow:
N ew Construction
*Cost
Permits
1931
1930
1930
1931
$ 189
$
78
51
Evansville .. 208
76
217
65
Little R ock
31
478
748
145
Louisville ..
86
652
178
330
M emphis .... 309
873
969
440
St Louis.... 360
$2,049 $2,409
Mar. totals.. 994 1,031
2,170
2,127
937
Feb. totals.. 626
2,855
853
Jan. totals.. 484
548
* In thousands of dollars (000 om itted).
_________Repairs, etc.
*C ost
Perm its
1930
1931
1930
1931
$
12 $ 50
74
62
17
98
96
38
72
77
77
50
33
157
168
65
440
154
295
306
521
490
491
857
618
523
$ 288
299
331
$675
545
349
POSTAL RECEIPTS
Returns from the five largest cities of the dis
trict show a decrease in combined postal receipts
for the first three months this year of 7.7 per cent
under the corresponding period in 1930, and of 11.8
per cent under the final quarter in 1930. Detailed
figures follow :
Mar. 31,
1931
Evansville .....$ 165,000
L ittle R ock....
212,000
627,000
Louisville ......
Memphis .......
521,000
St. L ou is........ 2,890,000
T otals........ $4,415,000
F or Quarter Ending_______________
D ec. 31,
Sept. 30,
Mar. 31,
1930
1930
1930
$ 162,000 $ 157,000 $ 164,000
224,000 234,000
238,000
708,000 612,000
681,000
618,000
541,000
653,000
3,294,000 2,735,000
3,049,000
$5,006,000
$4,279,000
$4,785,000
|^ar * 9 3 j
com p, to
Mar. 1930
+ 0 .6 %
— 10.9
— 7.9
— 20.2
— 5.2
— 7.7
CON SUM PTION OF E L E C T R IC IT Y
Public utilities companies in the five largest
cities of the district reported consumption of elec
tric current in March by selected industrial custom
ers as being 6.2 per cent greater than in February,
but 8.6 per cent smaller than in March, 1930. The
increase in the month-to-month comparison was
rather general through all classes of consumers, and
the same holds true relative to decreases in the com
parison with a year ago. Detailed figures follow :
Mar.
N o. of
Feb.
1931
1931
C ustom
ers
* K .W .H . * K .W .H .
2,007
1,731
Evansville .... 40
L ittle R ock.. 35
1,280
1,308
L ouisville .... 85
5,648
5,303
948
M em phis ..... 31
1,704
17,275
15,527
St. L ou is......159
Totals ........... 350
27,158
* In thousands ( 0 0 0 om itted ).
25,573
Mar. 1931
com p, to
Feb. 1931
+ 15.9%
— 2 .1
+ 6.5
— 44.4
+ 11.3
+
6 .2
Mar.
1930
* K .W .H .
1,687
1,331
5,834
1,714
19,162
29,728
M ar. 1931
com p, to
Mar. 1930
+ 19.0%
— 3.8
— 3.2
— 44.7
— 9.8
— 8 .6
A G RICU LTU RE
Intentions of farmers, in states including the
Eighth Federal Reserve District, for planting the
principal crops this spring, as indicated by the re
port of the U. S. Department of Agriculture, reflect
a larger total acreage than during the preceding
three years. Considerable variation in acreage is
shown with reference both to localities and the sev
eral crops. Weather conditions have apparently had
much influence on planting intentions, as have, also,
market values. Including winter wheat planted last
fall and excluding cotton, on which no estimate is
made, the aggregate area in these states will be
approximately 2.9 per cent greater than in 1930.
Farmers plan to plant larger acreages this year
than last, of corn, oats, barley, potatoes, sweet pota
toes and tobacco, and smaller acreages of rice, tame
hay and peanuts. Due to the favorable planting sea
son last fall, the acreage seeded to winter wheat
was greater than that harvested in 1930 or 1929.
The following comparative table shows in
tended plantings in 1931 by farmers in states of this
district, and the number of acres of the several crops
grown for harvest in the three preceding years:
1931
C orn ............................ 29,635,000
Oats ............................ 9,517,000
R ice ............................
173,000
B arley ........................
794,000
P otatoes .....................
399,000
Sweet P otatoes........
215,000
T o b a cco .....................
749,000
Peanuts .....................
56,000
T a m e H a y ................. 11,971,000
W in ter W h ea t.......... 6,332,000
T otals
.........................59,841,000
1930
28,815,000
8,927,000
173,000
537,000
338,000
165,000
663,000
62,000
12,337,000
6,144,000
58,161,000
1929
27,937,000
8,389,000
157,000
429,000
333,000
168,000
630,000
46,000
13,235,000
6,656,000
57,980,000
1928
30,024,000
9,474,000
174,000
476,000
367,000
161,000
502,000
62,000
12,148,000
4,229,000
57,617,000
As pointed out by the Department of Agricul
ture, the statement of farmers’ intentions to plant
is not a definite forecast of acreage that will actually
be planted. It is an indication of what farmers had
in mind at the time they made their reports, com
pared with the acreage grown by them a year ear
lier. Final acreage will be larger or smaller than
these early intention reports, due to weather condi
tions, price changes, labor supply, and the effect of
the report itself upon producers’ action.
General Farm Conditions — Taken as a whole
weather conditions during the past thirty days were
favorable for field and farming activities of all de
scriptions and for the growth and development of
growing crops. Despite retardation of field work in
certain sections, occasioned by rains and low tem
peratures in March and early April, soil preparation
and seeding of early crops are still well in advance
of the usual seasonal schedule. Generally through
the district, seeding of oats has been completed, and
seeding of corn has made good headway. Extensive
cultivation of cotton fields has been accomplished
and some scattered plantings are reported. Due to
the favorable season, farmers in many sections have
been able to do an unusual amount of spring work
with a minimum of hired help, which fact will tend
to reduce ultimate cost of production.
Throughout the district soil and subsoil condi
tions have been substantially improved by the pre
cipitation received since the second week in March.
In the south there have been abundant rains, suffi
cient to considerably cut down the deficiency result
ing from drought. In the northern part of the dis
trict enough moisture was received for immediate
needs, both for agricultural and community pur
poses, but at the middle of April soaking rains were
still much needed to replenish water supplies for the
late spring and summer. The stage of rivers remains
universally low, with many creeks and ponds com
pletely dry.
Further marked improvement was noted in the
situation with regard to financing spring farm opera
tions. Governmental and other agencies have made
considerable advances of funds to farmers in the
drought areas, and in virtually all sections adequate
seed and other necessary supplies for spring plant
ing have been made available. Supply of farm labor
ers continues in excess of requirements, with less
than the usual seasonal reduction noted in idle work
ers in this category.
Winter Wheat — Universally through this dis
trict wheat came through the winter in excellent
shape, there being considerably less than the aver
age damage due to cold weather. According to the
U. S. Department of Agriculture the condition of
the crop in all states of the district on April 1 was
higher than on the same date last year and the 10year average, with the exception of Mississippi, a
state of small importance in wheat culture. Based
on the April 1 condition, the indicated combined
yield in Illinois, Indiana and Missouri is 89,000,000
bushels, which compares with 86,317,000 bushels
harvested in 1930, and a 5-year average of 75,350,000
bushels. While temperatures since plantings were
favorable for plant growth, moisture was short most
of the winter, preventing undue early spring devel
opment. Moisture deficiency has been relieved to a
considerable extent by precipitation during March
and the first half of April, though subsoil moisture
is still inadequate in some areas. Abandonment of
acreage is expected to be the smallest in several
years.
Corn — In all states of the district intentions of
farmers are to increase their acreage of corn this
spring over the acreage grown for harvest last year.
Relatively the largest increases are in the southern
states, where the yield in 1930 was the smallest in
many years and the carryover in this year practic
ally nil. The increase indicated for all these states
over a year ago is approximately 820,000 acres, or
3 per cent. Weather has been ideal for soil prepara
tion and in the south seeding has made good pro
gress. Germination was held back by the cold
weather in March and early April.
Fruits — The cold snap toward the end of
March is believed to have done little, if any damage
to fruit crops in this district. High winds and cloudi
ness which generally accompanied the low tempera
tures prevented killing frosts, and reports from prac
tically all sections of the district, but more particu
larly areas where commercial orchards are located,
indicate very favorable prospects for tree fruits. Re
ports relative to intended plantings of vegetables
for commercial and general purposes vary rather
broadly, but with the general trend in the direction
of smaller acreages than last year and the average
during the past half decade. Recent rains have sub
stantially benefited early planted gardens.
Live Stock — Changes in the condition of live
stock during the past thirty days were seasonal in
character, nothing having occurred to alter the gen
eral status as contrasted with the preceding month.
The season has been unusually auspicious for the
spring lamb and pig crops.
Receipts and shipments at St. Louis as reported
by the National Stock Yards, were as follows:
M ar.
Feb.
M ar.
1931
1931
1930
Cattle and Calves........ 86,896 77,694 79,627
H o g s .............................. 246,731 273,418 306,178
H orses and M u les...... 10,839
9,140 16,324
Sheep ............................ 26,901 22,848 29,029
Shipments
Mar.
Feb.
Mar.
1931
1931
1930
52,227 47,610 50,764
198,500 223,658 263,597
9,434
8,646 13,811
12,652 11,518 16,221
Cotton — Preparations for planting the new
crop are further advanced than at any like period
since 1925. Seeding was delayed in March and the
first days of April by low temperatures and heavy
rains in some section, but since that time perfect
weather for planting has prevailed generally through
the district, and excellent progress is the rule. Soil
conditions are universally good, and seed and labor
supplies are ample for all requirements. For the
season to the middle of April, fertilizer sales are
substantially below a year earlier. Reflecting a slow
ing in demand for both domestic consumption and
export, prices of raw cotton declined during late
March and early April. In the St. Louis market the
middling grade ranged from 9.50c to 10c per pound
between March 16 and April 15, closing at 9.35c on
the latter date, which compares with 10c on March
16, and 15c on April 15, 1930. Stocks of cotton on
hand in Arkansas warehouses April 10 totaled
185,154 bales against 236,016 bales on March 13,
and 201,200 bales on the corresponding date in 1930.
Tobacco — Sales of limited quantities of last
year’s crop were conducted in markets of the Clarks
ville, Springfield, Hopkinsville and Paducah dis
tricts, with an upward trend in prices for choice
leaf. As is usual when nearing their close, the
markets were supplied chiefly with inferior grades
of tobacco, on which prices were lower. Some darkfired markets will continue well into May because
of adverse weather conditions for handling stock.
Tobacco plant beds were generally sown early,
but low temperatures in March delayed germination.
Recent rains and warmer weather, however, have
effected substantial improvement in the plants. In
all sections plant beds are plentiful, and the plants
mainly healthy. The open winter permitted of ex
tensive preparation of land, and fields are in high
state of cultivation.
Commodity Prices — Range of prices in the St.
Louis market between March 16, 1931 and April 16,
1931, with closing quotations on the latter date and
on April 15, 1930.
Close
W heat
H igh
L ow
A pril 16, 1931
A pril 15, 1930
$ .61*M{
$1.0454
July ..................... per bu..$ .62^4$ .5654
Sept. ....................
“
.60H
.56%
.6 0 ^
,
1.0754
N o . 2 red winter “
.8 0 # ............ $ .80 @
.8 0 ^ $ 1 .1 6 ^ @ 1.17
N o. 2 hard.......... “
.81&
.77
.81 @
.81J4 1.05 @ 1.0S&
C°Mnay ....................... “
.6554
.59*6
.6 1 ^
July ......................
“
.6754
.6154
.6354
Sept......................... “
.6154
. 595?
.6134
N o. 2 m ixed ........ “
.6354
.5954 .60 @
.61
N o. 2 w hite......... “
.64
.6054 .63 @
.64
Oats
N o. 2 w hite......... “
.3454
.3254 .3 3 54 @
.3354
F lour
Soft p atent.........per bbl. 5.65
4.90
..........................
Spring patent..... “
4.50
4.20
4.20 @ 4.50
M iddling cotton....per lb.
.10
.935
H ogs on h o o f........per cw t. 8.40
6.15
6.15 @ 7.75
.82
-8 4 ^
...............
.81 @
.81 54
.83 @
.84
.45
@
.4554
6.25
5.70
@ 6.50
@ 5.75
8.75
@ 10.15
FINANCIAL
Except for slight changes, traceable to seasonal
considerations, the same general trends in the bank
ing and financial situation in this district which have
been in operation since early in the year persisted
during the past thirty days. Demand for credit for
commercial and industrial purposes continued in
relatively small volume; somewhat less than the
usual seasonal requirements for agriculture were in
evidence, and the tendency to augment the volume
of funds in investment channels was even more
marked than heretofore. Liquidation of commercial
loans was in considerable volume, particularly in
the large cities where banks supply accommodations
to the boot and shoe, dry goods and other wholesal
ing and jobbing lines with which April is an impor
tant settlement month. Generally light inventories
and reduced operations were reflected in a consider
ably smaller demand from manufacturing interests
than is usual at this time of year. Milling and grain
interests further reduced their commitments, and be
cause of the low price of wheat and small average
flour stocks the volume of loans in this category is
much below the average of recent years. Demand
for credit for financing livestock operations was also
below the seasonal volume.
Contrary to the usual seasonal trend, deposits
of the reporting member banks moved sharply up
ward between March 11 and April 9, and on the
latter date reached the highest point since February,
1929. Investments of these banks also moved rapid
ly upward, continuing the increase which started
last summer. The total of this item on April 9 was
$211,465,000, the highest on record for that date,
and represented an increase of 13.5 per cent and 37.0
per cent, respectively over a month and a year ear
lier. Total loans decreased slightly, the moderate
gain in “ all other loans” being offset by a decrease
of approximately one-third in security loans. There
was little change in the volume of borrowings by
all member banks from the Federal reserve bank,
but the average continued well below that for the
same period last year and during the past decade.
Reflecting abundant supplies of funds, and lim
ited credit demands, interest rates eased slightly,
reaching the lowest point on the present retrograde
movement on certain classes of loans. Current quo
tations at St. Louis banks were as follows: Prime
commercial paper, 2^4 to 6 per cent; collateral loans,
4 to 5^2 per cent; loans secured by warehouse re
ceipts, 3 to 5 per cent; interbank loans
to 5y2
per cent and cattle loans 5y2 to 6 per cent.
Condition of Banks — Loans and discounts of
the reporting member banks on April 8, 1931 showed
a decrease of 1.8 per cent as contrasted with March
11, 1931. Deposits increased 3.9 per cent between
March 11, 1931 and April 8, 1931 and on the latter
date were 4.6 per cent larger than on April 9, 1930.
Composite statement follow s:
*Apr. 8,
1931
N um ber of banks reporting..........
t25
Loans and discounts (incl. rediscounts)
Secured by U . S. G ovt, obligations
and by other stocks and bonds..$ 177,420
A ll other loans and discounts.... 273,741
*M ar. 11,
1931
t25
*A pr. 9,
1930
24
$188,401
270,869
$230,814
281,647
Total loans and discounts.................$451,161
Investments
U . S. Governm ent securities...... 70,204
O ther securities............................... 141,261
$459,270
$512,461
45,869
140,490
37,805
116,524
T otal investments................................ $211,465
$186,359
Reserve balance with F. R . bank..
47,250
44,735
Cash in vault.........................................
6,641
6,433
Deposits
N et demand deposits..................... 385,525
378,654
Tim e deposits.................................. 247,055
239,259
........................
Government deposits..................... 9,543
$154,329
45,439
5,599
380,305
231,215
2,178
T otal deposits.......................................$642,123
$617,913
$613,698
Bills payable and rediscounts with
Federal Reserve Bank .................................
................
2,130
*In thousands (000 om itted ).
tIncrease due to substitutions for closed banks. T hese 25 banks are
located in St. L ouis, Louisville, M em phis, L ittle R ock , and Evansville,
and their resources represent 52.6 per cent o f the resources o f all member
banks in this district.
Debits to Individual Accounts — The following
table gives the total debits charged by banks to
checking accounts, savings accounts, certificates of
deposit accounts and trust accounts of individuals,
firms, corporations and U. S. Government in leading
cities of the district. Charges to accounts of banks
are not included.
El D orado,
Evansville,
Fort Smith,
Greenville,
A rk .....
In d.....
Ark....
Miss....
Pme Bluff, Ark.!...
Quincy, 111..............
**Texarkana
A rk.-T ex..
*M ar.
1931
tl.
> 28,950
5,083
21,752
9.444
3,550
28,732
144,099
109,695
5*367
6,807
7.753
616,583
3,642
14,000
$ 27,126
5,605
20,552
8,889
4,008
26,744
123,984
101,316
6,205
6,111
6,602
536,850
3,381
14,336
$ 40,994
7,404
27,686
13,589
5,249
49,413
181,365
162,689
7,064
10,013
13,453
736,277
4,587
15,983
9,264
9,813
14,042
*Feb.
1931
*Mar.
1930
Mar. 1931 com p, to
Feb. 1931 M ar. 1930
+ 6.7 %
— 9.3
+ 5.8
+ 6.2
— 11.4
+ 7.4
+ 16.2
+ 8.3
— 13.5
+ 11.4
+ 17.4
+ 14.9
+ 7.7
— 2.3
— 29.4%
— 31.3
— 21.4
— 30.5
— 32.4
— 41.9
— 20.5
— 32.6
— 24.0
— 32.0
— 42.4
— 16.3
— 20.6
— 12.4
— 5.6
— 34.0
,014,721
$901,522 $1,289,808
+ 12.6
om itted ).
**Includes one bank in Texarkana, T exa s not in Eighth District.
— 21.3
Federal Reserve Operations — During March
the Federal Reserve Bank of St. Louis discounted
for 192 member banks against 185 in February and
206 in March 1930. The discount rate remained un
changed at 3 per cent. Changes in the principal as
sets and liabilities of this institution appear in the
following table:
Bills
Bills
U . S.
*In thousands (000 om itted ).
(Compiled April 23, 1931)
*A pr. 17,
1931
.$ 7,978
. 9,635
. 23,899
*M ar. 17,
1931
$ 8,092
7,303
24,025
*A pr. 17,
1930
$13,791
12,139
19,268
.$41,512
. 76.450
. 76,865
$39,420
77,298
70,966
$45,198
78,808
77,446
, 78.0%
78.4%
77.3%
BUSINESS CONDITIONS IN T H E U N ITED STATES
PRODUCTION AND EMPLOYMENT — Industrial
production increased 2 per cent further in March and the
Federal Reserve Board’s seasonally adjusted index stood at
88 per cent of the 1923-1925 average, compared with 104
per cent in March, 1930. There was a considerable increase
in daily average output of steel, which ordinarily shows lit
tle change from February to March, while production of
automobiles increased by about the usual seasonal percent
age. Activity at cotton mills increased slightly, contrary to
the ordinary seasonal movement, and there was a substan
tial increase in output of shoes. In the first half of April,
tentions to plant as reported March 1, indicate a considera
ble reduction in spring, wheat acreage, and an increase in
acreage to be planted to corn.
DISTRIBUTION — Volume of freight-carloadings in
creased seasonally in March and department store sales in
creased during the Easter season by about the usual amount.
PRICES — The general level of wholesale commodity
prices continued to decline in March, according to the
Bureau of Labor Statistics, reflecting chiefly reductions in
the prices of petroleum products, bitumninous coal, and
textile products. Prices of farm products increased slightly
Indexes of the U nited States Bureau of L abor Statistics (1 9 2 6 = 1 0 0 ).
Latest figures March, farm products, 70.6; nonagricultural, 75.6.
steel mill activity declined. The number of men employed
at factories increased between the middle of February and
the middle of March by about the usual seasonal amount.
In the iron and steel, and automobile industries somewhat
larger than usual increases were shown, and at textile mills
and shoe factories, where the number employed ordinarily
declined in March, substantial increases in employment
were reported. In the agricultural machinery and petroleum
refining industries and at car building shops employment
declined, contrary to the usual seasonal trend, and in the
automobile tire, and fertilizer industries employment in
creased less than usual. Volume of building contracts
awarded in March increased considerably from February,
according to the F. W. Dodge Corporation, reflecting in
large part developments of a seasonal character. Contracts
for residential building increased seasonably and were in
and there was a substantial advance in the price of hides.
In the first half of April prices of many commodities, in
cluding cattle, cotton, rubber, and coffee, declined while,
the price of wheat advanced.
BANK CREDIT — Loans and investments of member
banks in leading cities, which had increased in the middle
of March as the result of treasury operations, showed a de
cline for every week between March 18 and April 8, but
on the latter date were still $270,000,000 larger than four
weeks earlier. Investment holdings of these banks were at
a new high figure on April 8, owing largely to an increase
in their holdings of United States Government obligations,
while loans on securities as well as all other loans showed
a decline for the four week period. Volume of reserve bank
credit has fluctuated since the middle of February around
a level of $925,000,000. Continued imports of gold, depos
ited by member banks with the reserve banks, have provided
Federal R eserve B oard’ s index of fa ctory employment with adjustment
for seasonal variation. (1923-1925 a v e r a g e s 100).
Latest figure, M arch, 77.9.
M onthly averages of w eekly figures for reporting m em ber banks in lead
ing cities. Latest figures are averages o f first three w eeks in April.
public works and utilities rose to the high level of March,
1930.
AGRICULTURE — Definite improvement to moisture
conditions in the drought area was an important develop
ment in March and the first week of April. Supplies of
moisture in the topsoil have been replenished, but the sub
soil continued to be dry in certain areas particularly in the
spring wheat belt. Department of agriculture estimates,
based on April 1 conditions, indicate a winter wheat crop of
644,000,000 bushels, about 100,000,000 bushels larger than the
five-year average and 40,000,000 more than last year. In
the member banks with sufficient funds to meet an increase
in the demand for currency. United States Government
security holdings of the reserve banks have remained at the
level of $600,000,000, established last summer, while dis
counts for member banks have continued to decline, and
holdings of purchased acceptances have fluctuated in re
sponse to temporary changes in the demand for reserve
bank credit. Money rates showed little change from the
middle of March to the middle of April. Rates on commer
cial paper declined further from a prevailing rate of 2^2
per cent to a range of 2 ^ -2 ^ per cent, while bond yields
increased slightly.
@FedFRASER