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Of Agricultural Industrial, Trade and Financial
Conditions in the Eighth Federal Reserve District

Released for Publication On and After the Morning of April 30, 1935
Chairman and Federal Reserve Agent

C. M. STgW A T
Secretary and Ass’t Federal, Reserve Agent



In June, 1934, Congress added Section 13(b) to
the Federal Reserve Act, authorizing the Federal
Reserve banks to aid in providing working capital for
established industrial or commercial businesses, for
periods of not exceeding five years, as follows:
(1) To discount for or purchase from any bank
or other financing institution, obligations entered into
for the purpose of obtaining such working capital;
(2) To make loans or advances to banks and
other financing institutions on the security of such
(3) To make direct loans to or purchase obliga­
tions of such businesses, in exceptional circumstances,
when it appears that requisite financial assistance
cannot be obtained on a reasonable basis from the
usual sources;
(4) To execute commitments with respect to the

The law provides that the Federal Reserve Bank
may assume up to 80 per cent of any loss that may be
sustained on any such obligation acquired from a bank
or other financing institution.
In accordance with the new section, an Industrial
Advisory Committee was appointed in this district to
consider applications for such loans, purchases, and
commitments, and to make recommendations to the
Federal Reserve bank in regard thereto. It consists
of the following:
Wm. K. Norris, Chairman,
Pres., McQuay-Norris Mfg. Co., St. Louis.
Jacob VanDyke, Vice-Chairman,
Pres., Western Textile Products Co., St. Louis.
Maurice Weil,
Pres., Weil-Kalter Manufacturing Co., St. Louis.
Ilenry S. Gray,
Secy.-Treas., Louisville Cement Co., Louisville.
M. E. Finch,
Secy.-Treas., American Snuff Co., Memphis.

From enactment of the amendment, the Federal
Reserve Bank of St. Louis has encouraged commer­
cial banks to make and hold such loans under com­
mitments from this bank, or to participate with it in
joint advances. By obtaining a commitment, a bank
can make a loan for a period of not exceeding five
years, be assured that it can turn the asset into cash
at any time it desires within the terms of the commit­
ment, and receive the benefit of the entire interest
thereon, less a small commitment fee, until the com­
mitment is exercised.
On April 18,1935, this bank had a total of $1,492,000
industrial commitments outstanding, and $543,000
working capital loans. Most of the loans were made
with commercial banks advancing additional funds
jointly, but some were made direct to businesses
without a bank participating. These accommodations
have benefited the banks, the industries, their em­
ployees, their communities, and the general situation.
Additional information and application blanks will
be gladly furnished by the Federal Reserve Bank of
St. Louis.

A VAILABLE data and statistics bearing on
/ j k business activity in the Eighth District durX A . jng pas£ thirty days reflected a consider­
able degree of variance as contrasted with the simi­
lar period immediately preceding, both between the
several types of business and geographical locations.
In some lines there were distinct symptoms of slow­
ing tendencies and diminishing confidence, while
elsewhere the improvement of recent months was
fully maintained, and in certain instances carried
further forward. Taken as a whole the volume of
industry and commerce was about on a parity with
that of the corresponding period a year ago, and
for the first three months this year reached the high­
est total recorded for any first quarter since 1931.
Seasonal demand for merchandise in many impor­
tant lines failed to show the usual expansion, owing
to a number of influences, chief among which was
the prolonged spell of unfavorable weather and the
very late Easter date. In lines for common con­
sumption, merchants generally were disposed to re­
plenish their inventories with more caution and con­
servatism than was the case earlier in the year.
Quite generally wholesaling and jobbing interests
report advance business as of April 1 in smaller
volume than on that date in 1934. In the rural
areas the lateness of the season for planting spring
crops, and in many sections more or less serious
flood conditions, tended to restrict the volume of
retail trade.
The general level of industrial production in
March showed little change as compared with the
preceding month. There was some curtailment in
activities at textile mills and at plants producing
food products. On the other hand activities at lum­
ber, glass, shoe and certain apparel manufacturing
establishments were increased moderately. The rate
of operations at iron and steel mills and foundries
was sustained at about the same average rate as
obtained during the last half of January and through
February. Certain specialty makers, notably of
stoves, heating apparatus, farm implements and
household appliances reported March activities at
Page 1

the highest rate for that month since 1930. The
melt of pig iron at district plants in March was
about 2 per cent greater than in February and 12
per cent in excess of March, 1934. Production of
bituminous coal in fields of the. district during
March was stimulated by expectations of a strike
on April 1, and was considerably larger than the
tonnage raised a month and a year earlier. Produc­
tion of lead and zinc declined slightly in March.
Consumption of electric power by industrial users
in the principal manufacturing centers in March
recorded gains over a month and a year earlier.
W eather conditions during March and the first
half of April were favorable for fall planted grain
crops and pastures, but adverse to progress in prep­
aration for and planting of spring crops. In virtu­
ally all sections of the district, precipitation was
above normal, and as a whole plowing and general
routine spring farm operations at mid-April were
from two to three weeks behind the seasonal sched­
ule. In all states of the district the condition of win­
ter wheat as of April 1, was above that of a year
ago, and in these states the crop is estimated at 99,
690,000 bushels, or 10 per cent larger than was har­
vested in 1934 and 20.5 per cent above the 5-year
(1928-1932) average.
March retail trade in the Eighth District, as re­
flected by department store sales in the principal
cities, was 29.5 per cent greater than in February,
and 3.7 per cent less than the March, 1934, to tal;
cumulative total for the first quarter of this year
showed a slight decline under the comparable period
last year. Combined sales of all wholesaling and
jobbing firms reporting to this bank in March were
3 per cent larger than in February, but 10 per cent
less than in March, 1934; first quarter sales of these
firms were 9 per cent smaller than for that period
a year ago. The dollar value of building permits
issued for new construction in the five largest cities
in March were 167.6 per cent and 303.8 per cent
larger, respectively, than a month and a year earlier;
for the first quarter the total was 192.5 per cent
larger than for the first three months of 1934. Con­
struction contracts let in the Eighth District in
March were 26.4 per cent above the preceding month
and 48.6 per cent less than in March, 1934; for the
first quarter this year the cumulative total was 45
per cent less than that for the like period a year ago.
Debits to individual accounts in March were 21 per
cent and 8.5 per cent larger, respectively, than a
month and a year earlier and for the first quarter
the total exceeded that of the like period last year
by 6 per cent.
Page 2

Despite increases in late March in freight traffic
handled by railroads operating in this district, the
total volume for the first quarter fell slightly below
that for the comparable period a year ago, though
continuing above the first three months of 1933. The
increases in late March were occasioned by heavier
coal shipments in anticipation of a strike of bitumi­
nous coal miners on April 1 and by improved mer­
chandise loadings. For the country as a whole load­
ings of revenue freight for the first 14 weeks this
year, or to April 6, totaled 8,056,308 cars, against
8,124,238 cars for the like period in 1934 and
6,741,356 cars in 1933. The St. Louis Terminal Rail­
way Association, which handles interchanges for
28 connecting lines, interchanged 75,939 loads -in
March, against 66,318 loads in February, and 81,391
loads in March, 1934. During the first nine days of
April the interchange amounted to 21,720 loads
which compares with 22,143 loads during the corre­
sponding period in March and 21,418 loads during
the first nine days of April, 1934. Passenger traffic
of the reporting lines in March decreased 6 per cent
as compared with the same month last year. Esti­
mated tonnage of the Federal Barge Line between
St. Louis and New Orleans in March was 108,800
tons, as against 78,105 tons in February, and 81,600
tons in March, 1934.
Reports relative to collections during the past
thirty days reflect generally a continuance of the
satisfactory results which have marked the past
several months. Wholesalers and jobbers of boots
and shoes, dry goods and other lines with which
April is an important settlement month, report that
their collections compare favorably with a year ago,
when payments were relatively the largest since
1930. In the retail section of distribution, merchants
in the urban centers report relatively better results
than in the country, which fact is ascribed to the
long spell of wet weather which has prevailed in
many sections of the district. Questionnaires ad­
dressed to representative interests in the several
lines scattered through the district show the follow­
ing results:




March, 1935........... 2.4% 36.8% 52.8% 8.0%
February, 1935............ 4.2 39.2 51.8
March, 1934............ 5.1 42.3 50.5
Commercial failures in the Eighth Federal Re­
serve District in March, according to Dun and
Bradstreet, numbered 44, involving liabilities of
$590,762, against 40 defaults in February with
liabilities of $634,767, and 37 insolvencies for a total
of $754,076 in March, 1934.

Boots and Shoes..........
Drugs and Chemicals
Dry Goods....................
Electrical Supplies.....

March, 1935 3 months ending Mar. 31, 1935
March 31, 1935 compared to
compared to
Mar. 1934 Feb. 1935 comp, to 1934 Mar. 31, 1934
— 15.0%
— 13.1% + 2 . 0 %
8.1 + 6.1
— 3.8
— 17.6
— 15.7 — 3.2
+ 8.0
+25.8 +29.7
— 14.3
+ 18.5
+21.7 --19.5
+ 7.5
+ 2.1
+ 2.2
— 5.5
+ 2.7
— 2.7 - 4.4
+ 8.7
— 10.8
— 9.4 + 2.9



Boots and Shoes — Following the usual season­
al trend, sales of the reporting firms increased from
February to March, but the extent of the gain was
smaller than average during the past several years.
As contrasted with a year ago there was a decrease
of 13 per cent. Since April 1, there has been a moder­
ate pick up in advance ordering, but the volume
continues below a year ago. Inventories declined
between March 1 and April 1, but on the latest date
were approximately one-half larger than a year ago.
Clothing — The usual seasonal influences, cou­
pled with the late Easter date were reflected in a
substantial gain in March sales of the reporting
clothiers as contrasted with the month before. The
March aggregate, however, fell 15 per cent below
that of the same period in 1934. Price and style
uncertainties have tended to hold down future com­
mitments, advance business as of April 1, being
somewhat below the average for that date during
the past five years.
Drugs and Chemicals — During late March and
the first half of April, some slowing down was
noted in the demand for heavy drugs and chemicals
from the general manufacturing trade. This was
offset, however, by a quickening in the movement
of insecticides, fertilizers and other seasonal mer­
chandise. Inventories continue measurably larger
than a year ago.
Dry Goods — March sales in this classification
fell below those of the preceding month and the
corresponding month in 1934. The decrease from
February was seasonal in character, and of about
the usual proportions. A decrease from a year ago
was not unexpected in view of the fact the volume
in March, 1934, was the largest for the month since
1931. Reports covering the first half of April reflect
a volume about on a parity with the same period a
year earlier.
Electrical Supplies — Further betterm ent over
both a month and a year earlier was indicated in
March sales of the reporting interests. In both com­
parisons the improvement extended to virtually all
lines, with exception of electrical installations for
new buildings. Automotive, radio and household
appliance requirements continue outstanding.

Flour — Production at the 12 leading mills of
the district in March totaled 203,764 barrels, which
[compares with 200,755 barrels in February and
263,960 barrels in March, 1934. Purchasing contin­
ues on a necessity basis. The Government’s April 1
estimate of wheat production had a strengthening
effect on prices, but the trade was not inclined to
follow the upturn. Mill operations were at from
40 to 45 per cent of capacity.
Furniture — Substantial increases both as com­
pared with the preceding month and a year ago were
reflected in March sales of the reporting interests.
In both comparisons a considerable part of the in­
creases was accounted for by further expansion in
demand for household furniture and furnishings.
Some falling off in new orders has taken place since
April 1, but shipments have continued at about the
same rate as during February and March.
Groceries — An increase of somewhat greater
than the usual seasonal proportions took place in
sales of the reporting firms from February to March,
and the total for the latest month was slightly larger
than for the same period in 1934. In some sections
business was held in check by excessive rains and
floods. Lateness of spring fruits and vegetables has
had stimulating effect on demand for canned goods.
Hardware—For the twenty-second consecutive
month, sales of the reporting firms were maintained
at levels higher than the corresponding period a
year earlier. The March total was also seasonally
higher than that of the preceding month. Goods for
consumption in the rural areas continue to move in
heavy volume, and further slight expansion was
noted in demand for builders’ tools, hardware and
general supplies.
Iron and Steel Products — Taken as a whole,
activities in the iron and steel industry during
March and the first half of April varied in minor
degree only as compared with the rate prevailing
in February. Some spottiness developed following
mid-March, and while shipments of both raw and
finished materials has continued in considerable vol­
ume, the movement in some instances was at the
expense of accumulated backlogs of unfinished
orders. As has been the case during the past several
months, relatively the highest rate of operations
was at plants producing specialties, notably farm
implements, stoves and heating apparatus, and
household appliances. The outlet for iron and steel
commodities through the building industry showed
little change from recent quiet conditions, and inter­
ests specializing in castings and other materials for
the railroads reported a dearth of new orders. The
melt of pig iron at district plants in March slightly
Page 3

exceeded that of the preceding month, and was
substantially greater in the aggregate than a year
and two years earlier. During the first half of April
the movement of pig iron, fuel and other raw materi­
als was stimulated by anticipation of an advance
in freight rates which was expected to become
effective shortly after the middle of the month.
Demand for farm implements in virtually all sec­
tions of the district continues in larger volume than
at any similar period during the past five years.
Sales of tractors are especially outstanding, this
form of power having invaded sections where it
was little in evidence during preceding seasons.
Manufacturers of sheets, plates, strip and other
rolled materials report a moderate recession in new
orders in the immediate past, but considerably
larger sales during the first quarter this year than
during the like period in 1934. Interest continues to
center in galvanized sheets, tin plate and other
descriptions of the lighter materials. W ith the excep­
tion of a further decline in scrap iron and steel, price
changes during the past thirty days were negligible.
For the country as a whole, production of pig iron
in March, according to the magazine “Steel”, totaled
1,770,990 tons, against 1,614,905 tons in February,
and 1,625,588 tons in March, 1934. Steel ingot pro­
duction in the United States in March was 2,830,700
tons, against 2,742,125 tons in February, and 2,761,438 tons in March, 1934.


The condition of retail trade is reflected in the
following comparative statements showing activi­
ties in the leading cities of the district:

Department StoresStocks

Net sales comparison
Mar. 1935 3 months ended
comp, to Mar. 31, 1935 to
Mar. 1934 same period 1934
El Dorado, Ark....+ 9.5%
Evansville, Ind.....— 30.7
Fort Smith, Ark....— 5.2
+ 2.7
Little Rock, Ark..— 15.5
— 9.8
Louisville, Ky........+ 2.8
+ 6.4
Memphis, Tenn..... — 8.4
— 3.5
St. Louis, Mo.......— 2.0
+ 0.4
Springfield, Mo..... — 2.6
+• 1.3
All Other Cities....— 3.3
+ 4.3
8th F. R. District..— 3.7
— 0.4

on hand
Mar. 31, 1935
comp, to
Mar. 31, 1934
+ 6. 6 %
— 5.5
— 0.3
+ 4.2
+• 4.4
— 6‘.5
— 19.0
— 1.1
— 3.5

Jan. 1, to
Mar, 31,
1935 1934
.65 .59
.42 .43
.56 .55
.52 .57
.72 .78
.50 .42
.69 .64
.82 .79

Percentage of collections in March to accounts
and notes receivable first day of March, 1935.

EJ Dorado, Ark....................... 45.0%
Memphis, Tenn.........................42.2%
Fort Smith, Ark.......................40.0
Springfield, Mo.........................24.6
Little Rock, Ark.....................36.0
St. Louis, Mo............................50.6
Louisville, Ky...........................51.4
All Other Cities........................35.3
8th F. R. District..................... 46.9%

Retail Stores

Net sales comparison
on hand
Mar. 1935 3 months ended Mar. 31, 1935
comp, to Mar. 31, 1935 to
comp, to
Mar. 1934 same period 1934 Mar. 31, 1934
Furnishings ......—29.9%
— 10.5%
— 7.0%
Boots and
Shoes ..................— 19.4
— 8.8
+ 1.5

Page 4

Jan. 1, to
Mar. 31,
1935 1934
.56 .60
.65 .71


Combined passenger car, truck and taxicab pro­
duction in the United States in March was 429,830,
against 340,544 in February, and 338,434, revised
figure, in March, 1934.
In conformity with the usual seasonal trend,
sales of new passenger cars to users in this district
rose sharply during March, the increase over Febru­
ary, according to the group of reporting dealers,
being considerably larger than the average during
the past decade. The March total was also substan­
tially greater than that for the same month a year
ago. The increase in both comparisons was quite
well distributed through all makes of cars, but, as
has been the case in recent months, was most pro­
nounced in the low price field. In all descriptions of
automobiles, replacement demand still dominates,
but the volume of cars going to persons who have
not formerly been owners is reported considerably
in excess of the corresponding period a year ago.
In the rural areas, but more particularly in the south,
a number of dealers report the first three months
this year most satisfactory experienced since 1930.
Demand for trucks continues active, with interest
well diversified between the heavy and light service
vehicles. March sales of trucks were 7 per cent, and
22 per cent larger, respectively, than a year and a
month earlier.
March sales of new passenger cars by the re­
porting dealers were 38.5 per cent greater than dur­
ing the preceding month, and 44 per cent in excess
of a year ago. Inventories of new cars continue to
increase, stocks on dealers’ floors as of April 1
being about one-fourth and two-thirds larger, re­
spectively, than a month and a year earlier. Trends
in the used car market followed closely those noted
in new equipment. March sales of secondhand cars
were 22 per cent greater than in February, and
about 10 per cent larger than in March, 1934. Stocks
of secondhand vehicles have advanced sharply,
owing to heavy trade-ins, with stocks of cheap
priced cars in some instances being burdensome.
April 1 stocks of salable secondhand cars were
larger by 26 per cent and 42 per cent, respectively,
than a month and a year earlier. According to deal­
ers reporting on that item, the ratio of installment
sales to total sales in March was 46 per cent, against
51 per cent in February, and 51 per cent in March,


The dollar value of permits issued for new con­
struction in the five largest cities of the district in
March was 167.6 per cent greater than in February,

and 303.8 per cent larger than in March, 1934. Ac­
cording to statistics compiled by the F. W. Dodge
Corporation, construction contracts let in the Eighth
District in March amounted to $8,587,110 which
compares with $6,794,335 in February, and $16,717,591 in March, 1934. Production of portland cement
for the country as a whole in March totaled 4,299,000
barrels, against 3,053,000 barrels in February, and
5,257,000 barrels in March, 1934. Building figures

________ New construction
______ Repairs, etc._________
1935 1934
1935 1934 1935 1934
1935 1934
Evansville . . 4 1
$ 45 $ 10
78138 $ 27
$ 37
Little Rock 24
Louisville .. 52
Memphis ... 146
193 128
St. Louis.... 243
352 222
734 557
Mar. Totals 506 353
301 302
475 404
“ 369 227
267 177
569 352
" 243 206
*In thousands (000 omitted).


Returns from the five largest cities of the dis­
trict show an increase in combined postal receipts
for the first three months this year of 3.2 per cent
over the corresponding period in 1934 and an in­
crease of 5.6 per cent over the final quarter in 1934.
Detailed figures follow:

For Quarter Ended
Mar. 31,
Dec. 31, Sept. 30,
Mar. 31, comp, to
1934 Mar. 1934
Evansville .... ....$ 143,020 $ 133,937 $ 133,923 $ 141,196 b 2.3%
Little Rock........ 186,668
182,751 b 2.1
605,216 - 7.2
Louisville ..... .... 648,588
499,219 - 7.2
Memphis ........ .... 535,118
St. Louis........ .... 2,357,124 2,311,177 2,136,137 2,320,894 - 1.6
Totals........ .... 3,870,518 3,665,542 3,447,843 3,749,276 + 3.2%


Public utilities companies in the five largest
cities of the district report consumption of electric
current by selected industrial customers in March
as being 7.8 per cent larger than in February, and
7.4 per cent more than in March, 1934. Detailed
figures follow:

No. of
Custom- 1935
ers *K.W .H. *K.W .H.
Evansville .... 40
Little Rock.. 35
Louisville .... 83
Memphis ...... 31
St. Louis......193** 16,617
Totals......382** 30,103
*In thousands (000 omitted).
** Revised figures.

Mar. 1935
comp, to
Feb. 1935
+ 18.03
-f- 3.6
+ •?
+ 1.0
+ 10.7
+ 7.8


*K.W .H.

Mar. 1935
comp, to
Mar. 1934
+ 9.5
+ 8.1

+ 3.2
+ 7.4

The report of the U. S. Department of Agri­
culture relative to planting intentions this spring
of certain important crops by farmers in states in­
cluding the Eighth District indicates slightly larger
acreage than was harvested in 1934, but consider­
ably larger than the three-year (1932-1934) average.
Indicated acreages of corn, oats, soybeans, and
tobacco are in excess of a year ago.
Harvest of staple farm crops in states of the
Eighth Federal Reserve District for 1934, average

1932-1934, and indicated acreage for 1935 are shown
in the following table:
..................... 25,830,000


..................... 136,000
...................... 2,562,000





General Farm Conditions — W eather conditions during the past thirty days have been in the
main favorable for winter grains and pastures. Ex­
cessive rainfall has occasioned considerable delay in
the preparation of the soil for spring planting, and
floods and a large amount of surface water, especial­
ly in the lowlands, will further hold back these
operations. In many sections the excessive moisture
has been injurious to early potatoes and has delayed
farm gardens. Unseasonably cold weather during
the first half of April tended to retard germination,
however, in most areas prospects for fruits are good,
relatively few reports of injury having been re­
ceived. High winds and dust storms were frequent
and general through the northern tiers of the dis­
trict, but resulted in only local damage. Quite gen­
erally soil and subsoil conditions are better than
during the preceding several years. Farm labor
continues in excess of demand, with little change in
wages as contrasted with last spring.
Winter Wheat — In its report as of April 1,
the U. S. Department of Agriculture estimates pro­
duction of winter wheat in states partly or entirely
within the Eighth District at 99,690,000 bushels,
which compares with 90,493,000 bushels harvested
in 1934 and a 5-year average (1928-1932) of 82,742,000 bushels. Quite generally, but more particularly
in Indiana, Illinois and Missouri, the crop survived
the winter in good condition, due to the favorable
seeding period last fall. Mild March weather stim­
ulated growth and stooling. Both soil and subsoil
moisture is adequate in contrast with a serious de­
ficiency a year ago. Farm stocks of wheat in Eighth
District states on April 1 were reported at 12,365,000
bushels, an increase of 22.5 per cent over a year ago,
but 21 per cent less than 3-year (1932-1934) average.
Corn—Preparations for the new crop have been
much delayed by the wet, cold weather, and this
work as a whole is considerably behind the usual
seasonal schedule. In the south, where some plant­
ing has been accomplished, germination is poor,
and due to the rotting of seed in the ground and
washing out of many lowland fields, much replant­
ing will be required. In states including the Eighth
District the U. S. Department of Agriculture in its
report as of April 1, estimates stocks of corn on
Page 5

farms at 159,868,000 bushels, the smallest for the
date in recent years, and comparing with 273,627,000
bushels a year earlier and 377,099,000 bushels, the
April 1 average during the preceding three years.
Live Stock — As of April 1, according to the
U. S. Department of Agriculture, there was a de­
crease of about 36 per cent in the number of cattle
on feed in the Corn Belt States this year as com­
pared with the number on the corresponding date
in 1934. This decrease is equivalent to approximate­
ly 500,000 head. The number on feed April 1, this
year, was the smallest for that date in many years.
The early lamb situation in states of this dis­
trict was reported about average, and the crop is in
the main doing well. March weather was favorable,
but too much moisture, low temperatures and high
winds during the first half of April militated against
best results. On the whole conditions at mid-April
were somewhat better than a year ago, but below
the 1929-1933 average.
Receipts and shipments at St. Louis as reported
by the National Stock Yards were as follows:

________ Receipts
Mar., Feb., Mar.,
Mar., Feb., Mar.,
1935 1935 1934
Cattle and Calves...... 84,619 78,874 85,772
46,221 45,167 40,708
Hogs ..............................190,808 188,627 202,216
107,711 131,741 126,977
Horses and Mules...... 8,666 8,838 6,565
7,704 9,201 6,723
Sheep ........................... 54,480 28,264 41,035
5,446 2,228 4,960

Cotton — Owing to excessive precipitation and
cold weather during the past thirty days, prepara­
tions for the new crop have been greatly delayed,
field work being about two weeks behind the season­
al schedule and at mid-April only a negligible
amount of planting had been done in Arkansas,
northern Mississippi, and Tennessee. Fertilizer tag
sales in states of the Eighth District in March, ac­
cording to the American Fertilizer Association,
were 5 per cent smaller than a year earlier. The
January-March period total, equivalent to 274,192
tons, however, was 8.7 per cent greater than for the
corresponding period in 1934 and 146 per cent great­
er than in 1933. Demand for spot cotton continued
quiet, with the movement of prices somewhat errat­
ic. In the St. Louis market the middling grade
ranged from 10.40c to 11.65c per pound between
March 16, and April 15, closing at 11.65c on the
latest date, which compares with 10.85c on March
16, and 11.50c on April 16, 1934. Receipts at Arkan­
sas compresses from August 1, 1934, to April 5,
1935, totaled 808,033 bales, against 983,005 bales
during the corresponding period a year earlier.
Stocks on April 5 were 514,580 bales against 426,077
bales on the corresponding date in 1934.
Tobacco — Almost continuous rains through
both burley and dark tobacco districts have ham­
pered all descriptions of field work, and plowing is
Page 6

backward. Tobacco plants in beds are plentiful and
well advanced. Some apprehension is felt as to
plants growing too rapidly with so little land pre­
pared to permit of early planting. Latest reports
indicate a slight increase in acreage to be planted
to burley tobacco over that of last year, about the
same acreage in the air-cured, Green River and
stemming districts and a slight decrease in the darkfired districts. Actual plantings of all types will be
governed by weather conditions and the condition
of plants.
Comparison of production, average prices and
money yield of burley tobacco produced from 1930
to 1934, inclusive, follows:
193 0
193 1
193 2
193 3
193 4

Actual Sales
...372,419,511 Lbs.
..450,535,821 “
...324,339,241 “
...396,201,530 “
...257,086,324 “
1,800,582,427 “
5-Year Average..... 360,116,484 “

Average Price
Per 100 Pounds


Amount of
Money Paid
$ 58,060,202
$ 44,424,035

Range of prices in the St. Louis market between
March 15, 1935, and April 15, 1935, with closing
quotations on the latter date and on April 16, 1934,
High Low
...perbu..$ .98 $ .885^
.995/6 •8534
July ................. .... “
*Sept..................... .... “
.99^ .85^4
No. 2 red winter “ 1.0044 .90H
No. 2 hard “
1.07H .98
.... “
.9154 . n n
July ....................... “
. 86*4 .74*4
*Sept......................... “
*No. 2 mixed ....... “
.92*4 .80J4
.95 5^2 .8454
No. 2 white ....... “
No. 2 white ....... "
.55^4 .49
Soft patent..........per bbl. 6.45 5.85
Spring " ......... " 7.75 7.00
Middling Cotton. ..per lb. .1165 .1040
Hogs on hoof......per cwt. 9.25 4.00
“Nominal quotations.

April 15, 1935 April 16, 1934
.9 m $
•97 $£
.99^ @ 1.00
.83 @ .83^
.90 V8
.92 y2
.95 ^
.2954 @ -32
6.10 @6.50
5.95 @6.45
6.10 @6.50
7.60 @7.75
2.00 @4.00
5.00 @9.00


Eighth District banking and financial develop­
ments during the past month showed no significant
changes as contrasted with the earlier periods this
year. Demand for credit from commercial and in­
dustrial sources continued at a low ebb, and liqui­
dation at both city and country financial institu­
tions was in considerable volume. Payments of
loans were for the most part in excess of new bor­
rowings and extensions, with the result that the
total volume of customer commitments at the com­
mercial banks sustained a further moderate reces­
sion. Owing to lateness of the season for planting
spring crops and to accommodations obtained by
farmers from other loaning agencies, recourse upon
the banks for financing agricultural operations is
less in evidence than usual at this time of year.
Some improvement in demand for funds to condi-

tion livestock for market was noted in certain sec­
tions. About the usual seasonal decrease in com­
mitments of grain handling and flour milling inter­
ests was noted.
Total loans and investments of reporting mem­
ber banks in the principal cities increased 4 per cent
between March 13 and April 10, the change being
caused entirely by heavier holdings of securities,
total loans showing a decrease of 1 per cent; total
deposits decreased slightly, but continued measur­
ably greater than a year ago. Reserve balances de­
creased 31 per cent during the four-week period,
and on April 10 were smaller by IS per cent, than
on the corresponding report date in 1934.
The volume of credit outstanding at the Federal
Reserve bank on April 18 was practically unchanged
from a month earlier, but about 16 per cent greater
than on the like date in 1934.
The amount of savings deposits held by selected
banks on April 3 was 1 per cent greater than on
March 6, and 15 per cent in excess of the amount on
April 4, 1934.
At St. Louis banks as of the week ended April
15, interest rates were as follows : Customers’ prime
commercial paper,
to 5 per cent; collateral
to 6 per cent; loans secured by ware­
house receipts, 2 to 5 per cent and cattle loans, 4
to 6 per cent.
Condition of Banks — A composite statement
of the principal resource and liability items of the
reporting member banks is given in the following
comparative table:
April 10,
Mar. 13,
April 11,


iy2 y2

(In thousands of dollars)
Loans and discounts (incl. rediscounts)
Secured by U. S. Govt, obligations
and other stocks and bonds....$ 64,047
All other loans and discounts.... 154,264
Total loans and discounts............... . 218,311



$ 66,664

$ 81,326



.. 72,561



Net demand deposits..

Bills payable and rediscounts with
Federal Reserve Bank....................................
Number of banksi reporting............
The total resources ot these banks comprise approximately 60.0%
of all member banks in this district.

corrections and similar charges are not included.

(In thousands
of dollars)
East St. Louis and Natl.
Stock Yards, 111..$ 23,698 $ 20,452
El Dorado, Ark..... 3,709
Evansville, Ind.... , 19,180
Fort Smith, Ark.... 8,361
Greenville, Miss.... 4,044
Helena, Ark............ 1,474
Little Rock, Ark..., 28,423
Louisville, Ky........ 139,467
Memphis, Tenn.... 100,643
Owensboro, Ky..... 4,532
Pine Bluff, Ark.... 5,886
Quincy, 111............. 5,641
St. Louis, Mo........ 497,981
Sedalia, Mo............ 1,756
Springfield, Mo..... 11,610
*Texarkana, Ark.. 4,700
*Includes one bank in Texarkana, Texas,

Mar., 1935 comp, to
Feb. 1935 Mar. 1934
$ 17,624 + 15.9% +34.5%
3,437 + 3.9
+ 7.9
15,923 + 13.9
7,906 + 5.5
+ 5.8
3,080 + 3.4
1,680 + 12.0
— 12.3
21,843 +26.4
+ 30.1
149,867 + 19.8
— 6.3
104,783 + 11.5
— 4.0
3,826 — 1.9
+ 18.5
5,147 +28.3
+ 14.4
5,335 +20.7
+ 5.7
435,203 +25.2
+ 14.4
1,473 + 16.6
+ 19.2
11,126 + 19.0
+ 4.4
5,505 — 3.0
— 14.6
+ 8.5
793,7^8 + 21.0
not in Eighth District.

Volume of Operations — The volume of major

operations of the Federal Reserve Bank of St. Louis
(including its branches) during 1934 was as follows :

Currency received and counted......................... 111,701,000
$ 422,218,000
Coin received and counted.................................. 106,248,000
Checks (cash items) handled............................ 45,695,000
Collection items handled:
U. S. Govt, coupons paid................................ 1,188,000
Other collection items....................................... 415,000
New issues, redemptions, and exchanges,
as fiscal agent:
U. S. obligations—for Treasury Dept..... 305,000
Other securities—for Farm Credit Admin­
istration and H. O. L. C........................... 307,000
Transfers of funds..................................................
Not incl.
Securities, notes, etc., received for custody.. 144,000 dies for R. custo­
F. C.
or collateral of
1o 7 nnnJ members securing
Coupons clipped from securities in custody.. 123,UU0 Govt> deposits.
Rediscounts, advances and commitments......
Bills purchased in open market for own
Federal Reserve notes issued by Federal
Reserve Agent to bank.................................. 7,957,604

Assets and Liabilities — Changes in the princi­
pal assets and liabilities of the Federal Reserve
Bank of St. Louis appear in the following table:

(In thousands of dollars)
Apr. 19,
Industrial advances under Sec. 13b.. .$ 542
Other advances and rediscounts........
U. S.
. 108,200
Total earning assets..
. 108,848
Total Reserves
. 190,195
. 151,516
F. R. Notes in circulation......
. 140,574
F. R. Bank Notes—liabilityindustrial commitments under Sec. 13b) 1,448
Ratio of total reserves to deposit and
F. R. note liabilities.............................. ... 65.1%

Mar. 19,
$ 488

Apr. 19,
$ ............

Discount Rates — This bank’s rates follow:

2 per cent on advances to member banks on eligible paper
and/or collateral, whether rediscounts or member bank promis­
sory notes, under Sections 13 and 13a.
4 Yi per cent on advances to banks and other financing insti­
tutions on obligations of established industrial or commercial
businesses, for working capital, under Section 13b.
y .2 per cent flat for commitments not exceeding six months
on obligations of established industrial or commercial businesses,
for working capital, under Section 13b.
SVz per cent on direct advances to established industrial or
commercial businesses, for working capital, under Section 13b.
4 per cent on direct advances to individuals, firms or cor­
porations (including nonmember banks), secured by direct obli­
gations of the United States, under Section 13.
Sl/ 2 per cent on direct advances to individuals, partnerships
and corporations (excluding nonmember banks) on eligible paper,
under Section 13.

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. Govt, in leading cities
of the district. Charges to accounts of banks, clear­
ing house settlements, payment of cashiers’ checks,
(Compiled April 23, 1935)

Page 7

Volume of industrial production, which usually increases
somewhat at this season, showed little change in March. Build­
ing activity in the residential field increased in March and the
first half of April, reflecting in part seasonal factors. Wholesale
prices of farm products and foods, after declining in March,
showed a considerable increase in the first three weeks of April.
serve Board’s adjusted index of industrial production, which
makes allowance for changes in the number of working days and
for usual seasonal variations, was 88 per cent of the 1923-1925

average in March as compared with 89 per cent in February and
90 per cent in January. Steel production, after declining in the
latter part of February, showed little change during March and
the first three weeks of April. Output of automobiles increased
further and was larger than in the corresponding period of any
other year since 1929. In the cotton textile industry daily aver­
age output declined in March and, according to trade reports,
showed a further considerable decrease in the early part of April.
Activity at woolen mills also decreased somewhat in March while
shoe production showed little change. Activity in the meat pack­
ing industry in March, as in other recent months, was at a lower
level than a year ago. Output of bituminous coal declined sharply
in the early part of April, following an increase earlier in the year.

Three-month moving averages of F. W. Dodge data for 37 Eastern States,
adjusted for seasonal variation. Latest figures March, preliminary total, 107.5;
residential, 28.6; all other 78.9.

Factory employment and payrolls increased between the mid­
dle of February and the middle of March by somewhat more than
the usual seasonal amount. ^The most marked increases were in
industries producing machinery, furniture, and clothing, while
employment in industries producing textile fabrics and foods
showed a decline. Value of construction contracts awarded for
residential building increased in March and the first half of April,
according to reports by the F. W. Dodge Corporation, while con­

Page 8

tracts for public projects continued at a lower level than a
year ago.
DISTRIBUTION — Distribution of commodities by rail
showed little change in March. In the early part of April, how­
ever, shipments declined, reflecting a sharp reduction in loadings
of coal. Department store sales increased from February to
March by more than the estimated seasonal amount.
COMMODITY PRICES — The general level of wholesale
commodity prices, as measured by the index of the Bureau of
Labor Statistics, advanced from 78.8 per cent of the 1926 average

Indexes of the United States Bureau of Labor Statistics. (1926=100.)
By months 1929 to 1931; by weeks 1932 to date. Latest figures, for week ended
April 20, farm products, 81.8; foods, 85.3; other commodities, 77.3.

in the week ending March 23, to 80.3 per cent in the week ending
April 20, reflecting chiefly advances in the prices of farm products
and foods. The increase in the general index followed a decline
from a level of 79.6 per cent in the early part of March.
BANK CREDIT — During the four weeks ended April 17,
member bank balances with the Federal Reserve banks increased
by $140,000,000 and excess reserves rose to $2,100,000,000. This
increase reflected gold imports of $120,000,000 and disbursement
of $105,000,000 by the Treasury from the balance with the Reserve
banks, offset in part by an increase of $60,000,000 in the demand
for currency.
Total loans and investments of weekly reporting member
banks in leading cities increased by $150,000,000 in the four weeks

ended April 17. Loans on securities declined somewhat during
this period, while other loans and holdings of investments in­
creased. Net demand deposits of these banks increased by
The rate for call money on the New York Stock Exchange
was reduced in April to 1/4 per cent from the 1 per cent level
that had been in effect for more than a year. Quotations for
90-day time money were also lowered to 1/4 per cent and there
was a reduction in rates on acceptances of the longer maturities.