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Of Agricultural, Industrial, Trade and Financial
Conditions in the Eighth Federal Reserve District
Released for Publication On and After the Afternoon of July 31, 1930
N S. W O O D ,
Chairman and Federal Reserve Agent



HE recessionary tendencies in trade and in­
dustry which have prevailed in this district
in greater or lesser degree since last fall,
were emphasized during the past thirty days by
reduced activities due to the usual seasonal influ­
ences. Vacations and the closing down of many
plants for repairs, resulted in a further decrease in
factory employment, and production in a number of
important lines was at the lowest rate in more than
a half decade. Purchasing of commodities by mer­
chants and the public continued along very conser­
vative lines, there being a general disposition among
all classes of buyers to take only what is needed for
immediate use. Almost universally manufacturers
are pursuing the policy of producing only on orders,
and in lines which at this time of year ordinarily
make up goods for fall and winter distribution, in­
ventories are unusually small.


The movement of commodity prices continued
downward, and in the case of wheat, corn, cotton
and certain other farm products, values were at the
lowest point since the beginning of the World War.
This fact, coupled with uncertainty relative to the
outcome of crops, served to hold down distribution
of merchandise in the agricultural areas. Generally
through the district unusually dry weather pre­
vailed, resulting in serious damage to growing crops
in some sections, and adversely affecting the live
stock and dairying industries. Through the district
as a whole, the accumulated deficiency of precipita­
tion from March 1 to the middle of July, is the great­
est in recent years. The hot, dry weather, however,
has been ideal for harvesting wheat and other early
grains, and effects of the drouth have been partly
offset by intensive cultivation.
Except in the case of commodities used exten­
sively in hot weather, both production and distri­
bution was smaller than a month and a year earlier.
Activities at iron and steel plants were reduced in
more than the usual seasonal volume, and the vol­
ume of new orders placed was the smallest for any
month this year. Purchasing by the railroads and
automotive industry was at a low ebb, and no im­

Assistant Federal Reserve Agent



S T.

J. V I O N P A P IN ,


provement was noted in the demand from the build­
ing and oil industries. Lumber and textile mills in
the south further curtailed their operations, and
reduced production of bituminous coal was the rule
in all fields of the district.
The volume of retail trade in June, as reflected
in sales of department stores in the principal cities
of the district, was 12.7 per cent smaller than dur­
ing the same month last year, and the first half of
this year the volume was 7.1 per cent less than
for the first six months of 1929. Combined sales of
all wholesale and jobbing lines investigated showed
a decrease of 23.0 per cent in June as contrasted
with the same month last year. Construction con­
tracts let in the Eighth Federal Reserve District in
June were considerably larger than a month and a
year earlier but building contracts let in the five
largest cities showed sharp decreases in both com­
parisons. Debits to individual accounts in June
were slightly smaller than in May, and 11.4 per cent
less than in June, 1929. For the first six months
this year the volume of debits shows a decrease of
10.7 per cent as compared with the first half of 1929.
The amount of savings deposits showed only slight
variation between June 4 and July 2, and on the
latter date were smaller by 3.2 per cent than a year
Reduced commercial and industrial activities
were reflected in a further curtailment of the freight
traffic of railroads operating in this district, the vol­
ume continuing to run below that of a year and two
years earlier. Practically all classifications of freight
are affected, with reductions particularly marked in
farm products and merchandise and miscellaneous
freight. Loadings of revenue freight for the country
as a whole during the first 27 weeks this year, or to
July 5, totaled 23,999,447 cars, against 26,528,096
cars for the corresponding week in 1929, and 25,312,720 cars in 1928. The St. Louis Terminal Rail­
way Association, which handles interchanges for 28
connecting lines, interchanged 206,305 loads in June,
against 217,226 loads in May, and 242,703 loads in
June, 1929. During the first nine days of July the

interchange amounted to 53,753 loads, against
62,388 loads during the corresponding period in
May, and 66,811 loads during the first nine days of
June, 1929. Passenger traffic of the reporting lines
decreased 15 per cent as compared with the same
month last year. Estimated tonnage of the Federal
Barge Line between St. Louis and New Orleans
in June was 139,700 tons, the largest this year, and
comparing with 124,924 tons in May and 103,934
tons in June, 1929.
Collections generally throughout the district
during the past thirty days developed slight reces­
sionary tendencies. The average was somewhat
below that of May, and considerably under that at
the corresponding period a year ago. Wholesalers
in the large centers report a greater number of de­
lays and requests for extensions. They note, how­
ever, that due to generally small inventories held by
retailers, settlements are prompter in numerous in­
stances than might be expected under existing con­
ditions in business. Country retailers continue to
complain of slowness in collections, and attribute
the backwardness partly to preoccupation of farmers
with harvest and other pressing work. Large de­
partment stores and city retailers generally report
an adverse effect on their collections from the ab­
sence of numerous customers on vacations. Pay­
ments on goods purchased on the installment plan
are less satisfactory than earlier in the year. Ques­
tionnaires addressed to leading interests in the vari­
ous lines scattered through the district elicited the
following results r
E xcellent

G ood


P oor

June, 1930.....................1.0% 13,2% 62.9% 22.9%
May, 1930.................... 1.0
June, 1929.....................2.9
Commercial failures in the Eighth Federal Re­
serve District in June, according to Dun’s numbered
104, involving liabilities of $1,778,914, against 133
failures in May with liabilities of $4,959,105, and 98
failures for a total of $1,894,983 in June, 1929.
The average daily circulation of the United
States in June was $4,489,000,000, against $4,497,000,000 in May, and $4,687,000,000 in June, 1929.
Automobiles — Combined passenger car, truck
and taxicab production in the United States in June
totaled 335,475, against 417,154 in May, and 545,252
in June, 1929.
As has been the case during the past six years,
with the exception of 1926, distribution of automo­
biles in this district, according to dealers reporting
to this bank, declined from May to June. The June
total was also considerably smaller than for the cor­
responding month in 1929, and the smallest for any
month this year with the exception of January.

With the exception of February, every month since
last August has shown a decrease in sales as con­
trasted with the corresponding period a year earlier.
The smaller volume of distribution reflects, as in
other lines, reduced employment in the large indus­
trial centers, and the depressed price levels of the
princpial agricultural products. During the past
thirty days the decrease in business of automobile
dealers has been more marked in the small towns
and country than in the urban communities. In ad­
dition to the low prices of agricultural products,
farmers were intensively engaged in harvesting
wheat and other field work, and were generally dis­
posed to postpone filling their automobile require­
ments. Dealers in the large cities reported that
there was considerably less stimulation to their
business in both new cars and parts and accessories
from the touring season than during the past several
years. Demand for garage and shop supplies, how­
ever, was relatively greater than for automobiles
proper, reflecting, according to the dealers, a general
disposition on the part of owners to recondition
their cars for additional service. Decreases in both
the month-to-month and yearly sales comparisons,
were spread generally through all classes of makes.
Sales of trucks in June declined sharply as con­
trasted with the several preceding months and were
substantially less than in June, 1929. June sales of
the new passenger cars by the reporting dealers
were 18.3 per cent smaller than in May, and 25.7
per cent less than in June, 1929. The policy of con­
servative buying by both jobbers and retailers,
which has obtained since early in the year, resulted
in a further slight reduction in inventories. Stocks
of new cars on hand on July 1 were 12.4 per cent
smaller than on the same date in 1929, and 6.2 per
cent less than on June 1 this year. There was also
a further decrease in salable used cars on hand, the
July 1 total being 9.3 per cent smaller than on June
1, and 2.8 per cent larger than on July 1, 1929. June
sales of parts and accessories of the reporting deal­
ers were 10.0 per cent smaller than in May, and 3.6
per cent smaller than in July, 1929. Deferred pay­
ment sales of the reporting dealers in June consti­
tuted 50.2 per cent of the total sales, against 52.1
per cent in May, and 55.0 per cent in June, 1929.
Boots and Shoes — Sales of the five reporting
interests in June were the smallest since last Decem­
ber, falling 30.5 per cent below the total of the same
month in 1929, and 36.8 per cent below May this
year. Stocks on July 1 were 27.2 per cent larger
than on June 1, and 14.7 per cent greater than on
July 1, 1929. In both sales comparisons, decreases
were general, both with reference to the various
lines and territories. Retail stocks are mainly of
moderate proportions, as indicated by an unusually

large number of small-lot orders specifying imme­
diate shipment. There was no change in prices as
contrasted with the preceding thirty days, and the
average is from 5 to 7 per cent below the levels ob­
taining a year ago. Factory operations declined
about 5 per cent as compared with the preceding
month, and were at from 80 to 85 per cent of capac­
Clothing — Purchasing by the retail trade, par­
ticularly for future delivery, has been along ex­
tremely conservative lines. Sales of the reporting
interests for fall delivery are considerably smaller
in volume than a year and two years ago. Demand
for working clothes, in both the city and country
continues quiet. In the immediate past the move­
ment of summer apparel through retail channels
has picked up substantially resulting in a fair vol­
ume of reordering. The trend of prices was down­
ward in virtually all lines. For the first half of 1930,
sales of the reporting clothiers were approximately
a fourth smaller than for the corresponding period
in 1929.
Drugs and Chemicals — Affected by reduced
requirements of the general manufacturing trade
for heavy drugs and chemicals, the volume of busi­
ness in this classification sustained a further de­
crease. June sales of the six reporting interests
were 13.7 per cent smaller than for the same month
in 1929, and 12.5 per cent less than the May total
this year. Stocks on July 1 were 1.3 per cent smaller
than thirty days earlier, and 4.9 per cent larger than
on July 1, 1929. In the immediate past substantial
improvement has taken place in the movement of
seasonal goods, notably soda fountain supplies and
certain proprietary preparations.
Dry Goods — Closing of the spring season in
this classification showed declines in sales for the
reporting firms of 10 per cent as compared with
a year ago. Uncertainty relative to prices, and
depression in general business adversely affected
advance business, which is in smaller volume than
at any corresponding period in more than a half
decade. Considerable irregularity exists in the seve­
ral lines, some showing marked depression, while
others, notably novelties, are showing relatively
good response. June sales of the eight reporting
interests were 24.0 per cent smaller than for the same
month in 1929, and 18.7 per cent less than in May
this year. Stocks on July 1 were 11.0 per cent larger
than a month earlier, but 16.2 per cent smaller than
on July 1, 1929.
Electrical Supplies — Sales of the 6 reporting
firms in June were 22.5 per cent smaller than for the
same month last year and 2.4 per cent smaller than
the May total this year. Stocks on July 1 were 2.4
per cent smaller than a month earlier and 7.3 per

cent larger than on July 1, 1929. There were no price
changes of significance as compared with the pre­
ceding month, but the average was from 3 to 5 per
cent lower than a year ago. A sharp falling off in
radio materials was noted in the yearly sales com­
parison, and the movement of fans and other season­
al goods were in smaller volume than in 1929.
Flour — Production at the 12 leading mills of
the district in June was 332,361 barrels, the smallest
in about two years, and comparing with 332,510
barrels in May, and 360,335 barrels in June, 1929.
Stocks of flour in St. Louis on July 1 were 13.1 per
cent larger than on June 1, and 4.2 per cent smaller
than on July 1, 1929. The decline in prices of cash
wheat served in a measure to give greater stability
to flour prices, and business during the last half of
June was more active than for some time.
Furniture — Generally through the furniture
industry unusual apathy exists in demand. Purchas­
ing by ultimate consumers is at a minimum, and
distributors are holding down their inventories to
as low a point as possible. Production has been cur­
tailed in marked degree, and specifications on goods
previously ordered are disappointing. Sales of the
12 reporting interests in June were only about half
as large as for the same month in 1929, and 18.9 per
cent smaller than the May total this year. Stocks
on July 1 were 3.5 per cent and 3.9 per cent smaller,
respectively than a year and a month earlier.
Groceries — Generally smaller demands in the
country, and slack buying for future delivery were
mentioned as the chief influences in a decrease of
7.7 per cent in June sales of the 14 reporting inter­
ests as compared with the same month in 1929, and
7.7 per cent as contrasted with the May total this
year. Stocks on hand on July 1 were 3.3 per cent
and 16.3 per cent larger, respectively, than thirty
days and a year earlier. The trend of prices was
lower, with specific reductions on a number of im­
portant commodities.
Hardware — The trend of business in this clas­
sification has been downward since last fall, and for
the first half of the present year, sales of the report­
ing interests show a decline of approximately 15 per
cent as contrasted wtih the first six months of 1929.
June sales of the 13 reporting interests were 27.9
per cent below those of the same month in 1929, and
8.1 per cent less than the May total this year. Stocks
on July 1 were 1.7 per cent and 11.8 per cent lower
respectively, than thirty days and a year earlier.
Particularly heavy losses were noted in sales of mer­
chandise for consumption in the rural areas and of
builders’ tools and hardware.
Iron and Steel Products — Purchasing of iron
and steel by all classes of consumers continued at a
low ebb during June, and during the first half of

July activities at mills, foundries and machine shops
was further curtailed by the Independence Day holi­
days and closing down for vacations, repairs, mid­
year inventorying and because of the extreme high
temperatures. Despite the fact that outbound ship­
ments of finished products were in smaller volume
than during the preceding thirty days, reporting in­
terests generally showed a reduction in unfinished
business. New orders are being sparingly placed,
and specifications on goods previously contracted
for were considerably below expectations. Purchas­
ing by the railroads dropped to a minimum, and was
confined almost exclusively to materials for imme­
diate use. In point of ordering of new equipment,
June proved one of the lightest months this year.
Demands of the automotive industry were also un­
usually small. Reduced operating schedules by a
number of the most important producers were re­
flected in a slowing down in specifications on cast­
ings and other automobile parts. The outlets
through the building industry failed to broaden,
and except in the case of commodities going in to.
highway construction, public utility and municipal
improvements and river and levee work, materials
in the building category lagged. Demand for sheets
and tank plates declined further, and operations of
producers of these commodities were further cur­
tailed. Wire and wire goods continued quiet, with
a lower trend in prices. Due chiefly to the depres­
sion in values of farm products, the demand for iron
and steel goods used chiefly in the country was sub­
stantially below the seasonal average of the past
half decade. This was true especially of farm imple­
ments, manufacturers of which reported advance
business below that at the same time a year and two
years ago. Smaller future orders than during the
past several years were also reported by manufac­
turers of stoves and heating apparatus. Machinery
and engine builders noted a decrease in unfinished
orders, and new business being sparingly placed.
The general trend of prices was lower, with specific
reductions on a number of important items, among
them pig iron, nails, bars and certain grades of cold
rolled material. Generally finished steel prices were
subject to competitive conditions, with concessions
frequent on desirable business. Interest in pig iron
lagged, buying for third quarter requirements being
light. Prices were from 50c to $1 per ton lower.
The downward movement in scrap iron and steel
prices continued unbroken, heavy melting steel and
some other important items recording the lowest
levels in recent years. Production of pig iron for
the country as a whole in June totaled 2,932,806
tons, against 3.241,477 tons in May and 3,715,104
tons in June, 1929. Steel ingot production in the

United States in June amounted to 3,440,239 tons,
against 4,024,778 tons in May and 4,903,657 tons in
June, 1929.
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
June, 1930 6 months ending June 30, 1930 Jan. 1. to
comp, to
June 30, 1930 to
com p, to
June 30,
June, 1929 same period 1929 June 30, 1929 1930 1929
— 4.9%
Evansville .......... — 17.3%
+ 3.4%
1.05 1.20
— 10.4
Little R o ck ........— 16.9
— 9.9
1.16 1.22
Louisville ..........— 6.3
— 8.1
+ 10.1
1.46 1.61
— 8.9
M emphis ............ — 13.3
— 2.6
1.51 1.56
Q uincy ................— 5.6
- f 3.4
+ 2.8
1.31 1.33
St. L ou is............ — 13.2
— 6.3
— 3.1
1.93 2.00
Springfield, M o..— 10.0
— 8.4
— 10.0
8th D istrict........— 12.7
— 7.1
— 2.1
1.69 1.76
Stocks on hand
N et sales com parison
June, 1930 com p, to
June, 1930 com p, to
June, 1929
M ay, 1930
June, 1929 M ay, 1930
M en’ s furnishings..........— 19.3%*
+ 3.9%
— 1.1% '
— 7.9%
— 6.7
— 11.7
Boots and shoes.................— 21.3
— 11.3

Department Store Sales by Departments — As
reported by the principal department stores in Little
Rock, Louisville, Memphis, and St. Louis.
P ercentage increase or decrease
June, 1930 com pared to June, 1929
N et sales
Stocks on hand
for month
at end o f month
P iece go o d s........................................... .— 2 2.0 % "
— 4.8%
R eady-to-w ear accessories.................— 13.0
+ 2.2
W om en and misses’ ready-to-wear..— 21.1
-1 0.4
M en’s and b oys’ w ear..........................— 17.4
— 0.3
— 1.5
H om e furnishings................................ — 23.3

The dollar value of permits issued for new con­
struction in the five largest cities of the district
in June was 31.9 per cent smaller than in May and
28.5 per cent less than in June, 1929. According to
statistics compiled by the F. W . Dodge Corpora­
tion, construction contracts let in the Eighth Fed­
eral Reserve District in June amounted to $73,076,754, which compares with $32,876,399 in May, and
$41,847,546 in June, 1929. Production of portland
cement for the country as a whole during June
totaled 17,237,000 barrels, against 17,249,000 barrels
in May and 16,803,000 barrels in June, 1929. Build­
ing figures for June follow :
N ew Construction
Perm its
Evansville . 415
$ 135 $ 713
Little R ock: 31
Louisville .
, 237
St. Louis..... 380
June totals 1,144 1,516
$3,700 $5,174
M ay totals 1,288 1,592
A pril totals 1,635 1,894
* In thousands o f dollars (000 om itted).

Repairs, etc.
— 1 ‘ ‘Cost
3 ? $ 18





Returns from the five largest cities of the dis­
trict show a decrease in postal receipts for the
second quarter of the year of 1.6 per cent as com­
pared with the corresponding period in 1929, and

of 2.5 per cent as compared with the first three
months this year. Detailed figures follow :
____________ F or Quarter Ending___________
June 30,
Mar. 31,
June 30,
Evansville ......$ 168,000
$ 164,000
$ 161,000
Little R ock....
Louisville ......
Mem phis ........
St. L ou is...... 3,023,000
T otals........$4,667,000



June 30j m o
com p, to
June 30, 1929
+ 4 .3
+ 1 .9
— 1.7
— 6.2
— 1.4
— 1.6

Public utilities companies in the five largest
cities of the district report consumption of electric
current by selected industrial customers in June as
being 4.9 per cent greater than in May, and 0.4 per
cent smaller than in June, 1929. In the yearly com­
parison decreases were general in all lines other
than cement manufacturers. Gains shown in the
monthly comparisons were confined to plants whose
activities were increased by seasonal considerations.
Detailed figures follow :
N o. of
M ay,
June, 1930
June, June, 1930
Custom 19301930
com p, to
com p, to
* K .W .H . “ K .W .H . M ay, 1930
* K .W .H . June, 1929
Evansville .... 40
— 8.2% 1,826
— 10.9%
L ittle R ock.. 35
2,021 1,654
+ 2 2 .2
— 13.7
Louisville .... 85
6,729 6,240
+ 7.8
— 11.4
M em phis ...... 31
1,666 1,141
+ 4 6 .0
+ 2 6 .2
St. L ou is ......150
23,695 23,264
+ 1.9
+ 3.9
T otals......341
*In thousands (000 om itted).





— 0.4

High temperatures and a scant supply of mois­
ture were general through this district during the
past thirty days, especially in late June and the first
half of July, when the weather was the hottest
experienced in a number of years. The effects of
these conditions were beneficial to some crops and
extremely detrimental to others. Days of sunshine
and hot nights stimulated the growth and develop­
ment of cotton and corn, and afforded ideal condi­
tions for harvesting winter wheat, oats, rye and bar­
ley. In addition farmers were able to work in their
fields with little interruption, and row crops are
generally well cultivated and free from grass and
weeds. This has served to partly offset the detri­
mental effects of inadequate precipitation, particu­
larly where surface soil conditions have been unusu­
ally dry since early spring.
At the middle of July, however, general rains
were badly needed, and in many sections where
crops had held their own, signs of deterioration from
the drouth were in evidence. In all sections of the
district the condition of pastures is very low, the
combined average condition in states entirely or
partly within the Eighth District on July 1, being
58.0 per cent of the 10 year average on that date,
as compared with 86.0 per cent on July 1, 1929. Soy­
bean and cowpea acreages have been considerably
increased with the view of supplementing low pas­
ture conditions and poor prospective yield of hay.

The extreme high temperatures of early July, how­
ever, have considerably lowered the chances for
bringing legume crops to a successful issue.
Winter Wheat — Based on the July 1 condition,
production of wheat in the Eighth District is esti­
mated by the U. S. Department of Agriculture at
45.651.000 bushels, against 44,676,000 bushels har­
vested in 1929, and a 7-year average (1925-1929) of
43.636.000 bushels. Growing conditions since early
spring have been in the main favorable. Mild tem­
peratures in June were favorable for filling heads,
while the hot weather late in that month and since
July 1 has hastened ripening of the grain. Harvest­
ing and threshing has made rapid progress and early
threshing returns indicate yields generally in excess
of expectation, quality being mainly good, with high
test weight and low moisture content. Wheat prices
continued to decline, a new low for the season and
for the past sixteen years being reached in the third
week of July. For the country as a whole the out­
put of winter wheat is estimated at 558,000,000
bushels, against 578,000,000 bushels harvested in
1929, and a five year average (1924-1928) of 551,000,000 bushels.
Corn — Due to unusually favorable weather
during the planting season, the acreage planted to
corn in this district was above that of a year ago.
The crop got a good start, and conditions have been
ideal for cultivation operations. At the first of July
growth was well advanced and fields clean. Since
that date extreme high temperatures have hastened
development of the crop, but soaking rains are badly
needed for obtaining best results. There were scat­
tered complaints of firing and arrested growth, due
to the heat and lack of moisture. Prices continued
to decline, recording a new low on the 1929 crop in
late June. Based on the July 1 condition, the De­
partment of Agriculture estimates the yield of corn
in the Eighth District at 358,734,000 bushels, against
312.957.000 bushels harvested in 1929, and a 7-year
average (1923-1929) of 339,625,000 bushels. For the
United States the 1930 corn crop is estimated at
2,802,000,000 bushels, against 2,614,000,000 bushels
produced in 1929, and a 5-year average (1924-1928)
of 2,700,000,000 bushels.
Fruits and Vegetables — Prospects for fruit and
vegetable crops, which were poor earlier in the sea­
son, deteriorated further during the past thirty days.
High temperatures since the last week in June,
accompanied in many instances by hot winds,
proved detrimental to tree fruits, and substantially
lowered the outlook for commercial vegetable crops
and gardens. The peach crop in states partly or
entirely within this district is a virtual failure, July
1 condition indicating a yield of 1,111,000 bushels,
against 7,251,000 bushels harvested last year and a

5-year average of 8,175,000 bushels. In these states
the yield of apples is estimated at 12,343,000 bushels,
of which 1,651,000 barrels represent commercial
crop, against 14,280,000 bushels, with 1,620,000, bar­
rels commercial crop, harvested in 1929, with a 5year average of 23,967,000 bushels, with 2,511,000
barrels commercial crop. The pear crop in states
of the district is estimated at 963,000 bushels,
against 1,972,000 bushels in 1929, and a 5-year aver­
age of 1,681,000 bushels. Due to the large number
of new vineyards coming into bearing, the yield of
grapes is substantially larger than the 5-year aver­
age, but the estimated yield, 36,631 tons, is 1,565
tons less than produced in 1929. The sweet potatoe
crop in states of the district is estimated at 14,467,000
bushels against 17,741,000 bushels harvested in 1929
and a 5-year average of 16,748,000 bushels. The
white potato crop for the district proper is forecast
at 14,767,000 bushels, against 13,313,000 bushels
harvested in 1929, and a 7-year average of 15,731,000
bushels. The outlook for commercial tomatoes in
Missouri, Arkansas and Southern Illinois has been
substantially lowered by drouth conditions since the
last week in June.
Live Stock — The hot weather and low condi­
tion of pastures has had a detrimental effect on live
stock in parts of the district. In some sections it
has been necessary to haul water for and supply
more than the usual quota of feed to farm animals.
Based on the July 1 condition, the U. S. Department
of Agriculture estimates the output of tame hay in
the Eighth District at 6,267,000 tons, which com­
pares with 9,114,000 tons produced in 1929, and a
7-year average of 8,160,000 tons. There was a sharp
increase in the movement of cattle and sheep to
market in June as compared with a month and a
year earlier, but a substantial drop in the movement
of hogs in both comparisons.
Receipts and shipments at St. Louis as reported
by the National Stock Yards, were as follows:
Cattle and calves........ 99,863
H o g s .............................272,100
H orses and mules...... 2,052
Sheep ............................103,601

R eceipts
M ay
330,477 308,173

M ay
60,070 56,956 59,258
200,619 259,786 211,731
30,991 12,134 15,633

Cotton — A slightly larger acreage of cotton
was under cultivation in states wholly or partly
within the Eighth District on July 1 this year than
last, according to the U. S. Department of Agricul­
ture. Combined acreage in Missouri, Tennessee,
Mississippi and Arkansas is placed at 9,946,000 acres,
against 9,654,000 acres on the corresponding date in
1929. For the country as a whole the area under cul­
tivation on July 1 is estimated at 45,815,000 acres,
which is 2.7 per cent less than the acreage on the
same date in 1929. The estimate relates to acreage
standing on July 1, allowance having been made for

any acreage abandoned prior to that date and for
acreage replanted and in cultivation on that date.
Except in the case of late plantings, the crop is hold­
ing its own in good shape. Throughout the district
cultivation has been intensive, fields being unusual­
ly clean. The high temperatures of late June and
early this month has held boll weevil in check and
has developed tap-root which will strengthen the
plant in event of drouth later in the season. Demand
for old cotton continued quiet, and the trend of
prices was downward, a new low for the season
being reached in the third week of July. Stocks of
cotton in Arkansas warehouses on July 11 totaled
111,880 bales, against 126,663 bales on June 13, and
33,120 bales on the corresponding date in 1929.
Rice — Based on the July 1 condition, combined
production of rice in Arkansas and Missouri is esti­
mated by the Department of Agriculture at 7,784,000 bushels, against 7,119,000 bushels harvested in
1929, and a 5-year average of 8,384,000 bushels. Dry
weather has taxed pumping capacity to keep fields
flooded, and some acreage abandonment is reported.
Soaking rains are badly needed.
Tobacco — In the chief producing states of the
district the area planted in tobacco this season was
somewhat larger than a year ago. Based on the July
1 condition the output of all varieties of leaf in this
district is estimated by the Department of Agricul­
ture at 324,102,000 pounds against 307,662,000
pounds in 1929 and a 7-year average (1923-1929) of
288,688,000 pounds. Recently set tobacco with too
little moisture has suffered severely from the
drouth, and generally rains are badly needed in
order to prevent a reduction in weight of the crop
and poor quality.
Commodity Prices — Range of prices in the St.
Louis market between June 15, 1930 and July 15,
1930, with closing quotations on the latter date and
on July 15, 1929:
W heat
H igh
L ow
July 15, 1930
July 15. 1929
Sept.......................per bu..$ .98*4 $ -86*4
$ .89
.9 4 U
D e c .........................
N o. 2 red winter **
.8454 $ .86 @ .87 $1.41
@ 1.42
N o. 2 hard........... “
.85y2 @ .8654 1.34 @ 1.3754
D e c.........................
N o . 2 m ixed........ “
.8 5 54@ .86
1.0154® 1.02
N o. 2 w hite......... “
.8 6 5 4® .87
1.0354® 1.04
N o. 2 w hite......... "
.50> 4@
Soft patent......... per bbl. 6.25
5.40 @ 5 .8 0
7.00 @ 7.50
Spring patent...... “
5.20 @ 5 .3 0
7.75 @ 8.00
M iddling cotton....per lb.
H ogs on h o o f........per cwt.10.00
7.50 @ 9 .5 5 10.25 @ 12 .4 0

Demand for credit for commercial and indus­
trial purposes in this district during the past thirty
days continued the downward trend noted during
the similar period immediately preceding. Require­
ments of merchants and manufacturers, who at this

time ordinarily increase their commitments to pur­
with June 18, 1930. Deposits increased 1.6 per cent
chase and prepare goods for fall distribution, were
between June 18, 1930 and July 16, 1930, and on the
measurably smaller than in recent years. The sea­
latter date were 4.3 per cent larger than on July 17,
sonal demand for financing agriculture is making
1929. Composite statement follow s:
itself felt, particularly in the south, but the aggre­
*July 16,
*June 18,
*J.uly 17,
gate of such requirements is smaller than the aver­
Num ber of banks reporting...........
Loans and discounts (incl. rediscounts)
age at this particular time during the past half
Secured by U . S. Govt, obligations
and other stocks and bonds....$247,190
decade or more. The principal reason for this is
A ll other loans and discounts.... 268,027
that the price of winter wheat is the lowest recorded
Total loans and discounts................ $515,217
since prior to the war, and grain dealers, and eleva­
U . S. Governm ent securities...... 33,499
Other securities................................ 120,667
tor and flour milling interests are able to handle a
T otal investments................................ $154,166
much larger volume of wheat on their own capital
Reserve balance with F. R . bank.. 44,902
Cash in vault.........................................
than is usually the case. Another factor in the cur­
N et demand deposits................... 376,354
tailed demand for handling wheat is the general
T im e deposits.................................. 235,153
Government deposits.....................
disposition of producers to hold their stocks for bet­
Total deposits.......................................$613,432
ter prices.
Bills payable and rediscounts with
Notwithstanding these conditions, total loans
Federal Reserve B ank.................
*In thousands (000 om itted ),
and discounts of the reporting member banks have
fD ecrease due to consolidation. These 24 banks are located in St. Louis,
Louisville, M emphis, L ittle R ock , and Evansville, and their resources
moved sharply upward since early June, and on the
represent 53.1 per cent o f the resources o f all m em ber banks in this
second report date in July reached the highest point
since April and were slightly larger than on the cor­
Debits to Individuals Accounts — The follow­
responding date last year. The increase was due
ing table gives the total debits charged by banks to
entirely to the heavier aggregate of loans on securi­
checking accounts, savings accounts, certificates of
ties, '‘all other” loans showing a decline of 3.9 per
deposit accounts and trust accounts of individuals,
cent between June 11 and July 9. Deposits of these
firms, corporations and U. S. Government in leading
banks moved upward, and on July 9 reached the
cities of the district. Charges to accounts of banks
highest level of the year. Borrowings of all member
are not included.
banks from the Federal reserve bank were in slight­
*M ay,
June, 193C( com p, to
M ay, 1930 June, 1929
ly smaller volume than during the month before, and
; 44,666
$ 45,569
$ 72,849
— 38.7%
— 2.0%
substantially smaller than during the correspond­
— 4.2
— 2.6
- f 8.9
— 16.5
ing period last year.
+ 2.5
+ 1.6
Greenville, Miss....
+ 0.4
— 14.7
Commercial banks in the urban centers through
Helena, A rk ...........
— 14.1
— 17.2
— 8.2
— 6.4
the south report the demand from country corres­
+ 6.0
— 4.2
— 6.5
— 10.6
pondents to accommodate agricultural customers as
— 2.4
+ 5.0
Pine Bluff, Ark..
— 10.6
— 4.9
being in considerably larger volume and earlier than
— 18.3
— 14.8
— 0.7
— 11.5
last year. The poor condition of pastures and scant
— 5.7
— 15.7
— 2.6
— 5.4
stocks of feed stocks has occassioned larger than
— 2.7
— 22.3
usual requirements to purchase feed for farm ani­
Totals......$1,355,042 $1,368,372 $1,529,699
— 1.0
— 11.4
mals in the cotton and tobacco areas. Banks special­
*In thousands (000 om itted).
izing in live stock loans report a fair volume of
**Includes one bank in Texarkana, T exa s not in Eighth District.
liquidation, but continued active demand for con­
Federal Reserve Operations — During June the
ditioning cattle and hogs for market.
Federal Reserve Bank of St. Louis discounted for
The lessened demand for credit and generally
215 member banks, against 215 in May and 241 in
abundant supplies of loanable funds were reflected
June, 1929. The discount rate remained unchanged
in a further decline in interest rates, levels on all
at 4 per cent. Changes in the principal assets and
classes of loans at the middle of July being the low­
liabilities of this institution as compared with the
est recorded in recent years. Current rates at the
preceding month and a year ago appear in the fol­
St. Louis banks were as follow s: Prime commercial
lowing table:
loans, 4 to 5 per cent; collateral loans, 4J^ to 5$4
*July 23, *June 23, *July 23,
per cent; loans secured by warehouse receipts, 4 to
Bills discounted..................................................... $17,303
5y2 per cent; interbank loans, 5 to 5y2 per cent and
Bills bought............................................................
U . S. Securities.................................................... 22,643
cattle loans, 5 to 6 per cent.
Total bills and securities..............................$45,793
Condition of Banks — Loans and discounts of
F. R. N otes in circulation................................ 69,751
Total deposits........................................................ 78,522
the reporting member banks on July 16, 1930
Ratio of reserve to deposits
and F. R. N ote Liabilities.......................... 75.3%
showed an increase of 2.8 per cent as contrasted
* In thousands (000 om itted).
(Compiled July 24, 1930)

MENT — In June industrial production showed a further
substantial decrease and the Board’s index, which is adjusted
for ordinary seasonal variations, declined to the lowest level
since last December. Output of steel ingots declined in June
and early July more than is usual at this season, while
automobile production was sharply curtailed to a level con­
siderably below that of the same period of the past two
years. Cotton consumption, already at a low level, declined
further in June. Output of bituminous coal and copper con­
tinued in small volume. W ool consumption and shoe pro-

nary reports indicate that the decline in department store
sales from a year ago was of larger proportions in June than
in any previous month this year.
WHOLESALE PRICES— Commodity prices declined
more rapidly in June than in any other recent month and
the index of The Bureau of Labor Statistics at 86.8 per
cent of the 1926 average was about 10 per cent below the
level of a year ago. Prices of many important agricultural
commodities and their manufactures declined further and
certain leading imports of raw products, silk, rubber and
coffee, reached new low levels. There were also further

Index number o f production of manufactures and minerals combined,
adjusted for seasonal variations (1923-1925 a v e r a g e s 100).
Latest figure, June, 102.

Indexes of the U nited States Bureau o f Labor Statistics (1 9 2 6 = 1 0 0 ,
base adopted b y the B ureau). Latest figures, Ju n e: Farm
Products, 88.9; F oods 90.5; O ther Comm odities, 85.7.

duction increased slightly and cement output, as in the pre­
ceding month was at a high level.
Factory Employment and payrolls decreased further
in June. The number employed at steel plants and in the
automobile, agricultural implement, and cotton goods in­
dustries declined more than is usual at this season, and
employment in the woolen goods and lumber industries
continued unusually low. The value of building contracts
awarded in June, $600,000,000, according to the F. W. Dodge
Corp., was about 30 per cent more than in May and the
largest since last July. The increase reflected chiefly unusu-






declines in iron, steel and copper. Prices of raw wool,
hides and raw sugar increased slightly during June. Early
in July, prices of meats were stronger, but there were fur­
ther declines in many other commodities.
BANK CREDIT — Loans of reporting member banks
in leading cities declined somewhat between the middle of
June and the middle of July, and on July 16 were $60,000,000
smaller than five weeks earlier. Loans on securities de­
creased by $140,000,000, while “ all other” loans increased
by $80,000,000. The banks’ investments increased further
by about $280,000,000 during this period and were in larger






M on th ly averages o f daily figures fo r 12 Federal Reserve banks.
Latest figures are averages of first 19 days in July.

M onthly averages of w eekly figures for reporting m ember banks in leading
cities. Latest figures are averages o f first three weeks in July.

ally large awards for natural gas pipe lines and power plants.
The volume of contracts for residential building was some­
what smaller than in May. In early July the total volume of
contracts was small.
Department of Agriculture estimates, based on July 1
conditions, indicate a decrease from last year of about 20
million bushels in the winter wheat crop and a correspond­
ing increase in spring wheat. The corn crop is expected to
1 e about 2,800,000,000 bushels, 7 per cent larger than last
year and 6 per cent above the five-year average. Area
planted to cotton is estimated at 45,815,000 acres, 2.7 per
cent less than last year.

volume at any other time in the past two years. Member
bank balances at the reserve banks increased and in the
week ending July 16 averaged $60,000,000 naore than five
weeks earlier and at the same time their borrowings from
the reserve banks declined by nearly $20,000,000, reflecting
an increase in the reserve banks’ holdings of acceptances
and Government securities, a further slight growth in gold
stock and a continued decline in the volume of money in
Money rates in the open market continued to ease and
in the middle of July rates on 90 day bankers’ acceptances
at 17 per cent were at a new low level, while rates on
commercial paper at £-3^4 per cent were at the low point of
1924. During July #ie reserve bank discount rate was re­
duced at Boston from 3 ^ to 3 per cent and at Philadelphia,
Atlanta and Richmond from 4 to 3 ^ per cent.

DISTRIBUTION — The volume of freight car load­
ings in June and early July continued to be substantially
below the corresponding periods of 1928 and 1929. Prelimi­