The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1918-09-04
TENTH DISTRICT
FEDERAL RESERVE
BANK STATEMENT

Kansas City, Mo-, Sept. 3.-Fol-
lowing is the Federal Reserve
bank statement for this (lOth) dis
trict:
The progress OF events during
the past month offers less salts
factory outlook than in July. Corn
prospects are much decreased with
yield promised to be considerably
less than last year. No improve
ment has been shown in the coal
situation and the seeming uncalled
for slump in Oklahoma oil activ
tiles failed to maintain the stand
ard OF the previous month. There
is spirit OF optimism throughout
the Southwest and desire to do
all that is possible to further the
government in its endeavors.
Financial.
1t has been reported that the
usual summer business has been
less general than in former years.
That this is probably true is borne
out by the fact that bank clear
ings in the principal cities OF this
district for July increased 30 per
cent over those of July, 1917. This
is much larger increase over the
preceding year than was reported
in June.
Financial relief has been prom
ised the drouth stricken portions
OF the district by the War Finance
Corporation with the Kansas City
Federal Reserve bank acting as
agent Movement OF crops has
caused the demand for money to
remain steady, with rates firm. The
capital issues committee is having
a very wholesome effect in curtail-
ing the issues OF wildcat securities
and other unesSentials.
Agriculture.
The outlook for the corn grow
cr is not as bright as Il month ago.
Uniavorable weather during July.
climaXed by an extended period of
excessive heat, caused marked de
terioration in corn except in the
Rock Mountain states, where salts
factory progress was made. \
considerably diminished yield is
now to be expected from this dis
trict. as many fields throughout
Oklahoma, Kansas and Nebraska
were damaged without hope OF re
covery, while other areas over a
more extended territory are in
jured. Winter wheat thrcshing is
being completed with reports OF
grain OF exceptional quality,
Wheat receipts increased in vol
ume as the harvest progressed,
amounting to record proportions
at some milling centers. Receipts
on the local market set a new rec
ord for July, equalling almost four
times the amount for July, 1917.
Demand for flour was we'll main
tanned throughout the month, but
the large arrivals OF grain more
than sufficed and the premiums
over guaranteed prices that were
established during the heavy com
petition Tor first wheat steadily
declined. Milling activity increased
as the wheat became available until
the maximum capacity OF flour
output was approached. The av-
erage activity during the month
was 90 per cent. compared with
81 per cent Il year ago. which is
reflected in an increase OF Al per
cent in flour production. The
ported to be in excellent condition
sugar beet crop of Colorado is re-
with prospects OF large yield per
acre, but the acreage is only about
IS per cent OF normal.
Livestock.
The movement of livestock con.
tinues in satisfactory volume, with
receipts and prices climbing to
record figures. The number of cat
tie, hogs and sheep received at the
six principal markets of this dis
trict each increased almost 100000
head over the same month last year,
establishing a new July record for
total receipts. Not only was there
an increase OF p per cent in hog
receipts, but the average weight OF
2l7 pounds made substantial gain
over the average of 207 pounds for
July a year ago. Hogs command
ed record prices for 1918 and prices
for some cattle were greater than
before.
The enormous trend of cattle to
the markets in July was due partly
to the dry weather, which burned
lthe pastures and generally forced
premature shipments. Conditions
in the hog market changed from