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MONTHL Y BUS NESS REVIEW
OF THE

FEDERAL RESERVE BANI( OF DALLAS
LYNN P. TALLEY,

CHAS.

Chairman and Federnl Reserve Agent

c. HALL-W. J. EVANS,

Assistnnt Fcderal Reserve Agents

(Compiled February 15, 1925)
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Volume 10, No.

i

Dallas, Texas, March

1, 1925

'l' h~s c0l;'y re!ensed for publi·March
catIOn In afternoon papers

3.

DISTRICT SUMMARY
T"""""""""''''''''''''''''''''''''''''''''''''''""""""'''''''''''''''''''''''''''~;~'~''~~~~~~::'~:" :~":":~::~~'"''''''''''''''''''''''''''''''''''''''''''''''""''''''''''''''''''''''''''''''''''''''''''8
Eleventh Federa l R eserve Distr ict
January
Banle debits to individual accounts (at 15 cities ) ....................... ............ ............................ ........ .............. ......
DeJ)artment s tore snlcs ........................ ........................ ....... .. _......... ......... .... ..... ............. ........ ....... ....................... _.. .
Rescrve Banle loans to member banks nt end of month ........................ ... ......... .................. ........................... .
Reserve Bnnk ratio at end of month .....................................•.................. ..c....••.. ... ....•.•••••••..•........ •.•.•... .......•••••.•
Building p ermit valuntions at large r cenlers ....................................................~ ................. .... ................ ....... .
Comme rcial f a ilures (number) ................................................................................................................., ............. .
Commercial fai lures (liabilities ) ......................................... ..... ... ... .... ....... ........ ............... .......... .... .. ........... >• • • ••• • •••
Oil production (burreJs) ........... .................... ..... ........._.. ..................................... ................ ......... ....................... ... .
Lumber ol·ders at pine mills (per cent of normal production) .............. .... ..................................................

t:J

December

$771,94~,OOO

$'780,027,000
........................
$ 2,705,670
$ a,713,179
67.2%
61.0 %
$ 6,958,217
$ 6,922,981
78
52
$ 1,812,88 6
$
868,159
15,775,968
f8,6~5,052
.:.
86%
80%

Inc. or Dec.
Dec.
Dec.
Dec.
Inc.
Inc.
Inc.
Inc.
Inc.
[nco

1.0%

~6.5 %

.8%

6.2 points
.5%
50.0 %
256.6%
15.6%
6 points

11111111111111111111111111111111111111111111111111111111111111111111 II 11111.111111111111111111111 11111 It 111111111111111111111 11111 Jrlll It III" 11111 tI" 11111111111111111111111 1 111( 11111.111111111111111111111111111111111111111111111111111111111111 1'111

The winter drouth which has prevailed throughout prac·
tically the whole of the Eleventh District has begun to as·
sume a somewhat serious aspect, interfering with the growth
of winter grains, and retarding plowing operations in many
sections. It is also seriously affecting the livestock indus·
try in some sections. Reports from many areas indicate
that ranges are dry, the grass short, stock water low, the feed
supply inadequate, and livestock are in poor to only fair
condition. In some sections cattle have been moved to outside pastures and there has been a heavy movement to market
to avoid feeding at high prices. Both farming and livestock conditions would be greatly benefitted by ' an early
and general rainfall.
The volume of trade was well sustained during the past
month. Department store sales, although showing the
usual decline from the DecemJ)er peak, were 7.0 per cent
above those of January a year ago. Most lines of whole·
sale trade scored substantial gains as compared to both the
previous month and the corresponding month last year.
While merchants are still operating on a conservative basis,
confidence in the general business situation seems to be
strengthening. Charges to depositors' accounts, reflecting
the activity of business, showed only a slight decline from
the previous month and reflected a gain of 16 per cent
over the same month in 1924.
Despite' the active state of trade, the business mortality
rate in this district showed a large increase, both the num·
ber and indebtedness of defaulting firms being greater than
in any month in 1924.

Money conditions remained easy.

If)

Whi le there was a de·

cl~ne of approximately $10,000,000 in the demand deposits

of member banks, reflecting the seasonal withdrawal of
funds to meet the needs of business and agriculture, the
demand for bank credit at both the commercial banks and
the Federal Reserve Bank continued at low levels. Member banks continued to increase their investments whenever
desirable outlets for funds could be obtained, but at the
same time their cash reserves and bank balances remained
relatively large.
The petroleum industry, which experienced very unsatis.
factory conditions during the greater part of 1924, has
shown a notable improvement during the past month. There
have been substantial increases in the posted price of crude
oil at all producing fields in the district and in some fields
a premium is being paid by refiners in order to obtain suf.
ficient oil to keep their plants in operation. The higher
prices together with the improved demand for the product
has stimulated drilling activity, which, in turn, accounted
for the large increase in the district's total production.
The district's building operations, as reflectea: by the
valuation of permits issued at principal cities, were main.
tained at the December level, but were 18 per cent below
January, 1924. It will be recalled, however, that in the
latter month th~ volume of building was exceptionally large.
The January sh1pments of lumber and cement showed an increase as compared to the previous month.

CROP CONDITIONS
Weather conditions have been generally favorable for
farm work during the past thirty days, and farmers have
made rapid progress in the preparation of the soil for
spring planting. However, reports from many sections, par·

ticularly North Louisiana, East Texas, and Central.West
Tex~s, indicate that. fal:m work. is being retarded by the
contmued drouth whlCh IS becommg serious and causing the
ground to dry out to such an extent as to interfere consid-

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

2

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

erably with plowing operations. While some sections have
been benefitted by rain and snow, the district as a whole is
reported to be dry and much rain is needed to enable the
farmers to proceed satisfactorily with spring planting operations. Reports indicate that seeding operations have begun
in the extreme southern portion of Texas.
Winter wheat and oats generally have made poor progress during the past month, due to the effects of the freezes
in the latter part of December and the early days of January and the lack of sufficient moisture. Reports state that
much of the early oats and considerable wheat was killed by
the freezes. Farmers have been reseeding where the moisture condition would warrant, but the continuance of the
drouth together with the high price of seed has restricted
operations in many sections.

" ~;;';:':~~::;:~~~~~;~:"; :~; ':~;~ ~ 4~:~50';':;:10'i:0":' ': ' 2:4 ~9'; :'9~0'1~,"I:_

1:_
:"
::

For other foreig n ports.................................... ....
For co as twise ports ........................................... ,..
In compresses and depots ......................................

E

.,

Total ....................................................................

1 ---

573,268

263,188

§

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HOUST~~~:;:TO:\~;:~:~:: ~ JE:I:"

1
:
_

Receipts-Gross
447,197
221,789
Receipts-Net ............
237,630
104,382
§ Exports ........................
234,H7
80,911
,:, Stocks, Jan. 31st....... ... ,................ ....................

4,071,767
2,290,962
1,299,118
602,729

1: _
_
-

8,156,222
1,686,044
897,184 §
286,543:

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::

The January receipts and exports of cotton
at Houston and Galveston were substantially greater than those of the same month
last year. While the stocks at these ports on January 31st
wel'e somewhat less than those at the close of December,
they were much larger than those on the corresponding date
last year.

Cotton
Movements .

SEASON'S RECEIP'J.1S, EXPOR'l'S, AND STOCKS AT ALL

1
:-_
_

§

UNIT~D

STATES
Receipts since Aug. 1st........................... .
Exports: Grcat Britain ..........................
France ........................................
Cont inent ..................................

,J.h~:T7s'~3·aOs60'7n11

~!~~~C~~.~~. . :::::::: ::::: : :::: ::::::::

~

Total foreign ports..................

§ Stocks at all United States ports,
:

Jan. 31st .................................. ..............

Lust 5S,4 u69 o,ln
c s 98

E
---:i
_

1,874,740
629,918
2,161,772

1,870,487
525, 239 _
1,497,681 §

5,282,501

3,882,058 _
::
879,680 ::

5~~:m

1,488,627

48~:m ~

E

::
:

::
:

~

::
::
::

I

S;~;~n

~

::
::
::

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0

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E

E

COTTON MOVEMENTS THROUGH 'rHE PORT OF GALVESTON
Aug. 1s t to Jan. 31st
January
January
1925
1924
S;:;n
Net receipts..................
358,795
258,194
8,056,674
2,495,846
Exports ........................
498,699
279,458
2,546,256
2,266,270
Stocks, Jan. 31st........
............
............
573,268
263,188

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0
rn l l lllllll ltllllllt l fl l lllltl l l l l ll lllJl l .II IJI U l llIlI llI lJll lll ll l l ll lll fllIlI l11 11 11 11 1 1111 1111 1 11 1111 11 1111111 11 11 18

8

SPOT COTTON PRICES
(Middling basis )
January, 1925

::
::

~

New York ........................................

Hi\~.30

I ii[~~;:~:~~~:: : : : : : : : :·: : :.: : : : : ~: iHi

8 ..

::

§
Feb. 14,

::

LO~3 45 192~4 65 ~

niH

itn I

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Cotton
Cotton
(a)
(b)

COTTON CONSUMED AND ON HAND
COTTON GROWING S'l'ATES
January,
Jan uary, A ug . 1st to Jan. 81st
1925
1924
This
Last
Season
Season
consumcd ........................................................................
403 ,562
391,091
2,081,406
2, 072,342
on hand at end of month :
in consuming establishments. ..................................... .................. .... ............. ..
886,755
1,005,420
in public storage and compresses.............................. .. ............ ..... .. ................
8,585,413
2,659,414

::
UNITED STATES
January, Aug. 1st to Jan. 31st §
_
1924
T his
Last
Scason
Seas on
§
578,468
2,939,805
8,096,367 ::
:
................
1,488,814
1,637,824 §
................
8,868,475
2,968,983 E

§

January,
1925
589,725
................
................

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COTTONSEED PRODUCTS
There were 25,574,,537 pounds of crude cottonseed oil
shipped from 74. mills in the Eleventh District during January, as compared to 27,844,729 pounds shipped from 73
mills during December. Shipments during January brought
an average price of $.0916 per pound, which reflects a slight

'"'' ' ;:~:;~~'' ::::::~~;E;' '::''~::~:::''::~;'' I: _
Crude oil ................................................ .
Cake and meaL ......................................
HullB ........................................................ .
Linters .........................................~ ..........
8

Products
Av. Price
Shipped
F .O.B. Mill
25,574 ,5371bs. S .0916 per lb .
49,282 tons 36.07 p er ton
87,111 tons 9.15 per ton
9,283,628 1bs.
.0437 per lb.

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8

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I
_
!. .".. ~.:~:~~::. .:.::::.:.: :.: :.: : :.: : : .: : :':.': :': .: : :'. : : :': : : '. : :::'.~ ~.:~.:. . . . .:~:~.~. l
~.
E

COTTONSEED RECEIVED AT 'l1HE

:

:ar::~~

Cottonseed received at reporting mills (tons) ... ~ ... 59,431
Average price per ton paid for seed (including

::

December

:_:

107,110

:

gain over the average price of $ .09 obtained for shipments
made during the previous month. The price for hulls, cake,
and meal was also slightly above the price received in December, but the price on linters showed a slight decline.
@

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I!]

Texas
United States
Aug. 1st to Jan. 81st Aug. 1st to Jan. 81st
This
Last
This
Last
Season
Season
Season
Season

Cottonseed received at
m ills (ton s) ..................
1,451,000
4, 126,000
1,259,000
2,975,000
Cottonseed crushed
(tons) ............................
1,124,000
3,242,326
965,000
2,402,545
Cottonseed on hand
(tons) ............................
882,000
898,671
578,878
302,000
Crude oil produced
(pounds) ................... _ 323,300,000 269,820,094 971,257,902 707,186,088
Cake and meal produced (tons) ... ~ ......_...
521,000
448,772
1,480,858
1,099,755
Hulls produced (tons)
325,000
288,156
924,841
682,150
Linters produced (500lb. ba les) ................... .
211, 00 0
187,677
619,586
487,086
Stocks on hand Jan.
81st:
Crude Oil (poun ds) ........ 80,529,000 82,840,678 92,289,000 110,160,6'11
Cake and meal (tons)
36,0 00
49,624
194,934
219,434
§ [lulls (tons) ..................._
76,000
74,682
213,000
164,527 :
: Linters (500-lb. bales)
46,000
45,126
168,776
168,290::
[!J II • • IIIIIIIIIIIII I III II IIIIIIIIIIIIIIIIIIII I I.IIIIII I "11"1111'11111111".111111111 1 11111111111 111111.11 •• II'II ••• IIIII!)

s

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
LIVESTOCK
The lack of sufficient rainfall throughout practically all
of the district's range territory, together with the drouthy
conditions which had prevailed previously, caused a further
deterioration in livestock and range conditions. In Arizona,
the weather has been generally favorable and there has been
light to moderate precipitation in places but more rain is
needed. Reports indicate that stock water is adequate and
that , livestock are in poor to good condition. Livestock and
range conditions vary considerably in New Mexico. Livestock are holding up well in the southwestern portion, but
in the southeastern portion the drouth remains unbroken,
the grass short, stock water low, and livestock in poor condition. Practically all of the livestock have been moved to
other ranges.
Ranges are dry in practically every section of Texas, and
stock water is low in places. Caltle ranges averaged only
70 per cent of normal on February 1st as compared to 74
per cent on January 1st and 89 per cent on February 1st
last year. This condition represents a decline of 4. points
during January this year as against a gain of one point in
that month last year. Reports indicate that there is but
little grass to be found and that feed is scarce. Small grain
pastures are dry and are affording but little grazing. There
are many weeds up in some sections but they will not afford much pasturage un til it rains. The February 1st condition of Texas cattle was 74. per cent of normal, which is
five points below the January 1st figure and 16 points below
that of the same date a year ago. A large percentage of
the cattle are thin, with but few fat cattle to be found. However, reports indicate that they are holding up as well as
could be expected under the circumstances. With the exception of the Coastal section, losses have been lighter than
usual.

f!1'.....
§
:

r;J

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§
:

COMPARATIVE TOP LIVESTOCK PRICES

E
:
:
::
::

Beef steers ..........................................
Stocker steers ....................................

:
::

Stocker cows ....................... ~.... .. . .. . ...
Calves .................................... ................

E Butcher cows ......................................

January
1925
$ 8.50
7. 25
5.50
8.76
7.60

January
December E
1924
1924:
:
$ 8.50
$ 8.00 :
7.15
7.00 ~
6.85
5.50 E
8.75
8.25 :
7.50
7.85 :

1..~:.~"~.:.~" ":.".:". . ".:".":. ., .:.!, " " '~ .~~." ' ' ' '~~.!~" " ".:~:~u
TEXTILE MILLING

While the demand for cotton goods is still limited and is
confined largely to hand-to-mouth buying, underlying conditions continue to show some evidence of improvement.
The cotton market fluctuated within narrow limits, and
prices on cotton goods were fairly steady with an upward
trend. The production at reporting mills reflected a
gain of 11.0 per cent over the previous month and 3.5 per
cent as compared to a year ago. Orders and stocks on hand
at the close of the month were greater than at the end of
either December or January a year ago.
r!I
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:
.
.

oo.:X~:~:m~::~N;·;6~75":'0~08"';~~;r:.. D·;:6~74~.80:or28 :!~

N"m>" '"."
Number spindles active....................
Number pounds cloth produced......

•••

1,001.268

66.144
967,295

901.809

8 " 1 , 11 ,11111,.,1"11,1,1111.,111111,.,1,11111111111111.1,1111111111.1111 1 111 1111 11111111 '111111111111'.11' •• ,11111"" 8

WHOLESALE TRADE

The renewed demand for merchandise in the wholesale
channels of distribution, which became prominent during
Movemen/;s
January cattle receipts at the Fort Worth December and assumed greater proportions in January, was
and Prices.
market showed a heavy decline from De- the outstanding development of the trade situation. Sales
cember, but were larger than the usual sea- in all reporting lines except hardware were greater in Janusonal movement. The supply of calves offered was not only ary than in the previous month and sales in all lines except
considerably below the previous month, but was less than a dry goods registered a substantial gain over the correspondyear ago. The January hog receipts were substantially ing month last year. Heavy buying in nearly all lines since
greater than in December but less than last year. There was the first of the year has materialized because the retailers
a heavy increase in sheep receipts both as compared to closed the year with relatively low stocks and they found it
the previous month and the corresponding month last year. necessary to make large replacement orders to meet the improved consumer demand.
The strength in the sheep market was the outstanding facWhile purchases have been large and many retailers are
tor during the month, there being an advance of $1.50 on placing orders for forward delivery in a suhstantial volume,
sheep and $1.00 on lambs. During the closing week a top conservatism is still the dominating policy of the retailers.
price of $11.25 was paid for sheep and $16.75 for lambs. Forward commitments as a rule are being limited to such a
A top price of $11.25 was paid for hogs, which was only ten volume as can be easily disposed of during the spring
cents under the highest price paid during 1924. The mar- season.
ket at the close of the month was about 15 cents higher than
Some dealers state that recently buying has shown a fallat the end of the previous month. Calves were marked up ing off in some sections, due to the continued drouth which
ahout 25 cents. Cattle prices generally were steady to slight- places an unfavorable outlook on the crop situation. Howly lower.
ever, the general sentiment is that the distribution this
spring will exceed that of a year ago, especially if the
drouth is broken in sufficient time to enahle the farmers
FORT
Loss or §
•• to proceed with planting operations under favorable con:§
•
1925
1924
Gain
1924
Gain
ditions.
Cat t le ................................75.411 67,082 G 8,870 118.972 L 38.561
: Calves ................................ 15,078 19.875 L 4.297
87.278 L 22,200 :
Collections are generally satisfactory in most lines but
§ liogs ..................................51,087 58.882. L 2.295 41,956 G 9.081 E
:: Sh e~p ..................................80.416 14.849 G 15.567
20.682 G 9.784 ::
some dealers state that payments are being received at a.
slower rate than conditions WO\lld . eem to warrant.
W IIII.IIIIIIIII •••••••• I.III.III.IIIIIIII.III ••• ••• I •• III'IIII.,II.'.III'. """" "! ". !".!!!, !"" " ,!,,,", ', •••• ••• 8
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1
:..

W~~::r~I;n~~:~C~o:~~EI:::mber

4

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

The January sales of wholesale dry goods firms registered a gain of 44 .9 per cent as compared to December, but a
decline of 27.2 per cent as compared to the corresponding
month of 1924,. However, the decrease from a year ago
was not surprising to the trade in view of the fact that
prior to January 1, 1925, wholesalers had booked practically no orders for J anuary shipment, whereas at the close
of 1923 the volume of such orders on their books was comparatively large . ....The trade excursions, which began at the
first of February in practically every distributing center
of the district, have brought a large number of merchants
to market. Buying is reported to be heavy for both imme·
diate and future shipments. However, indications are that
merchants are operating on a conservative basis, and are
holding commitments well within the prospective consumer
demand. Dealers state that the outlook appears good in
view of the fact that the stocks in the hands of the retailers
are light and any noticeable improvement in consumptive
demand will be quickly reflected in the demand at wholesale.
The opinion of the trade seems to be that distribution this
spring will equal or exceed that of the previous season.
There was a brisk demand £.or groceries throughout J anuary, the month's sales being 7.0 per cent greater than in December and 7.7 per cent larger than in January last year.
Merchants are showing a disposition to buy freely for nearby requirements, but are proceeding cautiously in placing
orders for future delivery. Prices during the month remained generally firm. Dealers state that the outlook for
the immediate future is from fair to good.
While the heavy buying of drugs at wholesale evident
early in January slowed down in some sections of the district during the latter part of the month, the January sales
of reporting firms reflected a gain of 13.0 per cent over

the previous month, and were 5.8 per cent larger than those
of the same month last year. Nevertheless, merchants are
operating carefully and are buying principally for nearby '
delivery. Prices remained firm and collections averaged
about the same as in December.
The opening of the year witnessed a further market ex:pansion in the demand for farm implements. The January
sales of reporting firms exceeded those of the previous month
by 56.8 per cent and were 6.2 per cent larger than those of
January a year ago. However, reports indicate that there
has been some slackening lately, due to the drouth which is
retarding farm operations and is causing some apprehension
regarding the prospect for this year's CllOpS. However, dealers are expecting a revival in demand as soon as there is
sufficient precipitation to enable farmers to proceed satisfactorily with plowing and planting operations.
There was a reaction during January from the heavy
buying of hardware during December, as was evidenced' by
a 7.8 per cent falling off in sales. However, they were 4.1
per cent greater than sales last year, which indicates that
the demand is still active in this line of trade. Indications
are that orders are increasing and reports state that the
outlook for the spring is encouraging.
'1111111111111111111111111.11.11 •• "II .. II 111111111111111111 111.1"11111111111111 II II It 111111111111' 1111 tI II II II II .......

::

1
:.
§

CONDITION OF WHOLESALE TRADE DURING JANUARY, 1925
P ercen tage of 11lCrease :: ~ael:case in Stocks
N
J a n. 1925
Jan. 1925
compared with compared with
Jan.
J)ec .
J nn.
Dec.

•

[3
::

: ~_

§
:

1.~i~:~~:~:-. ,:.",. :",. , ~,. . ,f.~1'l. J}1. Y~1,!. ,i~I}.l
.

RETAIL TRADE
The January sales of twenty-three department stores
reflected a seasonal decline of 4,6.5 per cent as compared
to December, but were 6.5 per cent greater than in January,
1924,. The department stores in practically every section
of the state obtained good results from the January clearance sales, and reports indicate the spring goods are beginning to move in a considerable volume.
Stocks at the close of January were practically the same
as at the end of December, but were 3.5 per cent less than
at the close of January last year.

Outstanding orders at the close of January were larger
than those at the close of December, reflecting the increased
commitments on spring merchandise.
There was a slight improvement in collections during the
month. The ratio of January collections to accounts receivable on January 1st was 42.6 per cent as compared to 41.1
per cent during December and 4.1.6 per cent during January last year.

r-fllllllilltlllllllllllllllllllllllltlllllllllllllllllllllllllllllllllttlllill11111111111111111111111111111111111111111111111111111 1111111111111111111111""""111111111"""'1'1'1"11111111111'111111111111111111'111111111111'"11111.tllllllnll .....

,I!]

BUSINESS OF DEPAR'l'MENT STORES
Total SalesJan. 1925. compm'ed w ith J a n. 1924.. ................................................ ....... ..
Jan. 1925. compa" ed with Dec. 1924.. ... .. .. ... ....................................... ,.......'
Credit SalesJan. 1925. compared with Jan. 1924.. ................... ..................................... ..
Jan. 1925. compared with Dec. 1924.. ................................ ................. ,...... ..
StocksJan. 1925. compared with Jan. 1924.. ..................... ................................... ..
Jan. 1925. compa r ed with Dec. 1924.. ............................................ .... .,.......
Ratio of stocks to sales .......................................................................................... ,..
Ratio of outstanding orders to las t year's purchnses ..................................... ~
Ratio of Jan. collections to accounts r eceivable. due and outs tanding
January 1. 1925.......................................................... .............................. .........

Ft. Worth

Dallas

+

7.2
45.1

+
-

-

8.1
46.7

-

-

1.9

Houston

-

+

+ 444.1
1.7

+

3.6
68.4

-

.9

+602.18
5.

+

-

Others

Total District

+ 46.6
6.5

+ 7.4
- 40.7

6.8
45.8

-

46.1

-

9.4
46.4

7. ~

-

+ 56.9
9.0

All

5.2
48.3

-

5.0
.8
886, 0
9.6

-

0.5

11.5

17.4

8. 0
367.1
8.5

41.6

38.0

40.0

+

11.9

47.5

-

+

+424.9
.3

11.2
42.6

[!I'I.IIIII'I •• ' ••• II.'., •••• I •••••••• II.I.I •• I.IIIII •• 11111"11,11111"" •• 111,'11,1,.11111,1,.",11,.111.1.11111111.11.,11, . ,1,.111,11.,11111'1.1111111111111111111111" •• 111.1 •••••••• 111.1111111, •• 11.11111111.111.1 ••• 1111.'IIIII'.I.I.t'III •• III ••• IIIIID

FINANCIAL
The continued improvement in business during January the Eleventh Federal Reserve District. The total de))its for
was reflected in the volume of checks charged to depositors' the month amounted to $771,944,000, representing a deaccounts at banks located in the fifteen principal cities of cline of only 1.0 per cent from the ptevious month, w~ich is.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
considerably less than the usual falling off at this season
of the year. The increased activity during January this
year as compared to a year ago is shown by the fact that
debits averaged 15.9 per cent larger than in the opening
month of 1924. Furthermore, it should be noted that each
reporting city reflected a substantial gain over last year,
ranging from 5.8 per cent at Shreveport to 29.5 per cent
at Texarkana.

5

totaled $3,723,473,99 as against $4.,031,594.,23 on December
31st. The amQunt of these acceptances based on import
and export transactions declined from $3,183,770.80 on
December 31st, to $2,259,359.50 on January 31st, while
those based on domestic shipment and storage of goods rose
from $84,7,823,43 on the last day in December to $1,464,114.,4.9 at the end of January.

8. 1 •• ., 11 ••• 1• •• , •• 1.1 •• 1,.,1111111 •• 111111111111.1111111 •• 1•••• ••• • •• 11.11111111 11111.1111111111 •• 1111 ••• ,111IIIIIIII Ilm
January
1926
$ 11,016,000
A IbuQucrQue
25 ,861,000
A ustin
18,912,000
B eaumont .......
11,441,000
Corsieana ... ..
286,899,000
D alias
85 ,127 ,000
E I Paso ...........
91 ,940,000
F ort Worth ...
58,018,000
Galveston .......
151,414,000
H ouston
2,994,000
Roswell ............
40,528,000
S an Antonio ...
42.171 .000
S hreveport ....
..
10,904,000
'1'exarkana
9.255,000
T ucson _.... _..... ,
WT~~C'llth'"
25 ,474.000
Distrlct .... _ $771.944.000

-

8 .........

January Inc. or
December Inc. or
Dec.
Dec.
1924
1924
S 9,821 ,000 +12.2 $ 10,896,000 + 6.0
21,520,000 +20.1
22,855,00 0 +15.G
17,784,000 + G.G
16,561,000 +14 .2
10,176,000 +12,4
12,108,000 - 5.6
208,54G,OOO +lG,4 248,778,000 - 4.8
31,G77,OOO +10.9
88,268,000 - 8.2
76,410,000 +20.8
85,410,000 + 7.6
61,958,000 + 11.7
68,OG1,OOO - 8.0
129,103,000 + 17.3 . 156,713,000 - 3.4
2,814,000 +20.4
8,610,000 - 17.1
84,518.000 +17.4
8G.815.000 +11 .6
89 ,874 .000 + 5.8
40.487.000 + 4.2
8.422.000 +29.5
11,872.000 - 8.2
7,698,000 +20.3
10.115.000 - 8.5
21.422.000 +18.9
28.988.000 + 6.2

$6 GG.177,OOO

+15.9 $780,027.000

-

1.0

1111111. ,1 1111111111111111111111111111111111111111111111111111111111111111111111111I11111111111111111111111111£E1

Acceptance
Market.

Reports from accepting banks in this district reflected a decline during January in
the volume of acceptances which were
executed by them and were outstanding on the last day of
the month, The volume outstanding on January 31st

Condition of
Member Banks
in Selected
Cities.

Reports from 49 member banks in selected
cities reflected a further increase of $5,081,000 in their loans and investments during
January. The rise in the investments of
these banks was represented by an increase
of $2,758,000 in the holdings of United States securities
and $678,000 in the holdings of other stocks and bonds.
Loans secured by U. S. Government obligations and those
secured by corporate securities evidenced a slight decline,
but all other loans increased $1,818,000, and accounted for
the net gain of $1,M5,000 in total loans, The time deposits
of these banks rose $4.,595,000, but there was a loss of
$5,520,000 in their net demand deposits, thereby causing a
net loss of $925,000 in total deposits. Their reserve deposits with the Federal · Reserve Bank decreased $1,631,000
between December 31st and February 4.th. The ratio of
loans to net demand deposits was 85 per cent on February
4,th as compared to 82 per cent on December 31st, and 89
per cent on January 30, 1924.

~I'II"'I'I'I'I'I'I'IIIII"I'II'III'IIIIII"IIIII'I'II 1111111111 ••• 1.,11111111111.11111 111111.1,11111., 1111.11111111 1111.". , 1.1 11111.11111'11111 •• 111 ••• '.,11111.1111111111111111111111111111111111111111111111111111,.111111111.111111 •••••• 1111.11111 11 9

CONDITION STATISTICS OF MEMBER BANKS IN SELEC'I'ED CITIES
1.
2.
8,
.,
6,
6.
7,
8.
9.
10.
11,

Number of reporting banks..............................................................................................................
U . S. securities owned.......................................................................................................................
An other stocks. bonds and securities owned.............................................................................
Loans secured by U. S. Government obligations ........................... _...........................................
Loans secured by stocks and bonds other than U. S. Government obligations...............
AU other loans ............................ _.......................................................................................................
Net demand deposits ...... _....................................................................................................................
Time deposits ....... _.................................................................................................._..........................
Reserve with Federal Reserve Bank ..................................................................................._...........
Bills payable and rediscounts with Federal Reserve Bnnk.................................. _....................
Ratio of loans· to net demand deposits ..................................................... ~ ............................. _....
·Loans include only items 4 and G,

IDI ..........

Feb. 4. 1925
49
$ 49.152.000
21.277.00()
S.710.000
G7,884.000
285.652.000
288. 065.000
98.925.000
81.154.000
2.099.000
85%

Jan. 80. 1924
60
$ 55.419.000
18.697.000
8.l18.000
62.019.000
218.886.000
248.1G4.000
85.225,000
2G,852.00()
8.042.000
89%

Dec. 81. 1924
50
$ ~~:~~~:~~~
8.870.00()
67,897.000
288.884.000
288.585.000
89,880,000
82.785.000
2.067.000
82 %

_
;;

III •• la •••••••• IIIIII •••• I.I.II •••••••• I ••••• 1.1111111111 .1 1111"11 "' 111 11, ,111, ,1 1111111111'1111 111111111'~ I ' III I '1111111111111111111111111111111111 1 1 111'11 1 '11, • • 11111111,1 1 1111111111111111 1111111111111111111111111 1 11111111 1 1111 11111 . 1 8

The volume of member bank borrowing
at the Federal Reserve Bank fluctuated
within narrow limits during the past
month. Total loans on January 31st
amounted to $2,705,670. 39, or $7,509,35 less than on the
last day of December. A significant feature of the month's
operations was the fact that our loans were made up almost
entirely of borrowings of reserve city banks to meet short
term requirements and that the demand for funds by banks
outside reserve cities has been negligible so far in 1925.
The light demand for Federal Reserve bank credit on the
part of country banks may be attributed, first, to the fact
that during the past fall most banks were able to eliminate
practically all old carryover loans from their note cases
either by liquidation or charging them off, and, second, that
large returns from the past two cotton crops have enabled
most farmers to liquidate their loans at the banks and to
accumulate sufficient funds to finance themselves until
farming operations are well under way, thereby reducing
the demand for funds at local banks,
Due principally to a reduction in the holdings of bankers' acceptances total bills of all classes held by this bank
declined from $28,909,853.77 on December 31st to $25,455,441.31 on January 31st, distributed as follows:
Operations of
the Federal
Reserve Bank,

~_. 1111 ..... 111111 .. 111 .. 1 .. 1111.11 .. 111111111111111111111111111111111 .. 111 .......... 111111 ... 1"'I" '"II IIIIIIIIIIIII"~_

Member banks collateral notcs( secured by U. S. Gov-

§
ernment obligations) ....................................................... $ 150,000.00 §
§ Rediscounts and all other loans to member banks.......... 2.555.670.89 §
§ Open market purchases (bankers' acceptances) .............. 22.749.770.9a §

~

Totlil bills held .................................................................... $25.455.441.8l

§

.,:,11111111111 ... 111111 .... 1 .. 111 .. 111 ..... 11111.111111111 .. 1111111 .. 1111 ... 11 .. 111 .. 1111111 .. UI .... UIlIlI ... III .. II .. I.m

Federal reserve notes in actual circulation declined during January, being $4.7,709,800,00 on January 31st as compared to $55,640,950.00 on December 31st, or a net reduction of $7,931,150.00, However, the actual circulation on
January 31st this year was $1,891,4.55.00 greater than on
the same date in 1924" The reserve deposits of member
banks on January 31st were $64,872,560.88 as compared to
$65,828,199,00 on December 31st, and $57,694,141.21 on
January 31st last year.
There was a decrease of $9,640,000 in net
demand deposits of member banks in this
district between December 24th and January 28th, while time deposits for the same period reflected
an increase of ,$2,4.77,000. The combined deposits of these
banks on January 28th this year show a gain of $4.5,591,000
over those reported on January 23, 1924,
Deposits of
Member Banks

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

6

r"''''''''''''''''''''''''''''':;~;;:'':;'::::'~:;;:'''''''''''''''''''''''''''''

1

Savings

Savings deposits of III reporting banks

Depos'its.

on January 31st were 1.4 per cent greater
than those at the end of December, and

2:

EJa

1E
7:

: Fe
: Mc
: Ap
: M
: Ju
:Ju
: Au
:: Se
:: Oc
: No
§De
: Ja

were 5.7 per cent greater than those reported by these

0:
8:
4:
8:
4:
1:
6:

banks on January 31, 1924..

1:
5:

last year.

5

§

The number of savings

depositors on January 31st was 231,4.60 as compared to
225,699 on December 31st, and 204,102 on January 31st

[:].. 11111111111 .... 111111111 1 111111111111111111111 1 11111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIII II IIIIIIIIIIIIIIIII I!J

~"IIIIIIIIIII'III"III'II"'IIIIIII"'IIIIIIII'I"ltl 11111'111111111.111111111111 ••• '.'.11,.,1111"111, •• 111 111111111"11 ' 1111. 11 1.11111111111111.11111111111111,111IIII1I1III1111111111111111111111111111111111111111111"""'IIIII'II'I"'I'I'III"""'lf

:

SAVINGS DEPOSITS

E::.E

Beaumont ........................................................................
Dallas ...............................................................•...............
El Paso ..._ ......................................................................
Fort Worth .....................................................•...............
Galveston..........................................................................
Houston ....•......................................................................
San Antonio ....................................................................
Shreveport .................................. ...................................
Waco ...............................................................................
Wichita Falls...............................................................
All ot hers.....................................................................

:

N"umber of
Januar y 31, 1925
January
Reporting Number of Amount of Number of
Banks :
Savings
Savings
Savings
Depositors Deposits Depositors
4*
4,687
2,379,627
4,122
6
43,214 18,555,101
35,138
8
15,724
5,899,518
15,360
6
20,482
5,825,372
18,650
8
13,274
7,913 ,550
11,007
12*
88,342 18,997,089
82,529
6"
18,194 11,159,898
15,275
5
24,021
9,899,211
22,749
5
7,334
4,105,476
5,636
4*
6,608
1,612,269
6,608
57"
89,630 18,850,798
87,028

Total .........................................................................

111

281,460

98,697,909

204,102

8\, 1924
December 31, 1924
Amount of Inn' or Number of Amount of InDC. or
Savings
ec.
Savings
Savings
ec.
Deposits
Depos itors Deposits
2,269,706 + 4. 8
- 4,544
2,393,243
.6
11,557,884 +17 .8
42,429 12,928,780 + 4.8
6,546,129 - 9.9
15,559
6,205,818 - 4.9
4,916 ,417 + 8.8
20,196
4,447,819 +19.7
7,080,517 + 12.6
12,950
7,804,381 + 1.4
17,976,690 + 5.7
87,500 18,988,506
none
9,800,762 +18.9
17,786 11,222,78 2 .6
11,238,167 - 16.4
24,168
9,7 11,573 - 8.2
2,924,459 +40.4
6,160
3,321, 078 +28 .6
1,750,987 - 7.9
6,520
1,508,397 + 6.9
17,365,679 + 5.7
87,910 18,805,509 - 2,4
93 ,376,847

+ 5,7

225,699

97,337,286

+ 1.4

E "Only 8 banks in Beaumont, 11 banks in Hous ton, 5 banks in San Antonio, 8 banks in Wichita Falls, and 53 banks in a ll others reported tho

:

E::.§ ·

number of savings depositors.

•
:

8111 .. 1111 .. 111111111 ............ 11111.1111111111111 .. 1111111111111111111111 ....... 111111111 .. 111111111111111111111111111111111111111111111111111111'''"111111111111.1II1I1IIII1I1I1I1I1I1I1IIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII[!)

Discount
Rates.

There is presented below the prevailing
rates charged during the seven·day period

ending February 12th by the commercial banks in the cities
listed below.
Prevailing Rates

FEBRUARY DISCOUNT RA'rES

j
Rate charged customers on prime commercial paper such as is now eligible for r ediscount under
the Federal Reserve Act:

r:l

os
rn

~~l ~~~~:~~ !~660:~nt~::'~~:::::::::::::::::::::::::::::::::::::::~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::.:

t~

~

t~

t~

t~

Rate charged on loans to other banks, secured by bills receivable..............................................................
Rate on ordinary commercial loans running SO-60-9 0 days secured by Libcrty Bonds and certificates of indebtedness (not including loa ns to enable purchase of bonds) ........................................
Rate on loans secured by pr ime s tock exchange or other current collater al:

5-6

6-7

5.6

41-5

6

5-6

8

5-6

5-6

6-8

6-7

~

t~

!t=~

~=~

t~

ibl

~h:'ean~ ~::~:::::::::::::::::::::::::::::::::::::~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

....
Rate on commodity paper secured by warehouse r eceipts, etc. ....................................................................
Rate on cattle loans ............................... •.................................................................................................... ~ . .... . . . . .. ..

t~

5-8
6-7

8
8

6-8
6-8

6-6
6-8

6-8
7-8

t~

5-.! : : : '

6-8

§

1!J1I1I1I.1I1I1I11I .. IIIIII ............ 111111111111111111111111111111111111111111111 1I11111111111 1 1'1'11111111111111111'11"1 ~ 1111111111'11111I 11111111111111111111111111111111111111111111111111111,1.1.11111111111111111I11111111111111111111111111.U.IIII[!)

FAILURES.
There was a sharp upturn in the commercial failure rec·
ord in the Eleventh Federal Reserve District during Janu·
ary, when both the number and liabilities of defaulting
firms registered a substantial increase as compared to the
previous month and the same month last year. In fact
January failures were more numerous and the liabili ties

involved were larger than in any month of 1924. The
defaults during the month numbered 78 with a combined
indebtedness of $1,312,836 as compared to 52 insolvencies
in December with liabilities amounting to $368,159, and
68 failures in January last year with an indebtedness of
$1,170,988.

PETROLEUM
While the daily average production of crude oil in the
Eleventh District has been increasing for several months,
the increase of 68,739 barrels registered in January as
compared to the previous month was unusually large. There

were 15,775,968 barrels of oil produced during January as
compared to 13,645,052 barrels in December, an increase
of 2,130,916 barrels. That a large percentage of this
increase was due to new production is shown from the fact

7

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
that there were 530 wells completed in January of which
366 were successful and netted an initial production of 376,·
845 barrels, as compared to 401 completions during Decem·
ber of which 271 were producers and yielded a flush pro·
duction of 86,04,9 barrels.
Although the extremely inclement weather in January
retarded activities at all Texas fields, the rapid develop·
ment of the Wortham field was responsible for the enormous
increase of 2,268,866 barrels in the production of crude
oil in Texas. There were 14,023,724, barrels of oil pro·
duced in Texas during January, as against 11,754,858 in
December, or an increase cif 73,189 b~rrels in daily
ayerage production, despite the fact that the Wortham field
apparently reached the qrest of its production on January
15th and declined during the remainder of the month. All
other Texas fields with the exception of the Texas Coastal
showed decreases in production during January. There
were 476 w:ells completed in Texas during January, of
which ' 327 were successful and yielded a flush production
of 37.4,,4.70 l;>arrels of oil, which compares to 356 wells
completed in December of which 237 were successful and
netted 83,554· barrels of new production.

The production of crude oil in Louisiana during January
continued to decline as . compared to the previous month,
the production being 1,752,244 barrels as against 1,890,194
barrels in December, or a decline in daily average produc.
tion of 4,450 barrels. There were 23 successful oil wells
completed during January and 16 gas wells, with a flush
p~'oductioll of 2,375 barrels of oil, as against 15 oil wells
with an initial flow of 2,4.95 barrels and 19 gas wells
completed in December.
Despite the increased production of oil in
Texas prices on all grades were increased
during the period January 16th to Febru·
ary 13th. North Texas oil increased 75 cents per barrel;
Corsicana light, Mexia, and Currie advanced 55 cents per
barrel; Texas Coastal gained 25 cents per barrel; and Cor·
sicana heavy 10 cents per barrel. All grades of Louisiana
oil registered an increase of 4,5 cents per barrel. Due to
decreased production in other United States fields, markets
remained steady with premiums being paid in many
localities.
Crude Oil
Prices

GIII.IIIIIIII' •• ' ••••••• I ••••• • I •• II.I •••••••• ' II ••••• • 111111111111 ' .1.111111111111111 •• 11111111111. , 1111111IIIIII,IIIIIIIIIIII UI IIIIIIII'I.III.I,IIIIIIIIIIIIIIII111.1.11111.1.1 1111111111111.,.,1111 ' 11111'111"111".1111 •• I I I.IIIIIIIIIIIIIIIIIIIIIIIIl!)

Field
North Texas ......................................................................
Central·West Texas ..........................................................
'J1exas Coastal ...............................................................•...
Miscel1aneous fi elds ..........................................................

OIL PRODUCTION
January
Total
Daily Average'
2.576.400
88.110
7.654.000
246.908
2.207.146
71,198
1.686.179
61.167

December
increase or Decreane
Total
Daily Average
Total
Daily Avg.
2800 894
90886 Dec.
228.994
Dec.
7.225
6;298;880
170;764 Inc. 2.860.620
Inc.
76.14~
2.066.184
66.660 Inc.
141.011
Inc.
4.64
1.594.950
61.450 Dec.
8.771
Dec.
288

Total. Texan ................................................................
North Louisiana ...~.............. ... ........................ .......... ... . ....

14.023.724
1.752.244

11.754.858
1.890.194

452 .878
56.524

879.189 Inc.
60.974 Dec.

2.268.866
187.950

Inc.
Dec.

78.189
4.450

1!J1I11I .. UIIl.IIIIIIIIII ......... ,II .... UIlIIIlIlIlIlIlIlIIIlIlIlIlIlIlIIlIIIIlI.111IIIIII'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIU,IIIIIIIIIIIIIIIIIIIIIIIIIIUIIII"II.IIIIII1111 .... 111111111.1111111111111111111111111 ... 111 ................. 111111111 ....

r""":::~"''''''''''''';:;;~;;;''~;;:~;;;~'';;;;;~~;;'''''''''''''''''''''''''''''''1
:

ComProletions ducol'S
190
125
North Texas ....:0 .. .. ... . . . . . .... .. .. .. ...... _.
206
147
Central·West Texan ..................... ..
48
27
Texas Coastal .... _.......................... .
18·
IS·
East Texas .......................................
11
11
Miscel1aneous fields ...................... .
8
1
Texan wildcats .... _....................... ..

Nort~O~~~is'f:~:s .. ::::::::::::::::::::::::::

476
54

January totals. District. ............. .
December totals. Dis trict ............ .

58 0
401

Fail·
Initial
urea Production
65
19.968
69
888.025
16
11.399
2 ....................
....
5.078
7 ....................

- -149
15
--- --866
164

-827
--

89··

271

130

(!) ! II.IIIIIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII I I1111111111",,1,1111111111111111111111111111111111111111 " '11111'8

TexasFeb. 18. Feb. 16.
1924
1925
Corsicana light ...........,........................................................ $1.80
$1.86
1.00
Corsica na heavy .................................................................... 1.00
'l'exas Coastal ............................... ,...................................... 1.75
1.65
Mexia ............................................................................... ,...... 1.80
1.85
Currie ...................................................................................... 1.80
2.00
North Texas (42 gravity a nd above) ................... ,........ 2.00
Louis ianaFeb. 18. F eb. 16.
1925
1924
$1.70
Caddo (88 gravity and above) ............................................$1.80
Bul1 Bayou (38 gravity and above) ................................ 1.60
1.65
Home r (85 g ravity and above) ........... ,...................... ...... 1.55
1.70.
naynesville (83 gravity and above) ............................... 1.45
1.60::
De Soto Crude ........................................................................ 1.65
1.70:

:

874.470
2.375
876.846
86 049

[E)III1I1I1I1I1II1I1I1I1I1I1I1I1I1II1I1IIIU.UIIIIIIIIIUIIIIIIIIIIIIIIIII JIIIIIIIIIIIIIIIII1I111111111111111111111.UIII!)

8

[!lUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII'"IIIIItIIIlIlIlIlIIIIUIIIIIIIIIIIII1IIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIIII!l

(Oil Statistics Compiled by The Oil Weekly. Houston. TexlUl)

LUMBER
. Renew"ed activity due .to seasonal factors was reflected
In the statistics of the Eleventh District pine mills during
January. .The production during the month was only 8
per cent below normal January production as compared
to 18 per cent below normal in December. Shipments of
lUmber from the mills were 8 per cent below the January
production, while orders received during the month were
for 86 per cent of normal producLion as compared to orders
for only 80 per cent of normal production received during
December. :Que to the increased production, stocks at
the end of the month increased from 30 per cent below
normal on December 31st to 26 per cent below normal on
January 31st. Prices remained firm.

The 4,8 reporting mills had unfilled orders for 49,152,
288 feet of lumber on their books at the close of January,
as compared to orders for 50,365,528 feet at the close of
December.
81111111111111111111111111111111111111111.11111111 .. 1111111111111111111111111111111111111111.1111111111111111 .... 11111118

i:

rep:~~~A!~s~T.~~ ~~~~ ~.~.~.~.~S'l'ICS

Number of
..
..
48
Production .................................................................. 95.421.770 feet

= Shipments .................................................................... 88.216.618 feet

E Orders .......................................................................... 88.928.541 feet
E U nf illed order s. Jan. 31st............................. .. ......... 49.152.288 f eet
::
::

Normal p~oduction ......................... ,........................103.223.779 feet
Stocks. Jan. 81s t.. ...................................................... 227.747.549 feet

::
::

Shipments below production ...................... ..............
Actual production below norma!............................
Orders below normal production ...... _ .................
Stocks below n orma!... .......................... ~ ...................

§ Normal stocks ....................... ,.................................... 308.595.069 feet

§
:

7.205.157
7.802.009
14.800.238
80.847.520

feet= 8%
feet= 8%
feet=14%
feet =26%

i:
=

::
::
::
::

E
::

§
§
•

8 1 •••••••••• • •••• 1. 1. 1.1 1111111 ••• 11.11111111111111111111111,1,1'111111111'1111""111' •• 111"'1.1111.11'1,1 · ••• • •• 11118

8

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

BUILDING
While there was no large seasonal increase in building of $6,922,981 permits issued in December. While th~
during January, due to the extremely cold weather which January permits showed a decline of 17.7 per cent from
prevailed during the month, that activity was well sus· those of January, 1924, it will be recalled that the building
tained is evidenced by the fact that the estimated valua· permits for the latter month were unusually large. There
tion of projects launched during the month at twelve of the were 2,466 permits issued in January as compared to 1,875
principal centers of this district was $6,958,217, an issued in December, and 2,624, in January, 1924.
increase of five·tenths of one per cent over the valuation
BllLDING PERMITS
Ja.n uary 1926
Austin ...................................................................... .............................................._.
Beaumont. ............................................. .................................................................. ..
DalJa8 ...~ ................................................................................................................ ..
El Paso.................................................................................................................. ..
Fort Worth .............................................................................................................
Gnlveston ............................................ .................... ................................................ .
Houston .................................................................................................................... .
Port Arthur ............................................................................................._ .._ ...... ..
San Antonio .............................................................. ........................ .................... .
Shreveport.. ............................................................. .................................................
Waco .......................................................... .. .......................................................... ..
Wichita Falla ................................................................................. ........................ .

~

8' ••

TotaL........................................ ...............................................................................

No.
45
187
.(74
57
190
250
444
124
812
268
75
90

2.466

V.lu....

tiOD
67.175
202.158
2.908.070
49.955
690.299
85.029
1.298.866
58.580
604.470
856,895
278.810
368.410
6.968,2171

January 1924
No.

V.lua-

46
184
879
74
198
288
658
175
876
289
68
66

tion
82,245
185,205
2,996,770
89,058
619,114
642,872
2,068.664
142.287
658.910
761.186
151.4&1
103,660

2.624

~

Ine.or
Dee.
-

18.8
.(9.5
8.1
- 48.9
11.5
- 86.8
- 87.2
- 68.8
8.S
- 58.2
+84.1
+251.0

+
+

December, 11124

V.lu....

No.
25
125
807
41
117
221
873
127
268
156
54

61

tlOD
26406
118:089
940,110
88,979
2,026.060
81,666
1,819,466
626,859
757,249
441,692
854,154
148,822

Ine. or

D~.
+16 •• 4

t2~~'~
+
+

48' 9
.
66.9
4.1
1.6
90.6
20.2
19.5
21.3
144.2

-=t7:7 ~ 6.922.98i ~

~

1.1.1 •• 11111 ••• 111111111111111111.,11111111111.1.111111, ••• 11111111 ••• 11 •• 1, ••••••••• 111 •• 11' •••• ' •• 111.1 ••• 111 •••••••• 1' •••••••••••••••••••••••••••• 111111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0

CEMENT
For the third consecutive month the production of Port· uary as compared to 258,000 in December, an increase of
land cement at the Texas plants declined as compared to 8.5 per cent, and 287,000 barrels in January, 1924, a
production during the previous month. There was a decrease of 2.4 per cent. Stocks of cement held at the
decrease of 18.3 per cent in the production of cement during mills at the close of January were 6.5 per cent greater than
January as compared to December, and a decrease of 3.2 those. on December 31st, and 24.3 per cent greater than
per cent as compared with January, 1924, productiop. stocks on January 31, 1924.
There were 280,000 barrels of cement shipped during Jan·
(i] ...... UIIlIlIlIl ............... IIIU ..... IIIII1 ... II1 ....... II .................... 1I ......................... 11 .... 11111 ..................................... 1111 ..... 11111111111 .................................. IIII .................................
~

::
:
:
:
:

E

PRODUCTION. SHIPMENTS. AND STOCKS OF PORTLAND CEMENT. (BnrreJ'6
J
Per ent
January
anuary
Inc. or
1925
1924
Dec.
Production of Texas Mills .............................................................................................
804,000
814.000
- 8.2
Shipments from Texas Mills ................... ~ ........................................................ ~ .. .... .....
280.000
287.000
- 2.4
Stocks at end of the month at Texas Milia.... .............................................................
879.000
806.000
+24.8

e
:

Per Cent :
Inc. or :
Dee.:
.,...18.8 :
+ 8.5 :
8~6.000
+ ~.~ E

:o.eeem~r

1924
872.000
258.000

,8
.

811111 ............ 11.11 ... 1111111 ....... 1111 . . 11 ....... 11 ... 11111111 ... 1111 ... , ........... , ................... 111111 ........ ' .......... 11111' ................... 11 ....................., ...................... , ......... " ...............................

SUMMARY OF NATIONAL BUSINESS CONDITIO'NS
(Compiled by the Federal Reserv.e Board. 8J of February as. 19115.)

Further growth in production during January carried the
output of basic commodities to the highest point reached
since the spring of 1923. Employment at industrial estab·
lishments increased slightly, but remained below the leve~
of a year ago. Prices of farm products continued to advance
and there were smaller increases in the wholesale prices of
most of the other groups of commodities.

put of automobiles, though larger than in December, was
considerably smaller than a year ago. Further increases
during the month in employment in the metal, textiles, and
leather industries were largely offset by seasonal declines
in the number employed in the building materials and food
product industries. Building activity, as measured by con·
tracts awarded, though less in January than during the clos·
ing months of 1924" was near the high level of a year ago.

PRODUCTION

TRADE

Production in basic industries, after a rapid increase in
recent months, advanced 8 per cent in January, and was 34
per cent above the low point of last summer. The most
important factor in the increase in the level of production
since August has been greater activity in the iron and steel
industries, but in January the output of lumber, minerals.
and feed products, and paper, and the mill consumption of
cotton also showed considet;able increases. The woolen
industry was somewhat less active in January and the Ol,lt·

Railroad shipments were in record vol!Jme for this time
of year, and loadings of merchandise and miscellaneous
products were particularly heavy. Wholesale trade in Janu·
ary, however, was slightly smaller than in December. Sales
of groceries, shoes, and hardware were in smaller volume,
while sales of dry goods and drugs increased. Department
store sales in most districts were somewhat smaller than a
year ago, but sales of mail order houses were considerably
larger.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
PRICES
Wholesale prices, as measured by the index of the Bureau
of Labor Statistics, rose 2 per cent during January to the
highest level in four years. The increase of 10 per cent in
the index since last January represents an advance of 19
per cent in prices of agricultural commodities and 3 per cent
in other commodities. In the first half of February prices
of grains, wool, coal, and lead declined, while petroleum
and gasoline prices advanced sharply, and cotton, silk, and
rubber showed smaller increases.
. BANK CREDl'r
Loans and investments of member banks in leading cities
following the rapid growth during the last half of 1924
declined by about $100,000,000 between the middle of January and the middle of February. This decrease represented
a reduction in the holdings of investments, chiefly at banks
in New York, partly offset by an increase in loans. Loans

peR C£ "T

on stocks and bonds increased, though less rapidly than in
the latter part of 1924, while loans for commercial purposes
declined slightly from the high level reached in the middle
of January. Net demand deposits, owing largely to decreases at New York City banks, declined sharp Iy from the
high point reached in the middle of January. At the Federal
reserve banks the seasonal liquidation resulting from the
return flow of currency from circulation came to a close
by January 21st and during the following four weeks there
was an increase in total earning assets. This increase reflected largely the demand for gold for export, which led
member banks to increase their discounts at the reserve
banks. Reserve bank holdings of United States securities
declined further, while acceptances showed relatively little
change for the period. Money rates, after remaining comparatively steady during most of January, showed a firmer
tendency during the early part of February, when rates for
prime commercial paper advanced to 3%, per cent.

PfR CENT

2ill

200

~

15

9

o~

,....

II
~::1

I

~

100

so

100

so

0
WHOLESALE PRICES
0
1922

n

1923

192 ..

1925

o

Index of U. S. Bureau of Labor Statistics.
(1913=100, base adopted by Bureau.) Latest figures
-January, 160.

Index of 22 basic commodities corrected for seasonal variations (1919=100). Latest figures-January, 126.

Loans on
Stocks and Bonds

Weekly figures for 12 Federal Reserve Banks. Latest figure-February, 18.

Weekly figures for member banks in 101 leading
cities. Latest figure-February 11th.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

10

COTTONSEED PRODUCTS INDUSTRY
(Note :-The following is the last of a series of special articles reviewing the growth and development oC the cottonseed products industry and
some of the financial and economic problems with which it is now confronted.)

THE TARIFF ON VEGETABLE OILS AND ITS EFFECTS ON
THE FOREIGN TRADE IN COTTONSEED OIL
The tariff duties imposed upon the vegetable oils im- cottonseed oil had not reached such proportions as to have
ported into the United States have varied considerably both a serious effect upon the domestic c01)sumption of cottonas to the amount imposed upon the several oils and the seed oil. Neither had the volume of world production
amount imposed upon each individual oil under the sev- and consumption of these oils reached a point where they
eral tariff acts. Agitation for a duty on cottonseed oil offered serious competition with cottonseed oil in the
was begun as soon as the industry began to assume some wprld market. However, the war created a world shortage
importance, with the result that the tariff bill of 1883, of fats, which gave an impetus to the production and 'conimposed a duty on it at the rate of 25 cents per gallon. sumption of such oils as cocoanut oil, soya bean oil, peanut
However, in 1890 the duty was reduced to 10 cents per oil, palm oil, palm kernel oil, and Chinese nut oil. l\l"ot
gallon and four years later it was placed on the free list. only was there a large increase in the imports of these oils
The tariff act of 1897 placed a duty of 4, cents per gallon into the United States, due to the heavy demand for them,
on cottonseed oil, but in 1909 it was again returned to the but they entered world trade in larger volume. The
free list, whert~ it remained until the passage of the Emerg- European countries, which found themselves unable to
ency Tariff Act of 1921, which act imposed a duty of 20 obtain American cottonseed oil, imported the other oils and
cents per gallon. The Tariff Act of 1922 raised the duty oil seeds in increasing quantities. The foreign producers of
to 3 cents per pound, which is equivalent to 221;2 cents per these oils increased their crushing capacity at a rapid rate
gallon.
during the period of heavy consumption in order to take
care of the enormous world demand. The high prices obPrior to the tariff act of 1913, peanut oil was classified tainable for these oils made the trade in them exceedingly
as "an expressed oil not specifically provided for" and
profitable to the producers and an enormous amount of
carried a duty of 25 per cent ad valorem. However, the capital was put into these industries. The high prices
act of 1913 specified a duty of 6 cents per gallon on pea- were made possible by the high price of cottonseed oil and
nut oil. The Emergency Tariff Act of 1921 raised the the competing oils made inroads into the fields previously
duty to 26 cents per gallon and the Tariff Act of 1922 occupied by cottonseed oil, due first to the shortage of cotimposed a duty of 4 cents per pound, which is equivalent tonseed oil and, secondly, to the fact that they were usually
to 30 cents per gallon.
sold at a substantially lower price. The huge imports of
Soya bean oil appears to have been on the free list these oils into the United States and the increasing amounts
prior to 1921, at which time a duty of 20 cents per gallon of peanut oil and cocoanut oil going into the manufacture
was imposed on it. The Tariff Act of 1922 reduced the of oleomargine and lard substitutes caused a growing anxiety among certain producers of cottonseed oil relative to
duty to 2% cents per pound.
the future of cottonseed oil. The only relief from the
The tariff act of 1909 imposed a duty of 3% cents situation which seemed feasible to, them was to impose
per pound on refined deodorized cocoanut oil, but per- such duties on the imports of competing oils as would bring
mitted the cocoanut oil not refined and deodorized to come about a preference for cottonseed oil. Briefs were therein free of duty. The tariff act of 1913 made no change in fore submitted to Congress specifying the duties which
the rate of duty but stipulated that the cocoanut oil com- seemed necessary on the various oils and oil seeds ' and
ing in free of duty must be "cocoanut oil rendered unfit for the reasons therefor. The principal arguments for the prouse as fod or for any but mechanical or manufacturing posed tariff may be summarized as follows:
purposes." The Emergency Tariff of 1921 imposed a duty
on all cocoanut oil at a rate of 20 cents per gallon, but the
1. That duties were vital to the preservation and future
Tariff Act of 1922 reduced it to 2 cents per pound. It
development of the cottonseed oil industry.
seems that no duty has ever been imposed on Chinese nut
2. That oriental oils were being used more and more
oil, palm kernel oil, and palm oil.
in the manufacture of lard substitutes and oleomarThe following are the duties which have been imposed
garine--almost, in fact, to the exclusion of cottonseed
on the several oil-bearing seeds under the various tariff acts.
oil.

~;~;;;...... ,,;"".,,".;;~:.:::..;~;;".. "."~~;;.""".".~i~;·;;"··i_·

ro' ...
E

Peanuts (shelled I ... Ie per lb.
Peanuts (unshelled). ¥.,c pcr lb.

§ Cocoanut meats
::

(prepared)

...........

2c per lb.

,*C per lb.

'Jac per lb.
2: per lb.

3e pcr lb. 4c
30 per lb. 3c

per lb.
pcr lb.

2c per lb. 3 1hc per lb.

::

§

3. That although a certain amount of cottonseed oil was
being exported, the volume of such exports was negligible as compared with the imports of vegetable oils
into the United States.

::

[!JIIIIIIIIIIIIIIIII.,I.IIII ••• ,IIIIIIIII".,I""".11111 ••• , •• 1".,"1111"'1,."1,1, ••• 1"'1,1.11,,.,,11,,,.'1""'111'8

The tariff duties on vegetable oils did not assume much
importance prior to the World War, due to the fact that
the imports of cottonseed oil and oils which compete with

4,. That a practical monopoly of cottonseed oil avails
nothing if that product must compete with an oriental
product which to all intents and purposes is interchangeable with cottonseed oil.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
5. That the cottonseed oil market is controlled by prevailing prices of cocoanut oil, soya bean oil, and
oriental peanut oil, because of the tremendous influx
of these oils into the United States.

all fats, vegetable and animal-and that this country
was a large exporter of fats.
6. That competition with oriental oils and oil seeds is
a matter beyond our control, a competition we cannot
sidestep by tariff barriers, because, on account of
our tremendous production of fats · and oils, we must
meet it in Europe if not here.

6. That the effect of a tariff would not be to stop the
importation of oriental oils, but would simply enable
the American producers of cottonseed oil to compete
in American markets with producers of oriental oils.

7. That the tariff would act as an embargo on foreign
vegetable oils, and therefore the United States would
not derive any considerable amount of revenue from
that source.

7. That the imposition of duties on vegetable oils would
yield a large and substantial revenue to the United
States.
There was another group which believed that the interest of all concerned would be served better by permitting
the foreign vegetable oils to come in free of duty. The
following is a summary of the main points brought out in
their briefs as submitted to Congress:

1. That the imposition of tariff duties would mean
increased prices of the finished products to the consumer, and thus curtail consumption.
2. That it would divert the oriental oils to European
markets, to the consequent damage of America's exports of pure lard and vegetable fats, and that this
destruction of our export trade would result in glutting the domestic market with these products, thereby
entailing heavy losses not only upon American manufacturers but also upon the American farmers.
3. That the bulk of cottonseed oil is utilized in the vegetable lard industry, in which field it has a virtual
monopoly. Attention was called to the fact that, in
1918, 80 pel' cent of the crude oil produced was used,
after having been refined, in the manufacture of lard
substitutes, while 8 per cent was exported, and 3 per
cent used in the oleomargarine industry.
4. That these foreign oils were largely non-competitive
with domestic oils, and that the freedom of importation would increase the value of domestic oils and
fats. It was pointed out that the bulk of imported
oils, such as soya-bean, cocoanut, china wood, and
palm oil, went into the manufacture of soap, paint,
varnish, tinplate, nut margarines, and linoleum, and
that cottonseed oil cannot be used to replace any of
these oils for the specific purposes for which they
are used.
5. That the importation of vegetable oils and fats was
small compared to the production in this country of

11

AlLhough the tariff was enacted and has been in force
during the past three years, it is difficult to analyze the
extent to which the actual operation of the tariff has vindicated or refuted the various arguments outlined above,
because it is impossible to judge to what extent general
economic conditions have affected our exports of cottonseed oil. However, we can review such facts as (1) the
imports of vegetable oils into this country since the passage of the Emergency Tariff Act of 1921, (2) the trend
of exports of our cottonseed oil to those European countries which prior to 1921 were the heaviest consumers of
our cottonseed oil, and (3) the imports into these European
countries of vegetable oil and oil seeds other than cottonseed-both immediately preceeding and following the passage of the Emergency Tariff Act. With reference to the
imports of foreign vegetable oils into the United States
it will be noted from the accompanying chart that there
has been a tendency for the imports of oils on which no
duties were levied to increase. On the other hand, there
has been a marked decline in imports of oils on which
duties were imposed. However, it will be noted that the
declines in the importation of these oils had already set
in prior to the passage of the tariff act.
From the accompanying table it will be seen that
nine European countries took 212,761,000 pounds, or 75.1
pel' cent of the total exports of cottonseed oil in the year
ending June 30, 1921; in 1922 they took 28,065,000 pounds,
or 30.6 pel' cent of total exports; in 1923 they took 8,877,000 pounds, or 13.8 per cent of our exports; and in 1924
they to'ok only 1,964~000 pounds, or 5 per cent of total
exports. Thus it will be seen that these countries reduced
their takings of our cottonseed oil from 75 per cent of total
exports in 1921 to 5 per cent in 19240, despite the fact that
our total exports of cottonseed oil decreased 86 per cent
within that period. Only three of the nine heavy importing
countries in 1921 were taking any of our cottonseed oil in
1924, and their takings were small as compared to the
amounts imported during the previous years.

~UIlIlIlIlIII1IIIIII"IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII'1111111I1I 1II1I1I1I1UIIUIIIIIUIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIIIIIII,11I1111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIm

I
=

EXPORTS OF COTIfONSEED OIL FROM THE UNITED STATES

(:~t~S)ENDING
47,786,000
25,529,000
1,181,000
6,698,000
8,589,000

......................

11,218,000
8,486,000
12,181,000
62,201,000 •

1920
JUNE 80
(Pounds)
7,498,000
8,015,000
2.761,000
8,205,000
11,661,000
1,072,000
17,511,000
17,027,000
2,478,000
88,172,000

1921
(Pounds)
24,482,824
119.737.778
2,285,002
9,418,988
8.088,697
8,562,774
28,179,075
10,358,888
1,652.291
70,507,268

1922
(Pounds)
2,526,698
4,265.064
179,185
7,867,074
1,446,875
1,099.753
882,514
9,486,848
860,788
63,549,841

1928
(Pounds)
842,188
1,812,695

5,155,490
............
55.428,868

1,824,91
..........
87,458.87

159,400,000

EXPorted to:

I
::

288,268,025

91.614,685

64,801.231

89.417,54

........ ....

1,705,794

............

861,201

............

1924
(Pounds)

..........
..........
..........
19,01
..........
119,73
..........

[ElIU'II.. ... 11111111111111 ...... 11'111111111111111 .. '11111111111111.11111111111111111111 11I1 11I1111I11" UIIlI llllll,IIIIIIIIIIIIII.IIIIIIIIIIIIIIIII'IIIIIIIIIIIII1111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIII[!)
:

12

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

An analysis of the imports of vegetable oils into these
countries shows that while they have been decreasing their
imports of collonseed oil, they have been increasing their
imports of other vegetable oils and oil seeds. .
The United Kingdom has increased her imports principally of soya beans, soya bean oil, copra and palm kernels.
Sweden has increased her imports of practically all vegetable oils and oil seeds except cottonseed. There has been
a decline in the imports of vegetable oils into Denmark, but
a heavy increase in imports of soya beans, peanuts and
copra. The Netherlands has increased her imports of soya

beans, copra, palm kerneis and cocoanut meats. France has
increased her imports of soya bean oil, peanuts, and copra.
France continues to import a considerable amounf of cottonseed oil, but it comes from sources other than the United
States. There have been substantial increases in imports of
olive oil, cocoanut oil, and copra into Norway. Comparative statistics on Germany and Italy are not available at the
present time. The analysis of the imports statistics of
these countries would seem to indicate that as a rule they
are increasing their imports of oil-bearing seeds rather than
the oil, and are manufacturing their own oil.

IMPORTS or vrGETABLf OILSAND OIL SEfOS - 191"1-1924.
,.,"/,oft' .1 Poundc

400~__~~--~-----4-----j~~~~----~----~----~----~----~--~400

350~__~----~-----4-.~~~--~"~----~----~----~-----r-----r--~J50
:., ..• ~
~
~so
200

/
I ....:

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~OO~

J

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•
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. ",

~~~~300

....

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••

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V "" . . .

150~----~----~~L
·~~~'--~----~~~4.----+-----+-----t-----t-----I

....

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200

150
100

<J!'L-t~'
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_••••/ .
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,d.t,ol>1O . _
50
so
. . . . . · ~-,;>.f!. ."""./
...
~,
----. .--,·-r..s~.-q/I'1·p.,/... ·_· ,-,..-- ..... --.-.-.' ~............. .............. ~."~ 5"~t·: 'o!I,,"2'~.,-....e!.'
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250

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n.

1914

1915

/916

1917

1911/

1919

". " .

1920

192t

1922

1923

192.4

(Note: While cocoanut oil is dutiable, most of the imports of this oil come from
the Philippine Islands, ancl, therefore, enter the United States free of duty. In 1924
there were 222,665,376 pounds of cocoanut oil imported free of duty while there were
only 128,065 pounds imported which was subject to duty.)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102