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IIIIIII .............~ Volume 11, No.3 ~ Dallas, Texas May 1, 1926 This copy released for publlcation in afternoon papers April 28 DISTRICT SUMMARY m ~1 .. 1.. 1.. 111I .. 1I .. 1I1I ...... I .... I1I1II1" .. I ..... I .... II .. IIIIII.I .. " " I .. IIIIIII.1 11",,".1111111.1111111111.1111.11.111.11 .. 111111111 .. 111111 .. 1111111111'"1111111 ...... I .. IIIIIII .... I .. IIIII .. IIIIIIII .. III.III .. III ....... I ... IIIIIIIIII ....... S THE SITUATION AT A GLANCE :: : Eleventh Federal Reserve District § I ~:~rt~~~~ !,:O:~d~v~~~~ ~.~.~.~.~~ ~~~ ~~ ~~.~~.~!.: : : : : : : : : : : : : : : : : : : : : : : ~:: : : : : : : : :~:: ~: :=: :~: : : : $78~7n:2~~OO $6~;~~~~~O Inc~nc. D~·8% I II ~g~~]~~J§f4i~~F;~~ ~ _~::t::~- :;;;~~;2~;=:::~/~~:~:~;; ::::;;;r ::;;;;:;/r g "ll'!t!~fi II ~ ... ... ... .. Reserve Bank lonns to member bnnks at end of month .............................................. _............................_ umbel' araers nt pine mills (per cent of normal production) ........................... _.............. _....................... $ 6,647,472 104 % $6,968,667 b':,~·. 97% Inc. or 1~:!~ ~ 7 ~Hllllr.I"IUIlItIl.II .. l l l l l t l l l l l l l t llllllll.IIII'II.'I.I'U'(lII"1 11111111 1(11 11111111111111111 .111111111111111.1111111111""11.1,,111.11111111111111111.111111111.1111111 .. 111"11 .. 1111111111 .. 1 ....... 111 .... 111 ... 111111111 .. 1111111111111.11"'8 d Heavy rains and unseasonably cold weather prevailing uring the past month have overshadowed all other de~elopments in the agricultural and business situation. FarmIn,g O'perations were brought to' an almO'st complete stand· s~lll and it will be necessary to' replant much of that porho n O'f the cO'tton and cO'rn acreage which had already been planted, as the CO'ld wet ground caused a large proportion of the seed to rot. On the other hand, the rains have placed an excellent season in the ground and, as plowing is well a~vanced, the farmers are in a position to proceed rapidly with planting operations as soon as clear weather makes its ~ppearance. Small grains are in a better condition than t ley have been at this season for several years and pros· Ihcts promise a good yield. Range conditions throughout t e district are uniformly good and with an abundance of early pasturage, livestock are fattening rapidly. b ~he inclement weather has had a depressing effect upon uSlDess. Distribution of merchandise in both wholesale ~d retail channels fell below general expectations during arch. Wholesale trade failed to show the usual seasonal eXPansion over the previous month. While department ~ore sales reflected a seasonal gain of 19 per cent over ebruary and were 3 per cent larger than a year ago, the Eornparison is not as favorable as it at first appears, as Laster came some two weeks earlier this year than last. ate reports from both wholesale and retail merchants state that business during the first half of April continued unsatisfactory. Banking conditions reflected the effects of seasonal influ· ences. The deposits of member banks showed a further decline of $18,476,000 and on March 24. were $20,091,000 less than on that date a year earlier. There has been a steady increase in the amount of borrowing at the Federal Reserve Bank by member banks in the agricultural sections. but the total volume of Federal Reserve Bank loans to memo ber banks shows very little change from a month ago, as the liquidations of indebtedness by reserve city banks have largely offset the increased demand from country banks. Construction activity continued at the high level estab· lished during the past several months. The valuation of permits issued at principal cities during March, which amounted to $11,815,457, reflected an increase of 36 per cent over February and 40 per cent over a year ago, and established a new high record for the month of March. The production, shipments and new orders for lumber and the production and shipment of cement showed a sub· stantial improvement. The past month witnessed some improvement in the dis· trict's employment situation, but a general surplus of both skilled and unskilled labor still exists. Increased employment was noted in the petroleum, lumber, some miscellaneous industries and in the building trades, but it was not sufficient to absorb all the unemployed workmen. Due to the wet condition of the soil, the supply of farm labor is considerably in excess of the demand. CROP CONDITIONS f Weather conditions during the past month were untaVotable to farming operations, the cold and rainy weather ~tnrding the planting of both feed and cotton. In fact, in d Ost sections of the district the farmers have been able to but little field work since the March rains began. Re· POtts indicate that much of the corn acreage is having to be ° replanted as n result of freezing or seed rotting in the grO'und. The replanting of some of the cotton acreage will also be necessary due to the seed rotting. On account of Lhe wet ground and the necessity of replanting such a large area it appears that row crops will get a late start this year. However, the preparation of the soil is unusually This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) - - MONTHLY BUSINESS REVIEW 2 well advanced, and with dry, clear weather rapid progress will be made toward the completion of planting operations. The rains have greatly benefited the small grains, as these crops were suffering from lack of moisture in por· tions of the district until the rains began. In most sections of the district these crops are in excellent condition. While the condition is only fair in some localities, it is above normal in others. The condition of the Texas wheat crop on April 1 averaged 93 per cent of normal, the highest figure since April 1, 1919, and the condition of the oat crop averaged 92 per cent. While it is too early to estimate the damage to the fruit crop as a result of the two periods of severe freezing weather in March, it seems certain that the production will be materially lowered, particularly in the western section of Texas. The home truck crops in most sections of the district were also materially damaged. The hail during the early part of April destroyed a large portion of the Laredo onion crop. LIVESTOCK A most satisfactory condition now ob~ains in practically every section of the district's range territory. Due to the snows and heavy rains during the past month, there is a good season in the ground and grass and weeds are grow· ing very rapidly. In most sections the growth has been faster than usual and there has been ample early pasturage to carry the stock. Due to the excellent condition of the ranges, livestock are taking on flesh rapidly. Calving has already begun and reports indicate that the mother cows · have ample milk to enable the calves to make rapid growth. While a good calf crop is in prospect in most sections, there are some sections where it will be light as a result of the poor condition obtaining last summer and fall. In the drouth section of Texas large numbers of cows were shipped to market and many of the remaining cows have not filled. The condition of cattle ranges in Texas gained 7 points during March, reaching 94, per cent of normal on April 1. This is the highest condition reported at this season in many years. The condition of cattle was 93 per cent of normal on April 1, as compared to 88 per cent a month earlier. The condition of sheep and goats on Texas ranges on April 1 was 98 per cent of normal and their ranges 100 per cent of normal. In many sections the range is several weeks ahead of average years and generally held as seldom better for this time of the year. The freeze late in March killed some of the kids and lambs. Spring shearing of goats has been practically completed and shearing of sheep is well under way. Both wool and mohair are reported to be of unusually good staple and heavy. The receipts of livestock at the Fort Worth market during March showed but little change from those during February, but all classes reflected a substantial decline from those duro ing the corresponding month last year. Hogs showed the largest decline. In fact, the March receipts of hogs were the smallest recorded for that month in many years. Movement and Prices the previous month. Hog prices during the first half of the month were steady, but a decline of about 50 cents oc' curred during the latter half. The top price during March was $13.25, as compared to $13.60 during February. The sheep and lamb market showed a marked weakness early in the month, but strengthened considerably toward the close of the month. r.'1 ................... IIIIII .... UIlIl ...... IIIIII ..................... U ..... ,II.IIIII.1I1I111I .... IIIIIIIIIII ... U ..... 1G] 1 . :: :: :: 75.740 18.069 46.526 21.580 L 18.617 L 1.184 L 22.868 L 9.798 '3:.." 57.876 11.786 28.869 8.834 .!: L 758 G 199 : G 289 i G 8,408 : 01 ....... 111 ... 1111 .. 111 .... 11 ... 111 .. 1111.,11111111111111 ..................... 111111 ....... 1I1I1I .... IIII .. II ......... fil Gl'.IIIIIII •• II ••••• ,I"I.,IIIII.I ••••••• I.I •••• ,I •••••••• 11 ••• , ••••••• , ......................................• , •••••• I •• ~ COMPARATIVE TOP LIVESTOCK PRICES March ~ 1926 : Beef Steers .............. _........ _............ _._......._ .. $ 9.50 : Stocker Steers ......._....................._.... _.. _._.. 7.60 :: Butcher Cows .... _.................. _...... __....._....._. 6.65 ':_~ Stocker Cows _.......... _....................... _._ ..... _.. 5.40 Calvcs .........................._....... _.......... _......_..... __ 10.25 § Hogs _............. _................ _.................- ...... ___ ... 18.25 Sheep .........._..._....._ ................ _........ _........... _ 9.25 § Lambs .._.. _...... _.... _................. _...... _......._........ 16.00 @..•...•.•.•... ~ ! i : March FebruarY : 1925 1926 $ 9.75 $ 8.60 : 8.26 8.85 : 6.40 6.25 ! 8.25 5.25 '.i: 9.00 10.00 14.40 18.60 i 9.00 9.50 15.25 15.00 i II ••• , ••••••••••••••••••••••••••••••••• ,., ••••••••••••• 1 •• ", •• 1 ••••• ,.1,.1.1111111.1.,11.,1 ••••• I •• tI.,8 The March receipts and exports of cottoP at Houston and Galveston showed a fur' ther decline as compared to both the ous month and the same month last year. Cotton Movements ID: ~:! :. "~'~;;;~~'I:~;;:;:~':;;;~~~;"=";~;~"~;";~~;;~ON March 1926 Net receipts ............. _...... 128.859 o Exports ............................ 206.899 § Stocks. March 81 ............ March 1925 187.571 856.726 Aug. 1st to March 81st. This Last Season Season 2.828.286 8.498.406 2.886.408 8.285.180 505.744 812.788 £!l.,I ••• ,..................................... I••••••••••••••• ", .............. ,•••• ;::::.! E ,1, •• 1.1.111"", •• , •• ,. ··~;;··~:~:~:::.~:~~~~-~:"~ ~ ~;· · '· ·'·~1'~ ;:~0:~ ~o' For other foreign ports ....._....... _....._............... 29.800 For coostwlse ports ............. _................. _.......... 6.000 In compresscs and depots .........__ .. _........ .... _ 458.844 265.888 • Total .....__......._.. _................_................ ...... 505.744 812.788 [!J •• ,••••••• ,•••••• ,...........................................,•••• ,••• 1., ••••••• ,.1.,1,.1111, •••• ,,1.1,1111,.I I:::: ' ···'···'··"···'·······'···:~=:~~~2'~0:8;.:5~7::5"~~'~~;~""""""'" E Receipts-gross ......:....... 178.729 Receipts- net ................ 72.915 Exports ......................_. 88.806 Stocks. March 81 ............... 8.11 ............. 114.958 158.090 •• u~~.,O,!~ , 604.691 11 .. , .......................................... 1111 .. 11 .. 11 ........ " .. 111.1111111.11111.1 911.1111 .... 111111111111 ...... 111111 .. 1111111111 .................. 1 .......... 1111 ....... 11.11 ............... .. ll::o ::::: Cattle prices during the month were steady with an up· ward trend in evidence on some classes. Prices at the close of the month were well in line with those at the close of .0"';';;0=M~;=;,;~" Cattle .. _.._.._........ 57.128 Calves ...._ ......_._.. 11.985 Hogs ...... _..........._.23.658 Sheep ......_.............. 11.787 E ~:::sow~____ _______ :5.2s15:~ 8 7S;: Th2811:.8S:57A:966;:42:=: •• Exports: Great Britain ......_...................... France ............................... .......~... Continent ................. _.............. .. Japan-China ...... _.._....._...._._.. Mexico .............._.............. _............ Total foreign ports ............ _...... Stocks at all U. S. ports. March 81 .. ..... AT ALL 41.498 6.888.979 1.192.784 C!J ................ IIIIIIII .. III1.U ............ U.IIIIIIIII.IIIII .......... UIlIIIl.11I1I1111""1111111111" MONTHLY BUSINESS REVIEW 3 -------------------------------------------------------------------------------------------------------------------q! ... IIIIII .. UIlIU .. .,UIlIlIlIIlIlIlIlIIlIIIIlIIlIIlIlIlIlIlIIlIIIlI ...... IIII .. 'U ..... 111111111111111 ... 111 .. 111111111111 ... 1111 .. 111' ...... 111111111 .... 111111 .... 11111 ........ 1111 .. 1111111111 ..... 1111111 ...... 1111111 .... 1111 .. 11111111111111111118 COTrO:~:::;::O::GO:T::~ I:::::: Cotton consumed .............. ....................................................... E Cotton on hand March 81 st : (a) in consuming es tablis hments................................ (b) in public storage and compresses.................... : UNITED STATES March 1926 March 1925 Au g ·!sl to Mar~J: _8t1 Th Season Se~on March 192 6 March 1925 Aug. 1 to March 81 S;:s~n ~;n 488.896 892.027 8.080.290 2.796.918 68'1.593 688.407 4.879.008 4.087.199 ............ ............ ............ ............ 1.068.664 8.980.886 948.610 1.708.801 ............ ............ ............ ............ 1.767.686 4.1 62 .628 1.G88.788 2.028.881 mlll.IIIIIIII •• I •••••••• I.I.I •• III •••••••• I.' ••• I' ••••• '1111111111111111.1"1 ••• 11111111111111111111111111111111111111111111 ••• 1111111111 ••• 11111.1111111111111111111111111111 •• '.11111111111111111.1111111111111111111.IIIIIIII •••••••• II.IIII' ••• IIIII •• tp 111111'111111111111111111111111111111111111111""11,,, .. ,,,,," .. 11.1111""'""1I1I1I11I.,IIIIIIII.IIIIIIIIIIIIIII'ij] : ~ ~ sPorMfd~~~~!!fCES March 1926 April 16. : ~ ~ I ~:: J~I~~n~'' :=: : ~~=::: : : ::::==::=::=:=-= ~~ii r~~~~ T~~~~!§ ~ ~allas ............._...................._ .. _ .... _ ........ 18.65 : ouston .................................... .............. _ .. 19.00 : Galves ton ......... ......... ................................... 19.20 17.96 ) 8. 60 18.80 18.10 18.45: 18.65:: r."lUIIlI.IIIIIIII .. ,lllllItll.IIIIIIIIIIII.IIIIIIII.,II .... IlIItIlIlIlIl'III1I1II1 ... 11111,111,.,1111111111111111111111110 COTTONSEED OIL There was a further strengthening in the cottonseed oil m?rket during March. The reports from 58 cotto·nseed oil mIllIs in the Eleventh District showed that they shipped 9,548,943 pounds of cottonseed oil during March, for Which they received an average price of $.0961 per pound, ~s compared to an average price of $.0919 per pound durIng February. On the other hand, the price of cake and m~al and hulls reflected a further decline. The price reo ~elVed for cake and meal shipped during March averaged 'll)2~.4.I per ton, as against $30.22 per ton in February; the Price received fo·r hulls averaged $8.94 per ton as compared to $9.01 per ton in February. These mills received 15,813 tons of cottonseed in March, for which they paid $34.81 Per ton, as compared to receipts of 34',793 tons in February ~t an average price of $33.16 per ton. ~1 II""1:l .. ,IIIIIIIIIIIIIII"IIII ... ,IIII.II ... III.,IIIIIIt .. IIII ... , .. IIIIIIIIIIIIIIIIIII.,II II .. " " ' ' ' ' ' ' II II 1....... : COrrrONSEED PRODUCTS SHIPPED AND AVERAGE PRICE I: = ',",EIVED ....d.:""'· ~::,~, Shipped ~ g~kde oil .............................................. : : liulf and meal .................................. Lint.!rs .. ::::::::::::::::::::::::::::::::::::::::::::::::: Prloo :: !_:_ F . O. B. Mill 19.6~::g~: ~~'s $28:~~61 ~:~ ~~ 16.084 tons 6.129.196Ibs. 8.94 Jler ton .0444 per lb. § :: § ~, .......... ,11.,111111,1111 .. 111111 .. 1111111111111111.111 ....... 11111111 •• 11111 ..... 111111 .............. UItU .. ,It'I!J 6 :; ~lhl· ••• I •••• III •• ,I •• ,.' ••• '.I.I •••• ,.III.I ••• I •• ,.,. , •••••• ,., ••• ,1 .......... 1 ••••• 1 ••••• , •••• 11.1.1 •• 11'.'11.,'I.II.m §:: COTTONSEED RECEIVED AT MILLS e=--- : March ~ _li~821~ Cottonseed received (tons) ........................._.......... price per ton (including freight) .......... $84.81 1iJ., Average February §.. § 18~~~98 ~ $88.16 § '·,",."' •••••• ,.,., •••• , ••••••••• , •••••• '.," ••• ' •• 1••••• '.,1,1 ••••• ·." •• " •• "' •• '1"'1 ••• , •••• '1, •• , •• ,'IIIIIIIII!] ~11.1" .. , ........ != : IIII"I1I ..... I .. I1 ............... I1 ..... IIIII .... IIIIII.IIII .. I1 ......... tlIIIU ... IIIIIIIIIIIII.,III[!] STATISTICS ON COrrrONSIiJED AND COTrONSEED PRODUCTS § I : Cottonseed received : c ~ mills Texas Aug. 1 to March 81 S;:;~n S~::;n United States Aug. 1s t to March 81s t ~~~n S~;n :: § § I :: (tons) ..... 1.857.000 1.627.1<12 5.869.000 4.444.848:: : o( nseed crushed :: : c ttons) ...................... 1.288.000 1.409.782 4.978.684 4.186.666:: : o( tonseed on hand :: ~ C tons) .................... _. 90.000 128.480 415.277 828.806 § : rUde oil produced :: : C (k!>ounds) ..........._ 8G8.641.000 410.140.000 1.484.888.682 1.247.607.697 :: : a e and meal pro:: : li dUced (tons) 608.000 G67.000 2.820.000 1.896.299:: lls : L!J produced (tons) 363.000 410.000 1.872.000 1.182.771:: : Inters produced :: § (500 lb. bales) ...... _ 248.000 267.000 987.000 791.620 § : ~.tocks on hand :: : "larch 81: :: ! kde oil (pounds) .... 9.480.000 20.859.000 42.201.000 68.264.917 § : lin I" and meal (tons) 92.000 40.000 848.496 182.787 : E Is (tons) .... _......... 71.000 42.000 166.000 160.409 § ,; nters (600-lb. bales 48.000 88.000 199.000 127.198 :: gr t.f ~lhl ...... II .. II .... I ........ III .. IIII ••• IIIIIIIIIIIIIIIIII .. III1II1I1I1.II.,1I1I1I1t1 1111'111,.,111111,1,111111.11"110 [!] \ TEXTILE MILLING The March production of reporting cotton mills reflected an increase of 6.9 per cent ooyer the February production and was 7.3 per cent greater than in the corresponding month last year. These mills consumed 2,620 bales of cotton in March, as compared to 2,354. bales in February and 2,4.19 bales in March, 1925. Reports indicate that conditions in the industry are unsatisfactory. The fluctuations in the raw cotton market have unsettled cotton goods prices which in turn has restricted buying. Unfilled o-rders on hand at the mills at the close of the month were considerably .smaller than those on hand a month earlier or a year ago. There has been a further accumulation of stocks at the mills. . 1:.'_ . ~:~:::. ~::...~~~:~::::~i;t:t~~;;::"''' :~;;~~''l:: Number spindles active ... ...... 68.724 Number pounds cloth produced .... 1.170.296 G6.724 1.091.885 68.724 1.098.686 8"111111.11111111,11 .... , .. ,111 •• 11 .. 11111111111 .. 11111 .... 11111111111111 ..... 1111 ... 1111 .. 111 .. 1111111' .. 1111111 ..... 18 WHOLESALE TRADE Distribution of merchandise in wholesale channels failed to reflect the usual seasonal expansion during March. An active demand was evident in most lines early in March, but the appearance of unseasonably cold weather and the almost continuous rains from the middle of March to the middle of April greatly reduced the consumer demand for seasonal merchandise and created a spirit of hesitancy among retailers. The effect of untoward weather conditions was visible in all reporting lines. Retailers are adhering to the policy of keeping commitments closely aligned to consumer demand and any marked diminution in consumer buying reacts unfavorably upon wholesale distribution. Reports indicate that collections in practically all lines of trade are slow. The March distribution of dry goods at wholesale reflected a marked diminution, the sales of reporting firms being 17.9 per cent less than in the previous month and 10.7 per cent less than in the corresponding month last year. Due to the rainy and unseasonably cold weather during March, pre-Easter buying was generally disappointing, and as the merchants are following the policy of keeping commitments closely aligned to consumer demand, the reduction in consumer buying was quickly reflected in wholesale channels. The unsettled condition of the cotton goods market has also had a tendency to retard buying. Collections were reported to be draggy. A stronger demand for drugs at wholesale was in evidence during March following the somewhat restricted buying during the first two months of the year. The months' sales were 5.7 per cent greater than in February and 6.0 per cent greater than in March last year. However, sales during the first quarter of 1926 averaged 2.4 - MONTHLY BUSINESS REVIEW 4 ------------------------------------------------------------------------------------------per cent less than in the same period of 1925. Late reo ports indicate that business during the first half of April showed a considerable decline and that collections are slowing down. Prices continued generally stable. The sales of farm implements during March reflected a further decline of 28.6 per cent, as compared to the pre· vious month, but were 5.7 per cent greater than in March last year. The rains during March and early April, which retarded all farm work, have materially decreased the demand for implements, but, as agricultural conditions are fundamentally good, dealers state that the reappearance of fair weather will bring about an increased demand for implements. Prices continued steady. The March sales of reporting wholesale grocery firms were 1.6 per cent greater than those for February and 0.8 per cent greater than those in March a year ago. The demand for groceries was generally well sustained through. out the district, but some dealers report that business is confined largely to staples. While prices generally are about stationary, some items have shown a weakness. The sales of hardware at wholesale were practically the same as in both the previous month and the saIlle month last year. Weather conditions had an adverse effe.ct upon distribution during March and the first half of AprIl; but the opinion of the trade seems to be that the return 0 seasonable weather will create a renewed demand for prac· tically all kinds of hardware. The continuance of record· breaking construction activity in this district is stimulating the demand for builders' hardware. Prices remained firIll. 8 ... 111111111111111111111111111111111111111111111111111111 ........... 1111111111111 ...... 111 IIIIIIIIII .... ,IIII.II .. E IIII~ i CONDITION OF WHOLESALE TRADE DURING MARCH, 1926 PW]~::~fJ~~~d~~+~2!.:0: :~:ti.i ! Groceries _..__ ._.... +.8 § Dry Goods ...... _......_-10.7 : Farm Implements .... + 5.7 § Drugs ........................ + 6.0 :: Hardware ........._......6 8.11 .. + 1.6 - 17.9 -28.6 + 5.7 +.7 None - 9.6 -10.6 - 2.4 +.8 • 4.9: +2.8: +1.8 1 +.8;., -1.7 +.5 +8.2 - .8 11 .. 11111111111111111111.11111111111 .. 111111111.1111111111111111111111111111111111IIIUIIUIIIIIIIIIIIII.IIII1I1III.!I RETAIL TRADE The March sales of department stores in this district were 19.4, per cent greater than in February and 3.2 per cent larger than in the corresponding month last year. Reports indicate that pre.Easter business was somewhat disappointing, as the inclement weather curtailed the de· mand for seasonable merchandise. Restricted buying was also noticeable during the first half of April. Stocks on hand at the end of March were 8.0 per cent greater than at the close of February, but 1.4, per cent less than a year ago. The percentage of sales to average stock~ during the first quarter of 1926 was 60.8 as against 59, during the same period in 1925. The ratio of outstanding orders to last year's purchases at the close of March was 5.4, as compared to 7.4 at the end of February and 7.2 at the close of March, 1925. The ratio of March collections to accounts receivable 0d March 1st was 39.4 as compared to 36.7 in February an 4-0.9 in March last year. !!It •• III.I.III ••••••• II ••••••••••• II •••• II.I ••••••• I.I •• 1'1.1.1,1111111111111111'111111 •• ,.11111111111'1111111111.I.,flllllllll'IIII II IIIII,I.I,IIIIIIIIIIII",I",' •••• 1•• • •••••.••••• , ••• "., •• " ••• 1••••••••• 11.1.1 ••• •• I •••• I.I.II .. IIIII'I' •• I.I""'.'~ :: BUSINESS OF DEPARTMENT STORES 'J.1otal Sales March 1926, compared with March 1925 ................... _........ ...._....... _._... March 1926, compared with February 1926 ....................._......................... Jan. 1st to date, compared with same period last year........................ ........ Credit SalesMarch 1926, compared with February 1926 __.. _ ....... __ ............. __................. March 1926, compared with March 1925 .. _ ............_....._...................... January 1st to date, compared with same period last year........................ StocksMarch 1926, compared with March 1925 ... __ .................................... _........ March 1926, compared with February 1926 .............................................. Percentage of sales to average stocks in March 1925 .........................._. .................................... _..... ___........ __ ... _..__ .. __. March 1926 ............... __._... .......... ...... ...... _.................................................. : Percentage of sales to average stocks January 1st to March 81, 1925............ __.._ ..._ .. _........................................ January 1st to March 31, 1926 .....__ .... __.... _............... _............... _.... ___...... __ Ratio of outstanding orders to 'last year's purchases ....... _........................... Ratio of March collections to accounts receivable due and outstanding March 1, 1926 .................................... ___ ................ __............_... ___._._.._ ..... -: All Others _ 2.8 +18.3 _ 4.5 Total District + 8.2 +19.4 + 2.1 Dallas + 1.4 +12.2 + 8.6 Fort Worth +14.8 +25.9 +10.8 HousWn + 6.7 +29.2 + 8.1 + 2.7 9.0 + 8.0 + +27.2 +24.8 +19.0 6.6 +24.0 4.8 - 2.8 + 4.9 + 4.4 + 8.8 5.2 +12.5 20.4 20.9 16.5 17.3 24.3 25.8 20.7 21.6 20.4 21.1 60.6 62.9 5.8 46.8 47.6 8.4 68.2 70.1 6.4 62.0 62.0 6.2 59.7 60.8 6.4 87.2 87.1 42.7 41.9 39.4 + + + 8.6 +16.4 2.6 + 6.8 +15 .6 + 7.0 - _ + + + 7.1 9.2 + 1.4 8.0 i::: l 1 8, : •. ,.• 1,11 •••• ,., ••••••••••• 1".1.,,1,1,1,1, ••• , ••• , •••••••••••••••••• 1.1111111111,1, 1 1' ••• 11'1.,11'111.1111,.",111"/11"1"1,11,1""""""1"1,,111111'1'.1.1"""1'1111111 •• 1111 •• ,11""'1.,1111.1' •• 1 •••••• , •• ,1.11111.111111.11111.1111111 ~- FIN AN CIAL The volume of public spending during March as meas· ured by charges to depositors' accounts at banks in the sixteen principal cities of the Eleventh District reflected a seasonal expansion of 7.8 per cent as compared to the previous month. The total volume, which amounted to $736,752,000, was practically the same as during the cor· responding month of the previous year. Acceptances executed by accepting banks in this district, and which were outstand· ing on the last day of March, showed a further slight decline from those outstanding on Feb· ruary 28. The total volume of these acceptances on March 31 amounted to $1,834,4,09.59, as compared to $1,849,· 538.28 on February 28. The amount executed against ex· Acceptance Market 8 .. 1111111111111111 .. 11111111 .... 1111111'11111111111111 .. 1111 ..... 11 ... 11' .... 111111 .. 11 ...... . . . . . . . . . , . . . III ... III".I~ DEBITS TO INDIVIDUAL ACCOUNTS M;;/hOUS~~;;hof DO;;::~r FCf:~:ry I~2 i~s~1~er~~.~ ~~~:. $ 2g;m .. ____ .... 21,955 Beaumont ...... Corsicana __.. __ ._... 7,784 Dallas ..._______...___ .. 215,885 El Paso .... ______.. ___ 86,847 Fort Worth _______ . 80,326 Galveston __....... ____. 38,489 ~s':~l __~~:::::::::::. 14~:m San Antonio .... ___ 89,620 Shreveport ...... __ ._ 44,281 Texarkana __ ......____ 12,166 Tucson ..__ ._.. __ .. __ ... 9,423 Waco .... _...... __.. ____.. 15,723 ' Wichita Falls .. ____ 85,877 $ 8g;m 17,269 9,199 219,568 84,667 74,672 45,877 14~:m 85,866 38,417 ~ ,100 8,746 18,913 81,680 ±~~:~ +27.1 -15.9 - 1.7 + 6.8 + 7.6 -16.2 +"+10.5 ~:r +15.3 +38.7 + 7.7 -16.9 +11 .7 $ 19:m 21,085 6,942 207,691 88,714 73,878 35,500 12:;m 87,070 38,808 9,902 8,612 16,134 37,594 t +1:~9.: '4 ~ i I : .;: + 8. 7S + 8. 1 :: 6'1 14'0 22'4 9'6 - 2'0 I+ j ll : : : : 1 1 78 i + . II'~ ~ :: To~l 1.lth : D,.tr,ct ... __.... $736,752 $787,860 -.1 $688,494 Gl ...... II .. UIlIl .... III1 .. IIU .. II.,IIU ...... , .................... U .... IIIIIIII"III.UI1 ••• " ••• '"11111 ...... '· - MONTHLY BUSINESS REVIEW 5 --------------------------------.----------------------------------------------------------------------~ort and import transactions rose from $718,954,.25 on 'ebruary 28 to $1,041,667.09 on March 31, but those based ~n . the domestic shipment and storage of goods declined ~~om $1,130,584.03 on February 28 to $792,742.50 on lflarch 31. COndition of '!1ember Banks t/1 Selected Cities The volume of loans of member banks in selected cities reflected a further decline during March. While loans secur~d by corporate securities increased $3,028,000, commercial loans and loans secured by Government securities declined $5,837,000, making a net decline of $2,809,000 in total loans. The net demand deposits of these banks declined $5,071,000, but time de· posits increased $692,000. Their investments in Govern· ment securities increased $4,400,000, but there was a decline of $994,000 in investments in other stocks and bonds. Their bills payable and rediscounts with the Federal Reserve Bank totaled $2,066,000 on March 31 as compared to $5,425,000 on March 3. GlIIIIII. CONDITION STATISTICS OF MEMBER BANKS IN SELEC'l1ED CITIES March 81,1 926 ~: ~~1:~~~1~~~~ri~!dt.:::~:~~~~;;i;:::::~~~:;::: :::::::::::::::::::::::::::::: : : : : :: : ::~:::::::::::::::::::: ::::~ Lo ans secured by U. S. Government obligations.................................................................... $ 19,861,000 58, ~~::TcE~;:!::~~::~:~~~~::~~~~~~ ~ ~:~ ~ ~ ~ : :~ ~ :~ ~:~:~:~: :~:~ : : : : ~ ~~~:: : : : :~: :~: ~: :~: :: : : : : : :~: : H Un:m 2~:m:~~~ ~~i:m:m 3O,m:~~~ . Lonns secured by stocl", and bonds other than U. S. Government obligations................ 3,111,000 84 ,177,000 ~f ~i1Js ~ . Iilll"u.. payable a nd rediscounts with F ederal Reserve Bank.................................................... utio of loans" to net demand dePQsits........................................................................................ • Loans incJ ude only items 4: nnd 6. Ma rch, 8, 1926 715,O~g $ 21.842,000 56,856,ocig ~: 5 I: April 1, 1925 52,456,O~g $ 22,886,000 8,146,000 81,149,000 3,878,000 75,532,000 8·1'70 ~~~:m:m 2~:m:~~~· 82% 85% • ~ 11111 1111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIIIIII 11111 111111111 1111 III 11111111111 II 11111 11 1111111 1 1111111111111111111""1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111118 SaVings Deposits $1 Savings deposits of 102 banks in the Eleventh Federal Reserve District which operate a savings department amounted to 13,424,542 on March 31, an increase of six· tenths of One per cent over those at the end of the preceding month, and 9.2 per cent greater than at the end of March, 1925. These banks were carrying 264,,695 savings accounts on March 31, as compared to 263,414 on February 28, and 247,990 on March 31, 1925. ~ IIII'"IIIIIIII""IIIIIIIIIIIIIIIIIIIIII"""IIIII'IIIIIIII'IIIIIIIIIIU 111.11111111111111111111111111111111111.1111111111111.1111111111111111111111111111111 .. 1'1111111111111111111 ... "11' ........ 111111 ...................... 1I11I1I11I .. 11I1I1I11t.[!) SAVINGS DEPOSl'I'S I:, Number of N M:Ch:~ 1926 t Reporting um r moun . ~ Bunks : Beaumont ............... _....................................................... :! i[~~~~;:: :::J" ~: ;::;~+~ 4' .I. ! ~fi~;i:f.~~:~ : : : : : : :~ ~ ;: : ~ : :~: ~ ~ ~ ~ ; ; ; ; ; ;: ~: ~ ~; ; ~ 5~' Shn Antonio ..................... _........................................... ~ Tcltal........................................................................... 102 :~ : ~'h ],~nreh0 fS~moun 1926 tIne. t 0 or D~~~i~ g:~~~ Dec. f N 0 ~:;::i~ ~:~~ft! 6,008 2,221,008 NU:~:' ;8~:~:nt o~ te~~i~ g:;:~ urn er 4,989 In!! Ii!!:I!! l!:m 25,571 11,858,177 23,526 264,696 113,424,642 247,990 Jm Junu 1m 2,290,365 3.0 4,949 2,227,680 Ine. 01' Dec. -.8 l!i!:H! f+ ,Ii IHI! 111Hl! 1';:1 Jm~m !l~H JUf Jutm !1::~ 11,448,1 88 103,912,726 + 3.6 ~5,195 l~'m'm 9.2 268,414 112,767,648 =:~ + .6 'Only 8 banks in Beaumont, 12 banks in Houston and 48 banks in all othet·s reported the number of savings depositors. 111111111111 ..... ,1111 .. 1111111111 ..... 1111111111.111111111111 .. 111.11111 ...... 11111111111111 .. 1111111111111111111111111111111111111111111111111111111111111111111111111111111111 .. ' ................ 11 ............... 1111 .. 11 ... 11111 ............ 111 .. [!JIIIIIII . Prevailing rates APRIL DISCOUNT RATES Dallas : \i,\ ~f::::n~. . ::::::::::::::::::::::::::::::::::::::::::::::~~:::::::~:::::::::::::::::::: a~ cin commodity paper secured by warehouse receipts, ~, ..~:te· o~.. ~~ti'j~ ..i;;~~~~:::::~:::::::::::~:::::::::::::::::::::::: ::::::::::::::::::::::=~ 5·6 San Antonio Houston Waco 1-0--------- 6%·8 6·8 6·6 5·6 6·6 4-8 4·8 5·7 5·8 6·7 5·6 5·6 5·6 5·6 4·6 6·8 b·6 5·6 5%·8 6 6.~ 41t~ 6.~ ~:~ t~ t~ t~ t~ t~ t~ !i:l ~~~~i~: ~~6~~~t~::.~:::::::::::::::::::::::::::::::::::::::=::::::::::: ate charged on loans tci other ba nks, secured by bills n It receivable ..................................................................................... . ate on ordinary commercial loans running 80·60·90 days secured by Liberty Bonds and Certificate of Indebted· n n CSS (not including loans to enable purchnse of bonds) a te on loans secured by prime stock excha nge or other Current collateral : Fort Worth El PnBci nate charged customers on prime commercial paper such \';8_ is now eligible for rediscount under the Federal ''''serve Act : l n ·8 4'1:~ ~.~~ ·8§ "111.1 .. 111 .. 1111 .. 1.111 .... '"11111111111111111111111111111111111.1111111111 .. "UIIIlIIlIlIlIIlIlIlIIlIlIIl .. III.IIIIIIIIIIIIIIIIIIII .... IIII .. IIIIIIIIIIIIII.1111111111111111111111111.11111111111111 ....... 1111 .... 1111 ...... 111 .... 1 .... 11 .... Zeposits of There was a further seasonal decline in ember Banks the deposits of member banks in the eli. Eleventh District during March. The de· h1 ne In net demand deposits between February 24, and arch 24, amounted to $16,611,000 and the decline in time deposits amounted to $1,865,000, or a decline of $18,. 476,000 in their combined deposits. It will be noted that the major portion of the decline in net demand deposits occurred at banks located in cities with a population of less than 15,000, while the major portion of the decline in - MONTHLY BUSINESS REVIEW 6 --------------------------------------------------------------------time deposits occurred at banks located in cities with a population over 15,000. Their combined deposits on March 24., 1926, which totaled $806,551,000, were $20,091,000 less than on March 25, 1925. 9" ..... 1111 ....... 111 ... 1111111111 .... 111111 .. 11111 ... 11 .. 11111111 .... 1111111111 .... 1111111111111111111111111111111111'8 :: g DEPOSITS OF MEMBER BANKS $6,021,580 less than on February 28, and $7,325,907 less than on March 31, 1925. FAILURES The past month witnessed an increase in both the numh ber of failures and the volume of liabilities in the Elevent Federal Reserve District, as compared to both the prev~oUs month and the corresponding month a year ago. T e~e were 75 defaults in March with an indebtedness of $809,1? ' as compared to 62 failures in February with liabilities amounting to $669,997 and 59 insolvencies in March a year ago with an indebtedness of $682,936. Statistics f~t the first quarter of 1926 disclose that there were 24.5 ures, with liabilities of $2,936,904, as compared to failures during the corresponding period of 1925 with an indebtedness of $3,666,573. f;i6 PETROLEUM &11.111111.1111111111111111111111111111111111111111.,1111.1111111111111111111111111111111111111111111111111.,111111111118 Operations of While the volume of Federal Reserve Bank the Federal Re· loans to member banks, which stood at serve Bank $5,647,4.72 on March 31, was $321,096 less than at the end of February, there was a steadily increasing demand for rediscount accommodations from the member banks in the agricultural sections. The wider distribution of our loans among member banks is shown by the fact that there were 137 borrowing banks on March 31, as compared to 99 on February 28, or a net increase of 38 banks. The past month witnessed a net reduction of approximately $1,000,000 in the borrowings of reserve city banks. The total amount of loans to memo ber banks on the last day of March, 1925, was only $1,456,376. There was a further large reduction in the total volume of all classes of bills held during the past month due to the reduction in our holdings of bankers' acceptances. Total bills held declined from $21,887,303.10 on February 28 to $15,199,782.91 on March 31, distributed as follows: Member bank collateral notes secured by U. S. Government obligations ...................................................................................... $ 1,253.500.00 Rediscounts and all other loans to member banks ....................... 4,893,971.76 Open morket purchases (Bankers' acceptances} ............................ 9,552.311.15 Total bills held ............................................_ ........................._ .... $15.199,782.91 Federal reserve notes in actual circulation reflected a further seasonal contraction of $2,573,985 during March and stood at $36,592,625 on the last day of the month. On that date the circulation of these notes was $7,4.21,745 less than a year earlier. The reserve deposits of member banks, which amounted to $56,557,114. on March 31, were U After showing a steady decline in daily average p~odu~~ tion for nine months there was a substantial increase ~n the daily average production of oil at the various fields In;he Eleventh Federal Reserve District during March. 56 daily average production for the month amounted to 391,3 r barrels, as compared to 375,4.74. barrels in February, ?n a net increase of 15,882 barrels. This increase was du~ Ie a large measure to the developments in new fields. w r new wells which have been in the process of drilhng. Os sometime were completed. There were 625 co~plet.l~d. during March, of which 368 were producers of 011, Y:i to ing a flush pro·duction of 73,117 barrels, as compare rs 526 completions in February, of which 315 were produc 1s of oil, yielding an initial production of 70,864, barre d There were 23 gas wells completed in March as compare to 20 in February. r The daily average production in Texas fields re~ct~~ an increase of 12,988 barrels. The North Texas, e;'a1 Coastal and South West Texas fields showed a substan 1st increase in daily average production, but the Central ~;e. and East Central Texas fields again reflected a dec in Considerable activity is noted in the Oldham field 'on Archer County and the Carson·Hutchinson Counties s~c~ in of the Texas Panhandle. The daily average produCtJ~ 894 North Louisiana fields, which showed an increase of , nt barrels, was due in a large measure to the deve\oPfield work in the Urania field. The production in that b~r. increased from 16,100 barrels in February to 184,047 rels in March. d pr lC. e Crude Oil There were no changes in the poste. the Prices of crude oil at the various fields In ring Eleventh Federal Reserve District du the period between March 10 and April 7. .",[il [!] IllllIlIlllIllIlllIlIlllllllllIlllllIllllllllIlllllIlIlIlIlltllIlll1ltIII1IIIIIIIII11111111111I11111111111111111I11111111111IIIII11 'U'"II.'I.,.I.IIII,IIIIIIII.I.I.,II.IIIIIIIIIIIIIIIIIIIIIIIII.111111111111111111111111111111111111111111111111111 g OIL PRODUCTION March Total. 'I\!xas ....................................................... North Louisians.......................................................... Total 2.829.238 2.097,818 1,858.552 2,557.276 1.299.241 ---10.686.620 1,495,418 Total, District....................................................... 12,182.088 North Tex8s ............................................................ :..... Central·West Texas ................................................... . East·Centl'al Texas .................................................... . 'I\!XDS Coastal .............................................................. . Southwes t 'rexos ........................................................ .. :: :: :: Daily Avg. 91.266 67,655 59.792 82,493 41,9ll 848.ll7 48.239 -891.356 ...&' Increase or Dccre~ February Total 2.254.940 1,989,180 1.69&.400 2,268,740 1.085,850 9.248,610 1,269.660 10,518,270 Daily Avg. 80.534 71,042 60.550 81.026 36.977 330,129 45,345 -875.474 ~ .~:.~ Inc. Inc. Inc. Inc. Inc. Inc. Inc. Inc. Total 574.298 108.133 158.152 288.586 268,891 1.893.010 225.758 --1.618,768 Daily ~1V:782 Inc. 3'381 Dec. '768 Dec. 1461 : Inc. 4'984 : Inc. --.:.-.::: 12. 988 rnc. 2,894 • Inc. .---:::;;: 15 882 ,i, Inc. . """L\! GlIlIIlIIItIIIIIIIIIIlIIIIIII.II.IIIIIIIIIIIIIIIIIIIIIIII.,.,1I111111',111"'11111111111.11.11.111111111111111111111111111111 ... 111111111111, ....... 111111111.,111111 ... ,1111 ......... 1111111111, ... 11 .... 11111111111111111111111 .................... , .'::.1 1 MONTHLY BUSINESS REVIEW 7 ----________________________________________________________________________________________- L___________________________ ~1111111 ••• I.IIII., •• II.I.II •• , .. ,.III.II.I •• I.I.I., •• 1"",.,.1.,111111" I MARC:o:~ILL:: •• ,1,1"11 •• 11111111 •• """, •••• 1.1IIIIIIIIIIm RES::S F~l. Initi~ ~ Fleldpletions ~ North Texas .... __._.... _.. 329 ducera 192 Wells 8 Central West Texas Texas....... .._ ... Eas t Central _. 109 4 Texas Coastal ......_........... 61 Southwest Texas .............. 18 Texas Wildcats ......... _..... 27 59 41 8 5 Total. Texas __ ............ 648 North Louisiana .._._....... 82 300 ' 68 16 7 227 7 64,592 8.525 March totals , District 625 F eb. totals, District ... 626 368 316 28 20 284 191 78,117 70,864 : ~: . 1 71 ures 184 488 20 27 I 8···1111 •••• 11.111 ••• ,11111 ••• 11 ••••• 11 .................................. 1111 .......... 11111, •• , ••• , ......... ,.1 •••• ,','8 CRUDE OIL PRICES April 7, April10 TEXAS1926 1926 Texas Coastal (Grade UA") ,... __________________________$1.60 $2.00" North and Central Texas (52 gr. and above) __. __ 8.82 • • Prices for April 10, 1925, not available on a comparative basis. p 'rodu.ct4on § 17,100 20,470 17.022 10,000 April 7, LOUISl'ANA1926 Caddo (88 gr. and abovel._ .__...__..._ ......._ .._._.._.$2.20 Bull Bayou (88 gr. and above) ..... __ ._____ ____. 2.00 Homer (85 g r. and above) _.... _ ...... _____.___.. __ 1.96 Haynesville (88 gr. and above) ........ _......._.._....._ ._ _ 1.85 De Soto Crude ..... _._ .......... __...._..._.. _..._ ........_ .._ .. __ 2.06 m.. April 10 1926 $2.06 1.86 1.80 1.70 1.90 UIlIIlIlIlIIlIIlIlIlIlIIlIl .... III .. UIlI .. IIIIIIIIIU .. II .. IIII ..... UIIlIIlIIlIIl ... 11.1111 .. 111 .. 1111 ........ 111 18 ml· ...... IU .. IIIIIIIIIIIII ......... II .. III ....... 'IIIIIIIIIIIU .......... UIlIlIlIlIIlIlI1111111.11111111111111111111118 (Oil statistics compiled by The Oil Weekly, Houston, Texas.) the books of 4,7 mills at the close of March amounted to 76,257,888 feet, as compared to 64,436,862 feet on the books of 42 mills at the close of February. Stocks on hand on March 31 were 11 per cent below normal, as compared to 17 per cent below normal on February 28. LUMBER There was a marked improvement in the lumber indus· ~y in the Eleventh Federal Reserve District during March. espite the heavy rains and unseasonable weather which ~etarded operations ·to some extent, production at report· ~ng mills was practically normal, as compared to 2 per cent below normal in February. The strong dernand for lumber in this district was reflected in the statistics on shipments and new orders received. Ship~ents rose from 9 per cent below normal production in 'ebl'uary to 3 per cent below normal production in March and the volume of new orders received during the month were equivalent to 104 per cent of normal production, as against 97 per cent in February. The unfilled orders on G] jlllllllllll ••• III •• IIIIIIIIIIII.I."I •••• IIIIIIII.11111""'1111111'.,.1.,1,.111"""11.111111.1 •• 11.1.,1IIIIII •• ,.,II!) go:::::::::::::. Number of r eporting mills .... _.._ .............._ .... _ 47 STATISTICS Production ._.....MARCH _.. _.. _ .. _....PINE _..____MILL ......._....... _ .._ 102,126,084 Shipments ......_ ... _ ....... ...... __...... __..___.._ 98,887,529 Orders ..... _..... _ ....._...._ _.......______._ ... __ . 106,894,618 Untilled orders, March 31_ ._........_ _ .. _....__._.. 76,267,888 Normal production ... ,._ .._._.. _. __..................... 102,239,198 Stocks, March 81.. ................__.................... _._ .... 268,868.866 Normal stocks ............ __..............................._._.... _ 297.670,790 Shipments belo.'" normal productlon ........_....__ 8,401.669 Actual productIon below normal ...............__... _ 118,114 Orders above normal productlon .... _ ... _...._._ 4,165,420 Stocks below normal ...._............................_......_ 83,801.984 § : 1!l ........... feet feet feet feet feet feet feet feet= 8% feet feet= 4 % feet=l1 0/0 : :: IIIII .... UIlU .. IIIII .. UIlIlIl .. III ... UIlU .. II .. IIIIIIIIIII ........ III .. 11 .. UIIIIIIIIIII .... ,1I1I1I1I118 BUILDING b !he past month witnessed the continuation of active Ullding which has been in progress in the Eleventh District for several months. For the eighth consecutive month the valuation of building permits issued at the twelve PrinCipal cities in this District showed a substantial increase over the corresponding month of the previous year. ~1111.lllllllllltllll.,IIII.I •••• IIII •••••• I •• IIIII' •• • 1.11 ••••••••• 1•••••• 11.1.1 •• 1'1.1""1" ••• ' •••• 111 •• 11111.11.1111.11111111111111111'11'111111 •• 111.,11111.1,.111'.1111.1.11111 ••• 1.1 •• ,.,11 •••• 11 ••• ' ••• 1 ••••••• '11 ••• 11 •••••• 111 .................. : = BUILDING PERMITS March 1926 March 1925 Februllry 1926 Inc. or No. V~~':,a,.. No. V;t~a,.. Dec. ........ ... ,...... \)~~~amont .............. ~I s . ... F' Paso···:::::::::::.:... oort Worth llalveaton .............. I> OUBton ........•....... : sort Arthur............ : S~n Antonio .... .... ~. ",.reveport ............ W!ico ...................... 1 Ichlta Falls ......., 53 178 483 109 366 268 557 140 346 291 40 202 $ 168,820 163,203 2,122,485 145,769 2.206,627 141.261 8,182,202 363,986 1,675.602 451,602 109,870 1,144,690 52 195 654 86 238 820 686 177 853 281 76 1K8 $ 60,625 169,589 2,058,841 254.309 722,884 166.092 2,507,264 128.854 982,130 358,684 174.742 832,790 + 162.0 3.7 + 8.1 - 42.7 +206.3 - 15.0 + 24.9 +182.5 + 70.6 + 25.9 - 87.4 + 88.8 'notal............... . 2m 11,815,457 8,150 8,416,704 + 40.4 ~UBtln &, The valuation of permits issued during March totaled $11,815,4.57, reflecting an increase of 36.0 per cent over the previous month and 4,0.4 per cent over the corresponding month of a year ago. The valuation of permits issued during the first three months of 1926 showed an increase of 34,.2 per cent over the corresponding period of 1925. : Three Months Inc. or 1926 1926 Inc. or V~~':,a,.. Dec. No. Valuation No. Valuation Dec. 59 150 449 60 401 269 441 127 880 258 86 201 $ 88.887 118,771 1,987,680 34.426 1,850,387 251.120 1,940,183 105.534 1,608,420 840,579 106,160 814,596 + 89.3 + 43.4 + 9.5 + 823.4 + 63.4 - 43.7 + 61.4 +244.9 + 4.2 + 82.6 + 8.0 + 41.-1 164 464 1225 217 1178 740 1888 867 1006 887 102 526 369,116 1179,615 5,325,524 819,465 4,979,450 588,897 8,681,928 668,765 4.847.288 1,232,518 260,805 2,542,778 169 495 1516 211 628 900 1679 446 1005 809 219 842 $ 254,705 642,927 7,109.463 408,884 2,248,065 392,919 5,445,798 296,064 2.846.807 1,084,041 718.106 1,501.610 + 44.9 - 80.1 - 25.1 - 20.8 +121.5 + 48.6 + 67.6 + 90.4 +106.5 + 13.7 - 68.8 + 69.8 2,766 8,686,648 + 36.0 8198 29,986,698 8409 22,848,789 + 84.2 No. 8 : :: §. § § 1111 .. 1111 .. 1111.1 ...... 1.1111111.11111111 ......... 1111111 ........... 11 ... 111 .. 11111111111 ......... 1111 .. 111 ... 11 ... 111111 .. "" ... " ......... 11111 ..... 111 ....... 11 .. 11111 .. 1I.1I ............ II.III ................ UII ..... IIIIIU ....... IIIIIII'I ... I . m CEMENT . There was a further substantial inGrease in the produclion of Portland cement at Texas mills during March as ~ornpared to both the previous month and the same month ast year. The month's production, which amounted to 45 1,000 barrels, was 14.8 per cent greater than in Febt~~ry and 6.9 per cent greater than in March, 1925. March s IPrnents were practically the same as in the previous month, but were 4.5 per cent less than in March a year ago. Stocks on hand at the end of March were 9.8 per cent larger than on February 28 and 56.7 per cent greater than on March 31, 1925. Production at these mills during the first three months of 1926 was 10.2 per cent above that for the same period in 1925 and shipments were 3.3 per cent greater. - MONTHLY BUSINESS REVIEW 8 --------------~--------.-------------------------------------------- 1l:. 11 ........ 1111111 .............. 111111.111 ........................ 11 ....... 1111111111111111111111111111111111111111111111111111111111111 ... 111111111111'1 .. 1'.11111111111111111'"1111I11I1I11I1I.nlll.I.IIIIIIII'IIIIIIIIIIIIIIIIIIIIIIIIIII .. 11 1f11l1'UtE:,.' PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND CEMEN'l1 (Barrels) :: :: §:: Pr~uctlon . ' . at Texas M1I.ls .................. _. • ShIpments from Texas MIlls.. .................. :: Stocks at end of me nth at Texas Mill.. March 1926 451,000 408,000 586.000 March 1926 422000 , 422,000 842,000 Inc. or Dec. + 6.9 - 4.5 +56.7 February 1926 893,000 400,000 488,000 Inc. or Dec. + 14 .8 + .8 + 9.8 Thr"" Months 1926 1925 1,174,000 1,065,000 1,111,000 1,076,000 Inc. or , Dec.' +10.2 E 88 ? +. , 8"111111111t11.1111111.1111I1I111111111I111I111111111I1I11111111111111111111111"11111111"1111111111111111'11111'11"1111111"'1'1111111II'IIUII"IIIIIIIII'I'III'I'IIIIIIIII,11I111111111111111111111111111111111.11.11111111111111111111111111. 11 ""om SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compiled by the l~ederal Reserve Board, a. of April 24, 1926) Industrial output increased in March and the distribution of commodities continued in larger volume owing to sea· sonal influences. The level of wholesale prices declined for the fourth consecutive month. cially larger, Loadings of coal, owing to the large prodr tion of anthracite, were also larger, while shipments of d~ e decreased considerably from the high levels of prece mg months. PRODUCTION PRICES The Federal Reserve Board's index of production in basic industries increased in March to the highest level for more than a year. Larger output was shown for steel ingots, pig iron, anthracite, copper, lumber, and news print, and there were also increases in the activity of textile mills. The output of automobiles increased further and was larger than in any previous month with the exception of last October. Building contracts awarded also increased in March, as is usual at this season, and the total was near the high figure of last summer. Particularly large increases in build· ing activity as compared with a year ago occurred in the New York, Atlanta and Dallas Federal Reserve Districts. Contracts awarded continued larger during the first half of April than in the same period of last year. Condition of the winter wheat crop has improved since the turn of the year and on April 1 was estimated by the Department of Agriculture to be 84. per cent of normal, compared with 68.7 per cent last year and an average of 79.2 per cent for the same date in the past ten years. Wholesale prices, according to the Bureau of Lab~~ Statistics index, declined more than 2 per cent in March s · wa t the lowest level since September, 1924. The dec I me general for nearly all groups of commodities and the lar ge decreases were noted in grains, cotton, wool, silk, cokeb rubber. . In the first two weeks of April prices of ~s~ commodities were steadier than in' March. Prices of gr8 1 flour and potatoes increased, while prices of cotton wool, silk, bituminous coal, pig iron and rubber dec me . TRADE Wholesale trade showed a seasonal increase in March and the volume of sales was larger than a year ago in all leading lines except dry goods and hardware. Sales of department stores and mail order houses increased less than is usual in March. Compared with March a year ago, sales of department stores were 7 per cent and sales of mail order houses 9 per cent larger. Stocks of principal lines of merchandise carried by wholesale dealers, except groceries and shoes, were larger at the end of March than a month earlier, but for most lines they were smaller than a year ago. Stocks at department stores showed slightly more than the usual increase in March and were about three per cent larger than last year. Freight car loadings during March continued at higher levels than in the corresponding period of previous years. Shipments of miscellaneous commodities and merchandise in less-than-carload lots were espe- 8\d ' 1?0dd' BANK CREDITS .' were Commercial loans of member banks in leading CItIeS the relatively constant between the middle of March and I an middle of April at a level about $200,000,000 higher ~~ h at the end of January and approximately equal to the I~S point reached last autumn. Continued liquidation of in to brokers and dealers was reflected in a further dechn re the total of loans on securities, which on April 14 we at more than $500,000,000 below the high point reached ' the end of last year. f erJ1' . At the reserve banks an increase of the volume 0 eh ber bank borrowings during the last two weeks of a:"s was followed by a marked decline in the first three we cis of April, which brought the total near the lowest lev of the year. . . ... - d ntin UHoldmgs of Umted States seCUrItIes mcrease . cOd setl. ously during the month while the acceptances dechne lume sonally. Total bills and securities were in smaller ~o the at the end of the period than at any other time dunng rket year and only slightly larger than a year ago. Open~~4~ rates on commercial paper declined in A"pril from tid on per cent to 4-4,1,4 per cent and rates on acceptan~es reh, security loans were also lower in April than m Bank On April 23 the discount rate at the Federal Reserve of New York was reduced from 4. to 3% per cent. .10: Nt M
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