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!i'~'.'."""''''''''''''''''''''''''''''"'''''''''''''''''''''.' •• 'U,.,." ..... I"' •• II"""" ••••••• II •• ,I •• II .................... 1••••••• 1........... ,., ••• 1...................•~a ••• , ........ , .. " •••••••••• , ................... , ........... ........ ,.,.4 ~ '.II' ••• nl1'·"""""'I""' ••••• I •••• ,., •• ,II ••••••••• , •• 1 •••••••••••••••• , ••••••••• , ••• 1 ••••••••• 1""'.1 ••••• 1., •• 1•• 1,.1.11111.,1 •••• 1•••• ,1.,111111.11 ••••••••• 11'11.111"""".1 •• 11111 •••••••• , ••••••• , ••• , .................... I.ll.N,I&; :: MONTHLY BUSINESS REVIEW OF THE FEDERAL RESERVE BANK OF DALLAS c. C. WALSH, CHAS. C. HALL-W. J. EVANS. Chairman and Federal Reserve Al'ent Assistant Federal Reserve Al'enti (Compiled May 15, 1928) E..~:::::::::::::""I·""I1""""""I1I1II1II1III""II'"IIII'"1I1I1I1I1I 111 ... 11 ... 11111 ... 1111111111 ............................. .,1 ... 11 ..... 111''' ...... 1..... 111 ........ ,111 ...... , ... , .......... 11 .... ' .. 1111 .. ' .. 111111 ......... 111 ..; E , ....... 111 .. "" .......... 111 ......... 111' .. 11111111111111 ..... 11 ... ,11111111111111111111 ..... 11111,.11 ........ 1111 ...... 1.111.1 ..... 11111111.,1111111111111111111111111'111'1" .... I'III.IIIIIIIIII'IIIIIII ..... ,I .... 'III."IIII".IIIII.r Volurne 13, No.4 1ilt .... §~ Dallas, Texas, June 1, 1928 This copy is released fc:r pub. IIcution in morning papers May 28 DISTRICT SUMMARY I .... ,I .. I ............ II.IIII ... II .... IIII .... III1I.III ..... IIIIIII.IIIII .... 1111 .. 1111"1'"" .. 1.111."1 ... 111 ...... 1111111 .... 1.11" .. 1.1111 ..... 1 ....... 11111 ... 11111" .. 11 ... 11 ... 1...... 111111 .... 1.," .. .,11111 ...... 111 ... ""1 ... 1.1.1 ... 111'8 THE SITUATION AT A GLANCE Eleventh l"edcrlll Reserve District E ~ ~ank debits to Individual accounts (at 16 cities)......................................................................................... E Ropnrtmont store sales............................................................................................................... ............................. ;; Reserve Bunk loans to member banks at end of month.................................................................................. ;; Be~iJ:..e Bunk ratio at end of month ........................ _................................................................... _. ...... .......... ;; CUI Ing permit valuations at larger centers...................................................................................................... I ~?F~~~~l;to;\II~Ej!f~~~~~~~: : : : : : : : :~: : : : : : : : : : : : : :~: : : : : : : .: : : : : : : : : : : : : : : : : : : : : : ~: : : : ~: : : :. Ii .....~::: ..~r orders at pine mills (per cent of normal production)........................................................ .......... April Murch ~722.181.000 $776.474.000 $ 10.660.905 60.5 % $ 6.788.288 $ s $ 2km:~ll 95 % 5.277.3H 66.2 % $ 16.184.114 Inc. 01· Dec. Dec. 7.0 % Dec. 6.7% Inc. 102.0 % Dec. 0.7 points Dec. 57.9 % 22.:~~:!i~ Dee. f~~:· 110 % 15 ~U~ ~ J)Oints;; ... 11111.1111111111 .... 111 ....... 11 .... 1111 .... 111111 .... 11 .. 111111 ........................... 11111111111111.1111 .. 1111 ..... 1, ... 1... 11111 .... 1....... 1111111 ... 11'1111 ......... 11.111 ...... 1111.11.11111111111 ... 11111111111.111111.111111'8 A.dverse weather conditions which retarded farming op- er~tlons and seriously affected growing crops constituted a e.velopment of major importance to business and indus~h llld the Eleventh Federal Reserve District during April. e routh which had become critical over a very large are~ of the western half of the district brought about a ~apld deterioration of small grains and prevented the plant~hg of row crops. On the other hand, excessive rains in eastern portion of the district retarded the planting of Cotton and made necessary the replanting of a portion ~ the corn crop with the result that these crops are from wo to three weeks late. Furthermore, the cool weather ~re~ented the proper germination of the se.ed and was conUClve to the activity of insects which damaged growing c~or;' While the heavy general rains during the first half t .ay broke the drouth in most of the western part of the w~ r~ht and saved a large portion of the wheat crop which wh~ h ougfht beyond redemption, there were some localities t' IC su fered from the excessive rainfall. Range condid~n.s thAoughout the district reflected a substantial decline il but t~~ condition of livestock was well main· tai~~~g ly. . he condItIon of the ranges, however, was greatImproved by the rains during May. f merchandIse . .In both wholesale and The ret·l hdist'b' Tl UtIon 0 atlh c annels likewise reflected the effects of unfavorable Wea er c d'· reflected on Ih~ns. Department store sales in larger cities vio a declIne of 7 per cent as comp~red to the premonth and were 7 per cent less than in April 1927. Whusl . showed a large decline from the ' previ o esal e d·Istn'b uhon ous month and while sales in the majority of lines were t d· r larger than a year ago, the margin of increase was considerably smaller than in the earlier months of the year. Debits to individual accounts were 7 per cent less than in the previous month but were 1 per cent larger than in April, 1927. The deposits of member banks which amounted to $888,333,000 on April 11, reflected a further seasonal decline of $15,918,000 as compared to those a month earlier but were $79,679,000 greater than those on April 27, 1927. Federal Reserve Bank loans to member banks increased from $5,277,314 on March 31 to $10,660,905 on April 30 but declined to $7,327,347 on May 15. Loans on the latter date were $2,890,319 greater than on the same date in 1927. The wide fluctuation in loans during the six week period was due principally to borrowing of banks in the larger cities. The number of commercial failures in this district during April reflected a large decline as compared to both the previous month and the same month a year ago. While the aggregate liability of defaulting firms was larger than in the previous month it was considerably smaller than a year ago. Construction activity as measured by the valuation of permits issued in principal cities after reaching a new high mark during March, reflected a sharp decline during April. being 21 per cent less than in the previous month and 58 per cent less than in the corresponding month of the previous year. The production and shipments of cement and the production, shipments and new orders for lumber, how ever, were considerably larger than a year ago. CROP CONDITIONS. Weather co d't' d ' A' to th n 1 Ions urmg pnl were very unfavorable together with the unseasonably cool weather over the en tire tions~ gThwth of c~ops a~d t!le progress of farming opera- district, have been a serious drawback to the planting or district and hxcesslve ~ams m the eastern portion of the row crops and have been a detriment to the small grains. t e drouth In the western and southern portions. While the general rains which fell over the western portion This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) MONTHLY BUSINESS REVIEW of the district and the wanner weather in the eastern portion during the first half of May partially corrected this situation, all crops are reported to be later than usual, and the adverse weather conditions have entailed a considerable loss to the farmers in the form of costly replanting or abandonment. While the rains during the first half of May have been of material help to that part of the wheat crop remaining in North and Northwest Texas and have saved a portion of the crop which seemed beyond redemption, there has been a heavy abandonment due to the drouth and high winds, particularly in the South Plains section. The Department of Agriculture estimated that the condition of the Texas wheat crop declined 19 points during April and that the 55 per cent condition on May 1 indicated a probable yield of 18,232,000 bushels on the 1,950,000 acres remaining [or harvest. While the winter wheat crop in New Mexico has shown some I'ecovery since early May because of rains, a considerable portion of the crop was lost by previous dr yness. The Texas oat crop also showed a decline, the condition figures on May 1 being estimated at 64, per cent of normal as against 72 per cent on April 1 and 85 per cent on May 1, 1927. The progress of this crop has been retarded by too much rain and cool weather in the North and Northeast and insufficient rainfall in the South and Southwest. The recent rains, however, have had a beneficial effect on much of the drier territory. A considerable portion of the crop is heading rather low. The condition of the Louisiana oat crop was reported as 62 per cent of normal on May 1 as against 60 per cent a year ago. The Texas corn crop has been held back by unseasonable weather and much replanting was necessary as a result of low temperatures, moisture conditions and insect damage. The progress of the hay crop has likewise been slow and the planting of sorghums has been retarded. In New Mexico the planting of corn, cane and kaffirs is well under way with portions of the crops up to a good stand. In most sections of the district cotton is from two to four weeks late, as the planting and progress of the crop has been retarded by cool weather and drying winds. In practicall y every portion of the district a large amount of replanting has been necessary and the supply of improved seed has become scarce. In most of West and Northwest Texas only a small portion of the crop has been planted, due to the dry weather. The condition of the crop is very irregular. In some localities there is a good stand but it is very uncertain in other sections. Reports indicate that weevils are plentiful in the southern counties of Texas. Weather conditions generally have been favorable to truck crops. There has been a heavy movement of Bermuda onions from the Rio Grande Vall ey section and prospects point toward a total shipment for the season of approximately 6,000 cars as compared to 4,028 cars last year. The movement of new potatoes has likewise been heavy. While the low temperatures have held back the East Texas tomato crop, the early South Texas pinks have started moving. Strawberries, blackberries and dewbelTies are reportI'd to be plentiful. The Ma y 1 conditions of the Texas peach crop was reported at S4, per cent of a full crop and there has been severe shedding of small fruit. While the January freeze reduced the fig prospects for this year, some orchards will have a good crop and the market outlook is reported to hr: the best in several seasons. LIVESTOCK. Range and livestock conditions in most sections of the Eleventh District showed a decline during April. While conditions had become critical in most of West and Southwest Texas and Southeastern New Mexico, the heavy rains during the first half of May, with few exceptions, brought needed relief from the drouth, gave range vegetation a good start and filled the water tanks_ Over most of the range territory, the spring was cold, windy and dry with the result that the grass and weeds have made slow growth and some losses of livestock have been reported. Restocking of the ranges has been retarded on account of the unfavorable range conditions and in recent weeks the trading has been slow. The spring movements of cattle to northern grass is active. Prospects point toward fair to good calf, lamb, and kid crops. Cattle ranges in Texas on May 1 averaged 78 per oent of normal as compared to 82 per cent a month earlier and 92 per cent a year ago. Sheep and goat ranges were reported as 76 per cent of normal on May 1 as against 85 per cent on April 1 and 93 per cent on May 1, 1927. The condition of cattle and goats declined 1 point during April and the condition of sheep declined 2 points. It will be noted, therefore, that the condition of livestock held up remarkably well in view of the pOOl' range conditions. Movements and Receipts of cattle and calves at the Fort Prices Worth market during April were considerably larger than in the previous month but the receipts of cattle were considerably smaller than a year ago. While the arrivals of hogs were in practically the same volume as in April, 1927, they were considerably less than in March this year_ The receipts of sheep showed a heavy gain over the previous month but were slightly less than a year ago. The trend of prices on most classes of cattle was toward lower levels_ Hog prices, after showing a steady decline for several months turned upward during April and during the closing week of the month the best shipments were clearing at $10.10, the highest price recorded since October, 1927. Despite the heavy receipts there was usually a broad demand for sheep and lambs and sheep prices worked to a higher level. Lamb prices, after reaching a top of $17.00 early in the month reflected a steady decline during the remainder of the month. ~1"11'IU""III'''II''''''IIU'''II'''I'''''''''''''II''''''''''''II''ltllllllIll'' 11 .... II .......... IIIU ........ III JI!l ! : __~ : ~ :: ~ FOR'r WORTH LIVESTOCK RECEIPTS Cllttle .. .. .... .. ........ C"lves ...... .. .. ...... Hc.'11'8 .... _.............. Sheep .................. April 1928 69.591 15,696 44.227 66,545 Apt'il 7819,92275 18,886 48,418 68,432 Loss 01' Gnin L 9,33~ G 2,810 G 809 L 1,887 Mat'ch 1928 43. 882 8,690 58.607 81,804 L o•• 01' Gain G ~6,209 G 7,006 L 14.380 G 85.2(1 :: -.§ : E :: [!! 1................ UI .............. IU ...................... 1u ..... ' .......... II ..... 1I.nlflllfluI"'" •• I'U.II.IIIII"':! £;1 ............. 111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '11111 .. 1111 ..... 111 .. 1111 .......... ,11 ..... .9 i I ~8~~1 ~~~~ ~ !~~t:t~· ~g:r :: : :::::::: ::: :::::::::: ::~ ::::::::::::: : 1U ~ *~~8es . . :::::::::::::::::::::::::::::::::::::::::::::::~::::::: ~~:~~ - Sh eep .............................. .. ...... .. .... .... .. .. .. .. .. g:88 : Lnmbs ................ :-............... ... .............. ..... Hi : ~ COMPARATIVE TOP LIVESTOCK PRICES Beet .teel'S ..._............................ ............... $13.25 $9.60 }~:~g l~:gg ~mh I 1H~ i $13 .2 5 : 1~:~~ ~ 9.50_ 16.60 : (! ........" .... u ...................................................f' .. UIlIlIlIlIlIlII.1I .... ,II ......... III ... UI.UI.!lJ The April receipts and exports of cotton through the ports of Houston and Galveston reflected a further seasonal decline as compared to the previous month and were substantially Cotton Movements MONTHLY BUSINESS REVIEW less than in the corresponding month last year. 3 Exports fro~ all United States ports showed a heavy decline from A pnl, 1927. The domestic consumption of cotton during ~""I"IIIIII""II"""""I"I""'''III,"""",,".tlltllIl''I''IIII1II1I1'''''''II'111 8 ...... 111 .. 11 ............. ~:.N::~:~;;, THR~~~.'" T~f.~~~' :~:~;;: . g'm:m 1 : S~I~k~tAp~·ii·30::·.:· .. 8 :1 189.587 269.882 2'm:m 1111"11111111111111'1111111111111""11111111111111'1",,1111111"11111.11; •• 111,.11111 ....... 11"1111111111.tflllll18 (!] """1111111111111 ....... 1111111111""11111'''1111111111''111111111 .. III ....... IIIIIIII •• UIIIII II ..... 111 .. 11.1.1 " ' I!) I :; . GALVESTON STOCK STATEMENT ~ :; April 30, 1928 • Ifif E~1:~;{~~~;j~~~:: : : : : : : :~: : ·:: : :~: ~: : : ~uu I :; TotaL ..................................................._....... 311,126 August 1 to April 30 This Seuson Lust Season i:m:m Fra nce ................................................ 797,841 Continent .......................................... 8,837,160 Jltpnn- Chlna .................................. 869,998 Mexicel ................................................ 62,895 Total foreign ports .......................... 6,288,708 Stocks ut. nil United Stut.es ports April 30 1,600,560 332,685: E G".""". ~~~~t~: G·~~~t.. B~it~i;:... ·:::::::::::::::::::::::::::::::::::: : ~Hn n cOmprCBses and depots .................................... 256.526 t ~ April 30. 1927 414,686;: [9 1~:m:m 917,486 '1,688,862 1,699.912 16,797 9,469,407 2,034,286 111 ...... 11111111111111111 ..... 111111111111 .. 11111111 ........................... 11111 ... 11 .............. 11 ... ml.IIIIIIIIII •• IIIIIIIII.IIIIIIIIIIII.IIIIIIIIIIIIIII •• 111,.11111 •• 111.'., ••• '1' •••••••••• '111 •• 11.111111111 ••••••••• IIIII ...... UIII •• III ............. IIII., •• II.111 •••• 111111 •••••••••• ,11,.11 ............... 111 ............ 11 •• 111.11 ••••••••• ' " •••• , •• E COTTON CONSUMED AND ON HAND COTTON GROWING STATES i: ~ April 1928 : :: E etto C~tto~ 0~nh.~~e'i~·~·ii · 80·:............·.. ·.. ·.. ·...... ·- .. ·...................... 396,666 E «n) In consuming estnbllshments .......................... _.... 6 b) In pUblic stornlre and compresse. ........................ 1... ~" 11 Senson 44 7.1 27 3,947,608 3,8.16.671 626,158 ............ 1.018,788 2.668,687 1,271,036 8,298,08a .. .......... .... IIII.Ut.III .. I ..... IIII .. IIIIIIII .. II .. II ...... IIII .. I ..... IIII .......... IIIIII ...... III ....... III ..... III'IIIIII!] E SPOT COTTON PRICES (Middling Basis) § :: :: April, 1928 ~ i!rr::~~.~~~~:: : : : : : : : : : : : : : : : : : : : : : : : : : : fii:1i .~ Galveso~n ....:::::::::::::::::::::::::::::::::::::::::::::::::::::: ~U~ \!J............... . inl ~::~~ ~ M~bi:'! ~Hg i- COTTONSEED PRODUCTS. T The volume of cottonseed received and crushed at both f ex~s and aU United States mills during April reflected a u~ er seasonal decline as compared to the previous month an hwas considerably smaller than a year ago. Cottonseed on hand at the close of April was in smaller volume than o~ L adt date in any year since 1923. The April production o cru e oil in Texas, which amounted to 18,438,626 pounds, Was substantially less than in either the previous (!J.II ............... .. E ~ 1.1. 11 .1 •• 111.111.1 •••• 11 ••••••••• 1.11.11.111 ..... , •••••• 1.1.,., ........ 1 ••• 1•••••• 1 ••••••••• 1.11·,8 E STATISTICS ON COTTONSEED AND COTTONSEED PRODUC~S f ~ i:: A~t~:t 1 to Ap~I,:"8tO ~ Senson Seuso n : 61 8,279 6,396,671 : 6.880,030 ! ............ 1,607,992 2, 92 1,306 1, 869 1.~a37 8. 69, ~ 7 : C ottonseed received E : : Texas United Stutes E ,August 1 tel April 80 August 1 to April 80 E This Season Lust Seuson This Season Loat Senson ::0: ~: . Co~lo:::,i~~d ~~~h~ci'" Co\~~!~ed ........ ·......·.. (lons on hand 1,607,765 1,518,277 1,878,044 1,764,856 4,689,979 4,616,244 6,218.286 ~,917,627 E::::.: Crud 11 .................... 28,409 ll8.660 118,019 811,981 ( e 01 produced § Cu?eO~::~8 ) .............. 453,886,012 493,886,000 1,427,368,487 1,767,066,006 E : duced (:::~=I pro! : Jiulis p ro d ) ........ 704,085 814,000 2,029,626 2,668,936:: ;;: Linters proudced (tons) 481,125 526,000 1,280,220 1,733,106 uced •0 : (running bales ) :; : StOcks on hund ...... 291,170 287,000 847,426 978,868 : § April 80 : : CrUde oil ( da) : : Cnke und ~o~n( 19,660,428 20,983,000 M,889,681 82,370,231:: .:; Jiull. (tonsi u tons) 26,142 38,000 84,870 180,741:: ~ Linters (I' unni~" ""'" 34,498 69,000 86.017 239,759 E • (blllea) r: : i 34,862 45,000 111.088 The production of cake and meal, hulls, and linters was likewise smaller. Stocks on hand at all United States mills of all products on April 30 showed a heavy decline as compared to those a on April 30 as against 99,624,118 pounds on March 31; and 82,370,231 pounds on April 30, 1927. Stocks of cake and meal which amounted to 84,870 Lons on April 30 were less than on Lhat date for an y year since 1919. TEXTiLE M1LLI NG. There were 2,54.1 bales of raw cotton consumed by report· ing textile mills in the Eleventh District in April as com· pared to 2,623 bales in March and 3,679 bales consumed in the corresponding month of laoL year. Production . of cloth was 4,.2 per cent below that in the previous month and 28.9 per cent less than in April, 1927. Orders on hand at the close of the month showed an increase over those a month earlier and a year ago. Stocks held on April 30 were somewhat larger than on March 31 and were consid· erably greater than on April 30, 1927. Mills generally reo ported an upward movement of prices. A···I .. E : mll.IIU ........ "",··············.... month or the same nlonlh last year. [!) ~~:~~ i ;n;;;~ S~~~~~ ~f~r~J~e~~ra::~~~!ieJe:~ ~~~;8~,~8~P;'~~;g~ 1111 .................................... 111 .................... 111 ........... 1 ......... 111I .. III •• IIIII,I!) I I April 1927 ............................... 1111 '" ...... 111111 ............. 111 .. 111111111 .......... IIIII .......... I1 .... IIII .. ., U... IIIII ................. II ........... III ..... III ....... 1 ............ 1 ... 11111 ....................... 11 ........ ' ............... ~ : : April 1928 Senson ............ ~: UNITED S'rA1'ES A~.~~:t 1 to AP~i,:"StO April 1927 18 § 162,789:: 1 1 1 ....... • ' ...... ,11 .... 1111 •• ,111.1.11111 ... 1111." ................... 1IIIIIIIIIIIUII .. II.I .. I·m I •••• I ........ II •••••• I ••••••• II .......... ..,. ..... I ......... I ••••••• U."II ....... I •• I ............ I.I.I ••• ,IU •• TEXTILE MILLING STATISTICS 't;J ~ I~:::!E ~:~~::iJ'~;~;;;iJ~!!l ..~;!~l! . ~~!:~l I EII ............ U .. ItIiIlUIlIl ..... III ................ IU ... IU' ...... UI .. ' ..... ull ... I ...... , .... ,I .... II .. III •• IIII[!) WHOLESALE TRADE. The distribution of merchandise in wholesale channels during April reflected a large decline from the previolls month, which was due in part to seasonal influences, and in two lines it was smaller than a year ago. While the unfavorable weather conditions during April, which was a MONTHLY BUSINESS REVIEW big drawback to the progress of crops, retarded business in some lines of trade, buying generally was well sustained. Since the heavy rains during the first half of May agricul. tural prospects are greatly improved and dealers report that the outlook for busines;s for the immediate future is promis· in g. Most lines of business reported fair to good collec· tions during April. Prices in most lines remained generally steady. The distribution of dry goods at wholesale during April reflected a further decline of 21.1 per cent as compared to the p~vious month and was 15.5 per cent less than in the same month last year. While the decline from the previous month was due in part to seasonal influences and to the earlier date of Easter this year, reports indicate that con· sumer demand has shown a marked contraction as a result of the poor outlook for agriculture. Retailers generally are following the policy of keeping commitments closely aligned to consumer demand and a falling off in c'onsumer buying is immediately reflected in wholesale channels. Collections showed a substantial increase over the previous month. Dealers generally are optimistic over the outlook for the future. The demand for hardware at wholesale was well sus· tained during April. Sales of reporting firms were prac· ti ca lly the same as in the previous month and were 10.2 per cent greater than in the same month last year. Sales during the first four months of 1928 were 17.0 per cent larger than during the same period of 1927. Reports indio cate that since the recent rains the outlook for future busi· ness is greatly improved. While the sales of reporting wholesale grocery fi.rms reflected a seasonal decline of 5.6 per cent as compared to the previous month, they were 8.1 greater than in April, 1927. Business was fairly well sustained in all sections of the district. Prices remained generally steady and collec· tions showed some improvement over the previous month. Reports from most sections indicate that conditions are much improved and that the outlook for the immediate fu· ture is good. The sales of reporting farm implement firms reflected a seasonal decline of 34,.1 per cent as compared to the previous month but they showed an increase of 48.0 per cent as compared to April, 1927. Buying during the past month was retarded to some extent by the continued drouth in West and Southwest Texas and the poor progress of crops elsewhere. Since the recent rains, however, reports indic'ate that there is a betLer demand for implements. While the outlook is generally fair, the volume 'of purchases will de· pend largely on the progress of crops. Prices remained generally steady. Collections showed a large increase over the previous month. While the April sales of wholesale drug firms were 15.6 per cent less than in the previous month, they were practi. call y the same as in the corresponding month of the pre. vious year. Sales for the first four months of 1928 were 8.9 pel' cent greater than in the same period of 1927. While the falling off in business was heavier than usual in April, reports are to the effect that prospects are bright for the immediate future. CONDITION OF WHOLESALE TRADE DURING APRIL, 1928 Percentnge of IncreAse or DecreAse In - Net SAle s April, 1928 Compared with April Ma"ch 1927 1928 + + - Stocl<s April,1928 Compnred with April Murch 1927 1928 Groceries .................................................................................................................. 8.1 Dry Goods... .................................................................................... ... ...... ......._.• ...... - 15.5 - 5.6 -21.1 8;8 + 8.1 + 8.S +12.8 Drugs ...•................................................................................................................ - . 8 -15.6 + 8.9 +.7 . ~~';.rd\~::.~.I.~.~~~~~. . . . . . . . . . . . . . . .::::. :::. :. . :::::::::::. :. :. :::::::. :. ::::::::::::::. ::.:::~.::::::::::::.: ::::. +1~:g : Net Sales Jnn. 1 to Date C'ompared with SAme Period Last YeAr =84:~ +i~:ci +lij:1 Ratio of Collec tions during April tel Accounts nnd Notes outstanding on March 81 + .4 -2.2 62.9 27.3 None 44.8 8:~ ~~:~ i GlUt,.,.,IIIIII •• I" .... ' ••••••• I'III" •••••••••• " •• IIIII .... ,IIIIIIIIIII,IIII'""IIIUIIIIIIIIIIIIIIII"IIIIIIIIIIIIIIIIII',IIIIIII11 .. 11.11.,111'''"'1111',.,1111111111111111,.1111111111111'111111111111111111111111111111111111111111111111111111118 RETAIL TRADE. Following the heavy sales during March, retail trade in call y the same as a year ago. While the decline from the the larger cities reflected a. decline in April. Sales of reo previous month was aue in part to seasonal influences porting firms were 6.7 per cent less than in the previous the cool weather retarded the distribution of spring mer: month, and were 7.0 per cent less than in April, 1928. ehandise. Stocks on April 30 were slightly larger than at the close Sales during the first four months of the year were practj· ~fllIllIlll'lllIllIltltllllllllltlllllltllllllllllllllllllllll"HIIII"""flltll""IIII' .... lIlIlIllIlIlllIlltllIIlIlIlIlIIlIlIlIlIlUIUIIIIIIIIII,IIIIIIIIIIIIIIIIIII""'III"II,1111111111111 .... 111 .. 111111111 .. 111111.11111111111.1111111111 .... 11 § i BUSINESS OF DEPARTMENT STORES '''0' S.'u.. 0.11., F." w,," H::~; s.~:,:~;' A'~D:":~ ::1;, m:: :~:::I~:.~eeJ :;~~\t:..~\~', mL:::::::::.:::::::::::::::::::::::::::::: :::: 2:. ~:r I C'.e<~t~~1(1g~~: ~~~I~:'~:C~ \~i~~ ::'~~\~', tm:::::::::::::::::::::::::::::::.:::::::::::::::. 2:. ~:~ ~ : !~::n: January 1 to. dllte cclmpared with same I'e";od InRt yen'· .. ,....... ........ + 1.5 .T nntllll·Y 1 to dnte cclmpared wHh snme pel'iod Inst yell '·......... ......... + 6.6 Stocks April. 1928, compllrcd with Apdl, 1927 ............................ ................... -13.7 April, 1928. compared with Mnrch, 1928 ........................................... .. .. +.9 Rate of stock turnover in April, 1927............................................................ .21 Rnte of .tock turnover in Ap";I, 1928................ ................................ ............ .26 Rate of stock tUI'nOVCl' JAnuary 1 to April 30, 1927.................................. .88 Rnte of stock turnover January 1 to April SO, 1928.................... .............. .96 R atio of April collectio'lIs to Accounts receivab le and outstanding Ap"il I, 1928 ................................................................ ........................... _... 88.7 I!J =~:~ + 1.6 ~ ~:g + 9.2 + 1.2 + 1.6 .22 .20 .80 .82 84.6 - - 8.7 2.2 =~~:~ None - .2 1.9 .26 .22 .99 1.01 89.9 - 12.0 - S.u - 5.G + 3.3 - 6.7 +.2 =g:~ =~:; + 6.7 =~:~ - 11.6 + 1.0 .24 .24 .94 1.08 + 2.0 + .2 .23 .21 .82 .86 - 6.6 +.5 .23 .22 .88 .94 89.8 88.2 86.S - .2 IE) : I § : .!:; + 4.7 g:::. "'U"" I'III """""'IIIIII"IIIIII,'III"" ""' IIII'''' '' '''''''''1111"" ,'11'''' '''1' '' 1''1",11,,'11,, 1IIII., II 'IIII .N.,IIIIIIIIIII',IIIIIIIIIIIIIIIIIIII"",IIIIIIIIIIII.1I111111111111t1lfll.IIIIIII1I1I1I1II1II.,llIlIlIlllIlIfCflfllIlllI.@ MONTHLY BUSINESS REVIEW but were 5.6 per cent less than at the close of tofOUrpnl~arch, last year. The rate of stock turnover during the first months of 1928 was .94 as against .88 during the 6 Acceptance Ma.rket The volume of acceptances executed by accepting banks in this district and out· standing at the close of the month reached corresponding period of 1927_ a lower level on April 30 than at the close of any 1110nth since July last year. Total acceptances executed T~e ratio of April collections to accounts outstanding on and outstanding aggregated $4,154,,368 on April 30, as Apn~ 1 was 36.3 per cent which was the same as in the compared to $6,541,839 a month earlier, and $3,501,811 p] revlOUS month and compares to 35.2 per cent in April, on the corresponding date of 1927. Acceptances executed .927. against import and export transaction s declined from $] ,' 765,019 on March 30th to $1,335,774. on April 30, and FINANCIAL. those based on the domestic shipment and storage of goods frol11 $4.,776,820 to $2,818,594. A decline of 7.0 per cent was shown in debits to individTotal loans and investments of member ual accounts at principal cities in the Eleventh District in Condition of April as compared to March; however, they were 1.0 per Member Banlcs banks in selected cities of the Eleventh in Selected District declined slightly in April; how~nt. larger than in the corresponding month of last year. ever, they were substantially larger than pnl charges aggregated $722,131,000, as compared to Cities $A77~,4.741'000 in the previous month, and $714.,944 ,000 in a year ago. Amounting to $44 5,072,000 on May 2, total loans and investments of these banks were only $1,691,000 . pnl, 1927. less than four weeks eatlier but $37,94,2,000 above those on May 4" 1927. 1l1ve~tments in United States securities : 1111111'11'IDEBi'TSIITOlliNDliViDUA'L'IA'CCOUIN1.~SI'III' 1IIII " II"III"""m amounted to $77,132,000 which was only $389,000 below AIll'i1 AIll'l Inc. or lire nco or the high level reached on April 4. On the other hand, inAbilen 1928 1927 Dec. 1928 Dec. vestments of these banks in other stocks and bonds inAUstine ...................... $ 9,789 $ 10.637 - 8.0 $ 11,838 - 13.7 Benumon·t ··········.....·..... 22.529 20,064 +12 .8 21.526 + 4.7 creased $1,883,000. Loans on government securities show· Co' .................. 23.923 25,207 - 6.1 25.698 - 6.9 Dnlr~nnn .................. 6.290 5,629 - 6.0 6.950 - 28 .9 ed a small gain of $11,000 and corporate loans rose $2,017,203,981 + 2.7 230.082 - 9.0 EI Pas •............ _......... 209.428 000. After increasing in March, commercial loans decl ined Fo.t W...................... 84,085 80.388 :):12.4 85,645 - 4.4 Gai orth .............. 97.049 90.889 6.8 100.046 - 8.0 $5,213,000 in April and amounted to $246,106,000 on May H ve~ton .................. 82,~66 ~0 . 991 - 20.8 36,428 - 10.9 2, as against $236,990,000 on the corresponding date of p~u: An .................... 170.986 16~,490 + 8.9 182.667 - 6.4 . s r Arthur................ 9,136 10,872 - 11.9 9.067 + .8 last year. Net demand depo its reflected a further dee/ine ~. Ro~~elJntonici ............ 82,481 88.813 - 1.1 ~. ShrevepOl:i··_.. ···.. ·; ....·.. 3.~85 8,142 +10.9 3.620 - 8.7 of $3,282,000 during the four-week period; however, time ~ tTe k ...•........... 88.717 40.801 - 6.1 42.700 - 9.S § • l'u xar nnn .............. 14.282 14.486 - 1.1 16.186 - n.8 • deposits increased $2,763,000. While the reserves of these :: wcson ........................ 9.69~ 9,289 + 4.9 10.141 - 4.4 :: banks with the Federal Reserve Bank were reduced $2,015,~ Wkc~ita' .. ·F..·········· ... ··.- 16.413 15.542 .8 16.490 - G.6 ~ 000, their bills payable and rediscounts with this bank rose ~ Total.stI an1ltil~i~·t~i~~::$7~::~!: $7~::::~ ~1~:~ $7~~:~~~ ~:~ :~ $4.,202,000. The ratio of loans to net demand deposits :: ntonio figures not included in totnls. E which ~c hideB the figures of two banks in Texarkann. Arknnsas. :: amounted to 84 per cent as against 85 per cent on April Gl'"IIIIIIIII"!~1 ocated in the Eighth District. : 4, and R5 per cmat on May 4" ] 927 . m 1!J1I1I1I11I""1 = .... 111111.,11111, ..... 111 ..... 1111 .......... ,.1111 ... 1 ........... 111'"1 ... 1111111 ..... , .... III'" •• {i] II· .. U I 1111 II II ....... II i E ' 111"11111.,11111111111,1111111"".1 .. ,.,111111111111111111111111111111111111111111111111"'11111",11111111111"111111111111"""11111111111111111111'.,"'111 1111 1111111111111"11111111 111, .,1111111'111111 1 11 11111111 1.,111 CONDITION STATISTICS OF MEMBER BANKS IN SELEC'I1ED CITIES I ! ~1:::::citf.i::':::~;~~;;;;;;;;;;;~~~ :: : :=::::::::::=:=:::::::: ,M::,:;,~:~ IJi~~;~~:~lk'~~2~~~)J2~j;=.~;~~~~'i.~T~.:~HE:: !H:I!m! E E : 8 :. Loans secured by U. S. Government obligations.................................................................... 11. Rntio Il'rible and rediscounts with Federal Reserve Bank ............. ........_........•........_........ • 0 oans· to net demand deI>08its ........_ ............................................ _............................... 11111111111111. Lonns include only items " and 6. : :~;~;;;ir !!!:!!tl!! a~.~~~.~~~ ,M;:~;:;iil 3 .~85.000 6.982.000 84 % m 2 738 000 ~ lin!!:!!! I 2~:~~~ :~~~ § 2.730.000 85 % 85 % : § 11.111111111111111111111111111111111111111111111111111111111111111111111111111 .. ,1111111111111111111111111 11 1111111 ... 11 11 11111111.,11111111111111111111111111111111111111111111.11"11 11 1111,111111111111111111101111111111111.11111111110 ~1"111"III'"'I"I"llltlllll : 1111111111111111,11111111111111'''11 11 111111111111111111111,.1.1111,1,.111111111111""'1111111111111'1' 11'"'111'1'1'1'11111'111111'111 1 11111'11111111111111111111"'11111'111" 11 11'1'111111111 11 11 1 1111 11111111111,.,111 110 RlL ;: : : :\te eharg d fiS is e DII:: eu~tome l's on prime commercia l pnpe l' Ruch Reserv~OActe~.'.~ible for ,'Cuiscoun t uncler the F edel'a l Rote char d .........................................................................•. receivn:le on lonns to oth er banks secured by bi1ls Rnte on 10 e ................................. ... ... ..................... .................... cU"rent nns secured by prime slock exchange or either markets ~~lntel~1 (not including lonus 1)lnced in oth er ~ yo·a DIS:IO~:: RAT:o~. t 8 Worth Houston prC::i:in:n~:n: 6-8 6-6 6-6 6 6-6 6 6-6 ~~a!~7~~~:::::;~~~~:~:~:~~;;~~::~~~:I:':~:~: : : : : : : : : : : : : : : : : t~ t~ t~ t~ t~ 8...::~~ ..~,~.. ~~~~~~~·~~,~;;~:::::::::::::::::::::::::::~::::~::::::::::::::::::::::::::::::::::::: 5.~ ~:~ ~:~ t~ t~ i : Rate receipts · ton commodity IlnIler secured by wn" ehollse 414 -G Waco r. ' ~ - 7 n ' ;'-6 t~ ~: ~-8 111 111111111,1,.,.11111.'.11.1.&11.11,1,.1,111111111, .1 '1 "' ,"."11111.1.1"111'1, 1 ,.,1 1111 111111111111. ' ,."""',111.1,1 ,11 1111""". ,1, 1.,1.1".,.1", ' .,111111111, 111 1"'1"'1,.,1"""1"" '1'. ,1,1,111111111111 •• Savings Deposits on April 30, u ., Savings deposits of 91 banks in the Eleventh District operating a savings department showed an increase of 1.2 per cent compared to the previous month and were ~ 8 10.9 per cent greater than a year ago. There were 276,434 accounts carried at 85 of these banks at the close of the month as against 275,759 a month earlier and 260,983 carried on April 30, 1927. MONTHLY BUSINESS REVIEW 6 8.111.111111 .... 1 ........... 111 ...... 111 .. '11111111111 .. ' ... 11 ........................................... 111 1................. 1111 11 11 ... 111111 ......................... .. ................ 11111 ... .............. ... 11 .111111' ..... 11 11 111 1.1 ... .. .... . ... . .. 1qJ B~"m'".__ ___N;~~:; ~?i: :.~~~;:vm~~~I~::~~~: l:~~: :~~~::"~~¥.:~,~: l:~: ~: l Dallas .._••_ ................•......_....... EI Pas o ..................................... Fort Worth ...................... _....... ~~l~~;.---_ :]~~: : 6 3 S 56.242 15.709 22,161 :1: :1'111 23.171.017 6,825.898 7.704,700 51.753 14.832 20.606 :1:1 1'I~ ~1:~1 19.3 17.688 4.,800.671 G,607,684 :/iI I !11 + 19.9 +21.4 +18.4 54.862 15.528 22.282 !:tl ~!l~ + 22.699.425 6,662,730 7.482,651 :1!il '1l! + 2.1 + 8.1 + 8.0 t !!l El 'IIllllll'IIIIIIIIIIII'IIIIIIII.IIIIII •••• I ••• II'I.11 1"'f"III'f'I II IIIIIIIIIII""'III"'I I I' I ' I "" I 'l lti1 '.11 1.11 1.1 11111 . 1.1 1 1"11 ••••• • • 11 ••• 1' •• ' •• , .. . ........... . , •• , • • • •••• ' ••• 1 .. ... , • ••• ••• ••••••••• 11 ••• •• • 1.1 • •••••• • • • I •• • •••• •• ••• • ••• • ••• • Deposits of Member Banks Combined deposits of member banks in the Eleventh District which amounted to $888,333,000 on April 11th were $15,918,000 less than on March 7th but showed an increase of $79,679,000 over those on April 27th of last ye?r. Net demand deposits declined $21,277,000 during the five-week period, but time deposits increased $5,359,000. (!J' ••• ,IIIIII.I .................................... . ...... I'I , I.I'IUI . "I.I'I,. , II ••••• , . "III., I I " 'rota I )cmand : A pril 27. 1927 ............. 1'<lay 25, 1927......... ....... J une 22. 1927•••.•.••.••.•• J uly 27, 1927 ... __ ........ A ug. 24, 1927 ................ Sept. 28. 1927 .............. o ct. 26. 1927 ....•._........ N ov. 9, 1927 ...............• D ec. 7, 1927 .................. J nn. 11, 1928..............•• F eb. 8, 1928 ............•..•.• M arch 7. 1928 .............. A pril 11. 1928 .............. ",'IIIII.'.1II"" I @ Banks In cities Banks In cities Total with a popula- with a population of over tion of lesa Time 16.000 than 16,000 )crlUlndl Time pemand Time - - - - -1_6:12,818 175.836 2i2.264 46.624 360.664 129,212 013,136 G06.696 G03.312 611.818 667.854 H98,989 721,728 729.218 720.401 736.838 710.432 689,165 178 .895 180.646 178.368 182.793 183,131 185.366 186.416 186,104 189.298 195.884 193.819 199.178 266.868 2G3.818 261.809 266.790 303.977 322.679 338.679 334.427 829.41 8 336.958 817.918 302.686 47.618 48.119 47.666 48.848 49.(123 49.887 48,482 48.631 49.942 52.886 58.6g8 58.384 347.278 181.277 842,888 894.786 3-11.503 13G.933 345.028 132.426 3GB.S77 130.702 376.360 134.460 888.149 134.108 137.473 135,479 390.983 IS9.S5G 399.885 148,998 892.614 140.121 386.669 145.844 : 9 11111.,1, ••• 1,."1,.11111111111111111,.' •••• ' ••••• ,11'1'.""""",,11'11"1'1 •• ,11111111""1",.111"" •• ,.,IIII •••• I!) A furlher large increase was shown in Operations of the Federal R{!· loans to member banks in the Eleventh Federal Reserve District in April. Loans serve Bank to member banks amounted to $10,660,· 905 at the close of the month which was $5,383,591 greater than on March 31 and $6,580,395 above those on the corresponding date of last year.. Follow~ng a slighl decli.ne during the first week of Apnl borrOWIngs of reserve Clty banks turned upward and at the end of the month were more than double those on March 31. Accommodations to country banks increased moderatel y throughout the month. On May 15, member bank borrowings had declined to $7,327,347 due entirely to the contraction of loans to reserve city banks. There were 103 borrowing banks on April 30, as compared to 87 on March 31, and 137 on April 30, ]927. Due to the increase in both loans to member banks and open market purchases total bills held rose from $18,485,578.53 on March 31 to $27,678,70] .28 on April 30, dis· tributed as follows: Member bnnks' collaternl notes a. cured by UnHcd Stntes Government obligntions ....................•................................................... $ 4.316.700.00 Rediscounts und all other loans to member bnnks................... .... 6.344.206.22 Ollen market purchases (Banker s' Acceptances) ............................ 17.01 7,796.06 Totnl bills b8Id .........................·.. ······················..... .............. $27.678.701.28 Federal reserve notes in actual circulation showed a further seasonal oecline during April and at the close of the :::::_1 + TotaL.................................. 91 276.484 $134,199.683 260.988 $120,986,473 10.9 275.769 $182.616,296 1.2 'Only 3 banks in Beaumont. 11 bunks in Houston. 6 bnnks in Sun Antonio. 3 bank. in Shreveport, and 42 bunks in "all others" reported the number of savings depositors. I!) month stood at $32,980,480 which was $2,060,985 less than on March 31, and $4,211,815 below the net circulation on April 30, 1927. The daily average reserve deposits of member. banks declined seasonably, from $67,116,922 in the prevIous month to $65,365,855 in April. FAILURES. The past month witnessed a sharp reduction in the business mortality rate in the Eleventh Federal Reserve District. Conunercial. failures, whic~ numbered 46 in April, were fe.wer than m any. month smce last <?ctober and compares WIth 66 defaults m March and 75 msolvencies in April, 1927. The aggregate liability of defaulting firms on the ?lher }~and, showed an increase amounting to $1,283,614. 10 Apnl as compared to $94.5,144 in the previous month and $1,685,229 in the corresponding month a year ago. PETROLEUM. Despite efforts to curtail production through the proration plan, which became effective in certain parts during the current month, production of crude oil in the Eleventh District showed a further increase and reached another new high level in April. Total production amounted to 23,122,500 barrels of oil as compared to 22,407,400 barrels in March and 19,871,810 barrels in the corresponding month of last year. Field activities declined somewhat reflecting in part the effects of production restrictions. There were 566 completions during the month of which 276 were producers of oil and 59 were gas wells as compare~ to 665 completions. in Ma:~h yielding 337 producers of OIl and 76 gas wells. Imtlf!-l production amounted to 264.,598 barrels as against 365,189 barrels in the previous month. The daily average output of crude oil in Texas amounted to 720,527 barrel.s representing an increase of 4.2,094 barrels over the prevlOUS month and 109,694. barrels over April last ~ear. Production restric~ions through the proration of dal~y output ~nd on a bas~s of producing acreage and potentlal productlOn were put lllto effect in certain sections of Central·West Texas during the month. However due to increased output in other of its fields Central-West Texas showed a further gain of 878,800 barrels in total yield Field activities in East Central and Southwest Texas wer~ maintained at practically the same rate as in the previous month. While the total production of oil in North Texas declined, the daily average yield showed an increase of 2,94,6 barrels due to ~h? shorter month. The daily average output of Norlh LoulSlann was 2,503 barrels greater than in March. 7 MONTHLY BUSINESS REVIEW m........ i it § UIlIl ....... UIl ............................................... UIlItIlIlIlIlIl ...................... I ............ ,H."IIII .. IIII ... ,I ............................. I1 ...... 11I11111.11111 ....... ,.,11 ........ 11111 ............... 11111 ........ ~or~h Tex ...................... ~._ ........ ~ ............. ~.~...... ~ ..~ : :: Eent-'"~.Weet Tex ...... ~ ... _ ......•.~.~.........•..... _ ... _ April Total Daily Averllll'e ~.29S.4GO 14S.116 12.926.160 480.871 'rotal 4.346,260 12.047.850 :H:: 1 ~~fuW~:g:.~.~ :~: -~: :.:=~::~~:::~.:::-~::::::::~::~::::'.: 8·~g~t:g :. . NorJ:°~u;;e::: :::::::::::::~.::::::::~:=::::::~:::::::::::::::: 2tm:m ... ~ 18 OIL PRODUCTION Total. DilItrlet .....::................ ~.....•............... _~ .• 28.122.600 March Daily Average 140.169 Dec. 888.624 Inc. 1~::.~j; §E: ~ : Increase or Deereas.. :: Total Dally Average 61.800 Inc. 2.946 • 878.800 Inc. 42.247 ~ i H:m [:~: 3·m :i.~ 7~~:m 8.};:::gg 2tm:m 6~~:m ~~~: '~~:~~g ~~~: 4~:m 767.416 22.407.400 722.818 Inc. 715.100 Inc. 44.697 ~ 11",11"".,11111' •• ,11""' ••••••• ,." •••••••• ,1 •• ,1,.,1,.".""111, •• "., ••• "",'1111111111,,,'11,.,1111111 •• ,1111, •• 11".,11.,111, ••••••• " •••• ,11111111 •••••••••••••• 1••••••••••••••••••••••••••••••••• ,., ••••••••• , ••• 1 ••• 111 ••••• 1••••••• 11' •••• 1 0 ~."." .... II .... I ............. lIfII .............. II .... It .. IUI ...... IIIIIIIIIIIII .. II ...... II .. III ... I .. .......... cent above normal production in March to 5 per cent below in April; however, they wer6 13 points greater than a year ago. As in March stocks on hand at the close of the month declined 1 point in April and amounted to 9 per cenl above normal on April 30. Unfilled orders for lumber to· taled 64,64.7,668 feet at 45 mills on April 30, as against 70,312,706 feet recorded at 49 mills a monlh earlier. 11118 APRIL DRILLING RESULTS Oompletions Field_ ~orih ;rexas .................. 148 ~~~t r~~s~.. :.~~.~:::::: 26~ ~ ,;, 8 Fail· Initial urcs Production 2~~:m 48 114 11 1~ T~u W;t Texas............ 12 48 87 7 4 1 2 1 No .th Tltal, Texas .......... 517 1 Qulsiana .......... 49 272 4 81 28 214 17 260.798:: 8,806 : April Totals. Distl'ict .... 566 March Totals, District 666 276 a87 69 76 281 262 264.598 865.189: xns : 87 Gas Wells 13~ S xfl: Coastal ................ ;; Pro. ducel'8 i1dcats .............. 49 6 19,664 1.m 3~ I m """'''''''''''''''''''''''~~~~;'~;~';;;~~;'''''''''''~;;~;::''''~~;;:''] $1.20 ort lind Central Texas and North Louisilln .. (62 gravity and above) ......................._............................... 1.76 .:,. 1.. ' " I I " .. lItlllllllllll ••• II .. IIII ............... II.IIII ......... II ........ III ... 1I1I ........................ IIIU •• ~ ~ l!'l t :: 11 ... 111 = It:!~: ::: moo" ~ c~{·i·~ti"·· .. ···· .... ········ 2~~ Tot I ! Four Months ~;A.:~;;;~; ;;~'::;;;~~;;~ ~;::;i;;::;~ ~; ':~:;i;1;; ~: ':~,:l:;::~ ;Ii~i ! Iltlt;;i :!:;=~j I I : : i-a BUILDING PERMITS Corpus .~ , ......................." ............... " ...... u ............................................................ 11 ....... 11 .................. 11 ... 1111 ................................................ UIIl ........ 'H .... ' ........... III.'1!] ~ § : :::• • • BUILDING. After reaching the highest point on record in March, the valuation of permits issued at principal cities in the Elev· enth District declined in April to the lowest level of any previous month since November, 1926. Permits is!ued at these centers were valued at $6,788,238, as compared to $16,134.,114 in March, and $8,537,537 in the corresponding month of last year. While the decline this month mate. rially lowered the increase over the previous year, the valuation of permits issued during the current year was 10.2 per cent greater at the close of April than during the first four months of 1927. LUMBER. While activities at pine mills in the Eleventh District ~ere less in April than in March they were greater than the corresponding month of last year. Production of umber amounted to 95 per cent of normal, as compared to 3 per cent above normal in the previous month and 84 per cent of normal in April, 1927. Shipments amouRted to 6 per cent below normal production which was 10 points ~low those in March but 11 points above shipments in t e same month last year. Orders declined from 10 per § I : 81 ..... 1..... I ... UII ..... , ... II .... 611 .... " , .. 11'".1 •• 111111 ... "'1 ....... 111 •• t 'UII ......... II II .... 1.. 11 f ... fill t I. (!j Lumber statistics compiled by t he Southern Pine AS8ociation (011 atntiaties compiled by the 011 Weekly. Houston, Tex ... ) 8 ....... 45 88.278.996 feet 87 ,766.010 feet 88.670,019 teet 64.64 7,668fcet 92.891.718 feet 253.982.141 feet 23S .8R6.322 leet 5.126.708 feet- Go/. 4.612.722 teet- 5 0/. 4.2 ~ 1.699 (eo Ir-5% 20.H5.81V feelr-9 % § . :; 1.60 . .. ~::~I:~.~~ ~~~.~ ~~~~.~.~~ICS Numbel' of repo .. :: Production .................................................................... ~:•••_,:.: Shipments ............. _...................... .. ............................. Orders ............................................................................ Unfilled orders April 30.............................................. No .. mnl production .................................................... Stocks Apdl SO ............................................................ No .. mal .tocks .............................................................. Shipmen ts below normlLl............................................ : Actulli production below normH!.. .. ........................ :: O .. ders below normal Jlroduction............................ : Stocks above no .. mal .................................................. ~ ~ ~exahs OOll.tal (Grade "A") ................................................ $1.20 :: ,;, 111 .......... 1111111 ......... 1 ... 1 ...... 111 ...... '"11111 ................... ItIl'U'UU ....... UIIII ......... tl l G) I ~ l!Il".I".III' •• III" •• II •• ,II •• IIII •• IIIIII.IIII.IIII.11.111.,.,1.1,1.1.11.1,11'1 •• 11 ••• 1'11111""""".1 ••• II.II.II •• e ..... I1..... 8 ...... m:m 2~~ m:m =~n m:m 2~~ i ill ::1111111111 :111:111 Iii! -a .............................. 2.706 $6.788,288 2.766 $8.687.687 - 20.6 8.865 ~~~:~ ::111111111 $16.184,114 - 57.9 m 2.m:m m 2'm:m +8~t~ ~ ~'I I ~:I I nlll {IIIIII 11,246 $89,385.57:1 'iillllill 11.088 $86.727.4.52 + 10.2 '.1111111 .. 111111 ........ " .. 1' ..... 11 .. 11.1 ........................................... UUIl . . . . . . . . . . . . . . . . . . . . . IIII .... " .. M ........................ u ....... 'u ............. 1I .................................................................. : i m CEMENT. mi~lthough shipments of Portland cement from Texas th s leflected a decline in April as compared to March, th: vo. umi was comparatively high and substantially larger 538nOO~ ~ 1e corresponding month last year. There were !lrrels shipped as against 563,000 in March and , 4.91,000 barrels in April, 1927. Production of cement showed a further gain amounting to 557,000 barrels durin g the month which was 0.9 per cent greater than in March and 18.8 per cent above the output in the same month a year ago. After being reduced in March stocks on hAno MONTHLY BUSINESS REVIEW 8 at the close of the month increased and on April 30th were 4..2 per cent larger than a month earlier and 10.1 per cent in excess of those on April 30, 1927. As compared to ~'III""II'IIIIIIII'II""""III"flllll'IIII""'" 11","""'.,1111' ••••• 1, •• ,1."""",."",'1"'111111" § f the previous year, production and shipments of cement during the four months of the current year were 18.6 per cent and 15.7 per cent greater, respectively. •• """,1 •• ,11111 11"1.11.,111"11"""11 ••• "",.,1, ••• "., •• , •••• ,111111 ••• 11,.,1, •••••• ,1,.,11, •••••• ,I.,I •• ,II.,IIIII,t•• ,IIIIII •• ,.@ § PRODUCTION. SHIPMENTS AND STOCKS OF PORTLAND CEMENT (Barrels) Apl'i1 ~ 1928 ; Production at 'fexas mills ................................................................ 557,000 - Shipments from Texas mills ............................................................ 588.000 ~ St.ocks at end of month at Texas mills ........................................ 468.000 [!J '.,.,IIIIIIII.,IIIIIIII.,IIIIIIIII III •••• '.,I •. 'I .. Apl'il 1927 469.000 491.000 425.000 Inc. 01' Dec. +18.8 + 9.6 + 10.1 March 1928 552,000 568.000 449,000 Inc. or Dec. +.9 -4 .4 +4.2 - Four Months1928 1927 2,032.000 1,718,000 1,971 000 1708000 . , ' Inc. or E Dec.:: +18.6 E +157 . E ,1"".,11.11111111.,1111 ••• ,111 •••••• 1•••••••••• , ..................... "' ••••••• , ••••• , •••••••••• " •••••••••••••• """11111"111 ••• ,.1"" ••••• ",,,, •••• ,.1.,.1.,.11 •• ,II., •••• ,I.,II •• IIIIIIIIIIIII.fi) SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compiled by the Federal Reserve Board as ot May 25, 1928) Volume of industrial production continued large during April, reflecting chiefly increased output in metal industTies, while activity in industries producing foods and clothing decreased. Wholesale and retail trade also declined. The general level of wholesale commodity prices increased in April reflecting advances in farm products. There were large exports of gold in April and May, member bank loans and their borrowings at the reserve banks continued to increase, and money' rates showed further advances. PRODUCTION Production of manufacturers remained in about the same volume in April ae in March, while output of minerals declined slightly owing chiefly to a decrease in production of bituminous coal. Daily average output of iron and steel, copper, and zinc increased in April but since the first of May there has been some curtailment in steel mill activity. Automobile production was maintained in large volume during April and according to preliminary reports also during the first half of May. Textile mill activity, output of boots and shoes, and meat prod~lction showed substantial declines during April. Volume of factory employment declined slightly, reflecting chiefly decreases in the food, leather, and textile industries. Building contracts awarded in April exceeded those for any previous month, and awards during the first three weeks of May continued in unusually large volume. TRADE Sales by department stores and by wholesale finns in most lines of trade declined in April and were in smaller volume than a year ago. Average daily sales of department stores, after allowance is made for the earlier date of Easter and the usual seasonal changes, were smaller in April than in March and were also smaller than in April a year ago. This decrease was due largely to unfavorable weather con- ditions. Stocks of department stores, after adjustment for seasonal changes, were in about the same volume as in March and slightly smaller than a year ago. Freight car loadings showed an increase between the beginning of April and the middle of May, but for most classes of commodities continued smaller than a year ago. PRICES The general level of wholesale commodity prices, as indicated by the index of the Bureau of Labor Statistics, increased from 96 pel' cent of the 1926 average in March to 97.4. per cent in April. This increase reflected sharp advances in the prices of grains, cotton, livestock, and hide and leather products. Rubber prices continued to dec)ine, and most of the other groups of commodities showed little change. During the first three weeks of May there were decreases in the prices of grains, flour, sheep, and hogs, and increases in copper, zinc, and rubber. BANK CREDIT At member banks, loans largely for commercial and industrial purposes, following a rapfd increase during February and March, have shown little change since the early part of April, loans on securities continued to increase, and total loans and investments of reporting member banks in the middle of May were larger than at any previous time. The outward movement of gold continued in May, the decline in monetary gold stock during the foul' weeks ending May 23 being nearly $90,000,000. This loss of gold, together with further sales of United States securities by the reserve banks, was reflected in an increase of nearly $l4.0,000,000 in member borrowing banks at the reserve banks. There were further advances in open market money rates during May, and discount rates at the Federal Reserve Banks of New York, Philadelphia, Cleveland, Atlanta and Dallas were raised from 4- to 4.0 per cent.