The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
C. C. WALSH,
Chairman and Federal Rese"8 Al'ent
(Compiled June 15, 1930)
Dallas, Texas, July 1, 1930
Volume 15, No.5
This COpy is r eleased for pub.
licatlon In afternoon pa pers
·June 30
DISTRICT SUMMARY
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~: .:
:
THE SITUATION AT A GLANCE
Elsventh Federal RCRerve Di.triot
May
Bank debits to individual accounts (at 17
D oiUes) " " " " " " " . " " . . .. " " .... " "
epartment store salce " . .. . . "" .. . . "."..
Reserve bank loons to member banks at ond
~r month " ." """""""" "" " " ".
B . eryo bank raUo at end or month .. . .. . ... .
CUildlDg permit valuation at larger centers.. ..
CommerOial railures (number) ". " .. " " .... .
O~mmcrci.' failures (liabilities) ..... .. . ... . . .
L' !'beroduction (barrela). .. . .... . . . . " . .. . .. .
um r orders at pille mills (per ceot or normal produotion). . . .. .. . . . . . . . . . . . . .. . . . . .
m
.
Change rrom
April
1
--------1
-------3. 4~
.1'7.
$815,842,000
-
$ 9,452.815
+ 15 .5%
65.5%
$ 5,729,915
51
$
981,806
27,281,150
78%
+
+ .2 points
= ~U~
- 36 . 7~
+ 4.6'7.
1. 0
poinu,
E
'III1II1 .. ,IIIU ........... UIIIlI ... IIII1III1II1I1I1I1I1I1I1I1 ................... UI111111111111111 ...... 111111111,8
.Bu~iness and industry in the Eleventh Federal Reserve
DIstrIct during the past month continued at a generally low
level. Department store sales showed but little change from
the previous month and were 8 per cent less than in the
corresponding month a year ago. Wholesale distribution
showed a larger recession than is usual at this season and
Was considerably smaller than in May, 1929. Consumer
delnand in rural sections was on a small scale during the
greater part of May on account of the torrential rains over
a large area of the district which for a time seriously imp.aired the outlook for agricultural production. However,
SInce the appearance of fair weather and the general improvement in the agricultural situation, reports indicate a
strengthening of confidence and a moderate increase in
buying.
~o~struction activity as measured by the valuation of
bmldmg permits issued at principal cities, reflected a decline
of 26 per cent as compared to the previous monlh and was
30 per cent less than in the corresponding month of last
year. The production, shipments, and new orders for lum·
ber showed a further recession from the previous month, and
the production and shipments of cement reflected a sharp
decline as compared to April.
6
Financial statistics disclose a falling off in the demand
for commercial funds and a further easing in money rates.
Loans to customers by banks in reserve cities showed a substantial decline during the month. Due principally to the
demand for funds for agricultural purposes, Federal Reserve Bank loans to member banks rose from $7,765,883
on May 15 to $10,647,4.50 on June 15 but on the latter date
were $11,983,811 less than a year ago. It should be noted
that the smaller volume of loans this year is due almost
entirely to reduced borrowings on the part of the reserve
city banks. The daily average of net demand and time deposits of member banks reflected a further seasonal decline
during May, the average for the month being $864.,711,000
as compared to $867,303,000 in the previous month and
$903,888,000 in the same month of 1929. The large volume
of funds in the district seeking an investment outlet was disclosed by subscriplions to the United States Treasury Certificates of Indebtedness dated June 15 and bearing 2% per
cent interest. Subscriptions to this issue amounted to $4.7,273,500 against which allotments totaling $12,824.,500 were
made.
So far as physical condjtions are concerned, the agricultural outlook is now much brighter than it was a month ago.
The heavy rains which occurred at frequent intervals during
the first three weeks of May caused an almost complete suspension of farm work, and weeds and grass grew rapidly.
Furthermore, row crops suffered considerable damage as a
result of the packing and washing of the soiL This, together
with tlle grassy fields, made it necessary for farmers to reo
plant a considerable percentage of the co~ton crop in some
portions of the district. However, the generally fair weather
prevailing during the past three weeks has enabled farmers
to largely overcome the effects of the setback during May
and crops are now reported to be in a good state of cultiva.
tion. The persistence of 0001 nights has prevented crops
from making the best development. The physical condition
of the district's ranges and livestock reflected a marked improvement during May but it is still below a year ago.
Nevertheless, the abundance of pasturage and the ample
supply of stock water in most sections- presage a further
betterment in the condition of livestock.
.
BUSINESS
Wholesale
A general recession in the demand for
Trade
merchandise in wholesale channels was
.
in evidence during the past month. Sales
In all reporting lines reflected more than the usual seasonal
decline and were materially smaller than in the correspond.
ing month a year ago. While the smaller volume of buying
at wholesale was largely an outcome of the decreased consumer demand resulting from the poor crop outlook caused
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
MONTHLY BUSINESS REVIEW
2
by the heavy rains at frequent intervals during the greater
part of May, retailers are holding commitments to a minimum to await developments in the commodity price situation and to obtain a clearer perception of the agricultural
outlook. Reports indicate that consumer buying has shown
a moderate improvement since the return of fair weather
and the betterment in the agricultural situation. Collections
were reported to be slow in most lines.
A sharp decline in the sales of reporting wholesale dry
goods firms was in evidence during May. The total for the
month was not only 12.7 per cent less than in the previous
month, but was 24.0 per cent smaller than in the corresponding month last year. While the decline was in part seasonal,
it was due more directly to the unseasonal temperatures, the
uncertain agricultural outlook, and the conservative buying
policies being followed by retailers. Collections were generally poor. Prices continued downward on numerous items.
The demand for farm implements at wholesale continued
on a small scale during the past month. Sales of reporting
firms showed a further decline of 18.5 per cent from the
previous month and were 46.2 per cent smaller than in the
same month last year. While the farm implement business
has shown a downward trend since January due in part to
seasonal factors, the decline was accentuated in May by the
suspension of work and the uncertainty surrounding the
prospects for agricultural production. Prices remained
generally firm.
The sales of reporting wholesale drug firms reflected a
eeasonal decline of 1.2 per cent as compared to the previous month and were 12.4 per cent less than in the corresponding month last year. Reports indicate that business
has continued slow in most sections of the district. Retailers
generally are still following the policy of buying in small
lots. Collections were slightly smaller than in the previous
month.
The distribution of hardware at wholesale showed a decline of 8.6 per cent as compared to the previous month and
was 16.1 per cent below that in the corresponding month of
1929. Sales for the five months of the current year averaged
16.8 per cent less than in the same period a year ago. The
decline in business during May was general throughout the
district. Collections reflected a considerable improvement
over the previous month.
While the May sales of reporting wholesale grocery finns
were 3.7 per cent less than a month earlier and 8.1 per cent
smaller than a year ago, trade was somewhat spotty. Buying,
which was affected by the varying agricultural outlook, con·
tinued fair to good in some sections but poor in others.
Prices generally reflected a further downward trend. Collec·
tions were not so good as in the previous month.
I
[!J ..... 111111111 .... 11111111"""'.11'"11111111111111111111111""11111111111111111fllllllltlllllllllllllllfll'lllIll.1!]
OONDITION~;~~L.:~;~~~;~"M::::;..~~: I
•
§
:
S
:
Groceries .. ... .. ..
Dry gooda .. . .. .. .
.:
••
Hardware . . . .... .
Drugs .. .. . •. . . ...
~ Farm implements..
:
comparod with oompared with oompared with to acoounts and
May April .amo poriod May April notos outstanding ~
1929
1030
lant year
1929 1030
on April 30
- 8.1 - 3.7
- 3.3
- 10.9 - 7.4
67.2
~
-24 .0 -12 .7
-23.0
- 24 .3 - 6 .3
23 7
:
-40 .2 -18.6
-31.2
+30 .7 ,- 4.9
6 : 8 , E::_ _ '
-16.1 - 8.6
-IR.8
+ 3. 4 - 1.0
40.4
0
-12.4 - 1.2
-10.3
- 7.7 - 7.1
41.4
8 .. 111 ...... 111 1...... ,1111, ... ,11,1 .. 111111111111111111111111111111111111111 .. 11111111.lIlltllllllIlllll lU II IIIIIIII II I!l
Retail
Trade
The volume of distribution at retail in
larger cities as evidenced by department
store sales was about the same as in the
previous month, hut fell 8.0 per cent under that in the same
month last year. While trade usually shows an expansion
in May, it should be borne in mind that sales in April this
year were larger than usual on account of the lateness of
Easter. Business was affected to some extent by the unseasonable temperatures and the large percentage of rainy
days during the month. Sales during the first five months of
the current year averaged 7.2 per cent less than in the same
period of 1929. The demand for summer merchandise has
been stimulated to some extent recently by the more favor·
able weather.
Stocks on hand at the end of May were 5.9 per cent
smaller Lhan a year ago and 4.4 per cent below those on
hand a month earlier. The rate of stock turnover during the
first five months of 1930 was 1.14, as compared to 1.20
during the corresponding period of the previous year.
Collections showed some improvement in May. The ratio
of May collections to accounts outstanding on May 1 was
36.5 per cent as compared to 35.2 per cent in A1?ril, and
37.1 per cent in May, 1929.
BUSINESS OF DEPARTMENT STORES
5
!
~
Total Balee (Percenl.aie):
May. 1930. compared with May, 1929 ... .. . . . . ...... . . . ..... . ..... . ....•. .. ....
May. 1030, oompared with April. 1030 . . .. . ....... . .... ..... ..... . . ........ ... . .
January 1 to date. oompared with aame period lant year . . ..... . . ... . . ............ .
Credit Balee (Percentage):
May. 10~O, oompared with May, 1029 . ... . .. . .. ..... . .. .. . . . . ......... . .. . " .. .
May, 1930, eomparod with April, 1030. . .. .. ... . ...... . . . . . ... ... . ... . .. . .... ...
January 1 to date, oompared with samo period Il18t yoar . . . . . . . . . . . . . . . . . . . • . . . . . . .
StookB (Percentaae):
May. 19aO, oompared with Mar., 1929. .. .. . . . .. . . .. .. . .. . . . ... .. . . ........ . ....
May, 1030, compared with Aprll.l030. . .. . . . .. .. ...... . . .... ... . . . .. ...........
Ratio of May coUeotiono to account. reoelvable and outstanding May 1, 1930....... .. . . .
~. Btoo~~~f:~~~~~~_lninMay, 1020. .. . .. .. . ....... . .... ....... .... .... ..... . . .. .. .
. ..
Rate .took turonover May,
.
.. . ...
e Rate of stook turnover January 11030... ... ... .. ............ ............... ... ...:. ....
of .took turnover January 1 to May 31,1029 .. . ... . .. . . . . ... . ..... . . ..
5.
Rate of
to May 31,1930 . . . .. . . . ..
. . ....
•
DaUan
- 2.1
-1.4
- 4.2
Fort Worth
- 16.4
6.2
-12 .7
+ 3.6
- 3.2
-.6
-:11.6
3.1
- 6.7
+
-
2.7
-
- 1.3
- 7.3
.26
.26
1.33
1.24
35.0
HOllllton
- 6.8
- 2.4
- 0.1
San Antonio
...,. 2.6
Others
-14 .3
.8
4.4
+1.7
-7.4
Total Distriot
- 8.0
+ .1
- 7.2
-" 3.4
4.4
- 1.2
- 2.6
- 2.6
-11.1
.1
- 1.2
- 3.6
-1.9
- 2.3
- 4.1
- 4.0
-11.1
-.8
-14 .2
- 4.1
- 4.7
- 3.7
_ 6 .0
_ 4.4
.24
.21
1.06
.93
34 .3
4'27
.28
1.33
1.26
39 .2
.31
.84
1.48
1.66
38 .2
.22
.20
.94
.03
37.9
.26
.25
1.20
1.14
86.6
+
-
§
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According to the figures compiled by R.
G. Dun & Company, commercial failures
in the Eleventh Federal Reserve District reflected a notice·
able decline as compared to the previous month. It should
be noted that failures during the month were fewer than in
Failures
any month of the current year except February. There were
51 defaults during the month with an aggregate indebLedness
of $981,806 as compared to 58 failures in the previous
montb with liabilities of $1,55] ,4,09, and 50 insolvencies in
May, 1929, owing a total of $1,084.,4..28.
MONTHL Y BUSINESS REVIEW
3
AGRICUL TURE
Crop Conditions
The torrentia I rains over a large area of
the district during the first three weeks
of May caused an almost complete stoppage of farm work, damaged growing crops through the
washing and packing of the soil, stimulated the growth of
grass and weeds, and necessitated considerable replanting
of row crops. The precipitation was lightest in West
and Northwest Texas and Southeastern New Mexico where
there was already a large accumulated deficiency in moisture
and the high drying winds subsequent to the rains have depleted to some extent soil moisture. Over most of these sections, more rain would be beneficial and in some areas it is
urgently needed. The fair weather prevailing over most of
the district during the past three weeks has enabled the
farmers to make rapid progress with farm work with the
result that replanting operations are about compleled and
crops generally are in a fair to good state of cultivation.
The persistence of cool nights, however, has had the effect
of retarding plant growth and in some instances cool nights
are producing unhealthy plants and are causing insect
activity.
The small grains were greatly benefited by the May rains,
but the insufficiency of moisture and high winds have
caused these crops to deteriorate in portions of West and
Northwest Texas and Southeastern New Mexico. Harvesting
operations are well under way in Central and South Texas
~nd are beginning in North Texas. Grain is maturing rapidly
In West and Northwest Texas and harvesting will begin in
a short time. According to the Department of Agriculture
the June 1 condition of the Texas wheat crop was 55 per
cent of normal as compared to 68 per cent a month earlier,
72 per cent a year ago, and 67 per cent for the 10-year
average. The Department stated that on the basi~ of the
June 1 condition figure, the probable per-acre YIeld w~s
estimated at 10.5 bushels, which, on the basis of the 2,
400,000 acres remaining for harvest, indicated a total production of 25,200,000 bushels. Last year the per-acre yield
was 15.0 bushels and total production was 37,800,000
bushels. The wheat crop in portions of New Mexico has
been affected adversely by dry weather, and in those areas
prospects are very poor. The condition of the Texas oat
crop on June 1 was 65 per cent of normal as compared Lo
68 'per cent on May I, and 70 per cent a year ago. Complamts of rust are being reported in the North-Central and
Eastern portions of the State.
The condition of tame hay in Texas, as reported by the
Department of Agriculture, rose 8 points during! the month
to 75 per cent of normal on June 1. The greatest improve·
ment occurred in Central and West·Central districts where
needed rains fell early in May. Meadows in the heavy rainfall areas are a little weedy and growth has been slow in
Northwest Texas where more moisture is needed. The first
cutting of alfalfa in New Mexico has been completed and
lllost of if has been sold. The wild hay condition in Texas
Was rated at 81 per cent of normal. The rains during the
month were highly beneficial, and a good crop is in prospect. The corn crop has made good progress although
proper cultivation was hampered by the long period of wet
weather. The soil has been too wet for proper growth in the
lowlands.
The condition of the cotton crop is generally good in
South Texas but it is spotty in other sections. In the Eastern
half of Texas and North Louisiana, the heavy May rains
did considerable damage and made it necessary to replant
large areas. During the period in which field work was impossible, the fields became so foul with grass and weeds
that in many fields where cotton was up, it was necessary
either to replant or to damage the stand in cleaning the
fields. The past three weeks of fair weather enabled farmers to complete the replanting of cotton and to place the
crop generally in a fair to good state of cultivation. Most
of the old cotton is chopped to a stand and cotton in the
replanted areas is up to a good stand and mostly clean. In
some of the lowlands, the fields are still too wet for proper
cultivation. In South Texas the plants have grown rapidly
and are fruiting well. First bales are expected shortly after
the first of July. In West and Northwest Texas the crop is
in excellent condition in some localities but poor in others
because of the lack of moisture. Planting has been practically completed and chopping is making rapid progress.
The nights, however, have been too cool in practically all
sections of the district for proper plant growth and in some
instances lice and worms are damaging the crop.
Livestock
Range and livestock conditions in most
sections of the Eleventh Federal Reserve
District reflected a material improvement during the past
thirty days as a result of the heavy, general rains during
May. More moisture, however, is needed in portions of West
and Northwest Texas and Southeastern New Mexico to sustain the growth of range vegetation. Grass and weeds on
ranges generally have grown rapidly and have furnished
ample pasturage for livestock. Stock water is plentiful in
most areas. Due to the good grazing, livestock have been
putting on flesh rapidly and are now in fair to good condition. The calf crop, while smaller than a year ago, is
reported to be good and the young animals 'are generally
strong. The lamb and kid crops, however, will be short,
and losses of lambs are reported to be larger than a year
ago. Losses of sheep and goats have been heavy. Shearing
of sheep has been completed and the Department of Agriculture reports that much of the wool has been sold at unsatisfactory prices.
The report of the Department of Agriculture stated that
the condition of cattle ranges in Texas gained 9 points during the month but on June 1 was 7 points below that a year
ago. The 86 per cent condition of cattle on June 1, while
4, points lower than a year earlier, represented a gain of 7
points during the month. Sheep and goat ranges in Texas
reflected a marked improvement during the month, the condition figure having risen from 69 per cent of normal on
May 1 to 85 per cent on June 1 but was still considerably
below the 94 per cent reported on June 1, 1929. The condition of sheep and goats showed gains of 9 and 8 points
respectively, during the month.
The May receipts of cattle and hogs at
the Fort Worth market reflected a sharp
decline as compared to both the previous
month and the corresponding month last year. While the
arrivals of calves and sheep were larger than a month
earlier, they were in smaller volume than a year ago.
Despite the small receipts, prices on practically all classes
of cattle suffered a further decline during the past month.
The market for hogs, on the other hand, has evidenced a
Mevements
and Prices
MONTHL Y BUSINESS REVIEW
4
gradual upward trend. Sheep and lamb values have followed
an uneven course but at the close of the period were at a
higher level than a month earlier.
e ..
:::m'mm'm:''''~~:~;~i;~::~~~~;;!~'''''~~;~~'''~!::
§\,o!:P.'.': :::::: ::
64.456
62.582
-
8.077
41 .039
+18.410
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roMPA~;,~! ~~"~\:~~~I,.';:., '::1:,1:
.
::!.
;
::
Beef steers .........•.....•.. ............
Stooker eteers........... . .. . .............
Dutober cows.. .. .. ..... .. . .. .. ..... .. .. .
~ ~~~~~~~o~~::.....:::::: :::::: ::: :::::::::
: Hoge .. .. .. .. .. .. .. .. . .. .. .. .. .. .. .. .. .. .
~~~bs: ::: :: : : ::::: :::::::: :::: : ::: :::::
i
12 .00
7 75
13 . 75
11 00
Ing
Ing
In~
9 95
In~
10 85
12 .00
8 60
::
~
:
IHg
!
9 90
If~g
rnlllllllllllllllllllllllllllllllllllllllllllllllllllllll1ll1l1l1ll1ll1l1l1ll1ll1l1l1l11I1I1I1I1I111I111I11111111111111111!l
FINANCE
During the first ten days of May the de·
mand for Federal Reserve Bank credit
continued the expansion which was evi·
dent throughout April, but during the
next few days there was a substantial decline. After the
middle of the month, however, there was a steady growth in
Federal Reserve Bank loans to member banks and on May
31, these loans stood at $9,4.52,815 as compared to $8,·
185,872 a month earlier, and $25,908,865 on May 31, 1929.
The borrowings of reserve city banks have remained at a
low level and largely account for the smaller volume of
Federal Reserve Bank loans this season as compared to a
year ago. Country bank borrowings declined slightly toward
the middle of May due to the slackening demand for credit
from customers because of the stoppage of farm work but
since that time the demand for funds from country banks
has shown a gradual expansion. Total loans to member
banks had risen to $10,647,4.50 on June 15, which compared
to $22,631,261 on the same date last year. There were 193
banks borrowing from the Federal Reserve Bank on May 31,
as compared to 167 banks on April 30, and 180 banks on
May 31, 1929.
Due to the increased borrowings of member banks, total
bills held by this bank rose from $14,610,309.02 on April
30 to $15,606,368.89 on May 31, distributed as follows:
Operations of
the Federal Re·
serve Bank
Member banks' collateral notes secured by United States Gov.
ernment obligations ._.. ___ .. ____ .__ .__ ._._ ...._ ___ .. __ .... ____ .__ $ 1.028.150.00
.
R~discounts and all other loans to member banks.__ ... _ _ _
.. .. ...... _. 8.424.666.80
Open market purchase. (Bankers' Acceptances} ..___ .. _...... __._._..... 6.149.696.03
Discounts for non·member banks ___ ......___ .. ___ ....__ .____ ... _. ___ .. _._.__
8.85 8.50
Total bills held ___ ___ .._ .. ____._... __ ..... _ .. _ ____ ... _ $15.606.3 68.89
...
._._
......
Federal Reserve notes in actual circulation reflected a
further seasonal decline, amounting to $31,414-,750 on May
31 as compared to $32,408,950 on April 30 and $37,365,·
705 on May 31, 1929. The daily average of reserve deposits
of member banks, which amounted to $61,387,010 in May,
was $346,631 less than in the previous month and $3,666,996
below the average for May last year.
Condition 0/
Member Banks
in Selected
Cities
Reports from member banks in selected
cities reflected a further decline in loans
and investments during the past month.
The investments of these banks in United
States securities declined ~p1,937,OOO be·
tween May 7 and June 4, and on the latter date were $28,·
843,000 less than on the corresponding date a year ago . In·
vestments in other stocks and bonds showed a slight increase
during the month and were $3,901,000 greater than on the
corresponding date last year. During the four·week period
loans on securities were reduced $5,184.,000 and "all other"
loans (largely commercial) declined $6,093,000. Total
loans of these banks on June 4. were $2,638,000 higher than
a year ago, as the decline in commercial loans was more
than offset by an increase in loans on securities. The decline
of $1,14.1,000 in the net demand deposits of these banks
between May 7 and June 4 was more than offset by a gain
of $2,64<1,000 in time deposits. Combined net demand and
time deposits on the latter date were $12,961,000 greater
than on June 5, 1929. Their bills payable and rediscounts
at the Federal Reserve Bank amounted to $1,359,000 on
June 4, as compared to $1,821,000 on May 7 and $17,706,000
on June 5, 1929.
[!]1I111111111111 ......... UIlU .. III ..... II ... IIII .. IIII .. UIlI .. IIIIIIIIII ........ II ..... 111111I11I111.,flllllllllllllll[!]
CONDITION STATISTICS OF MEMBER BANKS IN SELECTED CITIES
(I n Tholl"ands of Dollars)
June 4.
United States eeouritics owned. ... . ........
All other etoeke. bondIJ and seourities owned.
Loans on securities.. . ....................
All otber loalle. . .. . . . . .. . . . . .. . .. . .. . . . . .
Total loans . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
Net demand depoeite . . . . . . . . .. . ... .. . . .. .
Time depoeits.. . ........ ...... .. ...... ...
Reserve with Federal ReBerve Bank . . . . . . . .
Bills payable and rediseounte with Federsl
Reserve Bank...... .... .. . .... .... .....
May 7.
1980
$ 04.682
43.911
113.763
227.020
340.782
285.881
152. 126
82.774
1930
S 66.019
43.688
118.937
233.122
852.069
280.522
149.485
33.864
Juno 5.
1929
$ 93.526
40.010
98.094
240.050
338.144
282.739
141.807
32.179
1.359
1.821
17.700
l!J ... UIIlIlU .. IIII ............... Utlltu ........... UIlU .. lflllIlIl ... II ....... UIlIlIlIlIIl111111111111111111111111 18
The combined daily average of net demand and time deposits of member banks
in this district declined from $867,303,
000 during April to $864.,711,000 during May. The daily
average of net demand deposits was $623,282,000 in May,
as compared to $630,029,000 in April, and $673,097,000 in
May, 1929; and the daily average of time deposits amounted
to $241,429,000 in May, as against $237,274.,000 in the
previous month and $230,791,000 for the same month last
year. While deposits of country banks were $4,,104,,000
smaller than in April, those of reserve city banks reflected
an increase of $1,512,000.
Deposits of
Member Banles
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~
§
DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In Thou.and. of Dollars)
Combined Total
Reserve City Banke
Country Banke
Net demand Time Net demand Time Net demand Time
depo.qite deposits dellosite depoeits deposits deposits
May
June.
July.
Allg .•
Sent .•
Oet..
Nov .•
Doe .•
Jan .•
Feb .•
Mar .•
April.
May.
1029 .... .. 5673.097
1929...... 643.038
1929. ... . . 040.034
1929... .. . 629.909
1029.. . . .. 658.620
1929.... .. 674.587
ln29...... 668.818
1029...... 003.839
1930...... 669.110
1930.... .. 05j,119
1030..... . 639.680
1030. .. . . . 030.029
1980 ...... 023.282
$230.791
220.110
230.834
230.643
234.110
226.673
222.773
220.111
226.469
232.758
229.368
237.274
241.429
$280.284
260.317
270.274
260,019
266.795
282.630
281.619
279.611
270.951
268.197
209.086
271.617
269.958
S183.018
129.412
138.357
137.174
130.950
134.198
182.235
m.870
131.152
136.111
132.932
138.980
142.181
$392.813
382.721
369.700
369.890
391.725
301.967
387.209
384.228
388.159
386.922
309.951
358.382
353.324
$ 97.773
90.698
92.477
93.469
97.160
91,.175
00.538
8 8.2~2
94.317
90.647
90.420
98.204
99.248
•
g
:
1!J11I1I1I11I111I111I1I1I ............. UU ......... IUIIIIIIIU .. U ..... I ... II .. I1I1I1I1.111.111111111111111111 ... 111111118
MONTHLY BUSINESS REVIEW
Debits to
Individlw l
Accounts
Jn May, there was a further decline of
$28,967,000 from the preceding month
in the volume of debits to individual accounts at banks located in seventeen
principal cities of the Eleventh District. The aggregate of
these charges was $815,842,000 during May, as compared to
$925,954.,000 for the corresponding month last year, and
$844,809,000 during April. With the single exception of
Roswell, New Mexico, all cities reported decreases from
May, 1929, but seven reporting cities showed increases over
April.
Acceptance
Market
For the sixth consecutive month there was
a decline during May in the volume of
acceptances executed by accepting banks
in the Eleventh District and outstanding at the end of the
month. On May 31, there was outstanding a total of $2,869 .
638 in acceptances, as compared to $3,811,264 a month
earlier, and $5,775,115 a year ago. Acceptances based on
import .and export transactions decreased from $2,309,514
on Apnl 30 to $1,683,938 on May 31, and those executed
against the domestic shipment and storage of goods declined
from $1,501,750 on the former date to $1,185,700 on the
latter date.
[!J. 1 11 11111 11111111111111111111111t111t111111111111111111111111t1'11111111111111111111111111111111111111111111111111111110
~
~
DEB ITS TO I NDIVIDUAL ACCOUNTS
ITn ThoLl.nnd. of Dolls,,)
~ab
Abileno. . . ......
Austin ..........
Benumont.......
Corsicann..... . .
Dullna..... . ....
EI Pnao..... . . . .
Fort Worth ......
a nlveston .. .....
Heuston ....... .
Port Arthur . . . ..
Raoswel1. .:.... . .
S nA ntonto . ... .
Shreveport......
Texarkana".. . ...
'rueson....... . ..
Waco...........
Wichi ta Falls....
8,400
21,340
24,645
5,110
204,548
39,488
89,76 1
27,006
180,142
10,488
4,592
80,650
30,076
13,327
10, 666
14,505
28,176
Percentage
Percentngo
~~~
ohn~~~ver
tc;~
oh'M~~thvor
10,472
22,030
27,608
5,603
238,701
42,206
100,203
20,980
217,221
12,517
4,018
08,682
40,71 2
10,570
13,289
10,778
28,275
- 19 .8
- 3. 1
- 10 .7
- 8.0
- 12. 5
- 0.6
-15 .5
- 0 .0
-12.0
- 16.2
+14 .3
- 0. 1
- 1.8
- 10. 0
- 10.4
- 13. 5
- 18 .0
7,087
24,833
26,131
5, 755
237,046
38,400
05,120
20,107
183,205
10,971
4,035
80,002
39,705
14,236
11, 270
14,040
23,404
5
+ 0.3
- 14 .0
- 5 .7
- 11.1
- 13 .0
+ 2. 7
- 5. 6
+ 3.2
+ 3 .2
- 4.4
+13 .8
+10 . 7
+ .5
- 0 .4
- 5. 4
- 2. 9
- 1.2
Savings
DepositS'
Savings deposits reported by 88 banks in
the Eleventh Federal Reserve District
aggregated $152,577,724, on May 31, as
compared to $150,210,289 on the same date last year, and
$151,326,329 at the end of the previous month. The increase
over May, 1929, amounted to 1.6 per cent, and that over
April of this year was 0.8 per cent. The number of savings
depositors at 80 of these banks was 317,913 at the end of
May, as against 305,386 on May 31, 1929, and 317,828 on
the last day of April.
Total. ...... S815,842
$025,054
- 11 .9
$844,809
- 3 .4
Distr~~~.cl lldes tho figures of two banks in Texnrkana, Arkanans, locntod in tho Eighth
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•• ,1,."., ..... "'11"'.,.,11""""""""""""""1""'11111.11111111111111111, •• ,11111111""0
1
._:
:
§
I Eli'"n~~~:::::::: : ::::: :: : : :
Benumont .................
'ort Worth .... .. .... ......
E a
Hnlvestall .......... .. .....
•
:
E
:
:
:
:='
SA VI NOS DEPOSITS
~~p~~~~f
P allston.. .. .. .. .. .........
sort Arthur . . . . .... • ......
8~n
Antonio ...............
Wrevepnrt.... .... .... ....
,~~c~.....................
Al,clll tn Fall.... .. .........
Numbo~:( 31, l~~unt of
~
Pe~~~~,~~~~ng8
Numt>!p~il 30, i~~~unt of
Depositors
5,518
Banks
4"
Numbo~~r 31, i9~~unt of
DopOllitors
5,402
Savings DCP08ita
+ 4.8
DepOIIitor.
5,517
~~:~~g
2
3
11+
3
Deposits
$ 2,638,532
2~:m:~~~
7,551,202
18,727
13,870
74,058
5,072
8,115,240
34,525,705
1,807,277
10,488
3,767
~~:~~~
~:m:m
7,546,450
~3J
~m~:m
17, 742
13,887
76,652
4,954
~t:~~
0,133,080
34,650,937
1,070,670
+ .1
- 11.1
-.4
- 8 .7
6,806,114
1,797,578
~~,'i~~
7
4'
4
2
Doposits
$ 2,518,066
0,046
4,166
032085
7"
1,558,701
9
- 1.
+15 .3
n:m;m
~~:~~~
Deposits
S 2,641,475
2~:m:m
7,360,161
P'6~:~t~~n~~~~gO
Saving. DO
P08ita
-.1
§
•
;:
8,1 60,420
34,872,113
1,807,352
+ 2.5
-.6
- 1.0
0 0
10,465
3,786
6,856,370
1,727,387
++
"
+ .0
+ 4.1
~i:m
fN~~,,~~g
I "~:i~~~ ;'D~:'OO< ~·oo.b i~~, bo:~;::2;"" :;:;:bo.b:!~~~:., ""'; ~;"....~;;;:~~:::::::
1
I.
+I : ~I~.
18,560
13,853
74,393
5,715
+IU
3
-
or
·
.
::
~
a
;;
•
::
I
&!"".""""'." .. " ........ ""'.""' ...... ""." ... ",, .. ,, ....... ,,""""""""""",,.,,""'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''0'''''''",,,,,,,,,,,,,.,,,,,.,,,,''''''''''''''''''''''''''''''''''''''''~
Pr.vnilin~
JUNE DISCOTTNT RATES
Dnllas
Rnte ohnrgeel customors on prime oommercial paper sucb as is now eligible for
reeliscount under tho Federal Reserve Aot . . .... .. . ...... . .......... .. ...... .
Rate eh uged on loans to other banks secured by bill. receivable .. . ........ . ...... .
Rate on lonno SOCII red by primo stock e.change or other current collntornl (not including lonns Jll n~ ed in otbor markets throu gh correspon~ent banks):
Domand ...... . . . . . ........ . .................. .... ......... . ...... . ..
Rate
chn~~do~~ ~~;,;~l~diiy 'pnpc~ ~ccl;~cid by' ;,,:nrci.o;.sc·~ciccipis·, 'etC :':::::::::::::
~te on 'nttlo l onn~ ....................... .. ....... .. .. . .......... .... .... .. .
4J-\!-0
5* 6
6
6-7
o
7- 8
EIPnao
Fort Worth
6-8
5- 8
5-0
6-8
6-8
6-8
6-8
6-8
6-8
o
8
6- 8
Rato ,
..
Houston
Snn Antonio
Waco
5* 0
5- 6
5- 6
5- 0
6- 8
6
5* 0
6
0-6J-\!
7- 8
6-8
6-8
6-8
6-8
6-8
6-8
6-7
7- 8
fuIIIlI I IIIJIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.,II.IIII1I11111111111111111111111111111"11I111I1I1I1I11t1l1l1l11 .. 1111111111111111111111111111111111I1.1IIIIItlIIIIIIIIIIII ,11111111111111'"11111111111111111111111 ... 11111.11111111111111111111111
[3
INDUSTRY
Cottonseed
Products
While the operations of cottonseed oil
mills in the United States were on a
larger scale than in May, 1929, those of
Texas mills reflected a noti ceable decline as compared to
both the previous month and the same month last year. The
production of products by all United States mills during
Ihe period August 1 to May 31, of the current season, was
only slightly less than in the corresponding period of the
previous season, but the output of Texas mills was considerably smaller. Stocks of cottonseed on hand at Texas mills
on May 31 were less than on the corresponding date in
1929, while at United States mills they were larger, Stocks
of oil, cake and meal, and hulls showed a reduction as
compared to those on April 30 this year, and May 31, 1929,
and stocks of linters, while smaller than on the last day of
the previous month, were considerably larger than those for
MONTHL Y BUSINESS REVIEW
6
the same date last year.
Galveston were only slightly larger. Total foreign exports
of cotton durinll; May amounted to 208,796 bales as compared to 349,762 bales in April, and 313,003 bales in May,
1929. Exports during the ten months of the current season
averaged 15.8 per cent smaller than in the corresp onding
period of the previous season.
ID.II ... ,., .... ,ItIlIIII ... II.,UUIIiU ltU ... II .... UIl ...... UIl .. UIItItIlIlI flllllltlltllltllllll1l1l1ll1nlllllll'~
STATISTICS ON COTTONSEF.n AND COTTONSEED PRODUCTS
Tex..
United States
August 1 to May 31
August 1 to May 31
This Season Last ceaso, This SeMon Lnst Season
Cottenseod receivod at mills
1,251,390
1,69P,119
4,944,734
5,018,404
(tons),",." .. ,', ... , .....
Cottonseed crushed (tons) , , . , ,
1,264,656
1,692,035
4,867,245
4,945,881
116,980
100,556
6,676
19,028
Cottonseed on hand (tonsl" .. .
Crude oil produced (pounds). , . 375,243,280 503,238,6361,522,840,4721,563,813,722
795,495
2,163,276
Cako and meal produced (tons)
595,315
2,226,860
Hulls produced (tens)" , , , . , , .
·16 1, 418
1,343,073
1,335,074
338,575
Linter. produced (running
1,057,357
bales)" , .. ,., , .. ,., ,., . . , ,
267,074
351,827
1,005,037
Stooks on hand May 31:
8,070,092
Crudo oil (pouuds) ", .. ,.".,
9,169,997 21,557,461 32,910,985
Cake and meal (tons), . , ..... .
34,345
41,851
190,884
99,580
45,841
51,487
104,898
Hulls (tons) ...... ..... , .... ,
14,803
187,174
51,293
Linters (running bales) , . , , , , , ,
37,052
130,139
m:~: :
__:; 11I11 1 ... IIIIIIIIIU .. UIlUIlIl ........... IIIIIIIIIIIIIIIIIIIIIIIII .... UIl' .. UIfIIlIlIlIlIIIIIIIIIIIIIIIIIIIIIIIIIIIJ!)
:::
COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
(Bales)
Re,oipts , "" ',."" , . "',.,
EXDorta "" , . " " " ,." "",
Stocks, May 31, .. , , , , ' , , , , ,
May
1930
24,864
53,725
May
1929
58,061
144,666
August 1 to Mav 31
This Season LaB ceIBon
t
I, S86,093
2,950,783
1,733,770
2,815,805
227,018
218,564
=
.
[:] .,1 1 11 1111111111111111111111 1 111111111111111111111111111111"1111111IIIIIIIIIIIIIIlIlIlIlIlllIltlll.,11I11 1 1111111 1 11I11!]
(:.]t ,IIIIIIIIIIII'f ll llllll.'IIIIUfIIIIIIIIIIUIIIIIIIIIIII1I"IIIIIIItI"11111111111111111I11111111111111111111111IIIIIIG
Textile
Milling
Consumption of cotton and production of
cloth at reporting textile mills in the
Eleventh District reflected a further decline in Mayas compared with the previous month and the
corresponding month last year. There were 2,875 bales of
raw cotton consumed during the month as compared to 3,025
bales in April and 3,814, bales in May, 1929. Production
of cloth was 3.7 per cent below that in the previous month
and 26.4 per cent less than the output in the same month
last year. Orders on hand on May 31 were smaller than
those of either previous date. Stocks held at the close of
the month were larger than on April 30, but less than on
the same date a year previous. Prices of raw cotton continued downward during May.
The May consumption of cotton at all United States mills
totaled 473,917 bales as compared to 532,382 bales in A!Jl'il
and 668,650 bales in May, 1929. Consumption for the ten
months of the current season was 10.8 per cent less than in
the corresponding period of the previous season. While the
amount of cotton on hand at consuming establishments on
May 31 was less than a month earlier, it was greater than
on the same date of 1929.
E,I:::
Othcr roreign ports, , " ..... , , .. " '. ' , " ... " .. ' " , .. .
Constwiso ports, . , . , , ' , , . , , ' , ' , .. ' . , , ..... , , .. , .. , .. .
In compreases and depots" .. , . , , .... , , , .. , , , , ... , , ... .
1,313,182
1,785,387
1,363,660
~1!!llltllll'III'llltIIIIIIIIIII1111.lllllllt'11111It't11'111111"111111111"1"'1'111111111"'111111111111111,.1111.,'10
Total. ''' , .. , "" .. ' , .. , .. ' " ...... ,
Colton growing states:
. Cotton eonsumod , .. ,.,., ,..
Ou hand May 31 illConsuming establishment.,
Publio storage and compresses ... , .. , .. , ... ,. .
Unitod States:
Cotton consumod,. , .... , ,..
On hand May 31 inConsuming establishments.
Public storage and compreBBes ,. , , ."."..... .
370,676
§
§
~,
M19a3YO
§
,
Receipts ........ " .... ""...
Exports """.,. " . . .. ,', . ..
Steeks, May 31."""""" ,
§
:
=
_~
§
-
§
:
:
§
UN ITED STAT gS PORTS-(Bntcs)
August 1 to May 31
This Season Last Season
Receipts .. " , , , , ,. , , , , , . , , .. , . ' •• ' , , . ,., , .. '.' , , , , . ,,8,58 1, 657
9,403,447
Exports: United Kingdom, , ... " , " .... " , ....... ' .. 1,219,575
1, 785,454
790, 193
753,195
Franco .. ,." " .".", .. "."."" .. """.
Italy ... , , " ... .. , " ..... , , , .. ... , ... , , . , , .
624,571
685,002
O.. rmany, , .... , . , ... ". , , ... , . , , .. .. , . , . '. 1,587,376
1,719,949
Other Europe . .......... " ................ ,
739,159
898,625
Jaran ................................... , .
967,49 1
1,228,408
AI other countries .. "".,.".,.",.,. ", .,.
400,957
492,980
Total rorcl~n porta, , , . , , , , , .. , . , ... , . , . , . ,. 6,329,322
7,513,613
Stocks at all United States ports, May 31, , , "'" " ,. ' ,, 1,750,331
1,087,574
0
.,111111111111111111111111111111111111111111111111111111111111ItIlIlIIIIlIIIIIllllllllllll l "IIII ' lllllllllllIlIlllllIe
G tllltllll.,I.'.' ••• I.I.IIIIII.I.,.'.I ••••• ' ••• ,I •• I.,tlll •• II"IIIIII •• ,I.IIIIII.,I'IIIIIIIIIIIIII,II."I.1IIIIIII . ,IIII!]
~: 6~~...:C~~~~'.;'~ ~:~'~~:: :~;!
Dallas, , , " , " , ...... " .. " " .. " , "." ,
Houston"" .. " .......... "''', .. ,,,....
Galveston" " " " ... " " . " " " " " " " .
4,551,674
1,037,1 72
1,558,54 1
m
...
5,329,916
5,974,486
Petroleum
1,531,346
1,475,837
The receipts and exports of cotton from
the ports of Houston and Galveston
reached a new low level in May and were
materially sma ller than in the corresponding month a year
ago. Stocks of cotton on hand at Houston on May 31 were
nearly double those on the same date in 1929, but those at
Cotton
Movements
\l~ust
A
1 to May 31
Tbis Season Last Senson
2,001,202
2,832,666
1,83 1,315
2,269,656
657,484
339,576
SEASON'S RECEIPTS, EXPORTS AND STOCKS OF COTTON AT ALL
§
4,134,752
1,845,771
[!] I 1111111 II 1111' lilt 111111111111111111111111 ... ' 1111111111111111111111111111111111"1111111111'11111111111111111111111110
May
1929
24,780
111,684
rlll.'.,IIIIIII .... '.'I".'.'II.I" ... """.'I".'.,.1"11""111'111'1'11111"'11"'111"'1"11'111"""1 I"'IIIIII"~
August 1 to May 31
This Season Last Season
3,337,300
21,380
66,927
g
[ j ' " I IIII II IIIII,n'llIltlllllllllllllllllllllllfll'lIltllllllltllllllllllllIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIII,[!J
2,977,875
668,650
§
COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON
(Balesl
1,094,442
473,917
504,513
218,564
'fl lllllllllflflIlIlIlUfI.IIIIIIIIIIIIIIIIIIIIIIUlllllllllllllllllllllfllIllll 1I11111I1I1I111I1I"lIlllllll1lll1llllfll~
COTTON CONSUMED AND ON HAND
(Bales)
May
1929
227,018
For Franoe . ..... ... ..... .. ... ... .. ............ . .... .
[!JIII.IIIIIIII.I."' •• '.' •• II.II.'.I ••• 'I'I.I • • ••• I •••• 11111111111111111'11111'1111111111111111111111111111111111,r ll llll l!]
May
1930
May 31,
1929
5,000
7,000
23,600
5,000
177,904
For Great Britain, , , " , , . , , . , , . , , ... , , , .. , , , , ... , . . , ,
"·::~~·~:~·~~~~~;:;"~;:;·'~~·:~~;~;~:;;~;;:""·" ~f~"" f: ",
Number .pindles activo, .... " ...... " .. ,.
Number pounds cloth produced .... ,.......
May 31,
1930
4,000
3,500
21,100
1,300
198,018
15 ,95
16, 10
15 ,85
15 ,45
J"ifl;
I:::
:.
13. 10
13.25
tllt 'lll1ll l lll lllll llll tt llllll l llllll""IIIIIII'lIrllllll'"11"'11'1111'11""" .... '1'1'''1111111111111111111110
"
Crude oil production during May in the
Eleventh Federal Reserve District, which
reaehed a total of 27,281,150 barrels, was up 1,979,300
barrels from May of last year, and showed a gain of 1,206,850 barrels over April this year. The daily average output
in the district during May amo unted to 880,037 barrels,
being 10,894 barrels larger than it was in Apri l. While
there were 190 more completions in May than in the previous month, the increase ill the number of oil producers
totaled only 85 wells, and the initial production from neW
wells was only 9,777 barrels larger.
MONTHL Y BUSINESS REVIEW
Texas registered a greater increase in daily average pro·
duction during the month of May than any other state in
the Union. The increase, amounting to 14.,519 barrels,
brought the May average to 840,116 barrels daily. North
Texas alone showed a gain of 12,707 barrels, of which the
c.ounties of Archer and Gray were responsible for a substan·
tIal part. While on a smaller scale than last month, the
~eld activity and new output of the Darst Creek field con·
tll1ued to be the center of interest in the Southwest section.
East Texas recorded a further increase of 3,918 barrels in
daily production over last month, but the Central West and
Gulf Coast areas, showed losses of 4,352 and 5,250 barrels,
respectively.
The falling off in North Louisiana's daily yield was ac·
?olll1ted for principally by declines in the Zwolle field and
111 Caddo Parish. Drilling of wild·cats proved to be the
predominant activity in North Louisiana during May. Of
8 ., 1 1'1 11 11111111111111.1'1'111111111111111 •• 1111 •• 1 •• 111 ••••••••• 11 . ,1'., • • 1.1 ••• 1'1111111 •••• ,111'11 •••• ,.11111111'1"8
orL PRODUCTroN-(Barrcls)
Inoroaac or Deorease over
May, 1030
April, 1030
Total
Daily AVB.
Tot.1
Daily Avg.
~orth Texas . . . . ... . . ... . ....
5,781,100
186,487 + 567,700 +12,707
31\7,765 + 237,200 - 4,352
elltral Wcst TexM .... . .... .. 11,400,700
EMt Central ToxM
'
1,186,000
3'8,258 + 155,800 + 3,018
T
C
I
.. . . . . .. . . . 5,600,000
180,035 + 23,450 - 5,250
&~iliW~f'+~~08 :
2,066,800
66,671 + 201,550 + 7,406
840,116
30,021
+ 1,275,700
68,850
Total District.. ...... .. 27,281,150
880,037
+1,206,850
@. '.,11111111111111111 ••• 1111111.111 •••• ,11111 ••• 111 •• 11 •• 1.1.1111." ••
the 89 new wells completed during the month, 54. were wild.
cats; nnd of these, 24 were produ cers of oil wi th a com.
bined initial output of 7,239 barrels.
'
That the situation in the lumber industry
the Eleventh Federal Reserve District
continued slow during the latter part of April and the first
half of May was evidenced by a further decline in shipments
and new orders and a slight reduction in the output. During
the four·week period ending May 17, shipments of lumber
amounted to 83 per cent and new orders 78 per cent of nor.
mal production, which was 2 points and 1 point, respectively,
below those for the previous four-week period ending April
19. Stocks on hand at 4.8 reporting mills on May 17 were 2.9
per cent greater than at the end of the previous four weeks
as a result of the reduction in shipments and the mainten.
ance of production at a comparatively high level. Unfilled
orders on the books of 48 mills on May 17 were 10.1 per
cent less than those of 49 mills on April 19. In some
instances, prices of lumber have advanced but there is still
some unsettlement in the industry and some mills are makina
a reduction in operating schedules.
0
Lumber
In
~llIlIflll"'''III'''''''''''''''II'"''''''"''IIIIII'''''''''I'fI'IIIII''II'II'''"' ........ ,1111' .. 111111.11111111.8
E
::::::: :: :::
N
Tot.1 TexBI .. .. .... . .. 26,043,600
orth Louisiana... .. . . . . .. . . . 1,237,550
+14,510
- 3,625
- +10,804
--
Unfilled ordera May 17.. .. .. .. . . .. . .... .. ... ....... . ....
~~k:U'~~J'7ti~~: ::::::::::::::::::::::::::::::::::.. 3n:~~~:~~~ f~::
MAY DRILLING RESULTS
On.
Wells
16
15
2
Fnil·
urcs
68
104
.. ..
35
20
43
.6
Nor'h LoTot~I. Toxas.. . ......
,
ulslana ......... '"
:
::
m
Shipmcnts below normal. .......... . .... . .. , . .. . ...... : :
~ctual c:;oductlon below normal. .. . . . . . . . . ... . . .• . . . . . . . .
Initial
Produotion
48,650
30,828
33,050
65,032
42,503
126
690
89
373
29
38
25
279
35
A ~I a1s, distriCt.. .. .. .. .
Prl totals, dlstriot.. .. .....
779
589
402
317
~
314
228
rdora
=:1
229, 5~:
::
II11111111111111111111111111111 .. 1I .. 11I1I1I1.11I1 ... IIII'"IUlll .......... 1I11I.11t111t .... Ulllltllltlllllllllll£E!
.....
,::,'0157010,
:053
~~~~ c~~t·b:~~:.i '~~~D.8 'and 'Norlb' LO~i8i~n~ '{44 ·ir:· ·
'
J:~I'O:e32850J1'
:i.:I:
•
and abovo) . .. .. ...... .... .... .. . .... . . . . . .. .... .
There was a substantial decline in the
volume of construction activity during
May at 14, leading cities in the Eleventh Federal Reserve
District. The total valuation of building permits issued duro
ing the month amounted to $5,729,915 as against a volume
of $7,707,175 for April, and a gross valuation of $8,148,24,0
for May, 1929. These figures represent a decrease in May
of 25.7 per cent from the preceding month, and a decline
of 29.7 per cent from the corresponding month last year.
From January 1 through May 31 of this year the aggregate
valu ation of building permits issued was $30,590,369, as
compared to a volume of $49,262,051 for the corresponding
period in 1929.
Building
219,7
CRUD' OlLeR,""
13,408. 000 feo~17~
4,636,000 fce~ 6:(9
17,759,000 fee~22 '1o
Lumber statistics compllod by the Southern Pille ABSooiation, New Orleans, La.
~1 1t11l1l11111l"111I1I1I1I1I1I1I .. 1I1I1I1I .. 1I .. 1I1I .... IIIIIIIIIIII ...... III .... IIIIIII .1 11111111111.11111 ..... 111111.8
:
low DOrmal production.. .. . .... . ...... . ..... . .. .
(!J. ,•••• I •• II.I ••• I •••• I ••• " •• II.' ••••• I •••••••••••••••••• , 111 •• , •• ".,1.11111.1"11"1111111111111111111111111111"111'0
221,088
8,452
III1
48
~~~~~~~~': :::::::::::::::::::::: 49,451,000 fcet
::::::::::::::::::::: H:m:~~~ fm
1111111111.,111111111111,,11111111111 IIIIIIIIIIII~
Producere
123
126
12
32
70
1
§
PINE MILL STATISTICS
(Four-week period ending May 17, 1930)
~umbe,: of reporting mill.. . . . . . . . . . . . .. . . . . . . . . . . .. . . . . .
~1I111111111111'1111I1I111I1I1I1I1I"'"'"II .. n""II"""II .. . n"""III""""" .. IIIIIIIIIU.IIIIIIIIIIIII'"III[!J
Com.
pletions
North TcxllS
207
Co" t raI West..Toxas ...... ...
...... .. .. . .•
245
E TexM .. .. .. ..........
14
'ast
S
Touthwcst TexllII...........
67
exas eOMtal. .. .. .. .. .. . ..
113
Tox ... Wild-Cats . . . . . . . . . . •
44
7
811111111111111.11111111 •••••••••••••••• 1•• '111 •• • •••••••••• 11 ••••••••• 1 ..... 1 ••• 1 •• • 1••• 1••••••••• 1••• 1.1.11 ••• I • • II •••
S
OilstatisUcs compiled by The Oil Weekly, HOUSI.oD, TexM.
[§l.,t.III.III •••••••••••••• I ••••••• • ••••••••••••••••••••• 1 ••• ' ••••• 1, •• "1, •• 1 •• • ••• • • ".,.,1.1 •• 1 •• '111, •••• ,111, •• ,11111."., ••• 111, ••••• ,1.1111"""""",1"11., •• 1., •••• ,.,1, ••• ,1., ....... ,1 ••• , •••••• ,111 ••• .,11, •• 1 •• • ,1 1", •• "'111,.,11111111118
BurLDTNG PERMTTS
May, 1030
-
No.
~marillo . .. .. ..
Bustin . . ... . . . .
CBaumont ......
orr,u. Christi ..
ga~~ .. .......
Fort \.J~rlh· .. ..
Gall'oston .. .. .
Houston
Port Arth~~ : : : :
Sau Antonio
Shreveport . . . .
Waco
. .. ..
Wiohiiti 'F~lls : : :
.... ..
§
I.....
m
_
1'ntnl. . . ...
Valuation
May, 1020
No.
Porcentage Chango
Valuat.ion Over
Year
Valuation
-- - 217,096 - - -$ -62,064
- - 44
58 S
03
142
45
330
96
316
138
291
123
305
185
23
26
771,963
148,856
116,075
560,097
275,678
640,001
213,402
1,110,978
148,489
1,270,535
116,905
37.034
83,816
72
194
65
250
141
371
141
464
122
319
200
33
46
673,093
206,862
140,355
550,780
201,057
1,865,801
174,000
1,864,090
160,lll
007,255
586,256
560.701
76,406
- - -S5,720,015 - - - - - - 2,561 58,148,240
2,180
+240.8
+ 1406
- 28 .0
- 22 .3
+ 3 .5
5.6
- 65.7
-
+
+
+
22 .2
30.9
12.2
40.0
80 .1
08 .5
0.6
-
29 .7
- - -
Anril.
Percentage Change
Valuation O\'er
Month
Valuation
-- --82 , 286,212
No.
107
154
66
306
119
360
123
305
127
254
105
54
24
Five Mnnth.
l Q~n
168,389
144,314
55,275
1,034,035
524,965
844,760
85,849
2,859,831
001,558
370,005
123,570
180.473
117,130
- - - -2,462 $7,707,175
-
24 .1
358 . 4
3.1
+ 110.0
- 44 .9
- 47.6
- 24.2
+148.6
- 00.8
- 83 .5
+242.5
5.4
- 80 .5
- 28.4
t
-
- --25 .7
1030
Nn.
1020
306 S 1,108.822
2,068,709
491
1,118,702
710
744,221
200
1,662
3,525,419
1,658,340
619
3,005,446
1,280
651,100
633
1,682 7,682,601
553
1,448,074
4,553,70.
1,493
754, 165
886
182
620,582
749,484
119
No.
Vn.!1IIIt.inn
240 S 810,000
411
1,552,881
916
1,363,032
383
017,456
1,488
4,001,105
534
1,246,437
1,687
5,402,410
871
017,656
2,350
16,712,078
1,387,400
043
1,808
10,520.443
1,316
1,600,578
215
1,276.241
202
536,236
10,006 530,500.360
13,014 $ 40,262,051
VRlu ntinn
Percentago Change
Valuation Over
Period
+35.4
+33 . 2
-18 .0
-18.9
-28.1
+33 .0
-27 . 7
-29.0
-54 .0
+ 4.4
- 56 .8
- 55 .6
- 51.4
+39 .8
- -.9
-37
.
II1II1I1I .................. IIU .............. UIlIlIlIU .. III1U ............... IIII .... UIlIl .. 11111 ....... ,111111111 .... 1111 ..... 1111111.1111111 .. 111111111111111 .. 11111 ... 1 ...... 11111.11 .. 11111111 .. 111111111111111111 .... 11111111 ... 11 .... 11 ... 1&
8
MONTHLY BUSINESS REVIEW
Cement
Production of portland cement at Texas
mills during May, which totaled 630,000
barrels, was 16.8 per cent smaller than the output for April,
and 3.8 per cent less than in May, 1929. Shipments from
these mills declined from 775,000 barrels during April to
620,000 during May, but were 10.1 per cent larger than the
volume of May a year ago, which amounted to 563,000
barrels. Stocks on hand increased to 836,000 barrels at the
end of the month, reflecting a gain of 1.3 per cent over the
previous month and an increase of 56.3 per cent over the
same month last year. Aggregate cement production in
Texas during the first five months of the current year was
8.1 per cent larger than in the same period of 1929, and
shipments showed a corresponding increase over last year
of 7.6 per cent.
~"'III""II I I' I """"" " " ' II"I"I I I'II""IIIIII 11111111"1111111,,11111 1 1 1 11111111111111111'11 1 111111,:, , 111111111111""'11111111111111 1 1111111 1 1 1 11111 111 1111" ' 1 1 1 1 ,.,1111 1 111 11 "' . ,11"
;:
I
I
i
•• , ••• 11 111, , 11.1. ,11 11. , I II I I I. , I I IIIIIIIII I IIIII I I I' ij]
PRODUCTION, SIDPMENTS, AND STOCKS OF PORTLAND CEMENT
"" <h._"d,,'
bu,,",
ProduotionatT..xasmills ......... . ............. ... ........ .. ... ... ...... ...... .. ........ .. .... ..... ... ...
~;: P~"~,Ch....
Number
630
~ ~~k!e~~;d~r~:~bu:.~JTa~ ·miJi4:: ::: :: :::::::::::::: :::::::::::::::::::::::: :: :::::::::: :::::: ::::::: .~~~
8IU.....
Month
-16 .8
+2~:~
Yonr
-3.8
t~U
,....,
:"::'6b:~'
Number
2,884
Over Year
+8 .1
2,860
+7.6
IIIIIIIIIIIIIIIIIIIIII ........ III ......... II1II1 ... , .. nlllllllllll ... 1I1I1I1I111111111111111111111111111111111111111"11111111111111111111111111111 111111111111111111111 1111 II II II II U .. I"'III1I1I1U .. UII . .. II I II ... U II II u ........ UII II II I
S
:1
;:
~
GJ
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board on June 23, 1980)
The volume of industrial production declined in May by
about the same amount as it increased in April. Factory
employment decreased more than is usual at this season and
the downward movement of prices continued. Money rates
eased further, to the lowest level in more than five years.
INDUSTRIAL PRODUCTION AND EMPLOYMENT
The Board's index of industrial production, adjusted for
usual seasonal variations, declined about 2 per cent in May.
In 1930 industrial production has fluctuated between 4, and
7 per cent above the 1923-1925 average, and the preliminary estimate for May is 4 per cent above the average for
those years. Production at steel and automobile plants declined, cotton mills curtailed output, and activity at woolen
and silk mills continued at low levels. Cement production
increased sharply, while output of petroleum and of copper
showed little change. In the first half of June, output at
steel plants declined further. The decrease in factory employment in May was larger than usual and there was also
a decline in factory payrolls. The number employed in the
cotton and silk goods industries decreased further, while
in the woolen goods industry there was an increase from the
extreme low point of April. Employment in the agricultural
implement and electrical machinery industries decreased
from April but remained large relative to earlier years.
Employment in the cement industry increased, but in the
lumber industry continued at an unusually low level. Building contracts awards in May, as reported by the F. W. Dodge
Corporation, continued to be in substantially smaller volume
than in any other year since 1924..
DISTRIBUTION
Freight carloadings increased by less than the usual
seasonal amount during May and continued to be in some·
what smaller volume than in the corresponding period of
1928 and substantially below the unusually active period of
1929. Department store sales in May were approximately
the same as those of a year ago,
WHOLESALE PRICES
A further decline in the wholesale prices of commodities
occurred in May and the first half of June. The downward
movement was interrupted in the last half of May by substantial increases in the prices of grains, meats, and livestock, but became pronounced about the middle of June
when the prices of cotton, silk, rubber, copper, and silver
reached exceptionally low levels. Wheat, meats, livestock,
and cotton textiles also declined in price at that time, while
prices of wool and woolen goods, pig iron, and steel showed
little change.
BANK CREDIT
Loans and investments of reporting member banks increased further by $265,000,000 in the four weeks ending
June 11, to a level considerably higher than a year ago.
The increase was entirely in investments and in loans on
securities, of which a large part represented loans made by
New York City banks to brokers and dealers in securities in
replacement of loans withdrawn by other lenders. "All
other" loans continued to decline and at $8,4,00,000,000 on
June 11, were the smallest since 1926. Expansion of member
bank credit during this period was reflected in larger de·
mand deposits and an increase of $30,000,000 in member
bank reserves at the Reserve banks. The volume of money
in circulation showed a net increase of $13,000,000. Funds
for these uses were obtained largely from further additions
of $24,,000,000 to the stock of monetary gold and from all
increase of $22,000,000 in the volume of reserve bank credit
outstanding. Reserve bank holdings of U. S. securities iJl·
creased . by about $50,000;'000 and their holdings of acceptances declined by about half this amount. For the week
ending June 18, the total volume of reserve bank credit
declined somewhat and there was a decline in the .volume of
money in circulation. Money rates in the open market continued to decline during the latter half of May and the first
half of June, and at the middle of the month commercial
paper at 31/2-33,4 per cent and acceptances at 2Ys per cent
were at the lowest levels since 1924, and early 1925. Bond
yields moved slightly lower in June. In the first week of
June the rediscount rate at Cleveland was reduced from 4. to
3lh per cent; in the third week the rate at New York was
reduced from 3 to 2% per cent and the rate at Chicago
from 4, to 31 per cent.
12
@FedFRASER