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o TH Y 'USIN 55 REVIEW OF THE FEDERAL RESERVE BANK OF DALLAS CHAS. C. HALL-W. J. EVANS Assistllnt Federlll Reserve Agents C. C. WALSH Chllirman and Federal Reserve Agent (Cbmpiled April 15, 1934) Dallas, Texas, May I, 1934 Volume 19, No.3 ~ This eopy is released for pubHea tion in afternoon papers-- Apro 30 DISTRICT SUMMARY THE SITUATION AT A GLANCE Eleventh Federal Reserve Di.trlot --------=~~~~--r-~Chango from Maroh ~ debits to .individual accounts rat 17 . DOltICS) ........ ......................... n:artment store salcs ....... . ....... . ..... . Frve bank loan. to membor banks at ond ~ month .................. . ............ . n .erye bank ratio at eod of month .... . .... . CUlldlng permit valuation at larger oeoters ... . CoDUnerClal f. i1urcs (numbor) ......... . . .. .. . O~lIlmerciul failurcs (liabilities) ............. . ...'....!?!...eductioo (barrels) .. . . . . .............. . 1934 $554,766,000 $ S S 133,480 63.3% 988,5~~ 581,012 31,775,000 Fobruary + 8.0% + 38.4% +110 .8% + 2.6 points +4U% + 58.3 + 7.7~ + 16 .0 0 l.t . . ' I In: qeavy and widespread rams, whICh matenaI y ' pr oved conditions in the agricultural and livestock industnes, and the Continuance of a strong demand for merchandise in both \vholesale and retail channels were the outstanding .develop~lents in this district during the past thirty days. StImulated In part by pre· Easter buying, the March sales of departme~t ~ores in larger cities were 38 per cent larger than m \'ebruary and exceeded those of the. corr~sponding mo~th cast year by 58 per cent. In connectIOn WIth the heavy m· ease h scored over the month of March, 1933, due allowance s ould be made for the effect of the bank holiday on that lltOnth's retail trade activity. Wholesale distribution reflected a further increase as compared with the previous ~onth a~d ~>::c~eded that of March, 1933, by a wide margm. WhIle setall.ers generally show little dispositio~ to buy ahead, the U stalned consumer demand has necessItated a heavy vol· ~llte .of replacement purchases. Collections. h~v.e. been well Ustalned for this season. The number and lIabIlItIes of com· ~ercial failures, while seasonally larger th~n in .Fe~r?ary, ere materially lower than a year ago. DebIts to mdlVidual ~co~nts at banks in principal cities were 8 per cent greater i an In the previous month and were 5.6 per ce~t lar?er than n March, 1933, the latter increase bemg due m palt to the closing of the banks for two weeks in March last year. The prospects for agriculture and livestock were materi. ally bettered as a result of general rains in March and the first half of April. Small grains have made rapid improvement. Farmers generally have made good progress with planting operations although this work has been retarded in some areas by wet soil. Vegetation on the ranges is greening and in some sections is furnishing considerable grazing. Livestock have come through the winter in fairly good condition and reports indicate that they are taking on flesh. While the added moisture in the western half of the district has relieved to some extent the effects of the prolonged drouth, there ·are many areas where there is a marked deficiency in soil moisture and more rain is urgently needed. The daily average of combined net demand and time deposits of member banks was well sustained during March. The average for the month amounted to $728,121,000, and while it was $342,000 below that in February, it exceeded the average for March last year by $125,798,000. The March figure was $14,8,013,000 above the low level reached in August, 1933. Member bank borrowings at the Federal Reserve Bank increased somewhat during the past month, the total on April 15 being $205,000 as compared with $66,000 on March 15. The reserve deposits of member banks declined from $126,427,000 at the middle of March to $119,124,000 on April IS, but on the latter date they were $68,097,000 greater than on the corresponding date last year. There was a further seasonal return flow of Federal reserve currency, the total in actual circulation amounting to $4,2,925,000 on April IS, as compared with $46,024,000 a month earlier, and $41,628,000 on April 15, 1933. Construction activity reflected a considerable improve. ment. The valuation of building permits issued at principal cities in March was 4·2 per cent larger than in February and 5 per cent above that in March last year. BUSINESS rholesale A substantial demand for me~chan~ise at rad e wholesale continued to be m eVIdence . during March, and comparisons with the fteviOUs month in all lines except one were as good as or fetter than seasonal. Only two reporting lines showed a le~s ;vorabl e comparison with a year ago than was shown m :bruary, increases over March, 1933, ranging fro~ 13.5 ~ t Cent in the case of groceries to 395.2 per cent 111 the ~s.e of farm implements. Although a stronger demand was vIsIble in some parts of the district than in others, a general undertone of confidence appeared to be maintained. Prices held steady in most lines during the greater part of the month. All lines with the exception of hardware reported further increases in stocks on hand. While material gains over the previous month were reflected in the collections of dry goods and hardware firms, th~se in other lines reported a somewhat smaller volume than m February. There was a seasonal recession of 3.0 per cent in the sales reported by wholesale dry goods firms during March. The This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) -------------------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW ------------------------------------------------------------------------------------------------- 2 month's volume was 87.2 per cent above that of the same month a year ago, and distribution during the first quarter was twice as large as in the same period last year. Stocks on hand March 31 reflected increases of 3.9 per cent and 80.5 per cent, respectively, as compared with a month earlier and a year ago. Collections during March totaled substantially more than those in the previous month. Somewhat more than the usual seasonal upturn was registered in the distribution of drugs through wholesale channels during March, sales being 10.6 per cent larger than in the previous month and 36.9 per cent in excess of those in March, 1933. Business during the first quarter of the current year was on a scale 32.8 per cent higher than that of the same period last year. Wholesalers increased their inventories further during the month, and on March 31 reported them to be 10.1 per cent greater than a year ago. Collections continued in fairly good volume during the month. An expansion of 11.2 per cent, due in most part to seasonal influences, was witnessed in the business of reporting wholesale hardware firms during March. Total sales showed a gain of 75.6 per cent over the same month last year, the improvement being fairly general over the district. Stocks on hand declined 2.8 per cent during the month, and were at about the same level on March 31 as a year ago. The volume of collections registered a gain of 6.8 per cent over the preceding month. For the second consecutive month a material counter to seasonal increase was reflected in the sales of farm implements at wholesale during March. The business of reporting firms in this district was 20.1 per cent larger than in February, and a gain of 395.2 per cent was shown as compared with March, 1933. Sales during the first three months of 1934, were 312.0 per cent above those in the same period last year. Following the sizable increase in the previous month, the volume of collections during March declined appreciably. Contrary to the usual upward tendency in March, the demand for groceries at wholesale last month decreased by 4,.2 per cent as compared with February. The volume of distribution was only 13.5 per cent larger than in the corresponding month last year, whereas in the preceding month there was a similar increase of 4,0.7 per cent. Business was rather spotty, but in some sections of the district was re- ported to be improving. There was a decline of 5.1 per cent in collections during March. CONDI'fION OF WHOLESALE 'l'RADE DURING MARCH, 1034 Percentage of increase or deorCllBe inNot Sales Net Sales Stooks Ratio of ooll~Mureh, 1034 Jan. I to date Maroh, 1034 tions durmg Iv!~d oompared with eompared with compared with to aooou~~nding Mar., Fob., sarno period Mar., Fob., notes ou 28 1033 1034 last year 1033 1034 on February =I: 25 .8 +493 + 2 .7 73 .2 Groceries ... . ..... + 13.5 - 42 . . go Dry goods ........ + 87 .2 - 3.0 100 .1 +80.5 + 3.0 5' 0 Farm imlllemonts .. +305.2 +20.1 +312.0 + 5 .1 + 4.4 0'8 + 09.5 + .0 - 2.8 4 '0 Hardware ........ + 75.0 +11.2 Drugs .... ........ + 36.0 +10.6 + 32 .8 +10.1 + 2.5 45 . Department stores in principal cities of the Eleventh District witnessed a larg~ increase in business during the ,Pas month. Consumer demand for spring merchandise, stJnJu~ lated by an early Easter, carried the dollar volume of sa ee to the highest level for that month since 1931. Sales wert 38.4 per cent above those in February, and 58.4. pe~ c~nd greater than in March, 1933. This bank's seasonally adjUst r index of department store sales, which makes allowance °d the variable date of Easter, also reflected the incr~ase r volume of business during March, advancing from 78. P?n cent of the 1923-25 average in February to 80.3 per cent ~r March, which compares with an index of only 54,.3 P cent in March last year. Distribution of merchandise dUrlr;ft the first quarter of the current year averaged 42.7 per ce greater than in the corresponding three months of 1933. . . mventon'es during Merc h ants contInued ' to Increase tIlelr . b ve March. Stocks on hand March 31 were 8.2 per cent a ° er those held thirty-one days earlier, and 21.4 per cent larger than on the same date last year. The rate of stock turno~ed during the initial quarter of 1934, was .76, as compal with .61 in the same period of 1933. . "d CollectIOns on open accounts durmg March eVl e~c ed an d in unusually large seasonal increase, and they remallM: cb much larger volume than a year ago. The ratio of af as collections to open accounts outstanding on March ~ ~ B 4.0.0 per cent, as against 37.1 per cent in February, an . ~s per cent in March, 1933. Installment account colle~tJ~nt increased from 15.0 per cent in February to 15.8 pel c in March. Retail Trade BUSINESS OF DEPARTMENT STORES Total sales (pereentage) : Maroh, 1034, compared with Maroh, 1033 . ..... . .............. . ........ ... .... . . March, 1034, compared with February, 1034 ........ . .......... .......... .... . .. . January 1 to date comparcd with same period last year ... . .. .. .......... ... ...... Credit sales (percentage): March, 1034, compared with March, 1933 . . .. ........ . . ..... ... ...... . .... . .. ... Maroh, 1034, compared with February, 1034 ............... ..... .. .. .. . .......... January 1 to date compared with same peried last year .......•.....•.....•....... Stooks on hand at eDd of month (peroentage): March, 1084, comparod with Mareh, 1933 . . ...... . . . .... .. ..... ....... ....... . .. March, 1034, compared with February, 1934 .... . .. .... ....... . .. ... .. ........... Stock turnover (rate): Rate of stock turnover in Maroh, 1033 ... ... .... . ........ . . ..... ... .... . . ....... Rato of stock turnover in Marob 1034 ............... ..... .. ... .. .... ... ........ Rato of stook turnover January i to March 31, 1933 .............................. Rate of stook turnovcr January 1 to Maroh 31,1934 .... . ....................... . . Ratio of Maroh collections to open acoounts receivable outstanding March 1, 1034 .. . .. ... Ratio of Mar. collections to installmont accounts receivable outstanding Mar. 1, 1034 ... ... Indcxes of department store sales : Unadjusted-March, 1034 .... .. .. ... ............... ... ... ... .. . .... . .. ....... . Unadjusted-February, 1034 .... . ... .... ....... .... . . ....... . ................. . Adjusted-March, 1034 . . ... .. .... .. .... .. ....................... . ............ Adjusted-February, 1934 .. .... . .......... . .... .. ... . ........... . ..... . ..... . . Indexes of department store stocks: Unadjusted-March, 1934 ........ ...... .... .. ... . .. .. .. ...... ..... ..... . ...... Unadjusted-February, 1934 ..... .. .. . .......... ... .......... . .... .. ....... .... ±~i~:::=~b'r~h~r~~31~34·. : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : -- Dallas +64.0 + 21.8 +51.1 Fort Worth +43. 7 +40 .0 +33.2 Houston +64.1 +40.5 +47.0 San Antonio +62.3 +49.3 +38.8 Othors +48 .2 +53 .0 +32.4 Total Distriot +58. 4 +38.4 +42 .7 +61.0 +16 .0 +50.9 +38 .0 +39.5 +34.0 +67.1 +44.0 +47.6 +62 .8 +53 .2 +41.1 +41.2 +53 .5 +28.1 +64 . 0 +33. 8 +42. 0 +20.5 + 7.5 + 8 .2 + 2.6 +32.0 +12 .0 +27 .3 + 0.0 +24.2 +10.8 .22 .31 .04 .80 40 .9 10 .0 .17 .23 .40 .61 38.0 11.3 80 .2 72 .0 77 .0 82.8 83 .2 60 .5 83.2 80 .1 04 .3 71 .7 05.3 84.4 70.1 53 .5 69,4 04.4 52.8 40.3 52 .3 51.4 67 .6 65.0 05 .0 08.0 40 .3 43 .7 40 .3 47 .0 42 .5 30.1 40.1 38 .7 .24 .30 .oa .76 42 .9 .27 .35 .75 .88 46 .2 .20 .25 .56 .63 30.0 21.1 +2l.4 + 8.2 .21 .28 .61 .76 40. 0 15 .8 80.3 06 .7 80.3 78.2 56 .4 52 .0 54. 8 54.8 ----------------1m~mv~~~~~~--------------MONTHLY BUSINESS REVIEW S ------------------------------------------------------------------------~ CommerCial There was an increase in the number of Failures commercial failures in this district during . March, and the amount of indebtedness lt~Volved was also larger than in February. However, both these figures continued to be materially smaller than in e corresponding month a year ago. According to the report ili compiled by Dun & Bradstreet, Incorporated, there were 28 insolvencies in March, with total liabilities of $581,012, as d compare with 26 defaults in the previous month, owing $366,937, and 58 failures in March, 1933, their indebtedness amounting to $871,159. AGRICULTURE ~~'~p Con- MoisLure conditions over practically all the Eleventh District were improved by the frequent and widespread rains which WCulTed during the past six weeks. Nevertheless, in much of M: es~ and Northwest Texas and portions of Southern New effexlcO there is still a deficiency in moisture due to the d' ec~s of the prolonged drouth. In the eastern half of the Istrlct, spring planting operations have been retarded by Wet soil resulting from the frequent rains. t Small grains have shown considerable improvement due Ththe fa~OI'able temperatures and better moist.ure conditions. th e Api'll 1 report of the Department of Agnculture placed e condition of the Texas wheat crop at 62 per cent of norr~l as compared with 50 pel' cent a year ago. The initial O.lecast indicated a yield of 23,018,000 bushels as compared Vlth an actual production of 13,022,000 bushels last year. c~ tl~e. hcavy producing sections of Nort~west Tex~s the ndltlOn of the crop is spotted due to mOIsture defiCIency, nnd ~requent rains during the remaining portion of the ~:o~Vlng season will be needed to sustain ~rop growth . .~he Xas oat crop generally is reported to be m good condItIon and the reports indicate that the acreage is larger than a Year ago. The condition of the Oklahoma wheat crop was tated at 71 per cent on April 1 as against 4.9 per cent last bear. Prospective production was indicated as 4,0,172,000 . ushels as compared with a production of 33,095,000 bushels In 1933. The 49 per cent condition in New Mexico indicated a crop of 84,2,000 bushels whereas 1,210,000 bushels were har Vested last year ' L' The planting of corn is nearing completion in most secIOns of the district. Cotton planting has become general as far north as Central Texas and is startinoO' in many other ~' . Ions, Wet fields in many areas have delayed thIS work. dCommercial vegetable crops suffered from the effect of a verse weather conditions during March. There was too ~uch moisture for the best progress of most crops, and frost arnaged nIl crops with the exception of cabbage, carrots, ~nd onions. The condition of all principal crops on April 1 Vas lower than a month earlier as is shown by the accomPrYing table compiled from the report of the Department ° Agriculture. lt~ons i ~NDITION OF COMMERCIAL VEGETABLE CROPS IN TEXAS April 1, 1934 (per eont) 40 ~~rs beans ...... . . . ......•..... . .. 67 80 08 42 03 70 Spinaoh's , potatoos ..... . ... . .... .. 50 82 50 ~~~ •••••••.. •••....•••.•.• ~~~~~~~::::: :::::::: :::::::::: April 1, 1933 MBreh I, 1934 (por oent) (por oent) 83 75 77 72 89 04 70 65 75 78 75 02 81 70 03 60 84 62 93 73 Plant' . I tng According to the report 0 f f armel'S ' mrttentions tentions to plant, as of March 1, 1934, Lh' the indicated acreage intended for harvest La year of principal crops, excluding cotton, in s~ates atc ed to this district is larger than that harvested m 1933. Ih (No figures were collected by the Department on intentions to plant cotton.) The intended acrea"'e for corn in Texas Oklahoma, New Mexico, and Arizona,oand for rice in Texa~ and Louisiana was reported to be lower than the area harve.sted last year. The report indicated that the area for pr~ctICally all other. crops would be larger than a year ago. In fexas the largest mcreases were indicated for oats barley tame hay, and grain sorghums. " PLANTING INTENTIONS OF TEXAS FARMERS AS OF MARCH 1 1034 (Compiled by the U. S. Department of Agriculture) , Corll ...... .. ... .. ............. . .. . Onts ............... . .... .. ....... . Barley .......................... " Rico ...... . . . .................... . Grain sorghums ................... . Potnooos ....................... . . . Sweet potntocs .................... . Pennuts .. . . ... ....•.......•.. . .. . . Cowpoas .... . ..... . .............. . Tame hay ......... . ............. .. Aren harvested in 1933 (uoros) 5,422,000 1,180,000 172,000 141,000 4,228,000 57,000 78,000 202,000 106,000 515,000 Intended for horvost, 1934 (oeros) 5,151,000 1,017,000 206,000 127,000 4,560,000 58,000 80,000 214,000 100,000 500,000 Per cent of 1933 95 136 120 90 108 102 102 106 100 110 Livestoclc A further in:tprovement in range prospects followmg general rains late in Mal:ch and the first half of April occurred in pra~tically all sectIOns of the range territory of this district. Stimulated by favorable temperatures and ~dded moisture range vegetation h.as made goo~ growth and m some areas is furnishing conSIderable grazmg. In the eastern half of the district moisture generally is ample and prospects for early pasturage are good. In much of West and Northwest Texas, New Mexico and Arizona moisture is insufficient to make spring feed and heavy rains will be needed to provide good spring and summer grazing. The eastern portion of the Edwards Plateau region has h.ad ~eavy rainfall and .grazing prospects are good, but there IS stIll a marked defiCIency in the western portion and ranges are poor. Due to the mild temperatures~ !ivestock have come through the winter in fairly good condItIOn. Cattle losses generally have been light. Stock cows are in a fairly strong condition and calf prospects are favorable. Reports indicate that the Texas lamb crop will be below normal. The condition of early lambs is poor and losses have been heavy. Lamb crops in New Mexico and Arizona are expected to be normal 01' better. Losses in these states have been light. According to the April 1 report of the Departlnent of Agriculture, the condition of ranges in Texas was 740 pel' cent of normal as compared with 69 per cent on March I and 81 per cent a year ago. The condition of sheep and cattle gained 3 points in March, but the April 1 figure of 74 per cent was 8 and 6 points, respectively, lower than on the same date last year. The condition of ranges and livestock showed a slight gain during the month in New Mexico but there was a decline in Arizona. The receipts of cattle at the Fort Worth market during March were larger than in either the previous month or the corresponding month last year. While the arrivals of calves de- Movements and Prices ~--------------------------------~~~====~~~----~-----------------------------------------------4 MONTHLY BUSINESS REVIEW --------------------------------------------------------------------------------------------------clined slightly from those in February, they were sizably larger than in March, 1933. The receipts of hogs and sheep were moderately larger than in the preceding month, but showed a heavy decline from a year ago . . The market on most classes of cattle continued steady to higher during most of March, but during the last days of the month prices weakened somewhat. While some declines were registered during the first half of April, a firmer tone developed toward the middle of the month. The weakness in Cattle ........ .. . Calves . .. . ..... . Hoga ........... . Sheep .......... . 1934 33,114 13,079 37,830 28,693 March 1933 29,281 9,186 50,256 67,455 Change over year + 3,833 + a,803 - 12,426 -38,702 COMPARATIVE TO!' LIVESTOCK PRICES (Dollars per hundredweight) --------------~----~------~~~-------------Fcbrunry March March FORT WORTH LIVESTOCK RECEIPTS (Number) March the hog market which appeared early in March c~ntinU~~ throughout the subsequent six weeks, and at the mIddle . April prices were lower than at any time since early la Febr uary. In the third week of March lamb prices reached the highest level in about three years, but the market ea.se somewhat during the subsequent three weeks. Sheep pnces remained generally steady. February 1934 31,394 13,834 29,100 25,096 Changc over month + 1,720 755 + 8,730 + 3,597 Beef steers .... ........ ........ . ........ .. Stocker steers ........................... . Butcher cows ........................... . Stocker cows ........ .. .....•............. Calves .. ........ ....................... . Hogs .... .. ..........•. .... .......•..... . t:Cs:::::::::::::: :::::::::::::::::::: 1934 6. 10 4.50 3.25 1933 4.75 4.35 3.00 2.25 5.50 3.96 2.75 4 .60 1934 5.75 3:25 5.25 4.70 5 .00 10.00 i;:iJiJ 5.00 4 .75 8.75 FINANCE The past month witnessed a slight though gradual increase in member bank borrowings at the Federal Reserve Bank. The total on April 15 amounted to $205,000 as compared with $66,000 a month earlier, and $5,762,000 on the corresponding date last year. There were only 9 banks borrowing from the Federal Reserve Bank on April 15 as compared with 164, banks on the same date last year. There was a further decline in the holdings of bills purchased in the open market, the total on April 15 being $3,361,000 as compared with $9,392,000 on March 15. Total holdings of United States Government securities amounted to $71,4,75,000, which was the same as a month earlier, and $22,.536,000 greater than on April 15, 1933. While the reserve deposits of member banks declined from $126,427,000 on March 15 to $119,124,000 on April 15, the total on the latter date was $68,097,000 greater than a year ago. The combined circulation of Federal reserve notes and Federal reserve bank notes amounted to $42,925,000 at the middle of April, which was $3,099,000 less than a month earlier, but $1,297,000 greater than on the same date in 1933. Operations of the Federal Reserve Bank CONDITION OF THE FEDERAL RESERVE BANK (In thousands of dollars) April 15, April 15, March 15, 1934 Total cash reserves. . .. .. .. . .. . .. .. .. .. . .. S 104,408 205 Discounts for member banks ... . ...•...... . 1933 45,852 5,762 S 109,383 3,361 71,476 538 48,939 9,302 75,041 119,124 30,720 55,244 51,027 41,628 80,933 126,427 41,169 3,205 None 4,855 Other bills discounted ...... '" ....... .. '" Billa bought in open market . ..... . ....... . United States securities owned .....•....... Otber investments ..... ..... ............. . Total carning assets . . ........ .. ......... . Member bank reserve deposits ......... .. . . Federal reserve notes in actual circulation . . . Federal reserve bank notes in actual circulatIon ............................... . . None None None 5 1934 66 NOlle 7~~~~ The loans, investments, and deposits of member banks in selected cities of this district reflected a substantial decline during the five-week period ending April 11. The investments of these banks in United States securities declined from $191,977,000 on March 7 to $162,288,000 on April 11, but on the latter date they were still $69,982,000 greater than on the corresponding date in 1933. Their holdings of other stocks and bonds declined $5,749,000 during the five-week period and were Condition of Member Banlcs in Selected Cities uri tieS $5,l4.3,000 lower than a veal' ago . Their loans on sec '1 11 were ~ncre~sed $2,831,000 between March? and Apn 000 but thIS gam was more than offset by a declme of $4/,791, .ed in "all other" loans (largely commercial) . As compal r _ with a year ago, total loans were $27,504,000 smaller. Du d ing the five-week period ending April 11 the net ~em~~e deposits of these banks declined $9,959,000 and th~lr tJl et deposits receded $424,000. Nevertheless, their combrne: demand and time deposits on April 11 were $55,91 , se greater than on April 12, 1933. The reserve deposits of ~e9" banks with the Federal Reserve Bank amounted to $7~7 :Cil 000 on April 11, which was $6,154,,000 greater than on 7, and $46,163,000 in excess of those on April 12, 193 . too t CONDITION STATISTICS OF MEMBER BANKS IN SELECTED OITIES (In thousands of dollars) ----------------~----------~----------------March 7, April 11, April 12, 1933 1934 United States securities owned ............. S 162,288 All otber stocks, bonds, and securities owned. 50,202 Loans on securities. . ..................... 61,398 All other loans........................... 124,397 'fotalloans. .. . . . . .. .. . .. . .. .. . .. . .. .. . .. 185,795 Net demand deposits. . . . ...... .......... . 273,824 Time deposits................. ........ ... 120,461 Reserve with Foderal Reserve Bank. . . .. ... 75,749 Bills payable and rediscounts with Federal Reserve Bank.......................... NOlle S 92,306 55,345 67,982 145,317 213,299 213,939 124,434 20,586 1934 $ 191,077 65,951 58,567 120, 188 187,755 436 283,7ro 120,8605 60, NOlie . of mem" Despite the fact that the depOSits . 1 sea" ber banks usually reflect a mate n with sonal decline in March as com~ar~ last February, the daily average reported in this dIstl'lct ' Deposits of Member Banlcs d ~--.------------------------------~ DAILY AVERAGE DEPOSITS OF MEMBER BANKS (In thousands of dollars) ___ ----------------------------------------CombIned Total Reser va City Banks ~ Net demand Time Net demand Time Net dllll.'and depooits deposits deposita deposits doposlts Mar., April, May, Junc, July, Aug., Sept., Oct., Nov., Dee., Jan., Feb., Mar., 1933 ...... S4l3,776 1933 .... .. 304,700 1933...... 394,336 1933...... 395,983 19a3...... 396,783 1033...... 389,177 1933.... .. 400,597 1033...... 436,027 1933..... . 466,198 1933...... 404,176 1934...... 505,009 1934...... 632,717 1934...... 535,355 S188,547 186,161 186,506 186,405 191,055 )OO,OSl 187,508 186,936 187,947 180,687 102,214 105,746 102,766 $202,276 193,431 191,847 192,396 196,040 101,302 105,145 210,087 228,266 240,071 249,091 261,770 263,201 $115,737 113,723 113,101 113,390 113,908 112,665 110,146 109,264 106,914 106,132 108,317 110,848 108,385 $21l,5~~ 201,3 0 202,48 203,687 200,74~ 197,87 205,45 2 225,0: 0 237,9 3 253,2 05 256,81~ 270,9~4 272,0 d~:rtB S10 $ihss 73'405 13'615 77'147 78'266 77'362 77'672 81'033 80'555 8S'S07 85'308 8b81 ' -------------------~~~~~~~~~~~------------------- MONTHLY BUSINESS REVIEW 5 -------------------------------------------------------------~ l11 0nth amounted to $728,121,000, which is only $34,2,000 DEBITS TO INDIVIDUAL ACCOUNTS egg than that of the previous month. In March, 1933, the (In thousands of dollars) ~verage amounted to $602,323,000, and the past month's Percentage Pereentagc Incl:ease over this figure is the most favorable such com· March March change ovcr February change ovcr 1034 1933 panson shown in several years. While net demand deposits year 1934 mcnth Abilene . .......• S 5,440 S 3.386 +00.7 $ 5,384 + 1.0 ~vete appreciably larger in March than in February, the Austin ........ .. 18,500 14.056 +32.3 18,501 + 3.1 .5 Beaumont ...... . 16,123 10,887 Increase was not sufficient to offset the reduction which +48.1 15,638 + Corsleana ...... . 2,748 1,584 2,527 +73.5 + 8.7 occurred in time deposits. Dallas . ........ . 162,556 07.141 +67 .3 148,364 + 0.6 EI Paso ....... .. Fort Worth ..... . Galveston ..... . . Houston ...... .. . Port Arthur .... . Reswell ....... .. San Antonio .... . Shreveport .. ... . Texarkana" .... . Tucson ....... .. . Waco ...... . .. . . Wichita Falls ... . A.cceptance The volume of acceptances executed by Market banks in this district and outstanding at 5 the close of March amounted to $1,099,· 62, as against $1,64.6,029 on February 28, and $1,290,375 on the last day of March, 1933. Of the total amount out~tanding, $106,298 represented acceptances executed against IlUport and export transactions, and $993,264 was the alUount based on the domestic shipment and storage of goods. The latter fiO'uTe compares with $1,528,M5 a month C I' to at ler and $1,14,7,54,6 a year ago. Debits to Debits to individual accounts during Individual March at banks in leading cities in this A.ccounts di strict totaled $554,766,000, as against . $513A74,000 in the previous month, and $356,697,000 in the same month last year. The increase as compared with February, which amounted to 8.0 per cent, 'Vas seasonal in nature. With one exception, all of the seven· teen reporting cities showed gains over both the preceding lUonth and the corresponding month in 1933. 17.900 56.810 19,005 134,984 5.017 2.205 48.488 11,000 37,800 13.924 88,607 3,302 1,423 33,751 ~ ,... 10,237 5.5 Ml'O~ 3.425 7.786 5.808 6,811 11.592 10,316 6.739 +53. 4 +50.3 +36 .9' +52.2 +47.0 +55.0 +43.7 +82 .5 +60.0 +34.1 +70 .2 +58.1 17,151 51,506 19,640 123.476 4,017 1.007 44,005 20.700 4.740 7.204 11.586 9,880 +4.1 +10.1 - 2.0 9.8 2.0 +10.4 +10 .0 +10.0 +16 .0 8.1 .1 4.3 + + + + + +B.O Total..... S6i+;'I6& $850,607 +55,1\1 $513,474 "Includes figures !lI two banks in Texarkana. rrbnsas. located in the Eighth District. -55 ~f t.fI Savings Deposits The savings deposits reported by 130 banks in the Eleven~h District totaled $137,330,14,3 on March 31, reflecting a further general increase of lA, per cent during the month and showing a gain of 2.5 per cent as compared with th~ same date last year. The total on February 28 amounted to $135,4.06,521, and at the close of March, 1933, the amount reported was $133,943,481. The number of savings depositors increased further during the month and was substantially larger than a year ago . SAVINGS DEPOSITS ~'umcnt ................ . ENas ... .............. .. . 11 GOl t'W····..... . ......... · orth .. ··· ··· .. ·· .. . a~u~"k,t~n . .. . ....... .. ... . 1'0 tA ........ . .... .. .. .. Sa~ A:;h~r ..........•.... Sh 01ll0 ..... .... . .... . Wreveport .............. .. \V~h~" """" ....... . •. . .\.ileot~~ Falla .... . •..... ... rs . . ........ . .... . . Number of reporting banks 3 0" 2 4 4 11" 2 7 3 3 3 70" Numbcr of savings depositors 8,221 74,150 10,502 32,875 16.020 06.243 4,020 20,640 21 ,550 10.451 5,631 54,260 Amount of SBvings dopC6its S 3.132,004 February 28, 1034 March 31. 1938 March 31, 1034 Number of savings dopC6itors 8,ol3 73.837 10,422 33.203 16.680 65,218 4.284 10.850 21.767 10,273 5,620 52,460 23,810,721 4.337,276 10,054,549 10.377,040 27.658,731 1,874.300 14,442,832 10.552.880 5.794,642 2,708,681 22,510.581 deposits savin~ Percontage change over ycnr in savings deposits $ 3,025,754 24,203,214 8.282,004 10.052.594 0.788.320 29,201.250 1.880.049 13,8Il7.724 0.022.062 5,507,156 2,277,620 20.795.050 3.5 - 1.6 +82.1 - 8.2 6.0 - 5 .5 .3 4.2 +17.0 3.5 +21.6 + 8.3 8,108 73.045 10,355 32.713 10.594 65,754 4,910 20,511 21.405 10,418 5,702 53,520 S 3.002,715 23.572,400 4.244,271 0,032.838 10,126.813 27,440.771 1,854.259 14.308.628 10.280,897 5.755,888 2,748,313 22,044.029 + + + +1.1 + .9 + 2.6 + .7 + .9 + 2.1 + 2.5 323.785 $135.400.521 +1.4 Amount of Number of savings depositors + + + + Total. . ... . ..... .. 130 320.000 $137.330,143 321,717 $l~3.048.481 . ·Only 8 bonks ill Dollos, 10 in Hcuston. and 72 ill "All cthcrs" reported the number of savlDgs dcpC6ltors. Amount of aavin~. deposits Peroontage change ovor month in savings deposits + 1.3 + 1.0 2.2 + 1.2 2.5 .8 Prevailing rates: APRIL DISCOUN'l' RATES --------------------=~~~--~~~~~~--r--Houston Fort Worth San Antonio Dallos EI Paso Waco --~------------~~~~I-~~I-----I-----I-----I----I--=- Unto charged customers on prime oommercial papor such lIS that now eligiblo for Ila rediscount under the Federal Reserve Aot .... . . . . . .. .. .... ................. . Unto oharged on loans to other banks secured by bills rooeivablc . .. .. ......... .. . . . 2*7 6 6-8 6-6 2*8 0 t~ on loans scoured by primo stook excbange or otbor current coUateral (not Inoluding loans placed III other markets tbrough correspondont banks): Demand ..... . .... ... . ... . ........................................ .. fi:to eha~~oo~ commo(lity 'ptip~; ~~o';;ed by' ;.;tiroj,o~8o·;ecohii8. ·~tC·.::: :::::: :: ::: ~ cattle loans ... ... .... , ...................... . .. . ...... . ...... , . . .... . 5- 7 5-6 6- 7 6 3-6 5-8 5-8 6- 8 8- 10 5-8 5-8 5-6 8 5~ I 5-6 4-8 4*6 0-8 5-8 6-8 8 5-8 5-10 5-10 5-8 5-10 5-7 5-7 5- 7 7- 10 INDUSTRY ~ottonseed Operations at Texas cottonseed oil mills roducts continued along seasonal lines during March, the receipts and crushings of seed ~rd the production of all products evidencing average de· lines as compared with the preceding month. On the other land, the comparisons with the corresponding month of 1933 were somewhat irregular. The output of linters remained on a scale considerably higher than in March last year, while the production of cake and meal was in approxi· mately the same volume as a year ago; seed receipts, crushings, and the production of oil and hulls were on levels below those in March, 1933. During the eight months of the -----------------------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW -------------------------------------------------------------------------------------------------------- 6 current season all actIvities, with the exception of linter output, remained below those in the same period of the previous season. Developments during March at cottonseed crushing establishments located throughout the United States were also seasonal in character. All operations reflected normal declines from the previous month, and they were, with the exception of 'the output of linters, below those in the same month of 1933. Also excepting linters, the aggregate of operations during the current season was smaller than in the corresponding eight months of the 1932·33 season. Stocks of cottonseed held on March 31 were in smaller volume than a month earlier or a year ago at both Texas and United States mills. Supplies of oil, cake and meal, and hulls at domestic mills on March 31 were also smaller than on either comparative date, while at Texas mills stocks of oil were greater than a year earlier, and linters were above those held on February 28. March 31 were smaller than at the close of February, al~ were also below those a year ago. Stocks of products on the final day of March were smaller than a month ear ler or a year ago. Although the exports of cotton through Cotton the ports of Houston and Galveston .re· Movements flected further seasonal declines dunllg March, the reduction at the former of these two ports was very small, being only fractionally less than in Febru~l3 The comparisons with the corresponding month of 1 . were very favorable, both ports showing appreciable l11h creases. The receipts of cotton at Galveston during Marc were in larger volume than those a month earlier or a year ago, while at Houston they were less than in either corn' parative month. At both ports stocks on March 31 were seasonally smaller than a month earlier, and remained call' siderably below those a year ago. Notwithstanding the fact that total foreign exports of co;: ton from the United States reflected an abnormally large~ ht STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS TexlI8 United States August 1 to Maroh 31 August 1 to Maroh 31 This sell80n LlI8t sell80n This sCll80n LlI8t sell80n Cottonseed recoived at mills 3,066,694 4,273,526 1,282,751 1,383,465 (tons) ..................... 1,287,508 3,683,394 3,823,036 1,234,056 Cottonseed orushed (tons) . . . .. Cottoll8ced on hand March 31 503,721 748,584 147,481 271,135 (tons) .................... . Crude oil produced (pounds) ... 363,727,600 380,844,3811,144,531,4511,184,052,650 502,622 1,660,676 1,724,844 574,460 Cake and meal ~roduced (tons) 979,847 1,083,080 381,608 336,068 HuUs produced tons) ......... Lin tors produced (running 603,452 694,838 200,734 152,761 bales) ..................... Stocks on hand March 31: Crude oil (pounds) ... ... . .... 41,321,336 36,331,632 111,365,263 116,746,403 284,577 73,455 264,200 67,732 Cake and meal (tons) ......... 11 2,121 77,021 48,469 35,356 Hulls (tons) ............. .... 283,733 85,859 144,404 34,382 Linters (running bales) ....... . The domestic consumption of cotton during March reflected an increase considerably larger than is usual for that month, and a further large increase was evidenced as compared with the corresponding month of 1933. Total consumption during the month was 543,690 bales, as against 447,890 bales in February, and 495,183 bales in March last year. Cotton consumed during the first eight months of the current seaso~ amounted to 3,945,304 bales, which represents an increase of 5.2 per cent over the 3,748,573 bales consumed in the corresponding period last season. Inventories of raw cotton held by consuming establishments on March 31 were slightly smaller than those a month earlier, but continued in larger volume than a year ago. Textile Milling COTTON CONSUMED AND ON HAND (Bales) Cotton-growing states: Cotton consumed . . . . . . . . . . . On hand Maroh 31 inConsuming establishments. Publio storage and oompresses ..... . . . ....... . United States: CottOIl oonsumed.... .... ... On hand Maroh 31 inConsuming establishments. Publio storage and oompresses ............... . March 1934 Maroh 1933 420,441 413,292 August 1 to Maroh 31 This sell80n LlI8t season 3,145,081 3,133,927 1,278,944 543,600 405,183 1,066,271 7,502,500 8,403,839 3,045,304 3,748,573 1,649,807 1,343,114 7,852,780 8,001,203 While consumption of cotton at reporting textile mills located in Texas was on a slightly lower level than a month earlier, the production of cloth evidenced an encouraging increase. Both of these activities continued in larger volume than a year ago. Orders for finished products on hand COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON (Bales) -----------------------------------------------August 1 to Maroh 31 Maroh March Receipts ...... . ...... , ...... . Exports ............... ..... . Stocks, Maroh 31.. .......... . 1034 116,364 160,855 1083 77,202 148,706 This scaSon 1II8t season 1,070,887 1,830,3~~ 1,760,683 1,55847,7771 636,201 7, -- COTTON-GALVESTON STOCK STATEMENT ______________________~(B_a_les_)________________------ For Great Britain ...... . . . ..... . .. .. ...... . .... . .. . . . For France ......................................... . For other foreign ports ...... . .. . .... . ................ . For oOll8twiBe ports . . ....................... . ....... .. In compresses and depots ............................. . Total. ................................ .. Maroh 31, 1034 6,000 5,500 42,500 5,000 577,201 636,201 Maroh 31, 1983 4,500 4,000 31,500 3,000 601,771 - 734,77 1 ~============================~~ COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON (Bales) ___ Reoeipts. . . . . . . . . . . . . . . • • . . . Exports... .... ...... ...... .. Stooks, Maroh 31............. Muroh 1034 68,878 106,645 Maroh 1033 04,640 177,126 August 1 to Mntro~~n This SeaBon 1118 B 2 140 285 2,52~'M~ 2;102;606 Hio'oB6 1,165,405 " ~==============================-~~ BEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTTON AT ALL UNITED STATES PORTS-(Bal.. ) ___ Receipts...... .............. ........... . ... .......... Exports: United Kingdon............................. Franee ...... . ..... . ... . .. . .. .. .. . ,......... Italy......... ......................... . .... Germany................................... Other Europo............................ .. . Japan..... . .... . ............. .. ............ All other oountries............. . ............. Total foreign ports. . ......... .. ... ................... Stocks at all United States ports, Maroh 31..... . . .• . . . .. AugUBt 1 to Mareh 31 This SeaBon Last sc~~n 6,878,033 I,g~'~60 1,655,867 '681'521 666,525 580'436 533,670 1208'078 1,142,753 '722'566 800,735 1320'548 1,451,020 '428'122 446,541 6084'734 6,008,OJl 4'347'267 3,150,838 " ~==================~~ SPOT COTTON PRICES-(Middling BlI8is) (Cents per pound) ____ ------------------------------------------:April 14, Maroh, 1034 1034 High Low 12. 10 Now york .........•. . ........ ....... . •.. 12 .50 12 .50 12.04 12.30 11.88 165 New Orleans ........................... .. 12 .00 11.55 1 . Dallll8 .... .. . ................... . . .... .. 12 .40 11 .05 12.00 Houston ............................... .. 12 .40 12.00 12 .65 Galveston .............................. . ( j r ----------------------------~~~~~~~~~~~~~~--------------------------MONTHLY BUSINESS REVIEW '1 ----------------------------------------------------------------------------~ ~onal decline during March, they remained of! a scale higher han the average for that month, and were 111 much larger volume than in the same month of the previous year. There wcre 550,104 bales of cotton exported during the month, as ~Otnpared with 628,4,57 bales in February, and 487,988 bales ~n March, 1933. At the close of March there had been d,O~8,01l bales of cotton exp~rted from the ~nited States bUllng the current season, whICh compares WIth 6,084,734. , ales in the first eicrht months of the previous season. The Ihcrease in exports during the current season over those of t e previous year is attributable almost entirely to larger ~kings by Oriental countries, and some of the small uropean and South American nations. Petroleum Crude oil produced in this district during March acygregated 31,775,000 barrels, wl' h O d 291lC compares wi~ 27,384,000 barrels in. February, an ,773,950 barrels 111 March last year. While a large part ~f the gain over the previous month was attribu.tabl~ to the lllaller number of days in February, a materIal 111crease II'ns also reflected in the daily average production. New Ivells completed during March totaled 716, of which 515 be~.~ pro~ucers with an initial flush outp~t of 1,994,,835 allels. 1here were 651 wells completed 111 February, of Which 4,86 were producers having a combined initial yield of 1,927,832 barrels. b The output of Texas fields during March averaged. 955,.500 arrels , being 47250 barrels in excess of the dally Yield ,, r--- - North TellIS ..... . . ........ Central West Texas . . . .... . . EIlSt TellIS ................ South TellIS .. . .. . ......... TellIS COlISta!.. ............ Com· pleHons 162 82 253 80 100 Producers 105 43 241 44 65 Gas wells 4 3 4 4 3 FoU· ures 53 36 8 32 32 Initlol produetlen 18,220 126,020 1,762,390 18,173 05,805 Total TellIS . .. . ... New Mexico ....... ........ North Louisiana ............ 677 4 35 498 3 11 18 1 4 101 "ii 1,000,608 2,110 2,117 Moreb totols, District .. , . . . Fobruary totals, Distriet .... 716 651 515 486 28 22 178 143 1,004,835 1,027,832 CRUDE OIL PRICES TexllS COlIStol (34Jr. and abovo) ... . .................. . North TexllS and orth Louisiono (40 gr. and above) .. . .. April 6, 1934 $1.12 1.03 April 7, 1933 S . 62 .52 (Oil stotlstics compiled by "The Oil Weekly," Houston, TexllS) Now Me ~otol TellIS .... . .... ::::- MARCH DRILLING RESULTS OIL PRODUCTION-(Barrels) March, 1034 Daily Avg. Total North T 110,700 Co t I Olas ................. 3,431,700 162,600 ~t rTo;"cst TellIS ........... 5,040,600 475,000 14,752,000 South l' lIS ......... . .. . . ... . 46,050 1,427,550 160,250 TellIS C~~"t~C :: : :: : :: : :: :: : 4,967,750 Nertb during February, and 64,,000 barrels larger than that of the same month last year. Approximately half of the increase over the preceding month occurred in East Texas, and the North and Central West portions of the State also reflected further .substantial gains, A decline from March, 1933, was shown 111 Central West Texas and South Texas, While New Mexi~o's .daily average . production was on a larger scale than 111 eIther comparatIve month, that of North Louisiana was below the level of both February this year and March a year ago. ~~~~i~~·~:.·.:: : : : : : : :: : - - - --055,500 29,620,500 1,309,750 844,750 --- Totol District . . ...... 31,775,000 -:-Amarillo ....... Aust' lion In ...... .. . Co umont ...... IlalF,us Christi. . Maroh,I034 No. \Vicbii~ 'FnliS : : : ---.!eta\. .. . 1,487 III pos ........ . ~!~~opg:t'~: :: : Building The valuation of building permits which were issued at fourteen leading centers in the Eleventh Federal Reserve District during March amount. ed to $988,507, as compared with $696,64<2 in the previous month, and $94,6,341 in the corresponding month last year. A majority of the reporting cities participated in the in. creases over both comparative months. There were 1 4,37 permits issued in March, as against 1,135 in February 'and 1,184, in the same month a year ago. ' t --- --+47,250 +4,180,500 + 144,950 + 56,550 650 + - 900 --- - - - --+47,000 1,025,000 +4,301,000 BUILDING PERMITS 17 90 94 21 384 40 97 147 193 37 158 124 22 13 1?0rt'W' . .. . . .. Galvost~rth ..... Iieuston n .. . . .. PortA ...... .. San A;;hl~r ... . 42,250 27,250 IncrellSe or docrellSe ovor over February, 1934 Daily Avg. Total +11,300 + 648,500 + 8,050 + 713,200 +23,550 2,087,100 + 2,650 212,350 + 1,700 + 528,350 Valuation Moroh,1083 No. Valuation 24 68 88 23 240 32 77 107 202 30 143 00 24 27 S 10,160 S988,507 1,184 $046,341 S 8,378 85,406 17,690 13,215 283,751 11,525 78,600 36,624 301,760 11,406 66,281 53,800 15,067 4,905 72,355 8,652 12,400 98,704 11,036 255,123 57,600 143,365 7,755 222,133 16,640 25,826 4,422 Porccntngo ehange valuation ovor year $ - 17 .5 18.0 104.5 5.8 +187.2 +4.4 - 60.2 - 36.5 +110.5 + 47.1 - 70.2 +225 .3 - 41.7 + 13 .0 - -4.5 + February, 1934 No. 9 49 68 28 322 32 82 80 174 54 128 88 13 8 Pereentago ebaago valuation over montb Valuation S 5,083 29,300 10,335 17,335 153,150 38,005 40,000 36,278 252,495 12,980 68,000 20,715 8,007 2,160 ---- -$606,642 1,135 Cern.ent The output of Portland cemen~ at Texas b' mills rose to 4,33,000 barrels 111 March, l~l~g 54,.6 per cent larger than in the previous month, and Sh', per cent above the level of the same month last year. Of liments, which totaled 34,6,000 barrels, exceeded those Ce he previous month by 26.7 per cent but were 7.7 per smaller than in March 1933 Stocks reported on the 1 nt d ast ay of the month amounted to 579,000 barre1 as com· " p s, ared With 4,92000 barrels a month earlier, and 640,000 bal'l' 1 ' e s a year ago. + 64.8 +101.5 + 71.2 - 23 .8 + 85.3 - 70.4 + 96.5 + 1.0 + 19 .5 - 12.2 3.0 +150.8 + 60.2 +131.3 - --+ 41.0 Tbreo months Peroontago ehango 1034 1933 valuation over period No. Valuation No. Voluation 48 S 76,315 41 $ 26,411 +189.0 145,494 195 210 508,460 - 71.4 38,575 219 210 85,835 + 7.6 03,474 68 53 26,253 +256.0 600,674 1,083 728 547,104 + 11.4 107 73,566 88 68,685 + 7.1 176,020 249 231 407,523 - 56 .8 322 03,774 240 106,775 - 12.2 494 714,680 480 525,717 + 35.9 34,200 117 01 15,060 +114 .3 204,718 386 360 207,291 - 31.1 302 114,348 251 65,901 + 73.5 50,121 50 70 74,645 - 32.9 28 20,480 63 11,029 + 85.7 3,068 $2,445,443 3,135 $2,717,508 --- 10.0 PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND CEMENT (In thousands of barrels) Percentage changofrem Marcb, 1084 ~U3;' 10~4 Produetion at ToxllS mills .... . 433 +15.5 +54.6 Shipmonts from TexllS mills ... . 346 - 7.7 +26.7 Stocks at end of menth at TexllS mills ........... . ......... . 579 - 0.5 +17.7 January 1 through Percentage Mar. 31, change over 1034 year 908 9.8 883 2.3 + + ~------------------------------~--~--~----------------------------------------------------8 MONTHLY BUSINESS REVIEW ----------------------------------------------------------------------------------------------SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compiled by the Federal Reserve Board, April 21, 1984) Volume of industrial production increased further in March and there was considerable growth in factory em· ployment and payrolls. The general level of commodity prices showed little change between the middle of March and the middle of April, but in the third week of April there was a sharp decline in grain prices. PRODUCTION AND EMPLOYMENT Output of manufactures and minerals, as measured by the Federal Reserve Board's seasonally adjusted index of industrial production, advanced from 81 per cent of the 1923-1925 average in February to 84 per cent in March. This advance reflected chiefly increases of more than the usual seasonal amount in the output of steel, automobiles, and lumber and an increase contrary to seasonal tendency in the output of coal. Production of textiles showed little change in volume on a daily average basis. In the early part of April, activity at steel mills and automobile factories increased further, according to trade reports, while coal production declined by a more than seasonal amount. Vol. ume of employment at factories increased further between the middle of February and the middle of March by about 4 per cent, an amount larger than is usual at this season. Employment on the railroads and at mines also showed an increase. The number on the payrolls of the Civil Works Administration was reduced from about 3,700,000 in the middle of February to about 2,4.00,000 in the middle of March and 1,900,000 at the end of the month. The value of construction contracts awarded in March, as reported by the F. W. Dodge Corporation, showed a considerable in· crease from the low level of February, followed in the first half of April by a decline. For the first quarter as a whole, the value of contracts was somewhat smaller than in the last quarter of 1933. Publicly financed projects continued to make up about three-fourths of the total. DISTRIBUTION Volume of freight-car loadings showed a further increase in March, reflecting chiefly seasonal increases in shipments of merchandise, of miscellaneous freight, and a continued large volume of coal shipments, which usually decline in March. In the early part of April, total car-loadings. show~d a decline, reflecting a sharp reduction in coal slllpmdn .s. Dollar volume of trade at department stores increase March by considerably more than the estimated season a amount, after allowance for the early date of Easter this year. II PRICES . as The general level of wholesale commodity PrIce.s,. measured by the index of the Bureau of Labor Statlst~c~ was 73.3 per cent of the 1926 average in the week en~~n~ April 14., as compared with 73.8 per cent in the week en In March 10. During this period prices of steel, copper, ad' automobiles advanced, while prices of farm products. es creased somewhat. In the third week of April wheat pr~ce s declined sharply and there were also declines in the price of other grains, cotton, and silver. d BANK CREDIT During the four weeks ending April 18 member bank re; serve balances increased by $220,000,000, raising the volugo of reserves in excess of legal requirements to $1,600,000,0 . This increase reflected a growth of $105,000,000 in the mone· tary gold stock and further disbursements by the T~efs~~ of funds from its cash holdings and its deposits Wit 1 •• S reserve banks. At reporting member banks in leading Cltl·~S an increase of $400,000,000 in net demand and time dep~sfl for the four-week period ending April 11 reflected chl~l ~ the deposits by the public of funds disbursed by er~' Treasury, as well as a growth in bankers' balances. Gov. s ment deposits were reduced by about $200,000,000. Holdm~. by these banks of securities, other than United States ~ ir ernment obligations, increased by $64.,000,000 a.nd teed loans both on securities and "all other" also Illc~e~;st. slightly, with the consequence that total loans and Ill. d ments showed a growth of $100,000,000 for th~ pen~i1: Money rates in the open market declined further III P ed Rates on prime 4.. 6 month commercial paper were re UCon from a range of 1-11,4 per cent to 1 per cent, and ratesn e 90-day acceptances were reduced from 1;4 per cent t?a raal~o of %-1;4 per cent. Yields on Government securIties declined. 1
@FedFRASER