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:!.111111I111111I11I111I111111111I11111111111I1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111'1,;. iI''''''''''''''''''"''~;~~~'~~'''''';;~~;;'''''';;'''''''~~~~~;~~'''"'~~~''''"''''''''''''',,'' 'i INDUSTRIA~SONDITIONS ELEVENTH FEDERAL RESERVE DISTRICT FEDERAL RESERVE BANK OF DALLAS W. F. RAMSEY. Chairman and Federal Reserve Agent CHAS. C. HALL. Assistant Fedeml ReserVe Agent (Compiled March 15. Iq!2!2) g - :11111111111111111111111111111111 111111111111111111111111111111111111111111111111111 11111 1111 1111111111111111111111111111111111111111111111111111111111111111111111111 11 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 II III 1111 III 11111 III llii 5111 11 11111 11 11111111111111 11111 111 111 111 1 111111111111111 11 11 1111 1111111 111 1111111111111111111111111111111111111111111111111111111111111111111111 11 111 11111 111 111 11 111 1111111111111111 1 111 11 11111111111111 1111111 111111 11111111111111111111 111 111111111111111111111111 11111111111111111111111111111111 11111 111111111111111111111111111111IIIIIII IIIIii 1 Volume 7 Dallas, T exes, April I, 1922 No.2 GENERAL SUMMARY Timely rains and snows, occurring in many sections of the district during the past thirty days, have to a large extent relieved the long winter drouth that has threatened serious consequences to the district's stock growers and farmers. While more precipitation is needed, the situation is far less acute than it has been for the past several months. Producers have found additional encouragement in other reassuring developments of the past month. The livestock industry has been visibly stimulated by easier credit conditions, higher prices for' cattle, sheep and hogs, and a marked increase in the demand for stockers and feeders. From one West Texas concentration point alone orders have recently been placed for more than four hundred stock cars to take care of the spring movement of livestock, it being estimated that 60,000 sheep and 10,000 cattle will move from this point before April 1st. The planting of the 1922 cotton crop is progressing rapidly, and in many sections seeding operations are favored by almost ideal conditions of weather and soil. Distribution at wholesale during the past month has been attended with varying results. The demand for dry goods and farm implements showed a substantial improvement over the previous month. In other lines there was some recession from the January volume of trade. Trade at retail was also less brisk, as is reflected in the reports of department stores and in the statistics of debits to bank depositors' accounts as detailed elsewhere in this issue of our Review. Building operations, though somewhat reduced in volume as compared with the month of January, are still going forward on a larger scale than was in evidence a year ago. The labor situation continues to exhibit the results of occasional efforts on the part of labor leaders and the public to adjust differences and facilitate the return of prosperity. A significant example of these efforts was the recent action by certain trades unions at Fort Worth, where union painters and iron workers voluntarily reduced their wage scales from $8.50 and $10.00 per day to $7.00 and $8.00, respectively. February reports covering the unemployment situation in nine of the larger cities of the district indicate that employment, although showing only small gains, presents a somewhat brighter situation. Brisk activity in the building trades and a considerable volume of public projects now under way have absorbed a fair quota of labor suitable for these enterprises, and an increase in oil and kindred activities is also a favorable feature of recent developments. Railroad shops and allied occupations, however, are still operating on a restricted basis, and there is in most centers a large element of idle transients. Farm labor is plentiful, but in light demand. CROP CONDITIONS A distinct improvement in the District's general farm products, further adjustments in the price of agricultural prospects has occurred since our last things which the farmer has to buy, and a fairly report was issued. Among the recent developments broad distribution of seasonable rains which in large which have placed a brighter aspect upon the fact of areas of the cotton and grain belts has effectually the situation are the upward trend in the price of broken the winter drouth, greatly benefitting grain This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 2 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS and placing the soil in almost ideal condition for the going cargoes from that port during the first two planting of cotton and other crops. months of the year were valued at $7,000,000.00. Some increase in the cotton acreage for 1922 is While cotton is the principal item in these exports at reflected in the reports we are receiving from ob- present, the list includes a considerable tonnage of servers throughout the district. The exact ext ent of feedstuffs, and in this group there has recently apthis increase, however, will not be determinable until peared a new addition to the list of Texas exports in planting operations (which are already well under the form of foreign consignments of alfalfa meal, way in the southern edge of the belt) have become which promises to become an important item in the general. So far, however, there is no indication that district's future foreign trade. the acreage increase will be much out of proportion COTTON MOVEMENTS THROUGH THE PORT OF § to the farmers' ability to grow the crop on an ecoGALVESTON ~ nomical and profitable basis. There is still much Aug . 1 to .eb. 28 § F ebruary February This Lns t § uncertainty as to the extent to which the boll weevil 1922 1921 Season Season § menace has been reduced by the recent cold waves. Gross Receipts ...... 130,676 177,488 1,918,220 2,132,897 ~ Exports .................. 138,953 214,659 1,832,491 1,924,007 § A favorable feature of the situation, however, is the Stock, Feb. 28th.... ................ ................ 328,416 317,976 ~ fact that, with the fields plowed and ready for planting, timely rains have put the soil in a condition conducive to the quick germination and rapid growth of the plant, thus providing it with one of the best defenses against the weevil, namely: an early start. . For Great Britain ................................ In the Texas Panhandle, where thirty days ago For France ............................................ 8,727 500 For other foreign ports........................ 40,038 20,.292 the winter wheat crop seemed to be almost a total For coastwise ports ............................ 500 2,000 failure as the result of drouth, recent rains and In compresses ....................................... . 270,636 277,663 snows have saved the crop and given that section Total ............................................... . 328,416 317,976 what is said to be the brightest crop outlook it has had in many years, so far as growing conditions are ~1111111I1111111111111111111111111l1111111111111111l1111111111 1111111111111111111111111111111111111111111 1111 1111111111111 111l 1 1I1111 11 11111~11 1 11111I11111111111111= concerned. To the south of the Panhandle, or in what is known as the South Plains section of Texas, § SEASON'S RECEIPTS, EXPORTS AND STOCKS AT =_~ :=_ ALL UNITED STATES PORTS the drouth has been only partially broken, but it is This Las t reported that the loss in small grain crops will be offset by the returns from cotton and row crops. In Southern Arizona and New Mexico preparations 2 ;3' :9'!6 != = for the new crops are now under way, after being 51 Japan-China .......... .. somewhat delayed by the dry condition of the soil. Mexico ...................... 1,000 23,417 Total foreign ports 3,695,975 3,352,018 § The outlook for the district's fruit crop is promising, § Stock all U. S. ports, Feb. 28 1,126,021 1,403,024 § and orchards which escaped premature budding by ~lllllllllllll llllllllllllIlllllIllIllllllllrlllllllllllll111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111I111111111l111tt.~ reason of the cold waves occurring early in March Wheat exported through the port are now in bloom in most sections and promise large Grain of Galveston during February Movem,ents yields unless damaged by late frosts . amounted to 1,052,333 bushels, which was about equal to the total for the precedCotton The usual seasonal decline in the ing month, but reflected a decrease of 4,000,000 Movements movement of cotton through the bushels as compared with the February record last port of Galveston was in evidence year. during the month of February, when receipts totalled Reports from the five lea<;ling gr~in centers of the 130,676 bales as against 179,195 in January, while district show a substantial increase in receipts of exports amounted to 138,953 bales, or a decrease of 79,000 from the number of bales shipped during the wheat, corn and oats, as will be seen from the compreceding month. Exports for the current season parative figures shown in the appended table. :!,Jl llllll ll l llll ll lllllll lll ll l lll llll llllllll ll l lll lll ll1 1111 11 111 111 1111111 111111 11111 11 11 111111111 111 111 1111111111 11111111 111111 111 11 111111111111111 1111 111111 11111.: 1 1111111111111111 1 11 111111111111111 1 11 1111111111111111 1 1IIIII111111 11 II111111111111111111 1 11 1111 11 1111111111 111111111111 11111111111 1 11 1111111111111111111111 11111 111; "'' ' ' '''''''''''''''''''''''~:~;'~~~:'''~~~~;'' ;';:~ ;~8~ ' '5~ 1":5;":;~1':7:"';2" 1"1 "1 = =_1 u ---~---- 511111111111111111111111 1 111111111111 111111 111111111111111111 1111111111111111111111111111111111111111111111111111111111 11 1111111 1 11111111111111111111111111111111111 ~~~i:: Yg~f:;t~~:':~': ~ 7i:2!io~,;;1 : 2~:0 2f,: 46 (August 1st, 1921, to March 1st, 1922) have amounted to 1,832,491 bales, which shows a falling off of about 100,000 bales as compared with the same period of last season. The new port of Houston continues to show a gradual increase in the volume of its exports. Out- I·"'''~:~~':''m~~~~~:~~:~:"~~~;~'':::~i~~'''~;:;~~''''' ~ Oats ........................................................ 113 87 ;;,1111111111111 1111111111 111111111 111 111 11 1111 111111 111 1111111 11 11111111111111111 11111 11 111111111111 11111 111111111 11 1111111111 1III IUIIIIIIIIIIIIII Il IIlII IIIlIII IIIIIf't MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 3 LIVESTOCK The prolonged drouth which had been affecting range ~onditions throughout the district was to a great extent relieved during the latter days of February by the general rains and snows which fell over most of the Southwest. The attendant cold wave caused some injury to livestock in practically every section of the range country, though in most areas the damage consisted ina shrinkage and weakening of stock, rather than actual mortality losses. In the extreme Southwestern portion of Texas, however, some shrinkage in livestock occurred as a result of the February blizzard, necessitating increased feeding in that section, particularly in the vicinity of Del Rio, Texas. While the precipitation in West and Southwest Texas and most sections of New Mexico and Arizona has been sufficient to tide the situation over for the time being, more rain is still needed in these sections, and unless there is more precipitation within the next month there is likely to occur a serious loss in the prospective calf and lamb crops, this being particularly true with respect to range conditions in the eastern part of New Mexico and throughout the Pecos Valley. The warm weather which has followed the cold wave has melted the snow in the mountain range!> and has been conducive to the replenishment of the water supply, and to the growth of grass, weeds, and brush. Prices and Movements The February 17eceipts of cattle were very meager and packers were unable to secure enough cows to meet their requirements. A broad demand prevailed at all times for calves, but receipts throughout the month were very small and really good calves were not available. This contrasts with the situation last fall when calf receipts were the highest ever recorded and that on a declining market. Another contrast is found in the demand for stockers and feeders. During February, 1921, there was no appreciable demand for stockers in view of the unfavorable outlook in the livestock industry, but February of this year witnessed a good demand for stockers and feeders. The improvement in the demand for hogs was evidenced by the strong and advancing market that featured the month of February in the face of receipts that were appreciably greater than during January and almost twice the volume received last February. All offerings were easily absorbed, and, in fact, were not sufficient to meet the demand. There was also a broad demand for sheep and lambs, and the market scored another advance despite the fact that sheep receipts were the heaviest ever recorded during February. The general price situation, which showed a market stability during January, displayed even greater strength during February and the month closed with all classes selling at higher rates. In fact, most kinds of livestock were bringing more money than the trade afforded within the past eight to twelve months. The pronounced strength in the' lamb and hog trade which was in evidence last month carried values to even higher levels during February. The February top price for lambs reached $14.00, which was a gain of $2.75 over the maximum price paid during January. The maximum price paid for hogs mounted to $10.45, or $1.70 more than the highest price recorded during the previous month. rlll~III1I11II1II11;I~I;~III;~~I~::III~~I~~I;;~I~;III;~I~~I~;~;11I1II1I111111111111111111 ~=_! cathl';;:~;~ :~~;: ~;;9 :1':01~'3:~ 7:0" ~:~:; L Calves ........ 9,081 19,236 L 10,155 ~= Hog'S .......... 68,693 50,462 G 18,231 Sheep ....... .42,702 37,576 G 5,126 =_ G L 1,289 388,'4°3113 G 30,680 G 34,271 !=_§ = ~= __ :;111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIJlllllllllllllllllllllllllli ffi COMPARATIVE TOP LIVESTOCK PRICES FebruUl'y Beef steers ............................ Stocker steers ....................... . Butcher cows ....................... . Stockel' cows ......................... . Calves ................................... . Hogs .......... ..... ....................... .. Sheep ..................................... . Lambs .................................... 1922 $ 7.50 6.00 525 3.75 7.50 10.45 8.00 14.00 Jnnunl'y 1922 $ 6.85 6.00 5.50 3.50 7.75 8.75 7.50 11.25 Februnry 1921 $ 8.50 7.15 7.25 5.75 11.00 9.70 7.25 9.50 ~1111111111 1 11111 1 111111111111 1I 11I111I1111111111111I111I11 1111111111111111 1 11111111111111111111111111111111 1 111111III1111111111111111 1111111111111 111111111 11111 1 11 u MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 4 There is presented below a chart and table showing the number and value of the various classes of livestock on the farms and ranches of Texas as of January 1st, 1921 and 1922. It will be noted that Texas Livestock Values ~ ~ J!1"'.Q O --()~ ~ . Total va/u Horses .A1ules ?S so 7 .<; Ion I?S l'i f) 17.'; ?M there was an increase in the number of farm animals, but a considerable decrease in values. Texas ranked seventh in the value of horses, first in mules and cattle, ninth in milch cows, eight in swine and fifth in sheep. ??S ? CiO 77<; 7, nn ~? 'i <;c;n .7,75 4 00 4 ::>.'i I 1921 Y922 192/ 19~2 /921 1922 NU Tn Cio ..p !; , a ~? 99 1 H Of:)(tS A uIC$ 1921 Milch row1922 Uo n ,n., Vm , n ' ~ I C)? 98 1 iS7478 1J 75 53 7 8 63 85 4 7 3 35 5 939 40 (In I 04 2 46 139 6564 6 fi1dchCow> Swme 5 3 63 5 310 106 72 4 165 6 7 2 ShN P 3 0 77 3 0'17 10 462 I II 5 87 S W I 71e 1 . 92/ OtherCott'f922 I Oth. r(OH/. Sheep 4'iO I 2 475 2426 21 0 37 '2862'7 A ll [lasses 1921 c:J 1922 . II 1 Oml 000, 13 842 13 6 6 0 315 19 5 448009 (.0: J92' ~ 1 922 _ - -I - WHOLESALE TRADE will also increase the purchasing power of the general public. Wholesale distribution during February was marked by a further general improvement in most A further seasonal expansion was lines of trade. Dry goods and groceries moved in a Dry the outstanding development of the larger volume than during January. Farm imple- Goods wholesale dry goods trade during ments not only showed a further seasonal expansion, the past month. The opening of the spring buying but reflected a decided improvement over the same month a year ago. This was the first instance that season in the various centers of this district met a current month showed a gain over the correspond- with a ready response from the retail merchants and ing month of the previous year since the first reac- the volume of goods sold in actual dollar value tion in the fall of 1920. Furniture sales decreased amounted to 19.7 per cent more than during January. from those of the previous month, but again forged However, sales fell short of those during February, ahead of those of the corresponding month of the 1921, registering a decline of 11.7 per cent. As sales previous year. Drugs, on the other hand, not only during January were 8 per cent greater than during showed a decrease from January, but also a more un- the same month of 1921, the February reports would favorable comparison with the same month a year seem to indicate that the seasonal expansion did not reach normal proportions. This is partly explained ago. A betterment in the district's basic conditions is by the fact that in January the retailers were forced gradually being extended to the several lines of to re-stock the shelves which they had permitted to wholesale trade. The home building campaign and become so thoroughly depleted during December the increasing activity in the development of the prior to the taking of the inventory. It will be noted various oil fields will mean an additional demand for that sales from January 1st to February 28th were hardware supplies. The improved status of the agri- 3.7 per cent less than during the corresponding cultural sections has broadened the demand for im- period of 1921. It is the general opinion of the trade, plements, as well as that for general merchandise. however, that the buying season will extend over The opening of the mines in Arizona and New Mexi- a longer period than usual. The prolonged season, co, together with the advance in livestock values, it is thought, will be due principally to the fact that MONTHLY REVIEW OF BUSINES S AND INDUSTRIAL CONDITIONS buyers no longer seem to distrust their ability to obtain goods on a satisfactory price basis and to have same delivered immediately; consequently, they do not deem it necessary to make provision for forward orders beyond well-defined needs. While buyers are restricting the size of their orders, they are buying more frequently to meet the demand as it materializes instead of making all purchases near the beginning of the season to supply a prospective demand. As the trend of prices continued downward, an additional stimulus is offered to conservative merchandising. The erratic cotton market and the continued labor troubles in the manufacturing trade have affected wholesale distribution, as that trade has shown a disposition to await the final outcome of these troubles and this in turn has made the retailer even more hesitant about buying to cover other than his immediate requirements. The retailer is continuing his policy of conservative merchandising in that he is carrying a small stock of goods and is transferring the burden of larger stocks to the wholesaler. This is evidenced by the fact that the wholesalers' stocks were 23.6 per cent larger than they were at the end of the corresponding month a year ago. This contrasts with the situation two years ago, when retailers were placing forward orders for all the goods they could obtain. The improvement in agricultural sections has added an optimistic note to that element of the trade which has been on a low scale for more than a year. While no large orders are anticipated until the movement of another crop, it is believed that the gradual improvement in the outlook from the farmer's point of view will be reflected in increased buying. As soon as the small retailer sees an outlet for his goods he will make provisions to meet his prospective demand. Farm Implements The net sales of farm implement firms for the third consecutive month showed an increase over sales for the previous month. February sales registered an increase of 12.1 per cent over sales during Janu'ary. This figure shows a marked contrast with the record for February, 1921, when sales were 83.9 per cent less than February, 1920, and 31.4 less than January, 1921. For the first time since May, 1920, during which month the depression in this line of trade first appeared, February net sales showed an increase over the corresponding month of the previous year, amounting to 12.4 per cent. There has been a combination of circumstances since the first of the year to make the prospects brighter for the farm implement trade. Rains have been fairly general 5 over the farming area of the district, practically assuring a wheat crop and a good season in the ground for the row crops. Furthermore, there has been a distinct upward swing in the price of livestock and of several agricultural products. These price movements have not only added to the farmers' present purchasing power, but also to his prospective purchasing power. All of these factors have been productive of good cheer and hopefulness in the agricultural industry as well as the implement business. Furthermore, implement prices not only showed some recession during January, but other things which the farmer buys seem to be gradually coming down to meet the price level of farm products. Reports from wholesale furniture dealers of this district reflect a decrease in February net sales of 6.4 per cent from sales during January. Sales were in a sufficient volume, however, to register a 3.6 per cent gain over the February, 1921, sales. This shows a considerable improvement over the comparison shown last month, January sales being 5.9 per cent less than during January, 1921. One encouraging phase of the trade is that some forward orders are now being placed. The prices on the better grades of furniture have shown no material change since the readjustments put into effect during January, 1921. On the other hand, the cheaper furniture underwent a considerable revision. during' July, 1921. Since that time price revisions have been on a very small scale. During February prices showed but very little variation, but manufacturers are inclined to quote higher prices on chairs and some other items of the cheaper grades of furniture. The demand for general furniture is steadily improving, and with the additional sales of seasonal goods opens up a bright prospect for this line of trade. Furniture Groceries The net sales of eleven wholesale grocery firms reflected an increase of 6.4 per cent when compared with January sales, but were still 16.8 per cent below sales during the corresponding month of 1921. The demand has been strong since early February and prices have shown a steady upward tendency. The advances on staples have been especially noticeable. The market for dried beans, which was quite strong during January, has exhibited further strength since that time. The advances have been most pronouneed on the California navy beans and the Pinto beans. Fancy groceries have shown very little change. MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 6 The net sales of twelve wholesale hardware firms during February reflected a decrease of 3.1 per cent as compared to last month and 24.2 per cent as compared with February of last year. Seasonal goods are beginning to move, but the trade has not yet reached the normal seasonal expansion. The bad weather conditions during the month had a tendency to hold up orders for oil well supplies, building hardware and some seasonal goods. However, the demand for builders' hardware was fair and promises to be good, as there is a favorable outlook for improvement in the residence and small building program. Prices have shown further declines, but these have been small. The wholesale hardware firms are not carrying large stocks, but are receiving shipments from the factory only when there is sufficient business to justify it. This is shown by the fact that at the end of February stocks were 28.8 per cent less than they were at the end of February, 1921. Further evidence has found expression in the fact that manufacturers are showing grave concern regarding future business, and as a result some are showing a tendency to make cuts on wnat they had termed "fixed prices.". While some future buying has appeared in small quantities, it has not, aiil yet, become a feature of the market. Hardware ~ The demand for drugs at wholesale after showing comparative strength during January weakened during February. The net sales of eight wholesale drug firms during the month decreased 4.8 per cent from January sales and were 18.7 per cent less than during February, 1921. The gradual improvement which had been in evidence since last July was halted during February when a more unfavorable comparison was shown with the corresponding month of the previous year than was the case during January. Retailers have shown no disposition to plac~ orders for future delivery and are buying mostly staples which are needed to supply the immediate requirements. Prices have shown a further tendency to weaken, but in general remained on practically the same basis as during the previous month. Some firms state that collections showed a slight improvement during the month, while others stated that there had been a slowing down. Drugs ~ CONDITION OF WHOLESALE TRADE DURING FEBRUARY, 1922 F'b,";~;;'~,:~n';~1I"ro:~;~a:.::.~s~~~,~s"m,.,,' F.b,",~P~I~~S "m,'''' ! i ~ with sam e p eriod 1921 wit h with ~~~~~~--~~ ----=~---- -~~~~~~~~ ~~~~~~--~~ Groceries ......................................... Dl'Y Goods ..................................... Hardware ....................................... Farm Implements .......................:. Furniture ....................................... Drug's ............................................. F eb. 1921 -16.8 -11.7 +2124 . ~ .., +183.'76 Jan. 1922 + 6.4 +19.7 +13. 1 2 = ::~ -16.9 - 3.7 -24.5 -11.2 + .1 -17.1 F eb .. 1921 -12.2 +23.6 -28.8 -12.0 Jan. 1922 + 6.7 -.5 + 5.3 + 6.2 Feb. 1921 ·- 19.7 -20.6 -27.5 Jan. 1922 § E = § + 4.2 § - 5.0 § - .2.21 ::.. ......:....:. .. . ::.: =:§_§ = ;;)"11111 1 1 1 1 1 11111111111111111111 1 111111111111111111111111111111 1 111 1 11 1 11111111111 1 111111 1 1111111 1 11 11 1 1 11 1 11 11 1 11111111 1 1111 11 1 1 111 1 1111111111111111111 1 11 1 11 1 11 1 1 1 111111 1 11 1 111 1 11111111 1 11111111 111111111 1 111 1 11 11 11 1 1111111111111 11 1111111111 11 1111111111 1 11111 1 111 11 1 111 11 1 11 1 1111 1 11 1 1111 1 111111 1 1 1 1I111 1 11 11 1 1 111 1 11 1 111111 11 1 11 1 11 11 1 111111~ RETAIL The short month of February is always a period of low sales and this year was no exception. The net sales of twenty-two reporting department stores reflect a decrease of 5.2 per cent from January ·sales. A somewhat unusual coincidence is found in the fact that the sales of these firms during February were 19.5 per cent less than during February, 1921, and during January they were 19.0 per cent less than during January, 1921. The retailers cut prices still further on winter apparel and white goods in a final effort to clear out these remaining stocks and to obtain capital for replacement with spring goods. It is to be noted, however, that these radically reduced prices have not attracted shoppers to the same extent as such reductions would in normal times, due largely to the fact that the consumer apparently purchased during January a supply of goods sufficient to meet his actual needs, and was not greatly TRADE attracted by the continuation sales in February, even on the basis of fu rther reductions. A new and interesting feature of our department store statistics this month is the fact that they show separate figures for credit sales. In addition to the fact that the February credit sales of the reporting department stores were 2 per cent greater than those of January, it is interesting to note that credit sales constituted 49.2 per cent of their total sales for the first two months of 1922, while for the corresponding period of last year such sales represented only 45.6 per cent of their total transactions. While this increase in the use of credit seems to indicate a reduction in the consumer's supply of ready cash, it might also be fairly construed as an evidence of greater confidence in his ability to meet future commitments. 7 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS Retailers are buying cautiously and are still showing a disposition to avoid carrying heavy stocks in an effort to obtain as rapid a turnover as possible. Although stocks at the close of February were 8.7 per cent greater than at the close of January, due to the bringing in of the spring merchandise stock, they were 2.8 per cent less than at the close of February, 1921. The ratio of stocks to sales during the first two months of the year was ,510.1 per cent as compared to 475.6 per cent during January. This increase in the ratio was accounted for by the decrease in sales and the increase in stocks. The ratio of outstanding orders at the close of February to last year's purchases was 7.7 per cent as compared to 9.3 per cent at the close of January. This would seem to indicate that retailers are now receiving goods at a faster rate than they are placing forward orders. The natural slowing down in collections following holiday trade and January preinventory sales was again in evidence during February when the ratio of collections to accounts receivable was 36.3 per cent as compared to 38.2 per cent during January. It will be noted from the table presented below that we have been able, through the courtesy of department store managers, not only to present statistics covering credit sales, but also to show separately the changes in sales, etc., at the cities of Dallas, Fort Worth and Houston. We believe these changes will add to the value of our statistics and will prove helpful to those interested. BUSINESS OF DEPARTMENT STORES Total Sales: Feb., 1922, compared with Feb., 1921.. ............................. . Feb., 1922, compared with Jan., 1922................................ Jan. 1, to date compal'ed with same period last year.... Credit Sales: Feb., 1922, compared with Feb., 1921.. ............................. . Feb., 1922, compar~d with Jan., 1922 ............................... . Jan. 1 to date, compal'ed with same period last year.... Stocks: Feb., 1922, compared with Feb., 1921.. .............................. Feb., 1922, compared with Jan., 1922............................... . Ratio of stocks to sales................................................................ Ratio of outstanding order to last year's Ilurchases ........... . Ratio of Feb. collections to accounts receivable due and outstanding Feb. 1, 1922.................................................... Fort Worth Dallas - 18.6 1.1 19.1 - 13.9 - 16.8 - + 14.7 6.6 10.1 489.2 8.4 30,4 + + + + 26.5 8.8 27.8 Houston - 40.6 Other + 13.2 9.0 14.2 - 14.9 13.1 11.1 Total Distriot 20.4 14.4 19.2 1.3 5.2 4.6 22.9 15.0 21.8 2.5 17.0 669.1 7.4 All 1.0 5.2 499.8 7.9 42.2 + 1.7 4.7 477.8 5.8 44.5 19.5 5.2 19.7 + + 13.1 2.1 13.4 2.8 8.7 510.1 7.7 36.3 =;111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111i' FINANCIAL The volume of public spending as measured .by checks charged against · depositor's accounts in the larger cities of the district disclosed a 10 per cent shrinkage during the month of February from the previous month. The weekly average for February was $133,189,000 as compared to a weekly average during January of $147,976,000, and a weekly average of $139,954,000 during February, 1921. rlllllllllllllllllllllllll'"ItIIIIIIIIllIIIIIllItIIIIIIIIIIIIIIIIIIIIII~;:;'~;'~I';'~III~';;~'~;';'~;~:III:'~~'~'~':;;"111111111II1II111tI"111""111"""111"111""""111111111'""""""""11111111111""""1 § § I ~~~i~u~~~~~ ~ ;; E g § == __ = § § ~ AVE RAGE WEEKLY DURING ~ ~.~:::::::::::::::::::::::::::::::::::::::::::::::::::::. ............................ ............................................... Beaumont ........................................... _..................................................... Dallas ..................................................................... ..................................... El Paso ............................................... "..................................................... F ortW orth .......................................... .................................................... Galveston ....................................................... ........................................... Houston ...................................................................................................... San Antonio ........................................" .....,............................................. Shreveport .......................................... ..................................................... ~ 0 ~ ! ~ 0 ;; 0 0 E ~_ __ ==~ 0 § 0 0 - 0 ~ ~ I f~~:~~a~~~. :.~~~~. ~~. . ~~~~. ~. . . . ~~~. . ..~...~~~. . . . .::::::::::::::::::::::::::::::::::::::::::::::::::::: Waco .................................................... ..................................................... g~ . 0 ~-= : Totals, Eleventh Distl'ict................................................... ·.. ···......... 0 I ~-= .11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 IlI1h~ MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 8 Reports from accepting banks of this district reflect a sharp decrease in the volume of outstanding acceptances created by banks of this district during February. The total amount of acceptances of these banks outstanding on February 28th was $1,217,287.61 as compared to $2,325,007.57 on January 31st. The amount executed against export and import transactions was $443,592.26 as against $773,695.35, based on domestic shipments and storage of goods. The holdings of the Federal Reserve Bank remained at $15,000.00. Acceptance Market During the four-week period ending March 1st, reserve city banks increased their loans and investments $4,233,000 and reduced their bills payable with the Federal Reserve Bank from $8,134,000 on February 1st to $5,448,000 on March 1st. On the other hand the deposits of these banks during that period increased from $189,769,000 to $201,090,000, or a gain of $11,321,000. It is interesting to note that for the week ending March 1st deposits of these banks exceeded their loans, which is the first time in practically two years that such a thing has occurred. This would seem to indicate that the fluid funds are finding their way into the banks in the form of increased deposits. Condition of Reserve City Banks -;"11111 1111111111111111111111111111 1111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11 11111111111111111111111111111111111 1 111111111111111111111111111111111111111 111 111111111111111111111111111111111111111111111111111111111111111 11 111111111111111111111111111111111 111I111111111I11Il11111I11I11I11II1I~ I~~s~1f.~~:r;r.~~~;;~~'~'.~.~~~~T:;~'.~~..~~~.~:~::.~.~~K:::~,;rr:F:::::~ig § ; § := ~== • Loans secured by U. S. War Obligations...... ................................................ All other loans and investments......................................................................... Net demand deposits .......................................... ................................................ Reserve with Federal Reserve Bank.............................................................. Bills payable with Federal R~serve Bank...... ................................................ Percentage of loans to deposIts........................ ............................................... 5,466,000 194,518,000 201,090,000 21,508,000 5,448,000 99 % 5,308,000 193,765,000 189,769,000 21,126,000 8,134,000 105 % M::;.:,:ir $ I 7,455,000 § 216,648,000 ~ __ 207,480,000 21,413,000 29,114,000 ~ 108% 11 ===- ~111111111I11I111I1I11I11I1I111111111111111111111111111111111111111111 11111111111111111111111111111111111111111111111 1 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111I1111111111111111111l11ll11l11111ll1111lF. The continued improvement in the district's credit conditions is evidenced by a further reduction in our loans to member banks. The reserve ratio against combined deposits and note liabilities which stood at 48.5 per cent on January 31st had risen on February 28th to 56.7 per cent. From the appended chart, which shows loans to member banks in reserve cities. and loans to all other banks, it will be noted that although our loans to member banks have been steadily decreasing since September, the reductions made since October (in which month the rural banks made their heavy reduction in loans out of returns from the marketing of farm products) have come largely through the retiring of rediscounts by the banks in reserve cities. This would seem to indicate that while general business conditions in the commercial centers are steadily improving, new business has not reached proportions which warrant an extension of operations in channels of production and distribution. Thus the funds have been largely used to liquidate the old so-called "frozen loans" which have been a big problem to the banks for some time. The fluid funds are gradually flowing into the Reserve System, in settleOperations of the Federal Reserve Bank ment of rediscounts, thereby reducing the total loans of these borrowing banks. The chart shows further that while the agricultural loans have been reduced to some extent, the reduction has not been in the same proportion as the reduction of loans by reserve city banks. In both groups the reduction has been made possible partly by· loans obtained from the War Finance Corporation being applied to the liquidation of rediscounts at Federal Reserve Banks and partly to the loans thus obtained being used in new financing instead of calling upon the Federal Reserve Bank to supply these funds. It should also be noted from the chart that at the end of March, 1920, loans to banks outside reserve cities stood around fifteen millions of dollars, but by the latter part of August they had increased to sixty-four million dollars. During the intervening period from that time until May, 1921, at which time loans reached the low point, the decrease amounted to only fifteen million dollars. On account of. the seasonal demand for funds to finance the new crops, loans to these banks at the end of August, 1921, had increased to fiftysix million dollars, or a gain of approximately seven million dollars. Due principally to the rise in the price of cotton these banks were able to reduce their rediscounts with the Federal Reserve Bank approximately twelve million dollars during September and October. Since that time the reduction in rediscounts has been gradual and on March 1st they stood at $32,497,000. 9 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS OUTSTANDING LOANS OF F EDERAL RESERVE BANK OF DALLAS TO ITS MEMBER BANKS J'lhlllonsJ F fr1 A ,A1 J J A 5 0 N 0 J F /11 A;1I/ J J A S 0 ' N 0 J F 1'1,1',0)'1$ DOlbrs Oo1,or$ /' ... 50 I 40 30 20 ...., V\ -.L '" .- ! -, ,\ / , 60 - , 1-- J I-.. \ ,. 1/ I \ r" \ V V \ ..,/ I I \1 \ Re en e~ ItlE1 5 '--.... ....... / r ../ /'. \ 50 \ \ \ \.., , .... -', , Re, en eC ,tie I ,"" ' ... e To Qa1" - - Ij Kc:. /", i', ....-;,; -;J~ 10 o GO '¥J7I ,c:.Tr PIn nKs OuJ :!,;Id'p " '- 40 r\ 19 2/· 30 ~ ~- ~- "'"' 20 " \, I', 19 2() \ 71 10 ~ 19 '22 o Loans to member banks were reduced during the ure eompared to $69,908,495 Federal Reserve notes month, but our holdings of bankers' acceptances re- in actual circulation at the close of business on Febmained at $15,000. On January 31st total bills held ' ruary 28, 1921. Member banks' reserve deposits on by this bank amounted to $45,508,673.82 as com- January 31st amounted to $44,960,926.10, while on pared to $38,934,128.95 on February 28th, distrib- February 28th these reserve deposits had shrunk to $44,937,222.62, indicating a decrease of $23,703.48. uted as follows: =11111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIII'IIIIIIIIIIIIIIIIIII!! § Member banks' collateral notes secured by I S. Government obligations.................... $ 5,351,611.40 ~ Rediscounts and other loans to member banks 33,567,517.55 ~ Open market purchases (bankers' accept~ ances) ............................................................ 15,000.00 Discount rates have shown but little variation during the past thirty days. Dallas banks lowered the average rate on customers' paper one-fourth of one Total bills held .............................................. $38,934,128.95 ; per cent and one-half of one per cent on several other 51111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUP. classes of paper. Waco banks advanced the rates on At the close of business on January 31st we had customers' paper one-half of one per cent. Banks in actual circulation Federal Reserve notes to the at EI Paso, Fort Worth, Houston and San Antonio amount of $31,413,340, while at the close of business showed no change in their rates. The table showing on February 28th the actual circulation of Federal the "high," "low" and "customary" rates charged Reserve notes had dropped to $29,565,650, showing by commercial banks in these cities is presented a reduction for the month of $1,847,690. This fig- below: u. I Discount Rates MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 10 ~1111111111111111111111I11111I111111111111 1 111111111111111 1 11 1111 11 11111111111111111111111111111111111111111111111 1 1111IIIUIIIIIII I IIIIIIIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUlIIIII I IIIIIIIIIIIII111111111 1 1111111 1 11111111111111111111111111111111 1 1111 1 11IIIIIIIIIIIIIIIIIIIIIIIIINIIIII': ;: ~ FEBRUARY DISCOUNT RATES Prime commercial paper: Customers' 30 to 90 days .............. Customers' 4 to 6 months ............ -. Open market 30 to 90 days .......... Open market 4 to 6 months ............ Interbank loans ........ Collateral loans, demand .................... Collateral loans, 3 months _.... _.......... Collateral loans, 3 to 6 months .......... 1=' attle loans .............. oans secured by warehouse r eceipts, Bs-L, etc. oans secured by LGovernment securities ._..................... _i~ I ~ San Antonio L H C H Waco L 8 6 7 8 7 8 6 8 6 7 8 7 8 .. 8 8 8 C H L C Ft. Wor th H L C 7 6 10 6 8 8 5 8 7 6 6 8 8 8 5 8 7 6 5 El Paso Houston H L C Dallas H L E C = 7 5 6 10 7 5 5~ 10 8 8 6 5 5 -- .. ._-- . _.. --_. -- .. 7 7 5 6a 8 6 8 8 6 8 5 6 5 7 .. -. 5~ .. - . 5~ -- -- .... 6a 10 9 - - .. 5~ 8 6 6 8 7 8 6 8 7 8 6 7 10 6 8 10 6 8 7 6 6 8 6 n 8 7 8 8 6 7 10 6 8 10 6 8 7 6 6 8 6 7~ 8 7 8 8 8 6 7 7 7 10 10 6 7 8 8 10 9 6 8 8 8 7 7 6 7 7 7 8 9 6 6 n n 8 8 7 8 8 8 8 6 7 10 6 8 8 6 8 7 ·7 7 8 6 n 8 7 8 5~ I ~ e =~=-! I ~ I I ==-= 10 5 7 6 8 6 8. 8 6 8 6 8 6 6~ 10 5~ 6 8 ~IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 1111111111111111111111111111111 1 111111111111111111111111111111111111111111111111111111111111 1 1111111111111111111111 11 1111 1 1111111111111111111111111111111111111111111 1 111111111111111111 1 11111 1 11 1 11111111 1 1 1 11 1 1111111111111111111111111111111111111111111111111111111111111111111 1 1111 .; Reports from 108 banks of this district which operate savings departments show that savings deposits on February 28th were 8.2 per cent greater than on February 28, 1921, and 1.5 per cent greater than Savings Deposits on January 31 of this year. Total savings deposits of these banks on F ebruary 28th, amounted to $57,019,612, as compared with a total of $52,714.93 on the corresponding date last year. FAILURES While a reduction in the number of failures almost invariably occurs during the short month of February, this year proved an exception. February insolvencies among commercial firms nu.mbered 207, which was the same number reported during January, but the liabilities of the defaulting firms were $5,889,143 during F ebr uary as compared to $4,326,- 594 during J anuary. There were 137 firms with liabilities of $2,117,068 which defaulted during February, 1921. It is to be noted that the February figures include several large failures which brought the average liability to a total of $28,450 during February as compared to an average of $20,901 during January. ::.1 11111111 1 1111111111111111111111111111111111 11 11111 11 1111 11 11111111 1 11111111111111111111111111111111111111111111111 11 11111111111111111111111111111111111 1 11111111111111111111111111111111111111 1 11111 1 1111111111111111111111111111111 "1 1 111 1 1111111111111111111 11 1111 11 1111 1 111111111111111111 1 111111111111 1 111111 IIIIIIII I IIIII II IIIIII I IIIIIIIIII ~ COMMERCIAL FAILURES Janual'y .......................... .............................................................................................. .. F ebruary ....................................................................................................................... . Total Eleventh District, two months ................................................................. . Number 1922 Liabili t ies 207 $ 4,3.26,594 207 5,889,143 - --- ----- 414 $10,215,737 Number 1921 Liabilit ies 155 $ 3,359,871 137 2,117,068 292 $5,476,9 39 ":'1 111111 1 1111111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1 11111111111111111111 1111111111111111111111111111111111 1 1111111111111111 111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111 11 1111111111111111111111111111111101; PETROLEUM There was a total of 13,759,335 barrels of crude oil produced by the various fields of the Eleventh Federal Reserve District during the month of Febr uary. Although this total is 1,156,795 barrels less than the total January production the fact that February was a short month made the district's daily yield for February show an increase, the total daily flow for that month being 491,404 barrels as compared to a daily average of 481,165 barrels during January. The North Texas field underwent a considerable decline in daily average flow during the month due principally to prevailing weather conditions. During the latter part of the month the extremely cold weather resulted in the freezing of the water lines and a general tie-up of transportation · facilities which caused a suspension of drilling activities to await the return of favorable weather conditions. However, it is hoped that the sleet and snows wer e sufficient to r elieve the serious wat er shortage which has hampered drilling operations in that section for some time. 11 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS Activity in the Mexia field was also hampered by the weather conditions, which, together with the further decline in the initial flow of new wells, held down the daily average yield to a very small increase, being 150,090 barrels during February as compared to 148,571 during January. This increase was not sufficient to offset the decline in other fields of the Central West Texas districts, which showed a slight recession for the month. In the fields of the Texas Coastal section there was an increase in activity sufficient to bring the daily average flow from 100,853 barrels during January to 108,754 barrels during February. This increase completely offset the decrease of the other two fields and brought the daily average production of the state to 390,809 barrels, which compares tq 386,109 barrels during January. At the close of the month T'exas was far in the lead of other oil producing states of the nation. The Haynesville (La.) field reported an expansion in operations despite the fact that a decrease in the price was posted on one-thir<~. of the oil from that field going into storage, and the daily average for all North Louisiana fields increased from 95,056 barrels during January to 100,595 barrels during February. The daily average flow of the Midcontinent field again showed an increase, the decrease in Kansas and Arkansas being more than offset by the increase in Texas, Louisiana and Oklahoma. Drilling Results The number of new wells completed during February totalled 296 of which 223 yielded production with initial flow of 248,698 barrels. This compared with the January drilling results which amounted to 299 completions, and included 212 producers with an initial production of 259,188 barrels. Drilling results in the Mexia field showed 96 completions, but there were 30 failures . Despite the fact that many new producing wells are being completed in the outlying sections of the Mexia field the initial flow of these wells is steadily decreasing, which gives evidence of the fact that the limits of the field are gradually being defined, not only by the failures on the edges but also by this small yield of the producing wells. Although Louisiana showed only a small increase in the number of producing wells brought in, the initial flow increased from 32,585 barrels during January to 79,515 barrels during February. This increase is attributable largely to the Haynesville field where renewed activity is assuming large proportions. Crude Oil Prices Crude oil prices evidenced a slight weakness during the month. Corsicana heavy decreased from 95 cents per barrel to 75 cents per barrel. The companies buying Haynesville crude oil put into effect a differential on oil going into storage, a decrease of 35 cents per barrel being posted on one-third of the oil going into storage. However, the prices posted at the various fields are now equal to or higher than those posted at the respective fields at this time a year ago. OIL PRODUCTION F ebruary Daily Avg. Total Totnl Increase or Decrense .January Daily Avg. Daily Avg. Totnl Field N orth Texas .................................................... Central-West Texas ..................................... T exas Coastal ____ .•_0_' " _0. _0_.. ___.... _. _.. _._ .. _. __ ... __ _ 1,748,915 6,148,635 3,045,125 62,461 219,594 108,754 2,017,410 6,825,530 3,126,445 T otals, Texas .................................................. N orth Louisiana ............................................ 10,942,675 2,816,660 390,809 100,595 11,969,385 2,946,745 otals . _ T , 11th Distl'lCt ................................._ .. . 13,759335 , 491,404 481165 D.ec. 1156 ,795 Inc. 14916130 " " ~ 65,078 Dec. 220,178 Dec. 100,853 Dec. 268,495 Dec. 676,895 Dec. 81,320 Inc. .2,617 584 7,901 386,109 Dec. 1,026,710 Inc. 130,085 Inc. 95,056 Dec. 4,700 5,539 10239 ~ , nllllll llllllllll lllillfll llllll lll lllllllll llllllllllllil l1111 1111111111111 111 1111 1111111111111111111111111111111111111111111111111111111111111111111 1111 111111 111111 11 1111111111111111111111 111111 1111111111111111111111111 1111111111111 11 1111 11 11111111111111 11111111111111111111111111111111111111111111111111111111111111I111111111111111111111Fr ;:111111111111111 11 11111111111111111111111111111111111111111111111111 111 111 11 1111 111111 1111111111 111 11111111 1111 111 111 1111111111111111111111111111111111111111111 111111111111111111111111111111 11111111111111111111111 11111111111111111111111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111] Oompletions Producers Initial Production Failures Field North Texas ....................................................................................................... . Central-West Texas ........................................................................................... . Texas Coastal ...................................................................................................... Texas Wildcats .................................................................................................... 63 127 32 14 51 89 26 ~~~~~'L~~isi!n;·:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 236 60 ¥:~~:?t~~:r;,s'D~;:;t~~.~:::::::::::::::::~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 296 299 12 38 6 10 5,948 130,410 32,100 725 170 53 66 7 169,183 79,515 223 212 73 87 248,698 259,188 4 1111111 1111111 1111 11111111111 111111111111 1111111111111 11 111 11111 11111 11 11 11 11 111 1111 111 11111 11111 111111111111111111 1111111 1111 11111111 111 11 11 11 11111111 111111 1111 1111 11 11 111 11111 1111111 111111111111111 1111 1111 11111 11 1111111111111111111111 1111 111 1111111111111111111111111I11I1111111111I111111111I111111I1Il11l11ll1111111111111111111tr. 12 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS :lll llllllllllll l lllllllllllllllllllllllllllllllllllllllllllil111111111 1 1111111111111111111111111111111111111111111111111111111111111111111 11 1111111111111 1 1111111 11111 11111111111111 1 111111 1 1111111111111111111111111111 11111 1 11 111111 1 111111111111111111111111111111111111111111 1 11111111111111111 1lllllllllrlllllllllllllllllllllllllllllllllllllll ~ CRUDE OIL PRICES March 8 1922 TEXAS- March 7 1921 Corsicana light .............................................. $1.30 Corsicana heavy............................................ .75 Texas coastal fields.. ...................................... 1.25 Mexia ...................... ......................................... 1.25 All other Texas fields.................................... 2.25 March 8 1922 LOUISIANA- $1.25 .75 1.25 Caddo (38 gravity and abov.e ) ....................$2.00 Bull Bayou (38 gravity and above) ............ 1.90 Homer (36 gravity and above) .................... 2.00 Haynesville (34 gravity and above ) ............ 1.85 De Soto crude.................................................. 2.00 1.75 March 7 1921 $2.00 1.65 1.75 1.90 1';111111111111 111111111111 11111111 111 1111111 111 111111111 111111 11111111 111111111 111111111111111111111111111 11 111I A IIIIIIIIII'IIII'IIIIIIIIIIIIIIIIIIIIIIIIII III UIII IIII11 11111111111111111111 11I11111111I1111111111111111I11111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111'111111111 111 111 , (Oil statistics compiled by The Oil Weekly, Houston, Texas.) LUMBER The output of southern pine mills in the Eleventh The increase in the volume of orders applies mostly District showed a considerable faling off during the to the lower grades of lumber, and there has been a month as the production rate was 23 per cent below rising tendency in the prices of No.2 and No. 3 normal during February as compared to 16 per cent southern pine. On the other hand, the demand for B during January. However, the demand for lumber and better stocks has shown very little change; in has been picking up throughout the district following fact prices on these upper grades of lumber have evithe increase in building. Evidence of this fact is denced a weakness. The narrowing of the price found in increased shipments and a larger volume of margin between the several grades of lumber indinew orders. While production was 29 per cent above cates a more normal situation. shipments during January this figure was reduced to 4 per cent by the end of February. The new orders during the month amounted to 81,309,962 feet as FEBRUARY PINE MILL STATISTICS against 73,888,871 feet during January. The FebruNumber of reporting mills.......... 42 ary orders represent a figure 24 per cent below Production ...................................... 82,699,889 feet normal production as against 27 per cent last month. Shipments ........................................ 79,670,987 feet Orders .............................................. 81,309,962 feet Despite the large increases in shipments, the unfilled Unfilled orders, February 28th .... 51,070,461 feet orders on the books of 42 reporting mills on FebruNormal production ........................107,092,949 feet Stocks, February 28th.................... 272,709,865 feet ary 28th totalled 51,070,461 feet as compared to the NOl111al stocks ................................ 301,510,494 feet 44,667,936 feet on the books of 41 mills January 31st. Production above shipments........ 3,028,902 feet= 4% Stocks at these mills on February 28th were 10 per ~= = Actual production below normal 24,393,060 feet=23 % Orders below normal production 25,782,987 £eet=24% cent below normal as compared to 13 per cent on Stocks below normaL. ................... 28,800,629 feet=10% January 31st. ~IIIIII II I II I IIIIIIII I IIIII IIII IIIII I'llll l l ll llll lllll 1111111111111111111111 1 1111I1111111111111 11 1 11111 1 1 1111IIIIIIIIIIIIIIIIII IIII II IIIII I IIIIIIIII IIIII II I I III I IIIii BUILDING Building operations after showing considerable activity during January fell off to some extent during February. This falling off is partly attributable to the bad weather and the short month. February valuation of permits issued in the district's principal cities amounted to $4,419,789 as compared to $4,960,078 for January. The number of permits issued increased from 1,653 during January to 2,114 during February. - ! _ '111111111111111111111111111111111111111111111111 111111111111 1111111111111111111 11 11111111111 111 111 11111111111111111111 111 1111 111 11 1111 11 11 111 111111111111111111 11 11111111111111 111111 111 11 1111111111111 111 111 111 111111111111111111 11111 11111111 1111 11 1111 1111111 111111111111 11111111111111 111 1111111 11 111111 11 11111111 111111111 11 111111111111111 1111'; :'b::~~~7,~ PER:~=ry, "" Austin .................................................................. Beaumont ............................................................ Dall as .................................................................... El Paso.................................................................. Fort Worth............................................................ Galveston ............................................................ I I~~~sl~~~;;i~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::: _ No. 24 70 353 88 152 340 ~~~ Shreveport .......................................................... 220 Total ............................................................ 2,114 Valuation 65,940 89,580 1,617,010 216,327 259,156 374,879 ~t~:~~~ 396,395 No. 24 60 294 80 166 260 ~!l 180 4,419,789 1,655 Valuation 39,940 81,598 2,291,791 145,924 385,139 212,990 I.;;~" +65.1 + 9.8 -29.3 +48.2 -32.7 +76.0 F,,,"",,, "" No. 19 161 338 97 143 362 1,~~g~~ -1~:~ 4,960,078 - 10.9 1,630 238,295 +66.3 ~~~ 209 Va luation 9,202 83,575 1,378,255 239,595 256,355 133,487 ~~~:~~~ I.;;~" +616.6 ~ + 7.2 § + 17.3 § 9.7 ~ + 1.1;; +180.8 =1= 8~:~ 220,195 + 80.0 3;247,202 +36.1 5111111111 111111111111 111111111111111111111111111111 1 1111 111111111111111111111111111111111111111111111 1111 1111111111111111111111111 1 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111I1II11I11111111111111111~