Full text of Review (Federal Reserve Bank of Dallas) : April 1, 1922

View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

:!.111111I111111I11I111I111111111I11111111111I1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111'1,;.

iI''''''''''''''''''"''~;~~~'~~'''''';;~~;;'''''';;'''''''~~~~~;~~'''"'~~~''''"''''''''''''',,''

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)

- :11111111111111111111111111111111 111111111111111111111111111111111111111111111111111 11111 1111 1111111111111111111111111111111111111111111111111111111111111111111111111 11 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 II III 1111 III 11111 III llii
5111 11 11111 11 11111111111111 11111 111 111 111 1111111111111111 11 11 1111 1111111 111 1111111111111111111111111111111111111111111111111111111111111111111111 11 111 11111 111 111 11 111 1111111111111111 11111 11 11111111111111 1111111 111111 11111111111111111111 111 111111111111111111111111 11111111111111111111111111111111 11111 111111111111111111111111111111IIIIIII IIIIii

Volume 7

Dallas, T exes, April

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)

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
wheat,
corn
and oats, as will be seen from the com79,000 from the number of bales shipped during the
parative
figures
shown in the appended table.
preceding month. Exports for the current season
:!,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 111 11 111111111111111 11111111111111111 11IIIII111111 11 II111111111111111111 111 11 1111 11 1111111111 111111111111 11111111111 11111111111111111111111 11111 111;

"'' ' ' '''''''''''''''''''''''~:~;'~~~:'''~~~~;'' ;';:~ ;~8~ ' '5~ 1":5;":;~1':7:"';2" 1"1 "1 = =_1
u

---~----

511111111111111111111111 1111111111111 111111 111111111111111111 1111111111111111111111111111111111111111111111111111111111 11 1111111 111111111111111111111111111111111111

~~~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

;;,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

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

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

7 .<;

Ion

I?S

l'i f)

17.';

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

1921
Y922

.7,75

4 00

4 ::>.'i

4'iO

192/
19~2

/921
1922

NU Tn

Cio ..p !;

, a ~?

99 1

A uIC$

1921
Milch row1922

192/ .
OtherCott'f922

Swme

<;c;n

H Of:)(tS

Sheep

~? 'i

1921 c:J
1922 .

,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>

Oth. r(OH/.

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

2 475

2426

21 0 37

'2862'7

A ll [lasses
II

Uo n

1000, Oml

13 842

13 6 6 0 315 19 5 448009

(.0:

J92' ~
1922 _

- -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
the
various
centers of this district met
season
in
month a year ago. This was the first instance that
with
a
ready
response
from
the retail merchants and
a current month showed a gain over the correspondthe
volume
of
goods
sold
in actual dollar value
ing month of the previous year since the first reacamounted
to
19.7
per
cent
more
than during January.
tion in the fall of 1920. Furniture sales decreased
However,
sales
fell
short
of
those
during February,
from those of the previous month, but again forged
1921,
registering
a
decline
of
11.7
per
cent. As sales
ahead of those of the corresponding month of the
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

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

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
+132. 1

::~

-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.

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

22.9
15.0
21.8
2.5
17.0
669.1
7.4
40.6

All

Other

13.2
9.0
14.2

20.4
14.4
19.2

1.3
5.2
4.6

14.9
13.1
11.1

1.0
5.2
499.8
7.9
42.2

1.7
4.7
477.8
5.8
44.5

Total Distriot

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 ~

. :.~~~~. ~~. . ~~~~. ~. . . . ~~~. . ..~...~~~. . . . .:::::::::::::::::::::::::::::::::::::::::::::::::::::
I~ f~~:~~a~~~
Waco .................................................... .....................................................

~-= :

Totals, Eleventh Distl'ict................................................... ·.. ···.........

~-=

.11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 IlI1h~

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

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

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.

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$

...

30
20

...., V\ -.L

'
"
.-, ! -,
\
/
,

,
1-- J

I-..

,.
1/

V
V
\

..,/

Re en

e~ ItlE1 5

'--.... .......

r ../

/'.

\
\ \..,

....

-', , Re, en eC ,tie
I ,""

' ... e

To Qa1"

- Ij

Kc:.

/",

i',

....-;,; -;J~

'¥J7I ,c:.Tr PIn nKs OuJ :!,;Id'p

19 2/·

~- ~-

"'"'

" \,
I',

19 2()

10
~

19 '22

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

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:

Discount
Rates

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

~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~

San Antonio
L
H
C

Waco
L

Ft. Wor th
H
L
C

El Paso

Houston
H
L
C

Dallas
H
L

C =

-- ..

._--

. _..

--_.

-- ..

7
7

8
6

8
8

6
8

5
6

5
7

.. -.
5~

.. - .
5~

-- --

....

10
9

- - ..

8
7

8
6

8
7

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

·7

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 11111111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 111111111111111111111 1111111111111111111111111111111111 11111111111111111 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.

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
, 11th Distl'lCt ................................._ ... .
_T

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

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.

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 AIIIIIIIIII'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 ............................................................

II_ ~~~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~

Full text of Review (Federal Reserve Bank of Dallas) : April 1, 1922

FRASER