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::
MONTHL Y BUSINESS REVIEW
OF THE
FEDERAL RESERVE BANI( OF DALLAS
§
~
g
:
E
E
CHAS. C. HALL-W. J. EVANS,
LYNN P. TALLEY,
Chairman and Federal Reserve Agent
§
Assistant Fedoral Reserve Agents
(Compiled March 15, 1925)
~
:
§
~
E
i7 ,11111.1.,IIIIIIIIIIII"'III III .,IIIIIII.,ll lllflll., 1IIIIIIIIIIIII I IIII I IIIIII I II"llllllllllllllllIllllllllI1 I IIIIIIIIIII'IIIIUI,IIIII.IIIII""IIIIIIIII.I.,I1III1I1I1.,1I1I111I1111111.,IIIIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIII.,UII"'.,IIIIE
1111111111111111'"11111111111111111111111111111111""1111111111111111111111111"1111111111111111111111111111111111.11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111\
'l'his COpy released for publication in morning papers
Volume 10, No.2
Mar. 28
DISTRICT SUMMARY
0'1111111111111111111111111111111111'111111111 111 11111111 11 111111 1 111,1 1 , 1 ,111, 1 ,.,.,1,11111111111111.1".1.,,1,1111111111111111UIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII"IIIIIIIIIIIIIIIII.,IIIIIIIII111.,11111111111111111111111111,11111111111111111111111119
THE SITUATION AT A GLANCE
E leventh Federa l Reserve District
Febr;'ary
January
i~~~ri*f~~~;Fb~;~;l;:~i;~~~a~~:;~;it~~:: ~~~~~::~ : ~ ~: : : .: :.: .: .:.:.:.: : : : : : : : : :~.~: :~ : : : : : : : .:~~: · :~:'~:~:~~~~i% $:7~:~::;7~;%
§
..
..
Building permit valuations at larger cente rs ........................... .. ........................_.............................................
Commercial fai lures (number) ...................................................... .................................................. ........................
Commercial failures (liabilities )...........................................................................................................................
Oil production (ba!l·els) ;............................................ _................:..................................................................... ....
Lumber orders at pme m Ills (per cent of normal productIOn)....................................................................
::
(!J '111,1"11111111."'1.,""1"1"11,'1""
$
6,968,818
79
$ 1,670,801
12,808,811
88%
$ 6,958,217
78
$ 1,812,886
15,775,968
86 %
Inc. or Dec.
!;:
Inc.
Inc.
Inc.
Dec.
Dec.
6.8
:U~
.2%
1.8 %
27.8%
18.8%
S points
" ,,,1111"1"1,11""'11,1'1,.,11,1,.1','.1,11"1.111111,111111111111111 1 1,,11111".,1111,,1,1"',111'1111111"',.,,11'1111'111111""1, •• 11111111",1,11.,1111111111"11,.,1,11.,IIIIIIII.III ••• ".,.,'llnll[!]
The outstanding feature of the banking situation during
the past month was the increase of $26,000,000 in the de·
posits of member banks at a period when substantial wi th·
drawals are usually made. While there has been some in·
crease in the demand for credit accommodations, the de·
mand has been lighter than usual and commercial banks
have been amply able to take care of their customers out
of their own resources as is shown by the small borrowings
at the Federal Reserve Bank. A further evidence of the large
cash reserves of commercial banks was their heavy over·
subscription to the March 15th issues of the Treasury De·
partment.
The continued drouth in the Eleventh District is affect·
ing adversely the agricultural and livestock in dustries, is
curtailing the distribution of merchandise in rural sections,
and is causing serious concern in many quarters relative to
final outcome of the drouth situation. The winter wheat
and oats made poor progress during the month and the dry
weather is gradually reducing the stand. While the plant.
ing of corn and cotton has commenced in many sections,
planting operations generally are now being held up await·
ing sufficient rain to germinate the seed. The dry weather
has caused a further deLerioration in the livestock ranges
and in many places there is a shortage of stock water. The
grass is short and much feeding is neccssary to carryover
the livestock.
Consumers in the rural sections and in turn the retailers
generally are limiting purchases to actual needs until the
outcome of the drouth situation can be, to some extent, de·
termined. This curtailment in buying is being reflected in
wholesale distribution. The February sales in most lines
not only showed a more than seasonal decline from the
previous month, but a decrease as compared to the cor·
responding month last year. Furthermore, reports indicate
that March sales are proving even more unsatisfactory. On
the other hand, the consumer demand in the larger cities
continues active. The February sales of department stores
reflected a smaller seasonal decline than usual and were
9 per cent larger than in February a year ago. The volume
of public spending as measured by charges to depositors'
accounts at banks in the principal cities was 17 per cent
greater than in February last year.
The past month witnessed a further increase in the business mortality rate, both the number of insolvencies and
the amount of indebtedness being larger than in either the
previous month or the corresponding month of 1924.
The valuation of building permits issued at the principal
cities was practically the same as in January, and was
slightl y above the February, 1924" total. There was a sub·
stantial increase in the production and shipments of cement,
but the production and shipments of lumber declined. Re·
ports indicate that the drouth is retarding building operations in rural sections and thereby curtailing the demand
for lumber.
CROP CONDITIONS
Scattered sections of the district have been favored with call y completed and corn planting has become general in
rains during the past monLh, but the district as a whole many portions of the district. Cotton planting has begun
remains dry. The fa·ir, dry weather has enabled farmers in the Rio Grande Valley and other portions of South Texas,
to make good progress with farm work, but in many sec- and is gradually extending farther north. However, there
tions the ground is too hard for efficient plowing. There is not enough surface moisture to last very long and unless
are only a few portions which have sufficient surface moi s- there is rain within a short time much replanting will be
ture for planting and subsoil conditions are very unsatis- necessary. Peach and plum trees are in bloom and other
fruit trees are budding.
factory.
The winter grains in Texas made poor progress during
The sowing of spring oats and barley hafl been praqi.
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
the month and are suffering from the effects of the drouth.
Many sections of the state report that the dry weather has
further reduced the stand and that rain is badly needed in
most localities to stimulate their growth. Reports from
southeastern Oklahoma indicate that while winter wheat has
come through the winter in fairly good condition, more
moisture is needed at the present time.
The Department of Agriculture estimated that on March
1st there were 1,550,000 bushels of wheat, or 6 per cent of
the 1924, crop, remaining on the farms in Texas as compared to 7 per cent on the same date last year. The March
1st stock of oats on Texas farms was estimated at 10,756,000
bushels, as against 10,521,000 bushels on that date a year
ago. The present stock of corn was estimated at 20,332,000
bushels as against 26,825,000 bushels last year and 4.0,103,000 bushels two years ago.
LIVESTOCK
The drouth remains unbroken in most of the district's
range territory. The precipitation in Southeastern Arizona
has been beneficial to the ranges and has replenished the
supp ly of stock water, but drouthy conditions still prevail
in New Mexico and Texas. Although some rain has fallen
in the latter states, it has covered only scattered areas and
has been light in most places. In fact there has not been
sufficient rain to relieve the dry range conditions. The
effect of the drouth has caused a further deterioration in
the ranges and has created a shortage of stock water in many
places. In favored sections weeds and grass have started,
but over the ranges as a whole very little grass is available
and feeding has been necessary. This condition is aggravated by the lack of grain pastures which usually furnis h
considerable grazing.
The Texas cattle ranges on March 1st averaged only 69
per cent of normal as compared to 91 per cent on that
date a year ago. This condition represents a decline of one
point during February as compared to an increase of two
points last year. In East Texas and in the Coastal section there was a substantial improvement in the ranges but
in other sections there were moderate to heavy declines. The
condition of cattle averaged 75 per cent of normal as compared to 90 per cent a year ago. The sheep ranges declined
3 points during the month and on March 1st were 30 points
below the condition figure on that dute last year. The
condition of sheep declined four .points during lhe monlh.
Receipts of all classes of livestock at the
Fort Worth market during February were
substantially less than in January, but,
with the excep tion of hogs, were grea ter than in the corresponding month last year.
Movements
and Prices.
The outstanding feature of the market was the decided advance on hogs, the February top price being $12.40. During the first week in March the upward swing in the market
continued and carried values to $l4,.4,0 at the high point,
but later showed a reaction. This was the highest point
reached since October, 1920. There was a sharp downward revision on lambs and sheep, the decline on lambs
being $1.00, and a decline of 50 to 75 cents on sheep. The
cattle m~rk~~ was generally steady during February.
rn llllllllllllllllllllll lllll llllllllllllllllllllllllllllllill'111I1111 1 111111.tUII IIIII1I1I IIIIIIIII1II11111111 1011l111!I!)
§
FORT WORTH LIVESTOCK RECEIPTS
February Feuruary Loss or Janua ry
1926
1924
Gain
1926
§ Cattle ..........................69.364 44.691 . G 14.668 ,76.680
: Calves ......................... 10.810
9.622
G 1.188
16.065
E H ogs ........... , ........ ....... .40.658 43.444 L 2.886 50.941
: Sheep ............................18.029
9.200
G 8.829
30.461
::
.E
Loss or
Gain
L 16.176
L 4.245
L 10.388
L 12.422
E
.
§
:
E
::
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~ .~m :~~PARAT~::~I ::;~~,:c:.;~;?: J·t"~~..
E:::I
:§::I
. .,
Stocker steers ....................................
Butcher cows ......................................
Stocker cows ....................... ,..............
•
7.75
5.60
8.50
Il?~~:.: :~: : : : . :.:::::;:::::::::::::::::::::::::::j
8
(!]
6.26
6.75
3.75
7.25
5.50
3.75 •
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tUfl
111111111111111011111111111101111(11111111111111111111111"11111111111111111111111111111111111111111111111111111111118
While the February exports of cotton from
all United States ports showed a substantial decline from the heavy exports of the
three previous months, they were 91 per cent greater than in
the corresponding month of 1924. Total exports during the
present season have exceeded those of the previous season
by 43 per cent. Receipts and stocks of cotton at Houston
and Galveston con tinued considerably above a year ago.
Cotton
Movements'.
0111111111111111111111111111111111111111111111111111111111111111111111111111111111'11111111111111111111111111111111111118
:: COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON ::
E
February February AuI';. 1s t to F eu. 28th E
1925
1924
This
Las t
§
Season
Season :
:: Net receipts..................
249.161
125.41 2
8.305.885
2.621 .258::
:: Exports ........................
382.198
157.680
2.928.454
2.428.900 ::
:: Stocks. Feb. 28th........ .,.................... ......................
468.108
281.044 ::
I
§:
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(!)
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~:; ~;~~B~;~~;~:::~:~=:C:S~~;:~d:~:: F'l;,;;::
For other foreign ports........................................
For coas twise ports ........................................... ,..
In compresses and depots......................................
45.500
10.000
3G8,410
9.508
6.500
212.686
Total ....................................................................
468.108
281.044
I:.
§
§
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[!]
rnllllllllllllllllll'IIIIIIIIIIIIIIIIII'llllllllllll'll1111111111'111111111111111111"1111111'111111111111111III.IIII.III[!J
HOUSTON COTTON MOVEMENTS
Feurll ary FebruR'.y Aug . 1st to Feb. 28th
1925
1924
'l'his
Last
Season
Season
§ Receipts-Gross ..........
333.03b
130.058 4.405.703
8.286 .280 §
:: Receipts- N et ............
172,921
54 .34 1
2.4GB.8Ra
1.740.386::
:: Exports ........................
1GO.298
61 .0191 1.459.41 6
958.203 :;
,§, Stocl,s. Feu. 28th .......... ...,................ .....................
543.739
282.571 :;
§:::.:
:::::§.
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"~:~~~~~~~'~~,~~:~~~:~~;':i~;i!l:;;;~~:qfi:~.~"'l: ':.
Illxports: Great Britain ..........................
France ........................................
Continent ..................................
§
Japan-China ............................
::
Mexico ........................................
::
Total foreign ports..................
: Stocks at aIJ U. S. ports, Feb. 28th....
e,..
rn
::
::
§
2.521.433
700.1 57
18.082
6.062.696
1.285,025
1.782.091
452,699
5.632
4.241 .01 2
764.7H
§
::
:;
:
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SPOT COTTON PRICES
(Middling ba s is )
Februn r y. 1925
~
New York ........................................
Hig~1.85
Lo~1.2r,
J.
Galves ton ..........................................
25 .80
21.10
I ~~~!'::.l.~:~:~~:::: : : : :: : : :: : : ::::: :: : :
~i:~~
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::
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Ma rch 14.
§
102~5.00 ~
~U~
26.25
i
::
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3
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
.:
a
ffi:::::::
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COrl' rON GROWING S'11A'l'ES
February,
February,
1926
872,624
1924
349,902
• Cotton consumed ..................................•....................................
: Cotton on hand at end of month:
.
(a) in consuming establishments...................................... .. ................ .. ............ ....
:
:
(b) in public storage and compresses.......................... .... .. ................ ..................
UNITED STATES
Aug. 1st to Feb. 28th February,
S~!:~n
S~:,s;n
2,403,980
2,422, 244
914 ,801
2,761,915
946,245
2,205,587
1926
550,132
,
................
................
February,
1924
508,677
................
................
Aug. 1st to Feb. 28th
S;:ai~n
S~;n
3,489,487
8,606,044
1,546,210
8,075,140
1,688,439
2,497,076.
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WHOLESALE TRADE
The slackening in the demand for merchandise at wholesale was a significant feature of the trade situation during
the past month. Following the active distribution during
December, January and the early part of February, a reaction set in in most lines and there has been a steadily declining demand. The February sales in most of the reo
porting lines of trade not only evidenced a decline which
was more Lhan seasonal as compared to the previous month,
but there was a smaller distribution than in the same month
a year ago. Business during the first half of March was
(!]
I!l
gener.ally disappointing. The decline is attributed largely
::
COTTONSEED PRODUCTS SHIPPED AND AVERAGE PRICE
to ,the widespread drouth, which is reaching serious pro·
portions in most sections of the district. The unfavorable
RECEIVED product:ebrl1a:v. Price
crop outlook has curtailed consumer buying, which in turn
Shipped
F.O.B. Mil l
has limited buying at wholesale. Despite the slow moveCr ude oil ................................................. 21,829,H3lbs. $ .0906 per lb.
ment of merchandise at the present time, dealers generally
Cake and meaL......................................
86,189 tons 37.25 pcr ton
E Hull. .........................................................
34,451 tons 9.22 per ton
feel that if there is sufficient rain within a short time to
.;, Linwrs ......................................... 4.......... 10,835 ,575 lb..
.0400 per lb.
allow the farmers to proceed with planting operations under
:
COTTONSEED RECEIVED AT 'l'HE MILLS
@ favorab le conditions the spring business will be satisfactory.
Retailers are operating cautiously. As a rule they bought
§
l i'ebrual'Y Jnnuul'Y §
:: Cottonseed received at l'eporting mills (tons) ........ 27,639
59 ,481:
liberally
early in the year but are now awaiting the outcome
:: Average price per ton p .dd for seed (including
:
.;,
freight) ...................................................................... $38.53
$40.65 :
of the drouth before making further purchases other than
those to cover current requirements. While retailers' stocks
0
are generally well assorted, they are below normal in most
instances and in case Lhere is a revival in consumer demand,
STmSnCS OF
I::
it will be immediately reflected in wholesale channels.
The February distribution of dry goods reflected a seaCottonseed received
sonal gain of 24,.4, per cent as compared to the. previous
at mills (tons) ... 4.....
1,507,000
1,292,000
4,83 6,000
8,124,000 :
:
§ Cottonseed crushed
§ month but was 7.5 per cent below the corresponding month
1,294 ,000
1,096,000
8,761,092
2,713,305
of 1924" Retailers are making their purchases mostly as
559,626
386,018
220,000
204,000
the demand arises, and are placing but few orders for for(pounds) .................. 875,485,000 306,897,6561,129,162,513 808,600,65'1
ward
delivery. Dealers state that the dry weather is curCake and meal pro·
duced (tons) ..............
602,000
510,635
1,716,842
1,259,884
tailing consumer buying and this is being reflected in reHulls produced (tons)
874,000
321,098
1,078,000
778,413
duced purchases at wholesale. Prices are firm with an
L inters produced
(600-lb . bales) ..........
244,000
218,046
732,000
665,972
upward trend.
Stocks on hnnd
end of Feb.:
There was a decline of 13.4, per cent in the February
Cr ude Oil (pounds).... 82,080,000 34,219,886
96,922,000 107,227,013
sales of drug firms as compared to Lhe previous month, but
~ Cake and meal (tons)
44,000
52,082
210,571
218,989
: H ulls (tons ) ..................
60,000
61 ,478
193,000
138,360
an increase of 2.0 per cent over the same month last year.
:; Linters (500-lb. bales)
46,000
64,787
166,991
173,533
Retailers are showing a disposition to avoid forward commitments and are making purchases to cover current needs
TEXTILE MILLING
only. Stocks in the hands of the retailers are as a general
Gradual improvement in the textile industry continued rule lighter than usual but are well assorted. Reports in·
during the past month, but buying is still being confined to dicate that consumers are limiting purchases largely to
nearby deliveries. However, the volume of such buying is actual necessities, thereby reducing distribution. Dealers
steadily increasing. Orders on hand at the end of the state that the dry wea~her is beginning to affect business,
month were substantially larger than those on hand a year Prices remained steady with an upward tendency.
The February sales of reporting farm implement firms
ago. Due to the short month the February production declined 8.9 per cent from January but was 7.7 per cent reflected a marked decline, being 38.6 per cent less than in
January, and 23.5 per cent less than a year ago. The dl'outh
greater than in the corresponding month last year.
~'IIIIIIIIIIIIIIIIIIIIIIII I IIIIIII I I I IIIIIIIIII It II I I'I I "I I " '1 1 I I I II III II I IIIIII I III I III II IJI, ' IIIIIII I I I I I III IIII II. Gl
which is retarding planting operations has greatly reduced
E
TEXTILE MTLLING STATISTICS
E
Lhe demand for implements. Bookings for forward delivery
§
Februm'y February
January E
have
been generally light and some orders placed last fall
E
1926
192<1
1926
§
for spring delivery have been cancelled. The outlook for
E Nu mber bales cotton consumed......
2,887 '
2,367
2,626 ~
:; Number spind les nctive....................
79,872
79,872
79,872 :
the spring. is ~ependent upon the developments in the agri: N umber poun ds cloth produced.. ....
1,165,579
1,082,662
1,278,924:
cultural sItuatron. Dealers are of the opinion that there
[EJ
COTTONSEED PRODUCTS
Shipments of cottonseed producLs from the Eleventh Dis·
trict's mills were on a smaller scale during February than
during the previous month. The average price rece ived for
the February shipments of crude oil of 76 mills was $0.0906
per pound, as compared to $0.0916 in January. The price
on hulls, cake, and meal showed a further gain . Hulls were
sold at an average price of $9.22 per ton in February as
against $9.15 per ton in January. Cake and meal brought
$37.25 in February as compared to $36.07 in the previous
month.
1111 .11 111111 1 11111111111 1 111 11 11,1 111 111 1 1 tit 111 1 111 1111 111111 111 111 1 11111 1 1 11 111 1 1111 11 111 1 111 1 11 1111 11 11 11111 11 11 11
::
:::
1
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m
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':"'1 1111111111111111111111111111111 11 111111 11 1111 111111 1111 1111"1111111"'" 11 11 11 111111 111 11 11111111""I II IIIIIIIII III@
1 1111111111111 11 11 11111111111111 11 111111111111 11 111111 111 111 1 1111111 1 11 11 III I I I I I III II II I III It I IIl I II I IIII IIIII" ' II II&!l
1:
:.
CO::b;~;·~;;::TT::~l~~:~~i~::
.
GII IIIIIIIIIII ... 11111I111I1111111111111111 1 111111111111111111111111111111111111I11 1I 1I1I 1 111"" fl IIIIIIIIIIIIIIIIIIIII ID
111111111111111111111111111111111111111111111111111111111111111111111111.11111.111 .. 11111111111111111111111111111111111 0
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
4
-----------------------
will be a revival of trade if sufficient rain comes in time
for planting operations to be carried on under favorable
conditions, as the farmers are financially able to make the
needed purchases. However, they are delaying buying to
see what weather conditions will do.
There was a decline of 4.8 per cent in the February sales
of reporting grocery firms as compar~d to the previous
month, but a slight gain as compared to February, 1924..
Reports indicate that there was a further slackening during
the early part of March, but the decline has not been so
marked as in some other lines of trade. Dealers state that
there has been a tendency for retailers to increase their
stocks since the first of the year and that at the present
time stocks are normal in some sections and above normal
in others. This is accounted for by the fact that there
seems to be a shortage of some items and that prices are
showing a tendency to work to higher levels.
While the sales of hardware during February were sliahtly above the previous month and 10.9 per cent greater than
a year ago, reports indicate that there has been a curtailment in demand since the first of March due to the drouth.
Retailers are confini~g purchases largely to immeoiate
needs. While dealers are still generally optimistic reD'arding the spring business, they state that it will be deter~ined
by the outcome of the drouth situation. Prices since the
first of the year have shown an upward tendency.
r-1
l!J1111 11 11 1111111 11 11 11 1 1111 111111111 111111 1111 111 1111 111 1 1111 111 1 11 111 " 11 11111 111 1 11 11 1 1 .. 1 .. 11 11 1 11111 1 111 11 I
::
BUSINESS
I
FFebb. 11 925, comparedd w.ith Feb. 1924.............................................................
e . 92of
compare
WIth Jan.
1926....................
5, sales
Percentage
to average
stocks
in
... ............ ..........................
E
~:~~~:ry. m~
§ Percentage ~f sales
. .... . . . . . .. . . .. ... . . ....... .··.........
. . . .·....·....····. ....·····.. ......... . .. .........................
. .... . . . . . . .
i~ ~~·~·~~~~ · ~ t;;~k~·.:.::.
I Rat!~:Ei !~U~E~t~tl:r~f::: I:; ~:i::;~~;~;~::~~:;.:~~:;~:~::::::::::::::::::::::: :::::~:: : ::
:: RatIO of F eb. collections to accounts r eceivable due and outs ta nding
Feb. 1. 1926 ..............................................................:....-. ....................................
m
1' .,1 11, ••• ,1 11 1,.,1 1,., • • "11, •• ••
:
:
::
:
§
::
:_:
E
t
[!J 11I1 11I1I1I 111 .. 1I1 1 1' 111'1111 1 11111 I U 1111111 111111111 1111 1111 1111111111 1 1111 11 11 11 111 ' 111 '1 11111 111111 CC111111111 11 1 8
RETAIL TRADE
Department store trade reflected a further improvement
during February. The decrease of 4,.1 per cent in the sales
of twenty-four firms was less than the usual February decline, and there was a gain of 9.3 per cent in sales as compared to the corresponding month last year. Merchants
generally have had good success in clearing out their stocks
of winter merchandise, and the fair weather has stimulated
the buying of spring merchandise.
Stocks on hand at the close of February were 1004, per
cent greater than those at the end of January, but 4,.2 per
cent less than a year ago. The percentage of sales to average stocks was 21.2 in February as compared to 18.5 last
February, indicating that the merchants are obtaining a
better turnover.
The ratio of February collections to accounts receivable
on February 1st was 4,0.5 per cent as compared to 42.6 per
cent in January and 38.5 per cent in February last year
•
Dallas
+ 8.0
- 1.6
+ 7.6
+ 65
No~e
+ 7
.8
Ft. Worth
Houston
+10.4
- 4.4
+ 7.4
+11 .8
- 8.8
+ 9.9
_ 2.7
+10.6
_ 1.6
+10.9
- 10.5
+ 5.4
- 4.0
+ 12.4
-+10.4
4.2
19.1
21.1
16.0
17.9
20.3
24.7
18.4
21.2
18.6
21.2
~~:~
1k~
~~:g
~~:~
11.6
39 2
t
~U
10.3
86 9
8.0
40 9
All
Others
9.'14
13
+ 8.4
+11.4
-15.1
+11.0
Total District
9.3
- 4.1
7.8
+10.7
13 4
.
7.2
+18.9
+2
5.1
+10.7
2:.
7.8
43 S
+
+
+10.2
- 8.8
9.2
+
10.0
40 5
,1,., 1, . " . ,11 1 1 11 11,., 11 1 ,.1 1 1 1 11 " ' 1" ' 1 ""1 1 111 "1 1 11 1 11 1 1 1, . ,1" ""111., I I .,'f., I I I I III I II I . , IIII I III I.:., III I II I II.,. , 1 1 1 11 11 11 1~' I I I III I II II I"III I "I";'llllllll ll fl lllll l l ""'·""1"1 1 111 11111 1111 11" ;" ' 0
FINANCIAL
The volume of checks charged to deposi"tors' accounts
at. banks. located in the fifteen principal cities of this distrIct dUrIng February reflected a seasonal decline of 13.2
per cent from January but was 16.9 per cent greater than in
the same month last year.
1!l '11. , II . , ., I '.' •••• " " . , • ••• ••• ", . " . " ,., •• , •••••• """ ' 11 1111 1 11'1 1" "" 1 111 1 11 11 1 1"'1111 1 11111 11"111 "11 1 111 1i1!]
Februa ry February [nco or January lnc. or
1924
1926
1926
Dec.
Dec.
$ 8,396.000 $ 9,618,000 - 11.8 $ 11,016,000 - 28.8
26,861.000
18,962,000 +14.8
- 16. 8
21,767,000
18,912,000 - 6.6
16.913,000 + 11.1
17,686,000
11,441,000 - 10.8
7,942.000 +29.2
10,266.000
203, 672,000 168,471,000 +20.9 286,899,000 - 14.0
86,127,000 - 10.3
88,107,000 - 4.8
81,514,000
91,940,000 - 22.9
63.746.000 +11.2
70.890.000
68,018,000 - 18.4
37,731,000 +25.4
47,821,000
144,491.000 114,001,000 +26.7 161,414.000 - 4.6
2.994,000 - 3.6
2,868,000
2,888,000
+ 1.0
40,628,000 - 9.4
80,684,000 +19.6
36.707,000
42,171,000 - 11.6
37,321,000
35,789,000 + 4.8
10,904,000 - 16.3
9,231,000
7,984.000 +16.6
9,266,000 - 12.4
8,107,000
7,941,000 + 2.1
25,474,000
- 22.3
19,797.000
18,409,000 + 7.5
A IbuQuerQue
A ustin
B eaumont .......
C orsicana .......
D alIas
E I Pas~"':::::::: :::
F ort Worth ...
Galveeton .......
H ouston
Roswell ............
S an Antonio ...
S hreveport ....
§ Texarkana
:: Tu cson _...........
aco ...............
'rotal, 11th
District.... _ $670,061,000 $678,066,000
!W
E
§
II
:: Total sales
::
Feb. 1926. compared with Feb. 1924...................
Feb. 1926, compared with J a n. 1925... ................ ::::::::::::::::·::::.................... ..
:: C d-"!"tan. lIst to date comparcd with Same period last yea~ .... :::::::~:::::::::::::
:
re I sa esE
~ebb. i~~~' compared with Feb. 1924........................................... .................
:
• e ..
, compared with Jan. 1926........ ..........
::
Jan. 1st to date compared with same pcriod i·~·~·t· ·~~~~· .. ·.. ····.. ··: .. ·.. ····..
:: Stocks........... -.............
::::
::
::
OF I IDli;;;:R;;MENIri!l l s~IORI~S IIIl I IIII IIIIII I II I I I II II I IIII 111111 1 11111 1 1111 1 111 1 1111 1 1111111 1 11111 1 1111 11111 1 1 1 11111111m
§
§
[!)
DONDITION OF WHOLESALE TRADE DURING FEBRUARY, 1925 ::
Per centage of Increase or Decrease in
::
N et Sales
Net Sales
Stoeb
E
Feb. 1925
Jun. 1 to d'.'tp
F eb. 1926
§
compared with compared ~Ith compared with ::
same period
:
Feb.
Jan .
las b yea r
Feb.
Jan. :
::
1924
1925
1924
1925
Groceries ...................... + .3 - 4.8
+ 3.9
+ 8.8
3.7 §
Dry goods...................... - 7.5 +24 .4
- 17.8
- 19.2
1.7::
Farm implemen ts........ -+ 1203.'95 -+88.' 36
- 7.6
- 7A .7 §
_
Hardware ....................
+ 7. 8
- 2.G + 1.3
Drugs ............................ + 2.0 - 1.1.4
+ 4.0
+ 6.2 + G.8 ~
~'lIl l llllll l ll ll llltlllllllllltlt l t"lllIlItllllllltllllllll 111111111 1 111111111111111111111111111111111111 1 1 1 111 1 111ti l
"I
+16 .9 $771,944,000
--- 18.2
e " I IIII IIII I " Ultltl lllll l l l l ltllll ll l llll lll ll lllll lllllll ll lllll lll1111 11 11111 1111111 111 111111 11 1111 11 11 111 11 111111 [ 1
There was a further sharp decline in the
~olume of acceptances executed by acceptmg banks of this district and which were
outstanding on the last day of February. The acceptances of
these banks ou~standing on February 28th totaled $2,653,993.75 as agamst $3,723,4.73.99 on January 31st. The
amount of acceptances executed against import and export
transactions declined from $2,259,359.50 on January 31st
to $1,127,614.31 on the last day of February, while those
based on the domestic shipment and storage of goods increased from $1,4.64,] 14,,4.9 on January 31st to $1,526,379044 on February 28th .
Acceptance
Market.
During the four weeks' period ending
March 4,th there was a further gain of
$11,385,000 in net demand deposits of
member banks in selected cities, and
$2,004,,000 in lime deposits. Their loans
during the same period increased $11,307,000, this increase
being about equally divided between commercial loans and
loans on corporate securities. Their bills payable and re-
Condition of
Member Banks
in Selected
Cities.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
discounts with the Federal Reserve Bank during February
declined $34.9,000, while their reserve deposits increased
$1,512,000. The ratio of loans to net demand deposits
stood at 83 per cent on March 4,th as compared ~o 85 per
5
cent on February 4.th, and 91 per cent on March 5, 1924.
It is interesting to note that on March 4, 1925, the deposits
of these banks were $71,436,000 greater than on March 5th
last year, and loans were $4.6,601,000 greater.
~11I1I111111'1111111111111'lllllllllllIlllllllllllllllllItI 11111111111111111111111111111111111111111111111111111111111'111111111 11 1111111111111111111""1111111111111111111111111111'11I11111111111I111111111111I111111111 1 'lllIllllIlIllftlllllll.III I III I@
CONDITION STATISTICS OF MEMBER BANKS IN SELEC'I'ED CITIES
1.
2.
8.
4.
5.
6.
7.
8.
9.
10.
11.
:
:
:
Mch. 4. 1925
49
$50,271.000
21.198,000
8.612.000
78.286,000
24 1.205 ,000
294.450,000
95.929,000
32,666.000
1,750.000
88 %
Number of reporting banks.............................................................................................................
U. S. secur ities owned......................... ...................................... •.......................................................
All other stocks. bonds and securities owned.................................................... ..........................
Loans secured by U. S. Government obligations........................................................................
Loans secured by stocks and bonds other than U. S. Government obligations...............
All other loans .................................................................. ~.. ... .......... .. ......... .. ...... .. . ........ ...... .. ......... .. .
Net demand deposits ......................................................................................... :......................... .....
Time deposits ................................................................................................ ~........... ..... . .. . .... .......... . ..
Reserve with Federal Reserve Bank........................................................................... ................ ....
Bills payable and rediscounts with Federal Rellerve Bank.................................................. ...
Ratio of loans· to net demand deposits................................................... ..................................
·Loans include only items 4 and 6.
Mch. 5. 1924
Feb. 4. 1925
49
$ 49.152,000
21. 277,000
3,710,000
67,884,000
235,652, 000
283,065. 000
93.925.000
81,154,000
2,099.000
85 %
5~
$55.792.000
14.077.000
3.168.000
61,199.000
207 ,090,000
230.952,000
87.991.000
25,598,000
4,487,000
91 %
_
61111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111III I IIIIII'"ItIIIIIIIIII' I I III IIIIIIIIUIIIIIIIIIIIIIII"1111111111111111111111.1111,1111111111,11111111.111111111.,1111.,11111111111111111,,1,.,1,11111.0
29, 1924. The number of savings depositors of these banks
on February 28th was 225,606 as compared to 222,333 on
January 31st, and 196,778 on the last day of February,
1924,.
Savings
Deposits
The savings deposits of 104, reporting
banks which operate a savings department
reflected a gain of 2.4 per cent over those
of January 31st, and 7.0 per cent over those of February
~""'IIIIIIII"IIIIIIIIIIIIIII"'"I1III1I1I1I1I1I1""1I1I1I1I1I1I1I1I1I1I1I1I1I11i 111111111111111111111111111111111111111111 11 11111111'"1111111111111111111111111111'111111111111111111111111111111111111111111111111111111111111111111111111' IIIIIIII~
: _~
S~;'~~:'~ Amount
~8~~~~ITSof Number
February 29. 1924
of Amount of Inc.
:
Beaumont ...................................................................... _
:
El Paso ..... .................................................................... _
:
:
:
~
Houston ................................................... ........ ...............
San Antonio ....................................................................
Shreveport ....................................................................
Waco ...............................................................................
Wichita Falls...............................................................
All others.....................................................................
~
Total ................................................................. .......
§ Dallas ............................................ ................... _..............
§ Fort Wort h ......................................... .......... ..................
§ Ga lveston...........................................................................
~
:
Number of
Reporting Number of
Banks:
Savings
Depositors
4·
4,719
6
48,688
8
16,018
8
12.878
8
18,494
12·
89.22 0
6
28.852
5
24.185
5
7.772
8
6.676
54·
88.664
104
225,606
m· Only 8 banks in Beaumont. 11 banI,s in Hous ton. and 51 banks in all
0
Savings
Savinge
Deposits Depositors
2.288.458
4.409
13.869,885
85.535
5,882.444
14,914
4.767.688
11,805
8,180,916
11.214
19.861.769
82,876
10.966,285
20,058
9.714.209
22.738
4.187.429
5.741
1.568.288
6.598
14.818.294
81.895
Savings
Deposits
2.286.905
11.514,290
6.751.128
4,311.765
7.298.368
18.871,278
9,756,248
10.991. 010
2,920.540
1.647.664
18.871.620
January 31, 1925
or Number of lAmount of Inc. or
Dec.
Savings
Savings
Dec.
Depositors Deposits
+ .1
4.778
2.879.6 27 - 8.8 :
+20.5
48.214 18.585.102 + 2.1 §
- 18.6
15.724
5,899.519 - 1.1 :
+ 10.6
12.868
4.566,571 + 4.4 §
+11.5
13,274
7.918,550 + 2.7 E
+ 8.1
88.500 18,997,108 + 4.6 :
+ 12,4
28.089 10.885,897 + 1.2 :
- 11.6
28.857
9.879,998 + 8.6 :
+48.4
7.585
4,105,476 + 2.0 §
- 4.7
6.608
1.536,815 + 2.0 :
+ 7.0
88.446 14.096.255 + 1.5 ~
::::1_
95.500.605
196.778 89.215.796 + 7.01
222.888 1 93.275.913
thers reported t he number of sllvin gs depositors.
~
+ 2.4
:
1111111111111111111111111111 ... 1111.1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 .. 1111 ....... 111111111111 .... "" .. 111111,1,., .. 111111111111111111111 .. 11111.11111111111 .... ,111111".11,1,11118
lilllllllllllllllllllllllltl., ..... ,II .. IIIIIIIIIIIIU .. III.II .... IIIIIIIIIIIIII .... 111,11111111111, ... 1111111111111111111111"11 11 11111,1111111111111111111 .. ,",111111111111'"11IIUlillfllIlIlIlIlIlI.,IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII£!]
MARCH DISCOUN'I' RATES
Dallas
Rate charged customers on prime commercial paper s uch
as is n ow eligible for rediscount under t he Federal
Reserve Act:
(a) running 80·60-90 days .................................................. ..
(b) running 4·6 months ....................................................... .
R~~~e~~:bf,ed ~~~ ~.~~.~s ~ ~.~~~~ ~.~~I~.S: ~.~.~.~.~.~.~ ~:. ~.i.~~~
... ...
... ..
...
...
.... ...
Rate on ordinary commercial loan s running SO·60-90 days
secur ed by Liberty Bonds a nd certificates of indebted·
ness (not inc luding loans to ena ble purchase O'f bonds)
Rate on loans sccured by prime stock exchange or other
current collateral
_
(a) demnnd .......................................................................... ..
Rate (b~nti~~m·':;;~di·t;·"·X;~~·~~:""~~~~;:~d""b~""~~~~h~~~~""~;;:
§
~ . Ra~~ipo~· c'::tCtle.. i-;;;{~~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
m
EI Paso
P revai linll' Rates
Ft. Worth
4-6
4-6
8
8
Houston
San Antonio
4-6
4-6
5-6
5-6
Waco
1- - --
H-8
4,· 8
5-7
5-7
6-H _~:
4t-G
6.7
5-6
41-5
6
4!.6
8
5 ~ .6
5.6
4,. 8
6
6.6
5·7
8
8
6-8
6-8
5-6
5·6
6-8
6·8
6-7
6-7
4t~
~
t~
::~
t~
I . . . . . . . . . .:::::.:=;;;.............. i
-_§::_
§
§
6.:~a§
UUI ....... UIlIlIlIlI ............ UIlII .. UIIIII"IIIIIII'tlttllllllll111""111 1 1111111111'111.,11111,111111." .. ,11, ' 11 111111111.111111111111111 .... ,1 .. 11 .. 1111111111 .......... "1111111 ... 111111111".111111 .. 11111111111 .. ,.11111I11I1I11111.111 ••
(!JUIiItI
§I!'e
: "-1c
: Ap
:M
EJu
: Ju
: Au
: Se
i Oc
: No
~ne
: Ja
- Fe
mill"
:::~~~~ ~~
4:
0:
7:
8::
4:
8:
4:
1:
6:
5 E
J:
5:
1:
:
11I.,IUIIIIIIIIIIIIIIII11 11III1111I11111I1111111111I11111I1I1I1111tlllllllllllllllllllllllllllllllllll.fll.lIl1ll(!)
The total dep osits of member banks in this
Deposits of
Member Banlcs'. district which amounted to $84,7,323,000
on February 25th were not on ly $25,892,.
000 greater than those on January 28th and $95,6] 6,000
greater than those on F~bruary 27, 1924" but were $18,·
729,000 larger than those on December 24" 1924, which was
the highest figure previously reported. During February
demand deposits gained $19,581,000 and time deposits increased $6,311,000.
Operations of
the Federal
Res'erve Bank.
The limited demand on the part of memo
ber banks for rediscount accommodations
continued during February. Loans to
member banks reached a new low point on
February 10th at $1,889,000, but there has been a sli ght in-
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
6
crease since that time. While loans on February 28th were
slightly less than those on January 31st, there has been an
increase in the number of borrowing banks and a tendency
for the demand for credit to shift from reserve city banks
to country ban)cs. At the close of February 54 banks were
owing to the Federal Reserve Bank as compared to 38 at the
end of January. On February 29, 1924, there were 14.1
banks owing us $10,181.250.
Due to a further reduction in our holdings of bankers'
acceptances, total bills of all classes declined from $25,·
455,441.31 on January 31st to $17,803,381.97 on February
28th, distributed as follows :
Member banks collateral notes (secured by U. S. Government
obligations) ...................................................................................... $ 389,500.00
Rediscounts and all other loans to member ba nks................ ........ 2,259,593.80
Open market purchases (bankers ' acceptances) .............................. 15.204,288.67
Total bills held .............................................................................•.... $17.803,381.97
Federal reserve notes in actual circulation on February
28th totaled $4,6,274,135, which was $1,4,35,665 less than on
January 31st, but was $1,4.73,975 greater thun on February
29, 1924. The reserve deposits of memb er banks totaled
$66,154,077.86 or $1,281,516.98 greater than on January 31st.
FAILURES
Commercial failures in February reflected a further slight
increase over the previous month and were substantially
larger than a year ago. There were 79 insolvencies in February with an indebtedness of $1,670,801, as compared to
78 defaults in January with liabilities amounting to $1,312,836, and 57 failures in February, 1924., which owed $1,280,54.8.
PETROLEUM
Production of crude oil in the Eleventh Federal Reserve
District declined during February to 12,808,811 barrels
from the high mark of 15,775,968 barrels produced in January. That the decline was not entirely due to the twentyeight day month is shown by the fact that the daily average
production during February amounted to only 457,457 barrels, as against a daily average of 508,902 barrels during
January, a decrease of 51,445 barrels. Although there were
574 new wells completed during February as compared to
530 in January, only 370 were successful and netted a flush
production of 97,602 barrels of crude oil, as compared to
366 successful wells in January from which a flush production of 376,845 barrels of oil was obtained.
The major portion of the decrease in oil production in
this district during February was caused by the slump at
the Wortham field. While more wells were brought in during February in this field than in January, the slump in
production was enormous. Louisiana daily average production increased slightly.
Crude Oil
Prices.
The crude oil markets in this district are
firm and premium p ayments are being continued in order to guard crude supplies.
During the period February 13th to March 12th, the price
on North Texas oil increased 35 cents per barrel ; Texas
Coastal rose 25 cents; Corsicana light, Mexia, and Currie
advanced 20 cents, while Corsicana heavy remained stationary. There was an increase of 25 cents per barrel in the
posted prices of all Louisiana oils.
8.111111111111 111 1 11 • • , 11 111 111 11 11,.111111 1111 " ' 11 11 111111 1111111 1 111 111111 11 11111 ' 11 '111 11 11 11 1 " 111 1 1" 11"'1 1 111111 1 111 11 11 11 111"11"" ' 1,1111 1 111111"'11111 1 11111111111111111111111 1 111111"1 " 11 '1111"'111 11 11.11111111111111111111 1 1111 111 • •• 1. 1 18
!§.
~I~?ST;;;;;;:::
T:~~~~1!~~:O~ii~'2;N lI~iii~;;' A:m~ iE T:11rui"~;:~~;f:m
: • • •••• • • • • • • • :
Miscellaneous fields ......................................................... .
--_--:
Total, Texas ................................................................
North Louisiana ...~. . ............ .................. .. . ... ... .. . . ......... . ....
11,215.727
~00,561
14,023.72~
56,896
1,752,244
~67,~57
§
452,878 Dec .
56,524 Dec.
2,8 07,997
169,160
Dec.
In c.
51,817
872
§!---_.:_
~
Total, 11th District....................................................
12,808.811
15,775,968
508,902 Dec. 2,967,157
Dec.
51,H5
(!J 111111111111111111111111111111111111111111111 1111 111 11 1 II 1 II II tI 1 II It ti l II II till I (11111111 111111111111 11 11111 11 11 111111111 11 1... 11111 UII I 11111111 II II I 111111 111111111111111111111111111111111111111111111111111111 tlIIIUIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIII l!]
~_
• • IIt1I1III1 I I1II1I1I1I1II1I1IIII1I1 .. I II IIIIII.IIIIII.11111111 1 111 11 1 1IIII III I I J I I I IIIIIJ IIIIIIIIIIIIIII IIII IIIIIIIIII I~_'
FEBRUARY DRILLING RESULTS
:
E
:
E
:
i:::
Com·
ProF ield
pl etions ducers
North Texas .....................................
221 188
Central-West Texas .......................
207
151
5
...:::::::::::::::::::::::::::::::::
13
3
Miscellaneous f ields .......................
11
Texas wildcats ...............................
~~~s T~~::t~~
0~5. 8~0...
-----Totals, 'I'exlUI ...........................
585 857
N orth Louisiana ...
39
23'"
-----February totals, District......
574 370
~... ...... .. .. . ... ... .. .
: : : :_
E
January totals, District...........
'Gas wells. "Includes 1 gas well.
:
Fail·
In itial
E
ures Production:
88
23,350 E
56
55,028 :
22
17
10,716
2,053
3,690
178
16
94,862
2,740
20~
97,602
530 366
16~
376,845
"'Includes 6 gas wells.
8"111111111111111111111 11 111111 1 1111 1 111111111111111 1 11 11 1 111 1 11 11 11 1 1' 1I I I IIIIII I IIIIII I I I IIIIIIIIIII III I I IIIIf l. tllI l[!)
(!II 11I1I1II1I1I I1 U , , " 11I11I1I11I1I1I1I1I1 1I 1I1I1I 1 11111111111111111111 11 11 111111111 11 1 11 11 1111111 1111111111111 III II II II!l
E
:
-
CRUDE OIL PRICES
Mch. 12,
Texas1925
Corsicana light ................................................................... $2.00
Corsicana heavy .................................................................... 1.00
Texas Coastal ........................................................................ 2.00
Mexia ...................................................................................... 2.00
Currie ...................................................................................... 2.00
North Texas (42 gravity and above) .............................. 2.35
Mch. 12,
Louisiana1925
Caddo (38 gravity and above) ............................................$2.05
Bun Bayou (38 gravity and above) .................... ............ 1.86
Homer (85 gravity and above) ........................................ 1.80
Haynesvi lle (33 gr. and above) ........................................ 1.70
De Soto Crude......................................................................... 1.90
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Mch. 15,
1924
$2.00
1.00
1.65
2.00
2.25
Mch. 15,
1924
$1.85
1.80
1.85
1.75
1.85
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(Oil statistics compiled by The Oil W eekly, Houston , Texas.)
LUMBER
Activities at the pine mills of the Eleventh District during Februar y con tinued at about the same pace as in January, although production fell further below normal than
usual. During February orders were received for 90,804,,968 feet of lumber, or 83 per cent of normal production as
against orders for 86 per cent of normal production in
January. However, unfilled orders on February 28th called
for 55,211,619 feet of lumber as compared to orders for
49,152,288 feet on the books of the 48 reporting mills on
January 31st. Production during February was 11 per c~nt
below normal, as against only 8 per cent below normal in
January, and shipments of lumber fr om the mills were 9
per cent below actual production as compared to shipmen ts
only 8 per cent below production during Januar y. Stocks
held at the mills continued to increase, being 24, per cen t
below normal as against 26 per cent below normal at the
close of January.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
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FEBRUARY PINE MILL STATIS'l.' ICS
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Unfilled orders. Feb. 28th ........................................ 66,211.619
Normal produc tion .................................................... 109.231.808
Stocks. Feb. 28th ........................................................ 248.449,986
Normal s tocks ................................. ........................... 327.864.614.
Shi pments below production ...................................... 8.287,216
E Actual production below nOl'maL ......................... 12,897,878
:: Ol'ders below 'n ol'ma l production ............................ 18.426,836
,§, Stocks below norma l... .......................................... ,.... 79,414.,678
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feet
feet
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reet
feet= 9%
feet= ll %
feet=17 %
feet = 24 %
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BUILDING
The valuation of building permits issued at twelve of
7
the principal centers of the Eleventh Dish'ict during February amounted to $6,968,818, an increase of two-tenths of
one per cen t over the January valuation of $6,958,217, and
an increase of 2.0 per cent over the $6,835,269 valuation of
permits issued during February, 1924_
During the period from January 1st to February 28th inI
usive t lere were 5,259 permits issued at reporting centers
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aVlng a va uatlon o ·
,7, 35, as compare to 5,325
permits valued at $15,286,091 issued during the same period
of 1924" a decrease in valuation of 8.9 per cent.
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CEMENT
There were 339,000 barrels of Portland cemen t produced ary increased 33.6 per cent over shipments in January, and
at Texas mills during February, as compared to 304,,000 were 39.6 per cent greater than those made during the corbarrels produced in January, which represcnted an increase responding month last year. Due to the heavy shipments,
of U.5 per cent, but was a decrease of 6.6 per cent as stocks held at the close of February were 9,5 per cent less
compared to the February, 1924" production of 363,000 than stocks on hand at the close of January, and 14,.3 per
barrels. Shipments of cement from the mills during Febru- cent less than those held at the end of February, 1924,.
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PRODU
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Stocks at end of t he month at Texas Mil
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8
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Fedenll Reserve Board. as of March 24.
Production in basic industries declined in February from
the high rate of output in January but continued above the
level of a year ago. Notwithstanding a decline in prices of
agricultural commodities, the average of wholesale prices
rose slightly owing to a further advance in prices of cer·
tain other commodities.
PRODUCTION
The Federal Reserve Board's index of production in
twenty-two basic industries, which is adjusted to allow for
differences in the number of working days and for seasonal
variations, declined 3 per cent in February but continued
to be higher than at any time since the peak reached in
May, 1923. Average daily output of iron and steel was
exceptionally heavy, and copper production per day was
the largest since 1918. There was a slight decline in activity in the woolen industry and more considerable reductions
in the output of lumber, cement, bituminous coal, and crude
petroleum. Production of automobiles increased 19 per
cent in February, the largest monthly increase in nearly two
years, but the output was still over 25 per cent smaller than
a year ago. Factory employment increased by about 2 per
cent in February, considerable increases being reported for
the automobile, iron and steel, and clothing industries, while
the number of workers in the packing and cement industries
declined. Earnings of industrial workers in February were
larger than in January, reflecting in part the resumption of
full time work after the inventory period.
Reports to the Department of Agriculture of intentions
Lo plant in 1925 indicate that the acreage of practically all
grains and of tobacco will be larger and that of white potatoes smaller than in 1924.
TRADE
Total railroad freight movements continued at approximately the same daily rate in February as in January, and
shipments of merchandise increased in recent weeks and
were much larger than a year ago. Wholesale and retail
sales were smaller during February than a year ago, owing
partly to the fact that this year February had one less busi-
Index of U. S. Bureau of Labor Statistics.
Latest figures
(1913=100, base adopted by Bureau.)
February, 161.
IQ2S.)
ness 'day. Department stores' sales were one per cent
smaller in February than in the corresponding month in
1924,. Wholesale trade in all lines except meats and hard·
ware was less than a year ago, and showed in February
about the usual seasonal changes. Sales of groceries, meats,
and drugs decreased, while sales of dry goods and shoes
increased.
PRICES
The slight rise in the wholesale price index of the Bureau
of Labor Statistics was due to advances in the fuel and
lighting group largely in petroleum and building materials,
while prices of all other commodity groups declined. In
the first three weeks of March prices of hogs, cotton goods,
and rubber increased, while prices of many other commodities decreased, the largest decreases being those for
wheat and other grains.
BANK CREDIT
Loans of member banks in principal cities continued to
increase between the middle of February and the middle of
March, and on March 11th were larger than at any time
in the past four years. The volume of loans for commercial purposes has been at a high and almost constant level
since last autumn, and loans on stocks and bonds, which
have increased continuously since the summer of 1924,
reached in March the largest amount on record.
Increases
in loans were accompanied by further reduction in the holdings of securities, particularly at banks in the financial centers. At the reserve banks demand for credit increased between the end of January and the middle of March, chiefly
as the result of the export demand for gold and the growth
in domestic currency requirements, with the consequence
that e,a rning assets increased. After March 15th, however,
temporary abundance of funds arising out of Treasury
operations resulted in a sharp reduction in member bank
borrowings.
Somewhat firmer conditions in the money market in the
later part of February and the early weeks of March were
indicated by an advance of the rate on 4·6 months prime
commercial paper from 3% to 4, per cent.
Index of 22 basic commodities corrected for f;ea sonal variations (1919=100). Latest figures-February, 124.
@FedFRASER