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C. C. WALSH, ChBlrmBn Bnd Federal Reserve Allent (Compiled March 15, 1930) Volume 15, No.2 Dallas, Texas, April 1, 1930 This copy is released for pub· lication in morning pallers- March 31 DISTRICT SUMMARY ~II"'II"IIIIIIII""II""""III""""""III"II 11, •• ,1, ••• , •• , ••• 1.,1111,.""111"",1,,11,,1111,1,,1111111111'8 THE SITUATION AT A GLANCE EleveDth Federal Reserve District February Bank debits to IDdividual aCoouDts (at 17 oities)..... .. .................. ........ .. Department store sal08.... . .. . .... ... ....... Reflorve baDk loaDS to membor banks at end oC month .... . .. .... ........ ..... .. . .... . Reserve bank ratio at end oC month ....... . . . Building permit valuation at larger oenters ... . Commeroial Callures ~Umbor) .. .. .... ... ... . . Commeroial failures liabilities) . ........ . ... . Oil produotlon (barre ) ............... . . ... . Lumbor orders at plno mills (per oent of Dormal produotion) . . . . . . . . . . . . . . . . . . . . . . . . . . ; ChaDge Crom JaDuary 12 . 6~ $814,644,000 - $ 12,867,063 + 1.7 0.8% points + 5.7~ - 37.3 + 83 . 7<9 - 11 .7'10 + 3.0 points + 6.2'1. 58 .2% - $ 5,243,108 42 $ 1,350,806 24,416,371 92% 0 - 8111111 .. 111111 ................. 1111 ........... 1111 ........ 111111111 ......... 1111 ........... 11111 .... 111111 .... 1111111.0 A noticeable expansion in the demand for merchandise at retail in larger centers, increased production in somc lines of industry, and a material improvement in the agricultural situation were the outstanding developments in the Eleventh Federal Reserve District during February. Department store sales, contrary to the usual seasonal trend, re·flected a sizable increase over the previous month and were only slightly less than in February a year ago. The production and shipments of cement were materially larger than in either the previous month or the same month last year, and the production, shipments, and new orders for lumber were larger than in January, While the valuation of build· ing permits issued at principal cities was considerably under that of a year ago, it was greater than in the previous month. The distribution of merchandise at wholesale, however, continues to lag as consumer demand in rural sections is still at a low level and retailers are showing no disposition to increase commitments beyond definite requirements. The long period of favorable weather and the rapid progress with agricultural operations have created a more opti~istic feeling among farmers. The preparation of the soil IS practically completed and planting operations are becom- ing general in many sections of the district. There is a good season in the ground in most sections and the soil is in excellent condition for planting. The growth of small grains during the past six weeks has been rapid and thes~ crops are now in generally good condition. While the improvement in the condition of livestock has been slow and extensive feeding has been necessary, the grass and weeds on the ranges have started and prospects point toward good pastures somewhat earlier than usual, and livestock are expected to improve rapidly when ample pasturage becomes available. The financial situation, likewise, presents a more satis· factory picture. While the combined total of daily average net demand and time deposits of member banks during February was still materially below that of the same month last year, it was larger than in the previous month. Federal Reserve Bank loans to member banks declined from $11,. 720,323 on January 31 to $7,34.5,398 on March 15 and on the latter date, were $6,050,602 less than on the corresponding date last year. While there has been a gradual expan· sion in the demand for funds by country banks, this in· crease has been more than offset by the retirement of loans by the reserve city banks. The demand for funds at reserve city banks continued to decline and these banks have been adding to their secondary reserves as a means of employing surplus funds. Subscriptions to lhe United Stales Treasury 3Y2 per cent Certificates of Indebtedness dated March 15, amounted to $39,295,500 against which allotments of $22,892,000 were made. The business mortality rate reflected a sharp decline in February when failures were fewer than in any corresponding month since 1920, with the exception of February, 1929. While the insolvency of a few large concerns greatly increased the amount of indebtedness involved, the total liabilities ·o f defaulting firms ·were not unusually heavy as compared to those in the month of February of previ ous years . . BUSINESS Wholesale Trade Distribution of merchandise at wholesale during the short month of February was on · a smaller scale than in the previous month and was considerably below that for February, 1929. While the sales of dry goods and hardware were larger than in the previous month, those of groceries, farm implements, and drugs were smaller; and sales in all reporting lines, with the exception of groceries, showed a substantial decline from the corresponding month last year. Merchants throughout the district in nIl reporting lines nre following very This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) MONTHLY BUSINESS REVIEW 2 sustained during February. While there was a decline of 4..5 per cent in sales as compared to the previous month, they were 1.1 per cent greater than in the corresponding month of 1929. Some dealers report that business during March is showing some improvement. Prices on some items reflected a decline. Collections were considerably better than in the previous month. conservative buying policies and are keeping commitments well in line with consumer demand. Nevertheless, reports indicate that there is a growing spirit of optimism among both retailers and consumers. Collections are poor in some lines but good in others. The sales of wholesale dry goods firms reflected a further increase of 18.0 per cent as compared to the previous month, but were 17.6 per cent less than those in February, 1929. While buying during February was stimulated to some extent by the favorable weather and the opening of the spring buying season, merchants generally are holding commitments to a low level until it is possi~le to gauge more accurately the prospects for agriculture. The continued weakness in raw cotton prices has retarded the demand for cotton goods. Collections showed a decline from the previous month. The demand for farm implements showed a seasonal decline. The February sales of reporting firms were 22.5 per cent less than in January and 23.9 below the large volume for February, 1929. Reports indicate that buying has been slow in many sections of the district. Collections reflected a substantial decline as compared to both the previous month and the same month last year. The sales of reporting wholesale hardware firms reflected an increase of 2.5 per cent as compared to the previous month, but were 14.4 per cent less than a year ago. While buying has been somewhat spotty, it has been very good in some sections. The warm weather during February reduced the demand for some items of winter merchandise, but stimulated the demand for other items. Collections showed a slight improvement. II 'I The distribution of drugs at wholesale reflected a slight decline from the previous month and was 11.4. per cent less than in the corresponding month last year. While retailers are buying cautiously, reports indicate that business in many sections is improving. Collections showed a substantial decline from the previous month and were smaller than a year ago. The demand for groceries at wholesale was fairly well CONDITION OF WHOLESALE TRADE DURING FEBRUARY, 1030 Percentage of incrCll80 or dcorcaBo in: Groceries .. ....... DrygoodB.. ...... Farm implements .. Hnrdware .. .. .... DrugB .. .. .. .. .... Net Sales Net Sales StockB Ratio of coilcoFebruary, loaD Jan. 1 to date February, 1080 tiona during Feb. compared with compared with compared with to acoounts and Feb. Jan. same peried Feb. Jan. notes outstanding 1029 1930 lnat yenr 1920 19aO on January 81 + 1.1 - 4.5 + .1 - 1.8 + 1.0 70.1 - 17 .0 +18.0 -22 .0 -17 .0 - 2.3 23 .2 - 23 .0 - 22 .5 -20 .8 +35.8 - 1.8 8.0 - 14.4 + 2.5 - 13 .0 - 3.8 + 1.0 38.7 -11.4 .0 - 23 . 1 + 5.8 - 1.8 42.8 811111111111111111111111111111111111111'111111111111111111111111111111111111111111111111111111111111104 .. 11111111111111110 Retail Trade Following the poor demand for merchandise in January, retail trade in larger centers reflected a substantial improvement in February. Despite the shorter month, which usually causes a decline, February sales were 6.2 per cent larger than those in January. When sales are reduced to a daily average basis, the increase is much larger. As compared to a year ago, sales were only 0.3 per cent smaller. Late reo ports indicate that there is a good demand for spring merchandise and that business is holding up well in view of the fact that March, 1929, business was stimulated by an early Easter. Reflecting the receipts of spring merchandise, stocks on hand at the close of February were 7.5 per cent larger than a month earlier, but were 4,.9 per cent less than on February 28, 1929. The rate of stock turnover during the first two months of 1930 was slightly less than in the same period last year. Collections reflected a further slight decline. The ratio of February collections to accounts receivable on February 1 was 34.0 per cent as compared to 35.3 per cent in January and 36.3 per cent in February, 1929. BUSINESS OF DEPARTMENT STORES ,I Total Sales (Percentage): February, 1080, compared with February, 1929 . . . . .. . .. ...... . .. . . ... . . . ... . . .. . February, 1080, compared with January, 1080 . ..... ..... . . .. .. .. .. . .... .. .. ... . . January I to date, compared with same period IllSt yenr . . ... . . . ... . . . . . . , .. . , . . .. . Credit Sales (Percentage): February, 1930, compared with February, 1920 . .. . .... . ... . .. . ..... .. .. ..... . ... February, 1030, compared with January, 1030 ... .... ..... . . .. . . . ... .. ... ... .. ... January 1 to date, compared with Bame period lnat yenr . . ... ... .. .. . . . .. .......... Stocks (Percentage): February, 1080, compared with February, 1929 . .. .......... . . , . . . . . . . . . . .. . . . . . . February, 1080, compared with Jnnuary, 1030 . . . . . .. . . . .. . . . . . . . . . . . .. . . . . . . . . .. Stock Turnover (Rate): Rate of Btock turnover in February, 1920. .. . . . . .. . . . . . . . . . . . . . . . .. . . . . . .. . . . . . . . Rate of steok turooverin February, loao.. .. . .. .. .. .... . .. .. .. .. . . .. .. . .. .. . .. .. Rate of stock turnover January I to February 28, 1020 .. ..... .. .. .. .... .... ...... Rate of Btock turnover January 1 to February 28, 1030 .. .. .. . .. .. .. ... .. . .. .. .. . . Ratio of February coUectiona to accounts receivable and outstanding February I, 1080.... + 6.4 +14.0 Dallna Fort Worth - 5.7 +10 .5 - 8.5 +11 . 0 +21.8 +.4 +1.2 + 7.3 +1.4 - + 1. 8 + 8.0 + 1.0 +13 .2 .24 .24 .60 .45 33.0 . 18 .18 .37 .83 31.5 - 2.8 HouBton - 4.0 + 1.8 - 0.3 + San Antonio - 8.3 - 9.4 - 0.4 Total DiBtriet .8 + 0.2 - 0.5 + 5.0 + 9.0 3.3 0.1 0.0 +10.0 +11.5 +1.7 - 1.0 - 5.0 4.9 - 17.0 - 1.0 - 10.8 8.0 - 4.0 .25 .24 .51 .47 30 .3 .26 .28 .57 .57 30.4 .10 .18 .85 .35 34 .3 + .5 .4 4.8 + - OtherB + 3.6 + 7.3 - 5.3 + + 7.5 .21 .22 .45 .42 34 .0 - mlllllll .. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII .. 111111 ........ 1111111 ......... ' ...... 1111111111111111111.1 ....... ""1111111111111111111111111111111111"'''11111111111111'111111111.1.11111111111111111118 According to the statistics compiled by R. G. Dun & Company, there was a sharp decline during February in the number of commercial failures in the Eleventh Federal Reserve District, but owing to the failure of some relatively large firms, the liabilities of defaulting firms showed a substantial in- Commercial Failures crease. The number of insolvencies occurring during the month totaled 4,2 with aggregate liabilities of $1,359,396 as compared to 67 failures in January with liabilities aggregating $739,826 and 4.0 defaults in February, 1929, owing $551,720. MONTHLY BUSINESS REVIEW 3 AGRICULTURE Crop ConJ~ Weather conditions since the first of section show a sharp increase over a year ago. The condiFebruary have been generally favorable tion of the onion crop was reported as only 70 per cent of for agricultural operations and fanners normal as compared to 85 per cent last year. The tomato have made rapid progress with fann work. The prepara- crop, on the other hand, is doing much better than last tion of the soil for spring planting is nearing completion . spring. The demand for Texas cabbage is exceeding supply in most sections of the district but only fair progress has and prices are advancing. been made with this work in Eastern and some South CenWhile there has been some improvement tral counties of Texas where the soil has been too wet. The Live!tock in the condition of Texas ranges and planting of corn has made rapid progress in South Texas livestock from the low condition prevailing at the beand in some portions of East Texas and North Louisiana, ginning of February, brought about by the severe freezand is becoming general in Central Texas. The cold, wet ing temperatures in January, it has been slow in most soil in some of the Eastern counties of Texas, however, has sections. Livestock lost flesh rapidly during January, been unfavorable for germination. The planting of cotton was a deficiency in pasturage throughout and as there has started in South Texas. There is a considerable area in Northwest and West Texas where the soil is b~oming very much of the range territory, they have regained flesh dry and additional moisture would be beneficial in portions slowly. While losses were heavy in some sections during January, subsequent losses have been much lighter than of Central Texas. was expected due to the unusually mild temperatures preThe wheat crop apparently escaped serious damage from v:liling since the' first of February. Feeding of livestock has the January freezes, and while growth has been slow, the been necessary over much of the range territory and feed crop is reported to be in generally good condition. A con- in many localities is becoming scarce. In Arizona and New siderable portion of the crop in Northwest Texas is badly Mexico there is ample old grass and browse and livestock in need of moisture and rain would improve conditions over are in generally good condition. Grass and weeds on the most of the wheat territory. The Department of Agriculture ranges have started in most sections of the district and the estimated the area sown to winter wheat last fall as 2,927,- prospects are for fairly early spring pastures, but rains are 000 acres as compared to 2,710,000 acres sown in the fall needed in most areas to keep the weeds and grass growing. of 1928. The Department stated that, on the basis of a tenThe March 1 condition of cattle ranges in Texas was 72 year average yield and acreage abandonment, the 1930 per cent of nonnal as compared to 71 per cent a month wheat acreage in Texas should produce around thirty milearlier and 79 per cent a year ago. The condition of sheep lion bushels. While the unusually cold weather during January killed a considerable acreage of fall sown oats in and goat ranges rose 3 points during February and on the Northern and Central portions of Texas, most of this March 1 was 8 points below that a year ago. The condition acreage has been replanted to spring oats and reports indi- of cattle showed an improvement of 2 points during February, but was 4. points below that on March 1, 1929. The cate that the crop is now ' making l"apid growth. condition of sheep and goats declined during the month The appended table, compile.d from the report o~ t.he and was considerably lower than a year ago. The shearing United States Department of Agnculture, shows the statIstIcs of goats is well under way and sheep shearing has started. relating to stocks of corn, wheat, and oats on farms on While there was a sharp reduction in the March 1 in those states attached to the Eleventh Federal Movements and Prvces February receipts of cattle and calves at Reserve District. the Fort Worth market as compared to liOn! Stocke 00 farma Mar.l In thousands of bushels Per coot of lnat orop 1030 1020 6 6 6 2 2~ 20 1080 1020 24 60 290 3,080 7,064 27 22 68 6,091 7,160 26 68 674 4,003 2,268 70 240 6,302 1,552 0 10 82 0 ~ ~iZlorll~~~. . . .. 7,5~~ N u .~na,....... 1,463 6,~:g 1,045 OATS Arizona . ..... .. . Louisiana .. .. .. .. New Mexico.. ... Oklahoma .. .. .. . Texna........ .. . Ariz!~~~~.... New Mexico ... .. Oklahoma. . . . . . . TClna.. .. .. .. .. . = ;: : : ew ClICO ..... Oklahoma .. .. .. . Tclna.. ... . ..... 11,507 22,264 21,046 33,716 ~"""""I"III"II"'IIIIIII"""II ........ 16 15 ~~ 35 24 27 1~ 84 7 ~~ 30 30 34 the previous month, Lhey were larger than in the corresponding month last year. The number of hogs yarded showed a Per ceot of lnat crop shipped out of county where grown 1030 12 1 6 13 21 ~ 82 75 . ~IIII'IIIIIIIIIIIII'IIII"I'I"IIIIIIIIIIIIIIIIIIIIIII .11111,.1.,1111111111.111'.,111111,.11111"111'1111111Itlllllllilm : 1020 IE 'IwO:ii~ii;Eii 1im·1 7 1 5 17 27 ~ 84 74 GlIII.IIIIIIIIIIIIIIIIIII •••••••••••••• I ••••••••••••••• 1111111111 •• 111,.1.1111111, .11 •• 1,11.1111,'11""1.1'1.111.,IIII,m ~ 30 16 7 g § 16 23 10 ItIlI"'''''''IIIIIIIII''IfIlI''IIIIIII'''1I 1I1I11I1I .. II.lllIllIlIlI 9111111111111111111111.1111111.1111.1111111.111111111111.111111111111111.11.111111111111111111111111111111111111111111'8 : ;: : : lI COMPARATIVE TOP LIVESTOCK PRICES (Dollars Per Hundrod Weight) Fobruary lrn There has been a considerable improvement in the condition of vegetable and truck crops in the ~io Grande Valley section of Texas. While shipments of frUlts and vegetables have been falling below those of a year ago ~ince the January freezes, total shipments for the season shll show. a su~ stantial increase. The early plantings of potatoes m thIS Beef stocrs ............ . .... .. ........ . .. Stocker steers . .. ... •. .. . .. . ............ . • Butchor oows .............. ....... ..... .. Stocker oows ....................... .. .. .. CalvCB ... . ......... . ................... . Hoge . ......... . .. . ....... . ..... ........ . .- t:g.;: ::::::::::::::::::::::: :::: :::::: 1030 $12.00 12.00 8 .26 6.50 12 .00 10.76 8.50 11 .00 Fobruary 1920 $11.75 12 .76 8.86 0.00 12 .00 10.86 10.50 15 .50 Joouary 1030 111 .75 11.75 10.50 6.00 12 .00 10 .60 0.50 13.25 mlllllllllll\1I .. I1I1I1II1III1I1III1II1III1III .. IIIIIIIIIIIIIIIU ......... 11I1I1I1I1I1I ............................ 111118- MONTHLY BUSINESS REVIEW 4 considerable increase over January but was lower than in February, 1929. The arrivals of sheep were fewer than in either period. Despite the smaller receipts, prices on most classes of cattle worked to lower levels during February. The market was some stronger in the first week of March and remained about steady the following week. After advancing during the first half of February, the hog market reacted somewhat during the following four-week period. Sheep and lamb prices reflected a further decline during the six-week period ending March 15 and reached the lowest level recorded in several months. FINANCE The demand for Federal Reserve Bank funds was relatively stable during February. The borrowings of member banks fluctuated within narrow limits and stood at $12,867,063 on February 28, as compared to $11,720,323 on January 31. There was a gradual expansion in the borrowings of country banks, but this increase was offset by the liquidation by reserve city banks. During the first half of March, Federal Reserve Bank loans reflected a substantial reduction, due almost entirely to the retirement of borrowings by the reserve city banks. Federal Reserve Bank loans amounted to $7,345,398 on March 15, as compared to $13,396,000 on the corresponding date a year ago. There were 102 banks borrowing at the Federal Reserve Bank on February 28 as compared to 76 on January 31, and 79 at the close of February, 1929. Thus, it will be seen that while borrowings are in considerably smaller volume this year than was the case a year ago, Federal Reserve Bank funds are distributed much more widely this year. Due to the large increase in open market purchases, total bills held by this bank rose from $22,285,475.82 on January 31 to $29,236,798.32 on February 28, distributed as follows: Operations of the Federal Reserve Bank Member banks collate ral notes secured by UnIted State! GOYernment obligations _______________ __ _____________________ $ 1,48-3,660.00 Rediscoun ts and other loons to member bonks ____ ___________ 11,433,612.92 Open mark e t purchases (Bonkers' Acceptonces) _ ______________ 16,867,020.40 Discounts for non-member bonks ______________________________ ________ 2,716.00 Total bills h eld ________________________________________ _________ $29,286,798.82 Federal reserve notes in actual circulation on February 28, amounted to $39,863,240, which represents an increase of $469,100 as compared to those a month earlier, and an increase of $1,003,990 over those in actual circulation on February 28, 1929. The daily average reserve deposits of member banks totaled $63,617,14.0 during February as compared to $63,067,732 in January, and $70,685,489 in February,1929. A sharp falling off in commercial loans, a decline in deposits, and a further reduction in borrowings at the Federal Reserve Bank, were the principal changes in the condition of member banks in selected cities in the Eleventh District for the five-week period ending March 12, While loans on securities showed a slight increase of $569,000 during the period, all other loans (largely commercial) declined $16,167,000 and on March 12 were $2,334,000 less than on the corresponding date of 1929. The decline in commercial loans was due largely to the smaller requirements of trade and industry and the release of loans against commodities in storage, which are gradually moving into consumptive channels. The investments of these banks in United States securities amounted to $64.,900,000 on March 12, which was $923,000 greater than five weeks earlier, but $26,024,000 less than on March 13, 1929. Investments in other stocks and bonds showed only a slight change. The net demand deposits of these Condition of Member Banks in Selected Cities banks declined from $287,020,000 on February 5 to $282,362,000 on March 12, and on the latter date were $34,780,000 less than on the corresponding date a year ago, Time deposits declined $1,802,000 during the five-week period and were $636,000 below those on M.arch 13 last year. Bills payable and rediscounts of these banks with the Federal Reserve Bank amounted to $4,710,000 on March 12 as compared to $7,092,000 on February 5, and $12,839,000 on March 13, 1929. @n.ltltllu ............. IIIIIII .. IIIIIIIIII ... IlItI ......... III .... IIII .... IU ... III ..... 111 .. 11111 .. 111111111 ......... 8 CONDITION STATISTICS OF MEMDER DANKS IN SELECTED CITIES (In Thousnnd. of Dollnr.) March 12, .. =_ United States 8oouritleo owned . . .... . . . . .. . All other stocks, bond., and 8ecuritles owned ......... .. . . ............. .. Loans on 8ecurilies ........ .... .... .. .. . . . All other loans ................ ... ....... . Totnlloans .. ... ... .................. . .. . Net demand depeslta .. ........ .......... . Time depeslta .... .. .. . ....... .. ........ . Reserve with Federnl Reserve Bank ...... . . Bills payable and redllcounta with Federal Reeorve Bank . . .... . _. ... . _ 1030 64,000 February 6, March 13, 1080 1020 03,077 00,024 40,074 108,422 237,624 345,040 282,362 143,006 33,827 40,376 107,853 253,001 361,544 287,020 144,868 32,844 40,529 120,470 239,868 300,328 317,142 143,702 35,450 4,710 7,002 12,830 m·,·,····.I.II.I.I ••••• III •• ,.I.I •• IIIIII.I.' •• 111I11111111.11111.111.111111111 •• 1 ••••• 1.1.1.1.1111.1"'.1111"I.I.,I.IS The daily average of combined net demand and time deposits of member banks amounted to $887,877,000 in February, which represents a gain of $3,298,000 as compared to January, but a decline of $73,383,000 as compared to February, 1929. The falling off in deposits from a year ago occurred in net demand deposits as time deposits were $5,399,000 higher. It will be noted that this gain in time deposits occurred at reserve city banks. While the daily average of net demand deposits in February declined 83,991,000 as compared to January, the daily average of time deposits rose $7,289,000. Deposits of Member Banks @1f .................... IItU ...... II .. II ........... n .............. II IIIIIII.III II IU .... IIIII ........... 11111111111 .... 8 E DAILY AVERAGE DEPOSITS OF MEMBER BANKS § E (In Thou.and. of Dollnr.) § ~__ : Combined Total Rcoerve City Dnnks Country Dnnks Net demand Time Net demand Time Net demnnd Time deposita deposita deposita deposita depooita depo.its Feb., Mar., April, May, June, July, Aug., Sept., Oct., Noy., Dec., Jan., Feb., 1020 ...... $738,001 718,066 eg3,137 673,007 10~0.. .. . . 643,038 10.0 . . .. . . 640,084 1029.. .. .. 629,009 1929...... 668,520 1020. ..... 074,687 1920...... 668,818 1020 . . .... M3,8S9 1030... . .. 669,110 1030. ..... 665,119 10~0 .. .. .. 1020 ...... 1020 ...... $227,359 230,065 23U07 230,701 226,110 230,834 230,643 234,116 225,673 222,773 220,111 225,469 232,758 $201,070 292,149 287,087 280,294 260,317 270,274 260,010 266,705 282,030 281,009 270,611 270,051 268,107 $130,680 132,987 131i,064 133,018 129,H2 138,357 137,174 136,050 134,108 132,235 131,870 131,152 136,111 $441,022 4250 17 405:150 302,813 382,721 360,760 369.890 391,725 301 057 387;209 384,228 388,159 386,022 :~__ $ 06,670 07978 06:443 07,773 06,608 02,477 93,469 07,166 01475 00'538 88;232 04,317 06,647 1!l1111.tlUIlU ......... UIIlI ...... IIIII .. UIl .... ,III ...... IIIIIU ..... IIIIIIII .. 1111111111 ... 11111.11111 ...... . .. 11118 Debits to Charges to depositors' accounts at banks I ndividual in principal cities in the Eleventh DisAccounts trict during February showed a further . decline of 12.6 per cent as compared to the prevIOUS month and were 6,2 per cent below those in February, 1929. The falling off from a year ago, however, MONTHLY BUSINESS REVIEW Was smaller than in the two preceding months. It will be noted that practically all cities participated in the decline. DEBITS TO INDIVIDUAL ACCOUNTS (In Thousands of Dollars) Percontage February Change over February 1929 Year 1930 10,619 -14 .1 Abilene .. . ... . .. 5 9,118 5 23,306 -14 .8 19,866 Austin .. .. .. . . • . 27,280 +11.1 Beaumont .... . . . 30,300 6,649 6,784 - 2.3 Corsicana ... . . . . 236,300 -10.4 210,891 Dallas ......... . 38,347 + 7.9 EI Paso . ....... . 41,361 00,844 96,780 - 6 2 Fort Worth .. .. . . 37,101 -23.0 Galveston . .. ... . 28,673 187,922 - 4.3 179,905 Houston ..... .. . . 9,959 +14.1 11,365 Port Arthur .... . 3,650 +18.5 4,326 ROBwell ..... .. .. 86,153 - 6.4 80,540 San Antonio .... . 40,119 - 5 .0 38,109 Shreveport .. . . . . 13,910 - 7.4 12,881 Texarkana· ..... . 10,913 -12 .6 0,639 Tuoson ... ...... . 17,484 - 3.0 10,962 Waco .. .. .. .... . 26,934 - 6.2 24,330 Wichita Falls . . . . Percentage January Change over 1930 Month 10,641 -14 .3 20,663 - 3.4 27,693 + 9.8 7,991 -29.3 249,792 -15 .6 42,338 - 2.3 101,931 -10.9 37,991 -24 .8 206,468 -12.9 11,860 - 4.1 4,412 - 1.9 83,674 - 3 .7 49,126 -22.4 16,196 -20 .5 12,633 -24.5 20,667 -17 .6 28,308 - 14.0 5 932,063 -12 .6 - 6.2 Total. .... 5 814,644 5 808,600 ·Includes the figures of two bonks in Texarkana, Arkanaas, located In the Eighth District. G] ... IIII .. II .... IIII1U.UIIlIl .... ' ..... IIIIII.IIU .......... UI .. II .. 11I1I1I1I1I1I11I11111111111111111.1111111111111118 5 A cce pl!ance Market The volume of acceptances executed by accepting banks in this district and outstanding at the end of February, reflected a further seasonal decline as compared to a month earlier, but was considerably larger than a year ago. Acceptances outstanding on February 28 totaled $7,003,513 as compared to $8,159,595 on January 31, and $4,755,124 on February 28, 1929. The amount of these acceptances based on import and export transactions declined from $2,852,554 on January 31 to $2,834,578 on February 28, and those executed against the domestic shipment and storage of goods were reduced from $5,307,04,1 on the former date to $4,168,935 on the latter date. Savmgs Savings deposits of 90 reporting banks Deposits in the Eleventh Federal Reserve District totaled $14,8,011,105 on February 28. This represented a decrease of 1.0 per cent from the aggregate of a year ago, and was 0.4 per cent smaller than on January 31. The number of savings accounts carried at 83 of these banks reflected an increase, being 315,246 on February 28, as compared to 284,112 on February 28, 1929, and 313,739 on January 31 of this year. ~: :~: ""'". ."""""",,. ., "" . .,"""""""""". .,,'"' """,, " "" "'' ' ' ' ' ' ' '". ."";:;::~:::f:;""'''''''''''''''''''''''''''''''"''''''''''''''''''''"''''''''''''''''''''''. . . ",. . . . . ",. . . ", ~ ~~~~[n~f Beaumont .. .. .. . .. .. ...... Dallas .... .... .... .... .... EI Paso. . . . . ....... . .. .. . . Fort Worth.... .. ... .... .. . Galveston .. ...... .. .. .. ... Houstou .... ........ .... .. . Port Arthur ...... .... .. ... Snn Antonio.. .. ... ........ Shreveport .. .. ....... . .... Waco ........ .. .... .. .. ... Wiehita Falls .... .. .. ...... All others .. .. .. .. ..... .. .. Banks 4· 4 2 2 3 12· 3 7 4· 4 2 43· Nu!~~r~rry 28A!~~Ont of Depositors 6,766 68,440 10,210 18,293 13,636 72,689 5,607 30,617 22,311 10,002 3,860 41,789 Deposita 5 2,662,893 26,450,468 6,987,756 7,227,441 7,972,362 34,108,491 1,770,317 22,3\0.602 11,164,934 6,901,611 1,720,072 20,777,408 Number of Depositors 5,711 58,340 14,814 17,405 13,904 62,559 4,759 33,081 21,313 9,824 4,153 38,243 Amount of Deposita 5 2,522,274 26,030,878 6,180,445 7,294,222 9,613,722 33,392,209 1,884,167 21,796,650 12,432,756 7,001,037 1,563,627 20,783,082 Pero~~;af~~~~nge Numf!~~~ry 3\~!2nt of Savings Deposita + 1.2 + 1.7 - 3.1 -.9 -17.1 + 2. 1 - 6.0 + 2.4 -10 .2 - 1.4 +10.4 0.0 Depositors 6,717 68,719 10,030 18,258 13,594 72,402 6,530 37,104 21,490 10,009 3,701 40,999 Deposita 5 2,446,606 25,435,430 6,147,768 7,620,814 8,088,933 33,698,816 1,735,086 22,849,097 11,006.078 7,118,683 1,601,797 20,766,247 PO~:~tU~n~~i~ge Savings + + + 00 315,246 5148,Oll,105 284,112 U49,554,069 - 1.0 313,730 U48,612,154 Total. .. .. .. .... .Only 3 banks in Beaumont, II banks in Houston, 3 banks in Shreveport and 39 banks In "All others" reported the number of savings depOBitors. ~11I1"1I1'11t111l111l1l1l1l1l1l1""II"''''"III Deposita 4.3 .1 2.6 5.2 1.4 1.2 + 2.0 - 2.4 + 1.4 - 2.2 + 2. 1 + .1 -.4 .. ItIlIlIlIl'''''''I''III''''IItItIl''" .. 1111111111111 ... 1111111 ................. "11 ..... 111 .. 11111111 .. 11111111111 .. 111111111 ...... 111I1I111 .. 111111 .. 11I1I1I ... I .... I .... IIIIIIIIIII .. I1 .... MARCH DISCOUNT RATES Dallas Rate charged customers on prime eommoreial paper sueh 118 is now eligible for rediscount under the Federal Reserve Act. . . . . . . . . . . . . . . . .. .. .. . . . .. . .. . . .. . Rate charged on loans to other banks secured by bills receivable . . . . . . . . . . . . . . . . . . . Rate on loans sceured by prime stock exehange or other eurrent collateral (not in- 5- 7 672-6 ~~:~ ~~a;g~a:Io:~~~~ity .~~~~ ~~~~r.ed. ~:. ~~r~~~~.s~.r.e.~i~~: .~t~: . : : : : : : : : : : : : : ~7 CIUdi~t~~~· ~~~~~ ~~:~t:~e:r:~:~r~:e~:t~:r~~~~: ~~:r:~ ~~~:d:e:n:t:~~~~~::: :: : : ::: :: : t~ Prevailing Rates: EI Paso Fort Worth Houston San Antonio Waco 6-8 6-6 6-8 5-6 6 5-6 6 6 6-8 6 t~ t~ ~~ 6-8 IIIIIIIII~ t~ t~ ~111111111111I1111111111111111I1I1I1I1I1I1I1I1I1I .. 1•• 1t1l111l1l1l1l1l1l11 ..... 1111 .. 111111 .. ' ... 1111 .... 11 .... 1111111111 .... 11111111 ... 111111 ... 11111111111 .... 1111111111111111 t~ ~-8 ~g ~~ , '1111 1 1111111111111111111111111111111111111111111111'1111111111111111.11& INDUSTRY The volume of cottonseed crushed at all United States mills during February reflected a further decline as compared to the previous month, but was slightly larger than a year ago. Crushings at Texas mills were considerably smaller than in either period. Stocks of oil, cake and meal, and hulls on hand at all mills on February 28 were smaller than those a month earlier and considerably below those on the corresponding date a year ago. Stocks of hulls at Texas mills showed a substantial reduction as compared to those on January 31 and February 28, 1929, but stocks of cake and meal and linters were larger. Cottonseed Products r::: ~ """"';;;:;;;~~'~;'~=~;;:';:';=:;;:~:::~~'"'''''''''' August I to February 28 August 1 to Fobruary 28 This Scaaon Last Season This Season Last Season Cottoaseed received at mills (tons) . . .. . . .. . . . . . . .. . . . . . 1,224,503 1,649,268 4,586,365 4,867970 Cottonaccd crusbod (tons) . . . . . 1,167,096 1,487,874 4,007,292 4,228'967 Cottonaccd on hand (tons).. .. . 86,449 174,178 628,006 648'135 Crude oil produeed (pounds). . . 340,330,687 438,749,1891,269,322,1031,322,034:706 Cake and meall'roduced (tons) 541,521 696,603 1,817,992 1,901,375 Hulls produced (tons) ..... . .. . 310,650 404,966 1,129,286 1130493 Linter. produced (running , , bales). . . . . . . . . . . . . . . . . . . . . 243,886 306,807 843,686 890,298 Stoeks on band, February 28: Crude oil (pounds) .. . . .. ..... 27,347,333 27,170,679 72,565,007 81,436,170 Cake and meal (tons) . . . . . . . .. 67,026 66,364 206,909 267,932 Hulls (tons) . . . . . . . . . . .. . . .. . 42,061 67,926 96,813 145,443 Linters (running bales) .... .... 88,408 64,295 260,110 217,570 lEI· ,I ...... ,•II ............................................ 11, ••• ,•• 11 •• 11 •••••• ,1,.,1,., ••• ,.111.11.,11, •• ,1111,."""m MONTHLY BUSINESS REVIEW 6 Due in part to the shorter month, the February output of textile mills in Texas was smaller than in the previous month. The consumption of cotton totaled 2,933 bales as compared to 3,280 bales in the previous month and 3,723 bales in February, 1929. The production of cloth was 9.7 per cent less than in January and 19.8 per cent smaller than in the corresponding month last year. Orders on hand at the mills at the close of February were slightly smaller than those a month earlier and considerably belo~ those a year ago, while stocks were larger than on either date. The uncertainty in the raw cotton market is still retarding the demand for cotton goods. The February consumption of cotton at all United States mills totaled 495,204 bales as compared to 577,235 bales in January and 594,720 bales in February, 1929. Consumption for the seven months of the current season was 5.6 per cent less than in the corresponding period of the previous season. While the amount of cotton on hand at consuming establishments on February 28 was slightly smaller than a month earlier, it was greater than on the same date of 1929. Textile Milling [:)................. 11 ............................ 111 ....... 1...... 1111 .......... 111111 .. 1111I111I111 .. II(I .. IIIIIIIIIII"l!] : ~ § : §: : TEXTILE MILLING STATISTICS-TEXAS Fcbruory 1930 Number of boles consumed................ 2.988 Number of spindles Mtivo................. 103.775 Number pounds clotb producod. .. . . . .. ... . 1,352.454 : Iflr~",I., •• ,.,., •• ,•• ,., •• '.,,'.,.,I.,.....,.'.,.,.,.,•• Fcbruory 1029 3.728 106.312 1.686,286 : § Jonuary 1980 8.280 104.728 1.497.660 1'1 •• ' ... '1 .......... '1 ••••••••••• 1.1 •• ,111 .. 11 ..... 382.099 461,&62 : UnltodP~:~:.. """ "" '''' Cotton consumod........... On hand February 28 InConsuming establisbmante. Public storage Bnd compreaaea . .. . ..... .. ..... 'I, 49&,204 &94.720 3.089.893 1.371,29& 1.272.48& 4.621,170 3.81&.041 8.&66.&8& 4,042.886 1,811.639 1,744.220 UIlIU .................................. UI111111 ................... job' ~~ ~n~r1}~ I [!J.I •••••••••• II .................................................... ,....... 11.,.' •• '•• ,1 ••••••• ,.,1 ••• ,••••• ,1 •••••• 'IIG] 1!J11.t •••• IIII •••••••••••••••••••••• ,." •• ".""""""",.,'1'1111""""".,1.111111111.1" ••••• 1•• ,11".,IIIIIIII.lm COTTON-GALVESTON STOCK STATEMENT (Bales) I' I For Great Britain ..........•.....•...............•... For France ..................... .. .. .. ....... .. ..... . For othedoreign porte ... ....... . .............. ... . . . For coastwise ports ........... ... . . .... . .. ... . .. .. .. . . I n compresses and dspots .... ....... .. .... ........... .. Total. ......... ...... .. ........ ... .. 364.292 488.857 m................... I February 1929 110.717 174.529 AUguJlt 1 to February 28 This Scaaon Last Sonaon 2.408.834 2.679,&&3 1.474.613 1.816.803 977.917 809.008 811.11, •••• 1•• 1••• 1.111 •• ,1.,.,.1.,1"" •• "1",,,1 •• ,.""'""11",1,." ••• 1,1.1 •••• ,11""""""'1'111'" •••• ,11.1,8 ~' ••• '.'.""'.' •• "" •• ""'.'.'.'.'r'.'.'".'.'.'.'''''••••• E E 11""",," •••• """' •••••• 1',1""""""'1'" E '.E: ': : • =... E .: : II""'~ BEASON'S RECEIPTS, EXPORTS AND STOCKS OF COTTON AT ALL UNI'I'BD STATES PORTS-(BBles) Rooeiptll .... .................. .................. ..... Exports: United Kingdom. . . . .. .... .. •.. . ... ....•... France................... ........ ......... Italy.. .. . .. .. .. .. .. .. .. .. .. .. .. .. . .. . .. .. . Germany. . . . . . . . . . . .. . . . . .. . . . . . . . . .. ... . . Other Europe .... . . , .. . . . . .. .. . . .. . . . . . . . . . an ................ .. ... ... .... ....... .. AI other cOulltri08.... ...... ................ Totnl foreign ports .......... . . ... . . .... . .. , Stocks at 011 Unitod Stat08 ports. February 28.. .. ...... . . Jnr August 1 to February 28 This Scaaon Last Scaaon 7.711.209 8.863.986 1.064.447 1,503.206 681.747 647.896 504.608 467.882 1,350,038 1,508,006 607.992 705,110 700,551 1,031,523 298.708 327.410 5,293.086 6.191.033 2,287.752 2,809.953 G]IIUIIIII'IUI.tfU.I.IIIIIIIIIIIIIIIIIIU.IIIIIIIIIIIIII •• tt'.IIUIIII.I.I.111I1.lIlllIlllltI •• IIIIIII.IIIIIII., ••• I E E' E §:. .': : E.: ~ : ._.: lltGJ 8 .. 11111111111111 ....... 1..... 11111111 .... 11 ......... 11 ............ 111 .. 11.11 .. 11111.1111II,I,IIIIII.,IIIIIIII,I.IIIIII,[!J :::' • E 'fOr c=~~.;,~;.~;::~~ M~:," New york............................... Now Orleans ............... . .. . .. . ..... . . DaUas.... .... .. ...... .... .. ........... . Houston............. .... .. .... ...... .. .. Oalv08\on .... . ..................... .. .. . ° 16 . 0 16 00 15 .70 16.35 16.60 1144 . 902 6 14 .35 16.00 15 . 10 t44·. 8657 14 .50 15 .60 15 .15 I .§:. • E PETROLEUM A further decline in the receipts and ex· ports of cotton from the ports of Houston and Galveston, as compared to both the previous month and the corresponding month last year, was in evidence during February. Total foreign exports of cot[E)................................................. 6 ~ COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON ~ Feb. 28. 1929 9.&00 8.900 49.160 3.000 418.257 February 1930 78.726 136,668 I::::. Cotton Movements Feb. 28. 1930 8.800 &,600 32.800 3.000 814.092 Rcoclpte ... .............. .. .. Exporte..................... Stocks Februory 28.... ....... lID mll.,.II •• I •• I •••••• I.II.I •• I •• , •• I •••••••• II •• , •• , ••• I •• '.1.,1111111", •••••••••• 1""1 ••• 1., •• 111"111"",,,'111""9 : ........ ........ 4.8&8,\100 8,8G2,228 E m ..... I.,., ••• ,..................................................................................... ,.,1, ..... 11 ... ,••• -9 !et~~~ 111111 ....... 111 ................... 11111111" ........ 11 ...... 11111111111111 ...... 1111 ..... 11 • ........ II II I ....... COTION MOVEMENTS THROUGH THE PORT OF HOUSTON (Bales) : : 11111.11 I~ 2,9&6.190 9::;;::::::.E::::- . . . . § §: ~".~~~.=.~~=:";~;~::~~.;~~=.=""~.~::::.~ Cotton consumod........ .. . On hand February 28 InConsuming establlabmente. Public storage and oom- ton from the United States dropped to 402,074 bales in February, which was 44.8 per cent less than in January and 34,.5 pe~ cent below those in February, 1929. The largest declines frolP a year ago were in exports to the United Kingdom, Germany, Japan, and some of the smaller European countries. IIII.II ........................ II ... II.U ..................... IlIt ....... 1I II ............. II. I' I 1I11!!) Total February production of crude oil in the Eleventh Federal Reserve District, which amounted to 24,709,700 barrels, was up 2,302,800 from February of last year but represented a decline of 2,943,350 barrels from January. While this decline was due in part to the shorter month, the daily average production decreased from 892,034. barrels in January to 882,489 in February. There were 525 wells completed during February of which 294 were producers, as compared to 556 completions in January including 282 producers, and 577 completions in February, 1929, of which 313 were producers. Initial production of new wells amounted to 181,613 barrels, as against 14,3,324 for the previous month, and 199,356 for the same mon th last year. The daily average production of crude petroleum in Texas was 842,826 barrels for February, as compared to 853,110 for January and 764,559 for February, 1929. Practically all of the reduction from January was accounted for by the North and Central West sections of Texas. Southwest Texas showed a reduction of only 1,043 barrels in daily average production, while the East Central and Texas Coastal sections of the State reflected small increases. In North Louisiana the daily average production rose to 39,663 barrels, which was 739 barrels greater than daily 'average production during January and 3,976 barrels larger than during February last year. Increased interest and activity has heen noted in recent weeks, especially in the MONTHLY BUSINESS REVIEW Zwolle field, which has been extended considerably, and in the old Cartersville-Sarepta field, in which a higher stratum of pay sand has been discovered. Federal Reserve District. While there was only a small gain in new orders received at the mills, production and shipments showed sizable increases. Actual production during the four-week period ending February 22 was 91 per cent of normal as compared to 79 per cent during the previous four-week period, Shipments during the same period were 16 per cent below normal production as com. pared to 23 per cent during the four-week period ending January 25. Unfilled orders on the books of 50 reporting mills on February 22 were for 66,655,000 feet of lumber as compared to 59,037,000 feet on the books of 51 mills on January 25. The lumber market is showing a firmer undertone and orders for immediate shipment are increasing. OIL PRODUCTION- (Barrols) InorCBBo or Dcorcnse Over January. 1030 Total Daily Avg. - 0.617 - 810.400 -1.318.200 - 3.421 6.050 + 2.103 - 478.450 + 1.604 - 233.550 - 1.043 February. 1030 Total Daily Avg. North Texas ... ............. . 4.781.400 170.764 Contral West Texas .. .. . ..... . 11.313.400 404.050 670.400 East Centrol Tox..... . . . . . . . . 23.043 176.080 Tex.. Co.. ool .. ....... . . . . .. . 4.055.700 Southwest Tex... . . . ... . ... . . 1.878.250 67.080 Total Tex... . . . . . . . . .. North Louisiana .. . . . . . . . .. . . . 23.500.150 1.110.550 842.826 30.663 -2.847.250 06.100 - 10.284 + 730 Total District. . . . . . . . . . 24.700.700 882.480 -2.043.350 - 0.545 - 111 IIIIIIIIIIII~ m,IIIIIIIIIIIIII.'.I.I ••••••••••••••••••• , ••• , ••• , ••• ,11111111,.1",111111111111111"""'111""'11"' •• f:::::' " .... " " ' .. " " ' .. " ' .... " ...... " ' .. FEBRUARY DRILLING RESULTS : : :; :; Produoers 57 106 6 i~;~1..:~ § January totals. distriot. .. . . . ~ 556 G.. Wells 0 8 2 282 Failures 27 74 I 67 207 148.324 rulll.,.,"IIII' •••••••••••••••••••••••••••• , ••••••• , •• 111111"1.1'1,.1111.,111111111111111111111111111,11'" ~ IIIIIIIII I II~ :'............................................;:~~;..;;:..;;;;;........~;::..... ~;.~::: .....". 8::. 1 mi., Texas Coastal Grade" A" . . .. ... .. .. .. . .. . . . . .. . .. . .. . North and Central Texas and North Louisiana (44 gr. and abovo) . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IIIII III " " " , " " " " " " " " " " " " " " " " " , 1. 44 1. 44 11,.,11"'1"",1,.".,.,1,.,., ••• ,•• ,•• ,1"'1111,.,1111111111.1.18 Oil statisties compiled by Tho Oil Weekly. Houston. Toxas. Lumber Favorable weather prevailing during the greater part of February had a noticeable effect on the operations of lumber mills in the Eleventh .. .. " " " ' ...... " " ' .. " .. ' .. " " " .. Number o£ roporting mills . . ..... . .... .. ..... ........ .... Produotion . . . . . . . . . . . . . . . . . .. . ... .. . . .. . . . . . . . ... . . . . . Initial Produotion : 17.081: 24.526 : ; 38.000:; :~1 :~;~! :! ~~:~":;~~ ~;~~;~~;~~ "" m: :_~:. (Four-weok period ending February 22. 1030) ~:::::.111111'11'"11111111111111111.1111111111111111111111,,".11111111111111111111.11.11.,1I.1I.1I.,IIIIIIIII"IIIIIIIIIIIIIIEl : : .§., Complotions 03 North Texas.. .. .. . ........ Central West Tex.. ... .. .. . . 188 East Texas . .. .. .. . .. .. .. .. 0 7 ~~~~~'~ts: 50 78.267.000 root iN~~:ggg f~~; : : : : : : : : : : : : : : : : : : : : : :::: : : : : : : : : ::::: : : : : : : Unfilled orders February 22.. . ... . .... . ............. ... . . 66.055.000 feet Shipments below normal produotion . . . . . . .... . . .... . . . . . . Aotual produotion below normal. . ........ " ... . . . , . . . . . . . Ordors below normal produotion . .. .. . . . . . . . ...... . .. .. . . . 13.030.000 £eot-16% 8.117.000 £eot- 0% 6.728.000 £eot- 8% rt~k:~b~~~~~I2'.: :::: : ::: :: ::: :: : : :: :::: :::: :::: :::: 3~m~:~~~ l~:; [!] IIIIIIIIIIIIIIIIIIIIIIIIIIIII.U.,I.,IIIIIIIIIIIIII.IIIII.IIIIIII.IIIIIIII111I1I1I11I1I1I111I11I1I1I11I1I1I1I11tl1U III(!] Lumber statistica compiled by tbo Sou thorn Pine Asaooiation. New Orloons. La. Building Construction activity during February, as evidenced by the valuation of building permits issued at principal cities in the Eleventh Federal Reserve District, while larger than the low volume of January, was 22.2 per cent smaller than in February of last year. The valuation of permits issued in these cities amounted to $5,243,193 for February, as compared to $4,962,650 for January, and $6,739,925 for February, 1929. For the two-month period ending February 28, there was a decline in the valuation of permits issued of 19.9 per cent from the same period last year. Among the fourteen reporting cities, Amarillo, Dallas, El Paso, Fort Worth, and San Anton io showed sizab le increases over both January of this year and February of last year. 811111111111111 •• '"IIII ... IIIIIIIIIIIIIJlIIIIII ...... IIIII.III .. 1I111I1I1.11111111 .. ' .... 111 .. 11 .............. 1.... 111111111111 .. 111111111111 .. 1•• 11111.1 •• 1111 .. 1.111 .... 11111111 .... 11111'111111111111.1.111 ... 1'111111111 .. 111111 .. 11111111I1I1I1I1'''l!l BUILDING PERMI1'S February. 1030 No. ~ma~iIIo .. . . ... B~~~ll,T;IO~li : :: :: : § ~ COT"s Chris ti . . Ral ....... .. .. I ) Paso . ... . . . . Fort Worth .. . .. ?alvcston . .. ... 1ouston ..... . . Port Arthur ... . San Antonio . . . . Shreveport Waco .. .. ..... ::: Wiohita Fulls . . . 'rotal. . .. . . Vnluation Febauary. 1020 No. -- -- -01 -S 308.826 44 75 128 51 306 124 207 142 340 123 320 178 44 10 169.376 136.373 51.000 589.012 316.660 750.734 151.614 1.246.801 106.028 1.132.455 111.406 140.284 13.475 68 160 52 237 107 218 156 430 III 350 214 37 32 Valuation S 261.763 164.682 306.733 122.011 467.022 285.544 585.466 178.500 2.121.622 400.802 1.000.305 325.582 236.544 117.380 Percontage Chango Valuation Over Yenr +18.0 + 2 .0 -05.6 -58.4 +26 . 1 +10 .9 +20 .8 -15 . 1 -41 .2 -73.7 + 5.0 -05 .8 -36.0 -88 .5 January. 1930 No. Valuation Pernentage Chnnge Valuation Over Month - - - - -+234.4 -- -- 34 S 02.360 120 307.470 122 446.663 311.667 64 535.830 215 220.713 131 477.580 157 66.277 80 280 1.000.413 80 137.747 270 733.860 135 235.305 23 149.384 17 02.'381 - 53 .0 - 60 . 4 - 83. 6 + 0 .0 + 43 .5 + 50.1 +128 .8 + 13 .7 - 22.4 + 54 .3 - 52 .6 .1 - 85.4 ---------2.118 - ---1.743 $4.062.050 - 22 . 2 $5.243.103 2.225 $6.739.025 + 5 .7 Two Months 1030 No. Valuation 1020 No. Valuation 05 S 401 .186 204 536.840 250 582.036 115 362.766 521 1.124.842 255 537.373 364 1.237.314 222 217.801 626 2.343.304 203 244.675 590 1.866.315 313 340.771 67 298.668 36 105.850 82 S 376.505 146 355.127 301 634.472 124 336.fi.l1 543 1.347.475 187 434.064 405 1.106.576 300 344.100 848 4.124.402 200 471.201 685 2.127.418 423 600.802 75 364.822 61 264.533 3.861 $10.205.843 4.470 S 12.088.028 Poroentago Chango Valuation Over Period + 6.6 +51.2 - 8.3 + 7. 8 - 16.5 +23 .5 + 3 .4 - 36 . 7 - 43 .2 - 48 . 1 - 12 .3 -43.1 - 18.1 - 60 .0 --10 --.0 - 1!l11l1111l1l1l1l1l11l1l ... III .I IIIIIIIIII."tll'"IIII.IIII 'It .lllltllllllllll ... U" ..................... .,1111 .. '1 .. 111 .... 1111.1 .. 1111111111111 .. ' .. 1111111111111111111111 111111 11111111111 .. 1111 ..... 111111111111111111 •• 1111111111 111111 1. ... . The 482,000 barrels of cement which were produced at 'Fexas mills during February represented an increase of 50.2 per cent over the preceding month, and 20.8 per cent over February, 1929. Shipments for February amounted to 521,000 barrels, as compared to 317,000 barrels for January, and 4,16,000 for Cement ~ ~ 111111"8 the same month last year. Stocks at the end of the month had been reduced to 779,000 barrels, which was 4.7 per cent below those on January 31, but 51.9 per cent above those a year ago_ For the first two months of 1930, production was 7.2 per cent less and shipments were 41.2 per cent smaller than in the same period of 1929. MONTHL Y BUSINESS REVIEW • j j . ~: ProduotlonntToxll8m1l1s ........... .... .................... .... ... .. ........................... .. ...... ShipmcntBntToxasmllls................................................................................ Stocks at end or month at TexlI8 milla. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. .. February 1930 Number 482 621 779 Percentage Change Ovor Month Year +50.2 +20.8 +64.4 +26.2 - 4.7 +61. 0 January through February 28 Peroontage Chango Over Year Number 803 838 - 7.2 - 4.2 ru"U.II ••••• ' ••• IIIIIII •• I.I ••••••• I.'.I •••• III ••••• •••• ,111111111"11 •••• 1•• • 1.,11"'11111111111111111111111.111111111111",11111'111111111111111111"111111111111111.111111 11 "'11"111111"111111111""""1111'1111111111'1'1111IIIII.,IIIIIIIIIIIII[!) SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compiled by th e Federnl Reserve BO<lrd as of March 21. 1980) Industrial production increased in February, while the number of workers employed in fac.tories was about the same as in January. Wholesale commodity prices continued to decline. Credit extended by member banks was further reduced in February, but increased in the first two weeks of March. Money rates continued to decline. responding month of any other recent year. A slight seasonal increase was reported during early March. Department store sales in February continued to be below the level of a year ago. PRODUCTION Wholesale prices of commodities declined further during February, and the Bureau of Labor Statistics Index at 92.1 per cent of the 1926 average was at the lowest point since January, 1922. Marked declines occurred during the month in the prices of many agricuhural products-grains, hides, raw wool, and cotton; in certain imported raw materials, notably sugar and silk; and also in textiles, petroleum, and pig iron. During the first part of March, a number of these commodities declined still further in price. Wheat and cotton prices were considerably lower, and silver reached the lowest point on record. By the middle of the month, however, prices of cotton, hides, and silver had recovered somewhat. In February, industrial production increased about two per cent according to the Board's index, which is adjusted to allow for seasonal variations. This increase reflected chiefly a substantial gain in the output of iron and steel. Automobile production was in larger volume than during January, but was 30 per cent smaller than the large output of a year ago. Cotton and wool consumption by mills was substantially lower in February, and productibn of bituminous coal and copper also decreased. In the first two weeks of March the output of steel mills declined in comparison with February, contrary to the usual seasonal movement. Bituminous coal output was smaller also. The volume of ,building contracts awarded in February was about the same as in the preceding month. Residential building continued at an exceptionally low level while contracts for public works and utilities were large in comparison with the corresponding month in other recent years. Awards in the first two weeks of March were larger than in the first half of February. . 'I EMPLOYMENT The volume of factory employment, which had reached a low point in January, showed little change in February, when an increase usuall y occurs. Factory payrolls increased during the month, but by a smaller amount than is usual at this season. In the steel, automobile, agricultural implement, and tobacco industries, employment increased during the four-week period, while further decreases occurred in the cotton and wool textile, lumber, automobile ,tire, electrical machinery, and machine tool industries. DISTRIBUTION Freight car-loadings on an average daily basis were slight! y larger than in January, but smaller than in the cor- PRICES BANI{ CREDIT Liquidation of credit at member banks continued throughout February and on February 26 total loans and investments of member banks in leading cities were in about the same volume as in the early summer of last year. During the following two weeks, however, there was an increase of $230,000,000 in loans and investments, chiefly in loans on securities. All other loans, largely for commercial purposes, increased slightly. From the middle of February to the middle of March, the volume of reserve bank credit outstanding decreased further by $90,000,000. This decline reo flected chiefly an increase in gold stock of $75,000,000 and a further decline of money in circulation, offset in part by some increase in member bank reserve balances. Member bank indebtednesses at the reserve banks declined to $267,000,000, the lowest level sin ce early in 1925; reserve bank holdings of bills declined, while those of United States securities increased. Money rates in the open market eased further and bond yields declined rapidly to the lowest level since 1928. At the middle of March the discount rate at the Federal Reserve Bank of New York was reduced from 4 to 3Y2 per cent, and the rate at the Cleveland, Philadelphia and San Francisco banks from 4,112 to 4 per cent.