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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

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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.