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Monthly Review of Business and Industrial Conditions
in the Eleventh Federal Reserve District, Federal ReserVe Bank of Dallas

w. F. RAMSEY. Chairman and Federal Reserve Agent.
Volume 5

A

CHAS. C. HALL, A.sistant Federal Reserve Agent

Dallas, Texas April 15. 1920

Salient developments of the business and industrial situation in this District during March were:
a revival of trade on new high levels of volume and
prices for the spriJ;lg season; a late and rather unfavorable start in the planting of staple crops; the
Opening of the spring livestock movement; an enhanced demand and an enlarged production in the
petroleum industry; an organized effort to co-ordinate the factors of supply and demand in the farm
labor problem; and a steady expansion of credit to
:meet the seasonal requirements of the District.
In retail trade the Easter season brought with it
a renewed wave of buying that overturned previous predictio~s to the effect that trade had about
reached the point of saturation. At the same time,
the March situation furnished tangible evidence
that the public has definitely realized the necessity
of curbing, to some extent, its former reckless disregard of the price question. While March trade
Was generally characterized by an activity almost
as buoyant as prevailed in January, more discrimination is reported to have been shown by the conSUmer in his purchases. The desire for the higherpriced articles persists, but the ability and willingness to pay any price asked has visibly diminished.
Despite this tendency toward price resistance on
the part of the public, seasonal needs and scarcity
of merchandise combined to carry the volume of
trade and scale of prices to higher levels in March,
and in some lines, notably clothing and dry goods,
but little relief in the direction of lower prices is
hoped for until after next fall. In the meantime,
the public's sustained buying power and lingering
addition to extravagance constitute a puzzling subject of thought and comment.
The slogan "produce more and save" was never
preached with more reason and logic than at the
present time, when increased production is the sole
and certain means of enhancing the purchasing
power of current savings.
Eleventh District banks substantially increased
their loans to customers during the month of March
and at the same time witnessed the beginning of
the annual decline ' in deposits. These movements
denote the normal demand for money at this sea-

No.3

son of the year for the purpose of financing the
needs of the District until the returns from next
harvest are received. Evidences of increased conservatism in the credit operations of the banks continue to appear. The higher discount rates prevailing this year are being complained of now and
then by their customers, indicating that the increase
in the Federal Reserve rates is beginning to be felt
by the public, at least to the extent of discouraging all but essential loans. The member banks also
continue to be more sparing in their use of the Federal Reserve Bank's credit facilities than they were
a year ago, although this is largely due to the
stronger position they occupy by reason of a heavy
accumulation of deposits, rather than to the increase in Federal Reserve rates or a slackening in
the demands of their borrowing customers.

AGRICULTURE:
The average condition of winter wheat in this
District is 70 %, according to current reports,
which compares with a condition of 75 % a month
ago. The deterioration is in part due to insect
damage, the appearance of the greenhug having
been recently reported in a number of North Texas
counties. The planting of cotton and corn is well
advanced in South and Southwest Texas, while in
the northern part of the state planting is late and
progress is slow on account of the dry, cloddy condition of the top soil, du to the protracted period
of dry weather wbich extemleil f rom the fit'st week
in February to the last week in March. While the
state is generally blessed with an abundance of
moisture in the subsoil, as this is written rains are
needed to insure proper germination of seed.
As a result of the reappearPink Bollworn ance of the pink bollworm last
year in a few of the cotton-proto be
Exterminated ducing counties of Texas, the
Texas Legislature will be shortly
convened to strengthen existing legislation looking
to the extermination of this pest. The proposed
amendment contemplates the establishment of noncotton zones around the infested areas, and a rigid
program of discontinuing for a period of years the

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

growing of cotton wherever the worm appears in
the 1920 crop. The plan contemplates state aid
for the farmers who suffer losses by reason of the
prohibition of cotton production.

Further Damage

Three-fourths of the Texas fruit crop has been killed
by March and April cold
waves and hail storms, according to reports received
by the State Department of Agriculture. Press dispatches also indicate that one-half of the East Texas tomato crop was destroyed by late frosts.

by Late Frosts

Cotton
Movement

Both Galveston and Houston reported a slackening of cotton receipts in the month of March as compared with the preceding month, although shipments showed a substantial increase. The strong
foreign demand for the staple was reflected in a
gain of 674,042 bales in the season's total exports
through the port of Galveston to March 31, 1920,
over the total exports for the corresponding date
last year. This compares with a gain of 603,383
bales as of February 28, 1920, over February 28,
1919.
MARCH COTTON MOVEMENTS
Galveston
March receipts ........................................................ 174,495
March shipments .................................................... 266,756
Stocks on March 31st.............................................. 233,038

Houston
168,953
156,165
260,948

GALVESTON STOCK STATEMENT
Mar. 31,
1920
For Great Britain................................................... . 24,582
For France ............................................................... .
For other forei gn ports......................................... . 52,960
8,500
For coastwise ports.................................... ···.····· .... .
In compresses and depots..................................... . 146,996

Mar. 31,
1919
18,933
7,000
18,800
1,000
217,529

Total .................................................................. 233,038

. 263,262

GALVESTON COTTON EXPORTS
This
Season
Total foreign exports to March 31.. .................... 1,641,233
Total coastwise exports to March 31.................. 290,355

Last
Season
967,191
317,880

Total exports to March 31.•..........................1,931,588

1,285,071

Grain
Movements

Reports from grain inspectors at
five of the leading grain markets of
the District reflect a brisker movement for the month of March than for the preceding month. Corn receipts exhibited a gain of 51 %,
wheat 33 % , and oats 18 % . A detailed statement
of the combined receipts at the principal cities,
based on inspectors' reports, is shown below.
COMPARATIVE GRAIN RECEIPTS
February
(cars)
Wheat ............................................................................ 1302
Corn ...............................:................................................ 198
Oats ................................................................................ 331

March Cash
Grain Prices

March
(cars)
1740
300
393

In sympathy with outside markets local cash grain quotations
moved upward during the month
of March, the most pronounced gain being regis-

tered by wheat. Opening and closing quotations
at Dallas for the month of March were as follows :
COMPARATIVE GRAIN PRICES
March 1st
Wheat-Basis No. 1 red ............................................ $2.65
Corn-No. 2 mixed .................................................... l.58
Oats-Texas red No.3, even weight bags delivered Texas common point territory ............ 1.02

March3lst
$2.81
1.62
1.07

LIVESTOCK:
Range
Ranges are greening rap i d I y
Conditions throughout the District, and as the
spring season advances grazing conditions are showing steady improvement. Livestock
is generally reported to be thriving, though low
night temperatures in the Northwestern part of the
District are still in evidence, and late reports indicate that the moderate precipitation in that section
during March was not sufficient to relieve the rather dry condition of the ranges. Lambing is proceeding under favorable conditions, and a good
yield is in prospect. Cattle inspectors also report
an unusually heavy crop of fine calves on the
ranges this spring.

Livestock
Prices

March quotations at the Fort
Worth market were irregular, but
the close of the month found pmces
sagging towards lower levels as the spring movement of fat cattle began to make its appearance in
force. Beef steers and lambs were the only divisions which recorded gains over the top quotations
of February. Stocker cows reached a top of $11.00
in February, while $9.60 was the best figure they
commanded in March. Hogs followed an irregular course, some discrimination being shown in favor of the lighter weights, and the month closed
with the market about $1.00 higher than at the end
of February. As compared with prices a year ago,
last month's maximum livestock quotations, with
the exception of those on calves, sheep and la~s,
reflected decreases of from $1.00 to $3.80. Comparative top prices for March, 1920, and the corresponding month last year were:
TOP LIVESTOCK PRICES IN MARCH
March
1920
Beef steers ..................................................................$14.00
Stocker steers .............................................................. 11.00
Butcher cows .............................................................. 10.50
Stocker cows ................................. ............................ 9.60
Calves .......................................................................... 14.00
Hogs .............................................................................. 15.10
Sheep ..................... ....................................................... 14.50
Lambs .......................................................................... 20.00

March
Livestock
Movements

1919
$15.25
14.00
12.00
11.00
14.00
18.90
14.00
19.00

The spring movement of fat
stock to the market opened up at a
lively rate toward the latter part of
March, when South Texas grass cattle and West
Texas sheep began reaching the yards in force. Receipts in all divisions netted good gains over the
month of February, while supplies of sheep and

~ogs were the heaviest of the present year, exceedIng the January receipts by substantial margins.
Buyers from outside markets, attracted by the liberal runs yarded at Fort Worth, enlivened the competition and enabled the market to readily absorb

desirable consignments. As was the case in February, calves were scarce and in strong demand. The
following table shows comparative receipts at the
Fort Worth market for the months of February
and March, 1920, and March, 1919.

FORT WORTH LIVESTOCK RECEIPTS

Cattle .....................................
Calves ....................................
Hogs ........................................
Sheep ..................................... .

March
1920
52,955
7,579
62,026
28,295

February
1920
46,416
4,210
44,945
11,302

G
G
G
G

Loss or
Gain
6,539
3,369
17,081
16,993

March
1919
54,140
5,740
72,617
13,745

L
G
L
G

Loss or
Gain
1,185
1,839
10,591
14,550

LUMBER:
Reports from 35 Southern pine mills in the Eleventh Federal Reserve District for the four-week
period ending March 26th, clearly indicate that

production is making fair headway in catching up
with the demand, as evidenced by the following
comparative statistics:

MARCH LUMBER STATISTICS
February
(34 mills)
Orders received, 4·week period ........................................ 45,632,488 feet
Production, 4·week period .................................................... 56,436,596 feet
Shipments, 4·week period .................................................... 57,634,032 feet
Orders unfilled at end of period........................................ 263,013,504 feet
Normal production (4 weeks) ............................................ 64,296,824 feet

At the close of February the balance of unfilled
orders on the books of the reporting mills represented a total footage approximately equal to four
weeks' normal production of such mills. On March
26th the reports of 35 mills showed them to be behind with their orc;lers to an extent equivalent to ·
about three weeks' normal production. It will be
seen that the reduction in the volume of unfilled orders was due to a shrinkage in current orders from
retaile:t;s~ rather than to increased shipments. The
slackening in new orders as reflected in mill reports
for March is believed to.be due to a waiting policy
on the part of retail dealers, as a result of a recent
downward turn in market prices.

March
(35 mills)
39,717,405 feet
58,045,898 feet
54,970,699 feet
224,974,771 feet
70,584,388 feet

PETROLEUM:
Increased
In March the Eleventh Federal
Production Reserve District produced 11,132,in March
024 barrels of crude petroleum,

valued at $31,000,000. The combined production of the four states in the Mid-Continent fields, Texas, Louisiana, Oklahoma and Kansas, amounted to 21,425,610 barrels, this being the
best month's record made by the Mid-Continent
fields for the past five months. Of this production,
the Eleventh District's contribution of 11,132,024
barrels, which was slightly more than one-half of
the Mid-Continent output, represented a gain of
March Lumber
A decided yielding in prices 658,930 barrels over its February record, and also
Prices
on all items of lumber was a fea- an increase of 197,963 barrels over its January
ture of the month of March. production. In Texas there were increases in the
Flooring, which on February 1st was selling at Coastal and North Texas fields, and a decrease in
around $H5 at the mills, led the list in the down- the output from Central West Texas due to lack
ward movement, being in light demand on April of supplies for completing new wells in proven
1st at a price averaging $95 per thousand, or a drop
areas. North Louisiana again came to the fore
of about 18 % for the 60-day period. The last half
with
a handsome increase of over 500,000 barrels,
of March witnessed moderate but general declines
in all classes of lumber. The trade generally takes further emphasizing the rapid development of this
the view that these recessions mark the arrival of section during the past three months. The March
a long-overdue process of readjustment, and retail- yield of 3,739,022 barrels of oil in North Louisers are inclined to curtail buying until prices have iana was over two million barrels (or about 140 % )
subsided to new stabilized levels. In the meantime in excess of its December, 1919, production. Its
the public demand for lumber shows no apprecia- gain over the month of February came chiefly from
ble abatement, but rather the contrary. Thus, the the Homer pool in Claiborne Parish. Ranger again
tetailers, by allowing their sales to outrun their led the Texas fields, it being the only field in that
purchases, are laying up future mill orders which state to report a March production in excess of a
million barrels.
"viII tend to stiffen prices later on.

Drilling
There were 583 wells completed ruary record of 69 completions, all of which were
Operations in the T exas fields in March, of producers with the exception of four.
which 110 were failures, and 473 Prices
During the past 30 days an advance of
were producers having an initial flow of 110,200
barrels. This compares with a record of 640 completions, 149 failures and 491 producers for the
month of February. The North Louisiana drilling
results for March were also slightly off as contrasted with the previous month. Out of 73 completions this section had 14 failures, including 8 due
to salt water encountered in the Homer pool, and
a total of 59 producing wells having an aggregate
initial production of 44,730 barrels, against a Feb-

25 cents per barrel in the price of crude
was posted in the Louisiana fields. The only increase noted in Texas was a 50 cents raise at Sour
Lake, bringing the price there to $2.50, to conform
to the level of quotations in force at other coastal
fields. Fuel oil is scarce and little is being offered.
Recent price quotations are as follows: buyers' cars,
$2.50 to $2.75; sellers' cars, $3.00 to $3.50.
Detailed statistics of the petroleum industry in
this District for the month of March are presented
in the following tables.

OIL PRODUCTION
(Barrels)
March
FieldFebruary
2,806,600
North Texas .................................................. 2,672,750
2,562,429
Central West Texas................... ·.·.... ············ 2,873,300
2,023,973
Texas Coastal ................................................ 1,717,145

Increase
133,850

Totals, Texas ................................................ 7,263,195
North Louisiana ............................................ 3,209,899

7,393,002
3,739,022

129,807
529,123

Totals, Eleventh District............................ 1O,473,094

11,132,024

658,930

306,828

Decrease
310,871

DRILLING OPERATIONS
FieldCompletions Producers
North Texas ...................................................................................... 296
255
Central West Texas..............................··.... ·············......................... 214
178
Texas Coastal .................................................................................. 44
30
Texas Wild Cats.................................. ·.··············.............................. 29
10

Failures
41
36
14
19

Initial
Producion
40,260
35,905
32,645
1,390

Totals, Texas .................................................................................... 583
North Louisiana .............................................................................. 73

473
59

110
14

110,200
44,730

March totals, District.. .......................................... ·.............. ·............ 666
February totals, District.. ........................................................ ·...... · 709

532
556

124
153

154,930
252,616

CRUDE OIL PRICES
Louisiana (38 gravity and above):
Texas :
Caddo ..... ,..................................................................................$3.50
Homer ...................................................................................... 3.25
Bull Bayou .............................................................................. 3.15
De Soto .................................................................................... 3.40
All other Texas fields...................... ·.......... ·............ ·............· 3.50

~~~:~s~:B:a~:i~i~i~~: : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : $H~

ever, is the subject of many complaints, and proMINING:
Texas coal mines operated at full capa- duction is said to be lagging despite wage advances
Coal
city throughout the month of March, twelve
mines in the bituminous fields having an estimated
output of 50.000 tons for the month, while the lignite output, according to the figures of thirty mines,
was approximately 69,000 tons. The demand for
coal is exceptionally strong as a result of an unusually early buying movement now in progress.
Mines were well supplied with labor during the
past month.

and bonuses for increased output. Prices of both
raw materials and finished products have remained
practically unchanged during the past month. The
trade demand is quiet, and but very little new business is expected to be booked before the latter part
of May.

TRADE AND TRANSPORTATION:
Net sales for March, 1920, in the
Wholesale
principal lines of wholesale trade
Trade

disclosed substantially augmented toMANUFACTURING:
tals
by
contrast
with transactions for the corresTextiles
Manufacturers of osnaburgs, ducks,
drills and cotton mattresses report that
their plants are operating at full capacity. Most
of these mills have sold their output up to September. The labor supply is fairly satisfactory as to
quantity just now, and no shortage is anticipated
until the harvest season. The quality of help, how-

ponding month last year, according to reports at
hand. Gains ranged from 20% for millinery to
160 % for farm implements. A comparison of
March sales with those of the shorter month of February, 1920, reveals increases commensurate with
the extra number of days in March, except in the

millinery line, which showed a decrease for March,
and dry goods and automobile supplies, which recorded heavy increases over sales for the preceding month. Wholesalers in furniture and dry
goods reported an average injcrease of 40% in
prices for March, 1920, as contrasted with prices
of a year ago. Dealers in furniture and automobile
supplies also reported sharp price advances over
quotations for the month of February, 1920. In
other lines prices, while showing a slight upward
trend, held closely to the general February levels,

and dealers report a more pronounced attitude of
price resistance on the part of retail trade. It will
be seen from the appended table of trade statistics
that wholesale deliveries, generally speaking, kept
well up with sales during the month, and also that
considerably heavier stocks are on the shelves now
than were carried a year ago. These facts would
seem to denote an improveemnt in both the interstate and intrastate movement of merchandise as
compared with the situation that obtained a year
ago.

MARCH, 1920, WHOLESALE TRADE, COMPARED WITH FEBRUARY,
Compared
with
Sales
Inc.
4%
Groceries ............................................................................................Feb. 1920
Mch. 1919
Inc. 60%
Furniture .......................................................................................... Feb. 1920
Inc. 11%
Mch. 1919
Inc. 31 %
Millinery ............................................................................................Feb. 1920
Dec. 100/0
Inc. 20%
Mch. 1919
Auto Supplies .................................................................................. Feb. 1920
Inc. 68%
Mch. 1919
Inc. 31%
Drugs ..................................................................................................Feb. 1920
Inc.
2%
Mch. 1919
Inc. 84%
Dry Goods ........................................................................................ Feb. 1920
Inc. 56%
Mch. 1919
Inc. 86%
Hardware .......................................................................................... Feb. 1920
Inc. 17%
Mch. 1919
Inc. 58%
Farm Implements ............................................................................ Feb. 1920
Inc. 11 %
Mch. 1919
Inc. 160%

Retail
Trade

All lines of retail trade, with the exception of hardware, enjoyed a substantially increased business during March,
both as compared with the preceding month and
the corresponding period last year, according to
replies received to our questionnaires. The stimulus of the Easter season is reflected in the augmented sales of clothing, shoes and dry goods, while the
heavy gain recorded in the furniture trade attests
the demand resulting from the present building
campaign. Price statistics furnished by reporting
firms fail to show any reaction from previous levels, such changes as were reported being in

1920, AND MARCH, 1919.
Selling ,
Price
Shipments
....................
Inc.
2%
Inc. 11%
Inc. 61 %
Inc. 12%
Inc.
4%
Inc. 40%
Inc. 19%
....................
....................
Inc. 15%
....................
Inc. 10%
Inc. 68%
Inc.
5%
Inc. 31%
Inc.
1%
Inc.
1%
Inc.
3%
Inc. 77%
Inc.
2%
Inc. 53%
Inc. 41%
Inc. 86%
Inc.
2%
Inc. 100/0
Inc. 11%
Inc. 75%
....................
....................
Inc.
6%
....................

the oposite direction, though in the case of
clothing, shoes and food a stationary position was
maintained. Stocks on hand indicate a better situation with respect to the wholesale supply and delivery of clothing and shoes, though a depletion is
noted in stocks of hardware and furniture. Dealers
in clothing reporte.d unfilled stock orders outstanding on March 31st equal to 16% of their total purchases for the calendar year, 1919. Corresponding
percentages for other lines were: hardware, 5 % ;
dry gods, 6 % ; shoes, 25%; furniture, 3%. Detailed data showing the condition of retail trade in
this District in March are presented in the table
immediately below.

MARCH, 1920, RETAIL TRADE, COMPARED WITH FEBRUARY, 1920, AND MARCH, 1919.
Compared
Selling
with
Sales
Price
Inc. 50%
.. .......... ..
Clothing ............................................................................................ Feb. 1~20
0
C
Mch. 1919
I 1~ 3 '
f.1'}('
20%
Groceries .......................................................................................... Feb. 1920
Inc. 140/0
. '...............
Inc. 28%
....................
Mch. 1919
Hardware ..........................................................................................Feb. 1920
Dec. 8%
Inc.
4%
Mch. 1919
Inc. 10%
Inc. 20%
Dry Goods ........................................................................................ Feb. 1920
Inc. 24%
Inc.
7%
Mch. 1919
Inc. 39%
Inc. 23%
Shoes .................................................................................................. Feb. 1920
Inc. 500/0
....................
Mch. 1919
Inc. 37%
Inc. 17%
Inc. 46%
Inc. 10%
Furniture ..........................................................................................Feb. 1920
Mch. 1919
Inc. 240%
Inc. 46%

Transportation

Indications of an improvement in the car supply were in
evidence during the month of March, except in the
Western part of the District, where complaints are
still being made to the effect that the movement of
livestock and farm products is severely hampered
by lack of transportation facilities. The nation-

Stock at end
of month
Dec. lh%
Inc. 26%
Inc. 21%
Inc. 290/0
....................
................... .
Inc. 19%
Inc.
9%
Inc.
2%
Inc. 16%
Inc. 19%
Inc. 72%
Dec. 10/0
Inc.
9%
Dec. 10%
Dec. 18%

Stock at End
of month
Inc. 17%
Inc. 31%
Dec. 6%
Inc. 21%
Inc.

12%

Dec. 20%
Dec. 10%

wide switchmen's strike has almost completely arrested the seasonal outbound movement of Eleventh District products as well as the inbound flow
of merchandise from the North and East. The
after-effects of the strike upon the car supply in
this District will still further delay the restoration
of normal transportation facilities.

FINANCIAL:
Federal Reserve
On February 28th, 1920,
Bank's Position 231 member banks were indebted to the Federal Reserve
Bank of Dallas in the form of rediscounts aggregating $13,147,188.64 and collateral notes totaling
$35,857,309.30; while on March 31st the number
of borrowing banks was 252, an increase of 21, rediscounts had increased to $21,333,988.52 and collateral notes had increased to $36,453,751.43, or a
total increase for the month of $8,783,242.01 in
loans to member banks. This increase was largely
due to the fact that in March the member banks
began to submit their customers' 1920 agricultural
paper which, under the 6-months maturity limitation, had just become eligible for rediscount with
the Federal Reserve Bank. From February 28th
to March 31st rediscounts for other Federal Reserve banks decreased from $23,500,000 to $10,000,000 and paper purchased in open m!lrket receded from a total of $1,750,052 to a total of $1,186,210. Member bank reserve deposits on March

31st stood at $60,977,508.43, compared with $64,308,777.26, showing a decrease, due to seasonal
conditions, of $3,316,745.39. Federal Reserve
Notes outstanding March 3Ist amounted to $81,733,712.00, against $80,280,050.00 on February
28th.

Condition of
Member Banks in
Selected Cities

Forty-four banks in the
larger cities of the :Oistrict
reduced their holdings of
United States securities in
the month of March to the extent of $7,358,000,
but increased their loans secured by Government
securities $2,323,000, according to their reports of
February 27th and March 26th. During this period their total loans increased $9,073,000, and
their net demand deposits on which reserve is computed decreased $463,000. By comparison with
their condition figures of March 28, 1919, both
their deposits and their loans showed an increase
of approximately $100,000 during the past twelve
months, as will be seen from the table presented
below.

CONDITION STATISTICS OF 44 MEMBER BANKS IN SELECTED CITIES.
)Mch 26.1920
U. S. Securities owned. ..................................................................................... $ 58,230.000
Reserves with F. R. Bank................................................................................ 26.350.000
Loans secured by U. S. War Obligations....................................................
9.208.000
All other loans and investments .................................................................... 274,426.000
Net demand deposits ........................................................................................ 254.789.000
Bills payable with Federal Reserve Bank.................................................. 32.628.000

Bank Clearings

March clearings of the ten
cities listed below exceeded by
14% their clearings for February, 1920, and
showed a gain of 67.8 % over the month of March,
1919. Total clearings of the same cities for the

Feb. 27.1920
$ 65,586,000
25,542,000
6.885.000
267.676.000
255.252.000
31,774,000

Mch.28.1919
$ 69,209,000
16.615,000
7,071,000
175,871,000
154,888,000
30.598,000

first three months of 1920 surpassed those for the
first quarter of 1919 by 45.6%. The decrease in
the clearings at Austin was due principally, if not
entirely, to a change in the State Depository law
which went into effect subsequent to March, 1919.

MARCH CLEARINGS.
March
1920
Austin ........................................................$ 8.505.314
Beaumont .................................................. 6,467,146
Dallas ........................................................ 178.669.372
El Paso ...................................................... 30.341.352
Fort Worth .............................................. 89,660.051
Galveston .................................................. 32,524.332
Houston .................................................... 123.998.316
Shreveport ................................................ 23.665,796
Waco .......................................................... 15.654.969
Wichita Falls .......................................... 21,655.917
Total.. .................................................. $531,142.565
(.) Decrease.

Discount and
Interest Rates

1919
$ 64.703.341
5.939,127
104,819,910
24,545.387
58,536.029
20.345,000
62,516,284
11.271.641
9.832,527
12.052.080
$316,328.326

Discount rates in six of the
principal cities of the District
during the month of March
showed only slight variations as compared with
February rates, according to the reports of the
larger banks. Rates on customers' paper remained
steady at 6lh% to 7%, while those on open mar-

Increase
86.9%*
8.9%
70.5%
23.6%
53.2%
59.9%

98.30/0
109.9%
59.2%
80.1%
67.8%

First Quarter
1920
1919
$ 24,383.325
$123.224.106
20,815,230
18,359,137
537.478,012
321.467.487
89,134.320
67.787,705
263,752.109
196.239,451
97,295.632
63,728,252
364,969.350
195.292.324.
35,306,430
70.488,467
47,295,962
30.270,873
32.448.813
63.816.608
$1,579,429.015
$1,084.124,578

Increase

80.10/0·
13.4%
67.2%
31.5%
34.4%

52.70/0
86.90/0
99.70/0
56.2%
96.7%
45.60/~

ket paper and interbank loans advanced slightly.
Collateral loans payable on demand commanded
higher rates at Dallas, Fort Worth and Houston, but
took a downward turn at Shreveport and Waco.
Four of the six cities reported decreases in the rate
on commodity paper. March quotations on all
class'es of paper are presented below, including
"high," "low" and "customary" rates at each city.

MARCH DISCOUNT RATES I
Fort Worth
Houston
C
H
L
L
C
H

Dallas
L
C

Prime Commercial Paper:
H
Customers' 30 to 90 days.................... 8
6
6V2
Customers' 4 to 6 mos ....................... 8
7
6
Open market 30 to 90 days................ 7
7
7
Open market 4 to 6 mos..................... 7
7
7
Interbank loans ........................................6V2 6
6~
Collateral loans, demand ...................... 8
7'
6
Collateral loans, 3 mos ........................... 8
6
7
Collateral loans, 3 to 6 mos................. 8
6
7
Cattle Loans .............................................. 8
6
8
Loans secured by warehouse reo
ceipts, Bs/L, etc. .................................. 8
6
6%
Loans secured by Government
securities ................................................ 8
4% 6%.

7
7
7
7
\6
8
8

6
6

6)12

Ph 6V2 6
6V2

6

6V2
6V2

7

6
7
8
7
7V2

5V2
6
6
6
6

6
6%
6%
6%
6V2

7%
7
7
6
8
8

San Antonio
H
L
C

Shreveport
H
L
C

H

8
8
7
7
7

8
8
8
8
7

8
8
8
8
7

8

6
6
6%
6%
6
6
6
6
6

6V2
6V2
6
6
6
6
6V2
6V2
7V2

8
8

6
6
6
6
6
7
7
7
7

7
7
7
7
6V2
7
7V2
7V2
8

Waco
L
C

8
8
8

6
6
6
6
6
7
7
7

7
7
6V2
6
7
7
7V2

6~

9

6V2
6
6
6
6
6

8

6

7Y2

8

6Y2

6%

8

6

7% 8

6

7% 8

6

7~

8

6

7

8

6

6

8

6

6

6

6Y2

8

5

7Y2

8

8

8
8
8

8
8

I

7

LABOR:
A careful and exhaustive study of the present
A recent survey made by the MONTHLY RElabor supply in the Eleventh Federal Reserve Dis- VIEW elicited data from eighty of the leading cottrict shows that this section, though handicapped ton-producing counties of Texas showing the relaby an uneven distribution of labor, is probably tive supply of farm labor in those counties as commore fortunately situated on the whole than other pared with the supply a year ago. This survey desections of the country, and if the proper efforts are veloped the fact that during the past twelve months
put forth to shift the surplus of labor from those the heaviest exodus of farm workers has occurred
parts of the District that are over-supplied to those in East Texas, the movement being induced, it is
that are under-supplied, there is no reason why the believed, by the wages offered in the North LouisDistrict's industries should seriously suffer this year iana oil fields and lumber camps. The South Plains
for lack of operatives. The movement of Mexicans and extreme West Texas reported an increase in
into Texas has reached such proportions as to cause the estimated supply of farm labor as compared
Mexican newspapers and government officials to with the supply of a year ago. This condition is
voice -their alarm. Thousands of Mexicans, under in part attributable to the increase in tenant farmthe suspension of immigration restrictions, have ar- ers resulting from the unusually profitable returns
rived in San Antonio 'and border points this spring, realized by the West Texas farmers from their crops
attracted by reports of high·wages paid on this side last year. North-Central Texas, the Panhandle and
of the Rio Grande. Thus the Southwestern part the Gulf Coast, reported losses of from 6% to 10%,
of the state now has an adequate labor supply, whil~ the figures of all the reporting counties in
though the process of moving it from the towns and the state' indicate an average decrease of 7 % . In
cities to the farms where it is needed has not yet the belief that the data developed by our survey,
been completely carried out. The Texas Chamber though based upon local estimates, will be of genof Commerce is systematically endeavoring to con- eral interest and value to the readers of the
serve and properly distribute this valuable accre- MONTHLY REVIEW, the detailed results of the
tion to the state's labor supply. There is unques- investigation are herewith presented, showing the
tionably an excessive concentration of labor in estimated percentage of increase or decrease in the
many of the Texas oil fields. One North Texas .farm labor supply of each reporting county, based
field alone is authoritatively reported to have 3,000 on conditions existing March 31st, 1919, and March
to 5,000 idle men at this time.
31st, 1920.
A.ngelina ..............................- 2%
Atoscosa ..............................- 20%
Austin ..................................
5%
Baylor .................................. 2%
Bee (*) .............................. ..
Blanco ..................................-15%
Caldwell ..............................-25%
Callahan ..............................- 25%
Cameron .............................. +25%
Camp (* ) ............................
Cherokee .............................. + 10%
·Clay ......................................~100/0
Collin .................................. + 15%
Collingsworth .................... + 50/0
Colorado ............................ 5%
Crosby ..................................-25%
Dallas ..................................- 5%
DeWitt ................................ +10%
Delta (*) ..............................
Ellis ......................................-250/0
(*) No change.

+
+

+

Fannin ..................................-10%
Fisher .................................. +20%
Foard .................................... + 10%
Fort Bend ............................-10%
Freestone ............................- 20%
Garza (*) .......................... ..
Gonzales ..............................-20%
Gregg ....................................-250/0
Hall ...................................... + 15%
Harris ..................................- 50%
Hays (*) ............................ ..
Henderson (* ) .................. ..
Hood (*) ..............................
Hopkins ( *) ...................... ..
Hunt (*) .......................... ..
Jasper (*) ........................ ..
Johnson ................................-10%
Jones .................................... +20%
Knox ....................................-25 0/0
Lavaca ..................................-100/0

Limestone ............................- 15%
Live Ook ( <- ) .................. ..
Lubbock .............................. +25%
McLennan ..........................
2%
Madison ..............................- 33%
Matagorda ............................-10%
Medina ................................-250/0
Mills ....................................
5%
Mitchell .............................. +30%
Montague ............................-25%
Montgomery ......................- 33%
Morris ..................................-15 0/0
Motley .................................. + 10%
Navarro ( *) ...................... ..
Nueces ................................ +30 %
Palo Pinto ..........................- 20%
Panola ................... :..............-40%
Parker ..................................- 5%
Rains ....................................- 50%
Refugio ................................-30%

+

+

Robertson ........ .. .. ............- 250/0
Rusk ......................................- 150/0
San Patricio ( *) .............. ..
San Saba .............................. + 120/0
Smith ....................................-150/0
Titus ......................................-100/0
Tarrant ................................-250/0
Travis (*) .......................... ..
Taylor .................................. +200/0
Trinity ..................................-250/0
Tyler ....................................-330/0
Upshur ................................- 150/0
Van Zandt ......................... .+ 4%
Walker ................................-250/0
Ward .................................... +100/0
Wichita ..............................-500/0
Williamson .......................... + 100/0
Wise ....................................-100/0
Wood ( *) ........................... .
Young ..................................-200/0

SUMMARY
Panhandle .......................................................................................................................................................................................................................... -10.460/0
South Plains and Extreme West Texas...................................................................................................................................................................L
11.900/0
Southwest Texas .............................................................................................................................................................................................................. .090/0
North and Central Texas.............................................................................................................................................................................................. - 6.41%
East Texas .......................................................................................................................................................................................................................... -10.740/0
South Texas (Gulf Coast} .................................................................................................................................................................................................. 10.460/0

+

70/0

Estimated average decrease for 80 counties................................................................................................................................................................

FAILURES:
There were nineteen commercial failures in the
Eleventh District during March, involving liabilities totaling $203,445, compared with 17 suspensions representing an indebtedness of $252,971,
for the same month last year. It now develops
that the heavy casualty record of the month of February, 1920, when defaults in this District involved
the unusual sum of $1,830,522, was due to no general increase in business mortalities, but to the fact
that a single firm in the list of failed concerns owed
obligations amounting to about $1,500,000.

BUILDING:
Nine cities in the Eleventh District reported a
total of 2,313 building permits issued in March,
covering structures estimated to cost $5,589,236.00,
which compares with the March, 1919, record of
1,826 permits for buildings value'd at $2,918,579.00

or a net increase of 91.5% in the matter of valuations. Only two cities showed new construction
values under those of a year ago. In the case of
Fort Worth the decrease was due, not to any substantiallet-up in current construction work, but to
the fact that that city began its building campaign
last year somewhat earlier than the other cities in
the District, thus setting its figures for March, 1919,
and March, 1920, on a more equalized basis of comparison. Building permits issued in nine cities for
the first three months of 1920 represented valuations aggregating $16,728,284, which was $4,183,113, or 33%, in excess of valuations of all permits
issued for the entire year of 1919.
The . enormously expanded building program
now under way is taxing the capacity of the building trades and the available supply of materials,
but reports indicate that a fairly satisfactory Fate
of progress in current work is being maintained.

MARCH BUILDING PERMITS
No.
14
93
105
122
175
612
263
340
102

1919
Valuation
$ 28,105
91,710
346,225
126,455
1,568,655
35,852
288,415
276,275
156,887

No.
18
87
339
367
325
281
436
219
241

1920
Valuation
$ 30,700
58,459
1,754,335
275,070
1,488,640
96,291
776,946
420,965
687,830

Total .................................................................................................... 1,826

$2,918,579

2,313

$5,589,236

Austin ..........................................................................................................
Beaumont ....................................................................................................
Dallas ..........................................................................................................
EI Paso ........................................................................................................
Fort Worth ................................................................................................
Galveston ....................................................................................................
Houston ......................................................................................................
San Antonio ..............................................................................................
Shreveport ..................................................................................................

POST OFFICE RECEIPTS:
Postal receipts at eleven cities In the District
~.)t~led- $1,93S,~17 f\)J. the first three mOuths of
1920, which surpassed by 11 % the total of $1,742,254 for thefirst quarter of 1919. In th~ com-

Increase
or Decrease
Inc.
9.2%
Dec. 36.20/0
Inc. 406.7%
Inc. 117.5%
Dec. 5.1 %
Inc. 168.60/0
Inc. 169.3%
Inc. 52.3%
Inc. 338.4%
Inc.

91.50/0

parative record for the past three months, Dallas
led in the volume of receipts, Fort Worth showed
the largest dollar amount of increase over 1919, and
Wichita Falls had the greatest percentage of increase.

QUARTERLY POSTAL RECEIPTS

Austin ................................................................................................................... .
Beaumont ........................................................................................................... .
Dallas ....................................................................................................................
EI Paso ............................................................................................................... .
Fort Worth ......................................................................................................... .
Galveston ......... .................................................................................................. .
Houston ................................................................................................................
San Antonio ....................................................................................................... .
Shreveport ............................................................................................................
Waco ..................................................................................................................... .
Wichita Falls ..................................................................................................... .

First Quarter
1919
$ 67,346
48,389
535,288
103,386
226,188
57,565
272,958
232,720
81,786
67,968
48,660

. First Quarter
1920
S 60,905
43,123
592,497
116,669
286,230
54,297
330,780
221,911
107,027
59,154
66,324

Total ............................................................................................................ ..

$1,742,254

$1,938,917

- 9.50/0
-10.80/0
+ 10.60/0
+12.80/0
+26.50/0
- 5.60/0
+21.10/0
- 4.60/0
+30.80/0
-12.90/0
+36.30/0

-

+11.20/0