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C. C. WALSH.
Chairman and Federal Reserve Alrent

(Compiled July 15, 1930)

% !ume 15, No.6

Dallas, Texas, August 1, 1930

This copy is relensed for pub.
lication in morn ing pnpers-

July 29

DISTRICT SUMMARY
9 ........

11 ..................... 11111 ...... 11111 .. 11111 ...... ' ...... 11111 ... '11111111 .... ,111111 .............. 1111 ....

·0

THE SITUATION AT A GLANCE
Eleventh Fedoral Roserve Distriet
June
Bank debita to individual accounts (at 17
D oitlea) . . . . . . . .. . . .. . . . . . . .. . . . . . . . . . . .. . .
,,!~artment .tore sal"" ...... . . . .... . .... . .. .
'""erve bank loans to member banks at end of
R month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
B~rve bank ratio at end of month . . . . . . . . . .
Cu"ding permit valuation at larger centers . . . .
C~=ero!al falluroo (~u~'?e!).... .. . . . . . . .. ..
Oil erClal faIlures (lIabllltloo) . . . . . . . . . . . . . .
production (oorrels). . . . . . . . . . . .. . . . . . . . .
Lu mber orders at pine milia (per cent of nor·
mal produotion) . . . . . . . . . . . . . . . . . . . . . . . . . .

Change from
May

$702,975,000

-

2. az,
16 .7'1.

+

$ 9,654,305
1.1%
65 . 1% .4 pointa
$ 4,771,680
- 16 .7%
+ 21.6%
• a"54,8~26
•
•
+761.2%
27,426,270
+ .5%
74% -

4.0

polnta

mlll."I ..... IIIIIII .. II .... IIIIIIIIIIIIIIIIIIIIIIIII ... II .... IIII .. IIIIIII .. IIIII .. 11I1I ... llltlllllI ........ III1II1I1 ,[!J

The marked decline in the prices of principal agricultural
com:nodities during the pllst month greatly reduced the pro~·
pectIve income of the district's farmers and had a deleterI'
ous effect upon trade and industry. Sales of department
stores in principal cities declined by more than the usual
seasonal amount and were substantially smaller than in the
corresponding month last year. Although distribution at
w~olesale usually reaches a low point during June.' buying
thiS year was on an unusually small scale. Retailers are
operating on a very cautious basis and consumer buying is
apparently being limited largely to actual necessities. Pay·
m~nts on accounts generally have been slow. Most of the
pnncipal industries of the district are working on part.time
schedules and working forces have been reduced with the
result that there is a considerable surplus of industrial
labor. While the demand for help in outdoor activities has
a~sorbed part of the unemployed, a general surplus of labor
stIll exists.
. Construction activity reflected a further substantial reces·

~Ion during the month. The valuation of building permits

!Ssued at principal cities, which was 17 per cent less than
In the previous month and 22 per cent below a year ago,
Was at the lowest level reached in several years. The produc·

tion, shipments, and new orders for lumber showed a sharp
decline.
While the growth of crops made fair to good pro/?:ress
during the past thirty days, there are many portions of the
district which are badly in need of moisture. Crops in some
sections have already begun to deteriorate and unless rain
is obtained within a short time, production of some crops
will be materially affected. The harvesting of small grains
was carried on under ideal conditions and the outtum was
better than was expected, yet the production of all grain
crops, except · oats, was smaller than a year ago. The
smaller production, together with the low market price has
materially curtailed the purchasing power of a considerable
percentage of the district's farmers. Although the prospects
for feed crops are generally good, the yield, as indicated
by the Department of Agriculture's July 1 report, will be
smaller than a year ago. While a large percentage of the
cotton crop has made good growth and is fruiting well, there
are some sections where the plants are suffering from the
lack of moisture. The district's ranges deteriorated some.
what during June but the condition of livestock was well
sustained. Livestock prices declined to a lower level and
trading on the ranges is at a standstill.
The past month witnessed a further decline in deposits
and a slight increase in the demand for credit for agricul.
tural and commercial purposes. The daily average of com.
bined net demand and time deposits which amounted to
$847,04.6,000 in June reflected a decline of $17,665,000 as
compared to the previous month and was $22,102,000 smaller
than a year ago. It is significant to note, however, that the
decline in the deposits this year was smaller than it was in
1929. Federal Reserve Bank loans to member banks fluctuated within narrow limits and on July 15 were only $1,459,.
800 greater than six weeks earlier, and were $17,720,955
less than on the corresponding date a year ago. While the
loans on securities of reserve city banks reflected a further
sharp decline, commercial loans showed a moderate increase
for the first time in seven months,

BUSINESS
The distribution of merchandise in the
wholesale channels of distribution re·
flected a further heavy decline in June.
While the recession was in part seasonal, it was much more
pronounced than is usual at this season and distribution was
Wholesale
Trade

materially smaller than in the corresponding month last year.
During the first half of the year, sales in all reporting lines
fell short of that in the same period of 1929, the decline
ranging from 3.5 per cent for groceries to 31.7 per cent for
farm implements. Restricted consumer buying due to crop

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

MONTHLY BUSINESS REVIEW

2

uncertainties and the low level of prices of agricultural
commodities, and cautious policies of retailers have materially reduced the demand at wholesale establishments.
Collections we!'e reported to be slow in most lines.
Midsummer quietude was evidenced in the wholesale dry
goods trade during June. Sales of reporting firms reflected
a decline of 19.2 per cent from the previous month, which
was more than seasonal, and were 32.1 per cent smaller than
in the corresponding month last year. Distribution during
the half year averaged 24.. 3 per cent below that for the same
period of 1929. Retailers continue to buy very cautiously
due to the downward trend in prices of raw materials and
the poor consumer demand. Collections were materially
smaller than in either the previous month or the corresponding month last year.
The slow demand for farm implements was again evident
during June. Sales have shown a steady decline since January, the June figure being 6.2 per cent less than in May and
35.3 per cent below those for June last year. Distribution
for the first six months of the current year averaged 31.7
per cent less than in the corresponding period of 1929.
Prices continued generally steady. Collections were slightly
smaller than in the previous month.
A further marked decline in the demand for drugs at
wholesale was registered during the past month. Sales were
not only 11.6 per cent less than in May, but were 13.0 per
cent below those in the corresponding month a year ago.
Restricted buying was noticeable in all sections of the district. Reports indicate that retailers are holding commitments to a minimum and are buying in small quantities.
Collections were smaller than in the previous month.
Sales of reporting wholesale grocery firms during June
were 1.9 per cent lower than in the previous month and
were 8.5 per cent smaller than in June, 1929. Increased
buying was noticeable in those sections where prospects for
agricultural production are favorable but in most areas a
further recession occurred. Prices evidenced a further
weakness.

The June sales of reporting wholesale hardware firms
reflected a further substantial recession, the total being 7.9
per cent less than in May and 15.1 per cent under June,
1929. During the first half of the current year, sales averaged 15.1 per cent smaller than in the corresponding period
of the previous year. In some areas buying was on a larger
scale than in the previous month. Collections were materially smaller than in the previous month.
CONDITION OF WHOLESALE TRADE DURING JUNE. 1030
Percentage of inoreasc or dcorease in:
Not Snles
Net Sales
Stocks
Ratio of oollcoJune, 1030 '.... Jan. 1 to date June. 1030 tiona during Juno
compared with compared with compared with to accountll and
June May 8amc poriod Junc May notes outlltandini
1920
1930
IMt year
1020 1930
on May 31
Groceries ...... .. . - 8.5 - 1.9
- 3.5
-11 .7 - 4.0
65 .5
Dry goods .. . . .... -32 .1 -10 .2
- 24.3
- 27.6 +.6
20.4
F.rm implementa .. -35.3 - 6.2
- 31.7
+24.3 - 4.5
6.6
H.rdware .... .. .. -15 . 1 - 7.0
- 15 . 1
+ 7. 2 +10 .5
32.1
Drugs .. .......... -13 .0 -11 .6
-15 .8
- 10 .8 - 4. 6
41.3

Retail
Trade

A slowing down in the distribution of
merchandise at retail in larger centers,
which was more pronounced than is usual
at this season, was in evidence during June. Sales were
16.7 per cent less than in May and fell 9.2 per cent below
those for June last year. Distribution during the first half
of the current year reflected a decline of 8.4 per cent as
compared to the same period of 1929. .
Stocks on hand at the close of June were 7.8 per cent
less than a month earlier and were 3.9 per cent smaller than
on June 30, 1929. The rate of stock turnover in the first six
months of the current year was 1.36 as against 1.44 in the
same period last year.
Collections showed a substantial decline in June. The
ratio of June collections to accounts outstanding on June
1 was 32.7 per cent as compared to 36.5 per cent in May,
and 35.0 per cent in June, 1929.

[!] 111111111 ................. 11 ....... 11 .... 1111111111111.11111111 .... 11111 .... , .............. ' ........ 111111'.11 ............ 11 .. '1111111111 ................. 1111 ..... 11 ...... 1I .... II ............ II ... IIII ...... IIUU ............................ IIU .....

§

Dallas

Fort Worth

Houston

S.n Antonio

Others

Total Distri.~

- 5.4
-18.2
- 7.6

-18.0
-18.4
-13.8

-13 . 2
-13 .6
- 0.8

-15 .6
-19 .5
- 6.3

+ 5.0
-14.0
- 5.0

- 9.2
-16.7
- 8.4

- 1.8
-18.6
.8

-14.7
-21.2
- 7.2

-10 .0
- 10.4
- 4.5

-12 .0
-19.2
- 3.0

+12.3
-17.5
.1

+

- 4.6
-17.6
- 2.6

+.5
-10.1

-

-

-

- 5.3
- 7.2

-

Commercial failures in the Eleventh Federal Reserve District during June, as compiled by R. G. Dun & Company, reflected
a considerable increase. The number of insolvencies increased to 62 as compared to 51 in the previous month and
27 in June, 1929. Due principally to one large failure, the
liabilities rose to $8,454,866, as against $981,806 in May

.24
. 23
1. 68
1.43
31.1

3.8
6.4
.21
.18
1. 26
1.11
30.7

6.5
6.2
.26
. 26
1. 60
1.52
36.1

7.6
7.3
.32
.20
1. 82
1.80
34.0

3.g
7.8

.17
.23
.19
.22
1.11
1. 44
1.12
1.36
33.2
32 .7
8'"' "' 1111 II II."" II 11 ..................11 II "'tI II II ",,,""'11'"''''''''''''''''''''''''...... ".1111 ............................... 11 ..... '" ............. ,1111""11,1',11111111 .1I11I .. ,.. IIII .. II ..... II.IIIIIII'.tI~' .. IIIIII.. ,IIII.II.. ,.. 1I

Commercial
Failures

ro
~

BUSINESS OF DEPARTMENT STORES
Total SnIes (Percentage):
June, 1030, compared with June. 1029 . ...... . .. .. .. .... .... .. . .. .... ........ ...
June, 1930. eomparcd with M.y, 1030. .. .... .. ..... . . . . . ... . . ... . ... ........ . ..
January 1 to daLe, compared with ISame period last year.. .. ...... .. ... ...... .. .. ..
Credit Sales (Percentage):
June. 1030. compared with June, 1029.... ...... .................... . ...... .....
June, 1930, compared with May, 1930 . . . . ................. .. ....... . .. .. .......
Janu.ry I to date. compared with same poriod last year............... . ...........
SLeake (Percentage):
June 1030, compared with June, 1929. . . ... .. .. .. .. .. .. .... .. .... .. .. .. . .. .. .. .
June: 1030, eompared with May, 1030 .. ... .. ..... .............. .. . .. .... .......
SLeak Turnover (Rate):
Rate of stock turnover in June. 1920.. .... .......... .. ........ .. ................
Rate of etock turnovcr in June, 1030.. .... .. .... .. .. .. ................. ..... ....
Rate of stock turnover January I to June 30. 1029 . . . . . . . . . . .. . . . . . . . . . . . . . . .. . . .
Rate of stock turnover January 1 to Juno 30. 19aO .. ...... ... ........ ............
Ratio of June colleotioDs to accounts receivable nnd outat.nding Junc I, 1930.. .. .. .. .. ..

-

rnU'tlUlIlJllllllltlUIIIU'UllllllllllltlllfllllllllllllllllllllltlIlIIIIlIUII.,1I1IUII.UI'".,IIIIIIIIIIII.U'"I [EJ

GJ

and $710,082 in the corresponding month last year. There
were 346 defaults in the first half of the current year with
liabilities of $14,012,956 which compares to 275 insolvencies in the same period of 1929 with a total indebtedness .of
$4,500,102. During the current year, there have been more
failures among the larger size firms than was the case a
year ago.

MONTHLY BUSINESS REVIEW

3

AGRICUL TURE
Crop Conditions

While there are many sections of the district where additional moisture is needed,
crops generally made fair to good progress during the past month. Nevertheless, without additional moisture within a short time deterioration in crops is in
prospect for many sections. Small grains, aided by favor?bl e weather at the time of maturity and the prevalence of
Ideal conditions dUI:ing the harvesting period, turned out
better than was expected. Yet the low market prices for
small grains, as well as other agricultural commodities, is
very discouraging to the farmers.
The corn crop in Texas has matured rapidly and with the
exception of that portion of the crop affected by dry weather, the yield promises to be good. The Department of Agriculture in its report of July 1 estimated this year's production at 78,336,000 bushels as compared to a yield of 86,~27,000 bushels last year. Reports indicate that the yields
In South Texas and portions of Central Texas will be better
than the average. In Louisiana, where the dry weather has
materially reduced prospects, the condition figure on July 1
Was only 51 per cent of normal as against 74 per cent a
year ago, and the Department of Agriculture estimated that
the total yield would be approximately one-third less than
a year ago on a 10 per cent larger acreage. The DepartInent's estimate for the Oklahoma crop was placed at 67,04.0,000 bushels as compared to 408,320,000 bushels in 1929.
~he crop in the latter' State was materially benefited by
tnnely rains. The indicated yield of tame hay in Texas on
July 1 was 74.9,000 tons, which represents a slight increase
~ver the 1929 production. On the other hand, the produchon of wild hay was estimated at 212,000 tons, or a decline
of 34,,000 tons from the 1929 yield. A lower yield of both
tame and wild hay is estimated for New Mexico and
LOUisiana.
.
!he Department of Agriculture in its report of July 1
~stImated that the cotton acreage this year was smaller than
111 1929 in every State attached to the Eleventh District except New Mexico and in that State the increase was only 1
per cent. In Texas, where there was a decline of 4 per cent,
~he Department stated that the greatest reduction occurred
In the Southern portion of the State and it gradually became smaller to the West and North until an increase was
hown in the West and Northwest port~ons. T~ere is shown .
elow the 1930 acreage and compansons With the 1929
acreage:

b

State

Aoreage
1030
212,000
2,071,000
~ew Mexioo . . . . ...... . . .. .. .. . ... . . .
133.000
4,076,000
17,500.000

t;~i~r:n~.·. ::::::::::::::::::::::::::
T~~~::: : ::::::::::::::::::: : : ::

Aoroago
Per Ceo'
of 1020
03
07
101
02
06

The condition of the cotton crop is somewhat spotted. The

~ar;y cotton has made generally good progress and reports
IhdIc~te that it is fruiting satisfactorily in most sections of
~ e dIstrict, but l.ate reports indicate some shedding in South
exas. The young cotton has made poor to only fair growth
bxcept in those localities where moisture conditions have
~en favorable. The lack of moisture and the extremely
~Igh temperatures recently have retarded plant development
I? many areas. Rain is badly needed over the major porgon of Northwest, Northeast, and in scattered sections of
entral and Southeast Texas, Southeastern Oklahoma, and

portions of Northern Louisiana. The best condition obtains
in North, South, and portions of Central Texas where plants
have made good growth and are fruiting heavily. In the
extreme Southern portion of Texas, picking has become
general and good yields are in prospect.
The Texas wheat harvest was better than was anticipated
a month ago. The Department of Agriculture estimated production at 27,720,000 bushels which was 2,520,000 bushels
greater than the June 1 estimate and compares with an
actual production of 37,800,000 bushels in 1929. The dry
weather during the spring caused a heavy acreage abandonment of winter wheat in New Mexico and reduced the condition of the crop to the point where the July 1 report indicated a production of only 1,328,000 bushels as compared
to a production of 4,7;34,,000 bushels in 1929. The yield in
Arizona compares favorably with that of a year ago. The
Texas oat crop was placed at 53,157,000 bushels, which
represents an increase of 6,061,000 bushels over the production last year. The yields in Louisiana and New Mexico are
smaller than last year but a larger production is anticipated
for Oklahoma.
The Texas rice crop has made rapid growth. The condition figure on July 1 was reported as 86 per cent of normal as compared to 82 per cent a year ago, and with the 20
per cent increase in acreage the prospective production was
placed at 8,4,05,000 bushels as against an actual yield of
7,524,000 bushels in 1929. The production of potatoes in
Texas, Oklahoma, and Louisiana, is considerably heavier
than a year ago, but a decrease in' production is indicated
for Arizona and New Mexico. The condition of the sweet
potato crop in Texas was shown as 68 per cent of normal
on July 1 as compared to 75 per cent a year ago and production was estimated at 7,910,000 bushels, which is slightly
larger than the actual production in 1929. The Louisiana
,988,000 bushels as compared
crop was estimated at only 41
to an actual yield of 7,440,000 bushels in 1929.
Livestock
While livestock ranges deteriorated somewhat during the past month, conditions
are generally favorable in most sections except East and
Northwest Texas and New Mexico. The most rapid deterioration has occurred in East Texas and in New Mexico where
the deficiency in moisture has retarded growth of range
vegetation. In Northwest Texas the sO.il is becoming dry but
plenty . of grass is still available for grazing. According to
the Department of Agriculture, the condition of cattle ranges
for Texas as a whole remained unchanged during June, and
sheep and goat ranges rose three points to 88 per cent of
normal on July 1. Cattle ranges in Arizona declined two
points during the month, but are in considerably better condition than a year ago. In New Mexico the condition figure
dropped from 84, per cent of normal on June 1 to 76 per
cent on July 1 and on the latter date, was 14 points below
a year ago. Livestock generally have held up well and have
shown an improvement in Texas. The Department of Agriculture reported that, in the latter State, the condition of
cattle gained 1 point during June and that of sheep and
goats three points. The condition of cattle and sheep in
New Mexico declined one point during the month, and that
in Arizona declined two points. Trading in all classes. of
livestock is at a standstill in practically all sections of the
district and there has been but little contracting for future
deliv€ry. The inactivity of range trading is due largely to

MONTHL Y BUSINESS REVIEW

4

the extremely low prices being offered for livestock and to
the fact thut they are being held in fairly strong hands and
that range conditions are such that ranchmen do not feel
compelled to dispose of their holdings at the present time.
This is particularly true in respect to sheep and lambs, the
market for which has become badly demoralized, and the
ranges of which are in generally good condition.

of June when heavy receipts made their appearance, but
when the arrivals showed a sharp reduction in the following weeks, the market recovered some of the loss.
~"I"I""IIII"""II"II"IIIIII"IIIIIIIII"II"" "',1""',1'11",1111, •••• 1'1",1,.,." •• ",1".1 •••• """'1"'11
=
FORT WORTH LIVESTOCK RECEIPTS
=

While the June receipts of cattle and
calves at the Fort Worth market were
slightly larger than those in May, they
were substantially smaller than in June, 1929. The arrivals
of hogs and sheep during June reflected a material decline
as compared to both the previous month and the correspond.
ing month last year.
Prices on all classes of cattle at the Fort Worth market
receded to lower levels during the past six weeks. Despite
the small receipts, supplies appeared to be in e~cess of ~e.
mand and offerings were taken only at lower pnces. WhIle
ho'" prices declined during June, the market was some
str~nger during the second week in July. The sheep and
lamb market suffered a severe decline during the first half

:
:

Movements

aru1 Prices

§

~

(Number)

:

June
1030
44.303
17.393
17.938
48.022

..=

=
Cattle.. .. .. .. ...
CalvC6 .... .. ....
Hogs.... ...... ..
Sheep.... ..... ..

E
E

Juno
1020
63.666
18.540
27.887
64.460

Chau~~~vor
Y4- 19.262
- 1.156
- 0.899
- 16.438

:

May
1030
41.791
16.455
26.586
54.455

Chango over
Month
+2.512
+ 038
-8.648
- 6.433

~

:
:
:

§

E

r~"I"""I""IIIIIIIIIIIII ••• '.rll'IIIIIIIIIIIIII'1 .'111"".'11111111111111111,1.1,,111111,,,,'1"11"'1, •••••• I' •• ,IE!
@'.IIIIIIIIII.II •• IIIIIIIIIIIII."lIllfllI"ICIIIIIIUIIUIIUU.,ttllllllll'"II'".1I.1I1I11I1I1I1I .... II' .......... IL.!j

E

§

COMPARATIVE TOP LIVESTOCK PIUCES
(Donars per hundred weight)

=

~

=

=

5
=

:
=
: Beefotcers............ .. .... .. .... .. .....

Juno
1930
$11.00

June
1920
$14 40

May
1930
$11 50

:
:
:

CalvC3.... .. .. ........... .. .... .... .....
Hogs.. .. .... .. .... .. .. . ...... .. ...... .. .

11.75
10.05

14 .50
11 .00

13.00
9.95

Ug

§

t:1:e: ::::::: ::::: :::::: :::::::: :::::::

~: E Stocker cows .. .. ... . ..: ..: ... . .::..: ..:::... . .::. .: 15g'.· 3~5g
~t,:~e:"se~~::: : ::: : : : ::: : . :::

§

~

~~7:.go15

lU~

14~'.:5~0

1~:gg

~:
~

m ,................................................""""""1"""""""""1",.'•••• 1'1.1.11"1"."" •• 18
........

FINANCE
Borrowings of member banks at the Fed·
eral Reserve Bank fluctuated within nar·
row limits during the month of June.
These loans, which e-tood at $9,452,815
on May 31, showed a gradual expansion during the following week reaching a high point of $10,835,793 on June 6.
At the cl~se of the month, loans had again declined to $9,554.,395, a figure only slightly higher than. that a mont?
earlier. The borrowings of country banks mcreased unttl
about the middle of the month and then declined somewhat
due largely to the liquidations o?tained from the wheat
crop. The borrowings of reserve CIty banks rose somewhat
during the last days of June and the first half of July,
largely offsetting the decline in loans to country banks.
Total loans on July 15 amounted to $10,912,615 as com·
pared to $28,633,570 on the corresponding dale in 1929.
At the dose of June there were 211 member banks borrow·
ing frolD the Federal Reserve Bank as compared to 193 a
month earlier and 187 on June 30, 1929.
Due to the decline in the holdings of bankers' acceptances,
total bills discounted declined from $1.5,606,368.89 on May
31 to $12,636,391.20 on June 30, distributed as follows:

Operations of
the Federal Re·
serve Bank

Member banks' collateral notes secured by United State. Government obligations ._.__.. _. _ ...... _.._...... _ ..._._._.........._. __ .$ 1.073.800.00
Rediscount.. nnd nil other lonns to. member banks __ .. _ " __ "" 8.460.594. 89
_
Open market purchases (Banker.' ncc~'Ptance.) ...... - ..... _. __ ...._. 3.078.1 R7.R7
Discounts for non-member banka __...
--.
8,858.50
Total bills held _ ___ .... _ ....... _ . __ ._ ..._ ..__ .... ·.... :...· ..........._.$12.636.891.20

There was a slight increase during the month in the
IImount of Federal reserve notes in actual circulation, the
total on June 30 being $31,847,500 as compared to $31,414,750 on May 31. The actual circulation of these notes
on June 30, 1929, amounted to $38,022,010. The daily aver·
age of reserve deposits of member banks during June
amounted to $59,938,4.85, which represents a decline of
$1,44 8,525 fr0111 the previous month and $3,382,734 from
the corresponding month a year ago.
Deposits of
Continuing the decline which began last
Member Banks
November, the daily average of net de.
mand deposits of member banks in the
Eleventh Federal Reserve District fell to $603,020,000 duro

ing June. The decline during the month was about equally
divided between reserve city banks and country banks. Time
deposits of these banks rose from $241,429,000 during May
to $244,026,000 during June, and were $17,916,000 larger
than the average for the same month a year ago. The daily
average of combined net demand and time deposits amount·
ed to $847,04,6,000 in June, as against $864.,711,000 in the
previous month, and $869,14.8,000 for the corresponding
month a year ago.
~1 ........... II .... II ......... II .. "IIIIIII,tllI.II.IlIf .... III .. I ..... II .. III1I ..... It ... 1Il.fI ... III ..... It ........... ~

E
E

'.:~
•

!

June,
I July,
i Aug .•
• Sept.•
E Oct..
E Nov.
E Dee..
= Jan .•
E Mar.,
Feb.,
:
April.
••••
May.
June.
S

i

DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thouaands of donars)

~

Combined Tetal
Reserve City Banks
Country
Net demand Time Net demand Time Net demand
depoaita deposits dep08ita depoaits depoeita
1029 . ... . . $643.038 $226.110 $260.317 $129.412 $382,721
1020.... .. 640.034
230,834
270.374
138.357
369.760
1929 .. . ... 620.909
230.643 , ~ 60.019 · 137.174 . 369.890
1029. .. . .. 658.520
234.116266.705
136.950 I 391.725
1929 . . ... . 674.587 ' 225.673
282.630 . I 134.108 391.957
1929 .... .. 668.818
222.773
281.600 - 132.235
387209
1029 . .. . .. 663.839
220.111
279,611
J31.879
384:228
1030. ..... 659.110
225.469
270.051
~31.152
388.159
1080 .... . . 655.119
232.758
268.107 . 136.111 -386.922
1930. .. . . . 639.586
229.358
269.635
132.932
360.051
1030 . ... .. 630.029
237.274
271.647
138.980
358382
1980. . . . .. 623.282
241.429
269.958
142.181
353'324
1080... . .. 603.020
244.026
260.854
143.753
342;166

m

t

Bania!
Time
deposita
$ 96.608
92.477
93.469
07.166
91475
90'538
88:232
94.317

§
§
:§
••
=:.

:
:
:
:
:
96.647~•:
:•__
96.426
98294
09'248
100;273

tl • It ."I.,III.ItIt.UIt .. ltllllll.IIIIItIl"lIlIltltl1l1llltllltlllllltltllll".'.11I'I I """"IIII"'III".",.tllllm

Condition of
Member Ba·nks
in Selected
Cities

F~r the third consecutive month, the loan9

of member banks in selected ·cities showed
a substanti al decline durinO' June. It is
signifi cant to note, howev~r, that "all
other" loans (largely commercial), after
showing a decline during each month since November, 1929,
turned upward during June and on July 9 stood at $230,.
413,000, which was $3,384·,000 larger than on June 4 but
were still $12,:199,000 less than on the corresponding d~te a
year ago. During the five-week period, loans on securities
reflected a further decline of $14,,988,000 and on July 9
were $6,259,000 less than a year ago. The investlllents of
these banks in United States securities showed practically
no change during the five·week period, but investments in
other stocks and bonds increased $3,4.96,000. Their net
demand deposits on July 9 totaled $276,242,000, which waS

MONTHL Y BUSINESS REVIEW
Debits to
Individual
Accounts

89,139,000 less than five weeks earlier and $5,479,000 below
those on the corresponding date a year ago. Time deposits
reflected a slight decline of $821,000 during the period, but
~ere still 89,84,6,000 greaLer than a year ago. The borrow·
lngs of these banks at the Federal Reserve Bank amounted
Lo $2,14,7,000 on July 9 as compared to $1,359,000 on June
4" and $15,028,000 on July 10, 1929.
f:_'

There was a further reduction during
June of $22,867,000 from the previous
month in the volume of debits to individual accounts at banks in principal
cities in this district. The aggregate of $792,975,000 represents declines of 2.8 and 7.9 per cent, respectively, from the
preceding month and the same month last year. Four cities
this month showed increases over both the previous month
and the same month last year, as against only one in May.

.""~.~~:~~:~~.~~~~:.~~~~:":~.::::::.:.~'~~'~";~.~:~.~.~~~:"~;~:'~~'''''8

I
:
t

ro

JfJ~09,
United Stntca seourities owned. . . . . . . . . . . . .
LoAlI other stocks, bonds, and seourities owned.

J~~a04,

JW2~0,

'64,067
47,407

, 64,682
43,911

S 83,432
39,727

~: : !o~t~~~~~: :: : .::. .::. .::. .::. .: .: ::. .: .::. .: .::. .:::::. 320,178 ~
Allan. on socurities
.
...
~~g:~ra
~rt demand deposits . . . . . . . . . . . . . . . . . . . . .
276,242

n::

o depOSits.. ... ..... ...... . .. .... .. ...
erve with Federal Reserve Bank. . . . . . ..
Bills payable and redisoounts witb Fedsral
il<lServe Bank.. .. . . .. .. . .. . .. ........ . .

151,305
32,855

2,147

'j

: :m .: "1~~:m J
m

. 340,782
J ;285,381 ,
152,126 .
~ ~2,774

:

I1
1,350

11111111111111111111",11111111111111111111111111111111111111111111'.11111'11'1111111111111111111111111111111111,.11'00

IA",~.

(In thousands of dollars)

_

p47,836
1281,721 'Ij
'141,459

Austin ..... . ... .

18,521

10,217

-

3. 6

~~~i~:un;:: : .. : ::

~0,183

2~:~~~

2~:m

!Id

Roewell.. .......

4,598

4,337

+ 6.0

San Antontio .. .. .
Sh rovepor .. .. ..

3888'613005
,

3937'288846
,

15,028

::

The seventh consecutive monthly decline
was registered during June in the volume
of acceptances executed by accepting
banks in the Eleventh Federal Reserve District and outstanding at the end of the month. While this decline was seasonal in character, it was much more pronounced this year
than it was a year ago. Acceptances outstanding totaled
82,353,451 on June 30, as compared to $2,869,638 on May
31, and $5,102,381 on June 30 last year. Acceptances of
these banks executed against import and export transactions
declined from $1,683,938 on May 31 to $1,188,100 on June
30, and those based on the domestic shipment and storage
of goods decreased from $1,185,700 to $1,165,351 during
the same period.
Acceptance
Market

21,340

-13 .2

2~:~t~! ~: ~

I~i~ :~m:~1 ~:I! ~~ffi ~t!

1I

8'.111111111111111111111111111.,1111111111111,.1 •• 11111111.111111111111'111,,11"1111111'11111.1111.111".1.1 •• 1111111118

~_. U".I"'.I'.It""""

. ~;: (~:~~~.~~;w~:~:oo ~~~

-:::::=:

-+ 30 . ~
-22:3

4,592

+

89,050
30,976

-

i:;

~

I_

.1

1.7

3.4

~~@ ,,!~~ . !~ ~ !! n~~ !'!!

1
:.

E
!

1::_

Distl~~r.oludes tho 6gur08 of two hanks in Texarkana, Arkan/llll!, located in tbo Eighth

&""'~II""""'I'IIIIIII""IIII"II~"""I"IIIII'!'tlllltllltllllllllll":'lllllllllltllllltllllllllll

•• ,11111111'8

the sf.vmgs depOSIts of 87 reporting
banks in this district on June 30 aggre.
gated $153,683,4.81, being 1.0 per cent
larger than a month earlier and 0.9 per cent greater than on
the same date last year. There were 305,173 savings depositors reported by 76 of these banks, as against 307,260
on May 31, and 297,975 on June 30, 1929.
Savmgs
Deposits

•• , ••• ,II.,.,II ••••••••• , ••• ,.,., ••• , •••• " ............ ' •• "."1,., ••••••••••••••••••• 11 •••• IIt.I.I ..... II.I •••••• I •• I .... I .... I.I.I.III •• I.I.111111.111.1.1111, ••••• 11111.1.1111.111.111.1111.1 ••• 1•• 1.1.1.111 •• 11 •••• 111 •• 1 .....

8

SAVINOS DEPOSITS

~:'~in~ Num~~~r ~!~unt Num~~~r ~~unt PerOov~~~~bFnge Numbe~~ ll~Oount p()~~~ttf~n~i~ge

1_:_

S
5
:

as . . ...
~IPIlSO .... : : : :: : : ::: : : :: :
oD[t Worth . . .. . , . . ... . . ...

Banks
4"
4
2
2

S Antonio.. . ....... .... .
S~
Wroveport .... .. .. .. . .. .. .
W~~I" .. .. .. .. ...... .. .. .
ta
AllCoth Falla.. .... .. .. ....
ers .. .. .... .........

7"
4"
4
2
41"

~~llumont ......... .. .. ....

~:_ ~~~~~~'. ::..:......::::::::
::::: . .. ....
ort Arthur

:~
__
~

~

E

8..

lr"
3"

30,
of
Depositors
Depollits
4,754' 2,655,581
68,076
27,298,750
16,341
6,143,352
18,768
7,816,664

g:~~r

4,783
31,677
20,803
10,412
3,747
38,834

3Ngf:m
1,770,265
22,933,570
12,010,064
7,010,773
1,720,991
20,408,301

30,

Depositors
4,712
63,856
15,224
17,782

of
Deposits
'2,620,387
26,028,720
6,173,434
7,802,617

g:gn
4,858

3~:~~~:~~
1,976,146

20,080
21,211
0,066
3,750
36,636

22,046,604
11,506,508
7,138,606
1,607,608
21,002,581

&ving. Depesits
+ 1.3
+ 4.9
-.5
+.2

=1110:.~0

+ 4.0
3
111.' 7

,!

+ 7.6
- 2.8

31,
of
Depositors
Depoait4
4,738, 2,638,534
68,617
26,437,297
16,318
6,130,572
18,727
7,551,292

g:m
4,731

8::m:~~~
2,014,021

31,548
22,506
10,483
3,767
39,288

22,380,111
12,800,015
6,896,481
1,797,578
20,718,847

&vings Deposita
+.6
+ 3.3
+.1
+ 3.5

~

:;: .
-11 : 7
+ 2.4
+.2
+ 1.8
- 3.8
- 1.5

Total .... .. .. .
87
305,173
$153,683,481
207,975
S152,249,265
+.9
307,260
$152,159,700
+ 1.0
"Only 2 banks in Beaumont, 10 bnnks in Houston, 2 banks In Por~ Artbur, 6 banks in San Antonio, 3 banks in Shreveport, and 36 bonks in "All othlll'll" reported tho number
of savings depositors,

3

=
_

5
~

_

3

:

IInlllllll .. IIIIIII .. 1111111 ......... 11111111 .... II.IIIIII ... IIIIIIIII ..... IIIIIIIII .. 11111' .. '"1111111 ... 111111111111 ............ 1 ........ 1.. 11 ................ '1111111111. '"1111111111111111""1 ... " .... 1111111 ...... 111111" ...... 11111 .... 111118

~ .. •................. '''.. """"''''''"''"''''''"IIII".. ""I1''''"''''.''''''I11'''''''"""'''''"'''''''''.. ''''''"''''... ''""111'''"''''""'' .. ""''111'''''''''''''''''''"''.... '.. '"''''.. "'....".... '".... "'".""'"""""'~

§

JULY DISCOUNT RATES

Prevailing Rates:

~

S
:

E
:

~
:

§
:

§
::
:

E
::
:

§

E

:

:

~

:

:

~

8· ...... ,11111 .... 1................... 1111 ................... 11111111 .... 11111111 .. 11 ....... 111111 .. 111 .. 1111 .... "1111111 .. 11 ...... 1111111111"" .. 111111 .. '111111111111111'1"11111111111111111111111111111.1111111""11111111111111111" ..... ""111"8

MONTHLY BUSINESS REVIEW

6

INDUSTRY
The customary decline that is noticeable
toward the end of the season was in evidence in the operation of cottonseed oil
mills during the mcnth of June. The production of cottonseed products by both Texas and United States mills during
the period August 1 to June 30, of the current season, was
below that for the corresponding period of the previous
season, excepting hulls, which at all United States mills was
slightly higher. The amount of cottonseed on hand at all
United States mills at the close of June was above that held
on the same date in 1929. Stocks of crude oil, cake and
meal, and hulls were considerably smaller on June 30 than
those held on either May 31 of the current year or June 30,
1929, while stocks of linters showed an increase over those
a year ago.
Cottonseed
Products

1!l11'UIlIt.IIIIIII1I1ItItUlftillt 11 .. 11111.11 .... 111 .. ,11111 ' lit .............. 11111 .... ' 111111111111"1111111111111''''1;1

STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
Texas
United States
August 1 to June 30
August 1 to June 30
This Season Last Season This Season Last Season

[:"•• ,.1"."., ••• ,1111111, ••• 11111111111111 1,. '., •• ,1111""1"""'1'1"""'11"""""""'11"'1""111IIIII.,IIIII.S

§'

Cotton.ced received at mills
(tons) .. .. .. . .. . .. .... . .. . .
1,261,537
1,705,880
4,900,118
5,053,951
Cottonseed orushed (toas).. . . .
1,271,355
1,701,790
4,052,314
5,006,803
Cottonsoed on hond (tons) .. ...
10,124
16,803
77,295
65,001
Crude oil produced (pounds) .. . P77,100,840 506,983,8401,552,087,8311,585,817,572
Coko nnd meal produced (tons)
508,875
801,159
2,204.166
2,255,802
Hulls produced (tons) . .. . . . ...
341,033
460,003
1,307,146
1,352,747
Linters produced (running
balM) .. . . . . . ...... .. .. ....
268,266
3M,45~
1,024,720
1,072,865

8C~oucdkes ~l' (hpoa~~d~u) ne SO:

•

. . . .. . .. ...
Cake and meal (tons) . . . .. . . . .
Hulls (tons) . . . . . . . . . . . . .. . .•
Lin\(lrll (running baleo) . .. .. . ..

4,223,358
25,308
10,953
45,001

4,077,202
0954
3 ,
37,914
26,652

0,461,395
84127
,
41,884
158,082

19,002,270
142,737
87,486
9559
9,

1 to June 30 of the current season, consumption was 12.4
per cent below that in the corresponding period of the
s
previous season. The amount of cotton on hand in con, uming establishments on June 30, while less than a month
earlier was greater than on the same date of 1929.
Cotton
The receipts of cotton at the ports of
Movements
Houston and Galveston during June
showed a further decline as compared to
the previous month. Exports from Galveston were subt; tantially smaller than in either May this year or June last
year. While exports from Houston were larger than in the
previous month, they continued smaller than a year ago.
Total foreign exports dropped to a lower level, the June
figure being 185,053 bales as compared to 208,796 bales in
IVlay and 299,136 bales in June last year. Exports during
the eleven months of the current season were 17 per cent
smaller than in the corresponding period of the previous
[eason.
COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON

~~

§
:
:

I~a~~~~~
§

Juno
1030

:iri: :::::::::: ::: ,..J.~:~~~

§
§
:

Juno
1029

. 1~~:~~~

August 1 to June 30
This Season Lust Season

~:~~HiI ~:n~:~ti

l!J""'IIIIIIIIIIIIIIIIIIIIUlllllllfllllllllllllllllllllllllllllllllltllltll111111111111111111111111"111111111111111. :

: '

I
g

Gl

l.!t '111t1l 111l1l1l1l1l1111l1l1l1l111l1l11111111l1l1l1l1l111111111111111111111t1l11l1I1111111111111t111UIIIIIIIIIIIIIIIIIL:J

i

m,IIlIlIl .. IIII ........ III1 ... I ............... III ........ IIIIIIII ..... II ............ I ... 11 .. 111'" ... 1... 11111 .... 1... 1 8

As reflected in cotton consumption and
production of cloth, activities at textile
mills in the Eleventh District continued
downward during June, as compared with the previous month
and the same month last year. There were 2,236 bales of
raw cotton consumed in June as compared to 2,459 bales
in May and 3,414 bales in June last year. The output of
cloth was 8.7 per cent smaller than in the previous month
and 31.1 per cent below the production in the same month
of 1929. Orders on hand on June 30 were less than those of
either previous date, while stocks continued to accumulate.
Prices of raw cotton continued downward during the month.
Consumption of cotton at all United States mills during
June also reflected a further decline. For the period August
Textile
Milling

, I:

~~~~i.,~:N:ALV:~TOCK~ATE:ii J"~tm I:.~

For other foroign ports . . ... ... ................ . . . . .. . .
For COQ8twisc porte . .. . .. . . .... ... . .. .. .. • . ... .. . . ... .
In comprcsses and depots . . . . , . . . .. . . . . .. ... . . . . . .. . . . .

184,113

07,500

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

206,313

128,200 .

~

' !lIIIlIIlIIlIIIlIIIlIIlIIIIlII1III1IIII1I1IIII1I •• I'" III 1I .... lilt lilt 1111I11 It III I It 1111 1111 I III 11111111 11'111111111 11

~

I!J

[3 11111 .... 11111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlIlIlIlllClIlll'1;t

I
E
1
:
_
:

:

Receipts . . . . . . . . . .. . . . .. . . ..
Exports . . . .. , . . . . . . . . . . . . . . .
Stocks, Juno 30. . . .. . . . . . . . . .

TH~~~~~

THE PORT OF HOUSTON

1

June

COTTON MOVEMENTS

June

E

77,197

87,377

~0;'~94

August 1 to June 30

11°:'~41 T:,i:2~~n L~;4~~n
1,908,512
500,073

2,357,033
234,207

•
:1
:

mIIIIIIIIIIIIIIII.,.IIIII.IIII.IIIIII.111111111 1 111111111 1 111111 ' 111111 1 1111111 1 11111111111111 1 11111111111 IIIIIIIIJIJI~
..
SIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII111111111111111111111111111111111111111111 ••• 111111111 II"III"II~

I":"IU ........ I .. UIIIIII .. IIIIII .. IItIlI ....... IIII1 ... UU ........ III .... II ... UI ... II .... 11 ... 11111111111111.11111111.118

~
~

1
.
§

:

:

~

TEXTILE MILLING STATISTICS-TEXAS

Number balos consumed .. . . . . . .. .. . ...... .
Number spindles active . . . . . . . . . . .. .•. . . . .
Number pounds cloth produced. . . . . . . . . . . .

{~~g'236 {9~g'414 ru~~'450
00,668
1,059,357

96,252
1,537,640

91,668
1,160,480

:

.1

§
:

:

01.11111 111 11111111,1 1111., 1' 1,.1 1,1,111,., 11'.1.1"1,",.,11"111111.1.11111.,1.1.1""11'1111 , ,,1'11,,111111 • • lllllll lm

1::::.:: " " " " " " ' ' ' ' ' ' ' ' ' ' ' ' ' ' . . .

'=~;'~~~::~:::;~:~=':;:~~':'~':~'~'''''''~
1930

C06~t~~~~~~~~~r~.: . . . .. ...
On hand June 30 inConsuming establishments.
Public storage and oompresses........... . . ...
United Stat08:
Cotton consumed .. . . . . . . . . .
On hand June 30 InConsuming Mtahlishmcnts.
Public storago and compresses ..... . ... . . . · · ··

1029

320,043

431,450

This Season Last Season
4,454,705

§

UNITED STATES PORr (Bnles)
rS-

:
~

Receipts .......... . . . . . .. ... .... . .•• .. . .• •. . . ... . ....
Exports: United Kingdom. . . . . . . . . . . . . . . . . . . . .•. . . . . .
Franoe .... . . .... . ....... . •. . .. :. . .. ... . . ...
Italy .. . . .. . . . .. . . .. ... . ... . . ... . . .. . .. . .. ,.
Gormany. . . . . ...... . ...... . . .. .. . ... . . . . .. .
Other Europe . .. . . . . ... .. . ..•. . .. .•.. ...• .. .
Jaran ... . . . . . . . . . . . . . ... . . . . . . . . . . . . ..• . . ..
AI other oountrles .... . . . . . . . . . . . . . . . . . . .•. . .
Total foreign ports . . . . .. . . . . . . . . . . .• . . .. . . . .
Stocks at all United States ports, June 30 .... . . . , . ... ...

~11I1I1t1111'"I1ItIlIIlIIlII'I."tlltlllllllllltllllltl1"""IIIII"III1I11'1I111111 111111'"1111111111111111111111118

6,543,900

1,357,394

1,287,740

3,104,989

1,376,704

SPOT COTTON PRICES-(Middling Basis)
(Conts por pound)

1,101,499

5,735,007

Gl'I'II'llllllll.'tllll ••• I •• , ••• I •••• IIIII""I •• I.I ••• It.I ••• I.I.I'I.I •••••••• I •••• I ••• 'II ••• I.II.I.I I II ••• 1•• II.I •• lllm

August 1 to Juno 30
This Season Last Season
8,746,660
0,324,204
1,235,375
1,800,766
798,372
705,153
630,537
687,247
1,638,071
1,753,220
782,781
1,000,040
1,004,392
1,277,566
415,847
503,180
6,514,375
7,800,081
1,673,568
786,877

m llllllllllllllltllll'IIIIIIIIIIIIIII.II.IIIII.IIIIII.1"1111111'11111111111.1.11 1.1 11111111.1.1.111.1'1.111.1.1 ••• 1.11.0

875,003

2,728,134
405,181

SEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTTON AT ALL

::

4,083,124

934,237

E

E

NowYork. . .... . .. . . ........ . .... . . . . . ..
New Orleans . . ... . . .. .... .. . ... . . .. .. .. . .
Dallna . . . . . . . . . . . . . . . . . .. . . . . ... . . . . . . . .
Houston ... ... . .. . .. . .. ... . . .. . . .. . ......
Galveston .. .. . .. . .. . . . ... . ........ . . . .. .

m
..

June, 1030
High
Low
16 .15
13 .25
15.3S
12 .36
15 .20
12.10 .
15 .25
12.35
15.45
12.50

July 15,
1030
13.20
12 . 60
12.15
12.50
12 .60

II.IIIIIIIII.IIIIII •• II •• IIIIIIII ••• II.IIIII.II.' ••• 11"111,,11.111.111,11'111'1111'.'1,1,,111111111.1111III.IIIIIIIIG]

MONTHLY BUSINESS REVIEW
Production of crude oil in the Eleventh
Federal Reserve District rose from 27,
281,150 barrels during May to 27,426,270 barrels during
June, and reflected an increase of 2,004,120 barrels over the
~otal output of June, 1929. Average daily production durmg June amounted to 914,209 barrels, being 34.,172 barrels
larger than in the previous month, and 66,804. barrels greater
th~n in the same month last year. There was a general dechne in field activity during the month as compared to May,
which was shown both by the smaller number of wells completed and by the decrease of 56,454. barrels in the initial
flow from new wells.
The daily average output of all Texas fields amounted to
873,744. barrels in June, representing a gain of 33,628 bar~els over the May average. Two-thirds of this large increase
IS to be attributed to North Texas fields. Southwest Texas
Petroleum

~'lIlllIlIllIltfllllllllllllllllllllllllllltllllllllllllllllllllll"'1t1l1l11l1l1l1l1l11l1l1l1l1 1I1I1I11I1I1I111I111I.'l;'

~

~

OIL PRODUCTION-(DarroJa)

E

I~~~;;
5

E

Inoroase or Decrease over

:f:1i'

Total Distriot ... . ..

27,426,270

1![ ~!~'11~11
914,209

+

145,120

+34,172

7

showed a daily production gain of 9,056 barrels, and the
Coastal and East Central sections reported increases of
3,335 and 3,345 barrels, respectively. For the fifth consecutive month, a sizable reduction was shown in the daily yield
of the Central West region. The increase of 544 barrels in
the daily production of North Louisiana was due principally
to further wildcat activity.
Lumber
Activity in the lumber industry in the
Eleventh Federal Reserve District evi·
denced a further decline during the latter part of May and
the first two weeks in June. Production, which has been at
a relatively high level during the greater part of 1930,
declined from 94, per cent of normal to 79 per cent during
the four-week period ending June 14. Shipments and new
orders for lumber declined from 83 and 78 per cent of
normal production to 81 and 74 per cent, respectively, during the four weeks ending June 14. As a result of the curtailment in production, stocks on hand at 4/7 reporting mills
on June 14 were less than those held at the end of the previ.
ous four weeks. Unfilled orders for lumber on the books of
4,7 mills on June 14, amounted to 4,3,722,000 feet as com·
pared to 49,451,000 feet on hand at 48 establishments on
May 17. The lumber market still continues to be weak and
most mills have greatly reduced operating schedules.
PINE MILL STATISTICS

E

(Four-week porlod oDding June 14, 1930)

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1UN,~~LL:;*FB;~

~orth Tous . . .... .... .... .
~~rTI Woot Toxas ...... ...

242

I:. ~~~i~!r~~~: ::: ::: :: :: 82~Og~

.: ~ fJ:

exas Wild.Cnte ... .... . .. .

112

~92:

::::

14

116

,~~:, !
26,317

~~ H:ftf

:

320
26

41
22

239
33

167,884
6,202

e ~ootalsl ' d!str!o\.. .. .. .. .
y , tas, dlstrlot. . . . . . . . .

680
770

345
402

63
63

272
314

173,086
229,540.

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CRUDE OIL 'IDCES

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(Oil 8tati8tics complied by Tho 011 Wookly, Hou8ton, Toxas.)

Unfilled ordors Juno 14.. ............... .... .......... ...
43,722,000 feet
Normal produotion. . . . . . .. . . .. . . .. .. .. . . . . . .. . . . . ... .. . 81,348,000 feet
Stook8 Juno 14. . . . . . . . . . . . . . .. . . . . .. . . . . .. . .• . . . . ..• ... 300,065,000 feet
15, 772,000 feo1.-19~
Sblpmonte below normal produotlon. . . .. .. . .. .. . . .. .. . . . .
Aotual produotion below normal...... . . ......... .. . • .....
16,026,000 fool.-21 :<9
Ordors below Dormal produotion .. . . , . . .. .. .. . . . . . . . . . . . . .
21,426,000 fool.-26io

Building

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~.'1lII oonatal grado .. An . . ............. . ........... . . .

~~les;:,~~~:: :::: :: :: :: :: :: ::::: :::: :: ::: :: :: :::::::: ::: ~:~~:~ ~::1

(Lumber ntati8tica oompiled by tho Southern Pino Asaoclation, Now OrlSl)nB, La.)

600
80

I:.

47
64,422,000 feet

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[:]

N h . Total TOXIIs ..... .
ort Louisiana ... . ........

=.

Number of reporting mills...... .... ..... .......... ..... .
Produotion. . ..... .. . ............... . ............... .. .

Construction activity in the Eleventh District continued to decline during June, as
shown by the number and valuation of building permits
issued at principal cities. This month's total valuation
amounted to $4,771,689, which represents a decrease of 16.7
per' cent from May, and a decline of 22.3 per cent from June
last year. However, the cities of Dallas, Port Arthur, and
Shreveport reporte!1' substantial increases over both the
previous month and the same month a year ago. The valuation of permits issued during the first half of the year was
36.2 per cent smaller than the aggregate for the same period
in 1929.

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BUILDING PERMITS

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E
.,8

MONTHLY BUSINESS REVIEW
In comparison with the previous month
there was a further decline of 11.4 per
cent in the amount of portland cement produced at Texas
mills dur ing June. The month's outeut of 558,000 barrels,
however, was slightly larger than in June, 1929. Shipments
rose to 706,000 barrels, showing an increase of 13.9 per cent
over the preceding month, and a gain of 21.9 per cent over
Cement

the same month last year. While stocks were reduced 17.7
per cent during June, they were still 34.9 per cent larger
than on June 30 a year ago.
Production and shipments of cement in Texas from January through Jun~ showed ~ncreas~s of 6.8 per cent and 10.2
per cent, respectIvely, oveI the fiIst half of 1929.

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PRODUCTION. smPMENTs, AND IlTOCKS OF PORTLAND CEMENT

~

(In thousands of barrels)

~

June
1930
Number
658
Produotion at Texll8 mills . . . .. . . . . . . . . .. .... •.. . . ... .. . . .... . . . . . . . . . . .. . . • . . ... • . . .. , .. ... . ... . . . . ... . .. .

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. .
..
.
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706
688

Percentage Change
Over
Month
Year
- 11.4
+ .7
+13.9
+21.9
- 17 . 7
+34.9

January through June 30
Percentage Change
Number
Over Year
3,442
+ 6.8
3,566
+10 .2

~

i
:

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SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Resel'Ve Board as of July 28, 1930)

Industrial production decreased in June by more than the
usual seasonal amount and factory employment and payrolls declined to new low levels. The volume of building
contracts awarded was large. Prices declined sharply and
money rates continued downward.

periods of 1928 and 1929. Preliminary reports indicate that
the decline in department store sales from a year ago was
of larger proportions in June than in any previous month
this year_

INDUSTRIAL PRODUCTION AND EMPLOYMENT

Commodity prices declined more rapidly in June than in
any other recent month and the index of the Bureau of
Labor Statistics at 86.8 per cent of the 1926 average was
about 10 per cent below the level of a year ago. Prices of
many important agricultural commodities and their manufactures declined further and those of certain leading imported raw products, silk, rubber, and coffee, reached new
low levels. There were also further declines in iron, steel
and copper. Prices of raw wool, hides, and raw sugar increased slightly during June. Early in July prices of meats
were stronger but there were further declines in many other
commodities.

In June industrial production showed a further substantial decrease and the Board's index, which is adjusted
for ordinary seasonal variations, declined to !he lowest
level since last December. Output of steel mgots declined in June and early July more than is usual at this
season, while automobile production was sharply cu~tailed
to a level considerably below that of the same penod of
the past two years. Cotton consumption, a1~ead~ at a low
level declined further in June. Output of bItummous coal
and ~opper continued in small volume. Wool consumption
and shoe production increased slightly and cement output,
as in the preceding month was at a high level. Factory employment and payrolls decreased further in June. The number employed at steel plants .and in. the au~o, agricultural
implement, and cotton goods mdustnes, .declmed more than
is usual at this season, and employment m the woolen goods
and lumber industries continued at unusually low levels.
The value of building contracts awarded in June, which
totaled $600,000,000, according to the F. W. Dodge Corporation, was about thirty per cent more than in May. and the
largest since last July. The increase reflected chIefly unusually large awards for natural gas pipe lines and power
plants; the volume of contracts for residential building was
somewhat smaller than in May. In early July the total
volume of contracts was small.
Department of Agriculture estimates, based on July 1 conditions, indicate a decrease from last year of about 20,000,000 bushels in the winter wheat crop and a corresponding increase in spring wheat. The corn crop is expected to
be about 2,800,000,000 bushels, 7 per cent larger than last
year and 6 per cent above the five year average. Area
planted to cotton is estimated at 405,815,000 acres, 2.7 per
cent less than last year.
DISTRIBUTION

The volume of freight car loadings in June and early July
continued to be substantially below the corresponding

WHOLESALE PRICES

BANK CREDIT

Loans of reporting member banks in leading cities declined somewhat between the middle of June and the middle
of July and on July 16 were $60,000,000 smaller than five
weeks earlier. Loans on securities decreased by $140,000,000, while "all other" loans increased by $80,000,000. The
banks' investments increased further by about $280,000,000 during this period and were in larger volume than at
any other time in the past two years.
Member bank balances at the reserve banks increased and
in the week ending July 19 averaged $60,000,000 more than
five weeks earlier and at the same time their borrowings
from the Reserve banks declined by nearly $20,000,000, reflecting an increase in the reserve banks' holdings of acceptances and Government securities, a further slight growth in
gold stock, and a continued decline in the volume of money
in circulation.
Money rates in the open market continued to ease and
in the middle of July rates on 90-day bankers' acceptances
at 1% per cent were at a new low level while rates on commercial paper at 3-3 1 per cent were at the low point of
,4
1924.
During July the Reserve bank discount rate was reduced
at Boston from 31/2 to 3 per cent and at Philadelphia, Atlanta, and Richmond from 4 to 3% per cent.