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MONTHLY BU~~H~ESS REVIEW I
: :
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i
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FEDERAL RESERVE BANK OF DALLAS
c. C. WALSH,
e lIAS. C. HALL-W. J. EVANS,
Chair ma n a nd Federal Reeerve Agent
~ ~
~
(Compiled November 15, 1928)
.
1I
: :
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£
A.slst nnt Federal Reserve Agent.
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Volume 13, No. 10
Da II as, T exas, Decem b er· 1, 1928
DISTRICT SUMMARY
This copy is released for publica tion in morning papers
November 30
~.II.III •• IIII.II.III., •••• ,IIIII •• IIII.llllllllf.I.,' f.I.llflllllllllllll ll llllllllll'IIIIIIIIIIIIIII.,111111"11'1'11111',.,1'1'1'1'1".11111.11'1.1.1.1.111111,.11,1"'11111,11,.,1'.,1'1'11111111.11"'1111.,1,111111111111.1.11 •• ' •••• II.,I.,IIIIII.Ir;1
§
i
THE SITUATION AT A GLANCE
:;
Eleventh Federal Reaerve Distriot
I
::
§
:
:
1
.:
::
Ootober
~ank debits to Individual acoounts (at 17 oitles) " .. . . . ..... . . .. .... . •.. . . .. •.... . •......... . .. . .. . ........ .
n:artment store sales .. . . . .. . . . . ... . . . . . .. . . . . . . . . . . . . . . .. . . . . . . . •. . . .. . •. . . . . . . . . . . ••. . . . . . .. . . . . . . . . .
~rve bank loans to member banks at end of month . . . . . . . . . . . . . . . • . . . . . . • . . . . . . . . . . . . . . . . . . • . . . . . . . . . . . .
B 'Idie bank ratio at end of month. . . . . . . . . . . .. .. . . . . . . . . . .• . . . . ..•. . . . . • . . . . . . •. . . .. . . . . . ..•. . . . •. . . . ..
CUi ng \'Crmit valuations at larger oitles................. . .. .. .. .. . . .... .. .. . ...... . . ...... ........... .. .
£B~~~~~!Jm~;'e~fbil~r~):.:.::: ::of:::::::::::: : :: : :::::. ::::::::. ..:::::. :::::::::::.:. :::::::::::::::. ::::::.
11m r orde.. at pine mills (pcr oent normal produotion) . . . . . . . . . . . . . . . . . .. . . . . . . . . .. . . . . . . . . . . .
September
Inorease or Deeroll8o
$1,074,628,000
S931,756,000
S
22,473,689
55.4%
7,161,407
S 28,452,368
52.3%
$ 6,325,734
Ino.
Ino.
Dee.
Ino .
Ino.
23,ftl:l!
104%
103%
s 22, ~~~:f~
BI.IIIIII.IIIIII.IIIIIIIIIIIIIIII.IIIII.I.IIIII.IIIIII11.1111.,111,111" •• 11."1 ••• ,,,,1,111.,11.,111,111111111111.1111.11,1.111.1.1.11.11111,1,1,11111.1,.11.,1 •• 1111111111111111111111'1"11111111111.,11'111.11'1' ••
A seasonal expansion in the demand for merchandise in
both wholesale and retail channels was a noticeable feature
of the business situation during October. The sales of
department stores in larger cities were 12 per cent greater
than a month earlier and were practically the same as a
year ago. Distribution of merchandise at wholesale was
not only larger than in September but exceeded that of
October, 1927, by a substantial margin. The rapid progress with harvesting operations and the accumulating evi·
dence that the net returns from this year's crops will be
large has stimulated consumer demand in most sections of
the district and this in turn has increased buying at whole·
sale. While retailers are showing no disposition to depart from the policy of limiting commitments to well defined requirements, reports indicate that there is a strong
undertone of confidence in the trade situation.
The farmers took full advantage of the favorable weath-
e~ p~evailing during October and in most sections of the
dlstr~ct harvesting operations are nearing completion. Ac·
cordmg to the Department of Agriculture, the production
of three. of the district's major commodities, cotton, wheat,
and gram sorghums, will be considerably larger than in
1927 and while the yields of other important crops will
~all. below last year, they are generally satisfactory. On the
aSlS of these reports it appears that a large percentage of
th.e farmers will be able to liquidate their indebtedness and
WIll have a surplus to carryover into the new year. The
ooderate to heavy rains which fell over the district late in
ctober left the much needed moisture in the soil which
enabled farmers to proceed with the seeding of small grains
and the preparation of the soil for 1029 crops. The rains
l5 . 3~
11. 7
21. 0 0
3. 1 points
m:
Ino.
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1 "IIIIIIIIIIIII~"I"II " 'IIIII, ••G:J
likewise stimulated the growth of winter weeds and grass
on the ranges and replenished the supply of stock water.
Late reports indicate that the physical condition of the
district's ranges is generally good and that livestock will go
into the winter in fair to excellent shape.
The heavy marketing and movement of the district's
major commodities has been reflected in rising deposits
and a sustained demand for credit. The combined net
demand and time deposits of member banks rose to $946,·
071,000 on October 10th which was $43,093,000 greater
than on September 12th and $61,766,000 larger than on
October 26, 1927. While Federal Reserve Bank loans
to member banks declined from $28,452,358 on September
30th to $19,515,778 on November 15th, they were, on the
latter date, $13,14.(),635 greater than on that date in 1927.
Debits to individual accounts at banks in larger cities were
15 per cent larger than in September and exceeded those
in October last year by 11 per cent.
The business mortality rate in this district, after declining in August and September, turned sharply upward in
October, both the number of defaults and the amount
of liabilities showing substantial increases over the two
previous months and the corresponding month last year.
The valuation of building permits issued at principal
cities during October was 13 per cent larger than in the
previous month and was slightly above that in October,
1927. The production and shipments of cement, and the
production, shipments, and new orders for lumber, were
likewise larger than in either the previous month or the
same month last year.
CROP CONDITIONS
Due to favorable weather prevailing during the fall
months, the district's farmers have been able to proceed
more rapidly than usual with harvesting operations and
this work is now nearing completion in mOlt sections of
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
MONTHL Y BUSINESS REVIEW
the district. While the dry weather prior to the October
rains delayed the seeding of small grains, moisture conditions are now generally favorable and farmers are actively
engaged in the sowing of a large acreage of wheat, oats,
and barley. Furthermore, farmers have begun the preparation of the soil for 1929 crops in those sections where harvesting operations are out of the way.
With the results of this year's agricultural operations
fairly accurately determined, it is apparent that most crops
have returned satisfactory yields and that the net returns
from this year's crops will be large despite the increased
cost of production. According to the November 1st estimate of the Department of Agriculture, the Texas production of cotton, wheat, grain sorghums, and peanuts, exceeded that of the previous year by a considerable margin,
while the production of corn, oats, barley, rice, sweet potatoes, and tame hay, was somewhat smaller.
The picking and ginning of cotton has proceeded very
rapidly in all states attached to this district except New
Mexico. The Bureau of Census reported that prior to
November 1st, there had been ginned in Texas 3,866,152
bales, which represents approximately 77 per cent of the
indicated yield. Picking is nearing completion in all sections of Texas except in the Northwest and Western sections.
The crop in these portions was unusually late this year but
the favorable weather prevailing since early September permitted most of the bolls to reach maturity before the freeze
late in October. Late reports indicate that snapping is becoming general in these sections, and labor for gathering
the crop is plentiful. The Department of Agriculture in its
November report estimated the Texas crop at 5,150,000
bales which compares with an estimate of 5,050,000 bales
on October 1st and an actual production of 4.,35!t,000 bales
last year. The Department also raised the indicated production in Louisiana and Arizona but reduced it in Oklahoma and New Mexico. In all states attached to this district, the indicated production is larger than the actual production in 1927.
With most of the Texas corn crop already harvested, the
out-turn in some sections is proving less than was expected.
According to the Department of Agriculture the indicated
production on November 1st was 101,346,000 bushels as
compared to a production of 119,34.7,000 bushels in 1927.
This year's p;roduction in Louisiana and New Mexico is
larger than a year ago. The total production of grain
sorghums in Texas was placed by the Government at 67,025,000 bushels as compared to 55,734,000 bushels in 1927
and that in New Mexico at 3,760,000 bushels as against
2,394.,000 last year. The favorable weather and the lateness of frost were very beneficial to the maturity of this
crop and in those localities not affected by the drouth the
crop has yielded well.
been good in Oklahoma and the returns from the crop were
very satisfactory. Citrus fruits in the Rio Grande Valley
are ripening slowly and are beginning to move in moderate Tolume. Production this year is reported to be generally good. The Department of Agriculture reported that
the condition of the Texas pecan crop this year was estimated at 56 per cent of a full crop. Nuts are being gathered in every section and as a rule, are well matured and
of good size and quality. The report states that shipment
will be approximately double the 195 cars shipped last
year.
LIVESTOCK
The moderate to heavy rains which fell over most of the
district's range territory during the last days of October
and the first half of November were very beneficial to pastures. The grass and weeds on the ranges have been revived and wheat is growing rapidly and will soon provide
considerable pasturage. Prior to the rains, however, ranges,
particularly in Northwest, Central, East, and in portions
of West-Center and Coast sections of Texas, were showing
a noticeable deterioration. Likewise, the condition of cattle in these sections had declined. In other portions of the
district, livestock and ranges were reported in generally
fair to good condition. Late reports indicate that livestock
in most sections of the district are entering the winter under
favorable conditions with feed and water generally ample.
The fall movement of cattle from this district has been
heavy and has now passed the peak. A considerable portion of the shipments from the Western half of the district
is moving to the corn belt states and northern feed lots.
The heavy outward movement this year is due to the strong
demand for feeders at high prices.
The Department of Agriculture reported that the November 1st condition of cattle ranges in Texas was 86 per cent
of normal which represents a decline of 3 points during
the month but a gain of 1 point over a year ago. The condition of sheep and goat ranges was 94 per cent of normal
on November 1st as compared to 98 per cent a month
earlier and 89 per cent on November 1, 1927. The condition of sheep and cattle declined 1 point during October
but goats gained 1 point. The shearing of sheep in Texas
is progressing rapidly and although the fall clip will be
smaller than was expected, the quality is unusually good.
The receipts of cattle and calves at the Fort
Worth market during October reflected
a substantial seasonal gain as compared to
the previous month but were on a smaller scale than in the
corresponding month last year. While the number of hogs
yarded during the month was slightly smaller than in September, it exceeded that of October, 1927, by a considerable margin. The arrivals of sheep showed a large gain
over both the previous month and the same month a year
ago.
Movements
and Prices
The weather has been very favorable for the harvesting
of the Texas rice crop and this work is practically completed. The yield generally has been very satisfactory
and the quality good but prices have been disappointing.
Production this year is estimated at 7,308,000 bushels as
compared to 8,039,000 bushels in 1927. The production
of peanuts in Texas is placed at 77,700,000 pounds which
is 7,500,000 pounds greater than a year ago. Yields have
§"
been particularly good in the Northern portion of the State . :g
where moisture conditions were good. Production has also
r:~~m'.';'::;;;:~I~;;~~;:~;'~~~~';~~~'''''1i:''''1
8
Stocker cow. . . . .. . . .
*~~~CB ..
........... ...
.... :::::::::::.:::::::::::::
Sheep...
.
Lambs .....
................ .
......................
8.50
lU~
8.25
13 .00
6.75
lU~
10 .75
13 .25
8.76
lU~
8.60
14 .00
§
~
:
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MONTHLY BUSINESS REVIEW
9""·.1111111111111,.111111111111111111111111111111111 •• 1111111111111.'1111111, •• 11 •• 1 ••••••••• '111 •• 111 •• 11IIIIIIIIII[!]
§
~
FORT WORTH LIVESTOCK RECEIPTS
18:r~.. . . . . . . ... ~tlli ~~ t~ Tf g1~ I
§
f~ge· · . ... ........ .. .
eop .• " .. . . . .......
•
'.I ..
28.852
41.626
21.329
21.979
G 6.523
G 19.047
27.787
31.805
§
L
935
G 9.821
:
3
as compared to September and a 26 per cent gain
October, 1927. The consumption figure was larger
in any month since last November and it was the first
since that month that the current figures showed a
over the corresponding month of the previous year.
~1I1I1'''IIIIIIIIIIIIIIIIIIIIIIIIIIII'"III'III1I1'''"I''"II'''III''''ItIl'''''1I1I1I 1IIIIIIIIIIIIIIIIIIII.IIIllllltlij1
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~
The market price on all classes of cattle reflected a further decline during the past month. During most of the
;:
B·'··II.tlll ••
over
than
time
gain
§
GALVESTON STOCK MARKET
:
~
OC~~8 31. 0.t~~7 31. §
~~~1f:~i~~ ;i;~iJ~~~:Ji{gf:~~~~~J~ !JF!!~~~H : H:'H : :~~ ~!~ I
owever, advanced slightly during the first half of November. Reflecting the heavy receipts, sheep and lamb prices
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~~:;:~: O'~!.~~:;~i~'~;~~::~E~::~:t~~1 i~:~.:OVEM.~rnl~;OHi:~OR1~~;~~ I
in
veston were exceedingly large. Receipts not only showed
a heavy seasonal increase as compared to the previous
month but exceeded those of the corresponding month a
year ago by a wide margin. Likewise, exports from these
P?rts reflected a large gain as compared to both the preV10US month and the same month last year. Total foreign
exports of cotton (including lintel's) amounted to 1,240,702
~
b I
Ita es'11inb October as compared to 1,126,509 bales in 1927.
WI
e noted that the exports for the current season to
Great Britain and Japan-Chl'na show a consl'derable gal'n
OVer a year ago but those to France and the Continent are
smaller. The dOlnestic consumption of cotton amounted
0,· .................
to 618,788 bales in October which represents a slight gain
T:· """'"""""'"""""""""""'~'~'~;'~'~;;~~"~~~;~'IIII"'IIIIIIIIII"'IIIIIIII'IIIIIIIIII'~.~.
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COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
Exporta . . . . . . . . . . . . . . . . . . . .
Stooke. o~iob;,; 3·1..... :::::: :::
m· ..
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784,875
807.687
621,571
357.864
1,384.48&
~~~:m
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October
1028
474.267
AUgU8t 1 to October 31
This Season I,ast Season
4.144,059
3.800.831
419.095
267.203
213.332
266.740
1.134.205
1.182.R78
Receipts .. ... . . ... ......... .• ............ ..••..... ..
Exports: Great Britoln . . . . . . . . . . . . . . •• . . . . .. . . . . . . . . .
Frallce.. . . . . .... . ............... . . . . . ......
Continent ....... . ... .. ... . ..... ... ..... ....
Jnl'nll- Cloinn .. .. .................. . ........
427.016
Mexico.foroigh porto ... .... ..... . . ...... ...... . ... ... . 2.195.909
2.261
Total .... ... . . .. . . . . . . . . . . . . . . . .
Stockll6t ali United Stot.. porto. October 31. ... . . . . . . . . . 2.126.734
~
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394
2.046.226
1.796.64~
ij
i
Nov.ml~;i6.
~
~:rrl~!~: :::::::::::::::::::::::::::::::: rl~o~.I: i~ i:w. 3~ o!~ ~:
Houston.. .. . . . . . . . . . . . . . . .. .. . . . . . . . . . .. . . . .
~ Oalv"'ton ... . .. ... ....... . .... ... .. . .... . ...
0 ..
~: .
328.010
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October. 1928
'Su
19.70
;8
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18 .60
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October
1927
449.297
1~ ~n COIi,s!lming cstabliBbmenta.................... .. ..........
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••:::
SlMSON'S UECEIPTS. EXPORTS AND STOCKS AT ALL
UNITED STATES PORTS
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On8,357
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0
August 1 to October 31
This
Last
Seaoon
Season
1.259.180
1,370.205
905.910
4.654.750
"pu lIe storn~c and oompr089C8 .. ... . .. ..... . ... ... .. .. ....
960.856
5.132.526
October
1928
618.788
October
1927
613.520
August 1 to October 31
This
Laot
Season
SeaoOD
1.037.738
1.876.824
1.194.961
4.035.981
1.323.703
5.419.108
;:
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§
STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
T~: "'~:~.':"a:.:~ ~·E ~:;:.~. .
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:i " " - ......."
go~::,r:c.;,j ~~;18hed'(to~~i:: ::: 1·~~~:m
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cottOIl9~!'d on hnnd (tons) .....
485.230
423.114
1.182.176
1.054.406
Crudo oll produced (pounds) ... 155.485.877 175.138.000 427.R29.833 494.08Ull
Hn~~ nnd mea~rodueed (ton.)
252,630
278.009
625.033
716.977'
L'u to produced tOilS). . . .... . .
140.641
174.000
384.053
458.111
~
ra produc (running
:
St n~oo.. ......... . ..........
108.248
107,000
282.776
28{,O50 ~
g
: lb
::
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":~m ~!!HH "'mm I
111I1I1I11J11IIUllltllllli111J11IIlJlllllllllllllllllllll11111111111111111111111111111111111111111111 128
COTTONSEED PRODUCTS
Due to the rapid gathering of the Texas cotton crop, the
receipts of cottonseed at Texas cottonseed oil mills reflected
a substantial gain over both the previous monLh and the
same month a year ago. The amount of cottonseed crushed
also showed a substantial gain over September and was
slightly larger than in the same month last year. At the
close of October, there were 485,230 tons of coLton seed on
hand at Texas mills as against 317,188 tons a month earlier
and 423,114 Lons on October 31, 1927. The stocks of all
classes of cottonseed produots at the close of October were
considerably smaller than on the same date last year.
The average price paid for cottonseed by cottonseed oil
mills reporting to the Fedcral Reserve Bank was $43.02 per
MONTHLY BUSINESS REVIEW
4
ton during the week ending November lOth as compared to
$39.62 per ton during the week ending October 13th. From
the table shown below, it will be noted that the average price
received by these mills during the week ending November
10th for hulls, and, cake and meal was higher than a month
earlier, while that for cottonseed oil and linters was lower.
T ",.,., .. ............... . ,.. ............................ ·········· .. ············· ..;~:~·i~~;~~·;
_
~ Cake and menl (pcr..ton). ........................
Oil (pcr pound). . . .. . .. .. .. . ... .. .. .. . ..
~ ~~l:~'(;.~o~~~d).·.:::::::::::::::: : ::::::::
:
Nov. 10, 1928
$ .0793
39 .96
9:
:
641
. ··········· . ·T_
:
Oct. 13, 1928
$ .0810
37.75
7:~r95
~
~
:
l:1 "11 11111 III I1I1UIIIJI 1111 1I1t1l1l1 IJIII'UIII1I II 111 1111 I IIti II 111111111 I1lIl1 H l 1111 : II III 11 11 1I 1I111 11 11 11 11111 11 I1J
TEXTILE MILLING
Activities of Textile mills in the Eleventh Federal Re.
serve District were on a larger scale in October than in
September but were smaller than in the corresponding
month last year. There were 3,104 bales of raw cotton
consumed as compared to 2,706 bales in the previous month
and 3,699 bales consumed in October, 1927. Production
of cloth reflected an increase of ll.4, per cent over the
previous month but was 12.1 per cent below the output in
the same month of last year. Orders on hand at the close
of October showed a substan tial gain over those a month
earlier and a year ago, and stocks were brger than on the
corresponding date last year but slightly less than on
~~~~.~~~~: . .~~.~~. . ~.?~.~. . r..~.~~;
g
1
:
__
. . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . ~
-
TEXTILE MILLING STATISTICS
Number bal.. consumed ..... . ...... . . . . ...
Number spindlllll active ............... .. ..
Number pounds cloth produced. . . . . . . . . . . .
0~9~30~1,~;64 0~9tO:,~5~7:g SePlot:r"~1:560r
u
1,~84,448
1,689,0·12
§
:1
__
1.331 987
IiJU1I1I11I11I1l-IJIIII1I11I111I1I111111111111I1I1II1I1I1II1IJlIlIlIlIlIlIlIllIlIlIlIlIllIlIlIlIlItIIIIIIIII 1111 III I III III!]
WHOLESALE TRADE
The distribution of merchandise in wholesale channels,
after reflecting a considerable slowing down in September,
eviden ced a substantial improvement in October. Sales in
all reporting lines except dry good's were larger than in
the previous month and those in all reporting lines showe d
a gain as compared to the corresponding month a year ago.
While there are some localities in which buying continues
slow, it is significant to note that the improvement in busi.
ness is fairly general throughout the district. The generally
large and satisfactory net returns from agricultural opera·
tions, rising bank deposits, firmer commodity prices, and
increasing employment have generated a spirit 0 f optimism
and confidence. Nevertheless, merchants are still adhering
to the conservative policy of keeping commitments closely
aligned to consumer demand. Reports indicate that collections have shown an improvement.
The sales of dry goods at wh0 1esa 1 re fl ecte d a seasona 1
e
d ecline of 12.6 per cent as compared to the previous month
but were slightly larger than in the corresponding month
last year. While sales for the past four months have aver.
aged 6.2 per cent less than in the same period in 1927,
it should be recalle d t h at t h e d istri b uti on Iast year was
heavy. Dealers report that business recently has been imRETAIL
The distribution of merchandise in retail channels at
larger centers reflected a gain of ll.7 per cent as compared
to the previous month and was on the same scale as a year
ago. The cooler weather late in October stimulated the
buying of winter merchandise. The departments to show
the largest increases as compared to a year ago were: Do·
mestic, Neckwear and Scarfs, Women's and Children's
proving and the outlook is good. The cool weather late
in October stimulated buying somewhat. The strengthening in the Textile markets has brought in some orders and
has tended to strengthen confidence in the price situation.
Collections showed a substantial improvement during the
month.
The sales of reporting drug firms were slightly larger
than in the previous month and exceeded those of the cor·
responding month last year by 6.4 per cent. While business in most sections was generally good during October,
reports indicate that sales in November are sho,ving a considerable seasonal recession. Collections were fair to good
in all sections and reflected substantial improvement over
the previous month.
After showing a steady decline for three months, the
distribution of farm implements reflected a substantial improvement in October. Sales of reporting firms for the
month showed a gain of 24.. 6 per cent over the previous
month and were 27.8 per cent larger than in October, 1927.
Distribution during the four months ending October 31st
were 21.7 per cent greater than during the corresponding
period a year ago. Due to the fact that dry weather in
some portions 0 f the d istrict retar d ed th e seeding of small
grains and fall plowing, the buying of implements was
delayed but since the general rains buying has increased.
The generally fair to good returns from this year's crops
has also stimulated demand. The outlook for winter busi·
ness is reported to be generally favorable. Prices remained
ge~~:l;as~t~~~th
witnessed a substantial increase in tlie
demand for groceries. The October sales of rel)Orling firms
were not only 2.3 per cent greater than in September, but
were also 12.4 per cent larger than those in the correspond·
ing month last year. The increascd demand appeared to
be general throughout the district and reports indicate that
the future prospects are generally fair to good. Prices
were reported to be steady to slightly higher. Collections
were materially larger than in the previous month.
The October sales of reporting wholesale hardware firms
reflected a gain of 4.4. per cent as compared to the previous
month and were 3.0 per cent greater than in the correspond·
ing month last year. While buying was somewhat slack
in a few localities, it was very good in others. The cooler
weather has stimulated the demand for seasonable goods.
Collections reflected a substantial gain over the previous
month.
G)"IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIJIIIUIlIlIlIfIIIIIIIIIIIIIIIIHCIIIIIIIIII IUIIIII F'l
CONDITION OF WROLESAI,E TRADE DURING OCTOBER, 1928
PerocnloRe of inorcl\8c or deorease in:
Groceries .. ......
Dry Goods .. ....
FnrmImplemenls
Hardwnr" .......
Drugs ...........
Net Sales
Net Sales
Ootober, 1928 July J to dnto
compared with oompared with
Oct.
Sept. Bnme poriod Il\8t
1927
1928
year
+ 12 .4
2.3
+ 7. 8
+ . 1 - 12.0
- 0.2
+27.8 +24 .0
+
+ 3.0 + 4.4
+21.7
0.0
+ 0.4 +.8
+ 3 .2
+
Stocks
Rntio of collec·
Ootober, 1928 tionsdltringOot.
comparod wilh to acoounts ond
Oot.
Sept. note.. O
\llstand·
1927
1928 Ing on Sopt.30
+ 6.8
8 .6
84 .0
- 7.2 - 6 .8
:17 .0
- 11 .7
4.0
2-1.7
+ 0.0 -. ~
43 .R
- 2.8 - 1.3
45 .4
+
+
ffi'llllllllllllllllHIlIIlIlIlIllIIfIIllIIlIllIIlIlIlIlIHIIIIJIIIIJlII : " lU l l l l lI l l lll 1I 111111 1IJ' I' :l I1 I: III I'lllll l , ' J
TRADE
Gloves, Small Leather Goods, Women's Suits, Waists,
Blouses and Sweaters, and House Furnishings. On the
other hand, the following departments reflected large de·
clines: Woolen Dress Goods, Laces, Trimmings, Embroid·
eries, Ribbons, Art Goods, Silk and Muslin Underwear,
Women's Coats, Misses' Dresses, Coats and Suits, Men's and
Boys' Shoeil.
MONTHL Y BUSINESS REVIEW
Stocks on hand at the close of October were 4.8 per cent
greater than a month earlier but 4.7 per cent less than on
the corresponding date last year. The rate of stock turnover during the first ten months of 1928 was 2.32 as compared to 2.20 in the same period last year.
5
Collections showed a substantial seasonal improvement
during the month. The ratio of October collections to accounts outstanding on October 1, was 38.8 per cent as compared to 33.0 per cent in September and 37.7 per cent
in October, 1927.
t~1' I1 I1H lIllIllIlItllllllllllllllllllllllllllllfIlIlIlUIIIIIIII \l IlIlIfIlIIlI" 1 1I11 1111111111110'1111111111111111'11111111 1 11111111111111111111111111111111111111111111111111111 1IlIllllIlflllltll l tllllll lH lllllllllllllllllllfllllllllllllllllltllll~
BUSINESS OF DEPAR1'MENT STORES
'roln! Salce:
Ootober. 1928, compared with
October, 1028, compared with
~R;Sl\Iar.v 1st to dute oompared
Cro( It ales:
getooor, 1928, eompared wilh
J otober. 1928, oompared with
Steol,::nllory 1st to date oompnrod
I
Octooor, 1027.........................
September, 1928.......... .. ..... ... ..
with same period 1:\5t ),e.. ..
Dalla,
+ 3.3
+24.0
+ .8
Fort Worlh
- 4.0
+ 13 .0
+ 2.3
Houaton
- 2.0
- 5.3
+ 1.2
San Antonio
1.0
+ 10 .7
.1
All Other.
.0
+11.0
2.5
Total District
None
+ 11 .7
+ 1.3
Ootober, ID27. ........ . .. . ..
September, 1928.... . .......
wit h .ame period !a.t year .. . .
+ 0.8
+25.3
+ 8.7
+ 4. 1
++ I ~:~
.3
- 10.1
+ 2.9
+ 4.5
+ 5 .5
+ 3.9
+ 1.7
+ 10.4
+ 6.8
+ 4.1
+ 1J.g
+ 0.3
- 9.9
+ 3.9
.27
.31
2. 13
2.38
+ 2.7
+ 5 .8
.22
.21
1.96
2.01
.8
+ 7.2
.25
.25
2.40
2.44
- 14 .7
+ 0.0
.'3227
2.33
2.74
.7
+ 1.5
.26
.25
2.20
2. 14
37.2
37.7
40.1
39.P
41.7
- 4.7
+ 4.8
.26
.27
2.26
2.32 :
:
38.8:
Ootooor, 1928, oompared with Outooor, 1027.. ..
.... . .. .......
~ctohcr, I028, compnreti witllSeplemoor.l028.
..... .. . .. ....•
J~ato of Btock turnover in Ootooor, 1927......... . . ... .. . . .•... . . ...
Ultc of atock tu rnover in Ooteber, 1028....... . . ..... . .
llIIteofBtookturnovorJnnuarl' lto Ootooor 31 1027
: Rat' ate of stoek tnrnovor January I to Octooor 31, 1928 . . ... . .. . ..
of ~tooor colleetiona to nooount,s receivable lind outstanding
~
cto r 1.1028.............. .......... .......... .... .. .. .... .. ..
:
10
L!.: IIIIIIJI IIJIJlI 1111111 1111111111111111111 1I1t1l1l11l11l1l1l1lUIlIlIl11 1111 111111 II II IIJIII II
:u
~11111I11I11I111111111111"11"111I1I111I111111I11'''II''1111111I11IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIftlllll'lllll~
DEBITS(;;'°T~~I~!~~~~~~I~~~OUNTS
Ooteoor
1928
~.: ~e~\~~e,,,.::::::::::::::::: $ J~;m
g
O:\:~~t..... . ............
DU
......... .. .....
Etpna ... ...... .... ..... ..
Fort'W~rtj,""''' '''''''''
Galveston.:· ···· · •. ·......
l:!ouato
. .. . .. .. .. ... ..
PortAr~h;;r" '" '' '' '' ''''
San Antonio .. ·............
Roaw U
...............
8hrcv~po~t·.·.""·" " "·'"
T
... .
'wr~:~~~~~:: ::::::::::.:.:.:.:.
a
Wio~ta ·Fails· .... ·.·.·.·.·. ·.·.·.·.·.·.·.
25,526
7,63 1
303,577
30,403
117,008
60,780
244,200
10,000
00,152
4,727
48,207
18,216
10,770
27,619
29,202
October IncreMC or
1027
Decreasc
$
~~:m
tU
23,227
7.214
208,004
34,054
103,871
67,137
213,300
10,006
81,365
4,592
42820
18,045
0,901
26,640
28,208
+ 9.0
+6.8
+ 13 .2
+10.0
+ 12.6
+ 4.0
+ 14 .5
+ 6.0
+ 10 .8
+ 2.0
+12 .8
+ .0
+ 8 .1
+ 3 .0
+ 8 .8
'fotal. .......... $1,074,628 S 004,381
+t1.4
.:1
___
Sept.
1028
Inoronae or
DeoreMo
'Jg:g~ t34:~
24,302
7,056
263,239
33,076
107,243
50,036
203,032
0,340
81,027
3,054
41,100
16,462
8,442
22,082
24,598
+ 4.8
+ 8.1
+15 .3
+ 17 .3
+ 9.1
+ IS. 1
+ 10 .8
+14 .0
+11.3
+10.5
+ 17.6
+ 10 .7
+27.6
+21.8
+10.1
S 031,756
:~
+15.3
§
Diatr~!r.Oludes the figurca of two banka In Tcxnrlmna, ArkansM, located !n thc Eighth
£!J
II II I " , ........ " " "
+
1IIIIIIIIIIIIlflilltlllllil lIJIIII IIIIIIIIIIJlllllllllll lllllllllllllllll lll llllllilIJIIIIIIIIII 111I1I111111111J11111111111J1II1I1I1UIIIJIIIIIIIIIIIIH'III~
FINANCIAL
. Oc~ober charges to individual accounts at banks located
In pnncipal cities of the Eleventh District rose to the highest level on record and exceeded those in September by
~5.3 per cent and in the corresponding month of last year
y 11.4 per cent. Charges to individual accounts during
the current month aggregated $1,074,628,000 as compared
to $931,756,000 in September and $964.,381,000 in the same
onth of 1927. It will be observed that all cities reported
lncreases over both comparable periods.
'.
-==
__
+
.:
.11.11111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIII(!l
Acceptance
The volume of acceptances executed by
Market
accepting banks in this district and outd
standing at the close of the month amounte to $7,325,097 on October 31, which was $297,508 less
th an a month earlier and $810,348 below the amount out-
standing on the corresponding date last year. Acceptances
executed against import and export transactions rose from
$2,086,010 on September 30th to $2,355,850 on October 31
but the gain was not sufficient to offset the decline in those
based on the domestic shipment and storage of goods which
stood at $4,969,24.7 on the latter date, or $567,348 less than
on the former date.
The demand for credit at member banks
in principal cities of the Eleventh District
showed a further seasonal increase during
October. Loans "all other" rose to the
highest level at the close of October for
any reporting date of the year but reacted
somewhat during the first week in November. On November 7th, however, these loans am.ounted to $266,768,000
which was $3,204,,000 larger than on October 3rd and $10,626,000 greater than on the corresponding date last year.
Loans on corporate securities totaled $89,4,39,000 and represented a gain of $3,685,000 during the five-week period
ending November 7th. While their investments in United
States securities increased $1,207,000, their holdings in
other stocks and bonds, amounting to $37,769,000 showed
a reduction of $4,043,000. As compared to a year ago and
five weeks previous, total loans and investments on November 7th this year were larger, respectively, by $4·0,817,000 and $4,051,000. Net demand deposits rose $8,509,000
during the current five weeks and time deposits increased
$365,000. Reserves of these banks with the Federal Re·
serve Bank reflected an expansion of $1,710,000. Their
bills payable and rediscounts with this Bank amounted to
$19,250,000 which was $1,773,000 less than on October 3rd
but $11,793,000 greater than a year ago. Ratio of loans
to net demand deposits was 86 per cent as against 87 per
cent on October 3rd and 85 per cent on November 7, 1927.
Condition of
Member Bam,Jcs
in Selected
Cities
[;l11111111111111111111'11111111111111111111111111111111111111111111111111111 '11111111111111111'111111111111111'111111111111111111111111'1111'11'1'111111111111111111111111111111111"llllllllln,IIIIIIIIIIIIIIIII,IIII"111.,.,.I.llllllltlllllllllllllllllf'il
CONDITION STATISTICS OF MEMBER BANKS IN SELECTED CITIES
~: ~UIr:SOf rcportill~ bank
3.
.... ..... .... .. ........ ... ..........................
. .... .. ......
~ ~the/::t<':,~c~~~,: n~'d":"~ritie8·ci~~~(I.·.:: :::::: :: :::: :: : :: ::: : :: : :: :: ::: : :: :::::: : : :::: :: : : :: : ::::: :
~: Lo:~ seourc:l bbY United Stdatca Govornment obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . .. . . . .
6
7'
8:
9.
10.
AU othacCCrulore yatocka an oo nda other than United Statas Government obligntionB ..... . .... .. . ..... • ..... .
ns ....... ........................... ...
N td
........... .... ........... .... . ..............
T~ 'dman depoaita .........................
............ .... . . . . . . .. .... .. .............
3
n:e~ OP~~taF.;J" 't'ROO .... · ri .. it.... ............· .. · ........ .... · ........ ·
... .. .. ... .
B'lI vc W
era
ervo an ...................................................... .. .. "... .. .....
ll. &t~ panbl 0 ~nd rodiadoountadwdith F~deral Resorve Bank ........ .. ................................ " . . .. .. .
o 0 oans to not oman OPOBlts. . .. .. .. . .. . .. .. . . .. .. .. . .. . .. .. . .. . .. .. . . .. .. . . . . .. .. .. . .. .. . .. . ..
•
November 7, 1028
44
~~:~~~:~~~
2.301,000
80,439,000
20n,76~,000
312,087,000
131,115,000
35.514,000
19,250,000 Of
86 ' "
11IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1IHIIJlIIJ I IIIIIIIIII111111111111J111 111l111l1l1t1l1 l1111111t11l111l111l11l , 1l11 1111 1111 11l1l 'I Htlll l l!ll = 1 11 1 : 1111 i III Hl1l1 11 ' I I. 1"'
Ootooor 3, 1928
44
~m~:~~
8~,3053,000OOO
Novomoor 0, 1027
45
~6:m:~~
8~,830020'00OOOO
.. ,7 4,
203,504,000
304,178,000
"
,
250, 142,000
300,197:000
1 ~~'m'~~~
"
,
2 1,023 . C~~01
10
I~~'m'~~~
, -,
7,457,00 0
01
8Sto
HI' 11" IH I )'II I1II"' t l l l llll1 l l 1 l l l l l l l l l l l l l l l l l l l l l J ' " t l t l l I l l lIllI )"·iJ
MONTHLY BUSINESS REVIEW
6
G) " I.IIU ......... II IIII ... IIIII I . .. IIIII ... I1 ................. IIIIU ...... ' U ..... " .... . ....... 11 . .. 11 ... . . ........ 11.................. . ........ .
;
NOVEMllER DISCOUNT "TEa
......
~....
Dall.,
Rates oharged oustomers on !crlmo oommorolal paper suoh lIB Is now
eligible for redisoount un or the Fedoral Resorve Aot ..... . . ... ...
Rate oharged on loans to other banks scoured by bUIs receivable ......
Rate on loons secured by prime stock exobange or other ourrent 001lateral (not inoluding loans plaoed in othor markets through oor-
.
res~ndf,~~~~~ks): .. . . . . . .. . .. . .. .. ... . ......................
b) Timo .................. .. .............. .... .... .......
R.te oharged on oommodity paper secured by warehouse receipts, oto . ..
Rate on oattle loans .... ... ............ ......... ... , , ..... " ..
..
I
1, 11 11... , 111 .. 111 ........ 11 ...... 11 . .. 11 ... ........ 11' .. ' ..... 1111111 111111111 .... ,11 I IIIIIIIIIIIII ' @
E ' PalO
Fort Worth
Houston
San Antonio
Waoo
6J+-5
5- 0
d· 8
0
6- 8
6-0
6)-S- 0
6- S
8-5~
...8
0
0- 7
0- 8
0- 7
6
6-S
0- 8
7- 8
6-S
6-S
6-8
6-8
6-8
5- 0
6)+6
6-7
6-8
6-7
6-S
6-8
4-10
6-S
6-S
O
-S
7- S
6-5~
I
l!J. I I I IIIIIIIIIIIIIIIIII I IIIII I II I II •• ,lllllll l ll l l l lllfI ... , 1 ,., 1 111111 .... 11 1 ,. , 111 1., 1. ,1111 1 111111 .. 1111 1 11 , .1111111111 ...... .. .. . 11 111 ... .. . 11111 ...... 11 111 ... ,1111 1 ,.,.11 1" " 11. ,11 .. 11"11"111 .... . "'Ultt . IIUI II IIIII I II I .II.JlUIUIIUIIUIIG]
Reports from 92 banks in the Eleventh
District which operate a savings department show that savings deposits amounting to $144,475,601 on October 31st were 11.6 per cent
larger than a year ago and 1.6 pel' cent above those a
Savings
Deposits
month earlier. There were 286,949 savings accounts carried at 83 of these banks at the close of the month as
.
agamst 284,,14,0 on September 30th and 265,474 on October 31, 1927.
I!]. II II I IIIIIIU ....... II II II ... "U ..... ,IIIII .... . IIII I III III . II IIIII I II 1,. , 1 111111 1 111 111 1111 1 11 111 1 111111 111 11 , . " , 1 11111111 1111111 1111111111 1111 1 11 1111" 1111 11 111111 1 111111111111 11111 1 1111 111111 111 111''' 111111111.1I 1I 11111I 111 1 1I1I1I1.I I IIU II ' I . , [!1
SAVINGS DEPOSITS
Number of
Reporting
Bank.
4'
Beaumont ............... .. .. . .. .....
Dall.. ..............................
6
EI Puso. ....... . .... . . ...... . .......
2
Fort Worth .......... ....... ..... . . ..
3
Galveston.. .. . .. ... . ... .. .. . . .. .. . •.
3
13'
Honston.... ...... ... . ..... ... . .... ..
San Antonio . .. .. . . . ... . ..... . .......
0Shreveport .. ...... .. ................
4'
Waoo ........... .... ... ..... . . ..... .
4
Wiohita Fall... .. .. .. .. . . . .. .. ... .. ..
2
All otbera .................. , .
42*
::
Ootober 31, 1928
Number of
Amount of
Savings
Savin~s
DepOSits
Depositors
6,554
$ 2,560,058
59,225
24,189,691
14,664
5,896,409
22,642
8,242,664
13,904
9.558,958
69,785
33,249,521
27,676
20,756,098
22.643
12,349,560
9,31 8
6,499,370
4,226
1.520,893
36,3 12
19,643,370
Ootober 31, 1927
Number of
Amount of
Savings
Savings
Depositors
Deposits
6,379
S 2,508,449
52,302
20,211,407
13,404
4,012,983
20,940
6,916,237
13,49:)
9,772,176
62.687
20.601,024
25,405
18, J04,778
23,887
11,329,348
8,601
5,814,002
4,180
2,005,804
34,101
l8,282,642
----
-----
Inorease
or
Decreaso
+ 2. 1
+ 19.7
+20.0
+ 19 .2
- 2.2
+ 12.3
+ 14 .6
+ 9.0
+ 11 .S
- 23 . 7
7."
+
September 30, 1928
Number of
Amount of
Savings
Savings
Dopositor.
Doposits
6,li51
$ 2,535,807
59,051
23,766,675
14,482
5,837,326
21,988
7,883,150
13,746
9,5G.>,228
68, 778
32.876,063
27,721
20,,;52, 100
22,49 1
1 2, ~26,105
9,211
6,298,073
4,180
1,511,166
:l5,032
10, 154,403
Inorense
or
Deorease
+ 1.0
+ 1.8
+ 1.0
+ 4.6
.1
+ l.l
+ 1.0
+ 1.0
+ 3.2
+ I. 2
2. 6
+
Total. .. .. .. .. . .. .
92
286,940
SH4.475,601
265,474
$129,450,000
+ 11. 6
284,140
SI42,206,096
+ 1.6
'Only 3 b.nJuo in Beaumont, 11 bank. in Houston, 7 banks in San Anto nio, 3 banks in Shreveport and 39 banks in "A ll others" reported the number of savings depositors.
m ' I .... ' .. 'IIIIIIUIlI .. tlflllllllltll .. 'II' I II II I ........ lllIllIlIflI I I'111 1, 1111 11 .1111 . .. '11111. , 111.1,11111 11 111 . 11 11 .. 11111111111 .. .. .. . ...... 11 1I III I.III ' IIIIIJIIIIIIIII I II.I.IIIIIIII II II IIII . I III II II IIII IIIIII II.II I II II .. IIII .... ,III .. . ..
Deposits of
A further seasonal expansion occurred in
Member Banks combined deposits of member banks in
the Eleventh District during the four-week
period ending October 10th. Standing at $94,6,071,000 on
the latter date, combined deposits of member banks were
$43,093,000 larger than on September 12th and $61,766,000 greater than on October 26, 1927. Their net demand
deposits rose $38,683,000 between September 12th and
October 10th, this year, and time deposits increased $29,740,000.
~""'III"'"" I IIIII1 I II1I1'"II II II I """""" ' IIIIIII"' ''IIIII ''" III '''' ''"I '' '' "II II'IIIIII III' "III " "IIIII ~
g
DEPOSITS OF MEMBER BANKS
E
§
II III I~
ing of the cotton crop in West Texas and financing the
movement of wool and mohair. Accommodations to banks
in larger cities continued much larger than to country banks
which has been the case throughout this fall. During part
of the same period of 1927, however, loans to country banks
were larger, in fact, it was not until after the middle of
October of that year that reserve city borrowings exceeded
those of country banks by any appreciable amount. On
November 15th total loans to member banks aggregated
$19,515,778 and represented an increase of $13,140,635
over those a year ago but showed a decline of 82,957,811
as compared to October 31. There were 105 borrowing
banks at the close of the current month as against 158 a
month previous and 81 on October 31, 1927.
§
E
E
E
~
E
~
§
E
E
~: ~_
~ Rediscount. und _~all other~._~~.~~_.~_~member~_.~.:!:__...___~_._~.._~_.~~~~~~.~$12, 709,960.00
Mem~~li::t~::~. ~I1~.~~_~ loans ~~.~~._.~ banks . ___.___.... 9,768,689.87
:~_
Due to the decline in loans to member banks, total bills
held were reduced from $4.5,519,226.35 on September 30th
to $44,205,203.31 on October 31st, distributed as follows :
to
Open market purchases (Bankers' Acceptances) _ __ .... __..._ __......_ 21,781,618.94
...
..
Total bills held._......___... _. __ ._ __ .. ____ .. _...__....___ ......_____ .. __...S44,206,203.31
..
_
._
~,I II III IIIIIIIII I I"tI
Operatioru of
the Federal
Reserve Bank
... I '"IIIIIII .. II II II ... II IIII ... tl lI l llI lIlI llI lIlI llI" II.' ... ' ..... 11 1 11111111111 1111 11 11 1118
Loans to member banks in the Eleventh
Federal Reserve District amounted to $22,4,73,589 at the close of October which was
$5,978,769 less than a month earlier but
$11,396,170 greater than on the corresponding date last
year. Borrowings of both reserve city and country banks
followed an irregular course throughout the month and at
the close of October loans to reserve city banks were less
than on September 30th while those to banks in rural sections were higher. This increase in country bank loans
was occasioned mostly by late borrowings for the financ-
Federal reserve notes in actual circulation amounted to
$48,042,130 on October 31, reflecting an expansion of $4,532,595 during the month and compares with 850,753,140
in actual circulation on the corresponding date last year.
The daily average reserve deposits of member banks aggregated 868,898,913 as against $65,533,390 in September and
$64.,834,,386 in October, 1927.
FAILURES
After declining in August and September, the business
mortality rate in the Eleventh Federal Reserve District
turned upward in October. There were 65 fail ures during
the month with liabilities of $857,123 as compared to 41
defaults in September owing $533,137 and 38 failures in
October last year with indebtedness of $554,,653. Although
MONTHLY BUSINESS REVIEW
the rate exceeded that O'f the previO'us mO'nth and O'f OctO'ber, 1927, it was nO't relatively high when cO'mpared with
other mO'nths O'f the twO' years.
PETROLEUM
TO'tal productiO'n O'f crude O'il in the Eleventh Federal
~eserve District shO'wed a further increase in OctO'ber but
ue to' the lO'nger mO'nth the daily average yield was less
than in September. The October output amO'unted to'
23,153,100 barrels as cO'mpared to 22,504,100 barrels in
the previous mO'nth, representing an increase O'f 649,000
barr~ls in to' tal. productiO'n and a net decline O'f 3,262 bar~el~ In the daily average yield. Field activity in the maJO'nty O'f fields was at a slightly higher level than in September. Initial productiO'n shO'wed a sharp decline.
The daily average production O'f crude O'il in Texas which
amO'~nted to' 708,066 barrels was O'nly 3,039 barrels belO'w
that
In
the month previO'us. North Texas, Southwest Texas,
7
and the Texas Coastal regiO'ns repO'rted increases in their
daily average yields but nO't in sufficient volume to' O'ffset
the declines in Central West and East Central Texas. New
peak prO'ductiO'n in Moore and Gray cO'unties bO'O'sted the
yield of the Panhandle area to' a higher level than in September. Rigid enfO'rcement O'f prO'ration rules in the principa l fields O'f Central West Texas prevented much change
being shO'wn in prO'ductiO'n for that district. Its tO'tal yield,
however, cO'ntinued to account fO'r O'ver half O'f the cO'mbined
output of the state. The Luling and LaredO' fields were the
largest producing units in SO'uthwest Texas during the
mO'nth, while the SpindletO'P area led in the Gulf Coastal
regiO'n. North Louisiana increased its tO'tal O'utput 32,100
barrels.
O'CTDBER DRILLING RESULTS
Com·
ProGas
North ~~~~............ .. pIO!~;S du:;:
~~Is
~ 11111111111111111111111111111111111111111111111111111111111111111'"1111111111111111111111111111111111 IIIIUIIIIII 1I11J¥l
~:r~~~~ :.~x.~:.': : ::
:::
27~
::
::
Southwoel Terns ... , . . . . . . .
Telns Constal. .. .. .. .. .. ..
30
46
,
CRUDE OIL PRICES
~~.r.~~;;~~.",N.,;~'i.~ii;.;
::
::
::;:"
156
23
34
Fall-
Initial
ur;;
Pr~~::~on
l~
1~
.~~~1.2.4.8.
4
..2'
3
12
6,270
19,124
:~:"! ~~f:~~." ~ ~: ~ ;~;:,
1!)1I1I11I111I1I11I1111I1I11I111I1I1I111I1I1I1I1I1I1I1I1I1111I1.llll1l1l1lll1l1l1l1l1l1t1 .. 1I .. 1I111I1I11111111.11I11111'{E1
.""111
I!I'IUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII11111I11I1111IUllllllllllllllllllt[!]
~~~?iqt~(::::·::: ~:.:':': . : .:~ ~.':. ~ ~:::':: . :
OIL PRDDUCTION
D
otober
Total
Daily Average
4,876,650
157,279
12,184,250
303,040
680,860
22,155
3,395,260
109,523
808,150
26,009
N LoIIJ;~~~1 ~~~'. '. '. : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :
orlh
Total Distriot. ... .. .... .. .... .. ...... ..... ... ....
2::~~~:~~
7~~:~8~
2::m:~~~
7~~:5~~
~~~:
6~~:~~
E::
3,~~~
23,163,100
746,874
22,504,160
750,130
Ino.
649,000
Dec.
3,262
Nerth Texns
Soptember
'rotal
Daily Averago
4,601,400
153,380
12,080,350
402,678
670,050
22,365
3,210,150
107,005
770,300
25,677
Inorcnse er Deorease
Total
Dally Average
lao. 274,250
Ino.
3,899
Ino. 103,960
Doc.
9,638
Ino.
16,860
Deo.
210
Ino. 186,OIiO
Ino.
2,518
Ino.
37,860
Ino.
392
WII ' I'IIIIIIII I IIIIIII.I . IIIIIIII •• II.I.IIIIIIIII'IIII11"111111111111111111.11.1111111111111111111111111111111111111111,1,11111111111.1'1'1 1 1111111111111111.1.,111111111111111 .11111111 •• 1.111"'1111111111111111111111,111111111111,.".,1,11".,11111118
(Dilstatistics compiled by the Dil Weekly, Houston, Tcxns.)
3 PO'ints belO'w thO'se a year ago. Unfilled O'rders for lumLUMBER
Activities at pine mills in the Eleventh District were O'n ber O'n the bO'O'ks O'f 42 mills aggregated 58,578,928 feet
a. larger scale in OctO'ber than in September and were con- at the clO'se of OctO'ber as cO'mpared with 54,781,650 feet
SIderably greater than in the cO'rresPO'nding mO'nth of the recO'rded at 4,2 establishments a mO'nth earlier.
twO' previO'us years. Shipments O'f lumber were 3 PO'ints ~:::
above nO'rmal prO'ductiO'n as compared to' 4 PO'ints belO'w
OCTDBER PINE MILL STATISTICS
bormal in the previO'us month and 13 PO'ints belO'w in OctO'·
Number of reporting mills ..... .. , ... .... ........... , .... .
43
f ~r last year. PrO'duction rose to' 95 per cent O'f nO'rmal
Produotion ...... .............. ...... .. ........ .. .. .... . 00,065,574 foct
97,839,415 foct
lO'm 84 per cent in September and cO'mpares with 82 per
~~:re~~n.~:: ::::::::::::::::::::::::::: :::: :::::: ::::::: 98,936,231feet
Unlilled erders Detober 31. . . ... . ... ••..... .• ... . .• •. ..... 58,57R,928 feet
~e~t of nO'rmal in the same month of 1927. New O'rd.ers
94,776,490 feet
0'1 lumber amO'unted to' 104 per cent O'f nO'rmal prO'ductIOn
~t::ck:.1 8~~~:i3r:. ~ :::::::::::::::::::::::::::::::::::: 218,350,590 foet
38
Normal stocks .... ......... ... ... ... ......... .... ... ... . 2 578,341 foet
and represented an increase of 1 PO'int over the previous
Shipments ahove nermal. . ............ .. ... ...... ....... . 3,063,925 feet--3%
Aotunl produotion below normal.. .. ......... ... ... ....... . 4,709,010 fOCt--5 o/,~
month and 16 PO'ints over thO'se in OctO'ber last year. Stocks
Drdo nbove normnl production .. ............... .. .... ... . 4,160,741 foct--4
rs
~n hand showed a further decline O'f 4, PO'ints and stO'od at
Stooks below normal. ... ........ ....... ... ... .... .. ..... . 20,227,745 foot- 8 0
2 per cent below nO'rmal on OctO'ber 31, which was also ~.ItIIIlIl"IIIIIIIIIIIIIIIIIIIIIIIIIII"III1I'"III'IIIIIIIIIIIIIIII' 11111"11111111111111111111111111111 1 111"11111118
CEMENT
Operation of PO'rtland cement mills in Texas during pared to' that of the previous mO'nth and exceeded the outOctober, although nO't the laraest O'f the year exceeded that put in October, last year, by 16.0 per cent. The excess of
of any prevlOUS October in b ' Shipments of prO'ductlOn over sh'
·
•
several years.
Ipments w~s re fI ecte d' s t O'Cks O'n han d
m
cement were 5.3 per cent abO've thO'se in September and at the clO'se of the month whICh were 23.1 per cent larger
3.2 per cent larger than in the corresponding month of 1927. than at the end Df September and 28.1 per cent greater
PrO'ducti on showed an increase of 13.4. per cent as com- than a year ago. ProductiO'n of cement during the ten
111111111111.111111111111.1111111111111111.11111111111111111IIIUIIIIIIIIIIIIIII.IIIIIIIIIIIIIIII IIII IIUIIIIIIIIIIIII@
~' IIIIIIIIIIIIIIIIIIII"I1IIIIIIIIIII'1 1 11 111111 11 11111111 IIIII&IIIIIIUIII,'IIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII11,11111111111111111111111111111111111111111111111111111 1 11111 1 111111111111.1 111 111111111111111111 11111 11111111111 111 "11 £;l
~
PRDDUCTION, SHIPMENTS AND STDCKS DF PDRTLAND CEMENT- (Bar,els)
Dotober
Dtober Inoreaso or Soptember lncrenso or
o
Ten Month.
InoreASe or
1928
1927
Doerense
1928
Docrenso
1028
1927
Docrc:l8o
: P'!>duotion at TOlns ,,!I'11S.. ......... . ...... . . .. .... ..... . .. ..... . . 617000
532000
+16.0
544,000
+1
4,617,000
+15.7
:: Bb,pmenta at To,,,,, m . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 552,000
,
r. <'000
a.2
.S2',.OOO
+ 8.4
5.a 5,344,000
5,456,000
4,764,000
ills.
.3.,
+
+2 .1 ... ....... ........ .. +14 .5
3
270,000
+28.1
281000
,
......
':" Btooka at Oil d ofmonthntTe'nsmills......... ..... .. .............. 346,000
~§
~
~
~:
§
:
:
"Ulllll l llll llllll l1 11 11 1 1 1111 1111111 1 1111111 11 111 1111111 "1 1111111 11 111111111 111 1111111111111111111111111111111 1111 1111 111 1111111 1111 111111 111 11111111 1 111111111 1111111111 111111 1 11111111111'1111111111111111111111111'111IIIIIIttl.I.IIIIIIIIIIIIIII I G]
8
MONTHL Y BUSINESS REVIEW
months of the current year showed an increase of 15.7
pel' cent over the corresponding period of 1927 and there
was a gain in shipments of 14.5 per cent.
BUILDING
The valuation of permits issued at principal cities in the
Eleventh District during October showed an increase of
13.2 per cent over the previous month and was 1.3 pel'
cent greater than in October last year. Permits issued at
these centers were valued at $7,161,407 as compared to
$6,325,734 in September and $7,066,856 in the correspond-
ing month of 1927. The number of permits issued was
considerably less than in October a year ago and slightly
below the number in September which would seem to indicate that mor~ permits were issued for industrial purposes than in the two previous periods. As compared to
last year, the valuation of permits granted during the ten
months of the current year showed a decline of 0.7 per cent.
Despite this decline in the cumulative total, a good majority of cities reported increases for the ten months of this
year over the same period of 1927. .
BUILDING PERMITS
Ootober, 1028
No.
Amarillo ..................
Austin . ...................
Beaumont . ... ... ..... . ... .
EI Paso ................. . .
Fort Worth ..... ......... ..
Galveston .... . . . ..... . ....
HoustOD ..... . . ..... .... . ..
Port Arthur ............. ..
SaD Antonio ...............
Shreveport ... . ......... . ..
Waco . ....................
Wiohita Falls ..............
48
80
181
71
226
98
345
205
445
105
320
304
33
56
Total. ..........
2,523
g~r: C.hr~.t~: ::::::::::::
I
~
~,
October, 1027
Valuation
No.
96,446
216,480
313,800
121,650
552,651
100,502
851,001
105,280
3,225,073
51,180
822,885
433,304
104,080
106,160
101
70
186
81
206
72
332
207
520
125
368
239
29
69
$ 7,101,407
2,725
S
Valuation
$
570,466
60,058
265,803
187,330
451,704
206,100
1,114,003
155,925
2,317,929
274,101
948,488
252,537
62,010
200,252
S 7,066,856
Inoreaso
or
Deoreaso
September, 1928
No.
Ten Months
1028
No.
1927
Valuation
No.
Valuation
Inoreaso
or
DecrcaBo
- 83.1
+260.5
+ 18. 1
- 35. 1
+ 22.3
- 22.2
- 28.6
- 32.5
+ 39. 1
- 81.3
- 13.2
+ 71.6
+ 69.3
- 47.0
124,585
210,820
252,039
224,585
835,144
97,355
922,143
144,899
1,904,054
121,311
847,082
406,505
143, 100
91,203
-22.0
+ 2.7
+21.1
-45.8
-33. 8
+64.9
- 7.7
-27.3
+69,4
-57.8
- 2.9
+ 0.6
-26.6
+ 16.4
815
760
1,712
812
3,190
812
3,824
1,987
5,111
1,182
3,420
2,628
328
521
S 2,748,21 4
2,275,396
3,228,730
4,945,803
7,027,344
1,435,448
11,854,481
2,350,700
28,317,260
1,708,341
13,057,339
3,738,136
1,800,327
- 1,449,681
1,591
475
1,830
645
3,062
619
3,200
2,265
5,078
1,233
3,190
2,112
313
762
$ 0,644,308
14G
89
309
70
321
208
415
124
328
272
27
39
1,070,210
4,447,043
2,357,890
8,807,066
1,069,367
11,558,510
2,561,009
23,176,290
1,615,109
12,224,505
3,002,328
1,475,166
B,002,504
- 71.5
+ 110.8
- 27.4
+ 100 .8
- 21.0
+ 34.2
+ 2.6
8.2
+ 22.2
+ 0,5
+ 0.8
+ 3.8
+ 28.1
- 51.7
-
I
1.3
2,534
S 6,325,734
+ 13.2
27,111
586,087,265
26,384
$86,71 f,700
-
~
--+
72
Valuation
Inrrease
or
Decreaso
114
$
.7
§
011111111111111111111111 ..... 1111 ' .. 111111111111111111111 ........ 111111111111111 .. 11111111111I11I""IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIfIIlIlIIlIlIlIIlIl II1I1 U III , '1I1I IIIIIIIHIIIIIIUIIIIIIIIIIIIIIIIIIIII;IIIIIIIIIIIIIIIIIIIIIIIIIIII[il
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(As r.nmpi1ed by the Feeler.) ResArve Bnard, Nnvember 26, 1928)
Industry continued active in October and the distribution
of commodities was in large volume. Wholesale commodity
prices declined sharply owing chiefly to decreases in the prices
of farm products. Member bank credit in use increased in
October and November. while reserve bank credit outstanding flhowed little change. Conditions in the money market
were somewhat easier.
high level of September. Inventories of theSe stores increased
during the month but continued smaller than a year ago. The
volume of distribution at wholesale was larger than in September and showed a substantial gain over October, 1927.
Freight car loadings continued larger in October and November than a year ago, reflecting chiefly large loadings of miscellaneous freight.
PRODUCTION
Industrial production continued in October at the high
level of September and considerably above the level of a
year ago. Output of minerals increased over Septeimber,
while the production of manufacturers declined slightly. Factory employment and pay-rolls increased to the highest level
since early in 1927. The production of pig iron was particularly large in October and the first half of November and
the output of steel continued in record volume. Automobile
production declined considerably in October after exceptional
activity in September and showed further reduction in November. As is usual at this season, activity increased in
October in meat packing and in the textile industries, with
the exception of silk. Copper mining and smelting continued
at a high level, and the output of coal and petroleum increased
by more than the usual seasonal amount while the production
of zinc declined. There was also a decline in the output of
lumber and building materials. Building contracts awarded
continued to increase in October and were larger than in
t hat month of any previous year, but declined sharply during the first two weeks of November. The increase in October
was due principally to large contracts for engineering and
industrial projects. The November cotton crop estimate of
the Department of Agriculture was slightly larger than the
October estimate and indicated a yield of 14,133,000 bales,
1,178,000 bales more than the production of 1927. Ginnings
of the current crop prior to November 14, totaled 11,320,302
bales, compared with 10,894,912 bales in the similar period a
year ago. Indicated yields of wheat, corn, oats, potatoes, and
tobacco were larger than the 1927 crops, while estimates of
hay, rye, and flaxseed were smaller.
PRICES
Wholesale commodit.y prices declined in October after a
continuous increase for three months, and the Bureau of
Labor Statistics index for October, at 97.8 pel' .cent of the
19~6 ave~'age, was over. 2 per cent below ,th~t of September,
ThIS declme reflected chIefly large decreases m prices of farm
and food products and hides and leather. Prices of industrial commodities increased slightly, with small gains recorded in metals, building materials, and chemicals and drugs.
The principal increases occurred in prices of iron and steel,
copper, and raw silk. During the first three weeks of November, prices of cotton, pig iron, copper, and petroleum increased,
and prices of most farm and food products, except corn, pork,
and sugar, recovered somewhat after the October decline.
TRADE
Department store sales in October were in about the same
volume as in the same period in the preceding year, but
showed somewhat less than t he seasonal increase from the
BANK CREDIT
Between October 24 and November 21, there was a considerable increase in loans and investments of member banks in
leading cities, but at the end of this period the total was
still below the large volume outstanding at the middle of the
year. Loans chiefly for commercial purposes remained at a
high level during the period and loans on securities showed
further growth, reflecting a marked increase in , he volume of
t
loans to brokers and dealers in securities. Investments showed
further decline.
During the four weeks ending November 21, there waS
little change in the volume of reserve bank credit in use.
Reserve bank holdings of acceptances increased furth er and
discounts for member banks declined.
During the last week of October and the first three weeks
of November, .~onditions in the money market were somewhat
ea~ i er .
The rate of foul' to six months commercial paper
declined from a level of 5 % pel' cent to a r ange of from 5 ljL
to 5 % per cent, and r ates on call and time loans in the open
market also declined slightly.
@FedFRASER