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MONTHLY BUSINESS REVIEW OF THE FEDERAL RESERVE BANK OF DALLAS CHAS. C. HALL-W. J. EVANS Assistant Federa l Reserve Agents C. C . WALSH Chairman and Federa l Reserve Agent (Compiled November 15, 1935) - ~===================================================== This copy is released for pub- Nov. 30 Volume 20, No. 10 Dallas, Texas, December 1, 1935 licntion in morning pnpers- =- - DISTRICT SUMMARY THE SITUATION AT A GLANCE Eleventh Fodernl Rcacrve District - Change rrom September Ootober - 1935 Bank debits to individual nceounts (at 18 Doili ..) ... . .. .... ..... . . .......... ..... . .. n epartment store sales . ... ..... .... . ....... . ..erve bank loans to momber bnnks at end nor menth . .. . . ... ... ... .. . .... .......... . B..crve bnnk ratio nt end or month .... . .. . .. Cuilding permit vnluntion nt Inrgcr centers . . . . Commerolal rnilures wumber) .. . . ........... . 01mmereinl rnilures liabilities) .. . . . . . ....... '- produclion (barre s) . ... . . . .............. 1726.976,000 .. ..... .... + + 182.4. 5~ 94,801 62 .5% $ 3,758,078 13 151,809 $ 34,507,000 - $545,440 1.1 points 55 .0% 1 - 22 .3% 2 .9% $ 0 + + - + Developments in business and industry in the Eleventh Federal Reserve District during the past month were gene:~lly favorable. The sales of department stores in princival CIties were 2 per cent larger than in September and 8 per bent above the corresponding month last year. The increase etween September and October was less than usual due largely to the unseasonable weather prevailing during Octo~r and the heavy buying in the two preceding months. Distribution of merchandise in wholesale channels reflected a noticeable expansion over the previous month, and the ~olume of business was substantially larger than a year ago. .ollections at both wholesale and retail evidenced a con~ld~rable improvement during the past month. Debits to ln7dlVidual accounts at banks in principal cities rose to S . 26,976,000 in October, which was 19 per cent larger than In September, and 14 per cent above those in October last Year. f lronstruction activity reflected a sharp increase in October .° Owing the September recession. The valuation of buildIng permits issued at principal cities was 55 per cent larger than in the previous month and exceeded the total in October last year by 110 per cent. The aggregate for the first ten months of the current year was 124 per cent above that in the same period of 1934. The agricultural and livestock industries continued in good condition. The November 1 report of the Department of Agriculture made few changes in the estimated production of crops in this district, and it is now evident that production of most crops will greatly exceed that in 1934,. Farmers made good progress with harvesting operations during the first three weeks of October, but progress was slow in the subsequent three weeks due to the frequent and widespread rains. The added moisture, however, has been very beneficial to late maturing crops, small grains, and pastures. The condition of livestock and their ranges is considerably above the average for this season. Livestock are expected to go into the winter in good shape, and in view of the abundance of feed they should winter well. Commercial reports indicate that range livestock markets have slowed down recently but that wool and mohair continued in brisk demand at firm prices. The commercial loans of member banks in selected cities reflected a substantial expansion in the five-week period ending November 13, and on that date were larger than a year earlier. Federal Reserve Bank loans to member banks amounted to only $50,000 on November 15, as compared with $465,000 a month earlier, and $17,000 a year ago. The daily average of combined net demand and time deposits of member banks rose from $761,937,000 in September to $775,552,000 in October. Federal reserve notes in actual circulation amounted to $70,320,000 on November 15, as compared with $66,760,000 on October 15, and $54,261,000 on November 15, 1934,. BUSINESS TPholesale A good showing was made during OctoTrade ber in the distribution of practically all t types of merchandise through wholesale hl'ade channels in this district. All reporting lines except wa~dware showed comparisons with the previous month thhlch were better than is usual at this season, and in e case of every line there was an expansion over a year ago. These increases ranged from 5.6 per cent in the case of dry goods to 38.2 per cent in the case of farm implements. The favorable comparisons reported were attributable in some measure to the fact that business was retarded earlier in the season by the slow cotton movement. Collections turned noticeably upward in October, as is usual at this time of year, and the gains over the preceding month ranged This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) -==- ----------~~~~~mlli------~--~2____________________~M~O~N~T~H~L~Y~B~U~S~IN~E~S~S~R~E~V~I~E~W~________________ from 6.8 per cent in the case of drugs to 55.6 per cent in the case of farm implements. While varying conditions prevailed in different sections of the district during October, the demand for dry goods at wholesale was generally well susta~ned. A less. than seasonal decline of 3.6 per cent was regIstered, and m the comparison with the corresponding month l~st ye~r an increase was again reported after two months m whIch s~les were smaller than a year ago. A large seasonal expanSIon occurred in the volume of collections during October. There was a further seasonal increase of 6.7 per cent in the distribution of hardware at wholesale during October. This is the sixth consecutive month in which an improvement has been shown. Total sales recorded a gain of 15.1 per cent over the same month a year ago, and for the period from July 1 to Qctober 31, inclusive, the expansion over last year amounted to 21.2 per cent. As compared with the previous month, Qctober collections reflected an increase of 22.4 per cent. Having fallen off in the previous month, the business of reporting wholesale drug firms during Qctober showed an increase of 12.4 per cent over September. This gain was caused chiefly by influences other than seasonal, as there is ordinarily but little change in the amount of activity reported in these two months. As compared with Qctober, 1934" there was an expansion of 14.3 per cent. Collections were seasonally larger than in the preceding month. Sales of groceries at wholesale rose appreciably in Qctobel', showing a greater than seasonal gain of U.3 per cent over the preceding month and a like expansion as compared with the same month last year. Stocks on hand increased 9.7 per cent during the month, but on Qctober 31 were 2.6 per cent less than a year ago. Collections during the month were in 21.4 per cent larger volume than those of September. A better than seasonal improvement was registered in the demand for farm implements at wholesale during Qctober, the volume of sales being 54.8 per cent higher than in the previous month and 38.2 per cent greater than a year ago. Business in most sections of the district benefited from favorable crop conditions. A large gain in collections was reported. CONDITION OF WHOLESALE TRADE DURING OCTOBER, 1935 Percentnge of increase or decrease inS1 Stocks natio of collecNet Sales Net adcs 0 t 1935 tions during Oct. Oct., 1935 .J uly 1 to ".to c ., . h t aocounts and comparod with compared :-v~h 00mrare~~~t n~tes outstanding Oot., Sept., some perlO 19034" IJ35' on Sept. 30 1934 1935 1ll8t yenr 87 0 Grocones +11 3 + 2 0 2 6 +9 .7 · . . . . .+113 ...... -3 '4 - 13 ' 9 -9.8 38 ..1 Drygoods ........ + 5.6 - 3.6 . +54'3 - 11 12 .9 Farmimploments .. +38. 2 +54 .8 +~~ . ~ + 4 '8 - : 5 46 .0 Hardw.re ...... .. +15 .1 + ~ . 7 +17'4 +11 '3 +4.1 55 .7 Druga .. .......... +14 .3 +1 .4 . . . b . ess Although the rate of increase. m ~s~ a1 of department stores loc~ted. m pnn a cities of the Eleventh Dlstnct showe t noticeable slowing down in Qctober, the unfavorable dSP£~r of this trend is minimized when allowances are rna e f ct the unseasonable weather during the month and for tht ;er that business in both August and September reflected d~;ing than seasonal increases. Total dollar volume of sales d 82 October was 2.4 per cent greater than in September, .an ~e per cent above that in Qctober, 1934. The latter m~r~iar compares with a gain of 7 per cent recorded for a SImI I comparison in September. As a result of the small seasona _ increase in business during the past month th'IS badk'sr'!'lea ed son ally adjusted index of department stor~ sales e~:; to .from 91.7 per cent of the 1923-25 average l~ Sept~mdex of 79.9 per cent in Qctober, which compares WIth an l:ronth 74.3 per cent in October, 1934. During the first ten terS of 1935 distribution of merchandise was 6.3 per cent grea than in the corresponding period of 1934. The dollar volume of stocks of merchandise hel d bY rent porting firms on Qctober 31 was seasonally 8.1 per t~an greater than a month earlier, and 2.9 per cent larger ver on the same date last year. The rate of stock turno red during the first ten months of 1935 was 2.56, as compa with 2.47 in the like period of 1934. 0' cto b er in the · Seasonal increases were reflecte d dunng tio collections of both open and installment accounts. Tk e ra oJ'l of Qctober collections to open accounts outs tan mg in Qctober 1 was 40.5 per cent, as against 35.4, per ce~~onS September, and 4,0.4 per cent in Qctober, 1934-. Collec ~ ill on installment accounts increased from 13.9 per cen September to 15.0 per cent in Qctober. Retail Trade J' BUSINESS OF DEPARTMENT STORES Total salcs (peroentage): Ootober, 1935, compared with Ootober, 1934 ..... . .............. .. .. .... .... . . .. . Ootober, 1935, compared with September, 1935 .... .. ..... ... '" .. . " " .......... . January 1 to date oompared with same peried Inst yenr ...... . . .. " . .. . . •.. . .. ... • Credit sales (percentage): October, 1935, compared with October, 1934. ... . . .. .......... . Ootober, 1985, oompared with September. 1935 ... . .... . ..... ... ••.. . . ....• .... January 1 to date compared with same peried lnat year ..... : . : ::: :: :: : : : : : ::::: :: Stooks on hand at cad of montb (percentage): October, 1935, compared witli October, 1034.. . .. ..... . .. ... .... .............. . .. Ootober, 1935, oompared with September, 1935 ...... "" ........ . . "'" ....... .. . Stock turnover (rate): Rate of stook turnover in October, 1934 .. ....................... . ....... . ...... . Rate of AtOO.! turnover in October, 1935 .. . ................. " " .. . ............. . Rate of stook turnover January 1 to October 31, 1934.. ... .... ............ . ...... . Rate of stock turnover January 1 to Ootober 31, 1935 ...... .. "" ................ . Ratio of Ootober oollections to open accounts receivable outatanding Ootcher I, 1935 . ... . Ratio of Oot. rolleotioll8 to instnllment aecounta receivable outstanding Oot. I, 1935 . ... . . Indexes of department store sales: Unadjusted-80ptomber, 1935 . . . . .. .. ...... . . . ....... . .......... ..... ........ . Unadjusted-October, 1935 .. . ..... .. .. .... . . .. . . '" .. .. . . . . Adjustcd-80ptember, 1935 .. ....... .. . . ••..... . . . ••.. .. : . . : .. :: : :: :: : ::::::: :: Adjusted-Ootober, 1935 ... .... . ....... . ........................... . ......... . Indexes of deportment store stocks: Unadjusted-80ptember 1935 ............ . ......... . . .... ......... . . ....... . .. Unadjusted-Ootober 1935 .................................... . ............. . . Adjusted-80ptember 1935 ... .. ...•................•......................•... Adjusted-October, 1935 ........ .. . .... ...... ........ .... .. ............ "'" . - Dallna +10.4 8.2 +10 .1 Fort Worth +12.8 + 4.2 5.3 Houston + 4.0 - 5.9 + .3 San Antonio + 6.0 - 4.7 + 7.7 Others + 6.7 + 4.0 + 4.9 +13.7 + 6.0 +14.3 +18.4 1.8 +10.1 + +12 .5 - 6.7 + 6.8 + 8.2 - 9.0 +11.1 +11.6 + 1.3 + 8.4 +13 .0 + .3 +11.1 + 1.3 - 6.5 + 9.8 + 8.5 +10 .3 -+ + 2.9 + 8.1 + +7.1 + 7.8 + + 7.9 .2 6.6 Total + + + District 82 2.4 6.3 .27 .29 2.47 2.56 40 .5 15 .0 .32 .34 2.77 , 2.95 40.9 16 .1 .23 .25 2.08 2.15 34 .6 9.3 .23 .25 2.37 2.35 42 .6 .31 .30 2.99 2.88 44.6 18.8 104.6 105 .0 98.7 86 .1 98.0 95 .5 101.0 83 .8 106.2 88.4 105 1 85 .0 83.1 73 .6 81.5 65.7 97 .2 91.9 91.7 79.9 60.4 64 .7 55 .4 57.8 70 .3 75 .9 63.3 66 .0 45.1 50.1 40 .6 43.2 47 .2 52 .5 48 .3 46.5 61.6 66.5 56.0 58.8 .23 .24 2.05 2.15 39.0 19 .8 MONTHLY BUSINESS REVIEW Commercial Failures The past month witnessed a further decline in the number of commercial failures and in the amount of indebtedness involved. According to the report of Dun & Bradstreet, Incorporated, there were 13 failures in the Eleventh Fed- 3 eral Reserve District with liabilities of $151,809, as compared with 14 insolvencies in September, involving an indebtedness of $195,4,26, and 20 defaults in October last year owing $189,152. AGRICULTURE Crop Conditions Growing conditions in most sections of this district continued generally favorable during October. Heavy rains have fallen in all sections, except a few counties in the northwestern Panhandle of Texas and portions of eastern New MeXico, and outside of these areas a good surface and subsoil season obtains. The wet weather, however, interfered with the harvesting of crops, the seeding of small grains, and fall plowing operations. , The cotton crop in this district suffered further deterioralion during the past month. While the Department of tgriculture reduced the estimated production in Texas, ouisiana, and Oklahoma, the largest decline occurred in the latter state. The production for the district, as compiled £Y the Board of Governors of the Federal Reserve System rom the November 1 estimates, by states, of the DepartIllent of Agriculture, was placed at 3,812,000 bales, as compared with 3,963,000 bales on October 1, and an actual ~arvest of 2,934,,000 bales in 1934,. The November 1 condition of the Texas crop indicated a production of 3,250,000 bales, which is 25,000 bales lower than the previous forecast and compares with 2,4,06,000 bales produced in 1934·. Most of the increase in production over last year occurred in northwest Texas, while in south and southwest Texas the crop is considerably shorter. Due to the lateness of the crop a~d . unfavorable weather for harvesting, picking and gInnIng have proceeded slowly throughout the fall. The Bureau of the Census reports the Texas ginnings, in running bales, prior to November 1 at 1,904,,000 bales, which represents 61.5 per cent of the estimated production. During the s~me period last year 88.8 per cent of the crop had been ~12nned. The November 1 forecast for Oklahoma was for 5,000 bales, or a reduction of 125,000 bales from the ~ctober 1 estimate. The Louisiana crop was reduced 25,000 ales from the previous forecast. The Department of Agriculture in its November 1 report ~educed somewhat the estimated production of feed crops In Texas. The corn crop was estimated at 108,471,000 bUShels, as compared with a forecast of 111,326,000 bushels on October 1, and a harvest of 4,5,873,000 bushels a year go . The continued dry weather in portions of the Panandle further reduced the prospective production of grain S~rghums . The November 1 estimate indicates a production o 64,,536,000 bushels, as compared with the previous esti~ate of 75,292,000 bushels, and an actual harvest of 17,8,000 bushels a year ago. The grain sorghum crop was ~lso reduced in Oklahoma and New Mexico. The corn crop In Louisiana, however, showed some improvement. h hThe prospective production of peanuts was reduced some11eXas at from the earlier forecast in Texas and Louisiana. The crop on November 1 indicated a production of 12,100,000 pounds as compared with 117,800,000 pounds n ~ctober 1, and 51,350,000 pounds produced in 1934,. frh e lndicated production of sweet potatoes was increased on1 5,893,000 bushels on October 1 to 6,390,000 bushels on November 1, and the latter figure compares with a t harvest of 3,300,000 bushels in 1934. The per acre yield this year is estimated at 90 bushels as compared with 50 bushels a year ago. The estimated production of pecans was increased substantially. The Texas crop is now placed at 44,000,000 pounds and the Oklahoma crop at 25,000,000 pounds, which represents an increase of 7,000,000 pounds during the month for the two states. In 1934, the combined production of these two states totaled only 23,250,000 pounds. The indicated production of other crops was mostly unchanged from the previous forecast. Ranges and livestock in the Eleventh Federal Reserve District remained in good condition during the past month, which is in direct contrast to the extremely low condition obtaining at this time a year ago. Rainfall has been adequate in all sections except in the northern part of the Texas Panhandle and in portions of eastern New Mexico. The Department of Agriculture states that outside of the above areas and a few other scattered localities where a shortage of grass and feed is reported, range and feed conditions appear to be ideal. There is an adequate supply of stock water in all sections. Livestock are expected to go into the winter in much better than average condition, and should winter well with a minimum loss barring an unusually severe winter. The Department reports that there is a tendency to hold young cattle to restock where cattle were sold close in 1934, and that there has been a very active demand for breeding ewes. Livestock The condition of cattle ranges in Texas was rated at 87 per cent of normal on November 1 as compared with 88 per cent on October 1, and 50 per cent a year ago. Sheep and goat ranges were reported at 92 per cent of normal condition on November 1 as compared with 94 per cent a month earlier, and 41 per cent on the same date last year. The condition of cattle and sheep rose 1 point in October, and the November 1 figures were 27 and 31 points, respectively, higher than a year ago. The condition of goats remained unchanged during October, but the 91 per cent rating on November 1 compared with 65 per cent on the same date in 1934,. Receipts of cattle at the Fort Worth market in October were lower than in the previous month, but somewhat larger than a year ago. While the arrivals of calves increased substantially between September and October, they were below those in the same month of 1934,. Hog receipts were smaller than in either comparative month. Although the number of sheep yarded reflected a noticeable increase over the previous month, a large decrease from October last year was registered. Movements and Prices The cattle market during the past month was generally slow with a tendency toward lower prices. However, prices strengthened somewhat around the middle of November. Hog prices suffered a considerable loss dW'ing October, and in the first week of November the best offerings fell under the $9.00 level. The market showed some recovery during MONTHLY BUSINESS REVIEW 4 the succeeding week. Supplies of sheep and lambs were light for this season and there was a general advance in prices for all classes. FORT WORTH LIVESTOCK RECEIPTS (Number) Cattle........... Calves ...... . ... liogs ..... .... ... Sheep ........... Ootober 1935 77,741 48,618 18,087 50,136 Ootober 1934 73,376 50,971 26,588 98,027 Change over September Change over yenr 1935 menth - 1,044 + 4,365 78,785 - 2,353 36,951 + 11,667 - 8,501 19,798 - 1,711 -47,891 38,583 + 11,553 COMPARATIVE TOP LIVESTOCK PRICES (Dollars per hundredweight) Beef steers .. .. . " " . " " " " . .. . . " ... " . Stocker steers ..... . .. .. ..... •..... . ...... Heifers and yearlings . ... " " " " " . " . " . B ut~hcr COW9 • • •• • ••••••••• • ••••• . •• • •• • • Stocker cows ........ . ... ..• . . ....•. . .. . .. Calves . . . "" " " " """""." .. . .. ,, . r~~t:·: ·::::::::::::::::: :::::::::: :::: : Oot<lber 1935 $ 9.25 7.25 9.25 5.50 "7:50 10 .55 5.50 9.25 October 1934 $ 7.25 4 .50 7.45 3.50 2.25 4.60 6.35 3.25 6.00 September 1935 S10 .00 7.00 10 . 00 5.50 " 7:75 11 .50 6.25 8. 50 FINANCE Operations of the Federal Reserve Bank Member bank borrowings at the Federal Reserve Bank reflected a steady decline during the past month. Outstanding loans on November 15 amounted to $50,000, as compared with $4,65,000 a month earlier, and $17,000 on the corresponding date last year. There were only 5 banks indebted to the Federal Reserve Bank at the middle of November as compared with 21 banks on October 15, and 2 banks at this time last year. Outstanding industrial advances to established industrial and commercial businesses for working capital purposes totaled $1,809,000 on November 15, as compared with $1,826,000 at the middle of October and $576,000 a year ago. During the past month this bank increased its investments in United States securities $2,500,000 and on November 15, holdings were $7,500,000 in excess of those on the same date in 1934. The reserve deposits of member banks with the Federal Reserve Bank rose steadily during the past month, the total on November 15 being $12,145,000 greater than on October 15, but $6,179,000 less than on November 15, 1934. Federal reserve notes in actual circulation totaled $70,320,000 on November 15, which was $3,560,000 larger than a month earlier and $16,059,000 greater than a year ago. CONDITION OF THE FEDERAL RESERVE BANK (In thousnnru. of dollars) Nov. 15, 1935 Total cash reserves . . .. . ... .... .... ... . .. . $125,706 Discounts for member banks . . . .. '" . . .. .. . 50 Other bills discounted ... .. . . . .. . . . .. ... . . . NOlle Industrial advances ........... . . .. .... . . . . 1,809 Cemmitments to make industrial advancE'S .. 599 Dills bought in the open market .......... . . 121 United States Government seourities owned .. 78,975 All other investments ... ..... ..... . . . .... . 3 Totnl cnrnin~ llSBets ... . " . " " . . " " . " . . 80,958 Membor ban reserve deposits .. . . . ...... . . 121,491 Fedornl reserve notes in actunl circulation . . . 70,320 Condition of Member Banks in Selected Cities Nov. 15, 19a4 $120,364 17 None 576 None 154 71,475 441 72,663 127,670 54,261 Oct. 15, 1935 $121,722 465 None 1,826 598 122 76,475 None 78,888 109,346 66,760 The loans and deposits of member banks ~n selected c~ties reflected a further sharp ~ncrease dUrIng the five-week period endmg November 13. Loans on securities were increased $696,000 between October 9 and November 13, but the total on the latter date was $7,822,000 lower than on the corresponding date of 1934 " All other" loans (largely commercial) have reflected ~ noticeable expansion during the past six weeks. The total of these loans on November 13 amounted to $150964 000 which was $8,711,000 larger than that on Octobe~ 9 ' and approxima~ely $19,000,000 above the seasonal low ~'egis t~red late m July. The latest figure is the highest reported smce the cl~se of 1933. Net demand deposits rose $15,?20,000 durmg the five:week period and time deposits mcreased $596,000. The Investments of these banks in the direct obligations of the United States showed little change between October 9 and November 13, but the total on the latter date was $14,,74.5,000 lower than a year earlier. Hold· ings of securities fully guaranteed by the Government were increased $308,000 durin g the five-week period, and were $32,584,,000 greater than on November 14, 1934. Inves~ ments in other stocks and bonds were reduced $691,00 between October 9 and November 13. Their reserve deposits with the Federal Reserve Bank stood at $69,94.7,000 011 November 13, which was $7,1572,000 larger than five weeks earlier, but $10,14,3,000 below those a year ago. CONDITION STATISTlCS OF MEMBER BANKS TN SELECTED CITIES (In thousands nf dollars) No\'. 13, 1935 United States seuuritic.q owned .. . . . . . ...... $157,787 Securities fully guaranteed by U. S. Govt. owned .. . ............... . .. . .... . .... . 50,507 i\ll other steeks, bonds, and Aecllrities owned . 43,997 Lonno on seourities . . .. .. . . .... ... ... ..... 41,328 All other loans . . . .. " .. . . " " . . ... " .. " . 150,964 Tolal loans . .... .. . . " " " " . . " . " " . " . 192,292 Net demand doposits .... . .. . .. . . .... " ... 351,737 Time deposits .. . ... . ... ... ... . .. . . . . . .. .. 121,760 Reserve with the Federal Reserve Bank 69,947 Bills payable and rediscounts with the F.;der~i Reserve Bank . . . .. . ... . . . . .. ..... . . . . . . None Nov. 14, 1934 $172,632 0 0t. 9, 1936 $157,833 17 ,9~3 43,922 49,150 147,351 196,501 317,623 122,959 80,090 50,199 44,688 40,632 142,253 182,885 336,217 121,164 62,276 None None Deposits of Showing a seasonal increase over. the Member Banks previous month's figure, the combI~e~ . daily average of net demand and tIm depOSIts of member banks in this district during Octobe~ ?mounted to $775,552,000, as compared with $761,93.1,00 s 1I1 September. The gain occurred in net demand depOSIts, a time deposits fell off slightly. DAILY AVERAGE DEPOSITS OF MEMBER BANKS (In thousands of dollnrs) Combined Total Country Banks_ Reserve City Banks Net demand Time Net demand Time Net demand Tim~ dopOllits dep08its deposits deposits deposits depOSits Oct., 1934 . . .. .. $583,558 $194,618 $287,250 SI09,459 $296,308 $85,1 59 Nov., 1934 " " " 596,441 196,512 292,685 111,082 303,756 86,430 Deo., 1934" ." . 597,645 196,380 286965 111,630 310,080 83,750 Jan., 1935. .. . .. 590,459 196,436 279:110 113,255 311,349 83,18 1 Feb., 1035. .... . 609,125 197,155 289 957 112,586 319,168 84,66 9 Mn~., 1935.... . . 605,672 193,394 294:281 112,019 311,391 81,376 April, 1935 .. . . . . 606,348 193,849 299,163 112,252 307,185 81,597 296770 113,128 307,017 81,39 6 May, 1935 .. " " 603,787 194,524 June, 1935 .. .. .. 609,260 193,253 300:625 112,838 308,635 90,41 5 July, 1936 .. ... . 618,475 194,395 308,892 11 2,752 309,583 81,54! AUg ., 1935" ." . 630,736 194,580 326,406 111,826 304,330 82,75 Se pt., 1935 ...... 667,887 194,050 313,465 lll,616 254,422 82,4 34 Oct., 1935.... . . 581,625 198 ,927 325,245 110,093 256,380 82,9 34 NOTE: l 'bo method ~f computing net demand depositA subject to reservo was ohanged by the Banking Act of 1935 approved August 23, 1935. Debits to Individual Accounts Charges to depositors' accounts at banks in leading cities in this district rose from a total of $613,240,000 in September ~o a total of $726,976,000 in October, t e expans~on of 18.5 per cent being due in major part to s~~~ sonal mfluences. In October a year ago, aO'gregate debl . d"IVI dua I accounts at the same centersb amounte d .to to m $637,227,000. All reporting centers participated in the 111- MONTHLY BUSINESS REVIEW cr:ase over September, and only two failed to register a gaIn over the same month last year "'"- DEBITS TO INDIVIDUAL ACCOUNTS (Tn thousands of dollars) October ~hilono ......... Bu'tiu .......... Cen'!mont ....... D~IT~ana ....... EI Pas·· ........ Fort \~~r'tb' ..... ~.Iveston . .': ::: : P~r~S~r~h;;; ..... ~oawell ... : . '. : : : S~n Antonio ..... l' rovoport ..... . Tfl:tnrknna- .. . .. . Tu~~n .. ........ Waco .... · ...... Wichita ·Fali~.' : : : - 1035 S 0,683 25,14.1 10,750 ~,483 222,167 22, 100 72,320 24,097 165,208 6,570 2,907 61,144 35,351 6.066 8,562 11,400 15,6Rl 14,024 - - - Ootobor 1034 S 7,274 29,903 16,858 3,021 183,144 22,618 63, 171 20,727 147.037 5.702 2,678 52,289 33,027 5,875 7,053 10,048 13,053 10,OUo! - -- Pcroentnge Percentago change over September ohange over year 1935 month +33.1 - 16 .2 + 17 .2 -1-15.3 +21.3 - 2.3 + 14 .5 +16.3 +11.7 + 15 .2 + 8.6 +16.9 + 4.2 +18.6 +21.4 + 13 .5 +11.7 +32.5 $ 5,147 17,520 18,412 3,014 185,204 18.781 61,863 20,888 141,229 5,886 2,109 53,710 30,912 5,403 7,141 10,637 12,521 12,674 --- - -- +88.1 +43 .5 + 7.3 +15.6 +10.0 + 17 .7 +16.0 +15.4 +17 .0 + 1l .6 +32.2 +13 .8 +14 .4 +28.0 +10.0 + 7 .2 +24.4 +14.6 --- Totlll. . . .. $726,976 $613,240 $637,227 +14.1 +18.5 D' ~Ineludcs the figllrc.' of two banks in Texarkana, Arkansas, looated in the Eighth l8trlOt. 5 Acceptance Marlcet The amount of acceptances executed by banks in the Eleventh District and outstanding at the close of October was more than twice as large as a month earlier, and also showed a substantial increase over a year ago . The total reported was $2,019,553, of which $1,770,94.2 represented acceptances based on the domestic shipment and storage of goods and $24,8,611 was the amount executed against import and export transactions. On September 30 the combined total was $912,104" and on the last day of October, 1934-, it was $1,639,475. Total savings deposits held by 125 banks in this district on October 31 amounted to $154,,396,4068, which compares with $152,918,815 a month earlier, and $142,544,280 a year ago. The percentage increase as compared with October 31, 1934~ was 8.3 per cent, which is the same comparison as was shown on September 30. The number of savings depositors on record the last day of October was larger than either a month earlier or a year ago . Savings Deposits SAVINGS DEPOSITS Number of reporting banks B:allunsmont ........ ...... .. Ou ~I Pas~:: ::: ::::: : : : :::::: oOlt Worth........ ........ 1l~:S~otnon .............. . . P t ..... .. . .... .. .. .. . S~~ fnrtth~r. .. . .. .. .. .. .. . SWhreve". oOrnt' ............................. o '. " \V~~.................... . Ita Falls All others ... :::::::::::::: 10 3 00 2 3 4 112 6° 3 3 3 W Ootober 31. 1935 Number of Amount of savings savin~s depositors depOSits 0,107 S 3,717,602 76,767 11,854 35,085 17,1 29 67,344 5,422 17,703 22,264 IO,R3 1 6,220 40,545 25,113,461 5,009,097 11,301,604 10,623,387 32,ORO,340 2,106,818 16,774,478 10,637,656 6,283,444 3,274.430 25,784,152 Ootober 31, 1034 Number of Amount of savings savin~s depositors deposits 8,560 S 3,473,482 75.497 11,348 33,830 16,818 64,128 4,046 16,704 22,311 10,740 5,870 48,417 September 30, 1035 Number of Amount of savings savin~s depositors depOSits Peroentage ohange over year in savings deposits + 7.0 +.8 +22.0 + 0.5 + 8 .7 +12.6 + 0.7 + 7.6 + 1.2 +.8 +13.0 + 12,6 24,922,573 4,844,732 10,300,048 9,768,804 20,024,154 2,003,130 15,596,242 10,511,144 6,233,307 2,808,314 22,868,351 9,130 76,716 11,752 34,905 17,115 67,063 5,355 17,881 22,233 10,863 6,183 40,460 --- Total . . . . . ... . ... . 125 320,361 $154,306,468 310,187 $142,544,280 + 8.3 328,755 -Only 8 bauks in Dallas, 10 in IIolJston, 5 in San Antonio. and 67 banks in "All others" rOllorted the number of savings dOll09itors. NOVEMBER DISCOUNT RATES Dallns EI Pnso 3-6 4 4-8 1*8 5-8 Percentage change over month in savings deposits +1.7 S 3,656,713 25,143,252 5,727,042 11,225,071 10,574,563 32,205,731 2,168.821 16,467,308 10,660.017 6,237,030 3,225,457 25,527,010 - .1 + 3.2 +1.5 + .5 + 1.2 + 1.3 +1.0 - + .3 .7 +1.5 + 1.0 -$152,018,815 --- + 1.0 Prevailing rates: Fort Worth Houston Son Antonio Waco 5-8 1 ~-6 5 4- 6 3-7 5-6 5-7 6 6 6-8 68 7-8 6-8 4- 10 4-10 5-8 5-8 4-7 4-7 3-7 7- 10 6 6-8 6 8 7-8 6-8 6-8 3-7 8 INDUSTRY 1'extile Milling A further sharp increase was witnessed in the domestic consumption of cotton at all United States mills during the past 1110nth. There were 552,187 bales of cotton consumed, Which represents a large seasonal increase over the previous ?lonth, a gain of 5.6 per cent over October, 1934" and an ~crease of 2 per cent over the ten year (1925-340) average. onsUntption amounted to 44,9,126 bales in September this Year and 523,032 bales in October, 19340. Another significant :eature of the October consumption is that it was the largest or any corresponding month since 1929. During the first duarter of the current cotton year, August through October, ornestic consumption amounted to 1,409,723 bales, as comPared with 1,236,669 bales in the corresponding three Illonths of 1934,. Stocks of cotton on hand at consuming establishments on October 31 were seasonally greater than the holdings on the final day of September, but they remained in smaller volume than on the same date last year. COTTON CONSUMED AND ON HAND (Bales) October Cotton-growing states: Cotton consumed.... . .. . .. . On band October 31 inConsuming estnbll8hments. Pu blio storago nnd comprC88CB . . . . ..... . ..... . United States: Cotton consumed.... . . . . . . . On bnnd Ootober 31 inConsuming establishmonts. Puhlio storago and oomprC8BCB . . ............. . 1035 450,176 552,187 October 1034 412,302 523,032 August I to Ootobcr 31 'fhis season Last season 1,1 80,513 087,603 932,648 803,208 8,376,848 0,152,003 1,400,723 1,236,669 1,074,40" 1,140,403 8,481,001 0,380,804 ------------------~~==~====~~~-----------------MONTHLY BUSINESS REVIEW 6 ~----------------~~-------------------------------A noticeable increase in activities of the cottonseed oil industry was witnessed during the past month in both Texas and the entire United States. The receipts and crushings of cottonseed at both Texas and United States mills reflected large seasonal increases over September, and were substantially above those in October, 1934,. Likewise the production of all cottonseed products during October was in much greater volume than a month earlier or a year ago. The demand for products, as measured by shipments during the month, also evidenced a material increase in October. Despite the fact that receipts of cottonseed during the first three months of the current season were smaller than in the like period of the 1933-34 season, the crushings of seed and the production of all products at United States mills exceeded those a year ago, and at Texas mills they were on approximately the same level as in 1934. Stocks of cottonseed held by crushing establishments on October 31 were seasonally larger than a month earlier, but substantially below those on the same date last year. Supplies of cottonseed products held on the final day of October were also greater than a month earlier, and inventories of crude oil showed an increase over a year ago. Cottonseed Products · ase season totaled 1 439 912 bales, which represents an mere , , d ' th me of 8.9 per cent over the 1,321,783 bales shippe m .e sa of perio~ of 1934. Increases over a year ago. m. the takmgs nd Amencan cotton were shown for Great Bntam, France, a Germany, while declines were registered for Italy, Japan, and China. COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON (Balcs) October Rercipts ................. . . . . Exports .... . ............... . Stocks, October 31.. .... , .... . 1935 397,558 129,508 Ootober 1934 229,880 102,918 August I to October 31 This season Lnst B~neo n 733,688 457,77~ 190,807 353,90~ 767,534 005,362 COTTON-GALVESTON STOCK STATEMENT (Balcs) Oct.31, Oct. 31, 1934 1,500 In oomprCBSCS and dcpota .............. . ..... ....... . . 1035 3,000 2,400 48,300 1,200 712,634 19,000 500 581,362 Total. ..... ... . ........................ . 767,534 005,362 For Grent Britain . .......... . ........... ... ... ..... . . For Franco ........... . .. . . . ......... ............. . . . For other foroign ports ..... . .. .. . .• .....••.... .... .. .. For constwisc ports . .... . . . .... .. .... . .... . . . . . .... .. . 3,000 STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS ToxlIII United States Augltat 1 to Ootober 31 Auguat I to Ootober 31 ThiBaenson Last BenBon This Benson Lnat BcnBon CottonBeed reoeived at mills (tons) ................ .... . 480,240 Cottonseed cruBhed (tona) . . ... 308,535 Cottonseed on hand Oot. 31 203,123 (tons) .... .... .. . . ... .... .. Crudc OIl producedJpounds) ... 80,610,227 143,002 Cake and menl ~r uoed (tonB) Hulls produoed tons) ......... 82,278 Linters produced (running balcs) .. .. ........... . ..... 50,214 Stocks on band Ootober 31: Crudc oil (pounds) . . . ... . . .. . 10,456,215 Cakc and meal (tonB) .. . . . .... 61,071 Hull, (tons) .... . ... . ...... .. 57,400 Linters (ruoning balcs) . . ...... 38,206 533,740 305,700 2,060,891 1,322,437 2,248,332 1,238,089 330,801 1,232,101 82R,020 80,750,660 308,043,829 377,778,488 143,100 505,801 554,918 81,049 324,847 338,050 60,274 287,051 262,351 18,789,360 65,682 46,109 42,300 64,704,874 253,294 121,502 140,874 50,843,100 258,923 130,137 145,889 While the October exports of cotton from the port of Galveston remained below those a year ago, shipments from Houston continued in greater volume than in the corresponding month of 1934. The latter increase, however, was insufficient to offset the decline at Galveston; consequently the combined shipments from both ports reflected a net decrease of 6.5 per cent from October last year. A seasonal increase over the preceding month was evidenced at both shipping centers. During the first quarter of the current season exports from Galveston were materially below those in the like period of 1934" while shipments from Houston during that period showed a slight increase. Receipts of cotton at these ports during October reflected a substantial increase over both the previous month and the same month of 1934,. Stocks of cotton h~ld on October 31 were seasonally greater than a month earlIer, and at Galveston they were somewhat larger than a year ago. Cotton Movements Although total exports of cotton from the United States during October remained on a relatively low level as compared with earlier years, a large increase, seasonal in character, .was ~videnced over the previous month, and an appr~clable Increase was again reflected as compared with the lIke month of 1934•. There were 711,664, bales of cotton ~hipped during the past month, as against 486,764, bales In September, and 615,593 bales in October, 1934. The 1925-34, average exports for October amount to 1,109,655 bales. Exports during the first three months of the current COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON (Bales) October Receipts .................... . Exports .. ......... .. ....... . Stocks, October 31. .. ... ... . . . 1935 463,220 177,777 Octobcr 1934 310,300 105,702 Augu. t I to Ootober 31 This season Last season 087,540 354,588 040,006 664,304 352,087 1,120,163 SEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTTON AT ALL UNITED STATES PORT8-(Bnlos) August 1 to Oot<lber 31 ThiB season Last Beason Recoipts . .. ..... . .......... . .... . . . . .. .... . ... . .... .. 3,214,201 2,~37,~~~ Exports: United Kingdom. .. .. . .. ....... . .......... . . 377,63~ 102'100 Franoe.... .. ........ ............... ........ 150,213 121'340 Italy.... .... ..................... ..... ..... 104,545 105'822 Germany.... .. ...... ...... ........ . .... .... 174,563 141'447 Other Europe. . ... . .... ... .... ... ......... . . 223,294 213'318 Joron ........ . : . ......................... .. 348,716 AI othor countrlcs.. . .. .. .. .. .. .... ... .. .. .. 60,949 Total foreign ports . . . . . . . . . . .. .. . . . . . . . . . . . . . . .. . . . .. 1,439,012 Stocks held at all United States ports, October 31 . . . .•. . . 2,749,641 493'8'0 83 , 783 1,321'382 3,179, SPOT COTTON PRICE8-(Middling Basia) (Cents por pound) Ootober, 1035 High Low 11 . 40 11.45 10 .89 11 .25 11 .32 11 .05 10 .85 10 . 43 10 . 78 10 . 77 Nov. 15, 1935 12 .35 12 .30 11 .87 12 .20 12 .22 Production of crude oil in the Eleven~ Federal Reserve District amounted 00 34,,507,000 barrels in October, as compared with 33,527,4,. barrels in the previous month, and 31,757,950 barrels l~ the same month last year. The increase over September wa t reo due to the longer month as the daily average outpU Id flected a slight decline. A perceptible curtailment III fie . activity was witnessed last month, as evidenced by the co~ pletion of 848 new wells in comparison with 1,161 in t e preceding month. Of those completed in October, 585 wer oil producers with an initial yield of 1,283~354, barre :;. whereas 829 successful wells were completed 111 Septernb and had a flush output of 1,693,623 barrels. Petroleum MONTHLY BUSINESS REVIEW T Despite the fact that daily production in all sections of , eXas except the east portion was larger in October than in the previous month, the average for the State as a whole decreased from 1,034.,380 barrels in the earlier month to ~022, 179, barrels in the lat.t~r month" The daily output of ew MexIco and north LOUIsIana contInued to show a substantial upward trend, - OCTOBER DRILLING RESULTS OIL PRODUCTION-(BarrelB) October, 1935 Total Daily Avg, ~orth TexllS . . . . . .. . .. . .. . .. , 3,550,850 114,543 E cst TellIS ...... .. , ......... 5,00~, 100 180,745 47J,fl02 Se":::hT~xllS ... . .. . ..... . . .... 14,028,950 1,893,850 01,002 TexllS C~~~a(. '. : : : : : : : : : : : : : : 0,0 10,800 193,897 --- --- N Total TexllS .. . ... . .. 31,687,550 1,870,800 U181nno. .•... .......•• 948,650 1.022,1 79 60,348 30,602 Total DiBtrict .... . ... 34,507,000 1,113,129 N~rt~i~o... ..... . .... . ... . Inorcaac or deorease over September, 1935 Total Daily Avg. + 147,350 + 1,093 +207,000 + 895 - 25,450 - 10,578 + 1,242 + 98,350 +2~8,3oo + 1,147 -+056, 150 - 12,201 + 3,598 + 4,152 +979,600 - Nortl Texas (40 ~r. and above) . .. . .. . ... . ........ .. ... '-- ort. Louisiana 40 gr. nnd above) ........ . ..... . ...... - Nov. S, 1935 Sl .12 1.03 1.08 Gas Wells 6 1 1 2 4 Failures 76 27 52 58 26 Initial Produotion 48,130 91,518 1,054,759 38,073 15,278 Total Texas .. . ... . New MCll:ico ... ............ North Louisiana .. ..... .... . 811 18 19 563 10 0 14 5 234 2 8 1,248,358 35,0058 4,343 October totals, diBtrict ...... Scptember totals, distriot .... 848 1,161 585 820 19 38 244 294 1,283,364 1,698,623 The value of construction permits issued at principal cities in the Eleventh District during October rose to what was with one exception the highest level for any month since May, 1931. Of the $3,758,078 reported valuation, $1,200,000 represented a permit issued at Waco for the construction of a Veterans' Administration hospital. The month's total compared with an aggregate of $2,4,25,034 in September, and $1,790,818 in October a year ago. The sizable increases shown in tile case of both comparisons were rather generally distributed among the reporting cities. 4,451 CRUDE OIL PRICES (Price per barrel) ~e'b COlIStal (34 gr. and above) .............. . ... . .... Producers 1?9 88 207 80 63 Building Permits --- --- --- --- - NorthTCll:IIS ............... WostTCll:as .. .... .......... ElIStToxllS ....... ........ . Seuth Toxas . . ............. TCll:as Coastal.. ............ CompletionB 211 116 260 141 83 (Oil Btatisties compiled by "The Oil Weekly," HouBton, Texas) --- +168,300 + 155, 150 7 Nov.9, 1934 $1.12 1.03 1.08 BUILDING PERMITS October, 1935 No. o\.marillo u.tin ...... .. ::::: caumont ....... ~lr,.'!s ChriBti. .. "~tWorth Paso:'.:::: ::: . ..... veston . .. . .. . oueton . ..... . . ~~tlrth~r ..... I ntonto ... . . ~rcv eport ...... ~co .......... . lohita Falls .. . . \ I . ir 32 5 47.138 183 267,353 68,114 155 74, 120 98 53a,~5 8 300 77 53,823 120 350,775 174 47,810 32~ 063,340 91 27,111 220,fl03 268 128 129,955 30 1,256,933 17,445 18 Valuntion 42 S 139,444 128 !l3,H l 107 34,050 ~0,2Jl 43 400 217,741 22,2~2 64 134 113,300 187 33,002 150 715,025 75,723 54 239 211,733 148 49,9 12 20 28,234 46 15,641 ---------- Percentage chango valuation over yoar - 60 .2 +135.0 + 100 .0 +266.7 +144.9 +142 .2 +209.6 + 42 .3 7.3 - 01 .2 + 4.3 +129 . 4 - + 12 .3 --+109.9 Sept~mber, No. fer 1935 Valuation 27 S 22,721 029,318 150 55,093 199 40,230 48 302,019 377 18,585 31 824,000 93 102 40,974 554,150 262 27,957 103 184,783 218 96,427 107 121,507 23 1,210 3 -1,653 - - -- S~,425, 034 Activity at Portland cement mills in Texas was on a larger scale during Octothan in either the previous month or the same month ast year. Total production amounted to 283,000 barrels, as ~Ornpared with 259,000 barrels in September, and 164,000 dar~'els in October a year ago. Shipments from these mills 2Ul'lng the month aggregated 314,000 barrels, as against , 57,000 barrels in the preceding month, and 297,000 barrels ~n the corresponding month in 1934. Stocks of cement on and OCLober 31 amounted to 611,000 barrels, being 5,1 Cement ( No. ----- Total. .... 2,00~ $3,758,078 1,761 $1,700.818 Inorease over ono th01l81\ud per cent . f! I I, Valuntion Ootober, 1934 Percentage change valuation over monlh +107.6 - 57.5 + 23.0 + 84.2 + 70 .6 +180.6 + 8.3 + 1.8 + 19 .7 - 3.0 + 19 .5 + 34.8 +933.9 . --+ 55 .0 Janunry I through October 31 No, 1935 Valualion No. 1934 Valuation 291 $ ~54 ,3 92 297 5 373,375 1,509 4,804,474 845 797,940 1,165 509,243 912 282,803 579 471,440 272 313,383 3,930 3,194,092 3,784 1,970,102 458 971,470 425 223,479 1,138 2,822,405 003 754,587 1,133 571,12G 1,300 457,040 2,632 5,563,236 1,839 4,232,625 501,202 473 185,418 ~ 784 . ,727 3,762,836 1,45S 784,241 1,288 1,584 980,723 1 ,070,4~~ 280 1,727,80 200,410 ~ 182 243 275,447 230,400 058 21,223 520,505,602 14,941 511,855,582 Percentage ohango valuation ovor poriod - 31.9 +502.1 + 80.1 + 50.4 + 62 .1 +334.7 +274.0 + 25.0 + 31.4 170 3 379 ..8 + 0 .8 +541.3 + 19.0 t --+123.0 per cent less than a month earlier, but 12,1 per cent larger than a year ago. PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLA.ND CEMENT (In thouBands of barrelB) Oct., 1935 Produotion at Toxas mills. . . . . 283 Shipmonts from TexnB millB.... 314 Stocks at ond of month at Toxas mills .... .. ................ 611 Percontnge ohnngo ovor Oot., Sept., 1034 1935 +72.0 + 9.3 + 5.7 +22 .2 + 12. 1 - 5.1 January 1 througb Oet. 31, 1985 3,043 3,092 Peroentage chango over year + 1.0 2.4 + MONTHLY BUSINESS REVIEW 8 ~----------------~---------------------------------- SUMMARY OF NATIONAL BUSINESS CONDITIONS (As compiled by the Board of Governors of the Federal Rcsel've System. Nov. 27. 1986) Industrial production increased more than seasonally in October and there was also a considerable advance in factory employment and payrolls. There was a continuous inflow of gold from abroad and an increase in bank deposits. INDUSTRIAL PRODUCTION AND EMPLOYMENT Volume of output at factories and mines, as measured by the Board's seasonally adjusted index of industrial production, increased from 89 per cent of the 1923-1925 average in September to 94, per cent in October, reflecting larger output in a wide range of industries. Automobile production, which had been at a low level in September when preparations were being made for the manufacture of new models, increased rapidly during October and the early part of November. At steel mills, activity increased slightly in this period, contrary to the usual seasonal tendency, and in the third week of November was at about 54 per cent of capacity. Lumber production showed little change. Among the industries producing nondurable manufactures, the principal changes in output were increases of considerably more than the usual seasonal amount at cotton mills, woolen mills, and meat-packing establishments. At miries output of bituminous coal was in larger volume than in other recent months and output of crude petroleum continued to increase. Factory employment, which ordinarily shows little change at this season, increased considerably between the middle of September and the middle of October, reflecting substantial increases in the industries producing durable manufactures. The most marked expansion was in the automobile industry and there were smaller increases at railroad repair shops and in the iron and steel, m,achinery, and nonferrous metals industries. Employment at canning factories showed a considerable decline, largely of a seasonal character. Total value of construction contracts awarded, as reported by the F. W. Dodge Corporation, showed a considerable increase in October followed by a slight decline in the first half of November. In this six-week period total contracts were substantially larger than a year ago, reflecting marked increases both in residential building and in other types of construction, but the volume is still at a relatively low level. DISTRIBUTION Railroad freight-car loadings increased by a considerable amount from September to October, reflecting principally larger shipments of coal and miscellaneous freight- In thi early part of November car loadings were at a lower le e than in October, chiefly as a consequence of seasonal evelopments_ Department store sales, which usually increase at this season, showed little change from September to Oc~r bel' on a daily average basis, and the Board's seaso na 2~ adjusted index declined from 81 per cent of the 1923-19 average to 77 per cent. d COMMODITY PRICES The general level of wholesale commodity prices, as measured by the index of the Bureau of Labor Statistics, waS slightly lower in October and the early part of Nove~ber than in the latter part of September, reflecting reductlO~S in the prices of farm products and foods offset in pa~t. In the index by an advance in prices of other commodlt~es, particularly hides and leather products and textiles. ~nce~ of hogs and pork showed a decrease, as is usual at thIs sea son, while cotton advanced. BANK CREDIT Excess reserves of member banks increased further by $190,000,000 during the five-week period ended Novembe~ 20, reflecting a continued inflow of gold from abroad.:\ the end of the period excess reserves were at a neW hlg level of over $3,000,000,000. Total loans and investrnen~~ of reporting banks in 101 leading cities increased by $1~ , 000,000 during the five weeks ended November 20, reflecung principally an increase in holdings of United States Gover ment securities. Adjusted demand deposits of these ban Ii showed an increase of $550,000,000 for the period. The c~ money rate on New York Stock Exchange loans waS 111"t creased from 1/4 of 1 per cent to % of 1 per cent in the lass week of October. At the same time the rate on time loan was increased from 14 of 1 per cent to 1 per cent, ~ut fe~ loans have been made. Other money rates have remam ed former low levels. k"
@FedFRASER