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MONTHLY REVIEW OF BUSINESS AND
INDUSTRIAL CONDITIONS
IN THE

-

ELEVENTH FEDERAL RESERVE DISTRICf

II

W , UM;rr

-

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Volume 6

0.11.5, Texa., February

I, 1()"

No.

12

GENERAL SUMMARY

A 42 per cent increase in sales and a 15 per cent the district's unemployed there has been launched
improvement in collections, as compared with the since January 1st a construction program which
preceding month, were notable features of reports re- promises to bring the month's total of awarded
ceived from twenty-two Eleventh District depart- building contracts well above the volume of conment stores covering business for the month of De- struction usually undertaken in January.
Declining discount rates and a further retirement
cember. This showing, although partly attributable
to the fact that there was a rather unusual lull in of bank loans and Federal Reserve note circulation
trade during November, indicates that the purchas- were among the December developments which reing power of the public, curtailed though it undoubt- minded the district that it was still experiencing a
edly is by the continued depressed condition of agri- period of subsiding trade activity. Throughout the
culture and the livestock industry, is still responsive year 1921 there was a steady falling off in member
to such appeals as the recent well-advertised sales of banks' demand for currency, and from a total of
holiday goods and winter comforts. On the other $84,000,000 on December 31, 1920, our outstanding
hand, wholesale houses, never very busy in Decem- Federal Reserve note circulation decreased to only
ber, reported the usual seasonal lull in the final $35,000,000 on December 31, 1921. During the same
month of the year as retailers held off their orders period member banks reduced their indebtedness to
in a determined effort to close the year with mini- the Federal Reserve Bank of Dallas from $98,000,000
mum inventories. Following the turn of the year, to $50,000,000 and at the close of the year we were
however, there has been a notable picking up in able to retire in full all rediscounts with other Fedboth wholesale and retail lines, and if the present eral reserve banks, which at the close of 1920
improvement continues most branches of trade will amounted to $26,000,000. These figures, though inshow a much larger volume of business for the dicative of a slower pace in production and distribumonth of January, 1922, than was booked during tion, testify to the remarkable progres" accomplished
the corresponding month last year.
by the member banks during the past twelve months
Building activity, yielding to the deterrent condi- in the matter of strengthening their reserve positions of winter weather, fell below the high tide of tion, mobilizing their lending power, and building
operations maintained in November, but was eleven up generally a state of preparedness against the
per cent above the record of December, 1920. Fol- coming-when it does com~f an era of legitimate
lowing a recent campaign to provide employment for expansion and normal prosperity.

•

CROP CONDITIONS

•

Preparation of the soil for the new cotton crop
made good progress in Texas during the past month,
due to favorable weather, and farmers are hopeful
of being able to get seeding operations under way
earlier than usual this year. The mildness of the

winter thus far, however, has given rise to serious
fears of another disastrous invasion by the boll
weevils, which were able to hibernate through the
mild \vinter of 1920-1921 in such large numbers as
to inflict unparalleled damage to the last year's cot-

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

2

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

ton crop, notwithstanding the fact that in other re- ~'llIlIIlIlmlllllllllltlllllllllllllllllllllllllll"lIl1lll1l1l1l11l1lJllIIlIlIIllllIIlllIIlIll!IlIlIIlIl1II1IUIllIilIIIIIIIIIUII.IPIIIUIlIII"'IIU1ID"'m~
spects the crop was favored by the best growing
GALVESTON STOCK STAT!:.~:,T J)mmbcr. ~I
conditions it had enjoyed for many years. It is esti80, 1921
30. 1920
mated by the Department of Agriculture that boll l For Great Britain ................................
1,273
43,692 l
;:
France ............................................
6,397
weevils in 1921 cost the farmers in Texas not less § For other foreign ports........................ 20,121 48,487 ::
For
~
than 2,000,000 bales of cotton.
~ For coastwise ports ............................
2,000
2,000 ~
In compresses ........................................ 352,167 288,052
The past season also witnessed an increase in the
district's area of pink boll worm infestation, and
drastic measures are being planned by state and
....
federal authorities for the extermination of this
pest. It is now believed that the only adequate
means of controlling the boll worm situation is the ALL UNITED STATES PORTS
establishment of non-cotton zones in those areas
where the boll worm made its appearance last year,
Receipts since Aug. 1, 1921....
772,317
946,258
and steps are being taken to put this method into ;: Exports: Great Britain ..........
effect.
Notwithstanding the "inter wheat crop in Texas
ports
2,891,514
2,370,501
was benefitted somewhat by recent rains, reports in- ~ Stocks, allTotal foreignDec. 30
•
U. S. pons,
1,358,800
1,452.913
dicate that the crop is in the poorest condition that
it has ever known at this season of the year. The
acreage is estimated at 1,734,000 acres, or 20 per Grain
December receipts of wheat reported
cent less than that of 1920. This unexpected de- Movements.
by inspectors at Dallas, Fort Worth,
crease was due entirely to weather conditions, the
Galveston, Waco, and Wichita Falls
autumn rainfall being entirely insufficient for the amounted to 1,573 cars as compared with 2,265 in
proper preparation of the soil. In Oklahoma only the month of November.
about one-half of the sown crop had germinated on
Exports of wheat through the port of Galveston .
January 1st, and some damage by greenbugs is re- for the month of December totalled 1,137,000
ported in that state.
bushels, which was the smallest month's total of
the year. The month's movement brought GalvesCotton
Receipts of cotton at the port of Galton's total exports for the year 1921 up to 76,373,819
Movements.
veston during the month of Decembushels. It is interesting to note the enormous
ber amounted to 238,628 bales, as
growth of wheat exports at this port during the past
against 340,781 in November, and 319,429 in December, 1920. Total exports also decreased from four years, the totals being as follows:
•

1
.
I

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r""'~~':~~::~"';;~~::~':"';:'~';~~"':':"'~~~'~':;"':~"''''!

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351,000 bales in November to 261,000 in December.
The season's total on December 30th was 1,475,000
bales, which exceeded total for corresponing date
last season by 63,000 bales.
Exports from all United States ports during the
last five month of 1921 exceeded those of the corresponding period in 1920 by 521,000 bales. December consumption figures, as announced by the Census Bureau, show that while foreign takings of our
cotton during that month fell below the total for
December, 1920, by 148,000 bales, domestic consump..
tion registered a gain of 216,000 bales, the total for
last month being 511,800 bales, as against 295,292
in December, 1920.
~nrmnmnlll"'"""'llIllllImmllllll ll "'Ulltl."UllllltllIUlllJlllIIlIlIIl1ll1l11l11lllm 1I111111111 11 1111111111HIIIIIIIIUmll tllllllllllllllllt!

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i

COTTON MOVEMENTS THROUGH THE PORT OF
GALVESTON
December

Gross Receipts ......
Exports ..................
Stocks, Dec. 30th..

Deeember

1921

1920

238.628
261,512
............

UK. 1 to Dec. SO
'MIls
Laat

&.uon

Seaaon

i

1
.
~

i

319,429 1,608,349 1,672,010 ~
247,145 1,475,4851,392,468 ~
............ 375,551 388,628 §

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I
•

i
•

1918 .......................................................................... 4,334,613
1919 ............. _.............. _...........................................16,707,689
1920
................................................................... 44,726,484
1921 .......................................................................... 76,373,819

1
~

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•
LIVESTOCK
Ranges in the Texas Panhandle, Southern Texas,
and Eastern New Mexico received beneficial rains
during the early part of January, and reports from .
Arizona state that there was sufficient moisture
from recent rains and snows to materially improve
range conditions in that state. Despite the fact that

•

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
winter rainfall is still much below normal, and in
many sections the ranges are seriously affected by
drouth, livestock in all parts of the district is reported to be wintering well. Winter pastures are beinning to fail in Southwest Texas, however, and
more feed will be reqiured to carry cattle through
the winter than had been anticipated.
Shipments of livestock to the Fort
Worth market were greatly restricted during December by the
conditions growing out of a strike launched by packing house employees on December 3rd. The strike,
which is still in effect, kept receipts in most classes
of livestock down to a minimum, and under these
conditions a fair test of the market demand was
impossible. In fact, December cattle receipts at this
market were the smallest recorded in that month
since the opening of the yards, amounting to! only
32,303 head. Despite the strike, however, packers
were able to take care of extraordinarily large shipments of calves and sheep. Prices generally followed an erratic course, but during most of the
month the trend was downward, declines ranging
from 25 cents to 75 cents per hundredweight, all
classes of stock being affected except hogs and sheep,
which closed the month at about the same price
levels as those of November.
Movements
and Prices.

•

!

I

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I
§

!_

i

FORT WORTH LIVE STOCK RECEIPTS
Dceember November
192 1
192 1

Lo.a: or
Gain

December
1920

Lou or
Gain

Cattle ........ 32,303 60,799 L 28,496 38.688 L 6,385
Calves ........ 23.578 49,763 L 26,185 14,538 G 9,040
Hogs ......... 26,598 20,219 G 6,379 21,553 G 5,045
Sheep ........ 33,949 20,797 G 13,152 13,076 G 20,873

§

3

ventories bought at high prices and were facing a
rapidly declining market. Furthermore, unemployment was increasing by leaps and bounds, while the
price of farm products had fallen to low levels, both
of which greatly reduced the purchasing power of
the general public. While trade enjoyed seasonal
increases, the year was one of liquidations, falling
prices, limited purchasing power and discriminate
buying.
.
Extreme quietness in the several lines of wholesale distribution during December marked the yearend situation. While seasonal inactivity was more
pronounced than usual in most lines, the fundamental business structure is on a firmer basis and
presents a more healthful outlook than did conditions at the opening of the year 1921. In two lines
of wholesale trade-dry goods and furniture-a
larger volume of business was transacted during
December than during the closing month of 1920.
In the other lines there has been a gradual narrowing of the spread between the sales' of the two
years and there are indications that 1922 sales will
forge ahead of those of 1921 in the first few months
of the year. In practically every line the retailers
entered the new year with depleted stocks, thus creating a large potential demand which has subsequently begun to materialize in the form of numerous orders reported to have been received by wholesalers since the opening of the new year. Prices
generally have not given evidence of any distinct
tendency, but indications are that they are either
stabilizing or showing a tendency to rise in those
lines where signs of recovery are most pronounced,
while further recessions are being noted in lines
where improvement in the demand is least discernible.

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I
,

COMPARATIVE TOP LIVESTOCK PRICES

Beef steers ... _.. .....................
Stocker steer s ........................
Butcher cows .................._____ _
Stocker cows ............. _........ _.
• Calves ........................_...........
, Hogs ........................................
Sheep ......................................
~ Lamb. ....................................

l
,

I
!

Dect9~~r,

No;:;;.ber,

$7.50
05
5 '.8 0
4
3.00
6.75
7.75
5.25
9.25

$6.25
5. 0 0
5 00
3.50
6.50
7.90
5.25
8.50

nc;:~'

I

$ 9.25 ,
7 . 8 5 =1
8 25
6.50
10.00 .
10.30!
8.15
10.75,

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•

WHOLESALE TRADE
Irregularity has characterized trade conditions
throughout the year 1921. The opening of the year
found wholesale trade in a stagnant condition and
in most cases the dealers were carrying large in-

Nevertheless a period of narrower price changes
has been reached and a more general stabilization is
expected during the coming months. As both retail
and wholesale dealers entered the new year with
small inventories, they are in a position to adjust
their future stocks with a certain degree of accuracy
to the prospective purchasing power of the ultimate
consumer as well as the character of goods which
he will demand. Additional advantages are found in
the fact that deliveries can be made on short notice
from factory to wholesaler as well as from wholesaler to retailer, thereby eliminating the necessity
for larger stocks and permitting both retailer and
wholesaler to keep a weB-selected stock without excessive inventories. These factors place both in a
stronger position fundamentally and make the outlook for future business more promising.

4

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

Dry Goods.

The usual winter lull in the wholesale dry goods trade was reflected
in the December net sales of twelve firms, which
showed a decrease of 42.8 per cent as compared with
the previous month. The December volume of business was naturally expected to be small, and in view
of the subnormal activity that ruled throughout the
year, 1921, the large falling-off during the month
was not surprising. However, an encouraging indication that this line of trade is on the road to recovery is found in the fact that sales during December were 8.7 per cent larger than during the
same month a year ago, which was the first time
since August, 1920, that a current month has shown
an increase over the con'esponding month of the
previous year. While December orders were smaller,
both in number and in volume, and were for immediate shipment, there is a feeling among wholesalers that the increased activity which has manifested itself since the turn of the year, will continue
to show a steady though gradual improvement,
throughout the spring months and that the sales of
spring merchandise will greatly exceed those of a
year ago. The price trend has been inclined to work
towards higher levels, but is reflected in a general
steadiness rather than in specific advances. Although the cotton goods market has shown considerable steadiness since the break in raw cotton early
in November, yet there has been a disposition among
the large producers to hold off making new prices
until such a time as they could better gauge the
probable demand for the finished product as well as
the future trend of raw cotton.
Drugs.

The December reports from nine
wholesale drug firms disclose an 8.9
per cent shrinkage in net sales from the month of
November. It is to be remembered that the wholesale
drug trade was among the last to feel the effects of
the depression and the net sales did not show a decrease from 1919 until December, 1920. Since July,
1921, when sales were 33.3 per cent less than July,
1920, there has been a gradual nalTowing of the
spread between sales of the two years and during
December the decrease was reduced to 19.2 per cent.
December \vitnessed more price changes, most of
which were small declines, than for several months
past, but dealers state that they expect prices to
reach a more permanent basis at an early date. The
new year opened up with goods moving in a fair
volume, and while a large percentage of this business was occasioned by the retailers filling in their
stocks following the small purchases during the

latter part of the year, the hesitancy in buying,
which has been in evidence for some time past, is
disappearing and the otulook is brighter than for
several months past.
The wholesale furniture trade has
been among the leaders in recovering from the depression period. Sales of reporting
firms during October showed an increase of 5.1 per
cent over the corresponding month of 1920; during
November a similar increase of 11.1 per cent was
shown; and in December sales were not only 5.4 per
cent greater than November, but were 50.8 per cent
greater than during December, 1920. One explanation for the increased volume of furniture sales is
found in the increased building of homes. During
the latter part of the boom period, furniture purchases were delayed along with the postponement of
home building, and the revival of the latter forecasted increased sales of furniture. The 50 per cent
increase in the dollar value of December sales over
December, 1920, is considered all the more remarkable in view of the heavy price reductions put into
effect during the year. However, since the summer
months, when big reductions were put into effect,
prices on the whole have continued firm.

•

Furniture.

The December sales of reporting
farm implement firms exceeded
those of the previous month by 14.8
per cent, but were 52.8 per cent less than those during the same month a year ago. The December purchases represent the farmer's actual requirements
with which to carry on his winter plowing and other
seasonal operations. Wherever possible, instead of
purchasing new implements, he is having his old ones
repaired when they no longer give satisfactory results. Insufficient rainfall has been an important
factor in causing trade to lag at this time. Grain
in many sections is already suffering from the lack
of moisture with the prospect that it will be necessary to turn under a certain portion of it to give
way to other crops. In other sections the soil has
not absorbed sufficient moisture to make the
condition satisfactory for spring planting. Wherever
the outlook for a satisfactory crop is promising the
farmer is purchasing some machinery in anticipation of the coming harvest. However, the farmer
is devoid of cash and in many instances is giving his
note dated for fall payment. Further price reductions have been put into effect by some firms and
the general tendency is still downard. Wholesalers

•

Farm
Implements.

•

•

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

•

are filling their orders out of stocks on hand
wherever possible and are receiving shipments from
the factory only in those instances where the article
is not in the warehouse. Collections are very poor
and are expected to come in at a very slow rate until
the farmer is able to realize from the 1922 crop.
Groceries.

•

A further reduction of 6.4 per cent
in net sales was reported by fourteen firms during December as compared with
the previous month. However, December showed a
better comparison with the corresponding month of
1920 than November, the decrease during December being 15.1 per cent as against 24.1 per cent in
November. The retail dealers did not make large
purchases during the month, but bought in small
quantities those articles which were actually needed
to fill in their depleted stocks until the year-end inventory had been taken. Consequently the year was
closed with the retailer's stock so thoroughly depleted that immediate restocking was necessary and
wholesalers report that they have been enjoying a
thriving business since the first of the year. A
steady growth in sales has been noted in the cities
and industrial sections, but orders from the rural

5

districts continue to be few in number and small in
volume. Prices during December were generally
maintained, but small decreases were noted on some
articles, while slight increases were in evidence on
Christmas goods. However, concurrently with the
increased demand after the first of the year came
an advance in price on many items. Although canned
vegetables remained steady, canned tomatoes had a
sharp advance following the bullish Government report, which showed a considerable decrease in the
canning supply. Collections are coming in at a good
rate, and in view of the present optimistic feeling
which is prevailing in that line of trade, the outlook
is very encouraging.
The net sales of twelve wholesale
hardware firms showed a 9.2 per
cent decrease from November and a 15.7 per cent
decrease from the same month a year ago. The demand for small builders' hardware continued brisk
and some seasonal goods moved following the cold
wave at Christmas time, but the general demand
reflected the dull season of the trade. The trend of
prices is still downward, but no radical changes have
occurred .
Hardware.

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i
i

I

~

!

Percentage of Increase or Decrease in

NET

SALES
NET SALES
July lit to
December, 1921, compared date compared
with
with ume

~

t;

;

!
e:

period, 1920

i
;

Groceries ...........................................
Dry Goods .........................................
; Hardwar. ...........................................
i Farm Implements .............................
i Furniture ...........................................

!

I

a

CONDITION OF WHOLESALE TRADE DURING DECEMBER, 1921

Drugs .................................................

Dec., 1920

-15.1
+ 8.7
-15.7
-52.8
+50.8
-19.2

Nov., 1921

- 6.4
-42.8
- 9.2
+14.8
+ 5.4
- 8.9

-24.6
-28.8
-33.6
-67.1
-16.8
-26.5

STOCKS
December, 192 1, compared
with
Dec.. 1920

-26.1
-10.4
-30.1
-39.1

Nov., 1921

.- 1.2
- 12.2
- 4.0

-- 6.7

PRICES
December, 1921, compared
witb
Dec., 1920

Nov., 1921

=
~

~
i

:;

I

-27.9
-.7 ;
-22.5
None i
-29.4
_ 2.3 ;
-275;
.
.. ...... i
::::::::

I

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•

RETAIL TRADE
Price reductions, Christmas shopping and extensive advertising were the stimulating forces that
can-ied December net sales of twenty-two reporting
department stores to a point 42.9 per cent above the
November sales. This increase brought the December retail business closer to normal proportions than
many merchants thought possible even so late as a
month ago when November sales showed a decrease
of 8.2 per cent from October.
Sales during the last half of 1921 were 21.3 per
cent less than sales during the corresponding period
of 1920, as against a decrease of 15.2 per cent for a
similar comparison during the first half of this year.
The more favorable comparison during the first six
months than during the latter six months can prob-

ably be explained by the fact that during the latter
half of 1920 retail distribution reached its peak, and
did not begin to feel the full effect of the depression
until March, 1921.
The fulfillment of that part of the Yuletide spirit
which found expression in the giving of Christmas
remembrances was not abated by the business depression or unemployment, but the public was more
discriminate in their buying, utility gifts having
found the greatest favor. Hosiery, handkerchiefs
and neckwear maintained their usual lead as utility
gifts, while the less expensive silverware moved well .
Toy sales were exceptionally good, and some firms
were compelled to draw on the wholesaler for additional stocks. Children's and doll furniture were also
good sellers.

•

6

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

Immediately following the Christmas shopping
period extensive cut-price sales opened and retailers
are making strenuous efforts to clear out the
remnants of winter stock in order to enter the spring
season with little or no winter carry-over. As a result of these sales retail trade has been experiencing
some of the keenest competition known in years, and
prices on many standard brands of merchandise have
dropped to the lowest levels touched since 1918. The
consumers' reaction to these sales was reported to
be good in the cities and in industrial sections, but
inforniation from the country districts indicates that
the situation has shown but little change.
Stocks on hand at the close of December were 24.9
per cent less than those on hand at the end of
November, which showed the usual reduction prefatory to the taking of the year-end inventory.
The ratio of stocks to sales for the six months'
period ending December 31st was 444.5, which compares to the percentage figure of 383.7 for the corresponding period of 1920. The comparison shows
that the average decrease in sales for the last half
of 1921 from the corresponding period of 1920 was
greater than the average reduction in stocks during
the same comparative period. The year-end reduction in stocks and the enormous increase in December sales were reflected in the above ratio for the
last six months of 1921, when it was reduced from
a figure of 623.1 for the five months' period ending
November 30, 1921.
The percentage of outstanding orders at the end
of December to total purchases during the calendar
year 1920 was 7.5, which shows a sharp increase over
the outstandings on November 30th, when the percentage was 4.3. The conditions which affect the
retail buyers this year present a marked contrast
with the situation that obtained a year ago. On
December 31st, 1920, the outstandings of department stores were an almost negligible quantity because wholesale prices were on the decline, and buyers were unwilling to order beyond their immediate
requirements. However, at the close of 1921 wholesale prices were no longer a great problem to the
retailer, and he has begun to anticipate his requirements for spring merchandise.
The ratio of December collections to accounts receivable, due and outstanding on the first of the
month, was 46.7 as against 40.5 during November.
A gradual improvement has been noted in collections
throughout the fall months.
Heretofore, tlie composite figures shown for the
item "Ratio of collections during the month to Accounts Receivable due and outstanding on the first
of the month" has been computed by averaging the

unweighted percentages submitted by the several
firms. However, through the courtesy of department store managers we will be able to compute this
item, beginning next month, from the actual dollar
amounts of each store's receivables and collections.
r.

e.

.""

•

n.

No

I

•
,

I

7

/
,

,r- --'
'

,~
:J ---' -'

4

3

,

--

,-,
'~

,

;,/"

r\ ---'uti/ /

/

II

Ir j

\ti Iv-!
2

•

NET SALES OF TWENTY TEXAS DEPARTMENT
STORES, BY MONTHS, DURING 1920 AND 1921
'!IIIIIIIUJIIIIIIII III UI,lIIll llIUIIIIII IIILIIIIIUIII III.UI IUIt ,IIIII IIIUIIII1IIIIII IIUI IIIU!H IIIIUIUU llIIIIIUIII UIIII UIUIUII IUII II IIII UUI 'tIIll!

,

!
!

BUSINESS OF DEPARTMENT STORES

Net Sales-

Increase
or Dcerease

~~:::;;.l:::i-:C:~l~~:~~~:~Z-:Z:::- 16.7%

ber, 1921 ..........................................................+ 42.9%

Net Sales-July 1st to date compared with same

Stocksat

_
period last year.... _....... ____ ..... __ ........................end of December, 1921-

§
I

I

~
~

;
~

~

21.3% ~
§

g~~l~:~:: ~~t~ ~eoc:~bb:~,li~gi::::::::::::::::::= ~!~~ I
~

Ratio of stocks to sales..........................................

. ..

Rati~h~~~u~.~.~~~.~.~..~~.~.~.l: ~.~ l.~.~.~..:.~~~.~.. ~.~.~.~

I RatiFI9~~~~~;~~.:.~~I~.~~s~.~.~i~€.c~~~~~~

444.5% ;;:
7.5%

46.7%

I

I

5111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIUIIIIIII IU IlIIIIIIIIIIIIIIIIIIIUIIUIIIIIIllIllIlIllIIIllIIlIlIif'.

FINANCIAL
A larger volume of public spending during December, due to the year-end trade activity, was evidenced by an increase of 2 per cent in bank clearings. Debits to depositors' accounts for the week
ending December 28th showed a slight decrease of
1.2 per cent from those for the week ending N ovem-

•

•
,

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
ber 30th, but it should be borne in mind that figures
for the last week in December included the dull
trade days following Christmas.
The accompanying chart, which gives a picture of
bank clearings by months for the past two years,
shows that the trend during 1921 was practically
the same as during 1920, with the exception of the
month of December. An outstanding feature of the

7

clearing statistics was the marked uniformity in the
percentage of decrease during 1921 from 1920. A
wide divergence of the curves, which occurred in
October, presents a contrast in the movement of the
cotton crop for the two years. During October, 1920,
a normal crop was moving freely at high prices,
while in the same month of 1921 a small crop was
moving on a lower and more sluggish market.

1"" tllIIUI'"'tl'IIIII"'lIIllIllll lll lIlIl llItlllllllllllllllllll ltllllllll IIUIIIII 'lIItllllllll"m lll"~;:;I~~';'II;'~II~'~;~'~~~'~';"~';III~~~'~'~~;~IIIIIIIIIIIIIIII.IUIIIIIIII/lIIUIIIUlllllllllllum'N "uuUlIUUlHIIiUlIUIIIIIIUlllllllllfflllllli

!
! t~~~i~u~~~~.e :::::::::::::::::::::::::::::::::::::=:::::::::::::::::::::::::::::::::::::::::::::::::::

Dec. 28, 1921

~:m:ggg

..

-

Beaumont ........................................__ ._............................ __ ... __ ..... __ ...........
Dallas ...................................................-.....................................................
~.' El Paso ............................................... -.....................................................
_ Fort Worth .......................................... .................................................... .

§.
~

i

•

i
l

.:'~~:~G

~:~~:ggg

$

I
~:~~~:ggg I

Deo, 29. 1920

$

2962,000
30:921,000
381',897450,,°0°0°0

2,477,000
34,334,000
269',9 ,°0°00°
.19470'

3101000
34:123:000
284,'168770,'ooOQoo .~.

~:::f~~~;~:..........................................: .....................................................
: : : : : : : : : :·: : :·:·: : : :·:·: ·: : .: : : :~: : : : : : : : :.: : : : : :::::::::::::::::
Shreveport

~!:m:g~
6,341,000

~tm:m
5,625.000

~!:~~g:ggg
7,8:38,000

Texarkana, Texas .............. __.............. .......................... _.........................
Tu scon ......................................................................................................
Waco ........................................... _....... .....................................................

1,581,000
1,500,000
2,964,000

1,088,000
1,504,000
3,654,000

1,650,000
1,684,000
3,574,000

Totals, Eleventh District.................................................................

135,799,000

134,196,000

147,277,000

i
_.1

W::'K

!
i
::
i

i
l

t"lIli"IIIUIU.:.~.~~t~.~Il~~.~IU~~~~~~:~tIt;.:I~tit~.~tIt:~tI.~.~:.!.~:~IiIt~~::.~.~;.:;.:;I:;;.;t:;t:;.: .; .; .;;t~I;;.;;~;I;lItitUIl"III1~~:I~~~.~~~I::I~~lIl1muull!?I:~t~I~,:I~~~:I~.~t~III1I11I1I1.II~~I:~~::~~.~,:~I~.~It"J

Millions Janua'Y Februao March Aprtl
Of
DOllars
600

June

July

August pePll?mbr)gctober ~ovemlx)Dectmbtr Mtll,ons
of

I

'\

500

'"

Dollan

.~~

...
....•

400

May

"

~'

,/",,,,-

...

.. _--...,.

;,"

t-.~._.

. ,"

~

/"/"

.............

-I'-...

'-- __.
.......

", .

600

,,

/'

'.....-..

-

._-'/

/

.........

V

500

400

../

300

300

2 00

•

,I

200

100

100

n

n

Bank Clearings in Austin , Beaumont, Dallas, El Paso, Fort Worth, Galveston, Hou ston, Port Arthur, San Antonio, Shreveport, Waco and Wichita Falls, by month s, during 1920 and 1921

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

8

~"UUIIIIIIIIIIIUII"II"'IIIIIIIUlnIIIIUIIIIIIIIUUlllllllln'ltllllll UII'IIIIIIIUUUllllltlIIIIIlIUIIIllIIIllIIIIIlIttIIllIIIIItl IlUl llllIIllIlltlmlliIlltnmllUlllmU'lIllllmUIUllllmmUllllmll1l1tlllnUnUIIUlIIUluumUlIlUI ImmUIUIUUIIIUllmUIUIUII"IIIIUIIIIIIIIIUIIIIIUIUlIIIII"II~

i
I

J D~

I
g

I

BANK CLEARINGS
Inc. or

.• 1921

Nov., 1921

~.

Austin .................. $ 6,973,784 $ 7,160,194
BeaumonL............
4,514,680
4,414,328
Dallas ................... 116,330,216 116,668,801
El P.so ... _.............
18,800,000
19,H2,442
50,116,500
Fort Worth..........
62,968,757
Galveston..............
32,198,395
29,170,.199
104,942,130
Houston .......... ____ .. 106,022,688
1,590,451
Port Arthur ........
1,540,000
26,642,401
.28,426,809
San Antonio..........
16,124,251
17,277,043
Shreveport. ...........
10,954,9·17
10,137,220
Waco ......................
7,322,142
7,697,827
Wichita Fans ... _..

~

Dec., 1920

Ine. or
Do<.

+

TWELVE MONTHS
1921
1920

2.6 $ 6,350,361
6,654,067
2.3
0.3 140,362,760
28,099,129
4.8
+ 5.7 65,640,233
43,786,299
+10.4
+ 1.0 124,577,566
1,686,404
- 3.2
6.7
34,091,622
+ 7.1 17,538,760
+
- 7.5 11,655,722
14,003,474
+ 5.1

n.8
-20.2
- 17.1
·-33.1
- 19.3
-26.5
- 14.9
- 8.7
-16.6
- 1.5
-13.1
-45.0

$

+

-18.4

$4,674,467,171

+
-

Totals ................. $402,882,419 $394,849,086

2.0 $493,4a6,277

•

73,463,055
63,909,970
1,289,069,708
258,835,447
609,126,689
383,317,397
1,200,996,525
19,775,618
351,620,047
196,011,932
127,827,119
110,514,664

Inc. o r
Doe.

84,349,049
75,779,546
1,868,686,312
342,918,409
992,888,032
409,843,066
1,504,251,520
20,927,985
419,790,801
251,133,509
166,106,396
228,478,781

$

$6,365,152,406

~

I

-12.9
-28.9
-31.0 =
-24.6
-38.7
- 6.5
-20.2
- 5.5
-16.2
-21.9
-23.0 ~
-51.6
_
~
1-26.6 ~
~

,

~ •• mlU ... m •• m •••m ... lllIllJllllllillulillmIllUlull...IIIIIIII ... lnllllllllllllllUIIIIIIIIIIII.'IIIIIIIIIIIIIIIIIIIIlUUIIIIII.llllllllllllllllttllllm.UIIIIIIIIIIIII1IIIIIIIIIIIIIIII1UIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlIlItI'lIlIIlIllIIlIllIIlIllIIllIlIIlllIlIllllllllllIll~
... IIIIIIIIIIIIIIIIIUIlIIllIlIIIllIlIllII .... lllllllllll lllllllll llllUlllllllllUlltlll lIIll1IIIIIIIIIIIIIIIII IIII Ullllll llll lm.ltllIIl lIlIlllllIlIlllIll.lIIllIlI,!!;

~

I
I
-

BANK CLEARINGS AT PRINCIPAL CITIES OF

ELEVE~mIIJJS0~~cINg~9r1oNTHS

::

~
~

,

;=

•

i

i

1921

J.nuary ..........................
Febru.ry ........................
March ..............................
April................................
M.y ................................
June ................................
July ..................................
August ............................
September ......................

~~~:!b.~...::::::::::::::::::::::

I D~::~~. .: .:: .: ~:: : : :.:

~

I

1920

$ 453,369,503 $ 622,949,142
382,885,131
495,481,622
419,812,840
570,783,307
366,710,060
545,990,978
356,134,139
508,029,126
360,511,651
496,670,278
329,725,246
465,677,648
338,354,140
47~,276,641'
427,747,059
566,932,466 ~

~~:~~~:g~~

$4'::::::~::~:

~gug~:m ~

$6,::::::::::

I

W111II1IU1l11ll111l1111l111 11l 1111ll1111ll11ll1ll11l1rt1ll1l111l1111ll1lltl1l1111ll11J1I111.IIIIIIIIIll lIlIlIlllIlllIlIllIIll lIlIl lllIIlIlIIlIlI lIIlIllIIlI l1l11lll11ft

Inquiries addressed to accepting
banks disclose that there was a substantial increase during December in
the volume of outstanding acceptances created by
Eleventh District banks, the total on December 31st
being $4,251,692.35 as compared to $3,252,387.47 on

Acceptance
Market.

November 30th, or an increase of about 31 per cent.
There was $1,904,692,35 of this amount held against
import and export transactions, while $2,347,000.00
was based on domestic shipment and storage of
goods. Total acceptances held by this bank on December 31st aggregated $165,000.00 as compared to
$190,000.00 on November 30th, all of which were
executed by banks of this district.
Condition of
Reserve City
Banks.

Reserve city banks showed an increase of $2,558,000.00 in their loans
and investments and an increase of
$4,135,000.00 in deposits. The indebtedness of these banks to the Federal Reserve
Bank on December 28th stood at $12,687,000.00,
which compares with $16,705,000.00 on November
30th, and $34,631,000.00 on December 31, 1920. At
the close of December the ratio of loans to deposits
was 108 per cent as against 109 per cent for the
previous month, and 110 per cent a year ago.

•

~'lIlltll1l11l1l1l1l1l1l11ll1l1ll1llllll1lll11llll1lll11'III .IIIIIIIUUlIIIIIIIIIIIIIIIIIIIIIlm.lltllllllllltII .. IIIt .. IIIt .... "'nI IltHIIIIIIl1ll1111ll1l1ll1l1l1l1ll.. t11ll1tlllllllllllllllllIIIIIUllIllIIllllllIt .. IllIlIltIolUIIIIUlIIllIllll lUlll lIIUI IIIIII 1II11IliUIltUIIUUIUlIlI RlIII II1IIIIItllllllllilltllllll lUillIIIIIl!:

1
___
=_=

Ii

•
=

&

!

i

CONDITION STATISTICS OF MEM BER BANKS IN SELECTED CITIES
Dec. 28, 1921

~~s~se~!~~re~rt!~:~~.~~:~~:::::~~:~:~::::~~::~~:::::::::::::::::::::~::~:~:::~:::~:::::::::::::::::

investments....................... ................................................

Loans secured by U. S. War Oblig.tions...... ................................................
All other loans and
~
Net demand deposits .......................................... ................................................
Reserve with Federal Reserve Bank. ............ ~ . .. . . .. ........................... .. . . .... .. ....
Bills pay.ble with Federal Reserve Bank......................................................
Percentage of loans to

deposits................................................_
.......................

O~

$ 39 299
2061',,260398:,000000

192,069,000
21,215,000
12,687,000
108%

Nov., 80, 1921

52

$139~8:,~8g6~2:,gOgoOOO
187,934,000
.21,524,000
16,705,000
109 %

Dec. aI, 1921

51

2$42~7','~9~07
80:,gogoooo

.=!~

.1==

215,259,000
i_24,465,000
34,631,000
~
110 % ~

t

!i.IIIIIIIIIIIIIIIIIIIIIIIIUIIIUlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.t11l1l1ll11l11ll111IIIIIIIIIIIIIIUIIIIUIIIUIIIIIIIIUIIIIIIIIlILlIIIIUtlllllllllllllllllllllllllllllUII111111111111111111111'111111111111"111111111111111111111111111111111111111111111111111111111I1111111111NlllllllllllllltllllllllllllllllUIIlIIlIIlIltIIlIlIIIIIlIIi.

Operations of On November 30th our indebtedness
to other Federal reserve banks
Federal
Reserve Bank. amounted to $3,000,000.00, but on
December 15th this amount was entirely wiped out. Since that time this bank has been
able to take care of the needs of its member banks
out of its own resources, and our reserve ratio had
risen to 43 per cent on December 31st. A further
reduction of loans and open market investments oc-

I

curred, aggregating $7,302,904.73, the total outstanding on December 31st being $50,762,098.40, distributed as follows:
=.llllllllltllllllllllllltllUllllllltllllllllllllllllllllltllllllllllttllllllill1IIIIIIItIIllIllIlIllIllIlIlUIIUIIIIIIIIIIUlIIlIIIIU.IIIIIIIIIIIIIIIIIIIIIIIIIIU"

I
~

Rediscounts ......................................................$41,920,320.06
Member banks' collateral
8,676,778.34

;

165,000.00

ntes....................
o

Ope:n~:;fet..p.ul~c~.•.s~.s .. (n.an.~ .. ':s' .~~~e.~t.~

1 1 1 1 1 1 1 1 1 1 01 1 1 1 1 1 1 1 1 1 .1 1 1 1 1.1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 .1 1 1 1IIIIUIIIIII~~I1~':~I~~':~~~:I~'~IIIIIII;;

•

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
•

Our outstanding Federal reserve notes on December 31st amounted to $35,469,710.00, which showed a
decrease of $1,167,797.00 from the total of $36,637,507.00 outstanding on November 30th.

Member

banks' reserve deposits on December 31st totalled
$43,371,768.66, being only the very slight increase of
$352,391.20 over deposits on November 30th.

9

Discount
Rates.

The Federal Reserve Bank of Dallas
reduced its discount rate on all
classes of paper from 5% per cent to
5 per cent, effective January 9, 1922. The "high,"
"low" and "customary" rates charged during the
thirty-day period ending January 15, 1922, by commercial banks in cities exhibited below, show a further tendency toward easier money rates. The customal), rate charged on customers' paper dropped
1%. per cent at Fort Worth, one-half of one per cent
at Waco and one-fourth of one per cent at Dallas.

g,mllllllll"'IIUIUUllllllllllllllllUlllllllllllllllllllllUlUlllmmmIIIIllIIUI1I IIIIIUlUllillmllllllllllllllllllllllllllU lllllilltUlllllllllUIlimumlllIIIIIUIIIIIII'"IIII'"UIIIIIIIIUIIIIIIIIIIIIIIIIIIII 1II11111111111111111 111111111111 111111111111111Ulllll11111111UIIIII IIIIIIIIIIIIIII IIIIIII111111 111111111111",

I

I

Dallas
H
L

C

DECEMBER DISCOUNT RATES
EI Paso
Ft. Worth
Houston
H
L
C
H
L
C
H
L
C

7

5l

61

10

6

8

8

5A

61

n

6

7

8

6

7

5A

61

10

7

8

8

7

8

8

6

7

8

7

5.

6i

8

8

8

....

....

. ...

....

....

....

7
7

5!
6

61
61

10
10

8
6

8

6

....
8

....
7

. ...

...•

. ...

....

8

6

7

10

8

8

8

G

8

6

7

10

8

8

8

8
8

6
7

7
71

10
10

8
8

8
8

10

8

61

n

10

8

8

8

Prime commercial
paper:
Customers' 30 to

90 days ..............
Customers' 4 to 6
months ..............
Open market 30
to 90 days ..........
Open market 4 to
6 months ... _.......
Interbank loans ........
Collateral loans, demand ....................
Collateral loans, 3
months ..................
Collateral loans, 3
to 6 months ... _.....
Cattle loans ..............
Loans secured by
warehouse receipts, Bs-L, etc.
Loans secured by
Government securities ._ .....................

I

•!

8

7

San Aiitomo
H
L
C

H

Waco
L

C

7

8

7

7l

6

7

8

6

7i

....

....

..

8

8

8

....

....

8

8

6

7

7

8

7

7

7

7

51

6

8

8

6

7

8

6

n

8

8

8

G

8

8

6

7

8

6

7l

8

8

8

7

8

8
8

8
7

6
7

7
7

8
9

6
6

7!
71

8
8

8
8

8
8

7

8

8

7

7

8

6

n

8

7

8

I

i

1, "' 'm' ' ' ' ~' ' ' ' ' ' ' ' ' .' ' ' ' ' N' ' ' ' ' .' ' ' ',"' ' ' ",'_' ' ' '"W' ' ' ' ' .' ' ' ' ' ." "' ' ' ' ' ' ' .' ' ' ' ''' ' ' ' ' ''' ' ' ' ',.,' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' .' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ", , , , , , , , , , , , , , , , , , ,~, ", , ~, , , ,"J
8

6

71

10

6

8

8

Savings
Deposits.

Total savings deposits on December
31st as reported by 111 banks of this
district amounted to $62,572,743.00,
which showed a net gain of $1,737,137.00 during the
month, but a loss of $77,986.00 as compared to savings deposits of these banks on December 31, 1920.

•

FAILURES
The month of December marked the high point
for the Eleventh District, in both the number of
liability of commercial failures for the whole period
since the appearance of the reaction to the post-war
boom. December failures numbered 197, which compares with 145 during November. The indebtedness
of the defaulting firms was $4,307,254.00 as compared to $3,484,803.00 during November and $2,141,462.00 during December a year ago. The closing
month of the year witnessed the coming into play of
strong competitive forces, which found expression in
cut-price sales, wide advertising, and renewed efforts

6

8

7

5.

6

7

6

G

8

6

8

on the part of individual firms to obtain a maximum
amount of the limited business being transacted
This intensified era of competition aggravated the
financial troubles of the weaker firms with the result that bankruptcy proceedings became more
numerous.
A comparative table for two years shows that the
number of failures ran consistently higher dUring
1921 than 1920, while the liabilities were greater
during every month with the exception of October,
1920, when several large firms defaulted following
the first effects of the depression period. Some of
the forces which caused a larger business mortality
rate during 1921 were: the inability of firms to
liquidate high-priced goods following price deflation;
the large army of unemployed, whose purchasing
power was greatly reduced, being unable in many
cases to provide actual necessities; the buyers'
strike; the short cotton crop and low prices obtained
for farm products, which reduced to a minimum the
buying power of the' farmer.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

•

crease in December, 1920, and with a single exception (March, 1921) continued to decline until the
fall of the year. The September price increases forecasted a larger output and had the effect of causing

production to remaIn practically steady during October, to show a sharp increase in November, and
to register the largest monthly porduction figure for
the two years during December.

1

Field
T
N orth Texas ____________.. _---- -_. _--.... -_._- .............. __ .
entra l-West Texas .. __ ................. ..._ __ .......
..
exas Coastal .. _----_ .... _- .. - ....... -- ................... __ .

Increase or Deerease

N ovember

Decembe.r

Daily A"Iir.

Total

11

Daily Avg.

Total

Total

Daily Avg.

Ii
._.
I Notals, Louls.lana___... .. .................... .. ... .. ............
ol'th

2,011,135
5,690,250
3,183,416

64,876
183,556
102,691

2,002,960
3,472,536
3,136,667

66,766 Inc.
8,175 Dec.
115,751 Inc. 2,217,716 Inc.
104,556 Inc.
46,748 Dec.

1,890
67.805
1,866

10,884,800
2,534,960

361,122
81,773

8,612,162
2,006,718

287,072 Inc . 2,272,638 Inc.
66,857 Inc. 529,242 Inc.

64,050
14,916

otals, 11th District ....... ........... ....................

13,419,760

432,895

10,617,880

353,929 Inc. 2,801,880 Inc.

78,966

~

T~a~

T

... __ ..... __ ............... .. ..............

I T :
1'1111111111111111111111111 11111111111 1 1111111111111 1111111111 11 11111111111111111111111111111111111111111111111:1111111111IIIIIIIIIIIIII rnllllltllllllllUlllllllllllmnllllllU lllllllllllllllllllllllllUIIIIIIIIII RlIIUIIIIIIIIIIIIIII1IIIII111IIIIIIIIIIIIIIIIIIIIIIIIIIIn lilltlllllmllltlllllllllllllllllllllllllllll"'lIlIllIIlIIlIlIlI~

!!III III III IIIII IIIIIIII IIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIII IIIIIIIIIII II IIII"'"IIII""IIIIIlIIlIllIIlIImllllllllllllllllllllllllllllllllllllll"1l111l111l11l1l1I111111111l111111111111UIIIIIIUIIIIIVUlUIlIIIJIIIUIIIIIIIIIIIIIIIIIIIlIIJIIIIIIU .. IUIJIIIIJIIIJIIIIIII II IIIIIIIIIIIUI IIIIIIIIIII IIIIIJIIIIllIIIUIU IIIIIIIIIIIII'i!

1===_,

=~ : :=~~~;N~D,,',,~~;~~D;:~DN'" ~iD=:1~~ ~'ijf1!J
April .................... .......................................................................................

9,412,020
9,448,099
9,422,745
8,619,354

May ......................................................... ....................................................

E June ........................ .....................................................................................

§ July ............................. ................................................................................

2,175,450
2,102,391
1,982,410
2,146,992

• ~T~ t~I~'1'9'2'0-=:--!=.~~~-,B~,- l;~~

1

11,587,470
11,550,490
11,405,155
10,666,346

lru:! l~:~l~

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0 as,
...................... ...................................................................
"
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~IIIIIIIIIIUlIIlIIIIIIJIlIUlIIIIIIIIUIIIIIIIIIIJllIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIllIIIIIIJIIIIIIIIIIJllIU.IIII1lIIlUIIIIIIUlUUlIIIIIIUllUliUlIIIIIIIIUlllllllllillUlllllllllllllUIIIIIIIIIIIIIlIllillUlllrlllillUlUIIIIII1IIIIJIlIIlIUUUIlIIIIIIIIIIIIIIIIII IIIIIIIUlIlIllIllIIUIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIJlIIIII~

MIllions Ja7luary F~bl'uor

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June

Jut)'

Bonrls

.August fS·pt<mbt October Novtmbtr Duembn Millions
Of
,

13
1211
10

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.....

9
8

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...... _-

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7

6

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ELEVENTH DISTRICT OIL PRODUCTION, BY MONTHS, DURING 1920 AND 1921

12

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

I

DECEMBER DRILLING RESULTS

I

:lI IIIIIIIIUlllllllllllllll111111111111111111111111111111111111111111111 11111 111111111111111111O1II11II1II1I"IIIIIIIIUIIIIIIIIIIIIIIIIIIIIIIIWIlIlIIIlIllIlIlIlIlIlIoIIIIIII IIIIIIIIII IIIIWIIIIIIUIII&IIIII1IIIIIIIIIIllIUIIIIII;IUIIIlIIIUIIIIIIIIIIIUIIIIU IIIIIIIIIIIIlIIIIIIIIIIIIUUlIIIIIlIIIIIIIIIUIII1IIIIIIIIIIIIIIIIIIIUlUlII!!

Completion.

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Field
Central-West Texas ................................. _.... _.................. _........ _.....................
North Texas ... _............................................................................ _.....................
Texas Coastal ..................................... _.............................. - ........ -.....................
Texas Wildcats ............................................................................. _.....................

103
79
22
11

76
57
18
3

27
22
4
8

Totals, Texas ............. _......... -........ _...................................................................
North Louisiana ........................................... _........................... __________. ___..... __ ...

215
70

164
49

61
21

258,409
70,575

l

December Totals, District........................................... _.... _.... _...... _._._ .._.... _

285

203

82

328,984

If

November Totals, DistricL __ ... ___________________________________________ .___________ .____________

191

132

69

214,390 §
7 684 ~
36:25 5
80

,-

208,341

:.l ltIlllm llllll mum'mU Umm IUl1IIlIm lUl1lIlmmmnmmlUummlllu"''''"ullm....."m.lulllmnmlllIItUlllllllmnllllllllUUlIWllmmnlllu.,.mmUlllltlttllmlllllmm_ltlltllnlltlltlllllllUtIIUlimlltllIUunlmllllllllllllUlUlllllUUMmmmllU"""IUUmmll5
~UUUllllllu ...mmIIilUlmllllnllmIRnlmm ... "tllmtlllUlllmlt"tllmtuuullmm"tIIUtIHtltllm''"tm",lIuttlllmllllllllltmWlllmllllmlllumUIIIIUUftlmlll"'*'U llmllllmllWltllIllIlIUlIIIIII.IIUIIIII III. . m"lIIAIIIIIIWllltllIIIIIIRllllltitUlllllUtlUIIIUlllllmllt!

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CRUDE OIL PRICES
Jan_ 4.

J an. l .

1922

TEXAS

1921

g~~~~~~: ~~:;y::::::::::::::::::::::::::::::::::::::::::::::$1:~g

Texas Coastal fields .. __ .. _
......................__ ...____ 1.25
An other Texas fields ____ ..... _ __ .__ . ____________ .__ 2.25
...
Mexia ................... _............................ _.. _......... 1.00

Jan. 4,
WUISIANA (88 gravity and above)

$~:;~

1922

Caddo .............................................................. $2.00
Homer ... _._. __ ._ .. _____ .. __ ..... _ __ .. _ ___ .... _. ____ .. __ ._ .. 2.00
.... ....
Bull Bayou ........................................................ 1.90
De Soto.............................................................. 2.00

2.50

3.50

Jan. 1,
1921

$3.50
3.25
3.15
3.40

311111I1Mlllllllllltlll .. llttrtttttlUtll"'"ltlll"lItttllttltllUUUlllllltttllllltlttUmnmmmu II"mmm mmtlll illmltllIllUtlllltllllUmimmUItUtlllIlIlI"IIIIIIIIIIIIIIIIIIUIIIJIIIIIIIUlIIIIIU.U1IIII IIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIUIIIIIIIIIIIIIIII1I"IIIIIIIIIIIIIIIIIII;:<

(Oil statistics compiled by The Oil Weekly, Houston, Texas)

LUMBER
The December production rate of tbe southern feet, as against 51,186,954 feet reported on the books
pine mills showed only a slight falling-off from the of 47 mills as of November 30th. Stocks on Decemprevious month, the output being 14 per cent below ber 31st at 45 mills were approximately the same as
normal as compared to 13 per cent during November. those for 47 mills on November 30tb, but represent
As December is always a month of small deliveries, 13 per cent of normal stocks as compared to 18 per
on account of year-€nd inventories of the retail deal- cent on November 30th.
ers, shipments from the mills were 76,977,832 feet DECEMBER PINE MILL STATISTICS
as compared to 106,741,838 during November. The
Number of reporting mills ........ _...
45
uncertainty in regard to prices and prospective build~ Orders .__ ....
~~:::::::::::::::::::::::::::::::::::::: ~~:i~~:~~~ ~::~
ing during the early months of the new year was E §hi~~~t~~~.. _ _. ___________ .______.........._..... 76,977,832 feet
::
i
reflected in the new orders received during Decem- E Unfilled orders, December 31st .. _. 39,230,622 feet
ber, the total footage of which was equivalent to only =
~~= _
69 per cent of normal production, as compared to the ~ Normal stocks ..... __ .. _._ .. _____ ._ .. __ ._...... 327,284,163 feet
§ Producti on above shipments .. _ _ __ 12,805,546 feet=15%
.. ..
November record of 79 per cent.
e Actual production below normal.. 14,976,931 feet=14 %
Unfilled orders on hand at 45 reporting mills at
~;!ekr: l::l~~ ~~~'::lL~.ro.~~~~i".~:: :r:~~t:m i:~g~
the end of December called for a total of 39,230,622 fil l11t11I11I1I1I1I1I1I1IttIIlIllIllUltllttlIlIlUIIUllum,mllllllllllllltllIlUttllllllllllHllltltllllllllllllllllIllIlItulllllllllUlllllllllltlllllllttll~
~IIUlllttlltll.IIIUlltlllllllnlltlllllmllllllluullllllllml1l1l1llt11II1t111111ttl llllll lIlIttIl IltI UltIIl lllll ltIIlllllllllll lm'IIIIIIIItUIUIIIIIIIIII'§

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BUILDING
The slowing down in the District's construction crease of 30.2 per cent in the valuation of building
activity during December was evidenced by a de- permits.
::tIUlllllllllllllllllllllllllrmmlllllllllllllllllllln.IIIIIIIIUIIIIIIIIIUIIIIIIII",mmmlflll1IIIIIIIIIItlIlllllmmlllllllUl llllllntUI IIIIIUIIIIIIIIIIIIIIIIIIIIIIJ IIIII IIIIII IIIIIIIIIIIIIU1lllIItllmlllltUlltIIUIIIUllllllltllltlllltUII'ltlllllllllUIIIIIUllll llllllltJllllllllllltlllllllllllllIINIIIIIIIIIIIIIII'S

;

Deoemb... 1921

N,v.mbe,. 1921

_

No.

No.

~ Au stin ......... _
~ Beaumont
~ Dallas ... _......
§ EI Paso ....... _
~ Fort Worth.
~ Galveston .....
i Houston .......
! San Antonio
~ Shreveport ...

!

Total .....

Valuation

31
94,100
73
76,555
228 597,405
87
96,229
119 163,968
345 178,473
4361,103,266
282 501,770
195 213,545

I~~,IL:'::~,. ::oRMI::~~

Valuation

39
64,181
82
89,100
410 1,393,313
101 307,495
182 422,166
469 123,499
6131,079,201
327 515,305
256 327,705

._No.

+46.8
-14.1
-57.1
-68.7
-61.2
+44.5
+ 1.3
- 2.6
-34.8

Valuation

8
17,350
305 111,532
181 1,434,331
66
98,646
114 215,105
342
24,816
265 330,591
243 265,850
154 208,413

,.21
No.

+442.3
31.4
58.3
2.5
23.8
+619.2
+233.7
+ 88.7
+ 2.5

Twelve Mon t h. 1920

Valuation

No.

461 1,167,667
188
1,573 2,417,739 2,347
4,453 15,000,206 2,647
1,605 4,278,482 1,473
2,221 4,649,272 2,234
5,278 1,937,042 3,793
6,874 10,400,610 3,878
3,514 7,649,760 2,594
2,963 4,181,137 2,286

1,7963,025,311 2,4794,331,965 -30.2 1,6782,706,634 + 11.8 28,942 51,681,915121,440

Valuation

753,141
1,621,629
13,755,219
3,302,338
10,373,229
672,787
8,561,468
4,813,544
5,737,720

I'E::.' ;
+ 55.0 ~
+ 49.1 ~
+ 9.1 ~
+ 29.6 §
55.2 ~
+187.9 ~
+ 21.5 ~
+ 58.9 ~
- 27.1j

49,591,075-:;:-4.21

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•

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