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#IUlUlIIIIIIIIIIUlllltlIIlIllIIIIIItUlIIIIIIUI1IIIIIII1I1I11IIIIII1tIIlIIIIIt1IIIIIIIIIIItllllllllllllllllllllllllllllllllllmllllllllllllllllllltlllllllllllllili111111111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111ttlllflllllitt ;: !lIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIMIIIIIIIIUIUUlIIIIMIIIIIIIIIIIIIIIIIUIIIllIIlIIIIllIIlIllIlIIIllIIIllIIIIllItIllIIIIIiIIlIIlIllllIIUIIUllllllllUllll llIllI lIllllllIIlIlIlllllUllllllllltIllIlIIlIllIl1I111111111111111111111111111111111 11111111111 111111111 11111 111111111£ ~ MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS IN THE - ELEVENTH FEDERAL RESERVE DISTRICf II W , UM;rr - Q.~~;~:L~~~~:::~"~ cr:~~L~~,~, ~ "", .! :: ,;111II1I1II11111I1t11ll1111ll1l1l111111 111l1ll1l111ll11ll11111l1ll1l11111l1l1l1l11111II1II11111I1I1I11111 1".llIllIll llIIlIIllllllIIfUIIIIIIIII IIIIIIIIIIIIIIIIII111111111111111111111111111111111111111111111111 11111111111111111111111111111111111111111111111Illll11l1l1llll1l1ll1lllll11l1ll11llllll1t1llllllllllllllll lllllllll nlllll r. :: ;111111111111111111111111111111,"1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111""''''11111111111111111111111111.11111111111111111111IIIIIIIIIIIIIIIHlUIllIlIllIlIlIlIIlIIllIllIlIlIlIlIllIllIUIIUIIIIIIIUIIIIIIIIIIIIIIIUIIIIII;; 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 I Iltiltitultl tltu~I:I:~m:': ':I: ,: I: I: I: 1~:I: I~:': ,: ,: :1:,: :': I: ': ': I: ': ': .: mlU':~'~I:'~ ':,I I ~~~:,:'~ItIIIII' r""'~~':~~::~"';;~~::~':"';:'~';~~"':':"'~~~'~':;"':~"''''! ~~i~6481 ~i:057 I I ~~!~~iC:: : : : : : 1,m:m 1 1,~~:iii 11I'1I1I'III",mlllm'KllImllllll'U'IIII1I1"WIIIIII'"I11I11I11U1"I11I1U1I1I1I1I1U1"1I111111IIIIIIIIIIIIIIIIIIIIIIIIIIIII""'IIII IIIIIIIIIIIIIIIIIIIIr.: 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! ~ ~_; =~ i i ~ 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 § ~IUIlIlIlIlIlIlIlIllIlIIlIlIlIlIlIlIlIlIllIlIlIllIlIlIlIUIIIIIIIIUlllllllllllllllllllmmlllllllllllllllllllllll 111111111111111111111111111111111111111111111 1;;; ,!}llIIlIInalIlIlIlIlItlIlIllWIIIIIIIIIIII"'"IIIIIIIIIIIIlIIIIIIIIIIIIIII'''lIIlltllllltn'tttlllllllltllIIIltn'ltllllllm"UIlII"mllllllllllllllllllllll'.! I • i • 1918 .......................................................................... 4,334,613 1919 ............. _.............. _...........................................16,707,689 1920 ................................................................... 44,726,484 1921 .......................................................................... 76,373,819 1 ~ ~ = .i ll.IIIIlIlUlIIIIIIIUlIIIIIIIIIUIIIIIIIIIIIIIII.llltllIlIlIIllIlIIlIlII'IIIIlIIllIlIlIlIlIllIIUIIIIIIIIH1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIj ~"IIIIIIIIIIIIUtllllnlllllllllllllllllll lll1"I1IlIllIll ""IIIIIIIIIIIIIIIIIIII1I1I11I1I11I1I1I11I1I11I11 I11I11"1I111I1II11I1I1ItllIlIlIIlIlIlIIlIIlIllIIlIlI§" I~~':;;;;~;,::~~l; '~ I f,IIIIIII1IIII1II11IIIII11I1I11IUIIIIIIIIIIIIIIIIIIIUlUIIIIIII1II111111I1II11II1111II111II11111I1111I111I1II1I1I1111IIIllllIllllIlIlIlIIlllIIlIlallllll'llltIlIIl~ • 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 :!" ml mUIIIIUII"'U.II"'m~I"'IIU'UIII"'lIIlIIllllIlIIlUll1l11ll11llll11ll1nUII IIIIIUUlllllllltllllnU I Ulllllnllll '""I IIIIIII 'UIIIIII"IIIIIl,!: 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. ~IIlUllllllllllllllllllllllllllllUlUmmlUlimmllUllIIlIlIlIlIlIlIl1l1l1l1mllllllllllllllllllllnlllllUlI1UlillUllllllllllllltnllltillmlllllllllU. I I ~lIl1l11l1l11l1l11l1l1l11lnllllllllmllllllllllll'lIIlIlIlIIlIlIlIllIIlIIlIlIllIIlIIlIlIlItlllllllllllllllllllllllllll 11111111111111111111111111111111111111111111= 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, I i 1lIlIlIlIIlIIlIIlIIlIIlIIlIIlIlIlIIUttlllllllttlllllllllllllttllllttlllllllllllllllllllllmmlllllllll.lIlIlIIlIIlIIlIlIIl111llIIIIIIIIIIIIIIIIIIIIIIIIIlUIII1IIi • 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. 1!.ll111"'UIIIIII! "'I ~"III"lltlllllll"UUIIII""'DI.llIllmn"UII'""IUI mtnlllmmUI"IlImllUluullluulft'IIImmlllllllllUUIIIIIIIIIIIIUlllllllUUUllmUl1IlllmUIIIIIIUUIIDlIIIIIUIUIIUIIIIUUUIIUIII/llmUllluumUIIlUIIIIIIUIIUIII,UUII umIIUlIIUlUlllllllmllllllllllll_l~ 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 ilI.mIl1111""""IIIIUUIIIIIIIIIIIIIIIIIIIUIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUlIIIIIIUl11'111111111"11111111"""1111111111"111""111111111"'1111111111111111"11111111111111111111111111111111111111111111111111.11111111111111111111111111111111111111111 111111111.111 11111111111111 IIIIIIIIIIII_lIlIlIlllIInrll"lIIl1~ • 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~ I i= E 0 as, ...................... ................................................................... " , , , , ~IIIIIIIIIIUlIIlIIIIIIJIlIUlIIIIIIIIUIIIIIIIIIIJllIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIllIIIIIIJIIIIIIIIIIJllIU.IIII1lIIlUIIIIIIUlUUlIIIIIIUllUliUlIIIIIIIIUlllllllllillUlllllllllllllUIIIIIIIIIIIIIlIllillUlllrlllillUlUIIIIII1IIIIJIlIIlIUUUIlIIIIIIIIIIIIIIIIII IIIIIIIUlIlIllIllIIUIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIJlIIIII~ MIllions Ja7luary F~bl'uor '" tv1al'ch Apr" /vIay June Jut)' Bonrls .August fS·pt<mbt October Novtmbtr Duembn Millions Of , 13 1211 10 "" --- ~ ..... 9 8 ..-- '" .., ---,,- --- , ....... -- , --- -- -- -- le"Xps prod etlon ...... _- no ,Q , '-... . / V , .l.W_"" •• _.1fi. :J) • _-• f--- •• " , ... - .. " "~:i J -- ,. ,-- n. ---- ,/ , '" 'J I, ......... --' :-- - ... --- BOHtls / V' / V-- .,!. V / 13 1"2 II JO 9 8 7 6 6 S 5 4 • 3 2. , , ,-- ----- ----- 4 ----- - ----_.19 Q. oraduc 'on North OUIS'QTl -- - .. r- - :::;:.:. 3 2. 1 J n () 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. =_i • i ~ I I ;:: I ~ ProdUetllW Failure. InlUal Prod""" §,= , • 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! I ~ :; i I I~ : 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'§ I I • ! ~;'..rr;::,1 n"e~~'!;:~~~i~t::::::::::::::::::::~m!!~gg i:; I i I 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 JUttllllltlntmllltllltllIlUlUllllltllIIIIIIUIUllltlllllllllltllltllllllllllttll"IIt11111IIIIIItIIllnnlllllnlllllllUlllllllllllllllutlllllllllllllllllllUllllliumnllllllllllllllllll1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII"(\IIIIIIIIIIIIIIIIII"'''llIIlnllllllllllU'''''''"IIIIIIIIIIIIIII'''1IllllIttlllllllllllllllllllllmr.;: • •