The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
~\I IIIIII I I I IIII II I I I I I IIIIII II I I ' I I IIIII'I'III I II II II 111 1 1 1 111 1 1 1 1111 1 1111 1 11 11 111 1 11111111111111111 1 1111.1111111'111 1 1111111 11'1111111 1 1 1 111 111 111 11 1 1 11 11 1 1 1111111 1 11 11 1 1 1 1 11111111111111111111 1011 1 111 '"111111111 11 1111111111111111111 1111 11 1111 1 1 1111 1 11
~ "'I II 'IIII I II I IIII I I I III II I I IIIIIIIIII I IIIIII I 'IIIIIIIIIIII 11111111111111111111111 1 11111 1 1111111111111 111 111111111 1 1 111 111 1 1 11 1 1 111 11111 11111 11111 11 11 1 1 111 11111111 1 111 1111111111111 1111111111111 1I11I1I1I111I1I1I1I11 1I 1I111I 1I 11 1111I1I1I 1 111 1 1I11'g
I
~
I
MONTHL Y BUSINESS REVIEW
~
OF THE
~
~
::
~
~
::
FEDERAL RESERVE BANI( Of DALLAS
::
:
LYNN P. TALLEY,
§
§
::
CRAS. C. RALL-W. J. EVANS,
Chnirmnn nnd Federnl Reserve Agen t
:
§
Assistnnt Federnl Reserve Agents
§§
(Compiled January 15, 1925)
~
~~
51 1 1 1 111 1 1 111111 111 111111.1111111111111 11111.11 1111 1111 11 11 1111 11 11 11 111111 11111'11 1 111 1 1 1 11111 . 11111 1 1 .11 1 1 11111 1 1 1 1 1 111 111 1 11 1 1 1111 1 1111111 1111 1 1111 1 11 1111 1,.1111111111111 11111111 111 1111 11 11 1 11 11 1111 1 111111 1111111' "IIII I"II I IIIIIII I II II II IIII~ §
111 1.1111 111 1 11 11 11 11 11111 1 11 111111 11 1 111 1. 1 . 1111111 11 11 1111111 1 11111 1 111 1 11 11 11 111 1 1111 11 11 111 1 111 1 11 1 11. 1111 1 111 11 1 111 1 11111111111 11 11 111 11 11111111.111111 11111 11 11 1 11 1 1111 11 11 1111 11 11111111 11111111,111111.11.,111 111111111111111111 11 111.111 1. 111 11111\;
Volume 9, No. 12
Dallas, Texas, February 1, 1925
================================
DISTRICT SUMMARY
This COpy released for pub.
lication in morning papers
Jan. 31
'l'HE SITUATION AT A GLANCE
Eleventh Federn l Reserve District
:
t!J
December
Inc. or Dec.
November
Bank debits to individunl necounts (at 16 cities)............. .. ....................... .. ................................................... $'780,027,000
$710,163,000 Inc.
9.8 %
Department store snle9............................ .. .......... ......................................................................................... .. ..........
..............
Ine.
49.4 %
Reserve Bnnk lonns to member bm,k9 nt end of month .............. .................................................................. .. "$""2,713,179
$ 8,184,654
Dec.
13.4 %
Regerve Bnnk rntio nt end of month............ ......................... ...............................................................................
61.0 %
68.6 % Dec.
2.6 paints
Bullding permit vnluntions nt larger centers .......... .................. .............. ........... ,............................................. $ 6,922,981
$ 6,712,877 Inc.
21.2 %
Commercinl fai lures (number) ................ .. ............................................... ..... .. ................................ ........................
62
68 Dec.
23.6 %
Commercial fnilures (linbilities ) ...................................................................... .. ...................... _................. ,......... $
868,169
$ 904,820 Dec.
69.8 %
Oil production (bnrrels) .................. .............................. .. .... ...................................................................................
13,646,062
12,948,206 Inc.
6.4 %
Lumber orders at pine mill9 (pcr cent of normal production) ............................................................ ........
800/0
98 % Dec.
18 paints
1 11111 1 11 111111 1111111111111111111 11 11 1111 111111 11 111111 11 111111111111111111111111111 111111 111 111 1111 111 1111111 111 1111111 11 111 . 11 11 11 111 1 1111 11 1. 1. 1111111111 11 1111 11 11 11 II 111 1 11111111 1 111 11 11111111 11111111 1111 11 11 11111111111 1111111 1" 111111 Cl I IIIIII
§
E
[!)
The district's banking situation showed but little change
The laraest December volume of retail distribution ob·
tained in ~ecent years and the well sustained distribution during the month. There was a further increase of $28,·
in wholesale channels were the outstanding features of 000,000 in deposits of member banks, but the demand for
the business situation during the past month. The Decem· credit at commercial banks continued light. Member balllk
bel' sales of reporting department stores reflected an in· borrowing at the Federal Reserve Bank remained near the
crease of 4,9 per cent over the previous month, were 9 per low level established early in December. The December
cent greater than in December, 1923, and closely approxi· 31st condition reports of member banks showed that these
mated the large sales During December 1919·1920. Some banks were carrying large cash reserves. While a large
lines of wholesale trade failed to show the usual year·end volume of funds has been placed in commercial paper,
declines and in other lines the decreases were less than the banks are still experiencing difficulty in finding a de·
normal. All reporting lines showed large gains over De· sirable outlet for surplus funds.
cember a year ago. Further evidence of active business is
The severe cold wave during the past month resulted
found in the heavy volume of debits to individual accounts. in considerable damage to the grain and other growing
The December debits were not only 7 per cent above the crops, but some benefit was derived from the rain, sleet, and
corresponding month of 1923, but were the largest of any snow. The freeze pulverized the soil and left it in good
December 'since 1919.
condition for plowing and planting. Furthermore, the low
Building operations continued active during December, . temperatures have destroyed a large portion of the boll
there being a substantial increase in the valuation of new weevil which in turn lessens the probable insect damage
projects launched both as compared to the previous month to the 1925 crops.
and the same month last year. However, the usual year·
While a small surplus of unskilled labor exists through.
end decline occurred in the production and shipments of out the district, employment conditions are reported to be
cement and lumber.
generally satisfactory. Many industrial establishments reo
The maintenance of a low business mortality rate in this ported an increase in working forces, while others showed
district gives evidence of the soundness of the financial slightly smaller forces . However, the demand for indus·
structure of business concerns and presents a marked con· trial labor appears to be well balanced by the supply. There
trast to conditions existing in some other sections of the is a surplus of building tradesmen in some sections, due
United States where the number of defaulting firms and to weather conditions and the influx of workers from out·
side cities.
the volume of indebtedness involved continues heavy.
CROP CONDITIONS
The severe cold wave accompanied by rain, sleet, and
snow which prevai led throughout the greater part of the
past month and which extended over the entire district
slowed up farm operations and did considerable damage
to winter wheat and oats, fruits, and vegetables. On the
other hand, the precipitation was of material benefit to the
growing vegetation and the hard freeze pulverized the soil.
However, many sections report the continuance of dry
weather or that more rain is needed. Wherever possible
farmers have been actively engaged in preparing the soil
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
I
MONTHL Y REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
2
for the 1925 crops but field work has been greatly hampered and some sections report that very little progress
has been made.
The Department of Agriculture estimated that there were
1,822,000 acres sown to wheat in Texas during the fall
of 1924, which is an increase of 24 per cent over the 1,469,000 acres sown in the fall of 1923. The acreage sown to
oats in the fall of 1924, was considerab ly less than the acreage sown during the previous fall. The seeding of oats
was retarded on account of the dry weather and the acreage
sown has felt the effects of the limited rainfall. Both wheat
and oats have made generally poor progress during the
past month except in the northwest and favored sections
elsewhere. Recent reports indicate that grain crops have
suffered considerably from the severe weather. In the sections where the snow was heaviest little damage was reported, but since the ground has thawed many other sections report serious damage.
There is only a small percentage of the cotton crop which
remains to be gathered. The census report showed that
4,,760,565 running bales had been ginned in Texas prior to
January 16, 1925. An interesting feature of the Department of Agriculture report was that while the production
of the 1924 cotton crop was 10 per cent greater than the
1923 crop, the farm price averaged only 74 per cent of
the 1923 price, with the result that the returns from last
year's crop were somewhat less than those from the 1923
crop.
The acreage planted to truck crops in the Rio Grande
Valley during the past season showed a large increase and
considerable gains have been noted in the shipments of
vegetables from the Valley. While the losses from the
recent freeze were not so great as were first estimated, late
reports indicate that the beet, cauliflower, eggplant, okra,
pepper, and squash crops were practically a total loss. The
estimated loss to the cabbage crop was about 25 per cent
of the young plants. Th.e citrus fruits were also damaged
to some extent.
Cotton
Movements
of last year.
The exports of cotton through Houston
and Galveston during December showed a
large gain over the corresponding month
It will be noted that stocks on hand at these
ports on December 31st were substantially greater than
on the same date last year.
""~'~::~":~;:;~:::=:~~:~~;;::::~~:~:1~::f'~~'!
Net r eceipts..................
: Exports ........................
: Stocks, Dec. 31st........
557,021
515,504
............
872,481
428.737
............
Sea son
2,697,879
2,047,557
697,493
Season
::
2.242,652::
1,986,812 §
288,221:
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f
§
~
[o'or Great Britain ................ ...... .. .. . ,......................
. ::
::
::
For other foreign ports ........ ............... .......... ..
For coas twise ports .......................... ... .. ... .. ... .. ,
In compresses and depots................ ... ........
§
Total ........................................ ......... .. ....
:
•
Dec. 31.
192~~483
§
19,800
62,200
6,000
581,510
§ [o'or France ................................... .. ......... .............. ..
:
§
GALVESTON STOCK STATEMENT
Dec. 31,
:
•
I
1923760
1,100 §
20,900::
3,000::
262,461::
697,493
288,221 ~~
:
l!:1
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§
!~~:=~~T:
::
§
HOUSTON COTTON MOVEME NTS
December December t.ug . 1st to Dec. 31st
:
Stoclts, Dec. 31st........
'iii:!!!
.......,....
::
'iii!!! mtl!! lWi:l!l I
............
683,299
830,598::
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SEASON'S RECEIPTS, EXPORTS, AND STOCKS AT ALL
::~~:~.~ ~~.~~.~s :~:~lr~,:e~9~ a4S~,:"o~ ~ 1 41~,8~"-7~a7s~':~ ~ 2~
•
::
Receipts ince Bri
...
Exports: sGreat Aug.tain ..........................
France ....................................... .
Continent ..................................
Japan-China ........ .................. .
Mexico ........................................
'rota I fore ig n port".............. ....
Stocks a t all United Slates ports ,
Dec. 81s t .....................,..........................
., Last
1, 762,068
470,4 34
14,319
4,2 29,031
1,703,844
"
::
·.1:::::.
1,252,227
847,270
4, 207
8,27 5,3 75
•
::
::
9D5,975::
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::
::
::
~
SPOT CO'l"l.'ON PRICES
(Middling basis )
December, 1924
New York .................. ......................
Hi1~.90
I ~~[~~;;:~:~~": : .: .: . : . :.: .:.: :.:..:.':.. iU~
LO~8.15
u~n
110
:
§
Jan. 15,
192;4.15
iHf
::
~
I
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!
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::
::
§
§
§
: Cotton
:: Cotton
§
(a)
:
(b)
COTTON CONSUMED AND ON HA ND
COTTON GROWING STATES
t.ug . 1s t to Dec. 31s t December
De~~Ubel' Deg~ber
This
Last
1924.
Senson
Season
cons umed ........................................................................
855,662
808,466
1,627,844
1,681,251
582,047
on hand at end of month:
in consuming establishments .................................... _ ......... . .
......... ...
867,960
1,082,677
................
in public storage and compresses.............................. ................... .. ................
4,351,023
8,206,714
...............
UNITED STATES
Aug. 1st to Dec. 31st
De~~~ber
This
Last
Season
Senson
468,789 2,349,580
2,017,899
................
................
1,819,265
4,623,863
1,627,628
8,512,577
::
::
§
§
;
:
::
§
:
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COTTONSEED PRODUCTS
A stronger demand for cotton oil was evident during the
past month. Reports from 73 cottonseed oil mills in this
district showed that they shipped 27,844,729 pounds of oil
for which an average price of $.09 per pound was received. This compares to an average price of $.0863 per
pound received during November. There were 43,604 tons
of cake and meal shipped at an average price of $35.42
per ton, which represents a slight decline from the price
received for shipments made during the previous month.
The average price received for linters during December
was $.0445 per pound as against $.04,34 per pound received during November.
011111111 ... 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111118
E
§
::
COTTONSEED PRODUCTS SHIPPED AND AVERAGE PRICE
RECEIVED
DECEMBER
E
§
::
l. ~!: .:,:,: -~:" ", , , , , , , , , ,:, , , , ,:;, ~ i[~,: ~1:~ ~i., J
s
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
m"' ' ' ' ' ' ' ' ' ::::::''::::''~:''::~~~~:''::~~=''l:::::.
Cottonseed received at reporting mills (tons) ....107.116
Average price per ton paid for seed ( including
freight) ................................. _................ ................. $41 .07
148.688
$87.99
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§ STATISTICS OF COTfI'ONSEElD AND COTTONSEED PRODUCTS :;
T exas
United States
Aug. 1st to Dec. B1st Aug. 1st to· Dec. B1st
This
Last
This
Last
Season
Season
Season
SeRson
Cottonseed received at
mills (tons) ..................
1.339.000
1.190.000
8.762.000
2.728.000
Cottonseed crushed
(tons) ........................... .
2.643.000
1.997.000
827.000
900.000
Cottonseed on hand
742.000
(tons) ........................... .
871.000
1.224.000
443.000
Crude oil produced
(pounds) ..................._ 269.993.000 281.198.644 760.849.000 686.666.586
Cake and meal produced (tons) ... •...... _...
418.000
388.666
1.161.000
912.669
liulls produced (tons)
261.000
243.664
726.000
668.266
Linters produced (600lb. bales ) ................... .
402.966
169.647
496.000
168.000
Stocks on hand Dec.
31st ........... .....................
Crude Oil (pounds) ........
81.426.620 68.988.000 104.606.092
:; Cake and meal (Lons)
29.000
66.996
166.000
218.009:;
:; !-Iu lls (tons) ......................
86.000
88.474
213.000
186.088 :;
: Linters (600-lb. bales )
42.000
49.567
167.000
161.189 :
8
I
v
1
were heavy in the coast section, but only nominal elsewhere. Cattle were reported to be in poor to fair condition
and indications are that they will be late in going to market.
'111111111111111111111111 1111 1111 111 1111111111111111111111111111111111111111111111111111111111111I 1 11111111 11 1111111111 @
LIVESTOCK
The district's ranges received considerable benefit from
the rain, sleet, and snow which fell during the latter half
of December and the early days of January. However,
spotted conditions still exist. Some improvement was noted
in range conditions in southeastern Arizona and stock water
has been replenished. Sheep and cattle ranges in New
Mexico showed a further deterioration during the past
month, and was reflected in a decline in the condition of
cattle and sheep. Heavy precipitation occurred in part
of New Mexico which partially offset the dry fall, but other
parts are still suffering from drouthy conditions, particularly in the southeast and portions of the southwest. The
condition of Texas ranges on January 1st was estimated
at 74 per cent of normal as compared to 70 per cent
on December 1st and 89 per cent on January 1, 1924_
However, more rain is needed for the ranges and much
feeding has been necessary.
While the condition of cattle has shown some improvement and sheep have about held their own, the past month
has been generally unfavorable. Losses from exposure
TEXTILE
The textile industry is slowly but steadily emerging from
the inactivity experienced during the past year. The demand for goods is broadening and prices are generally
firm with an upward tendency.
Tne reporting mills consumed 1,686 bales of cotton during December as compared to 1,4.75 bales in November and
1,615 bales in December last year. The production of these
mills amounted to 806,875 pounds in December as against
795,603 pounds in the previous month and 874,664. pounds
during the corresponding month of the previous year. Or-
The heavy movement of cattle to the Fort
Worth market continued during December
when receipts totaled 113,972 head, or only
7,4.02 head less than the large number yarded during the
previous month. While calf receipts were considerably
less than in November, they were almost double those of a
year ago. The supply of hogs showed a substantial increase, being the largest of any month since March, but was
slightly less than the supply offered in December last year.
Sheep receipts were more liberal than in either the previous month or the corresponding month last year.
Despite the heavy receipts, the cattle market showed some
improvement. Heavy calves of good quality gained about
$3.00 over the November close, and the best light grades
advanced to the extent of $2.00 to $2.50. The hog market
at the close of the month showed an advance of $1.40 to
$1.50 over the previous month's close, the top price of
$11.10 on the last day being the highest recorded since
October. The receipts were never sufficient to meet the
demand and packers were continually drawing supplies
from other centers. Sheep and lamb values reached higher
levels during December. Lambs sold as high at $14.25,
while good wool wethers brought $9.75.
Movements
and Prices
I:
"
" ~;~ '~: : : .:::~~~lt:'~f~t~l~~~ii~F" i~:8;~.:16:!7';6,"1:
Sheep ....... ..... 20.632
G
16.966
[ llllllllll llI lllllllll llllI l llIlI l lllll lllllllIlIlIlllllllllI(IIlltlllllllllllllllllllllllllllllllllllllllllllllllllllilID
r.:'I'I1I I ,lll llll l lllllllll l llllIllltllllllllllllllllllltllllll1I111111111111111111111111111111111111111UIIIIIIIIIIIIIIII(!)
COMPARATIVE TOP LIVESTOCK PRICES
Beef steers ..........................................
Stocker steers ....................................
Butcher cows ....................... .... ...........
Stocker cows ...................... ' ... .........
Calves ....................................................
Hogs .............. .......................................
Sheep ............ ......................................
Lambs ... ,...... .........................................
E
December /December November
1924
1928
192~
$ 8.00
$ 7.76
$ 6.60
7.00
7.10
6.86
6.50
6.26
6.00
8.26
4.00
8.26
7.35
7.25
6.75
11.10
7.70
10.26
9.76
7.60
8.60
14.26
12.00
13.60
III IIII IIII I III IIII I IIIIIIIIIIIIIIIIIIIIIIIIIIIII I II I I1111111111111111111 '1 111"1 1111111 1111111 1 11111111" , 1111111111118
MILLING
ders on hand at the close of December were slightly larger
than those on hand at the close of November and stocks
on hand were somewhat smaller.
I:::
8
"'~ ~ ·:'::,::"'·:~~~~~~~~~~'::~~;i::~:i~;":~;;~4·:1
Numbe r I:lpindles active ................... .
Number pounds cloth produced ..... .
11111111 11 1 111 1 11ltl lllll llllllllllllllllllll llll lllill1111111 1. 11111111111111,.11 1111 11 1 11111111111 1 1,111 1 11111I1I11.la
WHOLESALE TRADE
The year-end quietitude which ordinarily develops during Christmas shopping and the severe weather during the latDecember in the wholesale channels of distribution was ter part of the month, the December distribution in most
less marked than usual this year. Stimulated by the heavy lines of trade greatly exceeded the earlier expectations
4
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
and presented a marked contrast to the slow movement of
goods during the two previous months. Every reporting
line of trade showed a large gain over the corresponding
month of the previous year and two lines,-farm implements and hardware-evidenced a gain over November.
This heavy year-end movement enabled wholesalers generally to clear out their stocks of seasonal merchandise
which they had been unable to move earlier in the season
and to close the year with lighter stocks than was anticipated.
The orders received at wholesale establishments during
the month represented largely fill-in orders for immediate
delivery as the unexpectedly heavy buying in retail channels
found the retailers with inadequate stocks to supply their
needs. While there has been a disposition among some
retailers to anticipate their needs a short distance ahead,
the general tendency is to continue to buy as the need
for goods arises and to operate on a conservative basis.
Nevertheless there seems to be a strengthening of confidence in the general situation and as stocks are generally
low as was evidenced by the heavy fill-in orders at the
close of the year, wholesalers are anticipating an active
business during the early months of 1925.
Confidence in the general situation is augmented by the
general price si tuation which has either showed a firmness
or a tendency to advance. While the ability to obtain
goods immediately after the order has been placed has had
a material effect upon the buying policy of the retailers,
another cause of the conservative buying policy has been
the irregularity in business and the uncertainty of price
trends. Therefore, with the development of a general firmness of prices and a material improvement in the businesss
situation there is a tendency among retailers to adopt a more
positive and aggressive buying policy, which in itself will
likely add to the stability of business.
There was also an improvement in the year-end collection situation. While some sections reported that collections are still slow, they are generally satisfactory and increased payments are being received as the cotton still in
the hands of the farmers is being marketed.
While the distribution of dry goods at wholesale reflected a large year-end decline, it greatly exceeded that
during December last year. Despite the fact that the demand represented mostly fill-in orders called forth by the
heavy Christmas shopping, and the appearance of cold
weather, the volume of business was fairly large for this
season of the year and enabled the merchants to dispose
of much of the goods which it had previously seemed necessary for them to carryover. Purchases are still being
made on a conservative basis, but some indications of forward buying are beginning to become evident. Prices have
remained firm with advances being quoted on some items.
The strength in the raw wool market is causing the prices
on woolen goods to show an upward trend. Cotton goods
have also strengthened. Collections were reported to be
generally satisfactory. Dealers state that the outlook for
the immediate future appears to be encouraging.
The demand for drugs was well maintained during the
past month and sales evidenced a heavy .increase over those
of the corresponding month of a year ago. Not only was
the buying good in December but reports state that since
the inventory period many merchants have been ordering
briskly to replenish their stocks. Prices remained generally
firm . Collections were reported to be about average for
the month of December.
The sales of reporting grocery firms showed a further
decline from the previous month, but reflected a substantial
increase over December, 1923. The buying demand for
immediate delivery continues very good, but demand for
goods to cover future requirements has been on a small
scale. Prices remained generally firm . While some items
have shown an advance others have evidenced a weakness.
Collections continue good in some sections but slow in
others.
December witnessed an improved demand for hardware.
A portion of the increased sales, however, was attributed
to the heavy demand for seasonal goods in which the distribution during the fall months was relatively light, and
which was stimulated by the cold weather. While the demand for items in the building lines and heavy hardware
has been good, the movement of shelf hardware and farm
supplies has been slow. Due to the advance in prices on
iron and steel products, hardware prices are firm with
advances being quoted on some items.
The sales of reporting farm implement fi rms reflected
a large increase over the previous month and a sizable
gain over the same l!lonth last year. However, it must be
remembered that the movement so far this season has not
been up to expectations and that the demand for imp lements has not been as good as the general conditions would
seem to warrant. Some encouragement has been received
from the recent improvement but dealers state that the outlook is only from fair to good.
f"] llIl lllItl II U I.,IIIIIIIII III IIIIIIIIIIII I I I I I IIII IIU lllllllllll llfl llli.1111 "1111 11 111 1111 1111 11 1 11 11 111111 11 1 11111 [;]
E
CONDITION OF WHOLESALE TRADE DURING DECEMBER. 1924
Perce ntage of Increase or Decrease in
E
Net Sales
Net Sales
Stocks
Dec .• 1924
Tuly 1st to date
Dec .• 1924
oompared with !ompared with compnred wit
same period
Dec.
Nov.
Dec.
NOV:lnst yea r :
1928
1924
1923
1924
Groceries ......................
- 8.9
-17.
2.8
Dry goods .................. .. ..
18.6 -48.5
8.2
-81.1 - 5.
Farm implements ...... ..
8.2
6O S
4.
10.6
1.1
.
Hardware ...................
85.4
4.6
7.5
-10.6 - 1.
Drugs ............................
21.8 - 1.1
7.4
1.7 - 2.
::
~
8
r' r
t
+
+
+
+
E
::
~
!I
1
111 111 11111111 1111 11111 11111 111 1111 1111 111111 11 1111111"11 111" . 1111 111 1"1' 1111111 1' .1' 11111111' 1111 1111111 11 11 ' 111" 8
RETAIL TRADE
A heavy demand for merchandise in the retail channels
of distribution developed during December due to the large
volume of Christmas :shopping and the unusually cold
weather which stimulated the movement of winter goods.
The latter also enabled the merchants to dispose of a large
volume of goods which they had been unable to move
earlier on account of the warm weather which prevailed
throughout the fall. The sales of twenty-three department
stores reflected an increase of 49.4. pel' cent over the previous month, and were 8.9 per cent greater than those of
December, 1923. In fact the sales during the past month
were the largest of any December since the post war period
of 1919-] 920, and even closely approximated sales during
the closing month of those years. Good results were also
obtained from the year-end clearance sales.
The heavy December sales enabled the department stores
to greatly reduce their stocks during the month. The stocks
on hand at the close of December were 21.1 per cent less
than those at the close of November, and six-tenths of one
per cent less than those on hand at the close of year 1923.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
The ratio of stocks to sales for the last six months of 1924
was 4,21.2 per cent as compared to 4.15.3 during the same
period of 1923.
The ratio of outstanding orders to last year's purchases
at the close of December was 7.2 per cent as compared to
5
5.4, per cent at the close of November, and 7.8 per cent at
the close of December, 1923.
The ratio of December collections to accounts receivable
on December 1st was 41.1 per cent as compared to 4.0.6
per cent during the same month last year.
~111I111I11111I11111111'1111111111111'1"111111'11111111111 111111111111111111111111111111111111111111111111111111111111111111111111'111 11 111111111 '11111 111111 11 111 1 1 1 111 1 1 11 1111111111111 1 111 11111111 1111111 1 11111 1 1 11 11111 11111 1 111111 11111 1I111 1 1 11 11 11 1 1~
§
§
BUSINESS OF DEPAR'I1MENT STORES
Toml SalesDec., 1024, compared with Dec., 1923 ..........................................................
Dec., 1924, compared with Nov., 1924 ..........................................................
July lat to date compared with same period Jast year ........................ .
Credit SaJesDec., 1024, compared w ith Dec., 1923 ..............~ ..........................................
Dec., 1024, compared with Nov., 1924 ......................................................... .
July 1st to date compared with same period Jast year ........................ .
StocksDec., 1924, compared with Dec., 1923 ..........................................................
Dec ., 1924, compared w ith Nov., 1924 ......................................................... .
Ratio of stocks to sales ............................................................................................ .
Ratio of outstanding orders to lust year's pul·chases ..................................... _.
Ratio of December collections to accounts receivable, due and outstanding December I, 1924.............................................................................
Ft. Worth
Dallas
t
t
+
10.8
48.4
2.9
8.0
50.4
2.2
1.5
- 20.4
484.2
7.5
38.2
t
t
Houston
6.6
68.1
2.0
12.7
64.6
7.4
+ 8.6
- 26.3
t
t
A ll
8.0
68.6
6.0
13.6
58.2
8.1
-
1.0
-
1904
48".8
8.0
371.7
6.1
89 .9
Others
t
+
Total District
9.3
42.6
6.2
t
8.9
4904
4.2
+ 20.0
63 .0
+ 9.9
t
-
-
1.7
21.1
898.2
6.3
40.4
46.8
13.0
62.1
6.8
.6
21.1
421.2
7.2
41.1
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FINANCIAL
The volume of business as measured by debits to indi- last day of November. The amount of these acceptances
vidual accounts reflected an increase of 9.8 per cent in De- which were based on import and export transactions rose
cember as compared to November, and 7.3 per cent as com- from $2,496,313.60 on November 30th to $3,183,770.80 on
pared to the same month last year. The aggregate for December 31st, while those based on domestic shipment
the month of December amounted to $780,027,000, which and storage of goods decreased from $1,397,894.43 on
was the largest for any month, except October, during November 30th to $84.7,823.43 on Lhe last day of December.
The investments of the Federal Reserve Bank in bankers'
1924, and the largest for any December since 1919. The
total debits at fifteen cities for the year 1924 reflected a acceptances increased from $19,905,646.49 on November
30th to $26,196,674..03 on December 31st.
decrease of 6.0 per cent as compared to those of 1923.
(!J11111111111111111.11."I.IIIIII'I'111111111111111111111111111111111111.".1 1111111111111111111. 1 11.111111111.11111.1. lt;:]
::
CHARGES TO DEPOSITORS' ACCOUNTS
E
:
l'
I!
B
7
C
7
6
G
6
R
2
S
S
T
I
7
D
E
F
E
1
5
7
3
4
H
T
W
G
---:
:
8 :
6111111111111111111'1111111111'11111111111111111111111111'111'11111111111111111111'1111'11111111111111'1111111"11111 111~1
Acceptance
Market
Reports from accepting banks in this district as of December 31st reflect an increase
in the volume of outstanding acceptances
of $137,386.20 as compared to those outstanding on the
r:::_ " " " " " " ' ' ' ' ' ' ' ..
'
§
:
1.
2.
8.
4.
6.
6.
7.
8.
9.
10.
11.
Condition of
M ember Banks
In Selected
Cities
Reports from 50 banks in selected cities as
of December 31st reflected an increase in
net demand deposits of $23,759,000 over
those on December 3rd, and a gain of $4.1,534,000 during the past year. Time deposits decreased $2,168,000 during December, but were
$7,605,000 greater than a year .ago. All classes of loans
on December 31st showed an increase as compared to those
reported on December 3rd. Loans secured by U. S. Government obligations increased $54.1,000, loans on corporate
securities $2,849,000, and all other loans $9,693,000. Holdings of U. S. securities and all other stocks and bonds decreased slightly during the month. The reserves with the
Federal Reserve Bank increased $4.,44.0,000, and bills pay·
able and rediscounts rose $317,000. The ratio of loans to
deposits was 82 per cent on December 31st as compared
to 86 per cent on December 3rd.
'''''''''''''''''''''''''''''''''''''''''~~':~~~~:'';;~;~;;~~~''~';"~~:~~~"~~:'~"~:";~~~~':~"~~~~'~~
Number of reporting ba nlts..............................................................................................................
U. S. securities owned.......................................................................................................................
All other stocks, bonds and securities owned. ............................................................................
Loans secured by U. S. Govornment obligations ........................... _...........................................
Loans secured by stocks a nd bonds other than U. S. Government obligations .............. _
All other )oans...................................................................................................................................
Net demand deposits............................................................................................................................
Time deposits .................................................................................................•.....................................
Reserve with Federal Reserve Bank................................................................................................
Bills payable and rediscounts with Federal Reserve Bank........................................................
Ratio of loan s· to net demand deposits..........................................................................................
·Loans include only items 4 and 6.
Dec. 31.1924
50
$46 ,394 ,000
20,699.000
3.870,000
67.897.000
288.884,000
288.686.000
89,880,000
32.785.000
2, 067,000
82%
.. " " " ' ' ' ' ' ' ' ' ' ' ' ..
'''''''''''''"'''''''''''''''''''''''''''8
Jan. 2, 1924
60
$58.701.000
18.406,000
3.143,000
62.858,000
218.180.000
247.061.000
81,725,000
24,413.000
1,589.000
88%
Dec. 3, 1924
60
$ 46,873,000
20.617,000
3.829.000
64 ,648.000
224.141,000
264,826.000
91.498.000
28.846.000
1,760,000
86%
:
:
£:)1111111.111111111111111111111111111111111111111111111111111111111111111111111111'11"111'1"'111'11 111 111 11111 " 'III'lt . l nllll'III'I'IIIII'III'I'11111111111111111'111111111111111'111 ' 11111111111'11111111111111 1 11111111111111111111111111111111111111'8
Operations of
the Federal
Reserve Bank
Member bank borrowing at the Federal
Reserve Bank continued relatively light
during December. After reaching the low
point at $2,672,056.40 on December 5th,
loans evidenced a slight upward trend, but at the close of
the year they had again declined to $2,713.179.74.. There
were only 37 banks served during December as against 52
during November and 92 in December last year. On the
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
6
last day of 1924, 36 banks were owing the Federal Reserve
Bank of Dallas as compared to 98 banks on December 31,
1923.
The total amount of all classes of bills held by this bank
increased from $23,050,200.56 on November 30th to $28,·
909,853.77 on December 31st, distributed as follows :
rn
ll • II .' 11111111111111111111111111111111111111.111.1111111111111111111111111 111111'11111111111 1111111111 1 111'11 11 1111 li t
§ Member banks' collateral notes (secured by U. S.
Government obligations) .................................................... $
§
::
::
§
201.000 .00
Rediscounts a nd all other loans to m ember banks .......... 2.512.179.74
Open market purchases (Bankers' Acceptances) ......."...... 26.196.674.03
Total bills held ....................................................................... $28.909.858 .77
r"''''''''''''''''''''''''''''':~;~;;;;''~;'':~::~:'':~::~''''''''''''''''''''''''':
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I
§
::
::
§
§ De
§
;; J a
:: Fe
: M
61111111111111111111111111111111'11111111111111111111111111111111111111111111'11111111111111 1111111111111111111111111111[!)
Federal reserve notes in actual circulation at the close
of December amounted to $55,640,950 as compared to $57,·
366,475 on November 30th and $52,802,006 on December
31, 1923. The reserve deposits of member banks totaled
$65,828,199 on December 31st, representing an increase of
$5,050,467.29 over those on November 30th, and $7,712,.
995.32 over those at the close of December, 1923.
Deposits 0/
Member Banks
banks on December 24.th were not only $37,192,000 greater
than those on December 26th last year, but were $30,483,·
000 greater than the highest point reached in 1923.
The deposits of member banks showed a
further increase of $28,269,000 during
December. The total deposits of these
46 §
82 ::
24 ::
27 ::
ro::
A
M
48 ::
24::
Ju
fu
b
Se
Oc
N
De
~ ::
U::
81 ::
06::
M::
31 §
8 ' 11111111 1 11111111111111 1111111 1 111 1 111111111111111111111111111.1.llllllllllIllllllllIlIlIlllIlllIlI lllI l lfllll •• ,IIII.m
There is presented below the prevailing
rates charged during the seven·day period
ending January 12th by the commercial
banks in the cities listed below:
Discount
Rates
J ANUARY DISCOUNT RATES
Prevai ling Rates
..
<=
en
Rate charged customers on prime commercial paper such as is now eligible for rediscount under
the Federa l Reserve Act :
~b! ~~~~:~~ !~660';;~nt~::'~"::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::.:
_
;;
Rate charged on loans to other banks. secured by bills receivable ............................................................ ..
Rate on ordinary commercial loans ru nning 80·60·90 days secured by Liberty Bonds and ccxtifi.
cates of indebtedness (not including loans to enable purchase of bonds) ...................................... ..
Rate on Joans secured by prime stock exchange or othel' current collateral:
(a) Demand ................................................................................................................................................. ....
(b) Time ...... _....................................................................................................................................................
R ate on commodity paper secured by warehouse receipts. etc.....................................................................
Rate on cattle loans ................................................................................... .. ............................................... _.............
4·6
4·6
5·6
8
8
6-8
5· 6
6-6
5·6
5·6
5-6
4t-5
6-8
6·8
6
5·6
8
6·8
5·6
6·8
6
6
6·8
5·6
6-7
8
8
8
8
6·8
6·8
6·8
6·8
5·6
5·6
5·6
7-8
6·8
6·8
6·8
7·8
6·7
6-7
6·8
.. ..
5·7
6·7
5-5!
9111111111111111111111111.11111111.,.11,11,111,1111,1,1,.,11,1,1,1, 111 1,.' II IIIIIII I" "IIIIIIIIIIIII III I.III I I IIIIII I IIII 'l llltil11"1111 111,111 11 111"1111, 11 111,11,1111"",, ,.,. 1111"1IU.IIIIIIII'I.IIIII.IIIIIIII' III'I.IIIIIIII., .,.IIIIIIIII 'll lIlm
The savings deposits as of December 31st
of 106 banks in this district which operate
a savings department were practically the
same as those on November 30th, but were 6.4, per cent
Savings
Deposits
greater than on December 31st last year. The number of
depositors of 100 banks totaled 234,229 on December 31,
1924" as compared to 233,151 at the close of the previous
month, and 209,258 on December 31, 1923.
SAVINGS DEPOSITS
Beaumont ........................................................................
Dallas ............................................................................. .
EI Paso .......................................................................... .
Fort Worth ................................................................... ..
Galveston ................................................................... "..... ..
Houston .......................................................................... .
San Antonio .................................................................. .
Shreveport .................................. ................................ ..
Waco ...................................................................... ....... ..
All Others ................................. _................................ ..
. Total _...................................................................... ..
-
Number of Decemoer 81. 1924
~ecember 31. 1923
Reporting Number of Amount of Number of Amount of
Banks:
Savings
Savings
Savings
Savings
Depos itors Deposits Depositors Deposits
"4
4.714
2.898.248
4.198
2.225.806
6
42.429 12.892.654
84.798 11.014 .079
S
6.205.318
14.721
6.292.684
15.559
3
8.855
8.624.418
8.872
3.129.668
8
1/!.950
7.804.831
10.654
6,987.499
18
57.256 21.612.824
50.485 19.781.289
·6
17.786 10.689.778
14.988
9.787.668
·5
21.688
9.681,819
20.121 11.808.795
5
6.165
8.321.078
5.485
2.686.221
·58
46.832 20.512.771
45.441 19.605.700
106
284.229
98.738.229
209.258
92.769.409
November 80. 1924
InDC. or Number of Amount of Inc. or
ec.
S.wings
Savings
Dec.
Depositors Deposits
+ 7.5
4.260
2.261.809
5.8
+17.1
41.751 12.961.325 .5
- 1.4
17.620
6.686.917
1.6
8.821
8.686.101
12.5
18.04 6
7.710.545
1.2
9.3
56.685 21.492.897
.6
9.2
17.150 10.818.848
3.6
- 14.4
21.686
9.723,370 .4
+28.6
6.083
8.165.378
4.9
+ 4.6
46.450 20.883.882 - 1.8
+
i
-i
g
+
+ 6.4
288.151
98.785.522
None
" Only 3 banks in Beaumont. 5 banks in San Antonio. -1 banks in Shreveport. and 55 banks in a IJ others r eported t he number of savin gs depositors.
01,.,11,.1.,1111,.",,11,.1,1,1111,111,111,1,11,1,.,.,""1"'1'11'11"11111"1111'1111'11111'1'11"'111111'11111,111111111 1 1111,1111111,1.,11.11, •• 1.1., •• 1.1.111.,1., ••• ,111.111'1.,1. ,11. 11111.1111111111".1'1111111,.,1.,11111111 111.11"111"1,1. , 1 8
111
FAILURES
The December commercial failure record reflected a $368,159 as compared to 68 failures during November with
marked improvement as compared to both the previous an indebtedness of $904,820, and 148 insolvencies in De·
month and the corresponding month last year. There were cember, 1923, with liabilities amounting to $2,046,743.
52 defaults during the month with liabilities aggregating
It is interesting to compare the trend of failures in the
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
Eleventh District with that for the United States as a whole.
During the year 1924 the number of insolvencies in the
Eleventh District declined 44 .5 per cent and the total indebtedness of defaulting firms declined 72.8 per cent. The
failure record in the United States for 1924, showed that
there was not only an increase over the previous year of
10.1 per cent in the number of defaults, but that the ratio
of failures to the number of business concerns increased
fr om .941 in 1923 to 1.01 in 1924,. There was only a slight
increase in the indebtedness of insolvent firms .
mlllllllllllllllllllllllllll.,11111111111111111111111111111111111111111111111111111111111111111111111111 1 1111 11111I I III II!')
"
January
.....................................
FebrU8t'Y
................................ ...
March ....................... ~. ..... ..... . ....
April ...........................................
May .............................................
June .............................................
July ............. ,...............................
A..ug us t .........................................
September .................................
October .......................................
November ...................................
December ....................................
E levent h Federa l Rese r ve Dis t rict
1024
1n23
Amount
No.
Amount
No.
68 $1,170,988
117 $1,624,1 07
1,280,648
2,104,6 ~)lj
67
91
2,47 4,5 04
74
950,677
91
8,874, 8 0"
881,286
66
9a
720,662
8,779,9 6n
68
78
60
766,071
l,29a,O 18
97
40
2,676,0 00
2 42,4~4
81
52
988,481
1,020,5 9G
68
84
1,767,766
680,466
79
46
648,30 0
2,417,4 70
111
004,820
6M
127
4,446,7 24
868,169
62
2, 046,74 3
148
9,846,761
1,181 $84 ,815 ,38
666
~111I111'~~~~!,I1;~·,:;;~·I·;;;;;;~·;;;;;~·:;;;;~·;;;;:,1I111111111111111111111111111111111111111111l1111111111111IIII.?.,W
PETROLEUM
Although the production of crude oil in the Eleventh District during December showed an increase as compared
with production during the previous month, the increase in
daily average production was less than that during November_ There were 13,64,5,052 barrels of crude oil produced
as compared to 12,943,205 barrels during November, which
I::'
represented an increase of 8,723 barrels in daily average
production as compared to an increase of 13,103 barrels in
daily average production during November. There were
4.01 wells completed during December, of which 271 were
successful and yielded a flush production of 86,049 barrels,
which compares to 372 completions during November of
which 238 were producing wells and netted 79,581 barrels
of initial production.
There were 11,754.,858 barrels of crude oil produced in
Texas during December, as compared to 10,990,205 barrels
during November, representing an increase of 764,,653 barrels in total production and 12,84.9 barrels in daily average
production. The Wortham field was the center of interest
during the month. Completions in this field were rapid and
by January 6th the daily average production was more than
100,000 barrels. The Archer County field reached a new
peak of production during December. All Texas fields
showed increased production during December with the exception of the Gulf Coast field. Activity in the East Texas
gas fields continued to be marked, and 27 successfu l wells
were comp leted during the month.
Crude oil production in Louisiana declined from 1,953,000 barrels during November to 1,890,194. barrels during
,126 barrels in daily average proDecember, a decrease of 41
duction. There were 45 wells completed in Louisiana during December, of which 15 added a flush produ ction of
2,4.95 barrels of oil, and 19 were successful gas wells.
Crude Oil
Prices
Prices on all erude oils produced in this
district in December were the same as
those prevailing during November. However, the market is reported to be on a firmer basis.
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''~;~~:~i~~;;::"'''''''''''''''~'::=~:''''''''''''''''''''''''''''''::::=::'~:'':~::: ""'' "'' 'i::
~
Field
North Texas ......................................................................
Central-West Texas ..........................................................
Toexas Coastal ...............................................................•...
Miscellaneous fie lds ..........................................................
Total
Daily Average
2,800,894
90,336
5,298,380
170,764
2,066,134
66,660
1,694,960
61,450
Total
Daily Average
2,630,310
81,344
4 85 a 866
161779
2;17 2;080
7 ~:4 0?
1,484 ,460 ___ 47,815
~
Total, Texas ................................................................
North Louisiana ... ~.................................. . ...... . ...... . ... . ... .. .
11,764,858
1,890,194
879,189
60,974
~
Total, 11th District....................................................
18,646,062
440,163
:.
~.
m
7
l ..... IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII I III.1111111 1 11
Inc.
Inc
De~.
Inc.
Total
270,084
440016
105:946
160,600
Daily Avg.
Inc.
6,991:.
Inc
8975
De~.
5: 752
~_
Inc.
8,63b
~.
10,990,205
1,958,000
866,340 Inc.
66,100 Dec.
764,668
62,806
Inc.
Dec.
12,849
4,126
~
12,043,~05
431,440 Inc.
701,847
Inc.
8,723
~
u, 11 111 1 11111 ,11 1 11111 111 11 11 1111 1111111111 1 111111111111 U 11 111 1111I1A 111111 1 11111111.111111111111' till 11111 11111 11111 11111 11111 III 11111 1111111111 11111 11111 III 1111 11111 III 11111 III III 111111 11111 II!)
rnllllllllllllllllllllllllllllllllllllllllllllllllllill11111111111111111111111111111111111111111111111111'111111111111111l!!
CRUDE OIL PRICES
DECEMBER DRILLING RESULTS
CornProFailInitia.l
Field
pletions ducers
ures Producti on
128
17,720
66
North 'l'exas .....................................
194
49
32
67,415
Central-West Texas .......................
81
29
10
6,254
Texas Coas tal .................................
89
·28
25
East Texas ......................................
·28
2
2,100
Miscellaneous f ields .......................
2
1
11
40
Texas wildcats ................ ..............
12
Totals, 11exas ........................ .
North Louisiana ... ~ ...................... .
- -- - - - - --1-- - - 866
45
- -
287
··84
119
11
88,664
2,496
130
134
86.049
70,681
- - - --1 - --
December totals, Distr ict......
401
271
November totals, District....
872
288
27 gas wells. ··Includes 19 gas wells.
~ ·Includes
TEXAS-
~
lEIIIIIIII.IIIIIIIIIII.IIIIIIIIIIIII •••••• IIIIII.III .. II •••• 1111111111111'1111111'11111111111111111111111111111111111.IIIII!)
Jan. 16, Jan. 19,
1925
1924
COl'sicnna ligh t ...................................................................... $1.25
~1.4 0
Corsicana heavy ................................. ,.................................. .90
.50
Texas Coastal ........................................................................ 1.60
1.50
Mexia .............................................................................~.......... 1.25
1.40
Cur rie ...................................................................................... 1.26
1.60
North Texas (36 gravity and above) .........,...................... 1.25
1.40
LOUISIANAJ a n. 16, Jan. 19,
1926
1924
Caddo (88 gravity and above) .......................................... $1.86
$1.85
Bull Bayou (38 gravity and above ) .................................. 1.16
1.80
Homer (36 gravity and above ) ..................... , ................ 1.10
1.85
1.26
[!]11I1I1I111I1I111111111I111111I11111I11111I11111I111111111111I • • 1.11 1' 111111 1 11 1I111 11 ",III I.IIIIIIIIIIIIIIIIIII .. " .. 1
[!)
(Oil Statis tics Compiled by The Oil Weeldy, Houston , Texas )
LUMBER
The December production of lumber at the pine mills of
the Eleventh Federal Reserve District increased slightly,
but large decreases were registered in orders received at the
mills and shipments made. Shipments from the mills during December were 1 per cent below production as compared to 18 per cent above production in November. Orders received during December called for only 80 per cent
of normal production as compared to orders for 98 per cent
of normal production during November. Production of
lumber during December was 18 per cent below normal as
against 20 per cent below normal in November. The stocks
of lumber on hand declined to 30 per cent below normal
stocks in December, as compared to 28 per cent below normal in November.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
8
Unfilled orders on the books of the 4.8 reporting mills at
the close of 1924 called for 50,365,528 feet of lumber, while
those at the close of November called for 57,086,64.0 feet.
8 ......
=
11 .. 11 11 1111111 11 11 1111 1111 1111 11111 11 11111 111111 11 111111 111 11 111 1 11 11 11111 11 11111111 11 11111 11111 111 IHII II IIIIII£!)
=
DECEMBER PINE MILL STATISl'ICS
Number of repOrtmg m,]ls .... uu ..... ~ .............. u.......
48
~hi:;:'~~'t!' :::~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~~:m:m i:~
Orders ............................................................................ 85.488.043
Unfilled orders. Dec. 31st.................. ...................... 60.366.628
Normal production ...•.............................................. 106.208.763
Stocks. Dec. 31st..........................................................221.286.267
Normal stocks .......... .. .............................................. .. 317.226.043
Shipments below production ......... ...... ,....................
724.107
Actual production below normal... ............ .. .. ..... .... 19.326.616
Orders below normal production ................... .. .... .. 20,716.720
Stocks below normaL.............................. ...... . ..... 95.988.776
:
feet
feet
feet
feet
feet
feet= 1%
feet=18 %
feet=20ro
feet=8 0 Yo
r.···. . . . . ·.. . . . · · ·.. . . ·.. . · · ·,·. ··. · · · ,· ·,. .... . . . . . . .... .... .
G]UII1I1I1 I1I1I1II1I1I1 I1I1 I I1 I1I1II1I1I1I1I1 f1I I1 I1I1I1IfI: HIIlHIl IlICU UUUII II IIII II II II IIII II II lIlIflllf ll lll l l ' @
~
E
E
:
December. 1924
ValuaNo.
tion
26.405
Austin .......... ............... ............ ...
25
118.089
Beaumont... .. ...................... .......
126
940.110
Dallas ... ~ ...................................
307
88.979
41
Ell Paso ....................................
Fort Worth .......... ...................
117 2.026.060
81.666
221
Galveston .................................
373 1.319.466
Hous ton ........... ,............ .. .:.........
626.869
127
Port Arthur ........................... ..
757,249
268
San Antonio....................... .....
441.692
Shreveport....................... .........
166
854.164
Waco.......................... ......... ....
64
148.822
Wichita Falls ..........................
61
I
:
§ Tota!.. .. ......................................
1!JII I' • • • ••• lll l a • ••• I •• •
--1.876
BUILDING
Building projects launched during December in the Elev·
enth District, as measured by permits issued at twelve of
the larger cities, were on a large scale, as evidenced by the
fact that their estimated valuation amounted to $6,922,981
as compared to a valuation of $5,712,377 in November, an
increase of 21.2 per cent, and increased 32 per cent over the
valuation of $5,243,968 reported in December, 1923. However, there were only 1,875 permits issued in December as
abaainst 2,4.78 in November and 1,720 in December last year.
h
083
d
During the year 1924, t ere were 32,
permits issue at
the reporting centers having a total estimated valuation of
$87,602,305, while in 1923 there were 32,148 permits isI
f'
I $80 562 724
.
sued which had a va uation 0 on y
,
,
an Increase in valuation of 8.7 per cent during 1924..
.. . . . . . .. . . . . . . . . .... . . . . . ..... .... . . . . . . . . . · ·. . · ··.. . · . ······'T
1,
~;~~~~~~ ;~;:.;~~
December, 1923 I Inc. or November, 1924
ValuaDec.
ValuaNo.
No.
tion
t ion
27
473. 023 - 94.6
206,785
89
III
73.078 + 64.7
162.06.J
166
261 1.128.902 - 16.7
879 1.047.468
77,636
60
48
125,690
14.6
128
671.029
201.9
185
460.417
217
64.0
49.797
268
110.668
1.9
818 1.846.642
489 1.196.802
110
118.830 +427.1
167
82.129
187
277.700 .,..172.7
884 1.806.686
236
773,977 - 42.9
218
719.827
48
130.410
17 1.6
60
126.000
48
124.046
20.0
86
191.84 ~
--6.922.981
1.720
-
6.243.968
~
t
662.7
- 42 .0
- 38.6
+181.1
- 22.2
No.
482
2.466
4.81 0
763
2.421
3.489
6,747
1.916
4,062
8.286
741
928
+ 21.2
t
----
I nc. or
Dec.
82.083
- 87.7
- 26.7
- 10.2
- 29.2
+349.8
- 26.2
t
lOA
--- -2,478 ---- - - - - - -- 6.712,377
+ 32.0
TWELVE MONTHS
1924
1923
Inc. or
E
Valuation
Dec.
No. Valuation
E
1.445.616
692
1.970,076 - 26.6 :
2.54 0,374
2.188
2.689.372 - 6.6 :
26.588,224
4.686 20,987.819 +26.4
1.603 ,997
900
2.101 .980 -23 .7
11.408.208
2.876
8,4 06.264
36 7
.
2.606,188
3.931
1.892.812
37.7
17,210.769
6.670 19.062.403 - 9.7
1.958.930
2.273
2.917.065 -32.8
9.601.869
3,766
8.047.646 +19.3
8,069.487
3.861
9.467.382 -14.8
2,271.119
684
1.283.772
76 9
.
2,347.685
681
1.747,238
84.4
t
87.602,306
--82.148
-
t
80.662.724
+ 8.7
I I I . III I III'II I III IIIII' I C I II . 1 11111 111 1 1 11 1 1 1 1 1 11 1 11 1 11 '11 111111 1 111~ II I I ' I II III ' 1 1 1 1 11111 1 11 "' 11 " 1 11 1 111 11'1 ' 1 '1 11111111 11 1 11 11111 1 1111111 1 111111 11 1111 1' 1111111 1 1111111 1 1111111111111111 11 11111111 1 1 1 11 1111 1,111111 1 1111111,.1 8
CEMENT
Shipments of Portland cement from Texas mills in December declined 27.9 per cent as compared to shipments
during November, but were 38 per cent greater than those
during December, 1923. There were 372,000 barrels of
cement produced at these mills during December as compared to 384,000 barrels in November and only 227,000
barrels in December last year. Stocks of cement on hand
at the mills at the close of December totaled 356,000 barrels
as compared to 24.2,000 barrels on hand on November 30th,
an increase of 4.7.1 per cent, and 294,000 barrels on hand
December 31, 1923, an increase of 21. 1 per cent.
During the year 1924 there were 4,,566,000 barrels of
Portland cement produced in Texas, which represents an
increase in production dlJring the year of 9.2 per cent over
the 4,180,000 barrels of cement produced in 1923. Shipments of cement amounted to 4,,44.8,000 barrels during 1924
as compared to 4.,075,000 barrels in 1923, an increase of
10.1 per cent.
[!] 111 1 1111 111 11 11111 1111 11 J 111111 1 11111 11 111111 1 1111 1 11111 1111 11 11 111 11 111111 11 11 11 1111 1 11 II 1 1I 11 fill 11111 I I I III ' III 111 1111 111 11111 111 11111 11111 11 1111 1 11 1 t I' I It 11111 11 1 111 1111111 11 11 1 11 11 11 "
1:_=::
8
PRODUCTION SHIPMENTS AND STOCKS OF PORT'LAND CEMENT
I t 1111 1111 1 111 1 1 1 1111 11 11 111111 ' 11 111 111 '111 ti t 1111111111 1111
I!l
(BarrelS)::
:
ig
_
Production of TexllS Mills ..... ~ ................ .
Shipments from T exas Mills ...................•
Stocks at end of the month at Texas Mil
111 11 " III II IIII'IIIIIIIIIII III IIIIIII I IIIII I III I II I IIIII ' "lll fl lIllll' '' " 1 1I IIIIII I IIII'III I III I II I I I I'IIIIlIII ' IIIIII IP II'IIIII'IIIIII1111'11 ' 111 111 11 1'1"1'1 1 111'1111'1'11 111 111111'111 ' 111 1 1 11111 1IIIIIII II II I IIIII"I'IIII I IIIIIIIIIIIIII'I'IIIII. (!j
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
9
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board. as of January 24. IQ25.)
Production and employment in December continued the
increase which began in the autumn and wholesale prices
advanced further to the highest level for the year. Railroad shipments of goods continued in large volume, and
trade, both at wholesale and retail, was larger than a year
ago.
PRODUCTION
The index of proQuction in basic industries advanced
about 10 per cent in December to a point 25 per cent higher
than last summer but was still below the level of the opening months of 19241 Practically all of the twenty-two in.
dustries included in the index shared in the advance, and
the increases were particularly large in iron and steel, cotton manufacturing, coal mining, and meat packing. Among
the industries not represented in the index the output of
automobiles declined in December, and was the smallest for
any month in more than two years. Increased industrial
activity was accompanied by an advance of about 2 per cent
in factory employment, with larger increases in the metal
and textile industries, and by a growth of nearly 5 per cent
in total factory pay rolls. Volume of building, as measured
by contracts awarded, was less in December than in November, but continued unusually large for the season of the year.
TRADE
I.
Distribution of goods was greater in December. than in t.he
same month of 1923 as indicated by larger raIlroad slupments and increases in the volume of wholesale and retail
trade. Christmas trade at department stores was greater
than in the previous year, and sales by mail order houses
and chain stores were the largest on record. Wholesale trade
was seasonally less than in November, but in practically all
lines was larO'er than a year ago. Marketing of agricultural
b
products was greater than for the corresponding month of
any recent year.
PRICES
A further advance of more than 2 per cent in the Bureau
of Labor Statistics index of wholesale prices carried the avpeR CENT
PERCENT
150
150
~----~-+--------~--~~~r-------~I00
erage in December 8 per cent above the low point of June,
and to the highest level since April, 1923. Prices of all
groups of commodities were higher, the principal increases
being in farm products and foods. In the first half of January prices of grains, wool, coal, and metals increased
further, while sugar, dairy products, silk, coke, and rubber
declined.
BANK CREDIT
At the Federal reserve banks the rapid return flow of currency after the holiday trade resulted, during the four weeks
ending January 21st, in a reduction of earning assets about
equal to that for the same season a year earlier. The net
outflow of currency from the reserve banks during the
month preceding Christmas amounted to more than $200,000,000, and the return flow after the Christmas peak, reflected both in the increase in reserves and in the decline of
Federal reserve note circulation, was in excess of $300,000,000. Fluctuations in the earning assets of the reserve banks
during the past two months have reflected chiefly thes~ se~
sonal changes in the demand for currency. The declme In
discounts brought their total on January 21st to a smaller
volume than at any time in 1924" and acceptances also
showed a seasonal decrease. Holdings of United States securities, which have declined for more than two months,
were about $175,000,000 below the level of last autumn,
and in about the same amount as at the middle of 1924,.
Net exports of gold, which gave rise to a demand for reserve
bank credit, amounted to $30,000,000 in December and were
in larger volume during the first three weeks in January.
The growth of demand deposits at member banks in leading
cities during the three weeks ending in the middle Of J anuary which has been greater than the increase in their total
loans and investments, has reflected the return of currency
from circulation. In the same period there was some increase in commercial loans and a continued growth in loans
secured by stocks and bonds. Holdings of investment securities have decreased somewhat since the middle of November, particularly at the banks in New York City. Firmer
conditions in the money market in December and the first
few days in January were followed later in the month by
declines in rates on commercial paper to 3lj2 per cent.
PER C£MT
2
PfR CENT
ZOO
'"
- --
501""
-..,.... L
so
1
00
100
50
50
SO~-------+--------1-------~~------~50
PRODUCTION IN
BASIC INDUSTRIES
WHOLESALE PRICES
OL-______-L__~~~--~~--~~~~~O
1922
1923
1524
1925
Index of 22 basic commodities corrected for seasonal
variations (1919=100). Latest figure-December
117.
I
0
1922
192 3
1 92~
1925
o
Index of U. S. Bureau of Labor Statistics.
(1913=100, base adopted by Bureau.) Latest figures
-December 15.7.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
10
PtA CENT
PtR CENT
200
200
BILLIOHS OF DOLLARS
BILLIONS OF DOLLARS
2
Z
FEDERAL RESERVE
BANK CREDIT
_---#----d+---+t-------j150
~~+_~~~-~-~-_++_-r----~100
~1_---_+----+----t_------j50
OEPARTMENT STORE SALES
_
_
'NITII 5[14$0",/U. ADJUSTMeNT
WITNOUT AO.;UST4AENT
OL-_ _ _-L_~_ _~_~~-~~~~~ o
1922
19 ~. 3
19 ? '+
Ins
Index of sales of 333 stores in 117 cities (1919=100).
Latest figures-December 207.
o
0
1922
1923
1921.
1925
Weekly figures for 12 Federal Reserve Banks.
Latest figure, January 21.
COTTONSEED PRODUCTS INDUSTRY
(NO'I1E :- The following is ~hc fifth of a. series. of ~pe.cia l articles reviewing the growth and development of the cottonseed products industry and
some of the financial and economIc problems wIth whIch It IS now confronted.)
FOREIGN TRADE IN COTTONSEED OIL
The foreign trade in cottonseed oil has exerted a farreaching influence upon the growth and development of the
cottonseed oil industry. In the beginning of the industry
interest was centered in the export trade. This foreign demand increased with each successive year, and soon became
the chief support of the new industry. In fact, it will be
noted from the accompanying chart in the years just prior
to 1880 that exports were closely approximating production.
During the period between 1870 and 1880 certain factors
were coming into play which were destined to bring about a
new era for cottonseed oil.
A process for the manufacturing of margarine was discovered in 1869 and was perfected in the following years.
The Franco-Prussian War, which depleted the European
supply of fats, gave an impetus to the margarine industry
and created a heavy demand for animal fats from abroad.
This demand was met by the meat packing industry in the
United States. The packers at once began to divide the
lard into two grades. The leaf lard was manufactured in
such a way as to make it sweet and without any cooked
flavor and then exported to the margarine manufacturers in
Europe. The remaining fats were rendered in the usual
way and the product which was called prime steam lard,
was sold to the lard manufacturers for refining purposes.
When the packers began to separate the leaf lard from the
other fats the quality of the refined lard sold to the domestic consumers began to deteriorate. The increasing demand
from the margarine manufacturers caused an increasing
proportion of the leaf lard to be taken from the prime
steam lard with the result that the deterioration in the
products of the lard refining establishments was more
marked each year, and was bringing these products into
disrepute among domestic consumers.
Such a situation demanded immediate attention. Consequently, in 1879 experiments were made in the refining of
lard by the use of fuller's earth, which resulted in a marked
improvement in the quality of the product. The possibilities offered by fuller's earth in refining were so great that
it was pressed into use for refining cottonseed oil. The use
of fuller's earth purified cottonseed oil to a degree unknown
before and the value of cottonseed oil as an edible oil was
enormously increased . Cottonseed oil, therefore, was soon
pressed into use as an adulterant of lard in the manufacture of lard compounds.
The effect of the discovery was to create an enormous domestic demand for cottonseed oil. The expansion in the demand for cottonseed oil following 1880 was so great that it
practically absorbed the entire output of the then existing
mills and foreign trade dwindled to insignificant proportions, due primarily to the active domestic competition
rather than lessened demand from abroad. The transformation which took place in the cottonseed oil trade is reflected in the fact that in 1880 there were 70,000,000 pounds
of cottonseed oil produced, of which 52,000,000 pounds was
exported, but in 1883, despite the increase in production to
118,000,000 pounds, exports had declined to only 3,000,000
pounds. Thus the period from 1880 to 1890 may be characterized as one in which the domestic demand was the
stimulating force necessary for the rapid growth of the industry. However, toward the end of the decade the domestic
consumption began to show evidence of reaching the saturation point. This situation led to a reversal of the forces
stimulating the development of the industry in the following
decade. During this period there was a revival in the eXport trade. Despite the fact that the production of cottonseed oil was almost tripled, practically all of this increase
went into export channels. From the accompanying chart
it will be noted that the production curve and the export
curve were almost parallel.
The discovery in 1899 of the Wesson process for refining
cottonseed oil set another new standard for this product.
A plant for the manufacture of oil by the new process was
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS - - - - -, 11
put into operation the following year. When the improved
product was placed upon the market the effect was soon
noticeable. New capital was attracted to the industry with
the result that there was a further expansion in milling
capacity and a growth in cottonseed oil production. However, during the years immediately following 1890 there was
a decline in exports.
The Trend of Production
In studying the trend of production of cottonseed oil it
should be noted from the accompanying chart that prior to
1905 there was a steady growth in the volume of cottonseed
oil produced. In some years the increase was moderate, but
in other years it reached enormous proportions. However,
in 1905 the industry had about reached the point where the
total available supply of seed was being crushed. In other
words, the time had come when the volume of production
could not be increased in response to a heavy demand, but
was regulated by the size of the previous year's cotton crop.
Consequently, in the years following there has been considerable irregularity in the volume of oil produced, due
largely to the fluctuations in volume of seed available for
manufacture. Thus it will be noted that following the years
of 1906, 1908, 1910, 1911, 1914 and 1920, which were year~
of heavy cotton f.coduction, there were enormous increases
in the volume of oil produced. In fact, from 1905 to date
the fluctuations in the production of coH;onseed oil have
closely approximated those in the production of cotton. It
must be remembered, however, that in the earlier years of
this period an increasing proportion of the seed produced
became available for manufacture, due to (1) the improvelllent in transportation and storage facilities; (2) a curtaillllent in the use of seed for fertilizer and feeding purposes;
(3) increased mming capacity; and (4) the gradually increasing value of the seed, which caused the surplus seed
held by the farmers to be marketed.
The Effect of Price Fluctuations Upon Foreign Demand
One of the most outstanding features in connection with
the export trade in cottonseed oil has been the sensitiveness
of foreign demand to price fluctuations . Prior to 1890 the
effect of price changes upon foreign trade was not so noticeable as in later years. During the early years when the
foreign demand absorbed such a large proportion of the
production, a considerable portion of the oil exported was
used as an adulterant of olive oil and the mixture went
into trade channels under the name of pure olive oil. This
product brought a high price and consequently the producers were able to pay a high price -for cottonseed oil.
One of the principal reasons why the foreign demand was
not so sensitive to price changes during 1880 to 1890 was
the fact that the domestic trade was able to absorb such a
large proportion of production. But as production increased
and the domestic consumption began to reach the saturation
Point, foreign demand became more responsive to price
~Uctuations. Thus in 1890 when there was a sharp decline
In prices the exports of cottonseed oil jumped from 20,000,000 pounds in 1889 to 100,000,000 pounds in the following
year. It was during the following decade that prices evi?enced a downward trend and in response the foreign trade
1n . cottonseed oil made such enormous gains_ The lower
pnces, brought about by the steadily increasing production
~nd the constancy of domestic consumption, made the trade
1n cottonseed oil profitable to the soap and margarine
lllanufacturers of Europe. However, with the discovery of
the Wesson process of refining cottonseed oil, the domestic
demand increased by leaps and bounds, the immediate effect being a sharp upturn in the cottonseed oil market. But
the rising prices again curtailed foreign demand. The improved market brought more new capital to the industry
and consequently greater milling capacity and larger production. This, together with the lessened foreign demand
in a few years resulted in a reaction in t1e cottonseed oil
market. Thus in 1905 the recession in the cottonseed oil
prices was reflected in an enormous expansion of exports.
In succeeding years when the total available supply of seed
was being crushed and when production could not be mD~e
rially augmented by increased milling capacity, the price
of cottonseed oil became even more sensitive to supply and
demand. Therefore, from that date until the present time
the volume of exports has shown an irregular trend, due
largely to price fluctuations. Whenever there was a marked
recession in the price of crude oil it was reflected in greatly
increased exports, but as soon as prices turned upward and
passed the point where the foreign marginal buyers could
absorb the oil, foreign demand receded. From the appended chart it will be noted that in 1905, 1909, 1912, 1915 and
1921 high points in the exportation of cottonseed oil were
reacl1ed, following sharp declines in the price of cottonseed
oil.
Where Our Exports Go
Another iriteresting feature in connection with our forp.ign trade in cottonseed oil has been the changes in distribution of exports among the importing countries. Between
1890 and 1900, France and Holland combined were taking
about one-half of the total quantity exported. France was
taking large quantities of low-grade oils for refining or for
use in the manufacture of soap and also some high grades
for various edible purposes. On the other hand, Holland
was importing chiefly high grades of summer yellow for
the manufacture of margarine. During the earlier years,
Holland's takings were about treble in quantity the amount
taken by France. In the later years, although both countries had greatly increased their imports, the quantity taken
by France increased to such an extent that by 1900 France
was absorbing about one-third of our total exports, while
Holland had dropped to about one-fifth or one-sixth of total
exports. At this time the three next important consumers
of our oils were Austria-Hungary, Germany, and the United
Kingdom, each country taking about equal quantities, and
the combined consumption being about 30 per cent of our
exp orts. Other important importing countries were Italy,
Belgium, and Mexico.
By 1906 the takings of various foreign countries had
changed considerably. Germany was then the heavy importing nation, taking in that year approximately one-third
of our exports. France, although holding second place,
had again dropped to the point where she was importing
only about one-fifth or one-sixth of our exportations. The
amounts imported by Austria-Hungary, the United Kingdom and Holland had shown but little change. Considerable gains had been made by Belgium and Mexico and the
trade in Canada and the South American countries was
gaining.
Other important changes had taken place in the distribution of our exports by 1912, the year in which our exports
reached the highest point on record. Germany had decreased her takings to such an extent that they represented
only a small percentage of our exports. Holland had regained first place among importing nations, and in the year
mentioned above absorbed such an enormous quantity that
12
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
it amounted to nearly 25 per cent of the large amount of
oil exported. The United Kingdom was the other heavy
importing nation, taking from 17 to 20 per cent of exports.
The other important importing nations, listed according to
the volume taken, were: Italy, Mexico, France, Germany
and Canada, the combined takings of these countries being
about one-third of total exports. There had been further
gains in the South American countries.
During the war period our exports to European countr'ies
showed heavy declines, but the trade with Canada and the
South American countries showed a tendency to increase.
Although the quantity of oil taken by European countries
in 1919 and 1920 increasea somewhat, the trade with them
was greatly curtailed both on account of the exceedingly
high prices and the lack of transportation facilities. However, in 1921 the enormous price declines and the improvement in transportation facilities stimulated foreign demand
with the result that exports evidenced a sharp increase., Exports to practically all European countries reflected a con-
siderable gain. There is shown helow a comparative state·
ment of exports of cottonseed oil to the eight leading importing countries for the fiscal years ending June 30, 1920,
and 1921.
Pounds
1920
1921
Netherlands ..:....... ...... .................. .8,015,000
119,738,000
38,578,000
Canada ... ............... ... ..... ................ 52,320,000
Italy ............................ .................... 17,511,000 ,
28,179,000
United Kingdom ........ .................. 7,4.98,000
24,4.82,000
Norway ................................... ....... 17,027,000
10,359,000
Denmark ........................................ 3,205,000
9,4.l3,000
France ............................................ 11,661,000
8,089,000
Germany ........................................ 1,072,000
8,563,000
Sinc~ 1921 exports to practically every nation have shown
a marked decline. This feature will be discussed in an
article which will appear in the next issue of the Review
dealing with "The tariff on cottonseed oil and competing
oil and its effect on the foreign trade in cottonseed oil."
THE YEARLY PRODUCTlONAND EXPORTATION OF COTTONSEED , OIL - 1875 TO 1924
,.,,,,,.., 0
1'1""0" • 0{ POUY'lds
I
/600
1400
-
1\) \
- - CRUDE COTTONSEED OIL PRODUCID IN TH! U~IT£D STATIS
_
- - - - - COTTOfllS[(O OIL E lIPORT£O -CRUDE AND I/ErlH£D
Yea.r1 E-nd,,'S
JUfI.
30171
1 000
800
(,00
"100
,--VJ
200
o
---::: . ..-...... .......--
~ ~
~
~
~
V
~
C
...
' ......................... "~~,,.
--- ........... ..... ',
'" ::: t;~&lS!
..
-------.
" ........
_-
V
/
cn~a:;
--'
.
'" '"
'"
,
L
/\ f\ I
r
I"
/000
900
I
600
. .. '.."._-..""".
','
~"" ...... ..... -\
..
. ..
400
."---
,"\
\\
\---,
,/'
IZOO
\v
\/
,J
I ... OI!)
V"\V\
/
y",,, E.dlns Ju" 31·'
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