The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
CRAS. C. HALL-W. J. EVANS,
Assi.tnnt Federal Reserve Agents
This copy released for publication in morning papers
Volume 10, No. 12
(!J , . 111 1 1 11 1111111' 1111 1 1 1 1 1 111 11 " It II' 111111'1"111 111 1111111 1' 11'1, , 11 ' 1"
Jan. 30
DISTRICT SUMMARY
1 111 1 1 ' " ' IIIIIII I I1 I I IIII1 I1I1I1I1I I1III1 I1IIIIII1I1UIIlIlIIlIlIlIlI ............. ,111111111 1 111111"11 11111111111111111111111111'11 II 11111111111 1 11 flIIIIIUII.IIIIII" I I ' "
liS
THE SITUATION AT A GLANCE
Eleventh Federnl Reserve District
.:.:. . . ~:·. . . . . . .:.:. . . . . . . . . . . ... . . ... . . . . ............. . ..... .. . . ................
~:;n~t:~J~~ ~o:~d!~l:.~~ .. ~~~~~~.~ ...~~~ ..~~ ..~~~~~.!:
Reserve Bnnk lonna to member !Janka at end of month ........................... ::::: .::: ..... ~:: .. ::::::::::::::::::::::::::.~::.
f~~11~~~e~~;~~~Hl~TI~'~;~;;;~~~~~~;~~~~~~~~~~~~:~~:~:;:~~~~:~ ~: ~~ ~ . ~ : ~: : ::~:.: : . : :;:.~: : : : : : : : : :; ;~: : ;;: ~
0Llu'mPerodouctlon (bn:rels) :......................................: ....._................,'................................................. ........................
b r rders at pme mill. (per cent of nOi mal productIOn)....................................................................
December
$821,420,000
$4,006,902
November
$766,027,000
$10,852,751
Inc. or Dec.
Inc.
~e~.
:::::8~i% $5;::::~~!% rne~.
b~~.
:9,
18,051,416
81 %
12,812,545
98% Dec.
7.2 %
:~:f:f?
.2~~~i~
3~:~~
4 points
E
[!J 111111111 1 1 111 1 1111 1 11 111 1 11 11 1 111111 111 111111 11 11 1.1 11 11 1 11 11 . 1"1 •• 11 1 111 . , 111 11 1 1. 11111 1 11• • • • • • • ••••• 1 11 11 11.11 111 11111 •• ,111 11111 11 1111 1 1111.1111"' 1 11 1 1111 1 11 1"1 1111 1 11 11 •• 11111111111111 111 1111 11 111 11111.,11 111"'III'IIII IIIII'I.II 'I"'III'I"~
The most satisfactory December volume of retail distribution in the larger cities of this district obtained in recent
years was an outstanding feature of the business situation
during the past month. Department store sales were not
only 59 per cent greater than in November, but exceeded by
5 per cent those during December, 1924,. On the other hand,
distribution at wholesale was seasonally quiet and reflected
a substantial decline from a year ago, but such a decline was
due in part to the fact that trade in wholesale channels was
exceptionally brisk in December, 1924,. The records for the
year 1925 show that trade in most lines compared favorably
with 1924" and late reports indicate that trade early in 1926
is proving quite satisfactory.
Other indices disclose that general business and industrial
activity at the close of the year was well in line with that
at the close of 1924,. Bank debits to individual accounts
Were 7 per cent above November and slightly higher than in
December of the previous year. The December valuation
. of buildillg permits issued at the principal cities reached the
second highest total of the year and was 17.0 per cent higher
than a year ago. Construction during 1925 was the largest
o~ record. Production and shipments of cement from Texas
mIlls during De.cember showed a substantial increase over
last year, but the production and shipments of lumber de-
clined. The deposits of member banks on December 23rd
were approximately $3,500,000 greater than on the same
date in 1924 and the district's banks as a whole are strongly
fortified with large cash and secondary reserves. While borrowing at the Federal Reserve Bank continued relatively
light, it is significant that it is noticeably above that of a
year ago.
The insolvency statistics for December disclose a noticeable improvement in the business mortality rate as compared to the previous month, although the volume of liabilities involved was substantially larger than for December, 1924.
Agricultural and livestock conditions throughout the district are generally good and present a marked contrast to
the unfavorable outlook at the opening of 1925. The recent
rains have brought relief to those sections where surface
moisture was needed for the small grains and have left a
fine season in the ground. Farm operations are progressing satisfactorily. Livestock are wintering well and practically no losses have been reported. Reports indicate that
feeding has been necessary in only a few localities. Market
prices on most classes of livestock reflected an upward trend
during the past month.
CROP CONDITIONS
Although hampered to some extent by the cold weather,
t4e district's farmers took advantage of the generally fair
weather and made fair progress with their farm work. This
Work in the coast section of Texas was greatly retarded by
the excessively wet ground, and dry weather is needed so
tha~ farm operations may be resumed. While the small
raInS in some sections suffered somewhat during December
~om the lack of surface moisture, the recent rains have re·
lle,:ed this condition and these grains are now reported to
e In fair to good condition. Some damage to oats resulted
from the freezes. The recent rains put the soil in fine shape
for spring plowing.
The Department of Agriculture estimated that there were
1 780,000 acres sown to winter wheat in Texas during the
f~ll of 1925, as compared to 1,822,000 acres in the fall of
1924., and 1,469,000 acres in the fall of 1923.
The picking of cotton is now nearing completion. Practically all the cotton remaining unpicked is in the Northwest
section, the staple and grade of which is reported to be very
poor. Prior to January 1, 1926, there had been ginned in
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
2
Texas 3,870,900 running bales, as compared to an estimated
production pf 4,100,000 SOO·lb. bales.
The damage to the citrus and hardy truck crops in the
Rio Grande Valley section of Texas resulting from the
freezes during the latter part of December and early January
was small to moderate.
LIVESTOCK
Seasonably cold temperature has prevailed over the district's range territory during the greater part of the past
monh. Due to the light precipitation during December,
ranges in many sections at the opening of the year were becoming dry, but this condition has been relieved by the
recent rains, and ranges, with the exception of a few localities, are in generally fair to good condition. Livestock has
suffered but very little from the cold weather and practically no losses have been reported. There has been some
shrinkage in livestock but less than usual at this season, due
partly to the absence of snow, which permitted uninterrupt·
ed grazing on the ranges. Some feeding in a few regions
was reported.
The receipts of cattle and sheep at the Fort
Worth market during December showed a
gain over the previous month, but receipts
of calves and hogs declined. Receipts of all classes except
sheep were less than in the same month last year.
The cattle market during the month was generally satisfactory with the supply at most times clearing at better
levels than during the previous month. Prices on most
classes at the close were higher than the month previous.
Calves showed considerable strength during the latter part
of the month and at the close were selling at the highest level
of the month. Hogs cleared to a good advantage during
most of the month and during the last week the Fort Worth
market enjoyed the distinction of being the highest market
in the country, due to the short supply and the heavy demand from Fort Worth territory. Sheep and lamb prices
ruled generally steady.
Movements
and Prices
C!J ........... IIIIII .. UII .. IU ... IIIII .. IU ...... UIlIlIIlU .. III .. II ..... III1 ........... 1I111I1I1I1I.IIUlflUIIf.ll1lll rl!l
::
FORT WORm LIVESTOCK RECEIPTS
December December Loss or November
E
:_~
Cattle
Calves
:: Hogs
E Sheep
W~81
......._ ...........
•.....................34.324
•.•_....._..........16.676
__ ................ 28.780
ElI•••••••••••••••••••••
1;1 ...
18l7i•22947782
41.966
20.682
:
Loss or
~r.:~64! !g.~8!11 t89i.,n02~70
LL
L 26.280
G 8.098
19.684
21.767
L 2.968
G 6.968
I
E
;;
The December net receipts and exports of
cotton at Houston and Galveston were
slightly less than in the corresponding
month last year. Exports of cotton from all United States
ports from August 1st to December 31st this season show a
slight increase over those for the same period last season.
m , I •• ,II •••••••••••••••••••••••••••••••••••••••••••••• 11, •• ,' ••• 1, •• ,1111111,.,1, •••••••••• ,1111111111111111111"111111 11!]
~
COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON ~
_
December December Aug. 1st to Dec. 81st _
1926
1924
This
Last
E
Senson
Sea.on
:
680.668
648.816
2.269.797
2.714.464 E
468.679
479.464
1.668.688
2.161.078::
................
................
768.442
610.547:
I
E
:
E Net receipts ................_
:: Exports
.... _...._.... _.... _
m Stocks. Dec. 81st - ......
L!.,.,IIIIIIII.,IIII.,IIIIIIIIIIIIIIIIIIIIII'IIIIIIIIIIII1.,llfllll'I.,.I.,IIIIII""'IIIIIIIIII.,.,I•• 111111111111111""0
8 ....,11111111111111111,.,1 •• ,1,.,111.,111111111111111 •• ,11111111111111111 •• ,1111111111111111.,1""11111111.,.,IIIIII. I 1!J
g
,
~
::
g
GALVESTON STOCK STATEMENT
Dec. 81.
Dec. 81.
:
For Great Britain ...._................_... _ .... _..........__
For France .. _..........................................................
19:;.700
21.800
19;;'089
8.800
Total .... _............................_.................._............
768.442
610.647
Ig f~~c~~~!:.!~f~1tA::~~::~~::::~::::~::: :: : : : :: :: .6:!:m
§
E
I§
6:H~~
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rn.... 11"""'"II II 11.1111 1111""'"II 11 ...11.", 11""'''''''',,,,,,., 111 •• 11",,,1.,,....
11 ... ' ... 11111111 •• 11 •••
11'9
E
HOUSTON COTTON MOVEM"ElNTS
::
~
Aug. 1st to Dec. 81st E
December December
::
1926
1924
This
Last
E
::
Seaaon
Scaaon::
E Recelple-Grou ........_
697.916
686.069
S.782.269
3.624.670 S
:: R eceipt.e- Net .... _......
866.061
867.200
2.169.676
2.068.482:;
E Exports ........................
196.968
288.866
1.169.444
1.070.886,
.§, Stocks, Dec. 31.t........
• .........•...
_ .............
776.011
688 .299 c
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1!l...... I ..... II.I.I.III1I1I1 ... IIIIII ..... II ......... IIIIII.II ............. I ...... II II •• 1I.111I .. 1t.1I1I1I1I ... 1I1.1I1I 18
::
1_
:
::
:
SEASON'S RECEIP'l1S. EXPORTS. AND STOCKS AT ALL
~~, 5~:f~.:;~:~~~G~ :~:~16r8;06:.·i6ni98i : i4:7i8 ;:'~4i 7:8~
L."
Japan-China ........................... .
Mexico ...._.........._.........._.... _....
Total foreIgn ports ..._.............
Stocks at aU U. S. ports Dec. 81st....
19.886
4.490.804
1.748.898
::
:1___
14.819
4.411.664 E
1.686.616 E
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111 ........ 11111 .................. 111 .. 111111111 ........ 11111111111 ................. 11111111111111111111111 .. 11 ..
:
E
Cotton
Movements
COMPARATIVE TOP LIVESTOCK PRICES
1118
:
I~~~~~~f~:::~~~ D~l!! D1fl N°;~ifll
E Lamb•... _ ...... __ ........_........ _....... _.......1
16.60
14.26
16.00:
8.11 •••••••• ., •••••••••••••••••••••••••• ,,1., ••••••••••••••••• 1•••• ,., ••• 1.1 ••••• , •••••• , •••••••••• ' ••• ,','.,.,.,I""'I!)
C!l •• II.II .. U.IIIIIIII.IIII ..... III.IIII.IIIIU ............ IIIIIIII ... IIIIIIII.III1I1I1.1.I.II.I,I ... ".IIIII •• IIIIIII.I II"!"I:
SPOT COTTON PRICES
~
(Middling basi. )
g
_~
December. 1926
Jan. 16.
_~
:
High
Low
1926
:
: New York ...._.......... _.... _.... _..........
21.10
19.16
21.06 :
:: New Orleans ........_........................
20.00
18.77
2061 E
:: Dallas ....- ........- ........ - ........ - ....... ~.19.96
1820
19'86
; Houston .... _.................. _..................
20.36
19:20
20: 76 _
: Galveston ........................................ 20.40
19.26
20.90:
[!]I•••••••••••••••••••••• I.I •••••• I ••••••••••••• I.I.I •• 1""" ••• 1"""""""""'11".,.1"""1".1.1 ••• III •• ' •••••• [!)
:
g
i
I
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COTTON CONSUMED AND ON HAND
UNITED STATES
COTTON GROWING STA'IlES
Aug. 1st to Dec. 81st
Aug. 1. t to Dec. Sl.t
Dec.
Dec.
Dec.
Dec.
Last season
This senson
Tbis season
19241926
Last season
1926
1924
676.271
866.262
1.627.468
688.789
899.908
tton consumed
1.780.606
2.698.979
2.869.007
tton on hand at··;i;.d··of..;;;·.:;nth·;···_········
.......
_
..
_
...
.
..........
_
...
867.676
...................
1.104.001
1.717.972
eetabllahments
..........
in
oonauming
..
-...............
1.819.786
~a)
4.843.421
................. ........... _...
5.889.070
5.608.066
b) In public .torage and compresses .. .. ...... -........ ..................
4.616.91
~
i
8" ........................................................•............................................................................................................................................................................................~.J
COTTONSEED PRODUCTS
The average price of all classes of cottonseed products cember was lower than in the previous month. The volume
shipped from 63 reporting mills in this district during De· of such shipments was well in line with those made in No-
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
vember. These mills purchased 97,072 tons of cottonseed
at an average price of $35.30 per ton, as compared to 123,·
675 tons in November at an average price of $33.61 per ton.
(!J ..... IIIIIII ...... IIIIIIIIIIII ... III .. IIIIIIIIIIIIIIIII ... IIIIIIII ... IIIIIIIIIIIIII1111111111111111111111111111111111118
:
STATISTICS ON COTlI'ONSEED AND COTTONSEED PRODUCTS:
~
'rex8B
United States
§
~
Aug. 1st to Dec. 31st Aug. 1st to Dec. 31st §
:
S;:::'~n
E
~.
§:::
.
S:::.'
Cottonseed received
at mills (tons) ... ~... .
Co{:g~:ie~ ~~~~~~~
1,187,000
S~::;n
S~i~n
1,841,000
4,401,000
•
8,761,000
..
.. _..
816,000
900,000
8,014,000
2,548,000
Cottonseed on hand
(tons) .............•.... _....
892,000
448,000
1,417,000
1,281,000
Crudo
oil produced
(pounds)
................ _ 228,898,000 259,952,980 867,219,000 762,483,401
Cad~~edn~t~n~~ pro·
Hulls produced···it;;;;~i"
884,000
281,000
418,049
260,618
1,400,000
829,000
1,163,587
726,684
••§ Li(6~~~I1:~rob~~~:~..........
158,000
167,981
664,000
482,167
:.
:
~
S~=;n
Stocks on hand
Dec. 81st:
i . Crude Oil (pounds) ....
Cake and meal (tons)
S Hulls (tons).................
: Linters (600-lb. bales)
~
is,706,OOO 28,022,787
5B,OOO
29,818
78,000
86,152
44,000
41,999
3
any material increase in the consumer demand will be immediately reflected in wholesale channels. Late reports
indicate that while retailers are following a very conserva·
tive buying policy, business is proceeding at a very satisfactory rate and that the outlook for the new year is encouraging.
General quietude prevailed in the wholesale dry goods
trade during December. The month's sales were not only
50.0 per cent less than in November, but were 16.0 per cent
below those of December last year. However, it must be
remembered that December, 1924., trade was unusually
brisk. Sales during the last half of 1925 were 12.2 per cent
less than those during the same period of the previous year.
Reports indicate that business has shown an improvement
since the first of the year and that dealers generally are expecting a satisfactory spring trade.
64,699,000 69,888,827
259,000
166,986
202,000
214,681
167,000
167,280
There was a seasonal lull in the demand for groceries
during the past month. The December sales were 3.8 per
cent less than in November, but were 0.7 per cent above
(!]
[!)
those of December, 1924_ The increase over a year ago is
OOTTONSEED PRODUCTS SHIPPED AND A VERAClE PRICE :
encouraging
in view of the fact that December, 1924, sales
REOEIVED
:.~'
December, 1926
showed a large gain over the corresponding month of the
previous year. Sales during the second half of 1925 exProducts
,Average Price E
Shipped
F. O. B. Mill :=
ceeded those of the like period in 1924. by 4.1 per cent. The
• Crude 011 •••. _...._.... _.... _.... _........••_•.. _ . 28,274,090 lbs.
$ .0846 per lb. E
demand in most sections of the district appears to be very
i Oake lind meal... ... _.......................·.........
40,864 tons
32.90 per ton E
: Hullt .............._.................. _........ _...........
25,080 tons
9.07 per re n ::
good. Prices showed no material changes during the mo.nth.
:= Llntors _.... _........ _........_............. ~..... ... ..
7,166,7681bs.
.04 05 per .,J;
The outlook in the grocery trade is reported to be generally
promising.
OOTTONSEED REOEIVED AT MILLS
GJIII., ••••• ,IIIIIIII.,IIIIIIIIIIIII.,II •• llr.,., •• ,II.r",1111111111111111 11 , ••• ,11111111111.1'111111111111111IIIIIIIIIal!)
,11111.11.11111.1111111111" .IIIIIIIIIIIIIUU' 11111111111111111111111111111111111111111111111111111111111111111111111
I
8
11.1.1.1.1 • • • 1.,1111 •••• 11111111111111111111111111111111'11111"111,1"11"1'1"11,'11111'1'1111"'1111'111.I.,I"''''L!J
December
1926
Cottonseed received ................................................ 97.072 tons
Average price p er ton (inc. fl'eight) ................ $85.BO per ton
November
1926
128,676 tons
$88.61 per ton
TEXTILE MILLING
Some improvement has occurred in the textile milling
situation there being more stability in prices and a better
underton~ to demand. However, conditions generally are
still unsatisfactory. There were 2,238 bales of cotton consumed by reporting mills in December, as compared to
2,012 in November and 1,965 in December, 1924.. The December production showed a gain of 5.5 per cent over ~e
previous month and 12.7 per cent over the correspondmg
month last year. Orders on hand at the end of December
were less than at the close of November, or at the close of
December, 1924.. Stocks on hand at the close of December
were greater than at the close of the either of the two months
mentioned above.
m....
::
~:
IIIIIII ••• ' •••••••••• I ••• IIII •••••••••••••••••••• 1111111,.1.111111111111111111 1111 11111111 1111111, .,111111., ll llt l l t;)
'I1EXTILE MILLING STATTSTTC S
::
~.;
December December November
1925
1924
In25
~ Number bnlea cotton consumed.... _
2,238
1,966
2,012 §
E Number spindles active_ .......... _......
69,928
69,928
69,928:
,., Number pounds cloth produced......
1,017,908
908,824
965,142;:
~"IIIIII .... IIIIIIIII .. IIIII .. ,III .... IIIII ... IIII .. I .. I .... IIIIIII .. III .... lIlIfI .. III .. 1I1I 111 .... 11 ... 111 .. 1111 .....
8
WHOLESALE TRADE
While the demand for merchandise in the wholesale chan·
nels of distribution during December was seasonably quiet,
some lines showing substantial declines from a year ago, it
~ust be borne in mind that trade was unusually active durIng December, 1924.. The majority of reporting lines trans·
acted a larger volume of business in 1925 than they did in
1924. A favorable factor in the present situation is the
fact that retailers generally are carrying small stocks and
There was some improvement in the demand for farm
implements during the past month as was reflected in the
increase of 44.9 per cent in the sales of reporting firms.
However, the December sales were 29.7 per cent less than
in the corresponding month last year. Sales during the la8t
half of 1925 averaged 22.9 per cent less than in the same
period of 1924, and were the smallest of any similar period
since 1922. The demand for implements has been materially affected by the drouth in Central Texas and the
freeze in Northwest Texas, which greatly reduced this year's
cotton crop in those sections. However, dealers are looking
forward to a better demand as soon as work on the new
crops gets well under way, provided good farming condi·
tions prevail.
The December sales of reporting hardware firms were
8.0 per cent greater than in November, but were 6.1 per
cent less than in the same month last year. Distribution during the second half of the year was practically the same as
in a like period of 1924. While buying in some sections is
still light, most sections report business to be about normal
and showing improvement. The outlook is reported to be
satisfactory. Prices are firm with a slight upward trend.
The December sales of reporting wholesale drug firms reflected a gain of 2.7 per cent as compared to the previous
month, but were 3.3 per cent less than during the same
month last year. While buying is generally light in many
sections and retailers are not buying very far ahead of
actual requirements, some improvement has been noted
since the first of the year, especially in some of the larger
cities. Most dealers appear to be optimistic regarding the
outlook for the new year. Prices showed but very little
change during the month. Some dealers report collections
below normal.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
4
CONDITION OF WHOLESALE TRADE DURING DECEMBER. 1925
Perce nl ,, ~e of Increase or DecreDs e in
- Nt
e S acsI
-Stocks-Net Sales- July 1st to
Dec. , 1925
Dec., 1925
date
compared .with compared with compared with
same period
Dec.
Nov.
Dec.
Nov.
last year.
1924
1925
1924
1925
Groceries ..................... +
.5 -18 .2
.7 - 3.8
+ 4.1 Dry Goods .................... _ - 16.0 - 50.0
- 12.2 + 10.5 - 1.5
-22.9 - 8.6 + 6.2
Farm Implements ..... .. - 29 .7 +44.9
2.7
- 2.4 + 9.9 - 7.0
Drugs ........................... - 3.8
.3 + 3.1 + 3.5
- 6.1 + 8.0
+
~
§
~" ,~~~~'~~,~,',·;;;;;;7;:;;;~;.-;" ",.,1,.",1" " .,.111'1111'1111111111'llllfll."!~tll'ltl lllllll" II"1111.1.10
RETAIL TRADE
A brisk demand for merchandise at department stores
throughout this district during the holiday season was the
characteristic feature of the retail trade situation. The December sales of reporting department stores reflected an
increase of 58.6 per cent over the previous month and were
5.0 per cent greater than in the same month last year. Total
sales of these firms for the year 1925 exceeded those of
1924 by 4,.8 per cent. Late reports indicate that the January clearance sales are meeting with good success.
Stocks at the close of December were 20.4 per cent less
than at the end of the previous month, but were .6 per cent
larger than at the close of 1924. The percentage of sales to
average stocks during the year just ended was 257.6 as .compared to 245.7 in 1924,. This indicates that the department
stores turned over their stocks 2.6 times in 1925 as against
2.5 times during the previous year.
The percentage of outstanding orders to the previous
year's purchases at the close of December was 5.6, which
shows that the stores have only a small volume of goods purchased which have not been placed in stock.
The percentage of December collections to accounts receivable as of December 1st was 39.3 as against 38.7 in November and 4.1.1 in December, 1924.
(i]1 111 • • 'III.tl . t . ,l f l.,I I """""JII.,.,II I .IIII"11 11 1,. 1., . 11 1 111 11,1 11.1 • • 1, 111' 1111111 1' 1 111' 1 11" 11111 ' 11 11'1 1' 1"1 ' 1111'111 11'1111"" 11 1 11 ' 1 ' 1'1111 1 111 1 ' 1 1 ' 11 1 1" "' 1 1' 111 "'1 1111111'1' 1 11 1 111 1 '111'111111111 1 ',111,.1.11'111"1'1" ""' •• ," •• 1
§
BUSINESS OF DEPAR'I1.MEN'r STORES
;: T ot,, 1 00 1""·Dallas
Ft. Worth
§
Dec., 1925, compared with Dec., 1924,........... .................... ........................
+
6.2
+ 1104
E
Dec., 1925, compared with Nov., 1925 ...... .......................... _.......................
+ 55.8
+ 67.3
§ Cre i~·al~~to date compared with same period l!l8t yC Rr ......... -.... .. .... ..
+
7.6
+
7.7
;:
;:
Dec., 1925, compared with Dec., 1924..................... .. .................................
Dec., 1925, compared with Nov., 1925........................................ .... .... _.......
Stoct:.:: 1st to date compared with Bame period IRBt year .......... . _...... .... ..
§
E
;:
I.
Dec., 1925, compared with Dec., 1924.................................................... ....
Dec., 1925, compared with Nov., 1925 ................................_......................
:::~1:g 11~ ~;;2;~;=:;~·:::: :::
: :
Jan. 1st to Dec. 31, 1924................................................................................
§
Jan. 1st to Dec. 31, 1925.............. .................................. .............................. .
: Rnl!o of outstanrling orde~'s lo Inst year's purcha.""..... ........ ..... ... .. ...... ........
;: Rati~ of December collecllOns to accounts receivable due and outstand:
mg Dec. I, 1925 ............... ..................................... ................................_...... .........
Gl·.It."11111111 .11 11 11 11111111 11 . 1 1111 '1''' " 11 11 1" 11 111 " 111111 1 1.11111 1 1111 1 ' 1111 . , r 1111 11 1 11 1 1
f
E
Houston
+ 12.6
+ 66 .3
+
7.9
A ll Others
Total District :
4.0
+
5.0 E
+ 52. 2
+ 68.6 §
1.1
4.8 E
+
8.0
+ 45.9
+ 13.4
+ 20.7
+ 57.5
+ 16.7
+ 12.2
+ 55.3
+ 10.2
+
_
31
17:6
+
84
_ 22:4
-
286.8
258.6
6.7
212.7
225.4
2.0
266 .2
291.4
5.9
265.1
257.0 1
4.2,
245.7
267.6 ~
5.6 :
37.0
37.2
40 .0
43.7 1
39.S ::
::
m
53
.
- ;;;
2.5
+ 50.6
+ 3.8
+
6.9 ;:
+ 50.4 ;:
+ 10.2 §
=
86
22:5
+
!l:g
-
20'
I
6 §
The December volume of payments by checks drawn on
commercial banks in the sixteen principal cities of the Eleventh Federal Reserve District amounted to $821,4.20,000,
which represents a gain of 7.2 per cent over ' the previous
month and a gain of 1.7 per cent over the corresponding
month of 1924.
I
§
I::; _;~:
filii 11111 I I I I I ,1 11 1111 t, I.III'IIIIII II ,111 I 1111 11111111111111111 11 .11 11 .. 11. III 1111 1 III lUll II I 1 1 11 II II " 1111.11 11 11 11., 1 11 1 111 1111 111 1 1 t II l Ull I I I ' II J
FINANCIAL
[EJ
::
l:J
ber, showed a sharp decline during December. These acceptances totaled $3,015,299.28 on December 31st, as compared to $4,884.,772.86 on November 30th. The amount
executed against import and export transactions declined
from $2,867,301.89 on November 30th to $1,901,545.34 on
December 31st, and those based on the domestic shipment
and storage of goods declined from $2,017,470.97 to $1,113,753.94. during the same period.
(!] 111 111 11 11 1111' 1111 1111.1111'11 1 11.111 , II .III"I"I U '""" . ... IIII'II II II .............. .. 111111.1 1 11 •• , 111111 1 111111' [!]
CHA:~;~;O D;~;r~R~~D:~;O:;;5ber, ID~c~T
~~~~~uerQue
$ 11,074,000 $ 10.396,000
19,262,000
22.355,000
g~frE'ao:: ::::~: l~:m:~~~
EI Paso ...........
Fort Worth...
Galveston ... _..
Houston
Roswell __ .._...
San Antonio ..
Shreveport.. ..
Texarkana
..
Tucs on _.... _....
W nco ...............
Wichita Falls...
Total, 11th
District..._
25450,339769,000000
"
90.102.000
58.479,000
160,947,000
4.180,000
40,143,000
42,907,000
10,136,000
11,356,000
20,034,000
33,260,000
82 1,420,000
+ 6.5 $ 11,447,000
- 13.9
19,031.000
l~:m:~~~ 2:~~:~
+ 2. 7
+ 5.5
+ 6.6
- 15.2
+ 2.7
+15.8
+ 10.5
+ 6.0
- 14 .6
+ 12.3
- 16.5
+18.7
-808,042,000
1.7
248 .773 ,000
3 8 ,26 8 ,000
86,410,000
63,061,000
166,713,000
3,610,000
36,815,000
40,487,000
11,872,000
10,115,000
23,988,000
28,015,000
+
- 3' 2 :_
+ 1.
l~:m:~~~ t~~:g
28885'0196,000°0
66,0
80;070,00 0
58.890,000
150561,000
3;776,000
86,475,000
40,216,000
8,846 .000
9,799 ,000
] 9,886,000
29,641 .000
+ 8 .6
6. 1
12.5
- 9.2
+ 6. 9
+10.7
+10.J
+ 6.7
+14 .6
+ 15.9
+
.7
+12.2
766,027,000
+
§
7.!:!
tEl " 'I""III"II""""I'II I II " I'I'I""' I 'II I " "111.11 •• , 111.11111, • • • 11,11 1 1111 11 '1 " ,11 1 1111111 11, , ' 1't . l ll llt"'.lli
The volume of outstanding acceptances executed by accepting banks of this district,
after rising rapidly from a low point in
June to the highest point on record at the close of Novem-
Acceptance
Market
After showing a steady increase during the
preceding four months, the deposits of
member banks reflected a decrease during
December, The demand deposits of these
banks on January 6, 1926, amounted to
$279,877,000 which was $5,914,,000 less than on December
2, 1925, and $5,443,000 less than on January 7, 1925. Their
time deposits on that date were practically the same as on
December 2, 1925, but $4.,631,000 greater than a year ago.
The item "all other loans" (largely commercial) declined
$2,44 1,000 during the month, but this was largely offset by
an increase in loans secured by stocks and bonds. The investments of these banks on January 6, 1926, were $2,181,000 less than on December 2, 1925. Their bills payable and
rediscounts at the Federal Reserve Bank declined $2,562,000.
The ratio of loans to net demand deposits was 87 per cent
on January 6, 1926, as compared to 86 per cent on December 2, 1925, and 83 per cent on January 7, 1925.
Condition of
Member Banks
in Selocted
Cities
· . 4
MONTHLY RE'V IEW OF BUSINESS AND INDUSTRIAL CONDITIONS
5
e
1;) ...... 111 .. 111 .. 11111111111 .... 1111111111111' ...... 111111 ......... '11' .. 1111111111111111 .... 111111111111 .. '1111111111111' .. 11 . .. 1111111111111111111 ...... 1.1 ..... 111111 .................. 1.. 1111111111111111111111" ...... 1111 .. 11111
1.
2.
8.
4.
6.
6.
7.
8.
9.
10.
11.
E
Number 01 reporting banks ....•........•........•........•.... ,..................................................................
U. S. securities owned.......................................................................................................................
All other stocks, bonds and securities own ed............................................................................
Loans secured by U. S. Government obligations......................................................................
Loans secured by stocks and bonds other than U. S. Government obligations...............
All other loans ................. _..........................................._................................................................
Net demand deposits ... _ ...............................................................................................................
Time deposits ................ _ .......................................................................... _.....................................
Reserve with Federal Reserve Bank ..._ ............................................................................ _ ..........
Bills payable and rediscounts with Federal Reserve B:mk........................................................
Ra:~!.li;:I:: ~~\ydelrea~~ ~ep:ri: ..6·:.. ······..············..······.. ·······.. ····· ......................................
J a n. 6, 1926
49
48,084,000
28,121,000
8,606,000
79,079,000
289,321 ,000
279,877,000
96,388,000
28,958,000
6,981,000
87%
Jan. 7, 1925
49
49,094,000
20,280,000
8,8 80,000
67,786,000
282,677,000
285,820,000
91,707,000
82,134,000
2,905,000
88%
Dec. 2, 1925
49
50,262,000
23,974,000
3,173 000
77,568;000
241,762,000
285,791.000
96,528,000
30,440,000
9,548,000
86 %
8 1•• 1.1.11111111111.11 •• 111.11.1.1111111111111111.1.111 •••• 1.1 •••• 11.1.1.11111 ••••••••••• 11 ••• 1.1 ••••• 1111111111111111111 . • 1" 1.1111111111.1.1'1111 1 111.1,111111,,,111111111111111111 •••• 11.1"111'1.111 •• 1.11",1.1""'111111 •••••• I •• IIIIIIII •• ,III ••• 111 1!1
The savings deposits as of December 31,
1925, of 93 banks in this district which
operate a savings department were ninetenths of one per cent less than on November 30th, but were
Savings
Deposits
12.1 per cent greater than on December 31, 1924. There
were 244,386 savings depositors on the last day of December, as compared to 243,408 at the close of November and
224,774 at the end of December last year.
8.1.1.1111 .. 1111 ............ 111.11 1 11111111 .. 1111111111111111111111111111111111 .... 11" ... 1I1I1I1I1I1I1I1I1I11I1I1I11I.11I .. lIlnll .. III ... I ........... Ulllllll .. UIIIIl ... UU .. I .... UIIIlU .. IIIIIII ..... I .. IIIIIII ................ IIII ........... I ..
::
SAVINGS DEPOSITS
December 81, 1925
Beaumont ................................................................... _
Dallas .............. _..............................................................
EI Paso ... _....................................................................
Fort Worth .... _....................................... .......•...............
Galveston................................................ ..........................
Houston .........................................................................
San Antonio ....................................................................
Shreveport ...................................................................
Waco ...............................................................................
Wichita Falls....................................................................
All others..........................................................................
;
December 31, 1924
Number of
A,
Reporting Number ot f'mount of Number of Amount of
Bankll:
Savings
Savings
Savings
Savings
Depositors Deposits Depositors Deposits
8·
1,884
922,608
1,695
991,654
7
46,796 16,898,036
41,579 18,728,824
8
16,713 5,70~,712
15,659
6,205,318
3
12,986
4,274,489
12,214
8,778,977
8
12,987
8, 019,407
12,950
7,804,881
18
68,60Q 24,888,777
55,787 21,614,155
6·
19,725 11,842,832
17,785 11,222, 782
4
23,432 11,291,777
22,291
9,888,686/
6
7,946
4,876,595
6,164
8,818,778
8
7,014
2,499,465
6,502
1,446,254
48·
81,256 18,051,998
80,298 18,048,892
Total .................. _.................................................. _
93
244,886 108,711,686
222,774
92,687,9~1
November 80, 1925
I
nco or Number oflA.mount ot
Dee.
Savings
Savings
Depositors Deposita
- 7.0
1,846
973,683
+19.5
46,272 16,591,752
- 8.1
17,083
5,547,796
t18.8
12,668
5,257,900
2.8
18,219
8,055,063
14.9
68,104 24,890,087
t 5.5
19,540 11,667,992
20.3
28,848 11,126,126
46.9
7,882
4,785,899
+ 72.8
7,024
2,628,870
None
81,427 13,100,045
I
+12.1
248,408 104,620,218
G]'''.IIIIIIII .. tI.IIIIIII.UII •• I •• lllltlllllt.,IIIII ' '.,III1I.11111fll l lll'IIIII I III'I.IIIII"UIIIIIIII III I.IIIIIIIIIIIIUI.IIII1I1.11 ............. 1 .... "" ...... 1111111111" ..... 11 ..... 1111" .. 1 ....... 1111.11111 .. 1111 ...
~ .'IIIIII.flUIl .. I I I I I I " " ' l l l l l l l l I f l l l " I I I I I " ' I " I I I I .. I'IIIII .. 1I .. 111.111.11111 .. 1.1"
Rate charged cu.tomers on prime commercial paper ouch
as is now eligible for rediscount under the Federal
Reserve Act :
Il:l ~~~~l~: ~~66';~~t~::.~:::::::::::::::~::::::::::::::::::::::=::::::::::
::
0
~: : Rate
R~~~ef~:~~ed
...~~~... ~.~.~.~.~... ~~ .. ~.~~~~ ...~.~~~.~:... ~~~.~.~.~ .. ~.~ .. ~.~~~~
on ordino ry commercial lonns running 30-60-90 days
:
~
Dal~~NUARY:I~:~UNT ~~T:rth
!~:~
t~
!~:~
4-6
6-7
5·6
4-6
6-8
6-8
Sccured by Liberty Bonds a nd certificates ot indebtedness (not including loans to ennble purchase of bondo)
RRle on loans secured by prime stock exchnnge or other
cu(~jn~:~I~~~r~................................. ~ .............. _.. _..................
6
8
6-8
R celpts, etc . ................................................................. _.............
6-6
4 1J.a-6
6-8
7-8
6-8
6-8
~ Rnt~(b ~nti'::~m·~~dit;;.. ··p;~;....~;~~;;;d....b;....;;;;h~~-;·.. ·~-;;:I
:
,§.I".~~"~~ ?,';~~~~,,l,?~.~~::.;;;:~:.::;;~~.;:;:;:.:,:.:;,:.~::~·.;;;;:;;;:~::~;·.::;:~·;:;;; ...
..
" U I l • ., .. UI • •
'~;~IIIIIIIUII
Deposits' of
The combined deposits of member banks on
Member Banks December 23, 1925, were $9,289,000 less
.
than on November 25th. This represents a
declme of $5,758,000 in demand deposits and $3,531,000 in
~'
................................"' ................................................................,.............. " 'iI
E
: =
DEPOSITS OF MEMBER BANKS
~
:
:
!fec.
E
24, 1924 ...............
:: Rn. 28 , 1925 ................
;; ~e~ 25, 1925 ................
E c. 25, 1926 ................
§ ~pr. 22 , 1925................
:: J ny 27, 1925 ... _ ..........
EJ ~ne 24, 1925.............
: U y 29, 1925...............
~ ASeUfC. 26, 1925 .......... _.
: ~t. 28, 1925 ............
: ~c , 28, 1925 .... _...........
: beo v. 25. 1925 ............_.
~ c. 28 1925
All
Member
Danks
160,684
160,896
168,780
165 ,681
166,006
167,218
168,600
11)8,110
169 .415
166,601
166,821
168290
BankS in Cities ~
with a popul .... :
lion of over :
a20,088
84 0,811 116,866::
35R,778 121,061:
a5S,40S 118,648:
848 ,191 ; 117.568E
328,4811117,285 :
321,468 ,' 119,240::
819,081 120.957 ::
822 ,664 1120,526 ::
836,007 · 121,022 :
849,llt 1120,740:
35~, 2\l 4 , 120,631::
852,106 ' 118,844 ::
~21 , 650
804,459
392,885
:!77,145
267,148
261,957
268,000
296,777
818,802
822,213
816 648
44,219
46 ,884
46,182
47,968
48,771
47,978
47,648
47,685
48,898
45 ,861
46 ,19 0
44,446
+
+
+
+
-
5.2
1.2
2.8
18.7
.4
.2
1.5
1.5
1.9
4.7
.4
.9
111111111 111I11I'11I"I'""~
.. UlI •• ' ••
Houston
pre;~~n:n:::::
~::
5-6
~
6-6
5-6
,I~,III.I ,IIIIIUIII~~,IIIIII.I.IUllfll ,~:~
...
..
.. II ..
118
: o~:E
Waeo
t~
t~
6-8
5-6
4'h-6
6
6-8
6-7
6-8
6-8
6-7
IIIIIIIIIII',.~:~lI.II.III
~: :
§
~
6-8 :
• • I. II I. H • • , I •••
;
time deposits. The demand deposits on the former date
were $1,738,000 less than on December 24, 1924, but
this decline was more than offset by an increase of $5,183,000 in time deposits, thereby reflecting a. gain of $3,4405,000
in total deposits.
:
:
Sanks in Cities
with a population of Ices
D~~d
~f~ De~::~d 15::e Dema~~'OO;ime ~
670,487 168,107 322,8 61 41,676 848.126 11~,481 E
660,847
680,428
662,862
685,671;
606,626
688,601
581,088
690,664
632,781
667A13
674,507
668749
[
nco or
Dee.
.. 1111 ...... 111 .. ""11 ........ 1 . .. 111" .. 1111111 .. 11111 ..... 11 .... 11I" .... IU .... '" .... IIIII .... III ... I I I I .. I1 ....... III .. I1 ..... III .. III .. IIIIII ......
::
:::'
0
"1B
~11t ......I.. :.. II .. I.. ~·;::;;~·;:;;;~·,III ..... :II ..... IIII ..~I ...... II .. II:1 11111111111111111111 ...... ,1 ... 11111.11111118
Operations 0/
the Federal
Reserve Bank
The year end liquidations of the Federal
Reserve Bank brought member bank borrowings down to $4,,006,902 on December
31st, as compared to $10,852,751 on November 30th, and $2,713,180 on December 31, 1924. There
were 42 borrowing banks at the close of December as compared to 67 banks at the close of November and 36 banks
at the end of December, 1924.. Member bank borrowings
have increased considerably since January 1, 1926, but it
will be remembered that after January 1, 1925, these loans
did not show any appreciable increase until the latter part
of April.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
6
The total volume of bills held by this bank declined from
$37,830,935.96 on November 30th to $32,877,483.04, on December 31st distributed as foll ows :
Member banks' collateral notes (secured by U. S. Government
obligations ) ......._............................................................................. $ 1.792.700.00
Redis counts and all other loans to m ember banks........................ 2.214.201.76
Open market purchases (Ba nkers ' acceptances) ............................ 28.870.681.29
Thtal bills held ................. ,.............................................................. $82.877.488.04
Federal Reserve notes in actual circulation at the close
of business December 31, 1925, amounted to $4,7,436,585,
as compared to $4,7,830,620 on November 30th, and $55,64,0,950 on December 31, 1924. Member banks' reserve deposits on the last day of December were $66,202,794., which
represents an increase of $5,054,527 during the month. On
the last day of 1924 these deposits amounted to $65,828,199.
FAILURES
The closing month of the year witnessed a sharp reduction in the business morality rate in the Eleventh Federal
Reserve District. There were 49 defaults during December
with liabilities aggregating $608,088, as compared to 71
failures in November with a total indebtedness of $995,237
and 52 insolvencies in December last year which owed
$368,159.
There were 695 suspensions in this district in 1925 with
a combined indebtedness of $10,94,7,609, which reflects an
increase of 6.6 per cent over the previous year in the number of failures and an increase of 17.1 per cent in the
amount of liabilities.
I
rn
1111" .11111111111111111111111111111111111111111111 II 11'1111111" III1IIII It 1I11111111111I11111I1.,111111111111I1I1I1111[!]
COMME RCIA L FAI LURES
1925
1924
MonthLiability Number
Liability
N umber
January .................................... ..
78 $1.812.886
68 $1. 170.988
February ....... _.......................... .
79
1.670.801
67
1. 280.648
March ........................................ ..
69
960.677
682.986
74
April .................:........................ ..
69
' 792.118
56
881.286
May .......................................... ..
66
1.966.651
68
720.662
June ........... _.............................. .
44
636.229
766.071
50
July .......................................... ..
38
360.729
40
242. 424
Augus t ....................................... .
66
62
988.431
1.089.188
September ................................ ..
46
34
680.4 56
412.870
October ......................................
65
46
690.486
54 3.300
November ................................. .
71
996.287
904.820
68
December ..................................
608,088
49
868.169
62
r=1
Tota l ... -................................
---696 10.947.609
-
666
9. 846.761
PETROLEUM
The total production of crude oil in the Eleventh Federal
Reserve District was greater in December than in November,
there being 13,05I,416 barrels of oil produced as compared
to 12,812,545 barrels during the latter month. However,
when allowance is made for the extra day in December, it
will be seen that the daily average production again registered a decline as there was a daily average production of
421,013 barrels, as against a daily average in November of
4,27,085, which represents a decline of 6,072 barrels. Drilling operations were carried on at a more rapid rate in December than during the previous month and new production
was large, but the yield of oil from old wells was not sufficient to maintain production at the November rate. Of
the 533 wells completed in December, 313 were successful
and netted a flush production of 70,962 barrels of oil, and 8
were gas wells. During the previous month 505 wells were
drilled of which 289 were flowing oil wells, which produced
59,829 barrels of crude oil, and 11 were gas wells.
The daily average production of crude oil in Texas during December declined 4,305 barrels from the November
rate, although there was a total of 11,268,050 barrels of oil
produced in the state in December, as compared to 11,033,695 barrels in November. The Corsicana- Powell and miscellaneous fields registered such heavy decreases in production that the slight gains made in North and Central-West
Texas and the Gulf Coast fields were not sufficient to prevent a decrease being shown for the state. Wilbal'ger and
Hutchinson Counties continue to hold the center of interest, and some large producers were completed in the Gulf
Coast fields. There were 1,783,366 barrels of oil produced
in Louisiana during December, a total increase of 4,516 bar·
rels from the previous month's production, but a decrease of
1,767 barrels in daily average production.
During the period December 9th to January 13th, the posted prices of crude oil at
the various fields of the district remained
stationary, with the exception of Haynesville, Louisiana,
where a decrease of 10 cents per barrel was announced.
Crude Oil
Prices
§
1.:,1111 11 11 11111111111111 111111111111111111111111 11 11111 11 111111111111111 11111 11 11 II II 1 II II If II 1111 III 111 1 1I 1f1l11l1l 1l 11l.r!J
m.III .I I. I III. II I I I •• • • •• III ••••••• ,I I I I I I . II II ••••• 111 . ll l lllllt' II • •• I ••• IIIII I II . I'I.IIIIIIII I II'IIIII I .111111111111,.,11 111 , ", 1' 1 . , 11 11 1,1.1 . 1 . 11 11111 1 1111 1, 111 ' 1" ' 11111""11 1 11 111 1 11 1'1 1111'11 1 111 111 1 111 11 ""III I I I I II I I. IIIIII I II • • •• , IIIIII I I I[!J
E
OIL PRODUCTION
December
Total
Daily Average
8.128.100
100.746
2.166.646
69.684
2 226 720
71 797
November,
Total
Daily Average
2.997.240
99.908 Inc.
2 084946
67.88 2 Inc.
2' 805' 870
76.862 Dec.
oUislOna ... _ ........ _............................ _........ _........
.;:::: ::::
,788 .866
.::::
67.628
,:;::::::
1.778.860
.::::::
69.296 Inc.
:::::::
4.616 Dec.
Total. 11th Dilltrict....................................................
18.051.416
421.018
12.812.546
427.086 Inc.
288.871
:
§
:
Field
North Texas ... _.... _ ................ _.... _.... _...................... _....
Central-West Texas ..........................................................
East-Central TexM .........................................................
~N~~~;hS~:L:.;::;::::::::::::
ort
::~
:
Increase or Decrease
:
Total
Daily Avg.
~
126.860 Inc.
887 E
120.600 Inc.
1,702:
80 150 De
6 065 ::
I~:::
Dec.
:::::
I
1.767:
--s:on 8~
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m.......................
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I!l
DECEMBER DRILLING RESULTS
:
FailProComInitial
ures
plct ions duce rs
Production
Field
North Texas .................................. _
19.60 4
302 178
129
Central-West Texas ..................... ..
9.24 6
87
28
6n
East Central 'l1exas ........... ~ .......... ..
200
2
6
3
Texas Coastal .... _......................... ..
62
41
11
36.065
East Texas .... _............................... ..
280
6
6"
Mis cellaneous fields ..................... ..
2.085
12
12""
Texas wildcats ................... ......... ..
26
35
6
30
Totals. 'l1exas ......................... .
North Louisiana ... ~ ..................... .
499
34
298
23"""
201
11
67.454
8.608
Dec. Totals. District........................
638 821
212
70.962
Nov. Totals. District........................
605 300
206
59.829
"Includes 4 gas wells . ··Includes 2 gas weUs .
• """Includes 2 gas wells.
(!J ••I .. ....... . I I ......... .. ...... I ... . I •• I ••• I I .I II I II •• ••• 11. 111 • • • 1.... . . 1. 1 11.1 1 11.11'111111111 11 1••• 1 •• 11.11 •••
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§
CRUDE OIL PRICES
TEXASJ~~2613.
Texas Coastal ...................................................... .............. $1.60
North and Central rrexRs (44 gr. and above) ............ 2.48
J~~2r'
Jan. 18.
LOUISIANA1926
Caddo (38 gr. and above) ......._....................................... $1.96
Bull Bayou (38 gr. and above ) ........................................ 1.76
Homer (36 gr. and above) ................................................ 1.76
Hayncsville (83 gr. a nd above) ........................................ 1.66
De Soto Crude .................................................................... 1.80
Jan. 15.
1926
$1.86
1.16
1.10
1.00
1.20
$1.60
•
8.11 1 111 . 11 11 ... 1111 . 11 •• 11 11 1111 . .. 11111" '1"" 11 111 "."'11'" " 1 1.1111.111 . 111111 .. 1111 11 ..... 11 .... . 111 1 1111" . ....
(Oil statistics compiled by The Oil Weekly, H ouston. Texas .)
8
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
LUMBER
The usual seasonal lull in demand for lumber during
December was evidenced by activities of the pine mills of
the Eleventh District. Although shipments and orders fell
off in volume, as compared to the previous month, production increased in an effort to make up for the loss during
the previous month and in anticipation of a stronger demand
following the year-end inventories. The footage of lumber
produced at reporting mills during December was 8 per cent
below normal December production, as compared to November production 19 per cent below normal. Shipments
made from the mills amounted to a total footage of 5 per
cent below the month's production, while in November shipments from the mills were a total amount 13 per cent above
the month's production. Orders received during December
called for 81 per cent of the production during the month,
whereas the November orders absorbed 93 per cent of that
month's production. Stocks on hand on December 31st were
15 per cent below normal stocks for that date, an increase
of 1 per cent from stocks held at the close of the previous
month.
Unfilled orders on the books of the 47 reporting mills
on December 31st called for only 54.,583,543 feet of lumber, while on November 30th orders remaining on the
books of the 48 reporting mills called for 73,882,062 feet
of lumber.
I
7
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;.;
§
~
::
::
::
::
::
::
::
::
DECEMBER PINE MILL STATISTICS
N umber of r eporting mills....................................
47
g_
~hf:;:,~~~ ..:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: ~g:m:m ~:~~
Orders .......................................................................... 79.952.488
Unfilled orders. Dee. 31st ...................................... 54.688.648
Normal production .................................................... 98.480.880
Stocks. Dec. 31st ........................................................ 264. 726.689
Normal stocks .......................................................... 297.771.746
Shipments below production.................................. 4.202.449
Actual product ion below normal ........................ 7.606.666
Orders below normal production .......................... 18.628.397
Stocks below normal ................................................ 48.046.066
E
~
feet
feet
feet
feet
feet
feet= 6%
feet= 8%
feet= 190/0
feet=16 %
::
::
::
::
::
§
::
1
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BUILDING
The estimated valuation of building permits issued at the
twelve reporting centers of this district reached a total in
December second only to the high point of the year, which
was reached in October. There were 1,951 permits issued
in December valued at $9,763,536, an increase of 41 per
cent in valuation over the 1,875 permits issued in December,
1924, valued at $6,922,981, and 65.6 per cent above the
2,333 issued in November, having a valuation of $5,896,105.
The year 1925 was marked by an unprecedented activity
in building, as shown by the fact that the total estimated
valuation of building during the year at reporting cities was
the greatest ever recorded, and reached a total 17.4 per cent
over the high mark registered in 1924.
I
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DECEMBER BUILDING PERMITS
:
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CEMENT
December which represented an increase of 1.5 per cent
above November shipments, and was 32.6 per cent greater
than December, 1924" shipments. Stocks held at the close
of December were 11.7 per cent greater than those on hand
on November 30th, and were 33.7 per cent larger than December 31, 1924, stocks.
Activities at the mills which produce Portland cement in
!exas were sustained during December and showed material
Increases for ·the year 1925, as compared with the previous
year. The December production of cement was practically
the same as during November, but showed an increase of
5.6 per cent over the same month of 1924,. There were
342,000 barrels of cement shipped from the plants during
G]1 .... 11I1I1 ....... IIII ..... I.III ....... U .... IIII .. III .. I1I1I1 ...... 11I1I1I1I1I1I1I1I1I1I 1 ... I IIIIIIII .. IIIIIIIIIIIIIII .... III U IIIlIl .. I ... III ...... IIIIIIIIIII .. III1 .... 1I1111111111111 .. 1111111111 .. 111 ...... 11 .... 111 .. 11111.111111 .. 11111 ... 1111 ....
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STOCKS OF POR'I1LAND CEMENT
(Bar els)
'9
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8
MONTHLY REVIEW OF BVSINESS AND INDUSTRIAL CONDITIONS
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Boord. os of Januory "5. 1925.)
Pl"oduction and distribution of commodities was in lal"ger
volume in Decembel" than in Novembel", and the volume of
l"etail tl"ade was lal"gel" than in any pl"evious month. Wholesale prices declined to the level pl"evailing last spring, which
was the low point for the yeal".
PRODUCTION
The Fedel"al Reserve Board's index of production in basic
industries advanced 6 per cent in December to the highest
level in ten months. The rise in this index has been nearly
continuous since last August, when the volume of production was at the low point for 1925. In December the production of iron and steel and bituminous coal and factory
consumption of cotton increased considerably, and the production of lumber, cement, and copper was maintained at
relatively high levels. The volume of factory employment
and payrolls, after increasing during the late summer and
autumn months, continued practically unchanged in November and December with increases in some important industries offsetting seasonal declines in others. Building contracts awarded during December were the largest recorded
for that month and exceeded in value those awarded in
November, although a seasonal decrease in building activity
usually occurs at that time of the year.
TRADE
Sales at department stores, chain stores, and mail order
houses in December indicated the largest volume of Christmas trade on record. Trade at wholesale declined seasonally
. but continued larger than last year. Stocks at department
stores showed less than the usual decline in December and
were 4. per cent larger at the end of 1925 than a year earlier.
Freight car loadings continued large during December with
shipments of merchandise and miscellaneous commoditiep,
coke and coal particularly heavy.
PRICES
The general level of prices as measured by the wholesale
price index of the Bureau of Labor Statistics declined by
about 1 per cent in December and was at the end of the
year somewhat lower than a year earlier. The average of
wholesale prices for the year 1925 as a whole, however,
was the highest in five years and the changes in the price
level during the year were smaller than in any year in more
than a decade. Among agricultural commodities, the prices
of livestock and dairy products declined in December, while
grain prices advanced. Among non-agricultural commodities the principal declines were in the prices of cotton goods,
paper, and rubber, while somewhat higher prices were
shown for silk, coal and lumber. In the first three weeks
of January quotations on hogs, coke and hardwood lumber
advanced, while prices of corn, cattle and rubbel" declined.
BANK CREDIT
Changes in the demand for currency have been the principal factor influencing the volume of Reserve Bank credit
in use since the middle of November. During the first
weeks between November 18th and December 23rd the
Reserve Banks paid out into domestic circulation a net
amount of about $320,000,000 of currency in the form of
gold and gold certificates, Federal Reserve notes, and other
kinds of money, and during the following four weeks the
return flow of currency from circulation amounted to about
$4.30,000,000. These currency movements were reflected
in corresponding changes in the volume of Reserve Bank discounts for member banks. At member banks in leading
cities total loans and investments, which had increased almost continuously during 1925, reached the highest level
on record at the end of December, but declined by about
$200,~00,000 during the first two weeks of the new year.
Both the increase iri bank loans in the latter part of December and the decline after the return of the year were largely
in loans on securities particularly at the member banks at
New York City. These changes in the demand for loans
at member banks were related both to the changes in customers' currency requirements and to end of year disbursements by many industrial and financial institutions.
Conditions in the money market, which had become firmer
in the last half of December were easier in January. Rates
on bankers' acceptances increased following the advance in
the buying rate of the New York Federal Reserve Bank
effective January 8th, while rates on commercial paper
showed little change during the period.
-. , 4
105L-
/
I
@FedFRASER