View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

,..\
I

LYNN P. TALLEY,
Chairman and Federnl Reserve Agent

(Compiled December 15, 1924)

Volume 9, No. 11

Dallas, Texas, January 1, 1925

This copy released for pub·
lication in afternoon papers

D ec. 30

DISTRICT SUMMARY
m::_~. """""''''''''''''''''''''''''''''''''''''''''''''''''" " " " " """"" "" " "" " " ":;~~" ~~~~:~';~'~'":'~":" ~~~'~'~~""" """"""""" " " " """"''''" ''''''''''''''''''''''''''''''''''''''''''''''''''''8:::_i:
E leventh F edera l R eserve District

The slower pace of business which developed in October
continued in evidence throughout the month of November.
The volume of wholesale distribution and department store
trade reflected a large decline from the previous month and
was less than that during the corresponding month of last
year. Merchants reported that the usual demand for sea·
sonal merchandise was lacking, due largely to weather con·
ditions. Debits to individual accounts declined nine per
cent from the previous month but were slightly in excess
of those for November, 1923. Commercial failure statis·
tics disclosed an increase in both the number of defaults and
the volume of indebtedness involved .
The estimated value of new building projects begun in
November was considerably less than in October, but above
the level of a year ago. Lumber orders at pine mills reo
Rected a further gain and production and shipments of
cement were greater than in November last year but less
than during the previous month.
The past month witnessed a further gain of approximately
$31,000,000 in member bank deposits, the continued liquid.
ation of bank indebtedness and low interest rates and a
strong demand for investments on the part of both banks
and individuals. The subscriptions to the December 15th
issue of 4. per cent Treasury bonds totaled $61,324.,4.00,
which is the largest subscription received to any post war
Treasury issue. The banks are maintaining large cash reo

serves and are experiencing difficulty in procuring a desir·
able and profitable outlet for surp lus funds .
As the gathering of the Texas cotton crop nears completion it has become evident that the production this year will
approximate 4,770,000 bales, which (with the exception of
1912) is the largest crop ever produced. The seeding of
small grains has made good progress in Northwest Texas,
but dry weather has interfered with seeding and plowing
operations in many sections of this district.
Unfavorable conditions still exist in the livestock indus·
try. Many sections are suffering from mouthy weather and
the small supply of stock water, inadequate pasturage and
a shortage of feed are affecting adversely the condition of
livestock. Reports indicate that the cattlemen are cutting
their herds to the minimum in order to avoid winter feeding,
and cattle prices are sagging considerably in response to the
heavy movement of cattle to market.
An increasing surplus of unskilled labor and a slight sur·
plus of skilled labor in some cities characterizes the dis·
trict's employment situation. Due to the completion of cotton picking unskilled laborers in large numbers are begin.
ning to shift to the cities. Although some textile mills are
still running on part time schedules, a slight improvement
in employment was reported. Lumber mills reported full
time operations but a surplus of labor exists. In some
cities a surplus of building craftsmen is evident.

CROP CONDITIONS
The picking and ginning of the district's cotton crop has
The harvesting of this year's crops under the stimulus
of favorab le weather is nearing completion. The seeding been practically completed. The good weather prevailing
of small grains in the Northwest has proceeded ~apidly and throughout the fall has enabled the farmers to make rapid
the grain that is up is in good condition for this season of progress with the gathering of the crop and losses from
the year. In other sections (except the scattered areas which weather have been unusually small, as practically all of
have been favored with rains) seeding operations have been the open cotton has been gathered in excellent condition.
retarded and the grain is backward. In a large portion The final estimate of the Department of Agriculture placed
of the district the soil has been too dry for plowing and the yield of the Texas crop at 4.,770,000 equivalent 500·1b.
bales, which is the largest crop the state has ever produced
the germination of small grain.

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

2

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

with the exception of 1912 when the production was 4,,880,000 bales. Ginnings prior to December 1st totaled 4,,423,000 running bales as compared to 3,919,000 running bales
prior to that date last year.
The winter vegetable movement from ' the Rio Grande
Valley began earlier than usual and is beginning to assume
large proportions. There appears to be a good demand for
the early vegetables. There has been a substantial increase
in the acreage planted to cabbage and spinach this year,
but on account of the adverse weather conditions the outcome of these crops is as yet uncertain. Indications are
that there will be a good supply of beans, carrots, beets,
and small vegetables. Due to the fact that the yield of the
vegetables will be poor in some' competing states, prospects
are favorable for a profitable season in Texas. In Eastern
markets a downward h'end in prices was reported on sweet
potatoes and cabbage. There is presented below a table
showing the carlot shipments of fruits and vegetables from
Texas.
m

l ll. II I III III.'."'." •• • I III I.' •• • III •• " •• , •• ,., • • • 1 1"'1 1 1 111 1111 1 111'111 11 1111 ' 11 111 1 111 1 11111 111 1 111 1 1 1, . 1 11 1111 11

G'~~~~'~.. ,:~~~,~~~~.. ;;,~~~,~~ ..: ; :.. ,;~~; ..~; ..~~~~~,~~~,~'''1::::_
§
E
:
§ Net receipts..................

Sweet potatoes ............... .
Grapefruit ...................... ..
Spinach .......................... .
Tomatoes ...................... ..
Cabbage .......................... ..
Mixed vegetables .......... ..

90
78
17
1,660
13
75

Total
Shipments
Last Season
Prior to
Dec. 6th:
285
25
10
1,077
18
20

409

99

2,707
1,084
6,568
1,512

The month of November witnessed a seasonal decline in the receipts and exports
of cotton at the ports of Houston and Galveston as compared to the previous month, but a substantial increase as compared to the corresponding month of
1923.
It will be noted that exports to European countries have
shown considerable gains over a year ago. This season's
exports to Great Britain have gained 15.3 per cent over last
season; to France 8.0 per cent; and to other European
countries 32.8 per cent. Total foreign exports for this seaSOIl have increased 23.0 per cent over last season,

b

Aug, 1st to Nov, 80th
This
Last
Season
Season
457,745
2,140,858
1,870,171

I

°r9rs er

677,388

l'm:g~g

(!)

r~::':~~~:,~:~~~~;~~:"~:~:":;~:::;;l;~~"":;':i;::'"l
:_

E
§

For other for eign ports.... ................ ....................
For coastwise ports ...................... .. ........ ........... ,..
In compresses and depots............................ .. ...... ..

48,750
10,500
548,040

25,142:_
16.000
291,188 E

Total.................................................... ................

651,765

848,080

§

[!IIIIII I I I II I IIII II III IIIII I I II III I IIIIIIIIII I I II IIIIIII II11 11 111 1111 1111 111 11 11 1 11 1111111 1 111 1 11 11 11111 1 11111 1 1111 11 1 111 m

@

Ulll ll lllllllllllllllll l lllllll ll llllllllllllllllllllllllllllllllllll l llllllllllllll ll lllllllltlllll 111111111 111111 1I1l!J

§

HOUSTON COTTON MOVEMENTS

~

November November Aug.

:§_

• t
G
19 2 4,526
1928
ecelp 's - ross ..........
547,214
8 72
Receipts- Net ............
486,164
276,518
Exports ........................
278,791
186 861
Stocks, Nov. 80th ........ ...................................:......
R

_
:

,§,

~st

:

~

to Nov. 80th

S~~;~n
S~::;n
88
2,988,511
2,558,1
1,686,132
881 115
623: 717

Eo:

1,420,856 _
649,495:
441,183:

"::11 11 11 1111 11111111 11 11 11 11 11111111 1 111 1 1111 1 111 11 111111 11 11 111 11 11 1 1 111 1111 1111111 11111111111 1 11 111 1 1111111 11 11111III I I (!)

[!) 11111111 111 1111 11111 111 11 11 1111 1111111111 1 111 111 1111111111111111 1111 11111 11 111 II 11 11 1111111 11 11 111111 111 11111111111111 1[!I
SEASON'S RECEIP'])S, EXPORTS, AND S'rOCKS AT ALL
:

~:::~~. ~~l~:;;~~":":S";"":S :'~ :8~f2j2:,i1 4~:97 8~2184i:6;:,;20:1 :d-

111 1111111 1111111 11 11 11 111 111 11 11 111 11111 1111111 11111 11 11 111111 11 111 111111 11 111 1111 111 111 11 111111 1 II II II 11111111 11 1 II I II!J

6

N
er

E~~tcl:;'s N~·~: ..iiOth:::::::: ........s.~~:~~~ . . . . ~.~~:~~~ l'm:m

[!l

Total
Shipments
During
Entire
Last Season:

b

°r~24

[!JUII •• I •• • I I I I I f III1I IIII I I II11 11 1 1 1111 11 11 111 1111 1 11 11 1 111 f i l l i 111 111 11111 1 11 111 1111111111 11 1 11 111 11 f II I1I II 1 11 II I II 11

CAR LOT SHIPMENTS OF FRUITS AND VEGETABLES- TEXAS
Total
Shipments
This Season
Prior t o
Dec, 6th:

N

Last

Cotton
Movements

Japan-China .................. ..........
Mexico ........................................
Total foreign ports..................
Stocks at all United States ports,
Nov. 30th .... ................ .... ......................

::
8

6,794
3,064,128
1,506,714

"
972
2,491 ,899_
:
955,368 :

11 1111 11 11 111 11 1111 11 1111111111111 11 111 11 1111111111111111111111 11 111111111 11 111111111111111111111111I11 11 1111111111111 [!J

m" ""''''''''''''''''''''''''''''''''~;~;''~'~~~';'';~~~~~'" "" ""'''''''''''''''''''''''''''~::.:_
(Middling bas is )
November, 1924
High
Low
24.85
28.60
N ew York ...................................
New Odeans ........ .. ..... .................
24.70
22,90
Dallas ...................... .... ................. .....
23.75
21.95
Houston .... ........ ................ ..... .. ....
24 .85
22.95
Galveston .. ...................... ................ ..
24.80
23.05

Dec. 15,
1924
23.90
23 .85
22 .70
23.60 §
28.65:
[!JIll 1 1111 II 1 1 11 11 1 111111 (1 11 111111 1 11 111 1 1 f 1 11111 1 1 1 111. 11 1111 11 11 111 111 1111 1111111111 1 11 11111111 f 11111 1 1 r 11111 1 11111111 (!J

~ 11 11111 1 111111 1111 111111111111111 1 1""111 1 111111 11 1 1 111 11 1 1 1 11111111 1 11 11111 1 1 1 11 1 1 11111 1 1111 1111 1111 11111 11 1 1 1 111 1 1 111111 1 1 1111 11111 11111 11 11 1 1 1 1 11 11111 1 111 1 111 1 11 1 111 1 11111111 1 1111 1 1 11 11 11 1 111 1 1 111 11 11 111 1 1 1 1111 111 1111111 1 11 11 1111111 1 1IIIIIIII II II @

i

cO::;:~~~;,::~~iftf~:" No,~~b~ N~;;':: A;~:S~ N~;t

I

§: Cotton ,consumed . ....................................................................... _

1,272,182

1,372,785

492,283

532,702

1,817,538

2,054,110

:
::

699,862,
4,646,786

929,172
8,609,220

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

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

1,046,61 2
4,914.219

1,414,474:
8,769,204 ::

847,548
858,642
Cotton on hand at end of month:
(a) m consummg establishments...................................... ................ . ............ .... ...
(b) in public storage and compresses.............................. ................... .......... ........

E:_

8 1 1111 1111 1 1 11 11 111 1111 1111 1 11 11 11111 11 11111 11 11 11111 11 11 1111 11 11 11 1 111 111 11 11 11 11 11 11 111111 11 111 111111 111 11111111 11 111'111 11 1 11 111 11 111 111 1 11 11 111 111 1 11 11 111 1 111 11 11 1 1 1111 11 11 11 111 11 11 1111 11111 1 111 I 11 1111 1 11 1111 11 11111 11 11 111 1 111 1 1111 1111 1 111 1 111 1 1111 8

COTTONSEED PRODUCTS
Commercial reports indicate that there was a good demand for cottonseed oil during the past month. The upward trend in the lard market is gradually widening the
spread between pure lard and compound prices, and as a
result the demand for and price of cottonseed oil appears
to be strengthening.
There were 231,359,133 pounds of crude oil produced during November as compared to 178,402,272 pounds in the
corresponding month of 1923. Stocks on hand at the end
of November totaled 67,081,000 pounds as compared to
4-9,4M,,000 pounds at the end of October and 107,015,809
pounds at the close of November, 1923.

Reports from some sections of the district indicate that
the shortage of pasturage and other feeds has created a better demand for cottonseed cake and meal among livestock
men.
Reports from 91 cottonseed oil mills in this district indicate that the average prices .received by these mills for
the cottonseed oil, cake and meal shipped during November was slightly higher than that received during October.
On the other hand, the price received for hulls and linters
shipped was slightly less.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

I::::' ..

.

··~~;:~:;:~· ~~~~::~~~;;~~~;P:~:B::~:
..

Crude oil ................................................. 33.287.023 Ibs. $ .0868
Cake and meaL......................................
58.205 tons 36.82
Hulls ................... ......................................
28.905 tons 8.67
Linters ......................................... _........... 10.852.617 Ibs.
.0484
Number mills reporting .......................
D1

::
:

pel'
p el"
pel'
pel'

IEIla.IIIIIIIII.I" ••• I.'.'.'.' ••• 'I.II'II' •• I.III.I.I.111111111111111111111111111111111111111111111111111111IIIIIIIII.I"I!]

lb.
ton
ton
lb.

~"llIlIlIlIlIlIlIlIlIlIlIlIlIlIlIlIlfllllllllllllllllllllllllllllllllllllltlltlllllllllllllll1I1I1I111I11I1I11I11I1Itl l ~

N~~~~:er

COTTONSEED RECEIVED AT 11HE
Cottonseed received at r eporting mills (tons ) ..........148.688
Average price per ton paid for seed (including
freight) ...............................•......................................... $ 37.99

l!Ju

STATISTICS OF

!:.E::.

8

[!I.lIltlllll 111111111111111111 11111111111111111111 II 111111 II 1111 111111 11'11111111 1 111111111111111111 11111111111111111111118

I:.:::::.

3

October
858.119

:::.1::.

$ 34.17

III1III1IIII111111 t 11111111 f 11111111111111lI"l CIIIIII1IIII111111 CIII1III1IIII1111111 f 11111 1111 1 11111 II III 11111 11111 1

ID

CO'JYl.'ONSEE~e~:D COTTONS~~~edP~~~CTS ~: :

Aug. 1s t to Nov. 30th Aug. 1st to Nov. 30th
'l'his
Last
This
Last
E Cottonseed received at
Season
Season
Season
Season
E
:: mills (tons) ..................
1.188.000
1.090.000
8.023.000
2.859.000::
:: Cottonseed crushed
::
E (tons) ............................
688.000
686.000
1.853.456
1.567.672 E
: Cottonseed on hand '
:
:: (lons) ............................
455.000
412.000
1,184.802
808.947::
E Crude oil produced
E
::
(pounds) ...................... 197.102.000 191.772.222 551.378.268 459.998.884 ::
::
:: Cake and meal pro·
821.000
819.088
847.793
717.115::
:: duced (tons ) ... _............
:: Hulls produced (tons )
200.000
202.186
529.000
446.305 ::
::
:: Linters produced (500·
::
lb. bales) ....................
126.000
181.828
346.853
313.576::
:: Stoclls on hand Nov.
::
::
:: 80th ..............................
:: Crude Oil (pounds ) ........
1.914.000 82.016.765 67.081.000 107.015.809 ::
:: Cake and m eal (tons )
29.000
47.629
142.274
171.202 ::
84.000
84.646
194.000
179.581::
:: Hulls (tons ).. ....................
: Linters (500-lb. bales )
34.000
44.710
184.904
139.514::
8

1111111111111111111111111111 11111111.111111 11111111111111111I1111111111111111111I1I11111111111111 1111" llllIlllllllIll· rif

LIVESTOCK
The range and livestock conditions in the Eleventh Fed- less than the receipts during the corresponding month of
eral Reserve District continue spotted. Some sections have last year. However, a large number of the month's reheen greatly benefited by timely rains during the past thirty ceipts were drawn from other centers as the packers were
days, but other sections are still suffering from the effects forced to resort to other plants for a supply sufficient to
of drouthy conditions. In Arizona and Western New Mex- take care of local requirements. While the November sheep
ico conditions are much improved since the rains and the receipts were 5,884, head more than those of the previous
supply of stock water has been increased. On the other month, they were 10,397 head less than the receipts in
hand, in Southeastern New Mexico the condition of ranges November, 1923.
Cattle prices generally suffered a further downward reand livestock was reported poor, and the supply of stock
water low, as there has been no relief from the drouth. vision during the past month. Fat cows declined 25 cents,
The cattle are being shipped from the Carlsbad section to and the loss on beef steers ranged from 25 to 50 . cents.
other pastures where feed and water are available. The Calves of good quality and light weight gained some
most favorable conditions prevail in the Panhandle section strength and at the peak period sold up to $6.75, but on
of Texas, where the ranges and livestock with few excep- the close they were bringing only $6.50. However, heavy
tions are in good condition. While the grass is short in calves displayed a weakness and at the high time were selling
some localities, the wheat pasturage and other feed have at $5.50 to $5.75. The market on canners, despite the heavy
served to offset the deficiency in grass. There has been receipts, held steady during November but suffered a dehut little shrinkage noted in the cattle. In other parts cline of 25 to 35 cents during the second week in December.
of the state the rains have been of considerable benefit, The hog market developed strength early in November and
hut there are many sections where the ranges are still very sold as high as $10.25, but later in the month values worked
downward and at the close the best were bringing only
dry and the livestock are in poor to fair condition.
According to the Department of Agriculture, there was $9.25. Due to the small supply on the market, values on
a further decline of 6 points in the average condition of sheep and lambs were marked up 75 cents to $1.00.
Texas ranges during the past month, the condition figure
of 72 per cent of normal on December 1st was 19 points
below the figure reported on that date last year. The DeREC::;;;.
cember 1st condition of cattle was 76 per cent of normal
83.919
G 37.382
86.702
G 34.549 :
as compared to 83 per cent on November 1st and 93 :: Cattle ............ 121.251
per cent on December 1, 1923, representing a decline of 7
.. ::::::::::::
points during the month and 17 points from a year ago.
n
[!)
The condition of sheep on December 1st was 86 per cent
tEl
of normal as compared to 96 per cent a year ago.
§
'
g
1f111111111111 •• • III.IIIIII.'.'IIIIIIII.III.11111111111111111111111111111111111111111111111111111111111111111111IIIIIIIII@

I

N:V~;;:V~~:~~~~ES~;~:;r

1~~~~s

11111111111111

I
g tm I
LG~i~

u:m itm t u:m itm

IllIl It II 11111111111111111111111111111111111111 1111 IIl1l1l1ll1l1l1ll1ll1l1l1l1l1l1l1l1ll1l1 l l1l1l1ll1l1

, . , 11111 1111111111 •• I. 1111111.11111.,1 I 1111111111111111' 1111111. 111111111111111 1 1111111111111111111111111111 III. I1111111I I

§

There was a heavy movement of both cattle and calves to the Fort Worth market
during November and the first half of
December. The November receipts of both cattle and calves
were the largest of any month of the current year, and cattle receipts were the most voluminous since 1918. While
the month's hog receipts were slightly in excess of the arrivals during the previous month, they were 18,275 head

Movements
and Prices

COMPARATIVE TOP LIVESTOCK PRICES

i.~: i~t~}~t :

Hogs ......................................................
Sheep .................................................. ..
Lambs ... _...... ....................................... .

N°I:i:ii'
10.25
8.50
13.50

N°i1:li1~:. \~051~e,. ~ :1~2l.6:i~2lg5'

§

I:::::

u

BIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIIIIIIIIIIIIIIIIIII11111111111111111111111111111111111111111111111111111111111111110

TEXTILE MILLING
Some further improvement in textile milling was reported
during the past month and there seems to be a stronger

undertone of confidence. However, conditions are still
far from satisfactory and the outlook uncertain. Prices

4

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

remained firm with a slight upward tendency. Stocks are
evidencing a downward trend and new orders in a larger
volume are beginning to appear.
There were 2,383 bales of cotton consumed by reporting
mills during November as against 2,54.0 bales in October,
and 2,718 bales in November last year. The spindles active
at these mills numbered 90,344 in November as against
88,944 in the previous month and 87,226 in the same month
of 1923. The November production evidenced a decline of

1.7 per cent from the previous month and 13.0 per cent
from November, 1923.
.

!"""""""""'''''''''''''';~~;:~'':;~~;::~~t~;~~~~~'''''::;;;'=:''"I:::::
Number bales cotton con.umed ......
Number .pindles active....................
Number pounds cloth produced......

l:l

1,185,009

2,540
88,944
1,205,295

2,718
87,226
1,862,568

111 1 1 111 11 11 11 1 11 111 11111 11 11 1 1 11 11 lIlll 11 111 1 11 11 111 11 1 111 11 111 111111 1 1111 111 111 11 11 11 111111 rl ll l ll ll ll l lIl lll llllllll [!j

WHOLESALE TRADE
The slackening of trade in the wholesale channels of dis·
tribution, which was more than seasonal in some lines, was
an outstanding feature of the trade situation during the
past month. Every reporting line of trade reflected a
large decrease in sales from the previous month and drugs
was the only line to show an increase over the correspond·
ing month a year ago. In some instances the distribution
during the period July 1st to November 30th is showing
a decline from the corresponding period of last year, while
in others the margin over last year has been materially
reduced. Early in the fall the retail buying was good and
merchants bought liberally to supply the demand. How·
ever, due to adverse factors, the consumptive demand has
been gradually diminishing and this has been reflected
in wholesale buying.
One factor which retarded distribution has been the
continuance of mild temperatures throughout the fall . Buy.
ing of seasonal goods has not only been delayed but in
many cases the quantity of buying will be greatly reduced .
The existence of drouthy conditions in many sections of
the district has likewise curtailed buying in some lines.
The conditions in the trade present a marked contrast
to those that obtained a year ago. Last fall the farmers
sold a large cotton crop on a rising market and confidence
in the situation was noticeable from manufacturer to con·
sumer. While this year's cotton crop will be even larger
than last year's, the farmers have been confronted with an
irregular or declining market throughout the fall with the
result that a much larger portion of the crop than usual is
still in the hands of farmers . This condition has reduced
the immediate purchasing power of the farmer and buying
has been curtailed.
Evidence is not lacking which indicates that the farmers
are also delaying the payment of accounts until the cotton
in storage has been disposed of. Collections are reported
to be slow all along the line. In fact they have been slower
in both wholesale and retail channels than the situation
would seem to warrant.
Buying has been confined largely to nearby needs and
merchants are still very conservative in placing orders for
future delivery. Frequent replacement orders in some lines
have been received but these are mostly for small quanti·
ties.
Despite the fact that business has been slow dealers
generally consider that the outlook for the future is gen·
erally fair.
The November distribution of dry goods reAected a sea·
sonal decline from the previous month but was at about
the same level as a year ago. Buying, however, repre.
sented largely fill in orders as there is practically no for·
ward buying at this time. Purchases are being made mostly

in small amounts when the consumer demand for merchan·
dise materializes. Some dealers report that the more ex·
tensive Christmas shopping evident in certain quarters has
stimulated the movement of goods in some lines. Prices
generally remained on a steady basis, but prices on woolen
goods are strengthening as a result of the upward trend in
the price of raw wool. The outlook generally is considered
favorable.
While the sales of reporting drug firms have shown the
usual year end decline, they con tinue above a year ago.
The buying of drugs continues brisk in West Texas, in Okla·
homa, and in the other favored sections of the district, but
only poor to fair in less favored sections. Retailers are
operating cautiously and are limiting purchases to the im·
mediate requirements. The volume of forward buying was
reported to be small. There seems to be an optimistic
feeling among dealers regarding the outlook for the future.
The buying demand in the hardware trade appears to be
very conservative. Sales of reporting firms are falling be·
low those of a year ago. The demand for seasonal hard·
ware has been more active but distribution is still below
normal. The trend of prices was reported to be firm to
higher. Some dealers report that (~ollections are still slow.
Dealers generally are expecting better business with the
appearance of winter weather and rains.
While the distribution of groceries is falling below a
year ago, the demand remains fairly active particularly
in the favored sections. However, there has been no dispo·
sition to buy ahead of requirements. The continuance of
mild weather, which has made possible the marketing of a
large volume of fall vegetables in good condition, has reo
duced to some extent the demand for some items. Prices
during the past month have remained relatively steady with
no material changes. Collections in some sections are slow
and difficult. The outlook was reported as fair .
The relatively light demand which has characterized the
farm implement trade throughout the fall continued during
November. The month's sales were 7.6 per cent less than in
October and were 6.6 per cent less than those in November
last year, but the sales for the five months' period July
1st to November 30th have averaged 11.5 per cent greater
than those during the corresponding period of 1923. The
dry wealher in many sections which has delayed the fall
plowing and seeding operations has tended to retard the
distribution of farm implements. Furthermore, the fact
that a substantial amount of this year's cotton is still in
the hands of the farmers has reduced their immediate
purchasing power, curtailed buying and retarded eollec·
tions. Some dealers report that conditions have shown
some improvement and that the outlook is generally fair
to good.

I

I

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

I;

5

I
GI III I I I I I I I III II IIII III I I I . I I I III IIIII II II . I I I II IIIIIIIIII111 111 111 1 11 11111 . 1111111 1 11 111 11 1111 1 11 11 111 11 11 11 1'1111IllIm

§ CONDI'l'I0N OF WHOLESALE TRADE DURING NOVEMBER 1924 ::
::

Perce ntage of Increase or Decreas e in
Net Sale9
Net Sales
Stocks
Nov.. 1924. July 1st to date Nov.. 1924.
eompllred with compared with compared with

§
::
::

1:;_

~;±~;:~;;;i ~~fi ~:1 S"~3 ~I:HO~ ~+1: 2:' 61
i+':113:.:i6

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

l

+ 5.5

::

§
::
::

:1__

+ 6.1

[!J 11 11 11 111 1111 111 11 11 1111111111111111 1111 11 11111111 11 1111111111 11 1111.11 11 11111 111 11 II I 11 11 111 11 1111

If 11 11111111 11 11111

[!t

\

I

RETAIL TRADE

I

The usual seasonal lull in retail distribution occurred
during November when the sales of twenty-four reporting
firms reflected a decline of 9.2 per cent from those of
October. However, sales were practically the same as those

~

r

~

I

during the corresponding month of 1923. The warm
weather during the month was responsible for the continued lack of demand for seasonable apparel and other
fall and winter items which usually move briskly at this
time_ Reports indicate that Christmas shopping is being
done on a rather extensive basis.
Stocks on hand at the close of November showed but
little change from either the previous month or the corresponding month of 1923.
The ratio of outstanding orders to last year's purchases
at the close of November was 5.4, per cent as compared to
6.5 per cent at the close of October and 4.5 per cent at
the end of November last year.
The ratio of November collections to accounts receivable
on November 1st was 40.2 per cent as compared to 4,3.8
per cent in October and 4,0.3 per cent in November last
year.

~l l t IJ t III I III IJ ll lll lll l l lll l llllll ' llllll1lllllll l llll I I III I IIIIIII I IIIIIIIIIIIIIIJII I I I I I I I IIII I IIII I IIIII II 11111 1 11 1 11111 1 1 1 11 1 11 1111111 1 1 1 11111 1 1 1 11111 1 '1111111111 1 111 11 1 1 1 1 1 1 11 1 1111 1 1 1 1 11 111111111 1 11111 1 1 1 111 111111 11111 111 1I1111 1 111111111 11 11111'I¥l

i
::

-

~

=

:
::
::

:"
~

::
__

Houston

D'
Others

Total

.

!StrIct

=
~

Nov .• 19 2 ~. compared with Nov .• 1923.........................................................
Nov .• 192~. compared with Oct .• 1924................ ........................ . ...... .
July 1st to date compared wiLh same per iod lo"t ye""........................

+
.6
- 11.8
+
.7

+2.5
-2.2
+ .1

-1.8
-5.9
+2.9

- 1.1
-11.U
+ 6. 6

.1 :
- 9.2 :
+ 2.7 §

compared with Nov .• 1928..... .... .......... .. .............................. .
Nov .• 1924. compa"ed with Oct .• 1924.......................................................
July 1st to da te compared with same pel'iod last yenl·.........................
StocksNov .• 1924. compared with Nov .• 1928............................. ...........................
Nov .• 1924. compared with Oct .• 19i4 .... ..................................... '
Ratio of Btocks to 9ale9..........................................................................
Ratio of outstanding orders to lust year's p m·ch",,~"... ............... ........ .... .
Ratio of Nov. collections to Accounts Receivable. due and oustanding
November 1. 1924"..............................................................................................

+ 2.5
- 12.0
+ 1.8

+7.8
- .2
+5.4

+ .3
-6.2
+7.8

+
.6
- 12.4
- 6.g

+ 2.1 g
-10.0 ::
+ 4.7 "~

-

.7
1.6
498 .1
5.7

+9 .3
none
632.2
4.3

-3.<
+1.7
460.£
0.3

+
-

4.7

+
.2
.9
476.7
SA

38.6

39. 1

41.1

~2 . ~

40.2

§ Cred~0~~I~s924.
::
~

All

Ft. Worth

Dallas

§ Total Sales:
:

i
:

BUSINESS OF DEPAR'IlMENT STORES

U

2.(,

445 .1

=

:
::
::
:~:__

=

[!) Ul lI IIII IIIUIlIl Il IlIt Il I Il IIlIl IlI IlIlIlIlIIl I IlIlIlIlIIlIIlIlIIlIlIIlIlIlIIlIIlIlI Il Il1II1I1II1I I1 I1IfIlIlIlIlIlIlIIlIUIHHHHUHIIIIIIIIII'"111I1I1I1I1I11I1I1I1I1I11I1I1I1I1I1l 11111111111111111111111111 11 111 111 11111 1 11111111111 II II II UII I I I!J

FINANCIAL
The November debits to individual accounts at fifteen
of the principal cities of the Eleventh District reflected a
decrease of 9.3 per cent from October but showed an increase of two-tenths of one per cent over those of the corresponding month last year. The aggregate for the month
was $710,153,000, as compared to $782,54,1,000 for October
and $709,006,000 for November last year.

on domestic shipments and storage of goods rose from
$1,24,6,812.37 on the last day of October to $1,397,894,.43
on November 30th.
The Federal Reserve Bank of Dallas increased its investments in bankers' acceptances during November, the amount
held on November 30th being $19,905,64.6.49 as compared
to $12,200,783.67 on October 31st.

[!J1 11 1I.111 1 11 11 11 1. 111 1 1••• I I I1I I III I' •• III. 11 11 111 1 1 1111 111111 11 ,. 11 111 111 11 1111111111 1111 1111 1 111 1 11 111 1 111111111111 11@

::

CHARGES TO DEPOSITORS' ACCOUNTS
November,
1924

.l

I
I

l,

l
r

November, inc. Ol'
1923
Dec.

Albuquerque
$ 11.140,000 $ 10.689.000
Austin .............
20.380,000
22,363.000
Beaumont .... ...
15.231.000
16.915.000
Corsicana .......
8.308.000
11.068.000
Dallas
211.867.000 217,059.000
El Paso
3S.899.000
28,756. 000
liort Worth ..
82.617.000 73.610.000
Galveston ......
65.411.000 78.8 01.000
Houston .......... 1-18.283.000 136.063.000
Roswell ............
8,463.000
2.70<3.0011
San Antonio ...
87.881.000
38,295.000
Shreveport ... ..
34.457.000
8U.913.000
- 1'exnl'kana
6.642.000
9.fi Ol.OOO
:__§
Tucson ............
9.697.000
9.174,00')
Waco ..........
21.877.000
28.743.000
:
Total, 11th
:
District ...... $710.153. 000 ~: 709.006.000

"I

Oct.ober,
1924

+ 5.7 $ 11.688.000
- 8.9 22.964.000
- 4.3
17.086.000
-24.9
9.526.000
- 2.6 2R 2.875.000
+16.1
35.127.000

::
Inc. 01'
Dec.

Condition of
Member Banks
in Selected
Cities'

- 3. 9
- 11.:1
- 10.9
- 1 ~.8

- 9.~
- 4.H
+12.~
94.3 3~. 000 -12.'1
- 16.5
69.292.000 .- 5.C
9.0 161.698. 00e - R.~
-28.0
3.288 .000 + 5.3
18.8 89.582. 000 - '1.3
- 6.7
38.711.000 - 11.0
- 30.1
10.877 .00 0 -3fi. 0
5.7
9.235.00 0 + 6.0
- 7.9
26. 860.000 - lS .6

t
+
+

.2 $782.541,00 0

-

9. 3

-

:§
:
:

1

SII I . , II .l l l lf •• IIIII'I'I •••• III II . I ••• I.I.I •• IIIIIII.11 11 1 111 11 111 1111 111 1 111 11 1.111 1 111 1 111 1 111 11. 11111111111111111 1 1 1!!....

Acceptance
Mar /eet

The volume of acceptances executed by accepting banks in this district and which
were outstanding on November 30th
amounted to $3,894,,208.03, or an increase of $226,208.29
over those outstanding on October 31st. The amount of these
outstanding acceptances which were based on import and
export transactions rose from $2,4.21,187.37 on October
31st to $2,496,313.60 on November 30Lh, and those based

Reports from 50 member banks in selected
cities evidenced a further accumulation of
deposits and an increase in the volume of
loans during the month of November. The
loans of these banks secmed by stocks and
bonds other than Government securities were $5,533,000
greater on December 3rd than on October 29Lh, and all
other loans increased $5,906,000 during the same period.
The total loans an d investments of these banks during
the five weeks' period gained $l4.,863,000. The demand
deposits increased $22,988,000 between October 29th and
December 3rd, but time deposits showed a slight decline
during the same period. Reserves with the Federal Reserve
Bank increased $2,425,000, while bills payable and rediscounts as the Federal Reserve Bank declined $1,942,000.
The ratio of loans to net demand deposits declined from
92 per cent on October 29Lh to 86 per cent on December
3rd.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

6

1. Number of r eporting ba nks....................... ....................... .... ............................................................
2. U. S. securities owned......................... ............... ... ........... ......... ................................... ......................
S. All oth er st ocks , bonds and s ecurities owned. .............................................................................
4. L oans secured by U. S. Government obligations... ............................. ........................................
6. Loans secured by s tool,s and' bonds other than U. S. Government obligations.............. .
6. All other loa ns .................................................... .............. .~ ..... .............. ............ y...............................
7. N et demand deposits............................................ .. ....... ............................................... ........... ...... ..... .
8. Time dep osits .......................................... .. ...... .. ... ....... .. .... .. .............................. .......... ..........................
9. R eser ve with Federal Reserve Blink... ............................. .................... .. .............. ........ .. .............. ....
10. Bills payable and r ediscounts with F ederal R eserve B.Lllk.............. ................. ...................... ...
11. Ratio of loa ns· to net dema nd deposits................................................... ......................................
· Loans include only items 4 and 6.

Dec. S, 1924
60
$ 46,873,000
20.617,000
8.329,000
64,648,000
224, 141,000
264, 826,000
91,498,000
28,346 ,000
1,760,000
86%

Dec. 6, 1928
60
$ 62,966,000
13.607 ,000
2,968.000
64,7 06,000
218,371,000
264,62 6,000
78,763,000
28,620,000
6,661,000
87 %

Oct. 29. 1924
60
$ 46,088,000
17,978, 000
3,1 45,000
69,01 6, 000
218,419,000
241,838, 000
~~',m',~~~

3,692, 000
92%

•
:

[iJIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.,1I1I1I1I1I1I111111I1IIIIIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIIIIU . I UIIIIIIIIIIIII.111111111I1111111111"1111111111111111111111'11111'11111111"11111111'1111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!J

The liquidation of loans to member banks
continued throughout November and only
a small amount of new borrowing was in
evidence. The net decline in loans during
the month amounted to $4,040,649.15, thereby reducing
our total loans to member banks to $3,144,,554.07 on the
last day of the month. Further liquidation occurred early
in December and resulted in the establishment of a new
low point on Decembe~ 5th of $2,672,056.40. Since that
date loans have shown a slight increase. Only 67 banks
were using our discount accommodations on November
29th as compared to 14.8 banks on October 31st and to 141
banks on November 30, 1923. On November 30th last year
our member bank loans totaled $15,423,162.36.
The total amount of bills of all classes held increased
from $19,385,986.89 on October 31st to $23,050,200.56 on
November 29th, distributed as follows:
Operations of
the Federal
Reserve Bank

on November 29th, representing an increase ,$3,831,680.32
over those on October 31st and were $2,429,051.47 greater
than those on November 30, 1923.
The net demand deposits of member banks
in this district continued to increase duro
ing November, being $64.1,603,000 on .
November 26th as compared to $609,594,,000 on October
29th and $654,,398,000 on November 28th last year. The
time deposits of these banks decreased slightly between
October 29th and November 26th, but those on the latter
date were $15,009,000 greater than those on November 28th
last year.

Deposits of
Member Banks

r"""""'"'''''''''''''''''''::;~;;;:;'':;'':::::''::::'''''''''''''''''''''''''1

G"llllllllltlllllllll.I.,III.,11111111111111111111111III1II1IIIII11111111111111I11111111I11111111111111I111I I IIIIIIIII IJ]

~
~

:
:

§

Member banks ' collater a l notes s ecured by U . S. Government obligations ) ...................................... .................... $ 691,000.00
Rediscounts a nd a ll other loans .. ............................................ 2,553,654.07
Open market purcha ses (Bankers ' a cceptan ces ) ........ ........ 19,905,646,49
T ot a l bills held .................................................................... $23,050,200. 66

E
:
:
:

~

811111111111111111111111111111111111111111111111111111111111111HIIIII111111111111111"111111111111111111111111111111118

Federal reserve notes in actual circulation amounted to
$57,366,475.00 on November 29th, reflecting a small reo
duction from those in actual circulation on October 31st.
The reserve account of member banks was $60,777,731.71
Discount
Rates

There is presented below the prevailing
rates charged during the seven· day period

9anl,s in Cities Banks in Cities
Mem ber
wit h a popula- with a p opulaBani,s
tion of less
tion of over
than 15,000
16, 000
Total
Total
Dema nd rl'ime Dema nd 'rime Demand Time
19 23.... ........ ... 664,398 143,713 331,681 40,690 322,81 7 103,12 8E
1923 ............... 646,691 144,711 324,079 88 ,'165 322,612 106,94 6 :
1924............... 624,577 151,263 311 ,616 40,931 312,962 110,33
1924... ............ 594,482 167,226 294,406 42, 101 300,076 116,12 4 :
1924..... ......... 668,800 166 ,267 276,019 43,48 0 292 ,7 81 111,82
1924......... .... 649,057 166 ,696 265. 613 46,321; 288 ,444 110,37
1924............... 522,820 154,086 250 ,732 45,837 272,088 108,24 8 :
1924............ 612 ,665 157,163 244,723 46.S2U 267,842 110.82 4 :
1924 ............... 602,7 63 157,71 4 237,982 47,006 264,781 110,70
1924,. ..... ...... 510,092 160,201- 242,995 46,387 267, 097 113,814:
1924,.. ............ 662,283 160,260 276,886 46, 029 286,397 114,23 ] :
1924 ............... 609 ,694 169,889 303, 48] 44,983 306,113 114 ,90 G:
1924............... 641,603 158,722 31 6,786 43,967 326,817 114,76 6 §
All

Nov.
De c.
J a n.
h b.
Mch.
Ap t' .
May
Ju ne
Ju ly
Au g .
Se pt.
Oc t.
No v.

28,
26,
23 ,
27,
26,
23 ,
28,
26 ,
23,
27,
24 ,
29,
26,

2:
7:
0:
8:

[!] 111111111111111111111111 1 .. 11 11 11111111111111111'111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIItlllllllll l llllllllllllllW

ending December 12th by the commercial banks in the
cities listed below.

DECEMBER DISCOUNT R AT ES

P r evn ilinll: R ates

j

r::
os
rn

Rate charged customer s on prime commercial pape,' s uch a s is now elig ible for r ediscount under
the F eder a l Reserve Act

lbl ~~~~i~~ ~~660~~nt~:~~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::.:
R a te chn.rged on loans to other banks , secured by bills receivable ........................................................... .. .
Rat e on ordina ry commercial loans running 30-60-90 days secured by Li ber t y Bonds and ced iU·
cates of indebtedness (not including loans to enable purchase of bo nds ) ................. ......................
•

§
:

~:~~~dcu.~ ~~ ~.~ ~.~.i.~ ~ ~.~~~~ e.x~.~~~.~~ ~~ ~~~~~ ~~~~~.~.~~ ~~1~~.~~.~.1.:......................................

Ra te(a')"
.. ..
..
...
.. ..
...
..
(b) Time .......................... ................... .................... ..................................................... ......... '" ... ........
R ate on commodit y pape r secured Ly warehouse receipts, ctc.......... ..... ....... ...... ......................... ..... ....
Ra te on cattle loans ....................... .... .. ~...................... . ..................... ... ................ ..... ....... .......... ......... ......... ..

I

4-6
4-6
6-6

8
8
6-8

4',1,_6

6-6

6-8
6-8
6-6

6-7
6-7
6-6

6-6

8

6-6

6-6

6-8

6-8

8
8
8

6-8
6-8
6-8
6-8

6-6
6-6
6-6
6-8

6-8
6-8
6-8
7-8

G-R g
7 §
7-8 :
.... J.

6
6-8
5-7
6-7

~

41.6 -6
6-6
6-6 4'AJ-6 1h

l!IllllIlllIlIllIlIlIllIlIlIllllllIlIlIlllIllIlIllllllIlIllllllIllllllllll11111111111111111 C11111 III 11111 11111 11111 III III I II I , 1111111111111111' 111111111111 111 ' 11I1 ClIIIIIIIIIIIII "11I1111.u 11I1I1I111111111111111111111111111111111111111111111111111111111L!1

Savings
Deposits

Reports from 107 banks which operate a
savings department reflect a gain of 7.9
per cent over those of a year ago but declined five-tenths of one per cent from those of last month.

The number of savings depositors as reported by 101 banks
on November 30th was 234.,84,3 as compared to 233,162 on
October 31st, and 211,646 on November 30th last year.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

7

1fIIIII'IIIII ••••• 111111 ••• I ••• II ••••••••• 11111111111111IIIInllllllfIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1111111'''11111111111111111111 11 1'1111111111111111111111111""'1'11111""'1111111'1111111111111111111111111111111111111 111111111111111111'llllllltlllll~

~:_

§
§
~

~
_

§

B eaumont ............................ ......................................... ...
Dallas .. ........................................................ .................. ...
El Paso .............................................. .......................... ...
Fort Worth ............................ .. .......................... .. ........ ...
Houston .............. ........ .... .................................................
San Antonio .................... .................................... ............
Shreveport .................................................. ....................
Waco ...................................... .................... .. ...................
Wichita Falls .. ........................ ...... ................................
All Others .....................................................................

SAVINGS DEPOSITS
Number of November 30, 19201
November 30, 1923
October 31, 1924
Reporting Number of Amount of Number of Amount of InDC. 01' Number of A.mount of Inn· or
Banks:
Savings
Savings
Savings
Savings
cc.
Savings
Savings
ec.
Depos itors Deposits Depositors Deposits
Depositors Depos its
-4
4,666
2,400,469
4.110
2,221,286
8.1
4,677
2,389,589 +
.5
6
41,751 12,961,385
34,720 11,309,328
14.6
41,418 12,695,205 + 2.1
3
17,520
6,686,917
16.759
6,349,329
6.3
17,661
6.748,699 .8
6
19,768
6,316,586
18,486
4,868,426
9.4
19,618
6,248,399 11.3
12
66,001 21,871,862
49,818 19,406,852
10.1
66,871 21,170,018
1.0
-6
10,668
7,626,498
8,656
6,644,168
18.8
10,460
7,896,768
1.8
4
21,087
8,801,470
19,897
9,846,620 - 6.8
21,362 10,059,916 -12.5
6
6,080
3,165,878
5,404
2,696,928 +21.9
5,942
3,129,687
1.1.
-8
6,380
l,288,51H
6,386
1,464,488 -14.8
6,391
1,176,250
5.3
-59
51,632 25,108,467
49,960 23,465,043 + 7.0
51,277 26,0]8,426
.3

Total .............. ................................ .................. ... .......

!

~:

E
§
~

_
~
_

§

i

107

234,843

211,646

94,571,544

87,652,357

+ 7.9

233,162

95,027,802

-

.5

-Only 3 banks in B ea umont, 4 banks in San Antonio, 2 banlts in Wichita Falls, and 66 banks in all others reported the number of savings
depositors.

FAILURES
rnfllllllllllllllllllllllllllllllltllllllllllllllUflllIlIlllIlllIl1lllllllll11111I1I111"UIIIlIIIIIIIItIIIIIIlIIIIIIIl(!)

I
/'

(
(

Commercial failure statistics for November as compiled
by R. C. Dun and Company reflect an increase in both
the llUmber of insolvencies and the aggregate indebtedness
involved. There were 68 defaults during the month with
liabilities amounting to $904.,820, as compared to 46 insolvencies in October with an aggregate indebtedness of
$5413,300. As in the ten preceding months of 1924, the
November statistics reflect a large decrease as compared to
the same month last year in both number of failures and the
amount of indebtedness involved.

::

§

COMMERCIAL FAILURES
Elevent.h Federal Reserve District

§
January

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

February

::
07

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

9G

March ....................... _.................
April .... ............ ...........................
May ........ .......... .. .............. .. .........
June .................. .... ..................... ..
July ............ .-... .............. ..............
i\.ugust .........................................
September .. .................... ..... ......
October ...... .................................
November .. ...................... .. .........

0,1

00
96
66
70
24

Total ......................... ...........

37

§

9~

~~

8111111111111111111111111111111111111111111111111,.1111111111111111111111111111111111111111111111111111111111111111111110

~ Je.

I

PETROLEUM

I

1

There were 12,943,205 barrels of crude oil produced in
the Eleventh Federal Reserve District during November,
which was 25,256 barrels less than the amount produced
in October. However, the daily average run for the month
Was 431,44.0 barrels, an increase of 13,103 barrels over
the daily average production during October. Although the
number of new wells completed in the district during November showed a decline from those of the previous month,
the percentage of successful completions was greater and
the initial production of the new wells showed increases
in production. There were 372 wells completed, of which
238 were sucessful and produced an initial flow of 70,581
barrels, as compared to 396 completions in October of
which 250 were successful and yielded an initial production
of 56,200 barrels.
Crude oil production in Texas during November amounted to 10,990,205 barrels as compared to 11,24,7,595 barrels
in October. However, due to the thirty-day month, November daily average production showed an increase of 3,515
barrels over that for October. The Archer County field

was again in the million barrel producer class, and the
Luling and other miscellaneous fields showed large increases in production. Central-West Texas and Texas
Coastal fields showed decreases in total and dail y average
production. Although the sensation of the month was
the discovery of the new field at Wortham, operations were
not sufficiently developed for' the field to begin to add to
the production of the district. There were 15 successful
gas wells completed in East Texas.
After declining for two months, production of oil in
Louisiana increased in both total and daily average production in November as compared to the previous month.
Total production for the month amounted to 1,953,000 barrels, which represented an increase in daily average pro·
duction of 9,588 barrels.
Posted prices on all grades of crude oil
produced in the Eleventh District remained
unchanged during the period between November 14 and December 12, 1924,.

Crude Oil
Prices

~1'111111111111111111111111111111111111111111J11111111111111 1IIIIIII1111111H11111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111,.111118

~~:emPb~~DUCTION

Field
Total
Daily Average
North Texas ...... ........... r....................................................
2,530,810
8.1,344
Central-West Texas .................................................... ......
4,863,866
161,779
T'(!xas
Coa stnl fi....
....................................
.......................
~... . .,
21',~ 7324,,048600
7427',48 0162
Misccllnneous
elds
.... ..............................
.............. .. .......

October
Increase or Decrease
Total
Daily Average
Total
Daily Avg.
2,412,800
77,832 Inc.
117,610 Inc.
6,512 :
6,298,500
170,919 Dec.
446,136 Dec.
9,140::
c
79,819 Dec.
880722',3614°5 IDnec ..
173',46~v 70 ~: :
2,474.a90
1,061,905
34,21i5
Inc.

Total, 'l'exns .......................................... ......................
North Louisiana ... ~.. .... ................ .... .. .. .. .. .........................

10,990,205
1,953,000

366,840
65,100

11,247,696
1,720,866

862,825 Dec.
66,612 Inc.

267,390 Inc.
232,134 Ir.c.

8,615
9.688

Total, 11 t h District............... .....................................

12,n<l3 ,205

481,440

12,968,461

418,837 Dec.

25,266 Ir.c.

13,103

=.1:

:
::
E::::::

J.

-----

1_:_

§

\!111111111.1111111.11111111.1111111111111111'1111111111111'111111111111111,'11111111111,111111111111111'11'111111111111.1111 11111111111111111111.111.111,11111"'"111111111111111111'111'1'111111111,,'1'1'11'11'11111,1111"IIIlllllllllllllllllllllllllllm

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

8

1!JIIIIlllllll l lllIIIIItIIIIIIIIUlllIllllllllllll1t""'1t1111IIIIIIIIIIIIIIIJIIIIIIIIIIIIlIIIlIlIlIIItIlIlI1IIIIIII1IIUI!J

=========~N~O~V~E~M~B~E~'~R~n~R~TL~~L~IN~G~n~E~S~U~L~T~S~T=T=~~~

'"

No~~l~exns

Com-

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

~;~;~nIC~,~~?~.~~~
. :::::::::::::::::::::::
Enst Tex ns .. .. ...................................

Pro-

pleti~~g duc~78

~~

~~

Fail-

ures72

~~

Initial

Prod~~~~~

t~:m

::

§

CRUDE OIL PRICES

gor~~:n~S~ght

Dec. 12.
............. - .................. ....................................

A~~i

Dec. 15.

~~~;~

~E~r~~.~~.~~.~~::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: (~g

(~g

19
" 16
4
C
.
1 25
1 00
2g
~
16
2·m
N~l;'~h T~;;~~··(ii6··g;:;,:~ity· ·~~·ii·a·b;~~i·:::::::::::::::::::::::::::::::: 1:25
1:00
- - - - -- - - - - - - - - -.
Dec. 12. Dec. 15.
Totals. 'I1exns ..... ......... ...... ... ....
340
214
126
54.242
LOUISIANA1924
1923
North Louisinnn ...•............... ..... .. ...
82
""24
8
16.389
Cnddo (88 grnvit;y nnd nbove) ..... ........... ... .. ........ ....... ...... $1.35
$1.10
- - - - - - - - - - - - - -.
Bu ll Bnyou (38 g rnvity and above ) ... .............. ... ....... . 1.15
1.05
November totals. District....
372
238
134
70.581
above) .. .............. ..... .... ...... ..•.
1.10
Octobe r totals. District...........
396
250
146
56,200
:: liaynesv ille (35 g ravity and above) ................................ 1.00
1.00::
"Gns wells .
""Includes 14 gas wells.
::
:: DeSoto Crude .... ................... ................................... ..... .. ....... 1.20
1.10:
8 1 1111111111111111111 1111 1111 t 11111 11 111 11111 11111 11111 11111 11111 11111 11111 11111 IllIl II I 1 r 1111111111 1 (11111111111 f I (I'll [!)
[!III I I IIII I III •• f 11 111111111111111111111111 till I I111 1 1111 I C11I11 I I l UI C1I 111 1 t 111 11111 111 111 1 11111111111111111111111111118
(Oil s ta tistics compiled by The Oil W eek ly. Hous ton , T exas.)

~~~~ll":iid~:t:ie.l~~ .. :::::::::.

LUMBER
Unfilled orders on the books of 4.9 reporting mills on
Although production of lumber at the pine mills of the
Eleventh District during November decreased as compared November 30th were 57,086,640 feet of lumber, as against
to the amount produced in October, the volume of orders orders for only 52,993,490 feet at the close of October.
The market prices of common lumber of all grades have
received con tinued to be large and shipments were heavy.
Shipments from the mills during November were 18 per strengthened and there have been sharp advances on the
cent above production as compared to 11 per cent abovc upper grades.
tr;J
production in October. Actual production of lumber was
NOVEMBER PINE MILL STAT1S'rICS
=
20 per cent below normal as compared to a production of ::
~
~1~od~tio~f
.
r
.e.
~
~~.
:
.
i
~~
..
~i.
1
1s
..............................
:
.............
:
............
:.:
...........
85.
781.6!~
feet
~
14 per cent below norm al in October. Orders received
during Nove.luber called for 98 per cent of n ormal produc- § 5~;e,'::.e~~.~ ::::::::::::::::::::::::.:::::::::::::::::::::::·.:::::::::::::::::·~g!:m:m ~:~~
:
Unfilled orders . Nov. 30th ........................... " ........ .. 57.086.640 feet
tion of the mills as compared to orders for 96 per cent ::§ Normal
production .......................... . ....................... 106,536.443 feet
of normal production received during October. Stocks of
~t~I~~~1 ~~;~k:Ot.~ ::::::::::::: . ::::::::::.::::::::::::::::::::::::::::::m:m:m ~::~
lumber on hand continued to decline, being 28 per cent §
:: Shipments above production .................................... 15.436.822 feet=180/0
Actua l production below normaL ........ ... .. .. ........ 20.764,803 feet=20 0/0
below normal stocks on November 30th, as against 23 per :::: Orde
r. below norm,,1 production............................ 2.272.471 feet= 2 %
cent below normal on October 31st.
:: Stocl,s below norma L ................ ... ..... ............. ...• ..... 91.539,678 f eet =2S0/0 ""
(E1 111111 11 11 1 11 11 1111111 1 1111111111111111111J 11111111111111111111111111111111111111111111111111111111111111111111.111111

..

[!!tlIIIIIIIIIIIIIIIIIIIII I IIIIIIIIIIIIII I JlIIIIIIIIIIII I 11 1 1111111111 11 1111 11 1111111111 111 1111111 1 11(1 111111 111 II II " II IIL:J

BUILDING
A season;
;mp in building activity in the Eleventh during November, which had a LoLal valuation of $5,712,Federal Re
. t: District, as measured by permits issued 377.
Figures for the year 1924 continued to increase over
at twelve vf the larger cities, was evident in November
wnen the valuation of permits issued declined 35.8 per cent those for 1923. The 30,205 permits issued in 1924 showed
as compared to the previous month. However, there was
an increase in the valuation of permits issued during No- a valuation of $80,675,4,11, as comp~red to .30,428 permits
vember of 15.8 per cent as compared to November, 1923. having a valu ation of $75,318,756 Issued m 1923, or an
There were 2,478 permits issued at the reporting centers increase of 7.1 per cent.

r. .

·""""""""'·""·,,·,,·,,·,,,,·,,"""''''''''''''''''''''',,·,,'''''''''''',,·,,''''~~.;;.~;;;~";~;;;;:;~"""

Austi n ............... .. .....................
Beaumont........ ........- ..............
Dn llas ...•.....................................
E;l P aso .....................................
i!'ort Worth ............... ... ......... ...
Galves ton ..................................
liou.ton ...........•............. ...........
Port Arthur ...........................
San Antonio ........... ..... .. ..........
Shreveport ................................
Waco .... ............. .........................
Wichita Falls ..........................
::

Total... .......................................

-

November, 1924 I Novembe r , J 923
Inc. or
V a luaVnlus.Dec.
No.
No.
tion
tion
205,785
88.060
440 8
39
40
.
16 2,06 .]
120.094
26.6
166
196
aas 1.186.080 - 11.7
879 1,047,46 8
125,690
43
63
56,035 +1~4 . 3
586,031 - 23.1
185
450.417
181
64 ,09J
72.7
263
110.668
331
489 1.195.a02
47-1
940.332
27.1
82, 129
167
218
190.64 7 - 66.9
3!l-1,685 +2?O.8
384 1,305.685
318
218
719.827
261 1.202.199 - 40.1
126,00 0
H
102.620
60
22 .8
191,34~
27
51.7UO
270.1
85

t
t
t

2,478 15.TI2.377/2.486

4.932.563

." "'." " " " " " " '." ." " " " "' ' ., " ' " " ' "' ". i

Oct.ober, 19 24
ValulLNo.
tion
50
97 .790
236
249. 822
2,769
,282
400
60
65.405
191 1, 28~ ,9 1·.'
281
79.4 23
672 1,662.991
193
86.0 18
40G 1.637 ,3~:)
595,6·]2
340
60
153.0:1 ,'
104
226,8 3~

+'15.8 ~

8.897."0~

Inc. or
Dec.
+ 110.1
- 39.1
- 62.2
+126.9
- 6<l .5
+ 39.3
- 28.1
- 4.6
- 20 .3
+ 20. 8
- 18.1
- 15.6

---

36.8

Firs t Eleven Months
1924
1928
No.
Valuation
Valuation
No.
467
1.420, 210
l,497.053
565
2,3 30
2.'127.335
2,027
2.61G,29 ·1
4,503 25 ,598.114
4.335 19.868, 917
71 2
1.615,018
2.024.345
940
2,304
9.382.158
7.734, 235
2,748
2.524 , 52~
3.268
3,71-1
1,843.015
6.374 16,891,313
6, 257 17.706,861
1,788
1.332,671
2,1 63
2.798.235
3.794
8.844, 616
7,769,84 G
3.579
3.129
7.627.795
3, 126
8.693.405
687
1.916 .965
48G
1.153,362
859
2.194.794
488
1,623.188

80.205

80,675.H1

- - - ----30.428

75.318.756

Inc. 0
D ec.

--

5. 1
7.2
+28. 9
-·25 .~
+21 . 8
+R7 .o
- 10:a
- 52. 4
+13 . 8
- l !!. 3
~-6 6. 2
-35. 2
+

Ifm

7. 1 =

[!JIIIIIIII 1111 1I IIII IIII Ilt lUllllfil 1111111 111111111 11111 1111 II 11111111111111 11 1111111111111 III 1IIII(IIIIIOIIIIIIIIIIIIIII II II IIII IIIIIIIIIIIIIIIIIII OIl[ IIIIIIII II HIIIIIIIIIIIIIIUIIII ClIIIIIIIIIIIIIIIIIIIIIIIII II II 111 11 11 1111 II nllllllllill II II II

CEMENT
The seasonal slackening in building actIVIty during No- tober, but an increase of 10.3 ' per cent from the November,
vember was reflected in curtailed production and shipments 1923, production of 348,000 barrels. Shipments of cement
of P ortland cement from the Texas mills. However, activi- fro111 the mills during November declined 12 per cent as
ties continued to exceed those of 1923. There were 384,000
barrels of cement produced during November, a decrease compared to the previous month, ~ut increased 11.9 per
of 7.5 per cent from the 4.15,000 barrels produced in Oc- cent as compared to the correspondmg month of last year.
~11.11111I J IJI JI I I IIIIII IIII II III I I III II II1 111 1 1 11111 11 111 1 , 'lltIIIIIIIII I IIIIIIIIIII I III I 111111 111 11 111 1 1 1 1 111' 1 11 1 111 1 1111 1 111 ~ IIIIIII I IIIII IIII IJlllllltl l "1 1111 11 111111111 1 1111111111111 11 1 11111 11 11 1111 1 1111111111 1 11111111111111 1 111111111111111111[!]

I::

§

PRonUC'r'ON SHIPMENTS AND STOCKS OF POR'DLAND CEMENT

Production of Texas Mills ... ..... ................ .
Shipments from T exns Mills ...................•.
Stocks at end of the month at Texas Mil

(B

I)

=:1:

g

61111111111111'11111111111'''"11111111111111111111111111111111111111111111111t1l111111'111111I1I1I1111I11111I111111I1111' 1I 11111111111111111111111111111111111111111111111111111111111111111.11111111111111111111111111111111111111111111111111111111111119

Summary oj' National .Business
Conditions
(Compiled by the Federal Reserve Board, as of December 26, 1924.)

Production in basic industries and factory employment continued at about the
same level in November as in October. There was a further slight rise in· the general
level of prices reflecting advances in nearly all groups of commodities.
PRODUCTION

Production of basic commodities was at about the same rate in November as in
October, but owing to the smaller number of working days not allowed for in the
adjustment for usual seasonal variations, the Federal Reserve Board's index of production declined by about two per cent. Increased activity was shown in the iron and
steel industry and in cotton and woolen textiles, while production of food, coal, lumber, paper, and automobiles declined. There was little change in the volume of factory employment in November. Building contracts awarded declined somewhat in
November, but the total was considerably larger than for the corresponding month of
any recent year.
Final estimates by thc Department of Agriculture of crop yields in ] 924 showed
a greater aggregate production than in 1923, and an increase of about 9 per cent in
the total value of all crops. Yields of wheat, oats, cotton, potatoes, and hay were
larger than in 1923, but the production of corn and tobacco was smaller. Marketing
continued in large volume in November and exports of agricultural products were
the largest for that month in Hny recent year.
PRICES

The level of wholesale prices as measured by the index of the Bureau of Labor
Statistics advanced slightly in November, price increases in most of the commodity
groups being nearly Qffset by a considerable decline in the prices of animal products.
During the first half of December there were further advances in the prices of grains,
flour, sheep, metals, and lumber, while the prices of beef, hides, silk, and brick
declined.
TRADE

Railroad freight shipments, though smaller in November than in October, owing
to seasonal influences, were in about the same volume as in 1923_ Wholesale trade
showed the usual decline in November, and was about as active as a year ago. Sales
of furniture and meat were larger than last year, while the volume of business in
nearly all other lines was smaller. Retail trade was somewhat more active in November and sales of mail order houses and chain stores were larger than last year. Merf;handise stocks at department stores were slightly reduced and were 2 per cent less
than a year ago.
BANI{ CREDIT

Total loans and investments of member banks in leading cities continued to
increase during the four weeks ending December 10th, and on that date were in
larger volume than at any previous time. The increase during the period was chiefly
in loans secured by stocks and bonds and accompanied continued activity in the
sccurity markets. Commercial loans showed a seasonal decline from the high point
of the year reached in tne middle of November, but continued above the level of a
year ago. Security holdings after increasing rapidly since the spring of the year
rcached a peak on November 19th and after that time showed a slight decline.
At the reserve banks total earning assets increased considerably during the four
weeks ending December l7th, reflecting the seasonal demand for currency and the
export of gold. The volume of discounts of the reserve banks increased between the
middle of November and the middle of December. Their holdings of acceptances
also showed a net increase, while United States securities holdings declined somewhat.
Firmer conditions in the money market during the last half of November and the
first half of December were indicated by higher rates on bankers' acceptances and a
rise of one-half of one per cent in the rate on commercial paper.