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MONTHLY USINESS REVIEW
OF THE
FEDERAL RESERVE BANK OF DALLAS
c. c. WALSH
(HAS. C. HALL - W. J. EVANS
Chairman lind Federal Reserve Agent
Assistant Federal Reserve Agents
I
~'7
---..-.~
(Compiled December 15, 1931)
,c
'E
~lume 16, No. 11
"
,.
,..
"
3'
,-
"
Dallas, Texas, January 1, 1932
~his.
copr is released for pubh catlon m afternoon papers
,.
December 30
DISTRICT SUMMARY
THE SITUATION AT A GLANCE
Eleventh Federnl Reserve Distriet
------------------------~----------------Novembcr
Change From
Ootober
103 1
---~-------------------- I----------I---------
n~i~~ebits
to individual acoounts <at 17
Dapar t)··········
····..·····················
1\""
ment store sales
. .. . ............... .
frYe bank loans to member banks at end
I\~ month .. ... ........... . .............. .
nu·~.ve bank ratio nt end of month .. . .. ... . .
Ce~ Ing porrnit valuntion at lurger ccntors ... .
Com:~;~i~l fa!lures <~u"!\m.r) .. ............. .
Oil Produ . fUIlures (,hablhtlca) ......... .... .
otlon <harrc.s) .. .................. .
--=
$551,411,000
-
$ 20,782,457
-
62 . 1%
S 2,784,430
103
$ 1,726,474
31,40 1,050
20.0%
21.8%
18 .8%
4.4 points
17 .0~
- 20.8 0
+
-
-
10 . 00
4.4%
h t A steady lhough moderate demand for merchandise in
El
h wholesale and retail channels was in evidence in the
SaiVenth Federal Reserve District during the past month.
Sc es of department stores in larger cities reflected the usual
IV asonal decrease as compared to the previous month, and
d: re 22 per cent below those in November, 1930. This latter
PI' crease, however, was smaller than in either of the two
et:ieding months. In wholesale channels, distribution gening \~ continued to show an improvement. In most reportlllo lnes the decline in sales as compared to the previous
IVithth Was considerably less than seasonal, and comparisons
fay the corresponding month a year ago were the most
wh o[abl e reported in several months. While purchases at
su~ esale are being made in small lots, the sustained conteo er demand has necessitated retailers making frequent
at b'ders to replenish stocks. Debits to individual accounts
Oct:\:ks in principal cities were 21 per cent smaller than in
er, and 22 per cent below November, 1930.
I.
ing ~e number of commercial failures in this district durO\7ember, while higher than a year ago, reflected a
noticeable decline from the preceding month. The indebtedness of defaulting firms was in smaller volume than in either
the previous month or the corresponding month of 1930.
Federal Reserve Bank loans to member banks, after
reaching a peak at $26,068,000 early in November, reflected
a gradual decline during the subsequent six weeks and stood
at $19,650,000 on December 15. The latter figure, however,
was considerably larger than that on the corresponding date
of 1930. The combined net demand and time deposits of
member banks averaged $687,698,000 during November, as
compared to $689,838,000 in October, and $827,987,000 in
November a year ago. The loans, investments, and deposits
of banks in larger cities reflected a decline between November 11 and December 9. Subscriptions to the Treasury Notes
and Certificates of Indebtedness issued on December 15
totaled $43,332,900, and allotments to the extent of $37,447,200 were made.
The heavy general rains during the past thirty days were
very beneficial to the agricultural and livestock industries.
Moisture conditions throughout the district are now favorable, and livestock ranges have shown a noticeable improvement. Small grains have responded to the better moisture
conditions and favorable weather, and are now reported to
be in satisfactory condition. Livestock generally are going
into the winter in good shape.
The valuation of building permits issued at principal
cities was 18 per cent less than in October, and 23 per, cent
below November, 1930; yet the latter comparison was, with
one exception, the most favorable shown for the current
year. The production and shipments of cement reflected a
decline as compared to both the previous month and the
corresponding month last year.
BUSINESS
fholesale
t<tde
While the month of November witnessed
a seasonal slackening in the demand for
~cde
merchandise at wholesale in the Eleventh
~leltJral Reserve District, sales in all lines except farm imcOlllpen~s reflected less than the usual seasonal recession, and
bette atlsons with the corresponding month a year ago were
~ated than had been registered in several months. As comJUly 1 to the same period in 1930, cumulative sales from
tangi to November 30 of the current year reflected decreases
ng from 16.2 per cent in the case of groceries to 51.9
per cent in the case of farm implements. Purchasing continues on a moderate scale and most orders are made for
replacement purposes, as retailers are keeping purchases
closel y aligned to consumer demand, and are desirous of
closing the year with low inventories. On November 30,
stocks showed declines from a year ago varying from 8.2
per cent to 39.9 per cent. While the collection of current
accounts has been rather active, seasonal declines were reflected in the November collections of all lines except dry
goods.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
MONTHLY BUSINESS REVIEW
For the first time in any month since June, 1929, the
sales of wholesale dry goods firms in this district during
November reflected a slight increase as compared to the
corresponding month of the previous year. The comparison
with the preceding month showed a decline of 14,.5 per cent,
which is much less than the recession that usually occurs in
November. Late reports indicate that buying during the first
half of December has been holding up fairly well. Total
distribution during the months from July to November, inclusive, was 24.1 per cent below the volume of the same
period in 1930. Stocks on hand were reduced 20.1 per cent
during November. Collections were on practically the same
scale as in October.
The business of reporting wholesale hardware firms in
November showed a decline of 5.2 per cent from October,
which is less than the usual seasonal amount. As compared
to the corresponding month last year, there was a reduction
of 26.5 per' cent, whereas in October the like decrease
amounted to 37.5 per cent. In view of these figures, it appears that the volume of distribution is not only holding
well up to recent levels, but is showing some tendency toward improvement. Average sales from July 1 to November
30 were 31.8 per cent less than a year ago. Collections declined only slightly during the month.
Reports from wholesale drug firms in this district indicate that business during November held up slightly better
than is usually the case in that month. Sales decreased 7.6
per cent as compared to the previous month, and were 16.2
per cent under the volume of the corresponding month last
year, showing practically the same comparison as was shown
in October. Inventories were reduced 5.8 per cent during
the month. November collections were in somewhat smaller
volume than in the preceding month.
While the demand for groceries in wholesale channels
during November was 5.4 per cent less than in the previous
month, the decrease was smaller than is usual at this season.
The slight decline was all the more favorable in view of
the fact that it followed the contrary-to·seasonal increase
which occurred in October. November sales were only 8.2
per cent less than in the same month last year, this being
the best comparison that has been recorded since September
a year ago. Collections reflected a largely seasonal decline
of 9.2 per cent.
A reduction of 49.5 per cent was reflected in the business of wholesale farm implement firms during November
as compared to the previous month. Sales fell 81.0 per cent
........................ ..
below the level of November, 1930, the small sc.ale buying
being due largely to the reduced purchasing power of farro'
ers caused by low prices of agricultural products. For the
period between July 1 and November 30, the volume of
distribution this year was on' a scale 51.9 per cent below
that of the same period last year. After showing two sea'
sonal monthly increases, the volume of collections declined
in November.
CONDITION OF WHOLESALE TRADE DURING NOVEMBER, 1931
Percentage of inorease or deoreaso in-
Groceries .... .... .
Dry goods .. ......
Farm implements ..
Hardware .. .. .. . .
Drugs .. ...... .. ..
Not Sales
Net Sales
Stooks
Ratio of oellco·
Nov., 1931 JUly 1 to date Nov., 193 1 tions during Nov.
compared with compared with compared with to aocounts and
Nov.
Oot. same period Nov. Oot. notes outstanding
1030 1931
last year
1930 1931 on Ootober 31
- 8.2 - 5.4
- 16 .2
- 23 .2 - 1.4
60 .0
-I- .7 - 14. 5 -24.1 - 30 .9 - 20 .1
20 .5
-81.0 -49 .5
- 51.0
- 8. 2
4.4
3 .7
-26.5 - 5.2
- 31.8
- 10 .0 - 1.9
30 .3
- 10.2 - 7.0
- 17.4
- 17.8 - 5.8
35.1
+
The distribution of merchandise at de'
partment stores in leading cities of the
Eleventh District reflected the usual sea'
sonal decline during November, but the comparison with ~e
corresponding month of 1930 was more favorable than In
either of the two preceding months. Sales of merchandise
were 8.5 per cent below those in October, and 21.8 per cent
less than in the corresponding month of 1930. The latter
figure compares with a decline of 23.40 per cent in October
and 26.7 per cent in September. Distribution during the first
eleven months of 1931 showed a decline of 16 per cent liS
compared to the same period of 1930. According to reports,
holiday trade during the first half of December ranged frod
fair to good, with practical commodities in greater dernlln
than novelties.
Retail
Trade
Stocks of merchandise on hand at the close of Noverll'
bel' reflected a decline of 2.8 per cent as compared to thoSe
a month earlier, and continued 21.4, per cent below the slIrlIe
date a year ago. The rate of stock turnover during the eleven
months from January 1 through November 30, 1931, was
2.59, as against 2.66 in the same period of the previous year.
II:
November collections remained on the same level
ll
those a month earlier, but showed a decline from a ye n
ago. The ratio of collections to accounts outstanding ~t
November 1 was 32.0 per cent as compared to 34.4 per ce
in November, 1930.
BUSINESS OF DEPARTMENT STORES
Total Sales (Percentage):
November, 1031, oompared with Novomber, 1030. .... . .. ... . .. . ... .. . ... .. .. ....
November, 1931, eompared with Ootober, 1931... . . . . . . . . . . . . . . . . . . . . •. . . . . . . . . . .
January 1 to date, comparod with same period last year.. . . . . . . •. . . . . . . . .• . . . . . •. .
Credit Sales (Pereentage):
November, 1931, comparod with November, 1030. ........ .. .................... .
November, 1931, oomparod with Ootober. 1931... . . . . . . . . .... .. •. . .. . . ...••... . •.
January 1 to date, comparod with sarno period last year.. .. ... . . ... . •.... • . . . . • . . .
Stocks (Peroentage):
November, 19S1, compared with Novomber, 1930.... . ... . .. . . ....... .. . .. ... .. . .
November, 1931, oompared with October, 1931.. .. . . .. .. .... ............ . ... . ....
Stook Turnover (Rate):
Rate of stock turnover in Novembor, 1930..... ........... .. .. . .. ... .. . ... .......
Rate of stock turnover in Novomber, 1031 .... .. .. . . ................... . .. . . . .. . .
Rate of stock turnover January 1 to No\'ember 30,1030 ... .............. . .. . ... . .
Rate of stock turnover January 1 to November 30,1931.. . ....... ... .. .. ... .. ....
Ratio of November colleotions to aocounts receivable outstanding November 1, 1981. . .. . .
---
Dallas
- 20 .8
- 18.6
- 15.1
Fort Worth
- 18.0
- 7.8
-11.3
Houston
- 19 .2
.1
- 17.0
San Antonio
- 32.5
0.0
- 18 .3
Others
- 10.8
- 6.0
-18.9
Total DistriOt
_ 21 .8
_ 8.5
_16.0
- 22 .0
- 18 .3
- 17.7
-20 . 6
- 7.1
- 13.0
- 17 .6
- 5.2
- 10.7
-32.5
+ 5.9
-17.0
- 21.4
- 5.9
-10.6
_ 22.0
_ 0.9
_ 17.1
- 22 .2
- 3.8
+ 2.4
- 17 .0
- 18.1
- 1.3
-32 .7
- 8.1
-20.8
- 5.5
_ 21.4
_ 2.8
.24
.24
2.77
2. 67
32.1
.18
.18
2.16
2.08
20.4
.20
.24
2.75
2.64
36 .2
.35
.31
3.57
3.46
30.3
.21
.21
2.28
2.33
31.7
-
+
.24
.23
2.66
2.59
32.0
----------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
s
----------------------------------------------------------------------------------------------The business mortality rate in the
Eleventh Federal Reserve District during
November, as reported by R. G. Dun &
Company, continued somewhat higher than a year ago, but
r~flected a decrease as compared to October. Total liabilities
°h defaulting firms not only showed a further decline from
t e previous month, but were materially smaller than in
COmmercUri
Failures
November, 1930. The number of firms that became insolvent
in November was 103, as compared with 130 in the preced·
ing month, and 91 in the same month last year. Their in·
debtedness aggregated $1,726,4.74, whereas in October the
total amounted to $1,930,446, and in November, 1930, it
was $2,4,97,220.
AGRICULTURE
The general rains which fell over the benefited by the rains during the first half of December.
Eleventh District during November and The acreage planted to most winter truck crops is con·
the first half of December greatly im· siderably smaller than a year ago. Shipments of cabbage
Pbroved the condition of the soil, and overcame to a consider. are heavier than in the fall of 1930, and in response to a
n Ie extent the deficiency in moisture in South and West good demand, prices being received by growers are better
Tex.as resulting from the dry weather earlier in the fall. A than a year ago. Shipments of carrots and fall tomatoes are
~hod supply of moisture now obtains in most sections of also exceeding those of the previous season. On the other
e district. While the wet weather delayed fall plowing hand, the movements of spinach and potatoes are falling
and retarded the picking of cotton, this work is well ad: considerably short of a year ago. Shipments of citrus fruits
lanced. Winter wheat and oats, which suffered from the from the Rio Grande Valley continue in large volume.
ack of moisture in September and October, have made good
General rains fell over practically all
Progress during the past six weeks due to the better moisture Live$tock
the district's range territory during No·
bon?itions and mild temperatures, and are now reported to
vember and the first half of December with the result that
e In a generally satisfactory condition.
moisture conditions are now generally favorable. These
t . The indicated production of cotton in the Eleventh Dis· rains were particularly beneficial to those sections in Texas
llct? based on the December 1 report of the Department of where moisture had been deficient for some time. Pastures
gl"lculture, is slightly larger than a month ago as the in· have improved over much of the district, and prospects for
Cf~ase in Texas and New Mexico more than offset the de· winter range feed are now very good. Small grains have
chne in Louisiana. The December 1 estimate of the Depart. improved materially and should furnish considerable winter
~ent for Texas was placed at 5,270,000 bales, as compared pasture. Furthermore, there is an abundance of concentrates
40 5,250,000 bales on November 1, and an actual yield of and roughage available for winter feed. All classes of live·
e,0.38,000 bales in 1930. The per acre yield for the State was stock are going into the winter in unusually good condition.
Shrnated at 164 pounds as against only 114 pounds a year
The condition of cattle ranges in Texas improved 3 points
Tgo . The report stated that in Northwest, West, and North
el(as, the outturn is exceeding expectations, while the other during November, and that of sheep and goat ranges rose
Se
thcfIons of the State will produce less than expected. AI . 5 points. As compared to a year ago, the condition of cattle
ranges showed no change, while that of sheep and goat
\It ough the heaviest reductions in acreage occurred in North·
r est, North, West-Central, and Northeast Texas, these sec· ranges declined 3 points. The condition of cattle, sheep and
Ions showed the largest percentage gain in production, as goats in Texas rose 1 point during the month, and on Decem·
~ornpared to a year ago. South Texas was the only section ber 1 the 81 per cent condition of cattle represented a gain
pO show a decline in production. A substantial increase in of 2 points over a year ago. The condition of sheep declined
shvacre and total yield as compared to a year ago was also 1 point as compared to December 1, 1930, and goats 2 points.
e oWn in Louisiana and Oklahoma. In New Mexico a mod· The condition of ranges in New Mexico and Arizona showed
zr at e increase in per acre yield was reported, while in Ari· no change during December, but was better than a year ago.
1'0na there was a decline. The abandonment of acreage in There was a slight decline, however, in the condition of
thel(as, Louisiana, and Oklahoma was considerably smaller livestock during November.
a n in 1930, due mostly to the favorable growing season
The receipts of sheep and lambs at the
A.n. the abundance of cheap labor. It was some larger in Movements
Fort Worth market during November rel'eflz ona . Picking and ginning have made good progress in and Prices
flected a further noticeable gain over the
in l(A.,8S! Louisiana, and Oklahoma, but they have been slow
previous month, and showed an unusually large increase
rlZona and New Mexico.
over November, 1930. Arrivals of hogs were moderately
larger than in either the previous month or the correspond.
COTTON STATISTICS FOR YEARS 1081 AND 1030
ing month last year. The receipts of cattle and calves were
Ginninga Prior to
Yield Per Aoro
Estimated
Aotunl
smaller than in October, but those of calves were greater
Deoember
1
Indionted
Aotual
Produotlon Produotion
1031
1080
1031
1080
Deo. 1, 1081
1080
than a year ago.
Crop Con.
ditions
d
---
TOlna
OltI h.. .. · ..
to a .oroa .. .
li uislana .. . .
4ilVMexioo .
tona .. . ..
(Bales)
6,270,000
1,220,000
805,000
08,000
119,000
4,038,000
854,000
715,000
09,000
155,000
(Pounds)
164
170
210
412
324
114
102
102
375
340
(Bnles)
4,008,885 3, 087,750
1,058,550
708,400
813,454
082,Hl
08,830
77,764
53,073
04,430
SOURCES: Departmont of Agrioulture, Burenu of Consua.
1
th ruck crops in South Texas, which had suffered from
e ack of moisture during the fall months, were greatly
Prices on most classes of cattle at the middle of Decem·
ber were fairly well in line with those a month earlier. Beef
steers have sold to a weak demand and prices drifted lower,
but the outlet for other classes has been fairly good at most
times. The hog market, after rising moderately during the
first half of November, turned downward and reached a
new low level toward the middle of December. Under the
~--------------~~~~~~--------------------MONTHLY BUSINESS REVIEW
4
------------------------------------------------------
pressure of heavy receipts, lamb prices reflected a further
decline. The sheep market was a little stronger.
FORT .WORTH LIVESTOCK RECEIPTS
(Number)
Cattle .... .. . . · .
Calves . .. .. . . ·· .
Hogs . . . ... . . . ·· .
Sheep ... . . . ·· · · .
November
1031
48,122
38,491
16,898
63,908
November Change over
Yoar
1930
848
48,970
+ 3,877
34,614
+ 1,022
14,876
+46,067
17,861
Ootober
1031
56,016
40,476
12,308
64,316
Change over
Month
- 7, 803
- 1,986
+ 3,690
+9,693
1
COMPARATIVE TOP LIVESTOCK PRICES
(Dollars per hundred·weight)
November
1081
$7 .50
~:ef~tce~ .. . . . .. . .. . . .. .. . ....... . .... .
5
.60
B~~ol~~/o~~:: : : : : ........•... . .. .. . . ....
4 .25
4 .25
6 .26
6 .86
3 .60
~~O;::ba"'"
6 .75
~~~F~. ~~~:s:::'
:: :~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~: ~ ~ ~ ~ ~ ~ ~ ~ ~
......... ................... .
............. .. .... .... ... ........
November
1030
$10.25
7 .00
5 . 10
6 .00
8.75
9 .25
4.50
7.60
October
1931
$7.60
6 .60
4 .50
4 .00
6 .00
6. 10
4 .60
6.50
FINANCE
The loans, investments, and deposits of ~rease between November 15 and December 15, but on the
atter date were $~,537,000 less than on the corresponding
member banks in selected cities reflected
a decline between November 11 and De- date of 1930. WhIle the actual circulation of Federal reo
cember 9. During this period their invest- serve notes declined $3,676,000 during the month the total
ments in United States securities declined of $4,7,94.5,000 in circulation on December 15 ~as $15,$1,54.1,000, and those in other stocks and bonds were reduced 756,000 larger than a year ago.
~
$2 136,000. Total investments on December 9 were $19,CONDITION
OF
THE
FEDERAL
RESERVE
BANK
389,000 greater than on the corresponding date in 1930.
(In thousands of dollars)
The loans of these banks totaled $288,554,000 on December
9, as compared to $297,446,000 on November 11. This deNov. 16,
Deo.15,
Deo.15,
1031
1031
1030
cline was represented by a recession of $5,783,000 in loans
S 53,061
$ 56,167
T?tal cneb rCllorvos .... .... .............. . $ 58,191
on securities, and $3,109,000 in "all other" loans (largely
22,927
6,680
10,650
DISoounts for member banks . ... . . . .. ..... .
17
None
15
O~hcr bills discounted .... . .... .. .. .. ..... .
commercial). As compared to a year ago total loans were
18,162
7,393
8,025
BII!s bought in open market. . ...... .... . . .
1 9,63~
26,101
20,662
$41,116,000 smaller. Time deposits of these bank~ rose
gth~~di~;;:;:! s~o urities owned .. . . ... ...•. .
7
7
'1' I
. e ts .. .............. .... .. ..
00,743
$1,297,000 during the four-week period, but this gam was
43,751
63,708
ota enrnmg assets . ....... . ... .. ....... .
50,107
57,905
50,368
Member hank reserve deposits .... .... .. . . .
more than offset by a decline of $2,735,000 in net demand
51,621
32,189
47,045
Federal reserv~ notes in notual oiroulation . . .
deposits. Their combined net demand and time deposits on
December 9 were $36,290,000 less than on the corresponding date of 1930. Borrowings from the Federal Reserve Bank Deposits of
The daily average of combined net de'
amounted to $10,677,000 on December 9, as compared to Member Banks
mand and time deposits of member banks
$11,834,000 on November 11, and $2,195,000 on December
in this district during November amount·
ed to $687,698,000, as compared to $689838000 in the pre·e
10,1930.
+ • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ••
violl!;; month, and $827,987,000 in Nove~be;, 1930. The r ;
CONDITION STATISTICS OF MEMBER BANKS IN SELECTED· CITIES
ductIOn from October, which amounted to $2140000, \,,11
(In thousands of dollars)
largely of a seasonal nature, and the comparison' with ~~
Deo.10,
same month last year was slightly more favorable than 1
Nov.11,
Deo. 9,
1930
1031
1031
the preceding month. The time deposits of reserve city blinks
S 64,256
$ 74,310
$
72,778
United States seourities owned .. . .. .. .. ... .
49,743
62,746
durmg November were larger than in October.
60,610
All other stock'!, .bonds, nnd securities owned .
94,067
Condition of
Member Banks
in Selected
Cities
......................................
¥
LORns on securltlCS . ... . .... .. . .. .. ...... .
All other 10nDs . .......... . ... .. ....... . . .
Totnl loaDs . .... . .... . ...... . ...... . .... .
Net domand deposits .................... ,
Time deposits .. .... ........... . ........ . .
Reserve with Federal Reserve Bank ....... .
Billa payable nnd redisoounts with Federal
Reserve Bank .. . ....... . ........ .. ... ,.
70,070
208,684
288,664
254,802
135,126
30,123
85,753
211,003
207,446
267,637
133,820
31,040
235,603
329,670
276,566
140,652
32,000
10,677
11,834
2,195
The past month witnessed a steady decline
in the borrowings of member banks at
the Federal Reserve Bank. These loans
amounted to $19,650,000 on December
15 as compared to $22,927,000 on November 15, and $6,689,000 on the corresponding date in 1930. The larger po:tion of the decline during the past month has occurred m
the borrowings of country banks. Several banks have completely retired their lines at the Federal Reserve Bank, the
total number of borrowing banks being 207 on December
15, as compared to 229 thirty days earlier. The .volum~ of
bills bought in the open market showed a substantIal dech?e,
as maturing bills were not replaced. The total of these bIlls
on December 15 was $8,025,000, as compared to $18,162,000
a month earlier, and $7,393,000 a year ago. Holdings of
United States securities, however, were increased $6,4,71,000.
The reserve deposits of member banks reflected a slight in-
Operations of
the Federal Reserve Banlc
DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thousands of dollars)
--------~~~~~~~==~------------Combined Total
Resorvo City Danks
Country DankS
Net demand Time Net demand Time Net demand TiJ1l~
deposita deposits deposits deposits deposits depOSIts
Nov., 1030 ..... . S588,534 $230,458 $266,796 5142,250 $321,738
S97,?~
Deo., 10~0...... 674,904
235,110
262,124
139,000
312,780
05,J~
Jan., 1031...... 565,388
232,966
268,313
141,257
307,075
91,7
Feb., 1931..... . 676,803
236,250
264,844
143,081
311,959
Ma~., 1031..... . 567,466 234,767 263,123 143,080 304,345 01,662
Aprtl, 1931. .. ... 567,009
234,141
209,207
142,680
297,802
0),6 91
M~y, 10B l...... 603,222 233,653 267,010 140,362 206,212 93,2
JUlie, 1031...... 643,165
231,880
254,063
130,800
280,002
July, 1031..... . 537,233
225,928
267,244
136,409
279,080
00,49S
Aug., 1931...... 623,707
222,266
255,584
138668
268213
88,0
Sent., 1931.. .... 508,850
21 6,074
242,731
120:116
266:110
Oot., 1081.... .. 487,314
202,524
232,544
119,826
254,770
82,602
Nov., 1031. .
483,979
203,710
231,919
121,817
262,060
81,0
02,5~~
91,0~~
86,Rt~
... ..........
. .~
. flu'
Partially as a result of seasona~ ~duIII
ences, the volume of debits to indrvl jll
accounts during November at banksd
e II
leading cities in this district reflect tb,
decrease of 20.6 per cent as compared to the previouS monpe!
0
Total charges amounted to $551,411,000, being 22. l. III
cent smaller than in the corresponding month last yea • ~1I9
October, the volume of debits to individual accounts'
Debits to
Individual
Aocounts
MONTHLY BUSINESS REVIEW
$694,777,000, and in November, 1930, it amounted to $707,174,000.
................................... ..
DEBITS TO INDIVIDUAL ACCOUNTS
(In thousands or dollars)
Novombor
AAbilene ........ .
Bustin ......... .
Ceo~mollt ...... .
norSlcana . . . . •.•
EN~as ......... .
F aso ....... ..
ort Worth .. ... .
Bulveston ...... .
p ouston ....... ..
nart Arthur .... .
s.08well . ..... .. .
Shn Antonio ..•..
or revoport .... . .
a
rrCxnrkaIlO'+ . . .•. •
W~:n ... "..... .
Wichit;"Fnil~::: :
1031
S 5,252
15,004
10,514
3,350
157,200
18,237
02,288
24,410
126,028
0,331
2,387
47,150
25,718
6,075
0,537
13,335
10,078
Porcontngo
Novombor ohango over
1080
yoar
S 6,600
17,233
21,302
4,040
190,377
31,258
70,408
27,744
103,018
8,728
4,093
71,602
29,023
10,1 32
9,958
14,870
16,603
-21.2
- 7.2
-22.7
- 10.0
- 17.4
- 41.0
- 21.0
- 12 .0
-22.0
- 27.5
-41.7
- 34 .2
- 11.4
-34. 1
- 4.2
- 10.4
- 30.0
October
1081
$ 6,258
10,560
10,001
4,260
197,691
20,487
72,754
20,770
175,005
7,044
2,575
64,000
28,521
8,203
10,120
18,048
12,482
Perccntago
ohanco over
month
-10 .1
- 18.3
- 13 .5
-21.2
-20.5
-11.0
-14.4
- 8.8
-27.8
-10.1
- 7.3
- 26 .4
- 0.8
-18.0
- 5.8
- 20.0
- 10 .3
Total. ....
$551,411
5707,174
-22.0
5004,777
-20.6
~Inoludes tho fignres or two banks in Texarkana, Arkansas, locnted in thc Eighth
n .IStrlct.
5
Acceptance
While the volume of outstanding acceptances executed by banks in this district
against import and export transactions
declined $222,34,2 during November, those based on the
domestic shipment and storage of goods reflected an increase
of $537,351, which was largely of a seasonal nature. Total
acceptances executed by member banks and outstanding on
November 30 amounted to $4,048,924, as against $3,733,915
on October 31, and $7,237,416 at the close of November,
1930.
Market
Savings
Deposits
The savings deposits of 74 reporting
member banks in the Eleventh Federal
Reserve District, which aggregated $125,426,392 on November 30, reflected a further decrease of 1.3
per cent as compared to the previous month, and were 14.9
per cent smaller than on the same date a year ago. There
were 265,810 savings depositors on record at 68 of thes6
hanks on November 30, as against 266,802 at the close of
October, and 289,976 on the last day of November, 1930.
SAVINGS DEPOSITS
Number or
Reporting
Banks
Beaumont................ .
aOl t Worth..... .. ........ .
a vestoa
lI
P onston .... ::::::::::::::::
sort Arthur...............
S~n Antonio ... . ...........
Wrcvoport ....... . ... ,....
W~ch~"" " ........... ,...
Ie lin Falls
All others ... : :: :: : : :: :: : ::
~allas....................
4'
4
2
3
10'
2
5
4
4
2
34'
--
November 30, 1031
Number or
Amount or
Savings
S.vin~s
Depositors
DepOSItA
5,575
S 2,618,351
62,570
20,761
12,768
05,)23
4,071
17,242
25,278
10,015
3,019
38,782
----
23,372,303
0,000,410
8,108,037
32,555,272
1,800,021
14,225,016
11,051,800
5,000,578
1,170,881
17,807,888
November 30, 1030
Number or
Amount or
Savings
Savings
Depositors
Deposita
5,724
S 2,673,470
63,077
18,010
12,861
72,409
4,004
20,201
25,042
10,822
3,734
40,303
Savings Deposita
- 2.1
- 15 .5
- 0.4
+ .2
27,050,817
7,721,750
8,088,783
35,510,852
1,723,017
18,084,140
15,028,055
0,027,338
1,000,297
21,722,468
----
Oetober 31, 1031
Number of
Amount of
Savings
Savin~s
Dcpositors
DepOSits
5,583
S 2,600,911
Per5~ne~~e~hi~nge
- 8.a
+
6.0
- 23.0
-20.5
- 17.7
-26.9
-18.0
Total. ..........
74
205,810
$125,426,392
289,070
5147,350,208
-14.0
'Only 3 banks in Benumont, 0 in Houston, and 30 in "All oth~rs" rcportod the number or savings dcpositors .
02,082
20,815
12,817
05,480
4,670
17,325
25,342
10,034
3,036
30,062
23,440,526
7,078,016
8,205,578
32,008,210
1,862,889
14,700,702
11,237,001
5,705,228
1,101,001
18,055,001
200,802
S127,065,887
Percentage Change
Over Month in
Snvings Deposi ta
+ .3
.3
-
1.1
1.2
1.1
2.8
3.2
1.7
1.1
1.2
1.4
-
1.3
....................................... .
DECEMBER DISCOUNT RATES
Dallas
il;;t; chargod customcrs on prime commercial pnper such as iB now cligiblc ror
n t rcdiseount undcr the Fodcrnl Reservc Act .. .... . ........................... .
n.::tc chargod on loans to otber banks secured by bills recoivnblc ... . . .. ..... . ..... .
o. on loans securcn by primo stock exchange or other currcnt collnternl (not
lheluding Icnns placed III other markcts through correspondent banks):
Domand ... . .. . . . ... . ...................... . ............... . ........ .
n t Time . ..... ................... .. ...... . ......... ................... .
nnt e ehargod on commodity paper secured by wnrehouso rcceipts, cto .............. .
~ cattle loans . ....... . ....... . ........ . ...... ....... . .. ..... . . . .. ..... .
Prevailing Rates:
EI Paso
Fort Worth
Houston
San Antonio
5-0
G-8
5-6
4-8
5-0
5-6
6
6
G-8
5*0
5-7
5- 8
5-6
5- 7
6-8
6-8
8
0-8
0- 8
0- 8
0-8
G-8
5- 0
5-7
6-8
0-7
6-8
7-8
G-8
G-8
6-8
7-8
3~-6
~
~e~lt~le
4~-6
I
5~-0
7-8
Waco
INDUSTRY
Activities in the Texas textile milling in~ hng
dustry during November reflected a small
increase over the previous month, due
fattly to the resumption of operations at some mills and to
sncl'eased operating schedules at other mills. Both the conclltn~tion of cotton and the production of cloth continued
l~~Slderably above those in the corresponding month of
o. O. The demand for textile products, as measured by
.. 1del's on hand at the close of the month, showed a further
.ece .
in SSlon from that a year ago and was slightly smaller than
at :~e preceding month. Inventories of finished products held
a de close of November were below both the previous month
n the same month of 1930.
d !he domestic consumption of cotton in the United States
lll'lng the past month declined 7.2 per cent from the Octo-
bel' volume, but continued on a scale 3.3 per cent above the
same month a year ago . There were 428,870 bales of cotton
...................................... ..
COTTON CONSUMED AND ON HAND
(Bales)
November
Cotton-growing Btates:
Cotton consumod ....... ... .
On hand Nov. 30 inConsuming establishments.
Public storago nnd compresses . .... . .. ....... .
United States:
Cotton consumed ..... .... . .
On hand Nov. 80 inConsuming establishments.
Public storage and compresses ........ . ..... . .
1081
358,942
428,870
Novcmbcr Au~ust 1 to Novcmber 80
1930
ThiS Season Last Senson
383,278
415,315
1,455,343
1,288,074
1,152,892
1,189,925
10,324,300
8,030,021
1,780,418
1,004,615
1,441,105
1,504,011
10,005,797
8,307,540
MONTHLY BUSINESS REVIEW
6
\
consumed by American mills during November, as against
462,025 hales in Octoher, and 415,315 hales in November,
1930. Consumption during the first four months of the current season totaled 1,780,418 hales, which is 11 per cent
above the low volume for the same period of the preceding
season. Stocks of cotton held by consuming establishments
on November 30 showed a further increase over those a
month earlier, hut continued below a year ago.
f
COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
(Bales)
~~~~r~·:: ::::::::::::::: : :: :
S ~oeks November 30 . . .. . .... .
CottCJn$eed
Products
Although a seasonal recession was evidenced during the past month in the operations of cottonseed oil mills in Texas,
the decline was smaller than usual, and at all United States
mills, with the exception of seed receipts and the production
of hulls, activities were above those of October, contrary to
seasonal tendencies. At both Texas and United States mills
the production of linters during November was on a scale
approximately the same as that a year ago, while all other
operations were substantially greater. Supplies of seed on
hand at the close of November were larger than on any
corresponding date in many years. During the present season, August 1 through Nove~er 30, the produ~tion of all
products at United States rrulls reflected a declIne as compared to the corresponding period of the previous season;
on the other hand, the output of crude oil, cake and meal,
and hulls at Texas mills showed an increase. Stocks of
products held at the end of November reflected a seasonal
increase over October, and those of oil and hulls were greater
than a year ago, while cake and meal, and linters showed a
decline.
November
1031
468,502
311,800
November Au~ust I to November 30
ThIS Senson Lnst Senson
19aO
1,200,002
1,021,564
353,734
625,869
405,663
108,322
964,034
711, 253
Nov. 30,
19a1
6,500
6,000
~~~ ~ti~~"r~;ei'~"·~;~:::::::::: : :: : :::::::::::: : :::::
38,300
For cons~wiBe gorf. . .. ..... . .... .. .... ... .......... .
T
P ........... .. ............... .. .. ..
1,000
n eomprC8SC8 nnd depots . .. . ..•. . .. .. .. •..... . • . ... . •.
912,284
For Great Britain
To~al. . .. . ........ . ....... .. ... .. .... .. .
Cottonseed received at milia
1,011,548
1,276,852
8,799,016
(tona) . ...... . .. . .. . .... .. .
781,220
730,987
2,239,198
Cottonseed erusbed (tona) •..••
509,125
297,264
1,584,602
Cottonseed on band (tons) . ..•.
Crude oil produced (pounds) ... 280,142,696 212,759,145 693,837,680
344,205
364,830
1,002,486
Cake nnd meal ~rodueed (tone)
225,811
20a,392
625,656
Hulls produced tons) ... . . . . ..
Linters produeod (running
101,180
116,036
350,858
bRlcel ... ..... · · ·· ··· · ··.• .
Stocks on hnnd Nov. 80:
Crude 011 (pound.) ........... 29,578,464 20,787,601 84,293,055
47,284
74,511
Cake and menl (tons) . ..••.. . .
167,359
94,496
78,324
206,809
Hulls (tons) ...... .. . ........
79,919
86,135
LInters (running bnles) .... ••••
280,357
Cotton
Movements
8,503,339
2,465,599
1,083,156
74~,58 1,965
1,109,481
682,842
964,034
November
1031
Receipts. ..... . . . . . . .. . . . . . . .
619,S72
Although the receipts of cotton at the
ports of Houston and Galveston reflected
a seasonal recession during November,
shipments from Galveston were substantially above those in
October, while those from Houston evidenced a very small
recession. Movements were again materially above those in
the same month of 1930. During the four months subsequent to August 1, operations of hoth ports combined
showed an increase in hoth receipts and exports. Stocks of
cotton held at the close of the month continued large.
-
711,253
f~kstsN~~e~lic.. 30: :: :::::::
403,303
November August 1 to Novemhor ao
This Senson Lnst Senson
1930
2,121,483
2,194,79 8
518,833
1,122,199
1,091,431
338,801
1,703,510
1,527,465
~
-=
SEASON'S RECEIP'rs, EXPOR'l'S AND STOCKS OF COTTON AT ALL
UNITED STATES PORTS-(Baics)
~~~~r~:' 'u~ii~d'iri~
' d······ ···· :·· ···· ······ ··· ·····
F
g om.... .... ... .... ......... ....
I{~nee.............. . ....... . .... .. . .. .....
Gn Y.............. . ... .. . .. ......... .. ... ..
O~:;~"E~~~' .......... '" .... . .. . ..... . .. . . .
J
pe.. .. .. .. .. .. .. .. .. .. .. .. . .. .. ..
Alrn"!;.. . . . . . . . . .. . . . . .. . . .. .. .. . . . . . .. . .. .
Tot~t r~~e~o~ntrICB .. .. . . . . . .. . .. . . . . .. . . • . .. .
Sloeks nt nil United ~tnr:~~r~ N~~e;,;ti~
. 30:::::::::::
August 1 to November 30
This SeMon Last Season
6,115,357
424,700
105,540
204,381
602,165
273,857
678,030
565,363
~::~~:~~~
6,~~U~~
1413
51 '561
19S'S65
m :S93
865 4a8
8' 768
3 r~0:761
4:242,497
~
427,603
62,943,249
254,075
175,983
298,9a9
(
Nov. 30,
1030
12,500
0,500
34,500
2,000
652,763
COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON
(Bnlc.e)
STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
United StatC8
Texns
August 1 to November ao August 1 to November 30
This Sco.son Lnst Sco.son This Sensen Last Sco.son
I
COTTON-GALVESTON STOCK STATEMENT
(Bnlos)
~
SPOT COT'I'ON PRICES-CMiddllnc Bnsl.)
(Cent. per pound)
----------------~~~~~=-------------------
I~~~~~~~::::::
~ ~: ~: ~ ~ ~: ~ ~ ~ ~ ~ ~ ~ ~ ~.
...........~:~...................
............... .. . . .. . . .
"
Novemher, 19a1
High
Low
6.85
6.1O
6.78
6.99
6.20
6.60
6.60
5.90
6.70
6.00
. •.•.....
Deo. 16,
19a1
6.20
6.10
5.55
6.95
6.10
.•
.~~
S
A decline from the previous mo nth WIir'
'I aye
reflected in hoth the total and dal YIRe'
age output of crude petroleum in the Eleventh Federa 1'011
serve District during November. The month's produ9~1"
amounted to 31,461,050 barrels, as compared with 32, eJll'
300 barrels in October, and 24,907,950 barrels in .No~1I11
Aggregate foreign exports of cotton during November ~er a year ago. While drilling activity was more act~yeOctO'
from all United States ports evidenced a further increase m November, 1930, it was on a smaller scale than In
DS
over those a month earlier, and were considerably above ber .. There w~re 671 ne~ wells completed in N,overnbe;;JIle
those in November a year ago. Exports during the month agams t 813 m the prevIOus month, and 422 In the n
tbl
amounted to 1,070,643 bales, as against 1,014,180 bales in month last year. Of the total completions during the
3,'
October, and 907,649 bales in November, 1930. Exports 550 were pr oducers with a combined initial yield of , oJll'
during the first four months of the present season averaged 964 barrels. In October, 700 successful wells were ~e18j
10.3 per cent below those in the same period of 1930. The pleted, yielding a flush daily output of 5,424,609 barrded,
Orient continued the heavy importation of American cotton and. in November, 1930, only 220 producers were reeO
during the month.
havmg a gross initial production of 306,571 barrels.
Petro l eum
419
-------------------------------------------------------------------MONTHLY BUSINESS REVIEW
7
Daily average yield in Texas during November amounted to 975,157 barrels, as compared with 988,780 barrels in
the preceding month, and 741,257 barrels in the same month
~~~~~~~~~~~~~~~~~~I
OlL PRODUCTION- (I3arre!s)
~orth Texas . .. ..... . .... .. . .
Eontr~1 West Toxas . ... . .... . .
Tas ontral Texas .......... .
&~l'b ~~;stal. ........ . ..... .
as ...•..... . ...•. . .
N
Inoreaso or Deoreaso Over
Ootobor, 1031
Tolal
Dnily Avg.
- 200,100 - 2,642
- 177,060
+ 1,653
- 801,750 - 11,241
- 241,150 - 3,016
+ 23,450
+ 2,623
Novembor, 1081
Total
Daily Avg.
3,640,400
118,213
6,782,300
220,077
13,508,100
453,270
3,592,100
110,737
1,735,800
67,800
M Total Texas . . . . .•... 20,254,700
1,320,000
ulslana ..... .. .. . .. . .
870,750
075,157 - 1,307,600
44,220 23,300
20,325 25,450
- 13,623
675
125
Total Distriot. .... . .. 31,401,050
1,048,702 - 1,446,250
- 12,823
N~~h ~i~o........... ... ....
a year ago. Despite the great increase in initial yield of
East Texas fields, that area reflected a decline of 11,241
barrels in daily output as compared to October. North Texas
and the Gulf Coast were responsible for smaller declines,
while South Texas and Central West Texas showed increases.
Slight upturns in daily production were also recorded in
New Mexico and North Louisiana.
CRUDE OIL PlUCES
Toxas Coastal (40 gr. and abovo) ...... ... ... ....... ... .
North Toxas (40 $r. and above) ............ . .... . ..... .
North Louisiana (40 gr. And abovo) ............... . . ... .
·Prioe paid Cor Texas Coal tal, grade" A".
··Prico pnid Cor oil, 44 gr. and abovo.
+
+
Doe.8,
1031
• .86
.86
.86
Deo.O,
1080
5l. 00·
1.07
1.10··
(Oil statisties compilod by Tho Oil Weekly, Houoton, TOXlla)
Building
Although a decline of 17.6 per cent from
the previous month was reflected in the
valuation of construction permits issued at principal centers
in this district during November, the comparison with the
corresponding month a year ago was more favorable than
in any month this year, excepting May. Building permits
issued during November totaled $2,784,,439, as against $3,378,018 in the preceding month, an<:l $3,621,896 in the same
month last year. Eight of the fourteen cities reported substantial increases over October, and five of these showed
gains as compared to November, 1930.
NOVEMBER DRILLING RESULTS
ComplotioDs
53
~~~:~nrevns.
T' ...... .... .
10
I"ast C est oxas . . .......
504
&'uth ~ntral Toxas ... ......
52
Telas C~~~I.·. : : : : : : : : : : : :
20
Now MoxTot.1 Texas .•.. . •.
North LO~;~i~~;;.·.: :::::::: :
~~tv:ber totnls, distriot
...
o r totala, distriot ... ...
Produeers
18
8
480
10
15
Gas
Wolis
8
4
1
7
FAil·
ures
27
7
14
20
057
2
12
540
2
2
20
01
'2
8
4,184,327
0,385
252
071
813
550
700
22
18
00
05
5,424,000
14
Initial
Produotion
2,285
3,135
4,157,875
4,231
10,801
4,1~3,004
.......................................................... .
---
BUILDING PERMI'l'S
Nov., 1031
--
No.
Ama~i110 ... .. . .
AustIn ... . .....
Oeaumont .... . .
Corpu, Christi..
DE "lias ... .. ....
'II'
Fort
Oalvoot~~th . . ...
lIou, ton·· .. · .
I'ort A· · .. · .. ·
. .. .
San A:;;'!r
mo ... .
81.rovOport.
.. ..
Wac ~
WiohIta Fal1s ...
W.. ·· ....
......... .
Total. .... .
Valuation
Nov., 1030
No.
--- -30
20 $ 20,530
107
351,298
82
23,238
26
12,106
274
325,608
37
22,049
132
340,670
120
341,500
220
876,873
48
11,4 29
168
312,178
150
52,628
25
73,:140
5,075
0
65
112
45
240
77
101
118
153
35
210
171
24
25
Pcrcenta~o
Valuation
05,400
76,022
68,050
131,370
883,879
248,500
586,784
66,009
1,182,850
10,005
157,045
45.733
63,167
25,007
$
Change
ValuatIOn Over
Yenr
- 54.0
+350.7
- 65.0
- 00 .8
- 63.2
- 01.1
- 40.0
+4 17 .4
- 25.0
- 42.8
+ 08.8
+ 15 .1
+ 10 .1
- 77.0
Oct., 1031
No.
Porcenta~o
Valuation
40 S 02,733
130,154
105
50,770
100
27,070
53
257,076
257
33,031
44
167 1,350,000
253,507
118
774,270
284
27,743
51
222
262,888
150
36,120
27
64,300
2,841
10
- - - - - - - - --- - - - - -1,442 52,784,480 1,517 53,621,800
1,646 $3,378,018
- 23. 1
Ch.ngo
ValuatIon Over
Month
- 68.1
+170 .0
- 01.1
- 50.3
+ 20.2
- 33.2
- 74.3
+ 32. 1
+ 13.3
- 58.8
+ 18 .7
+ 45.7
+ 14.1
+110.3
---
17 .0
Elovon Months
Poroont.ge Chango
1931
1080
Vnluation Ovor
Poriod
No.
Valuation
No.
Valuation
501 $ 2,094,330
507 S 1,773,040
+ 5l.9
2,232,652
1,072
087
3,108,130
- 28. 1
1,123
1,050,605 1,015
2,580,621
- 68.3
480,005
581
505
1,118,447
- 57.1
3,438
4,380,506 3,528
0,800,273
- 55.5
746
944,381 1,207
2,830,84 1
- 66.7
5,530,497 2,562
1,000
9,048,101
- 42.0
1,301
2,514,242 1,361
1,009,435
+ 128 .7
10,604,762
3,398 11,323,000 3,489
- 3l.8
01 1,480 1,106
044
2,797,042
- 67.4
2,830,121
2,445
2,006
7,892,000
- 64.1
906,271 1,801
1,520,373
1,648
- 40.6
1,840,505
295
330
1,120,235
+ 64.2
148,753
251
023,750
118
- 83.9
I
--10,310
$37,824,308 22,524 $ 62,850,010
--- 39.8
••••••• + •••••••• ••
The seasonal lessening of activity at
VeIl
Texas portland cement mills during Nodecl?el' Was more noticeable this year than usual. Production
ill ned from 601,000 barrels in October to 459,000 barrels
ill th Overnber, and shipments fell off from 583,000 barrels
e former month to 378,000 barrels in the latter. month.
N
____
The output of cement during November was on a scale 8.6
per cent below that of the same month last year, and shipments reflected a like decrease of 16.6 per cent. Stocks rose
to 639,000 barrels on November 30, as compared with 558,000 barrels a month earlier, and 770,000 barrels on the same
date last year .
.......................................................... .
PRODUCTION, SllIPMENTS, AND STOOKS OF PORTLAND CEMENT
(In thousands oC barrols)
------------------------------------------------------------------------Novomber Peroentage Change
January 1 through November 30
1031
Numbor
450
378
630
§h~~~~~n C~~~oxas mi11~ .••• . •. •• .. ••.• .• •.• •. •. •.. .... ••. •.. ••. ... •. .•........•.• •..... •..• . .• . ••.
Stocks at end oC~~::h~III~,~~~ '~ili8::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: : ::::
~ ..
• ••••••••••••••••••••••••••• + ••••••••••••••••••••
Over
Month
Year
-28. 0
- 8.0
-35.2
-10.6
+14.5
- 17 .0
••
Number
5,801
6,05(
Peroontage Ohango
Over Year
- 7.8
- 5.8
MONTHLY BUSINESS REVIEW
8
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board as of December 23, 1931)
Industrial activity and factory employment declined
further from October to November, reflecting in part the
usual seasonal tendencies. Continued gold imports and further reduction in member bank reserve requirements during
November and the first half of December were· reflected in a
considerable decline in the outstanding volume of reserve
bank credit.
PRODUCTION AND EMPLOYMENT
In November, industrial production showed a somewhat
larger decrease than is usual at this season, and the Board's
seasonally adjusted index declined from 73 to 72 per cent
of the 1923-1925 average. Activity declined at woolen mills,
lumber mills, and coal mines, while daily average output at
steel mills increased and volume of automobile production
showed less than the usual seasonal decline from the lo·w
level of October. The November increase in steel production
was followed by a considerable decline in the first three
weeks of December. Output of petroleum increased further
in November to a level slightly lower than that prevailing
last summer before output was sharply curtailed. Volume
of employment in most manufacturing industries declined
by more than the seasonal amount between the middle of
October and the middle of November. Reductions were par·
ticularly large in the wearing apparel, leather, and build·
ing materials industries, while in the automobile and tire
industries declines were smaller than usual at this season.
The value of building contracts awarded, as reported by the
F. W. Dodge Corporation, has declined further in recent
months and a preliminary estimate of the Board's seasonally
adjusted index for the last quarter of 1931 is 49. per cent
of the 1923-1925 average, compared with 59 for the third
quarter, 65 for the second quarter, and 79 for the first quarter of the year; part of this decline in dollar volume reflects
lower building costs. Production of principal crops in 1931
was about 10 per cent larger than in 1930, according to the
December crop report of the Department of Agriculture,
while acreage harvested was slightly smaller than a year
ago . There were large increases in the crops of cotton, corn,
winter wheat, apples, and peaches, while the harvests of
oats, barley, and rye were smaller than last year; as in 1930
the hay crop was unusually small.
DISTRIBUTION
Commodity distribution continued at about th~ same
rate in November as in October, the volume of fre1ght-car
loadings showing a seasonal decline, while sales at department stores increased by about the usual amount for that
month.
WHOLESALE PRICES
The general level of wholesale prices remained practically unchanged from October to November, according to
the. Bureau of Labor Statistics index; prices of grains, petroleum, and silver advanced, while those of livestock and dairY
products showed declines, partly of a seasonal character.
Between the middle of November and the middle of Decern'
bel' there were decreases in the prices of many leading corn'
modities, including livestock, meats, grains, sugar, silk, and
silver; during this period prices of copper and rubber
showed a decline, followed by a recovery.
BANK CREDIT
Volume of reserve bank credit outstanding declined during November and the first half of December, and averaged
$360,000,000 less in the week ending December 12 than at
its October peak seven weeks earlier. The decrease was ill
large part in the banks' portfolio of acceptances, as discounts for member banks and holdings of United States
Government securities showed little change for the period.
The decline in total volume of reserve bank credit outstand·
ing during the period reflected a growth of $100,000,000 ill
the stock of monetary gold, largely through imports froJll
Japan, and a continued reduction in the reserve balances of
member banks, reflecting a further liquidation of mernber
bank credit. Demand for currency declined during the last
three weeks of November, and showed considerably less than
the usual seasonal increase in the first half of December.
After the middle of December, however, bank suspensions in
New England were followed by some increased withdraw~ls
of currency, part of which has begun to return. Loans and m'
vestments of member banks in leading cities continued to
decline, and on December 9 were $370,000,000 smaller than
four weeks earlier. The decrease was equally divided be'
tween the banks' loans and their investments. Deposits of
these banks, both demand and time, also showed a decrease,
with a consequent reduction in required reserves. Mon.eY
rates in the open market showed little change from the rnld·
dIe of November to the middle of December. Rates on priJlle
commercial paper continued at 3%, to 4, per cent, while rates
on 90·day bankers' acceptances advanced from 2% to 3 per
cent on November 25.
o '
1
@FedFRASER