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OlE ., bE at at lie at be 't MONTHLY BUSINESS REVIEW OF THE FEDERAL RESERVE BANK OF DALLAS CHAS. C. HALL-W. J. EVANS Assistant Federal Reserve Agents C. C. WALSH Chairman and Federal Reserve Agent (Compiled December 15,1933) ,E jE ,E ,E Dallas, Texas, January I, 1934 Volume 18, No. 11 ,c ,c This copy is l'eleased for pub 11. cation in aftel'noon paper&- Dec. 30 DISTRICT SUMMARY ~1I111II1I1II1II1I1II1I11I11I1I11I1I1I11I11I1I111I11I1I1I1II11I1I11I11II11I1I11I111II11I1I1I1111111 III 111111 III 111111111111 III III III 111111111 III III III III III III IIIIU = THE SITUATION AT A GLANCE I Eleventh Federal Reserve District = = :; § § Change from October November 1088 § Bonk debits to individuol accounts (ot 17 cities).. .. . . .. . . . . . . . .. .. .. • .. . .. .. . . . . .. = Departmcn t store soles. . . . . . . . . . . . . . . . . . . . . . Reservo bonk loons to member banks ot ond of month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . § Reserve bank ratio at end of month .......... §_ Bcuilding ~Irmr \tl valu1ation,,~t)larger centers. ... ommerel3 nI ures num""r ............... § Commerciol foilures Iiobilities)............. . § Oil produotion (h1lrrols). . . . . . . . . . . . . . . . . . . . . § § $530,491,000 - 1,250,576 66.0% 682,0 °25 3 S 527,009 28,850.400 - 4.0% 0 . 7% 4.2% + 2. 2 points - 2101.20~ . 62 - 62.4% - 13 .2% _ ~'11I1I1I1I11I1I1II11I1II11I11I11I11I1I1I1I1II11I11I1I1I11I11I1I11I1I1I11I11I11I1I1I1I11I11iIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~ Sustained activity in the buying of merchandise was a prominent feature of business development during the past tnonth. Retail distribution, as reflected by department store sales in principal cities, while showing the usual seasonal recession between October and November, exceeded that in the corresponding month last year by 11 per cent. Statistics On purchases at wholesale likewise exhibited favorable comparisons. In some lines sales evidenced a counter-to-seasonal expansion as compared with the previous month, while in other lines the declines were smaller than usual at tlus seaSon. Sales in all lines reflected substantial increases over a year ago and in most instances the increase reported for the tnonth of November, 1933, over November, 1932, was larger ~han for any previous month this year over the correspondIng month in 1932. While collections generally were seasonally smaller than in October, reports indicate that payments on both current and old accounts have been in substantial volume. Debits to individual accounts declined 5 per cent between OClober and November, but were 16 per cent larger than a year ago. The deposits of member banks continued to expand during November. The daily average of combined net demand and time deposits during the month amounted to $654.,1405,000 as against $622,963,000 in the previous month, and $614.,4U,000 in November last year. The November total was the largest recorded since early in 1932. The reserve deposits of these banks with the Federal Reserve Bank rose to the tecord figure of $102,867,000 on December 15, which was $17,7041,000 greater than a month earlier, and $55,575,000 above that a year ago. Federal reserve bank loans to member banks showed little variation from the low level reached at the middle of November, and only a small number of banks are now indebted to the Federal Reserve Bank. The seasonal demand for currency was reflected in the expansion of circulating Federal reserve currency. The total on December 15 was $54,102,000, as compared with $52,288,000 on November 15, and $38,965,000 on the corresponding date in 1932. While loans to. member banks in selected cities declined between November 8 and December 13, their investments showed a further increase. Subscriptions to the one year !reasury Certificates of Indebted~ess, bearing 21,4 per cent mterest, totaled $89,559,000 agamst which allotments of $22,400,500 were made. The open weather during November was favorable for increasing production of some maturing crops and facili~at~d harvesting operations. ~he Department of Agriculture 1~1 Its Decemb~r 1 ~'ep~rt ~gam raised the estimated productIon of cotton In thiS d1stnct by a substantial amount and the lateness. of frost per~itted t.he maturing of fall feed crops. Harvestmg of crops IS nearmg completion in most sections of the district and winter plowing is more advanced than usual. Offsetting some of the favorable factors has been the continued deficiency of moisture over a large area of the district, which has affected adversely small grains and has left the plants susceptible to injury from freezes. Furthermore, there is a large deficiency in subso.il moislure caused by the long period of dry weather, and heavy general rains are needed to correct lhi~ situation. Livestock ranges generally are poor to only faIr and stock water is low in some areas. Lives~ock, however, have held up reasonably well under the cucumstances and should go into the winter in fair shape. Construction activity, as reflected by the valuation of building pe.rmits issued in principal cities, was 11 per cent lower than m October, but 11 per cent larger than in November, 1932. The production and shipments of cement were larger than the low October figures, but continued substantially under the corresponding month last year. BUSINESS 1Pholesale A well sustained demand for merchandise Trade at wholesale was in evidence in the Eleventh District during November. While the volume of distribution in the lines of groceries, farm implements, and dry goods was smaller than in the previous month, the declines were less than usually occur at this season. Sales of hardware and drugs were materially larger than in October, the gains being contrary to the usual This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) MONTHLY BUSINESS REVIEW age in October to 66.3 per cent in November, but it remained 6 points above that in the same month last year. Recent reports indicate that holiday buying is in substantial volume. Inventories of merchandise on November 30 were in approximately the same volume as those a month earlier, but a further increase of 11.7 per cent was reflected over those held on the same date of 1932. The rate of stock turnove·r during the eleven months o.f 1933 was 2.51, as against 2.38 in the corresponding period of 1932. November collections evidenced an increase over both the previous month and the same month last year. The ratio of collections during November to accounts and notes outstanding on the first of the month was 35.0 pel' cent, as against 8 34,,4. per cent in October, and 32.8 per cent in November, 1932. Commercial Failures There was an appreciable decrease in the number of commercial failures in this district during November, and the amount of indeb tedness involved was at the lowest level reported since November, 1929. According to the figures compiled by Dun & Bradstreet, Inc., a total of 32 firms became insolvent during the month, as compared with 4,0 in October, and 96 in November a year ago. Aggregate liabilities of these firms amounted to $527,099, as against $1,4.00,261 in the previous month, and $2,111,500 in the same month last year. AGRICUL TURE Crop Conditions Farmers throughout the Eleventh District have made rapid progress with the harvesting of crops and with field work during the past month as the open weather has been conducive to these operations. Harvesting operations are nearing completion in most sections of the district and winter plowing in many areas is further advanced than is usual at this season. The lateness of frost was favorable to the maturity of some crops, especially cotton and the late feed crops. On the other hand, the deficiency in rainfall o:ver a very large portion of the district is having an adverse effect upon small grains and pastures. In only limited areas has there been sufficient moisture to give small grains a good root growth, and in some of the drier sections of west and northwest Texas seeds which were dusted in earlier in the fall have not germinated. Over other areas root growth is insufficient to Withstand severe freezes without adequate snow covel'. There is a cumulated deficiency of moisture in most sections and there is an absence of a subsoil season. Heavy general rains throughout the district are badly needed not only to stimulate growth of small grains but also to accumulate subsoil rnoisture, which is an important factor in crop growth during the summer months. The Department of Agriculture in its December 1 report again increased the estimated production of cotton in Texas. The exceptionally favorable weather for maturing and harvesting of the crop, which prevailed throughout November, greatly increased prospects in the northwest High Plains and Rolling Plains and the Trans-Pecos sections of the State. The increases in indicated production for these areas offset the slightly lower estimates for several other sections and brought the estimated production of the State to 4,475,000 bales on December 1, which was 125,000 bales larger than the estimate a month earlier, and only 25,000 bales under the actual production in 1932. The estimated yield on December 1 was placed at 187 pounds per acre as compared with an estimate of 185 pounds on November 1, and a yield of J.62 pounds in 1932. The area remaining for harvest was placed at 11,467,000 acres in the December 1 report, which indicates that the removal and abandonment of acreage amounted to 28.4, per cent of the 16,014,000 acres in cultivation on July 1. The indicated production was also raised in Oklahoma, New Mexico, and Arizona, and the Current fo·recast for those states was for a production considerably higher than in 1932, due to the high per acre yields. The estimate for Louisi ana was further reduced by 14~000 bales, the current estimate of 486,000 bales comParing with 611,000 bales harvested a year ago. The forecasted yield per acre, however, was 181 pounds for this year's crop as against 173 p ounds harvested last year. Over a large area of the district picking and ginning of cotton are practically completed and are proceeding rapidly in other sections under the stimulus of favorable weather_ Ginnings prior to December 1 in all states attached to this district, except Louisiana, were larger than in the corresponding period in 1932. The totals for the current year are as follows: Texas-4,038,S14 bales; Oklahoma-l,167,9S1 bales; Louisiana-466,622 bales; New Mexico-74,973 bales; and Arizona-S8,972 bales. According to the report of the Department of Agriculture, fall and winter commercial vegetable crops in south Texas made generally good progress dUTing November as weather conditions were conducive to growth. While absence of rainfall in the lower Rio Grande Valley was very beneficial to crops, the continuation of dry weather in other areas during December may have a decidedly adverse effect upon crop growth. The surface soil is becoming dry over a considerable area and rainfall is needed for the germination of late-sown seed. There is given below comparative condition figures for principal crops: ~1II1t1ll1ll1l111l1ll1111111111111111111l111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII I= = := = _= _~ CONDITION OF COMMERCIAL TRUCK CROPS IN SOUTH TEXAS December 1, 1033 Por Cent Snap beans........................ 74 Beets . . . . . . . . . . . .. . . . . . .. . . . . .. . . . 73 Brooooli ........ . ............ ... ... 74 g:~r~~~:::::::::::::::::::::::::: Cauliflower. . .. . . . . . . . . .. . .. . . . . .. . Eg~plant.. . . . . . . . . . .. . . . . . .. . . . . . . Omons. .. . . . . .. .. . ..... .. . .. . .. . .. g~~~~J:~;S.' :::::::::::::::::::: Early Irish potatoes .. .. , . . . . .. ... .. ~r;~~~;~i~::::::::::::::::::::::: Tomatoes. . . . . . . . .. . . . .. .. .. . . . . . . Turnips. . . . . .. . . . . . . . . . . . . .. . . . . . . ~~ 80 70 75 ~~ 61 ~~ 81 58 Deoember 1, 1932 Por Cent 63 72 72 ig70 68 70 62 64 i~ 60 77 November 1, lOBS Per Cent aD 63 66 ~ 73 68 85 ~~ 58 i~ 70 70 ~IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~ The condition of ranges in this district is very spotty. In portions of the Texas Panhandle and in favored localities elsewhere in the range territory, s~fficient.l!'lOisture.has.been received for wheat pasturage and WIth addItIOnal rams In the near future should furnish considerable grazing during the winter. The late summer rains were sufficient to mature range grass and permit the planting of feed crops, a large portion of which matured because of the late frosts . In the Edwards Plateau region and in much of west and northwest Texas and eastern New Mexico, ranges are very dry and there is a shortage of both pasturage and dry feed . Most of the south Texas range territory is also suffering from a lack of moisture. A heavy, general rain is needed to stimulate the growth of grain Livestock MONTHLY BUSINESS REVIEW 4 pastures and to replenish the supply of stock water. Despite the poor range conditions, livestock have held up fairly well due in part to the mild temperatures which have prevailed throughout the fall. The condition of cattle ranges in Texas on December 1, as reported by the Department of Agriculture, was 71 per cent of normal as compared with 72 per cent on November 1, and 82 per cent on December 1, 1932. There was a decline of 2 points in the condition of sheep and goat ranges during November, and the 62 per cent on December 1 was 20 points lower than a year earlier. The December 1 condition of cattle was rated at 76 per cent of normal as compared with 78 per cent a month earlier, and 85 per cent last year. There was a decline during the month of 2 points in the condition of sheep and 1 point in that of goats. As compared with a year ago, sheep registered a decline of 11 points and goats 7 points. cattle evidenced a downward trend. The market during the first half of December continued weak although supplies were not excessive. The hog market, while somewhat erratic, showed a sharp decline during November and the first half of December. At the close of the period, prices were at the lowest level reached since May. Sheep and lamb prices were generally steady to strong. The November receipts of cattle, calves and sheep at the Fort Worth market reflected a substantial decline as compared with both the previous month and the corresponding month last year. On the other hand, the arrivals of hogs were moderately larger than in October and considerably above a year ago. The demand for cattle during November was sluggish, and prices on practically all grades and classes of slaughter COMPARATIVE TOP LIVESTOCK PRICES (Dollars per hundredweight) °Jllllllllllll1l1l1ll11l1ll1l11l1l11l1llll1lll1l1ll1ll1l1l1l1l1l1ll1ll1ll1l1l1ll11l1ll1ll1111111111111111111111111111111111111111111111111111111111111111111111111111'. FORT WORTH LIVESTOCK RECEIPT.q (Number) Cattlo .......... . Calves ...... . . . . Hogs ..... ..... . . Sheep ...... .... . November 1933 33,197 28,735 22,426 26,006 November Change over year 1932 36,617 - 3,420 32,516 - 3,781 12,005 9,431 39,663 -13,657 + October 1033 38,947 34,588 20,000 43,607 Chango over month - 5,750 - 5,853 1,520 -17,601 + :!,I11111111 11111111 1111111111111 III 11111 111111 1111111111 III 11111111111 11111111 II 111111 III 11111 1111111111111111111 III 111111 IIrlllllllllllllllllllllllllllllllllllllll l~ Movements and Prices Beer steers .........................•..... Stooker steers ........ .. .... . .......... .. . Butcher cows .............. ............. . Stocker cows ... . ..... ...... ... ..... .... . . Calves ...... .........••..... .. .. ..... .. . Hogs ................................... . ~CS:::::::::::::::::::::::::::::::::: November 1033 $5 .00 3.90 3 .00 2.20 3.75 4.70 3.25 6.25 Novomber 1932 $6.40 6.50 3 .75 3.00 5.50 3.95 2.00 4.50 October 1033 $5.00 4.50 3.25 2.85 4.25 5.35 2.50 6.25 FINANCE Federal reserve bank loans to member banks fluctuated within narrow limits bethe Federal Retween November 15 and December 15. serve Bank The total on the latter date amounted to only $1,003,000 and was about equally divided between loans to reserve city banks and those to country banks. Thus the reduction in country bank borrowings was about offset by borrowings of reserve city banks. There were only 23 banks indebted to the Federal Reserve Bank on December 15, as compared with 40 banks a month earlier, and 131 banks a year ago. There was no change during the month in this bank's investments in United States Government securities, but the holdings of bankers' acceptances showed a large increase. The total on December 15 amounted to $4,542,000 as compared with $378,000 on November 15 and $830,000 a year ago. The cash reserves of this bank increased $11,550,000 between November 15 and December 15 and on the latter date were $53,428,000 larger than on that date last year. The reserve deposits of member banks rose to, the highest point on record on December 15, the total of $102,867,000 representing a gain of $17,704,,000 during the month and $55,575,000 over those a year ago. The seasonal demand for currency was reflected in a further increase in the actual circulation of Federal reserve currency. The combined circuOperations of !<l'IIII1I1'"I11I1I1'1I1I1II1I 11111 '1111 '1111111'111111 '"" '" '"" '11"'1111'"" '"11 '1111 111111 11'1111 II '" '1111 '1111 ':11111111 '"" '" ""111"11,11"" '" llillO Other bills discounted.. .. .. . . . .. . .. .. .. . .. Bills bought in the open market. . . . . . . . . . . . 4,542 Federal reserve notes In actual circulation ... Federal reserve bank notes in actual circu- 41,777 I ~jid;;~i~i;:::::i:~~~~:>:::: li;~;;i - § Condition 0/ Member Banks in Selected Cities A further increase in investments and deposits and a decline in loans was reported by member banks in selected cities of this district during the five-week period ending December 13. Investments in United States securities increased from $122,766,000 on November 8 to $125,081,000 on December 13, and holdings of other securities showed a gain of $564,000 during the same period. As compared with a year ago, holdings of the former classification were $36,869,000 larger, while those of the latter were $1,445,000 lower. Loans on securities on December 13 were $602,000 smaller than five weeks earlier and $12,811,000 below those on the corresponding date in 1932. "All other" loans (largely commercial), which showed a steady rise from early in August to the middle of November, showed a seasonal decline during the subsequent month. These loans amounted to $153,095,000 on December 13, which represents a recession of $3,304,,000 as compared with November 8, and $14,145,000 as compared with December 14, 1932. The net demand deposits of these banks rose to the highest point recorded in more than two years. The total = ~~~f~::~O~'~~~r~~ :ii' I _ E lation of Federal reserve notes and Federal reserve bank notes amounted to $54,,102,000 on December 15, as compared with $38,965,000 on December 15, 1932. 830 378 38.965 38,493 ;;~~;! ;i~;~ I § I ;: tl l l :'~I: I~I~;I;I;I;I;I;I;I;I;I;I;I;I;I;I;I;I;I;I;I;1;1;1;1;1;1;1;1;1;1;1;1;1;1I1I1 I ~ :I~I~I~I I I I I I I I:I~I~ 1 1 1I 1 I 1 ~I~:I~ I~I I I I I I ' ~===:~==_""1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111" CONDITION STATISTICS OF MEMBER BANKS IN SELECTED CITIES (In tbousands or dollars) United States sccuritles owned. . . . . . . . . . • .. All otber stocks, bonds. and sccurities owned. Lonns on seourities ... . .... ..... ... ...... . All other loans ... ....... ......... ....... . Total loans . ........ .. .................. . Not demand dcpoeits .................... . Time depOfIits ...... .. . . ........ . ........ . Reserve with Federal Reserve Bank .... .. . . Bills payable nnd rediscounts with Federal Reserve Bank ......................... . Dec. 13. 1933 $ 125,081 54,592 68,693 152,005 211,788 267,020 120,209 63,510 Dec. 14. 1032 $ 88,212 56,037 71,604 167,240 238,744 223,564 128,414 27,245 Nov.8. 1933 S 122,766 64,028 59,205 150,300 215,694 237,584 121,027 40,218 400 125 100 ffllllllllil 11111111111111111111111111111111111111111 1111111111111 11111 11111 111111111111111111111 11111 111111111111111111111111111111111111111111111111111 MONTHLY BUSINESS REVIEW 6 Continuing the trend that was shown in the previous month, the volume of bank· ers' acceptances executed in this district and outstanding at the close of November reflected a large seasonal increase over the amount reported on October 31. Acceptance Market The expansion occurred in domestic acceptances, as those based on import and export transactions were reduced some· what. The total amount outstanding on November 30 was $3,054,,486, which compares with $2,263,292 a month earlier, and $1,963,996 a year ago. INDUSTRY The operations of cottonseed oil mills in Cottonseed Texas were reduced seasonally during the Products past month, and they remained consider· ably below the respective month's average. With the excep· tion of the output of linters activities also continued on a smaller scale than in the corresponding month of 1932. In fact, the crushings of seed and the production of oil, cake and meal, and hulls were in smaller volume during Novem· ber than in any corresponding month since 1923. During the current season, excepting the production of linters, operations have dI'opped considerably below those in the period from August 1 to November 30, 1932. Activities of cottonseed oil mills throughout the United States reflected declines during November very similar to those in Texas. Operations were seasonally smaller than in the previous month, and they were below those in November a year ago. Supplies of cottonseed on hand at consuming establishments on November 30 were greater than the holdings thirty days earlier at both Texas and United States mills, but they were less than on the same date last year. Stocks of oil on November 30 were the largest for that date in over a decade, while supplies of other products were less than those held a year ago, and hulls were smaller than a month earlier. .'111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111 11 11111111111 1111 111111111111111 11111111111111 11111111111111III:: i= : = = =! = ~_ ~.=:~~ :~:~~=.~;N=;'~;~~:: I (tons)..................... Cottonseed orushed (tons)..... Cottonseed on hand Nov. a0 (tons)..................... 1,037,537 655,367 1,060,085 716,853 3,101,004 1,079,302 3,240,401 2,106,840 481,473 527,500 1,342,640 1,442,585 I§= _ ~~~~~) ,,,,~~ m,~~~ on,!~~ M'!~:~ Stooks on bnnd Novembcr 30: Crude oil (pounds). . . ........ Cnke nnd meal (tons)......... Hulls (tons). .......... ..•... Linters (running bnIes)........ 37,252,755 88,291 66,732 44,571 29,584,216 123,403,123 94,0 14 315,070 105,168 147,877 82,203 150,473 08,035,647 367,469 261,651 277,403 COTTON CONSUMED AND ON HAND (Bntes) Cotton·growing stntes: Cotton oonsumed .. ..... ... . On hond November 30 inConsuming estnblishments. Publie stornge nnd oom· presses ....... . .. .. ... . United Stntes: Cotton oonsumed ........ . . . On hnnd November 30 inConsuming establishments. Publio stornge nnd com· presses .. ..... ........ . November 1983 November 1932 879,272 420,263 475,368 602,484 August 1 to November 30 This season Lnst season 1,650,145 1,582,514 1,245,563 1,185,274 10,050,625 10,240,618 2,067,297 1,001,566 1,573,744 1,451,305 10,603,717 =;-1111111111111111 111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIi Contrary to the usual seasonal trend the exports of cotton through the ports of Houston and Galveston reflected a decline during November, and at the latter port they were substan· tially below those in the corresponding month of 1932. The receipts of cotton at these two concentration points during the past month also evidenced declines, which were, however, of a seasonal character. Receipts were also in smaller vol· ume than a year ago. During the first four months of the current season exports continued in greater volume than in the like period of 1932 at both ports, and at Galveston reo ceipts were also larger. Stocks of cotton on November 30 at Cotton Movements !l11111111111111111111!1111111111!lllllllllllltllllllll11111111111111111111111111111111111111111111111111111111I111111111111111111111111111111111111111111111111111Ig g - ~11111111111111I111111111111111111111111111111111111111 11111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIffi As reflected by the consumption of cotton a decline, partly seasonal in character, was witnessed during November in the operations of domestic cotton textile mills. Activities were also on a smaller scale than in the corresponding month of 1932. Total consumption of cotton at all United States mills amounted to 4.75,368 bales during the month, as compared with 503,873 bales in October, and 502,4..34 bales in Novem· ber last year. Despite the November decline from a year ago consumption of cotton during the present season, August 1 through November 30, remained above that in the same period of the 1931·32 season. There have been 2,067,297 bales of cotton consumed this season, as against 1,901,566 bales in the first four months of the previous season. Supplies of raw cotton held by textile mills on November 30 continued in greater volume than those a month earlier or a year ago. After declining contrary to seasonal in October the con· sumption of cotton and the production of cloth at reporting Textile Milling Texas textile mills turned upward in November and reflected an increase over both the previous month and the corre· sponding month last year. Orders for finished products on hand on November 30 were, however, less than those in either comparative month. Stocks of finished materials held by these establishments at the close of November were larger than those a month earlier, but remained below those held a year ago. COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON § 1" ~: : ":~" " , , , , , , ,~,~ ~), ~,~ , , ,:f~ ~, ~ !, , , 1 !!JII 11111 11111111111 11111 11111 11111111 11111 11111111 11111 1111111111111111 11111 11111111 11111 III II III 11111111 11111 III 11111 II 1IIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIIIIIIIIIIg COTTON-GALVESTON STOOK STATEMENT ~~~ N For Great Britain. . .................................. For Frnnce. . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . .. . .. For other foreign ports... . . .. . . . •. . .. . ... . . .. .. . . . .. . . For constwise ports. . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . ~g8g0, 12,000 0,000 44,500 2,500 N I= ~08~O' I 14,500 8,500 45,000 1,500 g g g § , ,, ,:,:, : : :~: ,:,~;,;:, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ",: :,:" , , , ,:~:,=:, , , , ,I ~= = = = :_= = _'lI l 1 l1 l1l11l11l1l1l1l1l1l11l1l11l1ll11ll11l1l11l1tlllllllll1l1ll11ll1111111111111111111111111111111111111111111111111111111111111111111111111111111111111 COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON (Bntes) November 19S3 Reeeipts.............. ...... . 390,523 Exports.... ......... ..... . . . 324,589 Stocks, November 30. . ....... November 1032 625,335 283,868 Au~ust 1 to Novembor 30 ThlB season Lnst Benson 1,610,617 1,624,300 1,186,018 956,333 1,578,147 1,741,244 ~111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 MONTHLY BUSINESS REVIEW these ports remained above those a month earlier, but were less than a year ago. Total foreign exports of cotton from all United States ports likewise reRected a decline contrary to seasonal during November. Shipments were also in smaller volume than in the same month of 1932. There were 915,304 bales of American cotton taken by foreign countries during November, as compared with 1,04,6,524, bales in October, and 1,012,4U bales in November last year. Despite the November decline as compared with a year ago, it was insufficient to offset the large increases in exports during the preceding three months; consequently shipments during the current season continue above those in the first four months of the 1932-33 season. 894,,077 barrels in November, as against 1,004,700 barrels in the preceding month, and 875,800 barrels in the same month last year. The declines from October ranged from 3,685 barrels in North Texas to 69,617 barrels in East Texas. In South Texas and Central West Texas there were material decreases as compared with November, 1932. The daily petroleum yield in New Mexico and North Louisiana remained at the same level as in October. ~==_I I IIIIIIIIIIIIIIIIIIII IIIIIII IIIIIIIIIIIIIIIIIIIII 11111111111111111111111111111111111111111111111111111111111111 1 1111111111111111111111111111111111 11 111111111IIII!:! OIL PRODUCTION-(Barrels) !=~ North TOxllS ................ . Ccntrol West Texas ....... .. . East Central Texas .. ..... . .. . South Toxns . ............... . Texns Constal. ............. .. :!J111111!1111111111)11111111111111111111111111111111111IIIII11111111111111111111111111111111111111111111 11111111111111111111111111111111111111111111111111111111111I':: ~ ~ SEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTTON AT ALL UNITED STATES PORTS-(Bales) Total TexllS .... ....... New Mexico ................. North Louisiana .............. = § Au~ust 1 to November 30 :; ThIS season Last season = :; ReoelpfB...... . ...................................... 4,732.084 4,762,427 ~ ExporfB: United Kingdom............................ 576,270 540,213 Franco.. ....... ..... . . ..•..... .. .. .. . ...... 414,836 412.208 = Italy.. .. .. .. . .. .. .. . .. .. .. . .. . .. .. .. . . .. .. . 207,397 277,310 § Germany.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635,140 783,587 § mher Europe........ ... ............ . . ...... 412,208 372,725 Joron... .. ..... .. ... .... ...... .... .. . ..... . 801,560 634,966 § AI other countries...... .. .. ........ ......... 222,570 185,204 § Total foroignporfB. . . ........................ ........ 3,350,999 3,206,258 § Stocks at all United States porfB, Novembor 30 .... , ..... 4,140,874 4,017,805 Total District .... .... .. =: Dco.15, 1038 10.20 0.08 0.05 0.00 0.00 Petroleum 20,822,300 1,250,850 777,250 -28,850,400 ------ 894,077 41,095 25,008 -4,323,400 42.150 25,650 -110,628 5 8 + 001,080 -4,301,200 -110,620 NOVEMBER DRILLING RESULTS SPOT COTTON PRICES-(Middliog Bnsis) (ConfB per pound) NcwYork . ...... . ......... ·.· ··· · · ······ New Orleans .................. · .. · .. · .. .. DallllS . ..................... · · .. · .... · .. Houston ..... . ................. ·· ···· ··· . Galv08ton ......................• ····· ·· . --- :J1 1111111111111111111 1111111111111111111 11111 11 1 111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIII I III I~ :!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 II~ 1088 Low 0.55 0.28 8.05 0.20 0.20 Incrensc or decrease over Octoher, 1033 Total Daily Avg. - 211,000 3,685 - 208,500 3,085 -2,600,650 - 69,617 - 190,850 4,771 -1,042,500 - 28,565 Novcmber, 1083 Total Daily Avg. 2,029,050 07,665 4,348,050 144.905 13.540,000 451,533 1,287,850 42.020 4,700,550 156,085 ;;111111 1111111111111111 11 11111 1111111111111111111111111111111111111111111111111111111111111I1111111 111111111111111111111111 111111 11111111111 111111111111111111 11111rr. ~IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII111111111111111111111111I1111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIlllllllllllllllllllllllllliffi November, High 10.40 10.08 0.85 10 .05 10.05 7 Producers 80 28 388 40 07 Gns Wells North Tcxas...... ......... Control West 'fexas......... East Central Texns......... South Tcxas............... Toxns COMtal.............. Completions 118 58 348 85 80 1 6 2 Failures 38 25 0 30 20 Initial Production 12,367 188,235 2,451,465 27,157 77,063 Total ToxlIS......... Now Mexioo.. ............. North Louisiana............ 603 3 34 502 3 11 0 122 4 10 2,757,187 1,802 1,770 November totals, district.... Ootobor totals, district... ... 730 877 570 671 13 24 141 182 2,760,849 2,651,471 ;;'1111 11111111 11 1 1 11 11111111111111111111111111111111111111I11I111111111111111111111111 11 11111111111111I1111111111111111111111 1 1111 1 1111111111111111111111111111 111111~ ~IIII IIII IIIII IIIIIIIIIIIII IIIIIIIIIII I IIIIIIIIIIIII II 11II1111 11 11 11111111111I111111111111111111 1 1 11111 11111111111111111 1 1 1111 11 1111 1 111111111111 1 11111111111111111 l! = ~ A considerable reduction in the output of crude oil was reported in all sections of this district in November, and only a portion of it was attributable to the shorter month. Total production amounted to 28,859,4.00 barrels, which compares with 33,250,600 barrels in the previous month, and 28,099,500 barrels in November, 1932. The daily average yield decreased from 1,072,600 barrels in October to 961,980 barrels in the succeeding tnonth. Field activity during November was on a somewhat shlaller scale than in the previous month, there being a total of 730 wells completed, of which 576 were producers with an initial yield of 2,760,849 barrels. In October 877 completed wells were reported, of which 671 were successful and had a Rush output of 2,851,4,71 barrels. Daily average production of fields in Texas amounted to = ~ CRUDE OIL PRICES I, , :,~ :~ :~ ~ ~,:~: , : :,: : : , , , , , ", , : ~, , , , , , : ,~" " ".I (Oilstatisties compiled by Thc Oil Weekly, Houston, TeX8a) Building Although the valuation of construction permits issued during November at fourteen principal cities in the Eleventh Federal Reserve District was 11.2 per cent below the level of the previous month, it showed an increase over November, 1932, amounting to 10.7 per cent. The total amount reported was $682,995, as against a volume of $768,828 in October, and $616,858 in the corresponding month last year. The cities of Austin, Corpus Cluisti, El Paso, and San Antonio reRected increases over both comparative months. ~ 1I11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111111111111' " Novcmber, 1038 No. Amarillo . . .. ... Austin ......... Bonumont ...... Corl:us Christi. . Dalas . ........ EI Pnso ........ Fort Worth ..... Galveston ... . .. Houston ..... ... Port Artbur .... San Antonio .... Shreveport .. ... Waco ......... . Wichita Falls ... Total .... Valuation Novembor, 1032 No. - -14 ----14 S 3,327 71 70 18 330 20 80 00 117 41 103 110 20 0 88,828 15,675 12,788 128,610 30,785 40,100 40,388 130,800 8,020 09,004 25,988 44,012 3,710 08 88 27 270 26 87 84 140 28 113 80 18 13 Pcrcentage change valuation over yenr Valllation S 5,170 48,900 13,000 8,678 113,780 34,650 106,577 14,011 137,110 3,050 40,783 30,187 40,000 2,020 --- - --- -1,057 S 610,858 1,114 S 082,905 - 35 .8 + 81.0 + 15.2 + 47 .4 + 13.0 + 14.8 - 02.3 +170.0 4.6 +110 .5 +145.2 - 38.7 4.3 + 27.1 - - --+ 10 .7 Octobor, 1038 No. Valuation 12 $ 11,442 75 33,074 119 28,320 11,215 30 382 152,500 32 15,809 74,400 108 122 45,141 102 246,357 13,273 47 166 77,174 120 32,054 15 10,092 30 7,345 ---1,400 S 708,828 Pcrcentage chaogo valuation over month Jon. 1 through Nov. 30 1083 1032 Valuation No. Vnluation Percentage change valuation over period - 70.0 +168.6 - 44.7 + 14 .0 - 15.7 +160 .7 - 40.0 - 10.5 - 40.0 - 80.5 + 20.6 - 20.4 +124.6 - 40 .5 No. 182 S 152,474 023 1,317,753 187,050 025 156,770 268 3,005 1,850,735 388 200,108 047 2,617,076 1,040 307,084 1,021 2,007,017 513 100.024 1,403 070,443 415,650 1,102 318,113 248 78,531 289 232 $ 282,102 081 5,120,003 053 285.600 355 138,518 3,005 2,202,338 433 848,423 1,350 1,350,080 1,404 498,104 2,101 2,628,140 396 85,701 1,038 1,500,345 1,312 447,757 321 874,027 160 494,280 -40.0 -74.3 -34.2 +13.2 -10.3 -42.6 +92 .9 -20 . 1 +10 .6 +16.7 -35.3 -7.2 -15 .1 -84.1 - 13,059 $11,671,063 15,120 -20 .• --11 .2 $15,859,737 I I illllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111'"lIui 8 MONTHLY BUSINESS REVIEW The production of Portland cement at mills in Texas during November amounted to 132,000 barrels, as compared with 113,000 barrels in the preceding month, and 351,000 barrels in the same month last year. A total of 218,000 barrels was shipped from these mills during the month, this figure being 6.3 per cent higher than that of the previous month, but 38.1 per cent below that of November, 1932. Stocks on hand at the close of November, which totaled 628,000 barrels, were 12.2 per Cement cent less than on October 31, but 15.0 per cent larger than on the corresponding date a year ago. PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND CEMENT (In thousands of barrels) Nov., 1933 Production at TexlIB milia . . ... 132 Shipments from TexlIB mills.. .. 218 Stocks at cnd of month at 'rexns mills...................... 628 Percontagc change from Nov., Oct., 1932 1933 -62.4 +16.8 -38.1 + 6.3 January 1 Pcrcentage through changc from Nov. 30 yenr 2,822 2,869 -18.5 -21. 0 +15 .0 -12.2 ffillll lllllll lllll ll lllllllll llll lllllll llllllllllll llil l11 11111111111111111 11 1111111111111111111111111 111 1111 1111111 1111 1111 111111111111111111111111111111111111111r.:i SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compiled by the Federal Reserve Board, December 22, 19S8) Total volume of industrial production, after declining further during October, showed little change during November and the first half of December. The amount of construction undertaken continued to increase, reflecting an expansion of public works. than is usual at this season. Sales of merchandise at department stores declined, contrary to seasonal tendency, while sales by variety stores showed little change. PRODUCTION AND EMPLOYMENT Wholesale commodity prices, as measured by the weekly index of the Bureau of Labor Statistics, advanced from 70.9 per cent of the 1926 average in the first week of November to 71.7 per cent in the third week, and then declined to 70.9 per cent in the week ending December 9. These movements reflected chiefly changes in the prices of farm products and foods. Prices of hogs declined considerably after the middle of November, owing partly to seasonal factors. Output of basic commodities, as measured by the Federal Reserve Board's seasonally adjusted index, was 73 for November, on the basis of the 1923-1925 average as 100, compared with 77 for October. This total for the month reflects the maintenance during November, with allowance for usual seasonal changes, of the level reached at the end of October after a continuous decline during the preceding three months. Activity at steel mills, after declining from 44 per cent of capacity in the early part of October to 25 per cent in the early part of November, subsequently increased to a rate of 34 per cent in the third week of December. Output of automobiles, which was curtailed sharply in November in preparation for new models, also increased somewhat in the early part of December. Consumption of cotton by domestic mills was in somewhat smaller volume in November than in the preceding month and activity at woolen mills decreased. At shoe factories production showed a decline larger than is usual at this season. Volume of factory employment and payrolls declined from the middle of October to the middle of November by somewhat more than the usual seasonal amount. The Board's seasonally adjusted index of factory employment for November was 72, as compared with 74 in October and 57 at the low po,i nt in March. Value of construction contracts awarded, as reported by the F. W. Dodge Co,r poration, showed a further substantial increase in November. This increase, at a season when construction contracts usually decline, reflects a growth in the volume of public works. DISTRIBUTION Shipments of commodities by rail decreased in November as compared with October by an amount somewhat smaller WHOLESALE PRICES FOREIGN EXCHANGE The value of the dollar in the foreign exchange market advanced from a low po,i nt of 59 per cent of its gold parity on November 16 to about 64. per cent for the period from November 27 to December 20. BANK CREDIT Between November 15 and December 20 there was the usual seasonal increase, about $195,000,000, in the demand for currency by the public. This currency demand was met largely through the purchase of $100,000,000 of acceptances by the Federal reserve banks and the issuance of additional bank notes by the National banks. Reserve balances of member banks showed little change for the period, and continued to be at a level of about $800,000,000 above legal requirements. Total loans and investments of reporting member banks in leading cities declined by $160,000,000 between November 15 and December 13, reflecting chiefly sales of acceptances to the reserve banks and a reduction in holdings of investmenLs other than United States Government securities. Loans on securities, chiefly to, brokers in New York City, increased by $40,000,000, while all other loans, which in· clude holdings of acceptances, declined by $125,000,000. Short-term money rates advanced slightly during the period.
@FedFRASER