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MONTHLY BUSINESS REV EW
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 15,1935)
Volume 20, No.l1
Dallas, Texas, January 1, 1936
This copy is relea sed for pubIIcation In afternoon papers-
Dec. 31
·DISTRICT SUMMARY
-
'l'HE SITUATION AT A GLANCE
Eleventh Federal Reserve District
November
1035
-
Ba~k debit. to individual aeeounte (at 18
DOlties) . ........ ........ ............ .. ... .
It epartmentstore oalell ..... ... .. ........... .
cserve bank loans to member bank. at end
It of month ................................
l
l
'"
B~erve bank ratio at end of month ..........
CUlldiug Il'lrmit vailllltion at largor cellter•....
Commoremi failures ~UmbCr) .. . .............
Ofimmoreial failures liabilities) ........ ..... .
_produotion (barre s) .....................
I.....
'088,000,000
· . .. . . . . . . .
,
•
27,032
03.4 %
2,703,702
30
814,248
34,414,500
•
Change from
Ootober
-
5.3~
1.8 0
-'67,700
.0 poillta
+
- 25.7%
17
+
+107.0~
-
.3
0
An active demand for merchandise in both wholesale and
retail channels was in evidence in this district. during the
~ast month. The November sales of department stores were
per cent less than in October (which was considerably
less than the average decline for this season) and exceeded
the total for the corresponding month last year by 6 per
cent. A seasonal recession in wholesale distribution was also
registered, but the volume was materially larger than a year
ehrlier. Furthermore, late reports from some finns indicate
t at December business is being augmented by a substantial
volume of fill-in orders. Payments on accounts at both
Wholesale and retail were generally satisfactory for this
s7~SOll. Debits to individual accounts at banks in larger
declined 5 per cent from October to November, but
Ne total for the latter month was 24. per cent larger than in
ovember, 1934..
hhes
I
~-
. The position of the agricultural and livestock industries
~.s .lnuch improved as compared with a year ago. The heavy
al~s during the past month furnished much needed
InolSLure in the northwestern portion of the district and
hdded to supplies elsewhere, with the result that all sections
aVe an adequate season in the ground. Small grains have
made rapid growth and are in good condition generally.
While weather conditions have interfered with harvesting
operations and fall plowing, a period of open weather will
enable farmers to go forward rapidly with this work. The
final outturn of some crops did not come up to- earlier expectations, yet yields generally have been heavy. The large
production of feed crops has provided farmers with an
ample supply of feed to make 1936 crops, and will be an
important factor in holding down the cost of production.
Many of the minor crops have produced well and have
made satisfactory returns to growers. The cotton crop, while
smaller thaI1 the ten-year average, was substantially larger
than in the previous year. The condition of ranges and
livestock is better than for several years, and prices are
considerably higher than a year ago.
The financial situation disclosed no material chaI1ges.
While the investments of member banks in selected ciLies
declined during the four-week period ending December 11,
Lhere was a further expansion in loans. Federal reserve
bank loans to member banks continued in small volume.
The reserve deposits of member banks with the Federal
Reserve Bank increased between November 15 and December 15, and this bank's total reserves also reflected a noticeable expansion during the same period. Federal reserve
notes in actual circulation rose to $73,694,000 on December
15, which was $3,374~000 greater than a month earlier, and
$20,4.58,000 above that on the same date last year. The
daily average of combined net demand and time deposits
of member banks amounted to $784.,086,000 in November
as compaTed with $775,552,000 in October.
Building operations continued in a substantial volume.
While the valuation of permits issued at principal cities
was 26 per cent less than the large October figure, it exceeded Lhat of the same month last year by 35 per cent.
BUSINESS
rholesale
The seasonal decreases which are usually
rade
in evidence at this time of year were
.
reported for all lines of wholesale trade
InNovember. Business in this district continued to be on a
1~3ger scale than a year ago, the increases over November,
4., ranging from 2.4 per cent in the case of drugs to 53.6
ller cent in the case of farm implements. The comparisons
reCorded for dry goods, hardware, and farm implements
were more favorable than in the preceding month. Reductions as compared with October varied from 4..3 per cent
in the case of hardware to 22.2 per cent in the case of dry
goods. Total collections reflected a seasonal decrease from
the level of the previous month.
Although the November sales of reporting wholesale dry
goods firms in this district fell 22.2 per cent below those
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
~2____________________~M~O~N~T~H~L~Y~B~U~S=IN~E=S=S~R=E~~E~W~------______--------of October this reduction is somewhat less than the decline
CONDITION OF WHOLESALE TRADE DURING NOVEMBER, 1035
usually re~orted in this month. Business was. 10.3 pel' cent
Percontage of increaee or deorcnse inbetter than a year ago, whereas for the penod from July
Not Sales
Stocks
l!-atio o[ collc~Net
SalOIS
1 to November 30, there was a decrease of 1.2 per cent as
July 1 to date Nov., 1986 lions durmg N°'ti
Nov., 1935
compared
with
compared
w,th
to nccounta d~n
oompared
with
compared with the l~ke pel:iod i~ 1934:. Late reports indicate
Nov., Oct., same period Nov ., Oct., notes 01ltstall3~ng
hillt yoar
1934 1935 on October
that December busmess IS bemg stimulated by frequent
1034
1035
+ 4.1
- . 2 - 1.1
82.6
fill-in Ql'ders to meet the increased consumer demand. ColGrocoriOlS ......... + 5.6 -13.0
_ 1.2
-16.6 -10.5
39 .0
Dry &oodlI ........ +10.3 -22.2
+52.7
+43.7
+
1.0
12.5
lections during November were on practically the same
Farm implemouta .. +53.6 -21.5
+20.5
+ 8.5 + 1.4
47.6
Hardware ........ +10.5 - 4.3
basis as in the previous month.
+14
.1
+24.1
+
2.9
52.5
Druge ............ + 2.{ - 0.8
The volume of sales reported £01' November by wholesale
hardware fIrms showed a decrease of only 4.3 per cent, this Retail
Stimulated by lowel' temperatu~es an1
comparison being appreciably better than seasonal. An im- Trade
eady Christmas bu.ying,. th~ busI?~SS ~f
provement of 19.5 per cent was reflected as compared with
department stores m prmcipal CItieS .
, . was very actIve
' dunng
' November as IS
the same month last year. Despite the good showing made the Eleventh DIstnct
for the district as a whole, it was indicated that a slackening evidenced by the fact that daily average sales were 5.8 -fier.
in demand was visible in some sections. Collections rose cent greater than in the previous month. Aggregate do
materially during November.
volume of sales during Novemhel' was 1.8 pel' cent sma el
Distribution of farm implements at wholesale in this than in October, which is considerably below the average
district registered a seasonal reduction of 21.5 pel' cent lust decline for that month and was 6.4· per cent greater tl~aI1li
,
h . d' tIO
month, but there was an expansion of 53.6 per cent as in the corresponding month a year ago. Anot er III lca
· N0 vem-.
compared with November, 1934,. Combined sales during of the good business enjoyed by merchants dunng
the months from July to November, inclusive, exceeded bel' is that this bank's index of department store sales, afte1
those of the same period last year by 52.7 pel' cent. A making allowances for seasonal chanbO'es, advanced fronl
. Octobel' to 838
moderate decline from the large collections volume of the 79.9 per cent of the 1923-25 average m
" PeJ'd
preceding month was reported in November.
cent in November. Total sales during 1935 to date contInue
The demand for drugs at wholesale during November 6.3 per cent greater than in 1934,. Reports indicate that t~e
was seasonally 9.8 pel' cent less than in the preceding December demand for merchandise at department stores 18
month, but reports indicate buying in December has been also in good volume.
active. While business was 2.4, per cent larger than in the
The total dollar volume of stocks of merchandise held
same month a year ago, this gain is substantially below the
ater
average percentage increase for the five months since mid- by reporting firms on November 30 was 2.2 per cent gr e h
year. A small reduction from the October total was shown than a month earlier, and 5.6 per cent larger than. on ~e
in the amount of collections during November.
same date in 1934. The rate of stock turnover dunng :
While the business of reporting wholesale grocery firms eleven months of 1935, ended November 30, was 2.83, a
reflected a chiefly seasonal decline of 13.9 per cent in compal'ed with 2.72 in the like period of 1934.
November, it continued on a scale well above that of a year
Further increases were witnessed during the past mont
ago. The gain over November, 1934, amounted to 5.6 per
cent. Stocks on hand November 30 were slightly smaller in collections on both open and installment accounts. ~ e
than a month eal'lier. Following the substantial gain shown ratio of November collections to open accounts outstandlI1~
in October, collections dm-ing the month registered a de- on November 1 was 4.1.6 per cent, as against 4-0.5 per cen
in October, and 39.8 per cent in November last year,
cline of 9.2 per cent.
It.
BUSINESS OF DEPARTMENT STORES
Total srues (porcentage):
naUM
November, 1035, compared with November, 1934 .... ....... .... . ......... ... ... .
7.1
November, 1035, compared with October, 1085 ..... .. .... ..... .. ....... ......... .
- 11 .2
January 1 to date compared with samo period Inst year . .. .. .............. . ...... .
9.8
Credit sales (percentage):
November, 1935, compared with November, 1034 .......... ...... ... •... ......•..
+
8.7
November. 1035, compared with October, 1035 .. ........... ....... . .. .......... . .
-12.7
January 1 to date compared with samo period last year .......................... .
+13.7
Stocks on hand at end of month (percentage):
November, 1935, compared with November, 1934 ............................ • ...
+12.1
November, 1935, compared with Ootober, 1935 ............ .... ............. ..... .
+ 8.0
Stook turnover (rate):
Rate of stock turnover in November, 1934 ..................................... ..
.29
Rate of stock turnover in November, 1935 ... .... ............... ....• .. .. ........
.29
Rate of stock turnover January 1 to November 30,1934 .......................•..
3.07
Rate of stock turnover January 1 to Novomber 30, 1985 ... . .... ....... ....... ... .
3.23
Ratio of November collections to open acoounts roeoivable outstanding November 1, 1085.
{0.6
Ratio of Nov. collections to installmont accounts receivable outstanding Nov. 1, 1035 ... . .
16.3
Indexes of department storo snles:
Unadjusted-October, 1935 . ......... . ....... ..... ......•.... . .. ...... ...... ...
105.0
Unadjusted-November, 103S ................................................. .
101.1
Adjusted-October, 1935 . ... ..... . .................... .............•........ ..
86.1
Adjusted-November, 1035 ................................................... .
85.7
Indcxes of department store stocks:
Unadjusted-October, 1035 ............•..•......•........•.•.....•............
6t.7
Unadjusted-November, 1985 ................................................ ..
66.8
Adjusted-October, 1985 ..................................................... .
57.8
Adjusted-November, 1935 ..............................•............... , .... .
61.3
+
+
Total District
-I6.4
_ 1.8
+ 6.3
+13.4
+ 6.7
+11.3
+ 7.3
- 6.1
+ 8.3
+ 8.7
_ 5.6
+10.8
+10.8
+ 2.2
+ 2.5
+ .7
+ 5.6
+ 2.2
Houston
+1.1
+ 8.7
+ .4
San Antonio
+11.7
+ 9.0
+ 8.2
+ 0.7
- 4.2
+10.0
+ 5.6
+ 2.0
6.7
+ 1.2
+ 2.9
-
+
+
0.3
+ 1.8
.24
.24
2.32
2.80
39.2
9.5
.25
.26
2.48
2.01
44 .2
.30
.30
3.30
3.19
45.9
10.6
95.5
100.8
83.8
84.0
8U
104.0
85.0
89.7
7B .6
88.5
65.7
77.0
75.0
78.0
50.1
50.0
48.2
52.5
56.3
40.5
50,7
66.0
69.0
44.3
-
Othor8
+ 5.7
.8
+ 5.0
Fort Worth
7.3
- l.B
+ 5.5
-
.23
.24
2.29
2.30
40.2
21.1
.26
.27
2.72
2.sa
d.6
15.8
91.0
97.2
79.0
sa.8
66.5
68.4
58 .8
61 .1
MONTHLY BUSINESS REVIEW
Commercial
Pailures
CUlTed during
A noticeable increase in the number and
liabilities of commercial failures in the
Eleventh Federal Reserve District ocovember. Dun & Bradstreet, Incorporated,
3
reported that there were 30 defaulLs during the month owing
$314,,248, as compared with 13 insolvencies in the previous
month with an indebtedness of $151,809, and 17 failures in
November, 1934" which had combined liabilities of $223,903.
AGRICUL TURE
Crop Conditions
Heavy rains occurred in all sections of
the Eleventh District during the past
month, and the moisture was particularly
~,eL1eficial to the dry areas in the northwest portion of the
texas Panhandle and in eastern New Mexico. The rains
!n the latter areas, which fell late in November and early
In December, will materially improve the portion of the
wheat crop already sown and will enable farmers to proeeed with seeding operations on the land where dry weather
had delayed this work. The rains were also beneficial to
'111al/ grains in other sections of the districl. Reports indicate that plants have made rapid growth alld are in good
condition generally. A good season now obtains ill all
sections of the district. On the other hand, the wet soil has
delayed harvesting operations, fall plowing, and other field
Work. A period of open weather is needed to enable farmers
to proceed with such work.
The final estimate of the Department of Agriculture,
based on December 1 condition figures, lowered considerab.l y the indicated production of cotton in states attached to
~hlS district. The reduction between November 1 and DecemCr 1 was due lUl'gely to tbe damage to late bolls by frosts
i,lld freezes. The Department of Agriculture estimated the
exas crop at 3,050,000 bales on December 1, which represents a reduction of 200,000 bales from the previous estibate, and compares with an initial estimate of 3,851,000
a~es in August and an actual harvest of 2,4,06,000 bales in
1934. Most of the decline during the month occurred in
~lortbwest Texas. This section also shows a large increase
111 produetiOll over 1934, as last year's production was serilusly affected by the prolonged drouth . The area in Texas
eft for harvest is estimated at 10,606,000 acres as comP~red with 10,297,000 acres last year. The indicated lint
Yheld Was placcd at 138 pounds per acre as compared with
~ e low yield of 112 pounds ill 1934,. Picking and ginning
dave been delayed by wet weather, and the grade has been
all1aged. On the basis of the current estimate, approxir;atel y 83 per cent of the crop had been ginned prior to
I ecember 1 as compared with 94. per cent ill 1934,. The
Sollowing table gives the estimated production for the
tate by districts:
TEXA8-I'RODUCl'ION OF COTTON BY DJS·"lUC'PS
(In thousands of 500-pound G. W. B.)
!Dooember 1, November 1,
Distriota
~. W.llig~ PIBin~ . ..... . . . .. .
~. W. Rolhng Plallls . . . .. .. " .
North Ceutral l'lnins .......•.
~rth Blaokhmds ......... •..
.;. t Texas ............... •..
1935
forecast
350
1935
forecast
C uthem Proiri... .... . . . .... .
S o..,tal Plain•...... . .... . ...
outb Texas ......... . . . ...•.
660
120
765
470
48
81
358
106
92
425
795
120
755
460
55
85
355
105
95
State. . . . . . . . . . . . • • .
3,050
3,250
Ed"llir Pccos .... . .. . ......•..
So wards Platenu ...... . .. .. . .
Produotion 5-yr. averogo
1934
100
248
07
703
425
57
1929-1933
444
786
124
1,282
694
54
1,0
443
126
127
06
023
100
143
2.400
4,445
Oklahoma is again harvesting a poor cotton crop. While
the estimated production of 535,000 bales for the current
year is considerably larger than the 317,000 bales harvested
last year, it is much smaller than average production. The
per acre yield in Oklahoma was forecast at 108 pounds as
compared with 56 pounds in 1934 and] 60 pounds for the
lO-year average. In Louisiana, the indicated production
is considerably larger than for the two preceding years and
the per acre yield exceeds the 10-year average.
The November weather was favorable generally for the
development of vegetable crops in South Texas. According
to the Department of Agriculture most crops have made
good progress, except for some insect and high temperature
damage to some early plantings. Harvesting of fall vegetables proceeded with little interruption during the past
month and shipments will continue in December, but the
remaining tonnage of some crops is light. Prospects are
good for winter vegetables as there is an ample supply
of subsoil moisture and there is no apparent shortage of
irrigation water. The Department estimated that plantings
of eabbage, spinach, and beets are considerably larger than
a year ago, but the acreage planted to carrots is smaller
Lhan last season.
The condition of ranges and livestock in
the Eleventh Federal Reserve District
cOlltinued considerably above the average during the past
month. The Department of Agriculture reported that winter
range and feed prospects in Texas are the best since 1926,
and that cattle are going into the winter in excellent condition. The High Plains areas in northwest Texas and eastern
New Mexico, which had been affected adversely by dry
weather, received much-needed rainfall late in November
und early in December. While conditions in these areas are
very poor, the outlook is somewhat brighter as the recent
rains made the prospects for wheat pastures beLter than
for several years. In other sections, good range pasturage
alld an ample supply of dry feed, supplemented by small
grains fIelds available for grazing, should carry livestock
through the winter in good condition. An ample supply
of stock water is available in all sections.
Livestoclc
According to the Department of Agriculture the condition
of cattle ranges in Texas was rated at 85 per cent of normal
on December 1, as compared with 87 per cent a month
earlier, and 52 per cent a year ago. Sheep and goat ranges
also declined 2 points, but the 90 per cent condition on
December 1 compared with 4.5 per cent on that date last
year. The December 1 condition of cattle in Texas was
86 per cent of normal as compared with 88 per cent on
November 1, 60 per cent a year ago, and 8l.8 per cent for
the 10-year average on December]. While the condition of
sheep and goats declined 1 point in November, the December 1 figure of 90 pel' cent wag 28 and 24, points, respeclively, higher than a year ago.
-------------------------------------------------------------
4~_____________________=M~O~N~T=H=L_Y~B_U~S=IN~E=SS~R=E~VI=E~W~____________________--
The receipts of all classes of livestock at
the Fort Worth market in November
reflected a substantial decline as compared with the previous month. While the arrivals of cattle
and calves were well above those in November last year,
the receipts of hogs and sheep were sharply lower.
Movements
and Prices
The cattle market reflected considerable unevenness during the past month, but most classes ruled a little stronger
than in the previous month. There was usually a good outlet
for quality offerings. While the hog market was som?wht
irregular, prices at the middle of December were shght ~
higher than a month earlier. The supply of sheep a
lambs continued light and prices worked to higher leve:.
During the first half of December the best offerings of lam s
brought $10.00, which was the best price recorded since the
spring of 1934..
1
COMPARATIVE TOP LIVESTOCK PIHCES
(Dollars per hundredweight)
November
FORT WORTH LIVESTOCK RECEIPTS
(Number)
November
Cottle ......... .
Colves .... . .... .
Bogs ........... .
Sheop .... . ..... .
1036
73,150
48.729
16,476
20,090
November Chongoovor
1934
year
69.046
33,038
26,600
47,183
+14,113
9,701
-11,025
-17,193
+
October
1936
78,001
40,108
18,228
50,370
Chongo ovor
month
- 4,842
- 6,379
- 2,763
-20,380
Beef steors ............................. . .
Stooker steers ............ . .............. .
Hoifers and yearlings ................ . ... .
llutoher eows ........................... .
Stooker oows ..... . ...................... .
Calves ................................. .
r~:~·:·:·::::::::::::::::::::::::::::::::
1035
$9.00
7.10
9.25
5.60
7:00
0.05
6.50
9.76
November
1934
$0.35
4.00
7.25
3.25
4:75
6.40
3.25
6.00
October
1035
$0.25
7.25
9.25
5.50
7:50
10.65
5.50
0.25
FINANCE
The borrowings of member banks at the were reduced $7,966,000 during the current period and on
Federal Reserve Bank, which stood at December 11 were $18,002,000 sm:aller than a year ago.
$50,000 on November 15, declined to Holdings of securities fully guaranteed by the United Stales
$24,,000 early in December, but by the Government on December 11 were $852,000 greater than
middle of the month they had risen to $174,,000. On Decem- foul' weeks earlier and $33,4.91,000 in excess of those on
.
., rose
ber 15 last year member banks were not indebted to the December
12, 1934.. Investments in other secuntles
Federal Reserve Bank. While this bank's investments in $960,000 between November 13 and December 11, and on
United States securities showed no change between Novem- the latter date were $2,841,000 larger than a year ag~
ber 15 and December 15, they were $7,500,000 larger than Wh~le deposits declined slightly during the. f~ur-w~ st
a year ago. The total cash reserves of this bank rose to penod, they were materially larger than at thIs tIme la 1
$132,951,000 on December 15, which compares with $125,- year. The reserve deposits of these banks with the Fedthers
706,000 on November 15, and $124,082,000 on December Reserve Bank on December 11 were $4.,725,000 greater an
15, 1934. The reserve deposits of member banks reflected on November 13, but were $3,658,000 lower than on Dec elnconsiderable variation during the past month but the total bel' 12, 1934,.
at the middle of December was $5,255,000 larger than a
month earlier and $1,123,000 above those on the same date
CONDITION STA'rISTICS OF MEMBER BANKe IN SELIICTED Cl'rIES
last year. Federal reserve notes in actual circulation
(In thousands of dollars)
amounted to $73,694,,000 on December 15, as compared
Nov.1S,
with $70,320,000 on November 15, and $53,236,000 on
Dco.12,
Dce.l1,
1935
1934
1035
December 15, 1934.
$157,787
Operations of
the Federal Reserve Bank
CONDITION OF THE FEDERAL RESERVE llANK
(In thousanlls of dollars)
Doo.16,
Toto\ cMh r08erves .............. . ...... ..
Disoounts for member banks .............. .
Other bills disoounted ....... . ............ .
Industrial ndvano06 ........... '" ........ .
Commitmonts to moke industrial advanoes ..
llills bought in tho open markot ........... .
United States Government scourities owned ..
All oth~r investmonts .................... .
Total earning MSets .................... ..
Momber bank reservo deposits ...........••
Federal reserve notes in aotual oiroulation ...
Condition of
Member Banks
in Selected
Cities
1935
$132,051
174
Nono
1,812
596
121
78,076
7
81,089
126,746
73,694
Deo.15,
1034
$124,082
None
None
708
None
154
71,476
None
72.337
125,623
53,286
Nov. 15,
1035
$l25,706
60
Nono
1,800
500
121
78,075
3
80,058
121,491
70,320
Reports from member banks in selected
cities during the four-week period ending
December 11 reflected a further increase
in loans, but a decline in deposits and
in investments. Loans on securities w~re
increased $560,000 between November 13 and December 11
but the total on the latter date was $7,104,,000 lower tha~
a year earlier. "All other" loans (largely commercial) reflected a further increase of $817,000 during the four
weeks and at the end of the period exceeded the total on
the corresponding date last year by $5,969,000. Investments
of these banks in the direct obligations of the United Stales
United States scouriti08 owned ............ . $149,821
Seouritics fully guaranteed by U. S. Govt.
owned ............................... .
51,350
11.11 othor stooks, honds, and 8couriti08 owned .
44,957
Lonna on scourities ...................... .
41,888
AII other loans .......................... .
151,781
Total loans ............................. . 103,669
Nct demand doposits ...... .. ............ . 351,300
121,574
Time depoeits ........................... .
74,672
R08erve with the ~'edoral Reserve Bank . ... .
nills payable and rediscounts with tho Fedoral
Nono
R08ervo Bank ......................... .
5167,823
78,S30
50,507
43,097
41,328
150,064
102,292
351,787
121,760
00,947
None
Nonc
17,808
42,116
48,002
145,812
104,804
311,385
123,001
. banks_
Acceptances executed by acceptmg
in this district and outstanding NorJllh
bel' 30 aggregated $2,373,539, w ~76
compares with $2,019,553 a month earlier, and $1,15~, n5
a year ago. The expansion in the case of both cOll1pal'ls~he
was reflected in the amount of acceptances based on I of
domestic shipment and storage of goods, as the tota n5
acceptances executed against import and export transactiO
was materially smaller than on either comparative date.
Acceptance
Market
A further increase of $7,620,000 .over t.~;
previous month was l'efle?ted In da~er
average net clem and depOSIts of mell1 '11
banks in the Eleventh District during Novembe~" A g~lY
was also registered in time deposits, and the combmed dr~is
average during the month amounted to $784,086,000. .ted
figure compares with an average of $775,552,000 repOI
Deposits of
Member Banks
MONTHLY BUSINESS REVIEW
in October. The increase during the month occurred mostly
at banks in reserve cities.
DEBITS TO INDIVIDUAL ACCOUNTS
(In thousand! of dollars)
DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thousands of dollars)
November
Abilone. ........
Austin...... ....
Bonumont.... .. .
Corsioana.......
Dallas ......... .
EI Paso. .... ....
Fort Worth......
Galveston.......
Houston.. .......
Port Arthur. . . . .
Roswoll.........
San Antonio .. .. .
Shreveport......
Texarkana·......
Tueson..........
Tylor
Waco:::: :::::::
WiobitaFalls....
Combined Total
Reserve City Banks
Country Banks
Net demand 'rime Net demand Time Net demand Time
deposita deposita deposita deposita deposita deposita
~ov., 103i...... S506,441
J co., 1934 ......
F~li' 1036. .....
M " 1036.... ..
A I\~., 1036.. . .. .
1935. .....
J ny, 1085.. .. . .
JUlie, 1036. .....
AU y, 1035 ......
Seug ., 1935.... ..
oPt., 1935 ......
Net., 1035 ..... .
ov., 1036. .....
M:"I,
507,045
500,450
600,125
605,072
006,348
003,787
000,200
618,475
630,736
567,887
681,625
580,245
Sl96,512
196,380
106,430
107,165
193,394
103,840
104,624
193,263
194,395
194,580
104,050
103,027
104,841
$292,685
280,066
270,110
280,057
204,281
290,103
206,770
300,626
308,802
320,406
813,405
325.246
332,345
$lll,082
111,030
113,255
112,580
112,010
112,252
113,128
112,888
112,762
lll,820
111,016
110,903
111,867
5
$303,756
310,680
311,349
310,168
311,301
307,185
307,017
308,636
800,583
304,330
254,422
256,380
256,900
$85,430
83,750
83,181
84,669
81,375
81,507
81,800
80,416
81,043
82,754
82,434
82,034
82,074
I NO'I'E: The method of oomputUlg net demand deposiu. subjeot to reservo
o Innged by the Banking Aot of 1036 approved August 23, 1935.
1935
$ 8,823
20,184
20,478
2,850
107,966
23,766
71,178
25,064
160,014
6,391
3,108
62,738
31,291
6,320
9,406
10,657
14,188
13,557
Peroentage
November change ovor
1984
year
$ 5,979
22,294
15,805
2,474
166,891
20,565
57,629
17.611
130,306
5,123
2,707
49,019
28,210
5,067
7,825
8,177
11,418
9,746
Percentage
change over
month
Ootober
1935
$ 9,683
25,145
10,750
3,483
222,167
22,109
72,329
24,097
165,208
6,570
2,007
61,144
35,361
6,966
8,562
11,400
15,581
14,524
+47.6
- 0.5
+29.6
+15.2
+26.2
+15.6
+23.5
+42 .3
+23 .3
+24.8
+18.1
+28 .0
+10.9
+24.7
+20.2
+30.3
+24.3
+30.1
- 8 .9
- 10.7
+ 3.7
- 18 . 2
-10.9
+ 7.5
- 1 .6
+ 4.0
- 2.8
- 2.7
+10.0
+ 2.6
- 11.5
- 0 .3
+ 0.9
- 6.5
- 8.0
- 6.7
WIUI
Totnt..... $688,669
$656,846
+23.7
$726,076
- 5.3
'Inoludoe tho figures of two baok. in Toxarkana, Arkansas, looated in the Eightb
District.
Debits to
Individual
Accounts
The volume of debits to individual accounts during November at banks in
leading centers in the Eleventh Federal
Reserve District amounted to $688,~69,000. This figure was seasonally smaller than the $726,b76,000 total which was reported in October, but exceeded
23.7 pel' cent the amount shown for November last yeal',
W ~n total charges amounted to $556,84,6,000. This comr l 'lson with a year ago is the most favorable reported since
u y.
The savings deposits of reporting banks
in this district that operate savings departments totaled $155,776,759 on November 30, as compared with $154,,601,825 a month earlier,
and $144,54,6,2408 on the same daLe last year. Practically
all cities in the district participated in the increases over
both comparative dates. A further small gain in the number
of savings depositors occurred during the month.
Savings
Deposits
h
-
SAVINGS .DEPOSITS
Number of
~'rmont ............. ... .
Efp:~"........
"" " .""""'"
F
........ ..
g~l~:~~t~: :::: :::::: :::::
pouston .................. .
sort Arthur .... . ......... .
~~~~~~i~::::: : :::::::::
W~c~.. ...
........... ..... .
All0ot~~ Falls ..... . ......•.
rs .. ..... ..... .... .
reg~~~~lg
3
O·
2
3
4
11 '
2
6
a
a
3
76'
November 30, 1035
Numbor of
Amount of
savings
savln~s
depositors
doposlts
9.224
76,830
11,067
36,100
16,045
67,501
5,640
22,179
22,361
10,845
6,106
51,718
November 30,1934
Amount of
Numhor of
savin~s
IIDvings
doposlta
dopositors
$ 3,772,329
25,197,258
6,062,619
11,474,019
10,606,418
32,845,444
2,223,455
16,935,404
10,627,842
6,206,648
3,283,330
26,353,003
Percentage ohonge
ovor year in
slLvings deposita
B,652
75,700
11,460
33,064
16,BOO
64,687
5,020
20,500
22,425
10,751
5,B01
50,483
+ 8 .1
$ 3,401,066
25,040,715
4,076,292
10,477,408
0,860,113
20,269,666
1,090,850
15,803,617
10,640,028
6,310,255
2,008,462
23,767,876
'-
.2
+12 .9
+10 .9
0,107
76,767
11,864
35,068
17,129
67,344
5,422
22,023
22,264
10,831
6,220
61,423
$ 3,717,602
25,115,664
5,000,997
11,381,327
10,623,387
32,678.284
2,196.818
16,774,478
10,637,656
6,283,444
3,274,430
26,008,649
+ 7.8
335,542
Sl54,601,825
+
.6
+21.8
+ 0.5
+ 7.6
+12.2
+11.2
7.2
+
+
'rotnl. . . . . . . . . . . . .
125
336,406
$165,776,759
326,350
$144,646,248
' Only 8 banks in Dnllns, 10 in Houston, aud 69 in "All othors" roported tbe number of savinge depositors.
.8
Dallas
n
6
5-8
1*8
6
Percontage ohange
over month in
savinge deposits
1.5
+ .3
+
+ 2.6
+
-
.8
.2
+ .5
+ 1.2
+ 1.0
+ .8
+ .2
+ .3
+ 1.3
+
.8
I'revoiling rates:
DECEMBER DISCOUNT RA1'ES
!late cbarged customers 00 prime commercial paper suob as tbat now eligible for ron discount under the Federal Reserve Aot . .... ..... ... ............. ...... . ... .
ate obarged on loans to other banks seoured by bills recoivable ....... ......... . . .
ale on loana 800ured by primo stock exchange or other current collateral (not
including 10llns placed in otber markcta tbrougb oorrespondent banks) :
Demand ................... . ..... . ........ . ....................... ..
It
1'ime ................... . .......... . ........................... .. .. .
l~te charged on eommedity paper !Ooured by warehouse reooil)ts, oto .......••..•.• .
to on oattle loans .................... . . .... . ...... . ....... . ........... .... .
Ootober 31, 1935
Number of
Amount of
IUlvings
savinI!"
depOSita
dopositors
EI,paso
Fort Worth
5-8
5
4-6
6-8
6-8
6-8
5-8
4-10
4-10
5-8
6-10
1~-6
Houston
San Antonio
3-7
4~-6
6-7
6
4-7
4-7
3- 7
7-10
6
6-7
5-8
7-8
Waoo
&-8
&-8
3- 7
8
INDUSTRY
Cottonseed
Products
While operations of cottonseed oil mills
during November in both Texas and the
United States evidenced a seasonal decline from the previous month, they continued in excess
of those in the corresponding month of 1934,. The demand
cottonseed products, as measured by shipments during
l ~ month, continued in good volume. At Texas mills the
shipments of crude oil and hulls were greaLer than in either
fhi'
the previous month or the same month last year and shipments of cake and meal wel'e in excess of those in November, 19340. Shipments of all products from United States
mills were greater than a year ago, but evidenced a seasonal
recession from October. During the current season, August
Lo November inclusive, the crushings of cottonseed and the
production of all products exceeded those in the corresponding foul' monlhs of 1934, by u substantial margin.
MONTHLY BUSINESS REVIEW
6
-------------------------------------------------------------------Receipts of seed at United States mills during the present
season continue in smaller volume than in the 1934,·35
season. Supplies of cottonseed products on hand November
30 at crushing establishments reflected the usual seasonal
increase over the previous month, and with the exception
of hulls at United States mills were in greater volume than
on the same date last year.
STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
Texas
United Statcs
Aug. 1 to Nov. 30
Aug. 1 to Nov. 30
This season Last SCa80n This season Last seMon
Cottonsccd reoeived at mills
691,954
2,753,902
2,783,255
(tons) .. ............ ... ....
598,163
475,522
417,222
1,956,763
1,768,296
Cottonseed crushed Jtons) . . . . .
Cottonseed on han Nov. 30
(tons).. .. .. . . . . . . . . .. . .. . .
238,844
283,702
886,804
1,237,720
Crude oil produced (pounds).. . 134,593,769 119,835,469 591,668,612 542,863,701
198,621
883,163
799,433
Cake and meal roduced (tOllS)
219,798
Hulls produced tons). .... ....
128,225
110,468
503,230
458,948
Linters produced (running
379,252
bales) .......... . ..........
91,647
85,559
432,092
Stocks on hand November 30:
Crude oil (pounds) ........... 22,570,260 12,851,905 68,378,444 ~6,408,9a4
84,520
77,088
312,270
Cake nnd mcnl (tons) .........
298,699
79,525
Hulls (tons) ........... ... ...
57,502
164,100
170,278
56,247
41,542
172,224
Linters (running bales) ....... .
163,401
The domestic consumption of cotton
during November reflected a decline
somewhat larger than usually occurs in
that month, and the total was also 2.4, per cent smaller than
the 1925-1934, average. On the other hand, consumption
continued in greater volume than in the like month of 1934_
There were 507,836 ' bales 0'£ cotton consumed during the
month, as compared with 552,187 bales in October, and
480,081 bales in November, 1934,. Despite the large decline
from October to November, the month's consumption of
cotton was the largest for any corresponding November
since 1929. During the first four months of the current
cotton year there were 1,917,559 bales of cotton consumed,
as against 1,716,750 bales in the same period of 1934.
Stocks of raw cotton held by consuming establishments on
November 30 were greater than those on hand a month
earlier or a year ago.
Textile
Milling
Activities at repOlting textile mills in Texas turned up.
wal'd during November. Both the consumption of cotton and
the production of cloth were greater than a month earlier
or a year ago. Orders for finished products on hand November 30 were also greater than on the final day of either
comparative month. Stocks of goods held on November 30
were sli~htly greater than a month earlier, but they were
substantlally smaller than on the same date last year.
is o.f unusual significance s~nce ~t is the most favorable ~aid
reglstered for thal companson m many months. Combme
shipments from both ports during the first four months of
the current season evidenced an increase of 1.2.8 per cent
over those in the same period of 1934. Receipts of colton
during November were seasonally smaller than those 8
month earlier at both Houston and Galveston, but they
continued in excess of those in the corresponding month
last year. Stocks of cotton on hand November 30 were
greater than the holdings on October 31, and at Galvesl Oll
they remained above those a year ago.
For the third consecutive month the exports of American
co tton exceeded those of the corresponding monlh in ~he
previous year, and the N~vember figure was nearly twIC;,
that for the same month m 1934•. The total of 1,134,8~
bales exported in November exceeded that for any roO n
since December, 1931, and was the largest November figure
since 1928. Shipments amounted to 71.1,664. bales in O~LO'
bel', and 572,359 bales in November, ] 934. Exports dUrIng
lhe month were also 6.5 per cent grealer than the ten. year
(1925·34,) November average. During the first four monthdB
of the 1935·36 season foreign exports of cotton total e
2,574,786 bales, as compared with 1,894,14.2 bales in the
same period last season. The large increase in export:' of
domestic cotton is accounted for by the increased takmg s
of Great Britain, France, Germany, Spain, and many of the
smaller countries in Europe and South America.
COTTON MOVEMENTS THROUGH 'l'HE PORL' OF GALVESTON
(Bales)
~:c;:::::::::::::: : :::::: :
Stocks, November 30 ... . .... .
Cotton-growing states:
Cotton consumed ...•.. . ....
On hand November 30 inConsuming establishments.
Public storage and com·
prC88CS . .. ............ .
United States:
Cotton consumed . ... . . . ... .
On hand November 30 inConsuming cstablishments .
Public storage and com·
prcsses ............... .
426,794
384,937
507,836
~80,081
Aug. 1 to Nov. 30
This SCa8cn Last SCa80n
1,607,307
Aug. 1 to Nov. 30
This season Lnst Benson
1,054,835
622,089
450,069
479,046
829,419
653,936
COT'l'ON-GALVESTON STOCK STATEMEN'r
(Balcs)
lor cOll9twise porta ................................ .. .
n comprClll!cs and depot.... ......... .. ... . .. . . ... .. . .
Nov. 30,
1935
11,000
20,000
75,500
2,200
720,719
Nov. 30,
1934
6,600
4,500
42,900
800
590,136
Tot ..l ............••. . ................. . .
829,419
653.iJa6
;~~ ~:;'C;:~e~~it~i.'~ .. ~ : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :
~er other foreign porta ......... ..... ...... .. ....... . . .
(Bales)
November
1934
November
1934
164,315
115,741
COTTON MOVEMENTS THlWUGH THE PORT OF HOUS'l'ON
_____________________(~B_nl_cs~)________________------
COTTON CONSUMED AND ON HAND
November
1935
November
1935
321,147
259,262
1,372,630
1,171,280
1,044,921
8,520,633
9,588,505
1,917,559
1,716,750
1,346,127
1,294,456
8,629,812
9,803,600
Cotton
The combined exports of cotton through
Movements
the ports of Houston and Galveston dur.
ing. November reflected a large seasonal
mcrease over the prevIOUS month, and were more than twice
as great as in the like month of 1934. The latter increase
~::::::::::::::::::: : :::
Stocks, November 30 ... . ... .
November
1935
415,046
317,561
November
1934
155,945
. 162,790
Aug. 1 to Nov. 30 n
'l'his season Lust sens o
820,300
1102 586
'672;149
514,87 7
732,464
1,119,982
SEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTTON AT ALL
UNITED STATES l'OR'rS-(Bnlcs)
_
Aug. 1 to Nov. 30 0
This SCUBon Lust senso
Receipts. . . . . . . . . . . . . . . . . . . . . . . . . . .•. . . . .• . .. .. . . . .. 4,646,359
2,~~:'~~~
E.'xports: United Kingdom . .. .. .. . ... .. .. .. .. . . . . .. . . .
~~',~~
16~:859
Fmnce.. .. .. . ... .. .. .. ...... ...... .. .. .. . ..
162603
184,36 5
Italy.... .. .... .. ..... ...... .. .. ........... .
,
163 554
?!rb~~~~~~: :::: : :::
: ::: : :::: :::: :::::: m:~~
AI other countries. . . ... ... . .. . ......... .. . . .
107,131
'I'otnl foreign ports
2.574,786
Stoe"" held at all ti~ii;,.j·si~t~g·POrl8; 'N~~e;';~r ao·.. . .. . 2,984,547
~~~:~~!
813924'~42
1'20S'671
8, '
MONTHLY BUSINESS REVIEW
1,022,179 barrels in the preceding month, and 955,300 barrels in the corresponding month a year ago . The expansion
in both cases was general over the State. A reduction from
October was shown in the daily production reported for
New Mexico, but in North Louisiana the average continued
its upward trend.
SPO'I' COTTON PRICES- (Middlillg Daeis)
(Cento pcr poulJd)
~e" york ......... . ... . . •.... ... ... .. ...
b~i~rlea~:::::::::::::::::::::::::::: :
M~lva;~~·.·.·.:: :::::::::::::::: :: : :::::: :
November,
High
12.45
12.42
1U4
12.25
12.24
19S5
Low
11.36
11.88
10.70
11.20
11.24
Dec. 14,
19S5
11.90
11.68
11.24
11.75
11.68
NOVEMBER DRILLING RESULTS
Petroleum
(
I
..
7
Despite a substantial increase in daily
average output of crude oil during NoVI~lnber, the month's total production in this district fell
SIghtly below that of October. Aggregate output for No~elnber amounted to 34.,4,14,500 barrels, as compared with
, 4,507,000 barrels in the previous month, and 30,762,000
barrels in the same month last year. ,Field opel'ations
turned upward during the month and were relatively more
successful than in October. The number of wells completed
rose from 848 in the earlier month to 895 in the latter
l11onth, and the number of producers included in these totals
rose likewise from 585 to 655. Flush production from successful wells amounted to 1,4,50,44.1 barrels in November,
as against 1,283,354 barrels in October.
North Texaa ...............
Weet Texns ... ... .•..... ...
Enst 1'exns .. . .............
South Texns .... ...........
Texns Constal.. ... . ........
Completiono
223
100
246
179
96
Prodllce,"
131
76
238
114
71
Gns
Wella
3
3
'rotal Telns . . .....
Ne" Mexioo . .. ......... . ..
North Louisiana ... . ........
848
28
19
624
23
8
14
November totala! diotriot . . .
Ootober totnls, diotrict .....
B96
848
665
585
Failuree
89
28
12
59
22
Initial
Produotion
49,613
88.851
1,105.703
67,343
24,410
6
210
5
6
1,380,986
74.696
44,869
20
10
220
244
1,450.441
1,283,354
6
2
CRUDE OIL PIUCES
(Prioe por barrol)
1 The average daily yield from fields in Texas amounted to
,057,250 barrels in November, which compal"es with
Texl\B C088tol (34 gr. and .bove) . ... ... .. ... .... . ..... .
North Telns (40 $r. and above) ...... .. ..... . ... . . . ... .
Norlh Louisian. (40 gr. and above) . ................ .. . .
Doo.13,
1936
$1.12
1.03
1.08
Deo. 14,
1934
S1.12
1.03
1.08
(Oil st3tistiee eompiled hy "Tho Oil Woekly," Houston, 'rexns)
OIL PRODUCTION-(Dnrrela)
November, 1936
'rotnl
Daily Avg.
NerthTe~XNi
'J'
120,650
Wost
...... . ...... . . . . 3,619,500
190,100
Baet 'rex ns ... . ..... . ....... . 6,700,000
14,352,000
478,400
South To~ " """'''''' ' ''' 1,893,000
63,100
'reIn. CoW:~~(. : : : : : : : : : : : : : : : 6,150,000
205,000
Illorenao or deorense over
Ootober, 1935
Total
Daily Avg.
+ 68,650
+ 6,107
+ 99,900
+ 9,355
- 276,950
+ 6,408
850
+ 2,008
+ 13U,200
+ 11,100
N
Totol 'rexIl9. . . . ... .. 31,717,500
N~~h~i~o. . ... . . .. ......... 1,720,500
ulemna ... .. .. . . . . . . .
976,500
1,057,250
57,350
32,650
+ 29,950
- 150,300
+ 27,850
+36,071
- 2,098
+ 1,948
1'otal Distriot.. . . . .. . 34,414,500
1,147,150
-
+34,021
-
92,600
Bltilcling
While showing a decrease of 25.7 per
cent from the previous month, the valuation of building permits issued during November at principal cities in this district was 35.3 per cent larger than in
the same month last year. The aggregate for the month
amounted to $2,793,792 as compared with $3,758,078 in
October, and $2,065,288 in November a year ago. Increases
over the preceding month were registered at six reporti.ng
cities, and at nine cities the totals exceeded those of a
year ago.
BUILDING PERMITS
I
~\
November, 1986
November, 1934
No.
No.
I
~ lIlarilio ........
Auetin ... ..... ..
II caumont . .. . . . .
C~tr~e Christi. . .
o
EIPIl8~'"'''' ''
Fo,t W~rib: : : :: :
Ga Vesloll ... ....
Bouoton .. .. . ...
portfrtllur
... ..
Bbn ntonio .... .
B revopOrt ......
Waeo ...........
Wi,ohita Faile ....
.
Valulltioll
-----
27 $ lu.o76
321,404
117
40,667
88
00
00,566
36U
631,U98
100,907
66
81
116,660
102
60,260
263
740,675
72
28,497
239
189,318
137
116,351
23
366,760
27
11,686
Vllluation
28 $ 23,070
92
103,303
22,888
89
31
93,780
342
713,840
8,314
88
105
538,403
128
40,247
145
252,676
62,466
65
51,468
160
143
65,034
18
32,827
21
5,422
----------
'rotal. . ... 1,680 $2,798,792 1,390 $2,066,288
Inerease over one thousand pcr oent.
Porcentage ohange
valuation
over year
Ootober, 19S5
No.
+
+
-
19 .4
90.8
77 .2
36 .4
11 .5
.
- 78.5
+ 4U.7
+ 193.\
- 46 . 7
+207.0
+ 76.6
+086.8
+116.6
- -+ 35 .3
Valuation
32 $ 47,188
267,803
188
166
68,114
74,120
98
583,258
306
53,823
77
120
350,776
174
47,810
663,340
322
27,111
91
268
220,003
128
129,956
30 1,256,938
17,445
18
---2,062 $3,758,078
Peroontage ohango
valuation
ovor month
-69.6
+20.2
--40.6
-18.3
+18.5
+87.6
-67.0
+26.0
+11 .7
+ 6.1
-14 .3
-10.5
- 71 .6
--33.0
- - -
- 26.7
Jonuary 1 through November 30
1986
1034
Valuotion
No.
No.
Valuation
318 $ 273,407
1,080
6,126,878
1,203
649,800
532,006
048
4,805
3,826,090
624
1,072,467
1,219
2,938,055
1,236
031,386
2,896
6,303,911
520,609
866
3,962,164
5,906
1,426
1,192,782
303
2,084,668
270
287,132
325
937
1,001
803
4,126
468
1,008
1,437
1,984
628
1,618
1,727
200
679
$
397,051
961,243
305,686
407,103
2,688,942
231,793
1,293,050
497,293
4,485,300
237,884
885,690
1,046,657
302,237
235,822
22,903 $29,299,394 16,331 S 13,920,820
Peroentage ohange
valuation
over period
- 31.1
+433.3
+ 79.9
+ 80.7
+ 42.6
+362.7
+127.2
+ 27 .0
+ 40 .5
+122.7
+372 .9
14 .0
580 .7
21.8
t
-+110
-.5
------------------------------------------~-------------------------------------------------------
8
MONTHLY BUSINESS REVIEW
--------------------------------------------------------------------------------------------------A further increase of 15.5 per cent over
the previous month was shown in the
November production of Portland cement at Texas mills.
The volume, which amounted to 327,000 barrels, was 25.3
per cent larger than a year ago. Shipments during the month
totaled 313,000 barrels, as compared with 314,000 barrels
in October and 212,000 barrels in November last year.
While stocks on hand rose 2.3 per cent in November,
amounting to 625,000 barrels at the close of the month, this
figure is with one exception the smallest reported since No-
Cement
vember 30, 1934, when inventories totaled 594,,000 barrels.
PRODuc'rION, SHIPMEN'rS, AND STOCKS OF PORTLAND CEMEN'1'
(In thousnnds of barrels)
Nov.,
1935
Production at Texas mills . . . . .
Shipments from Te ••s mills. . ..
Stock. at end of month at Texas
mills......................
Percentnge
chango over
Nov.,
Oct.,
1934
1935
327
313
+253 +15.5
+47 .6 .3
625
+ 5.2 + 2.3
January 1
through
Nov. 30.
1035
3,370
3,405
Percentage
ohnnge
over year
+ 3.0
+ 5.3
-
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(As compiled by the Board of Governors of the Federal Reserve System. December 26. 1985)
Industrial production and employment, which usually
decline at this season, showed little change from October
to November. Distribution of commodities to consumers
increased more than seasonally.
PRODUCTION AND EMPLOYMENT
now estimated at 10,734,,000 bales compared with the excep'
tionally small output of 9,636,000 bales in 1934. Cash faflll
income from marketings of crops and livestock and froIll
Government rental and benefit payments is estimated at
about $6,800,000,000 for the calendar year 1935, as coIll'
pared with $6,387,000,000 last year.
The Board's seasonally adjusted index of industrial proDISTRIBUTION
duction advanced from 95 per cent of the 1923-1925 average in October to 97 per cent in November. Output of indusFreight·car loadings decreased by less than the usual seatries producing durable goods continued to increase sub- sonal amount during November, reflecting principally a
stantially in November, while activity in most other indus· smaller decline in shipments of miscellaneous freight thal1
tries declined somewhat. Output of steel increased further is customary at this lime of year. Value of department store
during November to a higher rate than in any previous sales, on a daily average basis, increased from October to
month this year and this high level was maintained during November.
the first three weeks of December. Automobile production
COMMODITY PRICES
in November continued the sharp increase which began
The general level of wholesale commodity prices, after a
after the change to new models in September. Activity at
decline during October, increased durinO' November and
silk mills and at woolen mills declined. Factory employshowed little change during the first two w~eks of December.
ment and payrolls, which usually decline from the middle
of October to the middle of November, showed little change
BANK CREDIT
for that period this year. Increases in employment were
Excess reserves of member banks, which had increased to
reported for the automobile, iron and steel, machinery, rail·
a
new
high level of $3,310,000,000 on December 11, largely
road cal', and cotton textile industdes and at railroad repair
as
the
result of continued gold imports, declined considershops. There were larger than seasonal declines at sawmills,
abl
y
during
the week ending December 18, as a consequen~e
shoe factories, silk and rayon mills, and establishments proof
seasonal
demands for currency and a large increase III
ducing wearing apparel. Value of construction contracts
awarded, as reported by the F. W. Dodge Corporation, con- Treasury balances with the Federal reserve banks, in co~
tinued to increase in November and the first half of Decem- necti?~ with mid-December fiscal operations. Changes, III
ber. There was ~ decline, largely seasonal, in residential CondItIOn of reporting banks in 101 leading cities dunng
building, while other types of construction showed an the ~our weeks ending December 18, reflected principally
the mfluence of new Government financing. These ba]lkJ
increase.
showed increases of $310,000,000 in holdings of Unite
States Government securities, of $110,000,000 in loans ~o
AGRICULTURE
bro.kers and dealers in securities, and of $200,000,000 1:1
Crop production in 1935, according to final estimates Umted States Government deposits. Adjusted deman
by the Department of Agriculture, showed an increase of deposits showed a further growth of $270,000,000 in the
about 20 per cent in volume over the drought year of 1934 three weeks ending December 11, and declined by $250,and the farD?- value of 64. crops amounted to S5,120,000,OOO OOO,OO~ in the following week, as a result of withdrawalJ
compared WIth $4,,780,000,000 last season. The cotton crop for holIday currency demands, income lax payments, an
which has been reduced in recent months by bad weather. i~ the purchase of new Government securities.
@FedFRASER