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This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) b 2 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS CROP CONDITIONS Heavy and continuous rainfall, occurring during the latter part of April and early in May, produced both damaging and beneficial effects upon crop conditions in the Eleventh District. Flood waters caused by the deluge of rains in the eastern half of the district inundated thousands of farms in that section, and in some of the lowlands destroyed crops and livestock. The damage to crops, inflicted chiefly upon cotton and corn, cannot be accurately estimated at this time. Much replanting wi1l have to be done as soon as the fields dry out sufficiently to permit these operations. On the other hand, farms and ranches in West Texas and Southwest Texas, where a more moderate rainfall occurred, received the most beneficial precipitation that has visited that section since 1908. Farmers and ranchmen of West Texas are now jubilant over the crop and livestock outlook in that semiarid region, and favorable reports have also been received as to conditions in New Mexico and Arizona. On the whole the flood damage in the eastern and southern sections has been more than offset, it is believed, by the beneficial effects of rains in the West. West Texas, according to reports on present conditions, should have one of the best years it has ever known, from an agricultural standpoint. Following the heavy spring rains, however, that portion of the crop which survived the drouth has made excellent growth, and an average yield of 12 bushels per acre from a total effective acreage of 1,023,000 is estimated to produce a total of 12,276,000 bushels in the state of Texas, based on the present outlook. While the stand is somewhat thin in the plains of West Texas, reports show the crop to be in good condition in the wheat counties of North Texas. Some reduction in the district's fruit crop is indicated by current reports. In Arizona fruit is doing well in the lower altitudes, but elsewhere ha,g been badly damaged by frosts. Continued cold weather in New Mexico has retarded the crop in that state. In North and East Texas the prospective yield of peaches has been heavily reduced as the result of killing frosts which occurred during the budding season. The outlook for the truck and tomato crop of East Texas, which constitutes an important item of agriculture in that section, is also unfavorable. Cotton Movements. While the inland movement of cotton was less active than in the previous month (as indicated by reduced April receipts at Texas seaports), the exportation of this staple from the port of Galveston registered a marked increase over the outbound movement for March. As a result there was a heavy reduction in stocks at that point, both as compared to the previous month and as compared with stocks on hand a year ago. The present season's export movement through Galveston has amounted to 2,230,975 bales, which, considering the short crop produced last year and the fact that the total about equals the record for the previous season when the crop set a new high production record, would seem to reflect a healthy improvement in the foreign demand. This is apparently borne out by the export statistics for all United States ports, which show that the short crop of 1921 has already yielded a foreign export movement of 4,708,000 bales, as against a total of only 4,046,000 for the corresponding date last season. The Texas cotton crop will this year be from two to four weeks late, due to the interruption of the planting operations and the necessity of replanting much of the crop as a result of an unusually heavy rainfall, which came at the height of the planting season. While reports continue to indicate that this district will show a considerably enlarged cotton acreage this year, the exact extent of the increase is not only uncertain but comparatively unimportant, since the acreage, as a factor in estimating production, has lost much of its usual significance this year as a result of the unknown effect of unusual weather conditions and the future activities of the boll weevil. Federal statisticians report a heavy abandonment -estimated at 41 per cent-of the Texas winter wheat acreage, due to the destructive effects of the drouth that prevailed last fall and winter. The heaviest abandonment occurred in the Panhandle district, which producers about 60 per cent of the ~ COTTON MOVEMENTS THROUGH THE PORT OF § GALVESTON ~ Texas crop. The economic loss from this source will ~ § Ma:r~b AUJ!'. t to Apr. 20th § 1 be greatly reduced, however, by the fact that prac- ~ 192Jl Thia Laat. ~ Seaaon SeWlon E tically all of the abandoned wheat acreage in the § § Gross Receipts ...... 131,223 210,267 2,233,004 2,495,175 ~ Panhandle has been reclaimed for the production of § Exports _ .......... _... 210,027 156,649 2,230,975 2,262,579 § ............ 244,716 341,682 ~ such row crops as grain sorghums, cotton, and sudan. ~ Stocks, April 29th :IIIIIIIIIUIIWlDlllllltUIIIIIUIIIIIIIIIIIIIIIIIIJIIllllllIJUUllll llllmIHIIIIIIIIIII II1lI1Hll ltJllilllltllllllllllllllllllll lllll lllllllll llllllll llln uu t:IJ DllIUllllllllllllllllllllll1lllllUUllllllnlllllllllUuUll lIUIJlllUllllITlllllllll1lll l11I1I 11I1U1t1ll1 111111111111 11111111 1111111m lm1ll 11ll1ll 11 11U1U; MONTHLY REVIEW OF BUSINES S AND INDUSTRIAL CONDITIONS I ~l l rnU ll II11II 1 1 1 1IUU ll lln l lmIUlmlll l llll n mIllJlImlllmlll lln llnUIIIIU'IIIlItl l llllfI IIIl Ill I IIllIl Il IlIll II UIIIII III II") l iIlII1 II UUIJ I IIIII I '~ = GALVESTON STOCK STATEMENT _ A~r;ir' Ap{dL 30 • §! 22:5;, ~0~ g 419g3':,g50~073~0 ~= = ;:_ oo 53 For Great Britain ................................ France ........................................... . For other foreign ports ....................... . For coastwise ports ........................... . In compresses ........................................ 185,4-78 275,691 Total ....__.. _._._ ..... _ ....... _ .. _..... _._... 244,716 341,682 ~= - :;:;lJWlllllllllltlllllllnllllll11u"mlllllllunUIiUl I 1II1IIIIIIIIIIIUIIIIIIIIIIII1111111111111111111111111111 1 111111 1 1111111111Ulllllllllllllllllllllllllllk ~ I =l l llImrrnllUllllltnmm l UllltllUUlllllllll ll llllUnmnnlllllll llllllllll l nmnlllffllIII IIIIIIIIIIIIII IIIIII IIIIIIIIUlIIIIIIIIUUUlllfIIllIIllll'" SEASON'SAl£tC~k'7fEJ'~~~~:~~ET~TO:~AT Receipts since Aug. L............ Exports: Great Britain ________ .. France ...................... Continent ................ Japan-China ............ Mexico ...................... Total foreign ports Stocks all U. S. ports, Apr. 29 5,241,091 1,301 978 601,51 3 2,002,738 800,01 2 2,1 00 4,70 ,336 943336 5,339,081 1,350,506 470,217 1,872,827 329,380 24,017 4,046,947 1,470,798 - filll,u ' IrnlllllllIlUJIUlUlllllUlllllllll lrnlll llllllllllliiI IIUltlJI IIUJUUlIII IIIIIUII"lIIllIlIIltIllllllllllllllfltlUII IIIIIIIIIIIIUIIIIlIllIIlIltJ1. Grain Movements. Wheat cargoes shipped from Galveston in April showed a falling off of 47 per cent by comparison with the 3 previous month, the total being only 644,000 bushels as against 1,356,000 in March. A comparison with last year's movement shows an even more startling decrease, the total for April, 1921, being 5,666,000 bushels, which was nine times as large as the April movement this year. The heavy decrease is attributable in part to a falling off in the takings of foreign markets, and in part to the fact that a larger proportion of the wheat exported from this district is moving overland by rail than was the case a year ago. Comparative grain receipts at Dallas, Wichita Falls, Fort Worth, Waco, and Galveston are shown in the table below. !JIIIIIIIIIIUlllllllllllllllllllllnIIlUIII,mll,tIIUllumIllUJWUIlIItUlIIIJlIUlUJIIIUII UJIIIII I UllII ll tllll llrllJlI1 U IIIIII Jfl mmIIIIl1 H IIIIIl~ Ig~;t~;~~;::;~;:~=~~:;;:RE~9:; ~lgi i ~lllImlllflulIllIIJ.n.ulluuIUlIIIIUlIIIIUJlIllWUHlIIIIII IIUW1tWnUlnIlJIIIUUllnlllulllmll lnll1l1mIlUllllltlnllllll'mll l lmlUll lUl~ LIVESTOCK Range Conditions The abnormally heavy rains which occurred in Texas during the past thirty days, and which inflicted considerable injury, in the form of flood damage, to the farming industry in some sections of the state, have proven the salvation of the ranges in that state. As a rule they were in poor condition at the end of the winter, due to a drouth that had existed since June, 1921. But they responded well to the snows and moderate rains of February and March, and the abundant precipitation of April and May. put the finishing touches on a situation that is now reported to be almost ideal for the rapid growth and fattening of cattle, except in the vicinity of EI Paso and certain sections of Eastern New Mexico. With the exception of the latter, all parts of the district report that grass is making unusually vigorous growth and cattle are taking on flesh at a rapid rate. Some feeding, however, is still necessary in New Mexico, where cattle and other livestock are weak as a result of scant pasturage. The recent rainfall in the plains country of West Texas, which averaged from two to four inches over a large area tributary to San Angelo, invigorated grass and weeds and placed a most promising aspect upon the outlook for the production of sheep, wool, and mohair. Prices and Movements Livestock movements-both to market and northern pastures - continued on an exceptionally restricted basis in April. In Arizona the movement of spring lambs to eastern markets is under way, and growers are receiving satisfactory prices. Many fine feeder cattle are reported to be held in that state awaiting buyers. At the Fort Worth market the month brought a repetition of the conditions prevailing in March-light receipts and firm prices. In fact the supply was even smaller than that of March, due largely to floods and washouts that impeded railroad traffic, but also attributable in part to the improved range conditions which cut down the movement of cattle to Oklahoma and Kansas pastures, and to improved financial conditions in the cattle industry which have enabled producers to borrow money on breeding stock which is now being held to a greater extent than has been practiced for some time. The demand has continued to rule firm, advances being scored in April on all classes of livestock except sheep and lambs, which reacted slightly from the exceptionally high levels attained in March. The top prices for sheep and lambs, however, as shown in the table below, are still something like fifty per cent higher than those of a year ago, and with the increasing strength of the raw wool market, the 4 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS sheep industry is now facing a brighter outlook than it has known for several years. !llll llIIlIlllIlIIlllIlIIlI llIlIlIlI llIlIIlllIIlIIlIIlIIUIIIIIII IIIIIIUI1I1I1IJIIIIIIIIUIIIIHlIlil11 11II1II1 11I1II111111111111111 111111111111UIIIIIIIIII IIIIIIIII,: COMPARATIVE TOP LIVESTOCK PRICES ~ IU I Il I IlU lll nUl t Ill IllU I I IIIU ll l llll t tIllIlI I IIllIlIl I Ulll t IIllUIIIIIUlIIIIIII1IIIIIII II IIIIIIIrnllll l lllllnllll1l l ll lllllll,,"jtlI I Ulllllllllllll1l1~ i ~ I ~ FORT WORTH LIVESTOCK RECEIPTS April 1922 March 1922 L oss or Ga in April 1921 Loss or Gain E Cattle ..........42,750 53,833 L 11,083 44,447 L 1,697 ~ Calves ........ 6,197 11,406 L 5,209 11,513 L 5,316 ~ Hogs ..........46,087 70,258 L 24,171 35,560 G 10,527 ~ Sheep ..........13,897 45,120 L 31,223 45,110 L 31,213 ; ~ I ~ § 5 ~ ~ ~11"fI'IIIIII11I1I1I11I1If1lmllfliluIIIIIllIIlIllUlllllllllllllllllllllumlllllluHlIIIIIUluIUUllUlllllnIllIlUlIII1IIIIIDIIlIiUnUlIUII'III1I1U~ April 1922 Beef steers .. _... __ ._._..,,_ St ocker steers ... _....... _ ......... Betcher cows _._ ......._. __... tacker cows .......................... Calves ... _..... _ ... _................. Ho s .. _ ............................. _.Sheep .............................. _... Lambs ... _........ _.......-......... - $ 8.715 7.25 6.75 4.25 9.25 10.15 9.50 16.50 March 1922 $ 8.50 6.75 5.75 4.25 9.50 10.60 i 9.251 15.10, April 1921 $ 8.40 7.25 6.50 5.50 9.75 9.10 6.00 10.25 Ij)Ulllltll11111111111UJI'niluiUlUIU1IUlill tUIIU1IIIIIIIIIUJJltIIIIII1llUIIUUJUIIIII,II1IIIIIIIIJIIItIIIIIIIIIlIInUUIUUII II""'UIIIIIIIIIIIIIII • WHOLESALE TRADE A marked strengthening of demand in some lines of wholesale trade, despite the accompanying irregularities prevalent in the general trade situation, was the characteristic feature of trade developments during the month of April. Sales of farm implements and furniture not only displayed a further seasonal expansion but reflected a substantial gain over sales of April, 1921. Hardware sales scored a noteworthy increase over March sales and showed a decisive betterment in relation to sales of the previous year. April dry goods sales did not equal those either of last month or the same month a year ago, but the seasonal falling off was not as large as last year. The grocery and drug trades showed that the peak of the seasonal movement occurred in March, as a decrease was registered both from last month and the same month a year ago. The flood, hail, and storm damage, as well as the heavy rams which have been general throughout the district, have brought about many irregularities in trade both at retail and wholesale. These weather conditions have made traveling in some sections difficult and the washouts on the railroads have delayed shipment. Retailers generally are continuing the policy of conservative merchandising and in most cases are supplying only their well defined needs. This is an added factor to the other irregularities of the situation. Collections in general have been satisfactory though in most lines they fell somewhat below those of the previous month. The rise in prices of agricultural products and livestock has enabled the farmer to s~ll his surplus holdings and to apply the returns on his open accounts or to pay cash for what he buys. Betterment of sales at retail has also been a factor in the larger collections of wholesalers. Prices as a rule have held their own. While there has been some minor decreases, noticeable advances have occurred in certain items of the hardware and grocery trade, and the textile group has moved upward, reflecting the advance of raw materials, the heavier demand at retail and the continued labor troubles which have resulted in a curtailment of production. While the general outlook is encouraging, it must be remembered that there are many factors at work which may impede distribution. Although the city trade will likely hold its own, the country trade is a variable factor and will fluctuate more or less in accordance with the crop prospects. Dry The effect of a late Easter and the large distribution at retail which resulted in numerous replacement orders were the factors which bouyed up sales of wholesale dry goods firms during April. While the sales of eleven firms were '8 per cent less than last month and 10.7 per cent less than for April, 1921, this season's sales show a better comparison with the corresponding period of the previous year than was reflected at the close of March. Retail distribution, while it was active during April and indications are that it will hold up in the eV,ent of warmer weather, remains as an uncertain factor in wholesale circles. Retail dealers have shown no disposition to anticipate future business and only a very small volume of buying is being done on fall merchandise. In fact they are still feeling their way cautiously and are holding their stocks to a minimum in order to avoid the effects of any possible break in prices and to obtain a rapid turnover of stocks which will enable them to carryon their business with a minimum amount of capital. The combined influences of curtailed production, continued labor troubles, and price increases on raw materials, have caused increased prices on practically all textiles but reports indicate that buyers are slow in meeting the advanced prices as there is some doubt whether it can be passed on to the ultimat e consumer. Although the wholesalers reduced their stocks 7.8 per cent durin.g April, stocks were 9.3 per cent greater on April 29th than they were at that date a year ago. Goods MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS Reports seem to indicate that the wholesalers are optimistic as to the future business and consider the outlook favorable for a reasonable increase in case of fair weather and an improvement in the crop prospects. Furniture The strong demand displayed for furniture during Nfarch continued throughout April and sales of reporting wholesale dealers registered a gain of 14.2 per cent over the previous month. The optimistic feature of the April reports was the increase of 21.6 per cent over sales of April, 1921. Sales for the first four months of the current year, however, were only slightly larger, than for the corresponding period of 1921. It is interesting to note that the course of this season's sales is directly in line with the belief of many dealers that 1922 sales will show a substantial increase over those of 1921. The city trade did not slump to the same extent as the country trade during the depression period, and the active home building campaign in the cities together with the ordinary demand from the city customers has been responsible for most of the recuperation in the furniture trade. As yet the demand from the small towns and rural districts has been of little consequence, but now that building operations are being extended to those sections and with the deferred buying as a large potential factor, barring crop failures, the smaller furniture dealers should enjoy a good trade when the crops are marketed. Prices remained steady throughout the month and some dealers state that forward orders are now being received in a large volume. The increased activity evident in the wholesale drug trade during March was lacking in April business, when eight drug firms reported a loss in sales amounting to 15.3 per cent; while sales from January 1st to April 29th were 15.1 per cent less than during the corresponding period of 1921. However, this decrease should be considered in the light of the fact that as a general rule April business is lighter than March in this line of trade. Some firms state that the heavy rains interefered considerably with sales during the last week of the month, and they would probably approach those of last year had the excessive rains not occurred. However, brighter prospects should follow a period of fair weather and sales should increase when it does come. Prices remained steady during the month. There was a slowing down in collections due to a lighter business among the retail dealers. Drugs. 5 After the temporary lull in March, the sales of wholesale farm implement firms reflected a large increase during April. Sales were not only 71.5 per cent greater than March, but also 89.5 per cent greater than the corresponding month of 1921. The large volume of sales during April brought the total for the first four months of the current year to a point 5.3 per cent greater than for the similar period of the previous year. This larger distribution at wholesale followed the wider retail distribution which came as a result of the early spring rains. These early rains gave promise of good crops and as the farmers have been buying only necessities for the past two years (repairing old implements in order to obtain the best results possible under existing conditions) they began replacing these old implements with new ones as the prospects for a better crop justified it. However, the heavy flood and hail damage in some sections of the state during the first two weeks of May and the appearance of rust in sections of the grain area have again brought a halt to heavy purchasing. Farm Implements Groceries The sales of twelve wholesale grocery firms reflected a decrease of 9.3 per cent from last month and a decrease of 8.3 per cent from April, 1921, sales. The distribution of groceries at wholesale generally slows up in the spring when produce begins to come to market in a large volume. The April sales showed a better comparison with the corresponding month of 1921 than March sales, due largely to the fact that the heavy rains and floods decreased the available supply of produce. Prices are generally firm with some few advances. Beans and dried fruit continue upward as the available supply is reported to be low. While the price of sugar has remained at about the same level as a month ago, the approach of the fruit preserving season may exert some influence on its future course. Prices on rice and coffee continue to go higher as reports come in that supplies are getting low. Hardware The wholesale hardware trade, which did not show any marked recuperative powers until March of this year, came to the forefront in April when the sales of twelve firms reflected a further seasonal gain of 1.7 per cent over the previous month. Sales for April were only 4.4 per cent less than April, 1921, and for the first four months of the year the decrease was 15.9 per cent. New life has been injected into the trade, and although the continued rains have slowed down sales 6 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS considerably, an almost normal volume of business is expected to follow improved weather conditions. The hardware trade has to some extent followed the lead of farm implements, and, as the farmer needs hardware as well as implements, this element of the trade has again come into the market. Larger operations in the district's oil fields increased the demand for drilling supplies. The expansion of building opera- tions has also augmented sale of small builders' hardware. Prices have remained firm on all articles and some further advances have occurred on the basic iron and steel articles. Collections, while they fell off slightly from those of last month, remained satisfactory. Reports indicate that the demand has been improving with the advance of the current month and the outlook appears encouraging. =.,IU I1f11I11 IIU1I1I I1r1 m nn IllI1I11UII IIIIUlll lll llll ltllnTlllUllJl lII lllIIlI1l1 l11nml lll lI llInnt llllU lllfrn n' lnIlITl IIIIIIII IIIIII IIIIIIIIIII" llIlJll lltullll lltllllllfllll llllll ll1IIIIIIIIII IIIU nll1 111 11UHllunrrlllliUlTlllll fl llll111 111U li niumnUOIl llllilftrlU nmnfII 1U 1111 1U 1111mUIIIUUlllll11l1.; S § ! i ~ ;; ~ § i CONDITION OF WHOLESALE TRADE DURING APRIL, 1922 Percentage of Increase or Decrease in NET SALES d . h Apri 1922, compare Wit I I~~;~~~~~~~::~::::: -"~'il:! ~~h~~I:1 [ NET SALES January 1 to date, STOCKS compared with April 1922, compared with Bam;9f:riod = PRICES April 1922, compared with +~:~ A~' ::~: ~~ "I: A'ri~~:i ~+'~i : ;; =_;; E I ~UllllnfIJIUIIIIIIIUllllUllfllIIIIUlIJIIUllIIllUlUIIIIUIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIJlnlllllllllllJlllIlIlllllIlllUUllIlllIlIIllI'lIllllIUIlllIlIIll lIlIUlUlUIJUUII1II I1JUIIIIIIIIIIIIIIIlIIIIIIIIJIItIIUIUIiUIIIIIUIIIIIllUUIIIIIIIIIIUIIIIUIIUlIlIIIIIIUIlJIIIIIJlrllllllmUlllnI1IIUnU1IIlIllUIIIUUIIU~ RETAIL TRADE The outstanding feature of the retail trade situation during the month was the large pre-Easter buying which exceeded expectations and entered as the stimulating force to bring the volume of April sales well up to the March volume. Moreover, further reduced prices on spring merchandise and introductory sales on summer goods inaugurated during the last two weeks of April met a fairly active response from consumers regardless of the serious weather drawbacks. The April sales of twenty-two department stores were only 3.4 per cent less than March and 11.1 per cent less than April, 1921. It is interesting to note that sales for the current month more nearly approximated sales of the corresponding month of the previous year than has been the case for more than a year. Stocks at the end of April showed a decrease of 3.1 per cent from the amount carried at the close of April a year ago and were 1.5 per cent less than the previous month. Department store managers are gradually reducing their stocks as the season advances, thereby obtaining a better rate of turnover. The ratio of stocks to sales for the first four months of the current year was 484 per cent as compared to 487.9 per cent for the first quarter. The ratio of outstanding orders at the end of April to total purchases during 1921 was 5.0 per cent, which is practically the same percentage shown last month. Orders for fall shipments are being placed only to a limited extent and apparently for those items on which prices seem to be fairly stable. Buyers have shown but little concern over the present textile situation and continue to purchase these goods as the demand warrants. The ratio of April collections to accounts receivable on the first of the month was 36.7 per cent as compared to 37.4 per cent during March. 'n 1'. J '" " .o!I. M• I I . - --~ ~ -l , -.... J 2 .:'A 17 ~V~ -.... -J V , '-_ , .. I I 7 , "'c. ,l/1-..Aug Tsap~fkt. ,. _ J / II " I/' J ,t' " ;:-, I\["'~IV/V \u. ~ I I , I NET SALES OF TWENTY DEPARTMENT STORES BY MONTHS DURING 1920, 1921 AND 192.2. 7 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS ~unlllmIIIIIllUU1JmIlIIIllUl ll llllllllllllll1llltlllllllllfllllllml~IIIIUI tllIlllJlllllttlUllllllllllllllllllllllltlllllllllllllllllllllltlllllUlllllllllilllllllllllll1l1III I I I III IIIIII IIII IIIIIIIIIIUIUII'lIIllIlIllII lllUl1 llUlJl nII IIlW 1WIltUlIIllllllllllillll UtlullnlllllllUUIl1IIUmlltlllll1lmUlIUlII~ ITota~!~I:';922, "m.",d with AP"I~:::~~:~_::~:~ART;':7S::~~. i: = ~:_ cre~;~h:~J,::;;,n;~~:;:~:i~It:~;9:;ri~di~;i;;~;;;: ~" 1,,==_ " April, 1922, compared with April, 192L.......................... April, 1922, compared with March, 1922............................ Jan. 1, to date compared with same period last year____ Stocks: April, 19.22, compared with April 192L__________________________ April, 1922, compared with March, 1922____________________________ ~:t~~ ~~ ~;~~f:n~in~a~~d~~;·t~--i~~t·y~~~;;;·P;:;~~h~·~~~:::::::::::: Rati~u~!t:_!ili~gc~~er~li~~~91~.~~~~~~~~--.~~~~~~~~~.~:--~.~.~__ .~~~ - 22:~ _ 5.6 =}!:g _ _ 10.3 14.2 13 2 -. _ 1.8 +.2 5.9 158 -. _ 2.4 +.7 47g:~ 55~:~ 31.7 X-:" 4'" ~";';_5 T.o. m.~: + ;:~ + 7.7 + 10.9 29 . 1.3 .8 48~:~ 40.7 + 2S~ 1 9.5 + 3.0 13.4 - 40.5 6.4 5.3 I ~:~ _:=~;, :_ 6.5 5.8 11.7 3.1 " 1.5 ~ 46~:~ 48~:g 45.2 36.7 ; I ~IUlIIIIUl l!llmUltllllllJnlllll lu lllllllllltuUuHIIUI1lUJ1UJIU IJUU UWll n' IlUlWUWltllmUUIIIIIIIIIIIIIIIIIIIIUIIIIIIILIIUUIIIIIIIIII 11U IIUIIIUlIIIIUIIIII11U ni lUUltUHIIII UUJ UI Ul UIJ Ulnllll llllUJ ltlJlUUlIIUI11IIIUlUUIllunllUIIUIIJlIIIIIIIII IU IIIIIIIIIIIIIUIUIIU1IIUlllltllllUltlii FINANCIAL Measured by charges to depositors' accounts, the April volume of public spending was on a smaller scale than during the previous month. The weekly average of debits during April was $134,174,000, or a decrease of 1.8 per cent from the weekly average of $136,682,000 during March. It is interesting to note, however, that for the first time during the current year the weekly average was larger than for the corresponding month of the previous year. The weekly average for April, 1921, was only $127,073,000, which shows that debits this April were 5.8 per cent greater than last year. This would seem to indicate, in view of the general lower scale of prices in effect at the present time, that trade is going forward in a larger volume than last year. ~lllmnllrnnlmlllnllllllll'IIIIII[(IIIIUIIUIIIIUIIJHIIIIJUIIIIUUIIJtDIlIDIIIIIIUDllIIIIUlI1I1111111111UIIIIIUllllllllllllllllllllllllllllllllllllllllllllllllllllilinillli1IIIIIIUlIIIIIIIIIUlitlII'IUIIIIUIIIIIUIUlll11lllUlIJUlIIIIIUIIIUIIIIIUIIIUIJIlJIIInl ll lllll 1U1 UJ I UlU llllllllllu ll llllnnl l l1ll1 ~ i= CHARGES TO DEPOSITORS' ACCOUNTS 5 I AVERAGE WEEKLY Dl1BJNG " i it~~:~~=:::.~~::~:-:::~~::~~~~-::::~:-:~~~~::~:~~:::~:: i 1: EI Paso ------------------.. ------... ,,----------------. __ .... _._.. __ ._____ .. ___________ .. _.. __ ......... Fort Worth --.--.............. __ ._..... __ ..... __ .. _.. __ ......_____ __ .... __..... __ ........ __ ... " Galveston ________________________________________________ . ______________________________ .. ______________ .__ § Houston ----... ____ ....... _._ ......... __ ....... __ ........ ______ ... ________ ........... ____ .................. I§EE~~;:l~~::~t:!:~;~: ~ ~: !:~ : :~-~~~: : ~: April 1922 $ JiiUU 6,869,000 29,410,000 14,915,000 24,117 ,000 March 1922 $ Jl~~:~~~ 7,077 ,000 31,568,000 14,340,000 23,295,000 April 1921 $ J:m:IU 7 ,370,000 18,962,000 18,252,000 24,840,000 ~ = ! ~ ~ " ~ J~~:~! J!!!!!~ J~!!:~!! I ~nlrtlmIIIiUllnl1nrnlllUnlOulllrulllmllll 'IIIUI'II11II'"lIlIrnU111111111111111111111111111111 1IIIIIIItnIUUfIIlllllllUIIII" IIIUIIIIIIIIIIIIII,'llllIlnlllllllllllllllllllllnnUIIIIIUl111111111111111UIIUIIIIIIIIIIIIUlllllllllnUUlliiUlllllnllillllllilIlnliulluIIIIIIIUII"IIUltIUIIUIIUlUIIIIIU11~ Savings Deposits. The savings deposits of 117 banks of this district on April 29th were 8.8 per cent larger than a year ago but practically the same as last month. While this district has a number of banks which conduct a savings department as an adjunct to their principal line of business, which is the handling of ordinary demand deposits, there are exceedingly few institutions in this section which may properly be classed as savings banks. This fact is attributable to a variety of causes. One is that the population of this part of the United States contains only a relatively small group of foreign-born citizens, who make up an important proportion of the customers of Northern and Eastern savings banks. Another is that the people of this district prefer other forms of savings. A larger proportion of the salaried class and wage earners are home owners, and for that reason building and loan associations constitute one of the popular media for savings. Some authorities believe that the negro population of this section constitutes a potential field of opportunity for savings banks. This idea has gained some impetus as the result of experiments along this line recently made in the North, particularly one that was recently de- MONTHLY REVIEW OF BUSINES S AND INDUSTRIAL CONDITIONS Total bills held by this bank on April 29th amounted to $34,499,682.03, distributed as follows: 9 908.20 on March 31st to $45,656,373,30 on April 29th, or a net gain of $1,612,465.10. !!Ulln ll llUlltflllUlIl llIlII lI UlUI IUlI ll llIIlI lllIIl llJltllltt UIUII IIIIIIIIIIIWHWllUl IIUIIIIIIUII IIU II IIIIJl IIIIII1111111l1ll111l1l1ll1l1l11111ll1lrt:; I ;; ! Member banks', collateral notes secured by U. S. Government obligations................ $ 2,179,573.86 :; I :::~~~:::/p::~~::::··:_:7~:~:·;:::::; I 32,305,108.17 15,000.00 ~ ~ ances) ........................................................ ~ Total bills heIL .......................................$34,499,682.03 i j"lllIllIltUIIIIIIIIIIUIII1II1I111U111I11I111II,UillllllllllllllllllllllllllllllllllllIIUIUllllllll1llllllllllUlllIlIIl1 l1ll1nl""IIUIllIlI1ItIlIlIlIlIl1~ There was a contraction in Federal Reserve notes during the month of $782,134, notes in actual circulation amounting to $27,039,855 at the close of business on April 29th as compared to $27,821,989 at the close of business on March 31st. The reserve deposits of member banks increased from $44,043,- Discount The customary dis c 0 u n t rate charged on customers' paper at Dallas banks was one-fourth of one per cent higher, at Houston banks this rate was one per cent higher, while there was a reduction of one-half of one per cent at Waco, and one per cent at Fort Worth. The banks at the three former cities discounted some paper at a rate of one per cent lower than during the previous thirty-day period, while at Fort Worth the rate was two per cent lower. The "high," "low," and "customary" rates charged by commercial banks during the thirty-day period ending May 15th are shown for the cities listed below. Rates. .!IIIUIIIIIUI II UlI I I I I I IIUIUlIIUIIIUIUlIUIIIUUllt IiI IUIlIUllllllllumUlII111I1I1fI 1 1l1lnlUlllll l llll l mmlllllUllnfllll\1 1 1111111 1 11l1lUIlIllIIlfIl Il I I IlJIII I IIIII III III1 I' "I1I1I1I1I11 III I11I Il IlIIUUIIIIIN l tIIUIiUlIUIIIIIIIIIIUUUII"UIUIIIIIIIIIIIJllUIIIIUUIIIIIUIl11l1UUl l fllllllJ l l l lllm [ lIIlI l m~ ~ ~ APRIL DISCOUNT RATES ~ ~ = g = ~ a s ~ ; ! i i i I i E 5 ~ = I i = ~ ~ = ! ! : : ~ i ~ ~ E ~ ; i i i I ~ ~ ~ :-. UlIl lII l lunu l tlllnllI I UU11It1UlllllnIIIllUllnlIUllllllnllllllllllllllll1IIIIIIIIIIIIIIIIIIIIII II rrlllll l lllnlllll'1II" " I1II1II11I11II11I1II1III1III1I1I1 II'1II1II 11 1IIIIIIIIII I IflIIII I IIIIIIIIIIUlUll l lll l illfUIIIIIIUllUllU l l11nll l llllll il lrUI I Ihlll l lnIll IIlII UlUI I IUU III IIIU l nUU lu IUU lltl llliU I UUU I Ul .~ FAILURES The insolvency statistics for the month of April as compiled by R. G. Dun & Company reflected a sharp increase both in number and liability over the previous month. There were 167 failures with liabilities amounting to $3,865,301 as compared t o 107 defaults with total liabilities of $2,121,725 during March; however, the totals were less than for either January or February of this year. The exceedingly large business mortality rate must be considered from several viewpoints. In the first place, during the war period, as well as the inflation and prosperity periods following, many new concerns were brought into the field and consequently this larger number of business enterprises cannot be ignored in an analysis of these statistics. Therefore it should be expected that, following such a period of inflation, unbalanced production and over-development of productive capacity, failures in large numbers should occur. A second consideration is that the months of most numerous failures has passed. While the record of failures during April was large and some subsequent months will undoubtedly reveal a large insolvency record, it is true nevertheless, that the general trend has turned downward. Thirdly, those concerns which cannot survive the intense competition of a reconstruction period are fast being elimi- 10 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS nated, and those organizations which have withstood the hardships of the depression period and have emerged in a strong position fundamentally will en- joy a larger volume of business as the current bettel'ment of conditions gradually makes itself felt. ;1111111111111111111111111111111111111111111/111111111111 111111111 111 11111 1111I1 11 111t1 U1 l1l1 tI IlIllIJI IIIUII IIIIII II IIIII III'III1 II1I1I1I1I II1UI II Ult lilllllllUll1111l1ll11lll11ll1lll11l1 lll1l1 lll11I11 I111 111111 11 rm II 1111 I ~ i I § ii ! I COMMERCIAL FAILURES Jano"", ............................................. _._. February ..::::::::::::.:::::::::::::::::::::::::::::::::::::::::::::::::................. _..............._._ .. _._..._.. _... March ................................................................................. __ ... _........ _... _ ._. __ . _ April ................................................................................_... _._ ........................ _....._. Total, Eleventh District, four months .............. _.....__ ._._ .. __ .. __ .. _...... _.. _... E mIlIWllll ll lluunIIlIlfIHlIUIIIIIITIIIIIIJU"IIII1 T1 I11 IU1 IUU IIIIU II UUUll mUU II II14 11 11111:: = § Num~7 1:~~a:a~~:594 Numb;~5192i~,~~~i,871 I 207 107 167 5,889 143 2,121,725 3,805,301 688 $16,202,763 137 98 98 2,117,068 2,702,583 2,905,847 488 $11,085,369 § E ; I ~U .. ,IIf11lllll mIlIIIlUl llflllllmIll IIllUI L1ll11ltIIIlIlI Ul ltl tIIIUlllllllltlLlIIIIIIllllIlIlJllII lJIllI llllll llllllltllllll lillllll l lllllll l lltll ll lllU ll llltl l l lI lllII 1 IIIIII II IIIIUIIIIIIIIIIIIII III lUllll l lillU llnUIIIUll lll llllUllmlll lirrUU I I III I111 1II1 11 1111J1 tIIIIIU III UUJ llmnrulU luIIIIUUI IIIIl IIIIIII IIII~ PETROLEUM The Eleventh District's crude oil output, which reached a peak during the month of March at 16,246,680 barrels, underwent a sharp decline during April when only 13,750,590 barrels were produced. This heavy reduction was due in part to the unfavorable weather conditions and in part to the low flush production of new wells completed. The Louisiana and Texas fields all shared in this large reduction. The total Texas production for April fell from the March yield to 12,088,280 barrels to 10,491,390 barrels, while the Louisiana output dwindled from 4,158,400 barrels during March to 3,259,200 barrels during April. Due to large reductions in output, Texas dropped to second rank among oil producing states after holding first place for several months. The April daily average yield for all Texas fields was 349,713 barrels as against a daily average flow of 389,944 barrels during March, which reflected a decrease of 40,231 barrels during the month. Most of this reduction occurred in the Central-west Texas field where the decrease in daily average production amounted to 38,808 barrels. The Mexia district showed an almost steady decline throughout the month in spite of many completions; but the bringing in of some relatively large producers in the Fish Pond area during the last week swelled to some extent the daily average production, but not in sufficient volume to overcome the loss in previous weeks. Thus the daily average yield dropped from 157,080 barrels during March to 118,390 barrels during April, or a decrease of 38,690 barrels. Both the Stephens County and Ranger districts showed small declines in the daily average production but these decreases were about offset by increases in the smaller producing district of the Central-west Texas field. Although all the Louisiana fields showed a lower yield for April than for March, the Haynesville field suffered the largest loss in production and was responsible for most of the decrease in that state's output. The Midcontinent field, composed of Oklahoma, Texas, Arkansas, and Kansas showed a slightly reduced output, as the increased production in Oklahoma and Arkansas was not large enough to overbalance the decreased yield in the other three states. Drilling Operations Despite the fact that heavy rains during the past month impeded drilling operations, the district witnessed the completion of more new wells than any month during the preceding year. A large factor in the situation was the general rains throughout the district which broke a long drouth and supplied an abundance of boiler water, the lack of which had been in evidence for the past several months. There were 531 wells completed in all fields of the district of which 401 proved successful. This record compares with 358 wells completed during March which included 268 producers; however, the 401 producers completed during April yielded a flush production of 216,320 barrels as against an initial flow of 253,895 barrels from 268 producers completed during March. In the Mexia field alone there were 160 completions, including 108 producers, which had an initial production of 88,485 barrels, as against 108,020 barrels initial flow from the 79 successful completions during March. As a general rule, the new producers are showing a steady decline in flush production, especially in some of the outlying sections; however, a noticeable exception to this occurred during the last week in April when some good producers were completed in the Fish Pond area which created a new interest in that area, and a general revival of activity in drilling operations has taken place north of the old production area. The Wild Cat territory in Palo Pinto County, where large producers were completed, furnished the big attraction during April and operators are preparing further developments in that district. A new boom has been started in East- e I n 11 MONTHLY REVIEW OF BUSINESS END INDUSTRIAL CONDITIONS land County where operators are launching active drilling campaigns around the town of Eastland and developments are expected to reach large proportions in the near future. The Haynesville (La.) field showed a large reduction in initial production despite the fact that there was a substantial increase in the number of new wells completed. The 66 successful completions yielded an initial flow of 51,830 barrels as against 70,420 barrels from 55 producers completed during March. The sharp decline in daily average production is being explained by the rapid disappearance of gas pressure, but the production rate will be held up to some extent by new operations as only a little more than sixty per cent of the probable production area has been drilled. The differential against the Haynesville crude oil going into storage was removed on April 14th, due to the big decline in that field's production and an increase in storage facilities which enabled the purchasers of this to take care of the total production. The competition by refineries for the North Texas crude oil is becoming more pronounced following the oversold condition of the gasoline output and these refineries are finding it difficult to obtain extra allowances. Thus the premium on spot crude oil advanced from twenty-five to thirty-five cents pcr barrel with only a small amount available. Crude Oil Prices EIUIllIUIIIUff I IlIlI Il UIUIlIIllIlIfIIlIlUIUlUlllllnIllIIlIllIIllIlUlUIII11I1I1II1IIUIIIHIII "I IIUIJUllUlIlIIlIIlI lIIlIlUllllllllllttlllltltflllltlllllllltllllnllllllllllUlllUlIIUlIlIl llIHI11 1 1 1I1 1111I1I1I 11IUI.llI1l1l l1 l11l11 lll11l1l1111111 U IlIIIU IIIU11l1l1l111111l1lJ 111II1I1 1l lIlI lllIlIlml1UllfllffJjllllll~ i_ i Field O!~ri~RODUCTION T otal DaUy Av~. Total 3 Marob DailY Inereaae or A~. i Deerneo Total Daily Ave. i 1,789,110 5,502,000 3,200,280 59,637 183,400 106,676 1,858,795 6,8 ,446 3,341,040 6a,961 Dee. 606M Dec 222,208 Dec. 1,386:445 Dec: 107,'175 Dec. 140,760 Dec. 324 ~ 38,808 ~ 1,099 1 i - Totals, Texas .................................................. North Louisiana ........................................... , 10,491,390 3,259,200 349,713 108,640 12,088,280 4,168,400 389944 Dec 1596890 Dec 13b42 Dec: 899200 Dec: 40,231 25,502 E Totals, 11th District ...................................... 13,750,590 458,353 16,246,680 624,086 Dec. 2,496,090 Dec. 65,733 ~ _ North Texas ................................................... ; =~_= Central-West Texas ................. -................. ~ Texas Coastal ................................................ 1 § =' IIIIII IIIIIIII IIII.Ull llllllllllllllllllllllllrnmunnnllllllnnlfnllllllm,mmfJItlllll1I1fI1lt1a.tumutnIlIlHlIlIIllnmI1I1II11II1IUIIIIUIUIUlUlIUUIIIIUII"tiI IIllIUIIIIIIWIII" 1H1I1I1Il1IIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIII IUIIII II IIIIIII IIIIIII III IIII II II1II11111IIIII II IIIIIII1II!UII III', llllIlIe ~ §== APRIL DRILLING RESULTS ,==-_ I ~:~;~l;::t T;~~~·:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: Texas Coastal ...................................................................................................... -e! Completions 2~~ 69 Producers 1~~ 63 F a Ua.r"" Initial ~g pro:u;g~gg I 6 48,590 ~ I Texas Wildcats .................................................................................................... 35 10 25 2,705 I = Totals, Texas ...................................................................................................... North Louisiana .................................................................................................. 414 117 297 104 117 3 157,950 § 58,370 ! _ ~ April totals, District............................................................................................ _ March, totals, District........................................................................................ 531 358 401 268 130 90 216,320 253,895 § = tllllll111""lllll""lU"HI"IIIIIIIf""IIIIII""lllIlIlIIlIlflflllfIlIIlIIIMIIlUIIIIIIIU·""1II"lflf"""IfIIll"","I"IIIII"""I"ltlUO"IIIIIlUIIIIIIIIIIII""""IIIIIIIOIIIIIIIIII111111111111111111111111111111111111111""111"11111'"1111'"'"'"'"11""11111""111""11'11",11111""~ ~tlnIlIlIUIIUlilmU l lfllllunnnnUIIUIIIlIUIIUIIUIIIIIIUI1I11I11Ulllllllllllmll11"IIIIUIUJIII 1lUlllllUIIIIlIII I LllJlIIIIIIIIIIIIIIIIIIIIIIII I IIIIIUlIIIIII I UIIIIIIIIIIl I IIIIIIIIIIIII I IIII111IIIII II1 I1I1 I1 I11.11III11""U1UIlIUIII I IIIIIIUIIII U I I II U IIIUlIIIIIIIIPllun llll l'OllIUIIIII11111Ullllllllilltnll ig ~~~S -"i May 3 May 7 Corsicana lighL .............................................$1.30 ~ Corsicana heavy........................... ................... .75 ii Texas Coastal fields ...................................... 1.25 ~ Mexia .............................................................. 1.50 § All other Texas fields .................................... 2.25 $1.25 .75 1.25 i ;; :: Texaa- ~ ~ Louisiana- I __ May 3 ~ Caddo (38 gravity and above) $2.00 Bull Bayou (38 gravity and ab~~~)::: ::::: :::: 1.90 Homer (36 gravity and above) .................... 2.00 Haynesville (34 gravity and above) .......... 1.85 De Soto Crude.................................................. 2.00 May 7 ~ i $2.00 ;; 1.65 ~ 1.75 ;; § 1.90 § 1.75 nUlIIllIlJIUUllllUlllliumuululillunllUUlllIIlJUlIIlIlUlIlllUiulJUllIlIUlllIlIllllU1IIIIIIJllUUllllllllllilluIlIllUIIIIIIUIIIIIIJJJIIIIIJHUIIJlIIIJIJlUlllllnnJlUIIIIIJlIliliIIIUlJlllllfllllJfllllrrnUlIlllUlIIlJUmUllUllUlUIIUlIllUUlIIUlnl lUlIIlllIIlIJlIlIlIJ l rlllIlIllUlIlIl l11II11 1 UIIIJI~ (Oil statistics compiled by The Oil Weekly, Houston, Texas.) 12 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS LUMBER The production rate of the Eleventh District's pine mills, which reflected a marked improvement in March, declined to some extent during April. Production for the month was 78 per cent of normal, while the March output was 87 per cent. Orders, on the other hand, were relatively higher than during the previous month, being 11 per cent above normal production as compared to 4 per cent last month. Shipments continued at a steady rate, production being 18 per cent below shipments as compared to 10 per cent for the previous month. The unfilled orders on the books of forty-two mills as of April 29tl). amounted to 70,787,500 feet, which reflects a large increase over the unfilled or.ders on the books of forty-six miles as of March 31st, which amounted to 59,156,346 feet. Stocks, reflecting the heavy shipments and low production, decreased from 92 per cent of normal to 88 per cent. For the past several months there has been a readjustment in prices which has tended to bring the price on all classes of lumber to more consistent levels with respect to grade differences, but during April quotations on all grades moved upward in harmony with the stronger general demand. No. 3 lumber is approaching the recent price of No.2, while No.2 is now nearing the former price of No.1, and No. 1 has itself felt the movement to higher ground. !IIIJUlHJUUlUllllllllllutlmUUUIIIIIIIIIIIUtIlUUtlUlUUIIIIIlUJIWllUIIUJllIIIIIHUIiI ttUUUllllJlllltllnllUlnl1tmUtllllllUtnlllturlll~ i ; i ;; i APRIL PINE MILL STATISTICS ; Number 01 l'eporting mill .. _._... 42 Production ............................._......... 79,370,504. feet 5 ;; ~=i ~~d~~Se~~~...:..::==~:=:::::=~:~:::::=li~:~~~:~~~ feet ~::i Unfilled order April 29th ............ 70,787,500 =1= I ~t=a,1 1::Ju2c:e~~:::=.:·::=:=:::=::i~5~~~:~~ ~::i ~ ~1?;~~lio~Qtel~~.. ·S·hip~·~·t~=.::=::2~~:~g;~9! ~::~18% ~ ; ~ 5 ~ Actual production below nonnaL 21,810,185 feet=22% Orders above normal production 11 576.8 4 feet=l1 % tocks below normaL._._. ___ . __ .. 35,769,257 feet=12% ~ § ~ ~UIIUUlIJUllliJIIUllllltlIlIIlUllllllfilIUllullllfUmllfllIllUilulllllllllllu.unlllllllll1IIIIIIIIIIIIIIIIUUllllllllllmUllillfl u.IIIIIJJIIIIUIUn~ BUILDING The building boom prominent in this district since the beginning of the current year, has assumed larger proportions with the advance of spring. During April the valuation of permits issued in the ten principal cities of the district registered an increase over March of 10.9 per cent and an increase of 11.9 per cent over April, 1921.' Although Dallas, Fort Worth, and Beaumont showed considerable decreases in their permit valuation, the increase in other cities offset this decrease by a good margin. With the urgent and widespread demand for housing accommodations, small homes and apartment houses have comprised a substantial portion of the building during the present boom; however, business and industrial construction, including repairs on business and office buildings as well as the enlargement of factories and warehouse facilities, has also entered as a large element. =llUnllltilUlIIUlUilnUll ll mlllllllUllllllllllllUllllllllllllflllUl l lUllllII U Ii IIIIUllltIllIIllIIlIIlIllUlIlIIllIIl1I1IfJjJH~IIIIIJIlItlIIUJlJ l1l1t1t(W.lIlIlIIIJll lI ll l lI lUlI 1IIIIIIIIIUIIIIIIIIIIIUUIIIIJlIUnlillUlllllllliumUUlUIIIIIIUllillUIIIIUlil1IIIIIIIIUIIIIUIIIIIIIIIIIIIIIIIIIIUIUUUIIUIWJUJt. BUILDING PERMITS Inc. or April, 1922 No. Valuation Austin .................................................... ........... Beaumont ........................................................ Dallas ................................................................ El Paso ............................................................ Fort Worth ... .................................................. Galveston ...................................... ,................... Houston ............................................................ ~an Antonio .................................................... hreveport ...... _ _ ...__....._..... __.. __ ._._.. Waco ..................................................... _........... 40 114 407 112 268 396 698 290 261 41 Total .......................................................... 2,627 61,902 100,105 1,326,197 436,958 557,4 6 183,268 1,689,967 1,150,605 721 ,907 126,314 March, 1922 No. Valuation Dec. Inc. or April. 1021 No. Valuation Dec. 35 109 492 97 2191 362 6191 4501 240 49 49,020 141,929 1,592,007 167,095 1,057,501 182,950 1,328,925 632,366 477,543 100,930 + 26.3 '22 - 29.5 128 + 16.7 448 +161.6 183 - 47.3 190 + 0.2 429 + 27.2 584 + 82.0 313 + 51.2 291. + 25.2 _~ 30,560 70,543 1,603,845 548,685 600,919 101,402 1,174,695 1,161,355 341,645 43,540 +102.6 + 41.9 - 17.3 - 20.4 7.2 - 80.7 + 43.9 + 0.9 +111.3 +190.1 6,854,699 2,672' 5,731,266 + 5,677,189 + 11.9 10,9 2,607 ~ tUIIUUtlu lllllnulUnnUiIUU1III11II1 II11It1IJ1l1tlllllllllllllllllltIltIIIIll UI II 1III lt lllllll l illUIlIlUUIIIIIUllnU.llItlltWillUlIIIIIlllIUIIllUIIUJIIIUUlurttmullunnnnllQmRIDJl lIIlIIIIUl nIlIlIlIllIlIlUllllltilllU'"lIlInnllllllll ,u rmIllUIUIIII,tIllIlUnl l lUllun1UIIIIIUlllinnUt l lllii