View original document

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

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