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LYNN P. TALLEY,

Chairman nnd Federal Reserve Agent

(Compiled May 15, 1925)

Volume 10, No.4

Dallas, Texas, June 1, 1925

This copy released for publication in morning papers

May 28

DISTRICT SUMMARY

i

8'·,1111' ••• ,111111"'11111,.11 1 11111111,.111111111111111111,"1'111,'1111"""11"""""'11111111111"'1"'111.1,."1 1 "11" . ,11111111111111111111111111111111111111111111111,.11111111111,111, ••• ,111111111.",1",1111111,.,1111111111111, ••••••••

E
April

~:;:rt~~~~ ~~:d!~i~.~~..~~~~~~~~... . ~~..~~.~~:~~.::::~:~::::::.:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~:::
~~~

Reserve Bank loans to m ember banks at end of month ..................................................................................
Reserve Bank ratio at end of month....................................................................................................................
Buildinrr permit valuations at larger centers ..................................................... , .............................................

:

,119

THE SITUATION AT A GLANCE
Eleventh Federa l Reserve District
Ma rch

Inc. or Dee.

P::.·

It~~

$612,876,000
$706,679,000
$ 8,705:610···· $ 1,466,876 Inc.
77 .9%
78.2 % Dec.
$ 9,600,242
$ 8,416,704 Inc.

164.4%
.8 points
14.1 %

$ 16,m:di
92 % Inc.

6 points

g~F~~~~~lti1~A~&;pine mills (per cent of normal production):::....................................................................: 14,m:~I~
jl~~~!~~!.:::::::::::~::::::::::::::::::~::::::::::: : : : : : : : : : :: : : : : :: ::: :: : : : ::::::::::::: : : : : : : :::::~:: :::
Lumber orders at
98%

g>e~.

lni

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The heavy rains which have effectually broken the long
and severe drouth throughout this district overshadowed all
other developments during the past thirty days. Following in their wake has come a substantial improvement in
business, agricultural, and livestock conditions. Farming
operations, which were at a standstill in many sections, have
been resumed, and farmers are rapidly completing plant·
ing operations and are making good progress with the cultivation of crops. While the rains came too late to be of
benefit to a large portion of the grain crops, due to the
heavy abandonment, that part of the crop which remains
has shown a marked improvement. Offsetting to some extent the favorable outlook for agriculture, has been the
appearance of grasshoppers and other insects in consider?ble numbers, which presents a potential danger to grow·
lng crops. Furthermore, the weather in many sections has
been too cool for the proper germination and growth of
crops. The heavy movement of livestock to outside pas~ures has been checked, the supply of stock water replen·
Ished, the ranges are greening, and improvement in the
conditicn of livestock is noticeable. There should soon be
plenty of grass to afford adequate grazing.
Buying in rural sections, as reflected in the distribution
of merchandise at wholesale, evidenced a further slowing
down during April, but since the rains reports indicate lhat
SOme improvement has taken place. While further improvement is expected, many trade leaders have expressed

,rn

the opinion that a marked expansion in trade will not be
forthcoming until good crops are assured. On the other
hand, consumer buying in the larger cities continued active.
Department store sales reflected a further increase over
the previous month, and a gain of 8.0 per cent over April
last year. Charges to depositors' accounts were 9.0 per
cent larger than in the corresponding month of 1924.
The past month witnessed a further seasonal decline of
approximately $26,000,000 in the deposits of member
banks, due to the withdrawal of funds to carryon agricultural and business operations. While there was some increase in the demand for credit accommodations, the vol·
ume of borrowing at banks has been considerably lighter
than usual. The loans of the Federal Reserve Bank to memo
ber banks evidenced a sizable increase during April, but
the volume of such loans remains at a very low level as the
member banks are able to finance their customers largely
out of their own resources.
There was a marked expansion in the volume of new
construction work launched during the past month. The
valuation of permits issued at principal cities was the
largest of any month of the current year, and with the ex·
ception of March, 1923, was the largest on record. The
production, shipments, and new orders of lumber were sustained at high levels and the production and shipments of
cement continued at a satisfactory rate.

CROP CONDITIONS
The long and severe drouth which seriousl y affected crop the germination and growth of crops. Grasshoppers and
ci°nditions was effectually broken during the past thirty other insects are beginning to appear in considerable num.ays by the heavy rains which fell over most of the tel"
ber and stand out as a potential danger to growing crops.
l'lt~l'y of this district. However, there are some sections
The grain crops suffered severely as a result of the
whIch have not had sufficient rain and other sections where drouth and the rains came too late to be of much benefit.
conditions are still spotted. While crops are greatly im- The Department of Agriculture estimated that the aban~roved, the hail storms and high winds caused considerable donment of winter wheat this year is the heaviest in any
amage in some sections. The cool weather ha~ hindel'ed recent year. In Texas, it is eiStimated that only 38 per cent

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

2

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

of the acreage sown last fall remains. In the central and
west center sections of the state only a small percentage
of the acreage has been left for harvest. The condition of
that portion of the crop remaining on May 1st was estimated at 38 per cent of normal as against 90 per cent on
that date last year. In New Mexico it is reported that only
30 per cent of the acreage sown last fall will be harvested.
The condition on May 1st was estimated at 40 per cent of
normal. The condition of the Texas oat crop was only 32
per cent of normal. Only a small portion of the fall sown
oats have survived. The spring sown oats are making poor
progress. except in the east and northeast sections of the
state and in favored localities elsewhere. Much of the
oat crop is heading less than a foot from the ground.
The corn crop suffered from the lack of moisture and
planting operations were greatly handicapped.
However,
its condition is greatly improved since the rains, and there
has been some additional planting. Reports from some
sections of the state indicate that considerable acreage is
being planted to other feed crops.
Cotton planting has made rapid progress since the rains,
and much of the crop is now in the ground. In the lower
valley section of Texas some of the crop is ready to bloom,
and in the northeast much of the crop is chopped to a
stand. Some sections report that the heavy rains packed
the ground to such an extent that the cotton cannot push
its way through the ground, and some replanting will be
necessary. The cool weather has also adversely affected
the crop. In some parts of the state the crop is in excellent condition, but in others it is only fair.
The sowing of rice was delayed by the drouth, but since
the rains sowing has made rapid progress. Conditions are
now reported to be distinctly favorable. That part of
the crop sown before the rain was saved and adequate
moisture is now available for sowing the remainder of the
crop.
There are prospects for a much better fruit crop in Texas
than a year ago, as the late freezes in March did not injure
the orchards except in scattered localities.
LIVESTOCK
While range and livestock conditions reflected a further
marked decline during the past month, the heavy precipitation over most of the district's range territory during the
latter part of April and the early part of May relieved the
drouthy conditions and replenished the supply of stock
water. Late reports from m_any sections of the district
indicate that the grass is greening and will soon afford
sufficient grazing for the stock. However, there are some
sections where the rainfall has been insufficient to revive
the ranges. While livestock are in poor to only fair condition, rapid improvement is expected to follow the betterment in range conditions. Shipments to northern pastures
were heavy during the past month, but the rains have
checked the forced movements.
Cattle losses, particularly in south and west Texas and
sections of New Mexico and Arizona, had begun to mount
upward prior to the rains. Deaths from forage poison have
been heavy, which is a usual occurrence in years when the
grass is late in starting.
The calf crop will be shorter than usual, due to the
heavy shipments of dry and old cows last year, and the
loss of calves from the lack of milk. Furthermore, the
number of new-born calves is not up to normal in many
sections.

Sheep ranges in Texas showed some improvement during the past month_ Bush, weeds, and grass are now growing rapidly. Heavy losses of sheep and lambs have been '
reported. Lambing is about over and shearing operations
have begun. Reports indicate that both the mohair and
wool clips will be lighter than last year, but that this
year's wool clip appears to be clean with little yolk and
a lighter shrinkage than a year ago.

Movements
and Prices

The April receipts of cattle at the Fort
Worth market showed a large increase
both as compared to the previous month
and the same month last year. However, a considerable
proportion of the receipts represent cattle being shipped
on through billing to pastures. Receipts of calves, hogs,
and sheep were smaller than in either the previous month
or the corresponding month a year ago.
The cattle market reflected downward revisions during
April, the month's close being 25 to 50 cents lower on beef
steers, 15 to 25 cents lower on canners, and 50 cents to
$1.00 lower on calves. The market on fat cows closed about
steady, and yearlings were about 50 cents higher. Early in
April hog prices reached $13.25, but the reaction which
followed carried values to $11.30 at the close of the
month. Sheep values were reduced 50 cents during the
month, but lambs showed a gain of that amount.
(!J lllll t l ' I ' IIIII I .III.II ••••• 11 1 11 • • ••• I ••• II"' ••• I .'1 1 111 1 1' 11111111111111 1' 1111 11'1'1 ' 111 " ' 11 11'1"1"1'" 1 ''''1 1111 1 9

:

FORT WORTH LIVESTOCK RECEIP1:'S

i

1~:~1

:
:
:
:

Cattle .................... 90.418
Calves .................... 10.844
Hogs ..... ..... .. ..... 29.472
Sheep .................... 19.622

,\~~il

67.878
14.267
36.610
67.969

LGs:i~r

G
L
L
L

23.040
3.413
7.188
88.347

r.:::s

:

ra~l~r ~

h

76,740
13.069
46.626
21.630

G 14.673
L 2.225
L 17,064L 1.908

:
:
:
:

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:.1
.
:.

B~ CO:PA=:VE=~II u:~r~:K ;~t: ~;:t. .~:__
,re...

Stocker steers ... ................................
Butcher cows ......................................

. ~~~~:r ...~~:"'s ... ::::::::::::::::::::::::::::::::::::::
..
§ ~~:p ":.'.:::::::::.:::::::.::::::::::'::'::'::·::::::::::1
:

(!]

Lambs ..... .........................................

7.86
6.86

1~:~~
l~:~g

16.00

7.76
6.60

~:~g
1~:~~

16.00

:I

8.26
6.40

Ug

It:~g ~

15.26 :

8 ...... '" " 111111"' .. .. " ... ,. 11' 1"" 11 1 111.1.11 11 11111'11.11111111 11 111111 ... 11'.111111 ... 11 .. 11 11111111 1111 11' ''' ' 8

Cotton
Movements.

While the April exports of cotton from
Houston and Galveston reflected a substantial decline from the previous month,
they were considerably larger than exports during the corresponding month last year. Stocks at these ports on .Apri l
30th were greatly in excess of those on that date a year
ago.

m ,II III•••II •••• '•• I.I••• ' ••••• •••• 'I ••••••• '••• ••,.,.11111,.1"1.1,.,." """"".,1
"1,1. 1, •• 1", ,,,111.1 . 1 •• 1 11 . ' .11 I!)
: COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON :
§
Aug. 1st to Apr. 30th §
:
April
April
:
§
1925
1924
This
Last
§
:
Season
Season
:
:: Net receipts ..................
61.667
67.644
8.662.640
2.764,689:
: Exports ........................
192.262
94.612
8.487.486
2.660.491 :
:: Stocks April 80th......_
................
................
223,627
129.049:

I

~

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m...

I II.I I I I I ' I ." •• •• • " •• 1.1 •• ••• •••• ••• • •• , • • •• ••• , • ••• • •••••• •••••• • •••• •• • 1.11 ••• •••••• " . " , • •• 1.11 1, • • • , I I .IIII. l !!]

~:. ~::~B~'~:;:~:S:::::~~::~A~2~:26~ 8~gOol· AP[: 2:'~.06~:0
•.•

:0
'

For other foreign ports ....................................... .
For coastwise ports ..............................................
In compresses and depots......................................

178.396

107.181

Total ...................... :.............................................

228.627

129.049

i:
:
:
_

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§

8

3

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

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::

COTrON CONSUMED AND ON HAND
CO'l"r ON GROWING STATES

§

I

tf:~l

§ Cotton consumed ........................ _......................................_......

tfrtl

899,465

824,254

: Cotton on band at end of month :
::
(a) in consuming establishments .................................... - ................. ..... .............
:
(b) In public storage and compresses.............................. .................. .................

AU:~~~: to A:~;~h

::

Jm~

UNITED STATES
1f:!1

A:~!i~:t to A~~;:th

8,194,887

8,079,700

597,104

478,688

4,669,215

888,184
1,345,722

748,770
1,820,539

................
................

................
................

1,514,514
1,666,147

I
E

4,569,467 ::
:
1,829,901 ::
1,510,619 :

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:

HOUSTON COTTON MOVEMENTS
::
§
Aug . 1st to Apr. 80th §
§
April
1f:!1
'I1his
Last
§
:
1925
Season
Season::
:: Rcceipts-GroBB
59,696
62,570
4,678 ,974
3,414,8 55::
§ Reccipts- Net ............
25,828
24,825
2,604,169
1,789,345::
: Experts ........................
90,372
85,949
1,707,878
1,031,674 §
~ Stocks, Apr. 80th......
...•............
................
249,025
102,708 :
~'.I.I.III.'.I. I II.I.III.I.,I.IIIII.III I III.fl ' IIII.11 ,11 '1, 111 1 '11111.,1.111111111 111 '11,,11111 1'1 11.111.11I"II I II"I'[!]

1:::

"·:::~:~::~~::~:~~~~;·i~;illi;;;~:·~:fi.·~"
ffixports : Great Britain ......................... .
France ...................................... .
Continent .... _............................
Jnpan-China ............................
Mexico ........................................
Total foreign ports..................
Stocl,s nt all U. S. Povts, Apr. 80t h

:
:

§
::
:

lErlll.II •••• ,I' ••• • I •••• IIII.III.II'.I ••• I.II.II ••

1:_' ..

3,191,755
834 ,514
19,909
7,804,075
722,020

0::_!_'

:
:

§
::
:

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~:~ ~:::.m":""· ":"~~~~~~~~i;:~;~·;:~~;·;:· ":;'~:;;" 1
:'
8_

New Orleans ................................. .
Dallas ...............................................

§ Houston ......................................... ...
J, Galveston ..........................................

24 .70
25 .45
25.50

24.00
24.60
24.60

::
::

COTTONSEED PRODUCTS SHIPPElD AND AVERAGE PRICE
RECEIVED

Apri~v.

;
:

~ Crude oil .... _...........................................
_ Cake and meaL......................................
:: Hull. .........................................................
:: Linters _..................................................

Products
Price
Shipped
F .O.B. Mill
14,958,686 lbs. $ .0966 p er lb.
21,654 tons 36.62
per ton
18,568 tons 10.88
per ton
6,951 ,769 lbs.
.0481 per lb.

[!)
::
::

;
:

~

_
::
:

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2,168,684
544,202
8,264
4,901,316
478,712

..

811111"""11'111111"""11111111111111111111111111111111111111'11111111111111111111111111111111111111111111111111111

22. 60
23.1 5 §
28.25 :

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TEXTILE MILLING
The production of reporting textile mills in this district
during April was seven-tenths of one per cent greater than
in the previous month, and 37.7 per cent greater than in
April, 1924,. These mills consumed 2,603 bales of cotton
in April as compared to 2,572 bales in March, and 1,956
bales in April last year. Unfilled orders on hand at the
close of April showed a decline as compared to those on
hand· at the close of March, but were more than twice as
large as those on hand at the close of April last year.
Stocks on hand at the close of April were slightly less than
those at the close of March and considerably smaller than
a year ago.
Following the reaction in the raw cotton market the price
on manufactured goods has reflected a downward trend.
Manufacturers report that the demand is slackening.
(!JIIIIIIIIIIIII.IIII • ••• IIIIIIIIIIIIIIII'III' •• I •• III'.1111 111 "1' 11'1111111111'111111111111'1'11111111111111'111'II'tlll l!]

:

COTTONSEED PRODUCTS
According to the reports received from 68 mills in this
district, the average price received for cottonseed products
shipped during April was at a higher level than during
the previous month. The crude oil shipped brought an
average price of $ .0966 per pound in April as against
$ .0938 in March; cake and meal brought $36.52 per ton
as against $35.57; hulls sold for $10.38 per ton as against
$9.37; and linters sold at $ .04,31 per pound as against
$ :0428. As the season advances the volume of products
bemg shipped is gradually declining. Many mills have
hlosed down for the season and have sold all products on
and.
t;]1"I'III' ••• ,I •• II'.,III.I'IIII.I •• II.I.IIIIIIII.111111 1 1.1111111111111.111' 1 11 ,1' 1' 1 ,1'1"111111111111111111111111111 '8

§
::

§
g:::-

_: ~:_
§::::::::

STATls'rrcs OF CO'IYl'ONSEElD AND COTTONSEED PRODUCTS §
Texas
United States
::
Aug. 1s t to Apr. 30th Aug. 1s t to Apr. 80th §
Cottonseed received
nt mills (tonsl.. .•... _
C

CO\~:~d··;;;;-··h;;:;;;i""..
ottonsccd crushed

S;~;~n

S~::~n

l,587,OO~

1,810,269 _

S;~;~n
4,489,000

S!::~n
8,251,779

1,486,000

1,241,845

4,859,000

8,126,999

§_-

Cr~~~SJIl··P~~d~~~d.·.··.

58,0 00
76,546
144,00 0
180,120
(pounds) ................ - 486,206,000 849,394,870 1,822,124,000 928,019,017
Cnke a nd menl proHduced (tons) ..............
696,000
578,006
2,006.000
1,482,081

L~~r~r~~~d~~eJtons)

482,000
285,000
(500-lb. balcs)..........
S tocks on hand April
C 80th ...................•.......
Crude Oil (pounds) .... 16,291,000
Rake and meal (tons)
28,000

mL~~:rs(~5n08J_·ib:··b~i·~i

~~:~~~

361,469
243,288

1,249,000
841,000

887,804
682,010 :::

15,159,100
80,892

48,590,000
144,000

60,085 ,249 §
187,799 :

:~:m

1~~:~~~

IJ~:m §

. 1 ........ I .. III .. II .. I .. II .. III1III1I1 .. rlllu .. lu ...... IlI1ItU ...... ItU .. III ... 11I11I1I1I11111111 ... 11111111 .....

8

I
::
:

TEXTILE MILLING STATISTICS

Number bales cotton consumed......
Number spindles nctive....................
E Number pounds cloth produced......

1f2'~1

2,608
77,0 28
1,204,459

tf:!l
1,956
76,164
874,414

~~~~h

:

I

2.572 §
77 ,028 :
1,196,057 §

El l. IIIIIIIIIIIIIII I II"IIIIIIIIIIIIIIIIII III IIII II .I.1111111'111 11' 111111"111111 11 111111111111111 111111111111111111.111 l!)

WHOLESALE TRADE
A further recession in the volume of distribution at
wholesale was a prominent feature of the trade situation
during the past month. Sales in every reporting line except
drugs reflected a substantial declire from the previous
month, and sales of groceries, dry goods, and farm implements were less than in April a year ago. The gain over
last year in the sales of drugs was small. Due to the seriousness of the drouth, the consumer demand in the rural sec·
tions during April had dwindled to actual necessities. Retail
buying was hesitant and purchases were made largely as the
need for goods to replace depleted stocks arose. However,
since the rains there has been a better consumer demand and
some dealers report that orders at wholesale have been more
numerous and larger in volume. While reports indicate
that sentiment in trade channels is greatly improved and that
prospects point toward a more satisfactory distribution, conditions are somewhat spotted and many dealers have expressed the opinion that there will be no marked improve·
ment until good crops are assured.
Collections are reported to be slow and m some sections
accounts are hard to collect.
The sales of reporting wholesale dry goods firms reflected a further decline of 18.8 per cent as compared to

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

4

the previous month, and 8.9 per cent as compared to the
corresponding month last year. Buying in rural sections
has been on a small scale, and merchants have been buying
on a hand-to-mouth basis. Reports indicate that business
has been exceedingly dull in those sections where the drouth
was most severe. Since the rains some of the retailers who
bought heavily at the beginning of the season have made an
effort to stimulate buying with reduced price sales. However, merchants generally are carrying moderate stocks and
this situation augurs well for an improvement in business.
The declines in the raw cotton and wool markets have caused
a softening in the price of finished products, and in the
face of this situation merchants are showing no disposition
to buy beyond actual requirements. Dealers state that
prospects point toward a good fall business.
The volume of business in the drug trade was well sustained during April. Sales of reporting firms were 1.2
per cent larger than in March, and 3.2 per cent greater
than in the same month last year_ However, business is
somewhat spotted. In some sections business has been
active and dealers state that prospects are unusually good,
but in others business has been slow with a steadily declining demand. There has been some improvement in
practicall y all sections since the rains.
There was a marked slowing down in the demand for
farm implements during April. The sales of reporting
firms showed a decline of 32.8 per cent from March and
4,2.5 per cent as compared to April, 1924. This decline
was due to the fact that the drouth situation had reached
such serious proportions that the farmers had almost ceased
buying. However, since the improvement in the agricultural situation following the general rains, there has been
a better demand for implements. The prevailing sentiment
of the trade seems to be that distribution will now be more
satisfactory.
The demand for groceries reflected a substantial decline
during April when the sales of reporting firms were 10.7
per cent less than in March, and 5.4 per cent less than in
April, 1924. While the slackening in demand appears to
have b.een general throughout the district, business in those

m
..

sections where agricultura'l conditions are most favorable
is fairly well sustained. Dealers state that the outlook is
from fair to good.
The April distribution of hardware evidenced a decline
of n.5 per cent from the previous month, but was practicaly the same as in April last year. Conditions in the
trade continue spotted, some sections reporting fairly active
business, and others reporting business very unsatisfactory.
The large volume of building has had a tendency to hold up
the demand for builders hardware, but farmer buying has
been greatly curtailed. Collections are falling off.
CONDITION OF WHOLESALE TRADE DURING APRIL, 1926
Percentage of Increase or Decrease in
Net Sales
Net Sales
Stocks
April, 1926 Jan. 1 to d~tp
April, 192.6
compared with compared With compared wlth
.
same period /-;;---,.;-;-:--=AprIl March
last year
AprIl
March
1924
1926
1924
1926
Groceries ..................... . - 6.4 -1Q.7
+ 2.1
+ 8.4 - 6.9
Dry goods ..................... . - 8.9 -18.8
- 9.6
-14.0 + 4.4
Farm implements ....... . - 42.6 - 82.8
-19.3
-.9 .6
Drugs .............. _........... . + 8.2 + 1.2
+ 8.0
- 1.9 .9
Hardware ................... .
None - 11.6
- 7.7
- 4.2 - 2.0
[!J III'.III.llllla.'.' •• '.II ••• 'I"' ••••• ,.' •••• I ••• III.1111'1'1'111111,1'1111111111111111'1'1'111111111111111111.,IIII ••

tl!)

RETAIL TRADE
The actIvIty which characterized department store trade
during the first quarter of 1925 continued during April.
The sales of twenty-four firms were 3.2 per cent greater
than in March, and were 8.0 per cent greater than in April
a year ago. Pre-Easter buying was unusually good, and
spring trade has been very satisfactory.
Stocks at the close of April were 1.0 per cent larger than
at the close of March, but were 2.3 per cent less than at
the close of April, 1924,. The ratio of sales to stocks during
the first four months of 1925 was 82.9 per cent as compared
to 74.3 per cent during the same period of the previous
year. The volume of orders outstanding at the close of
April showed a further decline from the previous month.
The ratio of April collections to accounts outstanding
on April 1st was 4.l.6 per cent, as compared to 4,0.9 per cent
in March.

II •• IIIIIIIIIIIIIIIIIIIIIIIII.IIIIIII •• 11111111111111111.111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111.11111111111111111.1.11111111.11111111111111111111111111.1.1.,1111111111111111111111118

E

:: Total sales§
Apr~l 1926,
::
Apr.l 1926,
::
~an. 1st to
: CredIt sales§
,April 1926,
::
April 1925,
• Stoc~:~ 1st to

BUSINESS OF DEPARTMENT STORES
,
DaUas
Ft. Worth
compared wi.th April 1924..........................................................
+13.8
+ 6.0
compared WIth ~arch, 1925 ....; .............. _.................................
+ 8.8
+ 7.1
date compared WIth same pertod last year ........... ~. . ...........
+10.0
+ 9.9

Houston
+ 4.8
+ 2.9
+ 7.7

All

::
uthers
TotallJlstrlct::
+ 6.1
+ 8.0 §
+ 1.5
+ 8.2 ::
+ 9.9
+ 9.6 ::
:
+ 9.9
+18.8 g
+ 1.4
+ 3.6 ::
+12 .6
+11.8 §

compared with April 1924..........................................................
compared with March. 1926......................................................
date compared with same period last year ........... _.............

+19.8
+ 4.8
+12.3

+ 8.1
+ 6.8
+ 4.6

+ 8.3
+ 2.7
+11.0

April 1926, compared with April 1924..........................................................
April 1926, compared with March, 1926......................................................
Percentage of sales to average stocks in

- 8.2
+ 1.4

-

8.0
.8

_ 7.1
None

+ 1.5
+ 1.8

_ 28 g
+ 1'0 ::
. ::

17.4
20.8

17.3
18.0

21.8
28.7

19.6
20.8

~~.~ §
. ::

~~:~

68.4

7.8

6~:g

~U

~U

~g ~

48.1

87.1

42.6

40.8

!.:~i~: m~ :::~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::. :::::::::::::::::::::::::::..

Percentage of sales to averuge stocks-

}:~~:~~ t:~ ~~ !.~~n ~~: mL::::::::::::::::::::::::::::::::::::~:::::::::::::::::::::::::::::::

Ratio of outstandmg orders to last year's purchases.. ....................................
_ Ratio of April collections to accounts receivable, due and outs tanding
~
April I, 1926..........................................................................................................

7.9

4.7

68 :
. g
41.6 :;

1:,,1111111111111111 .... 11111.111111111111111111111111111111111111111111111111111111111111.11111 ... 1111111111111111111111111111 11 11111111"111.1.111111111111"11111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIII!)

FINANCIAL
The volume of public spending, as measured by checks
charged to depositors' accounts at banks in fifteen principal
cities of this district, reflects the continued activity of business, though at a more restricted scale than in previous
months. The April volume was 13.2 per cent below that
of March, but was 9.0 per cent greater than in April, 1924.

Reports from accepting banks of this district reflected a heavy decline in the volume of acceptances executed by these
banks and which were outstanding at the close of April.
The volume outstanding on April 30th amounted to $614,553.31 as against $2,045,465.95 on March 31st. Those executed against export and import transactions declined from
$919,592.51 on March 31st to $507,526.22 on April 30th;
and those based on the domestic shipment and storage of
Acceptance
Market.

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
goods declined from $1,125,873.441 to $107,027.09 during
the same period.
~'III'I'II'IIIII'IIII'IIIIIIIIII"IIII'IIIIII"I.tl'I' .1.,111111111111 •••• ,111,11111111.11111 •• 11111"'11",1.111.1111l'8

"

CHARGES TO DEPOSITORS' ACCOUNTS

I

•

~~I

"A

6.0.

"A

7.7:

"B
:c

8.2"
2.2:

: D
E

Condition of
A further substantial reduction in both
Member Banks loans and deposits was reflected in reports
in Selected
of member banks in selected cities. Loans
Cities.
secured by corporate securities declined
$4,508,000 during the five weeks period
ending May 6th, and all other loans (largely commercial)

60:
2:8 ~
8.8.

~
"F
:G

declined $5,587,000. During the same period demand de·
posits dropped $13,204.,000 and time deposits $1,728,000,
L9.
or a total reduction of $14,,932,000. On the other hand,
6.8:
2.:
4:9 E the investments of these banks in United States securities
1.
increased $3,686,000. Their bills payable and rediscounts
::~i with the Federal Reserve Bank rose from $105,000 on
:.8 April 1st to $1,297,000 on May 6th.

7.4.
1.4.

:H
: R
• S
~S

:T
:T

i

5

W

G] IIU .. IIIIIIIIIIIIIII .. IIIIIIIIIIIIU ........ IIIIIIIIIIU .................. IIII ... IIIIII .... 1111 .. 11111 ..............

~lIl1lt .. I .. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII .. IIIIIIIIIIII .. IIIIIIIIIII .. IIII ..... 1I1111 ... '1111111111 ...... 11111 .. 11111111 .. 111.1111 ..... 111 ............ 11 .. 111111111111111111111 11111.1l11t1l1l1l1l .. 1111l1t ... IIIIIIIII.IIIIIIIIII ......... III~

~

§

CONDITION STATISTICS OF MEMBER BANKS IN SELEC'I1ED CITIES

:

~i:. fu~~~~~~~Lt~~;:~~~~~~;~"J·~l~j~;;:J;I2;:~; M2~2!01~,'i6!4"i6"~0'!0) ; M:l:9~i8"';5:!6f5':,10!oi '

:.

f.:

All other loans ........ _......................................................... ~........_ ..................................................... .
7. Net demand deposits...........................................................................................................................
8. Time deposits .................._.............................................................................~ . . .. . ... . .. . ..... . ................ . ..
9. Reserve with Federal Reserve Ballk ...._.:................ _......................................................................
10. Bills payable and rediscounts with Federal Reserve Bank........................................................
E 11. Ratio of loans· to net demand deposits ...._............................ _.....................................................
:
·Loans include only items 4 and 6.

8 ....

266,220,000
98,282.000
29,926,000
1,297,000
840/0

:

I

!

"':2:2=6.:,i1"!8 8::,io!010

217.899,000
86,067,000
28,641,000
4,897,000
98 %

279,424,000
96,010,000
80,878,000
106000
' 82%

11111 ... 11111 .... 111111111111 .. 11 ... 1111111 ................................. 111 ......................... 1111 ........ . .......................... 111111111111111 ...... 11 ..... 11111 ........... 'II ............ IIIIIU ....... IIIIIIII .... UIlIlU ..........

Savings
Deposits

Reports from 106 reporting banks which
operate a savings department reflected a
gain in savings deposits of 1.1 per cent
as compared to last month, and 8.7 per cent as compared

[!J

to the same month last year. The number of savings de·
positors on April 30th was 246,646 as compared to 244,627
on March 31st, and 220,700 on April 30, 1924.

1'E ... IIIIIIIIIIIIIIIII ..... II ....... IIIIIIIIIIIIIIIIIIIIIIIIIIU.IIIIIIIIIIIIII.UIIlIlIlIIi1111111111111111111111 .. 111111 ........ 111111111111111111111 ... 11' .. "" ............ ' ... 1111111IIIIIIIIIIIIIIIIIIUIIUIlIIlIIlIIlIIIlIIIIlIIlIIlIIlIIIlIlIlIIlII[EJ
:

SAVINGS DEPOSITS

:

~umber ofl---==:":':"~:""==:""'March 81, 1925
Reporting Number of Amount of Number of Amount of Inc. or Number of Amount of Inc. or
Banka ·
Savinp
Savings
Savings
Savings
D~.
Savings
Savings
D~.
.
Depositors Deposits Depositors Deposits
Depositors Deposits
Beaumont ...................................................................... _
Dallas ..............................................................................
EI Paso ..._.......................................................................
Fort Worth .....................................................•...............
Galveston ......... ........................................................._.......

8
7
8

•
8

~:~~tO";;i~··::::::::·.:::::::::::::::::::::::::::::::::::::::::::::::::::::::::~

1::

All others.....................................................................

68.

i.

~~i:·~·~;~i~::::::::::::::::.: : :.:: :.: : :~: .:.: .: .:.: .: : : : : .: : .:: .:.:.:.: : :

E
Totnl _...................................................................... _
E ·Only 12 banks in Houston. 6 banks in San Antonio,

r;.

depositors.

.,6'2
46,287
16,217
17,975
13,462

1,606,812
16,268,466
6,688,984
6,486,124
8,140,421

4,699
87,355
16,641
16,068
11,652

~~:m i~:~~~:m

2i:m
88,678

1,619,501
12,610,899
6.940,442
4,812,662
7,292,621

.8
+21.0
- 18.0
+18.0
+11.6

~i:m 2~:m:m +~U

1t:m:m
16,827,204

2!;m
86,864

1tm:m
16,649,798

tlH

+ 8.2

4,645
44.918
16,268
17,924.
18,543

1,618,101
16.014.850
6,889,851
6,419,888
8,191,012

t~:~~~ ~~:m:m

2tm
88,686

1tm:H!
16,785,088

.4
+ 1.6
- 2.6
+
.8
.6

±. g

±09~i
+
.8

220,700 95,429.284. + 8.7
244,627 102,690,890 + 1.1 :
3 blinks in Wichita Falls, and 61 banks in all others reported the number of savings E
~~
106

246,646 108,716,800

\;1111 ... 1111 ....... 1111 ................... 11 .................................. 11 ........ ,11111 ............. 11.111 .... 11111111111 ........... 111111111111 ...... 11111 ... 1111 .... 11111111111111.IIIIIIIIIIIIIIU ... ,IIU ...... IIIII ... ,IIIIIIIIIIIIIIIIII ........

I!J

~U .. , .......... ,IIIIII ............ , .. III ... I1I .... IIIIII ...... IIIIII .. , ...... IIIIIIIIII .... ............. 1111.111111111 ......... " .......... 111111111111111111 .... 1111111 ... 111111111111I1I1I1I1I111I11I .... IIIIU .. IIIIIIIIU ... II .... ,IIIIIIIU ......... IIl!l

1:::::

:

E
:':
:::

E
•

:

.h........".m.m •• ",=

.~m.m'.' ~'" •••h ~:'~~L ",SCO,';';..:ATE'" W.rth

as is now eligible for rediscount under the Federal
Rescrve Act:
(a) funning 80-60·90 days....................................................
Rate (bjh:J~~~in:" t~an';;O~h~th~~···b~;;k~:···~~~·;;~~··by· ·b·iii~
R reccivable ......................................................................................
ate on ordinary commercial loans running SO.60.90 days
secured by Liberty Bonds and certificates of indebted·
ness (not including loans to enable purchase of bonds)
Ra te on loans secured by prime stock exchange or other
current collateral
(a) demand ........... _......................•...................
R (b) time ....................................................................................

····················1

~ Rate On cattle ~loans........................................................................
~~~p~~ e~m. ~~.~~....~~~.~~....~~~~.~~~ ...~~....::':~.~~~~.~.~~....~~

IE!.

A:~':'

H._.p.::"
re

W.
..

..6

8

.·6

6·6

4·8

6.7

5·6
6·6

8
6-8

•• ij
5-6

6·6
4 %·6

4·8
6 ..6

6-7
6-6

6·6

8

5-6

5·6

4,-8

6·7
6·7

8
8

6-8
6-8

6·6
6-6

6.. 8
6·8

6-7 E
6-7 §

5-8
6·8

8
8

6·8
6-8

6·6
6·8

6·8
7·8

6-8 E
.... •

6.::
••

..... 11.11 ....... 1111 .. 111 ...... 1111 ......... 11111111 .. 1111111111" ... 1111 .......... 1111 ........ 11 ........................ .. 1111 ..... 1111 ...... 1111 ........... 1 ................ 11 ..... 1111 .. 111 ....... 111111111111.11 ... 111111 ...... 1111 .................

8

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

6
Deposits of
Member Banks

The net demand deposits of member banks
declined $27,286,000 between March 25th
and April 22nd, but time deposits increased $1,751,000 over the same period. The total deposits of these banks, which amounted to $801,107,000 on
April 22nd, were $25,535,000 less than those on March
25th, but were $95,354,000 greater than those on April
23rd last year.

I.~

..............................::;:.;::.~;. ::::. ~:;~; ........................."
"I

~~

e :
WE

EJu
EJu

24E
08 E

Eo

06 E
55 E
31 E

BE

E~

~

t

~t ~

EN
i De

~ ~a
§M

&.!.........

~~ ~

48 E

UIlIlI .. UIlII II IUlllllllllllllllllllllllllll ..

.
Operatwns 0 f

UIlIIIIlIlIlIlIlIIlIIIiIIII'IIIII'IIIIIIIIII'IIIIIIIIII~~~

The l'ncI'eased demand for bank credit in

the Federal
Reserve Bank.

Our Federal Reserve note circulation witnessed a further
seasonal recession, being $42,200,l4.0 on April 30th as
against $44,014,360 on March 31st. At the close of April
the circulation of these notes was $1,4.04.,875 less than a
year ago. The reserve deposits of member banks totaled
$60,959,94,0 .55 on April 30th, or a decline of $2,923,080.33
during the month.
FAILURES
The April statistics on commercial failures in the Eleventh District showed but little change from the previous
month. There were 59 defaults with liabilities amounting
to $792,113 as compared to 59. insolvencies in March with
a combined indebtedness of $682,936 and 56 failures in
April, 1924" with liabilities amounting to $881,236.
PETROLEUM
Due to the thirty-day month total production of crude
oil in the Eleventh Federal Reserve District during May
declined to 14,853,198 barrels as compared to 15,036,098
barrels of oil produced in March_ However, the daily average production during the month amounted to 495,107 barrels of oil, an increase of 10,072 barrels over the March
daily average production. Drilling activity continued at
a high rate during April, and an unusually large number
of wildcat wells were comp leted. There were 650 wells
completed of which 437 were successful and yielded an
initial flow of 137,4,27 barrels of crude oil, as compared
to 608 completions during March which resulted in 423
sucessful wells netting a flush production of 116,639 barrels of oil.
Production at the Wortham field is still showing a heavy
decline. The Texas Coastal field again showed the largest
increases . in production in the district, but the North and
Central-West Texas fields also contributed substantial increases, the Big Lake field in Reagan County taking its
place among the major producing areas of the district.
Louisiana fields showed an increase of 606 barrels in daily
average production.

connection with the heavy farming operations and the movement of wool and mohair was reflected in the rise of Federal
Reserve Bank loans to member banks during April, and
the first half of May. The number of borrowing banks increased from 71 on March 31st to 113 on April 30th, and
loans during the same period rose from $1,456,376.49 to
$3,705,509.91. Despite this increase, however, it will be
noted that the demand for Federal Reserve Bank funds con·
tinues light. On April 30th a year ago there were 214
banks indebted to us in the aggregate amount of $12,975,415.94.
The total volume of bills held by this bank showed a
further slight decline during the month, being $11,664.,543.01 on March 31st as compared to $10,799,918.41 on
April 30th, distributed as follows:
Crztde Oil
The price of Texas Coastal oil was reMember banks collateral notes (sccured by U. S. Government
Prices
duced 25 cen ts per b arrel during April.
obligations) ........................................................................................$ 569.BOO.00
Prices on all other grades of oil produced
Rediscounts and all other loans to member banks ............. >............ 3.146.209.91
Open market purchases (bankers' acceptances) ................................ 7.094.408.50 in the district remained unchanged during the period April
Total bills held ........................................... _
.................................... $10.799,918.41 10th to May 15th, 1925.
m
.................
:
OIL PRODUCTION
:
~
April
March
Increase or Decrease
~

II ••••••••••••••••• I •••••••••• I ••• 11.1.,11' .' 1,.'1 ••••••• '.11 ••••••• • ••• •• 111'1 ••• 1111.1 •••• 1111 ' 11,.1.1111111 1111.'.1'1'11,1,'11111111",.111.1111111 • • 1111111111111., ••• 11 •• 111.1'111.,1 ••• 1,1.11 ••• 11111111.11 •• 111'11 •• '111 ••• ",.1. , 8

;::::.1:::

~:~;~i!~~ ~:;:. ::. :. : . :.:. : .: .: .: .: .: .: .: .: .: .: .: .: .: .: :. :. .:.: . :::.:. T2:1 : 1~ ~15~ .:.9 :59~ ()58 Daily A:ff:U!
95.268

TEXas Coastal ...............................................................-...
Miscellaneous fields ..........................................................
Total. Texas ................................................................
North Louisiana ..._...........................................................
§
Total. llth District................................................. .

13.111,938
1.741.260
14.858.198

46.333
487.065
58.042
495.107

L~t Tota1451~ 9~7: ~756i~ ~ ib~en fc.:.ai1Y A:1!~ :~ g~i~

T!Jb:m Daily A]fil1
2.877.847
76.704 Inc.
1.537.600
49.600 Dec.
18,255.582
427,599 Dec.
1.780.516
67.486 Dec.
15,086.098
485.()35 Dec.

148.644 Inc.
89.256 Inc.
182.900 Inc.

E

9,466
606

~
8· .. ·······1 •••• 1.111.11 ••••• 1 ••• ' ••••• 1 •• 1•••• , ••• 1111., •••••• 1••• 1•• 11,.,'11,,1,1111111111111 •• 1.11,.111111 •••• 1.1.1111. 1.,1111111111"" •• ,11""'1.11""" •••• 1""".1 •• 11 1 1111111 •••••• 11 ••• ,1 •••••• 1.1,,""1111 ••• IIII •• I.I.IIII.I. I II •• I.III •• III!I
8 ............ 11 .... 1111 .. 1 ............. 111 ..... 1111 .. " ... 1111111111.1111 .. 11 ... 1111111IIIII .... IIIIIIIIIIIII •• II.IIIIU]] m I .. II.IIIIIIIIII.IIIIIIIIIIIIIIII.IIIIIIIIIIIIIII .. IIIIIIIII ........ IIIIII.IIII.III ... '1I."111111 ... 1111111111111118
..
APRIL DRILLING RESULTS
~
CRUDE OIL PRICES
§

~:E~:~W~t 'f;;:;;;;"::::::::::::'::::::::: p~r~is d~~TI ~;T~ p;o?arr ~ g~~:~:~t~~;y. : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :.: ~~~~r Ma1lft : .~

East Central 'I'exas ...........>............
1~~
~~
10
7~:~g~
Texas Coastal ................................. >
.........................
.. .. 1.75
2.00
Texas Coastal .... _..........................
12
10.
2~
M
exia ....................................................................................... , 2.00
1.75
East Texas .... -................... ...........
14
14
9,205
Currie ...................................................................................... 2.0()
2.25
¥~!~II~ild:t!ie.I.~~ .. ::::::::::.:::::.::::
48
8
35
1.565
North 'I'exas (42 gravity and above) ...............
2.85
_________
May 16. May 17.
Totals. 'l1exas .............. ...........
596 \ 396
200
131.914
LOUISIANA1925
1924
North Louisiana ... ~............ ...........
54
41··
13
6.513
Caddo (38 gravity and above) ......................................... $2.05 .
$1.85
_________
Bull Bayou (88 gravity and above) ........ ....... ............ 1.85
1.80 §
April totals. District..............
650 I 437 I 21S
187.427
Homer (85 gravity and above) ........................... ............ 1.80
1.86 E
March totals. District..............
608 428
185 116.689
Haynesville (S8 gr. and above) .................................... 1.70
1.75 E
.Gas wells. ··Includes 6 gas wells.
De Soto Crude ................................................................... 1.90
1.85:
e ............
rn 8 .......
m
(011 statistics compiled by~e Oil Weekly, Houston, Texas.)
» ...........

>....

I ...... III ....... IIII ......... IIIII ........... II ..... II •• ,II.IIII ...... 11I1I .. 1I ... II ........... III1IUI ..

IIII ..... II ............ I ....... II ................ IIIIIIIIUIUIlIlIIIlI ... III .... 1 ... I ................. UI ......

7

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
LUMBER
While the production rate of the Eleventh District pine
mills was practically normal during April as compared
to one per cent above normal during March, shipments of
lumber from the mills increased to within 2 per cent of
production, as against March shipments of 7 per cent below
production. Orders received during April were for 98
per cent of normal April production, as compared to orders
for 92 per cent of normal production received during
.
March.
Unfilled orders on the books of the 51 reporting mills
on April 30th were for 54,,157,838 feet of lumber, while on
March 31st the unfilled orders held by the 48 reporting
mills called for 53,666,010 feet of lumber.

m

l .IIUIII.IIIlIIIlIIItIUIIII . U.IIIIIIIIIII ... UlltitllIlI lI 'U.11I1111111111 11 Itll lll lll lllltl llllllllllllll ll llllll ll!]

APRIL PINE MILL STATISTICS
Num ber of reporting milJs ............~ .... ........... ...... ...

§

61

g~~~~c;~~. . ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::Jgi:m:m ~::~

J..

Construction activity during April in the Eleventh Fed·
eral Reserve District, according to the estimated valuation
of permits issued at twelve of the larger cities, exceeded
that of any previous month of the current year and was the
largest for any month since March, 1923. The total valuation of the 2,953 permits issued was $9,600,242 as compared to 3,150 permits issued in March valued at $8,416,704., or an increase of 14.1 per cent in valuation, and 3,167
permits having a valuation of $7,4,55,102 issued in April,
1924, an increase of 28.8 per cent.

::

Unfilled orders. April 80th ..................................... 64.167.888
Normal product ion .. .. ....... .. ....................................... 108.407.860
Stocks , April 80th ................................................. ....266.680.044
Normal s tocks ................................................... ......... 326.419.872
Shipmen ts bcl o~ production.......... .......................... 1.698,209
Actual productIon below normaL .........................
206.226
Orders below norma l production ............ .............. 2.049.682
Stocks be low n ormaL ..... ...................................... ... 69.789.828

_
::

BUILDING

feet
f eet
feet
feet
feet = 2%
feet = none
feet = 2%
fee t= 18%

i

\o!JI ... IIIIIIUIIIIIIIIIII.I.IIIIIUIIIIIIIIUIIIIIII.I .. II.11111111I111I1I1I111I11 11 1111111111111111111111111111111111 U l m

::
::
::
;:

§
;:
::
:

The large total valuation of permits issued during April
brought the total for the year to April 30th to $31,943,981,
only four-tenths of one per cent below the total of $32,073,229 of building permits issued during the same period
of 1924.

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CEMENT
Although shipments of Portland cement from the Texas rels produced in March, and 404.,000 barrels produced in
mills during April increased 6.9 per cent over shipments April, 1924.. Consequently, stocks on hand at the close of
made in March, they were 2.6 per cent less than April, the month declined 13.7 per cent from those held at the
1924., shipments_ There were only 4.05,000 barrels of ce- end of March, and were 12.5 per cent smaller than stocks
ment produced during April, as compared to 4022,000 bar- at the close of April last year.
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8

MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS

SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board, as of May 25, U}25.)

Production iIi basic industries and factory employment
continued at approximately the same level during April as
in March. Factory pay rolls were smaller, and wholesale
prices declined sharply. Distribution of commodities was
maintained at a higher level than a year ago.
PRODUCTION
The output in basic industries declined less than one per
cent in April. Decreased production of iron and steel,
flour, and copper was largely offset in the Federal Reserve
Board's production index by increases in mill consumption
of cotton and in the production of newsprint and petroleum.
The output of automobiles, which are not included in the
index, has increased rapidly since December and in April
was the largest ever recorded. Automobile tire production
was maintained at the high level reached in March. The
number of men employed at industrial establishments remained practically the same in April as in March, but owing to less full time operation, particularly in the textile,
leather and food industries, total factory payrolls decreased
about 2 per cent. Building contracts awarded during April
were the largest on record both in value and in square feet.
Estimates by the Department of Agriculture on May 1st
indicated a reduction of 6 per cent from the April forecast
in the yields of winter wheat and rye. The winter wheat
crop is expected to be 25 per cent smaller than last year
and the indicated yield of rye is 9 per cent less.
TRADE
Wholesale trade was smaller in all lines except hardware
during April than in March. Compared with a year ago
sales of groceries and shoes were less, but sales of meats,
dry goods and drugs were larger_ Sales at department stores
and by mail order houses showed more than the usual increase in April and were larger than during April, 1924.
Wholesale stocks of groceries, shoes and hardware were
smaller at the end of April than a month earlier, while
dry goods were larger_ Merchandise stocks at department
stores showed less than the usual seasonal increase in April,
but were in about the same volume as a year ago. Freight

Index of 22 basic. commodities corrected for seasonal variations (1919=100). Latest figure-April,
119.

car loadings of merchandise were greater than in March and
larger than in any previous April.
PRICES
Wholesale prices according to the index of the Bureau
of Labor Statistics, declined 3 per cent in April following
an almost uninterrupted rise since the middle of 1924. All
groups of commodities shared in the decline of prices
except house furnishings and the miscellaneous group. The
largest declines were in farm products and food, which had
shown the most rapid increases during the first three weeks
in May. Prices of grains, beef, hogs, flour and rubber advanced, while declines occurred in cotton, wool, lumber
and iron prices.
BANK CREDIT
At the middle of May total loans and investments of
member banks in leading cities were near the level which
has prevailed, with only minor fluctuations, since the first
of the year. Loans chiefly for commercial purposes declined
slightly between the middle of April and the middle of May,
while loans on securities rose to a high point at the end
of April and decreased somewhat during the first two weeks
of May. Total investment holdings, which increased considerably during the first half qf March, have declined
somewhat since that time. Net demand deposits increased
considerably from the low point at the end of March, but
were still $500,000,000 less than at the middle of January.
At the reserve banks there was a marked decline in the volume of member bank borrowings after the first week in May,
and total earning assets of the reserve banks on May 20th
were less than $1,000,000,000 for the first time since January. Acceptances and holdings of United States securities on
that date were in about the same volume as a month earlier.
MONEY
Conditions continued relatively easy during the latter part
of April and the first part of May at 3%, per cent. The
open market rate for prime commercial paper was slightly
below the level for the preceedir;g month.

Index of U. S. Bureau of Labor Statistics. (1913
=100, base adopted by Bureau.) Latest figureApril, 156.