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I

MONTHLY BUSINESS REVIEW

'I

OF THE

FEDERAL RESERVE BANK OF DALLAS
CHAS. C. HALL--W. J. EVANS,

C. C. WALSH,

Asaistnnt Federal Rese"e Aa'ents

Chairman and Federal Rese"e Agent

(Compiled May 15, 1926)
:

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~olume 11, No. 4

Dallas, Texas, June 1, 1926

This copy released for publIcation in morning papers

May 28

DISTRICT SUMMARY

m
..

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§

§

THE SITUATION AT A GLANCE
April
Bank debits to individuul accounts (at 15 cities) ......................................................................................... $669,950,000
Department store sales ........................................................................ ..........................................._......................
Reserve Bank loans to member banks at end of month................................................................................ $ 9,985,808
Reserve Bank ratic} at end of month...................................................................... ...........................................
53.0 %

March
$727,069,000
$

Inc. or Dec.
Dec.
7.9 %
Dec.
8.7 %
5,647,472
[nco
76 .8%
63.3% Dec.
10.3 points

~f~§l~~~[1~\li§;::q~~~~q:~~r:::::~~~~~~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ :~ ~: ~ ~ :~ ~ ~ ~ ~ ~ ~ ~ ~:~ ~: ~ ~: : ~ ~ ~:~ ~ : ~ :~ ~: :~ ~ :~ :~ ~ ::::;i;;;j! : :::;~;~i~I ~g:
Lumber orders at pine mills (per cent of normal produclion) ....................................................................

m
......

91 %

104 % Dec.

~!:~~

13 pc;ints

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The continuance of heavy and frequent rainfall and the
persistance of unseasonable temperatures caused a further
delay in farming operations and reacted unfavorably upon
the distribution of merchandise in both wholesale and retail
channels. While farmers have taken advantage of every
opportunity for planting and replanting row crops, progress
has been slow and reports indicate that cotton and corn are
from two to four weeks late. The cool weather and wet con·
dition of the soil have prevented the proper germination of
the seed and retarded the growth of plants. The boll weevil
and other insects are active in the extreme portion of South
Texas and as the cotton crop is already backward and as
the weather is favorable for the activities of these insects,
the probable damage to' the crop from that source is begin.
ning to cause considerable concern. Contrasted with the
POOl' condition of row crops is the excellent condition of
~tnall grains. Wheat and oats throughout the district prom·
ISe a bounteous yield. The physical condition of the live·
s!ock industry is excellent. Ranges are in fine shape and
hvestock are fattening rapidly. While the trend of cattle
prices at the market centers has been downward, trading on
the ranges has been fairly active at satisfactory prices.

definite information regarding the prospect for crops. De·
partment store sales were 4, per cent less than in March and
slightly below a year ago. The volume of public spending
at the larger cities as measured by charges to depositors'
accounts reflected a decline of 8 per cent from March, but
a gain of 6 per cent over April, ) 925.

Trade reports disclose that the recession in the demand
for merchandise during the past month was more than
Seasonal. All reporting lines of whO'lesale trade showed a
Substantial decline from the previous month and sales in
?nly two lines were greater than a year ago. Consumers
In the rural sections are limiting purchases, awaiting more

The volume of new building projects launched at the
principal cities during April continued large. While the
valuation of permits issued was 14, per cent less than in
March, it was 5 per cent greater than in April last year.
Shipment of both lumber and cement from the district's
mills evidenced a substantial gain.

The increasing demand for funds with which to finance
farming operations was evidenced by a further withdrawal
of deposits and an expansion in loans. The deposits of
member banks on April 28 showed a decline of $35,038,000
from those on March 24, and were $29,594,000 less than
those on April 22, 1925. Federal Reserve Bank loans to
member banks stood at $9,595,000 on May 15, or approxi.
mately $3,600,000 greater than a month earlier. At the
middle of May last year these loans amounted to $3,825,000.
The commercial failure rate in this district reflected a
noticeable improvement duri~ April. There was a sub·
stantial decline in both the number of defaults and the vol·
ume of indebtedness involved as compared to the previous
month. While the insolvencies were more numerous than a
year ago, the amount of liabilities was less.

CROP CONDITIONS
f Weather conditions during the past month continued un· a considerable portion of the lowlands was overflowed,
avorable for farm work. Heavy rains that reached flood resulting in much damage, as the land was left bare of
fro portions in some sections of the district greatly delayed plowed soil. Furthermore, the unusually low temperatures
artn operations and did much damage to the cotton and for this season have interfered with the germination of the
corn already planted. In localities where floods occurred seed and have been conducive to the activity of insects.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

MONTHLY BUSINESS REVIEW

2

While farmers have taken advantage of every opportunity
for planting, progress has been slow and row crops are
unusually backward. It will be necessary to replant a
large amount of both corn and cotton and reports indicate
that some of the acreage intended for corn will likely be
planted in cotton due to the lateness of season. In the
southern counties of Texas good stands of cotton have been
secured and chopping has begun. In New Mexico cotton
and corn are mostly planted in the south and planting is
under way in the central counties, but crops are reported to
be from Lwo to three weeks late.

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5

g

FOR'I1 WORTH LIVESTOCK RECEIPTS

I~~ :::: r:'f\! iril\ i:l1~ !U~ ~1\ii I
§ Sheep ......................82.682

19.760

G 12,822

11 ,787

G 20,846

a

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The small grain .crops have made good progress, but in
a few localities the crop has fallen down or the red rust
has appeared. Warm, sunshiny weather is now needed for
the oats to mature properly. The condition of the winter
wheat crop in Texas showed a further gain of 3 points duro
ing April and averaged 96 per cent of normal on May l.
Only a small acreage has been abandoned to date. The
condition of the oat crop is also unusually high, averaging
94 per cent of normal for this state. In New Mexico winter
grains are reported to be from good to excellent. While
some spring grain is still being sown, wheat, oats and barley
are mostly up to a good stand and making rapid growth.

Cotton
Movements

for the first time in several months the
receipts and exports of cotton at Houston
and Galveston during April reflected an in·
crease ove~ the corresponding month of the previous year.
Total foreign exports from all United States ports also
showed a gain over the same month last year.

LIVESTOCK
Ranges and livestock throughout the Eleventh Federal
Reserve District are in excellent condition. In fact, ranges
have seldom been better. There is an abundance of grass,
weeds and water and livestock are in fine shape and are put·
ting on flesh rapidly. There is more grass and fewer cattle
on many ranges than has been the case in years. Some
restocking is in evidence and there is a tendency in many
sections to hold the cattle now on the ranges. The calf
crop is from fair to good except in a few localities affected
by the 1925 drouth. The lamb and kid crop promises to
be very large.

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COTrON MOVEMENTS THROUGH THE POR'!.' OF GALVESTON
April
1926
Net ~eceipts ...................... 82,466
~t~~'ts A ....:1
....................... .. 174 ,056
s, prl 80..................

April
1926
68,135
166,724

§

Aug. 1st to April 80th §
This
Last
§
Season
Season;;
2.905,691
8,566,642 E
2,560,464
8,460,904:
414,912
214,149:

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The condition of ranges in Texas advanced three points
in April, being 97 per cent of normal on May 1, as against
64 per cent on that date last year. The condition of cattle
on May 1 was 2 points higher than a month earlier and 25
points higher than a year ago. Sheep and goat ranges were
repOlted as 101 per cent of normal and both sheep and goaLs
were placed at 98 per cent.

Movement
The April receipts of cattle, calves find
and Prices
sheep at the Fort Worth market showed a
.
substantial gain over the previous month,
and receipts of calves and sheep were noticeably larger than
a rear ago: The supply of hogs continued small, receipts
bemg conSIderably less than in either the previous month
or the corresponding month last year.

i:;

I::::.

~~..~;;~~::::.:••::::• •:~:~~'

For ot er foreIgn ports ........................................ 27,800
or coastwise ports .................. .......... ..................
4 000
In compresses and depots .................................... 364:612

g

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Total

...... ............ .. ............................................ 414,912

I.:

HOUSTON

214,149

I::::

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~~;ON ,~~:EM;~, ~ A'E:' !:.

Receipts- gross

.............. 121,006
.................. 46,189
............ _.............. 100,764
Socks. April 80..............

~eceipts-net

~pc:;rts

69,696
26,828
90,872

4,680,898
2,647,98a
1,605,916
518,974

4,678,974
2,604.169.
1,718,298:
249,026:

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The cattle market evidenced a downward trend durin""
April and at the close practically all classes were sellin~
at a lo~er level than at the end of the previous month.
Good hght calves usually cleared to an advantage HoO'
prices, after declining early in the month, turned ~pward
and at the close hogs were selling fully 75 cents higher
than a mon~h earlier. Sheep and lamb prices, likewise,
showed conSIderable strength toward the close of April.

21,900
6,000
177.949

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l:;)

SEASON'S RECEIPTS, EXPORTS, AND STOCKS AT ALL
:
UNITED STATES PORTS
~
Aug. 1st to April 80th
•
This Senson
Las t Spns on E
Receipts ............................................................ 8.977 444
9,028,282 E
€xports . Great Britain ....... ........................ 2,039:477
2,427,918 :

~~~~I~ent····:::::: . ::::::::::::::::::::::::::::::

Ja!~n-China ..............................
M co ............................................

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:

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:

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St k
oc 8

2,m:m

99t ,r,41
44 01~
t T01f"1 foreign ports... ................. .. 6,828:637
a a U. S. ports, April 80............
999,50~

i!l ............ u .........

3,~~g:~~: §
834,514
19 909
7 312' 888
'709:501

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\

MONTHLY BUSINESS REVIEW
1:_' "'"'''''''.''''' .. '' .. ''.'''''' ..

''.~~~~.. ~~:~:.';:~~:'''' ... '''''",,·,·,···," ,·,·,,····"1:_
·
(Middling Bosis)

3

April, as compared to 2,038 bales in March and i,766 bales
in April last year. Orders on hand at the end of the month
showed a further decline, but stocks were larger.

.·. .

r_~:_ ~:~::: ~:~ ·:~~::~~;j~::;;~~;,~: ~ii:; ~: !
..

..

..

Number s pindles active....................
Number pounds cloth produced........ 878.899

60.452
800.313

928.120

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COTTONSEED OIL
For the fourth consecutive month the cottonseed oil market has been working gradually upward. The average price
r~ceived by reporting mills for the 10,64.0,856 pounds of
011 shipped during April was $ .1004. per pound as comp~red to $ .0961 per pound for the 19,548,943 pounds of
011 shipped during March.
An average price of $ .0966
Was received for the shipments of oil made during April,
1925. The average price received for cake and meal showed
a further slight decline, being $28.00 pet ton in April, as
compared to $28.4.1 per ton in March, but the price for hulls
averaged slightly higher. Receipts of cottonseed at the mills
during the month were very small.

WHOLESALE TRADE

There was a marked slowing down in the demand for
merchandise in the wholesale channels of distribution during April. Every reporting line of trade reflected a substantial decline in sales as compared to the previous month
and only two lines-farm implements and groceries-showed a gain as compared to a year ago. While the decline
from a month ago was in part seasonal, adverse weather
conditions which have retarded farming operations have
greatly restricted the demand for merchandise. The comparison with a year ago becomes more significant when it
is remembered that trade in April, 1925, was unusually
slow. While trade was affected adversely by the drouth last
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year, it was the excessive rains this year. Due to the back§ C01Tl'ONSEED PRODUCTS SHIPPED AND AVERAGE PRICE E
. wardness of crops and the uncertainty relative to future
~_~_
RECEIVED
~:_ prospects, farmer buying has been reduced to a minimum
April. 1926
and in some lines merchants are having difficulty in moving
§
Products
A veroge Price E
:
Shipped
F. O. B. Mill :
the merchandise bought earlier in the season. Dealers state
§ cCla.ukdec aOnidl .m e..a..l.............. _..................... 10.640.856Ibs. $ .1004 per lb. § that a period of warm, dry weather would greatly stimu....
late buying. Collections are slow in most every section of
.. ::::::::::::::::::::::::::::::::::::::::::::::::: .
3.2:tm
the district and in some sections dealers state that accounts
[EJ ...
are becoming hard to collect. .

~ E~l::rs

re~.: 2~:U95 ~~~ re~

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•

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COTTONSEED RECEIVED AT MILLS

§
:

§
:

March E
1926:
15.813 ¥
$84.81 ::

April
.1926
ACo'ttonseed received (tons) ........................................ 2,842
verage price per ton (including freight) ............ $82.47

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STATISTICS ON

CO'I'TONS~ED

AND COTTONSEED

PRODUCTS
Texas
Aug, 1 to April 80
'1.1hls
Last
Season
Season
Cottonseed received
at millB (tons)......
Cottonseed cruBhed

1,862.000

1,542.000

United States
Aug. 1 to April 80
This
Last
Season
Season
5.406.000

4,498.000

Co~~~:~ed" ;;;;" h;;-;;d' 1,855,000

1.490.000
5.278,000
4.368,000
(tons) ............... _.
28.000
58.000
151.000
144,000
Crude oil produced
(pOunds) .............. 388.681,000 486,206.000 1.529.468.000 1,325.224,492
Calie and meal prdduced (tons) ......
639,000
696.000
2,467,000
2.008,750
II!,l1s produced (tons)
383,000
48 2.000
1.466,000
1.250.875
LIn tel's produced
(500 lb. bales) ......
260,000
285,000
996;000
841.968
Stocks on hand
April 30:
CI'Ude oil (pounds) .. 4, 863,000 16,291.000
23,242.000
48,424.894
Cake and meal (tons)
76,000
28,000
309.000
142.498
E LBuils (tons ) ............
68,000
27,000
157.000
118,970:
::
inters (600-lb. bales)
'12,000
18,000
177,000
89,579 ::

m· ....

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TEXTILE MILLING
. There was a decline in the activity of cotton mills in this
dlstrict during April and reports indicate that conditions in
t?e industry continued on an unsatisfactory basis. ProductIon during April was 5.3 per cent less than in March, but
Was 9.7 per cent larger than in the corresponding month
last year. There were 1,964 bales of cotton consumed in

A further recession in the demand for dry goods at wholesale was in evidence during April. Sales for the month
were 14,.1 per cent less than in the previous month and 6.1
per cent below the corresponding month last year. Distribution during the first four months of 1926 averaged 8.8
per cent less than in the same period of 1925. The continuance of unseasonable temperatures and heavy rains has
diminished the consumer demand for spring merchandise
and as lnany merchants have been unable to move the goods
purchased at the beginning of the season, replacement orders
have been small. Cotton goods prices have shown a downward trend in sympathy with the raw cotton market. Collections continue slow.
I' or the third consecutive month the sales of wholesale
farm implement firms reflected a decline from the previous
month, the April sales being 19.3 per cent less than March
sales. While sales were 27.7 per cent larger than in April,
1925, it will be recalled that buying during the latter month
was on a small scale. Weather conditions which have greatly
retarded farming operations have reacted unfavorably upon
the demand for implements. The fact that crops are backward and prospects uncertain has caused farmers to buy
cautiously. Some dealers state that demand is improving
somewhat. Prices remained generally steady.
There was a substantial decline in the buying of hardware at wholesale during April, the sales of reporting firms
being 8.9 per cent below those for March and 6.8 per cent
less than in the corresponding mont.h last year. Dealers
state that adverse weather which retarded farm work
throughout the district has been a large factor in reducing
the demand. Prices continued generally steady.

MONTHLY BUSINESS REVIEW

4

Following an active demand for drugs during March, city business is holding up fairly well. Prices are generally
there was a marked reaction in April. The month's sales steady, but there is a downward trend on some items. Col.
were not only 9.0 per cent less than in March, but were 5.4, lections are slow.
per cent less than in April a year ago. While sales nor·
mally fall off in April, th~ decline this .yea; was more than E CONDITION OF WHOLESALE TRADE DURING APRIL, 1926 ::
Percentage of Increase or Decrease in
E
seasonal in character. Pnces were mamtamed on a steady E
:
:
- Net Sales- - Net Sales- Stocks:
basis. Collections were slow. Dealers state that future :
E
J an. 1s t to
April, 1926
E
:
April, 1926
dnte compared
h :
business depends largely on the progress of crops.
8111111111111111111111 11111111111111' '"111111111"".11"1111111111111111111111111111111111 .. 11111111111111111111111'1I1!]

\~i:~~~i=~~t"M1~.i ;~~tt '~iOO~~"! \

The April sales of reporting wholesale grocery firms
were 2.0 per cent less than in the previous month, but were
12.0 per cent greater than in the corresponding month last
year. Reports indicate that. the demand is slowing down,
particularly in the rural sectIons. Some dealers report that

8 ...

1111111111111111111111.111111, ••• 111111111111111111111111111111111'11 111111111111111Iil l llll"'1111111111.I111111111S

RETAIL TRADE
Retail buying during April was affec~ed adversely by the dresses, gloves, handkerchiefs furs toilet articles and
unseasonably cool weather that prevaIled throughout the leather goods.
"
.
month. The sales of reporting department stores were 3.7
Stocks on hand at the end of April were 1.7 per cent
per cent less than in March and 0.4, pel: cent less than those
for April last year. Sales for the fust four months of greater than at the end of March, but 1.9 per cent less than
1926 however, are still slightly higher than in the corre· a year ago. The percentage of sales to averaae stocks from
spondina period last year. The April sales of cotton dress January .1 to April 30 this year was 82.3, a~ compared to
goods, domestics, laces, tr~mrnings and, embro}deries, rib· 82.2 durmg the same period last year.
bons women's suits and skuts, and men s clothmg and fur·
T?e ratio of April collections to acoounts receivable on
nishings show a large decline from a year ago, but there AprIl. 1 was 38.6, as compared to 39.4 during March and
was a substantial increase in the sales of women's coats and 4.1.6 In April, 1925.

L!J......

r:'I

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BUSINESS OF DE

E
E

.:

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PARTMENT STORES

: Total Sales
E
:
April 1926, compared with April 1925..........................................................
E:.
April 1926. compured with March 1926 ........................ " ........... "... ......... ...
Jan. 1st to date, comparcd with same period last year ............ "" ..."...........
:
Credit Sales.
,
E
April 1926, compared wl~h April 1925 ..........".... .. ........................................

Dallas
.8
_ 5.8
+ 2.2

+22.9

April 1926, compared With
1926 .....; .................................... "..........
January 1st to date, compared With same period last year ......._...............
Stocks.
April 1926, compared wl~h April 1925 ... " .. _,,, .... ,, ............ ,, ......,,.... ..............
April 1926. compared With March 1926......................................... .............
Percentage of sules to average stocks in

- 6.6
+ 2.1

_ 6.9
+2S.1

- 3.0
+.8

+ 90
-I- 1:1

i~:~

iU

~~:~

~U

92.9

88.4

.
41.8

~arch

E::::

~~~U m~

_ .~

: :... ,: :.: : .: : :::. ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::'~::.::::::::
.

Percentage of sales to average stocks

§~~~~~~

i

~~ ~~~\l ~~'. m~:::::·""""",:'.:::::::::::::::'.::::'. :'.::::::~:::::::: '::::::::::::::::::::::

Ratio of outstanding orders to last year's purchases ....... _ ................. ".......
Ratio of April collections to acccllmts receivable due and outstanding
April I, 1926 ........................................................................................................

Fort Worth
+1 S
1.

5.8

85.2

+lt8

There was a further decline during April
in the volume of acceptances outstanding.
Acceptances executed by accepting banks in
this district and which were outstanding on April 30 amounted to $1,4,61,285.51, as compared to $1,834,409.59 on March
31. The amount executed against export and import trans·
actions declined from $1,04.1,661.09 on March 31 to $930,.

Acceptance
Market

:

All
Oth
era
- 5.0
- 3.1
- 4.2

- 1.1
- 3.1
+ 2.8

+
- 1.2
.S
+ 3.1

+ S.7
- 2.7
+ 4.4

- 7.0
+ 2.4

- 1.9
+ 1.7

20.0
20.8

20.1
20.1

83.5
73.6
4.1
42.1

82.2
82.8
4.5
8S.6

-

4: 2.6
8.0
~U
9~.~

2.S

L:.I

The volume of payment by check at banks in fifteen
principal cities of this district during April exceeded that
of a year aao by 5.7 per cent, but reflected a seasonal de·
cline of 7.9l:>per cent from the previous month. The decline
from the previous month was general throughout the dis·
trict, but only those cities located within t~e territory affected by the 1925 drouth showed any notIceable decline
from the corresponding month last year.

::

Housuln
+ 1.1
1.1
+ 2.6

1":'1.1111"11111 •• 1.11.'111' •• '1 ••• '1.11111'1 •••• 111"1.'111111111111111'1"'1"1"111111 11"11"1'111111111"1"111111111 11 1'1 1 1:'111111111111111'11111111111111111"1111111111.1.,1111.'11 ••••••• 11, •• 1...

FINANCIAL

8,

'

Total:
D' t i t
E
18 r c
:
.4 E:.
- 8.7
+ .7 :

§
E::::::::::::::::.

E

E

:
1111 ... 11111111111 .. 1111 .... 11111111111 ...... 111118

210.51 on April 30 and those based on the domestic ship.
$792 742 50 on
,.

ent
M and to $531,075.00 on declined from
storage of goods
arch 31
April 30.
1;1'111 •• 1"' •••••• 11.111111111.1111111.111111.'11.1 •• '.11111111
..

IIIIIIIII ... I .. IIIIIIIIIIIU .. UIIt.III .. I1 .. UII .......

E
E

April
1926
~ustin ......._...........$ 20.797
Ceau.mont .............. 20.165
D~islcana .............. 6.742
El ~as~······· .. ······ .. ···· l~i'~~~
F t W ··h·············· · ,
t
or
or
............ 75,229
Galvcston .............. 37,028
~ouston ................ 140,288
S oswell.... .............. 2,762
San Antonio .......... 8S.222

April
1925
$ 28,762
17,815
9,001
IS 4,462
80,240
6S,096
87,192
128,492
2,484
86,723

Wnc':: ..::::::::::::::::::::
E Wichita Falls ........ 81:UO
E
Total, 11th
E
Dlstrict............$669.950

8,739
8160'8°8645
•
$G88,91S

E

E
E
E

E
:
:
:

E
E
E

~ ~~~:~ir..~:
E

I·S
E

DEBITS TO INDIVIDUAL ACCOUNTS
(In Thousands of Dollars)

E

::::::

~~:m
&m

8~:~:~

[!]IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII .. IIIIIIIIIIIIIIIIIIII"IIIIIIII

Inc. or
March
Dec.
1926
- 12.5
t 20.789
+ 13.2
21 9
- 25.1
7:7~~
14.2
215,885
4.9
86 847
10.5'
4
80,326
- 18: 6
1
1~~:m
185
S
4'1
3~:6~g

:tl~:i

~~:m

4.9
- 9.2
+ 3.4
+ 5.7

9,428
15.728
85,377
$727,069

+

E

::
Inc. or E
Dec. E
N~'ne E

=lt~ E

- 10.9 E
- 13.9:
:
- 6.3 E
- 8.7 E
- 8.8 E
- 2.6 E

=11:1 ~

- 2.7 E
- 7.2 E
-11.2 E
_ 79 E
•

:

1IIIIIIIIIIIIUII"II1I1IIIIII'ItIlI'111111 11 1111I'ffi

5

MONTHLY BUSINESS REVIEW
Condition of
Member Banks
in Selected
Cities

The commercial loans of member banks in
selected cities reflected a seasonal expansion of $5,616,000 during April, but loans
secured by corporate securities declined
$10,211,000, and on May 5, 1926, totaled
$73,966,000, or $2,942,000 greater than on May 6, 1925.
The investll!ents of these banks in United States Government
~ecurities declined $3,245,000 during the month, but their
Investments in other stocks and bonds increased $2,315,000.

The total loans and investments of these banks on May 5
totaled $386,131,000, which was $5,64.6,000 less than on
March 31. Their net demand deposits during the period
declined $8,297,000, but time deposits showed a slight increase of $171,000. Their bills payable and rediscounts
with the Federal Reserve Bank rose from $2,066,000 on
March 31 to $4~671,000 on May 5. The ratio of loans to
demand deposits was 89 per cent on May 5, as compared to
84. per cent on March 31.

~ . "flIIIIIIIIIIIICI'''"''IIIIIIIIIIIIIIIIIIII''"''"''"IIIIIIIIIIIIt''IIIII''1I11 11111111111111111111111''''''1''1'1111111111111'11111111111111111111111,1''111111I1I1I1I1I1 .. 11I1I1 .. IIIIIIIIIIIIIIIIIIIIIII .. UU .... UIlIlIlIl .. IIIIIIIIIIIII .......
~

CONDITION STATISTICS OF MEMBER BANKS IN SELEC'I1ED CITIES
May 5, 1926

~

~: ~~S~~e~~rit:or!~,red~~~~.~::::::::::::::::::::::::::::::::::::::::::::::::::::::::~:::::~:::::::::::~:::::::::::::~:::::::::::::~

;:
;:

8.
4.

-_§

~:

:

.;.

7.

~~t dt~~n~oad~p~~·it~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~:::::::::::::::::::::::::::::::::::::::::::

11.

§
~
:

All other stocks, bonds and securities owned............................................................................
Loans secured by U. S. Government obligations....................................................................
Loans secured by stocks and bonds other than U. S. Government obligatiolUl................

....
I !s payable and rediscounts with Federal Reserve Bank....................................................
Ratio of loans. to net demand deposits ....................................................... _...............................
·Loans include only items 4 and 6.

J ~D~mls:rvge!n~tsF·ed-.;~~ ·n;;-.;~~~..B~:,:;k:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::~:::::~::::::::::::::::

$

March 31, 1926

53.61l.040~

$

24 ,157,000
2,990.000
78,966,000

May 6, 1926

66,856,O~~

$

21,842,000
8,111 .000
84,177,000

~:J:t?i:ggg

~~~:m:ggg

§
~

~~:m:ggg

2,066,000
84 %

89 %

56,401,O~~

E
~

;;
19829000;;
8:089:000
§_
71 ,024 ,000

m:~~g:ggg

19~:m:ggg

199:m:ggg
4,671,000

m

1,297,000:
84 % :

~

l!J1I111" ..... IIU ...... UIl ........ IIIIIIIIIIIIIII.f •• 11111I1I1I1I1I1111111I11I1I1111111111111.1.11111111.1.11111'11111 ,. 1,".1111111111.1.111 ... 1111.11111 ••• 111111 .. 1111111111 ...... 1111.111.111 : 11111.111111 ,.1111 1111111111111111111111 .. 11111111111.118

Savings
Deposits

Reports as of April 30 from 98 banks in
this district which operate a savings department disclose an average gain of 1.1 per
cent in the amount of savings deposits as compared to

qJ

March 31, and 10.4 per cent as compared to April 30, 1925.
These banks were carrying 256,896 savings accounts on
April 30, 1926, as compared to 255,4,74, on March 31, 1926,
and 239,290 on April 30, 1925.

111I1'''.llItllIlIllI ... IIIIIIIIIIIIIIIIIII.IIIIIIII .... 1111111111111 ......... 11111111111 .... 1111 .. 1111111111111111111111111111 .... 11111111111111111111111111111 lilt It 1t.IIIII1I1I1I1II1II1II1II1II1II1I1I1I1II1II1UIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.U.[!]

E

SAVINGS DEPOSITS

;;

Number of
April 30, 1926
April 80, 1925
Reporting Number of Amount of Number of Amount of
Banks
Savings
Savings
Savings
Savings
Depositors Deposits
Depositors Deposits
4·
7
3
4
8
18·
6
4.·
6
3
46·

Tc.taL ................ _..................................................... _

J. · Only

5,063
48.462
17,888
19,774
12,766
58,761
26,785
21,588
8,122
7,072
82,240

2,247.876
17.110,689
6.057,908
6.160,182
8,602.665
26,368.862
12,011,372
10,609.691
4,779,893
8.811 .458
14.208.976

4.886
48,491
16.217
19,411
18.462
61,948
28,754
20.088
7.871
6.829
81 ,848

2,221,478
16,194.662
5,688,984
5,465,770
8,140,4 21
23,207,891
11,226,84 2
9,781,279
4,848,284
1,766,268
18,956,726

98

266,896

111.456,921

289,290

100,922,554

Inc.
or
Dee.

I

March 31, 1926
Number Il'f Amount at
Savings
Savings
Depositors Deposits

1.2
12.6
6.5
12.7
5.7
- 13.6
7.0
9.0
10.1
88.6
1.8

5, 047
48,886
17,207
19,460
12,795
68,286
25,571
21,498
8,142
6,999
82,140

2,221,008
16,844,780
6,071,626
6,908,169
8.910.242
26,911,549
11,858,177
10,489,577
4,789,602
8,282,992
14,078. 274

+10.4

255,474

110,260,845

t

Inc.

or
Dec.
+ 1.2
+ 1.6
.2
+ 4.1
85
1:7
1.8
1.6
.2
+ 2.4
+ 1.0

t

+ 1.1

8 banks in Benumont 12 Banks in Houston, 8 banks in Shreveport and 48 banks in all others reported the number of savings depositors.

E

L!..II ...... IIIIIIIIIII ..... IIU .. UIlIlIIlIIIlIlII .. II'... . ... IIII •• II ............ I.1 ... 1.11.111.1.11111111.1.1,1.111111111111'1 1111 11. , 1.11111.11,11''' .... 1111111111 ... 11111111 11 1111' •• 1.1 .... 1..... 1111111111111111111111 ........... 11 ..... IIIIIIIIIIII .... m

Prevailing rates

MAY DISCOUNT RATES
El Pasd

Dallas
nate charged customers on prime commercial paper such
as is now eligible for rediscount under the Federal
Reserve Act:

~~l ~~~~:~! ~~G6':;,~~t~:~~:::::::::::::::::::::::::::::::::::::::=:::::::::~

Rate charged on lonns tel other banks, secured' by bills
receivable ....................... _................... _...................................... ..
Unte on ordinary commercial lonns running 80-60-90 days
secured by Liberty Bonds and Certificate of Indebtedness (not including loans to enable purchase of bonds)
Rate on loans secured by prime stock exchange or other
current collateral :
(a) demand .................................... _........ _........ _....................
Rnte (~~ ~:;;m~dit; ..p~P;;;.. ~~~~~~ ..by .. ;~;~h;;·~~.. ;;;;;~ipt;;:

~ R:~' o~.. ~~·tti~·I~~~~:::::::~:::::::::::~::::::::::::::::::::::::::::~:::~:::::::::::::~

411.1-6

Fort Worth

Houston

San Antonio

Waco
1-----

6'h-8

7-8

4-8
4-8

5-6
4*-6

41
1..-8

4%-8

5-7
5-8

6-7

6-6

4t,!,-6

5-8

6·6

4-6

7-8

b-6

5-6

4-8

8

6-6

7-8

6-8

4-6

4-8

6-8

6-7

7-8

6-8

5-6

4-8

7-8

41t~

7~i~

t~

t~

t~

~.~ 1!l
§

4 % -6

mlllllll'.,II", ••••• , •••• , ••• , ••• • • '.' •• III.' ••• , •• ,.1""""1",.,1",1,, ••• , ••• ,.""11 •• 1,,""""""11""",1.11.,.,.".".""", •• ,11'1".,'.1","11111"1., 111',1, ••• 1,1'1,.".,.",'.1"""," "' .11""" •••••• '.I.I ••••••• III ••• I • • • I.I •••

. Deposits of
The combined deposits of member banks
Member Banks in the Eleventh Federal Reserve District,
which amounted to $771,513,000 on April
28, reflected a decline of $35,038,000 from those on March

24,. There was a decline of $31,547,000 in net demand deposits and $3,4.91,000 in time deposits. The combined deposits on April 28, 1926, were $29,594,,000 less than April
22, 1925.

MONTHLY BUSINESS REVIEW

6

I

[!ll lll l lli l l tlllllll l l l llllll l lllll ll ll l l llll lllll l lill1II I II I IIItll l llll,IIIIIII I II I I'II II I I I"III I IIIIIII" 111111 1 11"'~

DEPOSITS OF MEMBER BANKS
Banks in cities ~anks in cities
with a populaTotal Total with a popula- tion of over
tion of less
)emand Time than 15.000
16.000
Time ~emand Time

---

:

~

Apr. 22, 1926................ 636,576 166,631 292,386
May 27. 1926 ............_ 605,626 166,006 277.145
June 24, 1926 .............. 688.601 167.218 267,143
July 29, 1926 ............_ 581,038 168,600 261,957
Aug. 26, 1925 ....:.. _... _ 590,664 168.110 268,000
Sept. 28, 1925........ _.._ 632,784 169,416 296.77'1
Oct. 28, 1925.............. 667,413 166.601 318,302
Nov. 26, 1926._........ 674,607 166.821 322.213
Dec. 23, 1926 ................ 668.749 163.290 i 316,643
Jan. 27. 1926.............. 659,813 167,380 r08.899
Feb. 24. 1926 .............. _ 654,003 171,024 303.850
March 24, 1926 ....... 637.892 169.159 287.084
April 28, 1926 ............. 605,846 165.668 272,389

Due principally to the increase in the volume of loans to
member banks, total bills held rose from $15,199,782.91 on
March 31 to $19,549,629.39 on April 30, distributed as fol·
lows:
Membe~ ba,nk collateral notes secured by U. S. Government

47,963 343.191 117,668
48.771 328,481 117.236
47.978 321.468 119.240
47,643 319,081 120,967
47,686 S22,66~ 120,626
48.393 336.007 121,02 2
46 ,861 349.111 120.14 o
46,190 352,294 120,63 1
44.446 362,106 118.84 4
44,722 850,914 122,608
45.557 350.663 125.46 7
45.178 850 ,308 123.981
44 .633 333,45 6 121.03 6

584 450.00
c;bhgatlons ........................................................................................ $ I, 00'858 20
Rediscounts and alJ other loans to member banks ................. .. _... 8.4 • 21' 10
Open market purchases (Bankers' Acceptances ) .......................... 9,664 ,3 . ~
Total bills held .................................................................. ................ $19.549,629.80

§

m " I IIlI I IlI I IIlUIUIIlIIIIlItIUl llltl llll llltl lll l llll l lll l ll ll lll . II I I1111111111111111111111111111 1111 11111111.11.118

Federal reserve notes in actual circulation on April 30
amounted to $35,935,480, representing a slight decline of
$657,145 from those in circulation on March 31. The reo
serve deposits of member banks amounted to $59,222,775
on April 30, as compared to $56,557,1141 on March 311.
However, the daily average of these depos: ts was $59,37],·
272 in April as against $60,877,671 in March.

Operations of There was a rapid expansion in the demand
the Federal Re- for Federal Reserve Bank credit during the
serve Banlc
last half of April. Loans to member banks
on the last day of April amounted to $9,985,30H, as compared to $5,647,4.72 on March 31, representing a gain of
$4.,337,836 during the month. At the end of April, 1925,
our loans amounted to only $3,705,510 and the increase in
loans during that month was $2,24.9,134,. There were 198
borrowing banks on April 30, 1926, as compared to 137 on
March 31 and 113 on April 30, 1925.

FAILURES
There was some improvement in the commercial failure
rate in the Eleventh District during April, both the number
of defaults and the amount of indebtedness involved being
less than in the previous month. Defaults numbered 66 in·
volving an indebtedness of $716,438, as compared to 75
insolvencies in March with liabilities amounting to $809,191
and 59 failures in April, 1925, owing $792,113.

PETROLEUM
increase in the production in the North Texas and CentralWest Texas fields, this increase was more than offset oy
the decline in production at other fields in the state. De·
velopment work in the Panhandle district is very active and
production is rising rapidly. Field work in practically all
the fields in the North and Central-West Texas sections
continues at a high level. The daily average production in
the North Louisiana fields showed a gain of 2,101 barrels.
This gain was due entirely to the increased output in the
Urania field, as practically all other fields reflected a sub·
stantial decline. The production in the Urania field rose
from 184,04,7 banels in March to 235,200 barrels in April.
t;]

The daily average production of oil at the various fields
in the Eleventh Federal Reserve District during April reflected a slight decline from the previous month, being
390,783 banels as compared to 391,356 banels in March.
However, drilling was more active than for several months.
There were 737 wells completed during the month, including 4,53 producers of oil and 32 gas wells, as compared
to 625 completions in March, of which 368 were producers
of oil and 23 were gas wells. The initial production of
produCing wells amounted to 121,910 ~arrels of oil as
against 73,117 banels in March.
There was a decline of 2,674. banels in the daily average
production at Texas fields. While there was a substantial

ml l llllll l llllll'IIIIIIII' 1 11 111111 1 11 11 1 111111111111 1 11,.,111 11 11 1 111 1 111 111 1111111 111111 1 111111111 11 1111 1111 1 111 1 1111 11 111 1111 11 11 111 1 111111 11" 11 1111 11 11 11 '1 11 111.1 1111 1 1111 11 1111 111 1 1111 11 1111.11 11 1 ' 111'111 11' 1.1 ••• I I II •• II I . I . I.I.I.I I IIIII . I • ••••

~

~.

OIL PRODUCTION

E
:

Total
2,847.000
2,140,590
1.707.600
2.328,600

~:

North Texas .......... ...................................................... Central-West Texa ............................................. _......
: Eust-Central Texa ................................................... _.
:: 'l.'<!xns Coastal...............................................................

I:,:~:~,~~.:~; - ~ -

April
Daily Avg.
94.900
71,863
56,920
77.620

Total
2,829,238
2,097,313
1.858.552
2.557 276

March
Daily Av,/;.
91,266
67.655
59,792
82 493

Increase or Decrease
Total
Daily Avg.
::
17,762
Inc.
8.634 §:
43,277
Inc.
8.698
146,952
Dec.
2,872 =
228 676
Dec.
4 878 :

S

Inc.
Inc.
Dec.
Dec.

~;:-::- :~!~:~i~- :!E~! :!.~! ~ ~! :i~:~\~ ~~. :~r~~~

E ;~!~ I

(!] 1II11 11 1tllll11111111111111111111111 11111 11 1111 111111 11 1 11111 11111 111: " II11 1 111 11 111111 111 11 1111 1111 11 1111 11 1111 11111 II 11 111 1111'11 1 1I II I' 1 1'1 1 11 I 111 11 111111111 1 11 11111 1"11 111 1 11.1111,1 1 111 1.1 1, •• ,1.111 11 •• ••• 1 1•• 11 •• 11., II., 11 1'11""1111111 I 1I11I Gl
i!l, 111 11 11111 1 11 111 11111 1111111111 111 111111111111111 11111 1" 111 111 111 1111 11111 11 11111111 111 11 11 11 1111111 1111 11III "I"I I I[!)

,

APRI~o:~ILLI:: RES::~S

:

FieldDletions
§ North Texns ...................... 348
: Central-We.t Texas ........ 148
:: E ast-Central 'l'exns ........
4
:: Ea.t 'rex as ........ .. .. ............ 11
: Texas Coastal .................. 66
: Southwest Texas .............. 24
~: : 'rexa. wildcats ................ 85
Total, 'rexas .................. 686
North Louisiana .............. 101
_ April totals, Dis trict ...... 737
: March totals, District... ... 625

ducers
216
79
1
7
50
16

Wells
4
11

S~5~

....
8
1
25
7

453
868

32
23

Failures
128
58
3
3
16
29
287
15
252
284

Initial

t

Production,
26.65419.510
25
266
H,104
18.418
6.010
113,992
7.918
121,910
78.117_

0 ' '' 111111 1111 111111 11 11111111 11 11 11 111111 11111 1111 11 111111 11 1111 111 1111 11 11111 11 1111111111111 1111 1 1111111111 1111111 11 1 8

' f11 111111111."" I I.II I I II 'I.I I I II . II II I I I II I I'.I ' .1 1 11 .' 11111 11.1 11111 11111 1 ' 1 1111 11 ,11 1111 111111, •• 1 • • 11 111 1 •• 111 111 11 1!1

May 12. May 15.
TEXAS1926
1925
Texas Coastal (Grade "A") ...... ..................... .................. $1.50
$1.75
'l'exas Panhandle (40 gr. and above) ................................ 1.76
........
~ort~ and Central Texas (52 gr. and above) ................ 3.32
•
PTlces for May 15, 1925, not available on a comparative ba. i•.
LOUISl'ANA-

Ml~2~2, M~~2~6,

Caddo (38 gr. and above) .............._................................ $2.20
Bull Bayou (38 gr. and above) ................................_ ........ 2.00
Homer (35 gr. and above) ..........................!............_ ...... 1.96
:: Haynesville (3S gr. and above) .... _............................_.._ 1.85
:: De Soto Crude ......... ................... ........._...................... 2.05

I
=
;

§

$2.05 ~
1.85 =
1.80:
1.70 E
1.90:

~I. I III I I. I III.I.I . I I III I •• I I I II II I I I II I I IIIII I I I II I II 111111 11 11 11 . 11 11111 1 11 111 11 11 111 1 1111 1 111 11 1 111 11 11 11111 11 1 1111. tl!1

(Oil statistics compiled by The Oil Weekly , Houston, Texa •. )

MONTHLY BUSINESS REVIEW

7

LUMBER
The production rate of the Eleventh District pine mills
during April reflected a sharp reduction. The production
o£ reporting mills dropped from practically normal in
M?rch to 13 per cent below normal in April. Orders receIVed during April were equivalent to 91 per cent of norIMnal production for that month, as against 104. per cent in
arch. On the other hand, April shipments showed a substantial increase, being practically equal to normal production, as compared to 3 per cent below normal production in
March. Due to the heavy shipments, there was a considerable decline in stocks and unfilled orders on hand at the
end of the month. Unfilled orders on the books of 50 mills
on April 30 totaled 71,617,175 feet, as compared to 76,257,-

888 feet on the books of 47 mills on March 31. Stocks on
hand at the end of April were 22 per cent below normal, as
compared to 11 per cent below normal at the close of
March.
I!J

' 11 11111111111111111111111111111111111111111111 .. 11 .......................... 111 ..................... 11 ... 1111111111118

~

;:
::

repOl~i::I~iI:~~ ~.~.~.~ ~~~~rST1CS 60 feet
99,460,889

§
:
...
"

Number of
...
...
Prciduction ..............................................................
Shipments ..............................................................
Ord~rs orders, April 80....................................
Unfilled .......... .............. ................ .... ............. .............
Normal production ..............................................
Stocks, April 80 ......................................................
Normnl stocks ......................................................
Shipments below normal production ..............
Actual production below normaL...................
Orders below normal producticln......................
Stocks below norma L ......... ;..............................

113,792,596
104,250,819
71,617,175
114,154,009
264,715,559
887,897,995
861,418
14,698,670
9,903.190
72,682,4 86

~

feet
feet
feet
feet
feet
feet
fee t= .3 %
fect = 13. %
fee t= 9. %
fcet = 22. %

;:
;:
.••:•:~"•
"

;:
::
::
::
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BUILDING
showed a decline from a year ago. The large volume of
building which has been in progress in this district during
the current year is reflected in the statistics for the first
four .months, which shows the valuation of permits issued
to be 25.5 per cent greater than during the corresponding
period of 1925.

Construction activity at the principal cities in this district
Was maintained at a high level during April. While the
valuation of permits issued, which amounted to $10,117,609,
Was 14.4 per cent less than in March, it showed a gain of
5.4. per cent over the corresponding month last year. Dallas, Port Arthur and Shreveport were the only cities which

BillLDING PERMITS
April.
1926
Valua.No.
tion

~~~~~ont" :::: ::::::::::

~i P~so" '::::::::::::::::
G~f!e%.,':.'"th ..........

f!ouston ....... _.......

s~~t ~~~~i~···........
....···
Shrevel>Ort

Wneo
............
Wichit~.. F~ii8· · : : ::::::

l

'l1otal

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

April.
1925
Valua.No.
tion

m:m
l'm:m
m l·m:m
~gJ
271

m

~U

$

75

546

8,282.824

7iUU
285.214

~ii $ l:~:m

March
1926
Valua.No.
tion

Inc. or

Dec.
=1=

1~~:~

109

~~~

$
2·m:m

50.2

557

2'm:m
3.182,202

~~g

- ~~:g
1

598

2,152,278

63
207

204.342
1,745.128

285
65
146

3,048

10.117,609

2,926

m:m

~U !~!

8.8~~:m
m:~!~

82

m:J~g :; ~ri:~
1,416,840
- 8S.~
188.16 5
441.622

t 296.2
47.9

9.599.727

::;::-G.:I

m
291

1.m:~g~
451.502

40
202

109,870
1,144.690

2.988

11,815,457

Four Months
Inc. or

1925

1926

Dec.

No.

Valuation

±2!g~~

111\

$

-- 25.0

292

428.815

1,988

6'm:m
11 ,814,752

:; l~:t
+ 8.2

=~tJ

- 47.9
+ 86 .8
+ 52.5

-

t:gi~

d~1
1,108

No.

Valuation

Inc. or
Dec.

S~IY~~ 2j~~ $lS~\Y~~ ~:U
5,m:1~~
1,467,782

165
738

464,647
4,287.901

14.4 1l.2R6

40.103,307

298

458.875

2,277

3'm:m
7,598,071

± 55.5 ;:

284
487

2.m:m
2,500,381
856,271
1,943,1 82

=1=
§
- 41.S ::
- 45.7 ::
+120. 7 §

11,885

31.948,46G

I,m
l.m
1.044

-

6.6

=l=1~~:~

~~:~

+ 25.5

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E

I!J

CEMENT
After showing a steady increase during the first three
lllonths of this year the production of portland cement at
jexas mills during April reflected a decline of 8.6 per cent
rom the March output, but was 1.7 per cent greater than
a year ago. April shipments from the mills, however, were
per cent greater than in the previous month, but were
.9 per cent less than in April, 1925. While stocks on hand

60.9

at the end of April were 6.5 per cent less than at the close
of March, they were 69.8 per cent larger than on April 30
last year.
Production at these mills during the first four months
of 1926 was 7.9 per cent above that for the corresponding
period in 1925 and shipments were 2.0 greater.

f: . .:"...".."....... "".........."."""""". ;~~~~;~~~: ..~;~;.;;~~;~:"~~~".~~~.~~~".~; . ;~;;:~...~;~.~~...;~.~~~~;~;""." . "............". "'''.."............."..!:.
:

§

Production at Texu8 Mills........................
: ShipMents from Texas mills....................
,;. StoCks at end of month at Texas mills ...

Apr il
1926
412,000
447,000
501.000

April
1926
406,000
461.000
295.000

Inc. or
Dec.
+ 1.7
.9
+69.8

March
1926
451,000
408.000
586.000

Inc. or
Dec.
- 8.6
+1 0.9
- 6.5

Four Months
1926
1926
1,586,000
1.470.000
1.568,000
1.527,000

Inc. or
Dec.:
+ 7.9
g
+ 2.0
::
:

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MONTHLY BUSINESS REVIEW

8

SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board ns of May 25, 1926)

There was a slight decline in the activity of industry and
trade in April and a further reduction in the general price
level. Commercial demand for bank credit continued large
and the volume of security loans, after a rapid decline since
the turn of the year, remained at a constant level.

usual seasonal increase, though they were larger than a
year ago. Weekly freight carloadings decreased in the
early part of April, but later increased, and the volume of
shipments for the month of April as a whole and for the
first two weeks in May was larger than in the correspond·
ing periods of any previous year.

PRODUCTION
PRICES
Production in basic industries, according to the Federal
Reserve Board's index, decreased 1 per cent in April, slight
Wholesale commodity prices according to the Bureau of
increases in production of lumber and pig iron being more Labor Statistics index, declined slightly from March to
than offset by declines in output in other industries. Par· April. Increases in the farm products and foods groups,
ticularly large recessions were shown in the production of which had been declining for several months, were more
steel ingots and in textile mill activity. Automobile pro- than offset by decreases in other groups. The greatest de'
duction, not included in the index, continued in large vol- clines were in the prices of clothing materials. In the first
ume. Factory employment and payrolls declined slightly in three weeks of May prices of wheat, cattle, sheep, cotton
April, particularly the food, tobacco, textile and boot and goods, pig iron, bricks and rubber declined, while those of
shoe industries. The value of building contracts awarded hogs, raw silk and crude petroleum increased.
during April was smaller than in March and practically the
same as in April of last year. Awards for the first two
BANK CREDIT
weeks in May, however, showed increases as compared with
Commercial demand for bank credit at member banks in
the same weeks in 1925.
leading cities continued in large volume between the middle
Reports by the Department of Agriculture indicate that of April and the middle of May. Liquidation of security
up to the first of May 68 per cent of spring plowing and 56 loans, which had been rapid since the beginning of the year,
per cent of sowing and planting was completed, compared did not continue after the middle of April and the volume
with about 83 per cent and 66 per cent last year. On the of these loans remained fairly constant at a level abo-ut
basis of the condition of winter wheat on May 1, a yield of $450,000,000 below the peak at the end of 1925. There waS
54.9,000,000 bushels is forecast compared with a final yield some addition to the banks' investments and the total of
of 398,000,000 bushels in 1925.
their loans and investments was about $1,000,000,000 larger
than at the same period of last year.
TRADE

Withdrawals of funds from New York were reflected in
The volume of wholesale trade in April was seasonally an increase between the middle of April and the middle of
smaller than in March for all lines except meats. Com- May in borrowings by member banks from the Federal
pared with a year ago sales of groceries, meats and drugs Reserve Bank of New York, while borrowings at most of
were larger in April, while sales of dry goods, shoes and the other reserve banks declined. Open market holdings of
hardware were smaller. Department store sales increased the reserve banks remained fairly constant during the period
less than usual and were somewhat smaller than a year and there was little change in the total volume of reserve
ago. Sales of mail order houses were slightly smaller than bank credit outstanding.
in March, but continued to be larger than in the corresponding months of 1925. There was some decrease in the stocks
Money rates late in April reached the lowest level for II
of merchandise held by wholesale firms during the month, year, but in May conditions in the money market became
and inventories of department stores showed less than the somewhat firmer.