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MONTHLY BUSINESS REVIEW
OF THE

FEDERAL RESERVE BANK OF DALLAS
c.

C. WALSH,

CHAS. C. HALL-W. J. EVANS.

Chairman and Federal Reserve Al'ent

Assistant Federal Reserve Al'enti

(Compiled May 15, 1928)
E ~:::::::::::::""I·""I1""""""I1I1II1II1III""II'"IIII'"1I1I1I1I1I 111 ... 11 ... 11111 ... 1111111111 ............................. .,1 ... 11 ..... 111''' ...... 1..... 111 ........ ,111 ...... , ... , .......... 11 .... ' .. 1111 .. ' .. 111111 ......... 111 ..; E
..
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Volurne 13, No.4

1il ....
t
~
§

Dallas, Texas, June 1, 1928

This copy is released fc:r pub.
IIcution in morning papers

May 28

DISTRICT SUMMARY
I .... ,I .. I ............ II.IIII ... II .... IIII .... III1I.III ..... IIIIIII.IIIII .... 1111 .. 1111"1'"" .. 1.111."1 ... 111 ...... 1111111 .... 1.11" .. 1.1111 ..... 1 ....... 11111 ... 11111" .. 11 ... 11 ... 1...... 111111 .... 1.," .. .,11111 ...... 111 ... ""1 ... 1.1.1 ... 111'8

THE SITUATION AT A GLANCE
Eleventh l"edcrlll Reserve District

E

~ ~ank debits to Individual accounts (at 16 cities).........................................................................................

E Ropnrtmont store sales............................................................................................................... .............................
;; Reserve Bunk loans to member banks at end of month..................................................................................
;; Be~iJ:..e Bunk ratio at end of month ........................ _................................................................... _. ...... ..........
;; CUI Ing permit valuations at larger centers......................................................................................................

I ~?F~~~~l;to;\II~Ej!f~~~~~~~: : : : : : : : :~: : : : : : : : : : : : : :~: : : : : : : .: : : : : : : : : : : : : : : : : : : : : : ~: : : : ~: : : :.

Ii .....~::: ..~r

orders at pine mills (per cent of normal production)........................................................ ..........

April

Murch

~722.181.000

$776.474.000

$ 10.660.905
60.5 %
$ 6.788.288

$

s

$

2km:~ll

95 %

5.277.3H
66.2 %
$ 16.184.114

Inc. 01· Dec.
Dec.
7.0 %
Dec.
6.7%
Inc.
102.0 %
Dec.
0.7 points
Dec.
57.9 %

22.:~~:!i~ Dee.
f~~:·
110 %

15

~U~ ~

J)Oints;;

... 11111.1111111111 .... 111 ....... 11 .... 1111 .... 111111 .... 11 .. 111111 ........................... 11111111111111.1111 .. 1111 ..... 1, ... 1... 11111 .... 1....... 1111111 ... 11'1111 ......... 11.111 ...... 1111.11.11111111111 ... 11111111111.111111.111111'8

A.dverse weather conditions which retarded farming op-

er~tlons and seriously affected growing crops constituted

a e.velopment of major importance to business and indus~h llld the Eleventh Federal Reserve District during April.
e routh which had become critical over a very large
are~ of the western half of the district brought about a
~apld deterioration of small grains and prevented the plant~hg of row crops. On the other hand, excessive rains in
eastern portion of the district retarded the planting
of Cotton and made necessary the replanting of a portion
~ the corn crop with the result that these crops are from
wo to three weeks late. Furthermore, the cool weather
~re~ented the proper germination of the se.ed and was conUClve to the activity of insects which damaged growing
c~or;' While the heavy general rains during the first half
t .ay broke the drouth in most of the western part of the
w~ r~ht and saved a large portion of the wheat crop which
wh~ h ougfht beyond redemption, there were some localities
t' IC su fered from the excessive rainfall. Range condid~n.s thAoughout the district reflected a substantial decline
il but t~~ condition of livestock was well main·
tai~~~g
ly. .
he condItIon of the ranges, however, was greatImproved by the rains during May.
. In
The h Tl UtIon 0 f merchandIse. both wholesale and
ret·l dist'b'
atlh c annels likewise reflected the effects of unfavorable
Wea er c d'·
reflected on Ih~ns. Department store sales in larger cities
vio
a declIne of 7 per cent as comp~red to the premonth
Whusl esal d· and were 7 per cent less than in April ' 1927.
'b .
vi o
e Istn uhon showed a large decline from the preous month and while sales in the majority of lines were

t

d·

r

larger than a year ago, the margin of increase was considerably smaller than in the earlier months of the year.
Debits to individual accounts were 7 per cent less than in
the previous month but were 1 per cent larger than in
April, 1927.
The deposits of member banks which amounted to $888,333,000 on April 11, reflected a further seasonal decline
of $15,918,000 as compared to those a month earlier but
were $79,679,000 greater than those on April 27, 1927.
Federal Reserve Bank loans to member banks increased
from $5,277,314 on March 31 to $10,660,905 on April 30
but declined to $7,327,347 on May 15. Loans on the latter date were $2,890,319 greater than on the same date
in 1927. The wide fluctuation in loans during the six
week period was due principally to borrowing of banks
in the larger cities. The number of commercial failures
in this district during April reflected a large decline as
compared to both the previous month and the same month
a year ago. While the aggregate liability of defaulting
firms was larger than in the previous month it was considerably smaller than a year ago.
Construction activity as measured by the valuation of permits issued in principal cities after reaching a new high
mark during March, reflected a sharp decline during April.
being 21 per cent less than in the previous month and 58
per cent less than in the corresponding month of the previous year. The production and shipments of cement and
the production, shipments and new orders for lumber, how ever, were considerably larger than a year ago.

CROP CONDITIONS.
Weather con d't'
d'
A' were very unfavorable together with the unseasonably cool weather over the en tire
to th
1 Ions
urmg pnl
tions~ gThwth of c~ops a~d t!le progress of farming opera- district, have been a serious drawback to the planting or
district and hxcesslve ~ams m the eastern portion of the row crops and have been a detriment to the small grains.
t e drouth In the western and southern portions. While the general rains which fell over the western portion
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

MONTHLY BUSINESS REVIEW
of the district and the wanner weather in the eastern portion during the first half of May partially corrected this situation, all crops are reported to be later than usual, and
the adverse weather conditions have entailed a considerable
loss to the farmers in the form of costly replanting or abandonment.
While the rains during the first half of May have been
of material help to that part of the wheat crop remaining
in North and Northwest Texas and have saved a portion of
the crop which seemed beyond redemption, there has been
a heavy abandonment due to the drouth and high winds,
particularly in the South Plains section. The Department
of Agriculture estimated that the condition of the Texas
wheat crop declined 19 points during April and that the 55
per cent condition on May 1 indicated a probable yield of
18,232,000 bushels on the 1,950,000 acres remaining [or
harvest. While the winter wheat crop in New Mexico has
shown some I'ecovery since early May because of rains, a
considerable portion of the crop was lost by previous dr yness. The Texas oat crop also showed a decline, the condition figures on May 1 being estimated at 64, per cent of
normal as against 72 per cent on April 1 and 85 per cent
on May 1, 1927. The progress of this crop has been retarded by too much rain and cool weather in the North and
Northeast and insufficient rainfall in the South and Southwest. The recent rains, however, have had a beneficial effect on much of the drier territory. A considerable portion
of the crop is heading rather low. The condition of the
Louisiana oat crop was reported as 62 per cent of normal
on May 1 as against 60 per cent a year ago.
The Texas corn crop has been held back by unseasonable
weather and much replanting was necessary as a result of
low temperatures, moisture conditions and insect damage.
The progress of the hay crop has likewise been slow and
the planting of sorghums has been retarded. In New Mexico the planting of corn, cane and kaffirs is well under way
with portions of the crops up to a good stand.
In most sections of the district cotton is from two to four
weeks late, as the planting and progress of the crop has
been retarded by cool weather and drying winds. In practicall y every portion of the district a large amount of replanting has been necessary and the supply of improved
seed has become scarce. In most of West and Northwest
Texas only a small portion of the crop has been planted,
due to the dry weather. The condition of the crop is very
irregular. In some localities there is a good stand but it is
very uncertain in other sections. Reports indicate that
weevils are plentiful in the southern counties of Texas.
Weather conditions generally have been favorable to
truck crops. There has been a heavy movement of Bermuda
onions from the Rio Grande Vall ey section and prospects
point toward a total shipment for the season of approximately 6,000 cars as compared to 4,028 cars last year.
The movement of new potatoes has likewise been heavy.
While the low temperatures have held back the East Texas
tomato crop, the early South Texas pinks have started moving. Strawberries, blackberries and dewbelTies are reportI'd to be plentiful.
The Ma y 1 conditions of the Texas peach crop was reported at S4, per cent of a full crop and there has been
severe shedding of small fruit. While the January freeze
reduced the fig prospects for this year, some orchards will
have a good crop and the market outlook is reported to hr:
the best in several seasons.

LIVESTOCK.
Range and livestock conditions in most sections of the
Eleventh District showed a decline during April. While
conditions had become critical in most of West and Southwest Texas and Southeastern New Mexico, the heavy rains
during the first half of May, with few exceptions, brought
needed relief from the drouth, gave range vegetation a good
start and filled the water tanks_ Over most of the range territory, the spring was cold, windy and dry with the result
that the grass and weeds have made slow growth and some
losses of livestock have been reported. Restocking of the
ranges has been retarded on account of the unfavorable
range conditions and in recent weeks the trading has been
slow. The spring movements of cattle to northern grass is
active. Prospects point toward fair to good calf, lamb, and
kid crops.
Cattle ranges in Texas on May 1 averaged 78 per oent
of normal as compared to 82 per cent a month earlier and
92 per cent a year ago. Sheep and goat ranges were reported as 76 per cent of normal on May 1 as against 85
per cent on April 1 and 93 per cent on May 1, 1927. The
condition of cattle and goats declined 1 point during April
and the condition of sheep declined 2 points. It will be
noted, therefore, that the condition of livestock held up remarkably well in view of the pOOl' range conditions.
Movements and Receipts of cattle and calves at the Fort
Prices
Worth market during April were considerably larger than in the previous month
but the receipts of cattle were considerably smaller than a
year ago. While the arrivals of hogs were in practically
the same volume as in April, 1927, they were considerably
less than in March this year_ The receipts of sheep showed
a heavy gain over the previous month but were slightly less
than a year ago.
The trend of prices on most classes of cattle was toward
lower levels_ Hog prices, after showing a steady decline
for several months turned upward during April and during the closing week of the month the best shipments were
clearing at $10.10, the highest price recorded since October,
1927. Despite the heavy receipts there was usually a broad
demand for sheep and lambs and sheep prices worked to a
higher level. Lamb prices, after reaching a top of $17.00
early in the month reflected a steady decline during the
remainder of the month.
~1"11'IU""III'''II''''''IIU'''II'''I'''''''''''''II''''''''''''II''ltllllllIll'' 11 .... II .......... IIIU ........ III JI!l

!
:
__
~

:
~
::

~

FOR'r WORTH LIVESTOCK RECEIPTS

Cllttle .. .. .... .. ........
C"lves ...... .. .. ......
Hc.'11'8 .... _..............
Sheep ..................

April
1928
69.591
15,696
44.227
66,545

Apt'il
7819,92275
18,886
48,418
68,432

Loss 01'
Gnin
L 9,33~
G 2,810
G
809
L 1,887

Mat'ch
1928
43. 882
8,690
58.607
81,804

L o•• 01'
Gain
G ~6,209
G 7,006
L 14.380
G 85.2(1

::

-.§

:

E
::

[!! 1
................ UI .............. IU ...................... 1u ..... ' .......... II ..... 1I.nlflllfluI"'" •• I'U.II.IIIII"':!

£;1 ............. 111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . '11111 .. 1111 ..... 111 .. 1111 .......... ,11 ..... .9

i

I

~8~~1

~~~~

~ !~~t:t~· ~g:r :: : :::::::: ::: :::::::::: ::~ ::::::::::::: : 1U
~ *~~8es . . :::::::::::::::::::::::::::::::::::::::::::::::~::::::: ~~:~~
- Sh eep .............................. .. ...... .. .... .... .. .. .. .. .. g:88
: Lnmbs ................ :-............... ... .............. .....

Hi

:

~

COMPARATIVE TOP LIVESTOCK PRICES

Beet .teel'S ..._............................ ............... $13.25

$9.60

}~:~g

l~:gg

~mh

I

1H~

i

$13 .2 5 :

1~:~~ ~

9.50_
16.60
:

(! ........" .... u ...................................................f' .. UIlIlIlIlIlIlII.1I .... ,II ......... III ... UI.UI.!lJ

The April receipts and exports of cotton
through the ports of Houston and Galveston reflected a further seasonal decline
as compared to the previous month and were substantially

Cotton
Movements

MONTHLY BUSINESS REVIEW
less than in the corresponding month last year.

3

Exports

fro~ all United States ports showed a heavy decline from

A

pnl, 1927. The domestic consumption of cotton during
~""I"IIIIII""II"""""I"I""'''III,"""",,".tlltllIl''I''IIII1II1I1'''''''II'111
8
...... 111 .. 11 .............

~:.N::~:~;;, THR~~~.'" T~f.~~~' :~:~;;: .
g'm:m

1
: S~I~k~tAp~·ii·30::·.:·
..
8

:1

189.587

269.882

2'm:m

1111"11111111111111'1111111111111""11111111111111'1",,1111111"11111.11; •• 111,.11111 ....... 11"1111111111.tflllll18

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I

:;

.

GALVESTON STOCK STATEMENT

~

:;

April 30,
1928

•

Ifif E~1:~;{~~~;j~~~:: : : : : : : :~: : ·:: : :~: ~: : : ~uu

I
:;

TotaL ..................................................._....... 311,126

August 1 to April 30
This Seuson Lust Season

i:m:m

Fra nce ................................................ 797,841
Continent .......................................... 8,837,160
Jltpnn- Chlna .................................. 869,998
Mexicel ................................................
62,895
Total foreign ports .......................... 6,288,708
Stocks ut. nil United Stut.es ports April 30 1,600,560

332,685:

E

G".""".

~~~~t~: G·~~~t.. B~it~i;:... ·::::::::::::::::::::::::::::::::::::

:

~Hn

n cOmprCBses and depots .................................... 256.526

t

~

April 30.
1927

414,686;:
[9

1~:m:m

917,486
'1,688,862
1,699.912
16,797
9,469,407
2,034,286

111 ...... 11111111111111111 ..... 111111111111 .. 11111111 ........................... 11111 ... 11 .............. 11 ...

ml.IIIIIIIIII •• IIIIIIIII.IIIIIIIIIIII.IIIIIIIIIIIIIII •• 111,.11111 •• 111.'., ••• '1' •••••••••• '111 •• 11.111111111 ••••••••• IIIII ...... UIII •• III ............. IIII., •• II.111 •••• 111111 •••••••••• ,11,.11 ............... 111 ............ 11 •• 111.11 ••••••••• ' " •••• , ••

E

COTTON CONSUMED AND ON HAND
COTTON GROWING STATES

i
:
~

April
1928

:
::

E etto 0~nh.~~e'i~·~·ii · 80·:............·.. ·.. ·.. ·...... ·- .. ·...................... 396,666
C~tto~
E
«n) In consuming estnbllshments .......................... _....

6

b) In pUblic stornlre and compresse. ........................

1
...

~"

11

Senson

44 7.1 27

3,947,608

3,8.16.671

626,158

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

1.018,788
2.668,687

1,271,036
8,298,08a

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

.... IIII.Ut.III .. I ..... IIII .. IIIIIIII .. II .. II ...... IIII .. I ..... IIII .......... IIIIII ...... III ....... III ..... III'IIIIII!]

E

SPOT COTTON PRICES
(Middling Basis)

§
::

::

April, 1928

~ i!rr::~~.~~~~:: : : : : : : : : : : : : : : : : : : : : : : : : : : fii:1i
.~ Galveso~n ....:::::::::::::::::::::::::::::::::::::::::::::::::::::: ~U~
\!J...............
.

inl
~::~~

~
M~bi:'!

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i
-

COTTONSEED PRODUCTS.
T The volume of cottonseed received and crushed at both
f ex~s and aU United States mills during April reflected a
u~ er seasonal decline as compared to the previous month
an hwas considerably smaller than a year ago. Cottonseed
on hand at the close of April was in smaller volume than
o~ L adt date in any year since 1923. The April production
o cru e oil in Texas, which amounted to 18,438,626
pounds, Was substantially less than in either the previous
(!J.II ............... ..

E
~

1.1. 11 .1 •• 111.111.1 •••• 11 ••••••••• 1.11.11.111 ..... , •••••• 1.1.,., ........ 1 ••• 1•••••• 1 ••••••••• 1.11·,8

E

STATISTICS ON COTTONSEED AND COTTONSEED
PRODUC~S

f
~

i::

A~t~:t 1 to Ap~I,:"8tO

~

Senson

Seuso n :

61 8,279

6,396,671

:
6.880,030 !

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

1,607,992
2, 92 1,306

1, 8 9 1.~a
6
37
8. 69,

~

7

:

C
ottonseed received

E

:
:

Texas
United Stutes
E
,August 1 tel April 80
August 1 to April 80
E
This Season Lust Seuson This Season Loat Senson ::0:

~: . Co~lo:::,i~~d ~~~h~ci'"
Co\~~!~ed ........ ·......·..
(lons
on hand

1,607,765
1,518,277

1,878,044
1,764,856

4,689,979
4,616,244

6,218.286

~,917,627

E::::.:

Crud 11 ....................
28,409
ll8.660
118,019
811,981
( e 01 produced
§ Cu?eO~::~8 ) .............. 453,886,012 493,886,000 1,427,368,487 1,767,066,006 E
:
duced (:::~=I pro!
: Jiulis p ro d
) ........
704,085
814,000
2,029,626
2,668,936::
;; Linters pro uced
udced (tons) 481,125
526,000
1,280,220
1,733,106 •
0
:
:
(running bales )
:;
: StOcks on hund ......
291,170
287,000
847,426
978,868 :
§ April 80 :
: CrUde oil (
da)
:
: Cnke und ~o~n(
19,660,428 20,983,000
M,889,681
82,370,231::
.:; Jiull. (tonsi u tons)
26,142
38,000
84,870
180,741::
~ Linters (I' unni~" ""'"
34,498
69,000
86.017
239,759 E
•
(blllea)
r:
:

i

34,862

45,000

111.088

The production of

cake and meal, hulls, and linters was likewise smaller.
Stocks on hand at all United States mills of all products
on April 30 showed a heavy decline as compared to those a

on April 30 as against 99,624,118 pounds on March 31; and
82,370,231 pounds on April 30, 1927. Stocks of cake and
meal which amounted to 84,870 Lons on April 30 were less
than on Lhat date for an y year since 1919.
TEXTiLE M1LLI NG.
There were 2,54.1 bales of raw cotton consumed by report·
ing textile mills in the Eleventh District in April as com·
pared to 2,623 bales in March and 3,679 bales consumed
in the corresponding month of laoL year. Production . of
cloth was 4,.2 per cent below that in the previous month
and 28.9 per cent less than in April, 1927. Orders on hand
at the close of the month showed an increase over those
a month earlier and a year ago. Stocks held on April 30
were somewhat larger than on March 31 and were consid·
erably greater than on April 30, 1927. Mills generally reo
ported an upward movement of prices.
A···I ..

E

:

mll.IIU ........ "",··············....

month or the same nlonlh last year.

[!)

~~:~~ i ;n;;;~ S~~~~~ ~f~r~J~e~~ra::~~~!ieJe:~ ~~~;8~,~8~P;'~~;g~

1111 .................................... 111 .................... 111 ........... 1 ......... 111I .. III •• IIIII,I!)

I
I

April
1927

............................... 1111 '" ...... 111111 ............. 111 .. 111111111 .......... IIIII .......... I1 .... IIII .. ., U... IIIII ................. II ........... III ..... III ....... 1 ............ 1 ... 11111 ....................... 11 ........ ' ...............

~
:

:

April
1928

Senson

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

~
:

UNITED S'rA1'ES

A~.~~:t 1 to AP~i,:"StO

April
1927

1
8
§

162,789::

1 1
1 ....... • ' ...... ,11 .... 1111 •• ,111.1.11111 ... 1111." ................... 1IIIIIIIIIIIUII .. II.I ..

I·m

I •••• I ........ II •••••• I ••••••• II .......... ..,. ..... I ......... I ••••••• U."II ....... I •• I ............ I.I.I ••• ,IU ••

TEXTILE MILLING STATISTICS

't;J

~

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EII ............ U .. ItIiIlUIlIl ..... III ................ IU ... IU' ...... UI .. ' ..... ull ... I ...... , .... ,I .... II .. III •• IIII[!)

WHOLESALE TRADE.
The distribution of merchandise in wholesale channels
during April reflected a large decline from the previolls
month, which was due in part to seasonal influences, and
in two lines it was smaller than a year ago. While the
unfavorable weather conditions during April, which was a

MONTHLY BUSINESS REVIEW
big drawback to the progress of crops, retarded business in
some lines of trade, buying generally was well sustained.
Since the heavy rains during the first half of May agricul.
tural prospects are greatly improved and dealers report that
the outlook for busines;s for the immediate future is promis·
in g. Most lines of business reported fair to good collec·
tions during April. Prices in most lines remained generally
steady.
The distribution of dry goods at wholesale during April
reflected a further decline of 21.1 per cent as compared
to the p~vious month and was 15.5 per cent less than in the
same month last year. While the decline from the previous
month was due in part to seasonal influences and to the
earlier date of Easter this year, reports indicate that con·
sumer demand has shown a marked contraction as a result
of the poor outlook for agriculture. Retailers generally
are following the policy of keeping commitments closely
aligned to consumer demand and a falling off in c'onsumer
buying is immediately reflected in wholesale channels.
Collections showed a substantial increase over the previous
month. Dealers generally are optimistic over the outlook
for the future.
The demand for hardware at wholesale was well sus·
tained during April. Sales of reporting firms were prac·
ti ca lly the same as in the previous month and were 10.2
per cent greater than in the same month last year. Sales
during the first four months of 1928 were 17.0 per cent
larger than during the same period of 1927. Reports indio
cate that since the recent rains the outlook for future busi·
ness is greatly improved.

While the sales of reporting wholesale grocery fi.rms
reflected a seasonal decline of 5.6 per cent as compared to
the previous month, they were 8.1 greater than in April,
1927. Business was fairly well sustained in all sections of
the district. Prices remained generally steady and collec·
tions showed some improvement over the previous month.
Reports from most sections indicate that conditions are
much improved and that the outlook for the immediate fu·
ture is good.
The sales of reporting farm implement firms reflected
a seasonal decline of 34,.1 per cent as compared to the
previous month but they showed an increase of 48.0 per
cent as compared to April, 1927. Buying during the past
month was retarded to some extent by the continued drouth
in West and Southwest Texas and the poor progress of crops
elsewhere. Since the recent rains, however, reports indic'ate
that there is a betLer demand for implements. While the
outlook is generally fair, the volume 'of purchases will de·
pend largely on the progress of crops. Prices remained
generally steady. Collections showed a large increase over
the previous month.
While the April sales of wholesale drug firms were 15.6
per cent less than in the previous month, they were practi.
call y the same as in the corresponding month of the pre.
vious year. Sales for the first four months of 1928 were
8.9 pel' cent greater than in the same period of 1927. While
the falling off in business was heavier than usual in April,
reports are to the effect that prospects are bright for the
immediate future.

CONDITION OF WHOLESALE TRADE DURING APRIL, 1928
Percentnge of IncreAse or DecreA In
se
-

Net SAle s April, 1928
Compared with
April
Ma"ch
1927
1928

+

Net Sales
Jnn. 1 to Date
C'ompared with
SAme Period
Last YeAr

+

-

Stocl<s April,1928
Compnred with
April
Murch
1927
1928

Groceries ..................................................................................................................
8.1
Dry Goods... .................................................................................... ... ...... ......._.• ...... - 15.5

- 5.6
-21.1

8;8
+ 8.1

+ 8.S
+12.8

Drugs ...•................................................................................................................ - . 8

-15.6

+ 8.9

+.7 .

~~';.rd\~::.~.I.~.~~~~~. . . . . . . . . . . . . . . .::::.:::. :.. :::::::::::.:.:.:::::::. :.::::::::::::::. ::.:::~.::::::::::::.: ::::. +1~:g

:

=84:~

+i~:ci

Ratio of Collec
tions during April
tel Accounts nnd
Notes outstanding
on March 81

+ .4
-2.2

+lij:1

62.9
27.3

None

44.8

8:~

~~:~

i

GlUt,.,.,IIIIII •• I" .... ' ••••••• I'III" •••••••••• " •• IIIII .... ,IIIIIIIIIII,IIII'""IIIUIIIIIIIIIIIIIIII"IIIIIIIIIIIIIIIIII',IIIIIII11 .. 11.11.,111'''"'1111',.,1111111111111111,.1111111111111'111111111111111111111111111111111111111111111111111111118

RETAIL TRADE.
Following the heavy sales during March, retail trade in call y the same as a year ago. While the decline from the
the larger cities reflected a. decline in April. Sales of reo previous month was aue in part to seasonal influences
porting firms were 6.7 per cent less than in the previous the cool weather retarded the distribution of spring mer:
month, and were 7.0 per cent less than in April, 1928. ehandise.
Stocks on April 30 were slightly larger than at the close
Sales during the first four months of the year were practj·
~fllIllIlll'lllIllIltltllllllllltlllllltllllllllllllllllllllll"HIIII"""flltll""IIII' .... lIlIlIllIlIlllIlltllIIlIlIlIlIIlIlIlIlIlUIUIIIIIIIIII,IIIIIIIIIIIIIIIIIII""'III"II,1111111111111 .... 111 .. 111111111 .. 111111.11111111111.1111111111 .... 11

§

i

BUSINESS OF DEPARTMENT STORES

'''0'

S.'u..

0.11., F." w,," H::~; s.~:,:~;' A'~D:":~ ::1;,

m:: :~:::I~:.~eeJ :;~~\t:..~\~', mL:::::::::.:::::::::::::::::::::::::::::: :::: 2:. ~:r
I C'.e<~t~~1(1g~~: ~~~I~:'~:C~ \~i~~ ::'~~\~', tm:::::::::::::::::::::::::::::::.:::::::::::::::. 2:. ~:~
~

:

!~::n:

January 1 to. dllte cclmpared with same I'e";od InRt yen'· .. ,....... ........ + 1.5

.T nntllll·Y 1 to dnte cclmpared wHh snme pel'iod Inst yell '·......... ......... + 6.6
Stocks
April. 1928, compllrcd with Apdl, 1927 ............................ ................... -13.7
April, 1928. compared with Mnrch, 1928 ........................................... .. .. +.9
Rate of stock turnover in April, 1927............................................................
.21
Rnte of .tock turnover in Ap";I, 1928................ ................................ ............
.26
Rate of stock tUI'nOVCl' JAnuary 1 to April 30, 1927..................................
.88
Rnte of stock turnover January 1 to April SO, 1928.................... ..............
.96
R atio of April collectio'lIs to Accounts receivab le and outstanding
Ap"il I, 1928 ................................................................ ........................... _...
88.7

I!J

=~:~
+ 1.6

~ ~:g

+ 9.2

+ 1.2

+ 1.6

.22
.20
.80
.82

84.6

-

-

8.7
2.2

=~~:~
None

-

.2
1.9
.26
.22
.99
1.01
89.9

- 12.0
- S.u

- 5.G
+ 3.3

- 6.7
+.2

=g:~

=~:;
+ 6.7

=~:~

- 11.6
+ 1.0
.24
.24
.94
1.08

+ 2.0
+ .2
.23
.21
.82
.86

- 6.6
+.5
.23
.22
.88
.94

89.8

88.2

IE)
:

I
§
:

86.S

-

.2

.!:;

+ 4.7

g:::.

"'U"" I'III """""'IIIIII"IIIIII,'III"" ""' IIII'''' '' '''''''''1111"" ,'11'''' '''1' '' 1''1",11,,'11,, 1IIII., II 'IIII .N.,IIIIIIIIIII',IIIIIIIIIIIIIIIIIIII"",IIIIIIIIIIII.1I111111111111t1lfll.IIIIIII1I1I1I1II1II.,llIlIlIlllIlIfCflfllIlllI.@

MONTHLY BUSINESS REVIEW
of
but
per cent
at the
of
pnl last
tOUr~arch, year.were 5.6wasof.94 asless than during closefirst
The rate
stock turnover
the
months of 1928
against .88 during the

6

Acceptance
Ma.rket

The volume of acceptances executed by
accepting banks in this district and out·
standing at the close of the month reached
corresponding period of 1927_
a lower level on April 30 than at the close of any
1110nth since July last year. Total acceptances executed
T~e ratio of April collections to accounts outstanding on and outstanding aggregated $4,154,,368 on April 30, as
Apn~ 1 was 36.3 per cent which was the same as in the
compared to $6,541,839 a month earlier, and $3,501,811
p] revlOUS month and compares to 35.2 per cent in April, on the corresponding date of 1927. Acceptances executed
.927.
against import and export transaction s declined from $] ,'
765,019 on March 30th to $1,335,774. on April 30, and
FINANCIAL.
those based on the domestic shipment and storage of goods
frol11 $4.,776,820 to $2,818,594.
A decline of 7.0 per cent was shown in debits to individTotal loans and investments of member
ual accounts at principal cities in the Eleventh District in Condition of
April as compared to March; however, they were 1.0 per Member Banlcs banks in selected cities of the Eleventh
in Selected
District declined slightly in April; how~nt. larger than in the corresponding month of last year.
ever, they were substantially larger than
pnl charges aggregated $722,131,000, as compared to Cities
$ 77~,4.741'000 in the previous month, and $714.,944 ,000 in a year ago. Amounting to $44 5,072,000 on May 2, total
A
loans and investments of these banks were only $1,691,000
. pnl, 1927.
less than four weeks eatlier but $37,94,2,000 above those
on May 4" 1927. 1l1ve~tments in United States securities
:
1111111'11'IDEBi'TSIITOlliNDliViDUA'L'IA'CCOUIN1.~SI'III' 1IIII " II"III"""m
amounted to $77,132,000 which was only $389,000 below
AIll'i1
AIll'l
Inc. or
lire
nco or
the high level reached on April 4. On the other hand, inAbilen
1928
1927
Dec.
1928
Dec.
vestments of these banks in other stocks and bonds inAUstine ...................... $ 9,789
$ 10.637
- 8.0 $ 11,838 - 13.7
Benumon·t ··········.....·..... 22.529
20,064
+12 .8
21.526
+ 4.7
creased $1,883,000. Loans on government securities show·
Co'
.................. 23.923
25,207
- 6.1
25.698 - 6.9
Dnlr~nnn ..................
6.290
5,629 - 6.0
6.950
- 28 .9
ed a small gain of $11,000 and corporate loans rose $2,017,203,981
+ 2.7
230.082 - 9.0
EI Pas •............ _......... 209.428
000. After increasing in March, commercial loans decl ined
Fo.t W...................... 84,085
80.388
:):12.4
85,645
- 4.4
Gai
orth .............. 97.049
90.889
6.8
100.046 - 8.0
$5,213,000 in April and amounted to $246,106,000 on May
H ve~ton .................. 82,~66
~0 . 991
- 20.8
36,428 - 10.9
2, as against $236,990,000 on the corresponding date of
p~u: An .................... 170.986
16~,490
+ 8.9
182.667
- 6.4
. s r Arthur................ 9,136
10,872 - 11.9
9.067
+ .8
last year. Net demand depo its reflected a further dee/ine
~. Ro~~elJntonici ............ 82,481
88.813 - 1.1 ~.
ShrevepOl:i··_.. ···.. ·; ....·.. 3.~85
8,142
+10.9
3.620
- 8.7
of $3,282,000 during the four-week period; however, time
~
tTe
k
...•........... 88.717
40.801
- 6.1
42.700 - 9.S §
• l'u xar nnn .............. 14.282
14.486 - 1.1
16.186 - n.8 •
deposits increased $2,763,000. While the reserves of these
:: wcson ........................ 9.69~
9,289
+ 4.9
10.141
- 4.4 ::
banks with the Federal Reserve Bank were reduced $2,015,~ Wkc~ita' .. ·F..·········· ... ··.- 16.413
15.542 .8
16.490
- G.6 ~
000, their bills payable and rediscounts with this bank rose
~ Total.s an ntonio figures not included in totnls. $7~~:~~~
1ltil~i~·t~i~~::$7~::~!: $7~::::~ ~1~:~
~:~ :~ $4.,202,000. The ratio of loans to net demand deposits
::
tI
E which ~c hideB the figures of two banks in Texarkann. Arknnsas. ::
amounted to 84 per cent as against 85 per cent on April
Gl'"IIIIIIIII"!~1 ocated in the Eighth District.
:
m 4, and R5 per cmat on May 4" ] 927 .
1!J1I1I1I11I""1

=

.... 111111.,11111, ..... 111 ..... 1111 .......... ,.1111 ... 1 ........... 111'"1 ... 1111111 ..... , .... III'" ••

{i] II· .. U I 1111 II II ....... II

i
E

'
111"11111.,11111111111,1111111"".1 .. ,.,111111111111111111111111111111111111111111111111"'11111",11111111111"111111111111"""11111111111111111111'.,"'111 1111 1111111111111"11111111 111, .,1111111'111111 1 11 11111111 1.,111

CONDITION STATISTICS OF MEMBER BANKS IN SELEC'I1ED CITIES

I ! ~1:::::citf.i::':::~;~~;;;;;;;;;;;~~~ :: : :=::::::::::=:=:::::::: ,M::,:;,~:~
IJi~~;~~:~lk'~~2~~~)J2~j;=.~;~~~~'i.~T~.:~HE:: !H:I!m!
E

E
:

8

:. Loans secured by U. S. Government obligations....................................................................

11.

Rntio Il'rible and rediscounts with Federal Reserve Bank ............. ........_........•........_........
• 0
oans· to net demand deI>08its ........_ ............................................ _...............................
11111111111111.
Lonns include only items " and 6.

:

:~;~;;;ir
!!!:!!tl!!

a~.~~~.~~~

,M;:~;:;iil

3 .~85.000

6.982.000
84 %

m

2 738 000

~

lin I
!!:!!!
2~:~~~ :~~~ §

2.730.000

85 %

85 %

:

§

11.111111111111111111111111111111111111111111111111111111111111111111111111111 .. ,1111111111111111111111111 11 1111111 ... 11 11 11111111.,11111111111111111111111111111111111111111111.11"11 11 1111,111111111111111111101111111111111.11111111110

~1"111"III'"'I"I"llltlllll
:

1111111111111111,11111111111111'''11 11 111111111111111111111,.1.1111,1,.111111111111""'1111111111111'1' 11'"'111'1'1'1'11111'111111'111 1 11111'11111111111111111111"'11111'111" 11 11'1'111111111 11 11 1 1111 11111111111,.,111 110

RlL

;: : :

:\te eharg d
fiS

is

e

DII::
eu~tome l's on prime commercia l pnpe l' Ruch

Reserv~OActe~.'.~ible for ,'Cuiscoun t uncler the F edel'a l
Rote char d
.........................................................................•.
receivn:le on lonns to oth er banks secured by bi1ls
Rnte on 10 e ................................. ... ... ..................... ....................
cU"rent nns secured by prime slock exchange or either
markets ~~lntel~1 (not including lonus 1)lnced in oth er

~ yo·a

DIS:IO~:: RAT:o~. t
8

Worth

Houston

prC::i:in:n~:n:

6-8

6-6

6-6

6

6-6

6

6-6

~~a!~7~~~:::::;~~~~:~:~:~~;;~~::~~~:I:':~:~: : : : : : : : : : : : : : : : :

t~

t~

t~

t~

t~

8...::~~ ..~,~.. ~~~~~~~·~~,~;;~:::::::::::::::::::::::::::~::::~:::::::::::::::::::::::::::::::::::::

5.~

~:~

~:~

t~

t~

i
:

Rate
receipts · ton commodity IlnIler secured by wn" ehollse

414 -G

Waco
r. ' ~ - 7

n ' ;'-6

t~ ~:
~-8

111 111111111,1,.,.11111.'.11.1.&11.11,1,.1,111111111, .1 '1 "' ,"."11111.1.1"111'1, 1 ,.,1 1111 111111111111. ' ,."""',111.1,1 ,11 1111""". ,1, 1.,1.1".,.1", ' .,111111111, 111 1"'1"'1,.,1"""1"" '1'. ,1,1,111111111111 ••

Savings
Deposits
on April 30,

u .,

Savings deposits of 91 banks in the Eleventh District operating a savings department showed an increase of 1.2 per cent
compared to the previous month and were

~

8

10.9 per cent greater than a year ago. There were 276,434
accounts carried at 85 of these banks at the close of the
month as against 275,759 a month earlier and 260,983
carried on April 30, 1927.

MONTHLY BUSINESS REVIEW

6

8.111.111111 .... 1 ........... 111 ...... 111 .. '11111111111 .. ' ... 11 ........................................... 111 1................. 1111 11 11 ... 111111 ......................... .. ................ 11111 ... .............. ... 11 .111111' ..... 11 11 111 1.1 ... .. .... . ... . .. 1qJ

B~"m'".__ ___N;~~:; ~?i: :.~~~;:vm~~~I~::~~~: l:~~: :~~~::"~~¥.:~,~: l:~: ~: l

Dallas .._••_ ................•......_.......
EI Pas o .....................................
Fort Worth ...................... _.......

~~l~~;.---_ :]~~:

:

6
3
S

56.242
15.709
22,161

:1: :1'111

23.171.017
6,825.898
7.704,700

51.753
14.832
20.606

:1:1 1'I~ ~1:~1

19.3 17.688
4.,800.671
G,607,684

:/iI I !11

+ 19.9
+21.4
+18.4

54.862
15.528
22.282

!:tl ~!l~
+

22.699.425
6,662,730
7.482,651

:1!il '1l!

+ 2.1

+ 8.1
+ 8.0

t

!!l

El 'IIllllll'IIIIIIIIIIII'IIIIIIII.IIIIII •••• I ••• II'I.11 1"'f"III'f'I II IIIIIIIIIII""'III"'I I I' I ' I "" I 'l lti1 '.11 1.11 1.1 11111 . 1.1 1 1"11 ••••• • • 11 ••• 1' •• ' •• , .. . ........... . , •• , • • • •••• ' ••• 1 .. ... , • ••• ••• ••••••••• 11 ••• •• • 1.1 • •••••• • • • I •• • •••• •• ••• • ••• • ••• •

Deposits of
Member Banks

Combined deposits of member banks in
the Eleventh District which amounted to
$888,333,000 on April 11th were $15,918,000 less than on March 7th but showed an increase
of $79,679,000 over those on April 27th of last ye?r. Net
demand deposits declined $21,277,000 during the five-week
period, but time deposits increased $5,359,000.
(!J' ••• ,IIIIII.I .................................... . ...... I'I , I.I'IUI . "I.I'I,. , II ••••• , . "III., I I "

'rota I
)cmand

:

A pril 27. 1927 .............
1'<lay 25, 1927......... .......
J une 22. 1927•••.•.••.••.••
J uly 27, 1927 ... __ ........
A ug. 24, 1927 ................
Sept. 28. 1927 ..............
o ct. 26. 1927 ....•._........
N ov. 9, 1927 ...............•
D ec. 7, 1927 ..................
J nn. 11, 1928..............••
F eb. 8, 1928 ............•..•.•
M arch 7. 1928 ..............
A pril 11. 1928 ..............

",'IIIII.'.1II"" I @

Banks In cities Banks In cities
Total with a popula- with a population of over
tion of lesa
Time
16.000
than 16,000
)crlUlndl Time pemand Time

_- - - - - -146.624 360.664 129,212
6:12,818 175.836 2i2.264
013,136
G06.696
G03.312
611.818
667.854
H98,989
721,728
729.218
720.401
736.838
710.432
689,165

178 .895
180.646
178.368
182.793
183,131
185.366
186.416
186,104
189.298
195.884
193.819
199.178

266.868
2G3.818
261.809
266.790
303.977
322.679
338.679
334.427
829.41 8
336.958
817.918
302.686

47.618
48.119
47.666
48.848
49.(123
49.887
48,482
48.631
49.942
52.886
58.6g8
58.384

347.278 181.277
842,888 894.786
3-11.503 13G.933
345.028 132.426
3GB.S77 130.702
376.360 134.460
888.149 134.108
137.473 135,479
390.983 IS9.S5G
399.885 148,998
892.614 140.121
386.669 145.844 :

9 1
1111.,1, ••• 1,."1,.11111111111111111,.' •••• ' ••••• ,11'1'.""""",,11'11"1'1 •• ,11111111""1",.111"" •• ,.,IIII •••• I!)

A furlher large increase was shown in
Operations of
the Federal R{!· loans to member banks in the Eleventh
Federal Reserve District in April. Loans
serve Bank
to member banks amounted to $10,660,·
905 at the close of the month which was $5,383,591 greater
than on March 31 and $6,580,395 above those on the corresponding date of last year.. Follow~ng a slighl decli.ne
during the first week of Apnl borrOWIngs of reserve Clty
banks turned upward and at the end of the month were
more than double those on March 31. Accommodations
to country banks increased moderatel y throughout the
month. On May 15, member bank borrowings had declined
to $7,327,347 due entirely to the contraction of loans to
reserve city banks. There were 103 borrowing banks on
April 30, as compared to 87 on March 31, and 137 on
April 30, ]927.
Due to the increase in both loans to member banks and
open market purchases total bills held rose from $18,485,578.53 on March 31 to $27,678,70] .28 on April 30, dis·
tributed as follows:
Member bnnks' collaternl notes a. cured by UnHcd Stntes Government obligntions ....................•................................................... $ 4.316.700.00
Rediscounts und all other loans to member bnnks................... .... 6.344.206.22
Ollen market purchases (Banker s' Acceptances) ............................ 17.01 7,796.06
Totnl bills b8Id .........................·.. ······················..... .............. $27.678.701.28

Federal reserve notes in actual circulation showed a further seasonal oecline during April and at the close of the

:::::_1

+

TotaL..................................
91
276.484
$134,199.683
260.988
$120,986,473
10.9
275.769
$182.616,296
1.2
'Only 3 banks in Beaumont. 11 bunks in Houston. 6 bnnks in Sun Antonio. 3 bank. in Shreveport, and 42 bunks in "all others" reported
the number of savings depositors.

I!)

month stood at $32,980,480 which was $2,060,985 less than
on March 31, and $4,211,815 below the net circulation on
April 30, 1927. The daily average reserve deposits of
member. banks declined seasonably, from $67,116,922 in
the prevIous month to $65,365,855 in April.
FAILURES.
The past month witnessed a sharp reduction in the business mortality rate in the Eleventh Federal Reserve District.
Conunercial. failures, whic~ numbered 46 in April, were
fe.wer than m any. month smce last <?ctober and compares
WIth 66 defaults m March and 75 msolvencies in April,
1927. The aggregate liability of defaulting firms on the
?lher }~and, showed an increase amounting to $1,283,614.
10 Apnl as compared to $94.5,144 in the previous month
and $1,685,229 in the corresponding month a year ago.
PETROLEUM.
Despite efforts to curtail production through the proration plan, which became effective in certain parts during
the current month, production of crude oil in the Eleventh
District showed a further increase and reached another
new high level in April. Total production amounted to
23,122,500 barrels of oil as compared to 22,407,400 barrels in March and 19,871,810 barrels in the corresponding
month of last year. Field activities declined somewhat
reflecting in part the effects of production restrictions.
There were 566 completions during the month of which
276 were producers of oil and 59 were gas wells as compare~ to 665 completions. in Ma:~h yielding 337 producers
of OIl and 76 gas wells. Imtlf!-l production amounted
to 264.,598 barrels as against 365,189 barrels in the previous month.
The daily average output of crude oil in Texas amounted
to 720,527 barrel.s representing an increase of 4.2,094 barrels over the prevlOUS month and 109,694. barrels over April
last ~ear. Production restric~ions through the proration
of dal~y output ~nd on a bas~s of producing acreage and
potentlal productlOn were put lllto effect in certain sections
of Central·West Texas during the month. However due
to increased output in other of its fields Central-West Texas
showed a further gain of 878,800 barrels in total yield
Field activities in East Central and Southwest Texas wer~
maintained at practically the same rate as in the previous
month. While the total production of oil in North Texas
declined, the daily average yield showed an increase of
2,94,6 barrels due to ~h? shorter month. The daily average
output of Norlh LoulSlann was 2,503 barrels greater than
in March.

7

MONTHLY BUSINESS REVIEW

m
........
i
i
t
§

UIlIl ....... UIl ............................................... UIlItIlIlIlIlIl ...................... I ............ ,H."IIII .. IIII ... ,I ............................. I1 ...... 11I11111.11111 ....... ,.,11 ........ 11111 ............... 11111 ........

~or~h Tex ...................... ~._ ........ ~ ............. ~.~...... ~ ..~

:
::

Eent-'"~.Weet Tex ...... ~ ... _ ......•.~.~.........•..... _ ... _

April
Total
Daily Averllll'e
~.29S.4GO
14S.116
12.926.160
480.871

'rotal
4.346,260
12.047.850

:H::

1 ~~fuW~:g:.~.~ :~: -~: :.:=~::~~:::~.:::-~::::::::~::~::::'.: 8·~g~t:g
:.. NorJ:°~u;;e::: :::::::::::::~.::::::::~:=::::::~:::::::::::::::: 2tm:m

March
Daily Average
140.169
Dec.
888.624
Inc.

1~::.~j; §E:

~
:

Increase or Deereas..
::
Total
Dally Average
61.800
Inc.
2.946 •
878.800
Inc.
42.247 ~

i

H:m [:~:

3·m :i.~

7~~:m

Total. DilItrlet .....::................ ~.....•............... _~ .• 28.122.600

8.};:::gg
2tm:m

6~~:m

~~~:

'~~:~~g

~~~:

4~:m

767.416

...

~

1
8

OIL PRODUCTION

22.407.400

722.818

Inc.

715.100

Inc.

44.697 ~

11",11"".,11111' •• ,11""' ••••••• ,." •••••••• ,1 •• ,1,.,1,.".""111, •• "., ••• "",'1111111111,,,'11,.,1111111 •• ,1111, •• 11".,11.,111, ••••••• " •••• ,11111111 •••••••••••••• 1••••••••••••••••••••••••••••••••• ,., ••••••••• , ••• 1 ••• 111 ••••• 1••••••• 11' •••• 1 0

~."."

.... II .... I ............. lIfII .............. II .... It .. IUI ...... IIIIIIIIIIIII .. II ...... II .. III ... I .. ..........

cent above normal production in March to 5 per cent below in April; however, they wer6 13 points greater than a
year ago. As in March stocks on hand at the close of the
month declined 1 point in April and amounted to 9 per cenl
above normal on April 30. Unfilled orders for lumber to·
taled 64,64.7,668 feet at 45 mills on April 30, as against
70,312,706 feet recorded at 49 mills a monlh earlier.

1111
8

APRIL DRILLING RESULTS
Oompletions

Field_

~orih

;rexas .................. 148

~~~t r~~s~.. :.~~.~:::::: 26~

Pro.
ducel'8
87

Gas
Wells
8

Fail·
Initial
urcs Production

2~~:m

48
114
11

13~

1~

T~u W;t Texas............ 12

48

87
7
4

1
2
1

No .th Tltal, Texas .......... 517
1
Qulsiana .......... 49

272
4

81
28

214
17

260.798::
8,806 :

April Totals. Distl'ict .... 566
March Totals, District 666

276
a87

69
76

281
262

264.598
865.189:

S xfl: Coastal ................
xns

;;
:

~
,;,

i1dcats ..............

49

6
19,664
1.m

3~

I

m

"""'''''''''''''''''''''''~~~~;'~;~';;;~~;'''''''''''~;;~;::''''~~;;:'']
$1.20

ort lind Central Texas and North Louisilln .. (62
gravity and above) ......................._............................... 1.76

.:,. 1 ' " I I " .. lItlllllllllll ••• II .. IIII ............... II.IIII ......... II ........ III ... 1I1I ........................ IIIU ••
..

~

~

l!'l

t

::

11 ... 111

=

It:!~: :::
moo"

~

c~{·i·~ti"·· .. ···· .... ········ 2~~

Tot I

!

Four Months

~;A.:~;;;~; ;;~'::;;;~~;;~ ~;::;i;;::;~ ~; ':~:;i;1;; ~: ':~,:l:;::~ ;Ii~i !

Iltlt;;i :!:;=~j I I

:

:

ia

BUILDING PERMITS

Corpus

.~

, ......................." ............... " ...... u ............................................................ 11 ....... 11 .................. 11 ... 1111 ................................................ UIIl ........ 'H .... ' ........... III.'1!]

~

§

:
:•::•
•

BUILDING.
After reaching the highest point on record in March, the
valuation of permits issued at principal cities in the Elev·
enth District declined in April to the lowest level of any
previous month since November, 1926. Permits is!ued at
these centers were valued at $6,788,238, as compared to
$16,134.,114 in March, and $8,537,537 in the corresponding
month of last year. While the decline this month mate.
rially lowered the increase over the previous year, the
valuation of permits issued during the current year was
10.2 per cent greater at the close of April than during the
first four months of 1927.

LUMBER.
While activities at pine mills in the Eleventh District
~ere less in April than in March they were greater than
the corresponding month of last year. Production of
umber amounted to 95 per cent of normal, as compared
to 3 per cent above normal in the previous month and 84
per cent of normal in April, 1927. Shipments amouRted
to 6 per cent below normal production which was 10 points
~low those in March but 11 points above shipments in
t e same month last year. Orders declined from 10 per

§

I

:
81 ..... 1..... I ... UII ..... , ... II .... 611 .... " , .. 11'".1 •• 111111 ... "'1 ....... 111 •• t 'UII ......... II II .... 1.. 11 f ... fill t I. (!j
Lumber statistics compiled by t he Southern Pine AS8ociation

(011 atntiaties compiled by the 011 Weekly. Houston, Tex ... )

8 .......

45
88.278.996 feet
87 ,766.010 feet
88.670,019 teet
64.64 7,668fcet
92.891.718 feet
253.982.141 feet
23S .8R6.322 leet
5.126.708 feet- Go/.
4.612.722 teet- 5 0/.
4.2 ~ 1.699 (eo Ir-5%
20.H5.81V feelr-9 %

§
.

:;

1.60

. ..

~::~I:~.~~ ~~~.~ ~~~~.~.~~ICS

Numbel' of repo ..
:: Production ....................................................................
~,:•••:_:. Shipments ............. _...................... .. .............................
Orders ............................................................................
Unfilled orders April 30..............................................
No .. mnl production ....................................................
Stocks Apdl SO ............................................................
No .. mal .tocks ..............................................................
Shipmen ts below normlLl............................................
: Actulli production below normH!.. .. ........................
:: O .. ders below normal Jlroduction............................
: Stocks above no .. mal ..................................................

~

~ ~exahs OOll.tal (Grade "A") ................................................ $1.20

::
,;,

111 .......... 1111111 ......... 1 ... 1 ...... 111 ...... '"11111 ................... ItIl'U'UU ....... UIIII ......... tl l G)

I

~

l!Il".I".III' •• III" •• II •• ,II •• IIII •• IIIIII.IIII.IIII.11.111.,.,1.1,1.1.11.1,11'1 •• 11 ••• 1'11111""""".1 ••• II.II.II ••

e ..... I1.....

8 ......

m:m

2~~

m:m =~n

m:m

2~~

i ill

::1111111111 :111:111 Iii!

-a .............................. 2.706 $6.788,288

2.766

$8.687.687

-

20.6

8.865

~~~:~

::111111111
$16.184,114

- 57.9

m

2.m:m

m

2'm:m

+8~t~ ~

~'I I ~:I I nlll
{IIIIII

11,246

$89,385.57:1

'iillllill

11.088

$86.727.4.52

+

10.2

'.1111111 .. 111111 ........ " .. 1' ..... 11 .. 11.1 ........................................... UUIl . . . . . . . . . . . . . . . . . . . . . IIII .... " .. M ........................ u ....... 'u ............. 1I ..................................................................

:

i

m

CEMENT.

mi~lthough

shipments of Portland cement from Texas
th s leflected a decline in April as compared to March,
th: vo. umi was comparatively high and substantially larger
538nOO~ ~ 1e corresponding month last year. There were
!lrrels shipped as against 563,000 in March and
,

4.91,000 barrels in April, 1927. Production of cement
showed a further gain amounting to 557,000 barrels durin g
the month which was 0.9 per cent greater than in March
and 18.8 per cent above the output in the same month a
year ago. After being reduced in March stocks on hAno

MONTHLY BUSINESS REVIEW

8

at the close of the month increased and on April 30th were
4..2 per cent larger than a month earlier and 10.1 per cent
in excess of those on April 30, 1927. As compared to
~'III""II'IIIIIIII'II""""III"flllll'IIII""'" 11","""'.,1111' ••••• 1, •• ,1."""",."",'1"'111111"

§
f

the previous year, production and shipments of cement
during the four months of the current year were 18.6 per
cent and 15.7 per cent greater, respectively.

•• """,1 •• ,11111 11"1.11.,111"11"""11 ••• "",.,1, ••• "., •• , •••• ,111111 ••• 11,.,1, •••••• ,1,.,11, •••••• ,I.,I •• ,II.,IIIII,t•• ,IIIIII •• ,.@

§

PRODUCTION. SHIPMENTS AND STOCKS OF PORTLAND CEMENT (Barrels)

Apl'i1
~
1928
; Production at 'fexas mills ................................................................ 557,000
- Shipments from Texas mills ............................................................ 588.000
~ St.ocks at end of month at Texas mills ........................................ 468.000
[!J '.,.,IIIIIIII.,IIIIIIII.,IIIIIIIII III ••••

'.,I •. 'I ..

Apl'il
1927
469.000
491.000
425.000

Inc. 01'
Dec.
+18.8
+ 9.6
+ 10.1

March
1928
552,000
568.000
449,000

Inc. or
Dec.
+.9
-4 .4

+4.2

-

Four Months1928
1927
2,032.000
1,718,000
1,971 000
1708000
. , '

Inc. or E
Dec.::
+18.6 E
+157 . E

,1"".,11.11111111.,1111 ••• ,111 •••••• 1•••••••••• , ..................... "' ••••••• , ••••• , •••••••••• " •••••••••••••• """11111"111 ••• ,.1"" ••••• ",,,, •••• ,.1.,.1.,.11 •• ,II., •••• ,I.,II •• IIIIIIIIIIIII.fi)

SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board as ot May 25, 1928)

Volume of industrial production continued large during
April, reflecting chiefly increased output in metal industTies,
while activity in industries producing foods and clothing decreased. Wholesale and retail trade also declined. The
general level of wholesale commodity prices increased in
April reflecting advances in farm products. There were
large exports of gold in April and May, member bank
loans and their borrowings at the reserve banks continued
to increase, and money' rates showed further advances.
PRODUCTION

Production of manufacturers remained in about the same
volume in April ae in March, while output of minerals declined slightly owing chiefly to a decrease in production
of bituminous coal. Daily average output of iron and
steel, copper, and zinc increased in April but since the
first of May there has been some curtailment in steel mill
activity. Automobile production was maintained in large
volume during April and according to preliminary reports
also during the first half of May. Textile mill activity,
output of boots and shoes, and meat prod~lction showed
substantial declines during April. Volume of factory employment declined slightly, reflecting chiefly decreases in
the food, leather, and textile industries. Building contracts
awarded in April exceeded those for any previous month,
and awards during the first three weeks of May continued
in unusually large volume.
TRADE

Sales by department stores and by wholesale finns in
most lines of trade declined in April and were in smaller
volume than a year ago. Average daily sales of department
stores, after allowance is made for the earlier date of Easter
and the usual seasonal changes, were smaller in April than
in March and were also smaller than in April a year ago.
This decrease was due largely to unfavorable weather con-

ditions. Stocks of department stores, after adjustment for
seasonal changes, were in about the same volume as in
March and slightly smaller than a year ago. Freight car
loadings showed an increase between the beginning of April
and the middle of May, but for most classes of commodities
continued smaller than a year ago.
PRICES

The general level of wholesale commodity prices, as indicated by the index of the Bureau of Labor Statistics, increased from 96 pel' cent of the 1926 average in March to
97.4. per cent in April. This increase reflected sharp advances in the prices of grains, cotton, livestock, and hide
and leather products. Rubber prices continued to dec)ine,
and most of the other groups of commodities showed little
change. During the first three weeks of May there were
decreases in the prices of grains, flour, sheep, and hogs,
and increases in copper, zinc, and rubber.
BANK CREDIT

At member banks, loans largely for commercial and industrial purposes, following a rapfd increase during February and March, have shown little change since the early
part of April, loans on securities continued to increase, and
total loans and investments of reporting member banks in
the middle of May were larger than at any previous time.
The outward movement of gold continued in May, the decline in monetary gold stock during the foul' weeks ending May 23 being nearly $90,000,000. This loss of gold,
together with further sales of United States securities by
the reserve banks, was reflected in an increase of nearly
$l4.0,000,000 in member borrowing banks at the reserve
banks. There were further advances in open market money
rates during May, and discount rates at the Federal Reserve Banks of New York, Philadelphia, Cleveland, Atlanta
and Dallas were raised from 4- to 4.0 per cent.