The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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MONTHLY
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BU~!~ESS REVIEW
I
~
FEDERAL RESERVE BANK OF DALLAS
:: :
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CHAS. C. HALL-W. J. EVANS.
C. WALSH.
Chnlrmnn nnd F.d.rnl ROIlerve Alrent
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A.sl.tnnt Federal Resorve Agents
~
(Compiled May 15, 1929)
~§
-§
" ................................................................................................................... 1111 .................................................. 1111 ......................................................................... ,
:
... •• .. • .. • ................ 11.1111 .. 1111 ............................................. 11 ........................................................................................................................................................................
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Volume 14, No.4
Dallas, Texas, June 1, 1929
May 29
This COpy is released for publication in morning papers
DISTRICT SUMMARY
f"""""""""""" ... "·""".""""''''''''''''''''''''''''''''''''.'''''''''... ''''''...~;~'~;;.~~~~~;"~~"~.~~:;~;""""" ... """""".""""""""""'''''''''... '''''''"''''''"''''' """" "''''''.11 IE)
Eloventb Foderal Rcserve District
Eank debits to Individual accounts (at 17 cities) .. . . . . . ... ... ... .. ....... . ... .. ... . .. ... . . ... .. .. ... . . .. . . . .
Repartment otoro salcs ... . ... . ..... . .. . ... ....... .......... . .. . ............... . .... . ..... ........ . ..... .
ervo bank loans to momber banka at end of month . . .. . ... . ... . .......... . . ....... .. .... . .. . . .......... .
e bank ~atlo at end of month ... ......... . . . .. . .... ... .... .. ................ .. ... .. .. ... ... ... .. .. .
Cu ng ~rmlt valuation at larger eontc1'9 . ... .. ...... .. ... .. .. .. .. . ........ . .......... ........... ... . ... .
n:IfJt
B
£~;~~~~l~i!~~;'!~~~~i~):.: .:: : :::: : : ::: : : : :: : ::: :: : :: :: ::: :: ::::::: : :::: : :: : :: :: :::: : : : : : ::: : :: ::: : :
urn r or era at pine mills (per cont of normal production) . . . .. . ...... ........ .... . . . . . .. . . . ... . .. . .... .. . .
April
March
$927,851,000
$966,259,000
$ 22,52.'i.972
63.6%
$ 19,442.938
51
$
515,003
24.480.070
90%
$ 14.328,235
68 .4%
$ 8,682,845
$
49
559,130
25.530,200
109%
IncrellSo or Decrease
000.
Deo.
Ino.
Dec.
Ino.
Inc.
Dec.
Dec.
Dec.
49.0
. 0~0
57.2 0
4.8 points
123.9%
4.1 %
7.9%
4. 1%
19 11Ointa
rn·· ............................................ ,....................... u, ........................ ,.' •••••••••••••• ,••• ,.,.' •••••••• ,••••••••••••• ,•••••••••.••••••.•.•• ,•............•.......•.•.•...•••••.....••.•.•.•.••.•,.• ' •••.•..••••
A sustained volume of trade in both wholesale and retail
channels ofl distribution, the continuance of a low business
mortality rate, a further improvement in agricultural conditions. and a record breaking volume of construction work
were developments of major importance in the business and
industrial situation of the Eleventh Federal Reserve District
during the past month. Department store sales in principal
cities reflected a seasonal decline of 9 per cent from the
heavy March volume but exceeded those of the corresponding month a year ago by 2 per cent. The distribution of
merchandise in wholesale channels, while showing the usual
decline at this season of the year, was in a substantially
larger volume than in April, 1928. Nevertheless, reports
indicate that merchants are confining purchases largely to
immediate needs. While the number of commercial failures
was slightly higher than a month earlier, the indebtedness
involved in these defaults not only showed a further decline
from the previous month but was smaller than in any corre·
sponding month in several years.
A!thoug~ high winds, sand storms, dry weather, and torren~lal rams have affected adversely in varying degrees
agl'lcultural developments in some sections of the district,
~armers ge?erally have made favorable progress with plantmg operatIOns and' farm work. The heavy general rains
~owar~ the middle of May offset the bad effects of the drymg wmds which prevailed earlier in the month and left a
g?od. season in the ground in practically all sections of the
dlstnct to sustain growing crops through the summer. The
wheat crop which had begun to deteriorate was greatly
benefited and present indications point toward satisfactory
I.IIII.I~
yields. The physical condition of livestock and ranges has
also evidenced an improvement. Range vegetation has made
excellent grO'wth and livestock are getting fat. Range prices
of livestock have again turned upward following the slump
earlier in the year.
I •••••
New construction work commenced in April broke all
previous records. The valuation of building permits issued
at princiJ?al cities totaled $19,442,938 as compared to $16,·
134,1l4, m March, 1928, the previous high record. The
April volume was 124, per cent larger than in March, and
186 per cent greater than in April, 1928. The production
and shipments of cement reflected a substantial gain over
both the previous month and the corresponding month last
year. The production of lumber increased but new orders
received showed a decline.
The past month witnessed a further withdrawal of deposits and a heavy demand for credit. The daily average of
combined net demand and time deposits of member banks
declined from $949,031,000 during March to $924~644,000
in April and compared wiLh actual deposits of $892,128,000
on May 9, 1928. Federal Reserve Bank loans to member
banks rose from $14~328,235 on March 31st to a high point
of $25,060,593 on May 4, but had receded to $22,112,269
at the middle of May. While loans to' reserve city banks
have remained comparatively steady since the middle of
April, the loans to country banks have shown a noticeable
upward trend due largely to the demand for funds in connection with the financing of operations in the livestock and
agricultural industries.
CROP CONDITIONS
El A gener,al improvement iI? al?ricultural condi.tiO'ns in the w!th planting operations a~d field work. While the high
h ~~enth Federal Reserve Dlstnct occurred durmg the past wmds and sand storms durmg the last days of April and
t 11 ty days and farmers generally have made good progress the early days of May dri ed Ollt the surface soil and did
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
III
MONTHLY BUSINESS REVIEW
considerable damage to growing crops in some sectio·ns of
the district, the heavy general rains toward the middle of
May did much to correct this situation. Late reports indicate that growing crops in most sections of the district are
in a good state of' cultivation and are making favorable
growth.
The planting of corn has been completed and most of
the crop is well cultivated. The early planted corn in the
Southern portion of Texas is beginning to mature. Some
damage to the crop resulted from the high winds and dry
weather but it has improved considerably since the rains.
According to the Department of Agriculture, the May 1st
condition of the Texas hay crop was 83 per cent of normal.
The sowing of the hay crop this year was retarded somewhat by the wet soil in the Eastern part of the State and by
the dry weather in the Western part. The first cutting of
alfalfa is under way in the Southern valleys of New Mexico.
While the wheat crop had begun to deteriorate in the
Northwest and West-Central portions of Texas following the
dry weather and high winds, the heavy rains recently have
stopped deterioration and late reports indicate that the crop
is now showing rapid improvement. The May 1st co ndition
of the Texas crop was estimated by the Department of Agriculture as 78 per cent of normal as compared to 55 per
cent on the same date in 1928. The Department reported'
that indications point to a production of, 26,521,000 bushels
this year which is the highest since the large crop of 1926.
Except in a few localities where the drying winds have
caused considerable injury, both the spring and fall sown
oats have done well, particularly in the heavy producing
sections of North and Central Texas. The crop in the SouthCentral counties of Texas is ripening and harvesting operations will soon begin. The Texas crop was reported as 77
per cent of normal on May 1.
The planting of cotton in all sections of the district except
Torthwest Texas, is now nearing completion and a considerable portion of the crop, especially in the Southern half of
the district, is chopped to a stand. However, reports indi ca te
that some replanting will be necessary since the recent rains.
The sand storms in the Western part of Texas on May 1st
destroyed practically all of the cotton which was up but the
abundance of moisture will enable farmers to do the necessary replanting. The cotton in the Southern coun ties of
Texas has already begun to square. The Department of
Agriculture reports that there has been a heavy emergence
of weevils and boll worms and that careless worms and
cotton hoppers are more abundant than at this time in 1928
and, furthermore, that the weevils are already active in the
Southern part of Texas.
Fruit and berry crops in Texas promise well. According
to the Department of Agriculture, prospects point toward a
79 per cent of a full peach crop despite the damage resulting from hail storms in April and early May. The strawberry and blackberry crop in East Texas promise good
yields. The movement of frujt and vegetables from South
Texas has already exceeded that of last year by severa l
thousands cars. The fruit crop continues promising in
Southern New Mexico.
LIVESTOCK
A further improvement in the condition of livestock and
their ranges occurred in most sections of the Eleventh
Federal Reserve District during the past six weeks. Range
grass in most sections has grown rapidly and with the improved grazing conditions livestock have put on flesh
rapidly'. Sheep and goats are fat and cattle are in good
condition. The calf and lamb crops are reported to be
better than the average, with losses comparatively small and
physical conditions good. While some deterioration of the
ranges occurred as the result of the dry winds during the
Jast days of April and the early days of May, the recent
general rains have done much to correct the situation excep t
in a few localities. In portions of Southeastern Arizona and
Southern New Mexico, late reports indicate that the soil is
dry and that ranges are deteriorating. Indications genera lly
are that good summer grazing is practically assured in most
sections. Following the decline during February and March,
the range prices of cows and steers advanced somewhat during April and prices of all classes of livestock are noW
higher than they were a year ago. Trading on the ranges
generally has been slow due to the hi gh prices and scarcity
of stock. The contracting of calves and yearlings for fall
delivery, however, has been active in some sections.
The condition of cattle ranges in Texas was reported as
90 per cent of normal on May. 1, as compared to 85 per
cent a month earlier and 78 per cent a year ago. Sheep
and goat ranges were 88 per cent of normal as compared
to 87 per cent on April 1, and 76 per cent on May 1, 1928.
The condition of cattle rose to 88 per cent of normal on
May 1, which represents a gain of 5 points during the month
and 6 points over a year ago. The condition of sheep shows
a gain of 4, points during the month and that of goats 7
points. The shearing of goats has been comp leted and
practically a ll the spring mohair clip has been sold at
prices material! y lower than those obtaining a year ago.
Sheep shearing is well under way but the sales of wool have
been slow.
Movement
The April receipts of cattle, ca lves, and
and Prices
sheep at the Fort Worth market reflected a
large increase as compared to both the
previous month and the corresponding month last year.
The receipts of hogs while sma ller than in March, were
materially larger than in April a year ago.
Despite the large receipts, the murket pri ces on most
classes of cattle were steady to higher. Throughout the
month there was a broad demand for beef steers and Co \~S
and most of the offerings cleared at good prices. During
the first three weeks of the month, the market was genera ll y
strong and prices reached the highest level of the current
year. Prices reacted somewhat during the first half of May.
Hog prices followed an uneven course during the six-week
period, with the trend toward lower levels. The sheep
market after holding relatively steady during the first three
weeks of the month, reflected a noticeable decline during the
latter part of April and the first half of May due to the continuance of heavy receipts.
[!]U'UIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUUHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUUIIIIIIIIIIIII II II II 1IIIIIItllI.HIIII'S
I~{~=:OOMP'R'TlVE0L"ElrC::111;r~ I
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3
MONTHLY BUSINESS REVIEW
t ! 1I1 11I.tl I IiUIItIlIIlIlIIIIUIIIII II IIIIUIIItUIIIIIII I III"UIIUII . U'"1I1IIIt ...... III.IU .. UIII .. III ••• III II .IIl!J
j
~~
:FORT
W04f.~u'~rg~~:S ~; ~:h1 I
~_ SI~e~s...................
p .............. .....
53.020
97.4 18
44.859 G
08.574 G
2~'m
•
SEASON'S RECEIPTS. EXPORTS, AND STOCKS OF COTTON AT ALL
UNITED STATES PORTS
Rcceiplll . .. .... ...... ........ ...... ......... ....... .
m"porlll: Grent Britain .. . .......... . .............. . . .
France .. .... . ..... ... . .... ..... .. ... .. . .. . .
Continent .............. . . ... . .... . ........ .
Japnn- Chillu .... . .. . . . . . ......... . ..... . . .
Me"ieo ......... .. ... . ................•. ..
Total foreig n porlll .. . . . .
Stocks at uli United Stutes porlll. Apri l 30 .... .
~_
44: 192 G 53:226
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Cotton
Movements
While the exp orts of cotton from the ports
of Houston and Galveston during April
were smaller than in the previous month,
they were substantially larger than in the corresponding
month of 1928. Stocks on hand at these ports reflected a
seasonal decline fr om those a month earlier but were larger
than a year ago. Total foreign exports from all United
States ports which amounted to 7,212,088 bales during the
period August 1, 1928, to April 30, 1929, were 17 per cent
larger than during the same period of the previous season.
The domestic consumption of cotton in April while slightly
· less than in March was considerably larger than in April,
1928. The domestic consumption fo r the current season is
now running slightly higher than in the corresponding
period of the previous season.
~ IIIIIIII" ' IIIIIIIIII I III I IIIIII I IIIIIIIIIIII I IUIIIIII I f lllllllllllllllllllllllllllllllllll l lllll l lllllllillIIIIIIII.I I!]
GALVESTON STOCK STATEMENT
u.
10.35
10.85
10.85
April 30.
J920
7. 100
0.000
31.300
1.500
256.114
April 30.
J928
10.500
6.800
34.300
3.000
256.520
Total........... ............ .. ..
302.0 14
311.120
_
£;1 1111111111111 1 111111 1 111 1 11111 111 11111111111111111111111 1 1111111 1 111 ' 111111111'1111 1 1 1 111 1 111111111111111111111,'1"1 I ' ~
:
~
COTTON MOVEMENTS THROUGH THE PORT OF GA LVESTON
:~__:
April
1920
62.028
178. 183
Receiplll . . . . . . .. .. ...... .. . .
gxporlll. . . . . . . . . . . . . . . . . . . . .
Stooks. April 30 . . .. .. . .. .. . ..
April
August This
I to April
30
1028 This Senson
Season
11 7.882
2.80 1.822
2.350.053
130.587
2.67 1. 139
2. 185.550
302.914
31 1.1 20
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SPOT COTTON I'R1CES-(Mieldli ng Basis)
2J~9i.fr·
For Great Britain . . . . . . . . . . . . . . .•• . . . . . ... . . .
For Frauce . .. . " ... . . . ....... . ....... ... \ . . .
For other foreign porlll . .. . . ... ...... . ........ .
For eOllStwise porlll. . . . . . . . . . . . .. . . . . . . . . . . . ..
I n comprcsses and depolll . . . . . . . • • . . . . . . . . . . . .
~IIIIIIIUII U IIIIIIIIIIII I IIIIIIIIIIIIIII'IIIIIIIIIIIIIIII 111 1 11 1 111 1 11111'1111111111111111111111111 5 1111111111 1 111IIIIm
~
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New York .. ............. ... .......... . ..
New Orlcnlls ........ .... . '"' ' ... . .. .... .
DnllllS ..................................
Rouston ....................... .. .......
Gulveston. .. ............................
August 1 to April 30
This SensOIl LllBt Senson
9.005.25 1
7.837.206
1.742.932
1.227.801
735.043
797.341
3.211.087
3.337.160
1.342.175
850.993
29.303
10.395
7.001 .230
0.238.780
1.450.420
1.500.500
192:198Lo
.4305
M·I: 802.lf~
17.55
18.25
18.25
17.80
18 .55
18.55
T···· ...... ···~~;;~~·~~~~·~~~~~·~~~~~~;··.~~~··~~~~··~~·~~~~~~~.............
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Recoipt.....................
Exports ...... ...............
Stocks, ApriI 30..............
49.82 1
160.837
~C2~ Thtsu~o~ t0r!ttrM.!~oll
40.7\0
134.9 15
f
2.807.8862.443.046
2. 157;972
1.715.632
400.0 17
508.070
!:::
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8111111111111111111111111111111111111111.11111111111111111111 1 111.111111111 11 1111111111111111111111111111111111111111111111111111111111.,11111111111111'11111111111111111111111111111111111 11 111"111 11 1 11 11 1 11111 1 111 111 111 1 11 1 1111111 1 111 ' 1 111 1 1III I IIIII m
COTTON CONSUMED AND ON RAND
COTTON GtWIVI NG S'PA'I'ES
Cotton consumed ............................... , ........... .. .... .
Cattail all hUlld April 30
(a) I n co"suming establishmelllll ....... . . . ...... . ... . . . . ...... .
(b) III public storage and eomprcsses .......................... .
April
1929
477.80il
April
1028
306.510
1.146.004
2.230.800
COTTONSEED PRODUCTS
While the operati ons of cottonseed oil mills in both Texas
and the United States refl ected the usual seasonal slowing
down, they were materially larger than in the corresponding
month last year. The producti on of all classes of products
during the current season was materially larger than during
the previous season. While the stocks of crude cottonseed
oil on hand at the mills are smaller than a year ago, those
of other products are larger.
STA1' ISTICS ON COTTONSEED AN D COTTONSEED PRODUCTS
TellIS
United Stntes
Tht~~:oln tOL,!!,[i~on Tl~~~~~u to t~~i~soll
:
§:::_
Cottonseed received at mills
(tons), .... . . . .... . .... . .. .
1.089.099
1.607.71 2
5,004.620
4.535. 151
Cottonseed crushed (tons) .. , ..
1.513.336
4.831.011
4.51 0.501
1.605.570
Cottonsccd on hnnd (tons)
30.017
28.307
191.048
107.844
Crude oil produced « ()ound~i: : : 404 .451 .860 453.830.012 1.523.553.552 1.427.788.064
Cnke und meal Jlroduced (tons)
704.035
2.1 70.222
2.028.9 10
782.786
HLulis prod uced (tollS) . .. . .... .
43 1.125
1.307.540
1.270.663
454.90'1
inters produced (ruuning bales)
345.923
201.170
1.030.890
840.844
Stocks on hnnd April 30
gruelc oil (pou nds) ...... ,'....
17.41 7.707 10.060.428 57.200.133 64.408.4 11
R'ke
and menl (tollS)...... .. .
48.755
25.142
225.362
84.5 15
L·ulls (tons) . . . . . . . . . . . . . . . . .
52.487
34.498
123.543
l~~'.m
IDters (running bales) ...... "
45.703
34.802
107.203
UN I'!'EV STATES-
August 1 to April 30
This Senson Last Senson
4.055.471
3.940.483
April
1020
03 1.710
April
1028
524.705
Au~ust 1 to Apri l 30
This SCII80n Last Sensoll
5.313.970
5.306.450
1.019.210
2.000.600
1,600.832
2.523.574
1.507.590
2.0 19.278
TEXTILE MILLING
Although less than in the previo us month, consumption of
co tton and production of cloth at Textile mills in the
Eleventh District were greater in April than in the correspon ding month last year. There were 3,684, ba les of raw
cotton consumed as compared to 3,959 bales in March and
2,84.7 bales in April, 1928. Production of cloth was 8.9
per cent below that in March but 23.6 per cent in excess of
output in the same month last year. A substantial increase
was noted in or ders on hand on April 30th as compared to
March 31, but they were slightl y below those a year ago.
Stocks held at the close of the mon th were larger than on
March 31sLbu t less than on the same da te a year previous.
(!JIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIIIIIIIIIIII ' IIIII .. I ... I.111111111111 1 111 1 11.11111'111 1 11111111111111'111 1 1. 11 11IIIII' G
'::_: N•••
,.~
. ,•••ooT,rmE
M'C~NG ST~i~GS :.~hl
NtII'lihor Hpindlcs nctive ., ....... " . . , '.,'
NUlIlber Ilou nds cloth produced . . . .. ... ... .
:
~::_:
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1.00 1.000
1.3G8.385
:x;,:
1:___:-
1.855.450
@ IIIIIIIIIIIU I1 IUIIIIIIIUIIIIIIIIIIII II IIIIIIIIIIIIIIIIIII I IIIIIIIIIIIIIIIIIIIIIfIl ... 1I1I1I1I1 II II II I t l i l II II 11 11 I 1Ir ; ]
WHOLESALE TRADE
While the volume of merchandise distribution in wholesale channels reflected a seasonal decline as compared Lo the
MONTHL Y BUSINESS REVIEW
previous month, it showed a substantial gain over the corresponding month last year. Sales during the first four
months of the year in all reporting lines except groceries
and dry goods were larger than in the same period of 1928.
Reports, however, disclose considerable irregularity in some
lines of trade due to the fact that adverse weather had affected the agricultural outlook in some sections of the district. Retailers generall yare continuing the policy of buying on a conservative basis and are showing no disposition
to make purchases in excess of well defined requirements.
Wholesalers have likewi se shown a tenden cy to reduce the
volume of stocks on hand.
The sales of reporting dry goods firms reHected a seasonal decline of 8.3 per cent as compared to the previous
month but were 13.8 per ent larger than those in the corresponding month last year. Developments in the dry goods
trade this year have been in marked contrast to those a
year ago. In the opcnin g months of ] 928 the demand for
merchandise was exceedingly heavy and in subsequent
months it showed a marked decline, whereas, during' the current year business has been generally steady with a tendency
to improve. During the first four months of the year sales
fell only 4,.1 per cent below those of the same period a year
ago. Reports indicate that buying during the first half of
May was generally satisfactory. Collections in April showed
a substantial improvement over the previous month.
1"
While the distribution of farm implements showed a seasonal decline of 7.0 per cent as compared to March, it ex·
ceeded that of April, 1928, by 63.9 per cent. In this connection it should be remembered that the buying of implements was also heavy in the latter month. Late reports
indicate that numerous orders for harvesting machinery are
being received since the recen t rains. Prices are reported to
be generally steady.
The sales of reporting drug firms were 2.4, per cent less
than in the previous month but 7.5 per cent larger than a
year ago. Business appeared to be somewhat spotty, sales
being generally good in some sections but slow in otheI:S.
Collections were maintained on about the same basis as )11
the previous month.
The demand for hardware at wholesale was well sustained
during the past month. Sales of reporting firm s were slightly larger than in March and showed a gain of 8.6 per cent
as compared to the corresponding month last year. The
comparison with a year ago is more impressive by reason
of the fact that business in April, ] 928, was very active.
Collections reflected a substantial 'improvement during the
past month.
Sales of reporting wholesale grocery firms were 1.0 per
cent larger than those in the previous month and were 0.9
per cent less than in the same month of 1928. Business was
reported to be generally good in some sections but slow in .
others. Prices rem ained gencrally steady. Collcctions
showed some improvement.
(:!}'IIIIIIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIII'111111111111111111111111111111111111111111111111111 111111111111tJ
CONDITION OF WHOLESAI,E TRADE DUR! Nn APRIL. 1920
Percentage of inorcasc or decrease in:
Net Sales
Net Sales
9too".11
TUltio of coIlccApril, 1029 Jail. I to date April, 1020 tion. dllring April
cOIflr.un.<1 with compr'd with cOlllpare.1 with to acoolln'" and
AI"II March Ha,no periud April March nutes olltstanding
1928
1920
I""t year
1928
1029
{Ill Mllrch 31
Grooeries ........ .9 +1.0
- 1. 2
+2 .0 - 2.5
73.3
Dry Goods .. .... +13.8 - 8.3
- 4.1
- 13.2 - . 4
31.3
Farm implomonts. +63.9 - 7.0
+31.4
- 2.0 + 3.7
20.7
Hardwaro ....... +8 .0 +.2
+3 .1
-3. 1 - 1.5
42 .8
Drugs ........... +7 .5 -2.4
+5.0
+2 .7 - . 3
43.2
l!iIlUIIIIIII I 11111111111111 II IIIIIU'IIIIIII 1111 111111111111111111111 111111 III IIJI 1111 If II 1I111I11I1I1I1I1I1I11I1I11I1I1[!l
RETAIL TRADE
The distribution of merchandise at retail was well sustained during April. Sales of reporting department stores
in larger cities reHected a seasonal decline of 9.0 per cent as
compared to the previous month but were 2.1 per cent larger
than in the corresponding month last year. The volume of
trade during the first four months of 1929 exceeded that of
the same period of 1928 by 1.1 per cent. Among the depart.
ments showing a large increase in sales as compared to a
year ago were: Linens; neckwear and scarfs; handkeI"
chiefs; s ilk and muslin underwear; women's su its; misses'
dresses; waists, blollses, swca ters, and bathing suits; men's
clothing; domestic floor coverings; and draperies, curtains
and upholstery.
Stocks on hand at the close of April were 1.7 per cent
grea ter than those a month ear li er but were 2.6 per cent less
than a year ago. The rate of stock turnover during the first
four months of 1929 was 1.00 as compared to 0.94, in 1928.
The ratio of April collections to accounts receivable on
April 1 was 37.1 per cent as compared to 37.0 per cen t in
March and 36.3 per cent in April, 1928.
iflll"II'I.'., •••• 'I"" ••• II .... III.J ••• I'IJIIII .. I .. IIII'11,111,11"1111,111111",11"'111111'.111111111111111111111111111'111.111111111111'1111111111111111111111111111.111111" .... 1111 ... 1111111111111111111111111111111"1'1'1111'''''111111111 11 111 I ~
§
i
nUSINESS OF DEPARTMENT STORES
::
:
~= Total Sales (Percelltago):
•
~
Dallna
April,I920,compllredwitb~ril,1028................. ..... . ......................
April,1929,compnredwitb
nrob,1020............................................
§ Janllaryltodntocompnredwitbsamoperiodlnatyear ... . ..... ......................
~.:
=::.
:
~.':
:
=:::
Credit Sales (Percentnge):
Allril, 1929, compared with April. 1028........ . ... ..... .. ...................... . . ...
April,1929.comparedwithMnrch,1029............................................
Jnnunryltodntecomparedwitbsnmcperiodlnatycnr .... . ...... ...... ....... .. ... ..
Stocks (Percentage): .. .. .......... . ....... . ................ " ............ . ...... . .
April,1920comparoowithApriI,1928 ......... .... ............ " ........... ... . "..
April, 1929. compared with Mnrch, 1920 ............................. " ............
Stock Turnovor (Rato):
Rate of stock turnover in April, 1928 .. :... .................. .. ............ .........
IlAtoofstockturnoverinApril,1929 ...... .. .................................. .....
Rntoofstock turnover Janunry I to April 30, 1928 ............ .......... ........... ..
Rnl.oofstockturnoverJanunry ltoApriI30/1020........ . . . ........ ... . ............
Ratio of April colloctiona to accounts roceivanle nnd outstanding April t, 1020 ... .......
Ft. Worth
Houston
San Antonio
+3 . 0
-0 .9
+3 .7
-4.7
- 8.0
-3. 5
+4.4
- 12.3
+3.1
+2.5
-4. 0
- 1.0
+3.0
-0.0
+1.3
+ 7.2
-8. 1
+ 0.0
- 3.0
-8.7
-.2
+ 7. 0
- 11 .0
+3.1
+ 0.4
- 5.7
+ 1.1
+ 1.1
-8.0
+ 1.6
+2 .1 ~
-. 9.0_
+ 1.1 E
•
+ 4.4 ~,_
-8.0 _
+3. 1 _="
-
+ 2.2
.4
-5. 9
+ 1.3
-2. 1
+ 3.2
- 11 .8
+.0
+3 .0
+.4
-2.0
+ 1.7
.25
.26
.96
1.00
35.2
.22
.22
.80
.88
35.3
23
:25
.98
1.00
3S.n
.24
.28
1.03
.21
.21
.87
.88
30.9
I.tG
40 .1
Othors
Total District
=:'
,
,.;
.23 :
.24 ,
.94 =:"
1.00_
37. 1
m"lltlIlIUUIIIIIIIIIIIIIIIIIIUIIIIIIIIIJIIIIIIII IfI .. l l l f l l l l f l l l l l l l l l l l l l l l l l l l l l l 1111 1111 1111111111111111111111111111111111111111111111111111114111 111 111111111111111111 , 111111111I1I1I1I1I1I111I1111 111111I1111I 11I 11 111111 1111 111111111 111 11111 11 , [;l
MONTHLY BUSINESS REVIEW
cline of $594,,444 during the past thirty days, Acceptances
executed against import and export transactions declined
from $2,4,74,,978 on March 31 to $2,04,9,881 on April 30,
and those based on the domestic shipment and storage of
gqods were reduced from $2,223,34.7 on the former date to
$2,054,,000 on the latter date,
A further decline was shown in loans on
Condition of
Member Banks securities of member banks in selected cities
of the Eleventh District during the current
in Selected
month and "all other loans," after increasing
Cities
considerab ly in March, declined sharply in
April. Amounting to $102,141,000 on May 8, loans on
securities were $2,713,000 less than on April 10, and all
olher loans (largely commercial) which stood at $243,-30,2,9
23,024 +205
28,563 + 5 .0
074,,000 were $9,399,000 less than four weeks earlier. In~rI8InslOnna " " .. " .. .. .. ...
5,40·1
5,200 + 3 .9
0,71 1 - 18 . 1
: D•
248,407
209,428 + 18.7
27 1,141 - 8 .4
:
vestments of these banks in U, S, securities declined $160,~:_ WIPII"~ : ::: :: :: :::::::::::
41,864
34,085 +22 .8
40,708 + 2. 0
~::
;,orLlVorLh ................
111,294
U7,040 +14 .7
107,050 + 3.4
000 and aggregated $94,,375,000 on May 8, while their hold"
:10,000
~2,4fiO - 4.0
~U,188 - 21.0
ings in other stocks and bonds, totaling $40,979,000,
reflected an increase of $1,411,000. Tota l loans and investments amounted to $4,80,569,000 as against $4.91,4.30,000 on
April 10 and $444,583,000 on May 9, 1928. Net demand
deposits declined $4,,270,000 during the four week period
ending May 8, and were $5,405,000 below those a year ago
Tnla\. .... .... ..
027,851 804,564 +16 .3
000,250 - 4.0
DiflLri~'~~luclc.'1 Lbe figures of two banks inTcxnrltlUlU, Arknnsll8, located in the Eighth
but time deposits reflected an increase of $1,721,000 between
April 10 and May 8, and showed a gain of $19,248,000 over
Acceptallce
The volume of acceptances executed by ac- last year, Following the trend of deposits, reserves of these
ceptin g banks in the Eleventh District and banks with the Federal Reserve Bank declined $2,802,000
Marlcet
outstanding at the close of the month which during the month while their bills payable and rediscounts
n1110 L111 ted to $4,,103,881 on April 30 reflected a furth er de- with this bank rose $5,287,000.
FINANCIAL
Debits to individual accounts at banks located in principal cities of the Eleventh District declined 4,.0 per cent in
April as compared to March but showed a gain over the
cor~esp~nding month last year of 15.3 per cent. Charges
to mdIvIdual accounts at banks in these centers aggregated
$927,851,000 as compared to $966,259,000 in the previous
month and $804,,564.,000 in April, 1928.
8 " " IIIII I IIIIIIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIII'IIIIIIIIIIIIII I IIIIIIIIIIIIII II IIIIIIIIIIIIIII I I I I I I I I I I I I G
:1_-----:
8
D~'" ; :;~ ~:':;~ :,~:;~ ~ M~~!r?rr!
~~~I~~:~·t·::::::: ::: ::: :::
--_MOO:
11111111111111111 1 111 1 11111111111111111111 11111 11101l 1l1l1l11l1l1l1l1l1llHIIIIIIIIIIII111 11 111 11 1111111111111111111110
~ " I IIIIIIIIII I IIII I II II IIIIIIIIIII ' IIIIIIIIf IlI Il IlIlIl IlIlIIlIlIl IlIIl IlIUUIIIIIIIIIIIIII 111111 1 11 1 1111111111111111111111111111111111111111111 11 11 11 11111111 1 11 1 11 11 1111111111111111I11I1I11I11I1I111I1I11Itl llI lIlIllIllIlIlIlIlIllIlIlIlIlIlllIllIlI[!]
CONDITION STATISTICS OF MmMDEIt BANKS TN SELECTED CITIES
k ~::~;Sf!~P80:eL~~fLi:I
~~~~d.'.':::::::::::::: ::: :::: : ::: :: ::::::: : : : : ::: ::::: ::: ::: : :::: :: :: : :: : : : : : :
All oLher sLoeks, bonds and 8eouriLics owned .......... .... .. . ....... ...... ... ..... ..... . .. . ..... . ... .. . .
3.
4.
5.
6.
Loans on 8ecllriLics . ... . ........ .... ........ ...... ... . ....... .. ...... ... .... .. . ...... "" .......... ..
All other loans .. ..... . .................. ... ...... , .... .. ... ... .......... . .. ... ....... . " ... .. .. .. . ..
ToLal loan8.. ... . .. . .. .... .. ................. . . , ..... , ........ . ....... . . .. .. .... . ... , .. ... , . .... • , ..
i: ~~e~!~;l\~~¥~:~~:~~~;~~ ~~~~: : :.:::.:.::.:::: :.::::: :.:::: ::::::::::::::::::::::: ::::::: ::::::::: :::::
10. Bills pUYllble and redi8eounts wiLli 11ederal Reserve Buuk . . . . . . . . . . . . .
. ............... . .. . . ......... .
May 8, 1020
April 10, 1929
Ma¥ 0, 1028
43
43
94,53G,OOO
39,508,000
104,854,000
252,473,000
357,327,000
300,761.000
130,567,000
36,324,000
0,000,000
45
75,785,000
32,262,000
105,663,000
230,873 ,000
0'1,375,000
40,070,000
102,141,000
24,,074,000
345,2l5,OOO
200,401,000
141.288,000
33,522,000
J.\,Og7,OOO
3~O,530,OOO
30 1,800,000
122,040,000
34, ISO,OOO
3,002,000
ffi] 1I11 t1 11111 Ilitl IIlIltllIllIlIllIlIlIlIlIlIllIlIlIllIlIlIlIllIlItltllIl lI lIlIlIlI 11111 1111111111 11111111111111111111111 1 1111111111111111111111111111111111111111111111111111111 " " 111 1111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII N
Savings
Deposits
Savings deposits of 88 reporting banks in
the Eleventh District which operate a savings department amounted to $148,039,855
on April 30, representing a decline of 0,2 per cent as com-
pared to March 31 but an increase of 9,7 per cenL over those
a year ago. There were 298,160 accounts carried at 80 of
these banks as against 298,999 a month earli er and 268,295
on April 30, 1928,
SA VINaS DEPOSITS
Number
of
Bnnks
~f~~~:nL: ::: : : :::::: : ::: :::::::::: :
GorL WorLh .... '"' ' ............ . .. . .
~~~~;./ :
All oLhers . . ... .. . . .
... .......... ...
April 30, 1920 ,
Number of
AmollnL of
saving
saving
Depositors
Depositors
3
13'
6,080
64,088
15,072
23,700
13,002
71, 075
4'
4
2
30'
21,309
0,886
4,119
37,732
4'
6
2
3
S'
---
20,559
--
2,5 10,408
25,221,050
0,503,240
8,931,226
0,287,:100
34,000,080
22, 11 0,870
11 ,053,804
7,005,047
1,563 ,810
18,640,122
---
April 3D, 1928
Number of
AmounL of
saving
8aving
DeposiLors
DoposiLors
or
Decrease
2,424,202
22,390,003
5,578,721
7,704 ,700
9,510,-1 16
31,800,239
19,19 1,044
11 ,154,150
0,·1'10,107
2,032,305
10,140,816
+ 3.6
+ 12.6
+16.0
+ 15 .0
- 2.4
+ 8 .8
+ 15 .2
+1.5
+ 8 .0
-23. 1
+15 .5
0,700
53,457
13,80r,
22, 101
13,507
05,370
201,1(11
22,3'i 1
8,024
4,1:13
33,700
----
lllcrcnsc
---
March 31, 1920
Amount of
Number of
sllviug
8aving
Deposits
DopooiLor8
7, 184
03,550
14,070
23,600
14,004
73,20:1
20,:103
21,303
0,842
4,164
37,810
----
2,485,250
25,007,220
0,440,700
R,706, I55
9,000,202
34,771, 242
21,034,590
12,108,13 1
6,070,007
1,550,106
18,532,110
148,355,427
208,000
1:14 ,410,083
2118,205
208,100
148,030,81i5
+ 9.7
88
ToLa!. .. . .. . ........ .. ..
'Only 3 bank8 in BcaumunL, 11 banks in Houston, 7 banks in San AntoDlo, 3 banks In ShreveporL und 36 h'",k8 in " All oLho,." reporLed Lhe lIumher of snying dellooiLors.
Increase
or
DeerCIIBe
+
+
+
+
-
.+
+
+
+
+
1.0
.5
1.0
1.0
3.3
.5
.8
4.5
.5
.0
.0
---.2
-
~
'7j 1l1 1l 1111l 1111 1l 1111111 111111111111 11 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11111111 11111111111111111111 11 1111111111111111 1 1'"lll l l1l lll ll llltlllllllltll lllllllllllllllllllllllllltllllllltlllllllllllt lm
MONTHLY BUSINESS REVIEW
6
I!J ,.1.11' 111111'.1.1.1 .. II II 111'"111111." 111111111,,1.1.1 II II II II 11.111111111111" 1I11I,IUllllllllllllllllllllllitlllIl'" .. 111111 ..... 11 .... II IIlltllIlIlllll.IIIIIIIIIIIIIIIIIIIIIIIIII.I,I'11I1111111111111111111111111111111111'"111111'11111111,111 [!j
MAY DISCOUNT RATES
Dallas
EI PMO
Fort Worth
Houston
San Antonio
Waco
Rates charged oustomers 00 prime commeroial paper such as is now eligible for
rediscouot uoder the Federal Reserve Aot . . .. .. . .. .. . .. .. . .. . .. .. .. . .. . .. .. .
nate oharged on loans to other banks securod by bills reccivable. . . . . . . . . . . . . . . . . . .
R.te ou loans seourod by prime stock exohauge or oth~r current collateral (oat
includiog loans plaoed in other markets through oorrespondent banks):
6
5- 7
7- 8
6
6-8
5- 6
6
5- 6
6
5- 6
6-8
6
R.te chargod on commodity paper secured by warehouse receipts, elc. . . . . . . . . . . . . . .
Hate on cattle loans . . . ... ................. .... ... . ............. . .. . .. ... . ...
6- 7
6
1bl ?i:e~~d :: :::::: : :::::::::: : :: :: :: : :: : ::::: :: :: : :::::::::::: :: ::
.
Prevailing Rates
~=~
t~
7- 8
6- 8
~=~
~
6- 8
U- 8
~=~
0
7- 8
~=~
0- 8
4- 8
6- 8
7- 8
-
~111I1I1I"1""IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIIIIIIIIIIIIIIII'" IIIIIUIIIIIIIIIIIIII 1111111111111 1 1111111111111111111111111111111111111111111111111111111111111111111111 11 1111111111ItlIlIlIlItIlIlIlIlIlIlIlIlIlIIlIU.UIIIIIIIIUII.WII .. IIIIII[!1
:1
I
Deposits of
A further seasonal decline was shown in not as great, as indicated in the number of borrowing banks
J'\Ilember Banks combined daily average of net demand and which totaled 99 on April 30 as against 103 on April 30,
time deposits of member banks in the 1928.
Eleventh District in April, the average for the month being
Due to the increase in member bank loans, total bills
$924,644,000 as compared to $949,031,000 in March. The held rose from $29,068,317.90 on March 31st to $33,426,daily average net demand deposits declined from $718,- 550.06 on April 30, distributed as follows:
066,000 in March to $693,137,000 in April but that of time Member banks' eollater'n l notes secured by United States Govdeposits increased from $230,965,000 in the previous month
ernment ~bligations .. ........................ ............................................. $11.986.560.00
Redis counts nnd nil other lonns to member banks ................. _..... 10.589.471.80
to $231,507,000 in the latter month. Actual net demand and Ope
n mnrket purchnses (Bankers ' acceptnnces ) ............................ 10.900.578.26
time deposits of these banks aggregated $892,128,000 on
Totnl bills held ... ............................................................................ $33.426.550.06
May 9,1928.
Federal Reserve notes in actual circu lation, aggregating
Operations of Loans to member banks in the Eleventh Disthe Federal ne· trict increased rather steadily throughout $37,568,715 at the close of the month, reflected a further
April and at the close of the month amount. decline of $201,500 during April and compares with a net
serve Bank
ed to $22,525,972, which was $8,197,737 circulation of $32,980,480 on April 30, 1928. The daily
greater than on March 31. The increase over a month ago average reserve deposits of member banks amounted to $67,'
wa due to an expansion in loans to both country and reo 509,298, which was $2,4,51,854. less than in March but
serve city banks. While borrowings of banks in rural sec. $2,143,443 greater than in the same month last year.
tions were almost doubled during April they continue con·
FAILURES
siderably less than those of banks in larger cities. During
While a slight increase was noted in the number of failthe first half of May, banks in the smaller cities further mes in the Eleventh District in April, the indebtedness inincreased their borrowings from the Federal Reserve Bank volved showed a further decline from the previous month,
but loans to reserve city banks were slightly lowered. Total which is significant in view of the comparatively low failure
loans on May 15th aggregated $22,112,269 as compared to rate throughout the current year. There were 51 defaults
$7,327,34,7 on the corresponding date last year. Although with indebtedness of $515,003 as compared to 49 failures in
borrowings of member banks from this bank are materially March that owed $559,130. In April last year, there were
larger this year than they were a year ago, the spread is 4.6 insolvencies with indebtedness aggregating $1,283,614•.
PETROLEUM
The output of crude oil in the Eleventh Federal Reserve Coastal area but East Central Texas reported a sli ght de·
District, which amounted to 24,,480,070 barrels in April, cline. Shallow oil strikes in Archer and Young counties of
showed a reduction of 823,554, barrels from the high level North Texas stimulated field work in these localities; on thc
reached in the previous month. Although the number of other hand, a subsidence occurred in activities in Wichita
comp leted wells was slightly larger than in March, initial and Wilbarger counties. Activities increased in the Salt
production was considerab ly smaller. There were 553 com· Flat field whose gain in production accounted for the inpletions during the month of which 272 were producers of crease shown in the daily average yield of South West Texas.
oil yielding 126,689 barrels of new production as compared Tn North Louisiana, total production of oil amounted to
to 548 completions in the previous month that netted 281 1,130,900 barrels as compared to 1,109,800 barrels in the
previous month.
oil producers with an initial flow of 206,640 barrels.
The daily average production of crude oil in Texas de·
clined from 787,754 barrels in March to 778,305 barrels in
MARCH DRILLING RESULTS
April. The continuance of the conservation program em·
bodied in the proration plan lowered the total output of oil
ProCom·
Gns
Inilinl
pletions
dueors
Wells
Failures Pl'OdllOLioll
in Central West Texas 1,259,900 barrels whi ch largely acNorlh Texas ... .. . ... . .. . . .
177
11,034
99
16
62
counted for the decline showll for the State. A substantial
Contral Wesl Toxas .. . .. . . .
100
06
14
64,560
89
gain was noted in the daily average production of the Gulf
11
1
15
U
1
Ens l Tex.. ... . .. ....... . ..
~111'11111'IUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII'1I11111 '1'11111111111111111111111111111111111111111111111111111111111111£;1
1:.-
~~r. .::"~~,~;;~ ; ,~::: ~~:;:::c:;, ::.~" ::.~. ~.i:
nnd above .............. .. .... . ... .. ...... .. ...
1. ,14
1.00
mllll llllllllllll ll ll llllllll lll llllllllllllllll llli ll1 11111'1111'1111111.,1111111,,11 11 1,11111111111111111111111 111 111. 0
:
SoulhwCflt Toxas .. .. .. .. .. .
Texlls Costal .. .. . ..... . .. . .
Texna Wild Cats .... . ... .. .
15
64
52
13
51
4
1
2
1
1
11
47
li,575
41,701
2.545
Totnl Texos .. . . .. • . .
North Louisiana ... . . . .... .
518
35
204
8
43
21
211
6
126,339
350
April Totals, Dislrict ..... . .
Mnrcli Tolals. District . ... . .
[jfj3
272
281
64
50
217
217
126.689
200.040
548
:
[!J""tllll.II.1I1I1I11111111111111111111111111111111I1I1111111111,11111111111111111"11111111111111"11111111111111IIIIIG)
7
MONTHL Y BUSINESS REVIEW
!!l-IIIIIII.
1I I II III II I a'.I . , ••• • , II I . ,I ••• I IIII •••• ,I I IIII.,I.,11.11111111111111.1.,1 11.'11111,,1.,1 1 11111111111111,.,1.1."1. , 111111111,"11111,.1111 •• 1111111111,,.1' 1 111111I!l
OIL PRODUCTION
~~~::
•.. ..:·...· . . ··..L.· .·.·:·.
Tottll
4,470,700
12,244,250
570,450
3,878,470
2,1 67,300
April
Dnlly Avernge
149,323
408,142
10,315
120,282
72,243
Mnroll
Totnl
Dnily Avernge
4,338,300
130,045
13,504,150
345,018
027,000
20,245
3,001,300
125,848
2,049,050
06,098
Ino.
Doo.
Dec.
Deo.
Ino.
Inorease or Deero..e
Totnl
Dnill' Avornge
141,400
Inc.
9,378
1,250,900
Dec.
27,470
48, 150
Deo.
930
22,830
Inc.
3,434
118,250
Inc.
6,045
Totnl Te ..
. .. .. .. .. ... . • . . . ... , .. , .. ,',. .. . . . . .
North Louisinnn ..... ~ ........ : ............ , ..... .......... ... ......
23,340, 170
1,130,900
778,305
37,607
24,420,400
1,100,800
787,754
85,800
Deo.
Ino.
1,071,230
21,100
Dec.
Inc.
0,440
1,807
Totnl Distriot. . .. . .. . . ..... .. . . . . ...... . . . ... . . . . . .. .
24,480,070
810,002
25,530,200
823,554
Dec,
1,050,130
Doc.
7,552
!!JII III'...
111111111111111111111111111111111111111111111111111 1 1111111111111111111111111111111111111111 1I11111I1I1111I111I1I1I1I1I1I1I1I1I1I11I1I1I1I1I1I1I1I1I1I1I1I1I1I1I1I1I1'1!l
tllllllllllllllllll lll llllllllllllIllIlIfIlIlIlIlIlIIlIlIlIlIlIlIlIlIlO'i'l
stutistics compiled by the Oil Week ly. Houston, Texas
LUMBER
As shown in the. production and shipments of lumber, 57,267,8415 feet on record at 41 establishments on March 31.
activities at pine mills in the Eleventh District were at
practically the same level in April as in March, Production
APRIL PINE MILL STATISTICS
of lumber was 95 per cent of, normal as compared to 92 pel'
37
N umber of reporting mills .. . .. . ..... ....... .... . . . .. .. .
cent in the previous month and shipments which amounted
P roduotion . . .... .................. ..... .. . ..... . .... . 71, 856,812 feot
72,573,490
foct
to 96 per cent of normal production were the same as in
~~t~O.I~t~:: ...... ::: :: :: ::: ::: ::::::: ::::: :::::: ::::::: 68,118,439 foet
42,390,132
feet
Unfilled orders April 30 ........ .. . ....... .. . . . . ... .... .
March, Following a sharp increase in the former month,
Normnl pred uetion . .. . .... . .. . .. .. . . .. .... . .......... . 75,616,1 95 feet
o,rders for lumber declined to 90 per cent of normal producStocks, April 30 . .. ............ . . . .. . .. . , .... . . .... .. . . 178,966,880 feet
Normal steeks ...... . . . .............................. . 103,622,820 feet
tIon in April, or 19 points below those in the previous
3,042,696 feet- 4 ~
Shipments below normnl. ...... . .. , ..... . . . ... .. .... .. .
3,750,383 feet- 56'2
Aotual produotion below normnl. ............. . ....... . .
month, Stocks declined further and were 81 pel' cent of
7,·107,756 feet-10 &
Orders below normnl produotion ........... .. ......... .. .
normal on April 30 as compared to 91 per cent a month
14,655,040 feot-10%
Steeks below normnl. . ......................... .. .. . .
earlier, Unfilled orders for lumber, totaling 4.2,399,132
1 1 11111 1 1 1 1. 1 " 1 "111111,.1 . 1111 1 1 1 11111111111 1 111111111 IIII{~
feet, were recorded at 37 mills at the end of April as against
Lumber stntis tics compi led by th e Sou t h ern Pin e Associntion
BUILDING
The valuation of building permits issued at principal March this year and April last year was $8,682,84,5 and
cities in the Eleventh Federal Reserve District reached the $6,788,238 respectively. While the phenominal increase
highest level on record in Apl1il. Considerable expansion over the same month of 1928 was due to the large gains in
in the building program in the cities of Houston and San the two cities already mentioned, it will be observed that a
Antonio boosted the valuation of permits issued at all cities majority of the centers likew ise reported increases over the
to $19,44.2,938 which was 123,9 per cent greater than in same period, The valuation of permits issued during the
March and 186.4, per cent above that in the correspon ding four months of 1929 was 4•.1 per cent larger than in the
month of, last year, The valuation of permits issued during same period of 1928,
[!J1I 11 11I1I .l u l l a • • •• ' I I . ... IUIII . IIIIII I III. ' •• IIIII . II • • •
1
r""'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''' '''''''''''''''''''''''''''''''''';::~~;';:'';;;:;;:;''''''''''''''''''''''''''''''''''''''''''"""""""""""''''''''', ..'''...." ......,.... '''''''''....
April, 1928
April, 1920
No.
Valuation
No.
Valuat ion
rncrensc
or
Decronse
March, 1020
No.
Valuation
Inorease
or
No.
No,
Four Months
1920
Valuation
No.
1928
Vniuntioll
Incron.IlC
or
Deorease
----- --- - - - - - - - - - - - ---- - - - - ---- --- ----- --- - - - - ------------106 S 757,026
Amarillo ....... . . , ',., "
- 30 .3
76 $ 247,632
- 36.0 S 51 $ 224,24 1
03 S 156,280
320 $ 1,1 54,992
~
Austill . ......... . . . . . .. .
Beaumont . , . , ...... . ....
Cor]lus Christi ... .... ....
D" IIIIS .. . ...... .. .......
1~1 jlMO ..... . ,., .. . . , .. ,
110rL Worth ............ ..
Galveston .. '" .... . .....
Hou, ton . .. . ......... . ..
Por t Arthur .. ...........
San Antonio . . .... ... . . ..
Rhreveport ..... . . ..... . .
\Vnllo . ......... . . .. . . .. .
Wiohit.n Falls ............
Totnl. . .. ...
88
203
77
3013
87
422
2111
50S
101
408
340
61
54
338,007
324,209
170,900
1,294,2 12
119,508
1,005,071
165,655
8,455,77 1
106,265
0,604,425
292,090
170,199
81,346
67
218
75
372
IOU
280
185
523
121
357
240
~6
50
327, 111
306,735
170,805
798,573
11 2,29,]
4U9,867
120,221
2,30 1,189
101,702
1,304,166
316,503
77,240
134,050
- ---- - ---3,046 $19,442,938
2,700 $ R,788,238
-\- 3.3
-\- 93 . 0
+106.4
7 .7
+128. 1
- 37. 1
105
218
67
343
1\ 9
3nO
190
530
151
306
203
46
41
+ 186 .4
2 .92g
-\- 5.7
0.0
-\- 62 . 1
+ 6.4
-\-126.7
-\- 31.8
+~67.5
-
- - - ---
185,754
108,3Sil
200,660
1,708,728
4!10,278
1,274,8Bl
233,202
2,267,725
550,832
890,345
21 1,430
165,5 19
110,86 1
-\- 82. 0
+ 63 . 4
- 34.4
- 24.:1
- 70 . 1
- 16 .5
- 29.0
-\-272.0
- 04 .4
-\-641.8
-\- 38 .2
+ 6.5
- 2:1.0
$ 8,682,845
-\- 123. 9
---
----
330
722
268
1,229
393
1,3tU
730
1,886
521
1,489
1,026
182
156
--10,453
878,888
1,157,070
768, 101
4,356,415
954,750
3,536,528
742,957
14,847,088
1,2 18,208
9,622, 188
1.113,322
587,a76
459,740
----
$ 10,004,647
276
720
28.;
1,403
295
1, 744
76 1
2,246
460
1,427
808
146
240
1,306,813
989,072
2,67 1,12 1
2,749,862
532,574
7,260,229
778,363
13,366,880
408, 11 0
4,700,404
1,505,050
1,188,612
073.885
+
+
+
-
3·1.5
37. 1
17 .0
71.2
58 . 2
79 .3
51.3
- '1.5
+ 11.1
+ 108 .5
+104.3
- 26 . 1
- 50 .6
- 31.8
i
- - - ---12,145 $ 39,:185,573
-\- 4.1
CEMENT
A further increase was shown in the activities at Portland in several years, The output of 622,000 barrels was 95,000
ceI?ent mills in Texas during April; in fa ct, production and barrels greater than in March and 65,000 barrels above
shIpments were the largest recorded for any previous month
production in the corresponding month of last year. Ship~: : : : . II II I II IIIIIIIIII II III IIII IIIIIIIIIIUIII"'IIIIIIIIII I I I II II IIIIIIIIIIIII 11. 11 .. 11111 .. 1111,,"111111111111111111111'" 11 111111 ... 111 1 1111 11111,1111111111111111111111111111 •• 11111111 . 111111111111111111111 .. 111 1... 1111 ............................... G
PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND CEMENT- (Ba"els)
§r~uotion nt T oxas mills.... .. .. .. .. .. .. .. .. . .. .. .. .. .
E s~~k!e~~ at Texas mills .., ....... :.. . .... ......... .. ..
::
end of month at rex.. mIlls..................
April
1920
622,000
025,000
443,000
April
1928
557,000
5a8,OOO
468,000
Inoreasc
or Deo rease
11 . 7
+16 .2
- 5 .3
+
Maroh
1020
527.000
5Q4,OOO
446,O()0
Inorense
or Deoreaso
+ 18.0
+ 5 .2
.7
Four Months
1029
1028
2,0 14,000
2,032,000
2,004,000
1,971,000
Inereaso
or Decrease
- .9
-\- 6 .2
:
811 11 1111 11111111111111 11 1111 111111111 .. 11111 11 .... 11 111111 11111 111 11 11 11 111 11 1111 .. 1111 11 11 11 .11 1111 1111 11 11111111111111111 1 11 111111111111111 11111111111111111111111111111111 1 11111111111111011111111111111111111111111111111111111111111111111111111111&
MONTHLY BUSINESS REVIEW
8
ments aggregated 625,000 barrels, exceeding those in the
previous month by 31,000 barrels and were 87,000 barrels
above shipments in April, 1928. . Stocks on hand at the
close of the month were 0.7 per cent less than a month
earlier and 5.3 per cent below stocks at the end of April
last year. As compared to the same period of 1928, pro'
duction of, cement at these mills during the four current
months of this year was 0.9 per cent smaller but shipment
reflected a gain of 6.2 per cent.
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(As Compiled by the Federal Reserve Board as of May 25. 1929)
Industrial activity continued at a high level in April and
the volume of factory employment and payroll increased
further. Loans and investments of member banks in leading
cities continued to decline between the middle of April and
the middle of May, and were at that time at approximately
the same level as a year ago.
PRODUCTION
Industrial activity increased in April to the highest level
on record. The iron and steel and automobile industries
continued exceptionally active during April. Activity in
copper refining, lumber, cement, silk and wool textiles, and
the meat packing industry increased, and production. of
cotton textiles showed a less than seasonal reduction. Factory employment and payrolls increased, contrary to the
seasonal trend. Output of mines was also larger in April.
Copper and anthracite coal production increased and the
seasonal decline in o'utput of bituminous coal was smaller
than usual. Petroleum production declined slightly. Preliminary reports for the first half of May indicate a continued high rate of. operation in the iron and steel industry.
Output of lumber and bituminous coal was somewhat larger
during the first part of May than at the end of April. Building contracts awarded during the month of April increased
sharply and for the first time in five months approximated
the total for the corresponding month in the preceding year.
The increase was not continued, however, in the first part of
May when awards averaged 20 per cent below the same
period in May, 1928. During April most classes of building
showed seasonal increases over March the largest being in
contracts for residential buildings and public works and
utilities.
DISTRIBUTION
Shipments of commodities by rail increased during April
and were the largest for this month in any recent year. The
increase from March reflected larger loadings of miscellaneous freight, lumber, livestock, and ore. During the first
half of May shipments of freight continued to' increase.
Sales at wholesale declined seasonally in April, except in
the case of grocery and hardware firms. In comparison with
April, 1928, all lines of trade reporting to the Federal
Reserve System showed increases. Department store sales
were also smaller in April than in March, but continued
above the level of a year ago.
PRICES
Wholesale commodity prices averaged slightly lower in
April than in March according to the index of the United
States Bureau of Labor Statistics, reflecting primarily declines in prices of farm products and their manufactures.
Prices of mineral and forest products and their manufactures, on the average, showed little change. There were
increases in the prices of iron and steel, and sharp declines
in copper, lead, and tin. Seasonal declines occurred in
prices of coal and coke, while gasoline prices advanced.
Prices of farm products and their manufactures averaged
lower in April than in March. Prices of grain, especially
wheat, moved downward more sharply and wool and cotton
continued to decline. Livestock and meat prices continued
the upward movement of the previous month but at a slower
rate. Hides averaged slightly higher in prices and leather
somewhat lower. Among imported raw materials, rubber,
sugar, and coffee showed marked price recessions. Early in
May, cattle, hides and wheat prices declined sharply and the
price of rubber increased.
BANK CREDIT
During the four weeks ending May 15, loans and investments of member banks in leading cities showed a decrease
of nearly $200,000,000 largely in loans on securities together with some further decline in investments. All other loanS,
chiefly for commercial and agricultural purposes, remained
unchanged at a relatively high level. There was a further
reduction in the average volume of Reserve Bank credit outstanding between the weeks ending April 24, and May 22,
owing largely to additions to the country's monetary stock
of gold. The decline was in discounts for member banks as
holdings of acceptances and of United States Securities
showed practically no change. Open market rates for coJl'lmercial paper remained unchanged as did rates on prime
bankers' acceptances, except for a temporary decl ille at the
end of April and the first week in May. In the first three
weeks of May, rates on collateral loans averaged considerably higher than in April.
@FedFRASER