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-. - ~11111111111'1111'11'1"I'II'I'II"""I'I"II"""" .1 •••••••• 1 ••••••••••••••••••••••••••••• , ••• ' •• 1•• ' ............ , ............ , ...... , ••••••••••••••• 1"' ••• , •• ,', ••••• I.I.,.n"'"I.".,.I., ••••••• tt.I ••••• I"'.,.,.I", •••••• " •••••• 1.'1'.1.".1 •••• : MONTII~ Y BUSINESS REVIEW OF THE FEDERAL RESERVE BANK OF DALLAS CHAS. C. C. WALSH, c. HALL-W. J. EVANS, Assistant Federal Reserve Agents Chairman and Federal Re1lerve Agent (Compiled May 15, 1930) : 131111111111111111111111111111 .................. 111111 ...... 1.111111111 .... " .. 1... 111'1. 111 .111 .......... 1.............................. " ......... 11." ....................... ' ..... 11 .... ""1111 ....... 11111111111111'"111 .. """ .. 11 .... 1.1111111': : :;111 .. 1.'.'1111111 ....... 1.. 111" ........... 1111 ..... 1"" ....................... 11 ....... ' ........ "" .. '11 ... 11 ............... 11 ... 111 .. 111111 ............ 111' ..... " ........... 11 ........... 1'1 ...... 111.1111111 ........ 1....... 11111 ...... 1111111 .... 111.; Dallas, Texas, June 1,1930 Volume 15, No.4 This copy is released for pub. Iicatlon in morning papers- May 29 DISTRICT SUMMARY 81111111111111'11111111111111111111.'"11111111111111111111111111 .. 1111111111111.1111111 ... 11 .. 11 ..... ' .. 111 .. 1111111"8 'l'HE SITUATION AT A GLANCE Eleventh Federal Reserve DiBtriet April Bank debita to individual necouota (at 17 eitiM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Department .toro 8aIM . .... . , . . . . . . .. . . . . . . . &Bervo bank loan8 to member banks at end ~~~~n;~k'r~iici ai'~';ci '~r";';ci~ih " " : ::: : : :: 8 Building ~rmit valuation at larger centers . .. . CommerCIal failures ~umber) ... . ...... . ... . . Commercial failures liabilities) . . . . . ....... . . Oil production (barre ) .. .. . .. . . . ..... ... . . . Lumber orders at pine mills (per cent of normal produetion). . . . . . . . . . . . . . . . . . . . . . . . . . Change from March $844,809,000 + 7.1% 7.6% + 8,185,872 28.0% 85 .3% - 1.3 polnta 7,707,175 + 10.9% - 12 .1<p9 58 S 1,551,400 + 67 .6% 26,074,300 - 1.7% 79% - 8.0 pointa 1 ,111 .. 11 .... 1111111111111'111' .. 1111111 .. 1111 .. 1111111111111111111 ..... 1111'11.1111111111 ......... 11 .... 111111· .. ' .. ·8 The breaking of the drouth, which had become acute in many sections, by the heavy general rains during the last days of April and the first half of May was the outstanding development in the Eleventh Federal Reserve District dUring the past thirty days. Small grains, which in many sections were suffering from the lack of moisture, were given ~ew life and late reports indicate that good yields are now In prospect. Other crops were, likewise, great! y benefited by the added supply of moisture. Much damage, however, resulted from the torrential rains in Nor~h, Central, and portions of East and Northeast Texas where the washing of the soil and the packing of the ground will necessitate the replanting of coLLon over a considerable area. As a r~sult of the almost complete stoppage of farming operatIons since the first of May, fields have become grassy and farmers will be subjected to a heavy expense in cleaning t~e fields. While livestock and their ranges suffered conSIderably from the dry weather during April, recent reports indicate that the grass and weeds on the ranges are making ~apid growth and that livestock are showing considerable Improvement. Livestock movements have been light, but prices have continued their downward trend. Merchandise distribution reflected some improvement during the month. Department store sales were noticeably larger than in the previous month and were slightly larger than a year ago. Wholesale trade, while it was larger than in the previous month, continued materially below a year ago. Conservative buying on the part of both consumer and retailer is still in evidence though some reports indicate that an undertone of confidence is appearing in certain quarters. While commercial failures in April were fewer than in the previous month, the indebtedness of defaulting firms was considerably larger than in either March this year or April a year ago. Financial statistics continued to reflect the light demand for credit. Federal Reserve Bank loans to member banks rose steadily during April and the early days of May but subsequently declined to $7,765,883 on May 15, which was only $1,368,410 greater than six weeks earlier. On the above date, these loans were $14,34.6,386 less than on the corresponding date last year, due entirely to the smaller borrowings of reserve city banks. Interest rates, charged customers by banks in some of the larger centers, also reo flected a slightly easier tone. The daily average of net demand and time deposits, which amounted to $867,303,000 in April, was only $1,64.1,000 less than in March. While these deposits were $57,341,000 smaller than the average for April, 1929, the decline was considerably under that shown for the earlier months of the year. While the valuation of building permits issued at principal cities during April was 11 per cent larger than in the previous month, it was 60 per cent smaller than the large volume for April, 1929. The production of lumber was maintained at practically the same level as a month earlier but shipments and new orders were substantially lower. Th; production and shipments of cement reflected a large in. crease as compared to both the previous month and the same month last year. BUSINESS Wholesale Trade While the distribution of merchandise in wholesale channels during April was on a slightly larger scale than in the previ· ous month, it was considerably smaller than in the same month last year, the declines ranging from 4•0 per cent in . ~he case of groceries to 44.0 per cent in the case of farm Implements. Reperts indicate that trade was . somewhat spotty due to the varying prospects for agricultural production. In those sections where agricultural prospects were promising, t~e deman~ was fai.r to good, but it was poor 111 other sectIOns, partIcularly 111 the drouth area in West Texas. Retailers continue to operate on a conservative basis and are showing no disposition to buy beyond definite requirements. Merchants appear to be buying in small lots, This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) MONTHLY BUSINESS REVIEW 2 even though frequent repeat orders are necessary. Late reports are to the effect that the heavy rains during the first half of May and the bad roads are having an adverse effect on business in the rural sections. Collections were only fair. Stimulated by the favorable weather and pre-Easter buying, the demand for dry goods at wholesale reflected some improvement in April. Sales for the month were 3.5 per cent larger than in the previous month, but were still 17.8 per cent less than in the corresponding month last year. Late reports indicate that the heavy rains during the first half of May and the bad roads are having an adverse effect on current trade. Due to the unsettlement in prices and uncertainty regarding the course of consumer demand, merchants continue to operate on a very conservative basis. Collections reflected a slight improvement in April. There was a substantial falling-off in the buying of farm implements during March. Sales of reporting firms showed a decline of 23.6 per cent as compared to the previous month and were 44.0 per cent smaller than in the corresponding month last year. The acute drouth in West Texas and in· sufficient moisture in many other portions of the district which materially affected the agricultural outlook had a tendency to slow up the buying of implements. Prices remained generally firm. Collections reflected a substantia l recession as compared to the previous month. While the buying of drugs at wholesale reflected a gain of 2.8 per cent as compared to the previous month, it was 11.9 per cent less than in the corresponding month last year. Sales during the first four months of the year averaged 17.2 per cent smaller than in the same period last year. During April, the demand was good in some sections but poor in others. Collections showed a substantial improvement over the previous month. J The distribution of groceries at wholesale dur ing April was well maintained. Sales of reporting firms were only 4.0 per cent less than a year ago and exceeded those of March by 0.9 per cent. Distribution from January 1 to April 30 this year was only 1.4 per cent below that for the corresponding period a year ago. Reports indicate that buying during April was very good in those areas where the agricultural outlook was favorable, but slow in the dr outh area. Collections were smaller than in March. Prices reo flected a further downward trend. The April sales of wholesale hardware firms rose 3.7 per cent above those for March, but fell 17.3 pel' cent under those of April, 1929. Some dealers state that business is showing some improvement. Prices showed no material changes. Collections were considerably smaller than in the previous month. 8 .,111,111 111., 11 11 1111,111, 111.11 fllllIlIlllIlIlllllIlll l lIlIll,'IIIIII. I1 II1. 11111. I "1'111111111111111'1' " 11' " 1111 El CONDITION OF WHOLESALE TRADE DURING APRIL, 1030 Poroentage of inorease or decrease in: Groceries ........ . Dry goods ........ Farm implementa .. Hardware .. ...... Drugs .... .. ...... Net Sales Net Sales Stook. Ratio of colioo· April, 1030 Jan. 1 to date April, 1930 tions during April compared with oompared with compared with to acoounta nnd April Mar. same period April Mar. notes outatanding 1929 1030 last year 1929 1030 on Maroh 31 - 4.0 + .0 - 1.4 - 10.0 - 7.4 60 .5 -17.8 3.5 -22.8 -20.8 - 5.2 25.4 -44 .0 -23.6 -28. 5 +38.4 - . 2 10.0 -17 . 3 3.7 - 16.5 2.1 - . 4 38.8 -11.9 2.8 - 17 .2 - 4.2 - 8.4 41.3 + + + + (!J 'IIIIIIIII II IIIIII II IIIIIII.IIIIII1I.,IIIIIIIII II III I IIIIIIItItIlIlIIlIIII1II1I.1I111111111111111111111111 111111111 111. 8 Retail T rade The April sales of rep orting department stores in this district were 7.5 per cent greater than in the previous month and exceeded those of the corresponding month last year by 0.5 per cent. The improvement during the month was due in a large measure to the lateness of Easter this year. When the fi.gures for March and April are combined, they reflect a decline of 7.8 per cent as compared Lo the same two months of 1929. Sales during the first fo ur months averaged 7.3 per cent less than during a like period of 1929. While business was retarded to some extent during the first half of May by heavy and frequent rains, rep orts indicate that it held up fairly well. Stocks on hand at the close of April were slightly larger than a month earlier, but were 4,.4 per cen t less than on the corresponding date last year. The rate of stock turnover during the first four months of the current year was .89 as compared to .94, during the same period last year. The ratio of collections during April to accouuts ouLstanding on April 1. was 35.2 per cent as compared to 35.1 per cent in March and 37.1 per cent in April, 1929. (!]'I IIIIIII II IIIIIIIIIIIII II IIIIIIIIIIIIIIIIIIIIII.IU UU .II IIII IIII U II.flllIlll111 111111111'"1111111111111111"'. 11 11111111111111.1111111 11 11111111111 1111 .. 4 1111111111111111 1111 11111111111 11111111111111111111 11 11111111 11 11 1111 1111111'1III U I.IIIUm BUSINESS OF DEPARTMENT STORES _ Total Sales (Percentago): DallllS April, 1030, oompared with April, 1920... . .. .. .. .. .. . . .. . . .. • .. . .. • . .. .. . . . . . • . . - 1. 5 April, 1930, oompared with March, 1030.. .......... .. ........ .. ...... .. ....... . - 1.0 January 1 todnte, comparedwithsnmeperiodlllStycar .. .......... ............... - 4 .7 Credit Sales (Peroontage): April, 1930, compared with April, 1029 .... .. .. .. .. .. .. . . .. • .. .. .. .. .. • .. .. • .. .. • .4 April, 1030, compared with March, 1930. . . . . . . . . . . . . . . . . .. . . . . . . . . .. . . . . .. . . .. . -.8 January 1 to date, compared with same period last year.. . . .. . . . . ... . . .. . . . .. . . . . . - 1. 7 Stooks (Porcentago): . April, 1030, compared with April, 1920 ................................... .... .. , + 1.6 April, 1030, oompared with March, 1030 . . . . .. . . .. .. .. • .. .. .. . . .. .. .. .. .. .. .. • .. + .6 Stock Turnover (Rate): Rate of.tockturnovcrinApril,1020.... ......... .. ..... .. .......... ..... .. . ... .26 Rate of stock turnover in April, 1030 ............................. ... .. . . . . . . . . . . 25 Rate of stock turnover January 1 to April 30, 1920.. .. .. .. .. .. . .. . . .. . .. .. .. . . .. . 1. 06 Rate of stock turnover January 1 to April 30, 1030 .. .. . . .. .. .. .. .. .. .. . . .. . . .. .. . .07 Ratio of April oollectiolls to accounta roceivablo and outatanding April 1, 1930. .......... 34 .3 Fort Worth - 7.4 + 6.1 - 11 .9 + .7 + 0.0 Houston + 2. 0 +12.0 - 10.2 San Antonio + 7.1 +10.2 - 6.5 Othors + 4.4 +10 .0 - 5 .1 Total Distriot + 2. 1 +14 .0 + 12.3 + 6.6 + 6.3 - 1.6 - + 2.0 6.3 -4.4 + .7 . 17 . 10 .71 .72 36.2 .23 .24 .04 .89 35 .2 - 3.6 - + 7.3 + 7.2 3.8 +14.7 +14.7 .4 - 1.4 0.0 - 9.0 1.5 - 12 .8 + 3 .2 .25 .27 1. 06 .08 38 .5 .28 .33 1. 16 1.10 36.5 .20 .10 .80 .71 32 .0 + 7.5 .5 + - 7.3 (!] I I II III IIII I IIII III IIII I IIIIIIIIIIIIIIII I IIIIIIIUIIIII II IIIIIIIUII1'11111"11111111111111111111111111111111111111111111111111111.,,1111111111111111111111111111111 1 11 111111,,111,,11111,111 1 1'11 111 111,11,,111',,1111,1,1,1,111,11 11.111"'11,111,,11,. S While commercial fa ilures during April, as compiled by R. G. Dun & Company, reflected a decline as compared to the previous month, they were more numerous than in the corresponding month last year. The liabilities of defaulting Commercial Failures finns rose to the highest level of the current year and were materially larger than a year ago. There were 58 failures during the month with an indebtedness of $1,551,4.09, as compared to 66 insolvencies in March owing $925,653, and 51 defaults in April, 1929, with liabilities of $515,003. MONTHLY BUSINESS REVIEW 3 AGRICULTURE The heavy general rains which began during the last days of April and continued at frequent intervals during the ~rst half of May broke the drouth which had become acute In the Western half of Texas and portions of Southeastern New Mexico, and furnished much needed moisture in other portions of the district. Torrential rains in North, Central, and South Texas, caused much damage to crops through the washing of the soil. During the first half of May, there Was an almost complete stoppage of work in most of Texas and Southeastern Oklahoma, and weeds and grass have ?rown rapidly. There is now a good season in the ground In nearly all sections of the district and fair weather is ~eeded to enable the farmers to complete planting operatIons and to proceed with crop cultivation. Small grains showed considerable deterioration during the first three weeks of April as a result of high winds and the lack of moisture. There was a heavy abandonment of wheat acreage in Texas, particularly in the West-Central section, where the wheat dried up following the exhaustion of soil moisture. The Department of Agriculture estimated that for the State as a whole the abandonment was 20 per Cent of the fall sown acreage. The condition of the crop on May 1 was placed at 68 per cent of normal as compared to 80 per cent on April 1, and 78 per cent on the same date last year. The Department stated that, on the basis of the May 1 condition, the indicated yield was 24,000,000 bushels ?s compared to an actual production of 37,800,000 bushels In 1929. The May 1 condition of the Texas oat crop was also placed at 68 per cent of normal as compared to 70 per ce~t a month earlier, and 77 per cent a year ago. Since the raIns, which provided an abundance of moisture, both th~ wheat and oat crops have shown a substantial improvement. Reports indicate that before the rains, these grains were heading short but that the plants are now growing higher and that the heads are filling normally. The oat crop in the South-Central section is ripening. The condition of the wheat crop in New Mexico was 79 per cent on May 1 as compared to 85 per cent a year ago, which indicates a yield of 3,588,000 bushels as against an actual yield of 4,734,000 bushels in 1929_ The 95 per cent condition figure for Arizona indicates a production of 1,222,000 bushels. The oat crop in Louisiana was placed at only 60 per cent of normal condition_ The growth of corn was retarded somewhat during the first part of April by the cool nights but the crop is now in good condition and is making rapid growth. The rains were very beneficial to the crop as the soil was becoming dry in ~ome areas. Due to the unusually late spring and the drouth In the Western half of the State, the May 1 condition of the Tex?s tame hay crop was estimated by the Department of Agnculture at onl y 67 per cent of normal. This figure, with the exception of 1925, is the lowest May figure ever reported by the Department since the records were established In 1915. The supply of hay remaining on Texas farms and ranches on May 1 was the lowest since 1926 as the unusually heayy feed requirements during the winter and early spring rapIdly reduced the available supply. The condition of tame hay on May 1 was 68 per cent of normal in Louisiana, 86 per cent in New Mexico, and 95 per cent in Arizona. . The planting of cotton made rapid progress during April In the old cotton belt of Texas but was retarded by dry Crop Conditions weather in the Western half of Texas, Southeastern Oklahoma, and portions of North Louisiana. In South Texas, the crop is in good condition; chopping has made rapid progress; and the early cotton is beginning to form squares. In other sections, there have been complaints of poor germination of seed. Many fields were badly washed by the recent rains and fields are becoming grassy with the result that much replanting will be necessary. Planting operations in many sections of the district were suspended during the first half of May. With the return of fair weather, cotton should make rapid growth. The condition of the Texas peach crop showed a further decline of 6 points and on May 1 was reported as 34 per cent of a full crop as against 79 per cent a year ago. The estimated condition of the early potato crop was 73 per cent of normal on May 1 as compared to 80 per cent a year ago. A material improvement in the condition of ranges and livestock occurred during the first half of Mayas a result of the heavy general rains which supplied much needed moisture. In the West and West-center sections of Texas and in portions of Southeastern New Mexico ranges deteriorated rapidly during April as a result of the acute drouth and ranges in these sections have been slow to respond to improved moisture supply_ While cattle held up remarkably well under the adverse conditions, it was due mainly to continued feeding. Sheep and goats, however, did not hold up as well as cattle and are reported to be generally thin. The Department of Agriculture reported that in the drouth area of Texas there were heavy losses of calves, lambs, and kids at birth but that those remaining should do well on account of the abundance of green pasturage. The calf, lamb, and kid crops will be much lighter than a year ago. The Department of Agriculture reported that the condition of cattle ranges in Texas improved one point in April, while sheep and goat ranges declined three points. In each instance, however, the condition figure on May 1 was considerably below a year ago. The condition of cattle in Texas was three points higher on May 1 than a month earlier but nine points below that last year. The 75 per cent condi: tion of sheep on May 1 compared with 76 per cent on April 1, and 90 per cent on the same date in 1929. The condition of goats showed no change in April, but on May 1 the condition figure of 77 per cent represented a decline of 16 points from the same date last year. In considering these figures, however, it must be borne in mind that the rains came too late to be reflected in the May 1 reports. The May 1 condition of livestock and their ranges in New Mexico showed no change from that a month earlier and was slightly higher than last year. In Arizona, conditions reflected a noticeable improvement in April and were materially better than a year ago when that State was suffering from an acute drouth. Livestoclc Movements and Prices While the receipts of cattle, calves, and hog~ at the Fort "':' orth D?arket during Apnl reflected a SIzable mcrease over those in March, they were substantially below those in the corresponding month last year. The arrivals of sheep were slightly less than in the previous month and were less than half those in April, 1929. In the case of cattle, it is necessary to go back to 1923 to find an April in which receipts MONTHLY BUSINESS REVIEW 4 were smaller. Receipts of cattle, hogs, and sheep during the first four months of the current year were considerably smaller than those in the corresponding period of 1929. Despite the moderate receipts, the demand for cattle has been unsatisfactory and prices on most classes have worked to lower levels. The market on cows and calves, however, was a little stronger toward the middle of May. Hog prices m..:::::..':m:'m:.... : Hogs ...... . . . . . Sheep.. . . . . . . . . . 8111 .. .'. . '~~';~;:i~~;~;~~ ~;~ 36,713 41,039 54,931 93,801 - 18,218 -52,822 32,975 42,519 +3,738 -1,480 fluctuated within a narrow range during most of the sixweek period but a tendency toward higher levels was noted at the close. While the sheep and lamb market suffered a severe decline in April, some of the loss was regained during the first half of May. COMPARATIVE TOP LIVESTOCK PRICES (Dollars Pcr Hundred Weight) April Bcof steers ... . .. . . . .•. . .. . •... . .• . . . . .... Stooker steers . . . . . .. •• ... .. •.... . . •. ..... Butcher cows . .... . ........•...... . ... . .. Stooker oows .... . . . .. . . .. .... . .. .. .. . . .. . Calves ............... . .. . .. . . . . . .. . .. . . . Hogs . .... . ..... . ...•. . . . .• . .. . . . .• .. .... l:_· : 1111 ''''' .... 1111111111 ....... 11111 ............. 111 ... 1111 .. 11111 .... 111 .. 111 .. 111111 ... 11111 ........... 111111111-8 : ~~:bB ::::: : ::::: :: : ::: :::::: :::::::: ::: April Maroh 1930 $12.50 12 .00 8.50 6.35 11 .50 9.90 6.15 12 .00 1929 $13 .60 14.25 10.00 9.25 13 . 25 11.35 11.50 17.25 1930 $13.25 13.00 8. 75 6.75 12.50 10.40 7.50 9.25 : I!lIU ..... ,IfI .. 1I1I1I1I11I111I11I1I1I1I1I11I1I1I111I111I1I1I1I1I1I1I111I1I1I11I11I11I11 III II II 11111111111111111111 II IIII(::J FINANCE The demand for Federal Reserve Bank credit in the Eleventh District, after reaching a low point late in March, showed an almost steady increase through the first week in May due almost entirely to the expansion in requirements of agricultural and livestock industries. The need for funds, however, was reduced somewhat during the first half of May by the stoppage of agricultural operations, and the falling off in the demand for loans, which coincided with the liquidation of indebtedness by reserve city banks, brought a sharp reduction in loans during the second week of the month. Member bank borrowings at the Federal Reserve Bank, which stood at $6,397,473 on March 31, had risen to $8,185,872 on April 30, and reached a high point of the spring movement at $9,615,334 on May 6. On May 15, these loans had declined to $7,765,883. The demand for Federal Reserve Bank funds has been considerably smaller this spring than was the case a year ago as is evidenced by the fact that borrowings were $7,930,762 less than a year ago on March 31, $14,340,100 less on April 30, and $14,346,386 smaller on May 15. This reduction has been due entirely to the borrowing of reserve city banks as loans to country banks have been about the same as a year ago. There were 167 borrowing banks on April 30, as compared to 117 on March 31, and 99 on April 30, 1929. The bill holdings of this bank showed but little change during April as the increase in member bank borrowings was practically offset by a reduction in open market purchases. Total bills held on April 30 amounted to $14,610,309.02, distributed as follows: Operations of the Federal Reserve Bank Member banks collateral notes secured by United States Government obligatlons._._._ .. _ ................... _........................_ ................. $ 1,326,760.00 Rediscounts and all other loans to member banks_.................... 6,869,122.16 Open market purchases (Bankers' acceptances) ..................... _..... 6,420,681.86 Discounts for non-member banks ............._._..._ •..._.._....__ .........._ 8,765.00 Total bills held ............ _...................... __ ....._ .... _.._.............. $14,610,809. 02 There was a further seasonal decline in the actual circulation of Federal Reserve notes during April, the amount at the close of the month being $32,408,950, as compared to $35,249,700 a month earlier, and $37,568,715 on the corresponding date last year. The daily average of reserve deposits amounted to $61,733,64.1 in April, which was $1,482,933 less than in the previous month, and $5,775,657 below that in April, 1929. Deposits 0/ The daily average of combined net deMember Banks man d and time deposits of member banks in this district amounted to $867,303,000 during April, as compared to $868,944,000 during March, and $924,644,000 during April, 1929. Deposits of reserve city banks were $8,060,000 larger than in the previous month, but those of country banks showed a reduction of $9,701,000. While there was a recession of $9,557,000 in net demand deposits, due entirely to withdrawals at country banks, this decline was practically offset by an increase of $7,916,000 in time deposits. [31111111111111111111111111111111111111111111111111111111111'1111111111111111111111111111111 II II II II II II II II II II II II II III GJ DAILY AVERAGE DEPOSITS OF MEMBER BANKS (In Thousands of Dollars) Combined Total Reserve City Banks Cbuntry Banks Net demand Time Net demand Timo Not demand Time deposilB dcposits doposits doposilB deposits doposits April, May, June, July, Aug., Sept., Oot., Nov., Dec., Jan., Feb., Mar., April, 1929 ...... $693,187 $231,507 1029 .. . ... 673.007 230,701 1929...... 643,038 226,110 1029 .. . . . . 640,034 230,834 1920 . ..... 629,909 230,643 1920.. ... . 658,520 234.116 1929. . . ... 674,587 225,673 1029. . . ... 668,818 222,773 1029 .. . .. . 663,830 220,111 1930. ..... 659,110 225,469 1930. .. ... 655,119 232,758 1930...... 639,586 229,358 1930 ...... 630,020 237,274 $287,987 $135,064 $405,150 280,204 133,018 392,813 260,317 129,412 382,721 270,274 138,357 369,760 260,019 137,174 369.890 266,795 136,950 391,725 282,630 134,198 391,957 281,600 132,235 387,209 279,611 131,870 384,228 270,951 131,152 388,159 268,197 136,111 386,922 260,635 132,932 369,951 271,647 138,980 358,382 '96,443 97,773 96,698 02,477 93,460 07,166 01,475 00,538 88,232 94,317 96,647 96,426 98,294 [!l11111111111.IIII"I •• IIIIIIIII.IIIII.IIII.IIIII.I •• 111111111'11111'1111111111111 •• 11.11111'111111.11111111111111'1'11'18 Condition 0/ Member BamJcs in Selected Cities The pasl month witnessed a moderate decline in the loans and investments of member banks in selected cities. Investments of these banks in United States securities declined $5,356,000 between April 9 and May 7, and were $27,756,000 less than on May 8, 1929. Their holdings of other stocks and bonds rose $2,231,000 during the four-week period. Loans on securities on May 7, while $2,410,000 less than on April 9, were $14,,630,000 greater than a year ago. All other loans (largely commercial) reflected a slight decline. Total loans and investments of these banks amounted to $4,62,266,000 on 1!JIIIIIIIIIUlllllllllllllllllllllltllllllllllllltllllllllllllllllllllllllllllllllllllilIIIIUI.IlItIlIlIlIlIIIlIlIlIlIlI[!] CONDITION STATISTICS OF MEMBER BANKS IN SELECTED CI'fIES (In Thousands of Dollars) May 7, United States socurities owned . . . . . . . . . . . . . April 9, May 8, 1930 S 66,619 1930 $ 71,975 1029 $ 94,375 ~~~:':&7F'''TJ r3 1': 8f6:~4: f.3:'31:,30;'9i~8: t _ Reserve with Federal Reserve Bank ....... . Bills payable and rediscounts with Federal Reservo Bank. . . . . . . . . . . . . . . . . . . . . . . . . . ; ::,15;2:!2' 33 1,821 1,388 1:::::= 14,987 mlllllll.I.'I •• IIIII.IIIII.II ••• I I I.II"" •• II.'IIIII.1'1111111111111"111"1111111111'11"'11111111111111111111'111'11118 MONTHL Y BUSINESS REVIEW May 7, as compared to $4,69,725,000 on April 9, and $4.80,?69,000 on May 8, 1929. There was only a slight change In deposits as the decline in net demand deposits was largely offset by an increase in time deposits. The borrowings of these banks at the Federal Reserve Bank amounted to $1,821 ,000 on May 7, which was $433,000 greater than four weeks earlier, but $13,166,000 smaller than a year ago. Acceptance Market The volume of acceptances executed by accepting banks in this district and outstanding at the close of April, which amounted to $3,811,453, reflected a further decrease of $811,4.53 during the month. Acceptances based on import and export transactions declined from $2,537,208 on March 31 to $2,309,514, on April 30, and those executed against the domestic shipment and storage of goods were reduced from $2,085,509 to $1,501,750 during the same period. 5 In April, there was a decline of 7.1 per cent from the preceding month in the volume of charges to individual accounts at principal cities in this district, and there was, likewise, a decline of 8.9 per cent from the corresponding month last year. During the month debits to individual accounts amounted to $844,809,000, as compared to $909,830,000 during March, and $927,851,000 during April, 1929. Debits to Individual Accounts ~1.1.,I.,IIIII.I.II.I ••• ,.IIII • • I • • I.,.I ••• , •••••• , •• , """""""""""""'.11' •• 1".1.11""'1 ••• ",,1 •• 1.,.11.1[;;1 DEBITS TO INDIVIDUAL ACCOUNTS (In Thousand. oC Dollars) Pereentage Abilene......... Austin.......... Benumont....... Corsienna...... . Dallas.......... EI Paso.. .. .. .. . Fort Worth.. .... Gnlveston...... . Rouston........ Port Arthur. . . . . Roswell......... April 1030 7,687 24,888 26,131 5,755 237,646 38,466 05,120 26,167 188,295 10,971 4,035 ehang~ft~v.r April 1029 $ 0,638 26,046 30,260 5,404 248,497 41,864 111,204 30,950 201,107 11,674 3,693 Y.... -20.2 .9 -18 .6 + 4.7 - 4.4 - 8.1 - 14 .5 - 15.5 - 8.9 - 6.0 :!:192 . 33 Reports from 88 banks in the Eleventh Federal Reserve District showed savings deposits amounting to $151 ,4.,724 on 35 April 30, as compared to $151,104,,4.67 on the same date a : :: t~e~~;~~~~:::: : able figure of either a year or a month earlier. ~1"11111I11111111I11111I1I1111I1I1I1II111I1I111"1111111111'"UIIIII''"''''''' Swings Deposits ~~:m - 8.6 ~i:m Pereentage ehange over Month - 16.8 + 4.7 + 3.8 - 13 .9 - 15 .3 - I. 6 - 2.2 - 6.3 - 1.4 + 2.8 - 1. 7 Mareh 1980 $ 9,244 23,717 25,305 6,680 280,475 30,082 07,254 27,982 185,985 10,676 4,103 :~:l~~ =IU : : ~~a:~~~~:~;'~;f~~~t~Ijl~~~~r~I~~i !:}~i:. l:~~ ~~_~L~~m ~~b.l .... 1111 ...... 111111111111111111111111,& . ~111111111111111111'111111111"ltll'IIIIII'I'IIIIIII" ,,1111111111111111111: 1.1111111111 •• ,.1".,'1111,1'1"11.111111111111111'.1111111111111 . 11111111111 •• ,,111111'1111111 ••• 11 •• ,., ••• • ••••••••••••• , ................... """ " '., •• ,.,.,.,1 ••• ",.,11,10 SA VINGS DEPOSITS ~p~~~~C BoauUlont . ... ......... .. .. Daplls.. .. .. .. .. .. .. . .. .. . " El IIBO... . . . . . .. . . •. . . . . . F Worth 'ort G I to ....... . ....... . ~~;:~n~",:: :::::::::::::: ort Arthur............ .. . San Antonio Sh roveport. .................. . . . .. .. • .. .. W ,u~cq.. .. . .. . . . .. .. ...•... "Ichlta Falls All others . .. ::::::::::: : :: Bauks 4' 4 2 2 3 11' 3 7 4' 4 2 42" Numbe~J~';U 30, ~2unt oC Numbe~~fil30, ~~unt oC pe~~~;~~~f:ngo Num:'~fh 31'1!~~nt oC Depositors 0,532 09,005 16,352 18,560 13,853 72,643 5,715 37,248 22,516 10,460 3,786 40,197 Dopositors 5,439 64,639 15,072 17,673 13,062 76,588 4,893 33,485 21,308 0,888 3,708 38,184 Savings Deposits + 5.2 + 3.7 - 5.6 Depositors 5,031 68,877 16,280 18,385 13,809 72,551 5,701 37,200 22,584 10 3 3 , 1 8,720 40,057 Deposits $ 2,641,477 26,153,601 6,136,276 7,366,161 8, 160,429 34,961,761 1,810,426 22,230,306 12,100,742 6,856,376 1,727,387 21,281,692 Del>OBits S 2,510,369 25,222,256 6,503,246 7,407,901 9,287,396 34,780,682 1,939,331 22,105,785 11,653,894 047 7,005, 1,563,810 21,124,681 -.6 - 12.1 +.5 - 6.6 + .6 + 3.9 21 . +10.5 +.7 Deposits $ 2,634,348 25,802,667 5,884,442 7,235,812 8,173,557 34,396,859 1,829,947 22,304,945 11,933,360 6,902,698 1,897,333 20,870,622 Percentage Change Ovor Month in Savings Deposlf.'l .3 + 1.4 4.3 + 1.8 .2 + 1.6 - 1.1 Total. ...... .... 88 315,867 $151,435,724 304,839 $151,104,467 +.2 315,026 $149,866,590 'Only a banks in Beaumont, 10 banks in Houston, 3 banks in Shroveport and 37 banks in "All others" reported the number oC savings depositors. lEJlI .... I .. I.III •• IIIU ..... IIIIIIIIII ... IIIIIIIIIII .. IIIIIIIII.,IIII .. IIU ...... I.1I1"1111111111111111111111*'1111111111 11111 111111111111111111111111111111111111'111111111111. 1 111111.11.111111111 ... .1" + + - .3 +1.5 .7 - 9.0 + 2.0 + 1.0 111111111.1111111111111.1.1111111111.111., UIIIII I~ ~:.11 .... 11111 .. 11 ............. 1..... 1..... ' ... 1... 111111111111111.11111 ..... 111.1.111IIIII'I.IIIIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIII.IIIIIIIIIIIIIIIIIHI.I.IIII" 11I1I1I1I1"'"IIIItIl"IIIIIIII""'IIII1I"'''III''III1I1II1I1''f1II1I1I1II1I1''I'I''I~ •• Prevailing Rsteo: MAY DISCOUNT RATES Dallas Rnte charged eustomors on prime eommoreial paper such lIB is now eligible Cor Rn rediscounL under the Federal Resorve Aet .. . ............. . ... .............. . to charged on loans to other banks secured by bills receivable .................. . Rato on loans secured by prime sLock oxchungo or other current collateral (not in- elud~~~:~I(pl~~~d ~n .~tb:.r. ~.~r~.c~ .th~~ugb. ~~:'.~p~nd.o~.t. b~n~~~ :.. .. . .. .. . .. ~~Ito chnrgl.:de~l; co;nmodiiy'p~pcr' Bcou~oii by' ;Yaroi,o;;so'~ocoipti;, 'oto:':::::::::::: : ""to on cnttle loans . .. . .. .. .. .. .. .. . .. . .. .. .. . .... . .. .. .. .. .. .. .. . .. .. .. .. .. . EI PIIBO Fort Worth Houston 4~-6 6-8 5*6 6 5-8 5-6 San Antonio 5-6 5-6 Waco 6-8 6 5*8 6 ~=~ 6-~ ~=~ g ~~ ~~ 5-6 6-7 0· 8 8-10 6- 8 6-8 6 6-8 6-8 6-8 6-8 7-8 GJIIUIIIUUUI.IIIIIII.IIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII'1111111'11111111111111111111111111111111111111'1111111111111111111111111111111111111111111 l ' IIIIIIIII .. IIIIIIIIIIII .. I .... III .... IIIIItIl ...... III ... III .... IIII .. II~ INDUSTRY TexlJile Consumption of cotton and production of cloth at reporting textile mills in the Eleventh Federal Reserve District reflected a decline as compared to both the previous month and the same month last year. There were 2,622 bales of raw cotton consumed in April as compared to 2,74.2 bales in March, and 3,109 bales in the corresponding month last year. Production of cloth declined 6.2 per cent from the previous month and was 18.0 per cent below the output in Milling 1::." "·::~~:·~~·~~~~;:·~;~;~:·::~;~~;~~"" ~ ;l"·"·;.~: .· ... Number spindles active ...............•... Number pounds cloth produced. . . . . . . . . . . . 1,149,508 1,402,356 1,224,801 8'..!.!.!.11111111111111.111111.1.111111 ••••••• 11.1 •••• 1I ••• 1.1.1.1,.1.1.1.,.1.1.1111.".111,.11 ••• 1.1.1" .. ' •• 11'.11, •• "u,@ 6 MONTHL Y BUSINESS REVIEW April, 1929. Stocks on hand and the unfilled orders on the books of these mills at the end of April showed an increase over those a month earlier, but were smaller than those a year ago. The downward trend in prices of cotton goods and the continued unsettlement in the raw cotton market have created unsatisfactory conditions in the industry. Cotton consumption at United States mills during April was 4..7 per cent greater than in March, but sh owed a decline of 15.7 per cent as compared to the same month of 1929. For the nine-month period of the current season ending April 30, consumption was 8.5 per cent below that for the same period of the previous season. Cotton on hand at consuming establishments on April 30 was below that a month earlier but greater than on the same date in 1929. ~: .!"'~:~:'~o~ '~~,~~~'~;~:~:.~:;~~:~'~~:=~':::::"" ~: .1 Cotton consumed .. . . ...... . On hand April 30 inConsuming establishmonts . Public stornge and com- 413,039 : m Consuming establishments. Public storage and compresses .. . .. . . . . .. .. . . . 532,382 631,802 3,764,076 4,047, 161 1,226,486 ~: .~ ~~~!~~;~w~~·~ :::::::: 477,940 1, 145,042 :: ::~:::~ 1,607,394 : :::::::: 1, 606,<112 3,636,296 ~.: 2,524,621 l lllltl l . ,.IIIIIIUII.IIUI1111111I ' "IIIIIIIIIIIIIIUII'".'U I II'.II.,111I.1t1l.,. ItIlIlIlIIIlIlI I IlII.,II.ItIIIII"(!I The operations of cottonseed oil mills in Texas and the United States reflected a noticeable seasonal decline in April as compared to the previous month and continued on a smaller scale than in the same month last year. The produ ction of all classes of products during the period August 1 to April 30 of the current season was smaller than in the corresp onding period of the previous season. Stocks of cottonseed on hand at Texas mills on April 30 were less than on the same date in 1929, while at United States mills they were slightly larger. Stocks of other products on hand on April 30 were smaller than those at the end of the previous month and the same date in 1929, excepting linters, which showed an increase over those a year ago. Cotto.nseed Products STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS Texas United States August 1 to April 30 August 1 to April 30 This Sensa II Last SeMon This Season Last Season Cottonseed received at mills 1,247,361 1,689,765 4,884,394 5,004,933 (tons) . ...... ... ... . .. . ... . 1,255,579 1, 665,389 4,725,287 4,831,811 Cottonseed orushed (tons) ... . . 11,724 37,170 198,598 191 ,155 Cottonseed on band (tons) .... . Crude oil produced (pounds) .. . 371,698,830 494,451,869 1,475,703,247 1,523,620,650 590,531 782,786 2,101,750 2, 175, 155 Cake and meal produced (tons) 335,472 454,964 1,303,774 1,305,523 Hulls produced (toilS ........ . ) Linters produced (running 264,889 345,923 975,547 1,030,517 bales) ... . .... . ........... . Stocks on hand, April 30: Crude oil (pounds) . ..... . .... 13,329,345 17,417,797 40,082,454 57,209,133 Cake and meal (tons) .... ... . . 45,075 48,755 120,258 226,210 Hulls (tons) . . . . .. .... . . .. •.. 22,102 52,487 66,3 15 124,1 22 Linters (running bales).. . . . . . . 61,457 45,763 222,460 167,375 m l l ••• ,II'.IIIIII' •• I.,.,.I.'.II".'II'I •• I •••••• ,I.,.111."."1,11,1, 1 , •• 1,. 1,1 1111'11 1111 111 "" " 1, 11 11,,1IIII I IIIII IlEJ The April receipts and exports of cotton at the ports of Houston and Galveston reflected a furth er decline as compared to the previous month and were substantiall y smaller than a year ago. Foreign exports of cotton from all United States ports totaled 349,762 bales in April as compared to 477,678 bales in March and 4.4.7,838 bales in Apr il, 1929. Exports for the nine months of the current season averaged 15 per cen t less than in the corresponding period of the previous season. Cotton Jl!l ovemenls 8 11111111111111111111111111111111111111111111111111 1111 11111 1111111 11 11111111 1111111111111 1111 11111111111111'11111'11 1" 8 COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON (Bales) April Receipts . .. . . . ... . . . Experts . .... . . . . .... . ... . .• . Stooks. April 30 .. . .. .. . . . .. . . April 1930 42,905 83,924 1929 62,628 178,183 August 1 to April 30 This Season Last SellBon 1,861, 229 1,680,045 256,779 2,891,822 2,671,139 304,269 ml.III I.III II I II I I I . III. II IIIIIII.,.I . ,III"1I111t1l1l1l11111l1l1 11111 111111111 1.,.ftl . ttlll. III1 III1 I1 II I1I1I1I1 I1I1II,0 [~}I I I III I I IIII III I I II "lI l llI l lC l l lI l' l l l l ll l l l llllllIll l llllIlI ' IllttIIIlIIIlIlI I U I IIIC IIIIIII III IIIII IIIII IIII.ItIlII L:J COTTON-GALVESTON ST,1CK STATEMENT (Bales) April 30, For Grent Britain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . For France . . . . . . . .. . . ... . ... ... ... . . . . . . ..... Other foreign ports. . . . . . . . . . . . . . . .. .. . . . . . . . . . .. . . . . . Coastwise ports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In compresses and depots.. .. . ... . . . . . . . . . . . ... . . . . April 30, 1930 6,300 4,300 21,000 1,500 220,679 1929 7, 100 6,900 31,300 1,600 257,469 ~J I III I I I I.ItIlIIIlII"'J"IIItIIItIlIIIIIIJI" l lIlll l flllllll l 111 11 1 1 1111111111 111111 111111111 11 111111, 1 ,.11111 1 11111" ' 0 [!] 1' 111 1 111111111111 f 111111111111 1I lIlllll . 1,11111'11111'" ~ f 11111111111111111111111. f 11111111111'11111111111'11111"1 till!] COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON ~ 1.,~~:::,:." " " " " " ":~ :", '", :~' ~!, J~~~~t.l If:.- 11 11 1 1111111111 1 111 11 1111 11 111 1 111 1 1111111111111111111111111 1II"lllllllllIlIlIllIllflllllllllllllllllllllfllllllllll'~:.; SEASON'S RECEIPTS, EXPORTS AND STOCKS OF COTTON AT ALL ~: _ • : ~: UNITIDD STATES PORTS-(Bales) AuguB I L April 30 L a This Season Last Season § Receipts. 8,292, 162 § Exports: . ii~iiCd 'Ki~gd ~;';" . :: : :: ::::: : : .... : . . : . : :: ::: 1,1 79,208 : §. :. ~. =.: France. . . . . . . . . . . . . . . .. •.•. .. . . . . .. . . •. . . . 768,544 Italy . . . . . . . . . . . . . . . . . . . . . • . . . . . . . . . . . . . . . . 602,382 Germany . . . . . . . . . . . . . . . •. . . . . . ... . . . . . . . .. 1, 546,251 Other Europe . . . . . . . . .. .•... . .. . .. . .. . .. . . 703,061 Jaran... ... . . . . . . . . . . . . . . . . . . . . .... . 94 1,352 AI other oountries . .. . . . . . . .. . .. . . ... . . . . . . . 379, 728 Total foreign ports ... . ...... . ... ... . . . . . ... 0,120,316 Stocks at all United States porta, April 30 . . . ..... . , . .. .. 1,682,152 0,22 1,590 1, 740,769 730,529 505,506 1,608,743 817,897 1,1 82, 708 464,458 7, 200,010 1,450,420 § § : •• = . := E.· : : [.1, 1 1 '.1 1 '1', 1 ,'1'1.,.,1111 1 111,., 1 11,1111 ' 1.,1,11.11"11111,."1.,.,.,.,1,. ,.,. 1. ,,,. 1 , .,.1"'1"1 1 , 1,1 . ,1,. ""'I""'f~] 1!l.,11I11111I111111 1 11111111111I11111I11I111111111I1111I111111I11111111111111111111I1I111111111I11111.IIIII1III.,IIIItI,f"j • a SPOT COTTON PRfCES- (Middling Basis) (Cents Per Pounel) April 1930, High Low New york .. .. . . ..... . . ... .. .• ... ... •.. . . New Orleans .. . . . . ... .. . ..... . . . . . . ... .. . Dallas . ... ... . . .• •. . . . .. . ... . . ... . . . . ... Houston.... . . . . . ... ... ... ... .. .. . .... .. . Galveston . . . .. . . . . .... . . . . . . . . ..... . . . . . 16.80 16.28 IS. 95 16.35 16 .45 15 .85 15 .21 14.90 15 .60 15 .60 Maroh 15, 1930 10 .35 15 .49 15 .50 15 .45 15 . 65 The output of crude petroleum during Ap ril in the Eleventh Federal Reserve District totaled 26,074,300 barrels, representing an increase of 1,594,230 barrels over April of last year and a decline of 4,50,750 barrels from the preceding month. The average daily production, however, increased by 13,4,97 barrels during the month as the small decrease in total production was insufficient to offset the effect of the shorter month. Drilling activity, as evidenced by the number of wells completed during the month, was at practi cally the same level as in March, but the results were somewhat more successful. During Apri l, there were 317 prod ucers completed, yield ing 219,763 barrels of flush prod uction, as compared to 292 successful comp letions durjng March, with an initial flow of 119,438 barrels. On April 10 and 11, oil companies announced moderate advances in crude petroleum prices, which were occasioned largely by an improvement in the gasoline market. Petroleum MONTHL Y BUSINESS REVIEW 7 Oil production in Texas showed a daily average of 825, March of 2,4,54 barrels, increased to 43,54,6 barrels. 597 barrels, being larger than either the March average of While the production of lumber was at 814,,554, barrels, or the April, 1929, average, which was Lumber practically the same level in April as in 7~8, 305 barrels. In the Southwest area, Darst Creek con· tnbuted most of the field activity, accounting for almost all the previous month, there was a decline in the demand for the new production in that part of the State. Activity in lumber as evidenced by a sizable reduction in shipments and bast Texas still centers in the Van field where a 50,000- a sharp falling off in new orders. During the four-week . arr~l well was brought in May 8. Refugio County is at- period ending April 19, shipments amounted to 85 per cent tractmg more attention than any other Gulf Coast field, of normal production which was 8 points below those for partly because of the recent development of the deeper the previous foul' weeks. Orders declined from 87 per cent of normal production during the four weeks ending March sands. 22, to 79 per cent for the period closing April 19. Due to The intensified activity in North Louisiana resulted in the maintenance of production at a relatively high level and a su?stantial increase in both total and daily average pro- the heavy decline in shipments, stocks have accumulated in ductIon for that section. Total output rose to 1,306,4.00 bar- mill yards and are getting further ahead of the order files. rels; and the daily average yield, registering a gain over Unfilled orders for lumber on the books of 49 mills on April 19 amounted to 55,023,000 feet as compared to 61,~llIIIIIIIIII11111111111111111"'IIIIIII'II'II'I'11111 111'1'11111111111"'11111111111111"1111111111111111111111.,1111111!J 873,000 feet on hand at 51 establishments on March 22. OIL PRODUCTION-(Bnrrels) The lumber market continued weak and prices are now I Derease or Dooreaso Over lower than in any recent year. April, ID30 Mnroh, W80 Et Total Dnily Avg. 5,213,400 173,780 E ontrnl West Toxas.... . . . .. . . 11,163,500 372,117 .fast Contrnl Toxas. . . . ....... 1,030,200 84,340 S oxns Coastnl.. .. .. .. .. .. .. .. 5,585,550 186,185 outhwest Toxas............. 1,775,250 60, 176 Total - OD,DOO -800,250 +230,600 +303,850 -240,600 Dnily Avg. + 3,351 - 13,810 + 8,837 + 18, 711 - 6,046 North rot~I.'l'oxas .......... . 24,767,000 OUlelnnn..... . . . . . . . . . 1,300,400 825,507 48,540 -483,300 + 32,550 +11,043 + 2,454 860,143 -450,750 +13,407 ~orth 'roxas .. ............... =. :::. Totnl Dietriot.......... 20,074,300 l;JIIIII'.,IIIIII.IIIIIIIII.,IIIII •• lllllfllllllllllllllIIIIIIIIIIII •••• , • • • ,.I.I'UIIIII'IIIIII'.III.III.IIIIIIIIIIIIIIII[!J ~. Number of reporting mills.. .. . .... ... .. ... ...... . .. .... . Produotion. . . . . . . . . . . . . . . . . .. . . . . . . ... . . . ... . . . ..... . . Shipments below normnl produotion . . . . . . . . . . . . . . . . . . . . . . Actual produotion below Dormnl. ... .. , . . . . . . .. . . .. . .••. . . Orders below normal production ...... , .. , .... .. . . . ....... ~orth Toxas.......... .. ... ' easnttrTnlexWascst TexDB.. ...... . E *,uthweet T~~M:: Texas Conetnl.. ...... .... .. exas Wild-Cnts ........... Produocre 86 02 10 34 01 2 Gna Wolls 10 0 4 3 1 1 Fnilures 51 03 I 20 24 22 524 65 285 32 28 10 211 17 § = 8 212,541 7,222 April totnle, dietriot......... Mnroh totnls, distriet. . . . . . . 580 592 317 202 44 48 228 252 210,763 llM38 11 11 l!J .,IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.II.lllllllllllllllllllflllIlIlIlIlIllIlIlI11111111111111111111111111111111111111 18 Lumber atntiBtiee compiled by the Southern Pine AeeoointioD, New Orlenne, LB. The valuation of building permits issued during April at principal centers in the Eleventh Federal Reserve District rose to $7,707,175. This total, while 10.9 per cent larger than in the preceding month, represented a decline of 60.4, per cent from the record month of April, 1929. The comparison of construction activity in April with that in March indicates an upward trend, which has continued since the low point was reached in January, and while attributable in part to seasonal influences, reflects a material expansion of construction work in some cities. Although the valuation of building permits issued during the first four months of this year was 39.5 per cent less than for the corresponding period a year ago, the decline was not general as several cities showed sub· stantial increases. Building 111 11111 1. 1111111111111111111111111111111.111111111111.1,11111111.1111111111111111111111111111111111111111111111 1 " 0 G..............................................~::~..~~..;~~;.........~:;~.......~;;~::...... rn i~ ~exne Conetal Grade "A"."..... ................ ... g ort~b~~~)C~~lt~~I.'~~~~ .n.~~ ~ ~~~~ ~~i~~~~~ : ~~ .~r.' .~~~ . $1. 15 $1.20 1.57 1. 44 12,567,000 feet-15~ 5,080,000 feet- 6:1'9 18,200,000 feet-21'1o ~t~k:ll;r~~O~i.o.~ . : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :: 3~:~g:~~~ ~::; Initinl Produotion 22,086 45,843 26,807 89,009 28,051 35 North Lo'rot~I.Texas......... uIslnnn............ 55,023,000 feot ~~~~~~~::: :::: ::: :: :::::::: :::: :: :: ::::::: ::::: :::: : ~~:m:~~~ ~~~t APRIL DRILLING RESULTS Complotione 147 104 15 57 80 25 49 80,080,000 feot Unfilled orders April 19 . . . .. . .. .. . . . .. . . . . .. .. . . . .. . . . . . =:::: [!J 111 11111 111 11111 1 11111111. 1111111111111.11111 •• 1111111111 1 1111111111,. ' .111. 1 111 •••• • •••• ' •• • 11111111",111IIIIIIIIIIII@ :: :::::: : ~_ PINE MILL STATISTICS (Four-woek period ending April ID, W30) = mllll111111111111111111111111111111111111111111t1illUIIIIIIIIIIIIIIIIIIIIIIIIIItllllllllltlllllllllllllllUlllllllllllffi Oil statieti08 eompiled by The Oil Weekly, Houston, Texne. ~111111111111I1I1I111"IIIIIIIIIIIIIIIIIIII'lIlttllllllllllllllll."ltlllll 111"'111111111111111111111111".,11111111111111.11111111111.,.1111111111111111111111111111111111111111.111111111,.11111111111111111111111111111111111111111 .. 1111111IIIIIIIIIIG] BUILDING PERMITS Aprll, ID30 _ No. Amarillo . .... .. ~uetin...... ... enumont ...... CcrpusChrieti.. Dallas El PMO"""" : : bortW~rth: ::: : HalvC8ton...... ~ pg~la~r~i,u;:.':: ~fn Antonio.. .. •• E :::§ ,,;~~~~port..... 82 $ 286,212 ll~ '524:~6~ 107 154 06 30 168,389 144,314 55,275 1034 3 300 123 844,700 35,840 m 2'~g~:m 254 1~~ Wiohit"~'nfI8::: ~ 1'etal ...... Valuation 370,905 April, 1020 No. --oa Percentnge Chnnge Vnluation Over Valuation Year S 156,280 338,007 324,200 170,000 12 212 ~7 'In:508 422 1,005,071 231 105,055 88 203 77 3 3 ~~~ 8'm:~~~ 408 6,604,425 t~:m 3~~ m:~~~ 117,130 ~~ 2,462 $7,707,175 8,040 $10,442,038 + 83. 1 - 50 .2 - 55.5 - 67.7 _ 20 .0 +330.3 - 20.7 - 48 .2 "+3~U - 04.4 "+ 5U ~ - 60.4 Mnrch, 1030 No. Percenta,!!e Change Valuntlon Over Valuntion Month 71 S 204,328 87 5Dl,511 104 243,406 04 210,105 406 705,645 140 320,324 234 1,183,281 150 134,057 ~~g 344 I~~ ~ l'm:m 1,045,050 1~~:~~~ 442,682 2,403 $6,047,436 + 40.0 - 71.5 - 40.7 -73.7 + 30 1 + 63:0 - 28. 6 - 36.0 +m:~ - 64.5 "+ ~U ~ + 10 .0 1030 No. Four Months Valuation 248 $ 801,720 308 1,206,746 568 069,846 245 028,146 1,323 2055422 523 1:382:662 064 3,265,355 405 437,707 ID29 No. Vnluntion ID6 $ a7~~ 268 1,229 303 1,316 730 757,026 878,888 1,157,070 768,101 4350415 '054:750 3,536,528 742,057 1,~~~ 1:~~~:~~~ 11"~4~80~ Itm:~~~ 1,188 3,283,170 0,622,188 m ~~:~~~ I,~~~ 03 065,068 8,726 $24,860,454 l'm:m 156 459,740 10,453 $ 41,113,811 Percentage Change Vnluntion Over Period +17.8 +47.5 - 16.2 -18.2 -32. 1 +44.8 - 7.7 -41.1 "+5U -65.D =1U ~ = == .•~ ~ E:==_ -39.5 (!JIII'.,I.IIIII.II •• IIIIIIII ••• II'.IIII •••• " •• IIII.I •• 111111111111111111111111111.1 . ,111111111111111111111111".11111'1'.1.1111111111111111 , .1'111111,,111111'11111IIIIIIItlllllllllllllllllllll"II"111111111111111111111111111111111111111111111"'11118 MONTHLY BUSINESS REVIEW 8 Activity during April at portland cement mills in Texas showed a further substan· tial increase over both the preceding month and the same month a year ago. Production amounted to 757,000 barrels, being 9.1 per cent larger than in March, and 21.7 per cent greater than in April, 1929. Shipments rose from 627,000 barrels in March to 775,000 in April, reflecting a gain of 23.6 per cent over the previous month and 24.0 per cent Cement over the same month last year. As compared to the same period in 1929, cement production at these mills during the first four months of the current year was 11.9 per cent larger, and shipments showed an increase of 7.0 per cent. Stocks on hand declined 20,000 barrels during the month, totaling 825,000 barrels on April 30. This amount, however, was 86.2 per cent larger than that on the corresponding date of 1929. [!J ' .. 11111111 ..... 1111111 .... 111 ....................... 111 ... 1111111111111. '11111111111 .......... 11111 .. 111111 ........ 111 .... 11 .... 111 ....... 11 .. 11 .. '"1 ....... 11 ........... 1I1 .. 11I1 .................. II .... IIIIIIIIIIU .... IIIIIIIIIIII .. II ...... "UIlIr;J E : -: : (In thou.o8nda of barrela) ;: ;: i ; : PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND OEMENT ProdUOtiOD at TflX8II milia. ......... .......... .... ...... .. ..... . .... .. .. ....... . .. ...... .. .... .... .... .. ... ~ ~~~:~l~e~d~f~:~h~~\ew·.:: :: : : : ::: : : : ::: : : ::::::: :: :: : : : :::::: : : :: : : : ::::::::: : ::::: : ::::::::: : m .... E:::. April Percentage Change January through April 30 :: 1030 Over Percenta Change : ge Number Month Year Number Over Year § 757 m + 0.1 2:2U +21.7 +~U 2,254 +11 .0 :: 2,240 + 7.0 § : UIl .. IU ......... UIlI ..... .,,. ........... IIIIIIIIIIIIII.n.tltllllfll .... ItIIlIl ...... 1 ... 1111 .. 11111 ....... 111111 ...... 11111111111 .. 111 ... 111111111111111".11 .............. 1111 ...... IIIII .... IItIIlIlIl ........ IIII .... 'IIIIII ... II.,II.1111I1I1 [EJ SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compiled by the Federal Reserve Board as of May 22, 1980) Industrial activity increased slightly in April from the rate prevailing in March. Factory employment declined by the usual seasonal amount, while factory payrolls showed a smaller reduction than usual. Wholesale prices continued to decline in April and the first half of May. There was a further easing of open·market money rates. PRODUCTION Production in basic industries in April was slightly larger than in March and the Board's index, which makes allow· ance for the usual seasonal changes, shows an increase of about 2 per cent, offsetting a large part of the decrease in March. Output of automobiles showed the usual seasonal expansion. Steel output declined seasonally in April and the early part of May. The output of silk textiles was considerably reduced, and woolen mills curtailed operations, though less than seasonally. Cotton mills were more active in April, and there was some increase in stocks. In the first half of May, however, a program of curtailment was insti· tuted in the industry. In comparison with the first four months of 1929, a ysar of exceptionally active business, production was smaller in almost all major branches of industry, with the exception of tobacco. In comparison with 1928, however, output was larger in the automobile, petroleum, and silk industries, slightly smaller in steel and coal, and considerably smaller in cotton and wool textiles, flour, meat packing, automobile tires, and lumber. Building contracts awarded during April, according to the F. W. Dodge Corporation, were 6 per cent larger than in March, reflecting further expansion in awards for public works and utilities, and some increase in residential construction, largely seasonal in character. In the first two weeks in May there was a further increase in building ac· tivity. In comparison with 1929, awards in the first four months of the year were 17 per cent smaller, reflecting chiefly the continued small volume of residential building, which more than offset increases in public works and in utility construction. EMPLOYMENT AND PAYROLLS Factory employment, which had been decreasing since last September, declined by about 1 per cent in April, which represents the usual development for that month, while the reduction in factory payrolls from March to April was smaller than usual. DISTRIBUTION Department store sales increased during the month by an amount estimated to be slightly larger than is accounted for by the late Easter holiday, The value of foreign trade decreased further in April, and for the first four months of the year exports were about 20 per cent smaller than a year ago, when trade was exceptionally active. In part this decline reflected the lower level of wholesale prices. WHOLESALE PRICES An increase in wholesale prices in the first week in April was followed by a substantial decline which continued into May and brought the level of prices to the lowest point in a number of years. Prices of important raw materials, such as wheat, cotton, and silk, declined during most of the period, but steadied somewhat around the middle of May, while prices of silver, hides, and coffee, were comparatively stable. There were fairly continuous price declines in steel, sugar, raw wool, and the textiles. Copper prices were reo duced further early in May, but recovered somewhat following large purchases for domestic and foreign consumption, BANK CREDIT Loans and investments of member banks increased by about $160,000,000 in the latter half of April, but declined $14,0,000,000 in the first two weeks in May, both movements reflecting chiefly fluctuations in loans on securities. Investments increased further, while "all other" loans continued to decline, and OIli May 14, at $8,560,000,000, were the smallest in more than two years, The volume of Reserve bank credit declined further by $125,000,000 between the weeks ending Apl'il 19 and May 17, largely as a result of the addition of about $65,000,000 to the stock of monetary gold and of a further substantial reduction in the volume of money in circulation, which reflected chiefly smaller vol· ume of payrolls and declines in retail prices, The System's holdings of bills declined, while United States securities and discounts for member banks showed little change. Money rates on all classes of paper declined further in May. The discount rate of the Federal Reserve Bank of New York was reduced from 3Y2 to 3 per cent on May 2, and that at the Federal Reserve Bank of Boston from 4 to 3Y2 per cent on May 8,
@FedFRASER