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r~'~;';~~~' R~;
OF TI+IE
fEDERAL RESERVE BANK Of DALLAS
C.C.WALSH
CHAS. C. HALL-W. J. EVANS
Chairman and Faderal Reserve Agent
Assistant Federal Reserve Agents
I~
(Compiled May 15, 1932)
I<:
>l»<===:X»<===:::X~»<===:::X»<===:XKO::::Xk
"'tc::::::)l»<===:x»<===:x»<===:x»<===:x~
~~u~ln·~e~~1=7='=~=O=.=4=======================D=a=1=la=s=,=T~e=x=a=s=,~J~u=n=e==1=,=1~9~3=2========~~=is=ro==py==is==re=le=as=e=d=fu=r=p=u7b=-==~M~a=y~3=1
Heation in morning papers
~
DISTRICT SUMMARY
THE SITUATION AT A GLANCE
Eleventh Federal Reserve Distriot
-------------------------~--------.-------April
Change from
~
_____________________ I_---1-03-2--__ I---M--ar-ch---
1l~~~eadObi'"
to individual aocounts (at 17
ll e1lart )· .. ·••·•·•··•·••·••·•·•····•• .. •• ..
~rv:'~!~t;:;::~~;;,~&;; b~~k; ~i'~~d"
$478,681,000
S 13,804,818
50.0%
S 2,082,107
82
S 1,732,016
28,444,529
-
3 . 5~
3.8'1.
+ 80.2%
:: fu~poin\8
+
+
4.3
1.3
0
th The heavy general rains throughout the district during
ate past thirty days, which relieved acute conditions in some
at cc greatly improved the outlook for agriculture and liveittd a.nd created a more cheerful undertone in business,
dt Ustnal, and financial circles. Due to the high winds and
all~ Weather, th~re had been a rapid deteriora~ion of crops
ittg ranges durmg the first three weeks of Apnl, and plantgell operations were being retarded. With the advent of
tall eral rains, deterioration was stopped, growing crops and
'I1it~es took on new life, and farmers proceeded normally
~su planting operations. Although crops are later than
abl ai, this situation can be corrected by a period of favorthee weather. Prospects are not so bright as a year ago, yet
lot excellent surface and subsoil season furnishes a basis
dis S~st.ained crop growth during the summer months. A
01 ~U1ehng feature at the present time is the large number
'I1eatl~ects which may become a menace to production should
e1' conditions be favorable to insect propagation.
k'
The distribution of merchandise at both wholesale and
retail continued unsatisfactory during April due in part to
the unfavorable agricultural conditions obtaining during the
greater part of the month. The sales of department stores
in larger cities were 4 per cent less than in March, and 32
per cent below April last year. While the distribution of
merchandise in wholesale channels showed smaller than
usual declines between March and April, it was due primarily to the small sales volume during the first quarter
and the policy of retailers in making purchases only when
justified by consumer demand. As compared to a year ago,
the declines in April were larger than those in March. Collections generally held up fairly well.
There were fewer commercial failures in this district
during April than in either March this year or April last
year. The liabilities of defaulting firms, however, were larger
than in either comparative period.
Banking statistics reflected no outstanding changes. Federal Reserve Bank loans to member banks amounted to
$11,320,000 on May 15, which was $1,336,000 less than a
month ago, but $2,975,000 larger than on the corresponding
date in 1931. Federal reserve notes in circulation reflected
a further substantial decline. The loans, investments, and
deposits of banks in leading cities showed a decrease during
the five-week period ending May 11. The deposits of all
member banks in the district reflected a seasonal decline,
the daily average of combined net demand and time deposits
being $636,343,000 in April, as compared with $656,444,000
in March, and $801,150,000 in April, 1931.
The valuation of building permits issued at principal
cities, after showing a large gain in March, declined 13 per
cent in April, and in the latter month was 34 per cent less
than in the same month last year.
BUSINESS
fholesale
Despite the fact that distribution in two mouth buying, and orders are being placed only as consumer
rllde
lines of wholesale trade during April re- demand makes its appearance. Sentiment was somewhat imQlld .
fleeted decreases smaller than seasonal proved toward the close of the month by the general rains
ttaty1n two other lines registered increases that were con- which had a beneficial effect on crops and livestock. As in
lllost to seasonal, a general quietude prevailed throughout the previous month, wholesalers in all lines except farm
"'ith ~~ the Eleventh District during the month. Comparisons implements reported perceptible reductions in their inventUllgi. e corresponding month last year showed reductions tories. Collections were fairly well sustained during April.
~et cllg from 19.7 per cent in the case of groceries to 53.7
Sales of dry goods at wholesale were B.8 per cent smaller
Ce~ta ellt in the case of farm implements. All of these per~tatcge declines are larger than those that were registered in than in Maroh, the decline being somewhat less than sea. Retailers persist in theil- policy of strict hand-to- sonal. April business was 34.3 per cent under a year ago,
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
--------------------------------------------------------------------------------------------------2
MONTHLY BUSINESS REVIEW
--------------------------------------------------------------------------------------------------and distribution from January 1 to April 30 registered a
decrease of 28.3 per cent as compared with the same period
in 1931. Reports indicate that while buying demand was
generally light it was stronger in some sections than in
others. April collections were in the same volume as those
of the preceding month,
While the sales volume of wholesale drug firms in this
district was 9.1 per cent less than in March, the decrease was
largely seasonal in nature. TIlere was a reduction of 26.2
per cent from April, 1931, and during the first four months
of the current year, sales averaged 22.0 per cent below last
year. Due to the hand·to-mouth buying policy, indications
are that any improvement in retail demand will be reflected
immediately in better business at wholesale. April witnessed
a slight increase in collections.
Despite an upward tendency which was apparent in
several sections, the distribution of groceries at wholesale
during April was on a slightly smaller scale than in the
previous month, and was 19.7 per cent below April, 1931.
Merchants bought sparingly, and made frequent reorders
when necessary. Stocks on hand were reduced further during
the month. While prices reflected a further downward trend,
there was a substantial up-turn in the volume of collections.
Contrary to the usual trend in April, the demand for
hardware at wholesale reflected an increase of 3.5 per cent
over the previous month. Sales were, however, 34.2 per cent
less than in April last year, as compared with a like decrease
of 26.9 per cent in March. Purchasing continued on a restricted scale, and inventories were held at about the same
level as in March. Collections were 5.1 per cent below those
of the previous month.
Although there was a non-seasonal increase of 31.7 per
cent in the total sales of reporting wholesale farm implement
firms in this district during April, the gain was not of a
general nature and it was smaller than the up-turn which
was recorded in April, 1931. The poor outlook for crops,
which was in evidence during the greater part of the month,
acted as a retarding influence. Collections reflected an in'
crease of 14.0 per cent as compared with March.
CONDITION OF WHOLESALE TRADE DURING APRIL, 1982
Percentage of increase or decrease in-
------------~-------------------Net Sales
Net Sales
Stocks
Ratio of couac
U
Groceries ... ... . . .
Dry goods .. ......
Formimplements ..
Hardware ........
Drugs ............
April,1932
Jan. 1 to dote April, 1032 tions durio~ A~~d
compared with compared with eompnred with to account diog
April March same period April March notes outs h 1
O~
1931
1932
lo.t yenr
1931 1982
on More
-19.7 - . 2
-20.6
-22 .0 - 3.3
69.4
-34.3 - 8 .8
-28.8
-29.4 - 3.9
22. 5
-58.7 +31.7
-56 .1
- 2.0 + 1.9
2.'
- 34.2 + 3.5
-29 . 0
- 5 .8 - . 3
29.3
-26.2 - 9.1
-22.0
-15.6 - 1.2
35.5
Although distribution of merchandi~~
during April at department st.oresd
leading cities of this district contInue
low levels as compared with 1931, post-Easter sales helt'~h
reasonably well as a result of warmer temperatures '1\1 e9
created a further demand for spring wares. Women'~ 5. 0 s
and dresses; misses' dresses ; men's clothing, furmshlfag ~
hats and caps; and men's and boys' shoes all evi?en ce k'B
much better demand in April than in March. ThiS ba n1so
seasonally adjusted index of department store sales ;0 Z
reflected a betterment, increasing from 66.3 in March.to ~d
in April. Dollar volume of sales during the month wltnes~1l8
a decline of only 3.8 per cent from a month earlier, b;:t \g
31.6 per cent less than in April, 1931. Distribution urI o.
the current year continued materially below that a year ag.
The value of inventories held on April 30 was appri~~
mately the same as a month earlier, but a further redu c
of 20.4. per cent was shown as compared with last year. ril
rate of stock turnover during the four months endIng. A! of
30 was .86, as against .95 in the corresponding peno
I
1931.
Collections during April evidenced a further 5ea~oJl~f
increase, but were well below those last year. The r~t10 at
charge accounts collected during April to outstan.d1l1g;0.1
the opening of the month was 31.7 per cent, as agaInst
per cent in March, and 34.4 per cent in April, 1931.
Re£ail
:t
Trade
The
----
BUSINESS OF DEPARTMENT STORES
Total Sales (Percentago):
~pr!I' 1932, oompared with ~rll, 1931.. ... ... .. ............. ... . .. .............
J ptl , 1982, eompored with areh, 1032 . .. . ..................... .. .. .. .. .......
anuary 1 to dolo eompored with some period lant yoar .. .... ............ ... ..... .
Credit Sales (Pereentage):
1pr!I' 1932, eompared with ~ril, 1931. ............... ... ...... ... .. . .... ..... . .
J ptl , 1982, eompared witb ~rob, 1932 ...... . ..... ... ......... ........... .....
nnunry 1 to date eompared IVlth same period last year ...........................
Btooks (Pereentage):
tpr!l' m~' eompared with ~rll, 1931.. ...... .... ... .... .. ............ .. .......
pra ,
, compared with aroh, 1982 .. ......... ..... ........ ................
Stock Turnover (Rate):
~~ o~ s~oot turnover !n Apr!I, 1931. ..... .................... .. ......... ... ...
A
Rat: ~f :t~k :~~~~~:~ J"an:::I• I~2 A' ;Ii '36 .i ................... ...............
Rato f t k t
J
y
P
,931. ............. .... ............ .
o 9 00 urn over anuary 1 to April 30, 1932 . ................... . ..........
Ratio of April collootions to aceounta reoeivahle outatanding April 1, 1932 . . ...... ... •.•.
Indexes of department store sales:
Xd~:a~~ ~ilr~9Jga2 ............. ..... •............... ... .......... '" ......
I
P,
..........................................................
Indexes of deportment store stooks:
~d~~:et ~ilr~bJ832 .. ...... ..... . " ........................................
I
PI,
....... ................ .. ................. .......... ......
Commercial
Failures
The business mortality rate in the
Eleventh District during April was lower
than in either the preceding month or the
same month last year, according to the report issued by
R. G. Dun & Company. Liabilities of insolvent firms, however, were at a higher level than in either of the two com-
Dallas
-29 .4
- 3.8
-23 .5
Fort Worth
-35.2
- 9.6
-26 .9
Houslon
-35.4
+ 2.9
-29.0
San Antonio
-32.4
+ 4.0
-33.2
Otbers
-26.1
- 12.8
-24.7
Total Distriot
-31.0
_ 3.8
_20 .0
-29 .2
- 1.7
-24.8
-31.8
-30.0
+ 5.8
-38.1
-27.5
-11.5
-25.7
-37.2
+ 3.6
-33.6
-26.~
-30.9
_ 2.0
_27.9
-17.3
.7
-21.0
- 2.0
-29.6
+ .9
-24.8
.0
-13.2
+ 2.7
-20.4
.26
.22
.97
.90
32.4
.20
.17
.74
.06
27. 0
.27
.25
1.00
.01
33.5
.34
.29
1.31
1.10
33.7
.22
.19
.88
.77
31.4
.22
.95
.86
31.1
03.8
67.3
72.3
76.1
72.7
75.7
05.8
67 .1
52.7
75.9
73.0
61.0
59.8
47.7
45.0
-
51.~
~ ·5.7
-
_
.1
.25
M.O
10. 2
00. 2
57.9
.... ...
.
April
parative months. The 82 firms which failed dunn~02 de'
owed a total of $1,732,916. In March, there were
$1 '
faulting firms with total indebtedness amounting to we;e
662,204" and in April a year ago 85 insolvent firms
reported, their liabilities amounting to $1,650,741.
-
MONTHLY BUSINESS REVIEW
8
AGRICUL TURE
Crop Conditions
Agricultural conditions generally
throughout the district were unfavorable
up to the middle of April due to the
e~ects of the early March freezes, and the subsequent high
tll1ds and dry weather. Since that time there have been
.requent general rains which corrected the earlier deficiencies
; surface moisture and stimulated the growth of crops.
;armers have made good progress with planting despite the
requency of rains. Although most crops are late, this handicap should be overcome within a short time should favorable
Weather conditions obtain.
,Due to the cumulative effects of adverse weather, small
trams deteriorated rapidly during the most of April. The
fi erartment of Agriculture states that, while the late sown
the ds of wheat and oats benefited greatly from the rains,
. e early crops can be expected to show only moderate
Illlprovement. The condition of the Texas wheat crop was
rated by the Department at 60 per cent of normal on May 1,
as compared with 76 per cent on April 1, and 88 per cent
~l May 1, 1931. The estimated production was placed at
ea ,6.50,000 bushels as against 35,500,000 bushels a month
M
rh;1', and 57,433,000 bushels harvested last year. In New
eXICo the condition of winter wheat dropped from 79
~er dcent to 64, per cent during April and the prospective
1to uction was lowered from 2,500,000 bushels on April
d to 1,647,000 bushels on May 1. Last year this state proeUeed 4,626,000 bushels. The condition of the Texas oat
ardP \~as 56 per cent of normal on May 1 which represents
f echne of 14 points from a month earlier, and 29 points
a year ago. Substantial declines were also reported for
to ahho ma and Louisiana. The abandonment of acreage sown
IV eat and oats in this district has been heavy.
Okr
b 1The conditoion of tame hay on May 1 was also materially
be ow that a year ago. Since the rains, however, there has
shent noticeable improvement and with warmer weather hay
adOu d make rapid growth. While the corn crop had an
go rse start and is later than usual, the crop has made
o growth recently.
"d
Lh T~e planting of cotton is under way in all sections of
and is well advanced except in West· Central and
coon llwest Texas. In South Texas planting is practically
l'e 1np eted and chopping is well under way. Some sections
is ~or that fields are weedy and grassy. Some apprehension
e
Per t Sver the heavy hatching of grasshoppers and flea hopPor~~d. orne damage from lice and cutworms has been re-
Ne .~Jstrict
A.lthough the Texas vegetable crops were affected adthe s~ly by. dry weather during the first three weeks of April,
tnollt olldltlon of most crops 011 May 1 was higher than a
'vas 1 . earlier. Marketing from South Texas during April
be a11'ly heavy and prices were generally favorable. The
cit;artment of Agriculture reported that the prospects for
ora~s a1'; very poor. The "set" of both grapefruit and
late gesd 1~ very irregular and gives promise of averaging
an hght.
Livestock
The outlook for Southwestern ranges and
ago.
livestock i~ muc~ improved .over a month
Mal' ~~e dry weather and hIgh wmds followmg the early
~apid ree~e caused a depletion of surface moisture and
back bdetenoration in ranges. Early range feed was killed
y the freeze and there was insufficient surface moisture
Vel'
1
to start new growth. Due to the lack of pasturage, livestock
shrank considerably. In some sections conditions had become acute. This situation, however, was changed materially
by the heavy and frequent general rains which fell during
the last half of April and the first half of May. The ample
surface moisture, together with the deep sub-soil season
augurs well for good summer grazing. Already range vegetation has made considerable growth and livestock are
mending.
Although the rains came too late to benefit ranges rna·
terially by May 1, the condition figures reported by the
Department of Agriculture as of that date show a gain over
those a month earlier, although they are considerably below
a year ago. The condition of cattle ranges in Texas on May
1 was 80 per cent of normal as compared with 79 per cent
a month earlier, and 91 per cent a year ago. Sheep and goat
ranges showed no change during the month, and were 13
points lower than on May 1, 1931. There was a 2 point gain
in cattle in April, but the May 1 figure was 8 points lower
than a year ago. The gain in the condition of sheep during
the month was 1 point and that of goats 3 points. In each
case there was a 9 point loss from a year ago. The Texas
calf crop is expected to be larger than a year ago, but the
prospective lamb crop is smaller. Ranges and livestock
likewise improved in Arizona and New Mexico during the
latter part of April, but on the whole, conditions were not
quite as good on May 1 as a month earlier. Livestock generally are in fair to good condition in these states with prospects for good calf and lamb crops.
Movements
and Prices
The receipts of cattle at the Fort Worth
market during April were moderately
larger than in March, but were considerably smaller than a year ago. There was little change in the
arrivals of calves. Hog receipts fell under those in the previous month, but continued to run above those in 1931. While
a large seasonal gain in the receipts of sheep was registered
during April, the total fell short of a year ago by a considerable margin.
Cattle prices were somewhat uneven during April, but
on the whole they were fairly well maintained. During the
first half of May, however, the market trend on steers, yearlings, and calves was downward. The hog market has been
FORT WORTH LIVESTOCK RECEIPTS
(Number)
Cattle .......... .
Calves ..... . .. ..
Hog............ .
Sheep . . ...... . . .
April
1932
45,878
11,084
29,442
194,439
April
1981
58,630
11,891
23,023
257,066
Change over
yenr
-13,252
217
6,419
+
-62,627
Maroh
1982
37,778
11,082
36,673
113,842
Changeover
month
+ 7,600
+ 2
- 7,231
+81,097
COMPARATIVE TOP LIVESTOCK PRICES
(Dollars por hundred-weight)
Beef steers ..••.•.••.•.••..•••••••••••••••
Stooker steers •.•..•..•.••••.•• ••.•• ••••••
Buteher eows ..................... .... .. .
Stocker oows ........................... ..
Calv08 ......... ...... .......... ........ .
r~:~::::::::::::::::::::::::::::::::::
April
1932
$5 .85
5.00
4.00
April
19S1
$8.25
5.75
7:iio
5.25
10.00
8.00
0.60
4.05
4.00
7.25
5.75
8.75
Mareh
1932
$6.75
6.60
3.25
8:00
4.65
4.00
8.76
-------------------------------------------------------------------------------------------------------4
MONTHLY BUSINESS REVIEW
-------------------------------------------------------------------------------------------------------working to lower levels since early March, and at the middle
of May was approximately $1.50 lower than the high point
of the former month. There was evidence of steadiness dur-
ing the first half of May. Coincident with the heavy incranse
in supplies, prices on sheep and lambs have followe B
downward course.
FINANCE
The borrowings of member banks at the
Federal Reserve Bank showed a further
expansion during the last half of April,
rising from $12,656,000 on April 15 to
$14.,256,000 on April 27. During the subsequent week the
total dropped to around $11,000,000 and held fairly stable
for the remainder of the period. These loans amounted to
$11,320,000 on May 15, or $1,336,000 less than a month
earlier. However, they were still $2,975,000 greater than on
the corresponding date in 1931. While there was some falling off in the loans to reserve city banks, most of the liquidation came from country banks. The holdings of bankers'
acceptances totaled $1,4.21,000 on May 15, as compared with
$1,960,000 on April 15, and $5,606,000 on the same date
last year. Investments of this bank in United States securities
were increased $3,859,000 during the past thirty days and
on May 15 were $2,4.98,000 greater than a year ago. The
reserve deposits of member banks at the middle of May
were $2,932,000 greater than a month ago, but $7,082,000
smaller than on the same date in 1931. The actual circulation of Federal reserve notes amounted to $35,444,000 on
May 15, as compared with $37,692,000 on April 15, and
$27,650,000 on May 15, 1931.
Operations of
the Federal Reserve Bank
Condition of
Member Banlcs
in Selected
Cities
During the five-week period ending lVI.BY
11, there was a decline in the loans, 1~'
vestments, and deposits of member ban. S
in selected cities. Their investments In
United States securities were reduced $4,'
664.,000 and those in other securities $3,299,000. Laans ~{
securities declined $1,160,000 between April 6 and .MaY$8:
and "all other" loans (largely commercial) dechned '
563,000 during the same period. Total loans on May 11 Vle~e
$50,619,000 lower than on the corresponding date in 19;4:
The falling off in net demand deposits amounted. to ~.
399,000 during the five-week period, and that of time d d
posits amounted to $2,425,000. Combined net demand an a
time deposits were $67,l4.9,000 smaller on May 11 than .
year ago. The reserves of these banks with the Federal Re
d
serve Bank were $705,000 less than five weeks earlier, a~e
$5,698,000 below last year. Their borrowings from t 5
Federal Reserve Bank totaled $1,34,0,000 on May 11, Bn
compared with $1,154.,000 on April 6, and $860,000 0
May 13, 1931.
May 11,
OONDITION OF THE FEDERAL RESERVE BANK
(In thousands of dollars)
May 15,
Total oash resorves .. ...• .. ..•.... .. ..•.••
Discounts for member banks .. ••...... ....•
Other bills discounted .................... .
Bills bought in open market ....•.... .. ..••
United States seouritles owned •.. •. ..•...••
Other investments ..••............•.•.•.••
Total earning l188ets ..... ................ .
Member bank reserve depooits . ... ... ...•••
Federal reserve notes in actual oiroulation •••
1982
$ 51,269
11,320
None
1,421
31,722
6
44,468
47,167
85,444
May 15,
1931
• 47,480
8,345
o
5,600
29,224
7
43,188
64,249
27,050
April 15,
1932
$ 51,503
1~:~
1,960
27,863
6
42,483
44,235
37,692
Deposits. of
Member BanTes
Combined daily average deposits of member banks in this district during April,
which amounted to $636,343,000, reflected a decline of $20,101,000 from the previous month, and a
reduction of $164,807,000 as compared with the same month
last year. The decrease from March was to some extent
ascribable to seasonal influences. More than half of the
falling off was accounted for by the net demand deposits
of country banks.
United States seourities owned ............ .
All othor stocks, bonds, and soouritioo ownod.
Loans on soourities .. .................... .
All other loans ..... .... ......... .. ...... .
Totnllonns ............................. .
Net dsmand depooits ................... ..
Time doposits ...... ... ................ .. .
Reserve with Federal Reserve Bank . . ..... .
Bills payable and redisoounts with Federal
Reserve Bank .................. ... .... .
Combined Total
Reservo City Banks
Country Banks
Net demand Time Net demand Time Net demand Time
doposits depooits depooits deposits depooits depooits
April,
May,
June,
July,
Aug.,
Sept.,
Oot.,
Nov.,
Doc.,
Jan.,
Feb.,
Mar.,
April,
1931.... .. $567,009 $284,141 $269,207 $142,589 $297,802 S 91,552
1931...... 563,222
283,053
267,010
140,302
296,212
93,291
1981...... 543,155
231,880
254,063
1S9,800
289,092
01,990
1981...... 537,238
225,928
257,244
135,499
279,989
90,429
1981.. .... 528,797
222,266
255,584
133,568 268,213
88,698
1931. . . ... 508,850
215,974
242,781
129,116
266,119
86,858
1931...... 487,314
202,524
232,544
119,826
254,770
82,698
1981...... 483979
203,719
281,919
121,817
252,060
81,902
1931...... 474,935
202,094
226,397
122,674
248,538
79,420
1932 . ... .. 468,172
196,782
221,799
118,475
246,378
78,307
1932...... 469,110
196,572
222,116
118,998
246,994
77.570
1982...... 461,557
194,887
221.885
117,889
289,722
77,548
1932...... 445,050
191,298
216,649
115,782 228,401
75,561
May 13.
April 6.
1932
$ 83,684
58,342
76,395
173,883
249,778
235,157
126,400
27,770
1931
$ 84,052
54,040
88,943
211,454
300,397
280,943
147,772
88,468
IOS2
$ 88,298
1,340
860
1,164
01,~~~
l~r:046
259,601
280,666
128,834
28,476
The volume of debits to individ~al. B~i
counts during April at banks in pnnCIPct.
centers amounted to $478,681,000, repeO!li
ing a further decline of 3.5 per cent r Jl1'
the previous month and a reduction of 26.9 per cent as cOsse
pared with the same month last year. While the dec~rson
from March was due to seasonal influences, the compal. ous
with a year ago was less favorable than many prev1
month since September.
Debits to
Individual
Accounts
DEBITS TO INDIVIDUAL ACCOUNTS
(In thousands of dollars)
___
-----------------------------------------Percentage
Peroentago
April
DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thousands of dollars)
-
CONDITION STATISTICS OF MEMBER DANKS IN SELECTED CI'l'JES
(In thousands of dollars)
Abilene.........
Austin..........
Beaumont.......
Corsioana.......
Dallas..........
EI Paso.........
Fort Worth......
Galveston.......
Houston.........
Port Arthur... . .
Roowoll. .. .. .. ..
San Antonio . ....
Shrevoport.. ....
Texarkana·......
Tueson..........
Waco...........
Wiohlta Falls....
April
1932
'4,207
18,521
14,213
2,720
128,270
16,182
55,853
17,618
113,035
4,818
431,,90°935
19S1
$ 6,290
18,968
21,052
3,647
162,304
26,974
72,327
20,675
160,788
7,616
720,.71°036
23,725
0.511
8,923
0,837
9,200
31,570
10,145
0,088
11,023
17,688
ohange over
year
-33.1
- 2.4
-32.5
-26.4
-21. 0
--40.2
-28.5
-14.8
-29.7
-36.7
-31.2
-37. 7
-24.8
-35.8
-10.0
-15.4
--47.8
Maroh
ohange oVo!
1932
month
$ 3,943
+
19,418
-'1
15.189
- ~. 4
2,970
-'7
142,016
- ~'8
18,828
-+1 1, 6
54,488
2'0
20,029
-1 4· S
108,345
+ 2'2
4,928:+ 8'2
1,759
_ 9: 8
48,437
+ 3.3
22,067
+16. 7
5,029
+ 4.0
8,579
_ 4.1
10,250
+ 9.4
8,406..:---
N
--- -_8. 6
Total...... . $478,681
$654,464
-26.9
$496,140
Eighth
·Inoludea the figures of two banks In Texarkana, Arkansas, looated In tho
Distriot.
-------------------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
5
-------------------------------------------------------------------------------------------------------Accepliance
Acceptances executed by banks in the
Market
Eleventh District and outstanding at the
.
close of April totaled $1,530,614., as
agaInst $2,4.09,627 a month earlier, and $2,461,205 a year
ago. The reduction as compared with March 31 was attributbble to a large extent to seasonal influences. Acceptances
S;sed on import and export transactions decreased from
43,924 on the last day of March to $579,530 on April 30,
and those executed against impOlt and export transactions
~~re reduced from $1,665,703 on the former date to $951,4 on the latter date.
SOIVings
Deposits
The amount of savings deposits reported
at the close of April by 146 member
banks was practically unchanged as compared with a month earlier, and it reflected a slightly smaller
reduction from a year ago than was shown on March 31. The
aggregate amounted to $142,576,140, as against $14.2,632,214 on the last day of March, and $172,521,621 on April
30, 1931. The number of savings depositors at 125 of the
reporting banks increased somewhat during April.
SAVINGS DEPOSITS
.. .... .... .. ... ... ..
Number of
llilporting
Banks
3°
0°
2
4
4
11·
2
8
4
3
3·
03°
April 30. 1032
Number of
Amount of
Savings
Savin!!!!
Depositors
DOPoslts
6.104
$ 2.855.101
74.159
25.478.800
10.820
3.134.000
11,183.700
34.466
17.671
10.843.865
30.517.487
54.030
4.520
1.807.557
21.857
14.585.233
24.910
10.313.640
10.271
5.460.630
1.082
2.207.382
24.088.467
56.282
April 30. 1031
Amount of
Number of
Savin!!!!
Savings
Dcposlts
Dopositors
$ 2.771.805
4.380
29.025.763
77.249
3.820.110
11.670
13.610.688
35.319
11.706.473
18.051
35.427.600
60.110
1.838.068
4.808
21.525.097
28.124
14.333.388
26.007
5.612.056
8.214
3.025.840
1.178
29,780.643
61.416
Peroonta~
Change
Over ear in
Savings Deposits
+ 3.0
- 12.2
- 17 .0
- 17.8
- 8.1
-13.0
-1.4
--32.2
-28. 0
- 2.5
-24. 1
-19.0
---345.634
March 31, 1032
Number of
Amount of
Savings
Savin~s
Depositors
Deposits
4.507
$ 2.814.404
74.325
25.357.509
10.776
3.031.688
34.521
11.128.087
17,786
11.005.538
55.135
30.500.661
4.517
1.815.271
21.972
14.548.430
25.227
10.442.153
10.256
5.454.827
1,086
2.311.150
56.584
24.222.307
PercentoJe Chango
Ovcr onth in
Savings Deposits
---316,640
+1.4
+ .5
+3.4
+ .5
- 1.5
+ .1
- .4
+ .3
- 1.2
+ .3
-
$172.521.621
- 17.4
Totol. ......... .
317.081
$142.576.140
$142.632.214
146
'Only 2 banks In Beaument. 6 in DaIlBS. 0 in Houston. 1 in Wichita Falls. and 80 In "All others" reporWld the number of savings depositors.
t
••••••••••••••••••••••••••••••••••••••••••••••••••
«
•••••••••••••••••••••
MAY DISCOUNT RATES
.6
.6
0.0
+ ••••• ••
PrevalUng ratoe:
DaUBS
eharged oustomers onJrime commorcial paper auch as is now eligiblc for
rediscount under the Feral Reserve Act . ............ . .....................
chargcd on loans to other banks scoured by bills rcceivablo . ..... . ........•...
I on loans scoured by primo stock cxchange e~ other current collatoral (not
neluding loans placed 10 other markots through correspondent hanks):
Dcmand ..... .. . ........................... .. .... .... ...............
Time ... . .. . .... ... ... ....... . .. .. ............ .. . .. . . .... .. . .. ......
oharged on commodity paper scoured by warehouse roooipts. etc .... .......... .
on cattle loans ... .. ............ .. ...... . .. ..... . ........................
EI PBSe
Fort Worth
Houston
San Antonio
4-7
5- 6
G-8
5-6
4-8
5-6
6--7
5-6
5- 6
6
5~6
G-7
G-8
5-6
6--7
6-8
G-8
8
6-8
G-8
G-8
G-7
6-8
5-7
5-7
6--7
7-10
6-8
6-8
6-8
G-10
G-8
G-8
G-7
7
Waco
G-8
INDUSTRY
D1:~le
The operations of reporting textile mills
in this district) were on a smaller scale
pr
during April. The demand for finished
l'll. odUhcts, as measured by orders on the mills' books at the
\y Ont -end, was less than a month earlier, and continued
ell .below that of 1931. Consequently, operators reduced
\V
co~rklng schedules, and correspondingly the consumption of
. on tAn and output of cloth. Inventories of finished products
l1la ~ril 30 were above those a month earlier, but were
tenally below those at the close of April, 1931.
Z
zng
\va A. s?asonal decline considerably greater than the average
Sll~ e~ldenced during the past month in the domestic cona ~llo~ of cotton, and for the second consecutive month
da~e Uotlon was shown as compared with the same thirty
of s of 1931. The Nation's mills consumed 367,280 bales
andCotton during April, as against 488,655 bales in March,
decl.508,691 bales in April last. year. ~espite the material
son l~ from last year consumptIOn durmg the current seathe' ugust through April, continued well above that in
SUl'll.~alDe period a year earlier. Supplies of cotton in contho Ing establishments on April 30 were slightly less than
Yease a month earlier, but were again larger than those a
r ago.
COTTON CONSUMED AND ON HAND
(Baloo)
Cotton-growing stotes:
Cotton consumed .. ........•
On hand April 30 inConsuming ostablishmcnla.
Public storago and compr0B8es ...... . . . ... . . . .
United Statoe:
Cotton consumcd . ..... .... .
On hand April 30 inConsuming ostoblishmcnts.
Publie storage and compr0B8OS ............... .
Cottonseed
Products
April
1032
April
1031
311.773
300.062
August 1 to April 30
Tbis Season Last Senaon
1.001.322
7,721.039
608,601
3.075.275
1.212.576
367.280
3.23B,101
5.631.512
3,927.225
3.802.826
1.532.067
1.370.680
8.163.037
6.039.032
The receipts and crushings of seed and
the production of products at cottonseed
oil mills in both Texas and the United
States reflected the customary seasonal decline during April,
but operations were maintained at a relatively high level.
Operations at all United States mills were greater than in
any like month in several years, while Texas mills evidenced
a substantial increase over the two preceding years. Excepting the output of linters at Texas mills operations during
the nine months of the current season showed further in-
MONTHLY BUSINESS REVIEW
6
creases over the same period of the previous season. Mill
stocks of cottonseed continued very large, although on April
30 they were smaller than those a month earlier. As compared to a year ago, stocks of oil and hulls showed a very
large increase.
COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON
(Bales)
Receipll! ................ . ... .
Exports ...... ........ .. .... .
Stocks, April 30 .... ... ...... .
August 1 to April 30
This Season Last Senson
3,127,608
2,800,673
2,480,950
2,046,332
1,320,506
1,030,805
April
1031
23,702
150,723
April
1032
52,438
151,179
STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
Toxas
United States
August 1 to April 80
August 1 to April 80
This Scallon Last Season This Senson Last Soason
Cottooseed received at mills
1,232,574
5,430,867
4,616,880
(taos) .................. ...
1,616,773
1,220,261
1,429,052
4,026,878
Cottonseed orushed (taos) ...• •
4,564,022
Coltoosocd on hand April 30
200,914
20,016
522,705
97,374
(tons) .....................
Crude oil produced (pounds) ... 428,734,342 359,341,1841,556,017,6641,392,595,547
580,400
2,215,622
2,088,334
672,462
Cake and menl ~roduoed (toos)
412,718
345,131
1,390,258
Hulls produced toos) ...... ...
1,261,196
Linters produood (running
185,714
189,575
798,423
hales) .....................
796,662
Stocks on hand April 30:
7,006,636 80,938,502 32,349,167
Crude oil (peunds) ........... 24,328,930
36,018
50,503
158,478
252,205
Cake and menl (taos) ..••.••••
40,m
59,070
208,821
HuUs (toos) ..........• •• ••• •
90,120
63,005
78,390
282,623
271,931
Linters (running bales) .••.••••
Movements of cotton at the ports of
Houston and Galveston were seasonally
smaller in April than those a month
earlier, but exports continued above those in the same month
of 1931. There was a large increase in the receipts of cotton
at Houston this April, as compared with a year ago, but
those at Galveston declined. During the past two months
shipments of cotton from these ports have been much larger
than receipts; consequently, stocks have declined correspondingly, and at the close of April were the smallest of
any month since the heavy cotton movements began last fall.
~
SEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTTON AT ALL
UNITED STATES PORTS-(Balos)
Receipts .... .... ...... . ........ . .................. ...
Exports: United Kingdom. ............. . .•...... .•.. .
France......... ... ... ... ...................
Italy .. .. .. .. .. . .. .. .. .. .. .. .. • .. .. .. .. .. .. .
Germany.. . . . . . . . . . . . . . . . . • . . . . . . . . . . . . . . . .
Other Europe.. . . ...........................
Jaran ...... ....... .. .......................
AI other oountries.... ...... . ... .. . ... ... ....
Total foreign ports... . .. ............ ........
Stocks at all United States porte, A]lril30 . ... . ........ ..
Cotton
Movements
Total foreign exports of domestic cotton, after hovering
near the million bale level in each month since October,
1931, dropped sharply during April, and with one exception
were below any month of the current season. The comparison with the corresponding month last year, however, again
reflected a substantial increase. There were 544.,563 bales
exported during the month as against 927,127 bales in
March, and 391,871 bales in April last year. Shipments of
cotton during the current season were increased further over
those of the previous season by the excess in April this year
over April, 1931. While the large decline in exports from
the previous month cannot be contributed solely to anyone
country, takings by Japan had the greatest influence, declining 72.3 per cent during the period.
COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
(Bales)
=r~::::::·.::: :. . :.,'.: . ..::
Stocks, April 30 ....... .. .....
April
1082
52,308
136,281
........
April
1981
61,072
58,141
. .......
August 1 to April 30
This Season Last Season
2,270,920
1,516,125
1,970,802
1,138,133
688,628
563,244
August 1 to April 30
This Soason Last Sens on
0,450,721
8,725,423
1,001,013
970,838
385,074
882,OM
541,567
408, 7 0
1,343,302
1,455,76
8
648,083
607'~9
2,040,482
1,023, 4
1,345,002
560,2~5
7,306,503
5,900,7
4,145,068
3,555,4 81
SPOT COTTON PRICES-(Middling Basis)
(Cents per pound)
May 15,
1032
April,1032
High
Low
6.40
5.60
6.37
5.59
5.00
5 . 15
6.30
6.60
6.35
5 .65
NewYork .............................. .
New Orlenns ...... ... .................. . .
Dallas ................. ... ............. .
Houston ......... ...................... ..
Galveston .............................. .
5.65
5.64
5.20
0.60
5.65
~
'1
h
Petroleum
Despite the shorter mont, A pn. wit·
e
nessed a further material increase In th t
amount of crude oil produced in this district. A total out,f;.
of 28,44.4,,529 barrels was reported, this amount being 3 b 't
229 barrels above the volume of the previous month, u
8
136,671 barrels less than that of April, 1931. There w~s u'
further expansion in drilling activity during April, partl.C J1
lady in East Texas areas, and the aggregate flush produ ctiO 5
of new wells completed amounted to 4,l4.6,04,5 barrels, 8
against 3,223,429 barrels in March.
~
OIL PRODUCTION-(Barrols)
-----------------------------------------------I norense or Dcorease FroIll
North Texas .. .... .. .........
Central West TOXM ..... , .. . . .
East Contral Toxas.......... .
Texas CoastaL... . .. .. . .... . .
South Texas... .. . .. . . .. . .. . .
April, 1032
Total
Daily Avg.
3,006,630
100,221
6,154,300
205.146
12,434,930
414,408
3,282,802
109,427
1,594,622
53,154
-----Total Texas . ........ 26,473,374
New Moxioo .. .. .. .. . ... .. . . .
North Louisiana..... .. ... . .••
Maroh, 1932
Total
DailY Avg.
+106,480
+ 6,~~
- 184,010
+
272
+678,030
+35'550
022,00 8
~ 1,278
9 ,778
=
------ ----2
+416,524
+41,9°
882,446
37,116
28,580
1,113,480
857,675
-
38,670
2,625
For Grent Britain ... ....................... ....... ...
For France ..........................................
For other foreign perls ................................
For coastwise peril! .... ...............................
In compresses and depoll! ..............................
Total ••..•.............. .........• _ ...
April 30,
1032
4,000
2,000
36,500
2,000
644,128
April 30,
lOS 1
2,800
3,000
15,000
1,500
540,044
--- --688,628
563,244
0
58
83
------ 048,151 ------ ----0
28,444,529
+ 375,229
+42,60
....................... ~
Total Distriot... . . . ..
II • • • • • • • • • •
APRIL DRILLING RESULTS
COTTON-GALVESTON STOCK STATEMENT
(Bales)
+
FailurCS
48
20
14
16
16
Produoers
41
14
400
21
15
Gas
Wells
North Texas ......... ... •.•
Central West Toxas .........
East Central Telas ...•... . .
South Texas ...... . ........
Tcxas Coastal. .............
Completioos
80
40
505
41
31
Total TOIM .......
New Mexico . . ....... .. ....
North Louisiana ....... .. .. .
706
2
14
581
1
4
11
4
114
1
6
~ril total~ distriot ... . .. ...
722
580
586
443
15
18
121
128
aroh tot s, district ...... .
6
1
4
---
rnitin!
Produotlon
17,173
1,746
4,083,ft~
1~:530
----:
4,123,~~
1~:720
----:
4,146,O~~
3,223,4
~
-
MONTHLY BUSINESS REVIEW
7
-----------------------------------------------------------~
State reflected a decline. Daily yield in New Mexico declined
slightly to 37,116 barrels. In North Louisiana, the daily out·
put during April amounted to 28,589 barrels, as compared
with 27,751 barrels in March.
CRUDE OIL PRICES
~exl\8hCol\8ta! (40 gr. and·above) ... .. ... . ............. .
ort Texas and North Louiaiana (40 gr. and above) . . .. .
'Prloo paid for Telna Conata!, Grade" A".
May 13,
1032
$1.00
1.00
May 12,
1031
• . 70'
.07
Building
Following the favorable showing which
was made in March, the valuation of
building permits issued during April at principal cities in
this district registered a decline of 13.2 per cent. Construc·
tion permits with a total value of $2,932,197 were issued
during the month, as compared with a volume of $3,376,829
in March, and $4,412,719 in April a year ago. Dallas, Fort
Worth, Port Arthur, and Shreveport showed increases over
the previous month, and Austin, Port Arthur, and Wichita
Falls reported gains over April, 1931.
(Oil atatlstics compiled by The Oil Weekly, Houaton, Te.,..)
th .Fields in Texas reflected an increase of 4,1,902 barrels in
8 ell' daily average yield, the April average amounting to
h82,446 barrels. East Central Texas contributed 35,272
hanels of this gain, and North Texas accounted for 6,668
anels. Central West Texas and the Gulf Coast showed
slllaller increases, while the Southwestern portion of the
BUILDING PERMITS
April,1032
No.
Amarillo ... . ...
Auatin . .. ......
II oaumont ......
Cor )US Christi. .
.. .... ...
I arth·.::::
a Voston ... . ..
Duston ....... .
ur . . ..
onio ....
or\ .....
noD.
lohlt~ 'F~li~ : : :
Valuation
April, 1031
No.
----51
27 $ 38,770
91 1,467,566
38,007
85
0,377
34
408,440
290
15,773
47
141
134,552
00,074
141
230
300,138
18,602
67
212
254,407
48,432
125
16,080
33
7,000
17
93
132
40
408
88
230
130
421
52
271
153
26
13
Percentage Change
Valuation Over
Year
Valuntion
$ 377.575
228,518
121,412
10,687
540,273
183,006
410,600
370,981
1,430,782
12,434
544,804
83,810
63,007
6,875
- 01.1
+542 .2
- 67 .0
- 07.5
- 13.3
- 01.4
- 07.9
- 84. 0
- 74 .8
+ 50.3
- 53.3
- 42.2
- 73.1
+ 1. 8
Mareh,1032
No.
Pereentn~e
Change
ValuatIOn Over
Month
Valuation
25 S 43,865
111 1,786,765
47,272
102
10,348
48
227,302
208
55,174
38
126,425
120
62,818
110
402,705
241
5,477
35
501,824
251
36,332
131
48,150
53
13,273
31
- 28.0
- 17 .9
- 17.5
- 07.0
+106.1
~ 71 .4
+ 0.4
2.0
- 10.6
+241.3
- 40 .3
+ 33.3
- 64 .7
- 47.8
-
-- - - - - - - - - -- - - - - - - - -- - 13.2
1,600 83,370,829
33 . 0
Total. ..... 1,549 $2,032,197 2,117 $4,412,710
Four Months
Percentage Change
1982
1081
Vnluation Over
Period
No.
Valuation
No.
Valuation
100 $
128,155
109 $ 1,856,644
- 00.6
360 1'4,006,756
325
1,021,714
+292.2
856 " 154,540
490
, 400,872
- 61.4
129 it,1 44,700
r 149,740
- 70 .1
185
1,041
1,117,001 1,342
2,180,047
- 48.8
143
106,078
324
521,356
- 70 .5
541
828
1,446,404
- 60.5
1671 ,434
, 238,670
501
510
502,888
- 50.7
874
1,412,613 1,380
4,850,258
- 70 .0
157 l 40,761
250
483,146
- 00.3
778 ~ 049.988
017
1,187.820
- 20.0
496
148,942
540
346,316
- 57.0
151 ~' 157,452
112
204,051
- 28.2
.457,603
60
51
• 40,376
•
5,603 $ 0,541,093
7,407 S 14,782,122
--35.5
' Inercnae over onc thousand per oent.
•
• • • •
•
• • • • • • • • • • •
Cement
Production of Portland cement in this
h'
district during April was at a 30.6 per cent
hIgher level than in March. The output amounted to 397,000
arrels, as compared with 304.,000 barrels in the previous
~onth, and 585,000 barrels in April a year ago. Shipments
ttaled 368,000 barrels, reflecting a decrease of 3.2 per cent
rOlll March and a decline of 36.7 per cent from the corre·
sfonding month last year. Stocks turned upward somewhat,
n ter haVing declined in the previous month, and at 800,.
••
• • • • • • •
•
• • • • • • • • • • • • • •
•
• • • • • • • • • • • • • • • •
•
t
000 barrels were 3.0 per cent larger than on April 30, 1931.
PRODUCTION, SHIPMEN'fS, AND STOCKS OF PORTLAND CEMENT
(In thouaands of barrels)
% change from Jan. througb
April Mar.
April
April
% change
1032 1932
1931
1032
from year
Produotion at Toxna milia......... 397 +30. 6 -32.1
1,310
-21.0
Shipmcnta fromTexnsmilla"" . . .. 368 - 3.2 -30.7
1,245
-27.0
Stocks at end of month nt 'rexns mills 800 + a. 8 + 3.0
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Oompiled by the Federal Reserve Board ns of May 24, 1982)
st I~dustrial activity and factor y employment declined sub.
chanhally from March to April, although usually little
ange occurs at this season. Purchases of Government
Se u .•
inC rltles by the Federal Reserve Banks have continued duro
h~ April and the first three weeks of May and there has
n a considerable growth in the reserves of member banks.
PRODUCTION AND EMPLOYMENT
no V~lume of industrial production, as measured by the
cen~r s seasonally adjusted index, decreased from 67 per
Ap . of the 1923·1925 average in March to 64. per cent in
ingrl~. Reductions in activity were rep orted for many lead·
lllilllndustries, with sharp declines in cotton and woolen
dustS and at bituminous coal mines; in the automobile in·
ry output increased from the low level of March by
more than the usual seasonal percentage and in the steel
industry, where activity had declined from early February
to the middle of April, production increased somewhat be·
tween the middle of April and the third week of May. The
number of wage earners employed at manufacturing estab·
lishments declined further between the middle of March and
the middle of April and there was a substantial reduction
in factory payrolls. Large decreases in employment were
reported for the iron and steel, machinery, and textile in·
dustries, while the volume of employment in the food and
leather industries showed the usual seasonal changes. Daily
average value of building contracts awarded during April
and the first half of May, as reported by the F. W. Dodge
Corporation, showed a seasonal increase over the first
quarter. A substantial increase was reported for public
----------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
8
----------------------------------------------------------------------------------------------works and public utilities, while residential building continued at the low level of the first quarter, showing none
of the usual seasonal expansion.
DISTRIBUTION
Freight-car loadings of merchandise showed little change
in volume from March to April, continuing at the level
prevailing since January, although increases are usual during this period. Sales by department stores increased considerably in April.
WHOLESALE PRICES
Wholesale prices of commodities declined from 66 per
cent of the 1926 average in March to 65.5 per cent in April,
according to the Bureau of Labor Statistics, and in the first
three weeks of May further decreases in the prices of many
leading commodities were reported. Downward movement
in textiles, non-ferrous metals, and imported raw materials,
as well as in most domestic agricultural products, except
wheat, were offset in part by increases in the prices of coffee,
petroleum, and petroleum products.
BANK CREDIT
Further purchases of United States Government securities by the Federal Reserve Banks were made during April
and the first three weeks in May, and on May 18 total hold·
ings were $1,466,000,000. The funds placed in the market
through these purchases between April 6 and May 18 were
used to the extent of $170,000,000 in a further reduction of
member bank indebtedness to the reserve banks, and to the
extent of $122,000,000 in meeting a demand for gold from
abroad; at the same time member banks accumulated reserye
balances considerably in excess of legal l'equirements. Du.r·
. ing May the demand for currency, which had declined 1n
April, increased somewhat, contrary to usual seasonal mo ye·
ment. Loans and investments of reporting member banks
in leading cities, which had declined continuously until
middle of April, showed little net change between April 1
and May 18. The banks' investments increased by nearly
$300,000,000, chiefly in New York City, while loans de·
clined by about an equal amount. There was also a growth
in net demand deposits, which reflected in part an increase
in bankers' balances deposited in New York City bankS.
Money rates in the open market continued easy. Rates on
commercial paper were reduced about one-half per cent
to a range of 2%-3 per cent for prime names, and the offer
ing rate on 90-day bankers' acceptances, which had a .
vanced to 11/8 per cent in the first week of May, declined on
May 11 to the previously prevailing rate of % of one per
cent.
th;
@FedFRASER