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MONTHLY BUSINESS REVIEW
OF THE

FEDERAL RESERVE BANK OF DALLAS
CHAS. C. HALL-W. J. EVANS
Assistant Federal Reserve Agents

C. C. WALSH
Chairman and Federal Reserve Agent

(Compiled May 15, 1933)
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VOlume 18, No.4

Dallas, Texas, June 1, 1933

=

'l;'his . cOPl.' is r elel!sed for pubhcatlOn m mor nmg papers-

May 30

DISTRICT SUMMARY
!111111I111I1t1t1111l1l1l1l1l1l1l1l.11I1I1I1I ..... IIIIIIU .. UIlIlIIlIIlI .. UIlIlIlIlIlIlIl11I ...... II .. UU ............ I ...

::': .

:
1::::

I

THE SI'l'UATION Reserve GLANCE
Eleventh Fedoral AT A Distriot
Change from
Maroh

April
1033

B~i~J~~i.~. ~~. ~~~~~i.d.~~I. ~.o ~~~~.~ . ~~~. ~~..

Department storo sales ... . ..... . .. ..........
Reserve bank loans to member banks at end
of month .... ...... .. .. ...... ............
Rcaerve bank ratio at end of month.. .. .. .. ..
~. BUilding ~rmit valuation at larger oonters . .. .
Commerolal failures ~number).. .. .. .. .. .. .. ..
= Commoroial failures liabilities) . .... .. ..... ..
2!! produotion (barre a) .. .. .. .. .. .... .. .. .. .

$406,847,000
8,811,168
48.4%

:

§

$ 1,070,678
$

65
852,051
26,800,500

+ 20 .1%
+ 14 .5%
+ 51.6%
.2 poInts
+ 13 . 1 ~
+ 12 . 1
2.2

-

-

10.0

0
0

$

:\11111111111111111111111111111111111111111111111111111111111111111111111111111111 ... 11111111111 .. 11 ...... 111111111111111 ..

Increased activity of business and industry and a further
confidence were outstanding developments
Federal Reserve District during the past
t~i~ty days. The April sales of department stores in leading
Cltles reflected a further gain of 21 per cent over the preVious month and were only 2 pcr cent less than in the
sClln.e month last year. While the pre-Easter buying accounted
for part of the gains, reports indicate that business imProvement continued during the last half, of April and the
first part of May. Wholesale distribution has likewise felt
the effects of increased consumer buying. Sales in most
reporting lines increased between March and April, and
th.ere was a narrowing of the margin of decline as compared
\\TJ.th a year ago. A factor of considerable importance has
been the reappearance of substantial forward buying in
some lines. Collections reflected a substantial improvement.
~tl'engthening of
In the Eleventh

While the number of commercial failures was slightly
larger than in March, it was considerably under that of a
Year ago, and was made up mostly of small trading con-

cerns. The li,abilities of defaulting firms were slightly less
than in March and less than half of those in April, 1932.
Federal reserve bank loans to member banks, after rising substantially during the last half of April, declined during the subsequent two weeks and on May 15 were only
slightly larger than a month earlier. There was a moderate
increase in the commercial loans of banks in selected cities
between April 12 and May 10 for the first time in several
months. Federal reserve notes in actual circulation reflected
a further decline. The daily average of combined net demand
and time deposits of member banks in this district amounted
to $584,171,000, as compared with $602,323,000 in March
and $636,34.3,000 in April, 1932.
The agricultural and livestock industries were affected adversely during the past month by unfavorable weather conditions. High winds and dry weather in the western half of
the district and wet soil in portions of the eastern half
retarded planting operations and crop growth. While the
recent rains have partially relieved the drouth situation,
there are some areas where moisture is urgently needed.
Small grains are in poor to only fair condition and indications point toward very low yields. Although ranges deteriorated during the past month, livestock held up well and
should improve in those sections which have had rainfall.
Market prices for livestock have turned upward, and range
trading is more active.
The April valuation of building permits issued at principal cities, while 13 per cent larger than in March, was 64
per cent less than a year ago. Production and shipments of
cement from Texas mills reflected a moderate decline as
compared with both the previous month and the same month
last year.

BUSINESS
WhOlesale
Trade

A further expansion in activity at wholesale was visible in the Eleventh District
during April. Business in the lines of
groceries, dry goods, farm implements, and hardware re~ected contrary to seasonal increases, and in the case of
rllgs there was a decline of less than the usual seasonal
a~ount. The comparisons with a year ago were more favora Ie than in March. Dollar sales of dry goods were 1.8 per

cent above those of April, 1932, and the decreases registered
in other lines ranged from 3.6 per cent in the case of groceries to 21.0 per cent in the case of farm implements. A
factor in the improving business situation during recent
weeks has been the material advance in prices of farm commodities and of many finished products. There was little
change in inventories during the month. April collections in
every line were larger than those of the previous month.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

MONTHLY BUSINESS REVIEW

2

Although an appreciable slowing down in business is
usually apparent in April, the distribution of dry goods
through wholesale channels last month not only held up to
the March volume, but showed a further gain of 16.0 per
cent. Sales were 1.8 per cent larger than in April a year
ago, this being the most favorable comparison reported
since May, 1929. Some merchants, because of the advancing
market, have been placing forward orders. The volume of
collections was about one·fourth larger than in March.
Contrary to the usual tendency in April, the demand for
hardware at wholesale reflected a gain of 15.8 per cent as
compared with the previous month, and was only 5.2 per
cent below that of the same month last year. In March there
was a similar decline of 15.7 per cent. Reports indicate a
continued improvement in business, and some advances in
prices have been in evidence. April collections were 15.4
per cent above those of the preceding month.
Total sales of reporting wholesale drug firms in the
Eleventh District during April reflected a seasonal decrease
of 4.2 per cent, and while they were 18.1 per cent less than
in the corresponding month a year ago, this is a more
favorable comparison than was shown in February or March.
Three of the ten firms reported better business than in
March, and in one case there was a slight gain over April
last year. Collections aggregated 10.9 per cent more than
the March volume.
While the distribution of groceries during April showed a
further non·seasonal increase of 2.2 per cent, the improve·
ment was somewhat spotty and some firms reported de·
clines. As compared with the same month last year, there
was a reduction of 3.6 per cent. The average decrease for
the first four months of the current year, as compared with
the same period in 1932, amounted to 4.7 per cent. Reports
indicate that the trend of priees is upward and that business
continues to show a perceptible betterment. Collections increased further during April.
An expansion of 73.6 per cent was witnessed in the sales
of. farm implements at wholesale during April. There was
a reduction of 21.0 per cent from the same month last year,
as compared with a like decrease of 41.6 per cent in March.
Inventories at the close of April were practically the same
as they were a month earlier and a year ago. Collections

turned upward and were on a scale 41.3 per cent larger than
in the previous month.
§'UIlIl .. II ... . IIII1 .... I1I1I1I1II1II1I1I1I1I1I1I1I1 .... IIII1I1I1I1II .................... 1I1I1I1I1I1I1t1l1l1fllllllllllll~

§
§

E

CONDITION OF WHOLESALE TRADE DURING APRIL. 1033

Percentage of increase or deorease inNct Sales
Net Sales
Stock.
Ratio of collccApril. JU33
Jan. 1 to date April. 1933 tions during April
compared with oomparcd with com~arcd with to accounts and
April. Mar.. samo period April. Mar .• notes outstanding
1032
1033
IDBt year
1032 1033
on March 31
:
Groceries .. .. ..... - 3.6 + 2.2
- 4.7
- 12.0 + 5 .2
61.6
:
Dry goods .. ...... + 1.8 +16 .0
- 10 .7
- 20.2 - 3.0
25 .6
2
Farm implcments .. - 21.0 +73 .6
- 31.2
.3 - . 1
2. 3
=
. Hardwarc .. .. . ... - 5.2 +15 .8
- 7.8
- 15.4 + .1
20 .2
:
Drugs .... ...... . - 18 .1 - 4.2
- 17 .0
- 16 .5 - 1.0
38. 7
~
::::.=::1

;0- .......... 11 .... 111111 ............. 11.11111111111 .... 11111 . ... 1111111111 ......... "111 ........... UIlIlIIlIIlU .... u ll •

si

Stimulated by a late Easter and a stronger
feeling of confidence among the buyi~g
public, department stores in leading cities
of the Eleventh District witnessed a very. encouraging up·tu rn
in the demand for merchandise during April. The total dollar
volume of sales was 20.5 per cent greater than in March,
and only 1.9 per cent less than in the corresponding month
a, year ago. The latter percentage is very significant due to
the fact that it is the smallest decline recorded for that com'
parison since April, 1930. Despite the slight decline from a
year ago in total sales many departments showed substantial
increases. Departments reflecting the largest gains were:
neckwear and scarfs; handkerchiefs; women's coats and
suits; juniors' and girls' wear; men's clothing, and hats and
caps; boys' wear; and men's and boys' shoes. This bank's
seasonally adjusted index of department store sales alsO
evidenced an appreciable increase during the month, incre~s·
ing from 54.3 in March to 66.8 in April. Merchandise dIS'
tribution during the four months of 1933 was 15.6 per cent
less than in the same period last year, comparing with a
similar decline of 20.7 per cent in March.
Retail

Trade

Stocks of merchandise held on April 30 were 0.9 per
cent above those on hand a month earlier, but they continued mBiterially below those held on the same dale last
year. The rate of stock turnover during the first four months
of 1933 was .88, as against .84. in the same period last year.
Collections on charge accounts outstanding on the B.rst
of the Imonth evidenced the usual seasonal increase durtng
April, the ratio being 31.9 per cent in the past month, ~s
compared with 29.8 per cent in March, and 31.7 per cent 111
April, 1932.

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§

BUSINESS OF DEPARTMENT STORES
Total sales (percentage):
April. 19S3. compared with Apri!l 1932..... .. ............ .. .. . . ...... .. .. .......
April. 1933. oompared with Marcn. 1933 .. .... .. .. ......... .. ........ .. .. ... .. ..
January 1 todateoomparedwith.amoporiod lllBtyoar.. ... ... .. . .. . . .. .... .... . .
Credit sales (percentage):
April. 19S3. compared with tf,ril 1932...... .. .... ................ .. .. .. .. .. ....
h
April. 1033, compared with arc. 1083 .. .. . .. .. ........ .... ... .... .. ...... .. ..
January lto date compared withssme perlodlDBtyear.......... .. .. .... .. .... .. .
Stocks (~ercentagc):
April. 1033. compared with April. 1032... ..... ..... ..... . . . . ... ... . . .. .. ... ..
April. 1038. compared with March. 1083 ... .. .. .. ............. . .... .. ........ :::
Stock turnover (rate):
Rate of stock turnover in April. 1082 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ... .
Rate of stock turnover in April. 1933 .. .. .... .. .... .. .... .... ...... . . .. .. . : . ::::
Rato of stock turnover January lto April 30.1032 .. ........ .... ......... .. .. ....
Rato of stock turnovcr January 1 to April ao. 1935 .... ....... ... .. .... .... .. .. .. .
Ratio of April coUcctiollB to accountucceivablo outstanding April 1. 10S8 .. .. .. .. .. .... .
Indexes of department store sales:

i::.=

DallDB

Fort Worth

Houston

San Antonio

Others

Total District

- 5.0
+ 17.0
- 18.1

- 3.1
+16 .2
-18. 1

+13.2
+30.6
- 7.2

- 6.9
+32 .2
- 19 .6

- 4.6
+ 04
- 13:0

- 1.0
+20 .5
- 15.6

- 8.0
+16.9
- 20 .0

- 3.4
+10.4
-17.7

+14 .2
+27.8
-4 .6

- 4.0
+31.2
- 20.5

- 6.6
+ 5 .8
-15.4

- 2.9
+18 .0
- 16.6

=
!

- 18 .4
.6

-18.6
- 1.1

- 0.2
+ 7.6

-24.3
+ 1.8

-20.4
.5

- 18 .3
+.0

=

:
§
:

24.4

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~n

:n

~U

~U

1
E
1

~dj!it~~A;;~if.r~gl~~~: :: ::::::: ::: :: :: :: ::: :::: ::: ::: :::: :::::::::: ::::: ::::U

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~d~J~~A;;~8~~91~~~ : :::::::::: ::::: ::::::::::: ::::::: ::::::: :::::::: :::::

.68
.71

.25

.18
.21
. 72
. 78
29.3

!

.32
.92
1.05
36 .6

.25

.00
.88
3S .4

.17
.20

.:

. 26
.34
.08
1.07
36.4

Indexes of department store stocks:

.22

i

21:
:26
E
.84
i
.8 8 :
31.0

:

;U.III IIIIIII ••• I.III.IIII.IIII.I ••• IIIIIIIIIIIIIIIIII11 •••• 111 ••• 1111 •••• ,1111.111 ••• 1•••••• 11 ..... 11111.11.1.1 ... 11.1111111111 ••••• 11.11 ............................................................... 111 ••• 1.1 •••• , ••••••••• 1....... 1.1111 ....... 11111111;

MONTHLY BUSINESS REVIEW
Despite a slightly higher business morlality rate during April than in the preceding month, the combined liabilities of
defaulting firms reflected a further decrease from the low
level of March. According to the report compiled by Dun
&Bradstreet, Inc., there were 65 commercial failures in the

Commercial
Failures

8

Eleventh District during April, as compared with 58 in the
previous month, and 82 in April, 1932. Total indebtedness
amounted to $852,051, as against $871,159 in March, and
$1,732,916 in the corresponding month last year. The average liability of insolvent firms, which amounted to $13,108,
was at the lowest point reached in over three years.

AGRICULTURE
Crop Conditions

High winds and dry weather over much
of the western half of, the district and wet
weather in portions of the eastern half
Were unfavorable to aU growing crops and retarded spring
planting. The persistence of cool nights also had an adverse
effect upon some crops. While the light to heavy rains which
fell over a considerable area of the dry territory during
~he first half of March were very beneficial, some areas are
In urgent need of, additional moisture.
Grain prospects are poor throughout most of the district.
The Department of Agriculture reported that the condition
of Texas wheat on May, 1, 1933, was only 48 per cent of
normal, as compared with 50 per cent a month earlier, and
60 per cent a year ago. The estimated abandonment of acreage prior to May 1 was placed at 45 per cent of the acreage
SOWn last fall. The average per acre yield was estimated at
7.5 bushels, which forecasts a total production of 15,810,000
bushels on the acreage remaining for harvest. This compares with an indicated yield of 18,515,000 bushels on April
1 and an actual production of 29,580,000 bushels in 1932.
lIeavy acreage abandonment and low yields are also indicated for Oklahoma and New Mexico. The condition of the
Oat crop in Texas on May 1 was rated at 55 per cent of
normal, as compared with 56 per cent a year ago. The February freezes which either killed or severely damaged a considerable ~ortion of the faU oat crop, necessitated a large
acreage being reseeded to spring oats. While the spring oats
~eceived a good start, the dry weather in April retarded
growth with the result that a considerable portion of the
crop is heading short. In Louisiana the condition of oats
\Vas placed at 63 per cent of normal, as compared with 51
per cent a year ago, and in Oklahoma the crop was 71 per
cent, as compared with 60 per cent last year. The May 1
condition of, tame hay in Texas and Oklahoma was better
than a year ago, while in Arizona and New Mexico it was
considerably, lower.
Corn has made fair to good growth, but the crop has been
retarded to some extent by dry weather in some localities.
SOllle replanting was necessary where early plantings were
unsatisfactory. While the planting of cotton has been about
aV~rage in most areas, it is behind schedule in some of the
~l'ler sections as well as in some areas where the soil has
een too wet. The growth of the crop has been retarded by
COol nights, and in some instances replanting has been necesSary. Farmers have made fair progress with cultivation, but
sOllle fields are still grassy.
The condition of Texas oranges and grapefruit was reP~rted at 81 per cent of normal on May 1, which con.pares
a condition of 51 per cent and 37 per cent, respectively,
r the same date in 1932. The prospects for peaches are
~ Out the same as a month ago and are only slightly better
hlan a year ago. The prospects are also very poor in Oklah°llla and Louisiana, as the crop was materially reduced
Y the February, freezes. The early Irish potato crop in all

states attached to' this district was better on May 1 this
year than in 1932.
Unfavorable moisture conditions over
much of the district during April had an
adverse effect upon the growth of range feed. Dry weather
continued over the western half of Texas, portions of New
Mexico, and Southeastern Arizona, and additional moisture
was needed in some other sections. While light to heavy rains
feU over portions of the dry area during the first half, of
May and greatly improved the prospects for summer grazing, some portions are still dry and additional rains would
be beneficial in other areas. However, despite the decline in
range conditions, livestock have shown some improvement,
and in those areas where ample rainfall has occurred recently many animals should be available for market within
a short time. Reports indicate large calf and lamb crops in
practically aU sections, with young animals in generally
good condition.
According to the Department of Agriculture, the condition of Texas cattle ranges declined 2 points during April,
and on May 1 was 1 point lower than a year ago. The condition of sheep and goat ranges on May 1 was 78 per cent
of normal, as compared with 82 per cent a month earlier,
and 78 per cent on the same date in 1932. The condition of
Texas cattle gained 1 point and that of goats rose 2 points,
while the condition of sheep remained unchanged. As compared with a year ago the condition of cattle and sheep was
1 point lower, but the condition of goats was 1 point higher.
Livestock

The April receipts of all classes of livestock at the Fort Worth market were
larger than in the previous month, and
the arrivals of hogs were substantially greater than those in
the same month last year. The supplies of cattle and sheep
during April were below those of last year.
Cattle ,prices during the past thirty days have been firm

Movements
and Prices

rIIlIU.UIIlItIlI1III1III1III1IIII1I1I1I1I1IIII1I1I1I1I1III1I1I1t1IItIIIIlIlIlIlUII11111111111111111111111111111"11111':

FORT WORTH LIVESTOCK RECEIPTS
(Number)
Aprll
1933
Cattlo.. .. .. ... . .
Calves .. .... ... .
Hogs .. .... . .. .. .
Sheop . ... .. ... . .

April
1932

34,626
10,622
53,459
134,727

46,678
11,084
29,442
104,439

Chango over
year
-11,052
462
+24,017
- 50,712

Maroh
1033
20,281
0,186
60,256
67,465

Change over
month
+ 5,345
+ 1,436
+ 3,203
+67.272

. ::

:"\1.1 •••• 11111.11111111.11111111,11111111111.1.11111 ••• 11'1.1111111,111111111111111111111111'.1111111.111111.1 •• ,ltllll.alli
~1111111111111111111111111111'1'1111'111111111111'11'1 •• 111111".111.111111111111111.111"111111111111111111IIIIIIII'IIIII§

COMPARATIVE TOP LIVESTOOK PRICES
(Dollars per hundredweight)
April

tlth
b

April

Maroh

1083

Boef stoers ........... . .................. .
Stookor steers ....... . ................... .
Buteher cows ... . ... . . . . . .....•........•.
Stooker oows .............. . ............ . .
Calves . ..... . . . ...... . .... . . . .......... .

.

[~:t·::::::::::::::::::: ::::::::::::::

1932

103S

~.25

~.M

~ .U

4.75
3.25
2.50
6.50
3.65
3.25
6.50

5.00
4.00
7.50
4.05
4.00
7.25

4.35
8 .00
2.25
5.50
3.95
2.75
4.50

: ........... 11111111 ...... 111 ....... 111 ........... 1111 ... 1111111 .. 1111111111111111111111111111I1I1I1I11I1I11I.III1II1II1I1E

MONTHLY BUSINESS REVIEW

4

to slightly higher. Toward the middle of May there was an
improvement in demand which was reflected in higher quotations on some classes. Following the slump at mid-April,
the hog market showed a steady up.trend and registered a

top of $4.25 on May 15, the highest quotation since last
September. During most of the period the market on sheep
and lambs was somewhat irregular but prices were finn to
higher during the second week of May.

FINANCE
Opera;tions of
the Feikral Reserve Bank

The last of April witnessed a substantial
increase in member bank borrowings at
the Federal Reserve Bank, but there was
a recession during the subsequent two
weeks. These loans, which amounted to $5,762,000 on April
15, rose to $8,846,000 on April 28, but had declined to
$6,067,000 on May 15. The fluctuation in the demand for
funds occurred at reserve city banks as the borrowings of
country banks showed a steady decline throughout the
period. Loans on May 15 were $5,253,000 less than on the
corresponding date in 1932. There were 149 banks borrowing from the Federal Reserve Bank on May 15 as compared
with 164 banks on April 15, and 213 banks on the same
date last year. This bank's holdings of United States Government securities declined $5,000,000 during the thirty-day
period, but on May 15 were $12,217,000 larger than a year
ago. The reserve deposits of member banks amounted to
$49,605,000 on May 15, which was $1,422,000 less than a
month earlier, but $2,438,000 larger than on the same date
in 1932. Federal reserve notes in actual circulation declined
$3,368,000 between April 15 and May 15, but this was
partially offset by the circulation of Federal reserve bank
notes to the extent of $428,000.

J lllllllllllfllll.flllI ... llflIII ..... I.llllfllIlIlIlIlI.II .. I.fll ..... I.I.flll 1I .. 1I1I1I1I .... ItIlIlIl.IIIII.IIIII.II'"'~

CONDITION STATISTICS OF MEMBER BANKS IN SELECTED CITIES
(In thousands of dollars)

~'"

United States securities owned. . . • . . . . . . . . •
All other stocks, bonds, and soourities owned.
Loans on seourities.. . .. . .. . .. .. .. .. .. . .. .
All other loans...........................
Total loans. .............................
Not demand deposito.....................
Timo deposilll .. .. , . .. .•. . .... . .. ...... . . .
Reserve with Federal Reserve Bank. . . . ... .
Bills payable and redisoounlll with Federal
Reserve Bank........... ........ .......

May 10,
1933
$ 92,582
54,536
65,858
148,277
214,135
211,866
123,693
27,480

May 11,
1932
$ 83,634
58,342
76,395
173.383
249,778
235,157
126,409
27,770

April 12,
1933
$ 92,306
55,345
67,982
145,317
213,299
213,039
124,434
29,586

1,588

1,340

436

.... IIIIIII ...... IIII .. IIIIII.IIIIIIIIIIIII .... I .. II .. II .. IIIIIIIIIIII.IIIII ..... IIII .. 'II. 1I11I.IIIIIIUIIUIf.'IIIIIf.

A decline of $214,219 during April was
reflected in the amount of acceptances eX'
ecuted by banks in this district and out·
standing at the close of the month. The reduction, which
occurred in the classification of acceptances based on the
domestic shipment and storage of goods, was of a seasonal
character. Acceptances outstanding on April 30 aggregated
$1,076,156, as compared with $1,290,375 a month earlier
and $1,530,6l4o a year ago.
Acoeptalwe

Ma;rlcet

Debits to

Charges to depositors' accounts during
April at banks in leading centers in the
Eleventh District, w h i c h aggregated
$406,847,000, were 14.. 1 per cent larger
than in the preceding month. While they were 15.0 per ce~t
less than the volume of the same month a year ago, thiS
comparison is with one exception the most favorable reo
ported since June, 1930.
IndWidual
Accounts

Total oash reserves .... ..... ............. .
Disoounlll for member bam .. ..... .• .•....
Other bills disoounted ......... ... ........ .
Bills bought In the o~n market ••.......•.•
United States securities owned ..•••.......•
Other Investmenlll ....................... .
Total earning &B8elll .... ................. .
Member bank reserve depollilll ............•
Federal reserve notes in actual olroulation ..•

May 15,
1933
$46,881
~J067

None
508
43,989

5

50,519
49,605
88,260

May 15,
1932
$51,269

1~~~~

1,421
31,722
5
44,468
47,167
35,444

April 15,
1933
$45,852
5,762
None
588
48,939
5
55,244
51,027
41,628

111 1111.1 •• 1111 •• 1'1 •• ' •••••••• 1 •• 1.1'1.1.1.1 ••• '1' ••• 111111111111 •••• 1•• 11111111111.111.1'1'11111111'111111 11111"'I I"'I~

Peroentage

Peroentage

$
$

}~~~I

:\ ••••• 11111 ......................... 11.111 ... 1111.1 •••••• 1111111111111'1111111111.11111.1.1'1.11111111.1",1.11.1111111.1. '

Reports from the member banks in selected cities during the four-week period
ending May 10 reflected a slight increase
in loans for the first time since last November. While loans on securities declined $2,124,000 during the period, there was an expansion
of $2,960,000 in "all other" loans (largely commercial).
The investments of these banks in United States Government
securities rose $276,000 between April 12 and May 10, and
on the latter date were $8,948,000 greater than on the corresponding date last year. Holdings of other stocks and
bonds, however, reflected a slight decline. The net demand
deposits of these banks showed a further decline of $2,073,000 during the period and there was a recession of
$741,000 in time deposits. Their combined net demand and
time deposits amounted to $335,559,000 on May 10, which
was $26,007,000 less than on the corresponding date of
1932. Reserves with the Federal Reserve Bank were further
reduced $2,106,000 during the four-week period. The borrowings of these banks from the Federal Reserve Bank
amounted to $1,588,000 on May 10, as compared with
$4,35,000 on April 12, and $1,340,000 on May 11, 1932.

~

DEBITS TO INDIVIDUAL ACCOUNTS
(In thousands of dollars)

Condition of
Member Banks
in Selected
Cities

Abileno.........
Austin..........
Beaumont.......
Corsioana.......

}~8~

oba~~~~ver

~~a~h

oh':::~~t~ver

1

$ 3,989
17,242
11,269
1,878

$ 4,207
18,521
14,213
2,720

- 5.2
- 6.9
-20.7
-31.0

$ 3,386
14,056
10,887
1,584

+17.8
+22.7
+ 3.5
+18.6

§

~I~:o::::::::: 1~~:~:~
43,312
g~~sc:,t~~:.:::::: IM:~~~
Port Arthur.....
3,952
~~~~to~i~::::: 3~:~~~
Shreveport.. ....
20,969
~~:~~~~~~:::::: g~~
Waco...... .....
7,877
Fort Wortb......

WlohitaFalls .... ~

•

1~~:m
55,353
It~:~~
4,818
4~:~~~
23,725
~:m
9,837
9,200

=~~:r
- 21.8
=~U
-18.0

=IU
- 11.6
~U

-19.9
-24.8

~N~~
~~:m
3,392
3~:i~
16,237
~:~~
6,811
37,800

6,739

:

S
~

tlU .~.
+14 .6
t&~
t~U
+20.1
t2~:~
+15.7

.1:

+16.5

E.:.

~.

~

$

Tota!....... U06,847
$478,681
-15.0
$356,607
+14.1
"Inoludes the figur08 of two banks In Texarkana, Arkansas, located In the Eighth
Dlstriot.

E

~I.III.I.I ••• I.I •••• I.I.I,III •• II.I ••• ,II •••• IIII.I.I. 1 •• '111.11.1.1 •• 1111111111 •• 1•.•••• 11.1.1.,11.11,.1.1.11111'"

i
$
:

II.fllf.

Combined daily average of net dern8~d
and time deposits of member banks ~
this district decreased from $602,323,0
in March to $6B~,,'l:9i,6ee- in April, the latter figure corn;
paring with $636,34,3,000 in the same month last year. M?jl
of the reduction was shown in net demand deposits, whl~!1
averaged $397,496,000 in April. as against $4,13,776,000 I

DeposilJS of
Member Banks

MONTHLY BUSINESS REVIEW

6

the previous month, and $44.5,050,000 a year ago. The time
deposits of country banks were slightly higher than in
March.
Combined Total
Reserve City Banks
Country Banks
Net domand Time Net demand Time Net domand Time
deposits deposits depooits deposits deposits deposits

Savings
Deposits

The savings deposits of 14,2 reporting
banks in the Eleventh District, which
totaled $135,552,570 on April 30, were
0.6 per cent smaller than a month earlier, and 4,.5 per cent
less than on the same date last year. At EI Paso and Port
Arthur, the amounts reported were larger than on either
comparative date. Savings depositors at 128 of these banks
numbered 312,598 on the last day of the month, as against
314,,430 on March 31, and 326,24,5 on April 30 a year ago.

April,
May,
June,
July,
Aug.,
Sollt.,
Oot.,
Nov.,
Dec.,
Jan.,
Feb.,
Mar.,
April,

1082 ...... $445,050
1082...... 434,865
1982. .. ... 422,604
1082. .. .. . 421,727
1932..... . 409,254
1082... . .. 413,201
1982...... 413,100
1082..... . 421,165
1082... .. . 420,762
1983.... .. 416,655
103B.... . . 415,200
1033...... 413,776
1033.... .. -89'It4QG

SlOI,208 $216,649
190,720
212,117
180,066
207,155
186,005
200,225
187,008
201,130
187,040 202,121
189,716
200,682
103,246 204,361
192,266
202,013
194,407
201,487
102,412
190,397
188,547 202,276
186,41116- 103,431

$115,732 $228,401
115,372 222,748
115,634
216,430
114,606 212,502
114,532 208,124
113,087
211,170
116,186 212,608
116,816 216,804
117,465
217,840
110,215
215,218
118,756 215,803
115,787 211,500
113,723 ~~,e85

$75,561
75,367
78,432
72,490
73,376
78,163
73,530
76,430
74,801
75,102
78,656
72,810
"!,9S90

§

n ll.,IIIII . , I I I II I I I I,II I III • • I I I IIIII.I , I '., • •• 111 11 1. 111 1111 1. , 11 1111" . 11 11 11 111111 11.,.1"1 11 11111 1 •• ,., ••••• 11, .......

~ 11 11 1 1 .lllll l tl l lllll lll lllllll l llllllll l .111111111 1 1 11111111 1 11111111 11 11 1 1111111 1 111111111 11 1111 1 1 . 11.1". 1 1 1 1 1 "111 1 11111 1. 111111 1 • • 111 , . 1"

1111111 ., 1111 1111111111111111 1111 1, 111111 111 1111111 111 .11111 1.1.1'.1'1 11111 •• ••• • •• , • • • 1• • 111 11111.1 111 1. 1•• • '"

SAVINGS DEPOSITS

Number of
reporting
banks
Beaumont.................
DaUas........... ... ......
EI Paso... . .. .............
Fort Worth ... ....... . . . ...
Galveston............ . ....
Houston............... ....
Port Artbur .... ...........
San Antonlo...............

I:
: .'

3
0"
2
4
4
11"
2
8

~fe~~~~~<:::::::::::: at

April 30, 1033
Number of
Amount of
savings
savin~s
depositors
depoolts
7,000
73,384
10,427
38,170
16,743
52,980
4,317
21,224

$ 3,022,730

24,079,081
3,358,310
10,861,221
0,712,402
20,310,865
1,000,477
14,025,483

April 30,
Number of
savinga
depositors
8,204
75,685
10,820
34,466
17,411
54,080
4,520
21,857

Maroh 31, 1933
Number of
Amount of
savinga
savlnga
depositors
deposits

1032

Amount of
savings
deposits

Percentage ohango
over year in
savinga deposits

$ 3,005,759

+
+
-

25,478,887
3,134,000
11,163,706
10,843,865
30,518,482
1,807,556
14,584,844

2.4
5.5
7. 1
2.7
10.4
3.0
5 .6
3.8

-

7,024
74,137
10,422
88,293
17,078
53,221
4,284
21,418

4.5

$ 3,022,751

314,430

!Wi J~!ffrJ !t:~! J~U~! ~ n

Total. ..............
142
312,508
1135,552,570
326,245
$141,022,284
.Only 8 banks in Dallas, 0 in Houston, and 78 in "All others" roported tho number of savings depooitors.

Peroentage ehange
over month in
savinga depoolts

$136,390,002

24,263,211
3,282,663
10,050,086
0,788,328
20,261,246
1,880,049
14,174,811

-

0.0

.5

+ 2.3
.8
.8
+.2
+ 1.6
- 1.0

!Uil Jm:m ~ : 1
-.6

·. II IIIIIII .... U III .. .. .. .. .. I III II .. .......... IIIIIIIIII ... .. . II II .. IIIII II II ... IIII I .. .. 1111 1... " '1 ... 1.. ... , 111111 .... 111 ... , 11 .. .. .. 1111 .. ... 111 ................ 1111 .. 11 1.. 1111 .. 111.11 .. ... 11 111 1.11 1.. 1111 .. 1 .. .. 11 1.. .. 111 .. 111 . 111111 11 . .... 11 11 .. ..

~ I II IIIIII •• ,I I II.IIIII.III II •• II,I •• III I II.II. I.II.I. ',11 ' 11. 1.11 ""1 .111,,11 •• 1111 111.1 •• 11 1.1 . 1, 1' 1111 •• 11 • • • 111111 •• • 1111111 • • 111 •••• 11 • • • 111 11•• 111 . 1 ••• 1. 1. ... ,1 • • • 1. 11. 11•• • • • • ,1111 ••• 1 ••• • 11. 1 • • •• • • • • • 11••• • •• 1111.11 • • 11'1 1"1 • • , 1 • • 11 1.1 111 .1. 1 •.1'

MAY DISCOUNT RATES

Prevailing rates·

Dallas

-

Ratoo oh~rged eU6tomers on prime eommeroial paper suoh as is now eligible for
redisoount under the Federal Rooerve Aot ...................................
Rate eharged on loans to other banks seoured by bills reoeivable ......... . .........
Rate on loans secured by prime stock ercbange or otber eurrent eollateral (not
Inoluding loans placed In other markets through eorrespondent banks):
Demand ..... .. •. ... . ....... · .... ··· · ·• · •·· · · ··••············ · ·· •··· .
Time ................................... · .. ·· .... · ...... · .... · · .... ·
Itate eharged on commodity paper seourod by wareheuse reoeipts, etc ... . ....... .. . .
~to on eattle loans ............................ · ...... · .. ·· .. · · .. · ...... · .. ··

EI Paso

Fort Worth

4-7
5-6

6-8
5-6

6
4- 8
8*7
6-7

6-8
6-8
8
6-8

Houston

San Antonlo

5-6

4~

5- 7
5-6

5-8
6

6-8
5*6

5-10
5-10
6-8
6-10

5-7
5- 7
5-7
7-10

6-8
6-8
6-8
6-10

6-8
6-8
6
8

Waoo

l'1 11.11. 1""' ••••• • •• I ••• ' •••• II •• i •• I. I I I I •• • ••• • • I • • ••• 11 11. ,.1' 1111.111 ' 111.1 11" " "",11 • • """, •• 1111 •• , 1",1' 11 111' 11" 11.,1 •• • ' •••• 11., ••• ,1 • • 1""1" ' 111 ••• • 1111 ••• , ••• • ••••• , 111, • • 11 •••• 11 •• 11. 1... ... ... .. • • • •••• • • • I ••• I •••• III •• I .. . , ... I • • , .~.

INDUSTRY
Textile
Milling

Notwithstanding an average seasonal de·
cline in the consumption of cotton at all
United States mills during April, the cott~n texti le industry continued to maintain production at the
~lg~er .level estab~ishe~ in r~cent 11l;0nths. With con~d~nce
.eglnmng to mamfest Itself In retall channels of dlstnbutlo n,. wholesale merchants began placing large orders with
textile mills in order to be in a position to supply the de~and. The manufacturing establishments consumed 4,70,685
~les of cotton during April, as against 4.94,,167 bal es in
. arch, and only 366,481 bales in April, 1932. A further
lncrease was shown in consumption during the current seaSon over that of the previous season. Prices of cotton goods
have shown considerable strength recently, ranging from 20
to 25 per cent higher in some cases.
The orders for finished products on hand at the close of
1pri1 at Texas textile mills showed a marked increase over
~.lose held a month earlier and a year ago, which substanlates recent reports to that effect. The consumption of

cotton during the past month at Texas mills was less than
in the previous month or the like month of 1932, but the
production of cotton products continued above that of last
year. Stocks of finished products held on April 30 were
slightly above those a month earlier, and continued consid .
erably above those held a year ago.
~t ll.I •• • •• I .I. I .

I • • I . I . I . I • • I I I.I ' I . I ••• ' •• I.I.I.I.I. , ••• • 11 1 • •• • • 1• ••• • • 11 •• 11 ••• , ••• 1. , • • • • •• 111 11.1 1.11 1.1 111' .'II'. ' le

COTTON CONSUMED AND ON HAND
(Bales)
April

-

E
•
:E

§

Cotton·growing statoo:
Cotton eonsumod.... . . . . .. .
On hand April 30 inConsuming ostnbllshments.
Pu bllo storoge and comproooes.. . .. . ..........
United States:
Cotton eonsumed.... . . . . ..•
OnConsuming establishments.
hand April 30 inPublio storage and com·
proooes................

April

1933

1032

380,316

310,046

August 1 to April 80
This Beason Lnst season
8,528,288

3,230,708

1,100,658

470,685

366,481

1,213,257

7,660,800

7,770,511

4,218,001

8,032,370

1,367,058

1,583,509

8,151,547

8,212,738

; • • • ,11 1, 1•• 11•• 1,.11,. 111111'11,., • • • • •• ,.1, •• 1111,. 11, 1"11 ' 11'1 " " , ., • • 1"". 11"""' 1, 1. 11 ••• 1. , 11 • • • 1.1.1 ••• I ., •••

•

E
••
:~

§
ro

6

r.. .'. '..

MONTHLY BUSINESS REVIEW

With the current cotton season nearing
its end, continued declines of a seasonal
nature are reflected in the activities of
cottonseed oil mills in both Texas and the United States,
but with the exception of the output of linters at Texas mills
operations have for some time been on a level appreciably
larger than the average. As compared with the corresponding month of 1932, the April operations of all United States
mills were on a smaller scale, while at Texas establish·
ments notable increases were registered. Activities during
the current season remain below those of, last year. Stocks
of all cottonseed products held on April 30 at both Texas
and American mills reflected a seasonal decline but the sup·
plies of crude oil and cake and meal continued above those
a year ago.
Cottonseed
Products

STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS

•
:

§ ~~~'~::~e~~i~~~ : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :

E
:

or COastWISO ports . . . ................................

April 30.
1933

~:gro

30500

a'ooo

. . '.. . '.'l
April 30.
1932

:
:

i:~~~ ~

36500
:
2'000:

. .: . :, . ,:.:.. :,. : :, . ,: . :.. ::~::. . . :,~:~. ..J
~~:ONMO'~~T' ~~:!~ i;:OR:~~U~l~r .

:!11'lllllllllltlllllllllllllllfl'llltllllllllllllltlll1111111111111.111111111111111111111111111111,1111111.11111111"11"':

1

:1

Stocks. April 30. . . . . . . . . . . . . .

1.651.033

1.329.506

:: 111111111111111111111111 ...... 111111111111111111111 ... 111.11111111111111111111111111 .. 11IUllllllllllllllllllllllllllllllr.

!I1111111111111111111111111 ... UIIIIIIlIlIlIlIlIlIlIlIIIlIIIlIIIIlU .. II .... ".1 ..... lllIlIlIlIlIlIllllllllllllllllllllllI

g
==::;

SEASON'S RECEIPTS. EXPORTS. AND STOOKS OF OOTTON AT ALL
UNITED STATES PORTB-(Bales)

Cottonseed recolved at mills
1.617.490
4.363.056
5.443.303
(tons) .. ..... ............ ..
1.406.243
1.427.302
4,067.053
4.925.337
1.362.288
Cottonseed orushed (tons~ ..•.•
Cottonseed on hand AprIl 30
203.347
694.997
527.738
219.228
(tons) ............ .. ...... .
Crude oil preduoed (pounds) .. . 413.368.016 428.734.3421.263.946.800 1.555.951.026
672.462
1.888.240
2.214.851
627.814
Cake and men! {lreduoed (tons)
412.718
1.151.795
1.390.218
404.015
HuUs produoed (tons) ..•••••••
Linters produoed (running
798.310
643.044
185.714
161.329
bales) .... ..... ......... ..
Stocks on hand. April 30:
80.938.502
Crude oll (pounds) ......... .. 27.138.420 24.328.930 86.370.065
157.019
221.453
59.056
36.018
Cake and men! (tons) .• .....• •
207.552
94.709
59.070
36.345
Hulls (tons) ........ .. ..... ..
282.071
253.086
78.390
77.168
Linters (running bales) .... .. ..

•••• ,.,II •• I.I.I.I.I •• ,IIII.,IIIII.,.I.,.,.,.,I.,.I.1

~or other r~reign ports... . . . .. . .. .•. .. ... .. .• . . .. . . . . •

I... :,::~:,:=,::

.:

TellIS
United States
August 1 to April 30
August 1 to April 30
This season LlISt season This season Lost SOO8on

~

~;;;;:;;~:;::~:~~~'~;;:~:::'

Recolpts.... ............ ........... . . .............. . .
Exports: United Kingdom. .. .. . .. .•............•.....

~~i/

:=§~=:.

This SOO8on toLast scason
August 1 April 80
7.882.445
9.450.721
1.117.474
1.091.275

::~~l ::~[ij ;:=.~

AU other oountries . . . . . . . ... . .. . . . ... .. . ... .
473.868
Totnl roroi~n.~orts. . . . .. .. .. . ... .. .. .. .... .. . . .. .. . .. 6.521.184
Stooks nt a I nited States ports. April 30 . ... . .......... 4.198.483

1.345.988
7.896.996
4.145.968

.,.111,., ••• ,11111111,.1.,11, •• ,,111111 •••• ,11,.,1,.,1111,.,1111111'';.,
.'1 ••••••••••••••• 1,1, •• 1 •••• 1•••• 1111111111111111111111"""1"'11111.1.11111111111111111111111"'11111.1111111.1.1111111;

Cotton movements through the ports of
Houston and Galveston declined further
during April, as compared with the previous month, this being the usual occurrence at this season.
The receipts of cotton during the month reflected an increase over those in the corresponding month of 1932 at
both ports, and while exports from Galveston witnessed a
decline from a year ago, a slight increase was recorded at
Houston. Shipments during the current season continued
below those of last year. Stocks at these ports were season·
ally smaller than a month earlier, but they were larger than
a year ago.
Cotton
Movements

Aggregate foreign exports of cotton from the United
States during April reflected a much smaller decline as com·
pared with the previous month than is customarily witnessed in that month, but they continued in materially
smaller volume than in the like month a year ago. Ship·
ments totaled 436,450 bales during April, as against 487,988
bales in March, and 544,563 bales in April, 1932. The percentage decline in exports during the current season, as
compared with the preceding one, continued to mount as a
result of the sharp decline in April shipments as compared
with those of last year. While exports to Japan during April
fell off 53 per cent, the shipments to Germany increased 63
per cent, the net result showing only a small reduction.
lU .... IU ... III' ........ IU .......... UIU .. UI1II1I1I1II1I1I1I1 .. IIIIU .. IIIIIIII.II ...... 1IIIIIUII .. I1II1I1I1I1I1II1I1"

COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
(Baleo)

Receipts . ..... ..... .... ..... .
Exports ................... · .
Stooks. April 30 ..... .. . ..... .

April
1933
71.732
109.254

April
1932
62.308
136.231

::

':::

SPOT COTTON PRIOEB-(Middling hosls)
(Conts par pound)

:

:
'::

April. 1033
High
Low

: New york..................... .. ........
§
: New 0 rIean8.............................
:
•

E

==::

DaUIIS .. ..... ...... .. .......... .... .....
Houston............... .......... .......
Galveston.. .... ... ... .... .. .. .... .. ... ..

7 .00

7. 71
7.40
7.70
7.55

6 40

.
6.26
5.90
6.20
6.25

May 15.

.=.:

1933

8 70

:;
5
c

,
8.62
8.15
8.50
8 .40

=

:

§

;1.1.1.11 •••••••••• ' ••••• 1.1 •••• 1. 1••• 1.111111 •••• 1•••••• 11, ••••• 111.1 •••• 1"1"'111111.11111111111'1",1'"11111111111

111

'

Crude oil production in the Eleventh Dis,
trict during April totaled 26,800,500 bar·
rels, as compared with 29,773,950 barrels in the previouS
month, and 28,444.,529 barrels in the same month last year.
The decrease from March was attributable in large measure
to the shut-down of the East Texas field from April 6 to
April 24. Field operations declined further, as evidenced by
the completion of 4.17 wells in April having an initial yield
of 950,580 barrels, as against 437 in the preceding mo nd1
with a flush output of 1,126,900 barrels. In April, 1932,
there were 722 wells completed, their combined initial prD'
duction amounting to 4,14.6,045 barrels.
Petroleum

Daily average yield in Texas during the month, which
amounted to 827,200 barrels, showed a reduction of 64,3 00
barrels from the level of March, and was 55,24.6 barrels
under that of April last year. While all major areas except
the Gulf Coast reflected declines from the previous month,
the reduction in East Texas more than accounted for
State total. The daily output of oil in New Mexico an
North Louisiana was materially less than in March.

thj

August 1 to April 30
This season Lost season
1.902.081
2.270.929
1.667.011
1.970.802
607.249
688.628

:-.................. 111., ............. 11111 ....... 11111 .......... 11111 ••• IIII .............. IIIIII ...... III.IIIIII.II •• II ..

~""IIIIII'I'III'II""""'III'I'I"'I"'I"'I'I"I' ••• 111111111"1111 ••• 1.1 ••• 11111 •••• 1•• ".1""11"'"11111.111. 1111 :

::

r.

Between April 24 and April 26, many companies reduced
0
their posted price on East Texas oil to a flat rate of $ .1

MONTHLY BUSINESS REVIEW
pel' barrel, but most of them later raised the price to $ .25.
Substantial decreases in the prices prevailing in other fields
Went into effect early in May.

_:: r"""".. """.."""..
:

827,200
36,250
29,900

-2,820,500
67,250
85,700

Total District. . . . . . . . . • 20,800,600

893,360

-2,973,450

•
~
~

§

115
15026

107
8192

1 . ' 11 " lll l ll t l ~

~

N lotal Texas. • . • • . • • .
N°";h Lo°xi~o................
or
U
18.ana ........ .. .

387
228

253
121

10

S

i\pril totals district .. .. .. .. .
Maroh totnl8. distriot . . . ... .

417
437

266
285

10
12

:
:
:

:

7
228
4

049,g~
1,330

141
140

PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND CEMENT
(In thousands oC barrels)

1,842
8,706
775,405
10,078
153,089

12t
16

1
5

The April output of Portland cement at
Texas mills amounted to 372,000 barrels,
as against 375,000 barrels in the previous month, and
397,000 barrels in the same month last year. Shipments, aggregating 347,000 barrels, were 7.5 per cent below the level
of March, and 5.7 per cent less than in April a year ago.
There was an increase during the month in the amount of
stocks on hand. Inventories totaled 666,000 barrels on April
30, as compared with 64,0,000 barrels a month earlier, and
800,000 barrels a year ago.
Cement

-07,100

~orth Tcxas. .. .... . .. . . . ..
Ecntrnl West Tcxas.. ... .. ..
S' ast Ccntral Texas. . . . . . . . .
Touth Texas. ... .. .... •... .
0XaB Coastal.. . . . . . . . . • . . •

:

(Oil statlslies oompiled by Tho Oil Weekly, Houston, Telllll)

i.~"" """"""""·"·"""""·"";:~=~;:~~""·"~"'·::~·" .

=

:

=

; .,111 . 111 , • • • • • • • • • • ••• , ••• • • • • •• • • • 11 • • • •• 1111 . 111.11 11• • 1 • • 1. 1111•• • • • • 1• • 11 • • 11 • • 111 111. 1•• 11 . 1111111 • •• '11 1 11"' I'III ~

-64,300
- 1,000
- 1,800

r' II I III I IIII I I II IIIIIIIIIIIIIIIII. ,.I I I I. ' II I IIII. ' . 11, 11111 1.,11. 111 111111111.1"" 11 111. 111 " 1'1 11'11 1••

_

'Prioe paid Cor oU, 40 gr. and abovo.

:

Increasc or dccrease over
April, 1033
March, 1988
Totnl
Daily Avg.
Total
Daily Avg.
2,956,500
08,550 - 134,200 - 1,150
5,404,600
183,150 - 240,500 - 1,850
10,264,500
342,160 -2,867,150 -65,000
4,626,000
154,200 33,300
+ 3,000
1,474,500
40,150 55,350 200

Total Texas. . . . ....... 24,816,000
New Mexico................. 1,087,500
North Loui.iana. .... .. .. . . . . .
807,000

:

""""""""~::;·~~·~;;~=". ""'~~~:~"""'~;~;~""""i_: "

'l'cxas Coastal (flnt price).. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
North Tcxas and North Louisiana (flnt prico) ........... .

OIL PRODUCTION-(Barrel.)

North Texas .... . ........... .
Central West Texas .......•...
East Central Texas ...... . ... .
Texas Coastal. ... . ....... . .. .
South Texas ................ .

7

950,580
1,126,900

347

Peroentage
ohange Crom
April March
1932 1033
- 6.3 - .8
- 5.7 -7 .5

666

- 16.7 +4.1

April
1033
Produotion at 'roxas mills .... .
Shipmenta Crom Texas mills ... .
Stocks at end oC month at Toxas
miUa . .. ...................

; .,1 1.. 11111111111 . .. .... ... .. 11111 1... 11 1111 11 .... 11111 ... 1111111 11 1... 111111 ............ 11111 ...... 11111 .............. 11'-

BUilding

Building permits issued at principal
cities in this district rose from a total of
$946,34.1 in March to a volume of $1,070,678 in April, reflecting an increase of 13.1 per cent. Howeve~, there was a

~.I.I

372

January 1
through
April 30
l,lg9
1,210

% chango
tr-om yenr
- 0.1
- 2.8

•• I • • • •• I • • I II.II . I • • II • • • I I I I III • • • • • • • • I.I • • 11111.1 .111 • ••• •• ••• • • • • • • • 1. 11.1.111 . 1. 1 •••• • 11 •• 11 • • •

11I"II'II""II~

decline of 63.5 per cent as compared with April, 1932. The
number of permits issued during the month amounted to
1,323, as against 1,184. in March, and 1,549 in the corresponding month last year.

y........III1 U .. UIlIlIlIIIIlIIlIIl ... . III1I1I ....... I IIII .. IIIIII II I .. IIIIIIII .. III .. U Il1111 1.. 11 111111111 11 . 11 .. . 11 ........ 11 11111 11111 11 11111 .1111 111111 11 11 111 111 • 11 11 11 1111 .... 1111111 .. 11111111.111 111 111 .. 11 11 .. .. ...... 11 11 .... 11 111 .. 11111 ...... 11'"

-

April, 1033

-

No.

Am ~~. 0 . ••• : • .
Au '\1
B SID .••.••• ..
CC8umont ......
D~Ir,uB Christi. .
EI pas . .... ....
F aso ...... . .
oOlt Worth .....
veston .... . .
P ouston .......
&rt Arthur .. . .
Sho Antonio ....
Wreveport . ....

II

I
I
::

w~hli~ "F~li8 : : :
_Totnl. .....

Valuation

.

April,1032

No.

- - ---- -27
17 $ 4,065
106
04
25
317
43
93
80
175
48
158
100
37
51

123,025
8,407
35,440
145,410
0,297
388,000
29,339
182,678
6,020
77,610
22,483
30,307
6,847

BUILDING PERMITS

91
85
34
200
47
141
141
230
67
212
125
33
17

Valuation

Pereontogo ohango
valuation ovcr
year

$ 33,770
1,467,666
38,g97
6,377
468,440
15,773
134,552
60,974
360,138
18,602
254,407
48,482
16,980
7,000

- 85.3
- 91.6
- 78.4
+456.7
- 60.0
- 41.1
+188.4
- 51.9
- 40.3
- 03.0
- 60.5
- 53.7
+ 78 .5
2.2

- - ---- - - ---1,323 $1,070,678 1,540 $2,932,107

:\ 111 11111 • • 11111111 1111.11 1111 1111 1111.111 ••

---- 03.5

Maroh,1033
No.

Valuation

24 $ 10,160
72,355
68
8,652
88
12,490
23
08,704
240
32
11,036
256,123
77
107
57,600
202
143,365
7,755
30
222,133
143
16,540
90
25,826
24
4,422
27

- - ---1,184 5 946,341

11111111111IIIIII" 'IIIII'I'I"'I'II'I'I'IIII'III~IIIIIIIII"IIII1111

Peroontogo ohange
valuation ovor
month
- 51.1
+ 70.0
- 2.8
+183.7
+ 47.2
- 15 .8
+ 52.1
- 49.1
+ 27.4
- 10.8
- 65 .1
+ 35.6
+ 17 .4
+ 54.8

---+ 13 .1

Four Months
Peroentoge ohango
1983
1032
vnluation over
period
No.
Valuation
No.
Valuation
58 $ 31,376
100 $ 128,165
-75.5
322
031,494
360
4,000,756
-84.2
283
44,242
356
154,640
-71.4
78
61,603
129
44,700
+37.7
1,045
602,514 1,041
1,117,061
-38.0
126
77,082
143
106,978
-27.1
324
796,523
541
571,434
+39.2
130,114
320
501
238,070
-43. 0
708,305
655
874
1,412,613
-40.0
22,880
130
157
46,761
-51.1
527
374,901
04g,938
778
-60.5
88,334
4g0
351
148,942
-40.7
104,g52
107
151
157,462
-33.3
17,876
114
457,603
-g6.1
66

--

4,458

53,788,276

5,603

$ 9,541,603

•• , 1,1.1 11,1111.111 . 1,1 11,1 11.1 • • • • •• • ,1 . 1. 1,1 ••• • 1.1 . 1• • • 1• ••• • 1, •• 1.1 • •• 1•• 1.1 . . . . .... , •• 1.1.1 •••• 1 • • • •

----60.3

I
I
:

'I"'II'IIIIIIII'III'III'I'I'I'I"'~

SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board as of May 28, 1988)

Industrial activity increased considerably during April
and the first three weeks of May and wholesale prices of
ny leading commodities advanced, particularly in the
lhtte.r part of April and the early part of May. Following
he lJnposition of an embargo on gold on April 20 the ex~ ange value of the dollar declined and on May 20 was 87
er cent of its gold parity.

ra

PRODUCTION AND EMPLOYMENT

Volume of industrial production, as measured by the
Board's seasonally adjusted index, increased from 60 per
cent of the 1923·1925 average in March to 67 per cent in
April, as compared with 63 per cent a year ago and a low
of 58 per cent last July. Activity at steel mills increased from

MONTHLY BUSINESS REVIEW

·8

15 per cent of capacity in March to 25 per cent in April and
there was a further increase in the first three weeks of May.
Increased activity in the steel industry reflected chiefly increased demand from automobile producers and from miscellaneous sources, while demand from the railroad and construction industries continued at low levels. At textile mills
and shoe factories, production increased considerably during
this period. Output of petroleum fluctuated widely, declining
in the middle of April and subsequently increasing to a high
level. Volume of factory employment and payrolls increased
between the middle of March and the middle of April by an
amount somewhat smaller than the decrease in the preceding
month. Value of construction contracts, as reported by the
F. W. Dodge Corporation, continued at previous low levels
in April, but showed a considerable increase in the first half
of May. Total value of awards in the six weeks was considerably smaller than in the corresponding period a year ago.
DISTRIBUTION

Freight traffic, which was at a low level in March, increased during April and the first two weeks of May by more
than the usual seasonal amount, reflecting chiefly large increases in shipments of miscellaneous products, grains, and
livestock. Department store sales increased sharply from
March to April and the total for these two months showed
slightly more than the usual seasonal increase over the volume of sales in January and February.
WHOLESALE PRICES

During April, particularly in the latter part of the month,
there were substantial increases in the wholesale prices of
grains, flour, sugar, textile raw materials and finished
products, hides, pig iron, non-ferrous metals, and rubber.
Prices of most of these commodities continued to advance
rapidly in the first two weeks of May, and showed little
change in the third week of the month. Prices of livestock,
which did not advance in April, increased considerably in
the first three weeks of May. Silver prices, after advancing

by a substantial amount in the latter part of April, subsequently showed a decline, and petroleum prices also were
reduced.
FOREIGN EXCHANGE

During the four weeks following the imposition of the
embargo on gold the exchange value of the dollar declined
Lo 83 per cent of its gold parity on May 5, but subsequently
rose to 87 per cent on May 20. The noon buying rate of
cable transfers on the French franc rose from 3.98 cents on
April 18 to 4.50 cents on May 20, and the rate on the English pound rose from $3.49 to $3.87.
BANK CREDIT

During the four weeks ending May 17, about $215,000,000
of additional currency was returned to the reserve banks,
and on that date all but $200,000,000 of the $1,930,000,000
withdrawn by banks and individuals between February 1
and March 13 had been returned. Funds arising from the
return of currency during the four-week period were used t?
reduce reserve bank holdings of acceptances by an addl'
tional $130,000,000 and to liquidate $85,000,000 of member
bank indebtedness at the reserve banks. As the result of an
addition of about $100,000,000 to the reserve banks holdings
of gold, and a further reduction of Federal reserve notes in
circulation, the reserve ratio of the reserve banks rose considerably between April 19 and May 17. The decline in Federal reserve notes reflected in part an increase of $50,000,00 0
in Federal reserve bank notes in circulation. Loans and in·
vestments of reporting member banks in New York City i~'
creased by about $4,00,000,000 between the middle of Apnl
and the middle of May, reflecting chiefly a growth of $200,000,000 in loans on securities, and of $140,000,000 in invest·
ments in United States Government securities. Net demand
deposits also increased by about $400,000,000, of whic~
about one· third represented a further growth of bankers
balances. Money rates in the open market continued at low
levels.