The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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E :! IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 111111111111111111111 111 11111111 11 1111111111 11111111 11.:
Ii
MONTHLY REVIEW OF BUSINESS AND
INDUSTRIAL CONDITIONS
IN THE
ELEVENTH FEDERAL RESERVE DISTRICT
FEDERAL RESERVE BANK OF DALLAS
CHAS. C. HALL. A ssistant Federal ReserVe A gent
W. F. RAMSEY. Chairman and Federal Reserve A gent
(Compiled April
'5. '922 )
~~
~ ill II II II II II II II 111111 1111111111111111111 11111111111111111111111111111111111111111111111111111111111111 111111111 II 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111 111111111111 11111111111111 1111 111111111111 111 11111111111111111111111111111 IF.
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Volume 7
Dallas, Texas, May
I, 1922
NO . 3
GENERAL SUMMARY
A more cheerful feeling pervades this district as
Trade reports reveal no ext raordinary changes in
the r-esult of the copious and widely distributed rain- the volume of distribution, although March sales,
fall that occurred during the past thirty days over both at retail and wholesale, scored seasonal inSouthwestern farms and ranges. Although in a few creases that were fully up to expectations. An averlocalities the recent rains caused some flood damage age gain of 27 per cent in the March sales of twentyand generally delayed plowing and seeding opera- two department stores, over their sales for the month
tions, on the whole they have been of inestimable of February, would seem to indicate that their prebenefit to the agricultural and livestock industries. Easter selling campaign (which was prosecuted this
The continued firmness of the demand for livestock year with more than usual vigor) was' productive of
and the advancing trend of the market for farm satisfactory results.
products have imbued the producers wit~ f resh
Resumption of a number of copper mines in the
courage and injected new life into business generally. western part of the district was an encouraging feaFinancially, the developments of the past month ture of the past month, and further impetus has been
have shown that while business activity is still imparted to trade activity in the EI Paso territory
quiescent, it is underlain with many elements of by the employment of large forces in construction
strength that are rich in promise for the future. The and repair work incident to preparing other mines
heavy tolls exacted from the business community by for resuming production in the near future.
the numerous failures occurring during the past
Oil producers, encouraged by present prices and
winter and spring have weeded out the weaker estabprice tendencies, pushed drilling activities during the
lishments and left the business of the district in
stronger hands. An outstanding feature of the past month to such an extent that the district's oil
month's statistics was the abrupt fall in the district's production exceeded all previous records.
Labor conditions ~ave shown no unusual developbusiness mortality rate. Failures during the precedments, either favorable or unfavorable, during the
ing month had set a new high record with liabilities
amounting to $5,889,143, while the March total was month of March. The demand for farm labor is exonly $2,121,725. The continued shrinkage in the dis- ceptionally light and is not expected to increase matrict's credit requirements was manifested in a terially until the harvest season. Employment confurther reduction by member banks of their indebt- ditions in large centers are gradually improving, due
edness to the Federal Reserve Bank of Dallas, the principally to seasonal factors and the steady growth
f
total of our outstanding loans on April 18th being G building activity. The task of overcoming the
housing shortage in the large cities is making subonly $33,912,000, which is the smallest amount of
discounted paper held by this bank since the begin- stantial progress, as will be seen from the statistics
ning of the post-war period. This situation, although published elsewhere in this report which show a 26
abnormal, is due in part to seasonal causes and in per cent increase in the valuation of building permits
part to the conservative policies which are dominat- issued in March over those of February, and a gain
of 24 per cent over, the total for March, 1921.
ing the use of credit by business and agriculture.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
CROP CONDITIONS
An increased acreage will be planted to cotton this Texas, except in the western part of the state, where
year, according to press reports from many sections the farmers are well up with their work and report
of the Eleventh District. These reports are being the crop outlook in that section as being exceptioncorroborated by replies received by the Federal Re- ally good.
serve Bank of Dallas to a questionnaire recently sent
As a whole the district's crop conditions seem to
to member banks in 200 cotton-producing counties in promise a more successful season than that of 1921,
the State of Texas. Of the 167 counties heard from provided there is sufficient dry weather and sunshine
up to April 20th, 121 reported that there would be an during the next few weeks to enable farmers to catch
increase in the cotton acreage over last year's acre- up with the planting and cultivation of their crops.
age; 22 counties reported practically no change;
while replies received from 24 of the counties were to
Galveston's cotton exports for the
the effect that the acreage would be somewhat Cotton
month of March, in common with its
smaller than last year's. There is still much uncer- Movements.
exports of flour, cottonseed products
tainty, however, as to the exact extent of the net
and sulphur, registered a healthy gain over the Febincrease. Very little planting has been done in Texas
outside of the Rio Grande Valley and the coast coun- ruary record, the past month witnessing an outbound
ties, and it is not likely that accurate statistics in movement of 188,457 bales, as compared with the
this connection will be available before May 15th, previous month's total of 138,953. The volume of
in view of the delay in planting operations caused by cotton now moving through this port to foreign and
the excessive rains of the past four weeks. It should coastwise ports is about equal to that of last' year,
also be borne in mind that an increased acreage will although last year's production was considerably
not necessarily result in a larger crop than was pro- smaller than that of 1920. The port's total export
duced in 1921. It is altogether possible that the loss movement since August 1st, however, continues
from weevils and abandonment might offset any in- slightly smaller than the previous season's movecrease in the acreage, particularly in view of the ment, as will be noted from the appended table.
effects of recent rains, which not only have necessitated much replanting and some abandonment in
COTTON MOVEMENTS THROUGH THE PORT OF
GALVESTON
the southern part of the district but have greatly
March
March
Aug. 1 to March al
delayed planting operations elsewhere, which will
1922
1921
This
Last
Season
Season
mean a delayed start for the plant throughout a large
Gross Receipts ...... 183,561 152,011 2,101,7I1 2,284,908
area of the black land belt, thus rendering it more
Exports .................. 188,457 181,923 2,020,948 2,105,930
susceptible to the ravages of the weevil.
Stocks, March 31.. ................ ................ 323,520 288,064
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"
,1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111'111111111111111111111111.
The average condition of the winter wheat crop in
Texas on April 1st was officially reported to be only
57 per cent of normal. The best reports on this crop
come from the black land counties of North Texas,
and while the crop in the Panhandle has shown much
improvement since the breaking of the drouth in that
section the production there has been greatly diminished as compared with last year's crop. In Arizona the winter wheat crop is reported to be in excellent condition, while in New Mexico the lack of rain
has produced a very unfavorable outlook.
The planting of corn has advanced as far north as
Southern Oklahoma, and while the spring rainfall
has placed an excellent "season" in the soil, low temperatures have retarded germination, and warmer
weather is needed to stimulate the growth of the
crop.
The heavy rains have delayed plowing and seeding operations generally throughout the State of
·' 1
11111111 1111111111 1111111111111 11 1111111111 1111111 111111111111111111111111111 1111 111111111111111111111111111111111111111111I11I1111111111111111111111 111111111 111I1'..i
GALVESTON STOCK STATEMENT
Ma rch 31,
1922
Ma rch 31 ,
1921
For Great Britain ............................... .
For France ........................................... .
For other foreign ports ....................... .
For coastwise ports ........................... .
In compresses ....................................... .
28,151
12,000
35,270
3,000
245,099
8,046
8,468
24,453
3,000
244,097
Total ................................................
323,520
288,064
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1111111111111111111111111111111111111111111111111111111111111111111111111I1111111111111l1111lt11111l11111l11l11l111111111111111111111111111111111111111111111111111-':
SEASON'S RECEIPTS, EXPORTS, AND STOCKS AT
ALL UNITED STATES PORTS
Receipts since Aug. 1, 1921....
Exports: Great Britain ..........
France ......................
Continent ................
Japan-China ............
Mexico ......................
Total foreign ports
Stocks all U. S. ports, Mch. 31
This
Season
4,782,061
1,063,885
531,597
1,742,993
784,873
2,100
4,125,448
1,060,814
Last
Season
4,850,880
1,237,596
428,543
1,720,572
284,738
23,517 =
3,694,966 §
1,387,467 i
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MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
,Grain
Movements
A further expansion in the wheat
movement through the port of Galveston is shown by the figures for
the month of March, when outgoing cargoes reached
a total of 1,356,196 bushels, as against 1,052,333
bushels exported in February.
3
gated 1,564 carloads, reflecting a slight decline by
comparison with the previous month.
Receipts of wheat, corn, and oats at Dallas, Fort
Worth, Wichita Falls, Waco, and Galveston aggre-
LIVESTOCK
Range
Conditions
Improve
Steady improvement in range condi'"
tions is shown by the April reports
of observers throughout the district.
Since our last Review was issued a
large area of the range country has been visited by
drenching rains which filled streams and water holes,
refreshed vegetation in regions where the drouth had
not previously been broken, and generally stimulated
the early growth of grass on the district's ranges and
pastures.
Improvement of ranges in Arizona has been slow,
due to the unusually cold weather. Elsewhere, however, weather conditions have been almost ideal, and
the situation as a whole presents a brighter outlook
than has been in evidence for many months.
The strength and stability of the demand was
such, however, that despite the enlarged supply all
classes of livestock attained higher top prices than
were reached during the month of February. By
the end of the month the market reacted and most, if
not all initial gains were lost. Bear ish sentiment
continued slightly in the ascendency during t he first
two weeks of April, but as this is written prices are
again exhibiting a tendency to rise and the demand
continues to show much of the steadiness that has
characterized buying since the first of the year.
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~
~
Mm'ch
1922
Prices and
Movements
Heavy shipments of livestock from
Southwestern ranges and pastures
featured the month of March. While
improved range conditions in Texas tended to check
the movement of animals to other states, a large
movement of cattle and sheep from the vicinity of
San Angelo was reported, and orders for more than
six hundred cars were placed to take care of the shipments that were to be made from that point alone
during the first three weeks of April.
At the Fort Worth market the April receipts of
all classes of livestock exceeded, by a substantial
margin, those of the month of February-supplies of
calves, sheep, and lambs setting new high records for
the month of March.
F ebl'uRI'Y
1922
Cattle ........53,967 37,062
Calves ........11,604 8,952
Hogs .......... 70,133 68,882
Sheep ........45,084 42,675
Loss 01'
Ga in
G
G
G
G
March ,
1921
Loss 01'
Gain
16,905 36,395 G 17,572
2,652
9,265 G 2,339
1,251 68,022 G 2,111
2,409 11,229 G 33,855
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COMPARATIVE TOP LIVESTOCK PF.ICES
March
1922
i===_
Beef steers ............................
Stocker steers ........................
Butcher cows ........................
Stockel' cows ..........................
Calves ....................................
Hogs ........................................
Sheep ......................................
Lambs .................................. ..
$ 8.50
6.75
5.75
4.25
9.50
10.60
19 . 25
5 10
F ebruary
1922
$ 7.50
6.00
5.25
3.75
7.50
10.45
18 . 00
4 00
March
1921
$ 9.00
8.10
7.50
6.00
11.00
10.30
6 00
12 . 75
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WHOLESALE TRADE
The general improvement in the basic conditions
of the district is gradually making itself felt in the
various lines of wholesale trade, as is evidenced by
the fact that sales in most lines have either been
holding about on a par ' with those of the previous
month or have shown considerable increases. The
demand for hardware and drugs, which has heretofore been rather limited, showed a remarkable recovery during March, resulting in a considerable
gain in sales over the previous month. Distribution
of dry goods during the month about held its own,
but did not show the usual seasonal expansion.
Groceries continued in strong demand, and sales
again scored a substantial increase.
An indication of the improved conditions is found
in the apparent stability of pI'ices. It seems that
the violent price declines which were evident
throughout the year 1921 have been almost en-
4
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
\
tirely arrested, even in those lines where readjustments were late in coming. In fact in some lines
slight increases have occurred. Another important
factor is the advance in price on some farm products,
and in this connection the present outlook for good
crops has not only produced a better spirit among the
agricultural class but has also stimulated more buying of commodities which heretofore have been
bought strictly on the basis of actual needs.
Encouragement is also found in the fact that collections have begun to show improvement. While
payments on past due accounts continue slow, some
lines have reported current collections about equal
to sales. Further evidence of recovery is seen in the
placing of orders for future delivery, which reflects
the retail dealers' confidence in the stability of present price levels.
Dry Goods
operations to fill-in orders. Even the latter, however,
were very light throughout most of the month of
March. On the other hand, the retailers' stocks are
not heavy, and late reports are to the effect that the
pre-Easter trade at retail exceeded expectations and
a large volume of fill-in orders was placed during the
first two weeks of April.
li'arm
Implements
The gradual improvement in the
farm implement trade which had
been noticeable since the early part
of last December was temporarily checked during
March. The net sales of reporting firms registered a
decrease of 38.1 per cent from sales during February and a 1.5 per cent decrease from sales during the
corresponding month of the previous year. It seems
that this lull in the trade was due primarily to
weather conditions which were unfavorable to farm
operations, rather than to adverse developments in
the purchasing power of the farmers. The rains
which have been general throughout the district,
although delaying farm operations, have produced an
encouraging outlook for the 1922 crops, and have
created a more cheerful feeling among farmers. Increased buying has been noted since the cessation
of the rains, and the reappearance of sunshiny
weather.
The movement of dry goods at
wholesale did not reach the usual
seasonal expansion during the month of March. The
net sales of twelve reporting firms, while only .4 of
1 per cent less than during February, were 27.2 per
cent less than those of the corresponding month of
last year. Measured by selling values, the volume
of goods moved during the first three months of
1922 was 13.1 per cent less than during the corresponding period of 1921. While it is probable that
buying will extend over a longer period this spring
than was the case last spring, it seems evident that
this season's sales will not equal those of last seaThe seasonal expansion in the wholeson. Reports from dealers, however, seem to indi- Hardware
sale hardware trade, which has been
cate that they are not pushing sales to the same degree as they did last year. This is undoubtedly at- late in making its appearance this year, was in e:vitributable to the stricter credit policies which the dence during March. Net sales of thirteen reporting
wholesalers have been forced to adopt on account of firms were 12.6 per cent greater than last month but
the high mortality rate reflected in the statistics of 18.6 per cent less than the corresponding month a
recent months covering failures of retail establish- year ago. It is interesting to note that this is the
ments, whose financial difficulties have forcefully most favorable comparison shown during the past
brought home to the wholesalers the imperative ne- several months. It should be stated, however, that
cessity of keeping their own business in as liquid the situation existing in this line of trade is somecondition as possible. Furthermore, the curtailment what different from other lines in that prices of
of production incident to the continued labor troubles hardware are just now showing indications of final
in the textile industries, and the irregular tendencies downward readjustments; whereas in some other
of raw cotton prices, have had such a disturbing ef- lines the bottom was apparently reached some
fect upon the price situation that retailers seem to months ago. The recent improvement in general
have no inclination to speculate on forward orders, conditions has gradually affected the hardware
and are not disposed to buy heavily until these dif- trade, as is evidenced by the increased sales and a
ficulties are settled and a more stable market estab- noticeable change in the general feeling of the trade.
lished. It would seem, therefore, that buyers, after An encouraging feature is the fact that some firms
covering their most pressing needs, have either with- report that the improvement has been general in all
drawn from the market altogether, or confined their departments. Distribution of hardware in the cities
\
\
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
continues in a greater volume than in the. country
sections. Goods are relatively easy to sell to the city
merchant and some wholesalers state that many inquiries are being received from that element of the
trade, but the country merchant continues to buy
only when his need actually requires him to buy.
Prices on most items remained steady during the
month but prices on some steel goods stiffened to a
certain extent following the general rise in the price
of iron and steel. Collections have been fair to good
on current sales but collections on past due accounts
have been poor and are expected to show but very
little improvement until the retailer is able to increase his sales and collections. The outlook seems
to be fair and the trade generally expects a further
gradual improvement from now on; but a large business is not expected until some further resources are
available.
Drugs.
The wholesale drug trade showed recuperation during the past month.
Seasonal buying entered as a factor in the March
business, and the general trade showed improvement.
The net sales of eight firms increased 12.9 per cent
over the previous month, and, although they were 13
per cent less than the same month last year, sales of
the current month were more nearly on a par with
those of the corresponding month of the previous
year than has been the case for more than a year.
The more optimistic feeling prevailing among the retailers has caused a modification to some extent of
the buying policy to which they have adhered for
some time past. They have not only shown a tendency to buy beyond their immediate requirements of
staple commodities but have been placing orders for
seasonal items. Prices, the trend of which has been
uncertain for some time, now seem to be advancing.
Some dealers state that during March collections
were well in line with sales. The general opinion of
5
the trade seems to be that the demand will grow
better as the months advance.
Groceries.
Improvement was again reflected in
the reports of wholesale grocery
firms. March net sales of twelve firms recorded
an increase of 12.3 per cent over February sales.
While they were 9.2 per cent less than during March,
1921, the fact that they are more nearly approximating sales of last year is encouraging. The demand
for groceries has been strong since early February
and some dealers state that sales have been holding
up well so far during April. The flour market has
been especially strong during the past three months
and this commodity has afforded large sales. The demand for sugar, which has also been well sustained,
promises to be further strengthened by the prospects
for a good fruit crop. An increase of from one cent
to two cents per pound has been quoted on coffee
during the first two weeks of April following higher
quotations in Brazil and other producing districts.
Beans continued strong due to a shortage in supply.
Such items as cheese, soaps, and vegetables have
shown signs of further weakness.
Furniture
The March sales of reporting furniture dealers registered a seasonal
gain of 14.6 per cent over February sales, but were
14.4 per cent below the total for March, 1921. That
the expansion was not as great as during March last
year is shown by the fact that for the first two
months of 1922 sales were .1 of 1 per cent greater
than during the same period of 1921, but for the
three months' period ending March 31st, 1922, sales
were 5.6 per cent less than those of the corresponding months last year. While a few forward orders
were placed in February, reports indicate that such
orders were more numerous during March. Prices
on most items remained steady while on others a rising tendency was in evidence.
rllllllllllllllllllllllllllllllll11llllllllll11~~::'~~~'~~"I~;I11;:~~:'~:~~111~~'::'~"":':~'~~'~111::~~::"":~~~""""'""""""""""11'"'"""'"'"""'"I11'""""""""IlIII"j
I
Percentage of Increase or Decrease in
NET SALES
Groceries .........................................
Dry Goods .....................................
Hardware .......................................
Farm Implements .........................
§ Fumiture .......................................
§ Drugs .............................................
2
Murch. 1921
_ 9.2
-27.2
-18.6
- 1.5
-14.4
-13.0
Feb.. 1922
+12.3
-.4
+ 12.6
-38.1
+ 14.6
+12.9
PRICES
STOCKS
March. 1922. compared
with
Mnr ch. 1922. compar ed
with
March. 1922. comptll"cd
with
-14.3
-13.1
-21.2
- 11.4
- 5.6
-15.5
March . 1921
-12.1
+20.5
-20.3
-16.1
F eb .. 1922
-.3
- 4.4
+ 5.2
-
March. 1921
-11.1
-25.2
-33.3
F cb.. 1922
+.3
-
1.2
5.0
.4
.
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"
6
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
I
I'
to
RETAIL TRADE
A marked expansion in business characterized the
retail trade situation in the opening month of the
spring season. Despite the fact that March weather
was unusually cold and tended to delay seasonable
demand for spring merchandise, the net sales of
twenty-two department stores during the month
were 27.7 per cent greater than during February.
Still another retarding factor in the situation was the
lateness of Easter this year, which afforded some
customers an opportunity to delay their spring buying. However, retail trade reacted well to the
warmer weather that prevailed during the last days
of March, and enabled the merchants to make a very
satisfactory sho"ring for the month. The first two
weeks of April resulted in a good influx of business
during that time. The pre-Easter cut price sales,
which were well advertised during the latter part of
March, were an important factor in the results obtained.
Stocks at the end of March were 8.5 per cent
larger than at the close· of February but were 1.7
per cent smaller than those on hand at the close of
March, 1921. This indicates that the department
stores slightly overestimated the pre-Easter demand.
The ratio of stocks to sales during the first quarter
was 489.5 per cent, as against 363.6 per cent for the
corresponding period of 1921. This more unfavorable ratio is due to the fact that while the inventories
this year have been approximately the same as last
year, sales for the first quarter of 1921 were 20 per
cent less than those of the first three months of last
year.
The ratio of outstanding orders at the end of
March to last year's total purchases showed a further
decrease, being 5.1 per cent, a~ compared with 7.5
per cent at the close of February. This is indicative
of the fact that retail buyers are placing fewer forward orders, depending rather upon fill-in orders to
meet actual needs as the season advances.
Collections scored a small gain during the month.
The ratio of March collections to accounts receivable
on the first of the month was 37.4 per cent, as compared to 36.3 per cent during February.
1\
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BUSINESS OF DEPARTMENT STORES
,
"
~= ~= _
Total Sales:
March, 1922, compared with March, 1921.. ..................... .
March, 1922, compared with Feb., 1922.......................... ..
Jan. 1, to date compared with same period last ·year.. ..
Credit Sales :
March, 1922, compared with Mal'ch, 1921.. .................... ..
March, 1922, compared with Feb., 1922.......................... ..
Jan. 1 to date compal'ed with same period last year.... ..
Stocks:
with March, 1921.. ....................
March, 1922, compared with Feb., 1922.......................... ..
Ratio of stocks to sales .............................................. _.............. ..
Ratio of outstanding orders to last year's purchases .......... ..
Ratio of March collections to accounts receivable, due and
outstanding March 1, 1922....................................................
Dnllns
-
Fort Worth
-
12.5
33.1
16.9
-
-
11.6
-
-
14.8
-
-
3.9
7.4
455.3
5.9
-
+
+21.1
+
32.4
-
+
+
+
22.2
37.4
25.5
-
15.0
43.5
18.8
-
4.0
6.4
601.8
4.6
42.6
All Other
Houston
+
-
+
+
+
16.4
12.3
12.7
11.6
4.8
6.4
.2
3.9
492.9
6.6
43.5
-
28.1
25.4
24.9
+
-
Total District
-
+
-
22.8
34.4
15.9
-
1.4
14.7
483.8
3.4
-
+
-
+
+
43.4
+
-
+
19.5
27.7
20.0
15.1
23.5
14.1
1.7
8.5
489.5
5.1
37.4 ~
;;1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 111 111111111 111111111111111111111111111111111111111111111111111 11 1111111111111111 11 11111111111111111111111111111111111111111111111111111111111111111111 1111 11111111111111 1111 1111111 11 11 1111111111111111111111111111111111111111 ~
,
,
"
FINANCIAL
The seasonal expansion of trade both at wholesale
and retail, as well as the March 15th payment of the
income tax returns, enlarged the amount of checks
charged to depositors' accounts at the banks in the
principal cities of the Eleventh F~deral Reserve District. The weekly average during March was $136,682,000.00 which shows a 2.6 per cent gain over the
weekly average of $133,682,000.00 during February.
Debits continued on a lower scale than during the
previous year, March debits being .7 of one per cent
less than the weekly average during the corresponding month of the previous year. This decline, however, was more than offset by the decline in prices
during the past year, for at this time a year ago a
larger volume of funds was needed to carryon business transactions than is necessary this year.
MONTHLY REVIEW OF BUSINES S AND INDUSTRIAL CONDITIONS
7
CHARGES TO DEPOSITORS' ACCOUNTS
AVERAGE WE EKLY DURING
Mnr ch. 1922
t~~~i;u~~~~~..
~~~:~:::::::::::::::.:::::~::. ::::::.'.~:::::::::::::::::::::::::::::::::::::::::::~:::::::::.
Beaumont ........................................... _....................................................
Dallas ..................................................................... .....................................
EI Paso ................................................ .....................................................
Fort Worth ........................................... .....................................................
Galveston ..................................................................................................
Houston ......................................................................................................
San Antonio ................................................. .............................................
ShrevepOl't .......................................... .....................................................
i=; .
. .•. .• ••...•• • :.•• .• •.••• • •. • ••••.••..• •..••. ~.. . .
•
~:::.o.~: ~:~.~: ~
$
F ebrunr y. 1922
~:~~~:~~~
3,380,000
33,042,000
7,077,000
31,568,000
14,340,000
23,295,000
6,118,000
6,874,000
$13~6',: 6:86
:27,,:go:00:00
$
Mnrch. 1921
~:~~~:~~~
3,620,000
32,808,000
6,722,000
31,340,000
12,341,000
22,632,000
5,726,000
7,066,000
$13~3:,16i~8~9 , :0 ~:0
:00
$
~:~~~:~~~
3,644,000
34,166,000
7,966,000
20,001,000
18,585,000
28,838,000
6,918,000
6,783,000
$1371k,'i6~37:, :!~0 o0~
:
Totals, Eleventh Di strict................................................................. .
~
:!
,111111111111111111111111111111111111111111111111111111IIIIII1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIir
Acceptance
Marl{et
The volume of outstanding accept- total of $581,200.00 based on domestic shipments and
ances held by accepting banks of storage of goods as against $773,695.35 at the close
this district has been steadily declin- of last month. The Federal Reserve Bank of Dallas
ing since December 31st, 1921, at which time the on March 31st held $15,000.00 of this class of paper.
peak holdings of these banks for the fall period were
Changes in the position of member
recorded. The amount outstanding at the close of Condition of
banks in reserve cities were very
each month for the past seven months is shown Reserve City
Banks
below:
slight during the four-week period
ending March 29th. Loans during
_
: llllllllllllllllllllllllllllllllllllllllllllllill 11111111111111111111 1 11111111111111111111111111111111111111111111111 1 111111111111111111111111111111 1 1111111111IIIII,!!
~==
t
this period were increased $1,204,000.00, reflecting
DateAmount
the seasonal expansion of trade and industry. Demand deposits of these banks decreased $3,960,000.00
I==~ :=_ September 30, 1921 ..........................__................ $2,486,000.00
October 31, 1921.. .............................................. 3,691,580.74
November 30, 1921.. .......................................... 3,252,387.47
following the payment of the March 15th installment
December 31, 1921.. .......................................... 4,251 ,692.35
of income taxes. These banks have made further
January 31, 1922................................................ 2,325,007.57
February 28, 1922............................................ 1,217,287.61
progress in the reduction of rediscounts with the
March 31, 1922.................................................... 692,541.26
Federal Reserve Bank, which totaled $4,680,000 on
~IIIUIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlIIIIIlII 11111111111111111111111111111111111111111111111111111111111111111111111 1 1111111111111111111111111111111111
March 29th, as compared to $5,448,000 on March 1st.
The amount outstanding on March 31st was only This indicates that the banks are gradually work$692,541.26, which showed a sharp decline from the ing into a position where they can accommodate their
previous month. The largest portion of the decline customers without calling upon the Federal Reserve
was in the amount of paper executed against import Bank for assistance.
and export transactions, which was $111,341.26 as
At the close of last month the ratio of loans to
compared to a total of $443,592.26 of this type of deposits was 98 per cent as compared ·to 95 per cent
paper held at the close of February. There was a at the close of the previous month.
~1I1111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIII I IIIIIIIIIIIIIIIIIIHIIIIIIIIIIIIIIIIIIII1111111111111111111111111111111 1 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11 1111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~
CONDITION STATISTICS OF MEM BER BANKS IN SELECTED CITIES
March 29 . 1022
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Number of r eporting banks....................................................................
U. S. securities owned................................................................................
All other stocks, bonds, and securities owned......................................
Loans secured by U. S. Government obligations................................
Loans secured by stocks and bonds other than U. S. Government
obligations ..............................................................................................
All other loans............................................................................................
Net demand deposits..................................................................................
Time deposits ............................................................................................
Reserve with Federal Reserve Ba nk......................................................
Bills Payable with F eder al Reserve Bank. .. __ __ ........................ __ .. __ .........
Percentage of loans ( *) to net demand deposits ......... ____ ____ ...............
Murch 1. 1922
Apri l 1. 1921
52
$ 41,927,000
7,890,000
5,065,000
53
$ 44,610,000
8,877,000
5,466,000
52
$ 41,102,000
10,731,000
6,975,000
40,705,000
187,246,000
197,130,000
63,004,000
21,605,000
4,680,000
98 %
40,192,000
185,641,000
201,090,000
62,493,000
21,508,000
5,448,000
95 %
37,456,000
203,848,000
198,721,000
60,040,000
20,794,000
27,436,000
106%
~"'"''''''''""'""'''""'''''"''''"''''''""'''""""'''"''''"'''"""''''""""'"'''"""'''""'""'"""""'''''"'''"""'"'''''''''''''''""''''''''''''""""""'''''''''"""""''''''""""""'''"""'"""''''""''''''"II"'''""'''''''''""''''"''''''''''''""'''"III""",,,,""",,,"""ll
I'
,
8
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
I'
"
'/
/'
,I
,
,
I,
,
,
Operations of
The Federal
Reserve Bank
During the month ending March
31st our ratio of total reserves to
combined note and deposit liabilities
increased from 56.7 per cent to 61.0
per cent, due to the gradual accumulation of gold
and a further reduction in our Federal Reserve note
circulation. A significant feature which merits comment is the extent to which the member banks' collateral notes secured by U. S. Government o~liga
tions are disappearing from the portfolio of the Federal Reserve Bank. This class of paper on March
31st, 1922, amounted to only $2,924,498.29 and
formed 8.1 per cent of total loans. This compares
with 18.1 per cent on March 31st, 1921, and 67.3 per
cent on March 31st, 1920. These figures indicate
the gradual restoration of self-liquidating paper as
the basis of credit. Government securities have
recently found a wide demand among the investment
group and are being withdrawn from bank portfolios
for distribution among perm&nent investors. The
gradual elimination of loans secured by Government
securities indicates that this district is now reaching
a point where loans can be considered as a more accurate index to commercial activity than they have
been heretofore.
Loans to member banks during the month decreased $3,970,228.92, while our holdings of bankers'
acceptances have remained at $15,000.00. The total
amount of bills held on February 28th was $38,934,-
128.95, as compared to $34,963,900.03 on March 31st,
distributed as follows:
Member banks' collateral notes secured by
U. S. Government obligations ____ ___ __$ 2,924,498.29
___ __ __
Rediscounts a nd other loans to member
________ ____ ___ ____
,b anks ____ ________ ____ ____ __ ___ _________ ___ 32,024,401.74
Open market_purchases__ _ ___ __ _ __ _Accept-_
ances) _ _ _ _ __ (Bankers' _ _____ ___
_ _____ _____ ___ ___ __ ___ __
___
15,000.00
~
Total bill s held ..........._ .....___ ._.... _.__ $34,963,90 0.03
_ _ _ _ _.....
;':'IIIIIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII111111111111111111111111111111111111111111111111111111111111I1111111111111I1111111111111II11I11111l1111I11111I~
Federal Reserve notes in actual circulation at the
close of business on March 31st totaled $27,821,989.00, which corresponds to a total of $29,565,650.00
in actual circulation on February 28th, or a reduction of $1,743,661. Member banks' reserve deposits
amounted to $44,043,908.20 on March 31st, which reflects a decrease of $893,314.42 during the month.
There were no changes of importance in the discount rates charged
by commercial banks during the
past thirty days. The lowest rate charged on customers' paper was one per cent higher at Dallas and
Waco than was charged during the previous thirtyday period. The "high," "low," and "customary"
rates charged by commercial banks on the various
classes of paper during the thirty-day period ending
April 15th are shown below.
Discount
Rates.
"
'"11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIINIIIII'.:
~
§
i
E
E
'i
,j
I'
E
E
~
E
=
~
-
MARCH DISCOUNT RATE
i
~
~
~
E
i
E
~
=
=
g
E
~
§
~
§
§
~
E
~
~
~
§
~
§
E
~
~
~
I
i
z
§
i
=
E
§
E
~
=
~
:
=
E
c
=
g
~
~
§
:
E
E
E
~'IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111I111l1IIIIIIIIII~
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
Savings
Deposits.
A further increase in savings deposits was reflected by reports from
109 banks of this district which
operate a savings department. The aggregate
amount of savings deposits of these banks on March
31st was $60,991,127 as against $60,233,157 on Feb-
I
9
ruary 28th, an increase of 1.3 per cent. The March
31st figure compares with $58,124,007 on March 31,
1921, or a gain during the year of 4.9 per cent. There
is presented below a table showing the distribution
of savings deposits as among the principal cities of
the district.
:!IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1111111 111111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111'6
SAVIN~~m~~:,OSITS
,,' ••
Reporting March 81. 1922 March 31. 1921
Blmks
Dec.
,..
F eb. 28. 1922
M
=_1
Dec.
Beaumont ..................................................................................
Dallas ........................................................................................ :
EI Paso ......................................................................................
Fort Worth ..............................................................................
Houston ......................................................................................
San Antonio .......... ....................................................................
4
7
5
3
5
5
1,324,436
8,752,352
4,245,538
4,319,316
11,523,45 6
5,697,602
1,328,465
8,394,467
3,326,346
4,314,224
10,59.2,683
5,399,964
.3
+ 4.3
+ 27.6
+.1
+ 8.8
+ 5.5
1,332,018
8,566,614
3,795,903
4,294,848
11,514,457
5,681,254
-.6
+ 2.2
+11.8
+.6
+.1
+ .3
Wichita Falls ............................................................................
All others ..................................................................................
3
68
2,164,281
17,124,734
1,565,160
15,511,212
+38.3
+10.4
2,397,638
17,012,617
- 9.7
+ .7
Total, District ..................................................................
109
60,991,127
58,124,007
+ 4.9
60,233,157
+ 1.3
. .: : : : : :::: ::: : : :::: :::: : : : : :::: : ::: : ::: : : : : : : :
~~·~~e~.~~:~
~
i:!~~:~~~
i:~~~:~b~
+ 1~:~
t:~g~:~~~
=1=
g
~11111111111I11I111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1 1111111111111111 11 1111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111.
FAILURES
A decided improvement in financial conditions
affecting mercantile enterprises is reflected by the
March commercial failure statistics. While the liabilities of defaulting firms during February totaled
$5,889,143, (the largest amount ever recorded in this
district during one month) it would seem that the
high mark was reached during that month, and that
from now on the trend of failures should be downward. There were 107 failures among commercial
firms during March as against 98 during the same
month last year, but the liabilities of these firms
were $2,121,725 this March as compared to $2,702,583 last March. The large liabilities of defaulting
firm s during January and February of this year
brought the total amount for the first quarter to a
figure 50 per cent higher than during the first
quarter of 1921.
glllllllllllllllllllllllllllUllllllllllllllfllllllllllllllllllllllllllllll1l11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIhllllllllllllllllllllllllllili111111111111111111111111111111111111111111111111111111111111111111111111111111111''':
It~~~~~l'::
I
:. C:O~~~;IAL~~IL;R~S:. -~lTl";~mH~ N""i!!"'iH~H~
••••••••••••••••••••••• ::••••••:.::•
· •••. • •• .
Total, Eleventh District, First Qual'ter............................................................
521 $12,337,462
390
$8,179,522
:\ 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111.
PETROLEUM
Crude oil production in the Eleventh Federal Reserve District set a new high record during March,
reaching a total of 16,246,680 barrels as compared to
13,759,335 barrelf? during February. The daily average yield for the district as a whole amounted to
524,086 barrels on an increase of 32,682 barrels over
the daily average flow during February. While the
total March output in the Texas fields showed an increase in the number of barrels produced, the daily
average yield underwent a slight decline. The state,
however, continued to hold its lead among the oil producing states. Production in the Central-West Texas
field increased slightly during the month, due principally to the continued drilling activity in the Mexia
district, but this was more than offset by the decrease in the yield of the North Texas and Texas
Coastal fields.
The Mexia field continued to be the center of the
interest among Texas fields. Despite the fact that
weather conditions at the beginning of the month
greatly hamper ed operations, the daily average production of that field during March was 157,080 barrels as compared to 150,090 barrels during the previous month. Stocks of crude oil in storage at Mexia
I~
I.
.'I
I '
I'
1
.1
10
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
continue to increase, due to inadequate transporta- tion of 108,020 barrels, as against an initial flow of
tion facilities. There was approximately 8,000,000 131,135 barrels from 66 producing wells completed
barrels in storage at the beginning of March and during February. This shows clearly that the initial
this quantity had increased to approximately 11,- flow of new wells is steadily declining. It has be000,000 barrels by the end of the month. This would come the general opinion that the day of big gushers
indicate that approximately sixty per cent of the oil in this field has passed, as most of the new wells are
produced in that field is going into storage. However, now making from 1,000 to 2,000 barrels flush produring the latter part of the month another pipe line duction. The . Haynesville (La.) field witnessed a
was completed and put into operation with a carrying greater number of completions during March, the
capacity of approximately 20,000 barrels daily, number being 59 wells with 55 producers, as against
which, in addition to other lines under construction 41 completions during February with 39 producers;
and due for completion in a short time, should greatly but the initial production from the 55 wells was 70,420 barrels against 79,515 barrels from the 39 wells
relieve the demand for storage facilities.
The Haynesville (La.) field furnished the biggest completed during the previous month.
attraction during the month. Although the price
Stephens County did not recuperate to the same
differential established against the amount going extent as some of the other fields now in the limeinto storage was intended as a check upon produc- light, due probably to the fact that boiler water was
tion, activity has increased by leaps and bounds. The not obtainable in sufficient quantity to carryon dedaily average flow of that field increased from 57,357 sired operations. Although there were 26 complebarrels during February to 84,452 barrels during tions in this field of which 18 were successful, the
March and was not only responsible for the enorm- flush production of these wells was only 2,845 barous increase in the Louisiana production from 2,816,- rels of oil and 9,000,000 cubic feet of gas. However,
660 barrels during February to 4,158,400 barrels dur- with the provisions for boiler water which have been
ing March, but also for the large increase in the arranged, resumption of activity is looked for and
Eleventh District output. The amount produced in tests in new sections are forthcoming.
that field alone totaled 2,618,028 barrels. The March
production in the mid-continent also showed a large
increase, the flow in Texas, Louisiana, and Oklahoma
Crude Oil
The feature of the crude oil market
showing a considerable increase, while that of Kan- Prices
during March was the increase in
sas and Arkansas showed only a slight decrease.
the posted price of Mexia crude oil
from $1.25 to $1.50 per barrel. This advance evidenced the complete fulfillment of the prediction
Drilling
There was a general resumption of made by many oil men last November when Eastern
Results
activity in all the fields during interests contracted for 33,000,000 barrels of Mexia
March following the rains which re- aude at $1.50 per barrel although the posted price
plenished the water supply necessary for drilling at the time was only $0.75 per barrel. One signifioperations. The wells completed in all fields of the cant feature about the price of Mexia oil is that it has
district numbered 358, including 268 producers, this risen from $0.60 per barrel to $1.50 per barrel durcomparing with 296 wells completed during Febru- ing the last five months in the face of an enormous
ary, of which 223 wells yielded production. The Mexia increase in production from week to week. Prices at
field again led the group with 113 completions, of the other fields remained steady at the same level
which 79 per successful and yielded a flush produc- in effect during the previous month.
March
Total
--
Daily Avg.
F ebruary
Total
Field
orth Texas ....................................................
Central-West Texas ........................... _.........
T exas Coastal ................................................
59,961
22.2,208
107,775
1,748,915
6,148,635
3,045,125
T otals, Texas ..................................................
N orth Louisiana ............................................
-
1,858,795
6,888,445
3,341,040
12,088,280
4,158,400
389,944
134,142
T otals, 11th District ......................................
16,246,680
524,086
Increase or Decrease
Daily Avg.
62,461 Inc.
219,594 Inc.
108,754 Inc.
Total
Daily Avg.
109,880 Dec.
739,810 Inc.
295,915 Dec.
2,500
2,614
979
10,942,675
2,816,660
390,809 Inc. 1,145,605 Dec.
100,595 Inc. 1,341,740 Inc.
865
33,547
13,759,335
491404 Inc.
,
32 ,682 "
2"487 345 Inc.
§
5111 1 1111111 1 1111111111111 1 11 1 1 1 11111111111 1 1111 1 1 111 1 11 1 1 ~I I I I IIIIII II II I IIII I I I III I I II IIII IIII I IIII II I II I I I U1 111111 11 11 11 111 1 11 1 1 1111 11 1111 1111 1 1 11 1111 1 1 1 1111111 1 11111 1 1 1 111 I IIII I 1111 1 I1 111 1 1 11111 1 11111111 1 11 1 111 1 1 1111 1 1 1 11 11 1 1 1 1 1 111 1111 11 1 1111 1 11111111 1 11 1 1 11 1 1 1 1 11 11 1 1 11 1 1111 1 111 1 11 1 1111 1 1 1 1111111 111 1 11 1 1 1 11 1 11I1111 1 11 111 1 1 1 11 1 11 1 111 1~
MONTHLY REVIEW OF BUSINES S AND INDUSTRIAL CONDITIONS
11
""11111 1
11111 1 1
11 11111 1 1
1 11111111111 1
1111111111111111111111 1
1111111111111 1 1 11
11 111 1111111111111 11111111111111111111111111111111111111111111111111111111111111111111111111 1
111111111111111111 1
1111111111111111111111111111111111111111111111111111111111111111111111111 1
111111 1
111111 1
11111111111111111111111111 1
11111 1
111111111111111111111111111111'"
MARCH DRILLING RESULTS
Complet ion.
Field
North Texas ___ _ ______________
___
____________________ _ _ _
___ _____________________ _ _
__ ______________
_______ _____ __ _
___
Central-West Texas ___ __________ ____ _ _ _____
_____ ___ ___________ _ _____ __ ____ _ _ _ __ __ _________ _ ____ _
___
___ _____ __
:_
Texas Coastal ______________ _
__________ ______ _ _ _ ___ _ _______ ____ _ __ _ ___ _ _ ____________________ _ _
___ ____ _
____ ____ _ __ _ _
_
Texas Wildcats ____ _
______ ______________
_______ _
______________________ _ _ _____ _____ _ __ ______ _ ___ _ _ _
____
__
_____ _____ _
Producers
Initial
Production
Failures
56
160
43
14
45
111
34
2
11
49
9
12
5,485
112,290
58,300
10
Totals, Texas _ __________ _
_
________ _ _ _ _ _ ______ _ _
_ ___ _ ______
_____ ________ _ ____ ________ _ _ _ _ _ ________ _
____
_ ____ _____
___
North Louisiana _____ _ _ _ _ ______ __ _ _ __________ ____ __ _ _ ______ _ _ _ __ _______________ _
_____ _ ____ _ _ ____ _ ___ ______
__
_ ____ _
273
85
192
76
81
9
176,085
77,810
March totals, District__ ____________ _____ _ __ _ _ ___ _ ____ _____ ____ __ _ _______ _ __ _____ _ __ ______
__
_ __ _ _ __ _
_
_
_____
_____
February, totals, DistricL __ _ ________ _ ____
____ _
_ _________________ _ _ _ __________ __ _ _ _ _____
______ __ ____
___ __
358
296
268
223
90
73
253,895
248,698
f,11I 11111I 11I 111111I11111I11 111 11I 11 1111111111 11111 11111 11 11 1I III III III III IIII IIIII II II IIl IIIIIII IIIII IUII IUIII IIIIIIIIlIIIIII 111 1111 111111 111 1111111111111111111 111111 1111 111111111111 11 111111111' 111111111111111 11 11111111111 1111111111111111111111111 1111 1111 111 1111 11 11 1111 11111111111111111111111111111111 11 11 1111111 1111 11111111111111111111
~
CRUDE OIL PRICES
Texas-
Moh_ 28
1922
Corsicana light _ __ _ _____ _ _
__ _____
__ _______ _ _________ ____ ___ $1.30
__
Corsicana heavy _ __ _____ _ ___ __ _________ __
_
_ ____
_ _________ ___ _ .75
_
Texas coastal fields _ _ ___ __ ______ _ _______ _ ____ ______ ____ 1.25
__
_
_
Mexia _______ _______ ___ _ _ _
__ ______ ____ __ ___________ _ _ _ _ __ _ __ 1_
_ __ __ ___ __
50
All other Texas fields __ _ __ _____ ____ ___ ______ _ ____ __ ___ 2.25
_
_
_
Mch_ 26
1921
$1.25
.75
1.25
1.75
Mch_ 28
1922
Louisiana-
Caddo (38 gravity and above) ________ _ _
__ _______ $2_00
_
Bull Bayou (38 gravity and above) ___ _____ _ 1.90
___
Homer (36 gravity and above) __________ _
_________ 2_00
Haynesville (34 gravity and above) ____ _ _ __ _ 1.85
_ __
De Soto Crude _ _ ___ ___ _ _ ___________ _ ________ ________ __ 2 _
_ __ _ ___
_
00
Mch_ 26
1921
$2.00
1.65
1.75
1.90
t1111 1111111 111111111 111 111 111111111 111 111111111111111111111 111 1111 11111 111 11 11 111 111 1111111111111 111111111111 1111 111 111 1111111111111111111111 111111 1111111111111111111111 1111111 111 111 1111111111111 11111111111111111111111111111111111111111111111111 11111 1111111111111111111111111111111111111111 111111111 111 111111111111111111111 11 11 1111111111111.
(Oil statistics compiled by The Oil Weekly, Houston, Texas.)
LUMBER
The March production rate of the Eleventh District pine mills reflected a marked improvement over
the February rate, the output during March being
87 per cent of normal production as compared to 77
per cent during February. The demand for lumber
from the retail dealers, which showed considerable
strength last month, was the heaviest noted in several months, and is evidenced by the increased orders
and shipments. Despite the large increase in production, the March output was 10 per cent below
shipments. This situation presents a sharp contrast
with the previous month, when production exceeded
shipments by 4 per cent. While orders were 24 per
cent below production in February, they were 4 per
cent greater than production during March. The unfilled orders on hand March 31st amounted to 59,156,346 feet as compared to 51,070,461 feet on hand
February 28th. The unfilled orders on March 31st
represented 19.5 per cent of stocks on hand on that
date.
Further price adjustments were made during the
month, the price of the lower grades of lumber being
advanced to some extent while the upper grades
showed some downward revisions, thereby narrowing the spread between the prices on the several
grades of lumber.
MARCH PINE MILL STATISTICS
Number of reporting mills_ _ _ _ _
_ ___ __ _
46
Production _ ____ __ _ _ ____ __ __ _ _ 97,379,684
____
___ ___ _ ____ ______
Shipments _ _______ _ _ ._ _ _ ________ _ 108,691,548
__
__ __ _ ____ _
_____
Orders _ _ _ ____ _ ____ _ __ ___________ __ 116,182,770
_ ___ ___ _____
_ _
_ ___
Unfilled orders, March 31.. __ __ __ ___ _ 59,156,346
__
Normal production ____ _ ________________ 111,660,307
__ ___
Stocks, March 31.. _ _ _ _ _ __ _ _ _ _
___ __ _ _ _ __ _ ______ 303,820,379
Normal stocks _____ ___ ______ __ ____ __ __ __ 328,898,626
__ _
_ __
Production below shipments __ _ _ _ 11,311,864
_ __
Actual production below normaL 14,280,623
Orders above normal production_ 4,522,463
_
Stocks below normaL ____ ______ ______ __ _
____
25,078,257
feet
feet
feet
feet
feet
feet
feet
feet=10 %
feet=13 %
feet= 4 %
feet= 8 %
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BUILDING
A further expansion in building operations was these decreases were more than offset by operations
evidenced during the month following more favorable . on a larger scale in the cities of San Antonio, Fort
weather conditions which were conducive to such Worth, Beaumont, Houston, and Shreveport, thus
operations. The total valuation of permits issued bringing the total valuation for the month to the
during March at the principal cities amounted to $5,- highest figure for any month during the past quar731,266 as against $4,541,659 during the previous ter. The March valuation was not only 26.2 per cent
month. While Dallas, Waco, Galveston, Austin, and greater than during February but was 24.1 per cent
El Paso showed recessions from the previous month, greater than during the corresponding month of the
12
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
previous year. Residence building continues as a
large factor in the operations which is a healthful
development as residence buildings are still in great
demand due to the lack of this type of building during the past few years.
The valuation of permits issued at these cities for
the first quarter of 1922 were $15,311,858 as against
$10,149,547 during the first quarter of 1921, or an
increase of 50.9 per cent. The number of permits
issued during the first three months of this year
were 6,524 which compares to 6,441 during the corresponding period of 1921.
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111
BUILDING PERMITS
March. 1922
No.
Valuation
\.
~I
Austin ...........
Beaumont
Dallas ...........
El Paso .......
Fort Worth.
Galveston .....
Houston .......
San Antonio
Shreveport ...
Waco .............
'"
35
49,020
109 141,929
492 1,593,007
97 167,095
219 1,057,501
362 182,950
619 1,328,925
450 632,366
240 477,543
49 100,930
--
February, 1922
No.
Valuation
Inc. or
Dec.
24
65,940 - 25.7
70
89,580 + 58.4
353 1,617,010 1.5
88 216,327 - 22.8
152 259,156 +308.0
340 374,879 - 51.2
536 946,002 + 40.5
331 454,500 + 39.1
220 396,395 + 20.5
47 121,870 - 17.2
~
Total ..... 2,672 5,731,266 2,161 4,541,659
March, 1921
Valuation
No.
Inc. or
Dec.
No.
FIRST QUARTER
1922
1921
Valuat ion
No.
Valuation
19,009 +157.9
154,900
22
83
69
4.8
313,107
239
507
175 149,041 474 1,503,349 + 6.0 1,139 5,501,808 1,087
529,346
358
165 527,553 - 68.3
265
243 450,810 +134.6
537 1,701,796
518
962
770,819 1,216
484 103,469 + 76.8
644 751,311 + 76.9 1,402 3,347,103 1,236
666
292 563,500 + 12.2 1,125 1,579,091
679
259 288,785 + 65.4
640 1,112,233
105
48 109,418 7.8
132
301,655
44,051
334,335
3,471,412
882,110
1,023,925
299,782
1,645,948
1,224,695
1,023,670
199,619
Inc. or
Dec.
+251.6
6.3
+ 58.5
- 40.0
+ 66.2
+157.1
+103.4
+ 28.9
+ 8.7
+51.1
-
---
+26.2 2,806 4,466,245 + 24.1 6,524 15,311,858 6,441 10,149,547 + 50.9
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