The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
~11I11I1II1II11II1II1II11I1II11I1111II11I1I1II11I11I11I1I1I11II1I1II1II1I11I11I11I11I11II111I1I11II 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111' , i ~11I1I11I11II1II11I1II1II111I1I11111II1I11I11111111111111II1II1I11111111111111111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111: E MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS IN THE ELEVENTH FEDERAL RESERVE DISTRICT FEDERAL RESERVE BANK OF DALLAS II LYNN P·lt.t~~;.d ',d.. R'~N' 1 Ag,., (Com,,,,,, A,riI '5•••••) II CHAS. C. ~~;.:;;r.:,!~I~!:;·Ag,.". § ',11111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111 1111111111 11111111111111111 1111111' 11111111111111111111111111111111111 1111111 1111111111 1111111111111111111 1111111111 11111111 111111111111 1111111 11 1111111111111II11111111111111111111111111111111111111111111111111111111111111111111F. E "-111111111111111111111111111111111111111111111111111111111111 1111111I111111111111111I11111I11'111111t11l1111111~11111111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIII'II11111111111111111111111111111111111111111111111111111111.:: ~lume 9, No. 3 Dallas, Texas, May I, 1924 , 'III S CO l'Y RRLRA S RU Ilon rUlILl· CATt ON IN AI TRnN OON PA P RltS ' May 1st DISTRICT SUMMARY §IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII II IIIIIIIIIIIIIIIIIIIIII1111111111111111111111 1 11111111111111111111111111111111111 11111111111111111111111111 11 1 1111111 1111111 11 1111111111111 11 1 111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~ ~ ~ ; =_=~ THE SITUATION AT A GLANCE Eleventh Federal Reserve District ~ March gank debits to individual accounts (at 15 cities) ........................ N:~~~:B~~ksi~~~s sf~e~~~b·~~ b;~i~~ ~t·~~d ~f ~~;~th:::::::::::: .. .. .. .. B'eserve Bank ratio at end of month................................................ CUilding permit valuations at larger centers................................ Commercial faHeres (number) ........................................................ O?rnmercial failUl'es (liabilities) .................................................... L 11 production (barrels) .................................................................... ~ umber orders at pille mills (per cent of normal production) ~1I111111111111111 111111111111111111111111111111111111111111111111111111111.1111111111111111111111111111"1111 $569,683,000 $ 9;825;892 49.6 % $ 8,951,289 74 $ 950,677 13,442,604 75% F ebruary $572,857,000 $ 10;181;250 41.9 % $ 6,571,744 57 $ 1,280,548 11,788,766 71 % Inc. or Dec. Dec. bnec~. Inc. Inc. Inc. Dec. Inc. Inc. .6 % 1::~~ 7.7 points 36.2 % 29.8 % 25.8 % 14.0 % 4 points ~ E 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111II111111111111111111111111111111111111111111111111111111111111UIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~ Restricted buying in both the wholesale and retail channels of distribution, a belated beginning of planting operations on Southwestern farms, and the rather unsatisfactory progress of early planted crops, were among the untoward developments of the month of March which may be charged directly ~ weather conditions prevailing during the month. owever, there was a reversal of conditions early in April When clear weather and higher temperatures enabled farmers to resume plowing and planting Operations, and brought about a revival in the demand for goods. . Late reports from many sections of the district 1 d' n icate that the planting of corn has been completed and that the seeding of cotton is well under way. In the southern portion of the state the early planted Co~ton is up and showing satisfactory growth. DeSPite the lateness of seeding operations, the abundant moisture in the subsoil augurs well for good production this year. While the acreage sown to grain is substantially smaller than in previous years, the grain crops are in excellent condition and promise ' satisfactory yields. Seasonable weather in April and the approach of Easter stimulated the demand for merchandise at retail and this improvement was reflected in numerous replacement orders at wholesale establishments. The resumption of farm work has greatly enlarged the demand for farm implements. Increased caution among merchants is evident, with buying for current needs as the ruling factor in the trade. The physical condition of the district's livestock industry is the best in several years. Livestock were carried through the winter in good condition and the winter g'l'azing afforded by the ranges reduced the necessity for feeding to a minimum. With the present excellent condition of the ranges and with a good lamb and calf crop practically assured, prospects point toward a satisfactory year for the industry. 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 BUILDING PERMIT VALUATIONS COMMERCIAL FAILURES Moving average of building permit valuations at eleven cities in Eleventh Federal Reserve District. Monthly fluctuations in the number and amount of liabilities of commercial failures in the Eleventh Federal Reserve District. DEBITS TO INDIVIDUAL ACCOUNTS LUMBER ORDERS AT PINE MILLS Monthly fluctuations in debits to individual accounts at fifteen cities in the Eleventh Federal Reserve District. Monthly fluctuations of lumber orders at pine mills in Eleventh Federal Reserve District. Normal production lOO=per cent. MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS The farmers' demand for funds to purchase feed and fertilizer and to carryon farm operations have shown a substantial increase. Deposits of member banks are rapidly declining and agricultural loans are increasing. However, the banks have been able to meet these demands largely out of their own reSources, as is evidenced by the continued light demand for Federal Reserve Bank eredit. Although OUr loans to member banks rose approximately $2,000,000 during the first fifteen days of April, the $12,000,000 outstanding on April 15th was approximately $9,000,000 less than that 'on the same date of 1923. The district's failure record reflected a distinct improvement in March when the liabilities of insolvent firms dropped to $950,677, or 26 per cent less than the indebtedness of February failures. This was the smallest indebtedness reported in anyone month since November, 1920. Building operations were active during March, the valuation of permits issued in the principal cities 3 of the district being 36 per cent greater than in the previous month. However, there was a marked diminution as contrasted with the record-breaking month of March, 1923. A 14 per cent increase in the recovery of oil was reported during March as compared to the previous month. Production showed a rapid decline during the winter months, partly on account of weather conditions, and partly because of the effect of the curtailment program put into operation when prices were unsatisfactory. Successive price increases on crude oil since December have encouraged extensive drilling operations, t~e results of which are now being manifested in increased completions and production. The opening of spring has brought a further improvement in the district's employment situation. Active building, highway construction, and seasonal work on farms are gradually absorbing the seasonal unemployment which was apparent during the winter. CROP CONDITIONS Cold weather, lack of sunshine, and continued rains during the month of March retarded the growth of small grains and greatly hindered farm operations. However, the generally fair weather preVailing since the first of April has enabled farmers to make rapid progress with farm work. In many sections corn planting has been practically completed and a large portion of the cotton land plowed. Cotton planting has become general throughout the southern half of Texas. Some replanting has been done in the southern portion of the state Where the early planted cotton was affected adversely by the cold weather. The showers which have fallen in many sections recently have been welcomed, as the top soil was becoming too dry to insure proper germination. Higher temperatures are needed for the best growth of the plants. . The Department of Agriculture placed the condition of winter wheat in Texas on April 1st at 91 per cent, which was 2 points lower than on December 1, 1923. However, this decline was less than the average for during the last ten years the decline during the four months' period has averaged 5 points. While the plants are well rooted and with seasonable Weather during the next two months a satisfactory yield is expected, the state's' production this year will be diminished on account of the smaller acreage. It will be recalled that the area sown to wheat last fall was 1,237,000 acres, which was only 73 per cent of that sown in the fall of 1922. The acreage sown to oats has likewise been decreased. This season's acreage was estimated at 95 per cent of last year, or 1,397,000 acres. The decrease, however, is not general over the state. In the northwest it is estimated that there has been an increase of 17 per cent over last year's acreage due to the inability to sow wheat last fall. On the ot.her hand, in the north central and west central districts, which ordinal'ily produce three-fourths of the Texas crop, the acreage is only 91 per cent of that sown last season. The condition of the crop for the state as a whole averaged 88 per cent on April 1st. While the low temperatures in March greatly damage.d the fruit in some localities, reports from the principal fruit sections of Texas indicate that prospects point toward a fair to good crop of peaches, apples, pears, and berries. A good fruit crop this year will greatly benefit these sections, as the fruit crops have been an almost complete failure for the past few years. The Department of Agriculture report states that in New Mexico the area sown to winter wheat was estimated at 122,000 acres, or an increase of 30 per cent over the acreage sown in the fall of 1922. Furthermore, there was a heavy abandonment last year, whereas this year the abandonment will be light. The condition of this crop on April 1st was 97 per MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 4 cent of normal as compared to 50 per cent on the same date a year ago. The report states that there will be a 3 per cent increase in the acreage planted to corn; a 35 per cent increase in oats; a 40 per cent increase in barley; and a 53 per cent increase in grain sorghums. On the other hand, there will be a 2 per cent decrease in the acreage planted to tame hay. While no estimate was made of the acreage that will be planted to cotton, it is reported that under favorable conditions the cotton acreage will be greatly increased. The condition of the apple crop was estimated at 94 per cent of norn1al on April 1st, and the peach crop was placed at 60 per cent. However, the frost ilamage to the peach crop has been considerable since April 1st. responding month a year ago. Exports through this port declined from 195,873 bales in February to 160,805 in March. For the season A ugust 1st to Marcil 31st receipts exceeded those of the previous season by 19.5 per cent and exports were 16.8 per cent greater. Stocks on hand March 31st totaled 177,263 bales as compared to 147,809 bales on that date in 1923. The March exports through the port of Houston were 47.2 per cent greater than during March a year ago, and the expor-t movement for this season has exceeded that of the previous season by 46.8 per cent. The net receipts for March totaled 24,635 bales as against 19,366 bales during the corresponding month a year ago. The March receipts of cotton at Galveston amounted to 76,376 bales as compared to 132,612 bales during the previous month and 70,999 bales during the cor- The exports from all United States ports during the season August 1st to March 31st were not only 16.8 per cent greater than during the corresponding period of the previous season but were larger than during any similar period since the season of 19191920. 0111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIUIIIIIIIIIII!I1I11IIII1III1I11I11I11!, ~IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 11111111111111111111111111111111111111111111111111111111111111 1II11111111111111111111111111111111111111~ Cotton Movements ~ COTTON MOVEMENrr'S THROUGH THE PORT OF , ~;~~s~;" A;;~t M:;;~ Gross receipts........ Exports .................. Stocks, March 31st 76,376 160,805 II ~ 70,999 2,708,963 2,267,276 ~= =_ 162,777 2,550,371 2,184,202 177,263 147,809 -.11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111:!'1111I111l1111111II11II1I11I11ll1I11II1I11I11I11111I11111II11I11I11I11I11I11I1111111111111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIIIII~ ~ ~ March 81. March 81. 1924 1928 ~ ~ Ce_-= § GALVESTON STOCK STATEMENT Ii For Great Britain................................ 5,000 1 141:8 ':' ~ 177,2631 147,809 Total ... _............ _............................. § ~50~79~ 13547:,:1 ~8:45 _-~ =:-~ ! :r.1111II1I1111I11I1I11I1I1111I1I1I11I11I111I11I1I11I11I1I11II1I11I11I11I11I111I1I11II11111111111111111111111111111111111111111111111111111111111111111111111111111111n; I'''·''"'''''''''"''''"''''"''''"''~~;s;~~:~~~~~~';~~~~:~~;:''''''''l E Receipts-Gross .... § Receipts-Net ........ I ~{;ic~~~sM~~:~h··ii;t 65,505 24,635 37,557 511111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111I11111111~ Cotton Consumption. I " 1_ ~ ~~~~i~t~s: ~~~~tAB11ta~~t:: : : : : France ...................... ~il~~cn~~~:~::: : : : : : Cotton consumed by American mills during March amounted to 483,928 bales as compared to 507,867 bales in February, and 624,264 bales in March, 1923. The consumption during the eight months' period ending March 31st was 384,680 bales less than during the This Season Last Season ~:~~~:~~~ g~i:~i6 597,943 526,015 1,~~t!~~ l'~~tgig Total foreign ports Stocks at all U. S. ports, March 31st.............................. 4,534,244 629,100 1= I I § 3,881,508;; 614,183 ~_§ = 511111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111"1111111111111111111111111111111111I11II1Il1l1ll11ln~ §III IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII11111 1 111111111111111111111111111111111 11 1111111111 11111 111111 IIIIIIIIIIIIIIIIIIIIIIII IIIIIIII IIIIIIIIIIIIIII~ I !'=----= I SPO~M~d~~:~~a:~~CES E ~:;.y~~~~~~ IE 57,050 3,351,785 2,619,298 E 19,366 1,765,020 1,351,816 § ~~:~~~ i~i:~~~ ~~g~~ ~ E 1,000 § il5-~ For ~h~~c;O;E;ig~·p~;t;;:: : : : : : : : :: : : :. ~~ coastwise ports ........................... In compresses ...................................... E SEASON'SAt~C~irI~~l~~~~~~ ~~~T~TOCKS AT 1= Houston .................................. Galveston ............ .................. l2 1~: ~! "' "!!i! A'!i~fi! H 27.50 27.50 30.75 31.15 E I_.--------=E ~lllllllllllllllllIllllllnlllllllllllllllllllllllllllllllll1111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~ corresponding period of the previous season. It will be noted that, with the exception of October, 1923, consumption during each month of the present season was less than during the corresponding month of the previous season. ! MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 5 ! gil 11111111111111111111 1111111111111 III III 1111111111111111 1111111111111 III III III III 1111111111111 III 1111 11111 III 1111 111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111 1II111111111J 1I1I1I1II 11II11II11I1I1I1I1 1I1I1II11I11I11I11I 1 1I1I1I1II11I1I1II1I11I1I11II1II1II1II1I1I1II1I1 ~ COTTON CONSUMED AND ON HAND I ",,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,""'"'''' """'''''''''''''''''''''''''''''''''''''''"'''''''''''''''' """"'''''''''''' """"'''''"'''''''''''' "'"'''''''''''''''''' '"'''' """ ""'"""'''''''''''''''''''''''''''''''''''''"'',,,,,,,,,,,,,,,,,,,,,1 LIVESTOCK Reports from practically all sections of the district's rangQ territory indicate that range conditions are the best in several years, due to the abundance of moistu:r:e derived from the late winter rains and snows. Livestock have come through the winter in generally good condition. On account of the mild winter and good grazing conditions very few losses were sustained and in many sections the ranges afforded considerable pasturage, so that the necessity for feeding was reduced to a minimum. The ranges are now greening and within a comparatively short time ample grazing will be available. Due to the excellent condition of the pastures reports indicate that it will not be necessary to contract outside pasturage to the extent that has been practiced in the past few years. The Department of Agriculture reported the condition of Texas ranges on April 1st as 92 per cent of normal, which was one point higher than a month previous, and nine points higher than on April 1, 1923. The condition of cattle was one point higher than on February 1st, and nine points higher than on the corresponding date of last year. The condition of sheep remained stationary at 98 per cent, but Was three points above a year ago. Although the wet snows during March caused considerahle shrinkage among cattle in certain sections, the favorable weather prevailing during the first half of April has been conducive to the rapid fleshening of cattle. Every indication now points toward a good calf and lamb crop. The closing of contracts for unborn lambs is reported from some sections. The Department of Agriculture reporters estimate that most sections of Texas will have a larger calf crop than normal. Calves are coming rapidly and most of them are being saved. Some losses among young lambs Were reported during March, due to the cold weather. The spring movement of livestock has begun, but indications are that the movement from several sections will be light. Reports of numerous large indiVidual sales have been noted from various sections of the district. Many ranges are understocked and there seems to be no general movement toward re- stocking. In the north-central and west-central districts there are reports to the effect that many cattlemen are planning to go out of business, and that the ranges will be subdivided into cotton farms. Shearing of sheep and goats is getting well under way, and the quality of the wool and mohair seems to be exceptionally good. Much of the wool and mohair is being contracted for in advance of the clips. Movements and Prices Although the March receipts of cattle were slightly in excess of receipts during March a year ago, the movement was comparatively light as compared to previous years due largely to the light movement of South Texas steers. The March supply of calves and sheep was substantially greater than in either the previous month of the corresponding month a year ago. Hog receipts were approximately one-third less than a year ago, and the decline as compared to previous years was even more marked. There was a broad demand for all classes of livestock throughout the month and in most cases the supply was insufficient to meet the demand. The shortage was particularly noticeable in the sheep and hog divisions, where packers were forced to bring in liberal supplies from other centers. The restricted sheep receipts are due to the fact that they are being held on the ranches until after the shearing season. The limited run of hogs was attributable to the depleted supply on the farms and ranches. Market conditions on the whole were satisfactory throughout the month. Cattle values as a rule were higher than in the same month a year ago, and sheep prices soared to the highest levels since May, 1920. Lamb prices were higher than at any time during the past two years. As compared to the close of the previous month, steers, cows, and yearlings closed generally steady, but calves lost about 50 cents. Sheep and lamb values scored an advance of 50 cents. Although the closing prices on hogs were about 20 cents higher than at the close of the previous month, prices were less satisfactory than a year ago. MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 6 i""''''"''''·''''"';~;~''':~;~:'''':;::'~~:~:'''~:~':;;:~''''''''''''""''''''''1 = Ma rch 1924 Cattle ...... 39,669 Calves ...... 11,787 Hogs ........44,698 Sheep ......16,832 February 1924 44,691 L 9,622 G 43,444 G 9,200 G Loss or Ga in March 1923 5,022 37,341 2,165 6,388 1,254 67,567 7,632 7,373 Loss or Ga in COMPARATIVE TOP LIVESTOCK PRICES March 1924 = G 2,328 G 5,399 L 22,869 G 9,459 - :1111111111111111111111111111111111111111111 1111 1111111111111111IIIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIUIIIIIIII1111111111 111111 111111111111111111111111111 ;: Beef steers.............................. Stocker steers ........................ Butcher cows.......................... Stocker COWL. .. .. .. .. ..... . .. .. .... . Calves ...................................... Hogs ........................................ Sheep ...................................... Lambs .................................... F ebruary 1924 Ma rch 1923 $ 8.35 $ 8.50 $ 9.25 7.15 6.50 3.25 8.50 7.60 0 20 11 6. 55 6.25 5.75 3.75 8.50 7.65 4'.0 5 19 20 7.00 5.50 4.00 9.25 8.45 l~:gg §==_= ~1 111111111I111111I1111 1 11111 1111 1 1111111111111111111111 1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIWIIIIIIIIIIIIIIIlii1111111111111111111111111111111111111111111111111111.:: TEXTILE MILLING Unsatisfactory conditions still prevail in the textile milling industry. The erratic cotton market is causing further hesitation among buyers as they show a disposition to adhere more closely to their policy of buying only when the actual needs bring them into the market. Despite the rise of nearly four cents in the price of spot cotton early in April, there was no appreciable increase in the demand for cotton goods. The March production of ten mills in Texas was 1,706,008 pounds as compared to 1,809,460 pounds in February and 2,024,387 in March last year. The consumption of' cotton at these mills amounted to 3,615 bales in March as against 4,077 in February and 4,009 in March, 1923. Reports indicate that some mills are operating on a part time schedule. The volume of orders on hand at the mills is showing a steady decline, while stocks are increas- ing. A number of our reporting mills complain that their business is being adversely affected by the large offerings of duck that the War Department has placed on the market, mention being especially made of the recent announcement by the Department covering a proposed sale of 1,500,000 yards of this material, which constitutes one of the principal products of this district's manufacturing establishments. TEXTILE MILLING STATISTICS March 1924 February 1924 March 1923 Number bales cotton consumed .............................. 4,077 3,615 4,000 Number spindles active ... . 103,196 108,196 100,420 Number pounds cloth produced ................................ 1,706,008 1,809,460 2,024,387 ,~ 111111111111111111111111111111111111111 11 1111 1 11 1 1I t 11 11 11 1 1 111111111111111111111111 1111 1111111111 1 11 1 1111 11 1111111 1 11 1 111111111 1 11111 1 11111111111111111111111111I IG WHOLESALE TRADE Unfavorable weather was the dominating feature' in trade channels during the past month. Continued wet weather and bad roads restricted buying at retail, which in turn materially retarded wholesale distribution. Practically every line of trade was adversely affected to some extent by the weather conditions. This is demonstrated by the fact that, whereas normally March business shows an expansion as compared to February, this year three reporting lines of trade-farm implements, dry goods, and groceries-reflected smaller sales than in the previous month. While drugs, hardware, and furniture showed increases over February, the gains were very small in the case of drugs and hardware. Increased buying, however, was noted in most lines following the advent of clearing weather early in April. Although consumption is comparatively large, merchants are operating cautiously. In all lines there is a marked tendency to buy only as the demand materializes and to avoid commitments for fut ure delivery. They are showing a decided prefer- ence for buying in small quantities and for making replacement orders to meet the day to day needs. This policy has led to sharper competition for business and there has been a yielding of prices in some quarters in order to stimulate buying. This situation presents a marked contrast with that of a year ago, when prices were either steady or rising. The dealers in some lines report that collections were fairly good, while others indicate that they are slow and unsatisfactory. Dry Goods The lateness of Easter and the disagreeable w eat her prevailing throughout March greatly reduced the distribution of dry goods during the month. The sales of twelve firms were not only 28.8 per cent below February sales, but were 11.1 per cent less than sales during March a year ago. However, since the first of April buying has improved considerably. The usual heavy demand for goods at retail establishments just prior to Baster materialized and the MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS merchants were forced to make numerous replacement orders for prompt delivery to enable them to supply the demand. Extreme caution is the prevailing policy among all merchants, and they show no disposition to buy except for immediate needs. They prefer to buy more often and in small lots. The demand f0r staple goods has been relatively light, but the buying of novelty goods has been active. The raw cotton market reflected a sharp upturn about the first of April and prices of cotton goods in primary markets followed to some extent the trend of the cotton market, ' but increased buying among jobbers and retailers was not in evidence. As they are well stocked on staple goods they prefer to wait until the goods are actually needed before buying rather than increase their present stocks even though they may be required to pay higher prices later on. Collections were reported good by some dealers, but rather slow by others. Jobbers' prices have ruled generally steady, but are showing a tendency to weaken. Dealers state that the outlook for the summer trade is good. Farm Implements. 7 Dealers state that the outlook for the future is good. Furniture After showing a steady decline for four consecutive months, the sales of reporting furniture firms reflected a seasonal increase of 29.6 per cent as compared to February. Although March sales were 1.3 per cent .below those for the corresponding month of last year, the aggregate volume of business is large. Renewed buying has been evident in many quarters and the outlook appears to be generally favorable. Groceries The March reports from twelve wholesale grocery firms reflect a decline of 3.8 per cent as compared to the previ,ous month, but an increase of 6.4 per cent as compared with the corresponding month a year ago. Sales for the first three months of 1924 were 15.4 per cent greater than during the corresponding period of 1923. The buying demand in most sections appears from fair to good, but purchases are being made largely as the demand arises. Prices in general have remained steady but weakening on some items. Sugar has declined several points in the past few weeks. The general outlook is reported as promising. Although implement dealers have enjoyed the best business in years during the past six months, the deSustained activity in the wholesale mand was greatly restricted during February and Hardwal'e hardware trade was evident durMarch on account of the unfavorable weather conditions prevailing during those months. The farmers ing March, despite the bad weather which greatly Were unable to make any appreciable progress with retarded business. The sales of twelve firms showed farm work and consequently did not make the pur- a gain of 3.6 per cent over February and 2.5 per cent chases which they would have made under favorable over March a year ago. The continuation of active conditions. The March sales of reporting firms re- building-in both the city and in the countryflected a decline of 17.7 per cent as compared to Feb- throughout the district is holding up the demand for ruary sales, but a gain of 46.2 per cent over the cor- builders' hardware, but the demand for seasonal :espondng month of last year. The distribution dur- goods has been greatly diminished by the bad Ing the first quarter of 1924 was 63.0 per cent weather. There has been a yielding of prices on some items. greater than during the same period of 1923. Generally fair weather since the first of April has stimulated buying and a substantial improvement in The net sales of reporting drug bUsiness has been noted. There has been a heavy Drugs firms reflected a gain of 1.5 per cent ?emand for cotton tools, but the demand for other Implements has not been so active. However, buying as compared to February, and 10.3 per cent as comin all lines except grain tools is better than a year pared to the same month of the previous year. Sales ago. The sentiment of the trade seems to be that for the first quarter of 1924 were 13.2 per cent the distribution of grain tools this year will be light greater than during the corresponding period of on account of the small acreage of grain sown last 1923. Although buying was reported to be somefall. what slow during March, the demand for goods is During the latter part of 1923 and the early part gradually improving. However, buying continues on of 1924 buying for future delivery was a prominent a hand-to-mouth basis. Some dealers report collecfeature of the trade, but recently these orders have tions to be generally good, while others state that they are rather slow. been placed on a more restricted basis. MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 8 "11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11111111111111I11111111111I1"1" ~ CONDITION OF WHOLESALE TRADE DURING MARCH, 1924 Percentage of Increase or Decrease in Net Sales Net Sales Jan. 1s t to Date ComMarch, 19 24 pared With Same Compared With P eriod Las t Year March F ebruary 1923 1924 .. Groceries .................................................................................................. . Dry Goods ..............................................................................<........... . .... .. Furniture ........................................................... .................................... .. Farm Implements .............................................................. :..................... . Hardware ................................................................................................ . Drugs ........................................................................................................ . + 6.4 -11.1 - 1.3 +46.2 + 2.5 + 10.3 - 3.8 -28.8 +29.6 -17.7 + 3.6 + 1.5 +15.4 4.0 - 5.3 +63.0 +12.5 +13.2 + Stocks Mar ch, 1924 Compared With March F ebruat'Y 1924 1923 +15.5 +20.9 +3.6 +1.8 +27.1 +16.a + 1.61 -1.4 +4.4 +5.0 .1111111111111111111111'111111111111 11 1'1111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII11111111111111111I11tUIIIIIIIIIIIIIIIIIIIIIIIIIII'1111I11111I1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111. RETAIL TRADE Ths distribution of merchandise at retail was greatly retarded during the past month by the unfavorable weather which prevailed throughout the greater part of the month. Although the sales of twenty-three Texas department stores reflected a seasonal increase of 14.8 per cent as compared to the short month of February, they registered a decline of 6.1 per cent as compared to the same month of 1923. This was the first time that a current month's sales have shown any appreciable decline from those of the corresponding month of the previous year since October, 1922. However, it should be remembered that Easter came in March last year, whereas the lateness of Easter this year has afforded buyers the opportunity of delaying spring purchases. The generally fair weather since the first of April and pre-Easter buying have greatly stimulated business. Stocks on hand at the end of March showed a further increase of 6.0 per cent as compared to the close of the previous month, and were 9.1 per cent greater than at the end of March, 1923. The ratio of stocks to sales for the first quarter of 1924, was 501.2 per cent as compared to 454.9· per cent for the same period of 1923. The ratio of outstanding orders to last year's purchases at the close of March was 5.5 per cent as compared to 8.7 per cent at the close of February, and 7.3 per cent at the close of March, 1923. The ratio of March collections to accounts receivable on March 1st was 39.0 per cent as compared to 38.5 per cent in February, and 40.4 per cent in March last year. I :.,'111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111"111111111111111111111111111111111111111111111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIIIIIIIIII~ I ~=: BUSINESS OF DEP ARTMENT STorms ~_ Total Sales- Fort WOl'Lh Houston All Others Totnl District ~ - 7.2 + 9.G + 3.4 -11.2 + 16.4 2.2 +.8 + 19.9 + 4.4 - 7.0 + 17.4 + 2.2 - 6.1 + 14.8 +2.6 -10.5 + 3.0 6.0 +15.7 + 5.7 + 11.7 + 2.0 +18.9 - 4.9 +10.0 1st to date compared with same period last year + 3.8 + 2.6 + 11.1 + 6.4 + 5.8 March, 1924, compared with March, 1923........................ March, 1924, compared with February, 1924.................. Ratio of stocks to sales................................................................ Ratio of outstanding orders to last year's purchases............ tio of March collections to Accounts Receivable, due and outstanding March 1, 1924.................................................. + 12.2 + 7.0 470.2 5.2 - 4.9 + 4.0 598.9 6.7 + 16.0 + 7.8 457.1 5.0 + 6.5 + 4.9 533.3 5.5 + 9.1 E + 6.0 § 501.2 ~ 5.5 ~= _:=E. 37.0 39 .5 41.5 40.4 := = _~ Stoc~:n. ~= = _: Dallas March, 1924, compared with March, 1923........................ March, 1924, compared with February, 1924.................. Jan. 1st to date compared with same period last year Credit SalesMarch, 1924, compared with March, 1923........................ March, 1924, compared with February, 1924.................. 39.0 =:111111111111111111111111111111111111 111 111111111 11111111111111111111 11 111 11111 111111 11111111111111111111 1111 11 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111;: FINANCIAL Despite the fact that the first installment of the income tax was paid on the 15th of the month, the March volume of payments by checks on banks in fifteen cities of the Eleventh Federal Reserve District was six-tenths of one per cent less than that of the short month of February, and was 14.8 per cent less than that of March, 1923. The aggregate for the month was $569,683,000, as compared to $668,962,000 for March, 1923, and $572,857,000 in February. As compared with March last year ~ight cities showed declines but the decreases were small in all these cities except Fort Worth, Galveston, and Ros- 10 MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS Loans to member banks on ~arch 31st were $9,825,892.36, as compared to $10,181,250 on February 29th, a decrease of $355,357.64. This decrease is unusual at this season of the year, as at this period the Federal Reserve Bank loans are generally on the upward trend, The light demand for Federal Reserve Bank credit during March was partly due to the unfavorable weather, which retarded planting operations and held back the usual credit demand incident to these activities. It is significant, too, that a larger number of member banks, through their improved conditions, will be able this year to operate more within their own resources without such extensive use of rediscount facilities. Since the first of April, however, the loans to member banks have Operations of the Federal Reserve Bank shown a pronounced upward trend. This bas been due in part to the fact that six months paper with October 1st maturity has become eligible for rediscount, and in part to more favorable weather conditions, which enabled farmers to proceed with planting operations. Our loans stood at $12,016,284.75 on April 15th, which was $2,190,392.39 greater than those on March 31st. The accompanying chart indicates the trend of loans, divided as to city and country banks, and shows that the volume of accommodation to member banks this year is substantially lower than that of 1923. Although the trend of the two classes of borrowers compared favorably as to seasonal fluctuations, it is interesting to note the sharp fluctuations in the loans to city banks and the steady trend of Weekly Fluctuations in Loans of Federal Reserve Bank to Member Banks :Divided as to Member Banks in Selected Cities and Member Banks Outside Selected Cities. TI'he Selected Cities Are as Follows: Dallas, El Paso, Fort Worth, Galveston (Houston, San Antonio, Shreveport, and Waco. ' MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS loans to the country banks, which would indicate that the portfolios of city banks are more liquid and furthermore that the city banks make more short time loans. The loans to city banks dropped considerably during March, while loans to country banks reflected a steady upward trend. The total volume of bills held declined considerably during March, due to the large reduction in our holdings of bills purchased (bankers' acceptances), a large portion of which matured during the month. The total bills held on February 29th were $52,204,904.70, as compared to $37,265,296.89 on March 31st, distributed as follows: 11 Federal reserve notes in actual circulation declined from $44,800,160 on February 29th to $43,979,735 on March 21st, or a reduction of $820,425 during the month. The circulation of these notes on March 31, 1923, was $29,031,150, or approximately $15,000,000 less than on March 31st this year. The reserve deposits of member banks on March 31st were $52,271,695.19 as compared to $56,487,507.31 on February 29th, .indicating that member banks are withdrawing their surplus funds to meet local needs. The reserve deposits of member banks on March 31, 1923, were $51,984,086.46. ~'IIIIIIIIIItIIIlIIllI1I1III1I1"ItII1lI I IlI"II1IIIIIII1I1I1II1II"I11I11I1I1n1l1mll 11111111111111111111111111111111111111111111111111111111111111111 11111111l1l1~ § Member banks' collateral notes secured by ~ U. S. Government obligations .................. $ 605,973.47 § Rediscounts and all other loans to member § banks .......................................................... 9,219,918.89 ~ Open market purchases (Bankers' accept~ ances) .......................................................... 27,439,404.53 ~ § § § § ~ ~ Total bills held ...................................... $37,265,296.89 ~ ~llIIIIIIIIIIIIIIIIIIIIII1HII"IIIIIII"U"IIIIUI"KUUUlIIIIU"'$I111111 1IIIIIIIIIIIIIIII,IIIIIII II IIII IIIIII III I IIUIIUIIIU,"1111I1I1oIlUWIUUIoI'W"':' Dellosits of There was a further reduction of Member Banks $25,682,000 in the 'demand deposits of member banks as reflected by the r eports from member banks in the Eleventh Federal Reserve District between February 27th and March 26th. """"""""'"'"'111111111111111111111111111111111111111111IIIIIIUIIIIIIIIIIIIIIIIIII~IIIIIIIIIIIIIIIIIIIIIIIIIIII 1IIIIIllillolIIIIIIIIIIUIIIIIIUUIUIUIIUIIIIIIlUUUUIlilUIUlIIIIIUUIIIIIIIII111111111111111111111111111111111111111111111111111111 1 1111111111111111111111111111111111111111111111111111111111111111111111111111111. § DEPOSITS OF MEMBER BANKS All Member Banles § = ~ I J~pril 23, 1923........................ 26, 1923...................... § ay § June 27, 1923........................ ~ A uly 25, 1923........................ E S ug. 29, 1923 ................ ,....... ! O~:· ~g, 1923........................ E N ' 1923........................ § D ov. 28, 1923........................ E J ec. 26, 1923....................... § Fan. 23, 1924. ...... ~................ ~ § eb M. 27, 1924........................ ch. 26, 1924........................ Banks in Cities in Cities Banles (OOO's Omitted) With a Population With a Population Between 5,000 and Leaa Thnn 5,000 14,999 Totnl Demnnd Demnnd 'rime Demand 150,690 145,741 139,013 133,796 149,580 186,786 209,681 220,297 212,277 203,456 190,629 176,712 18,021 17,902 18,261 18,607 18,516 18,344 17,447 17,111 16,096 17,097 17,848 18,740 87,901 86,847' 84,832 84,405 87,772 101,334 107,980 111,284 111,802 108,159 103,777 99,307 527,082 514,274 496,227 485,644 501,088 574,421 629,944 654,398 646,691 624,577 594,482 568,800 Totiil Time 138,213 139,612 141,251 139,868 139,356 139,472 139,723 143,713 144,711 161,263 157,225 155,257 I Bani,. in Cities With a Population Between 15,000 and 99.999 Bank. in Citie. With n Population Over 100,000 Time Demand Time Demand 20,885 21,626 21,692 22,014 22,989 22,978 23,381 23,479 22,669 23,834 24,253 , 24,690, 118,429 113,985 109,330 107,679 103,508 109,108 116,717 117,596 121,106 117,440 118,698 112,565 51,546 51,278 50,897 50,940 49,699 50,264 50,541 52,550 51,572 52,699 53,085 54,718, 170,062 167,70] 163,062 159,864 160,228 177,193 196,566 205,221 201,506 195,522 181,378 180,216 1==_====_ Time 47,76 1 48,80 (l 50,40 1 48,40 7 48,15 2 47,88 6 . 48,35·<1 50,57 3 54,37 4 57,63 3 62,03.9 57,10.!) ~III1I1I1I1I1" 11111111111111111111111 1 111111111111111111111111111111111 1111 1 11 11111111111111111111111111111111111111111111111111 II I IIIIIIIIIIIIIIIIIIIIIIIIIII I IIIIIIIIII~IIIIII"IIIIIIII 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1 111111111111111111111111111111111111111111111111. . ~ Discount Rates. · There is presented below the prevailing rate charged during the seven-day period ending April 15th by the commercial banks in the cities listed below: gllll llll lill/IIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIII111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIItlIIIIII IIII11111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11111111111111111111: APRIL DISCOUNT RATES Prevailing Rates: . o:l rn Rate charged customers on prime commercial paper such as is now eligible for rediscount under the Federal Reserve Act: ~b~ ~~~I~: :_~~~~Oth~~~.~:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::: t",,:~ ~~ ;~'!b':O~!~,~.P~~'~~~~~~~~"'~,~I'O":',,~'~~~~~~: 6 8 6 5?; ~ ~ ~ 6 R R,afe charged on loans to other banks, secured by bills receivable........................ ~~ ~ ~ 8 6 6 6 6 6 8 6 6 7 6 6 6 !, i ! i i i ! 111111 111111111 1111111111111111111111 111 111111111111111111111111111111111 111111111111111111 111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 :" MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 12 According to figures furnished by 112 representative banks in this district there was an increase of seventenths of one per cent in the amount of savings deposits on March 31st, as compared to February 29th, Savings Deposits and an increase of 12.2 per cent over the same month last year. The number of savings depositors of 106 repprting banks on March 31st was 243,646 compared to 239,103 on February 29th and 219,265 on March 31st last year . ..'111111111111111111111111111111111111111111111111111111111111111111111111111111 1 11111111111111111111111111111111111111111111111111111111III1Nlllllllllllllllllllllllllllnllllllllllllllllllllllllllllllllllllllllllllllll1ll1111111111111111111111111111111111111111111111111111111111111111111111111 1111I111111"11I11I11I1I1l1111111111111111111~ ~ SAVINGS DEPOSITS Number of Reporting Banke Dallas ....................... ................................................................. EI Paso ...................................................................................... Fa rt Worth ............................................................................... ~~~vs~~;~n.......~~......:..~....~.~....:..:....:~....::..~.:~~:....::::::::::::::::::::::::::::::::::::::::::::: ! San Antonio ............................................................................... Shreveport ................................................................................. Waco ........................................................................................... Wichita Fall s ........................................................................... All others ................................................................................... To tal............................... ................................................... March 81. 1924 Marc h 31. 1923 Inc. or Dec. ~ 1i'i~~'gJ~ l~,~~f'~:: 6 7' 379' 189 3" 1i'~:f'J~~ Inc. or § Dec." l.~ I tJ8'J + 6' 4 7369' 454 ." <3938532 " 1~ 26;!~~:i~~ l~:i~I:~~: 4 5 3 Feb. 29. 1924 I § + +' 1 g +'5 § 2,921,27 1,370,489 18,153,200 . § + 4.~ ~ +. § - 3.9 g .1 ~ 97,484,407 + t 1~:~ 61 9,865, 10,535,354 2,942,255 1,316,458 18,131,493 9,239,926 7,823,499 2,186,099 2,323,276 16,394,138 + 6.8 +34.7 +34.6 -43.3 + 10.6 112 98,197,963 87,520,872 +12.2 2~~~t~~~ + l:i I " 10,049,63~ .71 7"1 1111111111111111111111111 11 1111111111111111111111111111111111111111111 11111,,111 111111111111 11111111111111 1 111111111111111 1111111 111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 111111111111111111111111111111111111111: llllllll l llllllllllllllllllllllllllllllllllllllllllllill1111111111111111111111111 11111111111111111 11 1111111111111111 IIIIIIIIIIIII II IIIIIIIIIIIIIIIIIIIIIIIIIII I IIIIIIIIIII~ 11IIII11111111111111111111111111111111111Ullllllllllllllllllllll1111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII:.!: I NUMBER OF SAVINGS DEPOSITORS Number Reportingof March 31. Banke 1924 March 81. 1928 F e. 29 • • b 1924 Dallas ......................................................................................................................................... El Paso ..................................................................................................................................... Fort W orth ..................................... _.................................................................... _.................... Galveston ................................................................................................................................ ~= Houston ..................................................................................................................................... San Antonio ............................................................................................................................. ~ Shreveport ................................................................................................................................. Waco ........_ ....................~.. . ... . ...... ....... . .... . . .... . ........... ... ..... ......... .. ... .. .. ... .... .... . . .. . . . ...................... _ Wichita Falls ........................................................................................................................... All others .................................................................................................................................. 6 5 5 3 13 6 4 5 3 56 38,953 26 ,612 18,454 11,363 55,895 20,253 20,587 5,737 5,780 40,012 33,805 25,536 17,604 11,798 46,136 18,120 18,388 4,973 5,525 37,380 106 2~3,646 219,265 = 38,356 26,325 18,367 11,214 53,834 20,053 20,346 5,744 5,687 39,177 Total ....................................................................................................................................... §=": 239,103 i !=_========_ ":.111111111111111111""'11'111111'11111111111111111111111111111'1111111111111111111111111111111111111 11 1111111111111111111111111111111111111111111111111111111111111111111 11111111111111111111,11111111111111111111111 11111111'111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 FAILURES There was a decided improvement in the indebtedness of defaulting firms in the Eleventh Federal Reserve District during March, when 74 firms failed owing only $950,677, or 26 per cent less than the liabilities of 57 firms which failed during February, and 62 per cent below the indebtedness of firms defaulting in the same month a year ago. As compared to the first quarter of last year, this district showed a ,substantial reduction in the number of defaulting firms and the indebtedness involved, the number being 33 per cent and the amount of liabilities 44 per cent less than during the same period of 1923. It is interesting to note that during March the total indebtedness of all defaulting firms in the United States set a new high monthly record at $97,651,026, while the amount for the Eleventh Federal Reserve District was the lowest for any month since November, 1920. However, the large total of liabilities in the United States was due largely to. the failure of one firm in a southern state with an indebted~ ness of over $40,000,000. The combined statistics of all Federal reserve districts for the first quarter of 1924 show an increase of 6.4 per cent in the number of failures and 33.7 per cent increase in the amount of indebtedness involved. MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS 15 llllllllllll l lllll l lll l ll l lllllllllllllllllllllllllllllllllllllllllllllllllllllill1II1111111111111111111111111111111111111111111111 1 11 1 11 1 11111111111111111111111111111111i11111111111111 1 11"111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1II11I1I1n"IIIIIIIIIIIII1I1IIII11II1I1IIIIIII1IU1I1~ BUILDING PERMITS March, 1924 I t'I.!n!!!_-~ No. 62 287 448 96 185 385 669 182 875 881 69 --3,034 Valuation 128 ,945 545,23 6 2,712,158 267,866 416, 984 474. 734 1,556,684 177,242 895, 94 8 1,476,042 800,000 March, 1928 No. Valuation 58,295 54 173,274 120 470 2,059,637 212,617 102 655, 122 284 174,952 277 5,371,469 584 155,455 184 378 1,137,511 1,612,344 820 79,065 87 Inc. or Februa ry, 1924 Dec. No. Valuation 40 199,088 +141.9 196 166,975 +214.7 444 2,179,694 + 31.7 54 + 25 .8 85,696 199 - 86 .4 7M,241 854 183,998 +171.4 529 - 71.0 967, 518 190 149,96 2 + 14.0 824 - 21.2 858 ,760 8.6 24 0 841,073 52 154,906 +279.4 - -2,622 -- F IRST 'l'HREE MONTHS 1924 1928 No. Valuation Valuation No. 147 410,228 164 745,360 617 847,416 378 660,632 1,266 7,888, 622 1,890 6,619 ,832 224 442,019 280 692,3 97 582 1,820,839 836 2,063,278 972 1,3 01,099 865 452,218 1,756 4,592,81 6 1,587 7,764.807 547 469.491 458 1,021 ,529 1,074 2, 418, 608 986 2,862, 436 860 8,078,801 866 2,492, 012 179 606,866 139 373 ,107 Inc. or Dec. - 35.2 +226.5 +24.4 + 212.4 - 46.8 + 158.0 + 60.9 + 18.2 + 4.3 + 75.5 + 93.7 --- --6,571, 744 + 86.2 Inc. or Dec. - 45 .0 + 80. 2 + 19.2 - 86.2 - 11.8 + 187 .8 - 40.9 - 54 .0 2.6 + + 23.5 + 62.5 I - 5.4 ~ ffllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllill111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIII~ Total...._ .... _.................. _........ _ 8,951,289 2, 810 11,684,541 - 28.4 1 8,224 28,870,306 7,934 25,227,608 CEMENT Although the production of Portland cement at of March last year. Owing to the large increase in Texas mills declined during March, shipments from shipments, stocks on hand decl'eased one per cent these mills increased materially. After increasing compared to stocks at the close of February, but for two months, production during March showed a were 45.6 per cent in excess of stocks on March 31, decline of 4,7 per cent as compared to February, and 1923. Was 6.7 per cent below production in March, 1923. A comparison of statistics for the first quarter of There were 351,000 barrels of cement shipped from 1924 with those for the same period of 1923 shows Texas mills during March, which represented an in- a decrease of 2,6 per cent in the production of crease of 31 per cent over shipments during cement, and a decrease of 7.1 per cent in shipments February, but a decrease of 5.1 per cent from those from the mills. r"""""'"''''''''"'''''"'''''''''''''''''''"'''''''''';;~~~'~;;~:~'';;~;:;:~~':"':~;;~i~;;;"~;·':;~:::~M~-;:;:;""'.''''.'''.'''.'''",'''.'""'''''·'''~''''·i § § ~ ~hlduction of Texas mills................. S pments from Texas mills............. tocks at the end of the month at ~ Texas mills ...................................... = __ =_ March 1924 I March 1928 Per Cent Inc. or Dec. February 1924 Per Cent Inc. or Dec. First Three Months 1924 1928 346,000 / 351,000 371,000 370,000 - 6.7 5,1 363,000 268,000 - 4.7 1,023,000 1,050,000 +31.0 906,000 975,000 396,000 272,000 +45.6 400,000 - Per Cent Inc. or Dec. 1.0 § g -2.6 ~ -7.1 ___ =~ ............ ................ ................ § 11I1 1111111111111111111111111111111111111111"lIIlIIlIIlllI1ll11llll1ll1l11l1nlllllllllllllllllli1II1II11I1ttlUIlItIlIlIllIllIllIlHmlllllllllllllllttl"'lIIlIIlIIlIIlIItIIIIIIIIIIUIIIIII1IIHlUtlllIlIlII"HllimtIIIIlIfIlUlltlltlnIlUIIH1UHlltnm. . .UlllnttHtutllnlltltllllflllllllllllllllllllllllllllltllllllllllllri SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compil"d by /he Federal Reserve Pl'oduction of basic commodities decreased during l\i.arch, and there was a recession in wholesale prices. DIstribution business at wholesale and retail showed less than usual seasonal increase and was smaller than a year ago. Boord as of April 24, IQa4.) Estimates by the Department of Agriculture on the basis of condition on AprH 1st indicate a reduction of 4 per cent in the yield of winter wheat and of 6 per cent in the production of rye as compared with the final harvests in 1923. PRODUCTION TRADE . The Federal Reserve Board's index of production In basic industries, adjusted to allow for length of ~onth and other seasonal variations, declined 3 per ~e~t in March. Output was reduced by most indusr~es and the decreases were particularly large in IlI consumption of cotton and production of bitumI~OUS coal and copper. Daily average production of s .eel ingots, however, was larger than in any preVlous month. The level of factory employment was Unchanged but some curtailment in working hours was eVidenced by a decline of one per cent in avera b .ge Weekly earnings. Contract awards for new U lldings in March reached the highest total value on ~ecord, owing chiefly to a large increase in the New ork District. Shipments of commodities by railroads declined each week in March and car loadings were 4 per cent less than a year ago. Wholesale trade increased slightly during March, but was 8 per cent less than a year ago, owing to decreases in sales of dry goods, shoes, and hardware. March sales of department stores were 8 per cent less than in March, 1923, and merchandise stocks at the end of the month were 8 per cent larger than a year ago. Sales of mail order houses also showed less than the usual seasonal increase in March. The decrease in the volume of purchases at retail compared with last year is partly accounted for by the late Easter, and the generally unfavorable weather conditions. :n 16 MONTHLY REVIEW AND BUSINESS AND INDUSTRIAL CONDITIONS .PRICES Wholesale prices, as measured by the Bureau of Labor Statistics index, decreased slightly more than one per cent in March, and were 6 per cent lower than a year ago. Prices of farm products, foods, clothing, chemicals, and house furnishings declined; building materials remained unchanged; while fuel and metals were slightly higher than in February. During the first three weeks of April quotations on pig iron, lead, coal, silk, and sugar declined; while p:rices of wheat, corn, and cotton advanced. BANK CREDIT Volume of borrowing for commercial purposes at member banks in leading cities, after increasing during the early part of the year, remained constant at a high level between the middle of March and the middle of April. During the four-week period total loans of these banks were in larger volume than at any time in more than two years. Discounts and investments of the Federal reserve banks, which on April 2nd were slightly above $1,000,000,000, declined by about $125,000,000 during the first three weeks in April to the lowest point for the year. This decline represents a reduction in discounts and in the holdings of acceptances, while the volume of Government securities increased somewhat. Money rates in the New York market during the first three weeks in April were at about the same level as in the latter part of March. Prime commercial paper was quoted at four and one-half per cent and 90-day bankers' acceptances at four pel' cent throughout the period. Index of 22 basic commodities corrected for seasonal variation (1919=100). Latest figure, March 116. Index of U. S. Bureau of La,b or Statistics. (1913=100, base adopted by Bureau.) Latest figures, March 150. Weekly figures for 12 Federal Reserve Banks. Latest figure, April 16. Index of sales of 333 department stores in 117 cities (1919=100). Latest figure-March 115.