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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,.".

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~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

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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.

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~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

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~
~

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 _-~ =:-~

!

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I'''·''"'''''''''"''''"''''"''''"''~~;s;~~:~~~~~~';~~~~:~~;:''''''''l
E Receipts-Gross ....

§ Receipts-Net ........

I ~{;ic~~~sM~~:~h··ii;t

65,505
24,635

37,557
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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

~_§

=

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§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~~

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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

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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

!

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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

-

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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

§==_=

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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 ___
=~

............ ................ ................

§

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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.