The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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MONTHLY BUSINESS REVIEW
OF THE
FEDERAL RESERVE BANK OF DALLAS
c.
CIfAS. C. HALL-W. J. EVANS,
C. WALSH,
Chairman and Federal Reserve Al'ent
Alslstant Federal Reserve Al'ent.
(Compiled April 15, 1927)
.
\
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;
:
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Volume 12, No.3
=
\
Dallas, Texas, May 1, 1927
publicThis
ationCOpyin released
afternoonfor papers
April 29
DISTRICT SUMMARY
'PIIIII'III.I ••• 'I'.'IIIII.I'IIIII.I •• I.II •• I.I •• IIII'I111111.111",.11"1'1.11""'1111111.1111111111111 •• 11.1'11"'1.111,'111.1.11'11.11.1.11",11111".1.11""'1.1.1 ••••••• 1 ••••••• 1••••••••• 111111 . 11.1 ••• 1.1,.1.,1.1.1 ••••• 1.1.1 •••• 1,.1 ••• 111111 •• 11
:
I!J
:~
THE SITUATION AT A GLANCE
E
Eleventh Federal Reserve District
IIi~P~ d:u~ct}njt.~ :~It~i~ i:~!:~ ;';:; dj~~;~_;;;:;-~~:;-_ :~~ ":~~;~i% "i :~ ~:~i% ~f ']~H:ii I!
Lom"
t:J
..-....... _..... .;........ _. .....;....... ...............•.... _._................. ............. ....... ..............
el orders at,.",,,.
pme )_mIlls
(Iler cent of nOlmni production)..................................... .............. ... ... . ......
"."'.'"
87.%
".,......
80%
,,'
Inc.
7
pomts :
'.1.11 ••• 1.11.1 ............. 1111.111 ••••••• 11.1.11111.11111111111.11111 1 11111,1111111111'1'.1111 .1' 111 11 11.1'111.' •• 111111 .: .1.1111111111 •• 1 •••• 11.11 ••••••••••••••••• 11 ........ 1 ••••• 1,11.1 •••• 1 •••••••••••••••••••• 11 ••• ,.11111 •••• 11 •••• 11 •• 11 •• ,11.1.110
Indices of business conditions in the Eleventh Federal
Reserve District during March disclosed increased activity
of business and industry and there appears to be a strengthening in the undertone of confidence in the whole business
structure. Charges to depositors' accounts at seventeen
principal cities were 9 per cent larger than in February and
4. per cent above March a year ago. Department store
sales evidenced a seasonal expansion of 23 per cent over
the previous month and were only slightly less than in the
c~rresponding month of 1926. While the volume of dis·
tnbution of merchandise at wholesale is still below that of
!ast year, the decreases in most lines were small, whereas,
ln the three preceding months they were generally large.
~outhwestern car loadings during the four-week period end·
lng March 26 were 5 per cent larger than during the corres~onding period in 1926. This measure of commodity distnbution has been consistently exceeding all previous record.s for this season of the year and is a further indilahon that public spending is bein~ maintained at a high
evel. While the indebtedness of defaulting firms was 75
per cent greater than in March, 1926, the number of fail·
Ures Was 27 per cent less.
The deposits of member banks declined $5,803,000 during
~arch but the decline was less tlum usual and on March
.3 they were $15,028,000 greater than on the correspondIng date of 1926. The demand for credit continued light
~l~hough there has been some increase in the rural dis·
lcts incident to the financing of agricultural operations.
3~rrowings at the Federal Reserve Bank increased $776,th 0 between March 15 and April 15 but on the latter date
ey were $1,916,395 less than on the same date in 1926.
i
The physical condition of the district's ranges and livestock continued excellent and market prices reflected a fur·
ther improvement. Livestock are strong and healthy and
are fattening earlier than usual. A strong demand for stock.
ers is still in evidence and trading has been active. A large
crop of lambs, kids and calves is practically assured.
Farmers made fair progress with plowing and planting
operations during March but this work was greatly reo
tarded during the first half of April. In fact, in many sections of the district farm work has been at a standstill due
to the heavy and, in some instances, torrential rains which
inundated the low lands, thereby destroying part of the crop
already planted and making necessary considerable replowing and replanting. Grass and weeds have grown rapidly
which will render more difficult the planting and cultivation of crops. Prospects are bright for a heavy produc.
tion of small grains. The planting of corn made fair
progress but reports indicate that due to the lateness of the
season, the acreage planted to this crop will probably not
be as large as was earlier expected. The planting of cotton
has been practically completed in the southern part of
Texas and is extending northward.
The valuation of permits issued at principal cities reflected an expansion of 53 per cent as compared to Feb·
ruary, but was 9 per cent less than in March, 1926. The
production, shipments, and new orders for lumber showed
a considerable increase over the previous month but were
smaller than a year ago. The production and shipment of
cement were materially larger than in either February this
year or March last year.
CROP CONDITIONS
,Fair progress was made with plowing and planting oper·
~hons in this district during March except in the eastern
t?urth of Texas, Southeastern Oklahoma and in some secIOns of Northern Louisiana where too much rain interfered
with farm work. Heavy rains over a larger area of the
district during the first half of April further delayed farm·
ing operations and did some damage to growing crops. It
is now doubtful whether as large an acreage will be planted
2
MONTHLY BUSINESS REVIEW
to some of the feed crops as was intended early in the season due to the fact that the fanners have been delayed in
planting.
. The planting of corn has been practically completed in
South and South-Central Texas and has made good progress
in other sections except in those portions where the ground
has been too wet for this work. However, there is much of
the crop yet to be planted in North Texas, Southeastern
Oklahoma and North Louisiana. The co ld wave durin a the
latter part of March did some damage to corn and so~e of
the acreage had to be replanted.
In South and Southeast Texas the planting of cotton has
made good progress and is gradually extending northward.
The average planting date in Texas is about May 1st and
unless weather conditions should prove very unfavorable
the average planting date this year should not deviate
materially from the usual experience. For the district as
a whole, rainfall during the winter has been above normal
and there is a good subsoil season in the ground althouah
there is a slight deficiency in some of the southern a~d
northwestern counties of Texas. The unusually mild temperatures during the winter have enabled a larae number
of weevil and other insects to survive and a he:vy emergence is looked for in those sections where they were abundant last fall. It should be borne in mind that should
weather conditions favor the increase in weevil this summer, cotton production could be seriously affected, especially in cases where farmers plant a larger acreage than
they will be able to control effectivel y from the ravages
of the insects.
Small grains generally are in good condition. While the
condition of the Texas wheat crop was reported 89 per cent
normal on April ] st as against 93 per cent a year earlier,
it was considerably above the ten-year average of 74, per
cent. The Department of Agriculture stated that while a
year of heavy production is usually followed by a materially lower yield the following year, a condition of 75 per
cent of normal or above for wheat on April 1st has usually
resulted in better than average yields with an average
abandoned acreage of 4, per cent. In Northwest Texas more
rain is needed for this crop but in North and Central Texas
there has been too much rain which together with some insect damage has lowered the prospects. The condition of
the Texas oat crop on April 1st was reported as 85 per cent
normal as against 92 per cent a year ago, yet it should be
remembered that the yield per acre in 1926 was the heaviest on record. Conditions in the north, northeast and center sections of the state have not bee.n favorable for sowing
due to the wet and cold weather wIth the result that it is
probable that the expected increase in the oat acreage has
not fully materialized. There has been some activity of
the green bugs noticeable in severa l of the northern
counties.
The Departm.ent of A&riculture reported that the supply
of farm labor 111 Texas m percentage of demand on April
] st was 114, per cent as compared Lo 104, per cent on April
1, 1926.
entered the spring in a strong and healthy condition. All
classes of cattle are fattening and the sprina movement to
market should begin earlier than usual. Int> most sections
there is more pasturage than is needed for the present supply
of st~ck. There appears to be a distinct tendency toward rest?ckmg and local trading has been active in many sections
wIth the strongest demand for steer yearlings and stocker
cows. However, due to the scarcity of this class of stock and
the high prices prevailing, many ranchmen are relying upon
the natural increase in the herds to restock the ranges. Outside buyers are contracting for a few head, but due to the
scarcity they are finding it hard to supply their needs. Calves
are com~ng fast, are hea!thy and are making rapid growth.
In practICally every sectIOn the calf crop is expected to be
large: . Sheep and goats particularly in Texas are in better
condItion than any other class of stock as their ranges
opened up early and have continued in excellent condition.
The Department of Agriculture placed the condition of
sheep in Texas on ~pril 1st as 97 per cent normal, goats
94 p.er cent and theIr ranges at 100 per cent. Lambing is
makmg good progress and prospects point toward a large
crop.. G~at shearing is practically comp leted and sheep
shearmg IS well under way. The wool clip is expected to
be heavy and of very good quality.
Movements
Receipts of all classes of livestock at the Fort
and Prices
Worth market reflected a gain as compared
to both the previous month and the same
month. last year. The arrivals of sheep and hogs showed
large 1I1creases.
Strength characterized the cattle market during most of
the past month. During the second week of the month
so~e of the best prices in many months were recorded.
WhIle some weakness was in evidence during the third
week the losses were later largely regained. There was a
broad demand for stocker cattle throughout the month and
the supply was usually insufficient to meet the demand.
Due to the increased supply, hog prices reflected a downward trend. There was a broad demand for sheep and
!ambs ~nd prices worked to higher levels. The best genume spnng lambs brought $15.00 as against a top price
of $12.65 in the previous month.
~"I"I"I"'tlllllll"'I'flllllllll'tl"lllllttltllll 11'1111111111111111111111'11111111111111111111111111111IIIIIIIIIII[EI
~
F OR'!' WORTH J_IVESTOCK RECEIPTS
§
::
March
1927
~
::
CCa~tle .. .. ................ 59.018
aves ....................12.113
::
:
Hogs ..................... .47,289
Sheep .. .............. .. .. 32.115
March
1926
66.044
1l.063
23.124
1l.934
LOBS 01"
Gain
G 2.974
G 1.050
G 24.165
G 21.181
Feb,·uary
1927
48,027
8.729
87.611
1l.674
g
·
[!] 11111111I111I .. IIlIlIlllllIllllIlltllllIlIlllllIlIlllllllIlllIllIllll111I111111I1111111I1I1I1I111I1t1l1l1l1l1t111111l11[!]
r""'''''''''''''''~~~;~;~~;;;''~~;''~~;::~:'';~:::::''''''''':::''''i
i
$199~:0 t9~~5 ~
I~ l~~Jlf:'
Lambs
1927
~ ';!!! l~:~~l!~ ,In1~:~~ I~
...................................... .......................... 15.00
[!JII I'II'IIIIIIIIIIIII ••• IIIIII.I.IIIII.IIIIIIII.IIIIII11111111."'.' •• 1111.1111 •••••• '.11 •• 111111'1" ••• ' ••• """'I'I ••
LIVESTOCK
The physical condition of ranges and livestock in this
district continu~d excellent. In practically every section
ranges are earlier and better. than is usual at this time.
With few e~ceptions, moisture is plentiful and the prospect for spnng and summer grazing is good. Due to the
plentifulness of feed and the mild winter livestock have
§
Loss or
Gain::
G 10.991 ~
G 8,884 ::
G 9,778 :;
G 21,441 :;
e
Receipts and exports of cotton through the
ports of HousLon and Galveston continue
large, reflecting substantial increases as compared both to the previous month and the corresponding
month last year. Exports of cotton for the period August 1
to March 31 from Houston, Galveston and all United States
ports exceed the respective amounts exported during the
Cotton
Movement
3
MONTHLY BUSINESS REVIEW
whole of the previous season. Total foreign exports 0.£
cotton (including linters) fOJ; the eight-month period
amounted to 8,829,056 bales as compared to 6,506,362 bales
during the same period last year. Germany has taken
2,34,6,54,1 bales or more than one·fourth of the total amount
expoited, United Kingdom 2,183,398 bales and Japan 1,268,719 bales. Cotton consumption during March reached a
new high record for all time at 694,,193 bales of lint and
compares with 635,896 bales of lint consumed in March
last year. Stocks on March 31 at consuming establishments showed an increase as compared to those a month
earlier and a year ago.
rn: ~: _j ~~:;~~ :~~:::~:::~~:~: ;~:::.::::~
......
10a .166
1%.814
8.127.770
631.664
2.814 .418
2.422.8 26
478.660
..
1927
Net r eceipts .................... 218.067
Exports ............................... 266.644
Stocks. Mnrch 81............
1926
.....
8
This season Lnst season
72.916
101.089
8.876.689
2.149.027
789.881
2.601.794
1.601.881
604.691
811'11111111111111'11'11'1'1'11111111111111'1111'''111'11111111'1111111111'1IIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIIIIIII!J
[!)lllltllll.III.I.IIIIIII.IIIIIIIIIIII .. IIIIIII.111I11I1I1I1I11I1I1I1I1I111111111111111111111111,,'111111.11111111.11111 1
SEASON'S RECEIPTS. EXPORTS. AND STOCKS AT ALL
[!J
::
PT:~~~:ss:n M~j :e1~o~ : _~
UNITED STA'I'ES
1 to,
Receipts ............................................................. 11.623.160
Exports: Grent Britain ................................ 2.179.161
Fra nce .............................................. 869.870
COlltinent .......................................... 4.120.607
J a pa n- China ................................ 1.416.707
Mexico ..............................................
14.760
Total forei g n ports ........................ 8.689.695
Slocks nt nil U. S. porls. Ma rch 31.. .......... 2.477.400
1·_: ···~~~~~"~~~;=~:~~~~~~~;~~:";~;~~~~:~:~~:'··I: _
Net receipts ........................306,436
E xpor ts ..............................398.W8
Stocks- Mnrch 31 ............
••
9.684.344
1.926.070
772.318
2.764.104
894.923
41.49R
6.897.918
1.161.244
[!)IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.IIIUIIIIIIIIIIIIIIIIIIIIIII1111.111111111111111111111111111111111110
811 11 1 11111 1'1111111 11111 1 1111111111111111111111111111111111111111111111111111111111111111111.1'1111111111111111111111110
@III'. I II.' •• '.I •• '.II •• I.'.'.II ...... '.I.I ••• I.I ••• '.111111111111111111111111111111111111111111111111,",1111111111 1111
:_
I!]
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SPOT CO'l'TON PRICES
(Middling Basis )
~_I: ~:; g:~~ B~;,::L::::~S:OC: S:::~~(68r.:~0~:0 1 Mn{:~i;;
For oth er foreig n ports..........................................
F or cou" lwise po .' ts ................................................ 4.600
In compresses a nd depots ..................................... ,440.064
8.000
6.600
467.360
T'O t nl .................................................................... 641.664
478.660
New York ....................................................
N ew Orleans .......................................... ..... .
Da llas ..... .................. _.....................................
Hous ton ..........................................................
Galveston ......................................................
March. 1927
High
Low
14 .70
14 .00
14 .56
13.76
13.60
12.90
14 .46
13.66
14.46
13.70
Allril 14
1927
14.60
14.21
13.30
14.26
14.26
[!J IIIIIIIIIIIIIIII.III.'IIIII •• IIIIII.I.'.III.III.,I.I,""""'.'.1,."'1111111.11'1'111,,1.11 •• 111111,1'111II.III.IIII'I!]
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[!J 11111111,111 1 11111111111.111111.1.11111.1.111.111'1111,.111111,1,1,.1"1,11 111 11.1111 ' 11111111.11111111.' 1'111'1'1'1'1'11"
~"oo ~o."m'd _
111 111 11,.1.111' 11111111111111, 111111'111111111111111111'111"'1111'111"'" 111111"11.1.11111.111.111111 1 ', III.IIIIIIIIIII.III ,[!]
c=~~{t~;~~;:ii~~~£ :~~~ u~ ~~~{~o" M:£:t _
1
March 81 .
:_ Cotton(a) onin hand
consuming establishment s.. ..............................
E
:!::
(b) in Ilublic stornge and compresses......................
............
............
1.839.186
4.128.620
1.073.406
3.932.260
1.980.108
............
............
~ . ~91.966
4.381.448
1.771.897
4.164 .062
§
811111111'.1.11111111111.1.,11111111111111111111111111111., •• 1,.111111,1111,1 1 1111111.1.1, •• ,.1.,.1.11.11111,1.11111.1111'111.111,1.,11111'111'111,1,.1.1.111.11 • • 1111, .111 1111111.111111"11"" 1.1111"1'11"1111 1 111'1' • •• III'III II. IIIIIIIII ••• I ••• I.II.[!J
COTTONSEED PRODUCTS
The volume of cottonseed products shipped from reporting mills in this district declined during March. However,
the trend of average prices received for this product continued upward. The average price received for crude oil
increased from $ .0711 per pound in February to $ .0732
in March; cake and meal from $26.11 per ton to $27.96 per
ton; and hulls from $4.52 per ton in February to 5.36 per
mllll •• I.IIIII.IIIII.III.IIIIIII.III . I.III.IIII.III.,11 1 111 1 111111. 1 111111111111.11111111 11.1111 111 11 1111.111.I.IIIIII. I.!]
::
STATI STICS ON COTTONSEED AND COTTONSEED
:
T exa s
United States
Augus t 1 to March 81
August 1 to March 81
This Sanson Last Season 'Phis Senson Las t Season
Oottonseed received
at mills (tons) .... 1.848.701
1.366.996
6.109.868
6.376.068
Cottonseed crushed
(tons) .................... 1.661.639
1.297.082
6.663.298
4.996.087
Cottonseed on hnnd
(tons ) ....................
192.634
90 .006
662.882
410.876
Crude oil Ilroduced
(Ibs. ) ..........._........ A66.~86. 000 363.641.000 1.658.106.078 1.441.067.988
Cake nnd menl produced (tons ) ........
766.000
608.000
2.491.697
2.329.068 §
Hulls produced
(tons ) .......... ...... ...
498.000
368.000
1.624.208
1.876.714 §
Linters produced
:
§
-
§
:
I!~~~1i:~~~d.) ".:; ,; ; .:; ,; ; ".; ;,; ; . .; ; ;
::
Lmt('rs (600-lb.
bales ) ..................
~
1
11
61.000
48.000
174.878
I
::
200.240 ::
' 11111111111111111111111""11111111111'111111111111111111111111111111""111111111111111111 .. IIUIIIIIIIIIIIIIIII,1!l
ton in March. Linters sold at an average price $ .0235
per pound, as against $ .0208 per pound in the previous
month. There were 28,993 tons of cottonseed purchased
by 53 reporting mills during the month at an average price
of $28.94, per ton, as compared to 54,34,2 tons purchased
by 63 mills in February for which an average price of
$25.97 per ton was paid.
r;] . 1.," , 1111.,1111111111'1,11111 1111111111111111111' 1111111111'11111.111111 1 1"111111.1' III,.,I.IIIIIII.IIIII.II I II I III I[!J
§ CO'f"l'ONSEED PRODUCTS SHIPPED AND AVERAGE PRICE ~
:
RECEIVED
:
I
pro~:~Ch.
§
§ Crude o il ..............................................
~ ~~~~ ~~.~....~.e.~~::::::::::::::::::::::::::::::::::::
:
LlIltel·S ............ ........................ .............
Shipped
19.4 88,84 8 IbB.
I
1927
A verage price
F. O. B. Mill
$
::
0732 p e l' Ib
§
.0286 per lb.
::
[!]
~tm ~~: .2~:~~ ~:~ ~~~ ~
8.184.966 Ibs.
[;1 111 1111 U U U 11111 U 1.11111 ' 1111111111' 1111111111111111111111'111"1'" 111 1111' 11111'111111111111111111111111 1111111. 1
TEXTILE MILLING
Substantial increases in the consumption of cotton and
spindle activity over both the previous month and the same
month last year were reflected in reports from textile mills
in this district during March. There were 1,504,217 pounds
of cloth produced at these mills during March, representina
an increase of 7.1 per cent over the previous month and
per cent over the corresponding month of last year. A
slight decrease was noted in the volume of unfilled orders
9.0
MONTHLY BUSINESS REVIEW
4
on hand at the close of March, as compared to the same
date of last year; however, they were above those on hand
at the end of the previous month. Stocks on March 31
showed an increase o'ver those on the corresponding date
of 1926, but were below stocks on February 28.
@....
§
::
§
:
::
§
UU ................................................... III .. ' ...... II ............................................ II@
§
TEXTILE MILLING STATISTICS
March
1927
Number bales consumed....................
3.414
Number spindles active ......._........... 76.608
Number pounds cloth produced ........ 1.504.217
Ma rch
1926
3.136
72.716
1.379.493
Februury::
1927
§
S.061:
72.784:
1.408.876 §
[!JI .......... II ........... IIII ............ IIIIIIII ............ III ........... III •• III .............. 1111· .. • .. • .. • ...... ' ..
0
WHOLESALE TRADE
seasonal increase, being 17.4, per cent greater than in the
previous month and only 3.8 per cent less than in the same
month last year. Reports indicate that business in April
has been retarded somewhat by the continued rain. Collections were smaller than in the previous month but some
dealers report them as fair. Prices showed no material
changes.
The past month witnessed improvement in the wholesale
hardware trade. After the rather small distribution duro
ing the previous three months, March sales reflected an
increase of 29.8 per cent as compared to February and 8.6
per cent as compared to March, 1926. The improved demand appeared to be fairly general throughout the district.
Collections also reflected a substantial increase as com·
pared to the previous month.
The distribution of farm implements reflected a further
decline of 19.4 per cent as compared to the previous month
and was 43.2 per cent less than in the corresponding month
last year. The buying of farm implements during the past
six months has been on a smaller scale than at any time
since 1921. Reports indicate that farmers are making replacement only in case of actual necessity. Prices remained
generally steady.
The distribution of merchandise at wholesale channels
reflected a distinct improvement during March. In the
majority of reporting lines sales reflected a substantial in·
crease over the previous month and while sales in all lines
except one were less than in March a year ago, the de·
clines were much smaller than those during the preceding
three months. While there is no diminution of conservatism as retailers generally are adhering to the policy of
limiting commitments to well defined needs, yet there is a
strengthening of sentiment and moderate optimism appears
to be general throughout the trade.
A moderate improvement was noticeable in the wholesale
The distribution of dry goods at wholesale during March grocery trade during March. While sales were 2.9 per cent
was 5.4 per cent less than in the previous month and 1.4 below March last year, they were 6.4, per cent larger than
per cent less than in the corresponding month last year. in February. The increased buying appeared to be general
The decline from the previous month was not unexpected, over the district and dealers report that the outlook is fair.
8
however, as buying usually falls off in March following I!J ..............................
CONDI'I1ION OF WHOLESALE TRADE DURING MARCH. 1927 :;
the early season purchases in February. While merchants
are still adhering strictly to the policy of keeping commit·
ments closely aligned to the actual requirements, the vol·
P..
ume of replacement orders continues to bulk large in the
compared with compared with compared with
March
Feb. same period Mch.
Feb.
aggregate. Late reports indicate that business so far in
1926
1927
last year
1026
1927
April is proving very satisfactory. Collections reflected a
+ 6.4
- 6.2
- 4.5
+ 2.5
Groceries ......................- 2.9
-10.1
-14.4
+.9
Dry Goods ....................- 1.4
- 5.4
moderate improvement over the previous month.
Farm implements ....... - 48.2
- 19.4
-46.4
+ 1.4
+ 1.7 "
Drugs
.............................
:3.8
+17.4
8.5
7.1
3.1 ::
Following the dullness in wholesale drug trade during
:: Hardware ...................... + 8.6
+29.8
- 1.1
- 8.4
+.1::
February, the March sales reflected more than the usual m.. 't •• , ••
[!J
1111 ................................. II II " " II II It ......... 11 ... 111111 ...... 111 .. 1111 ••
,,"q;;:~;;. ;;~.;;;"' ~:::.~ ~: .
'.,IIIIIIIIII ••••••••••• ,IIIIII.,I ••••••• ,11, •••••• ,111." .... , •• 1, •••• 1111' •• ,111 ••• '11111.,1111"111111'111
RET AIL TRADE
The past month witnessed a more active demand for mer·
chandise at retail. The sales of departments stores reo
flected a seasonal expansion of 22.5 per cent, as compared
to the previous month and were only 1.7 per cent less than
in the corresponding month last year. This was the smallest decline of a current month as compared to the same
month of 1926 registered this year. Reports indicate that
pre-Easter buying was in good volume. As compared to
March a year ago, sales of all kinds of dress goods declined
but ready·to.wear goods generally were in better demand.
Sales of women's suits, women's dresses, juniors' and girls'
ready-to-wear, and waists and blouses were larger than in
March last year.
Stocks on hand at the close of March were 8.2 per cent
0.,11 •• 11.11111.1.111111.11 •• 11.1111.1 •• 1 .. 11., .. ,.11111111.,1, ..... ,, •• 1111.,11.11 •• 11.1, .... ",1'11111111111111'11111111111"11.11111111 .................. 111 ..... 1111 .... 111111 ..... 111 ............ 11111111111.111'1111 ...... 1.,1I111I1I1I1I111I111111111!l
1::.
:::
"'"~::.:"". _,.~
.,,'
M.",. ""
8 ..........
+:21 ~ ;·:~;:NT
.. u'.r::ssOFDEP:__
March. 1927. compared with February. 1927............................................
January 1 to date. compared with same period last year..............................
Credit Sales:
March. 1927. compared with March. 1926..................................................
March. 1927. compared with February. 1927............................................
January 1 to dnte. compared with same period las t year............................
Stocks:
March. 1927. compared with March. 1926..................................................
Murch. 1927. compared with February. 1927............................................
Percentage of sales to average stock in:
March. 1926 ........................................................................................................
March. 1927 ................. _ ................................................................... _..............
Percentage of sales to average stock
January 1 to March Sl. 1926..........................................................................
J.anuary 1 to March 31. 1927..........................................................................
Ratio of outstanding orders to last year'. purchase.......................................
Ratio of March collections to accounts receivable due and outstanding March 1. 1927........................................................................ ......................
r~:h H_tOU1;~
S::t;2S!:.
..o220n
~ ~213! .:r6f ~~~;:
I::::::
+22.5
_ 4.4
- 8.6
+28.7
-15.7
+ 4.8
+18.4
+ 6.7
- 1.2
+12.4
+ 4.9
- 4.8
+22.5
- 6.5
- 4.6
+22.6
- 7.0
-16.5
+ 6.0
-10.5
+ 2.8
- 8.8
+ 9.1
- 4.7
+18.4
-10.0
+ 8.2
20.9
23.6
18.4
21.0
28.0
28 .3
22.0
22.7
21.7
28.4
62.9
66.1
4.2
50.0
56.6
2.6
75.7
80.9
8.0
61.2
62.6
4.8
61.7
66.2
4.6
88.7
84.9
42.4
89.8
86.9
1111 •• ,11 ••• 11 •• ,11.' ••••••••••••••••• 111 •• ""1",,11,,1"""1111 •• 11111 •• ,111.111111 •••• ,1111111, ••••• 111"." ...... " ••••• 11 ••••• , . ,1, •• " •• 1' ..... ,1 •••••• ,.11 ••••••••••••• ,111.1 ••• '1 ••••• , •••••• 111.'.,1111, •••• " ••••••• 1, ••• 1111, •••••
§
8
MONTHLY BUSINESS REVIEW
larger than a month earlier but were 10.0 per cent less than
a year ago. The percentage of sales to average stocks for
the period January 1 to March 31 this year was 65.2 as
compared to 61.7 during the same period of 1926.
The ratio of March collections to accounts receivable
due and outstanding on March 1 was 36.9 as compared to
35.1 in February and 39.4 in March, 1926.
FINANCIAL
Reflecting the seasonal expansion in trade in both whole·
sale and retail channels as well as the first installment
payment of income taxes, debits to individual accounts at
banks located in principal cities in this district showed an
increase of 9.0 per cent over February and were 4.0 per cent
above the same month last year. Of the seventeen reporting
centers, fifteen showed increases over the previous month
and ten over March, 1926. It will be noted that Abilene,
Texas, has been added to the list of reporting cities.
!!l.............................
::
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.UIII .... II .... UU ..... UIIIIIIIIIIIIIIIIIIIUtlIIlIUI!l
DEBITS TO INDIVIDUAL ACCOUNTS
March
Mal'ch
1927
1926
10.294
20.789
21.955
7.784
215.885
86.847
80.826
38.489
169.876
8.932
2.835
89.621
44.281
12.166
9.422
15.728
86.877
770.452
Abilene ............................ 12.481
Austin .............................. 24.264
Beaumont ........................ 26.665
Corsicana ........................ 7.450
Dallus .............................. 211.214
El Puso ............................ 82.274
Fort Worth .................... 96.728
Galveston ........................ 48.648
Houston ............................ 177.548
Port Arthur .................. 10.290
Roswell ............................ 2.941
San Antonio .................. 43.128
Shrevepol't ...................... 41.860
Texarkana ...................... 9.989
Tucson .............................. 9.994
Waco ................................ 14.598
Wichita Falls ................ 82.098
§ 'r'Otal 11th Dlstrict...... 801.620
,
Inc. Dr February Inc. or
Dec.
1927
Dec.
+20.8
+16.7
+21.5
- 8.7
- 2.1
-12.4
+20.4
+26.6
+ 4.5
+15.2
+ 3.7
+ 8.9
- 6.6
-17.9
+ 6.1
- 7.7
- 6.7
+ 4.0
8.497
17.992
22.942
6.260
196.681
28.602
82.946
46.658
172.876
9.000
2.710
88.409
35.578
12.256
8.081
16.990
28.926
735.8M
+46.8
+34.9
+16.2
+19.0
+ 7.4
+12.8
+16.6
+ 4.8
+ 2.'
+14.8
+ 8.0
+ 12.3
+16.2
-18.5
+28.7
- 14.6
+14.1
+ 9.0
E
GJ ..... III1I1I1I1I.UU .... UIlIlIlI ... IIIIII ... IIIII ... llllllllllfll ....... 11I1I1I111I111I111I111111I.IIlIlIlIlIllIlIllm
5
After declining in January and February, the
volume of acceptances executed by accepting
banks of this district and which were outstanding at the close of March showed a substantial increase. Acceptances of these banks outstanding on March
31 amounted to $2,597,312.30 as compared to $2,092,730.14 on February 28, representing an increase of $504,582.16. The amount of acceptances based on import and
export transactions declined from $1,180,4.()5.08 on February 28 to $1,045,670.64 on March 31. On the other hand,
outstanding acceptances executed against the domestic shipment and storage of goods rose from $912,324.. 26 on February 28 to $1,551,64.1.66 on March 31.
Acceptance
Market
Condition of A slackening in demand for credit for comMember Bankmercial purposes was evidenced by reports
in Selected
from member banks in selected cities in this
Cities
district during March. On the other hand,
investments of these banks increased materially. Coincident with the financial operations of the government in March, these banks increased considerably their
investments in U. S. government securities and on April 6
their holdings of these securities were $8,126,000 greater
than on March 2. Their investments in other securities
were expanded $2,154,000 during the same period. Loans
on corporate securities reflected an increase of $3,762,000
but were $5,842,000 below those of last year. Although
commercial loans declined from $249,290,000 on March
2 to $240,448,000 on April 6, on the latter date they were
$16,145,000 greater than on April 7, 1926. Net demand
deposits decreased $472,000 but this decrease was offset by a
rise of $493,000 in time deposits. Reserves of these banks
with the Federal Reserve Bank declined $1,458,000, while
their bills payable and rediscounts with the Federal Reserve
Bank increased $1,000,000. The ratio of loans to net demand deposits was 86 per cent on April 6 as compared to
89 per cent on March 2 and 83 per cent on April 7, last year.
~I'II""""'I""""""""""""I"""""""" 1.""1,,.11 •• 1.1.1"'1 •• , •••• ,1 •• 1,1,1 •••••• ,,11.,111 ••• 1.11"1.,.,.11,11.,1,, •• ,•• , •••••••••••••••••••••••••• 1...... " •••••• 1•••••••• 11.,.".'.,., •••• 1'1'.'1,1.1 •• ,••• II ••••••• ,I ••••• I"".,.,.l[!]
::
E
~
-._:§
_
1
2:
8.
4.
:
6.
::
6
1 10.:~
.=: 11.
Iii
CONDITION STATISTICS OF MEMBER BANKS IN SELEC'l1ED CITIES
April 6. 1927
March 2. 1927
Number of reportinsr banka ........................................................................................ ·...............45
45
U. S. securltl... owned. .......................... _............................ ~ ............. - .......................... _ ...... _.....
$ 59.689.000
$ 51.563.000
All other stocks, bonds and .ecuriti ... owned ................................................ _ ...................·....
26.115.000
23.D61.000
Loans secured by U. S. Government obligations ...........................................................·........
2.502.000
2.492.000
Loans secured by stocks and bonds other than U. S. Government obllptlons................
78.838.000
75.076.000
All other loans ................ _..........................................................................·..... _...... _.......................
240 448 000
249 290 000
i~eer:F~1ts:::i:.::~~~~~~::~~~~~::::::::::::::::::::::~::::::::::::::::::::::::::::::::::::::~::::::::::::=::::: ~H:~ii:ggg
BUis payable and rediscounts with Federal Reserve Bank...................... _.................._........
Rntlo of loans· to net demand deposits ......................................................·• ............................·..
·LooM include only itelDS 4 and 6.
2~:~i~i~m
866.000
89 %
:!_.
2.S77.000
88%
,
,.m,
11 ....... 11 ..... 111111 .... 111 ....... 11 .. 11 .............. UIl ...... I ...................... II.II ... III .............. K... UIIlI!J
APRIL DISCOUNT RATES
Prevallinc rates
::
IIU .................... IIII ...... II .......................... II .. IU.IU .... 111111 .......... 11.11 ......... 11 ......
§
I:::
ig::~!~:ggg
1.866.000
86%
.... • ...... 11 •• 111111 ................. 1111 .......... 1111 .. 1 .... ,11 ........... 11111 ...... ,1111 •• 1111.11111.11 •• 1111 •• 11 ... 1111 ......... 11 ......... 11 ... 111111 ............................. IIIIII ...... IIIIII ................ " ....... ,.IIII •••• ,., ••• , •••
r;J· .. '........
~
:
:
;:
April 7. 1926
E
48
§
$ 56.695.000
.:'_:
22.414.000
8.068.000
84.680.00 0 :
224 SOS 000
;:
Dallas
EI Paso
·ioona..·td..~th~r..~nk8;-;;e~~;;d..by..·blii8
4 'K-6
~: . ~~~r£tlo!ir:~~a~;~~~y;~~:~~~~t;if~~~·~\~~!i··
f~.. i~~::
markets throusrh correspondent banks) :
R.te\% ~!~=:·di~=:i;~~::..~~;;~::;i=::~~~:~;;:~;:;;;~~:
ti
~,",~::. o;;..~tti;·i~;;;;;~::::::::::::~~::~::::::::::::::::::::::::::=::::::::::::::
Houston
Sun Antonio
:
E
Waco
:
R~ i!'a~~: ~i't:lliieerfO~n :'::~u':tm~~d:~l t~:peFe:!~
llat!s":h':rsr!.it oii..
r_1 bl
Fort Worth
5-~
8
4-8
5-6
6-7
6-8
6
6-6
5-5 l A>
6-6
5-6
~
t~
t~
t~
t~
t~
~:~
t~
t~
:
6-~
.. 11 ............. 11 .... 1111 ............ 111 ..... 11111 .... 11111111 .. 111 ... 11111111111 ..... 111 ... 11111 .... 111111 ••• ,11 111.11.1 ......... 111111 .... 11111 ......... 1...... ,11111.111 ....... ' ...... IIII ........ ,I1., ....... II.U .... U ......... I ... , ••••• '.I[!J
Reports from 94 banks in this district which
operate a savings department reflect an in.
crease of 1.2 per cent in the volume of savlngs deposits on March 31, as compared to February 28,
gavings
eposits
and 8.9 per cent over savings deposits on March 31, 1926.
The number of savings depositors carried on the books of
90 banks was 256,735, as against 252,255 on February 28
and 231,068 on March 31 of last year.
MONTHLY BUSINESS REVIEW
6
(!JIIIIIII • • IIIIII ••• I.I'.'I •••••••••• II ..... III.II ••• I ••••• II.tlllll.IIII,IIIIIIIIIIIIIIIIIIIIIII,111111111111111.111111 1 11111111 1 111111111111111111111111111111111.III1III1IIII111111111111111111111111111111111111111111III1III1IIII111111111111111111111
-
_
8
SAVINGS DEPOSITS
February 28. 1927
F ebruary 28. 1926
Number of Number of
Amount of
Numbe)' of Amount of
Savings
Savings
Savings
Reporting Sa vings
Banks
Depositors
Depos its
Depositors
Deposits
Beaumont ...................................
4"
5.558
$ 2.317.748
5.153
$ 2.220.998
Dallas ..............................._........
6
51.627
19.003.438
37.032
15.767.224
EI Paso .....................................
2
12.281
4.764.925
13.077
5.623.220
Fort Worth ...............................
3
20.447
6.332.854
19.53 4
5.897.839
Galves ton ...................................
3
13.363
10.033.510
12.795
8.910.242
Houston ............... _....................
12"
50 .837
27 .424.027
45. 067
25.362.227
San Antonio .............................
6
28. 497
13.198,895
25 .571
11.858.177
Shreveport ...............................
4·
23,378
10.577.210
21.493
10.439.577
Wa co ...........................................
3
8.380
5,248.915
8.139
4.789.602
All others ................................ ...
51 "
42.422
22.131.690
43.207
20.242.549
Inc. or
Dee.
+ 4.4
+20.5
- 15.3
+ 7.4
+12.6
+ 8.1
+11.3
+ 1.3
+ 9.6
+ 9.3
J anuary 81. 1927
Number of Amount of
Savings
Savinga
Deposito)'s
Depos its
5.409
$ 2.295.988
48,176
18,684.360
12.105
4.862.284
20.379
6.2 85.647
13.359
9.944.321
60.lI06
27.139.301
28.299
13.001.888
23.296
10.544.853
8.299
5.204.030
42.627
21.680.088
G
: _~_
Inc. or
Dec.
+ .9
+ 1.7
- 2.0
+ .8
+ .9
+ 1.4
+1. 5
+ .3
+ .9
-2.8
TotaL...................................
94
256.735
$121.083.212
231.068
111.111;655
+ 8.9
252.255
$119.592.760
+1.2
.Only 8 banks in Beaumont. 11 banks in Houston. 8 banks in Shreveport. lind 46 banks in "a ll othe)'s" reported the number of savings
depositors.
' 111111111111111111111111111'11111111111111111111'1111111111111""1111111"1111111111111111111'111111111111"111111111111111111111111111111111111111111111111111111,11111111111111111111111111111'11111111111111111111111111111111111111111111111111111111U
Deposits of Net demand deposits of member banks in the
Member Bankdistrict declined $5,430,000 during the past
month and time deposits decreased $373,000
during the same period. Total deposits of these banks
amounted to $821,579,000 on March 23, as compared to
$827,382,000 on February 23 and $806,551,000 on March
24, 1926.
G ...............................~~;~~~~~ •• ~; •• ~~~~~~•• ~~·~~~·····'···'················· ..
'futa\
pemand
.
March 24, 1926 .. _._ .._
April 28, 1926 ............ .
May 26, 1926 ....... __._
June 28, 1926 ..............
July 28, 1926 .. __...... _..
Aug. 26, 1926 .._ .. _._
Sept. 22, 1926 ................
Oct. 27, 1926................
Nov. 24, 1926 ........... ..
Dec. 29. 1926 .... ............
J an. 26. 1927 .... ... .........
Feb. 23. 1927 ................
March 23. 1927 .. ..........
Banks in cities Banks in cities
'futal with a pOl)ula- with a population of over
tion of less
Time
16,000
than 16,000
Demand Time )emand Time
- - r--687,892
605,845
598,488
588,075
589,748
584,468
612,884
626,554
635.704
682.391
633.208
650.879
645.449
T
169,169
165,668
165,099
166,827
165,299
165,277
165,782
164,972
165.713
161,503
166.919
176.503
176.130
r--
287,084
272.889
265,618
259,680
262,499
257,886
276,780
281,080
287.413
281,721
282.875
290.385
278.998
45,178
44,683
45,085
44,937
45,628
46,407
45,640
42,998
44.194
41.290
43.791
44.869
46 .021
860,308
388,456
882,870
328,445
827 .249
326,577
33 7.054
34 5.474
84 8.291
350,670
350.333
360.494
866.451
128,981
121,035
120,OH
121,890
119,671
119,870
120.092
121.974
121.519
120,213
123,128
131.634
130.109
811111111.,.111111111111111111111.,1111111111111111111111III1IIIIIIIII111111111111I11111111111111111111I11111111111111110
Operations of Federal Reserve Bank loans to member banks
the Federal showed but little change during March, these
Reserve Bank loans on March 31 being only $208,033
greater than at the close of the previous
month. While there was a further increase of $298,935
during the first fifteen days of April, the volume of such
loans was only $4,143,519 on April 15, or $1,916,395 less
than on the corresponding date a year ago. There were] 10
banks borrowing 'from the Federal Reserve Bank on March
31, as compared to 95 on February 28 and 137 on March
31, 1926.
The slight increase in the volume of bills discounted for
member banks was not sufficient to offset the decline in
open market purchases, thereby reducing total bills held
from $13,447,382.4.0 on February 28 to $12,989,667.16 on
March 31, distributed as follows:
Member bank coUateral notes secured by U. S. Govemment
obligations ....................................................................................... ...$ 1.657.050.00
Rediscounts and a ll other loans to member banks........................ 2.187,584.aa
Open market purchases (Bankers' Acceptances) .....................,...... 9,145 ,082. 83
Total bills held ........ ,...... ,......................................... ,.......... ,... .. .,... _.$12 .989.667 .16
A further seasonal decline in the circulation of Federal
reserve notes occurred during Ma,rch, the actual circu lation of these notes amounting to $39,086,850 on March
31, as compared to $4.1,882,090 on February 28, and
$36,592,625 on March 31, 1926. The daily average reserve deposits of member banks declined from $62,4.19,339 in February to $60,169,408 in March.
FAILURES
There was a decided improvement in the business mortality rate in the Eleventh District during March. Defaults
in March totaled 59, the smallest number reported in any
month since last September and compares with 103 failures
in February and 75 insolvencies in March, 1926. The in- debtedness of March failures aggregated $1,4.15,400, as
compared to $2,023,100 in the previous month and $809,191 in the corresponding month of last year. The aggregate liabilities of insolvencies for the current year continues high, being 97 per cent greater than in the first three
months of 1926 and the number of failures increased 20.8
per cent during the same period.
PETROLEUM
There were 20,954,,935 barrels of crude oil produced in
the Eleventh Federal Reserve District during March as
compared to 18,945,330 barrels in February, representing
an increase of 2,009,605 barrels in total output. However,
due to the longer, month a decline of 654 barrels was reo
flected in the daily average yield. Drilling operations con·
tinued active despite the recent break in the crude oil mar·
ket and completions during March exceeded those of the
previous month.
Initial production declined slightly,
amounting to 109,94,2 barrels in March as against 113,526
barrels in February. There were 74.0 completions during
the month, of which 467 were producers of oil and 23 were
gas wells, as compared to 702 completions in February, of
which 456 were successful, including 29 gas wells.
Due to increased production in the Central-West Texas
area, the daily average yield of crude oil in Texas fields
showed an increase of 449 barrels. The increase in the
output of the Central·West Texas field was attributable to
substantial production gains in both Brown and Upton
counties. An important development in the oil industry
in this district is what appears to be a new field, discovered
March 21, in the Jacksonville area, Cherokee county, in
East Texas. The best test on the well showed an approximate production of 121 barrels per hour, with all indications of it being a 5,000-barrel producer. Following the
discovery of the well, leasing activities in the Jacksonville
locality have been on a large scale. A further reduction
was evidenced in the daily average yield of crude oil in
North Louisiana field, amounting to 1,103 barrels in March.
MONTHLY BUSINESS REVIEW
On March 11 a reduction of 35 cents per
barrel on crude oil (52 gr. and above) was
posted in North and Central Texas and North
Louisiana fields, which was the third reduction in the
price of crude oil in these areas during the past six weeks.
A second reduction of 10 cents per barrel in the posted
J.lrice of Texas Coastal crude oil (Grade "A") became ef-
fective March 14" bringing the present price of this grade
down to $1.20 per barrel.
Crude Oil
Prices
~''''UIUI'IIIIIIII''lIlIllIflllllllll''IIIIII''IIIIIIIIII''IIIIIIII'''''''"'''''1 11I1I1I1I
Com p ieFieldtion9
North Texas
826
Cen t ral-West Texns.... 267
7
E ast-Centm l Texas ....
Texas Coastal ............
52
~~~~w;~ld~:~as ...... 8~
8 1,1111111111.,1111111111111111111111111111111111111111111, •• 11.,1I111I11111111111111I111I1I1I1I1I111I11I1111.,111I1I 1 11!l
~
CRUDE OIL PRICES
§
~
_-:
_
AP{~~:'
Afgl~!
9':1_- - :
NOI·th nnd Centml Texas and North Louisiana
(52 gr. and above) .................................................... 1.60
· Prices for April 8, 1926, not llva ilable on a comparable bnsis.
Tcxns Coa sta l (Grade '·A") .......................................... $1.20
$1.60 _
_
m,..
IIIIIII I IIII II IIII •• ,.,I. IIII IIIII. , .11111111111111111111 1 111 11 11 111 1111111111 1 1.11111111111111111111111IIII.IIIIIIIW
m
452
15
467
427
lEI
FailInitial
ures Production
102
86,189
71
41,998
1
785
18
30,451
85
2g
430
g
~
690
60
740
702
17
6
23
29
108,888
1,109
221
29
250
246
100,942
118,526 -
rlllllllllllllllllll.IIIIIIIIIIIIII.IIIIIIIIIIIII •• 1111111""111111111'1.11111111111'1111111111111'111111,1 1,. 1111.1118
March
E
Tot." I
February
Total
Daily Avg.
Duily Avg.
m~!l§[;~~:::-:::-:~: :::~::~ ---},ij}:~l :iH!1 mHl! :IHjj ~~.
NorJ;°!~u;;r:~... :::::::::::::::~:::::::~:::::::::::::::::::::~::::::
1Ut~',m
6~i'.m
1i:m:m
6~~:m ~~~:
Total, District.......................................................
20,954,935
675,965
18,916,880
676,619
2,000,606
Inc.
§
Incrense or Decrease
Tota l
Daily Avg.
:j!,:ln
l'm:m
Southwest Texas .... _............................................ _......
::::::
_
Gas
Wells
7
6
0
0
OIL PRODUCTION
§
1-:-
8
Total T exas ...... ::::::::::
North Louis iana ........
Ma ..ch Totals, Dist";ct
l~cb. Tota ls, Dis trict
Producers
217
191
6
34
.... IIIIIII .... IIIII .... ,lI(!]
llllllll l lllll ll lllllll l l l ll .,11 11111 111111111111111111 1 111111111111111111 1 1111 111 111 1'1 ' 11'1'1111111'1" 111 1111 1111 11111111,.1 11111111111 1 1111 1 111111111111111111111111111111111111 11" I'lllll lll"I'I II . IIIIIIIII.'I '11 1111111111111.111 1 1, ."111 1111111 .1]]
~
:
7
t~. 1!1":~4Joj7
bne~.
1,~~~
Dec.
654
:
E
'"11'111111,,'1111111111'1111111 11 1111 111 11111 11 11111111 11111 11 111111 1 11111111111 1111111111111111111111111111111111 1 11111 111111'111111111111111111111111 111 1111'"111111111111111111111"""11111 .. 1I1I1I11111111I1I111111I1.11I1111111I1 .... U IIIlIIIII[!)
(Oil Stllll. tics Compiled by T he Oil Week ly, Hous ton , Texas )
LUMBER
Production and shipmellts of lumber from Texas mills
increased in March, in accordance with the usual seasonal
tendency, and were the largest of any preceding month
since August of last year. The aCLual production was 11
per cent below normal, as compared to 18 per cent below
normal in February. Lumber shipments increased from 74
per cent of normal production to 90 per cent in March,
While orders increased from 80 per cent to 87 per cent of
normal production during the same period. For the sixth
consecutive month stocks at the end of the month have
shown an increase and at the close of March were 7 per
cent below normal as against 8 per cent on the last day of
February. Unfilled orders recorded at 54, reporting mills
on March 31 amounted to 66.229,884, feet of lumber as
compared to orders for 63,809,728 feet on the books of 53
mills February 28.
81111111111111111111111111 .... "11 ... 1 .. 1111 ...... 1 .. 11111111 .. 11 .. 11 ... .. 1 .. 1 .... 111111111111111111111 .. '.11111111111119
i
Numbe.. oI ..
ep:~:gCHmi~::~ .. ~~.~.~...~~~~~.~'l'ICS
~
54
E P .. oduction .................................................................. 106,896,086 feet
§
E Shipments
... _............................................................... 106,667,120 r e e t :
O.. ders ............._................................ ............... .. .......... 108,808,764 feet
::::::::_E
Unfilld orders, March 31.. .............................. .......... 66,2 29,884
Norm,,1 p ..oduction .................................................... 119,069,820
Stocks, Ma rch 81 ........................................................ 311,264,682
No .. m,,1 stocks ............................................................ 884,962,818
Shipments below normal p .. oduction .................... 12,412,700
Actunl p .. oduction below no .. maL ......................... 13,178,986
O .. de .. s below normal production ............................ 16,261,056
Stocks below no .. maL ............................................... 28,697,686
feet
feet
feet
feet
feet -100/0
feet-11 %
fect-18 %
feet- 7%
-
§
::
[!] 1U 1 111111 1 11111111111111111111111111 "1 1111111111.11111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIIIIIIII[!J
BUILDING
.With the opening of spring, both the number and valuallon of permits issued at principal cities in this district
showed a large increase in March over the previous month.
~-Iowever, the total value of permits continued to fall beo~ that in the corresponding month of last year. The valuatlon of permits issued at these cities totaled $11,547,210
in March as compared to $7,54,6,601 in February and
$12,639,481 in March, 1926. In comparison with the same
period of last year the valuation of permits granted during the first three months of the current year reflected a
decline of 14,.6 per cent.
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E
BUILDING PERMl'iS
=
Ma rch, 1927
Amarillo..................
:-ustin _...............
D~alluasmont _..........-.
I~
~l Pas~·· ·:::::::: :::::::·
'orlt Worth ........ _
Gn vesta
l:lou8ton n ............ ~ort Arthu~:::~:: : :: :
S~n Antonio .......
: W revePOrt ... _......
E ", a co ................... _
: " ichita Falla ... _..
'l1otal ................
IE
:
Three Months
Ma rch, 1926
Inc. or
F eb.. 1D 27
VnluaN
Valu...
Dec.
No.
ValuaN o.
tion
u.
t10n
tlon
81G $ 2,002,670
106 $ 824,024 +148.0
228 $ 741,884
27
86,856
53
158,820 - 45.3
26
40, 825
202
575,290
178
168,208 +2~~.59
892
1,088,994
433
2,122,485 .
,
98
96,712
109
146,759 - 88.6
85
20,900
887
1,085,478
866
2,206,627 - 50.8
264
1,460,285
829
141.298
268
141,261
224
217,084
684
8,961,796
657
8,182,202 + 26.6
477
1,647,048
188
122,489
140
868,986 - 66.8
107
140'm
817
1,660,666
846
1,676,602
.4
826
669,
198
267,682
291
461,602 - 40.7
199
811 ,850
31
140,244
40
109,870 + 28.2
38
76,986
107
818,042
202
1,144,600 - 72.7
85
811,555
8,166 $11,547,210 8,089 $12,689,481 8.6 2,6 08 $7,546,601
m m'm
Inc. or
1927
Dee.
No.
Valuation
+170.1
+112.7
816
80
$ 8,766,844
151.880
1926
No
•
319
161
Ine. or
Valuation
$ 1,625,159
369,115
+1~!'~
1 ~~~
~'~~~'~~~
1 ~~~
6
. , " ' "
+862.7
182
150,097
217
819,465
- 25.7
960
8,458,029
1,178
4,9~9,45 0
- 84.9
724
945,044
740
588,897
+140.6
1,628
8,822,160 1,888
8,581,928
- ~2 . ~
8 35~,~52
857
568,765
+1 9.
,14 ,01
1,005
4,847,288
- 14.0
597
789,482
887
1,282,618
+ 84.6
101
825,264
~02
260,305
- 61.4
275
1,844,774
026
2,542,778
+ 58.0
8,180 $26,906,840
8,512 $31,610,757
m
m'm
Deo.
+146.9
- 58.1
+888 .4
- 62.0
- 58.0
- 80.6
+ 61.9
+ 2.8
- 37.0
- 86.1
- 85.9 :
+ 25.0 E
- 47 .1 §
- H.6 E
1
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MONTHLY BUSINESS REVIEW
8
CEMENT
There was a substantial increase in the production and
shipments of Portland cement at Texas mills during March.
The cement output of these mills amounted to 465,000 barrels in March, which represents an increase of 17.4 per
cent over the previous month and 3.1 per cent over production in March last year. Shipments showed a further
increase and were the largest of any month since August,
1926, amounting to 492,000 barrels in Marc~, as compared
to 382,000 barrels in February, and 4.03,000 in March a
year ago. Reflecting the excess of shipments over production, stocks at the end of March declined 5.7 per cent, as
compared to February 28, and were 16.4 per cent below
those on hand at the close of the same month last year.
Production and shipments of cement during the first three
months of the current year showed increases of 6.0 per
cent and ll.5 per cent, respectively, over the same period
in 1926.
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E
PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND CEMEN'l1 (Barrels)
IiE;F.!HE;~~;;;;~~;;~:
E
lii~ ill1~ ±~T F!!l~~i l~~i ::l:;:~r M;;;~i:: !:;~ mI
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SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by t he Federal Reserve Boord
I I
Industrial activity increased further in March and was
larger than a year ago, while the general level of prices
continued to decline. Distribution of commodities at whole·
sale and retail was somewhat smaller than a year ago.
PRODUCTION
Industrial production, after increasing continuously for
three months was larger in March when allowance is made
for usual seasonal Ghanges than in any month since last
September. Output of bituminous coal, crude petroleum,
steel ingots, and mill consumption of raw .cotton in
March were larger than in any previous month. Since April
1, however, steel mill operations have been somewhat curtailed, and bituminous coal output has been reduced by
about 40 per cent since the beginning of the miners strike on
April 1. The consumption of silk and wool, sugar meltings,
flour production and the output of rubber tires increased in
March. Production of automobiles has shown seasonal increases since the first of the year but has been in smaller
volume than a year ago. The value of building contracts
awarded in March was larger than at any previous time, and
the production of building materials has increased considerably in recent weeks. The largest increases in contracts, as
compared with last year, were in the middle western states,
while the largest decreases occurred in the southeastern
states. In the first half of April contracts awarded were in
slightly smaller volume than in the same period of last year.
TRADE
Sales of department stores increased less than usual in
March and were slightl y smaller than last year owing in
part of the lateness of Easter. Sales of mail order houses
and chain stores, however, were somewhat larger than a
year ago. Inventories of department stores increased slightly more than is usual in March in anticipation of the expansion in retail trade before the Easter holidays, and at
the end of the month they were in about the same volume
as a year ago. Wholesale trade in March continued slightly
smaller than in the corresponding period a year ago. Stocks
of merchandise carried by wholesale firms were seasonally
DB
of April 25, 1927)
larger' at the end of March than in February but in most
lines continued smaller than last year.
Freight car loadings which showed seasonal increases in
March declined in the first ten days of April, owing to the
smaller shipments of coal but continued larger than in the
corresponding period of previous years. Loadings of miscellaneous freight and of merchandise in less-than-car load
lots were in large volume.
PRICES
The general level of wholesale commodity prices declined
further in March reflecting decreases in most of the important groups of commodities. Prices of non-agricultural commodities as a group declined to the lowest level since the
war while the average for agricultural products which advanced somewhat from November to February, remained
practically unchanged in March. During the first half of
April prices of winter wheat, sugar, cotton, silk, bituminous
coal and hides advanced; while those of hogs, crude petroleum, gasoline and non-ferrous metals declined.
BANK CREDIT
There was some decline in the volume of luans for commercial purposes and in loans on securities at member banks
in leading cities between the middle of March and the middle
of April. Member bank holdings of U. S. securities, which
had increased considerably in the middle of March in connection with the operations of the Treasury have declined
by more than $100,000,000 since that time, but are still about
$200,000,000 larger than in the early months of the year.
At the reserve banks total bills and securities, which have
fluctuated near the $1,000,000,000 level since the end of
January showed little change ' during the six weeks ending
April 20. Discounts for member banks were in about the
same volume on that date as on March 9, while acpeptances
showed a decrease and holdings of U. S. securities a slight
increase.
During the first three weeks of April quoted rates on
prime commercial paper and on acceptances were the same
as in the latter part of March, while call money averaged
somewhat higher.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
@FedFRASER