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~'I"III"I'III'II'II'IIIIIIIIIIIIIII'I"I"'I""'II' 1 •••••• 111.1 •• 1.111 ••• 111 ••• 1•• 1••••• 111 •••••• 1•••••••••••••• 1.111 ••• 11.1111111 ••• 1•••••••• 1•••• 11.11 •• 11.'.1.1 ••• 1••••••••••• 11 •• 11 ......... 1.1 •• 1.1 ••• 1........ 1••• 1.... 1... 1•• 1 ......... 1.. 111.1.111.: :: ~1.1.1.1111111111.111.11111 ••• III.I.IIIII.I.,.I.I.,II. 1",,11 ••• ,1111.111,1.111111111111,11111.1111111111 •• 111.1.111.1111.1111111'1111"'11.111.1 •• 11111'1111111.11"'1'1'.11111111.111""'1'11111111.1'11'1'1.1.1.1111111111.1 ... 111111.11.1111111 ..... : /I MONTHLY BUSINESS REVIEW :: :: EE :: :: :: :: : : :: :: : : :: :: ~ :: ~ :: E ! OF THE FEDERAL RESERVE BANK OF DALLAS CHAS. C. HALL-W. J. EVANS, C. C. WALSH, Chairman and Federal Reserve Aeent :: E :: Assistant Federal Reserve Aeenta (Compiled April 15, 1930) EE § ; ••• 111 •••• 1•• 111111111111 ••••• 1 ••••• 1 •••• 1•• 111111 •• 11 •••••• 1.1111111111"11'1111111'1.,1,111",11"""1.1111.1 •••• 1.1.11111.11.111.'1'.11111'1.11.111.11 •••••• 111.1.1111'1111"'111.11111 ••••• 1••• 111111"'11.1 •• , •• 1.1111 •••• II.I •••••• III.I.UII.;~ :; .. 11111 .. 11111 ... 111111 ... 1.. 1111 .. 1111111111111111 ........ 111111111.11 ..... 11111111.111 ... 11111 ........... 1111111111111 .. 111111111111111111111111111 .......... 111111111111111 ... 1 ... 1.. 1111111111111111 .. 111111 .... 11111" .... 11111 .... 111111111111 .. 1.... .. Dallas, Texas, May 1, 1930 Volume 15, No.3 This copy is r elensed for pub. licRtion In afternoon papers April 28 DISTRICT SUMMARY THE SITUATION AT A GLANOE Eleventh Federal Reserve District Change from February March Bank debilB to Individual accounlB (nt 17 cities) . . .. .. . . . . . . .. .. .. . .. . . .. . . . .. . . . . . Department atore sales .. .. . . .. . . ... .. .. .. .. . ReServe bank loans to membar banks at cnd of month . ..... ..... .. . . .. .. . . . .. . .. . ... . Reserve bnnk ra\io at end of month . . . . . . . . . . Building ~rmit valuation nt larger centers. ... CommerClnl failures ~numbar) .... .. . .. .. .. .. . Commercial failures liabilities) ......... . .. . . Oil production (barre 8) . . . . . . . . . . . . . . . . . . . . . Lumbar orders at pine mills (por cent of Dormal production).. .. .. .. .. .. .. .. .. .. .. .. .. $009,880,000 + 11.7% + 16.2% 6,307,473 66 .6% 6,946,576 66 $ 925,658 26,525,050 31.0 8 .6 87% - 5.0 + 508.4.3% poinlB + 32.5~ + 67.1 + 0 poi nIB 1111111111.111I1I1I11'11I1'""II'IIIII~ Statistical indices of business and industry in the Eleventh Federal Reserve District reRected varied trends during March. Seasonal expansion was noted in department store sales, debits to individual accounts, the valuation of building permits issued at principal cities, the production and shipments of lumber, and cotton consumption, but in each instance, there was a substantial decline as compared to the Corresponding month a year ago. The production and ship. ments of cement during the month showed a large increase over both February, 1930, and March, 1929. On the other hand, the distribution of merchandise at wholesale failed to reRect the usual seasonal expansion and was materially less than a year ago. The reduced demand for merchandise at wholesale may be accounted for in part by the smaller volume of purchasing power of the rural population and in part by the desire of retailers to keep stocks at a low level and to hold purchases at a minimum until raw material prices show a greater degree of stabilization. 91111111 .... 11 .................................. 11111111111111 ... 11.11 .... 1111 .. Agricultural operations in most sections of the district have proceeded normally, with the advancement of crops well in line with previous years. The persistence of cool nights over a large area has hindered seed germination, has retarded plant growth, and in some instances, has necessi- tated considerable replanting of cotton. The severe drouth which is affecting a considerable portion of the Western half of Texas is seriously retarding plant growth and seed· ing operations in that area. The small grain crops have made fair to good progress in most sections, but the crops in portions of West Texas are being affected by the dry weather. While the physical condition of the district's ranges and livestock showed some improvement during the past six weeks, it is still considerably below a year ago. Considerable feeding was necessary throughout March and livestock in some sections have been slow in recuperating from the effects of the severe winter. Trading on the ranges has been slow and prices reRected a further decline. The past month witnessed a further improvement in banking conditions. Federal Reserve Bank loans to member banks declined from $12,867,063 on February 28 to $6,. 397,4,73 on March 31, but they had risen to $8,308,781 on April 15. On the latter date, these loans were $9,166,452 less than on the same date a year ago. While the daily average of net demand and time deposits of member banks, which amounted to $84.6,871,000 in March, was $41,006,000 less than in February, the withdrawals were met by member banks mostly out of their own resources. The commercial loans of member banks in reserve cities reRected a further decline and these banks have greatly reduced their indebtedness at the Federal Reserve Bank. Discount and interest rates at banks in the large centers have evidenced a sliO'htly easier tone and the rediscount rate of the Federal Re~erve Bank of Dallas was reduced from 41;2 per cent to 4 per cent effective April 8, 1930. The business mortality rate turned upward in March, there being a considerable increase in the number of defaults as compared to both the previous month and the same month last year. The indebtedness of insolvent firms, while substantially larger than a year ago, reRected a heavy decline from the previous month. BUSINESS Wholesale Trade A substantial recession in the distribution of merchandise at wholesale was in evi· dence during March. While a seasonal ?xpansion usually occurs at this season, it failed to material· Ize this year and sales were considerably below those for the corresponding month last year. The decline in business at wholesale was due in part to the reduced consumer de. mand and in part to the conservative buying policy of retailers. Reports indicate that retailers are not disposed to make purchases beyond actual needs as they are desirous This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) MONTHLY BUSINESS REVIEW 2 of keeping stocks as low as possible. Furthermore, they are deferring commitments to await the outcome of the unsettlement in raw material prices. Collections during the month were generally satisfactory. The demand for dry goods at wholesale reflected a decline of U.5 per cent as compared to the previous month, and was 27.2 per cent less than in the corresponding mont~ last year. Sales during the first quarter of 1930 averaged 24.3 per cent below those in the same period of 1929. The decline during March was accentuated somewhat because of the lateness of Easter this year. Furthermore, merchants are operating on a very conservative basis and are holding commitments to a minimum. Collections showed a considerable increase over the previous month. The sales of reporting wholesale farm implement firms showed a further decline of 15.3 per cent from the previous month and were 32.0 per cent less than in March, 1929. The decline was general throughout the district. Due to the reduced purchasing power and the uncertainty of the agricultural outlook, farmers are making as few replacements as possible this year. Collections during March reflected a large increase over February but were slightly smaller than a year ago. For the fifth consecutive month, the sales of reporting wholesale drug firms reflected a decline as compared to both the previous month and the corresponding month of the preceding year. March sales were 0.3 per cent less than in February and 16.2 per cent below those of March, 1929. Reports indicate that business was somewhat spotty, being generally good in some sections but poor in others. Collections were slightly smaller than in the previousl month. The March distribution of hardware at wholesale evidenced a further seasonal expansion of 4.6 per cent as compared to February but was 20.3 per cent below that in March, 1929. Business appears to be fairly good in those sections where conditions are favorable, but poor in other sections. Collections were approximately the same as in the previous month. The sales of reporting wholesale grocery firms during March were 3.4 per cent less than in February and 2.5 per cent below those in March, 1929. Distribution during the first quarter was only 0.5 per cent less than in the same period last year. Prices reflected a downward trend. Collections were slightly lower than in February. CONDITION OF WHOLESALE TRADE DURING MARCH, 1030 Percentage of inorease or deorease in: ;: Grooeries . .. .. .... Dry goods .. .. ... . Farm implements .. Hardware . ...... . Drugs .. . .. .. . .. . . Net Sales Not Sales Maroh,1930 Jan. 1 to date oompared with oompared with Mar. Feb. same period 1020 1030 last year - 2.5 - 3.4 .5 - 27 .2 - 11 .5 - 24.3 - 32 .0 - 15.3 -.24.2 - 20.3 + 4.6 - 16.2 - 16 .2 - .3 - 18.8 Stocks Ratio of 001100Maroh,1930 tions during Mar. oompared with te nooounts nnd Mar. Feb. notes outstanding 1920 1030 on February 28 - 3.4 0.0 71.3 - 16.8 - 1.6 25.2 -43 .0 +.8 12.7 + 1.5 + 3 .1 35 . 1 + 4.5 - 2.6 39.0 g (!] 111111111111111111111111111111111111111111111111" 1111111111111111111111 .. 11 11111111111111111111111111111111' It 111111118 Retail Trade While the distribution of merchandise at department stores in larger cities in the Eleventh Federal Reserve District reflected a seasonal increase of 16.2 per cent as compared to the previous month, it was 15.2 per cent smaller than in the corresponding month last year. Sales during the first quarter of 1930 averaged 10.0 per cent less than in the same period of 1929. The large decline in March business as compared to a year ago was due in part to the heavy preEaster buying in March last year when Easter came at the end of that month, whereas, it came three weeks later this year. The warm weather since the beginning of April, together with the approach of Easter, has stimulated the demand for spring merchandise. Stocks on hand at the end of March reflected a seasonal increase of 6.5 per cent as compared to those a month earlier, but they were 3.7 per cent less than at the close of March, 1929. The rate of stock turnover during the first quarter of 1930 was .65 as against .70 during the same period last year. Collections showed some improvement in March. The ratio of March collections to accounts outstanding on March 1 was 35.1 per cent as compared to 34,.0 per cent in February and 37.0 per cent in March, 1929. BUSINESS OF DEPARTMENT STORES Total Sales (Percentage): Maroh, 1930, compared with March, 1929 .. . .. .. .. . ... ... ... .... . .. .. ...... . .. . . Maroh, 1930, compared with February, 1930 .. ............. ... ... .... ... .. ..... . . January 1 to date, oompared with same period last ycar ........ • •. . ...•. . .. • . . .. .• Credit Sales (Peroentage): Maroh, 1930, compared with Maroh, 1920 .. . .. .. . ..... .... .. .. ..... . .. .....• . . .. March, 1930, oompared with February, 1930 ... . . . . .. .. . .. . .. .. . .... .... . .... .. . . January 1 to date, compared with same period last ycar .......... ..... . . ... . . .. .. . Stocks (Peroentage): Maroh, 1930, compared with Maroh, 1920 . . ... . ........... .... . .. ... .. .. . .. .... . Maroh, 1930, oompared with February, 1930 .. . . .. .... . . . ... .. . .. . ..... . . . .. .... . Stock Turnover (Rate): Rate of stock turnover in Maroh, 1929 . ... .. . . ....... . ... . ... .. .. . .... ..... . . . . . Rate of stock turnover in Maroh, 1930 .... .. ..... . . ... ..... . .. .. . . .. . . .. . .. . ... . Rate of stook turnover January 1 to Maroh 31, 1929 .... . . . ... . .. . ... . .... . .. . ... . Rate of stock turnover January 1 to Maroh 31, 1930 ... . .. .. . . .. ... . . . ..... . .. . .. . Ratio of March collections to aooounts receivahle and outstanding Maroh I, 1930 . ... ... . Dallas - 10.3 +15.1 - 5.9 Fort Worth - 20 .6 + 17 .2 - 13.5 Houston - 20.8 +13 .5 - 13 .9 Sail Antonio - 14.3 +20 .4 -11.5 Others - 13 . 1 +17 .4 - 8 .4 Total Distriot - 15 .2 +16 .2 -10.0 - 7.7 +11 .8 - 2.9 - 15.6 +12 .2 - 5.6 - 11.5 +16.0 - 7.4 - 5 .7 +30 .0 - 5 .9 - 0.2 +14 .7 - 2.0 - 9.5 +15 .2 - 4.3 - - + 9. 1 4.7 - 14.7 +11 .9 - - .30 . 25 .80 .71 38.1 .30 .31 .87 .86 37.4 + 3.1 .1 + 3.5 + 3.6 .29 .26 .80 .71 33.9 .22 .18 .59 .52 32.8 8 .2 + 8.7 .19 .19 .53 .53 35.5 3. 7 + 6.5 .26 .23 .70 .65 35.1 m""'1I11111111I1I1I1I111111I11111I1111I111I1I1I1111I1I1I1I1I111I1111I111111111111111111111111111111111111111111111111111111111111111111111111111111.11111111111111111111111111111111111111111111111111.111111111111111111111111111111111111111111111111'8 The report compiled by R. G. Dun & Company reflected a sharp increase in the number of commercial failures during March in the Eleventh Federal Reserve District as compared to the preceding month and the same month last year. The liabilities of defaulting firms were considerably smaller than in February, but were larger than a year ago. There Commercial Failures were 66 failures during the month with an indebtedness of $925,653 as against 42 defaults with liabilities amounting to $1,359,396 in February, and 4.9 insolvencies in March, 1929, owing $559,130. Failures during the first quarter of 1930 numbered 175 with liabilities of $3,024,,875 as compared to 14,7 defaults during the same period of 1929 with an aggregate indebtedness of $2,190,589. MONTHLY BUSINESS REVIEW 8 AGRICUL TURE Crop ConFarm work in most sections of the Elevditions enth District proceeded satisfactorily . during the past thirty days and reports Indicate that the progress of planting operations compares favorably with the average year. During most of the period the cool nights have prevented proper germination of seed and have hindered plant growth in some portions. In the Western half of Texas, a heavy general rain is urgently needed to permit planting operations to proceed normally. The condition of winter wheat in Texas on April 1, as reported by the Department of Agriculture, was 80 per cent of normal as compared to 87 per cent on the same date last year and indicates a probable production of 30,700,000 bushels. The actual production in Texas in 1929 totaled 37,800,000 bushels. While the condition is generally good OVer the Panhandle area, rains would be very beneficial to the crop. The April 1 condition of this crop in New Mexico was placed at 79 per cent with a prospective yield of 2,900,000 bushels as compared to a production of 4,734,,000 bushels last year. The Texas oat crop was reported by the Department as only 70 per cent of normal on April 1 as against 81 per cent on the same date a year ago. The severe winter killed a large portion of the fall sown oats in North and Central Texas but most of this acreage was replanted to spring oats. The spring oats, much of which was planted late, made only fair progress in March, due to the cool weather in the Eastern part of the State and the dry weather in the West. The crop in the Central and Eastern portions, however, has responded to the more favorable weather since the first of April. The seeding of corn is completed in most sections of the district but the crop has made only fair progress. The frost during the last days of March did some damage and the persistence of cool nights is retarding growth. The planting of cotton is completed in the Southern portion of Texas and has become general in all other sections of the district except in West and Northwest Texas. The condition and progress of early cotton in portions of South Texas is poor ~o only fair on account of cool nights. Considerable replantIng was necessary in portions of Central and East Texas where conditions have been unfavorable for seed germination. The outlook for peaches in Texas this year is very poor with the April 1 condition of the crop only 4,0 per cent of normal as compared to 86 per cent a year ago. The trees Were damaged severely by the January freezes and much of the fruit was killed by the March frosts, particularly in the large peach growing areas in Northeast and East-Central Texas. . '~he Department of Agriculture estimated the April 1 condItion of the Texas early potato crop as 80 per cent of nor~al or about the same as in the two preceding years. PlantIngs were a little early in the South but late in the Northeast: While early vegetable crops in the Rio Grande Valley sectlOn of Texas are later than usual on account of the severe Winter, weather conditions have been very favorable since the January freezes and crops have grown rapidly. With few exceptions, vegetable crops promise good yields and the movement to market is increasing rapidly. The appended table, compiled from the report of the De- partment of Agriculture, shows the acreage which farmers in Texas on March 1 intended to plant to principal crops (except cotton). From this table, it will be noted that it was the intention of farmers to increase the acreage of all crops mentioned with the exception of oats and barley. The smaller acreage in oats resulted largely from the heavy winter killing. ~"III'lllflllllllllllllllllllll"II'IIIIIII'111111111 111.,111"111.,'11.1111111111111111111'1111111'1111111IIIIIIIII.IS §: Intended norooge for 1930 E Corn .... .. .......... ...... .... 4,941,000 :: ~n':a~ t:: :: : . ...... .... . . ...•........ . •. . .... 2,027,000 :: 1,514,000 :: Grain 80rghuIDB " .. .. .. .. .. .... 3,119,000 :: Tnme bay.. .. .. .. .. .. . .. .. .. . . 744,000 :: Bnrley .. .. .. .. .. .. .. .. . .. .. . .. 193,000 :: Rioe . 202,000 :: PotatOos'.' .' .' : : : : : : : : : : : : : : : : : : : 36,000 :: Sweet potatoes.. .. .. .. . .. .. .. .. 120,000 :: PonnuUJ ...... .... .... ...... ... 180,000 :: Cow ponB.... .. .. .... .. .. .. .. .. 125,000 :: Aerooge harvested 1020 4,538,000 2,710,000 1,682,000 2,760,000 658,000 203,000 171,000 31,000 104,000 175,000 114,000 PctOentnge of intonded aercnge for 1980 to that harvested in 1020 100 108 90 113 113 95 118 116 115 103 110 E :: :: :: E E : :: :: : E E :: E mllllllllllllllllllllllllllllllllllllllllllllllUllIlIlIlIlIllIlllIlIlUlIlIllIlIlIlIlIl1I IIIIIIIIIIIIIIIIIIIIIIIIIIIIII~ The condition of ranges in most sections of the Eleventh Federal Reserve District showed an improvement during the past month. In the Western half of Texas and Southeastern New Mexico, the dry weather has continued, except for rains in some localities, and heavy general rains are needed in these sections to keep the grass and weeds growing. In the other sections of the district moisture conditions are generally satisfactory and range vegetation has been growing rapidly and should soon provide ample pasturage for livestock. Reports indicatc that the calf and lamb crops will be good. Trading on the ranges has been slow. Livestock The condition of cattle ranges in Texas advanced 4 points during March to 76 per cent of normal but the condition of cattle remained unchanged, The condition of both oattle and their ranges was considerably below that on April 1, 1929. While cattle generally are thin, they are in a healthy and thriving condition and should improve rapidly with the betterment of pastures. In the drier sections considerable feeding was necessary during the past month. The April 1 condition of sheep in Texas rose 2 points above that a month earlier but was 10 points lower than on the correspondinO' date a year ago. While there was an improvement of points in the condition of goats, the April 1 figure was 9 points lower than that prevailing on the snme date in 1929. Despite the improvement that took place during the month, sheep and goats generally are in poor condition. Heavy general rains are needed throughout the sheep and goat territory. The shearing of goats is practically completed and the prevailing prices for mohair are very unsatisfactory. The shearing of sheep has begun in the Southern areas and is gradually extending northward. Reports indicate that very little wool has been contracted. In New Mexico and Arizona, livestock generally are in good flesh. 2 The receipts of cattle and calves at the Fort Worth market during March were in larger volume than in either the previous month 01' the same month last year. On the other hand, the arrivals of hogs were materially smaller than in either period. While the receipts of sheep reflected a large seasonal increase as compared to February, they were sli ghtly smaller than in March, 1929. Movements and Prices MONTHL Y BUSINESS REVIEW 4 The demand for most classes of cattle during the past six weeks has been slow and prices reflected a further weakness. Despite the small receipts, the supply of hogs coming on the market has been ample to meet the demand, and prices were irregularly lower. Sheep and lamb prices suffered a further decline. roCIIIIIIIIIIIIIIIIIIIII •• • ••••• I ••• II •••• IIII •••• • •• I.111111111111111111111111' • • 1.1.1"111111111111111"111III'III""'I!] E If&: i~ WORi~~:~~iE~~i O~~:[ I Gl ... lllltllllIlIlIlIlIlll"IIIIIIIIIIIIII.IIIIIIU ... IlI1I1I1 t1 ... III .. IIIIIIII ........ 11111111111 11 1.,111111111111111" 0 Beef steers ............... ...... ........ . Stoeker steers ..... . ........... .. ........ . Butcher eows ...... . .... ....... ... ...... . Stoeker cows ... . ...•. .. ..•.... ..•.....•. . Calves . . .......... ... .. .. ... .. . .. ...... . Hogs ...... ... .... . ..... .. . . ...... .. .... . ; § COMPARATIVE TOP LIVESTOCK PRICES (Dollars Por Hundrert Weight) 9"111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111"0 ~!:ba::::: :::: ::::::::::::::::::::::::: Mareh !U80 513 .25 13 .00 8.76 6.75 12.50 10.40 7.50 9.25 Mareh 1929 $12.60 14.00 9.00 8.26 12 .66 11.16 10 .60 17.50 February 1930 S12.OO 12.00 8.25 5.60 12.00 10 .76 8.60 11 .00 - (!]'"UIIIIIIIIIIIIIIIIIIIUI.UUIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.IIIII1111111.............. 11111118 FINANCE Federal Reserve Bank loans to member banks reflected a rapid seasonal decline during March. These loans which stood at $12,867,063 on February 28, declined to a low point of $5,437,128 on March 25, but had again risen to $6,397,4.73 on March 31. While the decline was accounted for mostly by the liquidation of borrowings by reserve city banks, there was a slight decline in the borrowings dB country banks. Throughout the period, loans were materially smaller than a year ago when the reserve city banks were heavy borrowers. Loans to rural banks are substantially higher this year than they were a year ago. Due principally to the demand from rural banks, loans showed a further increase during the first half of April, amounting to $8,308,781 on April 15 as compared to $17,4.75,233 on the same date a year ago. On March 31 there were 117 borrowing banks as compared to 102 on February 28, and 83 on March 31, 1929. The bill holdings of this bank reflected a sh~rp decline during the month due both to the falling off in loans to member banks and to the reduction in open market purchases. Total bills held declined from $29,236,798.32 on February 28 to $14,779,537.39 on March 31, distributed as follows : Operations of the Federal Reserve Bank Member banks collateral notes secured by United States Government obligations .................................. _.................................. _.. $ 700.950.00 Rediscounts and other loans to member banks .......... _................ 5.696.523.45 Open market purchases (Bankers' Acceptances} .............. _.._...... 8.378.776.9'1 Discounts for non-member banks .................._.............._....._..._...... 3.287.00 and time deposits rose $4,686,000. Their bills payable and rediscounts with the Federal Reserve Bank amounted to $1,388,000 on April 9, as compared to $4,710,000 on March 12, and $9,600,000 on April 10, 1929. 8111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111·0 : E:_: : E CONDITION STATISTICS OF MEMBER BANKS TN SELECTED CITIES (Tn Thousand. of Dollars) __ : April 9. United States seeurities owned ...... . . . . . . . All other stocks, bonds. and seeurities : owned ....... ....... ... ....... .. . . E Loans on seeurities . . . . . . . . . . . . . . . . . . . . . . . : All other loans... . .. . . . . . . . . . . . .. . . . . . . . . :: Totalloallll .. .. . . . . . . . .. . . .. .. . ... . . . . . .. g Net demand deposits......... ..... . ...... _ Time deposits. .... ..... ... ....... .... .. . g Reserve with Federal Reserve Bank .. . . . .. . : Bills payable and rediscounts with E Federal Reserve Bank........ ..... . :::_E Reports from member banks in selected cities in the Eleventh District during the fo ur-week period ending April 9 reflected an increase in deposits and in loans and investments. Loans on securities rose from $108,422,000 on March 12 to $121,34,7,000 on April 9, and on the latter date were at the highest point reached in more than a year. All other loans (largely commercial) de· clined $2,478,000 during the four·week period ending April 9. During the same period, investments in United States securities rose $7,075,000 but on April 9 were $22,560,000 less than on the same date a year ago. The net demand deposits of these banks increased $7,133,000 during the month, Condition of Member Banks in Selected Cities 41.367 121.347 286.046 366.39a 289.496 147.762 33.098 40.974 108.422 237.624 345.946 282.862 143.066 33.827 39,668 104.854 252,473 367.327 300.761 139.567 36.324 1,388 4.710 9.600 •• 19942.9635 E::_: : E : :: g _ g : E 8.1111111111111111111111111 • ••• 1111.1.1.111,.111111'.1.111111111111111111""III"lllillllllllllllllllllll'll11.1.1.1.,18 During March a $4,1,006,000 decrease from February was reflected in the daily average of combined net demand and time deposits of member banks in the Eleventh Federal Reserve District. The daily average of net demand deposits amounted to $622,558,000 for March, as compared to $655,119,000 for February, and $718,066,000 for March, 1929, while the daily average of time deposits for the district was $224,,313,000 in March, as against $232,758,000 for the previous month, and $230,965,000 during the same month last year. Deposits of Member Banks DAILY AVERAGE DEPOSITS OF MEMBER BANKS (In Thousands of Dollars) Total billa held ......................_...... _ ..... _................ _.................... $14.779.537.39 Federal reserve notes in actual circulation amounted to $35,249,700 on March 31, which represents a seasonal dedine of $4,613,54.0 during the month. They were also $2,520,515 less than on the corresponding date of 1929. The daily average reserve deposits of member banks reflected a decline of $400,566 as compared to the previous month and were $6,744,,578 less than in March, 1929. Maroh 12. 930 •• 164•900 April 10. $ 17913.0975 : _: : Mar .• April. May. June. July, Aug., Sept.• Oct .• Nov .• Dec .• J.n.. _ Feb .• § Mar .• Combined Total Reserve City Banks Country Banks Net demand Time Net demand Time Net demand Time deposits deposits deposits deposits deposits deposits 1929 . .... . $718,066 $230.9115 $292.149 $132.987 $425.917 $ 97.978 1929.. .... 693.137 231,507 287,987 135.064 405. 160 96.443 1929. .. . .. 673.097 230.791 280.294 133.018 392,813 97.773 1929... . .. 643.038 226.110 260.317 129.412 382.721 96.698 1929.... .. 640.034 230,834 270.274 138.357 369.760 92.477 1929... .. . 629.909 230,643 260.019 137.174 369.890 93.469 1929.. .... 658,520 234.116 266.796 136,950 391.725 97.166 1929.. .... 674.587 225.673 282,630 134.198 391.957 91.475 1929.. . . . . 008.818 222.773 281,609 132,235 387.209 90,538 1929 ..... . 663.839 220,111 279,611 131.879 384.228 88.2a2 1930. . .... 1159.110 225.469 270,961 131.162 388,159 94,317 1980..... . 1155.119 232.758 268.197 130.111 386.922 96.047 1930. ..... 622.558 224.313 252.607 127.887 369,951 96.426 _ :: (i)1111.111111111111111111111111111111111111111111111111111' •• 1.,1111111111111,1111111111111111,111111111,1,.,1111.1.1.1. 18 While debits to individual accounts in seventeen cities of the Eleventh Federal Reserve District were 5.8 per cent smaller Accounts in March than a year ago, they were 11.7 per cent above the low February figure, and were 5.8 per cent higher than in March, 1928. The aggregate for the past month was $909,830,000, as compared to the March, 1929, amount of $966,259,000, and the February total of $814,S4,3,000. Debits to I nilividual MONTHLY BUSINESS REVIEW 6 ~11I'''IIIIIIIIIIIIIIIIII'IIIII''''III .... ItIlIlIlIlIlI''''"I1I1I1I1I1'''''''''I''IIIII'''1I1I 1111111111'"11111111111£:1 § § DEBITS TO INDIVIDUAL ACCOUNTS (In Thousands of Dollarn) Maroh 1030 0,244 23,717 25,305 0,080 280,475 30,082 07,254 27,932 185,035 10,070 4,103 85,155 44,402 14,042 11,851 17,554 26,423 Maroh 1020 10,638 26,010 28,563 0,711 271,141 40,708 107,650 30,188 211, 102 10,873 3,843 02,270 42,347 15,578 12,3 13 18,075 28,250 Total. . . . . .. S 000,830 S 066,250 Abilene . . . .. ... . Austin . ........ . Beaumont ...... . Cornicana ... . .. . Dallas ...... .. . . EI Paso . .... ... . Fort Worth . .... . Galveston . ..... . Houston ....... . Port Arthur . . .. . Roswcll ..... ... . San Antonio .... . Shrovoport . ... . . Toxarkana' ..... . Tucson . . ...... . . Waco ..... ..... . Wichita Falls ... . Increase or Docreasc - 13 .1 - 8 .8 - 11 .4 .4 +3.4 - 3 .4 - 0.7 -28. 7 - 11 .0 - 1.8 0.8 -7.7 4.0 -10 .0 - 3.8 - 7.6 - 6.6 + + - 5 .8 February 1030 $ 0,118 10,856 30,300 6,640 210,801 41,361 00,844 28,673 170,005 11,366 4,325 80,540 38,100 12,881 0,630 16,062 24,335 Increase or Decrease + 1.4 +19.4 - 16 .5 +18.3 +33.0 - 5.5 7.1 - 2.2 + 3.4 - 0. 1 - 5.1 5.7 +16.5 0.0 +24.2 + 3 .6 8.6 $ 814,543 +11.7 + + + + 'Inoludes tho figures of two banks in Tcxarkana, Arkansas, loeated in thc Eighth District. ~t "IIIIIItIllIIlIlIl"""" "" IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIU'III'''''II''1I1I1I1I1I1I1I11I1111 11111 II U ul!J On March 31 there was outstanding a total of $4,,622,717 in acceptances executed by accepting banks in the Eleventh Federal Reserve District, while a month earlier the volume Acceptance Market of these acceptances outstanding amounted to $7,003,513. While the decrease of $2,380,796 during March was larger than usually occurs at this season, it should be noted that during thelpreceding five months.acceptances outstanding were substantially higher than the average during the same period for several years past. The decline in volume from a year ago amounted to only $75,608. Acceptances of these banks executed against import and export transactions decreased from $2,834~578 on February 28 to $2,537,208 on March 31, but totaled slightly more than on the same date last year. Those based on the domestic shipment and storage of goods totaled $2,085,509, as compared to $4,,168,935 a month earlier and $2,223,34,7 on the same date last year. Savings deposits of 89 banks in the Eleventh Federal Reserve District increased to $149,855,697 on March 31, which was 1.3 per cent larger than the total on February 28 but 1.2 per cent less than the amount reported by the same banks on March 31, 1929. The increase over February was fairly general throughout the district. There was a greater number of savings depositors on March 31 than there was either a month earlier or on the corresponding date a year ago. Sauings Deposits l!J a llllllll.IIIIIII1I1IIIII1I1IIIII1I1IIIII I II.II.,111I1I11111I111I11111111; . , 111111111111111111111.11'"111111111 .. ,11 ...... 11 ... 11.,1111111111111111111111111111111111111111111111 .. 11"1111111111111.1111111111111111111111'1111111.IIIIIIIIIIIIIIIIIII.I!J SA VINGS DEPOSITS ~:'~[n~f Beaumont ..... . . . . . ....... Dallas ................... . EI Paso.............. .. .. . Fort Worth.. . .......... .. . Galveston ... . . .. ... . ..... . Houston .... .. .......... . .. Port Arthur. . . . . ...... . ... San Antonio..... ... ..•. .. . Shreveport.... . . .......... Waco . . .................. . Wiohita Falls.. ...... .. .... All others. . . . . .. .. . .. . . • . . Banks 4' 4 2 2 3 11' 3 7 4' 4 2 43' Num~a~rh 31'1!30~nt of Num~ra~~h 31, fl;~unt of Depositors 6,460 68,861 16,280 18,386 13,800 73,051 5,701 37, 134 22,584 10,322 3,774 41,058 Depositors 6,482 63,654 14,970 17,548 14,004 74,686 4,812 33,320 21,303 0,860 3,760 30,760 Deposits S 2,634,348 25,802,667 6,884,442 7,236,812 8,173,657 34,306,350 1.829.047 22,302,045 11,885,184 0,002,608 1,807,333 20,010,406 Per&~~~~~~~~nge Dcposits S 2,485,250 26,007,228 0,440,700 7,317,402 0,600,202 34,773,167 1,028,140 21,034,500 12,108,131 0,070,607 1.660,106 21,314,118 Nu!~~;~~ry 28A~~,~nt of Savings Dcposits + 6.0 + 2.8 - 8.0 - 1.1 - 14.0 - 1.1 - 6.1 + 1.7 - 2.0 - 1.0 +22.4 - 1. 0 Dcpositors 6,444 08,513 16,210 18,203 13,686 72,584 6.007 30,402 22,311 10,060 3,810 41,327 Deposits $ 2,562,893 25,450,468 6,987,756 7,220,043 7,072,352 34,108,492 1,770,317 22,310,562 11,104,034 0,063,558 1,726,072 20,767,963 Pg~:~t~~n~~~~ge Savings Deposits + 3.2 + 1.4 - 1.7 + .2 + 2.5 + .8 + 3.4 0.0 + 6.5 .0 +10.0 + .7 80 317,027 $140,856,607 303,158 $15 1,018,740 - 1.2 314,347 S147,907,21O Total. .. . ... . .. . 'Only 3 banks in Beaumont, 10 banks in Houston, 3 banks in Shreveport and 30 banks in "All othcrs" rcported the nu mber of savings depositors. + 1.3 GlIIIIIIIIIIIIIIIIIIII.I ••• IIIIIII I II.IIII.11111111111111111111111'111111111111111111111111111111111111111.1'111111111 ••• ,111111.11111., •• 111111111111111111 1111111'1 . 11,111.1.11 1, •••• 11111111111111,.1"'111111111111.11111.ll ll lllllllllllllll llfl llllll ,(!J APRIL DISCOUNT RATES Dallas Prevailing Rates: EI Paso Fort Worth &-8 &-7 Rate charged customern on prime commeroial paper suoh as is now eligihle for rediscount under the Federal Reservc Act . .. .. .......................... .. . . Rate eharged on loalls to othcr banks scoured by bills receivable ......... .. ..... .. . Rate on loans socllred by primo stock exchange or other ourrent collateral (not in- 5~-0 5~-0 oIUdiB~~:~d.~~~~~ i~ .~t.h.c.r. ~.~r~.e~ .th.r~~gb. ~~~r.~~~.de.~t. b~~~):. . . .. .. . . . . . 6~-7 ~~ Time............ . ...................... .. ........... . . . ............ 5Yr 8 t~ ~~a~:Ulcol~~~~~~.it~ .~~~r. s~~~r.~ by. ~.~r~~,~~,~~.~e.c~~p~: c.to:. : :::::: : ::::: 5* 0 g=~ ~-8 Houston o 6 5-0 &-8 ~~ 0 6 6-8 [Q]I IIII IIt IIIIIIIIIIIIIIIIIIIlIIII1IIIIIIIIIIIII1IIIIIII1I1 I 11111111111111111111111111111111111111111111111111111111111111111111111.1111111111111111111111111111 1 11111 1 1111111111 San Antonio ~-8 Waco 6-8 6 &-8 &-8 ~~ &-8 &-8 ~~ 11111111 11 11 1 111111111 1 .,1111111111111111111111111111111111111,1IIIIIIltS INDUSTRY While the operations of cottonseed oil mills in the United States were on a larger scale than in March, 1929, those of Texas mills reflected a large decline as compared to both the previous month and the same month last year. The production of products by all United States mills during the first eight months of the current season was only slightly less than in the corresponding period of the previous season, b~t that of Texas mills was considerably smaller. Stocks of 011 on hand at United States mills on March 31 was 68,875,035 pounds as compared to 72,565,007 pounds a month earlier, and 75,'173,653 pounds a year ago. Stocks of cake and meal and hulls showed a reduction as compared to those on February 28, this year, and March 31, 1929, while stocks Cottonseed Products S1'ATISTlCS ON COTTONSE~D AND COTTONSEED PRODUCTS Texas United States August 1 to Maroh 31 August 1 to March 31 This Season Last Season This Season Last Season Cottonseed recoived at mills (tons) . ......... .. . . . .... . . 1,242,280 1,670,016 4,788,413 4,065,701 Cottonseed crushed (toas) .... . 1,227,827 1,600,OS6 4,497,770 4,505,716 34,306 Cottonseed on hand (tons). ... . 02,474 330,560 388,070 Crude oil produced (pounds) . . . 361,073,308 473,638,0101,300,075,2111 ,443,123,213 576,208 Cake and meal produced (tons) 750,922 1,007,856 2,068,002 320,121 Hulls producod (toas) ........ . 436,360 1,241,815 1,230,102 Linters prod uoed (running bales) ............. .. . .... . 258,584 331,404 027,753 075,208 Stooks on hand, Maroh 31: Crudo oil (pounds) ......... . . 24,808,906 22,953,322 68,876,035 75,173,663 Cako and meal (toas) .. . . . ... . 58,830 51,034 170,184 238,654 Hulls (tons) ................ . 32,077 56,332 82,162 120,088 Linters (running bales) ... .... . 76,824 61,055 262,827 201,363 1!l11111111111111111111111111111.11111111111111111111111'111111111111'1"111"11111111111111111"11111111111111IIIIIIIIIIm MONTHLY BUSINESS REVIEW 6 of linters were slightly smaller than in the previous month but considerably larger than those for the same date last year. Cotton consumption and production of Textile cloth at textile mills in the Eleventh Milling Federal Reserve District reflected a seasonal increase in March as compared to the previous month, but were smaller than in the same month last year. There were 2,74,2 bales of raw cotton consumed in March as compared to 2,4,93 bales in February and 3,070 bales in March, 1.929. The production of cloth was 8.5 per cent greater than in February, but 14,.9 per cent less than the output in the corresponding month a year ago. Orders on hand at the end of March were slightly larger than those a month earlier but were considerably below those last year, while stocks showed an increase over both previous dates. Consumption of cotton at all United States mills during March showed a small increase over February, but was 19.5 per cent below that of a year ago. For the eight-month period ending March 31, consumption reflected a decline of 7.5 per cent as compared to the same period of the previous season. Cotton on hand on March 31 in consuming establishments was less than a month earlier but greater than on the same date in 1929. [!JIIIIIIIIIIII.IIII ••• I.I' •• III.IIIIIIII ••••• '.'I.I.I ••••• '11.,1.1,11,,1111111.11111.1'.'1 •• '11.1111111111111111111111111t:EJ TEXTILE .ILLING .m~:'TE~;':" = :!__ :: Number holes consumed .... . ....... . .. .. . . Number spindles active . ........ ... .. , . . . . 92,952 Number pounds cloth produced............ 1,224,891 ~'.!!!II'IIIIIIIIIII'IIII'III'IIIIII'IIIIIII"II'IIII'IIIII1'.1.11.11 "l~:: 96,536 1,438,729 93,999 1,128,970 _:1 8111111111111111.111 .... 1111111111111111 .................. 1111 ...... 111111111111111111 ....... 11I1I1I11I11 .. ,IIIIIIIClII[:] § r!I ... i:_i : § E _ § : COTTON Stocks, March 31... . .. . . . . . . . Cotton growing states: Cotton consumed.. .... .. . . . On hand March 31 inConsumlng establishments. : ~ March 1929 394,897 470,328 .. Pu:~~':;~~~~~. ~~ c.o.~~ . ~ U~~o~t~~~umed........... __ March 1930 508,576 031,669 On hand March 31 inConsumlng establishments. .. Pu;~~~~~. ~~~ c~.~~. ___:1 ' August 1 to March 31 This SonsOD Lnsl S0880n : g E 3,351,037 3,560,221 1,309,053 1,257,545 3,953,248 2,914,225 ~ 4,323,617 4,674,034 :§_: 1,762,627 1,729,998 4,189,113 3,176,623 _ ___ § [!J •••••• I ••• I.II ••••••••• I.I •••••• ' ••• I.III ••• I ... I ...... 1.1 .... 1••••• 1,111.1.1 ...... 1.1.111.1 •••••• 1.,.111,., ••• I •• II •• I[!J Cotton Movements Smaller receipts and exports of cotton at the ports of Houston and Galveston as compared to the previous month, due to seasonal factors, were in evidence during March. They were, likewise, smaller than in the corresponding month last year. Stocks of cotton at Galveston were considerably lower than a year ago but those at Houston were larger. The exports of cotton during March totaled 4,77,678 bales, which was 18.8 per cent larger than in the previous month, but 14,.1 per cent smaller than in March, 1929. Exports during the current season have averaged 14.5 per cent less than in the previous season. [!]r1 ••• llf ••••••• I ••• I ••••••••••• I.III.I.III •••• I ••••• ,1,'1 •• 1, •• 1111.,11, •• 11"1.1.1 ••• 11""""""""""1.,.I .... II(E1 E ~ COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON (Boloo) §§ §_ E Receipts ...... .... . .... . .... Exports.. .. .. .. .. .. .. .. . .... Stocks, March 31 ............ March 1930 15251',498748 March 1929 139,660 208,693 August 1 to March 31 This 8onson Last Sonson 1.818,324 2,820,194 1,596,121 2,492,956 297,803 417,237 E ~ §§ g_ E G] ... IIIIII ... IIIII .. UIlIIIl.IIII1III1II .. II.IIII1I1I1I ....... U.IIIH ........ 1I11I1I111111 ...... 111 ......... 111111 ... 1,,3 825,890 654,510 [EJ.,IIIII1I1I.III1IIIIIIIIItIIIIIIIlIIIIIIIIlIlIlIlIlIlIlIlIlIlIlIlIlIlIl"1I1I11.11.111.11 .. ,.11 .. ,11111111111111111.11.8 G}.IIIIIIIIIIIIIIIIIIIIIII.II.IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.It.IIII.II.1I11111111111111111111111111111111111111.8 § SEASON'S RECEIPTS, EXPORTS AND STOCKS OF COTTON AT ALL •UNITED STATES POltT8-(Boloo) g : :: _~ Roocipts.... . . .. . . . . . . . . . ... . . . . . . .•. . . . .. . . .. .. . . . .. Exports: United Kingdom ... .... ... . . " . . . . . . . . . . . .. France.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Italy.. .. .............. ....... .. .... .. .. ... Germany.. . . . . . . ... . . .. . . . . . . . . .. . . . ... . .. :: = :: __~ _: : ~;h:~ .E~~~~::::::::::::::::::::::::: : :: :: August 1 to March 31 This 8onson Lnst 8onson 8,044,109 8,942,845 1,136,833 1,640,359 744,056 702,000 570,048 532,028 1479,585 1,600,551 m:~~~ Air other countries........ . .. .. . . .. . . . ...... 333,169 Total foreign ports.................. ....... 5,770,764 Stocks at all United States ports March 31. . . . . . . . . . . . .. 1,920,116 = l,m:~~ 382,100 6,747,019 1,828,049 § g : : _~ :: :: :: :§__ : :: :: ~'''"IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII''''''IIIIIIIIIIIII''IIIIIIIIIIIIIIIIIIIIIIIII1111I11111I11I11I11111111I111.I.Jt l!l1l1l1l11l11l ......... UIlIIl ..... UIl .. IIII ....... UIlIIlIIlIlIIl ....... IIII .............. 1....... IIIIIIItU .. UIlII.IIl!l •• 11111111111.111.111111111"111111111111111111111110 CONSU~~~) AND ON HAND IIII .... III1.,.,IIIIIIIIIIIII.IIIIIIIIIIIIIIIU .......... UIU.UIl ................. , III ""11''' ... 11 II II II 1111 1 IIII!J ":~:~:":;;~:~::'~~~i'~~:~;~;;~~~~.",,0 (!J11111I •••• I.II.I.IIIII.I.I.I.I •••••• I •••••••• I ••• I ••• 1,11.1'.1 •••• ,.,1."",,1,1.1111111.,.1,,11"'1,.,11.11111"111"18 §-_:~ § II~~~~~:~~H::/: M!.~' M~~' I :: § E COTTON-GALVESroN ST\1CK STATEMENT (Bales) g 1 : = : N~Y.L~~=~·::~~:~i::~.~ ' i~' New Orleans ..... .. ..................... . Dallns.................................. Houston ...... .................... .. ..... Galveston............................... 15 .50 16 .20 16.20 13 .60 14 .10 14.30 15.10 15.50 15.70 :_' :: : ~11I .. 1I1I1I1111 .. 1I .. 11I1I1I1I1I1I1 .. 1........ II ... IIIIIIIIIIIIIIIIIIIIIIIII ... IIIIII.1I11 111111111111 ... 11.11111111110 Petroleum While the total production of crude oil during March showed a considerable increase over the preceding month, on account of the greater number of days, the average daily output of fields in the Eleventh Federal Reserve District declined from 882,489 barrels in February to 855,646 in March. Total production amounted to 26,525,050 barrels, as compared to 24,,709,700 in February, and 25,530,200 in March, 1929. There was a slight increase in the number of wells completed during the month but the flush production of new wells was lower than in February. Initial output during March totaled only 119,438 barrels, as against 181,613 during the previous month. The daily average yield for Texas showed a heavy decline of 28,272 barrels from February, the March average amounting to 814,,554, barrels. This was, however, 26,800 barrels higher than in March, 1929. In East Central Texas, the only section to show an increase, the daily average output rose from 23,943 barrels during February to 25,503 barrels during March, and for the week ending April 5 had increased to 30,900 barrels. The rapid and successful development of the new Van area more than accounted for the larger production. Interest and field activity in North Louisiana held up fairly well, but there has been some disappointment caused by the widespread showings of salt water. The daily MONTHL Y BUSINESS REVIEW average production of 41,092 barrels during March represented an increase of 1,429 barrels over the preceding month, and was 5,292 barrels greater than in the same month last year. OIL PRODUCTION-(Barrels) Maroh, 1930 Total Daily Avg. North TexllS .. ... .. . .. ... . •. . 5,283,300 170,429 Central West TellIS...... ..... 11,963,750 385,927 ElISt Central TellIS.. . . . .. ... . 700,600 25,508 TexllS COlIStal.... . . . . ........ 5,101,700 167,474 Southwest TexllS . . . . . . . . . . . . . 2,021,850 65,221 Total TellIS ..... . ..... 25,251,200 North Louisiana ..... . . . . . . . . . 1,273,850 Total Distriot..... . . ... m 26,525,050 Inorease or Doorcase Over February, 1930 Total Daily Avg. + 501,900 335 + 650,350 -18,128 + 120,200 + 1,560 + 236,000 - 0,515 + 143,600 - 1,859 814,554 41,002 +1,652,050 + 163,300 -28,272 + 1,429 855,646 +1,815,350 -26,843 llll l .t.IIII'I ••••• III.III •• II'IIIIIIIIIIIII.'II.III.1111111111111111111111111111111111111'.111111111111111111.,IIIIII.m 7 orders received. In the four-week period ending February 22, orders received amounted to 92 per cent of normal production, as compared to 87 per cent for the subsequent four weeks ending March 22. While production was only slightly higher in March than in February, it was the largest for any period since May, 1929. Shipments, which aggregated 84, per cent of normal production during the four-week period ending February 22, rose to 93 per cent for the period ending March 22. Unfilled orders for lumber on hand at 51 reporting mills on March 31, totaled 61,873,000 feet as compared to 66,655,000 feet on the books of 50 establishments on February 22. Stocks on hand on March 22 showed a fur~her increase as has been the case for the past three months. ~11 111111.111111.1111.lf ••••••• I.,III.II •• I.1111111111 1111111111111.1.11.111'111.11.,111111.1.' •• 1'.11.1 •• 1111111'1111118 alllllllllllle.IIIII ••••••• IIIIIIIIII •••••••••• IIIIII.11111111111"11'111111111"'11111"111111"""11111111IIIIIIIIIII!J PINE MILL STATISTICS MARCH DRILLING RESULTS § § - (Four-week period ending Maroh 22, 1030) North TellIS .. .. . .. . .. .. .. . Central West TellIS .. .... . . . ElISt TexllS... ............ . Southwest TellIS . . . . . . . . . . . TellIS COlIStal. . . . . . . . . • . . . . TellIS Wild-Cats. . . . . . . . . . . Completions 140 280 1 63 70 29 Producers 80 08 .... 38 50 GIIS Wells 13 18 I 4 2 Failures 56 114 Total TellIS. . . ....•. North Louisiana... ...... . . . 551 41 275 17 38 10 238 14 117,203 2,145 Maroh totals, district. . .. ... February totals, distriot .. . . . 592 525 292 294 48 44 252 187 119,438 E 181,613- mlllllllllll •• II ••••••••• " •••••••••• IIIIII.II.II •• e .... 21 18 29 Initial Produotion 12,251 10,265 Number ofreporting mills . . .. . • . ... . . .• ....... . ....•.. . . 51 ~~rfc~~~.~·::::::: ::::::::: :::::: ::::: :::::::: :::::::: ~mu~ 1m .. 44);65 41,212 ~ 'I."1111111111111111'111'111"'1"111111111111111111111111111111111t~ :: :: Unfilled orders Maroh 22. .. .. ...... . . .. . ....... . . ... .... 61,873,000 foot Normal production . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . •. . . . 87,124,000 feet Stooks Maroh 22 . ............. .. ..... , . . . . .• .. . . . .•. . . . 303,632,000 feet Shipmonts below normal produotion. . . . . • . . . . . . . • . . . . . . . . 6,346.000 feet- 7% Aotual produotion below normal. . . . . . . . . . . . . . . . . . . . • . . . . . 6,399,000 feet- 7:& Orders below normal produotion ..... . ... .... ........ . .... 11,721,000 foet-13'10 :: :: ~ .. ,., ... ",., ... ",., .. ,.,.,., .... ,... ,........ ,."", ........ ", ........................... ,........ ,........ ,., . " . ~ Lumber statistics ccmpiled by tho Southern Pino Association, New Orleans, La. lllllllflIIIIIIUllllllllllllll .... IIIIIII .. I .. IIU .. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII .. 111I11I1I1111I.llIlItllIll!J I. .~ ~: :!.: : :~.:;:; ; ~:; ; :~: :...".:~ " " .I~:" J OilstatisUes compiled by The Oil Weekly. Houston, TellIS. Contrary to the usual seasonal trend, the demand for lumber at Eleventh District pine mills reflected a decline in March as shown by new Lumber Building Building operations at leading cities in the Eleventh Federal Reserve District during the month of March reflected a marked increase over February, but there was a general decline from the corresponding month last year. The aggregate of building permits issued during the mont~.J which amounted to $6,94,6576, while 32.5 per cent higher than in the previous month was 20.0 per cent below that for March, 1929. The total valuation of building permits issued during the first three months of the year registered a drop of 20.8 per cent from the first quarter of 1929. 8 111 '"'"11111111111111111111"11111111111'"11111'11111"11111111111111"11"11111111111111111111 ...... 1111111.111111111111111111111111111111111111111111111'111111 .. 11111111111111111IIIIIIIIIIIIIIIIII'"IIIIIII'II"""IIIIIIIIIIIIIIIIIIII'IIII'"Gl ~ ..........................""""",. ""......................"....""",,,,,,,,,,,,,,,,,,,,,,,,,,,..... "" ............................................................. " ................................ " ....................................... ~ Cement Production and shipments of cement at Texas mills during March again showed a large increase as compared to both the previous month and the corresponding month last year. ' There were 694,000 barrels of cement produced, as compared to 482,000 for the previous month, and 527,000 for March last year. Shipments from Texas mills increased from 521,000 barrels in February to 627,000 in March. For the first quarter of the year production exceeded that of the same period of 1929 by 7,5 per cent but shipments were slightly smaller than a year ago, After dropping to 779,000 barrels at the end of February, stocks again turned upward and on March 31 had reached 845,000 barrels, registering a gain of 89.5 per cent over the same date last year. MONTHLY BUSINESS REVIEW t;J '.111111 1 .... 111111 ....... 11 ........................................... " 11I ... II ........... n I PRODUCTION, ............... IIII ......................... 'IIIIII ......... IIIII ......... 1111 .... 1111 ....... 1111 ...... 111111 ....... 11 ....... 11111111"111 ••••• 111 •• • I .... ~ SBlPME~;";b::.!''''~~~ PORTLAN~~~EN:'~c..... = S Produotlon at TeW! milia .. .. .................................................................. .. ... .... ~~ SS?!~:e~~e~3~f ~~.;':'hn:llaTe~ ·mili8 :::::::::::::::: :: ::: ::: ::: : ::: :::::::::: :: ::::::::::::: :::::'.: '.:'.:'. ~ OM> J...., Number 694 Month +46.0 Yenr +31.7 Number 1,497 627 845 +208.6 .3 + + 6,6 +&9 ,5 1,466 =""::t.!~ Ovor Year +7 .6 - .3 ,_I g a~ (!l .... ,IIIIIIIIII.IIIIIIIIIIIIIII1.I ••• •• • ,IIIII ••• ,II.1"II'I"ttl""I"""""""","'."'I"""""""11'11"'1111"'1"'11"11111 ' 1"1 "'1"'1"""'111111111111111,t ', II'I.I.I.I.,II., •• I ••• ,II"'I •• ,III.,I.,1.11111,.1.,1111,.1111111'1 1111 1100 SUMMARY OF NATIONAL BUSINESS CONDITIONS (Compiled by the Federai Reserve Board as of April 22, 1980) Industrial production declined in March while factory employment and payrolls showed little change and wholesale prices continued to decline. There was an increase in construction as is usual at this season. Interest rates continued to decline in the first three weeks of March, but later became somewhat firmer. PRODUCTION Production in basic industries declined in March, contrary to the usual seasonal trend. Average daily output of steel, coal, and copper decreased substantially, while output of cotton and wool textiles declined at about the usual seasonal rate. Production of automobiles and lumber increased. For the first quarter of the year, taken as a whole, output of basic industries was considerably smaller than in the unusually active first quarter of 1929 and smaller than in any other first quarter since 1925. In the steel and automobile industries output for the first three months, though smaller than in 1929, was about the same as in the corresponding month in 1928, while in most of the other major industries it was smaller than in either of the two preceding years. Building contracts awarded increased substantially in March as is usual at this season, according to reports of the F. W. Dodge Corporation. In comparison with a year ago a large increase in contracts for public works and utilities was more than offset by a decrease in residential building. Average daily awards in the first half of April were somewhat larger than in March, but continued smaller than a year ago. EMPLOYMENT Factory employment and payrolls, which usually increase during March changed little from February and continued to be considerably smaller than in other recent years. The number of workers employed in the automobile industry increased somewhat less than is usual at this season and reductions in employment and in earnings were reported in the iron and steel, machinery, and car building industries. DISTRIBUTION Freight-car loadings, which have been at low levels in recent months, did not show the usual seasonal increase during March. Department store sales continued in smaller volume than a year ago. WHOLESALE PRICES Wholesale prices, which began to decline last summer continued to move downward in March to the lowest level si~ce 1916, th~ decline reflecting chi~fly sharp decreases in prIces of agrIcultural products. PrIces of imported raw materials, such as sugar, coffee, and silk, fluctuated around the low levels reached in February. The price of silver advanced slightly from the low point reached early in March. In the last week in March and the first week in April, there wer.e advances in price~ of agric~ltural products, especially grams and cotton, whIle the prIce of steel declined. On April 15, the pri~e of copper was sharply reduced, and in the same week pnces of a number of other important commodities also declined. BANK CREDIT At member banks in leading cities total loans and investments. increased in the four-week period ending April 16, reflectmg a growth of $184,000,000 in loans on securities and of $80,000,000 in investments, offset in part by a further decrease of $186,000,000 in "all other" loans. Member bank indebtedness at the reserve banks and total reserve bank credit declined further between the weeks ending March 15 and April 12? reflecting prin;arily additional imports of gold ~rom the Onent. In the thud week of March money rates m the open market reached the lowest levels since 1924 but in the next three weeks were somewhat firmer. Rates on ~om mercial paper declined to a range of 3%,-4 per cent on March 24" and remained steady at that level; rates on 60.90 day bankers' acceptances were reduced to 21;2 per cent on March 20 but later advanced to 3 per cent. Bond yields after declining during most of March, increased gradually i~ the first half of April. During April the rediscount rates of the Federal Reserve Banks of Richmond, Atlanta, St. Louis, Minneapolis and Dallas were reduced to 4 per cent the rate prevailing at all of the reserve banks except Ne~ York where the rate is 31h per cent.
@FedFRASER