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MO NTHLY BUSINESS REVI EW
.

~~

OF THE

CHAS. C. HALL-W. J. EVANS

C C WALSH

i
U

FEDERAL RESERVE BANK OF DALLAS
Chairman and· F~deral Reserve Agent

n

Assistant Federal Reserve Agents

n1__
(Compiled April 15, 1932)
~1<:::::==xac:=:::::::x~~~~~ac:=:::::::xK::::::X~~~ac:=:::::::xK::::.!
~UlUe 17, No.3

Dallas, Texas, May 1,

193~

This copy is r eleased for p ubHeation in afternoon papers -

April 30

DISTRICT SUMMARY
THE SITUATION AT A GLANCE
Elovenlh Federal Reservo Dislriol

---------------------~--------~--------Maroh
1932

Chango fr~m
Fobruary

$ 10,602,270

- 28. 7%
+ 4.1 points
+115 .5%
- 15 .7%
- 35 .3%
+ 8.5%

----~~----------------1l~~es~Oblla to individual aooounlB (nl 17 I----------I--------$496,140,000
Deparl .. ..... . ........ ...... ...... ... .. ..
- l.7'!9

+ 14 .1%

~r m~nt .Iore sales ........... ..... .. . .. .

o( ~o

bnk.. ..lonna
to momber banka at ond
............ ............. . . .

!loaervOo~

llUild'

ank ratio nt ond of monlh .. . ..... . .

co~ng permil valuation al larger oenters . . . .

Comlll~~l:l [a!lures (,!u~l?c!) .. . . . . . . . . ... . . .
Oil prod . al ures (habilliles) . ... . ........ .
lIellon (barrel. ) .......... . .... . . . . ..

\

60.7%
3,376,829
102
$ 1,662,204
28,069,300

$

th BUSiness and industrial activity in this district during
ine past month continued at an unsatisfactory level. The
pa~:ease . of 14 per cent in department store sales as comsal d WIth the previous month was less than seasonal, and
Ea es Were 24 per cent smaller than in March last year. Prein S~r buying was curtailed because of the cold wave early
Ib an arch. Wholesale distribution increased slightly more
PUr Usual, yet this is attributable to the small volume of
de chases early in the season which has necessitated reorpa~~das .consumer demand made its appearance. As comelin WIth a year ago, sales continued to show a large deat ae Both wholesalers and retailers are keeping inventories
iOW level.

pos~ffsetting

to some extent the unsatisfactory statistical
in p
of business and industry is the growing betterment
uresu. lC ~enti~ent. Although there were sixteen bank failOnly In thiS dIstrict between January 1 and February 19,
80tn e bank has closed its doors since the latter date and
stan~ia anks .hav~ reopened. There was also a furt?er. ~~bI dechne In March in both the number and lIabIlItIes

bf

°b

~~~esale

of commercial failures. Considerable progress is likewise
being made by businesses and individuals in adjusting themselves to the changed conditions.
Federal Reserve Bank loans to member banks, after declining in March, turned upward in April and stood at
$12,656,000 on the 15th of the month, which figure was
$5,335,000 greater than on the corresponding date in 1931.
The investments of banks in larger cities were increased
$6,448,000 between March 9 and April 6, but this gain was
more than offset by the decline in loans. The combined net
demand and time deposits of member banks in this district
averaged $656,444,000 in March as compared with $665,682,000 in February, and $802,235,000 in March, 1931.
Agricultural conditions have been affected adversely by
the weather. The high winds, dry weather, and subnormal
temperatures, which followed the destructive March freezes,
have retarded the development of growing crops and prevented the proper germination of newly planted seeds. Since
there is an excellent subsoil season in practically all sections of the district, the agricultural situation would be materially improved by a heavy general rain to replenish surface
moisture. Livestock ranges have deteriorated considerably
but livestock generally have held up well. Market prices on
most classes of livestock have drifted to lower levels.
The valuation of building permits issued at principal
cities in this district during March reflected a gain of 116
per cent over February and 3 per cent as compared with
March, 1931. The increase over the previous month was
fairly general, but the better comparison with a year ago
was due to the large valuation at two cities. The production and shipments of cement were considerably larger
than in February, but showed a substantial decline from
March last year.

BUSINESS

The wholesale trade situation in the
Eleventh Federal Reserve District reflectIn th
ed a further improvement during March.
distrib c~se of all reporting lines except farm implements,
Illonth Uho n . Was on a larger scale than in the previous
Groce '. the lllcreases being somewhat greater than seasonal.
c0tnp l'l~s and farm implements showed a more favorable
Decli~tlson with a year ago than was reflected in February.
es as compared with March, 1931, ranged from 16.8

per cent ill the case of groceries to 49.9 per cent in the case
of farm implements. Merchants, operating cautiously, continue to buy in small quantities and for replacement purposes only. Sales of seasonable merchandise have shown
some gain in recent weeks as a result of warm, favorable
weather. Inventories showed a downward tendency during
March. While collections in the lines of hardware and dry
goods were substantially higher than in February, in the
other three lines they remained at about the same level.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

-------------------------------------------------------------------------------------------------------2
MONTHLY BUSINESS REVIEW
--------------------------------------------------------------------------------------------------------The contrary to seasonal increase of 6.8 per cent, which
was reflected in the distribution of dry goods at wholesale
during March, was attributable in part to the early date of
Easter and in part to the fact that in January and February
the increases recorded were of less than the usual seasonal
amount. March sales were 26.6 per cent below those a year
ago, as compared with a similar decrease of 23.2 per cent in
February. Business was retarded considerably by cold
weather in the first half of the month. Collections were 11.5
per cent above the February volume.
Sales of hardware at wholesale during March, which
reflected a seasonal increase of 9.4. per cent over the previous
month, were 26.9 per cent less than the volume of March,
1931. Wholesale orders during the first quarter of 1932,
being for the most part small in amount and for immediate
shipment, fell 27.5 per cent below the total for the same
Period last year. The month's collections were substantially
larger than those of the prece ding mont h .
March witnessed a somewhat general improvement in
the demand for groceries at wholesale. The business of sixteen reporting firms in the Eleventh District during the
month was 6.7 per cent larger than in February, and it
showed a more favorable comparison with the corresponding month last year than was registered in either of the two
preceding months. The ratio of collections to accounts outstanding reflected a further improvement over the previous
month.
The distribution of farm implements at wholesale in this
district during March was on a scale 8.0 per cent below that
of the previous month and 49.9 per cent under that of a
year ago. The decline from February, however, was smaller
than is usual at this season, and the comparison with the
corresponding month last year reflected a further improvement. Total collections were slightly larger than in February.
While the demand for drugs at wholesale was 8.0 per
cent better than in February, it was 18.9 per cent less than

in March last year. Business was fairly active in some sec'
tions but slow in others. Aggregate sales from January 1
to March 31 were 20.5 per cent below those of the cO.rre·
sponding period a year ago. March collections showed ltttle
change as compared with the previous month.
CONDITION OF WHOLESALE TRADE DURING MARCH, 1032
Percentage of incrense or decrenso inNet· Salcs
Net Sales
Stocks
Ratin of coli eOMarch, 1982 Jan. 1 to date March. 1932 tions during Mar.
compared with compared with compared with to accounts nd
March Feb. same period March Feb. notes out.tan 2'9g
1931
1932
lnat yenr
1031 1932 on February
-16.8
6.7
-20.0
-21.4 - 6.8
64 .8
-26.6 + 6.8
-26.1
-30 . 1 .3
22.5
-499 - 8.0
-57.2
- 8.4 + 2 1
2.1
-26.9 + 0.4
-27.5
- 7.2 - 1.3
30.9
-18.0 + 8.0
-20.5
-15.8 - 1.5
35.1

t

Groccri ...........
Dry goods ........
Fnrmimplcments ..
Hardware ........
Drug•............

+

Wh i1e an increase was evi d ence d dUringt
M
d' e af
arc I I
in l
tIe deman d for merc h an)5
department stores in leading centers 0
the Eleventh District, it was less than usual for this sea s ll
as the severe cold wave early in March largely offset t ~
advantage of an early Easter. Distribution during the mOillit
was 14.1 per cent above that in February, but 24.2 per ce
less than in March, 1931. During the first quarter ?f
present year sales were 25.1 per cent below those 10
corresponding period of 1931.
Inventories of merchandise held on March 31 refl~ctld
a seasonal increase of 3.1 per cent, but continued materIal ~
below a year ago, being 20.7 per cent smaller. The rate Os
stock turnover showed a further decline during March a
compared with the same month of 1931. For the first qu ar'
ter of the current year it was .63 as against .70 a year ago,
A normal seasonal increase was evidenced in collectiloll~
during the month, but they were again noticeably be 0t~
those last year. The ratio of collections during March. 51
accounts receivable on March 1 was 30.7 per cent as aga~~l
29.8 per cent in February, and 33.1 per cent in March, ~

Reta;l
•
Trade

h

%:

-

• • • • • • + • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • ••

BUSINESS OF DEPARTMENT STORES
Total Sales (Peroentage):
Maroh, 1032, compared with March, 1981. ........................•.............
March, 1082, compared with February, 1032 .. .......... .. ........ . . . ........... .
January I to date compared with same period Inst yenr ......... . ......•..... ••...
Crodit Sales (Percontage):
March, 1032, compared with"Mareb, 1931. ....................................•.
March, 1932, compared witb February, 1"32 ... , ... . .... .. .. ..•.....•... ...•.....
January 1 to date compared with srune period Inst yenr .......................... .
Stecks (Percentage):
March, 1032, compared with March, 1031. ... ........... ....... ....... '" . ..... .
Marcb, 1032, compared with February, 1932 . .. .... ....... .. ........... ... ...... .
Stock Turnover (Rate):
Rate of stock turnover in Marcb, 1931. .............. . ...... . ............... ... .
Rate of stock turnover in March, 1082 ........................ . ..... ... ........ .
Rate of .tock turnever January 1 to March 31, 1031. ............................ .
Rate of .tock turnover January 1 to March 31, 1032 ............... ..... ......... .
Ratio of March collections to accounts receivable outstanding March I, 1032 . .......... .
lnde.es of department store sales:
Unadju.ted-February, 1982 .................................................. .
Unadjusted-March. 1032 . ............... •• ... .......... . ...................•..
Adju.ted-February, 1982 . ........................ . ................. ... ...... .
Adjusted-March, 1982 . ..................................................... .
Ind ..es of department .tore .tock.:
Unndjusted-February. 1032 ....... . ............................... . ......... .
UnndJuRted-Mnrch, 1932 .................................................... .
Adju.ted-Febru"y. 1932 ............. .. ..... . .................. . .... . ....... .
Adjusted-March, 1932 ....•...........•.••..•............................... .
'Revi.ed

Dallna
-IS.4
4.6
-21.1

Fort Worth
-22.8
+26.4
-23.3

Hou.ton
-30.2
+ 2.9
-27.2

San Antonio
-35.4
+10.0
-33.5

Others
-18.0
+41.7
-24.3

Total Di,triol
_24.2
+14. 1
_25.1

-20.7
+ .4
-23.1

-23.3
+18.1
-23.2

-38.2
+ 6.0
-32.0

-35.0
+10.4
-34.2

-10.5
+37.2
-25.7

_25.6
+10.0
_20.1

-18.0

+1.0

-10.8
.5

-29.3
+ 8.4

-17.8
+ 3. 6

-18.2
+ 4.5

_20.7
+ 3.1

.24
.28
.70
.66
30.6

.10
.18
.53
.50
26.9

.25
.72

.26

.23
.23
.65
.58
30.0

.25
23
)0

.67
34.1

.38
.28
.08
.80
31.6

64.7
63 .2
73 .5

65.8
77.0
79 .3
77.0

70.0'
60.0
83.4'
60.7

54 .8
60.0
66.0
60.3

62.6
66. 3
78. 8
66. 3

52.4
53.0

77.7
77.4
80.0
75.1

56.3'
60.7
60 .5'
60 .7

46.3
48.0
45.8
45.3

68.1'

+

61.4

54.6

52.5

.68

30.1

6~.2

6U'
58. 4

lb~~~~~~~~~~~~~~~~~~~~~~=!:::!::=~~~~~~~~=!:::!::=~~~~:-:dl)f'

Commercial
Failures

While the record of commercial failures
in this district during March was appreciably higher than a year ago, it showed
a further material improvement as compared with the preceding month. According to the figures compiled by R. G.

Dun & Company, there were 102 insolvencies record~d to
ing March, with aggregate indebtedness amounungarY,
u
$1,662,204" as compared with 121 defaults in Feb: res,
1
owing $2,567,674. In March, 1931, there were 76 fa) U
with liabilities totaling $1,455,519.

--------------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
3
-------------------------------------------------------------------------------------------------AGRICULTURE
Crop Conditions

Weather conditions in this district since
the first of March have been very unfavf
Ql'able to agriculture. The early March
creezes, which did considerable damage to growing field
dro~s and fruits, were followed by a month of fair weather,
s rYl,ng winds, subnormal temperatures, and frost in some
t ectlons. While the absence of rain has enabled the farmers
~,proceed rapidly with land preparation and planting oper: l?ns.' the dry weather and high winds, which have caused
d lapld evaporation of top soil moisture, have left the soil
ry and cloddy with the resu lt that there has been poor
ger' .
lUmatIOn of seed and unsatisfactory plant growth.

Farmers'/n-

There is given below a table compiled
from the report of the Department of
Agriculture covering farmers' intentions
to plant (as of March 1, 1932) in states
attached to this district. It will be noted that the acreage
intended for food and feed crops shown in the table is
(with few exceptions) larger than that harvested in 1931.
However, the percentages of increases are smallest for those
crops which represent the largest percentage of the states'
acreage.
tentions to
Plant

PLANTING INTENTIONS. MARCH 1. 1932

d Small grains deteriorated considerably during March
s~ef to the freezes, high winds, and lack of rainfall. Although
is r ace moisture is about exhausted in many areas, there
ruta ,good subsoil season and with good rains in the near
111 Ule prospects would be materially improved. The Departdi~~t of Agriculture in its April 1 report estimated the conCo Ion of the Texas wheat crop at 76 per cent of normal as
di(pared WiLh 90 per cent on that date in 1931. This conbu1]111 figure indicates a probable production of 35,500,000
In e s as against a yield of 57,433,000 bushels last year.
ter ew Mexico and Oklahoma the April 1 condition of winYe Wheat was likewise considerably under that obtaining a
pI ar ago and in each case the indicated production was
es:ce~ at only slightly more than one-half last year's harvno' tIe Texas oat crop was estimated at 70 per cent of
M:rna condition as against 86 per cent last year. The
be rch freezes did considerable damage and some fields have
waenllowed up. The condition of this crop in Oklahoma
A.P~'il 2 per cent and in Louisiana it was 61 per cent. On
lively.l last year it was 83 per cent and 78 per cent, respec-

N

Lio The planting of corn is nearing completion in most secto ns lof the district, but the crop generally has made poor
1l01?n fair progress due to the dry top soil and the subearl a temperatures. The crop is late in some areas as the
repl~ c~op Was damaged by the freezes and considerable
nhng was necessary.

r

I

)

I

r
)

TexCotton planting is well advanced in South and Southeast
l'heas and is getting under way in Central and East Texas.
of tl;veather has been ,too cool for the proper germination
IVo r e seed and has been favorable to the spread of cutrns and lice.
of Ihe. Texas potato crop was estimated by the Department
cOlt) gl:lculture to be 60 per cent of normal on April 1 as
Ivas Pired with 63 per cent last year. The Louisiana crop
The P aced at 63 per cent as against 78 per cent a year ago.
Serio p~ach crop in all states attached to this district was
1 waus y damaged during March. The condition on April
Illa__isreported as follows: Texas-23 per cent, Oklaho,per cent, and Louisiana-47 per cent.
trucfhile the March freezes did considerable damage to
111ated c Ps, the Federal-State crop reporting service estitUrni t at the condition of cabbage, carrots, onions, and
cond~~ held their own or improved during the month. The
stral:bl0n . of all crops except cabbage, beets, tomatoes, and
COnti ern~s was higher than a year ago. Shipments have
lllodi~ued m fairly heavy volume and prices on some comes have advanced.

h

Crop
Corn ....... , . .. .
Oats , ........ , ..
norley,. " . .. . ..
Grain Sorghums ..
Potatoes., .... ..
Tamo Hay ...... ,
Rice, ...... .. .. .
Sweet Potatoes .. .
Peanull, ....•.••
+

Arizona
115

105

120
125
110

110

Percentage of 1931 harvested acreage
Louisiana New Mexico Oklahoma
108
106
100
97
135
105
175
180
104
104
75
110
102
115
108
105

1~

120

'iio

125

Tcxns
106
103
130
102
104
107
88
120
120

•••••••••••••••••••••••••••••••••••

••

~

Livestock

Weather conditions have been unfavorable to livestock ranges in the Eleventh
Distri~t since the first of March. Although range vegetation was more advanced than usual at the opening of March,
the early March freezes brought a substantial "set-back"
over a large area in Texas and this together with the high
winds and lack of top soil moisture has prevented the proper
growth of spring grass. While the freeze did little damage
in Northwest Texas, Southern New Mexico, and Southeastern
Arizona, new grass has been slow in starting due to the persistence of cool weather and high winds, and the absence of
surface moisture. Nevertheless, there is still a plentiful supply of subsoil moisture and the situation can improve rapidly with the advent of warm weather and heavy general
rains.
According to the report of the Department of Agriculture, the April 1 condition of cattle ranges was 79 per
cent of normal as compared with 82 per cent a month
earlier and 88 per cent on April 1, 1931. Sheep and goat
ranges declined 7 points during March and on April 1 were
rated at 78 per cent of normal which was 12 points lower
than a year ago. Cattle over Texas as a whole held their
own during the month, the 80 per cent condition figure on
April 1 being the same as on March 1. However, it was 6
points below that obtaining a year earlier. The greatest
decline occurred in South Texas where there was a considerable shrinkage due to the March freezes. The condition
of sheep in Texas on April 1 was 1 point lower than all
March 1 and 7 points below a year ago. The condition of
goats showed a decline of 3 points during the month and 9
points for the year. In New Mexico there was a slight decline in both ranges and livestock. In Arizona the condition
of ranges declined, that of cattle remained unchanged, and
that of sheep improved 3 points. Both ranges and livestock
were in better condition than a year ago.
The March receipts of all classes of livestock at the Fort Worth market were substantially larger than in the previous
month. As compared with March, 1931, the arrivals of hogs
were materially larger and 'receipts of calves and sheep in-

Movel1umts

and Prices

--------------------------~~---------------

~4_____________________~MO~N~T=H=L~Y~B~U=S=I~N=E=SS~R=E~V~IE~<W~__~
~ ______________---creased slightly. A substantial decline was registered in the
receipts of cattle.
While the cattle market was a little erratic at times, it
drifted toward lower levels. Some quality cattle met with
a good demand at higher prices but the rank and file of
arrivals sold at lower prices. The hog market showed considerable strength during the first half of March, but declined steadily during the subsequent thirty days, reaching

. many years. Sheep an d laIllbs
the lowest level recorded m
. ts
have held up fairly well under the weight of heavy receJp .
Quality spring lambs usually sold at a good advanta~d
Prices were higher during the first half of March, bu~ ea
off somewhat during the next thirty days. The mal' et ror
wethers fluctuated within a narrow range.
COMPARATIVE TOP LIVESTOCK PRICES
(DottaTS per hundred-weight)

FORT WORTH LIVESTOOK RECEIPTS
(Numbor)
March
Cattle ........ ..
Calves ......... .
Hogs ........... .
Shoop .......... .
•

•

•

•

•

•

•

•

•

Maroh

1932
37.778
11.082
36.673
113,342

•

•

•

•

•

Chango over
year

1931
45,731
11,014
25.835
111,696
•

•

•

•

•

•

7.953
68
+10.838
1,646

28,870
8,692

+
+

•

•

•

•

•

+ 8,908
+ 2.390
3,419
+55,122

+

3~.264

58.220
•

Deer steors ................•..............
Stooker steers ........................... .
Butcher eo\VB .......................•....
Stocker OO\VB ............................ .
Calves ................................. .
Hogs ................................... .

February Change over
1932
month

-

•

March

•

•

•

•

•

•

•

•

•

•

•

e:Ca::::::::::::::::::::::::::::::::::
•

•

1932
Sr..75
5.60
3.25

8:00

4.65
4.00
8.75

Maroh

February

1931
$ 8.50
7.50
5.50
6 .25
10.00
8.10
5.75
10.00

5.25
4.40
3.75
5.60

1932
$5.75
4.25
3.25

3.00

I

FINANCE
Operations of
the Federal Reserve Bank

Federal Reserve Bank loans to member
banks, after reaching a total of $16,660,000 on March 3, showed a steady decline
until March 30 when a low point was
reached at $10,24.3,000. This decline was due almost entirely
to the liquidation of indebtedness by city banks as the borrowings of country banks remained at a fairly steady level.
During the subsequent two weeks there was a steady increase
in the demand for funds from both country and city banks.
The total of Federal Reserve Bank loans to member banks
amounted to $12,656,000 on April 15, as compared with
$7,321,000 on the corresponding date in 1931. There were
205 borrowing banks on April 15, as compared with 187
on March 15, and 161 on the corresponding date last year.
This bank's holdings of bankers' acceptances bought in the
open market amounted to only $1,960,000 on April 15, reflecting a decline of $1,882,000 from those a month earlier
and $3,550,000 from a year ago. There was practically no
change in the Bank's investments in Government securities.
The reserve deposits of member banks totaled $44,235 000
at the middle of April which was $3,568,000 less tha~ on
March 15, and $13,174,000 below those on April 15, 1931.
Federal reserve notes in actual circulation amounted to
$37,692,000 on April 15, as compared with $4.1,271,000 a
month ago, and $27,126,000 on the same date last year.
CONDITION OF THE FEDERAL RESERVE DANK
(In thouBnnds of dollars)
April 15,
Totnl cash reservC9 ...................... .
Discounts ror member hanks ....... '" .•...
Other blll9 discounted .................... .
Dills bought in open market .............. .
United Slates seourities owned ......•..... .
Other investments ......................•.
Total earning nssets ..................... .
Momber bank reservo deposits ........ . ...•
Federal reserve notes in aetunl circulation ..•

Condition of
Member Banks
in Selected
Cities

1932
$ 51,503

12,655

None

1.960
27,863
5
42,483
44,235
37,692

April 15,
1931
, 52,336
7,321
5
5,510
29,229

7

42,072
57,409
27,126

h carreon April 6, which was $1l,082,000 abov~ that on t 'ODD be'
sponding date in 1931. Their loans dec~med $9,4?4, off of
tween March 9 and April 6, representmg a fallIng. "all
$1,972,000 in loans on securities and $7,492,000 l?nves t.
other" loans (largely commercial). Total loans ani l ril 6,
ments of these banks amounted to $409,440,000 dO$44A 805,'
as compared with $412,456,000 on March 9, an . t~taled
000 on April 8, 1931. Their net demand depOSIts 000 lesS
$239,556,000 on April 6, which amount was $5,748, r aO'O.
than four weeks earlier and $37,656,000 below a yea ontb.
Time deposits increased slightly during the past Illunted
Their borrowings from the Federal Reserv.e Bank a-:~OO on
to $1,154,,000 on April 6, as compared WIth $5,48 ,
March 9, and $582,000 on April 8, 1931.
CONDITION STATISTICS OF MEMDER DANKS IN SELECTED CITIES
______________~(~In~t=ho=us=a=nd~s=or=d=ott_ars~)__________~---April 6,
United States securities owned . ........... .
All other stocks, bonds, and scouritiC3 owned.
Loans on securities ...................... .
All other loalls .......................... .
Total loans ............ . ................ .
!,!.et deman~ deposits ......... . .......... .
lime deposits ........................... .
Reserve with Federal Reserve Dank ....... .
Dills payable and rediscounts witb Federal
Reserve Dank .... . ................... ..
•

March 15,
1932
, 54,646
14,020
1
3,842
27,364

5

45,232
47,803

41 ,271

The reports from member banks in selected cities during the four-week period
ending April 6 reflected an increase in
investments, but a further decline in
loans and deposits. Their investments in
United States Government securities rose $5,089,000 and
those of other securities were increased $1,359,000. The
total investments of these banks amounted to $149,939,000

+

April 8,

1932
$ 88,298
61,641
77,655
181,946
259,501
289,556
128,834
28,175

1931
$ 85.585
53.272
91,663
218,285
309,948
277.212
160,556
a3,551

1,154

582

•••••••••••••••••••••••••••

••

March g,
1932
S 83,2~
60,2
79,5 27
189,438

268.0~

246'~86

1~~:600
5,482
.,.~

'butable to
Moderate declines, largely attn d in both
seasonal influences, were reflecte ptances
.
.
claSSificatIOns
0 f b an k er s' accelose af
executed in this district and outstanding at th~l CatnOllnt·
March. Total acceptances outstanding on March
iJ11porJ
ed to $2,409,627, of which $743,924 were base d'e o~"ecllte
and export transactions, and $1,665,703 weI ods. On
against the domestic shipment and storage of g~ 908 and
February 29, total acceptances amounted to $2,7 , unt~d to
on the last day of March, 1931, the aggregate a~~ during
$3,056,4.01. It should be noted that the l'educ~lO the san1e
March this year was appreciably smaller than lD
month of either 1930 or 1931.
of net de'
Deposits of
The combined daily average b r banks
Member Banks
mand and time deposits of de~ ; wart
in the Eleventh District ug30 in Fe .
amounted to $656,444,,000, as against $665,682,

AcceptG:nce
Market

'---------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
5
----------------------------------------------------------------------------------------------s~ary, and $802,235,000 in March last year. The decline of

,238,000 from the previous month was to a large extent

DEBITS TO INDIVIDUAL ACCOUNTS
(In thou8:lnds of dollars)

~easonal in nature. 1he major portion of this decline was

In the net demand deposits of country banks, which de·

~~eased from $246,994,000 in February to $239,722,000 in

March

'Y1arch.

DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thous.nds of dollars)

-

Combined Total
Reserve City Banks
Country Banks
Net demand Time Not domand Time Net demand Time
deposita deposita deposits deposits deposits deposits

~a~., 1031 .. .... $567,408
li"I, 1081. ... ..

/rAU

Jay, 1031. .. ...
e, 1931. .... .
y. 1931... .. .

&,BC 1931......
ott·,
1931. . ... .
N ., 1931......
nOv., 1031... ...

J oc., 1031.... . .
F~~"

,,1""

Abilene .........
Austin . .. .. .....
Bonumont .......
Corsicana .......
Dallas . .........
EI Paso .........
Fort Worth ......
Galveston ......•
Houston . ...... ..
Port Arthur • . ...
Roswell .... ... ..
Snn Antonio . . ..•
Shreveport .• ... .
Texarkana-.. ....
Tueson .. ..... ...
Waco . ... .. .....
Wichita FaIle • ...

1032 .. ....
1032......

ar., 1032......

50i,009
503,222
543,155
537,233
523,707
508,850
487,314
483 970
474,935
468,172
460,110
401,557

$234,767
234,141
238,653
231,880
225,028
222,260
215,974
202,524
203,719
202,004
196,782
106.572
194,887

$263,123
26U,207
267,010
254,008
257,244
255,584
242,731
232,544
23 1,910
220,397
221,700
222.116
221,835

$143,080
142,589
140,362
139,800
135,490
138,568
129,116
119,826
121,817
122,674
118,475
118,903
117,380

$304,345
207,802
200,212
280,002
270,080
208,213
266,119
254,770
252,060
248,538
246,373
246,004
239,722

$ 91,687
01,552
03,291
01,000
00,420
88,698
80,858
82,698
81,902
70,420
78,307
77,57U
77,548

lQ32
$ 3,048
10,418
15,139
2,070
1 4~, 016

18,828
54,488
20,029
108,345
4,028
1,759
48,437
22,907
5,620
8,570
10,259
8,406

Maroh
1931
$ 5,760
20,923
20,308
4,600
160,796
28,040
72,541
24,208
155,046
7,514
2,752
00,672
33,828
0,204
0,623
12,138
15,914

Porcentage
ohange over
year

Percentage
ohange over
month

February

1932
$ 4,910
10,108
17,008
2,712
139,356
19,088
50,644
25,013
116,409
5,269
1,777
47,495
23,397
6,544
8,289
11,308
0,100

- 31.7
- 7 .2
-25.7
-36.3
-14.9
-32. 9
-24.0
- 17.0
-30.5
-34.4
-30. 1
-30.5
-32.1
-80.2
-10 .8
-15 .5
-47.2

-10.7
+20.5
-11.0
+ 0.5
+ 1.9

-1.4

+ 7.6
-19.0
- 6.9
- 6.5
- 1.1
- 2.0
- 1.8
-14 .0
+ 3.5
- 9. 7
- 8 .5

-1.7
$504,572
-24.8
$060.045
Total. ...... $496,140
-Includes the figurcs of two banks in Texarkana, Arknnsaa, looated in the Eighth
District.

Debits to
Individual
t1ccOunts

--

SAVINGS DEPOSITS
Number of
Reporting
Banks
3
0-

2
4
4

112
84
3

S-

87-

Maroh 31, 1032
Amount of
Numbor of
Snvings
Savings
Depaoita
Dopositors
6,707
74,324
10,775
34,521
17,786
08,367
4,520
10,674
25,227
10,249
2,914
58,095

$ 2,600,800
25,357,500
3,031,088
11,128,087
11,050,853
30,421,011
1,815,271
14,548,440
10,442,153
6,454,827
2,311,140
23,331,348

Maroh 31, 1081
Amount of
Numbor of
Savin~
Snvings
Deposits
Depositors
5,521
77,324
11,537
35,129
18,038
81,000
4,855
21,569
25,627
10,500
3,084
62,930

Porccntaf Chango
Over onr III
Sn"ings Deposita

$ 2,510,058
20,132,710
3,760,082
13,400,028
11 ,890,544
36,055,054
1,830,085
21,280,001
14,410,644
6,265,612
3,004,330
28,441,940

February 20, 10n2
Number of
Amount of
Snvings
SavinJl8
Depositors
Deposita
6,070
74,600
10,743
34,067
17,613
68,208
4,300
16,61 2
25,232
10,141
2,906
58,054

+ 3.2
- 13. 0
- 10.0
- 17 .0
-7.1
- 15 .6
.8
-31.6
-27.5
- 12 .9
-24. 6
-18.0

-

Poroent~e

Changa
Over onth in
Savings Deposita

$ 2,578,866

25,570,000
3,048,742
11,163,413
10,001,083
80,442,889
1,770,581
14,722,390
10,420,285
5,455,741
2,318,194
23,475,781

$141,071,454
- 17 .8
320,538
$172,006,144
358,623
140
829,759
S141,490,126
Total. ..........
-Only 6 bank~ ill Dallas, 10 in HOUBton, 7 In San Antonio, 2 in Wichita Falls, and 80 In "All others" reported the number of savings depositors.

+

-++

.7
.0
.0
.3
.6
.1
2.5

- 1.2
+

-

.2
0.0
.3
.0
.3

____
Prevailing ratcs:

APRIL DISCOUNT RATES

---------------------------------~------~------~----~----~~------~------

~

~~

Dallna

EI Paso

4- 7
5-6

6-8
5-6

6-7
6-8
5-7
5- 8

8

6- 8
6-8

Houston

Snn Antonio

4* 8
5-6

5-7
5- 6

5-6
6

6-8
5*6

6- 8
6-8
6-8
6-8

6-7
5- 7
5-7
7-10

6- 8
0-8
6-8
7-10

7- 8
7-8
6-7
8

Fort Worth

Waco

~-------------------------------I-------I-------I-------I-------I-------·I-~~-

,:forged customers on prime commeroial papor such as is now cligiblo for
ll-to chlloonnt under the Federal Reserve Aot. .. ............................... .
''''Ie o.",ged on loans to other banks secured by bills receivable ............... . . . .
Inol Jans scoured by prime stock exchange or other current collnleral (not
UDog loans placed In other marketa through eorrcspoDdcnt banks):
h
T·emand ................ . ............... ........... ............. ... .

~:~li:~~~~:I~~ :~~~~ ~~~~~e~ ~~: ~n~~~~~~~:~e~~~~~: :e:~:: :::::::::::::

~Ottonseed
rrodUc

INDUSTRY

While operations of cottonsee d 01'1 ml'11 s
in Texas reflected the usual seasonal de·
and th
cline during March, the receipts of seed
01\ a se )roduction of linters at all United States mills were
Of COttca e contrary to the customary trend, and crushings
on seed and output of other products showed a rela·
ts

6-8

tively small decline from February. Activities were again
materially above the corresponding month last year at both
Texas and United States mills. With the exception of linters
produced, operations at the latter mills during the eight
months of the current season showed an increase at the close
of March over the same period of the preceding season, and

~6_______________________M_O_N_T_H_L_Y
__B_U~S~I_N_E_S_S_R_E_V_I_E_W
____________________-----

at Texas mills further increases were evidenced. Inventories of seed continued comparatively large, although reflecting a decline from February. Stocks of all products
were smaller at the close of March than those a month
earlier, but crude oil and hulls were again substantially
above a year ago.

........................................ ..
STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
Texas
United States
August 1 to Maroh 31
August 1 to March 31
This Senson Last Senson This Senson Last Se.,son
Cotton.eed receh'ed at milia
(tons). ...... " ........... .
1,508,488
1,224.174
5,284,398
4,572,188
Cottonseod crushed (tons) .... .
1,383,720
1,192,719
4,589,877
4,407,445
Cottonseed on hand Mar. 31
227,055
(tons) ................... ,
48,158
704,327
210,150
Crude oil produced (pounds), .. 412,374.700 350,305,0251,430,224,0131,340,593,514
Cake and monl produced (tons)
640,072
500.074
2,058,020
2,010,708
Hulls produccrl (tons) ... , .....
300,135
336.913
1,289,467
1,218,418
Linters produced (running
bales) .. . ......... ........ .
178,718
180,001
735,408
700,7a4
Stocks on hand March 31:
Crude oil (pounds), ... ...... . 20,130,002 l1,OOO,R05 88,678,027 46,999,423
Cako and meal (tons), ....... .
42,307
00,042
204,303
302,503
Hulls (tons). ....... ........ .
09,193
47,909
216,619
112,352
Linters (running bales) ... .... .
80,096
75,510
281,539
296,747

Textile
Milling

Reports from Texas textile mills show
that consumption of cotton and the production of cloth was approximately the
same as that a month earlier, but fell considerably below March, 1931. Orders for finished products on hand on
March 31 were slightly below those held on February 29,
and were materially under those a year ago.
The customary seasonal increase was reflected in the
domestic consumption of cotton during the past month, but
for the first time since May, 1931, a decline was registered
as compared with the same month a year ago. Total consumption during March was 4-88,655 bales, as against 4.50,018 bales in February, and 4,90,509 bales in March, 1931.
Cotton consumed during the eight months of the present
season aggregated 3,569,945 bales, which represents an increase of 5.5 per cent over that in the same period last season. Inventories of cotton held on March 31 were less than
those on hand on February 29, but continued above those
held a year ago.
COTTON CONSUMED AND ON HAND
(Bales)

Cotlon.growing states:
Cotton consumed. . . . . . . . . • .
On band Mnrch 31 inConsuming establishments.
Public Rtorage and comprcsses., ............. .
United States:
Cotton eonoumed...... .... .
On hand Maroh 31 inConsuming establishments.
Public storage and comprC88<l8 ... ' ......... •..

Cotton
Movements

March
1032

Maroh
1931

308,021

383,706

488,055

490,509

were 40.3 per cent greater than in the same period of the
1930-31 season.
. d Sports
Although exports of cotton from all Umte
ta~es ed on

reflected a seasonal decline during March, they contJll~18.30
a very high scale, being 68.9 per cent above th~ 1 month
average and 53.1 per cent above the correspondmg
1
' in which month exports were well. above ~cb
onna·
last year,
as
Shipments amounted to 927,127 bales dunng Mall ' in
against 970,4.19 bales in February, and 605,461 b' es ced
March, 1931. Exports during the current se~son eVl ~eri.
a further increase over those a year ago. Takmgs of
but
can cotton by Japan fell off sharply during the mont, Her
importations by France, Germany, and many. of th.e s~:sed,
countries throughout the world were substantIally mc

d

1

COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
(Dales)
_

Receipts .................. . .
Exports .................... .
Stocks, March 31. ........... .

March
1032
133,146
241,962

March
19~1

00,880
132,909

August 1 to Mnrch 31
This Season Lasl Season
1 455,053
2,218,0 21
1'070992
1,834,571
'560' 313
772,550
'

................................... ~
COTTON-GALVESTON STOCK STATEMENT
____________________~(B_nl_C8~)______________~-----

For Great Britain . . . .... .......... ................. ..
For Franco . ........................................ .
For other forei gn pnrts .. ........ ... ... .......... .. .. . .
For coastwise ports .... .... .......................... .
In compresses. and dopots ............... ..... ......... .

March 31,
1032
5,500
4,000
42,500
2,000
718.551

Tota!. .............................. ..

772,550

Morch 31,
19S1
1700
2:300
13,000
500
612,813

6oO,3i3

COTTON MOVEMENTS THROUGH THE PORT OF HOUSTON
(Dales)
___

Receipts .... ........ ....... ..
Exports ................... ..
Stooks, Maroh 31.. . ......... .

Mareh
1932
123,978
240,908

Maroh
1931
60,801
205,008

August 1 to Mnrc b31on
This Season Last8~1
3,075,260
N95' 609
2,338,771
)'215'743
1,429,140
"

N AT ALL

August 1 to Maroh 31
This Senson Last Season
2,921,328

2,685,213

1,245,353

1,000,607

8,356,301

6,253,218

3,569,945

3,384,135

1,506,205

1,478,120

8,766,979

6,&57,807

The usual recession was reflected in the
exports of cotton during March from the
ports of Houston and Galveston. Nevertheless, shipments were well above the average for that
month, and were again considerably above the same month
a year ago. Receipts of cotton during the month declined
seasonally from February, but they too continued above
those in the like month of 1931. During the eight months
of the current season the combined exports from these ports

SEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTT O
UNITED STATES PORTS- (Dales)
_____
--------------------------------~--~ M reb 31
Augu.t 1 to n 0,.'00
.
Last""""
ThIS f>cn!to n
88 221
lWeeipts............................................. 9,082,043
8'~26)53
'ted
K'
d
983,604
846115
E'<ports: UIII
IDg om ................ · .. · .. ··· .. ·
333,494
387'801
France . .. . .. . .. . .. . . .. .. .. .. .. .. .. .. .. .. .. .
480.872
1 386)41
Italy ............ ...... .. ........ .... ..... ·· 1,238,781
'555,233
Germany ................................ ·..
587,040
910 673
Other Europe .... ...... .... .... ...... ...... · 1,965.612
606: 152
iir~~h;'~ o~~·n·t;ie's·. '.:::: ::::: :::: ::: :: :: ::::: 1,250,638 5 611,81~
1'0101 forei.n ports ........... .. ........ .... . O,851.04~
3'838,40
Stooks at all United Stated ports, March 31 . ......... . .. 4,418,81
'

SPOT COTTON PRTCE8-(Middling Dasis)
(Cents pcr pound)

New york .............................. .
New Orleans ............................ .
Dallll8 ................................. .
Houston ...........•.... .•.... .... . ......
Galveston . ..... ......... ............... .

Maroh, 1932
High
Low
7 20
6.20
7'02
0.11
0'60
5.70
7'00
0.10
7:05
0.15

'----:-5
APril 1 ,
1932

6.aO
0. 26
6.80
6.20
6.25

'------------------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
7
--------------------------------------------------------------------------------------------------Petroleum
The production of crude oil in the Elev- ................. .. .. . ... .. .......... . ...
2

MARCH DRILLING RESULTS

enth District during March, which totaled

t1~,069,390 barrels, was considerably larger than in .either

': preVIOUS month or the same month last year. WIllIe the
a1 of 2,192,600 barrels over February was principally due
t l~ two extra days in March, an increase was reflected
: So In daily average output. Field activity, which fell off
otlewhat in February, showed a material pick-up in March.
I . ~he 589 wells completed in March, 443 were producers
V1t
I
a flush output of 3,223,429 barrels; in February, 517
avells w~re completed, of which 4,09 were successful and had
combIned initial yield of 2,939,350 barrels.

rI 1

ba The ?aily average output of T~xas areas totaled 840,544
rrels In March, as compared wIth 826,778 barrels in the
P
l'tee ed'Ing month and 734,434 barrels in March, 1931. North
deXas and the Gulf Coast were the only sections to register
s~Cttlases from February. North Louisiana showed a further
a decline, but New Mexico reflected a slight gain.
III

.An advance in posted prices was announced by most

or companies April 1. Prices, which now range up to
stb
Ye' 0 per barrel, are substantially higher than they were a
ar ago.

OIL

.'·················

~~:~r~
!laSt
C cst Texas .. ........ .
Texas cntrnl Toxas ..... .... . .
South T"""tal ... ...... ... .. ..
exas .... ........ .. .. .
New M 'fotal TOxllB.........
North L"~o: . . .. . ... . .. . . . . .
OUlsltlna..............
Tetal Distriot........
~~

CRUDE

Gas
Wells

du~ere

28
11
356
19
22
430
8
4
443
409

OIL

2

8
2
1
1

14

'4
18
15

Initial
Fallures Production
4,224
35
1,660
14
9 3,204,725
37
2.623
17
~ 7,297
112 3,220,520
2,340
.iil
500
128 3.223,429
93 2,930,350

PRICES

April 8,
1932
TOlna Conatal (40 gr. and above) ..................... .. $1.00
North Texna and North Louisiana (40 gr. and above) .... . 1.00
'Prioe paid for TeXJIs Coastal, Grado" A".

April 7.
1931
I .80'
.07

(Oil stati.tics compiled by Tho Oil Wcokly, Houston. Texas)

Building

As evidenced by the volume of building
permits issued during March, activity in
the construction industry reflected an improvement over
both the previous month and the same month last year. The
month's gross valuation at fourteen leading centers in this
$
district amounted to 3,376,829, as compared with only
$1,566,729 in February, and $3,284.,01l in March a year
ago. While the increase over March, 1931, was due to large
increases at two cities, the gain over the previous month was
large and well distributed, there being only two cities in
h' I h i l l
Ttl I .
f b ' ld'
W IC 1 t e vo ume was sma er. 0 a va uatIOn 0
UI mg
permits issued during the first quarter of the current year
was 36.3 per cent smaller than the volume of the corresponding period in 1931.

PRODUCTION-(Dnrrels)

---------------------------------------------l\

North Texns ....... ........
Central West Textl3.. .......
FAISt Centrlll Texas .........
South TOXIIB ...... .........
TexllB COllBtal ........ ......
Tottll Toxas .......
Now Mexico .. .... .........
North Louisiana ............
Maroh totals, distriot ... ....
February totals, district .. ...

Pro-

Completioas
65
33
367
57
40
502
3
24
589
517

Marob,1982
Total
Daily Avg.
2.900.150
93.55~
6,338.400 204,465
11.750,000 370,226
3,m,900 108,868
1,687,400
64.432
26,050,850 840,544
1.152,150
37,166
860.300
27,751
28,069,300 905,461

InorCMe or Dc<'roase From
February, 1932
Total
Daily Avg.
+ 103,200 - 2.894
+1,m:~~ +1~:~~~
+
+ 121.400
183.000 -+ 3.201
2,587
--+2,080,300 +13,766
+ 76,300 + 68
~ 673
+2,102,000 +13,161

.... ::: .. ::::::::::: .......................................................... .

----

DffiLDING PERMITS
Maroh, 1032

Maroh, 1931

No. Valuation No. Valuation
$ 88,285
83 132.264
1ll 1,786,765
102
47.272 124 142,682
78,055
48
19.348
70
208 227.302 326 546.256
38 55,174
80 148,202
126 126.425 200 300,275
02,818 144
97,129
110
241 402.795 340 1.064,067
5,477
36
68 861,604
251 501.824 232 185.948
74,R52
131
36.382 152
53
48,159
33
43.967
13,273
31
15
10.601
----------1.600 $3,376,829 1,911 $3.284.011

- - - - -35
.. ... .. -25 $ 43,865

:
Chriati ..
~t:::::

.. ... '"

·rtb·.::: :
n . . • .. .

i,.......

<In'l~·. ·.: :
ort ... ..
'F~li9: : :

al. .....

--

Foh., 1932
Peroonlllge Chango
Poroenlll~o Cbango
ValuatIOn Ov~r
Valuation Over
Month
Yoar
No. Valuation
27,935
37
+ 57.0
- 50.3
S
67 636.577
f80.7
23,123
104.4
102
- 66.8
16,250
19.1
- 75.2
20
142,491
- 58.4
220
+ 59.6
16.439
+236.6
- 62.8
~O
- 34.1
- 57.0
159 101.725
54,001
- 36.3
113
+ 16.3
+ 38.6
- 62 .2
207 200,587
4.337
- 08.5
27
+ 26.3
81,033
+519.3
+169.9
148
43.290
-16.1
112
- 51.5
36.302
29
+ 32.7
+ 9.5
2,630
- 31.0
7
+604.7
-----1,287 $1,566,720
+115.5
+ 2.8

.

------ ------

Although the output of Texas portland

ally 8
cement mills during March was season37.8 ~6 per cent larger than in the previous month, it fell
~at r cent below the volume of the same month last year.
280,~OO production aggregated 304,000 barrels, as against
a Ye
barrels in February, and 489,000 barrels in March

h

tOtala~ ago. Shipments from Texas mills during the month

of pe b 380,000 barrels, being 48.4 per cent above the level
IIlVe~tor~ary, but 16.7 per cent less than in March, 1931.
rles at the close of the month, which aggregated 771,-

Three Months
Poroentage Chnnge
1932
1n3 1
Valuation Over
Period
No. Valuation No. ValUAtion
73 S· 94.385
148 S 979,060
- 90.4
269 2,539,190
232
703,106
+220.1
115,543
271
368
279.400
- 58.7
95
38.413
146
130.103
- 70.5
761
648.612
934
1,630,774
- 60.4
91.205
236
196
337.450
- 73.0
400
436.882
503
1,020,885
- 57.5
860
177,606
371
212,907
- 16.5
635 1,052,475
009 3,419.476
- 60 .2
28,069
90
198
470.712
- 94 .0
695.441
046
642,426
566
+ 8.3
100,510 806
371
262.600
- 61.7
140,472
141.944
118
86
1.0
33,501
450.60.1
38
40
•
4,144 $ 6,609,496 5,200 S 10,369,403
- 36.3

-----

000 barrels, were smaller than either a month earlier or a
year ago.
PRODUCTION, SIDPMENTS, AND STOCKS OF PORTLAND CEMENT
(In thousands of barrels)
Mar.
1932
Produotlon at Texas mills.. ...... . 304
Shipmen 111 from Texas mills........ 880
Stooks a~ oad of month at Texna mills 771

% ohange from

Feb.
1032
+ 8.6
+48.4
- 9.0

Mar.
1931
-37.8
-16.7
- .3

Jan. through
Mar. % change
1932 from year
922
-16.0
877
-22.0

~------~~--------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
8
------------------------------------~~~==~~~~-------------------------

SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board April 26, 1982)

Industrial activity was in smaller volume in March than
in. February, although usually little change is reported at
thIs season, and the number of employees at factories was
also reduced, contrary to seasonal tendency. Volume of
reserve bank credit decreased in March, but showed a considerable growth in the first three weeks of April. Money
rates continued to decline.
PRODUCTION AND EMPLOYMENT

Output of industrial products, as measured by the
Board's seasonally adjusted index, declined from 70 per
?ent of the 19.23-1925 average in ~ebruary to 68 per cent
In March. Dally output at steel mIlls and automobile factories decreased, contrary to seasonal tendency, and activity at woolen mills declined sharply to the lowest level in
recent years. Cotton consumption by domestic mills continued at the February rate although sales of cotton cloth
declin~d, and. output of s.hoes increased considerably. In both
these mdustnes productIOn was at about the same rate as a
year ago. Activity in the lumber industry, which recently
has been at a level about 45 per cent lower than last year
increased by ~ore than the .usual seasonal amount. Output
of coal also Increased consIderably during March but declined in early April. Volume of factory employ~ent and
.payrolls .decreased from February to March, although an
Increase IS usual at this season. There were substantial reductions in working forces in the steel, automobile machinery, and furniture industries, as well as at woolen' and silk
mills, while clothing and shoe factories showed additions
to their working forces. Value of building contracts
awarded, as ~eported by the F. W. Dodge Corporation,
showed some Increase of. a seasonal character during March
and the first half of Apnl, and was approximately one-third
as large as last year.
DISTRIBUTION
Rai~ shipments of me~chandise, which ordinarily increase m March, showed lIttle change, and sales at department stores in leading cities increased by less than the estimated seasonal amount.

WHOLESALE PRICES

The general level of wholesale commodity prices showed
little change between February and March, according ~o
the Bureau of Labor Statistics. In the first two weeks ~
March prices of many commodities, including livestock af
meats, advanced. Between the middle of March and tIe
ar
third week in April prices of cotton, silk, wool, hides, su gjf ,
silver, and tin declined considerably, while prices of CO ee
e
and petroleum increased. Wheat prices showed wide fI.u ·
tuations but were at about the same level in the week ending
April 23 as in the first half of March.
BANK CREDIT

The Federal Reserve System's holdings of United States

Gover~ment securities, after increasing continuously fr~~

early In March, totaled $1,078,000,000 on April 20, a? ~~.
crease of $338,000,000 since the end of February. T~IS Ib
crease has been accompanied by some further decline In t
reserve banks' holdings of acceptances and a reduction 0
$164,000,000 in discounts. Member bank indebtedness t
the reserve banks showed a considerable reduction in all Ok
the Federal Reserve Districts. Total volume of reserve b~n"
credit outstanding, which had declined in March refleet~t>
a continued return of money from circulation and an ~.
crease in the country's stock of monetary gold, increasedTh'~
$115,000,000 during the first three weeks of April. ernI.
increase was accompanied by a substantial growth in rn f
bel' bank reserve balances. Total loans and investrnents d~'
reporting member banks in leading cities continued to 'Jl
cline during ~he five weeks ending April 13. At .ba~kSe~t.
New York CIty, however, there was an increase In JD~t . S
ment holdings b.o~h of Unit~d States G~verI?ment secu r ::b
and other seCUrities, offsettmg the dechne In loans, w for
continued until the middle of Apdl. Open market rateS )1
bankers' acceptances showed successive reductions and 1
April 21 the offering rate for ninety-day bills was 'VB
per cent, the same rate as prevailed between May a~d d
tember, 1931. Rates on commercial paper also dechn e .

f
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