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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 f h t SeF'