The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
mit valuation at the larger cities, was well maintained, being practically equivalent to the volume
during the previous month.
Oil production in this district reached an almost
record-breaking volume during September in the
face of a steadily declining market. This, together
with the price competition among the major refining companies, has resulted in gasoline being sold at
an exceptionally low level.
The recent heavy rainfall in this district has been
helpful to the livestock industry, and, to some extent,
to agriculture. Abundant stock water and pasturage
have been assured for winter ranges, and this improvement in physical conditions, coming at a time
when the financial situation of the cattle men is being fortified by the functioning of the Federal Intermediate Credit Bank, will accelerate the recovery
of the livestock industry. These rains, while beneficial to some of the fall crops, have greatly retarded
the maturing cotton crop in West Texas, however,
and somewhat emphasized the danger of damage by
an early frost.
CROP CONDITIONS
Continued rains throughout the district during the
past month have greatly improved the condition of
the growing feed crops, have benefited the unopened
cotton bolls in some sections by causing them to mature normally and have left the soil in good condition
for fall plowing and seeding.
While the average deterioration of cotton during
September for the past decade has been five points,
the Department of Agriculture in its September 25th
report estimated the condition of the Texas cotton
crop at 56 per cent of normal, which is one point
higher than that of August 25th. On the basis of this
estimate the indicated yield for Texas is 4,168,000
bales. However, the continued rains have resulted
in the reduction of the grade of lint, caused by the
beating out of the cotton and rottening of the bolls
and have greatly increased the insect activity. The
leaf worms have been unusually active, and in a large
portion of the state have stripped the stalks of all
foliage and have to a great extent eliminated the
possibility of a top crop. The unfavorable weather
conditions prevailing since the issuance of the Government report have had an adverse effect upon conditions and it is thought by some to have materially
reduced the prospective yield. This is particularly
true in the northwestern section of the state, where
the crop was somewhat late, and picking did not get
well under way until the last week in September.
Much damage has been done by the leaf worms and
boll worms, and the rainy, cool weather has retarded
the opening of the bolls and picking operations. Continued rains in West Texas have, by retarding the
maturity of the cotton crop, subjected it to the danger of being injured by early frosts.
Picking and ginning have been practically completed in South Texas, and operations are reaching the
final stages in the central and northern portions of
the state.
The September 25th Ginner's Report
showed that 2,185,219 bales had been ginned in Texas
prior to September 25th, as compared to 1,825,568
bales ginned prior to that date a year ago. The labor shortage has now shifted to the northwest,
where considerable diffic~lty is being experienced in
obtaining sufficient help to gather the crop.
Those counties in Oklahoma attached to this district have, for the third consecutive year, ex perienced adverse conditions in agricultural production
and business has greatly suffered, although the cotton crop is somewhat larger than the crop of 1922.
The cotton production this ye~r will range from onethird to two-thirds of the normal crop, and production of feed crops will not average much more than
a third normal. During the past year the cotton
acreage was increased at the expense of feed crops,
with the result that it will be necessary for that portion of the district to purchase a large portion of the
feed needed to make the next crop. This also is
true of East Texas.
In other parts of the district, feed crops have
shown a further improvement during the past
month. The yield of grain sorghums in Texas was
estimated at 43,720,000 bushels on October 1st, as
against an estimated yield of 42,434,000 bushels on
September 1st. However, some fear is being ex. pressed that an early killing frost will cover that
section of the state before the crop has been fully
matured and harvested, in which event the yield
will be greatly reduced. While the hay crops have
received considerable benefit from the rains, the estimated yield for this year on October 1st was 981,000 tons, as compared to 1,074,000 tons last year.
The decreased production, however, is accounted for
largely by the reduced acreage. It is estimated that
the corn crop will fall short of last year's production
by approximately 27,000,000 bushels, due to the
smaller acreage and the influence of the dry summer.
On the other hand, the oat crop will yield approximately 16,360,000 bushels more than last year. Not
s
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
only has the yield in the main oat sections been satisfactory, but the quality of the grain was good.
In the following table, which shows the car lot
shipments of fruits and vegetables in Texas for this
season and last season, it will be noted that the shipments of pears, apples, and watermelons have exceeded those of a year ago, while shipments of sweet
potatoes and white potatoes are considerably less
than last year. Although the sweet potato crop has
just begun to move, it is estimated that this year's
production will be approximately 2,000,000 bushels
less than the 1922 production.
The net receipts at Houston amounted to 487,380
bales in September, as compared to 340,406 bales in
September, 1922. There were 193,691 bales exported from Houston in September, as against 84,560
bales in that month a year ago.
"''''G'':~:;~;''';~~;;~~;'~~:~;~~~~~9::g'''-=_!=:~
receipts __ ____ __
Exports ________________ __ 385,470 225,972
Stocks, Sept. 30th __ ________ .__ __ .__ __ ____ __________
I
472,563
283,803
308,112
302,126
~
!
,i!:!ig 2:~:gg! I
, 1'11111"1"111111111111111111111111111111111111111",111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIII~
= '1111111111111"'1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIII!';
CAR LOT SHIPMENTS OF FRUITS AND
VEGETABLES IN TEXAS
Commodity-
Tot a ls to Sep t . 29 th
1928
1922
Ent ire Senson
1922
Pears __ _______ __ __ _ _ __ 93
_ _ ____ _____ ._.___
Apples __ __ ____________ __ ______ __ __ ____ 12
Watermelons
_________ ____ _ 5,299
__
Sweet Potatoes ______ __ _ __ 37
_____
White Potatoes __ ________ ______ 787
~
45
5
4,129
194
1,420
47
5
4,131
976
1,433
Total ______ __ ____ ____ __ .. __ __ ____ 6,2.27
5,793
6,592_
;; For Great Britain................................
For France .............. __ ............................
!r:~,~:;~:::~~~!:'~~
§
22,463
23,500
13,493;;
8,500 §
;;
Total ............ __ .,.... __ ......................
283,803 302,126 E
~IIIIIIIIIIIIIIIIIIIUIIllIllIIIlIIIIIIIlIIIIIIlIIIIIIlIIIIIIIIIIlI11111111111111111111111111111111111111111111111111111111111111111111111111111111111II11II11I1I1I1~
:1,111111111111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111I11I111II111I11I1 1
1I11I111l;:
~,1I1111111111111l11l11I11I1111111I11II1111111111111111111111I1 1111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII B
Cotton
Movements
GALVESTON STOCK STAT:;:~.T S:I~. ".
R"'iPt,~::,:T~N~~::~;'~Ii.#;':ro *;~~3 '
The movement of the Texas cotton
crop, which has been earlier than
usual this year, has been excepReceipts-Net ...... 487,380 340,406/ 677,303 437,674
Exports .. _............... 193,691
84,560 260,751 108,892
tionally heavy during the past month. Receipts for
Stock, Sept. 30th .... .............__ . ................ 273,032 235,499
September at the port of Galveston totaled 532,248
bales t as compared to 431,532 bales during September
last year. September exports from Galveston rIIS'~AS'ON:'SIIllR~'C'EIP'TS':'I'E'i'p'OR'T'S~"IA'N'D"1IISTO'C'K'S"II;i
ST:~.E::~R:. S<_
amounted to 385,470 bales, as against 225,972 bales
in the same month of 1922. Receipts of cotton at
1,214,619
985,231
Galveston for this season have increased 35 per cent _ Receipts since Aug. l..............
=
=
~=_ E xports: Great Britain ........
248,910
222,578
over last season, while exports have increased 53
Fra nce __ .__ ...............
119,633
113,935
Continent ................
311,888
223,604
per cent. From the Galveston stock statement for
September 30th it will be noted that the amount of
cotton on shipboard was substantially greater than
Sto,,,
on that date a year ago, but the amount in comSept. 30, 1923........................
511,770
666,089
presses and warehouses was considerably less.
§= I
=
=
5'11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111"
I
i= :
=
AT ALL UNITED
J;~f;J~:;~~o~;:i::~:: 6:~:m
~11111111I11I111111111111I1II111I111I11I1I11I11I11II11I11I11Il11I111ll1I111 111111111111111 1 111111111111111111111111111111111111111111111111111111111111111111111111115
LIVESTOCK
Steady improvement was noted in the district's
ranges throughout the past month. Ranges are now
reported to be in a satisfactory condition and there is
an abundant supply of stock water. Present prospects point toward an ample supply of winter pasturage, but the grass is curing slowly in New Mexico
and Texas due largely to excessive rains. In Arizona a light frost has aided in maturing the winter
feed. Losses have been very light this fall, and livestock are generally reported to be in good to excel-
lent condition. Considerable livestock have been
marketed from the vicinity of the Panhandle.
Movements
and Prices
The receipts of cattle, hogs, and
sheep on the Fort Worth market
during September were well above
the ' September receipts for the past few years, but
there was a decrease in the volume of calves yarded.
The cattle and calf receipts were considerably less
4
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
than during the month of August, but the receipts
of hogs and sheep were considerably greater. Common and medium grades of cattle predominated in
the runs and the better grades of fed steers were
relatively scarce. A good demand prevailed for all
useful kinds throughout the month, but there was a
general scaling down of prices in all kinds of livestock. The hog market reached the high mark of
the year during the first week of the month, but
subsequently declined and the month closed with
the best grade bringing only $8.50, or $1.15 lower
than the price paid during the fitst week. In the
calf division an especially strong competition prevailed and receipts fell below trade requirements.
Calves sold at an advance during the greater part of
the month, but during the last week a break in the
market occurred, and prices declined below those
prevailing at the opening of the month. During the
first part of October a further weakness developed
and the best grade of calves sold down ras low as
$6.00, or approximately $1.50 below the top for September. Although the demand for sheep was good
despite the increased supply, there was a considerably declining market. At the close of the month
the best wethers were selling around $7.00 to $7.25,
as against the high point of $8.50 during the first
week. Although lambs were slightly lower during
the greater part of the month the top price in September reached $13.00 as against $12.50 in August,
but a larger portion of the month's supply cleared at
between $10.00 and $11.00.
~11I11I 111111111l111l11111l1111 11 11111111111111111111111111111111 1111111 11 1111 111111 1 11111111111111111111111111111111 1 11111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~
FORT WORTH LIVESTOCK RECEIPTS
September
1928
Cattle ....
Calves ....
Hogs ......
Sheep ....
Aug ust
1923
Loss or
September
Gain
1922
87,814 115,547 L 27,733 76,771
34,992
48,460 L 13,468 55,063
42,670
27,273 G 15,397 28,761
25,942 G 27,364 31,459
53,306
Loss or
Gain
G
L
G
G
11,043
20,071
13,909
21,847
. 111111111111111111111111111111111111111111111111111 111 111111 111111111111111111 111111111111111111111111111111111 111111 11 11111111I11I1I1111111111I1I11111I111111111111 r:
COMPARATIVE TOP LIVESTOCK PRICES
September
1928
Beef steers ............................. .
Stocker steers ....................... .
Butcher cows..........................
Stocker cows ......................... .
Calves ....................................
Hogs ........................................
Sheep ..................................... .
Lambs ..................................... .
August
September
1928
1922
$ 7.75
$ 9.00
6.50
6.55
4.75
5.00
3.50 ................
7.50
7.60
9.65
9.30
8.50
8.35
13.00
12.50
$ 7.75
6.00
5.25
4.00
6.50
9.95
7.00
11.50
- 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111 1 111l11111II1I1l11111I111111I11111 1~
:::11
TEXTILE MILLING
By reason of the increasing importance of textile
milling in the Southwest, the consequent need for accurate information on the month to month operations of this industry, and believing it will prove of
interest to readers of the Review, we will in the future devote a section to the cotton mill industry in
the district.
At the present time there are twenty cotton textile
mills operating within the state of Texas. According to a survey made by the Texas Chamber of Commerce, these mills consumed a total of 103,831 bales
of cotton during the year ending July 31,1923, which
was eleven per cent in excess of the amount consumed during the year ending July 31, 1922.
In response to an inquiry sent to the mills by the
Federal Reserve Bank, reports were received from
twelve mills. These reports showed that 115,676
spindles were active during September, as compared
to 110,676 in August, and 106,244 in September a
year ago. The consumption of the reporting mills
in September was 3,778 bales of cotton, as compared
to 3,263 bales during September of last year, and 4,113 bales in August. While the September consumption was slightly less than August, this was due
in part to some mills going on to finer goods, which
required less cotton. The mills as a rule have been
running at full capacity, and some mills have been
running day and night.
Stocks on hand at the mills are generally light,
and the orders on the books l'ange from orie to four
months' production.
The responses received from the majority of the
mills of whom inquiry was made in our preliminary survey of the textile industry are gratifying.
It is hoped that through the co-operation of all of the
mills in the district that the statistics published, and
comparison of operations, may be informing, not
only to the manufacturers themselves, but business
men and bankers generally.
WHOLESALE TRADE
Increased purchasing power for the farmer, the
broadening of consumer demand, good collections,
larger buying at wholesale, and the continuance of a
conservative policy on the part of most retailers were
the outstanding developments pertaining to trade
conditions during the past month. All reporting
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
lines of trade reflected a larger volume of sales in
September than during the corresponding month a
year ago, and sales of drugs, groceries, furniture, and
farm implements were greater than the previous
month. The progress in the gathering of the cotton
crop prior to October 15th indicates that the final
returns will be larger than were indicated earlier in
the season, and the wages paid the laborers have
been more satisfactory than for several years past.
The increased returns have not only enabled the merchants to collect the larger portion of their outstanding accounts, but the enlarged purchasing
power has intensified the consumer demand. While
merchants bought heavily early in the season to take
care of the prospective demand, many have found it
necessary to m'ake replacement orders. As a rule,
the merchants show a disposition to cling to the conservative policy which they have been following and
are limiting their commitments to well-defined needs.
According to reports, there are indications that some
merchants show a tendency to overbuy. This has
been largely counteracted by the wholesaler in restricting the buying of such merchants. Dealers in
automobiles, jewelry, and musical instruments, state
that their business has shown a material improvement during the past month.
The volume of business in the wholesale dry goods trade during the past
month was well maintained and a
feeling of confidence seems to prevail as to the outlook for fall and winter. The net sales of twelve
firms for September, while 1.1 per cent less than
August sales, were 17.3 per cent larger than September, 1922, sales. As the gathering and marketing of the cotton proceeds, the demand for goods in
,the rural sections continues to expand. Indications
are that distribution has been heavier than was anticipated earlier in the fall, and many merchants are
not only taking the goods previously purchased to
cover fall requirements, but are making replacement orders to cover the new demand. While retailers generally show no disposition to deviate from
their course of conservative buying, reports indicate
that some merchants are being restricted in buying
by the wholesalers where they show a tendency to
overbuy.
The primary textile markets have followed an irregular course during the past month. The break
in the cotton market following the Government's
condition report had an unsettling effect upon the
market, and in some instances caused an easing in
prices, but the subsequent recovery in the cotton
Dry
Goods
5
market has had a tendency to stabilize prices on the
finished products. In wholesale channels prices are
holding to a firm basis, and are advancing on some
lines.
It is significant to note that stocks of wholesalers
were 13.2 per cent less on September 29th than on
August 31st.
Collections from all sections of the state are reported to be good.
FaJ.'m
Implements
Renewed activity was reflected in
the farm implement trade during
the past month, when the net sales
of reporting firms were 20.5 per cent greater than
August sales, and 55.3 per cent greater than September, 1922, sales. The exceptionally early movement of
the cotton crop this year and the abundant rains
which have left the soil in good condition for fall
plowing and seeding, have enabled the farmers to
begin the preparation of the soil for the new crop
earlier than usual. Furthermore, the farmers were
able to gauge more accurately the net proceeds from
this year's crop. These factors have stimulated sales
and the buying demand 1"s greatly improved, yet it is
still comparatively light.
While the outlook in this line of trade is the best
experienced in the past three years, the prospects
are not altogether encouraging. Many farmers who
have been operating on a minimum amount of implements during the past few years seem to be disposed
to invest their surplus funds in an automobile rather
than to turn them into the implements needed for
making next year's crop.
Drugs
The buying demand in the wholesale drug trade has shown a further
improvement during September, the sales of eight
firms being 2.4 per cent larger than August sales,
and 4.5 per cent larger than September, 1922, sales.
Sales of these firms between July 1st and September
30th were 6.5 per cent greater than during the corresponding period of 1922. Buying for immediate
or nearby needs continues good, but orders for future
delivery (except for holiday goods) have been placed
on a very conservative basis. Collections were reported to be good.
Furniture
The buying of furniture at wholesale during September was 14.4 per
cent greater than during the previous month, and 5.2
per cent greater than in September, 1922. While the
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
6
demand for furniture in the cities has been particularly active throughout the year, it is just now beginning to reach the country sections. All grades
of furniture seem to be selling well, but there has
been a growing demand for the better grades.
The wholesale grocery trade enjoyed
an active business during the past
month. Sales of thirteen firms were 25.1 per cent
greater than August sales, and 18.4 per cent greater
than sales during September a year ago. Active
buying began in August, coincident with the movement of the cotton crop, and has been rapidly increasing. Prices have generally remained steady,
but some advances have been noted. Oollections
have been exceptionally good in all parts of the district. The present buying demand is good and the
outlook is very favorable.
Groceries
~= =
Hardware
The hardware trade reflected a falling off of 15.4 per cent in September
as compared to August, but a gain of 1.6 per cent as
compared to the corresponding month a year ago.
Although trade was reported to be good, the retailers
are operating on a very conservative basis. The
trade in oil machinery during the past two months
has been slow, due to the depressed conditions in the
oil industry. Other lines, however, continue to sell
well. There is a striking contrast in conditions at
present and those which obtained a year ago. Last
year the bulk of the trade was coming from the
cities, but the condition is reversed this year. The
good cotton crop has greatly enhanced the purchasing power of the farmer, while the rise in prices has
affected the city trade adversely. Prices as a rule
have l'emained steady on small articles, but concessions have been made on heavier and staple articles.
Collections have continued to come in at a good rate.
_= ~
CONDITION OF WHOLESALE TRADE DURING SEPTEMBER, 1923
Percentage of Increase or Decrease in
~= =
JuIYl~e\oSd~~~~om_
NET SALES
STOCKS
Sept., 1923! compared pared with same peri- Sept., 1923, compared
wIth
od last year.
with
~
Groceries ..............................................................................................
§=_~ Dry Goods..............................................................................................
_ Furniture ............................................................................................
= Farm Implements................................................................................
I ~~~~~~~~. .::::::::::::::::::::::::::::::::::::::::::::::::::~:::::::::::::::::::::::.::::::::::::::::::
sep~ I~:~-AUg+ i~:~
++175'.23
+114'.14
+55.3
+20.5
+ i:~
+ 1~:!
+ 12.3
+11.8
+ 2.2
+47.1
+2U
_
1====:
SeP~ 1~:~ Au g+ 1~~~ ~
+27.9
-13.2
-.2
-
!==
I
7.5 =
+~~:! + ~'.~
ii.IIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIHIlI1I1111111111111111111111111111111111111111111111WIIIIIIIIIIIIIIIIIIII11111111)1111111111111111111111'111111111111111111111111111111111111111111111111111111111111111/11111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIZ
RETAIL TRADE
A broad seasonal demand for merchandise characterized retail distribution during the past month.
The September sales of twenty-four Texas department stores reflected an increase of 45 per cent over
those of the previous month. While sales were fourtenths of one pel' cent less than during the corresponding month of 1922, it should be remembered
that the latter month was one of exceptionally heavy
sales,
, ..... \
At the close of September stocks were 5.3 per cent
greater than those on hand at the close Of August,
which indicates that department ~tores received
heavy shipments of fall merchandise during the
month. Stocks were 7.4 per cent larger than at the
close of September a year ago.
The ratio of stocks
to
§~l~l]
for the three months'
period ending September 30th was 545.9 per cent as
compared to 511.3 per cent during the correspond....
ing period of 1922.
The ratio of outstanding orders to last year's purchases at the close of September was 8.8 per cent
as compared to 10.6 per cent at the close of August.
This ratio usually declines as the season advances,
due to the fact that merchants make their largest
commitments at the beginning of the season.
The collection situation ,failed to show the improvement which usually occurs in September. The
ratio of September collections to accounts receivable
on September 1st was 33.7 per cent, or practically
the same as during the previous month.
MONTHLY REVIEW OF BUSINESS ·AND INDUSTRIAL CONDITIONS
8
year debits were substantially in excess of those during the corresponding months of 1922 and 1921, but
as business slowed down during the summer there
was more than a seasonal decline. However, during the months of August and September, on account
of the revival in business and the heavy movement
of the cotton crop at high prices, the volume of debits
was greatly augmented, and during September they
were only 3.5 per cent less than those of September,
1920.
~11II1I11I1II11I111111111111111111111111 11 1111111 11111111111 1111 11111 1111111111 11111111 111111111 111111111 111111111 11111111111 111 11111 11111 111111 111 1 11 1111 11111 11 11 1111 1111 111 1 11 1 11 11 111 11111 11 1 11 11 1 11 111 1 1 11 1111111111111 1 11 1 111111 11 11 11111 11 111 1111 11 11 1111 11 11 1111 1 11 1 11 1 111111111111 11 11111111111 1 1111111111111111111111111 11 1111111 1I1111111~
~
September, 1928
i .!~~~~e.~.:.~.~. :::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
§
I
§
§
§
§
§
§
§
~
I
~
ClfARGES TO DEPOSITORS' ACCOUNTS
~
~
Beaumont ...............................................................
~fl~aasso··:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
$
August, 1928
1~:~~~:~~~
$
14,564,000
1~~:~~~:~~~
or Dec.
Inc.
1~:~~~:~~~ +2~:~
15,660,000
-
7.0
1~~:~~~:~~~ +~~:i
September, 1922
$
Inc.
1~:~~~:~~~
~:~
+
+ 2.7
14,177,000
~~:~~~:~~~
&!
1
Fort Worth .............................................................
Galveston ...............................................................
Houston ...................................................................
San Antonio ...........................................................
Shreveport ..............................................................
Texarkana ..............................................................
Tucson .....................................................................
Waco ................................................................. _....
67,011,000
128,501,000
146,281,000
32,152,000
31,896,000
9,540,000
6,987,000
28,793,000
62,983,000
96,674,000
113,178,000
33,202,000
31,842,000
8,273,000
6,439,000
20,091,000
+ 6.4
+32.9
+29 .2
- 3.2
+.2
+15.3
+ 8.5
+43 .3
$700,272,000
578,843,000
+21.0
~
;
§
I
+
-22.5+17.3
+ 5.5
+ 3.8
+ 6.5
+41.1
+ 8.2 '
+18.1
86,428,000
109,533,000
138,645,000
30,972,000
29,945,000
6,759,000
6,456,000
24,375,000
Total s, Eleventh District ...........................
or Dec.
I
$682,205,0001
+ 2.6
§ 11I1111I11111111l1111I11111I11I11111I1I111I1I11I11111I111111l1I111I1I1111111111111111111111111111111111111111 1
1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111.
Acceptance
Market
The volume of acceptances exe-
Condition of
The reserve city banks, due to the
Reserve City
increased demand for bank credit to
cuted by accepting banks of this'
Banks.
finance the movement of the cotton
district and outstanding on the last
crop and the seasonal expansion in
day of the month underwent a substantial increase business, increased their loans $8,612,000 between
during September . Outstanding acceptances on Sep- August 29th and October 3rd. The total volume of
loans amounted to $214,666,000 on October 3rd as
tember 30th amounted to $2,107,287.94 as compared compared to $206,054,000 on August 29th. The net
to $1,579,450.91 on August 31st. There was a large demand deposits of these banks rose from $208,088,increase in the amount executed against import and 000 on August 29th to $234,725,000 on October 3rd,
or a gain of $26,637,000. Their reserve with the
export transactions, being $379,686.56 on August
Federal Reserve Bank increased from $21,486,000
31st as compared to $1,558,687.86 on September 30th. to $25,695,000. These banks, on account of the inOn the other hand, those based on the domestic ship- crease in deposits, were able to meet the increased
demand for bank credit and at the same time were
ments and storage of goods declined from $1,199,able to reduce their rediscounts and bills payable
764.35 on August 31st to $548,600.08 on September with the Federal Reserve Bank from $16,412,000 on
30th. The amount of this type of paper held in the August 29th to $7,822,000 on October 3rd. The
ratio of loans to deposits was 91 per cent on October
portfolio of the Federal Reserve Bank on Septem3rd, as compared to 99 per cent on August 29th and
ber 30th was $26,791,824.41.
95 per cent on October 4, 1922.
~11I11I1II1II1111II1I111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIII1IIIIIIIIIIIIIIIIIIInllllllllllllii111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIII~
;
~
E
§
CONDITION STATISTICS OF MEMBER BANKS
1.
2.
3.
Number of reporting banks....................................................................
U. S. securities owned..............................................................................
All other stocks, bonds and securities owned........................................
~~t.S~L~:3TED ~~~I~9~ 1923
52
55 426 000
11:275'000
I ~~~~~~£f~~~~)~iJ~f~~~~~~h~~nJ:::~ov~n~.~t ~Iijiji:il
i;
~=§ i~: ~~!j/:lio~~sa(~) r~:i~~~d~~~iJhd~;~s~~~~.. ~~~.~.~~.~..~.~.~~~::::::::::::::::
*Loans include only items 4 and 6.
7,822,0~~%
52
52 758 000
10'746'000
Oct.
4,
1922
52
50 258 000
7'462'000
I
~
E
§
~1 :ili:1 1 ~ij:~~:1111
16,412,0~~%
5,005,0~~% ~=§
~IIUIlIllIIlIlIIIIllIIlIllIIIIIIIIIIIIIlIIIIIIIIIIIIIIIIIIIIIIlIII11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111I111111111111111111111~
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
The period between September 1st
and October 15th was one of Iiquidation. During that six weeks' period
our loans to member banks dropped
from $49,183,931.18 to $24,083,310.37, a net decrease
of $25,100,620.81.
Operations of
the Federal
Reserve Bank
9
:"'1"" " 1""111111111111111111111111111 111 11111111111111111111111111111111 1111111111111111111111111111111111111111111I IIIIIIIIIIII'"I III II II II"""III" IIIIIII !.!
~
~
Member banks' collatel'alnotes secured by
~
U. S. Government obligations ..............$ 5,222,950.00 ~
Redi~~~~~ts..~~~..~.~~..~~~~~:.~~.~.I~~. ~.~. ~~~~~.~~: 26,791,824.41
24,656,227.76
market purchases ..................................
~pen
1
_-----=------=1
Total bills held ........................................ $56,671,002.17
_-------------=
7.1111111111111111111111 111111111111111111111111 1111111111111111111111111111 11111111111111111111111111111111111111111111111111111111111111111111111 111111111111111111;::
The number of borrowing banks declined from 498
on August 31st to 323 on September 30th, showing
that 175 banks had completely retired their lines at
the Federal Reserve Bank during that time. On the
latter date there were 64 fewer banks owing us
then on the same date last year. Total loans on
October 15th were $6,457,507.38 less than on that
date a year ago.
The volume of new borrowing at the Federal Reserve Bank on customers' notes has been comparatively light and is steadily declining. On the other
hand, borrowings on bill-of-Iading drafts have been
rapidly increasing, indicating that the burden has
shifted largely to the bigger city banks in the regular course of financing the movement of cotton.
The total amount of bills held increased from $49,426,171.93 on August 31st to $56,671,002.17 on September 29th, distributed as follows:
Federal reserve notes in a.ctual circulation showed
a.nother substantial increase during the past month.
The circulation of these notes increased $12,744,010
during September, and $4,365,960 during the first
half of October, bringing the total circulation to $59,222,855 on October 15th. Thi ~ was the highest point
reached in Federal reserve note circulation in more
than two years. The member bank reserve deposits
on September 29th, although $5,233,783.65 greater
than on August 31st, were $2,285,460.95 less than
on September' 30, 1922.
Deposits of
Beginning with this issue of the ReMember Banks view, we will show the deposits of
member banks in this district.
There is presented below a table showing the deposits classified, first, as to demand deposits and
time deposits, and, second, as to the size of the cities
in which the banks are located.
:.111 111 1111111111 " "'111111 1111111 1111111111 11111111111111111 11111111111111 111111111 111111111111111 1111111111111111111111111111111111111111111 111111111111111111111 111111111111111111111111111111111 1111 1111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111"'1"'1"'1"'1111111111111"",1'
DEPOSITS OF MEMBER BANKS
(OOO's Omitted)
All Member Banks
April 25, 1923 ..................... .
May 23, 1923....................... ,
June 27, 1923 ....................... .
July 25, 1923....................... .
Aug. 29, 1923....................... .
Sept. 26, 1923....................... .
Toml
Demand
527,082
514,274
496,227
485, 644 1
501,088
574,421
Total
Time
138,213
139,612
141,251
139,868
139,356
139,472
Banks in Cities
With a Population
Between 6,000 and
Banks in Cities
With a Population
Less Than 6,000
1~,999
Demand
Time
150,690
145,741
139,013
133,!796
149,580
186,7861
18,021
17,902
18,261
18,507
18,516
18,344
Demand
87,901
86,847
84,832
84,405
87,772
101,334
Time
Banks i" Cities
With a Population
Between 16,000 and
99,999
Demand
Banks in Cities
With a Populntion
Over 100,000
Time
Demand
Time
51,546
51,278
50,897
50,940
49,699
50,264
20,885 118,429
21,626 113,985
21,692 109,330
22,014 . 107,579
22,989 103,508
22,978 109108
170,062
167,701
163,052
159,864
160,228
177193
47,76 1
48,80 G
50,40 1
48,40 7
48,15 2
4788 6 ~
11111111111111111111111111111111111111111111111111111111111111111111111111111111111111,1111. , 1111111111,111"1, , ,1,1111111 1 1 11 11 1 111 1 1111111111111111111111111111111111111 1111111111111 1 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111/11I111111111111111111111111"IIIIIIIIIIIIIIIIIIIIIIII~
The savings deposits of 117 banks
which operate a savings department
were practically the same on September 29th as they were on August 31st, but were
13.7 per cent larger than on September 30, 1922.
Savings
Deposits
Among the larger cities of the district: Albuquerque,
Houston, Shreveport, and Wichita Falls showed a
smaller volume of savings deposits on September
29th than on August 31st.
SAVINGS DEPOSITS
)lumber of
Reporting
Banks:
Albuquerque ..............................................................................
Beaumont....................................................................................
Dallas ........................................................................................,
E I Paso ...................................................................................... ,
Fort Worth ............................. __ ............................................... ,
Galveston ...... __ .............. __ ............................................... _.........
Houston ................................ __ ......... __ ............... __ .......................
San Antonio ............. __ .... __ ......................................................... '
Shreveport ................... __ ............................. __ ............................ ,
Waco ..... ______ ...... __ ............. __ ............................ __ ... __ .................... "'
Wichita Falls ................ ____ ..................................................... "'
All
~:::; ~~~~~~~~~~~~~~~~~~~....~~~..~~~~~....~..~~~~~~________~~~~~__~~__~__~~______________________________________________..__.'
3
4
6
4
8
3
12
6
4
5
3
1:~
Sept. 29,
1923
Sept. 30,
1922
1,644,521
2,160,671
10,814,877
4,207,917
7,425,299
6,881,089
18,898,054
9,354,898
8,016,082
2,454,547
1,439,141
1,614,952
1,815,941
8,310,622
3,895,771
6,859,978
5,935,322
15,728,716
8,651,403
7,248,740
1,735,872
2,832,857
::::::::::
::::::::~:
Inc. or
Dec.
+ 1.8
+19.0
+30.1
+ 8.0
+ 8.2
+15 .9
+20.2
+ 8.1
+10.6
+41.4
-49.21
:
:::~I
AUl!". 31,
1923
1,759,298
2,022,516
10,523,306
4,152,252
7,387,0511
6,830,178
18,956,188
9,348,683
8,102,042
2,375,329
1,748,352
Inc. or
Dec.
6.5
+ 6.8
+ 2.8
+ 1.3
+ .5
+.7
.3
+.1 =
1.1
+ 2.1
-17.7
:::::::::: ~o~: ~
,. ................................................................................................................................................................... ,""""'"""'11""""""'''''''''1''10'"1'''''11,,,2-
10
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
Discount
Rates
The discount rates charged by commercial banks in Dallas and Waco
were slightly easier in September
Prime Commercial
paper:
Customers' 30 to
90 ,days ................
Customers' 4 to 6
months ----0---'----Open market 30
to 90 days ........
Open market 4 to
6 months ............
Interbank loans ........
Collateral loans, demand' ......................
Collateral loans, 3
months
Collateral loans 3
to 6 months..........
Cattle loans ................
Loans secured by
rewarehouse
ceipts, Bs-L, etc.
Loans secured by
government securities
• ___ o _ e ___ ____ ____
___ .0 ___ - - - - - - - - - -
H
Dallas
L
H
C
than during the previous month. There is presented
below the "high," "low," and "customary" rates
charged by commercial banks in the cities listed.
Ft. Wortli
H
C
L
El Paso
L
C
H
Houston
L
C
San Antonio
H
L
C
H
Waco
L
C
I
6
5
5~
10
6
8
7
6
6
7
6
6
8
6
7
8
5
63
6
5
5~
10
8
8
7
6
6
7
6
6
8
6
7
8
5
6~
'6
5~
5~
4
4i
5~
5
5~
M
5
5'i
.....
----
7
5'i
5~
6
7
5~
5~
5
5:\
._-.
---.---
._.-
5~
5~
6
8
5~
6
7
'7
8
6
n
8
6
7i
7
8
6
n
8
6
n
6
7
7
8
8
8
6
6
n
7~
8
8
6
7
8
8
6
7
8
6
7~
8
6
7
8
6
7
8
6
6~
8
6
8
8
6
8
8
5
6
5~
5~
6
6
6
6
6~
10
8
8
8
6
8
8
6
6~
10
8
8
8
6
8
8
6
6
6~
n
10
10
8
8
8
8
8
6
65
10
8
8
8
5
6~
10
8
8
.
5~
5~
8
6
7
8
8
6
8
8
8 . 8
8
7
8
8
8
.
6
7
8
6
6
FAILURES
The September commercial failure statistics for
the Eleventh Federal Reserve District, as compiled
by R. G. Dun & Company, reflect an increase in both
the number of defaults and the liabilities involved as
compared to the previous month and the corresponding month a year ago.
There were 79 failures in September with a total
indebtedness of $1,757,766, as compared to 68 insolvencies in August with liabilities amounting to
$1,020,596, an~ 70 defaults. in September, 1922, with
5~
6
10
9
5~
5?1
5
8
... ..: ," ~ :" ...
7~
.
an indebtedness of $1,480,222. It is to be noted,
however, that there were 795 failures during the
first nine months of 1923, with liabilities aggregating $25,405,443, as compared to 1,105 insolvencies
during the corresponding period of 1922 with a tota~
indebtedness of $28,768,890.
The combined statistics for all Federal Reserve
Districts show a decline in both the number of failures and the amount of indebtedness involved.
"."".""."""'''''''''.'''''''''"''''''''.'''"''''"'''''''''"'',,'''''''''.''''.''''.'''"""''''''''''M~~::;;~;:~';:;~~;;;",'''.''''''''.'''",''''''''.'''_''''''''.""""~""''''.'''''"'''''''''''''''"''''"'''''"'''''"''''I
No.
E leventh Federal Reserve District
1923
1922
Amount
Amount
No.
All Federal Reserve Distdcta
1922
1928
No.
Amount
No.
Amount
January _....... _------_ ....... _... _.._. __ .February --_ _- _... ------_ _-------..
......
..
March --------.---------------_._._-_._------April -----------------------._-_. __ ._._----_ ...
May ............................................
June ............................................
July -_ .. ----------_._--_._. __ ._._.-._.---------August ...__._.-------_._--------_._. __ .__..September ..................................
117
91
91
93
78
97
81
68
79
1,524,107
2,104,596
2,474,504
8,874,897
3,779,959
1,293,018
2,576,000
1,020,596
1,757,766
207
207
107
167
84
114
64
85
70
4,326,594
5,889,143
2,121,725
3,865,301
2,175,351
2,481,679
1,230,581
5,198,294
1,480,222
2,126
1,508
1,682
1,520
1,530
1,358
1,231
1,319
1,266
49,210,49'7
40,627,939
48,393,138
51,491,941
41,022,277
28,678,276
35,721,188
34,334,722
28,696,649
2,723
2,331
2,463
2,167
1,960
1,740
1,753
1,714
1,566
73,795,780
72,608,393
71,608,192
73,058,637
44,402,886
38,242,450
40,010,313
40,279,718
36,908,126
Total, nine months ..................
795
25,405,443
1,105
28,768,890
13,500
358,176,627
18,417
490,914,495
;;
",II III'III11I"IIIIII,III11I11IIIII,'IIIIIIIIIIIIlIIIIIIIIl"'II'IIII1I11I1UIlIllIllIU1II111111llllllllllllllllllllllllllllllllllllllllllllUIIIIIIIIIIIIIIIJllll lllllllUIIIIIUIIIIIIIIIIUlIIIIIII1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIfIllIlIIIlIlIIIllIllJII,UIIIIIIIIJlIlIIUIIlIlIIIlIIlIlIU1IIIIIIIIIIJIIUIIIJIIUUIIJllIIIIIIIP
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
11
PETROLEUM
Although there were evidences of declining production and a further curtailment of drilling activity in
practically all fields of the district, the total output
of the Eleventh Federal Reserve District was only
slightly lower than the record production of March,
1922, due almost entirely to the operations of the
Corsicana-Powell field. The total output for September amounted to 16,048,115 barrels, as against 14,174,705 barrels during August. There were 481
wells completed, 339 of which were producers with
an initial flow of 553,416 barrels, as compared to 360
completions in August, including 230 producers with
an initial flow of 336,266 barrels. Texas fields established a new production record at 13,900,255 barrels,
as against the previous high record established in
March, 1922, at 12,088,280, and 12,040,539 barrels
in August, 1923. Completions in Texas fields numbered 421 wells, of which 305 were successful, yielding an initial flow of 552,336 barrels.
Production in the Central-West Texas fields rose
from 6,177,135 barrels in August to 7,946,670 barrels
in September. There were 204 completions in September as compared to 118 in August, and 473,202
barrels of new production was added from 172 producers, as compared to an initial output of 284,018
barrels from 87 producers in August. However, in
the Corsicana-Powell field alone there were 154 completions, only five of which were failures, and 470,200 barrels of new production were added. In
August there were 62 producers out of 75 completions which made a flush production of 282,720 barrels. This field's production rose from 3,089,655
barrels in August to 5,227,260 barrels in September.
Thus it will be seen that practically all of the district's increase was accounted for in the CorsicanaPowell field. In the other fields of this section there
were no important completions, and each field suffered a loss in production as compared with the previous month. Despite the large production in the
Corsicana-Powell field, there has been no overproduction, due to the fact that the pipe lines and storage facilities were sufficient to take care of the daily
runs.
In the North Texas district production declined
from 2,366,895 barrels in August to 2,203,710 barrels in September, with each field sharing in the
decline, but the biggest decline occurred in the Burkburnett field, due to the rapid decline at the Hirschi
section of the field. While the Archer County field
showed a slight decline from the previous month, this
field reported 69 completions out of a total of 118
for the district, and added 11,090 barrels of new
production as against 12,669 for the district as a
whole. The activity in this field was due to their
ability to market the daily runs at a satisfactory
price.
The Texas Gulf Coast field displayed but little
activity during the month. There were only 33 completions, of which 20 were producers yielding an
initial production of 11,105 barrels. This compares
to 62 completions in August, 44 of which were producers with a flush production of 37,101 barrels. The
output of the field declined 262,220 barrels as compared with the previous month.
After steadily declining for two months, the Louisiana fields reflected a slight increase in production
during September. The month's output amounted to
2,147,860 barrels, as compared . to 2,134,166 in
August. There were 60 completions, including 20
producers of oil and 14 gas wells. The initial production of these wells amounted to 1,080 barrels of
oil.
The crude oil market continued its
downward trend during the past
month, but no major changes were
noted in the posted price. However, some .o f the
larger companies have reduced the price on some
grades at which they will buy from the producers,
and the independent refineries have been able to supply their needs at prices under those posted by the
major companies. The arrangements for the operation of pipe line runs continued in effect.
I
Crude Oil
Prices
S'll llllIlllll llll llll llllllllllllll ll llllllll lllllllllllllllllllltlll ll llli111 111 1111111 1111 111 111111 11 11 111111 11 11 1111 1111 11 1111 111 11 11 11 111111111111 111 111111111111111 111 1111 11 1111 111 111 111 11 11 11 111 11 11 11 11 11 111 111111111111111111 111111111111111111 11111 111 111111111 111 11 11 111111111111111 111111111111111 1111111111111 11111111111 1111 111 1111111:
:_~
=
1 g~~:~:~r~!:~··:: : :::::::::::::: : : :: : :::: : : : : :$i~~~
Texas Coastal .............._
............................. 1.00
= Mexia ............................ _............................. 1.00
=
__
-,-----=
~=I
CRUDE OIL PRICES
Oct. 13.
Oct. H,
$i~~~
1.25
1.25
Oct. 18.
~~r~~:~}:~~~~r.a~~~ :~r:~~~~):::: : ::$i~~i8
Homer (35 gravity and above) ................ 1.25
Haynesville (33 gravity and above) ...... 1.20
Oct. 14.
$ri~
1.25
e=!
1.10 =
~"::i~( ~~:;~i:i::~:~;::;:~:~:}::, not 'O~:,"bl' Wit:'l:o::'~,:~::~;~~~~~~:;;:~;;:i: o:;2~., not p~::
_----=1
chased on a gravity basis until December, 1922. North Texas crude on Oct. 14, 1922, was selling for $1.50 per barrel.
_
:. II II II II I II I III I II I IIl I II'II I I1II1 I I1 I I1 I I1 II H I II II III I II II II~"ln' 1I111!!lIIIIIUI I IIIIIIIIIIIIIIIII I IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 1 1111111111 1 11111111111111111111111111111111111111111111111111111 1 1'1"111"1'111 1 11'1"'"1111111111111'1111'1111111111'111111111""'11"1'1111111111111111111111 1 111,,111111 1 111 1 1111111111,111111111 1 (';;
12
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
OIL PRODUCTION
Sep tember
Total
FieldNorth Texas .......................................... ·······...
Centra l-West Texa s ..................................... .
Texas Coast al. .............................................. .
Miscellaneous fields ......................................
2,203,710
7,9 46,670
2,652,760
1,097,115
Totals, Texas ..........................................
13,900,255
Inorcnse o r Decrease
Aug ust
Da ily A vg.
Tola l
Total
Daily Avg.
73,457
264,889
88,425
36,571
76,351 Dec.
2,366,895
199,262 [nco
6,177,135
2,914,980
94,032 Dec.
18,759 Inc.
581,529
:---------1- -------1
388,404 [nco
463,342 1 12,040,539
2,134,166
68,844 Inc.
2,147,860
71,595
1
---------1---·· ---1- --------1--------1
Totals, 11th District............................ 16,048,115
534,937 14,174,705
457,248 Inc.
North Louisiana........................................... .
Daily Avg .
163,185 Dec.
1,769,535 Inc.
262,220 Dec.
515,586 Inc.
2,894
65,627
5,607
17,812
1,859,716 Inc.
74,938
13,694 Inc.
2,751
1,873,410 [nco
77,689
~
§illllllllll,lllllil 11II1U1Il1I1II1I 111111111111111111 III 111111 11111111 1111111111111111111111111111 11111111111 111111 11111111 I11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII~
I
:11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111"'111111111111111111111111111111111111111111111 111111111IIIIIIIIItlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIII11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111' .
SEPTEMBER DRILLING RESULTS
FieldN orth Texas ..........................................................................................................
Central-West Texas ............................................. ·· .. ·.·... ··· ...................................
Te)(as Coastal .................................................................................................... ..
Miscellaneous f ields .......................................................................................... ..
Texas Wildcats ..................................................................... ·............................ ..
Completions
Producers
Initial
Production
Failures
77
172
20
30
6
41
32
13
421
60
305
*34
116
26
552,336 =
1,080
481
360
Totals, Texas .............................................................:.................................. .
N orth Louisiana ......................................... ··· .....·.·.... ·........................................ .
118
204
33
30
36
339
230
142
119
553,416
336,266
30
12,669
473,202
11,105
55,295
65
LUMBER
While the production rate of the Eleventh District
pine mills evidenced a further slight decline during
September, the new orders at the mills reflected a
sharp increase and were considerably in excess of
both shipments and production.
The September production rate was six per cent
below normal as compared to three per cent in
August. Shipments during the past month were
seven per cent below production as compared to five
per cent below production during the previous month.
On the other hand, orders received during September were three per cent above normal production as
compared to five per cent below normal production
in August.
The unfilled orders on the books of 47 mills at the
close of September amounted to 73,079,986 feet, as
compared to 51,319,770 feet on the books of 43 mills
at the close of August. Due to the fact that shipments have continued below production, stocks on
hand September 29th were sixteen .per cent below
normal as compared to twenty-four per cent below
normal August 31st.
=:
=====~.IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJIIII 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111'
SEPTEMBER PINE MILL STATISTICS
Number of r eporting mills............
47
Production ........................................ 99,025,168 f eet
Shipments ........................................ 91,826,888 feet
Or ders ................. :............................108,731,822 feet
Unfilled or ders September 30th .... 73,079,986 feet
Nor mal production ........................105,814,609 feet
Stocks, September 30th ................269,828,485 feet
Normal stocks ................................ 320,128,384 feet
Shipments below production........ 7,198,280 feet= 7%
Actual production below nor maL 6,789,441 feet= 6%
Or ders above norma l production.. 2,917,213 feet= 3 %
Stocks below nOl'n1aL .. ~ .................... 50,299,899 feet==16 %
§
.~1111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII!IIII111111111111I111111111111111l111l11111l111111l11l1.~
BUILDING
Construction activity, as measured by the valuation of building permits issued at eleven principal
cities of this district, continued heavy during September, but was slightly less than the August vol-
ume. The September valuation of permits issued
at these cities amounted to $6,515,395, as comJ?ared
to $6,558,106 in August, and $5,226,832 in September, 1922. The valuation of permits issued during
MONTHLY REVIEW OF BUSINESS AND L.""TDUSTRIAL CONDITIONS
the first nine months of 1923 was 27.4 per cent in
excess of those issued during the same period of
1922. El Paso, Galveston, and Waco were the only
13
cities to show a smaller valuation for this period in
1923 as compared to the same period of 1922.
:!II IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIII IIIIIIIIIIII11 1111111111111111 11 111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 111 11111 11 11111111111111 1111111 11 11111111111111111111111 111111111111111111111111111111111111111111111111111111111111I1111111111I11111 1I1 11111111I1111111111111111I111I111!,!
BUILDING PERMITS
Aus tln ........................ _..............
Beaumont. ................................
Dallas .........................................
EI Puso,....................................
Fort Wooth .............................
Galveston ..................................
Hous ton .....................................
Port Arthur......... :..................
San Antonio ...........................
Sh'·cvellOl't.. .............................
Waco ..........................................
TotaL .......................................
Scptembcr. 1923 Septembcr. 1922 Inc. or
- - Dec.
No. Valuation
No. Valuation
60,463 + 68.7
32
85,134
39
169,319 +lM.8
94
431,426
283
859 1,866,488 +
8.0
286 2,005,896
260,865 - 47.8
89
180,897
66
492,338 +
186
634,035
8.6
203
138,694 +298.8
3a1
662,728
368
916,133 + 67.9
641
662 1,636, 861
86,656 +111 .1
182,682
115
218
636,116 - 18,4
518,466
844
284
671,481 - 24.8
429,722
217
292
60, 490 + 77.8
28
107,666
47
Aug ust,
No.
34
223
419
68
196
846
636
249
263
269
41
---- ---- --- ---- - -- -2,637
24.7
2,336 6,226,832
2,696 6,615,396
+
1923
Valuation
50,364
226,991
1,810,082
367,998
389,962
38,646
1,129,908
281,685
632,2 66
1,674,677
66,54 2
Inc. or
Dec.
69.1
90.1
1.1
- 63.4
36.9
+
+1,380.2
36.0
+
36.1
18.0
- 72.7
64.1
-I+
+
+
-
- - - - ---6,658,106
-
.7
lil'st NlIle Months
Inc. or
1928
1922
Dec.
No. Valuation
Valuation
No.
474
1,843,8H
275
500,086 +168.7
1,667
2,326,626
944
1,244,206 + 87.0
8,662 17,666,467
3,492 14,703,068 + 20.2
789
1,869,960
912
2,761,171 - 32.0
2,364
6,216,789
1,917
6,237,648 + 18.7
3,011
1,626,481
8,102
1,849,233 - 12.0
4,765 16,260,011
6,196 10,909,943 + 39.9
1,706
2,389,924
916
899,660 +166.7
2,852
6,806,811
3,305
6,616,641 + 21.2
2,564
7,090,968
2,142
4,490,106 + 67.9
402
946,392
373
1,686,130 - 43.9
24,136 I 68,644,268
22,672
49,886,776 +
27.4
.111111111111111111111111111111111111111111111111111111111111111111111 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111III III1111 111111 1111111 1111111111111 111 111111 11 11 111111111111111111111111111111111111111111111111111111111 11111111111 11111111111111 1111111111 1111111111111111111111111111111111.
CEMENT
A decline was registered in the September production of Portland cement of Texas mills as compared to the previous month, but was slightly above
the September, 1922, output. September production
totalled 367,000 barrels as compared to 385,000 barrels in August, and 365,000 barrels in September last
year.
The output for the first nine months of this year
was 24.5 pel' cent greater than during the corresponding period of the pl'evious year.
A sharp decline was noted in the September shipments from the mills, being 305,000 barrels as compared to 413,000 in August and 330,000 barrels in
September a year ago. On account of the excess in
production over shipments, stocks rose from 159,000
barrels on August 31st to 220,000 on September 29th.
~111l11l1111 1 1l111111111111111111111111111111111111 1 11111111111 1111111111111111111111111111111111111111111111111111111 1 11111111111111111111111111111111111111111111111111111111111111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIilllllllllllllllllllJIIIIII11111111111111111111111111111111111111111111111111111 111 1111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIJ!
PRODUCTION, SHIPMENTS AND S'rOCICS OF PORTLAND CEMENT
(Barrels)
~
September
1923
-
Production of Texas mills .................
Shipments from Texas mills .............
Stocks at the end of the month at
Texas mills ......,...............................
September
1922
Per Cent
Inc. or Dcc.
August
1923
Per Cent
Inc. or Dec.
Nine Montns
1922
1928
Per Cent
Inc. or Dec.
367,000
305,000
365,000
330,000
+ .5
- 7.6
385,000
413,000
- 4.7 3,268,000 2,625,000
-26.2 3,243,000 2,767,000
220,000
152,000
+44.7
159,000
+38.4 ................ .- .............. ................
+24.5
+17.2
-
~1I11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11111111111111 111111 1I11111J1111111111111111l11 III 1111 111111111111111 1111111111 111111 1111 11111111 111111111111 1111 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111.
14
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by /he Federal Reserve Board as of October l'l6, ")~3.)
Production of basic commodities declined during
September. Wholesale trade continued large, while
retail trade, though larger than a year ago, increased
less than is usual at this season of the year. Wholesale prices, particularly those of agricultural products, advanced during the month.
PRODUCTION:
Production in basic industries, according to the
Federal Reserve Board's index, declined 5 per cent
during September, and was 10 per cent below the
peak output of May. The principal factors in this
decline were the suspension of anthracite coal mining
for over two weeks, and a substantial reduction in
the production of iron and steel. Cement production
and sugar meltings were larger than in August. The
decline in the production index, which is corrected
for seasonal variations and reflects chiefly changes
in the output of raw and semi-finished products, was
not accompanied by a reduction of employment at industrial establishments. New building construction
showed about the usual seasonal decline in September, due to curtailment in contracts for residences.
Contract awards for business and industrial buildings, however, were larger than in August.
Estimates by the Department of Agriculture on
October 1st showed some reduction from the September forecasts in the yields of corn, wheat, oats, and
tobacco, but increased yields of cotton, potatoes, and
hay.
TRADE:
Distribution of all classes of commodities by railroads continued at a high rate throughout September. Wholesale trade, according to the Federal Reserve Board's index in September, reached the largest total in three years, and was 9 per cent larger
than a year ago. Sales of meat, hardware, and drugs
were considerably la.rger than in last September,
while shoe sales were smaller. Retail trade was
slightly larger in September, but the increase was
much less than is usual at this season of the year.
Department store sales were six per cent more than
in September, 1922, and stocks at the end of the
month were 13 per cent larger than a year ago.
PRICES:
Wholesale prices increased over 2 per cent during
September, according to the index of the Bureau of
Labor Statistics, particularly large increases occurring in the price of clothing, farm products, and
foods. Fuel prices, on the other hand, declined in
September for the eighth successive month, and
prices of building materials and metals were also
lower. During the first three weeks of October
prices of certain farm products continued to advance,
wheat and cotton reaching the highest points of the
current year, while prices of hogs, coal, and metals
declined.
BANK CREDIT:
Demand for bank credit showed a seasonal increase in September, and the early part of October,
loans of member banks in leading cities increasing by
$116,000,000 between September 12th and October
10th. This increase reflected chiefly the demand for
commercial loans, which on the latter date stood at
a new high point for the year, almost $100,000,000
above the total on September 12th. Increases in the
holdings of Government securities by these banks
were partly offset by reductions in corporate security holdings. The demand for accommodations at
'the Federal reserve banks in some of the agricultural
districts increased, while at the reserve banks in the
East the volume of discounts for member banks declined. Federal reserve note circulation continued
io increase, and in the middle of October was about
$100,000,000 above the July level.
In October money rates showed an easier tendency,
and after the fifteenth of the month rates for commercial paper in the New York market declined from
a range of 5%." 5% to 5, 5%, per cent.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
Note:
Base Adopted by United States Bureau of Labor Statistics
15
ELEVENTH FEDERAL RESERVE DISTRICT
--.....r--.-.- I•
N.MEX.
I
I
I
I
I
OAL~JAS(i
I
-----_.
__-Io....,........IAEl Paso__
~--.
~.J
~
rJ
TEXAS
.I,
"
,--,
I
I
•
®
•
BOUNDARY OF ELEVENTH DISTRICT
BOUNDA~IES OF BRANCH TERRITORIES
BOUNDARIES OF STATES
FEDERAL RESERVE CITY
FEDERAL RESERVE BRANCH CITIES
@FedFRASER