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H MONTHLY B USIN ESS REV I EW ~~
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FEDERAL RESERVE BANK OF DALLAS
c.
C. WALSH,
i_§
CHAS. C. HALL-W. J. EVANS.
Chairman anol Feolual Reline Al'en!
~
~
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OF THE
Alilitani Fedoral
R... n. Al'entl
~
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(Compiled October 15, 1928)
§
;' .... ,•••••• " •• ,1, •• ".1, •• " ••••••• ,•• ".,., •• ".,1111 ••• ," •••••••• 11, •••• ,111111., ••• ,.,1, ••••••••,.,111,.,111, ••'.1." •••••••• ,., ••••••• ,•• ,.,111 •• ,11111"'1", •••• ,",."11111, •• ,11"""11"""'1.,111"""" II"III""IIIIII"IIIIIIII" '~ ~
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Volume 13, No.9
Dallas, Texas, November 1, 1928
November 1
This COpy is r eleased for pub.
IIcation in afternoon papers
DISTRICT SUMMARY
~ ••••• , •• I •• II ••• I ••••••••••• ,II • •••• ,I ••• ,., ••• I.I' •• •••• 1 ••••• 1'1, ••••• 1••• 1.1.1.'.1 ••• 11.,1 ••••• ,.,1 ••• 1,1 •••••• "' •••• , ....... .... '.1.,.111.1 •••• • •••••••••• ,.,., ••• ,.1 ••••• 1 ••••• '".' • ••• , ••••••••• ' ...... 1••••••••• """,.,., •••••••••• ".,111'1 ••• [!)
t
:
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THE SITUATION AT' A GLANCE
Eleventh Federal 'Reserve Dll trict
:
E
Bank debits to individual account. (at 17 citlea) ......._... _............_.. __... _....._.L. __.. _.........................._
Departmont store s ales ...... .............................. _................_.............. ........................_................. _...........................
:: Reserve Bank lonns to momber banka at end of month ........................ ........ ................ __..................._.........
E
September
$981,756,000
August
$819,871,000
$ 28.~52.858
$ 80,544,280
i fig~;~~~;l~~;\~u~~l~~~i~~~fff:;~~~=~~~~~:~ ~; ;~; ; ~;: :~; ~ ~ ~:~ ~ ~; ; ;~: ~ ~ ~; ; :;~ ~ ~ ~ ~ ;~ ;~~~ ~ ~ ~ ~;~~~~~~;~ ~ : G':::::~r
E Oil production (barrel.)._............................................................................. _.........................................................
J, Lumber or ders at pine mills (per cent of nOI'mal production) ....................................................... _..........
:
~
.
22,504,100 o/c
108 •
~
Inc. or Dec.
::
Inc.
18.6 % §
Inc.
~0.1 % ::
Dec.
6.8 % !
: 8::::!f ::: ~::: I
': t
22,185.450 o/c
107.
nc .
ee.
NO::
4 1..7% !
pomts!
\!I· ... '".III ...... III ... II .. IIIIII ................ IIII .. UIlIlIl ....... IIII ............. fll ...... 111111 ............... 1111 . ..... 11 ........................... 11 .............................. ................................ ,,, .. " " , , , , , , , , , " " , II lI ..
m
. !he strong demand for merchandise at retail in the larger trict's banks have purchased a large volume of bankers·
CItIes of the Eleventh District was the outstanding develop- acceptances and commercial paper.
ment in the business situation during the past month. The
The business mortality rate in the Eleventh District reo
heavy buying which was evident in every reporting city flected a further improvement. While failures in Septemcarried department store sales to 40 per cent above those of ber were as numerous as in the previous month. they were
the previous month and 7 per cent above those in Septem- substantially less than in the same month last year and the
ber, 1927. On the other hand, distribution at wholesale liabilities of defaulting firms were smaller than in any
!efiected a noticeable slowing down, with sales in a major. month since July, 1927.
Ity of lines being less than in either the previous month or
According 'to the report of the Department of Agriculture
the corresponding month last year.
as of October 1, the estimated production of major crops
The credit situation continues to reflect the heavy demand in this district shows but little variation from the estimates
for funds for use in connection with the movement or stor· a month earlier. Weather conditions generally have been
age o~ the district's principal commodities and for the favorable for the maturity of crops and farmers have been
financmg of the fall expansion of trade and industry. The proceeding rapidly with harvesting operations. Heavy rains
loans of banks in reserve cities for commercial purposes in some sections of the district have supplied the needed
amounted to $263,564,000 on October 3rd, which was 814,· moisture for the maturity of crops and have enabled farm·
~98,OOO greater than four weeks earlier and $21,123,000 ers to proceed with fall plowing and the seeding of small
arger than on that date a year ago. Federal Reserve Bank grains. In other sections, however, the continuance of dry
loans to member banks totaled $28,926,415 on October 15. weather is reducing the prospective yield of crops and reo
as compared to $30,544,230 on August 31st and $5,976,857 tarding farm work. With few exceptions, the physical con.
on the corresponding date in 1927. While the borrowings of dition of the district's ranges and livestock has shown
country banks have shown a substantial reduction, those of
d
reserve city banks have increased. The combined deposits further improvement and is now generally goo .
of member banks, which amounted to $902,978,000 on Sep.
Construction activity at principal cities reflected a sharp
~ember 12, were 833,783,000 greater than on August 8, and decline during September. The valuation of building per·
.011'51,993,000 larger than on September 28, 1927. A factor mits issued was 29 per cent less than in August and was
of considerable importance in the financial situation is the ' 31 per cent less than in the corresponding month last year.
strong demand for short time investments. Subscriptions to The production, shipments, and new orders for lumber we~e
the October 15th United States Treasury 4%, % Certificates in a smaller volume than in A~gust but w.ere larger than 10
of Indebtedness totaled 838,174,000 against which allot- September, 1927. The productlOn and shipments of cement
ments to the extent of $20,306,000 were made. The dis- were likewise greater than a year ago.
CROP CONDITIONS
Weather conditions generally have' been favorable for the and the Northern portion of Central-West Texas, reduced
m~turity of crops and farmers have made good progress
the prospective yield on some crops.
wlth harvesting operations. While the heavy rains which
The picking and ginning of cotton made rapid progress
feU over the Southern half of Texas during September were during the past six weeks. According to the Bu.eau of
very beneficial. the dry weather in Northwest, Northeast, Census there had been ginned in Texas prior to October 1st,
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
MONTHLY BUSINESS REVIEW
2,429.000 bales as compared to 2,300,530 bales prior to Federal Reserve District reflected an improvement during
that date in 1927. Ginnings to October 1st represent nearly the past month. In Northeast, Northwest, and West-Center
one·half of the estimated production for the current year. Texas, and Eastern New Mexico, ranges have deteriorated
Weather conditions generally have been favorable for the somewhat due to the lack of moisture but they have im- '
picking of cotton in most sections of the district but heavy proved elsewhere. Heavy rains in the South and Coast secrains in portions of East, Southeast, South, and the Southern • tions of Texas broke the drouth and conditions are much
portion of West· Center Texas retarded operations somewhat improved as grasses and weeds are greening and there is
and caused some loss of cotton. The Department of Agri- plenty of feed available for stock in most areas. In Southculture estimated the condition of the Texas crop at 58 per western New Mexico and Southeastern Arizona, the supply
cent of normal on October 1st, which, according to the De· of stock water and the condition of ranges have been greatly
partment, indicated a yield of 5,050,000 of 500·lb. gross improved by heavy rainfall. Range conditions in West
weight bales or an average yield of 137 pounds of lint per Texas are exceptionally good, reports indicating that they
acre. This compares to an estimated yield of 5,100,000 are the best in several years with cattle fat and moving to
bales on September 1st and an actual production of 4,- market. The demand for cattle continues strong with trad352,000 bales in 1927. During September, insects have been ing active where surplus cattle are available but the surplus
active in most sections of Texas, Louisiana, and Southeast- cattle in most se.ctions are becoming scarce.
ern Oklahoma and in many sections they have materially
The Departmcnt of Agriculture reported that the averreduced the yield, particularly on the late planted acreage. age condition of ranges in Texas on October 1st was 89 per
During September, the prospective production in New Mex- cent of normal which repre£ents a gain of 3 points over that
ico and Arizona was reduced but it was raised in Oklahoma a month earlier and 6 points over a year ago. There was
and Louisiana. Picking and ginning have made good pro- no change in the average condition of caLtle during the
gress in Arizona, Oklahoma, and Louisiana, but have been month. Sheep and goats and their ranges reflectcd a marked
slow in New Mexico.
improvement during September. The condition of sheep
The indicated production of corn in Texas, according to gained 6 points and goats improved 4 points. The condithe Government's estimate, showed a further slight reduc- ti on of their ranges was estimated as 98 per cent of normal
tion during the past month, the condition on October 1st on October 1st as against 87 per cent on September 1st and
being 72 per cent of normal which indicated a yield of 84, per cent on October 1, 1927. Many sheep and lambs
101,462,000 bushels. Most of the corn is now matured and are already fat and are moving to market. The shearing
reports are to the effect that the late planted fields are of sheep is now well under way and the fall shearing of
doing well. Farmers generally are making good. progress goats is practically completed with the clip generally heavy
with harvesting operations. The cutting of corn in the and of good quality.
Southern half of New Mexico is nearly completed. The Movements
The receipts of cattle and hogs at the Ft.
production of grain sorghums in Texas was estimated by and Prices
Worth market during September reflected
the Department of Agriculture at 57,910,000 bushels on
a gain as compared to both the previous
October 1st as against a yield of 55,734~000 bushels in
nl'onth and the same month last year. The arrivals of sheep
1927. Conditions are somewhat spotted due to the drouth
in some areas and too much rain in others. While the early were slightly greater than in August but were considerably
crop is practically matured and promises fair to good less thl1n in September a year ago, while those of calves
yields, the late planted is mostly poor to fair and is in were slightly less than in either of the above months.
The cattle market was uneven during the most of Sepdanger of being damaged by an early freeze. This crop is
being harvested in New Mexico. While good yields from tember with prices tending toward lower levels. The most
hay crops have been obtained where moisture conditions noticeable decline occurred in the beef steer division. The
have been favorable, these crops have been adversely affect- prices on the average run of cows and calves held about
ed in many localities by dry weather. The Texas produc- steady. Most classes suffered declines during the first half
tion is officially estimated at 991,000 tons this year as com- of October. Hog prices showed strength during the first
pared to 1,013,000 tons last year.
half of September reaching a top at $12.30, but following
Farmers generally have made good progress with the this advance a reaction set in and prices declined steadily
preparation of the soil for the seeding of fall grains with thereafter, with the best going at only $9.75 at the middle
some of the acreage already sown and up. In Northwest
Texas, the principal wheat growing section, the ground has
i
FORT WORTH LIVESTOCK RECEIP'l'S
E
been too dry for seeding operations and the proper germinai
September September Loss or
August
Loss or §
tion of the seed.
Cattle ......... ...........
G
G
The Texas production of peanuts is estimated by the
I Calvell .................. 37,(06
40,68g
L 8,264
40,824
L 8,419 :
Bureau at 67,599,000 pounds this year as against 70,200,000 i Ho\:! ...................... 27.787 24, 045
G 3,742
26,966
G 1,832 ;;
I Sheep .................... 81,806
53.614
L 21,709
29,288
G 2,667 ::
pounds in 1927. The rains during September improved ElII••••
the crop in South and lower portion of Central-West
,,,,,[!]
Texas but the dry weather injured the crop in the Northern
I:.
COMPARATIVE TOP LIVESTOCK PRICES
•
portion. The probable production of sweet potatoes in
Texas was placed at 8,588,000 bushels on October 1st and
September September
Au\:ust
1928
1927
1928
compares with a yield of 11,970,000 bushels last year. On i
~
Beef steers ..............................................$13.60
$10.76
$14.00
the basis of the revised estimate of the area sown to rice, '::. Stocker steers ........................................ 13.26
9 ,.460
0
13 . 0
Butcher cows .......................................... 9.75
7
0 85
the production of this crop is estimated at 7,221,000 bushels ~ Stocker cows .......................................... 8.76
6.26
8.00
Calves ........... _ ........................................ 13.60
13.00
18.00
as against a revised estimate of 8,039,000 bushels in 1927.
E ~~e~~ ::::=:::::=::=:=:::::::=::::==::::::::::::=::~ 1~:~~
l~:~g
l~:~g i
LIVESTOCK
; Lambs ......................................: ............... 14.00
18.10
14.60
Range conditions over the major portion of the Eleventh El
@
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°
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,1111 .... ,11 ••• 111,.,1,.111111111111111111111111111 .. 1111 ... 1... 11111111111 ............ IIIIII .. I .. I1 .... ,IIIII.IIII ...
s
MONTHLY BUSINESS REVIEW
of October. Sheep and lamb prices remained generally
steady during September but a slight weakness developed
during the second week of October.
Cotton
The September receipts of cotton at the
Movemenls
ports of Houston and Galveston reflected
a large seasonal gain as compared to the
previous month, and the receipts at Galveston were larger
than a year ago. Exports at both of these ports showed a
large increase over August and were greater than a year ago.
Total foreign expO'rts of cotton (including linters) during
September amounLed to 814,,569 bales as compared to 631,·
041 bales in the same month last year. The domestic con·
sumption O'f cotton totaled 4,92,221 bales in . September as
: : :~ "'~~';;~~"~~='~~~~"~;;~~~';'~'~;";~~~"~;"~:~~;~;~'"8
September
1928
Receipts ... _......... 477,014
Expor tn ................ 183,971
Stocks, Sept, SO.. ............
•
~.
September
Augus t 1 to September 30
1927
This Season
Las t Season
S46,126
549,611
446,786
137,218
241,942
19S,4 30
391,255
399,S95
G
11"'111111111111111,.1111111111111'''"11111,.,11111111111111111111111111111111111111111111111111111111111 .....
,11111.0
i: ~
:ep:~~!:r sep:::~:.
For Grea t Britnin ............................................
For France ..........................................................
SO
15,200
In eompressen a nd depots................................ 284,855
Total... ....................................................... 891.256
294,195
399,395
E
,:,
7~:m
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§
COTTON MOVEMENTS THROUGH '11HE PORT OF HOUSTON
I
g
;:
;:
September
1928
1 Stocks, ..::::::::::::::
: ~~~~t~ Sept. m:m
.
80.. ............
September
August 1 to September 80
1927
This Season
Lnst Season
m:m
m:m
898,486
:
E
m .:~.
:m
550,5 59
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8.111,.1111111111.1111111 ••••• 1.111 •• ' •• 111 •• 1111111 •• 11 .. 111111 •• 1 ••••• 1111.1.' ••• 1.1111111".1"1111111.111"111111 •• ,1
Gl
SPOT COTTON PRICES'
:
(Middling Basis )
September. 1928
High
Low
If:~~~.~-::-: :=:~:: ~-;::~ Ii!! l!!l lin
!
I::!:
October 16
1928
i
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Ii
:
SEASON' S RECEIPTS, EXPOR'I'S AND STOCKS AT ALL
UNITED STATES PORTS
:
i
Aug ust 1 to September 80
This Season
La st Season
:
13,500
~~~ ~~~:[w~~~e~~~~::~:::::::::::::~:::::::::::::::::::: 7~:6~~
~
i
GALVES',OON STOCK MARKET
roll ••• IIIIIIIII •••• IIII'.IIIIIII' ........... I ... I .... I.I •• 1 . . . . . . . . . . . . . . . . . . . . . Htt.III . . . . . . IHI ......... HI ....... IG!
~1.UIlIlIlIIIlI
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com~ared to 526,729 hales in the previous month and 627,·
784 bales in September, 1927.
l'm:m l'm:m
~:~\eofo~~i·g~ ·p~~t~:::::::::::::::::::::::
m
'!i;~ ~~:~t~: G;~;;-t"B~i't~i;;-"::::::::::::::::::::=::::::::::::
Frllnce ..............................................
~
..
87,951
519,992
166,095
103,813
628,083
114,743
878.m
Continent ........................................
J ap an-China ................................
963
1,727:026
§ Stocks at alI United Stat es ports, Sept, 80 1.065.784
:
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m'I'IIIIIIIIIIIII"'IIII"IIIIIIIIIII'IIIIIIIIIIIII'111'111111111'1111111111111111111111"'111111111111111111111111111.111111111 11 1111111111111.11.1111111'.'1.11111.,11111 ••• ,111111"',1.1.11""'.1""11,111, •• ,11.1ii'i'iiiI'.III.I •• I.IIIIIIIIII'llllt' lG)
I
COTTON GROWING STATES
Au g, 1 to Sept. 80
Sep tember September
This
Las t
1928
1927
Season
Season
•
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~ g~~~~~ 0':';,·au~eg~Pt~·;;;i;;;;"3·ii::.~:::::::::::::::::.~::::::::::::::::::::::::
i
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COTTON CONSUMED AND ON HAND
(a) In consuming establishmenta .............. _......... ·......
(b) In public storage lLnd compl'.sle . .................... ·.. ·
381 ,025
............
............
462,378
............
............
784,913
409,148
2,666,263
926,908
780.312
3,67 2,86'1
Sep tember
1928
492,221
............
_........
i
i
UNITED STATES
Aug. 1 to Sept. 80
§
September
This
Last
1927
Season
So.no n :
,~
627,784
............
- __...
1,018,950
719.981
2,646,977
1,262,304
1.116,093
8,964.616
E)IIIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIII.IIIII.IIIIIIIIIIIIII.III.I.IIIIIIIIIIIIIIIIIIIIII.IIIIIIIII.,IIIIIHIIIIIIIIIIII.II II .IIIIIII1I111I111I111.1I11I1I1I1I1I111I1.IIIIIIIIIIIUI!fll.IIIIIUIIIIIIIU.IIIIIIIIIUI11I!.III'IIIIII.IIIIIIIUIlIlIlIlIt ..
COTTONSEED PRODUCTS
The past month witnessed a sharp seasonal expansion in
the operation of cottonseed oil mills but the receipts of cot·
tonseed and the production of cottonseed products were
considerably smaller than a year ago. Stocks of cottonseed
products (except linters) on hand at the mills on September
30th were considerably smaller than on the same date in
1927. .
I.
:
i
E.
E
Texas
United States
:
Aug ust 1 to Sept. 80
Aug ust 1 to Sept , 80
§
C
This Season Las t Season This Sea son L ast Season -.;
ottonseed r eceived
C nt mills (tons ) ....
555,584
688,867
1,089,286
1,806,919 §
ottonseed crus heu
'
:
C (tons ) ..................
251,590
817,170
494,678
746,131;
ottonseed on han
C (tons ) ....................
817,188
805,628
566,530
651,572.
I'ude oil produced
C (pounds ) ............. , -72 .94-8, 886 90,966,951 147,447,154 225,117,984 ~:_.
ake and meal pro·
~
Hduced (tons ) .. .. ....
118.369
145.971
220,488
882,374:
,ulls pl'oduced (tons )
69,266
90 ,848
187.989
214,066.
Lmtel's produced
(I'unning ba les )....
49.502
54,418
98,447
127,768
Stocks on hand
Septcmber 80:
~,'u dc oil (Ilounds ) 14,2G
2,Q.(1 22,909.281
42, ~4 9.720
68'887'6691
Cuke nn J meal (tons )
20.730
S2,171
61.860
108.610
IL'.ulls (to ns ) ............
38.009
71,958
72,572
185, G81
Illtel'S (running
ba!cs ) ....................
83,709
27,957
86.621
80. 321
-'j
§
E._
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Ii
:_:
~:
~
•
::
STATIS'l'ICS ON CO'J.YI'ONSEED AND COTTONSEED
PRODUCTS
&
1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIU " .11I1I11I11I1 1IIIIIIIIIIIIIII I U I IlItIU ~
"IiI
Weel' Ending
October 18, September 15,
1928
1928
Oil (per pound) ......_............................... ___ .... $ .0810
$ ,0 821
Cake an d menl (per to n ) .... _ ......................... 87.75
84,27
Hulls (per ton ).................................................... 7,87
6.88
Linters (per pound) ........................................... ,
.0495
,0377
The market price of cottonseed and cottonseed products
o
i
i
rellected an upward trend. During the week ending October
13th, the mills in this district reporting to the Federal Re.
serve Bank paid an average price of $39.62 per ton as
against $34,.59 a ton during the week ending September 15th.
The average prices received by these mills for cottonseed
products sold were as follows :
1 1111.,IIIII.IJIII •• IIIIII.UIIIII.IIUUIIIlIlIl ...... UIlIlIlIl ........ 111 ..... "1111111.11 ... 111 .. 111 .. 11111 .... 1111[;
8
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TEXTILE MILLING
There were 2,706 bales of raw cotton consumed at reo
porting Textile mills in fhe Eleventh District in September,
which was 660 bales less than in August and 933 bales be·
low consumption in the corresponding month last year.
The number of spindles active showed only a slight varia·
Lion as compared to the previous month but was less than
in September, 1927. Production of cloth reflected a de·
cline as compared to both the previous month and to Sep.
tember a year ago. Although slightly less than on the
I
fiiJIUlIllllllltItUIlIIIIIlIIIlIIIIlIlItIlIIIl.II.,nIUllllllllnUIII I IIIIIIIU.IIIIIIIII ... IIIIIIIIIII""IIIIIIIII.II [!j
:
:
§
T E XTILE MILLING STATISTICS
September
1928
E Number brues consumed ....................
2,706
:: Num b~ r s pindles nct ive...................... 90.14 8
: N umber pou nds clot h pr oduced...... 1,3 al.9S7
September
1927
3,6 39
93 ,072
1.592 .000
Aug us t;:
1928
::
~,a66
E
90,1 56 !
1,667 ,75:1 §
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4
MONTHLY BUSINESS REVIEW
corresponding date of 1927, orders on hand at the close of
September this year were 16.3 per cent larger than a month
earlier. Stocks held at the end of the month were above
those a year ago but were less than on August 31.
WHOLESALE TRADE
The distribution of merchandise in wholesale channels
reflected a slowing down as compared to the previous month
and was smaller than a year ago. Groceries and hardware
were the only lines to show a gain in sales over August and
in all reporting lines except farm implements, sales were
smaller than a year ago. The declines in most instances,
however, were small. The unseasonable weather which reo
tarded the movement of fall goods and the spotted agri.
cultural conditions have served to hold in check consumer
buying in rural sections, and as merchants are keeping pur·
chases well aligned with consumer demand, buying at
wholesale has been slow. Dealers generally, however, are
looking forward to an improvement in trade with the advent
of cooler weather. Collections in most lines showed a con·
siderable increase during the month.
The demand for dry goods at wholesale reflected a notice·
able decline during September. Sales of reporting firms
were 14..4 per cent less than a month earlier and 10.2 per
cent below those in September, 1927. The falling off was
general throughout the district. Consumer buying has been
retarded somewhat by the unusually warm weather for this
season and merchants in turn are limiting commitments to
near by needs, due to the slowness of retail demand and the
uncertainty regarding the trend of raw cotton prices. Col·
lections durlng the month were substantially greater than
in the previous month and were slightly larger than a year
ago.
The sales of wholesale drug firms during September reo
flected a slight decline as compared to both the previous
month and the corresponding month last year. Reports
indicate that business in most sections was slower during
September than was anticipated but that business recently
has shown some improvement. Dealers generally are opti.
mistic regarding future prospects. Prices remained gener·
ally steady. Collections showed some improvement.
The sales of farm implements at wholesale reflected a
further decline of 8.4. per cent as compared to the previous
month but were 1.5 per cent greater than in September,
1927. Distribution during the third quarter averaged 7.0
per cent larger than in the same period last year. The
deterioration of the cotton crop in some parts of the district
and the uncertainty regarding the price movement of this
commodity have retarded buying to some extent as the spirit
of conservatism is still prevalent among most buyers. Prices
show no material change from those prevailing for several
months past. Dealers generally are optimistic over pros·
pects for fall and winter trade.
The sales of wholesale grocery firms reflected a further
seasonal gain of 6.9 per cent as compared to the previous
month but were slightly less than in the corresponding
month last year. Conditions over the district are somewhat
spotted, with trade good in some sections but slow in others.
In most sections, however, the outlook is reported to be
from fair to good. Prices remained generally steady duro
ing the month. Collections reflected a substantial increase
over the previous month and the gain was general over the
district.
A further ·seasonal increase of 9.3 per cent in the demand
for hardware as compared to the previous month was regis·
tered in September but it fell short of the corresponding
month in 1927 by 0.3 per cent. Sales for the third quarter
of the year averaged 11.9 per cent larger than in the same
period last year. While the demand generally has been fair
to good, the buying of seasonable goods has been slow due
to the warm weather. Prices remained firm. Collections
have shown a considerable improvement.
~1111'1111'ltllllllllllll1ll'III"llllIllllllIltl'IIIIIIIIIIIIIII'1 111111111 ... 1111111111111 •• 1111 1 1' ( 1111111111111 ... 111 ... 11111 ......... 11111111111111111 .. 11111111111 .. 111111111111111 .... 1111 •• ,1111111' •• 1111 .. '111111 III"IIII"IIII"IIII"IIIIIIII~
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§.
CONDITION OF WHOLESALE TRADE DURING SEPTEMBER. 1928
Percentage of Incrcl18e or Decrease In
- Net SalesSeptembcl·. 1928
Compared with
September August
1927
1928
Groceries ...... .................................. ............ ................................................ .3
+ 6.9
Dry Goods .................................................................................................. - 10.2
- 14.4
Farm Implements .................................................................................. .. + 1.5
- 8.4
Hardware................................................................................................... - .8
+ 9.8
Drugs ... ~ ........................................... .. ....................................................... 8.
-.5
- Net SalesJuly 1 to Date
Compared with
Same Period
Last Year
+ 6. 0
- 8.0
+ 7.0
+ 11.9
+ 2.2
:
-StocksSeptember. 1928
Compared w ith
September
August
1927
1928
+ 8.7
+ 6.7
- 4.9
- 9.7
- 14.8
+12.5
+ 5.8
- 3.4
-.7
- S.9
Ratio of Collec.
tions During Sept.
to Accounts and
Notes Outstanding
Sept. 80. 1928
71.9
29.7
18.9
38.8
42.6
8.,111111111111"11111111111111" •• 111111.,11111111111111 11 1111 " "'111",,'11111111,,1,'111111111,"""'""111"'11111111"'1""""1111 •• • ",1111111",.".,111.1'!! ' •••••• , ••••• '.' •• I •• ' ••••••• III •• • •••••••••••• 11111111111111111.,.,lllllllllflll[!)
RETAIL TRADE
A broad demand for merchandise at retail in the larger department stores reflected a seasonal gain of 40.1 per cent
cities was evident during September. Sales of reporting as compared to the previous month and were 7.0 per cent
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BUSINESS OF DEPARTMElN'Il STORES
Total Sales:
September. 1928. compared with September. 1927 ...... ........................
September. 1928. compared with August. 1928 .................. .. ................
J a nuary 1 to date compared with sume period last year ..................
Credit sales:
September. 1928. compared with September. 1927 .................. ............
September. 1928. compared with August. 1928 ....................................
January 1 to date compared with sume period last yenr ..................
Stocks:
~Ptember. 1928. compared with September. 1927 ..............................
R
eptember. 1928. compnred with August. 1928....................................
R ate of stock turnover in September. 1927..................................................
ate of stock turnover in September. 1928..................................................
~:~; ~i :t,~~ ~~::~~~:~ j:~~:~.: f ~ ~~~!~b~:'·3~~·1~~~~::::::::::::::::::::::::
Ratto of ~eptember collection. to accounts rccelvnble and and out.
standmg September 1. 1928............................................ ..........................
A ll
Ot hers
Tolal
District
+ 7.0
+ 40.1
+ .8
+
+ 10.5
+51.0
S.8
+ 3.8
+81.9
+ 8.0
+ 7.8
+86.8
+ 6.4
+
- 4..
+ 4.1
.22
.28
-18.8
+ 9.7
.23
.31
+ 1.6
+ 6.9
.23
.28
- 7.4 C
+ 7.2 l
••
.21
25 §
35.3
34 .1
36.5
Fort Worth
Houston
San Antonio
+1 0.9
+55.0
+ 1.7
6.2
+43.8
.3
+40.8
+ 9.0
+ 2.7
+29.6
+ 3.2
+ 9.5
+89.8
+ 9.4
+
+13.6
+82.1
S.8
-12.5
+ 6.1
.20
.26
- 8.0
+ 7.7
.20
.20
Dnll'18
+ 9.0
+39 .6
- 2.0
+14.2
i:g;
29.9
gg
84.1
~:tg
+
r~~
t:~~
+11.7
+47.7
6.8
{~~
33. 0
g::.
~
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5
MONTHLY BUSINESS REVIEW
larger than in September, 1927. In fact, the increase in
sales of the current month over those of a year ago was the
largest shown this year. Sales for the nine months of 1928
have averaged 0.8 per cent over those for the same period
of 1927. Some of the departments showing gains over a
year ago were as follows: Silks and velvets, linens, neckWear and scarfs, handkerchiefs, gloves, hosiery, small leather goods, children's shoes, women's coats and suits, junior's
~nd girls' wear, waists, blouses and sweaters, men's clothing, and boys' wear.
Stocks on hand at the end of September were 7.2 per
cent greater than a month earlier but were 7.4 per cent less
than on the same date last year. The rate of stock turn·
OVer during the first nine mo~ ths of 1928, was 2.05 as com·
pared to 1.93 during the same period in 1927.
· The ratio of September collections to accounts outstand·
mg on September 1st was 33.0 per cent as compared to 32.3
per cent in August, and 32.1 per cent in September last year.
FINANCIAL
· The volume of check payment in September as reflected
m charges to individual accounts at banks lo cated in princi.
pal cities of the Eleventh District was 13.6 per cent greater
than in August and 4,.9 per cent larger than in the corre':l11'IIIIIIII.IIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIIIII ••• 1111111"1'1,,1'1111111111111"111111111111111111111"111111111111119
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DEBITS TO INDIVIDUAL ACCOUNTS
«n thousands of dollars)
Scptember September Inc. or
August Inc. or
5 Abilene
1928
1927
Dec.
1928
Dec·
c
......................$ 10.046 $ 11.461 - 12.4
$ 9.527
+ 5. 4
c ~us tin ..................... _. 28.963
22.054
+ 8.7
16.249
+47.5
~ Ceau.mont .................. 24.962
22 .616
+ 7.7
23.384
+ 4.2
: Dorslenna .................. 7.056
7.898
- 4.6
5.181
+87 .5
llns ........................ 268 .289
~ Ei
248.714
+ 8.0
211.025
+ 24.7
: F Pnso ...................... 88.675
29.465
+14.3
82.478
+ 8.7
: cOlt Worbh .............. 107.248
90.537
+18 .5
99.875
+ 7.4
veston .................. 50.686
46.888
+ 8.1
37.832
+ 83 .8
P ouston ...................... 203.932
211.210
- 3A
179 • 165
13 . 8
sort krthur .............. 9.349
10.002
- 6.5
9 43 0
9
: Ran ntonio ............ 81.027
77.482
+ 4.6
83.608
3. 1
• S'oswell ...................... 8.954
8.11 8
+26.8
4.059
26
:: Threvcport ................ 41.100
89.228
+ 4.8
42.444
- 8.2
5 'fcxarkana* .............. 16.452
16.809
+.9
14.168
+16.1
§ V/cson ........................ 8.442
8.846
+ 1.2
10.699
- 21.1
W!'CO. .......................... 22.682
23.971
- 5.4
15.752
+ 44.0
g ,ch,tn Fnlls ............ 24.598 24 .162 + 1.8 25 .045 - 1.8
:
*ITotal.. ·····............$981.756 $887 .911 + 4.9 $819.871 +18 .6
::
tedn7ludh the figures of two bnnks in Texarl,nna. Arkansas. 10'
es
,cn
In t e Eighth District.
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sponding month last year. Total charges at banks in these
cities amounted to $931,756,000 as compared to $819,·
871,000 in the previous month and $887,911,000 in Sep·
tember, 1927.
Acceptance
Acceptances executed by accepting banks
Market
in the Eleventh District and outstanding
at the close of the month, amounting to
$7,622,605 on September 30th, reflected a seasonal increase
of $3,909,760 over those a month earlier but they were
$632,648 less than on the corresponding date last year.
Acceptances executed against import and export transactions rose from $1,4.68,636 on August 31st to $2,086,010
on September 30th and those based on the domestic ship·
ment and storage of goods advanced from $2,244,209 on
the former date to $5,536,595 on the latter date.
Conditio.n of
A substantial increase in loans and a
Member Banks
moderate gain in investments was shown
in September in reports received from
in Selected
member banks located in selected cities
Cities
of the Eleventh Federal Reserve District.
Investments in United States securities rose from $80,778,000 on September 5th to $81,700,000 on October 3rd
and their holdings in other stocks and bonds which amount·
ed to $4.1,812,000 on the latter date, showed a gain of $3,320,000 during the same period. Loans on corporate securi·
ties amounted to $85,754.,000 which was $245,000 larger
than four weeks earlier. Commercial loans which increased
from $248,666,000 on September 5th to $263,564,,000 on
October 3rd reflected the financing of the movement of cot·
ton to concentration points and the fall expansion in busi·
ness and industry. Combined deposits rose $15,391,000, of
which $12,999,000 was in net demand deposits and $2,.
392,000 in time deposits. As a result of the upward move·
ment of deposits, reserves of these banks with the Federal ·
Reserve Bank increased $1,271,000. Their bills payable
and rediscounts with this Bank amounted to $21,023,000,
representing an increase of $1,790,000 over those four
weeks previous and were $19,067,000 greater than on the
corresponding date last year. Ratio of loans to net demand
deposits was 87 per cent as compared to 86 per cent on September 5th and 84 per cent on October 5, 1927.
~11"1"11I1I"11"11I1I'"IIIIII"II1I1I1I1I1II1'"IIIIIIIIII'11I1111I1I1111 1111111111.11111.1111111111111111111111111111.111"1111111111111111111111111111111111 .. 1.. 1111 .. 1 .. 1111111111111111111111111.1111111111111111111 .. 11 .... 1111111111 1111111""'m
: ~:
CONDI'l'ION STA'rISTICS OF MEMBER BANKS IN SELECTED CITIES
October 8. 1928
September 5. 1928
~: X~ng:~e~~ri~f~or~~n:ed~.~~~.~:::::::=::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
t Allnn~t~:curled byyb~dsS .and securities obligations....................................................................
Loa~s:~cure stocks and bonds other than U. S. Government obligntions..............
stodkt
Lo
.
Government owned_ ............................................_.......................
!:
778.0~~
~48: 8:•:.4~ ~697~ 2:.· 0 ~0 0~000~
$ 80.
$ 81.700.0'\:0
41.812.000
2.863.000
85.754.000
6.
6.
~: ~f!e deci~Ot:~~~:~~::~~~::::=::::=::::::==::::::::::: ::::::::::::=:: : :: : :::::::::: ::::::::::::::::::::::::::::=::::: ~~t~~g:~~~
::: :
l~: B!!\erve with Federal Reserve Bank.......................... .................................................................
o 0 oans to net demand deposita ........_...........................................................................
·Loans include only items 4 and 6.
~
128.358.000
82.583.000
19.288.000
86 %
88.804.000
21.023 .000
87 %
11. R~tr pal~ble ~nd rediscounta with Federal Reserve Bank_........................... ................
October 5. 1927
64.859.0~g
~a~92~0 .: :~45~1 :61•:• 0g0 ~go g
$
110.118.000
81.882.000
1.956.000
84 %
!
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mlllfIIIIlIUItIIlII ......
..
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~
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OCTOBER DISCOUNT RATES
Rnte
e~lIlrged customers on prim" commercinl paper such
Prevnllinl!' Rates
Dall as
EI Poso
Fort Worth
Houston
San Antonio
Waco
51h . 6
5.5 1h
8
5-8
6.6
5 %-6
5.51h
5.8
6-6
6.8
6
~~l ~~:n~.: ::::::::::::~:::: :::::::::: : :::::::::::::::::: ::::::::::::::::: : :::::::
5~76
t~
~:~
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t~
8 Rntee~~p~~tti!"io~;;~:::::::::::::::::::::::::::::::::~::::::::::::::::::::::::::::::::::::
61~.6
t:
t~
t~
t~
~: ~: Rn~~~~·v;o~cte~.i.~~~.I.~...~~~ ...r~~.i.~.~~~.~~...~.~~~:. ...~~.~...by bills
~~~~r.~1
reeeh~ffI~ on loans to other banks secured
Rote ?n IOl1ns··;;~~;;~ed··bY···i;;:i;;;e"~t·~·~·I~··~;;~h~·,:;ge·· ~~··~the;:
~" "J nt coll nte.·nl (not including lonns placed in other
e
0'· tets through correspondent banksl :
Rllte
r e .'arged on commodity poper .ecured by warehouse
~:
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68
~
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MONTHLY BUSINESS REVIEW
6
Savings
Deposits
Savings deposits of 93 reporting banks
in the Eleventh District, which operate a
savings department, amounted to $14.3,183,194. on September 30th and represented an increase of
1.3 per cent over those on August 31st and 12.4 per cent
over those on the corresponding date Inst year. There were
288,993 savings accounts carried at 84 of these banks as
compared to 287,195 a month earlier and 267,264, on Sep'
tember 30, 1927.
8111111111111111111111 .. "111111111111111111111111 ... ,111.11111.,111IIIIIIIf""IIIIIIIIIIIIIIIIII.ft.llnlllllllllllllllllll.,1 1I 111,,1I11I1.11I1I1I11I11.,1I1111J11l1l1l1l11l1l11t11l1l11l11l1l1l111l1l111111l1111111111111'1111111111111111111111 .... '"
SAVINGS DEPOSIT!!
September
Number Number
i
Reporting Savings
E
Banks Depositors
EBeaumont ................................. 8
6.662
:: Dallas ............................_-....
6
69.080
:: EI Plleo .....................................
2
14,482
:: Fort Worth ...............................
8
22.624
:: Galveston ...................................
8
13,746
:: Houston ................-....................
18"
68,780
:: San Antonio .............................
9"
27.736
~ ~h:~e:e.~.~.~
....:::::::::::::::::::::::::::::::
:: Wichita Fall •................... _.......
~:_§ All o::::.::::::::::::::::::::~.: : : : : : :
11
*Only
depositors.
:
r
2
2~:m
4.189
::" 2::::::
30, 1928
Amount
Savings
Deposits
$ 1,822,666
28.869,610
6.887,826
7.978,182
9.666,228
82.879.066
20,662.222
6.389
61.687
13,124
20.710
13,626
62,220
26.266
1,611.166
4.029
l~:m:~~~
$1::::::::::
2~:m
81. 1928
Inc. or
Dec.
August
Number of
Savings
Depositors
1.836.677
19,745.903
4.802.668
6.766.178
9.687.821
29,266.323
17,766,419
- .7
+20.8
+21.6
+18.1
- 1.8
+12.3
+16.7
6.604
69.098
14.334
22.673
13.688
67.881
27.416
$
2.092.688
September
Number
Savings
Depositors
80. 1927
-27.8
4.190
Amount
Savin gs
Deposits
$
l~:m:~~~
2:::::: $1::::::::::
banks in Houston. 7 banks in San Antonio, S blinks in Shreveport, and
40
+ lt~
:~~::
2~:m
2:~:::~
!
Amount of
Savings
Deposits
Inc. or §
Dec.:
1.842.843
23,697.480
6.936.948
7.901,406
9.181.143
32.687.861
20.389.652
-1.1 §
+1.1 ~
- 1.7 :
+1.0 J
+4.2
+.6:
+1.0 i
l~:m:m
1.493,461
$l:~::~:::::
~t~ ~
+1.21
:1::!I
bani,s in "All Others" repor ted lhe number of savings
.
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Deposits of
Member Banks
Combined deposits of member banks in
the Eleventh Federal Reserve District
amounting to $902,978,000 on September
12th reflected a seasonal expansion of $33,783,000 over
those on August 8th and were $51,993,000 larger than on
September 28, 1927. Net demand deposits rose $34,906,000
during the five week period of this year but time deposits
'ned $1,123,000.
decl1
I
I
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~
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DEPOSITS OF MEMBER BANKS
Banke in cities Banko In citl..
'futal 'futal with a popuill. with II popul ....
tion of oYer
tion of I ....
Oemand Time
than 15,000
15.000
Oemand Tlmo )emand 'rime
ept. 28. 1927 ..............
ct. 26. 1927 ...............
--I-
667.854' 183.131
~ OV. 9. 1927 ................ 698.989 186.366
721.728 186.416
ec. 7. 1927 .................. 729.213 186.104
an. 11, 1928 ................ 720.401 189.298
.b. 8. 1928 .................. 786,888 196.834
arch 7. 1928 .............. 710,482 198.819
pril 11, 1928 .............. 689.156 199.178
ay 9. 1928 .................. 689.329 202,799
une 13. 1928 .............. 664.746 202.611
uly 11. 1928 ....... _....... 668.723 216.878
ug. 8. 1928 .................. 167.0S7 212.108
~cpt. 12. 1928................ 691.998 210.986
Ij
----49.028
308.977
322.679
338,579
334.427
329.418
886,963
317.918
802.686
808.986
290.164
291.827
292,045
306.977
49.887
48.482
'8.631
49.942
52.886
53.611S
68.384
54,878
64,G85
56.012
56.598
66.154
--
363.877 130.702
376.360 134.450
388,149 13U08
137,478 186.479
390.988 189.866
899.885 148.998
392.514 140.121
386.569 145.844
385.348 147,921
374.582 147.976
876,896 160.866
865,042 166,615
886.016 165,881
[':]..11111 •• 111111111111111111111111,,1111111111111.,111'1111111111111111111111111111'1'11111111111'1111111 1 1111111.1111110
Operations 0/
the Federal Reserve Bank
Federal Reserve Bank loans to member
banks showed a rather wide fluctuation
during the past six weeks. Standing at
$30,544,230 on August 31, these loans
rose to $33,794,111 on September 4.th and then reflected a
steady decline until the low point of the month was reached at $25,835,4,73 on September 18. During the following
week, however, they again rose to $32,271,746 but by October 10, they had declined to $22,84.6,700. On Octo-ber 15,
these loans amounted to $28,926,4.15, which was slightly
higher than on September 30, but $1,617,815 less than on
AUlTusL 31. These loans on October 15, 1927, amounted to
oni $5,976,857. The erratic fluctuation in loans was caused
largely by the borrowings of reserve city banks, as loans to
country banks reflected a steady decline during the greater
portion of the period. The heavy borrowings of the reserve city banks was occasioned by the demand for funds
in connection with the movement of cotton and the fall expansion in business and industry. The demand is heavier
than usual this year in view of the fact that many concerns
which ordinarily obtain funds in the East are this year
turning to l ocal banks. There were ] 58 borrowing banks
y
i
[3
{!]
on September 30, as compared to 186 a month earlier, and
133 on the same date in 1927.
Due to the .increase in open market purchases, total bills
held rose from $4.2,587,74.6.73 on August 31st to $45,519,
226.35 on September 30, distributed as follows:
Member banks' collateral notes secured by United States Government obligations ..........................................................................$16.383.270.00
Rediscount and all other loans to member banks ............................ 12.119.099.25
Open market purchases (bankers' acceptnnces) ................._........... 17.066.868.10
Total bills held._._.............._._ ......____....... ___.._._ _ ...$46.619,226.35
..
Federal reserve notes in actual circulation, which amount·
ed to $43,509,535 at the close of September, reflected a
further seasonal increase of $9,292,665 as compared to
August 31st but were $4.,408,635 below the net circulation on
the corresponding date a year ago. The daily average reo
serve deposits amounted to $65,533,390 in September as
against $62,4.76,956 in August and $61,689,031 in September, 1927.
FAILURES
According to the statistics compiled by R. G. Dun & Com·
pany, co-mmercial failures in the Eleventh Federal Reserve
District during September totaled 41, which was the same
number of firms that defaulted in August and compares
with 58 insolvencies in September, 1927. The liabilities of
firms failing in September which amounted to $533,137 was
the smallest of any month since July, 1927, and compares
with $628,000 in August and $1,053,715 in September last
year.
PETROLEUM
Following a decline in August, total production of crude
oil in September in the Eleventh Federal Reserve District
amounting to 22,504,100 barrels exceeded the yield in the
previous month by 368,650 barrels. Although the general
trend in the majority of the fields was downward, there was
a sufficient gain in the total output of the North Texas area
to bring about an increase for the district. As compared to
August, field work in September showed a decline in most
of the areas. There were 54.8 completions during the month
of which 292 were producers of oil and 41 were gas wells
as compared to 656 completions in August that netted 377
oil producers and 38 gas wells. Initial production amounted to 668,681 barrels, which was 31,198 barrels less than
in the previous month.
The daily average output of crude oil in Texas amounted
to 711,105 barrels and represented an increase of 37,24.2
MONTHLY BUSINESS REVIEW
h~l'l'els over that in the previous month. All fields contr~huted to the increase in the daily average yield which,
WIth the exception of No·r th Texas, was due entirely to the
slhor~er month as declines were shown in their total proCUctlOn. In North Texas, however, a gain was reflected
not on I y in dail y average production but also in total output. Increased production in Wilbarger and Gray counties
vas largely responsible for the showing made in North
'T
exas. While the total yield of Central West Texas reflected a decline, it is still comparatively high and amounted
e",
5
:
7
to 12,080,350 barrels in September. Winkler and Pecos
counties remained the high spots in Texas. Total production of crude oil in North Louisiana amounted to 1,170,950
barrels and reflected a further decline which, in September,
amounted to 74,750 barrels.
ElIlIlIlIt""III~IIIII"""""'IIIII"""IIIIIIIIIIIIII"IIIIIIIIIIII"IIII""IfIl"""IIIIIII"III1"'1I1I1I1IIIII~: : : _:
SEPTEMBER DRILLING RESULTS
Comple- ProGaB
Fail- Initial
Fieldtions
ducer. Walla
ures Production
North Texas .................. 124
80
7
87
14.080 ~
Central West Texas ...... 268
158
8
107
624.787
East Texas ...................... 12
1
6
G
Southwest Tex8s .......... 6
5
1
3,295
'l1cx8S Coastal................ 45
34
11
15,813
Texas Wildcats ............ 46
15
80
10,506 ~::
:
Ttl , Texas .................... 501
0 a
288
21
192
668,481
North Louisiana............ 47
4
20
28
250
Sept. Totals, District.... 648
292
41
215
668,681~
.
2:::_-_
11111111 ...... 11 .... 1111 .... 111 .... 11 ....... 111 ............... 1111.111111111111 ....... 111I1I1.UIIIIIIIIUU.,.U.1I1!]
CRUDE OIL PRICES
::
:
::
Oct 12 "
1n:!7 §
$1.. :
' 0::
1.60 ~
::
g
Oct. g
::
1928
" Texas Con. taI Grnde ..A.................................................. ~ 2 0
- N
~1.
~ or~r~~yC:~~. a~b~~:f~...~.~~..~.~.I~.~~.. ~~~~~~.~.~ ~...~~~ 1.76
• 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111118
1!l1ll1l~1
(OU stntistics compiled by the Oil Weekly, Houston , Texas )
_
Aug. Totals, Distl'ict.... 656
877
38
241
8UIIII 1 111111111111 III 111111 111111111111111111111111 II 1111 III II 1111111 III 1111111111 11 1111 1111111 II II
699,879
11"" ... ,11111111.8
(!J
11111111111111111111111111111111.111111111111111111111111111"'1'11"111111111111111111'111111111111111"'11 III'IIII'III ~ I'IIIIIIIIIIII'III'IIIII'.""I I IIII I I'II .IIIIIIIIIIII'I.IUIIII '. III.II.I"IIIIIIIIIIII'IIII'III111,.111111111,.1.111111
SePtem~e:~ PRODUCTIONTotal Augustaily Average
Daily Avernge
D
I:::
Total
Increase or Decrease
'rotal
Daily Average
-:_!:_"
I ~@;i:~~=l:~-~l-~~~:~?~~~~~~ '::jj!1jj
:jHjj
':J~Jjj :jjJ~ ~ l;i:!!! !~l.
': 111 I
~
2i:m:~gg
7iJ:m
2~:m:igg
6Jg:m
~~~.
(~::m
bn~.
8I:i:~!
Total, Dlstrlct.............................................. __ ._ 22,504,100
750,186
22,135,450
714,047
Inc.
368,650
Inc.
86,089!
§
NorJ:°tt:;uGr:::... :::::::::::::::~:::::::~~:::::::::::::::=::~:=::
§
l,U'
m .. II.IIIII.....
i
11111111111111111111111111111'"'.1111111111 .. 1111111111111111111111111111111111111111111111111,.11,11 1111111111111111111111'".111111111111111111'""11"1111.11.1111,"1I1I1I ................... uU ....... II .... III .. UIIlIlIl ....
:
m
LUMBER
cent below normal a month earlier. Unfilled orders for
.tfte.r increasing in July and August, activities of pine lumber at 42 mills amounted to 54,701,650 feet as against
Is III the Eleventh District declined in September. In 63,4,91,312 feet on record at 45 mills on August 31.
eptember, however, as in all the previous months of the
e;
current year, operations of reporting mills continued on a ~
SEPTElMBER PINE MILL STATISTICS
!
~h.ger scale than in the corresponding month last year. § Number of reportin~ mills......................... _..........
42
E
1pments of lumber declined from 106 per cent of normal § P"oduction .................................................................. 76,380,875 feet
i
producti
. A
96
. S
mb
A I : Shipments ................................................................. 86.869.017 feet
.on 1~ ugust to
per cent m epte er.
ctua
E Orders .......................................................................... 87,981,449 feet
E
produc. hon of lumber which was 84 per cent of normal was "_ Unfilled production .................................................... 54.781,650 feet
E_
II
Normal orders September 30................................ 90,514,401 feet
pomts below the output in the previous month. New g Stocks September 80 .................................................. 219,501.463 feet
E
orders f.or lumber amounted to 3 per cent above normal E: Normal stocks ............................................................ 227,851.902 feet 4% I;
Shipments below normaL............................. .......... 8,645,884 feet;productlOn and refle t d
f
. t d l'
f om those " Actual productIon below normaL....................... 14,188,526 feet-1G %
· th
c e a our pom ec me r
: Orders above normal production............................ 2,582,952 feet- 3%
m e month previous. Stocks on hand at the close of Sep- :: Stocks below normaL ............................................... 8,850,439 feet;- 4%
tember
4
d
8u 1111"'"'''''' lin II 1
III'"'''''''' ""tI ............. II ........... 111111 I."", II II II ..
were per cent below normal as compare to 1 per
(Lumber statistics compiled by the Southern Pine Association)
BUILDING
El After in~re~sing in August, building activity in the will be observed that the decline from the previous year was
· eventh Dlstnct as reflected in ~he valuation of permits due principally to the sharp reduction in the building prolssue.d at its principal cities, declined in September and was gram at two cities as other declines were small and in the
T~:slderably less than in the corresponding month of 1927. majority of instances increases were reported over a year
valuation of building permits issued at these centers ago. As compared to the same period of 1927, the valuaamo~nted to $6,325,734 as compated to $8,872,278 in the
tion of permits issued during the nine months of the cur~:'~~!~,~~,,~~~th and $9,219,080 in September last year. It rent year showed a reduction of 0.9 per cent.
SlI
m··UIlIlIlIlU .. ' .. II ................... N ........................UIlIlIlt ...... UI ....... IItII .. H ... H ....... IIII ....
I
111 ..................... 11110
:
11111111111 1" ••• 1111.1-11111111111,.,11111".1 111111111.1.1.1.,.,1111.,.11"'1.1,1", ' 111",,11111111 • • 11 111"",,'1111,.111111111111,11,.1.1'11111"1111111111111.'11 ••• tllll. , IIIIIIII.'.'.II'."III"II"'.I" "I I,,1111UllllllliJ
I
"
§
&,
DUILDING PERMITS
"September, 1928
No. Valuation
!~~fillo............... _.............. 72 $ 124.585
B n.................................... 114
210,829
C~:~~oc~;i·~..·......·............ ·.. 146
252,939
D 11
tl................
89
224,586
September, 1927
No. Valuation
108 $2,250,285
50
68.987
200
228,884
91
114.570
Inc. or August, 1928
Dec. No. Valuation
_ 94.5
63 $ 100,590
+205.8
75
126,868
+ 13.0 148
866,605
+ 96.0
88
458,902
Inc. or
Dec.
+2U
+66.2
- 70.8
- 51.1
lli~..•••;•.•.•.• '·!!I:!!l ill ~:~!l:!i! ~ III i i ::II!:I!I ~!!
·..:.•
· I!1
. 89
91.208
55
187,603 - 51.4
'l'otu1... ........................... 2.534 ,6,325.734 2.459 $9,219,080 - 31.4
42
2. G49
I
•
98.190 - 7.1
$8.872.278 - 28.7
1928 Nine Months 1927
Inc. or
No. Valuation No. Valuation Dec.
767 $ 2,651,768 1,490 $9,078.932 - 70.8
674
2,058,91G
405 1,019,161 +102.0
1,581 2.914,989 1.653 4,181,840 - 80.8
741
4.824,153
564 2,170,560 +122.8
til! :j:l 1:11! li!t! :jilltl!l
!~Il
465
1,843,521
693 2,802,842 - 52.1 §
24.688 $78.925,858 28,659 $79,644,844 .g §
IIUI 111111111111111111 t 1111111111111 111111111111111111111111 If 11111111 .. UIIIII" 1111111111'"111111111111'" til III" 11 111 II " 1I •• I"UIIIIIII ' "11i It 1111111 .. 11111111111111111111111 ............... 11 .. 111111 .... 111111111111 .. 11111111." 11111111111
t{!)
MONTHLY BUSINESS REVIEW
CEMENT
Shipments of Portland cement from Texas mills which
amounted to 524,000 barrels in September was 15.9 per
cent below those in August but were 12.4 per cent larger
than shipments in the corresponding month last year. Production of cement exceeded shipments in September and
was 4 ..8 per cent greater than in the previous month and
11.7 per cent above the output in September, 1927. Stocks
on hand at the close of the month were 9.5 per cent larger
than a month earlier but showed a decline from a year ago
of 15.1 per cent. As compared to the same period in 1927,
production of cement during the nine months of the cur·
rent year showed an increase of 15.7 per cent and shipments were 16.0 per cent larger.
I!l=i:~ "'1"""""1"""""1""1"'"1"1"""""'""""""'"1""""""""""""'""1"'"1"""''''""""'''"1''""11"'''1"'''"""''"1""""""""'''""""""""""""""'''''"""""""'"1""""""1",,"1"1 @,: :.~:
_
PRODUCTION, SHIPMENTS AND STOCKS OF PORTLAND CEMENT (Barrels )
September
~
1928
• Production at Tn.. mlll •........_.................................................... 544.000
~ Shipment. from TUlia mill . ......................................................... _.
624.000
Stocka at end of month at '!'ex .. millo ..............•......................_ 281 .000
:
S•.. ,...
III ••• I.,.IIIII •• IIIII.IIII.III.IIIIIII •• ,III.11 •• II.IIII •••••
September
1927
487.000
466.000
272.000
Inc. or
Dec.
+11.7
+ 12.4
- 15.1
August
1928
619.000
261281.'0°0000
Inc. or
Dec.
+ 4.8
- 15.9
+ 9.5
_
Nine Months
1928
1927
4,727.000
4.085.000
4.904.000
4.229.000
a
+15.7
+ 1 6... §:
... .. ... 0
I.,I."NI.,I ............ IIII ..... III.,.I'1111'1111 11 11111'1'11111'1'1111 ' 11"1'1111111111111111'1'11 ••• I ••••••• III.IIIIIII,'U".I'I'IIII'.IIII'III.,,11"t"""""t"'I, •• ,"II,1iI
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by t he Federal Reserve Board as of October 26. 1928)
Volume of production and distribution of commodities increased seasonally in September and was
larger than a year ago. There was a further advance
in the general price level. Loans of member banks
in leading cities increased in September and October
in response to the seasonal demand for commercial
credit.
PRODUCTION
Industrial production increased further in September, and the output of manufacturers was in
larger volume than in any previous month. Factory
employment and payrolls also increased. Production
of iron and steel and automobiles was unusually large
during September and October although there has
recently been some curtailment of operations in
these industries. There were also increases in September in the activity of the textile, mea.t-packing,
and tire industries and in the output of coal, petroleum, and copper, while lumber production showed a
decline. Building contracts awarded, after declining
in volume for three months, increased considerably
in September and exceeded all previous records for
that month. The increase was due chiefly to certain
large contracts for industrial plants and subway construction. During the first three weeks of October,
awards exceeded those for the same period last year,
the excess being especially large in the Eastern
districts.
Department of Agriculture estimates of this year's
crop yields indicate that the production of all crops
in the aggregate will exceed last year's output by
about 5 per cent. The corn crop is estimated at
2,903,000,000 bushels, or 5 per cent above last year's
production. The October estimate indicated a cotton
crop of 13,993,000 bales, or 446,000 bales less than
was forecast on September 8, compared with a yield
of 12,955,000 bales in 1927.
TRADE
Department store sales increased considerably in
September and were larger than a year ago, reflecting in part the influence of cooler weather. Inventories of department stores at the end of the month
were smaller than on the same date of last year.
Wholesale distribution in all leading lines except
meats was somewhat smaller than in September,
1927. Freight-car loadings showed more than a
seasonal increase in September and continued large
in October. Shipments of miscellaneous commodities in recent weeks have continued in larger volume
than in previous years.
PRICES
Wholesale commodity prices increased further in
September and the Bureau of Labor Statistics index
advanced to 100.1 per cent of the 1926 average.
Increases, which were largest in farm products and
foods, occurred in nearly all groups except hides and
leather, and textiles, which showed slight declines.
Since the latter part of September there have been
decreases in the prices of livestock and meats, grains,
wool, and hides, and increases in cotton, silk, rubber, and iron and steel.
BANK CREDIT
Demand for bank credit for commercial purposes
increased between the middle of September and the
middle of October reflecting seasonal activity in
trade and marketing of crops. There was also a
growth in loans to brokers and dealers in securities,
though total loans on securities of reporting member
banks showed little change.
During the four weeks ending on October 24, a
growth of about $40,000,000 in the total volume of
reserve bank credit in use was due chiefly to continued increase in the demand for currency, offset in
part by a small inflow of gold from abroad. Reserve
bank holdings of acceptances increased by abou t
$140,000,000 during the period, while the volume of
discounts for member banks declined by about $100,000,000. United States security holdings remained
practically unchanged. Open market rates on commercial paper and on bank acceptances remained
unchanged between the middle of September and the
latter part of October, while rates on security loans
declined in October.
@FedFRASER