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, .... e Monthly Review of Business and Industrial Conditions in the EleVenth Federal ReserVe District, Federal Reserve Bank of Dallas W. ,F. RAMSEY. Chairman and Federal Reserve Agent. Volume 5 Dallas. Texas. November CHAS. C. HALL.A.sistBntFederal Reserve Agent 15. 1920 No. 10 Central Texas, where about one-half of the cotton crop has been gathered, the October rainfall dam~ aged a considerable amount of open cotton, while in the cotton section of West Texas picking was brought to a standstill and some deterioration in the quality of the staple occurred. As a result of these rains the movement of the crop will be further delayed, and in many localities it is reported that picking operations will not be resumed until the open cotton Bank clearing slightly exceeded those of Septem- goes through a period of 'sun-bleaching to remove ber, but were below the amount recorded in October the effects of weather damage. Aside from this of last year. Building enterprises launched during damage the condition of the cotton crop has not October were larger in number but smaller in value materially changed since our last report, and a large than those of the preceding month. There was a yield is assured except in the areas of greatest inmarked increase in unemployment, affecting both sect damage. South Texas is completing the harskilled and unskilled labor. according to statements vesting of what is said to be the largest cotton crop A made by employment agencies and labor organiza- on record in that section. . . tions. I :: In New Mexico the general rains which fell during Excessive rains in some sections of the district the last week in October greatly benefited fall grain hindered the harvesting of cotton and the completion and early spring pastures, but came too late for grass of fall plowing and seeding. on the ranges. In Arizona the harvesting of oranges Price concessions on dry goods and wearing ap- and grapefruit has begun and reports indicate that parel, which were inaugurated earlier in the season general farming conditions in that state continue by wholesale houses, are now being relayed to the favorable. In Southern Oklahoma the month of Ocpublic by the retailer and the response is reflected tober Witnessed a satisfactory advance in cotton in the current sales reports submitted by retail deal- picking and other harvesting operations. Most of ers. Statistics printed elsewhere in this report show the winter wheat crop in that part of the district that the demand for goods handled by department has been sown and prospects for the next crop are stores in this district was, on the average, 16 per good. cent larger than for the month of October, 1919. This increase seems worthy of special notice in view of the dullness prevailing in other channels of dis- Winter Wheat Reports thus far received indicate tribution and considering the fact that the gain was Acreage that 'a somewhat larger acreage is bemade as against the record for October of last year Enlarged ing sown to winter wheat in the when the fall movement 'Of merchandise was generEleventh District than was sown last ally heavy in this section. fall. Among the reasons assigned for the increase is the fact that weather conditions have been more favorable for fall plowing, and also the fact that the AGRICULTURE: trend of the cotton market has tended to increase Rains Rains which visited this district crop diversification. On account of the excessive Interfere during the latter part of October were rains in the fall of last year the 1920 winter wheat With beneficial to pastures, fall gardens, acreage was greatly reduced, the crop being one of Harvesting truck and winter grains, but inter- the smallest produced for many years. Favored by fered with the harvesting of cotton better weather conditions and perhaps influenced by and other matured crops. Reports show that in tho recent agitation in this district for a reduction of The business situation in this district exhibited, in its major aspects at least, practically the same conditions and tendencies during October as in the preceding month. There was a further shrinkage in wholesale trade, a continued improvement in retail sales and collections, and more satisfactory conditions with respect to transportatJon and the efficiency of labor. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) next year's cotton acreage, farmers are devoting LIVESTOCK: more land to winter grains, according to reports in Range Since the date of our last report the hand, and many have declared their intention to inConditions ranges in Arizona, New Mexico, the crease their acreage of food and feed crops. The Panhandle and Southwest Texas have recent rains have put the soil in good condition for improl'ed as a result of needed rains, and the condifall seeding and greatly benefited the early-sown wintion of livestock is everywhere reported to be good. ter grains that have already germinated. Low night temperatures in the western and northwestern portions of the district and the drying out of ranges by high winds in scattered localities in New Cotton A heavily increased movement of Mexico were the only exceptions to the generally Movements cotton is reflected by the statistics of favorable trend of 'Observers' reports f'Or the m'Onth exports through the port of Galvesof October. Precipitation which occurred in Arizona ton f'Or the month of October, as compared with the during the latter part of the month replenished the previous month. Both receipts and exports for Ocstock water supply that was bec'Oming short and tober were more than twice as large as those for the placed that state's winter ranges in excellent condimonth of September. By comparison with the corresponding month of 1919 last month's receipts, ex- ti'On. ports and stocks at Galveston showed substantial increases, while the total number of bales passing through this port during the present season exceeds by 40 per cent the total for last season. COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON October, 1920 Gross receipts........ 524,764 Exports .................. 364,688 Stocks October 31.. ............ October, 1919 323,672 167,227 This Season 854,573 610,761 355,490 Last Season 506,803 435,050 290,548 GALVESTON STOCK STATEMENT October 31, 1920 For Great Britain.................................. 38,625 For France ............................................ 17,650 For other foreign ports........................ 60,782 For coastwise ports.............................. 2,000 In compresses ........................................ 236,433 October 31, 1919 69,028 46,598 4,500 170,422 290,548 Totals............................................ 355,490 There was a noticeable shrinkage in the volume of grain receipts at the principal grain centers of the district during the month of October, according to reports received from grain inspectors. Supplies of wheat, corn and oats moved in smaller volume by comparison with the September movement, as shown in the summary presented below. Grain Movements COMPARATIVE GRAIN RECEIPTS October (Cars) Wheat .................................................... 5,672 Corn ...................................................... 136 Oats ...................................................... 284 September (Cars) 6,752 146 392 e Livestock Movements Early snows in the higher altitudes 'Of Ariz'Ona caused a heavy Oct'Ober m'Ovement 'Of sheep t'O the winter ranges 'Of that state. The m'Ovement 'Of cattle and sheep fr'Om northern latitudes to winter ranges in Texas c'Ontinues. There was a sharp falling off in the shipment of livest'Ock to Eleventh District markets during the month. Receipts at the Fort W'Orth yards showed a heavy decline as compared with October receipts of other years, the v'Olume 'Of arriving .a cattle being the smallest f'Or that month since 1906, _ while the October supply of h'Ogs fell to the I'Owest Oct'Ober total since 1904, with the single exception of October, 1919. Not since 1910 have the October receipts of sheep at this market been so small as they were last month. FORT WORTH LIVESTOCK RECEIPTS October, September, Loss or 1920 1920 Gain Cattle ................ 63,438 69,735 *6,297 Calves ................ 27,759 34,416 "'6,657 Hogs .................. 26,944 33,218 *6,274 20,691 *5,843 Sheep .................. 14,848 "'Loss. °Gain. October, 1919 103,063 26,292 21,825 57,299 Loss or Gain *39,625 ° 1,467 ° 5,119 "'42,451 October Livestock Prices D'Ownward price m'Ovements c'Ontinued to feature the c'Ourse 'Of trade at the livestock markets in October. For the f'Ourth m'Onth in succession the t'OP price of beef steers at the F'Ort Worth market recorded a decline, having receded fr'Om $13.50 in June to $10.00 in October. All other classes of livestock except butcher cows (which sc'Ored a slight gain) commanded a lower maximum price last month than during the month of September. T'Owards the end of the month, however, under greatly reduced rations, the market steadied and exhibited some e strength. The month closed with values showing OIL: declines on various classes of livestock, as compared Production Oil wells in the Eleventh Federal with the closing quotations in September, the losses Increases Reserve District produced 12,280,197 ranging from 50 cents to $2.50, the heaviest deprebarrels of oil during the month of Occiation being shown by the hog division. tober, exceeding the September output by 790,687 barrels. This yield lacked only 63,689 barrels of COMPARATIVE TOP LIVESTOCK PRICES' equalling the district's record-breaking production (Fort Worth Market) for the month of August, 1920. Not only was there October, September, October an increase in total output for the month, but also a 1920 1920 1919 gain of 13,153 barrels in the average daily rate of Beef steers ........................ $10.00 $11.25 $12.50 production. Stocker steers.................... 8.65 8.65 10.25 Butcher cows...................... 9.00 Stocker cows...................... 6.50 Calves ................................ 10.75 Hogs .................................. 15.35 Sheep .................................. 8.50 Lambs ......................•......... 12.25 8.35 7.50 12.00 17.20 9.25 13.00 9.00 8.50 14.25 17.35 12.00 15.00 Central..;West Tex·as led the district's various oil zones with a yield of 3,941,547 barrels, which is the best month's showing that section has made since December, 1919. The bulk of the oil recovered in this territory was again the product of Stephens County wells, which contributed three-fourths of the total credited to Central-West Texas. In fact, our LUMBER: reports from that county indicate that its storage Pine Mill Operation statistics of the Eleventh and pipe line facilities 'are being severely taxed to Operations District pine mills reporting to the take care of its steadily increasing production. Southern Pine Association for the The Texas Ooastal field brought its monthly profour-week period ending October 29th reflect a falling duction up to a total of 3,191,473 barrels in October, off in milling activities for that period, as compared with the previous month. According to their reports, which set a new high record in that field for the curthe average weekly output, per mill, was 376,838 feet ~'ent year. for the group reporting in October, against 336,325 In all other fields there was a decrease in producfeet for the group reporting in September, or an tion as compared with the previous month. For the apparent increase of 12 per cent. However, as the fifth month in succession North Louisiana and North average normal weekly production capacity of the 32 Texas registered a decrease in monthly production. mills reporting in October is 22 per cent larger than that of the 28 mills reporting in September, the A marked improvement in drilling figures seem to indicate that there was an actual de- Drilling results was a notable feature of OcOperations crease in October production, although it is difficult tober developments in the district's to make an accurate comparison in view of the differoil industry. As compared with September results ence in the component units of the two groups. For the October period 32 mills reported new orders re- there was an increase in the number of completed ceived at the rate of 5,359,320 feet per week, which wells, in the number of producers, in the combined compares with 7,460,463 feet as the weekly average initial flow of new wells, and an improvement in the volume of new business booked by 28 reporting mills ratio of producers to failures. During October 64 in September, which reflects a decrease of 2,101,233 "wildcat" wells were completed in Texas, compared with 46 in Septem'ber and 33 in August. Wildfeet. cat activity, however, is still comparatively quiet Unfilled orders on the books of the reporting mills throughout the district. on October 29th amounted to 43,101,652 feet, which Central-West Texas, on account of the rapid is equivalent to slightly more than two weeks' normal development of the Stephens County field, showed production. the greatest activity in drilling operations, as well The table appended below shows the principal sta- as the highest initial production of completed wells, tistics of the reporting mills of this district for the the latter being almost three times as large as the four-week period ending October 29th. new production brought in by this section during September. OCTOBER PINE MILL STATISTICS Number of reporting mills.................................. Production (weekly average) .............................. Shipments (weekly average) .............................. Orders received (weekly average)...................... Unfilled orders October 29th................................ Normal production (weekly average) ................ 32 12,058,838 11,982,806 5,359,230 43,101,652 20,116,388 ~. The Texas Coastal region made an exceptionally good record for the month in drilling results, having feet feet only four failures out of 64 completions. feet feet feet North Louisiana completed 88 wells during the month, of which 68 were producers. OIL PRODUCTION ---July'--FieldTotal Daily A vg. North Texas ................................ 2,598,650 86,621 Central-West Texas.................... 3,331,227 111,041 Texas CoastaL........................... 2,708,583 90,286 Corsicana, miscellaneous .......... 75,000 2,500 --August-Total Daily Avg. 2,488,965 80,289 3,941,547 127,147 3,191,473 102,951 3,000 97 Dec. Inc. IRC. Dec. Increase Total 109,685 610,320 482,890 72,000 or Decrease Daily Avg. Dec. 6,332 Inc. 16,106 Inc. 12,665 Dec. 2,403 Totals, Texas ...................... 8,713,460 North Louisiana.......................... 2,776,050 290,448 92,535 9,624,985 2,655,212 310,484 85,652 Inc. 911,525 Dec. 120,838 Inc. 20,036 Dec. 6,883 Totals, Eleventh District.... 11,489,510 382,983 12,280,197 396,136 Inc. 790,687 Inc. 13,153 OCTOBER DRILLING RESULTS FieldCompletions North Texas................................................................................ 182 Central-West Texas.................................................................. 288 Texas Coastal ............................................................................ 63 Texas Wildcats .......................................................................... 64 Producers 143 194 58 14 Failures 39 94 5 50 Initial Production 9,757 90,948 83,408 1,025 Totals, Texas...................................................................... North Louisiana ............................ ............................................ 597 88 409 68 188 20 185,138 24,088 October totals, district ...... _........ _... __ .......... _. __ ........ __ September totals, district........................................................ 685 636 477 435 208 201 209,226 80,587 CRUDE OIL PRICES TEXAS Corsicana light .......................................................................... $3.50 Corsicana heavy ........................................................................ 1.75 Texas Coastal fields.................................................................. 3.00 All other Texas fields................................................................ 3.50 LOUISIANA (38 Gravity and Above) Caddo .......................................................................................... $3.50 Homer .......................................................................................... 3.25 Bull Bayou .................................................................................. 3.15 De Soto ............. ........................................................................... 3.40 TRADE: drugs, furniture and farm implements were still substantially higher than the ruling levels a year ago. Reports from leading wholesale dealers 'Show average decreases ranging from 2 per cent to 34 per cent in the October sales of drugs, groceries, furniture, dry goods and farm implements, as compared with the volume of sales for the month of September. Compared with the business done in October of last year there was a still wider margin of shrinkage in all these lines with the exception of drug'S, which moved in larger volume during the past month than during the corresponding month in 1919. Wholesale Trade The congested condition of the wholesale dry goods market is reflected by the heavy accumulation of stock goods at the end of October, which, our reports show, were 101 per cent larger in volume (measured by cost values) than stocks on hand at the close of October, 1919. Statistics 'Of wholesale collections for the month of October, 1920, show that in the grocery trade 77 per cent of retail accounts receivable on the books of the reporting firms October 1st was collected during OcFor the period from July 1st to the end of October tober. For drugs the percentage was 61 per cent; the distribution of drugs and dry goods was larger furniture, 53 per cent; dry goods, 36 per cent, and by 28 per cent and 20 per cent, respectively, than farm implements, 29 per cent. It should be borne in during the corresponding period last year. In the mind, however, that these figures include accounts other three reporting lines the current season's busi- carried on a basis of period payments, or terms longer ness fell below that of 1919. than 30 days. For this reason the ratios of such The reports received indicate that all lines except lines as furniture and farm implements are less indifarm implements showed a lower level of prices than cative of the actual percentage of past-due accounts obtained during the previous month, the heaviest re- than those reflected by the grocery trade, whose reg· ductions being made by dealers in dry goods. It is ular terms usually call for payment within thirty noted, however, that prices prevailing in October on days. The following table contains the composite percentages of increase or decrease in sales, prices and stocks of the reporting groups of wholesale firms for the month of October. CONDITION OF WHOLESALE TRADE DURING OCTOBER, 1920 Percentages of Increase or Decrease in - - -- -.Net Sales-s- - - - - P r i c e s - - Stocks at End of Month July 1 to Oct. 30 October, 1920 October, 1920 Compared with Compared with Compared with Compared with Oct., 1919 Sept., 1920 Same Period 1919 Oct., 1919 Sept., 1920 Oct., 1919 Sept., 1920 Auto Supplies ................................ .5 +4 11 +12 Groceries ........................................ -17 - 8 - 5 -14 -7 - 4 +.3 Drugs ............................. _............ +15 - 2 +28 +10 -3 +25 - S Dry Goods ....................._.......... -19 -84 +20 -40 -25 +101 - 9 F urniture ........................................ -24 - 9 - 7 +30 -4 Farm Implements.......................... -50 -34 -26 +16 +2 + Retail Trade Retail trade activity, as disclosed in the reports of Eleventh District department stores, continued to increase during the month of October. Sales for the month showed a gain of 16 per cent over the corresponding month last year, and a 's imilar increase over the month of September, 1920. Considering the extent to which prices have been reduced since Octdber, 1919, it appears that the physical volume of goods sold last month exceeded that of October, 1919, by an even larger margin than is indicated by our statistics of net sales, which are based on dollar returns. + a corresponding decline in the ratio of average stocks to average monthly sales since July 1st, which stood at 454 per cent on October 31st. The ratio of outstanding orders to total purchases in 1919, which on October 30th had fallen to 4.1 per cent, furnishes a striking evidence of the extent to which the department stores have withheld orders for future deliveries. The percentage of customers' accounts collected during October against outstandings on the first of the month was 43 per cent, which compares with 42 per cent for the previous month and 37 per cent for The average stocks held by the reporting firms at the month of August. the end of the month were 42.3 per cent larger than the amount on hand a year ago, but were 3 per cent 1llthe appended table there is presented a sumsmaller than those reported at the end of September. mary of the condition of department store trade for The excess accumUlation, as compared with last year, the month of October, based on the actual (dollar) has been steadily diminishing for the past three amount of sales, stocks, etc., submitted by the remonths, according to our reports, and there has been porting firms. BUSINESS OF DEPARTMENT STORES October, 1920 Net Sales: Increase October, 1920, compared with October, 1919.................................................................................................... 16.0% October, 1920, compared with September, 1920.............................................................................................. 16.5% For period July 1st to October 30th, 1920, compared with same period last year.................................. 21.6% Stocks at end of October, 1920: Compared with same month, 1919...................................................................................................................... 43.30/0 Compared with stocks at end of September, 1920....................................... _................................................. 3.0%* Ratio of average stocks at end of each month, from July 1st to October 30th, to average monthly sales over same period.......................................................................................................................................... 454.00/0 Ratio of outstanding orders on October 30, 1920, to total purchases 1919........................................................ 4.1 % Ratio of October collections to total accounts receivable on October 1st.......................................................... 43.0% ·Decrease. FINANCIAL: , , 352 at the close of September, had decreased to $32,Federal During October there was a de- 828,033 on October 30th; rediscounts held by FedReserve crease of 4.4 per cent in the volume eral Reserve Bank of Dallas September 30th totaled Bank's of loans made by the Federal Reserve $59,893,802, as against $60,784,782 on October 30th, Operations Bank of Dallas to its member banks. and for the same period member banks' collateral Eleventh District paper held by other notes on hand decreased from $18,936,735 to $18,federal reserve banks, which amounted to $38,036,- 032,135, making a net decrease during the month of The changes in the principal resource and liability items shown in the condition reports of member banks Banks in the eight larger cities of the district for the month of October were very slight. There were small increases in the amount of United States securities owned and in the volume of loans. Unimportant decreases are shown in loans secured by U. S. war obligations, net demand deposits and bills payable with Federal Reserve Bank. Condition of Member $5,221,938 in all clas'ses of outstanding loans to member banks. There was 'a n increase of $407,500 in the bank's holdings of Bankers' acceptances purchased in the open market, the total on October 30th standing at $1,070,000 as compared with $662,500 on September 30th. For the month of October there was an increase of $2,647,400 in outstanding Federal Reserve notes, this item having risen from $92,577,145 to $95,224,The increase in the reporting banks' loans amount545. ! , , ,,; -! -~ . ;~ i ~:r;j (:L:d,& ed to only one-half of one per cent for the four weeks' i period ending October 29, 1920, while for t he correMember banks' reserve deposits amounted to $52,- sponding period last year there was an expansion of 891,028 on October 30th, which was $956,719 less 10 per cent. than the total shown on September 30th; GovernOn October 29, 1920, the ratio of loans to deposits ment deposits also decreased, the balances amountin g was 128 per cent, as compared with 111 per cent at on October 30th to $1,710,201, as against $2,323,317Ithe corresponding date in 1919. Further details are at the end of September. shown in the following table: : :; . '" ..,..- ,: l ,. CONDITION STATISTICS OF MEMBER BANKS IN SELECTED CITIES October 29, 1920 Number of reporting banks................................................... . 51 U. S. securities owned.............................................................. $ 50,080,000 8,247,000 Loans secured by U. S·. war obligations.............................. .. All other loans and investments.......................................... .. 279,261,000 224,172,000 Net demand deposits.............................................................. .. 24,539,000 Reserve with Federal Reserve Bank..................................... . 50,476,000 Bills payable with Federal Reserve Bank.......................... .. Ratio of loans to deposits................................. _................... .. 128% Clearings Bank clearings at the eleven principal centers continued to increase last month, though at a diminishing rate. October clearings exceeded those of the previous month by 6.7 per cent, but fell short of the record for October of last year by 5.2 per cent. For the period, January to October 1, 1920 51 $ 48,629,000 8,457,000 277,733,000 227,306,000 23,762,000 50,754,000 126% October 31, 1919 43 $ 58,946,000 6,460,000 226,219,000 209,541,000 23,361,000 25,202.000 111% October, inclusive, as compared with the same period in 1919, there was an average increase of 24.8 per cent in the cities of this district, which compares with an average gain of 11.9 per cent for all cities in the United States. BANK CLEARINGS October 1920 Austin .............. Beaumont ...... Dallas ................ EI Paso.............. Fort Worth ...... Galveston .--.--- .. Houston ............ San Antonio ...... ShrevelPort ........ WacQ ..... __ ......... Wichita Falls .... ~~ $ 8,155,863 6,217,980 181,378,552 28,340,916 85,126,118 47,276,460 154,476,561 37,406,197 19,850,703 19,000,000 15,765,000 Total ............ $602,994,350 September Inc. or Dec. 1920 $ 8,440,094 - 3.4 6,014,314 + 3.4 149,931,451 +21.0 27,326,010 + 3.7 80,810,884 + 5.3 39,500,300 +19.7 163,324,075 - 5.4 39,076,482 - 4.3 18,220,629 + 9.0 17,125,000 +11.0 15,462,512 + 2.0 $565,231,751 + 6.7 Inc. or Dec. October 1919 --Ten Months1920 1919 $ 8,804,196 5,867,773 204,861,622 29,460,051 92,198,617 47,895,942 162,255,751 35,844,522 20,003,797 21,777,600 17,011,604 $635,981,475 Inc. or Dec. 7.4 $ 70,938,603 $ 195,292,439 64,273,376 57,435,708 + 6.0 -11.5 1,577,414,676 1,247,988,632 288,558,962 246,915,155 - 3.8 852,963,299 - 7.7 696,731,709 323,249,767 298,766,377 - 1.3 828,107,528 + 1.5 1,250,200,049 357,321,065 299,923,692 + 4.4 215,079,977 131,861,758 + 0.8 141,402,209 114,400,106 -12.8 201,251,874 - 7.3 163,309,354 -63.7 +11.9 +26.4 +16.9 +22.4 + 8.4 +51.0 +19.1 +63.1 +23.6 +23.2 - +24.8 5.2 $5,342,653,857 $4,280,732,458 r FAILURES October 1920 Number of failures reported in the Eleventh Federal Reserve District.............. 42 Liabilities involved ............................................................................................................ $2,947,957 , I September 1920 Discount There is presented in the following tabulation a schedule of the discount rates charged by banks at Dallas, EI Paso, Fort Worth, Houston, San Antonio and Waco, October 1919 36 $864,924 22 $263,516 showing the "high" and "low" as well as the "customary" rates prevailing in these cities during the30day period ending November 15th. Rates OCTOBER DISCOUNT RATES EI Paso Dallas Fort Worth Houston ~~. '·~.f.~ !?~ ~.,s;:t+Ct~.-';~'~-}?_.. ":~~ .' ~; ..' H L Prime Commercial Paper: Customers' 30 to 90 days ...................... Customers' 4 to 6 months ...................... Open market 30 to 90 days ....... _........... Open market 4 to 6 months.................... Interbank loans................................................ Collateral loans, demand ................................ Collateral loans, 3 months ............................ Collateral l{)ans, 3 to 6 months.................... Cattle loans ...................................................... Loans secured by warehouse receipts, bills of lading, etc............................................ Loans secured by Government securities C 8 5 8 7 8 8 8 8 8 6 8 6% 8 8% 8 6% 8 6% 7% 10 7% 10 8 8 8 8 6~ 8 714 10 7% 10 7% 10 8 10 HLC 6 6 7 7 6 7 7 8 8 8 8 8 8 8 8 8 8 8 8 6% 8 8 8 8 8 6% 7% 10 6 8 San Antonio ;;OS( ...,-~ HLC HLC 8 9 8 6 7 6 .... .... 7 10 10 10 10 8 8 7 7 .... .... 6 7 7 7 7 8 8 7 7 HL 7 8 8 7 8 6 6 6 6% 7 6 7 7 7 7 8 8 .... .... 7 8 8 8 9 8 8 7 6 7 7 8 8 ...... ..... 6% 8 8 8% 8% 7 8 6 8 .. ',. ':" C 6 6 Waco . ..-~ H L C 7 7 8 8 ...... .... ...... .... 6 7 7% 7% 7% 6 6 .... 7 8 8 8 .... .... .. ... 7 6% .... 6 6 6 6 6 8 8 .... ..... 7 8 8 8 8 8 8 6 8 8 -- 7 8 8 8 CHARGES TO DEPOSITORS' ACCOUNTS Oct. 27,1920 Weeks Ending Oct. 20, 1920 Oct. 29, 1919 Albuquerque ..............................................................................$ 1,688,000 Austin ........._........................•... _.... _....... _.... _ ............ _... _..._.. 4,275,000 5,300,000 4,098,000 Beaumont ........................ _ ...... " ...._...................._... _.............. 4,071,000 5,621,000 3,788,000 Dallas .............. __ ... __ ....__ ........ __ .................. __ ........ __ ............ __ .__ ...... 48,061,000 54,206,000 49,275,000 EI Paso .............. __ ... __ .... __ ........ __ ................. __ ................................ 9,841,000 9,276,000 7,362,000 Fort Worth . ____ .__________________ . ______________ .. ___.... __________ ..... ____ . __ .. __ . __ ... 28,461,000 30,432,000 24,808,000 Galveston ..... __ ................ __ ............ ____ ... ;.................. __ ... __ ....... __ ..... 13,821,000 13,708,000 12,793,000 Houston ................... __ ...... __ .......... __ ........ __ ........ __ ......................... 45,032,000 45,905,000 45,775,000 San Antonio......... __ .... __ ....... __ ...................................................... 8,018,000 9,743,000 7,622,000 Shreveport ....... __ .__ . ____ .. __ ........ __________ ... __ ............ __ ........................ 7,710,000 9,413,000 10,422,000 Texarkana ... _.......... __ ........................ __ .__ ............ __ ....... __ ............. 1,878,000 2,210,000 1,548,000- Waco ........ __ ... __ ........ __ ..................................... __ .. ____ ... _. __ .... _.___ . 4,977,000 5,794,000 3,646,000 193,651,000 $ 172,935,000 10,273,431,000 9,718,589,000 Total, Eleventh District.. ........ ____ .... __ ........ ________ .. __ ...... ____ .. $ 177,833,000 Totals, all reporting cities in United States ........................ 8,875,695,000 $ $ 2,043,000 $ 1,798,000 8 8 .... . .' BUILDING PERMITS October --1919'--- No. Austin ........................................................................ 8 Beaumont .................................................................. Valuation $ --1920--No. Valuation $ 10,845 Inc. or Dec. - 62.3 28,751 12 55 67,618 307 141,218 +108.8 Dallas ........................................................................ 162 1,846,988 213 790,687 - 57.2 El Paso........................................................................ 146 317,784 85 189,605 - 40.2 Fort Worth ................................................................ 196 2,111,065 135 502,201 - 76.2 Galveston .................................................................. 514 47,754 342 38,216 - 20.0 Houston ........................................................... :..... _... 428 1,257,324 383 443,025 - 64.8 San Antonio .............................................................. 181 477,170 223 232,520 - 51.3 Shreveport ......................................... ...................... 146 372,295 174 256,250 - 31.2 TotaL.................................................................... 1,836 $6,526,749 1,874 $2,604,567 - 60.1