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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