The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
~111111111 1 1111"IIIIIIIII'ltll l t. t 'I'II'IIIIIIIIII.tl 111 1 1' 1 11 1 11 1 1111111 1 111111111 •• 1.111111111,1"111 1 111.n. I ••• I.IIIIII I II 'III I IIIIII II I'II'IIIII'I ' IIIII. n . 11 •••• 1 . 1111 • • 111'11111 1 11.1.1 ..... 1. 1.1 • • • 1. 1 .. . 1.1.1.1 . . . .. . ... . ... . ... . . IHI . ... "" 'IIIII I.:
l Ir'"' ' ' ' ' ~'~~';;~';' ' ' ;'~~!~~'~'~' ' '''';;';'~~';'' ' ' " ""II
I
11
r
II
:
c. c.
w~~~!~.~~~~~ ::::~:p:m::'~:C~~C'~~~~~;~R~"A"'W I
:l 11111 11 1111.1.1.1I11 111 1.111.I ' I'I ' 111I11111I111111111I1I1I111111 111 1 11111"'1111111111111 ' 11111111.1111111 111111 1111111111111 '11 11 11.1 .. .. 11 .... "1 .. . 11 11111 1.111111 11 1111111 11 11 1111 11111 1 11 111 11 11 11 .. 1111111111111111"111 " "" 11 11 11 1111 1111 11 1'; :
':'I II! III I' II.I I I I II I I.IIIIIIIII.IIIIIII I' III . IIIIII I.1 '111111'111 11'1 111 1 11111' 1 111111111 1 111 ' 11111 1"1111 1 111 ' 111111 1 1111 1111 11 11 1111"'1 1 1' 111 11 11 1' 1' 1'1111 11111 11 11 111 111 11 111 1 111 111 1 1111111 111111 11 111 111 1 ' 1 11 1.1II I II III I I II II II II II •• ' • • I.I.I I II I I.I\!
Volume 10, No. 8
Dallas, Texas, October 1, 1925
This .coPl{ released for publication m morning papers
Sept 30
•
DISTRICT SUMMARY
~'1\ 111111.1111111 1 11111111'111111 1 111111 1 1111'1111'1 111111111 1 ,111111. 1 1111,1111111"' 1 1 " 11111111 1 1111 1 •• 11 111 1 11 11111111 11111 111 1111 1 11 111 1111111 ' .1. 1 11.1 . 1 1 111111 11 1 1111 111 111 1. 1111 11 1 11 11 11 1111. 11 11. 111 1 1.1 .' "1 1 • • • • I . I . I • •• I.II • • I •• • • • • • II • • •• • 11iI
10.716,676
$ "''9;294:oii9
59.9 %
56.5%
9.619.585
$ 7,868,802
66
83
§
Oil production (barrels }....... _...... _.................. _......._...........................................................................................
L umber orders at pine mill. (per cent of normal production }....................................................................
:
bne~.
1!:m:m
$ 15.m:m
97 %
980/0 Inc.
19~:~~
4 points
[:J 1111111111111.I • • ' II ••••• • IIIIIIIIII.II .I I' • • II. ' ••• 11 11 11 1111 11, " 1" 1 1111. 11111111111 • •• 11 . ... 111 ' .1 1 .111.111 . 1111111" 11 1 •• 1 11 1111'1 11"111. 1'11 111 1111111 .1 111 111 , • •• 11111 11 11 • • 1'111, •• 1 1.111.1111111 1 11111 , 11.11111 ••• ,III I I.I.IIIIIIIIIIII I II I.n ll [!)
The heavy early movement of the district's cotton crop
and prospects for a good yield in many sections, which are
causing the hesitancy evident during the earlier months of
t~e SUmmer to give way to a broader demand for merchan?lSe, were outstanding features of the business situation durl~g the past thirty days. While the distribution of merchandIse at wholesale continues on a smaller scale than a year
ago, the August volume reflected the normal seasonal expansion as compared to the previous month. The decline
frolU a year ago is attributable largely to the small scale
\ UYing in the large area in South and Central Texas where
t e long and severe drouth caused an almost complete failure of crops and reduced the purchasing power of the
farmers to a low level. Merchants throug!1out the district
a e operating on a conservative basis and are making purCases largely as the consumer demand arises. The August
trade at department stores was unusually active for that
month, sales being 6 per cent larger than in July and 8 per
cen t above August, 1924,. Charges to depositors' accounts
~ banks in the larger cities evidenced a further decline from
t e previous month but were 10 per cent greater than a year
ago.
I The hot winds and dry weather prevailing during the
ast half of August and the first week in September were
U;favorable to growing crops. While rapid deterioration
crops occurred during that period, it was checked by the
Tlavy ~enera l rains during the second week in September.
T 1e rams broke the drouth in most of South and Central
d.exa.s and supplied the moisture needed throughout the
o?tl'lct for the sowing of small grains and the planting
Al feed crops to supplement the extremely short supply.
though the condition of the district's cotton crop is
sP?tted, prospects in all sections, except the drouth area,
POll1t toward a good average yield. The picking of cotton
h
h
is proceeding at a l'apid rate and in many localities the
crop will be gathered earlier than ever before.
The livestock situation in the Southwest now offers more
encouragement than at any time in several years. The
physical condition of the ranges are generally good and
prospects are bright for ample fall and winter pasturage.
Due to the better grazing conditions, livestock are taking on
flesh rapidly. Trading in livestock on the ranges has become active in many sections and buyers are generally
plentiful. The Fort Worth market has witnessed a broader
demand for stockers at steady prices.
With the peak demand for credit already passed and with
the returns from the heavy movement of cotton becoming
available, loans at commercial banks are being liquidated
and deposits are showing a steady increase. During the past
year many banks were able to finance their customers and at
the same time carry a large volume of investments and maintain a strong cash reserve. The light demand for credit at
the Federal Reserve Bank this year is evidenced by the fact
that member bank loans reached a high point at approximately $11,500,000 as against a high point of $23,000,000
last year. These loans on September 15 amounted to $8,750,000 or a reduction of $2,750,000 from August peak.
Following a steady decline since February, the number
of commercial failures in this district reflected a sharp upturn in August. The defaults during the month were twice
as great as the number reported in July and there was likewise a large increase in the indebtedness of insolvent firms.
Building operations are being maintained at a high level.
The valuation of permits issued at the principal cities was
29 per cent greater than in July and 33 per cent greater than
in August, 1924. The production, shipments, and new orders for lumber at the district's pine mills showed' a further
gaiT, over the previous month.
CROP CONDITIONS
crops in a large area of Texas, Southeastern tion from the high temperatures, hot winds and dry weather
klahoma , and North Louisiana suffered severe deteriora- prevailing during last half of August and the first week
o GrOWing
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
2
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
in September. Except in favored localities where the precipitation was heavy, the beneficial effects of the rains that
fell late in July and early in August were largely offset
by these factors. However, the rains during the second week
in September, which were fairly general, broke the drouth
in most of the South Central Counties and were beneficial
to crops throughout the district. Reports indicate that crop
conditions are fair to good over most of Arizona and New
Mexico.
The condition of the cotton crop is irregular. There was
considerable deterioration of the crop during the past month
in parts of every section of the distri ct but in some localities, which have had sufficient moisture to sustain the plant,
prospects are the best in years. While much of the cotton
has opened prematurely, the recent rains have retarded
opening and the small bolls will now mature normally.
Furthermore, the large acreage of late planted cotton has
been greatly benefited. The crop in West and Northwest
Texas is generally good, but there is a large acreage of
young cotton which would be hurt by an early frost. Reports from Northeast Texas indicate that, despite the severe
deterioration in August, most of that section still have prospects for a better crop than in 1924,. The cotton in that section is opening rapidly and in most localities the crop
will be gathered earlier than ever before. The production
in the South Central section is still problematical. The
rains have brought new growth to the late cotton and some
fields promise a fair yield. However, the old cotton received
but little benefit and there are thousands of acres which
will never be picked. In other sections of Texas, the crop
is very spotted. While there has been some deterioration
in Southeastern Oklahoma and North Louisiana, prospects
point toward a better yield than a year ago .
The Department of Agriculture placed the condition of
the Texas cotton crop at 4,3 per cent of normal on September
1st as compared to 49 per cent a month earlier. On the
basis of this estimate there is a prospective yield of ] 01
pounds per acre or a total yield for the State of 3,851,000
bales. There were 749,276 bales ginned in Texas prior
to September 1st this year as compared to 630,898 bales
last year. This represents 19.5 per cent of the total estimated production and shows the rapidity with which this
year's crop is being gathered.
The appearance of the boll worm, leaf worm, and boll
weevil in many sections of the district is causing serious
concern. Farmers in most sections are using poison to
curb the insect activity. While considerable damage has
already been done, it is too early to foretell the extent of
the damage which will be caused by those insects.
The district's supply of feed will be extremely short this
year. There are only a few counties which will have a surplus of feed. Thousands of carloads of feed stuff have
already been shipped into this district. The average condition of the Texas corn crop on September 1st was only
31 per cent of normal and indicates a total production of
39,560,000 bushels as compared to 78,200,000 bushels in
1924--a year of low production. The recent rains benefited
the late planted corn and some fields are doing well. There
has been an improvement in the condition of tame hay in
Northwest, Northeast, West Center, and Southeast Texas,
but a decline in other parts of the State. Farmers in all
sections of the district are making strenuous efforts to grow
all the feed possible before frost in order to relieve to some
extent the extreme shortage. Land is being prepared for
fall grains and, as soon as moisture conditions are favorable, large acreage will be sown to provide early pasturage.
LIVE STOCK
The general condition of ranges and livestock in the Eleventh Federal Reserve District has shown a steady improvement as a result of the general rains which have fallen over
practically all of the district's range territory during the
past two months. In Arizona, New Mexico and in West and
Northwest Texas, reports indicate that stock water is plentiful and that the weed and grass is making good growth,
thereby giving assurance of ample fall and winter pasturage. In fact, many sections report that conditions are the
best in years. Due to the improvement in the ranges,
livestock are fattening rapidly. While conditions are still
somewhat spotted in the East, South Central and Coast sections of Texas, the recent rains have broken the long drouth
in most localities. The ranges have been revived and ample
grazing should soon be available.
The average condition of cattle ranges in Texas gained
8 points during August and stood at 73 per cent of normal
on September 1st as compared to 76 per cent on that date
last year. The September 1st condition of cattle was 74
per cent of normal which represents an improvement of 2
points during the month. All districts of the State except
the East, South, and Coast had a higher condition than on
the first of the previous month. The condition of sheep was
90 per cen t of normal as compared to 82 per cent on September 1, 1924.. As a result of the rains, the condition of
sheep and goat ranges rose 14 points in August. Reports
indicate that prospects are good for ample winter pasturage.
Movements
and Prices.
The August receipts of calves at the Fort
Worth market were the largest of any
month this year and were considerably
larger than in the same month last year. While the cattle
receipts were below the supply offered in July, they were
well above those during August a year ago. The month's
receipts of hogs and sheep were considerably less than in
either the previous month or the corresponding month of
1924.. The hog run was the smallest of the year to date.
The market on most classes of cattle at the close of August was at practically the same level as at the close of the
previous month. The supply of cakefed steers, fat cows,
heifers, and yearlin gs was generall y below trade require·
ments and usually cleared at satisfactory prir;es. The market on light calves showed an advance of $1.00 over the
previous month's close but there was a decline of $1.00 on
heavy calves due to the exceptionally large receipts of
heavy calves during the last days of the month. Reflecting
an improvement in range conditions, there was a broad dr·
mand for stockers with prices generally steady. During
the early days of August hogs sold as high at $14.20 but
declined rapidly thereafter, despite the small receipts. At
the close the best were selling at $13.00. The dem and for
sheep was usually well above the available supply and a
generally steady market prevailed throughout the month.
Rtflrlll.IIIIIII •••• I ••••• II,.,.,.,.,t", •• ,.,., •••••• 1111,,111'1.1,.1.,111.1'1,11111 •• "111,,11111.,11111111111 JoI 1111 1
§
E
;;
;;
;;
§
:
FORT WORTH LIVESTOCK RECEIPTS
AU<:'lIst
Augus t
Loss or
July
1925
1921
Gnin
1925
Cattle .................. 106.377
99.31a
G 7.084
117,627
Ca lves ..... .......... 46.9G8
36.368
G 10,600
29,416
Holl1' ... , ........ . _ ... 12.363
20,326
L 7.962
18.203
Sheep .......... ........ 21.641
29.768
L 8.127
35 104
JAS S
or
(!]
;
;
Gnin;;
L
G
L
L
11.250 §
17.552 =
5.84 0 §
13.463 r:i
[SJ.111I1I1I1111I1I1I1I ....... IIU.IIII .. IIII.IIIII ...... tllIlIlIll ••• UIIIlIIIlI111I1I1I1111:IIIIIIIIIIII'llIlllllItllfl1a!J'
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
(:1'111111.111111111111111111111111111111 11 11111111111111111 11 11111.11 . , 11111 .. 1I1111 11 11 11 111111111111111111111111111111 1[!]
!i~~~~:::AR:A~':::~~~ L;;~;K:1~!~~ ; :': :
Stock~r cows ................................... ..
i
: *alvcs .................................................
.
~ ~~:~s =:::=:::::::::::::::::::::::::::::::::::::::::J
l~·~g
19:9~
1~·~~
.!
.,
[!J II IIII.I.II •• III. 11 11111. 1111111111111111111111.. 111.1111111 1 111.1111.1 . 11111111 11 1111111'11' .1 • •• 1 ,,1.11 1 1111111" ' 111 1
[!)
The August receipts of cotton at all United
States ports were 50 per cent greater than
during the corresponding month last year
and reflect the heavy movement of cotton during the opening month of the season. While the exports from ' all
United States ports during the month were 10 per cent
greater than a year ago, the combined exports from Houston
and Gal vest on were 25 per cent less.
Cotton
Movements.
IEJIl IItI II II 11111 II 11111111 11 1111 II II Ulllltlil IIti 1111 IIU If II 111111 II U 1111 II II II II U IIII II 1111 11 11 1111 II lI lft .Ilt1 I1I ' (!]
:
·g
:."
:
E
:
,;,
COTTON MOVEMENTS THROUGH 'rHE PORT OF GALVESTON :
:
August 1 to A ug us t 81 :
A ug us t,
August,
This
:Last
g
1926
1024
Season
Season :
Net rcceipta.................
110,889
166,789
110,339
166,789 :
Exports ....................
46,877
158,716
46,877
153,716 :
Stocks, August 81......
................
................
115.084
46.028 :
I
L!JIII I IIIIIIIIIIII.I.lllll l lllllllllllfllllllllllll'.,11III 1IIIIIIIII111111 11111I 1111111111 11I1111111111111111111111 ••• 11 0
~; ~ ~~~ ~~~~~B~~~~~...::::~:::~::::::::::::::::~:::::::::::::::::~::
•
:
E
GALVESTON STOCK STATEMENT
For other forehrn ports.... ...................................
For coastwise ports .............................................
I n compresses and depots.... ..................................
AU~9~~ 31, AU~9~~ 31. §
~~8:,~9~0~0
7.000
64.734
4.~6g0g0 : ~
50~
39.478
No.
!:.
M
mmmm 'm
New Orleans ................................ ..
Dullns ...............................................
lious ton ...........................................
Gnlveston ........................................ _
E
:
:
:
24.40
24. 66
24 .80
21.50
22.01)
22. 10
:
i.:.
24.05.
28.95!
24.00:
81111 1 111111 11111 1111 111111 11 11 1111 11 11 11111 11 11 11 1 .... 111 111 111 11 111111111111 11 111 111 1 11 111 11 11 11 1111 11 1111 11111111 11118
COTTONSEED PRODUCTS
With the movement of cottonseed from this year's cotton
crop well under way, most of the cottonseed oil mills in
this district have re~umed operations, During the month
of August, there were 4.8,365 tons of cottonseed purchased
at an average price of $42.4<3 per ton by 75 reporting mills,
These mills shipped 4,,100,217 pounds of crude oil during
the month for which they received all average price of
$ ,1010 per pound, This compares to an average price of
$ .0992 per pound received for the oil shipped in July.
There was a substantial increase in the volume of hulls,
cake and In.eal shipped as compared to the previous month
but the average price received was sli ghtly lower.
lEI
0 1 1 11111111~ 1I 1I1I1I1I 11 11 1'lltlill tl ll l l ll lll'llI l l lI l l ll ll l l ll ll 1 1 1 11 11"1 ' 1 11 11111111 11 1 11 111 1111 1 111 1 11 11 1
:
:
COTTONSEED PRODUCTS SHIPPED AND AVERAGE PRICE
RECEIVED
August, 1925
§
:
Products
:
1!I11I11111 1 1I1I1I1I1It.lIIIIIIIII H IIIIIIIIIIIIIII I IIIIIIIIIIIIIIIIIIIIII111I111111""IIIIIIIIIIIIIIIIIIII II IIII .. II IIII I! ! l
~
§
SPOT CO'ITON PRICES
•
lUg ~
M
':,,'" b:~~;t '~rl~: 'Ot~;2~43~.~602
I!)
It 11 11 11 111.111 1111111.111111111111111111111111111.11111 .. 11 11 11111 111111 1 111".1 11 111111111 1 111.111 11 .11111111
•
1t~g::
1~:~~
I!J 11111 II
~
~~~~~ea~~..~~~~:::::::::::::::::::::::::::::::::::::::::
~ Linters
...................................................
:
:
§
•
:
Average Price
F. O. B. Mill
ShiI>pe~
E
I
4.10~:~~~~.: $~dr E~~~
l,684.961Ibs.
.0546 per lb.
:
G '.' ......... " ... ".~~;;:~.~'~~~~ .. ~~~~;~~~.'~~~;~~.'~~~~~; ... ,....... " .... ..(!j
Cottonseed received .................................................... .48.866 tons
0
Average Price
(inc. freight)
$42.43 per ton
111111111 11 11 111111111111 1 111 11111111111111111111 1 111 1 11111111111 .. II II IIIII I I I IIIIIII I I.III . I I IIIII I I I II II ...... II. l tlI1
8
[!J '.IIIIIIIII I III I IIII.II I IIIIIIIII •••• I I IIIIIII I I I IIII1111111111111 1 111 111 1 1111.1111111.11 1 111. 111.111. 11111 1 111111111.1 [!j
GlIIIIIIIIII •••• I.IIIIIIIII • • I ••• III I I.IIII.II • • I • • I I •• 1 11111111 11 11 11 111.1.11 . 11.111111 " 11 1 111111 1 1111111111111111111 111!J
§:
H OUSTON COTTON MOVEMENTS
§:
August 1 to A ug us t in
August
August.
:
§
•
1024
'l1his
Last
§
1926
Senson
Senson
= R I t G
880, 580
206.477
880.580
206.477 :
§ R~~~i~;:'=Nre't .. ::::::::~ 248,886
1l.0. 674
248.836
110.6'0 45 ~
2
117.826
65 ,206
117.826
65.::
: Exports ........................
_.............
................
168.472
62.656 :
: Stocks. August 81......
::
Cottonseed received
at m ills (tous)........
116,000
102,000
269,000
184.000
Cottonseed crushed
(tons ) ........................
64.000
40,000
113.000
62.000
Cottonseed on han d
(tons) ........................
84.0 00
72.000
190.000
94.000
[EJ IU.IIIIIIIIIIIIIIIIIIIIU .. I .. . . II .. I1IIIIIII1I.I1 I1 I1I1I1I1I.II .. 111I1I1I1 1I 111II II IIIIIII.IIIIIII.IIIIIIIII II II U IIII!)
Crude oil produced
11.343.000 38,84 6.000 17.922.000
1::1
t:'I
(poun ds) .................
t.!A111I11 1I 1I1I . 11 111l1l1l1l1l1l 1l 1l1l1l 1l 1l1l1l1l1l1l1l1l111l 1l 1t1l1l111l1l1l1l1l1l.1111111 1I 111I11I111I11I1111'11111111 1l!J
Cake and meal pro..
20,000
81),000
53,000
:
SEASON'S RECEIP'l\S. EXPORTS, AND STOCKS AT ALL
.
duced (tons) ..............
12,000
81.000
§
UNITED STATES P ORTS
E
Hulls produced (tons)
18.000
§
'I'his seMon Last Season .
Linters produced
8.000
12.000
20.000
§ Receipts sln c" Aug. 1st...................::......
436.894
289.998 E
(600· lb. bales) ........ ..
:: Exports: Great Britain .........................
47.164
72.783 •
Stocks on hand Au·
=
France .......................................
28.204
66.010 •
g ust Slst.. ................ ..
•
C t'
t
173766
106887 •
Crude Oil (poun ds)....
2,861.000
5.108.000
4.170.000
':=
on men
14'.168
S·.800 :.:
Cake and meal (tons)
6.000
21.000
23.000
Japan
· Chin ...............................
a .......................... ..
0
=
Mexico .....................................
2 ...........2.8.. 8.... ;·8..0· .
: HLlunltls S(to
( 6nOsO)·I·b....·b.. ·a..l·e..s··)
............
118,00 001)
4281.000000
2460.000000
=
Total toreill'll ports..................
268.279
.,
:.
er
'.
... _.......
,
•
.
,
:: St 1
t 1l U S
ts A
t 31
340 961
213 821 :
1!l1l 1l1l1 .. 1I1I1I11I1I1I1I 1I 1I1I1I1I1I11I11I1-..1I1I1I1I1I1I1I1I111I1I1I1I1I1I1I1I1I1I1I11I1I1I1I 1 1I1IIIIIIIIIU .. . I1I1II1 [!)
[EJ .......?,~I~? ~ III1~II.III11·IIII1:III~~~III~ III11~~~,~IIIIIIIIIIIIIIIIIIIIIIII:1I11111111111111111111111'11111118
~St.ntistics for manufactured products in '"rexns for August. 1926. not
avaIlable.
...
8.111111.11'1111111.,111.111111111 1 111111111111 . 111111'11'11111111 1 11111'1111111 " 1'1111111'11 ' 1" 1111 111 ' 1'" , ," " 11 11. " '1111 ' 11'11111111111,1,1111.111111,1 '" 11111 1'11"11 1 11 1 1'1111111'11 111 ' 11111'1 1 1'1 1 11 1' 11111111 1 111111111111111 .I III I II I . , II I I .t!)
:
§
§
§
:
E Cotton
: Cotton
•
(a)
:
(b )
S
COTTON CONSUMED AND ON HAND
CO'J;'TON GROWING STATES
August 1st to Slst
Augus t.
Aug ust.
This
Last
1926
1924
SeMon
Season
consumed ...................................................................
802,604
245.779
802.604
246.779
on hand at en d of mont h :
In consumin g establishments..................................... .................. .................
836.220
226.229
In public storage a nd compresses............................. ................. .... ..............
948.151
706.111
A'll0g2Usst.
448.665
................
................
:
UNITED STATES
§
August 1st to 31st §
Aug ust.
This
Last
§
1924.
Season
SeMon
::
867.a80
448.66 5
857,880 E
•
................
680.627
662.789.
................ 1,040,178
802,064 ,.
I IlI1IIII1II1UIIIIIIIIIIII.UIIIIIIIIIIIIIIIIIIIIII lI lIUIIIIIIIIIIIIIIII1111 1 11111111111111111111111 11 111111111111111111 11 .11111 1 1111111111111.111 1 11111111111 1 11111 11 111111 1,111111111. 11 11 111III . III II I I II I IIIIIIIII II I.III I I I IIIIIII I II I I I I UIII II " II I· I
TEXTILE
The month of August witnessed some improvement in
the textile milling situation in this district. The August
production of reporting mills which amoun ted to 726,823
Pounds of cloth, reflected a gain of 8.8 per cent over the
JUly production and 26.7 per cent as compared to the cor·
responding month last year. These mills consumed 1,537
bales of cotton in August as compared to 1,4.63 in J uly,
and 1,127 iR August, 1924. Unfi lled orders on hand are
sho\fing a steady increase, those at the close of August
MILLING
being 8.4< per cent greater than at the close of Jul y, and
44<.1 per cent greater than at the e.nd of August last year.
m,IIlIlIIIIIIIII.IIIIIIIIII . 1I 11 11 111 1 11 111111 11I 11 1I 11 11111111111111111.1 111 111 11 1 11 111111111 111 11 1 11 1111111.1 1 11 11 III
§
TEXTILE MILLING STATISTICS
:
~
:
A~~~:t.
Number bales cotton consumed.....
N umber spindles active..................
.i. Number pounds cloth produced......
S
1:1 .. 111111 " .... 111 ... 1111 ....... 1 .. 11111 ... "
1687
67:812
726.828
A~mt.
1.127
66,292
638,799
;~r6
1.463
66,292
668.807
. UIIIIIIIIIIIIIIII.IIIIIIIIII.II .11111111111'11111"" 1111 11111111 11 11 II
(!]
:
:
~
:
§
.
,Ii)
MONTHLY BJlVImW OF BUSINBSS AND INDUSTRIAL CONDmONS
still falling below a year ago. The August sales of reporting firms were 9.2 per cent greater than in July but 27.5
per cent less than in August, 1924. Reports indicate that
there is a good demand in some sections but over the greater
part of the district it is still slow. The gatliering of the cotton crop is making rapid progress and with prospects for a
good yield in many sections of the district and with the
price of cotton steadily rising, the outlook promises a fair
to good distribution of implements over the district as a
whole.
.I...:~J ~
WHOLESALE TRADE
A more active demand for merchandise, stimulated by
seasonal influences, was visible in the wholesale channels
of distribution during August. Sales in every reporting line
of trade reflected a substantial increase over those during
the previous month, but sales in most lines are still falling
below a year ago. While there is a large area in South
and Central Texas, where buying has been and will be
light during the next year, due to this year's crop failure,
the hesitancy in other sections of the district, evident during the earlier months of the summer is gradually giving
way to more aggressive buying as the returns from the cotton crop become available. Not only is the yield of cotton
outside the drouth area proving to be generally satisfactory,
but the steady rise in the price of the staple is increasing
the purchasing power of the farmer. Nevertheless, the merchants are continuing to follow a very cautious and conservative policy. As a rule, merchants bought, at the beginning of the season, a large assortment of merchandise
but in small quantities and have been making reorders as
the shelves become depleted. In this way, they are able to
hold purchases well within the consumer demand. Late
reports indicate that dealers are receiving a large volume
of fill-in orders.
Jobbers in all lines of business report that collections are
spotted. In some sections, they are good but in others they
are slow and draggy.
The seasonal expansion in the demand for dry goods
at wholesale, which was stimulated by the opening of the
fall buying season in the larger centers, was evident during
August, when the sales of reporting firms showed an increase of 94.6 per cent over July. However, distribution is
still falling below a year ago, the August sales being 10.6
per cent smaller than in that month last year. A large number of buyers came to these centers during the month and
many of them bought sizable quantities representing a fair
assortment of merchandise.
Nevertheless, merchants generally are maintammg their
stock well within the prospective demand and are repurchasing as the consumer demand materializes. Wholesalers
report that to date .the fill-in orders have aggregated a large
volume.
While the outlook is reported to be good in most sections
of the district, there is a large area in South and Central
Texas where the demand is very light and this, to a large
extent, accounts for the smaller volume of business than a
year ago. Prices are generally steady.
While there was a further expansion in the distribution
of drugs at wholesale during August, business is reported to
be rather spotted. The popr yield from the cotton crop in
Cenh'al and Southern Texas has greatly curtailed buying in
tllOse sections and the prospects for fall trade are very discOUl·aging. However, in other sections of the district, particularly in Northeast and Northwest Texas and North Louisiana, there has been active buying with prospects for good
fall business. Prices continue firm. Collections are reported to be improving.
The past month witnessed some improvement in the demand for farm implements but the v~lume of business is
The active demand for groceries which was evident in
July continued throughout August.
Sales of reporting
firms were 8.6 per cent larger than July sales and 5.0 per
cent greater than in the corresponding month last year.
While the demand is light and the outlook is generally poor
in the drouth area, in other sections buying is on a large
scale and with the prospect for a good return from the
cotton crop, indications point toward a good fall trade.
Prices are firm and collections are improving.
The sales of reporting hardware firms during August
reflected an increase of 6.1 per cent over July sales and
were 1.3 per cent greater than during the corresponding
month of 1924. Reports indicate that the buying demand
in many sectipns of the district is showing a considerable
improvement. Some dealers report that retailers are beginning to p lace orders for forward delivery, but the
volume of such orders is small. Prices are firm with an
upward trend due to the advance in the price of raw material.
(!] I UU .... UI .. UIlU .... IIIIIIIIIIIIIIIIIIIIIIIII II IIIIU .. II • • •• ,IIItIIlIIl I1I .. U Il I .. 11I 111I 11I 11111I 11I 1I1I1I 1I11 11[!)
::
::
CONDITION OF WHOLESALE TRADE DURING AUGUST, 1926
Percenta~e of Increase or Decreaso in
§
E
::
§.
§
Grocerlea ..... ................
Dry good8....................
Farm implements........
: : Drugs ...........................
• Hardware ...................
:
E
8
111 11 11 11 • • • •
-Net Sn les- -Net SalcsAug., 1926
July 1 to date
wmparcd with compared with
A
July, same period
1~f4' 1926
last year
+ 6.0 + 8.6
+ 7.4
-10.6 +94.6
-18.4
-27.6 + 9.2
-81.2
- 1.6
-+ 1·.78 ++ 68 . 15
-.2
-StockaAug., 1925
!ompared with
Aug
July
1924'
1926
+ 4.7 + A
- 8.2 - 9.4.
.5 - 1.8
+ 62'.61 -+ S·.8
0
+
::
::
§
§
::
.g
~
:
E
_~:
1 1 1 1, .1 .' .11 1111 1 11111 11 111 111 111 1 1 1 1111. 1.11111 1 11111111 111 111111111 1 11111 1 111111 1 1 1 11 11111 11 II II I'I I'I 'I ~
REAIL TRADE
Buying at department stores during August was unusually
active for that season of the year. The sales of reporting
firms were 5.6 per cent greater than in July and 8.2 per
cent greater than in the corresponding month of last year.
The summer clearance sales were well patronized. Reports indicate that the hot weather in September is retarding the movement of fall merchandise but that business is
generally good.
The stocks on hand at the close of August were 10.7 per
cent larger than at the close of July but were practically the
same as at the close of August last year. The ratio of sales
to stocks during the first eight months of this year was
154.7 per cent as compared to 145.1 per cent for the same
period in 1924.
Collections showed a further decline during the month.
The ratio of August collections to accounts outstanding on
August 1st, was 33.7 per cent as against 36.9 per cent in
July.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
5
0 111 1 1 1 11111111 1 1111111 11 11111111111111 111 11111111111111111111 1111 1111111111 111"11~1 1I'1 1I 11111I1I1I1I1I 1I 1I1I 1It1 111111 11 1111 111 1 11 111 1 11 1 111111 1 1 11 1 IlIn ll lllll llll llllllll l lllllll ll lllll llll ll ll l 'll llI lIlI lIlIllIll lI lIlIlI lIII IIIII I IIIII IIU I IIIII[!J
:
BUSINESS OF DEPAR'l1MENT STORES
Dallas
Ft. Worth
compared with Aug., 1924 .......................................... 4...........
14.4
21.1
Aug., 1925, compared with July, 1925........................................................
12.8
4.2
Jan. 1st to date compared with same period lust year ...........
7.5
4.8
Credit salesAug., 1925, compared with Aug., 1924.......................................................
17.7
21.4
Aug., 1925, compared with July, 1925........................................................
20.1
1.6
8.9
Stoct:~ 1st to date compared with same period last year.........................
12. 1
§ Total sales
g
Aug ., 1925,
;:
E.
4 .............
E
;:
~..: :
Aug., 1925, compared with Aug., 1924,......................................................
Aug., 1925, compared with July, 1925........................................... 4...........
Percentage of sales to average stocl,s in
§:
August, 1924 ............................................................................... .................... ..
Aug us t, 1925 .............................................................................................
Percentage of sales to avel'8ll'e stocks::.:::
Jan. 1st to Aug . 81, 1924 ................................................................................
Ju n. 1st to Aug. 81, 1925 ........................................... 4...................................
• Ratio of outstunding orders to lllst yeur's purchases......................................
E Ratio of A ug ust collections to accou.nts receivable due and outstandinll'
:
August I, 1925....................................................................................................
4
[!JIII I . I .,. I III I I ••••• I • • • I I I • • • • • • • • II ' ••• • • II . IIIIII.III1III11 II II I 111 1 111 1 1 1 11 1 1 1 1111 11 1 1 11 1 11 1
..... ..
Contrary to the usual trend at this season, charges to
depositors' accounts at banks in fifteen principal cities of
the Eleventh Federal Reserve District reflected a further de·
cline of 2.7 per cent as compared to the previous month.
That the decline was general over the district is shown by
the fact that August debits in ten of the fifteen reporting
cities were smaller than in July. While there was an increase of 10.3 per cent compared to the corresponding
month last year, this is the smallest increase reported since
April.
r::J ""'IIIIIIIIIIIIIIIIIIIII I "1111111111111111111111111111111111'111'11 1 1111111 1 111111111111111 ' 1111111'11 " 111111111 1 11[!)
CHARGES T O DEPOSI'l.'ORS' ACCOUNTS
~
§
;:
or§•
U
;: A
;: A
U
;: B
6.4
6. 0
8.6
;: C
;: D
EE
U
;: F
7. 8
9.0
8.2
;: G
5.1.
;: H
;: R
;: S
5.0;:
S.lE
;: S
;: T
8.2:
;: T
L9;:
.4~
§W
~
8
+
+
+
+
+
1.9
10.8
-
+
10.7
5.3
:
Others
Tota l District ~
9.9
2.6
8.2 E
.8 . . . L . 8.1
5.6 ;:
6.8
4.2
5.8
+
+
+ 18.7
+ .7
+ 9.8
+
All
+
-I-
+
'1"
5.3
8.7
7.0
.3
12.0
7.1
+ 12.2
+
+
+
+ 18.0
+ 10.5
+ 9.7
+
.1
10. 7
14.4
12.8
16.8
15.4
16.7
16.9
15.4
14.8
15.3
184 .8
148.0
11.4
182.8
188.4
12.1
159 .8
174.7
1VI
155.0
158.'1
9.3
145. 1
154.7
11.0
81.1
29.7
84.8
38.1
12.4
•
83 .7 ;:
1 1 1 11111111 II II IIIIIIIIIII ~ II I IIII IIII II III I I IIII' II I I I II' I I IIII I 11 1 11 11 1 1 111'1 11111 1 1111 1 1111 1 11 1 1111111 1 1"1" 11 11 111 "II" I I II "III II 'I III IIII"III I III(!J
FINANCIAL
;:
+
+
+
+
+
+
_
+
Houston
~~
1111' 11 111111111 . 1,111111.,111 1 111111 . 1111 •• 1. 111 . 1,1. 1 '1111' 11111'11111 , 11 •• 11 . , .1. ' 1'1 " 111 '1"" 11 111 11 1,I I II I I'III' I!I
There was a further large increase in the
volume of acceptances executed by accepting banks in this district and which were
outstanding at the close of August. Acceptances outstanding on August 31st totaled $2,168,032.70, of which amount
$563,219.23 were executed against import and export trans·
actions and $1,604,,813.4.7 were based on the domestic shipments and storage of goods. On July 31st the volume of
outstanding acceptances amounted to $1,374,942.31, all of
which was executed against imports and export transactions.
Acceptance
Market.
Condition 0/
Member Banles
in Selected
Cities.
Reporls from 4.9 member banks in selected
cities reflect a decline in investments during August, but an increase in loans and
deposits. Investments in U. S. Government
Securities decreased $4,,148,000 but other
investments rose $1,397,000, reflecling a net decline of $2,751,000 in total investments. There was an increas8 of
$3,597,000 in total loans, $2,783,000 of which were reported
under the item "All other loans" (largely commercial).
This increase reflects the seasonal demand for credit incident to financing the movement of cotton and the expansion
of business, which occurs at this season. These banks lost
$1,797,000 of their time deposits but their demand deposits
increased $3,779,000, thereby showing a gain of $1,982,000
in total deposits. Theil' bills payable and rediscounts with
the Federal Reserve Bank rose from $2,355,000 on August
5th to $3,089,000 on September 2nd.
1 .1 1 11111111111 111111111'1 1 11111111111 . 111111111 . 1.1111'111111111111111111.111111'11 1 11 11 1111 11 11111 1 11.1.,11 " 1111 111111111111 11 111 11' 1 111 1 11111'111111111111'11111111111111 1111. 1 11 11 11 111 1 1111111'1 .1 11 11.,11111,1" .1 11 ,.,.1 111111111 1,. 111111 , 11111 11 10
CONDITION STATISTICS OF MEMBER BANKS IN SELEC'J1ED CITIES
1.
2.
8.
•.
5.
6.
7.
N umber of reporting ba n ks..............................................................................................................
U . S . securities ow ned.......................................................................................................................
A ll othor stocks, bonds a nd securities owned ............. 4...............................................................
Loan s secured by U. S. Government obligations........................................................................
Loans secured by stocks and bonds other than U. S. Government obligations.. .............
All ot her loans.................................................................... .................................................................
N et deman d deposits...........................................................................................................................
Sept. 2, 1925
49
$50,274,000
22,156,000
3,182,000
77,704,000
210,102,000
255,058, 000
Sep t. 8, 1924
50
$48,868,000
14,995,000
8,192,000
58,674,000
204,710,000
215,560,000
10.
B ills p ayable a nd redis counts with F ederal Reserve Bank........................................................
8,089,000
7,632,000
~: ii:a':r::~r~~ F~d~;~i.. R~~~~·~;;·B;;:;;i(::::~::::::::::::::::::::::·.::::~::::::::::::::::::::::~:::::::::::::::::::::::::::::::::::::
:
°Loans include only items 4 and 6.
~~:~~~:ggg
~~:m:ggg
Aug ust 5, 1925
49
$54.422.000
20.759,000
8,107,000
76,965,000
207 ,819,000
251,279,000
~~:m:ggg
2,355,000
:
(EJ1I11I .... II .. UIlIIlI .. II ... IIIIU " .III.IIIII ... II II I II1 I IIIIIII1 II1 I .. UIl Il .. 11 .. , III . I. II III II, l l lll l l l l tl lltIII Il U . I , ,, , I I.II . .. II • • 111 11.1111 11 111 111 1 1111 1, 11 11 1 111 . 11 11 11 11111111111111111 111 1111 11 111 1 11111 11 111 1 11 111 11 11 11 11 1'11 11 11 1111 "" 1"00
operali ons 0/
The Federal
Reserve Banle
The loans of the Federal Reserve Bank to
member banks, at the close of August
amounted to $10,716,676, which represents an increase of $1,422,588 over those
on July 31st. However, these loans reached a peak at
$11,527,095.23 on August 24lh and have been steadily de·
clining since that time. On September 15th, they amounted
to $8,750,824. Liquidation of indebtedness at the Federal
Reserve Bank by the banks in Soulh Texas began early in
August and has been gradually extended to banks in other
sections of the colton growing area. There were 28 banks
which comp letely retired their lines during August and on
the last day of the month there were 249 banks indebted ' to
the Federal Reserve Bank, as compared to 262 banks on
July 31st. The number and volume of offerings coming
into the bank are very small.
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
6
The volume of bills held by this bank increased from
$18,709,228.48 on July 31st to $19,475,635.51 on August
31st, distributed as follows:
member banks on August 31st were $1,4.15,662 greater than
on July 31st, and $8,293,942 above those at the close of
August last year.
Me mber banks' colla teral notes secured by U . S. Government
obligations ........................................................................................$ 1.694.900.00
Rediscounts :md all other loans to member banks........................ 9.121,776.28
Open market purchases (Bankers ' acceptances .......•.... ~.. . .... . ....... 8,768.959.28
Total bills held ...............~ ................................................ _........... $19.476.636.61
Savings
D
eposits.
Federal Reserve notes in actual circulation on August
31st totaled $4,2,685,04.5, reflecting a seasonal expansion of
$4,595,275 during the month. However, the circulation of
these notes on the last day of August was $2,756,635 less
than on the same date in 1924. The reserve deposits of
Reports from 102 banks in this district,
h h
d
h
w ic operate a savings epartment, s ow
that savings deposits on August 31st were
1.0 per cent greater than on Jul y 31st and 10.4. per cent
greater than on August 31, 1924. There were 250,339 savings depositors on August 31st as against 24,7,4.02 on July
31st, and 226,505 at the close of August last year.
0.11111111111111111111111111111111111111111111111111111111111111111.,1111IlflIIIlIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUI'I'llllflUIIIIII""11111111111111111111111111111"11111111'11"111111111111111111111111111111111111111111111111111111111,.,1111111 8
Beaumont .... _.................. .............................................. _
Dallas .............. _......................................_... ....................
EI Paso ... _ ........_.......................................................... _
Fort Worth .....................................................•...............
Galveston............................................... ...................• ......
Houston .... _.....................................................................
San Antonio .... _............................................................_
Shreveport .... _........ _................................................. ...
Waco ......................_ ........_.............................................
Wichita Falls .... ............................................... _...........
All others ............................................................... _....
August 31, 1926
August 31. 1924
Number
of Number of I"mount
,A.
Raporting
of Number of Amount of
Banks:
Savings
Savings
Savings
Savings
Depositors Deposita Deposi tors Deposits
4'
4.759
2.239.895 4.745
2.468.913
7
45.948 16.682.614
39.200 18,098.021
3
16,699
6.514,200
17.265
6.788.923
3
12,668
4.932.074
11.589
4,441.280
8
13.478
8.878.510
12.207
7.262 .962
18'
53.982 24.222,884
48,244 21.188.988
6
28.981 11.682.241
21.257 10.243.854
4
22.241
9.325.702
20.9 48 10.189.005
5
7.870
4.634,292
5.847
3,099.068
S
7.916
3.077.436
6.546
1,483.876
51·
40.958 18,708. 059
38,708 17,900,010
July 81. 1925
I
nco or Numbe.r of
Dee.
Savings
Depositors
9.3
4.738
+ 19.7
46.642
- 18.2
16.479
+ 11.1
12.663
+ 16.3
13.491
+ 14.8
68.1 74
13.6
23.749
8.6
22.066
+ 49.6
7.873
+107.4
6.742
4.5
40.785
+
+
Amount of
Savings
Deposits
2,251.875
15.549.912
5.684.412
4.984.487
8.~51,141
28.856 .354
11.444.800
9.108.996
4.607.556
2.688.733
18.735.888
[
nDc. or
ec.
.5
+
.9
- 3.0
None
.9
+ 1.6
+ 1.6
2.4
+
.6
+14..5
_
.1
+
Total _........ _.................. _........ _.............................. _
102
260.339 108.342.767
226.505 98.109.836 + lO A
247,402 107.312.604 + 1.0
·Only three banks in Beaumont, twelve banks in Houston and forty-eight banks in nll others repo l·tad the number of s avings depos itors.
=:
I!) 111111111111111'"111111,111111111"1111 '111111111111111111111111111111'" 11111111' 111111111111111'1111111111111111111111111111111111111111111111111""1111'11111111111111111111111'1' 11111111111111 111111111111111.111111111111111,."
e
..... 1111" 11"11111!1
0.,1111111111111111.,11111111111"'1111111111111111 . ... 111111111111111"'11111"1111111111111111111111111111111111111111"11111111I1I111111111111111"'IIIIIII1IIIIIIIIIIIIIII"'lIlltlll.,11Ifllllllllllllllllll"IIIIIIII"IUII.IIIIIIIIIIIIIIIIIIIIIIII[!)
~
SEPTEMBER DISCOUNT RATES
~
I R~t,:' i~a~~~~ ~i'fg~b'l':r~o~n r~d\:~ue,:>:"~::d~~al t~:P~ede~~
:~
R eserve Act:
(a) running 80-60-90 days....................................................
(b) running 4-6 months.......................................................
~: : Rate
R~~~ei~~~ed
...~~... ~.~~~~... ~ .. ~~~~~~ ...~.~~~.~:... ~~.~.~~:~~ .. ~.~....~.~~~~
on ordinary commercial loa ns running 80-60-90 day.
secured by Liberty Bonds and certificates of indebtedness (not including loans to enable purchase of bonds)
: Rate on loans secur ed by prime stock exchange or other
i
current collateral
t:::..
(a) demand ..........._......................•.......... .... _.._...................
(b) time ................ ................................................................ _..
Rate on commodity paper secured by warehousa receipts. etc. . .......................................... ~ .....
§ Rate on cattle loans........................................................................
A ••••••••••• ••• • _ . . . . . . . . . . . . . . .
Gl'.. ,..
" " I I .... " ........
"'v .. ' .........
n l ... u " I .. UUMH,..I. . . III~ .. , .. 11 •
Dall!l.8
EI Paso
Member
Ba nk.
Total
Total
Demand Time
EA ug. 27, 1924 ............... 610.092 160.201
: Sept. 24, 1924 ............... 562,288 160.260
: 0 ct. 29, 1924 ............... 609.694 169.889
:NoV. 26, 1924 ............... 641.608 158,722
: D ec. 24, 1924 ... ~ ........... 670.487 168.107
: J an. 28. 1925 ................ 66 0.847 160,684
: F eb. 25. 1926 ................ 680,428 166.896
EM ch. 25, 1925 ................ 662.862 168.780
i Apro 22. 1925 ................ 685,676 166.581
: M ay 27. 1925 ..._ ........ _ 605.626 166.006
: J une 24, 1926 ............ _ 588.601 167.218
EJu ly 29. 1925 ...•........... 681.038 168.600
_. .
... ~ ......
590 664 168.110
u . 26 1925
: A
g
,
San Antonio
I
Waco
_
~-6
6-6
6-6
6-6
6-8
6-8
6-7
6-7
6-6
6-7
&
4 'h-6
6
5-6
5-6
7-8
6-8
5-6
6-8
8
5-6
6-6
8
8
6-8
6-8
6-6
~-6
6-8
6-8
6-8
6-8
5-6
6-8
8
8
6-8
7-8
6-6
7-8
6-8
7-8
6-8
....•
.t" ...'uu • .,.""'IIII ••• • • .,.' • • ,"U . . . . .
'I I I I I I I I I I I .... ,111111111 •• ,111111111111111111111111111111111111111111111111111111111111111.,UIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII'[!j
. · .·. . · . · .·. . ..
Sanks in Cities
with a population of lea.
than 15.000
Demand Time
2~2 .995
46,387
276.886 46.029
303.481 44.988
815.786 48,967
822,361 41.676
320. 086 44.219
321.650 45,884
304.459 46,182
292,885 47.968
277.145 48.771
267.143 47.978
261,957 47,648
268.000 47.686
Houston
8
8
4'/,.-6
·;··::~;: ~;·:::~:·:::::
All
Ft. Worth
~
4 1J., -6
The total deposits of member banks in this
Deposits of
Member Banks district reflected an increase of $9,136,000
between July 29th and August 26th. Their
demand deposits gained $9,626,000 during this period, but
there was a slight decline of $490,000 in time deposits.
r. .·.·. . . ·. .
§
Prevailing Rates
~
Banks in Citie
with a popula
tion of over
15,000
Dema nd Time
267.097 ll8.81 4
285.897 ll4. 23 1
306.ll3 ll4.90 6
826.817 114.76 6
348.126 116,48 1
840.811 116,86 5
858.778 121.061.
858.408 118.64 8:
843.191 117,66 8:
328,481 117.28 5:
321.458 119.240 §
819.081 120.95 7:
322.664 120.5
62 :
(!JIll' '_11111 tilt 1111111,,111111 •• , 1 ,. " 111 •• 11 "1"111111111111111111111111111",,11111111111'" f 111111"1111111"1"111
(!]
FAILURES
The commercial failure rate of the Eleventh District
reflected a sharp upward turn during the month of August,
when there were 66 defaulting firms with a combined indebtedness of $1,039,183 as compared to 33 failures in July,
with liabilities amounting to $350,729 and 52 insolvencies
in August, 1924, owing $938,431. The 66 failures in August was the largest number reported for any month since
February this year.
PETROLEUM
Activities in the oil fields of the Eleventh Federal Re·
serve District showed marked declines during August as
compared to the previous month. There were only 14.,129,·
550 barrels of crude oil produced during Au gust, as compared to 15,148,457 barrels during July, or a decline of
32,868 barrels in daily average production during the
month.
Curtailed drilling activity was evident during August, and
the flush production of new wells was considerably below
that of July. There were 516 wells completed which netted
298 produ cers having an initial fl ow of 4,2,389 barrels of
oil, as compared to 713 completions in July of which 4,65
were successful and yielded a flush production of 106,960
barrels.
Both the total production for the month and the daily
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
average production of all Texas fields, except North Texas,
declined in August as compared to July, due to decreased
drilling operations and low flush production of the successful wells comp leted. Miscellaneous fields and East Central
Texas registered the largest declines. There was a further
7
increase in production of oil at the Big Lake field during
August. There were 1,758,260 barrels of oil produced in
Louisiana in August as compared to 1,920,300 barrels during July.
ro llllll . l n lll •••••• I • • II . II. ' ••••••••• I' .I .' • •• ' •• , •• ' 1. 1 . , I "t l ,I I ' I I I I .I 'I I IIIIIIIII IIIII II I., I II I '. I .,1111111 1 111111 11111 11111 11111 1 1111 11 111 11 1 11 1 11 111 1 11 11 111 1 111 11.,1 1 1,.1.,11 11 •• , •• 1111 111 1 1 • • 11111 111111 ' 11 11 1'. , • •• , ll llfl l l l lllll l llllllll. , I
.!.:..
'1!1
~gfa~~~~-:;::;:;--:~::;::; 1 ~.:~8:~7!.·~7.~2515~;D:;c:i,~fDN Ti:,iH:.li!'~·'" A~5ei7r:,16Po [§ i'~4Il1'!8~"!'6 512~ De1c~.:i~;~lV;·8~'!8!4!1
:••• •••
Miscellaneous fie ld. ..........................................................
.,
Total, Texas .............._.. ..............................................
North Loui.iana ..._................ ..........................................
12.871.290
1,768,260
899,074
66,718
18,228,167
1,920,300
426,716 Dec.
61,946 Dec.
866.867 Dec.
162,040 Dec.
27,641
5,227
ToW, 11th Di. trict....................................................
14,129.65 0
456,792
16.148.467
488,660 Dec.
1,018.907 Dec.
82,868
§
"
Dec.
.,
~
mll lll l lllllll l llllllllllll l .I I IIIIIII •••• II ••• I.,1 111 1 11 11 11 111 11 1 11 11 11 11 11 111 11 11111111 1.111 1 11 11 111 1 11 11 , 11111' 1111 11 11&1 1. 111 1 11111111 1 1111111 1 1. 11 111"11 1 11111 111 11 1111 1111.11 1111 1 11 111., •• 111 .111111 111111 11 1111'I I IIIII I IIIIII.IIIIIIIIIIIIIIIII I @
Crude Oil
Prices
~
::I :
~:
:.
:
~
Markets for all oils except Texas Coastal
were on a declining basis during the period
from August 12 to September 11th. Reduc, ", ,.. "."
' '..' " .. '.' .. "" .' ..'............' '...... ' '~
.... ,.. ,., .. ",.,.,.....,......... ...... .
Tex:~E~~~tnl
. . ...... .....
CRUDE OIL PRICES
.
.
tions in the posted prices of all grades of Louisiana oils
varied from 20 to 25 cents and the price at the North and
Central Texas fields showed a loss of 37 cents.
tEI"II"II II I I' IIIIII I II' II II I 'III III'I ' I IIII I 'I'I"'I '1," 1111 111 1 111 11 11 11 111'11111 111111111 " 1 1'11111 11 11111 1 11.IIIIlIm
§
~
~.~.:ifti S~~!s: :i ~ ~: ~::!:cl~~~~L~~~~:·.: : : : :~: :·: : : : : ~ 8 .
•
.....................................................................
North and Central Texa. (44 Il'l'&vity ancJ above) ........ 2.81
•
Sept. 11 Sept. 12
LOUISIANA1925
1924
OaddoBayou
(88 gravity
and and
above)
.......................
~ ...................
$~11.:.2a~:55 :~:.
Bull
(38 g ravity
above)
................................
_...$1.95
1.75
Homer (85 Il'l'nvity and above) ............................................ 1.75
Haynesville (33 g ravity and above) .................................... 1.65
De Soto Crude .......................................................................... 1.80
1.85:
bn.i.~Prices for September 12, 1924 , not available on a comparable ~
I!I, IIIIIIIIIIII II IIIII III IIII I IIIIIIIIIIIIIIIIIIIIIIII II I I I II II I I I I III IIIIIIIII I IIIIIII I IIIIIIIIIIIIIII II IIII I IIIII II II IIID
:.
•
•
~
AUGUST DRILLING RESULTS
Field
North 'l.'exa. ....................................
P~~~~8 d~~:" ~~~. Pr~'::~~on ~
281
East rrexns .......................................
Miscellaneou. fields ...................... .
'l'exa. wildcats .... _........................
36
Total., 'l.1exas ..........................
Not·l.h Louisiana ... ~...... .. .. ...... .......
487
29
Augu. t Totals. Distr ict................
616
July Total., Di.t .. ict......................
718
· Gns wells. ··Include. one gas well.
170
111
11.200
29
115
279
19··
208
10
87,184
6.205
298
465
218
248
42,389
106960
'
•
:i ~::m
!g
86 .
:
1::::::
:_ : :
:
•
(!J. III1III1IIIII1II. , III I I II IIII .. I ... 11111111111 1 1111 11 1' 1. 1111 1 1 11. 11 1111 H i li' l i lt . I . 11111 11 111 I ., 111 .1 11111 111 1 1 , 1111
(Oil Statistic. compiled by The Oil Weeldy, Houston. Texa •. )
LUMBER
The improvement in business at the pine mills of this dis·
trict, which was in evidence during July, continued throughout August. The August production of lumber increased
to 3 per cent below the normal production figure for that
month, as compared to the J ul y production of ~ per cent
below normal. Shipments of lumber from the mills continued at the same rate during August as in July. Orders
received during August called for 97 per cent of the normal
production for the month, as compared to orders for 93
T::' ." ... ' .. " ..... " .. " ......
~~~.~~:~:'.;;.~.'~~~~ .. ~;:~;~~;.;~~.' .. " .. " .. ' .. . .... .. ... . .. T::
~umbe .. of repo .. tmg mill. ............. ......................
49
~ ~~:~fc0J~~£
. :::::::::::::::::::::::::::::::~:::::::::::::::::::::::::::::::::::l~i:m:m ~m
Unfi ll ed order. , August 31.t.................................. 61,016,215 feet
~
:
•
:
No .. mal P .. oduction .................................................. 100,212,241
Stock. , Augu.t 31.t ................................................ 27~,206.811
NOl'mnl stocks ............................................................ 813.464,991
E Shipments below producl.ion ................................ 8.242.861
• Acl.u,,1 p .. oduction below normnl ....................... 3.145.837
• Orders below normal production ........................ 3,2H,678
.;, Stock. below normal .............................................. 38,248,680
feet
feet
feet
feet= 3%
feet= 8%
fcct = 8%
feet=12 %
1.!J1l 1t1l1 1l 1l1l11l11l11l11l1lU.Ulllllllllllllllllltllllllllltlllllll ll lllllllll llll llll l lllli' " 111111 111 11 1111 ""111 10
~
~
•
E
:
•
E
:
:
lEI
per cent of normal production received in July. Stocks of
lumber on hand at the mills on August 31st were 12 per cent
below normal stocks for that date, whereas, on July 31st,
stocks held were 17 per cent below normal stocks.
Unfilled orders remaining on the books of the 49 reporting mills at the close of August called for 61,915,215 feet
of lumber, while unfilled orders held by 47 reporting mills
on JUly 31st were for 56,574,393 feet of lumber.
BUILDING
Construction programs in the principal centers of the
Eleventh District, as measured by the valuation of permits
issued, were being carried forward at a rapid rate during
August. There was an increase of 29.3 per cent in the valuation of permits issued in August as compared to July, and
an increase of 33.2 per cent above the August, 1924" valuation of permits issued. There were only 2,532 building
permits issued in August, while there were 2,705 permits
issued in July, and 2,4,90 in the corresponding month last
year.
~ tIIIlUIIIIIIIIIII I IIIIIIIIIIIII'I'I I II I II I' IIIII I I ' 1111 1 1 1 1111I1 11111111 11 1 11111 111111111 1 1111 1 ' 111 1 11 " ' 1 1 1 111111 1111111 1 1 ' Il nlllllllll l l l lltll l l lllll. III I II'I I I .IIIIII II III I I I I . 11 111I 1 111111111I 1 1 111 . I I I I I I I IIIIIIUUII I' llI lI flIIU I IItI 'I I1 I It. , [!)
A
B
2
5
4
7
o
m
F
G
2
8
a
4
p
§
GJ
S
S
W
W
T
11111111111111
11111II1111I111I111 1111111111 1 1111 1 111111111 1 11111111 1 11111111111111111111 •• 1 ' 11 11111111111111 1 11111 11 1 ., 11 1111 1 11 ., 11 1 11 "
0
8
6
2
9
-- :
2:
1 1111 . 111 11 1 11 1 1111 111 11 11 , 1 1. 1.'1 11 111111 1'11 11111 11 111,1 11111 11 11 . , 1,111 1 111 1 111 1 11 11111' 11 1II I I I I I. I.I.I I IIII II [!)
I
•
+
8
MONTHLY REVIEW OF BUSINESS AND INDUSTRIAL CONDITIONS
CEMENT
Although shipments of Portland cement from Texas mills
declined during August, as compared to the previous month,
they were 4.4 in excess of those made during August, 1924..
The production of cement at these mills was 5.9 per cent
in excess of production in July, and 16.2 per cent greater
than during the corresponding month of the previous year.
Decreased shipments during August caused stocks held at
the close of August to increase to 12.9 per cent above J uly
31st stocks, but they were only 6.9 per cent above stocks
held on August 31, 1924,.
r """"""''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''"''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''',,'''''''''''''''''''''''',,'''''''''''''"''''''''''''''''''''''''''''''''''',
a ' . , I I IIIII I II II I I III • • ,III . I "'I " "I I I I ""I •• • ,. 1 111"'1 111 1 111 1 11 111 11 11""11" 1" " , 1 1.,1 . , 1 111" 11 11 1" '11 1111 1""11 " 1 11 11 " 1 11 1"111 1 111,' 1,1 11 11 1" " 1"11 , .,1,.,.,.1"" " " 11 1"",11111"111 11 111,., 1 11,.,1IIIII.,I"IIIIIII."'IIIIIIII.,I. [!)
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board. as of September liS. IQ25.)
Production of basic commodities declined in August to
the lowest level of the year but was considerably higher
than during the summer of 1924. Distribution of goods
at wholesale and retail continued in greaLer volume than a
year ago. Seasonal growth in the demand for credit, aris·
ing partly from financing of the crop movement, was reo
Rected in the volume of commercial borrowing.
PRODUCTION
The Federal Reserve Board's index of production in basic
industries, which is adjusted for seasonal variations, de·
clined 4 per cent in August, but was 15 per cent higher
than a year ago. Output of steel and of bituminous and
anLhracite coal and activity in the woolen industry in·
creased in August, while mill consumption of coLton and
Lhe production of flour and lumber decreased. Employ·
ment and earnings of factory workers were larger in August
than in July, but continued smaller than in June. Building
contracts awarded during August, owing chiefly to large
awards in New York exceeded all previous records. Crop
reports of the Department of Agriculture at the beginning
of September, as compared with forecasts a month earlier,
indicated somewhat larger yields of spring wheat, oats,
barley, hay, and tobacco, and smaller yields of corn and
potatoes. The mid·September cotton crop estimate was
13,931,000 bales compared with a forecast of J.3,740,000
bales on September 1.
TRADE
Wholesale trade was 5 per cent larger in August than
in July, owing to seasonal increase in the sales of dry
goods and shoes and sales of all lines except groceries
were greater than those in August, 1924. Sales at depart.
ment stores and at mail order houses 'showed less than the
usual increases in August, but continued in greater volume
than last year. Stocks of merchandise at department stores
increased in August and for the first time Lhis year were
considerably larger than in the corresponding month a
year ago. Wholesa le firms in all leading lines except drugs
and hardware reported smaller stocks on August 31st
than a month earlier.
Total freight car loadings were larger during August
than in any month since last October. Coal shipments,
preceding the anthracite strike, were especially heavy, less·
than·carload·lot shipments continued to increase, and the
movements of live stock and grains were seasonally greater
than that in July, although smaller than in August, 1924.
PRICES
Wholesale prices showed a further slight advance in
August and were near the high level reached in the spring
of this year. Prices of agricultural commodities, which in
recent months have been above the average for all com·
modities, increased further, while prices of other com·
modities declined slightly. Between the end of August and
the latter part of September prices of bituminous coal, pig
iron, rubber . and cotton advanced, and prices of spring
wheat, corn, raw sugar, and wool declined.
BANK CREDIT
At member banks in leading cities, loans, chiefly for com·
mercial and agricultural purposes, showed further seasonal
increases during the first half of September and at the mid·
dIe of the month were about $275,000,000 higher than at
the end of J ul y. Investment holdings remained in about
the same volume as during previous months, but loans on
securi ties increased and on September 15 were near the
highest level of the year. A further growth in the total of
reserve bank credit in use occurred during the five·week
period ending September 23. Member bank borrowings
increased in the early part of September and after a tern·
porary decline during the period of treasury fi nancing, in·
creased to a larger total than at any time since the begin.
ning of ] 924.. The seasonal growth in the demand for cur·
rency during August was reflected in an increase of $65,
000,000 in total money in circu lation.
Money rates showed a firmer tendency during the last
week of Augus t and the firs t three weeks of Septemb er. The
prevailing rate of prime commercial paper remained at 411,4per cent but there was an increased prop ortion of sales at
4.% per cent.
@FedFRASER