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MONTHLY BUSINESS REVIEW ]
OF THE
]
FEDERAL RESERVE BANK OF DALLAS
c. C. WALSH
Chairman and Federal Reserve Agent
, ..
'r
CHAS. C. HALL-W. J. EVANS
(Compiled September 15, 1930)
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AU::,.. r.d~.'1 R...~:. A.... ' ' =
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~lume 15, No.8
Dallas, Texas, October 1, 1930
This COpy is released for pubIicntlon In mornlni papers
September 29
DISTRICT SUMMARY
THE SITUATION AT A GLANCE
Eleventh Fcderalllilservo Distriot
Change Cram
July
August
BIII)~ debits to Individual accounts (at 17
OOIUes>. .. . ... . .... ............ .......... .
,,!!'!"tment store aales .......... . . . .. . ..... .
' ......rve back loans to momber banks at ODd of
nmonth . ......................... . ... . .. .
B~.ve bank ratio at ond of month ... . ..... .
I 109 permit valuation at largor con tors .. . .
Co::::al fa!lures (~u,,!~r) ........ . ..... . .
0 '1 od a allures (hablhtiOll) . ..... . ...... .
r uotioD (barrela) ...... .. ....... . .... .
Pbe
m I r ordors at pine milia (per oont oC norm. produotlon) ...... .. ..... ............ .
C::
x:.
$730,302,000
$ 14,876,824
63.8%
$ 7,160,706
$
48
800.026
26,004,360
-
4.6%
+ 11 .3%
+ 16.7%
- 3.0 points
+ 34.8%
+ 20.7~
+ 16.379
-
60% -
1.0'10
1.0
points
mll •••••• I ............. I ••••• I ••• II •• III ••••• II ••••••••••••••••••• 11111,.11 ••••••••• 11 •• ,.11 •• ' ••••••••• 11.1 •• 1.1.1111118
A further reduction in the prospective yields of principal
cr~ps, together with the persistence of low agricultural
pnces, has had a noticeable effect upon business and industry in the Eleventh District. The continuance of the
~evere drouth during August left a large area of the district
n a c~itical. ~ondition and .the scattered rai~fal~ recently has
. een lI1suff I.CIellt to matenall y alter the SItuatIOn. AccordIng to the September 1 report of the Department of Agriculture, the production of major crops in much of the Northern half of Texas Southeasoorn Oklahoma, and North
LOUisiana will fall ~onsiderably short of that in 1929. In
many instances, the situation is aggravated by the fact that
the poor condition this year is a culmination of a series of
po?r crop years. In those sections where good crops are
beIng harv>ested, the low prices being received for products
are materially reducing returns from the current cr~p.
~anges deteriorated rapidly in the drier sections and wIllIe
l~estock held up well under the circumstances, they are beg.Inning to show the effects of poor ranges. Market prices for
hvestock have stl'engthened somewhat since the middle of
August, but trading on the ranges is at a standstill.
Reflecting the poor agricultural situation, the ?emand
for merchandise continued sluggish. While sales ID most
reporting lines of wholesale trade reflected a seasonal inCl'ease over July, they fell considerably short of the Augu~t,
192?, volume. Reports indicate that retail~rs are s.tl~l
bUYIng very sparingly and are keeping inventones at a mIDI-
b
mum. Seasonal liquidation has improved collections to
some extent; yet they are somewhat spotty. Sales of department stores in larger centers during August exceeded those
in July by 11 per cent, but they showed a decline of 8 per
cent from the corresponding month last year. While the
number and liabilities of commercial failures were slightly
larger than in July, they compared favorably with a year
ago.
The usual demand for funds for use in completing the
cultivation of crops and the movement of cotton was in evidence during August. f.ederal reserve bank loans to member
banks rose from $12,744,365 on July 31 to $14,875,824
at the close of August, but after the first of September there
was a gradual liquidation of borrowings which carried these
loans down to $13,338,877 on the 15th of the month. On
that date a year ago, Federal reserve bank loans amounted
to $4,5,855,522 due principally to the heavy borrowings of
reserve city banks while most of the funds this year are
being absorbed by country banks. The combined daily average of net demand and time deposits of member banks reflected a further seasonal decline of $12,156,000 and were
$4,0,191,000 less than in August, 1929. There has been a
slight shading of interest rates charged customers by large
commercial banks, and the Federal Reserve Bank of Dallas
reduced its discount rate from 4 to 3112 per cent, effective
August 9. The continued strong demand for short term investments was evidenced by the heavy subscriptions to the
September 15 issue of United States Treasury Certificates of
Indebtedness bearing 2% pel' cent, which amounted to
$50,072,000, against which allotments of $21,200,000 were
made.
Some improvement was noticeable in the construction industry. The valuation of permits issued at principal cities
in August reflected an increase of 35 per cent over the previous month, but was 15 per cent lower than in the same
month in 1929. The production, shipments, and new orders
for lumber were smaller than in either the previous month
or a year ago. The production and shipments of cement
declined from July but production was greater than in August last year.
BUSINESS
The low prospectiV'e returns from agriculture, due both
to the smaller production resulting from the drouth and the
low prices for agricultural products, continues to affect
adversely the demand for merchandise in wholesale chan-
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
MONTHLY BUSINESS REVIEW
2
nels. Whil'e husiness in every reporting line except farm
implements reflected a seasonal improvemen t over the previous month, sales in all lines were substantially smaller than
in the corresponding month of 1929. Due to the uncertainty
regarding consumer demand and the continued weakness of
commodity prices, retailers are purchasing in small lots and
are making re-orders as the need for additional merchandise
arises. Reports indicate that merchants are holding inventories to a minimum. While collections are somewhat spotty,
they showed an increase over July in all reporting lines.
Wholesale dry goods firms in this district reported the
usual heavy increase in demand during August, coincident
with the opening of the fall buying season in leading centers,
but the volume "vas considerably smaller than in other recent years. Sales, which were 82.6 per cent larger than in
July, reflected a decline of 41.8 per cent from August, 1929.
Business during July and August averaged 42.5 per cent
lower than in the same two months a year ago.
Merchants
~
have been buying in small quantities and making frequent
re-orders as consumer deman d rna kes its appearance in order
to keep inventories at a low level. Reports indicate that
business in September has been holding up fairly well.
Stocks on hand August 31 were 27.5 per cent smaller thaII
a year ago and showed a decline of 4t.1 per cent from a
month earlier. Cotton goods prices have reflected a further
weakness in sympathy with the trend of the raw cotton
market. CoUections during August were in larger volume
than in July.
The sales of agricultural implements by wholesale firms
in this district dropped 16.6 per cent from July and were
59.9 per cent below August last year. While the decline was
due in part to seasonal influences, the small demand prevailing at the present time is traceable to the poor returns
from agriculture which are causing farmers to hold purchases to absolute necessities. Collections were slightly
higher than in July.
Although the demand for drugs at wholesale was 9.7 per
cent larger in August than in July, it was 21.1 per cent
less than in the same month last year. Eight of the ten reporting firms showed heavier sales than in the preceding
month, due to seasonal influences, but all had declines from
last year both in August and combined J ul y-August sales.
Collections reflected a slight increase and were in the same
proportion to outstanding accounts as they were last month.
Wholesale hardware firms in the Elf'venth District reported an increase in sales of 8.3 per cent ov'er July, but
their August volume was still 31.0 per cent below that of
1929. Stocks at the end of the month were 9.3 per cent
larger than a year ago. As compared to the previous month,
collections reflected a slight increase.
SaJ.es of groceries at wholesale in this district were 6.8
per cent larger during August than in July, hut reflected a
decline of 12.0 per cent from the same month a year agO.
The demand, which is being affected by poor crops and low
agricultural prices, appears to be sluggish thloughout the
district. Collections showed an improvement OVf'r the previous month. The trend of prices continued downward.
I!l
CONDITION OF WHOLESALE TRADE DURING AUGUST,
Percentnge of inoronso or decrease in:
Groceries ... . . .. . .
Dry goods .. . .... .
Farm implomenta ..
Hardwaro ........
Druga . . . ........ .
Tota~~:~t,(;~;~~:~!~~red
Net Sales
NetSules
Stocks
Rutio of 001100August. 1030 July I to date August, 1030 tion. during Aug.
oompared with compared with oompared with to aooounta ana
Aug.
July samo peried Aug.
July notes ou"'t.anding
1020
1930
Inst year
1929
1930
on July HI
-12.0 + 6.8
- 12 .7
-12.0' +.5
63.4
-41.8 +82.6
-42.6
-27.6 - 4.1
23.4
-no.o - 16 .6 -48 .2
7.7
-31.0 + 8.3
-30.2
+'id + 2.0
38 .8
- 21.1 + fl .7
-18.9
- 18 .3 - 1.5
40.3
The demand for merchandise at retail in
larger cities during August .reflected the
usual summer dullness. The saloes of de·
partment stores, while showing a gain of 11.3 per cent over
the previous month, were 8.1 per cent less than in the corre·
sponding month last year. The sizable increase over the
previous month was due in part to widespread reduced price
sales, which were featured during the month in an effort
to clear out the stocks of summer goods. Sales during the
first eight months of the current year averaged 7.6 per cent
smaller than during the cOl'l'esponding period of 1929.
Stocks on hand at the close of August reflected a seasonal
increase of 6.1 per cent, yet they were 14,.8 per cent smaller
than on August 31, 1929. The rate of stock turnover during
the first eight months of the current year was 1.82 as compared to 1.87 during the corresponding per iod last year.
Collections reflected a seasonal decline during the month.
The ratio of August colloections to accounts outstanding on
August 1 was 29.9 per cent as compared to 32.8 per cent in
July, and 32.7 per cent in August, 1929.
Retail
Trade
"'1 '1 . '1' 1111 11 1' 1 '1 1"11 1'1 1 '1 '1 11, 11 "" ",1 ", 1' 1, 1 1, 1'1,, 11 '1 11 ,' 11 ' 1 1111,11 1 1,.11 11 11 1111111111111111111111 11 11.11[;1
B~~IN.ESS. ~F.~EPAR~;;NT ST~;~.~th ~~:~~n sn _+ A~;t:.o~8niO ~;;~: Tot_=aI1~ i ~;riet
with Auguat. 1929 ............. . ...••.
August. 1930. compared with July, 1030....... . ... . . .. . . . .. .. . . ... .. ........ . ...
January 1 to d.te eompared with same porind lost year........................ ...
Credit Sales (Percentage):
Auguat, 1930. comparen with August, 1929... ............. . .....................
August, 1930,
compared
withwithsameporindlaat.voar.........
July. 1930.... ... . . .. .. .. ... .• . . . ..
. . .....
•.. .. ...........
•.... . .....
January
1 to date
compared
Stooke (Percentage) :
Auguat.1930, compared with Augu~t.1020. ....... .... .....••. . ... .. ..•... ... .. .
Auguat, 1030. oompAred with July. 1030.. .. .... ............ . .. ..•. ... •.. . ..•....
Stook Turnover (Rate):
Ratoofatook turnover in AugUllt. 1920.......... .. ..... ....... ......•.... . •.....
Rate of stock turnover in >\lIgual. 1930. ... . . . . . . . . . . . . . . . . .. . . . • . . . . . . . . . . . . . . . •
Rnto of atook turnover January 1 to August 31. Ifl20 .. ... .. ... . .. .............. . .
Ruto of stock turnover January I to August 31. 1930. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ratio of August oolleotions to accounts receivable and oulstanding August I, 1030..... . ..
..•
+28.7
- 4.3
+ 9.0
-13.2
- 4.4
- 11.3
+ 1.2
+36 .6
-1.2
- 3.3
.0
-+176.8
-20. 0
.1
-+ 6.9
+10 .0
+ 4.8
+.1
- 9.5
+14.9
-1.3
- 4.1
-+18.6
2.7
-14.6
+ 4.0
-16 .3
3.9
- 13.2
+10.5
-21.6
+ 6.7
-11.7
+ 6.0
- 14.8
+ 6. 1
.23
.25
2.00
1. 92
27.4
. 17
. 10
1.61
1. 46
28. 1
.23
.20
2.05
I. 94
32.8
.24
.33
2.28
2.40
36.4
.10
.18
1.65
1. 54
20.3
.21
.22
1.87
1. 82
20.0
+
Insolvencies in the Eleventh f.ederal Reserve District, according to the report
issued by R. G. Dun & Company, were
more numerous in August than in the preceding month but
were f.ewer than in the same month a year ago. There were
•:• •'
+ 0.2
- 6.2
rnlll l l1l1l1 l l1l1l1l1 l1 l1 ll1l1l1l1l1l1 ll1 l1l1l1 l l1l l l1 l l1lll1 l1 l1lll1 l l1 lll1l1 l1l ll l1ll1111 1111111 11 1 111 1 1111111111111111111 11 1 11 1111111111111111111111111111111111111 1111 1 11111111111 1111 1 1111 11 1111 1 11 11111111 111 1 1 111 1 111111 111 1 111111111t1111 1 1' l lI t1t1
Commercial
Failures
[!)
loaD
I!l III 11111 11111 IIII II IIII II IIIIIIUII III 111111 111 II IU UI II II III II II I 11 11 11 11 II 1111 III III II II rllil 11 11111111 II II IIHII illS
[!] 11 1 1. 1 .111 1'1 11 11111, 11111 11 11 111 11111111 111 1,111 1 11 1 "11 11 1 11 111 1 111 1 1 1' 1 1 111 111 111 1111 11 11 11111111 1 11 1 11 11 111111 111 1 1111111 11"
=
.:1
.
II fUUIIlI1I II 1111 11111 1111 III IfI 11111 1111 11111 11111 lUll II II If II 11 1111 1111 1111 11111 II III 1111 III II III U III IIIf1 111111 I
::
:::.E:::
: .'
·
i
j,
i!J
48 failures during the month as against 37 in July and 50
in August last year. The indebtedness of defaulting firms
during August amounted to $890,025, as compared to $765,4,20 for the previous month and $817,829 for the same
month in 1929.
MONTHL Y BUSINESS REVIEW
AGRICUL TURE
Crop Con-
The conlinuance of the droulh durillg
August in a larg'e area of Texas and
Southeastern Oklahoma caused a subSlantial reduClion in the prospective yields of major crops
and the situation became critical in portions of Norlhwesl
and Northeast Texas, where the drouth was most severe.
While some rain has fallen over much of lhis territory in
recent weeks and will be benefi cial to la~e crops, a heavy
general rain is needed to enable farmers to seed small grains
fo~ winler pasturage. In New Mexico and Arizona, where
rainfall has been generally ample, most crops have either
held their own or have shown an improvement. While rains
during the latter half of August benefited some crops in
Louisiana, the indicated production of most crops on September 1 was considerably under the final yields in 1929.
According to the report of the Deparlment of Agriculture, the condition of the cotton crop in Texas showed a
further marked deterioration during August, being 53 per
cent of normal on September 1, as compared to 61 per cent
a month earlier. On the basis of the September 1 condition
figure, the indicated production was placed at 4,321,000
bales, which represents a reduction of 175,000 bales from
~he August 1 estimate_ While the prospective yield this year
s 381,000 bales larger than the 1929 production, it shollld
e remembered lhat the yield last year was very poor. The
pe~ acve yield in 1929 was only 108 pounds and this year
a IS estimated at 122 pounds. The condition of the crop
d~clined in all sections of Texas except West and South
wah the most marked decline occurring in the North, Northeast, Northwest and West Central sections. The best condilion obtains in South and Soulheast Texas where a very
Poor crop was raised last year. The Department of Agriculture stated that fruiting was slill slighlly more advanced
~han the average for the past five years and that boll weevil
Infestation is reported considerably below that of the past
three years. Colton has opened rapidly and prematurely in
t~e ~rier sections. Due to the continuance of open weather,
PICkl11g and ginning have made unusually rapid progress.
The Bureau of Census reported that 1,120,44.1 bales had
been ginned prior to Seplember J, as compared to 810,653
baIes last year and reached the highest t otal prior to lhat
~ate on record . The September 1 report placed the productIon of cotton in Louisiana at 64.9,000 bales, which is 17,000
bales greater than the August 1. estimate, but still considerably under the 809,000 bal'es produced in 1929. There was
no change in the estimate for New Mexico and that for
Arizona was redu ced 3,000 hales. The condition of the
~kl.ahoma crop declined to 42 per cell l of normal, which
Indlcated a production of 925,000 bales or 167,000 bal·es
less than the August 1 estimate_
I The d~y weather during August malerially affect~d the
ate corn m Texas, Louisiana, and Oklahoma. Accordmg to
the ?eP.temher 1 l'eport of the Department of Agriculture
tbhe mdlcated production of corn in Texas was 83,232,000
ushels, which was 4.,896,000 bushels less than on August 1,
nd compares with an aclual production of 86,127,000
I ushels in 1929. The Oklahoma crop was reduced 3,352,000
)ushels during the monlh and is 16,4.76,000 bushels under
the 1929 crop. The crop in Arizona promises a larger yield
than was estimated for the previous monlh 01' the actual
production of a year ago. The estil11~te for New Mexico,
Was 110,000 bushels below that indica led on August 1, and
ditions
1
b
676,000 bushels less than the yield in 1929. The grain
sorghum crops suffered rapid delerioration in all states
allached to this dislrict except Arizona and the indicated
production is considerably below that of 1929. The Texas
crop was estimated at 4.0,572,000 bushels, which compares
lo an aClual harvest of 4,6,920,000 bushels in 1929. The
indicated yield of hay crops showed but liltle change durin'"
lhe month but in every stale except Arizona the indicated
yield is materially less than the 1929 production_
The production of sweet potatoes in Texas on September
], as reported by the Department of Agriculture, was 7,232,000 bushels as compared to an actual yield of 7,384,000
bushels in 1929. The crop showed some improvement during the month. The indicated yield for this crop in Louisiana was 5,590,000 bushels on September 1, as compared to
5,160,000 bushels on August 1, and with an actual production of 7,440,000 bushels in 1929_ The yield in Oklahoma
was reduced 144,000 bushels during the month but the crop
still promises a production of 90,000 bushels great·er than
a year ago. The prospective production of peanuts in Texas,
Louisiana, and Oklahoma is considerably smaller than that
for 1929.
The Texas rice crop l~flected a material improvement
during August, the September 1 production being indicated
at 8,4.05,000 bushels, as compared to 8,200,000 bushels on
August 1 and an actual yield of 7,524,,000 bushels a year
ago. Harvesting has proceeded under generally favorable
conditions.
Livestock
A marked deterioration in the condition
of ranges over much of Texas was caused
by the conlinued dry weather during August and prospects
for fall and winter grazing ape poor. Only a few favored
localilies received an appreciable amount of moisture during the month. While some rain has fallen over a considerable area since Septemher 1, in most instances it has been
insufficient to relieve the drouthy condition and a heav y
general rain is urgently needed to revive pastUl~s and permit the sowing of fall grains to furnish winter grazing. The
Department of Agriculture reported the condition of cattle
ranges at 67 per cent of normal on September 1, as compared to 76 per cent a month earlier and a year ago. The
condition of sheep and goat ranges was placed at 68 per
cent, which represents a decline of 8 points during the month
and 7 poinls from thal obtaining last year. Livestock have
held up remarkably well under the circumstances but they
·are beginning to show the e1I'ects of the protracled drouth.
The condition of catLle declined 4. points; that of sheep 5
points, and that of goats 6 points. On the other hand, liveslock and their ranges are in generally good condition in
New Mexico and Arizona. Rains have provided sufficient
moisture in lhese states except in portions of Southeastern
New Mexico, where ranges are becoming dry. In New
Mexico the condition of ranges improved 2 points and caltle
and sheep 3 points. Stock water and feed supplies in these
latter states are generally ample and prospects are fairly
good for fall and wi nter pasturage. Throughout the district
range trading has continued slow.
'
Movements
and Prices
The August receipts of cattle and calves
were considerably larger than in the
previous month and the arrivals of calves
were in exoess of lhose in that monlh of 1929. Sheep and
MONTHL Y BUSINESS REVIEW
4
hog receipts showed a heavy decline as compared to both
the previous month and the corresponding month last year.
Livestock prices, after showing an almost steady decline
for several months, developed some strength during the last
half of August and the first half of Seplember. While the
cattle market experienced an uneven trend, prices on most
classes at the middle of September were higher than four
weeks earlier. At the close of July, the best hogs were
bringing only $9.00 but the market showed a steady advance
during August and the top price reached $10.75 early in
Sept·ember, which price has not been exceeded since the
decline set in last fall. During the subsequent week, how'
ever, the market declined somewhat. The sheep and lamb
market developed some strength, but prices are still very
unsatisfactory. The month's receipts were the smallest for
any August in ten years.
mll ll.I.,IIII' ••••••• 'II'.IIII IIII. I ••••• I •• IIII •• '.lf111111111111111111"'1111111111111111111"11111111111111111111111.8
COMPARATIVE TOP LIVES'POCK PRICES
(Dollars pcr hUlldrod weight)
@"IIIII I ItIIIIIIIUIIIt IIlI'IIIIIIIIIII III IIIIIIIIII IIIIIIIIItI IIUIlIl1t11l11Ult ll llllllllllltlllllllllllllllllllllll[;J
§
I
FORT WORTH LIVESTOCK RECEIPTS
(Number)
:
_
§
§_
:
Ato~ot Ato~ost Cha~~rover
Cattlo."........
Calves........ . .
Hogs."..... .. ..
Shoop....... .. ..
50,639
38,632
15,743
18,054
60,707
32,350
27,361
36,301
- 1,068
+ 0,273
-11,608
- 17,337
§
ruJfJ
Ch~'~~t~ver
52,505
26,010
16,700
42,137
+ 7,134
+12,722
- 1,056
-24,083
I
:
Beef Steers. .. ........... . ..... . ..... .. ..
Stooker steers.......... . ............. .. ..
Dutcher cows.. . .... .. ... . .. .. . . . ... . ....
Stooker cows....... .. .... ... . ............
Calves. ... . .. ... .... . . ... ............ .. .
Hogs......... . .... . ....... . .... . . .... .. .
_§
~_
§ ~:;c;~:::::::::: :: :::::::: : ::::: : :::::::
:
mllllll1l1l1ll lllllllllllllllllllllllllllllllllllllUlllll llllllltlll lllllll ll ll11111111111 11J1l1 11111111f11111111111111I!1
August
August
1030
S 8 .50
6.00
6.50
3.25
10 .00
10.56
1920
1030
$13.75
$ 0 .25
12.50
..
0 . 0 0 ' "5:50
5.75
. ..
12. 75
'''0:00
11 .35
0. 16
1~:~~
Ug
July
~:~
§
GlIIIIIIII.111111111111111111.1.111.,IIIIIIIIIIIII.11111"111111111111111111111111111111111'11111111111111111IIIIIIII.IIIGJ
FINANCE
A further seasonal increase in the demand
for Federal reserve bank funds was in
evidence during August. The borrowings
of member banks, which stood at $12,.
744,365 on July 31, reflected an almost steady gain through.
out August and reached a peak on the last day of the month
at $14,,875,824. The expansion in demand came largely from
country banks as the borrowings of reserve city banks reo
mained generally stable. During the first hidf of September,
loans to member banks reflected a gradual decline, amount·
ing to $13,338,877 on the 15th of the month. On that date
in 1929, these loans totaled $45,855,522. There were 268
borrowing banks on August 31 as compared to 260 a month
earlier, and 263 on the same date a year ago.
Due to the increase both in member bank borrowings
and in open market purchases, total bills held rose from
$16,891,687.43 on July 31 to $22,153,272.23 on August 31,
distributed as follows:
Operations of
the Federal Re·
serve Bank
Member banks' collateral notes secured by United States Government obligations ................. _.......... _..... _....___......_ ........_...... $ 2,545,150.00
Rediscounts and other loans to member banks ..._ .... _...........__ .. 12,880,674.47
Open market purchases (Bankers' acceptances)_..........._._.......... 7,278,589.26
Discounts for non-member banks_ ..._............ _. ___ ... __ .... _. __.......
3,858.60
Total bills held.._.._... _................._.. _............. _......._ ..........._ .$22,168,272.23
A sharp seasonal increase in the actual circulation of
Federal reserve notes occurred during the month, the total
being $34,,352,395 on August 31 as compared to $30,74,7,150
a month -earlier. The daily average of reserve deposits of
member banks, which amounted to $57,561,4.55 in August,
was $1,485,94,9 smaller than in July and $3,606,097 below
the average for August, 1929.
An increase in loans and deposits and a
decline in inv'estments were the principal
features reflected in the reports from
member banks in selected cities during
the five·week period ending September 10.
Their investments in United States securities were reduced
$1,531,000 and their holdings of other securities fell off
$1,287,000. Loans on securities were $687,000 higher on
September 10 than on August 6, and "all other" loans
(largely commercial) were increased by $2,752,000. Total
loans and investments, which amounted to $436,836,000 on
September lO, were $621,000 larger than five weeks earlier
but were still $45,099,000 smaller than on the corresp ond-
Condition of
Member Banks
in Selected
Cities
ing date last year. Due largely lo the mark;eting of cotton,
there was a steady flow of funds to cily banks and was reo
flected in the rise in funds "due to banks" from $88,551,
000 011 August 6 to $105,482,000 on September 10. At the
same time, these banks incl'Cased their deposits with other
banks $15,273,000. The net demand deposils of lhese banks
rose $12,292,000 during the period, hut time deposils de·
clined $2,060,000. Their borrowings al the Federal Reserve
Bank amounted to $2,357,000 on September 10, as compared
to $2,721,000 on August 6, and $31,799,000 on September
11, 1929.
I CONDITION STAT'~'C~,:F.~~J.E::~~:~ IN :::TED S~;;::
I
::
:
::
=
8
. 111111111111111" .... 1111111111111111111111111111111111111111111I1111111I1I11111111111I111111 .. llll l1 l1lllll1l1l1lfltl[!l
§
:
::
::
:
§
::
Unitod States securities oWlIod. . . . . . . . . . . . .
All other stocks, bonds, and sccurities owned.
Loalls on soourities..................... . .
All other loallB. . . . . . . . . . . . . . . . . . . . . . . . . . .
TotalioBlIB.................... . .........
Net demand deposits. . . . .. . . . . . . . . . . . . . . .
Time deposits.. . ......... . . ..... .. . ..... .
Reserve with Federal Reserve Bank.... . . . .
Bills payable and rodiscounts with Foderal
Reserve Bank-....................... ..
$ 50,020'
45,200
08,736
232,080
331,716
278,()36
148,688
34,635
$ 61,451
46,487
08,040
230,228
328,277
266,344
150,748
32,173
$ 77,833
~ 1,640
102,278
200, 184
362,462
289,072
142,052
2,357
2,721
31,700
::
::
g
=
::
::
33,~27:
0'111111111'1111111'"11111111111111111111111111111111111111111111111I111J1l111111111111t11111111111111111111111l1lll ll
g
::
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The daily average net demand deposits
of member hanks in this district during
August, which amounted to $579,092,000,
registered a further decline of $12,473,000 from the previ·
ous month and was $50,817,000 smaller than in August,
Deposits of
Mem.ber Banks
@"IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.IIIIIIIIIIIIUII tll"llIllIflllfllllIlll1l1l1lll1l1l1ll1l1lf~
E
:
i::
DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thousands of dollars)
§
~
Combined Total
Reserve City Danks
Country Banks
Net demand Time Net demand Time Net demand Time
deposits deposits deposits deposits deposits deposits
Aug.
Sept.,
Oot.,
Nov.
Dec.,
Jan.,
Feb.,
Mar.,
April,
May,
June,
July,
Aug.
1029 . ..... S629,900
1020 .. .... 668,520
1020.. .... 674,587
1020..... . 668,818
1029.. ... . 663,830
1930.. .... 650, 110
1030. ..... 656,110
1030.... .. 639,686
1030..... . 630,029
1030...... 623,282
1030...... 603,020
1030...... 601,565
1030...... 570,092
S230,043
234,116
226,673
222,773
220,111
22M60
232,758
220,358
237,274
241,420
244,026
240,052
241,260
$260,010
266,705
282,630
281,009
270,011
270,951
268,107
269,635
271,647
260,958
260,854
261,127
256, 176
$137,174
136,050
134,108
132,236
131,870
131,152
13G,111
132,932
138,080
142,181
143,753
142,482
141,675
8360,890
391,725
301,057
387,200
384,228
388,150
386,022
360,051
358,382
853,324
342,166
330,438
322,916
S 03,469
07,166
01,475
00,538
88,232
04,317
06,047
06,~26
08,204
00,248
100,273
08,470
09,504
SIIIIIIIIIJIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII.UIIIIIIIIIIIIIII11111111111'"11"1111111111111111111111 111
Gl
MONTHL Y BUSINESS REVIEW
1929. Average time deposits ros'e to $24,1,269,000, as compared to $24,0,952,000 in July, and $230,643,000 in August
a year ago. The time deposits of country banks increased
while those of reserve city banks decreased.
There was a substantial seasonal increase
during August in the aggregate of acceptances held by accepting banks in the
Eleventh Federal Reserve District. The total of $5,891,4.31,
outstanding on August 31, represents a gain of $2,628,561
O\ller the previous month, and an increase of $2,621,778 over
the same date last year. For the first time in nine months,
the volume of acceptances based upon import and export
transactions showed an increase over the preceding month,
and at the end of August the total was $1,566,471, as compared to $939,861 on the last day of July, and $1,44,1,123
on August 31, 1929. Acceptances executed against domestic
shipment and storage of goods rose from $2,323,009 on July
31 to $4,324,,960 on the last day of August.
Acceptance
Market
Debits to
I ndividUal
Accounts
The volume of debits to individual accounts during August at banks located in
principal cities of this district declined
4,.6 per cent from the previous month,
and was at the lowest level reached since May, 1928. Total
charges in August amounted to $739,302,000, as compared
to a volume of $911,879,000 in the same month last year,
and $774,,791,000 in J ul y this year.
DEBITS TO INDIVIDUAL ACCOUNTS
(In thousands of dollnrs)
Poreontngo
Abilene. . . . ... . .
Austin ..........
Dooumont . . . . .. .
Corsicana.......
Dallas..........
:
g~~!i~L~::::::
:_i
Houston.........
Savings
Deposits
Savings deposits, as reported by 89 banks
in the Eleventh 'District, aggregated $156,680,806 on August 31 as against $155,451,500 at the end of J uly and $153,577,819 on the same
date last year. The increases represented by these figures
amount to 0.8 per cent and 2.0 per cent, respectively. The
number of savings depositors at 82 of these banks increased
to 320,154, at the end of August, as compared to 319,283 a
month earlier, and 313,065 on August 31, 1929.
5
§ PortArthur .....
§ §;~~~~o~i~:::::
§- 'l'ucaOJl..........
~~~~~;;'.'.'.:::
~ ~f"~i~ 'F~I'ls: :::
1:_
0
August
1930
$ 6,884
16,786
22,045
4,625
190.588
u:m
174,736
10,027
7~:m
m~~
8,214
~g:~~~
ohnllgeft~rvor
y~
August
1929
$ 9,312
21,266
27,638
6,500
237,562
-26.1
-21.1
-20.2
-28.8
-19.8
July
1930
$ 7,600
19,445
24,211
4,973
188,529
Percontage
ehango over
Month
- 9.4
-13.7
- 8.9
- 7.0
+ 1.1
•
173,853
11,054
+.5
-3.9
g
-20.5
i
•
g
~~:m
=iU
l!i:iU
203,648
12,002
-14.2
-12.9
8~:~g~
t~:m
=lU
=~n
7~:m
~~:~~6
~m~
=~U
~~:~~~
10,197
-10.4
=Ji !
~
=1~:~
=1~:~
10,337
~
=3U
"I:C~:~~s' ;~~ fig:::':~~wo b::I~:'~:~reX"rk~~:: ~rkans:71~:~d t: ~;:hth .~=§
in
District.
1111111111 11 1111111 11 111111111111111111111111111111111 11 111111111111111111111111111111111111111111111111 .... 111 ....
11118
~'llIllIlltlllllllllllllllll l lllllllllllllll l lflllllll llll ll ll l l lll l ll lfll 11 1 1 1 111 1 1 1111 1 111111111111111111 1 1 1 11111111111111111111111111111 11 1111111111111111 1111 1111111111111111111111 1111 111 111111 11111 11 111111111111111 11 '"111I1I11I11f • • IIIIIIIIIIII. 1 '
~:_
::
Number of
Roporting
Danks
:
~
:
:
:
:
DDeaumont ............ ,....
Elalplas....................
F as.0.. .................
'ort Worth
GI t
.. · ··· .. · .. · ····
4"
4
2
2
§ W~:a%~~l.'.::::::::::::::::
1~'
::-_ sort Arthur. . . .... . .......
an Antoni
: Sh
0...............
: Ww~~~~p~~t .. .. ::::::::::::::
:
ichita Falls
§ All others ... : : : :: :: : : :: :: :
2
7
4"
4
2
44"
§
August 31, 1930
Number of
Amount of
Savinga
Savings
Depositors
Doposit.
5,976
S 2,674,077
68,196
26,943,450
16,320
6,224,881
18,026
7,760,054
13,018
8,141,270
72,487
35,056,127
4,870
1,790,085
37,002
23,045,416
20,962
13,157,354
10,650
7,004,852
3,746
' '1,664,854
46,183
23,217,477
_:_~
SA VINaS DEPOSITS
August 81, 1920
Number of
Amount of
Savings
Savings
Depositor.
Deposits
5,918
S 2,502,503
63,773
25,448,371
15,864
5,820,814
17,840
7,348,318
13,923
8,853,142
77,429
34,994,428
4,007
221'598804'613647
34,550
"
21,197
11,211,803
0,981
6,924,071
4,241
1,585,340
43,933
24,230,238
PerOcevnetr"g~~rhl'n" nge
y~
Savings Deposits
+ 3.1
+ 5.0
+ 6.9
+ 5.6
- 8.0
+.2
-+10 .0
2. 0
+ 17.4
+ 1.2
+ 5.0
- 4.2
July 31, 1930
Number of
Amount of
Savings
Savings
Depositors
Doposits
6,009
$ 2,640,803
67,042
26,767,588
16,310
5,058,146
18,870
7,746,947
13,059
8,121,862
72,323
34,615,890
~-221'775384,08706
r3 47,8 20
. ,70 2
l
, ,1
~0,036
~ 13,232,964
10,388
3,747
46,268
1fl..,l6,867,650
1,674,116
I': 23,338,269
if
Porcentage Change
Over Month in
Savings Deposits
+ 1. 3
+ .7
+4.5
+ .2
+ .2
+1.3
+1.0
+1.4
- .6
+2.0
- .6
- .5
Total.........
89
320,154
$156,680,806
313,065
S153,577,810
+ 2.0
310,283
$155,451,500
"Only 3 bunks in Booumollt, 10 banks in Houston, 3 banks in Shreveport, and 40 banks in "All 6thcrs" reported the number of savings depositors.
~
+ .8
l!J 'I1'1I1 11111I111111I1I1I11 1I 11111I 1I 111I1I1I111111 11 11111I11I1 11I11 1111 11111 11111111111 111111111111 111 111111111111 11 11 111111111111111111111111111111111111111111 11 11 .. 11111111 "' 1111111 11 11111 1111 11 111111 11 1111 11 111111111111111111111111111111111111111
:.
•
~
:
:
:
::
S
~_.
C
:
::
=
§
E
~
m
811111111111111"111111111111111111111111111111111111111 1111111111111111111 111 1I I I I I IU IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII I IIIIIIII I IIIIIIIIIIIIIIIII"III1111111111111111111111111111111111111111111111111111111 11 11111111111111111111111111fllIlI lI llIllIll .[!J
SEP'rEMBER DISCOUNT RATES
Dallas
Rate eharged oustomers on prime commeroial paper such as ia now eligiblo for
rediscount under the Federal Rcaervo Act. . . . .. . . . .. . . . . . . . . . . . . . . . . . . . . . . . .
Rate oharged on loana to other banks scoured by bills rccoivablo. . . . . . . . . . . . . . . . . . .
Rate on loans aecured by prime atook exebango or other ourrent oollatornl (not
including lonns plaoed in other markets through oorr08pondont banks):
Demand . ......................................... · ..........
~
Ralc Ohn~c:deo~ ~o;';~'odiiy 'p~pe~ ~eo~~ed by' ;~~rcho~·so·~ccchii.s', 'ctc: ::::::::::::::
Rate on oattle loans.. ...... .. .. .. .. .... .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
Prevailing Rat08:
EI Paso
Fort Wortb
5-0
4~-6
6-8
6
5-7
5-8
6-7
3~-6
Houston
San Antonio
4-6
5-6
6-6
5-6
5-6
6-8
6
6*6
6-8
6-8
6-7
6-7
6-6
5-6
6-8
6-8
6-8
6-8
8
6-8
6-7
6-8
6-8
6-8
6-8"
7-10
Waco
-------1--------1--------
~=~
§
mlllllllllllll.II.IIII ••• II.IIIII.IIIIIIIIIII I .1111 1 11111111 1 1111111 1 11 11 11111 11 '1111111 1 11111111 1 11111111 1 1IUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII'I.IIIIIIII,I.I I II I II11111 1 11111 11111 11 1111111111 11 1111111111111 1111 ' 1111111IIIII . IIIII.III.IIIII.II I III.IIIID
INDUSTRY
Textile
Milling
For the fifth consecutive month, operations of textile mills in the Eleventh District evidenced a decline during August
?S compared with the previous month and the correspondIng month last year. Production of cloth was 6.5 per cent
?elow that in July, and 4.0.3 per cent less than the output
In August, 1929. There were 2,235 bales of raw cotton con-
sumed during the month as compared to 2,4,33 hales in the
previous month and 4,173 bales in the same month last year.
The volume of orders recorded on the books of reporting
mills on August 31 showed a sharp decline from that a
month earlier and a year ago. Stocks on hand at the end
of the month, while slightly less than those on July 31, were
considerab ly larger than on the same date last year. Prices
MONTHLY BUSINESS REVIEW
6
of raw coLLon and most classes of cotton goods evidenced a
further decline during the month.
The August consumption of cotton at all United States
mills totaled 352,335 bales, which was 7.0 per cent less than
in the previous month and 36.9 per cent below that of Aug·
ust, 1929. The amount of cotton on hand at consuming
establishments, while less than a month earlier, was 26.3
per cent greater than on the same date of 1929.
E:l_ _r~:~~"~~':~~~~;'~;;~;~~'; ::;~~~~;~;~""' ' ; l~' ": : 1
Number spindlcs active.. . .. . ....... . .... .
Number pounds cloth produced. . . . . . . . . . . .
1,101,070
105,756
1,845,712
1,177,637
~IUI IIIIIIIIIIIIIIII I IIIIIII1I1II I III1I1IIItIlIIIIIIJIIItIlt111 1 11 11111 1.,IIIIIIIIIII IIU.,IIIJ I I IIIIII: .I.,U llllltlllrm
1!1l l lllfllllllll l ll.lIl1lllllUllllllfllllllllllltlllllllllU I IIIII1 I IlIII II 1I1 11I1I1111 1 111 1 1IIIClIIIIIIIII111111111111 ID
g
g
g
g
g
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g
:
§
:
:
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_:_"
~
§
COITON CONSUMED AND ON RAND
(Balcs)
August
Cotton growil1~ statc."
Cotton consumed...........
On hand August 31 inConsuming cstablishments.
Publio storage and com·
presscs . ...... .........
United States:
Cotton consumed. . . . . . . . . . .
On hand August 31 inConRuming establishments.
Public storage and compresscs . . . . . . . . . . . . . . . .
August
1030
1020
283,731
428,771
352,335
558,754
§
August 1 to August 31
'I'his Season LMt Season
"
647,000
406,388
~
3,116,353
1,194,041
352,335
558,754
1,011,661
800,080
1,382,226
1
_:
Stock. August 31...... . . . . . . .
August 31,
1030
~;~~ ~;~~e~d~il~ .. : : : : : : : : : : : :: ::: : : :: : : : : : : : : : : :: : : :
:
:
g
:":
§
rn
28,578
23,310
45,340
20,500
135,488
48,804
56,710
53,830
&1 1 111111111 II1I1HIIHIIII11I1111111I1I1111I111I111111111111I11111I1111111111111111 1111111111111 11111111111111111111110
1 he marketing of the current cotton crop
was reflected in a substantial increase in
the August receipts of cotton at Houston
and Galveston as compared to the previous month. Those
at Houston were materially larger than a year ago but those
at Galveston were slightly smaller. The August 'exports of
cotton at Galveston were smaller than in either the previous
month or the corresponding month last year but exports
from Houston reflected a large increase over both periods.
Cotton
Movements
1020
~:~~~
6,800
800
102,898
65,642
ota . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
203,488
02,742
GJ I 11II1
16,700
a,ooo
;;
f
I Cf I" III I fill I 11111 " II "" '.,111 1 11 f I till" I1IIIII1 CI1111I II1 f I f til I 1 f 1I1I1 f"" U .,1111 rt filii III If ,.11111
t.1]]
I~~~~~~MO"ME"S ~t~::~ ~~I~~:~~~:~· I
m
,IIlIIIlIIlIlIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIJII.U '"1I 11I1I 11I11I 1I 1I II 11111 111111 II II IIIIIIIIII IG
SEASON'S RECEIPTS, EXPOR'I'S, AND STOCKS OF COT'I'ON AT ALL
UNITED STA'I'ES POR'I'8-(Balcs)
Augusl 1 to August 31
This Season Lnst Senson
Receipts . . . . . . . . . .. . . .. ... . . . . . . ... • . . . ... . .
Exports: United IGngdom . . . . . . . . . . . . . . • . . . .
Franco . . . . . . . . . . . . . . . . . . • . . . . . • . . .
Italy... . .. . . . ...... . . .. ........ . .. . ... . ....
Germany. . . . . . . . . . . . . . . . . . • . . . . . • . . . . . . . . . .
OLller Europe . . . . . . . . . .. . . . . . . . . . .. . . .... . . .
Texas
United Statcs
August 1 to August 31
August 1 to August :1I
'I'his SeMon LMt Senson This Season LMt Sensou
239,060
120,023
160,652
35,217,074
56,303
32,064
t:~~~
,II ••• III . ,II II.I .I ••• I •• • ,.II ••••• I"II., •• I •• ,., ••• ,.'1"III , •• I1IIIIIII",I"I. "IIII.IJII "' ."II IIIII I.I •• 1,III.,{EJ
S'I'ATISTICS ON COITONSEED AND COITONSEED PRODUC'I'S
38(1,120
165,770
214,065
40,321,710
76,770
45,878
t!l
August 31,
For other roreign ports.. . . .. . . ..... .. . . .. . . . . .. . . . .. . .
For ooastwise ports. . . . . . . . . . . . . . . . • . . . . • . . . . . • . . . . . • .
In oomprcssC8 nnd depots . ... . . . . . . . . . . . .. . . . . . . . . . . . . .
;;
m
G)' 111111111111111111111111111111111111111111111111111111111111111.,1111111111111111111111111111111 11 1111111111111111111 1 8
146,113
71,240
04,070
02,742
COT'I'ON-GALVESTON S'I'OCK S'I'A'I'EMEN'I'
(Balcs)
:
With the harvesting of the cotton crop
well advanced, the movement of cotton·
seed is increasing rapidly and a large
percentage of the mills have resumed operation. The reo
ceipts and crushings of cottonseed during August at both
Texas and United States mills and the production of cottonseed products showed a substantial increase as compared to
a year ago.
Stocks of cake and meal, and hulls on hand at the end
of the month at United States mills were less than a year
ago, while those of linters were larger.
lUO,220
00,710
124,508
20a,488
111 .1I1I1.,I I IIIIII II(lII IIII"llll llllllllllllIlI . , IIIIII.1IIIIIIIItlllllllfllfltlllllllflll.lllllflllfllllllllllllll.[!J
E
Cottonseed
Products
Cottonseed reoeived at mills
(tons) ........... . . ..... .. .
Coltonseed crushed (tons) . ... .
Coltonseed on hand (tOilS) ... . .
Crude oil produced (pounds) .. .
Cake and meal ~roduced (tOilS)
Hulls produced (tons) ........ .
Linters produced (running
hales) .. .......... . .... . .. .
Stocks on bond August 31:
Crude oil (pounds). ..... . ... .
Cake and meal (tons) ..... , . . .
Hulls (tons). . . . . . . . . . .. . . . . •
Linters (running bales)... . . . . .
:1
I!11111 11111 II 11111111.11111 1111111111 HIIIIIIIII fl·' 11 11111111111 1111 "11111111 1111 11111111111111111111111111111111111111
8
I!1
t::.~. MOVEMENTE T:it~::) Ti~RTT~~;'~~~~' _
g
428,771
3,464,600
[!JIIIIIIII'.II"'I'III""IIIIIIIIIIII f 111111111111111111111111111111 f 11111111111111111111111 f 11"'1111111111111111111111
§g
283,731
0.II.IIIIIIIIIII'.,IIIIIIIIII1I1UIIIIIIIIIIII1I1IIIIII1I1I1UIIII1.,111111111111111.,11111111111111111,,11111111111111
Total foreign ~xports of cotton from all United Slales ports
366,036 bales in August as compared to 176,4,35
bales in July and 226,018 bales in August, 1929. This was
the first month since last October that the exports for the
current month exoeeded those of the corresponding month
of the previous year and the large gain over the low July
figure is distinctly encouraging. The countries showing a
large increase in takings in August as compared to a year
ago were, United Kingdom, France, Germany, and Japan.
aggrega~ed
i'lr~rh~; ~~~~·t~i';"·. :: : :: ::: :: : :: : : :: :: :: :: :: :
Total rorei~n ports. . . . . . . . . . . . . . .
Stocks nt nil United Stntes ports August 31. . .
I!l'
f
681,064
55,444
56,773
21,707
125,405
51,615
452,811
25,550
35,552
21,003
00,381
40,080
:360.036
1,882,031
226,018
653,518
ri:M~
g:m
111"1111,1,11,111111111.,.111'11"111111111111,1"' 1 "11111 11 111,111 '11 ',1,. , 11.,11 11111 1"'1.1'1,.11,1,1," t 1I1I11
SPOT
CO'I'TO~
PRICES- (Middling BMis)
(Cents per pound)
August, 1030
High
Lew
NewYork............ . . ... . ..... . . . .....
New Orlenus..... . .......... . .. ... . . . ... .
DaUIlS.................... .. . . . . . . .. . ...
Houston ........ ..•... . . . • . ... . .. ... . ... .
Galvcston. . ......... . ... . ... . .. . ..... . . .
l!J III
IS
13.15
12.80
12 .25
12.75
12.80
11.00
10.56
10.05
10 .70
10.75
Sept. 15,
1030
10 .05
10.63
10.10
10.85
10.85
It 11111111111 tI III II III II II It 1111111111111" 111111111111111111111 11111111 1111111.111 II IIH" ""1111111111111111111
,G]
The output of crud~ oil in the Eleventh
Federal Reserve District decreased from
27,170,500 barrels in July to 26,904,,350 barrels in August,
and showed an appl'eciable reduction from the August, 1929,
yield of 28,500,100 barrels. Daily average production during the month amounted to 867,882 barrels, representing a
decline of 8,585 barrels from July. Drilling activity likewise reflected a curtailment, as evidenced by the smaller
Petroleum
MONTHLY BUSINESS REVIEW
number of wells completed during the month, but the initial
output from new wells was somewhat larger than in the
previous month.
The situation in the lumber industry in
the Eleventh District continued slow and
unsatisfactory during August and the first week in September, as reflected by a further decline in production, shipments, and new orders for lumber. During the four-week
period ending September 6, shipments declined from 67 per
cent of normal production to 63 per cent, and production
and new orders each evidenced a decline of 1 point from
70 and 61 per oont, respectively. Stocks of lumber on hand
at reporting mills on September 6 were slightly higher than
those held at the end of the previous four weeks.
Lumber
The daily average yidd in Texas amounted to 826,4.06
barrels during August, as compared to 835,880 barrels in
july and 882,726 barrels in August, 1929. Southwest Texas
contributed all increase of 23,220 barrels over the preceding
!l1onth, while Central West Texas showed a decline of 27,598
barrels. The largest new production was in East Texas,
where 18 producers completed in the Van field had a combined initial output of 100,620 barrels.
Unfilled orders for lumber on the books of 42 mills on
September 6 aggregated 32,396,000 feet as against 35,360,000 feet on hand at 44 establishments on August 9.
There wel'e 87 wells completed during August in North
Louisiana as against 73 in July. Increased wildcat activity
was responsible for most of the new production.
911.11111111111111111111111111111111111111111111111111111.11 •• " ••• 11 • •• 11111'1111111111111111.1111 •• 11111 •• 1.1""""1;1
8" 11 1 .11111111111111111111111111111111111111111111111111111111111,.111111.11.,1111II.IIII.II.IIIIIIIIIIIIIIIIIIIIIIIIII[!]
~
~
I::. .
OIL PRODUCTION- (B.rrels)
InorcBSO or Deorease Over
~i~r~ tl~ ~ :':< : : : : 1f3:,~,i" ~ ~,f i ~f~~~
Southwest Texas .... .... ... ..
PINE MILL STATISTICS
§
§
(Four-week period cuding September 6, 1930)
Number 01 reperting mills .. . . . .. .. . . . ... . . .. ... . . .. .. . . .
Production .... . . . . .. . .. . ... . . ... .. .... . ... , .... . .. , . . .
Tot.1 Texas .. . ....
25,618,600
1,285,750
826,406
41,476
- 293,700
+ 27,550
- 9,474
+ 880
~
g
Tot.1 District......
26,004,350
867,882
- 266,150
-
~
42
51,535,000 feet
~~~~~~n.ts: : : : : : : : : : : : : : : : : : : : : : : : :: : : : : : ::: : : : : : : :: ::: :u~n~~ ::~t
1
..:_
E North Louisi.n...............
8,585
7
~
Unfilled order8 September 6.... . . . . . . . ••. . . . .. . . . . . . • . . . . 32,396,000 feet
Norm.1 produot.ion. . . . . . . . . . . . . . . . . . . . . . . .... . . . .. .... . 74,106,000 feet
Stooks September 6.. .. .. . . . . .. . .. . . .. .. ........ ... . .... 300,717,000 feet
Shipments below normal production . ... . . . . .. ,., .. . ,.. . . . 27,416,000 feet--37~
nctual production below norm.I. .. . . .... . .. .• . .. . . . • . .. . . 22,661,000 feet-31
Ordors below normal produotion . . . . . . . . . . . . . . . . . . . . . . . . . . 2C,500,OOO fcot---40 .
~
&1111,.1111.1.1 •••• 1•• 11.,1,1.11111111, •• , •• 1,11 •• ,11 •• 1.1',111111111,11.' 1,11111.1111,"11111 , .1111.111111 •• 11111 •• "'18
(Lumber statistics compiled by the Southern PiRe Association, New Orleans, La.)
(!J.III.I.,II'I.,IIIIIIIIII.,.,IIIIIIIIIIIIIIIIIIII IIII'1IIIIIIIIIItIIIIIIIII I II11.,.I.,111'11111111111111111111111111 1111I!1
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':~
~
:
Completions
Nortb Texas .. .. .. .. .. .. .. .
151
~:. ~i~s" ~8!7
North
Producers
71
Loui~~~~l ~~~~~ ... .. : ::
August totals, district . . . . . . .
July totals, distriot . . .. . .. . .
Gas
Wells
22
Failures
68
Initi.1
Production
357
418
80
60
258
336
251,929
244,086
~
29,~~g:
43:~2 ':3~5' :~6:' 0:!3 0
'!2!0:
695
823
Construction operations during August
at leading cities in the Eleventh Federal
Reserve District, as evidenced by the valuation of building permits issued, reflected a further increase over the
previous month, but continued on a smaller scale than in the
same month last year. The valuation of building permits
issued in August totaled $7,169,706, representing an increase
of 341.8 per cent over the preceding month but a decline of
14.5 per cent from August a year ago.
Building
:~
AUGUST DRILLING RESULTS
:
:
I ::
:
.
For the first eight months of the current year the aggregate valuation at reporting cities amounted to $47,852,146,
being 31.9 per cent smaller than in the corresponding period
of 1929.
rnllll.II.lt'IIIIIIIII., •• I •• , ••• II •• II.III ••• IIII •• 11111.11111111.111111111111111111 , .1111111111111111111111IIII.IIIIIII[!)
r""""""""""""""""""""'~;~;;'~;~';~~~""""~~;:"""'~:;:':""'1
t:::
TcxBS ooast.1 grade "An. . . ... .. .............. . .. . . .. .
North nnd Central Texas nnd Nortb Louisinn. (44 gr.
and .bovo).. . ........ .. ..... ..... .. ... ......... ...
$1.15
$1.30
1.57
1. 85
NOTE: The valuation of building permits issued at Dallas during July was erroneously reported as $6,860,397 and
that figure was published in our Review dated August 1,
1930. The correct total was $1,314,702 and the necessary
adjustments are made in the following table:
=:::
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(Oil st.ti.tics compiled by Tho Oil Weekly, Houston, Texas.)
1!l1'.III •• I . IIIIIII •••• IIIIIII.III.IIII.I.I.,IIIIII.1111111111111111111111 111 111111111111111111111111111111 •• ,1111111.111',11 ••• 11 •• 1,111111"""",1 •• 11111111111'111.1 •• 11.1,111111111111., ••
~
BIDLDING PEnMITS
.:~
August, 1030
•
August, 1020
~:.i ~:r:'~ N~ll :ru;~;;l N:~l :"~~i:
•
=
cD:~:08~~i~t;::
;:
~.
I~~:m
I~~
2~~:410
P~r~s~r~h·~':.'.'::
42
273
00
162
03
310
04 1,1 05
183,072
3,207,531
87,478
1,342,002
263
114
242
210
g~
50J 331
628:020
427,731
1,67 1,227
2,360,420
Wio!rltn 'Fnl'la: ::
~~
36,875
24
184:845
nIh
E WI P:~:::: : : ::
ort Worth. . . . .
galveston......
~- WrevellOrt.....
~hn Alltonio .. .. 2~~
m:~~
~~~40 m:~~~
152
1~g~6
103 446
E
~
.:
_
- -----Totnl .. .... -1,704
$7,160,706
2,581
$8,384,950
Percentage m.ngc
V.lu.tion Over
;n!
=
54 : 7
7
+ 87
+6~n
=
=~U
04 8
43 .4
_ 12.8
+ 75
- 80: 1
-14.5
July, 1030
Percenta,lle Chango
ValuatIOn Over
iiti
Nji :.~~~
m 11~~~',r~~ "+
~~~ m:m =~n
220,374
60780
1874'420
'371:131
1
+ 281.. 46
5. 1
+1208.4
+ 46.3
_ 28.4
+ 15.2
20
73,720
__2_1 ~
+ 50 .9
+ 305.0
54
280
106
330
126
40:327
1,073 $5,320,382
+
34 .8
1930
11,111.1.,.1.11.,1111.,1, I'I"'I ' I'I'I'II'I'I'II"'III""'~
~~~
:1B :i~i~
6,~~~',~~~
2,m
004
1,032
061
2,044
872
2,106,005
8,050,884
007,842
12,170,072
2,487,560
180
862,440
E
m nge =~
P~~~!troon O:er
1020
:~ll ,vii ~j
2,m
S08
2,007
1,400
3,665
1,027
~:~~~:m
2,450,406
7,016,517
3,332,637
22,306,280
2,120, 156
g~:
t:~~~:~;~
~:~~1
271
878,242
m 1~:~~~:~~~
2,~48,15~
46,67
16,83a $47,852,140 20,552 $ 70,200,077
+4~:~
- 10.4
+ 1.8
-72.8
-45.4
+17 .3
=~~:~
+57.1
_ _1_.0_
-31.0
=
I
§
:
5
$
5•.
~•
;:
§.:
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MONTHL Y BUSINESS REVIEW
There were 697,000 barrels of portland
cement prod1,lced at Texas mills during
August, as compared to 585,000 barrels in the preceding
month and 707,000 barrels in the same month last year.
Shipments declined to 634.,000 barrels, being 10.6 per cent
smaller than in July, and 19.3 per cent less than in August
a year ago. Stocks on hand at these mills increased from
Cement
564,000 barrels on July 31 to 627,000 barrels at the end of
August, and were 34.. 5 per cent larger than on August 31,
1929. Aggregate production through August 31 of the current year showed an increase of 2.0 per cent over 1929, and
shipments during the same period reflected a gain of 4.7
per cent.
f
~ .......................................................................... u .............................................................................................................................................................................
-::
:_
PRODUCTION, SHIPMENTS, AND STOCKS OF PORTLAND CEMENT
(In thousanda of barrels)
==_=
:
:
::
August
g
1930
Number
E Produotion at ToxlI8 milia . ..... . .... . ..... . ............... . .............. . .. . ................. .. .......... 697
634
:E
._ ~~~~e~~:d~f ~~~hn::l'Te~~·,;.jliS::: : :·.:: ·. ::: : :·.·.::·.:: ·.::·
627
...:::: .::::: .. :. ::'...... . . . . . :. . .....................:'.. . .
@..
Percentage change
Over
Month
Year
+10 1
- 14
-lO:O
-+34,6
10:3
+11.2
January through August 31
Percentage Ohango
Number
Over Yenr
4724
+2 0
4;009
+4:7
=
E
=
§
.:.: -
UIIlIlUU ...... lllllllltlllfUI1IU ... II ..... UIU ...... UIlIIIl ....... ,IIIIIIIIU .... 1 ....................... 111 ...................... 11111 .... ' .............. 11111111 ••• "1111UIIIIIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIII.III .. IIIIIIIIIIIIIII.ro
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Rcserve Board as of September 28, 1980)
Industrial production as a whole was in the same volume
in August as in July, contrary to the usual upward trend at
this season, although there were seasonal increases in activity in a number of basic industries. Factory employment
and payrolls declined further. The general level of commodity prices at wholesale, which had declined continuously
for a year, remained unchanged between July and August,
advances in prices being reported in certain important agricultural staples.
PRODUCTION
about the usual size. Condition of pastures on September
1 was reported to be unusually poor. The cotton crop is
expected to be about 14,34.0,000 bales, nearly one·half mil·
lion bales less ilian last year
DISTRIBUTION
Volume of freight shipped by rail increased by slightly
less than the usual seasonal amount during August. Sales of
department stores were larger than in July, but continued
considerably smaller than a year ago.
WHOLESALE PRICES
The Board's index of industrial production, which makes
allowance for seasonal variations, continued to decline in
There were increases during August in prices of many
August. Production of automobiles, pig iron, lumber, and agricultural products, especially meats, livestock and grains,
sugar decreased, and there was a reduction in the consump- while the price of cotton decreased. Prices of mineral and
tion of cotton and wool. In the bituminous coal and silk forest products and of imported raw materials and their
industries, there was less increase than is usual at this sea- manufactures in general declined, with the principal excepson, while in steel, cement, flour, and shoes the increase was tion of silk. The Bureau of Labor Statistics index of wholeslightly more than seasonal. During the first two weeks of sale prices showed no change from the preceding month.
September, activity at steel plants increased, while a further During the first half of September, there were pronounced
reduction in output of automobiles was reported. Building declines ill prices of wheat, corn, hogs, pork and rubber.
contracts awarded, as reported to the F. W. Dodge Corpora- Prices of cotton and woolen textiles remained fairly stable,
tion, were in slightly smaller volume during August, largely while those of hides and coffee increased.
on account of reduction in educational and industrial conBANK CREDIT
struction projects. Residential building contracts continued
small. During the first two weeks in September, awards
Between August 20 and September 17, there was an
averaged about the same as in August. At the middle of increase in member bank holdings of investments and in
August, the latest date for which figures are available, the their loans on securities, while all other loans, which innumber of wage earners employed in factories and the clude loans for commercial purposes, declined, contrary to
volume of factory payrolls was smaller than in the middle the usual seasonal trend. The volume of reserve bank credit
of July. There were decreases in employment in the iron and outstanding showed a growth for the period as is usual at
steel and cotton textile industries, and at foundries and ma- this season but the increase w~ ..~latively small owing to
chine shops, automobile plants, and saw mills. Substantial the fact that the seasonal demand ror currency was smaller
seasonal increases occurred in the canning and preserving, than in other recent years and owing to an addition of $15,
bituminous coal mining, and clothing industries.
000,000 to the country's stock of gold. The increase was in
holdings
of acceptances, offset in part by a further decline
AGRICULTURE
in discounts for member banks to the lowest level since
September 1 estimates by the Department of Agriculture 1927. Money rates continued at low levels during August
indicate a corn crop of 1,983,000,000 bushels, about 700,. and the first half of September and the yield on high grade
000,000 bushels less than the five-year average; a spring bonds declined further. Discount rates at the Federal Rewheat crop of 240,000,000 bushels, slightly larger than last serve Banks of Dallas and Minneapolis, the only banks
year's unusually small crop, making the total wheat crop which had maintained a 4· per cent rate, were reduced to
about equal to the five-year average; and a crop of oats of 3Y2 per cent during September.
@FedFRASER