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~ MONTHlY BUSINESS REVIEW
OF THE
[
]
FEDERAL RESERVE BANK OF DALLAS
[
c. C. WALSH
Chairman and Federal Reserve Agent
[
CHAS. C. HALL-W. J. EVANS
Assistant Federal Reserve Agents
~~~~~~3c~====~je~====~je~====,~e~==(=C~:~~==p=il=e=d~~~e=ep==te=m~:~:=r==15==,~:~:=3=2=)==~'E~====~,e~===='~E====~,~e====~~~
=
Volume 17, No.8
Dallas, Texas, October 1, 1932
=
~hi s. cOP);, is r eJe';lsed for pubhcntlon In morning pnpers-
September 30
DISTRICT SUMMARY
THE SITUATION AT A GLANCE
Eleventh Federal Reserve Distriet
-------------------~------~-----
~debits to individual aooounts (at 17
D ) .. · ···· .... · .. .... .. .. · .. ··· .. .. .. ·
n;:·rtment store sales .. .... . .. ... . ..... .. . .
:ivo bank loans to membor banks at the
~a of tho month .. .. ........ .... . .... ... .
Bu.~.ve bank ratio at ond of tho month . ..... .
Co ling \'Ormit valuation at larger oenters ... .
CommerOlal failures (numbor) ...... .. . . .... . .
Oilmmeroial failures (liabilities) ..... . . . . .... .
--E:..oduetion (barrels) .. . . . ... . . .. ... .. . . . .
Chan1!e From
July
August
1932
$419,288,000
-
$ 15,748,188
- 18.8%
+ 5.8 points
20.1'Z9
53.7%
$ 1,014,495
92
$ 2,327,015
28,082,040
2.6%
+ 19 .9%
+
+ 27 .8'10
+ 5.9%
-
1.8%
t' A qUickening of activities in business and industry,
s lrnUlated by a betterment in crop prospects, a further
~tr:ngthening in public sentiment, and a rise in commodiLY
I rices, occurred in this district during August and the first
11a f of September. The August sales of department stores in
\t~rger cities reHected an increase of 20 per cent over the prelhous month and while they were 28 per cent below those in
e e corresponding month last year, the decline was the small;egistered since March. Wholesale distribution showed a
ae~lded expansion due both to broader consumer demand
Who the necessity for retailers to replenish depleted stocks.
in lIe ~etailers are still following conservative merchandislh~ poh~ies, they are placi~g orders more liberally to meet
a Pubhc demand for a wlder assortment of goods and to
Wh~re immediate delivery of merchandise when needed.
b1l ~le the recent reaction in the cotton markeb has retarded
volY1ng somewhat, goods are still moving in oonsiderable
urne.
t
in ~he business mortality rate in this district, after decling
ab III July, turned upward in August and was considerably
alOvel a year ago. The indebtedness of defaulting firms was
So arger than in either comparative period.
Weather conditions during August were generally favorable to crops, and according to the September 1 report of the
Department of Agriculture, prospective production in states
attached to this district was higher than a month earlier.
The most important gain occurred in the cotton crop, the
estimated production having been increased 315,000 bales.
The production forecast was also raised for several minor
crops. While the heavy rains early in September did some
damage and retarded harvesting operations this work has
made good progress recently. Livestock and their ranges
continue in good condition and due to the September rains
good fall pasturage is assured. Livestock are expected to
enter the winter in good shape.
Financial statistics reflected largely the effect of seasonal
factors. The loans of the Federal Reserve Bank to member
banks, after remaining generally steady during the last half
of August, declined sharply during the succeeding two weeks,
and the total of $12,891,000 on September 15 was $3,238,000
less than on August 15, and $760,000 below those a year
ago. The loans and investments of member banks in selected
cities were slightly lower on September 7 than four weeks
earlier. The daily average of combined net demand and time
deposits of member banks amounted to $597,162,000 in
August, as against $608,722,000 in July, and $74.6,063,000
in August, 1931. There was an unusually strong response to
the United States Government 31;4 per cent Notes and 11;4 per
cent Certificates issued on September 15. Subscriptions to
these issues totaled $138,825,000 and allotments of only
$14,278,700 were made.
While the August valuation of building permits issued
at principal cities was 20 per cent larger than that of July,
it was 63 per cent below that of August, 1931. The production and shipments of cement reHected a noticeable expansion over the previous month, but were still considerably
under a year ago.
BUS.I NESS
A general and substantial improvement
in business at wholesale was in evidence
ll:le
during August. Jobbers throughout the
sal \tenth. Federal Reserve District reported an expansion in
es which in many instances was considerably larger than
usually occurs at this season. The percentage of increase, as
compared with the previous month, ranged from 8.5 per
cent in the case of hardware to 153.5 per cent in the case
of dry goods. The depleted inventories of many retailers
made necessary a large amount of replacement buying in
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
~2------------------------~~~~~~~~~~-----------------------------MONTHLY BUSINESS REVIEW
-----------------------------------------------=~------------------------response to a more active consumer demand. Comparisons
with the corresponding month a year ago were more favorable than they have been in some time. The rising trend in
prices of certain commodities has had a stimulating effect on
business and conditions generally. While retailers are still
following a cautious buying policy, the broader consumer
demand has necessitated the purchase of a wider assortment
of merchandise in larger volume. Dry goods was the only
line to show an increase in the volume of collections.
The volume of sales reported by wholesale dry goods
firms in this district during August reflected an increase over
the previous month of 153.5 per cent, which is twice as large
as the usual gain recorded at this season. There was a decline of 12.4 per cent from a year ago, this being with one
exception the most favorable comparison shown since October, 1929. Indications are that the demand for merchandise is holding up well during September. Collections were
15.3 per cent larger than in July.
Wholesale drug firms in the Eleventh District reported
an average improvement of 13.4 per cent in their August
business, the gain being of a seasonal character. The volume
of sales reflected a decline of 18.4 per cent from the corresponding month last year, as against a like decrease of 33.7
per cent in July. While collections declined in amount,
their ratio to accounts outstanding was practically the same
as in the preceding month.
While the pick-up of 8.5 per cent in the business of
reporting wholesale hardware firms was less than seasonal
the comparison with August a year ago showed a reductio~
of only 17.4 per cent, as against 31.1 per cent in the previous
month. Distribution was retarded somewhat by adverse
weather conditions, but a strengthening of sentiment has
been visible in recent weeks. The collections volume was 11.6
per cent under that of July.
The usual ~easonal .inc~eas~, amounting to 10.9 per cent,
was reflected In the dlstnbutIOn of groceries at wholesale
during August. The month's sales were 11.5 per cent smaller
than a year ago, as compared with a similar decline of 22.9
per cent in July. The buying demand was reported to be
improving somewhat in the latter part of August and the first
part of September. Prices showed an upward tendency. There
was a further reduction in total collections during the month.
Following the large decrease in the previous month, the
deman~ for farm implements during August showed an
apprecIable expansion. Business was 55.0 per cent better
than in July, but continued to be on a considerably smaJiel'
scale than a year ago. A decline in collections was reported.
CONDITION OF WHOLESALE TRADE DURING AUGUST, 1932
Percentage of increase or d,mcaee in-
----------------~~==~~~~~--------------
.
Groceries .........
Dry Goods .......
Farm Implements ..
Hardware ........
Drugs ............
Net Sales
Net Sales
August, 10~2 July 1 to d~te
compared wlth compared wlth
August July same period
1931
1932
last year
- 11.5
-12.4
-45.3
- 17.4
- 18.4
+ 10.0
+153 .5
+ 55.0
+ 8.5
+ 13.4
-17.3
-21. 5
-51.0
-23 .8
-26.4
Stocks
Ratio of colicOAugust, 1032 tions during AUKci
compared with to accounts d~n
August July notos outstan ling
1931 1032
on July 3
- 17.7
-39 .2
- 4.5
-11.7
-22.2
+
+
-
2.5
1.3
1.1
1.5
2.6
The initial display of fall wears and further attractive clearance sales of summed
merchandise, combined with an improve t
pub~ic sentiment, created an appreciable buying movemenf
durmg August . at . depart~ent stores in leading centers '~h
the Eleventh Dlstnct. The Increase in sales over July, whl'!e
was 19.9 per cent, was much larO'er than seasonal and whl
0
distribution was 28.2 per cent less than that in the corresponding month of 1931 it was more favorable that at an~
time since last March. This bank's index of departm~n
store sales, which is adjusted for seasonal variations, In?re~sed from 59.6 in July to 63.6 in August. Late r~pod~~
mdICate that a further improvement was evidenced In
partment store business during the first half of September.
Retail
Trade
Stocks of merchandise held by reporting establishmen::
on August 31 showed a small seasonal increase of 2.5 Pttl
cent, but were 30 per cent less than a year agO. The 1'8 •
O
of stock turnover during the first eight months of 1932 c : tl
tinued below that in the same period of 1931, but for d
first time this year the current month's turnover equa e
that of the like month a year ago.
.
.
I'
du r
·
A season a1 re ductIOn was eVIdenced III co IectJOns d' dtan I~~
ing August. The ratio of collections to accounts outs
on August 1 was 26.4, per cent, as against 28.1 per cent I
both the previous month and the same month of 1931.
1
BUSINESS OF DEPARTMENT STORES
Total Bales (Percentage):
Dallas
Fort Worth
Houston
San Antonio
Others
~~::::~: m~: ~~:~~~~ :~~ ~~I~si9U~~ :::::::::::::::::::::::.:........... ..
-29.5
+31.0
-26.5
-26.9
+10 .2
-20.0
-32.5
+10.5
--31.4
-25.1
+16.0
-32.5
-23.4
+10.5
-25.6
~~::::~: ~~~~: ~~::~~ :!~ ~~~~t9l:.~~ : :::::::::::::::::::.. :....... ..... .. .
--31.1
+40 .2
-27.6
-28.4
+14 .7
-28 . 2
--38.2
+14.8
--34.8
-30.4
+17.4
-32.1
-31.8
+24 .4
-28. 5
-23.5
2.1
-27.8
3.8
-40.7
+10 .2
-35.2
-1.5
-20.6
.9
.24
.21
1.90
1.60
27.7
.15
.15
1.46
1.32
21.5
.20
.26
1.96
2.02
20.6
.25
.29
2.65
2.22
30.4
45.2
62.8
50.4
71.0
48.1
69.7
41.8
58.0
43.7
42.0
65 .0
63.7
43.0
42.2
32.7
33.0
January 1 to date compared with same pariod last year .... .. . . . ... . . .. : . : : : : : : : : : : : : :
Credit sales (Percentage):
January 1 to dato compared with same period last year ........ . : : . : : : : : : : : : : : : : : :
Stocks (Percentage):
August 1082 compared with August 1031
August: 1032: compared with July, 1932 ... ::::: ::: : :::::::::: : ::::: :: ::: "''''''
Stock turnover (Rate):
.. . .... .
Rato of stock turnover in August: 1932 ................... .. ................... ..
Rato of stock turnover in August 1931
Rato of .tock turnover January 1, to A~ii~~t':ii' iilai ...... · .. · ........ ·· ........ ·
Rato of stock turn?ver January 1, to August 31: 1932: :::: : :: ::: :: : : : :: :::::::::::
Ratio of August collectIOns to accounts receivable outstanding August 1, 1932 .... . ..... .
Indexes of department store sales:
Un~justed August, 1932 ............. . ....... ......... . . .... ...... . .......... .
Adjusted August, 1932 .. ...............•......... .. .. . ...... . .............. . ..
Indexes of department store stocks:
Xd~t':Ie,M::~~9J~~~::::::::::::::::::::::::::::::::::::: : :: : :::::::::::::
61.2
23.6
2.7
26 .4
32.7
+
+
-
.10
.18
1. 72
1.54
23.4
-----
Tot.l District
_28. 2
+19. 9
_28.0
_31. 8
+27. 0
_29. 6
_30. 0
+ 2.5
.21
.21
1.87
1.69
26.4
46.8
63. 6
47.8
40 . 9
--------------------------------------~---=~~~~=-~-=--~--=---------------------------------MONTHLY BUSINESS REVIEW
3
--------------------------------------------------------------------------------------------------Commercial
Failures
An increase over the previous month was
reflected in both the number and liabilities of firms becoming insolvent during
August. According to the report compiled by R. G. Dun &
COtnpany, there were 92 commercial failures in the Eleventh
District during the month, with total indebtedness amounting to $2,327,615, as compared with 72 defaults in July,
owing $2,197,484, and 81 insolvencies in August last year,
with liabilities of $1,094,300.
AGRICUL TURE
Crop Conditions
Crop prospects in the Eleventh Federal
Reserve District remained generally
favorable during the past month. While
the August rains came too late to benefit some crops, they
were of material aid to those crops which had not reached
Illaturity. There is now ample moisture in the ground to assure proper maturity of growing crops and to bring up crops
seeded this fall. According to the Department of Agricul~~re the combined per acre yield of 33 important crops was
Igher on September 1 than on August 1, and in all states
except Oklahoma it was above the ten-year average.
.
The most notable improvement during August occurred
~n the pro~pective production of cotton. ~ccording to the
gUres denved from the September 1 estimates, by states,
reported by the Department of Agriculture, the indicated
~h~dUction of cotton in this district was 4.,744,000 bales,
~ch represents a gain of 315,000 bales over the August 1
estItnate. Most of this increase occurred in Texas where the
est'
t IInate was raised 266,000 bales, but the other states atbached to this district also showed an improvement. It should
e noted that there were no important gains in other cotton
nates, and in some cases there was a sharp deterioration.
.eports indicate, however, that some damage has occurred
SInce the first of September on account of the heavy rains
and insect activity. The Department's forecast for the Texas
crop Was placed at 4~092,000 bales, as against an indicated
production of 3 826 000 bales on August 1. The prospective
Per
d acre yield "
was raised from 134. poun d s on t he Iatter
p:r t.o 141 pounds on September 1. The improvement came
Porn?lpally in the Northwest, West, North, and West-Central
do hons of the State. There was also a smaller acreage abanof ~tnent than the average for the past ten years. The Bureau
l' ensus reported that 551,997 bales had been ginned in
i eXas prior to September 1, as compared with 352,930 bales
t~~31. In Louisiana 78,935 bales were ginned prior to Seper 1, as against only 10,565 bales a year ago.
Lou~~e Department's estimate of the corn crop in Texas,
A ISlana, and Arizona showed no change from that on
\v Ugust 1, but the prospects in New Mexico and Oklahoma
th:r~/e~uced somewhat. Thus, the indicated production for
000 ISt1'1ct on September 1 was 121,100,000 bushels, or 440,du ~ushels less than the prospects on August 1. Total proth ctI~n, however, in all states except New Mexico is higher
an
\V
In 1931. The dry weather early in August in Northest
ca Texas, which is the principal grain sorghum territory,
th~SSd a deterioration in that crop. The indicated yield for
Pare tat~ on September 1 was 66,896,000 bushels, as comproi \~lth 75,258,000 bushels on August 1, and an actual
a shaUCbon o~ 60,?00,,oOO bushels in .1931. There :wa~ also
Pr d rp .detenoratlOn In the New MeXICO crop, the mdlCated
th 0 Uctlon on September 1 being con sid era b 1y smaller
Pran a year ago. There was a substantial improvement in the
Taospects for grain sorghum in Oklahoma an'd Arizona.
thense hay Was benefited by the rains with the result that
000 eptember 1 estimate for this district amounted to 1,009,tons, as against an actual production of 991,000 tons
last year. This crop showed a steady improvement during
the summer. There was also a betterment of prospects for
wild hay in some states.
Practically all fruit crops turned out better than was indicated in the August 1 report. The sweet potato crop showed
an improvement during August in Texas, but there was a
decline in Louisiana. In both states, however, the September
1 estimate was considerably higher that the actual production in 1931. The production of peanuts in Texas was estimated as 99,900,000 pounds on September 1, as compared
with an actual production of 85,330,000 pounds last year.
A considerably increased production was also forecasted for
Louisiana and Oklahoma.
There was a sharp deterioration in the Texas rice crop
during August, as it was damaged to some extent by the
tropical storm on August 13 and has suffered additional
damage from the frequent rains since that date. Harvesting
of the crop has been delayed and dry weather is needed to
prevent further deterioration and to save that portion of the
crop now ready for harvest.
The indicated production of pecans is considerably
smaller than last year in Texas and Louisiana, but substantially larger in Oklahoma. The broomcorn crop deteriorated
during the month, and the September 1 estimate was considerably smaller than the 1931 production.
Livestock
Ranges and livestock throughout the
Eleventh Federal Reserve District are now
in generally good condition. The heavy rains over most of
the district during August and the first half of September
relieved the dry condition prevailing in some sections; replenished the supply of stock water; and left a good season
in the ground to stimulate the growth of range vegetation
during the fall. The Department of Agriculture reports that
feed supplies are abundant in practically all feed producing
areas and the outlook for winter feed supplies is very
favorable.
The September 1 report of the Department of Agriculture
rated the condition of the cattle ranges in Texas as 83 per
cent of normal, which was 2 points below the condition on
August 1, but 4 points above the condition obtaining a year
ago. The sheep and goat ranges, which received heavy and
general rains during August, rose 3 points during the month
to a condition of 88 per cent of normal on September 1,
which was 6 points higher than a year ago. The condition
of cattle in Texas on September 1 was the same as a month
earlier, but was 2 points above the condition prevailing a
year ago. Reports indicate that cattle generally are in shape
to go into the winter in good condition. While the condition of Texas sheep usually declines 4 points during
August, there was no change this year, and the September 1
condition figure of 85 per cent was 1 point higher than a
year ago. The condition of goats likewise remained unchanged. Range conditions in New Mexico and Arizona
declined during August, but the condition of livestock generally remained unchanged.
--------------------------------~~~~--~~----------------------------------------------------4
MONTHLY BUSINESS REVIEW
--------------------------------------------------------------------------------------------------Cattle receipts during August at the Fort
Worth market were in about the same
volume as in July, but were materially
below those for the corresponding month last year. While
the arrivals of calves were considerably larger than in the
previous month, they were materially sma ller than in
August, 1931. The number of hogs yarded was substantially
larger than in either comparative period. Although the receipts of sheep declined sharply as compared with July,
Movement.s
and Prices
they were still considerably above those in August last year.
Livestock prices were irregular during the past mon:.
Cattle prices at the middle of September were at about 6
same level as a month earlier. The hog market declined ~
proximately 4,0 cents during the period. Sheep and la d
prices ruled generally steady with a slightly firmer t1'en .
COMPARATIVE TOP LIVESTOCK PRICES
(Dollars por hundredwoight)
--------------~--~------~~-------------August
FORT WORTH LIVESTOCK RECEIPTS
(Number)
August
Cattle ... . ...... .
Calves ......... .
t:p:::::::::::
1032
38,837
22,755
17,819
77.109
August
1931
55,160
24,173
11,069
64,239
Change over
year
-16,323
- 1,418
+ 6,750
+12,960
July
1932
39,313
16,705
14,608
115,014
1932
$8.00
5.75
4.00
3.00
5.25
4.50
2.25
4.50
Chango over
month
+
476
6,050
+ 3,211
- 37,815
August
July
1031
$8.25
5.25
4.50
1932
S8.00
5.76
6:50
5.25
5.05
2.00
8.00
B.75
5.85
4.00
2.76
4.00
FINANCE
Member bank borrowings at the Federal $85,950,000 on August 10 to $82,593,000 on September o~~
Operations of
Reserve Bank, which amounted to $16,- but the latter figure was $23,610,000 greater than on the c d
the Federal Re129,000 on August 15, fluctuated within responding date in 1931. Investments in other stocks a
serve Bank
narrow limits in the last half of the bonds on September 7 were $649,000 less than four wee f
month, and then declined sharply during the first half of earlier and $4,,753,000 less than a year ago. The loans 0St
September. The total of these borrowings on September 15 these banks on securities declined $993,000 between Augu
er'
amounted to $12,891,000, which was $3,238,000 less than a 10 and September 7, but all other loans (largely coJlllll t 1
month earlier, and $760,000 less than the corresponding date cial) declined only $17,000 during the period. The too~'
a year ago. The liquidations during the month were about loans of these banks were $57,259,000 less than on t?e ~ose
equally divided between reserve city banks and country responding date a year ago. Their net demand deposIts p'
banks. There were 255 banks indebted to the Federal Reserve $1,947,000 duri~g .the period betwe~n August 10 and I~ne
Bank on September 15, as compared with 272 banks on tember 7, but thIS Increase was partIally offset by a dec 0
August 15, and 24.8 banks on the corresponding date of 1931. of $1,44.1,000 in time deposits. As compared with a year ~e
The Federal Reserve Bank's holdings of bills purchased in total deposits were $55,458,000 lower. The bills paya ted
the open market showed a further decline of $40,000 during and rediscounts with the Federal Reserve B~nk amo~nOOO
the thirty-one-day period, and on September 15 were $4,,423,- to $2,143,000 on September 7, as compared wIth $3,62 ,
000 below those a year ago. There was no change in the hold- on Augus~ 10, and $664,000 on September 9, 1931.
ings of United States Government securities during the
month, but the total was $5,591,000 greater than on SepCONDITION STATISTICS OF MEMBER BANKS IN SELECTED cITIES
tember 15 last year. The reserve deposits of member banks
(In thousands of dollars)
aggregated $4,2,034,000 at the middle of September, repreAug. 1O,
Sopt. 0,
Sopt. 7,
senting a decline of $1,525,000 from a month ago, and $9,1982
1931
1032
911,000 as compared with the corresponding date in 1931.
$ 58,983
United Stntes scouritles owned ......... ... . $ 82,503
$ ro:~U
60,646
55,893
All other stocks, bonds, and seourities owned.
73,0
While the actual circulation of Federal reserve notes re80,481
72,617
Loans on scourities . ..... . ........... .... .
163,110
203,407
All othorloana .................... . ..... . 103,102
flected an expansion of only $104,000 between August 15
230,7~~
292,978
235,710
Total loans ............................. .
221,7
and September 15, the total of $37,714,,000 on the latter
265,997
223,736
¥.ot doman~ doposits .................... .
126,2~:
137,980
124,783
Ime doposlts .......................... ..
27,0
date was $7,487,000 greater than on the same date last year.
33,322
27,284
Resorve with Federal Reserve Bank ....... .
ks
5
---
Bills payable and redisoounts with Federal
Resorve Bank ....... .... .............. .
CONDITION OF THE FEDERAL RESERVE BANK
(In thousands of dollars)
Sopt. 15,
1932
Tetal cash reserves ....... .. .•............
Discounts for member banke .... . ... .... .. .
Oth~r bills disoounted .................... .
Bills bought In tho OJ1<ln market .....••.....
United States seeuritles owned ..•..........
Other Investments ....................... .
Total earning Meets ... ... ............... .
Momber bank resorve deposits ............ .
Federal reserve notes In aotual olroulation .. .
$ 47,576
12,891
None
867
30,721
5
44,484
42,034
37.714
Sopt. 15,
1981
$ 51,357
13,651
6
5,290
25,130
7
44,084
51,945
30,227
Au~ust
1932
15,
$ 43,199
1~~~~
907
30,721
5
47,762
43,559
37,610
The loans and investments of member
banks in selected cities reflected a moderate decline during the four-week period
ending September 7, but their deposits
and reserves were slightly higher. Their
investments in United States securities were reduced from
Condition of
Member Banks
in Selected
Cities
2,143
664
3,621
. August
There was a small increase dUrIng
ceS
in the volume of outstanding accep.tandis·
executed by accepting banks in thIS out.
lrict. On the last day of the month, total acceptances 204
standing amounted to $869,655, as compared with $779'ear,
on July 31, and $1,369,626 at the close of August l~st to·
Acceptances based on import and export transactIon Lie
taled $129,655, and those executed against the domes
shipment and storage of goods amounted to $74,0,000.
. et de'
A largely seasonal reduction IJl n ht the
Deposits of
mand deposits during August brodg and
Member Banks
combined daily average of net ernn LO
and time deposits of member banks in this district df'Ju1Y,
$597,162,000, which was $11,560,000 less than that 0
Acceptance
Market
!
MONTHLY BUSINESS REVIEW
5
-------------------------------------------------------------------and $14,8,901,000 smaller than in August last year. The
c.olllparison with a year ago improved for the third consecutive month. Average time deposits of both reserve city apd
country banks reflected a slight increase over the preceding
lllonth.
DEBITS TO INDIVIDUAL ACCOUNTS
(In thouaands of dollara)
InC :::
m~······
t
A/'
=
S222,206
215,974
202,524
203,719
202,094
196,782
196,572
194,887
191,293
190,729
189,066
186,995
187,908
$255,584
242,731
232,544
231,919
220,397
221,799
222,116
221,835
216,049
212,117
207,155
209,225
201,130
$13a,568
120, 116
119,826
121,817
122,674
118,475
118,993
117,339
115,732
115,372
115,634
114,505
114,532
$268,213
206,119
254,770
252,060
248,538
240,373
240,994
239,722
228,401
222,748
215,439
212,502
208,124
Charges to individual accounts during
ndividual
August at banks in principal cities in this
A.ccounts
district totaled $41
19,288,000, being 2.6
20
per cent below the volume of July, and
.8 per cent less than in the corresponding month a year
a~o. The latter comparison is the most favorable reported
S
Ince last October.
-
July
1932
$ 3,380
13,230
12,702
2,020
113,518
12,346
5a,466
17,108
105,100
8,sa9
2,012
41,273
20,751
5,578
7,797
7,792
8,478
$419,288
$529,128
-20.8
$430,462
Tcxarknnn·, .... .
rrU08on . . .. . .... .
% Change
Over Month
- 1.4
6.4
- 8.8
2.4
3.1
0.5
-10.4
- 5.8
- 4.2
1.6
- 12.5
2. 0
.2
- 12.4
-15.1
5.6
- 2.8
+
+
+
+
+
+
+
+
-
2.6
"Ineludea the figures of two banko in Texarkana, ArkaDBllS, loeated Ln the Eighth
Distriet.
SOIVings
Deposits
Total savings deposits on record at 144
banks in the Eleventh District at the close
of August amounted to $140,620,148, this
figure being 0.5 per cent less than that a month earlier, and
16.3 per cent smaller than a year ago. Savings depositors
at 121 of th.ese banks numbered 308,599 on August 31, as
compared WIth 309,984 on July 31, and 338,158 on the same
date last year.
SAVINGS DEPOSITS
Rt~:···::::: :::::::::: ::
lIert ~orth' ............. .
. ...... .... .....
vest
Iloust on" ...............
on'~r:::::: :::: :::::
nco rt~:::: :::::::::::
Po r
Icbit~ F~li
.... . ...••.....
AU otbers .. ~'.:::::::::::::
a·
9·
2
4
4
11·
2
8"
4
3
3"
91"
Number of
Savinrs
Deposi ors
0,034
73,885
10,524
33,846
10,620
53,511
4,268
16,719
23,941
10,366
2,820
56,059
July 31, 1932
August 31, 1931
August 31, )932
Number of
RoEortillg
anks
Beaumont
Gnl
ver Year
-23.8
- 11.3
-28.1
-25.3
-14.2
-37.7
-24.2
-20.9
-22.2
-44.3
-18.5
-24.3
- 9.6
-37.7
- 14. 8
-20.5
-16.2
'fotn!" .....
$88,608
80,858
82,698
81,902
79,420
78,307
77,579
77,548
75,561
75,357
73,432
72,490
73,376
febi t8 to
~ Cbange
Waeo . . . . . . . . ...
Wiehita Falls ....
Combined Total
Reserve City Banko
Country Banko
Net demand Time Net demand Time Net demand Time
deposits deposits deposits deposits deposits deposits
1931 .... .. $523,797
OPt·' 1931 .... .. 508,850
0., 19a1
487,314
~OY.,
483,079
J CO.' 1931 .... .. 474,935
lI~b·' 1932 .. . .. . 408,172
M ., 1932 .... .. 409,110
401,557
!<par'ii:
445,050
~~y, 932 : : :::: 434,865
Jul e, 932 .... .. 422,594
1982 .... .. 421,727
g., 1932 .... .. 409,254
August
1931
$ 4,379
15,867
16,123
2,775
136,404
21,115
58,982
20,392
129,504
7,003
2,160
55,614
28,017
7,847
7,709
10,346
9,881
Abilene .........
Austin . . ........
Beaumont ..... . .
Corsieana .......
Dallas ...... ....
EI Paso .........
Fort Worth ......
Galveston .......
Houston ........
Port Arthur .....
Roswell .........
Son Antonio . . .. .
Shreveport ......
DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thousands of dollars)
~gt'
August
1932
S 3,337
14,073
11,588
2,074
117,010
13,145
44,699
16,123
100,720
3,902
1,701
42,085
20,802
4,885
6,619
8,228
8,237
Amount of
Savill~s
DepOSIts
2,957,332
25,257,377
3,243,310
11,217,008
10,052,365
30,206,629
1,774,297
14,373,718
9,934,262
5,546,274
2,312,448
23,744,528
--$ 140,020,148
Number of
Savings
Depositors
4,442
76,221
11,435
35,144
17,860
65,846
4,677
22,047
25,697
10,499
3,442
60,851
Amount of
Snvinl!8
DepOSIts
3,452,775
28,284,705
3,952,803
13,005,872
11,759,872
34,500,016
1,905,476
21,030,730
11,737,788
6,257,254
2,862,272
29,105,052
Peroenta~e Change
Over ear in
Savings Deposits
- 14.3
-10.7
-17.9
-14. 1
-14.5
- 12 .5
- 6.9
-31.7
- 15 .4
- 11.4
-19.2
-18.4
---
Numbor of
Savings
Depositors
0,032
73,976
10,836
34,137
16,591
53,059
4,266
16,534
24,229
10,390
2,860
56,474
Amount of
Savin~s
DepOSIts
2,948,480
25,375,390
3,236,812
11,216,154
10,125,448
30,181,511
1,761,760
14,324,285
10,004,211
5,593,528
2,297,056
24,204,545
Peroentage Chango
Over Montb In
Savings Deposits
.3
.5
.2
0.0
.7
.1
.7
.a
.7
.8
.7
- 2 .3
- 10.3
309,984
$ 167,921,215
S 141,359,192
338,158
Total. ..............
308,590
144
"Only 2 banko in Beaumont, 0 in DoUas, 9 in Houston,7 in Snn Antonio, 2 in Wiehita Falls, and 70 in "All others" reported tbe number of savings dopositors.
SEPTEMBER DISCOUNT RATES
+
+
+
+
+
-
-
+
-
.5
Prevailing rates:
-------------------------------------------~------~------~--------~------~------~------Dallas
El Paso
4- 7
5-6
6-8
5-6
Fort Worth
HouatoD
San Antonio
Waeo
----~~~------------------------------~~---I---~~--I--~~---I---~~-I---~~--I---------1--------5-8
5-6
lUtter~~rged cuatomers on prime commeroial paper suoh as la now eligible for
lUtte ehlaoount under the Federal Ucserv. Act . . . . .. .. . . .. . . . . .. .. .. . .. . .. .. .. .. .
lUtte ai ged on loana to other banks seoured by billa receivable .......... .. . .. ... .
Inoy Joana aecured by prime stoek exehange or other current eollatern! (not
c UDlDg loans placed lU other markets through correspondent banko) :
Ti:'~~~': : : ::: ::: : ::::::::::::::::::::::: :: :::::::::: : :::::: ::::: :::
ante oh
nate 0 arged on oommodity paper aeoured by warehouse reoeipts, etc . ..... . .. .. ... .
~ttle loana . ........... .... . . .... . ...... . ........................ , ."
5-6
5-8
4*,0
6-7
6-8
6-8
8
6-8
5-0
5-6
5-6
6
6-10
6-10
6-8
6-8
5-7
5-7
5-7
7-8
6-8
6-8
6-8
7-10
6-8
5~6
7-8
7-8
6-7
8
INDUSTRY
,
;
~Otton.seed
With ginnings of the current cotton crop
rOducts
considerably below the average, receipls
establ.
of cottonseed during August at Texas
vol Ishments were slightly smaller than the unusually low
ullle
tece.
of August, 1931. At all United States mills seed
COt/Pts, while above both the previous month and the
eSponding month last year, were considerably below the
average for August. On the other hand, crushings of cottonseed at both Texas and American mills were well above
normal, which resulted in the production of all products
during the month being maintained on an exceptionally
high level. Stocks of seed were reduced considerably as
compared with those a month earlier. Supplies of cottonseed oil on hand on August 31 were slightly above those a
------------------------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
6
-----------------------------------------------------------------------------------------month earlier, while inventories of all other products evidenced a reduction. Stocks of hulls and linters continued
above those a year ago.
sons with the corresponding month of 1931 at both dis'
tributing points continued very favorable. The combine~
receipts of cotton were considerably above those a mont
earlier and a year ago.
STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
Another month of heavy foreign exports of cotton fr~Il1
all United States ports was witnessed during August. ShlPd
ments were seasonally above the heavy July movements, an
were more than twice as large as those in August last y~a\
Exports totaled 452,154, bales during the month, as agalnh
44,9,4<76 bales in July, and 211,030 bales in the like mont
of 1931. August exports were also 42.8 per cent above the
1917-29 average for that month. Takings of American col'
ton by France, Italy, Germany, and several of the smaller
importing countries were substantially larger than in either
the previous month or the corresponding month a year ago.
TCXII8
United States
August 1 to August 31
August 1 to August 31
This Besson LlI8t Sell80n This Sell80n Lll8t Besson
Cottonseed received at mills
(tons) ... . ... . . ...... . .. .. .
Cottonseod erushod Itons) .....
Cottonseod on hand Aug. 31
(tons) ..... .. .. .. . ... .... ..
Crude oil produeod (pounds) ...
Coke and monl produoed (tons)
Hulls produeod (tons) . .... . . . .
Linters produced (running
boles) . .. ....... . ... ... ....
Stocks on hand August 31:
Crude oil (pounds) .... .. .. . ..
Coke and monl (tons) .. .. ... . .
Hulls (tons) .... . . ... .. . .. ...
Linters (running boles) .. . . .. ..
69,384
83,704
71,414
43,911
119,986
151,198
95,872
59,377
158,599
24,245,558
40,566
28,698
40,996
265,372
45,539,089
70,271
43,184
61,279
17,260,320
28,341
16,117
9,689
21,382
8,395
10,640,557
31,827
44,477
62,007
18,110,824
97,481
135,395
204,802
. . '1'0;':793
44,279
164,886
COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
(Boles)
Following the unexpectedly strong demand for textiles an increase materially
larger than seasonal was evidenced during July in the domestic consumption of cotton. Although
another decline was registered as compared with the like
month of 1931, it was not as sharp as those recorded during
the preceding three months. There were 4,02,601 bales of
cotton consumed during the month, which represents an increase of 44.5 per cent over the previous month, and a decline of only 5.3 per cent from August, 1931. Supplies of
cotton held by consuming establishments on August 31 were
noticeably smaller than those a month earlier, but continued above those a year ago.
Textile
Milling
The operations of reporting Texas textile mills likewise
evidenced an improvement during August. Both the consumption of cotton and the production of cloth were greater
than in July, but these activities were on a smaller scale
than a year ago. The demand for finished products, as
measured by orders on the mills' books at the close of the
month, was appreciably greater than that a month earlier
or a year ago. Stocks of finished products held on August
31 were smaller than those on either comparative date.
COTTON CONSUMED AND ON HAND
(Boles)
August
August
338,170
341,765
1982
Cotton - growing states:
Cotton consumed. ... . ......
Cotton on hand Aug. 81 inConsuming establishments
Public storage and compresses .. ...... . ... . . . .
Unitod States:
Cotton consumed. . . . ... . .. .
Cotton on hand Au~. 31 inConsuming estabhshmcnts.
Public stornge and compressos .... . . . . . ... . .. .
Cotton
Movements
1981
August 1 to August 31
This SCll80n Lll8t Sell80n
546,006
6,101,982
426,030
341,765
826,312
402,601
388,170
4,071,766
402,601
425,030
1,090,421
840,788
6,547,568
4,426,399
Despite an unusually sharp decline as
compared with the previous montn in
exports of cotton through the port of
Galveston, the opening month of the 1932-33 cotton season
witnessed a sustained foreign demand for American staple.
Shipments from Houston, which evidenced a material increase over July, were more than sufficient to offset the
reduction at the former port, consequently, the combined
exports reflected a normal seasonal increase. The compari-
-----------------~==~----------------August
Receipts .... . ..... .. ..... . . . .
Exports .. ... ..... ........ . . .
Stocks, August 31. . . . ... .... .
1932
33,030
50,526
Auguat
1931
7,776
23.365
,",uguat 1 to Auguat 31
This Season LlI8t ScaBon
33,030
59,526
435,683
7,7r~
23,3""
386,473
COTTON-GALVESTON STOCK STATEMENT
(Boles)
----------------------~~---------------------August 31, August 31,
For Grcot Britain . .. . ..... . .. . .. ... . . ... .. ..... . .... .
For Franco ... . ........... .. .. . . • .. . . . .. . . . .. . .......
For other foreign ports .. ... .. . . .. . .. . . ....... .. ...... .
For ooastwise ports . . .. . .............. . ... . .... ... .. . .
III comprcsses and depots .................... . ..... ... .
1932
1,800
1,100
13,000
500
410,283
Totnl. .. . . .... . . . .. . . . .... .. . .. ... .. . . . . . .
435,688
1931
500
500
5,~~
-
378,473
385,473
r-==========================~
COTTON MOVEMENTS 11HROUGH THE PORT OF HOUSTON
(Bales)
----------------------~-----------------------August 1 to August 31
August
Auguat
Receipts . ..... . . . . ......... . .
Exports . . .. ... .. . . . . . . ..... .
Stocks, August 31. .. . ....... .
1932
84,281
179,916
1931
47,298
81,527
This Sell80n Last ScaBon
84,281
170.915
977,242
47,2~~
68861,,~82
SEASON'S RECEIPTS. EXPORTS. AND STOCKS OF COTTON AT ALL
UNITED STATES PORTS-(Bales)
--------------------------~~-----------August 1 to August al
ThIs Season Lost Scns~n
Receipts ....... . . . . :.. . .. .. .. .......... •..............
400,728
21~,g~
Exports: Umtcd Kmgdem . . . . . . . . . . . . . . . . .. . . . .. . . .. .
67,353
6'964
France... . ..... . . . .......... . ... . ...... . ...
76,003
22'083
Italy.... . ...... .. .................. . . . .....
42,524
21'432
Germany . .. . ... . .... . ...... . ...... .. .......
104,868
33'440
Otber Europo.. . .. . . . .. . . .. .. . . .. .. . . . . . . .. .
65,011
53' 116
Japan . . . . . . . . . . . . .. . .. . . . . . . . . . . .. . . .. . . . . .
58,464
67' 921
All other countries. ........ . .... ... .. ... .....
47,931
11'030
Total foreign ports. . . .................... . ..
452,154
2 ~lI'03a
Stocks at all UDltod States ports, Aug. 31..... . . . .. ... ... 3,282.514
"
SPOT COTTON PRICES-(Middling BlI8ia)
(Cents por pound)
_____
------------------------~----A-Ug-u-st-,-19-3-2----:Se=-pt. 16,
Higq
NewYork ... . .. . ... . ... . .. .. .. . ... . ... . .
New Orlcons . .. . .. . . . ................... .
DaUIl8 .. . .............. . .. . ....... .. .. ..
Houston . .... . ........... . ............. .
Galveston . . ..... . ............ . ......... .
Low
9.20
9.08
8.55
9 .00
9.05
5.90
5.75
5.26
5.60
5.65
1932
~:~
6.70
7.10
7.05
-----------------------------------------------------------------------------------------------------------MONTHLY BUSINESS REVIEW
7
-----------------------------------------------------------------------------------------------------------Petroleum
There was a decrease in the amount of
oil produced in the Eleventh Federal
Reserve District during August. The total yield was placed
at 2~,682,040 barrels, as against 29,209,600 barrels in the
pr~vlOUS month, and 36,588,600 barrels in August, 1931.
Dally average output declined from 942,245 barrels in July
to 925,227 barrels in August. Drilling activity showed a
Illaterial expansion, as was evidenced by the fact that 1,062
Wells were completed in August as compared with 862 in
July. The combined initial yield from new producing wells
~Il\ounted to 5,560,240 barrels, as against 4,602,184. barrels
In the previous month, and 2,810,574 barrels in August last
year.
were substantial declines in production in both New Mexico
and North Louisiana.
AUGUST DRILLING RESULTS
Completiolls
Producero
North Texas . ......... .. .. .
Central West Texas .........
East Central Tnxns .... .....
South Texas . ... ...........
Texas Coastal.. .... ...... . .
116
63
604
05
62
Total Texas . .. ....
Now Moxieo . ..............
North Louisiana ....... . ....
Aug. totals, distriet ...... . .
July totals, distriot_ ........
8 The daily output of Texas fields during August averaged
64,,500 barrels, which is 12,550 barrels less than the July
i~erage, and 241,993 barrels below the level of August,
E 31. While most sections participated in the r~duction,
ast Texas was responsible for the greater part of It. There
~~~:~rwas
................ .
Inorcnse or Doorcnse Ovor
July, 1032
Total
Daily Avg;
1,692,600
104,400
198,000
383,700
122,900
54,600
7,750
- 125,550
- 207,600
+ 06,100
54,250
+
-
New MeJotal Texas . . . . .. . .. 26,799,500
North Loui~i~~;'-::. :: :: :: :: :: : l'~~~:~gg
864.500
32,450
28,277
-
389,050
07,650
40,860
4
4
57
24
14
45
18
6,860
6,081
5,406,600
18,826
21,666
1,020
6
36
846
4
11
16
158
2
24
5,550,033
7,775
2,432
1,062
862
861
726
17
18
184
118
6.560,240
4,602,184
7
1
Total Distriot... .. ... 28,682,040
025,227
-
627,560
Initial
Production
Sopt 0,
Sept 8,
1032
$1.00
1.00
1981
$ .66·
.70
(Oilstatistios oompiled by 'fhe Oil Weekly, Houston, Texas)
Building
The valuation of building permits issued
at leading centers during August totaled
$1,014,495, being 20.1 per cent larger than in July, but 63.4
per cent less than in August last year. The comparison with
a year ago was the most favorable recorded in three months.
The number of permits reported showed a material gain and
amounted to 1,527 in August, as against 1,184 in the previous month, and 1,733 in August, 1931.
-12,550
- 3, 150
- 1,318
-17,018
o.s . . • . ,', .... .. .•..•
55
35
680
43
33
Texas Coastal (40 gr. and abovo) .. ......... ...... ..... .
North Texas and North Louisiana (40 gr. and above) .... .
·Price paid for Texas Coastal, 35 gr. and above.
lln8t C est Texas .... .. . ... . 6,165,000
Te cntral Texas .......... . 11,894,700
So~:b T~;stal. ....... . . .... . . 3,800,000
3,236,400
Failures
CRUDE OIL PRICES
OIL PRODUCTION- (Barrels)
August, 1032
Total
Daily Avg.
Gas
Wells
250
4,050
0,600
3,100
1,750
BIDLDING PERMITS
August, 1932
August, 1931
116
80
42
270
/ 60
, 147
127
835
64
244
170
22
12
S 363,387
124,188
75,726
61,050
293,005
80,103
403,223
56,092
812,185
14,876
361,033
85,647
20,060
13,580
-90.6
-41.5
-74.0
-77 .2
- 12.8
+16.0
- 80.5
-34 .8
- 77.4
--43.0
-66. 0
-23 .4
- 8.0
- 74.4
15 $ 8,352
91,392
93
12,135
74
11,026
35
201,831
242
19,006
37
158,245
04
41,089
07
135,088
170
5,696
27
120,516
151
17,456
103
16,887
20
4,053
17
+311.2
- 20 .5
+ 62.3
+ 27.9
+ 26.5
+367.2
- ,50.4
- (-11 .0
1,527 $1,014,495 1,733 $2,774,145
63.4
1,184 $ 844,572
+ 20.1
Valuation
A;;-- -- ------ - rillo .......
44
14
Aust
Beau10 ..•••• .• •
mont ......
Carr, Christi..
~s
W:: ::::::.
torth ....
co on ... .. .
h~r:::
:
Onto ..• .
rt .... .
\a·F.iJ~···
Tota\. .....
Percentage Ohange
Valuation Ovor
Month
Valuation
No.
No.
83 $ , ~~:~~~
19,696
85
14,098
36
335
255,390
03,001
44
78,480
117
36,562
239
208
183,480
39
8,349
144
122,643
136
65,577
29
26,738
18
3,478
-- ----- - -
Eight Months
July, 1932
Percentage Change
Valuation Ovor
Year
Valuation
No.
An increase of 16.9 per cent was reat T
flected in the output of Portland cement
to 3~xas mills during August. Total production amounted
Vio 5,000 barrels, as against 278,000 barrels in the pretno uS month, and 644,000 barrels in the corresponding
nth last year. A large gain of 25.7 per cent was shown
+£~U
+ ' 1.8
+276.7
j 58.3
- 29 .8
1932
No.
Valuation
175 S 249,747
721
4,878,068
243,021
677
269
115,881
2,237
1,873,417
253,572
300
1,014
1,068,175
1,083
413,098
1,660
2,142,080
310
72,212
1,321,203
1,441
064
318,096
251
250,051
474,897
126
Poreenta~e
1931
No.
Valuation
391 S 2,323,289
Chango
ValuatIOn Ovor
Poriod
768
822
417
2,538
563
1,525
099
2,578
487
1,821
1,194
217
01
1,662,904
940,256
416,780
3,434,605
841,701
3,456,133
1,706,842
8,826,094
855,032
2,033,554
762,301
1,650,156
134,105
- 89.3
+193 .3
- 74.2
- 72 .2
- 45.5
- 69 .9
- 69 .2
- 77.0
- 75.7
- 01.6
- 35.0
- 58.2
- 84.2
+254.1
11,237 513,670,327 14,411
$29,133,882
53 .0
in the volume of shipments from these mills, although the
total, amounting to 386,000 barrels, was still 42.1 per cent
less than a year ago. There was a further reduction of 9.3
per cent in stocks on hand, and at the close of the month
inventories were at about the same level as a year ago.
PRODUCTION, SIDPMENTS, AND STOCKS OF PORTLAND CEMENT
_____________________________________________~(~In~t=h=ou=sa~n~ds~o~f_
b_.r_ro_ ______________~~:=~=__;~~~-----------ls~)
Jan. tbrough
~ obango from
uly
August
August
August
{;: ohange
1032
1031
1032
81
rom year
325
386
605
+16.0
+25.7
- 0.3
-40.5
-42 .1
+ .3
2,465
2,585
-41.4
-41.3
~--------------------------~~~~~~~~===-=======---------------------------8
MONTHLY BUSINESS REVIEW
----------------------------------------------------------------------------------SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board as of September 22, 1982)
Volume of industrial pIoduction increased from July to
August by consideIably more than the usual seasonal
amount, reflecting chiefly expansion in activity at textile
mills. Wholesale prices advanced dUIing August and the
general level prevailing in the first three weeks of Septem·
ber was somewhat higher than in other recent months. There
was a further growth in the country's stock of monetary
gold and a non·seasonal return flow of cmrency to the Reserve banks.
PRODUCTION AND EMPLOYMENT
Industrial output increased substantially in August and
the Board's seasonally adjusted index showed an advance
from 58 to 60 per cent of the 1923-25 average. Activity at
cotton, woolen, silk, and rayon mills increased from the low
level of other recent months by considerably more than the
usual seasonal amount, and there was also a substantial increase in activity at shoe factories. Output of automobiles,
however, declined further and production in the steel and
lumber industries showed none of the usual seasonal increase
in August. During the first three weeks of September there
was a slight advance in steel output. Employment at factories increased slightly more than is usual at this season.
There were large additions to working forces in the textile,
clothing, and leather industries, while in the automobile,
tire, and machinery industries, and at car-building shops the
number employed decreased further. Aggregate wage payments increased less than seasonally. Building contracts
awarded up to September 15, as reported by the F. W. Dodge
Corporation, indicate that for the third quarter the total
value of contracts will be about the same as for the second
quarter, whereas usually awaIds for the third quarter are
smaller. Currently, contracts for public wOIks are a considerably larger part of the total than they were at the beginning of the year and residential contracts are a smaller
part. The Department of Agriculture's crop estimates, based
on September 1 conditions, indicate little change in prospects during August. Indicated crops of wheat and tobacco
are considerably smaller than in other recent years, while
the :corn crop is the largest since 1925. The cotton crop is
estimated at 11,300,000 bales, a decrease of about 6,000,000
bales from the large crop of a year ago.
DISTRIBUTION
Volume of merchandise and other freight handled by
the railroads increased seasonally during August, while duro
ing the corresponding period a year ago no .incr.ease wad
reported. Department store sales of merchandIse Increase
from July to August by somewhat less than the usual sea'
sonal amount.
'
WHOLESALE PRICES
Wholesale commodity prices advanced from M.5 per
cent of. the 1926 average in July to 65.2 per cent in August;
acc~r~mg to ~he monthly index of the Bureau of Labili.
o
StatIstICS. Dunng August prices of many leading cornrn
ties, including textile raw materials and finished products,
lfee
wheat, hides, non-ferrous metals ' sugar, rubber , and coh re•
.
mcreased substantially. In the first half of September t. ~
were declines in the prices of many of these commodl~de5'
while prices of wool and woolen goods, cattle, and hI es
advanced.
BANK CREDIT
D .
gold
urmg recent weeks further growth in monetary. ues
stock, a return flow of currency from hoards, and nell' ISS h
of national bank notes have resulted in additions to t d
reserve funds of member banks. These banks have employe t
a part of the funds in fUItheI reducing theiI borrowingsr:e
e
the Reserve banks and have accumulated a part as res OO '
balances, which at the pIesent time are more than $3
?OO,OOO in .excess of required reserves. Reserve bank ~~ t.
C
Ings of Umted States Government securities and of ac P
kS
ances remained practically unchanged during the four weed't
ending September 14, while the total of Reserve bank cre ~
declined by $44.,000,000 through the reduction of diSCOU~.
e
for member banks. Loans and investments of reporting 111 the
be,r banks in leading cities showed little change between her
mIddle of August and the middle of September. A furt ut,
d.ecline of more t~18n $150,000,000 in loans by banks aset
~lde New York CIty during the past four weeks was 0, 5,
m large part by continued increase in investment holdIng Il
as
chiefly at member banks in New York City. There w ks
an
consid.erab~e growth in deposits of reportin~ ~ember h fo ;
reflectIng m part larger balances held by cIty banks rket
the a?count of other banks. Money rates in the open 111; the
remamed unchanged at low levels during August an
first half of September.
ld.
@FedFRASER