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MO NTHLY BUSINESS REVIEW
OF THE
FEDERAL RESERVE BANK OF DALLAS
CHAS. C. HALL-W. J. EVANS
Assistant Federal Reserve Agents
C. C. WALSH
Chairman and Federal Reserve Agent
(Compiled August 15, 1935)
Volume 20, No.7
Dallas, Texas, September 1, 1935
~hls copy Is r eleased f or pubhcatlon In afternoon papers--
August 31
DISTRICT SUMMARY
-
THE SITUATION AT A GLANCE
Eleventh Fc<ieral Reserve District
July
)935
Dank dobita to individual acoouuta (at 18
D oities) ...... . .. .. . . ....... . ........... . . .
epartlOont B Bales ... ...... . . . ......... .
tore
nCBerve bank loanB to memhor bankB at ond
nof month . . .... . . . ..... .. ....... . ..... . . .
~ervo bank ratio at end of month . .. ...... .
~uliding permit valuation at larger centers . .. .
Commoroml failures ~nUmber) .... .. . . ... . ... .
01mmercial failures liabilities) ...... . ...... .
-.!.. prc<iuotion (barre B .... . ......... . •.....
)
5742,808,000
Chauge from
Juno
+ 25. 3%
606,935
67.5%
$ 2,005,697
19
$
196,834
35,153,150
17 .5%
+$243,200
::: u~ pointa
9 .5 0
- 38 .6
3.9 0
+
. A betterment in the condition of the agIicultural and
h~estock industries and a broadening demand for merchan-
dl se in wholesale and retail channels were constructive de~elopments in the Eleventh District during the past thirty
I ays. Sales of department stores in principal cities showed
ess than the usual seasonal decline, and the gain of 15 per
~ent as compared with a year ago was the largest similar
lncrease reported during the current year. Distribution of
lllerchandise at wholesale was also in large volume for this
season. Sales in most lines reflected a greater than seasonal
expansion between June and July, and the volume of busi~es~ Was substantially larger than a year ago. Trade reports
lndICate that the growing optimism occasioned in part by
~he f~vorable agricultural prospects is being reflected in the
I.eavler forward orders being placed by retailers in some
tnes and the expanding volume of consumer buying. Paylllents on accounts at wholesale and retail establishments
Were well in line with those of the previous month.
bfhe position of agriculture was strengthened by favora e weather conditions, which were conducive to larger
yields of most crops. On the basis of the August 1 report
of the Department of Agriculture, the production of feed
crops in this district will be the largest in several years, and
farmers generally will have ample supplies to meet next
year's requirements. The indicated yields of most minor
crops are also considerably larger than a year ago. The
cotton crop has made good progress and the August 1 report of the Department of Agriculture forecasts a substantial increase in the per acre and total productions. The
most serious deterrent to the crop is the heavy infestation
by boll weevils and other insects. In some sections weather
conditions have been conducive to their propagation and
have counteracted efforts to contlol them. Except in limited
areas where moisture is still deficient, ranges are in good
condition and livestock generally are improving.
The loans and investments of member banks in selected
cities reflected an expansion between July 10 and August
8 and on the latter date were substantially larger than a
year ago. The daily average of combined net demand and
time deposits amounted to $812,870,000 in July, which
was $10,357,000 larger than in June, and $93,847,000 in
excess of the average in July, 1934. While member bank
borrowings at the Federal Reserve Bank increased during
the past month, the volume of these loans continued small.
Federal reserve notes in actual circulation totaled $61,044.,000 on August 15, as compared with $53,643,000 on
Jul)'115, and $4,2,121,000 on the same date last year.
Following the decline in June, there was a slight increase
in valuation of building permits issued at principal cities
in July. The value of permits issued was 2 per cent above
the June volume and exceeded that in the corresponding
month last year by llS per cent.
BUSINESS
1Pholesale
r rade
Favorable comparisons with both the
previous month and the same month last
year were shown in the combined sales
Of reporting wholesale firms in this district during July.
Jn y one line reported a less favorable comparison with
nne. than is usual at this season, and with one exception
hnes reflected a better comparison with the same month
:~hyear than was registered in June. Increases as compared
It July, 1934, ranged from 1.0 per cent in the case of
i
dry goods to 11l.9 per cent in the case of farm implements.
The favorable agricultural outlook has stimulated buying
in most lines and has created a more optimistic sentiment
in trade circles. A larger volume of collections than in the
previous month was reported in July in the case of all
lines except hardware.
A somewhat larger than seasonal improvement was reflected during July in the demand for dry goods at whole-
This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
MONTHLY BUSINESS REVIEW
2
sale the total sales of nine firms in this district being 18.7
per 'cent greater than in the .preceding month, and 1.0 per
cent above those reported m the same month last y~ar .
Recent reports indicate a large volume of early fal~ bl!ymg,
with business during the first part of Augu~t contmumg to
reflect heavy seasonal purchases. Inventones on July 31
were 18.0 per cent smaller t~an on that date a year ~go.
As compared with the preVIOUS month, July collectIOns
showed an increase of 2.7 per cent.
cent. There was a further substantial gain in the volume
of collections as compared with the previous month.
A majority of reporting wholesale grocery firms in this
district reported an improvement in the demand .for merchandise during July. Total sales were well sustamed at a
level 0.1 per cent above the previous month's volume, and
a gain of 16.7 per cent over July last year was reflected.
In June the increase as compared with a year ago amounted
to 12.7 per cent. A further material reduction in stocks on
hand was shown during the month. July collections were in
somewhat larger volume than those of the preceding month.
CONDITION OF WHOLESALE TRADE DURING JULY, 19S5
Percontago or inoreaso or decrenso in-
Groceri es ........... .
Drygoods ........ . ..
Farmimplemonts .....
Hardware .... .... .. .
Drugs ... ............
Not Sales
July, 1935
compared with
July.
June,
1934
W35
+ 16 .7
+.1
+ 1.0
+18.7
+111.9
-25 .3
+ 18.2
+ 3.1
+ 24 .7
+19 .5
Stooks
July, 1935
ccmpared with
Jul y,
June,
1934
1935
+3 .5
-4. 0
- 18. 0
+ 5.3
+29. 0
+ 126
-.3
+.5
+.7
+ 2.4
Rntio or eollec·
tions during Ju lY
t o accounts ~n d
notes outstnndlllS
on June 30
79 .1
34.8
9.5
42.4
52.0
The mid· summer recession in the busi~~sS
.
. , 1 Clues
of department stores m pnnClpa
'0'
of the Eleventh District was less p. h
I
nounced than usual. Despite the deterring effects o~ hig
·
as
temperatures the deman d f or merch an dIse was actIve 1
is evidenced' by the fact that total dollar volume .of
Distribution of hardware at wholesale turned upward in reflected an increase of 14,.7 per cent over that m. u~;
July. Wholesalers in the Eleventh District reported more 1934., and the 17.5 per cent decline as compared WIth 'a
business than in June, despite the contrary-to·seasonal in- previous month ~as considerably smaller than the a~el r1e
crease which occurred in that month, and their sales showed for July. Reflectmg the smaller than seasonal dech?e d
an expansion of 18.2 per cent as compared with July a year business during the month, this bank's seasonally adJus te t
ago. This is in contrast to the trend during the first half index of department store sales rose from 80.5 l?er Jc:rn,
of the current year, when aggregate sales were slightly below of the 1923-25 average in June to 83.7 per cent m d'~.
those reported in the first six months of 1934. A seasonal and compares with 76.0 per cent in July, 1934. Total 10f
decrease was reflected in the amount of collections during tribution of merchandise durin" the first seven months .
July.
o
an m
the current year was 5.6 per cent greater t h ' th e corre
sponding period of 1934.
Having shown a substantial decline in June, the distribu.
tion of drugs through wholesale channels picked up apInventories of merchandise at reporting stores on JU~~
preciably during July, and recorded an increase of 24..7 31 were practically the same in dollar volume as ~ne t of
per cent over the same month in 1934. The increase over corresponding date last year, but a seasonal decllll inr15
the previous month amounted to 19.5 per cent. In the case 6.8 per cent was reflected as compared with the hold "n
of both comparisons the improvement was general through. on June 30. The rate of stock ~ turnover during tl~~ sr71
out the district. The rate of collections on outstanding months ending July 31 was 1. 76, as compared WIth
accounts was about the same as in June.
in the same period of 1934.
While the demand for farm implements reflected a partly
Collections on both open and installment acc.ounts du~~
seasonal decline during July, it showed the most favorable July were at approximately the same rate as I~ June. 11
comparison with a year ago that has been reported since ratio of collections to open accounts outstandmg on Ju d
January. The decrease from June amounted to 25.3 per 1 was 38.4 per cent, as against 38.6 per cent in June, an
cent, and the gain over July, 1934, amounted to 111.9 per
35.3 per cent in July, 1934.
Retail
Trade
tt
in
BUSINESS OF DEPARTMENT STORES
Tot"l sales (peroentage):
Dallas
Fort Worth
y
5, oompar::! w!th July, 1934 ....... ...... .. .. ...... . .......•••... . .....
}ul '
+22.0
+ 6.0
u y,
5,oompar With June, 1935 ........................ .. .... ...... ...... .
- 15 . 1
- 10.7
January 1 to date compared with same period last year ... .... ... •...•... . ..... . ..
+10.4
+ 2.9
Credit sales (pcroontage):
y
}ul ' t~~5, oompared W!t11 July, 1934 .. . .... " .. . . .. . ........ . •..•.........• . ...
+27.0
+13.8
u y,
5, compared With Jun~, 1935 ................ . .. . .......... ... ......... .
- 14 .7
- 16 .5
January 1 to date compared With sarno period last year .......................... .
+14.4
+ 7 .6
Stocks on hand at end or month (percentage):
}u\y, m~' eompar::! W!t~ JJUly, 1934 .......................... .......... .... ..
- 2.6
-1.9
u y,
,compar Wit UM, 1935 .............................. . ........... :
- 7.6
- 4.8
Stock turnover (ratc):
m
tt~ ~[:t:t ~~~~~~~~ i~ }~\y, m~" """"" " "" " """ " """ "" " ""
llnte or stook turnover Janun~y 1 to 'i~ly' ai" i934' ...... ........................ .
Rate or stock turnover January 1 to July 31: 1935: :: :: : ::::::: : :::: ::: :::::::: :::
nat~o or July colleotions to open acoounts receivablo outstanding July 1, 1935 ........... .
RatiO or July collections to installment accounts receivable outstanding July 1, 1935 . .. . . .
Indexes to department store sales:
Unadlusted-June, 1935 .... .. .. '" ... .. ...................................... .
~d~~t::d~~~~~'9~~35 . . ... .....•• ,. ' " .........•.............. . . .......• ... .
Adjusted- July, 1036 .' ::::::::::::::::::::::::::::::::: .••.. . ........••.. . ....
Indexes or department store stocks:
............ . . ........ .
Unadjusted-Juno, 1935 .. ....... ......... . . .
Un!"ilustod-July, 1935
................................. .
Adjustod-June 1935 .. : :: ::: :··· ··· ······· ··· · ·· ······· · ·····.··· ...• .. ......
Adlustod-July: 1985
... '" ......................................... .
........... ......... .................................... ,
-
Houston
+10.8
- 17 .0
- 1.2
S.n Antonio
+13 .8
-20 .0
+ 7 .5
Others
+ 13 .3
-20. 1
+ 4.6
Total Distriot
+14 .7
- 17 .5
+ 5.0
+15.6
- 18.8
+ 3.9
+14 .1
-23. 4
+ 10 .2
+17.7
-23. 0
+ 7.2
+19.9
- 18.3
+ 9.9
- 2.1
-14.7
+ 13 .5
+ .3
-
-
2 .4
6.0
.3
0.8
.19
.22
1. 71
1.70
38.4
13 .0
.21
.20
1. 88
2.02
38.3
14.7
.18
.19
1.43
1.47
32.5
11.2
.18
.21
1. 72
1.66
40.4
.23
.24
2 .09
1.97
43.2
10.6
74 8
61.0
80.0
92 .4
70.2
63.4
84.3
84 .5
76.4
62.8
72 . 1
89.7
69.4
50 .3
70.8
74 .0
74.1
58.0
80.5
83.7
48.6
44.3
50 .6
47 .6
63 .6
60.5
06.9
65.8
42.0
38.7
47.7
43.5
42.3
42.9
48.1
49.3
53.1
49.8
50 .5
54.7
. 16
.18
1.42
1.49
37.8
16.5
I
t
f
)
MONTHLY BUSINESS REVIEW
The past month witnessed a decline in
both the number and liabilities of commercial failures in the Eleventh Federal
Reserve District. According to the report of Dun and Brad-
Commercial
Failures
3
street, Inc., there were 19 commercial failures in July with
a combined indebtedness of $196,834~ as compared with 21
defaults in June involving $320,4,09, and 22 insolvencies in
July, 1934., with total liabilities of $361,166.
AGRICUL TURE
Crop ConFavorable weather during the past month
ditions
was very beneficial to growing crops and
.
the present outlook is unusually promisIng. The Department of Agriculture in its August 1 report
stated that the indicated production of all Texas crops
except wheat is much larger than in 1934, and increased
production is forecasted for most crops in other states
attached to this district. The figures compiled by the Department show that the indicated yield per acre of 32 important crops combined, August 1, 1935, (expressed as a
percentage of the ten-year (1921-30) average yield) was
as follows for states attached to this district: 'fexas-123.1;
Lo uisiana-12l.2; Arizona-116.8; New Mexico-l05.1;
and Oklahoma-l0l.3.
The cotton crop made good progress in most sections
of the district during the past month. The estimated production for the Eleventh District, as compiled by the Federal
Reserve Board from the August 1 report of the Department
of Agriculture, was placed at 4.,561,000 bales, which comP~res with 2,934.,000 bales harvested in 1934,. The per acre
YIeld in Texas was estimated by the Department at 168
Pounds, whereas the yield was only 112 pounds in 1934..
Aggregate production was placed at 3,851,00 bales as
against 2,406,000 bales last year. The Department indicated
that prospects are for a below average yield in south and
Southeast sections due to insect damage and the detrimental
effects of rains in' May and June. Efforts to combat the boll
Weevil and other insects in the east and north Blackland
sections were hampered by frequent showers in July, but the
~~'op is in generally good condition. In the Northwest and
;~orth·Central Plains areas, which were most severely afrected by the drouth of 1934~ the crop is late but the present
outlook is for a good to excellent yield. The Louisiana crop
promises a production of 611,000 bales as compared with
an output of 485,000 bales last year. In Oklahoma the indiCated yield was estimated at 827,000 bales, whereas the poor
Clh'OP of 1934 produced only 317,000 bales. There is little
c ~nge from a year ago in the estimated production in
~l'lzona and New Mexico as the larger acreage is offset
y the lower yield per acre.
!,<n unusually large volume of feed has been produced in
thIS district during the current year. The Texas corn crop
~eflected a further improvement in July and the August 1
orecast was for a production of 111,326,000 bushels, which
COlllpares with a harvest of 4.5,873,000 bushels in 1934.
~he current crop is the largest produced since 1910 and
~ ,ere were only a few years in which the per acre yield was
,llgher than the 19.5 bushels estimated for this year. Large
Increases in the production of corn were also forecast for
o~h~r states attached to this district. The area planted to
~laln sorghum in Texas was increased from 4,482,000 acres
In 1934 to 5,378,000 this year. The crop has made excellent
gro.wth and indicates a production of 86,048,000 bushels,
~hhich is nearly five times larger than last year's harvest and
d e ~argest ever produced in the State. The indicated proUction of this crop in New Mexico and Oklahoma is also
\lluch larger than in 1934,. The prospective production of
hay is considerably larger than a year ago in all states
attached to this district. The largest increases were shown
for Texas and Oklahoma where production of tame hay
for the current year was estimated at 626,000 tons and
647,000 tons, respectively. The estimate for the Eleventh
District, as compiled by the Federal Reserve Board from the
August 1 report of the Department of Agriculture, was
1,020,000 tons, as compared with a harvest of 724,000 tons
in 1934,.
The condition of the rice crop in Texas was estimated
at 92 per cent on August 1, indicating a production of
8,910,000 bushels as compared with an actual yield of
7,738,000 bushels last year. Sweet potatoes in Texas reflected
a further improvement in July and the August 1 estimate
of 5,822,000 bushels compares with a production of 3,300,000 bushels in 1934, when the crop was injured by the
prolonged drouth. A substantially larger production was
also forecast for Oklahoma and Louisiana. The production
of fruits in Texas and Oklahoma was substantially larger
than a year ago. The outlook is for a large harvest of broomcorn in Texas, Oklahoma; and New Mexico due to the increased acreage and better growing conditions than in the
previous season.
The condition of livestock and their
ranges continued generally favorable
throughout most of the territory of the Eleventh District
during the past month. The Department of Agriculture reported that Texas ranges are in good condition, except in
the northwestern portion of the Panhandle and in the
western portion of the Trans-Pecos area; that prospects for
fall and winter range feed are very favorable; and that
there will be a tendency to hold and restock except in
limited dry areas. Portions of New Mexico are still suffering
from a deficiency of moisture, particularly the southeast
and southwest sections. In Arizona, the late July and early
August rains were beneficial to ranges and supplied needed
stock water. Livestock generally are in good condition, but
are beginning to show the effects of short feed in the dry
areas. The Department of Agriculture estimated that the
lamb crop in New Mexico and Arizona would be approximately the same as in 1934" but in Texas there was a further
substantial decline due to the fewer breeding ewes and the
smaller percentage of lambs docked. The estimated production of wool was smaller than last year in all three states.
Livestock
The condition of cattle ranges in Texas, as estimated by
the Department of Agriculture, failed to show the usual
seasonal decline in July and the August 1 figure of 86
per cent of normal compared with 50 per cent on that date
in 1934.. Sheep and goat ranges reflected a smaller than
seasonal decline, the condition figure being 87 per cent
on August 1 as compared with 89 per cent a month earlier,
and 55 per, cent a year ago. The condition of cattle showed
a counter-to-seasonal rise of 2 points, the August 1 rating
being 86 per cent as against 60 per cent on the same date
in 1934,. Sheep improved 1 point in July and the August
1 figure of 87 per cent compares with 68 per cent on that
MONTHLY BUSINESS REVIEW
4
date last year. While the condition of goats remained unchanged between July 1 .and ~ugust 1 the 89 per cent
condition figure was 16 pomts hIgher .than o.n the same date
last year. The condition of ranges.m Anzo~a and New
Mexico declined during July but contmued notlCeably better
than a year ago.
Movements
and Prices
The Fort Worth receipts of cattle and
calves in July were larger than in June,
but fell considerably short of a year ago.
The arrivals of hogs reflected a further decline from the
previous month and were sharply lower than in July, 19?4.
While the receipts of sheep showed a large seasonal declme
from the previous month, they were substantially greater
than in July last year.
There was a general lowering of v~lues on slaught~d
cattle during the past month. While pnces turned upwal
late in July there was a narrowing of demand and a weak?l'
market ton~ in the subsequent two weeks. The advance 111
the hog market, which began early in July, has been vel'~
rapid. The best offerings on August 15 brought $11.85,.01
approximately $2.00 more than offerings a month earhet
Sheep prices have remained generally steady but lam
prices have shown a slightly upward trend.
FORT WORTH LIVESTOCK RECEIPTS
(Number)
Cattle ..... . .... .
Calves ......... .
Hegs .. .. .... . .. .
Sheep .......... .
July
1035
70,482
20,267
11,667
62,618
July
1934
84,813
30,082
33,038
43,074
Change over
year
-14,331
- 0,825
-22,271
+10,644
June
1036
60,300
22,361
12,827
110,436
Change over
month
+ 1,173
+ 6,890
- 1,160
-47,818
COMPARATIVE TOP LIVESTOCK PRICES
(Dollal8 per hundredweight)
Beef steers ..... . . . .. . .. . ...... . ...... . . . .
Stocker steers . . .......... . ....• . .........
Heifers and yearlings .. . ......... . ....... .
Buteher eows .. . ......... . .............. .
Stocker eows ............ . ............... .
Calvca ................................. .
Hegs .................................. .
~~:Cs:::::::::::::::::: ::: :::::::::::: :
3.60
June
1035
$10 .60
7.00
10 .10
7.00
"4'.50
"7'.75
July
1036
S 0.76
July
1034
S 7.85
.io·.il5
"7:00
0.50
.. 8:00
10 .60
4.00
7.60
0.70
4.50
7.50
4.70
3.00
7.00
FINANCE
Condition of
M ember BanI,s
in Selected
Cities
Following a decline during the previous
period, the loans and investments of
member banks in selected cities reflected
a substantial increase during the four
weeks ending August 7. Investments in
United States Government securities were increased $2,790,000 between July 10 and August 7, and holdings of all
other securities rose $3,627,000 in the same period. As compared with August 8, 1934, holdings of United States Government securities were $25,175,000 smaller while those
of other securities were $29,877,000 greater. Loans on se.
cUl·ities reflected a further decline between July 10 and
August 7, and on the latter date were $16,297,000 below
those a year earlier. "All other" loans (largely commercial)
totaled $133,605,000 on August 7, which was $655,000
greater than on July 10 and $8,396,000 larger than on the
corresponding date in 1934. The net demand deposits of
these banks rose $16,160,000 during the period but the
increase resulted principally from the transfer of ownership
for a cash consideration of a large corporation. The time
deposits of these banks declined $1,161,000 during the fourweek period, and on August 7 were $1,736,000 lower than a
year ago. Their reserve deposits with the Federal Reserve
Bank showed a considerable increase over both comparative
dates.
$398,000 on the corresponding date last year. Mem~:d
banks borrowing from the Federal Reserve Bank numbel
32 on August 15 as against 23 a month earlier, and 17 at
the middle of August, 1934. Outstanding industrial advances
to established industrial and commercial businesses for
working capital purposes showed a slight declin~ betw.ee
July 15 and August 15. This bank's investments III UnI~\
States securities totaled $81,475,000 on August 15, whleh
represents an increase of $5,000,000 over holdings a mont
earlier, and $10,000,000 over those a year ago. The rese~ve
deposits of member banks reflected wide fluctuations dun~g
the past month. The aggregate of these deposits ,,:as $12{
088,000 at the middle of August, as compared WIth $li
050,000 on July 15, and $114,961,000 on the same date as
year. Federal reserve notes in actual circulation rose t
$61,044,000 on August 15, which represents an increase 30
$7,401,000 during the month, and an increase of $18,923,~
as compared with a year ago. The recent increase was ~~
to the seasonal demand for currency, the replacement. h.
national bank notes retired from circulation, and the WIt f
drawal of a large volume of currency by the Treasurer 0
the State of Texas.
d
't
f
CONDITION OF THE FEDERAL RESERVE BANK
(In thousanns of dollara)
CONDI'l'ION STATISTICS OF MEMBER BANKS IN SELECTED CITIES
(In theusands of dollars)
August 7,
10S5
United Statca scourities ewned ..... . .... '"
$152,943
All ether stooks, henda, and 8ccurities owned.
88,294
Leano on seeuritica ................ . ... . ..
42,087
All other leans ... . ............ .. .. . .. . . ..
133,605
Total leans ............................. . 176,692
Net demand deposits .................... . 340,244
Time depcaits ................... . ... . ... . 121,808
Reserve with the Federal Reserve Bank. .
78,704
Bills payable and rediscounts with the Fcdorni
Reserve Bank ..... ... .. . .............. .
None
Operations of
the Federal Reserve Bank
August 8,
1034
$178,118
63,417
58,384
125,200
183,503
274,064
123,644
72,837
July 10,
1035
$160,163
79,667
42,271
132,950
176,221
a33,084
122,060
75,506
None
None
The demand from member banks for
Federal Reserve Bank funds showed some
increase during the past month, but the
total volume of such loans outstanding
continued small. These loans amounted to $577 000 on
August 15, as compared with $383,000 on July '15, and
AU~O~~15,
Tetal cnah reservca. ........ . ..... .. .. . ... $110,837
Discounts for member banks . .. .. . .. . . . . . . .
577
Other bills discounted................. . . . .
None
Industrial advaneca.... . .. . . . . . . . . . . . . . . . .
1,846
Commitmcnts to make industrial advancca. .
448
Bills bought in tho open market. . . . .. . . . . . .
122
United States Government seeuritiea owned..
8)Jo4n75e
\11 other invcatments. . . . . . . . . . . . . . . . . . .. .
N
Total earnin~ naaets . . . . . . . . . . . .. . . . . . . . . . 184,'0 10
21 0
Member ban rcaerve depcaits . ........... .
88
Federal rcaerve notca in actual eirculation. . .
61,044
August 15,
1034
$ 00,750
308
None
3
None
142
7Y75
Nono
72,018
114,001
42,121
July 15,
10S6
$105,403
383
Nono
1,854
448
122
76,475
None
78,834
113,050
53,643
. the
Reflecting a further increase In ks
amount of acc:eptances executed by ball rt
in this district against import and expoJIl
transactions, the total of outstanding acceptances rose fr~l.
$927,553 at the close of June to $1,013,064 on July the
The latter figure compares with a total of $176,019. on hip'
same date last year. Acceptances based on the domestIc sJ ly
ment and storage of goods amounted to $690,465 on U
Acceptance
Market
MONTHLY BUSINESS REVIEW
31, as against $706,367 a month earlier, and $137,253 a
year ago.
Deposits of
A further sizable increase over the preMember Banks
ceding montn was recorded in the com.
bined daily average of net demand and
~m~ deposits of member banks in the Eleventh District
unng July. This figure amounted to $812,870,000, which
compares with an average of $802,513,000 in June, and the
July, 1934, average of $719,023,000. The expansion over the
shame month a year ago, which amoun~ed to $93,847,000 was
t e largest gain reflected since last December.
of transactions incident to the transfer of ownership of a
large corporation, very favorable comparisons were also
shown at most of the other reporting cities. Increases over
the corresponding month last year ranged from 3.9 per cent
in the case of Tucson, Arizona, to 109.7 per cent in the
case of Houston.
DEBITS TO INDIVIDUAL ACCOUNTS
(In thousands of doUars)
July
Abileno . .... ....
Austin ..........
Beaumont ... ... .
Corsicana . ......
Dallas .. ....... .
El Paso .........
Fort Worth .... ..
Galveston ... . .. .
Houston ..... .. ..
Port Arthur ... ..
Roswell . ........
San Autonio ... ..
Shroveport ... .. .
t exnrknoa· ......
f
DAILY AVERAGE DEPOSITS OF MEMBER BANKS
(In thousands of dollars)
Combined Total
Reserve City Banks
Country Banks
Net demand Time Net demand Time Not demand Time
deposits deposits doposits deposits doposits doposits
uly
i&,g.,, 1934 .........
1934.. .
opt.,
Not.,
Dov.,
J co.,
F~b"
M .,
a a~i'
1["i'
Jay,
/1y,
u
0,
1934......
1934... . . .
1934.. ....
1934.... ..
1935 ......
1935. ... . .
1935 ..... .
1035 ... . ..
1035......
1935 ... .. .
1035 .... ..
$521,333
527,054
557,318
583,558
596,441
597,645
590,459
009,125
605,672
606,348
608,787
609,260
618,475
$lD7,090
196,825
194,215
194,618
100,512
105,380
196,436
107,155
193,304
193,849
104,524
193,253
194,305
S255,210
260,061
275,831
287,250
292,085
286,965
279,110
280,057
204,281
209,163
296,770
300,625
308,892
S112,632
111,551
109,110
109,450
111,082
111,630
113,255
112,586
112,OlD
112,252
113,128
112,838
112,752
$266,123
266,903
281,487
296,308
303,756
310,680
311,349
310,168
311,391
307,185
307,017
308,635
309,583
$85,0.58
85,274
85,105
85,159
85,430
88,750
83,181
84,500
81,375
81,507
81,306
80,415
81,648
Debits to
Individual
Accounts
A marked increase occurred in the volume of charges to depositors' accounts at
banks in leading cities in this district
$
during July. The total reported was
742.'808,000, which compares with $592,726,000 in the
prevIOUS month, and $534,678,000 in the same month a
Year ago. Although the major portion of the gain over both
comparative months was reflected at one city as a result
-
-
rrUCBon . ........ .
~~~~:::::::::::
Wiohita Falls ....
Peroentago
ohango ov~r
year
July
1935
S 4,816
26,661
20,181
2,460
168,570
20,306
66,746
20,651
266,039
6,061
2,783
58,299
29,408
5,734
7,436
10,957
11,010
14,601
1034
$ 4,517
17,210
17,132
2,094
147,298
15,546
60,717
18,145
126,806
5,027
1,752
48,163
27,610
4,683
7,158
8,045
0,008
11,868
Percentage
ohange ov~r
month
- 3.4
June
1035
$ 4,987
27,580
17,203
2,219
158,957
10,593
65,893
20,051
142,881
5,791
2,507
55,374
25,737
5,637
8,882
11,435
10,203
11,806
+ 0.6
+ 54 .0
+ 17. 8
+ 17 .5
+ 14.4
+ 80.6
+ 9.9
+ 13 .8
+109.7
+ 20.6
+ 58.8
+ 21.0
+ 6.5
+ 22.4
+ 3.0
+ 22 .5
+ 11.1
+ 28.8
- 3.3
+17.3
+10.9
+ 9.5
+ 8.6
+ 1.3
- 1.4
+86.2
+ 4.7
+11.0
+ 5.3
+14.3
+1.7
-16.3
- 4.2
+ 7.0
+24.4
---
Total. .... $742,808
$592,726
5534,678
+ 38.0
+25.3
·Inoludes the figures of two banks in Toxarkana, Arkall8a8, located in the Eighth
Diatriot.
Savings
Deposits
The savings deposits of 124 banks in this
district which operate savings depart.
ments reflected a slight decline during
July. These deposits on July 31 aggregated $152,115,613,
which was 0.6 per cent lower than on June 30, but 8.8 per
cent larger than on the same date in 1934. There was an
increase in the number of savings depositors over both
comparative dates
SAVINGS DEPOSITS
~caumont .................
alias
~l~as;':: : :::::: ::::: ::: ::
GOl Wortb ................
an VestOD .............. ...
P O\:stoD ........... .. . .....
8~~ t:.th~r ..... ........ •.
811
onlO .. .. .... .... ...
Wrevoport ............... .
W~~ · · ··········· · ··· · ···
Alloo~~a Falls ............. .
ers .... .. ...........
Numher of
rerarting
anks
3
O·
2
3
4
11·
2
6
3
3
3
75"
--
July 31, 1086
Number of
Amount of
s8.vings
savin~s
depositors
dOPoslts
0,029
S 3,613,674
77,106
12,200
34,868
16,035
66,684
5,343
21,760
22,255
10,846
6,077
50,375
25,514,321
5,685,394
11,175,568
10,329,040
81,780,709
2,107,116
16,313,980
10,570,274
6,346,830
3,104,651
25,574,466
July 31, 1034
Number of
Amount of
savings
-
June 30, 1985
Number of
Amount of
Peroontago o~ange
8nvjn~8
o\'or year
savings
In
depositors
depOSits
savings deposits
8,486
74,861
10,078
83,173
16,725
64,722
5,122
10,577
23,141
10,524
5,772
48,172
$ 3,432,416
24,491,300
4,623,830
10,275,436
0,756,296
28,715,583
1,913,713
14,056,520
10,125,203
6,072,711
2,870,140
22,511,967
+ 5.3
+ 4 .2
+23.0
+ 8.8
+ 5.0
+10 .7
+10.1
+ 0.1
+ 4.4
+ 4.5
+ 7.8
+13 .6
Total. ............
124
333,486
$152,116,613
321,258
S139,754,222
'Only 8 banks in Dallas, 10 in Houston, and 67 in "All otbers" reported the numb~r of savings depositors.
I......
5
depOSits
8,708
77,044
12,105
34,726
16,852
66,444
5,203
21,562
22,234
10,800
6,060
50,358
Percentage ohango
ovor month in
savings doposits
$ 3,551,373
25,768,879
6,724,224
11,364,530
10,246,327
31,796,990
2,109,610
16,540,005
10,470,577
6,527,645
3.063,526
25,841,659
332,375
--+ 8 .8
$153,010,254
---
aUGUST DISCOUNT RATES
Dallas
savin~s
depositors
+ 1.8
- 1.0
.7
1.7
.8
.1
.1
1.4
+ .0
- 2.8
+1.3
- 1.0
+
-
--- .6
Prevailing rates:
El Paso
Fort Worth
Houston
San Antonio
Waco
natod~barged oustomers on prime commeroial paper suoh as that now oligiblo for ra-
nato ISoount under the Federal Roaorvo Aot .... . . ............ . ....... ... ....... .
nat oharged on loans to otber banks scoured by bills reooivablo .. . . ........... ... .
~ on 10all8 secured ~ prime stook exchange or other ourront oollateral (not
InOluding 1
0all8 plac in oth~r markets tbrough oorrespondont banks):
Demand ... ................................. . .. . ... . ...... ..........
Rat
Time . .. .... .. ...... . ..... .. .. . ................. . .. . ................
Itate oharged on commodity paper sooured by warehouse reoeipts, eto .......... . . ...
' - ~on oattle loans .. . ............................ . .................... .. ....
-
I J.T6
4-5
5-8
5-6
I J1l-7
4-6
3-7
5-6
6
6
3-6
5J.T6
4
5- 8
2- 8
6-8
6-8
7-8
6-8
6-8
6-8
5-8
6-8
4-7
4-7
3-7
7- 10
6-8
6-8
6- 8
8- 10
6-8
6-8
5-6
8
......
INDUSTRY
Cottonseed
PrOducts
Contrary to the average seasonal trend,
activities in the Texas cottonseed oil industry turned upward in July, due in
Part to an increased demand for cottonseed proJucts as
evidenced by shipments during the month. On the other
hand, operations continued below those in the corresponding month of 1934,. The July report for all mills in the
United States showed further seasonal reductions in the
--------------~~~~~~~~---------------
6~__________________~M=O=N~T=H=L~Y~B~U~S=IN~E=S=S~R=E='V~I=E~W~____________________
_
Although July exports of cotton fr~rn
the port of Houston reflected a small In'
crease over those a year ago, the move·
ments of this commodity continued to reflect the smaller
The smaller scale operations in this industry during the
1934·35 season, which ended July 31, is evidenced by the volume evident dur0g the 1934·35 season at bot~ Housto d
fact that receipts and crushings of seed and the production and Galveston. Durmg the current season, whICh end~e.
l
of all products, with the exception of linters at all domestic July 31, the combined shipments from these ports agg
gated 2,752,553 bales, which IS the lowest volume of eX'
mills, were the lowest for any year since the 1923-24, season.
This reduction in activities was especially large in Texas ports recorded in more than ten years. Shipments during the
where declines from the ten-year average (1924·1933) 1933-34 season totaled 4,715,882 bales, and the ten· year
ranged from 33 per cent in the case of linters produced to (1924,·33) average amounts to 4,924,4,36 bales. Due larg~IY
51 per cent in the case of seed receipts. A similar compari- to the small cotton crop in 1934" receipts of cotton dUrI
son for all mills in the United States reflected declines the season showed a sharp decline amounting to 2,048;1
ranging from 13 per cent in the case of linter output to 35 bales, which compares with 4,538,920 bales in the prevlo1us
ne
per cent for hull production. It should be noted that at season, and reflects a decline of 62 per cent f rom ts
1924,-33 average. Stocks of cotton on hand at th ese par
both Texas and United States mills crushings of seed during
the season exceeded receipts, and as a result stocks were on July 31 were lower than on any corresponding date
materially reduced. Shipments of cottonseed products were since 1929.
A total of 276,622 bales of American cotton was expor~e~
sharply lower during the season, and the country imported
a substantial quantity of cottonseed oil and cake and meal. to foreign countries from all United States ports dunJ1
Stocks of cottonseed products on hand at crushing establish. July, which compares with 344,955 bales in June, an
ments on July 31 were seasonally smaller than a month 305,820 bales in July, 1934,. During the past season expo6t~
earlier, and crude oil and linters were less than at the close totaled 4,,795,339 bales, which reflects a decrease of 3 .
of the previous season.
per cent from the 7,534,4,15 bales shipped during the 1?33'
34 season. The largest decreases in takings of A~erIcad
cotton during the past season were in Great Britam an
STATISTICS ON COTTONSEED AND COTTONSEED PRODUCTS
on the Continent of Europe. Smaller reductions were reTcxns
United Statcs
corded for the Orient due to Japan's consumption being
August 1 to July 31
August 1 to July 31
This senson Last sensoll This senson Lnst Bcason
maintained at a high rate.
Cottonseed received at mills
crushings of seed and the output of oil, cake and meal, and
hulls. Operations also continued substantially below those
a year ago.
Cotton
Movements
3
6
a
(tons)............ .. . ......
743,709
1,351,208
3,417,841
4,159,251
Cottonseed erusbed (tons). . . . .
822,958
1,347,233
3,549,383
4,156,011
Cottenseed 011 band July 31
(tons) . . . .... . .. . . .. ... . .. .
23,412
102,761
91,110
222.761
Crude oil produced (pounds) ... 236,348,883 307,743,188 1,108,486,3531,302,785,815
Cake and meal ~roducod (tons)
380,588
628,452
1,614,354
1,888,545
Hull. produced (tons).. . . .. . ..
218,648
365,497
912,031
1,103,251
Linters produced (running
bales).....................
175,240
231,362
805,203
800,526
Stooks on hand July 31:
Crude oil (pounds) . . .. . . . ... . 2,664,149
9,485,576
10,885,604 19,980,290
Cake and mcal (ton.) . . .... .. .
31,567
19,679
200,851
124,572
HuU. (tons) ....... . ........ .
17,744
11,919
78,508
30,958
Linters (running balcs) . . ..... .
22,209
26,250
74,772
75,958
Textile
Milling
A contrary to seasonal increase of 1.5
per cent in the domestic consumption of
cotton was reflected over the previous
month, and consumption continued in larger volume than
in the like month of 1934.. There were 391,771 bales of cotton consumed during July, as against 385,94,6 bales in June,
and 359,951 bales in July, 1934. Consumption during the
twelve months of the 1934-35 season totaled 5,359,838 bales,
which compares with 5,700,253 bales in the preceding
season, and a high of 7,189,585 bales in the season of
1926·27. Stocks of raw cotton held by consuming establishments on July 31 amounted to 789,373 bales, which was
seasonally smaller than a month earlier, and less than the
holdings on any corresponding date since 1924.
COTTON MOVEMENTS THROUGH THE PORT OF GALVESTON
(Dalcs)
~~;~::::::::::::::: : :: : : :
Stocks, July 31.. ...... . ... . . .
,July
1935
18,270
51,921
July
1034
64,676
105,625
August 1 to July 31
This season Last acaSOn
954,833
2,278,724
1,241,653
2,201,708
224 653
511,493
-::::
,
COTTON-GALVESTON STOCK STATEMENT
(Balcs)
July 31,
1035
1,400
'. '. : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : :
100
For other foreign ports ............•.. . . . •... .... ... .•.
2,000
For oonstwise ports ............... .....•.. . .. .... . .. ..
300
In comprCBBCS and dcpota . . ............... . . ... . . .. . . . 220,853
~~~ ¥:~~~e~ri~~i~
Total. ....... .
224,653
July 31,
1934
2,500
100
26,200
1,000
481,693
511,403
July
1935
July
1934
322,909
290,010
Ucccipta ........... .. ..... .. .
Exports .... . ... . .. . ........ .
Stocks, July 31.. ...•... . . . ...
July
1035
16,878
81,088
July
1934
31,747
73,773
August 1 to July 31
'!'his Boason Last season
1,003,327
2,260,l07~
1,510,900
2,514,1
312,917
844, 810. . -
:::---
Augu.t 1 to July 31
This senson Lnst season
4,550,037
933,341
5,594,341
359,951
4,304,131
596,575
391,771
=::;
COTTON MOVEMENTS THROUGH THE POUT OF HOUSTON
(Balcs)
COTTON CONSUMED AND ON HAND
(Bales)
Colton'growing stotcs:
Cotton consumed. ... . . .. . . .
On hnnd July 31 inConsuming cetablishmcnts.
Public storage and comprcsscs ............ . .. .
United Statcs:
Cotton consumed...........
On hnnd July 31 inConsuming cetoblishments.
Publio storage nnd comprCSBes ... . ........... .
1
5,275,269
5,359,838
5,700,253
789,373
1,227,688
5,739,197
5,566,007
SEASON'S RECEIPTS, EXPORTS, AND STOCKS OF COTTON AT ALL
UNITED ST A'rES PORTS-(Dnlcs)
----------------------------------------------August 1 to July 31
This senson Lnst senson
Rcccipts.... .. . ... .. ... . . . . . .......... .. .. .......... 4,500,347
7,848,337
Exporta: United Kingdom. .. .... . ... ........ ... . .....
738,154
1,278,42~
~~~~: ': >:. ..m:; t~1:f!!
Total forl:, o~~: countries. . . . . . . . . . . . . . . . . . . . . . . . ..
Stocks hcl~ .rall U~itCd 'St~te;, 'l;~;~: J~iy
'ai:: ::: ::::::
4,i~H~~
7,r~~:4861~
1,084,316
2,441,
MONTHLY BUSINESS REVIEW
month last year. A smaller average than in June was reported in South Texas and East Texas, while material gains
in daily yield were shown in the Coastal, Western, and
Northern portions of the State. In New Mexico there was a
further appreciable increase in the rate of production, and a
slight gain was shown in that of North Louisiana.
SPOT COTTON PRICES-(Middling BMis)
(Conts por pound)
.July. 1935
High
Low
~,gzt • • • • •• :: • • ••. •
•.• •
12 .45
12.48
12. 05
12 .35
12.25
12 .00
11.75
11 .55
11 .60
11 .70
7
August 15,
1935
11 .70
11 .65
11 .45
11 .55
11 .55
JULy DRILLING RESULTS
Production of crude oil in this district
during July showed an expansion of
1 ,~31,150 barrels over that reported in June, which was
Pl'lncipally attributable to the longer month. The total
output amounted to 35,135,150 barrels, as compared with
~3,822,000 barrels in the preceding month, and 34,,628,950
ar.r~ls in July, 1934,. A considerable expansion in drilling
actlVIty was witnessed during the month. The number of
new wells completed rose from 978 in June to 1,306 in
July, and the combined initial yield of those that were successful increased likewise from 2,571,209 barrels in the
earlier month to 3,313,081 barrels in the latter month.
Petroleum
Complotions
Total Toxas ..... . .
New Mexico . ............. .
North Louisiana .... ..... . ..
July totals, distriet .........
Juno totals, distriot ... .. ....
Produoers
GM
Wells
Failures
Initial
Production
307
86
575
180
103
185
59
538
90
66
6
2
5
10
6
116
25
32
71
31
41,400
30,466
3,118,000
84,462
28,200
27
28
10
6
11
8
11
60,304
150
978
North TexM ...............
West TexM ................
Enst Tcxns . . .... . ..... .. ..
South TOxM ............. ..
'roxas COM tal ... . ....... . ..
714
23
241
2,571,209
- - -947 -20- -275 3,252,537
- --1,251
- - -072 -40 -204 3,313,081
- --1,306
CRUDE OIL PRICES
August 9,
Average daily output from Texas fields during July
~ruounted to 1,057,052 barrels, as against 1,051,600 barrels
In the previous month, and 1,0440,072 barrels in the same
Toxas COMIIlI (34 gr. alld IIhovo) .. ..... ................
Nortlt Texa.. (40 rand abcve) .................... . ...
North Louisiana 40 gr. and IIbovo) ...... . ..............
August 10,
1935
$1.12
1.03
1.08
1934
S1.12
1.03
1.08
(Oilstatisties oOlDpiled by "The Oil Wookly," Houston, ToxM)
OIL PRODUCTION-(Barrols)
~or\hTTexM . ....•. . .. •. .. . ..
Building
Showing an increase over both the previous month and the same month last year,
the valuation of construction permits issued during July
at fourteen principal cities in this district amounted to
$2,005,697. This fi gure compares with a total of $1,959,451
in June and $932,005 in the corresponding month a year
ago. While the increase over the previous month amounted
to only 2.4, per cent, it was widely distributed over the
district. The percentage gain over July, 1934" amounted to
115.2.
InereMe or deerCll8e
over June, 1935
Total
Daily Avg.
July, 1935
Total
Daily Avg.
3,69R,350
5,635,200
South Tox . ...........•.... . 15.836,950
1.778,700
Texas COM"t~( '. : : : : : : : : : : : : : : 5,819,400
119,302
181,781
510,869
57.377
187,723
N M 'fotal TexM . ...... .. 32,768.600
Ne~1 I!I?O.................. 1, 673,800
or I UISl8na .......... ....
710,750
1,057,052
53,90a
22,927
+ 1,220,600
+
85,300
+
25,250
+
'fotal District... .. ... 35,153,150
1,133,972
+ 1,33 1,1 50
+6,572
E:Te~x: .......•. .. . . . ....
+
+
+
+
179,350
254,700
490,450
43,800
339,900
+2,002
+2,431
- 681
- 3,373
+5,073
+5,452
+1,043
77
r--
-
-
"'marillo ........
Austin
Bcnllm~nt "" " .
Cor~us Oh'ri~ti ...
Dnl
...
EI pas ..........
Fort'Worth' .....
galveston .::::: :
ollston
§ort Artit~~ : : : : :
an Antonio
ShrevcllOrt .. . ..
Waco .
. .....
'"
Wiohita 'F~I\~ ....
BlliLDING PERMITS
July, 1935
No.
Valuation
July, 1034
No.
-----
40 $ 32,738
188
252,236
132
41,192
74,405
57
410
345,454
22,188
39
124
22 1,400
92
39,593
253
507,315
33,220
84
152,222
363
78.328
108
76,69 1
33
26
38,715
Valuation
53 $ 22,321
94,427
83
39,254
89
25
18,505
349
155,394
13,035
38
70
53,308
103
27,210
259,305
191
54
15,948
53,358
115
130,607
160
14
19,919
29,321
86
---------_Total .. . .. 1,949 $2,005,697 1,430 $ 932,005
:......
r
Pereolltage ohange
valuation
over yoar
+ 46.6
+167 . 1
+ 4 .9
+302.1
+ 122.3
+ 70 .2
+315 .3
+ 45.5
+ 130 .8
+ 108.3
+ 185.3
- 40 .0
+285.0
+ 32. 0
--+ 115.2
June, 1935
No.
Valuation
31 $ 22,803
319,460
156
104
13,261
35,1S0
48
272,539
349
44
96,206
192,703
122
27,058
100
234
551,115
89,616
86
322
119,616
III
118,804
21
54,773
15.327
4.
----1,773 $1,050,451
Percontago ohallgo
valuation
over month
Janunry 1 throuRh July 31
1935
No.
Valuation
+ 43 .6
- 21.0
4 .8
+111.5
+ 20 .8
- 77 .0
+ 14 .9
+ 41.0
+ R.4
- 62.9
+ 27.3
- 34.1
40 .0
152. 6
199 $ 161,175
1,050
3,656,569
292,780
809
324,050
385
2,784
2,042,627
318
850.381
770
1,602,550
427,400
735
1,750
3,58M66
517
250,052
4,9S0
1.352,703
920
711,636
194
308,693
100
220,967
198
511
594
166
2,077
260
545
811
1,281
314
922
1,050
126
448
$
2.4
15,628 U5,788,657
0,012
S 7,532, 135
-
t
--+
No.
Valuation
1934
18S,929
431,060
150,862
182,720
1,411,006
142.845
454,148
339,360
2,868,855
88,057
445,077
517,638
195,154
106,S06
Percentage ehange
valuation
over period
- 14.7
+748 .3
83.2
77.3
+ 44.7
+495.3
+252.9
+ 26.0
+ 24.8
+ 191.5
+203.9
+ 37 .5
+ 58.2
+100 .9
t
--+109.6
8~__________________~M~O~N~T~H=L~Y~B~U~S=IN~E=S=S~R=E~V~I=E~W~____________________
-
SUMMARY OF NATIONAL BUSINESS CONDITIONS
(Compiled by the Federal Reserve Board. August 24. 1985)
Factory employment and output were maintained in July
at the June level, though usually there is a considerable
decline at this season. Activity at mines showed a substantial decrease, reflecting a sharp reduction in output of coal.
PRODUCTION AND EMPLOYMENT
The Federal Reserve Board's seasonally adjusted index of
manufactures showed an increase in July, while the index
of mineral production showed e marked decline, with the
consequence that the index of industrial production remained unchanged at 86 per cent of the 1923-25 average.
For the first seven months of the year industrial output was
6 per cent larger than a year ago. Activity at steel mills,
which had declined during June, advanced considerably
during July and the first three weeks of August and there
was also a substantial increase in the output of lumber.
Automobile production showed a decrease from the high
level prevailing earlier in the year, reflecting in part seasonal
developments. Output of textiles increased somewhat in
July, owing chiefly to increased activity at silk mills. In the
woolen industry the recent high rate of activity continued,
while at cotton mills daily average output declined by about
the usual seasonal amount. Meatpacking remained at an
unusually low level. At mines, output of bituminous coal
decreased sharply in July, following an advance in the preceding month, and there was also a sharp reduction in output of anthracite. Factory employment, which usually declines at this season, showed little change from the middle
of June to the middle of July. Employment increased somewhat in the machinery, lumber, furniture, and silk industries
and there was a large seasonal increase in the canning industry. Decreases of a seasonal character were reported for
establishments producing cotton goods and women's cloth.
ing, while in the automobile industry employment declined
by more than the usual seasonal amount. At coal mines
employment showed a marked decrease in July. The total
value of construction contracts awarded, as reported by the
F. W. Dodge Corporation, increased further in July and the
first half of August, reflecting an increase in non-residential
projects. Residential building continued in considerably
larger volume than a year ago, with increases from last
year reported for most sections of the country. Department
of Agriculture estimates as of August 1 indicated a cotton
crop of 11,800,000 bales, about 2,200,000 bales larger ~a~
the unusually small crop last year. The indicated w
crop, while larger than a year ago, is considerably smal
than the five-year average for 1928-32. Crops of corn a
other feed stuffs are substantially larger than last season.
is
:a
DISTRIBUTION
;1.
Daily average volume of freight-ca; loa~ings declined
July reflecting a marked decrease lD shIpments of co h
Dep~rtment store sales showed a seasonal decline and t ~
Board's adjusted index remained unchanged at 80 per cen
of the 1923-25 average.
PRICES
The general level of wholesale commodity prices showe~
little change during July and advanced slightly in the
three weeks o:fi August. For the seven-week period as a who
there were substantial increases in the prices of hogs,
silk, and scrap steel, while colton declined. Wheat, a:t_
advancing considerably during the latter part of July, e
clined somewhat in the early part of August.
fird'
If! ;
BANK CREDIT
Excess reserves of member banks increased by $340,000,000 in the five-week period ended August 21 as a con~' •
quence principally of a reduction in the balances held I Y
the Treasury with Federal Reserve Banks. There were da .50
Inmoderate imports of gold from &broad. Total loans an .. 5
vestments of reporting member banks in leading Cltl~S
showed a net decline of $290,000,~0 during. th~ four 't~e
ended August 14. Holdings of dIrect obhgatlOns 0 0'11'
United States Government decreased by $220,000,000 foll de'
ing a substantial increase in the middle of July. Loans be'
clined by $180,000,000 in the latter part of July but su sn_
quently advanced by $4.0,000,000, while holdings of Gov~O_
ment guaranteed and other securities increased by $70,0 ri000 in the four-week period. Yields on Government secU }ll
ties rose slightly during this period, while other short·ter
open market money rates remained at low levels.
