TEXAS BUSINESS REVIEW 

Bureau of Business Research 
The University of Texas 

Vol. XI, No. 7 August 27, 1937 
A Monthly Summary of Business and Economic Conditions in Texas and the Southwest 
BUieau of Business Research, The University of Texas, Austin, Texas 

Entered as second clu1 matter on May 7. 1928, at the post office at Austin , Texas, under Act ef Aurust 24, 1912 
STATISTICAL NUMBER CONTENTS 
PAGE 
LIST OF CHARTS Indexes of Business Activity__ ---------------------------------------------------------------------------2 
LIST OF TABLES  
Banking Statistics  ____ _ ______ _______ ____ __ --­---­------­---­-­-­-------­-----­------­--­---------------­ 6  
Building Permits ____ _______ ___ _____ __ __ __ _______ __ ______ _____ ___ -----­----_ -------------------------------------­ 7  
Carload Movement of Poultry and Eggs  ___ .  ----··-­------­-­--­--­---­-------­---------­ 3  
Cement  ____ __ ____ -------------------· ----· --­------­-----·­-----­ ---·----·-------­ ·-·--­------­----·--·­ 4  
Charters  ---·------­---­--------­--------­-------­----­------­---------------------­-----------------------­---­-----------­ 5  

Commercial Failures ----------------------------------------------------------------------------------------5 
Commodity Prices ___ _ 4 

Consumption of Electric Power______ ___---------_____ -----------------------------------------7 
Cotton Balance Sheet ___ ______ __ _______ __________ ____-----------------------------------------------------7 Credit Ratios of Retail Stores ____________ _____ -------------------------------------------------------6 Employment and Pav Rolls Classified by Cities and Employment Groups____ __ 8 
Index of Agricultural Cash Income____-----_ ----------------------------------3 Lumber ------------------------------------------------------------------------------------------------------------------5 Petroleum --------------------------------------------------------------------------------------------------------------3 Postal Receipts ------------------------------_____ .. --------------------------------------------------------------­
7 Retail Sales of Independent Stores ---------------------_ ---------------------------------------------4, 5 Shipments of Live Stock Converted to a Rail-Car Basis -------------------------------------3 Stock Prices -----------------------------------------------------------------------------------------------------------­
7 
TEN CENTS PER COPY ONE DOLLAR PER YEAR 

·-·--------­
JULY CARLOAD IOVE 1ENT OF PO LTRY
PETROLEUM A D EGG 
Daily Average Production 
On Barrels) Cars of Poultry Live Dre sed Can of Ege• July July Chfokens Turkeys Chickens Turkeys
Jun e 
1937
1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 
East Central Texas __________________ 123,050 55,640 121,900 
East Texas_
__________________________ 469,300 426,810 465,250 Shipments from Texas Stations 

Gulf CoastL------------------------20.J.,850 249,430 TOTAL -1 43 33 3 1 48 37
197,600 
North Texas______________________ _
____ 73,100 59,450 72,400 

Intrastate 1 2 1 8 6Panhandle _____________ --------------77,900 61,470 82,400 Interstate ------·-----1 42 31 3 40 31
Southwest Texas ________ ------------235,550 84,370 232,950 
West Central Texas _____ ----------33,800 25,680 33,300 Interstate Receipts Classified 
West Texas______________ __ _ ___ 202,500 179,430 197,500 

ew York 17 21 4STATE ________ -------------_____ l,420,050 1,142,280 1,403,300 
lllinois _____________ _ 
3 1 4 9UNITED STATES ___________________ 3,561,750 2,945,460 3,520,550 
,\1assachusetts_ ___ _ 3 1 1 2 Imports __________ ----------------------182,071 158,806 182,464"!" ew Jersey______ 1 2 1 Pennsylvania ___ 1 15 3 2 3 1 fReviscd. Louisiana ______ _ 
8 10
1lncludes Conroe. 
Connecticut _____ 2
NOTE: From American Petroleum lnstitutt:. Sec map, page 13, of the isi:.uc of June 28, 1937, showing the oil producing Missouri ____________ _ 3 l:Jistricts of Texas. Georgia ________ 
1 2 
Michigan _______ 1Gasoline sales as indicated by taxes collected by the State California ________ 4Comptroller were: June 1937, 106,562,000 gallons; J wrn 1936, Alabama __________ 1,975,000 gallons; May 1937, 103,736,000 gallons. Florida __________ 3 2 
Rhode Island._____ 1
Ohio __________ 3INDEX OF AGRICULT RAL CASH 1 COME Tennessee ____ 4 Maryland _________ 
1 July July Jun e J\lississippi __ __ _ 1
District 1937 1936 1937 
ebraska ____ 2 1-N -----------------------------------173.0 32.0 119.1 Kentucky _____ _ 1 1-S -------------------------------___ 134.4 83.3 220.4 Wisconsin __ 2 2 ------------------------------------162.6 
100.1 263.9 
3 ---------------------------------196.8 Receipts at Texas Stations

100.6 221.3 
4 ------------------------------------------187.7 

102.9 143.1 5 ---------------------------------160.3 92.8 134.0 TOTAL -------8 25 
Intrastate _______
6 --------------------------123.4 84.7 202.6 6 16 
interstate _______
7 -----------------------------154.9 97.1 184.5 2 9 8 ----------------------------------94·.6 
28.1 138.7 
9 -----------------------------------79.8 35.4 132.9 Interstate Shipments Classified 
10 ------------------------------------------91.3 57.6 80.0 

Kansas __________ ___ 
2 710-A*_______ -----------106.8 123.4 55.3 
Louisiana ____ 1State -----------------------_________ 135.2 55.7 163.8 
Illinois ---------1 
•1ncludcd in di stric t 10. 
Non:: These data are furnished the U. S. Department of Agriculture, Division
Average month-1928-1932=: 100%. 
of Crop and Livestock Estimates, by rai lway officials through agents at all stations Non: Sec maps, pages 5 and 6 of the issue of June 28, 1937, showing the which originate and receive carload shipmen ts of poultry au<l eggs. The data are crop roportine: districts. compiled by the Bureau of Business Research. 
JULY SHIPME TS OF LIVE STOCK CONVERTED TO A RAIL-CAR BA I § 
Cattle Calves Hogs Sheep Total 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 
Total Interstate Plus Fort WorthU __ 4,145 1,596 869 460 414· 399 498 204 5,926 2,659Total Intrastate Omitting Fort Worth _________ 686 493 102 93 44 41 89 22 921 649 TOTAL SHIPMENTS_______________________ 
4,831 2,089 971 553 458 44.0 587 226 6,847 3,308 
TEXAS CAR-LOT§ SIIIPME TS OF LIVE STOCK, JA UARY 1 TO A G T 1 
Cattle Calves Hogs Sheep Total 1937 1936 1937 1936 1937 1936 1937 1936 1937 1936 
Total Interstate Plus Fort WorthU 36,447 24,636 4,938 3,742 4,719 4,328 6,640 2,701 52,744 35,407
Total Intrastate Omitting Fort Worth __ 5,161 4,605 932 835 354 238 493 257 6,940 5,935 

TOTAL SHIPMENTS 41,608 29,241 5,870 4,577 5,073 4,566 7,133 2,958 59,684 41,342 

§Rail-car Basis: Cattle, 30 head per car i calve~, 60; hogs, 80 ; and sheep, 250. Fort Worth shipments arc combined with interstate forwardings in order that the bulk of market disappearance for the month may be shown. NOTE: These data ere furnished the United States Bureau of Agricultural Economics by railway offieials through more than 1,500 station agents, representinc every livestock: shipping point in the State. The data are compiled by the Bureau of Business Research. 
COMMODITY PRICES
CEMENT 
July July June 1937 1936 1937
(In Thousands of Barrels) 
WHOLESALE PRICES: 
U. S. Bureau of Labor 
July July June 
Statistics (1926 =100) ________ 87 .9 80.5 87.2
1937 1936 1937 
The Annalist (1926 =100) ___ 104.9 85.7t 100.lt Texas Plants: 
FARM PRICES:
610Production -----------------------631 449 U. S. Department of Agricul­608Shipments ---------------------------606 496 ture (1910-14 = 100) ----------125.0 115.0 124.0
689
Stocks ----------------------------------715 515 
U. S. 	Bureau of Labor Statistics (1926 =100) -----------89.3 81.3 88.5
United States:
Production ______________________ll,597 ll,503t 11,163 RETAtL 
PRICES: 
Shipments ______________________12,237 ll,823t 12,649 

Food ( U. S. Bureau of Labor
Stocks _________________________.23,371 
18,9175 24,011 Statistics, 1923-25 =100) ____ 85.9 84.0 86.2t 
Capacity Operated.______________ 53.1 % 51.3% 52.8% Department Stores (Fairchild's Publications, Jan. 1931 =100) 96.3 88.l 96.0 
tReviscd. 
NOTE: From U.S. Department of Interior, Bureau of Mines. 

tRevi1ed. 
JULY RETAIL SALES OF INDEPENDE T STORES IN TEXAS 
TotalTotal 
Number Pere en tage Change Number Percentage Ch1n1e of in Dollar Sales of in Dollar Salea Firms July 1937 July 1937 Firm• July 1937 July 193i Re­from from Re­from from porting July 1936 June 1937 porting July 1936 June 193; 
TOTAL TEXAS________________ 888 + 5.1 -4.5 Brownwood ····-····-----------5 + 11.3 + 14.8 
TEXAS STORES GROUPED All Others ---------------------16 + 1.7 -1.1 
DISTRICT 4___________________ 210 
0.0 -9.8
BY PRODUCT G AREAS: 
DISTRICT 1-N___________________ 50 + 22.3 + 8.3 Oeburne -------------------···· 8 

+ 14.2 + 11.4 +23.4 + 2.2 Corsicana -----------------10 + 0.8 -1.2
Amarillo -------------------------15 -3.9 -13.6
+ 5.4 + 5.1 Dallas -------------------48
Pampa ----------------------6 
+ 10.9 -11.4
+ 63.5 +27.3 Denison ---------------7
Plainview ------------------7 	Fort WortlL______________ 29 
+ 8.1 8.2
All Others__________________ 22 + 27.1 + 12.2 
-12.0 + 5.4
DISTRICT 1-S __________________ 20 +25.i + 10.8 Paris -----------------4 Big Spring____________________ 4 +28.0 + 14.l Sherman --------------------8 +21.9 + 7.0 +26.2 + 11.4 Taylor __ -··----------------10 -10.4 -0.1
Lubbock ---------------------· 10 
All Others________________________ 6 +14.6 -3.1 Temple --------------11 6.3 -6.2 DISTRICT 2_____________________ 76 +11.4 -0.3 Waco --------------------14 
+ 6.4 -20.6 
All Otht:rs_______________ 61 + 3.5 + 8.3
Abilene --------------------13 	DI TRICT 5________________ 104 
-6.9 -1.0
Vernon ---------------------_____ 6 + 10.3 + 15.8 
-18.4 -12.2
Wichita Falls ______ ___________ 8 -9.9 -16.8 	Bryan --------------------8 
All Others _____ -----------------49 + 12.7 + 5.5 	Longview ------------------11 + 10.7 + 18.5 
-6.5 -16.6
DISTRICT 3 __________ --------------· 25 + 5.5 + 3.7 Marshall -----------------------------7 
Breckenridge . _____ ______ _ _ _ 4 + 11.3 + 2.4 	Nacogdoches ------------------·-5 + 8.4 +18.9 Tyler ___ ----------------------18 -4.0 + 0.1 All Others ----------------------55 
-13.2 -5.6 
DISTRICI 6_______________________ 42 + 13.8 -1.7 El Paso__________________________ 31 + 11.6 -3.1 All Others_______________________ 11 +34.9 +10.l 
DISTRICT L . ---------------------41 + 9.8 0.9 
San Angelo________________________ 21 + 11.0 + 1.3 All Others_____________________ 20 + 6.7 -6.5 DISTRICT 8 --------------------135 
+ 
1.2 -5.5 Austin ----------------24 

+ 
15.7 -11.0 Corpus Christi__________ 8 -2.8 + 4.3 

Lockhart -----------------5 -3.1 + 1.8 
San Antonio____________ 37 -5.7 -10.0 
San Marcos ----------------6 
+ 
14.8 +22.6 All Others --------------------55 + 6.3 + 4.5 

DISTRICT 9...________________ 133 
+ 6.5 -5.7 
Beaumont ----------10 + 7.0 -14.6 Galveston -----------13 
1.3 -1.9 Houston ---------------60 + 7.0 -6.2 
Port Arthur_______________ 16 + 9.0 -3.3 Victoria -------------------6 + 7.3 +20.l 
All Others______________________ 28 + 6.5 -1.6 
DISTRICT 10____________________ 52 +25.1 + 3.9 Brownsville ----------14 + 43.6 -1.6 Harlingen -------------12 +20.4 +10.3 
All Others__________ 26 +17.9 + 4.6 
?'\on: Prepared from reports from independent retail atoree to the Bani• ti 

Business Research, coOperating with the United State• Department of comaace. 
RETAIL SALES OF INDEPENDENT STORES IN NEW MEXICO, OKLAHOMA, A D TEXAS 
July 1937 Year.to-date 1937 ---, 
Number Percentage Change Number Percentage of in Dollar Sales of Change in Firms from from Firms Dollar Sales Re· Jul y June Re· from Year-to. porting Dollar Sales 1936 1937 porting Dollar Sales Date 1936 
TOTAL (New Mexico, Oklahoma, and Texas Combined) ... 1,269 16,931,384 .+ 6.0 4.3 851 97,609.248 + 6.2 NEW MEXICO_____________________________________________ 
81 793,444 + 16.4 + 1.4 43 2,995.473 + 16.5 OKLAHOMA....-----------------------------···----------------300 2,595,363 + 8.4 5.0 200 13.964,972 + 1.2
TEXAS______________________________________________________ _____ 
888 13,542,577 + 5.1 4.5 608 80,~,803 + 6.7 TEXAS STORES GROUPED BY LINE OF GOODS CARRIED: APPAREL..._______________________________ ______ 
122 1,657,731 + 3.3 -13.9 94 11.859,258 + 11.5
Family Clothing Stores____________________ _____ __________________ 29 230,877 + 10.0 -3.0 22 1,038,959 + 4.1 
Men's and Boys' Clothing Stores______________________________ 
47 617,240 + 8.5 -16.2 38 4.587.242 + 11.8 Shoe Stores....--------------------------------------·----16 95,630 + 8.9 -10.8 11 720.968 + 9.0 
Women's Specialty Shops_____________________________ 30 713,984 3.4 -15.3 23 5,512,089 + 13.1
AUTOMOTIVE._____________________________________ 
121 4,339,769 + 1.6 + 8.8 92 21.733.967 -1.4
Filling Stations___________________________________________ 
27 165,206 + 1.0 + 13.4 23 778,176 + 7.8 Motor Vehicle Dealers---------------------------------------------94 4,174,563 + 1.6 + 8.7 69 20.955,791 1.7
-
-
COUNTRY GENERAL AND FARMERS' SUPPLIES... 95 626,735 + 15.1 0.2 74 3,480.998 + 17.5 
DEPARTMENT STORES__________
______________________ 18.0 I­
53 3,343,389 + 4.9 -45 27.439, 100 8.6
DRUG STORES________________________________________________ 
144 488,055 + 6.3 + 3.0 114 2,539,974 + 5.5 FLORISTS 32 27,974 + 2.2 -17.6 + + +
-----------------------------------------------------------· + + + FOOD.------------------------------------------------------------133 1,024,484 + 12.1 + 6.6 99 4,706,568 + 10.0 Grocery Stores.----------------------------------------·----· ..... 34 210,440 + 12.4 + 9.1 24 987.586 + 8.1 
Grocery and Meat Stores_______________________________ 99 814,044 -1-12.0 + 6.0 75 3,718.982 + 10.6 
FURNITURE AND HOUSEHOLD___________________________ 44 700,165 -2.4 9.5 23 2,831,8-12 + 4.4Furniture Stores______________________________________________ ­
32 578,587 5.0 9.1 17 2,217,397 0.5 Household Appliance Stores______________ ------------·--------··-· 6 85,705 + 12.3 8.1 3 373,871 + 15.3 Other Home Furnishlngs Stores..·------·------------·-··--···· 6 35,873 + 10.8 -19.4 5 243.574 +31.8 
JEWELRY________________________________________________ -·······---·--­
54 190,944 + 21.4 -10.3 6 119,607 -t-16.9 LUMBER, BUILDING, AND HARDWARE.__________________ 62 979,688 + 13.9 + 2.4 44 5,262,531 -t-16.3 
Hardware Stores.-------------------------------------------34 402,638 + 22.l + 0.7 23 2,285,891 -t-21.3 
Lumber and Builcling Material Dealers_______________________ 28 577,050 + 8.9 + 3.7 21 2,976,640 + 12.7
RESTAURANTS_______________________________________ 17 82,971 -1.1 + 2.7 10 362,800 -t-5.4 
ALL OTHER STORES_____________________________ 
11 80,672 + 34.9 + 14.6 5 308,858 + 9.2 TEXAS STORES GROUPED ACCORDING TO POPU­LATIONOFCITY : All Stores in Cities of-OVER 100,000 POPULATION____________________________ ­
205 6,871,743 + 2.3 9.1 144 46.176,805 + 6.5 50,000-100,000 POPULATION_________________________ 77 1,211,118 + 8.5 -10.5 57 7.201.168 -t-10.8 2,500-50,000 POPULATION__________________________ 410 4.,277,481 + 7.4 + 4.2 265 21,437,798 -j-5.5 LESS THAN 2,500 POPULATION______________________ 196 1,182,235 + 10.4 + 1.7 142 5.8'~3,032 + 8.8 
lNot available. . Non:: Prepared from reports from independent retail stores to the Bureau of Busrness Research, coOperatin~ with the United States Department of Commerce. 
TEXAS CHARTERS LUMBER (In Board Feet) 
June July July Jun e 1937 1936 1936 1937 July July 
1937 1937 Southern Pine fills:Domestic Corporations: 
Average Weekly Production Capitalizationll -------·--··-·-·······-···-···---2,035 $1,571 $1,573 per Unit .. ___ 315,790 309,813 325,506 Number -----------------------------------130 Average Weekly Shipments
128 98 
Classification of new corporations: per Unit 307,740 

313,293 287,149Banking-Finance ---------------3 5 2 Average Unfilled Orders per Manufacturing -···--------------------22 28 17 Unit, End of Month 726,851 586.469 
603.955
27 28Merchandising -------------------------36 
NOTE: From Southern Pine Association.
27 20 
Public Service ----------------------3 1 

Oil -----------·------------------·---------31 
Real Estate-Building________________ 11 17 9 TEXAS COMMERCIAL FAILURES
Transportation -----------------------1 1 2 All Others --------------------------·-----26 July July Ju ne
20 20 Number capitalized at less than 1937 1936t 1937 
$5,000 ------·· --.... .. . ···-······· 54 50 31 Number 15 12 17 Number capitalized at $100,000 or Liabilities II 217 139 89 more . -·-······ .. -····· .... _ . .. ... 5 2 2 AssetsII -53 33 44 Foreign Corporations (Number). .. . 37 36 30 Average Liabilities per Failurell 14 12 5 
fReviaed. 
ll ln thou..ndo. 
Pin thousands. NoTI: Compiled from record• of the Secretary of State. NOTE: From Dun and Bradstreet, Inc. 
JULY CREDIT RATIOS IN TEXAS RETAIL STORES 
(Expressed in Per Cent) 
Ratio of Ratio of 
Ratio ofNumber of Credit Sales Collectioo11 to Credit Salarie1Stores to Net Sales Outetanding1 
to Credit Sa1ea
Reporting 1937 1936 1937 1936 1937 
1936 
All Stores .... ------------------------------------------------------------------------·-----71 60.7 59.2 39.4 39.1 1.9 1.8 Stores Grouped by Cities: 
Abilene ... -----------------------------------------------------------------------------------3, 55.6 54.2 31.5 31.9 2.7 2.5 Austin. ...... --------------------------------------------------------------------------------5 57.3 53.9 42.2 41.2 1.6 1.7 Dallas -------------------------------------------------------------------------------10 69.0 65.5 41.8 40.8 1.8 1.7 Fort Worth ... -----------------------------------------·-----------------------------------9 55.2 59.1 36.l 34.5 1.9 1.7
Galveston._____________________________________________________________________________ 3 
64.2 59.9 44.8 41.4 2.5 3.0
Houston._____________________________________________________________________ 9 
62.0 60.2 4I.8 42.6 2.1 2.0 Port Arthur .... ------------------------------------------------------------------------------3 4-8.0 46.7 45.4 47.4 1.7 1.8 San Antonio ... ---------------------------------------------------------------7 46.3 43.9 44.0 44.6 1.6 2.1 Waco .. ·-··-----·-··------------------------·-----------------------------------------~------4 59.3 55.9 28.3 32.9 2.1 2.2 All Others ... ---------------------------------------------------------------------------18 52.4 50.3 35.8 36.4 2.2 2.3 
Stores Grouped According to Type of Store: Department Stores (Annual Volume Over $500,000) ----------------------16 60.9 60.4 40.4 39.8 1.8 1.7
Department Stores (Annual Volume Under $500,000) .. ___________________ 14 54.4 51.8 35.0 34.8 
2.5 2.6 Dry Goods-Apparel Stores·----------------------------------------------------------------6 SM 54.2 34.3 30.7 2.8 2.8
Women's Specialty Shops______________________________________________________________ 13 
57.3 57.2 37.S 38.0 1.6 1.3
Men's Clothing Stores_____________________________________________________________________ 22 66.4 60.3 
40.0 40.6 2.3 2.4 
Stores Grouped According to Volume of Net Sales During 1936: 
Over $2,500,000..._ ..._________________________________________________________________ 9 

65.4 62.8 41.3 43.5 1.6 1.5 $2,500,000 down to $1,000,000 ......... -----------------------------------------------9 59.0 56.9 36.9 39.5 1.8 1.9
$1,000,000 down to $500,000_____________________________________________________ 9 57.8 54.2 42.6 
42.6 2.2 2.3
$500,000 down to $100,000______________________________________________________ 35 
56.4 53.5 35.8 39.2 2.4 2.8
Less than $100,000______________________________________________________________ 9 
49.3 46.2 39.2 40.8 4.5 4.0 
NOTE: : The ratios shown for each year, in the order in which they appear Crom 1eft to right, are obtained by the following computations: (1) Credit 1ale1 divid by net sales. (2) Collections during the month divided by the total accounts unpaid on the first of the month. (3) Salaries of the credit department divided credit sales. 
The data are reported to the Bureau of Business Research by Texas retail ttores. 
BANKING STATISTICS 
(In Millions of Dollars) 
July, 1937 July, 1936 June, 1937 Dallas United Dallas United Dallas United District States District States District State1 
DEBITS to individual accounts_______________________ _____________________________________________ ______________ 810 35,572 
672 3·3,006 796 36,266 Condition of reporting member banks on-July 28, 1937 July 29, 1936 June 30, 1937 
ASSETS: Loans and investments-total ...... -----------------------------------------------------------------494 22,283 472 22,378 490 22,290
Loans-total..____________________________________________________________________________________________ _ 
Commercial, ~n.dusu·ial, and agricultural loans : 223 9,784 202 8,294 219 9,760 On secunues.._______________________ -----------------------------------------------------------------13 581 t t 15 566 Otherwise secured and unsecured ...---------------------------------------------------------------126 3,844 t t 121 3,765 
Open market paper ................. -------------------------------------------------------------------------3 464 t t 3 467 

Loans to brokers and dealers in securities___________________________________________________________ 3 
1,363 2 1,127 3 1,447
Other loans for purchasing or carrying securities_________________________________________________ 16 
701 t t 15 714 
Real estate loans__________________________________________________________________________________ 21 
1,163 22 1,144 21 1,169 Loans to banks .. ---------------------------------------------------------------------------------------2 150 58 1 98 
Other loans: On securities .................... -------------------------------------------------------------------8 721 t t 9 736 Otherwise secured and unsecured .... ·------------------------------------------------------31 797 t t 31 798 
U.S. Government obligations ..---------------------------------------------------------------191 8,283 191 9,456 19:2 8,301
Obligations fully guaranteed by U.S. Government...__________________________________________ 29 1,188 1,152
31 1,272 28 Other securities ... +------------------------·---------------------------------------------------------------51 3,028 48 3,356 51 3,077 Reserve with Federal Reserve Banks _________ ---------------------------------------------110 5,231 84 4,859 llO 5,400 Cash in vault..·-------------------------------------------------------------------------------------10 311 10 385 10 303 Balances with domestic banks _______________ -----------------------------------------------------149 1,753 189 2,443 153 1,783
Other assets--net.._____________________________________________________________________________ 26 
1,265 27 1,3-29 26 1,302 
LIABILITIES: 
Demand deposits--adjusted. ___________________________________________________________________ 401 

15,033 360 14,850 390 15,186
Time deposits ________________________________________ ,____________________________________________ 121 
5,268 120 5,015 122 5,235
U.S. Government deposits____________________________________________________________________ 10 
430 37 823 12 547 
Inter-bank deposits: Domestic banks ..·-------------------------------------------------------------------172 5,020 184 5,938 179 5,017
Foreign banks____________________________________________________________ 1 
601 422 1 616 Borrowings _____ ~--------------------------------------------------_____ _ 32
Other liabilities_________________________________________________________________________ 4 
862 4 861 5 879 Capital account______________________________________________________________ 80 3,597 77 3,485 80 3,598 
tNot available. 
Nott: From Federal Reserve Board. 

CONSUMPTION  OF  ELECTRIC  POWER IN  TEXAS  
Power Consumed  Percentage Change  STOCK  PRICES  
(In Thousands o! K.W.H.) July July June 1937 1936 1937 Commercial ____ 48,675 41,473 44,769 Industrial ___ 114,708 91,993 110,039  July 1937 from July 1936 + 17.4 + 24.7  July 1937 from June 1937 + 8.7 + 4.2  Standard Indexes Markets :  of the Securities  July 1937  July 1936  June 1937  
Residential ____ All Other...____  32,847 25,079  27,829 21,236  30,401 23,645  + 18.0 + 18.1  + +  8.0 6.1  419 Stocks Combined ____________ _ 347 Industrials ____________________  117.8 139.4  109.2 124.3  113.6 134.0  
TOTAL  -----·-­ 221,309  182,531  208,854  + 21.2  + 6.0  32 Rails  _______ ---------------___ _  52.1  50.7  53.9  
NoTE:  Prepared  from  reports  from  16  electric  power companies  to  the  Bureau  40 Utilities  --------------------------­ 95.9  105.8  91.3  
of  Business Research.  XOTE:  From  Standard  Sta tistics  Co.,  Inc.  

COTTON BALANCE SHEET I THE U ITED STATES AS OF A GUST 1 
(In Thousands of Bales) 
Government Carryover Estimate as Aug. I Im ports o! Aug. l Total Consumption 
Exports Total Balance 
1929-1930 _____________ _________________________________ 2,313 
15,543 17,856 17,856 1930-1931_____________________________________ 4,530 14,362 18,892 18,8921931-1932___________________ ______________________ 6,369 15,581 21,950 21,950 
1932-1933 ----------------------------------------9,682 11,306 20,988 20,988 1933-1934 ------------------------------------------------8,176 12,314 20,490 20,490 1934-1935 ----------------------------------------------7 '7 46 9,636 17,382 17,382 1935-1936 -------------------------------------------------------7 ,208 10,638 17,846 17,846 
1936-1937_________________________. ------------------5,397 12,481 17,878 17,878 1937-1938 ----------------------------------------------·---4,498 15,593 20,091 20,091 
The cotton year begins August l. 
Non:: The figures have been revised in accordance with the revisions made by the United States Bureau of the Census. 

POSTAL RECEIPTS 	BUILDING PERMITS 
July July June 
July July June 
1937 1936 1937 
1937 1936 1937 Abilene -----------------$ 16,915 $ 16,601 s 16,422 
Abilene -----· ----s 17,103 s 31,082 29,477
Amarillo _________ ·----29,780 27,638 27,743 Amarillo ------------79,730 33,092 102,620 
A us tin _ -·-···---------·--52,44-0 53,399 51,733 
Beaumont ---·-_____ _ _ 24,375 21,518 21,397 Austin ---------435,698 349,546 379,188 Beaumont ------------109,890 76,189 116,584 Big Spring 5,692 5,240 5,251 pring __
4,580 Big ----11,450 14,670 	6,558 Brownsville -------------5,839 5,389 Brownsville 13,310 
Brownwood _ ________ 5,637 5,129 5,468 	--·----8,675 11,910 
Brownwood 1,150 2,882 2,818 Cl eburne __ _ 3,123 3,029 3,004 Corpus Christi ---121,640fi 162.572 407.990 
Corpus Christi ------_ 22,945 17,518 20,820 
Corsicana _ ________ ----4,824 4,719 4,844 Corsicana ------------16,330 76,480 1,845 Dallas -------------------837.573 623,250 908,468Dallas _.... ___ -------_ 332,664 336,013 347;2,77 
Del Rio ------------------2,125 9,700 7,875
Del Rio --·-·--· ------··-.... 3,662 2,895 3,364 
3,970 Denison --------------8,285 3,000 	7,607Denison .. -···----------4,632 4,463 43,663 El Paso____ ------------64,594 101,385 177,087El Paso _ 40,546 39,938 Worth_ _____
Fort 340,147
Fort Worth _____________ 127,951 121,040 135,063 	761 ,596 788,601 
Galveston -------71,448 571,871 62,956Galveston -----·-·----------26,702 26,843 27,414 Graham ·----------14,700 15,925 16,375 
2.100 2,030Graham -------·-····--------2,420 Harlingen ---·-----24,200 8,100 23,152Harlingen _____ -·---·--··· 5,280 4,324 5,651 199,0JO 213,124 Houston --------------992,045 847,705 1,502,900
Houston -----·-··· 216,264
Jacksonville ____ _________ 2,854 3,352 3,724 Jacksonville ----------9,300 640 3,500 Longview ___ _ _ ______ 10,419 9,295 8.333 ---·-·---------15,350
Laredo 7,375 10275 
Lubbock ____ ___________ 13,608 11,926 13,855 	Lubbock -----------78,995 100,747 144,143McAllen ------·-------47,960 35,300 23230
McAllen ... 3,731 3.569 3,464 Palestine 15,111
-------------16,577 11:023
Marshall --·-------------5,805 5.225 5,448 Pampa ------------------29,650 19,900 18,430Palestine ----------__ 4,082 4.902 4,731.2 
7,182 6,213 Paris ---------------5,635 9,540 12,840 ~:~~a..:=:::::::_:::::::::=:: ~'.~g~ 5,435 5,520 Plainview 1,050 4,250 2,970 
3,532 3,737 Port Arthur ··-·----61,484 111,825 69,039 
Plainview ..... ----------· 3,746 
Angelo ________
San 30;2.48 7,275
Port Arthur...-------·-· 11,401 10,092 11,403 	63,257
Antonio_______
San 282,370 237,652 406,002 San Angelo ···--· ··-----· 10,429 10,473 10,201 Sherman 18,827 
San Antonio.______ _____ 109.915 109,31.5 110,879 ------------39,599 148,637Snyder ------------6,875 8,600 
Sherman _ ------------···· 7,330 7.178 6,811 Sweetwater ---------10,725 10,390
Snyder ------·---------------1,119 1,296 1.083 4,174 Sweetwater ··--·-·---··-4,116 4.588 4,658 63,430
Tyler -----------------122,212 118,082 Tyler ----· _______ _______ 14,507 15,630 13.724 Waco ---------------91,625 90,428 138,800 
Wichita Falls______ 25,270 
Waco ... 30,328 29.268 31;s50 	25,185 31,005 
... __________$4,006,130
Wichjta Falls _---· ___ 21,262 20,899 21,777 TOTAL $4,535,385 SS,724,441 TOTAL -----------·--·-...$1,198,935 $1,159,993 Sl,209,930 }­
~ flDoes not include public works. 
Non: Compiled from reports from Texas chamben of commerce to the ,. 'o~: Compiled from reports from Texas chambers of commerce to the Burea 
Bur~au of Business Research. of Bu11ne11 Reaearch. u 

JULY El\lPLOYME T AND PAY ROLLS I TEXAS CLASSIFIED BY CITIES AND EMPLOYMENT GROUPS 
Pay Rolls Ending Nearest Fifteenth of Month 

Workers  Pay Roll  
Abilene___ ____________ Amarillo Austin Beaumont___ Dallas__________________ Denison_ El Paso_________________ Fort Worth Galveston_______________ Houston__ Laredo ----------------­Port Arthur___ San Antonio  No . of Estab· 1ish­ments 13 21 21 29 154 6 61 69 19 133 12 7 117 Number Percentage Change J uly 1937 168 895 548 3,114 10,381 614 2,194 5,664 681 12,078 173 8,053 4,117 from from July June 1936 1937 + 9.8 + 1.8 + 23.6 + 1.2 + 8.1 -3.7 -2.5 + 0.5 + 6.4 -0.1 + lQ.4 + 27.9 +24.4 + 3.6 + 5.1 3.0 + 10.9 5.0 + 15.7 + 0.7 + 11.6 0.6 + 7.7 1.2 + 5.8 8.3  $  Dollan July 1937 3,982 26,716 11,007 88,924 232,019 10,469 47,267 141 ,001 17,137 .Y22,374 2,619 240,331 89,193  Percentage Change from from July June 1936 1937 + 20.3 2.4 + 43.5 + 8.4 + 2.9 -3.4 + 16.4 -3.4 + 10.4 -1.0 + 16.5 + 27.9 + 52.9 + 1.3 + 37.7 + 0.6 + 13.6 0.7 + 27.5 + 0.4 + 4.6 1.1 + 26.5 2.4 + 17.9 3.9  Average Weekly Wa1e per Worker 1uly 1uly 1uoe 1937 1936 1937  


778 + 5.7 + 1.2 13,933 -0.9 + 3.4 
Waco__ ---------------------26 

Sherman ---------------------14 
1,251 + 17.9 + 0.2 24,157 + 20.6 2.9 
Wichita Falls -----------------23 581 + 3.0 + 1.8 13,411 + 10.4 + 0.4 
All Other Cities 664 31,893 + 9.6 + 2.5 858,553 + 21.6 + 2.2 

STATE_____ 1,389 83,183 + 9.3 + 0.5 2,143,093 + 22.5 + 0.5 $25.76 $23.00 $25.76 

BUILDING MATERIALS________ 95 9,284 + 12.2 + 0.2 203,304 +32.8 +B 21.90 18.50 21.24 Brick, Tile, Terra Cotta______ 10 586 + 2.3 + 5.6 7,945 + 26.4 + 11.8 13.56 10.97 12.80 Cement 8 1,317 + 23.5 -11.3 33,096 + 56.9 + 12.6 25.13 19.79 19.81 Foundries, Machine Shops________ 26 2,686 +20.9 + 2.4 76,293 + .Y6.7 + 7.8 28.4{) 25.11 26.97 Millwork__ 15 567 + 26.6 0.9 12,047 + 35.1 -4.2 21.25 19.91 21.99 Saw Mills__ 12 3,025 + 3.2 + 4.0 47,866 +24.0 -0.4 15.82 13.16 16.52 Structural Iron Works ----_ .. ____ 9 962 + 4.6 1.5 22,539 + 13.3 -12.3 23.43 21.63 26.30 All Other Building 1aterials 15 141 +23.7 2.1 3,518 +38.4 + 9.0 24.95 22.30 22.41 CHEM[CALSll 24 428 + 12.6 + 1.2 9,888 + 28.0 + 3.0 23.10 20.33 22.70 CLOTHING AND TEXTILES___________ 32 3,220 + 13.3 + 1.0 37,515 + 11.l 4.9 11.65 11.88 12.37 Cotton Textile Mills_________________ 7 1,816 + 22.5 0.2 22,945 + 24.8 5.5 12.63 12.4{) 13.34 Men 's Work Clothing Manufacturing 13 1,102 + cu + 1.7 10,306 -16.0 9.2 9.35 11.15 10.47 Other Clothing and Textile Manufacturing_ 12 302 + 16.6 + 5.6 4,264 +37.1 + 11.6 14.12 12.01 13.36 
C01TO -OIL \ULLS .Y4 535 + 19.7 + 11.5 7,915 + 25.6 + 5.4 14.79 14.10 15.65 
DISTRIBUTION_____________________ 381 13,012 + 7.0 4.3 297,798 + 12.l 3.0 22.89 21.85 22.59 Retail Trade______ 218 8,717 + 8.2 5.5 183,046 + 13.9 3.6 21.00 19.95 20.59 Wholesale Trade ______ --------163 4,295 + 4.7 1.7 114,752 + 9.3 2.0 26.72 25.58 26.00 
FOOD PRODUCTS __________ 90 6,437 + 8.8 + 0.2 151,992 +38.0 + 1.8 23.61 18.61 2.3.25 Bakeries _------------------19 509 + 16.5 1.7 9,856 + 162 1.9 19.36 19.41 19.39 Beverages_________ 15 455 + 11.0 + 6.6 10,123 + 4.6 + 0.1 22.25 23.61 23.69 Flour Mills ---------------------6 336 +10.2 + 13.9 8,546 + 29.3 + 18.0 25.43 21.67 24.55 Ice Cream·Factories 6 381 + 16.5 + 1.6 7,061 + 18.8 3.0 18.53 18.18 19.41 Meat Packing, Slaughtering_______ 7 3,524 + 9.6 1.7 95,668 + 52.9 + 0.1 27.15 19.47 26.<J6 All Other Food Products________ 37 1,232 + 0.7 + 0.7 20,738 + 23.3 + 8.7 16.83 13.75 15.58 
FOREST PRODUCTS _____ ____ 22 916 + 2.6 + 0.4 15,998 + 11.5 1.0 17.47 16.07 17.71 
FUR ITURE MANUFACTURING__________ 4 159 + 13.6 + 3.9 2,872 + 0.1 + 3.0 18.06 20.49 18.22 
PETROLEUM ___ -------------------57 25,010 + 7.7 + 1.0 813,236 +26.7 + 0.3 32.52 27.65 32.75
Crude Petroleum Producing ___ ________ 23 
5,224 + 8.9 + 5.4 191,364 + 22.1 + 6.0 36.63 32.69 36.41
Petroleum Refining _ ___ ________ 34 19,786 0.1 +28.1 26.33
+ 7.4 621,872 1.4 31.43 31.84
PRINT! G AND PUBLISHING____ ____ 56 1,776 
+ 6.9 0.8 54,629 + 7.5 3.8 30.76 30.59 31.70 Commercial Printing ----------------33 521 + 9.5 2.6 12,255 + 13.0 3.6 23.52 22.78 23.76 Newspaper Publishing _---------____ 17 1,210 + 5.9 + 0.1 41,275 + 5.8 3.7 34.11 34.14 35.45 Other Printing and Puhlishing 6 45 + 7.1 4.3 1,099 + 15.3 8.0 24.42 22.69 25.43
PUBLIC UTILITIES _ ____ __ ________ 376 
14.,120 + 9.8 + 3.6 393,288 + 15.4 + 3.4 27.85 26.51 27.90 
Power and Light ________ ----------263 6,912 + 11.3 + 3.8 199,188 + 17.5 + 4.9 28.82 27.28 28.50 Steam Railroad Repair Shops 21 3,237 + 4.5 + 3.4 87,933 + 11.5 0.8 27.16 25.45 28.29 All Other Public UtililiPs 92 3,971 + 12.0 + 3.6 106,167 + 14.9 + 4.3 26.74 26.07 26.55 QUARRYING & ON-METALLIC MI I G 20 689 + 4.1 9.6 17,623 + 22.3 8.2 25.58 21.77 25~ SERVICE __ ----------------118 4,412 + 7.3 + 3.4 66,MS + 7.1 + 3.4 15.04 15.07 15.04 
Business and Personal Service___ ______ 18 227 + 12.9 
9.2 5,910 + 30.6 5.2 26.04 22.52 24.94 Hotels __ ----------------24 1,939 + 6.0 + 0.9 25,520 + 4.9 + 2.0 12.65 12.78 12.51 Ice __ _ ____ -----------55 1,187 + 14.0 + 12.7 20,.Y69 + 5.5 + 12.4 17.16 18.54 17.22 
Laundries, Dyeing and Cleaning -----------21 1,059 + 1.9 + 1.6 15,549 + 5.4 -1.4 14.68 14.19 15.13 ALL OTHER INDUSTRIES________ 80 
3,185 +26.6 + 1.3 70,687 +53.2 -3.2 22.19 18.34 23.21 
Chemical and Allied Industries not eJsewhere classified. _N~TE: Prepared from reports from Texas industrial esta!>Iishments to the Bureau of Buainese Re1earch, coOperatine with the United Statel Bana• of ~ 
Stat11t1c1.