TEXAS BUSINESS REVIEW 

Bureau of Business Research 
The University of Texas 

Vol. XIII, No. 11 December 28, 1939 
A Monthly Summary of Businel!I! and Economic Conditions in Texas and the Southwest 
Bureau of Business Research, The University of Texas, Austin, Texas 

Entered H 1econd cl•• matter on May 7, 1928, at the po.1t office at Au1tin, Te:iu, onder Act ef Aacu•t 24, 1912 

SEE ARTICLE BY F RANK L. BA~TON 
O~E DOLLAR PER YE~ 
TEN CENTS PER COPY 
TEXAS BUSINESS REVIEW 
INDEXES  OF  BUSINESS  ACTIVITY  IN  TEXAS  
AV ERAG E  M ON TH  O F  19 3 0 =1 00 %  
WC  I  CHT  C O  MP O S  I T[  INOEX  
[t.CPL OY ME N T--­2 !1 V.  r R E ICH T  CA.RL0401NC.S---20Y.  
P AY  R O L L S  2.S X  CAUO [  OI L  RUN S  .SY.  
O tPAR TM ENT  !I TO "'(  S AL E S ­ I 0  Y.  [ L[CT IUC  POW[R  C O l<U UMPTIO H-I .S Y•  
a  u rt.at.r  o f  su s in ess  R •sur ch  T h •  unlv trs ily  of  reras  

INDEX· OF· M ISCL. FREIGHT· CARLOADINGS·IN ·SOUTHWESTERN·DIST.





Business Review and Prospect 

GENERAL BcsINEss 
Activity in the durable [!oods indw,tries in the North and East continues at a high rate, and is expected to maintain this level during the remainder of this month. Reflecting this situation, Barron's business index (ad­justed for long-term industry and population growth) advanced to 89.7 in the week ended December 2, the best level since March, 1937. In fact, since 1930 the current level has been surpassed only twice-in the last two weeks in December, 1936, and two weeks in 1937 when at the end of February the index reached 91.6. Indexes for which no adjustments are made for industry and population trends, and which, like the Federal Reserve Board index, are baser! on the period 1923­25=100, actually register as high now as at the peak of activity in 1929. These in<lexes, howe,·er, are mis­leading u~less allowance is made at least for the increase in population which has taken place during the past fifteen years. 
What the business situation will be after the turn of 
the year is a subject of much discussion. In a number 
of lines-iron and steel, machine tools, aircraft, ship­
building, railway equipment-orders now on the books 
insure a good rate of operations during the early months 
of 1940. But with the slowing down of incoming orders 
and a paring away of the backlog of accumulated orders, 
a decline in operating rates is foreshadowed. 
It is significant that business men more and more are 
taking the position that, irrespective of war developments, 
the problem of turning the upswing started by the war 
into a sound and lasting recovery is a domestic problem. 
The sharp rise which began in September as a forward 
buying movement in materials has broadened into a 
revival of capital expenditures; and the problem now is 
to establish national policies which will encourage do­
mestic enterprise and carry the recovery forward. 
It is extreme!y fortunate that the attempt to direct 
public attention from domestic problems to the foreign 
situation has thus far been unsuccessful. There is now 
a possibility, with the presidential nominating comen­
tions only six months away, that the policies and pro­
grams of the candidates re3pecting such problems as 
those presented by the railroads, public utilities, agri­
culture, and national finance will be clearly and honestly 
presented to the public. Always in the past when con­
ditions reached a critical stage in our national affairs, 
leadership appeared to meet the situation in at least 
a fairly adequate manner. A sound economic program 
for the basic industries of the country is now imperati,·e 
if we are to avoid a recurrence of business statrnation 
after a few months of normal acti,·ity and the ultimate 
bogging down of the entire economic structure. We still 
have nine million men unemployed; forty per cent of 
the Nation's railroads are now in bankruptcy; our 
national deGcit will again run into se\·eral billions of 
dollars; and no electric power policy has yet been ernlved 
which would permit this industry to exercise its full 
influence upon the ernnomv of th<' \'a'.ion. '.\lort'OY<'r, much ag tht• conqrunion i11d11,.:trY l1a" lwt'n fn•tnctl hv f!O\'ernmental aC'lion durin!': the Jl <l~I thrt'r Y• ':1r,.: or mnn< residential buildin!': i~ still onh · a third d that fifteen years ago, to s::n-;iothin~ 0f the continued l()w f'l>b of prirnte commerciaL and indw:trial construction. Surely there mw't he a huge pent-up denrnnd for buildin[! con· struction of all tYpes awai•ing the time when prirnte enterprise can safely make plans extending some di;otance 
into the future. 
That indw;trY is beromin!': more con~rious of the lozi-er-price hir.d1er-volume ero'nomirs is eYiclenced bv the resolutions rer:entlv adopted in the annual corll"ention of the American Con!!re'' of lndustn-. In substance, the new platform states that busine•s. had better look to its own affairs and its own policies, and that such policies should have for their end ohiectiYe an exten­sion of the benefits of technolo'.!ical adrnncement to the consuminµ: public in the form. of better qualitv p-oorls at lower prices. The Automobile industry is a >trikintr example of this philosophy in actual operation. Cannot the same principle be applied in the conqrnction. the transportation, the steel, and allied industries? If busi­ness leadership rises to the challenire now presented to it there is strong likelihood that political leadership will also arise to supplement it. 
TEXAS Bus1:-.:Ess 
With industrial production in the :'forth and East at near record levels, and with the expectation that this rate of activity will approximately be maintained throup-h the first ,:ix months of 19'10 at lea;;t, the outlook for Texas industry and trade remains farnrable. :\ational comurnption ~f mineral and a_'.!ricultural raw materials of 1d1ich Texas has p-reat rnrplu~rs is expected to be well aho\'e 1939, and the demand for these produl'f~ promises to be reflected in both ~rc:itn output anrl hitrher prices. Tims, farm ra~h income anrl inr ome from minerals (Pspecialh· oil. tras, and ~1ilphur) arr rxp1'd<',l to show substantial gain;: O\"Cf bot Ji J').)!) and ]9:1[1. fll· dustrial pay rolls in Texa$. identifil'd mainh· with con<umer [!'Jods indmtries ~uch as c.il refinin.!': and food pro<:e5sin'.'", should soon rC'flert the !!realer ln11 in,!! power of the State and the :\ation : and in turn. tradf! and service or·cupatic•ns in this State sh1i1ild fet·l thr stirnulatin!! effects of ri:'in!': i11conirs both in a'.!Til·1d· ture and i;1 indusfrY. ' ­
Althou~h a hi'.'"h rate uf l1u,.:i:w.-,; ar-ti1 it1· Ju~ pn·1·ai kd 
in the indu~t rial SC'r-li:on,; (If tlw c11u11tr1" f.,r •r1t·ral 
rnonth'3 nncl <-uh'Otantial g-ain• h:id }.,•,·n ir; pr1,;crt·,• f.,r 
sumc time <'Yl'll ll('fore the ,.:h:irp upt11rn at t!w •J111l•rt•ak 
of th e war in Eu rop(·. tlw .C!a:11• in T1·x:L' I!:!\ (' tl1 u,.: far 
Leen onh · rnnderatC'. Tlw cr•mpo;;it•· h11.-in•':'" index 
,,howecl virt11:il!I 110 d1:in~1· f,·,,m (kt..!to •r t11 \1111·11 dll'r, 
and the train ~1·cr \ u1·r·n:l·r·r h-t 1t'<lr 1q..: ],._, tl1:111 
:'CYCll ]JC'r ct'nl. The f .-.!!011 in; L1!1lt· ~ in', thl' l'.o/!l!"''ite 
indexe,; tric•t·ther ''ith thu;,· ,,f tl1l' cu111pu:tl'nt faduh 
for compa;·,dile period::. 

For Other Texas Data, See Statistical Tables at the End of This Pu/.,lication 
INDEXES OF BUSINESS ACTIVITY IN TEXAS 
Nov. 
1939 
Employment -------------------------92.2 Pay Rolls ________ ------------------------95.1 Miscellaneous Freight Carload­
ings (Southwest District) _________ 65.9 Crude Runs to Stills __________________183.1 
Department Store Sales -----------10'1.3 
Electric Power Consumption_________ 135.8 
COMPOSITE INDEX _____________ 99.6 
Each of the factors as well as the 
Nov. Oct. 
1938 1939 

88.3 92.0 
90.9 96.5 
62.2 65.1 
181-1 198.5 

99.l 100.3 
114.6 131.Z 
93.4 99.8 
composite index 
shows a gain over November, 1938: but a sli~ht decline from Ortoher is regi~tcred in weekly pay rolls, and a s11hstantial decline occurred in runs of crude oil to stills. The indexes of the remaining four factors show slight to moderate gains over October. 
FARM CASH INCOME 
Agricultural cash income in Texas during November as computed hv this Bureau totalled $34,484,000, com­pared with $39,Sl 7,000 in November, 1938, and an aver­age of $S4.223,000 for the five Novembers of the base period, 1928 to 1932. The November income this year was thus 63.6 per cent of the average November cash income during the base period. In November, 1938, it was 73.3 per cent. The indexes for each of the crop reporting districts as well as for the entire State are given in the following table. Actual computed income for the year to date is also included in the table. 
As in the previous two months, the districts making the most unfavorable showing with respect to the base period are those in which the income is derived pri­marily from cotton. The cotton marketing season is now virtually over, substantial amounts remaining only in the high plains country. In the months immediately ahead, farm cash income normally reaches the lowest level of the year. Almost the sole sources of income 
INDEX OF AGRICULTURAL CASH INCOME IN TEXAS 
Cumulative Income 
Nov.  Oct.  Nov.  Jan.-Nov.  Jao.-Nov.  
Districts  1939  1939  1938  1939  1938  
(000 Omitted)  
1-N ------------­82.2  100.5  96.1  $ 35,043  $ 34,803 

1-S ___________ 61.0 156.5 105.8 31,568 2 ------------------36.9 49.9 46.1 36,859 3 -----------------65.0 49.5 71.Z 19,628 4 ----------------44.9 23.5 48.2 73,209 5 ---------------19.8 21.7 22.4 32,969
6 _______________113.l 132.2 114.2 22,866 7 ----------------83.4 74.2 86.7 34,214 8 ---------------68.2 48.7 79.4 34,833
9 _
_______________132.4 70.3 108.4 24,477 10 ________________ 227.1 54.3 113.6 12,283 10-A _____________263.7 230.2 277.4 24,035 
STATE ------------6..-3.....6__5_6_.o__7_3_.3__3_81....,9_8_4_ 
are citrus fruit, vegetables, livestock and 
32,626 
45,067 
W,245 
74,650 
30,726

19,277 
29,820 
38,945
20,987 
11,469 
23,657 
3_8_2,_21_2_ 
livestock 
products. Should the expected increase in demand for these products materialize and prices strengthen, the indexes of farm cash income. adjusted for seasonal change, will soon begin to reflect this improvement. Actual farm cash income, however, except in the special­ized fruit and vegetable areas, will remain low for several months. Not until Texas agriculture has advanced much farther than at present toward a well balanced agricul­tural system, in which greater quantities of forage crops are produced, and these together with cottonseed con­centrates fed to livestock will the seasonal variation in farm cash income become less pronounced. As these agricultural readjustments are made, farm cash income durino-January, February, and March, now the lowest in th:' year, may be expected to show substantial gains. 
Indications now are that cash income from farm opera­tions in 1939 will be almost identical with that of 1938. Including government subsidies, however, the cash re­ceipts this year will be substantially above a year ago. 
F. A. BUECHEL. 



Financial 

In spite of the fact that there are billions of dollars of idle capital available to borrowers at interest rates that are, in many instances, at-or close to-record low levels, the conte;1tion is still advanced in some quarters that genuine recovery is being impeded by the inability of the small !JU~ine~s concern to obtain adequate capital for operation and plant expansion. The Federal Admin­istration, since corning into office in 1933, has claimed that its efforts have been directed toward rehabilitating <lifTerent Pkments of the husiness and financial system, and stimulating the flow of funds from financial i~stitu­tions and investors to commercial, industrial, and agri­cultural producers in the hope of revivifying an eco­nomic system which, in 1933, was in a semiprostrate state. 
The Reconstruction Finance Corporation, acting as the initial funds dispensing agency, first, came to the aid of weakened commercial banks, railroads, and insur­ance companic5, and, then, offered its facilities and funds to industry-large and small. In June, 1934, the Federal Reserve Banks were authorized to make indus­trial loans to business concerns for working capital pur­poses. The banking acts of 1933 and 1935, and regula­

tions of the bank exammmg authorities, modified com­mercial banking laws and regulations in such a way as to permit commercial banks much greater latitude in respect to loan policies. It has been the intention of the banking authorities to induce commercial banks to make term loans to industrial and commercial concerns for working capital and fixed capital purposes by permit­ting member banks to monetize, at their Federal Reserve Bank, the commercial paper that has received the stamp of approYal of the member bank. 
The result of these attempts to provide the business system with additional capital funds has not been fully satisfactory to administration officials and certain na­tional lawmakers. Consequently, bills have been intro­duced in Congress designed to facilitate borrowing by ~'mall business men. Extensive hearings were held be­fore a suhcommittee of the Senate Committee on Bank­ing and Finance in June, 1939, on two bills introduced in the first session of the Seventy-sixth Congress by Senator Mead (N.Y.) 1 to provide for the insurance by 
1 Hearings before a Subcommittee of the Committee on Bank­ing an<l Currency, U.S. Senate, 76th Congress, 1st Session, "To Provide for the Insurance of Loans to Business." (S. 1482. and 
s. 2343.) 
TEXAS BUSll\'ESS REVIEW 
the Reconstruction Finance Corporation of loans made by .banks to business enterprises for the purpnsP of en­abling su~h enterprises to increase their pruductions. extend then operations, and modernize their plant~, and for other purposes. Subjected, in the hrarinn-s. tu con­siderable criticism by administration offici~i-. these two bills were apparentlv abandoned to their f~te. In the second session of the Sewnty-sixth Congress. Senator Mead introduced a new bill (S. 2998J that substantialh· embodied the suggestions which had been offered b\ :\Ir. Marriner Eccles2 at the hearings referred to abo\·e. Es­sentially the same in its objective, but more extreme in the scope of its activities, this latest bill is designed to establish a permanent industrial loan corporation to 
assist financing institutions in making credit arnilable to commercial and industrial enterprises. 
The Industrial Loan Corporation is created \1·ithin the framework of the Federal ReserYe System, and the Board of Governors of the Federal Resen·e System comprise the board of directors of the Corporation. The Cor­poration is authorized to make loans to, discount obli­gations for, and purchase obligations from a commercial or industrial business; to purchase preferred stock in a corporation engaged in such a business; to make lo_ans to a financing institution on the security of such obliga­tions or preferred stock; and to make commitments to make any such loans, discounts, or purchases. The bill limits the maturity of loans, or the retirement date of preferred stock, to ten years, and _satisfactory i_nstallment payments must be arranged sufficient to amortize at least 40 per cent of the principal amount within the ten-year 
period. 
Further, the amount of funds provided by the Cor­
poration for any one commercial or industrial business 
and outstanding at any one time shall not exceed 
$1,000,000. In addition the Corporation is autl1orized 
to set aside an amount, not exceeding $2.5,000,000, of its 
surplus for the purpose of insuring,_ under _certain stipu­
lated conditions, banks whose deposits are 111sured under 
the F.D.l.C. against losses which they may sustain_ up<Jn 
obligations resulting from loa~s to any commercial. or 
industrial business. The capital of the Corporation 
would be provided by the Treasur\ out ?f the increment 
remaininD" from the reduction of the weight of the gold 
dollar on°January 31, 193-1. The Corporation i" auth<Jr­
ized to issue its obligations in an amount not to exceed 
$500,000,000, such obligations to be fully an~ u~1c:ond 1 : 
tionally guaranteed both as to interest and pnnc1pal J,, 
the United States. 
This bill deserves the careful consideration of bw,inro;: 
men and commercial bankers for, if current articles in 
the financial journals are accurately indicatiYe, t!1crc I" 
a revival of interest in GoYernment quarters 111 tl11;: 
problem of financing the small busin_c~s man. _\Jorc­
over it is well to realize that the proH;own;; of the bi! I. 
if e~acted, would further extend the _influence_ of the 
Government in the field of commercial hankrnµ-. and 
· 1 d · cl -t "al bu•ine•• It •er·rn• unl1kr·h· 
commercia an 111 u~ n ·· ·-·-· . -· -· that commercial bankers, as a group, will faHJr a rne~c­ure that authorizes a f!O\·ernm_ent agenq: to . ent_er _111<" . ti"tion with the pn\·ate bankJllf! rn•t1tut101 1.~ 
d!feet compe · f I 
t ). It i• al•o a moot quest1un. rrJ!ll t w 
0 f the coun r · -. -· · · ·I I .. 
. t f view of the bus111ess men of tlw \atwn, '' ict iu phom 0 · ions of the bill are desirable. Direct gul'crn­
t e prov1s 
2Jbid. PP· 91-96. 

nwnt loans to i1!cltHrial C<"•ncrrn;: \1·ill pu•1·ick tht' Go\._ ernmcnt with an i11 l!t1P111 c in .\mni1·;111 h11•i1ll':':-' that "ill lie !ll1Jl'!' for-n·a1·l1inµ than ,.h.. 1dd l•l' l'"'"'""""t:d hi· a µ-o\Trnnwnt in an t'('o1111111i" "' "l<'Jll l1J1ilt lll'"ll pri~·;1k (J\1·1wr,.hip and opnation uf c111111111T1·i;1l. ti11anl'ial. and indu,otrial husim'""· 
But. a;;idc fr11m the co11,oidnati11n "f a111· ,.1w1·ifi(' l1ill. there remains the fundamental qul';:ti11n ,.f \1 hc1h1·r it i:o actuall\· true that the exi,:tin'.! tinc1nci;i] 111achim·n· i;: adcqua.te to ;:upph· the credit 1;ccd;: of bu•ine,;: men: or, if adequate, is derelict in fultilling this c•;:c:1tial financ­ing function. l "nfortunateh. the arnilablc e1 idence on the subject seems to be at Yaric1nce. 
Prominent commercial bankers. certain out;:tanding men in high go\·ernment office, and represe1:tati\·es of associatirJns purported to represent the intere;:t;: of ;:mall business men ha\·e taken a stand in opposition to further goYernment credit or financial assistance. claimin~ that existing agencies are adequateh· meeting all le~i ~imate, existinrr needs for capital and uedit. 5tatistit·a] studie:' of the loan experiences of the R.F.C. and 5uch lar~e com­mercial banking institutions a5 the \atinnal Cit'~ llank re\·eal that a Yen· small percenta2'.e uf loan appliL·ations are being currenth· rejected, nnd then onl1 lwca115e the condition of the borro11·er"s bu5inc53. or the nature of the loan request, is be\"Ond the limits of e1·rn liberal financial practice. 
On the other hand, go1·ernmC'nt oITiciab of equally high po:;oition, repre:;oentati1es of the a:'s11<:iati1Jn5 al:;oo purporting to reprc;;ent the interest of the ;:mall b11,-incss man. and certain members of Cun!!rt·ss in-ist that a broa·d economic reco\·ery is being i~11pedcd b1 a lack of funds at the di:oposal of would-be b1Jrru1, ers. In the words of Senator :\lead, '·The gro1ring con\·ictic•n is that far too many rn1all concern:' are suffering and failing as a re:oult of the una\·ailal1ilit:· of pri1 atl' cn·dit and capital. [\·iclence is pilini' up to confirm the c·untention that smaller enterpri"c is bei11µ thr11ttlcd ],.,. an inade­quate f101r of credit-the mu•t \ital and ""'·ntial dc"­mcnt to its progn·;o;o and s11<cc"". T.,da1 tl1n<' i-µ11ud rea:oun to belie1e that :'rnall Lu-i111·,, i,o ,tr11:c:..din:.: in a "twili«ht zone· where 11eithcr 1·111J111H:n·ial n11r im·c-t­ment rbanb 11·ill help him and 11 hcrl' th>' C111l"J"llllJl"ltl. under its existin!! la11·. cann<>t l1dp hi111 "" far a" hi,o credit need;o arc 'C:u11c-crn1·d ... " 
The 5mall bu;;in<·,-,; nun t•>1L11 ha-cir.,.,.,, 1.-, a-rna111 , in fact m1,re. :-<JLIJT<"" uf ncdit and "al'ital tl1a11 he \\a.­accu•tomed to enju1 in tlw pa"l. Fi1·-t. lw ha-cw"''"" 
tu the c1Jm111crcial k111kin:.: ,., ,11·m t11 n!l'1·: hi, l1· .~it i111atc \HJrkin~ ('apital w·r·d.-and. 111Hl1'l' l'r1 ·"·11t !.ankin:.: r"::.:11­lati1,n.•. hi;; ri·quin:11wnt.-. t11 ""111e t':>.ll'11t. f .. r tJ\1·0 l c·;q•1tal ]JL!rp•i•.i:". :-)c<·un1L Ill' l1a" .'1"1""" t" 1111' lt0 11,tnwtio11
· .-.. 
Finance Corpurat io n. n111 ] 1t I" n11k1111rtl1'. t1::d l11rnwr Cliairnia n ] 1·,;.-1· II. .J1,:"'" h,1, p11!.lwh 1·::q.!u-111·1I tlll' 11·illi ll'.!llCf'" uf" the C11q•11r.iti ..11 111 ,1·11" t1:·· 111.,·1!• 11! rniall. l1usin<'"" . Tl :i rd. !1" .ii 1;q1i Lili-t-;111 °! i1111--t11r,. famili .-ir 11-ith tlw hi-t11r1· .11!•! 111;11 1c.1'..'. •·11:0·1d 11 ! a p;1r­tir-ular IJt1si11e'"· 11r 11 ilh t!J,. 11.111111· '.'I a 1•r11_1··· 1<'01_ 111.!1.1,.. 
trial <Jr <·qn;int:r<·i al d1·\1·l11p1:.•·:!l. rdlt·r a :--1111r1_··· 1d •·1p11t:· 
r·apital to k1.-i1w-, nwn c1111! 1•r.._:11"t"r". It 1-tr,1:" th.it 
it j" 1 lai11ll'•I tl1at tl11-,.1 o11r• ,. ,,f 1·a1'1Lil li.1-0!1 , ... 1 1q1. 
J,ut. if it ha". j_, it j,....,1"-" ..11,,.r '"11olll1"' " 1o1·,., !111!1· a 
0
: ·1; 3,1,nal·I•· "l'l'"rt1:11it' ,.f 1::.1!...111:.: a ]'r«!it ;d ~ · 1"nt11r". thu,; inipairing im ..,11,r c"1:i1d0·111:c: It '"· t:'" 1c·llJC(h· 
"/&id . p. 5. 

is surely not an additional government lending agency to further encroach upon private enterprise and under­mine the stability of existing financial institutions. Fourth, in the past, small business concerns have grown and expanded into larger concerns by reinvesting earn· ings from operati.ons. Here again, it is true that earn· ings have been small or non-existant for the majority of small businesses, but unless it is proved beyond doubt that lack of adequate finances is the major cause of the unprofitable situation, government sponsored loans will scarcely improve the situation and may ultimately result in larger losses to both government and business. The organized investment banking channels never represented an important source of funds to the small borrower, and probably do not do so at present. 
In view of the conflicting evidence on this problem, uncertainty as to the adequacy of available credit ma­chinery; doubt as to whether there is actually a sig­nificant unsatisfied demand for funds by legitimate bor­rowers, even under a liberal interpretation of the term "legitimate"; and the danger that political bias is in­vol vcd as an influencing factor, it would appear that a more thorough investigation should be made of the differ­ent elements of the problem. During the past few years, government aid and government financing agencies have come to be accepted as a necessary concomitant of economic progress by many people, and consequently there is a certain unfortunate mental lassitude in oppos· ing further government assistance. Governme_nt as· sistance in a time of emergency such, for example, as prevailed during the banking panic in March, 1933, is an entirely different matter than the steady infiltration of government influence and, perhaps, even domination of the private economic and .financial system of the country. If it is true, as some authorities believe, that commercial banks should confine their lending activities to the extension of short term working capital, and that other financial machinery is inadequate to meet existing demands, then, there is a place for a system of private "investment capital banks," and a real possibility for profit can be expected to stimulate such a development. 
The problem of the effective availability of credit and capital also holds a peculiar interest to Texas at the present time in view of the efforts being made to further the industrialization of the State. Certainly a funda­mental question that such a program raises is whether adequate funds are available from private financial sources in the State to meet the demands of industrial and commercial business already in existence and opera­tion. Careful study of the local situation might provide reliable information that would be of value to those who are devoting their efforts to the industrialization program. 
WATROUS H. IRONS. 


The Freight Rate Situation of the Southwest 

The United States at the present time has a Nation­wide railway network that renders excellent service. This coordinated physical plant is, however, used in conjunc­tion with a number of rate systems that constitute barriers which hinder development in certain sections of the coun­try justified by the human and natural resources present in those regions. 
A single scheme or pattern of freight rates does not apply Lo the United Stales as a whole. Instead there exists a group of regional ized rate structures between which many inequalities exist. Originally freight rates were a mixture of the ideas and needs of each of the railroads. To lessen this confusion the railroads in the various regions of the country formed organizations for coordinating rate-making activities, but no plan that applies lo making frei ght rates for the Nation as a whole has yet been put into use. 
Texas is included in a freight-rate territory known as Southwestern Territory which also includes Oklahoma, Arkansas, and the portion of Louisiana west of the Mississippi Hi,·er. The most populous and richest freight­rate territory of the country lies roughly cast of the Mis,-issippi l{ivcr and north of the Ohio and Potomac Ri\'ers and is known as Official Territory. 
The economic effects of regional difiercnces in trans­portation charges are n0l measured entirely by the differ­ences in the total freight charges accruing Lo the railroads in the different regions of the country. Of course, the aggregate freight charges of the railroads have an impor­tant influence in regional development, but the manner in which these charges are spread over the different classes of freight, or, to use a phrase from transportation parlance, the way in which the transportation burden is distributed, has a much greater effect on regional develop­ment than the amount of the charges collected. 
In one region, for instance, freight charges may be so distributed among the articles of commerce as to result in relatively low rates on manufactured goods, while in another region relatively low rates on raw materials and high ones on manufactured articles may be the characteristic features of the rate structure. Con­tinuation of such divergent systems of rates may result in making a workshop of one region of the country and raw-material producers of the others with all the economic and social consequences which flow from such conditions. 
Such a situation has developed in the United States. Official Territory, mentioned above, has over 50 per cent of the population of the country and from the standpoint of value produces about 70 per cent of the Nation's manufactured goods. On these manufactured goods the freight rates within Official Territory and applying from that territory to other rate territories of the United States, including the Southwest, are mile for mile the lowest in the country. That is, manufacturers in Official Territory have on the whole a cheaper rate per mile to Southwestern markets than manufacturers in the South­west have to their own markets. 
Official Territory, having an enormous concentration of purchasing power, acts as a powerful magnet to attract enormous quantities of goods, a great deal of which must pass over the boundaries that mark off our economically unsound rate-making territories. The attraction is effec­tive in the case of raw materials and partly-finished goods because of favorable rates from the outlying rate terri· tories, of which the Southwest is one. The territorial 

TEXAS BUSINESS REVIEW 
rate b~rriers, howe\·er, effectively insulate againo;t the attraction of manufactured goods to Official Territory because of the unfavorable rates on manufactured rroods ~oving into that territory. These rate barriers 01~eratc m much th~ same way as a protective tariff. Finished goods are discouraged from coming into Official Territory by high freight rates and encouraged to go out by low freight rates. 
Railroads in Official Territory are frank in acknowl· edging their advantage and their desire to keep it. In Ex Parle 116 before the Interstate Commerce Commis­sion a brief filed for the Official rail lines states that the northeastern railroads are bound to protect the advantages possessed by shippers or producers on their lines. The northeastern railroads with the backing of the richest manufacturers of the country can be counted on as a strong foe for any other part of the country that applies to the Interstate Commerce Commission for lower rates on manufactures into Official Territory. 
And what of the freight-rate structure of Southwestern Territory? The rate structure there is characterized by the highest rate level on manufactured goods in the entire United States. Low rates on raw materials moving out of the territory are also characteristic of the Southwestern freight-rate structure. These features have important effects on the economy of the region. High rates on manufactured goods definite! y discourage manufacturing. While Southwestern Territory has about 10 per cent of the Nation's population, it produces by value less than 4 per cent of the country's manufactures. On the other hand, low rates on raw materials moving outbound accelerate the production and shipment of raw materials without leaving an adequate deposit of wealth to com­pensate for their removal. The comparatively young Southwest can learn a lesson from the plight of the older Southeast which has had an economy of pre­dominantly raw-material production for many years. The lowest living standards of the United States prernil there. Can the Southwest expect anything better when its now bountiful natural resources are depleted? The income flowing from the manufacture of these raw mate­rials into finished products within the Southwest would in a measure make up for the removal of these irreplace­able natural resources. 
The natural query at this point is why have such conditions been allowed to exist? Those opposing lower freight rates for areas outside Official Territory answ~r that "transportation conditions" are less. favorable. m these areas includin" Southwestern Territory, rnakmg the cost of' transporting freight higher than in Official Territory. A recent sttllh-, known a;; 5t:1trmrnt ::;~;12 . made by the Bureau of Siatistics of thr Intn,talt' Cnm­merce Commission ~hows. howcn'r, that L'<'='t" in the Southwestern Rrgion are unh I. i pn ,.,,n t al1u\'1' tlw a\'erage cost for frright tran~p<>rlalilln in tlw l'nitl'd States. The high freight ratr:' in the Suutlml'"t ;1pp;irrnth· cannot be justified by costs of trnnspt1rli11t: tht' fn·i~ht. 
At present there arc se\'eral itrms (If gw•d 1wws per­taining to prospects for lower rates on gouds 111'.l11Ufac­tured in the Southwest. First. in co11fere11cr committee between the Senate and the House of Rcpre:oentati\·es of the Congress of the Cnited Sta~es there ate bills that would add "region'' to the list of pcr:;om, places, etc., between which it is unlawful to allow discrimination in freight rates. If it becomes illeg'.ll tu <lisniminate be· tween regions in regard to freight rates, the :'outln"est should be among the first to rrcei\·e a dmmward adj ust­ment in many rates. 
Another source of encoura!!ement is the recent deci::iun 
of the Interstate Commerce Commi::::ion in I.C.C. Docket 
I\o. 27746, popular!y known as the Southern Go\·ernors · 
Case. In this case, which was decided D\' the narrow 
margin of one \'Ole, the Commi::sion allow.ed the lowt'l._ 
ing of rates on certain products manufal'lurcd in the 
South and shipped into Official Territory. On other 
products, howe\'er, the lowering of rates was denied. 
A third source of cheer for the Southwest is the !!eneral 
class rate investigation for all territory east of the~ l{ocky 
Mountains ordered by the Interstate Cummcffc Com­
mission. Class rates are the rates on which manufactured 
goods generally mo\·e in contrast to commodity rate::, on 
which most bulky raw materials are transported. \o 
doubt Texas will take a Yigorous part in this imesliga­
tion to show that the rates assigned to finished produl'ls 
made in the State are retarding industrial growth there 
and handicapping the deYelopment of the economy of 
the entire Southwest. 
lt might be pointed out that the i11.-titution of frei~ht 
rates which will encourage indu::trializatio11 in the :;uuth­
west will giYe a two-fo ld benefit to the rcf!iun: additional 
income from industrial acti1·itirs and incrca~ed income 
for agriculture by making a\'ailable to the fa rmer a 
market for his products in industrial areas near-!11". 
AboYe all, a prosperous Southwest will contribute toward 
a healthy national economic condition. 
fR.·\'>K L. RrnTO'>, 
Associate Transportniion Economist, 
Tennesst:e J'alley Authority, 
Knoxrille, Tennessee. 


The Texas Statistical Council 

In response to the invitation ~xtended by th·e. Bureau of Business Research, the followmg representall\e gr?up met in the offices of the Bureau on Thursday mormng, December 7, 1939, to discuss t~e advisability of ~ormu­lating and adopting plan;,. which w~uld result. m the better distribution of statistical material concernmg the 
State of Texas. Those present at this meeting included: Mr. :\lorg~n. H. 
R. M a"'er Department of Research and Stat1st1cs,
ice, an o ' l M E M H · 
Federal Reserve Bank of Dal as; 1 r. . . arns, De\·elopment Engineer. South1H'!'tnn Ddl Tdq1h11nf' Cn., Dallas; ;\Ir. W. \. Finnt·~an. llu111 l'.l'· Ori and Jt,:frn · inrr Co., Houston; \Ir. Stuart :'.I. :\lr-Crc;::"r. L.l1t1or. !ht' Te~...:as Almanac of thP Dallas \ t•1,·,;, lblla-: .\I r._ ILir11ld :\I. Young. Di-trict \lana~cr. 13un•;111 of J·urt·1~11 ~rnd D(Jmcstic C(JmJlleJTt\ Dalla~: :\Ir. \\ .:. I-·. l.r;rn·f"rd, Supen·isor, Texas State Empl'."'·mcnt .. ::-en i: ·e. . . .\11• t111; :\Ir. I3yron \Iitchcll, Director. [rxas ~late Lmpl"' nwnt Senic~, Austin; Dr. C. \\'. \·ickrn·, ~tal1,l1L·1a11. ll1~h­way Planning Survey, Highway Department, ..\ustm; 

Mr. Walter C. Blair, Assistant Commercial Manager, Texas Power and Light Co., Dallas ; l\fr. Waldo B. Little, Trust Department, Fort Worth National Bank, Fort Worth· Dr. Watrous H. Irons and Dr. John R. Stockton, School' of Business Administration, The Uni\'ersity of Texas; A. P. Vickery, Bureau of Labor Statistics, Dr. A. B. Cox, Dr. F. A. Buechel, .Mr. Elmer H. Johnson, and Mrs. Clara H. Lewis, of the Bureau of Business Research staff. 
No set program had been planned but. the meeti~g had been arrancred in order that those interested m statistical data ~ght become better acquainted with the needs of each other and discuss ways and means of obtaining statistical information required by the firms represented as well as other business groups. 
Each member of the group present was asked for a statement concerning his own needs for statistical mate­rial and for an opinion as to what he considered the best method of securing wider distribution of data now available as well as the compiling of other material. Dr. Buechel stated that the Bureau would be glad to assist in carrying out whatever program the group con­sidered advisable for the more efficient handling of data. An explanation was made in some detail regarding the various types of work now being done by the Bureau on industry, natural resources, agriculture, an~ o~he; sub­jects. Information compiled by the Bureau is ?1st~1buted by means of the TEXAS BusINESS REV~EW, p~nod1cal re­ports to certain sp~ifie? groups or industnes.' s~ch as retail stores, the dairy industry, and automobile m?us­try; also through bulletins published from ti;ne to t1i:ie, special studies and surveys, . as well as informat10n supplied to individuals upon direct request. 
Data on income by counties and also for municipalities are great! y in demand; and although some coun~y data are now available from government reports, certain pub­lications of the Bureau of Business Research, and other sources, complete data have not yet been .compiled. It was pointed out by several members of this group that there is, in many instances, a tendency o~ the p~rt of the general public to discredit data ~oncerm_ng an indus­try compiled by those engaged directly in ~he same industry. For this reason, as an example, a public agency or non-industrial organization such as the Burea~ . of Business Research is in a particularly favorable pos1t10n for compiling or assembling information for use by the public since reports submitted by the Bureau would be recognized as unbiased. 
It is now planned to compile other county data. sup­plementing data which has been assembled a~d p~bhshed by the Bureau since 1900. ~r. Buech.el desc~1bed in some detail the methods now bemg used in making consumer studies. These surveys have been made with the coopera­tion of the chambers of commerce of the cities in which the surveys are made and with the aid of the teachers and students of the public schools. These studies serve as a means of supplying the most accurate information yet available on family budgets, per capita consumption of essential food products, consumer habits, and prefer­ences in the purchase of staple merchandise. Dr. Buechel commended the cooperati\'e attitude of the public school teachers, and stated that if we can produce reports from these surveys promptly, it will greatly encourage the teachers and parents to cooperate in the work as much of the information disclosed by the surYeys is readily useful to the communities in which the studies are made. 
The consensus of opinion of those present was that regular meetings would present an opportunity for the exchange of ideas and information and would be mutually he! pful; also that a central distributing point through which the members of the group might be advised as to what statistical material is available would be invalu­able to all. Material already compiled by one organiza­tion could in this way be used by others and thus greatly reduce the expense and time consumed by the individual organizations in obtaining or compiling statistical infor­mation. For example, industrial surveys have been made by certain organizations covering subjects in areas in which they were primarily interested. These surveys, or portions of them, might well serve the purposes of other organizations. 
It was indicated by those present that there is a general need for an organization to coordinate all statistical information for the State as a whole, that this informa­tion should be on a county basis wherever possible, and should carry as much detail as possible. Because of the length of time which elapses between regular United States census reports, an organization which could sup­ply annual data for the State on many subjects now covered only every two, five, or ten years, would be particularly valuable to the State. It wao; suggested that a plan might be worked out to gather much of the data through the public schools in the manner used by the Bureau in the recent consumer surveys. 
With the idea of carrying out the foregoing objectives the organization to be known as "The Texas Statistical Council" was formed. The use of statistical information is becoming increasingly important to all types of busi­ness and industry and it is hoped that this new organiza­tion will fill the long-felt need for such service. 
Mr. Waldo B. Little was elected president, Mr. W. N. Finnegan and Mr. Stuart McGregor, vice-presidents, Dr. F. A. Buechel, executive secretary, and Mrs. Clara H. Lewis, assistant secretary. The group attending the meet­ing were appointed to serve as an executive committee for the newly-formed organization, together with Mr. L. P. Gabbard of A. and M. College, Mr. H. J. Struth, Mid­Continent Oil and Gas Association, and Mr. V. C. Childs of the U. S. Department of Agriculture, who were unable to be present. 
The immediate plans of the Council include forming of a constitution and by-laws and the preparing of a program for the next meeting in Austin. The number and variety of requests for information during the year 1939 indicate the increased interest in statistical data concerning Texas. The Council will encourage the dis­tribution of accurate information about Texas and through the cooperation of the various types of indus­tries affiliated with the organization much more detailed and up-to-date should be made available. 

:\Ir. Little, as president, stated that the immediate objective of the organization is to integrate and develop the various statistical data relating to Texas with the view to establishing a central repositon or clearing house for information of a statistical nature relating to Texas. 
He said further that the organization should be of significant aid to those participating in its work through the mutual exchange of statistical data and sources of information; and should also be an aid to the future 

g~n.eral development of Texas industry throu~h the pro­The fact is. supplies of cott 0n in the l"nited ::'Ute' are v1dmg of a much-needed source of authoritatiYe and al an all time hi!!h for Dt't'l'111hcr. centralized data in regard to Texas natural rernurces Exports lo De;TmlH'r 1 thi,; \ i'ar from :\u;.:11,t a111u1111t and its industrial and commercial experience. to 2,:-ns.000 hal1·'· \·nn1part'd 11itli 1.:'i:\:1 .00\l ],,dt·" Ja,t 
It is hoped by those sponso ring this meeting that the year. and 2,177.Ull() l1:dt·,-tll"t' \\'ar" a;.:u. and a li\t'·\t'ar 
small group represented will form a nucleus of an or"ani­pre-depression a\"era;:c of :L):~::.OOO halt'"· zation which will attract others who are interested in Consumption uf \'t1lto11 in ti](' l"ni!t'd ::'tatl'c' frtllll the objectives set forth abo\e and which will deYelop August 1 to DP1·rmlwr l e$lal.\i5hed an all-time hi 1-!h into a medium of wide service to this State. record of 2.6.')9.000 bales. The JH'arP:'l approach to 
that figure was reached in 1927-28. when the l 'nited 
CLARA H. LEWIS, Assistant Secretary. 
States consumed 2.508,000 bale3 to December 1. The price of cotton is now hif!her than it wa3 in De· 
COTTON BALANCE SHEET 
cember, 1933, by about 2.00 points. :\liddling ~~·inch 

Indicated supplies of cotton in the United States on is now about 10.50 cents. "·here;;3. la5t \Car it was about December 1 were 19,876,000 bales, compared with 19,-3.35. The buying po\1~r price ha,-g<;IH' up nea rh as 824,000 bales last year, 18,623,000 two years ago, and much. or from 10. 76 cents last \ear to 13.26 cents now. a five-year pre-depression average of 11,892,000 bales. . · A. B. Cox. 
THE COTTO BALA CE SHEET FOR THE UNITED STATES A OF DECE:MBER 1 
(In Thousands of Running Bales Except as Noted) 
Government Imports Estimate Consumption Ex_ports Carryover to as of to to Balance Aug. l Dec. I* Dec. I* Total Dec. l De<:. l Total Dec. I 1929-1930 .. _________..______________________ 2,313 104 14,919 17,336 2,286 3.252 5.538 11,798 14 14,243 18,787 1,605 3,181 4.786 1-1.001
1930-193L.-----------------------4,530 1931-1932______ 6,369 21 16,918 23,308 1,776 2,854 4,630 18,678 27 12,727 22,436 1.902 3,206 5.108 17.328
1932-193L---------------9,682

1933-1934_________ ______ 8,176 46 13,177 21,399 2,068 3.360 5,428 15.971 1934-1935 __________________________ 7,746 39 9,731 17,516 1,717 1.894 3.611 13.905 1935--1936 _______________ 7,138 30 10,734 17,902 1,924 2,575 4.499 13.403 1936-1937_________________ 5,397 41 12,407 17,845 2,482 2.303 4.785 13,060 1937-1938___________________ 4,498 31 18,746 23,275 2212 2,43+ 4,652 18,623 1938--1939_______________________11,533 54 12,008 23,595 2,236 1,535 3.771 19.824 13,033 48 11,792 24,873 2,659 2.338 4,997 19,876 
1939-1940 

•In 500-pound bales. 
tThe cotton year begine August 1. . . . . 

NOTE: These figures have been revised in accordance with rev1s1ons made by the United States Bureau of the Censu•. 
Lm IBERPURCHASES OF SAVI GS BONDS (In Board Feet) 
MATU RITY VALUE
Cost Price Jan. 1-Jan. !-Nov. Nov. Oct. 

Nov. 1939 Dec. l, 1939 1939 1938 1939 284,358 Sou thern Pine Mills: Nov. 1939 Dec. l , 1939 
47,438 213,226 63,248

Abilene --·--·--·--$ Average Weekly Production 
18,225* t13,669* t

Amarillo ------.. ---·--· 28,275 490,200 per unit --·--·-301,115 280,699 301,313
Austin ________..__...... 21,206 367,650 
36,725 576,800 Average Weekly Shipment~
27,544 432,527

Beaumont ------­2,900 98,975 per unit .. 309,.147 306,306 362.818
2,175 74,232

Big Spring 13,225 131,800 Average nfilled Orders per
9,919 98,851

Brownsville -·--·--­68,275 Unit, End of Month _ 733.582 637,088 976.202 
4,106 51,953 5,475Brownwood --·---­3,060,975

146,119 2,295,731 194,825 :\'on: From Southern Pinc A!i·ociation.
Dallas -------·-----­
12,684 
2,700 9,508 3,600

Del Rio -------·----CEME T
65,575 998,375El Paso _.._.___..__ _ 51,469 751,069 259,031 1,785.356 

Fort Worth ____... _ 86,344 1,231,090 (In Thousands of Barrels)
36,700 495,075

27,525 371,306 o" . \"oL
Galveston -·---·-.. -­7,500 ll6,750 1<>·;9
5,625 87,846 1938 
Gladewater --·-·----­33,650 111,250 
25,238 83,458 Texas Plants: 
Harlingen --·---·-----­316,725 478 648 701
17,625 235,631 23,500 Production Longview -·-·-----­2,306 60,995 3,075 81,325 hipments 554 636 568 
Marshall -·--------·­76,355 958
1,744 57,151 2,325 Stocks --·-___.. ·-.. --·--· 882 760 
McAllen ------------· 180,849 
9,056 133,444 13,213 United tale :
Palestine -----..·-·--­59,430 10,18-i 12,538
44,514 13,075 Production ----­11.053
9,806

Pampa --------·--·--10,570 147,427 hipments __ 10,J.16 8,573 12.830
Paris _______.._______ 8,456 ll0,719 
60,452 5,550 Stocks -·

80,600 20,776 22,180 19,8684,163
Plainview -·-----·­315,975 Capacity Operated 52.1% 18.27'o 57.2% 
37,069 236,983 49,425

Port Arthur ----­40,300 200,825 
30,225 150,619 ~oTE: From .S. Oepartmc·nt of In r L~ u of Ii
San Angelo -·-----­1,904,850
57,319 1,428,639 76,425

San Antonio ----·-­TEXAS COMMERCIAL FAILURES
7,775 40,37530,282

5,831 O\". Oct.
San Benito --­103,05077,702 11,775 1939 }Ii.JS 1939,694
Sherman ---------­14,750 307,248 16 26 22
ll,063 237,938 Number
Tyler --------·--·-­647,350 298 207 218
39,338 485,512 52,450 Liabilities/I
Waco -----------­86 116 126 
15,300 367,589 20,400 490,ll5 As et II ---­Wichita Falls -----$13,183,372 Average Liabilities per FailureD -18 10 8 
TOTAL _____$ 716,403 $9,786,617 $1,095,337 
•Revised. I lo thousand•. 

tNot available. Nan: From Dun and Bradatrtet, Inc . 
*Not included in total. 


EMPLOYMENT AND PAY ROLLS IN TEXAS 
NOVEMBER, 1939 

Estimated Percentaa:e Chan1e Estimated Percentage Chance 
Number of from from Amount of from from 
Worken Oct. Nov. Weekly Oct. Nov. 
Employed 1939 1938 Pay Roll 1939 1938 

M anu/acturing 

All Manufacturing Industries.-------------------------------------132,819 0.7 + 4.5 $2,568,507 2.9 + 6.4 
Food Products 
Baking___________________________________________________ 
7,012 0.4 + 7.0 164,369 + 1.2 +11.4
Beverages, Carbonated__ _______________________________ 1,726 8.1 + 9.4 30,982 -10.0 + 10.9
Confectionery_____________________________________________ 1,000 + 2.2 -12.3 10,246 + 11.4 -21.3
Flour Milling ______________________________________ 

1,526 • 6.0 35,920 + 6.3 +10.1 Ice Cream---------------------------------------------------------------462 9.6 8.5 9,323 -13.8 9.0
Meat Packing ________________________________________________ 3,944 2.7 4.2 101,386 -7.2 + 2.5 
Textiles 
Cotton Textile Mills __________________________________________ 4,063 0.9 + 8.4 72.749 + 10.3 + 13.4 
Men's Work Clothing. _______________________________________________ 
3,543 2.6 + 2.8 26,949 -11.1 -7.3 
Forest Products 

Furniture ---------------------------------------------------2,170 0.6 + 23.9 42,210 + 0.5 +59.0 Planing Mills---------------------------------------------------------2,633 + 1.1 + 3.8 38,502 + 2.6 + 5.0 Saw Mills----------------------------------------11,471 1.1 + 7.2 152,531 -1.3 +24.2 Paper Products-----------------------------------· 360 1.6 +14.5 4,893 -10.6 +12.6 
Printing and Publishing 
Commercial Printing __________________________________ 1,931 3.7 + 2.1 54,171 4.5 ~ 7.7
Newspaper Publishing __________________________________ 4,317 0.3 + 0.8 119,803 3.4 1.4 
Chemical Products 
Cotton Oil Mills _______________________________________ 1,828 5.3 -17.7 26,329 2.2 9.4
Petroleum Refining ________________________________ 19,3~5 + 1.9 + 6.2 696,855 4.7 + 1.9 

Stone and Clay Products 
Brick and Tile ___________________________________ 772 -7.3 +10.6 11,138 -10.0 +14.3 

Cement__ -15.3 -22.4 -11.1
----------------1,336 7.5 21,248 
Iron and Steel Products 
Foundries and Machine Shops _______________________________ 9,820 + 0.9 + 4.7 260,150 0.2 + 4.8
Structural and Ornamental Iron__________________________________________ 
1,581 + 0.7 +22.8 30,747 8.6 +25.5 

Employment Pay Rolls Employment Pay Rolla Percentage Change Percentage Change Percen tage Change Percentage Chana:e 
Oct. 1939 Nov. 1938 Oct. 1939 Nov. 1958 Oct. 1939 Nov. 1938 Oct. 1939 Nov. 1958 
to to to to to to to to 
Nov. 1939 Nov. 1939 Nov. 1939 Nov. 1939 Nov. 1939 Nov. 1939 Nov. 1939 Nov. 1939 
Nonmanu/acturing Cities 
Crude Petroleum Production 0.6 1.5 + 1.4 + 1.0 +15.0
1.6 4.0 Abilene -----------------------------7.9 
Quarrying + 3.7 2.0 + 9.8 +20.3
---------------------Amarill<> ---------------------­+ 5.5 + 11.5 + 5.1 
Public Utilities ____ -------+ 0.6 + 5.3 + 3.1 8.2 4.3
+ Austin ---------------------­+ 0.7 8.5 + 0.7 Retail Trade -------------------+ 1.5 + 4.. 7 0.6 + 1.8 Beaumont ---------------------0.3 + 4.4 4.3 + 1.7 Wholesale Trade -------------+ 3.0 + 5.6 3.0 + 4.1 Dallas --------------------­2.0 + 2.8 2.2 + 1.5 
Cotton Compresses 1.8 +28.9 + 0.1 +34.5 + 0.6
El Paso -----------------·-----2.7 0.7 3.1
Dyeing and Cleaning ____________ 6.0 7.1 4.1 2.6 Fort Worth ------------------+ 0.6 0.4 1.7 + 2.0 

Galveston________

Hotels -------------------------1.4 3.8 0.4 5.9 + 0.3 9.1 0.5 1.1 ------------------·---Houston ------------·--------­0.3 +10.6 4.0
Laundries 3.0 1.8 3.3 + 4.6 +10.6 Port Arthur ---·-----------­+ 7.7 +13.8 1.1 + 9.1 San Antonie> ----------------­+ 0.9 + 4.4 1.2 + 7.3 Sherman -----------------­
1.1 -9.8 -11.1 -18.6 
Wac<> -----------------­+ 7.3 + 1.8 + 9.B Wichita Falls -------------4.4 -17.4 8.3 
-12.3 ST ATE ----------------------+ 0.2 +. 4.6 1.5 + 4.6 
*No change. 

Prepared from reports from representative Texas establishments to the Bureau of Bu1ine11 Research, coOperatinc: with the United State1 Bureau of Labor Stati1tlc1. 
TEXAS BUSINESS REVIEW 
NOVEMBER RETAIL SALES OF INDEPE DE T STORES IN TEXA 
Number Percentage Change '.'\umber Perct"nl.t~f' Chan e of in Dolln.r ale• of in no r ~ It• Firms Nov. 1939 ov. 1939 Firms 'o,·. 19:N . •v. 1939 Re· from from Re· frnm (r m Nov. 1938 Oct. 1939 portina: :\ov. 1938 Oct. 1939 
TOTAL TEXAS ____________»;,:; 	DISTRICT 4 _ .. ________ 172
+ 0.6 -0.8 -1.2 -3.7 TEXAS STORES GROUPED Cleburne ---------7 
-o . .i -10.1 BY PRODUCING AREAS: 
Commerce 5 + 9.8 -10.6 Corsicana -------8 -25.2 -33..J.
DISTRICT 1-N 68 	+ 9.3 + 9.2 
Dallas 48 + 	l..J. 1-0.2
Amarillo ---~~----15 +12.2 -2.4 
Denison -------8 + 	3.7 -15.0

+ 17.7 +22.7 Ennis ____ 7





Pampa ------== 11 	­
+ 2.9 4.5
Plainview ---------------14 -4.6 + 13.9 
Fort Worth ------48 	4.5 -6.9
All Others______________ 28 + 6.4 + 13.3 
Taylor ·----6 	6.8 + 6.-i
DISTRICT 1-S__________ 15 	+13.l +13.2 

Temple 11 6.0 -11.l Lubbock -------------·-8 + 11.6 + 18.8 Waco 32 8.2 -14.6
All Others___________ 7 + 17.6 -0.1 All Others_____ 92 
+ 7.2 + 4.2 

DISTRICT 2_______ 86 	-8.1 -5.4 DISTRICT 5______ 117 
+ 1.1 -6.4 Abilene -----·-------------·---12 -11.5 -11.0 Bryan __----------8 + 12.1 -lQ.4 Vernon ---·-----··-----5 -9.6 1.8 Clarksville -------5 -14.l -13.0 
Wichita Falls__________ 13 + 2.3 + 5.9 

Henderson -·-------6 -8.3 + 0.7 All Others·----·-·--·----·----56 -11.4 8.7 Longview --------7 -7.4 -3.0 
DISTRICT 3__ _ ___ ____ 35 	-7.2 + 1.5 Marshall _ _______ 11 -11.3 -16.6 -25.8 -11.6 Tyler -------12 + 4.0 2.7
Brownwood ------------7 
All Others____________ 68 + 	3.1 5.8
-
All Others__····--··--·---·--28 2.0 + 4.7 
DISTRICT 6________ 35 + 1.5 + 3.2 

El Pa o__________ 23 
+ 2.8 + 4.6 
All Others __________ 12 -10.3 -8.8 DISTRICT 7___ ____ 54 + 2.6 -8.9 Brady --------7 + 5.9 -9.0 
San Angelo_______ 11 2.2 -16.7 All Others______ 36 + 5.7 1.4 DISTRICT 8___.____ 204 -0.8 + 0.2 Austin -------------23 
-9.1 -6.2 
Corpus Clrristi________ 12 -7.7 -8.4 Cuero ---------7 -20.4 + 12.6 Lockhart -------·-6 
-24.4 + 0.2 San Antonio.______ 71 + 2.6 + 0.4 San Marcos _ _ _____. 7 1.7 + 19.0 
All Others 78 + 3.8 + 6.2 DISTRICT 9_ . 152 + 0.9 + 2.4 Beaumont ------18 + 4.1 6.8 Galveston 19 + 1.0 T 7.8 Houston --------51 + 0.1 + 3.4 
Port Arthur______ 16 -1.8 -3.1 Victoria 8 
-6.3 -10.7 All Others.-------·-40 + 7.2 + 9.1 DISTRICT 10 ---·---61 
+ 16.7 + 3.3 Brownsville -·-----13 
+ 
43.0 + 4.1 

+ 
31.2 + 8.5


Harlingen -------9 + 13.0 + 2.0
Laredo --------5 All Others 3i + 3.6 + 1.5 

Non: Prepared from reporu from independent retail stores to the Bureau of Bu1ine11 Re1earch coOperatine with the Gnited States De-partmt>nt of Commtrce. 
1 
TEXA CHARTER 

NOVEMBER CARLOAD MOVEMENT OF POULTRY Nov. Nov. Oct. 
AND EGGS 

1939 1938 1939 Domestic Corporations: 
Shipments from Texas Stations 

1,143 ~2,3i0 l,33-1* 
Capitalizationt ---··---·---­
Can of Poultry 
101 96 113 

Do1tination• Chickens Turkey• Chicken• Turkey• Cla sification of new corporation : 
Nov. 1ov. Nov. Nov. Nov. Nov. 2 1 

Live Dret11ed Can of En:st umber -·-----------.. 
2•

Nov. Nov. Nov. Nov. 	Banking-Financt> -------­
1939 1939 	24
1939 1938 1939 1938 1938 1938 1939 1938 	20 12
Manufacturing ----·----­
7 39 548 638 15.0 44.0 	25 21 27
TOTAL ---------·--____ 29 9 	Merchandising -------­
-1.5 12.0 	17 26 18 
Intrastate ____ -·-1 	Oil 0 1 3
8 7 39 548 638 13.5 32.0 Public Service ----·----­
Interstate -·--··-·---·--29 	11 8 13
Real Estate-Building -----­
Origin Receipts at Texas Stations 	2 5 3
Transportation --··---­
1 16.5 27.5 	22 23
24

TOTAL --·------·-	All Others ·----··---­
1 2.0 6.5 

' umber capitalized at less thanIntrastate -·------­
-14.5 21.0 	53 41 48 
Interstate ------· 	$5,000 --------­
umber capitalized at 100,000 2 4 2 
•The de•tination above i• the first destina_tion. as ebown by the oria:lnal waybill. or more -------­
Changes 	in destination brought about by d1vers1on orden are not 1hown . . Foreign Corporations ( umber)_ 25 23 27• fPowdered eggs and canned frozen egga a~e converted to a ahell ea:g equ_1valent. 

NoTE. These data are furnished the United _Sta tea J?epart~~nt of Agncul~re •Revised . 
b . · d fficiala through agentl at all 1tAtion1 which or_igmate and receive In thousands. 
Y railroah. 0 t of poultry and en:•. The data are compiled by the Bureau ~on: Compiled from record• of the Secretary of State. cu1oad a 1pmen • of Bu1ioeu Research. 
NOVEMBER RETAIL SALES OF INDEPE 1DE T STORES IN TEXAS 
November, 1939 Year, 1939 
,.-----"-----­
Number Number of Percentage Change of Percentage 
Firms from from Firms Change Re-Nov. Oct. Re-from porting 1938 1939 porting Year 1938 

TEXAS_____________________________ 
1,099 + 0.6 -0.8 1,030 + 3.8 

STORES GROUPED BY LINE OF GOODS CARRIED: APPAREL_________________ 
121 2.8 -12.4 114 0.7

Family Oothing Stores___________________________ 
29 8.8 -5.4 24 0.5 

Men's and Boys' Oothing Stores_
_______ 43 1.6 -10.1 42 3.0
Shoe Stores________________ 

19 3.8 -18.6 18 + 0.9 Women's Specialty Shops. 30 1.7 -14.9 30 + 0.8
AUTOMOTIVE._____________ 
119 + 4.0 + 9.6 115 + 14.1
Filling Stations__________________________ 
-
36 -11.6 4.7 35 -6.1
Motor Vehicle Dealers________ ____________________ 

83 + 4.7 +10.2 80 + 15.3 COUNTRY GENERALAND FARMERS' SUPPLIES 99 3.8 3.6 90 -4.0
DEPARTMENT STORES_______________ ­57 1.6 1.3 55 + 1.3
DRUG STORES__________________________ 129 0.4 -4.2 114 -0.5 

DRY GOODS AND GENERAL MERCHANDISE...._ 16 + 5.1 -3.4 15 +10.4
FLORISTS___________________________ 
32 + 1.8 + 16.8 31 + 1.1
FOOD_______________________ 
153 3.1 + 0.1 144 4.7
Grocery Stores_______________ 40 3.5 0.4 38 0.9 

Grocery and Meat Stores_
_______ 3.1 -106
113 0.2 5.7

FURNITURE AND HOUSEHOLD___
________________________ 
4,9 + 7.9 + 6.2 46 + 4.1
Furnitnre Stores____________________ 

44 + 8.6 + 7.5 41 + 4.5 Household Appliance Stores _______ 5 2.1 -11.1 5 + 0.2
JEWELRY_
_______________
__________ 38 + 9.Z + 21.7 33 + 1.7 

LUMBER, BUILDING, AND HARDWARE._______________ 243 + 3.6 7.1 236 + 5.8 Fann Implement Dealers___________ 11 +35.6 9.3 11 + 10.0 Hardware Stores______________________ 
74 + 3.1 9.7 72 + 4.0 Lumber and Building Material Dealers___________ 158 + 2.5 6.0 153 + 6.2 
RESTAURANTS ----· ------------------------------21 1.6 1.8 18 + 0.4 
ALL OTHER STORES_________________ 

22 + 0.9 5.8 19 3.5 TEXAS STORES GROUPED ACCORDING TO POPU­LATION OF CITY: All Stores in Cities of-Over 100,000 Population____________ 241 + 0.3 0.1 224 + 3.6 50,000-100,000 Population_____ 108 4.0 6.0 102 + 4.0 2,500-50,000 Population__________________________ 455 + 2.3 + 0.5 425 + 4.9 Less than 2,500 Population_ 295 + 4.0 1.4 279 + 1.9 
NOTE : Prepared from reports from independent retail stores to the Bureau of Business Research, coOperating with the United States Department of Commerce. 

PETROLEUM 
Daily Average Production 
(In Barrels) 


Nov.  Nov.  Oct.  
1939  1938  1939  
Coastal Texas* -------­--­------­East Central Texas_________________  221,51089,390  220,850 94,230  223,150 85,000  
East  Texas _ __--------­-····-···------­ 416,870  400,290  443,850  

North Texas -·-·------------------···· 86,290 75,730 82,950 Panhandle ····-····------------------76,010 65,610 60,100 Southwest Texas -----------------·-205,670 238,660 207,900 West Central Texas ---··----------29,820 30,830 29,450 West Texas -··· --···---··---··----------230,660 216,590 231,100 
STATE ------------------------------1,356,220 1,342,790 1,369,650 
UNITED STATES ______
________3,599,570 
3,322,430 3,605,000 Imports ---------------------···--147,367 154,743 177,500 
*Includes Conroe. 
NOTE : From American Petroleum Institute. 
See accompanying map showing the oil pi-oducing districts of Texas. 

Gasoline sales as indicated by taxes collected by the State Comptroller were: October, 1939, 112,237,000 gallons; October, 1938, 105,387,000 gallons; September, 1939, 111,678,000 gallons. 
NOVEMBER CREDIT RATIOS I TEXAS RETAIL TORE (Expressed in Per Cent) 
Ratio of Ratio of 
Ratio of

Number ef Cre4iit Salee Collection• to Crodit S.larlMStore. to Net Sales Ouutaadinp to Crodlt .... 
Reporting 1939 1938 
1939 1938 1Q39 1Q38

All Stores______ 
70 67.1 66.2 41.7 40.7 1.0 1.1 

Stores Grouped by Cities:  
Amarillo_ Austin__ Beaumont Dallas___ Fort Worth..______________  3 6 3 11 6  60.8 60.0 71.5 72.3 65.6  59.5 58.8 68.2 72.2 64.3  47.0 48.l 43.3 43.4 37.3  43.3 47.7 41.3 42.1 37.2  1.8 1.0 1.2 0.7 1.1  1.8 0.9 1.2 1.1 1.2  
Houston---------------------­ 8  65.3  64.2  42.5  43.4  1.4  1.3  
San Antonio_  7  65.5  61.9  46.6  41.1  0.9  0.8  
Waco_ 
All Others_________  4 22  66.0 60.6  64.3 60.8  31.6 37.8  30.8 37.4  1.3 1.4  1.2 1.4  
Stores Grouped According to Type of Store:  
Department Stores (Annual Volume Over $500,000)  21  66.9  66.0  43.0  41.9  0.9  1.1  
Department Stores (Annual Volume Under $500,000) _______ Dry Goods Apparel Stores______________________  11 5  61.5 63.0  59.9 60.8  35.6 40.8  36.6 39.l  1.8 1.8  1.6 1.6  
Women's Specialty Shops__  15  68.4  67.8  39.6  38.3  0.6  0.9  
Men's Clothing Stores________  18  68.8  67.8  40.5  39.7  1.5  1.7  
Stores Grouped According to Volume of Net Sales During 1938: Over $2,500,000  10  69.9  66.8  41.7  42.2  0.7  1.0  
$2,500,000 down to $1,000,000 $1,000,000 down to $500,000__  11 10  63.0 60.1  62.9 59.9  38.8 42.0  39.4 41.5  1.0 1.3  1.1 1.3  
$500,000 down to $100,000 Less than $100,000_______  29 10  59.1 67.5  61.2 60.4  39.5 38.3  41.5 39.8  1.6 2.8  1.4 3.3  
NoTE:  The  ratios  ehown  for  each  year, in  the  order  in  which  they  appear from left  to right, are obtained by  the following computationa:  (1)  Credit 11let  

divided by net sales. (2) Collectione durine the month divided by the total accounts unpaid on the fiut of the month. (3) Salariea of the credit depart. 
ment divided by credit .alea. The data aro reported to the Bureau of Buainen Research by Texu retail 1torea. 
POSTAL RECEIPTSBUILDING PERMITS 

Nov. ov. Oct. 1939 1938 1939 1939 1938 1939 $ 69,615 $ 40,483 Abilene -----S 17,199 16,827 18,526 
Nov. Nov. Oct, 

Abilene ---------------$ 28,892 
368,205 172,584 Amarillo ___ 30,229 27,753 34,660Amarillo ------------180,915 Austin _______ 71,655 64,136 70,667
515,073 504,208 Beaumont ________ 323,320 70,139 183,848 Beaumont ------25,141 23,488 25,922 Big Spring _________ 22,898 18,382 16,150 Austin -------------344,704 
Big Spring ___ 5,853 5,668 6,198 5,068 473,769t Brownsville ____ 5,493 5,664 13,225
Brownsville ---------48,077 491 ,461 1,368,445 Brownwood __ 6,201 5,996 5,601Corpus Christi ____ 1,356,177 17,282 15,971 Corpus Christi__ 25,076 22,144 27,515Corsicana -------19,393 Corsicana ____ 6,499 6,375 6,3291,161,500 1,559,054
Dallas -------------691,228 
1,690 10,635 Dallas ------368,275 373,341 400,618
Del Rio -----------16,820 
Del Rio ____ 5,112 3,062 4.75688,156 120,522El Paso ---------------137,922 
46,966 50,185

Fort Worth _________ 403,491 282,934 1,910,643 	El Paso ---------43,353
Fort Worth ______ 151,235 155,216 163,737
Galveston ___________ 74,143 266,247 122,675 2,100 0 Galveston ----------28,820 30,184 33.292 
Gladewater ----------0 	2,816
2,665

14,991 23,200 	Gladewater -----2,511
Harlingen ----------27,685 	2,760
2,0251,679,965 1,974,015 Graham ----------2,084

Houston -----------1,387,550 	5,821 6,371
18,875 Harlingen -------5,882Jacksonville ________ 20,388 3,670 
227,376 257,508 Kilgore --------------143,500* 3,328 3,420184,150 70,750 Houston --------246,307 
Jacksonville ____ 3,0137,825 1,700
Laredo ------------2,000 	G,491 9.959
11,675 7,100 	Longview ------8.700
Longview -------------47,681 	16,805 20.683
263,640 Lubbock 17,865302,955
Lubbock ---------------160,718 	3,808 4,916
50,200 McAllen 4,0259,765
McAllen ---------------50,000 	5,592 7,157
32,257 20,702 	Marshall ---------5,646 Palestine ___ -------4,761
Marshall ___ ________ 41,449 
4,566 5,207 New Braunfels ___ 5,670 5,405 7,092
12,780 10,975 

Pampa __ -------6.206
Palestine _____________ 19,551 20,158 10,993 6.219 6,36925,150 Paris ---------6,07820.800
Pampa ---------------18.350 	4,2ll 4,252
Plainview -----3,9674,250 775
Plainview -----------5,975 	12,531 13,926
Port Arthur -------13,55768,725 93,069
Port Arthur 121,362 	10.891 12.749
20,994 San Angelo _--------11,304
San Angelo __________ 32,198 37,767 	115,515 127,703
San Antonio _______ 121,746188,147 507,225*
San Antonio _________ 555,905 	2,533 2,429
34,375 San Benito ---------2,36922,368
Sherman ----------------14,471 7,760 	Sherman -----6,404 6,874 7,979
3,900

Sweetwater 12,330 	4.905 5.9'5
715,988 Sweetwater --------4,267250,728
Tyler ________ ---------l~g·i~g 99,357 71,010 	Tyler ---------16.282 17,152 18,539 Waco _ . _______ 33,336 33,545 33,081
34,611 113,780

;f~hit~--F;ils--~~-:_::~ 112:500 	21i,621 23.968
Wichita Falls ___ 19,526
$6,418,696 $10,541,263 TOTAL ----------1,335,977
TOTAL _________________ $6,654,156 	1,313,792 $1,446,070 
*Does not include pub.lie wor~s-t 
~:Compiled from reports from Tcxu cbamb n of commC"rce to the Bureau tlncludes fe~eral houerngpo~~:J~;o~ Texas chamber& of commerce to the Bureau NOTE: Compiled from re 
0£ Bu5ioes.1 Research. 
of Business Re!earcb. 
BANKING STATISTICS 
(In Millions of Dollars) 
November, 1939 November, 1938 October, 1939 
Dallas United Dallao United Dallas United 
Diatrict State• District State• District State1 

DEBITS to individual accounts____ S 849 $31,823 $ 749 $29,061 1,064* 41,964* Condition of reporting member banks on-'ov. 29, 1939 Nov. 30, 1938 'ov. 1, 1939 AssETS: Loans and investments--totaL_______________ 
8 544 $23,159 8 528 $21,325 $ 538 $22,728
Loans-total_______. 

277 8,656 242 8,317 273 8,521 Commercial, industrial, and agricultural loans 185 4,381 159 3,866 182 4,310Open Market paper________ 
2 312 1 338 2 317 Loans to brokers and dealers in securities 2 660 2 712 2 603 Other loans for purchasing or carrying securities______ 14 499 14 572 14 512 
Real estate loans 22 1,189 21 1,169 22 1,184 Loans to banks 36 117 36 Other loans __ _ 52 1,579 45 1,543 51 1,559Treasury Bills _________ 
24 711 t t 22 fh7 Treasury Notes 54 2,160 t t 53 2,159 
U.S. Bonds____ 78 5,842 t t 82 5,858 
Obligations fully guaranteed by U.S-Gov't__ _______ 53 2,408 37 1,682 50 2.232 Other securities________ 
58 3,382 56 3,220 58 3,291Reserve with Federal Reserve Ban..________ 

137 9,792 106 7,337 133 9,885 Cash in vault __ 11 504 10 443 10 458 Balances with domestic banks_ 273 3,072 218 2,460 277 3,111 Other assets--net 30 1,294 27 1,306 30 1,258 LIABILITIES: Demand deposits-adjusted 468 18,972 419 16,013 464 18,556 Time deposits'---,-------------------­137 3,232 133 5,124 137 5,249 
U.S. Government deposits 30 535 31 534 30 537 
Inter-bank deposits: Domestic banks 269 7,894 216 6,212 267 7,954 Foreign banks 731 508 727 
Borrowings---------­1 1 Other liabilities 4 749 7 795 4 689 CAPITAL ACCOUNT 87 3,707 83 3,684 86 3,728 
•Five Weeks. 
t ot available. 
NOTE: From Federal Reserve Board. 

CONSUMPTION OF ELECTRIC POWER IN TEXAS COMMODITY PRICES 
Power Consumed NoT. r.;ov. Oct. 
1939 1938 1939 (In Thousands of K.W.H.) 
WHOLESALE PRICES: Percentage Changes From U.S. Bureau of Labor (1936 = 100) ____________
Nov. 1939 Nov. 1939 Statistics 79.2 77.5 79.4 
Nov. Nov. Oct. to to The Annalist (1926 = 100) ________ 81.6 79.9 81.5 
1939 1938 1939 Nov. 1938 Oct. 1939 Commercial --39,388 41,4.59 41,511 -5.0 5.1 FARM PRICES: Industrial -----73,120 75,906 75,774 -3.7 3.5 U.S. Bureau of Labor 
Rcsidental -26,681 21,243 27,020 +25.6 1.3 Statistics (1926 = 100) -------------67.3 67.8 67.l All Other ___ 20,666 21,105 21,064 -2.1 1.9 
RETAIL PRICES: 
TOTAL _________ 159,855 ­
165,543 165,369 3.4 3.3 Department Stores (Fairchild's Publications, Jan. 1931 = 100)___ 91.9 88.9 91.2
'oTE : Prepared from reports from 11 electric power companies to the Bureau of Busincn Research. 
NOVEMBER SHIPMENTS OF LIVE STOCK CONVERTED TO A RAIL-CAR BASIS§ 
Cattle C1-1ve1 Hoe• Sheep Toi.I 1939 1938 1939 1938 1939 1938 1'39 1938 1939 1938 
Total Interstate Plus Fort WorthU----5,214 6,641 1,632 1,901 511 336 339 868 7,696 9,746 
Total Intrastate Omitting Fort Worth.____ 832 1,086 190 171 12 25 99 248 Ll33 1,530 

TOTAL SHIPMENTS 6,046 7,727 1,822 2,072 523 361 438 1,116 8,829 11,276 

TEXAS CAR-LOT§ SHIPMENTS OF LIVE STOCK JANUARY 1-DECE fBER 1 

Cattle Calve• Hoc• Sheep Total 
1939 1938 1939 1938 1939 1938 1939 1938 1939 1938 7,885 6,134 9,898 11,468 83,795 82,923
Total Interstate Plus Fort WorthU-----51,763 52,762 14,249 12,559 11,410 11,915
Total Intrastate Omitting Fort Worth_____ 7,814 8,221 1,537 1,447 411 524 1,648 1,723 TOTAL SHIPMENTS 59,577 60,983 15,786 14,006 8,296 6,658 11,546 13,191 95,205 94,838 
§Rail-car Ba1i1: Cattle, 30 bead per car ; calve•, 60; bogs, 80; and aheep. 250. 
~Tort 'Worth 1bipments are combined with interstate forwarding• in order that the bulk of market disappearance for the month may be 1hown. 
Non: These data are furnished the United States Bureau of Agricultural Economics by railway officials throueh more than 1,500 1tation a&entl, repretentioa 

every Jive 1tock 1hippin1: point in the State. The data are compiled by the Bureau of Busine11 Reaeucb. 
CONTENTS 

Business Review and Prospect, F. A. Buechel__ ____________ __
___________________ ____ 
Cotton, A. B. Cox_
_
_____________________________________ ___________
______________________ 
Financial, Watrous H. Irons_________________________ 
__ ___ ___ ____ ____ _______ _ 

Freight Rate Situation of the Southwest, Frank L. Barton__ 
Texas Statistical Council, Clara H. Lewis __________ __ ___ __ __ _
_______ _ 
. 

LIST OF CHARTS Railroad Freight Rate Territories______________________________ -------------------__ __ __ _ 
_ Indexes of Business Activity in Texas ----------------------·-------------___________ 
_ 
LIST OF TABLES 
Banking Statistics.--------------------------------------------------------------------·-------------------------------------------· Building Permits-------------------------------------------------------------------·-·----------------------------------------------------·------­Carload Movement of Poultry and Eggs_____ ------------------·· 
Cement ----------------------------------------------------------------·----· -­Charters -----------------·--·-----------------------·-----------·---------·---·-·----------·---------·-­Commercial Failures ---------------------------·--·-----·-------··-------------------· --·----·-­
Commodity Prices -----------------·---------------·------· -----·---·------­Consumption of Electric Power________ __
______ ----·--··----·---·--··----·------· ----­Cotton Balance Sheet_________________________________ ----------------------­
Credit Ratios of Texas Retail Stores__ 
__ _ 
Employment and Pay Rolls in Texas _______ ­Lumber ----------·------·----·-·----·-------------··----·-----­Petroleum -------------------------------------------------·--------------------------­Postal Receipts ·--------··---------------·----·------·-------·-··---·--·-------·-· 
Purchases of Savings Bonds -------------·-·------------··------------­Retail Sales of Independent Stores__ __
_____ __ --------····----­
Shipments of Livestock ------------------------------­

9 
Ci 
11 13 
11 9 
II 
9 
H 11 
'J !"'. ) 
Ill 
') 
l~ 
1. ~ 
') 
L) 11 
11.