I~ 10 5 5  10  15  20  


TEXAS BUSINESS REVIEW 

A MONTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDITIONS IN TEXAS 
BUREAU OF BUSINESS RESEARCH 
COLLEGE OF BUSINESS ADMINISTRATION 
THE UNIVERSITY OF TEXAS 

VOL. XX, NO. 11 December 1946 
HIGHLIGHTS OF TEXAS BUSINESS 
PERCENT DECREASE PERCENT INCREASE 
NOVEMBER 1946 COMPARED 20 WITH NOVEMBER 1945 
Life insurance sales______________ --------__ Farm cash income________________________ ------­Construction contracts_______________________ _ Crude petroleum production _____________ _ Cotton consumption ____________ --------·--·· Bank debits ----···· -----··----------··----·-········ Pay rolls ·-------------------------------------···-···· Retail sales ········---·······-------····------····· -· 
Electric power consumption ____ ________ ___ 
Employment ___________ __ ---------·····----------­
Postal receipts ········---------------------------· 
NOVEMBER 1946 COMPARED 
WITH OCTOBER 1946 
Farm cash income_______________________________ _ 
Postal receipts ----········----·--·--···------·---· Construction contracts_______________________ _ Cotton consumption ___________________________ _ 
Bank debits -----------------------------------------· Retail sales ------------------------------------····-­Employment ····------------····-----···--······---· Pay rolls -----------------------------------····-·····­
Crude petroleum production _____________ _ Life insurance sales -------------------···· --­Electric power consumption _______________ _ 
PERCENT DECREASE PERCENT INCREASE 
15 10 5 0 5 10 15 20 25 30 
ONE DOLLAR PER YEAR

TEN CENTS PER COPY 

FIGURES FOR TH~ MONTH 

INDEX OF TEXAS BUSINESS ACTIVITY (1935-39=100) *...... Index of department and apparel store sales (10) _______
_______________________________ ____ Index of miscellaneous freight carloadings in Southwestern District (20) --------------­Index of crude oil runs to stills (5) -----------------------------------------------------------­Index of electric power consumption ( 15) -----------------------------------------------------------­Index of employment (25) --------------------------------------------------­Index of pay rolls (25) --------------------------------------------------­
TRADE 

Retail sales of 1,230 independent stores------------------------------------------------------------------------------­
Ratio of credit sales to net sales in department and apparel stores__________________
___ _ 
_ 
Ratio of collections to outstandings in department and apparel stores_________ ____ _
_ _ Advertising lineage in 31 newspapers--------------------------------------------------------------------------------­Postal receipts in 57 cities --------------------------------------------------------------------------------------------­

PRODUCTION 

Industrial t;l.ectric p,awer consumption for 10 companies (thousands of kilowatt hours)
Man-hours worked 439 manufacturing establishments___________________________________________________ _
_ 
Crude oil runs to stills (42-gallon barrels) _____________________________
_______ Gasoline stocks at refineries (thousands of barrels) _
____ __________________________________________________ _ 
Fuel oil stocks at refineries (thousands of barrels)-----------------------------------------------------­
Cotton consumption (running bales) -------------------------------------------------------­
Cotton !inters consumed (running bales) ____ _____________________________________ _ _____ Cottonseed crushed (tons) __
_________
_________:______________________________________
_________ 
_ Manufacture of dairy products (1000 lbs. milk equivalent) ________________________________
___ _
_ 
_ Lumber production in southern pine mills (weekly per unit average in board feet) _____ _ Construction contracts awarded ----------------------------------------------------------------------­
Co~st:uction C?nt~acts a~arded _f?r residential building_________________ _
________________________ 
Bmldmg permits issued m 45 clties-------------------------------------------------------------------------------------­
Number of loans made by savings and loan associations________________ ____________________________ 
Amount of loans made by savings and loan associations_________________________________________ _______ 
Telephones in service (end of month> ---------------------------------------------------------~--------------------­
Crude petroleum production (daily average in barrels) ___________________ _
________________________ 

AGRICULTURE 

Farm cash income--------------------------------------------------------------­. Shipments of livestock (carloads) ---------------------------------------------------------------­Rail shipments of poultry (carloads) ----------------------------------------------------------­Rail shipments of eggs (shell equivalent) -----------------------------------------------------------­Interstate receipts of eggs· at Texas stations (shell equivalent) -------------------------------------­
FINANCE 

Loans, reporting member banks in Dallas District (thousands)_________________________________ Loans and investments, reporting member banks in Dallas District (thousands) ----------­Demand deposits adjusted, reporting member banks in Dallas District (thousands) ______ Time deposits, reporting member banks in Dallas District (thousands) _____________________ 
Bank debits in 20 cities (thousands) -------------------------------------------------------­Corporation charters issued (number) -----------------------------------'-----------------------­Ordinary life insurance sales (thousands) --------------------------------------------------------------------------­
TRANSPORTATION 

Revenue freight loaded in Southwestern District (carloads) _
_________________________ _ Export and coastal cars unloaded at Texa5 ports---------'-----------------------------------­
Miscellaneous freight carloadings in Southwestern District (carloads) _________
_________________ Air express shipments (number) 
LABOR 

Total manufacturing employmenL---------------------------------------------------­Nonagricultural civilian labor force in 21 cities-----------------------------------------------------------------­Unemployment in 21 cities -------------------------------------------------------------------------------------------------­Placements in employment in 21 cities -------------------------------------------------------------------------------­
GOVERNMENT 

Cash receipts of State Comptroller ---------------------------------------------­Federal internal revenue collections ------------------------------­
N ov. 1946 
187.2 
310.9 
137.4 
144.8 
258.2 
119.7 
211.2 
$ .46,076,212 50.7% 67.6% 
26,377,561 $ 2,593,819 
230,845 3,031,337 40,455,329 17,361 20,435 18,715 2,262 122,861 55,954 184,563 $ 28,306,650 $ 10,087,860 $ 11,800,290 1,770 $ 6,510,612 782,038 2,085,550 
~135,557,000 10,262 300 73 85 
$ 755,000 $ 1,942,000 $ 1,496,000 $ 316,000 $ 2,715,968 
191 $ 57,868 
271,513 13,547 163,383 24,790 
328,900 
1,312,303 73,077 23,439 
$ 37,907,262 $ 49,207,316 
Oct. 1946 
178.4 
288.5 
128.6 
150.7 
244.6 
115.1 
205.1 
$ 37,307,290 55.3% 65.6% 
25,392,408 $ 2,928,605 
237,809 2,920,291 43,358,000 16,131 19,978 21,649 1,720 103,705 77,088 191,564 $ 33,966,867 $ 12,650,662 $ 16,594,763 2,113 $ 8,062,675 771,987 2,050,850 
$221,471,000 12,388 45 143 49 
$ 730,000 $ 1,958,000 $ 1,479,000 $ 314,000 $ 2,764,661 
263 $ 61,794 
282,784 1,577 161,734 26,213 
315,900 
1,316,303 78,366 26,162 
$ 33,064,201 $ 58,469,523 
Nov. 1945 
171.9 
256.0 
132.6 
145.3 
235.6 
114.1 
194.9 
$ 45,136,286 39.9% 72.2% 
22,781,904 $ 2,553,033 
216,843 3,170,452 40,585,000 17,870 12,212 15,775 1,627 127,587 55,428 177,393 $ 28,928,431 $ 2,983,023 $ 13,255,753 1,744 $ 5,095,508 677,546 1,868,150 
$149,259,000 11,736 389 76 110 
$ 616,000 $ 2,069,000 $ 1,377,000 $ 279,000 $ 2,203,106 
122 $ 38,462 
278,012 10,424 158,145 16,956 
312,200 
1,262,009 80,168 20,753 
$ 31,927,868 $ 51,946,343 

*The composite index is made up of the indexes listed. All component indexes except employment and pay rolls . are adjusted for B!'8"onal variation, and all indexes are bas<;<! on the average month of the years 1935-39. Numbers in parentheses followmg the component mdexee indicate the weight of each index in the composite. 
1'he Business Situation in Texas 

Business activity in Texas picked up in November according to the index of Texas business activity pre­pared by the Bureau of Business Research. The gain for the month ( 4. 7% ) was large enough to offset the October decline (2.0%), but it did not put business back to its mid-summer levels. Furthermore, the No­vember increase this year was smaller than last year's November rise ( 7.4%) and the 12-month advance was narrowed to 8.9%. 
The November upturn probably did not bring Texas business to the end of the readjustment period which set in during September. Industrial production and employment throughout the nation were at their peace­time highs prior to the coal strike in late November, but national business indexes tumbled in the following weeks. Texas was not immediately affected by the strike since its fuel needs are largely met with its own oil, gas, and hydroelectric power. There was a sharp decline in October loadings of coal in the Southwestern District during November, but this was not enough to affect the index of general business activity in Texas. The prolongation of the strike into December was be­ginning to make itself felt in Texas, however, when the miners returned to work. These facts would seem to indicate that business in Texas and the United States remain in the throes of readjustment despite the Novem­ber advance in Texas business activity. 
In appraising the current situation it should be re­membered that business in this State is still far above 
its  prewar  levels.  Last  month  the  Texas  index  was  
87.2%  higher  than in  the  average  month  of the  pre­ 
war years 1935-39.  

The October-to-November rise in Texas business ac­tivity was fairly widespread. The Bureau's indexes of department and apparel store sales and miscellaneous freight carloadings registered substantial l?ains of 7.8% and 6.8%, respectively, after seasonal adjustment. Em­ployment rose 4.0% and pay rolls 3% for the month. Electric power consumption advanced 5.6%, whe~ sea­sonal factors were considered. The seasonally-adjusted index of crude oil runs to stills was the only major indicator to decline in November and the decrease was not large (3.9%) . 
A year ago all 6 primary indexes advanced between October and November. Crude oil runs to stills jumped 
22.3% , and miscellaneous freight carloadings and pay rolls bettered their 1946 gains with respective increases of 10.2% and 11.0%. Employment went up 3.3%, electric power consumption 3.6%, and department store sales 4.5%. These advances were part of the initial up­turn which followed the first reconversion dip in Texas business activity. 
The nature of the rise in busineils during the past 12 months is clearly reflected in the behaviour of the primary series. The biggest gain for the period (21.4% ) occurred in the dollar sales of department and apparel stores which were lifted by price increases and the 8.4·% advance in pay rolls. Production picked up with a 4.9% rise in employment and a 9.6% increase in electric power consumption, although the runs of crude oil to stills lagged slightly (0.4%) . Miscellaneous freight carloadings also rose 3.6% between November 1945 and November 1946. 

THIS MONTH 
This month the Bureau of Business Research pre­sents for the second time on page 27 of the REVIEW the "Figures for the Year to Date." This feature ·complements the "Figures for the Month" carried on page 2 and makes it possible for readers of the REVIEW to judge how business thus far this year compares with the corresponding period of 1945. 
First reports on grapefruit juice production, ship­ments, and stocks, together with additional data on water-borne commerce, state finance, and veterans loans also ~ppear in the appropriate sections of this issue. 


INDEX PERCENT 260 240 220 200 180 160 140 _.­-· 120 100 80 1935 -~ ~ 1936 . 19~7  OF ·TEXAS BUSINESS ACTIVITY -'ADJUSTED FOR SE_ASQN._AL VARIATION ' 1938 1935 . 39 • 100 / I L/ r ,_ _,,.-­I939 1940 1941 1942 -" -Alr\. ./ "' 'V ' \r' . 1943 1944 1945 PERCENT. 260 A1 ~ -1946 240 220 200 I80 I60 I40 I20 I00 80  

TEXAS BUSINESS REVIEW 
Comparisons with the prewar period show the ex­tent of the changes in the State's economy wrought by the war. Department store sales have risen 210.9% and pay rolls 111.2%. The development of the State's industry lies behind the increases of 158.2% in electric power consumption, 44.8% in crude oil runs to stills, and 37.4% in miscellaneous freight carloadings. Em­ployment last month was also 19.7% greater than in the 1935-39 period. 
Shifts in the secondary indexes of business activity in Texas reveal much the same pattern. November was a better month than October this year for crude petroleum production (l.0% ), bank debits (5.0%), in­dustrial electric power consq,mption (2.9%), and cot­tonseed crushings (34.2%). On the other hand, de­clines appeared in the seasonally-adjusted indexes of the value of building permits (10.6%), farm cash in­come (19.4%), and postal receipts (3.4% ). 
The weakness noted in trade in the November REVIEW 
was partially removed during the month. Department 
and apparel store sales went up 7.8% after seasonal 
adjustment and the retail sales of independent stores 
advanced 2.1 %. Newspaper advertising lineage rose 
3.9%, aided perhaps by more aggressive advertising 
on the part of stores anxious to clear out stocks in 
what is considered the last phase of the wartime seller's 
market. Last year, however, lineage increased 8.9% 
at this season. Postal receipts experienced their usual 
pre-Christmas dip in November-11.4% this year as 
compared with 12.0% a year ago. Since November 
1945, retail sales have increased 23.5%, advertising 
lineage 15.8%, and postal receipts 1.6%. 
The loosening of wartime credit controls with the 
modification of Regulation W did not bring a sudden 
jump in credit sales and a decline in collections. Among 
Texas department and apparel stores the ratio of credit 
to net sales declined in November, and the ratio of 
collections to outstanding accounts rose. Nevertheless 
there has been a noticeable growth in sales on credit 
and a falling-off in collections since November 1945. 
It is thus clear that the expansion of consumer credit 
has helped the boom in Texas trade, although there 
is still plenty of cash on hand for holiday shopping. 
Improvement in the statewide production picture dur­
ing October was reversed in November. Of the 17 pro­
dui::tion series regularly carried in the REVIEW, 7 rose 
and 10 fell between October and November of this year. 
Biggest increases for the month came in cottonseed 
crushin~s (18.5 % ) and cotton linter consumption 
(31.5%) . Other gains were modest. A cooling-off in 
the construction boom was reflected in the 28.9% de­
crease in the value of building permits and declines in 
construction contract awards and the loans of savings 
and loan associations. The manufacture of dairy prod­
ucts also dropped 27.4%. 
A year ago production advanced in 12 lines during 
November as compared with October and declined 
in only 5. 
Over the past 12 months production in Texc.s has 
moved generally upward. Exceptions to the upward 
movement in November were the runs of crude 0£1, cot­
tonseed crushings, construction contract awards and 
the value of building permits. November 1946 figures for industrial electric power consumption and man­hours worked in Texas industries also lagged behind figures for November 1945. 

Despite substantial gains in the shipments of poultry and interstate receipts of eggs, other indicators of the condition of Texas agriculture were less favorable in November than a month earlier. Farm cash income fell 38.8% below its October total, livestock shipments were off 17.2%, and rail shipments of eggs dropped 49.0%. While the same 3 series registered decreases at this time last year, the declines in farm cash income and livestock shipments were smaller a year ago. All 5 agricultural series stood at lower levels in November 1946 than in November 1945. 
In the field of finance mixed tendencies were evident. Small gains were reported for November over October in demand and time deposits. Loans of reporting mem­ber banks in the Dallas District also climbed 3.4%, although loans and investments were down fractionally. More sizable declines appeared in bank debits (1.8% ), ordinary life insurance sales (6.4%), and corporation charters (27.4%) . Between October and November last year all of the financial series rose except the issuance of new corporation charters. From November 1945 to November 1946 large gains were marked up in all series except the loans and investments of reporting member banks. Biggest increases were in new corpora­tion charters (56.6%) and ordinary life insurance sales (50.0%). 
Transportation continued to reflect the unsettlement of labor. The 7-fold jump in the unloadings of export and coastal cars between October and November fol­lowed the end of the maritime strike; the 4% fall in revenue freight loaded was in part the result of the strike of the coal miners. Miscellaneous freight car­loadings held to their October level, while air express shipments eased off 5.4% for the month. Last year be­tween these same months all 4 series advanced. Aside from the slight ( 2.3 % ) decrease in revenue freight loaded this November as compared with last, the trans­portation series were all ahead for the 12-month period. 
Labor in November successfully rode the waves of 
readjustment. Manufacturing employment increased 4.1 % 
in November over October and unemployment in the 
principal cities of the State dropped 6.8%. The non­
agricultural civilian labor force remained about the 
same with placements falling 10.4%. Last year at this 
season manufacturing employment was at a standstill, 
unemployment was increasing, the labor force was 
growing, and placements in employment were declining. 
Between November 1945 and November 1946, manu­
facturing employment increased 5.3%, the labor force 
4.0%, and placements 12.9%. Unemployment in the 
State decreased 8.8% during the same interval. 
Little difference appeared in the collections and re­
ceipts of the federal and State governments this fall and 
last. November receipts exceeded those of October for 
the State government, while the opposite situation ob­
tained for federal internal revenue collections. Texas 
took in 18.7% more cash from its citizens in November 
1946, than in the same month of 1945. Federal col­
lections were off 5.3% from the corresponding 1945 
figures. 


TRADE 

Retail Trade 
(The movement of goods into the bands of consumers is one of 

the fundamental aeries of statistical data on business activity, aince 
for business to be sound the volume of retail trade must be sood. 
During a period of rising prices, such as the present, an increase in sales may result from a rise in prices as well as from an increase in the amount of business. The fluctuations in retail credit ratios are 
Important conditioning factors of the volume of trade. Newspaper advertising linage and postal receipts are secondary trade indicators.) 
The total retail sales of independent stores in Texas increased 2.1 % in November in comparison with Octo­ber, according to reports received by the Bureau from 1,230 stores representing illl types of retail business in all parts of the State. This increase is slightly better than the average seasonal change for November. The average retail sales for the past 10 years for November have remained practically unchanged in comparison with October. An increase of 2.1 % therefore represents a better than normal performance for the month. It should he remembered, however, that November had 5 Saturdays this year, which would tend to increase sales this year slightly more than for the average No­vember. 
The index of department and apparel store sales prepared by the Bureau and adjusted for seasonal varia­tion rose from 288.5 in October to 310.9 in November 
RETAIL SALES OF INDEPENDENT STORES BY KINDS OF 
BUSINESS 
Source: Bureau of Business Research in co-operati•n with the 
Bureau of the Census, U. S. Department of Commerce 

Number Percent change 
of reporting Nov. 1946 Ne>v.1946 establish­fre>m from 
' 
ments Nov. !945 Oct. 1946
Business + 23.5 + 2.1

TOTAL ··············--·~··-----······················-1,230


================= 
8.5 1.4

APPAREL ----------------···-·······-··-· 158 + 
Family clothing ste>res .. --------···-· 33 + +

6.3 2.7 Men's and be>ys' clothing ste>res ... --57 + 13.8 + 1.7 Shoo ste>res ------------····--··-·······--·· 24: + 
4.4 6.6 
3.5 5.9
We>men's specialty shops ----·--44 + 
+ nl.6 3.1 Motor vehicle dealers ···-····-····-····-· 8.1 

AUTOMOTIVE• -··-····--·-·············---101 
+n8.6 3.5 
+ 15.7 + 7.4

COUNTRY GENERAL ----··········-······· 76 + 22.9 8.9 
DEPARTMENT STORES --·······--··-·-61 + 
8.3 0.3

DRUG STORES -······-·····-····-··········-··· 116 + 
GENERAL MERCHANDISE ----·--· 43 + 

4.7 0.5 
1.3 -20.6

FILLING STATIONS ·---·······--·-··-43 8.7 + 10.9
+FLORISTS ···-··-:············-···------······· 26 + 3.6

FOOD• ··-···········----····-·-········-_:_____ 178 14.5 + 
Grocery ste>res (without meat) ···-· 47 + 13.9 + 1.1 
Combinatio.n stores (gre>ceries and 

meats) ···-··-········:_----·········---95. 
Other 	grooery and ce>mbination 
stores ·······-····-··--····---------····--· 21 +

+ 
15.1 2.2 


FURNITURE 	AND HOUSEHOLD•.. 88 + 24.0 + 3.9 
Furniture s~res ··------------------····· 77 

+ 
19.5 + 5.0 


-10.0 + 24.2 
LUMBER, BUILDING, AND 
HARDWARE• ······--------------175 

JEWELRY --·-···-····-·············--·········· 32 
+ 
22.7 -10.6 Farm implement dealers .................. 19 + 38.5 9.5 

+ 
22.1 4.0

Hardware ste>res ···-···-··········------52 ­Lumber and building · material 

dealers -------····-----------------98 
+ 
18.6 -12.7 


EATING AND DRINKING PLACES• 81 + 5.5 3.1 
Restaurants ---····-·-·-···--·-······-···--59 + 

6.6 -2.6 
ALL OTHER STORES ------····· 52 + -5.9

2.7 
•Total includes kinds e>f business e>ther than the classifications listed. 

(1935-39=100). The normal seasonal pattern for de­partment store sales is a decrease in November from October, due to the fact that November has 1 less ciay and in addition 2 holidays. This year, however, de­partment and apparel store sales increased 2.7%, which after adjustment for seasonal variation became an in­crease of 7.8%. 
In comparison with a year ago, the sales of all types of business showed increases except filling stations and jewelry stores, which had sales decreases of 1.3% and 10.0'/o, respectively. 
Sales for November increased over October in 8 of the 12 crop-reporting districts, and decreased in the other 4. For the East Texas Timbered Plains (District 5) the decrease was negligible ( 0.1 % ) , but for the Southern Texas Plains (District 8) it was 3.1 % , and for the Lower Rio Grande Valley (District 10-A) it was 9.6%. 
Every crop-reporting district reported an increase in sales over November 1945. The greatest increase was in the Trans-Pecos with 40.5%, and the smallest was in the Red Bed Plains (8.9%). The Southern High Plains reported sales 34.8% above November of last year, and the East Texas Timbered Plains reported 12.3%. The remaining crop-reporting districts showed increases over last year very near the average for the state as a whole. 
The cities with population over 100,000 reported 

the greatest increase in sales over October. The average 
increase for the group was 2.8%, with Houston well 
ahead of the other cities with 6.8%, San Antonio with 
2.5%, Dallas with 2.0%, and Fort Worth with 1.1 %. 
The next largest gain was in the cities with popula­

tion between 50,000 and 100,000, which showed a 2.2% 
increase. Even more variation appeared in this group, 
with Galveston reporting an increase of 13.8~1o and 
Beaumont a decrease of 10.0%. Corpus Christi also 
showed a decrease from October (7.2%) . In the re­
maining cities of the group, sales increases were as fol­
lows: Amarillo 11.6%, El Paso 6.3%, Waco 5.7%, and 
Austin 4.7%. 
RETAIL SALES OF INDEPENDENT STORES BY DISTRICTS 

Source: Bureau of Business Research in co-operation with the Bureau 
of the Census, U. S. Department of Commerce 
Number ()f reporting establish- Percent change °Ne>v. 1946 Ne>v. 1946 from from  
District  ments  Nov. 1945  Oct. 1946  


+ 
15.9 + 6.2 


TOTAL  --------·················-----·-·1,230  + 23.5  +  2.1  
Northern High Plains (District 1-N) Southern High Plains (District 1-S) Red Bed Plains (District 2) ----··--·­Western Cross Timbers (District 8)  51 24 81 33  + 29.7 + 34.8 + 8.9 + 12.3  + + +  3.9 5.0 0.2 1.7  
Black and Grand Prairies (District 4)  205  +  22.1  +  2.3  
East Texas Timbered Plains (District  
5) ----­-----------------------------­-----­--­Trans-Pecos (District 6l --·-····-·-······­Edwards ' P lateau (District 7l ----·····­Southern Texas Prairies (District 8)  329 36 44 166  + 17.0 + 40.5 + 12.9 + 28.2  I  + + +  0.1 5.7 3.5 2.4  
Coastal Prairies (District 9l -------··· Southern Texas P lains (District 10)  164 100  + 24.5 + 23.8  +  4.0 3.1  
Lower Rio Grande Valley (District 10-A) ------------­---------­--------------­Not specified -----------------------­----­ 36 31  + 17.7 + 20.0  9.6 4.3  

TEXAS BUSINESS REVIEW 
In the cities of the 2,500 to 50,000 group a gain of 0.9% was registered between October and November. Separate tabulations were made for 7 individual cities in this group, with the following changes in sales: Abi­lene, up 2.0%; Lubbock up, 6.2%; Port Arthur, up 1.5%; Plainview, down 4.0%; Temple, up 4.8%; Tyler, up 6.0%; and Wichita Falls, up 0.3%. 
Reports were received from 206 communities with a population of less than 2,500. They reported a de­crease in November sales of 3.3%. 
In relation to November 1945, every population group and every individual city registered an increase. The greatest increase was in the second largest group (between 50,000 and 100,000 population) with the next largest gain in the over 100,000 population group. 
RETAIL SALES OF INDEPENDENT !TORES BY CITY-SIZE 
GROUPS AND CITIES 

Source: Bureau of Business Research in co-operation with the Bureau of the Census, U. S. Department of Commerce 
Number  Percent change  
of  
reporting  Nov. 1946  Nov. 1946.  
establish­ from  from  
City-size group and city.  ments  Nov. 1945  Oct. 1946  

TOTAL ---·---·-··--···--------------·-··--------·--=1=,2=30===+=====23.5 + ==2.1 = 
OVER 100,000 P PULATION_______ 350 + 22.3 2.8
+ 
Dallas ···-------------········-·-··---····· .94 + 18.2 + 2.0 
Fort Worth --------···-·-----···-· 111 + 24.1 + 
1.1 Houston -------------------·-36 + 26.7 + 6.8 San Antonio ------------------·-------109 + 23.5 + 2.5 
50,000-100,000 POPULATION ------1r,6 + 32.0 + 2.2 Amarillo -----·······---------···-----------19 + 24.9 + 11.6 Austin ----····-----······----···--------··· 29 + 45.4 + 
4.7 
Beaumont --------··--···-·····--······-····--·-47 + 16.2 -.10.0 Corpus Christi ------·-··-··-·------------· 22 + 46.1 -7.2 El Paso ···-····-·····-------···--·--------13 + 45.0 + 6.3 Galveston 9 + 15.1 + 13.8 Waco -------·--··-··----------------------··-· 26 + 15.7 + 5.7 2,500-50,000 POPULATION ----·-·--·--508 + 20.8 + 0.9 
+ 14.3 2.0~~~:::k -:::~L:==::::=::::::=:::::::~--=:::::: ~: + 41.4 + + 6.2 Port Arthur ------·--·------------· 38 + 16.1 + 1.5 Plainview ··-············---------------·····-···-9 + 49.4 4.0 Temple ··-------------···-21 + 13.1 + 4.8 Tyler ----···········-·---···---------·--·-····-······· 11 + 33.2 + 6.0 Wichita Falls -·-····-----------14 + 7.6 + 0.3 Other -----···---------------------····---------------381 + 19.6 0.4 
UNDER 2,500 POPULATION_________ 206 .+ 16.7 3.3 
The ratio of credit sales to net sales rose from 39.9% in November 1945, to 50.7% in November 1946 for the 39 stores reporting to the Bureau. This ratio has been substantially above the corresponding months of last year for all of 1946, even though controls over open account credit were retained until December of this year. With the modification of Regulation W, stores selling on open account no longer need to freeze an account that is not paid within 40 days. 
The ratio of collections to outstanding accounts re­ceivable was 67.6% in November, compared to 72.2% a year ago. The ratio of credit salaries to credit sales was down slightly from a year ago. 
Every city for which separate tabulations were made showed an increase in the ratio of credit sales to net sales, and every city except Bryan showed a decrease 
In the ratio of collections to accounts receivable out· standing. Every type of store also showed an increase m the ratio of credit sales to net sales. 
CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES 
(in percent) 
Ratio of Ratio of Ratio of credit sales collections to credit salaries Number to net sales* outstandingst to credit salest of reporting Nov. Nov. Nov. Nov. N ov. Nov. Classification stores 1946 1945 1946 1945 1946 1945 
_____ 39
ALL STORES 50.7 39.9 67.6 72.2 1.1 1.2 
BY CITIES: 
Austin 5 45.3 36.6 73.9 74.4 1.4 Bryan -----3 43.0 35.2 69.l 57.1 0.9 1.3 Dallas --------3 57.8 41.8 65.7 76.3 0.7 1.0 Fort Worth ------------3 53.2 45.0 70.6 75.8 1.1 1.0 
---------59.0 
----------· 	1.3 
Houston -3 46.5 64.0 68.1 1.3 1.2 San Antonio 3 37.0 29.2 64.4 68.7 0.9 1.3 Waco 4 48.7 39.2 67.2 70.9 1.2 1.4 
Other -----------45.7 35.4 67.5 70.7 1.2 1.3
15 
BY TYPE OF STORE: Department stores (annual sales over 
$500,000) -------------8 53.8 44.3 67.4 72.2 1.0 1.1 Department stores (annual sales under $500,000) 7 40.3 32.5 64.5 65.9 1.6 2.1 
---------~-­
Dry &'Oods -apparel 
stores ----------------37.9 68.7 2.2

4 31.4 75.4 2.1 
Women's 	specialty 
shops 

--------------8 47.6 37.8 64.8 73.5 0.8 1.0 Men's clothing stores 12 49.1 34.1 7(}.8 72.1 0.9· 1.3 
BY 	VOLUME OF NET SALES (1945): 
Over $2,500,000 -----8 56.0 45.0 67.1 72.7 0.9 0.9 $1,000,000-$2,500,000 8 45.9 34.4 68.3 73.9 (}.7 1.0 $500 ,000-$1,000,000 .. 9 88.9 29.7 68.4 69.1 0.9 1.0 Less than ' $500,000 .. 14 37.3 26.& 69.9 63.4 1.6 2.3 
•Credit sales divided by net sales. 
tCollections during the month divided by the total accounts unpaid OD 

the 	first of the month. tSalaries of the credit department divided by credit sales; 
Newspaper advertising lineage for November reported by 31 Texas newspapers increased 3.9% from October. These same newspapers reported an increase of 15.8% in November 1946 over November 1945. 
Postal receipts in 57 Texas cities declined 11.4% for November in comparison with October. This was slightly more than the normal seasonal decline, which resulted in the Bureau's seasonally-adjusted index of postal receipts declining from 207.1 to 200.0 (1935­39=100). In common with many other measures of business conditions, postal receipts show a strong sea· sonal rise in the fall, but the fact that November is a 30-day month, plus the fact that many businesses close for Armistice Day and Thanksgiving, normally leads to an average decline of 8.3% in November receipts. The volume of postal receipts for November 1946 was slightly above November 1945, when the index stood at 198.2. For the first 11 months of 1946, the index of postal receipts averaged 204.1 in comparison with an average of 201.0 for the first 11 months of 1945, a de­cline of 1.5%. 

TEXAS BUSINESS REVIEW 
POSTAL RECEIPTS  
Percent change  
City  Nov. 1946  Oct. 1946  Nov. 1945  Nov. 1946 Nov. 1946 from from Nov. 1945 Oct. 1946  


TOTAL  ---------------$2,593,819  $2,928,605  $2,553,033  + 1.6  -11.1  
Abilene  28,254  32,449  28,334  - 0.3  - 12.9  
Amarillo  ------------­ 53,545  59,305  55,133  - 2.9  - 9.7  
Austin  ----------­----­ 98,916  129,600  92,083  + 7.4  -23.7  
Beaumont  --------­ 43,497  55,570  48,925  -11.1  -21.7  
Big Spring  --­--­ 7,737  9,2U  9,400  -17.7  -16.0  
Borger  ---------­ 6,532.  9,810  6,481  + 0.8  -33.4  
Brownsrille  ------­ 11,262  14,365  11,118  +  1.3  -21.6  
Brownwood  ·-·-···  10,469  10,576  18,2.30  -42.6  -1.0·  
Bryan  --------­--­---··  9,089  8,623  8,253  + 10.1  + 5.4  
Childress  -----­·-----­ 2,994  3,966  4,687  -36-1  -24.5  
Cleburne  ···­---------­ 4,707  5,340  5,136  - 8.4  -11.9  
Coleman  ----------··­-·­ 2,942  4,091  4,587  -35.9  -28.1  
Corpus  Christi  __  62,149  66,062  62,473  - 0.5  - 5.9  
Corsicana  ----------­ 9,302.  9,652  10,975  -15.3  -3.6  
Dallas  ---­---------­--­ 674,286  742,105  630,427  + 7.0  -·9.1  
Del  Rio  4,278  5,083  4,411  -~-0  -15.8  
Denison  --------­--­ 8,912  9,723  9,197  - 3.1  - 8.4  
Denton  --------------­ 11,429  13,181  12,026  - 5.0  -13.3  
Edinburg ---­---------­El Paso -------------­ 6,870 94,412  6,940 97,157  5,120 90,185  +24.4 + 4.7  -8.2 -2.8  
Fort  Worth  -------­ 303,253  326,222.  2.78,647  + 8.8  -7.1  
Gainesville  --------­ 5,597  6,708  4,880  +14.7  -16.6  
Galveston  ---·----­-·  41,397  47,685  49,033  -15.6 .  -13.2  
Gladewater  ----­--­ 3,459  5,323  3,645  - 5.1  -35.0  
Graham  ------------­ S,542  3,765  3,233  + 9.6  -5.9  
Greenville  ----­------­ 9,249'  10,337  9,411  - 1.7  -10.5  
Harlingen ----··---­Houston --­-----­---­ 12,732 427.000  14,520 ·471,144  13,735 404,392.  -7.3 + 5.6  -12.3 -9.4  
Jacksonville  ----­--­ 4,846  5,705  4,878  - 0.7  -15.1  
Kenedy  --·---------··  1,537  2,048  1,996  -23.0  -25.0  
Kerrrille  ---­---···  4,561  5,745  4,059  +12.4  -20.6  
Laredo ···-------------Longview --··-·----­Lubbock ----------­---­ 13,611 13,479 32,367  16,838 15,348 44,039  16,028 13,076 29,509  -15.1 + 3.1 + 9.7  -20.6 -12.2 · -26.!)  
Lufkin  ------·-··---·---­ 7,458  8,077  7,446  + 0.2  -7.7  
McAllen  ----·-·--·­--·  10,210  11,936  10,320  -1.1  -14.5  
·Marshall  --·--­--···­-­ 9,657  11,746  10,351  - 6.7  -17.8  
Midland  --------­----­ 9,775  14,768  12,109  -19.3  -33.8  
Orange  10,734  12,652  11,734  - 8.5  -15.2  
P.alestin.;  ------------­ 8,561  8,628  6,981  +22.6  -0.8  
Pampa  -------------­·-­ 8,760  11,517  8,799  - 0.4  - 23.9  
Paris  -----------·------­ 8,Hl  10,838  10,827  -22.3  -22.4  
Plainview  -------­-··  6,137  6,133  5,,915  + 3.8  -0.1  
Port Arthur  ---­-·­ 22.,656  24,063  23,465  - 3.4  - 5.8  
San  Angelo  ---­---­ 22,102.  24,465  23,525  - 6.0  - 9.7  
San Antonio Seguin ----···-------­­ 243,740 4,051  2.85,605 4,841  254,081 3,731  -4.1 + 8.6  -14.7 ( -16.3  
Sherman  ------­---·­ 12,223  13,913  13,841  -11.7  -12.1  
'Sweetwater  -------­ 9,702  9,726  8,249  +17.6  -0.2  
Temple  --­--··­··-·--­ 12,427  13,243  14,761  -15.8  -6.2  
Texarkana  ---···­-­ 21,865 \  30,733  22.,552  - 3.0  -28.9  
Texas  City  ----·----­ 6,198  7,517  6,928  -10.5  -17.5  
Tyler  ----,------··-----·  24,921  29,239  2-7,086  - 8.0  -14.8.  
Vernon  -·---------­---·  5,832  7,806 '  6,394  - 8.8  -25.3  
Victoria  --···-­-----­--­ 7,907  9,858  9,449  -16.3  -19.8  
Waco  ----------------­ 56,401  62,599  55,242  + 2.1  -9.9  
Wichita  Falls  ___  36,380  40,464  45,544  -20.1  -10.1  

Wholesale Trade 

(Wholesale sales represent the movement of goods to retailers, and when compared with the changes in retail sales indicate whether 1toeka In the hands of retailers ar• being maintained at a constant I.vet or are being allowed to lncreaae or decrease. Tbe Information on Inventories of wholesalers slvea an Indication of the availability of goods to retailers, which In this period of shortages la a signifi­cant factor In the bualneaa situation.) 
Wholesalers' sales of 128 firms reporting to the Bu­reau of the Census were up 9% in October 1946 over September 1946 and 42% above October 1945. The greatest sales increase was in electrical goods, which gained 36% over the previous month and 202% over the same month a year ago. General hardware sales increased 6% above the previous month, and sales of automotive supplies 8%. In comparison with the same month a year ago, general hardware sales rose 50%, and a sales of automotive supplies 15%. Only drugs and sundries showed a decrease in sales from the previ· ous month (17%). In comparison with October 1945, drugs and sundries sales increased 2%. Twelve firms classified as miscellaneous reported a 4% sales increase ove.r September 1946 and a 53% increase over October of last year. 
WHOLESALERS' SALES 
Source : Bureau of the Census, U. S. Department of Commerce 
Number  Percent change  
of  Oct. 1946  Oct. 1946  
Business  reporting firms  from Oct. 1945  from Sept. 1946  


TOTAL  --­-----­--------------------­--­--------------­128  +  42  +~  
Automotive  supplies  -----­---·-··---------------­ 11  + 15  +8  
Drugs  and  sundries•  -----------·---­------·-·  18  + 2  -17  
Electrical  goods  --­------------------·--------­ 24  +202 .  + s6  
Groceries and foods  (except farm  
products)  -----------·------------------·--­------·­ 49  + 28  +16  
General  hardware  -------­----­---------·------­ 14  + 50  +6  
All  other  ----------­---·-----------------------------­ 12  + 53  +4  

*Includes liquor departments of other trades. 

Wholesalers' inventories in October were 50% over a year ago and 10% over September. Inventories of electrical goods were 317% above a year ago but only 13% higher than in the previous month. Automotive supplies were 42% above last year and 16% greater than the previous month. General hardware inventories showed no change from the preceding month but were 35% larger than in October 1945. It will be noted that these durable goods lines all showed a substantial in­crease in inventories over October 1945. Wholesalers' inventories of drugs and sundries (including liquor departments) were 20% above October 1945 and reg· istcred an increase of 5% over September 1946. In­ventories of groceries and foods were considerably higher in comparison with last year, increasing 42%. At the same time they were 21 % above inventories in the preceding month. 
WHOLESALERS' INVENTORIES 
·source: Bureau of the Census, U. S. Department of Commerce 
Percent cha nge 
Oct. 1946 Oct. 1946 from from Business Oct. 1945 Sept. 1946 

TOTAL -----·-----··-----···---------------------------·---·-------·--------+ 50 +10. 
======= 

Automotive supplies ·--·--·--··------------------·-------------···---·-+ 42. +16 .Drugs and sundries* ----·-------------------------------------+ 20· +6 Electrical goods -·---------------------'----------------------------· +317 
+13 . 

Groceries ;tnd .foods (except farm products) _____ + 42. +z1 
General hardware --·--------------·----------------------··-----+ 35 
All other -----·-------'-----------------------------·-·------------------+ 56 +a 

•Includes liquor departments of other trades. 

Foreign Trade 

(Tonnaa:e fiirures for export shipments from the principal ports of the State provide an accurate physical measure of the current volume of foreia:n export trade. Value fia:ures for exports and imports, however, represent a more common measurement of foreil'D trade transactions.) 
Exports of foreign and domestic merchandise from Texas during August recovered from their July slump and bettered their June level with a total of $117,140,000. This represented a gain of 19.5% for the month in contrast to last year's 34.5% decline between July and August. Exports this August ran 130.l% above August 1945 for the State as a whole. 
All of the Texas customs districts shared in the gen· eral increase in exports during August. Gains ranged from approximately 17% in the El Paso, Galveston, and Sabine districts to 26.1% in the Laredo District. A year ago at this season the exports of all districts declined. Increases between August 1945 and August 1946 were very great in all districts: El Paso 83.1%, Laredo 89.l%, Galveston 134.6%, and Sabine 480.9%. 
EXPORTS OF DOMESTIC AND FOREIGN MERCHANDISE 
(In thousands of dollars) 
· Source: Bureau of the Census, U. S. Department of Commerce 

Percent change  
Customs district  Ana:. 1946  July 1946  Aug. 1945  Aug. 1946 Aug. 1946 from fr6m Aug. 1945 July 1946  
TOTAL  -_ _____117,140  98,017  50,919  + 130.1  +19.5  

El  Paso  ------­ 3,651'  3,106  1,994  + 83.1  +17.5  
Galveston  ------------72,175  61,560  30,759  +134.6  +11.2  
Laredo  ------------------­30,992  24,570  16,389  + 89.1  +26.1  
Sabine  ----------------­10,322  8,781  1,777  +480.9  +17.5  

Imports of general merchandise into Texas during August totaled $10,101,000, a decrease of 21.2% from the July figure and slightly less than June imports. Last y~ar the July-to-August decrease was 24.5%. Compared with August 1945, the volume of imports during August this year was virtually unchanged. 
Every customs district in the State showed a decline in imports between July and August 1946. Almost no rose, while imports through the Galveston and Laredo districts fell. Big gains in imports from August 1945 to August 1946 were reported for the El Paso (24.0%) and Galveston (63.7% ) districts; declines appeared in the import figures for the Laredo and Sabine districts. 

The lifting of the quarantine on cattle importations 

from  Mexico  to  meet  the  domestic  meat  shortage  was  
not  immediately  reflected  in  the  import figures.  Al­ 
though  the  quarantine  was  raised  in  October,  it  was  

late November before sizable shipments were made. Exports of merchandise by air from Texas rose 8.8% in August over July to reach a total of $2,047,755. The Galveston and Laredo districts turned in respective gains of 23.7% and 13.3% for the month; El Paso's exports declined 60.9%. Although Brownsville claimed over one-half of this trade, Fort Worth showed the largest gain among the State's leading airports. 
~ 
EXPORTS OF MERCHANDISE BY AIR 
Source: Bureau of the Census, U. S. Department of Commerce 
Percent change 
Aug. 1946 Aug. · July from District and port 1946 1946 July 1946 
TOTAL ------------------~$2,047,755 $1,881,488 + 8.8 
Galv.;.ton  ----------­ 398,516  332,04(}  +  23.7  
F ort  Worth  ---­---­ 398,516  332,04(}  +  23.7  
Laredo  -------------·-· 1,587,019  1,400,474  +  18.S  
Brownsville  --------­--·­1,139,535  998,283  +  lU  
Laredo  .-------­ 28,188  30,726  - 8.3  
San  Antonio  ----­--­ 419,296  371,(65  +  12.9  
El Paso ---------­----------·  62,220  158,974  - 60.9  

El Paso 62,220 158,974
--------------------------60.9 
/'!"ports of general merchandise into Texas by air dunng August dropped 65.2% from their July total to $309,051. The 94.4% decline in Fort Worth's im· ports by air was the principal factor in the Statewide decrease. Imports through the Laredo District were up 41.2% and El Paso's imports increased 71.7%. Other airports to report declines for the month were Dallas 2.5%, San Antonio 8.2%, and Laredo 23.3%. 
imports were reported for the Sabine District in August, but the most significant drop was the 34.5% fall in imports through the Galveston District. Twelve months earlier imports through the Sabine and El Paso districts 
IMPORTS OF GENERAL MERCHANDISE 
(in thousands of dollars) 
Source : Bureau of the Census, U. S. Department of Commerce 

Percent change  
Customs district  Aug. 1946  July 1946  Aug. 1945  Aug. 1946 Aug. 1946 from from Aug. 1945 July 1946  
TOTAL  --------­10,101  12,816  10,113  - 0.1  - 21.2  

El  Paso  ---­--------­ 1,169  1,439 _  943  +  24.0  - 18.8  
Galveston  -----------­ 3,933  6,005  2,402  +  63.7  - 34.5  
Laredo  -------­ 4,997  5,331  6,757  - 26.0  - 6.3  
Sabine  -------­ 2  41  11  - 81.8  - 95.1  


IMPORTS OF GENERAL MERCHANDISE BY AIR 
Source: Bureau of the Census, U. S. Department of Commerce 
Percent change 

Aug. 1946 Aug. July from District a'nd port of unlading 1946 1946 Jnly 1946 
TOTAL ---
------------------$ 309,051 887,657 -65.2 
Galvest~n ..................................--. 55,296 712,797 -92.2 Dallas ---------------------------------""'1""6"",5"'7=7----::c:~-::---'---,.---l17,000 -2.5 F ort Worth ------------------38,719 695,797 -9(.4 
Laredo ----------------------------215,181 152,389 + 41.2 56,750 +125.4
Brownsville ---------------""12:-=1-=,8c::96,,.----,-,---------l 
Laredo -------------5,260 6,859 -23.3 San Antonio _ ..__________.._ 81,464 · 88,780 -8.2 
El Paso ----------------------38,574 22,471 + 71.7 E l Paso -------------=3"'8-=22,471 + 71.7
--------,5"°7"'"4----=---~----___, 



PRODUCTION 
Manufa.cturing 
(The volume of manufacturinc activity in any lr.duatrial area is 

• sensitive measure of the chances In business activity. The vol­
ume of durable goods manufactured tends to fluctuate more vio­
lently than ~he volume of nondurable coods such as foods, and may 
1erve to indicate changes in the b•1siness situation at an early date. Since many manufacturing industries vary regularly with the 6 easons, 
thla factor muat be taken into consideration In interpretinc the changes from month to month.) 
Peak peacetime production prior to the coal strike in November was matched in many lines of Texas manu­facturing, while in others production lagged. 
T?e _index of industrial electric power consumption, an md1cator of manufacturing activity, rose 2.9% in November over October after seasonal adjustment, to better last year's rise of 2.4%. From Novem­ber 1945 to November 1946 the index rose 6.4%. Last month it ~as 151.3% above its average level in the 1935-39 penod. 
Man-hours worked in Texas manufacturing establish­ments, another general indicator of manufacturing ac­tivity, increased 3.8% in November over October, but the gain did not come up to the October-to-November advance of 11.9% a year earlier. Man-hours declined 4.4% between November 1945 and November 1946. 
Crude oil runs to stills dropped 6.7% between Octo­ber and November to 40,455,329 barrels, whereas last year between the same months they rose 18.7%. Novem­ber 1946 runs were approximately the same as runs in November 1945. When seasonally adjusted the index of crude oil runs to stills fell 3.9% in November this year as compared with a 22.3% rise a year ago. Runs in November 1946 were 44.8% greater than in the average prewar (1935-39) month. 
Refinery stocks of gasoline in Texas at the end of November 194.6 stood 7.6% higher than for the previous month. Gasoline stocks in the Texas Gulf Coast section were 5.2% above the figure for October 1946, while for Inland Texas the corresponding rise was 18.8%. 
Prospects for the future expansion of the refinery industry seemed bright in view of the increased produc-
REFINERY STOCKS* 
(In thousand• of barrels) 
Source: The OU and Gu Journal 
Percent change 
Nov. 1946 Nov. 1946 Nov. Oct. Nov. from from 
Section and item 1946 1946 1945 Nov. 1945 Oct. 1946 

TEXAS Gasoline Distillate Residual  ---·-·-­--·-----­-··----·· -------------­----····­··· --------­···­--­-···-----­17,361 11,962 8,473  16.131 11,225 8,753  17,870 6.428 5.784  -2.i +86.1 +46.5  + 7.6 + 6.6 -3.2  
TEXAS GULF COAST  
Gasoline Distillate Residual  --­--­-­---···-·····--­----············-···-­--······-------------··· 13,945 11,381 7,q88  13,256 10,585 8,027  14,989 5.993 4,834  -7.0 +89.9 +57.0  + 5.2 + 7.5 -5.5  
INLAND TEXAS  
Gasoline Distillate  -----··········--·······­--------·-·····--·-·····­ 3,416 581  2,875 640  2,881 435  +18.6 +33.6  +18.8 -9.2  
Resjdual  ·······-----········--··  885  726  950  - 6.8  +21.9  

•Fiirures shown for week endinir nearest last day of month. 

tion of automobiles, the growth of air traffic, the in· c:easing mechanization of agriculture, the more exten­sive u~e of Diesel-driven locomotives, the rising demand for oil heat, and the development of new industrial uses for petroleum. 
The consumption of cotton during November in Texas ?ropped 13.6%, but the consumption of cotton linters increased 31.5%. Last year between October and No­vembe.r cotton consumption held steady, but linter con­sumpt10n went up only 7.5%. Nevertheless November 1946 consumption of cotton and cotton !inters exceeded Novem?er 1945 consumption by 18.6% and 39.0%, respectively. Upward revisions of early estimates of con­sumption are indicated by these figures. 
CONSUMPTION OF COTTON AND COTTON LINTERS 
(in running bales) 
Source: Bureau of the Census. U. S. Department of Commerce 

Percent change 
Nov. 1946 Nov. 1946 
Nov. Oct. Nov. from from 
Item 1946 1946 1945 Nov. 1945 Oct. 1946 

Cotton ···--·-···--····-·------18.715 21,649 15,775 +18.6 -13.6 
Linters ···-····-····-·-----2.262 1,720 1,627 +39.0 +31.5 

Cottonseed received at Texas mills fell sharply (37.7% ) in November as compared with October in contrast with last year's October-to-November rise of 17.5%. November 1946 receipts were 34.6% less than receipts in November 1945. Crushings, on the other hand, increased 18.5% for the month as compared with 
4. 7';1a a year ago, although last month's production was down 3.7% from the total for last November. Removal of the seasonal factor pushed up the index of cottonseed crushed by 34.2% last month as against a rise of 18.1 % last year. November 1946 crushings were 31.7% below their prewar level. Stocks at the end of November were 
3.2% lower than a month earlier and 13.4% less than 
a  year  ago.  Last year  stocks increased 24.8% during  
Novemb er.  
COTTONSEED PRODUCTION  
(In tons)  

Source: Bureau of the Census, U. S. Department of Commerce 
Percent change Nov. 1946 Nov. 1946 
Nov. Oct. Nov. from from 
Item 1946 . 1946 1945 Nov. 1945 Oct. 1946 

Received at mills ··········--115.800 185,877 177,193 -34.6 -37.7 Crushed ··--·----··············-··· 122.861 103.705 127,587 -3.7 + 18.5 Stoeks at end of month.. 216,148 223,209 249,647 -13.4 -3.2 
In the face of high prices and a strong demand for dairy products, their manufacture in Texas fell 27.4% between October and November this year to almost dou~le last year's 15.4% decline. November 1946 pro­duct10n was about the same as production in November 1945, the 10.3'/<J gain in the production of American 
cheese offsetting the  decreases of 3.6%  and 13.6%  in  
the  production  of  creamery  butter  and  ice  cream,  re­ 
spectively.  
Average  weekly  production  per  unit  of  lumber  in  

southern pine mills for November 1946 was 3.7% below that of the month previous, and average weekly ship­
TEXAS BUSINESS REVIEW 
MANUFACTURE OF DAIRY PRODUCTS 
Percent change  
Product  Unit  Nov. 1946  Oct. 1946  Nov. 1946 Nov. 1946 Nov. from from 1945 Nov. 1945 Oct. 1946  


TOTAL MILK  
EQUIVALENT•.. 1,000 lbs.  55,954  77,088  55,428  +  0.9  -27.4  
Creamery butter __ 1,000 lbs.  1,326  1,815  1,376  - 3.6  -26.9  
Ice  creamt  -----­ 1,000 gal.  1,385  1,959  1,603  -.13.6  -29.3  
American cheese __ 1,000 lbs.  483  625  438  +io.3  -22.7  
All other  -------1,000 lbs.  2,048  3,592  1,951  +  5.0  -43.0  

•Milk equivalent of dairy products was calculated from production 

data. tincludee sherbets and icee. 
ments per unit were 5.5% below the October 1946 figure. Unfilled orders also declined 2.4% in the same period. These decreases were slightly greater than those occurring between October and November last year. Although shipments were off slightly and unfilled orders down 19.9% this November as compared with a year ago, weekly production edged up 4.0%. Last month the index of southern pine production was 64.3% of its prewar average. 
LUMBER PRODUCTION IN SOUTHERN PINE MILLS 
(In board feet) ' 
Source: Southern Pine Auoclatlon 
Percent change 
Nov. 1946 Nov: 1946 Nov. Oct. Nov. from from Item 1946 1946 1945 Nov. 1945 Oct. 1946 
Averaire weekb' pro­duction per unit._ 184,563 191,564 177,393 + 4.0 -3.7 ·Averaire weekb' ship­ments per unit ___ 173,384 183.497 174,2.73 -0.5 -5.5 Avera1re unfilled or­
ders per unit. end 
of month -----846,867 • 867,671 1,056,854 -19.9 -2.4 
Production and shipments of grapefruit juice from the Valley through November 30 were 52.1% and 66.6% below the corresponding 1945 figures. Stocks at the end of November this year were slightly (5.9%) higher than a year ago. 
Construction 
(Because of the accumulated deficiency of bulldinl' In all sections of tke State, data on the volume of construction work are an ex­tremely Important part of the business situation. Buildinl' permits or contracts awarded are senerally used to measure building activity, but recent studies by the United States Bureau of Labor Statistics in­dicate there ia considerable lair In beirinning construction of buildinir• for which permits have been issued, and that actual costs are now 25% or more above the permit valuation. Loans by savinirs and loan auoclationa reflect the financing of residential housing. At the present time both building permita and contracts are affected by covernment restrictions.) 
The value of building permits issued by 45 Texas cities declined 28.9% in November, to continue a down­
ward  trend  that  has  become  pronounced  in  the  later  
months of 1946.  The normal seasonal pattern is a de­ 
crease  of 20.4%  between  October and November, but  

the current decline greatly exceeded this decrease, re-suiting in a drop of 10.6% in the seasonally-adjusted 

GRAPEFRUIT JUICE CANNING (in cases of 24/2'e) Source: Texas Canners Association  
Item 1946-47 Season to Nov. 30• 1945-46 Season to Nov. 30•  Percent chanire  
Production 397,839 212,771 Stocks ----------------­190,511 71,161 195,519 184,568 Shipments.  -52.1 --66.R +u  
•Season beiiins November 1st.  

index of building permits. 
Numerous reports indicate that the extremely high cost of building, coupled with the shortages of materials and strikes that have slowed construction of all types, is leading to a change in plans to build. It is sig­nificant that the value of building permits issued in November 1946 were 11.0% below November 1945. In November 1945 the value of permits increased 38.4% over October instead of declining as they did last year. 
BUILDING PERMITS 

Nov.  Oct.  Nov.  
City  1946  1946  1945  
TOTAL  ·······------­$11,800,290  $16,594,763  $13,255, 753  
Abilene  . --------·  154,822  180,080  166,8·4()  
Austin  ----­ 989,271  1,318,836  1,258,888  
Beaumont  -------­ 254,840  393,642  176,145  
Big  Spring  ----­ 62,715  52,870  65,595  
Borger  --------------­---­ 20,800  69,050  340,950  
Brownsville  ---------­ 106,333  54,480  • 48,556  
Bryan  --------­ 213,032  178,973  80,120  
Childress  ----­ 22,600  n.ooo  14,579  
Coleman  --------­ 56,20()  36,76!i  10,700  
Corpus  Christi  -----­ 444,725  946,468  806,717  
Corsicana  ------­ 13,800  &l!,125  21,475  
Dallas  ---------­ 2,480,252  2,855,724  2,412,173  
Denison  -----------­ 71,410  69;374  39,780  
Denton  ----------­ 94,750  158,450  125,820  
Edinburg  -------­ 53,285  51,100  36,930  
EI  Paso  ______  851,585  398,89~  242,870  
rort Worth  -­--­------­ 1,073,308  1,597,680  1,189,135  
Gainesville  --------­- 46,060  33,755  15,300  
Galveston  ------­ 96,091  102,463  76,465  
Gladewater  -----------­ 3,200  5,650  3,600  
Graham  -------------­-------­ 2,600  5,880  7,80()  
Harlingen  -------------­ 90,670  60,163  48,406  
Houston  -----------------­ 1,265,603  2,988,941  2,411,958  
Jacksonville  ----------­ 20,700  17,100  45,150  
Kenedy  -------.,--------­ 2,435  7,250  2,500  
Kernille  -----­------­ 64,505  84,535  42,250  
Longview  ---------------­ 26,225  60,851  87,358  
Lubbock  ------·-------­ 494,596  288,205  474,706  
McAllen  -------·-------­ 107,102  72,634  140,725  
Marshall  ---------------­ 32,877  172,301  40,154  
Midland  --­------------­ 131,400  583,700  402,000  
New Braunfels  ------­ 50,145  43,345  29,239  
Palestine ------------------Pampa •------------------------­ 5,436 51,400  29,865 158,650  35,516 26,000  
Paris  --------------------­ 34,575  56,985  55,450  
Plainview  -------------------­ 90,00()  75,500  34,500  
• Fort  Arthur  ------------­ 89,700  97,209  165,414  
San  Antonio  ------­------­ 1,694,729  2,216,971  1,628,090  
Seguin  ----------------­ 33,100  21,450  28,583  
Sherman  --------­ 146,481  91,266  49,700  
Texas  City  --------­ 29,940  47,907  70,285  
Tyler  ----------------------­ 153,884  263,662  182,911  
Victoria  -----------------­ 31,180  86,440  6.500  
Waco  ---­----------.--­--­ 427,935  434,800  187,892  
Wichita  Falls  ----­ 113,99'3  133,285  122,619  

TEXAS BUSINESS REVIEW 
Last month the index of building permits was 161.9% above its prewar (1935-39) average. 
Construction contracts in Texas for November 1946 totaled $28,306,650 or 16.7% less than those for the previous month. Non-residential contracts were down 52.9%, residential contracts 20.3% , while engineering contracts were up 20.7%. A year ago the shifts in all series were reversed. November 1946 contracts for con· struction were 2.1 % lower in value than November 1945 contracts. This was due entirely to the 75.2% fall in nonresidential contracts, since contracts for en· gineering projects doubled, and residential construction contracts shot up 238.2%. 
CONSTRUCTION CONTRACTS 
Source: Texas 'Ctmtract&r 
Percent change 
Nov. 1946 Nov. 1946 Type of Nov. Oct. Nov. from from buildin11: 1946 1946 1945 N ov. 1945 Oct. 1946 

TOTAL ....... -... $28,306,650 $33,966,867 $28,928,431 -2.1 -16.7 

Engineering ---· 13,422,660 11,124,925 6,621,098 +102.7 + 20.7 Nonresidential .. 4,796,130 10,191,280 19,324,310 -75.2 -52.9 Residential ...... 10,087 ,860 12,650,662 2,983,023 +238.2 -20.S 
Loans made by savings and loan associations in Texas during November resumed their downward movement dropping 16.2% in number and 19.2% in amount from their October totals. A year ago the number of loans was virtually the same in the 2 months, and the amount rose 3.2%. Compared with November 1945, last month's loans were 1.5% more numerous and 27.8% greater in value. Construction loan activity was primarily re­sponsible for these increases. 
Public Utilities 
(The consumption of electric power by lnduetrlal concema la a m_.ure of the volume of industrial activity, since lt may be as. awned that the amount of power used will be directly related to maaufacturina' volume. Residential and commercial power con1ump­tlon shows a seasonal variation due to the chana'in&' amount of ll1htlns needed.) 
Electric power consumption in Texas eased down· ward 1.5% during November. This decline was less than last year's October-to-November decrease of 3.3% 

ELECTRIC POWER CONSUMPTI(in thousands of kilowat t houl'll )  ON•  
Obt.Nov. Nov. Use 1946 1946 1945  Percent ch ange Nov. 1946 N ov. 1946 from from Nov. 1945 Oct. 1946  
TOTAL _____ _._,_ 471,825 479,069 431,136 Commercial __..____ 100,160 101,340 86,304 Industrial ___.............. 230,845 237,809 216,843 Residential ·­--·­·· 76,628 75,699 66,185 Ot~ ---·­--·--­64,192 64,221 61,804  + 9.4 -1.5 +16.1 -1.2 + 6.5 -2.9 +15.8 + 1.2 + 3.9 -0.1  
•Prep.,.;,.. from report. of 10 electric p ower Bur•u of Buaineea Research.  companiee to the  
(
27 .3 % ) . The larger cities of the State reported gains of 15 to 17%. 



LOANS MADE BY SAVINGS AND LOAN ASSOCIATIONS• 
Source: Federal Home Loan Bank of Little RocJc 

Percent change  
Type  N ov. 1946  Oct. 1946  Nov. 1945  Nov. 1946 Nov. 1946 from f rom Nov. 1945 Oct . 1946  


NUMBER,  TOTAL  1,770  2,113  1,755  +  1.5  - 16.2  
Construction -----------­Purchase ----------------­Refinance --------------­Recondition --------­-­Other ----------------­ 452 907 137 114 ' 160  533 1,114 142 170 154  250 1,070 137 137. 150  + --+  80.8 15.2 0.0 16.8 6.7  -15.2 -18.6 -8.5 -33.0 + 3.9  
AMOUNT, T OTAL $6,510,612  $8,062,675  $5,095,508  +  27.8  -19.2  

Construction  ___.____ 1, 762,135  2,460,185  872,395  +102.0  -28.4  
P urchase  --­----­-S,729,410  4,641,811  3,286,243  + 13.5  -19.7  
Refinance  -----­---­-506,0.02  445,240  466,492  +  8.5  +13.6  
Recondition  -----­ 129.,974  178,770  139,687  - 7.0  - 27.3  
Other · ---------­ 383,091  336,669  330,691  + 15.8  + 13.8  

*These data cover the lending activities of _the 119 insured associat ion• in Texas. There are 21 uninsured savings and loan associationa in the State which are not covered. 
and left November 1946 consumption well (9.4% ) above consumption in November 1945. Only residential consumption increased between October and November this year and last. All categories of consumption reg· istered 12-month gains. 
The seasonally·adjusted index of Texas electric power consumption rose 5.6% this past month to exceed the 3.6% advance in November over October 1945. Com· pared to the prewar period, the consumption of electric 
power in the State  was  up  158.2%  during November  
this year.  
The  629,580,000  kilowatt  hours  of  electric  energy  

produced in Texas in October 1946 was 2.0% less than the September total but 11.0% more than the production reported in October 1945. Last year October production was 6.4% less than September production. 
The number of telephones in service on November 30 this year was 15.4% greater than on the same date last year and 1.3% greater than at the end of October. In 1945 the October·to-November rise was 1.0%. Aus· tin's gain of 4.6% during November was outstanding. For the past 12 months the largest percentage increases in telephones in service have been in Borger ( 44.9%), Edinburg (29.7% ), McAllen (25.8%), and Orange 
The Bureau of Business Research has just released the final supplement to the 1946 edition of the Di­rectory of Texas Manufacturers on Power Companies Operating in the State of• Texas. This supplement contains a listing of the private, State, and munici­pally-owned power companies in Texas, together. with a listing of their generating plants, general offices, and points served. Copies of the supplement can be obtained from the Bureau free of charge upon request. 

TEXAS BUSINESS REVIEW 
TELEPHONES IN SERVICE Source: Southwestern Bell Telephone Company 
Percent change  
City  Nov. 30 1946  Oct. 31 1946  Nov. 30 1945  Nov. 30 1946 from Nov. 30 1945  Nov. 30 1946 from Oct. 31 1946  

TOTAL ...................... 782,038 771,987 677,546 +15.4 + 1.3 

Abilene  --­------------·----­ 10,225  10,062  9;040  +13.1  +  1.6  
Amarillo  -----------------­ 20,116  19,691  18,414  +  9.2  +  2.2  
Austin  ----­---·-------·-----­ 34,030  32,519  29,248  +16.3  +  4.6  
Beaumont  ------­---------­ 22,592  22,266  19,435  + 16.2  +  1.5  
Big Spring ................  3,540  3,532  3,165  + 11.8  +  0.2  
Boraer -----------------------­ 4,022  3,900  2,776  +44.9  +  3.1  
Brownsville  ------------·  3,804  3,764  3,358  + 13.3  +  1.1  
Cleburne  -----­-------------­ 2,795  2,779  2,374  +17.7  +  0.6  
Corpus Christi ..........  24,727  24,415  22,009  + 12.3  +  1.3  
Corsicana  ---------------­ 4,242  4,212  3,574  + 18.7  +  0.7  
Dallas  ········-·············· 150,074  147,760  128,619  + rn.7  +  1.6  
Denison  ---------------------­ 5,284  5,359  4,666  + 13.2  - 1.4  
Edinburg  -----------­---­-- 1,508  1,483  1,163  + 29.7  +  1.7  
Fort  Worth  ________._____  73,566  73,049  64,829  + 13.5  +  0.7  
Gainesville  ---------------­ 2,896  2,795  2,623  +10.4  +  3.6  
Galveston  -----------------­ 21,206  20,901  18,878  +12.3  +  1.5  
Harlingen  -----------------­ 4,000  3,954  3,665  +  9.1  +  1.2  
Houston  ------------­-----­ 172,794  171,526  148,642  +16.2  +  0.7  
Kingsville  ---­-------------­ 2,158  2,114  1,996  +  8.1  +  2.1  
Laredo  --------­------------­ 5,307  5,253  4,572  + 16.1  +  1.0 '  
Longview  -----------------­ 5,888  5,846  5,170  + 13.9  +  0.7  
Lubbock  -----­----------­ 13,437  13,005  10,881  +23.5  +  3.3  
Marshall  ------------------­ 4,645  4,562  3,843  + 20.9  +  1.8  
McAllen  -------------·-··-­ 3,203  3,132  2,547  +25.8  +  2.3  
McKinney  --·--·--------­ 2,483  2,444  2,072  + 19.8  +  1.6  
Midland  -----------­--·-·----·  4,576  4,493  3,842  + 19.1  +  1.8  
Mineral  Wells  ··-····-·­ 2,952  2,898  2,980  - 0.9  +  1.9  
Oranii;e  ------·-------------­ 4,440  4,380  3,487  +27.3  +  1.4  
Pampa  ···-------·····-·--··  4,573  4,523  3,718  +23.0  +  1.1  
Paris  -------­---------­ 5,179  5,130  4,309  +20.2  +  1.0  
Port  Arthur  -----------·  16,297  15,943  13,420  +21.4  +  2.2  
San· Antonio  --------­ 85,323  84,437  74,487  + 14.5  +  1.0  
San Benito ................  1,413  1,412  1,164  +21.4  +  0.1  
Sweetwater  ··--­-···--···  2,445  2,398  2,133  +14.6  +  2.0  
Temple  ---­·--------···-···­ 4,746  4,681  4,399  +  7.9  +  1.4  
Tyler  -··-··-·······---------···  10,322  10,303  8,490  +21.6  +  0.2  
Vernon  ·········-----·---···­ 2,557  2,550  2,270  + 12.6  +  0.3  
Victoria  ·-·--···--····----­ 4,449  4,376  3,835  + 16.0  +  1.7  
Waco  --­-------·-·---····-·­ 18,295  18,238  15,513  + 17.9  +  0.3  
Wichita  Falls  ·--·-··-­ 15,929  15,902  15,940  - 0.1  +  0.2  

Natural Resources 
(The production of crude petroleum is a major industry in Texas, and the chanii;ea in the volume of production have a direct effect upon the income produced in the State. Figures on the number of well completions by districts indicate the extent to which new sources of oil and gas are being developed and the areas of the State In which drilling operations are in process.) 
Daily average production of crude petroleum in Texas during November was 2,085,550 barrels or 1.7% greater than the October average. While this increase fell far short of last year's November gain of 26.0%, it still left November 1946 production 11.6% above produc­tion in November 1945. The daily crude allowable for December, however, has been set at 2,000,267, the lowest monthly figure for the year. 
After seasonal adjustment the index of crude petroleum production rose 1.0% in November as compared with a rise of 27.0'/<-· between October and November 1945. In November of this year production was 67.4% above the prewar average. 
Oil well completions in Texas from January through November numbered 7,196. In number of completions 
WELL COMPLETIONS 
Source: The Oil and GM Joumul 
J an.-Nov. November• (all wells) 
District Total Oil Gas Dry 1946 1945 
TEXAS ···-.·········-··············· 730 430 50 250 7,196 6,506 
North Central Texas ...... 231 116 111 2,513 2,022 West Texas -·······-·····-···-· 198 150 42 1,620 1,612 Panhandle ··-····-····--······ 15 10 2 288 504 Eastern Texas ---·········-· 55 22 20 13 642 350 Texas Gulf Coast ·········-··· 165 107 16 42 1,591 1,541 Southwest Texas ···-····-··· 66 25 1 40 542 477 
*For 5 weeks ending November 30, 1946. 
during November 1946, North Central Texas led, but it also had 111 dry holes. In number of oil well com­pletions alone, West Texas topped the State with the Texas Gulf Coast in second place. 


AGRICULTURE 
Income 
(The amount of income received by farmers is a compoalte measure of the pr osperity of a.-rlculture, taking into account both the volume of products sold and the prices received. Since the marketings of many products are concentrated In certain seasons of the year, it is important that the data he adjusted for seasonal varia t ion in order to show the basic chan.-ea In the situa tion of agriculture.) 
Cash income of Texas farmers totaled approximately $135,557,000 in November, compared to $149,259,000 in November 1945 and $221,471,000 in October 1946. This was a decrease of 38.8% from the previous month and 9.2% from the same month last year. Since there is normally a seasonal decline in November income, the seasonally-adjusted index of cash farm income decreased 19.4% from October 1946. The Bureau's index in No­vember stood at 252. 7% of the 1935-39 base, after declining from 313.5 in October. 
Farm income for the first 11 months of 1946 was 8.5% greater than for the same period of 1945, with every crop-reporting district but 2 showing an in­crease. East Texas Timbered Plains (District 5) showed a decrease of 7.7% from the first 11 months of 1945, and Southern Texas Plains (District 9) a decrease of 2.3%. The largest increase for the year to date was in the Trans-Pecos (District 6), which gained 38.l %. 
FARM CASH INCOME*  
Indexes, 1935-39=100 adjusted for seasonal variation Nov. Oct. Nov. District 1946 1946 1945 Amount, J an.-Nov. (in thousands of dollars) 1946 1945  
TEXAS ·····-··· 252.7 313.5 278.3 1-N ................ 305.4 354.5 228.3 1-S ------·---···--· 196.8 215.6 125.5 2 ················-···· 269.3 230.9 310.1 3 ...................... 351.4 331.5 313.4 4 ··········-·········· 238.4 455.0 459.5 5 ...................... 284.9 178,0 295.9 6 ...................... 437.1 525.4 404.0 7 ········-···-······· 226.8 288.1 230.0 8 ---·····-··-···· 286.5 305.6 267.9 9 ·-······-···-·-· 359.6 484.6 424.8 10 --················-· 385.1 480.8 368.7 10-A ·············-· 367.6 194.5 564.3 1,154,537 1,064,306 116,900 103,067 86,319 78,513 124,974 124,415 59,692 53,123 192,887 165,171 64,006 69,365 66,177 47,920 86,832 79,342 114,664 105,821 79,899 81,774 35,276 34,709 126,911 121,086 •Farm cash income as computed by the Bur.eau understates actual farm cas h income by from 6 to 10%­This situa tion does not impair the accuracy of the indexea. t Revised.  


Prices 

(The prices received by farmers constitute one of the elements of farm cash income. Changes in prices are of primary concern to farmers and all businessmen relying on the farm market. Farmers are also concerned with the prices which they have to pay for com­modities used In family maintenance and production since these pricea help to determine their real income.) 
After a month free of controls the prices received by farmers for most products declined, according to data compiled by the United States Department of Agricul­ture as of November 15. Exceptions to the general trend were the prices of cottonseed and hogs, which were up 35.7% and 13.0%, respectively. Prices received by farmers for cattle, calves, eggs, butterfat, chickens, and turkeys were down, the decreases ranging from 1.9% to 15.0%. The price of cotton dropped the most, with the average price received by farmers on November 15 having declined 24.4% from October 15. The price of grapefruit received by the growers has shown consider­able weakness, as the current large crop moves to market. Retail prices have not shown a comparable drop, with the result that some objection has been voiced by the growers on the spread, particularly since a lower retail price would increase consumption. 
P~JCES OF TEXAS FARM PRODUCTS 
Source: Bureau of Agricultural Economics. U.S. Department ot 
Agriculture 

Nov. 15  Oct. 15  Nov.15  
Commodity  Unit  1946  1946  1946  
Cotton ----------­lb. Cottonseed --------­-ton  $ 0.279 95.00  $ 0.368 70.00  $ 0.2108 5,3_49  
Com  --­ ···-'-bu.  1.48  1.54  1.19  
Grain 1orghum -­ cwt.  2.25  2.55  2.10  
Oate  ----------­ bu.  .93  .95  .74  
Rice ----------------bu. Wheat ___:__________ bu.  2.18 1.88  2·.20 1.88  1.82 1.50  
Barley  -----------------­bu.  1.35  1.39  1.03  
Potatoes  ------·-­ bu.  1.15  1.15  2.32  
Sweet  potatoes  ------bu.  2,00  2.15  1.90  
Beef cattle  cwt.  14.80  16.00  11.21  
Milk COWll  head  99.00  98.00  81.06  
Veal calves  --------­-­cwt.  15.50  15.80  12.55  
Hop  ---------­cwt.  22.60  20.00  14.06  
Sheep  ----------­cwt.  8.50  8.80  7.39  
Honee  --···  head  50.00  55.00  54.58  
Kules  -­ head  73.00  79.00  79.48  
Wool  ------------­lb.  .41  .41  .405  
Ee1111  doz.  .47  .475  .4867  
Butterfat  lb.  .76  .80  .484  
Chickens  lb.  .255  .30  .238  
Turkeym  lb.  .317  .344  .2954  

The index of prices paid by farmers for commodities used for living rose 2.8% during the month ended No­vember 15, compared with the previous month. The index stood at 224% of the 1910-14 average, a new record for the index. Increases in the prices of foods, clothing, and housefurnishings were primarily respon­sible for the high level of the index. The November 15 level of prices paid by farmers for commodities used in production was 203% of the 1910-14 average, compared to 202% a month earlier. The upturn in prices paid by farmers for building materials was primarily responsible for the increase in the farm production cost index. Di­vergent price movements characterized the feed situation without changing the index of feed prices. 
Marketings 

(The level of farm Income Is affected not only by changes la prices, but by the volume of producta farmen aead to market In a given month. Data on shipments of farm products must also be used to explain the chanirea in the level of farm Income from montb to month.) 
The total rail shipments of livestock and livestock products decreased in November from the previous month, except hogs, which increased substantially, and turkeys, which showed the usual seasonal increase due to Thanksgiving. 
SHIPMENTS OF LIVESTOCK 
(in carloads)• 

Source: Bureau of Busin..,s R..,eareh in co-operation with the Bureau of Agricultural Economics, U.S. Department of Agriculture 
Percent change  
Classification  Nov. . 1946  Oct. 1946  Nov. 1946 Nov. from 1945 Nov. 1945  Nov. 1946 · from Oct. 1946  


TOTAL  SHIPMENTS  -------­ 10,262  12,388  11.736  -12.6  -17.2  
Cattle  ------------­----­---------------­ 7,303  8,607  8,228  -11.2  -15.2  
Calves  ------------------------------­ 2,064  2,448  2,376  -13.1  -15.7  
Hogs  ----­---­------­---------­-----­ 352  218  151  +133.1  + 6L5  
Sheep  ------------------
--------------­ 543  1,115  981  - 44.6  -51.3  
INTERSTATE PLUS  
FORT  WORTH  ----------­ 8,105  10,090  9,430  -14.1  -19.7  
Cattle  ------­------­·--·---------------­ 5,599  6,916  6,576  -14.9  -19.0  
Calves  -----­---­----------------·------­ 1,746  2,185  2,042  -14.5  -20.1  
Hogs Sheep  -------------------------­-------­--------·--------------------------­ 347 413  218 771  131 681  +164.9 -39.4  + 59.2 -46.4  
INTRASTATE  MINUS  
FORT  WORTHt  -------­-2,157  2,298  2,306  6.5  - 6.1  
Cattle  ---------------­-------------------­ 1,704  1,691  1,652  +  3.1  + 0.8  
Calves  ------------------···········---­ 318  263  334  4.8  +  20.9  
Hogs ----------------------·-------------­ 5  20  -75.0  
Sheep  --------------------------------­ 130  344  300  - 56.7  -62.2  

•Rail-ear basis: cattle. 80 head per ear; calves, 60; hoca, 80; and sheep, 250. tintrastate truck shipment. are not Included. Fort Worth ship­
ments are combined with Interstate forwarding• In order that the bulk of market disappearance for the moath may be shown. 
The shipments of chickens were 40.0% below October and 62.5% below November 1945. The marketings of turkeys for Thanksgiving pushed shipments to more than 8 times October, but this amount was 21.3% below the number of carloads shipped in November 1945. The shipments of eggs in November were 49.3% below Oc­tober but only down 4.6% from November a year ago. 
Shipments of fruits arul vegetables rose from 1,633 carloads in October to 6,555 in November. November shipments, however, were 13.1% below the 7,544 car­loads shipped last year. Only grapefruit and tomatoes were shipped in greater quantities than a year ago. 
Percent chan11:e 



L0 CAL BU SI NE· 

Percent change Nov. 1946 Nov. 1946
ABILENE 	Nov. from from 1946 N ov. 1945 Oct. 1946 
Nov.194~ Nov.1946
CORSICANA 	Nov. from from 1946 Nov. 1945 Oct. 1946 
Retail sales  of independent stores..  +  14.3  + 2.0  
Postal  receipts  ··­·--···----····················-$  28,254  - 0.3  - 12.9  
Bu ilding  permits  ---'-------················-$  154,822  - 6.9  - 14.0  
Telephones in service ...................... Air express shipments -------­--------­-­ 10,225 129  + +  13.1 72.0  + 1.6 + 7.5  
Bai:ik debits  to  individual  accounts  
~t_housands)  -----­--,------·················­$  27,755  +  29.1  5.7  
P lacements  in  employment  -----------­ 676  +  42.0  -13.2  
Unemployment  ----------------···············  1,241  +  41.8  + 21.0  

Postal  receipts  ·········---·­···················$  9,302  - 15.S  - 8.6  
Building  permits  ..............................$  13,800  - 35.7  -57.0  
Telephones  in  service  --------­----------­ 4,242  +  18.7  + 0.7  
Bank debits  to individual accounts  
(thousa nds )  --------­--­------------$  9,723  +  13.5  7.0  

Percent change 
Nov. 1946 Nov. 1946DALLAS Nov. from from 1946 Nov. 1945 Oct. 1946 
Percent change 
Nov. 1946 Nov. 1946AMARILLO Nov. f rom from 1946 N ov. 1945 Oct. 1946 
Retail sales  of  independent stores..  + 24.9  + 11.6  
P ostal receipts ····-···-············------------$ Telephones in servi; e --------­---------­--­Air exp ress shipments ----­-------------­ 53,545 20,116 437  -2.9 + 9.2 + 37.4  9.7 + 2.2 + 7.1  
Bank  debits to individual  accounts  
(t_housands ) ·····-·····················-··---$ Placements in employment ·-­--------­Unemployment --------------·--·--------­ 66,465 797 1,200  + 30.3 + 72.9 +220.0  6.7 + 3.6 + 9.1  

Retail sales  of  independent stores..  ___\_______  . +  18.2  + 2.0  
Department and apparel store sales P ostal receipts --------­----­------­----$ 674,286 Building permits ...:_______________________$2,480,252  + 11.2 + 7.0 + 2.8  -u -9.1 -13.1  
Telephones  in service -----------------­ 150,074  + 16.7  + 1.6  
Air express shipments ·········------­- 7,994  + 45.3  -13.S  
Bank debits to individual accounts  
(thousands) P lacements in  ------------­---------$ 770,508 employment -------­S,721  + 32.4 + 9.0  -- 1.S 21.7  
Unemployment  -­------·---­ 9,000  -39.2  + 12.5  

Percent change 
Nov. 1946 Nov. 1946AUSTIN N ov. from from 1946 Nov. 1945 Oct. 1946 
Percent change 
EL PASO  Nov.  Nov. 1946 from  Nov.1946 from  
1946  Nov.1945  Oct. 1946  
Retail sale8 of independent stores.. Department and apparel store sales P ost al receipts ····-·······­--=-----­------­-$· Building permits _______
__________,_ _ $  94,442 351,585  + 45.0 + 20.0 + 4.7 + 44.7  + 6.3 + 8.2 -2.8 -11.9  
Air express shipments ---­-------­ --­ 1,336  + 63.7  1.3  
Bank debits  to individual accounts  
(thousands) ----­------------------$ 104,603 P lacements •in employment ............ 944 Unemployment ----------------------­-------­2,300  +2..o + 22.8 + 35.3  + 1.2 1.5 + 2.2  


Reta il sales of  independent stores ..  +  45.5  + 4.7  
Department and apparel store sales  +  21.5  + 10.4  
' P ostal  receipts  ····'---·-­··­--­---------$  98,916  +  7.4  - 23.7  
Building permits -------------------­--~-----­$ T elephones in service ---­----------------­Air exp ress shipments ----------------­ 989,271 34,030 500  -+ +  21.4 16.3 62.3  -25.0 + 4.6 + 11.4  
Bank debits  to individual a ccounts  
(t housands )  ·--------------------------------$  78,791  +  10.6  - 9.5  
P lacements  in  em ployment  -------­--­ 889  - 2.7  - 15.9  
Unem ployment  --------------------------------­ 2,534  +  47.7  - 4.4  

Percent change 
Percent change Nov. 1946 Nov. 1946
BEAUMONT 	Nov. from from 1946 Nov. 1945 Oct. 1946 
Retail sales  of independent  stores..  + 16.2  -10.0  
Postal  receipts  ----·-----------­---­---­----­--$  43,497  -11.1  -21.7  
Buildipg permits ---­-----,.--···················$ TelePhoiles in service ---------------------­ 254,840 22,592  + 44.7 + 16.2  -35.3 + 1.5  
Air express  shipments  ---------­------­­ 255  +  28.1  + 12.8  
Bank debits to individual accounts  
( thousands )  ---------------------------------$  66,504  + 11.7  - 2.5  
Placements in em ployment (a rea) Unemployment . (area) --------------·--­ 1,594 7,250  -16.9 + 13.7  -38.9 -9.7  

NoY. 1946 · Nov. 1946
FORT WORTH Nov. from from 
19-i6 Nov. 1945 Oct. 1946 
Retail sales of independent stores.. Department and apparel store sales P ostal receipts ------­---------­----~-------$  303,253  + 24.1 + 20.0 + 8.8  + 1.1 + 1.7 -7.1  
BU:iiding permits ---,---------------------Sl,073,308 T elephones in service ·········­···:·-······ 73,566  -5.8 + 13.5  -82.8 + 0.7  
Air express shipments ----------------­ 2,056  + 18.0  -19.8  
Bank .debits to individual accounts  
(thousands ) ------­----­---­---­---$ Placements in employment ---­--­ 266,411 4,080  + 16.6 + 37.7  -2.2 + 8.5  
U nemployment  7,300.  - 7.6  - 14.1  

' 
Percent change Nov. 1946 Nov. 1946
CORPUS CHRISTI Nov. from from 
1946 Nov. 1945 Oct. 1946 
Percent change 
Nov.1946 Nov.1946
GALVESTON 	Nov. from from 
1946 Nov. 1945 Oct. 1946 
Retail sales of independent stores_ + 15.1 + 18.8 P ostal receipts -----------------------$ oU,897 -15.6 -13:2 Building permits ------------------------$ 96,091 + 25.7 6.2 
Telephones in service ------­21,206 + 12.3 + 1.5 Air express shipments ----------­870 + 56.l + 8.5 Bank debits io individual accounts 
(thousands) ---------------------$ 5-i,871 + 23.1 + u Placements in employment (area) 958 -25.7 +2U Unemployment (area) ---------2,100 + 55.6 -16.0 
Retail sales of independent stores..  + 46.1  - 7.2  
Posta l  receipts  ············--·-···········-----$  62,149  - 0.5  - 5.9  
Building permits --·················-····----­$ Telephones in service -------------------­ 444,725 24,727  -44.9 + 12.3  -53.0 + 1.3  
Air  express  shipments  ---------------­ 554  +  75.3  + 0.5  
Bank debits  to  individual accounts  
(thousands)  --------····--·------·---------$  60,148  +  1.5  5.9  
Placements in employment ·····--·-­Unemployment .______ __________ ____________ J __  498 1,900  -·­ 3.7 20.8  + 4. 0 -29.6  


CONDITIONS 

Percent change  Percent c~ange  
HOUSTON  Nov. 1946  Nov. 1946 from Nov. 1945  Nov. 1946 from Oct. 1946  SAN ANGELO  Nov. 1946  Nov. 1946 from Nov. 1945  Nov. 1946 from Oct. 1946  
Retail sales <>.f independent stores.. Department and apparel store sales Postal receipts ···········-·---··········-···$  437 ,000  + 26.7 + 18.0 + 5.6  + 6.8 -0.2 -9.4  Postal receipts ·····--············-··-···----$ Air express shipments -----­· ~-----------­Bank debits to individual accounts  22,102 254  -+  6.0 86.8  +  9.7 0.8  
Building permits ······-··-··········-----$1,265,603 Telephones in service ...................... 172, 794  -47.5 + 16.2  -57.7 + 0.7  (thousands)  ---··--·-·-·-··-·-------$  24,609  + 16.7  -10.6  
Air  express  shipments  ··-········--·"···  3,814  + 37.1  + 0.1  
Bank debits to individual accounts  
(tho'usands)  ··--················--·-·---$  733,655  + 23.2  0.7  
Placements in employment (area)  4,425  + 27.0  14.3  P~rcent change  
Unemployment  (area)  ··········-········  15,000  + 20.0  -11.8  SAN ANTONIO  Nov.  Nov. 19461 from  Nov. 1946 from  
1946  Nov. 1945  Oct. 1946  
Retail sales of independent stores..  + 23.5  + 2.5  
Department and apparel store sales  + 14.4  ·+  4.6  
Postal receipts ·····-···-·-····················$  243,740  4.1  - 14.7  
Percent change  . Building permits ························-··---$1,694, 729  +  4.1  - 23.6  
JACKSONVILLE  Nov. 1946  Nov. 1946 from · Nov. 1945  Nov. 1946 from Oct. 1946  Telephones in service ·····-·-····-······ Air express shipments -----···-·-··-· Bank debits to individual accounts  85,323 2,371  + 14.5 + 40.3  + 1.0 + 17.0  
Postal receipts ······················-·····-·····$ Building permits ·······-··-····-····-·······$  4,846 20,700  -0.7 -54.2  -15.1 + 21.1  (thousands) ····-······--·-·····-··········-$ Placements in employment ............. . Unemployment ·--····----·····-·······-··  214,277 2,212 8,900  + 17.9 + 10.4 -25.1  -1.3 + 20.0 -11.0  
Percent change  
LUBBOCK  Nov. 1946  Percent change Nov. 1946 from Nov. 1945 Nov. 1946 from Oct. 1946  TYLER Retail ,sales of independent stores..  Nov. 1946  Nov. 1946 from Nov. 1945 + 33.2  Nov. 1946 from Oct. 1946 + 6.0  
Retail sales of independent stores.. Postal receipts ····­-·······-·--·--·-·······$ Building permits ·····-···················-····$ Te)ephones in service ....................... . Air express shipments ···········­········· Bank debits to individual accounts  32,367 494,596 13,437 225  + 41.4 + 9.7 + 4.2 + 23.5 +11o.3  + 6.2 -26.5 + 71.6 + 3.3 + 6.6  Postal receipts ····-····­'.····--·-····-----$ Building permits --········--·····-····$ Telephones in service ---------------­Air express shipments ··········--········ Bank debits to individual accounts (thousands) -·······'···---·-·--·······-$  24,921 153,884 10,322 197 32,369  -8.0 + 15.8 + 21.6 0.0 + 13.0  -14.8 -41.6 + 0.2 -65.7 -5.0  
(thousands)  ··-·······-----·········-··­$ 50,003  + 31.7  + 4.8  
Placements in employment ·-········ Unemployment ····-·····-···········-······-­ 466 800  -36.5 + 29,9  -42.3 -11.1  
Percent chanire  
WACO  Nov.  Nov. 1946 from  Nov. 1946 from  
1946  Nov.1945  Oct. 1946  
Retail sales of independent stores..  + 15.7  + 5.7  
PLAINVIEW  Nov. 1946  Percent change Nov. 1946 from Nov. 1945 Nov.1946 from Oct. 1946  Department and apparel store sales Postal receipts ····-···---·-···---$ Building permits -----······-------$ Telephones in service ---­--------­56,401 427,935 18,295  + 17.3 + 2.1 +210.3 + 17.9  + 1.0 9.9 1.5 + 0.3  
Retail sales of independent stores.. Postal receipts -·-­·-···-­--··­--­-$ Building pe~its ------------$ 6,137 90,000  + 49.4 + 3.8 +160.9  ;_ 4.0 -0.1 + 19.2  Air express shipments ··--···-········· Bank debits to individual accounts (thousands) -··-----------.$ Placements in employment ---··­ 218 46,147 555  +103.7 + 30.8 + 73.4  + 21.8 3.7 6.7  
Unemployment  --····-------­ 3,300  - 5.7  0.0  
Percent change  Percent change  
PORT ARTHUR  Nov.  Nov.1946 from  Nov.1946 from  WICHITA FALLS  Nov.  Nov. 1946 from  Nov. 1946 from  
1946  Nov.1945  Oct. 1946  1946  Nov. 1945  Oct. 1946  
Retail sales of independent stores_ Postal receipts --·-···-···---·-··--·---$ Buildinir permits ----­·-··-----$ Telephones in service ---------­Air express shipments ------­ 22,656 89,700 16,297 198  + 16.1 -3.4 -45.8 + 21.4 +182.9  + 1.5 _. 5.8 7.7 + ·2.2 7.0  Retail sales of independent stores_ Postal receipts ···--­---------­--·-··$ Building permits --·-·········-·····-$ Telephones in service ---------·­Air express shipments ---------­ 36,380 113,993 15,929 218  + 7.6 -20.1 -7.1 -0.1 + 30.5  + 0.3 -10.1 -14.5 + 0.2 4.4  
Bank debits to individual accounts (thousands) ··-······--··­·····-·····-····$ Placements in employment (area) Unemployment (area) -----·­ 27,085 1,594 7,250  + 25.8 -16.9 + 13.7  . 6.7 -38.9 -9.7  Bank debits to individual accounts (thousands ) -···-·············-··········-'$ Placements in employment ----------­Unemployment ----------­-----------­ 43,574 431 1,327  + 14.4 -11.5 -23.2  + 1.6 7.1 -19.0  

RAIL SHIPMENTS OF POULTRY AND EGGS FROM TEX.AS STATIONS , 
(in carloads) 
Source: Bureau of Business Resear ch in co-operation with the Division 
of Agricultural Statistics, Bureau of Agricultural Economics, 

U. S. DeJlartment of Agricult_ure 
RAIL SHIPMENTS OF FRUITS AND VEGETABLES* (in carloads) 
Source: Production and Marketinir Administration, U.S. Department 
Percent chan ge  
Nov. 1946  Nov. 1946  
Classification  Nov. 1946  Oct. 1946  Nov. 1945  from Nov. 1945  from Oct.  1946  

of  Agriculture  
Item TOTAL  --··---------------­- Nov. 1946 6,555  Oct.t 1946 1,633  Nov. 1945 7,544  Percent Nov. 1946 from Nov. 1945 -13.1  chanire Nov. 1946 from Oct. 1946 +sou  

TOTAL SHIPMENTS  
Chickens  ---­------­--------­ --­ 6  10  16  - 62.5  - 40.0  
Turkeys --------------­----­-Eggs__:_,,hell equivalent* Shell ------
-----------­----­ --­293'h 72'h --4'h  35 143 9  373 76 2  -21.3 -4.6 + 125.0  +738.6 -49.3 -50.0  
Frozen  -------­--------­ ---­ 14  27  21  - 33.3  - 48.1  
Dried  ---------­-------­ 10  4  + 25.0  - 50.0  
INTRASTATE  SHIP­ 
MENTS  
Chickens  --­-----------------­ ---­ 1  4  3  - 66.7  - 75.0  
Turkeys ----­-------­-------­E ggs-shell equivalent* Shell ---------­-----------­ ---­ 32 3 3  12 11  6 2  +433.3 -50.0 + 50.0  + 166.7 -72.7 -66.7  
FroZen  ----------------­ ---­ 0  1  2  
Dried  ------­ - 0  0  0  

INTERSTATE SHIP- 
MENTSt  
Chickens  ----------­------­ ---­ 13  - 61.5  - 1 6.7  
Turkeys ---------------­Eggs-shell equivalent•  --­261% 69'h  23 132  367 70  -- 28.7 . 0.7  + -47.3 103 7.0  
Shell  ----+--------------­ 1'h  0  0  
Frozen  --------------­ --­ 14  26  19  - 26.3  -46.2  
Dried  -----------------­ --­ 5  10  4  +  25.0  - 50.0  

•Dried eggs and frozen eggs are converted to a shell.egg equivalent on the following basis: 1 rail-carload of dried eggs = 8 carloads of shell eggs and 1 carload of frozen eggs = 2 carloads of shell eggs. 
tThe destination above is the first destination as shown by the oriirinal waybill. Changes in destination brought about by conversion 
factors  are not shown.  
INTERSTATE Source: Bureau  REof  CEIPTS OF EGGS STATIONS (in carloads) Business Rese1lrch  BY in  RAIL AT cc>-operation  TEXAS with  the  

Division of Agricultural Statistics, Bureau of Agricultural 
Economics, U. S. Department of Agriculture 

. Percent change  
Nov. 1946  Oct. 1946  Nov. 1945  Nov. 1946 from Nov. 1945  Nov. 1946 from Oct. 1946  

TOTAL RECEIPTS-SHELL 
EQUIVALENT*  ______.... 85  49  110  - 22.7  + 73.5  
Shell  _,________________..___..___  69  47  24  + 187.5  + 46.8  
Frozen  ..--·-..·-·------·--..........  8  1  43  -81.4  +100.0  
Dried  ._.._..____________...._..___  0  0  0  

*Dried eggs and frozen eggs are converted to a shell-egg equivalent on the followinir basis : 1 rail-carload of dried e1nrs = 8 carloads of 1hell egirs and 1 carload of frozen eirgs = 2 carloads of shell eggs. 
Fertilizer Sales 
(Sales of fertilizer are indicative of the amount of money farmers need and are able to spend in keeping up the soil fertility of their farms. Sales figures are based on monthly statistics for the equiva­lent number of short tons of fertilizer represented by the tax tags sold to fertilizer producers and which are required by law to be attached to each hag of fertilizer sold.) 
Sales of fertilizer tax tags in Texas represented 16,830 tons of fertilizer in November, compared to 23,343 tons 
Beans 85 11 109 -22.0 +672.7
----------·----·--·----·­
Grapefruit 2,918 763 2,681 8.8 + 282.4 Mixed citrus ·--·-··------------576 234 795 -27.5 + 146.2 Oranges ---------------------------866 357 971 -10.8 + 142.6 
Peppers 261 73 430 -39.3 +257.5 Spinach 95 ao2 -53.0 
----·----·----·---·-+ 
·-------------------·------­Sweet potatoes 83 44 149 -44.3 + 88.6
-·--------------­
Tomatoes 1,028 4 1,011 1.7
--------------·----·---+ 
Mixed vegetables -----------465 76 869 -46.5 +511.8 Other fruits and vege­tables 178 71 327 -45.6 +150.7 
•Figures for oranges and grapefruit include both rail and truck 
shipments. tRevised. 
a year ago. For the first 11 months of 1946 sales were 330,913 tons, an increase of 54% over the same period of 1945. For the 11 southern states for which data are available, tag sales increased 13% for the January-November period. Only Oklahoma, where sales were up 118%, reported a greater increase than Texas. 
Cotton 
(The cotton balance sheet shows the basic demand and 1uppl1 factors affecting cotton, which Is an outstandins elemellt In the farm Income of the State.) 
The 1946-47 cotton year has been a hectic one to date. The prospects for the months ahead give no indi­cation of being less turbulent. 
The 1946-47 market started last spring with great enthusiasm. A considerably larger crop was expected, and deliveries out of the new crop were being offered at lower than current prices. In January 1946 new crop cotton for delivery in October was being sold at about 
23.50 cents or about a cent a pound under the then current delivery price. The very strong demand based on unprecedented buying power, low inventories, and a huge accumulated demand growing out of the unavail­ability of most peacetime cotton goods during the war caused manufacturers to make unusually large pur­chases out of the new crop early in the year. 
Between January and April the price of the new crop advanced to nearly 28 cents a pound in spite of the pros­pects for a larger crop. 
The postwar speculative boom which took hold of real estate, stocks, and all commodity markets sent cotton prices above 31 cents by July. The first govern­ment estimate of acreage planted in cotton was issued July 8. It was much lower than expected, and served more than anything else to center speculation in cotton. 
The strong decline in prices of stocks and other com­modities caused drastic liquidation of the hull cotton market in the latter part of October and early Novem­ber. The low was reached on November 7 when May 

COTTON BALANCE SHEET FOR THE UNITED STATES AS OF DECEMBER 1, 1946 (figures in thousands of running bales except as noted) 
Year  Carryover Aug. 1  Imports to Dec. 1*  Final ginnings  Total  Consumption to Dec.1  E xports to Dec. 1  Total  Balance Dec. 1  
1937-38  ---------------------------------­ 4,498  31  18,746  23,275  2,212  2,434  4,646  18,629  
1938-39  --·---------·----------------------­ 11,533  54  12,008  23,595  2,236  1,535  3,771  19,824  
1939-40  --·-----------------­--------­ 13,033  48  11,792  24,873  2,660  2,328  4,988  19,885  
1940-41  ------------------­-----------------­ 10,596  42  12,686  23,324  2,801  495  3,296  20,028  
1941-42  ------·------------------------­ 12,367  +  10,976  23,343  3,553  +  3,553  19,790  
1942-43  -------------­-------------­ 10,590  +  12,982  23,572  3,777  +  3,777  19,795  
1943-44  -----------­···------------------­ 10,687  +  11,478  22,165  3,472  t  3,472  18,693  
1944-45  ----------------------------­--­ 10,727  65  12,359  23,151  3,266  650  3,916  19,235  
1945-46  -­----­----­---------------­-­ 11,164  84t  9,195  20,443  2,944  867  3,862  16,581  
1946-47  ---------­--· ---­--­---------­ 7,522  94t  8,482  16,098  3,483  758t  4,241  11,857  

*Figures are in 500-lb. gross bales. 
tFigures to November 1. 
:j:Data not available. 

cotton sold at 27.13 cents. Since that time the trend of the market has been definitely upward. 
The market is now on a considerably higher level than at this time last year, and there is the same type of inverted market as last year but in a much more pro­nounced degree. October options, the first active de­livery in the new 1947-48 cotton year, are selling at nearly 4 cents a pound under May 1947 deliveries. There is currently a very strong demand for spot cotton for delivery in the spring months. Consumption is tak­ing place at a very high rate. The cotton balance sheet shows less cotton on hand than in any December since 1929. The tight spot cotton situation plus the very strong demand promises much activity in the cotton market for the remainder of the present cotton year. 
FINANCE 
Bank Credit 

(Since bank credit is essential to all business, the condition of the commercial banks and the Federal Reserve Banks Is a slirnlficant Indicator of the state of business. Chanirea In the volume of credit the banks have outstandinir reflect the state of business. The con· ditlon of the Federal Reserve Banks In like manner reflects the con­dition of credit available to commercial bankli.) 
The earning assets of weekly reporting member banks in the Dallas Federal Reserve District declined $127 million during the 12 months ending November 27, 1946. The explanation of the decline is to be found in the much smaller holdings of United States Government securities by these banks, particularly the short and medium term issues. Holdings of Treasury bills, certifi­cates of indebtedness, and Treasury notes by weekly re­porting banks of the District were almost $300 million smaller at the end of November 1946 than on the corre­sponding date a year earlier. To a considerable extent these declines reflect the results of the Treasury's pro­gram of debt retirement during recent months. Although these declines were balanced in part by a small increase in holdings of Treasury bonds, total holdings of all types of United States Government securities by this group of banks at the end of November were 20 per cent smaller than those a year earlier. 
An additional offset to these substantial reductions was the general increase in bank loans during the past year. Bank loans increased enough to make up for just about half the decline in Government security holdings. Total loans at the end of November of $755 million were $25 million larger than at the end of October and $139 mil· lion larger than on the corresponding date a year earlier. During November 1945 total loans of weekly reporting banks increased $155 million or about $15 million more than the increase in the subsequent twelve months, but a considerable part of the November 194.S increase prob­ably originated (directly or indirectly) in connection with the Victory Loan Drive underway at the time when banks normally would be expected to provide part of the funds to enable individuals and other nonbank in­vestors to purchase Government securities. On the other hand, loans made after the Victory Loan Drive reflected, to an increasing extent, the financing of private business transactions. 
CONDITION OF WEEKLY REPORTING MEMBER BANKS 
Source: Board of Governors of the Federal Reserve System 
Percent change  
Item  Nov. 27 1946 from Nov. 28 1945  Nov. 27 1946 from Oct. 30 1946  Nov. 28 1945 from Oct. 31 1945  


ASSETS Loans and investments.... ·-·--·---··-·--·····----6.1 -0.8 + 9.1 Loans ----·-·--··-·------·----··------------·-----+22.6 + 3.4 +33.6 Treasury bills ··----··-----·-·-----------·--···-----36.1 -14.8 + 7.5 Treasury certificates of indebtedness .. __ -35.1 -11.4 + 1.5 Treasury notes -·-·-·------···--------·--···--------44.2 0.0 -0.3 United States bonds ----------··--·---·-----+ 2.7 -O.& + 1.1 Other securities -····-·---------·---------------+ 24.6 + 2.9 0.0 Reserve with Federal Reserve Banks____ + 3.8 + 5.5 + 2.4 
Cash in vault ----·-------·-·--------·-------··-------3.6 
0.0 +12.0 Bal~nces with dom;,,,tic banks.·--·-----··----. -21.5 -4.3 + 4.9 
LIABILITIEE; Demand deposits adjusted ----·----·---··---+ 8.6 + u -0.1 Time deposits --------··-----·-------·------------+13.3 + 0.6 + 1.8 
United States Government deposits. _____ -70.0 -24.4 + 69.2 
Interbank deposits: 
Domestic banks ····-··-·-··-·---·-·-----·-------17.5 + 0.6 + 8.7 
0.0 0.0

Foreign banks ----··-··-------·-----------0.0 CAPITAL ACCOUNTS ---·------·--·----+15.2 + 1.3 + 0.8 
Total deposits of weekly reporting banks in the Dallas Reserve District declined $82 million during the 12 months ending November 27, 1946, amounting to $1,914 million on that date. A sharp reduction in United States Government deposits was offset in part by increases in demand deposits and time deposits. 
When the Treasury withdraws deposits from War Loan Accounts in commercial banks and spends them, the de­posits return for the most part to commercial banks as deposits of individuals, partnerships, corporations, and others. Banks must hold reserves against these private deposits, whereas no reserves are required for Govern­ment deposits in War Loan Accounts. As Government deposits are converted into private deposits the effect is to increase the required reserves of member banks. Mem­ber banks usually build up their reserves with the Fed­eral Reserve Banks either by selling United States Gov­ernment securities to the Reserve Banks or by borrowing from the Reserve Banks using Treasury securities as collateral. The condition statement of the Dallas Re­serve Bank seems to indicate that member banks of the District have been using both methods of replenishing their reserves. There has been some increase in Govern­ment security holdings by that Bank, and discounts and advances to member banks rose from $1,410,000 at the end of November 1945 to $11,089,000 at the end of November 1946. 
Federal Reserve Notes of the Dallas Reserve Bank in actual circulation remained virtually unchanged during November and at the end of the month amounted to $607 million. 
SUMMARY STATEMENT OF CONDITION OF THE FEDERAL 
RESERVE BANK OF DALLAS 

(In thou.sands of dollars) 
Source: Board of Governors of the Federal Reserve System 
Percent change  
Item  Nov. 27 1946  Oct. 30 1946  Nov. 28 1945  Nov. 27 1946 from N ov. 28 1945  Nov. 27 1946 from Oct. 30 1946  

ASSETS  
Gold certificate  
reserves  ------------­ 509,716  491,426  483,383  +  5.4  +  3.7  
U. S. Government  
securities  ---------­ 908,536  898,970  903,876  +  0.5  +u  
Discounts and ad­ 
vances  -----------­ 11,089  7,314  1,41()>  +686.5  +51.6  
Other  cash  -----------­ 10,671  9,278  8,905  + 19.8  + 15.0  
Other  assets  ··-··-·--­ 98,262  91,879  91,979  +  6.8  +  6.9  

TOTAL ASSETS ___l,538,274 1,498,867 1,489,553 + 3.S + 2.6 
LIABILITIES  
Federal Reserve notes  607,395  606,573  624,085  2.7  +  0.1  
Deposits  -------------­ 824,909  789,046  776,061  +  6.3  +u  
Other liabilities  ........_  82,644  80,154  70,127  +  17.8  + 3.1  

TOTAL LI'ABILITIES ,___l,514,948 1,475,773 1,470,273 + s.o + 2.7 
Capital paid in ----­ 6,786  6,781  5,958  +  18.9  +  0.1  
Surplus  ---------­ 11,977  11,977  7,332  +  63.4  0.0  
Other capital accounts  4,563  4,336  5,990  - 23.8  +  5.2  

TOTAL LIABILITIES 
AND CAPITAL 
ACCOUNTS ,----1,538,274 1,498,867 1,489,553 + 3.3 + 2.6 
Bank Debita 
(Since the bulk of business transactions are settled by check, chanrea In bank debits to Individual accounts represent chanres In the volume of transactions and are a basic measure of busineaa 
activity.) 
Bank debits in 20 Texas cities, which normally expe­rience a seasonal drop in November, fell off by less than the usual amount in November 1946 and were only 1.8% below the all-time high reached in the preceding mo~th. Consequently, the Bureau's index of bank debits, which has been adjusted for seasonal variation, rose to a new high level of 341.7 per cent of the 1935-39 average, thereby continuing the generally upward trend which has been in evidence since the end of the war with Japan. 
During November bank debits amounted to $2,716 million and were 23.3 % above those in November 1945. Sub~tantial gains over the corresponding month a year earher were reported throughout the State during No­vember 1946. When comparison is made with the record October 1946 volume, however, relatively small declines occurred in 16 of the 20 reporting centers whereas minor gains were reported in El Paso, Galveston, Lubbock and Wichita Falls. ' 
BANK DEBITS• (In thoueand1 of dollars) Source: Board of Governors of the Federal Reserve System Percent change I Nov. 1946 Nov. Oct. Nov. from Ci.ty 1946 1946 1945 Nov. 1945 N ov. 1946 from Oct. 1946  
TOTAL _:___ 2,715,968 2,764,661 2.,2(}3,106 +23.3 Abilene 27,755 29,480 21,501 +29.1 Amarillo -­-
66,465 71,271 51,015 +so.a Austin --­-78,791 87,077 71,234 + lo.6 Beaumont ---­66,504 68,196 59,563 +11.7 Corpus Christi -60,148 63,91(} 59,287 + 1.5 Corsicana ---­9,723 10,457 8,566 +18.5 Dallas ---­770,508 780,940 581,769 +32.4 El Paso ___ 104,603 103,398 84,342 +24.o · Fort Worth -266..411 272,390 228,556 +16.6 Galveston ·-­54,871 52,579 44,559 +23.1 Houston -----­733,655 738,462 , . 595,625 +2P Laredo ---­--­14,827 15,604 11,859 +25.0 Lubbock --­50,003 47,707 37,972 +31.7 Port Arthur -­27,085 2.9,033 21,534 +25.8 San Angelo -24,609 27,57l 21,094 +16.7 San .Antonio ---­214,277 217,135 181,685 + 17.9 Texarkanat ----­23,643 24,686 20,912 + ls.1 Tyler ·-----­-32,369 34,060 28,655 +13.0 Waco -----­. 46,147 47,942 35,277 +30.8 Wichita Falls -­48,574 42,867 38,101 + 14.4 -1.8 -5.7 -6.7 -9.5 -2.5 -5.9 -7.0 -1.3 + 1.2 -2.2 +u -0.7 -5.0 +u -6.7 -10.6 -1.3 -4.2 -5.0 -S.7 + 1.6  
• Debits to depoelt accounts ucept Interbank accounts. tlncludee two banka in Arkansas, Eighth Diatrlct. •  

Corporations 
(The Issue of corporation charters measures the additions to the business population and reflects the state of optimism or pessimism of businessmen.) 
There were 191 new corporation charters issued in Texas during November with a total capitalization of $3,925,000 according to information furnished by the 

CORPORATION CHARTERS ISSUED BY CAPITALIZATION Source : Secretary of State 
Nov. Oct. Nov. 
Capitalization 
19~6 1946 1945 

Over  $100,000  ···-····-·····-·········-··--············-·  8  11  10  
$5,000--$100,000  ···-····-··························-····-· 101  147  81  
Less than $5,000 ····­··········-······-·-··········­Capitalization not specified ·········­····.-······  48 4  62  31 •  
No capital stock ·······················-·--············  30  37  

*Not tabulated in 1945. 

Secretary of State's office. Both the number of new charters and the capitalization of new corporations were substantially below October 1946 and only slightly above those in November 1945. More than a fourth of all new charters issued during the month were for mer­chandising firms, followed in order by manufacturing, real estate, and oil companies. Only 8 firms were char­tered with a capitalization in excess of $100,000, as compared with 11 in the preceding month and 10 in November 1945. 
CORPORATION CHARTERS ISSUED BY CLASSIFICATION 
Source: Secretary of State 

Nov. Oct. Nov. 
Classification 1946 1946 1945 

DOMESTIC CORPORATIONS ·capitalization (1,000 dollars) ---· 3,925 6,533 3,428 . Number ···-····-······················-····-····· 191 
263 122 


=================== 
Banking-finance  ···············-··········-·  6  
Construction  ···-···-··········-·-·-·---·­ 8  
Manufacturing  ···-·-·····-··--····-·····  17  
Merchafidising  -----­--------------------­ 53  
Oil  ······················-···················--·········  10  
Public service  ·········-····-··········-·······  1  
Real  estate  ···-··········--··-··--···········.  14  
Transportation  ····················-·········  4  
All  others  ·····················-················-­ 48  
No capital stock  ·········-·-····--­ 30  

5 2 
18 • 
37 13 
76 48 7 8 2 0 
15 16 4 3 62 ' 
ll2 
37 • 

FOREIGN CORPORATIONS Number ·-·-···--····-··········-·-·-··----23 32 20 
*Not tabulated separately. 
Life Insurance Salea 

(Since the aales of life lneurance are relatlvelJ' aenaltlve to the changes In coneumer Income, the,. may be uaed aa a meaaure of the consumer market.) 
Sales of ordinary life insurance fell 6% in Novem· her to continue a downward movement which began several months earlier. Despite this decline the $57,868,000 of insurance sold during the month topped last November's total by 36%. These shifts were roughly comparable to the 9% national decline for the month and 32% rise in nationwide sales for the 12-month period. 
Failures 

(The number of failures and the amount of llabllitlea vary In· veraely with the prosperity of bueinesa and reflect in a simple and direct manner what la happening to buslneea.) 
According to Dun and Bradstreet's reports, there were 2 business failures in Texas during this November as compared with 1 last November. Liabilities of the 2 firms failing this past month totaled $152,000. Thus far in 1946 there have been 8 failures in Texas. 
Veterans' Loans 

(At the pruent time there la considerable Interest In the volume ef government &'llaranteed or insured loans to veterans as a factor In the buslnesa and economic adjustment to peacetime conditions.) 
At the end of November the five regional offices of the Veterans Administration in Texas had guaranteed more than 25,000 loans, the Veterans Administration's commitments amounting to $61 million. Of that amount $55,000,000 represented home loans, $2,500,000 were farm loans and $3,600,000 were for business purposes. 
A total of 3,115 applications for loans were received during November, slightly under the number in Octo­ber. The number of applications pending was further reduced during November, when disposition was made of 3,364 applications. 
Of the total applications received during November, 1,157 were at Dallas, 812 at Houston, 404 at Lubbock, 401 at San Antonio, and 341 at Waco. 
TRANSPORTATION 
Rail 

(The movement of good• by rail Is fundamental to all bu•lneH operation•, and chanires In the number of freight cars loaded reflect baale ehang-In the volume of business. The commodity groups are •ll'nlficant for the Information they give on specific lncluatrl... The miscellaneous group includes manufactured goods and is generally considered a measure of the volume of trade. Merchancllae I.e.!. •hlpmeats Include the same type of l'OOds ahlpped In smaller lots. Cara unloaded for export reOect the changes In the voluma of export•.) 
A 4.0% drop in the total revenue freight loaded dur­ing November 1946 from October of this year was re­ported in the Southwestern District. This 4.0% loss rep­resented the difference between 271,513 carloads in No­vember and 282, 784 cars loaded in October. All com­modities, with the exceptions of minor gains of 1.0% in ore and in miscellaneous freight and a 0.5% gain in grain and grain products, showed decreases for this month. This decline in loadings followed the normal pattern for this season of the year. Coal showed the largest decrease with a 31.7% decline from October. 
The index of miscellaneous freight carloadings, ad­justed for seasonal variation, rose 6.8% for November over October of this year and stood 37.4% above the 1935-39 average. 
REVENUE FREIGHT LOADED IN SOUTHWESTERN , DISTRICT 
(in carloads) 
Sou-rce: Car Service Division, Association of American Railroads 
Percent change  
Nov. 1946 Nov. 1946  
Nov.  Oct.  Nov.  from  from  
Item  1946 .  1946  1945 Nov. 1945 Oct. 194fo  


TOTAL  ··­--···--····-···············­271,513  282,784  278,012  - 2.3  - 4.0  
Grain  and 1?:rain _products..  22,497  22,376  26,746  -15.9  + 0.5  
Livestock  ·······-·­·········-·-----·­ 9 ,288  9,427  10,287  - 9.7  - 1.5  
Coal  ··········­-····­·······-­----···-··­ 18,524  27,127  28,181  -34.3  -31.7  
Coke  ···-····-····­-···---········-·-··­ 783  803  745  +  5.1  - 2.5  
Forest products .................. Ore --······--·--·--···········-··--······-·· Merchandise (I.e.!.) ···--····  21,987 2,215 32,236  25,324 2,192 33,801  19,462 1,936 32,510  +13.0 + 14.4 + 1.0  -13.2 + 1.(} -2.9  
Miscellaneous  ······----·-··-------· 163,383  161,734  158,145  +  3.3  +  1.0  

20 TEXAS BUSINESS REVIEW 
AIR EXPRESS SHIPMENTS (in number of shipments) 
Source: Railway Express Agency Percent change 
Nov. 1946 Nc>v. 1946 Nov. Oct. N ov. from from City 1946 1946 1945 Nov. 1945 Oct. 1946 
TOTAL 26,213 16,956 + 46.2 5.4 
----------------24,790 
Abilene ____ .. _____............. 

129 120 75 + 72.0 7.5
+ 
Amarillo 437 408 318 + 37.4 7.1 Austin 449 308 + + 
-----------------+ 
-------------------------500 62.3 11.4 Beaumont 255 226 199 28.1 + 12.8
----------------+ 
Big Spring ______............ 57 53 62 -8.1 + 7.5 Brownsvil1e 3,085 2,902 1,812 + 70.3 6.3 
-------------+ 
Corpus Christi 554 551 316 + 75.3 0.5
--------+ 
Dallas 7,994 9,220 5,500 + 45.3 -13.3 El P aso -------------------1,336 1,353 816 + 63.7 -1.3 Fort Worth -------------­
2,056 2,547 1,742 + 18.0 19.3 Galveston 370 341 237 + 56.1 + 8.5 Houston 3,814 3,810 2,781 + 37.1 0.1
----------------+ 
L aredo 350 348 415 -15.7 0.6
-----------------------+ 
Lubbock 225 211 107 +uo.3 + 6.6 
Midland ----------------84 119 55 + 52.7 -29.4 Port Arthur ......... __..__ 198 213 70 +182.9 7.0
J San Angel;, -------------254 252 136 + 86.8 + 0.8 San Antonio ------..---2,371 2,027 1,690 + 40.3 + 17.0 Texarkana 88 81 43 +104.7 + 8.6 
T yler --------------·--·------197 ­575 65.7 
218 , 179 107 +103.7 + 21.8 Wichita Falls ____ 218 228 167 + 30.5 -u Waco ......--------------.. -­
•Airport opened February 1946. 
ceipts 64,451 tons, imports 2,489 tons, and exports 92,296. The remainder was taken up by internal and intraport receipts and shipments. October tonnage for the port was 770,682. 
The port of Beaumont handled 16,797 tons of cargo freight during November, the bulk being represented by exports of flour (3,011 tons) and rice (12,055 tons). Intracoastal shipments and receipts amounted to 998 tons for the month. 
Corpus Christi's total tonnage in November was 652,563. Harbor Island handled an additional 637,208 tons and Ingelside 59,496 tons. Coastwise shipments from Corpus Christi were about two-thirds of the port total. 

LABOR 
Employment 
(Employment statistics are among the most Important Indicators of Texas business and economic actlvfty. The estimates of total employment In Texas manufacturing Industries Include all em­ployees, both production workers and others. The Bureau's statistic• of nonmanufacturfnr Industries alae comprise all employ__ Hew­ever, the statistics of manufacturlnr employment and manufactur­ing pay rolls are baaed on production and related workers only. Proprietors, officers of corporations, and other principal executives are excluded from all the aeries.) 
Employment in Texas in November 1946 made the largest gain of the year, increasing 4.0% over October 1946, according to reports collected from 1,464 estab­lishments by the Bureau of Business Research in co· operation with the Bureau of Labor Statistics, United States Department of Labor. This 4.0% increase con­tinues a well-established trend of employment recovery starting with April 1946. This trend has not been con· 
Export and coastal carloads unloaded at the 5 prin­cipal Texas ports for November, showed a gain of 11,970 cars for last month reflecting in part the backlog created by the maritime strike. The port of Beaumont led in gains for November over October with a 20-fold increase. Gains at other ports were equally exaggerated. The number of export and coastal freight cars unloaded in November 1946 was 3,123 cars over the same month of last year. This export trade consisted mainly of UNNRA supplies of flour, rice, wheat, and cotton. 
EXPORT AND COASTAL CARLOADS ·UNLOADED* Source: Car Service Division, Association of American Railroads 
Percent change 
N ov. 1946 Nov. 1946 Nov. Oct. Nov. from from Port and type 1946 1946 1945 Nov. 1945 Oct. 1946 
TOTAL --·-·-....___13,547 1,577 10,424 + 30.0 + 759.0 
348 17 9 + 3766.7 + 1947.1 Galveston ---..·--·-------8,621 839 5,757 + 49.7 + 927.5 Houston + 
Beaumont ---------------­
.._______.... _ .. ,___ 4,003 448 3,592 11.4 + 793.5 Port Arthur ----------Z46 243 655 62.4 + 1.2 Texas -------------­
City 329 30 411 20.0 + 996.7 EXPORT TOTAL .... _13,387 1,413 1(},279 + 30.2 + 847.4 
Beaumont 348 17 9 + 3766.7 + 1947.1 Galveston ....... ___...._,__ 8,621 839 5,757 49.7 + 927.5
+ Houston +
____.._ .. ___ .. ___ 4,003 448 3,592 11.4 + 793.5 Port Arthur 86 79 510 83.1 + 8.9 Texas City ---------------329 3(} 411 20.0 + 996.7 COASTAL TOTAL ---· 160 164 145 + 10.3 2.4 
Port Arthur 160 164 145 10.3 2.4 
---------------+ 
•Excluding coal. 
Air Express 
(The total volume of commodities shipped by air express is only a very small percentage of all commodities moved, but the rapid Increase in the use of this type of transportation makes Its growth of general interest to business.) 
Although a majority of the 22 cities reporting air express shipments showed increases for Novem­ber, total shipments declined 5.4% from the preceding month. Despite reduced shipments, traffic was 46.2% above the 16,956 shipments in November 1945. It should be noted that of the decline of 1,423 shipments for November, Dallas accounted for 1,226. However, no significant changes in the relative positions of the re porting cities is noticeable, the monthly variations in shipments shifting from city to city. 
Water 
(Since a sizable volume of traffic moves into and out of the State by water. statistics on water-borne commerce are an important lndi· calor not only of transportation but of general business activity.) 
The movement of cargo freight through Brownsville fell in November from the October total of 66,299 tons. Exchange with the Atlantic seaboard was confined to general cargo, and with Gulf ports to gasoline and other petroleum products. Bananas from Mexico continued to be the principal foreign import. 
Total tonnage through the Texas City Channel was 1,044,843 in November of this year. Of this total, coast­wise shipments represented 639,348 tons, coastwise re­

tinuous, however, since there were very slight decreases of 0.4% in both May and September. 
Employment in November of this year was 3.5% above what it was in November 1945. This increase was general throughout all industrial groups with the exception of decreases in machinery (except electrical) 14.7%, other manufacturing 13.0%, laundries 6.4%, and public utilities 4.8%. The largest increases were in stone and clay products ( 43.7%) and finished lumber products (22.9%), which emphasize the expansion of construction activities. The smallest increases were reg· istered by paper products (0.4%) and forest products 
(1.6% ). Total manufacturing employment in Texas in Novem· ber was estimated at 328,900 persons by the Bureau of Business Research in co-operation with the Bureau of Labor Statistics, United States Department of Labor. This was a significant increase of 4.1 % above the pre· vious month. Ten of the 16 industrial groups showed increased employment. Increases were moderate (rang· ing from 1.2% for textile mill products to 7.1 % for miscellaneous industries) except for a large employ· ment increase of 15.0% for food manufacturing. There were small decreases in 5 groups, ranging from 0.7% for lumber products to 3.1 % for stone, clay, and glass products. Employment remained stationary in prod­ucts of petroleum and coal. 
Pay Rolla 

(Pay roll firures are renerally recognized as significant Indicators of Income and purchasing power by both economists and businessmen. Emphasis on the maintenance of purcbaslnr power as a roal fer the country's postwar economy rfvea particular Importance to these firurea at this time.) 
Pay rolls in Texas increased 3.0% from October to November 1946, according to reports collected from 1,4.64 employers by the Bureau of Business Research in co-operation with the Bureau of Labor Statistics, United States Department of Labor. Advances were registered in 16 industrial groups and decreases were registered in 7 industrial groups. Advances were mod­erate, ranging from 0.6% for textiles to 8.3% for quarrying, except for food products which had a large 
(29.0%) increase in pay rolls. It should be pointed out that food products also had a 28.8% increase in em­ployment during the same period. 
Compared with a year ago, pay rolls were 7.0% higher in November of this year. This increase was a general pay roll trend, since all industrial groups ex· cept 3 showed increases. Eleven of the 23 groups had large pay roll increases of 20% or more, with increases ranging as high as 40.1 % in textiles and 44.0% in finished lumber products. Of the 4 groups which showed decreases compared with a year ago, the only major decrease was machinery (except electrical) 20.1 % . 
PRELIMINARY COMPARISON OF EMPLOYMENT AND PAY ROLLS IN IDENTICAL ESTABLISHMENTS Source: Bureau of Business Research in co-operation with the Bureau of Labor Statistics, U.S. Department of I..ahor 
Number 
, of reporting establish· 
Industrial group ments 

EMPLOYMENT  PAY  ROLLS  
Number of wage earners•  Percent change Nov. 1946 Nov. 1946  Amount (weekly)  Percent change Nov. 1946 Nov. 1946  
Nov.  Oct.  from  from  Nov.  Oct.  from  from  
1946  1946  Nov. 1945  Oct. 1946  1946  194(1  Nov. 1945  Oct. 1946  

TOTAL -----------------------­
MANUFACTURING Food products 
Textiles --·------------­Apparel Finished lumber products Forest products Paper products Printing and publishing Commercial products -----­Petroleum refining ·--------·-------·--··--··-­Stone and clay products -----­Iron and steel products Nonferrous metal products --­Machinery (except electrical) --­Other manufacturing -·--·-­

NONMANUFACTURING Crude petroleum production ---------------­Dyeing and cleaning Hotels ----· Insurl\nce 
Laundri.., ____ Public utilities -------­Quarrying 
Retail trade ----~·------­Wholesale trade -···-·-------·--------··-----­1,464 127, 776 122,873 3.5 + 4.0 $5,727,144 $5,561,388 7.0

+ + + 3.0 
137  9,574  7,436  + 11.()  + 28.8  375,919  291,329  + 17.7  + 29.0  
16 39 24 18 5 35  4,354 4,116 1,789 2,585 512 1,291  4,284 3,978 1,748 2,729 534 l,293  + 13.9 + 10.9 + 22.9 + 1.6 + 0.4 + 17.4  + 1.6 ·+ 3.5 + 2.3 5.3 4.1 0.2  162,306 113,837 62,734 88,638 21,595 71,840  161,352 107,046 63,728 97,097 22,182 70,987  + 40.1 + 28.2, + 44.0 + 20.9 + 20.4 + 30.0  + 0.6 + 6.3 1.6 8.7 2.6 + 1.2  
69  5,584  5,366  +  5.3  + 4.1  278,208  262.,236  +  8.2  +  6.1  
40 31 33 12  25,22& 2,428 3,834 4,034  25,157 2,503 3,899 4,005  + 4.5 + 43.7 + 14.9 + 12.7  + +  0.3 3.0 1.7 0.7  1,402,084 91,398 169,914 219,324  1,428,541 88,346 170,214 209,715  + 2.9 + 39.6 + 19.6 + 25.5  1.9 + 3.5 0.2 + 4.6  
46  9,~31  9,017  -14.7  +  2.4  435,914  474,260  -20.1  8.1  
18  13,208  12,299  -13.0  +  7.4  623,052  579,042  +  2.3  +  7.6  
44 9 18 99  7,284 134 2,622 2,010  '  7,214 140 2,586 2,010  + 9.5 + 7.4 + 2.2 + 21.3  + +  1.0 4.3 1.4 0.0  ,436,186 4,673 62,494t 88,562  424,161 4,894 60,723'i' 87,185  + 1.5 + 13.7 + 6.2 + 31.8  + 2.8 4.5 + 2.9 + 1.6  
8  420  421  6.4  0.2  9,568  9,406  - 0.9  +  1.7  
237 14 368 Ill  6,949 1,624. 14,269 3,142  6,828 1,626 13,572 3,069  -4.8 + 9.9 + 13.5 + 10.3  + + +  1.8 0.1 5.1 2.4  320,413 84 ,682 405,124 130,904  309,794 78,167 386,270 128,964  -2.7 + 20.4 + 27.4 + 14.2  + 3.4 + 8.3 + 4.9 + 1.5  

*Does not include proprietors. firm members. officers of corpoz:ations, or other principal executives. Manufacturing emPloyment comp:rises production and related workers; nonm.anufacturing employment comprises all employees. 
tCash payments only; the additional value of board, room, and tips cannot be computed. 
TEXAS BUSINESS REVIEW 
Hours and Earnings
ESTIMATES OF TOTAL MANUFACTURING EMPLOYMENT 
(in thousands) 


(Statistics on hours and earnlnl"• show clearly the effects of the shift of the State's economy and the l"•neral upward move­
Source: Bureau of Business Research In co-operation with the ment of wal"U since V-J Day. Aver&&'• hourly eernlnl"• are com­

Bureau of Labor Statistics, U.S. Department of Labor puted by dlvldinl" the total number of man-hours worked In re­portinc establishments Into total pay rolls.)

Percent ~hange 
For November 1946, 7 of the State's manufacturing 
Nov. 1946 Nov. 1946 

Nov. Oct. Nov. from from industries reported a work week of over 42 hours, while Industrial group 1946 1946 1945 Nov. 1945 Oct. 1946 
the remaining 7 reported a work week of 42 hours or TOTAL ---------·-· 328.9 315.9 Si2.2 + 5.3 + 4.1 less. Stone and clay products (-13.7%), petroleum refining (-13.6%), paper products (-9.3%), and
Food -----------71.4 62.l 60.8 +17.4 +15.0 Textile mill products and finished lumber products (-8.2%) showed the largest 
other fiber manufacturers_ 8.7 8.6 7.6 + 14.5 + 1.2 percentage decreases in weekly hours worked in the 
Apparel and other finished comparison of November 1945 with November 1946. textile products --~-24.1 23.3 21.4 +12.6 + 3.4 
Over the same yearly period the largest percentage in· 
Furniture and :finished lumber 
creases in weekly hours worked were found in other 
products --·-------11.7 11.5 10.4 +12.5 + 1.7 

manufacturing ( +6.2%), textiles ( +5.6%), and forest 
Lumber and timber basic products ---------28.3 28.5 25.9 + 9.3 -0.7 products ( +5.6%). Paper and allied products -·-3.8 3.9 3.8 0.0 -2.6 All the 8 nonmanufacturing industries reported an 
Printing, publishing, and al-average work week of fewer hours in November 1946 lied industries ·-·--·--18.3 17.9 15.8 +15.8 + 2.2 
than in November 1945. The largest percentage de­
Chemicals and allied products 19.6 18.9 20.0 -2.0 + 3.7 
creases in weekly hours worked for this yearly period 
Products of petroleum and · coal --------39.6 39.6 37.3 + 6.2 0.0 were in public utilities (-14.0%), crude petroleum 
Stone, clay, and glass products 9.4 9.7 1.1 +22.1 -3.1 products (-8.8%), and wholesale trade (-7.5%). 
Iron and steel and their prod-Hourly earnings between November 1945 and Novem· ucts -··-··---------16.5 
16.8 15.4 + 7.1 -1.8 

her 1946 increased in every industry in both the manu­
Transportation equipment, ex­
facturing and nonmanufacturing groups. November was 
cept automobiles ·-----25. 7 24.2 37.2 -30.9 + 6.2 

the first month for some time that this particularly
Nonferrous metals and their products ·--·-·-·------· 10.1 9.9 9.1 + 11.0 + 2.0 favorable report has been made. The percentage in­Machinery, except electrical _ 29.7 29.3 30.7 -3.3 + 1.4 creases in hourly earnings for the 12-month period vary 
Miscellaneous industri_es _____ 4.5 4.2 3.2 +40.6 + 7.1 
from +3.7% (machinery, except electrical) to +26.8%
7.7 5.9 +28.8 " -1.3

All others ··--·---·-·····-···---7.6 
(crude petroleum production). 

HOURS AND EARNINGS• 
Source : Bureau of Business Research In co-operation with the Bureau of Labor Statlatlca, 

U. S. Department of Labor 
Average Average hourly Average weekly Percent changeweekly h\)urs earnings (in cents) earnings pn dollars) Nov. 1946 fromNov. 1945 
Nov. Nov. Nov. Nov. Nov. Nov. Weekly Hourly Weekly Industrial group 
1946 1945 1946 1945 1946 1945 hours earnings earnings 
MANUFACTURING 

48.8 78.1 68.6 86.71 38.48 3.7 + 13.8 + "9.6 
Food products ---------47.0 

40.8 86.6 74.1 37.32 30.23 + 5.6 + 16.9 + 28.5
Textiles -----------43.1 
Apparel 41.3 3,9.5 66.7 58.6 27.55 23.15 + 4.6 + 13.8 + 19.0 
Finished lumber products------42.5 + 21.6 + 11.6

46.3 79.4 65.3 33.75 30.23 8.2 
46.3 78.8 65.l 34.44 30.14 5.6 + 21.0 + 14.S Paper products 41.1 45.3 100.2 82.8 41.18 37.51 9.3 + 21.0 + 9.8 Printing and publishing ------39.8 + 13.3 + 8.4 
Forest products --------43.7 

41.6 127.6 112.6 50.78 46.84 4.3 
Commercial products -------45.6 49.1 108.8 95.5 49.61 46.89 7.1 + 13.9 + 5.8 
Petroleum refininll" -------39.4 

45.6 0140.9 122.8 55.51 56.00 -13.6 + 14.7 0.9 Stone and clay products______ 42.8 49.6 86.7 75.2 . 37.11 37.30 -13.7 + 15.3 0.5 Iron and steel products 40.7 43.1 104.9 98.7 42.69 42.54 -5.6 + 6.3 + 0.4 Nonferrous metal products---·---43.7 42 .. 6 120.7 100.8 52.75 42.94 + 2.6 + 19.7 + 22.8 Machinery (except electrical) ---41.9 45.3 107.6 103.8 45.08 47.02 -, 7.5 + 8.7 • -U Other manufacturing-------37.7 35.5 125.0 114.8 47.13 40.75 +. 6.2 + 8.9 + 15.7 
NONMANUFACTURING 

Crude petroleum production 41.2 45.2 147.6 116.4 60.81 52.61 8.8 + 26.8 + 15.6 Dyeinll" and cleaning_______ 48.9 50.3 71.8 67.1 35.11 33.75 2.8 + 7.0 + 4.0 Hotels -· 45.8 46.1 39.7 33.1 18.18 15.26 0.7 + 19.9 + 19.1 Laundries -·--------46.2 46.2 49.3 45.3 22.78 20.93 0.0 + 8.8 + 8.8 Public utilities 41.2 47.9 115.7 93.4 47.67 H .74 -14.0 + 23.9 + 6.6 Quarrying 42.5 45.2 122.6 101.9 52.11 46.06 6.0 + 20.3 + 13.l Retail trade 38.8 40.2 79.9 69.1 31.00 27.78 3.5 + 15.6 + 11.6 Wholesale trade -------42.2 45.6 97.6 79.0 41.19 36.02 7.5 + 23.5 +iu 
•Figures do not cover proprietors, firm members, officers of corporations, or other principal executives. ManufacturinK data cover production and and related workers ; nonmanufacturinll" data cover all employees. 
Weekly ·take-home pay, between November 1945 and November 1946 showed a general increase in all in­dustries in both the manufacturing and nonmanufactur­ing groups with only three exceptions-petroleum re­fining (-0.9%), stone and clay products (-0.5%), and machinery, except electrical (-4.1% ) . 
Man-hours 

(The reports which the Bureau receives on employment include every employee who worked any part of the week. This means that chan&'eS in the number of employees in an industry do not always measure the chan&'es in the volume of output. Chances in the number of man-hours worked, however, are closely associated with the rate of manufacturiD&' activity, and may be used as a measure of the volume of production.) 
Total man-hours worked in 4,39 establishments re­

porting to the Bureau were down 4.4% in November 
1946 as compared to November 1945. However, be­
tween October and November 1946 total man-hours 
worked were up 3.8%. This is the second consecutive 
month that this situation has arisen. It can be explained 
by the fact that there has been an increasing number of 
workers employed, while average hours worked per 
employee have remained nearly unchanged. Man-hours 
worked in paper products (-6.0% }, commercial prod­
ucts (-4.0%}, petroleum refining (-9.5% }, machin­
ery, except electrical (-23.0% }, and other manufactur­
ing (-6.9% } were below comparable 1945 figures. 
The other industrial groups reported increases in man­
hours worked between November 1945 and November 
1946, ranging from 2.2% (food products} to 24.5% 
(finished lumber products}. 
I 
MAN-HOURS WORKED IN IDENTICAL MANUFACTURING 
ESTA.8LISHMENTS 
Source : Bureau of Business Research in co-operation with the 
Bureau of Labor Statistice, U. S . Department of Labor 
Number Percent change 
of 
reporting Nov.1946 Nov. 1946 
establish­from from 
Industrial group ments Nov. 1945 Oct. 1946 
-4.6 + 3.8

TOTAL --····-···--···--·----·-···---·-439



===================== 
+ 2.2 +33.5

Food products ····----···----·····--··-· 104 
+15.3 + 0.9

Textiles ----················-···-----·····-······--··· 13 
Apparel ·····-····-····--···----------------····-32 + 13.1 +4.3 Finished lumber products ·······--······· 20 + 24.5 -1.7 Forest products ---------···--·················· 16 
-6.0 -4.5

Paper producui ----------···--·--·----····-· 5 Printing and publishing ---------···-··· 28 + 12.8 -0.7 Commercial products ··-···--····--···-·-65 -4.0 + 8.2 Petroleum refining ··-·····---------32 -9.5 -1.0 Stone and clay products ---------------30 + 18.6 + 1.9 Iron and steel products -----------········ 29 + 4.5 + 1.4 Nonferrous metals ------········-------· 9 
Industrial Relations 
(Althou&'h ne statistical data are available on industrial disputes la Texaa, a knowledge of current develepments in industrial rela­tions ia necessary to an underatandinc of the State's !alter picture.) 

In keeping with national industrial relations, the Texas scene was active and unsettled during November. Events of this month and other recent months gave no indication of a let-up in strikes, threats of strikes, Na­tional Labor Relations Act elections, and bargaining demands. 
About 800 operating engineers at the Dow Chemical Company in Freeport struck on November 16 for higher wages and other concessions. Nearly 6,000 plant and construction workers were thrown out of work when they refused to cross picket lines. Settlement was reached on December 8 after 21 days of idleness. The settle­ment included a 6-cent wage increase (instead of the 22 cents requested) and portal-to-portal pay. 
Strikes at cement companies in Houston and Dallas which began October 2 continued through November. The Dallas strike was settled December 4 after 62 days, and the Houston strike was settled December 9. Settle­ment terms included a 15-cent hourly increase, instead of the 25 cents requested. As a result of alleged violence and mass picketing during this strike, the District Court in Dallas issued a temporary restraining order against such action during the strike. 
In Dallas employees of the Federal Reserve Bank voted 375 to 180 against union representation in a sig­nificant National Labor Relations Act election. Unions were also declined in a bookbinders' election in Houston and in a clothing company election in Hillsboro. 
The Sinclair Oil Company, which has many opera­tions in Texas, agreed on November 15 to a cost-of­living wage increase in its labor contract effective through September 194.7. The initial increase amounted to approximately $31.20 monthly; however, this amount is subject to revision quarterly based upon revised cost­of-living figures. 
Labor Force 

(Estimates of the nonagricultural civilian labor force are made currently for the State's 17 principal labor market areas by the Texa s State Employment Service. Labor force data, indicating the total supply of labor in these areas, include all employed workers, as well as all others who are available for jobs and who are willing a nd able to work.) 
Another slight (0.3% ) drop in the State's nonagri­cultural labor force took place in November according 
NONAGRICULTURAL CIVILIAN LABOR FORCE 

Source: State Employment Service, Texas Unemployment Compensation Commission 
+ 
3.1 -5.9 


Percent change  
Area  Nov. 1946  Oct. 1946  Nov. 1946 from Oct. 1946  

+ 
7.7 0.0 Machinery (except electrical) -····· 39 -23.0 -7.5 Other manufacturing ·········--···-----·-17 -6.9 + 7.2 


TOTAL  ·········-···-·····----·········-----1,312,303  1,316,303  -0.3  
Abilene  18,562.  18,552  + 0.1  
Amarillo  28,000·  27 ,550  + 1.6  
Austin  ·······--··········-····-----------·  43,608  43,602  + 0.01  
Beaumont-Port Arthur-Orange  _  82,684  85,770  -3.6  
Brownsville  ---------------­--­------------­ 13,053  12,875  + 1.4  
Corpus  Christi  ----···--·-······----­ 49,700  50,400  -1.4  
Dallas  ·········-------·········-····-········--·  214,110  211,735  + u  
E l  Paso  ······-----·~---·····-············-----·  49,575  49,050  + u  
Fort  Worth  ···-··········-----------····-·  126,700  124,900  + 1.4  
Galveston-Texas  City  ·········-····-···  50,875  51,800  -1.8  
Houston-Baytown  ······------·-·······­ 305,590  305,250  + 0.1  
Longview  -------------------------------­ 21,550  21,550  0.0  
Lubbock  ---····-------·-··········-----­ 25,272  25,130  + 0.6  
San  Antonio  ····················--------·  167,900  167,000  + 0.5  
Texarkana  ---------------------------------­ 41,000  41,500  -1.2  
W aco  ----------------------------------~---­ 46,000  46,000  0.0  
Wichita  Falls  -------···-·-······-····­ 28,124  33,639  - 16.4  

to the Texas State Employment Service. Ten out of the 17 cities covered by the Employment Service re· ported small increases; but the 3.6% decrease in the Beaumont-Port Arthur-Orange area and the 16.4% fall in the Wichita Falls estimate tipped the balance down­ward for the State as a whole. No change in the labor force was reported for Longview and Waco. 
Unemployment 
(Estimates of unemployment in various areas of the State are currently made by the Texas State Employment Service. Data on the payment of unemployment benefits also provide a rough measure of unemployment in Texas, altbou1h only employees in establish· ments employln1 8 or more workers for 20 or more weeks per year 
are covered. Veterans' claim actions and disbursements are less 
inclusive, but throw li1ht on the important problem of veteran re­employment.) 
Unemployment in the 17 principal urban labor markets of the State was estimated at 73,077 in November, a 6.8% decrease from October and an 8.8% decline from November 1945. Last year at this time reconversion shot unemployment up 20.4% in this State. 
During November unemployment increased in 6 cities, was unchanged in 1, and decreased in 10. Dallas was the largest city in the first group, experiencing a 12.5% rise in estimated unemployment between October (when unemployment hit its postwar low) and November. In that particular market the re-entrance of wartime work­ers and inmigration were important factors in the rise, although the demand for women workers in manufactur· ing and retail trade continued strong. Stenographic workers remained short, and governmental unemploy­ment did not materialize because of increased employ· ment provided by expanding postwar agencies of the federal g-0vernment. In Austin where unemployment continued to decline in November by 4.4%, the slight decrease in government workers was offset by gains in nonmanufacturing employment. 
November was the sixth consecutive month in which the amount of benefits paid by the Texas Unemployment Com-
UNEMPLOYMENT 
Source : State Employment Seryice, Texas Unemplo:Yment Comp ensation Commission 
Nov. Oct. Nov. Area 1946 1946 1945 
TOTAL --······'.·-··················-·-__:_·-··------------73,077 78,366 80,168 
=== ==== = 
Abilene -·····--·-···--·---···---·······-··-·-·-·--·-···-1,241 1,026 876 Amarillo ·-------------········-··-······-····-·········-· 1,200 1,100 875 Austin ·········-----·-···-··········-----·····-······· 2,534 2,651 1,716 
Beaumont-Port Arthur-·Orange ....•.......... 7,250 8,025 6,375 

Brownsville -----···-····--····-·-·-----·······-1,235 1,525 815 Corpus Christi ······-·------------···----------· 1,900 2,700 2,400 Dallas --··········-··-············-····--··-·--····· 9,000 8,000 14,800 El , Paso ---·-······-·····-··-················-···-2,300 2,250 1,700 Fort Worth ------------------····-····-··· 7,300 8,500 7,900 Galveston-Texas City ·---------······--·······-····· 2,100 2,500 1,350 Houston-Baytown ---·-····--··-·········--··· 15,000 17,000 12,500 Longview ------------·-····---··-····--·······--·--2,000 1,750 ,2,888 Lubbock -------·····-······--------···------800 900 616 San Antonio ---···------···--------------·-· 8,900 10,000' 11,887 Texarkana ···---------····-----·---·······--···· 5,,690 5,500 8,743 Waco -------·-·····-····--······-·····-·······--3,300 3,300 3,500 Wichita Falls ·····-··-····-------------1,327 1,639 1,728 
pensation Commission declined. November 1946 payments of $568,612 left a balance of $158,786,636 in the Unem­ployment Trust Fund. Employers' contributions for the month were $2,226,244, which was almost 4 times the amount disbursed. 
Operation of the employment service passed hack to the State during the month of November, but Texas expects to receive $358,963 in federal funds to cover costs of operation during the last 6 months of the fiscal year in accordance with federal requirements. 
There were 5,840 applications for veterans' benefits filed during November 1946 compared with 4,848 ap· plications filed in October of this year. November ap· plications brought the year-to-date total of claims to 227,980. Unemployment claims in Texas amounted to $5,009,372 in October and $4,216,062 in November, a drop of 15.8%. To date this year these claims have totaled $66,686,493. Self-employed claims in November dropped 41.3% from October to total only $843,506. Thus far in 1946 such claims have amounted to $22, 791,131. 
The Veterans' Administration estimated late in No­vember that 15% of the veterans applying for unemploy­ment compensation have exhausted their 52 weeks of payment. This number is expected to double by the first of the year. Most states, including Texas, have had 40 to 50% of their veterans on the payment list. 


Placements 
(Tbe number of placements reported by the State Employment Service indicates roughly the relationship of the supply of and the demand for jobs in various parts of the State. Placements do not include private placements in business and industry, but only those made throu1h the State Employment Service. Furthermore, the num• her of placements made should not be considered as additions to total employment, since many of them represent shifts from one Job to another.) 
Placements by the Texas State Employment Service totaled 23,439 in November or 10.4% less than in 
PLACEMENTS IN EMPLOYMENT 
Source : State Employment S~rvice, Texas Unemployment Compensation 
Commission 
P ercent chanire  
A rea  N ov. 1946  Oct . 1946  N ov. 1945  Nov. 1946 Nov. 1946 from from Nov. 1945 Oct. 1946  

TOTAL  ----­-----­--------
-23,439  26,162  20,753  +12.l!  -10.4  
'  
Abilene  -----------------------­ 676  779  476  + 42.0  -13.2  
Amarillo  ---------------------­ 797  769  461  +72.9  +  3.6  
Aust in  -----------------------­ 889  1,057  914  :._ 2.7  -15.9  
Beaumont-Port ·Arthur- 
Or ange  ----------------------­ 1,594  2,609  1,919  -16.9  -38.9  
Brownsville  --.---------------­ 132  116  141>  - 9.0  +13.8  
Corpus  Christi  ( 98  479  517  - 3.7  +  4.0  
Da llas  ------------­-----------­ 8,721  4,752  3,414  +  9.0  -21.7  
El  Paso  ----------------.------­ 944  958  769  + 22.8,  -1.5  
Fort  Wor th  ---------------­ 4,080  3,761  2,962  + 37.7  + 8.5  
Ga lveston-Texas  City  ..  958  740  1,289  -25.7  + 29.4  
H ouston-Baytown  -------­ 4,425  5,163  3,485  + 27.0  -14.3  
Longview  ------------·--------­ 502  659  403  + 24.6  -23.8  
Lubbock  -------­----­------­ 466  808  734  -36.5  -42.. S  
San  Antonio  ---­---------­ 2,212  1,843  2,003  +10.4  +20.0  
T exarkana  --­-------------­-- 559  610  383  +46.0  -8.4  
W aco  ------------------­------­ 555  595  320  + 73.4  -6.7  
W ichita  Falls  -----­------
 431  464  487  - 11.5  -7.1  


CASH RECEIPTS OF .STATE COMPTROu..ER

October. This decrease approximated last year's Octo· 
Source: State Comptrolln of Public Accounts

ber·to·November decline of 11.2%. November 1946 
placements were still 12.9% greater than November 1945 placements. 
Considerable variation appeared among the several cities. Between October and November this year the only cities reporting gains in the number of placements were Amarillo, Brownsville, Corpus Christi, Fort Worth, the Galveston-Texas City area, and San Antonio. For the 12·month period increases were more general. Fewer placements last month than a year ago were reported in ~~stin, the Beaumont area, Brownsville, Corpus Chnstl, the Galveston area, Lubbock, and Wichita Falls. 
GOVERNMENT 
Federal Finance 


(Federal collections of Income. pay roll, and exclaa taxes Yal'J' directly with the level of business prosperity. Durinc the war period federal taxatlan laaa likewise become an Important determi­nant of ceneral lauslnesa activity.) 
Federal internal revenue collections in Texas for No­

vember totaled $49,207,316, a decrease of 5.3% from 
November 1945. The largest decrease again was in in­
come tax withholdings, while income taxes and employ­
ment taxes increased. 
The First District (South Texas) reported collections 

of $23,600,685, a decrease of 16.2% from November 
1945. The Second District (North Texas) collections 
were $25,606,631, an increase of 7.7%. The total in­
come tax withheld decreased in both districts, 14.7% 
in the First District and 4.2% in the Second. Income 
tax collections increased 20.1 % in the Second District 
but decreased 16.9% in the First District. Employment 
taxes increased in both districts, 27.4% in the First and 
11.6% in the Second. 
Total collections for the fiscal year to date (July 1 

to November 30) were $338,686,598, a decrease of 5.1 % 
from the same period last year. The First District re­
ported a decrease of 9.6% and the Second District an 
increase of 0.1 %. Employment taxes increased in both 
districts for the fiscal year to date, and income taxes 
Sept. 1-Nov. SO 
Percent Item 1946 1946-47 1945-46 change Nov. 

TOTAL CASH RECEIPTS .............. $37,907,262 $101,309,231 $82,387 ,685 +23.o 
TOTAL REVENUE RECEIPTS .... -....... 28,998,113 84,869,020 72,988,808 +16.3 
Ad  valorem,  inherit­ 
ance, and poll taxes  4,060,511  4,593,237  6,739,779  -31.8  
Occupation,  gross  re­ 
ceipts,  and  produc­ 
tion  taxes  --­--·--------­ 5,171,449  16,118,521  11,928,423  +35.1  
Use and sales  tax........  8,702,151  26,702,680  21,494,994  +24.2  
License fees and main­ 
tenance  taxes  -----­--­ 607,038  1,760,602  l ,894,155  +26.3  
Income  from  ' public  
lands  and  buildings  867,567  2,688,841  5,019,800  -46.4  
Interest  ------­----·······-·-·  305,628  2,039,679  2,094,973  -2.6  
Miscellaneous revenues  2,286,482  7,978,941  10,366,795  -28.0  
Contributions  and aid  6,997,287  22,986,519  13,949,889  +64.8  
NONREVENUE  
\  RECEIPTS  ···-·······­·  8,909,149  16,440,211  9,398,877  +74.9  

increased in the Second District. Income tax withhold­ing and other collections decreased in the First District for the fiscal year to date, while withholding and other collections decreased in the Second District. 
State Finance 

(Statiatlca on .State finance are cloeely connected with cluiqaa in the level of business activity. State occupation, production, use, and sales taxes and license feea vary directly with chana-ln1 business conditions.) 
Total cash receipts of the State reported by the State Comptroller were $37,907,262 for November 1946, com­pared with $33,064,207 in October. Total revenue re­ceipts totaled $28,998,113 in November in comparison with $30,815,472 in October. Ad valorem, inheritance, and poll taxes amounted to $4,060,511 in November, almost 10 times the $441,965 collected in October, but the receipts from all other tax sources were less than in October. 
FEDERAL INTERNAL REVENUE COLLECTIONS 
Source: Office of the Collector, Internal Revenue Service, Treasury Department 
November July 1-Nov. 30 
Percent Percent.. District 1946 1945 change 1946-47 1945-46 change 
TEXAS $ 49,207,316 $ 51,946,348 -5.8 $338,686,598 $356,952,158 -5.1
-······-·-····------··--·-·---·---------------------­

Income 9,135,147 8,902,948 2.6 151,662,229 149,692,015 + 1.3 Employment 5,738,709 4,857,172 +18.1 21,695,375 19,778,604 + 9:7 
·----·····..··--·······--··---------------------·-·· + 
····--········--·-------------­

Withholding -.··--·-------------------·-24,~17,059 27,372,315 -10~4 108,376,565 122,628,068 -11.6 
Other ----··----------------------9,816,401 10,813,908 -9.2 56,952,429 64,853,471 -12.2 FIRST DISTRICT ······-···----·-·-----------------23,690,685 28,178,870 -16.2 172,331,834 190,672,882 -9.6 Income 3,495,706 4,206,32Q -16.9 77,606,296 80,407,449 -3.5
········-·-·-··-···-------------------------·-­Employment -···-··--------------------------2,571,784 2,018,193 +27.4 10,213,085 9,748,719 +u Withholding 13,784,026 16,165,270 -14.7 57,389,229 66,967,271 -14.3 
-------·--·-----~------­

Other --···------------------3,749,169 5,789,078 -35.2 27,123,224 33,549,443 -19.2 
SECOND DISTRICT -----------·--25,606,631 23,767,473 + 7.7 166,354,764 166,279,276 + 0.1 Income -·--------------·--·------------5,639,441 4,696,619 +20.1 74,055,933 69,284,566 + 6.9 Employment ----·-------·---------3,166,925 2,838,979 + 11.6 11,482,290 10,029,885 +lu Withholding --·---------------10,733,03~ 11,207,045 -4.2 50,987,336 55,660,797 -8.4 
Other --··--------·-·-­

6,067,232 5,024,830 +20.1 29,829,205 31,304,028 -4-.7 
For 	the first 3 months of the fiscal year total 
revenue receipts were 16.3% ahead of the same period 
in 1945. A total of $84.,869,020 has been received from 
the 	different sources of revenue during the first 3 
months of the fiscal year. 
Total expenditures for the month of November were 
$26,233,622 and for the year to date totaled $67,715,629. 
The largest expenditure for the year to date was public 
welfare, $20,221,618, followed closely by education, 
$19,448,292, and highway maintenance and construc­
tion, $16,666,757. 
The General Revenue Fund had a balance of $34,976,706 on November 30, 1946. Receipts for the remaining 9 months of the fiscal year were estimated by the State Comptroller at $42,273,322, making a total amount available to August 31, 1947 of $77,250,028. The unexpended balance of appropriations was $41,752,831, leaving an expected surplus on August 31, 1947 of $35,497,197. 


PRICES 
Wholesale Prices 
(Changes in the prices of commodities are of fundamental im­portance to businessmen, since the level of prices has an Important effect on profits. The index of wholesale prices compiled by the United States Bureau of Labor Statistics is the most comprehensive meesure of price changes published In the United States.) 
The level of wholesale commodity prices for the coun­
try as a whole increased 8.1% in October from the level 
of September, to raise the index of the United States 
Bureau of Labor Statistics to 134.1 % of the 1935-39 
base. This is 26.6% above the level of October 1945. 
The most spectacular increase for the month was in the 
price of foods, which rose 19.7%. The price of farm 
products increased 7.1 %, while all commodities other 
than 	farm products and foods increased 3.1%. 
The index of the Bureau of Labor Statistics for the week ending November 23 rose to the highest level in 26 years and 22% above the level of June. Food prices at this date were 52% above a year ago. 
INDEXES OF WHOLESALE PRICES IN THE UNITED STATES (1926= 100) 
Source: Bureau of Labor Statistics, U. S. Department of Labor 
Percent change 
Oct. 1946 Oct. 1946 Oct. Sept. Oct. from from Group 1946 1946 1945 Oct. 1945 Sept. 1946 

ALL 	COMMODI'I'IES ...... 134.1 124.0 105.9 + 26.6" + 8.1 
Farm products .................... 165.3 154.3 127.3 +29.9 + 7.1 Foods ---------------157.9 131.9 105.7 +49.4 +19.7 Hides and leather products 142.4 141.6 118.6 +20.1 + 0.6 Textile products ------128.6 125.7 101.0 +27.3 + 2.3 Building materials .............. 134.8 133.8 118.3 +13.9 + 0.7 Lumber ____............_ .. 178.9 178.2 155.2 + 15.3 + 0.4 All commodities other than farm products ......_,__ 127.1 117.2 101.0 +25.8 + 8.4 All commodities other than farm products and food~ 115.7 112.2 100.1 + 15.6 + 3.1 
TEXAS BUSINESS REVIEW 
Published monthly by the 
Bureau of Business Research, 
College of Business Administration 
The University of Texas, Austin 12, T~xas 

Material contained in this publication is not copyrighted and / may b~ reproduced freely. Acknowledgment of source will be 
appreciated. Entered as. second class matter on May 7, 1928, at the post utlice at Austm, Texas, under the Act of August 24 1912 Subscription $1.00 Per year. ' · 
J. Anderson Fitzgerald .........................._ ...................__________....Dean 

STAFF OF THE BUREAU 
OF BUSINESS RESEARCH 

Robert  W. French  John R.  Stockton  Mae Jo Winn  
Director  Statistician  Editorial  A•siotant  
Elsie Watters Office ManagerHelen Woodcock · Se~retar11 Lorame Campbe!l  Elmer H. Johnson Industrial Geographer . F . W. Knight Field Representative Evelyn Balagia  Elizabeth Greirg Research Assistant Mary Elder Library Assiatant Bonnie Fleming  

B.L.S. Representative B.L.S. Representative Publications Assistant 
Business Research Council 
J . 	Anderson ~itzgerald Everett G. Smith (ex otlic10) J ohn Arch White 
Robert W. J'.'rench E. Karl McGinnis (ex offic10) E. T. Miller 
Cooperating Faculty 
A. B. Cox W. J . Hudson 
Cottcm 	TraMportation 
Keith Davis and H. H. Elwell W. Nelson Peach Labor E. T . Miller Jl'i714­Government 
Assistants 
Leon Baird, Doris Coffee, Joe Darsey, Peggie Doole James Douglass, Ada Fenlaw, Morris Floyd, Edwin Gell Mary Grann Carl. Gromatzky, Carl Gustafson, W'.'yne Hall, A~drey Jackson: Calvm J~yroe, James Jeffrey, Mariorie Kidd, Carroll Kinker, Ernest ~1tz1er, Claren cQ Mart1_n, James Martin, Mary McLain, Anne 0 Bryan,. June Perry_. Richard Ridgway, R. E. Rothchild, Ila Taylor, Lucile Teel, Elsie Van Haselen, David Ward. 
Highlights of Texas Business.................. 1 

Figures for the Month................ . .....................-...... 2 
The Business Situation in Texa~ -.............................-...... 3

Trade 	.......................................... 

Retail Trade ----..-......________................................. 

5 Pro.E~!~1T,;d~d~_:::::::::::~=:::..-=:::::::::::::::::::::::::::~:::::::::::::::::::::: 7 
8 


~~f@~~~§~;;~~:::::~~:::=:::::::::~::::::=:::::::::::.~::::::::=::::::=::::::::: i~ 

12 Agriculture -------------................................... 14 
Local Business Conditions ------...:............................... 

j~i~_,~~~=~~~~:~~~~~~=: !l 
TJ~if~~o;~;~~~~~~~! 

~~:e~;~~~~~:::==~:===:~~=::::::=.::::::::::::~~

::::::::::::::::::=.:::=.:=::::: 20 
Labor 





[~~~~~~-~=j~;~~II

24 
Government Federal F)nance ..........................................................._ .............. 25 State Finance .........................._ .........._ ......................-........... 25 Prices · 
Wholesale Prices .......................................................................... 26 
Figures for the Year to Date...................................:............ 27 
Barometers of Texas Business................_____________ 28 


FIGURES FOR Tl-IE YEAR TO DATE 

January-November Percent : 1946 1945 change

TRADE 
Reta~ salesIo.f reporting independent stores, total___
_____________________________________ __
__________________ _ $387'772,684 $301,381,116 + 28.7 : $ 73,362,739 $ 61,813,658 + 18.7 $ 48,694,417 $ 25,532,944 + 90.7 ­$ 7,560,000 $ 6,374,005 + 18.6 ­$142,637,08'1 $115,558,014 + 23.4 $ 9,995,111 $ 2,993,727 + 11.1 
+
$ 6,737,815 $ 6,268,726 7.5 $ 3,359,994 $ 2,683,751 + 25.2



~~~~~~l~~:s-;~~~~~~:~~~~~z 
$ 1,449,991 $ 1,266,364 + 14.5 

Food stores --------------------------------------------------------------------------------------------------------------------$ 23,120,894 $ 19,782,906 + 16.9 . Furniture-household stores ------------------------------------------------------------------------------------$ 20,512,419 $ 13,913,829 + 47.4 Jewelry stores --------------------------------------------------------------------------~--------------------------------------$ 4,419,993 $ 3,756,917 + 17.6 
Lumber, building materials, and hardware stores.----------------------------------------------$ 32,203,103 $ 22,883,948 + 40.7 Restaurants -------------------------------------------------------------------------------------------------------------------$ 8,721,683 $ 8,104,239 7.6
+ Al 1 other stores ----------------------------------------------------------------------------------------------------------------------------$ 4,997,441 $ 4,448,088 + 12.4 
Ratio of credit sales to net sales in department and apparel stores (monthly average) _ 48.7% 42.1% + 15.7 Ratio of collections to outstandings in department and apparel stores (monthly average) 66.2% 67.4% 1.8 Postal receipts in reporting cities·--------------------------------------------------------______-----------------------$ 28,459,973 $ 27,939,717 1.9
+ 

PRODUCTION 
Lumber production in southern pine mills (weekly per unit average in board feet) _
___ _ 188,077 192,039 -2.1 Cotton consumption (running bales) -------------------------------------------------------------------------------------­200,983 174,977 + 14.9 Cotton !inters consumed (running balesl -----------------------------------------------------------------------------23,204 15,866 + 46.2 
Cotton spinning activity (average spindle hours per spindle) ___
__
_
_____ _
______________________ _ 

Cottonseed crushed (tons) --------------------------------------------------------------------------------------------------------­562,600 813,701 -30.9 Cement (barrels) ----------------------------------------------------------------------------------------------------------------------­
Manufacture of dairy products (1,000 lbs., milk equivalent) _______ __ _
_________ _________________________ 873,486 1,053,594 -17.1 Man-hours wm·ked in reporting manufacturing establishments (April-November total) _ 
24,253,059 32,572,077 -25.5 467,698,329 457,337,000 2.3
+

ii~~l~~n~1 p:~:it~0 i:~~d \!2-;e~~~~inbt~~~~~::::::::::::::::::::::::::::::::::::::::~:::::·::::::::::::::::::::::::::::::: $233,256,241 $104,689,680 +122.8 Construction contracts awarded·-------------------------------------------------------------------------------------------$411,430,127 $220,335,500 + 86.7 
Construction contracts awarded for residential building__________ _
_
_________ _
____________ _
________ 
_ 
$ 99,239,075 $ 19,212,812 +416.5 Number o.f loans m.ade by savings and loan associations.--------------------------------------------------­23,894 15,426 + 54.9 Amount o.f loans made by savings and loan associations-------------------------------------------------------­$ 88,131,712 $ 42,553,548 +10n 
lndustrial electric power consumption for 10 companies (thousands of kilowatt hours) 2,497,363 2,898,673 -13.8 Crude petroleum production (daily average in barrels) ------------------------------------------------2,080,254 2,081,704 0.1 

AGRICULTURE 
$ 1,154,537 $ 1,064,306 8.5 106,475 111,154 -4.2 

Farm cash income (thousands) ---------------------------------------------------------------------------------­+ 
Shipment o.f livestock (carloads) -------------------------------------------------------------------------------------­
Rail shipments of poultry (carloads) -------------------------------------------------------------------------------------­
746 620 + 20.3 Rail shipments of eggs (shell equivalentl------------------------------------------------------------------------­
4,775 7,192 -33.6 lnterstate receipt of eggs at Texas stations (shell equivalent) -------------------------------------------­
456 778 -41.4 
FINANCE 
$ 23,044,640 + 19.4
$27,~

~~~o~aet~~~ ~ha~e~~t!~u~~h(~~~t~rL::=::::::::::=::::::::::::::::::::::::::::::::::::':::::::::::::::::::::::::=:::::= 2,948 C87P +238.5 
$711,96"2;000 $401,332,0 0 + 77.4

Ordinary life insurance sales --------------------------------------------------------------------------------------------------­8 6 + 33.3
Business failures (number) -----------------------------------------------------------------------------------------------------­
)


TRANSPORTATION I 
3,322,168 -10.5

Revenue freight loaded in Southwestern District (carload&)·---------------------------------------------2/,972,827 92,001 + 36.5
Export and coastal cars unloaded at Texas ports-----------------------------------------------------------------125,538 
Miscellaneous freight carloadings in Southwestern District (carloads) _
___ ____ ______________ _ 
/ l ,744,310 2,093,604 -16.7 
145,880 + 58.1

Air express shipments (number) -------------------------------------------------------------------·-----------------230,588 
LABOR 
370,118 -8.2

Total manufacturing employment (monthly aveTagel -----------------------------------------------------339,691 
GOVERNM~NT * I 
$ 82,387,685 + 23.0 
$356,952,158 -5.1

~=d~r~icf~f~n~ ;!~:u~0~tI~~~~!~~st:::=::::=::::=::::=::::=:::::::::~~:::::::::::=::::=:::~~::::=::::=::::=:·--= ~~~k~~~'.~~~ 
*State fiscal year to date--September 1-November 30. tFederal fiscal year to date-July 1-November 30. 

TEXAS BUSINESS REVIEW 
BAROMETERS OF TEXAS BUSINt=SS 

INDEX OF MISC.FREIGHT CARLOADINGS IN SOUTHWEST 
H>EX OF TEXAS DEPT. AND APPAREL STORE SALES 
ADJUSTED FOR SEASONAL VARIATION
ADJUSTED FOR SEASONAL VARlATION 
PERCENT
1935 39• 100 
-400 
• 350 
I\. 
300
.... " 
,._ 
250 
,. I l'1 
" 
'° 
. , A ..
I A 
200
00 
"'.
.I "' 
-
.. 

150
-
50 
I 
-
100
oo'­
50
50 
1929 1933 1937 '941 1942 19 "43 1944 19 45 1946 1947 

INDEX OF SOUTHERN PINE PRODUCTION! 
PERCENT 1935-39 • 10 0 PERCENT 
1933 1937 1941 1942 19 4 3 1944 1945 1946 r947 

INDEX OF CRUDE OIL RUNS TO STILLS IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION

INDEX OF ELECTRIC POWER CONSUMPTION IN TEXAS 
. ADJUSTED FOR SEASONAL VARIATION 
PERCENT PERCENT
1935 ~ 39 s 100 
300 300 
A.
275 275 
,.. 
\. la &
250 250 
·' 
.
..
a J 
-
225225 
I 
v­
"'
20 20
r
175 
175
r 
15 0 
150 125 
125
" 
10 
100
01• 
7 5 



"" ... 
75 
~ 
" 
50
501929 
1933 1937 1941 '942 1943 1944 1945 1946 1947 

INDEX OF BANK DEBITS IN TEXAS INDEXES OF EMPLOYMENT AND PAYROLLS IN TEXAS 

PERCENT 1935 -39• 100 PERCENT 
3so~~~~~~~~~r~--,,---~-.-~~~~~~-r~--,350 
1 
325 •"" 3 25 
300>-+--+-+-+--+-+-+--+-+--+--+-+-+r~--j'--~•L•·~!~••~~'-+-•1_,~-+~~\--~~ 
300 275>-+--+-+-+--+-+-+--+-+-+--+-+-+r~__,i-..~~__.1~~+1__,\~~+-~-+-~__, 275 250!-+-+-+-t-+-t--+-+-t-+-+-+-lr~-w~·~PAYRO_S~~l-+-~~+--~~250
·~~-__LL+22s 1-+-+-+-+-+-t--+-+-+-+-+-+-ir~<'-'r-~41~~+~~+-~-+-~-1225
1 200·1-+-+-+-+-+-t--+-+-+-+-+-+-lr-f.~-1'--~41~~+1~-;..,0-_,.><+.~-1 
2001751-+-+-+-+-+-t-+-+-t-+-+-+-+~~~-~.....:::.i.l:::c--_·~·~·~·~··~'1--~~ 175 
·-1~..,.......1.150 >-+--+-+-+-+-t-+--+-+--+--+-+-+•• 1--~~---l ~
100 ' ••.,.. r-I I 
100 
75 I I 
75
I I 
50
501929 
1933 1937 194 1 1942 19 43 1944 1945 1946 1947