SEMI-ANNUAL ISSUE 

TEXAS BUSINESS REVIEW 

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

YOL. X..XI NO. 6 JULY 1947 

HIGHLIGHTS OF TEXAS BUSINESS 

JUNE 1947 COMPARED 
WITH JUNE 1946 
Farm cash income ............................ . 
Construction contracts ................... . 
Pay rolls ........................................... . 
Bank debits ....................................... . 
Electric power consumption ............. . 
Employment ................... ···············-· 
Retail sales ........................................ 
Postal receipts ................................. . 
Crude petroleum production ........... . 
Life insurance sales.-........................ . 
Cotton consumption ...................... . 



PERCENT DECREASE PERCENT INCREASE 
JUNE 1947 COMPARED 

30 20 10 0 10 20 30 40 50 60 70 80 90
WITH MAY 1947 
Farm cash income ............................ . 
Electric power consumption ............. . 
Crude petroleum production ........... . 

Pay rolls ·······································-··· 
Bank debits ············-·························· 
Employment ·············--·-··················· 

Construction contracts ................... . 

Life insurance sales ........... ·············­Cotton consumption ....................... 
Postal receipts ................................ . 
Retail sales .................. ..... ............. . 


TWENTY CEJIT PER COPY 

TWO DOLLARS PER YEAR 

Compliments of 

REPUBLIC NATIONAL BANK OF DALLAS 

Dallas, Texes 




FIGURES FOR THE 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> -----------------------------------------------------------·------------·------·---­lndex of electric power consumption (15) ----------------------------------------------------------------------­Index of employment (25) ----------------------------------------------------------------------------------­1ndex of pay rolls (25) ---------------------------------------------------------------------------­
TRADE 

Retail sales, total ---------------------------------------------------------------------------------------------------------------------­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 29 newspapers------------------------------------------------------·---------------------------­Postal receipts in 54 cities------------------------------------------------·---·--------·-----------·---------------------------­
PRODUCTION Industrial electric power consumption for 10 companies (thousands of kilowatt hours) ____ Man-horns worked in 454 manufacturing· establishments...-----·-·--------------·-----------------------­Crude oil runs td stills (42-gallon barrels) --------------------------------------------------------------------·-· Gasoline stocks at refineries (thousands of barrels)------------------------------------·------------------­Fuel oil stocks at refineries (thousands of barrelsL---------·-----------------------------------------·-­Cotton consumption (running bales> ----------------·----------·-····-··--·-··········-···----------···-···­Cotton !inters consumed (running bales)------------------------------------------------------------------·· Cottonseed crushed (tons) ---------·--···--·-·-·----···-·····-·····-···-··-----------------------····----------------·· Manufacture of dairy products (1,000 lbs. milk equivalent) ·-······----···--··--······-------------------­
Lumber production in southern pine mills (weekly per unit average in board feet) _____ _ 
Construction contracts awardecL----···-···-----------------------------------------·-·---------· __
_ 
Co~st~uction c?nt~acts a~varded.f?'r residential building.·-··-···-··--------------··-··------------··-·-­Bmldmg permits issued m 48 c1t1es.....---··---------------------------···--------------------------·-··--------------··········· 
Number of loans made by savings and loan associations_________________________________________________________ Amount of loans made by savings and loan associations......·-------------·-··-···------------------·--· Crude petroleum production (daily average in barrels) ··-·-··---------------··-·-··------------------·--·· 
Telephones in service (end of month) _____
_
____________________________________________________________________ _
____ ___ 
AGRICULTURE 

Farm cash income ---------------------------------------------------------------------------····-··------···--··-------------··--··· 
Shipments of livestock (carloads) .... -------------------·-··-···----------------------··-······-------------·· 
Rail shipments of fruits and vegetables (carloads) ________________________ __
____________________________________ _ Rail shipments of poultry (carloads) ---------------····-·-···-···-··-----------------------------------------------­
Rail shipments of eggs (shell equivalent in carloads) _____________ _
_________________________________ _ Interstate receipts of eggs at Texas stations (shell equivalent in carloads) -····--·········------··-­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) __________ _ Bank debits in 24 cities (thousands) --------·-··--·--·-··--·-----····-···-·····----------····-····--·---···------·-·---­
Corporation charters issued (number)-------------------····-----------------····---------·-·-·-------­Ordinary life insurance sales (thousands) --------------------------------------···------··-·------------------­Sales of United States Savings Boods___________________________ ·-····-------------------------------------------­TRANSPORTATION 
Revenue freight loaded in Southwestern District (carloads) ________ __
_________________________ --·--·-·-···-­Export and coastal cars unloaded at Texas ports_________ --------·---. -----------------·--·-·-·-·· ·----------­Miscellaneous freight carloadings in Southwestern District (carloadsL... ····-------------------­Air express shipments (number) -------······-----------------------------------------·-···---------------·--··-----··· 
LABOR 

Total nonagricultural employmenL.--------------------------------····-·--·-··------------------------------···--­Manufactu ring employment_______________ ..................-------------------------------------------------­
Nonmanufactu ring employment..... -·--··· ..... -·-···-···--....···-------------·-···--·--···· ···-··---------------­Nonagricultural civilian labor force in 15 labor market areas.-----·········-·······--· -····-·········· .. Unemployment in 15 labor market areas.--------------------------·--··----------··----------------------------­Placements in employment in 15 labor market areas ..·-··-------------------···-··········-·····--... 
GOVERNMENT Revenue receipts of State Comptroller.._______________________________________________________________________ _ Federal internal reven.ue collections_
_ 
_
___________________________________
_______________________ _
__________ _ 
PRICES 
Index of consumers' prices in Houston (1935-39=100)t . __ ------------·-........ ---··· ···-··--· 

Index of food prices in Houston (1935-39=100)t_____________________________ ····· ·-----·-···-·-······--··--· 
June 
1947 
190.1 
276.0 
143.0 
155.9 
266.1 
120.4 
224.5 
$364,800,000 
56.8 
54.2 
24,692,366 $ 2,489,574 
260,744 2,291,373 43,309,211 17,880 16,384 11,696 1,115 6,377 104,666 218,449 $ 50,882,623 $ 29,590,654 $ 26,417,307 1,638 $ 5,885,935 2,288,950 834,075 
$187,527,000 10,063 9,733 15 345 12 
$ 741,000 $ 1,848,000 $ 1,532,000 $ 2,960,874 
281 $ 59,280 $ 15,248,264 
285,958 16,966 167,594 25,410 
1,631,400 
339,300 
1,292,100 
1,219,853 
69,371 
23,526 
$ 27,524,782 97,716,438 
157.6 
197.1 
May Jane 1947 
1948 
187.3 172.7 
284.1 
269.1 
143.0 141.3 
145.3 157.7 
256.0 233.9 
119.3 110.1 
219.2 188.I 
$388,900,000 326,500,000 
57. 
1 52.0 

58.7 
62.3 


26,277,651 18,130,984 $ 2,672,981 $ 2,410,367 
227,325 229,395 2,260,074 1,934,602 41,746,563 43,813,070 17,809 17,018 14,206 12,238 12,437 16,559 1,034 1,890 6,602 3,239 102,527 83,384 226,206 198,325 $ 52,898,189 38,955,302 $ 23,526,200 $ 8,930,903 $ 20,260,918 $ 17,814,837 1,984 2,114 $ 7,405,365 $ 8,005,905 2,226,850 2,251,700 825,696 738,561 
$ 93,618,000 $ 98,818,000 12,403 9,301 13,311 11,323 
28 53 470 589 11 47 
$ 736,000 s 673,000 $ 1,849,000 $ 2,038,000 $ 1,530,000 $ 1,443,000 $ 2,910,710 $ 2,559,733 
230 270 $ 62,009 $ 68,491 $ 14,477,511 $ 19,626,718 
282,876 289,106 17,249 16,218 173,500 165,524 25,917 20,185 
1,617,600 1,570.400 324,800 305,100 1,292,800 1,265,300 1,212,663 1,212,706 66,656 99,748 21,488 21,303 
$ 41,440,730 $ 21,844,570 $ 62,651,199 $101,587,397 
158.6 128.5 
139.7
199.2 

*The composite index is made i.p of the indexes listed. All component indexes except employment and pay rolla . are adjusted for eeaaOllAI var iation, and all inde.'<es nre basO<l on the OTerage month of the :years 1931)-39. Numbers in parentheses following the component indenl indicate the weight of each index in the compoeite. 
tFigures for May 1947, April 1947, and May 1946. 

The Business Situation in Texas 

Business activity in Texas increased slightly in June over May, as the composite index compiled by the Bureau of Business Research reached 190.1 to record an increase of 1.5% over May. Three of the com­ponents increased, while one decreased and one re­mained unchanged. The index of crude runs lo stills rose 7.3% from May, after adjustment for seasonal variation. Electric pou:er con.sumption increased 3.9%, pay rolls 2.4';(-, and employmenl 0.9CC.. The inJex of frrighl carloaJings remained unchanged at 143.0, while department and apparel store sales dropped 2.9%. 
The dollar volume of business transactions, as meas· ured by the Bureau's inde:r of bank debits in Texas cities, declined 1.1 % in June, to bring the seasonally­adjusted index to 367.0. The actual volume of hank debits increased 1.77<-, but since there is a normal sea­sonal increase of 2.7';(-, the adjusted index showed a slight decline. 
The index of postal receipt.s, which also served as a composite measure of changes in business conditions, declined 4.4% in June after adjustment for seasonal variation. 
When several measures of general business show con­flicting trends, there is ground for some uncertainty as to the direction in which business is actually moving. However, the series with an upward movement were stTOng enough to indicate that June was a somewhat bet· ter month than :\lav. On the basis of the same indexes a definite do'lll"Oward trend was evident in :\fay. 
In comparison with a year ago, the composite index was up 10.l7c , bank debits 1. 75'(-, but postal receipts down 6.93. The period is rapidly approaching when the few if any of the important series will show sub­stantial gains over a year ago. The chart of the com· p<>site index shows that the year 19-l 7 has not shown the steadily rising trend in busine~ that 1946 wit· oessed. There is some evidence that the early spring may have been the peak of the po~twar boom; at least activity since that date has failed to supply substantial evidence that the rising trend will continuf'. 
One of the most striking of the downward trends re­vealed in June business appeared in retail trade. Esti· mated retail. sales in Texas declined 10.5% in June, considerably more than the usual seasonal decline for this period. The adjusted index of retail sales fell 6.2%, with a greater decline registered in durable goods stores than in nondurable. The former dropped 8.0% after adjustment for seasonal variation, while the latter fell 5.3%. Every type of durable goods store except jewelry stores showed a decrease, and in the nondurable group every type of business except apparel declined. The unanimity with which the different types of busi­ness reported decreases made it clear that there was a substantial reduction in consumer buying in Texas dur· ing June. 
Manufacturing activity in June, on the other hand, showed a substantial gain, as measured by the consump· lion of e'lectric power by industrial concerns. The in­crease of 14.7% was enough greater than the normal seasonal rise to bring the Bureau's seasonally.adjusted index to 266.6, a gain of 11.5% over May. Man-hours worked in 454 manufacturing establishments were up 1.4% over May, and total manufacturing employmenl was up 4.5%. At the same time nonmmwfacturing em­plopnent (exclusive of agricultural employment) de­creased 0.1%. 
The runs of cnule oil to stills increased 3. 7% QVer May, while the daily average produdWn of crude pe­trol.eum increased 2.8%. The consumption of cotton by Texas mills, however, decreased 6.0% from May, and cottonseed crushed decreased 3.4%. The manufac­ture of dai,ry products increased 2.1% over May. 
BuilJing permils in Texas cities increased 30.4% in June over the previous month. although normally June building permits are below May. Construclion contracts awarded for residential building rose 30.4% between May and June, while other contracts declined sufficiently to bring the total of construction contracts awarded in June to 3.8% below the May level. 
INDEX  OF  TEXAS BUSINESS  ACTIVITY  
PERCE  SEASO  PERCE T  
2 2 193~  1936 193  1938  1935. 39•100 1939 1940 1941 42 1943  19 44 1945 1946  60 0 0 180 160 14 0 120 roo 1947 80  

~TaM Bmm.-ltaDW iii ~"7 the ear.a ol Basi-a.-.rdl. CoDetre of Businea AdministntioD. The Un.i•ersit;y of Texu. ....... • ' ..... ....,_. -~'1. 1918 at tile pc.t o8ice at A...W.. Tem. a1'ller the Act of August 14. 191Z.. 
Farm income for June was dominated by the tre­mendous wheat crop being harvested, which pushed the June income to an all-time high. Total income from farm marketings for June was $187,527,000, of which $96,936,000 was from wheat. For the State, wheat rep­resented 52% of the total farm income in June. For District 1-N (Northern High Plains) wheat accounted for 86% of farm income, for District 1-S (Southern High Plains) 46%, District 2 (Red Bed Plains) 83%, District 3 (Western Cross Timbers) 56%, District 4 
(Black and Grand Prairies) 623, and District 8 (South­
ern Texas Prairies) 31 %. June farm income was 90% 
higher than June 1946, which was the largest June 
income since the Bureau's index was started in 1927. 
June 1947 farm income was 5% times the June 1929 
total, and over 14 times as large as the June 1932 in­
come. The effects of this large wheat crop on business 
are obvious, but it is to be hoped that farmers artd 
businessmen will realize that this situation is tempo­
rary, and with the return of the prewar status of agri­
culture in foreign countries the demand for Texas 
wheat will be nearer the prewar level. 
Loans of reporting member banks in the Dallas Fed­
eral District increased slightly (0.7%) in June over 
the previous month, while loans and investments de­
creased 0.1 % . During the same period demand deposits 
of member banks in the Eleventh Federal Reserve Dis­
trict increased 0.1 %. Life insurance sales during June 
were 4.4% less than in May, but sales of United States 
Savings Bonds increased 5.3%. 
THIS MONTH 
As a new feature of the labor section of the REVIEW, the Bureau of Business Research is pleased to present this month estimates of total nonagri­cultural employment in Texas (see p. 21) with netaile(f estimates for the various types of non­manPfacturing industries in addition to the usual manufacturin~ employment estimates. Prepared in co-operation with the federal Bureau of Labor Sta­tistics, this series is available by months from 1943 to flate and may be obtained upon request from the Bureau of Business Research. A second addi­tion apnears this month in the financial section, where information on the sales of United States Savings Bonds in Texas is made available through the courtesy of the U. S. Treasury Department. For this semi-annual issue Dr. .Tohn R. Stockton, Stafr:;tician for the Bureau and Professor of Busi­ness Statistics in the College of Business Adminis­tration, has also prepared a comprehensive analysis of business conditions in Texas for the first months of the year (pp. 28-31). This analvsis is nresented in conjunction with cumulative tables for State and local business activity covering the same period. 
TRADE 
Retail Trade 
(The movement of coods into the hands of consumers la one of the fundamental aeries of statistical data on business activity, since for business to be sound the volume of retail trade must be rood. During a period of risin.c prices, such as the present, ain increase In sales may result from a rise in prices as well as from an increase In the amount of business. The fluctuation• in retail credit ratios art Important conditioning factors of the volume of trade. Newspaper advertising linage and postal receipts are secondary trade lndlcaton.) 
Retail sales of all stores in Texas were estimated by the Bureau of Business Research to be $357,800,000 in June, a decrease of 10.5% from May 1947. These estimates were based on reports from 1,781 stores re­ceived by the Bureau. However, since the normal sea­sonal pattern for June is a decrease · from May, the adjusted sales declined only 6.2%. 
The decrease in sales was almost the same for durable and nondurable goods, 10.0% and 10.8%, respectively. However, a greater seasonal decline would have been normal for nondurable goods, with the result that the seasonally adjusted sales of nondurable goods decreased only 5.3%, while adjusted sales of durable goods dropped 8.0%. 
RETAIL SALES OF INDEPENDENT STORES BY KINDS OF 
BUSINESS 
Number Percent change 
of reporting June 1947 June 1947 establish­from from 
Business ments J une 1946 May 1947 
TOTALt ------------····-----·-···------···---------------1,781 + 9.6 -10.5 ======== 
APPAREL  --·------··--·-­·--·-·--·--··---········--­-··  213  - 10.8  -11.0  
Family clothing  stores__ ______________________  37  -10.6  + 9.2  
Men's and boys' clothing stores______ __  70  - 4.6  - 18.7  
Shoe stores -----·-·-------··------·-----·-·----------­ 33  -13.1  -22.1  
Women's specialty shops  ---------­---····­ 63  -13.5  -26.9  
Other apparel AUTOMOTIVE*  -·-·-·----·-·----·-·-·--··------····-­----------------------------------·  10 199  -35.2 + 60.8  -23.4 -9.6  
Motor  vehicle dealers  ----··-----------··----­ 148  + 70.9  -10.9  
COUNTRY  GENERAL  ------------------·····  71  + 5.7  - 9.5  
DEPARTMENT STORES  --·------·----··---­ 57  3.9  - 22.8  
DRUG  STORES  ---------------------·--····---··-·-­ 140  3.3  - 5.1  
GENERAL MERCHANDISE ·····­···----­ 45  5.1  - 10.4  
FILLING  STATIONS  ---------------···---··-··  77  + 16.4  + 1.4  
FLORISTS  ··-···---·---·--··-·--··----------------------­ 49  - 1.6  - 35.3  
FOOD*  ------------------------···---··--····-·----·--·--­ 263  - 2.1  - 13.3  
Grocery  stores  (without  meat) ----·­ 57  -26.5  -16.5  
Combination stores (groceries and meats) -----·--·--·-------···-------·----------------­ 173  +11.2  - 12.2  
Other grocery and combination stores ---------------------------------­-------------­ 7  + 19.2  -13.2  
FURNITURE AND HOUSEHOLD*..  150  + 4.1  -13.2  
Furniture  stores  ------------------------­------­ 108  + 2.0  -13.3  
JEWELRY  ··------·---------················-----··--­-­ 51  -10.9  -11.7  
LUMBER, BUILDING, AND HARD­WARE* ----······-----·--···----··-----­-----­-----­ 221  + 19.5  -9.6  
Fa1·n1  implement  dealers------------------­ 20  + 14.8  -14.4  
Hardware stores  -------------­--------------­----­ ·64  + 7.4  - 10.1  

Lumber and building material deal­ers ···----------··---·-----·--·-···------------·--·-----118 +20.0 8.6 EATING AND DRINKING PLACES* ------·-------········-····------··--·--129 + 0.7 3.9 Restaurants --·-·---------------··--·-·-----·-·--·--110 + 1.0 3.8 ALL OTHER STORES ----------·-·-··-···--· 116 + 0.6 -13.7 
•Total Includes kinda of business other than the classiflcatiODI l11ted. tWeighted. 

RETAIL SALES OF rNoEPENDENT STORES BY CITY-SlZE GROUPS 
Number Percent change 
of reportinir J une 1947 J une 1947 establish-!:rom from 
City-llize group me:nts J une 1946 May 1947 
1,7 1 9.6 -10.5 

Total• + 
O•·er 100,000 population 696 + 3.2 -13.7 1>0,000-100,000 population 207 + 12.6 
-13.4 2,0Q0-<;0,000 population 695 + 11.1 -13.1 nder 2,500 population 1 + 19.5 -4.4 
• Weighted. 

After adjustment for seasonal vanatlon, only jewelry 11tore IUld apparel store sales increased in June over May. In spite of these increases jewelry store sales for Jane 1947 were 10.9% below June 1946, and apparel store sales were 10.8% below last June. Sales of all nondurable goods stores were only 2.8% above the same month a year. However, since the sales of dur­able goods stores were 25.3% higher, total retail sales were up 9.6%. Sales of automobile dealers were 60.8% above a year ago, and building material and hardware dealeis 19.5%. These two types of business accounted for the hulk of the increase in the sales of durable goods stores, since furniture and appliance stores re­ported an increase of only 4.1 % over last June, while jewelry store sales declined. 
The ratio of credit sales to net sales in department and apparel stores was 56.8% in June 1947 compared to 52.0% a year ago. In each city separately tabulated, in· creases were reported in the percentage of credit sales for June in comparison witlJ a year ago. Increases ranged 
RETAIL SALES OF lNDEPE DENT STORES BY CITIES 

N umber of  Percent chan ge  
reporting establish- June 1947 from  June 1947 from  
City  ments  J une 1946  May 1947  
Total•  1,7  1  +  9.6  - 10.5  
Abilene  17  + 15.9  -17.5  
Amarillo  4  + 17.5  -10.4  
Austin  59  +  7.1  - 19.  
Beaumont  50  +  0.3  - 15.6  
Brownsville  10  - 6.4  - 12.  
Corpus Christi  51  + 19.2  -20.0  
Dallas  103  - 4.1  .9  
El Paso  31  +  5.2  - 1 .7  
Fort  Worth  126  +  10.4  -15.7  
Galveston  33  + 14.9  -17.0  
Houst<>n  + 17.1  -10.6  

Lamesa  25  + 2  .5  +  0.9  
Lockhart  -30.4  +  40.5  
Lubbock  14  + 20.0  - 25.3  
Plainview  +  6.  - 6.5  
Port Arthur  61  + 32.4  - 10.3  
San Ant<> nio  155  2.2  - 17.  
Temple  3  +  0.  - 15.0  
Texarkana  41  +  .3  - 3.1  
Texas  City  13  +120.7  - 3  .9  
Tyler  27  +  11.  - 12.1  
Waco  34  + 16.0  - 12.0  

Wichita Falls 13 -3.5 -15.7 
Other 61 + 13. -12.1 

• weighted. 

from 2.5% reported in El Paso to 7.6% for Houston. The ratio of collections to outstanding accounts at the end of the month continued to be below last year's figures. In June 1947 an amount equal to 54.2% of outstanding accounts was collected from customers, whereas a year ago collections ran to 62.3% of accounts receivable. Austin rang up the highest collection ratio 
(65.3) for June this year, but it was likewise consider· ably below last. year's showing. 
Taxable sales of gasoline reported by the State Comp­troller were 177,327,244 gallons in May, an increase of 5.5% from April. The Bureau's index of gasoline sales in Texas, adjusted for seasonal variation, declined 1.0% from May to June to 177.0% of its prewar (1935-39) base. Sales to the federal government in May 1947 totaled 19,315,363, a decrease of 51.2% from May 1946, but an increase of 36.4% over April 1947. 
Attendance at Texas State parks in June 1947, accord­ing to the monthly report of the Board of State Parks, was 89.7% above June 1946, and 113.l % over the pre­ceding month. While the 99,656 Texas cars visiting State parks in June represented an increase of 4.9% over June 1946, and an increase of 13.6% over May 1947, the 2,899 out-of-state cars represented a 27.7% de­crease from June of last year, but an increase of 8.4% over May 1947. During June 682,436 persons visited Texas State parks. A total of 11,299 were registered as overnight visitors. 
CR E DIT RATIOS lN DEP ARTMENT AND APPAREL STORES (In percent) 

Ratio of  Rat io of  
c.redit sales  collections w  
N umber t o net sales•  outatandiniis t  
of  
reporting J une  J une  June  J une  
Cl  ification  stores  1947  1946  1947  1946  

ALL STORES 57 56. 52.0 54.2 62.3 
BY  CITIES :  
Austin  7  47.2  40.5  65.3  73.3  
Beaumont  3  59.9  52.7  55.6  64 .5  
Bryan  47.1  41.0  53.  57.2  
Corpus Christi  3  44 .0  36.9  57.7  76.3  
Dallas  67 .5  64.3  54.6  61.5  
El Paso  3  46.  44.3  44.9  54.2  
Fort Worth  4  5 .9  51.  56.4  6 .  
H ouston  6  55.  4 .2  53.4  60.6  
San  Antonio  3  49.6  43.9  51.7  57.4  
W aco  4  54.7  51.0  52.9  60.3  
Other  13  44.  40.9  61.0  71.l  
BY TYPE OF STO RE :  
Department  stores  (annual  
sales  over  $500,000)  --16  56.4  50.3  54.6  63.3  
Department  stores  (annual  
sales  under $500,000)  -­ 47.0  42 .3  55.0  65.6  
Dry goods apparel  stores  _  42.0  35.7  62.3  71.5  
°"·omen's  specialty  bops  - 15  63.9  62.6  50.7  57.4  
Men's clothing st<>res  --­ 14  50.4  44.3  60.9  69.  
BY  VOLUME  OF  NET  SALES  
(1946) :  
O•·er  2,500,000  59.  55.2  53.3  61.1  
Si,OOO,OOO-S2,500,000  14  46.3  40.5  60.5  69.9  
$500.000-$1,000,000  13  45.1  3 .0  55.  6 .4  
Less than $500,000 --­ 12  37.4  34.9  5 .3  62 .5  

•Credit sales di .-ided by net sales. 

tCollections during the month di.-ided by the l<>tal accounta unpaid on the first of the month. 
TEXAS BUSINESS REVIEW 
Advertising linage in 29 Texas newspapers in June Wholeaale Trade 1947 was 36.2% above June 1946. In comparison with 
(Wholeaale aalea represent the movement of cooda to retalJea,
the preceding month June linage decreased 6.0%. and when compared with the chanirea In retail aalea Indicate wl11.._ 
June postal receipts for 54 Texas cities were 3.3% atocka In the hands of retailer• are belnc maintained at a con•tut 
level or are belnc allowed to Increase or deer••••· The lnformatlla

above June 1946, but decreased 6.9% from May. The 

on lnventorlea of wholeaalera clvea an Indication of the avallalillltJnormal seasonal change between May and June is a 2.5% of cooda to retallera, which In thla period of ahorta,.a la a lipll. decline. Thirty-seven cities reported increases over re­cant factor In the buaineaa altuatlon.) 
ceipts of last year, with Longview topping the list show­May sales of 143 wholesale firms in Texas, aecordini ing a 56.0% gain. Thirteen of the 54 cities registered to reports received by the Bureau of Census, Unitea gains in June over the preceding month. 
States Department of Commerce, showed a 30% increue above the same month last year, and an increase of 2% 
POSTAL RECEIPTS 
over the preceding month of April. As compared with May 1946, automotive supply wholesalers registered
Percent change 
a 2% drop, while all other lines of business reported
June 1947 June 1947 
June May June from from 

sales increases. 	For the fifth consecutive month, elec· 
1947 June 1946

City 1947 1946 May 1947 	trical goods wholesalers led the field with a gain of 135%. In comparison with the preceding month, whole­
TOTAL .............. $2,489,574 $2,672,981 $2,410,367 + 3.3 -6.9 


salers in hardware, and machinery, equipment, and sup· Abilene 28,936 30,359 25,949 +11.6 -4.7 plies reported increases. Sales of drugs and sundries Amarillo ---·---·-----­
56,165 56,853 55,416 + 1.4 -1.2 

-showed no change, w.IJ,ile automotive supplies, electrical 
Austin ...... ·---------· 110,831 123,996 112,456 -1.4 10.6 
goods, groceries, and tobacco products declined. 
·neaumont ........... . 46,277 45,632 45,832 + 1.0 + 1.4 
Borger ................. . 6,634 7,022 6,142 + 8.0 -5.5 

W H OLESALE RS' SALES Drownsville -------11,123 11,813 10,439 + 6.6 -1.7 
Source: Bureau of the Census, U. S. Department of Commerce
Brownwood ....... . 10,386 10,577 9,996 + 3.9 -1.8 
Bryan ····-·············· 


7,856 8,381 8,010 -1.9 -6.3 Percent change 
Childress ·-·--····· 	3,172 3,271 3,053 -3.9 -3.0 
Number
Cleburne ............. . 	5,311 4,815 4,568 + 16.3 +l0.3 


of May 1947 May1947 Coleman ------------­3,781 3,910 3,368 + 12.3 -3.3 reporting from from Corpus Christi .... 60,381 64,295 61,784 -2.3 -6.1 
Rusin~s 	firms May 1946 Apr. 1947 

Corsicana -----------	8,603 8,652 12,272 -29.9 -0.6 +
TOTAL ··-·················································· 143 30 +2 
Dallas ·-··········-····· 632,384 677,612 609,135 + 3.8 -6.7 
Denison ---------------­8,714 9,433 8,555 + 1.9 -7.6 Automotive supplies ·······················-······· 12 -2 -4 
Denton -···-·······-·· 10,206 12,036 9,163 + u.4 -15.2 Drugs and sundries• -····················-······· 18 + 9 0 
Edinburg ........... . 6,011 5,485 5,274 +14.0 + 9.6 Electrical goods ·····-····-···-··-·················· 29 +135 -1 

El Paso -·-· ........ . 90,425 79,979 86,319 + 4.8 +13.1 Groceries -·--···-········-···--·-··········---49 + 12 -2 
Fort Worth ....... . 264,552 296,766 250,052 + 6.8 -10.9 Hardware ·················-······-········-·············-14 + 22 + 8 
Gainesville -----------4,567 5,475 4,880 -6.4 -16.6 Machinery, equipment, and supplies 

Galveston ........... . 49,322 48,109 50,872 -3.0 + 2.5 (except electrical) ·····--···-···-·········· 4 +103 +11 
Gladewater ·····-··· 3,650 3,522 3,612 + u + 3.6 Tobacco products ········--···-·--···-······· 8 + 7 -6 
Graham -----------­3,102 3,362 2,997 + 3.5 -7.7 All other -······-·········-··-······-··-··-··-·-··· 9 + 8 + s 
Greenville ---------­9,015 9,194 10,117 -10.9 -1.9 

*Includes liquor departments.
Harlingen ------------12,447 11,636 10,472 +18.9 -7.7 
Houston ............... . 426,996 468,688 417,304 + 2.3 -8.9 

Inventories of the same wholesale establishments

Jacksonville ....... . 	5,815 6,068 5,842 -0.5 -4.2 1,745 2,081 1,670 -16.1 showed no change between April and May 1947, but
Kenedy ···········-··· + 4.5 Kerrville -············ 5,301 4,562 5,032 + 5.3 + 16.2 . increased 50% over the level of May 1946. Only drugs Lamesa -4,020 5,065 5,565 -27.8 -20.6 
-----------· 	and sundries showed a decline in inventories as com· 
Laredo ····---······ 14,986 15,137 15,104 -0.8 -1.0 
pared with last year; however, the margin of increase
Longview ------· 18,331 15,428 11,749 +56.0 + 18.8 
over last year's inventories in May was at its lowest
Lubbock -··-······· 36,545 44,058 28,554 +28.0 -17.1 

Lufkin ·············-··· 8,017 7.754 7,116 + 12.7 + 3.4 1947 level to date. 
McAllen ............... . 8,954 9,626 9,085 -1.4 -7.0 
Marshall ............. . 10,048 10,297 8,600 + 16.8 -2.4 

WHOLESALERS' INVENTORIES 

Midland ···-·········· 12,445 13,977 10,377 +19.9 -11.0 Source : Bureau of the Census, U. S. Department of Commerce 
Nacogdoches ..... 5,539 5,737 5,fOl + 8.6 -3.5 
Orange ................. . 9,705 10,542 12.174 -20.3 -7.9 Percent chanir• 

Palestine ·········-··· 7,564 7,625 7,058 + 7.2 -0.8 May 1947 l\{ay 1947 Paris --------------·-···· 7,048 11,481 8,175 -13.8 -38.6 from from Port Arthur ....... . 22,357 23,931 22,669 -1.4 -6.6 
Business 	May 1946 Apr. 1947 
San Angelo ......... . 20,266 23,007 23.118 -12.3 -11.9 

TOTAL ·············---··-···--····-······-·-··-·······················=+~5=0==== 

San Antonio ----­235,338 257,530 232,031 + 1.4 -8.6 
Sherman ····--···­11,521 12,786 11,222 + 2.7 -9.9 Automotive supplies -·-·--·-·····-····-···--·-+118 + 8 
Snyder ·····--······­2,084 2,187 1,842 +13.1 -4.7 Drugs and sundries• ····-··········-··············--···-····--1 +8 
Sweet~ater -------­6,685 9,229 9,021 -25.9 -27.6 Electrical goods -··-······-····-·--·-········-···-··----+ 169 +4 
Temple 12,103 11,735 10,483 +15.5 + 3.1 Groceries ··-··············--··-·-··········-······-·-···-·-····-+ 37 -8 
Texas City ......... . 8,267 7,633 6,445 +28.3 + 8.3 Hardware ········-··-········-·-·-··---·-····-···············-··· + 77 +1 

Tyler -·--·········· 25,594 26,519 21,215 +20.6 -3.5 Machinery, equipment, and supplies (except 
Vernon ------·----­5,931 5,574 5,565 -27.8 -20.6 electrical) -·--·········-···-·-·-·-··-···-····-·--··-+ 52 0 
Victoria -----------­8,361 8,776 7,597 +10.1 -4.7 Tobacco --··-···-··-·-·--···-·····-···-·-··-····-··· + 18 +7 

Waco -·-·---·-· 57,842 64,729 53,240 + 8.6 -10.6 All other ···--·-----··-·-·--·----·-+ 36 -2 
Wichita Falls .... 36,315 39,534 37,115 -2.2 -8.1 

*Includes liquor departments. 

Fanip Trade 

(T-&s-fer ._t......,ts &-the principal ports of ...Slate ....... aa _..te ~_.....,of the c~tvolume .. ....... ....-rt bwle.. vu-&pres ,_ ezports and imports, .....,_., ....wt a -~-tof foreign trade 
• !eeg) 

E:Lporls of domestic and foreign merchandise from Gal­vt!Soo and Houston continued to rise in May, totaling 759,731 tons or 5.6% more than the 719$9 tons of mercbandise exported from these 2 ports in April. ~lay exports were 96.6<'.(-greater than exports in May 19-±6. Data on exports from Galveston and Houston indicate that Texas shared in the continued expansion of Ameri­can export trade. 
The gain in export tonnage registered by Hou;;:on was in contrast to the decline shown by Gah-eston. Houston's gain in May O\'"er May 19-16 ·was 2:-.or;-, while the decrea...~ in the case of Gah·eston was 2.2'c. For Hoo.."lon the major gain in tonnage was in wheat: cotton exports declined. In Galwston tonnage gains

•·ere in grains other than wheat and in sulphur. A. declining tonnage was registered, howewr, for cotton, wheat, ad Soar. 
~the national export picture is one of continued apewing, Houston's exports of cotton, rice, and liYestock daring tbe first 4 months of 1947 hue fallen below the 1946 figures. 
For the nation as a whole, May exports totaled Sl,4.Sl,700,000, a new postwar peak and 11.8% ahove the comparable figure for April 19-17. But imports dropped again after a slight improvement the month before, totaling $473,600,000 for May, a fall of 7.67o from April Through the month of May, the excess of exports was nmning at the annnal rate of $9.4 billion. The remit is that foreign dollar balances continued to decline. Further measures are being taken to restrict parehaaes in the United States.. of which the latest move bas hem that of Mexico. Mexico has this month taken dnstic llleps to restrict, on what is believed to he a tanporary basis, the importation of luxuries and non­,,..,,,ial goods. 'I1te country hopes thereby to conserve its dwindling supply of dollar exchange. 
EXPORTS FRO t GALVESTO.. AND HO STON 
( i:D tons) 
Soo.rtt : Gal.-esto a.nd H n 11.a.rilime Anocia ti , 1Dc. 

~-iS -!6.0 -4. HOl:ZST-Q_., TOTAL _ US. ; 193~ l~.413 -49.3 -.o 
~
Cotton l!, 15, 31.153 -59.2 -15.9 wi-t 53,3 3,. +!IO.I ..L 41. floc:r ~,536 s.t,.l 4,134 +u l. 0.6 Other llU'i-l 76,6!1 lll.!87 u +' .3 

United States exports of food to foreign countries in the fiscal year ending June 30 were 18,433,000 long tons, according to a detailed report on food exports by the cabinet committee on world food programs, released by the President early in July. Last year's exports of food constituted the largest annual volume of food ever shipped from a single country. In the year ending June 30, 1946, exports were 17,122,000 tons, the previous record. In making his report, the President promised continued American aid to the world's hungry and indicated that the huge exports last year were still short of meeting urgent postwar needs for food. 
There was a decline in the exports of niercharulise by air from Texas in April as compared with March, but both months showed a substantial gain over January and February. The total for April was $2,362,508, the hulk of the movement taking place through the Laredo District, which includes the airports of Brownsville, San Antonio, and Laredo. 
£XPORTS OF MERCHANDISE BY AlR 
Source: Bureau of the Ceru , U. . Department of Commerce 
Percent change  
DistrJet and pori  Apr. 1947  :M.ar. 1947  ,\p• . 1946  A pr. 1947 from Apr. 1946  A p r. 1947 from Mar. 1947  

TOTAL ___$2,36!,50 $2,534..270 $1,756,723 + 34.5 -6.8 
GALVESTON  - -U4,567  257,.24-8  2.46,550  + 6 .1  + 61.2  
Dallas  --­ 99,016  H,13  +140.7  
Fort Worth _  2,024  2.46,550  
Homi:on  --315,551  214,0 6  + 47.4  
L...\REDO __  l , 7~ ,299  2,102,621  1,413,097  + 26.2  -15.2  
Brownsville _  13,909  1,149,237  1,163,136  -30.0  -29.2  
Laredo  -­ 5,3~2  7,.539  46,694  .5  -2 .6  
Sa.n A.n  nio _  964,00  945, 45  203,267  +374.3  + 1.9  
EL P A 0  -­ 164,642  174,401  97,076  + 69.6  5.6  
El  Paso  -­ 164,642  174,401  97,076  + 69.6  5.6  

lmport.s of general merchmulise by air in April were only a third of those in March, and were down by almost as much when compared with April or March 1946. Thus both exports and imports by air were down for the month. Importations through the airports of the Galveston dis­trict were off 96.0% for the month. 
IMPORTS OF GENERAL l\IB.RCHANDlSE B Y AIR 
urce : Bureau of the Census, U. S. Department of Commerce 
Percent change 
Apr. 1947 AJ>r. 1947 District and port 
Apr. M:a.r. Apr. m from 
19-47 1946 A.pr. 1946 Mar. 1947
o.f un}ading 1941 
116,230 s 397,049 s 390,621 -70.2 -70.7 
TO-TAL ---· 
GALVESTON  - 9,715  41,256  92,611  - 90.0  - 96.0  
Dallas  --­ 3<i7  50  40,624  - 99.1  -29.7  
F  Worth - 3  51,9 7  - 99.9  
H  n  -­ 9.355  240,7  -96.1  
LARRDO -­ 9, 49  116,141  265,179  - 66.1  - 22.6  
..-nsnJle _  1_,955  26, 52  1  ,036  - 93. l  -51.6  
!kl Rio -­ 109  
Laredo  -­ 464  103  9,764  - 95.2  +350.5  
San A.n  nio _  6.321  9,2~6  ,379  +  11.6  -14.5  
EL PASO  -­ 16,666  39.652  32, 1  - 49.2  -5 .0  
El  Paso  -­ 16,666  89,652  32, 31  - 49.2  -5 .0  



PRODUCTION 
Manufa.cturing 
(The volume of menufacturlnr activity In any lnduatrlal area la a aenaltlve measure of the chanrea In bualneH activity. The vol­ume of durable rood• manufactured tenda to fluctuate more vio­lently than the volume of nondurable rood• auch aa fooda, and may aerve to Indicate chanrea In the bualneaa situation at an early date. Since many manufacturlnr lnduatrlea vary rerularly with the seasons, thla factor muat be taken Into conalderatlon In lnterpretmr the chanrea from month to month.) 
For the second consecutive month man-hours worked at Texas factories increased, the May-to-June gain stand­ing at 1.4%. The seasonal upsurge in activity at can­neries, which reported a 16.6% jump in man-hours over May, was the principal factor in the over-all monthly advance, although 5 other industries had increases (chemicals, 6.4%; nonferrous metals, 4.5%; furniture and finished lumber, 2.8%; lumber and timber, 2.9%; and paper, 1.2%). 
Compared with June 1946, manufacturing acti;Iij as measured by man-hours was up 18.4% in June 1947. All nondurable goods industries and 3 of the 6 durable goods industries turned in gains. 
Electrical power consumption by industrial users was 14.5% greater in June 1947 than in May. Although part of this gain may be attributed to seasonal factors, the index after seasonal adjustment still moved up 11.5%, reaching 266.6% of its 1935-39 base in June. 
June crude oil runs to stills, totaling 43,309,211 bar­rels, were 3.7% above May, but 1.2% below the figure for June 1946. The index of crude oil runs to stills, sejlsonally-adjusted, was 155.9, a 7.3% increase from May to June 1947. 
Refinery stocks of gasoline, distillate, residual, and kerosene in Texas all registered gains from May to June 1947. Gasoline in Texas showed increases of 0.4% in the monthly comparison and · 5.1 % in the yearly com­parison. Distillate stocks were up 17.0% over May 
REFINERY STOCKS• 
(In thousand• of barrels) 
Source : The Oil and Gu Jovrnal 

Percent change  
June 1947 June 1947  
Section a nd Item  June 1947  May 1947  June 1946  from from June 1946 May 1947  


TEXAS  
Gasoline  -----·-----------------­17,880  17,809  17,018  +  5.1  +  0.4  
Distillate  ........................  7,407  6,329  6,674  + n.o  + 17.o  
Res idual  ·······------------------­ 6,356  6,610  5,664  + 14.2  + 13.3  
Kerosene  ······-·------------·····  2,622  2,267  +15.7  
TEXAS GULF COAST  
Gasoline  -----------­------------­ 14,407  14,056  14,136  +  1.9  +  2.5  
Distillate  --------------------­ 6,999  6,996  6,298  +n.1  +16.7  
Res idual  ------------------------­ 5,636  4,991  4,872  + 16.7  + 12.9  
Kerosene  -----------------------­ 2,309  2,014  +14.6  
INLAND TEXAS  
Gasoline  ~-------------------­ 3,473  3,763  2,882  + 2o.5  -7.5  
Distillate  -------------------­ 408  333  376  +  8.6  +22.5  
Res idual  ··----------·-·---------­ 719  619  692  +  3.9  +16.2  
Kerosene  ·----------·------------­ 313  263  +23.7  

•Fi1rures shown for week endinll' nearest last day of month. 
1947 and 11.0% over June 1946. Residual stocks gained 13.3% from May to June 1947 1,md 14.2% in the yearly comparison. 
Gasoline stocks for Inland Texas registered a 7.5% loss, but for the Texas Gulf Coast showed a 2.5% gain. The Texas Gulf Coast section had increases in all itema in both monthly and yearly comparisons. Inland Texaa revealed gains in all items on a yearly basis and a loa only in gasoline in the monthly comparison. 
The consumption of cotton at cotton mills in Texas declined 6.0% from May to June 1947 and in the latter month was 29.4% below the amount consumed in June 1946. The seasonal drop this year, however, was not 81 severe as the 11.8% decrease between May and June 1946. Although the consumption of [inters gained 7.8% in June over May, June 1947 still registered a sub· stantial (41.0%) drop under June a year ago. Total cotton consumption in Texas this June was 11,696 run­ning bales, while !inters were used at the rate of 1115 running bales. ' 
CONSUMPTION OF COTTON AND COTTON LINTERS (in runnlne bales) 
Source : Bureau of the Census, U. S. Department of Commerce 
Percent change  
June 1947 June 1947  
Item  J une 1947  May 1947  June 1946  from from June 1946 May 1947  

Cotton ·····-·····-···-·····--·-11,696 12,437 16,659 -29.4 -6.0 
Linters ---------···---·······-1,115 1,034 1,890 -41.0 + 7.8 

Activity in Texas cottonseed mills started its seasonal increase in June with a nine-fold increase over May in mill receipts of cottonseed. The June 1947 figure also registered a 79.9% gain over June 1946. Cottonseed crushed for June 1947 was d0wn 3.4% from May 1947 but up 96.9% over June 1946. Stocks at the end of the month dropped 20.5% from May 1947 to June 1947. The seasonally-adjusted index of cottonseed crushings jumped 53.4% from its May 1947 level to 52.3% of its 1935-39 average. 
COTTONSEED PRODUCTION 
(in ton1) 
Source: Bureau of the Census, U. S. Department of Commerc1 
Percent change  
June 1947 June 1947  
Item  June 1947  May1947  J une 1946  from from June 1946 May 1947  

Received  at  mills  ............  2,170  206  1,206  + 79.9  +953.4  
Crushed  ------·-··-·-··-··--·······  6,377  6,602  3,239  +96.9  - 3.4  
Stocks  at end  of  month .. 16,328  20,535  11,627  + 40.4  -20.6  

Wheat grinding activity followed its usual seasonal movement between Marc4 and April this year, declining by 13.2%, and the amount of flour produced decreased in proportion. The April 1947 index number showed that the volume of wheat ground for flour in Texas in that month was 61.0% greater than in the average month of the years 1935-39. 

WHEAT CRINDINGS AND FLOUR PRODUCTION ~= Burell,, of tihe Oens"DS, U. Depa.rtment of Commttce 
Pe~cent change  
Item  Unit  Apr. 1947  :Mar. 1947  Apr. 1947 A pr. 194 7 Apr. from from 1946 Apr. 1946 Mar. 1947  



d __ l,OOObu.. 3, 48 4,425 2,790 ~7.7 -13.2 ___ 1,000 sh 1,640 l, -1,2 1 +2 .o -18.s 

Cowrt·production in Texas rose 1.9% from April to May, registering a better-than-seasonal increase and totaling 1,032,000 barrels. Slµpment.s of 1,064,000 bar­rels, in excess of current production, reduced end-of­tbe-month stocks to 461,000, 6.7% below the preced­ing month. After adjustment for seasonal variation, the 
Bureau's index 2.1% from April (1935-39) base.  of  cement to May  production to 186.5%  in of  Texas it.s pr rose ewar  
CEMENT PR ODUCTIO  
in  O'!lS&ncU  of  barrels)  

ce: B ea.n Mln.,.., • S. D"'!>a.rtment o! Int.erlor 
Percent cba.DJl'e 
May 1947 :Ma.y 1947 :May Apr. May from from Item 1'947 1947 
1946 Ma,y 1946 AJ>r. 1947 

1,03! 1,013 +16.2 + 1.9 l ,064 l ,064 922 +1s.4 
0.0 4 l 494 448 +u -6.7 

Average weekly lumber production per unit in south­ern pine mills declined 3.4</f-from May to June 1947, but still showed an increase of 10.1% in the yearly com­parison. Average unfilled orders per unit at the end of June were 1.5'/f belo111 those for the previous month and 27.7% below those for June 1946. Average weekly shipments per unit dropped 1.5% from May to June 
194.7 and revealed a 27.77c loss from June 1946 to June 1947. In June 1947 the index of southern pine production was 75.7% of its 1935-39 average after registering a 3.6% loss. 
LUMRER PRODt;CTlON L" SOUTHER PlNE MlLL 

e A socia.tion 
Percent chJl.nge 
June 1947 June 1947 J une from from 1946 June 1946 May 1947 

«9 6 19 ,825 +10.1 -S.4 
.. 
,C!: _ol!,216 -1.7 -6.4 
1,051, 99 -27.7 -1.5 

Total milk equivalent used in the lTUlnu/adure of dairy proJ..cts in Texas for June 1947 was 2.1% above the figure for May 1947 and 25.5';(-above the figure for June 1946. From May to June 1947 creamery butter 
registered .a 16.7% drop, while ice cream and American cheese rose 26.6% and 18.7%, respectively. All other dairy product.s decreased 0.5% from May to June 1947 but showed an increase of 6.5% in the yearly comparison. More milk was diverted to the items under all other dairy products than to butter, ice cream, and cheese. 
MANUFACTURE OF DAIRY PRODUCTS 
Percent change  
Product  Unit  J"une 1947  May 1947  June 1947June 1947 June from from 1946 June 1946 May 1947  


TOTA L  MILK  
EQUIVALENT• 1,000 lbs. 104,666 102,527  83,3  4  + 25.5  + 2.1  
Creamery butter _  1,000 lbs.  1,915  2,298  1,897  + 37.1  -16.7  
Ice cres.mt ___  1,000 gal  2,600  2,054  2,746  - 5.3  +26.6  
American  cheese _  1,000 lbs.  1, 77  1,581  851  + 120.6  + 18.7  
All  other  _  _  _  1,000 lbs.  5,768  5,790  5,410  +  6.5  - 0.5  

• Milk equivalent of dairy products was calculated from production 

data. tincludes sherbets and ices. 
Construction 

(Because of the accumulated cleficlency of bullcllnc In all section• of the State, clata on the volume of coaatnlction work are an ex­tremely Important part of the business situation. Builclinc permlte or contracts awarclecl are irenerally uaecl to measure bullclJnc activity, but recent stucllea by the United States Bureau of Labor Statistic• ln­clic:ate there la conaiclerable lac In beclnninc construction of bullcllnca for wbich permita have been laauecl, ancl that actual costa are now 25% ar more abo•e the pennlt valuation. Loans by &&vine• ancl loan aasociationa reflect tbe fimmclnc of realclential houalnc. At the -ttime both bullclinc pm-mita ancl contracts are affected by pvernment natrlc:tlona..) 
Total construction contracts for June 1947 showed a slight decline of 3.8% over the previous month but were still 30.6% above the June 1946 figure. Residential contract.s led the field with a 25.8% increase for June 1947 over May 1947. Engineering and nonresidential contracts both registered declines of 26.3% and 28.3% respectively, for June 1947 as compared with May 1947. 
Contracts for residential building accounted for nearly 3/ 5 of the total awards during June 1947, amounting to $29,590,654 compared to the total of $50,882,623. This type of building has more than trebled since June _last year. On the contrary nonresidential building dropped 43.2 %, nearly $10 million from June 1946 to June 1947 and amounted to only $12,657,962 this June. 
Construction authorities reported hopes fading for a predicted boom in building activity, as contemplated jobs frequently failed to materialize under the present high cost structure. 
CONSTRUCTION CONTRACTS 
Source: Teza.a Contract..,. 
Percent chan1te 
J une 1947 June 1947 Type of June May .June from f rom uilding 194 7 1947 1946 J une 1946 May 1947 
$3 ,955,302 + 30.6 -3.8 
7,72 ,705 + 11.7 -26.3 22,295,694 -48.2 -2 .3 ,930,903 +231.3 + 25. 


•10 TEXAS BUSINESS REVIEW 

Building permits issued in 48 Texas cities in June 1947 showed gains of 30.4% over the May 1947 figure and 48.3% over June 1946. Houston, with permits totaling $8,877,502, doubled the $4,272,930 figure of Dallas which ranked second in value of building per· mits in the State for June 1947. Fort Worth followed with $1,943,402; Corpus Christi with $1,331,055; Aus­tin with $1,201,460; and Waco with $1,069,550. In the May to June comparison this year, 29 of the 48 cities contributed to the over-all increase, and in the 12-month comparison 26 cities showed gains contributing to the 48.3% yearly gain. 
The index of building permits prepared by the Bu­reau of Business Research jumped to 454.3% of the 1935-39 base, after adjustment for seasonal variation. This was the highest point reached by the index since March 1946 when it soared to 569.0. 
BU ILDING PERMITS 
City  June 1947  May 1947  J une 1946  
TOTAL  ·--··············-······-$26,417 ,307  $20,260,918  $17,814,837  
Abllene  ----------­ 229,370  249,335  304,813  
Amarillo  ---------­ 953,735  646,055  451,640  
Austin  --------------­ 1,201,460  1,41 3,750  1,326,123  
Beaumont  -----------------­ 528,432  447,706  217,505  
Big  Spring  ----------­ 120,385  62,905  74,900  
Borger  ------­------­--­-----­ 28,250  36,950  34,000  
Brownsville  -------­---­- 52,530  85,730  65,393  
Brownwood  -------­-­ 27,300  247,372  8,750  
Childress  -------------­ 24,200  6,300  14,665  
Cleburne  --­--·-----­ 198,500  18,850  28,570  
Corpus  Christi  ----------­ 1,331,055  751,842  1,084,897  
Corsicana  ------­-------­ 192,400  13,600  12,896  
Dallas  ---------­---­------­----·­ 4,272,930  3,143,356  2,710,248  
Denton  --------­-------­-----­ 173,650  189,500  142,150  
Edinburg  --­----­-----­----­ 42,210  39,775  24,300  
El P aso ··------­----·--­ 326,060  1,070,890  216,804  
Fort Worth -­---------­ 1,943,902  2,300,088  1,564,919  
Gainesville ---­-----­ 30,725  33,860  37,935  
Galveston  -------·------­ 290,457  231,515  191,357  
Gladewater  ----------------­-- 5,600  2,375  26,600  
Graham  ------------·-·----··--·­ 4,000  17,810  6,600  
Harlingen  ----­-------------·­ 206,984  207,925  96,892  
Houston  ----­----------­----­ 8,877,503  5,249,821  2,400,957  
Jacksonville  ----­----­----­-­ 25,000  40,300  10,000  
Kenedy  --------­-·-·----­ 4,260  145  25,000  
Kerrville  -------------------­ 397,750  61,960  71,530  
L amesa  ---·--·------------­ 20,000  25,150  67,400  
Longview  ------­---·-·-------­ 179,540  164,980  101,960  
Lubbock  ----------·-·------­-·­ 1,052,702  1,154,487  3,776,808  
McAllen  -·---------------·­ 12,833  48,698  159,625  
Marshall  -------------­---------­ 52,565  89,494  134,877  
Midland  ---­---···------­ 399,900  166,600  135,800  
Nacogdoches  -----­-------­ 27,950  24,000  24,750  
New  Braunfels  ----­ 50,228  57,590  19 ,260  
Palestine  ---------·-·--­-···-­ 32,412  32,874  58,675  
Pampa  --------·---···­-···----­ 47,325  75,800  376,175  
Paris  ------------------------·­ 16,305  28,375  87,200  
Plainview  --­----------·­- 258,000  69,750  94 ,150  
Port Arthur -·--·-··········  239,943  161,390  261,920  
Seguin  --------------------·----­ 56,400  102,986  38,409  
Sherman  ---­-------------------­ 112,731  92,342  73,259  
Sweetwater  ---·------------·­ 45,Gl5  43,700  35,100  
Temple  -------------·-------­ 142,184  87,075  182,959  
Texas  City --·-­--------­ 419,580  338,290  45,960  
Tyler  --------------------­ 223,611  217,067  395,150  
Victoria  --------------­ 32,275  32,575  38,000  
Waco  ----------------·---­ 1,069,550  563,325  404,866  
Wichita  Falls  --------·-­ 437,110  114,655  153,090  

Public Utilities 
(The conaumptlon of electric power bJ' lndu•trlal conceni• i. a m...ure of the volume of lndu•trlal activity, •Ince It me,. be U• 
•umed that the amount of power uaed will be dlrectlJ' related " m11nufacturlns volume. Reeldentlal and commerdal power ceaaump. tlon show a •eaHnal variation due to the chaqlns amount of llshtlns needed.) 
Total electric power consumption in Texas for June 1947 as reported by IO electric power companies (cov· ering 80% of the State's consumption) showed a more than seasonal increase of 10.7% qver the previous month and was 13.7% above that for June of the previous year. 
Industrial power consumption registered a 14.7% gain over May; commercial power consumption increased 
9.5% ; and residential power consumption increased 1 %. 
The index of total, electric power consumption, ad· justed for seasonal variation, increased 3.9% between May and June 1947, to stand 166.1 % above its 1935-39 level. 
ELECTRIC POWER CONSUMPTION• 
(In thousands of kilowatt houra) 
Percent change  
Use  .Tune 1947  May 1947  J une 1946  June 1947 June 1947 from from June 1946 May 1947  

TOTAL 519,115 469,066 456,525 + 13.7 + 10.7 
Commercial ··--------111,479 101,826 95,411 + 16.8 + 9.5 
Industrial 260,744 227,325 229,395 + 13.7 + 14.7

---------· 
Residential -----77,087 76,359 66,378 + 16.1 + 1.0 Other ------------69,805 63,556 65,341 + 6.8 + 9.8 
*Prepared from reports of 10 electric power companiea to the Bureau of Business Research. 
The index of industrial power consumption increased 11.5% after adjustment for seasonal variation and was 166.6% above the prewar average. This represents a peak for the postwar period and reflects the expansion of Texas manufacturing industry. 
Electric power for industrial use represents the largest classification, and in June 1947 was 50.2% of the total power consumed. In June 1939 industrial power con· stituted 47.8% of total electric power consumed in Texas. During the war, industrial power consumption increased substantially more than other uses, hut the reconversion of industry has approximately restored the prewar rela· tionship. 
Production of electricity for public use in Texas totaled 668,491,000 kilowatt hours during June 1947, according to Federal Power Commission. This was an 8.7% increase over May 1947 production and a 9.4% advance over May 1946. 
In various spots in central and western Texas a severe water shortage developed in June, after heavy with­drawals on water supplies caused by the long dry period. Among the areas affected were Dallas, El Paso, and Valley towns. 
The nuniber of telephones in service in 51 Texas cities served by Southwestern Bell Telephone Company at the end of June 1947 totaled 834,075, an increase of only 1.0% during the month. However, in the pi:e­ceding 12 months the number had increased 12.9%. 

Natural RaoUl'Cea 

(n.. ,...._._of 0..-petroleum Is a major industry ln Tern, ...... cMap. m tbe ........_ of production have • direct effect ..-die i-pradaced i. tlae State. Fiprea on the number of ..a COMpleticma tty &bids bodicate the atent to which new _..,.. of oil and saa are llehas ~aad the anu of the State 
la wWdl ...mi.. ....,...t1oas are bl ....--..> 
Daily average protluction of cnuk petroleum in Texas for June 1947 was 2.8% above that of the previous momh. Production for June 1947 averaged 2.,288,950 barrels per day. The seasonally-adjusted index of crude petroleum production gained 5.2% from May to June, to lllaDd 86.0% above the average prewar (I935-39) month. 
During the latter part of June an estimated 645,000 barrels of oil daily (more than the war-time peak) was being pumped from the Permian Basin in Texas, much of which went to the oil-thirsty States east of the Mis­si.esippi in an effort to forestall possible rationing of gaeoline. W-Jth the shifting of the Big Inch and Little Inch pipelines to the conveyance of natural gas, instead of gasoline, and the consequent loss of oil transporta· tion facilities in Texas, an unprecedented rail movement of oil was reported last month. To alleviate the situa· tion the Railroad Commission has recently lowered tank car rates approximately to pipeline costs, and raised the Tena production allowahle to 2,455,625 barrels daily, the greatest in the State's history. 
Meanwhile the federal government reimposed war· time controls on exports of petroleum products, effec­tive June 30, making further exports (except to Can· ada) subject to approval by the Department of Com· men:e. 
Total flH!U completions in Texas for January-June 1947 were well above the figure for the same period in 1946. 'Ibe largest number of completions was in North­Central Texas, follo1'·ed by West Texas, Southwest Texas, and the Texas Golf Coast. 
For June 1947 West Texas led in total oil well com· pletions and was followed by North-Central Texas and Southwest Texas. The Texas Gulf Coast and the Pan­handle led in gas wells completed. North-Central Texas, Southwest Texas, and the Texas Gulf Coast had the greatest number of dry holes. 
WELL COMPLETIONS 
Souree ' TJ.4 Oil ~..d a... Jotrnoa.I 
Jan.-June Ja:ne !SH• (all wells ) 
Dist:ri Total Oil Ga Dr:v 1947 194 6 

T&XA 3-1 224 4,1 3,957 
' . ort.h Centra.I Texas ---239 131 iO West Tens l• 155 2 21 P anhandle 29 8 203 Eastern Texas 84 1 12 5 Tens Gall Coast 5 12 39 150 South...-es Texzs 59 7 64 289

.(! 
•For 4 ..-eeks endinz Jane !.8, l~ . 
AGRICULJURE 
Income 

(n.. -t ef r..co-receiY9d i.,. farmen la a composite ....,.... of th prosperity of ~eulture, taldnl' Int• account both the ........_ of products sold and the prices received. Since the IDU'ketinp of IDUIJ' produc:ta are concentrated In certain a...-a of the .,....., It la Important that tha data be adjusted for -sonal Yariatiaas ha onler to ...... tlae 'basic cballl'f'• in the situation ef qricultura.) 
The total farm ctUh income of Texas farmers for June was $187,527,000 according to the estimate made by the Bureau of Business Research. This figure was twice the total income in May of this year and 89.8% higher than income in June of 1946. Compared with the 1935-39 period, Texas farm income was up 403.7%. 
Thus far this year the farmers in Texas have taken in $563,942,000 with some of the best months of the year still ahead of them. Last year during the first 6 months the State's farmers took in $428,084,000. There is every reason to believe that 1947 will better the total of approximately Sl,200,000,000 for 1946, when farm income in Texas reached an all-time high. 
Record levels of farm income during the war years have resulted in a material improvement in the farmers' economic position in Texas and the nation. The De­partment of Agriculture estimates that agricultural assets are now 4 times as large as at the beginning of the war. While some of this increase is represented by higher land prices most of the gain has been in farm equipment and liquid assets. 
Only 2 of the 12 crop-reporting districts in the State reported lower totals for farm cash income during the first six months of 1947 as compared with 1946. They were District 6 (the Trans-Pecos) and District IO.A (the Lower Rio Grande Valley) . Biggest gains were in the Northern High Plains (District l·N) and the Red Bed Plains (District 2). 
A principal factor in last month's jump in inco:•pn was the cash received from the State's unprecedented wheat harvest. Not only was production unapproached by figures for previous years, but the price of wheat was unusually high. 
FARM CASH INCOME 

lnde:irftl, 19S~9=100, l!ldjusted for seasonal va dstion  Amount, J an.-J'nne (in thousands of dollars )  
District  J une 1947  :May 1947  June 1946  1947•  1946  
TEXAS  -­503.'7  267.5  265.4  663,94.2  4.2 ,084  
1-N __ 593.6 1-S --­890.3 2 1461.7 3 663. { ___ 4.20. 5 381.2 6 1 3.5 223.5 597. 9 ---­411.6 10 ---­45 .1 l~A --­823.3  306. 400.4 2 4.5 2 0.9 1 5.1 348.4 195.4 2.2 .6 279.7 290.9 832.6 606.2  231.2 317.2 539.5 311.4 21 . 232.1 203.4 207.0 27 .s 261.7 157.6 208.2  7 ,040 37,92 8,919 42,245 67,7 2 31,573 16,026 47,256 46,475 27, 33 29,143 56,722  39,107 29,497 43,226 23,2 4 49,562 21, 447 23, 12 45,331 86,917 20,4.20 20,793 74,6 8  
•Revised.  

Marketings 

(The level of farm income Is affected not only by changes In prices, but by the volume of products farmers send to market in a l'lven month. Data on shipments of farm products must also be used to explain the chana:es in the level of farm income from month to month. ) 
Marketings in June were closely tied to the weather. Moisture was generally adequate throughout the State during the first part of the month, but dry, hot winds took away much of the moisture by the third week in June. Drought gripped some areas, particularly Central Texas and the region around Dallas by mid-month. Rain in the Valley June 15 relieved the irrigation water situa­tion there, and a few days later it rained in most of the other sections of the State. The "made-to-order" weather extended to the end of the month, rains falling 
when  needed  and  drier  conditions  prevailing  in  the  
harvest areas.  
The  wheat  harvest  which  began  late  in  May  and  

lasted through June in the north Panhandle (District 1-N) benefited greatly from the weather. A downward revision of the acreage harvested slightly lowered the estimate of production to 136,610,000 bushels, more than double last year's 62,910,000-bushel harvest and 3 times the 41,287,000 bushels per year harvested over the past 10 years. Shortages of combines, boxcars, and elevator space were reported in many sections, but there were enough trucks and labor to keep the harvest moving. Yields were generally high ranging from 20 to 45 bushels to the acre. The estimated State average was 19 bushels to the acre. 
Rail shipments of fruits and vegetables totaled 9,733 carloads in June, 14.0% below June 1946 and 26.9% less than in May of this year. The tomato crop in East Texas which came to harvest during the month was only 60% of expectations. Although the season opened with good prices, the market was off and prices soon sagged so low that some farmers went on strike. Canta­loupes and watermelons were marketed in good volume, however. 
RAIL SHIPMENTS OF FRUITS AND VECETABLES 
(In carloads) 
Percent  ch ange  
Item  June 1947  May 1947  June 1946  June 1947 from J une 1946  June 1947 from May 1947  

TOTAL !l,733 13,311 11,323 -14.0 -26.9 
Cantaloup  ----------------------­ 69  5  135  - 48.9  +1280.0  
Carrots  ---------------·----------­ 96  599  152  - 36.8  -84.0  
Corn  ------­----------­--------­--------­ 371  1,102  247  +  50.2  -66.3  
Grapefruit  ------------------­ 275  2,024  457  - 39.8  -86.4  
Mixed  vegetables  ---------­ 25  371  14  +  78.6  -93.3  
Onions  -------------­-----------­ 1,255  3,801  1,364  - 8.0  - 67.0  
Potatoes  -----------------------­ 109  55  343  - 68.2  + 98.2  
Tomatoes  ----------------------­ 5,037  4,169  5,300  - 5.0  +  20.8  
Watermelon  -----------­------­ 2,451  5  3,235  - 24.2  
All  others  --------------------­ 45  1,180  76  - 40.8  -96.2  

Rail shipments of livestock were seasonally down 18.9% in June from May of this year, but June ship· ments were 8.2% above those of June 19tl6. The run of cattle and sheep at Fort Worth in mid-June was the largest since last Oceober when O.P.A. was removed. Cattlemen m Texas were generally optimistic on fall prospects. 
SHIPMENTS OF LIVESTOCK (In carloads) • Source: Bureau of Buslneso Research in co-operation with the Bureau of Ag ricultural Economics, U.S. Department of Agriculture 
Percent change  
Classification  June 1947  May 1947  June 1947 June from 1946 June 1946  June 1947 from May 1947  

TOTAL  SHIPMENTS  --------10,063  12,403  9,301  +  8.2  - 18.9  
Cattle  ----­-------------­--­------------­-6,138  8,460  5,311  + 15.6  - 27.4  
Calves  ---------­-----------­-----­---­ 928  983  654  +  41.9  - 5.6  
Hogs  ----­-----------------------­-----­ 504  702  164  + 207.3  - 28.2  
Sheep  ---­----­-----­--­-----------­-----­ 2,493  2,258  3,172  -21.4  +  10.4  
INTERSTATE PLUS  
FORT WORTH  ---­----­--­ 9,390  11 ,230  8,425  + 11.5  - 16.4  
Cattle ----­---------------­--------------­ 5,649  7,482  4,697  + 20.3  - 24.5  
Calves  ---­-----------­---­---­----­---­ 831  858  577  +  44.0  - 3.1  
Hogs  ---­----­--­-----­-----­----­-----­ 499  693  162  +208.0  - 28.0  
Sheep  ----------------------­-----------­ 2,411  2,197  2,989  -19.3  +  9.7  
INTRASTATE  MINUS  
FORT  WORTH·[  ----­----­ 673  1,173  876  - 23.2  - 42.6  
Cattle  ----­-----------------­------------­ 489  978  614  - 20.4  - 60.0  
Calves  ---------­------------­---------­ 97  125  77  + 26.0  - 22.4  
H ogs  --­--------­-------­----­----­---- 5  9  2  +150.0  - 44.4  
Sheep  ---------------­---------­------­-­ 82  61  183  - 55.2  +  34.4  

•R,.il-car basis: cattle, 80 head per car; calves, 60; hog•, 80; and sheep, 250. 
t!ntrastate truck ohipments are not included. Fort Worth ship. ments a re combined with. inters tate for wardings in order that the bulk of market disappearance for the m011tb may be ehown. 
RAIL SHIPMENTS OF POULTRY AND EGGS FROM TEXAS STATIONS (in carloads) Source: Bureau of Business Research in co-operation with the Division of Agricultural Statistics, Bureau of Agricultural Economics; 
U. S. Department of A g riculture 
June May June Classification 1947 1947 1946 
Chickens  -·------­------------·----··-···--··----··-----·---·­ 11.5  38  
Turkeys ·--··----­---···--····-··---·-­---·---­--------­-----­ 3.5  19  15  
E g gs-shell  equivalent*  ----­-------·­-·­·······--·· 345  470  589  
Shell --------------­-­-----·-·------­----·-------­-------­-­ 3  16  43  
Frozen -------­-------­----­--------------­----­-----­------­-31  67  73  
Dried  --------------­-·---------------­-·-------·---------­ 35  40  50  

•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 ehell eggs and 1 carload of frozen eggs = 2 carloads of shell eggs. 
INTERSTATE  RECEIPTS  OF  EGGS  BY  RAIL  AT  TEXAS  
STATIONS  
(In carloads)  
Source:  Bureau  of  Business  ResE:arch  Jn  co-operntion  with  the  

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

June May June 1947 1947 
TOTAL RECEIPTS-SHELL 
EQUIVALENT• --·------···---··-----··----------=1=2====11====47= 

Shell  ·-·-------·----····-·-·---·-·-----·---·--­--·-··--·-···-·­ 12  35  
Frozen  ------------------------------------­---­--­-------­ 0  
Dried  ---·--·­·----··------------··-·------·---····----­ 0  0  

•Dried eggs and frozen eggs are converted to a ahell-egg equivalent on the following basis: 1 rail-carload of dried <!2"gs = 8 carloada of 1beD eggs and 1 carload of frozen "2"llll = 2 carloads of shell eggs. 

· Shipments of poultry and eggs during June were far below those of the previous month or of the same month a year ago. 


~prima .......... ..,, t--. constitute one of the element• el ,__ c:ulo .__ C...... la prices are of primary concern to ,__.. ... aD ba.U.-•-~-the farm market. Farmers an .._ c ... witla the prices which they have to pay for com­..-llties .... la family lllllaintenaDce and production since these ...,_ .... to tletsmine their ..-1 Income.) 
The prices received by Texas farmers varied sharply upward and downward in June as compared with May, accor~ to the U. S. Department of Agriculture. Thirteen commodities rose in price during June, 13 declined. and 4 remained unchanged. Very large price increases have been recorded for most Texas farm com· modities during the past 12 months. Exceptions to this sharp upward trend were oats, barley, turkeys, wool, hay, grapefruit, and tomatoes. 
During June spectacular price rises appeared in wheat, corn, and livestock. The first car of 1947 Texas wheat sold in June of this year brought $2. 70 a bushel. High grain prices were directly attributable to the tremendous export boom in foodstuffs financed hy government credits. Foreign buying also helped to lift com to a 99-year high in Chicago during the month, although a reduction in the crop by rains and floods 
PRICES OF TEXAS FARM PRODUCTS 

Source: Bu reau of Agricultural Economics, U.S. Department or Airriculture 
Commodity  Unit  June 15 1 947  Mayl5 1947  June 15 1946  
Wheat  bu.  $  1.94  $  2.40  $ 1.72  
Corn  bu.  1.71  1.67  1.53  
Oats  bu.  . 4  .95  . 8  
Barley  bu.  1.1  1.31  1.26  
Gra.in sorghum  cwt.  2.75  2.70  2.60  
Rice  bu.  2.20  2.29  1.85  
Polatoes  bu.  1.35  2.35  1.04  
Sweet potatoes  bu.  2. 5  2.55  2.50  
Cotton lint  lb.  .341  .344  .261  
Cottonseed  ton  6.00  .00  57.00  

CoWl>eas bu. 5.00 4.50 3.55 
Peanuts lb. .09 .093 .0 3 
Hogs  cwt.  23.00  22.60  14.10  
Beef cattle  cwt.  17.00  16.50  12.10  
Veal  calves  cwt.  19.20  1 .50  14.60  
Sheep  cwt.  9.70  9.70  7.90  
Lambs  cwt.  17.70  16.00  12.20  
Milk  cows  bead  111.00  109.00  92.00  
Horses  head  54.00  54.00  54.00  
Mules  bead  3.00  4.00  79.00  
Chickens  lb.  .243  .263  .240  
Turkeys  lb.  .225  .235  .263  
Eggs  doz.  .371  .36  .31  
Butter  lb.  .62  .620  .54  
Butterfat  lb.  .56  .57  .50  
Milk,  wholesale  cwt.  5.05  5.05  3. 0  
Wool  lb.  .41  .40  .44  
All hay, loose  ton  14.20  17.10  17.40  
Al!al!a hay, loose  ton  20.60  26.50  23. 0  
Oranges  box  2.70  2.60  
Grai>efru.it  box  .63  .63  1.42  

was a more important factor. Livestock prices advanced in response to the tremendous export demand, coupled with a high domestic consumption, and high feed prices. 
Predictions of low~r farm prices were still being made, however. 
Pri,ces paid by the nation's farmers edged up frac­tionally in June to regain their record high of April 1947, when they stood 130% above the pre-World War I average. Th~ parity ratio of prices received to prices paid was 118 in mid-June this year. 
Cold Storage 

(In both periods of sbortqes and surpluses, the atoral'e boldln1ra of perishable food products are Important because of their effect on prices. The seasonal nature of farm products la In part offset by the accumulation of stocks In periods of peak production to be withdrawn in periods of low production. Deviations from the normal levels of boldin&'S will exert pressure on the price structure.) 
In contrast to the general rise in Texas cold storage holdings between May and June last year, there was a fall in the quantities of cheese and cream held this year. The only 2 items to show an increase in storage this June as compared with a year ago were American cheese and poultry. 
Space occupied was down generally both for the month and the year. The increase in the occupancy of public col<l storage warehouses was the exception. 
COLD STORAGE HOLDINGS 

Source: Production and Marketing Administration, U.S. Department of Agriculture 
Percent chanire  
Item  Unit (OOO's )  J une 1 1947  May 1 1947  June 1 1946  June 1 1947 from June 1 1946  June 1 1947 from May 1 1947  


Cream :  
Fluid  _  __ lbs.  136  215  140  - 2.9  - 36.7  
Plastic  _  _  _  lbs.  238  331  711  - 66.5  -28.1  
Creamery butter _  lbs.  728  330  907  - 19.7  +120.6  
American  cheese_  lbs.  3,5 7  4,266  3,275  +  9.5  - 15.9  
Shell  eggs  _  _  cases  107  57  224  - 52.2  + 87.7  
Froz-en  eggs  -lbs.  14, 2  11,742  14,905  - 0.2  +  26.7  
Poultry  lbs.  4,40  4,066  2,849  +  54.7  + 8.4  

Fertilizer Sales 

(Sales of fertilizer are Indicative of the amount of money farmers need and are able to spend in keepin1r up the soil fertility of their farms. Sales fi1rurea are baaed oa monthly statistics for the equlva• lent number of short tons of fertilizer represented by the tu: U.s sold to fertilizer producers and which are required by law to be attached to each ba1r of fertilizer sold.) 
Although the sales of fertilizer in Texas during the first 6 months of 1947 were only 2% above those in the same period qf 1946, June tax tag sales jumped to 13,641 tons as compared with sales of 12,341 tons in May. During the fiscal year just closed the sales of fertilizer in Texas reached an all-time high of 381,877 tons. 

Cotton 
FINANCE 

(The cotton balance sheet ahowa the basic demand and auppq factor• affectlns cotton, which la an outatandlns •I-eat In tlui farm Income of the State.) 
The major dynamic force in the cotton situation now is, as usual in mid-summer, the uncertainty of supply for the crop year beginning August 1. Because of the importance of weather at this crucial time in determina· tion of yield per acre, the market is aptly described as a weather market. Cotton belt weather, especially in the Gulf Southwest, is fickle, and any wide changes which may be interpreted as favorable or unfavorable will cause wide swings in the market price. 
The very low carryover in prospect for August 1, as indicated by the cotton balance sheet as of July 1, the strong demand prevailing for cotton goods, and the high prices now prevailing for cotton will cause the market to be unusually sensitive during July and August to severe spells of weather unfavorable to cotton production. 
The Government's estimate of cotton acreage in culti­vation in the United States of 21,389,000 acres is an increase of 18% over the 18,190,000 acres in cotton last year. At best, this indicates a supply barely able to meet prospective demand. 

The increases in acreage are not uniform throughout the cotton belt. East of the Mississippi River the average increase is a little less than 5%, whereas west of the river the increase averages about .26%. The greatest increase in any State is 51 % in Arizona. California has an increase in acreage under cultivation over last year of 49% and Texas 33%. Only one State, Oklahoma, shows a decrease in acreage from last year, and that is only 2%. 
In Texas the big increase in acreage has been in Crop Reporting District 1-S (Southern High Plains) where the acreage is 246% of that of 1946, or from 690,000 acres in 1946 compared to 1,700,000 acres in 1947. 
The very pronounced shifts in acreage are important in relation tq agricultural income. They also give im­portant evidence as to probable percentages in qualities of cotton to be harvested, and available for merchan­dising. 
Bank Credit 
(Since bank credit la aaaentlal to all huelneH, the condltlana ef die commercial banke and the Federal Reserve Banks le a afsmllcut Indicator of the etate of bualneaa. Chansaa In the volume of ~ the banks have outetandins reflect the state of bualn.... TM ­clition of the Federal Reserve Banks In like lllaDller reftec:te die -· 
dltlon of credit available to commercial banks.) 

Total loans of weekly reporting member baR/cs in the Dallas Federal Reserve District amounted to $741,000,000 on June 25, an increase. of about 10% over the corresponding date a year earlier and 1 % above the total amount at the end of May. Holdings of U. S. Government Securities by these hanks amounted to $1,019,999,999 at the end of June, slightly below their holdings at the end of May and 21 % below those at the end of June 1946. Most of the decline in holdings of U. S. Government Securities over the year occurred in certificates of indebtedness, and Treasury notes, re­flecting principally the Treasury's program of debt retirement. Total deposits (except interbank) declined somewhat during June and at the end of the month were 6% below those of a year earlier. The drop in total deposits was more than accounted for by the rather continuous withdrawal of U. S. Government deposita. Part of the U. S. Government deposits withdrawn from these banks returned to them in the form of demand deposits of individuals, partnerships, and corporations. Consequently, at the end of June adjusted demand de­posits amounted to $1,532,000,000, an increase of 6% over the year. 
During the past year there has been little net change in holdings of U. S. securities by the Federal Re1erw Bank of. Dallas. At the end of June that bank held $901,000,000 of these securities, an increase of 0.2% over the year. Discounts and advances, which amounted to SS,984,000 at the end of June 1946, declined to $751,000 at the end of June this year, a drop of 81%. Federal Reserve notes in actual circulation amounted to $575,000,000 at the end of June, an increase of U,000,000 during the month. 
COTION BALANCE SHEET FOR THE UNITED STATES AS OF JULY 1, 1947 (in thousands of bales except as noted) 
Year  Carryover Aug. l  Imports to July l *  Final ginnings  Total  Consump­tion to July 1  Exports to July 1  Total  Balance July 1  
1937-38  ---·--·-----·--------------·  4,498  134  18,242  22,874  5,307  6,403  10,710  12,164  
1938-39  --------------------­ 11,633  134  11,621  23,288  6,334  3,220  9,564  13,734  
1939-40  ----------------­ 13,033  150  11,447  24,630  7,161  6,056  13,216  11,414  
19'()-(l  ---------­ --10,596  176  12,287  23,059  8,792  1,042  9,834  13,226  
1941-42  ------------­·------12,367  267  10,489  23,123  10,176  1,102  11,278  11,846  
1942-43  ·-----------­---------­ 10,590  176  12,437  23,203  10,260  1,264  11,614  11,689  
1943-44  -------------------10,687  132  11,121  21,940  9,218  1,044  10,262  11,678  
1944-46  -----------­10,727  173  11,806  22,706  8,903  1,696  10,698  12,208  
1945-46  -11,164  321  8,781  20,266  8,436  3,186  11,622  8,644  
1946-47  ---­-----­ - -­ 7,522  213t  8,613  16,248  9,358  3,156t  12,613  3,785  
*Imports in 478-lb.  net weight bales.  
t Figures for 10 months ending May 81.  

TEXAS BUSINESS REVIEW 
SUMMARY STATEMENT OF CONDITION OF THE FEDERAL Bank Debita 
RESERVE BANK OF DALLAS 

(in thousands of dollars) (Since tbe bulk of bualneas transactions are settled by check, Source : Board of Governors of the Federal Reserve Sl'Wtem cbanl'e• in bank debits to Individual accounts represent chanpa In tbe volume of tranaactiona aftd are a basic meuure of bualneH 
Percent change 

activity.) 
June 25 June 25 

1947 1947 Bank debits in 24 leading Texas cities 	were 15.7% 
from from 

J une 25 May28 J une 26 J une 26 May 28 above those in June 1946 and 1.7% above the May Claaaltlcation 1947 1947 1946 1946 1947 
1947 volume. All reporting centers except Austin and A SETS Laredo contributed to the gain over last year. In those Gold certificate 2 cities there were declines of 2.1 % and 3.0%, respec­
reserves 477,769 460,272 494,110 -3.3 + S.8 

tively. The largest relative gain over last year occurred 
U.. Government 
securities ___ 901,076 5,794 899,453 + 0.2 + 1.7 in Texas City, where the increase amounted to 56.7%, Discounts and &d­hut gains of 25% or more occurred in Corsicana, Fort 
vances 751 1,219 3,984 -81.1 -38.4 

Worth, Lamesa, and Wichita Falls. After adjustment 
Other cash 10,491 10,932 9,710 + 8.0 -4.0 
Other assets 106,413 95,543 97,086 + 9.6 +11.4 	for seasonal variation, this Bureau's index of bank debits in 20 Texas cities in June stood at 367.0% of the 1935-39 
TOTAL ASSETS __l,496,500 1,453,760 1,504,353 -0.5 + 2.9 
average as compared with 317.9% during June 1946. 
LIABILITIES BANK DEBITS"
Federal Reserve notes 575,2 2 571,46 593,755 -3.1 + 0.7 Deposits 04, 786 775, 66 09,345 -0.6 + 3.7 (In thous1tnd1 o! dollan) Other liabilities 91,897 2,098 79,189 
+ 16.0 +11.9 Source: Board of Governors of the Federal Reserve System 
TOTAL 
Percent cha nge

LIABILITIES __l ,471,965 1,4.29,432 1,482,289 -0.7 + 3.0 June 1947 J une 1947 June May J une from from
Capita.I paid in 7,105 7,088 6,615 + 7.4 + 0.2 
City 1947 1947 1946 J une 1946 May 1947 Surplus 15,084 15,084 11,977 +25.9 20 Other capital _________$2,960,874 

TOTAL $2,910,710 $2,559,733 +15.7 + 1.7 acrounts ----2,346 2,156 3,472 + 8.8 + 6.6 
Abilene ---------28,019 26,519 23,394 +19.8 + 5.7 TOTAL LIABILITIES Amarillo 73,294 69,432 59,186 +23.8 + 5.6 AND CAPITAL Austin 94,302 89,362 96,296 -2.1 5.5 
-----+ 
ACCOUNTS --1,496,500 1,453,760 1,504,353 0.5 ---­
-+ 2.9 	Beaumont 73,068 70,746 57,355 +27.4 + 3.3 Corpus Christi .. 65,659 66,938 65,035 + 1.0 -1.9 Corsicana 8,606 8,186 6,528 +si.8 + 5.1 Dallas 806,151 820,408 713,020 +13.1 -1.7 
CHA GES lN CONDITION OF WEEKLY REPORTING El Paso ___ 89,202 97,440 83,275 + 7.1 -8.5 MEMBER BANKS Fort Worth 354,381 278,422 254,322 +39.3 + 27.S Galveston 59,349 60,595 54,007 + 9.9 -2.1
Source: Board of Go..ernora of tbe Federal Reserve System 

Houston 787,609 787,727 672,717 +11.1 -0.0 Lamesat 6,706 5,540 4,792 +39.9 +21.0 Percent change Laredo ----14,687 16,678 15,140 -3.0 -11.9 Lubbock ----46,584 48,587 41,251 + 12.9 -4.1 
J une 25 June 25 June 26 Plainview: 12,330 11,258 10,316 +19.5 + 9.5

1947 1947 1946 --­
from from from Port Arthur ---29,797 31,996 25,522 +16.8 -6.9 J une26 May28 May29 San Angelo -·--26,510 23,413 24,872 + 6.6 +13.2 
1946 1947 1946 

San Antonio --218,488 233,022 208,826 + 4.6 -6.2 Templet ------4,780 5,279 4,221 +13.2 -9.5 ASSETS 
Texarkanat 20,627 21,743 20,251 + 1.9 -5.1 Loans and investments -9.3 -0.1 -2.6 Tex.as Cityt 17,667 16,374 11,275 +56.7 + 7.9 Loans + 10.1 + 0.7 -1.3 Tyler 31,4 3 35,515 29,562 + 6.5 -11.4 Tota.I U.S. Government securities __ -21.5 -0.5 -3.4 41,428 39,544 
Waco -----42,7 1 + 8.2 + 3.3 Treasury bills -19.1 -20. -11.3 
Wichita Falls 48,794 44,122 39,026 +25.0 + 10.6 Treasury certificates of indebtedness_ -46.3 -2.8 -7.1 Treasury notes -48.8 -2.7 -1.9 
•Debits to deposit accounts except interbank accounts.

United States bonds + 2.5 + 2.2 -0. Other securities . -tincludes two banks in Arkansas, Eighth District.
+31.3 1.1 Rese.n·e witb Federal Reserve Banks-+ 0.5 + 4.5 + 1.3 tSource of data: Bureau of Business Research. Casb in vault + 3.8 + 4.0 Balances witb domestic banks + 14.6 + 4.7 -2.3 
Life Insurance Salea 

LIABILITIES 
Total depasits (except interbank) __ -6.2 -0.3 -2. (Since the nlea of life Insurance are relatively .enaltlve to the Demand depasits adjusted + 6.2 + 0.1 + 1.2 cbancea in consumer Income, they may be uaed as a measure of th,. Time deposits + .4 + 0.9 + 2.0 consumer market.) 
United States Government depasits_ -91.9 -32.3 -24.0 

Interbank dePoSits: 
Sales of ordinary life insurance in Texas dropped 4.4% 
Domestic banks ---------.1 + 6.3 + 0.2 

from May to June, sales in June totaling $59,280,000, 
Foreilrn banks 	0 0 +50.0 

according to data furnished by the Life Insurance Agency 
CAPITAL ACCOUNTS ------+ 6. + 0.6 + 1.4 
Management Association. The June 1947 figure repre· 


LOCAL BUSINE 

Percent change  Percent change  
ABILENE June 1947  June 1947 J une 1947 from from June 1946 May 1947  BROWNWOOD June 1947  June 1947 June 1947 from from June 1946 May 1947  
Retail sales of independent stores.. Department and apparel store sales Postal receipts ···-······-·················-·····$ 28,936 Building permits ·····--························­$ 229,370  + 15.9 17.5 17.7 -33.8 + 11.5 -4.7 -24.8 -8.0  Retail sales of independent stores Postal r eceipts ··········--·······················$ Building permits ········-·······-····-·······$ 10,386 27,300  -10.1 -22.5 + 3.9 -1.8 +212.0 -89.0  
Air express shipments ·················-··· 184 Bank debits to individual accounts  + 78.6 + 21.9  Percent change  
(thousands ) --·-·····························-$ Placements in employment______________ Unemployment .................................... 28,019 559 1,481  + 19.8 + 5.7 14.3 + 0.4 12.7 + 2.1  CORPUS CHRISTI June 1947  June 1947 from June 1946 June 1947 from May 1947  
Retail sales of independent stores..  + 19.2 -20.0  
Department and apparel store sales  9.0 -24.5  
Postal receipts ····-·····························-$ 60,381  2.3 -6.1  
Percent change  Building permits ................................$1,331,055  + 22.7 + 77.0  
AMARILLO June  J une 1947 J une 1947 from from  Air express shipments ...................... 706 Ba nk debits to individual accounts  + 40.1 + 12.1  
Retail sales of independent stores.. Department and apparel store sales 1947  June 1946 May 1947 + 17.5 -10.4 -6.6 -21.8  (thousands ) ···········-······················-$ 65,659 P lacements in employment________________ Unemployment ················-·····-··········· 904 2,500  + 1.0 + 35.9 -19.4 -1.9 + 15.5 + 4.2  
Postal receipts ·······················-·-········-$ 56,165  + 1.4 -1.2  
Building permits ·······-··············-·····-$ 953,735 Natural gas consumption (m.c.f. ) 495,406  + nL2 + 47.6 + 107.2 9.1  Percent change  
Air express shipments ---------------------­Bank debits to individual accounts (thousands) ....................................$ Placements in employment_______________ 467 73,294 1,038  + 37.8 + 12.3 + 23.8 + 5.6 + 24.6 + 69.1  CORSICANA June 1947 P ostal receipts ·····························­····-$ 8,603  June 1947 June 1947 from from June 1946 May 1947 -29.9 -0.6  
Unemployment ·-······-·······-··············· 1,650  + 65.0 -2.9  Building permits ·················-····-·····-$ 192,400  + 1391.9 + 1314.7  
Bank debits to individual accounts  
(thousands) ·················-····-··········­$ 8,606  + 31.8 + 5.1  
Percent change  
AUSTIN June 1947  June 1947 June 1947 from from June 1946 May 1947  DALLAS June  Percent change June 1947 June 1947 from from  
Retail sales of independent stores..  + 7.1 -19.8  1947  June 1946 May 1947  
Department and apparel store sales  11.9 -25.0  Retail sales of independent stores..  -4.1 -'­8.9  
Postal receipts ·······················-·····----­$ 110,831  1.4 -10.6  Apparel stores ···········-············--···  -11.5 -0.9  
Building permits ---············-···-·······­$1,201,460  9.4 15.0  Automotive stores -------------------­----­ + 67.0 -11.8  
Air express shipments ····-·············-· 488  8.6 8.1  Department stores ---------------------­ 6.3 -22.0  
Bank debits to individual accounts  Drug stores ......................................  3.6 -2.5  
(thousands ) ·····--·························­$ 94,302 Placements in employment._______________ 906  2.1 + 5.5 + 12.1 + 2.4  Filling stations ····-·····-··-············· Florists ··-······-··········--···---·-····-···  + 5.7 -1.1 -26.1 -52.1  
Unemployment ·········-······-················· 2,059  -28.3 2.5  Food stores ················-············-·····  + 2.3 -7.6  
Furniture and household stores..  + 2.3 -15.4  
Jewelry stores ------­----------------------­ -27.3 -16.0  
Percent change  Lumber, building material, and hardware stores ------------------------­ + 35.4 -12.0  
BEAUMONT June 1947  June 1947 June 1947 from from June 1946 May 1947  Eating and drinking places.......... All other stores ·····-···············­···-· Department and apparel store sales  + 3.6 -4.3 3.5 -12.2 10.3 -7.7  
Retail sales of independent stores.. Department and apparel store sales  + 0.3 -15.6 8.5 -26.8  Postal receipts ....................................$ 632,384 Building permits ................................$4,272,930  + 3.8 -6.7 + 57.7 + 35.9  
P ostal receipts ······························-----$ Building permits ···················-···---·--·$ Natural gas consumption (m.c.f.) Export a nd coastal cars unloaded_ 
_ Air express shipments -------------------­46,277 528,432 31,311 650 274  + 1.0 + 1.4 + 143.0 + 18.0 + 14.0 5.4 + 20.8 + 18.6 + 25.1 + 3.4  Air express shipments________________________ 6,767 Bank debits to individual accounts (thousands ) ················--·················$ 806,151 Placements in employment.............. 3,793 Unemployment ·····-····························· 11,500  + 17.3 -13.9 + 13.1 -1.7 0.5 + 7.6 -38.8 + 11.7  
Bank debits to individual accounts  
(thousands) -···-····························$ 73,068  + 27.4 + 3.3  Percent change  
EL PASO June 1947  June 1947 June 1947 from from June 1946 May 1947  
BROWNSVILLE June 1947  Percent change June 1947 from June 1946 June 1947 from May 1947  Retail sales of independent stores.. Department and apparel store salse Postal rceipts -······-·········-·········-·······-$ 90,425 Building permits ---·············-···········-$ 326,060  + 5.2 -18.7 -1.7 -20.1 + 4.8 + 13.1 + 50.4 -69.6  
Retail sales of independent stores.. Postal receipts ·····-················-··········-$ 11,123  -6.4 + 6.6 -12.8 -1.7  Air express shipments --------------­1,199 Bank debits to individual accounts  + 7.6 -11.l  
Building permits ····-·····-···-··········---$ 52,530  -19.7 -38.7  (thousands) ··········------------­$ 89,202  + 7.1 -8.6  
Natural gas consumption (m.c.f.) 1,115,254  + 105.7 +102.3  Placements in employment______________ 782  + 59.3 + 12.2  
Air express shipments ········-·-····-··· 2,455  -5.2 + 19.5  Unemployment ··············-----·······--·· 3,000  -15.5 0.0  


CONDITIONS 

Percent change  Percent change  
FORT WORTH  June 1947  J une 1947 from June 1946  J une 1947 from May 1947  LAMESA  June 1947  June 1947 from June 1946  June 1947 from May 1947  
Retail sales of independent stores_ Apparel stores -----­­Automotive stores ----­­Dpartment stores -----­Drng stores ------­­Filling stations Florists ------­--­Food stores ------­­ + 10.4 -7.1 +5 .9 + 4.0 5.8 6.7 10.4 + 15.4  -15.7 -1 .2 -13.3 -21.0 -3.7 -5.3 -27.1 -6.3  Retail sales of independent stores_ Postal receipts $ Building permits $ 'atural gas consumption (m.c.f.) Air e.'<press shipments ----­Bank debits to indi,<idual accounts (thousands) $ 4,020 20,000 14,393 14 6,706  + 2 .5 -27.8 -70.3 +105.7 + 39.9  + 0.9 -20.6 -20.5 -18.2 -26.3 + 21.0  
Furniture and household stores_  -·21.2  -33.4  
Jewelry stores  -10.2  -20.5  
Lumber,  building  material,  and  
hardware stores -----­ + 47.3  0.3  P ercent change  
Eating and drinking places__ AJJ other stores -----­ + +  2.7 2.  3.6 11.4  LUBBOCK  J une  J une 1947 from  J une 1947 f rom  
Department and apparel store sales  4.6  - 22.7  1947  J une 1946  May 1947  
Postal receipts  $ 264,552  +  5.8  - 10.9  Retail sales of independent  stores_  + 20.0  -25.3  
Building permits  $1,943,902  + 24.2  -15.5  Department and apparel store sales  - 6.3  - 31.6  
Air  express  shipments  1,407  -36.2  -17.5  Postal  receipts  $ 36,545  + 28.0  -17.1  
Bank debits  to individual accounts  Building permits  $1,052, 702  -72.1  .8  
(thousands)  $ 354,3  1  + 39.3  + 27.3  Natural  gas  consumption  (m.c.f.)  136,912  +111.2  -21.1  
Placements in employment___ Unemployment -------­ 3,661 10,000  + 20.6 -12.3  +  1.4 0.0  Air express shipments ---­­Bank debits to individual accounts  256  +  44.6  4.8  
(thousands)  $ 46,5  4  + 12.9  4.1  
Placements in employment___  619  +  52.5  + 7.7  
Unemployment -------­ 00  -50.0  -11.1  
Percent change  
GALVESTON  J une  June 1947 from  J une 1947 from  
1947  J une 1946  May 1947  Percent chana"e  
Retail sales of independent stores_ Department and apparel store sales Postal receipts $ 49,322  + 14.9 -4.6 -3.0  -17.0 -16.5 + 2.5  PLAINVIEW  J une 1947  J une 1947 from J une 1946  J une 1947 f rom May 1947  
Building permits Export and coastal cars Air express shipments  $ 290,457 unloaded_ 10,3 4 407  + 51. + 20.8 + 24.5  +  25.5 6.3 .5  R.etail sales of independent stores_ Department and apparel store sales Postal receipts $ 6,327  + 6.8 + 3.4 + 5.9  -- 6.5 19.9  
Bank debits to indi\<jdual  accounts  Building permits  $ 258,000  +174.0  + 269.9  
(thousands) P lacements in  $ 59,349 employment (area) 1,2 3  + 9.9 + 66.6  2.1 + 14.3  atural gas consumption (m.c.f.) Bank debits to indi\<jdual accounts  18,472  +111.9  -31.0  
Unemployment (area)  2,200  -24.1  0.0  (thousands)  $ 12,330  + 19.5  + 9.5  
Percent change  P ercent change  
HOUSTON  Ju_ne 1947  J une 1947 from J une 1946  J une 1947 from May 1947  PORT ARTHUR  June 1947  J une 1947 from J une 1946  J une 1947 from May 1947  
Retail sales of independent stores_ Apparel stores Automotive stars Department stores Drug stores Filling stations Florists Food stores Furniture and household stores_  + 17.1 -6.7 + 65.9 + 2.4 + 2.3 + 6.6 19.2 + 3.5 2.7  -10.6 -17.6 + 2.3 -21.1 -6.2 + 4.7 -3 .7 -11.9 -19.9  Retail sales of independent stores_ Department and apparel store sales Postal receipts -------$ Building permits Export and coastal cars unloaded_ Air express shipment.s Bank debits to individual accounts (thousands) $ 22,357 239,943 4 203 29,797  + 32.4 + 14.3 -1.4 -8.4 -47.2 + 35.3 + 16.  -10.3 -22.1 -6.6 + 48.7 -44.4 2.9 6.9  
J ewelry  stores  +  19.  - 4.5  
Lumber,  building  material,  and  
hardware stores  + 76.5  -15.3  
Eating and drinking places__  +  5.4  - 4.6  P ercent change  
All other stores Department an"d apparel store sales Postal receipts $ 426,996  + 11.4 5.3 + 2.3  -- 8.4 18.8 .9  TEMPLE  June 1947  June 1947 from J une 1946  J une 1947 from May 1947  
Building permits ' 77,503 atural gas consumption (m.c.f.) 2,603,436 Export and coastal cars unloaded_ 5,474 Air express shipments 5,114 Bank debits to indi\<jdual accounts (thousands) $ 7 7,609 Placements in employment (area) 5,026 Unemployment (area) 12,000  +269.7 + 13.4 + 9.7 + 66.9 + 17.1 + 15.2 -38.5  + 69.1 + 0.3 + 15.5 + 3.4 0.0 + 4. + 9.1  Retail sales of independent stores_ Department and apparel store sales Postal receipts $ Building permits $ Air express shipments Bank debits to individual accounts (thousands) $ 12,103 142,184 52 4,7 0  + 0.7 15.6 + 15.5 -22.3 + 13.2  -15.0 -24.4 + 3.1 + 63.3 -16.1 -9.5  

TEXAS BUSINESS REVIEW 
LOCAL BUSINESS CONDITIONS 
Percent chanre 

(continued)  TEXARKANA  June  June 1947 from  June 1947 from  
1947  June 1946  May 1947  
Retail sales of independent stores..  +  8.3  3.1  
P ercent change  Department and apparel store sales  - 0.1  8.4  
SAN ANGELO  June  June 1947 from  June 1947 from  Air express shipments________________ Bank debits to individual accounts  84  +  35.5  +  1.2  
1947  J une 1946  May 1947  (thousands)  ------------­-----­---$ 20,627  +  1.9  6.1  
P ostal receipts ------------------------$ Air express shipments --­----­--------­ 20,266 552  -12.3 +160.4  -11.9 + 68.8  P lacements in employment_____ Unemployment ----­--­------­--­ 833 3,600  + 5.2 -48.6  + 26.8 + 6.6  
Bank debits to individual accounts (thousands) -------------­--------$  26,510  +  6.6  + 13.2  

P ercent chanse 
June 1947 June 1947
TYLER 

June from from Percent change 1947 J une 1946 May 1947 
June 1947 June 1947 Retail sales of independent stores.. + 11.0 -12.1SAN ANTONIO June from from Department and appa rel store sales -1.9 -23.7
1947 June 1946 May 1947 

P ostal receipts ---------------------------$ 26,594 + 20.6 -3.5 Retail sales of independent stores_ -2.2 -17.8 Building permits ------------------$ 223,611 -43.4 + 3.0 Apparel stores -------------------------­
-19.9 -31.7 	Natural gas consumption (m.c.f.) 62,895 + 109.3 -26.5 Air express shipments____________
+ 48.0 -13.7 779 +205.5 +110.0 Department stores ----------------·-­+ 2.9 
Automotive stores -----------..·--------­

-19.2 Bank debits to individual accounts Drug stores -----------------­+ 0.7 + 0.8 (thousands) -----------------$ 31,483 + 6.5 -11.4 Filling stations ------------­+ 27.9 -0.4 Florists ---------------------­
-31.3 -36.8 
-27.6 -17.7 Furniture and household stores.. + 23.3 -4.4 
Food stores ----------­
Percent change

J ewelry stores ------------------------­-29.9 -27.4 Lumber, bui1ding material, and .Jane 1947 June 1947 -7.2 -9.4 WACO June from from
hardware stores ·------------------­
1947 June 1946 May 1947Eating and drinking places________ 
-12.8 -3.8 

-16.0 -12.1 Retail sales of independent stores.. 3.5 -15.7 Postal receipts -------------------------------$ 235,338 + 1.4 8.6 Department and apparel store sales -2.2 -13.7 Air express shipments________________ 2,765 + 60.0 6.5 Postal receipts -----------------
---------------$ 57,842 + 8.6 -10.6 Bank debits to individual accounts Building permits -----------------------$1,069,550 +164.2 + 89.9 
(thousands ) --------------------------$ 218,488 + 4.6 6.2 Air express shipments ---------148 -24.1 -16.9 Placements In employment___________ 2,312 -5.6 + 10.6 Bank debits to individual accounts Unemployment -----------------11,500 -32.7 + 2.7 (thousands) --------$ 42,781 + 8.2 + 3.3 
Placements in employment_______ 624 -52.8 + 35.( 
All other stores ----------------------------­
Unemployment ------------3,600 -20.0 + 6.9 
Percent change 

June 1947 June 1947 	Percent cbanre
TEXAS CITY June from from 

1947 June 1946 May 1947 	.Jane 19'7 .Tune 1947
WICHITA FALLS June from from Retail sales of independent stores.. +120.7 -38.9 1947 June 1946 May 1947 
Postal receipts --------------------------------$ 8,267 + 28.3 + · 8.3 
Retail sales of independent etores.. 3.5 -15.7 
Building permits --------------------
-----$ 419,580 +812.9 + 24.0 
Department and apparl store sales + 0.8 -23.2 

Bank debits to individual accounts Postal receipts -------------------------' 36,315 2.2 -8.1 
(thousands) ------------
------------$ 17,667 + 56.7 + 7.9 
Building permits ---------------------------$ 437,110 +185.5 +281.2
P lacements in employment (area ) 1,283 + 66.6 + 14.3 
Air express shipments________ 276 + 46.0 0.0 
Unemployment (area) ----------------2,200 -24.1 0.0 
Bank debits to individual accounts 
(thousands ) -----------------$ 48,794 + 26.0 + 10.6 Placements in employment________ 
512 + 8.2 + 24.0 
6.1 -4.6

sented a decline of 13.4% under that of June 1946. In Unemployment 	1,781 + 
comparison with United States sales records, the Texas losses for the month and year have been somewhat more severe. BUSINESS FAILURES 
Source: Dun and Bradstreet, Inc. 
Business Failures 
.Tune May .Tune
(The number of failures and the amount of liabilities vary In­
1947 1947 1946 
versely with the prosperity of business and reflect in a simple and direct manner what Is happeninir to business.) 
2
Number --------------------------4 
34
Liabilities• ----------------------------269
There were 4 business failures in Texas during June, 
Average liabilities per failure•-----------------67 17 

with liabilities of $269,000. According to Dun and 
Bradstreet, there were only 2 business failures in Texas •In thousands of dollars. 
in May 1947 and only 1 in June 1946. tUnknown. 

SALES OF UNITED STATES SAVINGS BONDS Source: Treasury Department, Office of State Director for Texas 
Percent change 

J une 1947 J une 1947 J une May J une from from Series 1947 1947 1946 June 1946 May 1947 
TOTAL ___$15,248,264 $14,477,511 $19,626,718 -22.3 + 5.3 
Series "E" __ 9,524,290 9,778,953 12,475,904 -23.7 -2.6 
Se·ries "F" and 
"G" ---5,723,974 4,698,558 7,150,814 -20.0 + 21.8 
Corporation Charters 

(Tb• laaue of corporation charters meaaures the additions to the llaa1-s population and reflects the state of optlmiam or peHimism of businessmen.) 
During June 281 new corporation charters were issued in Texas as compared with 230 during May and 270 in June 1946. Despite the larger number of charters issued, the total known capitalization of the new firms was substantially below that of the firms chartered in May. Capitalization of firms receiving new charters in June amounted to $6,591,000, as compared with a capitaliza­tion of $9,547,000 for the firms chartered in May. As has been true of other recent months, ti.le largest num­ber of new firms was in the merchandising field where 72 new charters were issued. In addition, there were 44 new manufacturing concerns, 40 real estate firms, and 36 public service corporations. A larger percentage of the new firms chartered in June were small firms when compared with those chartered in May. In June only 11 of the new firms had a known capitalization in excess of Sl00,000, whereas 26 of the new firms receiv­ing charters in May were in that category. 
CORPORATION CHARTERS ISSUED BY CLASSIFICATION 
Source: Secretary of State 
J une May J une Clu1lflcation 1947 1947 1946 

DOMESTIC  CORPORATIONS  
Capitalization  (1,000 dollars) ___ 6,591  9,547  6,563  
Number  281  230  270  
Banking-finance -----­ 5  3  
Construction  11  15  16  
Manufacturing  44  22  35  
Merchandising  72  48  70  
Oil  9  14  7  
Public service  36  9  2  
Real estate  40  34  30  
Transportation  4  4  8  
All  others  30  49  80  
No capital stock  30  32  33  
FOREIGN CORPORATIONS  
Number  ----­ 7  22  

CORPORATION CHARTERS ISSUED BY CAPITALIZATION 
Source: Secretary of State 

June May June Capitalization 1947 1947 1946 

Over  $100,000  11  26  16  
$5,000 to $100,000  161  125  155  
Less than $500,000  77  43  61  
Capitalization  not specified  2  '  6  
No capital stock  30  82  33  

TRANSPORTATION 
Rail 

(The movement of eoods by rail Is fundamental to all business operations, and ~eaIn the number of frei&'bt cars loaded reflect basic chan,.es In the volume of business. The commodity l'roups are slplficant for the Information they l'ive on specific Industries. Tbe mlsc:ellaneous ...-oup Includes manufactured &'oods and Is l'enerally considered a measure of the volume of trade. Merchancllse 
1.c.I. ahipmenta Include the same type of goods shipped In smaller lots. Can unloaded for esport reflect the chan&'es In the volume of exports.) 
Total revenue freight carloadings in the Southwestern District were up 1.1 % for June 1947 over May. A de­crease of 1.1 % over June 1946 was also noted. The largest gain (56.5%) was shown in grain and grain products shipments reflecting the movement of the heavy wheat crop to market. Other items registering gains were livestock and ore. Minor decreases took place in all other items. 
The index of miscellaneous freight carloadings for June 1947 showed no gain or loss over May after adjust­ment for seasonal variation. It stood at 143.0% of the 1935-39 average. 
REVENUE FREIGHT LOADED IN SOUTHWESTERN DIST RICT 
(In carload•) 
Source: Car Service Division, Association of American Railroads 

P ercent chtt.nge  
Item  J une 1947  May 1947  June 1946  June 1947 June 1947 from from J une 1946 May 1947  
TOTAL  ·---­285,958  282,876  289,106  - 1.1  + 1.1  

Grain  and grain products_  30,777  19,668  31,505  - 2.3  +56.5  
Livestock  ----­ 9,366  9,276  9,063  +  3.3  + 0.9  
Coal  --------­ 22,427  22,588  24,025  - 6.7  - 0.7  
Coke  ----·-----­ 649  676  633  +  2.5  - 4.0  
Forest products ----­Ore  23,146 3,296  23,748 3,274  22,132 2,029  + 4.6 +62.4  -2.5 + 0.7  
Merchandise (1.c.I. )  28,703  30,136  34,195  -16.1  -4.8  
Miscellaneous  167,594  173,500  165,524  +  1.3  - 8.4  

Total export and coastal cars unloaded at Texas ports were still on the downgrade with a 1.5% loss regis­tered from May to June 1947. Total number of cars unloaded fell from 17,249 to 16,996, but this figure still remained 4.8% above the one for June 1946. Gal­veston led in the number of cars unloaded, with Hous-
EXPORT AND COASTAL CARS UNLOADED• 
Sou_rce: Car Service Division, Association of American Railroadll 
P ercent change  
Port  June 1947  May 1947  June 1946  June 1947 from June 1946  June 1947 from May 1947  


TOTAL  16,996  17,249  16,218  +  4.8  - 1.5  
Beaumont  650  548  538  +  20.8  +  18.6  
Galveston  ---­10,384  11,085  8,594  +  20.8  - 6.3  
Houston  5,474  4,739  4,992  +  9.7  +  15.5  
Port  Arthur  --­ 488  877  924  - 47.2  - 44.4  
Texas  City  ---­ 0  1,170  

• Excluding coal. 

ton, Beaumont, and Port Arthur following in the order Dallas and Houston accounted for 46.8% of air ex­
named. Beaumont and Houston showed monthly in­press shipments reported, and with Brownsville, El Paso, 
creases of 18.6% and 15.5%, respectively, while Port Fort Worth, and San Antonio originated 77.6% of all 
Arthur and Galveston registered monthly decreases of shipments. Five additional cities reported 10.6% of 
44.4% and 6.3%, respectively. All ports except Port the shipments, leaving the remaining 11.8% reported 
Arthur showed gains for June 1947 as compared with by 17 cities. 
the previous year. 

Water

Texas City had not resumed shipments in June, al­though progress was made toward restoring the port (Since a sizable volume of traffic movea into and out of the State 
by water, atatiatica on water-borne commerce are an important indi­
facilities destroyed in the explosion. 
cator not only of transportation but of seneral business activitr.) 
Air Express A total of 30,933 tons of merchandise was handled at the Port of Beaumont during June, a gain of 10,438 
(The total volume of commodities shipped by air express Is only 
tons over the figure reported for May. Export ship·

a yery amall percentase of all commodltiea moved, hut the rapid 
ments totaled 24,299 tons while imports totaled 512

hlcreaae In the uae of this type of transportation makes Its vowth of seneral interest to huaineH.) tons. Intracoastral inbound traffic of 5,945 tons regis· tered a substantial increase over the 343 tons reported Air express shipments in Texas dropped 2.0% in for May, but intracoastal outbound traffic of 175 tons June, although the loss was not so great as at the same marked a decrease of 48 tons from the preceding month. time last year. June 1947 shipments were still 25.9% Vessels clearing the port during June included 7 ships higher than shipments for June 1946. Of the 28 cities and 13 barges, 540 cars in and no cars out. in Texas reporting air express shipments in June 1947, The Port of Brownsville reported a total of 96,109 16 cities contributed to the over-all decline. Decreases tons handled in June, compared with 67,123 tons for for the month for the larger cities of the State based on May. Imports from May to June increased from 19,915 the number of shipments were as follows: Dallas, 13.9%; tons to 28, 743 tons. Exports increased for the same Fort Worth, 17.5%; El Paso, 11.1%; and San An­period from 47,208 tons to 67,366 tons. Banana ship· tonio, 6.5%. Houston, Beaumont, and Waco showed ments accounted for 15,043 tons to lead the lists of increases in the monthly comparison. commodities imported, while crude oil totaling 49,169 tons led in exports. AIR EXPRESS SHIPMENTS Galveston water traffic dropped from a total of 646,793 (in number of shipment.) tons in May to 530,292 tons for June. Foreign outbound Source : Railway Express Agency traffic from May to Jun~ declined from 471,915 to 409,463 tons.
Percent change 
The Corpus Christi cargo report showed a total of 
J une 1947 June 1947 

June May June from from 748,943 short tons handled in June as compared with Clt7 1947 1947 1946 June 1946 May 1947 757,758 short tons in May. Petroleum products, coast· 25,917 20,185 + 25.9 -2.0 wise outbound, represented 557,005 short tons of the
TOTAL ····---·-25,410 
total traffic. Exports totaling 98,699 short tons were 
Abilene 184 151 103 + 78.6 + 21.9

---------reported, while no imports were handled during the Amarillo ----------467 416 339 + 37.8 + 12.3 
month.
488 531 534 -8.6 8.1 
Beaumont ---------274 265 219 + 25.1 + 3.4 
Big Spring 67 68 50 + 34.0 -1.5 

Austin ------­CARGO FREIGHT HANDLED AT PORT OF BROWNSVILLE 

Brownsville 2,455 2,055 2,590 -5.2 + 19.5 (in tons) 
23 32 -28.1

Bryan 
-~-------Source: Port of Brownsville 
Corpus Christi 706 630 504 + 40.1 + 12.1

·--­

Dallas -----6,767 7,855 5,770 + 17.3 -13.9 Percent change El P aso ----1,199 1,348 1,114 + 7.6 -11.1 
June 1947 
Fort Worth ---1,407 1,706 2,206 -36.2 -17.5 

June May from -----Commodity
Galveston 407 445 327 + 24.5 -8.5 1947 1947 May 1947 Houstob 5,114 4,948 3,064 + 66.9 + 3.4 
67,123 + 43.2 

Lamesa ------14 	19 -26.3 TOTAL -·------------·-··-----=9=6,=10=9========== 
2.6 4.3 

Laredo ----310 324 302 + -IMPORTS, TOTAL ··---------·---28,743 19,915 + 44.3 
Lubbock 256 269 177 + 44.6 -4.8 	+ 18.5
----------	12,699
Bananas ···-·····-···--·-·--····-············ 15,043 

Midland ------163 135 95 + 71.6 + 20.7 	6,410 + 52.2
Gasoline ·····-·-···-----------·-····-··· 	9,759

Mineral Wells -------44 	47 6.4 583 +537.0
Pineapples ····-·-··--·-·--····--···-3,714 Odessa --------162 159 + 1.9 223 + 1.8
Other -········-··-·--------------···-227

Port Arthur 203 209 150 + 35.3 -2.9 San Angelo ------552 327 212 +160.4 + 68.8 EXPORTS, TOTAL -------67,366 47,208 + 42.7 
+ 53.7

San Antonio ---2,765 2,957 l,728 + 60.0 -6.5 Crude oil --·--·-----------49,169 31,980 33.0
Sweetwater 44 	51 -13.7 9,279 -
Texarkana -----84 	83 62 + 35.5 + 1.2 Cottonseed cake ------5,641 3,497 + 61.3 62 885 + 129.9 
---	Lead --------------------6,215 
Temple -----52 -16.1 General cargo -·--·--------2,035 
Tyler ------779 371 255 + 205.5 +llo.o Sesame cake --------·-1,666 
Waco "148 178 195 -24.1 -16.9 

Peanut cake ---------1,114 Falls 276 276 189 + 46.0 0.0 779 1,334 -41.6
Wichita --	Cotton -----·--------·-· 
750 233 + 221.9 

Other -------------·­*First reported in February 1947. 


LABOR 
Employment 

(Employment atatlstlca are am-. the moat Important indicators ol T-bust-a and ~cactl'rity. The estimates of total employment in Texas Include all employees, both production workrs and others, but exclude proprietors, officers of corporations, and other principal executives.) 
Employment in all nonagricultural establishments in Texas aggregated 1,631,400 at mid-June, according to a new series released for the first time this month by the Bureau of Business Research in co-operation with 
ESTIMATES OF NO AGRICULTURAL EMPLOYMENT (in thousands) 
Percent change  
Industry  June 1947  May 1947  J une 194·7 June 1947 June from from 1946 June 1946 May 1947  


TOTAL ,631.4 1,617.7 1,570.5 + 3.9 + 0. 
Manufacturing 339.3 324.9 305.2 +11.2 + 4.4 Durable goods 137.9 13 .6 12 . + 7.1 -0.5 'ondurable goods ---201.4 1 6.3 176.4 + 14.2 + 8.1 Non.manufacturing ,292.1 1.292. 1,265.3 + 2.1 -0.1 
Iron and steel 17.6 17.3 16.4 + 7.3 + 1.7 Machinery, except electrical_ 30.1 30.0 29.5 + 2.0 + 0.3 Transportation equipment _ 25.7 2'1.1 22.l +16.3 -5.2 Nonierrons metals 9.5 9.8 9.7 -2.1 -3.1 Lumber and timber 30.1 29.7 26.7 +12.7 + 1.3 Furniture and finished lumber 11.5 11.3 11.1 + 3.6 + 1. Stene, clay, and glass _ _ 9.8 9.8 9.7 + 1.0 0.0 
Other durable goods ---3.6 3.6 3.6 0.0 0.0 
Textiles 9.3 .6 .4 + lo.7 + 8.1 Apparel 25.5 25.l 2.2.0 +15.9 + 1.6 Food 7 .3 64.7 61.7 + 26.9 +21.0 Paper 3.5 3.5 3. -7.9 0.0 Printing and publishing __ 19.5 19.4 17.4 +12.1 + 0.5 Chemicals 18. 1 .0 17.1 + 9.9 + 4.4 Petroleum 3 .6 3 .6 3 . -0.5 0.0 Other nondurable goods __ 7.9 .4 'i.2 + 9.7 -6.0 
Mining  88.3  1.2  + 9.4  + 0.6  
Crude  petroleum  and  nat­ 
ural gas  production  __  2.4  2.0  74.9  +10.0  + 0.5  
Other mining  6.4  6.3  6.3  + 1.6  + 1.6  
Transportation  and  public  
utilities  195.7  197.  197.4  - 0.9  - 1.1  
lnte:rstate railroads ___  66.3  67.6  69.2  - 4.2  - 1.9  
Telephone and telegraph _  15.5  15.6  27.7  -44.0  -0.6  
Other  transportation  and  
public utilities  113.9  113.2  100.5  + 13.3  + 0.6  
Trade  395.5  399.3  403.4  - 2.0  - 1.0  
Wholesale trade  110.5  111.4  109.4  +  1.0  - 0.  
Retail trade  285.0  2 7.9  294.0  - 3.1  - 1.0  
General  merchandise  _  60.1  62.7  63.7  - 5.7  - 4.1  
Food and liquor stcres_  43.2  45.5  44.5  - 2.9  - 5.1  
Automoti,,.e  24.4  24.4  26.9  - 9.3  0.0  
Apparel  21.  21.6  21.5  +  1.4  +  0.9  
Other retail trade ___  135.5  133.7  137.4  - 1.4  +  1.3  
Finance and service ___  272.  271.9  250.0  +  9.1  +  0.3  
Banks and trust companies_  17.2  16.7  15.5  + 11.0  + 3.0  
Insurance  24.6  23.7  20.6  + 19.4  + 3.  
Real  estat.e  and  other  ti­ 
nance agencies  22.2  22.0  19.0  +16.  + 0.9  
Hotels  24.6  25.0  25.0  - 1.6  - 1.6  
Other personal services __  54.0  53.0  53.  +  0.4  +  0.  
Medical services  29.3  2 .5  25.9  +13.1  + 2.  
Other  business  and  pro!es­ 
sional  services  100.9  102.4  90.2  + 11.9  -1.5  
Contract  construction  97.9  94.1  75.9  + 29.0  + 4.0  
Go,.,.ernment  241.4  241.4  257.4  - 6.2  0.0  

the federal Bureau ·of Labor Statistics. This was an increase of 13, 700 or 0.8% over the previous month and 50,900 more than employment in mid·June 1946, a 3.9% gain for the year. 
Estimated total manufacturing employment in Texas for June 1947 was 339,300, an increase of 14,400 per· sons or 4.4% over May. The most significant changes in employment in the industrial groups came in non­durable goods with a 21.0% increase in food and an 
8.1 % increase in textiles for June 1947 over May 1947. Employment in durable goods showed a decline of 0.5% from May to June of 1947, with transportation equip· ment marking up a 5.2% decrease, followed by non­ferrous metals with a drop of 3.1 %. Manufacturing employment was 11.2% greater in June 1947 than in June 1946. 
Between May and June 1947 nonmanufacturing con· cerns showed a slight drop in employment of 0.1 %. Retail food and liquor stores had the greatest relative decline (5.1 % ) ; general merchandise stores were next with a 4.1 % loss. Contract construction was still on the increase with a 4.0% rise for June over May. The nonmanufacturing industries indicate a 2.1 % increase in employment for June of 1947 as compared with June 1946. Notable increases appeared in contract construc­tion (29.0%, or 18,200 employees) and in finance and service establishments as a group, which turned in a significant advance of 22,800 employees (9.1 % ) over last year. 
Pay Rolla 

(Pay roll &pres are •en.....U,. nc:o..,Ued as alpUicant bullcatora 
of Income and purdlasln• power by both economists and businessmen.. 
Emphasis on tho mainteaanco of purchasln• power as a iroal for the
-w• -twar aconomy stvea particular lmportanco to these 

&pres at this time.) 
Pay rolls of establishments engaged in the manu· . 

facture of durable goods decreased slightly, except for 
the stone, clay, and glass industry, with an increase of 
2.6%, and the furniture and finished lumber industry 
with an increase of 2.8%. Between June 1946 and June 
1947, all industries within the durable goods group 
showed increases ranging from 4.5% for machinery, 
except electrical, to 28.5% for lumber and timber. 
Of the 7 industries within the nondurable manufac­

turing classification, all but apparel and printing and 
publishing revealed increases in pay rolls for June 
1947 over May 1947. The most sizable rise occurred 
in food manufacturing, with a 14.8% increase, followed 
by chemicals, with an 8.8% advance. Compared with 
June 1946, pay rolls for all nondurable goods for 1947 
showed appreciable gains, led by petroleum refining 
(44.4%). 
Pay rolls for June 1947 in 4 of the 9 nonmanufac· 

turing industries increased over May 1947. In dyeing 
and cleaning there was an 18.0% hike and in crude 
petroleum production 11.3%. Insurance and quarrying 
had respective gains of 6.6% and 0.4%. Wholesale trade 

showed no change, with the other 4 industries in the 
nonmanufacturing group reporting decreases in pay 
rolls from May 1947 ranging from a 0.4% drop for 
laundries to a 2.9% decrease for hotels. Compared with June 1946, pay rolls for June 1947 in the non­manufacturing group showed increases for all indus­tries except laundries (-10.4%) and hotels {-1.5%). The increases in this group varied from 26.3% for pub­lic utilities to 7.0% for wholesale trade. 

CHANGES IN PRODUCTION WORKER PAY ROLLS IN SPECIFIED INDUSTRIES 
Number P"rcent chan(le of 
reportin!l June 1947 June 1947 e11tablish· from from 
menta June 1946 May 1947
Industry 
MANUFACTURING 
Duable irooda : 32 +16.0 -1.7
Iron and steel ---------···­
46 + 4.6 -0.8 
Machinery, except electrical -------­9 +11.6 -2.4
N onferrous metals --···-···-·--·· 
14 +28.6 -0.7 
Lumber and timber -------------------­Furniture and finished lumber...... ---­
29 +25.6 + 2.8 
35 +16.9 + 2.6
Stone, clay, and glass.----------------­
Nondurable flOOds: 16 +13.4 + 1.3
Textiles ------···-------------­33 +13.9 +42.9
Apparel ----·····----------­
167 +31.6 +14.8
Food ----------------------···-··· 
19 +13.4 + 8.1 
Paper ----------------------------·· 
38 +31.0 -1.8
Printing and publishing ---------···-­
65 +2u + 8.8
Chemicals ------------­36 +44.4 + 1.7
Petroleum refining ------------­
NONMANUFACTURING Crude petroleum production.__________ 41 +20.2 +11.8 6 +11.2 +18.o
Dyeing and cleaning -------------------­16 -1.6t -2.9t
H otels* ------------···-·­
82 +13.1 + 6.6
Insurance• ------------­
9 -10.4 -0.4
Laundries --------­
132 +26.3 -2.6 
Public utilities* ----------------­18 +18.6 + 0.4 
Quarrying -----------··­
307 + 7.8 -0.8 
Retail trade* --------------··­
117 + 7.0 0.0 
Wholesale trade* -···-------···--··--·-·· 
*Figures cover all employees except proprietors, firm members, officers of corporations, or other principal executives. . t Cash payments only ; the additional value of board, room, and tips 
cannot be computed. 
Man-hours 
(The r"porta which the Bur.,au receives on employment Include every employee who worked any part of the week. Thia means that chanires in the number of employees In an Industry do not always measure the changes in the volume of output. Changes In the number of man-hours worked, however, are closely associated. with the rate of manufacturina activity, and may be used •• a measure of the volume of production.) 
Total man-hours worked in 454 manufacturing estab· lishments were up 18.4% in June 1947 over June 1946. The only decreases for this 12-month period were in stone, clay, and glass products (l.6%), nonferrous metals (2.1 % ) , and machinery, except electrical (2.4%) . All nondurable industries reported gains. 
In June 1947 compared to May an increase of 1.4% was reported. Three durable goods industries reported decreased activity {stone, clay, and glass, 0.3%; ma­chinery, except electrical, 1.2%; and iron and steel, 
4.1'/r ) . The other 3 industries in the durable goods group reported increases for the month as shown in the accompanying chart. 
Of the 7 nondurable goods industries, 4 reported de­creased activity for the month of June 1947 as compared to May 1947, ranging from 0.3% in textiles to 4.0% in printing and publishing. The greatest increase reported for the month in the nondurable goods industries was in the food industry (16.6%). 
MAN-HOURS WORKED IN IDENTICAL MANUFACTIIRING 
ESTABLISHMENTS 

Number  Percent chan~  
of  
reporting  June 1947  June 1947  
establlsh­ from  from  
lnduetry  menbi  June 1946  May 1947  

TOTAL  --··-··------------­--­454  +18.4  +u  
Durable goods :  
Iron and steeL-------·-····------­ 31  +16.8  -4.1  
Machinery  (except electrical) ________  40  - 2.4  -1.2  
N onferrous  metals  -----··------··-­ 7  - 2.1  + u  
Lumber and timber -----­----·-----­ 11  +1a.2  + 2.9  
Furniture  and finished lumber---·-····-····  24  +  9.8  +  2.8  
Stone, clay,  and  glass.--------------­ 29  - 1.6  - 0.3  
Nondurable goods:  
Textiles  ---------·····-····--:-·-----­ 16  +  1.2  - o.s  
Apparel  -·-···------·-·-··-···--·-··-···--·­ 26  + u .2  -1.1  
Food  ···-···-·-·······----····-·········------·-··· 187  +16.0  +16.6  
Paper --·········-···-------·-·-----··---­Printing and pub~ishing_________________  9 29  + +  2.1 7.0  + 1.2 -4.0  
Chemicals  -··--­-------------­ 62  +17.1  + 6.4  
Petroleum  refining -·-------·---­ 34  +42.6  -1.9  

Hours and Earnings 
(Statistics on heura and earnln&'• show cleerly the effect• of tbt shift of the State'• economy and the general upward movement of wages since V-J Day. Average hourly earnings are computed by divldinir the total number of man-hours worked In reportln&' nta"b­lishmenta into total pay rolls.\ 
For the month of June 1947, 6 of the 15 manufac­turing industries reporting had a work week of less than 42 hours, while the other 9 groups had an average work week of 42 hours or more. 
Of the 15 industrial groups in the manufacturing series, 6 reported increases in average weekly hours in June 1947 as compared to June 1946. These increases ranged from 3.0% in the chemicals industry to 8.6% in the petroleum refining industry. The other 9 manu­facturing industries reported decreases ranging from 0.4% in the stone, clay, and glass industry to 7.3% in the textiles industry. 
Quarrying was the only nonmanufacturing industry reporting an average work week of less than 42 hours for June 1947. Two of the 7 nonmanufacturing indus· tries showed decreases in weekly hours in June 1947 as compared to June 1946, as follows: retail trade, 3.9%, and dyeing and cleaning, 12.7%. The other 5 groups reported decreases in weekly hours for the same 12-month period as shown on the accompanying chart. 
Hourly earnings were greater in every manufacturing industry in June 1947 than in June 1946 for the second consecutive month. Only 2 of the nonmanufacturing in­dustries reported declines: dyeing and cleaning { 4.6%) and hotels (7.5%). 
Weekly take-home pay was greater in June 1947 than in June 1946 in all manufacturing industries with the exception of the "other" durable goods industries--which 

HOURS AND EARNINGS* 
Average weekly houra  Average hourly earnings (in cents )  Average weekly earnings (in dollars)  Percent change June 1947 from June 1946  
Industry  June 1947  June 1946  June 1947  June 1946  June 1947  June 1946  Wei.kly hours  Hourly earnings  Weekly earnings  

MANUFACTURING  
Durable goods :  
Iron and steel ----------­-­-···-­ - - 42.1  42.4  111.7  103.2  47.03  43.76  0.7  + 8.2  + 7.5  
Machinery (except electrical) ·---­Nonferrous metals ---------­Lumber and timber______________ Furniture and finished lumber_____ Stone, clay, and glass ­-·-­-----­ 44.1 41.5 47.3 44.7 46.8  48.5 42.2 43.7 41.9 46.0  108.9 160.3 81.7 84.9 89.6  108.1 102.8 76.1 81.0 77.6  48.02 62.37 38.64 87.95 40.99  47.02 43.38 32.82 33.94 36.65 .  + 1.4 1.7 + 8.2 + 6.7 0.4  + 0.7 + 46.2 + 8.8 + 4.8 + 15.5  + 2.1 + 48.8 + 17.7 + 11.8 + 15.0  
Other  durable  good•----------·-···-----·  38.1  39.6  122.0  120.1  46.48  47.66  3.8  +  1.6  - 2.8  
Nondurable iroods :  
Textfleo  38.0  41.0  99.0  82.3  87.62  33.74  7.3  + 20.3  + 11.6  
Apparel __..____________________ Food ----------­----­ 36.6 48.5  88.4 46.8  70.5 78.4  66.l 71.9  26.80 38.02  25.00 33.65  4.7 + 3.6  + +  8.3 9.0  + 3.2 + 18.0  
Paper ---------·------­Printing and publishinir----­·-----­Chemicals ----------­---­Petroleum refining ----­---Other nondurable goods ----­--­--­ 43.8 40.1 44.6 41.7 44.0  44.4 41.4 43.8 38.4 45.2  100.6 129.6 121.3 157.6 130.7  96.4 113.3 107.1 139.5 88.7  44.06 51.97 54.10 66.72 67.61  42.36 46.91 46.37 53.57 87.88  1.4 3.1 + 3.0 + 8.6 2.7  + 6.5 + 14.4 + 13.3 + 18.0 + 66.2  + 4.0 + 10.8 + 16.7 + 22.7 + 62.0  
NONMANUFACTURING  
Crude petroleum production - - -­ - 42.8  40.2  164.6  140.3  66.40  56.40  + 6.2  + 10.2  + 16.0  
Dyeing and cleaning --­--­--Hotels ----­------­--Lauadriee -------------­- 48.0 62.6 49.1  65.0 45.4 48.7  69.1 36.8 46.9  72.4 88.7 42.6  33.17 18.80 23.03  39.82 17.57 20.70  -12.7 + 16.6 + 0.8  -4.6 -7.6 + 10.4  -16.7 + 7.0 + 11.S  
Quarrying -----­-­-----­Retail trade ----···· Wholesale trade -­-----­ 41.9 42.0 45.2  41.0 43.7 43.6  123.6 78.0 100.8  116.7 70.7 88.8  51.76 82.76 46.56  47.44 80.90 38.72  + 2.2 3.9 + 8.7  + 6.7 + 10.8 + 18.6  + 9.1 + 6.0 + 17.7  

•Fig-uree do not cover proprfeton, ftrm members, oft\oen of corporat-ion1, or other principal executives. Manufacturlnir data cover production and related workers; nonmanufacturin&' data cover all employees. 
reported a percentage decrease of 2.3%. In the non­manufacturing industries a similar pattern of gains was shown, with only the dyeing and cleaning industry re­porting a decline (16.7%). 
The amount of weekly' take-home pay varied in all industries. There were 4 industries ·paying on the aver­age more than SSS per week in June 1947. These were: petroleum refining ($6S.72); crude petroleum production ($6S.40); nonferrous metals (862.37); and other non­durable goods (SS7.Sl). Hotels ($18.80) and laun­dries ($23.03) continued as tQe only 2 industries re­porting average weekly pay of under $2S.OO. 
Industrial Relations 

(Altbousb no •tatl•tlc:.l data are available en Industrial dispute• In Tuaa, a lm-ledse of CWTent development. In Industrial rela­tions la aecea..,.,, to an unclerata.ncllns of the Stat•'• labor picture.) 
Waterfront strikes again claimed the spotlight in Texas industrial relations news last month, when an estimated SOO workers in Houston and 1,000 in Gal­veston staged a unique type of strike for 4 days. Seamen had union instructions to stay on ship as long as op­erators permitted~ doing their regular routine jobs; however, they were not permitted to sail until a new contract was agreed upon to take the place of the old one which expired June lS. The strike was nationwide and ended after a new contract was negotiated which gave members a S% wage increase and overtime pay for 9 holidays. 
An attempt by a company to invoke the Taft-Hartley labor action was made in Dallas on June 25, only 24 
hours after it became federal  law.  However, the  pre­ 
siding judge based his decision  on  State laws and de­ 
cisions rather than the federal act.  

More tQan SlSO million worth of industrial construc­tion in the Houston area appeared to be nearing a halt because of a wage dispute that has been pending since early this year. Some 7,SOO craftsmen had been laid off up to June 28. 
Headline news was made when a leading automobile manufacturer which had often bellwethered changes in personnel techniques and employee relations announced the discontinuance of contractual relations with its unionized foremen. After 3 years of dealings with fore­men on this basis, the company dubbed the system as an "experiment" w}iich had "failed hopelessly." Man­agement unions were denounced by the company as unsound in principle and unworkable in practice. 
Labor Force 

(Estimates of the nonagricultural clvlilan labor force are made currently for the State's 17 principal labor market areas by the Texas Employment Commission. Labor force data, indicatins the total supply of labor In these areas, Include all employed workera, aa well as all others who are available for jobs and who are wllllna and able to work.) 
The nonagricultural civilian labor force in lS labor market areas of the State was estimated at l ,219,8S3 for June 1947, representing a net addition of 7,190 persons (0.6%) over May 1947. The largest increase came in the Galveston-Texas City area with a gain of 2,900 per­sons (5.4% ), followed by the Wichita Falls area count­ing an increase of 1,241 persons ( 4.4 % ) . 
The increase in the labor force in the Galveston-Texas City area has brought statements from officials of Texas City and the Texas Employment Commission warning job seekers over the nation that "premium pay jobs" simply do not exist in the area. 
NONAGRICULTURAL CIVILIAN LABOR FORCE 
Source: Texas Employment Commission 
Percent change 
June 1947 June May from Area 1947 1947 May 1947 
1,212,663 + 0.6
TOTAL ·-----------·----·-···--····---···--1,219,853 19,262 + 0.2 
Abilene ·······--·--··--·-··········---------···--··-19,293 29,400 + 0.5 
Amarillo --------·-·-------···------------··· 29,555 
44,072 + 0.1 Corpus Christi -··--·--·---------·-------50,187 50,380 -0.4 Dallas ------------------···-···------··---·--220,495 
Austin ---·-·--------····-····-------------44,109 
219,490 + 0.5 
50,250 + 0.3 Fort Worth --···--------------·---·-·---130,787 
El Paso ---··----···---··-----·-·----·----·--50,397 
130,887 -0.1 Galveston-Texas City -·--··-·--·-·--56,266 53,366 + 5.4 Houston-Baytown -------------·--------302,115 301,197 + 0.3 Longview -------······--·-·····-··---··----··-·--22,561 22,338 + 1.0 Lubbock -----------··-----·----·--------25,902 25,900 0.0 
San Antonio -··-·--------------····-·-159,778 159,332 + 0.3 Texarka na ----·--------------·--·---·-----32,765 
32,363 + 1.2 Waco ------·------·--------·---------·---45,971 
45,995 -0.1 Wichita Falls --------···--------------·---29,672 
28,431 + 4.4 
Unemployment 
(Estimates of unemployment in various areas of the State are currently made by the Texas Employment CommissiO'Jt. Data on 
the payment of unemployment benefits also provide a rough measure 
of unemployment In Texas, although only employees in establish­
ments employin~ 8 or more workers for 20 or more weeks per year are covered. Veterans' claim actions and disbursements are less 
inclusive, but throw li11ht on the Important problem of veteran re­employment.) 
Unemployment in 15 labor market areas in Texas was estimated at 69,371 for June 1947. This is an increase of 4.1 % over May 194.7, but a substantial decrease of 30.5% over June 1946. From the table of figures fur­nished by the Texas Employment Commission, the 2 areas reporting increased unemployment in June 1947 over June 194.6 are shown to be Amarillo (65.0% more) and Wichita Falls (6.1 % more). The other 13 labor market areas of the State continued to report decreas­ing unemployment. 
During June 1947 net unemployment compensation benefits paid totaled $628,448, as compared to $747,055 paid to Texas unemployed in May. Contributions de­posited during the month were $166,821, which left $164,613,490 in the Unemployment Trust Fund Account at the end of the month, as compared to $165,201,4.90 at the end of May. 
Unemployment among veterans was up in June from May according to the comparison of veterans claim actions and disbursements. During June 4,634 applica­tions were filed as compared to 3,913 filed in May. The June figure brought the total applications for the year to 42,161 and the accumulative total to date to 360,357. Allowances paid during June amounted to $2,868,34.S. 
UNEMPLOYMENT 
Source: Texas Employment Commission 
June May June Area 1947 1947 1946 
TOTAL ----·····-·-··--·---········--···---·---·--····-·····--·---69,371 66,656 
Abilene ----···-·--·-·-··-----·-·-----·----·-----··--··-·-···---l,~81 Amarillo --------·--·------·---·----·---·----·--·---·---·-----1,650 Aus t in -----------------------------·-·-··--·---···-·-·----·----2, 05 9 Corpus Christi -·-·----------:........... ·--·-·····----··-··· 2,500 Dallas -------------·-···---·-··--·---------··--·····-·-···----11,500 El Paso -------------------·-·····---------·-·-·····----___ 3,000 Fort Worth ---------·-----------------·--------------------10,000 Galveston-Texas City ------·-··-----·-·----··--·-·-·-··-2,200 Houston-Baytown ·---·-··------··--------··----·-···-----12,000 Longview ------···------------·-····--·-·-·--·-····--1,750 Lubbock -----··-·-···--·--·----------··-----·----·--800 San Antonio ·-·-·--·--------------------·----------·-·-·· 11,500 Texa rkana -----·--·-·---·-------·-····----·-----····--··-·---3,600 Waco -····-----······--·---------·-··--····---·--·-··---·-----·-3,600 Wichita Falls ···--·-·-··-·--····---·--------··------··--· 1,731 
1,450 1,700 2,111 2,400 10,300 3,000 10,000 2,200 11,000 1,800 900 11,200 3,380 3,400 1,815 
99,748 
1,696 1,000 2,871 3,100 18,800 3,550 11,400 2,900 19,500 3,100 1,600 17,100 7,000 4,500 1,631 


Placements 
(The number of placements reported by the Texas Employment Commission 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 thoae made throu11h the State Employment Service. Furthermore, the num­ber of placements made should not be considered as addition• to total employment, since many of them represent shifts from one job to another.) 
Placements in employment in the 15 labor market areas of Texas totaled 23,526 for June 1947, an increase of 10.4% over June 1946, and an increase of 9.5% over May 1947. 
The greatest relative increase in activity was reported in the Galveston-Texas City area-66.6% over June of last year, whereas the 15.2% gain in Houston (an in­crease of 662 persons) was the biggest absolute increase. The Waco area reported the greatest percentage decline over last year (52.8% ). 
PLACEMENTS IN EMPLOYMENT 
Source: Texas Employment Commission 
Percent change  
J une 1947 June 1947  
Area  June 1947  May 1947  J une 1946  from from J une 1946 May 1947  

TOTAL -··-·-····----·····-·····--23 ,526 21,488 21,303 +10.4 + 9.5 
Abilene  -------------------­----­ 559  557  652  - 14.3  + 0.4  
Amarillo  ----------------------­ 1,038  614  833  +24.6  +69.1  
Austin  -----------------------------­ 906  885  808  +12.1  + 2.4  
Corpus  Christi -------------­ 904  783  665  +35.9  +15.5  
Dallas  ----------------------­--­ 3,793  3,525  3,813  - 0.5  +  7.6  
E l  Paso  -----------------------­ 782  697  491  +59.3  +12.2  
Fort  Worth  ------------------­ 3,661  3,609  3,035  +20.6  + 1.4  
Galveston-Texas  City  -- 1,283  1,122  770  +66.6  +14.3  
Houston-Baytown  -------­ 5,02,6  4,794  4,364  + 15.2  + 4.8  
Longview  ---------------------­ 774  780  642  + 20.6  -0.8  
Lubbock  ------------------------­ 619  575  406  +52.5  + 7.7  
San  Antonio  -----------------­ 2,312  2,090  2,448  - 5.6  +lo.6  
Texa1·kana  ---------------------­ 833  657  792  +  5.2  + 26.8  
Waco  -------------­----­-·----·---­ 524  387  1,111  - 52.8  +35.4  
Wichita  Falls  ----------­ 512  413  473  +  8.2  +24.0  




GOVERNMENT 
Federal Finance 

(Federal collection• of Income, pay roll, and excise taxes vary directly with the level of business prosperity. During the war period federal tEiation hu likewise become an Important determinant of general bueineH activity.) 
Federal, internal revenue collections in Texas in June of $97,716,438 were 3.8% below those of June 1946. Income tax payments of $82,598,266 were down 6.5% ; income tax withholdings of $1,792,0ll were up 168.4% ; Social Security taxes of $881,0ll were down 38% ; and excises, estate tax, and other collections were up 11.3%. 
For the fiscal year ended June 30, total collections amounted to $1,085,574,212, which was an increase of 1.9% over the amount of the preceding year. Income tax payments were $649,344,905, or an increase of 2.1 % ; income tax withholdings were $241,308,506, or an in­crease of 1.9% ; Social Security taxes were $51,748,154, or an increase of 18.1 % ; but excises, estate tax, and other collections of $143,172,649 were 3.9% below those of a year ago. It is significant for its bearing upon what may be the result of lower taxes that the decreases, slight though they were, in individual and corporation income taxes in effect for 1947 did not prevent an in­crease in collections. 
The First District (or South Texas) had total collec­tions in June of $53,741,695, or 8.8% below those of June of 1946. Income tax payments accounted for $45,340,235 of the total. Total collections in the fiscal year were $569,319,633, or 1.1 % below those of the preceding fiscal year. Income tax payments were S341,260,968, or a decrease of 1.1 % ; income tax with­holdings were $131,212,187, an increase of 2.1 % ; So­cial Security taxes were $23,431,374, an increase of 11.7% ; but excises, estate tax, and other collections of $73,415,104 were 9.0% below those of a year ago. 
The Second District {or North Texas) had total col­lections in June of $43,974,743, or an increase of 3.0% 
over those of June of 1946. Income tax payments con­stituted $37,258,031 of the total. Total collections in the fiscal year were $516,254,579, or an increase of 5.3% over those of the preceding fiscal year. Income tax payments were $308,083,937, or an increase of 5.9% ; income tax withholdings were $l10,096,319, an increase of 1.7%; Social Security taxes of $28,316, 780 were up 24.0% ; and excises, estate tax, and other collec· tions of $69,757,543 were up 2.1 %. 
After 17 years of deficits the federal government ended the fiscal year 1946-1947 with a surplus of $753,787,660. If applied to payment on the national debt, as announced by the Secretary of the Treasury that it would be, the national debt would be reduced to $258,375,903,293. The surplus was due mainly to the large reduction in army and navy expenditures and to revenues running somewhat ahead of those in 1946. 
SMALL BUSINESS AIDS 
Recent additions to the list of Small Business Aids reproduced by the Bureau of Business Re­search i11 co·operation with the Office of Small Business of the U. S. Department of Commerce are as follows : 
Benefits of a Good Grievance System 
The Retail Jeweler Gauges the Market 
The Reduction of Distribution Costs 
Using Super Market Methods in a Medium­
Sized Grocery 
Increasing Cosmetic Sales 
Copies of the above Aids, as well as those an­nounced in previous issues of the REVIEW, are available without charge frQm the Bureau of Busi­ness Research. 

FEDERAL INTERNAL RE VENUE COLLECTIONS 
Source: Office of the Collector, In ternal Revenue Service, Treaaury Department 

J une July 1-June 30 
Percent  Percent  
District  1947  1946  chance  1946-47  1945-46  change  
TEXAS  ----~--------·-----­--­ $97,716,438  $101,587,397  - 3.8  $1,085,574,212  $1,065,737,641  + 1.9  
Income  ---------­ 82,598,266  88,317,112  - 6.5  649,344,905  636,093,080  + 2.1  
Employment  ---·-­ 881,011  1,421,586  -38.0  51,748,154  43,826,538  + 18.1  
Withholdinii  --­ 1,792,011  667 ,631  + 168.4  241 ,308,506  236,767,709  +  1.9  
Other  -----·  12,445,150  11,18 1,068  + 11.3  143,172,647  149,050,314  3.9  
FIRST DISTRICT  ···-·------­ 53,741,695  58,909,143  - 8.8  569,319,633  575,398,429  1.1  
Income -------~---------­ 45,340,235  51,729,075  -12.4  34 1,260,968  345,151,967  1.1  
Employment  ---·  70,785  282,135  -74.9  23,431,374  20,981,247  + 11.7  
Wlth holdinii  -·-·-·--·-------­ 1,482, 872  371,676  +299.0  131,212,187  128,548,263  + 2.1  
Other  -----­ 6,847,803  6,526,257  +  4.9  73,415,104  80 ,716,952  9.0  
SECOND  DISTRICT  43,974,743  42,678,254  +  3.0  516,254,579  490,339,212  +  5.3  
Income ------· Employment  37,258,031 810,226  36,588,037 1,139,451  + 1.8 -28.9  308,083,937 28,316,780  290,941,113 22,845,291  + 5.9 + 24.0  
W it hholdinii Ot her  309,139 5,597,347  295,955 4,654,811  + 4.5 + 20.2  110,096,319 69,757,543  108,219,446 68,333,362  + +  1.7 2.1  

State Finance 
(Statistics on State finance are closely connected with cbangea in the level of business activity. State occupation, production, uae, and sales taxes, and license fees vary directly with changing business conditions.) 
Total revenue receipts of the State, as reported by the State Comptroller, were $27,524,782 in June. Receipts from ad valorem, inheritance, and poll taxes were $.287,086; from occupation, gross receipts, and produc­t10n taxes, $6,180,786; from use and special sales taxes, $8,741,752; from license fees and maintenance taxes $433,286; from public lands and buildings, $1,049,ll8; from interest, $1,514,434; from Federal aid, unemploy­ment compensation tax, and teachers' retirement con­tributions, $8,127,101; and from miscellaneous revenues $1,191,213. ' 
For the first 10 months of the current fiscal year total revenue receipts amounted to $3ll,973,460, or an in­crease of 24.7% over those of the corresponding period ~ year a~o. Increases were shown in all items, except m the direct tax group (ad valorem, inheritance, and poll taxes), in t}Je income from public lands and build­ings, and in the taxes on alcoholic beverages. Notable were the collections of $65, 777,948 from occupation, gross receipts, and production taxes, up 36.7%; from use and special sales taxes of $87,2ll,848, up 12.4%; and from federal aid, unemployment compensation tax, and teachers' retirement contributions, up 83.5%. 
The Fiftieth Legislature ended its Regular Session after committing the State to expenditures during the next 2 years of about $219 million. Although no new taxes were adopted, property taxpayers would not en­joy in 194.7 as they did in 1946 the luxury of the non­levy of a property tax for general revenue purposes. The State Automatic Tax Board has adopted for this year's levy the full constitutional rate of 35 cents for the general revenue fund, the full 35 cents school rate, and the 2 cents for Confederate pensions, or a total property tax rate of 72 cents as compared with the rate of 37 cents in 1946. 
REVENUE RECEIPTS OF STATE COMPTROLLER 
Source: State Comptroller of Public Accounta 
Sept. 1-June 30 
J'une Percent Item 1947 1946-47 1945-46 change 

TOTAL REVENUE  
RECEIPTS  _  ______$27,524,782 $311,973,460 $250,225,858  +24.7  
Ad  valorem,  inherit­ 
ance  and poll  taxes  287,086  18,530,553  30,202,033  -38.6  
Occupation,  e-ross  r<>­ 
eeipts,  and  produc­ 
tion  taxes  ---6,180,786  65,777,948  48,122,583  +36.7  
Use and sales tax.__  8,741,758  87,211,848  77,576,209  +12.4  
License fees and main­ 
tenance taxes  ··---·­ 433,286  10,641,092  9,473,717  +12.3  
Income  from  public  
lands  and  buildings  1,049,118  13,419,888  14,670,653  -8.5  
Interest  ----­ 1,514,434  8,288,031  7,552,854  + 9.7  
Miscellaneous  reve­ 
nues -----­ 1,191,213  20,004,303  14,626,530  +36.8  
Contributions and aid  8,127,101  88,099,797  48,001,279  +83.5  

PRICES 
Conaumera' Prices 
(All Income figures must be used in connection with a meuure of chances in consumers' prices, 1i·nce the purchasinl' power of income is more significant than the a&'gregate amount In dollan The increasing cost of livinc, as measured by indexea of coneumwt; prices, is of vital importance to all businessmen and conaumera.) 
. Prices yaid by .H.ouston consumers for living essen­tials. declmed neghg1bly from April to May 1947, after rackmg up a 22.6% advance in the preceding 12 months Since May 1946 food costs had advanced 41.1% and were almost double (97.1 % above) their prewar aver· age. Clothing costs were catching up, having risen 27.4% in the past year to a point 87.8% over their 1935-39 level. Housefurnishings were up 21.8% over ? year ago; fuel, electricity, and ice 6.3% ; and sundry items 9.5%. Rents were not surveyed in May of either year. 
Data for the United States show that Houston price gains for the 12 months ending in May outstripped t4ose for the nation as a whole by a fairly wide margin, especially in tl:~e case of food and clothing. 
A further boost tq the over-all cost of living appeared in the offing with the relaxing of rent controls on the first of July. Texas hotel and apartment owners were re· ported to be taking advantage of the new law, notwith­standing some confusion as to its provisions. Hotel owners lost no time in raising rates to permanent guests, but went more slowly in adjusting other rates. Apart­ment owners too were approaching changes cautiously, confining their first moves largely to the elimination of substandard rates. With the passage of the new bill, an official of the Texas Hotel Association foresaw a general upward adjustment in hotel rates this year of between 10 and 15%. 
INDEXES OF CONSUMERS' PRICES IN HOUSTON 
(1985-89 = 100) 
Source : Bureau of Labor Statlatics, U. S. Department of Labor 

Percent change  
Group  May 1947  Apr. 1947  May 1946  May 1947May1947 from from May 1946 Apr. 1947  
ALL ITEMS ·---­-­157.6  158.6  128.5  + 22.6  - 0.6  

199.2 139.7 +41.1 -I.1 Clothing 188.0 147.4 +27.4 -0.1 
F ood -------------------197.1 
--·-·-------·------187.8 Fuel, electricity, and ice.. _ 94.3 94.3 88.7 + 6.3 
0.0 
Housefurnishings ----·-183.1 186.6 150.3 +21.8 -1.9 Miscellaneous ................... _ . 139.1 139.6 127.0 + 9.5 -0.4 
Wholesale Prices 
(Chaqes In the prices of commodltles are of fundamental Im· portance to businessmen, since the level of price• has an Important effect on profits. The Index of wholesale pricea complied by the United States Bureau of Labor Statlatica la the moat comprehensive measure of price chan&'ea published in the United States.) 
Wholesale prices leveled off in May, and held fairly steady throughout June, except for slight declines in 

.the prices of foodstuJfs and several single commodities 
in late June. The 0.5% drop from April to May this 
year was in continuation of the break evidenced for the 
first time this year in the month of April, prior to which 
time the index bad shown steady monthly gains for 
the preceding 4 months. 
Every major category measured in the all-(;ommodity index registered some slackening-off between April and May, and all bad shown substantial advances in the 12 months prior to May 1947. Biggest increase had been in the wholesale price of foods, which had risen 43.3% in the 12-month period. Building mate­rials jumped 38.5%, bides and leather products 37.5%, farm products 27.8%, and textile products 27.7% at the same time.. 
Although disparities still exist in the price indexes for the major commodity groups shown in the accom· panying table, it is interesting that tl}e margin between the prices of farm products and all commodities other than farm products was narrowed in the past year, be­cause farm prices did not advance as much as other prices in that interval. In May farm products sold on the wholesale market at prices 75.7% in excess of their 1926 rate; other commodities than farm products at 40.4% more. In comparison with the base year 1926, farm prices had gone up 25% more than other prices Ill wholesale, whereas a year ag0 the spread was 30%. 
A statewide investigation of alleged price-fixing in the oil industry followed on the heels of an announce­ment by several of the State's maj0r producing com­panies of a one-half cent increase in the wholesale price of gasoline. The new increase brought the total hike in · gasoline prices charged by the companies since the expiration of O.P.A. to 2% cents a gallon. Reasons cited as justification for the recent advance by the companies were: increases in the price of crude oil, increased material, labor, and operating costs all along the line; and increased freight and other transportation rates. Since O.P .A. controls over petroleum and its products expired, the price of crude oil in Texas has advanced about 60 cents a barrel, more than 40%. 
INDEXES OF WHOLESALE PRICES TN THE UNITED STATES 
(1 926-100) 
Source: Bureau of Labor Stati1tic1, U. S. Department of Labor 

May Group 1947 ALL COMMODITIES -146.9 Parm prod acts ---­175.7 Foods 159.8 Hides and leather products 165.6 Textile prodacta ___ 13 .9 Building materials ___ 177.0 Cement 114.0 Lumber 269.4 All commodities other than farm producta _ __ 140.4 All commodities other t han farm producta and foods 131.7  Apr. 1947 147.7 177.0 162.4 166.4 139.2 178. 114.0 273.5 141.0 131.8  Percent change May 1947 May 1947 May ! rom from 1946 May 1946 Apr. 1947 111.0 +32.3 -0.5 137.5 + n.s -0.7 111.5 +43.3 -1.6 120.4 +37.5 -0.5 10 .8 +27.7 -0.2 127 .. 8 +3 .5 -1.0 102.6 + 11.1 172.5 +s6.2 -1.5 105.l +33.6 -0.4 103.9 +26. -0.1  

TEXAS BUSINESS REVIEW 
Published monthly by the 
Bureau of Business Research, 
College of Business Administration, 
The University of Texas, Austin 12, Texas 

Material contained in thia publication is not copyrighted and may be reproduced freely, Acknowl~ment of source will be a PP reciated. 
Subscription $2.00 per year. 
J . Anderaoa Fit..gera.ld _______ _ _ ____ JJean 
STAFF OF THE BUREAU OF BUSINESS RESEARCH Robert W. French J olm R. Stockton Dor is Coffee 
Director Statistician Publications .4ssista.11 t 
Elsie Watters Richard E. J ackson Grady J ordan 
Offi.u Maft4ger Ji'~R.epresent<J.tfoe Research Assistat1t 
Polly Chenault Mae J o Winn Betty AickJen 
A ctit1g Secretary Editori<U AniBtaT<t Research Assista11t 
E,·elyn Kilpa trick Mary Elder Fra.nces Allen R" soarck Assistan.t Lfbra.ry Auiatan.t Research .4ssi.stant Business Reaea.rch Council 
J. Anderson Fitzgerald Everett G. Smith 
(ex officfo) John Arch White Robert W. French E . Karl McGinnis 
(e:x 
officio) E. T. Miller Cooperating Faculty 

A. 
B. Cox W. elson Peach 


Cot:t.ml Finance 
H. H. Elwell and W. H . Watson E. T . Miller 
Labor Government 
Virg il Salera 
Poreign TTl:MU 
Auiatanta 
Jean Baird, Leon Baird, Evelyn Be"erly, Delbert Ballengee, J ohn Conerly, Mor ris Floyd, Charles Gorn, J oyce Green, Carl Gromatsky, Betty Lou Hillman, Pete. Hord, Audrey J ackson, Marion Jackson Herschel James, Ca.lVJn Jayroe, James Jeffrey, P reston J ones, Anna Lambert, Flo Lerma, Da"id M;artin, ' ea! McDonald, June Perry, Richard Ridgway, Paul R1gby_. Terry Sherman Rosemary Sommerfield, J eanne wenson, Lucile Teel, Gerald Terry, Florence Thomson, David Ward, Cle"e Wheelus. 
llighlights of Texas Busin"'ess.,._____ _ 1 Figures for the Mont.LI--------------2 
The Business Situation in Tex=._________ _ 3 
Trade Retail Trade 4 Wholesale Trade -------------­6 Foreign Trade -------------7 
Production Ma nufacturing 8 Const ruction ---------------­
9 Public Utilities 10 Natural Resources 11 
Agriculture Income 11 Marketinp 12 Prices -----------------­
13 Cold Storage ---------------­13 Fertilizer Sales --------------­
13 Cotton 14 Finance Bank Credit ---------------­
14 Ba nk Debits -------~-------­
15 Life insurance Sales ------------­15 Business Fa.ilures -------------­
l 
Corporation Charters --------------19 Local Busin Conditions•-----------16 Tran portation 
Rail -------------------­
19 Air Express ---------------­
20 20
Water -----------------­
Labor Employment ---------------­21 Pay Rolls ---------------~ 
21 Hours and Earnings -----22 Man-Roars 22 Indu trial Relations 23 23 
Labor Force ------------­
Unemployment--------------­24 Placements 24 Government Fed.era.I Finance -------------­
25 State F inance --------------­26 Prices Consumers' Prices -------------­
26 Wholesale Prices -------------­
26 Figur for the Year to Dat.,__________ _ 'l:7 Business ctivity in Texas, January-June 19:1.7___ 28 Local Business Conditions-January-June, _____ 29 Barometers of Texas Busin.=>-----------32 

Business Activity in Texas, January-June 1947 

Business act1v1ty in Texas remained practically un· c4anged during the first 6 months of 1947. The Bureau's composite index ofi business activity stood at 190.1 in June (1935-39=100), only slightly below the high point for the period reached in February, when the index was at 191.7. Indexes for the 6 months averaged 189A, in comparison with an average of 184.4 in the last 6 months of 1946, and 172. 7 in the first half of 1946. The February value of 191.7 represented a postwar high for the index, after a steady rise with only minor setbacks since the reconversion low point of October 1945. The chart on page 3 shows the slight downward trend in the index since February, which might be in· terpreted to mean that the February high was the turn­ing point. At least, the record for the year to date shows that the rise in business activity has lost its mo­mentum, and past experience indicates that such a level­ing off is followed by a downturn. There is nothing in the present picture of business to indicate a resumption of the rapid rate of increase shown last year. Whether or not a turn downward is imminent is more questionable. 
For the country as a whole business activity also leveled off and registered some slight declines; however, the boom level of durable consumers goods industries and the great excess of exports over imports have to date held off any substantial decline in volume. March appears to have been the peak month for manufactur· ing activity in the United States, according to the in­dex of industrial production compiled by the Board of Governors of the Federal Reserve System. The index of income payments to individuals compiled by the Department of Commerce also reached a high in March. The declines since that date have been slight, very much as in the index of Texas business activity. 
The index of bank debits in Texas registered an all­time high of 371.l in May 1947, but slipped to 367.0 in June. The June level was 8.5% above the January index, while the average for the first 6 months of the year was 6.3 % above the level of the last 6 months of 1946. Evidence that the rate of increase in business activity has slowed down appreciably can be seen, how­ever, from tbe fact that bank debits for the last 6 months of 1946 were 10.8% above the first 6 months. 
The index of. miscellaneous freight carloadings in the Southwest, another general measure of business activity (also included as one of the components of the com­posite index of business) , reached a postwar peak in Marcb, at 151.1, and subsequently declined until in June it stood at 143.0. The average for the first 6 months of 1946 was 6.4% above the last half of 1946. 
One of the most significant changes in the business situation during the last 6 months has been the slowing down in the rate at which consumers have been spend­ing their money. The dollar volume of retail sales in Texas during the first half of 1947 was only 15.9% 
above the volume for the first half of 1946. When consideration is given to the fact that the level of re· tail prices this year has been approximately 20% above the level prevailing a year ago, it can be seen that the physical volume of goods sold has been considerably below that period. After eliminating the effect of rising prices, retail sales were down 4.0% in the first half of 1947 over the same period last year. 
The index of total retail sales in Texas stood at 
259.0 in June 1947 (1935-39=100), after adjustment for seasonal variation. This index was 278.3 in Janu­ary, and reached a high for 1947 of 288.2 in May. After the effect of changes in prices was eliminated, the index for June was 10.3% below January. 
Industrial production in Texas, as represented by the consumption of electric power for industrial uses, con­tinued to expand during the first balf of 1947. The Bureau's index was 266.6 in June, the highest point since August 1945, when war production still dominated the industry of the State. The average for the first 6 months of 1947 was 255.6, compared to 257.7 in the last 6 months of 1946. This represents an increase of 3.2%, compared to a gain of 6.8% for the second half of 1946 over the first half, indicating that the rate of increase in industrial production has also slackened. 
Total nonagricultural employment in the State in June was 1,631,400, compared to a total of 1,603,200 in January, and 1,570,400 in June 1946. Manufactur· ing employment was 339;300 in June 1947, 324,800 in January 1947; and 305,100 in June 1946. 
The production of crude petroleum set an all-time high in June when the daily average production reached 2,288,950 barrels. This production exceeded the peak months of 1947 was 255.6, compared to 247.7 in the war period. The Bureau's index of crude petroleum production was 186.0 for June, and for the last 6 months of 1947 averaged 2.4% above the last 6 months of 1946. Crude runs to stills for June 194 7 were 1.1 % below June 1946, while the average for tlJe first 6 months of 1947 was 3.6% below the last 6 months of 1946. 
Building permits issued in Texas cities for the first half of 1947 wen~ 12.6% less than in the first 6 months of 1946, and 23.4% greater than during the l~t 6 months of 1946. Contracts awarded for residential con· struction during the first half of 1947 amounted to 117.6% more than for the same period of last year. 
Cash income from farm marketings for the first half of 1947 was 31.7% above tbe level of the same period last year, reflecting primarily the rise in the prices of farm products. Marketings of livestock decreased from last year, but the unusually large wheat crop in 1947 helped swell the cash receipts of farmers. The index of consumers' prices compiled by the federal Bureau of Labor Statistics for Houston rose 22.6% between May 1946 and May 1947, and at the same time the cost of food in Houston rose 41.1%. 

TEXAS BUSINESS REVIEW 

LOCAL BUSINESS CONDITIONS -JANUARY JUNE 

Percent  Percent  
January-June  change  J anuary-June  change  
1947  1947  
City and item  1947  1946  from 1946  City and item  1947  1946  from 1946  
ABILENE:  DALLAS:  
Retail sales of independent stores _ Postal receipts $ 187,179 Building permits ----­---$ 2,357,543 Air express hipments 945 (thousands) 159,695 Placements in employment___ 3,273  167,257 $ 2,805,289 529 $ 136,516 3,4 18  + 14.8 + 11.9 -16.0 + 7 .6 + 17.0 -4.2  Retail sales of independent stores __ Apparel stores ····-·---·--·-···--·­·-···· Automotive stores -------------------­--­Department stores ------------------­Drug stores ---------------------------­F illing stations -------··-·-·-·-·­ + 5.5 -3.1 + 76.7 + 1.5 + 5.9 + 11.0  
Unemployment  (monthly average) _  ,9 5  12,449  -27.8  Florists  ····------··-···--···------··  4.0  
F ood  stores  -----------------·-···--­ + 8.1  
AMARILLO:  Furniture and household stores.__ J ewelry stores ···--·-·---····-········--·····  + 7.4 -26.9  
Retail sales of independent stores _ Postal receipts ___________$ 345,807 Building permits _$ 3,763,523 Air express shipments -------­2,419 Bank debits to individual accounts  s 331,927 $ 4,476,575 2,312  + 15.8 + 4.2 + 15.9 + 4.6  Lumber, building material, and hardware stores ---------------------­----­Eating and drinking places.________ All other stores ---·--·-·-·­·····----·· Postal receipts ·--··--·-·· ······-·······$ 4,038,915  3,827,644  + 28.4 4.6 -1.9 + 5.5  
(thousands) Placements in  ------------$ employment ____  418,463 3,750  $ 323,319 3,903  + 29.4 -3.9  Building permits ---------······---$23,004,336 Air express shipments ···-····-··-·--­42,198  $26,578,978 34,706  -13.4 + 21.6  
Unemployment  (monthly average) _  1,642  1,196  + 37.3  Bank debits to individual accounts (thousands ) ---········-··----·--·-$ 4,753,024  s 3,969,325  + 19.7  
AUSTIN:  Placements in employment --····---··-· Unemployment ---------------­ 19,109 11,383  22,543 18,800  -15.2 -39.5  
Retail sales of independent stores_  + 21.1  
Postal receipts $ 717,544 Building permits --------$ 8,671,985 Air express shipments_______ 2,909 Bank debits to individual accounts (thousands) ----------$ 591,584 Placements in employment___ Unemployment (monthly average) _ 5,119 2,184  $ 657,311 $ 9,379,458 2,616 $ 566,690 5,271 3,224  + 9.2 -7.5 + 11.2 + 4.4 -2.9 -32.2  EL PASO: Retail sales of independent stores .. _ P ostal receipts ·····­-··-····­···---·­····­--$' 548,878 Building permits ---·-·--·----------····$ 3,868,195 Air express shipments_ ____________ 7,270 Bank debits to individual accounts (thousands) ____________$ 587,165  $ 556,509 $ 2,439,361 6,456 $ 499,148  + 24.2 -1.4 + 58.6 + 12.6 + 17.6  
Placements  in  employment_ ____  3,873  3,306  + 17.2  
BEAUMONT:  Unemployment  (monthly  average) ..  3,000  3,Q70  - 2.3  
Retail sales of independent stores_ Postal receipts  283,524  S  275,128  + 8.0 + 3.1  FORT WORTH:  
Building permits  _______$ 2,376,725  $ 1,715,158  + 38.6  Retail sales of independent stores___  + 17.3  
Export and coastal cars Air express shipments  unloaded_  3,509 1,524  3,709 1,432  5.4 + 6.4  Apparel stores -··-··-····---------­Automotive stores -----------------­ -9.3 + 92.5  
Bank debits to individual accounts (thou ands) __________$  430,796  $ 354,126  + 21.7  Department stores -------------------­Drug stores ----------­------------------­Filling stations ··-·-·-·---·-------­ + 3.4 + 9.0 + 13.5  
BROWNSVILLE: Retail sales of independent stores _ Postal receipts _$ Building permits ---­---S  72,322 465,7 8  $ $ 68,403 399,736  1.2 + 5.7 + 16.5  Florists --··--·----------------­-------· Food stores -··-·---··­-·-·---­Furniture and household stores _ J ewelry stores ----------­Lumber, building material, and  + 1.1 + 17.2 + 14.1 -3.0  
Air express shipments -----­ 13,053  14,138  7.7  hardware stores --------­ + 32.7  
Eating and drinking places____  + 7.2  
BROWNWOOD: Retail sales of independent stores _ Postal receipts S  66,208  72,504  + 9.3 8.7  All other stores -----­---·--··----­Postal receipts -·-··-······-·----··------$ 1,689,643 Building permits ············------­11,570,915 Air express shipments ··--·---·­8,740  1,739,239 $14,667,281 12,186  + 2.1 -2.9 -21.1 -28.3  
Bank  debits  to  individual  accounts  
CORPUS CHRISTI: Retail sales of independent stores__ Postal receipts -------­ 3 6,740  391,761  + 34.7 -1.3  (thousands) ___ --·-··· ···---·-··-··· ···­Placements in employment -----------­Unemployment ----·-·-·············· _  1,684,567 20,079 9,233  1,317,054 16,055 11,983  + 27.9 + 25.1 -22.9  
Building permits -------­Air express shipments ----­ 7,2 3,051 3,540  $ 5,212,240 2,646  + 39.7 + 33.8  GALVESTON:  
Bank debits to individual accounts (thousands) _$ Placements in employment__ _ Unemployment (monthly average) _  3 6,463 4,085 2,713  s  387,294 3, 3 3,400  -0.2 + 5.2 -20.2  Retail sales of independent stores __ Postal receipts ····-·--··---------$ 293,504 Building permits ·---------­$ 1,2 8,108 Export and coastal cars unloaded _ 64,118  317,414 1,148,700 40,717  + 23.3 -7.5 + 12.1 + 57.5  
CORSICANA:  Air express shipments ·-· ·-·-· ___ Bank debits to individual accounts  2,409  1,76  + 36.3  
Retail sales of independent stores_ Building permits ______$  593,052  226,669  + 15.5 + 161.6  (thousands) -------------$ Placements in employment (area) ..  344,447 6,529  $ 312,031 8,358  + 10.4 -21.9  
Bank debits to (thousands)  individual  accounts $ 53,245  $ 46,159  + 15.4  Unemployment (monthly average) (area) ---·--·-·----·-····--··--···-­ 1,950  2,483  -21.5  

TEXAS BUSINESS REVIEW 
LOCAL BUSINtSS CONDITIONS JANUARY -JUNt 

January-June  Percent change  J anuary-June  Percent chanre  
City a nd item  1947  1946  1947 from 1946  City a nd item  1947  1946  1947 from 1946  
HOUSTON:  SAN ANTONIO:  
Retail sales of independent stores....  + 19.0  Retail sales  of independent stores._  + 11.9  
Apparel stores ·--·--­-----­-­Automotive stores -----------­Department stores -·----·-·-·----­Drug stores ···-----···----·-·----------·­ -2.8 + 79.5 + 16.7 + 0.5  Appa rel stores ·­--­--­Automotive stores -­---­Department stores ----------­--­Drug stores -----­--------­­ -10.0 + 78.7 + 12.3 + 0.8  
Filling  stations  ····--··----·-----­ -12.8  Filling stations ---­---­----·--------­ 2.2  
Florists ------------------­--­F ood stores --------­Furniture and household stores_ _ Jewelry stores ----------------­ 3.3 + 6.2 + 7.5 + 18.7  Florists -·--·------------­Food stores -----------­Furniture and household stores­J ewelry stores ---·------­-­ 0.1 6.1 + 22.7 -26.6  
Lumber, building material, and hardware stares -----------­Eating and drinking places________  + 43.4 + 9.3  Lumber, building mater ial, and hardware stores ----­--­Eating and drinking places___  + 13.2 -6.0  
All other stores ---·­-------­ + 11.9  All other stores ---------­ -13.7  
Postal receipts --·--··---·--··-----------·---$ 2,719,383  $ 2,515,953  +  8.1  P ostal  receipts  ·-----·---------$ 1,508,472  $ 1,523,383  - 1.0  
Building permits ·--·-·--··--------------$32,948,002 Export and coastal cars unloaded.__ 29,046 Air express shipments ---­--­28,480  $39,017,405 20,913 17,993  -15.6 + 38.9 + 58.3  Building permits -------­--­--------$12,109,906 Air express shipments ------­--­16,059 Bank debits to individual accounts  $14,298,983 10,119  -15.3 + 68.7  
Ba nk debits to individual accounts (thousands) --------­-----$ 4,538,158 Placements in employment (area) ··­28,105  $ 3,823,336 24,633  + 18.7 + 14.1  (thousands) --------­--$ 1,321,995 Placements in employment._______ 11,170 Unemployment --­-------­10,450  $ 1,190,498 11,759 18,508  +11.0 -6.0 -43.5  
Unemployment (area)  ---------­ 12,833  19,416  -33.9  
LAMESA:  TEMPLE:  
Retail sales  of independent stores._  + 17.1  Retail sales  of independent stores__  + 6.8  
Postal  receipts  ---------------$  26,151  $ 28,011  - 6.6  
LUBBOCK: Retail sales of independent stores.... P ostal receipts ----------·----·-------$ 237,626 Building permits -----------·---$ 5,905,432 Air express shipments -------·---·-­1,369 Bank debits to individual accounts (thousands) ---------------­---$ Placements in employment.________ 
288,086 3,018  $ 191,430 $ 6,055,472 869 $ 232,537 3,416  + 36.5 + 24.l -2.5 + 57.5 + 23.9 -11.8  TEXAS CITY: Retail sales of independent stores-P ostal receipts --·------­-----------$ 45,790 Building permits ---------$ 1,252,642 Export a nd coastal cars unloaded_ 5,389 Placements in employment (area) _ 6,629 Unemployment (monthly average) (area) ---­-·------------·--­-­1,950  $ $ 40,852 844,123 4,634 8,358 2,483  +111.0 + 12.1 + 48.4 + 16.3 -21.9 -21.6  
Unemployment (monthly average) _  883  1,603  -44.9  
TYLER:  
PLAINVIEW: Retail sales of independent stores.­Building permits ------­--$  580,450  $ 805,625  + 14.2 -28.0  Retail sales of independent stor es.._ P ostal receipts ----------------­---$ 163,343 Building permits -----------$ 1,722,523 Air express shipments -·------­-. 1,687  $ 151,048 $ 2,030,663 712  + 20.1 + 8.1 -15.2 +136.9  
PORT ARTHUR:  Bank debits to individual accounts (thousands) --·---------·-----$  194,845  $ 177,211  + 10.0  
Retail sales of independent stores._  + 21.4  
Postal receipts ·----·------------­$ Export and coastal cars unloaded.... 138,961 5,319  $ 143,886 3,748  -3.4 + 41.9  WACO:  
Air express shipments__________ Ba nk debits to individual accounts (thousands ) ------·------·---·----$  1,099 175,333  $ 642 150,796  + 71.2 + 16.3  Retail sales of independent stores_ Postal receipts ------------­-------­-$ 375,379 Building permits ------------$ 3,850,644 Air express shipments -----­1,061  $ 332,605 $ 2,222,105 1,024  + 12.2 + 12.9 + 73.3 + 3.6  
SAN ANGELO: Retail sales of independent stores.... Postal receipts --·----·-·--·--------­$ Air express shipments ---------­135,092 1,889  $ 140,276 1,056  + 6.5 -3.7 + 78.9  Bank debits to individual accoun ts (thousands) --------------$ Placements in employment ----­Unemployment (monthly average ) ..  264,827 3,040 3,475  232,392 4,281 5,252  + 14.0 -29.0 -33.8  
Ba nk  debits  to  individual  accounts  
(thousands)  ----------­ -·----$  140,372  $ 134,201  +  4.6  WICHITA FALLS:  
TEXARKANA:  Retail sales of independent stores_ Postal receipts __________$  220,675  $ 257,458  + 0.8 -14.3  
Retail sales of independent stores.... Air express shipments --­------­Bank debits to individual accounts (thousands ) -----------$ Placements in employment_ ___ Unemployment (monthly average) _  469 133,920 4,413 3,557  399 118,231 4,369 10,450  8.3 + 17.5 + 13.3 + 1.0 -66.0  Building permits ------·-·--$ 1,142,755 Air express shipments --­-­1,444 Bank debits to individual accounts (thousands) --­---,-----$ Placements in employment --­Unemployment (monthly average) _ 268,997 2,544 1,771  $ 1,143,362 1,283 $ 234,301 2,569 2,267  -3.5 + 17.1 + 12.7 -1.0 -21.9  

FIGURES FOR THE YEAR TO DATE 

TRADE E timated retail sales, total__________________________________________________ Durable goods, total_________________________________ 
Automotive stores -------------------------------··---------­Lumber, building materials, and hardware store _____ ···-------------------------­Furniture-household appliance stores -----------------------------------­]ewelry stores ----------------------------------­
ondurable goods, total ------------------------------------------------------------­Apparel ---------------------------­Country general ----------------·------------------­Department tores ----------------------------­Eating and drinking places --------------­
Filling station ---------------------------------­Food ·------------------·--------·----­General merchandise ---------------------·-------------------·-­Drug stores ---------------------·----·-------­Other --·--·---------------· 
Ratio of credit sales to net sales in department and apparel slores.·-·--·--·-··---·--·---·--·­Ratio of collections to outstanding in department and apparel stores---------·--·-·--·-··---­Po ta! receipts in reporting cities-------··--·----------------·-------------­
PRODUCTION 
lndu trial electric power con umption for 10 companies (thousands of kilowatt hours) ·--· Man-hours worked in reporting manufacturing establishments______________
_ ________ _ Crude oil run to stills (thousands of 42-gallon barrels)-------------------------­
Cotton con umption (running bales) ------------------------·--­Cotton !inters consumed (running hales) --------------------------------­Cottonseed cru bed (ton ) -----------------­
Manufacture of dairy products (1,000 lbs. milk equivalent) __________________________ Lumber production in southern pine mills (weekly per unit average in board feet}___
_____ onslruction contracts awarded ----------------------------------------­
Con truction contracts awarded for residential building________________________ 
Building permits i ued in reporting cities____________________________.____ 

rude petroleum production (daily average in barrel >----------------------------­
AGRICULTURE 
Farm cash income -----------------------·----------­hipments of livestock (carloads) --------------------------------------------·­Rail h.ipments of egg ( hell equivalent) -------------------------------­Interstate receipts of eggs at Texas stations ( hell equivalent) -----------------------­
Rail h.ipments of poultry (carloads) _________________________________________ 
FINANCE Bank debit in 24 cities (thousands of dollars) --------------------------------­Corporation charter i ued (number) ------------------------------------·--·---------­Ordinary life in urance ales ----------------------­Business failures (number) -------------------------------··-­ales of nited tates avings Bonds------------------------------------­
TRANSPORTA TION Revenue freight loaded in outhwestern Di trict (carlc>ads) ____________ -·-------· ···-------·­Export and coa tal cars unloaded at Texas ports--------------------·-----­
Mi cellaneou freight carload.ings in Southwe Lem Di lrict___________________________ _ Air expr shipments (number) -----------·----·--------­
LABOR 
Total nonagricultural employment (monthly average) _________________________ fanufacturing employment ----------------------------------------------­onmanufacturing employment ------------·-------------------·------------­
GOVERNMENT Revenue receipts of tale Comptroller•--------------------··--------·-----------------· Federal internal revenue collectionst-----------------------------·-----·------­
PRICES Index of consumer-prices in Houston (monthly average 1935-39=100) +--------------·-------­Index of food price-in Houston (monthly average 1935-39=100) +--------------------­
January-June Percent 
1947 1946 change 
2,182,300,000 1,883,700,000 + 15.9 729,600,000 519,300,000 + 40.5 351,500,000 200,400,000 + 75.4 $ 286,700,000 221,000,000 + 29.7 75,600,000 77,900,000 -3.0 15,800,000 20,000,000 -21.0 1,452,700,000 $1,364,400,000 + 6.5 149,400,000 140,800,000 + 6.1 36,100,000 $ 32,400,000 + 11.4 181,500,000 163,700,000 + 10.9 $ 153,700,000 s 137,000,000 + 12.2 150,100,000 169,300,000 -11.3 462,200,000 403,600,000 + 14.5 $ 90,800,000 95,200,000 -c-4.6 $ 113,100,000 $ 112,000,000 + LO 115,800,000 110,400,000 + 4.9 55.5% 50.3% + 10.3 58.0% 65.0% -10.8 $ 15,721,028 $ 15,124,189 + 3.9 
1,401,779 1,273,104 10.1
+ 
17,050,437 14,850,170 + 14.8 242,754 251,139 -3.3 93,859 105,509 -11.0 8,443 14,244 -40.7 208,695 244,753 -14.7 448,901 416,434 7.8
+ 
215,846 188,989 + 14.2 302,168,508 s 198,950,657 + 51.9 $ 123,393,276 56,704,880 +n7.6 132,696,131 151,883,998 -12.6 2,132,675 2,053,192 3.9
+ 
s 563,942,000 $ 428,084,000 + 31.7 58,466 55,919 4.6
+ 
1,942 3,629 -46.5 89 139 -36.0 98 302 -67.6 
17,041,262 14,460,490 + 17.8 1,150 1,641 -29.9 362,127,000 $ 380,903,000 -4.9 21 2 +950.0 112,580,810 111,598,506 0.9
+ 
1,667,893 1,578,841 5.6
+ 
107,381 72,045 + 49.0 979,687 941,727 4.0
+ 
143,142 115,543 + 23.9 
1,613,600 1,540,500 4.7
+ 
327,600 299,300 9.5
+ 
1,286,000 1,241,200 3.6
+ 
311,973,460 250 225,858 + 24.7 1,085,574,212 1,065,737,641 1.9
+ 
156.2 127.5 + 22.5 
195.2 139.9 + 39.5 
•state fiscal year to dateJSeptember 1-June 30. tFederal fiscal year-July I-June 30. iJanuary-Ma y a verage. 

TEXAS BUSINESS REVIEW 
BAROMETERS OF TEXAS BUSINESS 

INDEX OF TEXAS DEPT. AND APPAREL STORE SALES 
PERCE NT ADJUS TED ~~fs s;9A~?o~l VARI ATI ON PERCENT 
400~~~~~~~-~-~·~"""'--"·"--'"-"--~---~-~--~---,400 
t-­
350f-+--l--4-l-!--l-+-l-+--l-l-+-l~--+----+----t-----+------<,~
I0-+---< 350 
t-+--l-+-1--t--I-t->--+--~-t-> 1--------+--+t-+----!
·---1-·, 
3001-+-t-i-+--+-< 
1-+-t-+-1l----+1---+--+-;--~300
--••t--111A
/\. ... 1-. ... 
zso -f-·--l---l---,---1-+--f-~~-+_:;-~+·.~__ 
-_,1"~v~1"u;'~..~,~::::::::::~::::::::::::;::
~i=-~~-~~~1~~_-:,---"'°!::
;°'200 ~=~: , ·l!J_!:::::::1::::::::::::~:::::::::::::::
~::=_ ++-1c-+-n-----tlH1•1f'•~\_"l~~'.:::-':1=1·



-. ­
150 ~=:=~~:= ----+lio-·~:'.'.~:::::::::~====~====~====;::::::::::::; 150
1--_,_--1-1----1--1--t--< lr..~ 
100 1• ~ 100 

50---r-o-;;; 50 1929 t933 1937 19 41 1942 1943 1944 1945 1946 1947 
INDEX OF SOUTHERN PINE PRODUCTION 
PERCENT 1935 • 39 • 100 PERCE NT 
150 150 
125 12 5 
IJ'I 
I"'-.
~ 
100 100 
' 
·­
I
\ 
i M.Ji
75 
75
-
~ 

rv-.
~'"' 
~ 
50 50 
1929 1933 1937 1941 194 2 1943 1944 1945 19 46 1947 
INDEX OF CRUDE OIL RUNS TO STILLS IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION
PERCENT PE RC ENT
1935 39. 100 
225 
225 
' 
20 200 
17 5 
175 
!~ 
150 
I 50
.-v
r·
/
12 5 
125 
...... 
\,r',J 
10 0 10 0
"" ­
" 
II 
5 -75 
~--""~"" 
0 50 
1929 1933 1937 1941 19 42 1943 194 4 1945 194 6 1947 
INDEX OF ELECTRIC POWER CONSUMPTION IN TEXAS 
ADJUSTED FOR SEASONAL VARIAT ION 
PERCE NT PERCENT 
1--­ A. 
 .. 
 
" 
' 
 \. 
 . .. 
 .... 
 
~
 -
 I.a J 
 -
 \. 
 .,­ 
I
 V­ 
b-1­ -
 

" 
 
...
 ... 
 
-
 -
 y 
 


19 35. 39; 100

300 300 
275 
275 250 
250 
225225 
200 
20 
175 175 
150 
150 125 
125 
100 75 100 75 
5050 
1929 1933 1937 1941 1942 1943 1944 1945 1946 19 4 7 
INDEX OF BANK DEBITS IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION 
PERCENT
PER CENT 
1935. 39 . 100 
4004 00 
375 
»O 

"'
3'0
........ 

,, . r 
",
", 
., 
300

300 
275
_,,
•
275 
I 
250250 
,_'" 
225
225 
I 
200
200 
•'.
,.r' 
17,0
175 
150150 
-
,, 
120

125 
100100 
75 
1929 1933 I~ 1937 19 41 1942 1943 1944 1945 1946 1947, "· 
INDEX OF MISC.FREIGHT CARLOADINGS IN SOUTHWEST 
ADJUSTED FOR SEASONAL VARIAT ION 
PERCENT PERC EN T
1935 . 39. 100 
200 
200 
t -• 
M.AJ ~
f
175 
175
->­
J
150I' I50
>/\­
f 
12 5 
125 
'..
"~ 
I 
100 
100 
'" 
\,..J
\ 
...."'"' 
75 
75 
1929 1933 1937 1941 1942 1943 19 44 1945 1946 194 7 
INDEX OF CEMENT PRODUCTION IN TEXAS 
ADJUSTED FOR SEASONAL VARIATION
PERCENT PERC ENT
1935. 39 . 100 
225 
225 
J 
A
200 
200
f\/" 
I 
A""
175 I75 
'' 
J 
v ~
'V\..
150 I50
.
,/
~ 
125 I25
.....
..... 
,, 
...
I 
M/
100 I00
, 
.• ,,.
I 
75
75 
,,..J 
50
50 
' 
25
25 
1929 1933 1937 1941 1942 1943 1944 1945 19 46 194 7 
INDEX OF CRUDE PETROLEUM PRODUCTION IN TEXAS 
ADJUSTED f' OR SEASONAL VARIATION 1935 39 s 100
PERCEN T PERCENT 
200
200 
.,. 
.. 
I
175 
I75
/'­
I50150 
'rV '""' 
I 
~ 
I25125 
' 
"'r-....... 
~ 
\.,....v 
I00100 
,_ .,.Ii 
V' 
75
75 
·~ 
50 
193 3 1937 1941 1942 1943 1944 1945 1946 19 47 
INDEX OF VALUE OF BUILDING PERMITS IN TEXAS · 
ADJUSTED FOR SE ASONAL VARIATION • PERCENT t935 39. 100 -..
700 
-. 
600
600 
50
500 
I 
400
400 
' 
,.A ~ 
30
300 
' ,1 
20
200 
.....
II... 
..J
1­
I00 \ 
100 
.. 
.J•
I' 
0 
1929 1933 1937 1941 1942 1943 1944 1945 1946 1947 
INDEXES OF EMPLOYMENT AND PAYROLLS IN TEXAS 
PERCENT 1935 · 39 • 100 PER CENT 
3~0 ~-~--~-~--~-~----,350 
325 f-"l--+-~-+-+-t-++-r-1--1--4 ~-+--~"'i--1.,,. _zl\. _-1----t---1 325 
300 ,· k· ·v:1., 300 275 .: J___J_;_'\. 275 
J PAYROLLS · 1
250 250 225 •• • I I · : 225 200 -' I l "'""'" 200 
175 . ••• ....J. l /.! ·""'··· 175 150 l.,,,.ill""" J -~ 150 :~~ • ~ ••~ .I' EM~LOYMENIT ..,_ 125 
~ ~·· I l
75 
•. I I 
~'?1929 1933 .. 1937 1941 · 1942 ~~ 1943 1_944 1945 . 1946 '