ANNUAL ISSUE TEXAS BUSINESS REVIEW A MONTHLY SUMMARY OF BUSINESS AND ECONOMIC CONDITIONS IN TEXAS BUREAU OF BUSINESS RESEARCH COLLEGE OF BUSINESS ADMINISTRATION THE UNIVERSITY OF TEXAS VOL. XXI, NO. 12 JANUARY 1948 HIGHLIGHTS OF TEXAS BUSINESS PERCENT DECREASE PERCENT INCREASE DECEMBER 1947 COMPARED WITH DECEMBER 1946 Construction contracts --------------------­ Bank debits ---------------------------------------­ Retail sales ---------------------------------------­ Crude petroleum production ______ __ __ _ Postal receipts ----------------------------------­ Electric power consumption ------------­Pay rolls --------------------------------------------­Life insurance sales --------------------------­ Revenue freight loaded ___ ___ __ __________ _ Employment --------------------------------------­ Cotton consumption ------------------------­ DECEMBER 1947 COMPARED WITH NOVEMBER 1947 Postal receipts ----------------------------------­ Retail sales ---------------------------------------­ Life insurance sales --------------------------­Bank debits ---------------------------------------­ Cotton consumption ------------------------­ Employment --------------------------------------· Pay rolls --------------------------------------------­ Crude petroleum production __________ _ Electric power consumption ------------­ C.onstruction contracts --------------------­Revenue freight loaded __ _ _ ________ ____ _ TWE TY CENTS PER COPY 30 20 10 0 10 20 30 40 50 60 PERCENT DECREASE PERCENT INCREASE 30 20 10 0 10 20 30 40 50 60 FIGURES FOR THE YEAR Percent chann 19'7 19'1 TRADE Estimated retail sales, total ________________ ____________ 4,685,601,000 $4,142,748,000 + 13.l Durable goods, total 1,610,965,000 $1,214,846,000 + 32.6 Automotive stores 736'541,000 525,499,000 + 40.2 Lumber, building materials, and hardware ator....______ _____ 657,349,000 474,434,000 + 38.6 Furniture-household appliance stores ---------------­167,340,000 164,421,000 1.8 + Jewelry stores --:------------------------49,735,000 50,492,000 -1.5 Nondurable goods, total -----------------------­$3,074,636,000 2,927,902,000 5.0 + Apparel 354,442,000 314,167,000 + 12.8 Country general ----------------------­75,085,000 69,008,000 8.8 + Department stores 375,152,000 365,672,000 + 2.6 Eating and drinking plac.~-------------­306,447,000 2.90,020,000 5.7 + Filling stations ----------·-------317,766,000 347,823,000 8.6 941,794,000 864,14.S,OOO 9.0 Food -----------------------------+ General merchandise 218,430,000 210,648,000 3.7 Drug stores ----------·--------------236,579,000 229,358,000 + 3.1 .+ Other _____ 248,941,000 237,061,000 + 5.0 Ratio of credit sales to net sales in department and apparel 1tore1._____ ___ _ 57.2% 51.9% + 10.2 Ratio of collections to outstandings in department and apparel stores______ ______ 57.0% 63.0% 9.5 Postal receipts in reporting cities_____ 33,583,765 31,538,756 6.5 + PRODUCTION Industrial electric power consumption for 10 companies (thousands of kilowatt holllll) _ 3,300,136 2,961,949 + 11.4 Man-hours worked in reporting manufacturing establishmen~---------32,603,028 2.9,146,933 + 11.9 Crude oil runs to stills (thousands of 42-gallon barrels) ________ 527,580 511,296 + 3.2 Cotton consumption (running bale1) ______________ 168,874 217,362 -22.3 Cotton !inters consumed (running bales) 21,594 25,058 -13.8 Cottonseed crushed (tons) 854,413 653,989 + 30.6 Manufacture of dairy products (1,000 lbs. milk equivalent) ________ 809,473 841,120 -3.8 Lumber production in southern pine mills (weekly per unit average in board feet) __ 212,217 189,464 + 12.0 Construction contracts awarded $ 646,848,713 s 455,746,429 + 41.9 Construction contracts awarded for residential building__ __ -----------$ 290,632,620 127,347,608 +128.2 Building permits issued in reporting citice_ ___________________ $ 321,389,332 s 244,869,985 + 31.2 Number of loans made by savings and loan associations---------------------------------22,376 25,436 -12.0 Amount of loans made by savings and loan a$SOCiations________________________ s 97,523,751 $ 93,882,776 3.9 + Crude petroleum production (daily average in barrels) ______________ 2,227,212 2,075,367 7.3 + AGRICULTURE Farm cash income -------------------------$1,838,387,000 l ,24.S,870,000 + 4·7.2 Shipments of livestock (carloads) _ _________ _ 110,891 117,004 -5.2 Rail shipments of eggs (shell equivalent> -----·--------·----· 2,538 4,817 -47.3 Tnterstate receipts of eggs at Texas stations (shell equivalent) ___________ 374 526 -28.9 Rail shipments of poultry (carloads) 619 961 -35.6 FINANCE Bank debits in 20 cities (thousands of dollars) _____________ _______________ 36,209,166 $ 30,632,534 + 18.2 Corporation charters issued (number) 3,247 3,183 + 2.0 Ordinary life insurance sales $ 682,389,000 716,592,000 -4.8 Business failures (number) ------------------------55 9 +511.l Sales of United States Savings Bonds___ s 202,896,124 $ 217,056,629 6.5 TRANSPORTATION Revenue freight loaded in Southwestern District (carloads) ·----------------,----3,477,767 3.250,669 7.0 + Export and coastal cars unloaded at Texas ports____ ______________________________ 2.09,757 140,057 + 49.8 Miscellaneous freight carloadings in Southwestern District _ ----------2,070,209 1,907,528 8.5 + Air expres.~ shipments (number) ________________ 316,909 266,160 + 19.1 LABOR Total nonagricultural employment (monthly average) . 1,643,959 1,580,183 4.0 + Manufacturing employment ----------·-----·---------------·---·--­334,534 308,909 + 8.3 Nonmanufacturing employment ----------------------1,309,424 1,271,274 + 3.0 GOVERNMENT RPvenne receipts of State Comptroller•-··--------------------·----$ 167,514,117 112,137,795 + 49.4 Feneral internal revenue collectionst__________ 457,072,060 s 411,894,806 + 11.0 PRICES Index of C'Onsumers' prices in Houston (1935-39 = 100) __________ _ ___ _ ________ _ 159.8 136.3 + 17.2 Index cf food prices in Houston (1935-39 = 100) ___________ _ _______________ 201.2 158.4 + 27.0 •State fiscal year to date-September 1-Deeember 31. tFederal fiscal year to date-July 1-Deeember 31. TEXAS BUSINESS REVIEW The Business Situation in Texas in 1947 The year 1947 ended with business activity in T~xas continuing the climb that has been under way smce October 194S. The Bureau's composite index of business octitlily stood at 20CJ.l in December, the highest point reached since July 194S, when it was at 213.1 (1935­39-100). The December 1947 level was only 12.l% below the wartime peak of 237.9. The almost uninter­rupted rise in Texas business for the past 26 months is shown in the chart below. Once, in the summer of 1946, the index fell for two consecutive months, but all the other declines were for only one month and the following month invariably reversed the trend. When the period since reconversion is viewed as a whole, the rise seems remarkably steady. The index for December 1M7 was 11.1 % above December 1946, which was in tum 10.0% above December 1945. Since the low point of October 194S the index has risen 30.7%, an average increase of 1.2% per month over the 26 months. The 12 months of 1947 average 10.3% above the 12 months of 1946; this may be interpreted to mean that business for the year 1947 was approximately 10% better than for 1946. In brief, it seems beyond contradiction that 1M7 witnessed the largest volume of peacetime busi­neea in the State's history. The behavior of the Bureau's index of business ac· tivity is corroborated by the index of bank debits in Texas cities, compiled by the Bureau from data col­lected by the Board of Governors of the Federal Reserve System. Debits to individual accounts in 20 Texas cities are a measure Qf the volume of transactions, since most business payments are made by check. For the year 1947 the dollar volume of checks was 18.2% above 1946, while for the month of December 1947 the volume was 20.9% over December 1946. This index has risen 6.5.6% since October 1945, which was the low point of the reconversion period in Texas business. Con· tinning without serious interruption, this incline repre­sents an average increase of 2.5% per month over the 26-month period. The increase in the total has been the result of a rising volume of business and an up· ward spiraling of prices, and because there is no ac· curate measure of tbe over-all increase in prices, it is impossible to compute the amount of the increase due to each of these factors. An estimate, however, indicates that somewhat more than half of the increment is due to increased prices and the remainder to an increased volume of business. BANK DEBITS IN 20 TEXAS CITIES BILLION BILLION OOLL.t.FIS OOLL.t.RS This special 32-page issue of the REVIEW in­ cludes six pages devoted exclusively to Texas busi· ness in the year 1947. The lead article on the business situation, prepared by Dr. John R. Stock­ton, Bureau statistician, has been broadened to cover the entire year, and appropriate charts have been inserted. In keeping with the theme of this annual edition, the center pages of the REVIEW feature local business conditions for the year 1947 as compared with 1946. Summary State and local busines conditions for the month are carried in the back of this issue. 40 35 30 25 20 15 10 0 THIS MONTH 40 35 30 2, 20 '' 10 0 INDEX OF TEXAS BUSINESS ACTIVITY PERCENT ADJUSTED FOR SEASONAL VARIATION PERCENT 1935 -39•100 1943 1944 1945 1946 1947 The ~Bus1Nme Rsnaw Ill published by the Bu,..u of Bualn-R..ea..,,h, Colleee of Bualn-Admlnlatratlon, The Unlvenlt7 of T~.u.a• ....... u -d-dau matter on 11&7 7, 1928 at the poet oftlce at Austin, Te:raa, undtr the Act of AUSQSt U, 191Z. Two measures of the physical volume of business exist in the series representing revenue freight loaded in the Sou·thwestern District and the volume of postal re· ceipts in Texas cities. Since tbe volume of freight loaded is expressed in carloads, the rise in the price level has no effect. Carload movements of all revenue freight in the Southwestern District were 7.0% greater in 1947 than in 1946, and loadings of miscellaneous freight were up 8.5%. The volume of postal receipts is expressed in dollars, . but since there has been no significant change in postal . rates in 1947, changes in the dollar volume of postal receipts reflect variations in the amount of mail carried, and are therefore a significant measure of the physical volume of business. For the reporting cities in Texas, postal receipts in 1947 were 6.5 % greater than in 1946. The Bureau's index of postal receipts in Texas cities for December 1947 was 238.9 % of the 1935-39 base, after adjustment for seasonal variation. This was the all-time high for the index, representing a gain of 14.9% over December 1946. POSTAL RECEIPTS IN TEXAS ADJUSTED FOR SEASONAL VARIATION INDEX 193~·39 • 100 PERCENT PERCENT 250 2!IO The . most comprehensive measure Qf total business activity in the State is the data on income payments com­piled by the United States Department of Commerce. The 1946 income payments for Texas were reported as $6,748 million and it appears that the 1947 value of income payments will be in excess of $7,000 million. The chart below shows the expansion in the volume of income payments from 1939 to 1946, and the estimate for 1947. INCOME PAYMENTS IN TEXAS BILLION BILLIONDOU.ARS DOLLARS 8 .1 e· $ 4 3 2 j• 0 Although the volume of retail sales in 1947 failed to show tbe same gain over the preceding year that 1946 registered, the expansion of retail trade continued to be a strong factor in the upward movement of business. Re­tail sales were up 13.1 % over 1946, bringing total 1947 sales in the State to $4,686 million. Retail sales for 1946 increased 29.1 % over 1945. In both years a con· siderable portion of the sales increase was the result of the rapidly rising prices of items sold in the retail stores. The 1946 rise in sales exceeded the rise in prices, but for 1947 the rising level of prices accounted for all the increase in total sales. The following chart shows two indexes of retail sales: total dollar sales and sales after adjustment for retail price changes. RETAIL SALES IN TEXAS ·~DJUSTED FOR SEASONAL VARIATION INDEX 1935-39•100 5o'--19_4_0_,__1_94_2-L~949-45--'~19-46----'~19­ 1_,__1_94_l _3__._~194-4--'~147~ 50 The most comprehensive measure of industrial activity in Texas is the index of industrial power consumption compiled by the Bureau of Business Research, which in December 1947 was 286.2% of the 1935-39 base. This level was 11.3% higher than in December 1946, and the level for the year 1947 was 11.4% above 1946. During 1944 and 1945, with the munitions industries in the State operating l!t full capacity, the consumption of industrial power exceeded the total for 1947, but the peak year 1945 was only 3.0% above 1947, while 1944 exceeded 1947 by 1.4%. On the basis of this index, it appears safe to conclude that Texas industry operated at I! level more than two and one-half times the prewar level, and by the end of the year had al· most regained the wartime production peak. INDUSTRIAL ELECTRIC POWER CONSUMPTION IN TEXAS AOJUSTED FOR SEASONAL VARIATION INDEX 1935-39•100 PERCENT PERC ENT 350 ~~~~~~~~~.---~~~~~~.--~.------,350 300 250 200 150 100 L-~..L~--L~--''--~-'--c-:-:--'--::-~-::-:-::-'--:::-:--:--~:-:-::--50 50 1939 TEXAS BUSINESS REVIEW The 1llllJ&ber of. -persons engaged in manufacturing in­creaaed 5.1 % between December 1946 and December 1947, and was 82% greater than the number employed in 1939. 1be average number of persons employed in manu­facturing during the year 194 7 was 8.3 % greater than the aftl'age number employed during 1946. MANUFACTURING EMPLOYMENT IN T EXAS The petroleum industry exceeded its 1946 level both in production of crude and in refining. Crude oil pro· Judion for 1947 was 7.3% greater than the 1946 vol· ume, which bad been above the wartime peak. The average daily production of crude is shown for each year sinre 1939 in the chart below. Refining, as meas­ured by crude runs to stills, established an all-time high in December 1947. In that month the Bureau's index was 5.8% above the highest point of the war period. The construction industry, after a disappointing show­ing in 1946, began to make impressive gains in 1947. Alt.bough the volume of contracts awarded in 1946 ex­ceedecl the prewar total, it was far below the volume eKpected for the postwar period. On the other hand, 1947 contracts exceeded 1946 by 41.9%, and in resi· dential building contracts were up 128.2% over 1946. Except for 1942, when the war building program dwarfed any building efforts previously made, 1947 represented an all-time peak in building construction. The chart below shows the annual volume of construe· tion contracts since 1939. The chart of building permits on page 32 also shows the upsurge in building during 1947. Immediately following the end of the war, the volume of permits issued increased, but soon after the beginning of 1946 permits dropped sharply as build- CONSTRUCT IO CONTRACTS AWARDED IN T(XAS Ml ION MILLION 00L A S DOLLARS 00 r---------------------,1000 50 750 500 250 0 ing encountered numerous difficulties. Beginning with June 1947, however, another rise began which carried the index to an average level 31.2% above 1946. The highest point reached was in November, with the index 724.6% of the 1935-39 level. Cash farm income in 1947 surpassed the record level of 1946 by 47.2%, with the value of farm products marketed totaling $1,838 million. The prices of all farm products were approximately 20% higher at the end of 1947 than at the end of 1946, and these prices, combined with bumper crops, produced ~ cash income to farmers approximately 41h times that · received in 1939. The chart below shows Texas farm income from 1939 through 1947, as computed by the Bureau of Busi­ness Research from the marketings of principal farm products. FARM CASH INCOME IN TEXAS MILLION t.~JLUON DOLLARS DOLLARS 2000 2000 1600 1600 1200 1200 800 80~ 400 0 Probably more important even than the large volume of business and the high level of employment has been the rapid and persistent rise in prices that has proceeded with little interruption throughout 1947 . . During April and May 1947 prices showed some sign of having reached a peak, but the hesitation·was brief, and for the remainder of the year the rise continued. On De­cember 27, 194 7 the weekly wholesale price index of the Bureau of Labor Statistics stood at 163.0% of the 1926 level, up 16% since December 1946. The index of con­sumers' prices in Houston was 169.3% of the 1935-39 level on December 15, 1947, a rise of 11.2% from a year earlier. Over the same period the price of food in Houston had risen 14.8% to a level 218.1 % of the prewar base. CONSUMERS' PRICES IN· HOUSTON. INOEX 193,,~39 • 100 PERCENT PERCENT 1939 1940 1941 1942 1943 1944 1945 1947 1946 TRADE Retail Trade (The movement of roods Into the banda of conaumen la one of the fundamental series of statistical data on buslneaa activity, alnce for business t.o be sound the volume of retail trade muat be rood. Durina' a period of riainr prices, sucb aa the present, an l'llcrease In aales may result from a rise in prices aa well aa from an Increase In the amount of bualneas. A more detailed analy.sla of retail aalea trends la made In a Supplement to the Revelw on Texas Retail Trade. The fluctuations ;., retail credit ratios are Important condltlonlnr factors of the volume of trade. Newapeper advertlalna linace and postal receipt• are secondary trade Indicators.) December's estimated retail sales in Texas totaled $507,917,000, an increase of 18.2% over November 1947. To this total increase, durable goods stores con· tributed a sales gain of 12.4% and nondurable goods stores 21.2%. Comparing retail sales of December 1947 with sales of December 1946, the total rise was 20.9%, that for durable goods stores 32.3%, and for nondma· hie goods stores 16.1%. For the year 1947 over the year 1946 the total increase was 13.1 %, durable goods stores 32.6%, and nondurable goods stores only 5.0%. The index of total retail sales (adjusted for seasonal variation) rose again to reach 325.2 in December (1935-39 = 100), from 318.2 in November, 308.5 in October, 286.9 in August, a 1947 average of 291.5, and a 1946 average of 261.8. For durable goods, the index returned to 364.8 from 349.9 in November, 369.2 in October, and a 1947 average of 320.0. The nondurable goods sales index rose to 303.4 in December from No­vember's 300.0, October's 277.4, and a 1947 average of 275.2. Adjusted to remove the influence of· price in· creases, the index of total retail sales rose to 175.9 in December from 172.l in November, 166.8 in October, and 155.5 in December 1946. It was exceeded in February 1946 at 188.8. By kinds of business, largest sales increases for the year 1947 over 1946 were reported for motor vehicle dealers (44.2%), lumber ~d building material dealers (30.4%), farm implement dealers (24.9%), and furni· ture and household goods stores (14.0%). Despite a strong upturn in holiday sales, jewelers slipped 10.2% below 1946 and apparel stores 2.7%. Sales gains in percentage for December over a year ago and for the year 1947 were smallest (but at least 9.8%) in cities of 100,000 population and largest in towns under 2,500. ESTIMATES OF TOTAL RETAIL SALES (in thousands o! dollars) Percent chanire Type Dec., 1947 J an.-Dec. 1947 Dec. 1947 D ec. 1947 Jan.-Dec. 1947 from from from Dec. 1946 N ov. 1~47 .Tan.-Dec. 1946 TOTAL 507 ,917 4,686,601 +20.9 + 18.2 +13.1 Durable goods stores --­-........ 163,792 1,610,966 + 32.3 + 12_4 + 32 .6 Nondurable g oods etores __,,_,,_ 344,125 3,074,636 +16.1 + 6.0 RETAIL SALES OF INDEPENDENT STORES BY CITY·SIZE GROUPS Source : Bureau of Business Research In c<>-operation with the Bureau ot the Census, U. S. Department of Commerce Number Percent chanire of reporting Dec. 1947 Dec. 1947 J nn.-Dec. 1947 establish­ from from from Population m ents Dec. 1946 Nov. 1947 Jnn.-Dec. 1946 Over 100,000 .. ­-----------­ 526 + 12.9 + 27.8 + 9.8 50,000--100,000 ................ 145 + 17.0 + 36.1 + 11.7 2,500--60,000 ___... _,.,,_,,_ 587 + 15.6 + 22.6 + 12.6 Under 2,500 .................___ 174 + 18.8 + 11.0 + 16.2 Somewhat confusing press reports indicate as prohil· bilities for early 1948: (1) a slackening rate of dollar sales increases; (2) more noticeable slackening in unit sales; (3) vendors' prices continuing tQ rise or remaining firm; (4) strengthening customer resistance and insistence on quality and value; ( 5) increasing awareness among retailers of the need for greater op· crating efficiency together with improved services to customers. The ratio of credit sales to net sales in 51 department and apparel stores remained relatively steady in the clos· ing months of 1947, dropping slightly from 59.5% in November to 58.2% in December. There was a sig· nificant increase in the proportion of credit sales to the total, however, in the 12-month period from December 1946 to December 1947, for in December 1946 only 52.3% of net sales were made on credit. Among re· porting cities Dallas continued to show the highest credit sales ratio (74.2%), followed by Beaumont (60.2%). Austin stores sold by far the smallest pro· ·portion (47.0%) Qf merchandise on credit terms. By types of stores women's specialty shops reflected the heaviest use of charge accounts, and by volume of sales the largest stores had the highest ratio of credit sales to total net sales. RETAIL SALES OF INDEPENDENT STORES BY KINDS OF BUSINESS Source: Bureau of Business Research in c~operntion with the Bureau of the Census, U. S. Department of Commerce Number Per cent change of report ing Dec. 1947 Dec. 1947 establish­ from from Business ments Dec. 1946 N ov. 1947 Apparel stores ---------------------­------­ 187 + 9.1 + 36.0 Automotive• ---------------------­----­ 153 + 21.5 + 7.3 Building material, lumber and hardware• --------------------------­ 204 + 30.7 + 2.3 Country general --------­-----­------­ 64 + 15.2 + 11.4 Department stores --­---·----------­----­ 45 + 10.8 + 41.0 Drug stores ------­------­-------­------­ 127 + 0.9 + 39.4 Eating nnd drinking places• ----------­ 76 + 1.7 + 0·.8 Filling stations -------------------------­ 63 - 0.6 - 4.8 Florists -------------------­··-­------­-­ 46 + 0.3 + 62.0 Food ····-······-­····----··-··--·--·-··----··-------­ 189 + 13. 1 + 12.5 Furniture and household appliance stor es• ·-····--·-----­ ----­-------------­ 113 + 32.4 + 27.1 General mercha ndise ------------­ 48 + 16.0 + 38.9 J ewelry stores ------------------­ 86 + 16.0 + 159.7 All other stores -----------------­ 91 + 12.8 + 29.9 *Total includes kinds of buslnese other than the classifications listed. TEXAS BUSINESS REVIEW CREDIT RATIOS IN DEPARTMENT AND APPAREL STORES (in percent) Ratio of Ratio of credit snles collections to N um ber to net sales• outstandingst c,f repor t in g Dec. Dee. Dec. Dec. Classification stores 1947 1946 1947 1946 ALL STORES ------51 58.2 52.3 55.2 55.2 =================== IlY Cl T lES: Austin 6 47.0 42.9 64.4 71.9 Beaumont 3 60.2 56.1 59.9 63.7 Dallas 7 74..2 66.7 56.4 51.8 Fort Wort h 4 56.2 50.3 51.2 50.1 H ouston -----­ 57.5 52.3 53.3 57.9 San Anton io -----­ 52.3 44.0 49.4 53.4 Waco -------­ 50.7 45.9 60.4 60.1 Ot her 48.3 45.2 59.5 62.3 IlY T YPE OF TORE: Depa rtment. stores (ann ua l snles over $500,000 ) ·-­ 12 56.2 50.2 52. 7 55.7 Department stores ( ann ual sales under $500,000 ) __ 10 41. 38.7 60.3 67.0 Dry goods apparel stor es _ 41.6 37.8 66.2 58.2 Wom n's specialty shops _ 13 70.8 64. 2 55.1 50.2 Men's cloth ing stor es __ 12 52.2 46 .1 65.9 68.0 BY VOLUME OF NET SALES (1946): Over $2,500,000 ____ 15 62.1 55.5 53.6 53.4 $1,000,000-$2,500,000 11 49.0 45.4 65.0 68. 7 $500,000-$1,000,000 14 42.1 38.2 61.9 62..5 Less tha n $500,000 11 31.8 27 .0 61.0 63.6 •Credit sales divided by net sales. 1Collections durinir the month divided by the total accounts unpaid on the first ot the month. Collections ratios likewise l}.eld steady from Novem­ber to December 1947 at approximately the same level as that of December 1946. In all three periods, col­lections during the month were 55 or 56% of outstand­ing accounts on the first of the month. For the various cities ~d types of stores, however, there were significant differences. In Austin, Beaumont, Houston, and San Antonio there was a noticeable slackening in collections, counterbalanced by improvements in collection ratios of Dallas, Fort Worth, and Waco stores. Similarly, dry goods-apparel stores and women's specialty sgops re­ported better collections in December 1947 than a year earlier, but these increases were exactly matched by declines in collection ratios of department stores and men's clothing stores. Sales of gasoline subject to tax totaled 160,604,980 gallons in November, exceedin_g sales of November 1946 by 5.5%, although 11.7% below October 1947. Sales to the federal government were 25,257,963 gallons, down 17.3% from November 1946 and 33.6% lower than for October 1947. The sales index stood at 171.3 after 187.5 in October. In leading Texas cities, advertising linage in 32 news­papers was 16.5% larger than for December 1946 and 3.0% more than for November 1947. Attendance records at StaU parks in December regis­tered 100,446 visitors with 37,248 cars, or 6.0% more visitors and 35.7% more cars than in December 1946. Out-of-State cars were 11.0% more numerous this year. Overnight visitors increased by 72.1 % over 1946. Postal. receipts reported for December by 56 Texas cities surpassed December 1946 by 14.3% and Novem­her 1947 by 52.1 %. Only s1x communities bad re­ceipts smaller than a year ago. Largest increases over 1946 were for Plainview (97.4%) , Corsicana ( 45.0%), Del Rio (38.9% ), Sherman (30.0% ), Texas City (24.6% ), and Graham, Amarillo, and Kenedy (each with a 23% rise) . Important decreases were at Sweet­ water (53.4%) , Childress (48.9%), and Big Spring (14.8%). The Bureau's index of postal receipts, seasonally­ adjusted, moved to 238.9 in December, an all-time high. POSTAL RECEIPTS Per cent ch a n ge City Dec. 1947 Nov. 1947 Dec. 1946 Dec. 1947 Dec. 1947 f rom f r om Dec. 1946 N ov. 1947 TOTAL ·-··-···-·-·_$ 4, 215,459 $2 ,7 71 ,100 $3,688,967 + 14 .3 + 52.1 Abilene 51,189 30, 005 42,788 + 19.6 + 10.6 Amarillo ___ 96,022 58,451 78,233 + 22.7 +64.3 Austin ---·-·---·-­ 189.990 105,916 162,177 + 17.1 +79.4 Bea u mon t -----·­ 79,685 47,271 67,697 + 17.7 + 68.6 Big S p ring --···"· 14,959 8,028 17,549 - 14.8 +86.3 Bor ger ·-·--··-­Brownsville ·--·-·· 13,770 20,1 24 7,878 11,660 11,966 17,205 + 15.l + 17.0 +u. ~ + 72.6 B rownwood ··-­B rya n -·-·-·-····-­'Childress 18,239 14,392 6,518 9,812 8,518 3,025 15,360 12,151 12,755 + 18.7 + 18.4 -48.9 +85.9 +69.0 + 115.5 Cleburne ·-------··· Colema n --·---·­Corp us Chr isti .. 9,836 5,646 101,215 4,821 4,144 59,496 8,81 4 5,445 94,273 + 11.6 + 3.7 + 7. 4 + 104.0 +36.2 +10.1 Cor sicana ---­ 21,659 9,264 14,942 + 45.0 +133.8 Dallas --·-·-·-·-· 1,007,239 753,856 865,926 + 16.3 + 33.6 Del Rio Denison ------···-­---·-­ 10,175 16,938 6,275 9,273 7,327 15,566 + 38.9 + 8.8 + 62.2 +82.7 Edinbur g -·-­ 8,745 6,060 7,876 +11.0 + 44 .3 E l P aso --·--·-··­ 145,5 15 87, 171 128,444 + 13.3 + 66.9 F ort W orth -·· 424,432 341,633 366,686 + 15.7 + 24.2 Ga inesv ille -····­ 10,363 5,484 9,234 + 12.2 +89.0 Galveston -···--·-­ 75,520 48,542 76,987 - 1.9 + 55.6 Gladewater ··--­ 6,560 3,439 5,516 + 18.9 + 90.8 Gra ha m ----····· Greenville -·····--· 5,586 16,182 3,646 8,071 4,526 15,377 +23.4 + o.z +53.2 + lo0.5 H a rlingen ---··-­H ouston ----··-·-·­Jackson ville ··-·---· 21,544 739,003 8,530 12,953 461,600 5,294 17,955 620,782 7,845 + 20.0 + 19.0 + 8.7 + 66.3 +60.1 + 61.1 Kenedy -·-····-·---­Ker r ville ----------­Lamesa --­----­Laredo ---··-···--· 3,085 9,027 9,387 22,135 1,706 4,597 5,252 13,960 2,516 8,24·0 9,115 20,973 + 22.6 + 9.6 + 3.0 + 5.5 +80.8 + 96.4 + 78.7 +58.6 L ockhart -···----·­ 3,246 2,286 3,350 - 3. 1 + • 2.0 Lubbock -·-­ 62,133 43,740 54,325 + 14.4 + 42.1 Lufkin ·----··--··­ 12,967 7,724 10,947 + 18.5 + 67.9 Marsha ll ---·­ 17,525 9,67 8 15,346 + 14.2 +8i.1 Midland ---­ 23 ,057 12,638 19,420 + 18.7 + 82.4 Nacogdoches --­ 9,842 7,034 8,161 + 20.6 + 39. 9 Oran ge -----------­Pampa -·--·--­Paris -----------­ 17,756 16, 733 18,038 8,64 3 8,341 8,91 4 18,420 15,526 14,925 -3.6 + 7.8 + 20.9 + 105.4 + lo0.6 + 102.4 Plainview ----------­P ort Arth ur ----··­San Angelo ---·­ 13,288 45,747 38,907 7,918 24,585 24 ,575 6,733 41,872 35,682 + 97.4 + 9.3 + 9.0 +67.8 +86.1 + 58.3 San Anton io -­ 409,480 2.55,975 366,756 + 11.6 + 60.0 Seguin ------­Sherman ___ 6,978 23,909 4,811 12,329 6,885 18,387 + 1.4 + 30.0 + 45.0 + 93.9 Snyder ··----­ 4,083 1,857 3,536 + 15.5 + 119.9 Sweetwater -­ 13,431 5,739 28,826 -53.4 + 134.0 Temple ----­Texarka na ---­ 21,405 42,090 12,022 23,187 18,921 39,122 + 13.1 + 7.6 + 78.0 + 8u Te.-.cas Cit y ---­ 13,286 7,995 10,660 + 24.6 + 66.2 T yler ---­ 45,688 30,003 38,047 + 20.1 + 52.3 V ictor ia -------­ 16,210 8,274 13, 94 + 16.7 + 95.9 Waco ------­ 92,963 59,412 86,239 + 7.8 + 56.5 W ichita F a lls ·-­ 63 ,487 36,319 60,746 +u + 74.8 t-TEXAS BUSINESS REVIEW Wholesale Trade Foreign Trade {Wholesale sales represent the movement of goods to retailers, and when compared with the changes in retail sales indicate whether stocks in the hands of retailers are being maintained at a constant level or are being allowed to increase or decrease. The information on inventories of wholesalers gives an indication of the availability of goods to retailers, which in thia period of shortages is a signifi­cant fa.ctor in the business situation.) Texas wholesalers reporting to the federal Bureau of the Census had sales for November 1947 that were 11 % less than sales for October 1947. This was the second time in 194 7 (September was the first) that wholesalers failed tQ show a gain over the previous month. The mixed trend in sales was somewhat similar to the inv~ntory trend for the same wholesalers in recent months. The decline in sales occurred in all lines except machinery, equipment, and supplies (except electrical) which reported an increase of 33%. De· creases ranged from a low of 5% for automotive sup­plies to 18% in drugs and sundries. Although the sales for November 1947 were below those of October 1947, November 1947 sales were still 12% above those of November 1946. The reduction in wholesale sales in Texas was in line with the movement of wholesale sales for the United States as a whole, which were off 6% from October on a seasonally-adjusted basis. At the national level, sales of durable goods declined 4%; however, increases of 3% were reported in lumber and building materials and an increase of 9% was registered for jewelry and optical goods. Nondurable goods showed a decline of 7% with beers, wines, and liquors declining 25%. Only dairy products reported an increase. Food sales as a group dropped 10%. The mixed trend in inventories continued in Novem­ber. Inventories of reporting wholesalers in November 1947 were 4·% above October 1947, but 21 % above November 1946. The increase in inventories was gen­eral for all groups except hardware, which indicated no increase, and the all other group, which reported a decline of 4% . Price increases need to be considered in appraising these shifts in inventories. PERCENTAGE CHANGES IN WHOLESALERS' SALES AND INVENTORIES Source: Bureau of the Census, U.S. Department of Commerce Sales Inventories Business Nov. 1947 f rom Nov. 1946 Nov. 1947 from Oct. 1947 Nov. 1947 from Nov. 1946 Nov. 1947 from Oct. 1947 TOTAL ---------------------+12 -11 +21 + 4 Automotive supplies -----­ -2 -5 + 42 +4 Drugs and sundries• -----­ +9 -18 + 1 +a Electrical group ------­ +so -7 +42 +4 Groceries ·---------­ I) -12 +17 +1 Hardware -------·--­ +1s -8 + as 0 Machinery, equipment, and supplies (except electrical) +26 +33 + so +9 Tobacco products ··--·-·-­·­ -6 -13 + 5 +s All others ----····-----­ +4 -6 + 13 -4 •Includes liQuor departments. {Tonnaa-e figures for export shipments from the principal ports of the State provide an accurate physical measure of the current volume of foreign export trade. Value figures for exports and imports, however, represent a more common measurement of foreirn trade transactions.) Exports from Galveston and Houston in November dropped 6.6% below October, continuing the down· trend that began in July. November exports were slightly more than half the 827,530 tons exported in July, the peak month of 1947, and were 14.3% under exports in November 1946. In each of the first 10 months of 1947, exports ran far ahead of the corre­sponding 1946 figures, but an unusually heavy tonnage was moved out of these two ports in November last year because the docks had been tied up by labor troubles in October. EXPORTS FROM GALVESTON AND HOUSTON (in tons) Source: Galveston and Houston Maritime Associations, Inc. Percent change Port and product Nov. 1947 Oct. 1947 Nov. 1947 Nov. 1947 Nov.• from from 1946 Nov. 1946 Oct. 1947 TOTAL ····-·-··-············­484,792 519,157 565,573 - 14.3 6.6 GALVESTON TOTAL... 332,654 330,396 390,301 - 14.8 + 0.7 Cotton ---­---­ 18,257 15,154 30,314 - 39.8 + 20.5 Wheat -·-­-···­-122,787 138,303 86,61() + 41.8 -11.2 Other grain ----­-- 38,089 21,238 31,299 + 21.7 + 79.3 Flour ----------­ 37,125 44,466 47,634 - 22.1 -16.5 Sulphur -·-···-·····-­1()1,481 98,921 159,769 - 36.5 + 2.6 Other ---------­--­ 14,915 12,314 34,675 - 57.. 0 + 21.l HOUSTON TOTAL -152,138 188.761 175,272 - 13.2 -19.4 Cotton ----­---------­ 6,661 13,274 30,()27 - 77.8 -49.8 Wheat ---------­--------­ 40,195 59,403 20,317 + 97.8 -32.3 Rice and r ice products ---------­ 11,920 4,72A 7,724 + 54.3 + 125.3 Flour ----­---------­----­- 27,383 31,776 30·,34() - 9.7 - 13.8 Products of mines -·· 3,46() 2,434 31,015 - 88.8 + 42.2 Metals ------­----­-­ 7,446 11,702 15,823 . - 52.9 -36.4 Carbon black ------­ 4,813 7,315 9,043 - 46.8 -34.2 Other ---­-----5(),26() 58,133 30,983 + 62.2 -13.5 *Total includes October 1946. IMPORTS OF GENERAL MERCHANDISE BY AIR Source: Bureau of the Census, U. S. Department of Commerce Percent change Oct. 1947 Oct. 1947 District and port Oct. Sept. Oct. from from of unloading 1947 1947 1946 Oct. 1946 Sept. 1947 TOTAL -···-·-$ 2()5,28() $ 122,774 $ 447,326 -54.l + 67.2 GALVESTON 36,374 17,9()7 116,741 -68.8 +103.l Dallas -----------­- 97,799 Houston --------­ 36,374 17,907 +103.1 Fort Worth ---­ 18,94Z LAREDO --­----­ 159,079 89,308 260,358 -38.9 + 78.l Brownsville -­ 41,307 15,681 215,872 -80.9 + 163.4, San Antonio - 117,772 73,627 41,724 +182.a + 60.0 Laredo ----·-··- 2,762 EL PASO 9,827 15,559 70,227 -86.0 -36.8 El Paso --·---·­ 9,827 15,559 7(),227 -86.1) -36.8 Texas foreign trade by air picked up in October, the latest month reported. Exports were 12.6% larger than in September and imports 67.2% greater. October was the best month for exports since May and the best month for imports since June. Both exports and imports this past October were well below October 1946 totals. EX PORTS OF MERCHANDISE BY AIR Source: Bureau of the Census. U. S. Department of Commerce Percent chenjte Di t.rict a nd port Oct. 1947 ept. 1947 Oct. 1946 Oct. 1947 Oct. 1947 f rom from Oct. 1946 Sept. 1947 TOTAL ___$2,l 7,694 $1,943,751 $2,673,265 -18.2 + 12.6 GALVESTON. TOTAL - 694,863 60 ,024 885,292 + 101.1 + 14.2 Dallas - - 864,096 413,458 12,276 +2865.9 -11.9 Fort Worth - 1,200 323,016 -99.6 Houston --329,067 194,571 + 69.1 LAREDO, TOTAL - 1,436,681 1,293,55 2,192,980 -34.5 + 11.1 Brownsville - 580,239 573,171 1,2-89,573 -55.0 + 1.2 La.redo - - 2,608 54,122 -95.2 Sa.n A.nt<>nio .. 853,834 720,3 7 49,285 + 0.5 + 18.5 EL PASO --­ 56,650 42,169 144,993 -60.9 + 34.3 El Paso _ __ 56,650 42,169 144,993 -60.9 + 34.3 Waterborne trade in Texas slipped slightly in Sep­tember. Exports were a shade higher than in August, but imports were down 6.6%. Compared with Septem­ber 1946, the reverse was true, imports in September 1947 being sufficiently greater to make the total trade for the month $1,100,000 larger. Throughout the late summer months the waterborne foreign trade of Texas 11•as remarkably stable. WATER-BORNE EXPORTS OF DOMESTIC AND FOREIGN MERCHANDISE (in thousands of dollars) Source: Bureau of the Census, U. S. Department <>f Commerce Percent change Monthly Sept. 1947 Sept. 1947 Sept. Aug. average from from Customs district 1947 1947 1946 1946 avg. Aug. 1947 TOTAL -----­ 67,300 67 ,200 70,700 - 4.8 + 0.1 abine ----···-­ 13, 00 14,400 9,200 + 50.0 4.2 Galveston ------· 52, 00 Laredo ----­700 52,400 400 60,700 800 -13.0 -12.5 + 0.8 + 75.0 WATER-BORNE IMPORTS OF GENERAL MERCHANDISE (in thousands of dollars) Source: Bureau of the Census, U. S. Department of Commerce Percent change Cu toms district Sept. 1947 Aug. 1947 Monthly Sept. 1947 Sept. 1947 average from from 194 6 1946 avg. Aug. 1947 TOTAL 9,900 10,600 5,400 + 3.8 -6.6 ine 200 400 100 ------+100.0 -50.0 Gal.-eston -----,700 9,300 4,600 + 9.1 -6.5 Laredo 1,000 900 700 + 42.9 + 11.l PRODUCTION Manufacturing (The volume of manufacturlnl" activity In any industrial area Is a sensitive measure of the chan&"es in business activity. The vol­ume of durable &"oods manufactured tends to fluctuate more vio­lently than the volume of nondurable &"oods such as foods, and may serve to indicate chan&"eS in the business situation at an early date. Since many ~anufacturin&" industries vary reirularly with the seasons, this factor . must be taken into consideration in interpretin.-the chan&"e• from month to month.) The opinion of most economists and business execu· tives is that industrial production will continue to boom along at a high rate through the first quarter of 1948. The Federal Reserve Board's adjusted index of industrial production hit a new peacetime high of 192 in Novem· ber. Many point out that the greatest threat to produc· tion lies not in a slackening of demand but in strikes. They agree that production strikes are more likely to develop in the second quarter than in the first. In pass­ing it is interesting to note that the Journal of Com­merce reports a study showing some down-drag on busi­ness in election years. Crude oil runs to stills increased 6.5% in December as compared to November to reach 49,563,699 barrels. The index (1935-39 = 100) rose rather sharply to 174.2, after seasonal adjustment. In comparison with December 1946, activity was up 13.7%. Texas refinery stocks of gasoline showed an apprecia­ble increase in both the monthly and yearly compari· sons. Distillate, residual, and kerosene all exhibited marked decreases from November of 194 7 and the same trends were evident in both the Texas Gulf Coast and Inland Texas. The Gulf Coast changes are greater than the Inland changes, the latter pulling the over-all per­centage changes down somewhat. RE.F INERY STOCKS* (in thousands of barrels) Source: The Oil and Gas J ournal Percent chansre Section and item Dec. 1947 Nov. 1947 Dec. 1946 Dec. 1947 Dec. 1947 irom from Dec. 1946 Nov 1947 TEXAS Gasoline -----------------­18,931 17,501 18,030 + 5.0 + 8.2 Distillate --­-----------­ 8,385 11,883 11,016 -23.9 -26.3 Residual ---------------­-7,799 8,821 7,578 + 2.9 -11.6 Kerosene ------­ 3,052 4,247 -28.1 TEXAS GULF COAST Gasoline --·--·--·-··--­15, 795 14,587 14,387 + 10.2 + 8.3 Distillate -----­-----------­ 7,888 10,837 10,494 -24.8 -27.! Residual ---------------­ 7,101 8,081 6,836 + 3.9 -12.1 Kerosene ------·-· 2,558 8,529 -27.5 INLAND TEXAS Gasoline --------· 3,136 2,914 3,698 -15.1 + 7.6 Distillate -----­-----­ 497 546 522 - 4.8 - 9.0 Residual ·----­--­ 698 740 742 - 5.9 - 5.7 Kerosene ------­ 494 718 -31.2 •Figures shown for week ending nearest last day of month. Cotton consumption in Texas increased over Novem­ ber 1947. While linters exhibited a decided monthly and yearly gain, cotton was down appreciably from December 1946. CONSUMPTION OF COTTON AND COTTON LINTERS (in running bales) Source: Bureau of the Ce11sus, U. S. Department of Commerce Percent change Item Dec. 1947 N ov. 1947 Dec. 1946 Dec. 1947 Dec, 1947 from from Dec. 1946 N ov. 1947 11,944 16,845 -22.1 + 6.5 Cotton --····-····-··········· 12,726 Llnters ···-····················· 2,498 2,025 1,854 + 34.7 +2u Cotton spindle activity reflected little appreciable change in the monthlv comparison except for average R"pindlt> honrf" whi"h were up to 371 from 347. On an annual comnarison there was a noticeable decrease in snin­tion to Exports t o Balance as of Year 193S-!9 lHHO 1940--41 1941-42 1H2-43 lNl-44 1944---4• It4~6 11146-47 ----~--­ 1947-48 •Four months ending November Aug. l Jan.I Dec.1 Total J an.I Jan. 1 T otal Jan.1 11,533 13,033 10,596 12,367 I0,590 I0,6 7 I0,657 11 ,164 7,522 2,52I 65 57 48 169 125 80 62 I30 159 214• I2,00 11,792 I2,686 I 0,976 I2,982 11,478 I2,359 9, I95 8,482 11,694 23,606 24,882 23,880 28,512 23,697 22,245 23,078 20,489 I6,163 H,429' 2,799 3,3 IO 3,579 4,441 4,713 4,324 4,027 3,596 4,257 3,777 1,902 3,134 601 644 572 699 60"7 1,139 1,559 428• 4,70I 6,444 4,I80 5,085 5,285 5,023 4,6 34 4,735 5,816 4,205 18,905 18,438 19,150 lS,427 18,412 17,222 18,444 15,754. 10,3-47 10,224 30. Percent change Percent chan&'e Year Year 194.7 from Year Year 1947 from City and item 1947 1946 1946 City and item 1947 1946 1946 BROWNWOOD:ABILENE: Retail sales of independent stores_ _ Retail sales of independent stores____ + 11.3 + 8.0 Department and apparel store sales_ 2.9 Department and apparel store sales_ + 1.5 + Postal receipts -----------------------------------$ 137,050 141,956 8.5 Postal receipts ------------------------------------$ 395,114 $ 354,920 + 11.3 4,383,956 $ 3,967,455 + 10.5 Iluilding permits ----------------------------------S 1,075,743 479,146 +12'.l.5 Building permits --------------------------------$ Air express shipments ---·-----------------­2,186 1,316 + 66.l Bank debits to individual accounts CORPUS CHRISTI: (thousands) -------------------------------$ 352,182 $ 295,486 + 19.2 Average end-of-month deposits Retail sales of independent stores __ _ + 18.5 (thousands) • ------------------------------$ 38,581 40,444 -4.6 Department and apparel store sales.. + 2.8 Placements in employment ------------­6,471 6,908 -6.3 Postal receipts ------------ ----------------- ---$ 808,635 $ 798,760 + 1.2 Unemployment (monthly average) __ 1,375 1,691 -18.7 Iluilding permits ---------------------__ ________$21,234,146 $10,048,914 + 111.3 Air express shipmtnts -----------------------7,550 6,248 + 20.8 Bank debits to individual accounts (thousands ) ---------------------------$ 843,046 $ 776,257 + 8.6 AMARILLO: Average end-of-month deposits Retail sales of independent stores__ + 19.1 (thousands) • ------------ ----------------$ 69,407 $ 68,968 + 0.6 Department and apparel store sales_. + Placements in employment --------------­10,131 7,368 + 37.5 6..9 Unemployment (monthly average) __ 2,619 3,000 -12.7 Postal receipts -----------------------------------$ 748,456 $ 687,462 + 8.9 Iluilding permits -------------------------------$ 8,977,243 7,359,278 + 22.0 Air express shipments --·----------..·----­6,069 4,944 + 22.8 CORSICANA: Bank debits to individual accounts (thousands) ------------------------------$ 943,700 725,424 + 30.1 Postal receipts -----------------· ---------·--·-·--·---$ 121,296 $ 123,598 -1.9 Average end-of-month deposits Building permit.s ····-·--········-···---------$ 821,090 $ 351,589 + 183.5 (thousands) • --------------------------$ 78,211 $ 72,726 + 7.5 Bank debits to individual accounts (thousands) 117,965 $ 100,849 17.0 Placements in employment ------------­9,548 8,263 + 15.6 ------····--·--··-··-----··-·--$ + Average end-of-month deposits Unemployment (monthly average) _ 1,550 1,231 + 25.9 (thousands) * ····-·-·-····-··--·-·-··-··--$ 19,459 $ 18,939 + 2.7 AUSTIN: DALLAS: Retail sales of independent stores____ + 9.1 Retail sales of independent stores.._. + 5.1 Department and apparel store sales.. 2.8 Apparel stores ---------------·-·--·-------­ -1.4 Postal receipts ···-·----·-------------------------$ 1,506,176 1,387,324 + 8.6 Automotive stores ------------------------··--+4U Building permits ········-------------------·-···-S20,701,667 $18,422,607 + 12.4 ···-···----------·--+ 3.1 Drug stores ·-·······--··-·-­Air express shipments ····--·················-6,398 5,552 + 15.2 Filling stations ·······-····-····-·····-··-······· + 9.4 Bank debits to individual accounts Food stores ··-·-·----····---------·---------·· -2.1 (thousands ) ---··-·---------------------$ 1,163,280 1,097,825 + 12.4 Furniture and household stores__ _ + 12.9 Lumber, building material, andAverage end-of-month deposits (thousands )* ----··-·--······-··-····-----$ 99,332 $ 99,181 + 0.2 hardware stores -----·--·--·--···-·-·----·- + 33.4 Eating and drinking places_________ _ 5.$ Placements in employment --------------­10,702 10,656 + 0.4 Unemployment (monthly average)__ 1,972 2,915 -32.3 All other stores ----····--·--··-···------------1.2. Postal receipts ----······-···-----------------····-$ 8,718,509 8,021,544 + 8.7 Building permits -------·----····-····-·-··------856,808,352 $45,765,497 +24.1 Bank debits to individual accounts BEAUMONT : (thousands) ----····-··-------------···-····---$10,317,634 8,625,635 + 19.6 Retail sales of independent stores___ + Average end-of-month deposits 6.9 Department and apparel store sales__ (thousands) • -··-··-··-··-··-------------$ 667,459 705,331 -5.4 0.5 Air express shipments --·--··------...··--·-­94,661 81,255 + 16.5 Postal receipts ----···---··-··········-···-----$ 602,669 $ 579,298 4.0 + Unemployment (monthly average) .. 9,608 14,650 -84.t Iluilding permits -----······--·-···-----------$ 7,025,850 3,890,766 + 80.6 Placements in employment -------··---43,749 46,782 -6.4 Export cars unloaded ------····-·-·······--·-7,379 5,38& + 37.0 Air express shipments ---····-···--··------· 3,782 3,104-+ 21.8 Bank debits to individual accounts EL PASO: (thousands) ····-··-·----····--·--------$ 898,040 $ 749,648 + 19.8 Retail sales of independent stores.... + 13.5 Average end-of-month deposits Department and apparel store sales._ (thousands) * 86,543 82,938 + 0.7 ----·····-·-·----------···---$ 4.3 + Postal receipts ··········-······-·---·-··--····--·-$ 1,153,525 $ 1,148,489 + 0.4 Building permits ·------------···---·····-·-------$ 8,063,845 $ 4,488,876 + 79.6 Air express shipments ---------------------­16,851 14,557 + 15.8 BROWNSVILLE: Bank debits to individual accounts Retail sales of independent stores.... + (thousands) ·-··--·-··-------·--·-··-----$ 1,222,995 1,081,920 + 13.() 0.3 Average end-of-month depositsPostal receipts ··-------····--------······--····-$ 150,231 $ 140,392 + 7.0 (thousands) • ------·--···--·····-------$ 107,753 $ 110,143 -2..2 Building permits -·-··-·--·-····-···----····-$ 1,290,613 $ 893,871 + 44.4 Placements in employment ----·--··-·· 9,433 7,912 + 19.2. Air express shipments 24,634 34,127 -------------------- -27.8 Unemployment (monthly avera~e) .. 2,692 2.,760 -2.5 •Excludes deposits to the credit of banks. •Excludes deposits to the credit of banks. TIONS FOR THE YEAR P ercent Percent change change 1947 1947 Year Year from Year Year from City and item 1947 1946 1946 City and item 1947 1946 19~6 FORT WORTH: Retail sales of independent stores__ Apparel tores --­---­Automotive stores Drug stores Filling stations Food stores + 12.6 -6.5 + 50.2 + 4.0 + 7.7 + 14.0 LAMESA: Retail sales of independent stores__ Post.al receipts ------------------------$ Building permits LUBBOCK: Retail sales of independent stores___ 59,820 513,415 $ $ 59,789 600,805 + 21.2. + 0.1 -14.5 + 28.1 Furniture and household stores - + 10.5 Department and apparel store sales_ + 15.8 Lumber, building material, and Postal receipts ----·--­-------­-----$ 519,338 $ 425,621 + 22.0 hardware Eating nnd stores -----··­drinking places --­ + 29.6 + 2.1 Building permits ---------------------------'11,130,866 Air express shipments --------------­3,390 $ 8,946,191 2,267 + 24 .4 + 49.5 All other stores -------­ + 1.6 Bank debits to individual accounts Postal receipts -------­_ $ 3,616,2'12 $ 3,517,048 + 2. (thousands) ---------------$ 696,515 $ 503,394 + 38.4 Building permits $27,726,254 $22,691,337 + 22.2 Average end-of-month deposits Bank debits to individual accounts (thousands)• --------------­ 58,587 $ 54,607 + 7.3 (thousands) -­-----­$ 3,585,711 $ 2,965,564 + 20.9 Placements in employment ·­--­----­-­ 6,536 6,677 - 2.1 A,-erage end-of-month depo its Unemployment (monthly average ).• 775 l,343 -42.3 (thousands) • ----­$ 272,953 495,758 -44.9 Air e.xpress shipments -----­Unemplo)'ment (monthly average) _ Pia.cements in employment 17,264 ,292 42,716 25,257 10,308 36,709 -31.6 -19.6 + 16-4 PLAINVIEW: Retail sales of independent stores.... Department and apparel store sales .. + 18.2 + 16.2 Postal receipts -------------·-----$ 8,895 $ 75,717 + 17.4 GALVESTON: Building permits ________________$ 1,962,750 $ 1,237,725 + 58.6 Retail sales of independent stores_ Department and apparel store sales_ + 17.8 -2.0 PORT ARTHUR: Postal receipts $ Buildina­permits -------­ExPort cars unloaded ----­609,223 2,944,923 121, 6 $ 631,313 $ 2,396,093 1,132 -3.5 + 22.9 + 50.2 Retail sales of independent stores__ Postal receipts ________________$ 302,363 Building permits -----------·---­$ 2,259,755 $ 301,056 $ 2,032,68 + 16.4 + 0.4 + 11.2 Air express shipments - - --­ 5,159 4,027 + 28.1 Export cars u.nloaded ------------------­ 7 ,555 3,599 + 109_g Bank debits to individual accounts Coastal cars unloaded --------­ 4,45,l 3,325 + 34.0 (thousands) $ 715,412 $ 641,410 + 11.5 Air express shipments -------­ 2,363 1,809 + 30.6 Average end-of-month deposits Bank debits to individual accounts (thousands) • __________ $ ,873 4,338 + 4.8 (thousands) ---------­----.$ 364,914 317,359 + 15.0 Placements in Unemployment employment --­(monthly average) _ 14,309 2,00 14,299 2,3 8 + 0.1 -15.7 Average end-of-month deposits (thousands)• ________________$ 36,104 42,525 - 8.0 HARLINGEN: Retail sales of independent stores_ Postal receipts $ 166,650 Building permits -------S 2,036,965 151,292, $ 2,004,046 + 8.6 + 10.2 + 1.6 SAN ANGELO: Retail sales of independent stores___ Department and apparel store sales_ Postal receipts -­---------------------$ Air express shipments ------­ 294,725 5,9 2 2 8,673 2,623 + 8.7 + 5.8 + 2.1 + 128.1 Bank debits to individual accounts HOUSTON: Retail sales of independent tores_ + 15.7 (thousands) ---­------­Average end-of-month deposits (thousands)• ______________$ 313,325 36,821 $ $ 286,692 37,586 + 9.3 1.9 Apparel stores - 1.3 Automotive stores + 40.1 SAN ANTONIO: Drug stores Filling stations Flori ts Food stores Furniture and household Jewelry stores store _ + 1.7 9.7 5.9 + 5.8 + 14.4 + 8.2 Retail sales of independent stores .. _ Apparel stores ------------------­Automotive stores ----------­Drug stores -------------·---­Filling stations ------------------­Food stores ----------------------­ + 5.8 -12.7 + 40.6 1.6 + 2.0 + 2.1 Lumber, building material, and hardware stores Eating and drinking places -­All other stores --------­Postal receipts _ ___________$ 5. 34, 74 Building permits _______$72,3 9,219 Bo.nk debits to individual accounts (thousands) _______$ 9,926,139 5,277,3 8 $50,630,626 $ ,182,621 + 39. + 7.2 + 19.9 + 10.6 + 43.0 + 21.3 Furniture and household stores_ Lumber, building material, and hardware stores -------­Eating and drinking places ____ _ All other stores ------------------­P ostal receipts -----­--·­--------$ 3,249,815 Building permits ___________$29,044,991 Bank debits to individual accounts $ 3,159,978 $23,864,918 + 15.6 + 15.6 8.4 + 1.3 + 2.8 + 21.7 Average end-of-month deposits (thou ands)• ------­Ex.Port can unloaded ----­Air express shipments ----­Unemployment (monthly average) _ i73,5 7 61,111 61,193 11,10 $ 77 ,238 39,701 41,297 1 ,607 -0.6 + 58.9 + 48.2 -40.3 (thousands) ------------$ 2,714,749 Average end-of-month deposits (thousands) • ---­-------­_ $ rur express shipments --------­Unemployment (monthly average) _ 314,819 35,704 9, 92 $ 2,485,139 $ 328,900 22,642 15,400 + 9.2 4.3 + 57.7 -35.8 Pia.cements in employment ---­ 59,453 49,502 + 2.0.1 Placements in employment ___ 2 ,554 24,496 + 16.6 • Excludes deposits to the credit of b&nks. •Excludes deposits to the credit of banks. CHANGES IN CONDITION OF WEEKLY REPORTING FINANCE MEMBER BANKS Bank Credit Source: Board of Governors of the Federal Re11erve System (Since bank credit is essential to all business, tbe conditions of the commercial banks and the Federal Reserve Banks is a si1rnifi­ Percent change cant indicator of the state of busineu. Changes in the volume of credit the banks have outstanding reflect the state of business. The Dec. 31 Dec. 81 Dec. 31 condition of the Federal Reserve Banks in like manner reflects the 1947 1947 1946 from from fromcondition of credit available to commercial banks.) Dec. 81 Nov. 26 Nov. 27 Item 1946 1947 1946 Pronounced fluctuations in holdings of government ASSETS securities characterized changes in the condition of Loans and investments + 20.6 -1.6 -8.9 weekly reporting member banks in the Dallas Federal Loans --------------+so.2 + 2.7 + 4.2 Reserve District for December. The district banks ex­Total U.S. Government securities__ +u.6 -5.0 -10.2 perienced I\ $37 million decrease (1.6% ) in the volume Treasury bills -81.3 -81.8 -30.4 Treasury certificates of indebtedness -80.0 -19.2 -15.2 of earning assets, which include total loans and in­ Treasury notes ----------7.6 + 11.1 -27.0 vestments, although loans alone rose $27 million for a United States bonds -----+84.7 -0.7 -2.5 2.7% increase during the month. The net decrease in Other securities ------------+89.7 -4.4. +9.9 Reserve with Federal Reserve Banks_ +24.0 + 4.0 +3.0 loans and investments was primarily due to the drop Cash in vault ·---···-----------+26.9 0.0 -3.7 of 5.0% ($59 million) in United States Government Ualances with domestic banks ___ +29.2 +17.9 +24.4 securities held, slightly bolstered by a $6 million decline LIABILITIES in other securities. Although Treasury bills and cer­Total deposits (except interbank)_ +11.6 -6.0 -10.2 Demand deposits adjusted _ ___ + 26.6 -1.6 -1.4 tificates of indebtedness dropped substantially (81.8% Time deposits --------+18.1 + 2.7 +1.8 and 19.2%, respectively), the 0.7% decline in United U.S. Government deposits -----88.0 -8.8 -51.0 States bonds was slight, and holdings of Treasury notes Interbank deposits : rose by 11.1 %, or $11 million. In rising above the $1 Dome11tic banks -------·-··-··--·· + 20.4 + 8.7 + 11.8 Foreign banks ---------··-·--+26.0 0.0 + 83.8 billion mark, tb.e volume of l0ans outstanding set an CAPITAL ACCOUNTS ------+ 22.6 0.0 -0.7 all-time record for banks in the 11th District. Local Business Conditions For The Year ( Co'ntinued) Percent Percent change chanire 1947 1947 Year Year from Year Year from City and item 1947 1946 1946 City and item 1947 1946 1946 TEXAS CITY:TEMPLE: Retail sales of independent stores_ + 1u Retail sale11 of independent store11.­+ 8.3 Postal receipts --------S 98,648 $ 87,362 + 12.8 Department and apparel store sales_ 4.0 Building permits --------$ 6,292,668 $ 1,184,277 +366.6 Postal receipts ····-·-···--·-·--··---$ 161,126 158,455 + 1.7 Building permits ----------·$ 2,336,733 $ 1,820,406 + 28.4 WACO: Retail sales of independent stores_ 8.2 Department and apparel store sale11_ 0.6 TEXARKANA: + + Postal receipts ---------S 787,067 $ 704,787 + 11.7 Retail sales of independent stores_ -5.0 Building permits --------$ 9,078,885 $ 5,768,689 + 57.5 Air express shipments ____ 1,163 932 + 23.7 Air express shipments -----2,878 2,86<& + 0.8 Bank debits to individual accounts Bank debits to individual accounts (thousands) ---------····---$ 274,554 266,703 7.0 (thousands) --------$ 568,833 608,706 + 10.7 + Average end-of-month deposits Average end-of-month deposits (thousands)• ------$ 62,874 $ 68,797 -8.6 (thousands)• ·-------··$ 22,176 $ 24,578 9.8 Placements in employment _____ 7,240 8,536 -15.2 Placements in e·mployment ---·­9,205 7,792 + 18.1 Unemployment (monthly average) _ 3,867 4,30() -21.7 Unemployment (monthly average) _ 8,356 8,068 -58.4 TYLER: Retail sales of independent stores_ + 17.0 Department and apparel store sales_ + 4.6 Postal receipts ---------$ 328,819 $ 316,767 + 3.8 Building permits $ 4,501,236 $ 3, 700,648 + 21.6 Bank debits to indiTidual accounts (thousands) --------$ 413,042 $ 371,241 + 11.3 Average end-of-month deposits (thousands)• --------$ 46,805 $ 47,493 - 1.4 *Excludes deposits to the credit of banks. WICHITA FALLS: Retail sale11 of independent store11_ + 2.8 Department and apparel store sales. + 6.6 Postal receipts --------$ 467,830 603,191 7.0 Building permits -------$ 2,927,929 $ 1,983,097 + 47.6 Air expre11s shipments 8,338 2,802 + 19.1 Bank debits to individual accounts (thousands) _ _______ $ 552,896 479,237 + 15.3 Average end-of-month deposits (thousands) • -----------$ 70,164 71,036 -1.2 Placements in employment ____ 5,608 4,973 + 12.8 Unemployment (monthly average) _ 1,683 2,021 -21.7 TEXAS BUSINESS REVIEW SUMMARY STATEMENT OF CONDITION OF THE FEDERAL Bank Dehita RESERVE BANK OF DALLAS (Since the hulk of huaineH tranaactlona are settled by check, (in thoUJl&llds of doll an) changes in baonk debits to individual accounts represent chansea Board of Governors of the Federal Resene System Source : In the volume of transactions and are a basic meaaur" of business activity.) Percent change Seasonal factors contributed to a 16.5% increase in Dec. 30 Dee. 30 1947 1947 the volume of bank debits for 20 Texas cities during from from December, total debits to deposit accounts increasing Dee. 30 Nov. 26 Dee. 31 Dee. 31 Nov. 26 Classification 194i 1947 1946 1946 1947 by over $500 million in the citi~s surveyed. Lubbock, ASSETS with a 2.0% decrease, and Beaumont, with a 0.8% drop, Gold certificate were the only two of the cities which experienced de­ reserYes 513,821 522,461 491,067 + 4.6 -1.7 clines. Four cities had an increase of over 20%: Corsi­ U.S. Gonrnment aecurities _ _ _ l,017,419 998,711 918,253 + lo.8 + 1.9 cana, with 25.9%; Dallas, with 22.3%; San Antonio, DW:ounta and ad-with 21.2%; and Fort Worth, with 20.5%. vances 1,670 2,947 4,868 -61.8 -48.3 Other caah ---11,622 13,808 12,396 -7.1 -13.4 Other assets ----112,139 126,470 108,046 + S.8 -10.6 Corporation Charters TOTAL ASSETS _ l,666,671 1,662,897 1,534,130 + 8.0 -0.4 (The issue of corporation charters measures the additions to the LIABILITIES buaineaa population and reflects the state of optimism or pnaimlam Federal Reserve notes 628,488 626,142 604,811 + 4.0 + 0.5 of busineaamen.) Dep06ita 910,380 903,85S 819,000 + 11.2 + 0.7 Other liabilities __ 92,049 108,826 87,109 + 5.7 -15.4 New domestic corporations chartered in Texas during TOTAL December numbered 301, 13 more than in the previous LIABILITIES _ l,630,867 1,687,821 1,510,420 + 8.0 -0.4 month, but with a total capitalization of only $5,838 thousand in December as compared with $7,458 thousand Capital paid in __ 7,303 7,266 6,865 + 6.4 + 0.5 Surplus 15,084 15,084 16,084 0.0 0.0 in November. In addition, 21 new foreign corporations Other capital ae- received charters. Of the new domestic corporations, count. 8,317 2,726 1,761 +8u +21.7 158 were capitalized for amounts between $5,000 and TOTAL LIABILITIES $100,000, and 70 were capitalized for less than $5,000. AND CAPITAL AC­COUNTS ___l,656,571 1,662,897 1,584,180 + 8.0 -0.4. CORPORATION CHARTERS ISSUED BY CAPITALIZATION Source: Office of the Secretary of State Dee. Nov. Dee. BANK DEBITS• Capitalization 1947 1947 1948 ( in thoUJ1&11da o! doll&ra) Over $100,000 ----------18 11 15 Source : Board of Governon o! the Federal Reserve System $5,000-$100,000 -----------158 164 182 Less than $5,000 70 63 89 Percent chan1re Capitalization not specified 6 4 8 No capital stock -------54 46 45 Dec. Nov. Dec. from from City 1947 1947 1946 Dec. 1946 Nov. 1947 Dec. 1947 Dee. 1947 TOTAL ___$3, 768,269 SS,288,857 SS,118,187 +20.9 +16.5 CORPORATION CHARTERS ISSUED BY CLASSIFICATIONS Abilene 87,017 88,284 29,785 +2u +lu Source: Secretary of State Amarillo ---89,234. 86,806 69,814 +27.8 +u Austin 101,848 96,897 100,288 + 1.6 + 5.7 Beaumont --84,046 84,712 76,011 +lo.6 -0.8 Dee. Nov. Dee. Classi ficR t i on 1947 1947 1946 Corpus Christi -76,471 72,196 70,824 + 8.0 + 5.9 Corsicana --12,896 10,2.42 11,845 +18.7 +25.9 DOMESTIC CORPORATIONS DaUas 1,180,925 924,995 928,837 +22.5 +22.8 Capitalization• -·------------5,838 7,458 9,226 El Paso ___ 181,059 115,287 117,847 +11.2 +18.7 Number 301 288 --·- 234 Fort Worth _ _ 866,159 808,978 814,402 +16.5 +20.5 --67,246 60,711 80,188 +11.7 + l o.8 4 Galveoton Banking.finance -------7 6 Houston _ __ 1,058,901 899,009 816,625 +29.1 Construction ---· 13 20 12 +17.2 Laredo ---17,277 15,812 17,094 + 1.1 + 12.8 Manufacturing -·---------25 32 28 Lubbock Merchandising: ---85,588 87,250 58,008 + 47.5 -2.0 71 59 67 Port Arthur -8S,817 80,905 28,880 +17.1 + 9,(, Oil 10 5 8 San Aftl'elo Public service 5 --82,456 29,229 25,728 +26.2 -11.0 San Antonio _ 269,099 221,978 239,784. Real estate 83 36 16 + 12.2 + 21.2 Texarkanat 27,678 26,605 26,004. +u + 4.0 Tranaportation 13 7 7 Tyler All other 40,915 86,059 84,969 +17.0 +18.5 70 77 46 Waco 56,666 51,258 50,558 + 12.1 +io.6 No capital stock 54 46 45 Wichita Falla -54,026 48,254 46,696 +15.7 +12.0 FOREIGN CORPORATIONS Number 21 45 •Debita to deposit accounts except interbank accounts. tlncludeo 2 banks in Arkansas, Eighth District. •In thousands of dollars. TEXAS BUSINESS REVIEW Life Insurance Sales TRANSPORTATION (Since the sales of life insurance are relatively sensitive to the chances In consumer income, they may he used aa a measure of the consumer market.) Texas kept step with the rest of the nation during December in sales of ordinary life insurance, both Texas and the nation as a whole realizing a 17.5% increase. Dollar volume of sales in Texas was $67,189 thousand, compared with $1,478 million for the United States. National sales, however, were 23.5% higher this De­cember than last, compared tQ ~ 7.5% increase in Texas for the same period. Business Failures (The number of failures and the amOU'Dt of liabilities vary ln­v•raely with the prosperty of business and reflect in a simple and direct manner wbat Is happeninc to businesa.) The number of business failures in Texas reported by Dun and Bradstreet, doubled in number in Decem­ber as compared with November. The 6 failures during December had total liabilities of $64,000 compared with the 3 failures in November, with total liabilities of $41,000. There were only 2 failures in December 1946, with total liabilities amounting to $22,000. BUSINESS F AlLURES Source: Dun and Bradstreet, Inc. Dec. 1947 Nov. 1947 Dec. 1946 Nov. 1946 Number ---------------· Liabilities• ----------------­Average liabilities per failure• 6 64 11 3 41 14 2 22 11 136 136 •In thousands of dollars. Sales of United States Savings Bonda (Sales of United States savings bonds less redemptions are sic­nlficant because they represent private savincs siphoned off by the government to meet its fiscal needs.) The increase of 13.9% ($1.9 million) in sales of United States savings bonds for December over Novem­ber indicates greater success during the month for the Treasury's bond-selling campaign. The success of this campaign is particularly significant at the present time, for not only do the sales decrease the volume of means of payment in the hands of individuals, but the proceeds can be used by the government to retire securities held by the Federal Reserve banks and the commercial banks, thereby ~iding ii} the fight against inflation. SALES OF UNITED STATES SAVINGS BONDS Source: Treasury Department, Office of State Director for Texas Percent ehanire Dec. 1947 Dec. 1947 Series Dee. 1947 Nov. 1947 Dec. 1946 from from Dee. 1946 Nov. 1947 TOTAL ---$15,474,476 $13,588,221 $18,994,619 -18.5 + 13.9 Series E --­10,260,882 9,805,882 13,377,553 -28.3 + 10.3 Series F and G_ 5,213 ,594 4,282,839 5,617,066 - 7.2 +21.7 Rail (The movement of cooda by rail la fundamental to all buala... operations, and chanrea In the Dumber of frelcht cars loaded nlect basic cbanires in the volume of business. The commodity lfroapa ..,. slirnificant for the information they lfive on specific Industries. 11oe miscellaneous croup Includes manufactured coocla -d la c-.. considered a meuure of the volume of trade. Merchandise LcJ. shipments Include the same type of roods shipped In smaller Iota. Cars unloaded for export reflect the chances In the Yolume of exports.) The principal 1947 events in the world of transpor· tation were not very spectacular, but nevertheless im· portant. Continued freight c~r shortages probably ere· ated the most anguish, real or imagined, for shippers. Rate increases in every form of transportation, but par· ticularly for railroads, are probably the chief events of the year and the ones likely to affect the state and na· tional economy the most. Effective January 5, 1948 the railroads were granted another 10% freight rate increase, which, added to the previous 10% and 17%% , brought the total boost in about 12 months time to approximately 371/2%, or, with allowance for various exemptions, probably about 35% for the total list of commodities. The carriers asked a 33% permanent increase over rates prevailing in early 1947, were granted 10% tem· porarily, with the ICC still considering the advisability of how much more will be needed. With a 151;2 cents an hour wage increase already granted to most railroad unions and ~ called strike of several operating brother­hoods now entering tbe special board mediation stage, there is little doubt but that at least another 10% rate increase will be granted. The carriers may argue tnat freight rates represent a relatively small proportion of total costs-an esti­mated 5% of wholesale value in 1941. The actual pro· portion varies with the commodity and the industry, but the fact remains that a 35 to 50% increase in rates in less than 15 months is decidedly inflationary. The most recent 10% is estimated to add Sl,230,000,000 to railroad freight revenue. REVENUE FREIGHT LOADED IN SOUTHWESTERN DISTRICT (in carloads) Source: Car Service Division, Association of American Railroads Percent ehanire Item Dee. 1947 Nov. 1947 Dec. 1946 Dec. 1947 Dee. 1947 from from Dec. 1946 Nov. 1947 TOTAL -·-·---­--­-·-----·­283,672 296,308 277,421 + 2.3 - 4.3 Grain and itJ'&in products 19,840 24,977 25,604 -22.5 -20.6 Livestock -----------···-­---­---­ 4,504 7,600 7,193 -37.4 -40.7 Coal ----------­----------­ 29,661 28,520 24,335 +21.9 + 4.0 Coke -----­--­--­--­-------­ 857 774 800 + 7.1 + 10.7 Forest products ---­-----­ 20,016 2!>,854 22,272 -10.1 -4.. 0 Ore ---------­--­ 2,899 2,418 2,299 + 26.1 + 19.9 Merchandise (I.e.!.) -­---­ 28,354 29,696 31.827 -10.9 -4.5 Miscellaneous ----­177,541 181,469 163,091 + 8.9 - 2.2 (TM total volume of commocllties shipped by air express la only .,_., small percentace of all commoclltiea moved, but the rapid ~iJ1 the use of this type of transportation makea its crowth ef seneral interest to business.) The nation's domestic airlines in 1947 found them­selves in both enviable and unenviable positions of hav­ing rendered more public service than at any time in their history, but at a greater net loss to themselves than ~ any previous year. More airline seats were available and an airminded public occupied more of them than at any time in the history of air carriers. AIR EXPRESS SHIPMENTS Source: Railway Express Agency Percent change Cities Dec. 1947 Nov. 1947 Dec. 1946 Dec. 1947 Dec. 1947 from from Dec. 1946 Nov. 1947 TOTAL .. ·--·-... --35,755 29,664 35,575 + 0.5 + 20.5 Abilene --------------·--­ 225 185 213 + 5.6 + 21.6 Amarillo -----··-····· 985 577 775 + 27.1 + 70.7 Austin -------·-----­ 83 1 563 682 + 21.8 + 47.6 Beaumont -----------­ 533 358 441 + 20.9 + 48.9 Biir Sprinir ---------­ 89 54 94 - 5.3 + 64.8 Brownsville ----------· 2,056 1,831 5,284 -61.1 + 12.3 Brownwood -----­ 47 32 + 46 .9 Bryan --------­-- 49 24 + 104.2 Corpus Christi -···· 978 588 1,024 - 4.5 + 66.3 Dallas ----------------­ 10,9 10 9,525 9,867 + 10.6 + 14.5 El Paso -------------­ 2,024 1,669 1,980 + 4.9 + 21.8 Fort Worth -----· 236 1, 39 2,144 -89.0 -87 .2 Galveston ---~--------­ 592 379 578 + 2.4 + 56.2 Houston ---·-······-·· ··­ 6,940 5,413 5,874 + 18. 1 + 28 .2 Laredo -----------------·­ 467 295 541 - 13.7 + 58.3 Longview ---------­ 243 135 + 80 .0 Lubbock ----------­ 483 359 402 + 20.1 + 34 .5 Midland --------­ 318 209 188 + 69.1 + 62. 2 Mineral Wells -­----­ 31 16 + 93.8 Odessa --------­ 262 182 + 44 .0 Palestine -----­ 27 19 + 42.1 Paris --­-----------­ 101 47 +114.9 Port Arthur ---------­ 304 198 247 + 23.l + 53.5 San Angelo ----­ 98 678 381 + 135.7 + 32.4 San Antonio ---------­ 4,509 3,3 6 3,691 + 22.2 + 33.2 Sweetwater -------­ 75 37 + 102.7 Temple -----------­ 104 77 + 86.1 Texarkana ---------­ 173 103 169 + 2.4 + 68.0 Tyler ----------­Victoria --------­ 356 24 397 19 237 + 60.2 -10.3 + 26.8 Waco --------­--­ 3 4 224 414 - 7.2 + 71.4 Wichita Falls ------­ 501 246 399 + 25.6 + 103.7 •Not reported during 1946. Water (Since a sizable volume of traffic moves into and out of the State b,. -ter, statistics on -ter-borne commerce are an important in­dicator not oa1,. of tranaportation but of ceneral business activity.) Official figures of tonnage moving through United States ports recently released by the United States Corps of Army Engineers revealed that Texas maintains an important position in the nation's maritime enterprise. The official reports which tabulated total tonnages for 1946, the latest complete tabulations, listed six Texas ports among the top 14. Of these, three were among the top 10. LABOR Employment (Employment statistics are amonc the most important indicators of Texas business and economic activity. The estimates of total em­ployment in Texas include all employees, both production workers and others, but exclude proprietors, officers of corporations, and other principal executives. More detailed statistics on Texas em• ploymeont, pay rolls, hours, earninirs, and man-hours are analyzed in a Supplement to the Review on Texas Employment and Pay Rolls.) Total nonagricultural employment in Texas increased 1.1 %, or 18,000 persons, over November, continuing its upward trend of several months, according to reports compiled by the Bureau of Business Research in coop­eration with the federal Bureau of Labor Statistics. There were 52,900 more persons employed in nonagri­cultural jobs in December 1947 than there were in De· cember 1946. The 0.2% decrease in manufacturing employment for December reflected the 1.7% loss in the nondurable goods group. Accounting for the drop in the nondura­ble goods group were the decreases of 5.9% in foods and 4.9% in "other" nondurable goods. The outstand­ing gain in employment in the durable goods group came with the 20.7% jump in nonferrous metals. Other changes in durable goods worker requirements were negligible. Nonmanufacturing establishments in Texas in Decem­ber 1947 furnished jobs for 1,360,700 people, an in­crease of 1.4% over November and 2.7% over Decem­ber 1946. The increased employment for December 1947 was manifest in comparatively small gains in all types of mining, transportation and other public utili­ties, and all of the trade classifications with the excep­tion of a minor loss in foods and liquors. Following the usual holiday upswing, general merchandise em· ployment increased 16.6% followed closely by the 12.0% increase in apparel employment. Employment in finance and service establishments changed little for December as typified by a 1.2% increase for hotels and a 1.0% decrease for other personal services. The 0.5% decline in contract construction employment was an in­significant one for the winter season. Pay Rolla (Pay roll fiirures are irenerally recoirnlzed as siirnificant indlca· tors of income and purchasinir power by both economists and buai­nessmen. Emphasis on the maintenance of purchaslnir power as a iroal for the country's postwar economy gives particular importance to these fipres at this time.) Pay roll reports from 123 establishments engaged in durable goods manufacturing reveal some interesting changes for December 1947 compared with the previous month. The month saw a significant 18.7% increase in pay rolls for machinery, except electrical, and an un· usual rise of 16.7% in worker payments for other dura­ble goods industries. Changes in the five other industrial classifications for tbe group were small, ranging from TEXAS BUSINESS REVIEW a 0.2% increase in furniture and fir~ished lumber to a nificant increases in pay roll figures came in the paper 1.3% decrease for lumber and timber. industry (5.7%), and in the apparel industry, (4.6%). The nondurable manufactured goods group presented Nonmanufacturing establishments indicated decreuee a somewhat similar shift in the last two months of 1947. in pay rolls for December 1947 in 7 of the 9 classifica· Decreases varied from 0.1% in "other" nondurable tions. Declines ranged from 0.2% for wholesale trade goods to a drop of 10.3% in the food industry. Sig· to 6.5% for crude petroleum production. The 8.1% increase in retail trade pay rolls and the 1.4% increase ESTIMATES OF NONAGRICULTURAL EMPLOYMENT in hotel pay rolls supported the seasonal pattern. IN TEXAS As compared with December 1946, reports from 1,159 (in thousands) establishments indicate that December 1947 brought Source : Bureau of Business Research in cCH>peration with Bureau of rather significant pay rolls increases in all classifica· Labor Statistics, U.S. Department of Labor tions of all groups. The two exceptions for the period were the 14.9% decrease in laundry pay rolls and the Percent change 4.3% drop in worker payments in the furniture and Dec. 1947 Dec. 1947 finished lumber industry. Dec. Nov. Dec. from from Industry 1947 1947 1946 Dec. 1946 Nov. 1947 CHANGES IN PRODUCTION WORKER PAY ROLI-S IN SPECIFIED TOTAL -----------------1,707.5 1,689.5 1,654.6 + 3.2 +u INDUSTRIES -0.2 Manufacturing ---------846.8 347.6 880.0 + 5.1 Source: Bureau of Business Research in cr Statistics, U.S. Department of Labor Nondurable goods ______ 204.9 208.5 193.? + 5.8 -1.7 Nonmanufacturing ------------··1,360. 7 1,841.9 1,324.6 + 2.7 + 1.4 Number Percent change of Iron and steel ---·--··--···-19.3 19.3 16.6 +16.3 0.0 reporting Dec. 1947 Dec. 1947 Machinery, except electrical 81.1 30.6 29.7 + 4.7 + 1.6 establish­trom from Transportation equipment~ Industry ments , Dec. 1946 Nov. 1947 except automobile -······ 24.6 24.7 26.2 -6.1 -0.4 MANUFACTURING Nonferrous metals -----····· 11.1 9.2 10.1 + 9.9 +20.1 Durable goods : Lumber and timber ··--·--· 31.8 81.0 28.2 +11.0 + 1.0 Iron and steel -----·--···-----··­24 + H .9 + 0.7 Furniture 11.7 11.6 12.0 -2.5 + 0.9 Machinery, except electrical -···--·---­32 + 8.1 + is.1 Stone, clay, and glass ·--9.6 9.5 9.9 -3.0 +u Nonferrous metals -----------··---···--·­6 + 11.6 + J.3 Other durable goods ---------3.2 3.2 3.6 -11.l 0.0 Lumber and timber --------------­13 +is.• -1-8 Furniture and finished lumber ---··­17 -( .3 + 0.2 Textiles -----------------9.8 9.6 8.9 +10.1 + 2.1 27.5 u.s Stone, clay, and glass -·------­28 + 9.1 -0.9 Apparel ------------28.0 +12.9 + 1.8 Other durable goods ------·--8 +23.9 +16.7 Foods --------·-------72.2 76.7 70-,7 +2-1 -5.9 Nondurable goods: Paper and allied products _ 3.8 3.7 3.7 + 2.7 + 2.7 14­ Printing and publishing ·-19.8 19.7 18.5 + 7.0 + 0.5 Textiles --------·-·----·--·-----­+ 9.0 +u 23.7 19.8 Apparel -------------·--------··­29 + 8.9 + ( .6 Chemicals ---------·---·-···-·-·--23.9 +20.1 + 0.8 Petroleum --·--------------87.7 37.4 39.4 -4.3 + 0.8 Food -·------------------­96 + 9.9 -10.8 Other nondurable goods --·-· 9. 7 10.2 7.9 + 22.8 -4.9 Paper -------·--·------­ 6 +i5.2 + 5.7 Printing and publishing ----·----·-·---27 +18.3 + 0.4 Mining ------------------· 90.9 90.8 84.3 + 7.8 + 0.7 Chemicals ·-----------------·------53 +22.5 + 1.9 Crude petroleum and nat-Petroleum refining ---------­28 +17.8 + 1.5 ural gas production __ 84.5 84.0 78.2 + 8.1 + 0.6 Other nondurable goods ----·-·--­( +40.9 -0.1 Other mining --------6.4 6.8 6.1 + 4.9 + 1.6 NONMANUFACTURING Transportation and other Crude petroleum production ---·------­(0 + 15.3 -6.5 public utilities ---·----220.3 217.9 208.3 + 5.8 + 1.1 Dyeing and cleaning -----···------­10 + 2.1 -2.9 Interstate railroads ------68.8 67.8 70.4 -2.3 + 1.5 Hotels• ----------------­12 + io.7t +Ut Telephone and telegraph __ 81.7 31.2 29.1 + 8.9 + 1.6 Insurance --------------­88 + 5.1 -3.9 Other transportations and Laundries -·---------­10 -H.9 -0.3 public utilities ---119.8 118.9 108.8 + 10.1 + 0.8 Quarrying ---------------­12 + 0.5 -6.1 Trade -----------·---------425.s H0.2 437.7 -2.8 + 3.7 Public utilities ·-------------­186 +18.6 -1.l Wholesale -----··---120.2 119.6 113.2 + 6.2 + 0.5 Retail trade• ------------­292 + 3.5 + 8.1 Retail ---------305.1 290.6 32(.5 -6.0 + 5.0 Wholesale trade• -------·----130 + 8.6 -0.2 General merchandise _ 76.6 65.7 83.2 -7.9 +16.6 Foods and liquors ___ 89.9 40.2 47.5 -16.0 -0.7 *Figures cover all employees except proprietors, ftrm members, Automobile -------·---25.0 24.3 29.8 -16.1 + 2.9 officers of corporations, or other principal executives. Apparel -----------27.9 24.9 25.8 + 8.1 + i2.o tCash payments only: the additional value of board, room, and tips Other retail trade ·----135. 7 135.5 138.2 -1.8 + 0.1 cannot be computed. Finance and service -···---281.5 280.3 263.0 + 7.0 + 0.4 Moura and Earning• Bank and trust companies 17.7 17.6 15.9 + 11.3 + 0.6 Insurance -------·-·----··------24.6 24.4 28.9 + 2.9 + 0.8 (Statlatlca on hours and earninir• show clearl,. tlle effects of tH Reta! estate and other fi­ alllft of tlae State'• econom1' and the ireneral upward movement of nancial agencies ·--23.1 23.3 19 .. 8 +16.7 -0.9 waires since V-J Da,.. Avera•e houri,. eamln•• are computed· i.,. H otels ----·---------24.7 24.4 24.1 + 2.5 + 1.2 clividinir the total number of man-houra worked in reportialf utalt­ Other personal services _ 49.6 50.1 53.0 -6.4 -1.0 liahment• Into total pay rolla.) Medical services --·--·-29.0 28.9 25.7 +i2.8 + 0.3 Other business and profes- Only 4 of the 15 industries of the manufacturing sional services ___ 112.8 100.6 111.6 +i2.1 + u Contract construction _____ 99.9 100.4 79.8 group reported a work week of less than 42 hours for +25.2 -0.5 Government --------·--·--242.8 242.8 251.5 -3.5 0.0 the month of December 1947, while 5 of the 8 indus­ tries of the nonmanufacturing group reported a work TEXAS BUSINESS REVIEW week of less than 42 hours. The average work week for the manufacturing group was 43.7 hours, while the ayer&ge work week for ~e nonmanufacturing group was 42.6 hours. With only one exception oourly earnings were greater in December 1947 than in December 1946 in the manu· factoring in dustnes. . Th . was "th"er e exception o non­catagories the two exceptions to increased percentage gain was the 42.7% reported by tl}e furniture and fin­ished lumber industry-the second successive month for this industry to he highest. In the norunanufacturing catagories the two exceptions to increased percentage gains by all eight industries were public utilities (20.1 % less) and laundries ( 4.3 % less) • 11'eekly talce-oome fHJY was considerably greater in all manufacturing industries in December 1947 than in December 1946. The only decreases reported were 11.2% for "other" nondurable goods and 2.2% for apparel. The largest gains were the 36.4% reported by paper mills and the 31.7% reported by furniture and finished lumber industries. Three decreases marred the substantial gains that most of the nonmanufacturing industries made in December 1947 over December 1946: public utilities (I7.6%), wholesale trade (2.0%), quar­rying (1.6%). MAN-HOURS WORKED IN IDENTICAL MANUP'ACTURING ESTABU.SHMENTS Source : Bureau of Business Research in co-operation with Bureau of Labor Statistics, U .S. Department of Labor Number Percent change of reporting Dec. 1947 Dec. 1947 establish- from from Industry ments Dec. 1946 N ov. 1947 TOTAL S56 + ().2 + 1.2 Durable ~oods: Iron and steel -­-­---­-24 + 7.1 + s.s Machinery, except electrical 82 -4.() + 7.4 Nonferrous metals 5 - 7.5 -1.3 Lumber and timber -­-----­ 18 + 5.7 - 2.6 Furniture and finished lumber ---­ 17 - 6.9 - 5.7 Stone, clay, and glass --­----28 - 2.0 - ().8 Other durable goods 3 +17.6 +14.2 Nondurable goods: Textiles 12 - 0.8 + 0.8 Apparel -···· 26 - 3.3 + S.3 Food 83 - 3.& - 6.2 P aper and allied products ----­ 6 + 7.8 +u Printing and publishing ----­- 25 +2.6 + ().3 Chemicals 50 + 7.8 + 2.7 Petroleum refining 28 - 0.2 - 1.0 Other nondurable goods 4 +61.7 + 3.8 HOURS AND EARNINGS• Source: Bure&u of Busin""8 Research in co-operation with the Bureau of Labor StatistiC8, U. S. Department of Labor ............ Average hoor]y Average weekly Percent change weekly houn •rnlnp (in cents) earnlnp (In dolla:ni) Dec. 1947 from Dec. 1946 Dec. Dec. Dec. Dec. Dec. Dec. Weekly Hourly Weekly 19,7 19'6 1947 1946 1947 19'6 hou:ni eaTninllS earnin.lls lnduatr:v MANUFACTURING Durable irooda : lron and ateel 44.6 45.() 116.4. 106.8 51.91 48.06 0.9 + 9.0 + 8.() l!lhchlnu:r (except electrical) Nonterroua met.alt 44.1 H.8 42.4 44.2 128.8 128.4 106.7 115.8 54.60 58.67 45.24 51.18 + 4.0 5.4 + 16.0 + 10.9 + 20.7 + 4.9 Lumber and timber 46.2 49.() 90.7 82.() 41.90 40.18 5.7 + 10.6 + 4.8 Furniture and ftnlahed lumber-­- 41.8 45.8 109.8 76.6 45.69 84.70 7.7 + 42.7 + 31.7 Stone, clay, and glua Other dunble goods 48.8 44.9 48.9 89.7 97.7 129.7 86.8 129.8 42.8() 58.24 88.11 51.38 1.4 + 13.1 + 12.6 + o.s + 11.0 + 13.5 Nondunble goocla: Textll• 42.0 48.8 105.8 88.9 44.28 88.94 - 4.1 + 18.4 + 13.6 Apparel 89.8 ,5.2 72.5 65.8 28.86 29.52 -11.9 + 11.0 - 2.2 l"ood 46.8 48.9 87.2 78.4 40.87 88.34. 5.3 + 11.2 + 5.8 Paper 46.5 48.1 112.0 88.6 52.08 88.19 + 7.9 + 26.4 + 36.4 Printing a.nd publiahlng 42.0 41.2 HS.2 129.2 6().14 58.28 + 1.9 + 10.8 + 18.0 Chemicah 45.7 50.9 117.0 93.5 53.47 47.59 -10.2 + 25.1 + lZ.4. Pet-roieum ~fining 41.l 41.6 168.2 141.0 69.18 58.66 - 1.2 + 19.3 + 17.8 Qther nondunble gooda 45.8 88.7 90.S 119.l 40.91 46.09 + 17.1 -24.2 -11.2 NONM.ANUFACTURING Crude petroleum production 3g.5 89.5 168.1 149.4 64.42 59.01 0.0 + 7.7 + 9.2 D:velng and cl•ni,,. 46.2 49.7 78.1 66.8 36.08 38.20 7.0 + 16.9 + 8.7 Rotelo H .5 46.6 46.6 87.8 19.84. 17.61 -10.9 + 23.3 + 9.8 Laundrl• 48.6 48.S 47.1 49.2 22.89 22.78 + 5.0 - 4.3 + 0.5 Public utilitlm Quarrying 89.8 40.2 88.6 44.4 100.4. 129.1 125.6 11 .8 89.96 51.90 48.48 52.75 + 3.1 9.5 -+ 20.1 8.7 -17.6 1.6 R.!tail trade Wholes&!• trade 41.8 48.4 41.4 44.9 80.5 93.() 75.6 91.7 33.25 40.36 Sl.30 41.17 G.2 3.3 + + 6.5 1.4 + 6.2 2.0 •Ftirurea do not co....-propri.ton, II.rm m..,ben, ol!lcen of corporation1, or other principal uecut!va. Manufacturlnir data cover production and rela~ .,.orken ; non.m&11utacturins data co.-.r all ..,plo:ve-. Man-hours (The reports which the Bureau receives on employment include every employee who worked any part of the week. Thia means that changes 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 manufacturing activity, and may be used as a measure of the volume of production. Total man-hours worked in 356 manufacturing estab­lishments increased 1.2% from November to December, maintaining a steady climb during the last six months. Increases in two industrial groups were above 5% : miscellaneous durable goods, 14.2%, and machinery, 7.4%. Compared with a year ago, man-hours this De­cember were only 0.2% higher. The steady advance in man-hours worked has been one of the most significant indicators of business pros· perity for 1947. Placementa (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 those made through the State Employment Service. Furthermore the number of placements made should not be considered as addi­tions to total employment, since many of them represent shifts from one job to another.) Total placement activity declined 21.8% in 15 labor market areas of Texas during December 1947, although there was an average of 52.3% more placements this December than a year ago. The two exceptions to the general decline from November were the increases of 5.0% (El Paso area) and 13.2% (Galveston-Texas City area). Total placements by these Texas Employment Commission offices for December were 20,379. Beginning on January 1 the Texas Employment Com­mission began handling labor for farm jobs again, thereby adding about 200,000 Texas employers to its list. PLACEMENTS IN EMPLOYMENT Source: Texas Employment Commission Percent change Arca Dec. 1947 Nov. 1947 Dec. 1946 Dec. 1947 Dec. 1947 from from Dec. 1946 Nov. 1947 TOTAL ··-----·--··-··--·-· 20,379 26,067 13,382 + 52.3 -21.8 Abilene ----------···········-···-­ 402 576 360 + 11.7 -30.2 Amarillo ------------------­ 740 914 600 + 23.3 -19.0 Austin -----------------­ 805 1,028 715 + 12.6 -21.7 Corpus Christi -----------­ 905 1,027 446 + 102.9 -11.9 Dallas ----------------------­ 3,957 4,606 2,592 + 52.7 -14.1 El Paso ---------------------­Fort Worth -----------­ 874. 3,244, 832 4,218 513 1,285 + 70.4 + 152.5 + 5.0 -23.1 Galveston-Texas City - 1,009 891 612 + 64.9 + 13.2 Houst on-Baytown ------· 3,462 5,165 2,726 + 27.0 -33.0 Longvie w -----------------­Lubbock --------------------­- 526 502 706 722 520 504 + - 1.2 0.4 -- 25.5 30.5 San Antonio ----­----­ 2,231 3,307 1,385 + 61.1 -32.5 Texarkana ---­--------­ 691 855 436 + 58.5 -19.2 Waco ------------­---­ 571 704 474 + 20.5 -18.9 Wichita Fans ·----------­ 460 516 214 +u5.0 -10.9 Labor Force (Estimates of the nonasrlcultural civilian labor force are madt currently for the State's principal labor market areaa by the THU Employment Commission. Labor force data, lndlcatlnr ·the total supply of labor In these areas, Include all employed worken, a• well as all others who are available for Jobs aond who are wlllinr and able to work.) The labor force in 15 principal labor market areas was estimated at 1,244,257, a moderate 0.6% increase over November, according to the Texas Employment Commission. The only change of more than 2% was Abilene, 2.6%. NONAGRICULTURAL CIVILIAN LABOR FORCE Source: Texas Employment Commission Percent cbanee Area Dec. 1947 Nov. 1947 Dec. 1947 from Nov. 1947 TOTAL ......................................... -1,244,257 1,236,278 + 0.6 ================== Abilene ..................................... . 19,673 19,172 + 2.6 Amarillo ......................................... . 35,043 34,713 + 1.0 Austin ---··-------------------------------------·-·· 44,291 44,188 + 0.2 Corpus Christi ·············--·-···--········· 49,460 49,330 + 0.3 Dallas ······--······--·······················---··--· 227,225 224,965 + 1.0 El Paso· ·--······--·····--··--····--···--·----·-· 51,054 50,780 + 0.5 Fort Worth --·········--·····--·······--··--· 134,710 133,372 + 1.0 Galveston-Texas City ·····--····-·--···· 57,255 57,863 -1.1 H ouston-Baytown 311,750 308,475 + u Longvie\V ······---------------------------------­22,833 22,564 + 1. 2 Lubbock --···················-·····--·····--······· 25,033 25,293 -1.0 San Antonio ···-·······--------------------156,068 156,374 -0.2 Texarkana ---------------------·-·-···----------32,746 32,687 + 0.)! Waco ............................... ·-····------·--47,081 46,726 + 0.8 Wichita Falls ----·--·--·--········----······ 30,035 29,776 + 0.9 Unemployment (Estimates of unemployment In various areaa of the State are currently made by the Texas ·Employment Commlaalon. Data on the payment of unemployment benefits also provide a rourh measure of unemployment in Texas, although only employees in eatabllahmenta employ~nr 8 or more workers for 20 or more weeks per year are covered. Veterans' claim actions and disbursement. are IHI In· elusive, but throw light on the lmporta•nt problem of veteran re· employment.) Unemployment in 15 labor market areas increased 0.4% from November to December, but there was 21.7% less unemployment in December 1947 than a year earlier. With the exception of Amarillo, Corpus Christi, and Waco, there were fewer persons unemployed in every area than a, year ago. In December there were 47,565 persons unemployed in the 15 Texas areas. Unemployment compensation benefits paid out to Texans in December 1947 totaled $308,218 (excluding veterans claims). Total collections deposited were $255,­368, which left $175,085,04.6 available for benefits at the end of the month compared to $175,061,368 at the end of November. There were 2,965 applications filed by veterans in December 1947, according to information supplied on veterami claims and disbursements. This was an increase of 22.4% over the 2,423 claims filed in November; and TEXAS BUSINESS REVIEW brougl!t the total to 58,648 for the year, and to 376,844 since applications were first accepted. Amount of allow­ances paid in December to veterans was $1,535,937 to unemployed and $293,403 to self-employed; totaling $48,725,519 for the year 1947, and $152,828,463 since the inception Qf ti.le program. A recent report of the Bureau of Census shows that an estimated 1,900,000 persons were unemployed in the United States during September 1947. Of these persons, about 1,750,000, or 91 %, were seeking full-time woi:k and the remaining 150,000, or 9%, were seeking part­time work. UNEMPLOYMENT Source: Texas Employment Commission Dec. Nov. Dec. Area 1947 1947 1946 TOTAL 47,565 47,378 60,734 Abilene 1,140 1,000 1,144 Amarillo ~~~~~~~~~~ 1,500 1,500 1,200 Austin 1,560 1,595 2,034 Corpus Christi 2,600 2,300 2,000 DaUas 6,100 6,200 9,600 El Paso 2,300 2,200 2,300 Fort Worth 6,000 6,000 7,100 Galveston-Texas City 1,600 2,100 2,000 Houston-Baytown 7,800 8,000 13,500 Long·view 1,850 1,800 2,350 Lubbock 800 700 800 San Antonio 6,800 6,800 8,900 Texarkana 3,175 2,900 3,620 Waco 3,100 3,150 2,700 Wichita FaUs 1,240 1,133 1,486 Industrial Relations (A lmowled11e of current developments in industrial relations is _....,. to an undentandin11 of the State's labor picture.) The year 1947 ended with few strikes in Texas, but with indications of a restive 1948 built around problems caused by the Labor-Management Relations Act and labor's proposed "third round" of wage increases. There was cause for hope, hut the future was not yet clear. Since the passage of the L.M.R.A. in June, the strike trend, both in the United States and in Texas, had been steadily downward. In November 1947 the latest month for which national figures are available, there were fewer strikes started than in any month since December 1945. The strikes in Texas in December were all in the smaller companies. Union printers and typesetter op­erators struck December 9 at an Abilene newspaper and were off the job for the remainder of the year. A strike of salesmen (truck drivers) at two bakeries in Beaumont was settled December 27 after four days off the job. There was also a strike of workers at a stone quarry near Austin. In Houston one company announced the signing of a two-year contract with the Independent Metal Work­ers Union, and the C.1.0. Oilworkers Union announced that it was temporarily withdrawing an N.L.R.B. bar­gaining rights petition at a large oil refinery whose workers are now represented by an independent union. In Waco a woman striker was indicted under the state's anti-violence-in-labor-disputes statute. GOVERNMENT State Finance (Statistics on State finance are closely connected with chan11es In the level of business activity. State occupation, production, use, and sales taxes and license fees vary directly with chansin11 busi­ness conditions.) Revenue receipts of the State Comptroller in the first four months of the current fiscal year were almost half again as large as in the comparable period a year earlier. September-December 1947 receipts totaled $167, 514, 117, compared with $112,137,795 the previous pe­riod, a gain of 49.4%. In releasing these figures, however, the State Comp­troller pointed out that nearly $15 million of the $55 million increase was nonspendable income from mineral leases and royalties from lands of the school and Uni­versity permanent funds. Other important sources of revenue increases were in federal aid contributions for highways ($7 million), public welfare ($3 million), and public education ($2 million). The ad valorem tax brought in $9.3 million more in the four months of 1947 than in the like 1946 period. This increase is attributable to the fact that there was no ad valorem levy for general revenue pur· poses in the previous fiscal year. The crude oil pro­duction tax netted tl.ie State nearly $24 million, $7 mil­lion more than in the four-month 1946 period, and m­dications are that the recent increase in the price of oil REVENUE RECEIPTS OF STATE COMPTROLLER Source: State Com ptroller of Public Accounts September I-December 31 Dec, Percent Item 1947 194.7-48 1946-47 change TOTAL ----------$ 50,161,827 $167,514,117 $112,137,795 + 49.4 Ad valorem tax__ 11,229, 27 17,519,087 8,237,371 +112.7 Crude oil production tax ---­ 6,219,503 23,689,467 16,750,518 + 41.4 Motor fuel tax (net) 5,173,308 22,504,474 20,272,304 + 11.0 Cigarette tax and Ii­ censes ---­ 1,868,653 7,387,502 6,848,278 + 7.9 Alcoholic beverage taxes and licenses 876,787 6,682,650 6,084,123 + 9.8 Mineral leases, rentals a nd bonuses - 14,414,817 14,607,712 398,403 +3666.6 Interest on securities owned --­- 1,596,590 2,682,084 2,365,923 + 13.4. Unclassified receipts from county tax collectors --7 ,078,60 • 4,046,522 3,011,031 + 34.4. Federal aid-highways 2, 71,741 12,035,913 5,343,171 + 125.3 Federal a id-public welfare --­ 5,011,750 1 ,24 ,015 15,251,440 + 19.6 Fed.era! aid-public education --­ 1,172,408 5,644,376 3,842,654 + 46.9 Unemployment com­ pensation taxes _ 247,809 5, 6,111 4,828,984 + 21-9 All other ---­ 6,557,549 26,5 0,204 18,903,595 + 40.6 •Credit. Negative balance due to excess of clearances over receipts. FEDERAL INTERNAL REVENUE COLLECTIONS Source: Office of the Collector, Internal Revenue Service, Treasury Department December July 1-December 31 Diotrlct 1947 1946 Percent change 1947-48 1~46-47 Percent chan~e TEXAS -­ -­ -­ --­ --­ $ 77,279,069 $ 73,012,956 + 5.8 $457,072,062 $411,894,806 + 11.0 Income -------------------·------­----­--------­ 58,932,011 57,538,895 + 2.4 220,736,932 209,173,710 + 5.5 Employment -----­- ------­---­------­----------­ 2,139,314 1,132,949 + 88.8 27,920,060 22,824,224 + 22.3 Withholding -------­ ---------------­----­ 1,267,267 845,807 + 49.8 131,433,070 109,418,498 + 20.l Other ---------------­----­ 14,940,477 13,495,305 + 10.7 76,982,000 70,478,374 + 9.2 FIRST DISTRICT -----------------­----­ 40,955,671 36,895,743 + 11.0 246,7 49,538 209,422,729 + 17.8 Income ----------­---------------------­ 31,662,606 28,416,636 + 11.4 121,784,207 106,023,048 + 14.9 Employment -----------­-----------------­---­ 70,871 69,005 + 2.7 12,109,455 10,282,075 + 17.8 Withholdinll' ---­ ----------·----­------­ 538,919 622,117 -13.4 70,961,958 58,211,719 + 21.9 Other -----------­-------------------------­ 8,683,275 7,787,985 + 11.5 41,893,918 34,905,887 + 20.0 SECOND DISTRICT ------------------------­ 36,323,390 36,117,213 + 0.6 210,322,524 202,472,077 + 3.9 Income --------------·· 27,269,405 29,122,259 - 6.4 98,952,725 103,150,662 -4.1 Employment --­--------­-------------------­--­ 2,068,443 1,063,944 + 94.4 15,810,605 12,542,149 + 26.l Withholding ------------------·--­-------------­ 728,348 223,690 +225.6 6(),471,112 51,206,779 + 18.1 Other ---------­--­-----------­------­--------------­-­ 6,257,202 5,707,320 + 9.6 35,088,082 85,572,487 - 1.4 will afford the State some $40 million in additional revenue in the current fiscal year. With the increase in intake, the State's operating costs have undergone similar changes. Federal Finance (Federal collections of income, pay roll, and excise taxes vary directly with the level of buaineH prosperity. Durlnc the war period federal taxation haa likewise become an Important determi­nant of ceneral business activity.) Federal internal revenue collections in Texas during December 1947 of $77,279,069 brought collections for the first half of the current fiscal year to $457 million, an increase of 11.0% over July-December 1946. Principal factor in the increase was a near $10 million rise in corporation and individual income taxes exclud­ing withholding taxes and a $22 million gain in income taxes withheld from salaries. Percentagewise, these gains were 5.5% and 20.1 %, respectively. Employment (Social Security) and miscellaneous tax collections also showed sizable gains over 1946. Em­ployment taxes reached $27,920,060 in the first half of fiscal 1948, for a 22.3% rise, and miscellaneous taxes of $76,982,000 were up 9.2%. In the First (South Texas) District federal collections for fiscal 1948 through December 1947 totaled $247 million, 17.8% more than a year earlier, while in the Second (North Texas) District collections this fiscal year amounted to $210,322,524, a 3.9% gain. In both districts, individual and corporation income taxes, re­flecting the continued l).igh level of business activity and consumer incomes, have been the chief source of federal revenue monies. Recent indications point tQ a possible $7 billion sur­plus in the federal government's 1948 fiscal year. If this materializes, it would mean a substantial upward adjustment of the $4,667 million previously estimated. Already receipts have exceeded expenditures by $715 million, and government officials expect an additional $6 billion to be added to that amount by June 30, when fiscal 1948 ends. PRICES Wholesale Prices (Chances in the prices of commodities are of fundamental Im· portance to businessmen, since the level of prices has an important effect on profits. The Index of wholesale prices complied by the United States Bureau of Labor Statistics la the moat comprehensive measure of price chances published In the United States.) In November, for the sixth consecutive month, whole· sale prices of commodities showed increases over the month preceding. The November index level was only slightly (0.6%) above the October level. Prices of one commodity group, farm products, actually declined by 0.9% during the eleventh month. Leather and hide prices showed the effects of the price hike announce· ments mentioned last month by jumping 5.6% during November, the highest percentage increase of any one component. The index for November stood at a point 14.2% above that of the same month in 1946, and approximately INDEXES OF WHOLESALE PRICES IN THE UNITED STATES (1926 = 100) Source: Bureau of Labor Statistics, U.S. Department of Labor Percent change Group Nov. 1947 Oct. 1947 Nov. 1946 Nov. 1947 Nov. 1947 from fr0m Nov. 1946 Oct. 1947 ALL COMMODITIES ---159.5 158.5 139.7 + 14.2 + 0.6 Farm products -----------­187.9 189.7 169.8 + 10.7 -0.9 Foods ----------------------­----­ 178.() 177.8 165.4 + 7_6 + 0.1 Hides and leather products -----------------­---­ 202.4 191.7• 172.5 + 17.3 + 5.6 Textile products -------------­ 144.7 143.0 131.6 +10.0 + 1.2 Building materials --------­ 187.5 185.8 145.5 + 28.9 + 0.9 Cement ---------·----­----------­120.6 120.1 107.0 +12.7 + 0.4 Lumber ---------------------­---­295.6 290.0 192.1 +53.9 + 1.9 All commodities other than farm productg___ 153.l 151.5• 132.9 +15.2 +u All commodities other than farm products a nd foods -----­--­---~----­ 142.1 140.0• 120.7 +17.7 + 4.2 *Revised. double the level of prices in 1939. With the weekly index continuing to rise during the first few weeks of December, it is apparent that the average for that month ";U be still greater. Conaumera' Prices (All income ficures must be used in connection with a measure of c.baaces in consumers' prices, since the purchasinc power of in­c:ome i1 more sil'nificant than the •B'l'regate amount in dollars. The iacreas.ins cost of living, as measured. by indexes of consumers' .,.t-la of Tital importance to all buaineaamen and conaumers.) The cost of living in Hou.ston increased by l.S~c from October to NoYember. according to the consumers' price 1~ndex prepared by the Bureau of Labor Statistics. Biggest increase among component parts of the index was a 2.07c rise in prices of housefurnishings. In Nowmber, for the first time in some months, a report on the index of rents in Houston was made. It stood at 116.7, which was 16.7:< greater than the av­erage of rents in the wars 1935-39. The last time the rent index was puhli;hed was for April 1947 when it stood at 110.7. The difference of 1.6% from April to November reflects the easing of rent controls during 1947, no doubt Consumers' prices were 10.5% higher in Houston in November 1947 than they were in the same month of 1946. According to a late report from the Bureau of Labor Statistics. the cost of living in Houston climbed from 165.8 in November to 169.3 in December (1935-39 = 100) a 2.1 j(, increase. This is an 11.2% increase over December 1946. INDEXES OF CONSUMERS' PRICES IN HOUSTON (1985-39 =100) Source: Bureau o! Labor Statistic&, U.S. Department o! Labor Percent chanire Group Nov. 1947 Oct. 1947 Nov. 1946 Nov. 1947 Nov. 1947 f rom f rom Nov.1946 Oct. 1947 ALL ITEMS -·----165.8 163.4 150.0 + lo.5 + u _________,,___ 210.2 Food 208.7 190.0, + lo.6 + 0.7 Apparel ---------198.7 197.0 164.2 +21.0 + 0.9 _______ 116.7 Rent Fuel, electricity, and ice.. 94.3 94.S 94.1 + 0.2 0.0 Housefurnishings ---190.6 l 6.9 171.1 + 11.4 + 2.0 Miscellaneous 142.5 132.0 + 9.5 + lA _____ 144.5 TEXAS BUSINESS REVIEW Publiahed monthly by the BW"eau of Buainesa Research, Colle~e of Buainesa Administration, The University of Texas, Austin 12, Texas llatari&l oont&ined In thla puhllcstlon la not copJrlshted aad ID&7 be reproduced tr.el:F. Acbowleclirment of 1ource wW be • PPNdated. SubacrlPtion si.oo per ,....,., J . Andenon Fit:qerald -------------Dean STAFF OF THE BUREAU OF BUSINESS RESEARCH Robert W. French Dir.ct.or Elaie Watter& Offi.c• 111..-gsr Betty Westbrook •cr•14'11 Grady Janlan JUo94rcA A..i<,t....t Rachel Woodul BLS ReprOHnta.tive John R. Stockton Sta.tUt:iciat. R uth Brnce Editori<>I A~ Mary Louise Kennard Library A uiatam Charles W~ht Field Rep""""tili"g SpeciaJU• Doris Mor.ran P u bliee>timu A amt<>m T. R. Markham R eoearch A aiat&m Frances Allen Statistical Aasistan.t N at&lie Halepeaka R eaee>rch A_,.ta..t B u aineaa Reaearcb Council Robert W. P'rench E. Karl :McGinnis ( a: o!llcio) E . T. Miller J . Andenon P'!tq'C'a)d E varett G. S.mith (u o111clo) H.K. Snell Cooperatins Faculty c. A. wne,.. A~ A. B. Cox Cotton Charles E. Walker 1""'4.ft.C• Cluk E . lllYers Ma-/cw:t..n,.11 Curtis Arrinai:on, E. T . Killer Ralph B. Thom,paon Goo.,.,.......t Pricu Keith Davia H. K. Snell H . H . Elwell Jerry W. Martin W. H . Wataon T n>n.portatio" La.bor W. A. N iel.a.oder Wlt.olua.141 Tr­mauky, Scranton Harrington, Joseph Helms, Betty Lou Hill­man, Audrey Jackson, Robert Jackson, Herschel James, Calvin Jayroe, James Jeffrey, Anna La.mbert, Robert Luter, Nethery 111.arrow, Dale McGee, Paul Rigby, Allan Savage, John Stephen­son_, Jea..nne wen.son, Gerald Terry, James Thomen, Florence Thomson, Jack Wagle, Larry Warburton, David Ward, Buena A. Watt. TABI.£ OF CONTENTS Highlights of Texas Business_ l Figures for the Year____________________ 2 The Business Situation in Texas_ 3 Trade Retail Trade 6 Wholesale Trade -------· 8 Foreign Trade 8 Production Manufacturing ----------------9 Construction . 11 Natura.I Resources -------------12 Public Utilities ----------------------12 Agriculture Income ------------------·-----------·--lS Marketings ------------------------13 P r ices _ .............-----------·---------------14 Cold St.orage ---·------------------15 Cotton ___ 11> Locel BuEiness Conditions for the Year__________________,,___ 16 Finance Bank Credit -----------------·-------18 Bank Debits --·---------· 19 Corporation Charters ----- 19 Life Insurance Sales ___________.. 20 Business Failures ---------------20 Sales of United States Savings Bonds -------20 Transportation Rail ____,,__________________ 20 Water ------------------------21 Air ·-------------------------21 Labor Employment ..--------------------21 Pny Rolls -·----·--. ·-------21 Hours and Earnings -------·--·--------22 Man-hours ..-------------·----------24 Placements --·--------------24 Labor F orce --- 24 UnemPloyment ___ 24 Industrial Relations ------------------25 ~vernment State Finance 25 Federal Finance 26 Prices Wholesale Prices 26 Consumers' Prices 27 Local Business Condition for the Month_______ 28 Figur for the l\fonth_____ 31 Barometers of Texas Busin -----------32 ~~LOCAL BUSINESS CONDITIONS1~~ Percent change Percent change Dec. 1947 Dec. 1947 Dec. 1947 Dec. 1947 City and item Dec. 1947 from from Dec. 1946 Nov. 1947 City and item Dec. 1947 from from Dec. 1946 Nov. 1947 ABILENE: CORPUS CHRISTI: Reta.ii sales of independent stores______ Department and apparel store sales.. Postal receipts -------······-······--­---­-··$ Building permits ·········-········­····-···--­$ Bank debits to indhidue.l accounts (thousands ) ···-···-···-----····---­--$ End-of-month deposits (thousands) •..$ Annual rate of deposit turnover______ Air express shipments ---­-------­-----­Unemployment --------­----­--­-------­--­---­Placements in employment -----­--­-­ 51 ,189 369,()90 37,017 42,387 10.8 225 1,14() 402 + 15.6 + 13.5 + 19.6 + 167.8 + 24.5 + 8.0 + 18.7 + 5.6 -0.3 + 11.7 + 17.6 + 40.5 + 70.6 + 25.6 + 11.4 + 5.6 + 8.0 + 21.6 + 14.0 -30.2 Retail sales of independent stores_______ Department and apparel store sales.. Postal receipts -····--­--------------$ Building permits --····----­·­····-­---$ Bank debits to individual accounts (thousands) ------··-····-----$ End-of-month deposits (thousands) •--$ Annual rate of deposit turnover______ Air express shipments -----·--·· Unemployment --­--­-------------------­Placements in employment -------­101,215 878,077 76,471 76,547 12.1 978 2,600 905 + 17.() + 3.0 + 7.4, + 32.4 + 8.0 + 9.7 0.8 4.5 + 30.0 + lo2.9 + 20.S + 37.6 + 70.! -87.7 + 5.9 + 2.5 + 2.5 + 66.3 + 13.0 + 11.9 AMARILLO: CORSICANA: Reta il sales of independent stores______ Department and apparel store sales.. P ostal receipts ···········-···-·········-···-······-$ 96,022 + 27.9 + 18.3 + 22.7 + 39.3 + 33.2 + 64.3 Postal r eceipts ·--­-----·······--·-·····-----$ Building permits --·······-·····-­··­···---$ Ba nk debits to individual accounts 21,659 39,250 + 45.0 + 253.6 + 133.8 + 8.2 Building permits ···························-·········$ 5Z4,485 + 70.9 - 48.4 (thousands ) ·-·-···-·---········-···-···$ 12,896 + 13.7 + 25.9 Bank debits to individual accounts (thousands ) ······-·······-··········-····-···$ 89,234 + 27.8 + 3.4 End-of-month deposits Annual rate of deposit (thousands)•..$ turnover__________ 20,610 7.6 + + 6.2 7.0 + + 1.2 26.7 End-of-month deposits (thousands)•..$ 84,807 + 14.8 1.0 Annual rate of deposit turnover---­--­ 12.6 + 11.5 + 4.1 Air exPress shipments -------- ­----------­ 985 + 27.1 + 70.7 DALLAS: Unemployment ---------------------------­--------­Placements in em ployment --­----------­ 1,500 740 + 25.0 + 23.3 () -19.0 Retail sales of independent stores_______ + 12.6 + 31.7 Apparel stores --··-·-··­ ··-­-­ + 6.6 + 32.8 Automotive stores -----------­-- ­ + 45.8 + 22.8 AUSTIN: Drug stores ········­--··-··---­--­­ - 3.4 + 27.7 Retail sales of independent stores...-..­Department and apparel store sales.... Postal receipts ··-·····-··---·-··········-··-·$ 189,990 Building permits ·········-························-·$1,480,948 Bank debits to individual accounts (thousands) ···-··········-···············---·$ 101,848 End-of-month deposits (thousands ).__$ 106,333 Annual rate of deposit turnover ........ 11.8 Air express shipments ----------------­-­Unemployment ----~--··········-·-·····-···-···· Placements in employment 831 1,560 805 + 20.2 + 7.7 + 17.1 + 73.0 + 1.6 + 11.8 -7.1 + 21.8 -23.3 + 12.6 + 27.9 + 47.8 + 79.4 -12.5 + 5.7 + 5.7 + 4.4 + (7.6 -2.2 -21.7 F illing stations ----------­Food stores ·····-···---­-----·-··-··­Furniture and household stores___ Lumber, building material, and hardware stores ------------­---­Eating and drinking places ----­­All other stores ····­-­-----­Postal receipts ····----­-------$1,0M,239 Building permits -·-·-··­·····-··-------$5,700,914 Bank debits to individual accounts (thousands) -------­-------$1,130,925 + 10.1 + 18.8 + 20.7 + 52.2 + 0.6 + 5.0 + 16.3 +206.2 + 22.5 + 5.7 + 27.6 + 31.1 + 5.0 + 0.6 + 65.8 + 33.6 + 37.5 + 22.3 End-of-month deposits (thousands)•..$ 709,859 + 9.2 + 0.5 BEAUMONT: Annual rate of deposit turnover _ __ Air express shipments ---------­--­ 19.2 10,910> + 13.6 + 10.6 + 21.5 + 14.5 Retail sales of independent stores______ Department and apparel store sales__ Postal receipts --··-·-···---·-····---······$ 79,685 + 10.4 + 10.7 + 17.7 + 39.6 + 41.3 + 68.6 Unemployment Placements in ·--·-·-··------­employment ------­ 6,100 3,957 -86.5 + 52.7 -1.6 -14.1 Building permits ·····--·-··-······-···-··$1,392,664 + 286.2 +334.2 Bank debits to individual accounts (thousands ) ··········-··-·-·····-----···$ Encl-of-month deposits (thousands)'..$ Annual rate of deposit turnover________ 84,046 99,735 10.3 + 10.6 + 14.9 -2.8 + 0.8 3.2 3.7 EL PASO: Retail sales of independent stores..·-··· Department and apparel store sales.... + 13.4 + 14.0 + 16.9 + 29.8 Air e..'tpress shipments -----------­-------­ 533 + 20.9 + 48.9 P ostal receipts ------------·····-$ 145,515 + 13.3 + 66.9 Building permits -------­--·-··--··$ 484,683 + 125.7 -59.3 BROWNSVILLE: Retail sales of independent stores........ Postal receipts -··­-·-··-··········-··-·····-$ 20,124 + 9.5 + 17.0 + 33.2 + 72.6 Bank debits to individual accounts (thousands) ··-­·--·--··-··------$ End-of-month deposits (thousands)•..$ Annual rate of deposit turnover -------­ 131,059 121,666 13.4 + 11.2 + 10.1 + 5.5 . + 13.7 + 9.3 + 6.3 Building permits ···-·······--··-·-···--··-····$ 184,295 +u2.o + 83.1 Air express shipments ------------------------­ 2,02.4 + 4.9 + 21.3 Air express shipments ---·-··--·····-·­ 2,056 -61.1 + 12.3 Unemployment ···-····----·--····----···· 2,300 0.0 + 4.5 Placements in employment ········-····­ 874 + 70.4 + 5.0 BROWNWOOD: Retail sales Department of independent stores__ and apparel store sales_ + 14.6 + 17.5 + 28.4 + 42.7 HARLINGEN: Retail sales of independent stores...___ - 0.3 + 2.7 Postal receipts ··­····--·--·······------$ Building permits ·-·······---·-··-·---$ Air express shipments -----------­ 18,239 61,610 47 + 18.7 -31.6 + 85.9 -21.2 + 46.9 Postal receipts -------··-·-···­··-··-··-$ Building perntlts ·-------·····-···-·········$ 21,544 2.08,650 + 20.0 -27.5 + 66.3 + 64.1 •Excludes deposits to the credit of banks. •Excludes deposits to the credit of banks. ~~LOCAL BUSINESS CONDITIONS~~ Percent change Dec.. 1947 Dec.. 1947 Dec.. from from Citr a.nd item 1947 Dec. 1946 Nov. 1947 LUBBOCK:FORT WORTH: Retail sal independent s res_ + 3 .4 + 28.0 Department a.nd apparel s e sales.. + 27.2 + 35_9· p sta.J :receipts ________ _ .$ 62,I88 + 14,.4 + 42.I Building permits $1,I 2,6IO +24. +104..0 Bank debits to indindnal account.a +2 .. (thousands) 5,58 + 47.5 -2.0 + 5 ... En f-mo th depc>sjts ( ousands) • _$ 7!~"'6 + 26.3 + 1L3 ..!._. U.! Annual rate of depc>sjt turno.er_ _ 14,.9 + 28.I -10.2 -37.G Air expl"'eSs ~ pments -----­4 8 + 20.1 + SU U nem.ployment 00 0.0 + H.S --1... _5 Pla.eements in employment 502 -0.4 -S0.5 Ll ..1-20.6 -7-2 .0 PLAINVIEW: -~1 Retail sales of independerr stores.__ + H.l + 7.0 Departme t and a pparel stare sales_ + 40.I + 1 .4 Postal receipts $ 13,2 + 97.4 + 67.8 Build" permits $ 74,250 + 76. -67.6 GAL VE.STO N : + 32.4 ..1... ,S9 PORT ARTHUR: i~­ 7 "'L! Retail es independent stores + l .2 + 48.7 P tal receipts ________$ 45,747 + 9.3 + 6.1 T 1 ."S Buildi permits $ 11 ,599 +134_ -50.3 T 2.3 Bank debits to individual accounts ___ _____, ss; 11 + 1. ( thO'llsa.nds) + I7.I + 9.4 ...l-5'"'"" f-month deposits ( thO'llsands) • _$ H ,692 + 10.l + 7.5 -~ Annua.i ra.te of deposit turno•er__ IO.I + 12.2 + 6.S + iu Air express shipments 804 + 23.l + 5S.5 HOUSTON: SAN ANGELO: -r Retail sales of independent stores.__ + 14.7 + 45.0 -1..JU Department a.nd apparel store sal + 18.4 + 59. PosULl receipts $ 3 ,907 + 9.0 + 5 .s -U..l Bank debit;s individual a.ocoants ( sands) $ 32,456 + 26..2 + 11.0 End nth deposits ( thousands) •-$ 8 ,970 + 3.6 1.9 - + ll-! A=ual :rate of deposit turno'""er I O.O + 25.0 + 12.4 + 1ss.9 Air expres shipmen 9 +185.7 + 82.4 -1-.1 -s .5 SA ANTONIO: -1•.0 Retail sales of independent stores._ + 6..2 + 28.3 --~5 Apparel stores + '-0 + 29.4 + 10.7 + 1.1 -7.6 +su -4_ -9.3 -23.4 ...l.. l ~ + 14.9 + 11.7 -2,. + .4 -15.3 -!..S -no + 87.6 + 2.7 -2.6 + 0.1 + 5. + 34.5 409,4 0 .J... 11.6 + 60.0 -!... 9.7 --------<> .S~l,497 + 4.7 -42.2 accounts -' -' 7 ___$ 269,099 + 12.2 + 2L2 -·' 1,937 + 2.0 + L2 on.r_ _ 10.1 12-2 + 20.!? 4,S09 + 2"....2 + S-3.2 McALLEN: 6, 00 - 23.6 0.0 -56..S 2 ,281 + 61.1 -82.5 • Excludes ~ts to the credit of banks. LOCAL BUSINESS CONDITIONS (Continued) Percent change Percent change City and item Dec. 1947 Dec. 1947 Dec. 1947 from from Dec. 1946 Nov. 1947 City and item Dec. 1947 Dec. 1947 Dec. 1947 from from Dec. 1946 Nov. 1947 TEMPLE: TEXAS CITY: Retail sales of independent stores­··-·· Department and apparel store sales_ _ Postal receipts -------------------------­----­-----$ 21,406 + 17.8 + 16.5 + 13.1 + 26.3 + 27.8 + 78.0 Retail sales of independent stores ___ Postal receipts ---­--------·-------·--------------$ 18,286 Building permits ------------------------------­--$1,208,483 + 61.3 + 24.6 +1021.5 + 85.6 + 66.2 + 10.9 Building permits -------------------­--------$ Air express shipments -----------------­ 286,726 104. +120.8 -6.8 + 35.1 Unemployment Placements in (area) ---­------------­---­---­employment (area) ____ 1,600 1,009 -20.0 + 64.9 -28.8 + 13.2 TEXARKANA: TYLER: Retail sales of independent stores........ Postal receipts -··----------------------------··-----$ Bank debits to individual accounts (thousands) ------------------­------·-----·$ End-of-month deposits (thousands )•--$ Annual rate of deposit turnover ------­Air express shipments --·--··---------·-----­Unemployment ----·--·-­----­-·--·---------··---­ 42,090 27,673 23,788 8.6 178 8,176 + 10.2. + 7.6 + 6.4 2.6 + 7.6 + 2.4 -12.3 + 8.6 + 81.6 + 4.0 + 6.5 + 1.2 + 68.0 + 9.5 · Retail sales of independent stores_____ Department and apparel store sales.. Postal receipts ----------­----------------­-----------$ Building permits ---------­------------------------$ Bank debits to indiTidual accounts (thousands ) -------------------------------$ End-of-month deposits (thousands )•..$ Annual rate of deposit turnover ----­-­ 46,688 827,962. 40,916 52,774 9.7 + 18.5 + 21.6 + 20.1 +138.1 + 17.0 + 18.3 + 2.1 + 31.2 + 66.0 + 52.3 + 20.3 + 13.5 + 9.1 + 9.0 Placements in employment --·­--····-------­ 691 + 58.6 -19.2. Air express shipments ------------------------­ 366 + 50.2. -10.3 WICHITA FALLS: WACO: Retail sales of independent stores___ _ Department and apparel store sales.. Postal receipts -------­--------­---------·-­-------·$ 63,487 Building permits -----·-·-·-·----------­----------- $ 639,185 + 12.4. + 19.2 + 4.5 +399.7 + 42.8 + 46.5 + 74.8 +446.1 Retail sales of independent stores________ Department and apparel store sales_ Postal receipts -------------------------------------$ Building permits ---------­-------------------·-------$ 92,968 703,284 + 14.6 + 8.6 + 7.8 -15.4 + 80.5 + 37.1 + 56.5 + 18.3 Bank debits to individual accounts Bank debits to individual accounts (thousands) ----------------------­--·- -----$ End-of-month deposits (thousands)•..$ Annual rate of deposit turnover ----­Air express shipments ----------·-··--------­Unemployment ---------··------­--------­--------­-­Placements in employment ---------------­ 54,026 79,024 8.3 501 1,240 460 + 16.7 + 16.9 0.0 + 25.6 -16.6 + 115.0 + 12.0 + 3.1 + 7.8 +lo3.7 + 9.4 -10.9 (thousands ) -----------------·-------------$ End-of-month deposits (thousands )•..$ Annual rate of deposit t urnover_ ________ Air express shipments ------------------------­Unemployment -------------------------------------­Placements in employment --------·--­ 66,666 66,760 10.2 384. 3,100 571 + 12.1 + 6.1 + 7.4 -7.2 + 14.8 + 20.6 + 10.6 -0.5 + 12.1 + 71.4 -1.6 -18.9 *Excludes deposits to t he credit of banks. *Excludes deposits to the credit of banks. NEW BUREAU PUBLICATIONS The Bureau of Business Research is pleased to announce the issuance of the three new publica· tions during the month of January. Advance orders for the Directory of Texas Man­nfacturers complete through October 1947 have now been filled, and new orders are now being taken at $3.50 per copy for immediate delivery. The Chart Book of Texas Business which pre­sents in graphic form many of the series that regularly appear in tqe TEXAS BUSINESS REVIEW is now available at $2.00 a copy. A special sup­plemental sheet bringing the indexes up to date will be mailed each month to every purchaser of the Chart Book. The first of a series of Business Leaflets on "Re­cent Trends in Farmer Marketing and Purchasing Cooperatives in the United States, the West South Central States, and Texas" by Dr. W. A. Nielander, professor of marketing in the College of Business Administration and a member of the cooperating faculty staff of the Bureau of Business Research, also appeared in January. SMALL BUSINESS AIDS Recent additions to the list of Small Business Aids reproduced by the Bureau of Business Re· search in cooperation with the Office of Small Business of the U.S. Department of Commerce are as follows : Steps for Reducing Your Distribution Costs The Meaning of Stock.Turn Do's and Don'ts in Food Retailing Seven Ways for Supervisors to Build Morale What Plant Foremen Should Know about Costs An Accident Prevention Plan for Printing Plants Improving Employer·Employee Relations The Employee Suggestion Plan A Public Relations Program for America's Retailers Wage Incentives Will Help Reduce Costs Causes of Customer Complaints Copies of the above Aids, as well as those an­nounced in previous issues of the REVIEW, are available without charge from the Bureau of Busi­ness Research. FIGURES FOR THE MONTH Dec. Nov. Dec. 1947 1947 19~6 INDEX OF TEXAS BUSINESS ACTIVITY (1935-39=100) • ....... . 209.1 208.3 188.2 Index of department 1md apparel store aales (10) _ ______________ 317.2 3W.3 268.0 Index of miscellaneous freight carloadings in Southwestern District (20) 161.6 152.6 148.5 Index of crude oil runs to stills (5) ____________________ 174.2 166.6 153.2 Index of electric power consumption (15) _ ________________ 290.2 290.6 254.6 Index of employment (25) _____________________ _ 125.0 123.6 122.5 Index of pay rolls (25) _______________________ 246.3 243.9 220.9 TRADE $507,917,000 $429, 766,000 $420,069,000 Retail sales, total --------------------------­ Durable goods store&·------------------·-----$163,792,000 $145,757,000 $123,773,000 Nondurable goods atorea_ ------------344,125,000 $284,009,000 $296,296,000 Ratio of credit sales to net sales in department and apparel stor.,.._________ 58.2% 59.5% 52.3% Ratio of collections to outstandings in department and apparel stores 55.2% 56.1% 55.2% Advertising linage in 32 newspaper -------------31,052,759 30,153,083 26,658,190 Po tal receipts in SO cities $ 4,215,459 $ 2,771,100 $ 3,688,967 PRODUCTION Industrial electric power consumption for IO companies (thousands of kilowatt houn) _ 255,275_ 263,399 229,431 Man-hour worked in 356 manufacturing establi hments___________________ 2,750,979 2,717,311 2,746,147 Crude oil runs to still~ ( 42-gallon barrels) 49,563,699 46,528,478 43,597,649 Gasoline stock at refineries (tho11Mnds of barrels) ____________ 18,931 17,501 18,030 Fuel oil stocks at refineries (thousands of barrels) _____________ 19,236 24,451 18,594 Cotton consumption (running bales) __________________ _ _ 12,726 11,944 16,345 Cotton linters consumed (running bales) _ _ _________________ 2,498 2,025 1,854 Cottonseed crushed (tons) _______________________ 151,542 158,970 91,367 M1mufacture of dairy products (l,000 lbs. milk equinlent) ____ 32,323 39,444 48,959 Lumber production in southern pine mills (weekly per unit uerage in board feet) __ 188,486 202,486 194,WS Con tmction contracts awarde"•---------------------­$ 61,446,903 $ 62,647,927 •$ 44,316,302 Construction contracts awarded for residential buildinK------------­$ 34,054,WS $ 27,272,864 $ 6,140,108 Building permits issued in SO -cities $ 29,437,686 $ 35,128,261 $ 11,212,883 Number of loan made by avings and loan associations ---------1,585 1,633 1,542 Amount of loan made by aving and loan associations ______________ $ 5,840,275 $ 6,090,068 $ 5,750,994 Telephones in service in~ cities (end of month) _____________ _ 913,324 898,079 793,957 Crnrle p~troleum production (daily average in barrels) 2,348,600 2,338,400 1,999,650 AGRICULTURE Farm cash income ---------------------------$136,340,000 $200, 783,000 $ 93,916,000 hipments of livestock (carloads) ______________________ 5,487 9,595 8,428 Rail shipments of fruits and vegetables (carloads) ________ ______ _ 8,859 5,485 8,151 Rail shipments of poultry (carloads) _______ __________ 254 205 190 R&il shipments of eggs (shell equinlent in carloada) _ ____________ 24 49 160 Interstate receipts of eggs at Texas stations (shell equil•alent in carloads) ______ 46 73 113 FINANCE Loans, reporting member banks in Dallas District (thouaands) _________ 1,025,000 $ 998,000 $ 787,000 Loans and investments, reporting member bank.a in Dallas District (thousands) ____ $ 2,252,000 2.,289,000 1,867,000 Demand deposits adjusted, reporting member bank.sin Dallas District (thousands) __ $ 1,853,000 1,882,000 $ 1,475,000 Bank debits in 20 cities (thousands) ________ 3,768,269 3,233,857 3,118,137 Corporation charters issued (number) ___________________ 301 288 Z34 Ordinary life insurance sales (thousands) _____________ ----$ 67,189 57,164 62,530 Sales of nited States Savings Bonds, _ ___ $ 15,474,476 13,588,221 $ 18,994,619 TRANSPORTATION Rc,·enue freight loaded in Southwestern District (carloads) -------283,672 296,308 277,421 Export and coast.al cars unloaded at Texas ports (carloads) ____________ 15,616 16,288 16,195 Mi cellant"ous freight carloaclings in Southwestern District (carloads) 177,541 181,469 163,091 Air expre shipments (number ) 35,755 29,664 35,575 LABOR Total nonagricultural employmen<---------------------­1,707,500 1,689,500 1,654,600 Manufacturin!! employmenL 34-6,800 347,600 330000 onmanufacturing emplormen --------_ 1,360,700 1,341,900 1,324-,603 Nonagricultural civilian labor force in 15 labor market areas______ 1,24-4,257 1,236,278 1,212.184­nemployment in 15 labor market areas._______ 4-7,565 47,378 60.734 Placements in employment in 15 labor mark.et are&S•-------­20,379 26,067 13,382 COVERNMENT Revenue receipt of tale Comptroller _ __________________ 50,161,827 44,743,885 27,268,775 F<>-39 =100) 218.1 210.2 189.9 0 The composite index i1 made op o( the indexes lloted. AD comPoDent inde::um aoept mnploYJDent and pa7 l'Ollo are adjoot.d far -&I -.arlation. and all indexes are baaed on the &Yer&ee month et U.. years 1UH9. Numben in parenth..,• followinir the COIDJ>Ollent lnd,.xeo Indicate I.he wets-ht of -.ch index In tbe .....__lte.. 3Z TEXAS BUSINESS REVIEW BAROMETERS OF TEXAS BUSINESS INDEX OF TEXAS DEPT.AND APPAREL STORE SALES INDEX OF MISC.FREIGHT CARLOADING$ IN SOUTHWEST . ADJUSTED FOR SEASONAL VARIAT ION ADJUSTED FOR SEASONAL VARIATION PER CENT PERCENT J929 J933 1937 J94l J942 J943 J944 J945 J946 J94 7. 1929 1933 1937 1941 1942 1943 19 44 1945 1946 1947 INDEX OF SOUTHERN PINE PRODUCTION PERCENT 1935 • 39 • 100 PERCENT 1933 1937 1941 1942 1943 1944 1945 1946 1947 INDEX OF CRUDE OIL RUNS TO STILLS IN TEXAS ADJUSTED FOR SEASONAL VARIATION PE RCENT PERCENT 1935. 39 s 100 225 225 200 2.0 r 175 17 5 A-A r 150 - 150 r ·v 1... ~ 12 5 125 . .......­ \ .J"'i,.,J 10 0 100 "" I 75 5 I•""......... 50 50 J929 J933 1937 1941 1942 J943 19 44 1945 1946 19 47 INDEX OF CEMENT PRODUCTION IN TEXAS AOJUSTE~.0 FOR SEASONAL VARIATION PERCENT PER ENT ,J935-39• 100 1929 1933 1937 J9 4J J942 J943 1944 J945 J946 J947 INDEX OF CRUDE PETROLEUM PRODUCTION IN TEXAS -ADJUSTED FOR SEASONAL VARIATION PERCENT 1933 1937 194J J942 J943 1944 J945 J946 J947 • PERCEN T J935 39 JOO 200 200 .. ,,/'. I75 J75 ~T / ~ J50 J50 ' y 1 J J25 I \.,,.v v• JOO "'"""....... JOO ,_,.I 75 75 .,..""'" 50 5~929 INDEX OF VALUE OF BUILDING PERMITS IN TEXAS ADJUSTED FOR SEASONAL VARIATI ON J929• 1933 J937 194J J942 J943 194 4 1945 J946 J947 PER CEN PE RC ENT . J935 39 JOO 700 700 .I, 600 600 II 50 500 l 400 400 ..A~ 300 300 y 1 200 200 .... ,_ ..J 1. i.. 100 JOO I• ~ -. 111 - \ 0 0 INDEXES OF EMPLOYMENT ANDPAYROLLS IN TEXAS PERCENT J935 • 39• JOO PERCENT 350 1----1--....:i,.___,,....,,-~.i..:--l----lf----1 ;~~ . ~~b .•T.;"t V'I ' 300 275 •• l l ... 275 .• PAYROLLS 1 250 250 •• • I I -· INDEX OF BANK DEBITS IN TEXAS ADJUSTED FOR SEASONAL VARIATION PERCENT. PERCENT J935 39 JOO 400 4 00 375 375 ,,..J 350 350 "•'N 325 325 -" .. 300 300 I U' 275 275 l.M' I 250 250 A - 225 225 ,. .-A "' 200 200 ..r 175 175 ·~ 150 150 .. 12 5 125 ,_ 100 100 1. 75 7 5 J929 1933 J937 194J 1942 1943 J944 1945 J946 J947